About PAIFX
T. Rowe Price Summit Municipal Intermediate Fund – Advisor Class is an open‑end municipal bond mutual fund focused on delivering income that is exempt from federal income taxes while maintaining moderate interest‑rate sensitivity. The strategy primarily invests in investment‑grade municipal securities, typically allocating at least 90% of total assets to bonds rated in the top four categories, and targets the intermediate portion of the yield curve to balance income generation with price stability. The portfolio spans essential public finance sectors such as transportation, utilities, and state or local revenue bonds, reflecting a diversified approach to municipal credit. The fund is actively managed by T. Rowe Price Associates, applying fundamental credit research and disciplined duration management, with recent materials noting leadership by James T. Lynch as sole portfolio manager and chair of the Investment Advisory Committee. Designed for investors seeking tax‑advantaged income, the Advisor Class carries institutional‑style minimums and a management framework oriented toward repeatable, risk‑aware execution within the national intermediate municipal category.
Fund Family T. Rowe Price
Category Muni National Interm
Performance Rating Below Average
Risk Rating Below Average
Stock Exchange Nasdaq
Ticker Symbol PAIFX
Share Class -advisor Class
Index Bloomberg 1-15 Y Municipal Blend TR
PAIFX had a total return of -2.05% in the past year, including dividends. Since the fund's
inception, the average annual return has been 1.52%.
