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  • T. Rowe Price Summit Municipal Money Market Fund (TRSXX)
    Ticker Symbol:
    TRSXX
    Fund Status:
    Open to new Retail investors  /  Open to subsequent Retail investments
    Fund Objective
    Quick Stats
    Fiscal Year End  October
    Inception Date 10/29/1993
    Tax ID 52-1851275
    Investment Objective
    This fund seeks preservation of capital and liquidity and, consistent with these, the highest possible current income exempt from federal income taxes.
    Strategy
    The fund, which is managed to provide a stable share price of $1.00, invests in high-quality municipal securities whose incomes are expected to be exempt from federal income taxes. All securities held by the fund will mature in 13 months or less. The fund's weighted average maturity will not exceed 60 days, and its yield will fluctuate with changes in short-term interest rates.
    Investor Profile
    The fund may be appropriate for investors who deem the stability and accessibility of an investment to be more important than the opportunity for higher income or total return and who can meet the $25,000 minimum for initial purchases. The Summit Municipal Money Market Fund may be more appropriate than a taxable money market fund if the Summit fund's tax-exempt yield is higher than the after-tax yield on a taxable money fund. The higher your tax bracket, the more likely a tax-free fund is appropriate. However, if you are subject to the alternative minimum tax (AMT), you may wish to check the fund's AMT exposure. Some income may be subject to state and local taxes and the federal alternative minimum tax. The fund is not appropriate for tax-deferred accounts, such as IRAs.
    Availability
    All States
    Risk/Reward Potential*
    Click on the risk/reward spectrum below to view the funds in that category
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    Moderate
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    The fund offers a relatively secure, liquid investment for money you may need for occasional or unexpected expenses and for money awaiting investment in longer-term bond or stock funds. In addition to preserving capital, the fund seeks to provide the highest possible tax-exempt income available from low-risk, short-term municipal securities. The income dividends you receive from the fund should be exempt from federal income taxes, and your state may not tax the portion of the fund's income earned on the state's own obligations (if any).

    An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in it.
    *Funds are placed in general risk/return categories based on their past performance or, for newer funds, the performance of the types of securities in which they invest. There is no assurance past trends will continue.
    See Glossary for additional details on all data elements.