T. Rowe Price Summit Municipal Intermediate Fund (PRSMX)
Ticker Symbol:
PRSMX
Fund Status:
Open to new Retail investors  /  Open to subsequent Retail investments
Fund Objective
Quick Stats
Fiscal Year End  October
Morningstar Category  Muni National Interm
Inception Date 10/29/1993
Tax ID 52-1851271
Investment Objective
The fund seeks the highest level of income exempt from federal income taxes consistent with moderate price fluctuation.
Strategy
The fund invests primarily in investment-grade tax exempt securities. There are no maturity limitations on individual securities, but the fundís weighted average effective maturity will normally range between five and 10 years. At least 90% of the fundís portfolio will consist of investment-grade, tax-exempt securities rated in the four highest credit categories by at least one national rating agency or the equivalent by T. Rowe Price when other ratings are not available. To enhance income, we may invest up to 10% of the fundís total assets in below- investment-grade bonds.
Risk/Reward Potential**
Click on the risk/reward spectrum below to view the funds in that category
Higher
Moderate
Lower
The fund is subject to the usual risks of fixed-income investing, including interest rate risk, credit risk, and political risk. Interest rate risk is the decline in bond prices that accompanies a rise in the overall level of interest rates. Credit risk is the chance that any of the fund's holdings will have their credit ratings downgraded or will default (fail to make scheduled interest or principal payments), potentially reducing the fund's income level and share price. Political risk is the chance that a significant restructuring of federal income tax rates or even serious discussion on the topic in Congress could cause municipal bond prices to fall.

The fund's income level should generally be above that of money market and short-term bond funds but lower than that of long-term bond funds. Its share price should fluctuate less than that of a long-term bond fund. By focusing on investment-grade securities, the fund's credit risk should be reduced. The income dividends you receive from the funds should be exempt from federal income taxes and your state's own obligations (if any). Lower expenses enable the fund to pay higher dividends.
**This chart displays relative risk of each U.S. mutual fund listed using standard deviation of returns. Those values are provided in the bars at the top of the chart.

Methodology: We evaluate the standard deviation and its resulting placement within a specific risk/return category on an annual basis. A fund is generally placed in a risk/return category based on the 10-year standard deviation of its performance. If a fund is less than 10 years old, the actual fund performance history is supplemented with the primary prospectus benchmark history to obtain a full 10-year history, or longest time period available up to 10 years. For an Asset Allocation fund with less than 10 years of performance history, sub-strategy returns are used. When a sub-strategy is less than 10 years old, the actual sub-strategy performance history is supplemented with benchmark history to obtain a full 10-year history, or longest time period available up to 10 years.

Risk return categories overlap; a fund with a standard deviation in the overlap between two categories, denoted by a plus (+), is placed so that its risk categorization is better aligned with anticipated return characteristics an investor may experience going forward at the discretion of T Rowe Price.

When a fund has a cash-like benchmark, denoted by a double plus (++), its standard deviation is estimated using only available fund returns. If the fund is less than 10 years old, benchmark returns are not used to obtain a full 10-year history because they would artificially suppress the volatility estimate.

All investments are subject to market risk, including the possible loss of principal. Standard deviation of returns, a measure of price volatility, is one measure of risk. Please consult the funds' prospectuses for a more complete discussion of the funds' risks.
See Glossary for additional details on all data elements.