T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
November
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
COMMON
STOCKS
0.0%
Westrock
—
11
Total
Common
Stocks
(Cost
$15)
11
MUNICIPAL
SECURITIES
99.5%
DISTRICT
OF
COLUMBIA
10.7%
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
3,205
Metropolitan
Washington
Airports
Auth.,
Series 2021A,
4.00%,
10/1/38 (1)
3,960
3,893
Metropolitan
Washington
Airports
Auth.,
Series A,
4.00%,
10/1/41 (1)
1,415
1,355
Metropolitan
Washington
Airports
Auth.,
Series A,
4.50%,
10/1/53 (1)
750
730
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/35 (1)
2,000
2,184
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/38 (1)
5,930
6,152
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/44 (1)
1,930
1,982
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/46 (1)
20,940
21,771
Metropolitan
Washington
Airports
Auth.,
Series A,
5.25%,
10/1/42 (1)
5,115
5,514
Metropolitan
Washington
Airports
Auth.,
Series A,
5.25%,
10/1/43 (1)
4,630
4,980
Metropolitan
Washington
Airports
Auth.,
Series A,
5.25%,
10/1/53 (1)
4,000
4,229
Metropolitan
Washington
Airports
Auth.,
Series B,
4.00%,
10/1/37
2,470
2,516
Metropolitan
Washington
Airports
Auth.,
Series B,
4.00%,
10/1/38
2,565
2,595
Metropolitan
Washington
Airports
Auth.,
Series B,
5.00%,
10/1/33 (1)
6,450
6,493
Metropolitan
Washington
Airports
Auth.,
Series B,
5.00%,
10/1/35 (1)
7,000
7,041
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
3.00%,
10/1/53 (2)
4,000
2,835
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/35
1,000
1,060
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/36
1,000
1,053
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/38
2,000
2,085
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/39
1,350
1,404
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%,
10/1/44
14,965
15,450
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
6.50%,
10/1/44
1,875
2,052
Washington
Metropolitan
Area
Transit
Auth.,
5.00%,
7/15/43
6,705
7,396
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.00%,
7/15/39
5,000
5,438
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.00%,
7/15/45
5,000
5,348
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.50%,
7/15/51
1,550
1,735
Washington
Metropolitan
Area
Transit
Auth.,
Series A-2,
5.00%,
7/1/33
1,750
1,850
Washington
Metropolitan
Area
Transit
Auth.,
Sustainability
Financed
Bonds,
5.25%,
7/15/53
4,000
4,396
130,255
PUERTO
RICO
5.5%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (3)
3,724
1,937
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (3)
4,762
2,494
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35 (4)
2,545
2,559
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Coupon,
7/1/24
212
207
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33
1,676
1,020
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
4,905
4,578
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
2,151
1,967
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
2,378
2,124
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41
1,366
1,179
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25
1,451
1,476
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
2,263
2,362
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
2,888
3,053
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
2,384
2,563
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (5)(6)
30
7
Puerto
Rico
Electric
Power
Auth.,
Series A,
6.75%,
7/1/36 (5)(6)
2,775
694
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/27 (5)
(6)
365
91
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/30 (5)
(6)
1,100
275
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (5)
(6)
50
13
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (5)
(6)
105
26
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (5)
(6)
115
29
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (5)(6)
150
37
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (5)(6)
600
150
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (5)(6)
195
49
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (5)(6)
240
60
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (5)(6)
30
8
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (5)(6)
1,420
355
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (5)(6)
145
36
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (5)(6)
125
31
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (5)(6)
55
14
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (5)(6)
145
36
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (5)(6)
115
29
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (5)(6)
35
9
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (5)(6)
65
16
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/19 (5)(6)
630
157
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (5)(6)
50
13
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (5)(6)
550
137
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (5)(6)
140
35
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (5)(6)
50
13
Puerto
Rico
Highway
&
Transportation
Auth.,
Restructured,
Series A,
5.00%,
7/1/62
1,308
1,292
Puerto
Rico
Highway
&
Transportation
Auth.,
Restructured,
Series C,
STEP,
0.00%,
7/1/53
1,100
709
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
14,703
13,878
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58
5,455
5,289
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.329%,
7/1/40
13,359
12,645
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.784%,
7/1/58
3,300
3,101
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series B-1,
Zero
Coupon,
7/1/46
2,650
770
67,523
VIRGINIA
83.3%
Albemarle
County
Economic
Dev.
Auth.,
Albemarle
Project,
Series A,
5.00%,
6/1/43
6,070
6,720
Albemarle
County
Economic
Dev.
Auth.,
Sentara
Martha
Jefferson
Hosp.,
Series B,
VRDN,
3.20%,
10/1/48
3,305
3,305
Albemarle
County
Economic
Dev.
Auth.,
Westminster-Canterbury
Blue
Ridge,
4.00%,
6/1/49
2,800
2,328
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
Alexandria,
Series A,
GO,
2.00%,
12/15/39
5,000
3,572
Alexandria
IDA,
Episcopal
High
School,
4.00%,
1/1/25
410
413
Alexandria
IDA,
Episcopal
High
School,
4.00%,
1/1/26
425
428
Alexandria
IDA,
Episcopal
High
School,
4.00%,
1/1/30
265
266
Alexandria
IDA,
Episcopal
High
School,
4.00%,
1/1/35
1,500
1,503
Alexandria
IDA,
Episcopal
High
School,
Series A,
GO,
3.00%,
7/15/46
4,785
3,781
Alexandria
IDA,
Episcopal
High
School,
Series C,
3.00%,
1/1/51
6,260
4,569
Alexandria
IDA,
Goodwin
House,
5.00%,
10/1/35
(Prerefunded
10/1/25) (7)
1,995
2,058
Alexandria
IDA,
Goodwin
House,
5.00%,
10/1/45
(Prerefunded
10/1/25) (7)
7,540
7,780
Alexandria
IDA,
Goodwin
House,
5.00%,
10/1/50
(Prerefunded
10/1/25) (7)
1,000
1,032
Alexandria,
Capital
Improvement,
Series C,
GO,
3.30%,
7/15/36
2,145
2,098
Alexandria,
Capital
Improvement,
Series C,
GO,
3.35%,
7/15/37
2,145
2,038
Arlington
County,
GO,
4.00%,
6/15/33
3,025
3,159
Arlington
County,
GO,
4.00%,
6/15/36
8,585
8,846
Arlington
County,
GO,
5.00%,
6/15/39
7,000
7,843
Arlington
County,
GO,
5.00%,
6/15/40
1,710
1,887
Arlington
County
IDA,
Park
Shirlington
Apartments,
5.00%,
1/1/26
5,200
5,342
Arlington
County
IDA,
Virginia
Hosp.
Center,
3.75%,
7/1/50
21,850
19,256
Arlington
County
IDA,
Virginia
Hosp.
Center,
4.00%,
7/1/45
18,810
17,723
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/32
600
657
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/35
755
821
Arlington
County
IDA,
Virginia
Hosp.
Center,
Series A,
VRDN,
5.00%,
7/1/53
(Tender
7/1/31)
3,500
3,806
Botetourt
County,
Residential
Care
Fac.,
Glebe,
Inc.,
Series A,
6.00%,
7/1/34
550
552
Botetourt
County,
Residential
Care
Fac.,
Glebe,
Inc.,
Series A,
6.00%,
7/1/44
5,100
5,088
Capital
Region
Airport
Commission,
Series A,
4.00%,
7/1/24
1,000
1,001
Capital
Region
Airport
Commission,
Series A,
4.00%,
7/1/35
700
708
Cherry
Hill
CDA,
Potomac
Shores
Project,
4.50%,
3/1/25 (4)
340
340
Cherry
Hill
CDA,
Potomac
Shores
Project,
5.15%,
3/1/35 (4)
1,320
1,328
Cherry
Hill
CDA,
Potomac
Shores
Project,
5.40%,
3/1/45 (4)
2,180
2,183
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
General
Resolution,
5.50%,
7/1/25 (8)(9)
4,290
4,356
Chesapeake
Expressway
Toll
Road,
Series A,
5.00%,
7/15/47
10,470
10,472
Chesapeake
Expressway
Toll
Road,
Series B,
4.875%,
7/15/40
3,875
3,950
Chesapeake
Hosp.
Auth.,
Chesapeake
Regional
Medical,
5.00%,
7/1/31
1,490
1,605
Fairfax
County,
Series A,
GO,
2.00%,
10/1/40
5,000
3,544
Fairfax
County
Economic
Dev.
Auth.,
Goodwin
House,
Series A,
5.00%,
10/1/36
(Prerefunded
10/1/24) (7)
7,060
7,289
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
Fairfax
County
Economic
Dev.
Auth.,
Goodwin
House,
Series A,
5.00%,
10/1/42
(Prerefunded
10/1/24) (7)
4,350
4,491
Fairfax
County
Economic
Dev.
Auth.,
Green
Bond
County
Facilities,
4.00%,
10/1/40
1,595
1,621
Fairfax
County
Economic
Dev.
Auth.,
Metrorail
Parking
System,
5.00%,
4/1/42
9,000
9,327
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/34
(Prerefunded
4/1/26) (7)
55
56
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/35
(Prerefunded
4/1/26) (7)
4,565
4,681
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/35
(Prerefunded
4/1/26) (7)
1,200
1,229
Fairfax
County
Economic
Dev.
Auth.,
Vinson
Hall,
Series A,
4.50%,
12/1/32
(Prerefunded
12/1/23) (7)
3,550
3,550
Fairfax
County
Economic
Dev.
Auth.,
Vinson
Hall,
Series A,
5.00%,
12/1/32
(Prerefunded
12/1/23) (7)
45
45
Fairfax
County
Economic
Dev.
Auth.,
Vinson
Hall,
Series A,
5.00%,
12/1/42
(Prerefunded
12/1/23) (7)
2,120
2,120
Fairfax
County
Economic
Dev.
Auth.,
Vinson
Hall,
Series A,
5.00%,
12/1/47
(Prerefunded
12/1/23) (7)
4,010
4,010
Fairfax
County
Economic
Dev.
Auth.,
Wiehle
Ave
Metrorail
Station,
5.00%,
8/1/34
2,000
2,255
Fairfax
County
IDA,
Inova
Health
System,
3.50%,
5/15/39
5,400
4,944
Fairfax
County
IDA,
Inova
Health
System,
4.00%,
5/15/44
13,160
12,620
Fairfax
County
IDA,
Inova
Health
System,
Series A,
4.00%,
5/15/44
9,415
9,014
Fairfax
County
IDA,
Inova
Health
System,
Series A,
4.00%,
5/15/48
9,840
9,191
Fairfax
County
IDA,
Inova
Health
System,
Series A,
5.00%,
5/15/44
10,085
10,112
Fairfax
County
IDA,
Inova
Health
System,
Series B-2,
VRDN,
5.00%,
5/15/57
(Tender
5/15/30)
3,200
3,520
Fairfax
County
Redev.
&
Housing
Auth.,
Wedgewood
Affordable
Housing
Acquisition,
5.00%,
10/1/36
4,105
4,402
Fairfax
County
Redev.
&
Housing
Auth.,
Wedgewood
Affordable
Housing
Acquisition,
5.00%,
10/1/37
4,310
4,576
Fairfax
County
Redev.
&
Housing
Auth.,
Wedgewood
Affordable
Housing
Acquisition,
5.00%,
10/1/38
3,040
3,209
Fairfax
County
Sewer,
5.00%,
7/15/44
5,650
5,898
Fairfax
County
Sewer,
Series A,
4.00%,
7/15/51
5,000
4,880
Fairfax
County
Sewer,
Series A,
5.00%,
7/15/46
9,390
10,174
Fairfax
County
Water
Auth.,
5.00%,
4/1/44
4,720
4,895
Fairfax
County
Water
Auth.,
5.00%,
4/1/45
4,230
4,383
Farmville
IDA,
Convocation
Center
Project,
5.375%,
7/1/53
(Tender
7/1/43) (2)
15,400
16,057
Fredericksburg
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/26
1,000
1,006
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
Fredericksburg
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/27
1,690
1,700
Fredericksburg
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/29
1,600
1,610
Fredericksburg
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/31
425
428
Fredericksburg
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/33
1,250
1,257
Front
Royal
&
Warren
County
IDA,
Valley
Health
System,
4.00%,
1/1/50
3,440
3,097
Greater
Richmond
Convention
Center
Auth.,
Hotel
Tax,
5.00%,
6/15/29
(Prerefunded
6/15/25) (7)
3,750
3,853
Greater
Richmond
Convention
Center
Auth.,
Hotel
Tax,
5.00%,
6/15/30
(Prerefunded
6/15/25) (7)
1,500
1,541
Greater
Richmond
Convention
Center
Auth.,
Hotel
Tax,
5.00%,
6/15/31
(Prerefunded
6/15/25) (7)
2,000
2,055
Greater
Richmond
Convention
Center
Auth.,
Hotel
Tax,
5.00%,
6/15/32
(Prerefunded
6/15/25) (7)
5,630
5,785
Hampton
Roads
Transportation
Accountability
Commission,
5.00%,
7/1/48
16,965
17,581
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
4.00%,
7/1/52
2,010
1,944
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
5.00%,
7/1/42
2,850
2,989
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
5.25%,
7/1/60
11,960
12,739
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
5.50%,
7/1/57
(Prerefunded
1/1/28) (7)
7,785
8,635
Hampton
Roads
Transportation
Accountability
Commission,
Senior
Lien,
Series A,
4.00%,
7/1/50
5,115
4,990
Hampton
Roads
Transportation
Accountability
Commission,
Senior
Lien,
Series A,
5.00%,
7/1/50
6,430
6,771
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/26 (4)
1,505
1,441
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/27 (4)
1,565
1,472
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/30 (4)
255
228
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/31 (4)
625
548
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/40 (4)
4,135
3,099
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/47 (4)
4,510
3,053
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
5.00%,
7/1/38
700
613
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
5.00%,
7/1/48
4,035
3,181
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
5.00%,
7/1/51
4,525
3,503
Harrisonburg
Economic
Dev.
Auth.,
Sentara
Healthcare,
VRDN,
3.30%,
8/15/46
1,000
1,000
Henrico
County
Economic
Dev.
Auth.,
Lifespire
of
Virginia,
Series C,
5.00%,
12/1/37
3,040
3,028
Henrico
County
Economic
Dev.
Auth.,
Westminster
Canterbury
PRO,
5.00%,
10/1/37
1,500
1,533
Henrico
County
Economic
Dev.
Auth.,
Westminster
Canterbury
RIC,
Series A,
5.00%,
10/1/42
1,125
1,148
Henrico
County
Economic
Dev.
Auth.,
Westminster
Canterbury
RIC,
Series A,
5.00%,
10/1/47
1,565
1,577
Henrico
County
Economic
Dev.
Auth.,
Westminster
Canterbury
RIC,
Series A,
5.00%,
10/1/52
4,640
4,644
Henrico
County
Water
&
Sewer,
5.00%,
5/1/42
(Prerefunded
5/1/26) (7)
3,340
3,506
Henrico
County,
Public
Improvement,
GO,
3.40%,
8/1/37
4,965
4,733
Isle
of
Wight
County
Economic
Dev.
Auth.,
Riverside
Health
System,
5.25%,
7/1/53 (2)(10)
5,000
5,271
James
City
County
Economic
Dev.
Auth.,
4.00%,
6/1/41
3,120
2,399
James
City
County
Economic
Dev.
Auth.,
4.00%,
6/1/47
6,700
4,798
James
City
County
Economic
Dev.
Auth.,
Series A,
4.00%,
12/1/35
1,015
892
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
1,050
757
Lexington
IDA,
Kendal
at
Lexington,
4.00%,
1/1/31
850
820
Lexington
IDA,
Kendal
at
Lexington,
4.00%,
1/1/38
680
606
Lexington
IDA,
Kendal
at
Lexington,
4.00%,
1/1/42
1,120
945
Lexington
IDA,
Kendal
at
Lexington,
4.00%,
1/1/48
2,310
1,843
Lexington
IDA,
Washington
&
Lee
Univ.,
5.00%,
1/1/34
2,085
2,253
Lexington
IDA,
Washington
&
Lee
Univ.,
5.00%,
1/1/35
1,105
1,192
Lexington
IDA,
Washington
&
Lee
Univ.,
5.00%,
1/1/38
1,000
1,060
Lexington
IDA,
Washington
&
Lee
Univ.,
5.00%,
1/1/43
2,240
2,346
Lexington
IDA,
Washington
&
Lee
Univ.,
5.00%,
1/1/48
1,500
1,559
Loudoun
County,
Series A,
GO,
4.00%,
12/1/39
5,010
5,125
Loudoun
County,
Series A,
GO,
5.00%,
12/1/42
8,980
9,966
Loudoun
County
Economic
Dev.
Auth.,
Series A,
4.00%,
12/1/39
2,125
2,168
Loudoun
County
Economic
Dev.
Auth.,
Series A,
4.00%,
10/1/52
11,820
11,693
Loudoun
County
Economic
Dev.
Auth.,
Howard
Hughes
Medical,
Zero
Coupon,
7/1/49
5,000
1,553
Loudoun
County
Economic
Dev.
Auth.,
Howard
Hughes
Medical,
Series B,
VRDN,
3.35%,
2/15/38
1,200
1,200
Loudoun
County
Sanitation
Auth.,
Water
&
Sewer
System,
2.00%,
1/1/40
1,565
1,110
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
4.00%,
1/1/41
1,000
964
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
4.00%,
1/1/55
10,395
9,387
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
Series A,
4.00%,
1/1/47
5,030
4,683
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
Series A,
5.00%,
1/1/24
640
640
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
Series B,
VRDN,
3.22%,
1/1/47
20,240
20,240
Madison
County
IDA,
Woodberry
Forest
School,
3.00%,
10/1/50
11,000
8,134
Manassas,
GO,
2.00%,
1/1/40
1,700
1,197
Mosaic
Dist.
CDA,
Series A,
4.00%,
3/1/34
1,730
1,759
Mosaic
Dist.
CDA,
Series A,
4.00%,
3/1/35
2,000
2,027
Newport
News,
Series A,
GO,
3.00%,
2/1/39
1,750
1,490
Newport
News,
Series A,
GO,
3.00%,
2/1/40
1,840
1,546
Newport
News
Economic
Dev.
Auth.,
Lifespire,
5.00%,
12/1/38
6,060
5,985
Norfolk,
Series A,
GO,
5.00%,
10/1/41
(Prerefunded
10/1/26) (7)
1,050
1,115
Norfolk,
Series A,
GO,
5.00%,
10/1/46
(Prerefunded
10/1/26) (7)
2,300
2,442
Norfolk
Economic
Dev.
Auth.,
Sentara
Healthcare,
Series A,
VRDN,
3.31%,
11/1/34
5,600
5,600
Norfolk
Economic
Dev.
Auth.,
Sentara
Healthcare,
Series B,
4.00%,
11/1/42
165
159
Norfolk
Economic
Dev.
Auth.,
Sentara
Healthcare,
Series B,
4.00%,
11/1/48
5,500
5,132
Norfolk
Economic
Dev.
Auth.,
Sentara
Healthcare,
Series B,
VRDN,
5.00%,
11/1/48
(Tender
11/1/28)
2,325
2,523
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.375%,
1/1/35
2,865
2,671
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.375%,
1/1/46
480
400
Norfolk
Water,
Series A,
5.25%,
11/1/44
17,250
17,418
Prince
Edward
County
IDA,
Hampden
Sydney,
4.50%,
9/1/52
1,500
1,462
Prince
Edward
County
IDA,
Hampden
Sydney,
4.50%,
9/1/57
1,000
963
Prince
William
County
IDA,
Westminster
At
Lake
Ridge,
5.00%,
1/1/37
4,000
3,558
Prince
William
County
IDA,
Westminster
At
Lake
Ridge,
5.00%,
1/1/46
4,455
3,584
Richmond
Public
Utility
Revenue,
Series C,
4.00%,
1/15/45
1,000
1,001
Richmond
Public
Utility
Revenue,
Series C,
4.25%,
1/15/53
1,500
1,510
Roanoke
Economic
Dev.
Auth.,
Carilion
Clinic,
Series A,
5.00%,
7/1/47
18,405
20,237
Roanoke
Economic
Dev.
Auth.,
Lutheran
Homes
Brandon
Oaks,
6.625%,
12/1/44
(Prerefunded
12/1/23) (7)
3,900
3,900
Rockingham
County
Economic
Dev.
Auth.,
Sentara
RHM
Medical
Center,
Series A,
3.00%,
11/1/46
14,595
11,016
Rockingham
County
Economic
Dev.
Auth.,
Sunnyside
Presbyterian
Home,
Series A,
4.00%,
12/1/33
550
505
Rockingham
County
Economic
Dev.
Auth.,
Sunnyside
Presbyterian
Home,
Series A,
4.00%,
12/1/34
2,000
1,815
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
Rockingham
County
Economic
Dev.
Auth.,
Sunnyside
Presbyterian
Home,
Series A,
5.00%,
12/1/39
2,000
1,927
Spotsylvania
County
Water
&
Sewer
System
Revenue,
4.50%,
12/1/44
4,105
4,248
Spotsylvania
County
Water
&
Sewer
System
Revenue,
5.00%,
12/1/43
1,975
2,179
Spotsylvania
County
Water
&
Sewer
System
Revenue,
5.00%,
12/1/48
2,040
2,214
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/30
2,010
2,065
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/35
670
682
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/36
350
356
Suffolk
Economic
Dev.
Auth.,
United
Church
Homes,
5.00%,
9/1/25
1,960
1,939
Suffolk
Economic
Dev.
Auth.,
United
Church
Homes,
5.00%,
9/1/31
4,000
3,776
Tobacco
Settlement
Fin.,
Series B-1,
5.00%,
6/1/47
5,425
4,996
Univ.
of
Virginia,
Series A,
5.00%,
4/1/38
3,075
3,242
Univ.
of
Virginia,
Series B,
4.00%,
8/1/48
4,930
4,846
Univ.
of
Virginia,
Series B,
5.00%,
4/1/46
5,000
5,202
Univ.
of
Virginia,
Series B,
5.00%,
9/1/49
2,050
2,175
Virginia,
Series A,
GO,
5.00%,
6/1/38
5,345
6,022
Virginia
College
Building
Auth.,
4.00%,
2/1/43
3,000
3,014
Virginia
College
Building
Auth.,
5.00%,
2/1/40
2,000
2,252
Virginia
College
Building
Auth.,
Series A,
3.00%,
1/15/35
930
857
Virginia
College
Building
Auth.,
Series A,
3.00%,
1/15/38
965
815
Virginia
College
Building
Auth.,
Series A,
4.00%,
9/1/35
5,105
5,250
Virginia
College
Building
Auth.,
Series A,
4.00%,
9/1/44
4,685
4,681
Virginia
College
Building
Auth.,
Series A,
4.00%,
9/1/52
6,570
6,371
Virginia
College
Building
Auth.,
21st
Century
College
&
Equipment,
4.00%,
2/1/38
1,165
1,186
Virginia
College
Building
Auth.,
Univ.
of
Richmond,
4.00%,
3/1/42
8,010
7,997
Virginia
College
Building
Auth.,
Washington
&
Lee
Univ.,
5.25%,
1/1/31 (9)
7,965
8,715
Virginia
College
Building
Auth.,
Washington
&
Lee
Univ.,
5.75%,
1/1/34
10,620
12,962
Virginia
Commonwealth
Transportation
Board,
4.00%,
5/15/30
7,310
7,325
Virginia
Commonwealth
Transportation
Board,
4.00%,
5/15/31
2,445
2,449
Virginia
Commonwealth
Transportation
Board,
4.00%,
5/15/32
6,860
6,865
Virginia
Commonwealth
Transportation
Board,
Series A,
4.00%,
5/15/34
1,000
1,027
Virginia
Commonwealth
Transportation
Board,
Series A,
5.00%,
5/15/33
1,250
1,338
Virginia
Commonwealth
Transportation
Board,
Capital
Projects,
3.00%,
5/15/37
4,000
3,475
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
Virginia
Commonwealth
Univ.
Health
System
Auth.,
Series A,
5.00%,
7/1/34
5,000
5,264
Virginia
HDA,
Series C,
4.70%,
7/1/43 (10)
1,680
1,692
Virginia
HDA,
Series D,
4.50%,
8/1/43
2,260
2,248
Virginia
HDA,
Series E,
5.25%,
10/1/63
5,000
5,103
Virginia
HDA,
Series F,
5.35%,
11/1/58
5,905
6,091
Virginia
HDA,
Series F,
5.40%,
11/1/63
3,000
3,079
Virginia
HDA,
Series G,
4.90%,
11/1/42
500
524
Virginia
HDA,
Series G,
5.05%,
11/1/47
1,565
1,644
Virginia
HDA,
Series G,
5.25%,
11/1/57
4,885
4,993
Virginia
HDA,
Series G,
5.375%,
11/1/64
4,535
4,675
Virginia
HDA,
Series I,
2.45%,
11/1/45
1,000
700
Virginia
HDA,
Series I,
2.55%,
11/1/50
4,680
3,052
Virginia
HDA,
Series K,
2.55%,
12/1/46
9,950
6,958
Virginia
HDA,
Rental
Housing,
Series B,
3.25%,
3/1/52
2,000
1,485
Virginia
HDA,
Rental
Housing,
Series F,
5.35%,
10/1/43
8,210
8,229
Virginia
Polytechnic
Institute
&
State
Univ.,
Dormitory
&
Dining,
Series A,
4.00%,
6/1/30
2,135
2,151
Virginia
Polytechnic
Institute
&
State
Univ.,
Dormitory
&
Dining,
Series A,
4.00%,
6/1/33
1,920
1,926
Virginia
Polytechnic
Institute
&
State
Univ.,
Dormitory
&
Dining,
Series A,
4.00%,
6/1/34
2,035
2,042
Virginia
Port
Auth.
Commonwealth
Port
Fund,
Series A,
5.25%,
7/1/48
8,315
9,283
Virginia
Public
Building
Auth.,
Series 2019A,
4.00%,
8/1/39
(Prerefunded
8/1/29) (7)
10
11
Virginia
Public
Building
Auth.,
Series 2022A,
4.00%,
8/1/39
6,000
6,146
Virginia
Public
Building
Auth.,
Series B,
4.00%,
8/1/35 (1)
3,485
3,559
Virginia
Public
Building
Auth.,
Unrefunded
Balance,
Series A,
4.00%,
8/1/40
1,530
1,552
Virginia
Public
School
Auth.,
Series A,
4.00%,
8/1/45
6,005
6,009
Virginia
Resources
Auth.,
Series B,
4.75%,
11/1/52
1,000
1,047
Virginia
Resources
Auth.,
Series C,
4.00%,
11/1/37
570
577
Virginia
Resources
Auth.,
Clean
Water
Revolving
Fund,
5.00%,
10/1/30
5,290
5,453
Virginia
Resources
Auth.,
Unrefunded
Balance,
5.00%,
11/1/40
2,480
2,527
Virginia
Resources
Auth.,
Unrefunded
Balance,
5.00%,
11/1/45
4,640
4,719
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)
5,750
5,722
Virginia
Small
Business
Fin.
Auth.,
4.00%,
12/1/36
1,330
1,209
Virginia
Small
Business
Fin.
Auth.,
4.00%,
1/1/38 (1)
12,125
11,444
Virginia
Small
Business
Fin.
Auth.,
4.00%,
1/1/39 (1)
10,400
9,763
Virginia
Small
Business
Fin.
Auth.,
4.00%,
1/1/41 (1)
1,360
1,246
Virginia
Small
Business
Fin.
Auth.,
4.00%,
12/1/41
3,190
2,713
Virginia
Small
Business
Fin.
Auth.,
4.00%,
1/1/48 (1)
11,730
10,339
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
Virginia
Small
Business
Fin.
Auth.,
4.00%,
12/1/51
9,105
7,090
Virginia
Small
Business
Fin.
Auth.,
5.00%,
12/31/41 (1)
3,470
3,621
Virginia
Small
Business
Fin.
Auth.,
5.00%,
12/31/47 (1)
3,375
3,453
Virginia
Small
Business
Fin.
Auth.,
5.00%,
12/31/57 (1)
11,115
11,237
Virginia
Small
Business
Fin.
Auth.,
Covanta
Project,
VRDN,
5.00%,
1/1/48
(Tender
7/1/38) (1)(4)
1,700
1,512
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossing,
4.00%,
7/1/35 (1)
7,900
7,743
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossing,
4.00%,
1/1/40 (1)
1,000
935
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
7/1/34 (1)
2,465
2,623
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
1/1/35 (1)
3,680
3,909
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
1/1/36 (1)
2,750
2,902
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
7/1/37 (1)
1,860
1,933
Virginia
Small
Business
Fin.
Auth.,
National
Senior
Campuses,
Series A,
4.00%,
1/1/36
2,270
2,186
Virginia
Small
Business
Fin.
Auth.,
National
Senior
Campuses,
Series A,
4.00%,
1/1/37
1,250
1,189
Virginia
Small
Business
Fin.
Auth.,
National
Senior
Campuses,
Series A,
4.00%,
1/1/51
8,000
6,704
Virginia
Small
Business
Fin.
Auth.,
Pure
Salmon
Virginia,
VRDN,
5.00%,
11/1/52
(Tender
11/15/24) (1)
5,000
5,015
Virginia
Small
Business
Fin.
Auth.,
Senior
Lien,
5.00%,
6/30/42 (1)
2,375
2,466
Virginia
Small
Business
Fin.
Auth.,
Senior
Lien,
5.00%,
12/31/52 (1)
6,000
6,094
Virginia
Small
Business
Fin.
Auth.,
Sentara
Healthcare,
4.00%,
11/1/36
5,470
5,572
Virginia
Small
Business
Fin.
Auth.,
Sentara
Healthcare,
4.00%,
11/1/37
7,750
7,834
Virginia
Small
Business
Fin.
Auth.,
Sentara
Healthcare,
4.00%,
11/1/38
5,000
5,029
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/47 (1)
2,000
2,009
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/49 (1)
2,740
2,751
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/56 (1)
13,730
13,743
West
Falls
CDA,
Series A,
5.375%,
9/1/52 (4)
3,750
3,704
Williamsburg
Economic
Dev.
Auth.,
William
and
Mary
Project,
Series A,
4.00%,
7/1/48 (2)
2,715
2,577
Williamsburg
Economic
Dev.
Auth.,
William
and
Mary
Project,
Series A,
4.125%,
7/1/58 (2)
3,555
3,383
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
Williamsburg
Economic
Dev.
Auth.,
William
and
Mary
Project,
Series A,
4.375%,
7/1/63 (2)
2,750
2,703
Williamsburg
Economic
Dev.
Auth.,
William
and
Mary
Project,
Series A,
5.25%,
7/1/53 (2)
2,435
2,639
Winchester
Economic
Dev.
Auth.,
Valley
Health
System,
5.00%,
1/1/30
250
257
Winchester
Economic
Dev.
Auth.,
Valley
Health
System,
5.00%,
1/1/34
2,250
2,306
Winchester
Economic
Dev.
Auth.,
Valley
Health
System,
5.00%,
1/1/35
2,250
2,305
Winchester
Economic
Dev.
Auth.,
Valley
Health
System,
Series A,
5.00%,
1/1/44
(Prerefunded
1/1/24) (7)
6,845
6,852
1,018,698
Total
Municipal
Securities
(Cost
$1,269,220)
1,216,476
Total
Investments
in
Securities
99.5%
(Cost
$1,269,235)
$
1,216,487
Other
Assets
Less
Liabilities
0.5%
5,933
Net
Assets
100.0%
$
1,222,420
‡
Par/Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Interest
subject
to
alternative
minimum
tax.
(2)
Insured
by
Assured
Guaranty
Municipal
Corporation
(3)
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.
(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
$21,467
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)
Non-income
producing
(7)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(8)
Escrowed
to
maturity
(9)
Insured
by
National
Public
Finance
Guarantee
Corporation
(10)
When-issued
security
CDA
Community
Development
Administration/Authority
GO
General
Obligation
HDA
Housing
Development
Authority
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.
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
13
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
Virginia
Tax-Free
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
14
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
15
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.
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
16
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,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
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.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Municipal
Securities
$
—
$
1,216,476
$
—
$
1,216,476
Common
Stocks
11
—
—
11
Total
$
11
$
1,216,476
$
—
$
1,216,487
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
17
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.
F48-054Q3
11/23