T. Rowe Price Maryland Tax-Free Bond Fund
T. ROWE PRICE STATE TAX-FREE FUNDS, INC. · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
T. Rowe Price Maryland Tax-Free Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Long duration
- Features
- Non-diversified
Fund profile
As filed in the prospectus · 2026 Q2
The fund seeks to provide, consistent with prudent portfolio management, the highest level of income exempt from federal and Maryland state and local income taxes by investing primarily in investment-grade Maryland municipal bonds.
The fund invests primarily in investment-grade Maryland municipal bonds whose interest is exempt from federal and Maryland state and local income taxes, seeking to maximize tax-exempt income. The fund is nondiversified and may invest a greater percentage of its assets in a particular issuer than is permissible for a diversified fund. Up to 10% of assets may be held in below-investment-grade securities, and the fund may invest significantly in sectors with special risks such as health care, transportation, and utilities, as well as private activity bonds. Because the fund is nondiversified, concentration in a single issuer or sector could amplify losses if that issuer or sector declines.
| Share class | Gross | Net | As of |
|---|---|---|---|
| MDXBX | 0.53% | 0.49% | 2025 Q2 |
| TFBIX | 0.41% | 0.41% | 2025 Q2 |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 26.10% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 98.75% |
Latest quarter
What changed since the fund's previous filing
Largest new: MONTGOMERY CNTY MD-AG, MD DEPT HSG & CMNTY-B, MD ST JOHNS HOPKINS HEALTH SYS SR B DLY, MD ECO DEV CORP-A ×2, MD ST H&H ED FACS UNI OF MD MED SYS SR A, MARYLAND DEPT-B, ANNE ARUNDEL CO
Largest exited: MONTGOMERY CO MD HSG COMMN REV SR C, PHOENIX AZ HLTH FACS MAYO CLINIC SR B DL, MD ST DEPT TRANSPRTN CONSOL, MARYLAND ST 1ST SER A-BID GRP 3, MD ST TRNSPRTN AMT - BMORE/WASHINGTON IN, MD ST HLTH HGR EDUCTN MED SYS SR C1 DLY, BALTIMORE CO, FREDERICK CO MD SPL OB URBANA DEV AUT A
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +6.46% | +12.07% | +5.99% | 4.34% | -6.06% | |
| +6.53% | +12.42% | +6.36% | 4.32% | -6.03% |
These classes hold the same portfolio, so the 0.36pp spread over 5 years is the cost difference between them — roughly 0.07pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 97.2% |
| Floating rate | 2.0% |
| Zero-coupon or unclassified | 0.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.8% |
| 1-3y | 3.0% |
| 3-5y | 2.2% |
| 5-10y | 7.2% |
| 10y+ | 86.7% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 51% |
| Credit spreads | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +6.66 yr |
| High yield | +0.39 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.17 yr | 2% |
| 1 yr | 0.28 yr | 4% |
| 5 yr | 1.65 yr | 23% |
| 10 yr | 3.55 yr | 49% |
| 30 yr | 1.60 yr | 22% |
| 3 mo | 0.13 yr | 2% |
| 1 yr | 0.28 yr | 4% |
| 5 yr | 1.62 yr | 23% |
| 10 yr | 3.47 yr | 49% |
| 30 yr | 1.55 yr | 22% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.17 | +0.12 | +0.01 | $31.2k | $1.3k |
| 1 yr | +0.28 | +0.26 | +0.02 | $66.5k | $3.9k |
| 5 yr | +1.65 | +1.54 | +0.09 | $389.2k | $21.9k |
| 10 yr | +3.55 | +3.30 | +0.17 | $835.5k | $42.8k |
| 30 yr | +1.60 | +1.44 | +0.12 | $363.9k | $29.1k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | MARYLAND ST STADIUM A5.00% · due 2050-05-01 | 1.75% | $44.44M | — |
| — | MD H&H ED FACS ADVENTIST HLTHCRE SER A5.50% · due 2046-01-01 | 1.25% | $31.79M | — |
| — | MD ST ECON PRPLE LINE LT RAIL SER B AMT5.25% · due 2055-06-30 | 1.15% | $29.10M | — |
| — | PUERTO RICO SALES TAX RESTRUCT SER A-24.33% · due 2040-07-01 | 1.13% | $28.69M | — |
| — | MD ST CMNTY HSG & CMTY DEV SER B3.00% · due 2051-09-01 | 1.06% | $26.83M | — |
| — | MONTGOMERY CNTY MD-AG2.85% · due 2051-01-01 | 0.97% | $24.48M | — |
| — | PR SALES TAX FING SALES TAX REV SER A14.75% · due 2053-07-01 | 0.83% | $21.11M | — |
| — | MONTGOMERY CO MD TRINITY HLTH CR GP4.00% · due 2044-12-01 | 0.83% | $21.02M | — |
| — | WASHINGTON DC MET TRAN REV 2ND LIEN SR A5.25% · due 2053-07-15 | 0.82% | $20.68M | — |
| — | MD HLTH & HGR ED FAC AUTH REV EDENWALD5.25% · due 2037-01-01 | 0.81% | $20.48M | — |
Top 10 positions are 10.60% of net assets, top 25 20.09%, across 243 issuers.
See more of this fund's book
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