T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
May
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
COMMON
STOCKS 0.0%
Westrock
—
13
Total
Common
Stocks
(Cost
$15)
13
MUNICIPAL
SECURITIES 98.8%
DISTRICT
OF
COLUMBIA
10.9%
Metropolitan
Washington
Airports
Auth.,
5.00%,
10/1/36 (1)
3,380
3,469
Metropolitan
Washington
Airports
Auth.,
5.00%,
10/1/37 (1)
3,100
3,174
Metropolitan
Washington
Airports
Auth.,
5.00%,
10/1/42 (1)
5,000
5,073
Metropolitan
Washington
Airports
Auth.,
Series 2021A,
4.00%,
10/1/38 (1)
3,960
3,877
Metropolitan
Washington
Airports
Auth.,
Series A,
4.00%,
10/1/41 (1)
1,415
1,358
Metropolitan
Washington
Airports
Auth.,
Series A,
4.50%,
10/1/53 (1)
1,500
1,457
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/28 (1)
2,530
2,532
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/29 (1)
4,000
4,002
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/35 (1)
2,000
2,140
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/38 (1)
5,930
6,136
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/44 (1)
1,930
1,983
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/46 (1)
20,940
21,600
Metropolitan
Washington
Airports
Auth.,
Series A,
5.25%,
10/1/42 (1)
5,115
5,488
Metropolitan
Washington
Airports
Auth.,
Series A,
5.25%,
10/1/43 (1)
4,630
4,950
Metropolitan
Washington
Airports
Auth.,
Series A,
5.25%,
10/1/53 (1)
6,000
6,289
Metropolitan
Washington
Airports
Auth.,
Series B,
4.00%,
10/1/37
2,470
2,505
Metropolitan
Washington
Airports
Auth.,
Series B,
4.00%,
10/1/38
2,565
2,573
Metropolitan
Washington
Airports
Auth.,
Series B,
5.00%,
10/1/33 (1)
6,450
6,513
Metropolitan
Washington
Airports
Auth.,
Series B,
5.00%,
10/1/35 (1)
7,000
7,067
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
3.00%,
10/1/53 (2)
4,000
2,836
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/35
1,000
1,054
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/36
1,000
1,051
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/38
2,000
2,088
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/39
2,250
2,345
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/44
14,965
15,389
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
6.50%,
10/1/44
1,875
2,038
Washington
Metropolitan
Area
Transit
Auth.,
5.00%,
7/15/43
6,705
7,235
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.50%,
7/15/51
5,550
6,165
Washington
Metropolitan
Area
Transit
Auth.,
Sustainability
Financed
Bonds,
5.25%,
7/15/53
4,000
4,356
136,743
PUERTO
RICO
5.3%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (3)
4,612
2,859
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (3)
4,762
3,000
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35 (4)
2,545
2,650
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/24
212
212
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33
1,676
1,111
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
3,145
3,138
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
2,151
2,107
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
2,378
2,300
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41
1,366
1,265
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25
1,451
1,463
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
2,263
2,364
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
2,888
3,105
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (5)(6)
30
8
Puerto
Rico
Electric
Power
Auth.,
Series A,
6.75%,
7/1/36 (5)(6)
2,775
729
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/27 (5)
(6)
365
96
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/30 (5)
(6)
1,100
289
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (5)(6)
50
13
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (5)(6)
105
28
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (5)(6)
115
30
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (5)
(6)
150
39
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (5)
(6)
600
158
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (5)
(6)
195
51
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (5)
(6)
240
63
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (5)
(6)
30
8
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (5)
(6)
1,420
373
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (5)
(6)
145
38
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (5)
(6)
125
33
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (5)
(6)
55
15
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (5)
(6)
145
38
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (5)
(6)
115
30
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (5)
(6)
35
9
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (5)
(6)
65
17
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/19 (5)
(6)
630
165
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (5)
(6)
50
13
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (5)
(6)
550
144
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (5)
(6)
140
37
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (5)
(6)
50
13
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
15,203
15,037
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58
5,455
5,437
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.329%,
7/1/40
13,359
13,271
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.784%,
7/1/58
3,300
3,255
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series B-1,
Zero
Coupon,
7/1/46
2,650
836
65,847
VIRGINIA
82.6%
Albemarle
County
Economic
Dev.
Auth.,
Albemarle
Project,
Series A,
5.00%,
6/1/43
6,070
6,616
Albemarle
County
Economic
Dev.
Auth.,
Sentara
Martha
Jefferson
Hosp.,
Series B,
VRDN,
4.00%,
10/1/48
1,750
1,750
Albemarle
County
Economic
Dev.
Auth.,
Westminster-
Canterbury
Blue
Ridge,
4.00%,
6/1/49
2,800
2,476
Alexandria,
Series A,
GO,
2.00%,
12/15/39
5,000
3,480
Alexandria
IDA,
Episcopal
High
School,
4.00%,
1/1/25
410
410
Alexandria
IDA,
Episcopal
High
School,
4.00%,
1/1/26
425
426
Alexandria
IDA,
Episcopal
High
School,
4.00%,
1/1/30
265
265
Alexandria
IDA,
Episcopal
High
School,
4.00%,
1/1/35
1,500
1,500
Alexandria
IDA,
Episcopal
High
School,
Series A,
GO,
3.00%,
7/15/46
7,285
5,531
Alexandria
IDA,
Episcopal
High
School,
Series C,
3.00%,
1/1/51
6,285
4,519
Alexandria
IDA,
Goodwin
House,
5.00%,
10/1/35
(Prerefunded
10/1/25) (7)
1,995
2,028
Alexandria
IDA,
Goodwin
House,
5.00%,
10/1/45
(Prerefunded
10/1/25) (7)
7,540
7,665
Alexandria
IDA,
Goodwin
House,
5.00%,
10/1/50
(Prerefunded
10/1/25) (7)
1,000
1,017
Alexandria,
Capital
Improvement,
Series C,
GO,
3.30%,
7/15/36
1,645
1,523
Alexandria,
Capital
Improvement,
Series C,
GO,
3.35%,
7/15/37
2,145
1,961
Arlington
County,
GO,
4.00%,
6/15/36
6,085
6,255
Arlington
County,
GO,
5.00%,
6/15/39
7,000
7,742
Arlington
County,
GO,
5.00%,
6/15/40
1,710
1,862
Arlington
County
IDA,
Park
Shirlington
Apartments,
5.00%,
1/1/26
5,200
5,267
Arlington
County
IDA,
Virginia
Hosp.
Center,
3.75%,
7/1/50
18,855
16,722
Arlington
County
IDA,
Virginia
Hosp.
Center,
4.00%,
7/1/45
15,810
14,839
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/35
755
806
Arlington
County
IDA,
Virginia
Hosp.
Center,
Series A,
VRDN,
5.00%,
7/1/53
(Tender
7/1/31)
3,500
3,709
Botetourt
County,
Residential
Care
Fac.,
Glebe,
Inc.,
Series A,
6.00%,
7/1/34
580
580
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
Botetourt
County,
Residential
Care
Fac.,
Glebe,
Inc.,
Series A,
6.00%,
7/1/44
5,100
5,101
Capital
Region
Airport
Commission,
Series A,
4.00%,
7/1/24
1,000
1,000
Capital
Region
Airport
Commission,
Series A,
4.00%,
7/1/35
700
702
Cherry
Hill
CDA,
Potomac
Shores
Project,
4.50%,
3/1/25 (4)
175
175
Cherry
Hill
CDA,
Potomac
Shores
Project,
5.15%,
3/1/35 (4)
1,320
1,325
Cherry
Hill
CDA,
Potomac
Shores
Project,
5.40%,
3/1/45 (4)
2,180
2,181
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
General
Resolution,
5.50%,
7/1/25 (8)(9)
4,290
4,312
Chesapeake
Expressway
Toll
Road,
Series A,
5.00%,
7/15/47
10,470
10,470
Chesapeake
Expressway
Toll
Road,
Series B,
4.875%,
7/15/40
3,875
3,914
Chesapeake
Hosp.
Auth.,
Chesapeake
Regional
Medical,
5.00%,
7/1/31
1,490
1,568
Fairfax
County,
Series A,
GO,
2.00%,
10/1/40
5,000
3,425
Fairfax
County,
Series A,
GO,
4.00%,
10/1/38
4,245
4,352
Fairfax
County
Economic
Dev.
Auth.,
Goodwin
House,
Series A,
5.00%,
10/1/36
(Prerefunded
10/1/24) (7)
7,060
7,221
Fairfax
County
Economic
Dev.
Auth.,
Goodwin
House,
Series A,
5.00%,
10/1/42
(Prerefunded
10/1/24) (7)
4,350
4,449
Fairfax
County
Economic
Dev.
Auth.,
Green
Bond
County
Facilities,
4.00%,
10/1/40
1,595
1,571
Fairfax
County
Economic
Dev.
Auth.,
Metrorail
Parking
System,
5.00%,
4/1/42
9,000
9,234
Fairfax
County
Economic
Dev.
Auth.,
Metrorail
Parking
System,
5.00%,
4/1/47
3,900
3,987
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/34
(Prerefunded
4/1/26) (7)
55
56
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/35
(Prerefunded
4/1/26) (7)
4,565
4,615
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/35
(Prerefunded
4/1/26) (7)
1,200
1,212
Fairfax
County
IDA,
Inova
Health
System,
3.50%,
5/15/39
5,400
4,927
Fairfax
County
IDA,
Inova
Health
System,
4.00%,
5/15/42
7,500
7,364
Fairfax
County
IDA,
Inova
Health
System,
4.00%,
5/15/44
13,160
12,771
Fairfax
County
IDA,
Inova
Health
System,
Series A,
4.00%,
5/15/44
9,415
9,025
Fairfax
County
IDA,
Inova
Health
System,
Series A,
5.00%,
5/15/44
10,085
10,085
Fairfax
County
IDA,
Inova
Health
System,
Series B-2,
VRDN,
5.00%,
5/15/57
(Tender
5/15/30)
3,200
3,415
Fairfax
County
Redev.
&
Housing
Auth.,
Wedgewood
Affordable
Housing
Acquisition,
5.00%,
10/1/36
4,105
4,326
Fairfax
County
Redev.
&
Housing
Auth.,
Wedgewood
Affordable
Housing
Acquisition,
5.00%,
10/1/37
4,310
4,527
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
Fairfax
County
Redev.
&
Housing
Auth.,
Wedgewood
Affordable
Housing
Acquisition,
5.00%,
10/1/38
3,040
3,179
Fairfax
County
Sewer,
5.00%,
7/15/44
5,650
5,830
Fairfax
County
Sewer,
Series A,
4.00%,
7/15/51
5,000
4,772
Fairfax
County
Sewer,
Series A,
5.00%,
7/15/46
7,390
7,935
Fairfax
County
Water
Auth.,
5.00%,
4/1/44
4,720
4,855
Fairfax
County
Water
Auth.,
5.00%,
4/1/45
4,230
4,348
Fairfax
County
Water
Auth.,
5.00%,
4/1/46
5,000
5,134
Farmville
IDA,
Convocation
Center
Project,
5.375%,
7/1/53
(Tender
7/1/43) (2)
15,400
16,205
Fredericksburg
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/26
1,000
1,000
Fredericksburg
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/27
1,690
1,690
Fredericksburg
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/29
1,600
1,600
Fredericksburg
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/31
425
425
Fredericksburg
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/33
1,250
1,250
Front
Royal
&
Warren
County
IDA,
Valley
Health
System,
4.00%,
1/1/50
3,440
3,106
Greater
Richmond
Convention
Center
Auth.,
Hotel
Tax,
5.00%,
6/15/29
(Prerefunded
6/15/25) (7)
3,750
3,800
Greater
Richmond
Convention
Center
Auth.,
Hotel
Tax,
5.00%,
6/15/30
(Prerefunded
6/15/25) (7)
1,500
1,520
Greater
Richmond
Convention
Center
Auth.,
Hotel
Tax,
5.00%,
6/15/31
(Prerefunded
6/15/25) (7)
2,000
2,027
Greater
Richmond
Convention
Center
Auth.,
Hotel
Tax,
5.00%,
6/15/32
(Prerefunded
6/15/25) (7)
5,630
5,705
Halifax
County
IDA,
Series A,
VRDN,
3.80%,
12/1/41
(Tender
5/28/27)
2,750
2,730
Hampton
Roads
Transportation
Accountability
Commission,
5.00%,
7/1/48
16,965
17,412
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
4.00%,
7/1/52
2,010
1,917
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
5.00%,
7/1/42
2,850
2,956
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
5.25%,
7/1/60
11,960
12,622
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
5.50%,
7/1/57
(Prerefunded
1/1/28) (7)
2,785
2,995
Hampton
Roads
Transportation
Accountability
Commission,
Senior
Lien,
Series A,
5.00%,
7/1/50
6,860
7,167
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/26 (4)
1,505
1,469
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/27 (4)
1,565
1,509
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/30 (4)
255
236
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/31 (4)
625
571
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/40 (4)
4,135
3,275
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/47 (4)
4,510
3,235
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
5.00%,
7/1/38
700
643
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
5.00%,
7/1/48
4,035
3,354
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
5.00%,
7/1/51
4,525
3,690
Henrico
County
Economic
Dev.
Auth.,
Lifespire
of
Virginia,
Series C,
5.00%,
12/1/37
3,040
3,091
Henrico
County
Economic
Dev.
Auth.,
Westminster
Canterbury
PRO,
5.00%,
10/1/37
1,500
1,542
Henrico
County
Economic
Dev.
Auth.,
Westminster
Canterbury
RIC,
Series A,
5.00%,
10/1/42
1,125
1,173
Henrico
County
Economic
Dev.
Auth.,
Westminster
Canterbury
RIC,
Series A,
5.00%,
10/1/47
1,590
1,634
Henrico
County
Economic
Dev.
Auth.,
Westminster
Canterbury
RIC,
Series A,
5.00%,
10/1/52
4,735
4,826
Henrico
County
Water
&
Sewer,
5.00%,
5/1/42
(Prerefunded
5/1/26) (7)
3,340
3,437
Henrico
County,
Public
Improvement,
GO,
3.40%,
8/1/37
4,465
4,059
Isle
Wight
County
IDA,
Riverside
Health
System,
4.75%,
7/1/53 (2)
2,010
2,060
Isle
Wight
County
IDA,
Riverside
Health
System,
5.25%,
7/1/53 (2)
6,805
7,284
James
City
County
Economic
Dev.
Auth.,
4.00%,
6/1/41
3,100
2,612
James
City
County
Economic
Dev.
Auth.,
4.00%,
6/1/47
6,700
5,193
James
City
County
Economic
Dev.
Auth.,
Series A,
4.00%,
12/1/35
1,015
958
James
City
County
Economic
Dev.
Auth.,
Series A,
4.00%,
12/1/40
1,155
1,005
James
City
County
Economic
Dev.
Auth.,
Series A,
4.00%,
12/1/50
1,050
813
James
City
County
Economic
Dev.
Auth.,
Series A,
6.75%,
12/1/53
855
925
James
City
County
Economic
Dev.
Auth.,
Series A,
6.875%,
12/1/58
2,700
2,931
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
James
City
County
Economic
Dev.
Auth.
Williamsburg
Landing,
Series C-3,
5.25%,
12/1/27
500
503
Lexington
IDA,
Kendal
at
Lexington,
4.00%,
1/1/31
850
845
Lexington
IDA,
Kendal
at
Lexington,
4.00%,
1/1/38
670
637
Lexington
IDA,
Kendal
at
Lexington,
4.00%,
1/1/42
1,120
1,017
Lexington
IDA,
Kendal
at
Lexington,
4.00%,
1/1/48
2,310
1,989
Lexington
IDA,
Washington
&
Lee
Univ.,
5.00%,
1/1/34
2,085
2,203
Lexington
IDA,
Washington
&
Lee
Univ.,
5.00%,
1/1/35
1,105
1,168
Lexington
IDA,
Washington
&
Lee
Univ.,
5.00%,
1/1/38
1,000
1,048
Lexington
IDA,
Washington
&
Lee
Univ.,
5.00%,
1/1/43
2,240
2,324
Lexington
IDA,
Washington
&
Lee
Univ.,
5.00%,
1/1/48
1,500
1,545
Loudoun
County,
Series A,
GO,
1.75%,
12/1/35
7,545
5,610
Loudoun
County,
Series A,
GO,
4.00%,
12/1/39
5,010
5,077
Loudoun
County,
Series A,
GO,
5.00%,
12/1/42
8,980
9,861
Loudoun
County
Economic
Dev.
Auth.,
Series A,
4.00%,
12/1/39
2,125
2,130
Loudoun
County
Economic
Dev.
Auth.,
Series A,
4.00%,
10/1/52
11,820
11,443
Loudoun
County
Economic
Dev.
Auth.,
Howard
Hughes
Medical,
Zero
Coupon,
7/1/49
15,200
4,542
Loudoun
County
Sanitation
Auth.,
Water
&
Sewer
System,
2.00%,
1/1/40
1,565
1,075
Louisa
IDA,
Series C,
VRDN,
3.80%,
11/1/35
(Tender
5/28/27)
4,250
4,219
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
4.00%,
1/1/41
1,000
952
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
4.00%,
1/1/55
10,395
9,371
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
Series A,
4.00%,
1/1/47
5,030
4,623
Madison
County
IDA,
Woodberry
Forest
School,
3.00%,
10/1/50
11,000
8,085
Manassas,
GO,
2.00%,
1/1/38
1,490
1,087
Manassas,
GO,
2.00%,
1/1/40
1,700
1,168
Mosaic
Dist.
CDA,
Series A,
4.00%,
3/1/34
1,730
1,738
Mosaic
Dist.
CDA,
Series A,
4.00%,
3/1/35
2,000
2,007
Newport
News,
Series A,
GO,
3.00%,
2/1/39
1,750
1,483
Newport
News,
Series A,
GO,
3.00%,
2/1/40
1,840
1,535
Newport
News
Economic
Dev.
Auth.,
Lifespire,
5.00%,
12/1/38
6,060
6,091
Norfolk,
Series A,
GO,
5.00%,
10/1/41
(Prerefunded
10/1/26) (7)
1,050
1,088
Norfolk,
Series A,
GO,
5.00%,
10/1/46
(Prerefunded
10/1/26) (7)
2,300
2,383
Norfolk
Economic
Dev.
Auth.,
Sentara
Healthcare,
Series B,
4.00%,
11/1/42
165
156
Norfolk
Economic
Dev.
Auth.,
Sentara
Healthcare,
Series B,
4.00%,
11/1/48
5,500
5,228
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
Norfolk
Economic
Dev.
Auth.,
Sentara
Healthcare,
Series B,
VRDN,
5.00%,
11/1/48
(Tender
11/1/28)
2,325
2,450
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.375%,
1/1/35
2,865
2,866
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.375%,
1/1/46
480
442
Norfolk
Water,
Series A,
5.25%,
11/1/44
18,250
18,318
Prince
Edward
County
IDA,
Hampden
Sydney,
4.50%,
9/1/52
1,500
1,435
Prince
William
County
IDA,
Westminster
At
Lake
Ridge,
5.00%,
1/1/37
4,150
3,828
Prince
William
County
IDA,
Westminster
At
Lake
Ridge,
5.00%,
1/1/46
4,920
4,150
Richmond,
Series A,
GO,
4.00%,
9/1/42
3,185
3,190
Richmond,
Series A,
GO,
4.00%,
9/1/43
2,330
2,330
Richmond
Public
Utility
Revenue,
Series A,
3.00%,
1/15/45
1,000
781
Richmond
Public
Utility
Revenue,
Series C,
4.00%,
1/15/45
1,000
990
Richmond
Public
Utility
Revenue,
Series C,
4.25%,
1/15/53
1,500
1,489
Roanoke
Economic
Dev.
Auth.,
Carilion
Clinic,
Series A,
5.00%,
7/1/47
10,405
11,407
Rockingham
County
Economic
Dev.
Auth.,
Sentara
RHM
Medical
Center,
Series A,
3.00%,
11/1/46
14,595
11,441
Rockingham
County
Economic
Dev.
Auth.,
Sunnyside
Presbyterian
Home,
Series A,
5.00%,
12/1/39
2,000
2,036
Spotsylvania
County
Water
&
Sewer
System
Revenue,
4.50%,
12/1/44
4,105
4,217
Spotsylvania
County
Water
&
Sewer
System
Revenue,
5.00%,
12/1/43
1,975
2,155
Spotsylvania
County
Water
&
Sewer
System
Revenue,
5.00%,
12/1/48
2,040
2,189
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/30
2,010
2,040
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/35
670
677
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/36
350
354
Suffolk
Economic
Dev.
Auth.,
United
Church
Homes,
5.00%,
9/1/25
1,960
1,959
Suffolk
Economic
Dev.
Auth.,
United
Church
Homes,
5.00%,
9/1/31
4,000
3,935
Tobacco
Settlement
Fin.,
Series B-1,
5.00%,
6/1/47
7,425
6,844
Univ.
of
Virginia,
Series A,
5.00%,
4/1/38
3,075
3,195
Univ.
of
Virginia,
Series B,
4.00%,
8/1/48
3,530
3,453
Univ.
of
Virginia,
Series B,
5.00%,
4/1/46
5,000
5,159
Univ.
of
Virginia,
Series B,
5.00%,
9/1/49
2,050
2,146
Virginia,
Series A,
GO,
4.00%,
6/1/43
4,615
4,657
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
Virginia,
Series A,
GO,
4.00%,
6/1/44
4,800
4,824
Virginia,
Series A,
GO,
5.00%,
6/1/38
5,345
5,960
Virginia
College
Building
Auth.,
4.00%,
2/1/43
5,000
4,875
Virginia
College
Building
Auth.,
5.00%,
2/1/40
2,000
2,195
Virginia
College
Building
Auth.,
5.00%,
3/1/49
6,150
6,613
Virginia
College
Building
Auth.,
5.00%,
3/1/54
12,055
12,877
Virginia
College
Building
Auth.,
Series A,
3.00%,
1/15/38
965
812
Virginia
College
Building
Auth.,
Series A,
4.00%,
9/1/35
5,105
5,159
Virginia
College
Building
Auth.,
Series A,
4.00%,
2/1/43
12,000
11,669
Virginia
College
Building
Auth.,
Series A,
4.00%,
2/1/44
2,540
2,468
Virginia
College
Building
Auth.,
Series A,
4.00%,
9/1/44
4,685
4,545
Virginia
College
Building
Auth.,
Series A,
4.00%,
9/1/52
6,570
6,145
Virginia
College
Building
Auth.,
21st
Century
College
&
Equipment,
4.00%,
2/1/38
1,165
1,175
Virginia
College
Building
Auth.,
Univ.
of
Richmond,
4.00%,
3/1/42
(Prerefunded
6/4/24) (7)
8,010
8,010
Virginia
College
Building
Auth.,
Washington
&
Lee
Univ.,
5.25%,
1/1/31 (9)
7,965
8,658
Virginia
College
Building
Auth.,
Washington
&
Lee
Univ.,
5.75%,
1/1/34
10,620
12,693
Virginia
Commonwealth
Transportation
Board,
4.00%,
5/15/30
(Prerefunded
6/10/24) (7)
7,310
7,310
Virginia
Commonwealth
Transportation
Board,
4.00%,
5/15/31
(Prerefunded
6/10/24) (7)
2,445
2,445
Virginia
Commonwealth
Transportation
Board,
4.00%,
5/15/32
(Prerefunded
6/10/24) (7)
6,860
6,860
Virginia
Commonwealth
Transportation
Board,
4.00%,
5/15/35
(Prerefunded
6/10/24) (7)
8,980
8,980
Virginia
Commonwealth
Transportation
Board,
Series A,
4.00%,
5/15/34
1,000
1,012
Virginia
Commonwealth
Transportation
Board,
Series A,
5.00%,
5/15/33
1,250
1,310
Virginia
Commonwealth
Transportation
Board,
Capital
Projects,
3.00%,
5/15/37
4,000
3,449
Virginia
Commonwealth
Univ.
Health
System
Auth.,
Series A,
4.00%,
7/1/54
6,125
5,622
Virginia
Commonwealth
Univ.
Health
System
Auth.,
Series A,
5.00%,
7/1/34
5,000
5,193
Virginia
HDA,
Series A,
4.60%,
9/1/49
2,000
1,958
Virginia
HDA,
Series B,
2.40%,
3/1/45
2,490
1,616
Virginia
HDA,
Series C,
4.70%,
7/1/43
1,680
1,683
Virginia
HDA,
Series D,
4.50%,
8/1/43
2,260
2,222
Virginia
HDA,
Series E,
5.25%,
10/1/63
5,000
5,085
Virginia
HDA,
Series E-1,
4.35%,
10/1/44
1,000
978
Virginia
HDA,
Series E-2,
4.40%,
10/1/44
1,605
1,568
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
Virginia
HDA,
Series E-2,
4.55%,
10/1/49
3,500
3,403
Virginia
HDA,
Series E-2,
4.60%,
10/1/54
2,000
1,973
Virginia
HDA,
Series F,
5.35%,
11/1/58
5,905
6,071
Virginia
HDA,
Series F,
5.40%,
11/1/63
3,000
3,043
Virginia
HDA,
Series G,
4.90%,
11/1/42
500
516
Virginia
HDA,
Series G,
5.05%,
11/1/47
1,565
1,627
Virginia
HDA,
Series G,
5.25%,
11/1/57
4,885
4,964
Virginia
HDA,
Series G,
5.375%,
11/1/64
4,535
4,640
Virginia
HDA,
Series I,
2.45%,
11/1/45
1,000
653
Virginia
HDA,
Series I,
2.55%,
11/1/50
4,680
2,980
Virginia
HDA,
Series K,
2.55%,
12/1/46
9,950
6,726
Virginia
HDA,
Rental
Housing,
Series B,
3.25%,
3/1/52
2,000
1,520
Virginia
HDA,
Rental
Housing,
Series F,
5.35%,
10/1/43
8,210
8,216
Virginia
Polytechnic
Institute
&
State
Univ.,
Dormitory
&
Dining,
Series A,
4.00%,
6/1/30
2,135
2,138
Virginia
Polytechnic
Institute
&
State
Univ.,
Dormitory
&
Dining,
Series A,
4.00%,
6/1/33
1,920
1,905
Virginia
Polytechnic
Institute
&
State
Univ.,
Dormitory
&
Dining,
Series A,
4.00%,
6/1/34
2,035
2,022
Virginia
Port
Auth.
Commonwealth
Port
Fund,
Series A,
5.25%,
7/1/48
8,315
9,102
Virginia
Public
Building
Auth.,
Series 2019A,
4.00%,
8/1/39
(Prerefunded
8/1/29) (7)
10
10
Virginia
Public
Building
Auth.,
Series 2022A,
4.00%,
8/1/39
6,000
6,076
Virginia
Public
Building
Auth.,
Series B,
4.00%,
8/1/35 (1)
3,485
3,496
Virginia
Public
Building
Auth.,
Unrefunded
Balance,
Series A,
4.00%,
8/1/40
1,530
1,539
Virginia
Resources
Auth.,
Series A,
5.00%,
11/1/54
4,700
5,081
Virginia
Resources
Auth.,
Series B,
4.75%,
11/1/52
1,000
1,027
Virginia
Resources
Auth.,
Series C,
4.00%,
11/1/37
570
570
Virginia
Resources
Auth.,
Clean
Water
Revolving
Fund,
5.00%,
10/1/30
5,290
5,390
Virginia
Resources
Auth.,
Unrefunded
Balance,
5.00%,
11/1/40
2,480
2,508
Virginia
Resources
Auth.,
Unrefunded
Balance,
5.00%,
11/1/45
4,640
4,676
Virginia
Resources
Auth.,
Unrefunded
Balance,
Series B,
5.00%,
11/1/31
50
50
Virginia
Small
Business
Fin.
Auth.,
4.00%,
7/1/31 (1)
5,750
5,725
Virginia
Small
Business
Fin.
Auth.,
4.00%,
12/1/36
1,330
1,285
Virginia
Small
Business
Fin.
Auth.,
4.00%,
1/1/38 (1)
10,000
9,742
Virginia
Small
Business
Fin.
Auth.,
4.00%,
1/1/39 (1)
9,400
9,043
Virginia
Small
Business
Fin.
Auth.,
4.00%,
1/1/41 (1)
1,360
1,256
Virginia
Small
Business
Fin.
Auth.,
4.00%,
12/1/41
3,190
2,869
Virginia
Small
Business
Fin.
Auth.,
4.00%,
1/1/48 (1)
11,730
10,385
Virginia
Small
Business
Fin.
Auth.,
4.00%,
12/1/51
9,105
7,516
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
Virginia
Small
Business
Fin.
Auth.,
5.00%,
12/31/41 (1)
3,470
3,575
Virginia
Small
Business
Fin.
Auth.,
5.00%,
12/31/47 (1)
3,375
3,423
Virginia
Small
Business
Fin.
Auth.,
5.00%,
12/31/57 (1)
11,565
11,620
Virginia
Small
Business
Fin.
Auth.,
Covanta
Project,
VRDN,
5.00%,
1/1/48
(Tender
7/1/38) (1)(4)
1,700
1,662
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossing,
4.00%,
7/1/35 (1)
7,900
7,841
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
7/1/34 (1)
2,465
2,592
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
1/1/35 (1)
3,680
3,869
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
1/1/36 (1)
2,750
2,887
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
7/1/37 (1)
2,040
2,129
Virginia
Small
Business
Fin.
Auth.,
National
Senior
Campuses,
Series A,
4.00%,
1/1/36
2,270
2,184
Virginia
Small
Business
Fin.
Auth.,
National
Senior
Campuses,
Series A,
4.00%,
1/1/37
1,250
1,197
Virginia
Small
Business
Fin.
Auth.,
National
Senior
Campuses,
Series A,
4.00%,
1/1/51
8,025
6,907
Virginia
Small
Business
Fin.
Auth.,
Pure
Salmon
Virginia,
VRDN,
5.00%,
11/1/52
(Tender
11/15/24) (1)
5,000
5,000
Virginia
Small
Business
Fin.
Auth.,
Senior
Lien,
5.00%,
6/30/42 (1)
2,375
2,439
Virginia
Small
Business
Fin.
Auth.,
Senior
Lien,
5.00%,
12/31/52 (1)
6,000
6,035
Virginia
Small
Business
Fin.
Auth.,
Sentara
Healthcare,
4.00%,
11/1/36
5,470
5,513
Virginia
Small
Business
Fin.
Auth.,
Sentara
Healthcare,
4.00%,
11/1/38
5,000
4,992
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/47 (1)
2,000
2,017
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/49 (1)
2,740
2,758
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/56 (1)
13,730
13,749
West
Falls
CDA,
Series A,
5.375%,
9/1/52 (4)
3,750
3,717
Williamsburg
Economic
Dev.
Auth.,
William
and
Mary
Project,
Series A,
4.00%,
7/1/48 (2)
2,715
2,512
Williamsburg
Economic
Dev.
Auth.,
William
and
Mary
Project,
Series A,
4.125%,
7/1/58 (2)
3,555
3,303
Williamsburg
Economic
Dev.
Auth.,
William
and
Mary
Project,
Series A,
4.375%,
7/1/63 (2)
4,140
3,968
Williamsburg
Economic
Dev.
Auth.,
William
and
Mary
Project,
Series A,
5.25%,
7/1/53 (2)
2,435
2,604
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Winchester
Economic
Dev.
Auth.,
Valley
Health
System,
5.00%,
1/1/30
250
254
Winchester
Economic
Dev.
Auth.,
Valley
Health
System,
5.00%,
1/1/34
2,250
2,280
Winchester
Economic
Dev.
Auth.,
Valley
Health
System,
5.00%,
1/1/35
2,250
2,280
1,033,347
Total
Municipal
Securities
(Cost
$1,280,391)
1,235,937
Total
Investments
in
Securities
98.8%
(Cost
$1,280,406)
$
1,235,950
Other
Assets
Less
Liabilities
1.2%
15,559
Net
Assets
100.0%
$
1,251,509
‡
Par/Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Interest
subject
to
alternative
minimum
tax.
(2)
Insured
by
Assured
Guaranty
Municipal
Corporation
(3)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
(4)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$22,005
and
represents
1.8%
of
net
assets.
(5)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(6)
Non-income
producing
(7)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(8)
Escrowed
to
maturity
(9)
Insured
by
National
Public
Finance
Guarantee
Corporation
CDA
Community
Development
Administration/Authority
GO
General
Obligation
HDA
Housing
Development
Authority
IDA
Industrial
Development
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
Virginia
Tax-Free
Bond
Fund
14
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
.
.
.
.
.
.
.
.
.
.
VRDN
Variable
Rate
Demand
Note
under
which
the
holder
has
the
right
to
sell
the
security
to
the
issuer
or
the
issuer’s
agent
at
a
predetermined
price
on
specified
dates;
such
specified
dates
are
considered
the
effective
maturity
for
purposes
of
the
fund’s
weighted
average
maturity;
rate
shown
is
effective
rate
at
period-end
and
maturity
date
shown
is
final
maturity.
Certain
VRDN
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
15
T.
Rowe
Price
Virginia
Tax-Free
Bond
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
16
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-
counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
17
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
May
31,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Municipal
Securities
$
—
$
1,235,937
$
—
$
1,235,937
Common
Stocks
13
—
—
13
Total
$
13
$
1,235,937
$
—
$
1,235,950
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
18
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.
F48-054Q1
05/24