T. ROWE PRICE
--------------------------------------------------------------------------------
Growth & Income Fund, Inc.
Supplement to prospectus dated May 1, 2000
--------------------------------------------------------------------------------
Effective December 31, 2000, the Portfolio Management paragraph on page 13
of the prospectus will be replaced with the following:
Portfolio Management
The fund has an Investment Advisory Committee with the following members:
Robert W. Sharps, Chairman, Stephen W. Boesel, Arthur B. Cecil III, Giri
Devulapally, Michael W. Holton, Stephen C. Jansen, Robert W. Smith, and R.
Candler Young. 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. Sharps was elected chairman of
the fund's committee in 2000. He joined T. Rowe Price in 1997 and has been
responsible for the coverage of financial services stocks, with an emphasis
on the banking and brokerage industries. Prior to joining T. Rowe Price he
was a Senior Consultant at KPMG Peat Marwick from 1993 to 1995 and attended
the Wharton School of Business from 1995-1997.
--------------------------------------------------------------------------------
The date of this supplement is January 5, 2001.
--------------------------------------------------------------------------------
F54-041 1/5/01
