T.
ROWE
PRICE
Georgia
Tax-Free
Bond
Fund
November
30,
2022
(Unaudited)
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES
98.6%
GEORGIA
93.4%
Athens-Clarke
County
Unified
Government
Dev.
Auth.,
Univ.
of
Georgia
Athletic
Assoc.,
Series A,
4.00%,
9/1/33
1,455
1,488
Athens-Clarke
County
Unified
Government
Dev.
Auth.,
Univ.
of
Georgia
Athletic
Assoc.,
Series B,
VRDN,
1.10%,
7/1/35
200
200
Atlanta
&
Fulton
County
Recreation
Auth.,
Zoo
Parking
Project,
5.00%,
12/1/35
750
812
Atlanta
Airport
Passenger
Fac.
Charge,
Series A,
5.00%,
1/1/33
3,870
3,945
Atlanta
Airport
Passenger
Fac.
Charge,
Series C,
5.00%,
7/1/40
1,500
1,611
Atlanta
Airport
Passenger
Fac.
Charge,
Series D,
4.00%,
7/1/37 (1)
4,000
3,870
Atlanta
Airport
Passenger
Fac.
Charge,
Series D,
4.00%,
7/1/39 (1)
5,000
4,805
Atlanta
Airport
Passenger
Fac.
Charge,
Series D,
4.00%,
7/1/40 (1)
7,580
7,247
Atlanta
Dept.
of
Aviation,
Series C,
4.00%,
7/1/38 (1)
1,000
963
Atlanta
Dept.
of
Aviation,
Series C,
4.00%,
7/1/42 (1)
1,000
944
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.50%,
1/1/29
225
119
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.75%,
1/1/35
1,555
824
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
7.00%,
1/1/40
550
291
Atlanta
Dev.
Auth.,
New
Downtown
Stadium,
Series A-1,
5.00%,
7/1/29
1,000
1,046
Atlanta
Dev.
Auth.,
New
Downtown
Stadium,
Series A-1,
5.00%,
7/1/30
300
314
Atlanta
Dev.
Auth.,
New
Downtown
Stadium,
Series A-1,
5.00%,
7/1/35
1,255
1,297
Atlanta
Dev.
Auth.,
New
Downtown
Stadium,
Series A-1,
5.25%,
7/1/40
2,035
2,104
Atlanta
Dev.
Auth.,
New
Downtown
Stadium,
Series A-1,
5.25%,
7/1/44
6,120
6,303
Atlanta
Downtown
Dev.
Auth.,
City
Plaza,
5.00%,
12/1/27
495
539
Atlanta
Downtown
Dev.
Auth.,
City
Plaza,
5.00%,
12/1/31
605
656
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
3.625%,
7/1/42 (2)
1,615
1,406
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
3.875%,
7/1/51 (2)
1,610
1,373
Atlanta
Water
&
Wastewater,
5.00%,
11/1/40
7,290
7,573
Atlanta,
Atlantic
Station,
Tax
Allocation,
5.00%,
12/1/24
2,880
2,993
Atlanta,
Eastside,
Tax
Allocation,
5.00%,
1/1/25 (3)
350
366
Atlanta,
Eastside,
Tax
Allocation,
5.00%,
1/1/30
(Prerefunded
1/1/26) (4)
300
320
T.
ROWE
PRICE
Georgia
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Atlanta,
Perry
Bolton,
Tax
Allocation,
5.00%,
7/1/34
500
504
Atlanta,
Perry
Bolton,
Tax
Allocation,
5.00%,
7/1/41
725
729
Augusta
Airport,
Series A,
5.00%,
1/1/30
645
658
Augusta
Airport,
Series A,
5.00%,
1/1/31
275
281
Augusta
Airport,
Series A,
5.00%,
1/1/32
550
561
Augusta
Airport,
Series A,
5.00%,
1/1/34
585
596
Augusta
Water
&
Sewer,
Wastewater,
4.50%,
10/1/37
3,500
3,524
Bartow
County
Dev.
Auth.,
VRDN,
1.40%,
11/1/62 (1)
3,100
3,100
Bartow
County
Dev.
Auth.,
VRDN,
1.45%,
11/1/62 (1)
300
300
Brookhaven
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series A,
4.00%,
7/1/44
6,015
5,912
Brookhaven
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series A,
4.00%,
7/1/49
5,500
5,273
Brookhaven
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series A,
5.00%,
7/1/39
1,500
1,588
Bryan
County
School
Dist.,
GO,
5.00%,
8/1/42
3,000
3,142
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
PCR,
1.40%,
7/1/49
3,450
3,450
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
PCR,
1.45%,
11/1/52 (1)
5,500
5,500
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
PCR,
1.60%,
11/1/52
500
500
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
PCR,
2.25%,
10/1/32
(Tender
5/25/23)
1,550
1,538
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
PCR,
2.25%,
10/1/32
(Tender
5/25/23)
500
496
Carroll
City-County
Hosp.
Auth.,
Tanner
Medical
Center,
4.00%,
7/1/45
2,550
2,498
Carroll
City-County
Hosp.
Auth.,
Tanner
Medical
Center,
4.00%,
7/1/50
2,925
2,800
Carroll
City-County
Hosp.
Auth.,
Tanner
Medical
Center,
5.00%,
7/1/28
265
284
Carroll
City-County
Hosp.
Auth.,
Tanner
Medical
Center,
5.00%,
7/1/29
500
534
Carroll
City-County
Hosp.
Auth.,
Tanner
Medical
Center,
5.00%,
7/1/41
3,000
3,056
Cherokee
County
Board
of
Ed.,
GO,
5.00%,
8/1/32
1,750
1,881
Cherokee
County
Water
&
Sewer
Auth.,
5.00%,
8/1/33
1,015
1,089
Cherokee
County
Water
&
Sewer
Auth.,
5.00%,
8/1/34
1,050
1,123
Cherokee
County
Water
&
Sewer
Auth.,
5.50%,
8/1/23 (5)
235
240
Clarke
County
Classic
Center
Auth.,
Classic
Center
Arena
Project,
3.00%,
5/1/61
2,000
1,445
Clarke
County
Classic
Center
Auth.,
Classic
Center
Arena
Project,
4.00%,
5/1/52
3,000
2,853
Clarke
County
Classic
Center
Auth.,
Classic
Center
Arena
Project,
Series A,
4.125%,
5/1/54
3,000
2,857
T.
ROWE
PRICE
Georgia
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Clarke
County
Classic
Center
Auth.,
Classic
Center
Arena
Project,
Series A,
4.25%,
5/1/61
1,750
1,653
Cobb
County
Dev.
Auth.,
Kennesaw
State
Univ.,
Series A,
5.00%,
7/15/34
1,145
1,188
Cobb
County
Dev.
Auth.,
Kennesaw
State
Univ.,
Series A,
5.00%,
7/15/38
1,750
1,798
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
4.00%,
4/1/35
950
955
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
4.00%,
4/1/52
9,700
8,792
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
5.00%,
4/1/50
1,500
1,509
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
RAC,
5.00%,
4/1/29
1,000
1,004
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
RAC,
5.00%,
4/1/30
2,200
2,208
Coweta
County
Dev.
Auth.,
Piedmont
Healthcare,
5.00%,
7/1/44
3,000
3,066
Coweta
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Peachtree
City
Project,
4.00%,
3/1/36
970
829
Coweta
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Peachtree
City
Project,
4.00%,
3/1/46
810
620
Dalton,
GO,
5.00%,
2/1/42
500
534
Dalton,
GO,
5.00%,
2/1/48
3,500
3,699
Dalton
Board
of
Water
Light
&
Sinking
Fund,
5.00%,
3/1/32
1,250
1,330
Dalton
Board
of
Water
Light
&
Sinking
Fund,
5.00%,
3/1/33
1,190
1,264
Dalton
Whitfield
County
Joint
Dev.
Auth.,
Hamilton
Health
Care
System,
4.00%,
8/15/34
400
405
Dalton
Whitfield
County
Joint
Dev.
Auth.,
Hamilton
Health
Care
System,
4.00%,
8/15/36
900
904
Dalton
Whitfield
County
Joint
Dev.
Auth.,
Hamilton
Health
Care
System,
4.00%,
8/15/37
1,000
1,002
Dalton
Whitfield
County
Joint
Dev.
Auth.,
Hamilton
Health
Care
System,
4.00%,
8/15/41
1,385
1,359
Dalton
Whitfield
County
Joint
Dev.
Auth.,
Hamilton
Health
Care
System,
5.00%,
8/15/32
900
970
DeKalb
County
Water
&
Sewerage,
5.00%,
10/1/33
750
789
DeKalb
County
Water
&
Sewerage,
5.00%,
10/1/35
2,000
2,095
DeKalb
County
Water
&
Sewerage,
Series A,
5.25%,
10/1/41
4,365
4,370
DeKalb
County
Water
&
Sewerage,
Series B,
5.00%,
10/1/35 (6)
1,980
2,109
DeKalb
County
Water
&
Sewerage,
Series B,
5.25%,
10/1/32 (6)
4,330
4,698
Downtown
Smyrna
Dev.
Auth.,
5.25%,
2/1/28
5,140
5,504
Forsyth
County
School
Dist.,
GO,
5.00%,
2/1/31
3,250
3,478
Forsyth
County
School
Dist.,
GO,
5.00%,
2/1/38
1,000
1,088
Fulton
County
Dev.
Auth.,
Georgia
Tech
Foundation,
Campus
Recreation
Center
and
Technology
Square
Projects,
Series B,
5.00%,
11/1/31
3,020
3,308
T.
ROWE
PRICE
Georgia
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Fulton
County
Dev.
Auth.,
Piedmont
Healthcare
Project,
Series A,
4.00%,
7/1/49
1,695
1,554
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/47
4,150
4,180
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/36
6,125
6,425
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/44
5,175
5,445
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
3.00%,
4/1/24 (2)
500
484
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
4.00%,
4/1/41 (2)
1,000
737
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
4.00%,
4/1/51 (2)
1,000
666
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
5.00%,
4/1/54 (2)
1,550
1,223
Gainesville
&
Hall
County
Dev
Auth.,
Active
Retirement
Communities,
5.00%,
11/15/33
3,480
3,496
Gainesville
&
Hall
County
Dev
Auth.,
Active
Retirement
Communities,
Series A,
6.25%,
9/1/52 (2)
1,250
1,093
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
4.00%,
2/15/51
12,000
10,807
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.25%,
8/15/49
(Prerefunded
2/15/25) (4)
3,000
3,169
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series B,
5.50%,
2/15/42
1,625
1,731
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
3.625%,
1/1/31 (2)
250
221
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/36
3,150
2,898
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/54
6,925
5,609
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/54 (2)
1,240
1,028
Georgia
Housing
&
Fin.
Auth.,
Series A,
4.00%,
6/1/50
1,185
1,186
Georgia
Ports
Auth.,
4.00%,
7/1/47
3,675
3,558
Georgia
Ports
Auth.,
4.00%,
7/1/51
3,500
3,312
Georgia
Ports
Auth.,
4.00%,
7/1/52
1,000
944
Georgia
Ports
Auth.,
5.00%,
7/1/47
3,490
3,836
Georgia
Private
Colleges
&
Univ.
Auth.,
Emory
Univ.,
Series B,
4.00%,
9/1/40
1,450
1,455
Glynn-Brunswick
Memorial
Hosp.
Auth.,
Southeast
Georgia
Health,
RAC,
5.00%,
8/1/34
4,110
4,190
Griffin-Spalding
County
Hosp.
Auth.,
WellStar
Health,
RAC,
5.00%,
4/1/36
1,350
1,401
Gwinnett
County
School
Dist.,
GO,
5.00%,
2/1/35
2,900
3,056
Lagrange
Dev.
Auth.,
Lagrange
College
Project,
5.00%,
10/15/52
1,200
1,052
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.875%,
6/15/47 (2)
1,710
1,710
T.
ROWE
PRICE
Georgia
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
6.00%,
6/15/52 (2)
1,000
1,003
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series A,
4.00%,
5/15/39
1,320
1,210
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series A,
5.00%,
5/15/25
200
205
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series A,
5.00%,
5/15/43
4,705
4,732
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series A,
5.00%,
5/15/49
2,000
2,000
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series A,
5.50%,
9/15/28
3,000
3,237
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series A,
VRDN,
4.00%,
7/1/52
(Tender
9/1/27)
5,000
5,009
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series A,
VRDN,
4.00%,
9/1/52
(Tender
12/1/29)
3,000
2,913
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series B,
VRDN,
4.00%,
8/1/49
(Tender
12/2/24)
2,800
2,818
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series B,
VRDN,
5.00%,
12/1/52
(Tender
6/1/29)
1,575
1,625
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
8/1/48
(Tender
12/1/23)
1,600
1,606
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
5/1/52
(Tender
12/1/28)
2,000
1,955
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series D,
FRN,
67%
of
1M
USD
LIBOR
+
0.83%,
3.354%,
8/1/48
(Tender
12/1/23)
2,000
1,986
Metro
Atlanta
Rapid
Transit
Auth.,
Series A,
4.00%,
7/1/35
5,570
5,777
Metro
Atlanta
Rapid
Transit
Auth.,
Series A,
5.00%,
7/1/43
(Prerefunded
7/1/25) (4)
5,000
5,296
Metro
Atlanta
Rapid
Transit
Auth.,
Sales
Tax,
Series B,
5.00%,
7/1/45
5,000
5,214
Metro
Atlanta
Rapid
Transit
Auth.,
Third
Indenture,
Series A,
4.00%,
7/1/44
5,475
5,475
Municipal
Electric
Auth.
of
Georgia,
Plant
Vogtle
Project,
4.50%,
7/1/63
3,435
3,381
Municipal
Electric
Auth.
of
Georgia,
Plant
Vogtle
Project,
Series A,
4.50%,
7/1/63
2,000
1,885
Municipal
Electric
Auth.
of
Georgia,
Plant
Vogtle
Project,
Series A,
5.00%,
7/1/40
1,000
1,033
Municipal
Electric
Auth.
of
Georgia,
Plant
Vogtle
Project,
Series A,
5.00%,
7/1/41
1,190
1,223
Municipal
Electric
Auth.
of
Georgia,
Plant
Vogtle
Project,
Series A,
5.00%,
7/1/42
1,000
1,026
Municipal
Electric
Auth.
of
Georgia,
Plant
Vogtle
Project,
Series A,
5.00%,
1/1/49
3,610
3,617
T.
ROWE
PRICE
Georgia
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Municipal
Electric
Auth.
of
Georgia,
Plant
Vogtle
Project,
Series A,
5.50%,
7/1/60
5,015
5,078
Municipal
Electric
Auth.
of
Georgia,
Power,
Series EE,
7.25%,
1/1/24 (7)
1,000
1,048
Municipal
Electric
Auth.
of
Georgia,
Power,
Series HH,
5.00%,
1/1/44
4,485
4,559
Municipal
Electric
Auth.
of
Georgia,
Project
1,
Series A,
4.00%,
1/1/39
3,130
2,948
Municipal
Electric
Auth.
of
Georgia,
Project
1,
Series A,
5.00%,
1/1/35
4,440
4,543
Municipal
Electric
Auth.
of
Georgia,
Project
1,
Series A,
5.00%,
1/1/46
1,975
1,995
Private
Colleges
&
Univ.
Auth.,
Emory
Univ.,
Series A,
5.00%,
10/1/43
2,000
2,021
Private
Colleges
&
Univ.
Auth.,
Emory
Univ.,
Series A,
5.00%,
10/1/46
5,075
5,263
Private
Colleges
&
Univ.
Auth.,
Emory
Univ.,
Series B,
4.00%,
9/1/41
5,295
5,300
Private
Colleges
&
Univ.
Auth.,
Emory
Univ.,
Series B,
5.00%,
10/1/38
4,405
4,648
Private
Colleges
&
Univ.
Auth.,
Mercer
Univ.,
4.00%,
10/1/50
4,100
3,652
Private
Colleges
&
Univ.
Auth.,
Mercer
Univ.,
5.00%,
10/1/27
535
578
Private
Colleges
&
Univ.
Auth.,
Savannah
College
of
Art
and
Design,
4.00%,
4/1/39
1,000
969
Private
Colleges
&
Univ.
Auth.,
Savannah
College
of
Art
and
Design,
4.00%,
4/1/41
1,000
964
Private
Colleges
&
Univ.
Auth.,
Savannah
College
of
Art
and
Design,
4.00%,
4/1/44
5,500
5,234
Richmond
County
Hosp.
Auth.,
Univ.
Health
Services,
5.00%,
1/1/31
2,000
2,114
Rockdale
County
Dev.
Auth.,
Pratt
Paper
Project,
4.00%,
1/1/38 (1)(2)
4,000
3,611
Savannah
Economic
Dev.
Auth.,
Marshes
of
Skidaway,
7.25%,
1/1/44
(Prerefunded
1/1/24) (4)
1,000
1,048
Savannah
Hosp.
Auth.,
Saint
Joseph's/Candler
Health,
Series A,
4.00%,
7/1/43
1,700
1,635
Savannah
Hosp.
Auth.,
Saint
Joseph's/Candler
Health,
Series A,
5.50%,
7/1/29
50
51
Savannah
Hosp.
Auth.,
Saint
Joseph's/Candler
Health,
Series A,
5.50%,
7/1/30
3,105
3,144
Savannah
Hosp.
Auth.,
Saint
Joseph's/Candler
Health,
Series A,
5.50%,
7/1/31
220
223
Walton
County
Water
&
Sewer
Auth.,
Hard
Labor
Creek,
5.25%,
2/1/43
425
480
Walton
County
Water
&
Sewer
Auth.,
Hard
Labor
Creek,
5.25%,
2/1/47
1,000
1,120
T.
ROWE
PRICE
Georgia
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Walton
County
Water
&
Sewer
Auth.,
Hard
Labor
Creek,
Series A,
5.00%,
2/1/36
(Prerefunded
2/1/26) (4)
1,050
1,125
378,292
PUERTO
RICO
5.2%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (8)(9)
2,050
933
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35 (2)
745
737
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/47 (2)
500
478
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/24
128
118
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33
494
271
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
1,954
1,698
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
700
595
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
296
247
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41
403
323
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/46
419
322
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.25%,
7/1/23
214
215
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25
428
434
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
678
693
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
747
764
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
720
738
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (9)(10)
10
7
Puerto
Rico
Electric
Power
Auth.,
Series A,
6.75%,
7/1/36 (9)(10)
810
612
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/27 (9)
(10)
100
74
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (9)
(10)
15
11
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (9)
(10)
35
26
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (9)(10)
40
29
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (9)(10)
170
125
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (9)(10)
55
41
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (9)(10)
70
52
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (9)(10)
420
310
T.
ROWE
PRICE
Georgia
Tax-Free
Bond
Fund
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (9)
(10)
425
313
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (9)
(10)
75
56
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (9)
(10)
35
26
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (9)(10)
15
11
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/35 (9)(10)
375
278
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (9)(10)
40
30
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (9)(10)
30
22
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (9)(10)
10
7
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (9)(10)
20
15
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/19 (9)(10)
175
129
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (9)(10)
40
30
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (9)(10)
140
103
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (9)(10)
40
30
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (9)(10)
15
11
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.55%,
7/1/40
168
156
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
4,327
3,943
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58
6,014
5,691
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.329%,
7/1/40
391
353
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.329%,
7/1/40
261
236
21,293
Total
Investments
in
Securities
98.6%
(Cost
$417,134)
$
399,585
Other
Assets
Less
Liabilities
1.4%
5,636
Net
Assets
100.0%
$
405,221
‡
Par
is
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Interest
subject
to
alternative
minimum
tax.
(2)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$15,770
and
represents
3.9%
of
net
assets.
(3)
Escrowed
to
maturity
(4)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(5)
Insured
by
National
Public
Finance
Guarantee
Corporation
(6)
Insured
by
Assured
Guaranty
Municipal
Corporation
(7)
Insured
by
AMBAC
Assurance
Corporation
T.
ROWE
PRICE
Georgia
Tax-Free
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
.
.
.
.
.
.
.
.
.
.
(8)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
(9)
Non-income
producing
(10)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
FRN
Floating
Rate
Note
GO
General
Obligation
PCR
Pollution
Control
Revenue
RAC
Revenue
Anticipation
Certificate
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
VRDN
Variable
Rate
Demand
Note
under
which
the
holder
has
the
right
to
sell
the
security
to
the
issuer
or
the
issuer’s
agent
at
a
predetermined
price
on
specified
dates;
such
specified
dates
are
considered
the
effective
maturity
for
purposes
of
the
fund’s
weighted
average
maturity;
rate
shown
is
effective
rate
at
period-end
and
maturity
date
shown
is
final
maturity.
Certain
VRDN
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
T.
ROWE
PRICE
Georgia
Tax-Free
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
Georgia
Tax-Free
Bond
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
T.
ROWE
PRICE
Georgia
Tax-Free
Bond
Fund
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Georgia
Tax-Free
Bond
Fund
Valuation
Inputs
On
November
30,
2022,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
2,
based
on
the
inputs
used
to
determine
their
fair
values.
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F92-054Q3
11/22