T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
November
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES
98.4%
DISTRICT
OF
COLUMBIA
1.9%
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/46
4,005
3,904
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.00%,
7/15/42
5,000
5,521
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.25%,
7/15/53
15,515
17,052
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.50%,
7/15/51
3,625
4,058
Washington
Metropolitan
Area
Transit
Auth.,
Series A-2,
5.00%,
7/1/33
3,250
3,435
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/42
8,145
8,394
42,364
MARYLAND
92.0%
Annapolis,
Series A,
GO,
4.00%,
8/1/40
1,940
1,959
Annapolis,
Series A,
GO,
4.00%,
8/1/41
2,025
2,037
Annapolis,
Series A,
GO,
4.00%,
8/1/42
1,080
1,081
Annapolis,
Series A,
GO,
5.00%,
8/1/43
490
536
Annapolis,
Series A,
GO,
5.00%,
8/1/46
565
613
Annapolis,
Series A,
GO,
5.00%,
8/1/48
625
676
Annapolis,
Series A,
GO,
5.00%,
8/1/52
2,845
3,061
Anne
Arundel
County
Consolidated
Special
Taxing
Dist.,
Villages
at
Two
Rivers
Project,
4.90%,
7/1/30
2,620
2,623
Anne
Arundel
County
Consolidated
Special
Taxing
Dist.,
Villages
at
Two
Rivers
Project,
5.125%,
7/1/36
3,315
3,322
Anne
Arundel
County
Consolidated
Special
Taxing
Dist.,
Villages
at
Two
Rivers
Project,
5.25%,
7/1/44
7,300
7,303
Anne
Arundel
County
Consolidated
Special
Taxing
Dist.,
Villages
of
Dorchester
&
Farmington
Village,
5.00%,
7/1/24
470
470
Anne
Arundel
County
Consolidated
Special
Taxing
Dist.,
Villages
of
Dorchester
&
Farmington
Village,
5.00%,
7/1/25
580
580
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
2,555
2,556
Anne
Arundel
County,
Annapolis
Area
Christian
School,
Series A,
6.75%,
7/1/43
4,970
4,970
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
3.00%,
10/1/38
6,220
5,454
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
3.00%,
10/1/49
6,680
5,040
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
4.00%,
10/1/47
9,230
9,128
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
2
Par
$
Value
(Amounts
in
000s)
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/37
1,100
1,126
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/38
2,000
2,069
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/39
3,105
3,167
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/40
3,610
3,722
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/41
3,105
3,161
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/42
1,450
1,474
Anne
Arundel
County,
General
Improvement,
GO,
5.00%,
10/1/43
4,125
4,233
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/44
4,255
4,721
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/45
4,350
4,415
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/46
5,830
5,964
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/47
4,015
4,419
Anne
Arundel
County,
Consolidated
General
Improvement,
Series 2016,
GO,
5.00%,
10/1/41
1,450
1,476
Anne
Arundel
County,
Consolidated
General
Improvement,
Series 2018,
GO,
5.00%,
10/1/37
6,480
6,823
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
3.00%,
10/1/38
2,300
2,017
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
4.50%,
4/1/44
11,250
11,266
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/35
1,445
1,476
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/37
1,805
1,873
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/39
1,125
1,162
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/40
12,345
12,517
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/40
2,125
2,191
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/42
3,105
3,157
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/45
12,925
13,066
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/46
5,375
5,499
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
3
Par
$
Value
(Amounts
in
000s)
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
Series 2017,
GO,
5.00%,
10/1/38
2,125
2,199
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
Series 2018,
GO,
5.00%,
10/1/47
5,000
5,166
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
Series 2020,
GO,
5.00%,
10/1/38
2,470
2,681
Anne
Arundel
County,
Recreational
Fac.
Improvements,
GO,
5.00%,
10/1/40
3,105
3,164
Anne
Arundel
County,
Recreational
Fac.
Improvements,
GO,
5.00%,
10/1/45
9,315
9,453
Anne
Arundel
County,
Sewer
Improvements,
GO,
5.00%,
10/1/43
10,830
11,115
Anne
Arundel
County,
Water
Utility
Improvement,
GO,
5.00%,
4/1/33
2,600
2,660
Anne
Arundel
County,
Water
Utility
Improvement,
GO,
5.00%,
4/1/34
7,655
7,827
Anne
Arundel
County,
Water
Utility
Improvement,
GO,
5.00%,
4/1/35
7,655
7,818
Anne
County
Arundel,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/43
1,030
1,146
Anne
County
Arundel,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/47
2,195
2,416
Baltimore
County,
GO,
4.00%,
3/1/39
3,025
3,087
Baltimore
County,
GO,
4.00%,
3/1/40
3,580
3,639
Baltimore
County,
Consolidated
Public
Improvement,
GO,
3.00%,
3/1/38
3,000
2,640
Baltimore
County,
Consolidated
Public
Improvement,
GO,
3.00%,
3/1/39
5,000
4,328
Baltimore
County,
Consolidated
Public
Improvement,
GO,
4.00%,
2/1/34
7,750
7,752
Baltimore
County,
Metropolitan
Dist.
77th
Issue,
GO,
5.00%,
8/1/41
4,255
4,279
Baltimore
County,
Metropolitan
Dist.
77th
Issue,
GO,
5.00%,
8/1/44
8,400
8,451
Baltimore
County,
Metropolitan
Dist.
78th
Issue,
GO,
5.00%,
2/1/46
10,000
10,178
Baltimore
County,
Metropolitan
Dist.
80th
Issue,
GO,
4.00%,
3/1/38
610
616
Baltimore
County,
Metropolitan
Dist.
80th
Issue,
GO,
4.00%,
3/1/42
4,595
4,610
Baltimore
County,
Metropolitan
Dist.
80th
Issue,
GO,
4.00%,
3/1/45
1,700
1,694
Baltimore
County,
Metropolitan
Dist.
83rd
Issue,
GO,
4.00%,
3/1/39
3,750
3,819
Baltimore
County,
Metropolitan
Dist.
84th
Issue,
GO,
5.00%,
3/1/48
10,920
11,987
Baltimore
County,
Metropolitan
Dist.
84th
Issue,
GO,
5.00%,
3/1/49
4,280
4,690
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
4
Par
$
Value
(Amounts
in
000s)
Baltimore
County,
Metropolitan
Dist.
84th
Issue,
GO,
5.00%,
3/1/53
37,775
41,160
Baltimore
County,
Oak
Crest
Village,
4.00%,
1/1/38
845
803
Baltimore
County,
Oak
Crest
Village,
4.00%,
1/1/39
625
587
Baltimore
County,
Oak
Crest
Village,
4.00%,
1/1/40
755
703
Baltimore
County,
Oak
Crest
Village,
4.00%,
1/1/45
1,750
1,556
Baltimore
County,
Oak
Crest
Village,
4.00%,
1/1/50
8,140
6,995
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/24
855
855
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/25
1,065
1,075
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/27
1,155
1,181
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/28
1,250
1,279
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/29
1,035
1,058
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/30
1,040
1,063
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/37
7,345
7,462
Baltimore
County,
Riverwood
Village,
4.00%,
1/1/34
265
263
Baltimore
County,
Riverwood
Village,
4.00%,
1/1/35
1,065
1,048
Baltimore
County,
Riverwood
Village,
4.00%,
1/1/45
10,545
9,429
Baltimore
County,
Riverwood
Village,
4.00%,
1/1/50
9,965
8,563
Baltimore
County,
Riverwood
Village,
Series 2020,
4.00%,
1/1/36
250
243
Baltimore,
Center/West
Dev.,
Series A,
5.375%,
6/1/36
1,000
1,008
Baltimore,
Center/West
Dev.,
Series A,
5.50%,
6/1/43
1,450
1,457
Baltimore,
Consolidated
Tax
Increment
Fin.,
5.00%,
6/15/25
590
595
Baltimore,
Consolidated
Tax
Increment
Fin.,
5.00%,
6/15/26
375
378
Baltimore,
Consolidated
Tax
Increment
Fin.,
5.00%,
6/15/27
520
525
Baltimore,
Consolidated
Tax
Increment
Fin.,
5.00%,
6/15/28
1,215
1,226
Baltimore,
Consolidated
Tax
Increment
Fin.,
5.00%,
6/15/29
930
938
Baltimore,
Consolidated
Tax
Increment
Fin.,
5.00%,
6/15/30
515
519
Baltimore,
Consolidated
Tax
Increment
Fin.,
5.00%,
6/15/33
415
418
Baltimore,
East
Baltimore
Research
Park,
Series A,
5.00%,
9/1/38
1,865
1,854
Baltimore,
Harbor
Point
Project,
4.50%,
6/1/33
400
390
Baltimore,
Harbor
Point
Project,
4.75%,
6/1/31
2,025
2,008
Baltimore,
Harbor
Point
Project,
4.875%,
6/1/42
875
839
Baltimore,
Harbor
Point
Project,
5.00%,
6/1/36
3,800
3,784
Baltimore,
Harbor
Point
Project,
5.00%,
6/1/51
5,700
5,414
Baltimore,
Harbor
Point
Project,
5.125%,
6/1/43
11,230
11,000
Baltimore,
Harbor
Point
Project,
Series A,
3.20%,
6/1/30 (1)
200
181
Baltimore,
Harbor
Point
Project,
Series A,
3.25%,
6/1/31 (1)
220
197
Baltimore,
Harbor
Point
Project,
Series A,
3.30%,
6/1/32 (1)
250
222
Baltimore,
Harbor
Point
Project,
Series A,
3.35%,
6/1/33 (1)
270
237
Baltimore,
Harbor
Point
Project,
Series A,
3.50%,
6/1/39 (1)
650
539
Baltimore,
Harbor
Point
Project,
Series A,
3.625%,
6/1/46 (1)
4,000
3,196
Baltimore,
Harbor
Point
Project,
Series B,
3.55%,
6/1/34 (1)
325
282
Baltimore,
Harbor
Point
Project,
Series B,
3.70%,
6/1/39 (1)
450
375
Baltimore,
Harbor
Point
Project,
Series B,
3.875%,
6/1/46 (1)
670
539
Baltimore,
Water
Project,
Series A,
5.00%,
7/1/28 (2)(3)
250
261
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
5
Par
$
Value
(Amounts
in
000s)
Brunswick,
Brunswick
Crossing
Special
Taxing
Dist.,
3.00%,
7/1/24
495
492
Brunswick,
Brunswick
Crossing
Special
Taxing
Dist.,
4.00%,
7/1/29
960
935
Brunswick,
Brunswick
Crossing
Special
Taxing
Dist.,
5.00%,
7/1/36
1,548
1,558
Charles
County,
Consolidated
Public
Improvement,
GO,
4.00%,
10/1/48
1,135
1,118
Charles
County,
Consolidated
Public
Improvement,
GO,
4.50%,
10/1/52
3,145
3,210
Frederick
County,
Public
Facilities
Project,
Series A,
GO,
2.00%,
10/1/39
9,330
6,653
Frederick
County,
Public
Facilities
Project,
Series A,
GO,
4.00%,
4/1/42
5,780
5,819
Frederick
County,
Public
Facilities
Project,
Series A,
GO,
4.00%,
4/1/43
4,195
4,213
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/31
4,385
4,498
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/32
1,995
2,027
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/33
1,815
1,843
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/34
2,000
2,027
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/36
1,600
1,603
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/37
1,200
1,186
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/39
585
560
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/40
1,155
1,093
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
5.00%,
7/1/25
1,000
1,023
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
5.00%,
7/1/27
1,550
1,637
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
5.00%,
7/1/28
2,645
2,837
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
5.00%,
7/1/29
2,545
2,751
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series C,
4.00%,
7/1/50 (1)
5,950
5,104
Gaithersburg,
Asbury
Obligated
Group,
4.50%,
1/1/42
5,000
4,354
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/33
1,190
1,190
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/36
10,140
9,924
Gaithersburg,
Asbury
Obligated
Group,
Series B,
5.00%,
1/1/27
3,565
3,570
Harford
County,
Beechtree
Estates
Project,
4.00%,
7/1/40
885
841
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
6
Par
$
Value
(Amounts
in
000s)
Harford
County,
Consolidated
Public
Improvement,
GO,
3.20%,
9/15/37
2,375
2,141
Howard
County
Housing
Commission,
Beech's
Farm
Apartments,
VRDN,
3.25%,
12/1/62
4,300
4,300
Howard
County
Housing
Commission,
Columbia
Landing
Apartments,
Series A,
1.60%,
6/1/29
5,000
4,454
Howard
County
Housing
Commission,
Gateway
Village
Apts,
4.00%,
6/1/46
5,425
4,877
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/29
1,055
1,119
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/30
1,035
1,097
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/31
750
794
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/32
550
582
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/37
7,350
7,656
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/42
5,000
5,108
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/46
10,000
10,186
Howard
County,
Downtown
Columbia
Project,
Series A,
4.00%,
2/15/28 (1)
480
471
Howard
County,
Downtown
Columbia
Project,
Series A,
4.125%,
2/15/34 (1)
1,000
946
Howard
County,
Downtown
Columbia
Project,
Series A,
4.375%,
2/15/39 (1)
1,000
934
Howard
County,
Downtown
Columbia
Project,
Series A,
4.50%,
2/15/47 (1)
2,950
2,644
Howard
County,
Metropolitan
District
Project,
Series B,
GO,
3.00%,
8/15/49
850
649
Howard
County,
Patuxent
Square
Apts,
VRDN,
4.75%,
10/1/36
(Tender
4/1/29) (4)
2,000
2,005
Maryland
CDA,
4.65%,
9/1/37
6,000
6,242
Maryland
CDA,
4.95%,
9/1/42
4,500
4,681
Maryland
CDA,
6.00%,
3/1/53
6,925
7,392
Maryland
CDA,
Series A,
3.00%,
9/1/51
12,675
12,254
Maryland
CDA,
Series A,
3.375%,
9/1/34
1,515
1,449
Maryland
CDA,
Series A,
3.75%,
3/1/50
11,055
10,906
Maryland
CDA,
Series A,
4.50%,
9/1/48
6,430
6,457
Maryland
CDA,
Series A,
5.00%,
9/1/52
4,880
5,014
Maryland
CDA,
Series B,
3.00%,
9/1/51
32,160
30,941
Maryland
CDA,
Series B,
3.20%,
9/1/39
10,000
8,737
Maryland
CDA,
Series B,
4.35%,
7/1/43
7,500
7,243
Maryland
CDA,
Series B,
4.50%,
9/1/48 (4)
5,730
5,724
Maryland
CDA,
Series C,
2.60%,
1/1/42
2,155
1,554
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
7
Par
$
Value
(Amounts
in
000s)
Maryland
CDA,
Series C,
3.50%,
3/1/50
5,610
5,498
Maryland
CDA,
Series C,
4.55%,
7/1/43
4,150
4,193
Maryland
CDA,
Series C,
5.00%,
9/1/26
375
392
Maryland
CDA,
Series C,
5.00%,
9/1/29
2,975
3,197
Maryland
CDA,
Series C,
5.00%,
3/1/30
740
794
Maryland
CDA,
Series C,
5.00%,
3/1/31
1,500
1,611
Maryland
CDA,
Series C,
5.15%,
7/1/42
2,500
2,688
Maryland
CDA,
Series C,
5.75%,
9/1/54
6,250
6,657
Maryland
CDA,
Series F,
5.00%,
7/1/48
980
980
Maryland
CDA
Local
Government
Infrastructure,
Series A-1,
5.00%,
6/1/38
1,115
1,250
Maryland
CDA
Local
Government
Infrastructure,
Series A-1,
5.00%,
6/1/43
1,500
1,629
Maryland
CDA,
Glen
Manor
Apts,
Series G,
4.70%,
1/1/31
4,950
4,954
Maryland
DOT,
Series B,
4.00%,
8/1/37 (4)
1,500
1,479
Maryland
DOT,
Series B,
4.00%,
8/1/38 (4)
1,500
1,472
Maryland
DOT,
Series B,
4.00%,
8/1/39 (4)
4,180
4,063
Maryland
DOT,
Series B,
4.00%,
8/1/40 (4)
5,925
5,712
Maryland
DOT,
Series B,
4.00%,
8/1/41 (4)
3,125
2,987
Maryland
DOT,
Series B,
4.00%,
8/1/51 (4)
36,165
32,312
Maryland
DOT,
Series B,
5.00%,
8/1/31 (4)
1,125
1,235
Maryland
DOT,
Series B,
5.00%,
8/1/32 (4)
1,420
1,557
Maryland
DOT,
Series B,
5.00%,
8/1/46 (4)
21,025
21,637
Maryland
Economic
Dev.,
Air
Cargo
Obligated
Group,
4.00%,
7/1/39 (4)
3,060
2,773
Maryland
Economic
Dev.,
Air
Cargo
Obligated
Group,
4.00%,
7/1/44 (4)
4,800
4,112
Maryland
Economic
Dev.,
Air
Cargo
Obligated
Group,
5.00%,
7/1/24 (4)
325
326
Maryland
Economic
Dev.,
Air
Cargo
Obligated
Group,
5.00%,
7/1/25 (4)
510
515
Maryland
Economic
Dev.,
Air
Cargo
Obligated
Group,
5.00%,
7/1/26 (4)
690
703
Maryland
Economic
Dev.,
Air
Cargo
Obligated
Group,
5.00%,
7/1/28 (4)
375
389
Maryland
Economic
Dev.,
Air
Cargo
Obligated
Group,
5.00%,
7/1/29 (4)
385
402
Maryland
Economic
Dev.,
Annapolis
Mobility
&
Resilience
Project,
5.00%,
12/31/37
4,295
4,490
Maryland
Economic
Dev.,
Annapolis
Mobility
&
Resilience
Project,
5.00%,
12/31/42
3,970
4,055
Maryland
Economic
Dev.,
Annapolis
Mobility
&
Resilience
Project,
5.25%,
12/31/47
5,940
6,121
Maryland
Economic
Dev.,
Annapolis
Mobility
&
Resilience
Project,
5.25%,
6/30/53
1,185
1,213
Maryland
Economic
Dev.,
Baltimore
City
Project,
Series A,
5.00%,
6/1/58
2,500
2,400
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
8
Par
$
Value
(Amounts
in
000s)
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/28
690
697
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/29
815
823
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/30
845
851
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/31
880
885
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/32
815
818
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/34
765
762
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
3,034
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/50
12,335
10,613
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/25
950
961
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/29 (1)
1,680
1,718
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/33 (1)
2,000
2,039
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
7/1/55
12,990
13,057
Maryland
Economic
Dev.,
Constellation
Energy
Group,
Series B,
VRDN,
4.10%,
10/1/36
(Tender
4/3/28)
10,000
10,094
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
4.00%,
7/1/40
6,055
5,499
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
4.25%,
7/1/50
3,500
3,037
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/24
1,225
1,231
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/25
1,285
1,305
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/26
600
616
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/27
665
691
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/28
490
514
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/29
810
855
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/30
1,095
1,162
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/31
1,000
1,067
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/32
1,805
1,934
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/34
2,500
2,659
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/50
11,970
11,848
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/56
17,475
17,116
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.25%,
7/1/29
295
315
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
9
Par
$
Value
(Amounts
in
000s)
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.25%,
7/1/30
670
721
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.25%,
7/1/31
585
634
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.25%,
7/1/32
500
545
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.25%,
7/1/33
545
592
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.375%,
7/1/38
1,220
1,288
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.75%,
7/1/53
8,140
8,573
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
6.00%,
7/1/58
7,900
8,468
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series A,
5.00%,
11/12/28 (4)
6,905
7,043
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.00%,
6/30/40 (4)
1,750
1,786
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.00%,
6/30/41 (4)
2,850
2,905
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.00%,
12/31/41 (4)
2,500
2,549
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/47 (4)
2,350
2,403
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/52 (4)
4,000
4,059
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/55 (4)
37,815
38,287
Maryland
Economic
Dev.,
Salisbury
Univ.
Project,
5.00%,
6/1/27
700
700
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
984
Maryland
Economic
Dev.,
Seagirt
Marine
Terminal
Project,
5.00%,
6/1/44 (4)
6,400
6,509
Maryland
Economic
Dev.,
Seagirt
Marine
Terminal
Project,
5.00%,
6/1/49 (4)
18,305
18,547
Maryland
Economic
Dev.,
Towson
Univ.
Project,
4.00%,
7/1/24
465
464
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/25
400
403
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/27
1,495
1,496
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/28
175
178
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/29
1,775
1,776
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/30
325
329
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/31
375
378
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/32
325
327
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/36
2,125
2,107
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/37
3,000
2,965
Maryland
Economic
Dev.,
Towson
Univ.
Project,
Series 2017,
5.00%,
7/1/27
185
188
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
10
Par
$
Value
(Amounts
in
000s)
Maryland
Economic
Dev.,
Towson
Univ.
Project,
Series 2017,
5.00%,
7/1/29
215
218
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/24
1,445
1,450
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/25
1,000
1,012
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/29
500
525
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/30
1,515
1,587
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/31
4,850
5,067
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/32
2,750
2,869
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/35
8,655
9,000
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
4.00%,
7/1/24 (5)
420
421
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
4.00%,
7/1/25 (5)
470
475
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
4.00%,
7/1/26 (5)
505
515
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
5.00%,
7/1/27 (5)
800
833
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
5.00%,
7/1/28 (5)
525
546
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
5.00%,
7/1/29 (5)
560
581
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
5.00%,
7/1/30 (5)
1,325
1,374
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
5.00%,
7/1/31 (5)
705
731
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
4.00%,
6/1/24 (5)
1,700
1,704
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
4.00%,
6/1/25 (5)
2,010
2,030
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
4.00%,
6/1/26 (5)
1,815
1,848
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/27 (5)
2,280
2,371
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/28 (5)
3,405
3,536
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/29 (5)
3,100
3,214
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/30 (5)
3,930
4,072
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
11
Par
$
Value
(Amounts
in
000s)
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/31 (5)
3,765
3,900
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/35 (5)
11,075
11,452
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/43 (5)
4,560
4,627
Maryland
Economic
Dev.,
Univ.
of
Maryland
Project,
4.00%,
7/1/25
600
597
Maryland
Economic
Dev.,
Univ.
of
Maryland
Project,
5.00%,
7/1/26
635
642
Maryland
Economic
Dev.,
Univ.
of
Maryland
Project,
5.00%,
7/1/27
500
506
Maryland
Economic
Dev.,
Univ.
of
Maryland
Project,
5.00%,
7/1/31
1,850
1,870
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
3,859
Maryland
Economic
Dev.,
Univ.
Village
at
Sheppard
Pratt,
5.00%,
7/1/27
1,600
1,600
Maryland
Economic
Dev.,
Univ.
Village
at
Sheppard
Pratt,
5.00%,
7/1/33
2,570
2,563
Maryland
HHEFA,
4.00%,
7/1/39
(Prerefunded
7/1/24) (6)
2,475
2,485
Maryland
HHEFA,
5.875%,
7/1/43 (1)
2,000
1,976
Maryland
HHEFA,
6.125%,
7/1/53 (1)
3,745
3,697
Maryland
HHEFA,
6.25%,
7/1/63 (1)
6,000
5,913
Maryland
HHEFA,
Adventist
Healthcare,
4.00%,
1/1/28
950
959
Maryland
HHEFA,
Adventist
Healthcare,
4.00%,
1/1/30
510
513
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/24
545
545
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/26
910
929
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/27
430
445
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/28
375
392
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/29
580
612
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/30
555
588
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/36
2,340
2,417
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/36
1,540
1,589
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/46
18,660
18,840
Maryland
HHEFA,
Adventist
Healthcare,
Series B,
4.00%,
1/1/34
2,565
2,536
Maryland
HHEFA,
Adventist
Healthcare,
Series B,
4.00%,
1/1/35
1,840
1,789
Maryland
HHEFA,
Andrews
Public
Charter,
5.50%,
5/1/42 (1)
820
768
Maryland
HHEFA,
Andrews
Public
Charter,
5.50%,
5/1/52 (1)
1,500
1,359
Maryland
HHEFA,
Broadmead,
Series A,
4.00%,
7/1/35
280
267
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/26
780
792
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/28
205
211
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/29
1,000
1,027
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/31
530
544
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/32
1,000
1,026
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/38
2,830
2,846
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/43
2,800
2,772
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/48
7,100
6,875
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/27
1,200
1,242
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
12
Par
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/28
605
626
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/36
2,835
2,910
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/45
14,760
14,907
Maryland
HHEFA,
City
Neighbors
Charter
School,
Series A,
6.75%,
7/1/44
2,645
2,647
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
3.125%,
1/1/24
200
200
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
4.00%,
1/1/29
1,515
1,465
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
4.125%,
1/1/30
995
960
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
5.00%,
1/1/25
875
879
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
5.00%,
1/1/26
1,015
1,021
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
5.00%,
1/1/27
1,920
1,930
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
5.00%,
1/1/28
2,070
2,080
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
5.25%,
1/1/37
17,730
17,745
Maryland
HHEFA,
Frederick
Health
System,
4.00%,
7/1/50
11,565
10,282
Maryland
HHEFA,
Greater
Baltimore
Medical
Center,
Series A,
2.50%,
7/1/51
3,970
2,467
Maryland
HHEFA,
Greater
Baltimore
Medical
Center,
Series A,
3.00%,
7/1/46
12,575
9,508
Maryland
HHEFA,
Greater
Baltimore
Medical
Center,
Series A,
4.00%,
7/1/37
4,380
4,358
Maryland
HHEFA,
Greater
Baltimore
Medical
Center,
Series A,
4.00%,
7/1/40
5,000
4,806
Maryland
HHEFA,
Green
Street
Academy,
Series A,
5.00%,
7/1/27 (1)
285
285
Maryland
HHEFA,
Green
Street
Academy,
Series A,
5.125%,
7/1/37 (1)
1,265
1,215
Maryland
HHEFA,
Green
Street
Academy,
Series A,
5.25%,
7/1/47 (1)
1,800
1,652
Maryland
HHEFA,
Green
Street
Academy,
Series A,
5.375%,
7/1/52 (1)
1,530
1,402
Maryland
HHEFA,
Helix
Health
Issue,
5.00%,
7/1/27 (2)(7)
6,875
7,136
Maryland
HHEFA,
Johns
Hopkins
Medical
Institution,
5.50%,
7/1/26 (7)
1,505
1,515
Maryland
HHEFA,
Johns
Hopkins
Medical
Institution,
Series A,
5.00%,
5/15/37
5,000
5,093
Maryland
HHEFA,
Johns
Hopkins
Medical
Institution,
Series B,
4.60%,
7/1/38 (7)
490
493
Maryland
HHEFA,
Johns
Hopkins
Univ.,
Series B,
4.25%,
7/1/41
18,475
18,475
Maryland
HHEFA,
Johns
Hopkins
Univ.,
Series B,
5.00%,
7/1/38
6,590
6,593
Maryland
HHEFA,
LifeBridge
Health,
5.00%,
7/1/31
1,060
1,102
Maryland
HHEFA,
LifeBridge
Health,
5.00%,
7/1/32
1,210
1,256
Maryland
HHEFA,
LifeBridge
Health,
5.00%,
7/1/33
1,175
1,215
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
13
Par
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
LifeBridge
Health,
5.00%,
7/1/34
3,925
4,120
Maryland
HHEFA,
LifeBridge
Health,
Series 2017,
5.00%,
7/1/33
1,015
1,066
Maryland
HHEFA,
Loyola
Univ.,
4.00%,
10/1/30
480
482
Maryland
HHEFA,
Loyola
Univ.,
4.00%,
10/1/33
1,210
1,213
Maryland
HHEFA,
Loyola
Univ.,
4.00%,
10/1/39
5,505
5,438
Maryland
HHEFA,
Loyola
Univ.,
4.00%,
10/1/45
7,330
6,848
Maryland
HHEFA,
Loyola
Univ.,
5.00%,
10/1/27
435
441
Maryland
HHEFA,
Loyola
Univ.,
5.00%,
10/1/28
500
507
Maryland
HHEFA,
Loyola
Univ.,
5.00%,
10/1/32
595
602
Maryland
HHEFA,
Loyola
Univ.,
5.00%,
10/1/45
5,000
5,013
Maryland
HHEFA,
Loyola
Univ.,
Series A,
5.00%,
10/1/24
500
506
Maryland
HHEFA,
Loyola
Univ.,
Series A,
5.00%,
10/1/49
8,860
9,144
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
4.00%,
6/1/24
700
701
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
4.00%,
6/1/42
2,435
2,127
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/24
250
251
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/25
100
102
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/26
225
231
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/27
850
873
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/28
650
668
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/29
1,295
1,296
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/30
1,020
1,045
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/31
680
696
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/32
890
910
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/33
300
306
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/34
1,005
1,005
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/35
275
280
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/36
650
661
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/42
3,000
3,003
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
Series 2017,
5.00%,
6/1/25
260
264
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
Series 2017,
5.00%,
6/1/28
300
308
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
Series 2017,
5.00%,
6/1/29
315
323
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
Series 2017,
5.00%,
6/1/34
1,330
1,358
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
Series 2017,
5.00%,
6/1/36
575
584
Maryland
HHEFA,
Medlantic/Helix
Issue,
Series A,
5.25%,
8/15/38 (5)
8,170
9,063
Maryland
HHEFA,
Medlantic/Helix
Issue,
Series B,
5.25%,
8/15/38 (7)
16,565
17,917
Maryland
HHEFA,
MedStar
Health,
5.00%,
8/15/31
5,080
5,165
Maryland
HHEFA,
MedStar
Health,
5.00%,
8/15/38
900
908
Maryland
HHEFA,
MedStar
Health,
Series A,
4.00%,
5/15/47
13,840
12,505
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
8/15/27
4,005
4,007
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
14
Par
$
Value
(Amounts
in
000s)
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
10,842
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
5/15/42
3,870
3,960
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
5/15/45
17,145
17,337
Maryland
HHEFA,
MedStar
Health,
Series B,
4.00%,
8/15/38
1,765
1,745
Maryland
HHEFA,
MedStar
Health,
Series B,
5.00%,
8/15/31
5,615
5,618
Maryland
HHEFA,
MedStar
Health,
Series B,
5.00%,
8/15/33
2,000
2,001
Maryland
HHEFA,
MedStar
Health,
Series B,
5.00%,
8/15/38
10,520
10,522
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/32
1,830
1,874
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/33
1,000
1,024
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/34
1,200
1,230
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/36
1,500
1,531
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/38
6,345
6,404
Maryland
HHEFA,
Meritus
Medical
Center,
4.00%,
7/1/30
945
942
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/24
1,875
1,888
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/28
1,030
1,050
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/34
1,000
1,017
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/40
16,375
16,514
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/45
25,760
25,881
Maryland
HHEFA,
Peninsula
Regional
Health
System,
Series A,
4.00%,
7/1/48
13,160
11,620
Maryland
HHEFA,
Saint
John's
College,
4.00%,
10/1/40
1,000
933
Maryland
HHEFA,
Stevenson
Univ.
Project,
4.00%,
6/1/35
1,700
1,709
Maryland
HHEFA,
Stevenson
Univ.
Project,
4.00%,
6/1/36
350
349
Maryland
HHEFA,
Stevenson
Univ.
Project,
4.00%,
6/1/37
2,965
2,910
Maryland
HHEFA,
Stevenson
Univ.
Project,
4.00%,
6/1/39
1,990
1,900
Maryland
HHEFA,
Stevenson
Univ.
Project,
4.00%,
6/1/40
400
378
Maryland
HHEFA,
Stevenson
Univ.
Project,
4.00%,
6/1/41
1,375
1,289
Maryland
HHEFA,
Stevenson
Univ.
Project,
5.00%,
6/1/29
975
1,047
Maryland
HHEFA,
Stevenson
Univ.
Project,
5.00%,
6/1/31
1,205
1,313
Maryland
HHEFA,
Stevenson
Univ.
Project,
5.00%,
6/1/33
1,375
1,489
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/34
745
751
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/46
5,315
4,806
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/51
11,135
9,781
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/55
10,185
8,782
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
5.00%,
7/1/33
5,305
5,435
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
5.00%,
7/1/34
2,910
2,980
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
5.00%,
7/1/35
2,100
2,147
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
15
Par
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B,
5.00%,
7/1/34
500
524
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series D,
4.00%,
7/1/48
3,500
3,198
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series D,
VRDN,
3.20%,
7/1/41
4,415
4,415
Maryland
IDA,
McDonogh
School,
4.00%,
9/1/43
1,000
957
Maryland
IDA,
McDonogh
School,
4.00%,
9/1/48
1,600
1,466
Maryland
Stadium
Auth.
Built
to
Learn
Revenue,
Series A,
4.00%,
6/1/41
3,980
3,930
Maryland
Stadium
Auth.
Built
to
Learn
Revenue,
Series A,
4.00%,
6/1/47
5,000
4,742
Maryland
Stadium
Auth.
Built
to
Learn
Revenue,
Series A,
4.00%,
6/1/52
8,190
7,540
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
5.00%,
5/1/37
5,250
5,532
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
5.00%,
5/1/50
41,760
45,663
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
Series B,
5.00%,
5/1/47
13,590
14,916
Maryland
Transportation
Auth.,
Series A,
2.50%,
7/1/47
4,915
3,367
Maryland
Transportation
Auth.,
Series A,
3.00%,
7/1/47
1,740
1,353
Maryland
Transportation
Auth.,
Series A,
5.00%,
7/1/34
1,325
1,509
Maryland
Transportation
Auth.,
Series A,
5.00%,
7/1/46
7,385
7,946
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
4.00%,
6/1/33 (4)
3,250
3,288
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
4.00%,
6/1/37 (4)
7,530
7,421
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
4.00%,
6/1/38 (4)
7,830
7,683
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
4.00%,
6/1/39 (4)
8,145
7,919
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
5.00%,
6/1/24 (4)
2,560
2,561
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
5.00%,
6/1/25 (4)
2,690
2,691
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
5.00%,
6/1/26 (4)
2,820
2,820
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
5.00%,
6/1/27 (4)
2,965
2,965
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
5.00%,
6/1/30 (4)
4,615
4,944
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
Series 2012A,
5.00%,
6/1/28 (4)
2,000
2,122
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
Series 2019,
5.00%,
6/1/28 (4)
3,110
3,110
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
16
Par
$
Value
(Amounts
in
000s)
Maryland
Transportation
Auth.,
Transportation
Fac.
Project,
4.00%,
7/1/45
8,170
7,992
Maryland
Transportation
Auth.,
Transportation
Fac.
Project,
4.00%,
7/1/50
15,035
14,467
Montgomery
County,
Series A,
GO,
4.00%,
8/1/38
10,070
10,348
Montgomery
County,
Series A,
GO,
4.00%,
8/1/39
4,000
4,078
Montgomery
County,
Series E,
GO,
VRDN,
3.20%,
11/1/37
4,260
4,260
Montgomery
County
Housing
Opportunities
Commission,
Series A,
3.00%,
1/1/50
7,000
6,731
Montgomery
County
Housing
Opportunities
Commission,
Series A,
4.00%,
7/1/46
840
840
Montgomery
County
Housing
Opportunities
Commission,
Series A,
5.00%,
7/1/52
3,895
3,999
Montgomery
County
Housing
Opportunities
Commission,
Series A,
5.75%,
7/1/54
7,880
8,490
Montgomery
County
Housing
Opportunities
Commission,
Series C,
2.85%,
1/1/51
32,930
23,016
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.00%,
1/1/35
490
554
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.00%,
1/1/36
485
541
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.00%,
1/1/37
555
610
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.00%,
1/1/38
485
527
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.50%,
1/1/48
2,975
3,198
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.75%,
1/1/58
4,335
4,723
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.75%,
1/1/63
6,300
6,848
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.75%,
1/1/66
10,740
11,629
Montgomery
County
Housing
Opportunities
Commission,
Green
Bond,
Series A,
VRDN,
3.20%,
1/1/63
6,150
6,150
Montgomery
County
Housing
Opportunities
Commission,
Housing
Dev.,
Series A,
VRDN,
3.25%,
1/1/49
500
500
Montgomery
County,
Consolidated
Public
Improvement,
Series A,
GO,
3.75%,
11/1/38
1,110
1,075
Montgomery
County,
Consolidated
Public
Improvement
Project,
Series A,
GO,
2.00%,
8/1/41
5,000
3,415
Montgomery
County,
Friends
House
Retirement
Community,
Series A,
5.375%,
7/1/48
3,500
2,848
Montgomery
County,
Trinity
Healthcare,
4.00%,
12/1/44
10,740
10,332
Montgomery
County,
Trinity
Healthcare,
5.00%,
12/1/44
5,000
5,043
Montgomery
County,
West
Germantown
Dev.
Dist.,
4.00%,
7/1/24
930
933
Montgomery
County,
West
Germantown
Dev.
Dist.,
4.00%,
7/1/26
505
506
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
17
Par
$
Value
(Amounts
in
000s)
Montgomery
County,
West
Germantown
Dev.
Dist.,
4.00%,
7/1/27
1,000
1,001
Prince
George's
County
Auth.,
Suitland-Naylor
Road,
5.00%,
7/1/46 (1)
3,500
3,386
Prince
George's
County,
National
Harbor
Project,
5.00%,
7/1/31
2,535
2,890
Prince
George's
County,
National
Harbor
Project,
5.00%,
7/1/32
1,160
1,338
Prince
George's
County,
Westphalia
Town
Center
Project,
5.00%,
7/1/30 (1)
600
599
Prince
George's
County,
Westphalia
Town
Center
Project,
5.125%,
7/1/39 (1)
1,350
1,265
Prince
George's
County,
Westphalia
Town
Center
Project,
5.25%,
7/1/48 (1)
6,600
6,095
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/24
1,785
1,776
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/26
1,000
981
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/30
790
749
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/32
525
489
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/37
5,090
4,539
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/25
500
494
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/26
500
490
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/28
1,375
1,327
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/30
1,515
1,436
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/35
1,000
908
Rockville,
Ingelside
at
King
Farm,
Series B,
4.25%,
11/1/37
1,000
798
Rockville,
Ingelside
at
King
Farm,
Series B,
4.50%,
11/1/43
1,675
1,316
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/42
4,750
4,054
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/47
7,170
5,926
Saint
Mary's
County,
GO,
4.00%,
8/1/38
1,450
1,476
Saint
Mary's
County,
GO,
4.00%,
8/1/39
1,975
1,996
Saint
Mary's
County,
GO,
4.00%,
8/1/40
2,050
2,063
Saint
Mary's
County,
GO,
4.00%,
8/1/41
1,000
1,006
Saint
Mary's
County,
GO,
4.00%,
8/1/42
2,220
2,221
Univ.
System
of
Maryland,
Auxiliary
Fac.
&
Tuition,
Series A,
4.00%,
4/1/51
17,830
17,559
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/28
1,875
1,744
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/29
1,950
1,780
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36
1,500
1,204
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/42
5,100
3,734
Washington
Suburban
Sanitary
Commission,
Series A,
VRDN,
BAN,
3.25%,
6/1/24
21,700
21,700
Washington
Suburban
Sanitary
Commission,
Series B,
GO,
VRDN,
BAN,
3.27%,
6/1/24
200
200
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
2.25%,
6/1/41
3,710
2,683
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
18
Par
$
Value
(Amounts
in
000s)
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
3.00%,
6/1/44
5,845
4,614
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
4.00%,
6/1/36
5,000
5,107
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
4.00%,
6/1/41
1,450
1,455
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
4.00%,
6/1/47
5,260
5,203
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
4.00%,
6/1/48
5,000
4,924
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
4.00%,
6/1/50
7,000
6,845
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
4.00%,
6/1/51
10,000
9,753
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
5.00%,
6/1/35
2,225
2,316
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
5.00%,
6/1/38
12,585
12,973
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
5.00%,
6/1/41
1,670
1,876
Westminster,
Carroll
Lutheran
Village,
5.125%,
7/1/34
(Prerefunded
7/1/24) (6)
3,040
3,069
Westminster,
Carroll
Lutheran
Village,
5.125%,
7/1/40
(Prerefunded
7/1/24) (6)
3,020
3,049
Westminster,
Carroll
Lutheran
Village,
5.50%,
7/1/44
(Prerefunded
7/1/24) (6)
6,570
6,647
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
5.00%,
7/1/24
195
195
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
6.00%,
7/1/34
2,800
2,810
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
6.125%,
7/1/39
2,500
2,506
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
6.25%,
7/1/44
3,145
3,152
2,011,213
PUERTO
RICO
4.5%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (8)
11,196
5,822
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (8)
8,291
4,343
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/33 (1)
2,400
2,424
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/37 (1)
1,000
1,000
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/24
343
335
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33
2,709
1,649
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
19
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
9,445
8,815
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
7,717
7,058
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
4,024
3,594
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41
2,208
1,905
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
1,000
1,044
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
—
—
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (9)(10)
55
14
Puerto
Rico
Electric
Power
Auth.,
Series A,
6.75%,
7/1/36 (9)(10)
4,690
1,172
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/27 (9)
(10)
850
212
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/30 (9)
(10)
1,925
481
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (9)
(10)
85
21
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (9)
(10)
210
53
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (9)(10)
270
68
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (9)(10)
1,045
261
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (9)(10)
340
85
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (9)(10)
415
104
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (9)(10)
55
14
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/37 (9)(10)
1,760
440
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (9)
(10)
45
11
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (9)
(10)
460
115
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (9)
(10)
225
56
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (9)(10)
95
24
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (9)(10)
255
64
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (9)(10)
195
49
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (9)(10)
65
16
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (9)(10)
110
27
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/19 (9)(10)
1,110
277
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (9)(10)
90
23
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (9)(10)
830
207
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (9)(10)
240
60
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (9)(10)
95
24
Puerto
Rico
Highway
&
Transportation
Auth.,
Restructured,
Series C,
STEP,
0.00%,
7/1/53
2,000
1,290
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
20
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
21,570
20,359
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58
14,000
13,574
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.536%,
7/1/53
3,249
2,961
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.784%,
7/1/58
3,200
3,007
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series B-1,
Zero
Coupon,
7/1/46
4,613
1,341
Puerto
Rico
Sales
Tax
Fin.,
Restructured
Cofina,
Series A-2,
4.329%,
7/1/40
10,592
10,026
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Converted,
Series A-2,
4.329%,
7/1/40
4,180
3,957
98,382
Total
Investments
in
Securities
98.4%
(Cost
$2,255,202)
$
2,151,959
Other
Assets
Less
Liabilities
1.6%
33,942
Net
Assets
100.0%
$
2,185,901
‡
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
$52,660
and
represents
2.4%
of
net
assets.
(2)
Escrowed
to
maturity
(3)
Insured
by
Financial
Guaranty
Insurance
Company
(4)
Interest
subject
to
alternative
minimum
tax.
(5)
Insured
by
Assured
Guaranty
Municipal
Corporation
(6)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(7)
Insured
by
AMBAC
Assurance
Corporation
(8)
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.
(9)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(10)
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
IDA
Industrial
Development
Authority/Agency
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
21
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
.
.
.
.
.
.
.
.
.
.
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
Unaudited
Notes
to
Portfolio
of
Investments
22
T.
Rowe
Price
Maryland
Tax-Free
Bond
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
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.
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)
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
23
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.
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.
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
24
Valuation
Inputs
On
November
30,
2023,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
2,
based
on
the
inputs
used
to
determine
their
fair
values.
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
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
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F87-054Q3
11/23