(PUB) Morningstar FundInvestor

6

Data through May 31, 2013 T. Rowe Price New America Growth

Ticker

Status Yield Total Assets

Mstar Category

PRWAX Open

0.5% $3,971 mil

Large Growth

Morningstar Analyst Rating 05-22-13

Investment Style Equity Stock %

Historical Profile Return Risk Rating Above Avg Average Above Avg

100% 99% 99% 97% 96% 95% 91% 93% 92%

ˇ

Manager Change Partial Manager Change

10.0 12.5 15.0 17.5

Morningstar Pillars Process Performance

Growth of $10,000

Neutral Neutral Positive Positive Positive

¶ ¶

Investment Values of Fund Investment Values of S&P 500

People Parent Price

6.0

Performance Quartile (within Category) History

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 05-13

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨

22.06 -28.54

29.83 35.22

33.14 11.10

31.88 4.35 -0.56 -0.91 0.00 4.35 0.00 2.75 0.91 -0.16 68

31.38 7.24 -8.55 -1.83 0.00 7.24 0.00 2.83 0.89 -0.02 49

31.87

18.77

28.03 49.33 22.87 12.12

32.99 19.34

31.81 -0.41 -2.52 -3.05 0.21 -0.62

35.92 13.56 -2.44 -1.70

40.00 11.36 -4.01 -2.59

NAV

-38.31 13.74

Total Return %

-6.44 -0.66 0.00

6.54 5.47 0.00

0.22 4.80 0.00

8.25 1.93 0.00

-1.31 0.13 0.00

4.28 2.63 0.20

+/-S&P 500

+/-Russ 1000Gr Income Return % Capital Return %

0.00

0.60

0.00

-28.54

35.22

11.10

-38.31 13.74

49.33

19.14

12.96

11.36

56

13

21

44

33

8

18

32

67

77

Total Rtn % Rank Cat

Pillar Spectrum Positive

0.00 0.00 0.99 -0.42

0.00 0.00 0.98 -0.34

0.00 0.00 0.92 -0.07

0.00 3.76 0.85 -0.02

0.00 0.85 0.91 -0.20

0.00 0.00 0.89 -0.07

0.06 0.40 0.83 0.28

0.07 0.94 0.81 0.28

0.19 0.01 0.81 0.57

0.00 0.00

Income $

§ Negative

¶ Neutral

Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil

. . .

Performance 05-31-13 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

61

62

51

53

61

60

88

68

60

32

34

2009 2010 2011 2012 2013

3.41 18.70 14.67 6.09 49.33 5.89 -13.01 13.52 14.13 19.34 6.30 -0.40 -14.46 9.95 -0.41 12.61 -4.83 5.10 0.82 13.56 8.32 . . . .

761

915

952

866

805

848

499

857

1,258

2,215

3,118

3,365

Portfolio Analysis 03-31-13 Share change since 12-12 Total Stocks:110 Sector

Rating and Risk Time Load-Adj

PE Tot Ret% % Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

T. Rowe Price Reserve In

6.40

. . . Technology 10.7 -14.42 4.20 Technology 25.2 23.16 2.58

1 Yr 3 Yr 5 Yr

21.82 15.11

Trailing

Total

+/-

+/- Russ %Rank Growth of

Apple Inc

Return% S&P 500 1000Gr

Cat

$10,000

Avg

Avg

Google, Inc. Class A

3 Mo 6 Mo 1 Yr

6.64 -1.58 12.33 -4.10 21.82 -5.46 15.11 -1.76 6.47 1.04 8.71 1.13 4.04 -0.57

-1.28 -1.59 -0.73 -2.09 0.19 0.96 0.42

64 10,664 67 11,233 53 12,182 46 15,252 17 13,682 17 23,051 58 18,114

6.47 8.71

+Avg +Avg

+Avg

Fiserv, Inc.

Industrl Industrl

20.4 10.29 2.03 36.1 12.50 1.95

10 Yr Incept

Avg

Fastenal Company

10.07

Laboratory Corporation o

Hlth care 16.8 14.86 1.83

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Iron Mountain Inc

Industrl Industrl

47.0 16.30 1.81 26.4 13.34 1.80

Other Measures

Standard Index

Best Fit Index

Equifax, Inc.

S&P 500

Russ MG

Thermo Fisher Scientific Henry Schein, Inc.

Hlth care 24.4 38.68 1.77 Hlth care 21.6 19.73 1.73 Cnsmr Cyc 26.2 6.08 1.66 Basic Mat 21.6 7.12 1.58 Finan Svs 23.3 38.28 1.57 Industrl 15.5 -9.76 1.63

Alpha

-2.4 1.06

-0.1 0.88

Beta

eBay Inc

R-Squared

95

97

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 14.57 44 0.46 82 5.97 18 0.47 87 7.89 23 0.76 92 Potential Capital Gain Exposure: 23% of assets Morningstar’s Take by Laura Lallos 05-22-13 It’s a new era at T. Rowe Price New America Growth. Longtime manager Joe Milano left T. Rowe Price on May 10, and his departure is a loss. The fund earned an Analyst Rating of Gold under Milano’s direction. Last year was a rare off year for the fund, but Milano maintained a good risk/reward profile during more than a decade here. The fund’s annualized 10-year return through April 2013 was 9.2%, handily beating both the S&P 500 Index (7.9%) and the average large-growth peer (7.6%). New manager Dan Martino has a nice, if shorter, record himself at T. Rowe Price Media & Telecommunications PRMTX, which he has run for more than three years (and will comanage through September). From October 2009 through April 30, 2013, that fund returned an annualized 19.5%, trouncing the average communications fund (12.4%), the typical technology fund (10.9%), and the S&P 500 (14.6%). Morningstar performance attribution indicates that Martino’s stock selection has more to do with the fund’s outperformance relative to the S&P than that

CH Robinson Worldwide, I Monsanto Company IntercontinentalExchange Salesforce.com, Inc. Adobe Systems Inc Stericycle, Inc. UnitedHealth Group Inc Global Payments, Inc. Nuance Communications, I

Standard Deviation

15.23 15.11

Mean

Technology

0.73 1.56

.

Sharpe Ratio

1.00

Technology 30.4 13.88 1.49

Industrl

34.5 17.67 1.47

Hlth care 12.2 15.86 1.46

Industrl

21.0 5.96 1.45

fund’s sector biases. Now Martino has to demonstrate that he can replicate this success with a diversified portfolio. Fortunately, he has access to T. Rowe’s strong global team of more than 100 analysts. He has long worked closely with the media and telecommunications analysts, as well as some of the technology analysts. He says his immediate task is to partner with other analysts to get up to speed on the roughly 60% of the portfolio that is outside of the TMT space. This will be a different fund under Martino. Milano preferred to do much of his company-specific research himself, and his idiosyncratic portfolio had a somewhat defensive bent. Martino will be reducing cash and expressing a preference for long-term secular growth plays. That’s not to say the fund will be worse. Because the fund is in a transition period and Martino has not managed a broadly diversified portfolio before, the fund has a Neutral rating for now. However, Martino’s record is reason for optimism.

Technology 40.5 -14.87 1.42

Current Investment Style

Sector Weightings

% of Stocks

Rel S&P 500 High

3 Year Low

Market Cap % Giant 24.0 Large 26.0 Mid 46.9 Small 2.8 Micro 0.4 Avg $mil: 17,929

Value Blnd Growth

Large Mid Small

Cyclical 21.77 0.76 BasicMat 6.37 2.08 9 6 CnsmrCyc 9.75 1.14 11 9 FinanSvs 5.13 0.33 10 5 Real Est 0.52 0.36 1 1 Sensitive 55.10 1.26 CommSrvs 1.65 0.41 2 1 Energy 2.67 0.25 6 2 Industrl 23.21 2.04 24 19 Technlgy 27.57 1.57 30 24 Defensive23.13 0.84 CnsmrDef 2.54 0.21 6 3 Hlthcare 20.59 1.74 21 16 Utilities 0.00 0.00 . .

h r t y u j i o p a k s d f

Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures

Rel Category

18.55 2.81 1.46 11.56 1.04 14.07 11.79 12.45 8.75 13.65

1.06 0.99 0.82 1.17 0.77 1.05 1.11 1.48 0.67 0.97

% Rel Category

Composition - Net

Cash 6.4 Stocks 92.0 Bonds 0.0 Other 1.6 Foreign 4.7

Address:

100 East Pratt Street Baltimore, MD 21202 800-638-5660 www.troweprice.com

Minimum Purchase: Min Auto Inv Plan:

$2500 $2500

Add: $100 IRA: $1000

Add: $100

Profitability

% Rel Category

Sales Fees:

No-load

Return on Equity Return on Assets Net Margin

17.45 8.32 11.65

0.83 0.84 0.81

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

0.35%, 0.15%A

(% of Stock)

09-30-85

Actual Fees:

Mgt:0.65% Dist: .

T. Rowe Price Associates, Inc.

Expense Projections: Income Distribution:

3Yr:$259 Annually

5Yr:$450 10Yr:$1002

None

N/A

Mutual Funds ß ®

© 2013Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, correct, complete or timely. Past performance is no guarantee of future results.Access updated reportsat To order reprints, call 312-696-6100. mfb.morningstar.com.

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