T.
ROWE
PRICE
Maryland
Short-Term
Tax-Free
Bond
Fund
May
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES 99.1%
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%,
4/1/26
1,730
1,780
Anne
Arundel
County,
Consolidated
General
Improvements,
GO,
5.00%,
10/1/26
1,090
1,111
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/26
1,740
1,803
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/26
1,000
998
Baltimore
City,
Harbor
Point,
Series A,
2.75%,
6/1/24 (1)
190
190
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
174
Baltimore
County,
Consolidated
Public
Improvement,
GO,
5.00%,
3/1/26
2,315
2,378
Baltimore
County,
Consolidated
Public
Improvement,
GO,
5.00%,
8/1/26
1,870
1,901
Baltimore
County,
Consolidated
Public
Improvement,
Series 2022,
GO,
5.00%,
3/1/27
275
287
Baltimore
County,
Metropolitan
Dist.,
80th
Issue,
GO,
5.00%,
3/1/27
1,000
1,045
Baltimore
County,
Oak
Crest
Village,
2.25%,
1/1/26
435
420
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/25
35
35
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/29
395
400
Carroll
County,
GO,
5.00%,
11/1/25
1,400
1,431
Charles
County,
Consolidated
Public
Improvement,
GO,
4.00%,
10/1/25
525
529
Charles
County,
Consolidated
Public
Improvement,
Series 2021,
GO,
5.00%,
10/1/26
1,095
1,135
Charles
County,
Consolidated
Public
Improvement,
Series 2023,
GO,
5.00%,
10/1/26
1,800
1,865
Frederick
County,
Series A,
5.00%,
7/1/24
1,000
1,001
Frederick
County,
Series A,
5.00%,
7/1/25
1,165
1,177
Frederick
County,
Public
Fac.
Project,
GO,
5.00%,
4/1/26
1,565
1,610
Gaithersburg,
Asbury
Maryland
Obligated
Group,
Series B,
5.00%,
1/1/27
1,310
1,316
Harford
County,
GO,
5.00%,
10/1/25
840
857
Harford
County,
GO,
5.00%,
10/1/26
1,950
2,020
Harford
County,
Series B,
GO,
5.00%,
7/1/26
2,665
2,750
Howard
County,
Series A,
GO,
5.00%,
2/15/26
1,270
1,304
Howard
County,
Series B,
GO,
5.00%,
8/15/26
275
284
T.
ROWE
PRICE
Maryland
Short-Term
Tax-Free
Bond
Fund
2
Par
$
Value
(Amounts
in
000s)
Howard
County
Housing
Commission,
Roger
Carter
Recreational
Center,
5.00%,
6/1/24
260
260
Howard
County
Housing
Commission,
Roger
Carter
Recreational
Center,
5.00%,
6/1/25
235
238
Howard
County
Housing
Commission,
Roger
Carter
Recreational
Center,
5.00%,
6/1/26
120
123
Howard
County
Housing
Commission,
Roger
Carter
Recreational
Center,
5.00%,
6/1/27
125
131
Howard
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
2/15/25
620
626
Howard
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
8/15/26
2,305
2,383
Maryland,
Series 2017-A,
GO,
5.00%,
8/1/25
2,375
2,418
Maryland,
Series 2017-A,
GO,
5.00%,
8/1/26
3,140
3,245
Maryland,
Series 2019-A,
GO,
5.00%,
8/1/25
4,130
4,205
Maryland,
Series 2019-A,
GO,
5.00%,
8/1/26
1,135
1,173
Maryland,
Series A,
GO,
5.00%,
3/15/25
1,595
1,614
Maryland,
Series A,
GO,
5.00%,
3/15/26
1,505
1,547
Maryland,
Series A,
GO,
5.00%,
3/15/27
2,090
2,183
Maryland,
Series A,
GO,
5.00%,
8/1/27
315
331
Maryland,
Series A,
GO,
5.00%,
3/15/28
1,000
1,061
Maryland,
Series B,
GO,
5.00%,
8/1/25
3,825
3,894
Maryland,
Series B,
GO,
5.00%,
8/1/26
1,045
1,080
Maryland
CDA,
Series C,
1.55%,
3/1/29
750
639
Maryland
CDA,
Series C,
5.00%,
9/1/26
1,295
1,327
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-1,
5.00%,
6/1/27
780
810
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-1,
5.00%,
6/1/28
815
861
Maryland
DOT,
2.125%,
10/1/31
410
344
Maryland
DOT,
4.00%,
12/15/25
35
35
Maryland
DOT,
4.00%,
11/1/27
195
192
Maryland
DOT,
5.00%,
5/1/25
415
421
Maryland
DOT,
5.00%,
6/1/25
650
650
Maryland
DOT,
5.00%,
5/1/26
2,140
2,168
Maryland
DOT,
5.00%,
10/1/26
1,155
1,197
Maryland
DOT,
5.00%,
11/1/26
1,040
1,045
Maryland
DOT,
5.00%,
10/1/27
2,100
2,170
Maryland
DOT,
Series 2020,
5.00%,
10/1/26
1,370
1,420
Maryland
DOT,
Series A,
5.00%,
12/1/25
1,110
1,136
Maryland
DOT,
Series A,
5.00%,
10/1/27
475
500
Maryland
DOT,
Series B,
5.00%,
8/1/26 (2)
1,235
1,262
Maryland
DOT,
Series B,
5.00%,
8/1/27 (2)
1,250
1,289
Maryland
DOT,
Series B,
5.00%,
12/1/27
800
845
T.
ROWE
PRICE
Maryland
Short-Term
Tax-Free
Bond
Fund
3
Par
$
Value
(Amounts
in
000s)
Maryland
Economic
Dev.,
Series B,
VRDN,
4.10%,
10/1/36
(Tender
4/3/28)
2,025
2,051
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
299
Maryland
Economic
Dev.,
Bowie
State
Univ.,
4.00%,
7/1/26
350
347
Maryland
Economic
Dev.,
Bowie
State
Univ.,
4.00%,
7/1/27
500
495
Maryland
Economic
Dev.,
Cargo
Revenue,
4.00%,
7/1/24 (1)(2)
585
584
Maryland
Economic
Dev.,
Morgan
State
Univ.,
5.00%,
7/1/26
750
762
Maryland
Economic
Dev.,
Morgan
State
Univ.,
5.00%,
7/1/27
750
768
Maryland
Economic
Dev.,
Salisbury
Univ.
Project,
5.00%,
6/1/27
970
970
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/25
1,180
1,184
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/29
1,000
1,037
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
4.00%,
7/1/24 (3)
25
25
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
4.00%,
6/1/25 (3)
15
15
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
4.00%,
6/1/26 (3)
1,625
1,631
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
75
Maryland
HHEFA,
5.00%,
7/1/26
(Prerefunded
7/1/24) (4)
80
80
Maryland
HHEFA,
Adventist
Healthcare,
4.00%,
1/1/25
475
472
Maryland
HHEFA,
Adventist
Healthcare,
4.00%,
1/1/27
640
632
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/25
470
471
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/26
1,085
1,101
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/24
185
185
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/25
65
65
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/28
505
514
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
329
Maryland
HHEFA,
Lifebridge
Health,
3.00%,
7/1/25
245
242
Maryland
HHEFA,
Lifebridge
Health,
5.00%,
7/1/25
90
91
Maryland
HHEFA,
Lifebridge
Health,
5.00%,
7/1/26
215
220
T.
ROWE
PRICE
Maryland
Short-Term
Tax-Free
Bond
Fund
4
Par
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
Lifebridge
Health,
5.00%,
7/1/28
(Prerefunded
7/1/25) (4)
395
400
Maryland
HHEFA,
Lifebridge
Health,
Series 2015,
5.00%,
7/1/24
165
165
Maryland
HHEFA,
Lifebridge
Health,
Series 2017,
5.00%,
7/1/24
70
70
Maryland
HHEFA,
MedStar
Health,
5.00%,
8/15/24
385
385
Maryland
HHEFA,
MedStar
Health,
5.00%,
8/15/26
1,030
1,037
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
1,000
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/24
1,500
1,501
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/25
1,500
1,515
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/27
1,430
1,440
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/28
100
101
Maryland
HHEFA,
Peninsula
Regional
Health
System,
5.00%,
7/1/26
200
204
Maryland
HHEFA,
Stevenson
Univ.
Project,
5.00%,
6/1/28
445
455
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
5.00%,
7/1/28
500
508
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B,
5.00%,
7/1/26
265
272
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B-1,
VRDN,
5.00%,
7/1/45
(Tender
7/1/25)
6,225
6,261
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B-2,
VRDN,
5.00%,
7/1/45
(Tender
7/1/27)
3,000
3,088
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series D,
VRDN,
4.00%,
7/1/41
200
200
Maryland
HHEFA,
Western
Maryland
Health,
5.00%,
7/1/24 (5)
215
215
Maryland
HHEFA,
Western
Maryland
Health,
5.25%,
7/1/26
(Prerefunded
7/1/24) (4)
90
90
Maryland
Ind.
Dev.
Fin.
Auth.,
McDonogh
School,
5.00%,
9/1/24
325
326
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/28
100
102
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/34
(Prerefunded
5/1/26) (4)
1,000
1,029
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/35
(Prerefunded
5/1/26) (4)
2,000
2,058
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/41
(Prerefunded
5/1/26) (4)
1,300
1,338
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/46
(Prerefunded
5/1/26) (4)
2,555
2,629
Maryland
Stadium
Auth.,
Built
to
Learn
Revenue,
Series A,
5.00%,
6/1/26
2,025
2,085
Maryland
Stadium
Auth.,
Football
Stadium,
Series A,
5.00%,
3/1/26
495
507
T.
ROWE
PRICE
Maryland
Short-Term
Tax-Free
Bond
Fund
5
Par
$
Value
(Amounts
in
000s)
Maryland
Transportation
Auth.,
Series A,
5.00%,
7/1/28
1,500
1,597
Maryland
Transportation
Auth.,
Passenger
Fac.
Charge
Revenue,
5.00%,
6/1/25 (2)
1,000
1,008
Maryland
Transportation
Auth.,
Passenger
Fac.
Charge
Revenue,
5.00%,
6/1/27 (2)
2,000
2,058
Maryland
Transportation
Auth.,
Passenger
Fac.
Charge
Revenue,
5.00%,
6/1/28 (2)
750
780
Maryland
Transportation
Auth.,
Passenger
Fac.
Charge
Revenue,
5.00%,
6/1/29 (2)
1,000
1,048
Montgomery
County,
Series B,
GO,
4.00%,
11/1/26
535
543
Montgomery
County,
Series C,
GO,
5.00%,
10/1/25
415
424
Montgomery
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
8/1/25
3,025
3,079
Montgomery
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
8/1/27
3,270
3,437
Montgomery
County,
Housing
Opportunities
Commission,
Series C,
5.00%,
1/1/28
425
444
Prince
George's
County,
Series A,
GO,
5.00%,
8/1/25
1,000
1,017
Prince
George's
County,
Series A,
GO,
5.00%,
8/1/26
1,000
1,033
Prince
George's
County,
Consolidated
Public
Improvement,
Series 2018A,
GO,
5.00%,
7/15/27
690
725
Prince
George's
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
7/15/25
765
778
Prince
George's
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
7/15/27
585
614
Prince
George's
County,
Consolidated
Public
Improvement,
Series B,
GO,
5.00%,
7/15/26
650
671
Prince
George's
County,
National
Harbor
Project,
5.00%,
7/1/24
1,015
1,016
Prince
George's
County,
Regional
Medical
Center,
COP,
5.00%,
10/1/26
260
269
Rockville,
Ingleside
at
King
Farm
Project,
Series A-2,
3.375%,
11/1/27
450
430
Univ.
System
of
Maryland,
Series A,
5.00%,
4/1/26
1,895
1,946
Univ.
System
of
Maryland,
Series B,
5.00%,
4/1/26
595
611
Washington
County,
GO,
5.00%,
7/1/27 (6)
1,095
1,150
Washington
Suburban
Sanitary
Commission,
5.00%,
6/1/25
630
640
Washington
Suburban
Sanitary
Commission,
5.00%,
6/15/26
750
774
Washington
Suburban
Sanitary
Commission,
5.00%,
6/1/27
900
943
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
5.00%,
6/1/25
800
812
148,060
PUERTO
RICO
4.9%
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/24 (1)
775
775
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
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/28 (1)
750
777
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25
1,415
1,427
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
3,525
3,683
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
1,000
1,075
7,737
Total
Investments
in
Securities
99.1%
(Cost
$157,567)
$
155,797
Other
Assets
Less
Liabilities
0.9%
1,343
Net
Assets
100.0%
$
157,140
‡
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
$2,751
and
represents
1.8%
of
net
assets.
(2)
Interest
subject
to
alternative
minimum
tax.
(3)
Insured
by
Assured
Guaranty
Municipal
Corporation
(4)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(5)
Escrowed
to
maturity
(6)
When-issued
security
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
T.
ROWE
PRICE
Maryland
Short-Term
Tax-Free
Bond
Fund
9
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
May
31,
2024,
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 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.
F90-054Q1
05/24