• A nationally focused, laddered bond offering that seeks to provide a high level of tax-exempt income by investing in municipal securities with maturities out to six years.
• Portfolio offers structured income streams across maturity spectrum of one to six years. 
• Backed by our independent credit research and quantitative capabilities, our investment approach emphasizes revenue bonds over general obligation (GO) debt due to the unfunded pension liabilities burdening many state and local GO borrowers.

Established and Consistent Investment Philosophy and Process

We have adhered to our investment philosophy and process since 1976, beginning with the inception of our flagship national municipal bond fund. We have consistently implemented our disciplined investment process through a wide range of market conditions and believe that our long‑term performance track record validates our approach.

Experience Managing Municipal Bond Assets

We offer clients an established and rigorous investment process in managing municipal products, honed over decades. Having largely managed municipal bond portfolios since the early 1990s, our highly experienced portfolio management team has successfully navigated multiple market cycles and demonstrated a deep understanding of fundamental factors driving returns in the municipal market.

Fundamental Credit Research

With one of the industry’s strongest commitments to in‑house research, T. Rowe Price portfolio managers rely on our proprietary research and independently developed internal credit ratings to support all investment decisions. Our dedicated municipal credit research team goes beyond the audited financial statements of debt issuers to assess budgetary, economic, demographic, and political factors.

In addition, our analysts often incorporate site visits and/or interviews with issuers’ management teams in their evaluations to further enhance their understanding of a given project. Analysts typically have specialties, such as covering health care credits, and use their extensive sector knowledge to assist our portfolio managers in identifying attractive investment opportunities. When evaluating corporate‑backed municipal bonds, we regularly leverage T. Rowe Price’s broader research platform and collaborate with our equity and taxable fixed income colleagues for additional insights.

All investments are subject to risks, including the possible loss of principal. Fixed income securities are subject to credit risk, liquidity risk, call risk, and interest rate risk. As interest rates rise, bond prices generally fall. The portfolio will be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers and the economy. Differences between compared investments may include, fees, expenses, liquidity, volatility, tax features, holdings, and other features, which may result in differences in performance. There is no assurance the investment objectives will be met. State and local taxes may apply. 

We would be pleased to discuss our solutions, products, and capabilities with you. Call 1-877-561-7670 to learn more about SMAs and model portfolios, and more specifically, about which T. Rowe Price SMAs may be suitable for your clients.