The investment seeks to provide, consistent with modest price fluctuation, a high level of income exempt from federal income taxes. The fund invests primarily in short- and intermediate-term municipal securities. The fund's weighted average maturity normally ranges from two to five years and is not expected to exceed five years. Most investments are in investment-grade securities, which means their ratings are within the four highest credit as determined by at least one nationally recognized credit rating agency or, if unrated, deemed to be of comparable quality by T. Rowe Price.
