T. Rowe Price Tax Free Income Fund I Class

The fund primarily aims for at least 80% of its income to be exempt from federal income tax. Although it can acquire securities of any duration, the strategy typically focuses on longer-term municipal bonds. A substantial portion of its portfolio is allocated to investment-grade debt, which includes securities rated within the top four categories by a major credit agency, or those deemed to be of comparable quality by T. Rowe Price if they are unrated.