T.

ROWE

PRICE

Georgia

Tax-Free

Bond

Fund

November

30,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Par

$

Value

(Amounts

in

000s)

‡

MUNICIPAL

SECURITIES

98.6%

GEORGIA

93.4%

Athens-Clarke

County

Unified

Government

Dev.

Auth.,

Univ.

of

Georgia

Athletic

Assoc.,

Series A,

4.00%,

9/1/33 

1,455‌

1,488‌

Athens-Clarke

County

Unified

Government

Dev.

Auth.,

Univ.

of

Georgia

Athletic

Assoc.,

Series B,

VRDN,

1.10%,

7/1/35 

200‌

200‌

Atlanta

&

Fulton

County

Recreation

Auth.,

Zoo

Parking

Project,

5.00%,

12/1/35 

750‌

812‌

Atlanta

Airport

Passenger

Fac.

Charge,

Series A,

5.00%,

1/1/33 

3,870‌

3,945‌

Atlanta

Airport

Passenger

Fac.

Charge,

Series C,

5.00%,

7/1/40 

1,500‌

1,611‌

Atlanta

Airport

Passenger

Fac.

Charge,

Series D,

4.00%,

7/1/37 (1)

4,000‌

3,870‌

Atlanta

Airport

Passenger

Fac.

Charge,

Series D,

4.00%,

7/1/39 (1)

5,000‌

4,805‌

Atlanta

Airport

Passenger

Fac.

Charge,

Series D,

4.00%,

7/1/40 (1)

7,580‌

7,247‌

Atlanta

Dept.

of

Aviation,

Series C,

4.00%,

7/1/38 (1)

1,000‌

963‌

Atlanta

Dept.

of

Aviation,

Series C,

4.00%,

7/1/42 (1)

1,000‌

944‌

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

6.50%,

1/1/29 

225‌

119‌

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

6.75%,

1/1/35 

1,555‌

824‌

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

7.00%,

1/1/40 

550‌

291‌

Atlanta

Dev.

Auth.,

New

Downtown

Stadium,

Series A-1,

5.00%,

7/1/29 

1,000‌

1,046‌

Atlanta

Dev.

Auth.,

New

Downtown

Stadium,

Series A-1,

5.00%,

7/1/30 

300‌

314‌

Atlanta

Dev.

Auth.,

New

Downtown

Stadium,

Series A-1,

5.00%,

7/1/35 

1,255‌

1,297‌

Atlanta

Dev.

Auth.,

New

Downtown

Stadium,

Series A-1,

5.25%,

7/1/40 

2,035‌

2,104‌

Atlanta

Dev.

Auth.,

New

Downtown

Stadium,

Series A-1,

5.25%,

7/1/44 

6,120‌

6,303‌

Atlanta

Downtown

Dev.

Auth.,

City

Plaza,

5.00%,

12/1/27 

495‌

539‌

Atlanta

Downtown

Dev.

Auth.,

City

Plaza,

5.00%,

12/1/31 

605‌

656‌

Atlanta

Urban

Redev.

Agency,

Beltline

Trail

Completion

Project,

3.625%,

7/1/42 (2)

1,615‌

1,406‌

Atlanta

Urban

Redev.

Agency,

Beltline

Trail

Completion

Project,

3.875%,

7/1/51 (2)

1,610‌

1,373‌

Atlanta

Water

&

Wastewater,

5.00%,

11/1/40 

7,290‌

7,573‌

Atlanta,

Atlantic

Station,

Tax

Allocation,

5.00%,

12/1/24 

2,880‌

2,993‌

Atlanta,

Eastside,

Tax

Allocation,

5.00%,

1/1/25 (3)

350‌

366‌

Atlanta,

Eastside,

Tax

Allocation,

5.00%,

1/1/30

(Prerefunded

1/1/26) (4)

300‌

320‌

T.

ROWE

PRICE

Georgia

Tax-Free

Bond

Fund

2

Par

$

Value

(Amounts

in

000s)

Atlanta,

Perry

Bolton,

Tax

Allocation,

5.00%,

7/1/34 

500‌

504‌

Atlanta,

Perry

Bolton,

Tax

Allocation,

5.00%,

7/1/41 

725‌

729‌

Augusta

Airport,

Series A,

5.00%,

1/1/30 

645‌

658‌

Augusta

Airport,

Series A,

5.00%,

1/1/31 

275‌

281‌

Augusta

Airport,

Series A,

5.00%,

1/1/32 

550‌

561‌

Augusta

Airport,

Series A,

5.00%,

1/1/34 

585‌

596‌

Augusta

Water

&

Sewer,

Wastewater,

4.50%,

10/1/37 

3,500‌

3,524‌

Bartow

County

Dev.

Auth.,

VRDN,

1.40%,

11/1/62 (1)

3,100‌

3,100‌

Bartow

County

Dev.

Auth.,

VRDN,

1.45%,

11/1/62 (1)

300‌

300‌

Brookhaven

Dev.

Auth.,

Children's

Healthcare

of

Atlanta,

Series A,

4.00%,

7/1/44 

6,015‌

5,912‌

Brookhaven

Dev.

Auth.,

Children's

Healthcare

of

Atlanta,

Series A,

4.00%,

7/1/49 

5,500‌

5,273‌

Brookhaven

Dev.

Auth.,

Children's

Healthcare

of

Atlanta,

Series A,

5.00%,

7/1/39 

1,500‌

1,588‌

Bryan

County

School

Dist.,

GO,

5.00%,

8/1/42 

3,000‌

3,142‌

Burke

County

Dev.

Auth.,

Georgia

Power

Plant

Vogtle,

VRDN,

PCR,

1.40%,

7/1/49 

3,450‌

3,450‌

Burke

County

Dev.

Auth.,

Georgia

Power

Plant

Vogtle,

VRDN,

PCR,

1.45%,

11/1/52 (1)

5,500‌

5,500‌

Burke

County

Dev.

Auth.,

Georgia

Power

Plant

Vogtle,

VRDN,

PCR,

1.60%,

11/1/52 

500‌

500‌

Burke

County

Dev.

Auth.,

Georgia

Power

Plant

Vogtle,

VRDN,

PCR,

2.25%,

10/1/32

(Tender

5/25/23) 

1,550‌

1,538‌

Burke

County

Dev.

Auth.,

Georgia

Power

Plant

Vogtle,

VRDN,

PCR,

2.25%,

10/1/32

(Tender

5/25/23) 

500‌

496‌

Carroll

City-County

Hosp.

Auth.,

Tanner

Medical

Center,

4.00%,

7/1/45 

2,550‌

2,498‌

Carroll

City-County

Hosp.

Auth.,

Tanner

Medical

Center,

4.00%,

7/1/50 

2,925‌

2,800‌

Carroll

City-County

Hosp.

Auth.,

Tanner

Medical

Center,

5.00%,

7/1/28 

265‌

284‌

Carroll

City-County

Hosp.

Auth.,

Tanner

Medical

Center,

5.00%,

7/1/29 

500‌

534‌

Carroll

City-County

Hosp.

Auth.,

Tanner

Medical

Center,

5.00%,

7/1/41 

3,000‌

3,056‌

Cherokee

County

Board

of

Ed.,

GO,

5.00%,

8/1/32 

1,750‌

1,881‌

Cherokee

County

Water

&

Sewer

Auth.,

5.00%,

8/1/33 

1,015‌

1,089‌

Cherokee

County

Water

&

Sewer

Auth.,

5.00%,

8/1/34 

1,050‌

1,123‌

Cherokee

County

Water

&

Sewer

Auth.,

5.50%,

8/1/23 (5)

235‌

240‌

Clarke

County

Classic

Center

Auth.,

Classic

Center

Arena

Project,

3.00%,

5/1/61 

2,000‌

1,445‌

Clarke

County

Classic

Center

Auth.,

Classic

Center

Arena

Project,

4.00%,

5/1/52 

3,000‌

2,853‌

Clarke

County

Classic

Center

Auth.,

Classic

Center

Arena

Project,

Series A,

4.125%,

5/1/54 

3,000‌

2,857‌

T.

ROWE

PRICE

Georgia

Tax-Free

Bond

Fund

3

Par

$

Value

(Amounts

in

000s)

Clarke

County

Classic

Center

Auth.,

Classic

Center

Arena

Project,

Series A,

4.25%,

5/1/61 

1,750‌

1,653‌

Cobb

County

Dev.

Auth.,

Kennesaw

State

Univ.,

Series A,

5.00%,

7/15/34 

1,145‌

1,188‌

Cobb

County

Dev.

Auth.,

Kennesaw

State

Univ.,

Series A,

5.00%,

7/15/38 

1,750‌

1,798‌

Cobb

County

Kennestone

Hosp.

Auth.,

WellStar

Health,

4.00%,

4/1/35 

950‌

955‌

Cobb

County

Kennestone

Hosp.

Auth.,

WellStar

Health,

4.00%,

4/1/52 

9,700‌

8,792‌

Cobb

County

Kennestone

Hosp.

Auth.,

WellStar

Health,

5.00%,

4/1/50 

1,500‌

1,509‌

Cobb

County

Kennestone

Hosp.

Auth.,

WellStar

Health,

RAC,

5.00%,

4/1/29 

1,000‌

1,004‌

Cobb

County

Kennestone

Hosp.

Auth.,

WellStar

Health,

RAC,

5.00%,

4/1/30 

2,200‌

2,208‌

Coweta

County

Dev.

Auth.,

Piedmont

Healthcare,

5.00%,

7/1/44 

3,000‌

3,066‌

Coweta

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Peachtree

City

Project,

4.00%,

3/1/36 

970‌

829‌

Coweta

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Peachtree

City

Project,

4.00%,

3/1/46 

810‌

620‌

Dalton,

GO,

5.00%,

2/1/42 

500‌

534‌

Dalton,

GO,

5.00%,

2/1/48 

3,500‌

3,699‌

Dalton

Board

of

Water

Light

&

Sinking

Fund,

5.00%,

3/1/32 

1,250‌

1,330‌

Dalton

Board

of

Water

Light

&

Sinking

Fund,

5.00%,

3/1/33 

1,190‌

1,264‌

Dalton

Whitfield

County

Joint

Dev.

Auth.,

Hamilton

Health

Care

System,

4.00%,

8/15/34 

400‌

405‌

Dalton

Whitfield

County

Joint

Dev.

Auth.,

Hamilton

Health

Care

System,

4.00%,

8/15/36 

900‌

904‌

Dalton

Whitfield

County

Joint

Dev.

Auth.,

Hamilton

Health

Care

System,

4.00%,

8/15/37 

1,000‌

1,002‌

Dalton

Whitfield

County

Joint

Dev.

Auth.,

Hamilton

Health

Care

System,

4.00%,

8/15/41 

1,385‌

1,359‌

Dalton

Whitfield

County

Joint

Dev.

Auth.,

Hamilton

Health

Care

System,

5.00%,

8/15/32 

900‌

970‌

DeKalb

County

Water

&

Sewerage,

5.00%,

10/1/33 

750‌

789‌

DeKalb

County

Water

&

Sewerage,

5.00%,

10/1/35 

2,000‌

2,095‌

DeKalb

County

Water

&

Sewerage,

Series A,

5.25%,

10/1/41 

4,365‌

4,370‌

DeKalb

County

Water

&

Sewerage,

Series B,

5.00%,

10/1/35 (6)

1,980‌

2,109‌

DeKalb

County

Water

&

Sewerage,

Series B,

5.25%,

10/1/32 (6)

4,330‌

4,698‌

Downtown

Smyrna

Dev.

Auth.,

5.25%,

2/1/28 

5,140‌

5,504‌

Forsyth

County

School

Dist.,

GO,

5.00%,

2/1/31 

3,250‌

3,478‌

Forsyth

County

School

Dist.,

GO,

5.00%,

2/1/38 

1,000‌

1,088‌

Fulton

County

Dev.

Auth.,

Georgia

Tech

Foundation,

Campus

Recreation

Center

and

Technology

Square

Projects,

Series B,

5.00%,

11/1/31 

3,020‌

3,308‌

T.

ROWE

PRICE

Georgia

Tax-Free

Bond

Fund

4

Par

$

Value

(Amounts

in

000s)

Fulton

County

Dev.

Auth.,

Piedmont

Healthcare

Project,

Series A,

4.00%,

7/1/49 

1,695‌

1,554‌

Fulton

County

Dev.

Auth.,

WellStar

Health,

Series A,

RAC,

5.00%,

4/1/47 

4,150‌

4,180‌

Fulton

County

Dev.

Auth.,

Woodruff

Arts

Center,

5.00%,

3/15/36 

6,125‌

6,425‌

Fulton

County

Dev.

Auth.,

Woodruff

Arts

Center,

5.00%,

3/15/44 

5,175‌

5,445‌

Fulton

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Canterbury

Court

Project,

Series A,

3.00%,

4/1/24 (2)

500‌

484‌

Fulton

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Canterbury

Court

Project,

Series A,

4.00%,

4/1/41 (2)

1,000‌

737‌

Fulton

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Canterbury

Court

Project,

Series A,

4.00%,

4/1/51 (2)

1,000‌

666‌

Fulton

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Canterbury

Court

Project,

Series A,

5.00%,

4/1/54 (2)

1,550‌

1,223‌

Gainesville

&

Hall

County

Dev

Auth.,

Active

Retirement

Communities,

5.00%,

11/15/33 

3,480‌

3,496‌

Gainesville

&

Hall

County

Dev

Auth.,

Active

Retirement

Communities,

Series A,

6.25%,

9/1/52 (2)

1,250‌

1,093‌

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series A,

4.00%,

2/15/51 

12,000‌

10,807‌

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series A,

5.25%,

8/15/49

(Prerefunded

2/15/25) (4)

3,000‌

3,169‌

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series B,

5.50%,

2/15/42 

1,625‌

1,731‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

3.625%,

1/1/31 (2)

250‌

221‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

4.00%,

1/1/36 

3,150‌

2,898‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

4.00%,

1/1/54 

6,925‌

5,609‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

5.00%,

1/1/54 (2)

1,240‌

1,028‌

Georgia

Housing

&

Fin.

Auth.,

Series A,

4.00%,

6/1/50 

1,185‌

1,186‌

Georgia

Ports

Auth.,

4.00%,

7/1/47 

3,675‌

3,558‌

Georgia

Ports

Auth.,

4.00%,

7/1/51 

3,500‌

3,312‌

Georgia

Ports

Auth.,

4.00%,

7/1/52 

1,000‌

944‌

Georgia

Ports

Auth.,

5.00%,

7/1/47 

3,490‌

3,836‌

Georgia

Private

Colleges

&

Univ.

Auth.,

Emory

Univ.,

Series B,

4.00%,

9/1/40 

1,450‌

1,455‌

Glynn-Brunswick

Memorial

Hosp.

Auth.,

Southeast

Georgia

Health,

RAC,

5.00%,

8/1/34 

4,110‌

4,190‌

Griffin-Spalding

County

Hosp.

Auth.,

WellStar

Health,

RAC,

5.00%,

4/1/36 

1,350‌

1,401‌

Gwinnett

County

School

Dist.,

GO,

5.00%,

2/1/35 

2,900‌

3,056‌

Lagrange

Dev.

Auth.,

Lagrange

College

Project,

5.00%,

10/15/52 

1,200‌

1,052‌

Macon-Bibb

County

Urban

Dev.

Auth.,

Academy

Classical

Ed.,

Series A,

5.875%,

6/15/47 (2)

1,710‌

1,710‌

T.

ROWE

PRICE

Georgia

Tax-Free

Bond

Fund

5

Par

$

Value

(Amounts

in

000s)

Macon-Bibb

County

Urban

Dev.

Auth.,

Academy

Classical

Ed.,

Series A,

6.00%,

6/15/52 (2)

1,000‌

1,003‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series A,

4.00%,

5/15/39 

1,320‌

1,210‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series A,

5.00%,

5/15/25 

200‌

205‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series A,

5.00%,

5/15/43 

4,705‌

4,732‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series A,

5.00%,

5/15/49 

2,000‌

2,000‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series A,

5.50%,

9/15/28 

3,000‌

3,237‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series A,

VRDN,

4.00%,

7/1/52

(Tender

9/1/27) 

5,000‌

5,009‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series A,

VRDN,

4.00%,

9/1/52

(Tender

12/1/29) 

3,000‌

2,913‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series B,

VRDN,

4.00%,

8/1/49

(Tender

12/2/24) 

2,800‌

2,818‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series B,

VRDN,

5.00%,

12/1/52

(Tender

6/1/29) 

1,575‌

1,625‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series C,

VRDN,

4.00%,

8/1/48

(Tender

12/1/23) 

1,600‌

1,606‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series C,

VRDN,

4.00%,

5/1/52

(Tender

12/1/28) 

2,000‌

1,955‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series D,

FRN,

67%

of

1M

USD

LIBOR

+

0.83%,

3.354%,

8/1/48

(Tender

12/1/23) 

2,000‌

1,986‌

Metro

Atlanta

Rapid

Transit

Auth.,

Series A,

4.00%,

7/1/35 

5,570‌

5,777‌

Metro

Atlanta

Rapid

Transit

Auth.,

Series A,

5.00%,

7/1/43

(Prerefunded

7/1/25) (4)

5,000‌

5,296‌

Metro

Atlanta

Rapid

Transit

Auth.,

Sales

Tax,

Series B,

5.00%,

7/1/45 

5,000‌

5,214‌

Metro

Atlanta

Rapid

Transit

Auth.,

Third

Indenture,

Series A,

4.00%,

7/1/44 

5,475‌

5,475‌

Municipal

Electric

Auth.

of

Georgia,

Plant

Vogtle

Project,

4.50%,

7/1/63 

3,435‌

3,381‌

Municipal

Electric

Auth.

of

Georgia,

Plant

Vogtle

Project,

Series A,

4.50%,

7/1/63 

2,000‌

1,885‌

Municipal

Electric

Auth.

of

Georgia,

Plant

Vogtle

Project,

Series A,

5.00%,

7/1/40 

1,000‌

1,033‌

Municipal

Electric

Auth.

of

Georgia,

Plant

Vogtle

Project,

Series A,

5.00%,

7/1/41 

1,190‌

1,223‌

Municipal

Electric

Auth.

of

Georgia,

Plant

Vogtle

Project,

Series A,

5.00%,

7/1/42 

1,000‌

1,026‌

Municipal

Electric

Auth.

of

Georgia,

Plant

Vogtle

Project,

Series A,

5.00%,

1/1/49 

3,610‌

3,617‌

T.

ROWE

PRICE

Georgia

Tax-Free

Bond

Fund

6

Par

$

Value

(Amounts

in

000s)

Municipal

Electric

Auth.

of

Georgia,

Plant

Vogtle

Project,

Series A,

5.50%,

7/1/60 

5,015‌

5,078‌

Municipal

Electric

Auth.

of

Georgia,

Power,

Series EE,

7.25%,

1/1/24 (7)

1,000‌

1,048‌

Municipal

Electric

Auth.

of

Georgia,

Power,

Series HH,

5.00%,

1/1/44 

4,485‌

4,559‌

Municipal

Electric

Auth.

of

Georgia,

Project

1,

Series A,

4.00%,

1/1/39 

3,130‌

2,948‌

Municipal

Electric

Auth.

of

Georgia,

Project

1,

Series A,

5.00%,

1/1/35 

4,440‌

4,543‌

Municipal

Electric

Auth.

of

Georgia,

Project

1,

Series A,

5.00%,

1/1/46 

1,975‌

1,995‌

Private

Colleges

&

Univ.

Auth.,

Emory

Univ.,

Series A,

5.00%,

10/1/43 

2,000‌

2,021‌

Private

Colleges

&

Univ.

Auth.,

Emory

Univ.,

Series A,

5.00%,

10/1/46 

5,075‌

5,263‌

Private

Colleges

&

Univ.

Auth.,

Emory

Univ.,

Series B,

4.00%,

9/1/41 

5,295‌

5,300‌

Private

Colleges

&

Univ.

Auth.,

Emory

Univ.,

Series B,

5.00%,

10/1/38 

4,405‌

4,648‌

Private

Colleges

&

Univ.

Auth.,

Mercer

Univ.,

4.00%,

10/1/50 

4,100‌

3,652‌

Private

Colleges

&

Univ.

Auth.,

Mercer

Univ.,

5.00%,

10/1/27 

535‌

578‌

Private

Colleges

&

Univ.

Auth.,

Savannah

College

of

Art

and

Design,

4.00%,

4/1/39 

1,000‌

969‌

Private

Colleges

&

Univ.

Auth.,

Savannah

College

of

Art

and

Design,

4.00%,

4/1/41 

1,000‌

964‌

Private

Colleges

&

Univ.

Auth.,

Savannah

College

of

Art

and

Design,

4.00%,

4/1/44 

5,500‌

5,234‌

Richmond

County

Hosp.

Auth.,

Univ.

Health

Services,

5.00%,

1/1/31 

2,000‌

2,114‌

Rockdale

County

Dev.

Auth.,

Pratt

Paper

Project,

4.00%,

1/1/38 (1)(2)

4,000‌

3,611‌

Savannah

Economic

Dev.

Auth.,

Marshes

of

Skidaway,

7.25%,

1/1/44

(Prerefunded

1/1/24) (4)

1,000‌

1,048‌

Savannah

Hosp.

Auth.,

Saint

Joseph's/Candler

Health,

Series A,

4.00%,

7/1/43 

1,700‌

1,635‌

Savannah

Hosp.

Auth.,

Saint

Joseph's/Candler

Health,

Series A,

5.50%,

7/1/29 

50‌

51‌

Savannah

Hosp.

Auth.,

Saint

Joseph's/Candler

Health,

Series A,

5.50%,

7/1/30 

3,105‌

3,144‌

Savannah

Hosp.

Auth.,

Saint

Joseph's/Candler

Health,

Series A,

5.50%,

7/1/31 

220‌

223‌

Walton

County

Water

&

Sewer

Auth.,

Hard

Labor

Creek,

5.25%,

2/1/43 

425‌

480‌

Walton

County

Water

&

Sewer

Auth.,

Hard

Labor

Creek,

5.25%,

2/1/47 

1,000‌

1,120‌

T.

ROWE

PRICE

Georgia

Tax-Free

Bond

Fund

7

Par

$

Value

(Amounts

in

000s)

Walton

County

Water

&

Sewer

Auth.,

Hard

Labor

Creek,

Series A,

5.00%,

2/1/36

(Prerefunded

2/1/26) (4)

1,050‌

1,125‌

378,292‌

PUERTO

RICO

5.2%

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (8)(9)

2,050‌

933‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/35 (2)

745‌

737‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/47 (2)

500‌

478‌

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

Coupon,

7/1/24 

128‌

118‌

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

Coupon,

7/1/33 

494‌

271‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/33 

1,954‌

1,698‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/35 

700‌

595‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/37 

296‌

247‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/41 

403‌

323‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/46 

419‌

322‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.25%,

7/1/23 

214‌

215‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.375%,

7/1/25 

428‌

434‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/27 

678‌

693‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/29 

747‌

764‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.75%,

7/1/31 

720‌

738‌

Puerto

Rico

Electric

Power

Auth.,

Series A,

5.05%,

7/1/42 (9)(10)

10‌

7‌

Puerto

Rico

Electric

Power

Auth.,

Series A,

6.75%,

7/1/36 (9)(10)

810‌

612‌

Puerto

Rico

Electric

Power

Auth.,

Series AAA,

5.25%,

7/1/27 (9)

(10)

100‌

74‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.00%,

7/1/27 (9)

(10)

15‌

11‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/28 (9)

(10)

35‌

26‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/20 (9)(10)

40‌

29‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/24 (9)(10)

170‌

125‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/25 (9)(10)

55‌

41‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/26 (9)(10)

70‌

52‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/27 (9)(10)

420‌

310‌

T.

ROWE

PRICE

Georgia

Tax-Free

Bond

Fund

8

Par

$

Value

(Amounts

in

000s)

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.00%,

7/1/28 (9)

(10)

425‌

313‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.25%,

7/1/33 (9)

(10)

75‌

56‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.50%,

7/1/18 (9)

(10)

35‌

26‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/27 (9)(10)

15‌

11‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/35 (9)(10)

375‌

278‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/40 (9)(10)

40‌

30‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.75%,

7/1/36 (9)(10)

30‌

22‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

3.70%,

7/1/17 (9)(10)

10‌

7‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/17 (9)(10)

20‌

15‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/19 (9)(10)

175‌

129‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/28 (9)(10)

40‌

30‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/19 (9)(10)

140‌

103‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/23 (9)(10)

40‌

30‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/24 (9)(10)

15‌

11‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.55%,

7/1/40 

168‌

156‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.75%,

7/1/53 

4,327‌

3,943‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

5.00%,

7/1/58 

6,014‌

5,691‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-2,

4.329%,

7/1/40 

391‌

353‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-2,

4.329%,

7/1/40 

261‌

236‌

21,293‌

Total

Investments

in

Securities

98.6%

(Cost

$417,134)

$

399,585‌

Other

Assets

Less

Liabilities

1.4%

5,636

Net

Assets

100.0%

$

405,221‌

‡

Par

is

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Interest

subject

to

alternative

minimum

tax.

(2)

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

$15,770

and

represents

3.9%

of

net

assets.

(3)

Escrowed

to

maturity

(4)

Prerefunded

date

is

used

in

determining

portfolio

maturity.

(5)

Insured

by

National

Public

Finance

Guarantee

Corporation

(6)

Insured

by

Assured

Guaranty

Municipal

Corporation

(7)

Insured

by

AMBAC

Assurance

Corporation

T.

ROWE

PRICE

Georgia

Tax-Free

Bond

Fund

9

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

.

.

.

.

.

.

.

.

.

.

(8)

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.

(9)

Non-income

producing

(10)

Issuer

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

FRN

Floating

Rate

Note

GO

General

Obligation

PCR

Pollution

Control

Revenue

RAC

Revenue

Anticipation

Certificate

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

VRDN

Variable

Rate

Demand

Note

under

which

the

holder

has

the

right

to

sell

the

security

to

the

issuer

or

the

issuer’s

agent

at

a

predetermined

price

on

specified

dates;

such

specified

dates

are

considered

the

effective

maturity

for

purposes

of

the

fund’s

weighted

average

maturity;

rate

shown

is

effective

rate

at

period-end

and

maturity

date

shown

is

final

maturity.

Certain

VRDN

rates

are

not

based

on

a

published

reference

rate

and

spread

but

may

adjust

periodically.

T.

ROWE

PRICE

Georgia

Tax-Free

Bond

Fund

Unaudited

Notes

to

Portfolio

of

Investments

10

T.

Rowe

Price

Georgia

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

Georgia

Tax-Free

Bond

Fund

11

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

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T.

ROWE

PRICE

Georgia

Tax-Free

Bond

Fund

12

Valuation

Inputs

  On

November

30,

2022,

all

of

the

fund’s

financial

instruments

were

classified

as

Level

2,

based

on

the

inputs

used

to

determine

their

fair

values.

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F92-054Q3

11/22