T. Rowe Price Summit Municipal Income Fund
T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
T. Rowe Price Summit Municipal Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Long duration
Fund profile
As filed in the prospectus · 2025 Q4
The fund seeks a high level of income exempt from federal income taxes.
The fund invests at least 80% of its assets in investment-grade municipal securities, with most holdings in long-term maturities exceeding 10 years, and may allocate up to 20% to below-investment-grade municipal bonds. The fund targets at least 80% of income exempt from federal income taxes, though a significant portion may be subject to the alternative minimum tax. Portfolio decisions reflect the managers' outlook on interest rates, economic conditions, and relative value across municipal sectors including health care, transportation, utilities, and private activity bonds. Because the fund may hold a significant portion of assets in specialized sectors, concentration risk in those areas may affect returns.
Portfolio turnover 30.10% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 98.68% |
| Securitized | 0.46% |
Latest quarter
What changed since the fund's previous filing
Largest new: PA ST HGR EDU RV TJ UNIV PA SER D2 DAILY, AR DEV FIN AUTH-A-AMT AMT 144A, HOUSTON-C-REV-REF, MA PORT AUTH-AMT-B AMT, BLACK BELT ENERGY-A, BLACK BELT ENERGY GAS, MS ST BUS FIN COM CHEVRON USA SR C DLY, CHARLTTE MECKLENBRG HSP NC B DLY
Largest exited: JEA FL WTR & SWR REV SR A, LOUISVILLE CO KY NORTON HLTHCRE SR D DLY, SEATTLE WA MUNI LIGHT & PWR REV, MAIN STREET NAT GAS INC REV SER A, CA CMNTY CHOICE-G, BLACK BELT ENERGY GAS AL PROJ REV SER C, HARRIS CO TX HOSP DIST CTFS OF OBLIG, MIAMI DADE CO FL AVIATION REV SR A AMT
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +6.47% | +12.12% | +4.75% | 4.58% | -5.74% | |
| +6.12% | +11.19% | +3.36% | 4.56% | -5.80% | |
| +6.56% | +12.47% | +5.22% | 4.63% | -5.80% |
These classes hold the same portfolio, so the 1.86pp spread over 5 years is the cost difference between them — roughly 0.37pp a year — not a difference in what they own.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 87.9% |
| Floating rate | 9.5% |
| Zero-coupon or unclassified | 2.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.3% |
| 1-3y | 0.9% |
| 3-5y | 0.5% |
| 5-10y | 6.3% |
| 10y+ | 92.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 51% |
| Credit spreads | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +6.45 yr |
| High yield | +1.06 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.07 yr | 1% |
| 1 yr | 0.38 yr | 5% |
| 5 yr | 1.83 yr | 24% |
| 10 yr | 3.77 yr | 49% |
| 30 yr | 1.66 yr | 22% |
| 3 mo | 0.06 yr | 1% |
| 1 yr | 0.37 yr | 5% |
| 5 yr | 1.80 yr | 24% |
| 10 yr | 3.67 yr | 49% |
| 30 yr | 1.61 yr | 21% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.07 | +0.05 | +0.01 | $12.4k | $2.3k |
| 1 yr | +0.38 | +0.33 | +0.04 | $85.5k | $10.6k |
| 5 yr | +1.83 | +1.63 | +0.16 | $421.4k | $42.4k |
| 10 yr | +3.77 | +3.25 | +0.43 | $836.9k | $110.3k |
| 30 yr | +1.66 | +1.19 | +0.42 | $307.0k | $108.9k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | PR SALES TAX FING SALES TAX REV SER A14.75% · due 2053-07-01 | 0.97% | $24.95M | — |
| — | SAN FRAN CA ARPTS COMMN AMT SER A5.00% · due 2044-05-01 | 0.84% | $21.64M | — |
| — | MAIN STREET NAT GAS INC REV SER E5.00% floating · due 2055-05-01 | 0.79% | $20.44M | — |
| — | PR COMWLTH CVI-SUBSER CW HTA 98 TXBL0.00% · due 2051-11-01 | 0.79% | $20.35M | — |
| — | NYC TRANSITIONAL-A-15.25% · due 2047-05-01 | 0.75% | $19.27M | — |
| — | TX ST GAS ACQ & SPLY CORP V GAS SPLY REV5.00% floating · due 2055-01-01 | 0.62% | $15.94M | — |
| — | OK TURNPIKE AUTH5.50% · due 2053-01-01 | 0.60% | $15.57M | — |
| — | COOK CO-REF5.00% · due 2046-11-15 | 0.60% | $15.39M | — |
| — | TX TRANSPRTN FIN-A5.50% · due 2055-10-01 | 0.60% | $15.40M | — |
| — | CNTRL PLAINS ENRGY-A15.00% floating · due 2055-08-01 | 0.58% | $15.06M | — |
Top 10 positions are 7.14% of net assets, top 25 14.32%, across 592 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free