T. Rowe Price Short-Intermediate Municipal Bond Fund Advisor Class PATIX Strategy

The investment seeks to provide, consistent with modest price fluctuation, a high level of income exempt from federal income taxes by investing primarily in short- and intermediate-term investment-grade municipal securities. The fund normally invests at least 80% of its net assets in municipal bonds whose income is exempt from regular federal income taxes. It invests in various types of municipal securities that are exempt from regular federal income taxes, including private activity bonds, which are issued by a government agency on behalf of a private sector company and typically are not backed by the credit of the issuing municipality.