T. Rowe Price
Supplement to Statement of Additional Information
for the National Tax-Free Funds dated July 1, 1997
The following sentence will be added under Investment
Restrictions:
Calculation of the Fund's total assets for compliance with
any of the following fundamental or operating policies or any
other investment restrictions set forth in the Fund's prospectus
or Statement of Additional Information will not include cash
collateral held in connection with securities lending activities.
The date of the above supplement is January 14, 1998.
C03-045 1/14/98
T. Rowe Price
Supplement to Statement of Additional Information for the State
Tax-Free Funds dated July 1, 1997
The following sentence will be added under Investment
Restrictions:
Calculation of the Fund's total assets for compliance with
any of the following fundamental or operating policies or any
other investment restrictions set forth in the Fund's prospectus
or Statement of Additional Information will not include cash
collateral held in connection with securities lending activities.
The date of the above supplement is January 14, 1998.
C23-045 1/14/98
