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FUND PROFILE
June 4, 1999
T. Rowe Price Blue Chip Growth 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 1-800-541-7883, 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.
(LOGO)
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While most of the fund's assets will be invested in U.S. common stocks, we
may also invest in other securities, including foreign securities, futures,
and options, in keeping with the fund's objective.
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 1-800-541-7883.
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.
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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 and the average annual total return table indicate risk by
illustrating how much returns can differ from one year to the next. The
fund's past performance is no guarantee of its future returns.
Calendar Year Total Returns
<TABLE>
<CAPTION>
<S> <C>
1994 0.80%
1995 37.90
1996 27.75
1997 27.56
1998 28.84
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</TABLE>
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
1994.
<TABLE>
Average Annual Total Returns
<CAPTION>
Periods ended December 31, 1998
Since inception
1 year 5 years (6/30/93)
<S> <C> <C> <C> <S>
Blue Chip Growth Fund 17.39% 25.46% 24.12%
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S&P 500 Index 18.46 26.25 22.67
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</TABLE>
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.
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<TABLE>
Fees and Expenses of the Fund
<CAPTION>
Annual fund operating expenses
(expenses that are deducted from fund assets)
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<S> <C>
0.62
Management fee %
0.29
Other expenses %
Total annual fund operating 0.91
expenses %
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</TABLE>
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:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 year 3 years 5 years 10 years
$93 $ $ $
290 504 1,120
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</TABLE>
7. Who manages the fund?
The fund 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.
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 a portfolio manager since 1993.
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 and return a New Account Form in the postpaid envelope, along with
your check. The minimum initial purchase is $2,500 ($1,000 for IRAs and gifts
or transfers to minors) or $50 if investing through Automatic Asset Builder.
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 regular or IRA account on any
business day. Simply write to us or call. You can also access your account at
any
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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 annually 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.
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To Open a Mutual Fund, Asset Manager, or Brokerage Account
Investor Services
1-800-541-7883
For Information on Existing Accounts
Shareholder Services
1-800-225-5132
For Yields and Prices and Account Transactions
Tele*Access/(R)/
24 hours, 7 days 1-800-638-2587
For Fund Information and Account Transactions on the Internet
www.troweprice.com
Investor Centers
101 East Lombard St. Baltimore, MD 21202
T. Rowe Price Financial Center 10090 Red Run Blvd. Owings Mills, MD 21117
Farragut Square 900 17th Street, N.W. Washington, D.C. 20006
Warner Center, Plaza 5
21800 Oxnard Street
Suite 270
Woodland Hills, CA 91367
4200 West Cypress St. 10th Floor Tampa, FL 33607
4410 Arrows West Drive
Colorado Springs, CO 80907
Headquarters
100 East Pratt St. Baltimore, MD 21202
