The T. Rowe Price Summit Municipal Income Fund I Class is a mutual fund focused on generating a high level of income that is exempt from federal income taxes. This fund primarily invests in long-term, investment-grade municipal bonds rated from AAA to BBB, offering exposure across a diverse range of municipal issuers and sectors. Notably, the fund can hold up to 20% of its assets in below investment-grade bonds, adding portfolio flexibility and the potential for incremental yield. With a weighted average maturity exceeding 20 years and a modified duration around 8.4 years, the portfolio is designed to capture higher yields typical of longer-dated municipal securities, while accepting greater sensitivity to interest rate changes. The fund’s substantial holdings—numbering in the hundreds—underscore a high degree of diversification, aiming to mitigate credit-specific risk. Its primary role is to provide attractively tax-advantaged income for investors seeking a more robust yield than money market or intermediate-term bond funds, while accepting periodic share price volatility. Managed by T. Rowe Price since 2019, the Summit Municipal Income Fund I Class serves institutional and high-net-worth investors seeking long-term, tax-efficient income solutions within the municipal bond market.
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