T. Rowe Price Tax-Free Income’s approach remains thoughtful and collaborative despite several changes over the past three years. Those included the retirements of veteran portfolio managers, notably Dino Mallas, a former manager of this strategy, at the end of 2023, and the loss of several analysts and a trader. Mallas managed this strategy since 2007, and to prepare for that transition, the firm named Tim Taylor to this fund and Austin Applegate to its sibling, T. Rowe Price Summit Municipal Income, in January 2023. Both managers came with significant experience at the firm. To recognize their close collaboration, the firm named the two managers to both strategies in May 2025. The firm’s team-based approach to managing its muni suite and the consistency of the team’s process mean that these changes are not expected to shift the priorities of the strategies.
T. Rowe Price Tax Free Income Fund I Class TFILX
- NAV / 1-Day Return 9.44 / 0.00
- Total Assets 2.3B
-
Adj. Expense Ratio
0.360%
- Expense Ratio 0.360%
- Distribution Fee Level Low
- Share Class Type Institutional
- Category Muni National Long
- Credit Quality / Interest Rate Sensitivity —
- Min. Initial Investment 500,000
- Status Open
- TTM Yield 3.81%
- Effective Duration 8.17 years
USD | NAV as of Jun 10, 2026 | 1-Day Return as of Jun 10, 2026, 12:11 AM GMT+0
Morningstar’s Analysis TFILX
Will TFILX outperform in the future?
Get our overall rating based on a fundamental assessment of the pillars below.
People Pillar
The People Pillar is our evaluation of the TFILX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
Parent Pillar
The Parent Pillar is our rating of TFILX’s parent organization’s priorities and whether they’re in line with investors’ interests.
- Current Portfolio Date
- Equity Holdings —
- Bond Holdings —
- Other Holdings —
- % Assets in Top 10 Holdings 7.1
|
Top 10 Holdings
|
% Portfolio Weight
|
Market Value USD
|
Sector
|
|---|---|---|---|
Cash Offsets For Shorts & Derivatives | 1.22 | 28M | Cash and Equivalents |
PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.75% | 0.85 | 19M | municipal |
NEW YORK ST TWY AUTH GEN REV JR INDBT OBLIGS 4% | 0.78 | 18M | municipal |
NORTH CAROLINA TPK AUTH TRIANGLE EXPWY SYS REV 5% | 0.75 | 17M | municipal |
REGIONAL TRANSN AUTH ILL 6% | 0.75 | 17M | municipal |
PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.329% | 0.71 | 16M | municipal |
COLUMBIA CNTY GA HOSP AUTH REV 5.75% | 0.69 | 16M | municipal |
OKLAHOMA TRANSN AUTH OK F/K/A OKLAHOMA ST TPK AUTH 5.5% | 0.66 | 15M | municipal |
NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT 5.5% | 0.66 | 15M | municipal |
HAMILTON CNTY OHIO HOSP FACS REV 5% | 0.61 | 14M | municipal |
United States