T. Rowe Price State Tax-Free Funds Inc.
04/23/2026 | Press release | Distributed by Public on 04/23/2026 07:57
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 Money Fund
Investor Class (TMDXX)
This annual shareholder report contains important information about Maryland Tax-Free Money 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 Money Fund - Investor Class
|
$41
|
0.41%
|
What are some fund statistics?
Fund Statistics
Table Summary
|
Total Net Assets (000s)
|
$104,595
|
|
Number of Portfolio Holdings
|
73
|
Table Summary
|
Investment Advisory Fees Paid (000s)
|
$(93)
|
What did the fund invest in?
Security Allocation (as a % of Net Assets)
Table Summary
|
Variable Rate Demand Notes
|
56.3%
|
|
Other Municipal Security
|
46.5
|
|
Non-Financial Company Commercial Paper
|
1.0
|
|
Short-Term and Other
|
-3.8
|
Top Ten Holdings (as a % of Net Assets)
Table Summary
|
Montgomery County, Trinity Health Credit Group
|
8.9%
|
|
Maryland Economic Dev., Howard Hughes Medical Institute
|
7.4
|
|
Montgomery County
|
4.8
|
|
Maryland HHEFA, Johns Hopkins Univ.
|
4.7
|
|
Maryland HHEFA, Johns Hopkins Health System
|
4.7
|
|
Maryland HHEFA, Univ. of Maryland Medical System
|
4.5
|
|
Howard County Housing Commission, Beech's Farm Apartments
|
4.5
|
|
Maryland Stadium Auth., Tender Option Bond Trust Receipts
|
4.5
|
|
Washington Metropolitan Area Transit Auth., Tender Option Bond Trust Receipts
|
4.5
|
|
Maryland CDA, Multi-Family, Park View, Cantonsville
|
4.3
|
How has the fund changed?
This is a summary of certain material changes to T. Rowe Price Maryland Tax-Free Money Fund. Effective August 1, 2026, the fund will change its name to the T. Rowe Price Maryland Municipal Money 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.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
202407-3695759
F138-052 4/26
Maryland Tax-Free Money Fund
Investor Class (TMDXX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Annual Shareholder Report
February 28, 2026
Maryland Tax-Free Money Fund
I Class (TWNXX)
This annual shareholder report contains important information about Maryland Tax-Free Money 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 Money Fund - I Class
|
$24
|
0.24%
|
What are some fund statistics?
Fund Statistics
Table Summary
|
Total Net Assets (000s)
|
$104,595
|
|
Number of Portfolio Holdings
|
73
|
Table Summary
|
Investment Advisory Fees Paid (000s)
|
$(93)
|
What did the fund invest in?
Security Allocation (as a % of Net Assets)
Table Summary
|
Variable Rate Demand Notes
|
56.3%
|
|
Other Municipal Security
|
46.5
|
|
Non-Financial Company Commercial Paper
|
1.0
|
|
Short-Term and Other
|
-3.8
|
Top Ten Holdings (as a % of Net Assets)
Table Summary
|
Montgomery County, Trinity Health Credit Group
|
8.9%
|
|
Maryland Economic Dev., Howard Hughes Medical Institute
|
7.4
|
|
Montgomery County
|
4.8
|
|
Maryland HHEFA, Johns Hopkins Univ.
|
4.7
|
|
Maryland HHEFA, Johns Hopkins Health System
|
4.7
|
|
Maryland HHEFA, Univ. of Maryland Medical System
|
4.5
|
|
Howard County Housing Commission, Beech's Farm Apartments
|
4.5
|
|
Maryland Stadium Auth., Tender Option Bond Trust Receipts
|
4.5
|
|
Washington Metropolitan Area Transit Auth., Tender Option Bond Trust Receipts
|
4.5
|
|
Maryland CDA, Multi-Family, Park View, Cantonsville
|
4.3
|
How has the fund changed?
This is a summary of certain material changes to T. Rowe Price Maryland Tax-Free Money Fund. Effective August 1, 2026, the fund will change its name to the T. Rowe Price Maryland Municipal Money 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.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
202407-3695759
F1099-052 4/26
Maryland Tax-Free Money Fund
I Class (TWNXX)
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 |
$25,444 | $25,242 | ||||||||||||
|
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
TMDXX
Maryland
Tax-Free
Money
Fund
TWNXX
Maryland
Tax-Free
Money
Fund-
.
I Class
T.
ROWE
PRICE
Maryland
Tax-Free
Money
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
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Investment
activities
Net
investment
income
(1)(2)
0.02
0.03
0
.03
0.01
(3)
-
(3)
(4)
Net
realized
and
unrealized
gain/loss
-
(4)
-
(4)
-
(4)
-
(4)
-
(4)
Total
from
investment
activities
0.02
0.03
0.03
0.01
-
(4)
Distributions
Net
investment
income
(0.02)
(0.03)
(0.03)
(0.01
)
-
(4)
NET
ASSET
VALUE
End
of
period
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Ratios/Supplemental
Data
Total
return
(2)(5)
2.22%
2.79%
2.90%
1.11%
(3)
0.02%
(3)
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.74%
0.76%
0.73%
0.67%
0.67%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.41%
0.41%
0.42%
0.40%
(3)
0.07%
(3)
Net
investment
income
2.20%
2.75%
2.85%
1.07%
(3)
0.01%
(3)
Net
assets,
end
of
period
(in
thousands)
$26,870
$20,702
$20,380
$20,761
$32,173
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)
Includes
the
effect
of
voluntary
management
fee
waivers
and
operating
expense
reimbursements
(0.01%
and
0.35%
of
average
net
assets)
for
the
years
ended
2/28/23
and
2/28/22,
respectively.
(4)
Amounts
round
to
less
than
$0.01
per
share.
(5)
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
Money
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
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Investment
activities
Net
investment
income
(1)(2)
0.02
0.03
0.03
0.01
(3)
-
(3)
(4)
Net
realized
and
unrealized
gain/loss
-
(4)
-
(4)
-
(4)
-
(4)
-
(4)
Total
from
investment
activities
0.02
0.03
0.03
0.01
-
(4)
Distributions
Net
investment
income
(0.02)
(0.03)
(0.03)
(0.01)
-
(4)
NET
ASSET
VALUE
End
of
period
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Ratios/Supplemental
Data
Total
return
(2)(5)
2.39%
2.97%
3.07%
1.27%
(3)
0.02%
(3)
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.51%
0.50%
0.50%
0.46%
0.52%
Net
expenses
after
waivers/payments
by
Price
Associates
0.24%
0.24%
0.25%
0.24%
(3)
0.07%
(3)
Net
investment
income
2.40%
2.94%
3.02%
1.31%
(3)
0.01%
(3)
Net
assets,
end
of
period
(in
thousands)
$77,725
$81,261
$73,601
$78,878
$60,978
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)
Includes
the
effect
of
voluntary
management
fee
waivers
and
operating
expense
reimbursements
(0.00%
and
0.19%
of
average
net
assets)
for
the
years
ended
2/28/23
and
2/28/22,
respectively.
(4)
Amounts
round
to
less
than
$0.01
per
share.
(5)
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
Money
Fund
February
28,
2026
4
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
NON-FINANCIAL
COMPANY
COMMERCIAL
PAPER 1.0%
Univ.
of
Texas,
Board
of
Regents,
Series A,
TECP,
2.65%,
4/14/26
1,000
1,000
Total
Non-Financial
Company
Commercial
Paper
(Cost
$1,000)
1,000
OTHER
MUNICIPAL
SECURITY 46.5%
Anne
Arundel
County,
GO,
5.00%,
10/1/26
150
152
Anne
Arundel
County,
Consolidated
General
Improvement,
GO,
5.00%,
4/1/26
2,735
2,740
Anne
Arundel
County,
Consolidated
General
Improvement,
Series B,
GO,
5.00%,
10/1/26
565
573
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/26
235
235
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/26
200
203
Anne
Arundel
County,
Water
&
Sewer,
GO,
5.00%,
4/1/26
250
250
Baltimore
County,
Consolidated
Public
Improvement,
GO,
4.00%,
11/1/26
250
253
Baltimore
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
7/1/26
215
217
Baltimore
County,
Equipment
Acquisition
Program,
COP,
5.00%,
3/1/26
3,000
3,000
Baltimore
County,
Metropolitan
Dist.,
GO,
5.00%,
3/1/26
325
325
Carroll
County,
GO,
5.00%,
11/1/26
710
721
Cecil
County,
GO,
5.00%,
8/1/26
1,020
1,030
Cecil
County,
Consolidated
Public
Improvement,
GO,
5.00%,
8/1/26
100
101
Charles
County,
GO,
5.00%,
10/1/26
350
355
Charles
County,
Consolidated
Public
Improvement,
GO,
5.00%,
10/1/26
530
537
Charles
County,
Public
Improvement,
GO,
5.00%,
10/1/26
115
117
Frederick
County,
Public
Fac.,
Series A,
GO,
5.00%,
8/1/26
350
354
Harford
County,
Consolidated
Public
Improvement,
GO,
5.00%,
9/15/26
100
101
Harford
County,
Consolidated
Public
Improvement,
GO,
5.00%,
10/1/26
1,310
1,329
Howard
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
8/15/26
250
253
Howard
County,
Metropolitan
District,
Series B,
GO,
5.00%,
8/15/26
150
152
Howard
County,
Public
Improvement,
Series A,
GO,
5.00%,
8/15/26
840
851
T.
ROWE
PRICE
Maryland
Tax-Free
Money
Fund
5
Par
$
Value
(Amounts
in
000s)
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series A,
2.90%,
3/1/26
400
400
Maryland
Dept.
of
Housing
&
Community
Dev.,
Tender
Option
Bond
Trust
Receipts,
Series 2025-ZF3301,
VRTR,
1.91%,
3/6/26 (1)
350
350
Maryland
DOT,
4.00%,
9/1/26
200
202
Maryland
DOT,
5.00%,
5/1/26
450
452
Maryland
DOT,
5.00%,
10/1/26
100
101
Maryland
DOT,
Series A,
5.00%,
10/1/26
135
137
Maryland
DOT,
Series C,
5.00%,
11/1/26
100
102
Maryland
DOT,
Second
Issue,
5.00%,
10/1/26
125
127
Maryland
HHEFA,
Lifebridge
Health,
5.00%,
7/1/26
140
141
Maryland
Stadium
Auth.,
Tender
Option
Bond
Trust
Receipts,
Series 2024-XF1758,
VRTR,
1.93%,
3/6/26 (1)
2,500
2,500
Maryland
Stadium
Auth.,
Tender
Option
Bond
Trust
Receipts,
Series 2025-ZF8101,
VRTR,
1.91%,
3/6/26 (1)
2,200
2,200
Maryland
State
Transportation
Auth.,
5.00%,
7/1/26
450
454
Maryland
State
Transportation
Auth.,
Series A,
5.00%,
7/1/26
900
907
Maryland,
State
and
Local
Fac.
Loan,
1st
Series,
GO,
5.00%,
3/15/26
380
380
Montgomery
County,
Trinity
Health
Credit
Group,
Series 2013MD,
VR,
2.65%,
6/1/26
(Tender)
9,350
9,350
New
Mexico
Mortgage
Fin.
Auth.,
Series G-3,
VR,
3.00%,
12/1/26
(Tender)
1,000
1,000
Prince
George's
County,
Series A,
GO,
5.00%,
8/1/26
115
116
Prince
George's
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
7/15/26
135
136
Prince
George's
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
9/15/26
955
969
Prince
George's
County,
Tender
Option
Bond
Trust
Receipts,
Series 2025-CF7060,
GO,
VRTR,
1.91%,
3/6/26 (1)
3,400
3,400
Univ.
System
of
Maryland,
Series A,
5.00%,
4/1/26
400
401
Univ.
System
of
Maryland,
Series B,
5.00%,
4/1/26
300
301
Univ.
System
of
Maryland,
Series C,
5.00%,
4/1/26
2,260
2,265
Univ.
System
of
Maryland
Auxiliary
Facility
and
Tuition
Revenue
Bonds,
Series 2022B,
5.00%,
4/1/26
1,410
1,413
Univ.
System
of
Maryland
Auxiliary
Facility
and
Tuition
Revenue
Bonds,
Series 2024B,
5.00%,
4/1/26
175
175
Univ.
System
of
Maryland
Auxiliary
Facility
and
Tuition
Revenue
Bonds,
Series A,
5.00%,
4/1/26
275
275
Univ.
System
of
Maryland
Auxiliary
Facility
and
Tuition
Revenue
Bonds,
Tax
Exempt,
Series A,
5.00%,
4/1/26
100
100
Washington
Metropolitan
Area
Transit
Auth.,
Tender
Option
Bond
Trust
Receipts,
Series 2025-XF8058,
VRTR,
1.91%,
3/6/26 (1)
4,650
4,650
T.
ROWE
PRICE
Maryland
Tax-Free
Money
Fund
6
Par
$
Value
(Amounts
in
000s)
Washington
Suburban
Sanitary
Commission,
5.00%,
6/1/26
100
101
Washington
Suburban
Sanitary
Commission,
5.00%,
6/15/26
925
932
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
5.00%,
6/1/26
495
498
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
Series 2016,
5.00%,
6/1/26
200
201
Total
Other
Municipal
Security
(Cost
$48,585)
48,585
VARIABLE
RATE
DEMAND
NOTES 56.3%
Charlotte-Mecklenburg
Hosp.
Auth.,
Atrium
Healthcare,
Series E,
VRDN,
1.95%,
3/2/26
1,500
1,500
Howard
County
Housing
Commission,
Beech's
Farm
Apartments,
VRDN,
1.88%,
3/6/26
4,700
4,700
Maryland
CDA,
Multi-Family
Dev.
Revenue
Bonds,
Series E,
VRDN,
1.90%,
3/6/26
4,535
4,535
Maryland
CDA,
Multi-Family,
Park
View,
Cantonsville,
Series B,
VRDN,
1.92%,
3/6/26 (2)
4,545
4,545
Maryland
CDA,
Residential,
Series G,
VRDN,
1.91%,
3/6/26 (2)
2,380
2,380
Maryland
CDA,
Residential,
Series J,
VRDN,
1.91%,
3/6/26 (2)
1,440
1,440
Maryland
Economic
Dev.,
Howard
Hughes
Medical
Institute,
Series A,
VRDN,
1.80%,
3/6/26
5,390
5,390
Maryland
Economic
Dev.,
Howard
Hughes
Medical
Institute,
Series B,
VRDN,
1.85%,
3/6/26
2,300
2,300
Maryland
HHEFA,
Johns
Hopkins
Health
System,
Series C,
VRDN,
1.84%,
3/6/26
4,875
4,875
Maryland
HHEFA,
Johns
Hopkins
Univ.,
Series A,
VRDN,
1.90%,
3/6/26
4,875
4,875
Maryland
HHEFA,
Pooled
Loan
Program,
Series B,
VRDN,
1.85%,
3/6/26
4,530
4,530
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series C-2,
VRDN,
1.88%,
3/6/26
300
300
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series D,
VRDN,
1.85%,
3/2/26
4,425
4,425
Montgomery
County,
Series E,
GO,
VRDN,
1.60%,
3/2/26
5,040
5,040
Montgomery
County
Housing
Opportunities
Commission,
Series C,
VRDN,
1.88%,
3/6/26
1,225
1,225
Montgomery
County
Housing
Opportunities
Commission,
Series D,
VRDN,
1.88%,
3/6/26
1,350
1,350
Montgomery
County
Housing
Opportunities
Commission,
Housing
Dev.,
Series A,
VRDN,
1.88%,
3/6/26
2,250
2,250
T.
ROWE
PRICE
Maryland
Tax-Free
Money
Fund
7
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Par
$
Value
(Amounts
in
000s)
Washington
Suburban
Sanitary
Commission,
Series A,
VRDN,BAN,
2.00%,
3/2/26
3,275
3,275
Total
Variable
Rate
Demand
Notes
(Cost
$58,935)
58,935
Total
Investments
in
Securities
103.8%
of
Net
Assets
(Cost
$108,520)
$
108,520
‡
Par
is
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$13,100
and
represents
12.5%
of
net
assets.
(2)
Interest
subject
to
alternative
minimum
tax.
BAN
Bond
Anticipation
Note
CDA
Community
Development
Administration/Authority
COP
Certificate
of
Participation
DOT
Department
of
Transportation
GO
General
Obligation
HHEFA
Health
&
Higher
Educational
Facility
Authority
TECP
Tax-Exempt
Commercial
Paper
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
the
date
principal
can
be
demanded.
Certain
VRDN
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
VRTR
Variable
Rate
Trust
Receipt
is
a
synthetic
variable
rate
instrument
which
entitles
the
holder
to
sell
the
security
to
the
issuer
or
its
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
the
date
principal
can
be
demanded.
Certain
VRTR
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
T.
ROWE
PRICE
Maryland
Tax-Free
Money
Fund
February
28,
2026
Statement
of
Assets
and
Liabilities
8
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$108,520)
$
108,520
Interest
receivable
704
Cash
401
Receivable
for
shares
sold
58
Due
from
affiliates
7
Other
assets
20
Total
assets
109,710
Liabilities
Payable
for
investment
securities
purchased
4,803
Payable
for
shares
redeemed
254
Investment
management
fees
payable
15
Other
liabilities
43
Total
liabilities
5,115
Commitments
and
Contingent
Liabilities
(note
5
)
NET
ASSETS
$
104,595
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
62
Paid-in
capital
applicable
to
104,490,990
shares
of
$0.0001
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
104,533
NET
ASSETS
$
104,595
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$26,870;
Shares
outstanding:
26,842,905)
$
1.00
I
Class
(Net
assets:
$77,725;
Shares
outstanding:
77,648,085)
$
1.00
T.
ROWE
PRICE
Maryland
Tax-Free
Money
Fund
Statement
of
Operations
9
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
2/28/26
Investment
Income
(Loss)
Interest
income
$
2,721
Expenses
Investment
management
197
Shareholder
servicing
Investor
Class
$
61
I
Class
15
76
Prospectus
and
shareholder
reports
Investor
Class
5
I
Class
8
13
Custody
and
accounting
200
Registration
51
Legal
and
audit
30
Miscellaneous
19
Waived
/
paid
by
Price
Associates
(
290
)
Total
expenses
296
Net
investment
income
2,425
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
2,425
T.
ROWE
PRICE
Maryland
Tax-Free
Money
Fund
Statement
of
Changes
in
Net
Assets
10
($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
$
2,425
$
2,747
Increase
in
net
assets
from
operations
2,425
2,747
Distributions
to
shareholders
Net
earnings
Investor
Class
(
572
)
(
560
)
I
Class
(
1,830
)
(
2,163
)
Decrease
in
net
assets
from
distributions
(
2,402
)
(
2,723
)
Capital
share
transactions
*
Shares
sold
Investor
Class
27,285
15,388
I
Class
30,256
37,603
Distributions
reinvested
Investor
Class
563
546
I
Class
1,765
2,126
Shares
redeemed
Investor
Class
(
21,690
)
(
15,617
)
I
Class
(
35,570
)
(
32,088
)
Increase
in
net
assets
from
capital
share
transactions
2,609
7,958
Net
Assets
Increase
during
period
2,632
7,982
Beginning
of
period
101,963
93,981
End
of
period
$
104,595
$
101,963
*
Capital
share
transactions
at
net
asset
value
of
$1.00
per
share.
T.
ROWE
PRICE
Maryland
Tax-Free
Money
Fund
NOTES
TO
FINANCIAL
STATEMENTS
11
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
Money
Fund
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks to
provide
preservation
of
capital,
liquidity,
and,
consistent
with
these
objectives,
the
highest
level
of
income
exempt
from
federal
and
Maryland
state
and
local
income
taxes. The
fund
intends
to
operate
as
a
retail
money
market
fund
and
has
the
ability
to impose
liquidity
fees
on
redemptions if
the
fund's
Board
of
Directors
determine
that
doing
so
is
in
the
best
interests
of
the
shareholders.
The
fund
has two classes
of
shares:
the
Maryland
Tax-Free
Money
Fund
(Investor
Class)
and
the
Maryland
Tax-Free
Money
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. Distributions
to
T.
ROWE
PRICE
Maryland
Tax-Free
Money
Fund
12
shareholders
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
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.
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.
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
Money
Fund
13
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
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.
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.
In
accordance
with
Rule
2a-7
under
the
1940
Act,
the
fund
values
its
securities
at
amortized
cost,
which
approximates
fair
value.
Securities
for
which
amortized
cost
is
deemed
not
to
reflect
fair
value
are
stated
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee,
in
accordance
with
fair
valuation
policies
and
procedures.
On
February
28,
2026,
all
of
the
fund's
financial
instruments
were
classified
as
Level
2
in
the
fair
value
hierarchy.
T.
ROWE
PRICE
Maryland
Tax-Free
Money
Fund
14
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.
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
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
February
28,
2026,
the
tax-basis
cost
of
investments
was as
follows:
($000s)
February
28,
2026
February
28,
2025
Tax-exempt
income
$
2,402
$
2,723
T.
ROWE
PRICE
Maryland
Tax-Free
Money
Fund
15
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
loss
carryforwards
and
deferrals
primarily
relate
to
capital
loss
carryforwards.
Capital
loss
carryforwards
are
available
indefinitely
to
offset
future
realized
capital
gains.
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
equal
to 0.19%
of
the
fund's
average
daily
net
assets.
The
fee
is
computed
daily
and
paid
monthly.
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)
($000s)
Cost
of
investments
$
108,520
($000s)
Undistributed
tax-exempt
income
$
67
Loss
carryforwards
and
deferrals
(5)
Total
distributable
earnings
(loss)
$
62
T.
ROWE
PRICE
Maryland
Tax-Free
Money
Fund
16
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
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 $792,000 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.
Price
Associates
may
voluntarily
waive
all
or
a
portion
of
its
management
fee
and
reimburse
operating
expenses
to
the
extent
necessary
for
the
fund
to
maintain
a
zero
or
positive
net
yield
(voluntary
waiver).
This
voluntary
waiver
is
in
addition
to
the
contractual
expense
limit
in
effect
for
the
fund. Any
amounts
waived/paid
by
Price
Associates
under
this
voluntary
agreement
are
not
Investor
Class
I
Class
Expense
limitation/I
Class
Limit
0.41%
0.05%
Expense
limitation
date
04/30/27
04/30/27
(Waived)/repaid
during
the
period
($000s)
$(85)
$(205)
T.
ROWE
PRICE
Maryland
Tax-Free
Money
Fund
17
subject
to
repayment
by
the
fund.
Price
Associates
may
amend
or
terminate
this
voluntary
arrangement
at
any
time
without
prior
notice.
For
the
year ended
February
28,
2026,
the
fund
had
no
voluntary
waivers.
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
$120,000
for
Price
Associates
and
$55,000
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
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
$4,010,000
and
$650,000,
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.
T.
ROWE
PRICE
Maryland
Tax-Free
Money
Fund
18
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
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
Money
Fund
19
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
Money
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
Money
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
Money
Fund
20
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
Money
Fund
21
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
$2,408,000
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.
F138-050
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 13:57 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]