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and current balance, 24 hours,
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T. Rowe Price
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This report is authorized for distribution only to shareholders and to others
who have received a copy of the prospectus of the T. Rowe Price Mid-Cap Growth
Fund.
T. Rowe Price
Invest With Confidence (Registered Trademark)
MCG
SemiAnnual Report
T. Rowe Price
Mid-Cap Growth Fund
June 30, 1995
Fellow Shareholders
Stocks rose sharply in the second quarter, paced by technology issues, and all
of the major market indices ended the period at record levels. Your fund's
returns were strong for both the quarter and first half, as shown below.
Performance for both periods exceeded our primary benchmark, the unmanaged
Standard & Poor's MidCap Index, and was in line with the large-company S&P 500
for the quarter. Neither your fund nor most market indices surpassed the
technology-heavy Nasdaq Composite during the first half.
Performance Comparison
Periods Ended 6/30/95
_______________________
3 Months 6 Months
________ ________
Mid-Cap Growth Fund 9.7% 18.6%
S&P MidCap Index 8.7 17.6
S&P 500 Index 9.6 20.2
Nasdaq Composite* 14.2 24.1
*Principal only
Market Environment
The stock market's superb performance in the first half may seem surprising.
After all, when the economy was growing briskly in 1994 and corporate earnings
gains were the best in several years, stocks meandered and finished virtually
unchanged. However, the market has taken off this year despite abundant
evidence of a pullback in growth and increasing signs of a slowdown in
corporate earnings, particularly in the consumer sector. We believe the market
has been driven by lower interest rates and a changing perception of both the
role and direction of American government.
Slowing growth in the U.S. and abroad has assuaged fears of a pickup in
inflation. Long-term interest rates, whose surge in 1994 precipitated the
worst bond returns in many years, decisively reversed course and fell about 2
percentage points from their peaks last year. Investors were further comforted
by hints from the Federal Reserve early in the year that the tightening phase
of monetary policy was over; indeed, in July the Fed cut rates for the first
time in three years. This action improved prospects for a "soft landing," and
the markets seemed to be expecting the best of all possible worlds-moderate,
noninflationary growth.
Perhaps the most important, albeit subtle, catalyst for the market's
performance has come from Washington, where a Republican Congress appears to
have transformed the nation's political agenda. In fact, the concept of a
diminished role for government and the movement toward fiscal conservatism
have gained advocates in both parties. Even a Democratic president has
proposed slowing the growth of government services to attain a balanced budget
in 10 years.
Portfolio Review
The fund's top performer for both the second quarter and the first half was
ALC Communications, a long distance reseller which agreed to be acquired. The
second best contributor for the half was Circuit City Stores, a consumer
electronics retailer, which has continued to post strong results in a
difficult consumer environment. Mercantile Bancorporation, the St. Louis-based
regional bank, benefited from increasing investor interest in the financial
sector and was a top contributor in both periods.
The fund's worst performers were companies whose earnings disappointed
investors. These include the second quarter's worst contributor, Sbarro, an
Italian restaurant chain with unanticipated growing pains, and the worst
contributor for the first half, Pittston Minerals, a coal mining company
trying to overcome adverse operating conditions.
Portfolio Strategy
The fund remains well diversified across industry sectors, as shown below:
Industry Diversification
12/31/94 6/30/95
________ ________
Financial 7% 9%
Health Care 11 7
Consumer 17 17
Technology 7 6
Business Services 24 30
Energy 6 6
Industrial 13 13
Basic Materials 6 4
Reserves 9 8
The most significant changes in sector weightings since year-end were in
health care and business services. We reduced holdings in health maintenance
organizations, reacting to increased pricing pressures in the sector, and in
biotechnology, because the group rebounded nicely after we established a
sizable weighting last summer. The increase in business services primarily
reflected several new positions in wireless communications companies we
believe have good prospects, including Paging Network, the nation's largest
paging operator, and Vanguard Cellular, a cellular communications company. We
have also added two cable stocks, Comcast and Cox Communications, because the
group appears undervalued in the short run and these companies should be major
participants in the communications revolution in the long run.
Our commitment to the industrial sector remains significant, as we
continue to believe that many American manufacturers, having applied advanced
technologies and improved processes, are now the world's highest-quality,
lowest-cost producers. However, we have changed the mix of holdings slightly
to lower our exposure to the most cyclical sectors.
It is also worth noting that the fund is underweighted in technology
relative to various indices and most growth funds. We are not Luddites and do
not dispute the power of technology that is driving a revolution in the world
economy nor the exceptional, long-term potential of this area. In the U.S., we
are witnessing the consumerization of technology as the computer moves from
the office to the home. This powerful trend has overwhelmed the boom-bust
cycles that traditionally characterized the industry, leading many investors,
who used to view technology stocks as cyclicals, to proclaim a new era of
noncyclical growth. Our observation is that no trend is limitless, and
consumer demand, too, tends to adhere to its own cycles. Regardless, we are
witnessing a speculative frenzy in technology stocks. Start-up companies with
interesting concepts and plans but virtually no revenues, let alone
intermediate-term profit potential, are going public at extraordinary
valuations. This euphoria will end sooner or later, and the denouement will
not be pleasant.
Outlook
We expect weak economic growth to continue. Soft landings are unusual,
however, and the risk is that this comfortable, best-of-all-worlds consensus
view could be shattered by an unanticipated event or shock to the system.
Interest rates have fallen sharply from their peaks, and we doubt they
will fall much further. In the absence of strong evidence of a faltering
economy, we think the Federal Reserve will be cautious about lowering rates
again soon and may be wary of fueling further speculation in the financial
markets.
Although we are cautious about the market's near-term outlook, we
continue to believe that growth stocks are attractive relative to the market.
Your fund's growth characteristics are significantly above the market as a
whole, yet its price/earnings ratio is only modestly higher. It should be well
positioned to achieve attractive returns over the next several years.
Respectfully submitted,
Brian W. H. Berghuis
President and Chairman of the
Investment Advisory Committee
July 20, 1995
Contributions to the Change in Net Asset Value Per Share
T. Rowe Price Mid-Cap Growth Fund
Three Months Ended June 30, 1995
________________________________________________________________
TEN BEST CONTRIBUTORS
ALC Communications 9(cent)
Sanifill 9
Tommy Hilfiger 8
Circuit City Stores 7
Mercantile Bancorporation 7
Albany International 7
Starbucks 7
First Financial Management 7
Maxim Integrated Products 6
SunGard Data Systems 6
________________________________________________________________
Total 73(cent)
TEN WORST CONTRIBUTORS
Sbarro - 7(cent)
Pittston Minerals 5
PacifiCare Health Systems 5
Sybase** 4
Sunbeam** 4
Immunex** 3
Foundation Health** 2
Pittston Services** 2
Oceaneering International 2
Brunswick** 2
________________________________________________________________
Total - 36(cent)
*Position added
**Position eliminated
Six Months Ended June 30, 1995
________________________________________________________________
TEN BEST CONTRIBUTORS
ALC Communications 12(cent)
Circuit City Stores* 12
Mercantile Bancorporation 12
First Financial Management 12
SunGard Data Systems 12
Adobe Systems 11
Tommy Hilfiger* 10
CUC International 10
Alco Standard 10
Sanifill 8
________________________________________________________________
Total 109(cent)
TEN WORST CONTRIBUTORS
Pittston Minerals - 10(cent)
Sybase** 7
Sunbeam** 6
Sbarro 4
PacifiCare Health Systems* 4
Oceaneering International 3
Haemonetics** 2
Addington Resources** 2
Lotus Development** 2
Foundation Health** 1
________________________________________________________________
Total - 41(cent)
Twenty-Five Largest Holdings
June 30, 1995
Company Percent of Net Assets
______________________________ _____________________
First Financial Management 2.7%
Circuit City Stores 2.5
SunGard Data Systems 2.4
ADT 2.4
CUC International 2.3
Sanifill 2.3
Tommy Hilfiger 2.2
Mercantile Bancorporation 2.2
Alco Standard 2.1
ALC Communications 2.1
Catalina Marketing 2.1
OEA 2.0
Hospitality Franchise Systems 1.9
Great Lakes Chemical 1.9
TriMas 1.8
Office Depot 1.7
Comcast 1.7
Integra Financial 1.7
PMI Group 1.7
Minerals Technologies 1.7
Albany International 1.7
Cox Communications 1.6
Franklin Resources 1.6
ADVO 1.5
Price/Costco 1.5
________________________________________________________________
Total 49.3%
Average Annual Compound Total Return
Periods ended June 30, 1995
1 Year Since Inception on 6/30/92
______ ___________________________
26.25% 23.20%
Investment return and principal value represent past performance and will
vary. Shares may be worth more or less at redemption than at original
purchase.
Statement of Net Assets
T. Rowe Price Mid-Cap Growth Fund / June 30, 1995 (Unaudited)
(value in thousands)
Common Stocks - 91.8%
FINANCIAL - 9.3%
Value
______
BANK & TRUST - 5.1%
45,000 shs. Integra Financial. . . . . . . . . $ 2,188
70,000 Marshall & Ilsley. . . . . . . . . 1,588
62,000 Mercantile Bancorporation. . . . . 2,782
6,558
INSURANCE - 2.3%
50,000 PMI Group. . . . . . . . . . . . . 2,169
25,000 Selective Insurance. . . . . . . . 819
2,988
FINANCIAL SERVICES - 1.9%
33,333 Duff & Phelps Credit Rating. . . . 433
45,000 Franklin Resources . . . . . . . . 2,003
2,436
Total Financial 11,982
HEALTH CARE - 7.3%
PHARMACEUTICALS - 1.4%
110,000 Medeva ADR . . . . . . . . . . . . 1,829
BIOTECHNOLOGY - 1.4%
41,000 * Biogen . . . . . . . . . . . . . . 1,830
MEDICAL INSTRUMENTS & DEVICES - 2.8%
35,000 St. Jude Medical . . . . . . . . . 1,752
45,000 * Sybron International . . . . . . . 1,794
3,546
HEALTH CARE SERVICES - 1.7%
27,800 Cardinal Health. . . . . . . . . . 1,313
18,000 * PacifiCare Health Systems
(Class B). . . . . . . . . . . . 916
2,229
Total Health Care 9,434
CONSUMER - 17.1%
SOFT GOODS RETAILERS - 1.1%
30,000 * Kohl's . . . . . . . . . . . . . . 1,369
HARD GOODS RETAILERS - 8.2%
100,000 Circuit City Stores. . . . . . . . 3,162
35,000 * General Nutrition. . . . . . . . . 1,221
80,000 * Office Depot . . . . . . . . . . . 2,250
120,000 shs. * Price/Costco . . . . . . . . . . . $ 1,958
80,000 * Revco. . . . . . . . . . . . . . . 1,920
10,511
CONSUMER NON-DURABLES - 2.2%
100,000 * Tommy Hilfiger . . . . . . . . . . 2,800
RESTAURANTS - 0.9%
50,000 Sbarro . . . . . . . . . . . . . . 1,162
FOOD & BEVERAGES - 1.1%
41,300 * Starbucks. . . . . . . . . . . . . 1,466
CONSUMER SERVICES - 3.6%
15,000 * America Online . . . . . . . . . . 656
71,000 * CUC International. . . . . . . . . 2,982
25,300 H&R Block. . . . . . . . . . . . . 1,041
4,679
Total Consumer 21,987
TECHNOLOGY - 6.4%
COMPUTER SOFTWARE - 3.2%
25,000 Adobe Systems. . . . . . . . . . . 1,456
15,000 * Baan Company . . . . . . . . . . . 463
15,000 * Broderbund Software. . . . . . . . 954
5,000 * PeopleSoft . . . . . . . . . . . . 270
15,000 * Synopsys . . . . . . . . . . . . . 938
4,081
NETWORKING & TELECOM EQUIPMENT - 1.0%
10,000 * ALANTEC. . . . . . . . . . . . . . 348
10,000 * Ascend Communications. . . . . . . 506
10,000 * Shiva. . . . . . . . . . . . . . . 430
1,284
SEMICONDUCTORS - 2.2%
35,000 * Actel. . . . . . . . . . . . . . . 455
10,000 * Cirrus Logic . . . . . . . . . . . 627
25,000 * Maxim Integrated Products. . . . . 1,275
6,000 * Xilinx . . . . . . . . . . . . . . 563
2,920
Total Technology 8,285
BUSINESS SERVICES - 30.1%
TELECOM SERVICES - 9.1%
60,000 * ALC Communications . . . . . . . . 2,708
120,000 Comcast (Class A Special). . . . . 2,228
105,000 * Cox Communications
(Class A). . . . . . . . . . . . 2,034
T. Rowe Price Mid-Cap Growth Fund / Statement of Net Assets (Unaudited)
TELECOM SERVICES (cont'd)
30,000 shs. * Mobile Telecommunication
Technologies . . . . . . . . . . $ 819
40,000 * Paging Network . . . . . . . . . . 1,360
40,000 * U. S. Cellular . . . . . . . . . . 1,210
55,000 * Vanguard Cellular. . . . . . . . . 1,327
11,686
COMPUTER SERVICES - 6.7%
40,000 * Ceridian . . . . . . . . . . . . . 1,475
40,000 First Financial Management . . . . 3,420
25,000 National Data. . . . . . . . . . . 578
60,000 * SunGard Data Systems . . . . . . . 3,150
8,623
DISTRIBUTION - 2.9%
34,000 Alco Standard. . . . . . . . . . . 2,716
44,300 Danka Business Systems ADR . . . . 1,074
3,790
MEDIA & ADVERTISING - 3.6%
105,000 ADVO . . . . . . . . . . . . . . . 1,982
50,000 * Catalina Marketing . . . . . . . . 2,681
4,663
ENVIRONMENTAL - 2.3%
95,000 * Sanifill . . . . . . . . . . . . . 2,981
MISCELLANEOUS BUSINESS SERVICES - 5.5%
260,000 * ADT. . . . . . . . . . . . . . . . 3,055
70,000 * Hospitality Franchise Systems. . . 2,424
50,000 Olsten . . . . . . . . . . . . . . 1,637
7,116
Total Business Services 38,859
ENERGY - 5.4%
ENERGY SERVICES - 5.4%
50,000 Camco International. . . . . . . . 1,169
46,500 * Enterra. . . . . . . . . . . . . . 976
45,000 Halliburton. . . . . . . . . . . . 1,609
145,000 * Oceaneering International. . . . . 1,287
115,000 * Smith International. . . . . . . . 1,926
Total Energy 6,967
INDUSTRIAL - 12.5%
AUTOMOBILES & RELATED - 2.0%
87,500 OEA. . . . . . . . . . . . . . . . 2,592
PAPER & FOREST PRODUCTS - 1.7%
90,000 Albany International
(Class A). . . . . . . . . . . . 2,149
SPECIALTY CHEMICALS - 3.5%
40,000 Great Lakes Chemical . . . . . . . 2,410
60,000 Minerals Technologies. . . . . . . 2,160
4,570
MACHINERY - 5.3%
35,000 shs. Danaher. . . . . . . . . . . . . . $ 1,059
31,500 Hubbell (Class B). . . . . . . . . 1,779
40,000 Teleflex . . . . . . . . . . . . . 1,720
100,000 TriMas . . . . . . . . . . . . . . 2,300
6,858
Total Industrial 16,169
BASIC MATERIALS - 3.5%
MINING - 3.5%
85,000 Freeport-McMoRan Copper &
Gold (Class A) . . . . . . . . . 1,753
20,000 Pittston Minerals. . . . . . . . . 198
50,000 Placer Dome. . . . . . . . . . . . 1,306
175,000 * TVX Gold ADR . . . . . . . . . . . 1,269
Total Basic Materials 4,526
Miscellaneous Common Stocks - 0.2% 195
Total Common Stocks (Cost $94,276) 118,404
Short-Term Investments - 8.4%
BANK NOTES - 1.6%
$1,000,000 Bank of New York,
6.52%, 8/15/95 . . . . . . . . . 1,001
1,000,000 Fifth Third Bank,
6.21%, 10/27/95. . . . . . . . . 1,000
2,001
CERTIFICATES OF DEPOSIT - 3.1%
1,000,000 Bank of Nova Scotia,
6.01%, 7/10/95 . . . . . . . . . 1,000
2,000,000 Bayerische Hypotheken,
6.04 - 6.11%, 7/14 - 8/7/95. . . 2,000
1,000,000 National Westminster Bank,
6.09%, 7/28/95 . . . . . . . . . 1,000
4,000
COMMERCIAL PAPER - 3.7%
73,000 Cargill Financial Services,
6.10%, 7/3/95. . . . . . . . . . 73
1,000,000 Halifax Building Society,
6.01%, 7/20/95 . . . . . . . . . 985
1,000,000 Statoil (Den Norske Stats
Oljeselskap), 5.96%, 7/6/95. . . 996
1,000,000 U.S. Bancorp, 6.05%, 7/11/95 . . . 985
1,800,000 UBS Finance (Delaware),
6.25%, 7/3/95. . . . . . . . . . 1,799
4,838
Total Short-Term Investments (Cost $10,839) 10,839
Total Investments in Securities -
100.2% of Net Assets (Cost $105,115). . . . . . . . $129,243
Other Assets Less Liabilities . . . . . . . . . . . . (293)
________
Net Assets Consist of: Value
_______
Accumulated net investment income
- net of distributions . . . . . $ 8
Accumulated net realized gain/loss
- net of distributions . . . . . 4,989
Net unrealized gain (loss) . . . . 24,128
Paid-in-capital applicable to
7,323,042 shares of $0.01 par
value capital stock outstanding;
1,000,000,000 shares authorized. 99,825
________
NET ASSETS . . . . . . . . . . . . $128,950
________
________
NET ASSET VALUE PER SHARE. . . . . $17.61
______
______
*Non-income producing
The accompanying notes are an integral part of these financial statements.
Statement of Operations
T. Rowe Price Mid-Cap Growth Fund / Six Months Ended June 30, 1995 (Unaudited)
(in thousands)
INVESTMENT INCOME
Income
Dividend. . . . . . . . . . . . . . . . . . $ 363
Interest. . . . . . . . . . . . . . . . . . 307
______
Total income. . . . . . . . . . . . . . . . 670
______
Expenses
Investment management . . . . . . . . . . . 382
Shareholder servicing . . . . . . . . . . . 159
Custody and accounting. . . . . . . . . . . 51
Registration. . . . . . . . . . . . . . . . 22
Legal and audit . . . . . . . . . . . . . . 11
Prospectus and shareholder reports. . . . . 9
Directors . . . . . . . . . . . . . . . . . 5
Organization. . . . . . . . . . . . . . . . 5
Miscellaneous . . . . . . . . . . . . . . . 1
Reimbursed to Manager . . . . . . . . . . . 46
______
Total expenses. . . . . . . . . . . . . . . 691
______
Net investment income. . . . . . . . . . . . . (21)
______
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities. . . 4,055
Change in net unrealized gain or
loss on securities. . . . . . . . . . . . 15,574
______
Net realized and unrealized gain (loss) . . . 19,629
______
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS . . . . . . . . . . .$19,608
_______
_______
The accompanying notes are an integral part of these financial statements.
Statement of Changes in Net Assets
T. Rowe Price Mid-Cap Growth Fund (Unaudited)
(in thousands)
Six Months Ended Year Ended
June 30, 1995 Dec. 31, 1994
________________ _____________
INCREASE (DECREASE) IN NET ASSETS FROM
Operations
Net investment income . . . . . $ (21) $ 19
Net realized gain (loss) . . . . 4,055 2,548
Change in net unrealized
gain or loss . . . . . . . . . 15,574 (2,098)
________ ________
Increase (decrease) in net
assets from operations . . . . 19,608 469
________ ________
Distributions to shareholders
Net realized gain. . . . . . . . - (2,427)
Capital share transactions*
Shares sold. . . . . . . . . . . 24,495 67,495
Distributions reinvested . . . . - 2,305
Shares redeemed. . . . . . . . . (15,676) (32,745)
________ ________
Increase (decrease) in net
assets from capital
share transactions . . . . . . 8,819 37,055
________ ________
Increase (decrease) in net assets. . 28,427 35,097
NET ASSETS
Beginning of period. . . . . . . . . 100,523 65,426
________ ________
End of period. . . . . . . . . . . . $128,950 $100,523
________ ________
________ ________
*Share information
Shares sold. . . . . . . . . . . 1,550 4,500
Distributions reinvested . . . . - 157
Shares redeemed. . . . . . . . . (995) (2,198)
________ ________
Increase (decrease) in
shares outstanding . . . . . . 555 2,459
________ ________
________ ________
The accompanying notes are an integral part of these financial statements.
Notes to Financial Statements
T. Rowe Price Mid-Cap Growth Fund / June 30, 1995 (Unaudited)
Note 1 - Significant Accounting Policies
T. Rowe Price Mid-Cap Growth Fund (the fund) is registered under the
Investment Company Act of 1940 as a diversified, open-end management
investment company.
A) Valuation - Equity securities listed or regularly traded on a securities
exchange are valued at the last quoted sales price at the time the valuations
are made. A security which is listed or traded on more than one exchange is
valued at the quotation on the exchange determined to be the primary market
for such security. Listed securities that are not traded on a particular day
and securities that are regularly traded in the over-the-counter market are
valued at the mean of the latest bid and asked price deemed by the Board of
Directors, or by persons delegated by the Board, best to reflect fair value.
Short-term debt securities are valued at their cost which, when combined with
accrued interest, approximates fair value.
Assets and liabilities for which the above valuation procedures are
inappropriate or are deemed not to reflect fair value are stated at fair value
as determined in good faith by or under the supervision of the officers of the
fund, as authorized by the Board of Directors.
B) Other - Income and expenses are recorded on the accrual basis. Investment
transactions are accounted for on the trade date. Realized gains and losses
are reported on an identified cost basis. Dividend income and distributions to
shareholders are recorded by the fund on the ex-dividend date. Income and
capital gain distributions are determined in accordance with federal income
tax regulations and may differ from those determined in accordance with
generally accepted accounting principles. The fund follows the practice of
equalization under which undistributed net investment income per share is
unaffected by fund shares sold or redeemed.
Note 2 - Investment Transactions
Purchases and sales of portfolio securities, other than short-term and U.S.
government securities, aggregated $49,766,000 and $42,640,000, respectively,
for the six months ended June 30, 1995.
Note 3 - Federal Income Taxes
No provision for federal income taxes is required since the fund intends to
continue to qualify as a regulated investment company and distribute all of
its taxable income.
At June 30, 1995, the aggregate cost of investments for federal income
tax and financial reporting purposes was $105,115,000 and net unrealized gain
aggregated $24,128,000, of which $25,743,000 related to appreciated
investments and $1,615,000 to depreciated investments.
Note 4 - Related Party Transactions
The investment management agreement between the fund and T. Rowe Price
Associates, Inc. (the Manager) provides for an annual investment management
fee, of which $70,000 was payable at June 30, 1995. The fee is computed daily
and paid monthly, and consists of an Individual Fund Fee equal to 0.35% of
average daily net assets and a Group Fee. The Group Fee is based on the
combined assets of certain mutual funds sponsored by the Manager or Rowe-Price
Fleming International, Inc. (the Group). The Group Fee rate ranges from 0.48%
for the first $1 billion of assets to 0.31% for assets in excess of $34
billion. At June 30, 1995, and for the six months then ended, the effective
annual Group Fee rate was 0.34%. The fund pays a pro rata share of the Group
Fee based on the ratio of its net assets to those of the Group.
Under the terms of the investment management agreement, the Manager is
required to bear any expenses through December 31, 1995 which would cause the
fund's ratio of expenses to average net assets to exceed 1.25%. Thereafter
through December 31, 1997, the fund is required to reimburse the Manager for
these expenses, provided that average net assets have grown or expenses have
declined sufficiently to allow reimbursement without causing the fund's ratio
of expenses to average net assets to exceed 1.25%. Pursuant to a previous
agreement, $46,000 of unaccrued 1992 expenses were repaid during the six
months ended June 30, 1995, and $5,000 remains subject to reimbursement
through December 31, 1995. Additionally, $177,000 of unaccrued management fees
related to a previous expense limitation and $65,000 related to the current
agreement are subject to reimbursement through December 31, 1995 and December
31, 1997, respectively.
In addition, the fund has entered into agreements with the Manager and
two wholly owned subsidiaries of the Manager, pursuant to which the fund
receives certain other services. The Manager computes the daily share price
and maintains the financial records of the fund. T. Rowe Price Services, Inc.
(TRPS) is the fund's transfer and dividend disbursing agent and provides
shareholder and administrative services to the fund. T. Rowe Price Retirement
Plan Services, Inc. provides subaccounting and recordkeeping services for
certain retirement accounts invested in the fund. The fund incurred expenses
pursuant to these related party agreements totaling approximately $157,000 for
the six months ended June 30, 1995, of which $33,000 was payable at
period-end.
Financial Highlights
T. Rowe Price Mid-Cap Growth Fund (Unaudited)
For a share outstanding throughout each period
____________________________________________________________
June 30, 1992
(Commencement
Six Months Year Ended of Operations)
Ended December 31, to December
June 30, 1995 1994 1993 31, 1992
____________________________________________________________
NET ASSET
VALUE, BEGINNING
OF PERIOD. . . . . . $14.85 $15.18 $12.27 $10.00
______ ______ ______ ______
Investment Activities
Net investment
income . . . . . . - -* -* 0.01*
Net realized and
unrealized
gain (loss). . . . 2.76 0.04 3.21 2.44
______ ______ ______ ______
Total from
Investment
Activities . . . . . 2.76 0.04 3.21 2.45
______ ______ ______ ______
Distributions
Net realized gain. . - (0.37) (0.30) (0.18)
______ ______ ______ ______
NET ASSET VALUE,
END OF PERIOD. . . . $17.61 $14.85 $15.18 $12.27
______ ______ ______ ______
______ ______ ______ ______
RATIOS / SUPPLEMENTAL DATA
Total Return . . . . . 18.6% 0.3%* 26.2%* 24.5%*
Ratio of Expenses
to Average
Net Assets . . . . . 1.25%! 1.25%* 1.25%* 1.25%!*
Ratio of Net Investment
Income to Average
Net Assets . . . . . (0.04)%! 0.02%* (0.12)%* 0.16%!*
Portfolio Turnover
Rate . . . . . . . . 83.8%! 48.7% 62.4% 51.9%!
Net Assets,
End of Period
(in thousands) . . .$128,950$100,523 $65,426 $27,606
! Annualized.
* Excludes expenses in excess of a 1.25% voluntary expense limitation in
effect through December 31, 1995.
