T. Rowe Price State Tax-Free Funds Inc.
04/23/2026 | Press release | Distributed by Public on 04/23/2026 07:59
Annual Report by Investment Company (Form N-CSR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-04521
T. Rowe Price State Tax-Free Funds, Inc.
(Exact name of registrant as specified in charter)
1307 Point Street, Baltimore, MD 21231
(Address of principal executive offices)
David Oestreicher
1307 Point Street, Baltimore, MD 21231
(Name and address of agent for service)
Registrant's telephone number, including area code: (410) 345-2000
Date of fiscal year end: February 28
Date of reporting period: February 28, 2026
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Annual Shareholder Report
February 28, 2026
Maryland Tax-Free Bond Fund
Investor Class (MDXBX)
This annual shareholder report contains important information about Maryland Tax-Free Bond Fund (the "fund") for the period of March 1, 2025 to February 28, 2026. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected] or contacting your intermediary. This report describes changes to the fund that occurred during the reporting period.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Table Summary
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Maryland Tax-Free Bond Fund - Investor Class
|
$50
|
0.49%
|
What drove fund performance during the past 12 months?
-
The municipal bond market delivered positive total returns for the year ended February 28, 2026, supported by falling Treasury yields and additional Federal Reserve rate cuts. Munis also benefited from higher coupon income, solid fundamentals, and strong demand, which helped offset headwinds from a second consecutive year of record bond issuance.
-
Compared with the Bloomberg Municipal Bond Index, the fund's average overweight duration profile contributed to performance over the period as yields declined across portions of the municipal yield curve. The portfolio's implied volatility positioning further boosted performance as realized volatility came in below implied levels. Security selection within revenue bonds, particularly in the continuing care/assisted living and public power sectors, contributed.
-
Conversely, positioning on the yield curve hampered relative performance. Specifically, underweights in the two- and five-year municipal bonds and overweights in longer maturities hurt results as the yield curve steepened. Allocation to the revenue sector also detracted, largely due to overweights in the student housing and continuing care/assisted living sectors.
-
The fund seeks to provide, consistent with prudent portfolio management, the highest level of income exempt from federal and Maryland state and local income taxes by investing primarily in investment-grade Maryland municipal bonds. We maintained an overweight to revenue-backed bonds during the period, with notable allocations to housing, hospitals, and student housing bonds.
How has the fund performed?
Cumulative Returns of a Hypothetical $10,000 Investment as of February 28, 2026
Table Summary
|
Investor Class
|
Regulatory/Strategy Benchmark
|
|
|
2016
|
10,000
|
10,000
|
|
2016
|
10,150
|
10,133
|
|
2016
|
10,326
|
10,314
|
|
2016
|
9,894
|
9,776
|
|
2017
|
10,073
|
10,025
|
|
2017
|
10,290
|
10,281
|
|
2017
|
10,402
|
10,405
|
|
2017
|
10,360
|
10,322
|
|
2018
|
10,338
|
10,276
|
|
2018
|
10,440
|
10,395
|
|
2018
|
10,483
|
10,456
|
|
2018
|
10,452
|
10,439
|
|
2019
|
10,666
|
10,701
|
|
2019
|
11,009
|
11,061
|
|
2019
|
11,291
|
11,368
|
|
2019
|
11,255
|
11,325
|
|
2020
|
11,610
|
11,713
|
|
2020
|
11,139
|
11,501
|
|
2020
|
11,435
|
11,736
|
|
2020
|
11,626
|
11,879
|
|
2021
|
11,666
|
11,837
|
|
2021
|
11,960
|
12,046
|
|
2021
|
12,060
|
12,134
|
|
2021
|
12,073
|
12,114
|
|
2022
|
11,760
|
11,759
|
|
2022
|
11,181
|
11,227
|
|
2022
|
10,995
|
11,087
|
|
2022
|
10,966
|
11,067
|
|
2023
|
11,003
|
11,159
|
|
2023
|
11,168
|
11,282
|
|
2023
|
11,142
|
11,276
|
|
2023
|
11,350
|
11,541
|
|
2024
|
11,649
|
11,764
|
|
2024
|
11,562
|
11,584
|
|
2024
|
11,962
|
11,962
|
|
2024
|
12,142
|
12,110
|
|
2025
|
12,123
|
12,112
|
|
2025
|
11,760
|
11,819
|
|
2025
|
11,855
|
11,971
|
|
2025
|
12,411
|
12,429
|
|
2026
|
12,682
|
12,713
|
202501-4140694, 202603-5315112
F87-052 4/26
Average Annual Total Returns
Table Summary
|
1 Year
|
5 Years
|
10 Years
|
|
|
Maryland Tax-Free Bond Fund (Investor Class)
|
4.61%
|
1.68%
|
2.40%
|
|
Bloomberg Municipal Bond Index (Regulatory/Strategy Benchmark)
|
4.96
|
1.44
|
2.43
|
The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund's past performance is not a good predictor of the fund's future performance.Updated performance information can be found at www.troweprice.com.
What are some fund statistics?
Fund Statistics
- Total Net Assets (000s)$2,509,042
- Number of Portfolio Holdings655
- Investment Advisory Fees Paid (000s)$8,420
- Portfolio Turnover Rate26.1%
What did the fund invest in?
State Allocation (as a % of Net Assets)
Table Summary
|
Maryland
|
90.3%
|
|
Puerto Rico
|
5.5
|
|
District of Columbia
|
3.1
|
|
Arizona
|
0.5
|
|
Other
|
0.6
|
Industry Allocation (as a % of Net Assets)
Table Summary
|
Housing
|
26.3%
|
|
Health Care
|
23.8
|
|
General Obligations - Local
|
11.5
|
|
Transportation
|
10.0
|
|
Special Tax
|
8.3
|
|
Leasing
|
6.3
|
|
Education
|
5.2
|
|
General Obligations - State
|
2.2
|
|
Water & Sewer
|
1.7
|
|
Other
|
4.7
|
How has the fund changed?
This is a summary of certain material changes to T. Rowe Price Maryland Tax-Free Bond Fund. Effective August 1, 2026, the fund will change its name to the T. Rowe Price Maryland Municipal Bond Fund. The fund's May 1, 2026 prospectus contains more information.
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Maryland Tax-Free Bond Fund
Investor Class (MDXBX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Annual Shareholder Report
February 28, 2026
Maryland Tax-Free Bond Fund
I Class (TFBIX)
This annual shareholder report contains important information about Maryland Tax-Free Bond Fund (the "fund") for the period of March 1, 2025 to February 28, 2026. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected] or contacting your intermediary. This report describes changes to the fund that occurred during the reporting period.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Table Summary
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Maryland Tax-Free Bond Fund - I Class
|
$43
|
0.42%
|
What drove fund performance during the past 12 months?
-
The municipal bond market delivered positive total returns for the year ended February 28, 2026, supported by falling Treasury yields and additional Federal Reserve rate cuts. Munis also benefited from higher coupon income, solid fundamentals, and strong demand, which helped offset headwinds from a second consecutive year of record bond issuance.
-
Compared with the Bloomberg Municipal Bond Index, the fund's average overweight duration profile contributed to performance over the period as yields declined across portions of the municipal yield curve. The portfolio's implied volatility positioning further boosted performance as realized volatility came in below implied levels. Security selection within revenue bonds, particularly in the continuing care/assisted living and public power sectors, contributed.
-
Conversely, positioning on the yield curve hampered relative performance. Specifically, underweights in the two- and five-year municipal bonds and overweights in longer maturities hurt results as the yield curve steepened. Allocation to the revenue sector also detracted, largely due to overweights in the student housing and continuing care/assisted living sectors.
-
The fund seeks to provide, consistent with prudent portfolio management, the highest level of income exempt from federal and Maryland state and local income taxes by investing primarily in investment-grade Maryland municipal bonds. We maintained an overweight to revenue-backed bonds during the period, with notable allocations to housing, hospitals, and student housing bonds.
How has the fund performed?
Cumulative Returns of a Hypothetical $500,000 Investment as of February 28, 2026
Table Summary
|
I Class
|
Regulatory/Strategy Benchmark
|
|
|
7/6/17
|
500,000
|
500,000
|
|
8/31/17
|
506,653
|
508,506
|
|
11/30/17
|
504,695
|
504,440
|
|
2/28/18
|
503,726
|
502,206
|
|
5/31/18
|
509,241
|
508,013
|
|
8/31/18
|
511,457
|
510,989
|
|
11/30/18
|
509,560
|
510,139
|
|
2/28/19
|
520,075
|
522,934
|
|
5/31/19
|
536,927
|
540,548
|
|
8/31/19
|
551,263
|
555,543
|
|
11/30/19
|
549,113
|
553,458
|
|
2/29/20
|
566,531
|
572,410
|
|
5/31/20
|
543,688
|
562,052
|
|
8/31/20
|
558,727
|
573,518
|
|
11/30/20
|
568,158
|
580,547
|
|
2/28/21
|
570,223
|
578,467
|
|
5/31/21
|
584,232
|
588,667
|
|
8/31/21
|
589,203
|
592,995
|
|
11/30/21
|
590,507
|
591,991
|
|
2/28/22
|
574,837
|
574,649
|
|
5/31/22
|
546,639
|
548,673
|
|
8/31/22
|
538,163
|
541,805
|
|
11/30/22
|
536,846
|
540,844
|
|
2/28/23
|
538,781
|
545,356
|
|
5/31/23
|
546,379
|
551,363
|
|
8/31/23
|
545,787
|
551,041
|
|
11/30/23
|
555,508
|
564,005
|
|
2/29/24
|
570,249
|
574,904
|
|
5/31/24
|
566,629
|
566,100
|
|
8/31/24
|
585,780
|
584,591
|
|
11/30/24
|
595,245
|
591,810
|
|
2/28/25
|
594,476
|
591,928
|
|
5/31/25
|
576,203
|
577,579
|
|
8/31/25
|
581,524
|
585,042
|
|
11/30/25
|
608,299
|
607,405
|
|
2/28/26
|
621,698
|
621,305
|
202501-4140694, 202603-5315112
F1092-052 4/26
Average Annual Total Returns
Table Summary
|
1 Year
|
5 Years
|
Since Inception 7/6/17
|
|
|
Maryland Tax-Free Bond Fund (I Class)
|
4.58%
|
1.74%
|
2.55%
|
|
Bloomberg Municipal Bond Index (Regulatory/Strategy Benchmark)
|
4.96
|
1.44
|
2.54
|
The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund's past performance is not a good predictor of the fund's future performance.Updated performance information can be found at www.troweprice.com.
What are some fund statistics?
Fund Statistics
- Total Net Assets (000s)$2,509,042
- Number of Portfolio Holdings655
- Investment Advisory Fees Paid (000s)$8,420
- Portfolio Turnover Rate26.1%
What did the fund invest in?
State Allocation (as a % of Net Assets)
Table Summary
|
Maryland
|
90.3%
|
|
Puerto Rico
|
5.5
|
|
District of Columbia
|
3.1
|
|
Arizona
|
0.5
|
|
Other
|
0.6
|
Industry Allocation (as a % of Net Assets)
Table Summary
|
Housing
|
26.3%
|
|
Health Care
|
23.8
|
|
General Obligations - Local
|
11.5
|
|
Transportation
|
10.0
|
|
Special Tax
|
8.3
|
|
Leasing
|
6.3
|
|
Education
|
5.2
|
|
General Obligations - State
|
2.2
|
|
Water & Sewer
|
1.7
|
|
Other
|
4.7
|
How has the fund changed?
This is a summary of certain material changes to T. Rowe Price Maryland Tax-Free Bond Fund. Effective August 1, 2026, the fund will change its name to the T. Rowe Price Maryland Municipal Bond Fund. The fund's May 1, 2026 prospectus contains more information.
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Maryland Tax-Free Bond Fund
I Class (TFBIX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The registrant's Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) - (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:
|
2026 |
2025 |
|||||||||||||
|
Audit Fees |
$34,043 | $33,841 | ||||||||||||
|
Audit-Related Fees |
- | - | ||||||||||||
|
Tax Fees |
- | - | ||||||||||||
|
All Other Fees |
- | - | ||||||||||||
Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.
(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.
(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,522,000 and $1,818,000, respectively.
(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a - b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
February
28,
2026
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
MDXBX
Maryland
Tax-Free
Bond
Fund
TFBIX
Maryland
Tax-Free
Bond
Fund-
.
I Class
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
10
.14
$
10
.07
$
9
.82
$
10
.83
$
10
.99
Investment
activities
Net
investment
income
(1)(2)
0
.36
0
.34
0
.32
0
.29
0
.25
Net
realized
and
unrealized
gain/loss
0
.09
0
.06
0
.25
(
0
.99
)
(
0
.16
)
Total
from
investment
activities
0
.45
0
.40
0
.57
(
0
.70
)
0
.09
Distributions
Net
investment
income
(
0
.35
)
(
0
.33
)
(
0
.32
)
(
0
.28
)
(
0
.25
)
Net
realized
gain
-
-
-
(
0
.03
)
-
Total
distributions
(
0
.35
)
(
0
.33
)
(
0
.32
)
(
0
.31
)
(
0
.25
)
NET
ASSET
VALUE
End
of
period
$
10
.24
$
10
.14
$
10
.07
$
9
.82
$
10
.83
Ratios/Supplemental
Data
Total
return
(2)(3)
4
.61
%
4
.07
%
5
.87
%
(
6
.44
)
%
0
.81
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0
.55
%
0
.54
%
0
.53
%
0
.54
%
0
.49
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.49
%
0
.50
%
0
.49
%
0
.49
%
0
.49
%
Net
investment
income
3
.61
%
3
.34
%
3
.24
%
2
.84
%
2
.28
%
Portfolio
turnover
rate
26
.1
%
17
.3
%
25
.7
%
24
.8
%
13
.4
%
Net
assets,
end
of
period
(in
millions)
$1,142
$1,060
$1,023
$995
$1,529
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
10
.15
$
10
.07
$
9
.83
$
10
.83
$
11
.00
Investment
activities
Net
investment
income
(1)(2)
0
.37
0
.35
0
.33
0
.29
0
.26
Net
realized
and
unrealized
gain/loss
0
.08
0
.07
0
.23
(
0
.97
)
(
0
.17
)
Total
from
investment
activities
0
.45
0
.42
0
.56
(
0
.68
)
0
.09
Distributions
Net
investment
income
(
0
.36
)
(
0
.34
)
(
0
.32
)
(
0
.29
)
(
0
.26
)
Net
realized
gain
-
-
-
(
0
.03
)
-
Total
distributions
(
0
.36
)
(
0
.34
)
(
0
.32
)
(
0
.32
)
(
0
.26
)
NET
ASSET
VALUE
End
of
period
$
10
.24
$
10
.15
$
10
.07
$
9
.83
$
10
.83
Ratios/Supplemental
Data
Total
return
(2)(3)
4
.58
%
4
.25
%
5
.84
%
(
6
.27
)
%
0
.81
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0
.42
%
0
.42
%
0
.42
%
0
.42
%
0
.40
%
Net
expenses
after
waivers/payments
by
Price
Associates
0
.42
%
0
.42
%
0
.42
%
0
.42
%
0
.40
%
Net
investment
income
3
.69
%
3
.42
%
3
.31
%
2
.93
%
2
.36
%
Portfolio
turnover
rate
26
.1
%
17
.3
%
25
.7
%
24
.8
%
13
.4
%
Net
assets,
end
of
period
(in
millions)
$1,367
$1,336
$1,239
$1,208
$1,211
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
February
28,
2026
4
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES 99.4%
ARIZONA
0.5%
Phoenix
IDA,
Arizona
Health
Care
Facilities
Mayo
Clinic,
Series B,
VRDN,
1.25%,
11/15/52
11,500
11,500
11,500
DISTRICT
OF
COLUMBIA
3.1%
Washington
Metropolitan
Area
Transit
Auth.,
5.00%,
7/1/43
3,660
3,720
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
3.00%,
7/15/43
4,115
3,549
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/46
2,205
2,134
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.00%,
7/15/42
5,000
5,433
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.50%,
7/15/51
14,635
15,662
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/42
13,750
14,003
Washington
Metropolitan
Area
Transit
Auth.,
Second
Lien,
5.00%,
7/15/43
3,115
3,358
Washington
Metropolitan
Area
Transit
Auth.,
Second
Lien,
Series A,
5.25%,
7/15/50
5,450
5,818
Washington
Metropolitan
Area
Transit
Auth.,
Second
Lien,
Series A,
5.25%,
7/15/53
19,810
20,797
Washington
Metropolitan
Area
Transit
Auth.,
Second
Lien,
Series A,
5.25%,
7/15/59
3,150
3,307
77,781
MARYLAND
90.3%
Annapolis,
Series A,
GO,
4.00%,
8/1/40
1,940
2,005
Annapolis,
Series A,
GO,
4.00%,
8/1/41
2,025
2,090
Annapolis,
Series A,
GO,
4.00%,
8/1/42
1,080
1,107
Annapolis,
Series A,
GO,
5.00%,
8/1/43
490
532
Annapolis,
Series A,
GO,
5.00%,
8/1/46
565
598
Annapolis,
Series A,
GO,
5.00%,
8/1/48
625
656
Annapolis,
Series A,
GO,
5.00%,
8/1/52
2,845
2,960
Anne
Arundel
County,
GO,
5.00%,
10/1/37
3,150
3,191
Anne
Arundel
County
Consolidated
Special
Taxing
Dist.,
Villages
of
Dorchester
&
Farmington
Village,
5.00%,
7/1/32
4,220
4,224
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
3.00%,
10/1/38
6,220
6,088
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
3.00%,
10/1/49
6,780
5,336
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
4.00%,
10/1/53
5,000
4,857
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
5
Par
$
Value
(Amounts
in
000s)
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/40
3,610
3,651
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/43
6,115
6,892
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/44
4,255
4,643
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/46
5,830
5,870
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/47
4,015
4,286
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/48
16,835
17,413
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
10/1/49
4,380
4,682
Anne
Arundel
County,
Consolidated
General
Improvement,
Series 2018,
GO,
5.00%,
10/1/47
3,500
3,558
Anne
Arundel
County,
Consolidated
General
Improvement,
Series 2024,
GO,
5.00%,
10/1/41
5,475
6,222
Anne
Arundel
County,
Consolidated
General
Improvement,
Series B,
GO,
5.00%,
10/1/39
2,775
3,226
Anne
Arundel
County,
Consolidated
General
Improvement
Bonds,
GO,
5.00%,
10/1/42
6,115
6,968
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
3.00%,
10/1/38
2,300
2,251
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/40
2,425
2,775
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/41
2,430
2,762
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/42
2,430
2,736
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/43
1,030
1,135
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/43
2,805
3,161
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/44
2,065
2,278
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/44
1,150
1,268
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
Series 2020,
GO,
5.00%,
10/1/38
2,470
2,653
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
Series B,
GO,
5.00%,
10/1/39
1,275
1,482
Anne
Arundel
County,
Consolidated
Water
&
Sewer
Bonds,
GO,
5.00%,
10/1/42
2,810
3,202
Anne
Arundel
County,
Sewer
Improvements,
GO,
5.00%,
10/1/43
10,830
10,933
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
6
Par
$
Value
(Amounts
in
000s)
Anne
Arundel
County,
Villages
at
Two
Rivers
Project,
Series R,
4.25%,
7/1/44 (1)
2,500
2,521
Anne
Arundel
County,
Villages
at
Two
Rivers
Project,
Series R,
5.00%,
7/1/39 (1)
2,000
2,226
Anne
Arundel
County,
Watershed
at
Laurel
Project,
5.00%,
7/1/30 (1)
145
158
Anne
Arundel
County,
Watershed
at
Laurel
Project,
5.00%,
7/1/31 (1)
155
172
Anne
Arundel
County,
Watershed
at
Laurel
Project,
5.00%,
7/1/32 (1)
175
196
Anne
Arundel
County,
Watershed
at
Laurel
Project,
5.00%,
7/1/33 (1)
150
170
Anne
Arundel
County,
Watershed
at
Laurel
Project,
5.00%,
7/1/34 (1)
150
172
Anne
Arundel
County,
Watershed
at
Laurel
Project,
5.00%,
7/1/35 (1)
165
188
Anne
Arundel
County,
Watershed
at
Laurel
Project,
5.00%,
7/1/36 (1)
185
209
Anne
Arundel
County,
Watershed
at
Laurel
Project,
5.00%,
7/1/40 (1)
1,010
1,121
Anne
Arundel
County,
Watershed
at
Laurel
Project,
5.00%,
7/1/44 (1)
1,500
1,605
Baltimore
City,
Consolidated
Tax
Increment
Fin.,
5.00%,
6/15/26
375
375
Baltimore
City,
Consolidated
Tax
Increment
Fin.,
5.00%,
6/15/27
520
521
Baltimore
City,
Consolidated
Tax
Increment
Fin.,
5.00%,
6/15/28
1,215
1,216
Baltimore
City,
Consolidated
Tax
Increment
Fin.,
5.00%,
6/15/29
930
931
Baltimore
City,
Consolidated
Tax
Increment
Fin.,
5.00%,
6/15/30
515
515
Baltimore
City,
Consolidated
Tax
Increment
Fin.,
5.00%,
6/15/33
415
415
Baltimore
City,
East
Baltimore
Research
Park,
Series A,
4.50%,
9/1/33
1,120
1,131
Baltimore
City,
Harbor
Point
Project,
4.50%,
6/1/33
1,125
1,163
Baltimore
City,
Harbor
Point
Project,
4.75%,
6/1/31
2,025
2,032
Baltimore
City,
Harbor
Point
Project,
4.875%,
6/1/42
2,865
2,953
Baltimore
City,
Harbor
Point
Project,
5.00%,
6/1/36
3,800
3,812
Baltimore
City,
Harbor
Point
Project,
5.00%,
6/1/51
6,700
6,729
Baltimore
City,
Harbor
Point
Project,
5.125%,
6/1/43
11,230
11,248
Baltimore
City,
Harbor
Point
Project,
Series A,
3.20%,
6/1/30 (2)
200
198
Baltimore
City,
Harbor
Point
Project,
Series A,
3.25%,
6/1/31 (2)
220
218
Baltimore
City,
Harbor
Point
Project,
Series A,
3.30%,
6/1/32 (2)
250
247
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
7
Par
$
Value
(Amounts
in
000s)
Baltimore
City,
Harbor
Point
Project,
Series A,
3.35%,
6/1/33 (2)
270
266
Baltimore
City,
Harbor
Point
Project,
Series A,
3.50%,
6/1/39 (2)
1,400
1,321
Baltimore
City,
Harbor
Point
Project,
Series A,
3.625%,
6/1/46 (2)
7,435
6,432
Baltimore
City,
Harbor
Point
Project,
Series B,
3.55%,
6/1/34 (2)
325
319
Baltimore
City,
Harbor
Point
Project,
Series B,
3.70%,
6/1/39 (2)
650
627
Baltimore
City,
Harbor
Point
Project,
Series B,
3.875%,
6/1/46 (2)
1,020
908
Baltimore
City,
Water
Project,
Series A,
5.00%,
7/1/28 (3)(4)
155
160
Baltimore
City,
Wide
Affordable
Housing
Program,
4.00%,
6/1/35 (2)
1,000
1,016
Baltimore
City,
Wide
Affordable
Housing
Program,
5.00%,
6/1/45 (2)
1,000
1,009
Baltimore
City,
Wide
Affordable
Housing
Program,
5.25%,
6/1/55 (2)
1,900
1,894
Baltimore
County,
Consolidated
Public
Improvement,
GO,
3.00%,
3/1/38
3,000
2,955
Baltimore
County,
Consolidated
Public
Improvement,
GO,
3.00%,
3/1/39
5,000
4,871
Baltimore
County,
Consolidated
Public
Improvement,
GO,
5.00%,
7/1/40
4,665
5,347
Baltimore
County,
Metropolitan
Dist.
78th
Issue,
GO,
5.00%,
2/1/46
2,000
2,002
Baltimore
County,
Metropolitan
Dist.
80th
Issue,
GO,
4.00%,
3/1/38
610
621
Baltimore
County,
Metropolitan
Dist.
80th
Issue,
GO,
4.00%,
3/1/45
1,700
1,704
Baltimore
County,
Metropolitan
Dist.
83rd
Issue,
GO,
4.00%,
3/1/39
3,750
3,897
Baltimore
County,
Metropolitan
Dist.
84th
Issue,
GO,
5.00%,
3/1/53
3,000
3,154
Baltimore
County,
Metropolitan
Dist.
85th
Issue,
GO,
5.00%,
7/1/47
1,895
2,042
Baltimore
County,
Oak
Crest
Village,
4.00%,
1/1/39
545
552
Baltimore
County,
Oak
Crest
Village,
4.00%,
1/1/40
1,050
1,059
Baltimore
County,
Oak
Crest
Village,
4.00%,
1/1/45
1,750
1,650
Baltimore
County,
Oak
Crest
Village,
4.00%,
1/1/50
10,640
9,357
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/27
1,155
1,157
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/28
1,325
1,327
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/29
1,035
1,037
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/30
1,565
1,568
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/37
8,345
8,354
Baltimore
County,
Riverwood
Village,
4.00%,
1/1/34
850
877
Baltimore
County,
Riverwood
Village,
4.00%,
1/1/35
1,065
1,096
Baltimore
County,
Riverwood
Village,
4.00%,
1/1/37
1,490
1,520
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
8
Par
$
Value
(Amounts
in
000s)
Baltimore
County,
Riverwood
Village,
4.00%,
1/1/40
1,790
1,807
Baltimore
County,
Riverwood
Village,
4.00%,
1/1/45
10,920
10,323
Baltimore
County,
Riverwood
Village,
4.00%,
1/1/50
11,545
10,183
Baltimore
County,
Riverwood
Village,
Series 2020,
4.00%,
1/1/36
500
512
Brunswick,
Brunswick
Crossing
Special
Taxing
Dist.,
4.00%,
7/1/29
795
801
Brunswick,
Brunswick
Crossing
Special
Taxing
Dist.,
5.00%,
7/1/36
1,547
1,587
Frederick
County,
Mount
Saint
Mary's
Univ.,
Series A,
5.00%,
9/1/45 (2)
8,475
7,658
Frederick
County,
Public
Facilities
Project,
Series A,
GO,
1.875%,
10/1/38
8,755
7,108
Frederick
County,
Public
Facilities
Project,
Series A,
GO,
3.00%,
4/1/44
13,560
12,127
Frederick
County,
Public
Facilities
Project,
Series A,
GO,
4.00%,
4/1/42
5,780
5,954
Frederick
County,
Public
Facilities
Project,
Series A,
GO,
4.00%,
4/1/43
4,195
4,292
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/31
4,325
4,463
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/32
3,290
3,377
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/33
1,785
1,833
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/34
1,970
2,024
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/36
2,150
2,205
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/37
1,185
1,210
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/39
565
572
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
4.00%,
7/1/40
1,135
1,145
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
5.00%,
7/1/27
1,530
1,582
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
5.00%,
7/1/28
2,605
2,739
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series A,
5.00%,
7/1/29
2,515
2,689
Frederick
County,
Urbana
Community
Dev.
Auth.,
Series C,
4.00%,
7/1/50 (2)
6,700
6,021
Gaithersburg,
Asbury
Obligated
Group,
4.50%,
1/1/42
5,000
5,037
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/33
1,205
1,230
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/36
10,215
10,426
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
9
Par
$
Value
(Amounts
in
000s)
Gaithersburg,
Asbury
Obligated
Group,
Series B,
5.00%,
1/1/27
1,080
1,090
Harford
County,
Consolidated
Public
Improvement,
GO,
3.20%,
9/15/37
2,375
2,377
Howard
County
Housing
Commission,
Columbia
Landing
Apartments,
Series A,
1.60%,
6/1/29
5,000
4,742
Howard
County
Housing
Commission,
Gateway
Village
Apts,
4.00%,
6/1/46
6,225
6,010
Howard
County
Housing
Commission,
Orchard
Meadows
Apartments,
4.125%,
12/1/43
15,415
15,385
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/29
1,055
1,100
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/30
1,035
1,079
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/31
750
781
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/32
550
572
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/37
7,350
7,525
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/42
14,005
14,264
Howard
County
Housing
Commission,
Woodfield
Oxford
Square
Apts,
5.00%,
12/1/46
10,000
10,108
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/28
365
382
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/29
410
437
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/30
455
494
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/31
510
563
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/32
560
621
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/33
615
680
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/34
475
524
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/35
735
808
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/36
800
877
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/37
470
513
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/38
500
544
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
10
Par
$
Value
(Amounts
in
000s)
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/39
500
541
Howard
County,
Annapolis
Junction
Town
Center
Project,
5.00%,
2/15/44
2,260
2,392
Howard
County,
Consolidated
Public
Improvement,
Series A,
GO,
1.75%,
8/15/36
7,875
6,678
Howard
County,
Consolidated
Public
Improvement,
Series A,
GO,
2.00%,
8/15/34
525
476
Howard
County,
Downtown
Columbia
Project,
Series A,
4.00%,
2/15/28 (2)
245
245
Howard
County,
Downtown
Columbia
Project,
Series A,
4.125%,
2/15/34 (2)
1,250
1,250
Howard
County,
Downtown
Columbia
Project,
Series A,
4.375%,
2/15/39 (2)
1,000
1,000
Howard
County,
Downtown
Columbia
Project,
Series A,
4.50%,
2/15/47 (2)
2,950
2,812
Howard
County,
Metropolitan
District
Project,
Series B,
GO,
3.00%,
8/15/49
1,310
1,033
Howard
County,
Metropolitan
District
Project,
Series C,
GO,
3.375%,
2/15/41
1,000
985
Howard
County,
Patuxent
Square
Apts,
VRDN,
4.75%,
10/1/36
(Tender
4/1/29) (5)
1,825
1,827
Hyattsville,
GO,
5.00%,
1/1/28
360
365
Hyattsville,
GO,
5.00%,
1/1/29
375
381
Hyattsville,
GO,
5.00%,
1/1/30
395
401
Hyattsville,
GO,
5.00%,
1/1/31
415
421
Hyattsville,
GO,
5.00%,
1/1/32
435
441
Hyattsville,
GO,
5.00%,
1/1/33
455
461
Hyattsville,
GO,
5.00%,
1/1/34
480
486
Hyattsville,
GO,
5.00%,
1/1/35
505
511
Hyattsville,
GO,
5.00%,
1/1/36
530
536
Hyattsville,
GO,
5.00%,
1/1/37
555
561
Hyattsville,
GO,
5.00%,
1/1/38
585
591
Hyattsville,
GO,
5.00%,
1/1/44
2,100
2,108
Hyattsville,
GO,
5.00%,
1/1/49
3,530
3,530
Maryland,
Series A,
GO,
5.00%,
6/1/39
10,000
11,650
Maryland,
Series A,
GO,
5.00%,
6/1/39
7,360
8,458
Maryland
CDA,
4.65%,
9/1/37
6,000
6,309
Maryland
CDA,
4.95%,
9/1/42
4,500
4,774
Maryland
CDA,
6.00%,
3/1/53
4,945
5,282
Maryland
CDA,
Series A,
3.00%,
9/1/51
11,845
11,786
Maryland
CDA,
Series A,
3.375%,
9/1/34
1,515
1,519
Maryland
CDA,
Series A,
3.75%,
3/1/50
6,560
6,600
Maryland
CDA,
Series A,
4.50%,
9/1/48
3,205
3,263
Maryland
CDA,
Series A,
4.70%,
3/1/46
2,650
2,685
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
11
Par
$
Value
(Amounts
in
000s)
Maryland
CDA,
Series A,
5.00%,
9/1/52
3,155
3,291
Maryland
CDA,
Series A-1,
4.45%,
4/1/44
820
835
Maryland
CDA,
Series B,
3.00%,
9/1/51
27,235
27,066
Maryland
CDA,
Series B,
3.20%,
9/1/39
10,000
9,424
Maryland
CDA,
Series B,
4.00%,
9/1/49
2,005
2,045
Maryland
CDA,
Series B,
4.35%,
7/1/43
7,500
7,583
Maryland
CDA,
Series B,
4.50%,
9/1/48 (5)
2,545
2,581
Maryland
CDA,
Series C,
2.60%,
1/1/42
2,155
1,728
Maryland
CDA,
Series C,
2.95%,
7/1/56
2,115
1,472
Maryland
CDA,
Series C,
3.00%,
9/1/51
1,240
1,232
Maryland
CDA,
Series C,
3.50%,
3/1/50
3,525
3,533
Maryland
CDA,
Series C,
4.20%,
4/1/42
4,250
4,435
Maryland
CDA,
Series C,
4.55%,
7/1/43
4,150
4,270
Maryland
CDA,
Series C,
5.00%,
9/1/26
375
380
Maryland
CDA,
Series C,
5.00%,
9/1/29
2,975
3,190
Maryland
CDA,
Series C,
5.00%,
3/1/30
1,040
1,108
Maryland
CDA,
Series C,
5.00%,
3/1/31
1,500
1,602
Maryland
CDA,
Series C,
5.15%,
7/1/42
2,500
2,712
Maryland
CDA,
Series C,
5.75%,
9/1/54
5,400
5,780
Maryland
CDA,
Series C-1,
5.05%,
2/1/46
8,275
8,770
Maryland
CDA,
Series F,
5.00%,
7/1/48
980
980
Maryland
CDA,
Series F-1,
4.85%,
6/1/46
6,375
6,493
Maryland
CDA
Local
Government
Infrastructure,
Series A-1,
5.00%,
6/1/38
1,115
1,261
Maryland
CDA
Local
Government
Infrastructure,
Series A-1,
5.00%,
6/1/43
1,500
1,641
Maryland
CDA,
Glen
Manor
Apts,
Series G,
4.70%,
1/1/31
4,950
4,957
Maryland
CDA,
Villages
at
Marley
Station,
Series D-1,
4.35%,
2/1/44
10,000
10,060
Maryland
CDA,
Villages
at
Marley
Station,
Series D-2,
3.30%,
1/1/29
6,750
6,874
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A,
4.50%,
9/1/45
11,980
12,092
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A,
4.55%,
9/1/44
1,500
1,530
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A,
6.25%,
9/1/55
11,590
13,108
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A,
6.25%,
3/1/56
4,500
5,163
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-1,
4.00%,
6/1/54
1,600
1,477
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-1,
5.00%,
6/1/38
1,015
1,152
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-1,
5.00%,
6/1/39
1,050
1,181
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
12
Par
$
Value
(Amounts
in
000s)
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-1,
5.00%,
6/1/44
3,975
4,293
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-1,
5.50%,
6/1/49
2,150
2,347
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-2,
4.25%,
6/1/54
1,300
1,240
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-2,
5.00%,
6/1/38
440
499
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-2,
5.00%,
6/1/39
455
512
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-2,
5.00%,
6/1/40
855
963
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-2,
5.00%,
6/1/44
2,130
2,301
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-2,
5.00%,
6/1/45
1,240
1,325
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A-2,
5.50%,
6/1/49
1,000
1,090
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series C,
4.70%,
7/1/40
1,010
1,073
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series C,
4.75%,
9/1/40
1,610
1,707
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series C,
4.95%,
7/1/45
2,050
2,121
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series C,
5.50%,
3/1/56
6,495
7,143
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series C,
6.25%,
9/1/55
4,400
5,005
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series D,
4.45%,
7/1/44
2,440
2,485
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series G,
6.25%,
9/1/56
2,000
2,331
Maryland
Dept.
of
Housing
&
Community
Dev.,
Hopkins
Village
Apartments,
Series D,
4.80%,
7/1/42
16,285
17,553
Maryland
Dept.
of
Housing
&
Community
Dev.,
Local
Government
Infrastructure,
Series A-1,
5.00%,
6/1/40
1,975
2,224
Maryland
Dept.
of
Housing
&
Community
Dev.,
Local
Government
Infrastructure,
Series A-1,
5.00%,
6/1/45
2,470
2,639
Maryland
DOT,
2.50%,
10/1/33
5,100
4,956
Maryland
DOT,
3.00%,
5/1/31
500
505
Maryland
DOT,
3.00%,
10/1/34
10,940
10,958
Maryland
DOT,
Series A,
2.125%,
10/1/36
1,700
1,505
Maryland
DOT,
Series A,
5.25%,
8/1/40 (1)(5)
1,250
1,413
Maryland
DOT,
Series A,
5.25%,
8/1/43 (1)(5)
1,500
1,656
Maryland
DOT,
Series A,
5.25%,
8/1/49 (1)(5)
3,400
3,586
Maryland
DOT,
Series A,
5.25%,
8/1/54 (1)(5)
10,000
10,465
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
13
Par
$
Value
(Amounts
in
000s)
Maryland
DOT,
Series B,
4.00%,
8/1/37 (5)
1,500
1,528
Maryland
DOT,
Series B,
4.00%,
8/1/38 (5)
1,500
1,523
Maryland
DOT,
Series B,
4.00%,
8/1/39 (5)
4,180
4,226
Maryland
DOT,
Series B,
4.00%,
8/1/40 (5)
5,925
5,939
Maryland
DOT,
Series B,
4.00%,
10/1/40
10,000
10,374
Maryland
DOT,
Series B,
4.00%,
8/1/41 (5)
1,600
1,591
Maryland
DOT,
Series B,
4.00%,
8/1/51 (5)
13,540
12,063
Maryland
DOT,
Series B,
5.00%,
8/1/31 (5)
2,125
2,369
Maryland
DOT,
Series B,
5.00%,
8/1/32 (5)
1,420
1,578
Maryland
DOT,
Series B,
5.00%,
8/1/46 (5)
3,905
4,016
Maryland
DOT,
Baltimore,
Series B,
5.00%,
8/1/34 (5)
1,000
1,103
Maryland
DOT,
Baltimore,
Series B,
5.00%,
8/1/35 (5)
1,000
1,098
Maryland
Economic
Dev.,
Air
Cargo
Obligated
Group,
4.00%,
7/1/39 (5)
3,710
3,710
Maryland
Economic
Dev.,
Air
Cargo
Obligated
Group,
4.00%,
7/1/44 (5)
4,800
4,461
Maryland
Economic
Dev.,
Air
Cargo
Obligated
Group,
5.00%,
7/1/26 (5)
690
694
Maryland
Economic
Dev.,
Air
Cargo
Obligated
Group,
5.00%,
7/1/28 (5)
375
392
Maryland
Economic
Dev.,
Air
Cargo
Obligated
Group,
5.00%,
7/1/29 (5)
385
410
Maryland
Economic
Dev.,
Annapolis
Mobility
&
Resilience
Project,
5.00%,
12/31/37
4,390
4,757
Maryland
Economic
Dev.,
Annapolis
Mobility
&
Resilience
Project,
5.00%,
12/31/42
3,970
4,162
Maryland
Economic
Dev.,
Annapolis
Mobility
&
Resilience
Project,
5.25%,
12/31/47
5,940
6,146
Maryland
Economic
Dev.,
Annapolis
Mobility
&
Resilience
Project,
5.25%,
6/30/53
2,925
2,995
Maryland
Economic
Dev.,
Baltimore
City
Project,
Series A,
5.00%,
6/1/58
2,500
2,514
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/28
785
795
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/29
815
829
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/30
845
861
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/31
880
895
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/32
815
826
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/34
765
769
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
14
Par
$
Value
(Amounts
in
000s)
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/35
260
260
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/40
3,505
3,388
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/50
10,860
9,179
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/29 (2)
1,680
1,682
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/33 (2)
2,000
2,002
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
7/1/55
12,990
12,592
Maryland
Economic
Dev.,
College
Park
Leonardtown
Project,
5.00%,
7/1/41 (1)
2,595
2,807
Maryland
Economic
Dev.,
College
Park
Leonardtown
Project,
5.00%,
7/1/42 (1)
2,935
3,151
Maryland
Economic
Dev.,
College
Park
Leonardtown
Project,
5.00%,
7/1/43 (1)
2,465
2,625
Maryland
Economic
Dev.,
College
Park
Leonardtown
Project,
5.00%,
7/1/44 (1)
2,245
2,370
Maryland
Economic
Dev.,
College
Park
Leonardtown
Project,
5.00%,
7/1/54 (1)
6,575
6,703
Maryland
Economic
Dev.,
College
Park
Leonardtown
Project,
5.125%,
7/1/59 (1)
9,925
10,129
Maryland
Economic
Dev.,
College
Park
Leonardtown
Project,
5.25%,
7/1/64 (1)
6,055
6,267
Maryland
Economic
Dev.,
Constellation
Energy
Group,
Series B,
VRDN,
4.10%,
10/1/36
(Tender
4/3/28)
5,000
5,150
Maryland
Economic
Dev.,
Core
Natural
Resources
Project,
VRDN,
5.00%,
7/1/48
(Tender
3/27/35) (2)
10,615
11,489
Maryland
Economic
Dev.,
MD
Dept.
of
Health
Headquarters
Project,
Series A,
5.00%,
6/1/43
2,190
2,441
Maryland
Economic
Dev.,
MD
Dept.
of
Health
Headquarters
Project,
Series A,
5.00%,
6/1/44
8,310
9,151
Maryland
Economic
Dev.,
MD
Dept.
of
Health
Headquarters
Project,
Series B,
5.00%,
6/1/43
1,370
1,527
Maryland
Economic
Dev.,
MD
Dept.
of
Health
Headquarters
Project,
Series B,
5.00%,
6/1/44
1,440
1,586
Maryland
Economic
Dev.,
MD
Dept.
of
Health
Headquarters
Project,
Series B,
5.00%,
6/1/52
5,000
5,243
Maryland
Economic
Dev.,
Morgan
State
Univ.
Harper-Tubman
Project,
Series A,
5.00%,
7/1/45 (1)
1,850
1,972
Maryland
Economic
Dev.,
Morgan
State
Univ.
Harper-Tubman
Project,
Series A,
5.00%,
7/1/55 (1)
11,800
12,116
Maryland
Economic
Dev.,
Morgan
State
Univ.
Harper-Tubman
Project,
Series A,
5.00%,
7/1/60 (1)
3,595
3,669
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
15
Par
$
Value
(Amounts
in
000s)
Maryland
Economic
Dev.,
Morgan
State
Univ.
Harper-Tubman
Project,
Series A,
5.75%,
7/1/64 (1)
4,360
4,787
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
4.00%,
7/1/40
6,055
5,911
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
4.25%,
7/1/50
5,050
4,475
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/26
600
604
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/27
665
682
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/28
490
511
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/29
810
859
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/30
1,095
1,178
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/31
1,000
1,087
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/32
1,805
1,980
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/34
2,500
2,713
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/50
11,970
11,855
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
5.00%,
7/1/56
18,100
17,865
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.25%,
7/1/29
295
315
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.25%,
7/1/30
670
727
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.25%,
7/1/31
585
643
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.25%,
7/1/32
500
555
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.25%,
7/1/33
545
602
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.375%,
7/1/38
1,220
1,329
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
5.75%,
7/1/53
8,440
8,852
Maryland
Economic
Dev.,
Morgan
State
Univ.
Project,
Series A,
6.00%,
7/1/58
9,000
9,541
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/50
3,100
2,623
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series A,
5.00%,
11/12/28 (5)
2,000
2,011
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
16
Par
$
Value
(Amounts
in
000s)
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.00%,
6/30/39 (5)
415
437
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.00%,
6/30/40 (5)
1,750
1,834
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.00%,
6/30/41 (5)
2,850
2,974
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.00%,
12/31/41 (5)
2,500
2,609
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/47 (5)
5,110
5,184
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/52 (5)
4,500
4,516
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/55 (5)
30,815
30,861
Maryland
Economic
Dev.,
Salisbury
Univ.
Project,
5.00%,
6/1/27
525
525
Maryland
Economic
Dev.,
Salisbury
Univ.
Project,
5.00%,
6/1/30
805
806
Maryland
Economic
Dev.,
Salisbury
Univ.
Project,
5.00%,
6/1/34
1,030
1,031
Maryland
Economic
Dev.,
Seagirt
Marine
Terminal
Project,
5.00%,
6/1/44 (5)
6,400
6,527
Maryland
Economic
Dev.,
Seagirt
Marine
Terminal
Project,
5.00%,
6/1/49 (5)
10,755
10,836
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/27
1,280
1,282
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/28
175
179
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/29
1,775
1,777
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/30
325
332
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/31
675
689
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/32
650
663
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/36
2,125
2,155
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/37
3,000
3,002
Maryland
Economic
Dev.,
Towson
Univ.
Project,
Series 2017,
5.00%,
7/1/27
185
189
Maryland
Economic
Dev.,
Towson
Univ.
Project,
Series 2017,
5.00%,
7/1/29
215
220
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/29
500
524
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
5,073
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/32
2,750
2,872
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/35
8,920
9,263
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
17
Par
$
Value
(Amounts
in
000s)
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
4.00%,
7/1/26 (1)
505
507
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
5.00%,
7/1/27 (1)
800
806
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
5.00%,
7/1/28 (1)
525
529
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
5.00%,
7/1/29 (1)
560
565
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
5.00%,
7/1/30 (1)
1,325
1,336
Maryland
Economic
Dev.,
Univ.
of
Maryland
Baltimore
County
Project,
5.00%,
7/1/31 (1)
705
711
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
4.00%,
6/1/26 (1)
1,815
1,822
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/27 (1)
2,345
2,359
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/28 (1)
3,405
3,426
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/29 (1)
3,100
3,119
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/30 (1)
4,305
4,332
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/31 (1)
4,020
4,044
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/35 (1)
15,010
15,089
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/43 (1)
6,910
6,929
Maryland
Economic
Dev.,
Univ.
Village
at
Sheppard
Pratt,
5.00%,
7/1/27
1,285
1,285
Maryland
Economic
Dev.,
Univ.
Village
at
Sheppard
Pratt,
5.00%,
7/1/33
5,065
5,067
Maryland
HHEFA,
5.875%,
7/1/43 (2)
2,000
2,049
Maryland
HHEFA,
6.125%,
7/1/53 (2)
3,745
3,782
Maryland
HHEFA,
6.25%,
7/1/63 (2)
6,000
6,071
Maryland
HHEFA,
Adventist
Healthcare,
4.00%,
1/1/28
950
968
Maryland
HHEFA,
Adventist
Healthcare,
4.00%,
1/1/30
655
677
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/27
520
529
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/28
375
389
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/29
580
611
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/30
555
594
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/36
2,340
2,496
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/36
1,540
1,569
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
18
Par
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/46
30,000
30,265
Maryland
HHEFA,
Andrews
Public
Charter,
5.50%,
5/1/42 (2)
820
825
Maryland
HHEFA,
Andrews
Public
Charter,
5.50%,
5/1/52 (2)
1,500
1,419
Maryland
HHEFA,
Broadmead,
Series A,
4.00%,
7/1/35
425
433
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/26
780
785
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/28
205
211
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/29
1,000
1,031
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/31
530
546
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/32
1,000
1,031
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/38
2,870
2,958
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/43
2,800
2,853
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/48
3,100
3,121
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/27
1,200
1,209
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/28
605
609
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/36
1,835
1,846
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/45
14,760
14,794
Maryland
HHEFA,
Doctors
Community
Hosp.,
Series A,
5.00%,
7/1/38
2,500
2,539
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
5.25%,
1/1/37
20,470
20,484
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
4.00%,
1/1/29
1,515
1,516
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
4.125%,
1/1/30
1,000
1,000
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
5.00%,
1/1/27
1,920
1,922
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
5.00%,
1/1/28
2,070
2,072
Maryland
HHEFA,
Frederick
Health
System,
4.00%,
7/1/50
11,750
10,273
Maryland
HHEFA,
Frederick
Health
System,
5.00%,
7/1/33 (1)
920
1,059
Maryland
HHEFA,
Frederick
Health
System,
5.00%,
7/1/48
3,495
3,537
Maryland
HHEFA,
Greater
Baltimore
Medical
Center,
Series A,
2.50%,
7/1/51
4,070
2,624
Maryland
HHEFA,
Greater
Baltimore
Medical
Center,
Series A,
3.00%,
7/1/46
13,710
10,831
Maryland
HHEFA,
Green
Street
Academy,
Series A,
5.00%,
7/1/27 (2)
140
141
Maryland
HHEFA,
Green
Street
Academy,
Series A,
5.125%,
7/1/37 (2)
1,265
1,271
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
19
Par
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
Green
Street
Academy,
Series A,
5.25%,
7/1/47 (2)
1,800
1,743
Maryland
HHEFA,
Green
Street
Academy,
Series A,
5.375%,
7/1/52 (2)
1,530
1,459
Maryland
HHEFA,
Helix
Health
Issue,
5.00%,
7/1/27 (3)(6)
3,605
3,670
Maryland
HHEFA,
Johns
Hopkins
Health
System,
Series A,
5.25%,
5/15/55
6,440
6,820
Maryland
HHEFA,
Johns
Hopkins
Health
System,
Series A,
VRDN,
1.85%,
6/1/48
8,700
8,700
Maryland
HHEFA,
Johns
Hopkins
Medical
Institution,
5.50%,
7/1/26 (6)
525
529
Maryland
HHEFA,
Johns
Hopkins
Medical
Institution,
Series A,
5.00%,
5/15/37
5,000
5,006
Maryland
HHEFA,
Johns
Hopkins
Medical
Institution,
Series B,
4.60%,
7/1/38 (6)
1,145
1,154
Maryland
HHEFA,
Johns
Hopkins
Univ.,
Series B,
4.25%,
7/1/41
18,475
18,479
Maryland
HHEFA,
Johns
Hopkins
Univ.,
Series B,
5.00%,
7/1/38
6,590
6,594
Maryland
HHEFA,
Kennedy
Krieger
Issue,
Series A,
5.25%,
7/1/42
775
849
Maryland
HHEFA,
Kennedy
Krieger
Issue,
Series A,
5.25%,
7/1/43
990
1,072
Maryland
HHEFA,
Kennedy
Krieger
Issue,
Series A,
5.25%,
7/1/44
750
803
Maryland
HHEFA,
Kennedy
Krieger
Issue,
Series A,
5.25%,
7/1/45
1,100
1,165
Maryland
HHEFA,
Kennedy
Krieger
Issue,
Series A,
5.25%,
7/1/46
1,495
1,566
Maryland
HHEFA,
Kennedy
Krieger
Issue,
Series A,
5.25%,
7/1/51
5,000
5,151
Maryland
HHEFA,
Kennedy
Krieger
Issue,
Series A,
5.50%,
7/1/56
3,585
3,738
Maryland
HHEFA,
Lifebridge
Health,
4.00%,
7/1/42
1,330
1,326
Maryland
HHEFA,
Lifebridge
Health,
5.00%,
7/1/44
2,000
2,025
Maryland
HHEFA,
Lifebridge
Health,
5.00%,
7/1/49
7,335
7,569
Maryland
HHEFA,
LifeBridge
Health,
5.00%,
7/1/31
1,060
1,070
Maryland
HHEFA,
LifeBridge
Health,
5.00%,
7/1/32
1,210
1,221
Maryland
HHEFA,
LifeBridge
Health,
5.00%,
7/1/33
1,175
1,185
Maryland
HHEFA,
LifeBridge
Health,
5.00%,
7/1/34
3,925
4,043
Maryland
HHEFA,
LifeBridge
Health,
5.00%,
7/1/47
1,100
1,100
Maryland
HHEFA,
LifeBridge
Health,
5.00%,
7/1/54
5,125
5,248
Maryland
HHEFA,
LifeBridge
Health,
5.25%,
7/1/54
3,490
3,680
Maryland
HHEFA,
LifeBridge
Health,
Series 2017,
5.00%,
7/1/33
1,015
1,047
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
20
Par
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
Loyola
Univ.,
4.00%,
10/1/39
5,505
5,506
Maryland
HHEFA,
Medlantic/Helix
Issue,
Series A,
5.25%,
8/15/38 (1)
8,460
9,775
Maryland
HHEFA,
Medlantic/Helix
Issue,
Series B,
5.25%,
8/15/38 (6)
16,995
19,475
Maryland
HHEFA,
MedStar
Health,
Series A,
3.75%,
5/15/47
1,195
1,030
Maryland
HHEFA,
MedStar
Health,
Series A,
4.00%,
5/15/47
14,090
12,742
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
8/15/27
4,005
4,010
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
8/15/38
3,250
3,737
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
8/15/39
2,250
2,564
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
8/15/40
2,250
2,540
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
8/15/41
740
832
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
5/15/42
10,595
10,757
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
5/15/45
13,145
13,269
Maryland
HHEFA,
MedStar
Health,
Series A,
5.25%,
8/15/51
11,635
12,302
Maryland
HHEFA,
MedStar
Health,
Series A,
5.25%,
8/15/54
9,500
9,985
Maryland
HHEFA,
MedStar
Health,
Series C,
5.00%,
8/15/39
3,000
3,419
Maryland
HHEFA,
MedStar
Health,
Series C,
5.00%,
8/15/40
3,750
4,234
Maryland
HHEFA,
MedStar
Health,
Series C,
5.00%,
8/15/41
3,095
3,479
Maryland
HHEFA,
MedStar
Health,
Series C,
5.00%,
8/15/42
3,000
3,332
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
4.00%,
7/1/42
1,680
1,677
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/32
1,830
1,843
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/33
1,000
1,007
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/34
1,200
1,208
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/35
4,930
4,962
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/36
3,200
3,219
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/38
9,060
9,107
Maryland
HHEFA,
Meritus
Health,
5.00%,
7/1/41 (1)
6,135
6,924
Maryland
HHEFA,
Meritus
Health,
5.00%,
7/1/42 (1)
6,250
6,973
Maryland
HHEFA,
Meritus
Health,
5.00%,
7/1/43 (1)
2,575
2,834
Maryland
HHEFA,
Meritus
Health,
5.00%,
7/1/44 (1)
4,970
5,400
Maryland
HHEFA,
Meritus
Health,
5.00%,
7/1/45 (1)
5,000
5,377
Maryland
HHEFA,
Meritus
Health,
5.00%,
7/1/46 (1)
6,245
6,649
Maryland
HHEFA,
Meritus
Health,
5.00%,
7/1/55 (1)
5,130
5,297
Maryland
HHEFA,
Meritus
Health,
5.25%,
7/1/50
13,945
14,591
Maryland
HHEFA,
Peninsula
Regional
Health
System,
4.00%,
7/1/38
1,555
1,586
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
21
Par
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
Peninsula
Regional
Health
System,
5.00%,
7/1/34
1,000
1,068
Maryland
HHEFA,
Peninsula
Regional
Health
System,
Series A,
4.00%,
7/1/48
1,910
1,729
Maryland
HHEFA,
Saint
John's
College,
4.00%,
10/1/40
1,000
993
Maryland
HHEFA,
Stevenson
Univ.
Project,
4.00%,
6/1/35
1,700
1,723
Maryland
HHEFA,
Stevenson
Univ.
Project,
4.00%,
6/1/36
500
505
Maryland
HHEFA,
Stevenson
Univ.
Project,
4.00%,
6/1/37
2,965
2,982
Maryland
HHEFA,
Stevenson
Univ.
Project,
4.00%,
6/1/39
2,490
2,473
Maryland
HHEFA,
Stevenson
Univ.
Project,
4.00%,
6/1/40
720
701
Maryland
HHEFA,
Stevenson
Univ.
Project,
4.00%,
6/1/41
1,375
1,325
Maryland
HHEFA,
Stevenson
Univ.
Project,
5.00%,
6/1/29
1,125
1,188
Maryland
HHEFA,
Stevenson
Univ.
Project,
5.00%,
6/1/31
1,255
1,358
Maryland
HHEFA,
Stevenson
Univ.
Project,
5.00%,
6/1/33
1,375
1,476
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/34
1,095
1,114
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/38
890
891
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/46
8,125
7,420
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/51
12,845
11,256
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/55
11,715
10,048
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
5.00%,
6/1/32
850
917
Maryland
HHEFA,
Tidalhealth
Issue,
Series C,
5.00%,
7/1/40 (1)
200
225
Maryland
HHEFA,
Tidalhealth
Issue,
Series C,
5.00%,
7/1/41 (1)
200
224
Maryland
HHEFA,
Tidalhealth
Issue,
Series C,
5.00%,
7/1/42 (1)
200
221
Maryland
HHEFA,
Tidalhealth
Issue,
Series C,
5.00%,
7/1/43 (1)
1,250
1,364
Maryland
HHEFA,
Tidalhealth
Issue,
Series C,
5.00%,
7/1/44 (1)
700
755
Maryland
HHEFA,
Tidalhealth
Issue,
Series C,
5.00%,
7/1/45 (1)
750
801
Maryland
HHEFA,
Tidalhealth
Issue,
Series C,
5.50%,
7/1/55 (1)
14,900
16,041
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
5.00%,
7/1/33
5,305
5,311
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
5.00%,
7/1/34
2,910
2,913
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
22
Par
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
5.00%,
7/1/35
2,100
2,102
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series A,
5.00%,
7/1/41
1,500
1,683
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series A,
5.00%,
7/1/42
1,000
1,108
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B,
5.00%,
7/1/34
500
514
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B-2,
VRDN,
5.00%,
7/1/45
(Tender
7/1/27)
4,665
4,749
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series C-1,
VRDN,
1.95%,
7/1/55
7,600
7,600
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series D,
4.00%,
7/1/48
3,650
3,338
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series D,
VRDN,
1.85%,
7/1/41
155
155
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
5.00%,
5/1/35
1,135
1,192
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
5.00%,
5/1/50 (1)
41,760
45,380
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
Series B,
5.00%,
5/1/47 (1)
13,590
15,078
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
Unrefunded
Balance,
Series A,
5.00%,
5/1/47
9,175
9,324
Maryland
Stadium
Auth.,
Built
to
Learn
Revenue,
2.75%,
6/1/51
1,980
1,383
Maryland
Stadium
Auth.,
Built
to
Learn
Revenue,
5.00%,
6/1/43
1,000
1,102
Maryland
Stadium
Auth.,
Built
to
Learn
Revenue,
5.00%,
6/1/45
2,000
2,158
Maryland
Stadium
Auth.,
Built
to
Learn
Revenue,
5.00%,
6/1/54
2,000
2,082
Maryland
Stadium
Auth.,
Built
to
Learn
Revenue,
5.25%,
6/1/51
1,500
1,596
Maryland
Stadium
Auth.,
Built
to
Learn
Revenue,
Series A,
4.00%,
6/1/41
3,980
4,086
Maryland
Stadium
Auth.,
Built
to
Learn
Revenue,
Series A,
4.00%,
6/1/47
8,980
8,507
Maryland
Stadium
Auth.,
Built
to
Learn
Revenue,
Series A,
4.00%,
6/1/52
12,175
11,145
Maryland
Transportation
Auth.,
Series A,
2.50%,
7/1/47
4,915
3,509
Maryland
Transportation
Auth.,
Series A,
3.00%,
7/1/40
400
370
Maryland
Transportation
Auth.,
Series A,
3.00%,
7/1/47
10,775
8,629
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
4.00%,
6/1/35 (5)
1,000
1,015
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
4.00%,
6/1/38 (5)
7,830
7,900
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
5.00%,
6/1/26 (5)
2,820
2,823
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
23
Par
$
Value
(Amounts
in
000s)
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
5.00%,
6/1/27 (5)
2,965
2,967
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
5.00%,
6/1/28 (5)
2,250
2,365
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
5.00%,
6/1/30 (5)
2,615
2,803
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
5.00%,
6/1/32 (5)
1,125
1,200
Maryland
Transportation
Auth.,
Baltimore/Washington
Int'l.
Airport,
Series 2012A,
5.00%,
6/1/28 (5)
3,110
3,114
Maryland
Transportation
Auth.,
Transportation
Fac.
Project,
4.00%,
7/1/45
8,170
8,175
Maryland
Transportation
Auth.,
Transportation
Fac.
Project,
4.00%,
7/1/50
5,755
5,460
Maryland
Transportation
Auth.,
Transportation
Fac.
Project,
Series A,
5.00%,
7/1/40
2,500
2,845
Maryland
Transportation
Auth.,
Transportation
Fac.
Project,
Series A,
5.00%,
7/1/42
4,935
5,535
Montgomery
County,
Series A,
GO,
3.00%,
11/1/37
7,365
7,282
Montgomery
County,
Series A,
GO,
4.00%,
8/1/38
10,070
10,549
Montgomery
County,
Series A,
GO,
4.00%,
8/1/39
4,000
4,171
Montgomery
County,
Series A,
GO,
4.00%,
8/1/40
1,175
1,214
Montgomery
County,
Series A,
GO,
4.00%,
10/1/40
13,650
14,181
Montgomery
County,
Series A,
GO,
4.00%,
8/1/41
9,000
9,373
Montgomery
County,
Series E,
GO,
VRDN,
1.60%,
11/1/37
2,890
2,890
Montgomery
County
Housing
Opportunities
Commission,
Series A,
3.00%,
1/1/50
5,645
5,605
Montgomery
County
Housing
Opportunities
Commission,
Series A,
3.85%,
7/1/34
5,000
5,260
Montgomery
County
Housing
Opportunities
Commission,
Series A,
4.00%,
7/1/46
35
35
Montgomery
County
Housing
Opportunities
Commission,
Series A,
4.50%,
7/1/46 (7)
5,840
5,868
Montgomery
County
Housing
Opportunities
Commission,
Series A,
4.80%,
7/1/49
5,000
5,059
Montgomery
County
Housing
Opportunities
Commission,
Series A,
4.90%,
7/1/55
4,735
4,777
Montgomery
County
Housing
Opportunities
Commission,
Series A,
5.00%,
7/1/52
3,600
3,748
Montgomery
County
Housing
Opportunities
Commission,
Series A,
5.15%,
7/1/45
1,140
1,189
Montgomery
County
Housing
Opportunities
Commission,
Series A,
5.75%,
7/1/54
7,135
7,824
Montgomery
County
Housing
Opportunities
Commission,
Series A,
5.75%,
7/1/56
4,995
5,562
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
24
Par
$
Value
(Amounts
in
000s)
Montgomery
County
Housing
Opportunities
Commission,
Series C,
2.85%,
1/1/51
34,785
24,854
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.00%,
1/1/35
490
567
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.00%,
1/1/36
485
557
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.00%,
1/1/37
555
632
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.00%,
1/1/38
485
548
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.50%,
1/1/48
2,975
3,253
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.75%,
1/1/58
5,335
5,827
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.75%,
1/1/63
8,300
9,066
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.75%,
1/1/66
11,040
12,058
Montgomery
County
Housing
Opportunities
Commission,
Sustainable
Bond,
Series A,
VRDN,
1.90%,
1/1/63
800
800
Montgomery
County,
Consolidated
Public
Improvement,
Series A,
GO,
3.75%,
11/1/38
1,110
1,124
Montgomery
County,
Consolidated
Public
Improvement
Project,
Series A,
GO,
2.00%,
8/1/41
5,000
3,862
Montgomery
County,
Friends
House
Retirement
Community,
Series A,
5.375%,
7/1/48
3,500
3,167
Montgomery
County,
Trinity
Healthcare,
4.00%,
12/1/44
21,930
21,307
Montgomery
County,
Trinity
Healthcare,
5.00%,
12/1/44
5,000
5,005
Montgomery
County,
West
Germantown
Dev.
Dist.,
4.00%,
7/1/26
505
505
Montgomery
County,
West
Germantown
Dev.
Dist.,
4.00%,
7/1/27
1,000
1,000
Prince
George's
County
Auth.,
Suitland-Naylor
Road,
5.00%,
7/1/46 (2)
8,500
8,501
Prince
George's
County,
Westphalia
Town
Center
Project,
5.125%,
7/1/39 (2)
1,350
1,366
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/26
1,000
1,008
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/30
790
807
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/32
525
536
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/37
5,140
5,204
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/26
500
504
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/28
1,375
1,404
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/30
1,515
1,547
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/35
2,100
2,135
Rockville,
Ingelside
at
King
Farm,
Series B,
4.25%,
11/1/37
1,000
999
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
25
Par
$
Value
(Amounts
in
000s)
Rockville,
Ingelside
at
King
Farm,
Series B,
4.50%,
11/1/43
1,675
1,593
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/42
6,250
6,275
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/47
7,170
6,756
Saint
Mary's
County,
GO,
4.00%,
8/1/40
2,050
2,119
Town
of
Chestertown,
Washington
College,
6.50%,
3/1/55
4,000
4,045
Town
of
Chestertown,
Washington
College,
6.25%,
3/1/45
5,000
5,134
Town
of
Chestertown,
Washington
College,
6.50%,
3/1/50
1,000
1,018
Univ.
System
of
Maryland,
Auxiliary
Fac.
&
Tuition,
Series A,
3.00%,
4/1/47
8,995
7,174
Univ.
System
of
Maryland,
Auxiliary
Fac.
&
Tuition,
Series A,
3.125%,
4/1/35
280
282
Univ.
System
of
Maryland,
Auxiliary
Fac.
&
Tuition,
Series A,
4.00%,
4/1/41
3,295
3,408
Univ.
System
of
Maryland,
Auxiliary
Fac.
&
Tuition,
Series A,
4.00%,
4/1/42
3,435
3,522
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/28
1,875
1,911
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/29
1,950
2,006
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36
1,500
1,530
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/42
5,100
5,069
Washington
Suburban
Sanitary
Commission,
2.00%,
12/1/39
1,000
803
Washington
Suburban
Sanitary
Commission,
4.25%,
6/1/47
14,850
14,909
Washington
Suburban
Sanitary
Commission,
4.375%,
6/1/49
4,400
4,394
Washington
Suburban
Sanitary
Commission,
4.50%,
6/1/46
4,065
4,241
Washington
Suburban
Sanitary
Commission,
4.50%,
6/1/47
11,505
11,918
Washington
Suburban
Sanitary
Commission,
5.00%,
6/1/44
4,685
5,218
Washington
Suburban
Sanitary
Commission,
Series A,
VRDN,BAN,
2.00%,
6/1/27
5,780
5,780
Washington
Suburban
Sanitary
Commission,
Series B,
VRDN,BAN,
2.00%,
6/1/27
2,700
2,700
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
2.25%,
6/1/41
3,710
2,989
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
3.00%,
6/1/44
6,395
5,536
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
3.00%,
6/1/47
3,000
2,429
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
3.00%,
6/1/48
1,000
797
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
4.00%,
6/1/46
5,000
5,011
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
4.00%,
6/1/51
8,000
7,770
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
26
Par
$
Value
(Amounts
in
000s)
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
5.00%,
6/1/35
2,225
2,239
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
5.00%,
6/1/41
1,700
1,908
Washington
Suburban
Sanitary
Commission,
Second
Series,
4.50%,
6/1/46
1,205
1,257
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
6.00%,
7/1/34
2,590
2,593
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
6.125%,
7/1/39
2,520
2,522
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
6.25%,
7/1/44
4,825
4,827
2,266,594
PUERTO
RICO
5.5%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (8)
15,396
10,508
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (8)
8,213
5,688
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/37 (2)
2,000
2,102
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/37 (2)
1,000
1,044
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33
2,709
2,003
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
4,935
5,051
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
7,717
7,843
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
4,024
4,029
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
1,000
1,023
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (9)
(10)
55
37
Puerto
Rico
Electric
Power
Auth.,
Series A,
6.75%,
7/1/36 (9)
(10)
4,690
3,125
Puerto
Rico
Electric
Power
Auth.,
Series A,
7.25%,
7/1/30 (9)
(10)
2,490
1,659
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/27 (9)
(10)
850
566
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/30 (9)
(10)
1,925
1,283
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (9)(10)
85
57
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (9)(10)
210
140
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
27
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (9)
(10)
270
180
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/21 (9)
(10)
895
597
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (9)
(10)
1,045
698
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (9)
(10)
340
227
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (9)
(10)
415
276
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (9)
(10)
55
37
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/37 (9)
(10)
1,760
1,173
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (9)
(10)
45
30
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (9)
(10)
460
306
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (9)
(10)
225
150
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (9)
(10)
95
63
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (9)
(10)
255
170
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (9)
(10)
195
130
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (9)
(10)
65
43
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (9)
(10)
110
73
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/19 (9)
(10)
1,110
741
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (9)
(10)
90
60
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (9)
(10)
830
554
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (9)
(10)
240
160
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (9)
(10)
95
63
Puerto
Rico
Electric
Power
Auth.,
Revenue
Bonds,
Series ZZ,
5.25%,
7/1/24 (9)(10)
65
43
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
21,950
21,360
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58
15,973
15,645
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
28
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.329%,
7/1/40
27,816
27,864
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.536%,
7/1/53
3,249
3,042
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.784%,
7/1/58
4,744
4,587
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series B-1,
4.75%,
7/1/53
1,150
1,119
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series B-1,
Zero
Coupon,
7/1/46
4,613
1,651
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series B-2,
4.329%,
7/1/40
4,500
4,508
Puerto
Rico
Sales
Tax
Fin.,
Restructured
Cofina,
Series A-2,
4.329%,
7/1/40
5,748
5,758
137,466
Total
Investments
in
Securities
99.4%
of
Net
Assets
(Cost
$2,469,787)
$
2,493,341
‡
Par
is
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Insured
by
Assured
Guaranty
Incorporated
(2)
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
$80,387
and
represents
3.2%
of
net
assets.
(3)
Escrowed
to
maturity
(4)
Insured
by
Financial
Guaranty
Insurance
Company
(5)
Interest
subject
to
alternative
minimum
tax.
(6)
Insured
by
AMBAC
Assurance
Corporation
(7)
When-issued
security
(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)
Obligor
has
failed
to
make
a
scheduled
interest
and/or
principal
payment
or
is
in
default.
(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
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
29
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
.
.
.
.
.
.
.
.
.
.
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
February
28,
2026
Statement
of
Assets
and
Liabilities
30
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$2,469,787)
$
2,493,341
Interest
receivable
24,523
Receivable
for
shares
sold
1,492
Cash
31
Other
assets
22
Total
assets
2,519,409
Liabilities
Payable
for
investment
securities
purchased
6,169
Payable
for
shares
redeemed
2,191
Investment
management
fees
payable
728
Due
to
affiliates
6
Payable
to
directors
1
Other
liabilities
1,272
Total
liabilities
10,367
Commitments
and
Contingent
Liabilities
(note
5
)
NET
ASSETS
$
2,509,042
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
February
28,
2026
Statement
of
Assets
and
Liabilities
31
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(
76,959
)
Paid-in
capital
applicable
to
245,018,001
shares
of
$0.0001
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
2,586,001
NET
ASSETS
$
2,509,042
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$1,142,431;
Shares
outstanding:
111,595,961)
$
10.24
I
Class
(Net
assets:
$1,366,611;
Shares
outstanding:
133,422,040)
$
10.24
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Statement
of
Operations
32
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
2/28/26
Investment
Income
(Loss)
Interest
income
$
96,455
Expenses
Investment
management
9,004
Shareholder
servicing
Investor
Class
$
1,520
I
Class
228
1,748
Prospectus
and
shareholder
reports
Investor
Class
18
I
Class
10
28
Custody
and
accounting
244
Legal
and
audit
143
Registration
57
Directors
7
Miscellaneous
22
Waived
/
paid
by
Price
Associates
(
584
)
Total
expenses
10,669
Net
investment
income
85,786
Realized
and
Unrealized
Gain
/
Loss
-
Net
realized
loss
on
securities
(
33,026
)
Change
in
net
unrealized
gain
/
loss
on
securities
53,510
Net
realized
and
unrealized
gain
/
loss
20,484
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
106,270
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
Statement
of
Changes
in
Net
Assets
33
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2/28/26
2/28/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
85,786
$
78,089
Net
realized
loss
(
33,026
)
(
13,866
)
Change
in
net
unrealized
gain
/
loss
53,510
29,537
Increase
in
net
assets
from
operations
106,270
93,760
Distributions
to
shareholders
Net
earnings
Investor
Class
(
37,127
)
(
33,320
)
I
Class
(
46,890
)
(
43,343
)
Decrease
in
net
assets
from
distributions
(
84,017
)
(
76,663
)
Capital
share
transactions
*
Shares
sold
Investor
Class
317,217
238,822
I
Class
166,118
197,708
Distributions
reinvested
Investor
Class
33,508
30,148
I
Class
32,845
30,414
Shares
redeemed
Investor
Class
(
278,995
)
(
239,203
)
I
Class
(
179,744
)
(
140,512
)
Increase
in
net
assets
from
capital
share
transactions
90,949
117,377
Net
Assets
Increase
during
period
113,202
134,474
Beginning
of
period
2,395,840
2,261,366
End
of
period
$
2,509,042
$
2,395,840
*Share
information
(000s)
Shares
sold
Investor
Class
31,930
23,634
I
Class
16,668
19,542
Distributions
reinvested
Investor
Class
3,368
2,987
I
Class
3,301
3,011
Shares
redeemed
Investor
Class
(
28,204
)
(
23,695
)
I
Class
(
18,152
)
(
13,895
)
Increase
in
shares
outstanding
8,911
11,584
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
NOTES
TO
FINANCIAL
STATEMENTS
34
T.
Rowe
Price
State
Tax-Free
Funds,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Maryland
Tax-Free
Bond
Fund
(the
fund)
is a
nondiversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks to
provide,
consistent
with
prudent
portfolio
management,
the
highest
level
of
income
exempt
from
federal
and
Maryland
state
and
local
income
taxes
by
investing
primarily
in
investment-grade
Maryland
municipal
bonds.
The
fund
has two classes
of
shares:
the
Maryland
Tax-Free
Bond
Fund
(Investor
Class)
and
the
Maryland
Tax-Free
Bond
Fund-I
Class
(I
Class).
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
both
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
class.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
35
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class's
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class's
outstanding
shares.
Capital
Transactions
Each
investor's
interest
in
the
net
assets
of
the
fund
is
represented
by
fund
shares.
The
fund's
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund's
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund's
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund's
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund's
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
36
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)
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
are
generally 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.
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
37
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
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
the
greatest
weight
to
actual
prices
in
arm's
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
On
February
28,
2026
,
all
of
the
fund's
financial
instruments
were
classified
as
Level
2,
based
on
the
inputs
used
to
determine
their
fair
values.
NOTE
3
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund's prospectus
and
Statement
of
Additional
Information.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
38
When-Issued
Securities
The fund
enters
into
when-issued
purchase
or
sale
commitments,
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
an
authorized
but
not
yet
issued
security
for
a
fixed
unit
price,
with
payment
and
delivery
not
due
until
issuance
of
the
security
on
a
scheduled
future
date.
When-issued
securities
may
be
new
securities
or
securities
issued
through
a
corporate
action,
such
as
a
reorganization
or
restructuring.
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
commitment
to
purchase
a
when-issued
security.
Amounts
realized
on
when-issued
transactions
are
included
in
realized
gain/loss
on
securities
in
the
accompanying
financial
statements.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $693,119,000 and
$604,363,000,
respectively,
for
the
year ended
February
28,
2026.
NOTE
4
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
The
fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
fund's
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
permanent
book/tax
adjustments
relate
primarily
to
the
character
of
income
on
certain
derivatives
contracts
and
differences
between
book/tax
amortization
policies.
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
39
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
February
28,
2026,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
At
February
28,
2026,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales,
the
recognition
of
market
discount
and
premium
amortization
and
the
character
of
income
on
certain
derivatives
contracts.
The
loss
carryforwards
and
deferrals
primarily
relate
to
capital
loss
carryforwards.
Capital
loss
carryforwards
are
available
indefinitely
to
offset
future
realized
capital
gains.
($000s)
February
28,
2026
February
28,
2025
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
76
$
95
Tax-exempt
income
83,941
76,568
Total
distributions
$
84,017
$
76,663
($000s)
Cost
of
investments
$
2,459,026
Unrealized
appreciation
$
66,970
Unrealized
depreciation
(32,655)
Net
unrealized
appreciation
(depreciation)
$
34,315
($000s)
Undistributed
ordinary
income
$
10
Undistributed
tax-exempt
income
1,769
Net
unrealized
appreciation
(depreciation)
34,315
Loss
carryforwards
and
deferrals
(113,053)
Total
distributable
earnings
(loss)
$
(76,959)
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
40
NOTE
5
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.10%
of
the
fund's
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.26%
for
assets
in
excess
of
$845
billion.
The
fund's
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund's
average
daily
net
assets. At
February
28,
2026,
the
effective
annual
group
fee
rate
was
0.28%.
The
Investor
Class
is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class's ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class's net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class's net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class's
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
41
the
extent
the
class's
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class's
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the year
ended February
28,
2026 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $1,418,000 remain
subject
to
repayment
by
the
fund
at
February
28,
2026. Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
a
wholly
owned
subsidiary
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund's
transfer
and
dividend-disbursing
agent.
For
the
year
ended
February
28,
2026,
expenses
incurred
pursuant
to
these
service
agreements
were
$127,000
for
Price
Associates
and
$620,000
for
T.
Rowe
Price
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund's
Board
and
Securities
and
Exchange
Investor
Class
I
Class
Expense
limitation/I
Class
Limit
0.49%
0.05%
Expense
limitation
date
04/30/27
04/30/27
(Waived)/repaid
during
the
period
($000s)
$(584)
$-
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
42
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
Purchases
and
sales
cross
trades
aggregated
$17,500,000
and
$12,750,000,
respectively,
with
net
realized
gain
of
$0
for
the
year
ended
February
28,
2026.
NOTE
6
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price
Associates
acts
as
the
fund's
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund's
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund's
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
7
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
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
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
43
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.
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
44
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
of
T.
Rowe
Price
State
Tax-Free
Funds,
Inc.
and
Shareholders
of
T.
Rowe
Price
Maryland
Tax-Free
Bond
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
Maryland
Tax-Free
Bond
Fund
(one
of
the
funds
constituting
T.
Rowe
Price
State
Tax-Free
Funds,
Inc.,
referred
to
hereafter
as
the
"Fund")
as
of
February
28,
2026,
the
related
statement
of
operations
for
the
year
ended
February
28,
2026,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
February
28,
2026,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
February
28,
2026
(collectively
referred
to
as
the
"financial
statements").
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
February
28,
2026,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
February
28,
2026
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
February
28,
2026
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund's
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund's
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
45
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
February
28,
2026
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
April
21,
2026
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
Maryland
Tax-Free
Bond
Fund
46
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 2/28/26
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
The
fund's
distributions
to
shareholders
included
$83,278,000
which
qualified
as
exempt-interest
dividends.
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F87-050
4/26
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.
Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
| (a)(1) |
N-CSR |
|
| (2) |
Listing standards relating to recovery of erroneously awarded compensation: not applicable. |
|
| (3) |
30a-2(a) |
|
| (b) |
30a-2(b) |
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| T. Rowe Price State Tax-Free Funds, Inc. | ||||
| By |
/s/ David Oestreicher |
|||
| David Oestreicher | ||||
| Principal Executive Officer | ||||
| Date | April 21, 2026 | |||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By |
/s/ David Oestreicher |
|||
| David Oestreicher | ||||
| Principal Executive Officer | ||||
| Date |
April 21, 2026 |
|||
| By |
/s/ Alan S. Dupski |
|||
| Alan S. Dupski | ||||
| Principal Financial Officer | ||||
| Date |
April 21, 2026 |
|||
T. Rowe Price State Tax-Free Funds Inc. published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 23, 2026 at 13:59 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]