T. Rowe Price Summit Municipal Intermediate Fund (PRSMX)
The investment seeks the highest level of income exempt from federal income taxes consistent with moderate price fluctuation. The fund will normally invest at least 90% of its total assets in investment-grade municipal securities (rated in one of the four highest rating categories assigned by established credit rating agencies) by at least one major credit rating agency or, if unrated, deemed to be of comparable quality by T. Rowe Price. The fund may invest up to 10% of the fund's total assets in below investment-grade bonds, known as "junk" bonds, including those with the lowest credit ratings.
Fund Info
US77957N2099
77957N209
Oct 28, 1993
$25,000
Expense Ratio
PRSMX has an expense ratio of 0.50%, placing it in the medium range.
Share Price Chart
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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in T. Rowe Price Summit Municipal Intermediate Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
Returns By Period
T. Rowe Price Summit Municipal Intermediate Fund (PRSMX) returned -0.66% year-to-date (YTD) and 0.82% over the past 12 months. Over the past 10 years, PRSMX returned 1.84% annually, underperforming the S&P 500 benchmark at 10.45%.
PRSMX
-0.66%
2.11%
-0.67%
0.82%
1.13%
1.84%
^GSPC (Benchmark)
-3.77%
3.72%
-5.60%
8.55%
14.11%
10.45%
Monthly Returns
The table below presents the monthly returns of PRSMX, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 0.63% | 0.95% | -1.50% | -0.80% | 0.09% | -0.66% | |||||||
| 2024 | -0.14% | 0.12% | 0.05% | -0.92% | -0.37% | 1.29% | 0.77% | 0.61% | 0.90% | -1.25% | 1.23% | -0.96% | 1.32% |
| 2023 | 2.62% | -1.93% | 1.66% | -0.08% | -0.68% | 0.67% | 0.20% | -0.77% | -2.03% | -0.79% | 4.59% | 2.11% | 5.50% |
| 2022 | -2.44% | -0.51% | -2.76% | -2.32% | 1.17% | -1.39% | 2.34% | -1.90% | -3.10% | -0.63% | 3.93% | 0.04% | -7.57% |
| 2021 | 0.65% | -1.20% | 0.42% | 0.75% | 0.32% | 0.25% | 0.66% | -0.32% | -0.64% | -0.16% | 0.65% | 0.10% | 1.47% |
| 2020 | 1.52% | 0.83% | -3.36% | -1.39% | 2.85% | 1.19% | 1.36% | -0.15% | 0.02% | -0.21% | 1.24% | 0.61% | 4.46% |
| 2019 | 0.90% | 0.45% | 1.32% | 0.21% | 1.32% | 0.44% | 0.70% | 1.20% | -0.72% | 0.04% | 0.12% | 0.37% | 6.52% |
| 2018 | -0.99% | -0.30% | 0.21% | -0.31% | 0.89% | 0.03% | 0.29% | 0.06% | -0.50% | -0.65% | 1.01% | 1.08% | 0.80% |
| 2017 | 0.37% | 0.57% | 0.31% | 0.71% | 1.31% | -0.28% | 0.53% | 0.71% | -0.28% | 0.03% | -0.64% | 0.80% | 4.20% |
| 2016 | 1.19% | -0.02% | 0.38% | 0.64% | 0.04% | 1.38% | -0.03% | 0.05% | -0.35% | -0.87% | -3.36% | 1.08% | 0.03% |
| 2015 | 1.55% | -1.01% | 0.28% | -0.37% | -0.29% | -0.20% | 0.74% | 0.20% | 0.64% | 0.32% | 0.30% | 0.66% | 2.83% |
| 2014 | 1.72% | 0.92% | -0.03% | 0.99% | 1.07% | -0.12% | 0.22% | 1.06% | 0.05% | 0.48% | 0.03% | 0.48% | 7.08% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current rank of PRSMX is 34, indicating average performance compared to other mutual funds on our website. Here’s a breakdown of how it compares using common performance measures.
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for T. Rowe Price Summit Municipal Intermediate Fund (PRSMX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.
Dividends
Dividend History
T. Rowe Price Summit Municipal Intermediate Fund provided a 2.73% dividend yield over the last twelve months, with an annual payout of $0.30 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.30 | $0.32 | $0.28 | $0.26 | $0.25 | $0.28 | $0.29 | $0.29 | $0.30 | $0.32 | $0.31 | $0.32 |
Dividend yield | 2.73% | 2.82% | 2.46% | 2.31% | 2.03% | 2.29% | 2.42% | 2.49% | 2.50% | 2.73% | 2.61% | 2.63% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Summit Municipal Intermediate Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | $0.03 | $0.03 | $0.03 | $0.00 | $0.00 | $0.09 | |||||||
| 2024 | $0.02 | $0.02 | $0.03 | $0.03 | $0.03 | $0.02 | $0.03 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.32 |
| 2023 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.28 |
| 2022 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.26 |
| 2021 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.25 |
| 2020 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.28 |
| 2019 | $0.02 | $0.02 | $0.03 | $0.02 | $0.03 | $0.02 | $0.03 | $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.29 |
| 2018 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.03 | $0.03 | $0.29 |
| 2017 | $0.02 | $0.03 | $0.03 | $0.02 | $0.03 | $0.03 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.02 | $0.30 |
| 2016 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.02 | $0.03 | $0.04 | $0.32 |
| 2015 | $0.03 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.31 |
| 2014 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.02 | $0.03 | $0.32 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
Worst Drawdowns
The table below displays the maximum drawdowns of the T. Rowe Price Summit Municipal Intermediate Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the T. Rowe Price Summit Municipal Intermediate Fund was 11.78%, occurring on Oct 25, 2022. The portfolio has not yet recovered.
The current T. Rowe Price Summit Municipal Intermediate Fund drawdown is 2.23%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -11.78% | Aug 6, 2021 | 308 | Oct 25, 2022 | — | — | — |
| -9.91% | Mar 10, 2020 | 9 | Mar 20, 2020 | 91 | Jul 30, 2020 | 100 |
| -7.76% | Sep 12, 2008 | 25 | Oct 16, 2008 | 60 | Jan 13, 2009 | 85 |
| -5.35% | May 3, 2013 | 36 | Jun 24, 2013 | 173 | Mar 3, 2014 | 209 |
| -5.15% | Sep 2, 2010 | 95 | Jan 18, 2011 | 92 | May 31, 2011 | 187 |
Volatility
Volatility Chart
The current T. Rowe Price Summit Municipal Intermediate Fund volatility is 2.01%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.