About PRSMX
T. Rowe Price Summit Municipal Intermediate Fund Investor Class is a mutual fund focused on delivering federally tax-exempt income by investing primarily in intermediate-term, investment-grade municipal bonds. Its core objective is to maximize tax-exempt income while maintaining moderate price fluctuation, making it suitable for investors seeking predictable, tax-advantaged cash flow. The fund allocates at least 90% of its assets to municipal securities rated in the four highest credit categories by national rating agencies, with the remainder permitted in below-investment-grade bonds. Its portfolio generally features bonds with maturities ranging from 3 to 10 years, resulting in a weighted average maturity near 10 years and a duration profile of around five years. With assets exceeding $4 billion, the fund plays a significant role within the intermediate municipal bond sector, providing essential financing for states, cities, and public agencies to support infrastructure, education, and community development projects. The fund is structured to navigate the unique risks and opportunities presented by the U.S. municipal bond market, emphasizing high credit quality, diversification, and tax efficiency as foundational characteristics.
Fund Family T. Rowe Price
Category Muni National Interm
Performance Rating Average
Risk Rating Below Average
Stock Exchange Nasdaq
Ticker Symbol PRSMX
Index Bloomberg 1-15 Y Municipal Blend TR
PRSMX had a total return of -1.92% in the past year, including dividends. Since the fund's
inception, the average annual return has been 3.67%.
