Morningstar

T. Rowe Price Core Municipal Bond Fund PRTAX

Morningstar Medalist Rating
Medalist Rating as of | See T. Rowe Price Investment Hub
  • NAV / 1-Day Return 8.84  /  0.00
  • Total Assets 2.1B
  • Adj. Expense Ratio
    0.410%
  • Expense Ratio 0.410%
  • Distribution Fee Level Low
  • Share Class Type No Load
  • Category Muni National Long
  • Credit Quality / Interest Rate Sensitivity —
  • Min. Initial Investment 2,500
  • Status Open
  • TTM Yield 4.07%
  • Effective Duration 8.17 years

USD | NAV as of Oct 03, 2026 | 1-Day Return as of Oct 03, 2026, 12:11 AM GMT+0

Morningstar’s Analysis PRTAX

Will PRTAX 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 PRTAX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the PRTAX 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 PRTAX’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 Tax-Free Income’s approach remains thoughtful and collaborative despite several changes over the past three years. Those 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 2007, and to prepare for that transition, the firm named Tim Taylor to this fund and Austin Applegate to its sibling, T. Rowe Price Summit Municipal 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 PRTAX

More PRTAX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 6.9
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.75%

0.85 19M
municipal

NORTH CAROLINA TPK AUTH TRIANGLE EXPWY SYS REV 5%

0.75 17M
municipal

REGIONAL TRANSN AUTH ILL 6%

0.74 17M
municipal

PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.329%

0.71 16M
municipal

COLUMBIA CNTY GA HOSP AUTH REV 5.75%

0.68 15M
municipal

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

0.66 15M
municipal

NEW YORK TRANSN DEV CORP SPL FAC REV 6%

0.65 15M
municipal

NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT 5.5%

0.65 15M
municipal

MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV 5.5%

0.60 13M
municipal

HAMILTON CNTY OHIO HOSP FACS REV 5%

0.59 13M
municipal

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