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Trending ETFs

Name

As of 02/23/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$11.39

$5.17 B

2.57%

$0.29

0.52%

Vitals

YTD Return

-0.3%

1 yr return

4.8%

3 Yr Avg Return

-0.3%

5 Yr Avg Return

1.5%

Net Assets

$5.17 B

Holdings in Top 10

5.8%

52 WEEK LOW AND HIGH

$11.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.52%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 6.60%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 02/23/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$11.39

$5.17 B

2.57%

$0.29

0.52%

PRSMX - Profile

Distributions

  • YTD Total Return -0.3%
  • 3 Yr Annualized Total Return -0.3%
  • 5 Yr Annualized Total Return 1.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.08%
DIVIDENDS
  • Dividend Yield 2.6%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    T. Rowe Price Summit Municipal Intermediate Fund
  • Fund Family Name
    TROWEPRICE
  • Inception Date
    Oct 29, 1993
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Charles Hill

Fund Description

The fund will normally invest at least 90% 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 10% of its total assets in below investment-grade bonds, known as “junk” bonds, including those with the lowest credit ratings.

Under normal conditions, the fund’s dollar-weighted average effective maturity will be three to ten years. There are no maturity limitations on individual securities.

Normally, at least 80% of the fund’s income will be exempt from federal income taxes. However, up to 20% of the fund’s income could be derived from securities subject to the alternative minimum tax.

Investment decisions generally reflect the portfolio manager’s outlook for interest rates and the economy, as well as the prices, yields, and credit quality of various securities in which the fund may invest. For example, if interest rates are expected to fall, the fund may purchase longer-term securities (to the extent consistent with the fund’s investment program) in an attempt to seek higher yields and/or capital appreciation. Conversely, if interest rates are expected to rise, the fund may seek securities with shorter maturities.

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PRSMX - Performance

Return Ranking - Trailing

Period PRSMX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.3% -2.2% 8.0% 77.56%
1 Yr 4.8% -0.8% 37.6% 55.74%
3 Yr -0.3%* -10.3% 2.7% 29.82%
5 Yr 1.5%* -4.9% 1103.5% 30.31%
10 Yr 2.1%* -0.2% 248.2% 43.15%

* Annualized

Return Ranking - Calendar

Period PRSMX Return Category Return Low Category Return High Rank in Category (%)
2023 2.9% -1.4% 41.0% 44.91%
2022 -9.7% -40.2% 0.3% 33.73%
2021 -0.6% -5.6% 6.9% 50.46%
2020 2.1% -2.6% 310.0% 33.36%
2019 3.9% 0.0% 26.0% 41.88%

Total Return Ranking - Trailing

Period PRSMX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.3% -2.2% 8.0% 77.56%
1 Yr 4.8% -0.8% 37.6% 55.74%
3 Yr -0.3%* -10.3% 2.7% 29.82%
5 Yr 1.5%* -4.9% 1103.5% 30.31%
10 Yr 2.1%* -0.2% 248.2% 43.15%

* Annualized

Total Return Ranking - Calendar

Period PRSMX Return Category Return Low Category Return High Rank in Category (%)
2023 5.5% -1.3% 41.0% 54.38%
2022 -7.5% -40.2% 1.1% 32.29%
2021 1.5% -4.8% 23761504.0% 51.51%
2020 3.9% -1.5% 17057.9% 46.56%
2019 6.5% 0.2% 3514.6% 49.69%

NAV & Total Return History


PRSMX - Holdings

Concentration Analysis

PRSMX Category Low Category High PRSMX % Rank
Net Assets 5.17 B 3.48 M 68.1 B 5.64%
Number of Holdings 1176 2 12848 7.63%
Net Assets in Top 10 301 M -317 M 3.4 B 11.22%
Weighting of Top 10 5.81% 1.9% 100.4% 95.25%

Top 10 Holdings

  1. COMMONWEALTH OF PUERTO RICO 0.98%
  2. PEFA INC 0.65%
  3. PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE 0.59%
  4. MAIN STREET NATURAL GAS INC 0.59%
  5. MAIN STREET NATURAL GAS INC 0.59%
  6. SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT 0.52%
  7. CITY COUNTY OF DENVER CO AIRPORT SYSTEM REVENUE 0.51%
  8. LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY SALES TAX REVENUE 0.47%
  9. NEW YORK STATE DORMITORY AUTHORITY 0.46%
  10. BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY 0.45%

Asset Allocation

Weighting Return Low Return High PRSMX % Rank
Bonds
99.47% 0.00% 150.86% 26.01%
Cash
0.53% -50.86% 50.09% 75.71%
Stocks
0.00% 0.00% 99.88% 37.54%
Preferred Stocks
0.00% 0.00% 0.52% 29.42%
Other
0.00% -8.54% 33.35% 38.53%
Convertible Bonds
0.00% 0.00% 0.93% 29.34%

Bond Sector Breakdown

Weighting Return Low Return High PRSMX % Rank
Municipal
99.67% 44.39% 100.00% 25.23%
Cash & Equivalents
0.00% 0.00% 48.02% 54.55%
Derivative
0.00% -8.54% 24.50% 34.62%
Securitized
0.00% 0.00% 5.93% 29.86%
Corporate
0.00% 0.00% 9.41% 40.60%
Government
0.00% 0.00% 52.02% 35.26%

Bond Geographic Breakdown

Weighting Return Low Return High PRSMX % Rank
US
99.47% 0.00% 142.23% 23.91%
Non US
0.00% 0.00% 23.89% 35.71%

PRSMX - Expenses

Operational Fees

PRSMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.52% 0.03% 20.65% 79.88%
Management Fee 0.36% 0.00% 1.20% 32.29%
12b-1 Fee N/A 0.00% 1.00% 6.77%
Administrative Fee 0.15% 0.01% 0.44% 64.79%

Sales Fees

PRSMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

PRSMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

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.

PRSMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 6.60% 0.00% 283.00% 9.79%

PRSMX - Distributions

Dividend Yield Analysis

PRSMX Category Low Category High PRSMX % Rank
Dividend Yield 2.57% 0.00% 4.63% 32.16%

Dividend Distribution Analysis

PRSMX Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Monthly Monthly

Net Income Ratio Analysis

PRSMX Category Low Category High PRSMX % Rank
Net Income Ratio 2.08% -0.53% 5.33% 42.63%

Capital Gain Distribution Analysis

PRSMX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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PRSMX - Fund Manager Analysis

Managers

Charles Hill


Start Date

Tenure

Tenure Rank

Oct 29, 1993

28.61

28.6%

Mr. Hill, who joined T. Rowe Price in 1991, is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price Associates, Inc., and is a portfolio manager in the Fixed Income Division. He manages short- and intermediate- term municipal bond funds along with separately managed tax-exempt accounts, and best after-tax fixed-income accounts investing in both tax-exempt and taxable fixed-income securities. He earned a B.S. from Guilford College and also has earned his Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.35 1.58