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.
Availability
All States
Risk/Reward Potential*
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Highest
Higher
Moderate
Lower
Lowest
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.
* Annually we evaluate the standard deviation of each US mutual fund listed and its resulting placement within specific risk/return categories.

Methodology: If a fund is at least 5 year old, it is generally placed in risk/return categories based on the standard deviation of its performance for the longest period of its calendar year returns; the longest time period used for analysis is 10 years (regardless of the fund's inception). If a fund is less than 5 years old, we generally use the fund's primary benchmark disclosed in its prospectus as a proxy and follow the same process of using 10-year standard deviation of the benchmark, or longest time period available. The firm at its sole discretion may show a fund in a higher risk category based on qualitative or other factors that may differ from this methodology.
See Glossary for additional details on all data elements.