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T. Rowe Price May Move Toward Technology for Growth Fund

T. Rowe Price Associates of Baltimore may be about to make an old growth fund do new tricks.

The T. Rowe Price New America Growth Fund is asking shareholders to approve a change in its investment objective which will permit the fund to invest primarily in technology companies and other sectors that fund managers believe are most likely to grow, according to a preliminary proxy statement filed with the SEC Feb. 8. New America Growth now must invest primarily in growth companies in the service sector.

New America Growth was started in 1985 and designed to take advantage of the change from a manufacturing economy to a service economy, according to the proxy statement. The fund's managers will be able to invest in growth companies in any sector that appears likely to grow if shareholders approve the change to the new investment objective, according to the proxy statement. The shareholder meeting is scheduled for April 19. Growth sectors in which the fund might invest include technology, telecommunications and biotechnology, according to the proxy statement.

New American Growth has a three-star rating from Morningstar of Chicago, the fund tracking firm. The fund has assets under management of approximately $1.8 billion, according to Morningstar.