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T. ROWE PRICE
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Tax-Free Funds
Tax-Free High Yield Fund
Supplement to prospectus dated July 1, 1998
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Effective immediately, the paragraph entitled Tax-Free High Yield Fund under
Portfolio Management on page 24 of the prospectus will be replaced with the
following:
Tax-Free High Yield Fund William F. Snider, Chairman, Patricia S. Deford,
Konstantine B. Mallas, Mary J. Miller, Arthur S. Varnado, and C. Stephen Wolfe
II. Mr. Snider was appointed the fund's chairman in 1999. He joined T. Rowe
Price in 1991 and has been managing investments since 1993. Ms. Deford is
co-manager of the fund. She joined T. Rowe Price in 1990. Until June, 1998 she
was the director of municipal credit research. Since that time, she has been
responsible for municipal high-yield credit research.
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The date of this supplement is April 15, 1999.
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F59-041 4/15/99
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