It was just announced that T. Rowe Price Cap App is going to be conducting a more formal soft close.  LSA is recommending that you keep any current positions and utilize the following funds as possible replacements:

Janus Balanced – JDBAX

FPA Crescent – FPACX

IMPORTANT: Fund Closing Announcement

Please read this entire document. It contains very important information regarding a specific mutual fund closing and intermediary client requirements.

The Board of Directors for the Capital Appreciation has approved closing the fund to new investors after market close on June 30, 2014. This decision does not affect existing shareholders of the fund; they may continue to buy additional shares within the guidelines of the fund closing policies. In addition to the fund noted above, new institutional placements for separate accounts and new sub-advisory relationships will also be reviewed in light of these capacity constraints.
Although the Capital Appreciation Fund has already been restricted to purchases through platforms with an existing funded position, the pace of inflows to the fund has increased dramatically over the last several years. The portfolio manager, David Giroux, and the Board have made this decision to ensure that additional strong flows do not overwhelm our ability to invest prudently in certain asset classes that are an important component of the investment strategy.

T. Rowe Price has a long history of closely monitoring the capacity limitations of specific investment strategies to preserve the integrity of each fund’s stated investment program. These efforts serve to proactively guard against predictable constraints that may undermine a portfolio management team’s ability to generate future excess returns for a fund’s existing clients.

To further assist you in your understanding of the policies and client requirements for the fund closing, we have updated our Financial Intermediaries web site to provide you with detailed information that you and other areas of your firm may need to understand and manage this fund closing internally where appropriate.

Thanks,

Brad