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Address And Details

100 E Pratt Street , Baltimore, MD 21202
Fund Manager James M. Murphy
Manager Tenure 5 Years 1 Months

Strategy And Objective

The fund seeks to provide a high level of income exempt from federal income taxes by investing primarily in long-term low- to upper-medium-grade municipal securities. Although the fund may purchase securities of any maturity, the fund invests primarily in longer-term municipal securities. The fund generally seeks higher-yielding municipal bonds, including those that are rated non investment grade (BB and lower, or an equivalent rating) by a major credit rating agency or by T. Rowe Price, known as junk bonds.T. Rowe Price s active investment management approach emphasizes the value of in-depth fundamental credit research, diversification, and risk management practices. By using fundamental research, T. Rowe Price seeks to select investments for the fund s portfolio based on its outlook for the different sectors of the tax-free municipal market (for example, T. Rowe Price may emphasize revenue bonds instead of state and local general obligation debt) and specific issuers or securities. The goal of this approach is to seek higher yields while taking a risk-conscious approach.

Net Asset Value

as of 5:03 PM ET 11/30/2021


  • 1 Week
  • +0.32%
  • 1 Month
  • +0.88%
  • 3 Months
  • -0.63%
  • 1 Yr Return
  • +4.45%
  • 5 Yr Return
  • +9.03%

Equity Sector Breakdown

ConsumerDurables n/a
Energy n/a
Finance n/a
Health n/a
IndustrialCyclical n/a
NonDurables n/a
RetailTrade n/a
Services n/a
Technology n/a
Utilities n/a

Asset Allocation

Asset Type % Of Allocation
Bonds 101.70%
Stocks 0.01%
Cash 0.00%
Preferred 0.00%
Convertible 0.00%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Other -1.70%
Total Net Assets 1.28 B

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha -1.33 n/a n/a
Beta 1.56 n/a n/a
R Squared 0.76 n/a n/a
Std Deviation 7.08 n/a n/a
Sharpe Ratio 0.75 n/a n/a

Purchase Information

as of 5:59 PM ET 11/26/2021
Minimum Initial $1000000
Minimum Additional $0
Minimum Initial IRA $1000000


Timeframe Average Annual Current Performance Monthly As Of 11/30/2021 Average Annual Current Performance Quarterly As Of 09/30/2021 Avg Annual Current Performance Monthly As Of 11/30/2021 Avg Annual Current Performance Quarterly As Of 09/30/2021
1 Year
  • +7.84%
  • +9.09%
+7.84% +9.09%
3 Year
  • +6.48%
  • +5.96%
+6.48% +5.96%
10 Year
  • n/a
  • n/a
n/a n/a
Life Of Fund
  • +5.38%
  • +5.39%
+5.38% +5.39%

Top 10 Holdings

Symbol Company Name % Of Assets

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