Fund Evaluator:

T. Rowe Price Short-Itmt Muncpl Bd I Overview

T. Rowe Price Short-Itmt Muncpl Bd I (TTSIX) is an actively managed Municipal Bond Muni National Short fund. T. Rowe Price launched the fund in 2016.

The investment seeks to provide, consistent with modest price fluctuation, a high level of income exempt from federal income taxes by investing primarily in short- and intermediate-term investment-grade municipal securities. The fund normally invests at least 80% of its net assets in municipal bonds whose income is exempt from regular federal income taxes. It invests in various types of municipal securities that are exempt from regular federal income taxes, including private activity bonds, which are issued by a government agency on behalf of a private sector company and typically are not backed by the credit of the issuing municipality.

About T. Rowe Price Short-Itmt Muncpl Bd I (TTSIX)

There are 1 members of the management team with an average tenure of 2.17 years: James Lynch (2024). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg Muni 1-5 Yr Blend(1-6) TR USD index with a weighting of 100%. T. Rowe Price Short-Itmt Muncpl Bd I has 517 securities in its portfolio. The top 10 holdings constitute 10.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

T. Rowe Price Short-Itmt Muncpl Bd I is part of the Fixed Income global asset class and is within the Municipal Bond fund group. T. Rowe Price Short-Itmt Muncpl Bd I has 6.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.3% (93.1% domestic bond, 6.1% foreign bond and 0.0% convertible bond). T. Rowe Price Short-Itmt Muncpl Bd I has 0.8% of the portfolio in cash.

Assets Under Management

The fund has $733 million in total assets, which is above the $642 million average for the Muni National Short category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

TTSIX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The T. Rowe Price Short-Itmt Muncpl Bd I expense ratio is below average compared to funds in the Muni National Short category. T. Rowe Price Short-Itmt Muncpl Bd I has an expense ratio of 0.24%, which is 59% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. T. Rowe Price Short-Itmt Muncpl Bd I has a portfolio turnover rate of 36%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Muni National Short category.

Recently, in the month of August 2026, T. Rowe Price Short-Itmt Muncpl Bd I returned 0.3%, which earned it a grade of D, as the Muni National Short category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

T. Rowe Price Short-Itmt Muncpl Bd I has a trailing yield of 3.19%, which is above the 2.78% category average. The fund normally distributes its income monthly.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

T. Rowe Price Short-Itmt Muncpl Bd I Grades

Year to date, the fund has returned 1.2%, 0.1 percentage points better than the category, which translates into a grade of C. The fund has returned 2.3% over the past year (grade of C), 3.6% over the past three years (grade of B) and 1.5% per year over the past five years (grade of C) and 1.7% per year over the past 10 years (grade of C).

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