T. Rowe Price Summit Municipal Intermediate 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 Intermediate 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
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q4
The fund seeks the highest level of income exempt from federal income taxes consistent with moderate price fluctuation.
The fund invests at least 90% of its assets in investment-grade municipal securities to generate federal tax-exempt income, with a dollar-weighted average effective maturity between three and ten years, and may allocate up to 10% to below-investment-grade municipal bonds. Because the fund may hold a significant portion of assets in specialized sectors such as health care, transportation, utilities, or private activity bonds, concentration risk in those sectors could affect returns.
Portfolio turnover 23.60% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.20% |
| Securitized | 0.39% |
Latest quarter
What changed since the fund's previous filing
Largest new: BLACK BELT ENERGY GAS, SALT LAKE CITY UT ARPT REV AMT SER A, WASHINGTON ST-C, WA SUBURBAN SAN DT ×2, GRTR ORLANDO FL AVTN AMT PRTY SUB SER A, BUILD NYC RESOURCE-B 144A, BLACK BELT ENERGY-I
Largest exited: PUB FIN AUTH WI HLTHCARE SYS SER B DLY, MO ST BJC HLTH C VRDN, NYC TRNTL FIN AUTH FUT TX SCD SBSR E-3 DLY, NJ TPK AUTH-B, SAN FRAN CA ARPTS COMMN AMT 2ND SER C, MD ST HLTH & HGR ED MEDSTAR HLTH, VA RESOURCES AUTH-REF, NYC TRANS FIN AUTH BLG AID REV SER S2
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 |
|---|---|---|---|---|---|
| +6.44% | +10.69% | +5.54% | 3.39% | -3.55% | |
| +6.18% | +9.86% | +4.29% | 3.39% | -3.61% | |
| +6.55% | +11.06% | +6.11% | 3.38% | -3.52% |
These classes hold the same portfolio, so the 1.83pp 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 | 82.9% |
| Floating rate | 15.7% |
| Zero-coupon or unclassified | 1.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.0% |
| 1-3y | 2.6% |
| 3-5y | 6.8% |
| 5-10y | 24.4% |
| 10y+ | 65.1% |
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 | +5.15 yr |
| High yield | +0.24 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 | 0.05 yr | 1% |
| 1 yr | 0.44 yr | 8% |
| 5 yr | 2.08 yr | 38% |
| 10 yr | 2.79 yr | 51% |
| 30 yr | 0.15 yr | 3% |
| 3 mo | 0.05 yr | 1% |
| 1 yr | 0.44 yr | 8% |
| 5 yr | 2.04 yr | 38% |
| 10 yr | 2.71 yr | 50% |
| 30 yr | 0.15 yr | 3% |
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 | +0.05 | +0.04 | +0.01 | $20.3k | $2.6k |
| 1 yr | +0.44 | +0.41 | +0.02 | $201.8k | $11.1k |
| 5 yr | +2.08 | +1.94 | +0.11 | $943.0k | $52.7k |
| 10 yr | +2.79 | +2.63 | +0.08 | $1.28m | $39.1k |
| 30 yr | +0.15 | +0.13 | +0.02 | $63.5k | $9.1k |
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 COMWLTH PUBLIC IMPT SER A15.75% · due 2031-07-01 | 1.09% | $53.26M | — |
| — | PR SALES TAX FING SALES TAX REV SER A10.00% · due 2033-07-01 | 0.72% | $35.21M | — |
| — | PUERTO RICO SALES TAX RESTRUCT SER A-24.33% · due 2040-07-01 | 0.69% | $33.48M | — |
| — | BLACK BELT ENERGY GAS DST SPLY REV4.00% floating · due 2051-06-01 | 0.69% | $33.41M | — |
| — | MAIN STREET NAT GAS INC REV SER A4.00% floating · due 2052-07-01 | 0.66% | $32.28M | — |
| — | SOUTHEAST ENERGY AUTH SER B-14.00% floating · due 2051-12-01 | 0.62% | $30.15M | — |
| — | NY ST DORM PER INC TAX REV GRP 2 SER A5.00% · due 2043-03-15 | 0.56% | $27.21M | — |
| — | CHICAGO IL MDWY ARPT REV SER C AMT5.00% · due 2031-01-01 | 0.55% | $26.80M | — |
| — | CHANDLER AZ INDL CORP PROJ AMT SR 2022-25.00% floating · due 2052-09-01 | 0.52% | $25.16M | — |
| — | NY ST DORM PER INC TAX REV REF SER B5.00% · due 2035-02-15 | 0.49% | $23.78M | — |
Top 10 positions are 6.59% of net assets, top 25 12.88%, across 626 issuers.
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