T. Rowe Price Maryland Short-Term Tax-Free Bond Fund is a municipal bond mutual fund designed to provide investors with income exempt from both federal and Maryland state and local income taxes. Its primary function is to invest at least 80% of its net assets in high-quality, investment-grade municipal bonds issued by the state of Maryland and its local government entities. The fund targets a short-term profile, maintaining a weighted average maturity typically between one and three years, which helps to limit interest rate risk and contribute to modest fluctuations in principal value. Key sectors impacted include public infrastructure, transportation, housing, and various local government projects across Maryland, as reflected in the fund's diversified municipal holdings. The fund pays monthly dividends, appealing to investors seeking regular tax-advantaged income, and operates with a below-average risk profile compared to peers in its category. T. Rowe Price Maryland Short-Term Tax-Free Bond Fund plays a significant role for Maryland-based investors or those with Maryland tax exposure seeking preservation of capital and stable tax-exempt cash flow through municipal fixed income.
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