Maryland Tax-Free Money Fund
Invests in municipal securities that will mature in 13 months or less, and weighted maturity average will not exceed 90 days. At least 65% of total assets invested in Maryland municipal securities.
You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
NAV Type
Net Assets3
(USD)
Data as of 12/31/2020
Price
(USD)
Daily Price Change
Data as of 01/15/2021
Data as of 01/15/2021
Strategy
Investment Objective
- The fund seeks to provide preservation of capital, liquidity, and, consistent with these objectives, the highest level of income exempt from federal and Maryland state and local income taxes.
Yields & Dividends (Investor Class)
7-Day Annualized Simple
with waiver
0.01%without waiver
-0.55%Data as of 01/15/2021
7-Day Annualized Compound
with waiver
0.01%without waiver
-0.54%Data as of 01/15/2021
Monthly Dividend
(USD)
$0.000009344
Data as of 12/31/2020
Average Annual Total Returns (Investor Class)
1 YR
0.33%Benchmark
0.33%Value
0.00%Data as of 12/31/2020
3 YR
0.81%Benchmark
0.77%Value
0.04%5 YR
0.55%Benchmark
0.56%Value
-0.01%10 YR
0.28%Benchmark
0.29%Value
-0.01%Expense Ratio
Gross
0.77%Net
0.41%Limitation Type
ContractualCurrent performance may be higher or lower than the quoted past performance, which cannot guarantee future results. Investment return and yield will vary. The average annual total return figures include reinvested dividends.
Year-to-date figures for the money funds are not annualized and represent total return, which includes reinvested distributions. The yield quotation more closely reflects the current earnings of the money market fund than does the total return.
A method of calculating a money fund's yield by annualizing the fund's net investment income for the last seven days of each period divided by the fund's net asset value at the end of the period.
The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement. If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above. Expense ratios are as of the most recent prospectus.
In an effort to maintain a zero or positive net yield, T. Rowe Price has voluntarily waived or reimbursed all or a portion of the management fee and operating expenses it is entitled to receive from the fund. The 7- day yield without waiver represents what the yield would have been if we were not waiving those fees. In addition, the fund’s performance without the fee waiver or reimbursement would also have been lower. This voluntary waiver is in addition to any contractual expense ratio limitation in effect for the fund and may be amended or terminated at any time without prior notice. Please see the prospectus for more details.
Current Year Performance (Investor Class)
Daily YTD
0.00%Benchmark
N/AValue
N/AData as of 01/15/2021
Monthly YTD
0.33%Benchmark
0.33%Value
0.00%Data as of 12/31/2020
One Month
0.00%Benchmark
0.01%Value
-0.01%Three Months
0.00%Benchmark
0.01%Value
-0.01%Holdings
Total
Holdings
52
Team (As of )

Doug Spratley, CFA®
Portfolio Manager
Doug Spratley is a portfolio manager in the Fixed Income Division, co-managing the money market strategies. He is cochairman of the Investment Advisory Committees for the Reserve Investment, Government Money, Ultra Short-Term Bond, Cash Reserves, U.S. Treasury Money, and Institutional Cash Reserves Funds and the Government Money Portfolio. He also is a member of the Global Fixed Income Best Execution, Securities Lending Oversight, and Money Market Policy Committees. Doug is a vice president of T. Rowe Price Associates, Inc., T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.
- Fund manager
since 2020 - Years at
T. Rowe Price 12 - Years investment
experience 24

Whitney Reid
Portfolio Specialist
Whitney Reid is a portfolio specialist in the Fixed Income Division. He supports the Stable Value, Money Market, US Ultra Short-Term Bond, and US Short-Term Bond Strategies and acts as a proxy for fixed income portfolio managers with clients, consultants, and prospects. Whitney is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
- Years at
T. Rowe Price 9 - Years investment
experience 25
For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.
How to Invest
View platform informationShare Class | Min Initial Investment (USD) | Min Subsequent Investment (USD) | 12b-1 Fee | Expense Ratio | |||
---|---|---|---|---|---|---|---|
Gross | Net | Limitation Type | Limitation Expiration Date | ||||
Investor Class Cusip 77957R879 |
$2,500 | $100 | 0.00% | 0.77% | 0.41% | Contractual | 06/30/2021 |
I Class Cusip 77957R846 |
$1,000,000* | N/A | 0.00% | 0.69% | 0.33% |
Contractual |
06/30/2021 |
Minimum initial investment $1,000,000, certain exceptions may apply. Minimum waived for I Classes offered through Workplace Retirement plans.
Doug Spratley is a portfolio manager in the Fixed Income Division, co-managing the money market strategies. He is cochairman of the Investment Advisory Committees for the Reserve Investment, Government Money, Ultra Short-Term Bond, Cash Reserves, U.S. Treasury Money, and Institutional Cash Reserves Funds and the Government Money Portfolio. He also is a member of the Global Fixed Income Best Execution, Securities Lending Oversight, and Money Market Policy Committees. Doug is a vice president of T. Rowe Price Associates, Inc., T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.