Semiannual
Report
Media &
Telecommunications
Fund
June 30, 1999
T. Rowe Price
Report Highlights
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Media & Telecommunications Fund
o Media and telecommunications stocks staged a powerful rally during the
first half, far surpassing the broad market return.
o The fund posted excellent results for the 6- and 12-month periods ended
June 30, as every sector in which it invests was up strongly.
o Heated merger and acquisition activity helped performance, with more than
one-third of holdings involved in deals.
o Industry allocations were largely unchanged, but we increased exposure to
stocks in high-growth areas.
o We are concerned about high stock valuations and increasing government
regulation but remain optimistic about the long-term prospects for our
holdings.
Fellow Shareholders
Media and telecommunications stocks posted solid gains in the first half of
1999. All the sectors in which the fund invests made positive contributions to
performance, enabling the fund to generate a return of nearly 30%. Results were
also strong for the past 12 months. The broader market, represented by the
Standard & Poor's 500 Stock Index, rose just over 12% for the half-year and
almost 23% for the 12-month period.
Performance Comparison
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Periods Ended 6/30/99 6 Months 12 Months
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Media &
Telecommunications Fund 29.90% 41.61%
S&P 500 12.38 22.76
Lipper Science & Technology
Funds Average 34.04 67.74
Your fund surpassed the S&P 500 during the 6- and 12-month periods ended June
30, 1999, but trailed the returns of the Lipper Science & Technology Funds
Average for both periods. As we discussed in our annual report, Lipper has
placed the fund in the technology category even though technology stocks
ordinarily represent a quarter or less of fund assets. As a result, our returns
often vary from the Lipper average. This was the case in 1997 when technology
stocks lagged significantly and fund performance far surpassed the Lipper
average.
MARKET ENVIRONMENT
The U.S. stock market once again posted surprisingly strong results in the first
half of the year. Even with war raging in Kosovo and interest rates rising for
most of the period, equities maintained their upward momentum as both the S&P
500 and Nasdaq finished at record levels at the end of June. Much of the story
behind the bull market remained unchanged. Solid corporate profit growth,
near-record merger and acquisition activity, and investor preference for
large-capitalization stocks were among the key drivers of performance. However,
some changes did occur. After a prolonged period in which a small group of
large-cap growth stocks led the market higher, cyclical stocks finally returned
to the limelight. We were encouraged to see market leadership broaden to include
a wide range of stocks and sectors that had previously been left behind. As had
been widely anticipated, the Federal Reserve raised the key fed funds rate a
quarter point at the end of June in a preemptive strike against accelerating
inflation.
The economic and regulatory environment for media and telecommunications stocks
was favorable throughout the period. Profit growth was solid, and financial
markets were accommodating. The most significant factor influencing portfolio
sectors was heated merger and acquisition activity. At the end of June, more
than one-third of fund holdings were involved in significant M&A deals. All fund
sectors participated, but the distribution sector was by far the biggest
beneficiary with activity that literally spanned the globe. Holdings in media,
advertising, and broadcasting companies also continued to benefit from a robust
advertising environment. Technology stocks shook off early concerns about a
corporate spending slowdown due to Year 2000 efforts and posted good results for
the first half. Our international positions were strong contributors as many
factors influencing U.S. companies were at work overseas as well.
Information on Year-End Distributions
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To help you with tax planning, we try to give you a good idea of the per-share
income and capital gain amounts our funds may distribute near year-end. In late
October, we will provide estimates of these amounts, which will be paid on
December 16, 1999, to shareholders of record on December 14. These preliminary
numbers will be included in The Price Report mailing to shareholders in late
October and will also be available on our Web site-www.troweprice.com.
We hope that these preliminary numbers will be useful to you in approximating
the income and capital gains taxes you may pay on distributions to taxable
accounts.
If your fund distributed any capital gains earlier in 1999, you can find the
amounts on your statements and should include them in your tax planning
calculations. Please keep in mind that the numbers are not final and are likely
to be revised before the December 14 declaration and record date. As the fall
progresses, you may want to check our Web site for revisions.
If you would like information on tax matters relating to mutual funds, please
visit our Web site to download our Insights report, Tax Information for Mutual
Fund Investors, or call 1-800-225-5132 to request a copy.
PERFORMANCE REVIEW
We made minimal changes to the fund's sector diversification during the past six
months, but we did make several in our individual holdings. Exposure to the
content sector was down one percentage point to 26% of net assets. Distribution
stocks increased from 42% of assets on December 31 to 44% on June 30. Technology
was flat at 18%, and international investments declined from 9% to 6%.
SECTOR ALLOCATION
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Distribution 44
Content 26
Technology 18
International 6
Reserves 6
Based on net assets as of 6/30/99.
Within the content sector, the percentage of media and entertainment holdings
was unchanged. We increased our positions in AT&T Liberty Media and Time Warner,
reduced them in information-related companies such as America Online, and
eliminated others including E*TRADE and Sterling Commerce. Over the past six
months we initiated positions in newspaper publishers Gannett and Knight-Ridder
in the belief that their valuation levels did not fully reflect their underlying
assets and growth prospects. The content sector as a whole was a solid
performer, with major contributions to fund performance coming from America
Online, First Data, and AT&T Liberty Media.
We made modest changes to the portfolio's holdings in the distribution area,
slightly reducing positions in broadcast stocks while lifting them in wireline
and wireless companies. They reflect our efforts to increase exposure to the
growth in broadband networks, which we consider to be the most important
development in the entire media and telecommunications arena. As part of this
strategy, we initiated new positions in long distance provider Sprint,
competitive telecommunications carrier Time Warner Telecom (a separate position
from Time Warner mentioned earlier), and Internet service provider PSINet.
Distribution holdings were significantly affected by both proposed and completed
M&A activity. AirTouch Communications, Jacor Communications, and Metro Networks
were all eliminated from the portfolio following their acquisition by other
companies or after acquisition plans were announced. The sector was the major
contributor to the fund's first-half performance. The share prices of Outdoor
Systems, Media One Group, and Omnipoint rose following acquisition offers. Other
major contributors in the sector included Western Wireless, Pegasus
Communications, and Sprint PCS Group.
In the technology area, we initiated new positions in computer storage provider
EMC, telecommunications equipment manufacturer Ascend Communications (which was
acquired by Lucent Technologies during the second quarter), and cable equipment
manufacturer General Instrument. We eliminated Dell Computer, The Learning
Company, and Electronic Arts. Positive contributors in the sector included Adobe
Systems, Microsoft, and Cisco Systems.
Among our international holdings, we eliminated Telebras and Cellular
Communications International, which was acquired by Olivetti, and initiated a
position in NTL, a London-based alternative communications services provider.
Major foreign stocks that boosted results included Nokia and Metronet
Communications, which merged with AT&T's Canadian operations to form AT&T
Canada.
INVESTMENT OUTLOOK
We appear to be in a situation similar to that of a year ago. As was the case
then, media and telecommunications stocks did extremely well in the first half
of the year because of their superior growth prospects in a world in which
communications and computing capabilities are critical. We expect merger and
acquisition activity to continue as companies try to take advantage of strategic
opportunities created by the confluence of technology, deregulation, and the
currency of rising stock prices. Relatively low interest rates and low inflation
should also benefit portfolio companies and their potential for long-term profit
growth.
Although this is generally a good time for our sectors, we do have concerns. The
current advertising cycle has been remarkable in terms of its duration and
overall strength. However, we are not complacent about the cyclical nature of
the business. A slowdown is possible following the expected surge in spending
related to the new millennium, the forthcoming elections, and the 2000 Olympics.
We are also concerned about the federal government's increasing intrusion into
the business practices of communications and technology companies. Until now,
our holdings have prospered in a laissez faire atmosphere, and increased
regulation could restrain future growth and strategic options. Finally, we are
worried about stock valuations, which are at the high end of historical ranges.
We fear that investor sentiment is once again reaching overly optimistic levels
and could lead to a short-term correction.
Overall, however, we are optimistic about the opportunities provided by media
and telecommunications industries and will continue to seek companies with
superior growth prospects, good business models, strong management, and solid
financial resources. We are encouraged to see that advanced services such as
digital video and high-speed data access have progressed from early development
stages to full-scale commercial deployment. These services will profoundly
influence the way we communicate and conduct business in the future.
We appreciate your continuing support and reaffirm our commitment to seizing
long-term investment opportunities on your behalf.
Respectfully submitted,
Brian D. Stansky
Chairman of the Investment Advisory Committee
July 23, 1999
T. Rowe Price Media & Telecommunications Fund
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Portfolio Highlights
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TWENTY-FIVE LARGEST HOLDINGS
Percent of
Net Assets
6/30/99
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AT&T Liberty Media 3.2%
Clear Channel Communications 3.0
Chancellor Media 3.0
Time Warner 2.8
MCI WorldCom 2.7
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Microsoft 2.5
SFX Entertainment 2.4
Adobe Systems 2.4
Sprint PCS 2.3
Outdoor Systems 2.3
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PanAmSat 2.1
First Data 2.0
PSINet 1.9
CBS 1.9
MediaOne Group 1.9
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Crown Castle International 1.8
GTE 1.8
Fox Entertainment Group 1.8
Gannett 1.8
Lamar Advertising 1.8
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Premier Parks 1.7
Pegasus Communications 1.7
Knight-Ridder 1.7
Lucent Technologies 1.6
AT&T Canada 1.6
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Total 53.7%
Note: Table excludes reserves.
T. Rowe Price Media & Telecommunications Fund
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Portfolio Highlights
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CONTRIBUTIONS TO THE CHANGE IN NET ASSET VALUE PER SHARE
6 Months Ended 6/30/99
Ten Best Contributors
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America Online 35(cents)
Adobe Systems 35
AT&T Liberty Media 32
Sprint * 30
Western Wireless 28
Pegasus Communications 26
E*TRADE ** 24
MetroNet Communications 23
Softbank *** 22
First Data 20
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Total 275(cents)
Ten Worst Contributors
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Synopsys -1(cents)
ICG Communications 1
PSINet * 3
NEXTLINK Communications *** 4
BMC Software 4
Electronic Arts ** 8
Imax 10
Sterling Commerce ** 13
Brightpoint ** 19
Network Associates ** 41
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Total -104(cents)
12 Months Ended 6/30/99
Ten Best Contributors
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America Online 91(cents)
E*TRADE ** 42
AT&T Liberty Media 41
Sprint * 38
MCI WorldCom 37
Adobe Systems 37
Nokia 32
Western Wireless 31
Pegasus Communications 30
MetroNet Communications 28
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Total 407(cents)
Ten Worst Contributors
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Telebras *** -9(cents)
TV Azteca ** 10
Young Broadcasting 11
Sterling Commerce ** 14
ICG Communications * 14
Paging Network ** 16
Central European Media Enterprises 16
Sinclair Broadcast Group ** 17
Network Associates ** 20
Brightpoint ** 21
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Total -148(cents)
* Position added.
** Position eliminated.
*** Position added and eliminated.
T. Rowe Price Media & Telecommunications Fund
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Performance Comparison
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This chart shows the value of a hypothetical $10,000 investment in the fund over
the past 10 fiscal year periods or since inception (for funds lacking 10-year
records). The result is compared with a broad-based average or index. An index
return does not reflect expenses, which have been deducted from the fund's
return.
MEDIA & TELECOMMUNICATIONS FUND
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As of 6/30/99
Lipper Media &
Science % Telecommuni-
Technology cations
S&P 500 Funds Average Fund
10/13/93 10.000 10.000 10.000
6/94 9.823 9.717 8.485
6/95 12.385 15.749 11.694
6/96 15.605 17.437 14.748
6/97 21.019 21.402 15.189
6/98 27.359 25.411 22.348
6/99 33.585 40.236 31.647
Average Annual Compound Total Return
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This table shows how the fund would have performed each year if its actual (or
cumulative) returns for the periods shown had been earned at a constant rate.
Since Inception
Periods Ended 6/30/99 1 Year 3 Years 5 Years Inception Date
- --------------------------------------------------------------------------------
Media &
Telecommunications
Fund 41.61% 28.98% 30.12% 22.34% 10/13/93
Investment return and principal value represent past performance and will vary.
Shares may be worth more or less at redemption than at original purchase.
Formerly the closed-end New Age Media Fund. Converted to open-end status on
7/28/97 and operates under a different expense structure.
T. Rowe Price Media & Telecommunications Fund
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Unaudited
Financial Highlights For a share outstanding throughout each period
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6 Months Year
Ended Ended
6/30/99 12/31/98 12/31/97 12/31/96 12/31/95 12/31/94
NET ASSET VALUE
Beginning of
period $ 22.54 $ 17.40 $ 15.22 $ 17.99 $ 13.44 $ 13.57
Investment activities
Net investment
income (0.02) (0.07) (0.01) (0.11) (0.04) (0.01)
Net realized and
unrealized gain
(loss) 6.76 6.07 4.22 0.36 5.79 (0.11)
Total from
investment
activities 6.74 6.00 4.21 0.25 5.75 (0.12)
Distributions
Net investment
income -- -- -- -- (0.07) (0.01)
Net realized gain -- (0.86) (2.05) (3.09) (1.13) --
Total distributions -- (0.86) (2.05) (3.09) (1.20) (0.01)
Share repurchases -- -- 0.02 0.07 -- --
NET ASSET VALUE
End of Period $ 29.28 $ 22.54 $ 17.40 $ 15.22 $ 17.99 $ 13.44
----------------------------------------------------------
Ratios/Supplemental Data
Total return*# 29.90% 35.14% 28.05% 1.78% 43.29% (0.90)%
Ratio of total
expenses to average
net assets 0.99%! 1.03% 1.21% 1.22% 1.25% 1.35%
Ratio of net
investment income
to average net
assets (0.19)%! (0.38)% (0.06)% (0.55)% (0.25)% (0.15)%
Portfolio
turnover rate 73.5%! 48.9% 38.6% 102.9% 118.9% 133.9%
Net assets,
end of period
(in thousands) $462,238 $246,088 $133,913 $222,556 $268,782 $200,996
* Total return reflects the rate that an investor would have earned on an
investment in the fund during each period, assuming reinvestment of all
distributions.
# Based on net asset value for all periods represented, including periods
prior to open-end status conversion on 7/25/97.
! Annualized
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Media & Telecommunications Fund
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Unaudited June 30, 1999
Statement of Net Assets Shares Value
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In thousands
Common Stocks 94.3%
CONTENT 26.3%
America Online * 60,000 $ 6,630
AT&T Liberty Media * 400,000 14,700
Disney 75,000 2,311
First Data 190,000 9,298
Fox Entertainment
Group (Class A) * 305,000 8,216
Gannett 115,000 8,208
Gartner Group (Class A) * 93,500 1,917
Knight-Ridder 140,000 7,691
News Corporation ADR 210,000 6,628
Omnicom 65,000 5,200
Penton Media 200,000 4,850
Premier Parks * 215,000 7,901
SFX Entertainment
(Class A) * 175,000 11,200
SportsLine USA * 62,500 2,246
Time Warner * 175,000 12,862
Tribune 70,000 6,099
Young & Rubicam 125,000 5,680
Total Content 121,637
DISTRIBUTION 44.2%
CBS * 200,000 8,688
Chancellor Media * 250,000 13,773
Clear Channel
Communications * 200,000 13,787
Comcast (Class A
Special) 175,000 6,727
Cox Communications
(Class A) * 180,000 6,626
Crown Castle
International * 410,000 8,520
Frontier 100,000 5,900
GTE 110,000 8,333
High Speed Access * 60,700 1,555
ICG Communications * 165,000 3,511
Infinity Broadcasting
(Class A) * 230,000 6,843
Lamar Advertising * 200,000 8,181
MCI WorldCom * 145,000 12,475
MediaOne * 115,000 $ 8,553
Omnipoint * 250,000 7,227
Outdoor Systems * 291,200 10,629
PanAmSat * 250,000 9,719
Pegasus
Communications * 200,000 7,881
PSINet * 200,000 8,737
Qwest Communications
International * 117,200 3,879
RCN * 125,000 5,207
SBC Communications 80,000 4,640
Sprint 80,000 4,225
Sprint PCS * 115,000 6,569
Time Warner Telecom
(Class A) * 194,900 5,646
Univision
Communications * 76,000 5,016
Voicestream Wireless * 135,000 3,843
Western Wireless 150,000 4,055
Young Broadcasting
(Class A) * 80,000 3,403
Total Distribution 204,148
TECHNOLOGY 17.4%
Adobe Systems 135,800 11,157
BMC Software * 100,000 5,397
Cisco Systems * 110,000 7,085
EMC * 125,000 6,875
General Instrument * 140,000 5,950
Intel 75,000 4,460
Intuit * 55,000 4,960
Lucent Technologies 110,000 7,418
Maxim Integrated Products * 100,000 6,650
Microsoft * 130,000 11,716
Oracle * 125,000 4,641
Synopsys * 80,000 4,412
Total Technology 80,721
INTERNATIONAL 6.4%
AT&T Canada (Class B) * 115,000 7,349
Imax * 150,000 3,394
Nokia ADR 80,000 $ 7,325
NTL * 70,000 6,035
Vodafone ADR 27,500 5,418
Total International 29,521
Total Common Stocks (Cost $294,789) 436,027
Short-Term Investments 8.6%
Money Market Funds 8.6%
Government Reserve Investment
Fund, 4.77% # 39,621,600 39,622
Total Short-Term Investments (Cost $39,622) 39,622
Total Investments in Securities
102.9% of Net Assets (Cost $334,411) $ 475,649
Other Assets Less Liabilities (13,411)
NET ASSETS $ 462,238
----------
Net Assets Consist of:
Accumulated net investment income -
net of distributions $ (325)
Accumulated net realized gain/loss -
net of distributions 37,858
Net unrealized gain (loss) 141,238
Paid-in-capital applicable to 15,787,850
shares of $0.0001 par value capital stock
outstanding; 1,000,000,000 shares authorized 283,467
NET ASSETS $ 462,238
----------
NET ASSET VALUE PER SHARE $ 29.28
----------
# Seven-day yield
* Non-income producing
ADR American Depository Receipt
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Media & Telecommunications Fund
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Unaudited
Statement of Operations
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In thousands
6 Months
Ended
6/30/99
Investment Income
Income
Interest $ 962
Dividend 416
Total income 1,378
Expenses
Investment management 1,150
Shareholder servicing 412
Custody and accounting 59
Prospectus and shareholder reports 52
Registration 21
Legal and audit 4
Directors 4
Miscellaneous 2
Total expenses 1,704
Expenses paid indirectly (1)
Net expenses 1,703
Net investment income (325)
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities 36,114
Foreign currency transactions (45)
Net realized gain (loss) 36,069
Change in net unrealized gain
or loss on securities 53,673
Net realized and unrealized gain (loss) 89,742
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ 89,417
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The accompanying notes are an integral part of these financial statements.
T. Rowe Price Media & Telecommunications Fund
- --------------------------------------------------------------------------------
Unaudited
Statement of Changes in Net Assets
- --------------------------------------------------------------------------------
In thousands
6 Months Year
Ended Ended
6/30/99 12/31/98
Increase (Decrease) in Net Assets
Operations
Net investment income $ (325) $ (732)
Net realized gain (loss) 36,069 8,185
Change in net
unrealized gain or loss 53,673 44,012
Increase (decrease) in net
assets from operations 89,417 51,465
Distributions to shareholders
Net realized gain -- (9,007)
Capital share transactions*
Shares sold 176,794 143,977
Distributions reinvested -- 7,242
Shares redeemed (50,061) (81,502)
Increase (decrease) in net
assets from capital
share transactions 126,733 69,717
Net Assets
Increase (decrease) during period 216,150 112,175
Beginning of period 246,088 133,913
End of period $ 462,238 $ 246,088
------------ ------------
*Share information
Shares sold 6,816 7,065
Distributions reinvested -- 364
Shares redeemed (1,944) (4,209)
Increase (decrease)
in shares outstanding 4,872 3,220
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Media & Telecommunications Fund
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Unaudited June 30, 1999
Notes to Financial Statements
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NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
T. Rowe Price Media & Telecommunications Fund, Inc. (the fund) is
registered under the Investment Company Act of 1940 as a diversified,
open-end management investment company and commenced operations on October
13, 1993.
The accompanying financial statements are prepared in accordance with
generally accepted accounting principles for the investment company
industry; these principles may require the use of estimates by fund
management.
Valuation Equity securities listed or regularly traded on a securities
exchange are valued at the last quoted sales price on the day 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 not traded on a
particular day and securities regularly traded in the over-the-counter
market are valued at the mean of the latest bid and asked prices. Other
equity securities are valued at a price within the limits of the latest bid
and asked prices deemed by the Board of Directors, or by persons delegated
by the Board, best to reflect fair value.
Investments in mutual funds are valued at the closing net asset value per
share of the mutual fund on the day of valuation.
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.
Currency Translation Assets and liabilities are translated into U.S.
dollars at the prevailing exchange rate at the end of the reporting period.
Purchases and sales of securities and income and expenses are translated
into U.S. dollars at the prevailing exchange rate on the dates of such
transactions. The effect of changes in foreign exchange rates on realized
and unrealized security gains and losses is reflected as a component of
such gains and losses.
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 the 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. Expenses paid
indirectly reflect credits earned on daily, uninvested cash balances at the
custodian, used to reduce the fund's custody charges.
NOTE 2 - INVESTMENT TRANSACTIONS
Purchases and sales of portfolio securities, other than short-term and U.S.
government securities, aggregated $225,828,000 and $114,895,000,
respectively, for the six months ended June 30, 1999.
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, 1999, the cost of investments for federal income tax purposes
was substantially the same as for financial reporting and totaled
$334,411,000. Net unrealized gain aggregated $141,238,000 at period-end, of
which $143,436,000 related to appreciated investments and $2,198,000 to
depreciated investments.
NOTE 4 - RELATED PARTY TRANSACTIONS
The investment management agreement between the fund and the manager
provides for an annual investment management fee, of which $236,000 was
payable at June 30, 1999. 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 Price Associates (the
group). The group fee rate ranges from 0.48% for the first $1 billion of
assets to 0.30% for assets in excess of $80 billion. At June 30, 1999, and
for the six months then ended, the effective annual group fee rate was
0.32%. The fund pays a pro-rata share of the group fee based on the ratio
of its net assets to those of the group.
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. 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 $361,000 for the six months ended June 30, 1999, of which
$89,000 was payable at period-end.
The fund may invest in the Reserve Investment Fund and Government Reserve
Investment Fund (collectively, the Reserve Funds), open-end management
investment companies managed by T. Rowe Price Associates, Inc. The Reserve
Funds are offered as cash management options only to mutual funds and other
accounts managed by T. Rowe Price and its affiliates and are not available
to the public. The Reserve Funds pay no investment management fees.
Distributions from the Reserve Funds to the fund for the six months ended
June 30, 1999, totaled $951,000 and are reflected as interest income in the
accompanying Statement of Operations.
For yield, price, last transaction,
current balance, or to conduct
transactions, 24 hours, 7 days
a week, call Tele*Access(registered trademark):
1-800-638-2587 toll free
For assistance
with your existing
fund account, call:
Shareholder Service Center
1-800-225-5132 toll free
410-625-6500 Baltimore area
To open a brokerage account
or obtain information, call:
1-800-638-5660 toll free
Internet address:
www.troweprice.com
T. Rowe Price Associates
100 East Pratt Street
Baltimore, Maryland 21202
This report is authorized for
distribution only to shareholders
and to others who have received
a copy of the prospectus appropriate
to the fund or funds covered in this
report.
Investor Centers:
101 East Lombard St.
Baltimore, MD 21202
T. Rowe Price
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Invest With Confidence(registered trademark)
T. Rowe Price
T. Rowe Price Investment Services, Inc., Distributor. F21-051 6/30/99
