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PRINX T. Rowe Price Summit Municipal Inc Inv

  • Fund
  • PRINX
  • Price as of: Jul 20, 2018
  • $11.77
  • - $0.01
  • - 0.09%
  • Category
  • National Munis

PRINX - Profile

Vitals

  • YTD Return -1.6%
  • 3 Yr Annualized Return 3.2%
  • 5 Yr Annualized Return 4.1%
  • Net Assets $1.82 B
  • Holdings in Top 10 9.4%

52 WEEK LOW AND HIGH

$11.77
$11.65
$12.01

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.50%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 10.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$25,000

IRA

$1,000

Investment Themes

CATEGORY

National Munis
  • Fund Type Open End Mutual Fund
  • Investment Style Muni National Long

Distributions

  • YTD Total Return -1.6%
  • 3 Yr Annualized Total Return 3.2%
  • 5 Yr Annualized Total Return 4.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.25%
DIVIDENDS
  • Dividend Yield 0.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name T. Rowe Price Summit Municipal Income Fund
  • Fund Family Name T. Rowe Price
  • Inception Date Oct 29, 1993
  • Shares Outstanding N/A
  • Share Class No Load
  • Currency USD
  • Domiciled Country United States
  • Manager Konstantine B. Mallas

Fund Description

The fund will normally invest at least 80% 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 20% of its total assets in noninvestment-grade bonds, known as "junk" bonds, including those with the lowest credit ratings.

PRINX - Performance

Return Ranking - Trailing

Period PRINX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -1.6% -13.2% 99.4% 50.97% 4
1 Yr 2.1% -5.8% 10.7% 21.17% 2
3 Yr 3.2% * -4.5% 7.0% 14.09% 1
5 Yr 4.1% * -0.5% 5.8% 10.60% 1
10 Yr 4.8% * -0.5% 5.9% 6.88% 1

* Annualized


Return Ranking - Calendar

Period PRINX Return Category Return Low Category Return High Rank in Category (%) Quintile
2017 2.6% -5.3% 5.6% 11.49% 1
2016 -2.8% -8.5% 7.3% 43.59% 4
2015 0.0% -10.9% 8.8% 18.63% 2
2014 7.6% -10.3% 12.0% 7.88% 1
2013 -7.2% -11.9% 8.7% 57.97% 4

Total Return Ranking - Trailing

Period PRINX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -1.6% -13.2% 99.4% 50.81% 4
1 Yr 2.1% -8.9% 8.9% 13.36% 1
3 Yr 3.2% * -5.4% 7.0% 10.31% 1
5 Yr 4.1% * -1.2% 5.8% 7.42% 1
10 Yr 4.8% * -0.5% 5.9% 5.63% 1

* Annualized


Total Return Ranking - Calendar

Period PRINX Return Category Return Low Category Return High Rank in Category (%) Quintile
2017 2.6% -5.3% 5.6% 11.49% 1
2016 -2.8% -8.2% 7.3% 48.72% 4
2015 0.0% -9.7% 9.3% 32.48% 3
2014 7.6% -10.3% 17.0% 11.03% 1
2013 -7.2% -11.9% 8.9% 61.23% 5

NAV & Total Return History

PRINX - Holdings

Filings data as of: Mar 31, 2018

Concentration Analysis

PRINX Category Low Category High PRINX % Rank Quintile
Net Assets 1.82 B 491 K 58 B 13.04% 2
Number of Holdings 532 1 7665 11.61% 2
Net Assets in Top 10 154 M -286 M 1.45 B 15.81% 2
Weighting of Top 10 9.4% 0.0% 100.0% 28.39% 4

Top 10 Holdings

  1. MTA HUDSON RAIL YARDS 5% 1.11%
  2. BROWARD CNTY FLA 5% 1.05%
  3. TAMPA-HILLSBOROUGH CNTY FLA EXP WY AUTH 5% 1.03%
  4. Hampton Rds Va Transn Accounta Tran 5.5% 1.03%
  5. TAMPA FLA 5% 0.96%
  6. MURRAY CITY UTAH 1.72% 0.87%
  7. CALIFORNIA HEALTH FACS FING AUTH 5% 0.87%
  8. NORTH TEX TWY AUTH 5% 0.87%
  9. NEW YORK N Y CITY MUN WTR FIN AUTH 1.7% 0.80%
  10. DALLAS-FORT WORTH TEX INTL ARPT 5% 0.77%

Asset Allocation

Weighting Category Low Category High PRINX % Rank Quintile
Bonds
99.96% 0.00% 202.21% 2.09% 1
Cash
0.04% -110.85% 100.00% 30.48% 5
Stocks
0.00% 0.00% 0.96% 1.13% 2
Preferred Stocks
0.00% 0.00% 10.29% 0.81% 2
Other
0.00% -2.77% 26.50% 6.13% 2
Convertible Bonds
0.00% 0.00% 2.30% 0.81% 2

Bond Sector Breakdown

Weighting Category Low Category High PRINX % Rank Quintile
Municipal
99.96% 0.00% 121.26% 2.10% 1
Cash & Equivalents
0.04% -110.85% 100.00% 29.52% 4
Derivative
0.00% -5.91% 4.93% 0.81% 2
Securitized
0.00% 0.00% 39.64% 2.26% 2
Corporate
0.00% 0.00% 37.22% 4.52% 2
Government
0.00% -22.00% 117.34% 4.84% 2

Bond Geographic Breakdown

Weighting Category Low Category High PRINX % Rank Quintile
US
99.96% 0.00% 202.21% 1.77% 1
Non US
0.00% 0.00% 23.91% 13.23% 4

PRINX - Expenses

Operational Fees

PRINX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.50% 0.08% 4.60% 21.42% 1
Management Fee 0.50% 0.00% 1.00% 1.45% 5
12b-1 Fee 0.00% 0.00% 1.00% 6.60% 1
Administrative Fee 0.15% 0.00% 0.35% 3.42% 4

Sales Fees

PRINX Fees (% of AUM) Category Low Category High PRINX Rank Quintile
Front Load N/A 0.50% 5.75% N/A N/A
Deferred Load N/A 0.50% 5.50% N/A N/A

Trading Fees

PRINX Fees (% of AUM) Category Low Category High PRINX Rank Quintile
Max Redemption Fee N/A 0.25% 2.00% N/A N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PRINX Fees (% of AUM) Category Low Category High PRINX Rank Quintile
Turnover 10.00% 0.00% 504.54% 17.55% 1

PRINX - Distributions

Dividend Yield Analysis

PRINX Category Low Category High PRINX % Rank Quintile
Dividend Yield 0.4% 0.00% 1.01% 10.60% 1

Dividend Distribution Analysis

PRINX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Quarterly Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

PRINX Category Low Category High PRINX % Rank Quintile
Net Income Ratio 3.25% -0.41% 5.26% 10.47% 1

Capital Gain Distribution Analysis

PRINX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

PRINX - Managers

Konstantine B. Mallas

Manager

Start Date

Feb 28, 1999

Tenure

19.35

Tenure Rank

2.4%

Dino Mallas is a portfolio manager in the Fixed Income Division. Mr. Mallas is president and chairman of its Investment Advisory Committee. He is also executive vice president and chairman of the Investment Advisory Committee. Mr. Mallas is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc. He joined the firm in 1986 as a broker in the Discount Brokerage Department and, in 1991, transferred to the Municipal Department. Mr. Mallas began his fixed income responsibilities as a fixed income specialist and later transitioned into trading intermediate- and long-term state and national portfolios. He assumed portfolio management responsibilities in 1999. Mr. Mallas earned a B.S. from American University and an M.B.A. from Loyola University Maryland.


Tenure Analysis

Category Low

0.0

Category High

38.8

Category Average

7.9

Category Mode

3.5