0000795384-13-000013.txt : 20130717 0000795384-13-000013.hdr.sgml : 20130717 20130717084451 ACCESSION NUMBER: 0000795384-13-000013 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130717 DATE AS OF CHANGE: 20130717 EFFECTIVENESS DATE: 20130717 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price State Tax-Free Income Trust CENTRAL INDEX KEY: 0000795384 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-06533 FILM NUMBER: 13971545 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-2000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE STATE TAX FREE INCOME TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE NEW YORK TAX FREE INCOME TRUST DATE OF NAME CHANGE: 19870416 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE NEW YORK TAX FREE INCOME FUND DATE OF NAME CHANGE: 19860821 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price State Tax-Free Income Trust CENTRAL INDEX KEY: 0000795384 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04521 FILM NUMBER: 13971546 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-2000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE STATE TAX FREE INCOME TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE NEW YORK TAX FREE INCOME TRUST DATE OF NAME CHANGE: 19870416 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE NEW YORK TAX FREE INCOME FUND DATE OF NAME CHANGE: 19860821 0000795384 S000002142 New York Tax-Free Money Fund C000005538 New York Tax-Free Money Fund NYTXX 0000795384 S000002143 New York Tax-Free Bond Fund C000005539 New York Tax-Free Bond Fund PRNYX 0000795384 S000002144 Maryland Tax-Free Bond Fund C000005540 Maryland Tax-Free Bond Fund MDXBX 0000795384 S000002145 Virginia Tax-Free Bond Fund C000005541 Virginia Tax-Free Bond Fund PRVAX 0000795384 S000002146 New Jersey Tax-Free Bond Fund C000005542 New Jersey Tax-Free Bond Fund NJTFX 0000795384 S000002147 Maryland Short-Term Tax-Free Bond Fund C000005543 Maryland Short-Term Tax-Free Bond Fund PRMDX 0000795384 S000002149 Georgia Tax-Free Bond Fund C000005545 Georgia Tax-Free Bond Fund GTFBX 0000795384 S000002150 Maryland Tax-Free Money Fund C000005546 Maryland Tax-Free Money Fund TMDXX 485BPOS 1 statexbrl-7120114.htm Untitled Document

Registration Nos. 033-06533/811-4521

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933   /X/

      

 Post-Effective Amendment No. 53     /X/

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/

 Amendment No. 48      /X/

T. ROWE PRICE STATE TAX-FREE INCOME TRUST

Exact Name of Registrant as Specified in Charter

100 East Pratt Street, Baltimore, Maryland 21202
Address of Principal Executive Offices

410-345-2000
Registrant’s Telephone Number, Including Area Code

David Oestreicher

100 East Pratt Street, Baltimore, Maryland 21202
Name and Address of Agent for Service

 It is proposed that this filing will become effective (check appropriate box):

/X/ Immediately upon filing pursuant to paragraph (b)

// On (date) pursuant to paragraph (b)

// 60 days after filing pursuant to paragraph (a)(1)

// On (date) pursuant to paragraph (a)(1)

// 75 days after filing pursuant to paragraph (a)(2)

// On (date) pursuant to paragraph (a)(2) of Rule 485

 If appropriate, check the following box:

// This post-effective amendment designates a new effective date for a previously filed post-effective amendment.


Page 2

EXHIBITS

  

Exhibit

Exhibit No.

XBRL Instance Document

EX-101.INS

XBRL Taxonomy Extension Schema Document

EX-101.SCH

XBRL Taxonomy Extension Calculation Linkbase Document

EX-101.CAL

XBRL Taxonomy Extension Definition Linkbase Document

EX-101.DEF

XBRL Taxonomy Extension Labels Linkbase Document

EX-101.LAB

XBRL Taxonomy Extension Presentation Linkbase Document

EX-101.PRE


Page 3

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Baltimore, State of Maryland, this July 17, 2013.

 T. ROWE PRICE STATE TAX-FREE INCOME TRUST

 /s/Edward C. Bernard

By: Edward C. Bernard

 Chairman of the Board

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

   

Signature

Title

Date

   
   

/s/Edward C. Bernard

Chairman of the Board

July 17, 2013

Edward C. Bernard

(Chief Executive Officer)

 
   
   

/s/Gregory K. Hinkle

Treasurer (Chief

July 17, 2013

Gregory K. Hinkle

Financial Officer)

 
   
   

*

Trustee

July 17, 2013

William R. Brody

  
   
   

*

Trustee

July 17, 2013

Anthony W. Deering

  
   
   

*

Trustee

July 17, 2013

Donald W. Dick, Jr.

  
   
   
   

/s/Michael C. Gitlin

Trustee

July 17, 2013

Michael C. Gitlin

  
   
   

*

Trustee

July 17, 2013

Karen N. Horn

  
   
   

*

Trustee

July 17, 2013

Theo C. Rodgers

  
   
   

*

Trustee

July 17, 2013

John G. Schreiber

  
   
   

*

Trustee

July 17, 2013

Mark. R. Tercek

  


Page 4

   
   
   

*/s/David Oestreicher

Vice President and

July 17, 2013

David Oestreicher

Attorney-In-Fact

 


Page 5

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.

T. ROWE PRICE INTERNATIONAL SERIES, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND
T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.

T. ROWE PRICE RETIREMENT FUNDS, INC.

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.

T. ROWE PRICE STATE TAX-FREE INCOME TRUST


Page 6

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.

T. ROWE PRICE VALUE FUND, INC.

POWER OF ATTORNEY

 RESOLVED, that the Corporation does hereby constitute and authorize Edward C. Bernard, Margery K. Neale and David Oestreicher, and each of them individually, their true and lawful attorneys and agents to take any and all action and execute any and all instruments which said attorneys and agents may deem necessary or advisable to enable the Corporation/Trust to comply with the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and any rules, regulations, orders or other requirements of the United States Securities and Exchange Commission thereunder, in connection with the registration under the Securities Act of 1933, as amended, of shares of the Corporation/Trust, to be offered by the Corporation/Trust, and the registration of the Corporation/Trust under the Investment Company Act of 1940, as amended, including specifically, but without limitation of the foregoing, power and authority to sign the name of the Corporation/Trust on its behalf, and to sign the names of each of such directors/trustees and officers on his behalf as such director/trustee or officer to any (i) Registration Statement on Form N-1A or N-14 of the Corporation/Trust filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended; (ii) Registration Statement on Form N-1A or N-14 of the Corporation/Trust under the Investment Company Act of 1940, as amended; (iii) amendment or supplement (including, but not limited to, Post-Effective Amendments adding additional series or classes of the Corporation/ Trust) to said Registration Statement; and (iv) instruments or documents filed or to be filed as a part of or in connection with such Registration Statement, including Articles Supplementary, Articles of Amendment, and other instruments with respect to the Articles of Incorporation or Master Trust Agreement of the Corporation/Trust.

 IN WITNESS WHEREOF, the above named Corporations/Trusts have caused these presents to be signed and the same attested by its Secretary, each thereunto duly authorized by its Board of Directors/Trustees, and each of the undersigned has hereunto set his hand and seal as of the day set opposite his name.


Page 7

   

ALL CORPORATIONS/TRUSTS

  

/s/Edward C. Bernard

Edward C. Bernard

Chairman of the Board (Principal Executive Officer)

Director/Trustee

April 24, 2012

/s/Gregory K. Hinkle

Gregory K. Hinkle

Treasurer (Principal Financial Officer)

April 24, 2012

/s/William R. Brody

William R. Brody

Director/Trustee

April 24, 2012

/s/Jeremiah E. Casey

Jeremiah E. Casey

Director/Trustee

April 24, 2012

/s/Anthony W. Deering

Anthony W. Deering

Director/Trustee

April 24, 2012

/s/Donald W. Dick, Jr.

Donald W. Dick, Jr.

Director/Trustee

April 24, 2012

/s/Karen N. Horn

Karen N. Horn

Director/Trustee

April 24, 2012

/s/Theo C. Rodgers

Theo C. Rodgers

Director/Trustee

April 24, 2012

/s/John G. Schreiber

John G. Schreiber

Director/Trustee

April 24, 2012

/s/Mark R. Tercek

Mark R. Tercek

Director/Trustee

April 24, 2012

(Signatures Continued)


Page 8

MICHAEL C. GITLIN, Director/Trustee


T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE STATE TAX-FREE INCOME TRUST

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.

MICHAEL C. GITLIN, Director and President

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.

  

/s/Michael C. Gitlin

Michael C. Gitlin

April 24, 2012

(Signatures Continued)


Page 9

JOHN H. LAPORTE, Director/Trustee

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE EQUITY SERIES, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

JOHN H. LAPORTE, Director and Vice President

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.

  

/s/John H. Laporte

John H. Laporte

April 24, 2012

(Signatures Continued)


Page 10

BRIAN C. ROGERS, Director/Trustee

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE INDEX TRUST, INC.

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.

T. ROWE PRICE INTERNATIONAL SERIES, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

BRIAN C. ROGERS, Director/Trustee and President

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.

BRIAN C. ROGERS, Director/Trustee and Vice President

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.

T. ROWE PRICE RETIREMENT FUNDS, INC.

T. ROWE PRICE SPECTRUM FUND, INC.

T. ROWE PRICE VALUE FUND, INC.

   

/s/Brian C. Rogers

Brian C. Rogers

 

April 24, 2012

(Signatures Continued)


Page 11

ATTEST:

/s/Patricia B. Lippert

Patricia B. Lippert, Secretary


Page 12

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.

T. ROWE PRICE INTERNATIONAL SERIES, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND
T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RETIREMENT FUNDS, INC.

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE VALUE FUND, INC.

POWER OF ATTORNEY

 RESOLVED, that the Corporation does hereby constitute and authorize Edward C. Bernard, Margery K. Neale and David Oestreicher, and each of them individually, their true and lawful attorneys and agents to take any and all action and execute any and all instruments which said attorneys and agents may deem necessary or advisable to enable the Corporation/Trust to comply with the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and any rules, regulations, orders or other requirements of the United States Securities and Exchange Commission thereunder, in connection with the registration under the Securities Act of 1933, as amended, of shares of the Corporation/Trust, to be offered by the Corporation/Trust, and the registration of the Corporation/Trust under the Investment Company Act of 1940, as amended, including specifically, but without limitation of the foregoing, power and authority to sign the name of the Corporation/Trust on its behalf, and to sign


Page 13

the names of each of such directors/trustees and officers on his behalf as such director/trustee or officer to any (i) Registration Statement on Form N-1A or N-14 of the Corporation/Trust filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended; (ii) Registration Statement on Form N-1A or N-14 of the Corporation/Trust under the Investment Company Act of 1940, as amended; (iii) amendment or supplement (including, but not limited to, Post-Effective Amendments adding additional series or classes of the Corporation/ Trust) to said Registration Statement; and (iv) instruments or documents filed or to be filed as a part of or in connection with such Registration Statement, including Articles Supplementary, Articles of Amendment, and other instruments with respect to the Articles of Incorporation or Master Trust Agreement of the Corporation/Trust.

 IN WITNESS WHEREOF, the above named Corporations/Trusts have caused these presents to be signed and the same attested by its Secretary, each thereunto duly authorized by its Board of Directors/Trustees, and each of the undersigned has hereunto set his hand and seal as of the day set opposite his name.

   

/s/Robert J. Gerrard, Jr.

Robert J. Gerrard, Jr.

Director/Trustee

May 2, 2012

/s/Cecilia E. Rouse

Cecilia E. Rouse

Director/Trustee

May 2, 2012

ATTEST:

/s/Patricia B. Lippert

Patricia B. Lippert, Secretary


EX-101.INS 3 trptfit-20130627.xml 0000795384 2012-07-02 2013-07-01 0000795384 trptfit:S000002150Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002147Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002149Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002147Member trptfit:C000005543Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002150Member trptfit:C000005546Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002149Member trptfit:C000005545Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002144Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002150Member trptfit:LipperOtherStatesTaxExemptMoneyMarketFundsAverageMember 2012-07-02 2013-07-01 0000795384 trptfit:S000002146Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002144Member trptfit:C000005540Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002147Member rr:AfterTaxesOnDistributionsMember trptfit:C000005543Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002147Member rr:AfterTaxesOnDistributionsAndSalesMember trptfit:C000005543Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002147Member trptfit:BarclaysOneToThreeMunicipalBondIndexMember 2012-07-02 2013-07-01 0000795384 trptfit:S000002147Member trptfit:BarclaysThreeYearStateGoBondIndexMember 2012-07-02 2013-07-01 0000795384 trptfit:S000002147Member trptfit:LipperShortMunicipalDebtFundsAverageMember 2012-07-02 2013-07-01 0000795384 trptfit:S000002143Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002142Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002143Member trptfit:C000005539Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002142Member trptfit:C000005538Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002142Member trptfit:LipperNewYorkTaxExemptMoneyMarketFundsIndexMember 2012-07-02 2013-07-01 0000795384 trptfit:S000002145Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002145Member trptfit:C000005541Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002145Member rr:AfterTaxesOnDistributionsMember trptfit:C000005541Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002145Member rr:AfterTaxesOnDistributionsAndSalesMember trptfit:C000005541Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002145Member trptfit:BarclaysMunicipalBondIndexMember 2012-07-02 2013-07-01 0000795384 trptfit:S000002145Member trptfit:LipperVirginiaMunicipalDebtFundsAverageMember 2012-07-02 2013-07-01 0000795384 trptfit:S000002146Member trptfit:C000005542Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002149Member rr:AfterTaxesOnDistributionsMember trptfit:C000005545Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002149Member rr:AfterTaxesOnDistributionsAndSalesMember trptfit:C000005545Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002149Member trptfit:BarclaysMunicipalBondMember 2012-07-02 2013-07-01 0000795384 trptfit:S000002149Member trptfit:LipperGeorgiaMunicipalDebtFundsAverageMember 2012-07-02 2013-07-01 0000795384 trptfit:S000002146Member rr:AfterTaxesOnDistributionsMember trptfit:C000005542Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002146Member rr:AfterTaxesOnDistributionsAndSalesMember trptfit:C000005542Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002146Member trptfit:BarclaysMunicipalBondIndexMember 2012-07-02 2013-07-01 0000795384 trptfit:S000002146Member trptfit:LipperNewJerseyMunicipalDebtFundsAverageMember 2012-07-02 2013-07-01 0000795384 trptfit:S000002143Member rr:AfterTaxesOnDistributionsMember trptfit:C000005539Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002143Member rr:AfterTaxesOnDistributionsAndSalesMember trptfit:C000005539Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002143Member trptfit:BarclaysMunicipalBondIndexMember 2012-07-02 2013-07-01 0000795384 trptfit:S000002143Member trptfit:LipperNewYorkMunicipalDebtFundsAverageMember 2012-07-02 2013-07-01 0000795384 trptfit:S000002144Member rr:AfterTaxesOnDistributionsMember trptfit:C000005540Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002144Member rr:AfterTaxesOnDistributionsAndSalesMember trptfit:C000005540Member 2012-07-02 2013-07-01 0000795384 trptfit:S000002144Member trptfit:BarclaysMunicipalBondMember 2012-07-02 2013-07-01 0000795384 trptfit:S000002144Member trptfit:LipperMarylandMunicipalDebtFundsAverageMember 2012-07-02 2013-07-01 pure iso4217:USD 485BPOS 2013-02-28 T. Rowe Price State Tax-Free Income Trust 0000795384 false 2013-06-27 2013-07-01 2013-07-01 <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesMarylandTax-FreeMoneyFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesMarylandTax-FreeMoneyFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedMarylandTax-FreeMoneyFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAverageAnnualTotalReturnsTransposedMarylandTax-FreeMoneyFund column period compact * ~</div> <b>SUMMARY</b><br/><br/><b>Maryland Tax-Free Money Fund</b> <b>Investment Objective</b> 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. <b>Fees and Expenses</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Fees and Expenses of the Fund</b><br/><br/><b>Shareholder fees (fees paid directly from your investment)</b> <b>Example</b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies</b> The fund will invest at least 65% of its total assets in Maryland municipal securities, and at least 80% of the fund&#8217;s income is expected to be exempt from federal and Maryland state and local income taxes. The fund is a money fund managed in compliance with Rule 2a-7 under the Investment Company Act of 1940. The fund is managed to provide a stable share price of $1.00 by investing in high-quality U.S. dollar-denominated municipal money market securities. The fund&#8217;s weighted average maturity will not exceed 60 days, the fund&#8217;s weighted average life will not exceed 120 days, and the fund will not purchase any security with a remaining maturity longer than 397 calendar days (unless otherwise permitted by Rule 2a-7). When calculating its weighted average maturity, the fund may shorten its maturity by using the interest rate resets of certain adjustable rate securities. The fund may not take into account these resets when calculating its weighted average life.<br/><br/> The fund buys securities within the two highest short-term rating categories assigned by established credit rating agencies or, if unrated, deemed to be of comparable quality by T. Rowe Price. All securities purchased by the fund present minimal credit risk in the opinion of T. Rowe Price. In selecting securities for the fund, the portfolio manager may examine relationships among yields of various types and maturities of money market securities in the context of interest rate outlooks. The fund&#8217;s yield will fluctuate with changes in short-term interest rates.<br/><br/> Up to 20% of the fund&#8217;s income could be derived from securities that are subject to the alternative minimum tax.<br/><br/> The fund may invest a significant portion of assets in securities that are not general obligations of the state. These may be issued by local governments or public authorities and are rated according to their particular creditworthiness, which may vary from the state&#8217;s general obligation securities. From time to time, the fund may invest a significant portion of its assets in sectors with special risks, such as health care, electric utility, or private activity bonds.<br/><br/> The fund may also invest in obligations of the commonwealth of Puerto Rico and its public corporations (as well as the U.S. territories of Guam and the Virgin Islands) whose interest is exempt from federal and Maryland state and local income taxes. These securities are generally purchased when they offer a comparably attractive combination of risk and return.<br/><br/> Due to seasonal variations in the supply of suitable Maryland municipal securities, the fund may invest in other municipal securities whose interest is exempt from federal but not Maryland income taxes. While efforts will be made to minimize such investments, they could comprise up to 10% of the fund&#8217;s annual income.<br/><br/> The fund may sell holdings for a variety of reasons, such as to adjust the portfolio&#8217;s average maturity, duration, or credit quality or to shift assets into and out of higher-yielding securities. <b>Principal Risks</b> As with any mutual fund, there can be no guarantee the fund will achieve its objective. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Money funds have experienced significant pressures from shareholder redemptions, issuer credit downgrades, illiquid markets, and historically low yields on the securities they can hold. There have been a very small number of money funds in other fund complexes that have &#8220;broken the buck,&#8221; which means that those funds&#8217; investors did not receive $1.00 per share for their investment in those funds. You should be aware that the fund&#8217;s investment adviser is under no obligation to provide financial support to the fund or take other measures to ensure that you receive $1.00 per share for your investment in the fund. The potential for realizing a loss of principal in the fund could derive from:<br/><br/><b>Credit risk</b> This is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation. Rule 2a-7 under the Investment Company Act of 1940 requires that money funds invest in securities rated in the two highest short-term credit rating categories. However, the credit quality of the securities held by the fund may change rapidly in certain market environments.<br/><br/><b>Interest rate risk</b> This is the risk that a decline in interest rates will lower a fund&#8217;s yield, or that a rise in the overall level of interest rates will cause a decline in the prices of fixed income securities held by a fund. The fund&#8217;s yield will vary; it is not fixed for a specific period like the yield on a bank certificate of deposit. This is a disadvantage when interest rates are falling because the fund would have to reinvest at lower interest rates. During periods of extremely low or negative short-term interest rates, the fund may not be able to maintain a positive yield or yields on par with historical levels. In addition, the adoption of more stringent regulations governing the management of money funds could have a negative effect on the fund&#8217;s yield. Finally, the fund&#8217;s investment adviser may discontinue its voluntary waiver of the fund&#8217;s management fee at any time, which could also negatively affect the fund&#8217;s yield.<br/><br/><b>Municipal securities risk</b> The fund will be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers. Income from municipal securities held by the fund could be declared taxable because of changes in tax laws or interpretations by taxing authorities, or noncompliant conduct of a municipal security issuer. In addition, a portion of the fund&#8217;s otherwise tax-exempt dividends may be taxable to those shareholders subject to the alternative minimum tax. Any fund investments in obligations of Puerto Rico or U.S. territories involve additional credit and tax risks.<br/><br/>Certain sectors of the municipal bond market have special risks that can impact such sectors more significantly than the market as a whole. For example, health care can be hurt by rising expenses and dependency on third party reimbursements, electric utilities are subject to governmental rate regulation, and private activity bonds rely on project revenues and the creditworthiness of the corporate user as opposed to governmental support.<br/><br/><b>State-specific risk</b> This refers to the risk that developments in Maryland will adversely affect the securities held by the fund. Because the fund invests primarily in securities issued by Maryland and its municipalities, it is more vulnerable to unfavorable developments in Maryland than are funds that invest in municipal securities of many states. Adverse developments in an economic sector may have far-reaching impacts on the overall Maryland municipal securities market. A bond default or credit rating downgrade, or even negative perceptions of the ability to make timely bond payments, involving only a small number of Maryland municipal securities issuers could affect the market values and marketability of all Maryland municipal securities.<br/><br/>As of May 1, 2013, the state of Maryland&#8217;s general obligation debt was rated Aaa by Moody&#8217;s and AAA by both Standard &amp; Poor&#8217;s (S&amp;P) and Fitch. While S&amp;P and Fitch maintain a stable outlook, Moody&#8217;s has assigned a negative outlook.<br/><br/><b>Liquidity risk</b> This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price. The fund may experience heavy redemptions, particularly during periods of declining or illiquid markets, which could cause the fund to liquidate its assets at inopportune times or at a depressed value and affect the fund&#8217;s ability to maintain a $1.00 share price. In addition, the fund may suspend redemptions when permitted by applicable regulations. The secondary market for certain municipal bonds tends to be less developed and liquid than many other securities markets, which may adversely affect the fund&#8217;s ability to sell such municipal bonds at attractive prices. <b>Performance</b> The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The fund&#8217;s past performance is not necessarily an indication of future performance. <br/><br/>The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted. <b>SUMMARY</b><br/><br/><b>Maryland Short-Term Tax-Free Bond Fund</b> T. Rowe Price<br/><br/>Georgia Tax-Free Bond Fund<br/><br/><b>SUMMARY</b> <b>Investment Objective</b> The fund seeks to provide the highest level of income exempt from federal and Maryland state and local income taxes consistent with modest fluctuation in principal value. <b>Average Annual Total Returns</b><br/><br/><b>Periods ended</b><br/><b>December 31, 2012</b> <b>Fees and Expenses</b> Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132. This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Fees and Expenses of the Fund</b><br/><br/><b>Shareholder fees (fees paid directly from your investment)</b> <b>Investment Objective</b> Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The fund&#8217;s past performance is not necessarily an indication of future performance. 0 0 The fund seeks to provide, consistent with prudent portfolio management, the highest level of income exempt from federal and Georgia state income taxes by investing primarily in investment-grade Georgia municipal bonds. 0 <b>Fees and Expenses</b> 20 1-800-225-5132 troweprice.com This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Annual fund operating expenses</b><br/><b>(expenses that you pay each year as a<br/>percentage of the value of your investment)</b> <b>Fees and Expenses of the Fund</b><br/><br/><b>Shareholder fees (fees paid directly from your investment)</b> 0.004 0 <b>Best Quarter</b> 0.0013 2007-06-30 0.0081 <b>Worst Quarter</b> 2012-12-31 0.0053 0 The fund's return for the three months ended 2013-03-31 0 0 0 0 0 0 20 0 20 <b>Example</b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.004 0 0.0019 <b>SUMMARY</b><br/><br/><b>Maryland Tax-Free Bond Fund</b> 0.004 54 0.0059 170 296 0 665 0.0013 0.0053 60 189 329 738 0.0056 0.0067 0.0191 0.0293 <b>Investment Objective</b> 0.0314 0.0182 <b>Fees and Expenses</b> 0.0015 0.0001 <b>Portfolio Turnover</b> 0.0001 The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 37.2% of the average value of its portfolio. 0.0001 <b>Fees and Expenses of the Fund<br/><br/>Shareholder fees (fees paid directly from your investment)</b> <b>Annual fund operating expenses<br/>(expenses that you pay each year as a<br/>percentage of the value of your investment)</b> <b>Example</b> <b>Portfolio Turnover</b> <b>Investments, Risks, and Performance<br/><br/>Principal Investment Strategies </b> <b>Principal Risks </b> 0.0001 0.0001 <b>Performance</b> 0.004 0.0042 0.0111 0.0113 <b>Average Annual Total Returns<br/><br/>Periods ended<br/>December 31, 2012</b> <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesNewJerseyTax-FreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesNewJerseyTax-FreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedNewJerseyTax-FreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAverageAnnualTotalReturnsTransposedNewJerseyTax-FreeBondFund column period compact * ~</div> 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. This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies</b> The fund will invest so that, under normal market conditions, at least 80% of its net assets (including any borrowings for investment purposes) are invested in bonds that pay interest exempt from federal and Maryland state and local income taxes, and at least 80% of the fund&#8217;s income is expected to be exempt from federal and Maryland state and local income taxes. While the fund may buy securities of any maturity, the fund's weighted average maturity is not expected to exceed three years. Most investments are in investment-grade securities, which are securities rated within one of the four highest credit categories (AAA, AA, A, or BBB, or an equivalent rating) by at least one major credit rating agency or, if unrated, deemed to be of comparable quality by T. Rowe Price. However, the fund may invest up to 10% of its total assets in noninvestment-grade securities, known as &#8220;junk&#8221; bonds in the taxable bond markets, including those with the lowest credit rating. In addition, up to 20% of the fund&#8217;s income could be derived from securities subject to the alternative minimum tax.<br/><br/>Investment decisions for the fund reflect the portfolio manager&#8217;s outlook for interest rates and the economy, as well as the prices, yields, and credit quality of various securities. This approach is designed to help the portfolio manager capture appreciation opportunities when rates are falling and reduce the impact of falling bond prices when rates are rising. For example, if interest rates are expected to fall, the fund may purchase longer-term securities in an attempt to seek higher yields and/or capital appreciation. Conversely, if interest rates are expected to rise, the fund may seek securities with shorter maturities. And if our economic outlook is positive or if valuations for lower-quality bonds are attractive, the portfolio manager may favor noninvestment-grade bonds to the extent permitted by the fund.<br/><br/>The fund may invest a significant portion of assets in securities that are not general obligations of the state. These may be issued by local governments or public authorities and are rated according to their particular creditworthiness, which may vary from the state&#8217;s general obligation securities. From time to time, the fund may invest a significant portion of its assets in sectors with special risks, such as health care, transportation, utilities, or private activity bonds.<br/><br/>The fund may also invest in obligations of the commonwealth of Puerto Rico and its public corporations (as well as the U.S. territories of Guam and the Virgin Islands) whose interest is exempt from federal and Maryland state and local income taxes. These securities may generally be purchased when they offer a comparably attractive combination of risk and return.<br/><br/>Due to seasonal variations in the supply of suitable Maryland municipal securities, the fund may invest in other municipal securities whose interest is exempt from federal but not Maryland income taxes. While efforts will be made to minimize such investments, they could comprise up to 10% of the fund&#8217;s annual income.<br/><br/>The fund may sell holdings for a variety of reasons, such as to adjust the portfolio&#8217;s average maturity, duration, or credit quality, or to shift assets into and out of higher-yielding securities.<br/><br/>The fund is &#8220;nondiversified,&#8221; meaning it may invest a greater portion of its assets in fewer issuers than is permissible for a &#8220;diversified&#8221; fund. <b>Principal Risks</b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <p style="margin-top: 0px; margin-bottom: 0px;"> </p> <table style="width: 183pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="244"><tr style="height: 15pt;"> <td style="background-color: transparent; width: 84pt; height: 15pt;" class="xl65" height="20" width="112">&nbsp;</td> <td style="background-color: transparent; width: 51pt;" class="xl66" width="68"><b>Quarter<br/>&nbsp;Ended</b></td> <td style="background-color: transparent; width: 48pt;" class="xl66" width="64"><b>&nbsp;Total<br/>Return</b></td></tr><tr style="height: 15pt;"><td style="background-color: transparent; height: 15pt;" class="xl68" height="20"><b>Best Quarter</b></td> <td style="background-color: transparent;" class="xl69"><b>&nbsp;&nbsp;6/30/07</b></td> <td style="background-color: transparent;" class="xl70"><b>&nbsp;0.81%</b></td></tr> <tr style="height: 8pt;"><td style="background-color: transparent; height: 15pt;" class="xl68" height="20"><b>Worst Quarter</b></td> <td style="background-color: transparent;" class="xl69"><b>12/31/12</b></td> <td style="background-color: transparent;" class="xl70"><b>0.00%</b></td></tr></table></div><br/>The fund&#8217;s return for the three months ended 3/31/13 was 0.00%. The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 11.8% of the average value of its portfolio. <b>Maryland Tax-Free Bond Fund<br />Calendar Year Returns</b> The fund will invest so that, under normal market conditions, at least 80% of its net assets (including any borrowings for investment purposes) are invested in bonds that pay interest exempt from federal and Maryland state and local income taxes, and at least 80% of the fund&#8217;s income is expected to be exempt from federal and Maryland state and local income taxes. While the fund may buy securities of any maturity, the fund&#8217;s weighted average maturity is expected to normally exceed 10 years. Most investments are in investment-grade securities, which are securities rated within one of the four highest credit categories (AAA, AA, A, or BBB, or an equivalent rating) by at least one major credit rating agency or, if unrated, deemed to be of comparable quality by T. Rowe Price. However, the fund may invest up to 10% of its total assets in noninvestment-grade securities, known as &#8220;junk&#8221; bonds in the taxable bond markets, including those with the lowest credit rating. In addition, up to 20% of the fund&#8217;s income could be derived from securities subject to the alternative minimum tax. <br /><br />Investment decisions for the fund reflect the portfolio manager&#8217;s outlook for interest rates and the economy, as well as the prices, yields, and credit quality of various securities. This approach is designed to help the portfolio manager capture appreciation opportunities when rates are falling and reduce the impact of falling bond prices when rates are rising. For example, if interest rates are expected to fall, the fund may purchase longer-term securities in an attempt to seek higher yields and/or capital appreciation. Conversely, if interest rates are expected to rise, the fund may seek securities with shorter maturities. And if our economic outlook is positive or if valuations for lower-quality bonds are attractive, the portfolio manager may favor noninvestment-grade bonds to the extent permitted by the fund. <br /><br />The fund may invest a significant portion of assets in securities that are not general obligations of the state. These may be issued by local governments or public authorities and are rated according to their particular creditworthiness, which may vary from the state&#8217;s general obligation securities. From time to time, the fund may invest a significant portion of its assets in sectors with special risks, such as health care, transportation, utilities, or private activity bonds. <br /><br />The fund may also invest in obligations of the commonwealth of Puerto Rico and its public corporations (as well as the U.S. territories of Guam and the Virgin Islands) whose interest is exempt from federal and Maryland state and local income taxes. These securities may generally be purchased when they offer a comparably attractive combination of risk and return. <br /><br />Due to seasonal variations in the supply of suitable Maryland municipal securities, the fund may invest in other municipal securities whose interest is exempt from federal but not Maryland income taxes. While efforts will be made to minimize such investments, they could comprise up to 10% of the fund&#8217;s annual income. <br /><br />The fund may sell holdings for a variety of reasons, such as to adjust the portfolio&#8217;s average maturity, duration, or credit quality, or to shift assets into and out of higher-yielding securities. <br /><br />The fund is &#8220;nondiversified,&#8221; meaning it may invest a greater portion of its assets in fewer issuers than is permissible for a &#8220;diversified&#8221; fund. <b>Example</b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows:<br/><br/><b>Active management risk</b> The fund is subject to the risk that the investment adviser&#8217;s judgments about the attractiveness, value, or potential appreciation of the fund&#8217;s investments may prove to be incorrect. If the securities selected and strategies employed by the fund fail to produce the intended results, the fund could underperform other funds with similar objectives and investment strategies.<br/><br/><b>Market risk</b> This is the risk that the value of securities owned by the fund may go up or down, sometimes rapidly or unexpectedly, due to factors affecting securities markets generally or particular industries.<br/><br/><b>Credit risk</b> This is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation. Economic downturns often result in reduced levels of taxes collected and revenues earned for municipalities and a municipal government&#8217;s pension or health care related obligations to its employees may exceed its available assets or income. This, in turn, lessens the financial strength of a municipality and increases the credit risk of the securities it issues. The fund&#8217;s exposure to credit risk is increased to the extent the fund invests in noninvestment-grade bonds (&#8220;junk&#8221; bonds). Junk bonds should be considered speculative as they carry greater risk of default and erratic price swings due to adverse changes in the credit quality of the issuer.<br/><br/><b>Interest rate risk</b> This is the risk that a rise in interest rates will cause the price of a fixed rate debt security to fall. Generally, securities with longer maturities and funds with longer weighted average maturities carry greater interest rate risk.<br/><br/><b>Municipal securities risk</b> The fund will be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers and the economy. Income from municipal securities held by the fund could be declared taxable because of changes in tax laws or interpretations by taxing authorities, or noncompliant conduct of a municipal security issuer. In addition, a portion of the fund&#8217;s otherwise tax-exempt dividends may be taxable to those shareholders subject to the alternative minimum tax. Any fund investments in obligations of Puerto Rico or U.S. territories involve additional credit and tax risks.<br/><br/>Certain sectors of the municipal bond market have special risks that can impact such sectors more significantly than the market as a whole. For example, health care can be hurt by rising expenses and dependency on third party reimbursements, transportation can be impacted by declining revenues or unexpectedly high construction costs, utilities are subject to governmental rate regulation, and private activity bonds rely on project revenues and the creditworthiness of the corporate user as opposed to governmental support.<br/><br/><b>State-specific risk</b> This refers to the risk that developments in Maryland will adversely affect the securities held by the fund. Because the fund invests primarily in securities issued by Maryland and its municipalities, it is more vulnerable to unfavorable developments in Maryland than are funds that invest in municipal securities of many states. Adverse developments in an economic sector may have far-reaching impacts on the overall Maryland municipal securities market. A bond default or credit rating downgrade, or even negative perceptions of the ability to make timely bond payments, involving only a small number of Maryland municipal securities issuers could affect the market values and marketability of all Maryland municipal securities.<br/><br/>As of May 1, 2013, the state of Maryland&#8217;s general obligation debt was rated Aaa by Moody&#8217;s and AAA by both Standard &amp; Poor&#8217;s (S&amp;P) and Fitch. While S&amp;P and Fitch maintain a stable outlook, Moody&#8217;s has assigned a negative outlook.<br/><br/><b>Liquidity risk</b> This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price. The secondary market for certain municipal bonds tends to be less developed and liquid than many other securities markets, which may adversely affect the fund&#8217;s ability to sell such municipal bonds at attractive prices.<br/><br/><b>Nondiversification risk</b> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund&#8217;s share price can be expected to fluctuate more than that of a comparable diversified fund. 54 <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualTotalReturnsMarylandTax-FreeMoneyFundBarChart column period compact * ~</div> 170 296 665 <b>Portfolio Turnover</b> <b>Performance</b> The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 5.4% of the average value of its portfolio. The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance.<br/><br/>The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted. In addition, the average annual total returns table shows hypothetical after-tax returns to suggest how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. <b>Annual fund operating expenses<br/>(expenses that you pay each year as a<br/>percentage of the value of your investment)</b> <b>Maryland Short-Term Tax-Free Bond Fund<br/>Calendar Year Returns</b> <b>Investments, Risks, and Performance<br/><br/><b>Principal Investment Strategies</b> The fund will invest so that, under normal market conditions, at least 80% of its net assets (including any borrowings for investment purposes) are invested in bonds that pay interest exempt from federal and Georgia state income taxes, and at least 80% of the fund&#8217;s income is expected to be exempt from federal and Georgia state income taxes. While the fund may buy securities of any maturity, the fund&#8217;s weighted average maturity is expected to normally exceed 10 years. Most investments are in investment-grade securities, which are securities rated within one of the four highest credit categories (AAA, AA, A, or BBB, or an equivalent rating) by at least one major credit rating agency or, if unrated, deemed to be of comparable quality by T. Rowe Price. However, the fund may invest up to 10% of its total assets in noninvestment-grade securities, known as &#8220;junk&#8221; bonds in the taxable bond markets, including those with the lowest credit rating. In addition, up to 20% of the fund&#8217;s income could be derived from securities subject to the alternative minimum tax.<br/><br/>Investment decisions for the fund reflect the portfolio manager&#8217;s outlook for interest rates and the economy, as well as the prices, yields, and credit quality of various securities. This approach is designed to help the portfolio manager capture appreciation opportunities when rates are falling and reduce the impact of falling bond prices when rates are rising. For example, if interest rates are expected to fall, the fund may purchase longer-term securities in an attempt to seek higher yields and/or capital appreciation. Conversely, if interest rates are expected to rise, the fund may seek securities with shorter maturities. And if our economic outlook is positive or if valuations for lower-quality bonds are attractive, the portfolio manager may favor noninvestment-grade bonds to the extent permitted by the fund.<br/><br/>The fund may invest a significant portion of assets in securities that are not general obligations of the state. These may be issued by local governments or public authorities and are rated according to their particular creditworthiness, which may vary from the state&#8217;s general obligation securities. From time to time, the fund may invest a significant portion of its assets in sectors with special risks, such as health care, transportation, utilities, or private activity bonds.<br/><br/>The fund may also invest in obligations of the commonwealth of Puerto Rico and its public corporations (as well as the U.S. territories of Guam and the Virgin Islands) whose interest is exempt from federal and Georgia state income taxes. These securities may generally be purchased when they offer a comparably attractive combination of risk and return.<br/><br/>Due to seasonal variations in the supply of suitable Georgia municipal securities, the fund may invest in other municipal securities whose interest is exempt from federal but not Georgia income taxes. While efforts will be made to minimize such investments, they could comprise up to 10% of the fund&#8217;s annual income.<br/><br/>The fund may sell holdings for a variety of reasons, such as to adjust the portfolio&#8217;s average maturity, duration, or credit quality, or to shift assets into and out of higher-yielding securities.<br/><br/>The fund is &#8220;nondiversified,&#8221; meaning it may invest a greater portion of its assets in fewer issuers than is permissible for a &#8220;diversified&#8221; fund. <b>Principal Risks</b> 0.0181 0.0088 0.0087 0.0287 0.0375 0.0335 0.0376 0.0076 0.0138 0.0072 As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows:<br/><br/><b>Active management risk</b> The fund is subject to the risk that the investment adviser&#8217;s judgments about the attractiveness, value, or potential appreciation of the fund&#8217;s investments may prove to be incorrect. If the securities selected and strategies employed by the fund fail to produce the intended results, the fund could underperform other funds with similar objectives and investment strategies.<br/><br/><b>Market risk</b> This is the risk that the value of securities owned by the fund may go up or down, sometimes rapidly or unexpectedly, due to factors affecting securities markets generally or particular industries.<br/><br/><b>Credit risk</b> This is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation. Economic downturns often result in reduced levels of taxes collected and revenues earned for municipalities and a municipal government&#8217;s pension or health care related obligations to its employees may exceed its available assets or income. This, in turn, lessens the financial strength of a municipality and increases the credit risk of the securities it issues. The fund&#8217;s exposure to credit risk is increased to the extent the fund invests in noninvestment-grade bonds (&#8220;junk&#8221; bonds). Junk bonds should be considered speculative as they carry greater risk of default and erratic price swings due to adverse changes in the credit quality of the issuer.<br/><br/><b>Interest rate risk</b> This is the risk that a rise in interest rates will cause the price of a fixed rate debt security to fall. Generally, securities with longer maturities and funds with longer weighted average maturities carry greater interest rate risk.<br/><br/><b>Municipal securities risk</b> The fund will be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers and the economy. Income from municipal securities held by the fund could be declared taxable because of changes in tax laws or interpretations by taxing authorities, or noncompliant conduct of a municipal security issuer. In addition, a portion of the fund&#8217;s otherwise tax-exempt dividends may be taxable to those shareholders subject to the alternative minimum tax. Any fund investments in obligations of Puerto Rico or U.S. territories involve additional credit and tax risks.<br/><br/>Certain sectors of the municipal bond market have special risks that can impact such sectors more significantly than the market as a whole. For example, health care can be hurt by rising expenses and dependency on third party reimbursements, transportation can be impacted by declining revenues or unexpectedly high construction costs, utilities are subject to governmental rate regulation, and private activity bonds rely on project revenues and the creditworthiness of the corporate user as opposed to governmental support.<br/><br/><b>State-specific risk</b> This refers to the risk that developments in Georgia will adversely affect the securities held by the fund. Because the fund invests primarily in securities issued by Georgia and its municipalities, it is more vulnerable to unfavorable developments in Georgia than are funds that invest in municipal securities of many states. Adverse developments in an economic sector may have far-reaching impacts on the overall Georgia municipal securities market. A bond default or credit rating downgrade, or even negative perceptions of the ability to make timely bond payments, involving only a small number of Georgia municipal securities issuers could affect the market values and marketability of all Georgia municipal securities.<br/><br/>As of May 1, 2013, the state of Georgia&#8217;s general obligation bonds were rated Aaa by Moody&#8217;s and AAA by Standard &amp; Poor&#8217;s (S&amp;P) and Fitch. Each rating agency has assigned a stable outlook for the state.<br/><br/><b>Liquidity risk</b> This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price. The secondary market for certain municipal bonds tends to be less developed and liquid than many other securities markets, which may adversely affect the fund&#8217;s ability to sell such municipal bonds at attractive prices.<br/><br/><b>Nondiversification risk</b> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund&#8217;s share price can be expected to fluctuate more than that of a comparable diversified fund. <b>Performance</b> As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows:<br/><br/><b>Active management risk</b> The fund is subject to the risk that the investment adviser&#8217;s judgments about the attractiveness, value, or potential appreciation of the fund&#8217;s investments may prove to be incorrect. If the securities selected and strategies employed by the fund fail to produce the intended results, the fund could underperform other funds with similar objectives and investment strategies.<br/><br/><b>Market risk</b> This is the risk that the value of securities owned by the fund may go up or down, sometimes rapidly or unexpectedly, due to factors affecting securities markets generally or particular industries.<br/><br/><b>Credit risk</b> This is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation. Economic downturns often result in reduced levels of taxes collected and revenues earned for municipalities and a municipal government&#8217;s pension or health care related obligations to its employees may exceed its available assets or income. This, in turn, lessens the financial strength of a municipality and increases the credit risk of the securities it issues. The fund&#8217;s exposure to credit risk is increased to the extent the fund invests in noninvestment-grade bonds (&#8220;junk&#8221; bonds). Junk bonds should be considered speculative as they carry greater risk of default and erratic price swings due to adverse changes in the credit quality of the issuer.<br/><br/><b>Interest rate risk</b> This is the risk that a rise in interest rates will cause the price of a fixed rate debt security to fall. Generally, securities with longer maturities and funds with longer weighted average maturities carry greater interest rate risk.<br/><br/><b>Municipal securities risk</b> The fund will be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers and the economy. Income from municipal securities held by the fund could be declared taxable because of changes in tax laws or interpretations by taxing authorities, or noncompliant conduct of a municipal security issuer. In addition, a portion of the fund&#8217;s otherwise tax-exempt dividends may be taxable to those shareholders subject to the alternative minimum tax. Any fund investments in obligations of Puerto Rico or U.S. territories involve additional credit and tax risks.<br/><br/>Certain sectors of the municipal bond market have special risks that can impact such sectors more significantly than the market as a whole. For example, health care can be hurt by rising expenses and dependency on third party reimbursements, transportation can be impacted by declining revenues or unexpectedly high construction costs, utilities are subject to governmental rate regulation, and private activity bonds rely on project revenues and the creditworthiness of the corporate user as opposed to governmental support.<br/><br/><b>State-specific risk</b> This refers to the risk that developments in Maryland will adversely affect the securities held by the fund. Because the fund invests primarily in securities issued by Maryland and its municipalities, it is more vulnerable to unfavorable developments in Maryland than are funds that invest in municipal securities of many states. Adverse developments in an economic sector may have far-reaching impacts on the overall Maryland municipal securities market. A bond default or credit rating downgrade, or even negative perceptions of the ability to make timely bond payments, involving only a small number of Maryland municipal securities issuers could affect the market values and marketability of all Maryland municipal securities.<br/><br/>As of May 1, 2013, the state of Maryland&#8217;s general obligation debt was rated Aaa by Moody&#8217;s and AAA by both Standard &amp; Poor&#8217;s (S&amp;P) and Fitch. While S&amp;P and Fitch maintain a stable outlook, Moody&#8217;s has assigned a negative outlook.<br/><br/><b>Liquidity risk</b> This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price. The secondary market for certain municipal bonds tends to be less developed and liquid than many other securities markets, which may adversely affect the fund&#8217;s ability to sell such municipal bonds at attractive prices.<br/><br/><b>Nondiversification risk</b> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund&#8217;s share price can be expected to fluctuate more than that of a comparable diversified fund. <b>Nondiversification risk</b> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund&#8217;s share price can be expected to fluctuate more than that of a comparable diversified fund. 0.118 The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. 0.0509 0.04 0.0321 The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 0.0423 1-800-225-5132 0.0207 <div><div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <p style="margin-top: 0px; margin-bottom: 0px;"> </p> <table style="width: 183pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="244"><tr style="height: 15pt;"> <td style="background-color: transparent; width: 84pt; height: 15pt;" class="xl65" height="20" width="112">&nbsp;</td> <td style="background-color: transparent; width: 51pt;" class="xl66" width="68"><b>Quarter<br/>&nbsp;Ended</b></td> <td style="background-color: transparent; width: 48pt;" class="xl66" width="64"><b>&nbsp;Total<br/>Return</b></td></tr><tr style="height: 15pt;"><td style="background-color: transparent; height: 15pt;" class="xl68" height="20"><b>Best Quarter</b></td> <td style="background-color: transparent;" class="xl69"><b>3/31/09</b></td> <td style="background-color: transparent;" class="xl70"><b>&nbsp;1.78%</b></td></tr> <tr style="height: 8pt;"><td style="background-color: transparent; height: 15pt;" class="xl68" height="20"><b>Worst Quarter</b></td> <td style="background-color: transparent;" class="xl69"><b>6/30/04</b></td> <td style="background-color: transparent;" class="xl70"><b>-1.20%</b></td></tr></table></div></div><br/>The fund&#8217;s return for the three months ended 3/31/13 was 0.60%. troweprice.com -0.0538 The fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance. 0.1468 0.0109 0.1035 0.0755 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132. The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance.<br/><br/>The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted. <b>Maryland Tax-Free Money Fund<br/>Calendar Year Returns</b> In addition, the average annual total returns table shows hypothetical after-tax returns to suggest how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. <div><div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <p style="margin-top: 0px; margin-bottom: 0px;"> </p> <table style="width: 183pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="244"><tr style="height: 15pt;"> <td style="background-color: transparent; width: 84pt; height: 15pt;" class="xl65" height="20" width="112">&nbsp;</td> <td style="background-color: transparent; width: 51pt;" class="xl66" width="68"><b>Quarter<br/>&nbsp;Ended</b></td> <td style="background-color: transparent; width: 48pt;" class="xl66" width="64"><b>&nbsp;Total<br/>Return</b></td></tr><tr style="height: 15pt;"><td style="background-color: transparent; height: 15pt;" class="xl68" height="20"><b>Best Quarter</b></td> <td style="background-color: transparent;" class="xl69"><b>&nbsp;&nbsp;9/30/09</b></td> <td style="background-color: transparent;" class="xl70"><b>&nbsp;7.22%</b></td></tr> <tr style="height: 8pt;"><td style="background-color: transparent; height: 15pt;" class="xl68" height="20"><b>Worst Quarter</b></td> <td style="background-color: transparent;" class="xl69"><b>12/31/10</b></td> <td style="background-color: transparent;" class="xl70"><b>-4.36%</b></td></tr></table></div></div><br/>The fund&#8217;s return for the three months ended 3/31/13 was 0.53%. <b>Average Annual Total Returns<br/><br/>Periods ended<br/>December 31, 2012</b> <b>Best Quarter</b> 2009-09-30 0.0722 <b>Worst Quarter</b> 2010-12-31 -0.0436 The fund&#8217;s return for the three months ended 2013-03-31 0.0053 <div><div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <p style="margin-top: 0px; margin-bottom: 0px;"> </p> <table style="width: 183pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="244"><tr style="height: 15pt;"> <td style="background-color: transparent; width: 84pt; height: 15pt;" class="xl65" height="20" width="112">&nbsp;</td> <td style="background-color: transparent; width: 51pt;" class="xl66" width="68"><b>Quarter<br/>&nbsp;Ended</b></td> <td style="background-color: transparent; width: 48pt;" class="xl66" width="64"><b>&nbsp;Total<br/>Return</b></td></tr><tr style="height: 15pt;"><td style="background-color: transparent; height: 15pt;" class="xl68" height="20"><b>Best Quarter</b></td> <td style="background-color: transparent;" class="xl69"><b>&nbsp;&nbsp;9/30/09</b></td><td style="background-color: transparent;" class="xl70"><b>&nbsp;6.97%</b></td></tr> <tr style="height: 8pt;"><td style="background-color: transparent; height: 15pt;" class="xl68" height="20"><b>Worst Quarter</b></td> <td style="background-color: transparent;" class="xl69"><b>12/31/10</b></td> <td style="background-color: transparent;" class="xl70"><b>-5.03%</b></td></tr></table></div></div><br/>The fund&#8217;s return for the three months ended 3/31/13 was 0.36%. 0.0072 0.0072 0.0079 0.0118 0.0158 0.0138 0.0199 0.0199 0.0195 0.0278 0.0358 0.0216 0.0201 0.0201 0.0202 0.0261 0.0311 0.0213 0.0486 0.0351 0.0331 0.0455 In addition, the average annual total returns table shows hypothetical after-tax returns to suggest how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. -0.0667 <b>Average Annual Total Returns<br/><br/>Periods ended<br/>December 31, 2012</b> 0.1798 0.0199 0.1008 0.0756 <b>Georgia Tax-Free Bond Fund<br/>Calendar Year Returns</b> Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132. <b>SUMMARY</b><br/><br/><b> New York Tax-Free Bond Fund </b> <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesNewYorkTax-FreeMoneyFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesNewYorkTax-FreeMoneyFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedNewYorkTax-FreeMoneyFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAverageAnnualTotalReturnsTransposedNewYorkTax-FreeMoneyFund column period compact * ~</div> <b>Investment Objective</b> The fund seeks to provide, consistent with prudent portfolio management, the highest level of income exempt from federal, New York state, and New York City income taxes by investing primarily in investment-grade New York municipal bonds. <b>Fees and Expenses</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Fees and Expenses of the Fund</b><br/><br/><b>Shareholder fees (fees paid directly from your investment)</b> 0 0 0 20 <b>Annual fund operating expenses</b><br/><b>(expenses that you pay each year as a</b><br/><b>percentage of the value of your investment)</b> 0.004 0 0.0009 0.0049 <b>Example</b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 50 157 274 616 <b>Portfolio Turnover</b> The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 11.1% of the average value of its portfolio. <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies</b> The fund will invest so that, under normal market conditions, at least 80% of its net assets (including any borrowings for investment purposes) are invested in bonds that pay interest exempt from federal, New York state, and New York City income taxes, and at least 80% of the fund&#8217;s income is expected to be exempt from federal, New York state, and New York City income taxes. While the fund may buy securities of any maturity, the fund&#8217;s weighted average maturity is expected to normally exceed 10 years. Most investments are in investment-grade securities, which are securities rated within one of the four highest credit categories (AAA, AA, A, or BBB, or an equivalent rating) by at least one major credit rating agency or, if unrated, deemed to be of comparable quality by T. Rowe Price. However, the fund may invest up to 10% of its total assets in noninvestment-grade securities, known as &#8220;junk&#8221; bonds in the taxable bond markets, including those with the lowest credit rating. In addition, up to 20% of the fund&#8217;s income could be derived from securities subject to the alternative minimum tax. <br /><br />Investment decisions for the fund reflect the portfolio manager&#8217;s outlook for interest rates and the economy, as well as the prices, yields, and credit quality of various securities. This approach is designed to help the portfolio manager capture appreciation opportunities when rates are falling and reduce the impact of falling bond prices when rates are rising. For example, if interest rates are expected to fall, the fund may purchase longer-term securities in an attempt to seek higher yields and/or capital appreciation. Conversely, if interest rates are expected to rise, the fund may seek securities with shorter maturities. And if our economic outlook is positive or if valuations for lower-quality bonds are attractive, the portfolio manager may favor noninvestment-grade bonds to the extent permitted by the fund. <br /><br />The fund may invest a significant portion of assets in securities that are not general obligations of the state. These may be issued by local governments or public authorities and are rated according to their particular creditworthiness, which may vary from the state&#8217;s general obligation securities. From time to time, the fund may invest a significant portion of its assets in sectors with special risks, such as health care, transportation, utilities, or private activity bonds. <br /><br />The fund may also invest in obligations of the commonwealth of Puerto Rico and its public corporations (as well as the U.S. territories of Guam and the Virgin Islands) whose interest is exempt from federal, New York state, and New York City income taxes. These securities may generally be purchased when they offer a comparably attractive combination of risk and return. <br /><br />Due to seasonal variations in the supply of suitable New York municipal securities, the fund may invest in other municipal securities whose interest is exempt from federal but not New York income taxes. While efforts will be made to minimize such investments, they could comprise up to 10% of the fund&#8217;s annual income. <br /><br />The fund may sell holdings for a variety of reasons, such as to adjust the portfolio&#8217;s average maturity, duration, or credit quality, or to shift assets into and out of higher-yielding securities. <br /><br />The fund is &#8220;nondiversified,&#8221; meaning it may invest a greater portion of its assets in fewer issuers than is permissible for a &#8220;diversified&#8221; fund. <b>Principal Risks</b> As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows: <br /><br /><b>Active management risk</b> The fund is subject to the risk that the investment adviser&#8217;s judgments about the attractiveness, value, or potential appreciation of the fund&#8217;s investments may prove to be incorrect. If the securities selected and strategies employed by the fund fail to produce the intended results, the fund could underperform other funds with similar objectives and investment strategies. <br /><br /><b>Market risk</b> This is the risk that the value of securities owned by the fund may go up or down, sometimes rapidly or unexpectedly, due to factors affecting securities markets generally or particular industries. <br /><br /><b>Credit risk</b> This is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation. Economic downturns often result in reduced levels of taxes collected and revenues earned for municipalities and a municipal government&#8217;s pension or health care related obligations to its employees may exceed its available assets or income. This, in turn, lessens the financial strength of a municipality and increases the credit risk of the securities it issues. The fund&#8217;s exposure to credit risk is increased to the extent the fund invests in noninvestment-grade bonds (&#8220;junk&#8221; bonds). Junk bonds should be considered speculative as they carry greater risk of default and erratic price swings due to adverse changes in the credit quality of the issuer. <br /><br /><b>Interest rate risk</b> This is the risk that a rise in interest rates will cause the price of a fixed rate debt security to fall. Generally, securities with longer maturities and funds with longer weighted average maturities carry greater interest rate risk. <br /><br /><b>Municipal securities risk</b> The fund will be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers and the economy. Income from municipal securities held by the fund could be declared taxable because of changes in tax laws or interpretations by taxing authorities, or noncompliant conduct of a municipal security issuer. In addition, a portion of the fund&#8217;s otherwise tax-exempt dividends may be taxable to those shareholders subject to the alternative minimum tax. Any fund investments in obligations of Puerto Rico or U.S. territories involve additional credit and tax risks. <br /><br />Certain sectors of the municipal bond market have special risks that can impact such sectors more significantly than the market as a whole. For example, health care can be hurt by rising expenses and dependency on third party reimbursements, transportation can be impacted by declining revenues or unexpectedly high construction costs, utilities are subject to governmental rate regulation, and private activity bonds rely on project revenues and the creditworthiness of the corporate user as opposed to governmental support. <br /><br /><b>State-specific risk</b> This refers to the risk that developments in New York will adversely affect the securities held by the fund. Because the fund invests primarily in securities issued by New York and its municipalities, it is more vulnerable to unfavorable developments in New York than are funds that invest in municipal securities of many states. Adverse developments in an economic sector may have far-reaching impacts on the overall New York municipal securities market. A bond default or credit rating downgrade, or even negative perceptions of the ability to make timely bond payments, involving only a small number of New York municipal securities issuers could affect the market values and marketability of all New York municipal securities. <br /><br />As of May 1, 2013, the state of New York&#8217;s general obligation debt was rated Aa2 by Moody&#8217;s, AA by Standard &amp; Poor&#8217;s (S&amp;P), and AA by Fitch. While Moody&#8217;s has assigned a stable outlook for the state, S&amp;P and Fitch have assigned a positive outlook. <br /><br /><b>Liquidity risk</b> This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price. The secondary market for certain municipal bonds tends to be less developed and liquid than many other securities markets, which may adversely affect the fund&#8217;s ability to sell such municipal bonds at attractive prices. <br /><br /><b>Nondiversification risk</b> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund&#8217;s share price can be expected to fluctuate more than that of a comparable diversified fund. <b>Performance</b> The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance. <br /><br />The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted. <b>New York Tax-Free Bond Fund <br/>Calendar Year Returns</b> <b>SUMMARY</b><br/><br/><b>New York Tax-Free Money Fund</b> <b>Investment Objective</b> The fund seeks to provide preservation of capital, liquidity, and, consistent with these objectives, the highest level of income exempt from federal, New York state, and New York City income taxes. <b>Fees and Expenses</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Fees and Expenses of the Fund<br/><br/>Shareholder fees (fees paid directly from your investment)</b> 0 0 0 20 <b>Annual fund operating expenses<br/>(expenses that you pay each year as a<br/>percentage of the value of your investment) 0.004 0 0.0028 0.0068 0.0055 -0.0013 June 30, 2015 <b>Example </b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year the fund&#8217;s operating expenses remain the same, and the expense limitation currently in place is not renewed. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 56 191 352 821 <b>Investments, Risks, and Performance</b><br/><br/><b>Principal Investment Strategies</b> The fund will invest at least 65% of its total assets in New York municipal securities, and at least 80% of the fund&#8217;s income is expected to be exempt from federal, New York state, and New York City income taxes. The fund is a money fund managed in compliance with Rule 2a-7 under the Investment Company Act of 1940. The fund is managed to provide a stable share price of $1.00 by investing in high-quality U.S. dollar-denominated municipal money market securities. The fund&#8217;s weighted average maturity will not exceed 60 days, the fund&#8217;s weighted average life will not exceed 120 days, and the fund will not purchase any security with a remaining maturity longer than 397 calendar days (unless otherwise permitted by Rule 2a-7). When calculating its weighted average maturity, the fund may shorten its maturity by using the interest rate resets of certain adjustable rate securities. The fund may not take into account these resets when calculating its weighted average life. <br /><br />The fund buys securities within the two highest short-term rating categories assigned by established credit rating agencies or, if unrated, deemed to be of comparable quality by T. Rowe Price. All securities purchased by the fund present minimal credit risk in the opinion of T. Rowe Price. In selecting securities for the fund, the portfolio manager may examine relationships among yields of various types and maturities of money market securities in the context of interest rate outlooks. The fund&#8217;s yield will fluctuate with changes in short-term interest rates. <br /><br />Up to 20% of the fund&#8217;s income could be derived from securities that are subject to the alternative minimum tax. <br /><br />The fund may invest a significant portion of assets in securities that are not general obligations of the state. These may be issued by local governments or public authorities and are rated according to their particular creditworthiness, which may vary from the state&#8217;s general obligation securities. From time to time, the fund may invest a significant portion of its assets in sectors with special risks, such as health care, electric utility, or private activity bonds. <br /><br />The fund may also invest in obligations of the commonwealth of Puerto Rico and its public corporations (as well as the U.S. territories of Guam and the Virgin Islands) whose interest is exempt from federal, New York state, and New York City income taxes. These securities are generally purchased when they offer a comparably attractive combination of risk and return. <br /><br />Due to seasonal variations in the supply of suitable New York municipal securities, the fund may invest in other municipal securities whose interest is exempt from federal but not New York income taxes. While efforts will be made to minimize such investments, they could comprise up to 10% of the fund&#8217;s annual income. <br /><br />The fund may sell holdings for a variety of reasons, such as to adjust the portfolio&#8217;s average maturity, duration, or credit quality or to shift assets into and out of higher-yielding securities. <b>Principal Risks</b> As with any mutual fund, there can be no guarantee the fund will achieve its objective. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Money funds have experienced significant pressures from shareholder redemptions, issuer credit downgrades, illiquid markets, and historically low yields on the securities they can hold. There have been a very small number of money funds in other fund complexes that have &#8220;broken the buck,&#8221; which means that those funds&#8217; investors did not receive $1.00 per share for their investment in those funds. You should be aware that the fund&#8217;s investment adviser is under no obligation to provide financial support to the fund or take other measures to ensure that you receive $1.00 per share for your investment in the fund. The potential for realizing a loss of principal in the fund could derive from: <br /><br /><b>Credit risk</b> This is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation. Rule 2a-7 under the Investment Company Act of 1940 requires that money funds invest in securities rated in the two highest short-term credit rating categories. However, the credit quality of the securities held by the fund may change rapidly in certain market environments. <br /><br /><b>Interest rate risk</b> This is the risk that a decline in interest rates will lower a fund&#8217;s yield, or that a rise in the overall level of interest rates will cause a decline in the prices of fixed income securities held by a fund. The fund&#8217;s yield will vary; it is not fixed for a specific period like the yield on a bank certificate of deposit. This is a disadvantage when interest rates are falling because the fund would have to reinvest at lower interest rates. During periods of extremely low or negative short-term interest rates, the fund may not be able to maintain a positive yield or yields on par with historical levels. In addition, the adoption of more stringent regulations governing the management of money funds could have a negative effect on the fund&#8217;s yield. Finally, the fund&#8217;s investment adviser may discontinue its voluntary waiver of the fund&#8217;s management fee at any time, which could also negatively affect the fund&#8217;s yield.<br /><br /><b>Municipal securities risk</b> The fund will be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers. Income from municipal securities held by the fund could be declared taxable because of changes in tax laws or interpretations by taxing authorities, or noncompliant conduct of a municipal security issuer. In addition, a portion of the fund&#8217;s otherwise tax-exempt dividends may be taxable to those shareholders subject to the alternative minimum tax. Any fund investments in obligations of Puerto Rico or U.S. territories involve additional credit and tax risks. <br /><br />Certain sectors of the municipal bond market have special risks that can impact such sectors more significantly than the market as a whole. For example, health care can be hurt by rising expenses and dependency on third party reimbursements, electric utilities are subject to governmental rate regulation, and private activity bonds rely on project revenues and the creditworthiness of the corporate user as opposed to governmental support. <br /><br /><b>State-specific risk</b> This refers to the risk that developments in New York will adversely affect the securities held by the fund. Because the fund invests primarily in securities issued by New York and its municipalities, it is more vulnerable to unfavorable developments in New York than are funds that invest in municipal securities of many states. Adverse developments in an economic sector may have far-reaching impacts on the overall New York municipal securities market. A bond default or credit rating downgrade, or even negative perceptions of the ability to make timely bond payments, involving only a small number of New York municipal securities issuers could affect the market values and marketability of all New York municipal securities. <br /><br />As of May 1, 2013, the state of New York&#8217;s general obligation debt was rated Aa2 by Moody&#8217;s, AA by Standard &amp; Poor&#8217;s (S&amp;P), and AA by Fitch. While Moody&#8217;s has assigned a stable outlook for the state, S&amp;P and Fitch have assigned a positive outlook. <br /><br /><b>Liquidity risk</b> This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price. The fund may experience heavy redemptions, particularly during periods of declining or illiquid markets, which could cause the fund to liquidate its assets at inopportune times or at a depressed value and affect the fund&#8217;s ability to maintain a $1.00 share price. In addition, the fund may suspend redemptions when permitted by applicable regulations. The secondary market for certain municipal bonds tends to be less developed and liquid than many other securities markets, which may adversely affect the fund&#8217;s ability to sell such municipal bonds at attractive prices. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>Performance</b> The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next. The fund&#8217;s past performance is not necessarily an indication of future performance. <br /><br />The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted. The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next. The fund&#8217;s past performance is not necessarily an indication of future performance. 1-800-225-5132 troweprice.com <b>New York Tax-Free Money Fund<br/>Calendar Year Returns</b> 0.0055 0.0066 0.0189 0.029 0.0311 0.0174 0.0015 0.0001 0.0001 0.0001 <b>Best Quarter</b> 2007-06-30 0.008 <b>Worst Quarter</b> 2012-12-31 0 The fund&#8217;s return for the three months ended 2013-03-31 0 0.0001 0.0002 0.0038 0.0039 0.011 0.0109 Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132. <b>Average Annual Total Returns<br/><br/>Periods ended<br/>December 31, 2012</b> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualTotalReturnsNewYorkTax-FreeMoneyFundBarChart column period compact * ~</div> <div><div class="MetaData"> <table style="width: 183pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="244"><tr style="height: 15pt;"> <td style="background-color: transparent; width: 84pt; height: 15pt;" class="xl65" height="20" width="112">&nbsp;</td> <td style="background-color: transparent; width: 51pt;" class="xl66" width="68"><b>Quarter<br/>&nbsp;Ended</b></td> <td style="background-color: transparent; width: 48pt;" class="xl66" width="64"><b>&nbsp;Total<br/>Return</b></td></tr><tr style="height: 15pt;"><td style="background-color: transparent; height: 15pt;" class="xl68" height="20"><b>Best Quarter</b></td> <td style="background-color: transparent;" class="xl69"><b>&nbsp;&nbsp;6/30/07</b></td><td style="background-color: transparent;" class="xl70"><b>&nbsp;0.80%</b></td></tr> <tr style="height: 8pt;"><td style="background-color: transparent; height: 15pt;" class="xl68" height="20"><b>Worst Quarter</b></td> <td style="background-color: transparent;" class="xl69"><b>12/31/12</b></td> <td style="background-color: transparent;" class="xl70"><b>0.00%</b></td></tr></table></div></div><br/>The fund&#8217;s return for the three months ended 3/31/13 was 0.00%. <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesVirginiaTax-FreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesVirginiaTax-FreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedVirginiaTax-FreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAverageAnnualTotalReturnsTransposedVirginiaTax-FreeBondFund column period compact * ~</div> <b>Investment Objective</b> The fund seeks to provide, consistent with prudent portfolio management, the highest level of income exempt from federal and Virginia state income taxes by investing primarily in investment-grade Virginia municipal bonds. <b>Fees and Expenses</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Fees and Expenses of the Fund<br/><br/>Shareholder fees (fees paid directly from your investment)</b> 0 0 0 20 <b>Annual fund operating expenses<br/>(expenses that you pay each year as a<br/>percentage of the value of your investment)</b> 0.004 0 0.0007 0.0047 <b>Example</b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 48 151 263 591 <b>Portfolio Turnover</b> The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 11.7% of the average value of its portfolio. 0.117 <b>Investments, Risks, and Performance </br></br>Principal Investment Strategies The fund will invest so that, under normal market conditions, at least 80% of its net assets (including any borrowings for investment purposes) are invested in bonds that pay interest exempt from federal and Virginia state income taxes, and at least 80% of the fund&#8217;s income is expected to be exempt from federal and Virginia state income taxes. While the fund may buy securities of any maturity, the fund&#8217;s weighted average maturity is expected to normally exceed 10 years. Most investments are in investment-grade securities, which are securities rated within one of the four highest credit categories (AAA, AA, A, or BBB, or an equivalent rating) by at least one major credit rating agency or, if unrated, deemed to be of comparable quality by T. Rowe Price. However, the fund may invest up to 10% of its total assets in noninvestment-grade securities, known as &#8220;junk&#8221; bonds in the taxable bond markets, including those with the lowest credit rating. In addition, up to 20% of the fund&#8217;s income could be derived from securities subject to the alternative minimum tax. <br /><br />Investment decisions for the fund reflect the portfolio manager&#8217;s outlook for interest rates and the economy, as well as the prices, yields, and credit quality of various securities. This approach is designed to help the portfolio manager capture appreciation opportunities when rates are falling and reduce the impact of falling bond prices when rates are rising. For example, if interest rates are expected to fall, the fund may purchase longer-term securities in an attempt to seek higher yields and/or capital appreciation. Conversely, if interest rates are expected to rise, the fund may seek securities with shorter maturities. And if our economic outlook is positive or if valuations for lower-quality bonds are attractive, the portfolio manager may favor noninvestment-grade bonds to the extent permitted by the fund. <br /><br />The fund may invest a significant portion of assets in securities that are not general obligations of the state. These may be issued by local governments or public authorities and are rated according to their particular creditworthiness, which may vary from the state&#8217;s general obligation securities. From time to time, the fund may invest a significant portion of its assets in sectors with special risks, such as health care, transportation, utilities, or private activity bonds. <br /><br />The fund may also invest in obligations of the District of Columbia and the commonwealth of Puerto Rico and its public corporations (as well as the U.S. territories of Guam and the Virgin Islands) whose interest is exempt from federal and Virginia state income taxes. These securities may generally be purchased when they offer a comparably attractive combination of risk and return. <br /><br />Due to seasonal variations in the supply of suitable Virginia municipal securities, the fund may invest in other municipal securities whose interest is exempt from federal but not Virginia income taxes. While efforts will be made to minimize such investments, they could comprise up to 10% of the fund&#8217;s annual income. <br /><br />The fund may sell holdings for a variety of reasons, such as to adjust the portfolio&#8217;s average maturity, duration, or credit quality, or to shift assets into and out of higher-yielding securities. <br /><br />The fund is &#8220;nondiversified,&#8221; meaning it may invest a greater portion of its assets in fewer issuers than is permissible for a &#8220;diversified&#8221; fund. <b>Principal Risks</b> As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows: <br /><br /><b>Active management risk</b> The fund is subject to the risk that the investment adviser&#8217;s judgments about the attractiveness, value, or potential appreciation of the fund&#8217;s investments may prove to be incorrect. If the securities selected and strategies employed by the fund fail to produce the intended results, the fund could underperform other funds with similar objectives and investment strategies. <br /><br /><b>Market risk</b> This is the risk that the value of securities owned by the fund may go up or down, sometimes rapidly or unexpectedly, due to factors affecting securities markets generally or particular industries. <br /><br /><b>Credit risk</b> This is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation. Economic downturns often result in reduced levels of taxes collected and revenues earned for municipalities and a municipal government&#8217;s pension or health care related obligations to its employees may exceed its available assets or income. This, in turn, lessens the financial strength of a municipality and increases the credit risk of the securities it issues. The fund&#8217;s exposure to credit risk is increased to the extent the fund invests in noninvestment-grade bonds (&#8220;junk&#8221; bonds). Junk bonds should be considered speculative as they carry greater risk of default and erratic price swings due to adverse changes in the credit quality of the issuer. <br /><br /><b>Interest rate risk</b> This is the risk that a rise in interest rates will cause the price of a fixed rate debt security to fall. Generally, securities with longer maturities and funds with longer weighted average maturities carry greater interest rate risk. <br /><br /><b>Municipal securities risk</b> The fund will be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers and the economy. Income from municipal securities held by the fund could be declared taxable because of changes in tax laws or interpretations by taxing authorities, or noncompliant conduct of a municipal security issuer. In addition, a portion of the fund&#8217;s otherwise tax-exempt dividends may be taxable to those shareholders subject to the alternative minimum tax. Any fund investments in obligations of Puerto Rico or U.S. territories involve additional credit and tax risks. <br /><br />Certain sectors of the municipal bond market have special risks that can impact such sectors more significantly than the market as a whole. For example, health care can be hurt by rising expenses and dependency on third party reimbursements, transportation can be impacted by declining revenues or unexpectedly high construction costs, utilities are subject to governmental rate regulation, and private activity bonds rely on project revenues and the creditworthiness of the corporate user as opposed to governmental support. <br /><br /><b>State-specific risk</b> This refers to the risk that developments in Virginia will adversely affect the securities held by the fund. Because the fund invests primarily in securities issued by Virginia and its municipalities, it is more vulnerable to unfavorable developments in Virginia than are funds that invest in municipal securities of many states. Adverse developments in an economic sector may have far-reaching impacts on the overall Virginia municipal securities market. A bond default or credit rating downgrade, or even negative perceptions of the ability to make timely bond payments, involving only a small number of Virginia municipal securities issuers could affect the market values and marketability of all Virginia municipal securities. <br /><br />As of May 1, 2013, the commonwealth of Virginia&#8217;s general obligation debt was rated Aaa by Moody&#8217;s and AAA by Standard &amp; Poor&#8217;s (S&amp;P) and Fitch. While S&amp;P and Fitch maintain a stable outlook, Moody&#8217;s has assigned a negative outlook. <br /><br /><b>Liquidity risk</b> This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price. The secondary market for certain municipal bonds tends to be less developed and liquid than many other securities markets, which may adversely affect the fund&#8217;s ability to sell such municipal bonds at attractive prices. <br /><br /><b>Nondiversification risk</b> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund&#8217;s share price can be expected to fluctuate more than that of a comparable diversified fund. <b>Nondiversification risk</b> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund&#8217;s share price can be expected to fluctuate more than that of a comparable diversified fund. The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. <b>Performance</b> The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance.<br/><br/>The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted. The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance. 1-800-225-5132 troweprice.com <b>Virginia Tax-Free Bond Fund<br/>Calendar Year Returns</b> 0.05 0.0403 0.0325 0.0457 0.0224 -0.0382 0.1439 0.0114 0.1068 0.073 <div><div class="MetaData"><table style="width: 183pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="244"><tr style="height: 15pt;"> <td style="background-color: transparent; width: 84pt; height: 15pt;" class="xl65" height="20" width="112">&nbsp;</td> <td style="background-color: transparent; width: 51pt;" class="xl66" width="68"><b>Quarter<br/>&nbsp;Ended</b></td> <td style="background-color: transparent; width: 48pt;" class="xl66" width="64"><b>&nbsp;Total<br/>Return</b></td></tr><tr style="height: 15pt;"><td style="background-color: transparent; height: 15pt;" class="xl68" height="20"><b>Best Quarter</b></td> <td style="background-color: transparent;" class="xl69"><b>&nbsp;&nbsp;9/30/09</b></td><td style="background-color: transparent;" class="xl70"><b>&nbsp;6.80%</b></td></tr> <tr style="height: 8pt;"><td style="background-color: transparent; height: 15pt;" class="xl68" height="20"><b>Worst Quarter</b></td> <td style="background-color: transparent;" class="xl69"><b>12/31/10</b></td> <td style="background-color: transparent;" class="xl70"><b>-4.88%</b></td></tr></table></div></div><br/>The fund&#8217;s return for the three months ended 3/31/13 was 0.36%. <b>Average Annual Total Returns<br/><br/>Periods ended<br/>December 31, 2012 In addition, the average annual total returns table shows hypothetical after-tax returns to suggest how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. <b>Best Quarter</b> 2009-09-30 0.068 <b>Worst Quarter</b> 2010-12-31 -0.0488 The fund&#8217;s return for the three months ended 2013-03-31 0.0036 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132. 0.073 0.073 0.0602 0.0678 0.0714 0.0573 0.0573 0.055 0.0591 0.0455 0.0477 0.0476 0.0468 0.051 0.0414 T. Rowe Price<br /><br />New Jersey Tax-Free Bond Fund<br /><br /><b>SUMMARY</b> <b>Investment Objective</b> The fund seeks to provide, consistent with prudent portfolio management, the highest level of income exempt from federal and New Jersey state income taxes by investing primarily in investment-grade New Jersey municipal bonds. <b>Fees and Expenses</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Fees and Expenses of the Fund</b><br/><br/><b>Shareholder fees (fees paid directly from your investment)</b> <b>Annual fund operating expenses<br/>(expenses that you pay each year as a<br/>percentage of the value of your investment)</b> <b>Example</b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover</b> The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 13.3% of the average value of its portfolio. 0.133 <b>Investments, Risks, and Performance<br/><br/><b>Principal Investment Strategies</b> The fund will invest so that, under normal market conditions, at least 80% of its net assets (including any borrowings for investment purposes) are invested in bonds that pay interest exempt from federal and New Jersey state income taxes, and at least 80% of the fund&#8217;s income is expected to be exempt from federal and New Jersey state income taxes. While the fund may buy securities of any maturity, the fund&#8217;s weighted average maturity is expected to normally exceed 10 years. Most investments are in investment-grade securities, which are securities rated within one of the four highest credit categories (AAA, AA, A, or BBB, or an equivalent rating) by at least one major credit rating agency or, if unrated, deemed to be of comparable quality by T. Rowe Price. However, the fund may invest up to 10% of its total assets in noninvestment-grade securities, known as &#8220;junk&#8221; bonds in the taxable bond markets, including those with the lowest credit rating. In addition, up to 20% of the fund&#8217;s income could be derived from securities subject to the alternative minimum tax. <br /><br />Investment decisions for the fund reflect the portfolio manager&#8217;s outlook for interest rates and the economy, as well as the prices, yields, and credit quality of various securities. This approach is designed to help the portfolio manager capture appreciation opportunities when rates are falling and reduce the impact of falling bond prices when rates are rising. For example, if interest rates are expected to fall, the fund may purchase longer-term securities in an attempt to seek higher yields and/or capital appreciation. Conversely, if interest rates are expected to rise, the fund may seek securities with shorter maturities. And if our economic outlook is positive or if valuations for lower-quality bonds are attractive, the portfolio manager may favor noninvestment-grade bonds to the extent permitted by the fund. <br /><br />The fund may invest a significant portion of assets in securities that are not general obligations of the state. These may be issued by local governments or public authorities and are rated according to their particular creditworthiness, which may vary from the state&#8217;s general obligation securities. From time to time, the fund may invest a significant portion of its assets in sectors with special risks, such as health care, transportation, utilities, or private activity bonds. <br /><br />The fund may also invest in obligations of the commonwealth of Puerto Rico and its public corporations (as well as the U.S. territories of Guam and the Virgin Islands) whose interest is exempt from federal and New Jersey state income taxes. These securities may generally be purchased when they offer a comparably attractive combination of risk and return. <br /><br />Due to seasonal variations in the supply of suitable New Jersey municipal securities, the fund may invest in other municipal securities whose interest is exempt from federal but not New Jersey income taxes. While efforts will be made to minimize such investments, they could comprise up to 10% of the fund&#8217;s annual income. <br /><br />The fund may sell holdings for a variety of reasons, such as to adjust the portfolio&#8217;s average maturity, duration, or credit quality, or to shift assets into and out of higher-yielding securities. <br /><br />The fund is &#8220;nondiversified,&#8221; meaning it may invest a greater portion of its assets in fewer issuers than is permissible for a &#8220;diversified&#8221; fund. <b>Principal Risks</b> As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows: <br /><br /><b>Active management risk</b> The fund is subject to the risk that the investment adviser&#8217;s judgments about the attractiveness, value, or potential appreciation of the fund&#8217;s investments may prove to be incorrect. If the securities selected and strategies employed by the fund fail to produce the intended results, the fund could underperform other funds with similar objectives and investment strategies. <br /><br /><b>Market risk</b> This is the risk that the value of securities owned by the fund may go up or down, sometimes rapidly or unexpectedly, due to factors affecting securities markets generally or particular industries. <br /><br /><b>Credit risk</b> This is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation. Economic downturns often result in reduced levels of taxes collected and revenues earned for municipalities and a municipal government&#8217;s pension or health care related obligations to its employees may exceed its available assets or income. This, in turn, lessens the financial strength of a municipality and increases the credit risk of the securities it issues. The fund&#8217;s exposure to credit risk is increased to the extent the fund invests in noninvestment-grade bonds (&#8220;junk&#8221; bonds). Junk bonds should be considered speculative as they carry greater risk of default and erratic price swings due to adverse changes in the credit quality of the issuer. <br /><br /><b>Interest rate risk</b> This is the risk that a rise in interest rates will cause the price of a fixed rate debt security to fall. Generally, securities with longer maturities and funds with longer weighted average maturities carry greater interest rate risk. <br /><br /><b>Municipal securities risk</b> The fund will be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers and the economy. Income from municipal securities held by the fund could be declared taxable because of changes in tax laws or interpretations by taxing authorities, or noncompliant conduct of a municipal security issuer. In addition, a portion of the fund&#8217;s otherwise tax-exempt dividends may be taxable to those shareholders subject to the alternative minimum tax. Any fund investments in obligations of Puerto Rico or U.S. territories involve additional credit and tax risks. <br /><br />Certain sectors of the municipal bond market have special risks that can impact such sectors more significantly than the market as a whole. For example, health care can be hurt by rising expenses and dependency on third party reimbursements, transportation can be impacted by declining revenues or unexpectedly high construction costs, utilities are subject to governmental rate regulation, and private activity bonds rely on project revenues and the creditworthiness of the corporate user as opposed to governmental support. <br /><br /><b>State-specific risk</b> This refers to the risk that developments in New Jersey will adversely affect the securities held by the fund. Because the fund invests primarily in securities issued by New Jersey and its municipalities, it is more vulnerable to unfavorable developments in New Jersey than are funds that invest in municipal securities of many states. Adverse developments in an economic sector may have far-reaching impacts on the overall New Jersey municipal securities market. A bond default or credit rating downgrade, or even negative perceptions of the ability to make timely bond payments, involving only a small number of New Jersey municipal securities issuers could affect the market values and marketability of all New Jersey municipal securities. <br /><br />As of May 1, 2013, the state of New Jersey&#8217;s general obligation debt was rated Aa3 by Moody&#8217;s and AA- by both Standard &amp; Poor&#8217;s (S&amp;P) and Fitch. Moody&#8217;s has assigned a stable outlook, while S&amp;P and Fitch have assigned negative outlooks. <br /><br /><b>Liquidity risk</b> This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price. The secondary market for certain municipal bonds tends to be less developed and liquid than many other securities markets, which may adversely affect the fund&#8217;s ability to sell such municipal bonds at attractive prices. <br /><br /><b>Nondiversification risk</b> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund&#8217;s share price can be expected to fluctuate more than that of a comparable diversified fund. The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. <b>Nondiversification risk</b> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund&#8217;s share price can be expected to fluctuate more than that of a comparable diversified fund. 0.0494 0.0385 <b>Performance</b> The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance.<br/><br/>The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted. 0.034 The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 0.0473 0.0256 -0.0554 0.1452 0.0164 0.1033 0.0812 troweprice.com 1-800-225-5132 The fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance. <b>New Jersey Tax-Free Bond Fund<br/>Calendar Year Returns</b> <div><div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <p style="margin-top: 0px; margin-bottom: 0px;"> </p> <table style="width: 183pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="244"><tr style="height: 15pt;"> <td style="background-color: transparent; width: 84pt; height: 15pt;" class="xl65" height="20" width="112">&nbsp;</td> <td style="background-color: transparent; width: 51pt;" class="xl66" width="68"><b>Quarter<br/>&nbsp;Ended</b></td> <td style="background-color: transparent; width: 48pt;" class="xl66" width="64"><b>&nbsp;Total<br/>Return</b></td></tr><tr style="height: 15pt;"><td style="background-color: transparent; height: 15pt;" class="xl68" height="20"><b>Best Quarter</b></td> <td style="background-color: transparent;" class="xl69"><b>&nbsp;&nbsp;9/30/09</b></td> <td style="background-color: transparent;" class="xl70"><b>&nbsp;6.88%</b></td></tr> <tr style="height: 8pt;"><td style="background-color: transparent; height: 15pt;" class="xl68" height="20"><b>Worst Quarter</b></td> <td style="background-color: transparent;" class="xl69"><b>12/31/10</b></td> <td style="background-color: transparent;" class="xl70"><b>-4.48%</b></td></tr></table></div></div><br/>The fund&#8217;s return for the three months ended 3/31/13 was 0.38%. The fund&#8217;s return for the three months ended 2013-03-31 0.0038 <b>Best Quarter</b> 2009-09-30 0.0688 <b>Worst Quarter</b> 2010-12-31 -0.0448 0.051 0.0417 0.0325 0.0478 0.0755 0.0755 0.0611 0.0678 0.0745 0.0542 0.0542 0.0521 0.0591 0.0469 0.0456 0.0456 0.0449 0.051 0.0419 0.0182 -0.052 0.144 0.0195 0.0996 0.0804 0.0804 0.0804 0.066 0.0678 0.0815 0.056 0.056 0.054 0.0591 0.052 0.0471 0.0471 0.0464 0.051 0.0453 <div><div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <p style="margin-top: 0px; margin-bottom: 0px;"> </p> <table style="width: 183pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="244"><tr style="height: 15pt;"> <td style="background-color: transparent; width: 84pt; height: 15pt;" class="xl65" height="20" width="112">&nbsp;</td> <td style="background-color: transparent; width: 51pt;" class="xl66" width="68"><b>Quarter<br/>&nbsp;Ended</b></td> <td style="background-color: transparent; width: 48pt;" class="xl66" width="64"><b>&nbsp;Total<br/>Return</b></td></tr><tr style="height: 15pt;"><td style="background-color: transparent; height: 15pt;" class="xl68" height="20"><b>Best Quarter</b></td> <td style="background-color: transparent;" class="xl69"><b>&nbsp;&nbsp;9/30/09</b></td> <td style="background-color: transparent;" class="xl70"><b>&nbsp;7.04%</b></td></tr> <tr style="height: 8pt;"><td style="background-color: transparent; height: 15pt;" class="xl68" height="20"><b>Worst Quarter</b></td> <td style="background-color: transparent;" class="xl69"><b>12/31/10</b></td> <td style="background-color: transparent;" class="xl70"><b>-4.52%</b></td></tr></table></div></div><br/>The fund&#8217;s return for the three months ended 3/31/13 was 0.17%. <b>Average Annual Total Returns<br/><br/>Periods ended<br/>December 31, 2012</b> In addition, the average annual total returns table shows hypothetical after-tax returns to suggest how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132. 0 0 0 Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132. 20 52 0.004 164 0 285 0.0011 0.0051 640 0.054 The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. <b>Nondiversification risk</b> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund&#8217;s share price can be expected to fluctuate more than that of a comparable diversified fund. <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualTotalReturnsNewJerseyTax-FreeBondFundBarChart column period compact * ~</div> The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-225-5132 troweprice.com The fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. <b>Annual fund operating expenses<br>(expenses that you pay each year as a<br>percentage of the value of your investment)<b> 0.372 The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. <b>Nondiversification risk</b> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund&#8217;s share price can be expected to fluctuate more than that of a comparable diversified fund. The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-225-5132 troweprice.com The fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. The fund&#8217;s return for the three months ended 2013-03-31 0.006 <b>Best Quarter</b> 2009-03-31 0.0178 <b>Worst Quarter</b> 2004-06-30 -0.012 <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesMarylandShort-TermTax-FreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesGeorgiaTax-FreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesMarylandShort-TermTax-FreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesGeorgiaTax-FreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedMarylandShort-TermTax-FreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedGeorgiaTax-FreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualTotalReturnsMarylandShort-TermTax-FreeBondFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualTotalReturnsGeorgiaTax-FreeBondFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAverageAnnualTotalReturnsTransposedMarylandShort-TermTax-FreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAverageAnnualTotalReturnsTransposedGeorgiaTax-FreeBondFund column period compact * ~</div> <b>Best Quarter</b> 2009-09-30 0.0704 <b>Worst Quarter</b> 2010-12-31 -0.0452 The fund&#8217;s return for the three months ended 2013-03-31 0.0017 In addition, the average annual total returns table shows hypothetical after-tax returns to suggest how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. <b>Average Annual Total Returns<br/><br/>Periods ended<br/>December 31, 2012</b> 0.0812 0.0812 0.0661 0.0678 0.0787 0.0557 0.0557 0.0536 0.0591 0.051 0.0437 0.051 0.0464 0.0472 0.0473 The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance.<br/><br/> The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted. The fund&#8217;s return for the three months ended 2013-03-31 0.0036 <b>Best Quarter</b> Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132. 2009-09-30 0.0697 <b>Worst Quarter</b> 2010-12-31 -0.0503 0.111 The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. <b>Nondiversification risk</b> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund&#8217;s share price can be expected to fluctuate more than that of a comparable diversified fund. The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-225-5132 troweprice.com The fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. 0.0756 0.0755 0.063 0.0678 0.0647 0.0587 0.0586 0.0565 0.0591 0.0478 <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesNewYorkTax-FreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesNewYorkTax-FreeBondFund column period compact * ~</div> 0.0474 0.0472 0.0467 0.051 0.0396 <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedNewYorkTax-FreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualTotalReturnsNewYorkTax-FreeBondFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAverageAnnualTotalReturnsTransposedNewYorkTax-FreeBondFund column period compact * ~</div> 0 0 0 20 0.004 0 0.0006 0.0046 47 148 258 579 <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesMarylandTax-FreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesMarylandTax-FreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedMarylandTax-FreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualTotalReturnsMarylandTax-FreeBondFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAverageAnnualTotalReturnsTransposedMarylandTax-FreeBondFund column period compact * ~</div> 0.019 <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualTotalReturnsVirginiaTax-FreeBondFundBarChart column period compact * ~</div> T. Rowe Price<br/><br/>Virginia Tax-Free Bond Fund<br/><br/><b>SUMMARY</b> Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. The figure shown under "Total annual fund operating expenses" does not match the "Ratio of expenses to average net assets" shown in the Financial Highlights table, as that figure includes the effect of voluntary management fee waivers. The fund's investment adviser believes the Barclays 1-3 Municipal Bond Index is more representative of the fund's investment program. T. Rowe Price Associates, Inc. has agreed (through June 30, 2015) to waive its fees and/or bear any expenses (excluding interest, taxes, brokerage, extraordinary expenses, and acquired fund fees) that would cause the fund's ratio of expenses to average daily net assets to exceed 0.55%. Termination of the agreement would require approval by the fund's Board of Trustees. Subject to shareholder approval, fees waived and expenses paid under this agreement are subject to reimbursement to T. Rowe Price Associates, Inc. by the fund whenever the fund's expense ratio is below 0.55%. However, no reimbursement will be made more than three years after the waiver or payment, or if it would result in the expense ratio exceeding 0.55% (excluding interest, taxes, brokerage, extraordinary expenses, and acquired fund fees). The figure shown under "Total annual fund operating expenses after fee waiver/expense reimbursement" does not match the "Ratio of expenses to average net assets" shown in the Financial Highlights table, as that figure includes the effect of voluntary management fee waivers. 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