T. ROWE PRICE
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T. Rowe Price Tax-Free Funds
Tax-Free High Yield Fund
Supplement to prospectuses dated July 1, 1999
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Effective April 1, 2000, the Portfolio Management section on page 22 of the
prospectus is updated with the following:
T. Rowe Price Tax-Free High Yield Fund
Mary J. Miller is Chairman of the Investment Advisory Committee for the
Tax-Free High-Yield Fund, responsible for its day-to-day management. Ms. Miller
is Director of the Municipal Bond Department and has been a member of the
fund's advisory committee since its 1985 inception. She has been with T. Rowe
Price since 1983. She succeeds William F. Snider, who has left T. Rowe Price to
pursue new opportunities.
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The date of this supplement is April 14, 2000.
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C03-041 04/14/00
