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Share Name | Share Symbol | Market | Type |
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Feihe International, Inc. | NYSE:ADY | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.38 | 0.00 | 01:00:00 |
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SUMMARY
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TMDXX |
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July 1, 2013 |
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T. Rowe Price Maryland Tax-Free Money Fund |
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A money fund seeking income exempt from federal and Maryland state income taxes. |
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Before
you invest, you may want to review the funds prospectus, which contains more information about
the fund and its risks. You can find the funds prospectus and other information about the fund
online at
troweprice.com/prospectus.
You can also get this information at no cost by calling
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. |
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Summary |
1 |
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.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
Fees and Expenses of the Fund
a Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.
b The figure shown under Total annual fund operating expenses does not match the Ratio of expenses to average net assets shown in the Financial Highlights table, as that figure includes the effect of voluntary management fee waivers.
Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 year |
3 years |
5 years |
10 years |
$60 |
$189 |
$329 |
$738 |
Investments, Risks, and Performance
Principal Investment Strategies The fund will invest at least 65% of its total assets in Maryland municipal securities, and at least 80% of the funds income is expected to be exempt from federal and Maryland state and local income taxes. The fund is a
T. Rowe Price |
2 |
money fund managed in compliance with Rule 2a-7 under the Investment Company Act of 1940. The fund is managed to provide a stable share price of $1.00 by investing in high-quality U.S. dollar-denominated municipal money market securities. The funds weighted average maturity will not exceed 60 days, the funds weighted average life will not exceed 120 days, and the fund will not purchase any security with a remaining maturity longer than 397 calendar days (unless otherwise permitted by Rule 2a-7). When calculating its weighted average maturity, the fund may shorten its maturity by using the interest rate resets of certain adjustable rate securities. The fund may not take into account these resets when calculating its weighted average life.
The fund buys securities within the two highest short-term rating categories assigned by established credit rating agencies or, if unrated, deemed to be of comparable quality by T. Rowe Price. All securities purchased by the fund present minimal credit risk in the opinion of T. Rowe Price. In selecting securities for the fund, the portfolio manager may examine relationships among yields of various types and maturities of money market securities in the context of interest rate outlooks. The funds yield will fluctuate with changes in short-term interest rates.
Up to 20% of the funds income could be derived from securities that are subject to the alternative minimum tax.
The fund may invest a significant portion of assets in securities that are not general obligations of the state. These may be issued by local governments or public authorities and are rated according to their particular creditworthiness, which may vary from the states general obligation securities. From time to time, the fund may invest a significant portion of its assets in sectors with special risks, such as health care, electric utility, or private activity bonds.
The fund may also invest in obligations of the commonwealth of Puerto Rico and its public corporations (as well as the U.S. territories of Guam and the Virgin Islands) whose interest is exempt from federal and Maryland state and local income taxes. These securities are generally purchased when they offer a comparably attractive combination of risk and return.
Due to seasonal variations in the supply of suitable Maryland municipal securities, the fund may invest in other municipal securities whose interest is exempt from federal but not Maryland income taxes. While efforts will be made to minimize such investments, they could comprise up to 10% of the funds annual income.
The fund may sell holdings for a variety of reasons, such as to adjust the portfolios average maturity, duration, or credit quality or to shift assets into and out of higher-yielding securities.
Principal Risks As with any mutual fund, there can be no guarantee the fund will achieve its objective. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
Summary |
3 |
An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Money funds have experienced significant pressures from shareholder redemptions, issuer credit downgrades, illiquid markets, and historically low yields on the securities they can hold. There have been a very small number of money funds in other fund complexes that have broken the buck, which means that those funds investors did not receive $1.00 per share for their investment in those funds. You should be aware that the funds investment adviser is under no obligation to provide financial support to the fund or take other measures to ensure that you receive $1.00 per share for your investment in the fund. The potential for realizing a loss of principal in the fund could derive from:
Credit risk This is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation. Rule 2a-7 under the Investment Company Act of 1940 requires that money funds invest in securities rated in the two highest short-term credit rating categories. However, the credit quality of the securities held by the fund may change rapidly in certain market environments.
Interest rate risk This is the risk that a decline in interest rates will lower a funds yield, or that a rise in the overall level of interest rates will cause a decline in the prices of fixed income securities held by a fund. The funds yield will vary; it is not fixed for a specific period like the yield on a bank certificate of deposit. This is a disadvantage when interest rates are falling because the fund would have to reinvest at lower interest rates. During periods of extremely low or negative short-term interest rates, the fund may not be able to maintain a positive yield or yields on par with historical levels. In addition, the adoption of more stringent regulations governing the management of money funds could have a negative effect on the funds yield. Finally, the funds investment adviser may discontinue its voluntary waiver of the funds management fee at any time, which could also negatively affect the funds yield.
Municipal securities risk The fund will be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers. Income from municipal securities held by the fund could be declared taxable because of changes in tax laws or interpretations by taxing authorities, or noncompliant conduct of a municipal security issuer. In addition, a portion of the funds otherwise tax-exempt dividends may be taxable to those shareholders subject to the alternative minimum tax. Any fund investments in obligations of Puerto Rico or U.S. territories involve additional credit and tax risks.
Certain sectors of the municipal bond market have special risks that can impact such sectors more significantly than the market as a whole. For example, health care can be hurt by rising expenses and dependency on third party reimbursements, electric
T. Rowe Price |
4 |
utilities are subject to governmental rate regulation, and private activity bonds rely on project revenues and the creditworthiness of the corporate user as opposed to governmental support.
State-specific risk This refers to the risk that developments in Maryland will adversely affect the securities held by the fund. Because the fund invests primarily in securities issued by Maryland and its municipalities, it is more vulnerable to unfavorable developments in Maryland than are funds that invest in municipal securities of many states. Adverse developments in an economic sector may have far-reaching impacts on the overall Maryland municipal securities market. A bond default or credit rating downgrade, or even negative perceptions of the ability to make timely bond payments, involving only a small number of Maryland municipal securities issuers could affect the market values and marketability of all Maryland municipal securities.
As of May 1, 2013, the state of Marylands general obligation debt was rated Aaa by Moodys and AAA by both Standard & Poors (S&P) and Fitch. While S&P and Fitch maintain a stable outlook, Moodys has assigned a negative outlook.
Liquidity risk This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price. The fund may experience heavy redemptions, particularly during periods of declining or illiquid markets, which could cause the fund to liquidate its assets at inopportune times or at a depressed value and affect the funds ability to maintain a $1.00 share price. In addition, the fund may suspend redemptions when permitted by applicable regulations. The secondary market for certain municipal bonds tends to be less developed and liquid than many other securities markets, which may adversely affect the funds ability to sell such municipal bonds at attractive prices.
Performance The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The funds past performance is not necessarily an indication of future performance.
The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted.
Summary |
5 |
The funds return for the three months ended 3/31/13 was 0.00%.
Average Annual Total Returns |
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Periods ended |
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December 31, 2012 |
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1 Year |
5 Years |
10 Years |
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Maryland Tax-Free Money Fund |
0.01 |
% |
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0.40 |
% |
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1.11 |
% |
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Lipper Other States Tax-Exempt Money Market Funds Average |
0.01 |
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0.42 |
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1.13 |
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Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132 .
Management
Investment Adviser T. Rowe Price Associates, Inc. (T. Rowe Price)
Portfolio Manager |
Title |
Managed Fund Since |
Joined Investment
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Joseph K. Lynagh |
Chairman of Investment Advisory Committee |
2001 |
1990 |
Purchase and Sale of Fund Shares
The funds investment minimums generally are as follows (if you hold shares through a financial intermediary, the intermediary may impose different investment minimums):
T. Rowe Price |
6 |
Type of Account |
Minimum
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Minimum subsequent
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Individual retirement accounts, small business retirement plan accounts, and Uniform Gifts to Minors Act or Uniform Transfers to Minors Act accounts |
$1,000 |
$100 |
All other accounts |
2,500 |
100 |
You may purchase, redeem, or exchange shares of the fund on any day the New York Stock Exchange is open for business by accessing your account online at troweprice.com, by calling 1-800-225-5132, or by written request. If you hold shares through a financial intermediary, you must purchase, redeem, and exchange shares through your intermediary.
Tax Information
The fund declares dividends daily and pays them on the first business day of each month. Any capital gains are declared and paid annually, usually in December. The fund intends to distribute income that is exempt from federal and Maryland income taxes. However, a portion of the funds distributions may be subject to income taxes or the alternative minimum tax. A redemption or exchange of fund shares, and any capital gains distributed by the fund, may be taxable.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediarys website for more information.
T. Rowe Price
Associates, Inc.
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F138-045 7/1/13 |
1 Year Feihe International, Inc. Chart |
1 Month Feihe International, Inc. Chart |
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