Morningstar rated the Summit Municipal Intermediate Fund among
Muni National Interm
funds for the overall rating and the 3-, 5-, and 10-year periods (as applicable)
ending 02/28/2019, respectively.
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. The
weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year
rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating
for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most
weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is
included in all three rating periods.
This chart shows the value of a hypothetical $25,000 investment in the fund over the past 10 years or since its inception (for funds lacking 10-year records) compared with its benchmark. Lipper averages consist of all the mutual funds in a particular category; Lipper indexes consist of a small number (10 or 30) of the largest funds in a category.
*Summit funds require a $25,000 Minimum Investment.
◊ Ratings displayed with hollow stars represent Morningstar Extended Performance Ratings. Morningstar provides
adjusted historical returns and an Extended Performance Rating for some mutual fund share class that don't have a 1, 3-,
5-, or 10-year performance history. These hypothetical Morningstar Ratings are based on the historical performance of the
oldest share class of the fund, adjusted for fees and expenses.
1 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.
The fund seeks the highest level of income exempt from federal income taxes consistent with moderate price fluctuation.
SEC Standardized w/ Waiver
SEC Standardized w/o Waiver
Average Annual Total Returns 3
October 29, 1993
Gross Expense Ratio^*
Net Expense Ratio^*
Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results.
Share price, principal value, yield and return will vary and you may have a gain or loss when you sell your shares.
2 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.
Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.
For funds less than one year old, the Since Inception return figure is not annualized and represents an aggregate total return.
^ 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.
* 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.
The mutual funds referred to in this website are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. Download a prospectus.