Morningstar

T. Rowe Price Core Plus Municipal Bond Fund Investor Class PRINX

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  • NAV / 1-Day Return $10.48  /  +0.58 %
  • Fund Size $2.4B
  • Adjusted Expense Ratio 0.450%
  • Net Expense Ratio 0.450%
  • Fee Level: Distribution Below Average
  • Share Class Type No Load
  • Morningstar Category Muni National Long
  • Fixed-Income Style Box (Funds) —
  • Minimum Initial Investment $25,000
  • Investment Status Open
  • TTM Yield 4.04%
  • Average Effective Duration 8.02 yrs
NAV and 1-Day Return as of

Morningstar’s Analysis PRINX

Will PRINX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable PRINX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the PRINX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of PRINX’s parent organization’s priorities and whether they’re in line with investors’ interests.

A compelling and repeatable approach to the long end of the muni market.

Associate Director Elizabeth Foos

Elizabeth Foos

Associate Director

Summary

T. Rowe Price Summit Municipal Income’s approach remains thoughtful and collaborative despite several team changes over the past three years. That included the retirements of veteran portfolio managers, notably Dino Mallas, a former manager of this strategy, at the end of 2023, and the loss of several analysts and a trader. Mallas managed this strategy since 1999; to prepare for that transition, the firm named Austin Applegate to this fund and Tim Taylor to its sibling, T. Rowe Price Tax-Free Income, in January 2023. Both managers came with significant experience at the firm. To recognize their close collaboration, the firm named the two managers to both strategies in May 2025. The firm’s team-based approach to managing its muni suite and the consistency of the team’s process mean that these changes are not expected to shift the priorities of the strategies.

by Elizabeth Foos
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Portfolio Holdings PRINX

More PRINX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 7.3
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.75%

1.07 27M
municipal

SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV 5%

0.86 21M
municipal

PUERTO RICO COMWLTH 0.00001%

0.85 21M
municipal

MAIN STR NAT GAS INC GA GAS SUPPLY REV 5%

0.81 20M
municipal

NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV 5.25%

0.75 19M
municipal

TEXAS MUN GAS ACQUISITION & SUPPLY CORP V GAS SUPPLY REV 5%

0.62 16M
municipal

OKLAHOMA TRANSN AUTH OK F/K/A OKLAHOMA ST TPK AUTH 5.5%

0.62 15M
municipal

TEXAS TRANSN FIN CORP SH 288 SYS TOLL REV 5.5%

0.61 15M
municipal

COOK CNTY ILL SALES TAX REV 5%

0.61 15M
municipal

LOS ANGELES CALIF DEPT ARPTS ARPT REV 5.5%

0.56 14M
municipal

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