T.
ROWE
PRICE
Maryland
Short-Term
Tax-Free
Bond
Fund
November
30,
2022
(Unaudited)
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES
98.5%
DISTRICT
OF
COLUMBIA
0.7%
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.00%,
7/15/24
1,000
1,039
1,039
MARYLAND
95.2%
Anne
Arundel
County
Consolidated
Special
Taxing
Dist.,
Villages
of
Dorchester
&
Farmington
Village,
5.00%,
7/1/24
500
506
Anne
Arundel
County,
Consolidated
General
Improvements,
GO,
5.00%,
10/1/24
610
637
Anne
Arundel
County,
Consolidated
General
Improvements,
GO,
5.00%,
4/1/25
1,000
1,055
Anne
Arundel
County,
Consolidated
General
Improvements,
GO,
5.00%,
4/1/26
1,730
1,862
Anne
Arundel
County,
Consolidated
General
Improvements,
GO,
5.00%,
10/1/26
1,090
1,161
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/24
1,860
1,920
Anne
Arundel
County,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/26
1,740
1,891
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/23
1,550
1,548
Baltimore
City,
Harbor
Point,
Series A,
2.70%,
6/1/23 (1)
100
99
Baltimore
City,
Harbor
Point,
Series A,
2.75%,
6/1/24 (1)
190
184
Baltimore
City,
Harbor
Point,
Series A,
2.80%,
6/1/25 (1)
125
119
Baltimore
City,
Harbor
Point,
Series A,
2.85%,
6/1/26 (1)
135
126
Baltimore
City,
Wastewater
Project,
Series C,
5.00%,
7/1/43
(Prerefunded
1/1/24) (2)
110
113
Baltimore
City,
Wastewater
Project,
Series D,
5.00%,
7/1/23
1,015
1,029
Baltimore
City,
Water
Project,
Series A,
5.00%,
7/1/23
400
406
Baltimore
County,
Consolidated
Public
Improvement,
GO,
5.00%,
8/1/26
1,625
1,724
Baltimore
County,
Consolidated
Public
Improvement,
Series 2022,
GO,
5.00%,
3/1/27
275
301
Baltimore
County,
Metropolitan
Dist.,
79th
Issue,
GO,
5.00%,
3/1/23
125
126
Baltimore
County,
Metropolitan
Dist.,
80th
Issue,
GO,
5.00%,
3/1/27
1,000
1,096
Baltimore
County,
Metropolitan
Dist.,
83rd
Issue,
GO,
5.00%,
3/1/23
200
201
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/23
760
761
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/24
200
203
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/25
35
36
Baltimore
County,
Oak
Crest
Village,
5.00%,
1/1/29
380
395
Baltimore
County,
Riderwood
Village,
4.00%,
1/1/23
815
816
Baltimore
County,
Riderwood
Village,
4.00%,
1/1/24
1,520
1,533
T.
ROWE
PRICE
Maryland
Short-Term
Tax-Free
Bond
Fund
T.
ROWE
PRICE
Maryland
Short-Term
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Charles
County,
Consolidated
Public
Improvement,
GO,
4.00%,
10/1/25
500
519
Charles
County,
Consolidated
Public
Improvement,
GO,
5.00%,
10/1/26
1,000
1,087
Frederick
County,
Series A,
5.00%,
7/1/23
1,000
1,012
Frederick
County,
Series A,
5.00%,
7/1/24
1,000
1,031
Gaithersburg,
Asbury
Maryland
Obligated
Group,
Series B,
5.00%,
1/1/27
2,030
2,059
Harford
County,
Series B,
GO,
5.00%,
7/1/26
2,325
2,515
Harford
County,
Beechtree
Estates
Project,
4.00%,
7/1/23
200
202
Howard
County,
Series B,
GO,
5.00%,
8/15/26
255
276
Howard
County,
Series C,
GO,
5.00%,
2/15/25
720
757
Howard
County,
Series E,
GO,
5.00%,
2/15/25
1,000
1,052
Howard
County
Housing
Commission,
Roger
Carter
Recreational
Center,
5.00%,
6/1/23
275
278
Howard
County
Housing
Commission,
Roger
Carter
Recreational
Center,
5.00%,
6/1/24
260
269
Howard
County
Housing
Commission,
Roger
Carter
Recreational
Center,
5.00%,
6/1/25
235
248
Howard
County
Housing
Commission,
Roger
Carter
Recreational
Center,
5.00%,
6/1/26
120
129
Howard
County
Housing
Commission,
Roger
Carter
Recreational
Center,
5.00%,
6/1/27
125
137
Howard
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
2/15/24
670
689
Howard
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
2/15/25
560
589
Howard
County,
Consolidated
Public
Improvement,
Series B,
GO,
5.00%,
2/15/25
1,000
1,052
Howard
County,
Special
Obligation,
Annapolis
Junction
Town
Center,
4.80%,
2/15/24
270
268
Maryland,
GO,
5.00%,
6/1/26
2,440
2,526
Maryland,
Series A,
GO,
5.00%,
3/15/24
485
500
Maryland,
Series A,
GO,
5.00%,
8/1/24
(Prerefunded
8/1/23) (2)
555
564
Maryland,
Series A,
GO,
5.00%,
8/1/25
705
749
Maryland,
Series A,
GO,
5.00%,
8/1/26
1,235
1,338
Maryland,
Series A,
GO,
5.00%,
3/15/27
360
395
Maryland,
Series B,
GO,
5.00%,
8/1/24
1,420
1,477
Maryland,
Series B,
GO,
5.00%,
8/1/25
1,170
1,243
Maryland,
Series B,
GO,
5.00%,
8/1/26
250
271
Maryland,
Series C,
GO,
5.00%,
8/1/23
800
813
Maryland
CDA,
Series B,
0.20%,
3/1/23
535
532
Maryland
CDA,
Series B,
0.25%,
9/1/23
580
569
Maryland
CDA,
Series C,
5.00%,
9/1/26
1,200
1,286
Maryland
CDA,
Series C,
5.00%,
9/1/27
1,100
1,193
T.
ROWE
PRICE
Maryland
Short-Term
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Maryland
CDA
Local
Gov't.
Infrastructure,
Series A-1,
3.30%,
6/1/29
(Prerefunded
6/1/23) (2)
45
45
Maryland
CDA
Local
Gov't.
Infrastructure,
Series A-1,
4.00%,
6/1/24
950
968
Maryland
CDA
Local
Gov't.
Infrastructure,
Series A-2,
4.25%,
6/1/28
(Prerefunded
6/1/23) (2)
95
96
Maryland
DOT,
4.00%,
9/1/23
300
303
Maryland
DOT,
4.00%,
11/1/25
620
636
Maryland
DOT,
4.00%,
12/15/25
35
35
Maryland
DOT,
4.00%,
11/1/27
195
200
Maryland
DOT,
5.00%,
10/1/23
655
668
Maryland
DOT,
5.00%,
5/1/24
1,355
1,401
Maryland
DOT,
5.00%,
10/1/24
2,110
2,202
Maryland
DOT,
5.00%,
2/1/25
(Prerefunded
2/1/23) (2)
595
597
Maryland
DOT,
5.00%,
5/1/25
330
349
Maryland
DOT,
5.00%,
6/1/25
650
658
Maryland
DOT,
5.00%,
10/1/25
2,000
2,132
Maryland
DOT,
5.00%,
5/1/26
1,905
2,012
Maryland
DOT,
5.00%,
10/1/26
920
1,000
Maryland
DOT,
5.00%,
11/1/26
1,040
1,086
Maryland
DOT,
5.00%,
10/1/27
1,505
1,635
Maryland
DOT,
COP,
5.00%,
6/15/24 (3)
750
774
Maryland
DOT,
Series 2022A,
5.00%,
12/1/26
1,000
1,090
Maryland
DOT,
Series A,
5.00%,
10/1/27
350
387
Maryland
Economic
Dev.,
Bowie
State
Univ.,
4.00%,
7/1/23
160
160
Maryland
Economic
Dev.,
Bowie
State
Univ.,
4.00%,
7/1/24
205
205
Maryland
Economic
Dev.,
Bowie
State
Univ.,
4.00%,
7/1/25
300
301
Maryland
Economic
Dev.,
Bowie
State
Univ.,
4.00%,
7/1/26
350
350
Maryland
Economic
Dev.,
Bowie
State
Univ.,
4.00%,
7/1/27
250
250
Maryland
Economic
Dev.,
Morgan
State
Univ.,
5.00%,
7/1/26
750
780
Maryland
Economic
Dev.,
Morgan
State
Univ.,
5.00%,
7/1/27
750
785
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series A,
5.00%,
11/12/28 (3)
780
817
Maryland
Economic
Dev.,
Salisbury
Univ.
Project,
5.00%,
6/1/27
1,525
1,525
Maryland
Economic
Dev.,
Towson
Univ.
Project,
4.00%,
7/1/23
675
674
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/25
180
185
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
1,035
Maryland
Economic
Dev.,
Univ.
of
Maryland
Project,
4.00%,
7/1/25
200
198
Maryland
Economic
Dev.,
Univ.
of
Maryland
Project,
5.00%,
7/1/27
175
177
Maryland
HHEFA,
5.00%,
7/1/24
75
77
T.
ROWE
PRICE
Maryland
Short-Term
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
5.00%,
7/1/26
(Prerefunded
7/1/24) (2)
80
83
Maryland
HHEFA,
5.00%,
7/1/32
(Prerefunded
7/1/24) (2)
1,070
1,108
Maryland
HHEFA,
Adventist
Healthcare,
4.00%,
1/1/23
150
150
Maryland
HHEFA,
Adventist
Healthcare,
4.00%,
1/1/25
475
479
Maryland
HHEFA,
Adventist
Healthcare,
5.00%,
1/1/25
470
482
Maryland
HHEFA,
Anne
Arundel
Health
System,
4.00%,
7/1/23
1,475
1,484
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/23
905
911
Maryland
HHEFA,
Broadmead,
Series A,
5.00%,
7/1/24
185
188
Maryland
HHEFA,
Calvert
Healthcare
System,
4.50%,
7/1/28
(Prerefunded
7/1/23) (2)
230
232
Maryland
HHEFA,
Calvert
Healthcare
System,
4.50%,
7/1/29
(Prerefunded
7/1/23) (2)
135
136
Maryland
HHEFA,
Calvert
Healthcare
System,
5.00%,
7/1/38
(Prerefunded
7/1/23) (2)
1,185
1,200
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/25
65
67
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
4.00%,
1/1/23
695
695
Maryland
HHEFA,
Edenwald
Issue,
Retirement
Fac.,
5.00%,
1/1/25
310
318
Maryland
HHEFA,
Johns
Hopkins
Health,
Series A,
5.00%,
5/15/25
275
289
Maryland
HHEFA,
Johns
Hopkins
Health,
Series C,
5.00%,
5/15/23
145
147
Maryland
HHEFA,
Lifebridge
Health,
3.00%,
7/1/25
245
245
Maryland
HHEFA,
Lifebridge
Health,
4.00%,
7/1/23
135
136
Maryland
HHEFA,
Lifebridge
Health,
5.00%,
7/1/25
40
42
Maryland
HHEFA,
Lifebridge
Health,
5.00%,
7/1/26
90
96
Maryland
HHEFA,
Lifebridge
Health,
5.00%,
7/1/28
(Prerefunded
7/1/25) (2)
360
381
Maryland
HHEFA,
Lifebridge
Health,
Series 2015,
5.00%,
7/1/23
90
91
Maryland
HHEFA,
Lifebridge
Health,
Series 2015,
5.00%,
7/1/24
165
170
Maryland
HHEFA,
Lifebridge
Health,
Series 2017,
5.00%,
7/1/23
280
283
Maryland
HHEFA,
Lifebridge
Health,
Series 2017,
5.00%,
7/1/24
70
72
Maryland
HHEFA,
Loyola
Univ.,
Series A,
5.00%,
10/1/23
1,170
1,193
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
5.00%,
6/1/23
295
298
Maryland
HHEFA,
Maryland
Institute
College
of
Art,
Series 2012,
5.00%,
6/1/23
530
531
Maryland
HHEFA,
MedStar
Health,
5.00%,
8/15/24
385
397
Maryland
HHEFA,
MedStar
Health,
Series A,
4.00%,
8/15/24
295
297
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
8/15/23
2,190
2,221
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
8/15/24
170
172
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
8/15/27
1,000
1,012
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/23
750
757
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/25
1,500
1,553
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/27
1,400
1,438
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/28
100
103
T.
ROWE
PRICE
Maryland
Short-Term
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
Peninsula
Regional
Health
System,
5.00%,
7/1/26
200
212
Maryland
HHEFA,
Peninsula
Regional
Medical
Center,
5.00%,
7/1/23
60
61
Maryland
HHEFA,
Peninsula
Regional
Medical
Center,
5.00%,
7/1/34
(Prerefunded
7/1/24) (2)
1,000
1,036
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
5.00%,
7/1/23
50
51
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
5.00%,
7/1/28
500
520
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B,
5.00%,
7/1/26
265
281
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B-1,
VRDN,
5.00%,
7/1/45
(Tender
7/1/25)
4,150
4,315
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B-2,
VRDN,
5.00%,
7/1/45
(Tender
7/1/27)
4,035
4,284
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series D,
VRDN,
1.00%,
7/1/41
1,000
1,000
Maryland
HHEFA,
Western
Maryland
Health,
5.00%,
7/1/24 (5)
175
181
Maryland
HHEFA,
Western
Maryland
Health,
5.25%,
7/1/26
(Prerefunded
7/1/24) (2)
90
94
Maryland
HHEFA,
Western
Maryland
Health,
5.25%,
7/1/27
(Prerefunded
7/1/24) (2)
3,340
3,475
Maryland
HHEFA,
Western
Maryland
Health,
5.25%,
7/1/34
(Prerefunded
7/1/24) (2)
1,500
1,561
Maryland
HHEFA,
Western
Maryland
Health
System,
5.25%,
7/1/25
(Prerefunded
7/1/24) (2)
2,500
2,601
Maryland
Ind.
Dev.
Fin.
Auth.,
McDonogh
School,
5.00%,
9/1/24
325
338
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/23
180
182
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/24
135
139
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/28
100
106
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/46
(Prerefunded
5/1/26) (2)
1,000
1,077
Maryland
Stadium
Auth.,
Built
to
Learn
Revenue,
Series A,
5.00%,
6/1/26
2,025
2,169
Maryland
Stadium
Auth.,
Construction
&
Revitalization,
5.00%,
5/1/23
100
101
Maryland
Stadium
Auth.,
Football
Stadium,
Series A,
5.00%,
3/1/23
1,125
1,132
Maryland
Stadium
Auth.,
Football
Stadium,
Series A,
5.00%,
3/1/26
275
294
Maryland
Transportation
Auth.,
5.00%,
7/1/23
435
441
Maryland
Transportation
Auth.,
Series A,
5.00%,
7/1/25
1,470
1,557
Montgomery
County,
Series A,
GO,
5.00%,
11/1/23
730
746
T.
ROWE
PRICE
Maryland
Short-Term
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Montgomery
County,
Series A,
GO,
5.00%,
12/1/23
115
118
Montgomery
County,
Series A,
GO,
5.00%,
11/1/27
(Prerefunded
11/1/24) (2)
1,335
1,396
Montgomery
County,
Series B,
GO,
4.00%,
11/1/26
200
210
Montgomery
County,
Series B,
GO,
5.00%,
11/1/24
2,350
2,457
Montgomery
County,
Series B,
GO,
5.00%,
11/1/25
950
993
Montgomery
County,
Series C,
GO,
5.00%,
10/1/25
250
266
Montgomery
County,
Series E,
GO,
VRDN,
1.05%,
11/1/37
650
650
Montgomery
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
8/1/27
3,165
3,495
Montgomery
County,
Consolidated
Public
Improvement,
Series B,
GO,
5.00%,
11/1/23
1,000
1,022
Montgomery
County,
Public
Improvement,
Series A,
GO,
3.00%,
11/1/25
(Prerefunded
11/1/23) (2)
2,010
2,017
Prince
George's
County,
Consolidated
Public
Improvement,
Series 2018A,
GO,
5.00%,
7/15/27
365
403
Prince
George's
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
7/15/25
325
345
Prince
George's
County,
Consolidated
Public
Improvement,
Series A,
GO,
5.00%,
7/15/27
500
552
Prince
George's
County,
Consolidated
Public
Improvement,
Series B,
GO,
5.00%,
7/15/26
400
433
Prince
George's
County,
Consolidated
Public
Improvement,
Series C,
GO,
4.00%,
8/1/26
(Prerefunded
8/1/23) (2)
675
682
Prince
George's
County,
Consolidated
Public
Improvement,
Series C,
GO,
5.00%,
8/1/23
1,075
1,092
Prince
George's
County,
National
Harbor
Project,
5.00%,
7/1/24
1,000
1,038
Prince
George's
County,
Regional
Medical
Center,
COP,
5.00%,
10/1/26
250
270
Rockville,
Ingleside
at
King
Farm
Project,
Series A-2,
3.375%,
11/1/27
450
412
Univ.
System
of
Maryland,
Series A,
5.00%,
4/1/24
1,280
1,321
Univ.
System
of
Maryland,
Series A,
5.00%,
4/1/26
1,885
2,026
Univ.
System
of
Maryland,
Series B,
5.00%,
4/1/26
130
140
Univ.
System
of
Maryland,
Series D,
4.00%,
10/1/23
2,090
2,092
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/23
250
249
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/24
250
247
Washington
Suburban
Sanitary
Commission,
5.00%,
6/1/24
1,960
2,031
Washington
Suburban
Sanitary
Commission,
5.00%,
6/1/25
495
524
147,198
PUERTO
RICO
2.3%
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25
1,278
1,296
T.
ROWE
PRICE
Maryland
Short-Term
Tax-Free
Bond
Fund
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%,
7/1/27
2,200
2,251
Puerto
Rico
Ind.
Tourist
Ed.
Medical
&
Environmental
Control
Facs.
Financing
Auth.,
Auxilio
Mutuo
Hospital,
5.00%,
7/1/23
50
50
3,597
TEXAS
0.3%
Harris
County
Cultural
Ed.
Fac.
Fin.,
Methodist
Hosp.,
1.05%,
12/1/22
400
400
400
Total
Investments
in
Securities
98.5%
(Cost
$155,376)
$
152,234
Other
Assets
Less
Liabilities
1.5%
2,373
Net
Assets
100.0%
$
154,607
‡
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
$528
and
represents
0.3%
of
net
assets.
(2)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(3)
Interest
subject
to
alternative
minimum
tax.
(4)
Insured
by
Assured
Guaranty
Municipal
Corporation
(5)
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
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
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
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
Valuation
Inputs
On
November
30,
2022,
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,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
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.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
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
11/22