PAIMX

About PAIMX

T. Rowe Price Summit Municipal Income Fund Advisor Class is an open-end mutual fund designed to provide investors with a high level of income that is generally exempt from federal income taxes. The fund primarily invests at least 80% of its assets in investment-grade municipal securities, which includes bonds rated within the four highest credit categories or deemed comparable by the fund’s advisor. Up to 20% of assets may be allocated to below investment-grade municipal bonds, which offer higher yields but also carry increased credit risk. Most holdings are expected to be in long-term municipal securities, with maturities exceeding ten years, making the fund sensitive to changes in interest rates. Managed by T. Rowe Price since its inception in 2012, the fund distributes dividends monthly and is suitable for investors with a longer time horizon who seek stable, tax-advantaged income. It invests across various sectors such as healthcare, transportation, and utilities, which may add diversification as well as sector-specific risks. The fund's mandate embraces both general obligation and revenue bonds, reflecting the diverse funding needs of state and local governments across the United States. The Advisor Class requires a relatively high minimum investment, underscoring its focus on committed investors seeking municipal bond exposure in their portfolios.