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PRINX T. Rowe Price Summit Municipal Inc

  • Fund
  • PRINX
  • Price as of: Dec 05, 2016
  • $11.53
  • + $0.01
  • + 0.09%
  • Category
  • National Munis

PRINX - Profile

Vitals

  • YTD Return -3.8%
  • 3 Yr Annualized Return 6.0%
  • 5 Yr Annualized Return 5.3%
  • Net Assets $1.31 B
  • Holdings in Top 10 9.8%

52 WEEK LOW AND HIGH

$11.53
$11.52
$12.42

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.50%

SALES FEES

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

BROKERAGE FEES

  • Turnover 16.70%

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 -3.8%
  • 3 Yr Annualized Total Return 6.0%
  • 5 Yr Annualized Total Return 5.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.44%
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 -3.8% -6.5% 99.4% 53.17% 5
1 Yr 5.0% -5.8% 10.7% 13.13% 1
3 Yr 6.0% * -4.5% 7.7% 10.23% 1
5 Yr 5.3% * -0.6% 7.0% 9.87% 1
10 Yr 4.8% * -0.4% 5.5% 6.20% 1

* Annualized


Return Ranking - Calendar

Period PRINX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 0.0% -10.9% 2.6% 15.54% 2
2014 7.6% -2.2% 12.0% 8.03% 1
2013 -7.2% -11.9% 0.1% 55.13% 4
2012 5.8% -7.1% 10.2% 10.12% 1
2011 6.1% -1.8% 15.2% 20.77% 2

Total Return Ranking - Trailing

Period PRINX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -3.8% -6.1% 99.4% 55.45% 5
1 Yr 5.0% -8.9% 10.0% 8.10% 1
3 Yr 6.0% * -5.4% 7.7% 7.45% 1
5 Yr 5.3% * -0.6% 7.0% 7.45% 1
10 Yr 4.8% * -0.4% 5.5% 4.70% 1

* Annualized


Total Return Ranking - Calendar

Period PRINX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 0.0% -9.7% 5.1% 30.24% 3
2014 7.6% -0.9% 17.0% 11.87% 1
2013 -7.2% -11.9% 2.1% 58.56% 5
2012 5.8% -0.6% 17.8% 15.59% 2
2011 6.1% -1.1% 16.2% 32.76% 3

NAV & Total Return History

PRINX - Holdings

Filings data as of: Sep 30, 2016

Concentration Analysis

PRINX Category Low Category High PRINX % Rank Quintile
Net Assets 1.31 B 491 K 53 B 13.37% 3
Number of Holdings 480 1 6199 11.77% 2
Net Assets in Top 10 129 M -179 M 1.27 B 15.32% 3
Weighting of Top 10 9.8% 0.0% 100.0% 25.00% 4

Top 10 Holdings

  1. California Health Facs Fing Au Rev Bd 4% 1.15%
  2. California Health Facs Fing Au Rev Bd 5% 1.15%
  3. California St For Previous Iss Go Bds 4% 1.07%
  4. Mta Hudson Rail Yards Tr Obl Obligs R 5% 1.05%
  5. Gainesville & Hall Cnty Ga Hos Rev 5.25% 1.01%
  6. Univ Tex Univ Revs Var Fing 0.65% 0.99%
  7. Atlanta Ga Dev Auth 5.25% 0.92%
  8. Colorado Health Facs Auth 5.25% 0.86%
  9. Dallas Fort Worth Tex Intl Arp Rev Im 5% 0.84%
  10. Mississippi Busn Fin Corp Var Rate 0.43% 0.79%

Asset Allocation

Weighting Category Low Category High PRINX % Rank Quintile
Bonds
99.85% 0.00% 202.21% 1.93% 1
Cash
0.15% -110.85% 100.00% 28.87% 5
Other
0.00% -2.77% 27.54% 6.94% 3
Convertible Bonds
0.00% 0.00% 2.79% 0.81% 2
Preferred Stocks
0.00% 0.00% 11.46% 1.45% 2
Stocks
0.00% 0.00% 1.40% 1.13% 2

Bond Sector Breakdown

Weighting Category Low Category High PRINX % Rank Quintile
Municipal
98.70% 0.00% 140.62% 7.26% 2
Government
1.15% -42.63% 117.34% 2.90% 1
Cash & Equivalents
0.15% -110.85% 100.00% 29.03% 5
Securitized
0.00% 0.00% 41.81% 2.74% 2
Corporate
0.00% 0.00% 34.61% 4.35% 2
Derivative
0.00% -0.43% 4.79% 0.48% 2

Bond Geographic Breakdown

Weighting Category Low Category High PRINX % Rank Quintile
US
99.85% 0.00% 202.21% 1.94% 1
Non US
0.00% 0.00% 20.62% 0.81% 2

PRINX - Expenses

Operational Fees

PRINX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.50% 0.10% 4.60% 22.06% 1
Management Fee 0.50% 0.00% 1.00% 1.45% 4
12b-1 Fee 0.00% 0.00% 1.00% 6.88% 1
Administrative Fee 0.15% 0.00% 0.35% 3.42% 3

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 16.70% 0.00% 783.51% 12.88% 3

PRINX - Distributions

Dividend Yield Analysis

PRINX Category Low Category High PRINX % Rank Quintile
Dividend Yield 0.4% 0.00% 2.86% 10.77% 1

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

PRINX Category Low Category High PRINX % Rank Quintile
Net Income Ratio 3.44% -0.60% 5.26% 9.34% 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

17.68

Tenure Rank

2.2%

Konstantine B. (Dino) Mallas has been chairman of the committee since 2003 and he is a vice president of T. Rowe Price Associates, Inc., and a portfolio manager in the Fixed Income Division. Mr. Mallas also heads the Investment Advisory Committees for four tax-free bond strategies.He joined the firm in 1987 as a broker in the Discount Brokerage Department and in 1991 transferred to the Municipal Department. He began his fixed-income responsibilities as a fixed-income specialist and later transitioned into trading intermediate- and long-term state and national portfolios. Mr. Mallas assumed portfolio management responsibilities in 1999. Mr. Mallas earned a B.S. from American University and an M.B.A. from Loyola College in Baltimore, Maryland.


Tenure Analysis

Category Low

0.0

Category High

37.1

Category Average

7.32

Category Mode

4.8