T. Rowe Price Summit Municipal Intermediate Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, T. Rowe Price Summit Municipal Intermediate Fund held 1,057 positions with $4.87B in net assets. Its ten largest holdings made up 6.6% of the fund. Over the 12 months to May 2026, PRSMX returned 6.6%, with dividends reinvested. In 2026 Q3 it added 238 new positions and exited 77.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
PR COMWLTH PUBLIC IMPT SER A1 5.75% · due 2031-07-01 | 1.09% | $53.26M | — |
PR SALES TAX FING SALES TAX REV SER A1 0.00% · due 2033-07-01 | 0.72% | $35.21M | — |
PUERTO RICO SALES TAX RESTRUCT SER A-2 4.33% · due 2040-07-01 | 0.69% | $33.48M | — |
BLACK BELT ENERGY GAS DST SPLY REV 4.00% floating · due 2051-06-01 | 0.69% | $33.41M | — |
MAIN STREET NAT GAS INC REV SER A 4.00% floating · due 2052-07-01 | 0.66% | $32.28M | — |
SOUTHEAST ENERGY AUTH SER B-1 4.00% floating · due 2051-12-01 | 0.62% | $30.15M | — |
NY ST DORM PER INC TAX REV GRP 2 SER A 5.00% · due 2043-03-15 | 0.56% | $27.21M | — |
CHICAGO IL MDWY ARPT REV SER C AMT 5.00% · due 2031-01-01 | 0.55% | $26.80M | — |
CHANDLER AZ INDL CORP PROJ AMT SR 2022-2 5.00% floating · due 2052-09-01 | 0.52% | $25.16M | — |
NY ST DORM PER INC TAX REV REF SER B 5.00% · due 2035-02-15 | 0.49% | $23.78M | — |
The 200 largest of 1,057 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 | 99.20% |
| Securitized | 0.39% |
How it has done
PRSMX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.37%. 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 |
|---|---|---|---|---|---|
| — | +6.61% | +11.85% | +5.57% | -3.55% | |
| — | +6.36% | +11.01% | +4.23% | -3.61% | |
| — | +6.72% | +12.33% | +6.24% | -3.52% |
These classes hold the same portfolio, so the 2.01pp spread over 5 years is the cost difference between them — roughly 0.40pp a year — not a difference in what they own.
Fees & fund details
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
- Portfolio turnover
- 23.60% 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.
238 new· the largest 8
77 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 | 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.
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.
Understand how this fund fits with the rest.
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