Small Cap Closing
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Friday, May 24, 2002

Small Cap Closing

T. Rowe Price has decided to close its Small-Cap Value Fund to new investors. The fund will still be opened to existing shareholders. It currently has $2.9 billion in assets.

"Over the past year and a half, the fund's assets have doubled due to very positive investment results and substantial cash flows. While we're pleased that the fund's favorable performance has attracted investors, continued large inflows could eventually impair our ability to invest effectively in undervalued small-cap stocks that typically make up the fund, and we are committed to investing in a manner that is consistent with the fund's objective," stated Preston Athey, chairman of the fund's investment advisory committee.

The fund will also continue to be opened to direct rollovers from qualified retirement plans into new IRA accounts.

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