BALTIMORE, Oct. 7 /PRNewswire-FirstCall/ -- T. Rowe Price Associates,
Inc. and the Boards of Directors of the T. Rowe Price money market funds
have decided that its taxable and tax free money market funds will
participate in the U.S. Treasury Department's temporary money market fund
guarantee program.
"The significant disruptions in the credit markets have been unsettling
for investors. We are taking this step to provide an additional layer of
re-assurance for our money fund shareholders during this difficult period,"
noted Edward Bernard, Vice Chairman of T. Rowe Price Group Inc. and
Chairman of the T. Rowe Price money market funds. "All of our money market
funds have maintained a $1.00 NAV throughout their history and the recent
turbulence in the credit markets, and are highly liquid and very well
diversified."
The funds that will participate in the program are: T. Rowe Price Prime
Reserve Fund, T. Rowe Price Summit Cash Reserves Fund, T. Rowe Price Prime
Reserve Portfolio, T. Rowe Price U.S. Treasury Money Fund, T. Rowe Price
Tax-Exempt Money Fund, T. Rowe Price Summit Municipal Money Market Fund, T.
Rowe Price New York Tax Free Money Fund, T. Rowe Price Maryland Tax Free
Money Fund, and T. Rowe Price California Tax Free Money Fund. As of August
31, 2008, T. Rowe Price managed a total of $16.1 billion in these money
market portfolios.
Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. (Nasdaq:
TROW) is a global investment management organization with $387.7 billion in
assets under management as of June 30, 2008. T. Rowe Price Associates, Inc.
is a registered investment adviser with the U.S. Securities and Exchange
Commission and a wholly owned subsidiary of T. Rowe Price Group, Inc. The
organization provides a broad array of mutual funds, sub-advisory services,
and separate account management for individual and institutional investors,
retirement plans, and financial intermediaries. The company also offers
sophisticated investment planning and guidance tools. T. Rowe Price's
disciplined, risk- aware investment approach focuses on diversification,
style consistency, and fundamental research. More information is available
at http://www.troweprice.com.
SOURCE T. Rowe Price Group, Inc.
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Related links:
http://www.troweprice.com
CONTACT:
Edward Giltenan, +1-410-345-3437, Steve
Norwitz, +1-410-345-2124, Brian Lewbart, +1-410-345-2242, or
Robert Benjamin, +1-410-345-2205, all of T. Rowe Price Group,
Inc.
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