Fund Evaluator:

T. Rowe Price Summit Municipal Inc Inv Overview

T. Rowe Price Summit Municipal Inc Inv (PRINX) is an actively managed Municipal Bond Muni National Long fund. T. Rowe Price launched the fund in 1993.

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, which are securities rated in one of the four highest rating categories by at least one major credit rating agency or, if unrated, deemed by the adviser to be of comparable quality. Normally, at least 80% of the fund’s income will be exempt from federal income taxes. However, a significant portion of the fund’s income could be derived from securities subject to the alternative minimum tax.

About T. Rowe Price Summit Municipal Inc Inv (PRINX)

There are 2 members of the management team with an average tenure of 2.33 years: Austin Applegate (2023), Timothy Taylor (2025). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Lipper General&insured muni Dt Av index with a weighting of 100%. T. Rowe Price Summit Municipal Inc Inv has 819 securities in its portfolio. The top 10 holdings constitute 7.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

T. Rowe Price Summit Municipal Inc Inv is part of the Fixed Income global asset class and is within the Municipal Bond fund group. T. Rowe Price Summit Municipal Inc Inv has 5.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.7% (93.7% domestic bond, 5.0% foreign bond and 0.0% convertible bond). T. Rowe Price Summit Municipal Inc Inv has 1.3% of the portfolio in cash.

Assets Under Management

The fund has $1 billion in total assets, which is above the $1 billion average for the Muni National Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

PRINX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The T. Rowe Price Summit Municipal Inc Inv expense ratio is average compared to funds in the Muni National Long category. T. Rowe Price Summit Municipal Inc Inv has an expense ratio of 0.45%, which is 42% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. T. Rowe Price Summit Municipal Inc Inv has a portfolio turnover rate of 30%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 37% for the Muni National Long category.

Recently, in the month of June 2026, T. Rowe Price Summit Municipal Inc Inv returned 1.1%, which earned it a grade of B, as the Muni National Long category had an average return of 1.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

T. Rowe Price Summit Municipal Inc Inv has a trailing yield of 3.69%, which is above the 3.62% category average. The fund normally distributes its income monthly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

T. Rowe Price Summit Municipal Inc Inv Grades

Year to date, the fund has returned 3.1%, 0.4 percentage points better than the category, which translates into a grade of B. The fund has returned 8.2% over the past year (grade of A), 4.3% over the past three years (grade of B) and 1.0% per year over the past five years (grade of B) and 2.2% per year over the past 10 years (grade of B).

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