In the pursuit of tax-free income,A UNIQUE PERSPECTIVE MATTERS.

Revenue83%

T. Rowe Price Municipal Bond Platform*Bloomberg Barclays Municipal Bond Index

Prerefunded6%

GeneralObligation

27%

Revenue67%

Transportation 16%

Special Tax 9%

Health Care 9%

Water and Sewer 8%

Education 6%Leasing 7%

Electric 5%Industrial Revenue 3%Housing 2%Other 1%

0

77

Prerefunded5%General

Obligation12%

Transportation 21%

Health Care 19%

Industrial Revenue 10%

Special Tax 10%

Leasing 5%Education 4%Other 4%

Water and Sewer 5%

Housing 1%Electric 4%

Numbers may not total due to rounding.Source: Bloomberg Barclays, T. Rowe Price. As of December 31, 2021.

*Includes all municipal bond mutual funds and separate accounts managed by the T. Rowe Price group of companies.Bloomberg Index Services Ltd. Copyright 2021, Bloomberg Index Services Ltd. Used with permission.

A tax-free active advantage.Active management could improve your potential for more tax-free income. In today’s municipal bond market, the T. Rowe Price municipal bond platform emphasizes revenue bonds over general obligation bonds.

Revenue bonds are a segment of the market where our credit research team can find investments that offer incremental risk-adjusted yield. General obligation bonds face challenges from unfunded pension and other post-employment benefit liabilities.

Bloomberg Barclays Municipal Bond Index T. Rowe Price Municipal Bond Platform*

T. Rowe Price Municipal Bond FundsMarch 31, 2022

TAX-FREE INCOMEThe T. Rowe Price municipal bond platform offers investors a range of funds that span the maturity and credit spectrum. Our process focuses on consistently capturing attractive risk-adjusted yield and, ultimately, providing investors with income without the burden of federal income tax.

ACTIVE ADVANTAGEOur platform features an established and proven investment process honed over decades. Our approach emphasizes experienced management, fundamental research, and a long-term bias for revenue bonds.

COMPLETE VIEWThe funds’ municipal bond research team conducts both fundamental and quantitative analysis and collaborates with our robust global fixed income and equity research platforms. This coordination creates a holistic and informed view that supports better decision-making.

Not FDIC-insured. May lose value. No bank guarantee.

T. Rowe Price Municipal Bond Funds

T. Rowe Price Investment Services, Inc., Distributor.CCON0113149202106-1690453 (4/22)

Current performance may be higher or lower than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, or to request a prospectus or, if available, a summary prospectus which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing, please call 1-855-405-6488 or visit our website at troweprice.com. Total return figures include changes in principal value, reinvested dividends, and capital gain distributions.All funds are subject to market risk, including possible loss of principal. Some income may be subject to state and local taxes and the federal alternative minimum tax (AMT). In addition to their sensitivity to interest rates, high yield bonds carry a significant level of credit risk.1 Expense ratios are based on the most recent fiscal year-end data available in the prospectus.

2 Duration is a calculation that seeks to measure the price sensitivity of a bond fund to changes in interest rates. In general, the longer the maturity or duration, the greater the fund’s sensitivity to interest rates. Duration is a better indicator of price sensitivity because it takes into account the time value of cash flows.

3 For bond funds, the 30-day SEC yield is computed under a SEC standardized formula and reflects an estimated yield to maturity (assuming all portfolio securities are held to maturity).

4 This gives you an idea of the yield that an investor in the 32% federal tax bracket would have to earn on a taxable security to equal the fund’s yield.

5 The 30-day SEC yield (unsubsidized) is the fund’s 30-day SEC yield without the impact of any fee/expense waivers.

© 2022 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectively and/or apart, trademarks of T. Rowe Price Group, Inc.

* The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating™ metrics. The Morningstar Rating™ for funds, or “star rating,” is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. Past performance cannot guarantee future results. All ratings as of 03/31/2022, Tax-Free Short-Intermediate Fund received 4 stars for 3 Years / 208 funds, 4 stars for 5 Years / 178 funds, and 4 stars for 10 Years / 132 funds in the Muni National Short Category. Summit Municipal Intermediate Fund received 3 stars for 3 Years / 276 funds, 3 stars for 5 Years / 240 funds, and 3 stars for 10 Years / 170 funds in the Muni National Intermediate Category. Tax-Free Income Fund received 4 stars for 3 Years / 149 funds, 3 stars for 5 Years / 124 funds, and 3 stars for 10 Years / 98 funds in the muni national long category. Summit Municipal Income Fund received 3 stars for 3 Years / 149 funds, 3 stars for 5 Years / 124 funds, and 3 stars for 10 Years / 98 funds in the Muni National Long Category. Tax-Free High Yield Fund received 3 stars for 3 Years / 186 funds, 3 stars for 5 Years / 157 funds, and 3 stars for 10 Years / 103 funds in the High Yield Muni Category. Intermediate Tax-Free High Yield Fund received 2 stars for 3 Years / 186 funds, 2 stars for 5 Years / 157 funds, and N/A stars for 10 Years / 103 funds in the High Yield Muni Category. Source for Morningstar data: © 2022 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance cannot guarantee future results.

Experienced Management Spanning the Maturity and Credit Spectrum

Tax-FreeHigh Yield

Summit Municipal Income

Tax-FreeIncome

Summit Municipal IntermediateTax-Free

Short-Intermediate

Intermediate Tax-Free High Yield

Interest Rate Exposure

Credit Exposure

Average Annual Total Returns TickerExpense

Ratio1 3 Month

Annualized

Inception Date1 year 3 years 5 years 10 years

Since Fund Inception

Tax-Free Short-Intermediate Fund PRFSX 0.45% -3.41% -3.05% 0.69% 1.07% 1.11% 3.85% 12/23/83Summit Municipal Intermediate Fund PRSMX 0.52 -5.63 -4.10 1.24 2.02 2.38 4.14 10/29/93Tax-Free Income Fund PRTAX 0.53 -6.12 -3.29 1.90 2.57 3.01 5.63 10/26/76Summit Municipal Income Fund PRINX 0.52 -6.38 -3.58 1.90 2.72 3.28 4.83 10/29/93Tax-Free High Yield Fund PRFHX 0.72 -6.34 -1.94 2.75 3.50 4.27 6.25 3/1/85Intermediate Tax-Free High Yield Fund PRIHX 0.86 -5.57 -2.14 1.83 2.75 - 2.93 7/24/14

Portfolio CharacteristicsDuration (Years)2

30-Day SEC Yield3

30-Day Taxable- Equivalent Yield4

Funds in Category

Overall Morningstar RatingTM* (Risk-Adjusted Return)

Tax-Free Short-Intermediate Fund (Muni National Short)Attractive next-tier alternative outside of money markets 2.59 1.23% 1.81% 208 ★ ★ ★ ★

Summit Municipal Intermediate Fund (Muni National Interm)Up to 10% below investment grade 4.22 1.655 2.46 276 ★ ★ ★

Tax-Free Income Fund (Muni National Long)AMT conscious core municipal investment option 4.89 1.84 2.81 149 ★ ★ ★

Summit Municipal Income Fund (Muni National Long)Core plus offering with up to 20% below investment grade 4.89 1.955 2.90 149 ★ ★ ★

Tax-Free High Yield Fund (High Yield Muni)All-season, attractive yield enhancement 5.71 2.455 3.75 186 ★ ★ ★

Intermediate Tax-Free High Yield Fund (High Yield Muni)Half the weighted average maturity of our Tax-Free High Yield Fund 4.67 1.895 3.51 186 ★ ★

Charles HillInvestment Experience: 35 yearsAt T. Rowe Price: 30 years

Dino MallasInvestment Experience: 31 yearsAt T. Rowe Price: 35 years

James M. MurphyInvestment Experience: 28 yearsAt T. Rowe Price: 21 years

March 31, 2022