T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
November
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES
99.0%
CALIFORNIA
95.7%
Abag
Fin.
Auth.
for
Nonprofit,
Sharp
Healthcare,
Series A,
5.00%,
8/1/43
3,000
3,001
Adelanto
Public
Utility
Auth.,
Utility
System
Project,
Series A,
5.00%,
7/1/39 (1)
2,000
2,103
Alameda
Corridor
Transportation
Auth.,
Series C,
5.00%,
10/1/52 (1)
1,000
1,051
Bay
Area
Toll
Auth.,
Series A,
VRDN,
2.80%,
4/1/55
5,250
5,250
Bay
Area
Toll
Auth.,
Series S-8,
3.00%,
4/1/54 (2)
4,500
3,253
California,
GO,
4.25%,
9/1/52
3,510
3,560
California,
Series CU,
GO,
4.75%,
12/1/42
2,250
2,308
California,
Series CU,
GO,
4.85%,
12/1/46
1,230
1,253
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29)
2,400
2,497
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
Series 2023-F,
VRDN,
5.50%,
10/1/54
(Tender
11/1/30)
3,850
4,188
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
Series B-1,
VRDN,
4.00%,
2/1/52
(Tender
8/1/31)
6,000
5,851
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
Series E-1,
VRDN,
5.00%,
2/1/54
(Tender
3/1/31)
5,500
5,754
California
Community
Housing
Agency,
5.00%,
8/1/49 (3)
2,000
1,810
California
County
Tobacco
Securitization
Agency,
Series B-1,
5.00%,
6/1/49
265
269
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,
4.00%,
12/1/39
1,245
1,167
California
EFA,
Series A,
5.00%,
12/1/34
1,000
1,049
California
EFA,
Series A,
5.00%,
12/1/44
3,500
3,544
California
EFA,
Chapman
Univ.,
5.00%,
4/1/36
4,260
4,339
California
EFA,
Univ.
of
San
Francisco,
Series A,
5.00%,
10/1/38
1,300
1,364
California
EFA,
Univ.
of
San
Francisco,
Series A,
5.00%,
10/1/43
4,500
4,660
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
8/1/35
400
417
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
8/1/40
500
510
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
8/1/45
550
554
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
8/1/50
550
551
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
8/1/55
825
821
California
HFFA,
Cedars-Sinai
Health
System,
Series A,
3.00%,
8/15/51 (2)
3,250
2,509
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
2
Par
$
Value
(Amounts
in
000s)
California
HFFA,
Cedars-Sinai
Health
System,
Series A,
4.00%,
8/15/48
3,090
3,027
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/28
560
584
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/29
880
917
California
HFFA,
Common
Spirit
Health,
Series A,
4.00%,
4/1/38
1,295
1,285
California
HFFA,
Kaiser
Permanente,
Series A-2,
5.00%,
11/1/47
5,000
5,663
California
HFFA,
Lucile
Salter
Packard
Hosp.
at
Stanford,
4.00%,
5/15/51
9,000
8,276
California
HFFA,
Northern
California
Presbyterian
Homes
&
Services,
5.00%,
7/1/34
700
721
California
HFFA,
Northern
California
Presbyterian
Homes
&
Services,
5.00%,
7/1/39
1,300
1,326
California
HFFA,
Northern
California
Presbyterian
Homes
&
Services,
5.00%,
7/1/44
1,400
1,424
California
HFFA,
Providence
Healthcare
&
Services,
Unrefunded
Balance,
Series A,
5.00%,
10/1/38
1,410
1,419
California
HFFA,
Stanford
Health
Care,
Series A,
4.00%,
8/15/50
5,870
5,790
California
HFFA,
Sutter
Health,
Series A,
5.00%,
11/15/35
1,000
1,062
California
HFFA,
Sutter
Health,
Series A,
5.00%,
11/15/38
2,000
2,098
California
HFFA,
Sutter
Health,
Series A,
5.00%,
11/15/48
4,700
4,822
California
HFFA,
Sutter
Health,
Series B,
5.00%,
11/15/46
(Prerefunded
11/15/26) (4)
1,020
1,088
California
HFFA,
Sutter
Health,
Unrefunded
Balance,
Series B,
5.00%,
11/15/46
1,480
1,507
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35
1,430
1,407
California
Housing
Fin.,
Series 2019-2,
Class
A,
4.00%,
3/20/33
2,762
2,746
California
Housing
Fin.,
Series 2023-1,
Class
A,
4.375%,
9/20/36
2,317
2,240
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
4.125%,
11/1/52
2,835
2,551
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
FRN,
100%
of
MUNIPSA
+
0.70%,
4.00%,
12/1/50
(Tender
6/1/26)
1,175
1,144
California
Infrastructure
&
Economic
Dev.
Bank,
Academy
Motion
Picture
Arts
&
Science,
5.00%,
11/1/41
(Prerefunded
12/6/23) (4)
2,840
2,840
California
Infrastructure
&
Economic
Dev.
Bank,
Academy
of
Sciences,
Series D,
FRN,
100%
of
MUNIPSA
+
0.35%,
3.65%,
8/1/47
(Tender
8/1/24)
1,975
1,960
California
Infrastructure
&
Economic
Dev.
Bank,
Green
Bond,
4.00%,
10/1/44
5,250
5,337
California
Infrastructure
&
Economic
Dev.
Bank,
Green
Bond-
Climate
Bond
Certified,
5.00%,
8/1/49
3,750
3,935
California
Infrastructure
&
Economic
Dev.
Bank,
Museum
of
National
History,
Los
Angeles,
4.00%,
7/1/50
4,850
4,634
California
Municipal
Fin.
Auth.,
Bowles
Hall
Foundation,
Series A,
5.00%,
6/1/35
300
301
California
Municipal
Fin.
Auth.,
Bowles
Hall
Foundation,
Series A,
5.00%,
6/1/50
4,830
4,831
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
3
Par
$
Value
(Amounts
in
000s)
California
Municipal
Fin.
Auth.,
California
Baptist
Univ.,
Series A,
5.00%,
11/1/36 (3)
1,920
1,905
California
Municipal
Fin.
Auth.,
Caritas
Affordable
Housing,
Series A,
5.25%,
8/15/39
500
503
California
Municipal
Fin.
Auth.,
Caritas
Affordable
Housing,
Series A,
5.25%,
8/15/49
1,425
1,431
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series A,
4.00%,
8/15/42
635
596
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series A,
5.25%,
8/15/53
1,665
1,747
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series B,
3.00%,
8/15/31
135
125
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series B,
4.00%,
8/15/41
295
267
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series B,
4.00%,
8/15/51
435
362
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series B,
4.00%,
8/15/56
330
268
California
Municipal
Fin.
Auth.,
Channing
House
Project,
Series A,
5.00%,
5/15/35
1,000
1,067
California
Municipal
Fin.
Auth.,
Channing
House
Project,
Series B,
5.00%,
5/15/47
2,200
2,277
California
Municipal
Fin.
Auth.,
CHF-Davis
I,
LLC-West
Village,
5.00%,
5/15/36 (2)
2,000
2,106
California
Municipal
Fin.
Auth.,
Claremont
College
Project,
Series A,
5.00%,
7/1/40 (3)
1,515
1,402
California
Municipal
Fin.
Auth.,
Claremont
College
Project,
Series A,
5.00%,
7/1/52 (3)
2,075
1,806
California
Municipal
Fin.
Auth.,
Community
Health
System,
Series A,
4.00%,
2/1/51
3,900
3,355
California
Municipal
Fin.
Auth.,
Eisnhower
Medical
Center,
Series A,
5.00%,
7/1/33
1,000
1,037
California
Municipal
Fin.
Auth.,
Eisnhower
Medical
Center,
Series A,
5.00%,
7/1/36
2,550
2,624
California
Municipal
Fin.
Auth.,
Green
Bond-Orchard
Park
Student,
4.00%,
5/15/46 (2)
1,750
1,571
California
Municipal
Fin.
Auth.,
Institute
on
Aging
Project,
5.00%,
8/15/36
365
389
California
Municipal
Fin.
Auth.,
Institute
on
Aging
Project,
5.00%,
8/15/37
315
334
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
4.00%,
10/1/29 (3)
415
394
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
5.00%,
10/1/39 (3)
900
854
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
5.00%,
10/1/49 (3)
1,000
890
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
1,429
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
4.00%,
12/31/47 (1)(5)
2,845
2,632
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
4.00%,
12/31/47 (5)
3,000
2,635
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
5.00%,
12/31/38 (5)
1,500
1,532
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
5.00%,
12/31/43 (5)
5,500
5,550
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
5.00%,
12/31/47 (5)
2,830
2,849
California
Municipal
Fin.
Auth.,
MT
San
Antonio
Gardens
Project,
5.00%,
11/15/39
1,700
1,598
California
Municipal
Fin.
Auth.,
MT
San
Antonio
Gardens
Project,
5.00%,
11/15/49
3,875
3,429
California
Municipal
Fin.
Auth.,
MT
San
Antonio
Gardens
Project,
Series A,
4.00%,
11/15/52
1,000
719
California
Municipal
Fin.
Auth.,
MT
San
Antonio
Gardens
Project,
Series A,
4.00%,
11/15/56
1,100
772
California
Municipal
Fin.
Auth.,
National
Univ.,
Series A,
5.00%,
4/1/29
1,045
1,137
California
Municipal
Fin.
Auth.,
National
Univ.,
Series A,
5.00%,
4/1/30
1,245
1,347
California
Municipal
Fin.
Auth.,
National
Univ.,
Series A,
5.00%,
4/1/32
1,035
1,118
California
Municipal
Fin.
Auth.,
National
Univ.,
Series A,
5.00%,
4/1/40
1,000
1,047
California
Municipal
Fin.
Auth.,
National
Univ.,
Series A,
5.00%,
4/1/41
3,000
3,132
California
Municipal
Fin.
Auth.,
Orange
County
Civic
CTR
Infrastructure,
Series A,
5.00%,
6/1/43
1,950
2,051
California
Municipal
Fin.
Auth.,
Paradise
Valley
Estates
Project,
Series A,
5.00%,
1/1/30
510
554
California
Municipal
Fin.
Auth.,
Paradise
Valley
Estates
Project,
Series A,
5.00%,
1/1/31
375
407
California
Municipal
Fin.
Auth.,
Paradise
Valley
Estates
Project,
Series A,
5.00%,
1/1/32
350
379
California
Municipal
Fin.
Auth.,
Republic
Services,
Series A,
VRDN,
4.70%,
7/1/41
(Tender
4/1/24) (5)
2,800
2,800
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/26 (6)
950
1,007
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/28 (6)
1,005
1,108
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/29 (6)
780
872
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%,
11/15/31 (6)
1,000
1,150
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/32 (6)
1,025
1,195
California
Municipal
Fin.
Auth.,
Samuel
Merritt
Univ.,
5.25%,
6/1/53
3,775
4,003
California
Municipal
Fin.
Auth.,
Touro
College
&
Univ.
System,
Series A,
4.00%,
1/1/25
(Prerefunded
7/1/24) (4)
560
563
California
Municipal
Fin.
Auth.,
UCR
North
Dist.
Phase
1
Student,
5.00%,
5/15/33
1,000
1,055
California
Municipal
Fin.
Auth.,
Univ.
of
San
Diego,
Series A,
5.00%,
10/1/49
4,500
4,667
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/37
3,440
3,542
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/48
4,025
4,037
California
PFA,
Enso
Village
Project,
5.00%,
11/15/46 (3)
500
438
California
PFA,
Enso
Village
Project,
5.00%,
11/15/51 (3)
1,000
857
California
PFA,
Enso
Village
Project,
5.00%,
11/15/56 (3)
1,000
838
California
PFA,
Henry
Mayo
Newhall
Hosp.,
5.00%,
10/15/32
500
512
California
PFA,
Henry
Mayo
Newhall
Hosp.,
5.00%,
10/15/33
500
511
California
PFA,
Henry
Mayo
Newhall
Hosp.,
5.00%,
10/15/37
1,000
1,019
California
PFA,
Henry
Mayo
Newhall
Hosp.,
5.00%,
10/15/47
3,500
3,511
California
PFA,
Hoag
Memorial
Hosp.,
Series A,
4.00%,
7/15/51
5,000
4,953
California
Pollution
Control
Fin.
Auth.,
Waste
Management
Project,
Series A,
VRDN,
2.50%,
7/1/31
(Tender
5/1/24) (5)
2,625
2,605
California
Public
Works
Board,
Series B,
4.00%,
5/1/37
425
442
California
Public
Works
Board,
Series B,
4.00%,
5/1/40
750
760
California
Public
Works
Board,
Series B,
4.00%,
5/1/41
1,000
1,009
California
School
Fin.
Auth.,
Aspire
Public
School,
5.00%,
8/1/41
(Prerefunded
8/1/25) (3)(4)
175
181
California
School
Fin.
Auth.,
Classical
Academies,
Series A,
5.00%,
10/1/52 (3)
2,000
1,913
California
School
Fin.
Auth.,
John
Adams
Academies,
Series A,
5.00%,
7/1/52 (3)
600
528
California
School
Fin.
Auth.,
Kipp
Socal
Public
School,
Series A,
4.00%,
7/1/50 (3)
1,135
958
California
School
Fin.
Auth.,
Kipp
Socal
Public
School,
Series A,
5.00%,
7/1/39 (3)
2,000
2,045
California
School
Fin.
Auth.,
Kipp
Socal
Public
School,
Series A,
5.00%,
7/1/49 (3)
1,850
1,853
California
School
Fin.
Auth.,
Kipp
Socal
Public
School,
Series A,
5.00%,
7/1/54 (3)
1,150
1,147
California
School
Fin.
Auth.,
New
Designs
Charter
School
ADA,
5.00%,
6/1/40 (3)
690
654
California
School
Fin.
Auth.,
New
Designs
Charter
School
ADA,
5.00%,
6/1/50 (3)
2,090
1,904
California
State
Univ.,
Series C,
4.00%,
11/1/45
1,100
1,109
California
Statewide
CDA,
5.00%,
9/2/40
1,055
1,064
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
6
Par
$
Value
(Amounts
in
000s)
California
Statewide
CDA,
5.375%,
9/2/52
2,000
1,997
California
Statewide
CDA,
Series D,
5.50%,
9/2/53
2,500
2,506
California
Statewide
CDA,
899
Charleston
Project,
Series A,
5.25%,
11/1/44 (3)
1,500
1,183
California
Statewide
CDA,
CHF-Irvine,
5.00%,
5/15/34
1,250
1,271
California
Statewide
CDA,
CHF-Irvine,
5.00%,
5/15/35
1,000
1,015
California
Statewide
CDA,
CHF-Irvine,
5.00%,
5/15/40
950
954
California
Statewide
CDA,
Enloe
Medical
Center,
5.00%,
8/15/38
(Prerefunded
2/15/26) (4)
2,500
2,622
California
Statewide
CDA,
Enloe
Medical
Center,
Series A,
5.25%,
8/15/52 (1)
3,120
3,367
California
Statewide
CDA,
Enloe
Medical
Center,
Series A,
5.375%,
8/15/57 (1)
1,000
1,086
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
4.00%,
4/1/41
2,000
1,867
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
4.00%,
4/1/51
4,000
3,476
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
5.00%,
11/15/44
(Prerefunded
11/15/24) (1)(4)
1,750
1,783
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
Series A,
5.00%,
4/1/28
390
403
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
Series A,
5.00%,
4/1/31
175
181
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
Series A,
5.00%,
4/1/47
1,750
1,772
California
Statewide
CDA,
Huntington
Memorial
Hosp.
Project,
5.00%,
7/1/43
1,750
1,831
California
Statewide
CDA,
Huntington
Memorial
Hosp.
Project,
5.00%,
7/1/48
5,650
5,849
California
Statewide
CDA,
Infrastructure
Program,
5.00%,
9/2/50
800
800
California
Statewide
CDA,
Infrastructure
Program,
Series A,
5.00%,
9/2/48
940
960
California
Statewide
CDA,
John
Muir
Health,
Series A,
4.00%,
8/15/51
2,100
1,973
California
Statewide
CDA,
John
Muir
Health,
Series A,
5.00%,
8/15/46
1,000
1,019
California
Statewide
CDA,
John
Muir
Health,
Series A,
5.00%,
8/15/51
1,750
1,781
California
Statewide
CDA,
John
Muir
Health,
Series A,
5.00%,
12/1/53
1,000
1,025
California
Statewide
CDA,
Lancer
Educational
Student
Housing
Project,
Series A,
5.00%,
6/1/34 (3)
375
377
California
Statewide
CDA,
Lancer
Educational
Student
Housing
Project,
Series A,
5.00%,
6/1/39 (3)
675
652
California
Statewide
CDA,
Lancer
Educational
Student
Housing
Project,
Series A,
5.00%,
6/1/51 (3)
4,135
3,704
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
506
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58 (3)
7,750
7,821
California
Statewide
CDA,
Methodist
Hosp.
of
Southern
CA,
5.00%,
1/1/38
750
763
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
2,932
California
Statewide
CDA,
Montage
Health,
Series A,
4.00%,
6/1/40
1,000
1,015
California
Statewide
CDA,
Montage
Health,
Series A,
4.00%,
6/1/41
1,000
1,011
California
Statewide
CDA,
Montage
Health,
Series A,
4.00%,
6/1/46
1,755
1,740
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/29
1,000
1,008
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
5.00%,
9/2/49
1,000
1,012
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
Series A-1,
5.00%,
9/2/42
1,000
998
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
Series A-1,
5.00%,
9/2/52
1,100
1,054
California
Statewide
CDA,
Univ.
of
California,
Irvine
Campus,
Series A,
5.00%,
5/15/26
950
970
California
Statewide
CDA,
Univ.
of
California,
Irvine
Campus,
Series A,
5.00%,
5/15/28
1,230
1,268
California
Statewide
CDA,
Univ.
of
California,
Irvine
Campus,
Series A,
5.00%,
5/15/37
1,000
1,012
California
Statewide
CDA,
Univ.
of
California,
Irvine
Campus,
Series A,
5.00%,
5/15/42
3,700
3,707
California
Statewide
CDA,
Viamonte
Senior
Living,
Series A,
5.00%,
7/1/30
125
137
California
Statewide
CDA,
Viamonte
Senior
Living,
Series A,
5.00%,
7/1/31
150
164
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
137
California,
Various
Purpose,
GO,
5.00%,
10/1/39
2,375
2,395
California,
Various
Purpose,
GO,
5.00%,
11/1/43
(Prerefunded
12/13/23) (4)
2,300
2,301
Chino
Valley
Unified
School
Dist.,
Series B,
GO,
3.375%,
8/1/50 (1)
7,950
6,571
Compton
Community
Redev.
Agency
Successor
Agency,
Series A,
5.00%,
8/1/37 (1)
1,700
1,872
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
8
Par
$
Value
(Amounts
in
000s)
Compton
Community
Redev.
Agency
Successor
Agency,
Series A,
5.00%,
8/1/42 (1)
1,250
1,351
CSCDA
Community
Improvement
Auth.,
Altana
Glendale
Social
Bonds,
Series A-2,
4.00%,
10/1/56 (3)
2,470
1,762
CSCDA
Community
Improvement
Auth.,
Parallel
Anaheim
Social
Bonds,
4.00%,
8/1/56 (3)
2,995
2,171
CSCDA
Community
Improvement
Auth.,
The
Link
Glendale
Social
Bonds,
Series A-2,
4.00%,
7/1/56 (3)
3,535
2,430
Del
Mar
Race
Track
Auth.,
5.00%,
10/1/35
1,665
1,586
Del
Mar
Race
Track
Auth.,
5.00%,
10/1/36
1,000
946
Federal
Home
Loan
Mortgage
Multifamily
Variable
Rate
Certificate,
Series M-049,
3.05%,
4/15/34
1,840
1,601
Foothill-Eastern
Transportation
Corridor
Agency,
Series A,
4.00%,
1/15/46
4,000
3,833
Foothill-Eastern
Transportation
Corridor
Agency,
Series C,
4.00%,
1/15/32
175
181
Foothill-Eastern
Transportation
Corridor
Agency,
Series C,
4.00%,
1/15/33
250
258
Foothill-Eastern
Transportation
Corridor
Agency,
Series C,
5.00%,
1/15/30
150
163
Foothill-Eastern
Transportation
Corridor
Agency,
Series C,
5.00%,
1/15/31
150
164
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series A,
5.00%,
9/1/44
4,600
4,605
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series A,
5.25%,
9/1/37
3,100
3,110
Irvine
Fac.
Fin.
Auth.,
Series A,
4.00%,
9/1/58 (2)
4,700
4,615
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series B,
5.00%,
9/1/47
1,295
1,322
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series C,
5.00%,
9/1/47
525
536
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series D,
5.00%,
3/1/57
2,335
2,370
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
5.00%,
9/1/34
360
364
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
5.00%,
9/1/37
1,390
1,448
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
5.00%,
9/1/39
1,000
1,006
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
5.00%,
9/1/43
2,000
2,049
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
5.00%,
9/1/44
1,500
1,506
Jefferson
Union
High
School
Dist.,
Series A,
GO,
6.45%,
8/1/25 (7)
555
571
Jefferson
Union
High
School
Dist.,
Series A,
GO,
6.45%,
8/1/29 (7)
1,000
1,113
Jurupa
PFA,
Special
Tax,
Series A,
5.00%,
9/1/33
1,175
1,190
Lake
Elsinore,
Community
Fac.
Dist.
No.
2016-2,
Special
Tax,
5.00%,
9/1/43
2,475
2,523
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
9
Par
$
Value
(Amounts
in
000s)
Lake
Elsinore,
Community
Fac.
Dist.
No.
2016-2,
Special
Tax,
5.00%,
9/1/48
3,640
3,680
Long
Beach
Bond
Fin.
Auth.,
Series A,
5.50%,
11/15/37
2,160
2,397
Long
Beach,
Harbor,
Series A,
5.00%,
5/15/37 (5)
1,300
1,358
Long
Beach,
Marina
System,
5.00%,
5/15/32
1,655
1,675
Long
Beach,
Marina
System,
5.00%,
5/15/45
2,500
2,511
Los
Angeles
County
Fac.,
Vermont
Corridor
County
Administrative
Building,
Series A,
5.00%,
12/1/43
6,400
6,771
Los
Angeles
County
Metropolitan
Transportation
Auth.,
Green
Bond-Measure
R
Junior,
Series A,
4.00%,
6/1/37
1,375
1,423
Los
Angeles
Dept.
of
Airports,
Series A,
4.00%,
5/15/42 (5)
5,225
5,064
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/35 (5)
500
528
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/44 (5)
1,000
1,025
Los
Angeles
Dept.
of
Airports,
Series B,
5.00%,
5/15/36 (5)
1,200
1,223
Los
Angeles
Dept.
of
Airports,
Series B,
5.00%,
5/15/42
930
969
Los
Angeles
Dept.
of
Airports,
Series C,
5.00%,
5/15/45 (5)
1,620
1,699
Los
Angeles
Dept.
of
Airports,
Series D,
4.00%,
5/15/44 (5)
2,500
2,393
Los
Angeles
Dept.
of
Airports,
Series D,
4.00%,
5/15/51 (5)
2,000
1,834
Los
Angeles
Dept.
of
Airports,
Series D,
5.00%,
5/15/36 (5)
1,000
1,056
Los
Angeles
Dept.
of
Airports,
Series D,
5.00%,
5/15/37 (5)
1,000
1,049
Los
Angeles
Dept.
of
Airports,
Green
Bond,
Series G,
4.00%,
5/15/47 (5)
1,500
1,410
Los
Angeles
Dept.
of
Airports,
Revenue
Bonds
2015,
Series D,
5.00%,
5/15/36 (5)
1,500
1,507
Los
Angeles
Dept.
of
Water
&
Power,
Series B,
5.00%,
7/1/52
1,000
1,087
Los
Angeles
Dept.
of
Water
&
Power
Water
System
Revenue,
Series A-1,
VRDN,
2.40%,
7/1/50
150
150
Los
Angeles
Dept.
of
Water
&
Power
Water
System
Revenue,
Series D,
5.00%,
7/1/52
3,425
3,732
Los
Angeles
Unified
School
Dist.,
Election
2008,
Series A,
GO,
4.00%,
7/1/34
3,750
3,763
Mesa
Water
Dist.,
COP,
4.00%,
3/15/45
1,020
1,025
Metropolitan
Water
Dist.
of
Southern
California,
Series C,
FRN,
100%
of
MUNIPSA
+
0.14%,
3.44%,
7/1/47
(Tender
5/21/24)
3,000
2,995
Modesto
Elementary
School
Dist.,
Series B,
GO,
3.00%,
8/1/50
2,700
2,010
Newport
Beach,
Series A,
4.125%,
9/2/38
575
566
Newport
Beach,
Series A,
5.00%,
9/2/43
650
680
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series A,
5.00%,
3/1/24 (5)
1,170
1,174
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series A,
5.00%,
3/1/25 (5)
1,405
1,410
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series A,
5.00%,
3/1/41 (5)
2,000
2,027
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series A,
5.00%,
3/1/47 (5)
2,000
2,006
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series C,
5.00%,
3/1/31
2,000
2,009
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
10
Par
$
Value
(Amounts
in
000s)
Northern
California
Energy
Auth.,
Series A,
VRDN,
4.00%,
7/1/49
(Tender
7/1/24)
3,500
3,495
Oakland
Unified
School
Dist.,
Alameda
County,
Series A,
GO,
5.00%,
8/1/34
(Prerefunded
8/1/25) (4)
1,250
1,294
Oakland
Unified
School
Dist.,
Alameda
County,
Series A,
GO,
5.00%,
8/1/35
(Prerefunded
8/1/25) (4)
1,210
1,252
Oakland
Unified
School
Dist.,
Alameda
County,
Series A,
GO,
5.25%,
8/1/48 (1)
4,500
5,046
Oceanside
Unified
School
Dist.,
GO,
Zero
Coupon,
8/1/28 (6)(8)
380
333
Oceanside
Unified
School
Dist.,
Series A,
GO,
Zero
Coupon,
8/1/28 (6)(8)
500
438
Oceanside
Unified
School
Dist.,
Prerefunded
Balance,
Series A,
GO,
Zero
Coupon,
8/1/28 (6)(8)
250
219
Oceanside
Unified
School
Dist.,
Unrefunded
Balance,
GO,
Zero
Coupon,
8/1/28 (8)
3,870
3,335
Ontario
Int'l
Airport
Auth.,
North
Terminal
Project,
Series B,
4.00%,
5/15/36 (1)(5)
1,040
1,037
Ontario
Int'l
Airport
Auth.,
North
Terminal
Project,
Series B,
4.00%,
5/15/37 (1)(5)
575
571
Ontario
Int'l
Airport
Auth.,
North
Terminal
Project,
Series B,
4.00%,
5/15/40 (1)(5)
1,350
1,311
Orange
County
Community
Fac.
Dist.,
No.
2015-1,
Esencia
Village,
Series A,
5.25%,
8/15/45
2,930
2,959
Orange
County
Community
Fac.
Dist.,
No.
2021-1,
Rienda,
Series A,
5.00%,
8/15/47
500
502
Orange
County
Community
Fac.
Dist.,
No.
2023-1,
Rienda,
Series A,
5.25%,
8/15/43 (9)
1,340
1,366
Orange
County
Community
Fac.
Dist.,
No.
2023-1,
Rienda,
Series A,
5.50%,
8/15/48 (9)
1,450
1,479
Orange
County
Community
Fac.
Dist.,
No.
2023-1,
Rienda,
Series A,
5.50%,
8/15/53 (9)
1,000
1,020
Orange
County
Water
Dist.,
Series C,
4.00%,
8/15/35
1,000
1,044
Palo
Alto,
Limited
Obligation,
University
Ave.,
5.00%,
9/2/26
880
884
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 (8)
5,000
4,726
Pittsburg
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
9/1/29 (1)
1,935
2,019
Port
of
Los
Angeles,
Harbor
Dept.,
Series A,
5.00%,
8/1/36 (5)
4,075
4,091
Port
of
Oakland,
Intermediate
Lien,
Series H,
5.00%,
5/1/29 (5)
1,725
1,859
Port
of
Oakland,
Intermediate
Lien,
Series H,
5.00%,
11/1/29 (5)
1,625
1,760
Rancho
Cucamonga
Redev.
Agency,
Successor
Agency,
5.00%,
9/1/29 (1)
1,800
1,821
Ravenswood
City
School
Dist.,
GO,
5.25%,
8/1/53 (2)
4,310
4,716
Regents
of
the
Univ.
of
California
Medical
Center
Pooled
Revenue,
Series P,
3.50%,
5/15/54
6,450
5,388
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
11
Par
$
Value
(Amounts
in
000s)
Regents
of
the
Univ.
of
California
Medical
Center
Pooled
Revenue,
Series P,
4.00%,
5/15/53
3,000
2,884
Riverside
County
Transportation
Commission,
Series B-1,
4.00%,
6/1/46
3,000
2,803
Rocklin,
Special
Tax,
5.00%,
9/1/37
535
543
Rocklin,
Special
Tax,
5.00%,
9/1/38
975
988
Roseville
Natural
Gas
Fin.
Auth.,
5.00%,
2/15/26
1,000
1,018
Sacramento
City
Fin.
Auth.,
5.00%,
12/1/31 (2)
1,380
1,433
Sacramento
City
Fin.
Auth.,
5.00%,
12/1/34 (2)
2,275
2,363
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
2,329
Sacramento
County
Airport,
Series C,
5.00%,
7/1/36 (5)
4,000
4,192
Sacramento
Transient
Occupancy
Tax,
Convention
Center,
Series A,
5.00%,
6/1/38
1,240
1,304
Sacramento
Transient
Occupancy
Tax,
Convention
Center,
Series A,
5.00%,
6/1/43
4,650
4,814
Sacramento,
Railyards
Community
Fac.
Dist.
No.
201,
5.375%,
9/1/52 (3)
2,195
2,222
San
Bernardino
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
12/1/31 (1)
1,945
2,050
San
Clemente,
Special
Tax,
Community
Fac.
Dist.
No.
2006-1,
5.00%,
9/1/40
970
979
San
Diego
Assn.
of
Governments
South
Bay
Expressway,
Senior
Lien-Toll,
Series A,
5.00%,
7/1/38
2,100
2,186
San
Diego
Assn.
of
Governments
South
Bay
Expressway,
Senior
Lien-Toll,
Series A,
5.00%,
7/1/42
2,700
2,785
San
Diego
County
Regional
Airport
Auth.,
Series A,
5.00%,
7/1/47
1,800
1,864
San
Diego
County
Regional
Airport
Auth.,
Series B,
4.00%,
7/1/46 (5)
2,540
2,387
San
Diego
County
Regional
Airport
Auth.,
Series B,
4.00%,
7/1/51 (5)
1,500
1,369
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.00%,
7/1/35 (5)
1,215
1,291
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.00%,
7/1/37 (5)
1,000
1,049
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.00%,
7/1/38 (5)
1,000
1,042
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.00%,
7/1/39 (5)
600
623
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.00%,
7/1/53 (5)
3,350
3,464
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.25%,
7/1/38 (5)
650
712
San
Diego
County
Water
Auth.,
Series A,
5.00%,
5/1/47
1,500
1,642
San
Diego
County,
Special
Tax,
Harmony
Grove
Village,
Series A,
4.00%,
9/1/45
550
483
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
12
Par
$
Value
(Amounts
in
000s)
San
Diego
County,
Special
Tax,
Harmony
Grove
Village,
Series A,
4.00%,
9/1/50
1,100
929
San
Diego
County,
Special
Tax,
Harmony
Grove
Village,
Improvement
Area
No.
1,
Series A,
4.00%,
9/1/50
875
739
San
Diego
Public
Fac.
Fin.
Auth.,
Series A,
5.00%,
5/15/52
5,650
6,128
San
Diego
Unified
School
Dist.,
Green
Bond,
Series A-3,
GO,
4.00%,
7/1/53
6,000
5,884
San
Diego
Unified
School
Dist.,
Green
Bond,
Series O-2,
GO,
4.25%,
7/1/47
3,000
3,061
San
Francisco
Bay
Area
Rapid
Transit
Dist.,
Series C-1,
GO,
4.00%,
8/1/45
1,025
1,028
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
630
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series A,
5.00%,
5/1/38 (5)
2,710
2,823
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series A,
5.00%,
5/1/44 (5)
2,950
3,025
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series A,
5.00%,
5/1/52 (5)
1,000
1,031
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series B,
5.00%,
5/1/46 (5)
5,000
5,015
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series C,
5.75%,
5/1/48 (5)
4,500
5,001
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series E,
4.00%,
5/1/50 (5)
1,800
1,649
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
3,035
San
Francisco
Community
College
Dist.,
GO,
5.00%,
6/15/31
2,505
2,575
San
Francisco
Public
Utilities
Commission
Water
Revenue,
Series D,
3.00%,
11/1/50
1,500
1,144
San
Jose
Evergreen
Community
College
Dist.,
Series C,
GO,
4.00%,
9/1/45
3,250
3,280
San
Jose
Evergreen
Community
College
Dist.,
Series C,
GO,
5.00%,
9/1/40
1,000
1,124
San
Jose
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
8/1/34
2,500
2,685
San
Jose,
El
Parador
Apartments
Project,
Series A,
6.10%,
1/1/31 (5)
795
795
San
Marcos
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
10/1/31
2,165
2,236
San
Marcos
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
10/1/32
850
877
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
13
Par
$
Value
(Amounts
in
000s)
San
Marcos
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
10/1/34
900
926
San
Mateo
Foster
City
School
Dist.,
Series B,
GO,
4.00%,
8/1/48
4,000
4,038
Santa
Monica
Redev.
Agency,
Earthquake
Recovery,
5.875%,
7/1/36
1,390
1,393
Santa
Monica
Redev.
Agency,
Earthquake
Recovery,
5.875%,
7/1/42
1,500
1,503
South
San
Francisco
Public
Fac.
Fin.
Auth.,
Police
Station
Project,
Series A,
4.00%,
6/1/46
1,470
1,447
Southern
California
Tobacco
Securitization
Auth,
Asset
Backed,
Series A,
Class
1,
5.00%,
6/1/33
1,170
1,253
Southern
California
Tobacco
Securitization
Auth,
Asset
Backed,
Series A,
Class
1,
5.00%,
6/1/35
900
956
Sunnyvale
Fin.
Auth.,
Green
Bond-Civic
Center
Project,
4.00%,
4/1/50
4,740
4,740
Transbay
Joint
Powers
Auth.,
Green
Bond,
Series A,
5.00%,
10/1/45
1,750
1,771
Transbay
Joint
Powers
Auth.,
Green
Bond,
Series A,
5.00%,
10/1/49
1,700
1,709
Univ.
of
California
Regents,
Series AL-2,
VRDN,
2.70%,
5/15/48
1,550
1,550
Univ.
of
California
Regents,
Series AL-4,
VRDN,
2.40%,
5/15/48
3,500
3,500
Univ.
of
California
Regents,
Series AZ,
5.00%,
5/15/48
4,250
4,475
Univ.
of
California
Regents,
Series O,
5.50%,
5/15/58
9,500
10,108
Univ.
of
California
Regents
Medical
Center,
Pooled,
Series L,
4.50%,
5/15/36
1,900
1,931
Univ.
of
California
Regents
Medical
Center,
Pooled,
Series P,
5.00%,
5/15/47
5,000
5,433
Vernon
Electric
System
Revenue,
Series 2022-A,
5.00%,
8/1/41
840
878
Washington
Township
Health
Care
Dist.,
Series A,
4.00%,
7/1/35
600
588
Washington
Township
Health
Care
Dist.,
Series A,
5.00%,
7/1/30
500
523
Washington
Township
Health
Care
Dist.,
Series A,
5.00%,
7/1/31
1,000
1,046
Washington
Township
Health
Care
Dist.,
Series A,
5.00%,
7/1/36
620
635
Washington
Township
Health
Care
Dist.,
Series A,
5.00%,
7/1/42
325
324
Washington
Township
Health
Care
Dist.,
Series A,
5.00%,
7/1/43
275
272
Washington
Township
Health
Care
Dist.,
Series A,
5.75%,
7/1/48
1,000
1,058
Washington
Township
Health
Care
Dist.,
Series A,
5.75%,
7/1/53
1,000
1,048
Washington
Township
Health
Care
Dist.,
Series B,
GO,
5.25%,
8/1/48
1,600
1,749
Washington
Township
Health
Care
Dist.,
Series B,
GO,
5.50%,
8/1/53
1,600
1,785
West
Sacramento
Fin.
Auth.,
Series A,
5.00%,
9/1/26 (8)
1,255
1,301
675,276
PUERTO
RICO
3.3%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (10)
4,115
2,140
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35 (3)
1,590
1,599
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
14
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/24
54
52
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33
423
257
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
1,329
1,240
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
295
270
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
576
514
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41
345
297
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25
366
372
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
902
942
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
1,317
1,393
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
1,846
1,986
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (11)(12)
15
4
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (11)
(12)
25
6
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (11)
(12)
225
56
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (11)
(12)
65
16
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (11)
(12)
80
20
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (11)
(12)
305
76
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (11)
(12)
100
25
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (11)
(12)
125
31
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (11)
(12)
15
4
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (11)
(12)
15
4
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (11)
(12)
75
19
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (11)
(12)
65
16
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (11)
(12)
30
8
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (11)
(12)
80
20
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
15
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (11)
(12)
60
15
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (11)
(12)
20
5
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (11)
(12)
35
9
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (11)
(12)
25
6
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (11)
(12)
245
61
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (11)
(12)
70
18
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (11)
(12)
25
6
Puerto
Rico
Highway
&
Transportation
Auth.,
Restructured,
Series C,
STEP,
0.00%,
7/1/53
2,000
1,290
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.55%,
7/1/40
465
452
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
7,647
7,218
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46
10,000
2,938
23,385
Total
Municipal
Securities
(Cost
$713,635)
698,661
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.4%
Freddie
Mac
Multifamily
ML
Certificates,
Series 2021-ML10,
Class
ACA,
2.046%,
6/25/38
3,400
2,525
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$3,504)
2,525
Total
Investments
in
Securities
99.4%
(Cost
$717,139)
$
701,186
Other
Assets
Less
Liabilities
0.6%
4,543
Net
Assets
100.0%
$
705,729
‡
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
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
16
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
.
.
.
.
.
.
.
.
.
.
(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
$48,233
and
represents
6.8%
of
net
assets.
(4)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(5)
Interest
subject
to
alternative
minimum
tax.
(6)
Escrowed
to
maturity
(7)
Insured
by
National
Public
Finance
Guarantee
Corporation
(8)
Insured
by
Assured
Guaranty
Corporation
(9)
When-issued
security
(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)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(12)
Non-income
producing
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
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.
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
factors
such
as,
but
not
limited
to,
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,
2023,
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
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the 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.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
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
11/23