PAIMX Fees and Costs — T. Rowe Price Summit Municipal Income Fund, Advisor Class
Data updated: 2026-09-25
The net expense ratio is 0.70%: a 0.32% management fee, a 0.25% 12b-1 fee plus 0.24% other expenses, less a 0.11% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 30%.
PAIMX Fees and Expenses
Annual operating expenses and sales charges of PAIMX. Prospectus, as of December 22, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.32% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.24% |
| Gross expense ratio | 0.81% |
| Fee waiver | −0.11% |
| Net expense ratio | 0.70% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
PAIMX Costs Over Time
On $10,000 invested in PAIMX, assuming 5% a year before costs, total costs come to $440 over 5 years, cutting the return by 0.73% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.70%) | $74 | $230 | $400 |
| Lost growth on money paid in costs | $0 | $11 | $40 |
| Total costs | $74 | $241 | $440 |
| Value after costs | $10,426 | $11,335 | $12,322 |
| Impact on return, per year | 0.73% | 0.73% | 0.73% |
PAIMX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $3.8B
- Portfolio turnover (prospectus): 30%
- Securities lending: none during the year
PAIMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $937.2M | 28.98% |
| BARCLAYS CAPITAL INC. | $410.1M | 12.68% |
| SAMUEL A. RAMIREZ & COMPANY, INC. | $395.6M | 12.23% |
| TD Securities Ltd. | $345.4M | 10.68% |
| WELLS FARGO SECURITIES, LLC | $260.7M | 8.06% |
| RBC Capital Markets, LLC | $229.1M | 7.08% |
| BOFA SECURITIES, INC. | $207.3M | 6.41% |
| JEFFERIES LLC | $194.9M | 6.03% |
| Truist Securities, Inc. | $144.5M | 4.47% |
| MORGAN STANLEY & CO. LLC | $109.3M | 3.38% |
T. Rowe Price Summit Municipal Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PRIMX | I Class | 0.35% | — |
| PRINX | T. Rowe Price Summit Municipal Income Fund | 0.45% | — |
| PAIMX | Advisor Class | 0.70% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.