T. Rowe Price Summit Municipal Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, T. Rowe Price Summit Municipal Income Fund held 818 positions with $2.58B in net assets. Its ten largest holdings made up 7.1% of the fund. Over the 12 months to May 2026, PRINX returned 7.7%, with dividends reinvested. In 2026 Q3 it added 55 new positions and exited 47.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
PR SALES TAX FING SALES TAX REV SER A1 4.75% · due 2053-07-01 | 0.97% | $24.95M | — |
SAN FRAN CA ARPTS COMMN AMT SER A 5.00% · due 2044-05-01 | 0.84% | $21.64M | — |
MAIN STREET NAT GAS INC REV SER E 5.00% floating · due 2055-05-01 | 0.79% | $20.44M | — |
PR COMWLTH CVI-SUBSER CW HTA 98 TXBL 0.00% · due 2051-11-01 | 0.79% | $20.35M | — |
NYC TRANSITIONAL-A-1 5.25% · due 2047-05-01 | 0.75% | $19.27M | — |
TX ST GAS ACQ & SPLY CORP V GAS SPLY REV 5.00% floating · due 2055-01-01 | 0.62% | $15.94M | — |
OK TURNPIKE AUTH 5.50% · due 2053-01-01 | 0.60% | $15.57M | — |
COOK CO-REF 5.00% · due 2046-11-15 | 0.60% | $15.39M | — |
TX TRANSPRTN FIN-A 5.50% · due 2055-10-01 | 0.60% | $15.40M | — |
CNTRL PLAINS ENRGY-A1 5.00% floating · due 2055-08-01 | 0.58% | $15.06M | — |
The 200 largest of 818 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 98.68% |
| Securitized | 0.46% |
How it has done
PRINX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.41%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| — | +7.74% | +13.30% | +4.61% | -5.74% | |
| — | +7.49% | +12.47% | +3.31% | -5.80% | |
| — | +7.92% | +13.76% | +5.16% | -5.80% |
These classes hold the same portfolio, so the 1.85pp spread over 5 years is the cost difference between them — roughly 0.37pp a year — not a difference in what they own.
Fees & fund details
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
- Portfolio turnover
- 30.10% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
55 new· the largest 8
47 exited· the largest 8
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.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
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