T. Rowe Price Maryland Tax-Free Bond Fund

This fund endeavors to generate the highest possible income that is exempt from federal, Maryland state, and local income taxes, all while adhering to sound portfolio management principles. It primarily achieves this objective by investing in high-quality municipal bonds issued within Maryland. Under normal market circumstances, the fund is committed to ensuring that a minimum of 80% of its net assets (including any funds borrowed for investment) are allocated to bonds that offer interest free from federal, Maryland state, and local income taxes. Similarly, at least 80% of the income produced by the fund is expected to be exempt from these same federal, state, and local taxes. This portfolio is considered non-diversified.