T.

ROWE

PRICE

Virginia

Tax-Free

Bond

Fund

May

31,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

COMMON

STOCKS

0.0%

Westrock 

—‌

7‌

Total

Common

Stocks

(Cost

$15)

7‌

MUNICIPAL

SECURITIES

100.1%

DISTRICT

OF

COLUMBIA

11.3%

Metropolitan

Washington

Airports

Auth.,

5.00%,

10/1/36 (1)

3,380‌

3,513‌

Metropolitan

Washington

Airports

Auth.,

5.00%,

10/1/37 (1)

3,100‌

3,209‌

Metropolitan

Washington

Airports

Auth.,

Series 2020A,

4.00%,

10/1/38 (1)

3,020‌

2,969‌

Metropolitan

Washington

Airports

Auth.,

Series 2021A,

4.00%,

10/1/38 (1)

3,960‌

3,893‌

Metropolitan

Washington

Airports

Auth.,

Series A,

4.00%,

10/1/37 (1)

3,345‌

3,310‌

Metropolitan

Washington

Airports

Auth.,

Series A,

4.00%,

10/1/41 (1)

1,415‌

1,363‌

Metropolitan

Washington

Airports

Auth.,

Series A,

4.50%,

10/1/53 (1)(2)

750‌

740‌

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/31 (1)

5,000‌

5,450‌

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/35 (1)

2,000‌

2,161‌

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/36 (1)

5,195‌

5,488‌

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/38 (1)

5,930‌

6,172‌

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/43 (1)

7,185‌

7,391‌

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/44 (1)

13,930‌

14,390‌

Metropolitan

Washington

Airports

Auth.,

Series A,

5.00%,

10/1/46 (1)

10,000‌

10,376‌

Metropolitan

Washington

Airports

Auth.,

Series A,

5.25%,

10/1/53 (1)(2)

4,000‌

4,256‌

Metropolitan

Washington

Airports

Auth.,

Series B,

4.00%,

10/1/37 

2,470‌

2,502‌

Metropolitan

Washington

Airports

Auth.,

Series B,

4.00%,

10/1/38 

2,565‌

2,581‌

Metropolitan

Washington

Airports

Auth.,

Series B,

5.00%,

10/1/33 (1)

6,450‌

6,602‌

Metropolitan

Washington

Airports

Auth.,

Series B,

5.00%,

10/1/35 (1)

7,000‌

7,134‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series A,

3.00%,

10/1/53 (3)

1,000‌

723‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series A,

5.00%,

10/1/33 

550‌

590‌

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

1,064‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series A,

5.00%,

10/1/36 

1,000‌

1,058‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series A,

5.00%,

10/1/38 

2,000‌

2,101‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series A,

5.00%,

10/1/39 

1,350‌

1,415‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series A,

5.00%,

10/1/44 

14,965‌

15,614‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

6.50%,

10/1/44 

1,875‌

2,103‌

Washington

Metropolitan

Area

Transit

Auth.,

Series A,

5.00%,

7/15/39 

5,000‌

5,487‌

Washington

Metropolitan

Area

Transit

Auth.,

Series A,

5.00%,

7/15/45 

12,580‌

13,604‌

Washington

Metropolitan

Area

Transit

Auth.,

Series A,

5.50%,

7/15/51 

1,550‌

1,753‌

Washington

Metropolitan

Area

Transit

Auth.,

Series A-1,

5.00%,

7/1/32 

940‌

1,006‌

Washington

Metropolitan

Area

Transit

Auth.,

Series A-2,

5.00%,

7/1/32 

1,575‌

1,686‌

Washington

Metropolitan

Area

Transit

Auth.,

Series A-2,

5.00%,

7/1/33 

1,750‌

1,868‌

143,572‌

MARYLAND

0.5%

Montgomery

County,

Series E,

GO,

VRDN,

4.00%,

11/1/37 

5,900‌

5,900‌

5,900‌

OHIO

0.0%

Allen

County

Hosp.

Fac.,

Catholic

Healthcare,

Series C,

VRDN,

3.98%,

6/1/34 

300‌

300‌

300‌

PUERTO

RICO

5.5%

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (4)

3,978‌

1,939‌

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/51 (4)

4,925‌

2,376‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/35 (5)

2,545‌

2,545‌

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

Coupon,

7/1/24 

435‌

415‌

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

Coupon,

7/1/33 

1,676‌

982‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/33 

4,905‌

4,502‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/35 

2,151‌

1,921‌

T.

ROWE

PRICE

Virginia

Tax-Free

Bond

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/37 

2,378‌

2,063‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/41 

1,366‌

1,140‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.25%,

7/1/23 

727‌

728‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.375%,

7/1/25 

1,451‌

1,481‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/27 

2,263‌

2,365‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/29 

2,490‌

2,638‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.75%,

7/1/31 

2,384‌

2,567‌

Puerto

Rico

Electric

Power

Auth.,

Series A,

5.05%,

7/1/42 (6)(7)

30‌

21‌

Puerto

Rico

Electric

Power

Auth.,

Series A,

6.75%,

7/1/36 (6)(7)

2,775‌

2,008‌

Puerto

Rico

Electric

Power

Auth.,

Series AAA,

5.25%,

7/1/27 (6)

(7)

365‌

261‌

Puerto

Rico

Electric

Power

Auth.,

Series AAA,

5.25%,

7/1/30 (6)

(7)

1,100‌

787‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.00%,

7/1/27 (6)

(7)

50‌

36‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/27 (6)

(7)

105‌

75‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/28 (6)

(7)

115‌

82‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/20 (6)(7)

150‌

105‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/24 (6)(7)

600‌

428‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/25 (6)(7)

195‌

139‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/26 (6)(7)

240‌

171‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/27 (6)(7)

30‌

21‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.00%,

7/1/28 (6)(7)

1,420‌

1,015‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.25%,

7/1/33 (6)(7)

145‌

104‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.50%,

7/1/18 (6)(7)

125‌

88‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/27 (6)(7)

55‌

39‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/40 (6)(7)

145‌

104‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.75%,

7/1/36 (6)(7)

115‌

83‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

3.70%,

7/1/17 (6)(7)

35‌

24‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/17 (6)(7)

65‌

46‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/19 (6)(7)

630‌

443‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/28 (6)(7)

50‌

36‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/19 (6)(7)

550‌

386‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/23 (6)(7)

140‌

100‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/24 (6)(7)

50‌

36‌

Puerto

Rico

Highway

&

Transportation

Auth.,

Restructured,

Series A,

5.00%,

7/1/62 

1,308‌

1,254‌

T.

ROWE

PRICE

Virginia

Tax-Free

Bond

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

Puerto

Rico

Highway

&

Transportation

Auth.,

Restructured,

Series C,

STEP,

0.00%,

7/1/53 

1,100‌

668‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.75%,

7/1/53 

14,703‌

13,597‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

5.00%,

7/1/58 

5,455‌

5,212‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-2,

4.329%,

7/1/40 

13,359‌

12,376‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-2,

4.784%,

7/1/58 

1,500‌

1,378‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series B-1,

Zero

Coupon,

7/1/46 

2,650‌

705‌

69,490‌

TEXAS

0.0%

Harris

County

Cultural

Ed.

Fac.

Fin.,

Methodist

Hosp.,

Series B,

VRDN,

4.00%,

12/1/59 

100‌

100‌

100‌

VIRGINIA

82.8%

Albemarle

County

Economic

Dev.

Auth.,

Sentara

Martha

Jefferson

Hosp.,

Series B,

VRDN,

3.90%,

10/1/48 

7,110‌

7,110‌

Albemarle

County

Economic

Dev.

Auth.,

Westminster-Canterbury

Blue

Ridge,

4.00%,

6/1/49 

2,800‌

2,229‌

Alexandria

IDA,

Episcopal

High

School,

4.00%,

1/1/25 

410‌

413‌

Alexandria

IDA,

Episcopal

High

School,

4.00%,

1/1/26 

425‌

429‌

Alexandria

IDA,

Episcopal

High

School,

4.00%,

1/1/30 

265‌

269‌

Alexandria

IDA,

Episcopal

High

School,

4.00%,

1/1/35 

1,500‌

1,512‌

Alexandria

IDA,

Episcopal

High

School,

4.00%,

1/1/36 

1,000‌

1,011‌

Alexandria

IDA,

Episcopal

High

School,

4.00%,

1/1/40 

2,500‌

2,479‌

Alexandria

IDA,

Episcopal

High

School,

Series A,

GO,

3.00%,

7/15/46 

1,550‌

1,267‌

Alexandria

IDA,

Episcopal

High

School,

Series C,

3.00%,

1/1/51 

6,260‌

4,561‌

Alexandria

IDA,

Goodwin

House,

5.00%,

10/1/35

(Prerefunded

10/1/25) (8)

1,995‌

2,076‌

Alexandria

IDA,

Goodwin

House,

5.00%,

10/1/45

(Prerefunded

10/1/25) (8)

7,540‌

7,847‌

Alexandria

IDA,

Goodwin

House,

5.00%,

10/1/50

(Prerefunded

10/1/25) (8)

1,000‌

1,041‌

Arlington

County,

GO,

4.00%,

6/15/33 

3,025‌

3,195‌

Arlington

County,

GO,

4.00%,

6/15/36 

8,585‌

8,856‌

Arlington

County,

GO,

4.00%,

6/15/37 

2,835‌

2,898‌

Arlington

County,

GO,

5.00%,

6/15/40 

1,710‌

1,914‌

Arlington

County

IDA,

Park

Shirlington

Apartments,

5.00%,

1/1/26 

5,200‌

5,356‌

Arlington

County

IDA,

Virginia

Hosp.

Center,

3.75%,

7/1/50 

21,850‌

19,119‌

Arlington

County

IDA,

Virginia

Hosp.

Center,

4.00%,

7/1/38 

1,700‌

1,696‌

Arlington

County

IDA,

Virginia

Hosp.

Center,

4.00%,

7/1/45 

17,810‌

17,057‌

Arlington

County

IDA,

Virginia

Hosp.

Center,

5.00%,

7/1/30 

500‌

555‌

T.

ROWE

PRICE

Virginia

Tax-Free

Bond

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

Arlington

County

IDA,

Virginia

Hosp.

Center,

5.00%,

7/1/32 

600‌

664‌

Arlington

County

IDA,

Virginia

Hosp.

Center,

5.00%,

7/1/35 

755‌

826‌

Arlington

County

IDA,

Virginia

Hosp.

Center,

5.00%,

7/1/36 

1,625‌

1,761‌

Arlington

County

IDA,

Virginia

Hosp.

Center,

5.00%,

7/1/37 

2,050‌

2,202‌

Botetourt

County,

Residential

Care

Fac.,

Glebe,

Inc.,

Series A,

6.00%,

7/1/34 

550‌

554‌

Botetourt

County,

Residential

Care

Fac.,

Glebe,

Inc.,

Series A,

6.00%,

7/1/44 

5,000‌

4,906‌

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

704‌

Capital

Region

Airport

Commission,

Series A,

4.00%,

7/1/38 

850‌

827‌

Capital

Region

Airport

Commission,

Series A,

5.00%,

7/1/23 

600‌

601‌

Cherry

Hill

CDA,

Potomac

Shores

Project,

4.50%,

3/1/25 (5)

340‌

339‌

Cherry

Hill

CDA,

Potomac

Shores

Project,

5.15%,

3/1/35 (5)

1,220‌

1,215‌

Cherry

Hill

CDA,

Potomac

Shores

Project,

5.40%,

3/1/45 (5)

2,185‌

2,174‌

Chesapeake

Bay

Bridge

&

Tunnel

Dist.,

General

Resolution,

5.50%,

7/1/25 (9)(10)

6,270‌

6,356‌

Chesapeake

Expressway

Toll

Road,

Series A,

5.00%,

7/15/47 

10,470‌

10,475‌

Chesapeake

Expressway

Toll

Road,

Series B,

STEP,

0.00%,

7/15/40 

3,875‌

3,932‌

Chesapeake

Hosp.

Auth.,

Chesapeake

Regional

Medical,

4.00%,

7/1/39 

1,800‌

1,743‌

Chesapeake

Hosp.

Auth.,

Chesapeake

Regional

Medical,

5.00%,

7/1/31 

1,490‌

1,618‌

Fairfax

County

Economic

Dev.

Auth.,

Goodwin

House,

Series A,

5.00%,

10/1/36

(Prerefunded

10/1/24) (8)

7,060‌

7,314‌

Fairfax

County

Economic

Dev.

Auth.,

Goodwin

House,

Series A,

5.00%,

10/1/42

(Prerefunded

10/1/24) (8)

4,350‌

4,507‌

Fairfax

County

Economic

Dev.

Auth.,

Green

Bond

County

Facilities,

4.00%,

10/1/40 

1,595‌

1,616‌

Fairfax

County

Economic

Dev.

Auth.,

Metrorail

Parking

System,

5.00%,

4/1/42 

9,000‌

9,394‌

Fairfax

County

Economic

Dev.

Auth.,

Silver

Line

Phase

I

Project,

4.00%,

4/1/34

(Prerefunded

4/1/26) (8)

55‌

56‌

Fairfax

County

Economic

Dev.

Auth.,

Silver

Line

Phase

I

Project,

4.00%,

4/1/35

(Prerefunded

4/1/26) (8)

4,565‌

4,688‌

Fairfax

County

Economic

Dev.

Auth.,

Silver

Line

Phase

I

Project,

4.00%,

4/1/35

(Prerefunded

4/1/26) (8)

1,200‌

1,229‌

Fairfax

County

Economic

Dev.

Auth.,

Vinson

Hall,

Series A,

4.50%,

12/1/32

(Prerefunded

12/1/23) (8)

3,550‌

3,568‌

Fairfax

County

Economic

Dev.

Auth.,

Vinson

Hall,

Series A,

5.00%,

12/1/32

(Prerefunded

12/1/23) (8)

45‌

45‌

Fairfax

County

Economic

Dev.

Auth.,

Vinson

Hall,

Series A,

5.00%,

12/1/42

(Prerefunded

12/1/23) (8)

2,120‌

2,136‌

Fairfax

County

Economic

Dev.

Auth.,

Vinson

Hall,

Series A,

5.00%,

12/1/47

(Prerefunded

12/1/23) (8)

4,010‌

4,040‌

T.

ROWE

PRICE

Virginia

Tax-Free

Bond

Fund

6

Par/Shares

$

Value

(Amounts

in

000s)

Fairfax

County

Economic

Dev.

Auth.,

Wiehle

Ave

Metrorail

Station,

5.00%,

8/1/34 

2,000‌

2,268‌

Fairfax

County

IDA,

Inova

Health

System,

3.50%,

5/15/39 

5,400‌

4,907‌

Fairfax

County

IDA,

Inova

Health

System,

4.00%,

5/15/44 

13,160‌

12,768‌

Fairfax

County

IDA,

Inova

Health

System,

Series A,

4.00%,

5/15/44 

7,915‌

7,679‌

Fairfax

County

IDA,

Inova

Health

System,

Series A,

4.00%,

5/15/48 

9,840‌

9,361‌

Fairfax

County

IDA,

Inova

Health

System,

Series A,

5.00%,

5/15/44 

18,335‌

18,452‌

Fairfax

County

IDA,

Inova

Health

System,

Series C,

VRDN,

3.46%,

5/15/42 

3,645‌

3,645‌

Fairfax

County

Redev.

&

Housing

Auth.,

Wedgewood

Affordable

Housing

Acquisition,

5.00%,

10/1/36 

4,105‌

4,412‌

Fairfax

County

Redev.

&

Housing

Auth.,

Wedgewood

Affordable

Housing

Acquisition,

5.00%,

10/1/37 

4,310‌

4,597‌

Fairfax

County

Redev.

&

Housing

Auth.,

Wedgewood

Affordable

Housing

Acquisition,

5.00%,

10/1/38 

3,040‌

3,229‌

Fairfax

County

Sewer,

5.00%,

7/15/44 

5,650‌

5,980‌

Fairfax

County

Sewer,

Series A,

4.00%,

7/15/51 

5,000‌

4,858‌

Fairfax

County

Sewer,

Series A,

5.00%,

7/15/46 

9,390‌

10,382‌

Fairfax

County

Water

Auth.,

5.00%,

4/1/44 

4,720‌

4,978‌

Fairfax

County

Water

Auth.,

5.00%,

4/1/45 

4,230‌

4,456‌

Farmville

IDA,

Convocation

Center

Project,

5.375%,

7/1/53

(Tender

7/1/43) (3)

15,400‌

16,072‌

Fredericksburg

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/26 

1,000‌

1,010‌

Fredericksburg

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/27 

1,690‌

1,705‌

Fredericksburg

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/29 

1,600‌

1,615‌

Fredericksburg

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/31 

425‌

429‌

Fredericksburg

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/33 

1,250‌

1,261‌

Fredericksburg

Economic

Dev.

Auth.,

Medicorp

Health

System,

Series ME,

5.25%,

6/15/23 

2,600‌

2,601‌

Greater

Richmond

Convention

Center

Auth.,

Hotel

Tax,

5.00%,

6/15/29

(Prerefunded

6/15/25) (8)

3,750‌

3,869‌

Greater

Richmond

Convention

Center

Auth.,

Hotel

Tax,

5.00%,

6/15/30

(Prerefunded

6/15/25) (8)

1,500‌

1,548‌

Greater

Richmond

Convention

Center

Auth.,

Hotel

Tax,

5.00%,

6/15/31

(Prerefunded

6/15/25) (8)

2,000‌

2,063‌

Greater

Richmond

Convention

Center

Auth.,

Hotel

Tax,

5.00%,

6/15/32

(Prerefunded

6/15/25) (8)

5,630‌

5,809‌

Hampton

Roads

Sanitation

Dist.,

Series A,

4.00%,

10/1/38 

1,690‌

1,691‌

T.

ROWE

PRICE

Virginia

Tax-Free

Bond

Fund

7

Par/Shares

$

Value

(Amounts

in

000s)

Hampton

Roads

Transportation

Accountability

Commission,

5.00%,

7/1/48 

16,965‌

17,849‌

Hampton

Roads

Transportation

Accountability

Commission,

Series A,

4.00%,

7/1/52 

2,010‌

1,931‌

Hampton

Roads

Transportation

Accountability

Commission,

Series A,

5.00%,

7/1/42 

2,850‌

3,022‌

Hampton

Roads

Transportation

Accountability

Commission,

Series A,

5.25%,

7/1/60 

11,960‌

12,990‌

Hampton

Roads

Transportation

Accountability

Commission,

Series A,

5.50%,

7/1/57

(Prerefunded

1/1/28) (8)

10,785‌

12,027‌

Hampton

Roads

Transportation

Accountability

Commission,

Senior

Lien,

Series A,

4.00%,

7/1/50 

5,000‌

4,820‌

Hampton

Roads

Transportation

Accountability

Commission,

Senior

Lien,

Series A,

5.00%,

7/1/50 

6,430‌

6,898‌

Hanover

County

Economic

Dev.

Auth.,

Covenant

Woods,

Retirement

Fac.,

4.00%,

7/1/26 (5)

1,505‌

1,446‌

Hanover

County

Economic

Dev.

Auth.,

Covenant

Woods,

Retirement

Fac.,

4.00%,

7/1/27 (5)

1,565‌

1,477‌

Hanover

County

Economic

Dev.

Auth.,

Covenant

Woods,

Retirement

Fac.,

4.00%,

7/1/30 (5)

255‌

227‌

Hanover

County

Economic

Dev.

Auth.,

Covenant

Woods,

Retirement

Fac.,

4.00%,

7/1/31 (5)

625‌

546‌

Hanover

County

Economic

Dev.

Auth.,

Covenant

Woods,

Retirement

Fac.,

4.00%,

7/1/40 (5)

4,135‌

3,145‌

Hanover

County

Economic

Dev.

Auth.,

Covenant

Woods,

Retirement

Fac.,

4.00%,

7/1/47 (5)

4,510‌

3,147‌

Hanover

County

Economic

Dev.

Auth.,

Covenant

Woods,

Retirement

Fac.,

5.00%,

7/1/38 

700‌

660‌

Hanover

County

Economic

Dev.

Auth.,

Covenant

Woods,

Retirement

Fac.,

5.00%,

7/1/48 

4,035‌

3,543‌

Hanover

County

Economic

Dev.

Auth.,

Covenant

Woods,

Retirement

Fac.,

5.00%,

7/1/51 

4,525‌

3,930‌

Henrico

County

Economic

Dev.

Auth.,

Lifespire

of

Virginia,

Series C,

5.00%,

12/1/37 

3,040‌

2,937‌

Henrico

County

Economic

Dev.

Auth.,

Westminster

Canterbury

PRO,

5.00%,

10/1/37 

1,500‌

1,534‌

Henrico

County

Economic

Dev.

Auth.,

Westminster

Canterbury

RIC,

Series A,

5.00%,

10/1/42 

1,125‌

1,153‌

Henrico

County

Economic

Dev.

Auth.,

Westminster

Canterbury

RIC,

Series A,

5.00%,

10/1/47 

1,565‌

1,587‌

Henrico

County

Economic

Dev.

Auth.,

Westminster

Canterbury

RIC,

Series A,

5.00%,

10/1/52 

4,640‌

4,675‌

Henrico

County

Water

&

Sewer,

5.00%,

5/1/42

(Prerefunded

5/1/26) (8)

3,340‌

3,522‌

James

City

County

Economic

Dev.

Auth.,

4.00%,

6/1/41 

3,120‌

2,335‌

James

City

County

Economic

Dev.

Auth.,

4.00%,

6/1/47 

6,700‌

4,653‌

James

City

County

Economic

Dev.

Auth.,

Series A,

4.00%,

12/1/35 

1,015‌

888‌

T.

ROWE

PRICE

Virginia

Tax-Free

Bond

Fund

8

Par/Shares

$

Value

(Amounts

in

000s)

James

City

County

Economic

Dev.

Auth.,

Series A,

4.00%,

12/1/40 

1,155‌

932‌

James

City

County

Economic

Dev.

Auth.,

Series A,

4.00%,

12/1/50 

1,050‌

759‌

James

City

County

Economic

Dev.

Auth.,

United

Methodist

Homes,

Series A,

6.00%,

6/1/43

(Prerefunded

6/1/23) (8)

2,734‌

2,734‌

Lexington

IDA,

Kendal

at

Lexington,

4.00%,

1/1/31 

850‌

809‌

Lexington

IDA,

Kendal

at

Lexington,

4.00%,

1/1/38 

680‌

587‌

Lexington

IDA,

Kendal

at

Lexington,

4.00%,

1/1/42 

1,120‌

910‌

Lexington

IDA,

Kendal

at

Lexington,

4.00%,

1/1/48 

2,310‌

1,759‌

Lexington

IDA,

Washington

&

Lee

Univ.,

5.00%,

1/1/34 

2,085‌

2,276‌

Lexington

IDA,

Washington

&

Lee

Univ.,

5.00%,

1/1/35 

1,105‌

1,204‌

Lexington

IDA,

Washington

&

Lee

Univ.,

5.00%,

1/1/38 

1,000‌

1,070‌

Lexington

IDA,

Washington

&

Lee

Univ.,

5.00%,

1/1/43 

2,240‌

2,373‌

Lexington

IDA,

Washington

&

Lee

Univ.,

5.00%,

1/1/48 

1,500‌

1,578‌

Loudoun

County,

Series A,

GO,

4.00%,

12/1/39 

7,010‌

7,159‌

Loudoun

County,

Series A,

GO,

5.00%,

12/1/42 (2)

8,980‌

10,160‌

Loudoun

County

Economic

Dev.

Auth.,

Series A,

4.00%,

12/1/39 

2,125‌

2,156‌

Loudoun

County

Economic

Dev.

Auth.,

Series A,

4.00%,

12/1/40 

2,125‌

2,146‌

Loudoun

County

Economic

Dev.

Auth.,

Series A,

4.00%,

10/1/52 

6,075‌

5,915‌

Loudoun

County

Economic

Dev.

Auth.,

Howard

Hughes

Medical,

Zero

Coupon,

7/1/49 

5,000‌

1,535‌

Loudoun

County

Economic

Dev.

Auth.,

Howard

Hughes

Medical,

Series B,

VRDN,

3.43%,

2/15/38 

5,900‌

5,900‌

Lynchburg

Economic

Dev.

Auth.,

Central

Health,

4.00%,

1/1/37 

1,650‌

1,619‌

Lynchburg

Economic

Dev.

Auth.,

Central

Health,

4.00%,

1/1/41 

1,000‌

944‌

Lynchburg

Economic

Dev.

Auth.,

Central

Health,

4.00%,

1/1/55 

10,395‌

9,205‌

Lynchburg

Economic

Dev.

Auth.,

Central

Health,

Series A,

5.00%,

1/1/24 

640‌

643‌

Lynchburg

Economic

Dev.

Auth.,

Central

Health,

Series B,

VRDN,

4.00%,

1/1/47 

13,300‌

13,300‌

Madison

County

IDA,

Woodberry

Forest

School,

3.00%,

10/1/50 

11,000‌

8,522‌

Manassas

Park

Economic

Dev.

Auth.,

Virginia

Project,

4.00%,

12/15/38 

500‌

501‌

Manassas

Park

Economic

Dev.

Auth.,

Virginia

Project,

4.00%,

12/15/39 

500‌

497‌

Manassas

Park

Economic

Dev.

Auth.,

Virginia

Project,

4.00%,

12/15/40 

500‌

495‌

Mosaic

Dist.

CDA,

Series A,

4.00%,

3/1/27 

1,000‌

1,030‌

Mosaic

Dist.

CDA,

Series A,

4.00%,

3/1/33 

1,400‌

1,441‌

Mosaic

Dist.

CDA,

Series A,

4.00%,

3/1/34 

1,730‌

1,772‌

Mosaic

Dist.

CDA,

Series A,

4.00%,

3/1/35 

2,000‌

2,041‌

Mosaic

Dist.

CDA,

Series A,

4.00%,

3/1/36 

1,820‌

1,849‌

Newport

News

Economic

Dev.

Auth.,

Lifespire,

5.00%,

12/1/38 

6,060‌

5,783‌

Norfolk,

Series A,

GO,

5.00%,

10/1/41

(Prerefunded

10/1/26) (8)

1,050‌

1,117‌

Norfolk,

Series A,

GO,

5.00%,

10/1/46

(Prerefunded

10/1/26) (8)

2,300‌

2,446‌

Norfolk

Economic

Dev.

Auth.,

Sentara

Healthcare,

Series B,

4.00%,

11/1/42 

125‌

122‌

T.

ROWE

PRICE

Virginia

Tax-Free

Bond

Fund

9

Par/Shares

$

Value

(Amounts

in

000s)

Norfolk

Economic

Dev.

Auth.,

Sentara

Healthcare,

Series B,

4.00%,

11/1/48 

5,500‌

5,189‌

Norfolk

Economic

Dev.

Auth.,

Sentara

Healthcare,

Series B,

VRDN,

5.00%,

11/1/48

(Tender

11/1/28) 

2,000‌

2,165‌

Norfolk

Redev.

&

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

5.375%,

1/1/35 

2,865‌

2,690‌

Norfolk

Redev.

&

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

5.375%,

1/1/46 

480‌

402‌

Norfolk

Water,

Series A,

5.25%,

11/1/44 

17,250‌

17,578‌

Prince

Edward

County

IDA,

Hampden

Sydney,

4.50%,

9/1/52 

1,500‌

1,489‌

Prince

Edward

County

IDA,

Hampden

Sydney,

4.50%,

9/1/57 

1,000‌

983‌

Prince

William

County

IDA,

Westminster

At

Lake

Ridge,

5.00%,

1/1/37 

4,000‌

3,457‌

Prince

William

County

IDA,

Westminster

At

Lake

Ridge,

5.00%,

1/1/46 

4,405‌

3,501‌

Roanoke

Economic

Dev.

Auth.,

Carilion

Clinic,

Series A,

5.00%,

7/1/47 

18,405‌

20,213‌

Roanoke

Economic

Dev.

Auth.,

Lutheran

Homes

Brandon

Oaks,

6.625%,

12/1/44

(Prerefunded

12/1/23) (8)

3,900‌

3,959‌

Rockingham

County

Economic

Dev.

Auth.,

Sentara

RHM

Medical

Center,

Series A,

3.00%,

11/1/46 

17,595‌

13,414‌

Rockingham

County

Economic

Dev.

Auth.,

Sunnyside

Presbyterian

Home,

Series A,

4.00%,

12/1/33 

550‌

513‌

Rockingham

County

Economic

Dev.

Auth.,

Sunnyside

Presbyterian

Home,

Series A,

4.00%,

12/1/34 

2,000‌

1,848‌

Rockingham

County

Economic

Dev.

Auth.,

Sunnyside

Presbyterian

Home,

Series A,

5.00%,

12/1/39 

2,000‌

1,978‌

Spotsylvania

County

Water

&

Sewer

System

Revenue,

4.50%,

12/1/44 

4,105‌

4,221‌

Stafford

County

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/23 

300‌

300‌

Stafford

County

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/30 

2,010‌

2,089‌

Stafford

County

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/35 

670‌

691‌

Stafford

County

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/36 

350‌

359‌

Suffolk

Economic

Dev.

Auth.,

United

Church

Homes,

5.00%,

9/1/25 

1,960‌

1,938‌

Suffolk

Economic

Dev.

Auth.,

United

Church

Homes,

5.00%,

9/1/31 

4,000‌

3,757‌

Tobacco

Settlement

Fin.,

Series B-1,

5.00%,

6/1/47 

5,425‌

5,039‌

Univ.

of

Virginia,

Series A,

5.00%,

4/1/38 

1,895‌

2,019‌

Univ.

of

Virginia,

Series B,

4.00%,

8/1/48 

4,930‌

4,837‌

Univ.

of

Virginia,

Series B,

5.00%,

4/1/46 

5,000‌

5,284‌

Univ.

of

Virginia,

Series B,

5.00%,

9/1/49 

2,050‌

2,219‌

Virginia,

Series A,

GO,

5.00%,

6/1/38 

5,345‌

6,110‌

T.

ROWE

PRICE

Virginia

Tax-Free

Bond

Fund

10

Par/Shares

$

Value

(Amounts

in

000s)

Virginia

College

Building

Auth.,

4.00%,

2/1/43 (2)

3,000‌

2,964‌

Virginia

College

Building

Auth.,

5.00%,

2/1/40 (2)

2,000‌

2,247‌

Virginia

College

Building

Auth.,

VRDN,

3.45%,

8/1/34 

11,750‌

11,750‌

Virginia

College

Building

Auth.,

Series A,

3.00%,

1/15/34 

910‌

824‌

Virginia

College

Building

Auth.,

Series A,

3.00%,

1/15/35 

930‌

818‌

Virginia

College

Building

Auth.,

Series A,

3.00%,

1/15/38 

965‌

784‌

Virginia

College

Building

Auth.,

Series A,

4.00%,

9/1/35 

5,105‌

5,259‌

Virginia

College

Building

Auth.,

Series A,

4.00%,

9/1/44 

4,685‌

4,557‌

Virginia

College

Building

Auth.,

Series A,

4.00%,

9/1/52 

6,570‌

6,206‌

Virginia

College

Building

Auth.,

21st

Century

College

&

Equipment,

4.00%,

2/1/38 

1,165‌

1,172‌

Virginia

College

Building

Auth.,

Univ.

of

Richmond,

4.00%,

3/1/42 

8,010‌

7,865‌

Virginia

College

Building

Auth.,

Washington

&

Lee

Univ.,

5.25%,

1/1/31 (10)

7,965‌

8,812‌

Virginia

College

Building

Auth.,

Washington

&

Lee

Univ.,

5.75%,

1/1/34 

10,620‌

13,136‌

Virginia

Commonwealth

Transportation

Board,

4.00%,

5/15/30 

7,310‌

7,368‌

Virginia

Commonwealth

Transportation

Board,

4.00%,

5/15/31 

2,445‌

2,462‌

Virginia

Commonwealth

Transportation

Board,

4.00%,

5/15/32 

6,860‌

6,908‌

Virginia

Commonwealth

Transportation

Board,

Series A,

4.00%,

5/15/34 

1,000‌

1,031‌

Virginia

Commonwealth

Transportation

Board,

Series A,

5.00%,

5/15/33 

1,250‌

1,355‌

Virginia

Commonwealth

Univ.

Health

System

Auth.,

Series A,

5.00%,

7/1/34 

5,000‌

5,292‌

Virginia

Commonwealth

Univ.

Health

System

Auth.,

Series B,

4.00%,

7/1/35 

1,500‌

1,516‌

Virginia

HDA,

Series E,

4.125%,

12/1/46 

4,180‌

3,987‌

Virginia

HDA,

Series G,

4.90%,

11/1/42 

500‌

517‌

Virginia

HDA,

Series G,

5.05%,

11/1/47 

1,565‌

1,614‌

Virginia

HDA,

Series G,

5.25%,

11/1/57 

4,885‌

5,070‌

Virginia

HDA,

Series K,

2.55%,

12/1/46 (1)

9,950‌

6,910‌

Virginia

HDA,

Rental

Housing,

Series B,

3.25%,

3/1/52 

2,000‌

1,523‌

Virginia

HDA,

Rental

Housing,

Series F,

5.35%,

10/1/43 

7,710‌

7,718‌

Virginia

Housing

Dev.

Auth.,

Series G,

5.375%,

11/1/64 

4,535‌

4,746‌

Virginia

Housing

Dev.

Auth.,

Series I,

2.55%,

11/1/50 

4,860‌

3,227‌

Virginia

Polytechnic

Institute

&

State

Univ.,

Dormitory

&

Dining,

Series A,

4.00%,

6/1/30 

2,135‌

2,170‌

Virginia

Polytechnic

Institute

&

State

Univ.,

Dormitory

&

Dining,

Series A,

4.00%,

6/1/33 

1,920‌

1,951‌

Virginia

Polytechnic

Institute

&

State

Univ.,

Dormitory

&

Dining,

Series A,

4.00%,

6/1/34 

2,035‌

2,067‌

Virginia

Port

Auth.,

Series B,

5.00%,

7/1/45 (1)

12,000‌

12,130‌

Virginia

Port

Auth.

Commonwealth

Port

Fund,

Series A,

5.25%,

7/1/48 

8,000‌

8,963‌

T.

ROWE

PRICE

Virginia

Tax-Free

Bond

Fund

11

Par/Shares

$

Value

(Amounts

in

000s)

Virginia

Public

Building

Auth.,

Series 2019A,

4.00%,

8/1/39

(Prerefunded

8/1/29) (8)

10‌

11‌

Virginia

Public

Building

Auth.,

Series 2022A,

4.00%,

8/1/39 

6,000‌

6,136‌

Virginia

Public

Building

Auth.,

Series A,

4.00%,

8/1/36 

5,000‌

5,090‌

Virginia

Public

Building

Auth.,

Series B,

4.00%,

8/1/35 (1)

8,485‌

8,644‌

Virginia

Public

Building

Auth.,

Series B,

4.00%,

8/1/36 (1)

8,830‌

8,934‌

Virginia

Public

Building

Auth.,

Unrefunded

Balance,

Series A,

4.00%,

8/1/39 

1,420‌

1,443‌

Virginia

Public

Building

Auth.,

Unrefunded

Balance,

Series A,

4.00%,

8/1/40 

1,530‌

1,552‌

Virginia

Public

School

Auth.,

Series A,

4.00%,

8/1/45 

6,005‌

5,928‌

Virginia

Resources

Auth.,

Series A,

4.00%,

11/1/39 (1)

395‌

398‌

Virginia

Resources

Auth.,

Series A,

4.00%,

11/1/40 (1)

415‌

414‌

Virginia

Resources

Auth.,

Series A,

4.00%,

11/1/41 (1)

420‌

411‌

Virginia

Resources

Auth.,

Series A,

5.00%,

11/1/42

(Prerefunded

11/1/23) (8)

1,680‌

1,691‌

Virginia

Resources

Auth.,

Series B,

4.75%,

11/1/52 

1,000‌

1,041‌

Virginia

Resources

Auth.,

Series C,

4.00%,

11/1/37 

570‌

576‌

Virginia

Resources

Auth.,

Clean

Water

Revolving

Fund,

5.00%,

10/1/30 

5,290‌

5,488‌

Virginia

Resources

Auth.,

Unrefunded

Balance,

5.00%,

11/1/40 

2,480‌

2,529‌

Virginia

Resources

Auth.,

Unrefunded

Balance,

5.00%,

11/1/45 

4,640‌

4,706‌

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)

2,500‌

2,476‌

Virginia

Small

Business

Fin.

Auth.,

4.00%,

12/1/36 

1,210‌

1,043‌

Virginia

Small

Business

Fin.

Auth.,

4.00%,

1/1/38 (1)

11,125‌

10,377‌

Virginia

Small

Business

Fin.

Auth.,

4.00%,

1/1/39 (1)

10,400‌

9,606‌

Virginia

Small

Business

Fin.

Auth.,

4.00%,

1/1/41 (1)

1,360‌

1,233‌

Virginia

Small

Business

Fin.

Auth.,

4.00%,

12/1/41 

2,975‌

2,416‌

Virginia

Small

Business

Fin.

Auth.,

4.00%,

1/1/48 (1)

10,230‌

8,816‌

Virginia

Small

Business

Fin.

Auth.,

4.00%,

12/1/51 

9,105‌

6,782‌

Virginia

Small

Business

Fin.

Auth.,

5.00%,

12/31/41 (1)

3,470‌

3,574‌

Virginia

Small

Business

Fin.

Auth.,

5.00%,

12/31/47 (1)

5,525‌

5,593‌

Virginia

Small

Business

Fin.

Auth.,

5.00%,

12/31/57 (1)

5,235‌

5,255‌

Virginia

Small

Business

Fin.

Auth.,

Covanta

Project,

VRDN,

5.00%,

1/1/48

(Tender

7/1/38) (1)(5)

1,700‌

1,564‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

7/1/35 (1)

7,900‌

7,673‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossing,

4.00%,

1/1/40 (1)

1,000‌

914‌

Virginia

Small

Business

Fin.

Auth.,

I-95

Express

Lanes,

5.00%,

7/1/34 (1)

2,465‌

2,618‌

Virginia

Small

Business

Fin.

Auth.,

I-95

Express

Lanes,

5.00%,

1/1/35 (1)

3,500‌

3,704‌

T.

ROWE

PRICE

Virginia

Tax-Free

Bond

Fund

12

Par/Shares

$

Value

(Amounts

in

000s)

Virginia

Small

Business

Fin.

Auth.,

I-95

Express

Lanes,

5.00%,

1/1/36 (1)

2,750‌

2,873‌

Virginia

Small

Business

Fin.

Auth.,

I-95

Express

Lanes,

5.00%,

7/1/37 (1)

1,860‌

1,919‌

Virginia

Small

Business

Fin.

Auth.,

I-95

Express

Lanes,

5.00%,

7/1/38 (1)

2,760‌

2,830‌

Virginia

Small

Business

Fin.

Auth.,

National

Senior

Campuses,

Series A,

4.00%,

1/1/36 

2,270‌

2,162‌

Virginia

Small

Business

Fin.

Auth.,

National

Senior

Campuses,

Series A,

4.00%,

1/1/37 

1,250‌

1,172‌

Virginia

Small

Business

Fin.

Auth.,

National

Senior

Campuses,

Series A,

4.00%,

1/1/51 

8,000‌

6,723‌

Virginia

Small

Business

Fin.

Auth.,

Senior

Lien,

5.00%,

12/31/52 (1)

6,000‌

6,047‌

Virginia

Small

Business

Fin.

Auth.,

Sentara

Healthcare,

4.00%,

11/1/36 

10,470‌

10,580‌

Virginia

Small

Business

Fin.

Auth.,

Sentara

Healthcare,

4.00%,

11/1/37 

12,750‌

12,734‌

Virginia

Small

Business

Fin.

Auth.,

Sentara

Healthcare,

4.00%,

11/1/38 

12,340‌

12,215‌

Virginia

Small

Business

Fin.

Auth.,

Sentara

Healthcare,

4.00%,

11/1/39 

3,000‌

2,948‌

Virginia

Small

Business

Fin.

Auth.,

Transform

66

P3

Project,

5.00%,

12/31/47 (1)

7,850‌

7,828‌

Virginia

Small

Business

Fin.

Auth.,

Transform

66

P3

Project,

5.00%,

12/31/49 (1)

2,740‌

2,714‌

Virginia

Small

Business

Fin.

Auth.,

Transform

66

P3

Project,

5.00%,

12/31/52 (1)

6,120‌

6,036‌

Virginia

Small

Business

Fin.

Auth.,

Transform

66

P3

Project,

5.00%,

12/31/56 (1)

14,230‌

13,935‌

West

Falls

CDA,

Series A,

5.375%,

9/1/52 (5)

3,750‌

3,720‌

Winchester

Economic

Dev.

Auth.,

Valley

Health

System,

5.00%,

1/1/30 

250‌

260‌

Winchester

Economic

Dev.

Auth.,

Valley

Health

System,

5.00%,

1/1/34 

2,250‌

2,324‌

Winchester

Economic

Dev.

Auth.,

Valley

Health

System,

5.00%,

1/1/35 

2,250‌

2,320‌

Winchester

Economic

Dev.

Auth.,

Valley

Health

System,

5.00%,

1/1/44 

11,500‌

11,656‌

T.

ROWE

PRICE

Virginia

Tax-Free

Bond

Fund

13

Par/Shares

$

Value

(Amounts

in

000s)

Winchester

Economic

Dev.

Auth.,

Valley

Health

System,

Series A,

5.00%,

1/1/44

(Prerefunded

1/1/24) (8)

10,455‌

10,536‌

1,046,635‌

Total

Municipal

Securities

(Cost

$1,331,629)

1,265,997‌

Total

Investments

in

Securities

100.1%

(Cost

$1,331,644)

$

1,266,004‌

Other

Assets

Less

Liabilities

(0.1)%

(1,211)

Net

Assets

100.0%

$

1,264,793‌

‡

Par/Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Interest

subject

to

alternative

minimum

tax.

(2)

When-issued

security

(3)

Insured

by

Assured

Guaranty

Municipal

Corporation

(4)

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.

(5)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$21,545

and

represents

1.7%

of

net

assets.

(6)

Issuer

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

(7)

Non-income

producing

(8)

Prerefunded

date

is

used

in

determining

portfolio

maturity.

(9)

Escrowed

to

maturity

(10)

Insured

by

National

Public

Finance

Guarantee

Corporation

CDA

Community

Development

Administration/Authority

GO

General

Obligation

HDA

Housing

Development

Authority

IDA

Industrial

Development

Authority/Agency

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

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

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

T.

ROWE

PRICE

Virginia

Tax-Free

Bond

Fund

17

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,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

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.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Municipal

Securities

$

—

$

1,265,997

$

—

$

1,265,997

Common

Stocks

7

—

—

7

Total

$

7

$

1,265,997

$

—

$

1,266,004

T.

ROWE

PRICE

Virginia

Tax-Free

Bond

Fund

18

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F48-054Q1

05/23