T. Rowe Price Tax-Free Shrt-IntermPRFSX

Morningstar Rating

Fund Research and Analysis

by Lawrence Jones

T. Rowe Price Tax-Free Short-Intermediate continues to display its merits.

This Fund Analyst Pick's manager, Charlie Hill (here since 1995), runs this muni-national short-term offering with a caution inherent in all the firm's tax-exempt offerings, albeit within the context of a credit-oriented style. Read more

Kudos

Steady approach.

Below-average expenses.

Consistent results. Read more

Risks

Unlikely to wow investors with its yield or total return.

A bit more interest-rate sensitivity than its average category peer. Read more

Strategy

Manager Charlie Hill generally keeps interest-rate and credit risk under wraps. Duration (a measure of interest-rate sensitivity) stays close to its benchmark index, and most of the fund's assets are stashed in credits rated AA or higher. Read more

Management

Charlie Hill has led the effort here since 1995 and has had much success. He is backed by the firm's strong credit-research department. He also managed T. Rowe Price Tax-Free Intermediate--which was merged into T. Rowe Price Summit Municipal Intermediate PRSMX--and two of T. Read more

Inside Scoop

Landing at the tame end of the municipal-bond spectrum, this fund isn't likely to wow investors with its returns or yield. Still, it has delivered good long-term results. Read more

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