SemiAnnual Report
For yield, price, last transaction, and current balance, 24 hours, 7 days a
week, call:
1-800-638-2587 toll free
625-7676 Baltimore area
For assistance with your existing fund account, call:
Shareholder Service Center
1-800-225-5132 toll free
625-6500 Baltimore area
T. Rowe Price
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 of the T. Rowe Price Capital
Opportunity Fund.
Capital Opportunity
Fund
June 30, 1995
T. Rowe Price
Invest With Confidence (registered trademark)
COF
Fellow Shareholders
Following an impressive 9.6% gain by the S&P 500 in the first quarter, the
market surprised many investors by continuing the advance to record levels in
the second. The large-cap index was up 20.2% over the first six months of
1995. Your fund benefited from this explosive environment, exceeding the
performances of both the unmanaged Standard & Poor's 500 Stock Index and the
average for our peer group during the three- and six-month periods ended June
30.
Performance Comparison
Periods Ended 6/30/95
_____________________
3 Months 6 Months
_____________________
Capital Opportunity Fund 10.6% 26.7%
S&P 500 Stock Index 9.6 20.2
Lipper Capital Appreciation
Fund Average 9.2 16.6
Market Environment
Second quarter gains closely mirrored the powerful gains of the first. Many of
the first quarter's successful investment themes worked well in the second
quarter as well, particularly those focusing on large-capitalization,
multinational companies whose earnings benefited from the weak dollar, and
technology stocks aided by strong personal computer and software demand.
Given the outlook for slowing economic growth in 1995, investors turned
their attention to growth stocks that are better able to maintain earnings
growth in this environment. Value stocks, which include many cyclical
companies, tended to underperform growth stocks as investors grew leery of a
possible recession.
From a market sector perspective, technology was the place to be.
Technology stocks surged, including the shares of software and semiconductor
companies as well as firms with exposure to on-line services. Other strong
sectors included financial, broadcast/media, and consumer services.
Despite the generally bullish environment, several broad industries such
as retail, health care, and consumer cyclicals trailed the most powerful
sectors because of sluggish earnings prospects.
Portfolio Review
Your fund continued to implement its flexible strategy of seeking investments
in any area offering significant potential for capital appreciation with
attractive risk/return characteristics. Reflecting our preference for a
concentrated portfolio, the major portion of the fund's returns came from a
small number of holdings. In the second quarter, the five largest contributors
to performance accounted for roughly 43% of second quarter results and the top
10 for about 65%.
Two smaller-capitalization stocks drove performance in the quarter. The
shares of Catalina Marketing, a marketing company operating a computer network
for 9,000 grocery stores, and DAKA International, a leading contract food
service and restaurant concern, together contributed about 22% of the advance.
In addition, two of the fund's major technology holdings, Adobe Systems and
Xilinx, helped performance significantly.
Improving growth prospects along with the potential for favorable
regulatory changes in the telecommunication industry enabled our two cable
television holdings, Comcast and Cox Communications, to post solid gains.
Albany International, a leading supplier of paper machine clothing products,
and General Nutrition, a specialty retailer, both reported surprisingly strong
earnings, leading to sound advances for their stocks.
Unfortunately, even in a bull market, companies that fail to meet Wall
Street's growth expectations are punished by sharp price corrections. Several
holdings, including Brunswick, PacifiCare Health Systems, and Sbarro, stumbled
during the quarter.
Outlook
The first half of 1995 was an exceptional period for equity investors. The
combination of falling interest rates, slower economic growth, and low
inflation created a favorable environment for solid corporate earnings and a
powerful stock market.
As we enter the second half of the year, the big questions we face are
just how much the economy will grow over the next six months and how slower
growth might affect corporate profits and interest rates, which influence
stock valuations. We are somewhat cautious over the near term because of the
market's stunning performance so far, an acute element of overspeculation in
some technology issues followed by sharp volatility after the close of the
reporting period, and the risk that slower growth could result in
disappointing second half earnings for some companies.
Despite these near-term concerns and the possibility of further
volatility in the months ahead, we remain optimistic about the prospects for
sustainable economic growth and good stock market returns. Considering your
fund's flexible investment approach, we believe it remains well positioned for
continued solid, long-term performance.
Respectfully submitted,
John H. Laporte
President
John F. Wakeman
Chairman of the Investment
Advisory Committee
July 19, 1995
Twenty-Five Largest Holdings
June 30, 1995
Percent of
Company Net Assets
_____________________________ ____________
Catalina Marketing 5.8%
DAKA International 5.0
ADT 4.8
Copart 3.1
Cox Communications 2.9
Manville 2.8
Albany International 2.7
Alco Standard 2.6
Insituform Mid-America 2.6
Ceridian 2.5
CBS 2.5
OEA 2.4
Oceaneering International 2.4
BISYS Group 2.4
Columbia/HCA Healthcare 2.3
Brunswick 2.3
H&R Block 2.2
Players International 2.1
PacifiCare Health Systems 2.1
Weatherford International 2.0
MascoTech 2.0
Vodafone 1.8
MCI 1.8
Comcast 1.8
Roberts Pharmaceuticals 1.8
________________________________________________________________
Total 66.7%
Contributions to the Change in Net Asset Value Per Share
T. Rowe Price Capital Opportunity Fund
Three Months Ended June 30, 1995
_____________________________________________________
TEN BEST CONTRIBUTORS
Catalina Marketing 15(cents)
DAKA International 13
General Nutrition 9
Albany International 9
Manville 8
Adobe Systems 7
Xilinx** 7
Cox Communications 5
Players International 4
Comcast 4
________________________________________________________________
Total 81(cents)
TEN WORST CONTRIBUTORS
________________________________________________________________
PacifiCare Health Systems - 7(cents)
Brunswick 6
Sbarro** 4
Oceaneering International 4
Pegasus Gold 4
Dayton Hudson** 3
Danka Business Systems** 2
H&R Block 2
Alliance Entertainment** 1
Foundation Health** 1
________________________________________________________________
Total - 34(cents)
*Position added
**Position eliminated
Six Months Ended June 30, 1995
TEN BEST CONTRIBUTORS
________________________________________________________________
DAKA International* 26(cents)
Adobe Systems 25
Players International* 20
Catalina Marketing* 17
General Nutrition* 13
Xilinx** 13
Ceridian* 11
Manville 8
Circuit City Stores* 8
CBS 7
________________________________________________________________
Total 148(cents)
TEN WORST CONTRIBUTORS
________________________________________________________________
Brunswick - 6(cents)
Oceaneering International 6
Pegasus Gold 6
PacifiCare Health Systems 5
Dayton Hudson** 4
Sbarro** 3
Autodesk** 1
ERO 1
Hubbell** 1
Silicon Valley Group** 1
________________________________________________________________
Total - 34(cents)
Statement of Net Assets
T. Rowe Price Capital Opportunity Fund / June 30, 1995 (Unaudited)
(values in thousands)
Common Stocks - 89.9%
FINANCIAL - 3.2%
Value
_______
INSURANCE - 1.0%
45,000 shs. Presidential Life. . . . . . . . . . . $ 368
FINANCIAL SERVICES - 2.2%
20,000 H&R Block. . . . . . . . . . . . . . . 823
Total Financial 1,191
CONSUMER NONDURABLES - 11.1%
HOSPITAL SUPPLIES/HOSPITAL
MANAGEMENT - 4.4%
20,000 Columbia/HCA Healthcare. . . . . . . . 865
15,000 * PacifiCare Health Systems
(Class B) . . . . . . . . . . . . . 763
1,628
PHARMACEUTICALS - 1.8%
30,000 * Roberts Pharmaceutical . . . . . . . . 653
HEALTH CARE SERVICES - 1.3%
20,000 * Orthodontic Centers of
America . . . . . . . . . . . . . . 480
MISCELLANEOUS CONSUMER PRODUCTS - 3.6%
49,500 Brunswick. . . . . . . . . . . . . . . 841
10,000 * CUC International. . . . . . . . . . . 420
10,000 * ERO. . . . . . . . . . . . . . . . . . 88
1,349
Total Consumer Nondurables 4,110
CONSUMER SERVICES - 20.1%
SPECIALTY MERCHANDISERS - 2.6%
20,000 Circuit City Stores. . . . . . . . . . 632
9,000 * General Nutrition. . . . . . . . . . . 314
946
ENTERTAINMENT & LEISURE - 4.7%
41,500 * DAKA International . . . . . . . . . . 965
39,000 * Players International. . . . . . . . . 785
1,750
MEDIA & COMMUNICATIONS - 12.8%
40,000 * Catalina Marketing . . . . . . . . . . 2,145
13,700 CBS. . . . . . . . . . . . . . . . . . 918
36,000 Comcast (Class A Special). . . . . . . 668
21,500 shs. * DIMAC. . . . . . . . . . . . . . . . . $ 333
18,000 Vodafone ADR . . . . . . . . . . . . . 682
4,746
Total Consumer Services 7,442
CONSUMER CYCLICALS - 3.1%
AUTOMOBILES & RELATED - 3.1%
50,000 * Copart . . . . . . . . . . . . . . . . 1,131
Total Consumer Cyclicals 1,131
TECHNOLOGY - 15.3%
ELECTRONIC SYSTEMS - 4.8%
150,000 * ADT. . . . . . . . . . . . . . . . . . 1,762
OFFICE AUTOMATION - 2.5%
25,000 * Ceridian . . . . . . . . . . . . . . . 922
TELECOMMUNICATIONS - 5.6%
55,500 * Cox Communications
(Class A) . . . . . . . . . . . . . 1,075
10,000 * LIN Television . . . . . . . . . . . . 336
30,700 MCI. . . . . . . . . . . . . . . . . . 674
2,085
AEROSPACE & DEFENSE - 2.4%
30,000 OEA. . . . . . . . . . . . . . . . . . 889
Total Technology 5,658
CAPITAL EQUIPMENT - 2.6%
MACHINERY - 2.0%
60,000 Mascotech. . . . . . . . . . . . . . . 742
ELECTRICAL EQUIPMENT - 0.6%
5,200 Exide. . . . . . . . . . . . . . . . . 224
Total Capital Equipment 966
BUSINESS SERVICES & TRANSPORTATION - 12.9%
COMPUTER SERVICE & SOFTWARE - 5.3%
50,000 * Actel. . . . . . . . . . . . . . . . . 650
10,000 Adobe Systems. . . . . . . . . . . . . 583
4,500 First Data . . . . . . . . . . . . . . 256
5,500 First Financial Management . . . . . . 470
1,959
DISTRIBUTION SERVICES - 2.6%
12,000 Alco Standard. . . . . . . . . . . . . 958
MISCELLANEOUS BUSINESS SERVICES - 5.0%
40,000 * BISYS Group. . . . . . . . . . . . . . 885
65,000 shs. Insituform Mid-America . . . . . . . . $ 951
1,836
Total Business Services & Transportation 4,753
ENERGY - 5.9%
ENERGY SERVICES - 5.9%
100,000 * Oceaneering International. . . . . . . 887
8,400 Schlumberger . . . . . . . . . . . . . 522
60,000 * Weatherford International. . . . . . . 758
Total Energy 2,167
PROCESS INDUSTRIES - 6.3%
PAPER & PAPER PRODUCTS - 3.5%
41,100 Albany International
(Class A) . . . . . . . . . . . . . 981
25,000 * Jefferson Smurfit. . . . . . . . . . . 328
1,309
BUILDING & CONSTRUCTION - 2.8%
75,100 * Manville . . . . . . . . . . . . . . . 1,033
Total Process Industries 2,342
BASIC MATERIALS - 4.4%
MINING - 4.4%
160,000 * Dayton Mining. . . . . . . . . . . . . 547
625,000 * Golden Shamrock
Mines (AUD) . . . . . . . . . . . . 471
62,000 * Pegasus Gold . . . . . . . . . . . . . 628
Total Basic Materials 1,646
Miscellaneous Common Stocks - 5.0% $ 1,837
Total Common Stocks (Cost $29,534) 33,243
Convertible Bonds - 2.4%
$ 463,000 * DAKA International,
7.00%, 3/15/03. . . . . . . . . . . 894
Total Convertible Bonds (Cost $597) 894
Short-Term Investments - 8.3%
CERTIFICATES OF DEPOSIT - 1.8%
650,000 Societe Generale, 6.05%, 7/7/95. . . . 650
COMMERCIAL PAPER - 6.5%
200,000 ANZ (Delaware),
6.10 - 6.50%, 8/8/95. . . . . . . . 195
1,000,000 Caisse des Depots et
Consignations, 4(2),
5.95%, 7/27/95. . . . . . . . . . . 994
284,000 Cargill Financial Services,
6.10%, 7/3/95 . . . . . . . . . . . 284
500,000 Province of Quebec,
5.80%, 1/10/96. . . . . . . . . . . 483
450,000 Tasmanian Public Finance,
6.15%, 9/25/95. . . . . . . . . . . 436
2,392
Total Short-Term Investments (Cost $3,042) 3,042
Total Investments in Securities -
100.6% of Net Assets (Cost $33,173) 37,179
Other Assets Less Liabilities . . . . . . . . . . . . . . . . (207)
_______
Net Assets Consist of: Value
___________
Accumulated net investment income -
net of distributions . . . . . . . . . . $ 59
Accumulated net realized gain/loss -
net of distributions . . . . . . . . . . 1,581
Net unrealized gain (loss) . . . . . . . . . 4,006
Paid-in-capital applicable to 2,798,585 shares
of $0.0001 par value capital stock
outstanding; 1,000,000,000 shares
authorized . . . . . . . . . . . . . . . 31,326
________
NET ASSETS . . . . . . . . . . . . . . . . . $36,972
_______
_______
NET ASSET VALUE PER SHARE. . . . . . . . . . $13.21
______
______
* Non-income producing
4(2) Commercial Paper sold within terms of a private placement memorandum,
exempt from registration under section 4.2 of the Securities Act of
1933, as amended, and may be sold only to dealers in that program or
other "accredited investors."
AUD Austrian schilling
The accompanying notes are an integral part of these financial statements.
Statement of Operations
T. Rowe Price Capital Opportunity Fund / Six Months Ended June 30, 1995
(Unaudited)
(in thousands)
INVESTMENT INCOME
Income
Interest. . . . . . . . . . . . . . . . . . . . . . $ 139
Dividend. . . . . . . . . . . . . . . . . . . . . . 58
________
Total income. . . . . . . . . . . . . . . . . . . . 197
________
Expenses
Shareholder servicing . . . . . . . . . . . . . . . 99
Custody and accounting. . . . . . . . . . . . . . . 49
Legal and audit . . . . . . . . . . . . . . . . . . 10
Registration. . . . . . . . . . . . . . . . . . . . 7
Organization. . . . . . . . . . . . . . . . . . . . 5
Directors . . . . . . . . . . . . . . . . . . . . . 4
Prospectus and shareholder reports. . . . . . . . . 1
Miscellaneous . . . . . . . . . . . . . . . . . . . 1
Reimbursed by Manager . . . . . . . . . . . . . . . (32)
________
Total expenses. . . . . . . . . . . . . . . . . . . 144
________
Net investment income. . . . . . . . . . . . . . . . . 53
________
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on securities . . . . . . . . 1,584
Change in net unrealized gain or
loss on securities. . . . . . . . . . . . . . . . . 3,911
________
Net realized and unrealized gain (loss). . . . . . . . 5,495
________
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS. . . $ 5,548
________
________
The accompanying notes are an integral part of these financial statements.
Statement of Changes in Net Assets
T. Rowe Price Capital Opportunity Fund (Unaudited)
(in thousands)
Nov. 30, 1994
(commencement
Six Months Ended of operations) to
June 30, 1995 Dec. 31, 1994
_______________ ________________
INCREASE (DECREASE) IN NET ASSETS FROM
Operations
Net investment income. . . . . . . . . $ 53 $ 5
Net realized gain (loss) . . . . . . . 1,584 (3)
Change in net unrealized gain or
loss . . . . . . . . . . . . . . . . 3,911 95
_________ __________
Increase (decrease) in net assets from
operations . . . . . . . . . . . . . . 5,548 97
_________ __________
Capital share transactions*
Shares sold. . . . . . . . . . . . . . 35,970 2,253
Shares redeemed. . . . . . . . . . . . (6,983) (13)
_________ __________
Increase (decrease) in net assets from
capital share transactions . . . . . 28,987 2,240
_________ __________
Increase (decrease) in net
assets . . . . . . . . . . . . . . . . 34,535 2,337
NET ASSETS
Beginning of period. . . . . . . . . . . . 2,437 100
_________ __________
End of period. . . . . . . . . . . . . . . $36,972 $ 2,437
_________ __________
_________ __________
_______________________________________________________________________
*Share information
Shares sold. . . . . . . . . . . . . . 3,145 225
Shares redeemed. . . . . . . . . . . . (580) (1)
_________ __________
Increase (decrease) in shares
outstanding. . . . . . . . . . . . . 2,565 224
_________ __________
_________ __________
The accompanying notes are an integral part of these financial statements.
Notes To Financial Statements
T. Rowe Price Capital Opportunity Fund / June 30, 1995 (Unaudited)
Note 1 - Significant Accounting Policies
T. Rowe Price Capital Opportunity Fund (the fund) is registered under the
Investment Company Act of 1940 as a non-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 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.
Debt securities are generally traded in the over-the-counter market and
are valued at a price deemed best to reflect fair value as quoted by dealers
who make markets in these securities or by an independent pricing service.
Short-term debt securities are valued at their cost which, when combined with
accrued interest, approximates fair value.
For purposes of determining the fund's net asset value per share, the
U.S. dollar value of all assets and liabilities initially expressed in foreign
currencies is determined by using the mean of the bid and offer prices of such
currencies against U.S. dollars quoted by a major bank.
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) 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.
C) Premiums and Discounts - Premiums and discounts on debt securities are
amortized for both financial and tax reporting purposes.
D) 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.
Note 2 - Investment Transactions
Purchases and sales of portfolio securities, other than short-term securities,
aggregated $38,835,000 and $12,293,000, 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 $33,173,000 and net unrealized gain
aggregated $4,006,000, of which $4,483,000 related to appreciated investments
and $477,000 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. The fee is computed daily and paid monthly, consisting of an Individual
Fund Fee equal to 0.45% 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, 1996 which would cause the
fund's ratio of expenses to average net assets to exceed 1.35%. Thereafter
through December 31, 1998, 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 1.35%. Pursuant to this agreement,
$84,000 of management fees were not accrued by the fund for the six months
ended June 30, 1995, and $32,000 of other expenses were borne by the Manager.
Additionally, $8,000 of 1994 unaccrued fees and expenses are subject to
reimbursement through December 31, 1998.
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 $112,000 for the six
months ended June 30, 1995, of which $27,000 was payable at period-end.
Financial Highlights
T. Rowe Price Capital Opportunity Fund (Unaudited)
For a share outstanding throughout each period
______________________________________________
Nov. 30, 1994
Six Months (Commencement
Ended of Operations)
June 30, 1995 to Dec. 31, 1994
_______________ _________________
NET ASSET VALUE, BEGINNING
OF PERIOD. . . . . . . . . . $10.43 $10.00
______ _______
Investment Activities
Net investment
income. . . . . . . . -* 0.02*
Net realized and
unrealized gain
(loss). . . . . . . . 2.78 0.41
______ _______
Total from Investment
Activities . . . . . . . . . 2.78 0.43
______ _______
NET ASSET VALUE, END OF
PERIOD . . . . . . . . . . . $13.21 $10.43
______ _______
______ _______
RATIOS / SUPPLEMENTAL DATA
Total Return . . . . . . . . 26.7%* 4.3%*
Ratio of Expenses to Average
Net Assets . . . . . . . . 1.35%!* 1.35%!*
Ratio of Net Investment Income
to Average Net
Assets . . . . . . . . . . 0.50%!* 2.71%!*
Portfolio Turnover
Rate . . . . . . . . . . . 131.8%! 134.5%!
Net Assets, End of Period
(in thousands) . . . . . . $36,972 $2,437
! Annualized.
* Excludes expenses in excess of a 1.35% voluntary expense
limitation in effect through December 31, 1996.
Shareholder Services
To help shareholders monitor their current investments and make decisions that
accurately reflect their financial goals, T. Rowe Price offers a wide variety
of information and services-at no extra cost.
Knowledgeable Service Representatives
By Phone-Shareholder service representatives are available from 8:00 a.m. to
10:00 p.m., Monday - Friday, and weekends from 9:00 a.m. to 5:00 p.m ET. Call
1-800-225-5132 to speak directly with a representative who will be able to
assist you with your accounts.
In Person-Visit one of our investor center locations to meet with a
representative who will be able to assist you with your accounts. While there,
you can drop off applications or obtain prospectuses and other literature.
Automated 24-Hour Services
Tele*Access(registered trademark) (1-800-638-2587) provides information
such as account balance, date and amount of your last transaction, latest
dividend payment, and fund prices and yields. Additionally, you have the
ability to request prospectuses, statements, account and tax forms; reorder
checks; and initiate purchase, redemption, and exchange orders for identically
registered accounts.
PC*Access(registered trademark) provides the same information as
Tele*Access, but on a personal computer via dial-up modem.
Account Services
Checking-Write checks for $500 or more on any money market and most bond
fund accounts (except the High Yield Fund and Emerging Markets Bond Fund).
Automatic Investing-Build your account over time by investing directly
from your bank account or paycheck with Automatic Asset Builder. Additionally,
Automatic Exchange enables you to set up systematic investments from one fund
account into another, such as from a money fund into a stock fund. A low, $50
minimum makes it easy to get started.
Automatic Withdrawal-If you need money from your fund account on a
regular basis, you can establish scheduled, automatic redemptions.
Dividend and Capital Gains Payment Options-Reinvest all or some of your
distributions, or take them in cash. We give you maximum flexibility and
convenience.
Investment Information
Combined Statement-A comprehensive overview of your T. Rowe Price
accounts. The summary page gives your earnings by tax category, provides total
portfolio value, and lists your investments by type-stock, bond, and money
market. Detail pages itemize account transactions by fund.
Quarterly Shareholder Reports-Portfolio managers review the performance
of the funds in plain language and discuss T. Rowe Price's economic outlook.
The T. Rowe Price Report-A quarterly newsletter with relevant articles on
market trends, personal financial planning, and T. Rowe Price's economic
perspective.
Insights-A library of information that includes reports on mutual fund
tax issues, investment strategies, and financial markets.
Detailed Investment Guides-Our widely acclaimed Asset Mix Worksheet,
College Planning Kit, Retirees Financial Guide, Retirement Planning Kit (also
available on disk for PC use), and Guide to Risk-Adjusted Performance can help
you determine and reach your investment goals.
Discount Brokerage
You can trade stocks, bonds, options, precious metals, and other securities at
a substantial savings over regular commission rates. Call a shareholder
service representative for more information.
