Maryland Tax-Free Bond Fund_MDB_F87-051
0000795384falseN-CSRST. ROWE PRICE STATE TAX-FREE FUNDS, INC.N-1A2024-08-310000795384trp:C000005540Member2024-03-012024-08-3100007953842024-03-012024-08-310000795384trp:C000005540Member2024-08-310000795384trp:C000005540Membertrp:AAARatedCTIMember2024-08-310000795384trp:C000005540Membertrp:AARatedCTIMember2024-08-310000795384trp:C000005540Membertrp:ARatedCTIMember2024-08-310000795384trp:C000005540Membertrp:BBBRatedCTIMember2024-08-310000795384trp:C000005540Membertrp:BBRatedandBelowCTIMember2024-08-310000795384trp:C000005540Membertrp:NotRatedCTIMember2024-08-310000795384trp:C000005540Membertrp:OtherHoldingsGroupingCTIMember2024-08-310000795384trp:C000005540Membertrp:HousingFinanceRevenueSectorMember2024-08-310000795384trp:C000005540Membertrp:LifeCareNursingHomeRevenueSectorMember2024-08-310000795384trp:C000005540Membertrp:GeneralObligationsMinusLocalSectorMember2024-08-310000795384trp:C000005540Membertrp:AirSeaTransportationSectorMember2024-08-310000795384trp:C000005540Membertrp:DedicatedTaxRevenueSectorMember2024-08-310000795384trp:C000005540Membertrp:EducationalRevenueSectorMember2024-08-310000795384trp:C000005540Membertrp:LeaseRevenueSectorMember2024-08-310000795384trp:C000005540Membertrp:WaterSewerRevenueSectorMember2024-08-310000795384trp:C000005540Membertrp:GeneralObligationsMinusStateSectorMember2024-08-310000795384trp:C000005540Membertrp:OtherSectorMember2024-08-310000795384trp:C000193179Member2024-03-012024-08-310000795384trp:C000193179Member2024-08-310000795384trp:C000193179Membertrp:AAARatedCTIMember2024-08-310000795384trp:C000193179Membertrp:AARatedCTIMember2024-08-310000795384trp:C000193179Membertrp:ARatedCTIMember2024-08-310000795384trp:C000193179Membertrp:BBBRatedCTIMember2024-08-310000795384trp:C000193179Membertrp:BBRatedandBelowCTIMember2024-08-310000795384trp:C000193179Membertrp:NotRatedCTIMember2024-08-310000795384trp:C000193179Membertrp:OtherHoldingsGroupingCTIMember2024-08-310000795384trp:C000193179Membertrp:HousingFinanceRevenueSectorMember2024-08-310000795384trp:C000193179Membertrp:LifeCareNursingHomeRevenueSectorMember2024-08-310000795384trp:C000193179Membertrp:GeneralObligationsMinusLocalSectorMember2024-08-310000795384trp:C000193179Membertrp:AirSeaTransportationSectorMember2024-08-310000795384trp:C000193179Membertrp:DedicatedTaxRevenueSectorMember2024-08-310000795384trp:C000193179Membertrp:EducationalRevenueSectorMember2024-08-310000795384trp:C000193179Membertrp:LeaseRevenueSectorMember2024-08-310000795384trp:C000193179Membertrp:WaterSewerRevenueSectorMember2024-08-310000795384trp:C000193179Membertrp:GeneralObligationsMinusStateSectorMember2024-08-310000795384trp:C000193179Membertrp:OtherSectorMember2024-08-31iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Dtrp:Holding
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-04521
T. Rowe Price State Tax-Free Funds, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: February 28
Date of reporting period: August 31, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
August 31, 2024
Maryland Tax-Free Bond Fund
This semi-annual shareholder report contains important information about Maryland Tax-Free Bond Fund (the "fund") for the period of March 1, 2024 to August 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
Maryland Tax-Free Bond Fund - Investor Class |
$25 |
0.49% |
What are some fund statistics?
Total Net Assets (000s) |
$2,323,568 |
Number of Portfolio Holdings |
605 |
|
|
Portfolio Turnover Rate |
10.3% |
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
AAA Rated |
22.6% |
AA Rated |
24.4 |
A Rated |
22.9 |
BBB Rated |
17.4 |
BB Rated and Below |
1.7 |
Not Rated |
10.3 |
Reserves |
0.7 |
*Credit ratings for the securities held in the Fund are provided by Moody’s, Standard & Poor’s, and Fitch and are converted to the Standard & Poor’s nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. If the ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Industry Allocation (as a % of Net Assets)
Housing |
22.9% |
Health Care |
22.3 |
General Obligations - Local |
17.5 |
Transportation |
10.8 |
Special Tax |
6.0 |
Education |
5.3 |
Leasing |
5.3 |
Water & Sewer |
4.1 |
General Obligations - State |
1.7 |
Other |
4.1 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Maryland Tax-Free Bond Fund
Investor Class (MDXBX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
August 31, 2024
Maryland Tax-Free Bond Fund
This semi-annual shareholder report contains important information about Maryland Tax-Free Bond Fund (the "fund") for the period of March 1, 2024 to August 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
Maryland Tax-Free Bond Fund - I Class |
$21 |
0.42% |
What are some fund statistics?
Total Net Assets (000s) |
$2,323,568 |
Number of Portfolio Holdings |
605 |
|
|
Portfolio Turnover Rate |
10.3% |
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
AAA Rated |
22.6% |
AA Rated |
24.4 |
A Rated |
22.9 |
BBB Rated |
17.4 |
BB Rated and Below |
1.7 |
Not Rated |
10.3 |
Reserves |
0.7 |
*Credit ratings for the securities held in the Fund are provided by Moody’s, Standard & Poor’s, and Fitch and are converted to the Standard & Poor’s nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. If the ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Industry Allocation (as a % of Net Assets)
Housing |
22.9% |
Health Care |
22.3 |
General Obligations - Local |
17.5 |
Transportation |
10.8 |
Special Tax |
6.0 |
Education |
5.3 |
Leasing |
5.3 |
Water & Sewer |
4.1 |
General Obligations - State |
1.7 |
Other |
4.1 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Maryland Tax-Free Bond Fund
I Class (TFBIX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
MDXBX
Maryland
Tax-Free
Bond
Fund
TFBIX
Maryland
Tax-Free
Bond
Fund–
.
I Class
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
NET
ASSET
VALUE
Beginning
of
period
$
10.07
$
9.82
$
10.83
$
10.99
$
11.23
$
10.61
Investment
activities
Net
investment
income
(1)(2)
0.17
0.32
0.29
0.25
0.29
0.31
Net
realized
and
unrealized
gain/
loss
0.10
0.25
(0.99)
(0.16)
(0.24)
0.62
Total
from
investment
activities
0.27
0.57
(0.70)
0.09
0.05
0.93
Distributions
Net
investment
income
(0.17)
(0.32)
(0.28)
(0.25)
(0.29)
(0.31)
Net
realized
gain
—
—
(0.03)
—
—
—
Total
distributions
(0.17)
(0.32)
(0.31)
(0.25)
(0.29)
(0.31)
NET
ASSET
VALUE
End
of
period
$
10.17
$
10.07
$
9.82
$
10.83
$
10.99
$
11.23
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
Ratios/Supplemental
Data
Total
return
(2)(3)
2.69%
5.87%
(6.44)%
0.81%
0.48%
8.85%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.54%
(4)
0.53%
0.54%
0.49%
0.48%
0.48%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.49%
(4)
0.49%
0.49%
0.49%
0.48%
0.48%
Net
investment
income
3.33%
(4)
3.24%
2.84%
2.28%
2.65%
2.80%
Portfolio
turnover
rate
10.3%
25.7%
24.8%
13.4%
20.5%
3.9%
Net
assets,
end
of
period
(in
millions)
$1,018
$1,023
$995
$1,529
$2,158
$2,189
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
NET
ASSET
VALUE
Beginning
of
period
$
10.07
$
9.83
$
10.83
$
11.00
$
11.23
$
10.61
Investment
activities
Net
investment
income
(1)(2)
0.17
0.33
0.29
0.26
0.30
0.31
Net
realized
and
unrealized
gain/
loss
0.10
0.23
(0.97)
(0.17)
(0.23)
0.63
Total
from
investment
activities
0.27
0.56
(0.68)
0.09
0.07
0.94
Distributions
Net
investment
income
(0.17)
(0.32)
(0.29)
(0.26)
(0.30)
(0.32)
Net
realized
gain
—
—
(0.03)
—
—
—
Total
distributions
(0.17)
(0.32)
(0.32)
(0.26)
(0.30)
(0.32)
NET
ASSET
VALUE
End
of
period
$
10.17
$
10.07
$
9.83
$
10.83
$
11.00
$
11.23
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
Ratios/Supplemental
Data
Total
return
(2)(3)
2.72%
5.84%
(6.27)%
0.81%
0.65%
8.93%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.42%
(4)
0.42%
0.42%
0.40%
0.40%
0.40%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.42%
(4)
0.42%
0.42%
0.40%
0.40%
0.40%
Net
investment
income
3.40%
(4)
3.31%
2.93%
2.36%
2.73%
2.87%
Portfolio
turnover
rate
10.3%
25.7%
24.8%
13.4%
20.5%
3.9%
Net
assets,
end
of
period
(in
thousands)
$1,305,681
$1,238,603
$1,208,189
$1,211,340
$473,079
$485,195
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
August
31,
2024
(Unaudited)
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES 99.3%
DISTRICT
OF
COLUMBIA
2.8%
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
3.00%,
7/15/43
1,370
1,152
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/46
3,205
3,105
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.00%,
7/15/42
5,000
5,549
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.25%,
7/15/53
16,560
18,149
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.50%,
7/15/51
13,125
14,690
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/42
8,145
8,408
Washington
Metropolitan
Area
Transit
Auth.,
Second
Lien,
Series A,
4.375%,
7/15/59
4,175
4,145
Washington
Metropolitan
Area
Transit
Auth.,
Second
Lien,
Series A,
5.25%,
7/15/59
9,450
10,368
65,566
MARYLAND
91.8%
Annapolis,
Series A,
GO,
4.00%,
8/1/40
1,940
2,008
Annapolis,
Series A,
GO,
4.00%,
8/1/41
2,025
2,066
Annapolis,
Series A,
GO,
4.00%,
8/1/42
1,080
1,094
Annapolis,
Series A,
GO,
5.00%,
8/1/43
490
542
Annapolis,
Series A,
GO,
5.00%,
8/1/46
565
619
Annapolis,
Series A,
GO,
5.00%,
8/1/48
625
681
Annapolis,
Series A,
GO,
5.00%,
8/1/52
2,845
3,085
Anne
Arundel
County,
GO,
5.00%,
10/1/37
3,150
3,259
Anne
Arundel
County
Consolidated
Special
Taxing
Dist.,
Villages
at
Two
Rivers
Project,
4.90%,
7/1/30
2,620
2,621
Anne
Arundel
County
Consolidated
Special
Taxing
Dist.,
Villages
at
Two
Rivers
Project,
5.125%,
7/1/36
3,315
3,316
Anne
Arundel
County
Consolidated
Special
Taxing
Dist.,
Villages
at
Two
Rivers
Project,
5.25%,
7/1/44
7,300
7,301
Anne
Arundel
County
Consolidated
Special
Taxing
Dist.,
Villages
of
Dorchester
&
Farmington
Village,
5.00%,
7/1/25
395
395
Anne
Arundel
County
Consolidated
Special
Taxing
Dist.,
Villages
of
Dorchester
&
Farmington
Village,
5.00%,
7/1/32
4,220
4,223
Anne
Arundel
County,
Annapolis
Area
Christian
School,
Series A,
6.50%,
7/1/33
2,360
2,362
Anne
Arundel
County,
Annapolis
Area
Christian
School,
Series A,
6.75%,
7/1/43
4,970
4,972
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
3.00%,
10/1/38
6,220
5,687
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
3.00%,
10/1/49
6,780
5,448
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
4.00%,
10/1/47
8,730
8,742
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
4.00%,
10/1/53
8,500
8,421
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/38
2,000
2,066
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/39
3,105
3,157
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/40
3,610
3,719
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/42
1,450
1,471
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/43
4,125
4,234
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/44
4,255
4,748
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/45
4,350
4,406
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/46
5,830
5,968
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/47
4,015
4,430
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/48
16,835
17,811
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/49
4,380
4,853
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/50
1,220
1,350
Anne
Arundel
County,
Consolidated
General
Improvement,
Series 2016,
GO,
5.00%,
10/1/41
1,450
1,472
Anne
Arundel
County,
Consolidated
General
Improvement,
Series 2018,
GO,
5.00%,
10/1/37
6,480
6,807
Anne
Arundel
County,
Consolidated
General
Improvement,
Series 2018,
GO,
5.00%,
10/1/47
9,000
9,327
Anne
Arundel
County,
Consolidated
General
Improvement,
Series 2024,
GO,
5.00%,
10/1/41
5,475
6,252
Anne
Arundel
County,
Consolidated
General
Improvement,
Water
&
Sewer,
GO,
5.00%,
10/1/41
3,105
3,152
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
3.00%,
10/1/38
2,300
2,103
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/35
1,445
1,460
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/37
1,805
1,867
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/39
1,125
1,161
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/40
2,425
2,788
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/40
2,125
2,189
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/41
2,430
2,775
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/42
2,430
2,762
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/42
3,105
3,150
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/43
1,030
1,153
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/45
12,925
13,015
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/46
5,375
5,502
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/47
2,195
2,422
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/49
1,555
1,723
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
Series 2015,
GO,
5.00%,
4/1/40
12,345
12,451
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
Series 2017,
GO,
5.00%,
10/1/38
2,125
2,195
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
Series 2020,
GO,
5.00%,
10/1/38
2,470
2,678
Anne
Arundel
County,
Recreational
Fac.
Improvements,
GO,
5.00%,
10/1/40
3,105
3,154
Anne
Arundel
County,
Recreational
Fac.
Improvements,
GO,
5.00%,
10/1/45
9,315
9,435
Anne
Arundel
County,
Sewer
Improvements,
GO,
5.00%,
10/1/43
10,830
11,116
Anne
Arundel
County,
Water
Utility
Improvement,
GO,
5.00%,
4/1/35
7,655
7,737
Baltimore
County,
GO,
4.00%,
3/1/38
4,020
4,220
Baltimore
County,
GO,
4.00%,
3/1/39
3,025
3,131
Baltimore
County,
GO,
4.00%,
3/1/40
3,580
3,674
Baltimore
County,
Consolidated
Public
Improvement,
GO,
3.00%,
3/1/38
3,000
2,767
Baltimore
County,
Consolidated
Public
Improvement,
GO,
3.00%,
3/1/39
5,000
4,519
Baltimore
County,
Metropolitan
Dist.
78th
Issue,
GO,
5.00%,
2/1/46
10,000
10,157
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Baltimore
County,
Metropolitan
Dist.
80th
Issue,
GO,
4.00%,
3/1/38
610
619
Baltimore
County,
Metropolitan
Dist.
80th
Issue,
GO,
4.00%,
3/1/45
1,700
1,695
Baltimore
County,
Metropolitan
Dist.
83rd
Issue,
GO,
4.00%,
3/1/39
3,750
3,865
Baltimore
County,
Metropolitan
Dist.
84th
Issue,
GO,
5.00%,
3/1/48
10,920
12,042
Baltimore
County,
Metropolitan
Dist.
84th
Issue,
GO,
5.00%,
3/1/49
4,280
4,711
Baltimore
County,
Metropolitan
Dist.
84th
Issue,
GO,
5.00%,
3/1/53
39,630
43,373
Baltimore
County,
Oak
Crest
Village,
4.00%,
1/1/45
1,750
1,631
Baltimore
County,
Oak
Crest
Village,
4.00%,
1/1/50
10,640
9,560
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/25
1,065
1,069
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/27
1,155
1,177
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/28
1,325
1,350
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/29
1,035
1,054
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/30
1,565
1,593
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/37
7,345
7,443
Baltimore
County,
Riverwood
Village,
4.00%,
1/1/34
265
270
Baltimore
County,
Riverwood
Village,
4.00%,
1/1/35
1,065
1,080
Baltimore
County,
Riverwood
Village,
4.00%,
1/1/45
10,795
10,294
Baltimore
County,
Riverwood
Village,
4.00%,
1/1/50
9,965
9,204
Baltimore
County,
Riverwood
Village,
Series 2020,
4.00%,
1/1/36
500
505
Baltimore,
Consolidated
Tax
Increment
Fin.,
5.00%,
6/15/25
590
590
Baltimore,
Consolidated
Tax
Increment
Fin.,
5.00%,
6/15/26
375
375
Baltimore,
Consolidated
Tax
Increment
Fin.,
5.00%,
6/15/27
520
520
Baltimore,
Consolidated
Tax
Increment
Fin.,
5.00%,
6/15/28
1,215
1,216
Baltimore,
Consolidated
Tax
Increment
Fin.,
5.00%,
6/15/29
930
931
Baltimore,
Consolidated
Tax
Increment
Fin.,
5.00%,
6/15/30
515
515
Baltimore,
Consolidated
Tax
Increment
Fin.,
5.00%,
6/15/33
415
415
Baltimore,
Harbor
Point
Project,
4.50%,
6/1/33
800
812
Baltimore,
Harbor
Point
Project,
4.75%,
6/1/31
2,025
2,040
Baltimore,
Harbor
Point
Project,
4.875%,
6/1/42
2,490
2,530
Baltimore,
Harbor
Point
Project,
5.00%,
6/1/36
3,800
3,828
Baltimore,
Harbor
Point
Project,
5.00%,
6/1/51
6,700
6,723
Baltimore,
Harbor
Point
Project,
5.125%,
6/1/43
11,230
11,280
Baltimore,
Harbor
Point
Project,
Series A,
3.20%,
6/1/30 (1)
200
189
Baltimore,
Harbor
Point
Project,
Series A,
3.25%,
6/1/31 (1)
220
208
Baltimore,
Harbor
Point
Project,
Series A,
3.30%,
6/1/32 (1)
250
235
Baltimore,
Harbor
Point
Project,
Series A,
3.35%,
6/1/33 (1)
270
250
Baltimore,
Harbor
Point
Project,
Series A,
3.50%,
6/1/39 (1)
1,400
1,241
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Baltimore,
Harbor
Point
Project,
Series A,
3.625%,
6/1/46 (1)
4,000
3,368
Baltimore,
Harbor
Point
Project,
Series B,
3.55%,
6/1/34 (1)
325
298
Baltimore,
Harbor
Point
Project,
Series B,
3.70%,
6/1/39 (1)
650
577
Baltimore,
Harbor
Point
Project,
Series B,
3.875%,
6/1/46 (1)
1,020
877
Baltimore,
Water
Project,
Series A,
5.00%,
7/1/28 (2)(3)
205
214
Brunswick,
Brunswick
Crossing
Special
Taxing
Dist.,
4.00%,
7/1/29
955
952
Brunswick,
Brunswick
Crossing
Special
Taxing
Dist.,
5.00%,
7/1/36
1,547
1,579
Charles
County,
Consolidated
Public
Improvement,
GO,
4.50%,
10/1/52
3,145
3,243
Frederick
County,
Public
Facilities
Project,
Series A,
GO,
1.625%,
10/1/35
7,295
5,610
Frederick
County,
Public
Facilities
Project,
Series A,
GO,
2.00%,
10/1/39
9,330
7,034
Frederick
County,
Public
Facilities
Project,
Series A,
GO,
4.00%,
4/1/42
5,780
5,918
Frederick
County,
Public
Facilities
Project,
Series A,
GO,
4.00%,
4/1/43
4,195
4,263
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/31
4,360
4,446
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/32
3,140
3,177
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/33
1,805
1,823
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/34
1,990
2,006
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/36
1,590
1,592
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/37
1,195
1,193
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/39
575
568
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/40
1,145
1,125
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
5.00%,
7/1/27
1,545
1,624
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
5.00%,
7/1/28
2,630
2,810
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
5.00%,
7/1/29
2,535
2,738
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series C,
4.00%,
7/1/50 (1)
5,855
5,353
Gaithersburg,
Asbury
Obligated
Group,
4.50%,
1/1/42
5,000
4,849
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/33
1,190
1,220
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/36
10,190
10,395
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Gaithersburg,
Asbury
Obligated
Group,
Series B,
5.00%,
1/1/27
2,610
2,637
Harford
County,
Consolidated
Public
Improvement,
GO,
3.20%,
9/15/37
2,375
2,268
Howard
County
Housing
Commission,
Columbia
Landing
Apartments,
Series A,
1.60%,
6/1/29
5,000
4,473
Howard
County
Housing
Commission,
Gateway
Village
Apts,
4.00%,
6/1/46
5,425
5,010
Howard
County
Housing
Commission,
Orchard
Meadows
Apartments,
4.125%,
12/1/43
9,395
8,847
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/29
1,055
1,116
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/30
1,035
1,092
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/31
750
790
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/32
550
578
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/37
7,350
7,622
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/42
6,930
7,117
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/46
10,000
10,229
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/28
365
388
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/29
410
443
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/30
455
498
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/31
510
564
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/32
560
623
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/33
615
682
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/34
475
526
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/35
735
812
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/36
800
882
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/37
470
516
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/38
500
548
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/39
500
545
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/44
2,200
2,364
Howard
County,
Downtown
Columbia
Project,
Series A,
4.00%,
2/15/28 (1)
425
427
Howard
County,
Downtown
Columbia
Project,
Series A,
4.125%,
2/15/34 (1)
1,250
1,230
Howard
County,
Downtown
Columbia
Project,
Series A,
4.375%,
2/15/39 (1)
1,000
978
Howard
County,
Downtown
Columbia
Project,
Series A,
4.50%,
2/15/47 (1)
2,950
2,803
Howard
County,
Metropolitan
District
Project,
Series B,
GO,
3.00%,
8/15/49
1,060
854
Howard
County,
Patuxent
Square
Apts,
VRDN,
4.75%,
10/1/36
(Tender
4/1/29) (4)
2,000
2,001
Hyattsville,
GO,
5.00%,
1/1/28
360
373
Hyattsville,
GO,
5.00%,
1/1/29
375
388
Hyattsville,
GO,
5.00%,
1/1/30
395
409
Hyattsville,
GO,
5.00%,
1/1/31
415
429
Hyattsville,
GO,
5.00%,
1/1/32
435
449
Hyattsville,
GO,
5.00%,
1/1/33
455
469
Hyattsville,
GO,
5.00%,
1/1/34
480
494
Hyattsville,
GO,
5.00%,
1/1/35
505
519
Hyattsville,
GO,
5.00%,
1/1/36
530
545
Hyattsville,
GO,
5.00%,
1/1/37
555
569
Hyattsville,
GO,
5.00%,
1/1/38
585
599
Hyattsville,
GO,
5.00%,
1/1/44
2,100
2,131
Hyattsville,
GO,
5.00%,
1/1/49
3,530
3,566
Maryland
CDA,
4.65%,
9/1/37
6,000
6,266
Maryland
CDA,
4.95%,
9/1/42
4,500
4,687
Maryland
CDA,
6.00%,
3/1/53
6,430
6,925
Maryland
CDA,
Series A,
3.00%,
9/1/51
17,145
16,874
Maryland
CDA,
Series A,
3.375%,
9/1/34
1,515
1,481
Maryland
CDA,
Series A,
3.75%,
3/1/50
9,410
9,417
Maryland
CDA,
Series A,
4.50%,
9/1/48
5,230
5,314
Maryland
CDA,
Series A,
5.00%,
9/1/52
4,305
4,481
Maryland
CDA,
Series B,
3.00%,
9/1/51
29,235
28,717
Maryland
CDA,
Series B,
3.20%,
9/1/39
10,000
8,767
Maryland
CDA,
Series B,
4.35%,
7/1/43
7,500
7,561
Maryland
CDA,
Series B,
4.50%,
9/1/48 (4)
4,665
4,694
Maryland
CDA,
Series C,
2.60%,
1/1/42
2,155
1,641
Maryland
CDA,
Series C,
2.95%,
7/1/56
2,115
1,467
Maryland
CDA,
Series C,
3.50%,
3/1/50
5,165
5,148
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Maryland
CDA,
Series C,
4.55%,
7/1/43
4,150
4,220
Maryland
CDA,
Series C,
5.00%,
9/1/26
375
390
Maryland
CDA,
Series C,
5.00%,
9/1/29
2,975
3,224
Maryland
CDA,
Series C,
5.00%,
3/1/30
740
793
Maryland
CDA,
Series C,
5.00%,
3/1/31
1,500
1,605
Maryland
CDA,
Series C,
5.15%,
7/1/42
2,500
2,698
Maryland
CDA,
Series C,
5.75%,
9/1/54
6,175
6,666
Maryland
CDA,
Series F,
5.00%,
7/1/48
980
981
Maryland
CDA
Local
Government
Infrastructure,
Series A-1,
5.00%,
6/1/38
1,115
1,264
Maryland
CDA
Local
Government
Infrastructure,
Series A-1,
5.00%,
6/1/43
1,500
1,643
Maryland
CDA,
Glen
Manor
Apts,
Series G,
4.70%,
1/1/31
4,950
4,955
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A,
4.55%,
9/1/44
1,500
1,510
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A,
6.25%,
9/1/55
12,225
13,815
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-1,
4.00%,
6/1/54
1,600
1,544
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-1,
5.00%,
6/1/38
1,015
1,154
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-1,
5.00%,
6/1/39
1,050
1,185
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-1,
5.00%,
6/1/44
3,975
4,350
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-1,
5.50%,
6/1/49
2,150
2,420
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-2,
4.25%,
6/1/54
1,300
1,290
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-2,
5.00%,
6/1/38
440
497
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-2,
5.00%,
6/1/39
455
510
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-2,
5.00%,
6/1/44
2,130
2,313
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-2,
5.50%,
6/1/49
1,000
1,117
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series B,
4.60%,
7/1/49
1,915
1,917
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series B,
4.70%,
7/1/54
3,045
3,048
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series B,
4.80%,
7/1/59
2,875
2,925
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series C,
6.25%,
9/1/55
4,625
5,248
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series D,
4.45%,
7/1/44 (5)
4,440
4,462
Maryland
DOT,
3.00%,
5/1/31
500
492
Maryland
DOT,
3.00%,
10/1/34
10,775
10,287
Maryland
DOT,
Series A,
2.125%,
10/1/36
1,700
1,378
Maryland
DOT,
Series B,
4.00%,
8/1/37 (4)
1,500
1,484
Maryland
DOT,
Series B,
4.00%,
8/1/38 (4)
1,500
1,481
Maryland
DOT,
Series B,
4.00%,
8/1/39 (4)
4,180
4,089
Maryland
DOT,
Series B,
4.00%,
8/1/40 (4)
5,925
5,737
Maryland
DOT,
Series B,
4.00%,
8/1/41 (4)
1,600
1,546
Maryland
DOT,
Series B,
4.00%,
8/1/51 (4)
26,665
24,813
Maryland
DOT,
Series B,
5.00%,
8/1/31 (4)
1,125
1,226
Maryland
DOT,
Series B,
5.00%,
8/1/32 (4)
1,420
1,543
Maryland
DOT,
Series B,
5.00%,
8/1/46 (4)
21,025
21,830
Maryland
Economic
Dev.,
Air
Cargo
Obligated
Group,
4.00%,
7/1/39 (4)
3,205
3,137
Maryland
Economic
Dev.,
Air
Cargo
Obligated
Group,
4.00%,
7/1/44 (4)
4,800
4,487
Maryland
Economic
Dev.,
Air
Cargo
Obligated
Group,
5.00%,
7/1/25 (4)
510
516
Maryland
Economic
Dev.,
Air
Cargo
Obligated
Group,
5.00%,
7/1/26 (4)
690
709
Maryland
Economic
Dev.,
Air
Cargo
Obligated
Group,
5.00%,
7/1/28 (4)
375
396
Maryland
Economic
Dev.,
Air
Cargo
Obligated
Group,
5.00%,
7/1/29 (4)
385
411
Maryland
Economic
Dev.,
Annapolis
Mobility
&
Resilience
Project,
5.00%,
12/31/37
4,390
4,760
Maryland
Economic
Dev.,
Annapolis
Mobility
&
Resilience
Project,
5.00%,
12/31/42
3,970
4,214
Maryland
Economic
Dev.,
Annapolis
Mobility
&
Resilience
Project,
5.25%,
12/31/47
5,940
6,312
Maryland
Economic
Dev.,
Annapolis
Mobility
&
Resilience
Project,
5.25%,
6/30/53
1,185
1,248
Maryland
Economic
Dev.,
Baltimore
City
Project,
Series A,
5.00%,
6/1/58
2,500
2,541
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/28
785
797
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/29
815
827
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/30
845
854
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/31
880
885
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/32
815
817
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/34
765
760
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/35
260
257
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/40
3,255
3,081
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/50
12,335
10,944
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/25
515
521
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/29 (1)
1,680
1,701
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/33 (1)
2,000
2,019
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
7/1/55
12,990
13,151
Maryland
Economic
Dev.,
College
Park
Leonardtown
Project,
5.00%,
7/1/41 (6)
2,595
2,793
Maryland
Economic
Dev.,
College
Park
Leonardtown
Project,
5.00%,
7/1/42 (6)
2,935
3,146
Maryland
Economic
Dev.,
College
Park
Leonardtown
Project,
5.00%,
7/1/43 (6)
2,085
2,227
Maryland
Economic
Dev.,
College
Park
Leonardtown
Project,
5.00%,
7/1/44 (6)
2,245
2,390
Maryland
Economic
Dev.,
College
Park
Leonardtown
Project,
5.00%,
7/1/54 (6)
6,825
7,152
Maryland
Economic
Dev.,
College
Park
Leonardtown
Project,
5.125%,
7/1/59 (6)
2,000
2,112
Maryland
Economic
Dev.,
Constellation
Energy
Group,
Series B,
VRDN,
4.10%,
10/1/36
(Tender
4/3/28)
10,000
10,258
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
4.00%,
7/1/40
6,055
5,906
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
4.25%,
7/1/50
4,850
4,592
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/25
1,285
1,303
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/26
600
619
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/27
665
698
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/28
490
522
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/29
810
874
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/30
1,095
1,193
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/31
1,000
1,097
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/32
1,805
1,991
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/34
2,500
2,735
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/50
11,970
12,333
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/56
17,960
18,430
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.25%,
7/1/29
295
322
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.25%,
7/1/30
670
739
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.25%,
7/1/31
585
650
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.25%,
7/1/32
500
560
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.25%,
7/1/33
545
608
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.375%,
7/1/38
1,220
1,340
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.75%,
7/1/53
8,440
9,238
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
6.00%,
7/1/58
8,000
8,877
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series A,
5.00%,
11/12/28 (4)
1,405
1,438
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.00%,
6/30/39 (4)
415
439
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.00%,
6/30/40 (4)
1,750
1,842
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.00%,
6/30/41 (4)
2,850
2,987
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.00%,
12/31/41 (4)
2,500
2,620
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/47 (4)
1,610
1,691
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/52 (4)
4,000
4,173
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/55 (4)
29,815
31,029
Maryland
Economic
Dev.,
Salisbury
Univ.
Project,
5.00%,
6/1/27
770
770
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Maryland
Economic
Dev.,
Salisbury
Univ.
Project,
5.00%,
6/1/30
805
805
Maryland
Economic
Dev.,
Salisbury
Univ.
Project,
5.00%,
6/1/34
1,000
1,000
Maryland
Economic
Dev.,
Seagirt
Marine
Terminal
Project,
5.00%,
6/1/44 (4)
6,400
6,607
Maryland
Economic
Dev.,
Seagirt
Marine
Terminal
Project,
5.00%,
6/1/49 (4)
18,905
19,365
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/25
400
404
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/27
1,150
1,151
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/28
175
181
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/29
1,775
1,777
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/30
325
336
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/31
375
387
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/32
325
334
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/36
2,125
2,171
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/37
3,000
3,002
Maryland
Economic
Dev.,
Towson
Univ.
Project,
Series 2017,
5.00%,
7/1/27
185
192
Maryland
Economic
Dev.,
Towson
Univ.
Project,
Series 2017,
5.00%,
7/1/29
215
223
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/25
1,000
1,008
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/29
500
529
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/30
1,515
1,600
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/31
4,850
5,111
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/32
2,750
2,892
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/35
8,920
9,341
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
4.00%,
7/1/26 (6)
505
515
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
5.00%,
7/1/27 (6)
800
828
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
5.00%,
7/1/28 (6)
525
543
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
5.00%,
7/1/29 (6)
560
578
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
5.00%,
7/1/30 (6)
1,325
1,364
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
5.00%,
7/1/31 (6)
705
725
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
4.00%,
6/1/26 (6)
1,815
1,849
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/27 (6)
2,280
2,357
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/28 (6)
3,405
3,514
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/29 (6)
3,100
3,194
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/30 (6)
4,305
4,428
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/31 (6)
4,020
4,130
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/35 (6)
15,010
15,377
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/43 (6)
6,910
7,016
Maryland
Economic
Dev.,
Univ.
of
Maryland
Project,
4.00%,
7/1/25
600
600
Maryland
Economic
Dev.,
Univ.
of
Maryland
Project,
5.00%,
7/1/26
635
641
Maryland
Economic
Dev.,
Univ.
of
Maryland
Project,
5.00%,
7/1/27
500
505
Maryland
Economic
Dev.,
Univ.
of
Maryland
Project,
5.00%,
7/1/31
2,350
2,371
Maryland
Economic
Dev.,
Univ.
of
Maryland
Project,
5.00%,
7/1/35
3,845
3,875
Maryland
Economic
Dev.,
Univ.
of
Maryland
Project,
5.00%,
7/1/39
3,850
3,867
Maryland
Economic
Dev.,
Univ.
Village
at
Sheppard
Pratt,
5.00%,
7/1/27
1,230
1,231
Maryland
Economic
Dev.,
Univ.
Village
at
Sheppard
Pratt,
5.00%,
7/1/33
2,570
2,571
Maryland
HHEFA,
5.875%,
7/1/43 (1)
2,000
2,066
Maryland
HHEFA,
6.125%,
7/1/53 (1)
3,745
3,871
Maryland
HHEFA,
6.25%,
7/1/63 (1)
6,000
6,209
Maryland
HHEFA,
Adventist
Healthcare,
4.00%,
1/1/28
950
959
Maryland
HHEFA,
Adventist
Healthcare,
4.00%,
1/1/30
655
663
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/26
910
926
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/27
520
535
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/28
375
390
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/29
580
609
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/30
555
588
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/36
2,340
2,472
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/36
1,540
1,587
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/46
18,660
18,968
Maryland
HHEFA,
Adventist
Healthcare,
Series B,
4.00%,
1/1/34
2,565
2,573
Maryland
HHEFA,
Adventist
Healthcare,
Series B,
4.00%,
1/1/35
1,840
1,841
Maryland
HHEFA,
Andrews
Public
Charter,
5.50%,
5/1/42 (1)
820
825
Maryland
HHEFA,
Andrews
Public
Charter,
5.50%,
5/1/52 (1)
1,500
1,500
Maryland
HHEFA,
Broadmead,
Series A,
4.00%,
7/1/35
280
284
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/26
780
798
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/28
205
213
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/29
1,000
1,042
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/31
530
552
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/32
1,000
1,041
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/38
2,870
2,981
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/43
2,800
2,882
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/48
7,100
7,251
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/27
1,200
1,239
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/28
605
625
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/36
1,835
1,885
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/45
14,760
15,005
Maryland
HHEFA,
Doctors
Community
Hosp.,
Series A,
5.00%,
7/1/38
2,500
2,554
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
4.00%,
1/1/29
1,515
1,515
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
4.125%,
1/1/30
995
996
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
5.00%,
1/1/25
875
878
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
5.00%,
1/1/26
1,015
1,025
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
5.00%,
1/1/27
1,920
1,937
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
5.00%,
1/1/28
2,070
2,088
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
5.25%,
1/1/37
17,820
17,938
Maryland
HHEFA,
Frederick
Health
System,
4.00%,
7/1/50
11,565
10,980
Maryland
HHEFA,
Frederick
Health
System,
5.00%,
7/1/33 (6)
920
1,043
Maryland
HHEFA,
Greater
Baltimore
Medical
Center,
Series A,
2.50%,
7/1/51
3,970
2,563
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
Greater
Baltimore
Medical
Center,
Series A,
3.00%,
7/1/46
12,575
10,471
Maryland
HHEFA,
Greater
Baltimore
Medical
Center,
Series A,
4.00%,
7/1/37
4,380
4,431
Maryland
HHEFA,
Green
Street
Academy,
Series A,
5.00%,
7/1/27 (1)
205
208
Maryland
HHEFA,
Green
Street
Academy,
Series A,
5.125%,
7/1/37 (1)
1,265
1,274
Maryland
HHEFA,
Green
Street
Academy,
Series A,
5.25%,
7/1/47 (1)
1,800
1,803
Maryland
HHEFA,
Green
Street
Academy,
Series A,
5.375%,
7/1/52 (1)
1,530
1,534
Maryland
HHEFA,
Helix
Health
Issue,
5.00%,
7/1/27 (3)(7)
5,280
5,451
Maryland
HHEFA,
Johns
Hopkins
Health
System,
Series A,
VRDN,
3.80%,
6/1/48
1,000
1,000
Maryland
HHEFA,
Johns
Hopkins
Health
System,
Series B,
VRDN,
3.80%,
6/1/46
8,900
8,900
Maryland
HHEFA,
Johns
Hopkins
Medical
Institution,
5.50%,
7/1/26 (7)
1,025
1,032
Maryland
HHEFA,
Johns
Hopkins
Medical
Institution,
Series A,
5.00%,
5/15/37
5,000
5,059
Maryland
HHEFA,
Johns
Hopkins
Medical
Institution,
Series B,
4.60%,
7/1/38 (7)
670
675
Maryland
HHEFA,
Johns
Hopkins
Univ.,
Series B,
4.25%,
7/1/41
18,475
18,477
Maryland
HHEFA,
Johns
Hopkins
Univ.,
Series B,
5.00%,
7/1/38
6,590
6,593
Maryland
HHEFA,
Lifebridge
Health,
4.00%,
7/1/42
1,000
965
Maryland
HHEFA,
Lifebridge
Health,
5.00%,
7/1/44
2,000
2,041
Maryland
HHEFA,
LifeBridge
Health,
5.00%,
7/1/31
1,060
1,097
Maryland
HHEFA,
LifeBridge
Health,
5.00%,
7/1/32
1,210
1,249
Maryland
HHEFA,
LifeBridge
Health,
5.00%,
7/1/33
1,175
1,212
Maryland
HHEFA,
LifeBridge
Health,
5.00%,
7/1/34
3,925
4,085
Maryland
HHEFA,
LifeBridge
Health,
Series 2017,
5.00%,
7/1/33
1,015
1,059
Maryland
HHEFA,
Loyola
Univ.,
4.00%,
10/1/30
480
480
Maryland
HHEFA,
Loyola
Univ.,
4.00%,
10/1/33
1,210
1,210
Maryland
HHEFA,
Loyola
Univ.,
4.00%,
10/1/39
5,505
5,505
Maryland
HHEFA,
Loyola
Univ.,
5.00%,
10/1/27
435
436
Maryland
HHEFA,
Loyola
Univ.,
5.00%,
10/1/28
500
501
Maryland
HHEFA,
Loyola
Univ.,
5.00%,
10/1/32
595
596
Maryland
HHEFA,
Loyola
Univ.,
5.00%,
10/1/45
5,000
5,000
Maryland
HHEFA,
Loyola
Univ.,
Series A,
5.00%,
10/1/24
500
501
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
4.00%,
6/1/42
4,935
4,604
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/25
100
101
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/26 (3)
225
234
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/27
850
871
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/28
650
666
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/30
(Prerefunded
6/1/26) (8)
1,020
1,061
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/31
(Prerefunded
6/1/26) (8)
680
707
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/33
(Prerefunded
6/1/26) (8)
300
312
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/35
(Prerefunded
6/1/26) (8)
275
286
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
Series 2017,
5.00%,
6/1/28
(Prerefunded
6/1/26) (8)
300
312
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
Series 2017,
5.00%,
6/1/29
(Prerefunded
6/1/26) (8)
315
328
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
Series 2017,
5.00%,
6/1/36
(Prerefunded
6/1/26) (8)
575
598
Maryland
HHEFA,
Medlantic/Helix
Issue,
Series A,
5.25%,
8/15/38 (6)
8,270
9,520
Maryland
HHEFA,
Medlantic/Helix
Issue,
Series B,
5.25%,
8/15/38 (7)
16,995
19,306
Maryland
HHEFA,
MedStar
Health,
5.00%,
8/15/31
5,080
5,116
Maryland
HHEFA,
MedStar
Health,
5.00%,
8/15/38
900
905
Maryland
HHEFA,
MedStar
Health,
5.00%,
8/15/42
15,350
15,420
Maryland
HHEFA,
MedStar
Health,
Series A,
4.00%,
5/15/47
13,840
13,471
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
8/15/27
4,005
4,008
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
8/15/38
2,045
2,046
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
8/15/41
10,840
10,843
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
5/15/42
4,595
4,725
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
5/15/45
17,145
17,561
Maryland
HHEFA,
MedStar
Health,
Series B,
4.00%,
8/15/38
1,765
1,765
Maryland
HHEFA,
MedStar
Health,
Series B,
5.00%,
8/15/31
5,615
5,621
Maryland
HHEFA,
MedStar
Health,
Series B,
5.00%,
8/15/33
2,000
2,002
Maryland
HHEFA,
MedStar
Health,
Series B,
5.00%,
8/15/38
10,520
10,530
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/32
1,830
1,867
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/33
1,000
1,020
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/34
1,200
1,225
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/36
1,500
1,528
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/38
6,845
6,947
Maryland
HHEFA,
Meritus
Medical
Center,
4.00%,
7/1/30
1,170
1,173
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/28
1,030
1,044
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/34
1,000
1,011
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/40
23,375
23,560
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/45
32,035
32,222
Maryland
HHEFA,
Peninsula
Regional
Health
System,
Series A,
4.00%,
7/1/48
1,910
1,773
Maryland
HHEFA,
Saint
John's
College,
4.00%,
10/1/40
1,000
959
Maryland
HHEFA,
Stevenson
Univ.
Project,
4.00%,
6/1/35
1,700
1,677
Maryland
HHEFA,
Stevenson
Univ.
Project,
4.00%,
6/1/36
500
489
Maryland
HHEFA,
Stevenson
Univ.
Project,
4.00%,
6/1/37
2,965
2,887
Maryland
HHEFA,
Stevenson
Univ.
Project,
4.00%,
6/1/39
2,490
2,375
Maryland
HHEFA,
Stevenson
Univ.
Project,
4.00%,
6/1/40
650
613
Maryland
HHEFA,
Stevenson
Univ.
Project,
4.00%,
6/1/41
1,375
1,283
Maryland
HHEFA,
Stevenson
Univ.
Project,
5.00%,
6/1/29
1,125
1,191
Maryland
HHEFA,
Stevenson
Univ.
Project,
5.00%,
6/1/31
1,205
1,289
Maryland
HHEFA,
Stevenson
Univ.
Project,
5.00%,
6/1/33
1,375
1,458
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/34
745
738
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/38
790
763
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/46
7,665
6,907
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/51
12,845
11,545
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/55
10,185
8,992
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
5.00%,
6/1/32
850
905
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
5.00%,
7/1/33
5,305
5,387
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
5.00%,
7/1/34
2,910
2,953
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
5.00%,
7/1/35
2,100
2,130
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B,
5.00%,
7/1/34
500
520
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series D,
4.00%,
7/1/48
3,500
3,363
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series D,
VRDN,
3.80%,
7/1/41
2,900
2,900
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Maryland
Stadium
Auth.
Built
to
Learn
Revenue,
Series A,
4.00%,
6/1/41
3,980
4,029
Maryland
Stadium
Auth.
Built
to
Learn
Revenue,
Series A,
4.00%,
6/1/47
4,000
3,940
Maryland
Stadium
Auth.
Built
to
Learn
Revenue,
Series A,
4.00%,
6/1/52
11,425
11,039
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
5.00%,
5/1/35
1,135
1,198
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
5.00%,
5/1/50
41,760
47,640
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
Series B,
5.00%,
5/1/47
13,590
15,489
Maryland
Transportation
Auth.,
Series A,
2.50%,
7/1/47
4,915
3,427
Maryland
Transportation
Auth.,
Series A,
3.00%,
7/1/47
6,440
5,228
Maryland
Transportation
Auth.,
Series A,
5.00%,
7/1/34
1,325
1,497
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
4.00%,
6/1/33 (4)
3,250
3,270
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
4.00%,
6/1/38 (4)
7,830
7,727
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
5.00%,
6/1/25 (4)
2,690
2,692
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
5.00%,
6/1/26 (4)
2,820
2,823
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
5.00%,
6/1/27 (4)
2,965
2,966
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
5.00%,
6/1/30 (4)
4,615
4,915
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
5.00%,
6/1/32 (4)
1,125
1,191
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
Series 2012A,
5.00%,
6/1/28 (4)
3,110
3,112
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
Series 2019,
5.00%,
6/1/28 (4)
2,250
2,384
Maryland
Transportation
Auth.,
Transportation
Fac.
Project,
4.00%,
7/1/45
8,170
8,085
Maryland
Transportation
Auth.,
Transportation
Fac.
Project,
4.00%,
7/1/50
5,000
4,861
Maryland,
State
and
Local
Facilities,
Series A,
GO,
4.00%,
3/15/30
5,000
5,129
Montgomery
County,
Series A,
GO,
3.00%,
11/1/37
7,365
6,824
Montgomery
County,
Series A,
GO,
4.00%,
12/1/35
10,000
10,001
Montgomery
County,
Series A,
GO,
4.00%,
8/1/38
10,070
10,529
Montgomery
County,
Series A,
GO,
4.00%,
8/1/39
4,000
4,145
Montgomery
County,
Series E,
GO,
VRDN,
3.90%,
11/1/37
11,850
11,850
Montgomery
County
Housing
Opportunities
Commission,
Series A,
3.00%,
1/1/50
6,365
6,247
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Montgomery
County
Housing
Opportunities
Commission,
Series A,
4.00%,
7/1/46
500
500
Montgomery
County
Housing
Opportunities
Commission,
Series A,
4.80%,
7/1/49
5,000
5,095
Montgomery
County
Housing
Opportunities
Commission,
Series A,
4.90%,
7/1/55
5,000
5,120
Montgomery
County
Housing
Opportunities
Commission,
Series A,
5.00%,
7/1/52
3,620
3,768
Montgomery
County
Housing
Opportunities
Commission,
Series A,
5.75%,
7/1/54
7,860
8,566
Montgomery
County
Housing
Opportunities
Commission,
Series C,
2.85%,
1/1/51
34,785
25,025
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.00%,
1/1/35
490
563
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.00%,
1/1/36
485
554
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.00%,
1/1/37
555
632
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.00%,
1/1/38
485
550
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.50%,
1/1/48
2,975
3,386
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.75%,
1/1/58
5,335
6,111
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.75%,
1/1/63
8,300
9,472
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.75%,
1/1/66
11,040
12,580
Montgomery
County
Housing
Opportunities
Commission,
Sustainable
Bond,
Series A,
VRDN,
3.80%,
1/1/63
2,900
2,900
Montgomery
County,
Consolidated
Public
Improvement,
Series A,
GO,
3.75%,
11/1/38
1,110
1,114
Montgomery
County,
Consolidated
Public
Improvement
Project,
Series A,
GO,
2.00%,
8/1/41
5,000
3,601
Montgomery
County,
Friends
House
Retirement
Community,
Series A,
5.375%,
7/1/48
3,500
3,143
Montgomery
County,
Trinity
Healthcare,
4.00%,
12/1/44
10,740
10,429
Montgomery
County,
Trinity
Healthcare,
5.00%,
12/1/44
5,000
5,024
Montgomery
County,
Trinity
Healthcare,
Series 2016MD,
5.00%,
12/1/45
5,000
5,067
Montgomery
County,
West
Germantown
Dev.
Dist.,
4.00%,
7/1/26
505
505
Montgomery
County,
West
Germantown
Dev.
Dist.,
4.00%,
7/1/27
1,000
1,000
Prince
George's
County
Auth.,
Suitland-Naylor
Road,
5.00%,
7/1/46 (1)
3,500
3,507
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Prince
George's
County,
Westphalia
Town
Center
Project,
5.125%,
7/1/39 (1)
1,350
1,366
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/24
1,785
1,786
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/26
1,000
1,008
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/30
790
801
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/32
525
531
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/37
5,140
5,179
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/25
500
503
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/26
500
504
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/28
1,375
1,394
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/30
1,515
1,536
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/35
2,100
2,122
Rockville,
Ingelside
at
King
Farm,
Series B,
4.25%,
11/1/37
1,000
929
Rockville,
Ingelside
at
King
Farm,
Series B,
4.50%,
11/1/43
1,675
1,542
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/42
4,750
4,695
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/47
7,170
6,850
Saint
Mary's
County,
GO,
4.00%,
8/1/40
2,050
2,122
Saint
Mary's
County,
GO,
4.00%,
8/1/41
1,000
1,020
Univ.
System
of
Maryland,
Auxiliary
Fac.
&
Tuition,
Series A,
4.00%,
4/1/41
3,295
3,347
Univ.
System
of
Maryland,
Auxiliary
Fac.
&
Tuition,
Series A,
4.00%,
4/1/42
3,435
3,479
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/28
1,875
1,810
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/29
1,950
1,859
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36
1,500
1,302
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/42
5,100
4,119
Washington
Suburban
Sanitary
Commission,
Series A,
VRDN,BAN,
3.90%,
6/1/27
200
200
Washington
Suburban
Sanitary
Commission,
Series B,
VRDN,BAN,
4.00%,
6/1/27
700
700
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
2.25%,
6/1/41
3,710
2,822
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
3.00%,
6/1/44
5,845
4,929
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
3.00%,
6/1/48
1,000
806
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
4.00%,
6/1/36
5,000
5,110
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
4.00%,
6/1/41
1,450
1,452
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
4.00%,
6/1/44
6,595
6,660
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
4.00%,
6/1/46
5,000
5,015
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
4.00%,
6/1/48
7,500
7,502
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
4.00%,
6/1/50
14,325
14,224
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
4.00%,
6/1/51
10,000
9,912
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
4.00%,
6/1/52
5,000
4,954
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
5.00%,
6/1/29
4,895
5,452
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
5.00%,
6/1/35
2,225
2,295
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
5.00%,
6/1/36
2,935
3,463
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
5.00%,
6/1/38
12,585
12,928
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
5.00%,
6/1/41
1,700
1,923
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
Series 2023,
4.00%,
6/1/50
3,000
2,979
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
6.00%,
7/1/34
2,800
2,802
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
6.125%,
7/1/39
2,500
2,501
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
6.25%,
7/1/44
4,645
4,646
2,133,565
PUERTO
RICO
4.7%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (9)
14,304
9,047
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (9)
8,291
5,306
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/37 (1)
2,000
2,114
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/37 (1)
1,000
1,050
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33
2,709
1,822
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
4,935
4,894
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
7,717
7,608
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
4,024
3,932
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
1,000
1,041
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (10)
(11)
55
29
Puerto
Rico
Electric
Power
Auth.,
Series A,
6.75%,
7/1/36 (10)
(11)
4,690
2,521
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/27 (10)(11)
850
457
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/30 (10)(11)
1,925
1,035
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (10)(11)
85
46
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (10)(11)
210
113
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (10)
(11)
270
145
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (10)
(11)
1,045
562
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (10)
(11)
340
183
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (10)
(11)
415
223
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (10)
(11)
55
30
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/37 (10)
(11)
1,760
946
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (10)(11)
45
24
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (10)(11)
460
247
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (10)(11)
225
121
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (10)
(11)
95
51
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (10)
(11)
255
137
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (10)
(11)
195
105
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (10)
(11)
65
35
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (10)
(11)
110
59
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/19 (10)
(11)
1,110
597
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (10)
(11)
90
48
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (10)
(11)
830
446
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (10)
(11)
240
129
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (10)
(11)
95
51
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
23,070
22,851
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58
14,000
14,056
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.329%,
7/1/40
13,842
13,669
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.536%,
7/1/53
3,249
3,110
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.784%,
7/1/58
3,244
3,203
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series B-1,
Zero
Coupon,
7/1/46
4,613
1,533
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Converted,
Series A-2,
4.329%,
7/1/40
4,180
4,128
107,704
Total
Investments
in
Securities
99.3%
of
Net
Assets
(Cost
$2,335,816)
$
2,306,835
‡
Par
is
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$49,081
and
represents
2.1%
of
net
assets.
(2)
Insured
by
Financial
Guaranty
Insurance
Company
(3)
Escrowed
to
maturity
(4)
Interest
subject
to
alternative
minimum
tax.
(5)
When-issued
security
(6)
Insured
by
Assured
Guaranty
Municipal
Corporation
(7)
Insured
by
AMBAC
Assurance
Corporation
(8)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(9)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
.
.
.
.
.
.
.
.
.
.
(10)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(11)
Non-income
producing
BAN
Bond
Anticipation
Note
CDA
Community
Development
Administration/Authority
DOT
Department
of
Transportation
GO
General
Obligation
HHEFA
Health
&
Higher
Educational
Facility
Authority
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
VRDN
Variable
Rate
Demand
Note
under
which
the
holder
has
the
right
to
sell
the
security
to
the
issuer
or
the
issuer’s
agent
at
a
predetermined
price
on
specified
dates;
such
specified
dates
are
considered
the
effective
maturity
for
purposes
of
the
fund’s
weighted
average
maturity;
rate
shown
is
effective
rate
at
period-end
and
maturity
date
shown
is
final
maturity.
Certain
VRDN
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
August
31,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$2,335,816)
$
2,306,835
Interest
receivable
24,701
Receivable
for
shares
sold
1,393
Cash
73
Other
assets
30
Total
assets
2,333,032
Liabilities
Payable
for
investment
securities
purchased
5,491
Payable
for
shares
redeemed
1,998
Investment
management
fees
payable
755
Due
to
affiliates
21
Payable
to
directors
1
Other
liabilities
1,198
Total
liabilities
9,464
Commitments
and
Contingent
Liabilities
(note
5
)
NET
ASSETS
$
2,323,568
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
August
31,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(97,161)
Paid-in
capital
applicable
to
228,449,495
shares
of
$0.0001
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
2,420,729
NET
ASSETS
$
2,323,568
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$1,017,887;
Shares
outstanding:
100,107,178)
$
10.17
I
Class
(Net
assets:
$1,305,681;
Shares
outstanding:
128,342,317)
$
10.17
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
8/31/24
Investment
Income
(Loss)
Interest
income
$
43,738
Expenses
Investment
management
4,403
Shareholder
servicing
Investor
Class
$
667
I
Class
109
776
Prospectus
and
shareholder
reports
Investor
Class
19
I
Class
6
25
Custody
and
accounting
119
Legal
and
audit
59
Registration
25
Directors
4
Miscellaneous
10
Waived
/
paid
by
Price
Associates
(229)
Total
expenses
5,192
Net
investment
income
38,546
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
loss
on
securities
(8,774)
Change
in
net
unrealized
gain
/
loss
on
securities
30,512
Net
realized
and
unrealized
gain
/
loss
21,738
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
60,284
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
8/31/24
Year
Ended
2/29/24
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
38,546
$
71,998
Net
realized
loss
(8,774)
(32,328)
Change
in
net
unrealized
gain
/
loss
30,512
85,287
Increase
in
net
assets
from
operations
60,284
124,957
Distributions
to
shareholders
Net
earnings
Investor
Class
(16,492)
(31,463)
I
Class
(21,321)
(39,558)
Decrease
in
net
assets
from
distributions
(37,813)
(71,021)
Capital
share
transactions
*
Shares
sold
Investor
Class
88,246
245,750
I
Class
96,175
135,446
Distributions
reinvested
Investor
Class
14,973
27,947
I
Class
14,929
27,374
Shares
redeemed
Investor
Class
(117,982)
(270,495)
I
Class
(56,610)
(161,988)
Increase
in
net
assets
from
capital
share
transactions
39,731
4,034
Net
Assets
Increase
during
period
62,202
57,970
Beginning
of
period
2,261,366
2,203,396
End
of
period
$
2,323,568
$
2,261,366
*Share
information
(000s)
Shares
sold
Investor
Class
8,764
25,092
I
Class
9,533
13,757
Distributions
reinvested
Investor
Class
1,491
2,834
I
Class
1,485
2,775
Shares
redeemed
Investor
Class
(11,724)
(27,666)
I
Class
(5,623)
(16,518)
Increase
in
shares
outstanding
3,926
274
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
State
Tax-Free
Funds,
Inc. (the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Maryland
Tax-Free
Bond
Fund
(the
fund)
is a
nondiversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks
to
provide,
consistent
with
prudent
portfolio
management,
the
highest
level
of
income
exempt
from
federal
and
Maryland
state
and
local
income
taxes
by
investing
primarily
in
investment-grade
Maryland
municipal
bonds.
The
fund
has two classes
of
shares:
the
Maryland
Tax-Free
Bond
Fund
(Investor
Class)
and
the
Maryland
Tax-Free
Bond
Fund–I
Class
(I
Class).
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
both
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
class.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class’s
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class’s
outstanding
shares.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-
counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
On
August
31,
2024,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
2,
based
on
the
inputs
used
to
determine
their
fair
values.
NOTE
3
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund’s prospectus
and
Statement
of
Additional
Information.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
When-Issued
Securities
The fund
enters
into
when-issued
purchase
or
sale
commitments,
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
an
authorized
but
not
yet
issued
security
for
a
fixed
unit
price,
with
payment
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
and
delivery
not
due
until
issuance
of
the
security
on
a
scheduled
future
date.
When-issued
securities
may
be
new
securities
or
securities
issued
through
a
corporate
action,
such
as
a
reorganization
or
restructuring.
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
commitment
to
purchase
a
when-issued
security.
Amounts
realized
on
when-issued
transactions
are
included
in
realized
gain/loss
on
securities
in
the
accompanying
financial
statements.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $293,876,000 and
$230,520,000,
respectively,
for
the
six
months ended
August
31,
2024.
NOTE
4
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-
end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
February
29,
2024,
the
fund
had
$65,138,000
of
available
capital
loss
carryforwards.
At
August
31,
2024,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$2,336,178,000.
Net
unrealized
loss
aggregated
$29,343,000
at
period-end,
of
which
$35,767,000
related
to
appreciated
investments
and
$65,110,000
related
to
depreciated
investments.
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
NOTE
5
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.10%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
August
31,
2024,
the
effective
annual
group
fee
rate
was
0.29%.
The Investor
Class is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class’s ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class’s net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended August
31,
2024 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $1,179,000 remain
subject
to
repayment
by
the
fund
at
August
31,
2024. Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
a
wholly
owned
subsidiary
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
For
the
six
months
ended
August
31,
2024,
expenses
incurred
pursuant
to
these
service
agreements
were
$63,000
for
Price
Associates
and
$286,000
for
T.
Rowe
Price
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
Investor
Class
I
Class
Expense
limitation/I
Class
Limit
0.49%
0.05%
Expense
limitation
date
06/30/25
06/30/25
(Waived)/repaid
during
the
period
($000s)
$(229)
$—
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
security.
During
the
six
months
ended
August
31,
2024,
the
aggregate
value
of
purchases
and
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates
was
less
than
1%
of
the
fund’s
net
assets
as
of
August
31,
2024.
NOTE
6
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser).
In
that
regard,
at
a
meeting
held
on
March
11–12,
2024
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund’s
Advisory
Contract.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
the
approval
of
the
Advisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting,
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
about
various
topics.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser.
These
services
included,
but
were
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance;
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
senior
management
team
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2023.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2023,
which
ranked
the
returns
of
the
fund’s
Investor
Class
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
mutual
fund
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
the
length
of
the
fund’s
performance
track
record,
and
how
closely
the
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates)
may
have
realized
from
its
relationship
with
the
fund.
In
considering
soft-dollar
arrangements
pursuant
to
which
research
may
be
received
from
broker-dealers
that
execute
the
fund’s
portfolio
transactions,
the
Board
noted
that
during
2023
the
Adviser
paid
the
costs
of
research
services
for
all
client
accounts
that
it
advises,
including
the
T.
Rowe
Price
funds.
However,
effective
January
1,
2024,
the
Adviser
will
begin
using
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
the
fund
in
particular,
and
the
Board
concluded
that
the
Adviser’s
profits
were
reasonable
in
light
of
the
services
provided
to
the
fund.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
fee
to
the
Adviser
for
investment
management
services
composed
of
two
components—a
group
fee
rate
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
funds
(including
the
fund)
that
declines
at
certain
asset
levels
and
an
individual
fund
fee
rate
based
on
the
fund’s
average
daily
net
assets—and
the
fund
pays
its
own
expenses
of
operations.
The
group
fee
rate
decreases
as
total
T.
Rowe
Price
fund
assets
grow,
which
reduces
the
management
fee
rate
for
any
fund
that
has
a
group
fee
component
to
its
management
fee,
and
reflects
that
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds,
thus
allowing
shareholders
of
those
funds
to
share
potential
economies
of
scale.
The
fund’s
shareholders
also
benefit
from
potential
economies
of
scale
through
a
decline
in
certain
operating
expenses
as
the
fund
grows
in
size.
However,
the
fund
is
also
subject
to
contractual
expense
limitations
that
require
the
Adviser
to
waive
its
fees
and/or
bear
any
expenses
that
would
otherwise
cause
the
expenses
of
a
share
class
of
the
fund
to
exceed
a
certain
percentage
based
on
the
class’s
net
assets.
The
expense
limitations
mitigate
the
potential
for
an
increase
in
operating
expenses
above
a
certain
level
that
could
impact
shareholders.
In
addition,
the
Board
noted
that
the
fund
potentially
shares
in
indirect
economies
of
scale
through
the
Adviser’s
ongoing
investments
in
its
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
advisory
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
any
economies
of
scale
with
the
fund’s
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group)
and
(ii)
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
actual
management
fee
rate
(which
reflects
the
management
fees
actually
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
fund
after
any
waivers,
reductions,
or
reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
indicated
that
the
fund’s
contractual
management
fee
ranked
in
the
first
quintile
(Expense
Group),
the
fund’s
actual
management
fee
rate
ranked
in
the
second
quintile
(Expense
Group
and
Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
second
quintile
(Expense
Group)
and
first
quintile
(Expense
Universe).
The
Board
also
reviewed
the
fee
schedules
for
other
investment
portfolios
with
similar
mandates
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
business
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
business.
The
Board
considered
information
showing
that
the
Adviser’s
mutual
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
institutional
account
business
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
greater
asset
flows,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
mutual
fund
business.
In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
mutual
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Approval
of
the
Advisory
Contract
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F87-051
10/24
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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| T. Rowe Price State Tax-Free Funds, Inc. |
| By |
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/s/ David Oestreicher |
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David Oestreicher |
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Principal Executive Officer |
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| Date |
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October 18, 2024 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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| By |
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/s/ David Oestreicher |
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David Oestreicher |
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Principal Executive Officer |
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| Date |
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October 18, 2024 |
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| By |
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/s/ Alan S. Dupski |
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Alan S. Dupski |
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Principal Financial Officer |
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| Date |
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October 18, 2024 |
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