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)
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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
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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