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T. Rowe Price - Georgia Tax Free Bond Fund (GTFBX) NPORT-PT. Rowe Price Maryland Short-Term Tax-Free Bond Fund (May 2024 report)

Filed: 26 Jul 24, 1:11pm

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

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