T. Rowe Price Summit Municipal Income Fund Investor Class is a municipal bond mutual fund focused on providing 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 bonds, ranging from AAA to BBB credit quality, helping mitigate credit risk while aiming for attractive tax-advantaged yields. It may allocate up to 20% of assets to non-investment-grade bonds for additional yield potential. The portfolio's weighted average maturity typically exceeds 15 years, positioning it firmly within the national long-term municipal debt category. The fund is designed for investors seeking higher income than what money market or shorter-term bond funds typically offer, acknowledging that this comes with greater share price volatility due to interest rate and municipal market risks. Managed by T. Rowe Price, it maintains a comparatively low expense ratio and is suited for individuals with a long-term investment horizon who can tolerate fluctuations in bond values. The fund also distributes income monthly and provides exposure to a diversified pool of U.S. municipal issuers, adding a tax-efficient fixed income component to investor portfolios.
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