T. Rowe Price Intermediate Municipal Bond Fund Advisor Class PAIFX Strategy

The investment seeks the highest level of income exempt from federal income taxes consistent with moderate price fluctuation. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal bonds whose income is exempt from regular federal 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.