PRICE T ROWE MEDIA & TELECOMMUNICATIONS FUND INC
497K3B, 2000-04-19
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                                                               April 1, 2000
 FUND PROFILE
T. ROWE PRICE
Media &Telecommunications Fund

 A stock fund seeking capital growth through media, technology, and
 telecommunications companies.
This profile summarizes key information about the fund that is included in the
fund's prospectus. The fund's prospectus includes additional information about
the fund, including a more detailed description of the risks associated with
investing in the fund that you may want to consider before you invest. You may
obtain the prospectus and other information about the fund at no cost by calling
1-800-638-5660, or by visiting our Web site at www.troweprice.com.

TROWEPRICELOGO
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FUND PROFILE
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 What is the fund's objective?

   The fund seeks to provide long-term capital growth through the common stocks
   of media, technology, and telecommunications companies.


 What is the fund's principal investment strategy?

   We invest at least 80% of total assets in the common stocks of companies
   engaged in any facet of media and telecommunications, including publishing,
   movies, cable TV, telephones, cellular services, and technology and
   equipment. Generally, the fund invests in companies in the large- to
   mid-capitalization range.

   Stock selection is based on fundamental, bottom-up analysis that seeks to
   identify companies with good appreciation prospects. The fund manager may use
   both growth and value approaches to stock selection. In the growth area, the
   manager will try to identify companies with capable management, attractive
   business niches, sound financial and accounting practices, and a demonstrated
   ability to increase revenues, earnings, and cash flow consistently.

   In looking for value stocks, the manager will seek companies whose current
   stock prices appear undervalued in terms of earnings, projected cash flow, or
   asset value per share, and with growth potential temporarily unrecognized by
   the market. The fund manager also seeks to invest in companies whose stock
   price may be temporarily depressed.

   While most assets will be invested in U.S. common stocks, other securities
   may also be purchased, including foreign stocks, futures, and options, in
   keeping with fund objectives.

   The fund may sell securities for a variety of reasons, such as to secure
   gains, limit losses, or redeploy assets into more promising opportunities.

   Further information about the fund's investments, including a review of
   market conditions and fund strategies and their impact on performance, is
   available in the annual and semiannual shareholder reports. To obtain free
   copies of any of these documents, call 1-800-638-5660.


 What are the main risks of investing in the fund?

   As with all equity funds, this fund's share price can fall because of
   weakness in the broad market, a particular industry, or specific holdings.
   The market as a whole can decline for many reasons, including adverse
   political or economic developments here or abroad, changes in investor
   psychology, or heavy institutional selling. The prospects for an industry or
   company may deteriorate because of a variety of factors, including
   disappointing earnings or changes in the competitive environment. In
   addition, our assessment of companies held in the fund may prove incorrect,
   resulting in losses or poor performance even
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FUND PROFILE
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   in a rising market. Finally, the fund's investment approach could fall out of
   favor with the investing public, resulting in lagging performance versus
   other types of stock funds.

   The fund is less diversified than most stock funds and could therefore
   experience sharp price declines when conditions are unfavorable for media and
   telecommunications industries. Companies in these industries are subject to
   the additional risks of rapid obsolescence, lack of investor or consumer
   acceptance, lack of standardization or compatibility with existing
   technologies, an unfavorable regulatory environment, intense competition, and
   a dependency on patent and copyright protection. Likewise, if the portfolio
   has substantial exposure to mid-cap companies, it would be subject to the
   greater volatility of those stocks.

   Growth stocks can have steep declines if their earnings disappoint investors.
   The value approach carries the risk that the market will not recognize a
   security's intrinsic value for a long time, or that a stock judged to be
   undervalued may actually be appropriately priced.

   To the extent that the fund invests in foreign stocks, it is also subject to
   the risk that some holdings may lose value because of declining foreign
   currencies or adverse political or economic events overseas. If the fund uses
   futures and options, it is exposed to additional volatility and potential
   losses.

   As with any mutual fund, there can be no guarantee the fund will achieve its
   objective.

  . The fund's share price may decline, so when you sell your shares, you may
   lose money. An investment in the fund is not a deposit of a bank and is not
   insured or guaranteed by the Federal Deposit Insurance Corporation or any
   other government agency.


 How can I tell if the fund is appropriate for me?

   Consider your investment goals, your time horizon for achieving them, and
   your tolerance for risk. If you are willing to accept the risks of investing
   in a limited group of industries in pursuit of long-term capital growth, the
   fund could be appropriate for you. This fund should not represent your
   complete investment program or be used for short-term trading purposes.

   The fund can be used in both regular and tax-deferred accounts, such as IRAs.

  . Equity investors should have a long-term investment horizon and be willing
   to wait out bear markets.
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FUND PROFILE
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 How has the fund performed in the past?

   The bar chart and the average annual total return table indicate risk by
   illustrating how much returns can differ from one year to the next. The
   fund's past performance is no guarantee of its future returns.

   The fund can also experience short-term performance swings, as shown by the
   best and worst calendar quarter returns during the years depicted in the
   chart.
LOGO


<TABLE>
<CAPTION>
                     Calendar Year Total Returns
           "94"     "95"    "96"     "97"     "98"     "99"
 ------------------------------------------------------------------
 <S>      <C>     <C>      <C>     <C>      <C>      <C>      <S>
          -0.90    43.29    1.78    28.05    35.14    93.09
 ------------------------------------------------------------------
</TABLE>



          Quarter ended              Total return

 Best quarter                           12/31/99 41.63%

 Worst quarter                           9/30/98 -18.64%




 The fund began as the closed-end New Age Media Fund and converted to open-end
 status on July 25, 1997, operating under a different expense structure.

<TABLE>
 Table 1  Average Annual Total Returns
<CAPTION>
                                               Periods ended 3/31/00
                                                                 Since inception
                                        1 year      5 years       (10/13/1993)
 -------------------------------------
 <S>                                  <C>          <C>          <C>
  Media & Telecommunications Fund          84.91%       38.51%       28.94%

  S&P 500 Stock Index                      17.94        26.76        22.44
  Lipper Science & Technology Funds       137.75        44.10        35.77*
  Average
 --------------------------------------------------------------------------------
</TABLE>



 These figures include changes in principal value, reinvested dividends, and
 capital gain distributions, if any.
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FUND PROFILE
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 *Since October 14, 1993


 What fees or expenses will I pay?

   The fund is 100% no load. There are no fees or charges to buy or sell fund
   shares, reinvest dividends, or exchange into other T. Rowe Price funds. There
   are no 12b-1 fees.

<TABLE>
 Table 2  Fees and Expenses of the Fund
<CAPTION>
                                               Annual fund operating expenses
                                        (expenses that are deducted from fund assets)
 -------------------------------------------------------------------------------------
 <S>                                   <C>
  Management fee                                           0.67%/ // /
  Other expenses                                           0.36%
  Total annual fund operating                              1.03%/ // /
  expenses
 -------------------------------------------------------------------------------------
</TABLE>



   Example.  The following table gives you a rough idea of how expense ratios
   may translate into dollars and helps you to compare the cost of investing in
   this fund with that of other funds. Although your actual costs may be higher
   or lower, the table shows how much you would pay if operating expenses remain
   the same, you invest $10,000, you earn a 5% annual return, and you hold the
   investment for the following periods:
<TABLE>
<CAPTION>
   1 year      3 years      5 years       10 years
 ----------------------------------------------------
 <S>         <C>          <C>          <C>
    $105        $328         $569          $1,259
 ----------------------------------------------------
</TABLE>



 Who manages the fund?

   The fund is managed by T. Rowe Price Associates, Inc. Founded in 1937, T.
   Rowe Price and its affiliates manage investments for individual and
   institutional accounts. The company offers a comprehensive array of stock,
   bond, and money market funds directly to the investing public.


   Robert N. Gensler manages the fund day-to-day and has been chairman of its
   Investment Advisory Committee since 2000. He joined T. Rowe Price as an
   investment analyst in 1993.

 Note: The following questions and answers about buying and selling shares and
 services do not apply to employer-sponsored retirement plans. If you are a
 participant in one of these plans, please call your plan's toll-free number for
 additional information.


 How can I purchase shares?

   Fill out the New Account Form and return it with your check in the postpaid
   envelope. The minimum initial purchase is $2,500 ($1,000 for IRAs and gifts
   or transfers to minors). The minimum subsequent investment is $100 ($50 for
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FUND PROFILE
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   IRAs, gifts or transfers to minors, or Automatic Asset Builder). You can also
   open an account by bank wire, by exchanging from another T. Rowe Price fund,
   or by transferring assets from another financial institution.


 How can I sell shares?

   You may redeem or sell any portion of your account on any business day.
   Simply write to us or call. You can also access your account at any time via
   Tele*Access /(R)/ or our Web site. We offer convenient exchange among our
   entire family of domestic and international funds. Restrictions may apply in
   special circumstances, and some redemption requests need a signature
   guarantee. A $5 fee is charged for wire redemptions under $5,000.


 When will I receive income and capital gain distributions?

   The fund distributes income and net capital gains, if any, at year-end. For
   regular accounts, income and short-term gains are taxable at ordinary income
   rates, and long-term gains are taxable at the capital gains rate.
   Distributions are reinvested automatically in additional shares unless you
   choose another option, such as receiving a check. Distributions paid to IRAs
   and employer-sponsored retirement plans are automatically reinvested.


 What services are available?

   A wide range, including but not limited to:

  . retirement plans for individuals and large and small businesses;

  . automated information and transaction services by telephone or computer;

  . electronic transfers between fund and bank accounts;

  . automatic investing and automatic exchange;

  . brokerage services; and

  . asset manager accounts.
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FUND PROFILE
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T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, MD 21202
www.troweprice.com

LOGO
                                                                     RPS F21-035
 T. Rowe Price Investment Services, Inc., Distributor
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