T. Rowe Price Summit Municipal Intrm I
PRTMX
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USD
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Capital Structure
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- Baltimore MD 21202 Baltimore MD United States of America 21202
- IPO Date
- Mar 5, 2019
- CIK
- 0000912029
- Website
- troweprice.com
- Similar Companies
- Business
- T. Rowe Price Summit Municipal Intrm I (PRTMX) is an open-end mutual fund that seeks the highest level of income exempt from federal income taxes consistent with moderate price fluctuation. The fund normally invests at least 90% of its total assets in investment-grade municipal securities rated in one of the four highest rating categories by a national rating agency or the equivalent as determined by T. Rowe Price; up to 10% may be invested in below-investment-grade municipal bonds. It maintains a weighted average effective maturity normally ranging between 3 and 10 years, with a focus on intermediate-term municipal bonds across sectors including transportation (24.3%), health care (13.7%), and industrial development/pollution control revenue (12.7%); top holdings as of recent data include Puerto Rico Commonwealth 5.75%, Puerto Rico Sales Tax Financing Corporation obligations, and various gas supply revenue bonds. The portfolio emphasizes U.S. municipal tax-exempt securities (98.40% allocation), with minor exposure to non-U.S. bonds (6.14%), cash (1.20%), and municipal taxable securities (0.39%). Managed within the T. Rowe Price Group, Inc. family of funds domiciled in the United States, PRTMX targets taxable investors in higher tax brackets seeking tax-advantaged income from national intermediate-term municipal bonds, with total net assets of approximately $4.11 billion and a share class size of $3.08 billion as of recent reporting. The I Class shares feature a net expense ratio of 0.29%, no front-end or deferred loads, a minimum initial investment of $500,000, daily pricing, and monthly dividends yielding around 3.00% annually. Available primarily to U.S. institutional and high-net-worth investors through financial intermediaries, the fund is part of the Muni National Intermediate Morningstar category and operates with a portfolio turnover of 19.8% and modified duration to worst of 4.86 years. Launched on March 1, 2019, the fund is headquartered in Baltimore, Maryland, at T. Rowe Price's main offices. In recent developments, James Lynch joined as comanager on June 30, 2024, alongside long-term lead manager Charles Hill, who managed the strategy since October 29, 1993; effective December 31, 2025, Hill retires from T. Rowe Price, transitioning sole portfolio management and chairmanship of the Investment Advisory Committee to Lynch on January 1, 2026. The fund maintained overweights in transportation and health care sectors through the third quarter of 2025, benefiting from interest rate management amid declining municipal bond yields and Federal Reserve rate cuts, while fundamentals in the municipal market remain strong with healthy credit conditions.