T. Rowe Price Blue Chip Growth Fund, Inc.
   T. Rowe Price Blue Chip Growth Fund-Advisor Class

 Supplement to prospectus dated May 1, 2001
- --------------------------------------------------------------------------------
 Effective January 1, 2002, footnote (a) to Table 2 on page 4 of the prospectus
 will be revised with the following to reflect the extension of the class's
 expense ratio limitation:


 /a/Effective January 1, 2002, T. Rowe Price contractually obligated itself to
   bear any expenses (other than management fees) through December 31, 2003,
   that would cause the class's ratio of expenses to average net assets to
   exceed 1.05%. Expenses paid or assumed under this agreement are subject to
   reimbursement to T. Rowe Price by the fund whenever the class's expense ratio
   is below 1.05%; however, no reimbursement will be made after December 31,
   2005, or if it would result in the expense ratio exceeding 1.05%. Any amounts
   reimbursed will have the effect of increasing fees otherwise paid by the
   class. The class operated under a previous expense limitation for which T.
   Rowe Price may be reimbursed.


- --------------------------------------------------------------------------------
 The date of this supplement is January 1, 2002.
- --------------------------------------------------------------------------------

 E293-041 01/01/02



T. Rowe Price Equity Income Fund, Inc.
   T. Rowe Price Equity Income Fund-Advisor Class

 Supplement to prospectus dated May 1, 2001
- --------------------------------------------------------------------------------
 Effective January 1, 2002, footnote (a) to Table 2 on page 4 of the prospectus
 will be revised with the following to reflect the extension of the class's
 expense ratio limitation:


 /a/Effective January 1, 2002, T. Rowe Price contractually obligated itself to
   bear any expenses (other than management fees and certain other portfolio
   level expenses) through December 31, 2003, that would cause the class's ratio
   of expenses to average net assets to exceed 1.00%. Expenses paid or assumed
   under this agreement are subject to reimbursement to T. Rowe Price by the
   fund whenever the class's expense ratio is below 1.00%; however, no
   reimbursement will be made after December 31, 2005, or if it would result in
   the expense ratio exceeding 1.00%. Any amounts reimbursed will have the
   effect of increasing fees otherwise paid by the class. The class operated
   under a previous expense limitation for which T. Rowe Price may be
   reimbursed.


- --------------------------------------------------------------------------------
 The date of this supplement is January 1, 2002.
- --------------------------------------------------------------------------------

 E271-041 01/01/02



Institutional International Funds, Inc.
   Foreign Equity Fund

 Supplement to prospectus dated March 31, 2001
- --------------------------------------------------------------------------------
 Effective November 16, 2001, Institutional International Funds, Inc. and
 Foreign Equity Fund changed their names to T. Rowe Price Institutional
 International Funds, Inc. and T. Rowe Price Institutional Foreign Equity Fund,
 respectively.
- --------------------------------------------------------------------------------
 The date of this supplement is January 1, 2002.
- --------------------------------------------------------------------------------

 F34-041 01/01/02



T. Rowe Price High Yield Fund, Inc.

   T. Rowe Price High Yield Fund-Advisor Class

 Supplement to prospectus dated October 1, 2001
- --------------------------------------------------------------------------------
 Effective January 1, 2002, footnote (a) to Table 2 on page 4 of the prospectus
 will be revised with the following to reflect the extension of the class's
 expense ratio limitation:


 /a/Effective January 1, 2002, T. Rowe Price contractually obligated itself to
   bear any expenses (other than management fees and certain other portfolio
   level expenses) through May 31, 2003, that would cause the class's ratio of
   expenses to average net assets to exceed 1.05%. Expenses paid or assumed
   under this agreement are subject to reimbursement to T. Rowe Price by the
   fund whenever the class's expense ratio is below 1.05%; however, no
   reimbursement will be made after May 31, 2005, or if it would result in the
   expense ratio exceeding 1.05%. Any amounts reimbursed will have the effect of
   increasing fees otherwise paid by the class. The class operated under a
   previous expense limitation for which T. Rowe Price may be reimbursed.

- --------------------------------------------------------------------------------
 The date of the above supplement is January 1, 2002.
- --------------------------------------------------------------------------------
 The first bullet under the subheading, "Income dividends" on page 9 of the
 prospectus is amended to include when dividends are declared for the High Yield
 Fund-Advisor Class:

 Income dividends
 The fund declares and pays dividends (if any) quarterly for the Equity Income
 Fund-Advisor Class; monthly for the High Yield Fund-Advisor Class; and annually
 for all other Advisor Class funds.
- --------------------------------------------------------------------------------
 The date of this supplement is October 22, 2001.
- --------------------------------------------------------------------------------

 E257-041 01/01/02





T. Rowe Price International Funds, Inc.
   T. Rowe Price International Bond Fund-Advisor Class

 Supplement to prospectus dated May 1, 2001
- --------------------------------------------------------------------------------
 Effective January 1, 2002, footnote (a) to Table 2 on page 5 of the prospectus
 will be revised with the following to reflect the extension of the class's
 expense ratio limitation:


 /a/Effective January 1, 2002, T. Rowe Price International contractually
   obligated itself to bear any expenses (other than management fees and certain
   other portfolio level expenses) through December 31, 2003, that would cause
   the class's ratio of expenses to average net assets to exceed 1.15%. Expenses
   paid or assumed under this agreement are subject to reimbursement to T. Rowe
   Price International by the fund whenever the class's expense ratio is below
   1.15%; however, no reimbursement will be made after December 31, 2005, or if
   it would result in the expense ratio exceeding 1.15%. Any amounts reimbursed
   will have the effect of increasing fees otherwise paid by the class. The
   class operated under a previous expense limitation for which T. Rowe Price
   International may be reimbursed.
- --------------------------------------------------------------------------------
 The date of this supplement is January 1, 2002.
- --------------------------------------------------------------------------------

 E276-041 01/01/02



T. Rowe Price Industry-Focused Equity Funds
   T. Rowe Price Real Estate Fund, Inc.

 Supplement to prospectus dated May 1, 2001
- --------------------------------------------------------------------------------
 Effective January 1, 2002, the second footnote (b) to Table 3 on page 14 of the
 prospectus will be revised with the following to reflect the extension of the
 fund's expense ratio limitation:


 /d/Effective January 1, 2002, T. Rowe Price contractually obligated itself to
   waive any fees and bear any expenses through December 31, 2003, to the extent
   that such fees and expenses would cause the fund's ratio of expenses to
   average net assets to exceed 1.00%. Fees waived or expenses paid or assumed
   under this agreement are subject to reimbursement to T. Rowe Price whenever
   the fund's expense ratio is below 1.00%; however, no reimbursement will be
   made after December 31, 2005, or if it would result in the expense ratio
   exceeding 1.00%. Any amounts reimbursed will have the effect of increasing
   fees otherwise paid by the fund. The fund operated under a previous expense
   limitation for which T. Rowe Price may be reimbursed.
- --------------------------------------------------------------------------------
 The date of this supplement is January 1, 2002.
- --------------------------------------------------------------------------------

 C06-042 01/01/02



Institutional Equity Funds, Inc.
   Institutional Large-Cap Value Fund

 Supplement to prospectus dated May 1, 2001
- --------------------------------------------------------------------------------
 Effective October 29, 2001, Institutional Equity Funds, Inc. and Institutional
 Large-Cap Value Fund changed their names to T. Rowe Price Institutional Equity
 Funds, Inc. and T. Rowe Price Institutional Large-Cap Value Fund, respectively.

 Effective January 1, 2002, footnote (a) to Table 1 on page 3 of the prospectus
 will be revised with the following to reflect the extension of the fund's
 expense ratio limitation:


 /a/Effective January 1, 2002, T. Rowe Price contractually obligated itself to
   waive any fees and bear any expenses through December 31, 2003, to the extent
   that such fees and expenses would cause the fund's ratio of expenses to
   average net assets to exceed 0.65%. Fees waived or expenses paid or assumed
   under this agreement are subject to reimbursement to T. Rowe Price whenever
   the fund's expense ratio is below 0.65%; however, no reimbursement will be
   made after December 31, 2005, or if it would result in the expense ratio
   exceeding 0.65%. Any amounts reimbursed will have the effect of increasing
   fees otherwise paid by the fund. The fund operated under a previous expense
   limitation for which T. Rowe Price may be reimbursed.


- --------------------------------------------------------------------------------
 The date of this supplement is January 1, 2002.
- --------------------------------------------------------------------------------

 F130-041 01/01/02



T. Rowe Price International Funds, Inc.
   T. Rowe Price International Stock Fund-Advisor Class

 Supplement to prospectus dated March 1, 2001
- --------------------------------------------------------------------------------
 Effective January 1, 2002, footnote (a) to Table 2 of the prospectus on page 5
 will be revised with the following to reflect the extension of the class's
 expense ratio limitation:


 /a/Effective January 1, 2002, T. Rowe Price International contractually
   obligated itself to bear any expenses (other than management fees and certain
   other portfolio level expenses) through October 31, 2003, that would cause
   the class's ratio of expenses to average net assets to exceed 1.15%. Expenses
   paid or assumed under this agreement are subject to reimbursement to T. Rowe
   Price International by the fund whenever the class's expense ratio is below
   1.15%; however, no reimbursement will be made after October 31, 2005, or if
   it would result in the expense ratio exceeding 1.15%. Any amounts reimbursed
   will have the effect of increasing fees otherwise paid by the class. The
   class operated under a previous expense limitation for which T. Rowe Price
   International may be reimbursed.
- --------------------------------------------------------------------------------
 The date of this supplement is January 1, 2002.
- --------------------------------------------------------------------------------

 E257-041 01/01/02



Institutional Equity Funds, Inc.
   Institutional Small-Cap Stock Fund

 Supplement to prospectus dated May 1, 2001
- --------------------------------------------------------------------------------
 Effective October 29, 2001, Institutional Equity Funds, Inc. and Institutional
 Small-Cap Stock Fund changed their names to T. Rowe Price Institutional Equity
 Funds, Inc. and T. Rowe Price Institutional Small-Cap Stock Fund, respectively.

 Effective January 1, 2002, footnote (a) to Table 1 on page 3 of the prospectus
 will be revised with the following to reflect the extension of the fund's
 expense ratio limitation:


 /a/Effective January 1, 2002, T. Rowe Price contractually obligated itself to
   waive any fees and bear any expenses through December 31, 2003, to the extent
   that such fees and expenses would cause the fund's ratio of expenses to
   average net assets to exceed 0.75%. Fees waived or expenses paid or assumed
   under this agreement are subject to reimbursement to T. Rowe Price whenever
   the fund's expense ratio is below 0.75%; however, no reimbursement will be
   made after December 31, 2005, or if it would result in the expense ratio
   exceeding 0.75%. Any amounts reimbursed will have the effect of increasing
   fees otherwise paid by the fund. The fund operated under a previous expense
   limitation for which T. Rowe Price may be reimbursed.


- --------------------------------------------------------------------------------
 The date of this supplement is January 1, 2002.
- --------------------------------------------------------------------------------

 F129-041 01/01/02



T. Rowe Price Mid-Cap Growth Fund, Inc.
   T. Rowe Price Mid-Cap Growth Fund-Advisor Class

 Supplement to prospectus dated May 1, 2001
- --------------------------------------------------------------------------------
 Effective January 1, 2002, footnote (a) to Table 2 on page 4 of the prospectus
 will be revised with the following to reflect the extension of the class's
 expense ratio limitation:


 /a/Effective January 1, 2002, T. Rowe Price contractually obligated itself to
   bear any expenses (other than management fees) through December 31, 2003,
   that would cause the class's ratio of expenses to average net assets to
   exceed 1.10%. Expenses paid or assumed under this agreement are subject to
   reimbursement to T. Rowe Price by the fund whenever the class's expense ratio
   is below 1.10%; however, no reimbursement will be made after December 31,
   2005, or if it would result in the expense ratio exceeding 1.10%. Any amounts
   reimbursed will have the effect of increasing fees otherwise paid by the
   class. The class operated under a previous expense limitation for which T.
   Rowe Price may be reimbursed.


- --------------------------------------------------------------------------------
 The date of this supplement is January 1, 2002.
- --------------------------------------------------------------------------------

 E264-041 01/01/02



Institutional Equity Funds, Inc.
   Institutional Mid-Cap Equity Growth Fund

 Supplement to prospectus dated May 1, 2001
- --------------------------------------------------------------------------------
 Effective October 29, 2001, Institutional Equity Funds, Inc. and Institutional
 Mid-Cap Equity Growth Fund changed their names to T. Rowe Price Institutional
 Equity Funds, Inc. and T. Rowe Price Institutional Mid-Cap Equity Growth Fund,
 respectively.
- --------------------------------------------------------------------------------
 The date of this supplement is January 1, 2002.
- --------------------------------------------------------------------------------

 F116-041 01/01/02



T. Rowe Price Real Estate Fund, Inc.

 Supplement to prospectus dated May 1, 2001
- --------------------------------------------------------------------------------
 Effective January 1, 2002, footnote (b) to Table 2 on page 4 of the prospectus
 will be revised with the following to reflect the extension of the fund's
 expense ratio limitation:


 /b/Effective January 1, 2002, T. Rowe Price contractually obligated itself to
   waive any fees and bear any expenses through December 31, 2003, to the extent
   that such fees and expenses would cause the fund's ratio of expenses to
   average net assets to exceed 1.00%. Fees waived or expenses paid or assumed
   under this agreement are subject to reimbursement to T. Rowe Price whenever
   the fund's expense ratio is below 1.00%; however, no reimbursement will be
   made after December 31, 2005, or if it would result in the expense ratio
   exceeding 1.00%. Any amounts reimbursed will have the effect of increasing
   fees otherwise paid by the fund. The fund operated under a previous expense
   limitation for which T. Rowe Price may be reimbursed.
- --------------------------------------------------------------------------------
 The date of this supplement is January 1, 2002.
- --------------------------------------------------------------------------------

 F12-041 01/01/02



T. Rowe Price Small-Cap Stock Fund, Inc.
   T. Rowe Price Small-Cap Stock Fund-Advisor Class

 Supplement to prospectus dated May 1, 2001
- --------------------------------------------------------------------------------
 Effective January 1, 2002, the footnote to Table 2 on page 4 of the prospectus
 will be revised with the following to reflect the extension of the class's
 expense ratio limitation:


   Effective January 1, 2002, T. Rowe Price contractually obligated itself to
   bear any expenses (other than management fees and certain other portfolio
   level expenses) through December 31, 2003, that would cause the class's ratio
   of expenses to average net assets to exceed 1.20%. Expenses paid or assumed
   under this agreement are subject to reimbursement to T. Rowe Price by the
   fund whenever the class's expense ratio is below 1.20%; however, no
   reimbursement will be made after December 31, 2005, or if it would result in
   the expense ratio exceeding 1.20%. Any amounts reimbursed will have the
   effect of increasing fees otherwise paid by the class. The class operated
   under a previous expense limitation for which T. Rowe Price may be
   reimbursed.


- --------------------------------------------------------------------------------
 The date of this supplement is January 1, 2002.
- --------------------------------------------------------------------------------

 E265-041 01/01/02



T. Rowe Price Science & Technology Fund, Inc.
   T. Rowe Price Science & Technology Fund-Advisor Class

 Supplement to prospectus dated May 1, 2001
- --------------------------------------------------------------------------------
 Effective January 1, 2002, footnote (a) to Table 2 of the prospectus on page 4
 will be revised with the following to reflect the extension of the class's
 expense ratio limitation:


 /a/Effective January 1, 2002, T. Rowe Price contractually obligated itself to
   bear any expenses (other than management fees) through December 31, 2003,
   that would cause the class's ratio of expenses to average net assets to
   exceed 1.15%. Expenses paid or assumed under this agreement are subject to
   reimbursement to T. Rowe Price by the fund whenever the class's expense ratio
   is below 1.15%; however, no reimbursement will be made after December 31,
   2005, or if it would result in the expense ratio exceeding 1.15%. Any amounts
   reimbursed will have the effect of increasing fees otherwise paid by the
   class. The class operated under a previous expense limitation for which T.
   Rowe Price may be reimbursed.


- --------------------------------------------------------------------------------
 The date of this supplement is January 1, 2002.
- --------------------------------------------------------------------------------

 E261-041 01/01/02



T. Rowe Price Small-Cap Value Fund, Inc.
   T. Rowe Price Small-Cap Value Fund-Advisor Class

 Supplement to prospectus dated May 1, 2001
- --------------------------------------------------------------------------------
 Effective January 1, 2002, footnote (a) to Table 2 on page 4 of the prospectus
 will be revised with the following to reflect the extension of the class's
 expense ratio limitation:


 /a/Effective January 1, 2002, T. Rowe Price contractually obligated itself to
   bear any expenses (other than management fees) through December 31, 2003,
   that would cause the class's ratio of expenses to average net assets to
   exceed 1.15%. Expenses paid or assumed under this agreement are subject to
   reimbursement to T. Rowe Price by the fund whenever the class's expense ratio
   is below 1.15%; however, no reimbursement will be made after December 31,
   2005, or if it would result in the expense ratio exceeding 1.15%. Any amounts
   reimbursed will have the effect of increasing fees otherwise paid by the
   class. The class operated under a previous expense limitation for which T.
   Rowe Price may be reimbursed.


- --------------------------------------------------------------------------------
 The date of this supplement is January 1, 2002.
- --------------------------------------------------------------------------------

 E246-041 01/01/02



T. Rowe Price Value Fund, Inc.
   T. Rowe Price Value Fund-Advisor Class

 Supplement to prospectus dated May 1, 2001 revised to October 8, 2001
- --------------------------------------------------------------------------------
 Effective January 1, 2002, footnote (a) to Table 2 on page 4 of the prospectus
 will be revised with the following to reflect the extension of the class's
 expense ratio limitation:


 /a/Effective January 1, 2002, T. Rowe Price contractually obligated itself to
   bear any expenses (other than management fees and certain other portfolio
   level expenses) through December 31, 2003, that would cause the class's ratio
   of expenses to average net assets to exceed 1.10%. Expenses paid or assumed
   under this agreement are subject to reimbursement to T. Rowe Price by the
   fund whenever the class's expense ratio is below 1.10%; however, no
   reimbursement will be made after December 31, 2005, or if it would result in
   the expense ratio exceeding 1.10%. Any amounts reimbursed will have the
   effect of increasing fees otherwise paid by the class. The class operated
   under a previous expense limitation for which T. Rowe Price may be
   reimbursed.


- --------------------------------------------------------------------------------
 The date of this supplement is January 1, 2002.
- --------------------------------------------------------------------------------

 E207-042 01/01/02