UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-04521

T. Rowe Price State Tax-Free Funds, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: February 29

Date of reporting period: August 31, 2023

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Market

Commentary

Portfolio

Summary

Fund

Expense

Example

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

August

31,

2023

SemiAnnual

Report

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

PRXCX

California

Tax-Free

Bond

Fund

–

.

TCFEX

California

Tax-Free

Bond

Fund–

.

I Class

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

Certain

mutual

fund

accounts

that

are

assessed

an

annual

account

service

fee

can

also

save

money

by

switching

to

e-delivery.

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

Market

Commentary

1

Dear

Shareholder

Most

major

global

stock

and

bond

indexes

produced

positive

returns

during

the

first

half

of

your

fund’s

fiscal

year,

the

six-month

period

ended

August 31,

2023.

Despite

turmoil

in

the

banking

sector

and

a

protracted

debt

ceiling

standoff,

markets

in

the

U.S.

were

resilient

as

economic

growth

remained

positive

and

corporate

earnings

results

came

in

stronger

than

expected.

Technology

companies

benefited

from

investor

enthusiasm

for

artificial

intelligence

developments

and

helped

drive

the

momentum

in

the

equity

market.

Growth

stocks

outperformed

value

shares,

and

developed

market

stocks

generally

outpaced

their

emerging

market

counterparts.

Currency

movements

were

mixed

over

the

period,

although

a

weaker

dollar

versus

major

European

currencies

was

beneficial

for

U.S.

investors

in

European

securities.

Within

the

S&P

500

Index,

the

communication

services,

information

technology,

and

consumer

discretionary

sectors

were

all

lifted

by

the

rally

in

tech-related

companies

and

recorded

significant

gains.

The

financials

sector

partly

recovered

from

the

failure

of

three

large

regional

banks

during

the

period

but

still

finished

in

negative

territory.

In

terms

of

economic

news,

inflation

remained

a

primary

concern

for

both

investors

and

policymakers.

Price

increases

moderated

during

the

period

but

remained

well

above

the

Federal

Reserve’s

2%

target.

In

response,

the

Fed

continued

to

raise

its

short-term

lending

benchmark

rate,

lifting

it

to

a

target

range

of

5.25%

to

5.50%

by

period-end,

the

highest

level

since

March

2001.

In

the

fixed

income

market,

U.S.

Treasury

yields

increased

as

the

Fed

tightened

monetary

policy

and

investors

priced

in

the

possibility

that

the

central

bank

may

have

to

keep

rates

higher

for

longer

than

previously

anticipated.

In

addition,

Treasuries

were

pressured

by

Fitch

Ratings’

decision

to

downgrade

the

credit

rating

of

U.S.

government

debt

from

the

highest

level,

AAA,

to

AA+

along

with

expectations

for

higher

levels

of

borrowing

by

the

Treasury

Department.

The

yield

on

the

benchmark

10-year

note

climbed

to

4.36%

in

mid-August,

its

highest

intraday

level

since

late

2007,

before

falling

back

to

4.09%

by

month-end.

Despite

rising

yields,

returns

were

positive

across

most

fixed

income

sectors

as

investors

benefited

from

the

higher

coupons

that

have

become

available

over

the

past

year

as

well

as

increasing

hopes

that

the

economy

might

be

able

to

avoid

a

recession.

Tax-exempt

municipal

bonds

were

supported

by

limited

issuance

in

the

sector

as

well

as

generally

strong

balance

sheets

at

the

state

and

local

level.

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

2

Global

economies

and

markets

have

shown

surprising

resilience

in

2023,

but

considerable

uncertainty

remains

as

the

impact

of

the

Fed’s

rate

hikes

has

yet

to

be

fully

felt

in

the

economy.

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

You

may

notice

that

this

report

no

longer

contains

the

commentary

on

your

fund’s

performance

and

positioning

that

we

previously

included

in

the

semiannual

shareholder

letters.

The

Securities

and

Exchange

Commission

(SEC)

adopted

new

rules

in

January

that

will

require

fund

reports

to

transition

to

a

new

format

known

as

a

Tailored

Shareholder

Report.

This

change

will

require

a

much

more

concise

summary

of

performance

rather

than

the

level

of

detail

we

have

provided

historically

while

also

aiming

to

be

more

visually

engaging.

As

we

prepare

to

make

changes

to

the

annual

reports

to

meet

the

new

report

regulatory

requirements

by

mid-2024,

we

felt

the

time

was

right

to

discontinue

the

optional

six-month

semiannual

fund

letter

to

focus

on

the

changes

to

come.

While

semiannual

fund

letters

will

no

longer

be

produced,

you

may

continue

to

access

current

fund

information

as

well

as

insights

and

perspectives

from

our

investment

team

on

our

personal

investing

website.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

Portfolio

Summary

3

Note:

Copyright

©

2023

Fitch

Ratings,

Inc.,

Fitch

Ratings

Ltd.

and

its

subsidiaries.

Note:

©

2023,

Moody’s

Corporation,

Moody’s

Investors

Service,

Inc.,

Moody’s

Analytics,

Inc.

and/or

their

licensors

and

affiliates

(collectively,

“Moody’s”).

All

rights

reserved.

Moody’s

ratings

and

other

information

(“Moody’s

Information”)

are

proprietary

to

Moody’s

and/or

its

licensors

and

are

protected

by

copyright

and

other

intellectual

property

laws.

Moody’s

Information

is

licensed

to

Client

by

Moody’s.

MOODY’S

INFORMATION

MAY

NOT

BE

COPIED

OR

OTHERWISE

REPRODUCED,

REPACKAGED,

FURTHER

TRANSMITTED,

TRANSFERRED,

DISSEMINATED,

REDISTRIBUTED

OR

RESOLD,

OR

STORED

FOR

SUBSEQUENT

USE

FOR

ANY

SUCH

PURPOSE,

IN

WHOLE

OR

IN

PART,

IN

ANY

FORM

OR

MANNER

OR

BY

ANY

MEANS

WHATSOEVER,

BY

ANY

PERSON

WITHOUT

MOODY’S

PRIOR

WRITTEN

CONSENT.

Moody's

®

is

a

registered

trademark.

CREDIT

QUALITY

DIVERSIFICATION

California

Tax-Free

Bond

Fund

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-

rated

securities,

and

a

rating

of

D

represents

the

lowest-

rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

4

Note:

Copyright

©

2023,

S&P

Global

Market

Intelligence

(and

its

affiliates,

as

applicable).

Reproduction

of

any

information,

data

or

material,

including

ratings

(“Content”)

in

any

form

is

prohibited

except

with

the

prior

written

permission

of

the

relevant

party. Such

party,

its

affiliates

and

suppliers

(“Content

Providers”)

do

not

guarantee

the

accuracy,

adequacy,

completeness,

timeliness

or

availability

of

any

Content

and

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

or

for

the

results

obtained

from

the

use

of

such

Content.

In

no

event

shall

Content

Providers

be

liable

for

any

damages,

costs,

expenses,

legal

fees,

or

losses

(including

lost

income

or

lost

profit

and

opportunity

costs)

in

connection

with

any

use

of

the

Content.

A

reference

to

a

particular

investment

or

security,

a

rating

or

any

observation

concerning

an

investment

that

is

part

of

the

Content

is

not

a

recommendation

to

buy,

sell

or

hold

such

investment

or

security,

does

not

address

the

appropriateness

of

an

investment

or

security

and

should

not

be

relied

on

as

investment

advice.

Credit

ratings

are

statements

of

opinions

and

are

not

statements

of

fact.

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

5

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

fund

has

two

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

and

the

I

Class

shares

are

also

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

expenses

based

on

the

fund’s

actual

returns.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

6

CALIFORNIA

TAX-FREE

BOND

FUND

Beginning

Account

Value

3/1/23

Ending

Account

Value

8/31/23

Expenses

Paid

During

Period*

3/1/23

to

8/31/23

Investor

Class

Actual

$1,000.00

$1,013.80

$2.89

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.27

  2.90

I

Class

Actual

  1,000.00

  1,014.50

  2.23

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.92

  2.24

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(184),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.57%,

and

the

2

I Class

was

0.44%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

(Unaudited)

Financial

Highlights

7

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

8/31/23

..

Year

..

..

Ended

.

2/28/23

2/28/22

2/28/21

2/29/20

2/28/19

NET

ASSET

VALUE

Beginning

of

period

$

10.52‌

$

11.49‌

$

11.80‌

$

12.04‌

$

11.34‌

$

11.33‌

Investment

activities

Net

investment

income

(1)(2)

0.17‌

0.31‌

0.30‌

0.32‌

0.34‌

0.35‌

Net

realized

and

unrealized

gain/loss

(0.02‌)

(0.97‌)

(0.27‌)

(0.23‌)

0.70‌

0.01‌

Total

from

investment

activities

0.15‌

(0.66‌)

0.03‌

0.09‌

1.04‌

0.36‌

Distributions

Net

investment

income

(0.17‌)

(0.30‌)

(0.30‌)

(0.32‌)

(0.34‌)

(0.35‌)

Net

realized

gain

—‌

(0.01‌)

(0.04‌)

(0.01‌)

—‌

—‌

(3)

Total

distributions

(0.17‌)

(0.31‌)

(0.34‌)

(0.33‌)

(0.34‌)

(0.35‌)

NET

ASSET

VALUE

End

of

period

$

10.50‌

$

10.52‌

$

11.49‌

$

11.80‌

$

12.04‌

$

11.34‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

(Unaudited)

Financial

Highlights

8

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

8/31/23

..

Year

..

..

Ended

.

2/28/23

2/28/22

2/28/21

2/29/20

2/28/19

Ratios/Supplemental

Data

Total

return

(2)(4)

1.38‌%

(5.71‌)%

0.13‌%

0.80‌%

9.32‌%

3.23‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.57‌%

(5)

0.58‌%

0.53‌%

0.53‌%

0.53‌%

0.54‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.57‌%

(5)

0.58‌%

0.53‌%

0.53‌%

0.53‌%

0.54‌%

Net

investment

income

3.14‌%

(5)

2.87‌%

2.48‌%

2.74‌%

2.93‌%

3.09‌%

Portfolio

turnover

rate

4.1‌%

28.3‌%

8.3‌%

16.1‌%

8.3‌%

14.2‌%

Net

assets,

end

of

period

(in

thousands)

$355,830

$349,156

$455,003

$562,592

$623,994

$590,159

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

5

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Amounts

round

to

less

than

$0.01

per

share.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

(Unaudited)

Financial

Highlights

9

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

8/31/23

..

Year

..

..

Ended

.

2/28/23

2/28/22

2/28/21

2/29/20

2/28/19

NET

ASSET

VALUE

Beginning

of

period

$

10.51‌

$

11.49‌

$

11.79‌

$

12.03‌

$

11.34‌

$

11.33‌

Investment

activities

Net

investment

income

(1)(2)

0.17‌

0.32‌

0.31‌

0.33‌

0.35‌

0.36‌

Net

realized

and

unrealized

gain/loss

(0.02‌)

(0.97‌)

(0.26‌)

(0.23‌)

0.69‌

0.01‌

Total

from

investment

activities

0.15‌

(0.65‌)

0.05‌

0.10‌

1.04‌

0.37‌

Distributions

Net

investment

income

(0.17‌)

(0.32‌)

(0.31‌)

(0.33‌)

(0.35‌)

(0.36‌)

Net

realized

gain

—‌

(0.01‌)

(0.04‌)

(0.01‌)

—‌

—‌

(3)

Total

distributions

(0.17‌)

(0.33‌)

(0.35‌)

(0.34‌)

(0.35‌)

(0.36‌)

NET

ASSET

VALUE

End

of

period

$

10.49‌

$

10.51‌

$

11.49‌

$

11.79‌

$

12.03‌

$

11.34‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

(Unaudited)

Financial

Highlights

10

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

8/31/23

..

Year

..

..

Ended

.

2/28/23

2/28/22

2/28/21

2/29/20

2/28/19

Ratios/Supplemental

Data

Total

return

(2)(4)

1.45‌%

(5.66‌)%

0.33‌%

0.90‌%

9.34‌%

3.34‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.45‌%

(5)

0.45‌%

0.43‌%

0.43‌%

0.43‌%

0.44‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.44‌%

(5)

0.44‌%

0.43‌%

0.43‌%

0.43‌%

0.44‌%

Net

investment

income

3.28‌%

(5)

3.01‌%

2.59‌%

2.83‌%

3.02‌%

3.21‌%

Portfolio

turnover

rate

4.1‌%

28.3‌%

8.3‌%

16.1‌%

8.3‌%

14.2‌%

Net

assets,

end

of

period

(in

thousands)

$336,134

$310,843

$245,613

$134,569

$123,278

$80,904

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

5

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Amounts

round

to

less

than

$0.01

per

share.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

August

31,

2023

(Unaudited)

11

Portfolio

of

Investments

‡

Par

$

Value

(Amounts

in

000s)

‡

MUNICIPAL

SECURITIES

98.9%

CALIFORNIA

95.5%

Abag

Fin.

Auth.

for

Nonprofit,

Sharp

Healthcare,

Series A,

5.00%,

8/1/43 

3,000‌

3,001‌

Adelanto

Public

Utility

Auth.,

Utility

System

Project,

Series A,

5.00%,

7/1/39  (1)

2,000‌

2,101‌

Alameda

Corridor

Transportation

Auth.,

Series C,

5.00%,

10/1/52  (1)

1,000‌

1,058‌

Bay

Area

Toll

Auth.,

Series A,

VRDN,

2.75%,

4/1/55 

1,600‌

1,600‌

Bay

Area

Toll

Auth.,

Series S-8,

3.00%,

4/1/54  (2)

4,500‌

3,305‌

California,

GO,

4.25%,

9/1/52 

3,510‌

3,547‌

California,

Series CU,

GO,

4.75%,

12/1/42 

2,250‌

2,340‌

California,

Series CU,

GO,

4.85%,

12/1/46 

1,230‌

1,281‌

California

Community

Choice

Fin.

Auth.,

Green

Bond,

VRDN,

5.00%,

7/1/53

(Tender

8/1/29) 

5,475‌

5,690‌

California

Community

Choice

Fin.

Auth.,

Green

Bond,

VRDN,

5.00%,

12/1/53

(Tender

8/1/29) 

2,400‌

2,472‌

California

Community

Housing

Agency,

5.00%,

8/1/49  (3)

2,000‌

1,827‌

California

County

Tobacco

Securitization

Agency,

Series B-1,

5.00%,

6/1/49 

265‌

268‌

California

Dept.

of

Water

Resources,

Water

System,

Series AS,

5.00%,

12/1/29

(Prerefunded

12/1/24)  (4)

5‌

5‌

California

EFA,

Series A,

4.00%,

12/1/39 

1,245‌

1,144‌

California

EFA,

Series A,

5.00%,

12/1/34 

1,000‌

1,048‌

California

EFA,

Series A,

5.00%,

12/1/44 

3,500‌

3,515‌

California

EFA,

Chapman

Univ.,

5.00%,

4/1/36 

4,260‌

4,337‌

California

EFA,

Univ.

of

San

Francisco,

Series A,

5.00%,

10/1/38 

1,300‌

1,363‌

California

EFA,

Univ.

of

San

Francisco,

Series A,

5.00%,

10/1/43 

4,500‌

4,664‌

California

Enterprise

Dev.

Auth.,

Student

Housing,

Series A,

5.00%,

8/1/35 

400‌

417‌

California

Enterprise

Dev.

Auth.,

Student

Housing,

Series A,

5.00%,

8/1/40 

500‌

511‌

California

Enterprise

Dev.

Auth.,

Student

Housing,

Series A,

5.00%,

8/1/45 

550‌

559‌

California

Enterprise

Dev.

Auth.,

Student

Housing,

Series A,

5.00%,

8/1/50 

550‌

555‌

California

Enterprise

Dev.

Auth.,

Student

Housing,

Series A,

5.00%,

8/1/55 

825‌

828‌

California

HFFA,

Adventist

Health

System,

Series B,

VRDN,

2.45%,

9/1/38 

300‌

300‌

California

HFFA,

Cedars-Sinai

Health

System,

Series A,

3.00%,

8/15/51  (2)

3,250‌

2,494‌

California

HFFA,

Cedars-Sinai

Health

System,

Series A,

4.00%,

8/15/48 

3,090‌

3,000‌

California

HFFA,

Cedars-Sinai

Medical

Center,

5.00%,

11/15/28 

560‌

583‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

12

Par

$

Value

(Amounts

in

000s)

California

HFFA,

Cedars-Sinai

Medical

Center,

5.00%,

11/15/29 

880‌

914‌

California

HFFA,

Common

Spirit

Health,

Series A,

4.00%,

4/1/37 

1,595‌

1,544‌

California

HFFA,

Common

Spirit

Health,

Series A,

4.00%,

4/1/38 

1,295‌

1,233‌

California

HFFA,

Kaiser

Permanente,

Series A-2,

5.00%,

11/1/47 

5,000‌

5,453‌

California

HFFA,

Lucile

Salter

Packard

Children's

Hosp.

at

Stanford,

4.00%,

5/15/51 

9,000‌

8,356‌

California

HFFA,

Lucile

Salter

Packard

Children's

Hosp.

at

Stanford,

Series A,

5.00%,

11/15/56 

3,350‌

3,399‌

California

HFFA,

Northern

California

Presbyterian

Homes

&

Services,

5.00%,

7/1/34 

700‌

725‌

California

HFFA,

Northern

California

Presbyterian

Homes

&

Services,

5.00%,

7/1/39 

1,300‌

1,332‌

California

HFFA,

Northern

California

Presbyterian

Homes

&

Services,

5.00%,

7/1/44 

1,400‌

1,427‌

California

HFFA,

Providence

Healthcare

&

Services,

Unrefunded

Balance,

Series A,

5.00%,

10/1/38 

1,410‌

1,423‌

California

HFFA,

Stanford

Health

Care,

Series A,

4.00%,

8/15/50 

5,870‌

5,608‌

California

HFFA,

Sutter

Health,

Series A,

5.00%,

11/15/33 

1,250‌

1,337‌

California

HFFA,

Sutter

Health,

Series A,

5.00%,

11/15/34 

1,200‌

1,279‌

California

HFFA,

Sutter

Health,

Series A,

5.00%,

11/15/35 

1,000‌

1,059‌

California

HFFA,

Sutter

Health,

Series A,

5.00%,

11/15/38 

2,000‌

2,088‌

California

HFFA,

Sutter

Health,

Series A,

5.00%,

11/15/48 

4,700‌

4,804‌

California

HFFA,

Sutter

Health,

Series B,

5.00%,

11/15/46

(Prerefunded

11/15/26)  (4)

1,020‌

1,085‌

California

HFFA,

Sutter

Health,

Unrefunded

Balance,

Series B,

5.00%,

11/15/46 

1,480‌

1,513‌

California

Housing

Fin.,

Series 2019-1,

Class

A,

4.25%,

1/15/35 

1,437‌

1,401‌

California

Housing

Fin.,

Series 2019-2,

Class

A,

4.00%,

3/20/33 

2,775‌

2,678‌

California

Housing

Fin.,

Series 2023-1,

Class

A,

4.375%,

9/20/36 

2,321‌

2,256‌

California

Infrastructure

&

Economic

Dev.

Bank,

Series B,

4.125%,

11/1/52 

2,835‌

2,477‌

California

Infrastructure

&

Economic

Dev.

Bank,

Series B,

FRN,

100%

of

MUNIPSA

+

0.70%,

4.76%,

12/1/50

(Tender

6/1/26) 

1,175‌

1,144‌

California

Infrastructure

&

Economic

Dev.

Bank,

Academy

Motion

Picture

Arts

&

Science,

5.00%,

11/1/41 

2,840‌

2,847‌

California

Infrastructure

&

Economic

Dev.

Bank,

Academy

of

Sciences,

Series D,

FRN,

100%

of

MUNIPSA

+

0.35%,

4.41%,

8/1/47

(Tender

8/1/24) 

1,975‌

1,956‌

California

Infrastructure

&

Economic

Dev.

Bank,

Green

Bond,

4.00%,

10/1/44 

5,250‌

5,165‌

California

Infrastructure

&

Economic

Dev.

Bank,

Green

Bond-

Climate

Bond

Certified,

5.00%,

8/1/49 

3,750‌

3,954‌

California

Infrastructure

&

Economic

Dev.

Bank,

Museum

of

National

History,

Los

Angeles,

4.00%,

7/1/50 

4,850‌

4,478‌

California

Municipal

Fin.

Auth.,

Bowles

Hall

Foundation,

Series A,

5.00%,

6/1/35 

300‌

301‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

13

Par

$

Value

(Amounts

in

000s)

California

Municipal

Fin.

Auth.,

Bowles

Hall

Foundation,

Series A,

5.00%,

6/1/50 

4,830‌

4,831‌

California

Municipal

Fin.

Auth.,

California

Baptist

Univ.,

Series A,

5.00%,

11/1/36  (3)

1,920‌

1,923‌

California

Municipal

Fin.

Auth.,

Caritas

Affordable

Housing,

Series A,

5.25%,

8/15/39 

500‌

503‌

California

Municipal

Fin.

Auth.,

Caritas

Affordable

Housing,

Series A,

5.25%,

8/15/49 

1,425‌

1,432‌

California

Municipal

Fin.

Auth.,

Caritas

Project,

Series A,

4.00%,

8/15/42 

635‌

562‌

California

Municipal

Fin.

Auth.,

Caritas

Project,

Series B,

3.00%,

8/15/31 

135‌

124‌

California

Municipal

Fin.

Auth.,

Caritas

Project,

Series B,

4.00%,

8/15/41 

295‌

266‌

California

Municipal

Fin.

Auth.,

Caritas

Project,

Series B,

4.00%,

8/15/51 

435‌

364‌

California

Municipal

Fin.

Auth.,

Caritas

Project,

Series B,

4.00%,

8/15/56 

330‌

270‌

California

Municipal

Fin.

Auth.,

Channing

House

Project,

Series A,

5.00%,

5/15/35 

1,000‌

1,064‌

California

Municipal

Fin.

Auth.,

Channing

House

Project,

Series B,

5.00%,

5/15/47 

2,200‌

2,278‌

California

Municipal

Fin.

Auth.,

CHF-Davis

I,

LLC-West

Village,

5.00%,

5/15/36  (2)

2,000‌

2,101‌

California

Municipal

Fin.

Auth.,

Claremont

College

Project,

Series A,

5.00%,

7/1/40  (3)

1,515‌

1,403‌

California

Municipal

Fin.

Auth.,

Claremont

College

Project,

Series A,

5.00%,

7/1/52  (3)

2,075‌

1,807‌

California

Municipal

Fin.

Auth.,

Community

Health

System,

Series A,

4.00%,

2/1/51 

3,900‌

3,407‌

California

Municipal

Fin.

Auth.,

Eisnhower

Medical

Center,

Series A,

5.00%,

7/1/33 

1,000‌

1,035‌

California

Municipal

Fin.

Auth.,

Eisnhower

Medical

Center,

Series A,

5.00%,

7/1/36 

2,550‌

2,611‌

California

Municipal

Fin.

Auth.,

Green

Bond-Orchard

Park

Student,

4.00%,

5/15/46  (2)

1,750‌

1,577‌

California

Municipal

Fin.

Auth.,

Institute

on

Aging

Project,

5.00%,

8/15/36 

365‌

387‌

California

Municipal

Fin.

Auth.,

Institute

on

Aging

Project,

5.00%,

8/15/37 

315‌

332‌

California

Municipal

Fin.

Auth.,

John

Adams

Academies-Lincoln

Project,

Series A,

4.00%,

10/1/29  (3)

415‌

392‌

California

Municipal

Fin.

Auth.,

John

Adams

Academies-Lincoln

Project,

Series A,

5.00%,

10/1/39  (3)

900‌

853‌

California

Municipal

Fin.

Auth.,

John

Adams

Academies-Lincoln

Project,

Series A,

5.00%,

10/1/49  (3)

1,000‌

893‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

14

Par

$

Value

(Amounts

in

000s)

California

Municipal

Fin.

Auth.,

John

Adams

Academies-Lincoln

Project,

Series A,

5.00%,

10/1/57  (3)

1,650‌

1,433‌

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

4.00%,

12/31/47  (1)(5)

2,845‌

2,590‌

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

Series A,

5.00%,

12/31/38  (5)

1,500‌

1,517‌

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

Series A,

5.00%,

12/31/43  (5)

5,500‌

5,501‌

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

Series A,

5.00%,

12/31/47  (5)

5,500‌

5,426‌

California

Municipal

Fin.

Auth.,

MT

San

Antonio

Gardens

Project,

5.00%,

11/15/39 

1,700‌

1,599‌

California

Municipal

Fin.

Auth.,

MT

San

Antonio

Gardens

Project,

5.00%,

11/15/49 

3,875‌

3,431‌

California

Municipal

Fin.

Auth.,

MT

San

Antonio

Gardens

Project,

Series A,

4.00%,

11/15/52 

1,000‌

719‌

California

Municipal

Fin.

Auth.,

MT

San

Antonio

Gardens

Project,

Series A,

4.00%,

11/15/56 

1,100‌

773‌

California

Municipal

Fin.

Auth.,

National

Univ.,

Series A,

5.00%,

4/1/29 

1,045‌

1,140‌

California

Municipal

Fin.

Auth.,

National

Univ.,

Series A,

5.00%,

4/1/30 

1,245‌

1,352‌

California

Municipal

Fin.

Auth.,

National

Univ.,

Series A,

5.00%,

4/1/32 

1,035‌

1,117‌

California

Municipal

Fin.

Auth.,

National

Univ.,

Series A,

5.00%,

4/1/40 

1,000‌

1,041‌

California

Municipal

Fin.

Auth.,

National

Univ.,

Series A,

5.00%,

4/1/41 

3,000‌

3,117‌

California

Municipal

Fin.

Auth.,

Orange

County

Civic

CTR

Infrastructure,

Series A,

5.00%,

6/1/43 

1,950‌

2,040‌

California

Municipal

Fin.

Auth.,

Paradise

Valley

Estates

Project,

Series A,

5.00%,

1/1/30 

510‌

552‌

California

Municipal

Fin.

Auth.,

Paradise

Valley

Estates

Project,

Series A,

5.00%,

1/1/31 

375‌

406‌

California

Municipal

Fin.

Auth.,

Paradise

Valley

Estates

Project,

Series A,

5.00%,

1/1/32 

350‌

378‌

California

Municipal

Fin.

Auth.,

Republic

Services,

Series A,

VRDN,

4.10%,

7/1/41

(Tender

10/2/23)  (5)

3,000‌

3,000‌

California

Municipal

Fin.

Auth.,

Retirement

Housing

Foundation,

Series A,

5.00%,

11/15/26  (6)

950‌

1,007‌

California

Municipal

Fin.

Auth.,

Retirement

Housing

Foundation,

Series A,

5.00%,

11/15/28  (6)

1,005‌

1,109‌

California

Municipal

Fin.

Auth.,

Retirement

Housing

Foundation,

Series A,

5.00%,

11/15/29  (6)

780‌

874‌

California

Municipal

Fin.

Auth.,

Retirement

Housing

Foundation,

Series A,

5.00%,

11/15/31  (6)

1,000‌

1,156‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

15

Par

$

Value

(Amounts

in

000s)

California

Municipal

Fin.

Auth.,

Retirement

Housing

Foundation,

Series A,

5.00%,

11/15/32  (6)

1,025‌

1,201‌

California

Municipal

Fin.

Auth.,

Samuel

Merritt

Univ.,

5.25%,

6/1/53 

3,775‌

3,984‌

California

Municipal

Fin.

Auth.,

Touro

College

&

Univ.

System,

Series A,

4.00%,

1/1/25

(Prerefunded

7/1/24)  (4)

560‌

564‌

California

Municipal

Fin.

Auth.,

UCR

North

Dist.

Phase

1

Student,

5.00%,

5/15/33 

1,000‌

1,051‌

California

Municipal

Fin.

Auth.,

Univ.

of

San

Diego,

Series A,

5.00%,

10/1/49 

4,500‌

4,660‌

California

Municipal

Fin.

Auth.,

West

Village,

5.00%,

5/15/37 

3,440‌

3,515‌

California

Municipal

Fin.

Auth.,

West

Village,

5.00%,

5/15/48 

4,025‌

3,996‌

California

PFA,

Enso

Village

Project,

5.00%,

11/15/46  (3)

500‌

446‌

California

PFA,

Enso

Village

Project,

5.00%,

11/15/51  (3)

1,000‌

870‌

California

PFA,

Enso

Village

Project,

5.00%,

11/15/56  (3)

1,000‌

855‌

California

PFA,

Henry

Mayo

Newhall

Hosp.,

5.00%,

10/15/32 

500‌

514‌

California

PFA,

Henry

Mayo

Newhall

Hosp.,

5.00%,

10/15/33 

500‌

513‌

California

PFA,

Henry

Mayo

Newhall

Hosp.,

5.00%,

10/15/37 

1,000‌

1,008‌

California

PFA,

Henry

Mayo

Newhall

Hosp.,

5.00%,

10/15/47 

3,500‌

3,387‌

California

PFA,

Hoag

Memorial

Hosp.,

Series A,

4.00%,

7/15/51 

5,000‌

4,647‌

California

Pollution

Control

Fin.

Auth.,

Waste

Management

Project,

Series A,

VRDN,

2.50%,

7/1/31

(Tender

5/1/24)  (5)

2,625‌

2,597‌

California

Public

Works

Board,

Series B,

4.00%,

5/1/37 

425‌

437‌

California

Public

Works

Board,

Series B,

4.00%,

5/1/40 

750‌

741‌

California

Public

Works

Board,

Series B,

4.00%,

5/1/41 

1,000‌

979‌

California

Public

Works

Board,

Series C,

4.00%,

8/1/37 

2,250‌

2,307‌

California

School

Fin.

Auth.,

Aspire

Public

School,

5.00%,

8/1/41

(Prerefunded

8/1/25)  (3)(4)

175‌

181‌

California

School

Fin.

Auth.,

Aspire

Public

School,

Unrefunded

Balance,

5.00%,

8/1/41  (3)

1,825‌

1,819‌

California

School

Fin.

Auth.,

Classical

Academies,

Series A,

5.00%,

10/1/52  (3)

2,000‌

1,859‌

California

School

Fin.

Auth.,

John

Adams

Academies,

Series A,

5.00%,

7/1/52  (3)

600‌

530‌

California

School

Fin.

Auth.,

Kipp

Socal

Public

School,

Series A,

4.00%,

7/1/50  (3)

1,135‌

953‌

California

School

Fin.

Auth.,

Kipp

Socal

Public

School,

Series A,

5.00%,

7/1/39  (3)

2,000‌

2,037‌

California

School

Fin.

Auth.,

Kipp

Socal

Public

School,

Series A,

5.00%,

7/1/49  (3)

1,850‌

1,851‌

California

School

Fin.

Auth.,

Kipp

Socal

Public

School,

Series A,

5.00%,

7/1/54  (3)

1,150‌

1,143‌

California

School

Fin.

Auth.,

New

Designs

Charter

School

ADA,

5.00%,

6/1/40  (3)

690‌

653‌

California

School

Fin.

Auth.,

New

Designs

Charter

School

ADA,

5.00%,

6/1/50  (3)

2,090‌

1,901‌

California

State

Univ.,

Series C,

4.00%,

11/1/45 

2,125‌

2,067‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

16

Par

$

Value

(Amounts

in

000s)

California

Statewide

CDA,

5.00%,

9/2/40 

1,055‌

1,075‌

California

Statewide

CDA,

5.375%,

9/2/52 

2,000‌

1,887‌

California

Statewide

CDA,

Series D,

5.50%,

9/2/53  (7)

2,500‌

2,457‌

California

Statewide

CDA,

899

Charleston

Project,

Series A,

5.25%,

11/1/44  (3)

1,500‌

1,207‌

California

Statewide

CDA,

CHF-Irvine,

5.00%,

5/15/34 

1,250‌

1,279‌

California

Statewide

CDA,

CHF-Irvine,

5.00%,

5/15/35 

1,000‌

1,020‌

California

Statewide

CDA,

CHF-Irvine,

5.00%,

5/15/40 

950‌

961‌

California

Statewide

CDA,

Enloe

Medical

Center,

5.00%,

8/15/38

(Prerefunded

2/15/26)  (4)

2,500‌

2,623‌

California

Statewide

CDA,

Enloe

Medical

Center,

Series A,

5.25%,

8/15/52  (1)

3,120‌

3,339‌

California

Statewide

CDA,

Enloe

Medical

Center,

Series A,

5.375%,

8/15/57  (1)

1,000‌

1,078‌

California

Statewide

CDA,

Front

Porch

Communities

&

Services,

4.00%,

4/1/41 

2,000‌

1,850‌

California

Statewide

CDA,

Front

Porch

Communities

&

Services,

4.00%,

4/1/51 

4,000‌

3,494‌

California

Statewide

CDA,

Front

Porch

Communities

&

Services,

5.00%,

11/15/44

(Prerefunded

11/15/24)  (1)(4)

1,750‌

1,791‌

California

Statewide

CDA,

Front

Porch

Communities

&

Services,

Series A,

5.00%,

4/1/28 

390‌

403‌

California

Statewide

CDA,

Front

Porch

Communities

&

Services,

Series A,

5.00%,

4/1/31 

175‌

181‌

California

Statewide

CDA,

Front

Porch

Communities

&

Services,

Series A,

5.00%,

4/1/47 

1,750‌

1,767‌

California

Statewide

CDA,

Huntington

Memorial

Hosp.

Project,

5.00%,

7/1/43 

1,750‌

1,823‌

California

Statewide

CDA,

Huntington

Memorial

Hosp.

Project,

5.00%,

7/1/48 

5,650‌

5,836‌

California

Statewide

CDA,

Infrastructure

Program,

5.00%,

9/2/50 

800‌

795‌

California

Statewide

CDA,

Infrastructure

Program,

Series A,

5.00%,

9/2/48 

940‌

946‌

California

Statewide

CDA,

John

Muir

Health,

Series A,

4.00%,

8/15/51 

2,100‌

1,877‌

California

Statewide

CDA,

John

Muir

Health,

Series A,

5.00%,

8/15/46 

1,000‌

1,019‌

California

Statewide

CDA,

John

Muir

Health,

Series A,

5.00%,

8/15/51 

1,750‌

1,778‌

California

Statewide

CDA,

John

Muir

Health,

Series A,

5.00%,

12/1/53 

1,000‌

1,021‌

California

Statewide

CDA,

Lancer

Educational

Student

Housing

Project,

Series A,

5.00%,

6/1/34  (3)

375‌

365‌

California

Statewide

CDA,

Lancer

Educational

Student

Housing

Project,

Series A,

5.00%,

6/1/39  (3)

675‌

644‌

California

Statewide

CDA,

Lancer

Educational

Student

Housing

Project,

Series A,

5.00%,

6/1/51  (3)

4,135‌

3,734‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

17

Par

$

Value

(Amounts

in

000s)

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/36  (3)

500‌

500‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.50%,

12/1/58  (3)

7,750‌

7,752‌

California

Statewide

CDA,

Methodist

Hosp.

of

Southern

CA,

5.00%,

1/1/38 

750‌

759‌

California

Statewide

CDA,

Methodist

Hosp.

of

Southern

CA,

5.00%,

1/1/43 

1,800‌

1,818‌

California

Statewide

CDA,

Methodist

Hosp.

of

Southern

CA,

5.00%,

1/1/48 

2,910‌

2,933‌

California

Statewide

CDA,

Montage

Health,

Series A,

4.00%,

6/1/40 

1,000‌

960‌

California

Statewide

CDA,

Montage

Health,

Series A,

4.00%,

6/1/41 

1,000‌

959‌

California

Statewide

CDA,

Montage

Health,

Series A,

4.00%,

6/1/46 

1,755‌

1,606‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

4.00%,

9/2/29 

1,000‌

1,003‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

5.00%,

9/2/49 

1,000‌

1,006‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

Series A-1,

5.00%,

9/2/42 

1,000‌

974‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

Series A-1,

5.00%,

9/2/52 

1,100‌

1,030‌

California

Statewide

CDA,

Univ.

of

California,

Irvine

Campus,

Series A,

5.00%,

5/15/26 

950‌

975‌

California

Statewide

CDA,

Univ.

of

California,

Irvine

Campus,

Series A,

5.00%,

5/15/28 

1,230‌

1,279‌

California

Statewide

CDA,

Univ.

of

California,

Irvine

Campus,

Series A,

5.00%,

5/15/42 

3,700‌

3,741‌

California

Statewide

CDA,

Viamonte

Senior

Living,

Series A,

5.00%,

7/1/30 

125‌

136‌

California

Statewide

CDA,

Viamonte

Senior

Living,

Series A,

5.00%,

7/1/31 

150‌

164‌

California

Statewide

CDA,

Viamonte

Senior

Living,

Series A,

5.00%,

7/1/32 

100‌

109‌

California

Statewide

CDA,

Viamonte

Senior

Living,

Series A,

5.00%,

7/1/33 

125‌

136‌

California,

Various

Purpose,

GO,

5.00%,

10/1/39 

2,375‌

2,406‌

California,

Various

Purpose,

GO,

5.00%,

11/1/43 

2,300‌

2,305‌

Chino

Valley

Unified

School

Dist.,

Series B,

GO,

3.375%,

8/1/50  (1)

7,500‌

6,040‌

Compton

Community

Redev.

Agency

Successor

Agency,

Series A,

5.00%,

8/1/37  (1)

1,700‌

1,840‌

Compton

Community

Redev.

Agency

Successor

Agency,

Series A,

5.00%,

8/1/42  (1)

1,250‌

1,332‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

18

Par

$

Value

(Amounts

in

000s)

CSCDA

Community

Improvement

Auth.,

Altana

Glendale

Social

Bonds,

Series A-2,

4.00%,

10/1/56  (3)

2,470‌

1,805‌

CSCDA

Community

Improvement

Auth.,

Parallel

Anaheim

Social

Bonds,

4.00%,

8/1/56  (3)

2,995‌

2,200‌

CSCDA

Community

Improvement

Auth.,

The

Link

Glendale

Social

Bonds,

Series A-2,

4.00%,

7/1/56  (3)

3,535‌

2,453‌

Del

Mar

Race

Track

Auth.,

5.00%,

10/1/35 

1,665‌

1,592‌

Del

Mar

Race

Track

Auth.,

5.00%,

10/1/36 

1,000‌

949‌

Federal

Home

Loan

Mortgage

Multifamily

Variable

Rate

Certificate,

Series M-049,

3.05%,

4/15/34 

1,840‌

1,597‌

Foothill-Eastern

Transportation

Corridor

Agency,

Series A,

4.00%,

1/15/46 

4,000‌

3,745‌

Foothill-Eastern

Transportation

Corridor

Agency,

Series C,

4.00%,

1/15/32 

175‌

179‌

Foothill-Eastern

Transportation

Corridor

Agency,

Series C,

4.00%,

1/15/33 

250‌

256‌

Foothill-Eastern

Transportation

Corridor

Agency,

Series C,

5.00%,

1/15/30 

150‌

162‌

Foothill-Eastern

Transportation

Corridor

Agency,

Series C,

5.00%,

1/15/31 

150‌

163‌

Inland

Valley

Dev.

Agency,

Tax

Allocation,

Series A,

5.00%,

9/1/44 

4,600‌

4,606‌

Inland

Valley

Dev.

Agency,

Tax

Allocation,

Series A,

5.25%,

9/1/37 

3,100‌

3,118‌

Irvine

Fac.

Fin.

Auth.,

Series A,

4.00%,

9/1/58  (2)

4,700‌

4,397‌

Irvine

Ranch

Water

Dist.

Water

Service,

Series A,

VRDN,

2.45%,

10/1/41 

2,400‌

2,400‌

Irvine

Unified

School

Dist.,

Community

Fac.

Dist.

No.

09-1,

Special

Tax,

Series B,

5.00%,

9/1/47 

1,295‌

1,303‌

Irvine

Unified

School

Dist.,

Community

Fac.

Dist.

No.

09-1,

Special

Tax,

Series C,

5.00%,

9/1/47 

525‌

528‌

Irvine

Unified

School

Dist.,

Community

Fac.

Dist.

No.

09-1,

Special

Tax,

Series D,

5.00%,

3/1/57 

2,335‌

2,336‌

Irvine,

Community

Fac.

Dist.

No.

2013-3,

Special

Tax,

5.00%,

9/1/34 

360‌

364‌

Irvine,

Community

Fac.

Dist.

No.

2013-3,

Special

Tax,

5.00%,

9/1/37 

1,390‌

1,430‌

Irvine,

Community

Fac.

Dist.

No.

2013-3,

Special

Tax,

5.00%,

9/1/39 

1,000‌

1,005‌

Irvine,

Community

Fac.

Dist.

No.

2013-3,

Special

Tax,

5.00%,

9/1/43 

2,000‌

2,028‌

Irvine,

Community

Fac.

Dist.

No.

2013-3,

Special

Tax,

5.00%,

9/1/44 

1,500‌

1,505‌

Jefferson

Union

High

School

Dist.,

Series A,

GO,

6.45%,

8/1/25  (8)

555‌

572‌

Jefferson

Union

High

School

Dist.,

Series A,

GO,

6.45%,

8/1/29  (8)

1,000‌

1,114‌

Jurupa

PFA,

Special

Tax,

Series A,

5.00%,

9/1/33 

1,175‌

1,192‌

Lake

Elsinore,

Community

Fac.

Dist.

No.

2016-2,

Special

Tax,

5.00%,

9/1/43 

2,475‌

2,504‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

19

Par

$

Value

(Amounts

in

000s)

Lake

Elsinore,

Community

Fac.

Dist.

No.

2016-2,

Special

Tax,

5.00%,

9/1/48 

3,640‌

3,654‌

Long

Beach

Bond

Fin.

Auth.,

Series A,

5.50%,

11/15/37 

2,135‌

2,278‌

Long

Beach,

Harbor,

Series A,

5.00%,

5/15/37  (5)

1,300‌

1,352‌

Long

Beach,

Marina

System,

5.00%,

5/15/32 

1,655‌

1,678‌

Long

Beach,

Marina

System,

5.00%,

5/15/45 

2,500‌

2,501‌

Los

Angeles

County

Fac.,

Vermont

Corridor

County

Administrative

Building,

Series A,

5.00%,

12/1/43 

6,400‌

6,741‌

Los

Angeles

County

Metropolitan

Transportation

Auth.,

Green

Bond-Measure

R

Junior,

Series A,

4.00%,

6/1/37 

1,375‌

1,416‌

Los

Angeles

Dept.

of

Airports,

Series A,

4.00%,

5/15/42  (5)

5,225‌

4,948‌

Los

Angeles

Dept.

of

Airports,

Series A,

5.00%,

5/15/35  (5)

500‌

525‌

Los

Angeles

Dept.

of

Airports,

Series A,

5.00%,

5/15/44  (5)

1,000‌

1,019‌

Los

Angeles

Dept.

of

Airports,

Series B,

5.00%,

5/15/36  (5)

1,200‌

1,231‌

Los

Angeles

Dept.

of

Airports,

Series B,

5.00%,

5/15/42 

930‌

974‌

Los

Angeles

Dept.

of

Airports,

Series C,

5.00%,

5/15/45  (5)

1,620‌

1,682‌

Los

Angeles

Dept.

of

Airports,

Series D,

4.00%,

5/15/44  (5)

2,500‌

2,338‌

Los

Angeles

Dept.

of

Airports,

Series D,

4.00%,

5/15/51  (5)

2,000‌

1,803‌

Los

Angeles

Dept.

of

Airports,

Series D,

5.00%,

5/15/36  (5)

1,000‌

1,047‌

Los

Angeles

Dept.

of

Airports,

Series D,

5.00%,

5/15/37  (5)

1,000‌

1,040‌

Los

Angeles

Dept.

of

Airports,

Green

Bond,

Series G,

4.00%,

5/15/47  (5)

1,500‌

1,388‌

Los

Angeles

Dept.

of

Airports,

Revenue

Bonds

2015,

Series D,

5.00%,

5/15/36  (5)

1,500‌

1,522‌

Los

Angeles

Dept.

of

Water

&

Power,

Series B,

5.00%,

7/1/52 

1,000‌

1,073‌

Los

Angeles

Dept.

of

Water

&

Power

Water

System

Revenue,

Series A-1,

VRDN,

2.90%,

7/1/50 

850‌

850‌

Los

Angeles

Dept.

of

Water

&

Power

Water

System

Revenue,

Series B-4,

VRDN,

2.70%,

7/1/35 

800‌

800‌

Los

Angeles

Dept.

of

Water

&

Power

Water

System

Revenue,

Series D,

5.00%,

7/1/52 

3,425‌

3,681‌

Los

Angeles

Unified

School

Dist.,

Election

2008,

Series A,

GO,

4.00%,

7/1/34 

3,750‌

3,794‌

Mesa

Water

Dist.,

COP,

4.00%,

3/15/45 

1,020‌

1,000‌

Metropolitan

Water

Dist.

of

Southern

California,

Series C,

FRN,

100%

of

MUNIPSA

+

0.14%,

4.20%,

7/1/47

(Tender

5/21/24) 

3,000‌

2,998‌

Modesto

Elementary

School

Dist.,

Series B,

GO,

3.00%,

8/1/50 

2,700‌

1,990‌

Newport

Beach,

Series A,

4.125%,

9/2/38 

575‌

549‌

Newport

Beach,

Series A,

5.00%,

9/2/43 

650‌

666‌

Norman

Y

Mineta

San

Jose

Int'l.

Airport,

Series A,

5.00%,

3/1/24  (5)

1,170‌

1,176‌

Norman

Y

Mineta

San

Jose

Int'l.

Airport,

Series A,

5.00%,

3/1/25  (5)

1,405‌

1,412‌

Norman

Y

Mineta

San

Jose

Int'l.

Airport,

Series A,

5.00%,

3/1/41  (5)

2,000‌

2,033‌

Norman

Y

Mineta

San

Jose

Int'l.

Airport,

Series A,

5.00%,

3/1/47  (5)

2,000‌

2,016‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

20

Par

$

Value

(Amounts

in

000s)

Norman

Y

Mineta

San

Jose

Int'l.

Airport,

Series C,

5.00%,

3/1/31 

2,000‌

2,017‌

Northern

California

Energy

Auth.,

Series A,

VRDN,

4.00%,

7/1/49

(Tender

7/1/24) 

3,500‌

3,495‌

Oakland

Unified

School

Dist.,

Alameda

County,

Series A,

GO,

5.00%,

8/1/34

(Prerefunded

8/1/25)  (4)

1,250‌

1,295‌

Oakland

Unified

School

Dist.,

Alameda

County,

Series A,

GO,

5.00%,

8/1/35

(Prerefunded

8/1/25)  (4)

1,210‌

1,253‌

Oceanside

Unified

School

Dist.,

GO,

Zero

Coupon,

8/1/28  (6)(9)

380‌

327‌

Oceanside

Unified

School

Dist.,

Series A,

GO,

Zero

Coupon,

8/1/28  (6)(9)

500‌

431‌

Oceanside

Unified

School

Dist.,

Prerefunded

Balance,

Series A,

GO,

Zero

Coupon,

8/1/28  (6)(9)

250‌

215‌

Oceanside

Unified

School

Dist.,

Unrefunded

Balance,

GO,

Zero

Coupon,

8/1/28  (9)

3,870‌

3,247‌

Ontario

Int'l

Airport

Auth.,

North

Terminal

Project,

Series B,

4.00%,

5/15/36  (1)(5)

1,040‌

1,027‌

Ontario

Int'l

Airport

Auth.,

North

Terminal

Project,

Series B,

4.00%,

5/15/37  (1)(5)

575‌

561‌

Ontario

Int'l

Airport

Auth.,

North

Terminal

Project,

Series B,

4.00%,

5/15/40  (1)(5)

1,350‌

1,279‌

Orange

County

Community

Fac.

Dist.,

No.

2015-1,

Esencia

Village,

Series A,

5.25%,

8/15/45 

2,930‌

2,960‌

Orange

County

Community

Fac.

Dist.,

No.

2021-1,

Rienda,

Series A,

5.00%,

8/15/47 

500‌

497‌

Orange

County

Water

Dist.,

Series C,

4.00%,

8/15/35 

1,000‌

1,039‌

Palo

Alto,

Limited

Obligation,

University

Ave.,

5.00%,

9/2/26 

880‌

888‌

Palo

Alto,

Limited

Obligation,

University

Ave.,

5.00%,

9/2/27 

450‌

454‌

Palo

Alto,

Limited

Obligation,

University

Ave.,

5.00%,

9/2/28 

525‌

530‌

Palomar

Health,

Election

2004,

Series A,

GO,

Zero

Coupon,

8/1/25  (9)

5,000‌

4,669‌

Pittsburg

Redev.

Agency,

Successor

Agency,

Series A,

5.00%,

9/1/28  (1)

3,000‌

3,138‌

Pittsburg

Redev.

Agency,

Successor

Agency,

Series A,

5.00%,

9/1/29  (1)

1,935‌

2,023‌

Port

of

Los

Angeles,

Harbor

Dept.,

Series A,

5.00%,

8/1/36  (5)

4,075‌

4,107‌

Port

of

Oakland,

Intermediate

Lien,

Series H,

5.00%,

5/1/29  (5)

1,725‌

1,842‌

Port

of

Oakland,

Intermediate

Lien,

Series H,

5.00%,

11/1/29  (5)

1,625‌

1,744‌

Rancho

Cucamonga

Redev.

Agency,

Successor

Agency,

5.00%,

9/1/28  (1)

2,700‌

2,745‌

Rancho

Cucamonga

Redev.

Agency,

Successor

Agency,

5.00%,

9/1/29  (1)

1,800‌

1,830‌

Regents

of

the

Univ.

of

California

Medical

Center

Pooled

Revenue,

Series P,

3.50%,

5/15/54 

2,000‌

1,686‌

Regents

of

the

Univ.

of

California

Medical

Center

Pooled

Revenue,

Series P,

4.00%,

5/15/53 

3,000‌

2,885‌

Riverside

County

Transportation

Commission,

Series B-1,

4.00%,

6/1/46 

3,000‌

2,786‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

21

Par

$

Value

(Amounts

in

000s)

Rocklin,

Special

Tax,

5.00%,

9/1/37 

535‌

541‌

Rocklin,

Special

Tax,

5.00%,

9/1/38 

975‌

985‌

Roseville

Natural

Gas

Fin.

Auth.,

5.00%,

2/15/26 

1,000‌

1,012‌

Sacramento

City

Fin.

Auth.,

5.00%,

12/1/31  (2)

1,380‌

1,434‌

Sacramento

City

Fin.

Auth.,

5.00%,

12/1/34  (2)

2,275‌

2,363‌

Sacramento

County

Airport,

Series A,

5.00%,

7/1/41 

2,175‌

2,243‌

Sacramento

County

Airport,

Series B,

5.00%,

7/1/41 

2,275‌

2,346‌

Sacramento

County

Airport,

Series C,

5.00%,

7/1/36  (5)

4,000‌

4,157‌

Sacramento

Transient

Occupancy

Tax,

Convention

Center,

Series A,

5.00%,

6/1/38 

1,240‌

1,305‌

Sacramento

Transient

Occupancy

Tax,

Convention

Center,

Series A,

5.00%,

6/1/43 

4,650‌

4,839‌

Sacramento,

Railyards

Community

Fac.

Dist.

No.

201,

5.375%,

9/1/52  (3)

2,195‌

2,150‌

San

Bernardino

Redev.

Agency,

Successor

Agency,

Series A,

5.00%,

12/1/25  (1)

1,275‌

1,315‌

San

Bernardino

Redev.

Agency,

Successor

Agency,

Series A,

5.00%,

12/1/31  (1)

1,945‌

2,062‌

San

Clemente,

Special

Tax,

Community

Fac.

Dist.

No.

2006-1,

5.00%,

9/1/40 

970‌

981‌

San

Diego

Assn.

of

Governments

South

Bay

Expressway,

Senior

Lien-Toll,

Series A,

5.00%,

7/1/38 

2,100‌

2,198‌

San

Diego

Assn.

of

Governments

South

Bay

Expressway,

Senior

Lien-Toll,

Series A,

5.00%,

7/1/42 

2,700‌

2,788‌

San

Diego

County

Regional

Airport

Auth.,

Series A,

5.00%,

7/1/47 

1,800‌

1,861‌

San

Diego

County

Regional

Airport

Auth.,

Series B,

4.00%,

7/1/46  (5)

2,540‌

2,298‌

San

Diego

County

Regional

Airport

Auth.,

Series B,

4.00%,

7/1/51  (5)

1,500‌

1,322‌

San

Diego

County

Regional

Airport

Auth.,

Series B,

5.00%,

7/1/35  (5)

1,215‌

1,287‌

San

Diego

County

Regional

Airport

Auth.,

Series B,

5.00%,

7/1/37  (5)

1,000‌

1,044‌

San

Diego

County

Regional

Airport

Auth.,

Series B,

5.00%,

7/1/38  (5)

1,000‌

1,036‌

San

Diego

County

Regional

Airport

Auth.,

Series B,

5.00%,

7/1/39  (5)

600‌

620‌

San

Diego

County

Water

Auth.,

Series A,

5.00%,

5/1/47 

1,500‌

1,625‌

San

Diego

County,

Special

Tax,

Harmony

Grove

Village,

Series A,

4.00%,

9/1/45 

550‌

472‌

San

Diego

County,

Special

Tax,

Harmony

Grove

Village,

Series A,

4.00%,

9/1/50 

1,100‌

909‌

San

Diego

County,

Special

Tax,

Harmony

Grove

Village,

Improvement

Area

No.

1,

Series A,

4.00%,

9/1/50 

875‌

723‌

San

Diego

Public

Fac.

Fin.

Auth.,

Series A,

5.00%,

5/15/52 

5,650‌

6,081‌

San

Diego

Unified

School

Dist.,

Green

Bond,

Series O-2,

GO,

4.25%,

7/1/47 

3,000‌

3,001‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

22

Par

$

Value

(Amounts

in

000s)

San

Francisco

Bay

Area

Rapid

Transit

Dist.

Sales

Tax,

Series A,

4.00%,

7/1/37 

350‌

353‌

San

Francisco

Bay

Area

Rapid

Transit

Dist.

Sales

Tax,

Series A,

4.00%,

7/1/39 

625‌

621‌

San

Francisco

City

&

County

Int'l.

Airport,

Commissions,

Series A,

5.00%,

5/1/29 

1,000‌

1,056‌

San

Francisco

City

&

County

Int'l.

Airport,

Commissions,

Series A,

5.00%,

5/1/38  (5)

2,710‌

2,824‌

San

Francisco

City

&

County

Int'l.

Airport,

Commissions,

Series A,

5.00%,

5/1/44  (5)

2,950‌

3,030‌

San

Francisco

City

&

County

Int'l.

Airport,

Commissions,

Series A,

5.00%,

5/1/52  (5)

1,000‌

1,026‌

San

Francisco

City

&

County

Int'l.

Airport,

Commissions,

Series B,

5.00%,

5/1/46  (5)

5,000‌

5,029‌

San

Francisco

City

&

County

Int'l.

Airport,

Commissions,

Series E,

4.00%,

5/1/50  (5)

1,800‌

1,617‌

San

Francisco

City

&

County

Int'l.

Airport,

Commissions,

Series E,

5.00%,

5/1/50  (5)

500‌

510‌

San

Francisco

City

&

County

Int'l.

Airport,

Commissions,

Unrefunded

Balance,

Series A,

5.00%,

5/1/47  (5)

3,000‌

3,023‌

San

Francisco

Community

College

Dist.,

GO,

5.00%,

6/15/31 

2,505‌

2,591‌

San

Francisco

Public

Utilities

Commission

Water

Revenue,

Series D,

3.00%,

11/1/50 

1,500‌

1,104‌

San

Jose

Evergreen

Community

College

Dist.,

Series C,

GO,

4.00%,

9/1/45 

3,250‌

3,210‌

San

Jose

Evergreen

Community

College

Dist.,

Series C,

GO,

5.00%,

9/1/40 

1,000‌

1,107‌

San

Jose

Redev.

Agency,

Successor

Agency,

Series A,

5.00%,

8/1/34 

2,500‌

2,689‌

San

Jose,

El

Parador

Apartments

Project,

Series A,

6.10%,

1/1/31  (5)

795‌

794‌

San

Marcos

Redev.

Agency,

Successor

Agency,

Series A,

5.00%,

10/1/31 

2,165‌

2,234‌

San

Marcos

Redev.

Agency,

Successor

Agency,

Series A,

5.00%,

10/1/32 

850‌

877‌

San

Marcos

Redev.

Agency,

Successor

Agency,

Series A,

5.00%,

10/1/34 

900‌

930‌

San

Mateo

Foster

City

School

Dist.,

Series B,

GO,

4.00%,

8/1/48 

4,000‌

3,970‌

Santa

Margarita

Water

Dist.,

Community

Fac.

Dist.

2013-1,

5.625%,

9/1/36

(Prerefunded

9/1/23)  (4)

1,155‌

1,155‌

Santa

Monica

Redev.

Agency,

Earthquake

Recovery,

5.875%,

7/1/36 

1,390‌

1,394‌

Santa

Monica

Redev.

Agency,

Earthquake

Recovery,

5.875%,

7/1/42 

1,500‌

1,504‌

South

San

Francisco

Public

Fac.

Fin.

Auth.,

Police

Station

Project,

Series A,

4.00%,

6/1/46 

1,470‌

1,436‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

23

Par

$

Value

(Amounts

in

000s)

Southern

California

Tobacco

Securitization

Auth,

Asset

Backed,

Series A,

Class

1,

5.00%,

6/1/33 

1,170‌

1,271‌

Southern

California

Tobacco

Securitization

Auth,

Asset

Backed,

Series A,

Class

1,

5.00%,

6/1/35 

900‌

969‌

Sunnyvale

Fin.

Auth.,

Green

Bond-Civic

Center

Project,

4.00%,

4/1/50 

4,740‌

4,570‌

Transbay

Joint

Powers

Auth.,

Green

Bond,

Series A,

5.00%,

10/1/45 

1,750‌

1,765‌

Transbay

Joint

Powers

Auth.,

Green

Bond,

Series A,

5.00%,

10/1/49 

1,700‌

1,704‌

Univ.

of

California

Regents,

Series AL-1,

VRDN,

2.92%,

5/15/48 

2,675‌

2,675‌

Univ.

of

California

Regents,

Series AL-2,

VRDN,

3.00%,

5/15/48 

7,650‌

7,650‌

Univ.

of

California

Regents,

Series AL-4,

VRDN,

2.85%,

5/15/48 

1,250‌

1,250‌

Univ.

of

California

Regents,

Series BP-1,

VRDN,

2.85%,

5/15/48 

1,600‌

1,600‌

Univ.

of

California

Regents,

Series BP-2,

VRDN,

2.92%,

5/15/48 

2,400‌

2,400‌

Univ.

of

California

Regents,

Series M,

5.00%,

5/15/47 

4,250‌

4,436‌

Univ.

of

California

Regents,

Series O,

5.50%,

5/15/58 

9,500‌

10,171‌

Univ.

of

California

Regents

Medical

Center,

Pooled,

Series B-1,

VRDN,

2.80%,

5/15/32 

4,500‌

4,500‌

Univ.

of

California

Regents

Medical

Center,

Pooled,

Series B-2,

VRDN,

3.00%,

5/15/32 

1,400‌

1,400‌

Univ.

of

California

Regents

Medical

Center,

Pooled,

Series L,

4.50%,

5/15/36 

1,900‌

1,924‌

Univ.

of

California

Regents

Medical

Center,

Pooled,

Series O-1,

VRDN,

2.80%,

5/15/45 

4,000‌

4,000‌

Univ.

of

California

Regents

Medical

Center,

Pooled,

Series P,

5.00%,

5/15/47 

5,000‌

5,346‌

Vernon

Electric

System

Revenue,

Series 2022-A,

5.00%,

8/1/41 

840‌

851‌

Washington

Township

Health

Care

Dist.,

Series A,

4.00%,

7/1/35 

600‌

572‌

Washington

Township

Health

Care

Dist.,

Series A,

5.00%,

7/1/30 

500‌

518‌

Washington

Township

Health

Care

Dist.,

Series A,

5.00%,

7/1/31 

1,000‌

1,035‌

Washington

Township

Health

Care

Dist.,

Series A,

5.00%,

7/1/36 

620‌

623‌

West

Sacramento

Fin.

Auth.,

Series A,

5.00%,

9/1/26  (9)

1,255‌

1,294‌

661,275‌

PUERTO

RICO

3.4%

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43  (10)

4,396‌

2,264‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/35  (3)

1,590‌

1,594‌

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

Coupon,

7/1/24 

54‌

52‌

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

Coupon,

7/1/33 

423‌

257‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/33 

1,329‌

1,241‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/35 

295‌

271‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

24

Par

$

Value

(Amounts

in

000s)

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/37 

576‌

516‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/41 

345‌

297‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.375%,

7/1/25 

366‌

373‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/27 

902‌

940‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/29 

1,317‌

1,392‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.75%,

7/1/31 

1,846‌

1,993‌

Puerto

Rico

Electric

Power

Auth.,

Series A,

5.05%,

7/1/42  (11)(12)

15‌

4‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.00%,

7/1/27  (11)

(12)

25‌

7‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/27  (11)

(12)

225‌

61‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/28  (11)

(12)

65‌

18‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/20  (11)

(12)

80‌

22‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/24  (11)

(12)

305‌

83‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/25  (11)

(12)

100‌

27‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/26  (11)

(12)

125‌

34‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/27  (11)

(12)

15‌

4‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.00%,

7/1/28  (11)

(12)

15‌

4‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.25%,

7/1/33  (11)

(12)

75‌

20‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.50%,

7/1/18  (11)

(12)

65‌

18‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/27  (11)

(12)

30‌

8‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/40  (11)

(12)

80‌

22‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.75%,

7/1/36  (11)

(12)

60‌

16‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

3.70%,

7/1/17  (11)

(12)

20‌

5‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/17  (11)

(12)

35‌

10‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/28  (11)

(12)

25‌

7‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

25

Par

$

Value

(Amounts

in

000s)

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/19  (11)

(12)

245‌

67‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/23  (11)

(12)

70‌

19‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/24  (11)

(12)

25‌

7‌

Puerto

Rico

Highway

&

Transportation

Auth.,

Restructured,

Series C,

STEP,

0.00%,

7/1/53 

2,000‌

1,262‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.55%,

7/1/40 

465‌

452‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.75%,

7/1/53 

7,647‌

7,150‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/46 

10,000‌

2,773‌

23,290‌

Total

Municipal

Securities

(Cost

$709,787)

684,565‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

0.4%

Freddie

Mac

Multifamily

ML

Certificates,

Series 2021-ML10,

Class

ACA,

2.046%,

6/25/38 

3,412‌

2,480‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$3,520)

2,480‌

Total

Investments

in

Securities

99.3%

of

Net

Assets

(Cost

$713,307)

$

687,045‌

‡

Par

is

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Insured

by

Assured

Guaranty

Municipal

Corporation

(2)

Insured

by

Build

America

Mutual

Assurance

Company

(3)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$50,033

and

represents

7.2%

of

net

assets.

(4)

Prerefunded

date

is

used

in

determining

portfolio

maturity.

(5)

Interest

subject

to

alternative

minimum

tax.

(6)

Escrowed

to

maturity

(7)

When-issued

security

(8)

Insured

by

National

Public

Finance

Guarantee

Corporation

(9)

Insured

by

Assured

Guaranty

Corporation

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

26

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

.

.

.

.

.

.

.

.

.

.

(10)

Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board’s

Certified

Fiscal

Plan.

(11)

Non-income

producing

(12)

Issuer

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

CDA

Community

Development

Administration/Authority

COP

Certificate

of

Participation

EFA

Educational

Facility

Authority

FRN

Floating

Rate

Note

GO

General

Obligation

HFFA

Health

Facility

Financing

Authority

MUNIPSA

Securities

Industry

and

Financial

Markets

Association

(SIFMA)

Municipal

Swap

Index

PFA

Public

Finance

Authority/Agency

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.

VRDN

Variable

Rate

Demand

Note

under

which

the

holder

has

the

right

to

sell

the

security

to

the

issuer

or

the

issuer’s

agent

at

a

predetermined

price

on

specified

dates;

such

specified

dates

are

considered

the

effective

maturity

for

purposes

of

the

fund’s

weighted

average

maturity;

rate

shown

is

effective

rate

at

period-end

and

maturity

date

shown

is

final

maturity.

Certain

VRDN

rates

are

not

based

on

a

published

reference

rate

and

spread

but

may

adjust

periodically.

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

August

31,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

27

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Assets

Investments

in

securities,

at

value

(cost

$713,307)

$

687,045‌

Interest

receivable

8,197‌

Receivable

for

investment

securities

sold

390‌

Cash

242‌

Receivable

for

shares

sold

134‌

Other

assets

34‌

Total

assets

696,042‌

Liabilities

Payable

for

investment

securities

purchased

2,439‌

Payable

for

shares

redeemed

858‌

Investment

management

fees

payable

226‌

Due

to

affiliates

28‌

Other

liabilities

527‌

Total

liabilities

4,078‌

NET

ASSETS

$

691,964‌

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

(36,417‌)

Paid-in

capital

applicable

to

65,919,322

shares

of

$0.0001

par

value

capital

stock

outstanding;

2,000,000,000

shares

of

the

Corporation

authorized

728,381‌

NET

ASSETS

$

691,964‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$355,830;

Shares

outstanding:

33,889,462)

$

10.50‌

I

Class

(Net

assets:

$336,134;

Shares

outstanding:

32,029,860)

$

10.49‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

(Unaudited)

Statement

of

Operations

28

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

8/31/23

Investment

Income

(Loss)

Interest

income

$

12,741‌

Expenses

Investment

management

1,325‌

Shareholder

servicing

Investor

Class

$

240‌

I

Class

22‌

262‌

Prospectus

and

shareholder

reports

Investor

Class

9‌

I

Class

2‌

11‌

Custody

and

accounting

98‌

Registration

23‌

Legal

and

audit

20‌

Proxy

and

annual

meeting

6‌

Directors

1‌

Miscellaneous

9‌

Waived

/

paid

by

Price

Associates

(16‌)

Total

expenses

1,739‌

Net

investment

income

11,002‌

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

loss

on

securities

(1,923‌)

Change

in

net

unrealized

gain

/

loss

on

securities

424‌

Net

realized

and

unrealized

gain

/

loss

(1,499‌)

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

9,503‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

29

($000s)

6

Months

Ended

8/31/23

Year

Ended

2/28/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

11,002‌

$

18,809‌

Net

realized

loss

(1,923‌)

(8,735‌)

Change

in

net

unrealized

gain

/

loss

424‌

(51,220‌)

Increase

(decrease)

in

net

assets

from

operations

9,503‌

(41,146‌)

Distributions

to

shareholders

Net

earnings

Investor

Class

(5,533‌)

(9,901‌)

I

Class

(5,341‌)

(9,315‌)

Decrease

in

net

assets

from

distributions

(10,874‌)

(19,216‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

40,608‌

296,977‌

I

Class

49,589‌

185,839‌

Distributions

reinvested

Investor

Class

4,897‌

8,760‌

I

Class

3,448‌

6,188‌

Shares

redeemed

Investor

Class

(38,245‌)

(379,301‌)

I

Class

(26,961‌)

(98,718‌)

Increase

in

net

assets

from

capital

share

transactions

33,336‌

19,745‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

30

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

8/31/23

Year

Ended

2/28/23

Net

Assets

Increase

(decrease)

during

period

31,965‌

(40,617‌)

Beginning

of

period

659,999‌

700,616‌

End

of

period

$

691,964‌

$

659,999‌

*Share

information

(000s)

Shares

sold

Investor

Class

3,826‌

28,138‌

I

Class

4,675‌

16,952‌

Distributions

reinvested

Investor

Class

461‌

827‌

I

Class

325‌

585‌

Shares

redeemed

Investor

Class

(3,599‌)

(35,347‌)

I

Class

(2,543‌)

(9,341‌)

Increase

in

shares

outstanding

3,145‌

1,814‌

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

31

T.

Rowe

Price

State

Tax-Free

Funds,

Inc.

(the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

California

Tax-Free

Bond

Fund

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks

to

provide,

consistent

with

prudent

portfolio

management,

the

highest

level

of

income

exempt

from

federal

and

California

state

income

taxes

by

investing

primarily

in

investment-grade

California

municipal

bonds.

The

fund

has

two classes

of

shares:

the

California

Tax-Free

Bond

Fund

(Investor

Class)

and

the

California

Tax-Free

Bond

Fund–I

Class

(I

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

both classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

class.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

 Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

32

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

In

December

2022,

FASB

issued

ASU

2022-

06

which

defers

the

sunset

date

of

Topic

848

from

December

31,

2022

to

December

31,

2024,

after

which

entities

will

no

longer

be

permitted

to

apply

the

relief

in

Topic

848.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

have

a

material

impact

on

the fund's

financial  statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

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

California

Tax-Free

Bond

Fund

33

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)

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

T.

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Fund

34

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.   

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

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.

Valuation

Inputs

  On

August

31,

2023,

all

of

the

fund’s

financial

instruments

were

classified

as

Level

2,

based

on

the

inputs

used

to

determine

their

fair

values.

NOTE

3

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund's

prospectus

and

Statement

of

Additional

Information.

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

T.

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35

Mortgage-Backed

Securities

 The

fund

invests

in

mortgage-backed

securities

(MBS

or

pass-through

certificates)

that

represent

an

interest

in

a

pool

of

specific

underlying

mortgage

loans

and

entitle

the

fund

to

the

periodic

payments

of

principal

and

interest

from

those

mortgages.

MBS

may

be

issued

by

government

agencies

or

corporations,

or

private

issuers.

Most

MBS

issued

by

government

agencies

are

guaranteed;

however,

the

degree

of

protection

differs

based

on

the

issuer.

MBS are

sensitive

to

changes

in

economic

conditions

that

affect

the

rate

of

prepayments

and

defaults

on

the

underlying

mortgages;

accordingly,

the

value,

income,

and

related

cash

flows

from

MBS

may

be

more

volatile

than

other

debt

instruments.

When-Issued

Securities

 The fund

enters

into

when-issued

purchase

or

sale

commitments,

pursuant

to

which

it

agrees

to

purchase

or

sell,

respectively,

an

authorized

but

not

yet

issued

security

for

a

fixed

unit

price,

with

payment

and

delivery

not

due

until

issuance

of

the

security

on

a

scheduled

future

date.

When-issued

securities

may

be

new

securities

or

securities

issued

through

a

corporate

action,

such

as

a

reorganization

or

restructuring.

Until

settlement,

the

fund

maintains

liquid

assets

sufficient

to

settle

its

commitment

to

purchase

a

when-issued

security

or,

in

the

case

of

a

sale

commitment,

the

fund

maintains

an

entitlement

to

the

security

to

be

sold.

Amounts

realized

on

when-

issued

transactions

are

included

in

realized

gain/loss

on

securities

in

the

accompanying

financial

statements. 

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term securities

aggregated $48,330,000 and

$27,044,000,

respectively,

for

the

six

months ended

August

31,

2023.

NOTE

4

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/

tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report.

T.

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The

fund

intends

to

retain

realized

gains

to

the

extent

of

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

be

carried

forward

indefinitely

to

offset

future

realized

capital

gains.

As

of

February

28,

2023,

the

fund

had

$9,038,000 of

available

capital

loss

carryforwards.

At

August

31,

2023,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$713,307,000.

Net

unrealized

loss

aggregated

$26,262,000

at

period-end,

of

which $4,551,000

related

to

appreciated

investments

and $30,813,000

related

to

depreciated

investments.

NOTE

5

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group).

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.10%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

August

31,

2023,

the

effective

annual

group

fee

rate

was

0.29%.

The

I

Class

is

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

T.

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37

Pursuant

to

this

agreement,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the six

months

ended August

31,

2023 as

indicated

in

the

table

below.

Including

this

amount,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $53,000 remain

subject

to

repayment

by

the

fund

at

August

31,

2023.

Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

a

wholly

owned

subsidiary

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

For

the

six

months

ended

August

31,

2023,

expenses

incurred

pursuant

to

these

service

agreements

were

$60,000

for

Price

Associates

and

$70,000

for

T.

Rowe

Price

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

August

31,

2023,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

NOTE

6

-

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

I

Class

Expense

limitation/I

Class

Limit

0.05%

Expense

limitation

date

06/30/25

(Waived)/repaid

during

the

period

($000s)

$(16)

T.

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California

Tax-Free

Bond

Fund

38

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.

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.

T.

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PRICE

California

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Fund

39

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

RESULTS

OF

PROXY

VOTING

A

Special

Meeting

of

Shareholders

was

held

on

July

24,

2023

for

shareholders

of

record

on

April

7,

2023,

to

elect

the

following

director-nominees

to

serve

on

the

Board

of

all

Price

Funds.

The

newly

elected

Directors

took

office

effective

July

24,

2023.

The

results

of

the

voting

were

as

follows:

Teresa

Bryce

Bazemore,

Bruce

W.

Duncan,

Robert

J.

Gerrard,

Jr.,

Paul

F.

McBride

and

David

Oestreicher

continue

to

serve

as

Directors

on

the

Board

of

all

Price

Funds.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

Votes

For

Votes

Withheld

Melody

Bianchetto

268,416,291

2,275,410

Mark

J.

Parrell

268,553,693

2,457,333

Kellye

L.

Walker

268,174,949

2,486,113

Eric

L.

Veiel

269,060,099

2,087,533

T.

ROWE

PRICE

California

Tax-Free

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Fund

40

TAILORED

SHAREHOLDER

REPORTS

FOR

MUTUAL

FUNDS

AND

EXCHANGE

TRADED

FUNDS

In

October

2022,

the

Securities

and

Exchange

Commission

(SEC)

adopted

rule

and

form

amendments

requiring

Mutual

Funds

and

Exchange-Traded

Funds

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

that

highlight

key

information

to

shareholders.

Other

information,

including

financial

statements,

will

no

longer

appear

in

the

funds’

shareholder

reports

but

will

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

T.

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California

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Fund

41

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

Each

year,

the

fund’s

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser).

In

that

regard,

at

a

meeting

held

on

March

6–7,

2023

(Meeting),

the

Board,

including

all

of

the

fund’s

independent

directors,

approved

the

continuation

of

the

fund’s

Advisory

Contract.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

the

approval

of

the

Advisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T.

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

Services

Provided

by

the

Adviser

The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund’s

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund’s

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund’s

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser’s

senior

management

team

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser’s

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract.

Investment

Performance

of

the

Fund

The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T.

Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund’s

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

T.

ROWE

PRICE

California

Tax-Free

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Fund

42

various

periods

through

December

31,

2022. Additionally,

the

Board

reviewed

the

fund’s

relative

performance

information

as

of

September

30,

2022,

which

ranked

the

returns

of

the

fund’s

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund’s

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund’s

performance,

length

of

the

fund’s

performance

track

record,

and

how

closely

the

fund’s

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund’s

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract.

Costs,

Benefits,

Profits,

and

Economies

of

Scale

The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates)

may

have

realized

from

its

relationship

with

the

fund.

In

considering

soft-

dollar

arrangements

pursuant

to

which

research

may

be

received

from

broker-dealers

that

execute

the

fund’s

portfolio

transactions,

the

Board

noted

that

the

Adviser

bears

the

cost

of

research

services

for

all

client

accounts

that

it

advises,

including

the

T.

Rowe

Price

funds.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T.

Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

fund

in

particular,

and

the

Board

concluded

that

the

Adviser’s

profits

were

reasonable

in

light

of

the

services

provided

to

the

fund.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components—a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T.

Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund’s

average

daily

net

assets—and

the

fund

pays

its

own

expenses

of

operations.

The

group

fee

rate

decreases

as

total

T.

Rowe

Price

fund

assets

grow,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T.

Rowe

Price

funds

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

fund’s

shareholders

also

benefit

from

potential

economies

of

scale

through

a

decline

in

certain

operating

expenses

as

the

fund

grows

in

size.

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

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Tax-Free

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Fund

43

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser’s

ongoing

investments

in

its

business

in

support

of

the

T.

Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-

party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund’s

investors.

Fees

and

Expenses

The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i)

contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Expense

Group)

and

(ii)

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund’s

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or

reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

to

the

Board

indicated

that

the

fund’s

contractual

management

fee

ranked

in

the

first

quintile

(Expense

Group),

the

fund’s

actual

management

fee

rate

ranked

in

the

third

quintile

(Expense

Group

and

Expense

Universe),

and

the

fund’s

total

expenses

ranked

in

the

third

quintile

(Expense

Group

and

Expense

Universe).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

Management

provided

the

Board

with

information

about

the

Adviser’s

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

business

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

business.

The

Board

considered

information

showing

that

the

Adviser’s

mutual

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

institutional

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

PRICE

California

Tax-Free

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Fund

44

account

business

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser’s

proprietary

mutual

fund

business.

In

assessing

the

reasonableness

of

the

fund’s

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

mutual

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution’s

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T.

Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

Approval

of

the

Advisory

Contract

As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

(including

the

fees

to

be

charged

for

services

thereunder).

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

(continued)

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

45

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

In accordance

with

Rule

22e-4

(Liquidity

Rule)

under

the

Investment

Company

Act

of

1940,

as

amended,

the

fund

has

established

a

liquidity

risk

management

program

(Liquidity

Program)

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk,

which

generally

represents

the

risk

that

the

fund

would

not

be

able

to

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

fund’s

Board

of

Directors

(Board)

has

appointed

the

fund’s

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

the

administrator

of

the

Liquidity

Program.

As

administrator,

the

Adviser

is

responsible

for

overseeing

the

day-to-day

operations

of

the

Liquidity

Program

and,

among

other

things,

is

responsible

for

assessing,

managing,

and

reviewing

with

the

Board

at

least

annually

the

liquidity

risk

of

each

T.

Rowe

Price

fund.

The

Adviser

has

delegated

oversight

of

the

Liquidity

Program

to

a

Liquidity

Risk

Committee

(LRC),

which

is

a

cross-functional

committee

composed

of

personnel

from

multiple

departments

within

the

Adviser.

The

Liquidity

Program’s

principal

objectives

include

supporting

the

T.

Rowe

Price

funds’

compliance

with

limits

on

investments

in

illiquid

assets

and

mitigating

the

risk

that

the

fund

will

be

unable

to

timely

meet

its

redemption

obligations.

The

Liquidity

Program

also

includes

a

number

of

elements

that

support

the

management

and

assessment

of

liquidity

risk,

including

an

annual

assessment

of

factors

that

influence

the

fund’s

liquidity

and

the

periodic

classification

and

reclassification

of

a

fund’s

investments

into

categories

that

reflect

the

LRC’s

assessment

of

their

relative

liquidity

under

current

market

conditions.

Under

the

Liquidity

Program,

every

investment

held

by

the

fund

is

classified

at

least

monthly

into

one

of

four

liquidity

categories

based

on

estimations

of

the

investment’s

ability

to

be

sold

during

designated

time

frames

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

As

required

by

the

Liquidity

Rule,

at

a

meeting

held

on

July

24,

2023,

the

Board

was

presented

with

an

annual

assessment

prepared

by

the

LRC,

on

behalf

of

the

Adviser,

that

addressed

the

operation

of

the

Liquidity

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

any

material

changes

to

the

Liquidity

Program

and

the

determination

of

each

fund’s

Highly

Liquid

Investment

Minimum

(HLIM).

The

annual

assessment

included

consideration

of

the

following

factors,

as

applicable:

the

fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

investment

strategy

is

appropriate

for

an

open-end

fund,

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

the

use

of

borrowings

for

investment

purposes

and

derivatives;

short-term

and

long-term

cash

flow

projections

covering

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

holdings

of

cash

and

cash

equivalents,

as

well

as

available

borrowing

arrangements.

T.

ROWE

PRICE

California

Tax-Free

Bond

Fund

46

For

the

fund

and

other

T.

Rowe

Price

funds,

the

annual

assessment

incorporated

a

report

related

to

a

fund’s

holdings,

shareholder

and

portfolio

concentration,

any

borrowings

during

the

period,

cash

flow

projections,

and

other

relevant

data

for

the

period

of

April

1,

2022,

through

March

31,

2023.

The

report

described

the

methodology

for

classifying

a

fund’s

investments

(including

any

derivative

transactions)

into

one

of

four

liquidity

categories,

as

well

as

the

percentage

of

a

fund’s

investments

assigned

to

each

category.

It

also

explained

the

methodology

for

establishing

a

fund’s

HLIM

and

noted

that

the

LRC

reviews

the

HLIM

assigned

to

each

fund

no

less

frequently

than

annually.

During

the

period

covered

by

the

annual

assessment,

the

LRC

has

concluded,

and

reported

to

the

Board,

that

the

Liquidity

Program

continues

to

operate

adequately

and

effectively

and

is

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(continued)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F80-051

10/23

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a)  The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b)  The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.
(2)	Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(b)	A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price State Tax-Free Funds, Inc.
By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	October 18, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	October 18, 2023

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	October 18, 2023