Morningstar

T. Rowe Price Intermediate Municipal Bond Fund Advisor Class PAIFX

Morningstar Medalist Rating
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  • NAV / 1-Day Return —  /  —
  • Fund Size $4.9B
  • Adjusted Expense Ratio 0.650%
  • Net Expense Ratio 0.660%
  • Fee Level: Distribution Above Average
  • Share Class Type No Load
  • Morningstar Category Muni National Interm
  • Fixed-Income Style Box (Funds) Medium/Moderate
  • Minimum Initial Investment $25,000
  • Investment Status Open
  • TTM Yield 3.17%
  • Average Effective Duration 5.84 yrs

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
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Portfolio Holdings PAIFX

More PAIFX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 6.5
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.329%

1.11 55M
municipal

PUERTO RICO COMWLTH 5.75%

1.03 51M
municipal

Cash Offsets For Shorts & Derivatives

0.77 38M
Cash and Equivalents

PUERTO RICO SALES TAX FING CORP SALES TAX REV 0%

0.70 35M
municipal

BLACK BELT ENERGY GAS DIST ALA GAS SUPPLY REV 4%

0.65 32M
municipal

SOUTHEAST ENERGY AUTH COMMODITY SUPPLY REV ALA 4%

0.58 29M
municipal

PUERTO RICO COMWLTH 0.00001%

0.54 27M
municipal

CHANDLER ARIZ INDL DEV AUTH INDL DEV REV 5%

0.52 26M
municipal

MAIN STR NAT GAS INC GA GAS SUPPLY REV 5%

0.47 23M
municipal

ARLINGTON CNTY VA INDL DEV AUTH HOSP FAC REV 5%

0.43 22M
municipal

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