PRICE T ROWE BLUE CHIP GROWTH FUND INC
497K3B, 2000-01-21
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                                                                 January 1, 2000
 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
1-800-638-5660, or by visiting our Web site at www.troweprice.com.
T ROWE PRICE LOGO
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FUND PROFILE
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 What is theeach fund's objective?

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


 What is theeach 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.

   TheEach 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 theeach 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 1-800-638-5660.


 What are the main risks of investing in the fundfunds?

   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
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FUND PROFILE
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   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 theeach 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
   objectivefunds will achieve their objectives.

  . TheEach 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.


 How can I tell if the fund iswhich fund is most 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.

   TheEach fund can be used in both regular and tax-deferred accounts, such as
   IRAs.

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


 How has theeach fund performed in the past?

   The bar charts and the average annual total return table indicate risk by
   illustrating how much returns can differ from one year to the next. TheEach
   fund's past performance is no guarantee of its future returns, and the
   performance of Prime Reserve PLUS would have differed because of its
   different expense ratio.

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

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FUND PROFILE
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LOGO
<TABLE>
<CAPTION>
           Calendar Year Total Returns
  "94"    "95"    "96"    "97"    "98"     "99"
 ------------------------------------------------
 <S>     <C>     <C>     <C>     <C>     <C>
  0.80   37.90   27.75   27.56   28.84    20.00
 ------------------------------------------------
</TABLE>


          Quarter ended              Total return

 Best quarter                           12/31/98 24.71%

 Worst quarter                           9/30/98 -21.05%


<TABLE>
 Table 1  Table 1 Average Annual Total Returns
<CAPTION>
                                                           Periods ended
                                                         December 31, 1999
                                                                         Since inception
                                                1 year      5 years       (06/30/1993)
 ---------------------------------------------
 <S>                                          <C>          <C>          <C>
  Blue Chip Growth Fund                            20.00%       28.28%          23.78%

  S&P 500 Stock Index                              21.04        28.56           22.46
  Lipper Growth Funds Average                      29.27        25.04           19.61
 ----------------------------------------------------------------------------------------
</TABLE>



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


 What fees or expenses will I pay?

   The fund isThe funds are 100% no load. However, the funds charge a redemption
   fee of 0.50%, payable to the funds, for shares held less than six months, and
   a quarterly maintenance fee of $2.50 for accounts of less than $10,000.
   However, the fund charges a redemption fee of 0.50%, payable to the fund, for
   shares held less than six months, and a quarterly maintenance fee of $2.50
   for accounts of less than $10,000. The fund charges a % redemption fee,
   payable to the fund, on shares held less than . The fee applies to exchanges
   as well. There are no other fees or charges to buy or sell
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FUND PROFILE
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   fund shares, reinvest dividends, or exchange into other T. Rowe Price funds.
   There are no 12b-1 fees. The fund has a single, all-inclusive fee covering
   investment management and operating expenses. This will not fluctuate. The
   Extended Equity Market Index and Total Equity Market Index Funds each have a
   single, all-inclusive fee covering investment management and operating
   expenses. This will not fluctuate. While the funds themselves impose no fees
   or charges, they will indirectly bear their pro-rata share of the expenses of
   the underlying funds. The following table provides a range of average
   weighted expense ratios for each fund. A range is given instead of a single
   number because the pro-rata share of expenses fluctuates along with changes
   in the average assets in each of the underlying funds. While the fund itself
   imposes no fees or charges, it will indirectly bear its pro-rata share of the
   expenses of the underlying funds. The following table provides a range for
   the fund's average weighted expense ratio. A range is given instead of a
   single number because the pro-rata share of expenses fluctuates along with
   changes in the average assets in each of the underlying funds.

<TABLE>
 Table 2 Table 2  Fees and Expenses of the Fund
<CAPTION>
                                                       Annual fund operating expenses
                                                (expenses that are deducted from fund asset)
 --------------------------------------------------------------------------------------------
 <S>                                           <C>
  Management fee                                                  0.62%/ // /
  Other expenses                                                  0.29%
  Total annual fund operating expenses                            0.91%/ // /
 --------------------------------------------------------------------------------------------
</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 fundthese funds with that of other funds. Although your actual costs may
   be higher or lower, the table belowshows how much uses the midpoint of the
   range to show the expenses you would pay if operating expenses remain the
   same, the expense currently in place not renewed (if applicable), you invest
   $1,000 (for the Equity Income Fund) or $10,000 (for the Prime Reserve, New
   Income, and International Stock Funds), you earn a 5% annual return, and you
   hold the investment for the following periods:
<TABLE>
<CAPTION>
  1 year*     3 years*     5 years*      10 years*
 ----------------------------------------------------
 <S>         <C>          <C>          <C>
    $93         $290         $504          $1,120
 ----------------------------------------------------
</TABLE>


 * Does not include account maintenance fee for accounts of less than $10,000.
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FUND PROFILE
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 Who manages the fundfunds?

   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 theeach fund day-to-day and hashave been chairman of
   itstheir Investment Advisory Committee since 1996. He joined T. Rowe Price in
   1990 and has been managing investments since 1993. He has been managing
   investments since joining T. Rowe Price in 1993. He joined T. Rowe Price in
   1990 as a research analyst and has been managing investments since 1993. He
   joined T. Rowe Price in 1990 and has been a portfolio manager since 1993. He
   has been managing investments in the high-yield bond market since joining T.
   Rowe Price in 1988. From 1992 to 1997, she was a trader on the corporate
   high-grade trading desk.


 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.


 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.
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FUND PROFILE
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 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.


 When will I receive income and capital gain distributions?

   TheEach 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 telephone or computer;

  . electronic transfers between fund and bank accounts;

  . automatic investing and automatic exchange;

  . brokerage services; and

  . asset manager accounts.
T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, MD 21202
www.troweprice.com
LOGO
                                                                     RPS F93-035
 T. Rowe Price Investment Services, Inc., Distributor
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