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

These days, a muni fund is only as good as the credit research behind it. Our research experts carefully examine the muni bonds we consider for purchase, and we don't rely on credit rating agencies.

T. Rowe Price Digs Deeper Into Tax-Free Investing.
  • We pick apart the financials.
  • We stress test our holdings.
  • We get a firsthand look.
Explore a tax-free bond fund:
Invest now:
Go on a Site Visit With Our Credit Analysts.

In three minutes, you'll see what sets our tax-free municipal bond funds apart.

Parking Garage   Charter School   Marcy Hosptial

Can investing in the right
parking garage help your portfolio move forward?		  
What can a charter school teach you about credit quality?		  
Can a hospital provide healthier tax-free income?
See the Difference Our Strong
Credit Research Makes.

See the performance and ratings of our
municipal bond funds.

It's Not What You Make.
It's What You Keep.

Use our calculator to see what you could
gain from tax-free income.

Seven Reasons Municipal Bonds
Are Attractive Right Now.

Hint: It's not just their tax-free status that
makes this category popular. Read all seven reasons.

Tax-Free Municipal Bond
Funds Explained.

Yield and share price will vary with changes in interest rates and market conditions. Investors should note that if interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term. Some income may be subject to the federal alternative minimum tax.

The T. Rowe Price Tax-Free Income Fund received an Overall Morningstar RatingTM of 4 stars for its risk-adjusted performance. Morningstar rated this fund among 216, 216, 200, and 174 muni national long funds for the overall rating and the 3-, 5-, and 10-year periods (as applicable) ended 4/30/12, respectively. The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund's 3-, 5-, and 10-year (if applicable) Morningstar RatingTM metrics.

For funds with at least a 3-year history, a Morningstar RatingTM 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 RatingTM 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 4/30/12, respectively.

© 2012 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.