T. Rowe Price Summit Municipal Intermediate Fund I Class is an actively managed municipal bond mutual fund focused on generating income that is exempt from federal income taxes while maintaining moderate price fluctuation. The fund primarily invests in investment‑grade, tax‑exempt municipal securities, typically targeting a weighted average effective maturity between three and ten years to balance interest rate sensitivity and income generation. It tracks its results against the Bloomberg Municipal 1–15 Year Blend (1–17) Bond Index as a reference benchmark and emphasizes diversified exposure across state and local issuers, including general obligation, revenue, and essential‑service bonds. Key characteristics recently reported include a modified duration to worst near five years and a sizable asset base, underscoring its scale within the national intermediate muni category. The I Class structure is designed for institutional or large‑balance investors with a lower expense profile relative to the fund’s investor class. The strategy seeks to provide federally tax‑exempt income within an intermediate interest‑rate posture, complemented by disciplined credit research and broad portfolio diversification across hundreds of holdings.
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