Morningstar

T. Rowe Price Summit Municipal Intermediate Fund Advisor Class PAIFX

Morningstar Medalist Rating
Medalist Rating as of | See T. Rowe Price Investment Hub
  • NAV / 1-Day Return 11.41  /  −0.09 %
  • Total Assets 5.3B
  • Adj. Expense Ratio
    0.650%
  • Expense Ratio 0.660%
  • Distribution Fee Level Above Average
  • Share Class Type No Load
  • Category Muni National Interm
  • Credit Quality / Interest Rate Sensitivity Medium/Moderate
  • Min. Initial Investment 25,000
  • Status Open
  • TTM Yield 2.95%
  • Effective Duration 5.58 years

USD | NAV as of Jul 18, 2026 | 1-Day Return as of Jul 18, 2026, 12:11 AM GMT+0

Morningstar’s Analysis PAIFX

Will PAIFX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable PAIFX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the PAIFX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of PAIFX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Lead manager Charlie Hill retires, but a comanager and a compelling approach remains.

Associate Director Elizabeth Foos

Elizabeth Foos

Associate Director

Summary

T. Rowe Price Summit Municipal Intermediate’s approach remains thoughtful and collaborative despite several team changes over the past three years.

by Elizabeth Foos
Rated on Published on

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Portfolio Holdings PAIFX

More PAIFX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 6.7
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.329%

1.04 55M
municipal

PUERTO RICO COMWLTH 5.75%

1.01 54M
municipal

PUERTO RICO SALES TAX FING CORP SALES TAX REV 0%

0.71 38M
municipal

BLACK BELT ENERGY GAS DIST ALA GAS SUPPLY REV 4%

0.63 34M
municipal

PHILADELPHIA PA AUTH FOR INDL DEV HOSP REV 3.25%

0.61 32M
municipal

MAIN STR NAT GAS INC GA GAS SUPPLY REV 4%

0.61 32M
municipal

SOUTHEAST ENERGY AUTH COMMODITY SUPPLY REV ALA 4%

0.57 30M
municipal

PUERTO RICO COMWLTH 0.00001%

0.52 28M
municipal

NEW YORK ST DORM AUTH ST PERS INCOME TAX REV 5%

0.52 28M
municipal

CHICAGO ILL MIDWAY ARPT REV 5%

0.50 27M
municipal

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