<R>

October 1, 2008

</R>

Fund Profile

T.Rowe Price

New America Growth Fund

A stock fund seeking long-term capital growth by investing primarily in the common stocks of growth companies.

This profile summarizes keyinformation about the fund that is included in the fund`s prospectus. The fund`sprospectus includes additional information about the < /i>fund, including amore detailed description of the risks associated with investing in the fund that you may want to consider before you invest. You may obtain the prospectus and other information about thefund at no cost by calling 1-800-638-5660 or by visiting our Web site attroweprice.com.

®

<R>

1

</R><R>

1

</R>

Fund Profile

<R>

T.x11 Rowe Rowe Price New America Growth Fundxd1 PRWAX

</R>

What is the fund`s objective?

The fund seeks to provide long-term capital growth by investing primarily in the common stocks of growth companies.

What is the fund`s principal investment strategy?

We invest primarily (at least 65% of total assets) in common stocks of U.S. compan ies operating in those sectors of the economy that, in the view of T. Rowe Price,are the fastest growing or have the greatest growth p otential. In recent years, the U.S. economy has evolved rapidly, primarily because of the application of new technologies and scientific advances. Fast-growing companies can be found across an array of industries in today`s "new America." The choice of industry sectors will generally reflect such factors as the overall revenue growth of the component companies and the sector`s contribution to gross domestic product from year to year.

Holdings range from large-cap to small companies. In selecting stocks, we look for many characteristics, typically including, but not limited to:

earnings growth rates that generally exceed that of the average company in the S&P 500 Stock Index;

favorable company fundamentals, such as a strong balance sheet, sound business strategy, and promising competitive positioning;

effective management; or

stock valuations, such as pric e/earnings or price/cash flow ratios, that seem reasonable relative to the company`s prospects.

In pursuing its investment objective, thefund`s management has the discretion to purchase some securities that do not meet its normal investment criteria, as described above, when it perceives an unusual opportunity for gain. These special situations might arise when the fund`s management believes a security could increase in value for a variety of reasons, including a change in management, an extraordinary corporate event, or a temporary imbalance in the supply of or demand for the securities.

While most assets will be invested in U.S. common stocks, the fundmay invest in other securities, including foreign stocks, and use futures and options in keeping with fund objectives.

The fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.

Certain investment restrictions, such as a required minimum or m aximum investment in a particular type of security, are measured at the time the fund purchases a security. The status, market value, maturity, credit quality, or other

<R>

2

</R>

Fund Profile

characteristics of the fund`s securities may change after they are purchased, and this may cause the amount of the fund`s assets invested in such securities to exceed the stated maximum restriction or fall below the stated minimum restriction. If any of these changes occur, it would not be considered a violation of the investment restriction. However, purchases by the fund during the time it is above or below the stated percentage restriction would be made in compliance with applicable restrict ions.

Further information about the fund`s investments, including a review of market conditions and fund strategies and their impact on performance, is available in the annual and semiannual shareholder reports. To obtain free copies of these documents, call 1-800-638-5660. These documents are also available at troweprice. com.

What are the main risks of investing in the fund?

The fund may entail above-average risk since growth companies pay few dividends and are typically more volatile than slower-growing companies with high dividends. Generally, stocks of companies in rapidly evolving—and often highly competitive—industries are subject to significant price swings. Since investors buy these stocks for their expected superior earnings growth, earnings disappointments, even small ones, can result in sharp price declines. Changes in investor psychology from positive to negative can also cause growth stocks to lose value because of the high valuations they typically carry. The level of risk will be increased if the fund has significant exposure to small-company stocks, which tend to be more volatile than large-company stocks because of their limited product lines, markets, or financial resources. In addition, picking long-term winners in the early stages of developing new industries is very difficult. Promising new fields tend to attract a great deal of competition and capital investment, and the increasingly fast pace of technological change can render an established company`s products and services obsolete virtually overnight.

As with all equity funds, this fund`s share price can fall because of weakness in the broad market, a particular industry, or specific holdings. The market as a whole can decline for many reasons, including adverse political or economic developments here or abroad, changes in investor psychology, or heavy institutional selling. The prospects for an industry or company may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive environment. In addition, our assessment of companies held by the fund may prove incorrect, resulting in losses or poor performance even in a rising market. Finally, the fund`s investment approach could fall out of favor with the investing public, resulting in lagging performance versus other types of stock funds.

Foreign stock holdings may lose value because of declining foreign currencies or adverse political or economic events overseas. The use offutures and options, if any, subjects the fund to additional volatility and potential losses.

<R>

3

</R><R>

3

</R>

Fund Profile

As with any mutual fund, there can be no guarantee the fund will achieve its objective.

The fund`s share price may decline, so when you sell your shares, you may lose money. An investm ent in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

How can I tell if the fund is appropriate for me?

Consider your investment goals, your time horizon for achieving them, and your tolerance for risk. If you seek long-term appreciation and can accept the potentially higher volatility of growth stocks, the fund could be an appropriate part of your overall investment strategy. This fund should not represent your complete investment program or be used for short-term trading purposes.

The fund can be used in both regular and tax-deferred accounts, such as an individual retirement account (IRA).

Equity investors should have a long-term investment horizon and be willing to wait out bear markets.

How has the fund performed in the past?

The bar chart showing calendar year returns and the average annual total returnstable indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. Past fund ret urns (before and after taxes) are not necessarily an indication of future performance.

The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted.

In addition, the average annual total returns table shows hypothetical after-tax returns to suggest how taxes paid by a shareholder may influence returns. Actual after-tax returns depend on each investor`s situation and may differ from those shown. After-tax returns are not relevant if the shares are held in a tax-deferred account, such as a 401(k) account or IRA. During periods of fund losses, the post-liquidation after-tax return may exceed the fund`s other returns because the loss generates a tax benefit that is factored into the result.

<R>

4

</R>

Fund Profile

<R>Table 1Average Annual Total Returns

	Periods ended 09/30/08
	1year	5years	10years
New America Growth Fund
Returns before taxes	-18.26%	5.61%	2.56%
Returns after taxes on distributions	-19.93	4.59	1.28
Returns after taxes o n distributions and sale of fund shares	-10.02	4.80	1.99
S&P 500 Index	-21.98	5.17	3.06
Lipper Multi-Cap Growth Funds Index	-24.95	4.76	2.67

</R>

Returns are based on changes in principal value, reinvested dividends, and capital gain distributions, if any. Returns before taxes do not reflect effects of any income or capital gains taxes. Taxes are computed using the highest federal income tax rate. The after-tax returns reflect the rates applicable to ordinary and qualified dividendsand capital gainseffective in 2003. The returns do not reflect the impact of state and local taxes. Returns after taxes on distributions reflect the taxed return on the payment of dividends and capital gains. Returns after taxes on distributions and sale of fund shares assume the shares were sold at period-end and, therefore, are also adjusted for any capital gains or losses incurred by the shareholder. Market indexes do not include expenses, which are deducted from fund returns, or taxes.

S&P 500 Index tracks the sto cks of 500 U.S. companies.

What fees and expenses will I pay?

The shares that are offered in this profile are 100% no load. There are no fees or charges to buy or sell fund shares, reinvest dividends, or exchange into other T.Rowe Price funds. There are no 12b1 fees.

<R>

5

</R><R>

5

</R>

Fund Profile

Table 2Fees and Expenses of the Fund*

	Annual fund operating expenses (expenses that are d educted from fund assets)
Management fee	0.65%
Other expenses	0.21%
Total annual fund operating expenses	0.86%

*Redemption proceeds of less than $5,000 sent by wire are subject to a $5 fee paid to the fund. Accounts with less than a $2,000 balance (with certain exceptions) are subject to a $10 fee.

Example.The following table gives you an idea of how expense ratios may translate into dollars and helps you to compare the cost of investing in this fund with that of other mutual funds. Although your actual costs may be higher or lower, the table shows how much you w ould pay if operating expenses remain the same,you invest $10,000, earn a 5% annual return, hold the investment for the following periods, and then redeem:

1year	3years	5years	10years
$88	$274	$477	$1,061

Who manages thefund?

Thefund is managed by T.Rowe Price Associates, Inc. (T.Rowe Price). Founded in 1937, T.Rowe Price and its affiliates manage investments for individual and institutional accounts. The company offers a comprehensive array of stock, bond, and money market funds directly to the investing public.

& lt;R>

Joseph M. Milano manages the fund day to day and has been chairman of itsInvestment Advisory Committee since 2002. He joined T. Rowe Price in 1996 and his investment experience dates from 1997.

</R>

To participants in employer-sponsored retirement plans: The following questions and answers about buying and selling shares and services do not apply to yourplan. Please call your plan`s toll-free number for additional information.

How can I purchase shares?

Fill out the New Account Form and return it with your check in the postpaid < font style="font-size:10.0pt;" face="Berkeley Book" color="Black">envelope. The minimum initial purchase is $2,500 ($1,000 for IRAs and gifts or transfers to minors). The minimum subsequent investment is $100 ($50 for IRAs, gifts or transfers to minors, or Automatic Asset Builder). You can also open an account by bank wire, by exchanging from another T.Rowe Price fund, or by transferring assets from another financial institution.

Fund Profile

How can I sell shares?

You may redeem or sell any portion of your account on any business day. Simply write to us or call. You can also access your account at any time via Tele*Access& #160;SM or our Web site. We offer convenient exchange among our entire family of domestic and international funds. Restrictions may apply in special circumstances, and some redemption requests need a signature guarantee.

When will I receive income and capital gain distributions?

The fund distributes income and net capital gains, if any, at year-end. For regular accounts, income and short-term gains are taxable at ordinary income rates, and long-term gains are taxable at the capital gains rate. Distributions are reinvested automatically in additional shares unless you choose another option, such as receiving a check. Distributions paid to IRAs and employer-sponsored retirement plans are automatically reinvested.

What services are available?

A wide range, including, but not limited to:

retirement plans for individuals and large and small businesses;

automated information and transaction services by telepho ne or computer;

electronic transfers between fund and bank accounts;

automatic investing and automatic exchange; and

brokerage services, including cash management features.

T. Rowe Price Associates, Inc.

100 East Pratt Street

Baltimore, MD 21202

troweprice.com

<R>

RPS F60-035 10/08

</R>

T. Rowe Price Investment Services, Inc., Distributor.