Summit Municipal Income Fund

Invests at least 80% in investment-grade bonds rated from AAA to BBB by at least one national rating agency or rated the equivalent by T. Rowe Price if other ratings are not available. May invest up to 20% of the fund’s total assets in non-investment-grade bonds.

Subject to the usual risks of fixed-income investing, including interest rate risk, credit risk, and political risk.

Morningstar (Category)

Morningstar
(Overall Rating)1

Muni National Long
  (144 funds)

Data as of 06/30/2021

Data as of 06/30/2021

Fund Manager Tenure2

Net Assets3
(USD)

22yrs
$3.3b

Data as of 06/30/2021

Data as of 06/30/2021

Price
(USD)

Daily Price Change

$12.68
$0.00

Data as of 07/27/2021

Data as of 07/27/2021

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Konstantine Mallas
Konstantine Mallas, Portfolio Manager

Konstantine “Dino” Mallas is a portfolio manager in the Fixed Income Division. He manages the US Municipal Single State Bond and US Municipal Long-Term Bond Strategies and co-manages the California Tax-Free Bond Fund. He is president and chairman of the Investment Advisory Committee of the Tax-Free Income Fund; executive vice president of the Summit Municipal and State Tax-Free Funds, Inc.; chairman of the Investment Advisory Committees of the Summit Municipal Income, New Jersey Tax-Free Bond, and New York Tax-Free Bond Funds; cochairman of the Investment Advisory Committee of the California Tax-Free Bond Fund; and an Investment Advisory Committee member of the Summit Municipal Intermediate, Tax-Free High Yield, Intermediate Tax-Free High Yield, Georgia Tax-Free Bond, Maryland Tax-Free Bond, and Virginia Tax-Free Bond Funds. Dino is a vice president of T. Rowe Price Associates, Inc., and T. Rowe Price Group, Inc.

View more

Strategy

Investment Objective

The fund seeks a high level of income exempt from federal income taxes.

Morningstar Fixed Income Style

Mid / Moderate

Data as of 06/30/2021

The Morningstar Style Box™, a proprietary Morningstar data point, is a 9-square grid that provides a graphical representation of the "investment style" of stocks and mutual funds. See disclaimer at bottom of page for more information.

Morningstar Rating

Period Rating Funds In Category (Muni National Long)
Overall 144
3 Years 144
5 Years 123
10 Years 98

The Morningstar Rating™ for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

Yields & Dividends (Investor Class)

30-Day SEC Standardized Yield
with waiver
0.83%

Data as of 06/30/2021

without waiver
0.81%

Data as of 06/30/2021

30-Day Annualized Dividend Yield
with waiver
2.08%

Data as of 07/27/2021

Monthly Dividend
(USD)
$0.021812542

Data as of 06/30/2021

Monthly Dividend
Rate
0.02%

Data as of 07/27/2021

Average Annual Total Returns (Investor Class)

1 YR
7.14%
Benchmark
4.17%
Value
2.97% 2.97%

Data as of 06/30/2021

3 YR
5.18%
Benchmark
5.10%
Value
0.08% 0.08%

Data as of 06/30/2021

5 YR
3.31%
Benchmark
3.25%
Value
0.06% 0.06%

Data as of 06/30/2021

10 YR
4.82%
Benchmark
4.28%
Value
0.54% 0.54%

Data as of 06/30/2021

Benchmark: Bloomberg Barclays Municipal Bond Index

Fund Inception: 10/29/1993

Expense Ratio

Gross
0.52%
Net
0.50%
Limitation Type
Contractual
expires N/A

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

Investors should note that short term returns greater than 40% are highly unusual and unlikely to be sustained.

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.  If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above.  Expense ratios are as of the most recent prospectus.

The 30-day dividend yield represents the average daily dividends for the 30-day period, annualized and divided by the net asset values per share at the end of the period; it is available the first quarter after the fund's inception. The SEC standardized yield is computed under an SEC standardized formula and reflects an estimated yield to maturity (assuming all portfolio securities are held to maturity); it is available the first month after the fund's inception.

T. Rowe Price Associates, Inc., has contractually agreed to permanently waive any expenses that would cause the class' ratio of expenses to average daily net assets to exceed the net expense ratio listed above. This waiver may only be terminated by approval of the fund's shareholders. Fees waived and expenses paid under the fund's contractual expense limitation arrangement are subject to reimbursement to T. Rowe Price Associates by the fund whenever the fund's expense ratio is below a certain level. See the prospectus for details.

Current Year Performance (Investor Class)

Daily YTD
3.46%
Benchmark
1.95%
Value
1.51%

Data as of 07/27/2021

Monthly YTD
2.57%
Benchmark
1.06%
Value
1.51%

Data as of 06/30/2021

One Month
0.57%
Benchmark
0.27%
Value
0.30%

Data as of 06/30/2021

Three Months
2.41%
Benchmark
1.42%
Value
0.99%

Data as of 06/30/2021

Benchmark: Bloomberg Barclays Municipal Bond Index

Fund Inception: 10/29/1993

Asset Allocation

Net Assets
(USD)
$3.3b

Data as of 06/30/2021

Largest US Bonds 96.47% $3.2b
Other View complete

Holdings

Total
Holdings
783

Data as of 06/30/2021

Largest Holding Buckeye Tobacco Settlement Financing Authority 0.99% Was (03/31/2021) 0.07%
Other View complete
Top 10 Guarantors 15.61% View the latest

Quality

N/A

Maturity

Weighted Average

18.01 Years

Duration

Weighted Average

4.90 Years

Top

A
36.12%
Was (05/31/2021) 35.84%

Top

10+ Years
77.14%
Was (05/31/2021) 77.14%

Top

7-10 Years
35.28%
Was (05/31/2021) 36.48%

Over

A
By 10.92%
Fund 36.12%
Benchmark 25.19%

Over

10+ Years
By 20.94%
Fund 77.14%
Benchmark 56.20%

Over

7-10 Years
By 10.87%
Fund 35.28%
Benchmark 24.41%

Under

AA
By -23.56%
Fund 27.27%
Benchmark 50.83%

Under

7-10 Years
By -9.22%
Fund 2.88%
Benchmark 12.10%

Under

1-3 Years
By -11.49%
Fund 8.32%
Benchmark 19.82%

Data as of 06/30/2021

Benchmark: Bloomberg Barclays Municipal Bond Index

Sectors

Total
Sectors
7

Data as of 06/30/2021

Benchmark: Bloomberg Barclays Municipal Bond Index

Largest Sector Revenue 82.07% Was (05/31/2021) 82.64%
Other View complete

Over

Revenue
By 16.13%
Fund 82.07%
Benchmark 65.94%

Under

Go
By -19.51%
Fund 7.85%
Benchmark 27.37%

Data as of 06/30/2021

Team (As of )

Konstantine Mallas

Konstantine Mallas
Portfolio Manager

Konstantine “Dino” Mallas is a portfolio manager in the Fixed Income Division. He manages the US Municipal Single State Bond and US Municipal Long-Term Bond Strategies and co-manages the California Tax-Free Bond Fund. He is president and chairman of the Investment Advisory Committee of the Tax-Free Income Fund; executive vice president of the Summit Municipal and State Tax-Free Funds, Inc.; chairman of the Investment Advisory Committees of the Summit Municipal Income, New Jersey Tax-Free Bond, and New York Tax-Free Bond Funds; cochairman of the Investment Advisory Committee of the California Tax-Free Bond Fund; and an Investment Advisory Committee member of the Summit Municipal Intermediate, Tax-Free High Yield, Intermediate Tax-Free High Yield, Georgia Tax-Free Bond, Maryland Tax-Free Bond, and Virginia Tax-Free Bond Funds. Dino is a vice president of T. Rowe Price Associates, Inc., and T. Rowe Price Group, Inc.

  • Fund manager
    since 1999
  • Years at
    T. Rowe Price 34
  • Years investment
    experience 30
Dawn Mueller, CFA

Dawn Mueller, CFA
Portfolio Specialist

Dawn Mueller is a portfolio specialist in the Fixed Income Division. She supports the municipal bond strategies, working closely with clients, prospects, and consultants. Dawn is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 3
  • Years investment
    experience 21

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

How to Invest

View platform information
Share Class Min Initial Investment (USD) Min Subsequent Investment (USD) 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
Investor Class
Cusip 77957N308
$25,000 $1,000 0.00% 0.52% 0.50% Contractual N/A
Advisor Class
Cusip 77957N506
$25,000 $1,000 0.25% 0.90% 0.75% Contractual
N/A
I Class
Cusip 77957N704
$1,000,000* N/A 0.00% 0.39% 0.39% Contractual
N/A

* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.

1

© 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

2

Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

Figure applies to all share classes.

Dismiss
Tap to dismiss