# EDGAR Filing Document

**Accession Number:** 0000912029
**File Stem:** 0001741773-23-000518
**Filing Date:** 2023-2
**Character Count:** 30890
**Document Hash:** 9d5b6918a3ffb45d7d7efddb143c18f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001741773-23-000518.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001741773-23-000518

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Summit Municipal Funds, Inc.
- **CENTRAL INDEX KEY:** 0000912029
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-50321
- **FILM NUMBER:** 23678415

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC
- **DATE OF NAME CHANGE:** 20051031

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** T ROWE PRICE SUMMIT MUNICIPAL FUNDS INC
- **DATE OF NAME CHANGE:** 19930914

## Series and Classes Contracts Data

### T. Rowe Price Summit Municipal Intermediate Fund (Series ID: S000002156)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000005552 | T. Rowe Price Summit Municipal Intermediate Fund               | PRSMX           |
| C000117203 | T. Rowe Price Summit Municipal Intermediate Fund-Advisor Class | PAIFX           |
| C000211685 | T. Rowe Price Summit Municipal Intermediate Fund-I Class       | PRTMX           |

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| | |
|:---|:---|
| ![](img_d9b7c37c9a524f1.jpg) | ![](img_faa2ea4200ca4f1.jpg) |
| **SUMMARY PROSPECTUS**<br>March 1, 2023 | **SUMMARY PROSPECTUS**<br>March 1, 2023 |
|  | T. ROWE PRICE |
|  | **Summit Municipal Intermediate Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;PRSMX<br>PRTMX<br>PAIFX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class<br>I Class<br>Advisor Class |
| The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.<br>Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, shareholder reports, and other information about the fund online at **troweprice.com/prospectus**. You can also get this information at no cost by calling **1-800-638-5660**, by sending an e-mail request to **info@troweprice.com**, or by contacting your financial intermediary. This Summary Prospectus incorporates by reference the fund's prospectus, dated March 1, 2023, as amended or supplemented, and Statement of Additional Information, dated March 1, 2023, as amended or supplemented. | The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.<br>Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, shareholder reports, and other information about the fund online at **troweprice.com/prospectus**. You can also get this information at no cost by calling **1-800-638-5660**, by sending an e-mail request to **info@troweprice.com**, or by contacting your financial intermediary. This Summary Prospectus incorporates by reference the fund's prospectus, dated March 1, 2023, as amended or supplemented, and Statement of Additional Information, dated March 1, 2023, as amended or supplemented. |
|  | ![](img_d8a90c8561b34f1.jpg) |

---

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**SUMMARY**<sub>1</sub>

#### Investment Objective(s)
The fund seeks the highest level of income exempt from federal income taxes consistent with moderate price fluctuation.

#### Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fees and Expenses of the Fund** | **Fees and Expenses of the Fund** |  |  |  |
|  |  | **Investor <br>Class** | **I <br>Class** | **Advisor<br>Class** |
| **Shareholder fees (fees paid directly from your investment)** | **Shareholder fees (fees paid directly from your investment)** | **Shareholder fees (fees paid directly from your investment)** | **Shareholder fees (fees paid directly from your investment)** | **Shareholder fees (fees paid directly from your investment)** |
| **Maximum account fee** | **Maximum account fee** | $20<br> <sup>a</sup>  |  |  |
| **Annual fund operating expenses <br>(expenses that you pay each year as a <br>percentage of the value of your investment)** | **Annual fund operating expenses <br>(expenses that you pay each year as a <br>percentage of the value of your investment)** | **Annual fund operating expenses <br>(expenses that you pay each year as a <br>percentage of the value of your investment)** | **Annual fund operating expenses <br>(expenses that you pay each year as a <br>percentage of the value of your investment)** | **Annual fund operating expenses <br>(expenses that you pay each year as a <br>percentage of the value of your investment)** |
| **Management fees** | **Management fees** | 0.36<br> **%** | 0.36<br> **%** | 0.36<br> **%** |
| **Distribution and service (12b-1) fees** | **Distribution and service (12b-1) fees** | **&nbsp;&nbsp;&nbsp;&nbsp;—** | **&nbsp;&nbsp;&nbsp;&nbsp;—** | 0.25 |
| **Other expenses** | **Other expenses** | 0.16 | 0.02 | 0.20 |
| **Total annual fund operating expenses** | **Total annual fund operating expenses** | 0.52 | 0.38 | 0.81 |
| **Fee waiver/expense reimbursement** | **Fee waiver/expense reimbursement** | **(0.02**)<sup>b</sup> | **&nbsp;&nbsp;&nbsp;&nbsp;—**<br> <sup>b</sup>  | **(0.06**)<sup>b</sup> |
| **Total annual fund operating expenses after fee waiver/expense reimbursement** | **Total annual fund operating expenses after fee waiver/expense reimbursement** | 0.50<br> **<sup>b</sup>**  | 0.38<br> **<sup>b</sup>**  | 0.75<br> **<sup>b</sup>**  |
| <sup>a</sup> | Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. | Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. | Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. | Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. |
| <sup>b</sup> | T. Rowe Price Associates, Inc., has contractually agreed to permanently waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and with respect to any class other than the Investor Class, 12b-1 fees) that would cause the class' ratio of expenses to average daily net assets to exceed 0.50%. The agreement may only be terminated with approval by the fund's shareholders. Fees waived and expenses paid under this agreement (or, with respect to the I Class, a separate agreement limiting I Class Operating Expenses) are subject to reimbursement to T. Rowe Price Associates, Inc., by the applicable class whenever the class' expense ratio is below 0.50% (excluding interest; expenses related to borrowing, taxes, and brokerage; nonrecurring, extraordinary expenses; and with respect to the Advisor Class, 12b-1 fees). However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class' expense ratio (after the reimbursement is taken into account) to exceed the class' current expense limitation. | T. Rowe Price Associates, Inc., has contractually agreed to permanently waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and with respect to any class other than the Investor Class, 12b-1 fees) that would cause the class' ratio of expenses to average daily net assets to exceed 0.50%. The agreement may only be terminated with approval by the fund's shareholders. Fees waived and expenses paid under this agreement (or, with respect to the I Class, a separate agreement limiting I Class Operating Expenses) are subject to reimbursement to T. Rowe Price Associates, Inc., by the applicable class whenever the class' expense ratio is below 0.50% (excluding interest; expenses related to borrowing, taxes, and brokerage; nonrecurring, extraordinary expenses; and with respect to the Advisor Class, 12b-1 fees). However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class' expense ratio (after the reimbursement is taken into account) to exceed the class' current expense limitation. | T. Rowe Price Associates, Inc., has contractually agreed to permanently waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and with respect to any class other than the Investor Class, 12b-1 fees) that would cause the class' ratio of expenses to average daily net assets to exceed 0.50%. The agreement may only be terminated with approval by the fund's shareholders. Fees waived and expenses paid under this agreement (or, with respect to the I Class, a separate agreement limiting I Class Operating Expenses) are subject to reimbursement to T. Rowe Price Associates, Inc., by the applicable class whenever the class' expense ratio is below 0.50% (excluding interest; expenses related to borrowing, taxes, and brokerage; nonrecurring, extraordinary expenses; and with respect to the Advisor Class, 12b-1 fees). However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class' expense ratio (after the reimbursement is taken into account) to exceed the class' current expense limitation. | T. Rowe Price Associates, Inc., has contractually agreed to permanently waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and with respect to any class other than the Investor Class, 12b-1 fees) that would cause the class' ratio of expenses to average daily net assets to exceed 0.50%. The agreement may only be terminated with approval by the fund's shareholders. Fees waived and expenses paid under this agreement (or, with respect to the I Class, a separate agreement limiting I Class Operating Expenses) are subject to reimbursement to T. Rowe Price Associates, Inc., by the applicable class whenever the class' expense ratio is below 0.50% (excluding interest; expenses related to borrowing, taxes, and brokerage; nonrecurring, extraordinary expenses; and with respect to the Advisor Class, 12b-1 fees). However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class' expense ratio (after the reimbursement is taken into account) to exceed the class' current expense limitation. |

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**Example** This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund's operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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T. ROWE PRICE<sub>2</sub>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Investor Class**  | $**51** | $**160** | $**280** | $**628** |
| **I Class**  | **39** | **122** | **213** | **480** |
| **Advisor Class**  | **77** | **240** | **417** | **930** |

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**Portfolio Turnover** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund's shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 20.6% of the average value of its portfolio.

#### Investments, Risks, and Performance

#### Principal Investment Strategies
The fund will normally invest at least 90% of its total assets in investment-grade municipal securities (rated in one of the four highest rating categories assigned by established credit rating agencies) by at least one major credit rating agency or, if unrated, deemed by T. Rowe Price to be of comparable quality. The fund may invest up to 10% of its total assets in below investment-grade bonds, known as "junk" bonds, including those with the lowest credit ratings.

Under normal conditions, the fund's dollar-weighted average effective maturity will be three to ten years. There are no maturity limitations on individual securities.

Normally, at least 80% of the fund's income will be exempt from federal income taxes. However, up to 20% of the fund's income could be derived from securities subject to the alternative minimum tax.

Investment decisions generally reflect the portfolio manager's outlook for interest rates and the economy, as well as the prices, yields, and credit quality of various securities in which the fund may invest. For example, if interest rates are expected to fall, the fund may purchase longer-term securities (to the extent consistent with the fund's investment program) in an attempt to seek higher yields and/or capital appreciation. Conversely, if interest rates are expected to rise, the fund may seek securities with shorter maturities.

#### Principal Risks
As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund's share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund, which may be even greater in bad or uncertain market conditions, are summarized as follows:

**Municipal securities** The fund may be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers and the global, national, and/or local economies. Income from municipal securities held by the fund could become taxable because of changes in tax laws or

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**SUMMARY**<sub>3</sub>

interpretations by taxing authorities, or noncompliant conduct of a state or municipality. Other changes in tax laws, including changes to individual or corporate tax rates, could alter the attractiveness and overall demand for municipal bonds.

Certain sectors of the municipal bond market have special risks and could be affected by certain developments more significantly than the market as a whole. For example: health care can be negatively impacted by rising expenses and dependency on third party reimbursements; transportation can be negatively impacted by declining revenues or unexpectedly high construction or fuel costs; utilities are subject to governmental rate regulation; and private activity bonds (including industrial development bonds) rely on project revenues and the creditworthiness of the corporate user as opposed to governmental support. Investing significantly in municipal obligations backed by revenues of similar types of industries or projects may make the fund more susceptible to developments affecting those industries and projects. If the fund invests a substantial amount of its assets in issuers located in a single region, state, or city, there is an increased risk that environmental, economic, political, and social conditions in those regions will have a significant impact on the fund's investment performance.

**Alternative minimum tax** Although the fund seeks to distribute tax-exempt income, a portion of the fund's otherwise tax-exempt dividends may be taxable to those shareholders subject to the federal alternative minimum tax.

**Sector exposure** At times, the fund may have a significant portion of its assets invested in securities of issuers conducting business in a broadly related group of industries within the same economic sector. Issuers in the same economic sector may be similarly affected by economic or market events, making the fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

**State-specific focus** Because the fund focuses its investments on securities issued by certain states, such as California, New York, and Texas and their municipalities, it is more susceptible to unfavorable developments in those states than funds that invest in municipal securities of many states. The fund's performance will depend heavily on the financial strength and economic conditions of those states, their localities, and its agencies, and any adverse tax, legislative, or political developments may have far-reaching impacts on the overall state-specific municipal securities market. A bond default or credit rating downgrade, or even negative perceptions of the ability to make timely bond payments, involving even a small number of state-specific municipal securities issuers could affect the market values and marketability of all state-specific municipal securities.

**Market conditions** The value of the fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund's holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues such as the coronavirus pandemic and related governmental and public responses (including sanctions).

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T. ROWE PRICE<sub>4</sub>

Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

**Credit quality** An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative. Economic downturns often result in reduced levels of taxes collected and revenues earned by municipalities and insufficient funding to meet pension or health care obligations, which could lessen the overall financial strength of a municipality and increase the credit risk of the securities it issues. The fund's credit risk is increased to the extent it invests in securities that are not backed by the taxing power of the municipal issuer.

**Interest rates** The prices of, and the income generated by, debt instruments held by the fund may be affected by changes in interest rates. A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments, such as the discontinuation and replacement of benchmark rates, are likely to affect the interest rates or yields of the securities in which the fund invests.

**Callable bonds** While a rise in interest rates is the principal source of interest rate risk for bond funds, falling rates bring the possibility that a bond may be "called," or redeemed before maturity, and that the proceeds may need to be reinvested in lower-yielding securities.

**Liquidity** The fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. The secondary market for certain municipal bonds tends to be less developed and less liquid than many other bond markets. Less liquid markets could lead to greater price volatility and limit the fund's ability to sell a holding at a suitable price.

**Active management** The fund's overall investment program and holdings selected by the fund's investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies.

**Cybersecurity breaches** The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund's assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund's service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.

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**SUMMARY**<sub>5</sub>

#### Performance
The following performance information provides some indication of the risks of investing in the fund. The fund's performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.

The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund's Investor Class. Returns for other share classes vary since they have different expenses.

**SUMMIT MUNICIPAL INTERMEDIATE FUND**<br>

Calendar Year Returns

![PerformanceBarChartData(2013:-1.16, 2014:7.05, 2015:2.83, 2016:-0.05, 2017:4.19, 2018:0.8, 2019:6.51, 2020:4.46, 2021:1.48, 2022:-7.54)](img_6269a4bd31084f1.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Quarter Ended | Total Return |  | Quarter Ended | Total Return |
| Best Quarter | 12/31/22 | 3.35% | Worst Quarter | 3/31/22 | -5.63% |

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The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.

In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.

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T. ROWE PRICE<sub>6</sub>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |  |  |
|  | **Periods ended** | **Periods ended** | **Periods ended** | **Periods ended** | **Periods ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  |  |  |  | **Since** | **Inception** |
|  | **1 Year**  | **5 Years**  | **10 Years**  | **inception** | **date** |
| **Investor Class** |  |  |  |  | **10/29/1993** |
| **Returns before taxes** | **-7.54%** | 1.02 <br>**%** | 1.77 <br>**%** | **— %** |  |
| **Returns after taxes on distributions** | **-7.56**  | 1.02  | 1.77  | **—**  |  |
| **Returns after taxes on distributions and sale** |  |  |  |  |  |
| **of fund shares** | **-3.61**  | 1.34  | 1.95  | **—**  |  |
| **I Class** |  |  |  |  | **03/01/2019** |
| **Returns before taxes** | **-7.44**  | **—**  | **—**  | 0.89 |  |
| **Advisor Class** |  |  |  |  | **08/08/2012** |
| **Returns before taxes** | **-7.78**  | 0.77  | 1.51  | **—** |  |
| **Bloomberg Municipal 1-15 Year Blend (1-17) Bond Index (reflects no deduction for fees, expenses, or taxes)** | **Bloomberg Municipal 1-15 Year Blend (1-17) Bond Index (reflects no deduction for fees, expenses, or taxes)** | **Bloomberg Municipal 1-15 Year Blend (1-17) Bond Index (reflects no deduction for fees, expenses, or taxes)** | **Bloomberg Municipal 1-15 Year Blend (1-17) Bond Index (reflects no deduction for fees, expenses, or taxes)** | **Bloomberg Municipal 1-15 Year Blend (1-17) Bond Index (reflects no deduction for fees, expenses, or taxes)** |  |
|  | **-5.95**  | 1.44  | 1.95  | 1.13<br> **<sup>a</sup>**  |  |
| **Lipper Intermediate Municipal Debt Funds Average** | **Lipper Intermediate Municipal Debt Funds Average** | **Lipper Intermediate Municipal Debt Funds Average** | **Lipper Intermediate Municipal Debt Funds Average** | **Lipper Intermediate Municipal Debt Funds Average** |  |
|  | **-7.63**  | 0.96  | 1.48  | 0.73<br> **<sup>b</sup>**  |  |

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a Return since 3/1/19.

b Return since 2/28/19.

Updated performance information is available through troweprice.com.

#### Management
**Investment Adviser** T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Title** | **Managed<br>Fund<br>Since** | **Joined<br>Investment<br>Adviser** |
| **Charles B. Hill** | **Chair of Investment**<br>**Advisory Committee** | **1996** | **1991** |

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#### Purchase and Sale of Fund Shares
The Investor Class and Advisor Class generally require a minimum initial investment of $25,000 and a minimum subsequent investment of $1,000 ($100 minimum for additional purchases made automatically from your bank account or paycheck). These investment minimums generally are waived for financial intermediaries and certain employer-sponsored retirement plans submitting orders on behalf of their customers. Advisor Class shares may generally only be purchased through a financial intermediary or retirement plan.

The I Class requires a $500,000 minimum initial investment per fund per account registration, although the initial investment minimum generally is waived or reduced for financial intermediaries, eligible retirement plans, certain client accounts for which T. Rowe Price or its affiliate has discretionary investment authority, qualifying directly held accounts, and certain other types of accounts.

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**SUMMARY**<sub>7</sub>

For investors holding shares of the fund directly with T. Rowe Price, you may purchase, redeem, or exchange fund shares by mail; by telephone (1-800-225-5132 for IRAs and nonretirement accounts; 1-800-492-7670 for small business retirement plans; and 1-800-638-8790 for institutional investors and financial intermediaries); or, for certain accounts, by accessing your account online through troweprice.com.

If you hold shares through a financial intermediary or retirement plan, you must purchase, redeem, and exchange shares of the fund through your intermediary or retirement plan. You should check with your intermediary or retirement plan to determine the investment minimums that apply to your account.

#### Tax Information
The fund declares dividends, if any, daily and pays them on the first business day of each month. Any capital gains are declared and paid annually, usually in December. The fund intends to distribute tax-exempt income. However, a portion of the fund's distributions may be subject to federal income taxes or the alternative minimum tax. A redemption or exchange of fund shares, and any capital gains distributed by the fund, may be taxable.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| | |
|:---|:---|
| ![](img_6c02cbfdcae34f1.jpg) |  |
| T. Rowe Price Associates, Inc.<br>100 East Pratt Street<br>Baltimore, MD 21202 | F83-045 3/1/23 |

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