T. Rowe Price California Municipal Bond Fund I Class TCFEX

The investment seeks to provide, consistent with prudent portfolio management, the highest level of income exempt from federal and California state income taxes by investing primarily in investment-grade California municipal bonds. The fund normally invests at least 80% of its net assets in municipal bonds whose income is exempt from regular federal and California state income taxes. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted toward compliance with the fund’s 80% investment policy.