T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
November
30,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
COMMON
STOCKS
0.0%
Westrock
—
10
Total
Common
Stocks
(Cost
$15)
10
MUNICIPAL
SECURITIES
98.8%
ALABAMA
0.2%
Wilsonville
Ind.
Dev.
Board,
VRDN,
1.45%,
12/1/30 (1)
2,000
2,000
2,000
DISTRICT
OF
COLUMBIA
11.9%
Metropolitan
Washington
Airports
Auth.,
5.00%,
10/1/35 (1)
4,360
4,543
Metropolitan
Washington
Airports
Auth.,
5.00%,
10/1/36 (1)
3,380
3,513
Metropolitan
Washington
Airports
Auth.,
5.00%,
10/1/37 (1)
3,100
3,208
Metropolitan
Washington
Airports
Auth.,
Series A,
4.00%,
10/1/37 (1)
3,345
3,235
Metropolitan
Washington
Airports
Auth.,
Series A,
4.00%,
10/1/38 (1)
3,960
3,811
Metropolitan
Washington
Airports
Auth.,
Series A,
4.00%,
10/1/38 (1)
3,020
2,906
Metropolitan
Washington
Airports
Auth.,
Series A,
4.00%,
10/1/41 (1)
1,415
1,337
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/31 (1)
5,000
5,506
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/35 (1)
2,000
2,142
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/36 (1)
5,195
5,474
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/37 (1)
7,460
7,814
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/38 (1)
5,930
6,160
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/43 (1)
7,185
7,370
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/44 (1)
13,930
14,310
Metropolitan
Washington
Airports
Auth.,
Series B,
4.00%,
10/1/37
2,470
2,479
Metropolitan
Washington
Airports
Auth.,
Series B,
4.00%,
10/1/38
2,565
2,567
Metropolitan
Washington
Airports
Auth.,
Series B,
5.00%,
10/1/33 (1)
6,450
6,646
Metropolitan
Washington
Airports
Auth.,
Series B,
5.00%,
10/1/35 (1)
7,000
7,162
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/32
655
712
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/33
550
596
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/35
1,000
1,075
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/36
1,000
1,069
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/38
2,000
2,118
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/39
1,350
1,422
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/44
14,965
15,649
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
6.50%,
10/1/44
1,875
2,094
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.00%,
7/15/39
5,000
5,440
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.00%,
7/15/45
16,540
17,684
Washington
Metropolitan
Area
Transit
Auth.,
Series A-1,
5.00%,
7/1/30
2,975
3,255
Washington
Metropolitan
Area
Transit
Auth.,
Series A-1,
5.00%,
7/1/31
3,125
3,408
Washington
Metropolitan
Area
Transit
Auth.,
Series A-1,
5.00%,
7/1/32
940
1,019
Washington
Metropolitan
Area
Transit
Auth.,
Series A-2,
5.00%,
7/1/32
1,708
Washington
Metropolitan
Area
Transit
Auth.,
Series A-2,
5.00%,
7/1/33
1,750
1,885
Washington
Metropolitan
Area
Transit
Auth.,
Series A-2,
5.00%,
7/1/34
1,225
1,313
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/42
2,655
2,783
153,413
GEORGIA
0.3%
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
1.60%,
11/1/52
4,150
4,150
4,150
NORTH
CAROLINA
0.2%
Charlotte-Mecklenburg
Hosp.
Auth.,
Series C,
VRDN,
1.00%,
1/15/37
2,800
2,800
2,800
PUERTO
RICO
5.1%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (2)(3)
7,098
3,230
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35 (4)
2,545
2,519
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/47 (4)
1,250
1,195
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/24
435
400
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33
1,676
917
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
4,905
4,264
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
2,151
1,829
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
1,005
837
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41
1,366
1,094
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/46
1,421
1,093
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.25%,
7/1/23
727
730
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25
1,451
1,470
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
2,263
2,315
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
2,490
2,548
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
2,443
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (3)(5)
30
22
Puerto
Rico
Electric
Power
Auth.,
Series A,
6.75%,
7/1/36 (3)(5)
2,775
2,095
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/27 (3)
(5)
365
270
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/30 (3)
(5)
1,100
814
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (3)
(5)
50
37
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (3)
(5)
105
78
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (3)
(5)
115
85
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (3)(5)
150
110
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (3)(5)
600
443
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (3)(5)
195
144
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (3)(5)
240
177
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (3)(5)
30
22
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (3)(5)
1,420
1,047
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (3)(5)
145
107
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (3)(5)
125
93
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (3)(5)
55
41
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (3)(5)
145
107
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (3)(5)
115
86
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (3)(5)
35
25
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (3)(5)
65
48
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/19 (3)(5)
630
463
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (3)(5)
50
37
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (3)(5)
550
406
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (3)(5)
140
104
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (3)(5)
50
37
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
11,203
10,208
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58
8,632
8,169
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.329%,
7/1/40
13,359
12,069
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.784%,
7/1/58
1,500
1,367
65,595
VIRGINIA
81.1%
Albemarle
County
Economic
Dev.
Auth.,
Sentara
Martha
Jefferson
Hosp.,
Series B,
VRDN,
1.00%,
10/1/48
5,325
5,325
Albemarle
County
Economic
Dev.
Auth.,
Westminster-Canterbury
Blue
Ridge,
4.00%,
6/1/49
2,800
2,306
Alexandria
IDA,
Episcopal
High
School,
4.00%,
1/1/25
410
420
Alexandria
IDA,
Episcopal
High
School,
4.00%,
1/1/26
425
435
Alexandria
IDA,
Episcopal
High
School,
4.00%,
1/1/30
265
270
Alexandria
IDA,
Episcopal
High
School,
4.00%,
1/1/35
1,500
1,517
Alexandria
IDA,
Episcopal
High
School,
4.00%,
1/1/36
1,000
1,011
Alexandria
IDA,
Episcopal
High
School,
4.00%,
1/1/40
2,500
2,502
Alexandria
IDA,
Episcopal
High
School,
Series C,
3.00%,
1/1/51
6,260
4,628
Alexandria
IDA,
Episcopal
High
School,
Series C,
4.00%,
1/1/32
845
889
Alexandria
IDA,
Episcopal
High
School,
Series C,
4.00%,
1/1/33
325
341
Alexandria
IDA,
Episcopal
High
School,
Series C,
4.00%,
1/1/46
2,450
2,381
Alexandria
IDA,
Goodwin
House,
5.00%,
10/1/35
(Prerefunded
10/1/25) (6)
1,995
2,112
Alexandria
IDA,
Goodwin
House,
5.00%,
10/1/45
(Prerefunded
10/1/25) (6)
7,540
7,984
Alexandria
IDA,
Goodwin
House,
5.00%,
10/1/50
(Prerefunded
10/1/25) (6)
1,000
1,059
Arlington
County,
GO,
4.00%,
6/15/33
3,025
3,194
Arlington
County,
GO,
4.00%,
6/15/36
8,585
8,861
Arlington
County,
GO,
4.00%,
6/15/37
2,835
2,915
Arlington
County,
GO,
5.00%,
6/15/40
1,710
1,927
Arlington
County
IDA,
Virginia
Hosp.
Center,
3.75%,
7/1/50
16,000
14,234
Arlington
County
IDA,
Virginia
Hosp.
Center,
4.00%,
7/1/38
1,500
1,505
Arlington
County
IDA,
Virginia
Hosp.
Center,
4.00%,
7/1/39
750
745
Arlington
County
IDA,
Virginia
Hosp.
Center,
4.00%,
7/1/40
2,600
2,548
Arlington
County
IDA,
Virginia
Hosp.
Center,
4.00%,
7/1/45
17,810
17,068
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/30
500
553
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/32
600
660
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/34
1,400
1,526
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/35
755
818
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/36
1,625
1,755
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/37
2,050
2,205
Botetourt
County,
Residential
Care
Fac.,
Glebe,
Inc.,
Series A,
6.00%,
7/1/34
550
563
Botetourt
County,
Residential
Care
Fac.,
Glebe,
Inc.,
Series A,
6.00%,
7/1/44
3,000
3,056
Capital
Region
Airport
Commission,
Series A,
4.00%,
7/1/24
1,000
1,006
Capital
Region
Airport
Commission,
Series A,
4.00%,
7/1/35
700
701
Capital
Region
Airport
Commission,
Series A,
4.00%,
7/1/38
850
836
Capital
Region
Airport
Commission,
Series A,
5.00%,
7/1/23
600
608
Cherry
Hill
CDA,
Potomac
Shores
Project,
4.50%,
3/1/25 (4)
475
472
Cherry
Hill
CDA,
Potomac
Shores
Project,
5.15%,
3/1/35 (4)
1,220
1,207
Cherry
Hill
CDA,
Potomac
Shores
Project,
5.40%,
3/1/45 (4)
2,195
2,150
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
First
Tier,
5.00%,
7/1/41 (7)
11,670
12,007
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
General
Resolution,
5.50%,
7/1/25 (8)(9)
6,270
6,563
Chesapeake
Expressway
Toll
Road,
Series A,
5.00%,
7/15/47
10,470
10,472
Chesapeake
Expressway
Toll
Road,
Series B,
STEP,
0.00%,
7/15/40
3,875
3,902
Chesapeake
Hosp.
Auth.,
Chesapeake
Regional
Medical,
4.00%,
7/1/39
1,800
1,746
Chesapeake
Hosp.
Auth.,
Chesapeake
Regional
Medical,
5.00%,
7/1/29
1,110
1,218
Chesapeake
Hosp.
Auth.,
Chesapeake
Regional
Medical,
5.00%,
7/1/31
1,490
1,628
Chesapeake
Hosp.
Auth.,
Chesapeake
Regional
Medical,
5.00%,
7/1/33
2,000
2,173
College
of
William
&
Mary,
Series A,
4.00%,
2/15/34
375
391
College
of
William
&
Mary,
Series A,
5.00%,
2/15/29
385
432
Fairfax
County
Economic
Dev.
Auth.,
Goodwin
House,
Series A,
5.00%,
10/1/36
(Prerefunded
10/1/24) (6)
7,060
7,478
Fairfax
County
Economic
Dev.
Auth.,
Goodwin
House,
Series A,
5.00%,
10/1/42
(Prerefunded
10/1/24) (6)
4,350
4,608
Fairfax
County
Economic
Dev.
Auth.,
Green
Bond
County
Facilities,
4.00%,
10/1/40
1,420
1,442
Fairfax
County
Economic
Dev.
Auth.,
Metrorail
Parking
System,
5.00%,
4/1/42
9,000
9,516
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/34
(Prerefunded
4/1/26) (6)
55
57
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/35
(Prerefunded
4/1/26) (6)
1,200
1,247
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,,
4.00%,
4/1/35
(Prerefunded
4/1/26) (6)
4,565
4,760
Fairfax
County
Economic
Dev.
Auth.,
Vinson
Hall,
Series A,
4.00%,
12/1/22 (8)
80
80
Fairfax
County
Economic
Dev.
Auth.,
Vinson
Hall,
Series A,
4.50%,
12/1/32
(Prerefunded
12/1/23) (6)
3,550
3,614
Fairfax
County
Economic
Dev.
Auth.,
Vinson
Hall,
Series A,
5.00%,
12/1/32
(Prerefunded
12/1/23) (6)
45
46
Fairfax
County
Economic
Dev.
Auth.,
Vinson
Hall,
Series A,
5.00%,
12/1/42
(Prerefunded
12/1/23) (6)
2,120
2,169
Fairfax
County
Economic
Dev.
Auth.,
Vinson
Hall,
Series A,
5.00%,
12/1/47
(Prerefunded
12/1/23) (6)
4,010
4,102
Fairfax
County
Economic
Dev.
Auth.,
Wiehle
Ave
Metrorail
Station,
5.00%,
8/1/34
2,000
2,259
Fairfax
County
IDA,
Inova
Health
System,
4.00%,
5/15/44
13,160
12,900
Fairfax
County
IDA,
Inova
Health
System,
Series A,
4.00%,
5/15/44
7,915
7,769
Fairfax
County
IDA,
Inova
Health
System,
Series A,
4.00%,
5/15/48
13,340
12,712
Fairfax
County
IDA,
Inova
Health
System,
Series A,
5.00%,
5/15/44
13,335
13,469
Fairfax
County
Redev.
&
Housing
Auth.,
Wedgewood
Affordable
Housing
Acquisition,
5.00%,
10/1/36
4,105
4,450
Fairfax
County
Redev.
&
Housing
Auth.,
Wedgewood
Affordable
Housing
Acquisition,
5.00%,
10/1/38
3,040
3,274
Fairfax
County
Sewer,
5.00%,
7/15/44
5,650
6,031
Fairfax
County
Sewer,
Series A,
4.00%,
7/15/51
5,000
5,033
Fairfax
County
Sewer,
Series A,
5.00%,
7/15/46
9,890
11,010
Fairfax
County
Water
Auth.,
5.00%,
4/1/44
4,720
5,018
Fairfax
County
Water
Auth.,
5.00%,
4/1/45
4,230
4,491
Farmville
IDA,
Convocation
Center
Project,
5.375%,
7/1/53
(Tender
7/1/43) (7)
15,400
16,154
Fredericksburg
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/29
1,600
1,634
Fredericksburg
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/31
425
433
Fredericksburg
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/33
1,250
1,271
Fredericksburg
Economic
Dev.
Auth.,
Medicorp
Health
System,
Series ME,
5.25%,
6/15/23
2,600
2,635
Greater
Richmond
Convention
Center
Auth.,
Hotel
Tax,
5.00%,
6/15/29
(Prerefunded
6/15/25) (6)
3,750
3,950
Greater
Richmond
Convention
Center
Auth.,
Hotel
Tax,
5.00%,
6/15/30
(Prerefunded
6/15/25) (6)
1,500
1,580
Greater
Richmond
Convention
Center
Auth.,
Hotel
Tax,
5.00%,
6/15/31
(Prerefunded
6/15/25) (6)
2,000
2,106
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
Greater
Richmond
Convention
Center
Auth.,
Hotel
Tax,
5.00%,
6/15/32
(Prerefunded
6/15/25) (6)
5,630
5,930
Hampton
Roads
Sanitation
Dist.,
Series A,
4.00%,
10/1/38
1,690
1,715
Hampton
Roads
Transportation
Accountability
Commission,
5.00%,
7/1/48
16,965
17,997
Hampton
Roads
Transportation
Accountability
Commission,
5.00%,
7/1/48
(Prerefunded
1/1/28) (6)
6,445
7,166
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
4.00%,
7/1/52
2,010
1,932
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
5.00%,
7/1/42
2,850
3,046
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
5.25%,
7/1/60
8,000
8,749
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
5.50%,
7/1/57
(Prerefunded
1/1/28) (6)
12,485
14,176
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/26 (4)
1,505
1,456
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/27 (4)
1,565
1,492
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/30 (4)
255
231
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/31 (4)
625
558
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/40 (4)
4,135
3,275
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/47 (4)
4,510
3,307
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
5.00%,
7/1/38
700
687
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
5.00%,
7/1/48
4,035
3,733
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
5.00%,
7/1/51
4,525
4,152
Henrico
County
Economic
Dev.
Auth.,
Lifespire
of
Virginia,
Series C,
5.00%,
12/1/37
2,900
2,918
Henrico
County
Economic
Dev.
Auth.,
Westminster
Canterbury
RIC,
4.00%,
10/1/50
2,500
2,203
Henrico
County
Economic
Dev.
Auth.,
Westminster
Canterbury
RIC,
Series A,
5.00%,
10/1/42
1,125
1,188
Henrico
County
Economic
Dev.
Auth.,
Westminster
Canterbury
RIC,
Series A,
5.00%,
10/1/47
1,565
1,634
Henrico
County
Economic
Dev.
Auth.,
Westminster
Canterbury
RIC,
Series A,
5.00%,
10/1/52
2,650
2,742
Henrico
County
Water
&
Sewer,
4.00%,
5/1/33
(Prerefunded
5/1/23) (6)
4,085
4,111
Henrico
County
Water
&
Sewer,
4.00%,
5/1/34
(Prerefunded
5/1/23) (6)
4,260
4,287
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
Henrico
County
Water
&
Sewer,
5.00%,
5/1/42
(Prerefunded
5/1/26) (6)
3,340
3,596
James
City
County
Economic
Dev.
Auth.,
4.00%,
6/1/41
3,120
2,417
James
City
County
Economic
Dev.
Auth.,
4.00%,
6/1/47
6,700
4,848
James
City
County
Economic
Dev.
Auth.,
Series A,
4.00%,
12/1/35
1,015
878
James
City
County
Economic
Dev.
Auth.,
Series A,
4.00%,
12/1/40
1,155
935
James
City
County
Economic
Dev.
Auth.,
Series A,
4.00%,
12/1/50
1,860
1,352
James
City
County
Economic
Dev.
Auth.,
United
Methodist
Homes,
Series A,
6.00%,
6/1/43
(Prerefunded
6/1/23) (6)
2,734
2,776
Lexington
IDA,
Kendal
at
Lexington,
4.00%,
1/1/31
850
773
Lexington
IDA,
Kendal
at
Lexington,
4.00%,
1/1/38
680
567
Lexington
IDA,
Kendal
at
Lexington,
4.00%,
1/1/42
1,120
892
Lexington
IDA,
Kendal
at
Lexington,
4.00%,
1/1/48
2,310
1,734
Lexington
IDA,
Kendal
at
Lexington,
Series A,
5.00%,
1/1/42
(Prerefunded
1/1/23) (6)
1,050
1,083
Lexington
IDA,
Kendal
at
Lexington,
Series A,
5.00%,
1/1/48
(Prerefunded
1/1/23) (6)
3,405
3,514
Lexington
IDA,
Washington
&
Lee
Univ.,
5.00%,
1/1/34
2,085
2,293
Lexington
IDA,
Washington
&
Lee
Univ.,
5.00%,
1/1/35
1,105
1,209
Lexington
IDA,
Washington
&
Lee
Univ.,
5.00%,
1/1/38
1,000
1,082
Lexington
IDA,
Washington
&
Lee
Univ.,
5.00%,
1/1/43
2,240
2,409
Lexington
IDA,
Washington
&
Lee
Univ.,
5.00%,
1/1/48
1,500
1,603
Loudoun
County,
Series A,
GO,
4.00%,
12/1/39
7,010
7,195
Loudoun
County
Economic
Dev.
Auth.,
Series A,
4.00%,
12/1/39
2,125
2,158
Loudoun
County
Economic
Dev.
Auth.,
Series A,
4.00%,
12/1/40
2,125
2,147
Loudoun
County
Economic
Dev.
Auth.,
Series A,
4.00%,
10/1/52
6,075
5,824
Loudoun
County
Economic
Dev.
Auth.,
Howard
Hughes
Medical,
Zero
Coupon,
7/1/49
5,000
1,597
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
4.00%,
1/1/37
1,650
1,585
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
4.00%,
1/1/39
1,320
1,241
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
4.00%,
1/1/41
2,245
2,069
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
4.00%,
1/1/55
11,395
9,977
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
Series A,
5.00%,
1/1/24
640
652
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
Series B,
VRDN,
1.00%,
1/1/47
3,000
3,000
Madison
County
IDA,
Woodberry
Forest
School,
3.00%,
10/1/50
11,000
8,573
Manassas
Park
Economic
Dev.
Auth.,
Virginia
Project,
4.00%,
12/15/38
500
501
Manassas
Park
Economic
Dev.
Auth.,
Virginia
Project,
4.00%,
12/15/39
500
499
Manassas
Park
Economic
Dev.
Auth.,
Virginia
Project,
4.00%,
12/15/40
500
495
Manassas
Park
Economic
Dev.
Auth.,
Virginia
Project,
4.00%,
12/15/52
5,000
4,735
Mosaic
Dist.
CDA,
Series A,
4.00%,
3/1/27
1,000
1,046
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
Mosaic
Dist.
CDA,
Series A,
4.00%,
3/1/33
1,400
1,440
Mosaic
Dist.
CDA,
Series A,
4.00%,
3/1/34
1,730
1,765
Mosaic
Dist.
CDA,
Series A,
4.00%,
3/1/35
2,000
2,020
Mosaic
Dist.
CDA,
Series A,
4.00%,
3/1/36
1,820
1,829
Newport
News
Economic
Dev.
Auth.,
Lifespire,
5.00%,
12/1/38
6,060
6,078
Newport
News
Water,
5.00%,
7/15/32
1,260
1,351
Norfolk,
Series A,
GO,
5.00%,
10/1/41
(Prerefunded
10/1/26) (6)
1,050
1,139
Norfolk,
Series A,
GO,
5.00%,
10/1/46
(Prerefunded
10/1/26) (6)
2,300
2,496
Norfolk
Economic
Dev.
Auth.,
Sentara
Healthcare,
Series B,
4.00%,
11/1/42
125
123
Norfolk
Economic
Dev.
Auth.,
Sentara
Healthcare,
Series B,
4.00%,
11/1/48
4,000
3,822
Norfolk
Economic
Dev.
Auth.,
Sentara
Healthcare,
Series B,
VRDN,
5.00%,
11/1/48
(Tender
11/1/28)
2,000
2,186
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.375%,
1/1/35
2,865
2,868
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.375%,
1/1/46
480
464
Norfolk
Water,
Series A,
5.25%,
11/1/44
17,250
18,083
Prince
Edward
County
IDA,
Hampden
Sydney,
4.50%,
9/1/52
1,500
1,482
Prince
Edward
County
IDA,
Hampden
Sydney,
4.50%,
9/1/57
1,000
977
Prince
William
County
IDA,
Westminster
At
Lake
Ridge,
5.00%,
1/1/23
1,005
1,005
Prince
William
County
IDA,
Westminster
At
Lake
Ridge,
5.00%,
1/1/37
4,000
3,557
Prince
William
County
IDA,
Westminster
At
Lake
Ridge,
5.00%,
1/1/46
4,050
3,345
Roanoke
Economic
Dev.
Auth.,
Carilion
Clinic,
Series A,
3.00%,
7/1/45
1,780
1,366
Roanoke
Economic
Dev.
Auth.,
Carilion
Clinic,
Series A,
5.00%,
7/1/47
17,405
19,417
Roanoke
Economic
Dev.
Auth.,
Lutheran
Homes
Brandon
Oaks,
6.625%,
12/1/44
(Prerefunded
12/1/23) (6)
3,900
4,049
Rockingham
County
Economic
Dev.
Auth.,
Sentara
RHM
Medical
Center,
Series A,
3.00%,
11/1/46
17,595
13,546
Rockingham
County
Economic
Dev.
Auth.,
Sunnyside
Presbyterian
Home,
Series A,
4.00%,
12/1/33
550
515
Rockingham
County
Economic
Dev.
Auth.,
Sunnyside
Presbyterian
Home,
Series A,
4.00%,
12/1/34
2,000
1,857
Rockingham
County
Economic
Dev.
Auth.,
Sunnyside
Presbyterian
Home,
Series A,
5.00%,
12/1/39
2,000
2,020
Spotsylvania
County
Water
&
Sewer
System
Revenue,
4.50%,
12/1/44
4,105
4,268
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/23
300
303
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/30
2,010
2,097
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/35
670
688
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/36
350
358
Suffolk
Economic
Dev.
Auth.,
United
Church
Homes,
5.00%,
9/1/25
1,960
1,949
Suffolk
Economic
Dev.
Auth.,
United
Church
Homes,
5.00%,
9/1/31
4,000
3,819
Tobacco
Settlement
Fin.,
Series B-1,
5.00%,
6/1/47
5,025
4,683
Univ.
of
Virginia,
Series A,
5.00%,
4/1/38
1,895
2,038
Univ.
of
Virginia,
Series B,
4.00%,
8/1/48
4,930
4,936
Univ.
of
Virginia,
Series B,
5.00%,
4/1/46
5,000
5,322
Univ.
of
Virginia,
Series B,
5.00%,
9/1/49
2,150
2,346
Upper
Occoquan
Sewage
Auth.,
4.00%,
7/1/40
(Prerefunded
7/1/25) (6)
5,805
6,002
Virginia,
Series A,
GO,
5.00%,
6/1/38
5,345
6,161
Virginia
College
Building
Auth.,
Series A,
3.00%,
1/15/33
380
340
Virginia
College
Building
Auth.,
Series A,
3.00%,
1/15/34
910
806
Virginia
College
Building
Auth.,
Series A,
3.00%,
1/15/35
930
799
Virginia
College
Building
Auth.,
Series A,
3.00%,
1/15/38
965
781
Virginia
College
Building
Auth.,
Series A,
4.00%,
9/1/35
5,105
5,261
Virginia
College
Building
Auth.,
21st
Century
College
&
Equipment,
4.00%,
2/1/38
1,165
1,185
Virginia
College
Building
Auth.,
Univ.
of
Richmond,
4.00%,
3/1/42
8,010
8,000
Virginia
College
Building
Auth.,
Washington
&
Lee
Univ.,
5.25%,
1/1/31 (9)
7,965
8,727
Virginia
College
Building
Auth.,
Washington
&
Lee
Univ.,
5.75%,
1/1/34
10,620
13,162
Virginia
College
Building
Auth.,
Washington
&
Lee
Univ.,
Series A,
5.00%,
1/1/40
(Prerefunded
1/1/25) (6)
3,730
3,910
Virginia
Commonwealth
Transportation
Board,
4.00%,
5/15/30
7,310
7,428
Virginia
Commonwealth
Transportation
Board,
4.00%,
5/15/31
2,445
2,484
Virginia
Commonwealth
Transportation
Board,
4.00%,
5/15/32
6,860
6,964
Virginia
Commonwealth
Transportation
Board,
Series A,
4.00%,
5/15/34
1,000
1,038
Virginia
Commonwealth
Transportation
Board,
Series A,
5.00%,
5/15/33
1,250
1,375
Virginia
Commonwealth
Transportation
Board,
Federal
Highway
Transportation,
5.00%,
9/15/31
11,000
11,827
Virginia
Commonwealth
Transportation
Board,
Federal
Transportation,
4.00%,
9/15/33
2,985
3,123
Virginia
Commonwealth
Univ.
Health
System
Auth.,
Series A,
5.00%,
7/1/34
5,000
5,302
Virginia
Commonwealth
Univ.
Health
System
Auth.,
Series B,
4.00%,
7/1/35
1,500
1,508
Virginia
Commonwealth
Univ.
Health
System
Auth.,
Series B,
5.00%,
7/1/34
2,795
2,964
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
Virginia
Commonwealth
Univ.
Health
System
Auth.,
Series B,
5.00%,
7/1/46
6,500
6,631
Virginia
HDA,
Series E,
4.125%,
12/1/46
5,180
5,077
Virginia
HDA,
Series G,
4.90%,
11/1/42
500
512
Virginia
HDA,
Series G,
5.05%,
11/1/47
1,565
1,603
Virginia
HDA,
Series G,
5.25%,
11/1/57
4,885
4,994
Virginia
HDA,
Series K,
2.55%,
12/1/46
9,950
7,076
Virginia
HDA,
Rental
Housing,
Series B,
3.25%,
3/1/52
2,000
1,481
Virginia
HDA,
Rental
Housing,
Series F,
5.35%,
10/1/43
7,710
7,742
Virginia
Polytechnic
Institute
&
State
Univ.,
Dormitory
&
Dining,
Series A,
4.00%,
6/1/30
2,135
2,205
Virginia
Polytechnic
Institute
&
State
Univ.,
Dormitory
&
Dining,
Series A,
4.00%,
6/1/33
1,920
1,956
Virginia
Polytechnic
Institute
&
State
Univ.,
Dormitory
&
Dining,
Series A,
4.00%,
6/1/34
2,035
2,069
Virginia
Port
Auth.,
Series B,
5.00%,
7/1/41 (1)
2,125
2,212
Virginia
Port
Auth.,
Series B,
5.00%,
7/1/45 (1)
12,000
12,457
Virginia
Public
Building
Auth.,
Series A,
4.00%,
8/1/36
5,000
5,127
Virginia
Public
Building
Auth.,
Series A,
4.00%,
8/1/39
6,000
6,105
Virginia
Public
Building
Auth.,
Series A,
4.00%,
8/1/39
1,430
1,448
Virginia
Public
Building
Auth.,
Series B,
4.00%,
8/1/35 (1)
8,485
8,658
Virginia
Public
Building
Auth.,
Series B,
4.00%,
8/1/36 (1)
8,830
9,062
Virginia
Public
School
Auth.,
Series A,
4.00%,
8/1/45
6,005
6,005
Virginia
Resources
Auth.,
5.00%,
11/1/45
(Prerefunded
11/1/25) (6)
4,725
5,031
Virginia
Resources
Auth.,
Series A,
4.00%,
11/1/37 (1)
365
376
Virginia
Resources
Auth.,
Series A,
4.00%,
11/1/38 (1)
375
384
Virginia
Resources
Auth.,
Series A,
4.00%,
11/1/39 (1)
395
403
Virginia
Resources
Auth.,
Series A,
4.00%,
11/1/40 (1)
415
421
Virginia
Resources
Auth.,
Series A,
4.00%,
11/1/41 (1)
420
425
Virginia
Resources
Auth.,
Series A,
5.00%,
11/1/42
(Prerefunded
11/1/23) (6)
1,680
1,717
Virginia
Resources
Auth.,
Series B,
4.00%,
11/1/40
1,335
1,343
Virginia
Resources
Auth.,
Series B,
4.75%,
11/1/52
1,000
1,060
Virginia
Resources
Auth.,
Series C,
4.00%,
11/1/37
570
578
Virginia
Resources
Auth.,
Clean
Water
Revolving
Fund,
5.00%,
10/1/30
5,290
5,610
Virginia
Resources
Auth.,
Unrefunded
Balance,
5.00%,
11/1/40
2,480
2,613
Virginia
Resources
Auth.,
Unrefunded
Balance,
5.00%,
11/1/45
4,640
4,885
Virginia
Resources
Auth.,
Unrefunded
Balance,
Series B,
5.00%,
11/1/31
50
50
Virginia
Small
Business
Fin.
Auth.,
4.00%,
7/1/31 (1)
2,500
2,481
Virginia
Small
Business
Fin.
Auth.,
4.00%,
1/1/36 (1)
1,000
957
Virginia
Small
Business
Fin.
Auth.,
4.00%,
12/1/36
1,210
1,074
Virginia
Small
Business
Fin.
Auth.,
4.00%,
1/1/38 (1)
11,125
10,393
Virginia
Small
Business
Fin.
Auth.,
4.00%,
1/1/39 (1)
10,400
9,593
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
Virginia
Small
Business
Fin.
Auth.,
4.00%,
1/1/41 (1)
1,360
1,199
Virginia
Small
Business
Fin.
Auth.,
4.00%,
12/1/41
2,975
2,522
Virginia
Small
Business
Fin.
Auth.,
4.00%,
1/1/48 (1)
10,230
8,525
Virginia
Small
Business
Fin.
Auth.,
4.00%,
12/1/51
9,105
7,148
Virginia
Small
Business
Fin.
Auth.,
5.00%,
12/31/41 (1)
3,470
3,620
Virginia
Small
Business
Fin.
Auth.,
5.00%,
12/31/47 (1)
5,525
5,698
Virginia
Small
Business
Fin.
Auth.,
5.00%,
12/31/57 (1)
2,500
2,554
Virginia
Small
Business
Fin.
Auth.,
Covanta
Project,
VRDN,
5.00%,
1/1/48
(Tender
7/1/38) (1)(4)
1,700
1,627
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossing,
4.00%,
7/1/35 (1)
7,900
7,599
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossing,
4.00%,
1/1/40 (1)
1,000
914
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
7/1/34 (1)
4,565
4,768
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
1/1/35 (1)
3,500
3,642
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
1/1/36 (1)
2,750
2,847
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
7/1/37 (1)
1,860
1,913
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
7/1/38 (1)
2,760
2,829
Virginia
Small
Business
Fin.
Auth.,
National
Senior
Campuses,
Series A,
4.00%,
1/1/36
2,270
2,152
Virginia
Small
Business
Fin.
Auth.,
National
Senior
Campuses,
Series A,
4.00%,
1/1/37
1,250
1,175
Virginia
Small
Business
Fin.
Auth.,
National
Senior
Campuses,
Series A,
4.00%,
1/1/51
8,000
6,821
Virginia
Small
Business
Fin.
Auth.,
Sentara
Healthcare,
4.00%,
11/1/36
10,470
10,605
Virginia
Small
Business
Fin.
Auth.,
Sentara
Healthcare,
4.00%,
11/1/37
12,750
12,855
Virginia
Small
Business
Fin.
Auth.,
Sentara
Healthcare,
4.00%,
11/1/38
12,340
12,406
Virginia
Small
Business
Fin.
Auth.,
Sentara
Healthcare,
4.00%,
11/1/39
3,000
3,008
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/47 (1)
7,850
7,866
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/49 (1)
2,740
2,740
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/52 (1)
7,120
7,076
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/56 (1)
30,965
30,564
West
Falls
CDA,
Series A,
5.375%,
9/1/52 (4)
3,750
3,681
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Winchester
Economic
Dev.
Auth.,
Valley
Health
System,
5.00%,
1/1/30
250
263
Winchester
Economic
Dev.
Auth.,
Valley
Health
System,
5.00%,
1/1/34
2,250
2,337
Winchester
Economic
Dev.
Auth.,
Valley
Health
System,
5.00%,
1/1/35
2,250
2,327
Winchester
Economic
Dev.
Auth.,
Valley
Health
System,
5.00%,
1/1/44
11,500
11,545
Winchester
Economic
Dev.
Auth.,
Valley
Health
System,
Series A,
5.00%,
1/1/44
(Prerefunded
1/1/24) (6)
10,455
10,715
1,046,172
Total
Municipal
Securities
(Cost
$1,346,636)
1,274,130
Total
Investments
in
Securities
98.8%
(Cost
$1,346,651)
$
1,274,140
Other
Assets
Less
Liabilities
1.2%
14,940
Net
Assets
100.0%
$
1,289,080
‡
Par/Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Interest
subject
to
alternative
minimum
tax.
(2)
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.
(3)
Non-income
producing
(4)
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
$23,170
and
represents
1.8%
of
net
assets.
(5)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(6)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(7)
Insured
by
Assured
Guaranty
Municipal
Corporation
(8)
Escrowed
to
maturity
(9)
Insured
by
National
Public
Finance
Guarantee
Corporation
CDA
Community
Development
Administration/Authority
GO
General
Obligation
IDA
Industrial
Development
Authority/Agency
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
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.
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
14
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
.
.
.
.
.
.
.
.
.
.
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
Virginia
Tax-Free
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
15
T.
Rowe
Price
Virginia
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
Virginia
Tax-Free
Bond
Fund
16
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.
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
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
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
17
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.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
November
30,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
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.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Municipal
Securities
$
—
$
1,274,130
$
—
$
1,274,130
Common
Stocks
10
—
—
10
Total
$
10
$
1,274,130
$
—
$
1,274,140
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
18
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.
F48-054Q3
11/22