T. Rowe Price New America Growth Fund

 Supplement to prospectus dated May 1, 2002
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 Effective immediately, the Portfolio Management paragraph on page 18 of the
 prospectus is replaced with the following:

   Portfolio Management
   Effective May 29, 2002, Robert W. Smith became Chairman of New America
   Growth Fund's Investment Advisory Committee and assumed day-to-day
   responsibility for managing the fund. Marc L. Baylin stepped down as
   Chairman to pursue interests outside of T. Rowe Price, and we wish him well
   in his new endeavors. Mr. Smith has been a member of this fund's Investment
   Advisory Committee since April 2000. He has been has been an analyst and
   portfolio manager with T. Rowe Price since 1992 and has been managing
   investments since 1987.

   As of May 29, 2002, the fund's Investment Advisory Committee also consists
   of Brace C. Brooks, Giri Devulapally, Henry M. Ellenbogen, Christopher R.
   Leonard, Robert W. Sharps, and R. Candler Young.
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 The date of this supplement is May 29, 2002.
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 F60-041 5/29/02