PAGE 1
T. ROWE PRICE
_________________________________________________________________
SPECTRUM FUND, INC.
Supplement to prospectus dated December 18, 1996
_________________________________________________________________
Effective February 18, 1997, the Board of Directors removed the
operating policy, which appears on pages 5 and 37 of the
prospectus, that restricted Spectrum Growth and Spectrum Income
Funds from purchasing shares of any underlying fund that would
result in their owning more than 30% of an underlying fund's
outstanding voting shares.
_________________________________________________________________
The date of this supplement is February 18, 1997.
_________________________________________________________________
