All Tax-Free Municipal Bond Funds Aren't the Same

The T. Rowe Price Tax-Free Income Fund received an Overall Morningstar Rating^TM of 4 stars for its risk-adjusted performance. Morningstar rated this fund among 221, 221, 206, and 171 muni national long funds for the overall rating and the 3-, 5-, and 10-year periods (as applicable) ended 3/31/13, respectively. The Overall Morningstar Rating^TM is derived from a weighted average of the performance figures associated with a fund's 3-, 5-, and 10-year (if applicable) Morningstar Rating^TM metrics.

For funds with at least a 3-year history, a Morningstar Rating^TM is based on a risk-adjusted return measure (including the effects of sales charges, loads, and redemption fees) with emphasis on downward variations and consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars, and the bottom 10% 1 star. Each share class is counted as a fraction of 1 fund within this scale and rated separately. The Morningstar Rating^TM is for the retail share class only; other classes may have different performance characteristics. The fund received 3, 4, and 4 stars for the 3-, 5-, and 10-year periods ended 3/31/13, respectively.

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