Maryland Short-Term Tax-Free Bond Fund
PRMDX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Bonds
- Address
- 100 East Pratt Street Baltimore MD United States of America 21202
- IPO Date
- Jan 29, 1993
- CIK
- 0000795384
- Website
- troweprice.com
- Similar Companies
- Business
- T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) is an open-end mutual fund that seeks to provide the highest level of income exempt from federal and Maryland state and local income taxes consistent with modest fluctuation in principal value; it invests at least 80% of its net assets in investment-grade municipal bonds issued by or on behalf of the State of Maryland or its political subdivisions; the portfolio maintains a weighted average maturity not expected to exceed three years, with no maturity limit on individual securities; top holdings include Maryland State Department of Transportation Consolidated Transportation bonds (5%), Puerto Rico Commonwealth bonds (5.625%), Baltimore County MD bonds (5%), and Maryland State bonds (5%). The fund, domiciled in the United States and available primarily to U.S. investors including Maryland residents seeking tax-exempt income, holds total net assets of approximately $177 million with a net expense ratio of 0.53%; minimum initial investment is $2,500 ($1,000 for IRAs), with subsequent investments of $100. Launched on January 29, 1993, and managed by T. Rowe Price Group, Inc., headquartered in Baltimore, Maryland, the fund is overseen by portfolio managers Charles Hill (since December 31, 1996) and James Lynch (co-manager since June 30, 2024). In a recent management development, James Lynch joined as co-portfolio manager effective June 30, 2024, complementing the long-tenured leadership of Charles Hill; portfolio turnover stood at 41% for the year ended December 31, 2024, reflecting active duration management amid fluctuating interest rates.