PAGE 1
T. ROWE PRICE
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NEW ERA FUND, INC.
Supplement to Prospectus dated May 1, 1996
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Effective March 1, 1997 the paragraph entitled "Portfolio
Management" on page 11 of the Prospectus in the section entitled
"Organization and Management," will be replaced with the
following:
Portfolio Management. The fund has in Investment Advisory
Committee composed of the following members: Charles M. Ober,
Chairman, Hugh M. Evans III, Richard P. Howard, James A.C.
Kennedy III, David M. Lee, and David J. Wallack. The committee
chairman has day-to-day responsibility for managing the portfolio
and works with the committee in developing and executing the
fund's investment program. Mr. Ober was appointed as the fund's
chairman in 1997. Mr. Ober joined T. Rowe Price in 1980 and has
been managing investments since 1987.
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The date of this supplement is January 31, 1997.
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