A LOW-RISK APPROACH 

 TO TAX-FREE INCOME 



YIELDS 

 6.89*/. 



Tax-equivalent 

 36% tax rate 



4.41% 



Current yield as 

 of 4/10/94 



T. ROWE PRICE TAX-FREE INSURED 

 INTERMEDIATE DOND FUND. This is the only no-load 

 intermediate-term fund that offers high tax-free income, 

 extra credit protection, and moderate market risk from a 

 portfoho of insured municipal securities. 

 Extra credit protection with iiigh tax-free income. 

 As a tax-free investment, this Fund offers the highly taxed 

 investor one of the fev^ remaining ways to shelter income and earn 

 high yields. In today's imcertain economic environment, this Fund can 

 provide added security in two ways: 



• The medium-term, 5-10 year average weighted maturity of the 

 Fund lets you earn higher yields than short-term bonds with lower 

 volatiHty than long-term bonds. 



• Insured AAA-rated bonds have minimal credit risk and carry the 

 highest bond rating, insuring timely payment of principal and interest.* 

 Put our tax-free expertise to work for you. The Fund's managers 

 adhere to a proven strategy of active portfolio management to 

 enhance returns and manage risk. We currently have 18 tax-free 

 funds with more than $5 bilHon in municipal assets for investors 

 nationwide. 



Call for our free report. The Basics Of Tax-Free Investing can 

 help you learn more about the benefits of tax-free investing. $2,500 

 minimum. Free checkwriting. No sales charges. 



High 

 Tax-Free Income 



Free from federal 

 taxes. 



Credit Protection / 



Fund only invests in \ 



municipal securities : 



that are insured. \ 



Experienced 

 Management 



Over $5 billion in 

 municipal assets. 



No Sales Charges 



No fees to invest or 



withdraw, 



no 12b -1 fees. 



Call 24 hours for a free report 

 The Basics 01 Tax-Fiee investing 



1-800-541-8341 



Invest With Confidence 



TRoweRlce 



4.5Vo ^'' 7.4Va ^''^ ^^ 1-year and since inception ( 11/30/92) average annual total returns, respectively, for the period ending 3/31/94. 'Securities in the Fund are guaranteed as 

 to the timely payment of principal and interest, but the insurance does not guarantee the market value of the bonds in the portfolio. A security's rating is based on the insurer's AAA rating, 

 and no representation is made as to any insurer's ability lo meet its commitments. The Fund itself is not insured nor is the value of the shares guaranteed. Fund's share price and yield will 

 vary as interest rates change. Figures include changes in principal value, reinvested dividends, and capital gains distributions. Total returns represent past performance, and cannot guar- 

 antee future results. Investment return and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Some income may be subject to state 

 and local taxes and the federal alternative minimum tax. Past and present expense limitations have increased die Fund's yield and total remrn. Request a prospectus with more complete 

 information, including management fees and other charges and expenses. Read it carefully before you invest or send money T Rowe Price Investment Services, Inc., Distributor Tno2246i 



