NPORT-EX 2 7049TRP053123.htm T. ROWE PRICE STATE TAX-FREE FUNDS, INC.
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