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T. Rowe Price - Georgia Tax Free Bond Fund (GTFBX) NPORT-PT. Rowe Price California Tax-Free Bond Fund (May 2024 report)

Filed: 26 Jul 24, 1:10pm

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

May

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Par

$

Value

(Amounts

in

000s)

‡

MUNICIPAL

SECURITIES 100.4%

CALIFORNIA

97.2%

Adelanto

Public

Utility

Auth.,

Utility

System

Project,

Series A,

5.00%,

7/1/39 (1)

2,000‌

2,086‌

Alameda

Corridor

Transportation

Auth.,

Series C,

5.00%,

10/1/52 (1)

1,000‌

1,065‌

Bay

Area

Toll

Auth.,

Series A,

VRDN,

4.00%,

4/1/55

3,700‌

3,700‌

Bay

Area

Toll

Auth.,

Series B,

VRDN,

3.85%,

4/1/55

3,900‌

3,900‌

Bay

Area

Toll

Auth.,

Series S-8,

3.00%,

4/1/54 (2)

5,000‌

3,669‌

Burbank-Glendale-Pasadena

Airport

Auth.

Brick

Campaign,

Series B,

4.50%,

7/1/54 (1)(3)

4,000‌

3,913‌

California,

GO,

4.25%,

9/1/52

3,510‌

3,527‌

California,

Series CU,

GO,

4.75%,

12/1/42

2,250‌

2,315‌

California,

Series CU,

GO,

4.85%,

12/1/46

1,230‌

1,277‌

California

Community

Choice

Fin.

Auth.,

Green

Bond

Energy

Project,

VRDN,

5.00%,

12/1/53

(Tender

8/1/29)

2,400‌

2,510‌

California

Community

Choice

Fin.

Auth.,

Green

Bond

Energy

Project,

Series 2023-F,

VRDN,

5.50%,

10/1/54

(Tender

11/1/30)

3,850‌

4,162‌

California

Community

Choice

Fin.

Auth.,

Green

Bond

Energy

Project,

Series B-1,

VRDN,

4.00%,

2/1/52

(Tender

8/1/31)

6,000‌

5,953‌

California

Community

Choice

Fin.

Auth.,

Green

Bond

Energy

Project,

Series E-1,

VRDN,

5.00%,

2/1/54

(Tender

3/1/31)

5,500‌

5,796‌

California

Community

Choice

Fin.

Auth.,

Green

Bond

Energy

Project,

Series G,

VRDN,

5.25%,

11/1/54

(Tender

4/1/30)

3,000‌

3,187‌

California

Community

Housing

Agency,

5.00%,

8/1/49 (4)

2,000‌

1,888‌

California

County

Tobacco

Securitization

Agency,

Series B-1,

5.00%,

6/1/49

160‌

162‌

California

Dept.

of

Water

Resources,

Water

System,

Series AS,

5.00%,

12/1/29

(Prerefunded

12/1/24) (5)

5‌

5‌

California

EFA,

Series A,

4.00%,

12/1/39

1,245‌

1,170‌

California

EFA,

Series A,

5.00%,

12/1/34

1,000‌

1,045‌

California

EFA,

Series A,

5.00%,

12/1/44

3,500‌

3,548‌

California

EFA,

Chapman

Univ.,

5.00%,

4/1/36

4,260‌

4,291‌

California

EFA,

Univ.

of

San

Francisco,

Series A,

5.00%,

10/1/38

1,300‌

1,357‌

California

EFA,

Univ.

of

San

Francisco,

Series A,

5.00%,

10/1/43

4,500‌

4,647‌

California

Enterprise

Dev.

Auth.,

Student

Housing,

Series A,

5.00%,

8/1/35

400‌

406‌

California

Enterprise

Dev.

Auth.,

Student

Housing,

Series A,

5.00%,

1/15/39

400‌

426‌

California

Enterprise

Dev.

Auth.,

Student

Housing,

Series A,

5.00%,

8/1/40

500‌

506‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

2

Par

$

Value

(Amounts

in

000s)

California

Enterprise

Dev.

Auth.,

Student

Housing,

Series A,

5.00%,

1/15/45

1,000‌

1,041‌

California

Enterprise

Dev.

Auth.,

Student

Housing,

Series A,

5.00%,

8/1/45

550‌

555‌

California

Enterprise

Dev.

Auth.,

Student

Housing,

Series A,

5.00%,

8/1/50

550‌

555‌

California

Enterprise

Dev.

Auth.,

Student

Housing,

Series A,

5.00%,

8/1/55

825‌

826‌

California

Enterprise

Dev.

Auth.,Riverside

County

Mead

Valley

Wellness

Village

Project,

Series A,

5.25%,

11/1/54 (6)

7,000‌

7,637‌

California

HFFA,

Cedars-Sinai

Health

System,

Series A,

3.00%,

8/15/51 (2)

3,250‌

2,608‌

California

HFFA,

Cedars-Sinai

Health

System,

Series A,

3.00%,

8/15/51

2,000‌

1,537‌

California

HFFA,

Cedars-Sinai

Health

System,

Series A,

4.00%,

8/15/48

3,090‌

2,990‌

California

HFFA,

Cedars-Sinai

Medical

Center,

5.00%,

11/15/28

560‌

571‌

California

HFFA,

Cedars-Sinai

Medical

Center,

5.00%,

11/15/29

880‌

897‌

California

HFFA,

Kaiser

Permanente,

Series A-2,

5.00%,

11/1/47

5,000‌

5,636‌

California

HFFA,

Lucile

Salter

Packard

Children's

Hosp.

at

Stanford,

4.00%,

5/15/51

9,000‌

8,575‌

California

HFFA,

Northern

California

Presbyterian

Homes

&

Services,

5.00%,

7/1/34

700‌

711‌

California

HFFA,

Northern

California

Presbyterian

Homes

&

Services,

5.00%,

7/1/39

1,300‌

1,316‌

California

HFFA,

Northern

California

Presbyterian

Homes

&

Services,

5.00%,

7/1/44

1,400‌

1,414‌

California

HFFA,

Providence

Healthcare

&

Services,

Unrefunded

Balance,

Series A,

5.00%,

10/1/38

1,410‌

1,411‌

California

HFFA,

Stanford

Health

Care,

Series A,

4.00%,

8/15/50

2,120‌

2,042‌

California

HFFA,

Sutter

Health,

Series A,

5.00%,

11/15/35

1,000‌

1,050‌

California

HFFA,

Sutter

Health,

Series A,

5.00%,

11/15/38

2,000‌

2,080‌

California

HFFA,

Sutter

Health,

Series A,

5.00%,

11/15/48

4,700‌

4,791‌

California

HFFA,

Sutter

Health,

Series B,

5.00%,

11/15/46

(Prerefunded

11/15/26) (5)

1,020‌

1,059‌

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

1,417‌

1,376‌

California

Housing

Fin.,

Series 2019-2,

Class

A,

4.00%,

3/20/33

2,736‌

2,688‌

California

Housing

Fin.,

Series 2023-1,

Class

A,

4.375%,

9/20/36

2,310‌

2,281‌

California

Infrastructure

&

Economic

Dev.

Bank,

Series B,

4.125%,

11/1/52

2,835‌

2,603‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

3

Par

$

Value

(Amounts

in

000s)

California

Infrastructure

&

Economic

Dev.

Bank,

Series B,

FRN,

100%

of

MUNIPSA

+

0.70%,

4.06%,

12/1/50

(Tender

6/1/26)

1,175‌

1,170‌

California

Infrastructure

&

Economic

Dev.

Bank,

Academy

of

Sciences,

Series A,

3.25%,

8/1/29

2,800‌

2,730‌

California

Infrastructure

&

Economic

Dev.

Bank,

Green

Bond,

4.00%,

10/1/44

5,250‌

5,334‌

California

Infrastructure

&

Economic

Dev.

Bank,

Green

Bond-

Climate

Bond

Certified,

5.00%,

8/1/49

3,750‌

3,908‌

California

Infrastructure

&

Economic

Dev.

Bank,

Los

Angeles

Museum

of

National

History,

3.00%,

7/1/50

6,750‌

4,964‌

California

Municipal

Fin.

Auth.,

Bowles

Hall

Foundation,

Series A,

5.00%,

6/1/35

300‌

302‌

California

Municipal

Fin.

Auth.,

Bowles

Hall

Foundation,

Series A,

5.00%,

6/1/50

4,830‌

4,841‌

California

Municipal

Fin.

Auth.,

California

Baptist

Univ.,

Series A,

5.00%,

11/1/36 (4)

1,920‌

1,945‌

California

Municipal

Fin.

Auth.,

Caritas

Affordable

Housing,

Series A,

5.25%,

8/15/39

500‌

501‌

California

Municipal

Fin.

Auth.,

Caritas

Affordable

Housing,

Series A,

5.25%,

8/15/49

1,425‌

1,426‌

California

Municipal

Fin.

Auth.,

Caritas

Project,

Series A,

4.00%,

8/15/42

635‌

578‌

California

Municipal

Fin.

Auth.,

Caritas

Project,

Series A,

5.25%,

8/15/53

1,665‌

1,696‌

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

360‌

California

Municipal

Fin.

Auth.,

Caritas

Project,

Series B,

4.00%,

8/15/56

330‌

266‌

California

Municipal

Fin.

Auth.,

Channing

House

Project,

Series A,

5.00%,

5/15/35

1,000‌

1,045‌

California

Municipal

Fin.

Auth.,

Channing

House

Project,

Series B,

5.00%,

5/15/47

2,200‌

2,264‌

California

Municipal

Fin.

Auth.,

CHF-Davis

I,

LLC-West

Village,

5.00%,

5/15/36 (2)

2,000‌

2,096‌

California

Municipal

Fin.

Auth.,

Claremont

College

Project,

Series A,

5.00%,

7/1/40 (4)

1,515‌

1,450‌

California

Municipal

Fin.

Auth.,

Claremont

College

Project,

Series A,

5.00%,

7/1/52 (4)

2,075‌

1,886‌

California

Municipal

Fin.

Auth.,

Community

Health

System,

Series A,

4.00%,

2/1/51

3,900‌

3,383‌

California

Municipal

Fin.

Auth.,

Eisnhower

Medical

Center,

Series A,

5.00%,

7/1/33

1,000‌

1,019‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

4

Par

$

Value

(Amounts

in

000s)

California

Municipal

Fin.

Auth.,

Eisnhower

Medical

Center,

Series A,

5.00%,

7/1/36

2,550‌

2,592‌

California

Municipal

Fin.

Auth.,

Green

Bond-Orchard

Park

Student,

4.00%,

5/15/46 (2)

1,750‌

1,670‌

California

Municipal

Fin.

Auth.,

Institute

on

Aging

Project,

5.00%,

8/15/36

365‌

383‌

California

Municipal

Fin.

Auth.,

Institute

on

Aging

Project,

5.00%,

8/15/37

315‌

330‌

California

Municipal

Fin.

Auth.,

John

Adams

Academies-Lincoln

Project,

Series A,

4.00%,

10/1/29 (4)

415‌

402‌

California

Municipal

Fin.

Auth.,

John

Adams

Academies-Lincoln

Project,

Series A,

5.00%,

10/1/39 (4)

900‌

892‌

California

Municipal

Fin.

Auth.,

John

Adams

Academies-Lincoln

Project,

Series A,

5.00%,

10/1/49 (4)

1,000‌

942‌

California

Municipal

Fin.

Auth.,

John

Adams

Academies-Lincoln

Project,

Series A,

5.00%,

10/1/57 (4)

1,650‌

1,509‌

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

4.00%,

12/31/47 (1)(3)

2,845‌

2,593‌

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

Series A,

4.00%,

12/31/47 (3)

3,000‌

2,629‌

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

Series A,

5.00%,

12/31/38 (3)

1,500‌

1,504‌

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

Series A,

5.00%,

12/31/43 (3)

5,500‌

5,511‌

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

Series A,

5.00%,

12/31/47 (3)

2,830‌

2,815‌

California

Municipal

Fin.

Auth.,

MT

San

Antonio

Gardens

Project,

5.00%,

11/15/39

1,700‌

1,705‌

California

Municipal

Fin.

Auth.,

MT

San

Antonio

Gardens

Project,

5.00%,

11/15/49

3,875‌

3,636‌

California

Municipal

Fin.

Auth.,

MT

San

Antonio

Gardens

Project,

Series A,

4.00%,

11/15/52

1,000‌

783‌

California

Municipal

Fin.

Auth.,

MT

San

Antonio

Gardens

Project,

Series A,

4.00%,

11/15/56

1,100‌

841‌

California

Municipal

Fin.

Auth.,

National

Univ.,

Series A,

5.00%,

4/1/29

1,045‌

1,106‌

California

Municipal

Fin.

Auth.,

National

Univ.,

Series A,

5.00%,

4/1/30

1,245‌

1,314‌

California

Municipal

Fin.

Auth.,

National

Univ.,

Series A,

5.00%,

4/1/32

1,035‌

1,093‌

California

Municipal

Fin.

Auth.,

National

Univ.,

Series A,

5.00%,

4/1/40

1,000‌

1,038‌

California

Municipal

Fin.

Auth.,

National

Univ.,

Series A,

5.00%,

4/1/41

3,000‌

3,106‌

California

Municipal

Fin.

Auth.,

Orange

County

Civic

CTR

Infrastructure,

Series A,

5.00%,

6/1/43

1,950‌

2,033‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

5

Par

$

Value

(Amounts

in

000s)

California

Municipal

Fin.

Auth.,

Paradise

Valley

Estates

Project,

Series A,

5.00%,

1/1/30

510‌

542‌

California

Municipal

Fin.

Auth.,

Paradise

Valley

Estates

Project,

Series A,

5.00%,

1/1/31

375‌

398‌

California

Municipal

Fin.

Auth.,

Paradise

Valley

Estates

Project,

Series A,

5.00%,

1/1/32

350‌

371‌

California

Municipal

Fin.

Auth.,

Republic

Services,

Series A,

VRDN,

4.00%,

7/1/41

(Tender

10/1/24) (3)

2,800‌

2,798‌

California

Municipal

Fin.

Auth.,

Retirement

Housing

Foundation,

Series A,

5.00%,

11/15/26 (7)

950‌

984‌

California

Municipal

Fin.

Auth.,

Retirement

Housing

Foundation,

Series A,

5.00%,

11/15/28 (7)

1,005‌

1,073‌

California

Municipal

Fin.

Auth.,

Retirement

Housing

Foundation,

Series A,

5.00%,

11/15/29 (7)

780‌

845‌

California

Municipal

Fin.

Auth.,

Retirement

Housing

Foundation,

Series A,

5.00%,

11/15/31 (7)

1,000‌

1,111‌

California

Municipal

Fin.

Auth.,

Retirement

Housing

Foundation,

Series A,

5.00%,

11/15/32 (7)

1,025‌

1,152‌

California

Municipal

Fin.

Auth.,

Samuel

Merritt

Univ.,

5.25%,

6/1/53

3,775‌

3,954‌

California

Municipal

Fin.

Auth.,

Touro

College

&

Univ.

System,

Series A,

4.00%,

1/1/25

(Prerefunded

7/1/24) (5)

560‌

560‌

California

Municipal

Fin.

Auth.,

UCR

North

Dist.

Phase

1

Student,

5.00%,

5/15/33

1,000‌

1,048‌

California

Municipal

Fin.

Auth.,

Univ.

of

San

Diego,

Series A,

5.00%,

10/1/49

4,500‌

4,633‌

California

Municipal

Fin.

Auth.,

West

Village,

5.00%,

5/15/37

3,440‌

3,557‌

California

Municipal

Fin.

Auth.,

West

Village,

5.00%,

5/15/48

4,025‌

4,066‌

California

PFA,

Enso

Village

Project,

5.00%,

11/15/46 (4)

500‌

454‌

California

PFA,

Enso

Village

Project,

5.00%,

11/15/51 (4)

1,000‌

880‌

California

PFA,

Enso

Village

Project,

5.00%,

11/15/56 (4)

1,000‌

864‌

California

PFA,

Henry

Mayo

Newhall

Hosp.,

5.00%,

10/15/32

500‌

507‌

California

PFA,

Henry

Mayo

Newhall

Hosp.,

5.00%,

10/15/33

500‌

507‌

California

PFA,

Henry

Mayo

Newhall

Hosp.,

5.00%,

10/15/37

1,000‌

1,010‌

California

PFA,

Henry

Mayo

Newhall

Hosp.,

5.00%,

10/15/47

3,500‌

3,463‌

California

PFA,

Hoag

Memorial

Hosp.,

Series A,

4.00%,

7/15/51

5,000‌

4,841‌

California

Public

Works

Board,

Series B,

4.00%,

5/1/40

750‌

756‌

California

Public

Works

Board,

Series B,

4.00%,

5/1/41

1,000‌

1,004‌

California

School

Fin.

Auth.,

Aspire

Public

School,

5.00%,

8/1/41

(Prerefunded

8/1/25) (4)(5)

175‌

178‌

California

School

Fin.

Auth.,

Classical

Academies,

Series A,

5.00%,

10/1/52 (4)

2,000‌

1,948‌

California

School

Fin.

Auth.,

John

Adams

Academies,

Series A,

5.00%,

7/1/52 (4)

600‌

561‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

6

Par

$

Value

(Amounts

in

000s)

California

School

Fin.

Auth.,

Kipp

Socal

Public

School,

Series A,

4.00%,

7/1/50 (4)

1,135‌

982‌

California

School

Fin.

Auth.,

Kipp

Socal

Public

School,

Series A,

5.00%,

7/1/39 (4)

2,000‌

2,045‌

California

School

Fin.

Auth.,

Kipp

Socal

Public

School,

Series A,

5.00%,

7/1/49 (4)

1,850‌

1,859‌

California

School

Fin.

Auth.,

Kipp

Socal

Public

School,

Series A,

5.00%,

7/1/54 (4)

1,150‌

1,150‌

California

School

Fin.

Auth.,

New

Designs

Charter

School

ADA,

5.00%,

6/1/40 (4)

690‌

697‌

California

School

Fin.

Auth.,

New

Designs

Charter

School

ADA,

5.00%,

6/1/50 (4)

2,090‌

2,093‌

California

State

Univ.,

Series C,

4.00%,

11/1/45

1,100‌

1,083‌

California

Statewide

CDA,

5.00%,

9/2/40

1,055‌

1,060‌

California

Statewide

CDA,

5.375%,

9/2/52

1,990‌

1,973‌

California

Statewide

CDA,

Series D,

5.50%,

9/2/53

2,500‌

2,492‌

California

Statewide

CDA,

899

Charleston

Project,

Series A,

5.25%,

11/1/44 (4)

1,500‌

1,341‌

California

Statewide

CDA,

CHF-Irvine,

5.00%,

5/15/34

1,250‌

1,267‌

California

Statewide

CDA,

CHF-Irvine,

5.00%,

5/15/35

1,000‌

1,014‌

California

Statewide

CDA,

CHF-Irvine,

5.00%,

5/15/40

1,000‌

1,008‌

California

Statewide

CDA,

Enloe

Medical

Center,

5.00%,

8/15/38

(Prerefunded

2/15/26) (5)

2,500‌

2,566‌

California

Statewide

CDA,

Enloe

Medical

Center,

Series A,

5.25%,

8/15/52 (1)

3,120‌

3,309‌

California

Statewide

CDA,

Enloe

Medical

Center,

Series A,

5.375%,

8/15/57 (1)

1,000‌

1,067‌

California

Statewide

CDA,

Front

Porch

Communities

&

Services,

4.00%,

4/1/41

2,000‌

1,922‌

California

Statewide

CDA,

Front

Porch

Communities

&

Services,

4.00%,

4/1/51

4,000‌

3,582‌

California

Statewide

CDA,

Front

Porch

Communities

&

Services,

5.00%,

11/15/44

(Prerefunded

11/15/24) (1)(5)

1,750‌

1,760‌

California

Statewide

CDA,

Front

Porch

Communities

&

Services,

Series A,

5.00%,

4/1/28

390‌

400‌

California

Statewide

CDA,

Front

Porch

Communities

&

Services,

Series A,

5.00%,

4/1/31

175‌

180‌

California

Statewide

CDA,

Front

Porch

Communities

&

Services,

Series A,

5.00%,

4/1/47

1,750‌

1,776‌

California

Statewide

CDA,

Huntington

Memorial

Hosp.

Project,

5.00%,

7/1/43

1,750‌

1,814‌

California

Statewide

CDA,

Huntington

Memorial

Hosp.

Project,

5.00%,

7/1/48

5,650‌

5,798‌

California

Statewide

CDA,

Infrastructure

Program,

5.00%,

9/2/50

800‌

797‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

7

Par

$

Value

(Amounts

in

000s)

California

Statewide

CDA,

Infrastructure

Program,

Series A,

5.00%,

9/2/48

940‌

955‌

California

Statewide

CDA,

John

Muir

Health,

Series A,

4.00%,

8/15/51

2,100‌

1,928‌

California

Statewide

CDA,

John

Muir

Health,

Series A,

5.00%,

8/15/46

1,000‌

1,014‌

California

Statewide

CDA,

John

Muir

Health,

Series A,

5.00%,

8/15/51

1,750‌

1,773‌

California

Statewide

CDA,

John

Muir

Health,

Series A,

5.00%,

12/1/53

1,000‌

1,019‌

California

Statewide

CDA,

Lancer

Educational

Student

Housing

Project,

Series A,

5.00%,

6/1/34 (4)

375‌

386‌

California

Statewide

CDA,

Lancer

Educational

Student

Housing

Project,

Series A,

5.00%,

6/1/39 (4)

675‌

682‌

California

Statewide

CDA,

Lancer

Educational

Student

Housing

Project,

Series A,

5.00%,

6/1/51 (4)

4,135‌

4,010‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/36 (4)

500‌

505‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.50%,

12/1/58 (4)

7,750‌

7,886‌

California

Statewide

CDA,

Methodist

Hosp.

of

Southern

CA,

5.00%,

1/1/38

750‌

789‌

California

Statewide

CDA,

Methodist

Hosp.

of

Southern

CA,

5.00%,

1/1/43

1,800‌

1,873‌

California

Statewide

CDA,

Methodist

Hosp.

of

Southern

CA,

5.00%,

1/1/48

2,910‌

2,999‌

California

Statewide

CDA,

Montage

Health,

Series A,

4.00%,

6/1/40

1,000‌

1,005‌

California

Statewide

CDA,

Montage

Health,

Series A,

4.00%,

6/1/41

1,000‌

1,003‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

4.00%,

9/2/29

1,000‌

1,006‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

5.00%,

9/2/49

1,000‌

1,028‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

Series A-1,

5.00%,

9/2/42

1,000‌

994‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

Series A-1,

5.00%,

9/2/52

1,100‌

1,047‌

California

Statewide

CDA,

Univ.

of

California,

Irvine

Campus,

Series A,

5.00%,

5/15/26

950‌

963‌

California

Statewide

CDA,

Univ.

of

California,

Irvine

Campus,

Series A,

5.00%,

5/15/28

1,230‌

1,258‌

California

Statewide

CDA,

Univ.

of

California,

Irvine

Campus,

Series A,

5.00%,

5/15/37

1,000‌

1,018‌

California

Statewide

CDA,

Univ.

of

California,

Irvine

Campus,

Series A,

5.00%,

5/15/42

3,700‌

3,731‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

8

Par

$

Value

(Amounts

in

000s)

California

Statewide

CDA,

Viamonte

Senior

Living,

Series A,

5.00%,

7/1/30

125‌

133‌

California

Statewide

CDA,

Viamonte

Senior

Living,

Series A,

5.00%,

7/1/31

150‌

160‌

California

Statewide

CDA,

Viamonte

Senior

Living,

Series A,

5.00%,

7/1/32

100‌

107‌

California

Statewide

CDA,

Viamonte

Senior

Living,

Series A,

5.00%,

7/1/33

125‌

133‌

California,

Various

Purpose,

GO,

5.00%,

10/1/39

2,375‌

2,381‌

Chino

Valley

Unified

School

Dist.,

Series B,

GO,

3.375%,

8/1/50 (1)

7,950‌

6,677‌

Chino

Valley

Unified

School

Dist.,

Series D,

GO,

5.00%,

8/1/55

5,000‌

5,378‌

Clovis

Unified

School

Dist.,

Series C,

GO,

4.00%,

8/1/48

1,750‌

1,707‌

Compton

Community

Redev.

Agency

Successor

Agency,

Series A,

5.00%,

8/1/37 (1)

1,700‌

1,850‌

Compton

Community

Redev.

Agency

Successor

Agency,

Series A,

5.00%,

8/1/42 (1)

1,250‌

1,337‌

CSCDA

Community

Improvement

Auth.,

Altana

Glendale

Social

Bonds,

Series A-2,

4.00%,

10/1/56 (4)

2,470‌

1,895‌

CSCDA

Community

Improvement

Auth.,

Parallel

Anaheim

Social

Bonds,

4.00%,

8/1/56 (4)

2,990‌

2,518‌

CSCDA

Community

Improvement

Auth.,

The

Link

Glendale

Social

Bonds,

Series A-2,

4.00%,

7/1/56 (4)

3,535‌

2,581‌

Del

Mar

Race

Track

Auth.,

5.00%,

10/1/35

1,665‌

1,634‌

Del

Mar

Race

Track

Auth.,

5.00%,

10/1/36

700‌

683‌

Desert

Community

College

Dist.,

GO,

4.00%,

8/1/51

5,265‌

5,030‌

Federal

Home

Loan

Mortgage

Multifamily

Variable

Rate

Certificate,

Series M-049,

3.05%,

4/15/34

1,835‌

1,600‌

Foothill-Eastern

Transportation

Corridor

Agency,

Series A,

4.00%,

1/15/46

4,000‌

3,781‌

Foothill-Eastern

Transportation

Corridor

Agency,

Series C,

4.00%,

1/15/32

175‌

177‌

Foothill-Eastern

Transportation

Corridor

Agency,

Series C,

4.00%,

1/15/33

250‌

253‌

Foothill-Eastern

Transportation

Corridor

Agency,

Series C,

5.00%,

1/15/30

150‌

159‌

Foothill-Eastern

Transportation

Corridor

Agency,

Series C,

5.00%,

1/15/31

150‌

161‌

Garden

Grove

PFA,

Series A,

4.00%,

4/1/54 (2)(6)

2,125‌

2,049‌

Inland

Valley

Dev.

Agency,

Tax

Allocation,

Series A,

5.00%,

9/1/44

4,600‌

4,622‌

Inland

Valley

Dev.

Agency,

Tax

Allocation,

Series A,

5.25%,

9/1/37

3,100‌

3,105‌

Irvine

Fac.

Fin.

Auth.,

Series A,

4.00%,

9/1/58 (2)

4,700‌

4,454‌

Irvine

Unified

School

Dist.,

Community

Fac.

Dist.

No.

09-1,

Special

Tax,

Series B,

5.00%,

9/1/47

1,295‌

1,311‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

9

Par

$

Value

(Amounts

in

000s)

Irvine

Unified

School

Dist.,

Community

Fac.

Dist.

No.

09-1,

Special

Tax,

Series C,

5.00%,

9/1/47

525‌

532‌

Irvine

Unified

School

Dist.,

Community

Fac.

Dist.

No.

09-1,

Special

Tax,

Series D,

5.00%,

3/1/57

2,335‌

2,354‌

Irvine,

Community

Fac.

Dist.

No.

2013-3,

Special

Tax,

5.00%,

9/1/34

360‌

361‌

Irvine,

Community

Fac.

Dist.

No.

2013-3,

Special

Tax,

5.00%,

9/1/37

1,390‌

1,440‌

Irvine,

Community

Fac.

Dist.

No.

2013-3,

Special

Tax,

5.00%,

9/1/39

1,000‌

1,002‌

Irvine,

Community

Fac.

Dist.

No.

2013-3,

Special

Tax,

5.00%,

9/1/43

2,000‌

2,041‌

Irvine,

Community

Fac.

Dist.

No.

2013-3,

Special

Tax,

5.00%,

9/1/44

1,500‌

1,502‌

Jefferson

Union

High

School

Dist.,

Series A,

GO,

6.45%,

8/1/25 (8)

340‌

347‌

Jefferson

Union

High

School

Dist.,

Series A,

GO,

6.45%,

8/1/29 (8)

1,000‌

1,082‌

Jurupa

PFA,

Special

Tax,

Series A,

5.00%,

9/1/33

1,175‌

1,178‌

Kern

Community

College

Dist.,

Series C,

GO,

3.00%,

8/1/46 (2)

6,750‌

5,410‌

Lake

Elsinore,

Community

Fac.

Dist.

No.

2016-2,

Special

Tax,

5.00%,

9/1/43

2,475‌

2,515‌

Lake

Elsinore,

Community

Fac.

Dist.

No.

2016-2,

Special

Tax,

5.00%,

9/1/48

3,640‌

3,669‌

Long

Beach

Bond

Fin.

Auth.,

Series A,

5.50%,

11/15/37

2,160‌

2,394‌

Long

Beach,

Harbor,

Series A,

5.00%,

5/15/37 (3)

1,300‌

1,338‌

Long

Beach,

Marina

System,

5.00%,

5/15/32

1,655‌

1,663‌

Long

Beach,

Marina

System,

5.00%,

5/15/45

2,500‌

2,476‌

Los

Angeles

County

Fac.,

Vermont

Corridor

County

Administrative

Building,

Series A,

5.00%,

12/1/43

6,400‌

6,726‌

Los

Angeles

County

Metropolitan

Transportation

Auth.

Sales

Tax

Revenue,

Series A,

5.00%,

7/1/42

2,475‌

2,777‌

Los

Angeles

County

Metropolitan

Transportation

Auth.,

Green

Bond-Measure

R

Junior,

Series A,

4.00%,

6/1/37

1,375‌

1,426‌

Los

Angeles

Dept.

of

Airports,

3.25%,

5/15/49 (3)

1,000‌

774‌

Los

Angeles

Dept.

of

Airports,

Series A,

4.00%,

5/15/42 (3)

5,225‌

4,979‌

Los

Angeles

Dept.

of

Airports,

Series A,

5.00%,

5/15/35 (3)

500‌

519‌

Los

Angeles

Dept.

of

Airports,

Series A,

5.00%,

5/15/44 (3)

1,000‌

1,019‌

Los

Angeles

Dept.

of

Airports,

Series B,

5.00%,

5/15/36 (3)

1,200‌

1,217‌

Los

Angeles

Dept.

of

Airports,

Series B,

5.00%,

5/15/42

930‌

964‌

Los

Angeles

Dept.

of

Airports,

Series C,

5.00%,

5/15/45 (3)

1,620‌

1,688‌

Los

Angeles

Dept.

of

Airports,

Series D,

4.00%,

5/15/51 (3)

2,000‌

1,812‌

Los

Angeles

Dept.

of

Airports,

Series D,

5.00%,

5/15/36 (3)

1,000‌

1,042‌

Los

Angeles

Dept.

of

Airports,

Series D,

5.00%,

5/15/37 (3)

1,000‌

1,039‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

10

Par

$

Value

(Amounts

in

000s)

Los

Angeles

Dept.

of

Airports,

Green

Bond,

Series G,

4.00%,

5/15/47 (3)

1,500‌

1,397‌

Los

Angeles

Dept.

of

Airports,

Revenue

Bonds

2015,

Series D,

5.00%,

5/15/36 (3)

1,500‌

1,511‌

Los

Angeles

Dept.

of

Water

&

Power,

Series B,

5.00%,

7/1/52

1,000‌

1,077‌

Los

Angeles

Dept.

of

Water

&

Power

Water

System

Revenue,

Series B-4,

VRDN,

3.85%,

7/1/35

2,200‌

2,200‌

Los

Angeles

Dept.

of

Water

&

Power

Water

System

Revenue,

Series D,

5.00%,

7/1/52

3,425‌

3,694‌

Los

Angeles

Unified

School

Dist.,

Election

2008,

Series A,

GO,

4.00%,

7/1/34

3,750‌

3,752‌

Modesto

Elementary

School

Dist.,

Series B,

GO,

3.00%,

8/1/50

2,700‌

2,045‌

Newport

Beach,

Series A,

4.125%,

9/2/38

575‌

564‌

Newport

Beach,

Series A,

5.00%,

9/2/43

650‌

676‌

Norman

Y

Mineta

San

Jose

Int'l.

Airport,

Series A,

5.00%,

3/1/25 (3)

1,405‌

1,405‌

Norman

Y

Mineta

San

Jose

Int'l.

Airport,

Series A,

5.00%,

3/1/41 (3)

2,000‌

2,025‌

Norman

Y

Mineta

San

Jose

Int'l.

Airport,

Series A,

5.00%,

3/1/47 (3)

2,000‌

2,012‌

Norman

Y

Mineta

San

Jose

Int'l.

Airport,

Series C,

5.00%,

3/1/31

2,000‌

2,008‌

Northern

California

Energy

Auth.,

VRDN,

5.00%,

12/1/54

(Tender

8/1/30)

4,000‌

4,229‌

Northern

California

Energy

Auth.,

Series A,

VRDN,

4.00%,

7/1/49

(Tender

7/1/24)

3,500‌

3,500‌

Oakland

Unified

School

Dist.,

Alameda

County,

Series A,

GO,

5.00%,

8/1/34

(Prerefunded

8/1/25) (5)

1,250‌

1,274‌

Oakland

Unified

School

Dist.,

Alameda

County,

Series A,

GO,

5.00%,

8/1/35

(Prerefunded

8/1/25) (5)

1,210‌

1,233‌

Oakland

Unified

School

Dist.,

Alameda

County,

Series A,

GO,

5.25%,

8/1/48 (1)

4,500‌

4,970‌

Oceanside

Unified

School

Dist.,

GO,

Zero

Coupon,

8/1/28 (7)

(9)

380‌

330‌

Oceanside

Unified

School

Dist.,

Series A,

GO,

Zero

Coupon,

8/1/28 (7)(9)

500‌

434‌

Oceanside

Unified

School

Dist.,

Prerefunded

Balance,

Series A,

GO,

Zero

Coupon,

8/1/28 (7)(9)

250‌

217‌

Oceanside

Unified

School

Dist.,

Unrefunded

Balance,

GO,

Zero

Coupon,

8/1/28 (9)

3,870‌

3,316‌

Ontario

Int'l

Airport

Auth.,

North

Terminal

Project,

Series B,

4.00%,

5/15/36 (1)(3)

1,040‌

1,034‌

Ontario

Int'l

Airport

Auth.,

North

Terminal

Project,

Series B,

4.00%,

5/15/37 (1)(3)

575‌

567‌

Ontario

Int'l

Airport

Auth.,

North

Terminal

Project,

Series B,

4.00%,

5/15/40 (1)(3)

1,350‌

1,307‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

11

Par

$

Value

(Amounts

in

000s)

Orange

County

Community

Fac.

Dist.,

No.

2015-1,

Esencia

Village,

Series A,

5.25%,

8/15/45

2,930‌

2,949‌

Orange

County

Community

Fac.

Dist.,

No.

2021-1,

Rienda,

Series A,

5.00%,

8/15/47

500‌

501‌

Orange

County

Community

Fac.

Dist.,

No.

2023-1,

Rienda,

Series A,

5.25%,

8/15/43

1,340‌

1,366‌

Orange

County

Community

Fac.

Dist.,

No.

2023-1,

Rienda,

Series A,

5.50%,

8/15/48

1,450‌

1,482‌

Orange

County

Community

Fac.

Dist.,

No.

2023-1,

Rienda,

Series A,

5.50%,

8/15/53

1,000‌

1,017‌

Palo

Alto,

Limited

Obligation,

University

Ave.,

5.00%,

9/2/26

880‌

883‌

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

527‌

Palomar

Health,

Election

2004,

Series A,

GO,

Zero

Coupon,

8/1/25 (9)

5,000‌

4,763‌

Pittsburg

Redev.

Agency,

Successor

Agency,

Series A,

5.00%,

9/1/29 (1)

1,935‌

1,986‌

Port

of

Los

Angeles,

Harbor

Dept.,

Series A,

5.00%,

8/1/36 (3)

4,075‌

4,076‌

Port

of

Oakland,

Unrefunded

Balance,

Series H,

5.00%,

5/1/29 (3)

1,725‌

1,813‌

Rancho

Cucamonga

Redev.

Agency,

Successor

Agency,

5.00%,

9/1/29 (1)

1,800‌

1,805‌

Ravenswood

City

School

Dist.,

GO,

5.25%,

8/1/53 (2)

4,310‌

4,718‌

Regents

of

the

Univ.

of

California

Medical

Center

Pooled

Revenue,

Series K,

VRDN,

3.85%,

5/15/47

1,850‌

1,850‌

Regents

of

the

Univ.

of

California

Medical

Center

Pooled

Revenue,

Series P,

3.50%,

5/15/54

9,450‌

8,028‌

Regents

of

the

Univ.

of

California

Medical

Center

Pooled

Revenue,

Series P,

4.00%,

5/15/53

3,000‌

2,850‌

Riverside

County

Transportation

Commission,

Series B-1,

4.00%,

6/1/46

3,000‌

2,842‌

Rocklin,

Special

Tax,

5.00%,

9/1/37

535‌

544‌

Rocklin,

Special

Tax,

5.00%,

9/1/38

975‌

989‌

Roseville

Natural

Gas

Fin.

Auth.,

5.00%,

2/15/26

1,000‌

1,009‌

Sacramento

City

Fin.

Auth.,

5.00%,

12/1/31 (2)

1,380‌

1,413‌

Sacramento

City

Fin.

Auth.,

5.00%,

12/1/34 (2)

2,275‌

2,332‌

Sacramento

County

Airport,

Series A,

5.00%,

7/1/41

2,175‌

2,220‌

Sacramento

County

Airport,

Series B,

5.00%,

7/1/41

2,275‌

2,313‌

Sacramento

County

Airport,

Series C,

5.00%,

7/1/36 (3)

4,000‌

4,131‌

Sacramento

Transient

Occupancy

Tax,

Convention

Center,

Series A,

5.00%,

6/1/38

1,240‌

1,297‌

Sacramento

Transient

Occupancy

Tax,

Convention

Center,

Series A,

5.00%,

6/1/43

4,650‌

4,786‌

Sacramento,

Railyards

Community

Fac.

Dist.

No.

201,

5.375%,

9/1/52 (4)

2,195‌

2,214‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

12

Par

$

Value

(Amounts

in

000s)

San

Bernardino

Redev.

Agency,

Successor

Agency,

Series A,

5.00%,

12/1/31 (1)

1,945‌

2,012‌

San

Clemente,

Special

Tax,

Community

Fac.

Dist.

No.

2006-1,

5.00%,

9/1/40

970‌

978‌

San

Diego

Assn.

of

Governments

South

Bay

Expressway,

Senior

Lien-Toll,

Series A,

5.00%,

7/1/38

2,100‌

2,183‌

San

Diego

Assn.

of

Governments

South

Bay

Expressway,

Senior

Lien-Toll,

Series A,

5.00%,

7/1/42

2,700‌

2,783‌

San

Diego

County

Regional

Airport

Auth.,

Series A,

5.00%,

7/1/47

1,800‌

1,848‌

San

Diego

County

Regional

Airport

Auth.,

Series B,

4.00%,

7/1/46 (3)

2,540‌

2,350‌

San

Diego

County

Regional

Airport

Auth.,

Series B,

4.00%,

7/1/51 (3)

1,500‌

1,367‌

San

Diego

County

Regional

Airport

Auth.,

Series B,

4.00%,

7/1/56 (3)

2,500‌

2,236‌

San

Diego

County

Regional

Airport

Auth.,

Series B,

5.00%,

7/1/35 (3)

1,215‌

1,274‌

San

Diego

County

Regional

Airport

Auth.,

Series B,

5.00%,

7/1/37 (3)

1,000‌

1,043‌

San

Diego

County

Regional

Airport

Auth.,

Series B,

5.00%,

7/1/38 (3)

1,000‌

1,039‌

San

Diego

County

Regional

Airport

Auth.,

Series B,

5.00%,

7/1/39 (3)

600‌

622‌

San

Diego

County

Regional

Airport

Auth.,

Series B,

5.00%,

7/1/53 (3)

3,350‌

3,449‌

San

Diego

County

Regional

Airport

Auth.,

Series B,

5.25%,

7/1/38 (3)

650‌

713‌

San

Diego

County

Water

Auth.,

Series A,

5.00%,

5/1/47

1,500‌

1,641‌

San

Diego

County,

Special

Tax,

Harmony

Grove

Village,

Series A,

4.00%,

9/1/45

550‌

481‌

San

Diego

County,

Special

Tax,

Harmony

Grove

Village,

Series A,

4.00%,

9/1/50

1,100‌

925‌

San

Diego

County,

Special

Tax,

Harmony

Grove

Village,

Improvement

Area

No.

1,

Series A,

4.00%,

9/1/50

875‌

736‌

San

Diego

Public

Fac.

Fin.

Auth.,

Series A,

5.00%,

5/15/52

5,650‌

6,108‌

San

Diego

Unified

School

Dist.,

Green

Bond,

Series A-3,

GO,

4.00%,

7/1/53

6,000‌

5,793‌

San

Diego

Unified

School

Dist.,

Green

Bond,

Series O-2,

GO,

4.25%,

7/1/47

3,000‌

3,037‌

San

Francisco

Bay

Area

Rapid

Transit

Dist.,

Series C-1,

GO,

4.00%,

8/1/45

1,025‌

1,005‌

San

Francisco

Bay

Area

Rapid

Transit

Dist.

Sales

Tax,

Series A,

4.00%,

7/1/37

350‌

355‌

San

Francisco

Bay

Area

Rapid

Transit

Dist.

Sales

Tax,

Series A,

4.00%,

7/1/39

625‌

628‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

13

Par

$

Value

(Amounts

in

000s)

San

Francisco

City

&

County

Int'l.

Airport,

Commissions,

Series A,

5.00%,

5/1/38 (3)

3,710‌

3,854‌

San

Francisco

City

&

County

Int'l.

Airport,

Commissions,

Series A,

5.00%,

5/1/44 (3)

2,950‌

3,016‌

San

Francisco

City

&

County

Int'l.

Airport,

Commissions,

Series A,

5.00%,

5/1/49 (3)

5,000‌

5,087‌

San

Francisco

City

&

County

Int'l.

Airport,

Commissions,

Series A,

5.00%,

5/1/52 (3)

1,000‌

1,028‌

San

Francisco

City

&

County

Int'l.

Airport,

Commissions,

Series A,

5.25%,

5/1/49 (3)(6)

4,000‌

4,267‌

San

Francisco

City

&

County

Int'l.

Airport,

Commissions,

Series B,

5.00%,

5/1/46 (3)

5,000‌

5,013‌

San

Francisco

City

&

County

Int'l.

Airport,

Commissions,

Series C,

5.75%,

5/1/48 (3)

4,500‌

4,957‌

San

Francisco

City

&

County

Int'l.

Airport,

Commissions,

Series E,

4.00%,

5/1/50 (3)

1,645‌

1,495‌

San

Francisco

City

&

County

Int'l.

Airport,

Commissions,

Series E,

4.00%,

5/1/50 (3)

155‌

155‌

San

Francisco

City

&

County

Int'l.

Airport,

Commissions,

Series E,

5.00%,

5/1/50 (3)

500‌

508‌

San

Francisco

City

&

County

Int'l.

Airport,

Commissions,

Unrefunded

Balance,

Series A,

5.00%,

5/1/47 (3)

3,000‌

3,026‌

San

Francisco

Community

College

Dist.,

GO,

5.00%,

6/15/31

2,505‌

2,543‌

San

Francisco

Public

Utilities

Commission

Water

Revenue,

Series D,

3.00%,

11/1/50

1,500‌

1,142‌

San

Jose

Evergreen

Community

College

Dist.,

Series C,

GO,

4.00%,

9/1/45

3,250‌

3,256‌

San

Jose

Evergreen

Community

College

Dist.,

Series C,

GO,

5.00%,

9/1/40

1,000‌

1,117‌

San

Jose

Redev.

Agency,

Successor

Agency,

Series A,

5.00%,

8/1/34

2,500‌

2,612‌

San

Jose,

El

Parador

Apartments

Project,

Series A,

6.10%,

1/1/31 (3)

745‌

733‌

San

Marcos

Redev.

Agency,

Successor

Agency,

Series A,

5.00%,

10/1/31

2,165‌

2,201‌

San

Marcos

Redev.

Agency,

Successor

Agency,

Series A,

5.00%,

10/1/32

850‌

864‌

San

Marcos

Redev.

Agency,

Successor

Agency,

Series A,

5.00%,

10/1/34

900‌

914‌

San

Mateo

Foster

City

School

Dist.,

Series B,

GO,

4.00%,

8/1/48

4,000‌

3,955‌

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

Sequoia

Union

High

School

Dist.,

GO,

4.00%,

7/1/52

3,750‌

3,634‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

14

Par

$

Value

(Amounts

in

000s)

Southern

California

Public

Power

Auth.,

Clean

Energy

Project,

Series A,

VRDN,

5.00%,

4/1/55

(Tender

9/1/30)

2,500‌

2,630‌

Southern

California

Tobacco

Securitization

Auth,

Asset

Backed,

Series A,

Class

1,

5.00%,

6/1/33

1,170‌

1,252‌

Southern

California

Tobacco

Securitization

Auth,

Asset

Backed,

Series A,

Class

1,

5.00%,

6/1/35

900‌

959‌

Sunnyvale

Fin.

Auth.,

Green

Bond-Civic

Center

Project,

4.00%,

4/1/50

4,740‌

4,606‌

Transbay

Joint

Powers

Auth.,

Green

Bond,

Series A,

5.00%,

10/1/45

1,750‌

1,765‌

Transbay

Joint

Powers

Auth.,

Green

Bond,

Series A,

5.00%,

10/1/49

1,700‌

1,704‌

Univ.

of

California

Regents,

Series AL-2,

VRDN,

3.90%,

5/15/48

450‌

450‌

Univ.

of

California

Regents,

Series AZ,

5.00%,

5/15/48

4,250‌

4,431‌

Univ.

of

California

Regents,

Series BP-1,

VRDN,

3.70%,

5/15/48

130‌

130‌

Univ.

of

California

Regents,

Series BP-2,

VRDN,

3.80%,

5/15/48

995‌

995‌

Univ.

of

California

Regents,

Series O,

5.50%,

5/15/58

9,500‌

10,040‌

Univ.

of

California

Regents

Medical

Center,

Pooled,

Series L,

4.50%,

5/15/36

1,900‌

1,919‌

Univ.

of

California

Regents

Medical

Center,

Pooled,

Series O-1,

VRDN,

3.85%,

5/15/45

900‌

900‌

Univ.

of

California

Regents

Medical

Center,

Pooled,

Series P,

5.00%,

5/15/47

5,000‌

5,375‌

Vernon

Electric

System

Revenue,

Series 2022-A,

5.00%,

8/1/41

840‌

875‌

Washington

Township

Health

Care

Dist.,

Series A,

4.00%,

7/1/35

600‌

565‌

Washington

Township

Health

Care

Dist.,

Series A,

5.00%,

7/1/30

500‌

511‌

Washington

Township

Health

Care

Dist.,

Series A,

5.00%,

7/1/31

1,000‌

1,022‌

Washington

Township

Health

Care

Dist.,

Series A,

5.00%,

7/1/36

620‌

628‌

Washington

Township

Health

Care

Dist.,

Series A,

5.00%,

7/1/42

325‌

318‌

Washington

Township

Health

Care

Dist.,

Series A,

5.00%,

7/1/43

275‌

267‌

Washington

Township

Health

Care

Dist.,

Series A,

5.75%,

7/1/48

1,000‌

1,076‌

Washington

Township

Health

Care

Dist.,

Series A,

5.75%,

7/1/53

1,000‌

1,051‌

Washington

Township

Health

Care

Dist.,

Series B,

GO,

5.25%,

8/1/48

1,600‌

1,747‌

Washington

Township

Health

Care

Dist.,

Series B,

GO,

5.50%,

8/1/53

1,600‌

1,768‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

15

Par

$

Value

(Amounts

in

000s)

West

Sacramento

Fin.

Auth.,

Series A,

5.00%,

9/1/26 (9)

1,255‌

1,279‌

716,460‌

PUERTO

RICO

3.2%

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (10)

4,115‌

2,552‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/35 (4)

1,590‌

1,656‌

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

Coupon,

7/1/24

54‌

53‌

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

Coupon,

7/1/33

423‌

280‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/33

1,329‌

1,326‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/35

295‌

289‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/37

576‌

557‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/41

345‌

319‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.375%,

7/1/25

366‌

369‌

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

1,416‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.75%,

7/1/31

1,846‌

2,055‌

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

7‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/27 (11)(12)

225‌

59‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/28 (11)(12)

65‌

17‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/20 (11)

(12)

80‌

21‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/24 (11)

(12)

305‌

80‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/25 (11)

(12)

100‌

26‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/26 (11)

(12)

125‌

33‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/27 (11)

(12)

15‌

4‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

16

Par

$

Value

(Amounts

in

000s)

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

20‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.50%,

7/1/18 (11)(12)

65‌

17‌

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

21‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.75%,

7/1/36 (11)

(12)

60‌

16‌

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

7‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/19 (11)

(12)

245‌

64‌

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

7‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.55%,

7/1/40

465‌

468‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.75%,

7/1/53

7,647‌

7,563‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/46

10,000‌

3,185‌

23,477‌

Total

Municipal

Securities

(Cost

$750,440)

739,937‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

17

Par

$

Value

(Amounts

in

000s)

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES 0.4%

Freddie

Mac

Multifamily

ML

Certificates,

Series 2021-ML10,

Class

ACA,

2.046%,

6/25/38

3,376‌

2,602‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$3,473)

2,602‌

Total

Investments

in

Securities

100.8%

(Cost

$753,913)

$

742,539‌

Other

Assets

Less

Liabilities

(0.8)%

(5,666)

Net

Assets

100.0%

$

736,873‌

‡

Par

is

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Insured

by

Assured

Guaranty

Municipal

Corporation

(2)

Insured

by

Build

America

Mutual

Assurance

Company

(3)

Interest

subject

to

alternative

minimum

tax.

(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

$50,299

and

represents

6.8%

of

net

assets.

(5)

Prerefunded

date

is

used

in

determining

portfolio

maturity.

(6)

When-issued

security

(7)

Escrowed

to

maturity

(8)

Insured

by

National

Public

Finance

Guarantee

Corporation

(9)

Insured

by

Assured

Guaranty

Corporation

(10)

Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board’s

Certified

Fiscal

Plan.

(11)

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

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

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

California

Tax-Free

Bond

Fund

18

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

California

Tax-Free

Bond

Fund

Unaudited

Notes

to

Portfolio

of

Investments

19

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

20

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

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

21

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

On

May

31,

2024,

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 environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

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

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

F80-054Q1

05/24

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