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T. Rowe Price Maryland S/T Muncpl Bd Overview

T. Rowe Price Maryland S/T Muncpl Bd (PRMDX) is an actively managed Municipal Bond Muni Single State Short fund. T. Rowe Price launched the fund in 1993.

The investment 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. The fund invests so that, under normal market conditions, at least 80% of its net assets (including any borrowings for investment purposes) are invested in bonds that pay interest exempt from federal and Maryland state and local income taxes, and at least 80% of the fund's income is expected to be exempt from federal and Maryland state and local income taxes. It is non-diversified.

About T. Rowe Price Maryland S/T Muncpl Bd (PRMDX)

There are 1 members of the management team with an average tenure of 2.08 years: James Lynch (2024). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal 1-3 Yr TR USD index with a weighting of 100%. T. Rowe Price Maryland S/T Muncpl Bd has 202 securities in its portfolio. The top 10 holdings constitute 17.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

T. Rowe Price Maryland S/T Muncpl Bd is part of the Fixed Income global asset class and is within the Municipal Bond fund group. T. Rowe Price Maryland S/T Muncpl Bd has 4.9% 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 94.5% (89.6% domestic bond, 4.9% foreign bond and 0.0% convertible bond). T. Rowe Price Maryland S/T Muncpl Bd has 5.5% of the portfolio in cash.

Assets Under Management

The fund has $56 million in total assets, which is below the $238 million average for the Muni Single State 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.

PRMDX 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 Maryland S/T Muncpl Bd expense ratio is average compared to funds in the Muni Single State Short category. T. Rowe Price Maryland S/T Muncpl Bd has an expense ratio of 0.53%, which is 18% lower than its category average, making the fund expense ratio grade a C. 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 Maryland S/T Muncpl Bd has a portfolio turnover rate of 22%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 43% for the Muni Single State Short category.

Recently, in the month of July 2026, T. Rowe Price Maryland S/T Muncpl Bd returned -0.2%, which earned it a grade of A, as the Muni Single State Short category had an average return of -0.7%. 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 Maryland S/T Muncpl Bd has a trailing yield of 2.57%, which is below the 2.95% category average. The fund normally distributes its income monthly and its capital gains annually.

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 Maryland S/T Muncpl Bd Grades

Year to date, the fund has returned 0.9%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 2.0% over the past year (grade of F), 2.9% over the past three years (grade of D) and 1.5% per year over the past five years (grade of B) and 1.2% per year over the past 10 years (grade of D).

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