T. Rowe Price Summit Municipal Income Fund (PRINX)
The investment seeks a high level of income exempt from federal income taxes. 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 by T. Rowe Price to be of comparable quality. 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.
Fund Info
| ISIN | US77957N3089 |
|---|---|
| CUSIP | 77957N308 |
| Issuer | T. Rowe Price |
| Inception Date | Oct 28, 1993 |
| Category | Municipal Bonds |
| Min. Investment | $25,000 |
| Asset Class | Bond |
Expense Ratio
PRINX features an expense ratio of 0.50%, falling within the medium range.
Share Price Chart
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Compare to other instruments
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Popular comparisons: PRINX vs. PRTAX, PRINX vs. MUB, PRINX vs. VWAHX, PRINX vs. FAGIX
Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in T. Rowe Price Summit Municipal Income Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
Returns By Period
T. Rowe Price Summit Municipal Income Fund had a return of 2.95% year-to-date (YTD) and 9.30% in the last 12 months. Over the past 10 years, T. Rowe Price Summit Municipal Income Fund had an annualized return of 2.50%, while the S&P 500 had an annualized return of 11.41%, indicating that T. Rowe Price Summit Municipal Income Fund did not perform as well as the benchmark.
| Period | Return | Benchmark |
|---|---|---|
| Year-To-Date | 2.95% | 25.70% |
| 1 month | -0.33% | 3.51% |
| 6 months | 2.48% | 14.80% |
| 1 year | 9.30% | 37.91% |
| 5 years (annualized) | 1.39% | 14.18% |
| 10 years (annualized) | 2.50% | 11.41% |
Monthly Returns
The table below presents the monthly returns of PRINX, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 0.08% | 0.17% | 0.19% | -0.97% | 0.21% | 1.69% | 0.72% | 0.65% | 1.22% | -1.38% | 2.95% | ||
| 2023 | 3.37% | -2.20% | 1.74% | 0.23% | -0.46% | 0.90% | 0.24% | -1.19% | -2.76% | -1.90% | 6.94% | 2.54% | 7.29% |
| 2022 | -2.63% | -0.74% | -3.13% | -2.98% | 1.18% | -2.42% | 2.83% | -2.41% | -4.09% | -1.56% | 5.12% | -0.47% | -11.10% |
| 2021 | 0.91% | -1.50% | 0.76% | 1.08% | 0.73% | 0.57% | 0.74% | -0.38% | -0.79% | -0.23% | 1.06% | 0.18% | 3.15% |
| 2020 | 1.80% | 1.50% | -5.68% | -2.82% | 3.40% | 2.27% | 1.91% | -0.28% | 0.05% | -0.18% | 1.86% | 1.05% | 4.60% |
| 2019 | 0.60% | 0.50% | 1.80% | 0.50% | 1.53% | 0.39% | 0.66% | 1.82% | -0.68% | -0.01% | 0.15% | 0.32% | 7.81% |
| 2018 | -1.08% | -0.32% | 0.43% | -0.43% | 1.20% | 0.01% | 0.16% | 0.11% | -0.62% | -0.86% | 0.89% | 0.96% | 0.40% |
| 2017 | 0.34% | 0.63% | 0.29% | 0.68% | 1.55% | -0.04% | 0.67% | 0.77% | -0.22% | 0.26% | -0.15% | 1.02% | 5.93% |
| 2016 | 0.99% | 0.11% | 0.61% | 0.86% | 0.51% | 1.75% | -0.14% | 0.26% | -0.47% | -1.07% | -3.88% | 0.99% | 0.41% |
| 2015 | 1.79% | -1.11% | 0.43% | -0.63% | -0.30% | -0.13% | 0.72% | 0.27% | 0.54% | 0.38% | 0.53% | 0.99% | 3.50% |
| 2014 | 2.39% | 1.28% | 0.39% | 1.44% | 1.59% | 0.14% | 0.21% | 1.49% | 0.38% | 0.73% | 0.11% | 0.89% | 11.59% |
| 2013 | 0.72% | 0.38% | -0.62% | 1.31% | -1.53% | -3.91% | -1.35% | -1.74% | 2.61% | 0.86% | -0.21% | -0.12% | -3.72% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current rank of PRINX is 60, suggesting that the investment has average results relative to other mutual funds in terms of risk-adjusted performance. This ranking is determined by the cumulative values of the indicators listed below.
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for T. Rowe Price Summit Municipal Income Fund (PRINX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.
Dividends
Dividend History
T. Rowe Price Summit Municipal Income Fund provided a 3.23% dividend yield over the last twelve months, with an annual payout of $0.37 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.37 | $0.34 | $0.28 | $0.27 | $0.33 | $0.35 | $0.36 | $0.38 | $0.39 | $0.41 | $0.42 | $0.43 |
Dividend yield | 3.23% | 2.97% | 2.61% | 2.13% | 2.64% | 2.87% | 3.12% | 3.18% | 3.32% | 3.42% | 3.53% | 3.84% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Summit Municipal Income Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.31 | |
| 2023 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.34 |
| 2022 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.03 | $0.02 | $0.02 | $0.03 | $0.28 |
| 2021 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.27 |
| 2020 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.33 |
| 2019 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.35 |
| 2018 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.36 |
| 2017 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.38 |
| 2016 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.39 |
| 2015 | $0.03 | $0.04 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.04 | $0.03 | $0.04 | $0.41 |
| 2014 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.03 | $0.04 | $0.42 |
| 2013 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.43 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
Worst Drawdowns
The table below displays the maximum drawdowns of the T. Rowe Price Summit Municipal Income Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the T. Rowe Price Summit Municipal Income Fund was 15.70%, occurring on Oct 25, 2022. The portfolio has not yet recovered.
The current T. Rowe Price Summit Municipal Income Fund drawdown is 1.97%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -15.7% | Aug 6, 2021 | 308 | Oct 25, 2022 | — | — | — |
| -13.04% | Jan 24, 2008 | 226 | Dec 15, 2008 | 107 | May 20, 2009 | 333 |
| -12.36% | Mar 3, 2020 | 14 | Mar 20, 2020 | 175 | Nov 27, 2020 | 189 |
| -8.86% | May 3, 2013 | 87 | Sep 5, 2013 | 168 | May 7, 2014 | 255 |
| -7.69% | Oct 13, 2010 | 66 | Jan 14, 2011 | 135 | Jul 29, 2011 | 201 |
Volatility
Volatility Chart
The current T. Rowe Price Summit Municipal Income Fund volatility is 1.90%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.