T.
ROWE
PRICE
Maryland
Short-Term
Tax-Free
Bond
Fund
November
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES
99.3%
MARYLAND
94.2%
Anne
Arundel
County
Consolidated
Special
Taxing
Dist.,
Villages
of
Dorchester
&
Farmington
Village,
5.00%,
7/1/24
500
500
Anne
Arundel
County,
Consolidated
General
Improvements,
GO,
5.00%,
10/1/24
610
620
Anne
Arundel
County,
Consolidated
General
Improvements,
GO,
5.00%,
4/1/25
1,000
1,026
Anne
Arundel
County,
Consolidated
General
Improvements,
GO,
5.00%,
4/1/26
1,730
1,815
Anne
Arundel
County,
Consolidated
General
Improvements,
GO,
5.00%,
10/1/26
1,090
1,129
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/26
1,740
1,847
Baltimore
City,
Harbor
Point,
Series A,
2.75%,
6/1/24 (1)
190
188
Baltimore
City,
Harbor
Point,
Series A,
2.80%,
6/1/25 (1)
125
122
Baltimore
City,
Harbor
Point,
Series A,
2.85%,
6/1/26 (1)
135
129
Baltimore
City,
Harbor
Point,
Series A,
3.05%,
6/1/28 (1)
190
176
Baltimore
County,
Consolidated
Public
Improvement,
GO,
5.00%,
3/1/25
1,075
1,101
Baltimore
County,
Consolidated
Public
Improvement,
GO,
5.00%,
3/1/26
2,315
2,424
Baltimore
County,
Consolidated
Public
Improvement,
GO,
5.00%,
8/1/26
1,635
1,687
Baltimore
County,
Consolidated
Public
Improvement,
Series 2022,
GO,
5.00%,
3/1/27
275
295
Baltimore
County,
Metropolitan
Dist.,
80th
Issue,
GO,
5.00%,
3/1/27
1,000
1,072
Baltimore
County,
Oak
Crest
Village,
2.25%,
1/1/26
435
419
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/24
200
200
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/25
35
35
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/29
395
404
Baltimore
County,
Riderwood
Village,
4.00%,
1/1/24
1,520
1,519
Carroll
County,
GO,
5.00%,
11/1/25
1,400
1,456
Charles
County,
Consolidated
Public
Improvement,
GO,
4.00%,
10/1/25
525
535
Charles
County,
Consolidated
Public
Improvement,
Series 2021,
GO,
5.00%,
10/1/26
1,030
1,093
Charles
County,
Consolidated
Public
Improvement,
Series 2023,
GO,
5.00%,
10/1/26 (2)
1,800
1,910
Frederick
County,
Series A,
5.00%,
7/1/24
1,000
1,008
Frederick
County,
Series A,
5.00%,
7/1/25
860
880
Frederick
County,
Public
Facilities
Project,
GO,
5.00%,
4/1/25
1,500
1,539
Frederick
County,
Public
Facilities
Project,
GO,
5.00%,
4/1/26
1,565
1,642
T.
ROWE
PRICE
Maryland
Short-Term
Tax-Free
Bond
Fund
2
Par
$
Value
(Amounts
in
000s)
Gaithersburg,
Asbury
Maryland
Obligated
Group,
Series B,
5.00%,
1/1/27
1,795
1,798
Harford
County,
GO,
5.00%,
10/1/25
840
872
Harford
County,
GO,
5.00%,
10/1/26
1,950
2,070
Harford
County,
Series B,
GO,
5.00%,
7/1/26
2,390
2,522
Howard
County,
Series B,
GO,
5.00%,
8/15/26
255
270
Howard
County,
Series E,
GO,
5.00%,
2/15/25
1,000
1,023
Howard
County
Housing
Commission,
Roger
Carter
Recreational
Center,
5.00%,
6/1/24
260
262
County
Housing
Commission,
Roger
Carter
Recreational
Center,
5.00%,
6/1/25
235
242
Howard
County
Housing
Commission,
Roger
Carter
Recreational
Center,
5.00%,
6/1/26
120
126
Howard
County
Housing
Commission,
Roger
Carter
Recreational
Center,
5.00%,
6/1/27
125
134
Howard
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
2/15/25
620
634
Howard
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
8/15/26
1,000
1,058
Howard
County,
Consolidated
Public
Improvement,
Series B,
GO,
5.00%,
2/15/25
1,035
1,059
Howard
County,
Special
Obligation,
Annapolis
Junction
Town
Center,
4.80%,
2/15/24
145
145
Maryland,
Series 2017-A,
GO,
5.00%,
8/1/25
2,215
2,294
Maryland,
Series 2017-A,
GO,
5.00%,
8/1/26
2,745
2,902
Maryland,
Series 2019-A,
GO,
5.00%,
8/1/25
4,130
4,277
Maryland,
Series 2019-A,
GO,
5.00%,
8/1/26
1,135
1,200
Maryland,
Series A,
GO,
5.00%,
3/15/25
1,595
1,638
Maryland,
Series A,
GO,
5.00%,
3/15/26
1,420
1,488
Maryland,
Series A,
GO,
5.00%,
3/15/27
1,485
1,593
Maryland,
Series B,
GO,
5.00%,
8/1/25
3,580
3,708
Maryland,
Series B,
GO,
5.00%,
8/1/26
1,045
1,105
Maryland
CDA,
Series C,
1.55%,
3/1/29
750
653
Maryland
CDA,
Series C,
5.00%,
9/1/26
1,210
1,265
Maryland
DOT,
4.00%,
12/15/25
35
35
Maryland
DOT,
4.00%,
11/1/27
195
195
Maryland
DOT,
5.00%,
5/1/25
415
426
Maryland
DOT,
5.00%,
6/1/25
650
651
Maryland
DOT,
5.00%,
5/1/26
1,985
2,041
Maryland
DOT,
5.00%,
10/1/26
1,030
1,093
Maryland
DOT,
5.00%,
11/1/26
1,040
1,059
Maryland
DOT,
5.00%,
10/1/27
2,005
2,128
Maryland
DOT,
Series 2020,
5.00%,
10/1/26
1,370
1,454
Maryland
DOT,
Series A,
5.00%,
12/1/25
1,080
1,124
Maryland
DOT,
Series A,
5.00%,
10/1/27
475
515
Maryland
DOT,
Series B,
5.00%,
8/1/26 (3)
1,235
1,278
T.
ROWE
PRICE
Maryland
Short-Term
Tax-Free
Bond
Fund
3
Par
$
Value
(Amounts
in
000s)
Maryland
DOT,
Series B,
5.00%,
8/1/27 (3)
1,250
1,313
Maryland
Economic
Dev.,
Series B,
VRDN,
4.10%,
10/1/36
(Tender
4/3/28)
1,025
1,035
Maryland
Economic
Dev.,
Bowie
State
Univ.,
4.00%,
7/1/24
230
230
Maryland
Economic
Dev.,
Bowie
State
Univ.,
4.00%,
7/1/25
300
300
Maryland
Economic
Dev.,
Bowie
State
Univ.,
4.00%,
7/1/26
350
352
Maryland
Economic
Dev.,
Bowie
State
Univ.,
4.00%,
7/1/27
500
504
Maryland
Economic
Dev.,
Cargo
Revenue,
4.00%,
7/1/24 (1)(3)
585
581
Maryland
Economic
Dev.,
Morgan
State
Univ.,
5.00%,
7/1/26
750
770
Maryland
Economic
Dev.,
Morgan
State
Univ.,
5.00%,
7/1/27
750
780
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series A,
5.00%,
11/12/28 (3)
780
796
Maryland
Economic
Dev.,
Salisbury
Univ.
Project,
5.00%,
6/1/27
1,260
1,260
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/25
1,180
1,194
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/29
1,000
1,051
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
4.00%,
7/1/24 (4)
25
25
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
4.00%,
6/1/25 (4)
15
15
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
4.00%,
6/1/26 (4)
1,000
1,018
Maryland
Economic
Dev.,
Univ.
of
Maryland
Project,
4.00%,
7/1/25
200
199
Maryland
Economic
Dev.,
Univ.
of
Maryland
Project,
5.00%,
7/1/27
175
177
Maryland
HHEFA,
5.00%,
7/1/24
75
76
Maryland
HHEFA,
5.00%,
7/1/26
(Prerefunded
7/1/24) (5)
80
81
Maryland
HHEFA,
5.00%,
7/1/32
(Prerefunded
7/1/24) (5)
1,070
1,077
Maryland
HHEFA,
Adventist
Healthcare,
4.00%,
1/1/25
475
474
Maryland
HHEFA,
Adventist
Healthcare,
4.00%,
1/1/27
640
644
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/25
470
474
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/26
1,085
1,118
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/24
185
185
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/25
65
66
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/28
350
362
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
5.00%,
1/1/25
310
311
Maryland
HHEFA,
Johns
Hopkins
Health,
Series A,
5.00%,
5/15/25
325
333
Maryland
HHEFA,
Lifebridge
Health,
3.00%,
7/1/25
245
243
Maryland
HHEFA,
Lifebridge
Health,
5.00%,
7/1/25
90
92
Maryland
HHEFA,
Lifebridge
Health,
5.00%,
7/1/26
90
94
Maryland
HHEFA,
Lifebridge
Health,
5.00%,
7/1/28
(Prerefunded
7/1/25) (5)
395
407
Maryland
HHEFA,
Lifebridge
Health,
Series 2015,
5.00%,
7/1/24
165
166
T.
ROWE
PRICE
Maryland
Short-Term
Tax-Free
Bond
Fund
4
Par
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
Lifebridge
Health,
Series 2017,
5.00%,
7/1/24
70
71
Maryland
HHEFA,
MedStar
Health,
5.00%,
8/15/24
385
389
Maryland
HHEFA,
MedStar
Health,
5.00%,
8/15/26
765
779
Maryland
HHEFA,
MedStar
Health,
Series A,
4.00%,
8/15/24
295
295
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
8/15/27
1,000
1,001
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/24
1,500
1,510
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/25
1,500
1,530
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/27
1,430
1,457
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/28
100
102
Maryland
HHEFA,
Peninsula
Regional
Health
System,
5.00%,
7/1/26
200
208
Maryland
HHEFA,
Peninsula
Regional
Medical
Center,
5.00%,
7/1/34
(Prerefunded
7/1/24) (5)
1,000
1,006
Maryland
HHEFA,
Stevenson
Univ.
Project,
5.00%,
6/1/28
195
207
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
5.00%,
7/1/28
500
515
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B,
5.00%,
7/1/26
265
277
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B-1,
VRDN,
5.00%,
7/1/45
(Tender
7/1/25)
6,150
6,246
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B-2,
VRDN,
5.00%,
7/1/45
(Tender
7/1/27)
3,000
3,150
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series D,
VRDN,
3.20%,
7/1/41
600
600
Maryland
HHEFA,
Western
Maryland
Health,
5.00%,
7/1/24 (6)
215
217
Maryland
HHEFA,
Western
Maryland
Health,
5.25%,
7/1/26
(Prerefunded
7/1/24) (5)
90
91
Maryland
Ind.
Dev.
Fin.
Auth.,
McDonogh
School,
5.00%,
9/1/24
325
329
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/24
135
136
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/28
100
104
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/34
(Prerefunded
5/1/26) (5)
1,000
1,052
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/35
(Prerefunded
5/1/26) (5)
2,000
2,103
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/41
(Prerefunded
5/1/26) (5)
1,300
1,367
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/46
(Prerefunded
5/1/26) (5)
1,545
1,625
Maryland
Stadium
Auth.,
Built
to
Learn
Revenue,
Series A,
5.00%,
6/1/26
2,025
2,126
Maryland
Stadium
Auth.,
Football
Stadium,
Series A,
5.00%,
3/1/26
290
303
Maryland
Transportation
Auth.,
Series A,
5.00%,
7/1/25
1,880
1,939
Maryland
Transportation
Auth.,
Passenger
Facility
Charge
Revenue,
5.00%,
6/1/25 (3)
1,000
1,015
T.
ROWE
PRICE
Maryland
Short-Term
Tax-Free
Bond
Fund
5
Par
$
Value
(Amounts
in
000s)
Montgomery
County,
Series A,
GO,
5.00%,
12/1/23
115
115
Montgomery
County,
Series B,
GO,
4.00%,
11/1/26
535
554
Montgomery
County,
Series C,
GO,
5.00%,
10/1/25
360
373
Montgomery
County,
Series E,
GO,
VRDN,
3.20%,
11/1/37
100
100
Montgomery
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
8/1/25
3,025
3,126
Montgomery
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
8/1/27
3,215
3,478
Montgomery
County,
Housing
Opportunities
Commission,
Series C,
5.00%,
1/1/28
425
457
Prince
George's
County,
Series A,
GO,
5.00%,
8/1/25
1,000
1,033
Prince
George's
County,
Series A,
GO,
5.00%,
8/1/26
1,000
1,057
Prince
George's
County,
Consolidated
Public
Improvement,
Series 2018A,
GO,
5.00%,
7/15/27
365
394
Prince
George's
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
7/15/25
655
676
Prince
George's
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
7/15/27
565
611
Prince
George's
County,
Consolidated
Public
Improvement,
Series B,
GO,
5.00%,
7/15/26
500
528
Prince
George's
County,
National
Harbor
Project,
5.00%,
7/1/24
1,015
1,026
Prince
George's
County,
Regional
Medical
Center,
COP,
5.00%,
10/1/26
250
264
Rockville,
Ingleside
at
King
Farm
Project,
Series A-2,
3.375%,
11/1/27
450
413
Univ.
System
of
Maryland,
Series A,
5.00%,
4/1/26
1,885
1,977
Univ.
System
of
Maryland,
Series B,
5.00%,
4/1/26
545
572
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/24
250
249
Washington
Suburban
Sanitary
Commission,
5.00%,
6/1/25
565
582
Washington
Suburban
Sanitary
Commission,
5.00%,
6/15/26
750
791
Washington
Suburban
Sanitary
Commission,
5.00%,
6/1/27
900
970
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
5.00%,
6/1/25
800
824
142,831
PUERTO
RICO
5.1%
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/24 (1)
775
777
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/28 (1)
750
759
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25
1,415
1,440
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
3,525
3,680
T.
ROWE
PRICE
Maryland
Short-Term
Tax-Free
Bond
Fund
6
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
1,000
1,057
7,713
Total
Investments
in
Securities
99.3%
(Cost
$151,442)
$
150,544
Other
Assets
Less
Liabilities
0.7%
1,136
Net
Assets
100.0%
$
151,680
‡
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
$2,732
and
represents
1.8%
of
net
assets.
(2)
When-issued
security
(3)
Interest
subject
to
alternative
minimum
tax.
(4)
Insured
by
Assured
Guaranty
Municipal
Corporation
(5)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(6)
Escrowed
to
maturity
CDA
Community
Development
Administration/Authority
COP
Certificate
of
Participation
DOT
Department
of
Transportation
GO
General
Obligation
HHEFA
Health
&
Higher
Educational
Facility
Authority
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
Short-Term
Tax-Free
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
7
T.
Rowe
Price
Maryland
Short-Term
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
Short-Term
Tax-Free
Bond
Fund
8
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
Short-Term
Tax-Free
Bond
Fund
9
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.
F90-054Q3
11/23