T.

ROWE

PRICE

Maryland

Short-Term

Tax-Free

Bond

Fund

November

30,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Par

$

Value

(Amounts

in

000s)

‡

MUNICIPAL

SECURITIES

99.3%

MARYLAND

94.2%

Anne

Arundel

County

Consolidated

Special

Taxing

Dist.,

Villages

of

Dorchester

&

Farmington

Village,

5.00%,

7/1/24 

500‌

500‌

Anne

Arundel

County,

Consolidated

General

Improvements,

GO,

5.00%,

10/1/24 

610‌

620‌

Anne

Arundel

County,

Consolidated

General

Improvements,

GO,

5.00%,

4/1/25 

1,000‌

1,026‌

Anne

Arundel

County,

Consolidated

General

Improvements,

GO,

5.00%,

4/1/26 

1,730‌

1,815‌

Anne

Arundel

County,

Consolidated

General

Improvements,

GO,

5.00%,

10/1/26 

1,090‌

1,129‌

Anne

Arundel

County,

Consolidated

Water

&

Sewer,

GO,

5.00%,

10/1/26 

1,740‌

1,847‌

Baltimore

City,

Harbor

Point,

Series A,

2.75%,

6/1/24 (1)

190‌

188‌

Baltimore

City,

Harbor

Point,

Series A,

2.80%,

6/1/25 (1)

125‌

122‌

Baltimore

City,

Harbor

Point,

Series A,

2.85%,

6/1/26 (1)

135‌

129‌

Baltimore

City,

Harbor

Point,

Series A,

3.05%,

6/1/28 (1)

190‌

176‌

Baltimore

County,

Consolidated

Public

Improvement,

GO,

5.00%,

3/1/25 

1,075‌

1,101‌

Baltimore

County,

Consolidated

Public

Improvement,

GO,

5.00%,

3/1/26 

2,315‌

2,424‌

Baltimore

County,

Consolidated

Public

Improvement,

GO,

5.00%,

8/1/26 

1,635‌

1,687‌

Baltimore

County,

Consolidated

Public

Improvement,

Series 2022,

GO,

5.00%,

3/1/27 

275‌

295‌

Baltimore

County,

Metropolitan

Dist.,

80th

Issue,

GO,

5.00%,

3/1/27 

1,000‌

1,072‌

Baltimore

County,

Oak

Crest

Village,

2.25%,

1/1/26 

435‌

419‌

Baltimore

County,

Oak

Crest

Village,

5.00%,

1/1/24 

200‌

200‌

Baltimore

County,

Oak

Crest

Village,

5.00%,

1/1/25 

35‌

35‌

Baltimore

County,

Oak

Crest

Village,

5.00%,

1/1/29 

395‌

404‌

Baltimore

County,

Riderwood

Village,

4.00%,

1/1/24 

1,520‌

1,519‌

Carroll

County,

GO,

5.00%,

11/1/25 

1,400‌

1,456‌

Charles

County,

Consolidated

Public

Improvement,

GO,

4.00%,

10/1/25 

525‌

535‌

Charles

County,

Consolidated

Public

Improvement,

Series 2021,

GO,

5.00%,

10/1/26 

1,030‌

1,093‌

Charles

County,

Consolidated

Public

Improvement,

Series 2023,

GO,

5.00%,

10/1/26 (2)

1,800‌

1,910‌

Frederick

County,

Series A,

5.00%,

7/1/24 

1,000‌

1,008‌

Frederick

County,

Series A,

5.00%,

7/1/25 

860‌

880‌

Frederick

County,

Public

Facilities

Project,

GO,

5.00%,

4/1/25 

1,500‌

1,539‌

Frederick

County,

Public

Facilities

Project,

GO,

5.00%,

4/1/26 

1,565‌

1,642‌

T.

ROWE

PRICE

Maryland

Short-Term

Tax-Free

Bond

Fund

2

Par

$

Value

(Amounts

in

000s)

Gaithersburg,

Asbury

Maryland

Obligated

Group,

Series B,

5.00%,

1/1/27 

1,795‌

1,798‌

Harford

County,

GO,

5.00%,

10/1/25 

840‌

872‌

Harford

County,

GO,

5.00%,

10/1/26 

1,950‌

2,070‌

Harford

County,

Series B,

GO,

5.00%,

7/1/26 

2,390‌

2,522‌

Howard

County,

Series B,

GO,

5.00%,

8/15/26 

255‌

270‌

Howard

County,

Series E,

GO,

5.00%,

2/15/25 

1,000‌

1,023‌

Howard

County

Housing

Commission,

Roger

Carter

Recreational

Center,

5.00%,

6/1/24 

260‌

262‌

Howard

County

Housing

Commission,

Roger

Carter

Recreational

Center,

5.00%,

6/1/25 

235‌

242‌

Howard

County

Housing

Commission,

Roger

Carter

Recreational

Center,

5.00%,

6/1/26 

120‌

126‌

Howard

County

Housing

Commission,

Roger

Carter

Recreational

Center,

5.00%,

6/1/27 

125‌

134‌

Howard

County,

Consolidated

Public

Improvement,

Series A,

GO,

5.00%,

2/15/25 

620‌

634‌

Howard

County,

Consolidated

Public

Improvement,

Series A,

GO,

5.00%,

8/15/26 

1,000‌

1,058‌

Howard

County,

Consolidated

Public

Improvement,

Series B,

GO,

5.00%,

2/15/25 

1,035‌

1,059‌

Howard

County,

Special

Obligation,

Annapolis

Junction

Town

Center,

4.80%,

2/15/24 

145‌

145‌

Maryland,

Series 2017-A,

GO,

5.00%,

8/1/25 

2,215‌

2,294‌

Maryland,

Series 2017-A,

GO,

5.00%,

8/1/26 

2,745‌

2,902‌

Maryland,

Series 2019-A,

GO,

5.00%,

8/1/25 

4,130‌

4,277‌

Maryland,

Series 2019-A,

GO,

5.00%,

8/1/26 

1,135‌

1,200‌

Maryland,

Series A,

GO,

5.00%,

3/15/25 

1,595‌

1,638‌

Maryland,

Series A,

GO,

5.00%,

3/15/26 

1,420‌

1,488‌

Maryland,

Series A,

GO,

5.00%,

3/15/27 

1,485‌

1,593‌

Maryland,

Series B,

GO,

5.00%,

8/1/25 

3,580‌

3,708‌

Maryland,

Series B,

GO,

5.00%,

8/1/26 

1,045‌

1,105‌

Maryland

CDA,

Series C,

1.55%,

3/1/29 

750‌

653‌

Maryland

CDA,

Series C,

5.00%,

9/1/26 

1,210‌

1,265‌

Maryland

DOT,

4.00%,

12/15/25 

35‌

35‌

Maryland

DOT,

4.00%,

11/1/27 

195‌

195‌

Maryland

DOT,

5.00%,

5/1/25 

415‌

426‌

Maryland

DOT,

5.00%,

6/1/25 

650‌

651‌

Maryland

DOT,

5.00%,

5/1/26 

1,985‌

2,041‌

Maryland

DOT,

5.00%,

10/1/26 

1,030‌

1,093‌

Maryland

DOT,

5.00%,

11/1/26 

1,040‌

1,059‌

Maryland

DOT,

5.00%,

10/1/27 

2,005‌

2,128‌

Maryland

DOT,

Series 2020,

5.00%,

10/1/26 

1,370‌

1,454‌

Maryland

DOT,

Series A,

5.00%,

12/1/25 

1,080‌

1,124‌

Maryland

DOT,

Series A,

5.00%,

10/1/27 

475‌

515‌

Maryland

DOT,

Series B,

5.00%,

8/1/26 (3)

1,235‌

1,278‌

T.

ROWE

PRICE

Maryland

Short-Term

Tax-Free

Bond

Fund

3

Par

$

Value

(Amounts

in

000s)

Maryland

DOT,

Series B,

5.00%,

8/1/27 (3)

1,250‌

1,313‌

Maryland

Economic

Dev.,

Series B,

VRDN,

4.10%,

10/1/36

(Tender

4/3/28) 

1,025‌

1,035‌

Maryland

Economic

Dev.,

Bowie

State

Univ.,

4.00%,

7/1/24 

230‌

230‌

Maryland

Economic

Dev.,

Bowie

State

Univ.,

4.00%,

7/1/25 

300‌

300‌

Maryland

Economic

Dev.,

Bowie

State

Univ.,

4.00%,

7/1/26 

350‌

352‌

Maryland

Economic

Dev.,

Bowie

State

Univ.,

4.00%,

7/1/27 

500‌

504‌

Maryland

Economic

Dev.,

Cargo

Revenue,

4.00%,

7/1/24 (1)(3)

585‌

581‌

Maryland

Economic

Dev.,

Morgan

State

Univ.,

5.00%,

7/1/26 

750‌

770‌

Maryland

Economic

Dev.,

Morgan

State

Univ.,

5.00%,

7/1/27 

750‌

780‌

Maryland

Economic

Dev.,

Purple

Line

Light

Rail

Project,

Series A,

5.00%,

11/12/28 (3)

780‌

796‌

Maryland

Economic

Dev.,

Salisbury

Univ.

Project,

5.00%,

6/1/27 

1,260‌

1,260‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/25 

1,180‌

1,194‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/29 

1,000‌

1,051‌

Maryland

Economic

Dev.,

Univ.

of

Maryland

Baltimore

County

Project,

4.00%,

7/1/24 (4)

25‌

25‌

Maryland

Economic

Dev.,

Univ.

of

Maryland

College

Park

Project,

4.00%,

6/1/25 (4)

15‌

15‌

Maryland

Economic

Dev.,

Univ.

of

Maryland

College

Park

Project,

4.00%,

6/1/26 (4)

1,000‌

1,018‌

Maryland

Economic

Dev.,

Univ.

of

Maryland

Project,

4.00%,

7/1/25 

200‌

199‌

Maryland

Economic

Dev.,

Univ.

of

Maryland

Project,

5.00%,

7/1/27 

175‌

177‌

Maryland

HHEFA,

5.00%,

7/1/24 

75‌

76‌

Maryland

HHEFA,

5.00%,

7/1/26

(Prerefunded

7/1/24) (5)

80‌

81‌

Maryland

HHEFA,

5.00%,

7/1/32

(Prerefunded

7/1/24) (5)

1,070‌

1,077‌

Maryland

HHEFA,

Adventist

Healthcare,

4.00%,

1/1/25 

475‌

474‌

Maryland

HHEFA,

Adventist

Healthcare,

4.00%,

1/1/27 

640‌

644‌

Maryland

HHEFA,

Adventist

Healthcare,

5.00%,

1/1/25 

470‌

474‌

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/26 

1,085‌

1,118‌

Maryland

HHEFA,

Broadmead,

Series A,

5.00%,

7/1/24 

185‌

185‌

Maryland

HHEFA,

Charlestown

Community,

Series A,

5.00%,

1/1/25 

65‌

66‌

Maryland

HHEFA,

Charlestown

Community,

Series A,

5.00%,

1/1/28 

350‌

362‌

Maryland

HHEFA,

Edenwald

Issue,

Retirement

Fac.,

5.00%,

1/1/25 

310‌

311‌

Maryland

HHEFA,

Johns

Hopkins

Health,

Series A,

5.00%,

5/15/25 

325‌

333‌

Maryland

HHEFA,

Lifebridge

Health,

3.00%,

7/1/25 

245‌

243‌

Maryland

HHEFA,

Lifebridge

Health,

5.00%,

7/1/25 

90‌

92‌

Maryland

HHEFA,

Lifebridge

Health,

5.00%,

7/1/26 

90‌

94‌

Maryland

HHEFA,

Lifebridge

Health,

5.00%,

7/1/28

(Prerefunded

7/1/25) (5)

395‌

407‌

Maryland

HHEFA,

Lifebridge

Health,

Series 2015,

5.00%,

7/1/24 

165‌

166‌

T.

ROWE

PRICE

Maryland

Short-Term

Tax-Free

Bond

Fund

4

Par

$

Value

(Amounts

in

000s)

Maryland

HHEFA,

Lifebridge

Health,

Series 2017,

5.00%,

7/1/24 

70‌

71‌

Maryland

HHEFA,

MedStar

Health,

5.00%,

8/15/24 

385‌

389‌

Maryland

HHEFA,

MedStar

Health,

5.00%,

8/15/26 

765‌

779‌

Maryland

HHEFA,

MedStar

Health,

Series A,

4.00%,

8/15/24 

295‌

295‌

Maryland

HHEFA,

MedStar

Health,

Series A,

5.00%,

8/15/27 

1,000‌

1,001‌

Maryland

HHEFA,

Meritus

Medical

Center,

5.00%,

7/1/24 

1,500‌

1,510‌

Maryland

HHEFA,

Meritus

Medical

Center,

5.00%,

7/1/25 

1,500‌

1,530‌

Maryland

HHEFA,

Meritus

Medical

Center,

5.00%,

7/1/27 

1,430‌

1,457‌

Maryland

HHEFA,

Meritus

Medical

Center,

5.00%,

7/1/28 

100‌

102‌

Maryland

HHEFA,

Peninsula

Regional

Health

System,

5.00%,

7/1/26 

200‌

208‌

Maryland

HHEFA,

Peninsula

Regional

Medical

Center,

5.00%,

7/1/34

(Prerefunded

7/1/24) (5)

1,000‌

1,006‌

Maryland

HHEFA,

Stevenson

Univ.

Project,

5.00%,

6/1/28 

195‌

207‌

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

5.00%,

7/1/28 

500‌

515‌

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series B,

5.00%,

7/1/26 

265‌

277‌

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series B-1,

VRDN,

5.00%,

7/1/45

(Tender

7/1/25) 

6,150‌

6,246‌

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series B-2,

VRDN,

5.00%,

7/1/45

(Tender

7/1/27) 

3,000‌

3,150‌

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series D,

VRDN,

3.20%,

7/1/41 

600‌

600‌

Maryland

HHEFA,

Western

Maryland

Health,

5.00%,

7/1/24 (6)

215‌

217‌

Maryland

HHEFA,

Western

Maryland

Health,

5.25%,

7/1/26

(Prerefunded

7/1/24) (5)

90‌

91‌

Maryland

Ind.

Dev.

Fin.

Auth.,

McDonogh

School,

5.00%,

9/1/24 

325‌

329‌

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools,

5.00%,

5/1/24 

135‌

136‌

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools,

5.00%,

5/1/28 

100‌

104‌

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools,

5.00%,

5/1/34

(Prerefunded

5/1/26) (5)

1,000‌

1,052‌

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools,

5.00%,

5/1/35

(Prerefunded

5/1/26) (5)

2,000‌

2,103‌

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools,

5.00%,

5/1/41

(Prerefunded

5/1/26) (5)

1,300‌

1,367‌

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools,

5.00%,

5/1/46

(Prerefunded

5/1/26) (5)

1,545‌

1,625‌

Maryland

Stadium

Auth.,

Built

to

Learn

Revenue,

Series A,

5.00%,

6/1/26 

2,025‌

2,126‌

Maryland

Stadium

Auth.,

Football

Stadium,

Series A,

5.00%,

3/1/26 

290‌

303‌

Maryland

Transportation

Auth.,

Series A,

5.00%,

7/1/25 

1,880‌

1,939‌

Maryland

Transportation

Auth.,

Passenger

Facility

Charge

Revenue,

5.00%,

6/1/25 (3)

1,000‌

1,015‌

T.

ROWE

PRICE

Maryland

Short-Term

Tax-Free

Bond

Fund

5

Par

$

Value

(Amounts

in

000s)

Montgomery

County,

Series A,

GO,

5.00%,

12/1/23 

115‌

115‌

Montgomery

County,

Series B,

GO,

4.00%,

11/1/26 

535‌

554‌

Montgomery

County,

Series C,

GO,

5.00%,

10/1/25 

360‌

373‌

Montgomery

County,

Series E,

GO,

VRDN,

3.20%,

11/1/37 

100‌

100‌

Montgomery

County,

Consolidated

Public

Improvement,

Series A,

GO,

5.00%,

8/1/25 

3,025‌

3,126‌

Montgomery

County,

Consolidated

Public

Improvement,

Series A,

GO,

5.00%,

8/1/27 

3,215‌

3,478‌

Montgomery

County,

Housing

Opportunities

Commission,

Series C,

5.00%,

1/1/28 

425‌

457‌

Prince

George's

County,

Series A,

GO,

5.00%,

8/1/25 

1,000‌

1,033‌

Prince

George's

County,

Series A,

GO,

5.00%,

8/1/26 

1,000‌

1,057‌

Prince

George's

County,

Consolidated

Public

Improvement,

Series 2018A,

GO,

5.00%,

7/15/27 

365‌

394‌

Prince

George's

County,

Consolidated

Public

Improvement,

Series A,

GO,

5.00%,

7/15/25 

655‌

676‌

Prince

George's

County,

Consolidated

Public

Improvement,

Series A,

GO,

5.00%,

7/15/27 

565‌

611‌

Prince

George's

County,

Consolidated

Public

Improvement,

Series B,

GO,

5.00%,

7/15/26 

500‌

528‌

Prince

George's

County,

National

Harbor

Project,

5.00%,

7/1/24 

1,015‌

1,026‌

Prince

George's

County,

Regional

Medical

Center,

COP,

5.00%,

10/1/26 

250‌

264‌

Rockville,

Ingleside

at

King

Farm

Project,

Series A-2,

3.375%,

11/1/27 

450‌

413‌

Univ.

System

of

Maryland,

Series A,

5.00%,

4/1/26 

1,885‌

1,977‌

Univ.

System

of

Maryland,

Series B,

5.00%,

4/1/26 

545‌

572‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/24 

250‌

249‌

Washington

Suburban

Sanitary

Commission,

5.00%,

6/1/25 

565‌

582‌

Washington

Suburban

Sanitary

Commission,

5.00%,

6/15/26 

750‌

791‌

Washington

Suburban

Sanitary

Commission,

5.00%,

6/1/27 

900‌

970‌

Washington

Suburban

Sanitary

Commission,

Consolidated

Public

Improvement,

5.00%,

6/1/25 

800‌

824‌

142,831‌

PUERTO

RICO

5.1%

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/24 (1)

775‌

777‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/28 (1)

750‌

759‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.375%,

7/1/25 

1,415‌

1,440‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/27 

3,525‌

3,680‌

T.

ROWE

PRICE

Maryland

Short-Term

Tax-Free

Bond

Fund

6

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

Par

$

Value

(Amounts

in

000s)

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/29 

1,000‌

1,057‌

7,713‌

Total

Investments

in

Securities

99.3%

(Cost

$151,442)

$

150,544‌

Other

Assets

Less

Liabilities

0.7%

1,136

Net

Assets

100.0%

$

151,680‌

‡

Par

is

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$2,732

and

represents

1.8%

of

net

assets.

(2)

When-issued

security

(3)

Interest

subject

to

alternative

minimum

tax.

(4)

Insured

by

Assured

Guaranty

Municipal

Corporation

(5)

Prerefunded

date

is

used

in

determining

portfolio

maturity.

(6)

Escrowed

to

maturity

CDA

Community

Development

Administration/Authority

COP

Certificate

of

Participation

DOT

Department

of

Transportation

GO

General

Obligation

HHEFA

Health

&

Higher

Educational

Facility

Authority

VRDN

Variable

Rate

Demand

Note

under

which

the

holder

has

the

right

to

sell

the

security

to

the

issuer

or

the

issuer’s

agent

at

a

predetermined

price

on

specified

dates;

such

specified

dates

are

considered

the

effective

maturity

for

purposes

of

the

fund’s

weighted

average

maturity;

rate

shown

is

effective

rate

at

period-end

and

maturity

date

shown

is

final

maturity.

Certain

VRDN

rates

are

not

based

on

a

published

reference

rate

and

spread

but

may

adjust

periodically.

T.

ROWE

PRICE

Maryland

Short-Term

Tax-Free

Bond

Fund

Unaudited

Notes

to

Portfolio

of

Investments

7

T.

Rowe

Price

Maryland

Short-Term

Tax-Free

Bond

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

T.

ROWE

PRICE

Maryland

Short-Term

Tax-Free

Bond

Fund

8

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T.

ROWE

PRICE

Maryland

Short-Term

Tax-Free

Bond

Fund

9

Valuation

Inputs

  On

November

30,

2023,

all

of

the

fund’s

financial

instruments

were

classified

as

Level

2,

based

on

the

inputs

used

to

determine

their

fair

values.

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F90-054Q3

11/23