T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
November
30,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES
99.4%
CALIFORNIA
95.9%
Abag
Fin.
Auth.
for
Nonprofit,
Odd
Fellows
Home,
Series A,
5.00%,
4/1/32
2,700
2,721
Abag
Fin.
Auth.
for
Nonprofit,
Odd
Fellows
Home,
Series A,
5.00%,
4/1/42
1,000
1,006
Abag
Fin.
Auth.
for
Nonprofit,
Sharp
Healthcare,
Series A,
5.00%,
8/1/43
3,000
3,024
Adelanto
Public
Utility
Auth.,
Utility
System
Project,
Series A,
5.00%,
7/1/39 (1)
2,000
2,141
Alameda
Corridor
Transportation
Auth.,
Series C,
5.00%,
10/1/52 (1)
1,000
1,051
Bay
Area
Toll
Auth.,
Series S-8,
3.00%,
4/1/54 (2)
4,500
3,343
California,
GO,
4.25%,
9/1/52
3,510
3,582
California,
GO,
5.00%,
9/1/41
2,380
2,660
California,
Series CU,
GO,
4.75%,
12/1/42
2,250
2,384
California,
Series CU,
GO,
4.85%,
12/1/46
1,230
1,300
California
Community
Choice
Fin.
Auth.,
Green
Bond,
Series B-1,
VRDN,
4.00%,
2/1/52
(Tender
8/1/31)
6,000
5,920
California
Community
Housing
Agency,
5.00%,
8/1/49 (3)
2,000
1,750
California
County
Tobacco
Securitization
Agency,
Series B-1,
5.00%,
6/1/49
390
390
California
Dept.
of
Water
Resources,
Water
System,
Series AS,
5.00%,
12/1/29
(Prerefunded
12/1/24) (4)
5
5
California
EFA,
Series A,
5.00%,
12/1/34
1,000
1,038
California
EFA,
Series A,
5.00%,
12/1/44
3,500
3,564
California
EFA,
Chapman
Univ.,
5.00%,
4/1/36
4,260
4,384
California
EFA,
Univ.
of
San
Francisco,
Series A,
5.00%,
10/1/38
1,300
1,380
California
EFA,
Univ.
of
San
Francisco,
Series A,
5.00%,
10/1/43
4,500
4,693
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
8/1/35
400
413
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
8/1/40
500
506
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
8/1/45
550
551
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
8/1/50
550
544
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
8/1/55
825
803
California
HFFA,
Cedars-Sinai
Health
System,
Series A,
4.00%,
8/15/48
3,090
2,921
California
HFFA,
Cedars-Sinai
Health
System,
Series A,
5.00%,
8/15/51
3,250
3,472
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/28
560
597
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/29
880
938
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
2
Par
$
Value
(Amounts
in
000s)
California
HFFA,
City
Of
Hope
Obligated
Group,
5.00%,
11/15/49
3,100
3,140
California
HFFA,
Common
Spirit
Health,
Series A,
4.00%,
4/1/37
1,595
1,529
California
HFFA,
Common
Spirit
Health,
Series A,
4.00%,
4/1/38
1,295
1,231
California
HFFA,
Lucile
Salter
Packard
Children's
Hosp.
at
Stanford,
4.00%,
5/15/46
3,975
3,864
California
HFFA,
Lucile
Salter
Packard
Children's
Hosp.
at
Stanford,
4.00%,
5/15/51
9,000
8,588
California
HFFA,
Lucile
Salter
Children's
Hosp.
at
Stanford,
Series A,
5.00%,
11/15/56
3,350
3,444
California
HFFA,
Northern
California
Presbyterian
Homes
&
Services,
5.00%,
7/1/34
700
739
California
HFFA,
Northern
California
Presbyterian
Homes
&
Services,
5.00%,
7/1/39
1,300
1,360
California
HFFA,
Northern
California
Presbyterian
Homes
&
Services,
5.00%,
7/1/44
1,400
1,451
California
HFFA,
Providence
Healthcare
&
Services,
Unrefunded
Balance,
Series A,
5.00%,
10/1/38
1,410
1,434
California
HFFA,
Stanford
Health
Care,
Series A,
4.00%,
8/15/50
5,870
5,693
California
HFFA,
Sutter
Health,
Series A,
5.00%,
11/15/33
1,250
1,349
California
HFFA,
Sutter
Health,
Series A,
5.00%,
11/15/34
1,200
1,287
California
HFFA,
Sutter
Health,
Series A,
5.00%,
11/15/35
1,000
1,068
California
HFFA,
Sutter
Health,
Series A,
5.00%,
11/15/38
2,000
2,114
California
HFFA,
Sutter
Health,
Series A,
5.00%,
11/15/48
4,700
4,806
California
HFFA,
Sutter
Health,
Series B,
5.00%,
11/15/46
(Prerefunded
11/15/26) (4)
1,020
1,112
California
HFFA,
Sutter
Health,
Unrefunded
Balance,
Series B,
5.00%,
11/15/46
1,480
1,509
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35
1,456
1,413
California
Housing
Fin.,
Series 2019-2,
Class
A,
4.00%,
3/20/33
2,814
2,731
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
4.125%,
11/1/52
2,835
2,572
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
FRN,
1%
of
MUNIPSA
+
0.70%,
2.60%,
12/1/50
(Tender
6/1/26)
1,175
1,132
California
Infrastructure
&
Economic
Dev.
Bank,
Academy
Motion
Picture
Arts
&
Science,
5.00%,
11/1/41
2,840
2,880
California
Infrastructure
&
Economic
Dev.
Bank,
Academy
of
Sciences,
Series D,
FRN,
1%
of
MUNIPSA
+
0.35%,
2.25%,
8/1/47
(Tender
8/1/24)
1,975
1,946
California
Infrastructure
&
Economic
Dev.
Bank,
Green
Bond-
Climate
Bond
Certified,
5.00%,
8/1/49
3,750
3,976
California
Infrastructure
&
Economic
Dev.
Bank,
Museum
of
National
History,
Los
Angeles,
4.00%,
7/1/50
4,850
4,544
California
Municipal
Fin.
Auth.,
Bella
Mente
Montessori
Academy,
Series A,
5.00%,
6/1/48 (3)
1,150
1,016
California
Municipal
Fin.
Auth.,
Bowles
Hall
Foundation,
Series A,
5.00%,
6/1/35
300
302
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
3
Par
$
Value
(Amounts
in
000s)
California
Municipal
Fin.
Auth.,
Bowles
Hall
Foundation,
Series A,
5.00%,
6/1/50
4,830
4,832
California
Municipal
Fin.
Auth.,
California
Baptist
Univ.,
Series A,
5.00%,
11/1/36 (3)
1,920
1,943
California
Municipal
Fin.
Auth.,
Caritas
Affordable
Housing,
Series A,
5.25%,
8/15/39
500
509
California
Municipal
Fin.
Auth.,
Caritas
Affordable
Housing,
Series A,
5.25%,
8/15/49
1,425
1,445
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series A,
4.00%,
8/15/42
635
601
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series B,
3.00%,
8/15/31
150
135
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series B,
4.00%,
8/15/41
295
266
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series B,
4.00%,
8/15/51
435
369
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series B,
4.00%,
8/15/56
330
273
California
Municipal
Fin.
Auth.,
Channing
House
Project,
Series A,
5.00%,
5/15/35
1,000
1,082
California
Municipal
Fin.
Auth.,
Channing
House
Project,
Series B,
5.00%,
5/15/47
2,200
2,280
California
Municipal
Fin.
Auth.,
CHF-Davis
I,
LLC-West
Village,
5.00%,
5/15/36 (2)
2,000
2,118
California
Municipal
Fin.
Auth.,
Claremont
College
Project,
Series A,
5.00%,
7/1/40 (3)
1,515
1,403
California
Municipal
Fin.
Auth.,
Claremont
College
Project,
Series A,
5.00%,
7/1/52 (3)
2,075
1,815
California
Municipal
Fin.
Auth.,
Community
Health
System,
Series A,
4.00%,
2/1/51
3,900
3,481
California
Municipal
Fin.
Auth.,
Eisnhower
Medical
Center,
Series A,
5.00%,
7/1/33
1,000
1,043
California
Municipal
Fin.
Auth.,
Eisnhower
Medical
Center,
Series A,
5.00%,
7/1/36
2,550
2,618
California
Municipal
Fin.
Auth.,
Green
Bond-Orchard
Park
Student,
4.00%,
5/15/46 (2)
1,750
1,651
California
Municipal
Fin.
Auth.,
Institute
on
Aging
Project,
5.00%,
8/15/36
365
395
California
Municipal
Fin.
Auth.,
Institute
on
Aging
Project,
5.00%,
8/15/37
315
340
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
4.00%,
10/1/29 (3)
420
392
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
5.00%,
10/1/39 (3)
900
832
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
5.00%,
10/1/49 (3)
1,000
871
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
4
Par
$
Value
(Amounts
in
000s)
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
5.00%,
10/1/57 (3)
1,650
1,399
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
4.00%,
12/31/47 (1)(5)
2,845
2,550
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
5.00%,
12/31/38 (5)
1,500
1,531
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
5.00%,
12/31/43 (5)
5,500
5,560
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
5.00%,
12/31/47 (5)
5,500
5,529
California
Municipal
Fin.
Auth.,
MT
San
Antonio
Gardens
Project,
5.00%,
11/15/39
1,000
987
California
Municipal
Fin.
Auth.,
MT
San
Antonio
Gardens
Project,
5.00%,
11/15/49
3,375
3,221
California
Municipal
Fin.
Auth.,
MT
San
Antonio
Gardens
Project,
Series A,
4.00%,
11/15/52
1,000
763
California
Municipal
Fin.
Auth.,
MT
San
Antonio
Gardens
Project,
Series A,
4.00%,
11/15/56
1,100
815
California
Municipal
Fin.
Auth.,
National
Univ.,
Series A,
5.00%,
4/1/29
1,045
1,165
California
Municipal
Fin.
Auth.,
National
Univ.,
Series A,
5.00%,
4/1/30
1,245
1,380
California
Municipal
Fin.
Auth.,
National
Univ.,
Series A,
5.00%,
4/1/32
1,035
1,137
California
Municipal
Fin.
Auth.,
National
Univ.,
Series A,
5.00%,
4/1/40
1,000
1,053
California
Municipal
Fin.
Auth.,
National
Univ.,
Series A,
5.00%,
4/1/41
1,000
1,050
California
Municipal
Fin.
Auth.,
Orange
County
Civic
CTR
Infrastructure,
Series A,
5.00%,
6/1/43
1,950
2,081
California
Municipal
Fin.
Auth.,
Paradise
Valley
Estates
Project,
Series A,
5.00%,
1/1/30
510
562
California
Municipal
Fin.
Auth.,
Paradise
Valley
Estates
Project,
Series A,
5.00%,
1/1/31
375
414
California
Municipal
Fin.
Auth.,
Paradise
Valley
Estates
Project,
Series A,
5.00%,
1/1/32
350
385
California
Municipal
Fin.
Auth.,
Republic
Services,
Series A,
VRDN,
3.875%,
7/1/41
(Tender
4/3/23) (5)
4,000
4,006
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/26 (6)
950
1,032
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/28 (6)
1,005
1,130
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/29 (6)
780
891
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/31 (6)
1,000
1,173
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
5
Par
$
Value
(Amounts
in
000s)
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/32 (6)
1,025
1,216
California
Municipal
Fin.
Auth.,
Samuel
Merritt
Univ.,
5.25%,
6/1/53 (7)
3,775
4,040
California
Municipal
Fin.
Auth.,
Touro
College
&
Univ.
System,
Series A,
4.00%,
1/1/25
(Prerefunded
7/1/24) (4)
560
572
California
Municipal
Fin.
Auth.,
UCR
North
Dist.
Phase
1
Student,
5.00%,
5/15/33
1,000
1,025
California
Municipal
Fin.
Auth.,
Univ.
of
San
Diego,
Series A,
5.00%,
10/1/49
4,500
4,701
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/37
3,440
3,486
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/48
4,025
3,929
California
PFA,
Enso
Village
Project,
5.00%,
11/15/46 (3)
500
423
California
PFA,
Enso
Village
Project,
5.00%,
11/15/51 (3)
1,000
829
California
PFA,
Enso
Village
Project,
5.00%,
11/15/56 (3)
1,000
812
California
PFA,
Henry
Mayo
Newhall
Hosp.,
5.00%,
10/15/32
500
519
California
PFA,
Henry
Mayo
Newhall
Hosp.,
5.00%,
10/15/33
500
517
California
PFA,
Henry
Mayo
Newhall
Hosp.,
5.00%,
10/15/37
1,000
1,022
California
PFA,
Henry
Mayo
Newhall
Hosp.,
5.00%,
10/15/47
3,500
3,533
California
PFA,
Hoag
Memorial
Hosp.,
Series A,
4.00%,
7/15/51
5,000
4,827
California
Pollution
Control
Fin.
Auth.,
Waste
Management
Project,
Series A,
VRDN,
2.50%,
7/1/31
(Tender
5/1/24) (5)
2,625
2,563
California
Public
Works
Board,
Series B,
4.00%,
5/1/37
425
434
California
Public
Works
Board,
Series B,
4.00%,
5/1/40
750
758
California
Public
Works
Board,
Series B,
4.00%,
5/1/41
1,000
1,008
California
Public
Works
Board,
Series C,
4.00%,
8/1/37
2,250
2,299
California
School
Fin.
Auth.,
Aspire
Public
School,
5.00%,
8/1/41
(Prerefunded
8/1/25) (3)(4)
175
186
California
School
Fin.
Auth.,
Aspire
Public
School,
Unrefunded
Balance,
5.00%,
8/1/41 (3)
1,825
1,831
California
School
Fin.
Auth.,
Classical
Academies,
Series A,
5.00%,
10/1/52 (3)
2,000
1,983
California
School
Fin.
Auth.,
John
Adams
Academies,
Series A,
5.00%,
7/1/52 (3)
600
529
California
School
Fin.
Auth.,
Kipp
Socal
Public
School,
Series A,
4.00%,
7/1/50 (3)
1,135
949
California
School
Fin.
Auth.,
Kipp
Socal
Public
School,
Series A,
5.00%,
7/1/39 (3)
2,000
2,044
California
School
Fin.
Auth.,
Kipp
Socal
Public
School,
Series A,
5.00%,
7/1/49 (3)
1,850
1,856
California
School
Fin.
Auth.,
Kipp
Socal
Public
School,
Series A,
5.00%,
7/1/54 (3)
1,150
1,152
California
School
Fin.
Auth.,
New
Designs
Charter
School
ADA,
5.00%,
6/1/40 (3)
690
659
California
School
Fin.
Auth.,
New
Designs
Charter
School
ADA,
5.00%,
6/1/50 (3)
1,030
944
California
State
Univ.,
Series C,
4.00%,
11/1/45
2,125
2,085
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
6
Par
$
Value
(Amounts
in
000s)
California
Statewide
CDA,
5.00%,
9/2/40
1,055
1,089
California
Statewide
CDA,
899
Charleston
Project,
Series A,
5.25%,
11/1/44 (3)
1,500
1,264
California
Statewide
CDA,
Adventist
Health,
Series A,
5.00%,
3/1/48
1,840
1,876
California
Statewide
CDA,
CHF-Irvine,
5.00%,
5/15/34
1,250
1,274
California
Statewide
CDA,
CHF-Irvine,
5.00%,
5/15/35
1,000
1,017
California
Statewide
CDA,
CHF-Irvine,
5.00%,
5/15/40
950
959
California
Statewide
CDA,
Enloe
Medical
Center,
5.00%,
8/15/38
(Prerefunded
2/15/26) (4)
2,500
2,683
California
Statewide
CDA,
Enloe
Medical
Center,
Series A,
5.25%,
8/15/52 (1)
3,120
3,288
California
Statewide
CDA,
Enloe
Medical
Center,
Series A,
5.375%,
8/15/57 (1)
1,000
1,056
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
4.00%,
4/1/41
2,000
1,907
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
4.00%,
4/1/51
4,000
3,616
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
5.00%,
11/15/44
(Prerefunded
11/15/24) (1)(4)
1,750
1,831
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
Series A,
5.00%,
4/1/28
390
414
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
Series A,
5.00%,
4/1/31
175
185
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
Series A,
5.00%,
4/1/47
1,750
1,801
California
Statewide
CDA,
Huntington
Memorial
Hosp.
Project,
5.00%,
7/1/43
1,750
1,807
California
Statewide
CDA,
Huntington
Memorial
Hosp.
Project,
5.00%,
7/1/48
5,650
5,823
California
Statewide
CDA,
Infrastructure
Program,
5.00%,
9/2/50
800
809
California
Statewide
CDA,
Infrastructure
Program,
Series A,
5.00%,
9/2/48
940
959
California
Statewide
CDA,
John
Muir
Health,
Series A,
4.00%,
8/15/51
2,100
1,990
California
Statewide
CDA,
John
Muir
Health,
Series A,
5.00%,
8/15/46
1,000
1,026
California
Statewide
CDA,
John
Muir
Health,
Series A,
5.00%,
8/15/51
1,750
1,790
California
Statewide
CDA,
John
Muir
Health,
Series A,
5.00%,
12/1/53
1,000
1,028
California
Statewide
CDA,
Lancer
Educational
Student
Housing
Project,
Series A,
5.00%,
6/1/34 (3)
375
368
California
Statewide
CDA,
Lancer
Educational
Student
Housing
Project,
Series A,
5.00%,
6/1/39 (3)
675
644
California
Statewide
CDA,
Lancer
Educational
Student
Housing
Project,
Series A,
5.00%,
6/1/51 (3)
4,135
3,730
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
7
Par
$
Value
(Amounts
in
000s)
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/36 (3)
500
501
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58 (3)
7,750
7,810
California
Statewide
CDA,
Methodist
Hosp.
of
Southern
CA,
5.00%,
1/1/38
750
771
California
Statewide
CDA,
Methodist
Hosp.
of
Southern
CA,
5.00%,
1/1/43
1,800
1,830
California
Statewide
CDA,
Methodist
Hosp.
of
Southern
CA,
5.00%,
1/1/48
2,910
2,939
California
Statewide
CDA,
Montage
Health,
Series A,
4.00%,
6/1/40
1,000
990
California
Statewide
CDA,
Montage
Health,
Series A,
4.00%,
6/1/41
1,000
988
California
Statewide
CDA,
Montage
Health,
Series A,
4.00%,
6/1/46
1,630
1,582
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/29
1,000
1,001
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
5.00%,
9/2/49
1,000
1,019
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
Series A-1,
5.00%,
9/2/42
1,000
1,008
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
Series A-1,
5.00%,
9/2/52
1,100
1,077
California
Statewide
CDA,
Univ.
of
California,
Irvine
Campus,
Series A,
5.00%,
5/15/26
950
987
California
Statewide
CDA,
Univ.
of
California,
Irvine
Campus,
Series A,
5.00%,
5/15/28
1,230
1,285
California
Statewide
CDA,
Univ.
of
California,
Irvine
Campus,
Series A,
5.00%,
5/15/42
3,700
3,723
California
Statewide
CDA,
Viamonte
Senior
Living,
Series A,
5.00%,
7/1/30
125
139
California
Statewide
CDA,
Viamonte
Senior
Living,
Series A,
5.00%,
7/1/31
150
166
California
Statewide
CDA,
Viamonte
Senior
Living,
Series A,
5.00%,
7/1/32
100
110
California
Statewide
CDA,
Viamonte
Senior
Living,
Series A,
5.00%,
7/1/33
125
138
California,
Construction
Bonds,
GO,
4.00%,
10/1/44
1,850
1,864
California,
Refunding,
GO,
4.00%,
11/1/40
5,250
5,353
California,
Various
Purpose,
GO,
5.00%,
10/1/39
2,375
2,464
California,
Various
Purpose,
GO,
5.00%,
4/1/42
6,000
6,732
California,
Various
Purpose,
GO,
5.00%,
11/1/43
2,300
2,335
Compton
Community
Redev.
Agency
Successor
Agency,
Series A,
5.00%,
8/1/37 (1)
1,700
1,815
Compton
Community
Redev.
Agency
Successor
Agency,
Series A,
5.00%,
8/1/42 (1)
1,250
1,316
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
8
Par
$
Value
(Amounts
in
000s)
CSCDA
Community
Improvement
Auth.,
Altana
Glendale
Social
Bonds,
Series A-2,
4.00%,
10/1/56 (3)
2,470
1,808
CSCDA
Community
Improvement
Auth.,
Parallel
Anaheim
Social
Bonds,
4.00%,
8/1/56 (3)
3,000
2,284
Del
Mar
Race
Track
Auth.,
5.00%,
10/1/35
1,665
1,602
Del
Mar
Race
Track
Auth.,
5.00%,
10/1/36
1,000
958
Federal
Home
Loan
Mortgage
Multifamily
Variable
Rate
Certificate,
Series M-049,
3.05%,
4/15/34
1,850
1,594
Foothill-Eastern
Transportation
Corridor
Agency,
Series A,
4.00%,
1/15/46
4,000
3,672
Foothill-Eastern
Transportation
Corridor
Agency,
Series C,
4.00%,
1/15/32
175
176
Foothill-Eastern
Transportation
Corridor
Agency,
Series C,
4.00%,
1/15/33
250
249
Foothill-Eastern
Transportation
Corridor
Agency,
Series C,
5.00%,
1/15/30
150
161
Foothill-Eastern
Transportation
Corridor
Agency,
Series C,
5.00%,
1/15/31
150
161
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series A,
5.00%,
9/1/44
4,600
4,659
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series A,
5.25%,
9/1/37
3,100
3,160
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series B,
5.00%,
9/1/47
1,300
1,320
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series C,
5.00%,
9/1/47
525
533
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series D,
5.00%,
3/1/57
2,350
2,369
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
5.00%,
9/1/34
360
366
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
5.00%,
9/1/37
1,390
1,449
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
5.00%,
9/1/39
1,000
1,012
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
5.00%,
9/1/43
2,000
2,052
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
5.00%,
9/1/44
1,500
1,512
Jefferson
Union
High
School
Dist.,
Series A,
GO,
6.45%,
8/1/25 (8)
805
842
Jefferson
Union
High
School
Dist.,
Series A,
GO,
6.45%,
8/1/29 (8)
1,000
1,144
Jurupa
PFA,
Special
Tax,
Series A,
5.00%,
9/1/33
1,175
1,212
Lake
Elsinore,
Community
Fac.
Dist.
No.
2016-2,
Special
Tax,
5.00%,
9/1/43
2,475
2,538
Lake
Elsinore,
Community
Fac.
Dist.
No.
2016-2,
Special
Tax,
5.00%,
9/1/48
3,640
3,710
Long
Beach
Bond
Fin.
Auth.,
Series A,
5.50%,
11/15/37
2,135
2,372
Long
Beach,
Harbor,
Series A,
5.00%,
5/15/37 (5)
1,300
1,369
Long
Beach,
Marina
System,
5.00%,
5/15/32
1,655
1,701
Long
Beach,
Marina
System,
5.00%,
5/15/45
2,500
2,529
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
9
Par
$
Value
(Amounts
in
000s)
Los
Angeles
County
Fac.,
Vermont
Corridor
County
Administrative
Building,
Series A,
5.00%,
12/1/43
6,400
6,807
Los
Angeles
County
Metropolitan
Transportation
Auth.,
Green
Bond-Measure
R
Junior,
Series A,
4.00%,
6/1/37
1,375
1,419
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/35 (5)
500
527
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/44 (5)
1,000
1,027
Los
Angeles
Dept.
of
Airports,
Series B,
5.00%,
5/15/36 (5)
1,200
1,239
Los
Angeles
Dept.
of
Airports,
Series B,
5.00%,
5/15/42
930
981
Los
Angeles
Dept.
of
Airports,
Series C,
5.00%,
5/15/45 (5)
1,620
1,687
Los
Angeles
Dept.
of
Airports,
Series D,
4.00%,
5/15/44 (5)
2,500
2,329
Los
Angeles
Dept.
of
Airports,
Series D,
4.00%,
5/15/51 (5)
2,000
1,802
Los
Angeles
Dept.
of
Airports,
Series D,
5.00%,
5/15/36 (5)
1,000
1,054
Los
Angeles
Dept.
of
Airports,
Series D,
5.00%,
5/15/37 (5)
1,000
1,048
Los
Angeles
Dept.
of
Airports,
Green
Bond,
Series G,
4.00%,
5/15/47 (5)
1,500
1,388
Los
Angeles
Dept.
of
Airports,
Revenue
Bonds
2015,
Series D,
5.00%,
5/15/36 (5)
1,500
1,536
Los
Angeles
Dept.
of
Water
&
Power,
Series B,
5.00%,
7/1/52
1,000
1,093
Los
Angeles
Dept.
of
Water
&
Power,
Series B-4,
VRDN,
0.55%,
7/1/35
500
500
Los
Angeles
Unified
School
Dist.,
Election
2008,
Series A,
GO,
4.00%,
7/1/34
3,750
3,839
Mesa
Water
Dist.,
COP,
4.00%,
3/15/45
1,020
1,021
Metropolitan
Water
Dist.
of
Southern
California,
Series C,
FRN,
1%
of
MUNIPSA
+
0.14%,
2.04%,
7/1/47
(Tender
5/21/24)
3,000
2,976
Mountain
View
Shoreline
Regional
Park
Community,
Series A,
5.75%,
8/1/40
(Prerefunded
12/5/22) (4)
1,500
1,500
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series A,
5.00%,
3/1/24 (5)
1,170
1,194
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series A,
5.00%,
3/1/25 (5)
1,405
1,432
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series A,
5.00%,
3/1/41 (5)
2,000
2,040
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series A,
5.00%,
3/1/47 (5)
2,000
2,022
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series C,
5.00%,
3/1/31
2,000
2,050
Northern
California
Energy
Auth.,
Series A,
VRDN,
4.00%,
7/1/49
(Tender
7/1/24)
3,500
3,512
Oakland
Unified
School
Dist.,
Alameda
County,
Series A,
GO,
5.00%,
8/1/34
(Prerefunded
8/1/25) (4)
1,250
1,327
Oakland
Unified
School
Dist.,
Alameda
County,
Series A,
GO,
5.00%,
8/1/35
(Prerefunded
8/1/25) (4)
1,210
1,285
Oceanside
Unified
School
Dist.,
Series A,
GO,
Zero
Coupon,
8/1/28 (6)(9)
500
424
Oceanside
Unified
School
Dist.,
Series A,
GO,
Zero
Coupon,
8/1/28 (6)(9)
250
212
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
10
Par
$
Value
(Amounts
in
000s)
Oceanside
Unified
School
Dist.,
Unrefunded
Balance,
Series A,
GO,
Zero
Coupon,
8/1/28 (9)
4,250
3,544
Ontario
Int'l
Airport
Auth.,
North
Terminal
Project,
Series B,
4.00%,
5/15/36 (1)(5)
1,040
1,010
Ontario
Int'l
Airport
Auth.,
North
Terminal
Project,
Series B,
4.00%,
5/15/37 (1)(5)
575
553
Ontario
Int'l
Airport
Auth.,
North
Terminal
Project,
Series B,
4.00%,
5/15/40 (1)(5)
1,350
1,267
Orange
County
Community
Fac.
Dist.,
No.
2015-1,
Esencia
Village,
Series A,
5.25%,
8/15/45
2,930
2,979
Orange
County
Community
Fac.
Dist.,
No.
2021-1,
Rienda,
Series A,
5.00%,
8/15/47
500
508
Orange
County
Water
Dist.,
Series C,
4.00%,
8/15/35
1,000
1,039
Palo
Alto,
Limited
Obligation,
University
Ave.,
5.00%,
9/2/26
880
885
Palo
Alto,
Limited
Obligation,
University
Ave.,
5.00%,
9/2/27
450
452
Palo
Alto,
Limited
Obligation,
University
Ave.,
5.00%,
9/2/28
525
528
Palomar
Health,
Election
2004,
Series A,
GO,
Zero
Coupon,
8/1/25 (9)
5,000
4,564
Pittsburg
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
9/1/28 (1)
3,000
3,209
Pittsburg
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
9/1/29 (1)
1,935
2,072
Port
of
Los
Angeles,
Harbor
Dept.,
Series A,
5.00%,
8/1/36 (5)
4,075
4,139
Port
of
Oakland,
Intermediate
Lien,
Series H,
5.00%,
5/1/29 (5)
1,725
1,879
Port
of
Oakland,
Intermediate
Lien,
Series H,
5.00%,
11/1/29 (5)
1,625
1,780
Rancho
Cucamonga
Redev.
Agency,
Successor
Agency,
5.00%,
9/1/28 (1)
2,700
2,799
Rancho
Cucamonga
Redev.
Agency,
Successor
Agency,
5.00%,
9/1/29 (1)
1,800
1,866
Regents
of
the
Univ.
of
California
Medical
Center
Pooled
Revenue,
Series P,
3.50%,
5/15/54
2,000
1,687
Regents
of
the
Univ.
of
California
Medical
Center
Pooled
Revenue,
Series P,
4.00%,
5/15/53
3,000
2,826
Riverside
County
Transportation
Commission,
Series B-1,
4.00%,
6/1/46
3,000
2,768
Rocklin,
Special
Tax,
5.00%,
9/1/37
535
547
Rocklin,
Special
Tax,
5.00%,
9/1/38
975
996
Roseville
Natural
Gas
Fin.
Auth.,
5.00%,
2/15/26
1,000
1,037
Sacramento
City
Fin.
Auth.,
5.00%,
12/1/30 (2)
1,000
1,063
Sacramento
City
Fin.
Auth.,
5.00%,
12/1/31 (2)
1,380
1,466
Sacramento
City
Fin.
Auth.,
5.00%,
12/1/34 (2)
2,275
2,408
Sacramento
County
Airport,
Series A,
5.00%,
7/1/41
2,175
2,237
Sacramento
County
Airport,
Series B,
5.00%,
7/1/41
2,275
2,332
Sacramento
County
Airport,
Series C,
5.00%,
7/1/36 (5)
4,000
4,164
Sacramento
Transient
Occupancy
Tax,
Convention
Center,
Series A,
5.00%,
6/1/38
1,240
1,318
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
11
Par
$
Value
(Amounts
in
000s)
Sacramento
Transient
Occupancy
Tax,
Convention
Center,
Series A,
5.00%,
6/1/43
4,650
4,893
Sacramento,
Railyards
Community
Fac.
Dist.
No.
201,
5.375%,
9/1/52 (3)
2,195
2,221
San
Bernardino
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
12/1/25 (1)
1,275
1,348
San
Bernardino
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
12/1/31 (1)
1,945
2,095
San
Clemente,
Special
Tax,
Community
Fac.
Dist.
No.
2006-1,
5.00%,
9/1/40
970
985
San
Diego
Assn.
of
Governments
South
Bay
Expressway,
Senior
Lien-Toll,
Series A,
5.00%,
7/1/38
2,100
2,243
San
Diego
Assn.
of
Governments
South
Bay
Expressway,
Senior
Lien-Toll,
Series A,
5.00%,
7/1/42
2,700
2,874
San
Diego
County
Regional
Airport
Auth.,
Series A,
5.00%,
7/1/47
1,800
1,849
San
Diego
County
Regional
Airport
Auth.,
Series B,
4.00%,
7/1/46 (5)
2,540
2,319
San
Diego
County
Regional
Airport
Auth.,
Series B,
4.00%,
7/1/51 (5)
1,500
1,334
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.00%,
7/1/35 (5)
1,215
1,274
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.00%,
7/1/37 (5)
1,000
1,041
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.00%,
7/1/38 (5)
1,000
1,039
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.00%,
7/1/39 (5)
600
621
San
Diego
County
Water
Auth.,
Series A,
5.00%,
5/1/47
1,500
1,677
San
Diego
County,
Special
Tax,
Harmony
Grove
Village,
Series A,
4.00%,
9/1/45
550
486
San
Diego
County,
Special
Tax,
Harmony
Grove
Village,
Series A,
4.00%,
9/1/50
1,100
954
San
Diego
County,
Special
Tax,
Harmony
Grove
Village,
Improvement
Area
No.
1,
Series A,
4.00%,
9/1/50
875
751
San
Diego
Public
Fac.
Fin.
Auth.,
Series A,
5.00%,
5/15/52
5,650
6,210
San
Diego
Unified
School
Dist.,
Green
Bond,
Series O-2,
GO,
4.25%,
7/1/47
3,000
3,035
San
Francisco
Bay
Area
Rapid
Transit
Dist.
Sales
Tax,
Series A,
4.00%,
7/1/37
350
354
San
Francisco
Bay
Area
Rapid
Transit
Dist.
Sales
Tax,
Series A,
4.00%,
7/1/39
625
628
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series A,
5.00%,
5/1/29
1,000
1,071
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series A,
5.00%,
5/1/38 (5)
2,710
2,832
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series A,
5.00%,
5/1/44 (5)
2,950
3,026
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
12
Par
$
Value
(Amounts
in
000s)
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series A,
5.00%,
5/1/52 (5)
1,000
1,023
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series B,
5.00%,
5/1/46 (5)
5,000
5,063
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series E,
4.00%,
5/1/50 (5)
1,800
1,629
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series E,
5.00%,
5/1/50 (5)
500
509
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Unrefunded
Balance,
Series A,
5.00%,
5/1/47 (5)
3,000
3,045
San
Francisco
Community
College
Dist.,
GO,
5.00%,
6/15/31
2,505
2,634
San
Jose
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
8/1/34
2,500
2,714
San
Jose,
El
Parador
Apartments
Project,
Series A,
6.10%,
1/1/31 (5)
885
885
San
Marcos
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
10/1/31
2,165
2,286
San
Marcos
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
10/1/32
850
897
San
Marcos
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
10/1/34
900
946
Santa
Margarita
Water
Dist.,
Community
Fac.
Dist.
2013-1,
5.625%,
9/1/36
1,155
1,168
Santa
Monica
Redev.
Agency,
Earthquake
Recovery,
5.875%,
7/1/36
1,390
1,395
Santa
Monica
Redev.
Agency,
Earthquake
Recovery,
5.875%,
7/1/42
1,500
1,505
South
San
Francisco
Public
Fac.
Fin.
Auth.,
Police
Station
Project,
Series A,
4.00%,
6/1/46
1,470
1,442
Southern
California
Tobacco
Securitization
Auth,
Asset
Backed,
Series A,
Class
1,
5.00%,
6/1/33
1,170
1,243
Southern
California
Tobacco
Securitization
Auth,
Asset
Backed,
Series A,
Class
1,
5.00%,
6/1/35
900
947
Sunnyvale
Fin.
Auth.,
Green
Bond-Civic
Center
Project,
4.00%,
4/1/50
4,740
4,613
Transbay
Joint
Powers
Auth.,
Green
Bond,
Series A,
5.00%,
10/1/45
1,750
1,802
Transbay
Joint
Powers
Auth.,
Green
Bond,
Series A,
5.00%,
10/1/49
1,700
1,726
Univ.
of
California
Regents,
Series M,
5.00%,
5/15/47
4,250
4,488
Univ.
of
California
Regents,
Series O,
5.50%,
5/15/58
9,500
10,271
Univ.
of
California
Regents
Medical
Center,
Series B-2,
VRDN,
0.55%,
5/15/32
1,600
1,600
Univ.
of
California
Regents
Medical
Center,
Series O-1,
VRDN,
0.55%,
5/15/45
4,700
4,700
Univ.
of
California
Regents
Medical
Center,
Pooled,
Series L,
4.50%,
5/15/36
1,900
1,951
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
13
Par
$
Value
(Amounts
in
000s)
Univ.
of
California
Regents
Medical
Center,
Pooled,
Series P,
5.00%,
5/15/47
5,000
5,399
Vernon
Electric
System
Revenue,
Series 2022-A,
5.00%,
8/1/41
840
866
Washington
Township
Health
Care
Dist.,
Series A,
4.00%,
7/1/35
600
568
Washington
Township
Health
Care
Dist.,
Series A,
5.00%,
7/1/30
500
526
Washington
Township
Health
Care
Dist.,
Series A,
5.00%,
7/1/31
1,000
1,050
Washington
Township
Health
Care
Dist.,
Series A,
5.00%,
7/1/36
620
632
West
Sacramento
Fin.
Auth.,
Series A,
5.00%,
9/1/26 (9)
1,640
1,728
618,845
NEW
YORK
0.7%
Metropolitan
Transportation
Auth.,
Series A-1,
VRDN,
1.00%,
11/1/31
1,700
1,700
Metropolitan
Transportation
Auth.,
Series E-1,
VRDN,
0.98%,
11/15/50
3,100
3,100
4,800
PUERTO
RICO
2.8%
Puerto
Rico
Commonwealth,
VR,
11/1/43 (10)(11)
1,551
706
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35 (3)
1,590
1,574
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/24
110
101
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33
423
231
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
1,329
1,155
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
295
251
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
253
211
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41
345
276
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/46
358
276
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.25%,
7/1/23
183
184
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25
366
371
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
902
923
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
1,317
1,348
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
1,846
1,893
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (11)(12)
15
11
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (11)
(12)
25
18
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
14
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (11)
(12)
225
166
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (11)
(12)
65
48
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (11)
(12)
80
59
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (11)
(12)
305
225
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (11)
(12)
100
74
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (11)
(12)
125
92
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (11)
(12)
15
11
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (11)
(12)
15
11
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (11)
(12)
75
55
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (11)
(12)
65
48
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (11)
(12)
30
22
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (11)
(12)
80
59
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (11)
(12)
60
45
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (11)
(12)
20
14
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (11)
(12)
35
26
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (11)
(12)
25
18
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (11)
(12)
245
181
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (11)
(12)
70
52
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (11)
(12)
25
19
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.50%,
7/1/34
349
329
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
7,647
6,968
18,051
Total
Municipal
Securities
(Cost
$668,479)
641,696
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
15
Par
$
Value
(Amounts
in
000s)
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.4%
Freddie
Mac
Multifamily
ML
Certificates,
Series 2021-ML10,
Class
ACA,
2.046%,
6/25/38
3,448
2,598
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$3,567)
2,598
Total
Investments
in
Securities
99.8%
(Cost
$672,046)
$
644,294
Other
Assets
Less
Liabilities
0.2%
1,445
Net
Assets
100.0%
$
645,739
‡
Par
is
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Insured
by
Assured
Guaranty
Municipal
Corporation
(2)
Insured
by
Build
America
Mutual
Assurance
Company
(3)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$47,822
and
represents
7.4%
of
net
assets.
(4)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(5)
Interest
subject
to
alternative
minimum
tax.
(6)
Escrowed
to
maturity
(7)
When-issued
security
(8)
Insured
by
National
Public
Finance
Guarantee
Corporation
(9)
Insured
by
Assured
Guaranty
Corporation
(10)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
(11)
Non-income
producing
(12)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
CDA
Community
Development
Administration/Authority
COP
Certificate
of
Participation
EFA
Educational
Facility
Authority
FRN
Floating
Rate
Note
GO
General
Obligation
HFFA
Health
Facility
Financing
Authority
MUNIPSA
Securities
Industry
and
Financial
Markets
Association
(SIFMA)
Municipal
Swap
Index
PFA
Public
Finance
Authority/Agency
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
16
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
.
.
.
.
.
.
.
.
.
.
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
VRDN
Variable
Rate
Demand
Note
under
which
the
holder
has
the
right
to
sell
the
security
to
the
issuer
or
the
issuer’s
agent
at
a
predetermined
price
on
specified
dates;
such
specified
dates
are
considered
the
effective
maturity
for
purposes
of
the
fund’s
weighted
average
maturity;
rate
shown
is
effective
rate
at
period-end
and
maturity
date
shown
is
final
maturity.
Certain
VRDN
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
17
T.
Rowe
Price
California
Tax-Free
Bond
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
18
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
19
Valuation
Inputs
On
November
30,
2022,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
2,
based
on
the
inputs
used
to
determine
their
fair
values.
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F80-054Q3
11/22