FUND PROFILE
T. Rowe Price

Blue ChipGrowth Fund

 A stock fund seeking long-term capital growth through high-quality U.S. growth
 companies.
This profile summarizes key information about the fund that is included in the
fund's prospectus. The fund's prospectus includes additional information about
the fund, including a more 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 the fund at no cost by calling
1-800-401-4158, or by visiting our Web site at www.troweprice.com.



 1.  What is the fund's objective?

   The fund seeks to provide long-term capital growth. Income is a secondary
   objective.


 2.  What is the fund's principal investment strategy?

   We will invest at least 65% of total assets in the common stocks of large and
   medium-sized blue chip growth companies. These are firms that, in our view,
   are well-established in their industries and have the potential for
   above-average earnings growth. Some of these companies may have good dividend
   prospects. Our approach reflects our belief that solid company fundamentals
   combined with a positive industry outlook will ultimately reward investors
   with a higher stock price. We look for companies that offer leading market
   positions, seasoned management teams, and strong financial fundamentals.
   Where possible we seek stocks whose current prices do not reflect their
   long-term appreciation potential.

   While most assets will be invested in U.S. common stocks, other securities
   may also be purchased, including foreign stocks, 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.

   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 any of these documents, call 1-800-401-4158.


 3.  What are the main risks of investing in the fund?

   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 in 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.

   Even well-established growth stocks can be volatile. Since growth companies
   usually invest a high portion of earnings in their own businesses, their
   stocks may lack the dividends of value stocks that can cushion share prices
   in a down market. Since many investors buy these stocks because of
   anticipated superior earnings growth, earnings disappointments often result
   in sharp


   price declines. Also, medium-sized companies may have greater volatility than
   more established ones.

   To the extent that the fund invests in foreign stocks, it is also subject to
   the risk that some holdings may lose value because of declining foreign
   currencies or adverse political or economic events overseas. If the fund uses
   futures and options, it is exposed to additional volatility and potential
   losses.

   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 investment 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.


 4.  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 are willing to accept the risk of investing
   in established growth stocks in an effort to achieve long-term capital
   growth, the fund could be appropriate for you. 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 IRAs.

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


 5.  How has the fund performed in the past?

   The bar chart showing calendar year returns and the average annual total
   return table indicate risk by illustrating how much returns can differ from
   one year to the next and over time. Fund past performance is no guarantee of
   future returns.



         Calendar Year Total Returns
   "94"     "95"     "96"     "97"      "98"
 ---------------------------------------------
                         
  0.80     37.90    27.75    27.56     28.84
 ---------------------------------------------



          Quarter ended              Total return

 Best quarter                           12/31/98 24.71%

 Worst quarter                           6/30/94 -1.09%




   The fund can also experience short-term performance swings.  The best
   calendar quarter return during the years depicted in the chart was 24.71% in
   the fourth quarter of 1998, and the worst was -12.05% in the third quarter of
   1998.


 Table 1  Average Annual Total Returns

                                         Periods ended
                                       September 30, 1999
                                                   Since inception
                               1 year   5 years       (6/30/93)
 ------------------------------
                                         
  Blue Chip Growth Fund        28.42%    24.48%        21.83%

  S&P 500 Stock Index          27.80     25.03         20.75
  Lipper Growth Funds Average  30.34     20.00         17.02
 ------------------------------------------------------------------



 These figures include changes in principal value, reinvested dividends, and
 capital gain distributions, if any.


 6.  What fees or expenses will I pay?

   The fund is 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 12b-1 fees.

 Table  Fees and Expenses of the Fund

                                             Annual fund operating expenses
                                      (expenses that are deducted from fund assets)
 -----------------------------------------------------------------------------------
                                  
  Management fee                                         0.62%/ // /
  Other expenses                                         0.29%
  Total annual fund operating                            0.91%/ // /
  expenses
 -----------------------------------------------------------------------------------




   Example.  The following table gives you a rough 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 funds. Although your actual costs may be higher
   or lower, the table shows how much you would pay if operating expenses remain
   the same, you invest $10,000, you earn a 5% annual return, and you hold the
   investment for the following periods:


   1 year      3 years      5 years       10 years
 ----------------------------------------------------
                              
    $93         $290         $504          $1,120
 ----------------------------------------------------




 7.  Who manages the fund?

   The fund is managed by T. Rowe Price Associates, Inc. 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.


   Larry J. Puglia manages the fund day-to-day and has been chairman of its
   Investment Advisory Committee since 1996. He joined T. Rowe Price in 1990 and
   has been managing investments since 1993.


 Note: The following questions and answers about buying and selling shares and
 services do not apply to employer-sponsored retirement plans. If you are a
 participant in one of these plans, please call your plan's toll-free number for
 additional information.


 8.  How can I purchase shares?

   Fill out the New Account Form and return it with your check in the postpaid
   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.


 9.  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 /(R)/ 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. A $5 fee is charged for wire redemptions under $5,000.


 10.  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.


 11.  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 telephone or computer;

  . electronic transfers between fund and bank accounts;

  . automatic investing and automatic exchange;

  . brokerage services; and

  . asset manager accounts.


FUND PROFILE
- ---------------------------------------------------------
To open an account
  Investor Services
1-800-40104158

For fund information
and account transactions
on the internet
www.troweprice.com
T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, MD 21202
www.troweprice.com
                                                                           12/99
 T. Rowe Price Investment Services, Inc., Distributor