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: February 29, 2024

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

 

Highlights
and
Market
Commentary
Management’s
Discussion
of
Fund
Performance
Performance
and
Expenses
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
February
29,
2024
Annual
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
HIGHLIGHTS
The
tax-exempt
bond
market
was
supported
by
solid
fundamentals
and
produced
positive
returns
during
the
12-month
period
ended
February
29,
2024.
The
California
Tax-Free
Bond
Fund
delivered
positive
results
and
outperformed
its
Lipper
peer
group
average
over
the
12-month
period.
The
fund
maintained
significant
positions
in
revenue-backed
health
care,
transportation,
and
education
bonds.
We
believe
that
higher
yields
and
generally
solid
fundamentals
should
support
demand
for
municipal
bonds
in
the
months
and
years
ahead.
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
An
account
service
fee
will
be
charged
annually
for
each
T.
Rowe
Price
mutual
fund
account
unless
you
meet
criteria
for
a
fee
waiver.
Go
to
troweprice.com/personal-investing/help/fees-and-
minimums.html
to
learn
more
about
this
account
service
fee,
including
other
ways
to
waive
it.
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
Market
Commentary
1
Dear
Shareholder
Global
stock
and
bond
indexes
were
broadly
positive
during
your
fund’s
fiscal
year,
the
12-month
period
ended
February 29,
2024,
as
the
U.S.
economy
remained
healthy
despite
tighter
monetary
policy.
Technology
companies
benefited
from
investor
enthusiasm
for
artificial
intelligence
developments
and
led
the
equity
rally,
while
fixed
income
benchmarks
delivered
positive
results
even
though
there
were
headwinds
from
rising
longer-term
interest
rates.
The
S&P
500
Index,
Nasdaq
Composite
Index,
and
Dow
Jones
Industrial
Average
all
reached
record
highs
during
the
period.
Growth
stocks
outperformed
value
shares,
and
developed
market
stocks
generally
outpaced
their
emerging
markets
counterparts.
Within
the
S&P
500,
the
information
technology,
communication
services,
and
consumer
discretionary
sectors
were
all
lifted
by
the
tech
rally
and
recorded
significant
gains.
Conversely,
the
defensive
utilities
sector
had
the
weakest
returns.
Meanwhile,
the
financials
sector
bounced
back
from
the
failure
of
three
large
regional
banks
in
the
spring
of
2023
and
produced
solid
results
in
the
second
half
of
the
period.
The
U.S.
economy
was
the
strongest
among
the
major
markets.
Jobs
growth
remained
solid
over
the
12-month
period,
helping
to
fuel
consumer
spending.
Corporate
fundamentals
were
also
broadly
supportive.
Year-over-year
earnings
growth
contracted
in
the
first
half
of
2023,
but
earnings
rebounded
in
the
third
and
fourth
quarters.
Markets
remained
resilient
despite
a
debt
ceiling
standoff
in
the
U.S.,
the
outbreak
of
war
in
the
Middle
East,
the
continuing
conflict
between
Russia
and
Ukraine,
and
a
sluggish
economic
recovery
in
China.
Inflation,
as
measured
by
the
consumer
price
index,
fell
from
6.0%
to
3.1%
by
the
end
of
the
period
but
remained
above
the
Federal
Reserve’s
long-term
2%
goal.
In
response
to
the
above-target
inflation
readings,
the
Fed
raised
its
short-term
lending
benchmark
rate
to
a
target
range
of
5.25%
to
5.50%
in
July,
the
highest
level
since
March
2001,
but
then
held
rates
steady
over
the
remainder
of
the
period.
At
its
final
meeting
of
the
period,
in
late
January,
the
central
bank
removed
language
from
its
post-meeting
statement
that
pointed
to
additional
policy
tightening,
but
subsequent
communications
from
Fed
Chair
Jerome
Powell
in
February
indicated
that
policymakers
are
in
no
hurry
to
begin
cutting
rates.
U.S.
Treasury
yields
were
volatile
during
the
period
as
investors
adjusted
their
expectations
for
the
path
of
monetary
policy.
After
starting
the
period
at
3.92%,
the
benchmark
10-year
Treasury
note
yield
briefly
reached
5.00%
in
October
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
2
for
the
first
time
since
late
2007
before
falling
back
to
3.88%
by
the
end
of
2023.
However,
more
hawkish
Fed
communications
in
early
2024
pressured
Treasury
bond
prices,
driving
the
10-year
yield
back
up
to
4.25%
by
period-end.
Municipal
bonds
outperformed
Treasuries
during
the
period,
supported
by
new
issuance
levels
that
remained
below
longer-term
averages.
The
sector
continued
to
see
outflows
in
2023
but
at
a
significantly
lower
level
than
in
2022.
Elsewhere
in
the
fixed
income
market,
high
yield
corporate
bonds
produced
strong
returns,
supported
by
the
higher
coupons
that
have
become
available
since
the
Fed
began
hiking
rates
about
two
years
ago
as
well
as
by
increasing
hopes
that
the
economy
might
be
able
to
avoid
a
recession.
Global
economies
and
markets
showed
surprising
resilience
in
2023,
but
considerable
uncertainty
remains
as
we
look
ahead.
Geopolitical
events,
the
path
of
monetary
policy,
and
the
impact
of
the
Fed’s
rate
hikes
on
the
economy
all
raise
the
potential
for
additional
volatility.
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
help
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely, 
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
Management’s
Discussion
of
Fund
Performance
3
INVESTMENT
OBJECTIVE 
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.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past
12
months?
The
California
Tax-Free
Bond
Fund
returned
6.26%
for
the
12
months
ended
February
29,
2024,
outperforming
the
Lipper
California
Municipal
Debt
Funds
Average,
which
returned
5.78%.
(Returns
for
the
I
Class
varied
slightly,
reflecting
its
different
fee
structure.
Past
performance
cannot
guarantee
future
results
.
)
What
factors
influenced
the
fund’s
performance?
The
tax-exempt
bond
market
rebounded
from
a
historically
difficult
period
in
2022
and
delivered
positive
returns
during
the
12
months
ended
February
29,
2024.
The
municipal
market
was
supported
by
solid
fundamentals
and
issuance
that
remained
at
relatively
modest
levels.
Based
on
Bloomberg
data,
California
bonds
generally
outperformed
the
national
Bloomberg
Municipal
Bond
Index,
which
gained
5.42%.
Security
selection
in
the
revenue
sector
was
the
largest
contributor
to
relative
results
versus
the
national
benchmark,
led
by
our
positions
in
the
hospital
and
dedicated
tax
subsectors.
However,
our
position
in
public
power
bonds
weighed
on
performance
and
was
an
offsetting
factor.
Selection
in
local
and
state
general
obligation
(GO)
bonds
also
added
value.
Interest
rate
management
was
an
overall
contributor
due
to
our
relatively
long
duration
position
relative
to
the
national
benchmark,
a
factor
that
was
beneficial
as
municipal
yields
declined
across
most
of
the
yield
curve
during
the
period.
But
our
overweight
allocations
to
the
long
end
of
the
yield
curve
partially
weighed
on
results
as
yields
in
this
segment
ended
the
period
slightly
PERFORMANCE
COMPARISON
Total
Return
Periods
Ended
2/29/24
6
Months
12
Months
California
Tax-Free
Bond
Fund
–
.
4.81‌%
6.26‌%
California
Tax-Free
Bond
Fund–
.
I  Class
4.89‌
6.40‌
Lipper
California
Municipal
Debt
Funds
Average
4.88‌
5.78‌
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
4
higher
while
the
short
and
intermediate
segments
decreased.
We
believe
a
modestly
long
duration
position
is
appropriate
going
forward
as
the
Federal
Reserve
appears
to
have
reached
the
end
of
its
interest
rate-hiking
cycle,
even
though
uncertainty
remains
about
the
timing
of
potential
rate
cuts.
The
fund’s
overall
underweight
to
GO
debt
and
an
overweight
to
revenue-
backed
debt,
as
well
as
allocations
within
the
revenue
subsectors,
further
supported
portfolio
performance.
Notably,
our
overweights
to
continuing
care
retirement
communities
and
student
housing,
along
with
an
underweight
to
the
water
and
sewer
subsector,
aided
performance.
How
is
the
fund
positioned?
Within
the
revenue
sector,
the
health
care
segment
remained
our
largest
allocation
and
represented
nearly
21%
of
the
fund’s
net
assets
at
the
end
of
the
period.
While
hospital
margins
came
under
pressure
in
2022
as
inflation
accelerated
and
pandemic-related
federal
support
waned,
high-quality
hospital
balance
sheets
have
improved
to
nearly
pre-pandemic
levels
as
a
result
of
improved
operational
performance.
The
portfolio
also
maintained
significant
allocations
to
the
transportation
and
education
sectors.
We
held
a
notable
position
in
bonds
from
Puerto
Rico,
which
provide
income
that
is
tax-exempt
in
all
50
states.
We
believe
that
the
island’s
debt
should
benefit
from
the
significant
economic
activity
driven
by
disaster
and
pandemic
federal
relief.
Purchases
during
the
period
included
bonds
issued
by
Provident
Group-
Pomona
Properties
for
student
housing
at
Western
University
of
Health
Sciences
and
Ravenswood
City
School
District,
a
high-quality
local
GO
issuer.
We
also
added
California
prepaid
gas
revenue
bonds.
Meanwhile,
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.
CREDIT
QUALITY
DIVERSIFICATION
California
Tax-Free
Bond
Fund
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
5
we
reduced
our
exposure
to
the
State
of
California’s
GO
debt
during
the
period
amid
a
decline
in
the
state’s
tax
revenue.
(Please
refer
to
the
fund’s
portfolio
of
investments
for
a
complete
list
of
holdings
and
the
amount
each
represents
in
the
portfolio.)
Approximately
44%
of
the
portfolio
consisted
of
AAA
and
AA
rated
bonds
at
period-end,
but
we
continue
to
overweight
A
and
BBB
rated
debt.
We
believe
these
lower-rated
investment-grade
segments
are
an
area
where
our
credit
research
team
can
find
investment
opportunities
that
offer
incremental
risk-
adjusted
yield.
We
also
maintained
positions
in
below
investment-grade
and
unrated
bonds.
What
is
portfolio
management’s
outlook?
Despite
substantial
macroeconomic
headwinds,
the
municipal
bond
market’s
credit
fundamentals
remained
generally
strong
thanks
to
pandemic-era
federal
aid
and
improved
fiscal
management
by
some
of
the
most
challenged
issuers.
These
factors,
in
our
view,
should
help
buffer
credit
ratings
in
a
recession
if
one
transpires,
although
a
recession
is
not
our
base
case.
Regarding
market
technicals,
the
backdrop
of
higher
yields
and
generally
solid
fundamentals
should,
in
our
view,
draw
investors
back
to
the
municipal
market
in
the
months
and
years
ahead.
While
flows
to
the
asset
class
recently
flipped
to
net
positive
as
inflows
to
municipal
bond
mutual
funds
reemerged,
we
acknowledge
that
bouts
of
outflows
may
persist
until
interest
rate
volatility
shows
a
more
sustained
moderation.
Although
credit
spreads
have
tightened
and
currently
sit
near
their
long-term
averages,
we
believe
our
fundamental
research
process
positions
us
well
to
identify
and
capture
attractive
opportunities
across
our
investable
universe.
In
navigating
this
complex
investment
landscape,
we
are
taking
a
selective
approach
toward
bond
structures
and
maintaining
an
emphasis
on
bottom-up
credit
factors.
As
always,
we
are
striving
to
stay
risk
aware
and
disciplined
in
our
investment
process,
which
we
believe
will
serve
our
shareholders
well
over
time.
The
views
expressed
reflect
the
opinions
of
T.
Rowe
Price
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic,
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
6
RISKS
OF
INVESTING
IN
FIXED
INCOME
SECURITIES
Bonds
are
subject
to
interest
rate
risk
(the
decline
in
bond
prices
that
usually
accompanies
a
rise
in
interest
rates)
and
credit
risk
(the
chance
that
any
fund
holding
could
have
its
credit
rating
downgraded
or
that
a
bond
issuer
will
default
by
failing
to
make
timely
payments
of
interest
or
principal),
potentially
reducing
the
fund’s
income
level
and
share
price.
The
fund
is
less
diversified
than
one
investing
nationally.
Some
income
may
be
subject
to
state
and
local
taxes
and
the
federal
alternative
minimum
tax.
BENCHMARK
INFORMATION
Note:
Bloomberg
®
and the
Bloomberg
Municipal
Bond
Index
are
service
marks
of
Bloomberg
Finance
L.P.
and
its
affiliates,
including
Bloomberg
Index
Services
Limited
(“BISL”),
the
administrator
of
the
index
(collectively,
“Bloomberg”)
and
have
been
licensed
for
use
for
certain
purposes
by
T.
Rowe
Price.
Bloomberg
is
not
affiliated
with
T.
Rowe
Price,
and
Bloomberg
does
not
approve,
endorse,
review,
or
recommend
its
products.
Bloomberg
does
not
guarantee
the
timeliness,
accurateness,
or
completeness
of
any
data
or
information
relating
to
its
products.
Note:
Copyright
©
2024
Fitch
Ratings,
Inc.,
Fitch
Ratings
Ltd.
and
its
subsidiaries.
Note:
Portions
of
the
mutual
fund
information
contained
in
this
report
was
supplied
by
Lipper,
a
Refinitiv
Company,
subject
to
the
following:
Copyright
2024
©
Refinitiv.
All
rights
reserved.
Any
copying,
republication
or
redistribution
of
Lipper
content
is
expressly
prohibited
without
the
prior
written
consent
of
Lipper.
Lipper
shall
not
be
liable
for
any
errors
or
delays
in
the
content,
or
for
any
actions
taken
in
reliance
thereon.
Note:
©
2024,
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
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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.
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
7
Note:
Copyright
©
2024,
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.
BENCHMARK
INFORMATION
(continued)
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
8
GROWTH
OF
$10,000 
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund returns
as
well
as
mutual fund
averages
and
indexes.
CALIFORNIA
TAX-FREE
BOND
FUND 
Note:
Performance
for
the I
Class shares
will
vary
due
to
their differing
fee
structure.
See
the
Average
Annual
Compound
Total
Return
table
on
the
next
page. 
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
9
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
EXPENSE
RATIO
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.
Periods
Ended
2/29/24
1
Year
5
Years
10
Years
Since
Inception
Inception
Date
California
Tax-Free
Bond
Fund
–
.
6.26‌%
2.03‌%
2.86‌%
–‌
–
California
Tax-Free
Bond
Fund–
.
I  Class
6.40‌
2.13‌
–‌
2.22‌%
7/6/17
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
for
the
periods
shown
had
been
earned
at
a
constant
rate.
Average
annual
total
return
figures
include
changes
in
principal
value,
reinvested
dividends,
and
capital
gain
distributions.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Past
performance
cannot
guarantee
future
results.
When
assessing
performance,
investors
should
consider
both
short-
and
long-term
returns.
California
Tax-Free
Bond
Fund
0.58‌%
California
Tax-Free
Bond
Fund–I
Class
0.45‌ 
The
expense
ratio
shown
is
as
of
the
fund’s
most
recent
prospectus.
This
number
may
vary
from
the
expense
ratio
shown
elsewhere
in
this
report
because
it
is
based
on
a
different
time
period
and,
if
applicable,
includes
acquired
fund
fees
and
expenses
but
does
not
include
fee
or
expense
waivers.
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
10
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.
CALIFORNIA
TAX-FREE
BOND
FUND
Beginning
Account
Value
9/1/23
Ending
Account
Value
2/29/24
Expenses
Paid
During
Period*
9/1/23
to
2/29/24
Investor
Class
Actual
$1,000.00
$1,048.10
$2.90
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,022.03
  2.87
I
Class
Actual
  1,000.00
  1,048.90
  2.24
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,022.68
  2.21
*
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
(182),
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
11
QUARTER-END
RETURNS
Periods
Ended
12/31/23
1
Year
5
Years
10
Years
Since
Inception
Inception
Date
California
Tax-Free
Bond
Fund
–
.
7.11‌%
2.25‌%
3.24‌%
–‌
–
California
Tax-Free
Bond
Fund–
.
I  Class
7.26‌ 
2.36‌ 
–‌
2.28‌%
7/6/17
The
fund’s
performance
information
represents
only
past
performance
and
is
not
necessarily
an
indication
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
cited.
Share
price,
principal
value,
and
return
will
vary,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
For
the
most
recent
month-end
performance,
please
visit
our
website
(troweprice.com)
or
contact
a
T.
Rowe
Price
representative
at
1
-
800
-
225
-
5132
or,
for
2
I
Class
shares,
1-800-638-8790
.
This
table
provides
returns
net
of
expenses
through
the
most
recent
calendar
quarter-end
rather
than
through
the
end
of
the
fund’s
fiscal
period.
It
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
for
the
periods
shown
had
been
earned
at
a
constant
rate.
Average
annual
total
return
figures
include
changes
in
principal
value,
reinvested
dividends,
and
capital
gain
distributions.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
When
assessing
performance,
investors
should
consider
both
short-
and
long-term
returns.
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
Financial
Highlights
12
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
NET
ASSET
VALUE
Beginning
of
period
$
10.52‌
$
11.49‌
$
11.80‌
$
12.04‌
$
11.34‌
Investment
activities
Net
investment
income
(1)(2)
0.34‌
0.31‌
0.30‌
0.32‌
0.34‌
Net
realized
and
unrealized
gain/
loss
0.31‌
(0.97‌)
(0.27‌)
(0.23‌)
0.70‌
Total
from
investment
activities
0.65‌
(0.66‌)
0.03‌
0.09‌
1.04‌
Distributions
Net
investment
income
(0.34‌)
(0.30‌)
(0.30‌)
(0.32‌)
(0.34‌)
Net
realized
gain
—‌
(0.01‌)
(0.04‌)
(0.01‌)
—‌
Total
distributions
(0.34‌)
(0.31‌)
(0.34‌)
(0.33‌)
(0.34‌)
NET
ASSET
VALUE
End
of
period
$
10.83‌
$
10.52‌
$
11.49‌
$
11.80‌
$
12.04‌
Ratios/Supplemental
Data
Total
return
(2)(3)
6.26‌%
(5.71‌)%
0.13‌%
0.80‌%
9.32‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.57‌%
0.58‌%
0.53‌%
0.53‌%
0.53‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.57‌%
0.58‌%
0.53‌%
0.53‌%
0.53‌%
Net
investment
income
3.21‌%
2.87‌%
2.48‌%
2.74‌%
2.93‌%
Portfolio
turnover
rate
12.0‌%
28.3‌%
8.3‌%
16.1‌%
8.3‌%
Net
assets,
end
of
period
(in
thousands)
$382,476
$349,156
$455,003
$562,592
$623,994
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
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.
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
Financial
Highlights
13
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
NET
ASSET
VALUE
Beginning
of
period
$
10.51‌
$
11.49‌
$
11.79‌
$
12.03‌
$
11.34‌
Investment
activities
Net
investment
income
(1)(2)
0.35‌
0.32‌
0.31‌
0.33‌
0.35‌
Net
realized
and
unrealized
gain/
loss
0.31‌
(0.97‌)
(0.26‌)
(0.23‌)
0.69‌
Total
from
investment
activities
0.66‌
(0.65‌)
0.05‌
0.10‌
1.04‌
Distributions
Net
investment
income
(0.35‌)
(0.32‌)
(0.31‌)
(0.33‌)
(0.35‌)
Net
realized
gain
—‌
(0.01‌)
(0.04‌)
(0.01‌)
—‌
Total
distributions
(0.35‌)
(0.33‌)
(0.35‌)
(0.34‌)
(0.35‌)
NET
ASSET
VALUE
End
of
period
$
10.82‌
$
10.51‌
$
11.49‌
$
11.79‌
$
12.03‌
Ratios/Supplemental
Data
Total
return
(2)(3)
6.40‌%
(5.66‌)%
0.33‌%
0.90‌%
9.34‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.44‌%
0.45‌%
0.43‌%
0.43‌%
0.43‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.44‌%
0.44‌%
0.43‌%
0.43‌%
0.43‌%
Net
investment
income
3.35‌%
3.01‌%
2.59‌%
2.83‌%
3.02‌%
Portfolio
turnover
rate
12.0‌%
28.3‌%
8.3‌%
16.1‌%
8.3‌%
Net
assets,
end
of
period
(in
thousands)
$361,111
$310,843
$245,613
$134,569
$123,278
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
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.
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
February
29,
2024
14
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES
99.2%
CALIFORNIA
96.0%
Adelanto
Public
Utility
Auth.,
Utility
System
Project,
Series A,
5.00%,
7/1/39  (1)
2,000‌
2,122‌
Alameda
Corridor
Transportation
Auth.,
Series C,
5.00%,
10/1/52  (1)
1,000‌
1,082‌
Bay
Area
Toll
Auth.,
Series A,
VRDN,
3.45%,
4/1/55 
5,250‌
5,250‌
Bay
Area
Toll
Auth.,
Series S-8,
3.00%,
4/1/54  (2)
5,000‌
3,824‌
California,
GO,
4.25%,
9/1/52 
3,510‌
3,585‌
California,
Series CU,
GO,
4.75%,
12/1/42 
2,250‌
2,382‌
California,
Series CU,
GO,
4.85%,
12/1/46 
1,230‌
1,311‌
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29) 
2,400‌
2,517‌
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
Series 2023-F,
VRDN,
5.50%,
10/1/54
(Tender
11/1/30) 
3,850‌
4,218‌
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
Series B-1,
VRDN,
4.00%,
2/1/52
(Tender
8/1/31) 
6,000‌
6,030‌
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
Series E-1,
VRDN,
5.00%,
2/1/54
(Tender
3/1/31) 
5,500‌
5,860‌
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
Series G,
VRDN,
5.25%,
11/1/54
(Tender
4/1/30) 
3,000‌
3,201‌
California
Community
Housing
Agency,
5.00%,
8/1/49  (3)
2,000‌
1,898‌
California
County
Tobacco
Securitization
Agency,
Series B-1,
5.00%,
6/1/49 
265‌
274‌
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
1,213‌
California
EFA,
Series A,
5.00%,
12/1/34 
1,000‌
1,066‌
California
EFA,
Series A,
5.00%,
12/1/44 
3,500‌
3,598‌
California
EFA,
Chapman
Univ.,
5.00%,
4/1/36 
4,260‌
4,325‌
California
EFA,
Univ.
of
San
Francisco,
Series A,
5.00%,
10/1/38 
1,300‌
1,382‌
California
EFA,
Univ.
of
San
Francisco,
Series A,
5.00%,
10/1/43 
4,500‌
4,716‌
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
8/1/35 
400‌
420‌
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
1/15/39  (5)
400‌
443‌
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
8/1/40 
500‌
519‌
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
1/15/45  (5)
1,000‌
1,076‌
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
8/1/45 
550‌
568‌
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
8/1/50 
550‌
567‌
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
15
Par
$
Value
(Amounts
in
000s)
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
8/1/55 
825‌
843‌
California
HFFA,
Cedars-Sinai
Health
System,
Series A,
3.00%,
8/15/51  (2)
3,250‌
2,702‌
California
HFFA,
Cedars-Sinai
Health
System,
Series A,
3.00%,
8/15/51 
2,000‌
1,595‌
California
HFFA,
Cedars-Sinai
Health
System,
Series A,
4.00%,
8/15/48 
3,090‌
3,047‌
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/28 
560‌
579‌
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/29 
880‌
911‌
California
HFFA,
Kaiser
Permanente,
Series A-2,
5.00%,
11/1/47 
5,000‌
5,931‌
California
HFFA,
Lucile
Salter
Packard
Children's
Hosp.
at
Stanford,
4.00%,
5/15/51 
9,000‌
8,804‌
California
HFFA,
Northern
California
Presbyterian
Homes
&
Services,
5.00%,
7/1/34 
700‌
720‌
California
HFFA,
Northern
California
Presbyterian
Homes
&
Services,
5.00%,
7/1/39 
1,300‌
1,327‌
California
HFFA,
Northern
California
Presbyterian
Homes
&
Services,
5.00%,
7/1/44 
1,400‌
1,425‌
California
HFFA,
Providence
Healthcare
&
Services,
Unrefunded
Balance,
Series A,
5.00%,
10/1/38 
1,410‌
1,418‌
California
HFFA,
Stanford
Health
Care,
Series A,
4.00%,
8/15/50 
5,870‌
5,788‌
California
HFFA,
Sutter
Health,
Series A,
5.00%,
11/15/35 
1,000‌
1,068‌
California
HFFA,
Sutter
Health,
Series A,
5.00%,
11/15/38 
2,000‌
2,109‌
California
HFFA,
Sutter
Health,
Series A,
5.00%,
11/15/48 
4,700‌
4,860‌
California
HFFA,
Sutter
Health,
Series B,
5.00%,
11/15/46
(Prerefunded
11/15/26)  (4)
1,020‌
1,080‌
California
HFFA,
Sutter
Health,
Unrefunded
Balance,
Series B,
5.00%,
11/15/46 
1,480‌
1,514‌
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35 
1,424‌
1,420‌
California
Housing
Fin.,
Series 2019-2,
Class
A,
4.00%,
3/20/33 
2,749‌
2,754‌
California
Housing
Fin.,
Series 2023-1,
Class
A,
4.375%,
9/20/36 
2,314‌
2,289‌
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
4.125%,
11/1/52 
2,835‌
2,713‌
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
FRN,
100%
of
MUNIPSA
+
0.70%,
4.00%,
12/1/50
(Tender
6/1/26) 
1,175‌
1,147‌
California
Infrastructure
&
Economic
Dev.
Bank,
Academy
of
Sciences,
Series A,
3.25%,
8/1/29  (5)
2,800‌
2,825‌
California
Infrastructure
&
Economic
Dev.
Bank,
Academy
of
Sciences,
Series D,
FRN,
100%
of
MUNIPSA
+
0.35%,
3.65%,
8/1/47
(Tender
3/6/24) 
1,975‌
1,975‌
California
Infrastructure
&
Economic
Dev.
Bank,
Green
Bond,
4.00%,
10/1/44 
5,250‌
5,442‌
California
Infrastructure
&
Economic
Dev.
Bank,
Green
Bond-
Climate
Bond
Certified,
5.00%,
8/1/49 
3,750‌
4,006‌
California
Infrastructure
&
Economic
Dev.
Bank,
Los
Angeles
Museum
of
National
History,
3.00%,
7/1/50 
6,750‌
5,175‌
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
16
Par
$
Value
(Amounts
in
000s)
California
Municipal
Fin.
Auth.,
Bowles
Hall
Foundation,
Series A,
5.00%,
6/1/35 
300‌
305‌
California
Municipal
Fin.
Auth.,
Bowles
Hall
Foundation,
Series A,
5.00%,
6/1/50 
4,830‌
4,866‌
California
Municipal
Fin.
Auth.,
California
Baptist
Univ.,
Series A,
5.00%,
11/1/36  (3)
1,920‌
1,937‌
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
1,430‌
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series A,
4.00%,
8/15/42 
635‌
611‌
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series A,
5.25%,
8/15/53 
1,665‌
1,736‌
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series B,
3.00%,
8/15/31 
135‌
128‌
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series B,
4.00%,
8/15/41 
295‌
276‌
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series B,
4.00%,
8/15/51 
435‌
376‌
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series B,
4.00%,
8/15/56 
330‌
278‌
California
Municipal
Fin.
Auth.,
Channing
House
Project,
Series A,
5.00%,
5/15/35 
1,000‌
1,072‌
California
Municipal
Fin.
Auth.,
Channing
House
Project,
Series B,
5.00%,
5/15/47 
2,200‌
2,281‌
California
Municipal
Fin.
Auth.,
CHF-Davis
I,
LLC-West
Village,
5.00%,
5/15/36  (2)
2,000‌
2,120‌
California
Municipal
Fin.
Auth.,
Claremont
College
Project,
Series A,
5.00%,
7/1/40  (3)
1,515‌
1,458‌
California
Municipal
Fin.
Auth.,
Claremont
College
Project,
Series A,
5.00%,
7/1/52  (3)
2,075‌
1,899‌
California
Municipal
Fin.
Auth.,
Community
Health
System,
Series A,
4.00%,
2/1/51 
3,900‌
3,470‌
California
Municipal
Fin.
Auth.,
Eisnhower
Medical
Center,
Series A,
5.00%,
7/1/33 
1,000‌
1,041‌
California
Municipal
Fin.
Auth.,
Eisnhower
Medical
Center,
Series A,
5.00%,
7/1/36 
2,550‌
2,637‌
California
Municipal
Fin.
Auth.,
Green
Bond-Orchard
Park
Student,
4.00%,
5/15/46  (2)
1,750‌
1,712‌
California
Municipal
Fin.
Auth.,
Institute
on
Aging
Project,
5.00%,
8/15/36 
365‌
392‌
California
Municipal
Fin.
Auth.,
Institute
on
Aging
Project,
5.00%,
8/15/37 
315‌
337‌
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
4.00%,
10/1/29  (3)
415‌
402‌
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
17
Par
$
Value
(Amounts
in
000s)
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
5.00%,
10/1/39  (3)
900‌
891‌
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
5.00%,
10/1/49  (3)
1,000‌
938‌
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
5.00%,
10/1/57  (3)
1,650‌
1,503‌
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
4.00%,
12/31/47  (1)(6)
2,845‌
2,694‌
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
4.00%,
12/31/47  (6)
3,000‌
2,665‌
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
5.00%,
12/31/38  (6)
1,500‌
1,520‌
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
5.00%,
12/31/43  (6)
5,500‌
5,495‌
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
5.00%,
12/31/47  (6)
2,830‌
2,826‌
California
Municipal
Fin.
Auth.,
MT
San
Antonio
Gardens
Project,
5.00%,
11/15/39 
1,700‌
1,707‌
California
Municipal
Fin.
Auth.,
MT
San
Antonio
Gardens
Project,
5.00%,
11/15/49 
3,875‌
3,645‌
California
Municipal
Fin.
Auth.,
MT
San
Antonio
Gardens
Project,
Series A,
4.00%,
11/15/52 
1,000‌
787‌
California
Municipal
Fin.
Auth.,
MT
San
Antonio
Gardens
Project,
Series A,
4.00%,
11/15/56 
1,100‌
847‌
California
Municipal
Fin.
Auth.,
National
Univ.,
Series A,
5.00%,
4/1/29 
1,045‌
1,145‌
California
Municipal
Fin.
Auth.,
National
Univ.,
Series A,
5.00%,
4/1/30 
1,245‌
1,360‌
California
Municipal
Fin.
Auth.,
National
Univ.,
Series A,
5.00%,
4/1/32 
1,035‌
1,129‌
California
Municipal
Fin.
Auth.,
National
Univ.,
Series A,
5.00%,
4/1/40 
1,000‌
1,061‌
California
Municipal
Fin.
Auth.,
National
Univ.,
Series A,
5.00%,
4/1/41 
3,000‌
3,174‌
California
Municipal
Fin.
Auth.,
Orange
County
Civic
CTR
Infrastructure,
Series A,
5.00%,
6/1/43 
1,950‌
2,078‌
California
Municipal
Fin.
Auth.,
Paradise
Valley
Estates
Project,
Series A,
5.00%,
1/1/30 
510‌
553‌
California
Municipal
Fin.
Auth.,
Paradise
Valley
Estates
Project,
Series A,
5.00%,
1/1/31 
375‌
407‌
California
Municipal
Fin.
Auth.,
Paradise
Valley
Estates
Project,
Series A,
5.00%,
1/1/32 
350‌
380‌
California
Municipal
Fin.
Auth.,
Republic
Services,
Series A,
VRDN,
4.70%,
7/1/41
(Tender
4/1/24)  (6)
2,800‌
2,801‌
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/26  (7)
950‌
1,004‌
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
18
Par
$
Value
(Amounts
in
000s)
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/28  (7)
1,005‌
1,110‌
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/29  (7)
780‌
878‌
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/31  (7)
1,000‌
1,164‌
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/32  (7)
1,025‌
1,212‌
California
Municipal
Fin.
Auth.,
Samuel
Merritt
Univ.,
5.25%,
6/1/53 
3,775‌
4,064‌
California
Municipal
Fin.
Auth.,
Touro
College
&
Univ.
System,
Series A,
4.00%,
1/1/25
(Prerefunded
7/1/24)  (4)
560‌
562‌
California
Municipal
Fin.
Auth.,
UCR
North
Dist.
Phase
1
Student,
5.00%,
5/15/33 
1,000‌
1,081‌
California
Municipal
Fin.
Auth.,
Univ.
of
San
Diego,
Series A,
5.00%,
10/1/49 
4,500‌
4,728‌
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/37 
3,440‌
3,627‌
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/48 
4,025‌
4,125‌
California
PFA,
Enso
Village
Project,
5.00%,
11/15/46  (3)
500‌
435‌
California
PFA,
Enso
Village
Project,
5.00%,
11/15/51  (3)
1,000‌
847‌
California
PFA,
Enso
Village
Project,
5.00%,
11/15/56  (3)
1,000‌
831‌
California
PFA,
Henry
Mayo
Newhall
Hosp.,
5.00%,
10/15/32 
500‌
510‌
California
PFA,
Henry
Mayo
Newhall
Hosp.,
5.00%,
10/15/33 
500‌
510‌
California
PFA,
Henry
Mayo
Newhall
Hosp.,
5.00%,
10/15/37 
1,000‌
1,013‌
California
PFA,
Henry
Mayo
Newhall
Hosp.,
5.00%,
10/15/47 
3,500‌
3,507‌
California
PFA,
Hoag
Memorial
Hosp.,
Series A,
4.00%,
7/15/51 
5,000‌
4,986‌
California
Pollution
Control
Fin.
Auth.,
Waste
Management
Project,
Series A,
VRDN,
2.50%,
7/1/31
(Tender
5/1/24)  (6)
2,625‌
2,615‌
California
Public
Works
Board,
Series B,
4.00%,
5/1/40 
750‌
781‌
California
Public
Works
Board,
Series B,
4.00%,
5/1/41 
1,000‌
1,034‌
California
School
Fin.
Auth.,
Aspire
Public
School,
5.00%,
8/1/41
(Prerefunded
8/1/25)  (3)(4)
175‌
180‌
California
School
Fin.
Auth.,
Classical
Academies,
Series A,
5.00%,
10/1/52  (3)
2,000‌
1,955‌
California
School
Fin.
Auth.,
John
Adams
Academies,
Series A,
5.00%,
7/1/52  (3)
600‌
559‌
California
School
Fin.
Auth.,
Kipp
Socal
Public
School,
Series A,
4.00%,
7/1/50  (3)
1,135‌
966‌
California
School
Fin.
Auth.,
Kipp
Socal
Public
School,
Series A,
5.00%,
7/1/39  (3)
2,000‌
2,055‌
California
School
Fin.
Auth.,
Kipp
Socal
Public
School,
Series A,
5.00%,
7/1/49  (3)
1,850‌
1,859‌
California
School
Fin.
Auth.,
Kipp
Socal
Public
School,
Series A,
5.00%,
7/1/54  (3)
1,150‌
1,147‌
California
School
Fin.
Auth.,
New
Designs
Charter
School
ADA,
5.00%,
6/1/40  (3)
690‌
682‌
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
19
Par
$
Value
(Amounts
in
000s)
California
School
Fin.
Auth.,
New
Designs
Charter
School
ADA,
5.00%,
6/1/50  (3)
2,090‌
2,013‌
California
State
Univ.,
Series C,
4.00%,
11/1/45 
1,100‌
1,108‌
California
Statewide
CDA,
5.00%,
9/2/40 
1,055‌
1,081‌
California
Statewide
CDA,
5.375%,
9/2/52 
1,990‌
2,022‌
California
Statewide
CDA,
Series D,
5.50%,
9/2/53 
2,500‌
2,549‌
California
Statewide
CDA,
899
Charleston
Project,
Series A,
5.25%,
11/1/44  (3)
1,500‌
1,282‌
California
Statewide
CDA,
CHF-Irvine,
5.00%,
5/15/34 
1,250‌
1,276‌
California
Statewide
CDA,
CHF-Irvine,
5.00%,
5/15/35 
1,000‌
1,019‌
California
Statewide
CDA,
CHF-Irvine,
5.00%,
5/15/40 
950‌
960‌
California
Statewide
CDA,
Enloe
Medical
Center,
5.00%,
8/15/38
(Prerefunded
2/15/26)  (4)
2,500‌
2,604‌
California
Statewide
CDA,
Enloe
Medical
Center,
Series A,
5.25%,
8/15/52  (1)
3,120‌
3,413‌
California
Statewide
CDA,
Enloe
Medical
Center,
Series A,
5.375%,
8/15/57  (1)
1,000‌
1,100‌
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
4.00%,
4/1/41 
2,000‌
1,972‌
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
4.00%,
4/1/51 
4,000‌
3,665‌
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
5.00%,
11/15/44
(Prerefunded
11/15/24)  (1)(4)
1,750‌
1,774‌
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
Series A,
5.00%,
4/1/28 
390‌
407‌
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
Series A,
5.00%,
4/1/31 
175‌
183‌
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
Series A,
5.00%,
4/1/47 
1,750‌
1,789‌
California
Statewide
CDA,
Huntington
Memorial
Hosp.
Project,
5.00%,
7/1/43 
1,750‌
1,847‌
California
Statewide
CDA,
Huntington
Memorial
Hosp.
Project,
5.00%,
7/1/48 
5,650‌
5,898‌
California
Statewide
CDA,
Infrastructure
Program,
5.00%,
9/2/50 
800‌
812‌
California
Statewide
CDA,
Infrastructure
Program,
Series A,
5.00%,
9/2/48 
940‌
970‌
California
Statewide
CDA,
John
Muir
Health,
Series A,
4.00%,
8/15/51 
2,100‌
2,006‌
California
Statewide
CDA,
John
Muir
Health,
Series A,
5.00%,
8/15/46 
1,000‌
1,024‌
California
Statewide
CDA,
John
Muir
Health,
Series A,
5.00%,
8/15/51 
1,750‌
1,790‌
California
Statewide
CDA,
John
Muir
Health,
Series A,
5.00%,
12/1/53 
1,000‌
1,034‌
California
Statewide
CDA,
Lancer
Educational
Student
Housing
Project,
Series A,
5.00%,
6/1/34  (3)
375‌
388‌
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
20
Par
$
Value
(Amounts
in
000s)
California
Statewide
CDA,
Lancer
Educational
Student
Housing
Project,
Series A,
5.00%,
6/1/39  (3)
675‌
683‌
California
Statewide
CDA,
Lancer
Educational
Student
Housing
Project,
Series A,
5.00%,
6/1/51  (3)
4,135‌
4,009‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/36  (3)
500‌
506‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58  (3)
7,750‌
7,880‌
California
Statewide
CDA,
Methodist
Hosp.
of
Southern
CA,
5.00%,
1/1/38 
750‌
779‌
California
Statewide
CDA,
Methodist
Hosp.
of
Southern
CA,
5.00%,
1/1/43 
1,800‌
1,838‌
California
Statewide
CDA,
Methodist
Hosp.
of
Southern
CA,
5.00%,
1/1/48 
2,910‌
2,945‌
California
Statewide
CDA,
Montage
Health,
Series A,
4.00%,
6/1/40 
1,000‌
1,029‌
California
Statewide
CDA,
Montage
Health,
Series A,
4.00%,
6/1/41 
1,000‌
1,024‌
California
Statewide
CDA,
Montage
Health,
Series A,
4.00%,
6/1/46 
1,755‌
1,758‌
California
Statewide
CDA,
Rady
Children's
Hosp.,
Series B,
VRDN,
3.40%,
8/15/47 
300‌
300‌
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/29 
1,000‌
1,014‌
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
5.00%,
9/2/49 
1,000‌
1,024‌
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
Series A-1,
5.00%,
9/2/42 
1,000‌
1,021‌
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
Series A-1,
5.00%,
9/2/52 
1,100‌
1,093‌
California
Statewide
CDA,
Univ.
of
California,
Irvine
Campus,
Series A,
5.00%,
5/15/26 
950‌
971‌
California
Statewide
CDA,
Univ.
of
California,
Irvine
Campus,
Series A,
5.00%,
5/15/28 
1,230‌
1,273‌
California
Statewide
CDA,
Univ.
of
California,
Irvine
Campus,
Series A,
5.00%,
5/15/37 
1,000‌
1,020‌
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
138‌
California
Statewide
CDA,
Viamonte
Senior
Living,
Series A,
5.00%,
7/1/31 
150‌
165‌
California
Statewide
CDA,
Viamonte
Senior
Living,
Series A,
5.00%,
7/1/32 
100‌
110‌
California
Statewide
CDA,
Viamonte
Senior
Living,
Series A,
5.00%,
7/1/33 
125‌
137‌
California,
Various
Purpose,
GO,
5.00%,
10/1/39 
2,375‌
2,391‌
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
21
Par
$
Value
(Amounts
in
000s)
Chino
Valley
Unified
School
Dist.,
Series B,
GO,
3.375%,
8/1/50  (1)
7,950‌
6,976‌
Compton
Community
Redev.
Agency
Successor
Agency,
Series A,
5.00%,
8/1/37  (1)
1,700‌
1,910‌
Compton
Community
Redev.
Agency
Successor
Agency,
Series A,
5.00%,
8/1/42  (1)
1,250‌
1,375‌
CSCDA
Community
Improvement
Auth.,
Altana
Glendale
Social
Bonds,
Series A-2,
4.00%,
10/1/56  (3)
2,470‌
1,905‌
CSCDA
Community
Improvement
Auth.,
Parallel
Anaheim
Social
Bonds,
4.00%,
8/1/56  (3)
2,990‌
2,483‌
CSCDA
Community
Improvement
Auth.,
The
Link
Glendale
Social
Bonds,
Series A-2,
4.00%,
7/1/56  (3)
3,535‌
2,586‌
Del
Mar
Race
Track
Auth.,
5.00%,
10/1/35 
1,665‌
1,646‌
Del
Mar
Race
Track
Auth.,
5.00%,
10/1/36 
1,000‌
983‌
Desert
Community
College
Dist.,
GO,
4.00%,
8/1/51 
5,265‌
5,258‌
Federal
Home
Loan
Mortgage
Multifamily
Variable
Rate
Certificate,
Series M-049,
3.05%,
4/15/34 
1,840‌
1,681‌
Foothill-Eastern
Transportation
Corridor
Agency,
Series A,
4.00%,
1/15/46 
4,000‌
3,881‌
Foothill-Eastern
Transportation
Corridor
Agency,
Series C,
4.00%,
1/15/32 
175‌
181‌
Foothill-Eastern
Transportation
Corridor
Agency,
Series C,
4.00%,
1/15/33 
250‌
259‌
Foothill-Eastern
Transportation
Corridor
Agency,
Series C,
5.00%,
1/15/30 
150‌
163‌
Foothill-Eastern
Transportation
Corridor
Agency,
Series C,
5.00%,
1/15/31 
150‌
165‌
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series A,
5.00%,
9/1/44 
4,600‌
4,608‌
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series A,
5.25%,
9/1/37 
3,100‌
3,106‌
Irvine
Fac.
Fin.
Auth.,
Series A,
4.00%,
9/1/58  (2)
4,700‌
4,644‌
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series B,
5.00%,
9/1/47 
1,295‌
1,325‌
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series C,
5.00%,
9/1/47 
525‌
537‌
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series D,
5.00%,
3/1/57 
2,335‌
2,377‌
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
5.00%,
9/1/34 
360‌
363‌
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
5.00%,
9/1/37 
1,390‌
1,456‌
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
5.00%,
9/1/39 
1,000‌
1,006‌
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
5.00%,
9/1/43 
2,000‌
2,071‌
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
5.00%,
9/1/44 
1,500‌
1,506‌
Jefferson
Union
High
School
Dist.,
Series A,
GO,
6.45%,
8/1/25  (8)
340‌
351‌
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
22
Par
$
Value
(Amounts
in
000s)
Jefferson
Union
High
School
Dist.,
Series A,
GO,
6.45%,
8/1/29  (8)
1,000‌
1,111‌
Jurupa
PFA,
Special
Tax,
Series A,
5.00%,
9/1/33 
1,175‌
1,185‌
Lake
Elsinore,
Community
Fac.
Dist.
No.
2016-2,
Special
Tax,
5.00%,
9/1/43 
2,475‌
2,552‌
Lake
Elsinore,
Community
Fac.
Dist.
No.
2016-2,
Special
Tax,
5.00%,
9/1/48 
3,640‌
3,717‌
Long
Beach
Bond
Fin.
Auth.,
Series A,
5.50%,
11/15/37 
2,160‌
2,475‌
Long
Beach,
Harbor,
Series A,
5.00%,
5/15/37  (6)
1,300‌
1,361‌
Long
Beach,
Marina
System,
5.00%,
5/15/32 
1,655‌
1,676‌
Long
Beach,
Marina
System,
5.00%,
5/15/45 
2,500‌
2,503‌
Los
Angeles
County
Fac.,
Vermont
Corridor
County
Administrative
Building,
Series A,
5.00%,
12/1/43 
6,400‌
6,866‌
Los
Angeles
County
Metropolitan
Transportation
Auth.,
Green
Bond-Measure
R
Junior,
Series A,
4.00%,
6/1/37 
1,375‌
1,452‌
Los
Angeles
Dept.
of
Airports,
Series A,
4.00%,
5/15/42  (6)
5,225‌
5,170‌
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/35  (6)
500‌
530‌
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/44  (6)
1,000‌
1,033‌
Los
Angeles
Dept.
of
Airports,
Series B,
5.00%,
5/15/36  (6)
1,200‌
1,232‌
Los
Angeles
Dept.
of
Airports,
Series B,
5.00%,
5/15/42 
930‌
979‌
Los
Angeles
Dept.
of
Airports,
Series C,
5.00%,
5/15/45  (6)
1,620‌
1,722‌
Los
Angeles
Dept.
of
Airports,
Series D,
4.00%,
5/15/44  (6)
2,500‌
2,437‌
Los
Angeles
Dept.
of
Airports,
Series D,
4.00%,
5/15/51  (6)
2,000‌
1,880‌
Los
Angeles
Dept.
of
Airports,
Series D,
5.00%,
5/15/36  (6)
1,000‌
1,063‌
Los
Angeles
Dept.
of
Airports,
Series D,
5.00%,
5/15/37  (6)
1,000‌
1,058‌
Los
Angeles
Dept.
of
Airports,
Green
Bond,
Series G,
4.00%,
5/15/47  (6)
1,500‌
1,445‌
Los
Angeles
Dept.
of
Airports,
Revenue
Bonds
2015,
Series D,
5.00%,
5/15/36  (6)
1,500‌
1,520‌
Los
Angeles
Dept.
of
Water
&
Power,
Series A-1,
VRDN,
3.74%,
7/1/50 
500‌
500‌
Los
Angeles
Dept.
of
Water
&
Power,
Series B,
5.00%,
7/1/52 
1,000‌
1,109‌
Los
Angeles
Dept.
of
Water
&
Power
Water
System
Revenue,
Series A-1,
VRDN,
3.65%,
7/1/50 
800‌
800‌
Los
Angeles
Dept.
of
Water
&
Power
Water
System
Revenue,
Series B-2,
VRDN,
3.50%,
7/1/35 
800‌
800‌
Los
Angeles
Dept.
of
Water
&
Power
Water
System
Revenue,
Series B-4,
VRDN,
3.70%,
7/1/35 
400‌
400‌
Los
Angeles
Dept.
of
Water
&
Power
Water
System
Revenue,
Series D,
5.00%,
7/1/52 
3,425‌
3,809‌
Los
Angeles
Unified
School
Dist.,
Election
2008,
Series A,
GO,
4.00%,
7/1/34 
3,750‌
3,774‌
Mesa
Water
Dist.,
COP,
4.00%,
3/15/45 
1,020‌
1,039‌
Metropolitan
Water
Dist.
of
Southern
California,
Series C,
FRN,
100%
of
MUNIPSA
+
0.14%,
3.44%,
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
2,136‌
Newport
Beach,
Series A,
4.125%,
9/2/38 
575‌
584‌
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
23
Par
$
Value
(Amounts
in
000s)
Newport
Beach,
Series A,
5.00%,
9/2/43 
650‌
695‌
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series A,
5.00%,
3/1/24  (6)
1,170‌
1,170‌
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series A,
5.00%,
3/1/25  (6)
1,405‌
1,406‌
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series A,
5.00%,
3/1/41  (6)
2,000‌
2,049‌
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series A,
5.00%,
3/1/47  (6)
2,000‌
2,032‌
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series C,
5.00%,
3/1/31 
2,000‌
2,008‌
Northern
California
Energy
Auth.,
Series A,
VRDN,
4.00%,
7/1/49
(Tender
7/1/24) 
3,500‌
3,501‌
Oakland
Unified
School
Dist.,
Alameda
County,
Series A,
GO,
5.00%,
8/1/34
(Prerefunded
8/1/25)  (4)
1,250‌
1,288‌
Oakland
Unified
School
Dist.,
Alameda
County,
Series A,
GO,
5.00%,
8/1/35
(Prerefunded
8/1/25)  (4)
1,210‌
1,246‌
Oakland
Unified
School
Dist.,
Alameda
County,
Series A,
GO,
5.25%,
8/1/48  (1)
4,500‌
5,154‌
Oceanside
Unified
School
Dist.,
GO,
Zero
Coupon,
8/1/28  (7)(9)
380‌
337‌
Oceanside
Unified
School
Dist.,
Series A,
GO,
Zero
Coupon,
8/1/28  (7)(9)
500‌
444‌
Oceanside
Unified
School
Dist.,
Prerefunded
Balance,
Series A,
GO,
Zero
Coupon,
8/1/28  (7)(9)
250‌
222‌
Oceanside
Unified
School
Dist.,
Unrefunded
Balance,
GO,
Zero
Coupon,
8/1/28  (9)
3,870‌
3,369‌
Ontario
Int'l
Airport
Auth.,
North
Terminal
Project,
Series B,
4.00%,
5/15/36  (1)(6)
1,040‌
1,059‌
Ontario
Int'l
Airport
Auth.,
North
Terminal
Project,
Series B,
4.00%,
5/15/37  (1)(6)
575‌
581‌
Ontario
Int'l
Airport
Auth.,
North
Terminal
Project,
Series B,
4.00%,
5/15/40  (1)(6)
1,350‌
1,345‌
Orange
County
Community
Fac.
Dist.,
No.
2015-1,
Esencia
Village,
Series A,
5.25%,
8/15/45 
2,930‌
2,966‌
Orange
County
Community
Fac.
Dist.,
No.
2021-1,
Rienda,
Series A,
5.00%,
8/15/47 
500‌
512‌
Orange
County
Community
Fac.
Dist.,
No.
2023-1,
Rienda,
Series A,
5.25%,
8/15/43 
1,340‌
1,402‌
Orange
County
Community
Fac.
Dist.,
No.
2023-1,
Rienda,
Series A,
5.50%,
8/15/48 
1,450‌
1,517‌
Orange
County
Community
Fac.
Dist.,
No.
2023-1,
Rienda,
Series A,
5.50%,
8/15/53 
1,000‌
1,039‌
Orange
County
Water
Dist.,
Series C,
4.00%,
8/15/35 
1,000‌
1,059‌
Palo
Alto,
Limited
Obligation,
University
Ave.,
5.00%,
9/2/26 
880‌
889‌
Palo
Alto,
Limited
Obligation,
University
Ave.,
5.00%,
9/2/27 
450‌
455‌
Palo
Alto,
Limited
Obligation,
University
Ave.,
5.00%,
9/2/28 
525‌
531‌
Palomar
Health,
Election
2004,
Series A,
GO,
Zero
Coupon,
8/1/25  (9)
5,000‌
4,768‌
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
24
Par
$
Value
(Amounts
in
000s)
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  (6)
4,075‌
4,087‌
Port
of
Oakland,
Intermediate
Lien,
Series H,
5.00%,
5/1/29  (6)
1,725‌
1,860‌
Port
of
Oakland,
Intermediate
Lien,
Series H,
5.00%,
11/1/29  (6)
1,625‌
1,765‌
Rancho
Cucamonga
Redev.
Agency,
Successor
Agency,
5.00%,
9/1/29  (1)
1,800‌
1,815‌
Ravenswood
City
School
Dist.,
GO,
5.25%,
8/1/53  (2)
4,310‌
4,821‌
Regents
of
the
Univ.
of
California
Medical
Center
Pooled
Revenue,
Series K,
VRDN,
3.70%,
5/15/47 
4,450‌
4,450‌
Regents
of
the
Univ.
of
California
Medical
Center
Pooled
Revenue,
Series P,
3.50%,
5/15/54 
9,450‌
8,331‌
Regents
of
the
Univ.
of
California
Medical
Center
Pooled
Revenue,
Series P,
4.00%,
5/15/53 
3,000‌
2,960‌
Riverside
County
Transportation
Commission,
Series B-1,
4.00%,
6/1/46 
3,000‌
2,926‌
Rocklin,
Special
Tax,
5.00%,
9/1/37 
535‌
548‌
Rocklin,
Special
Tax,
5.00%,
9/1/38 
975‌
998‌
Roseville
Natural
Gas
Fin.
Auth.,
5.00%,
2/15/26 
1,000‌
1,017‌
Sacramento
City
Fin.
Auth.,
5.00%,
12/1/31  (2)
1,380‌
1,433‌
Sacramento
City
Fin.
Auth.,
5.00%,
12/1/34  (2)
2,275‌
2,365‌
Sacramento
County
Airport,
Series A,
5.00%,
7/1/41 
2,175‌
2,247‌
Sacramento
County
Airport,
Series B,
5.00%,
7/1/41 
2,275‌
2,340‌
Sacramento
County
Airport,
Series C,
5.00%,
7/1/36  (6)
4,000‌
4,224‌
Sacramento
Transient
Occupancy
Tax,
Convention
Center,
Series A,
5.00%,
6/1/38 
1,240‌
1,321‌
Sacramento
Transient
Occupancy
Tax,
Convention
Center,
Series A,
5.00%,
6/1/43 
4,650‌
4,884‌
Sacramento,
Railyards
Community
Fac.
Dist.
No.
201,
5.375%,
9/1/52  (3)
2,195‌
2,259‌
San
Bernardino
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
12/1/31  (1)
1,945‌
2,052‌
San
Clemente,
Special
Tax,
Community
Fac.
Dist.
No.
2006-1,
5.00%,
9/1/40 
970‌
982‌
San
Diego
Assn.
of
Governments
South
Bay
Expressway,
Senior
Lien-Toll,
Series A,
5.00%,
7/1/38 
2,100‌
2,216‌
San
Diego
Assn.
of
Governments
South
Bay
Expressway,
Senior
Lien-Toll,
Series A,
5.00%,
7/1/42 
2,700‌
2,825‌
San
Diego
County
Regional
Airport
Auth.,
Series A,
5.00%,
7/1/47 
1,800‌
1,876‌
San
Diego
County
Regional
Airport
Auth.,
Series B,
4.00%,
7/1/46  (6)
2,540‌
2,453‌
San
Diego
County
Regional
Airport
Auth.,
Series B,
4.00%,
7/1/51  (6)
1,500‌
1,403‌
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.00%,
7/1/35  (6)
1,215‌
1,303‌
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.00%,
7/1/37  (6)
1,000‌
1,062‌
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
25
Par
$
Value
(Amounts
in
000s)
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.00%,
7/1/38  (6)
1,000‌
1,056‌
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.00%,
7/1/39  (6)
600‌
632‌
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.00%,
7/1/53  (6)
3,350‌
3,503‌
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.25%,
7/1/38  (6)
650‌
732‌
San
Diego
County
Water
Auth.,
Series A,
5.00%,
5/1/47 
1,500‌
1,688‌
San
Diego
County,
Special
Tax,
Harmony
Grove
Village,
Series A,
4.00%,
9/1/45 
550‌
503‌
San
Diego
County,
Special
Tax,
Harmony
Grove
Village,
Series A,
4.00%,
9/1/50 
1,100‌
968‌
San
Diego
County,
Special
Tax,
Harmony
Grove
Village,
Improvement
Area
No.
1,
Series A,
4.00%,
9/1/50 
875‌
770‌
San
Diego
Public
Fac.
Fin.
Auth.,
Series A,
5.00%,
5/15/52 
5,650‌
6,264‌
San
Diego
Unified
School
Dist.,
Green
Bond,
Series A-3,
GO,
4.00%,
7/1/53 
6,000‌
5,967‌
San
Diego
Unified
School
Dist.,
Green
Bond,
Series O-2,
GO,
4.25%,
7/1/47 
3,000‌
3,074‌
San
Francisco
Bay
Area
Rapid
Transit
Dist.,
Series C-1,
GO,
4.00%,
8/1/45 
1,025‌
1,034‌
San
Francisco
Bay
Area
Rapid
Transit
Dist.
Sales
Tax,
Series A,
4.00%,
7/1/37 
350‌
360‌
San
Francisco
Bay
Area
Rapid
Transit
Dist.
Sales
Tax,
Series A,
4.00%,
7/1/39 
625‌
635‌
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series A,
5.00%,
5/1/38  (6)
3,710‌
3,934‌
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series A,
5.00%,
5/1/44  (6)
2,950‌
3,074‌
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series A,
5.00%,
5/1/52  (6)
1,000‌
1,043‌
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series B,
5.00%,
5/1/46  (6)
5,000‌
5,063‌
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series C,
5.75%,
5/1/48  (6)
4,500‌
5,060‌
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series E,
4.00%,
5/1/50  (6)
1,800‌
1,679‌
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series E,
5.00%,
5/1/50  (6)
500‌
515‌
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Unrefunded
Balance,
Series A,
5.00%,
5/1/47  (6)
3,000‌
3,059‌
San
Francisco
Community
College
Dist.,
GO,
5.00%,
6/15/31 
2,505‌
2,574‌
San
Francisco
Public
Utilities
Commission
Water
Revenue,
Series D,
3.00%,
11/1/50 
1,500‌
1,212‌
San
Jose
Evergreen
Community
College
Dist.,
Series C,
GO,
4.00%,
9/1/45 
3,250‌
3,312‌
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
26
Par
$
Value
(Amounts
in
000s)
San
Jose
Evergreen
Community
College
Dist.,
Series C,
GO,
5.00%,
9/1/40 
1,000‌
1,149‌
San
Jose
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
8/1/34 
2,500‌
2,695‌
San
Jose,
El
Parador
Apartments
Project,
Series A,
6.10%,
1/1/31  (6)
745‌
745‌
San
Marcos
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
10/1/31 
2,165‌
2,232‌
San
Marcos
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
10/1/32 
850‌
876‌
San
Marcos
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
10/1/34 
900‌
927‌
San
Mateo
Foster
City
School
Dist.,
Series B,
GO,
4.00%,
8/1/48 
4,000‌
4,066‌
Santa
Monica
Redev.
Agency,
Earthquake
Recovery,
5.875%,
7/1/36 
1,390‌
1,393‌
Santa
Monica
Redev.
Agency,
Earthquake
Recovery,
5.875%,
7/1/42 
1,500‌
1,503‌
South
San
Francisco
Public
Fac.
Fin.
Auth.,
Police
Station
Project,
Series A,
4.00%,
6/1/46 
1,470‌
1,461‌
Southern
California
Tobacco
Securitization
Auth,
Asset
Backed,
Series A,
Class
1,
5.00%,
6/1/33 
1,170‌
1,293‌
Southern
California
Tobacco
Securitization
Auth,
Asset
Backed,
Series A,
Class
1,
5.00%,
6/1/35 
900‌
988‌
Sunnyvale
Fin.
Auth.,
Green
Bond-Civic
Center
Project,
4.00%,
4/1/50 
4,740‌
4,750‌
Transbay
Joint
Powers
Auth.,
Green
Bond,
Series A,
5.00%,
10/1/45 
1,750‌
1,797‌
Transbay
Joint
Powers
Auth.,
Green
Bond,
Series A,
5.00%,
10/1/49 
1,700‌
1,732‌
Univ.
of
California
Regents,
Series AL-1,
VRDN,
3.50%,
5/15/48 
1,375‌
1,375‌
Univ.
of
California
Regents,
Series AL-2,
VRDN,
3.65%,
5/15/48 
6,550‌
6,550‌
Univ.
of
California
Regents,
Series AZ,
5.00%,
5/15/48 
4,250‌
4,532‌
Univ.
of
California
Regents,
Series BP-2,
VRDN,
3.50%,
5/15/48 
3,900‌
3,900‌
Univ.
of
California
Regents,
Series O,
5.50%,
5/15/58 
9,500‌
10,241‌
Univ.
of
California
Regents
Medical
Center,
Pooled,
Series L,
4.50%,
5/15/36 
1,900‌
1,937‌
Univ.
of
California
Regents
Medical
Center,
Pooled,
Series O-1,
VRDN,
3.70%,
5/15/45 
4,900‌
4,900‌
Univ.
of
California
Regents
Medical
Center,
Pooled,
Series P,
5.00%,
5/15/47 
5,000‌
5,549‌
Vernon
Electric
System
Revenue,
Series 2022-A,
5.00%,
8/1/41 
840‌
894‌
Washington
Township
Health
Care
Dist.,
Series A,
4.00%,
7/1/35 
600‌
602‌
Washington
Township
Health
Care
Dist.,
Series A,
5.00%,
7/1/30 
500‌
528‌
Washington
Township
Health
Care
Dist.,
Series A,
5.00%,
7/1/31 
1,000‌
1,055‌
Washington
Township
Health
Care
Dist.,
Series A,
5.00%,
7/1/36 
620‌
644‌
Washington
Township
Health
Care
Dist.,
Series A,
5.00%,
7/1/42 
325‌
331‌
Washington
Township
Health
Care
Dist.,
Series A,
5.00%,
7/1/43 
275‌
279‌
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
27
Par
$
Value
(Amounts
in
000s)
Washington
Township
Health
Care
Dist.,
Series A,
5.75%,
7/1/48 
1,000‌
1,109‌
Washington
Township
Health
Care
Dist.,
Series A,
5.75%,
7/1/53 
1,000‌
1,081‌
Washington
Township
Health
Care
Dist.,
Series B,
GO,
5.25%,
8/1/48 
1,600‌
1,797‌
Washington
Township
Health
Care
Dist.,
Series B,
GO,
5.50%,
8/1/53 
1,600‌
1,809‌
West
Sacramento
Fin.
Auth.,
Series A,
5.00%,
9/1/26  (9)
1,255‌
1,300‌
713,993‌
PUERTO
RICO
3.2%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43  (10)
4,115‌
2,408‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35  (3)
1,590‌
1,641‌
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/24 
54‌
53‌
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33 
423‌
272‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33 
1,329‌
1,302‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35 
295‌
286‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37 
576‌
548‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41 
345‌
319‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25 
366‌
371‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27 
902‌
952‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29 
1,317‌
1,427‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31 
1,846‌
2,058‌
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
59‌
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28  (11)
(12)
65‌
17‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20  (11)
(12)
80‌
21‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24  (11)
(12)
305‌
80‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25  (11)
(12)
100‌
26‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26  (11)
(12)
125‌
33‌
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
28
Par
$
Value
(Amounts
in
000s)
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
17‌
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
21‌
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
9‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28  (11)
(12)
25‌
7‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19  (11)
(12)
245‌
64‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23  (11)
(12)
70‌
18‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24  (11)
(12)
25‌
7‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.55%,
7/1/40 
465‌
467‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53 
7,647‌
7,632‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46 
10,000‌
3,243‌
23,426‌
Total
Municipal
Securities
(Cost
$737,941)
737,419‌
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.3%
Freddie
Mac
Multifamily
ML
Certificates,
Series 2021-ML10,
Class
ACA,
2.046%,
6/25/38 
3,388‌
2,561‌
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$3,489)
2,561‌
Total
Investments
in
Securities
99.5%
of
Net
Assets
(Cost
$741,430)
$
739,980‌
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
29
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
‡
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
$50,077
and
represents
6.7%
of
net
assets.
(4)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(5)
When-issued
security
(6)
Interest
subject
to
alternative
minimum
tax.
(7)
Escrowed
to
maturity
(8)
Insured
by
National
Public
Finance
Guarantee
Corporation
(9)
Insured
by
Assured
Guaranty
Corporation
(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)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(12)
Non-income
producing
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
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
February
29,
2024
Statement
of
Assets
and
Liabilities
30
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$741,430)
$
739,980‌
Interest
receivable
8,391‌
Receivable
for
shares
sold
958‌
Cash
43‌
Receivable
for
investment
securities
sold
10‌
Other
assets
21‌
Total
assets
749,403‌
Liabilities
Payable
for
investment
securities
purchased
4,307‌
Payable
for
shares
redeemed
702‌
Investment
management
fees
payable
225‌
Due
to
affiliates
30‌
Other
liabilities
552‌
Total
liabilities
5,816‌
Commitments
and
Contingent
Liabilities
(note
5
)
NET
ASSETS
$
743,587‌
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
February
29,
2024
Statement
of
Assets
and
Liabilities
31
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(13,636‌)
Paid-in
capital
applicable
to
68,676,517
shares
of
$0.0001
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
757,223‌
NET
ASSETS
$
743,587‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$382,476;
Shares
outstanding:
35,316,251)
$
10.83‌
I
Class
(Net
assets:
$361,111;
Shares
outstanding:
33,360,266)
$
10.82‌
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
Statement
of
Operations
32
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
2/29/24
Investment
Income
(Loss)
Interest
income
$
26,289‌
Expenses
Investment
management
2,682‌
Shareholder
servicing
Investor
Class
$
490‌
I
Class
42‌
532‌
Prospectus
and
shareholder
reports
Investor
Class
21‌
I
Class
5‌
26‌
Custody
and
accounting
192‌
Registration
49‌
Legal
and
audit
38‌
Proxy
and
annual
meeting
6‌
Directors
2‌
Miscellaneous
17‌
Waived
/
paid
by
Price
Associates
(25‌)
Total
expenses
3,519‌
Net
investment
income
22,770‌
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
loss
on
securities
(4,381‌)
Change
in
net
unrealized
gain
/
loss
on
securities
25,236‌
Net
realized
and
unrealized
gain
/
loss
20,855‌
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
43,625‌
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
Statement
of
Changes
in
Net
Assets
33
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2/29/24
2/28/23
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
22,770‌
$
18,809‌
Net
realized
loss
(4,381‌)
(8,735‌)
Change
in
net
unrealized
gain
/
loss
25,236‌
(51,220‌)
Increase
(decrease)
in
net
assets
from
operations
43,625‌
(41,146‌)
Distributions
to
shareholders
Net
earnings
Investor
Class
(11,436‌)
(9,901‌)
I
Class
(11,058‌)
(9,315‌)
Decrease
in
net
assets
from
distributions
(22,494‌)
(19,216‌)
Capital
share
transactions
*
Shares
sold
Investor
Class
148,714‌
296,977‌
I
Class
103,392‌
185,839‌
Distributions
reinvested
Investor
Class
10,155‌
8,760‌
I
Class
6,990‌
6,188‌
Shares
redeemed
Investor
Class
(136,885‌)
(379,301‌)
I
Class
(69,909‌)
(98,718‌)
Increase
in
net
assets
from
capital
share
transactions
62,457‌
19,745‌
Net
Assets
Increase
(decrease)
during
period
83,588‌
(40,617‌)
Beginning
of
period
659,999‌
700,616‌
End
of
period
$
743,587‌
$
659,999‌
*Share
information
(000s)
Shares
sold
Investor
Class
14,314‌
28,138‌
I
Class
9,791‌
16,952‌
Distributions
reinvested
Investor
Class
960‌
827‌
I
Class
661‌
585‌
Shares
redeemed
Investor
Class
(13,159‌)
(35,347‌)
I
Class
(6,665‌)
(9,341‌)
Increase
in
shares
outstanding
5,902‌
1,814‌
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
NOTES
TO
FINANCIAL
STATEMENTS
34
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
35
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
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
36
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
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.   
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
37
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
February
29,
2024,
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.
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,
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
38
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.
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
in-kind
transactions,
if
any,
and short-term securities
aggregated $137,030,000 and
$80,594,000,
respectively,
for
the
year ended
February
29,
2024.
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.
The
fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
fund’s
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
39
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
February
29,
2024,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
At
February
29,
2024,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales,
the
recognition
of
market
discount
and
premium
amortization,
and
the
character
of
income
on
certain
($000s)
February
29,
2024
February
28,
2023
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
52‌
$
6‌
Tax-exempt
income
22,442‌
18,627‌
Long-term
capital
gain
—‌
583‌
Total
distributions
$
22,494‌
$
19,216‌
($000s)
Cost
of
investments
$
740,406‌
Unrealized
appreciation
$
16,072‌
Unrealized
depreciation
(16,498‌)
Net
unrealized
appreciation
(depreciation)
$
(426‌)
($000s)
Undistributed
ordinary
income
$
58‌
Undistributed
tax-exempt
income
295‌
Net
unrealized
appreciation
(depreciation)
(426‌)
Loss
carryforwards
and
deferrals
(13,563‌)
Total
distributable
earnings
(loss)
$
(13,636‌)
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
40
derivatives
contracts.
The
loss
carryforwards
and
deferrals
primarily
relate
to
capital
loss
carryforwards.
Capital
loss
carryforwards
are
available
indefinitely
to
offset
future
realized
capital
gains.
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
February
29,
2024,
the
effective
annual
group
fee
rate
was
0.29%.
Effective
November
1,
2023,
the Investor
Class is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
Prior
to
November
1,
2023,
the
Investor
Class was
not
subject
to
a
contractual
expense
limitation.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the
class’s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
Class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the
class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
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
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
41
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.
Pursuant
to
these
agreements,
expenses
were
waived/paid
by
and/or
repaid
to
Price
Associates
during
the
year ended February
29,
2024
as
indicated
in
the
table
below.
Including
this
amount,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $63,000 remain
subject
to
repayment
by
the
fund
at
February
29,
2024.
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
year
ended
February
29,
2024,
expenses
incurred
pursuant
to
these
service
agreements
were
$113,000
for
Price
Associates
and
$136,000
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.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
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
Investor
Class
I
Class
Expense
limitation/I
Class
Limit
0.74%
0.05%
Expense
limitation
date
06/30/25
06/30/25
(Waived)/repaid
during
the
period
($000s)
$—
$(25)
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
42
independent
current
market
price
of
the
security.
During
the
year
ended
February
29,
2024,
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
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
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.
ROWE
PRICE
California
Tax-Free
Bond
Fund
43
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
of
T.
Rowe
Price
State
Tax-Free
Funds,
Inc.
and
Shareholders
of
T.
Rowe
Price
California
Tax-Free
Bond
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
California
Tax-Free
Bond
Fund
(one
of
the
funds
constituting
T.
Rowe
Price
State
Tax-Free
Funds,
Inc.,
referred
to
hereafter
as
the
"Fund")
as
of
February
29,
2024,
the
related
statement
of
operations
for
the
year
ended
February
29,
2024,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
February
29,
2024,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
February
29,
2024
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
February
29,
2024,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
February
29,
2024
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
February
29,
2024
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
44
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
February
29,
2024
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.  
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
April
18,
2024
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
45
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 2/29/24
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
The
fund’s
distributions
to
shareholders
included
$22,132,000
which
qualified
as
exempt-interest
dividends
for
Federal
and
California
state
purposes. 
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.
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
.
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
46
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.
ROWE
PRICE
California
Tax-Free
Bond
Fund
47
ABOUT
THE
FUND'S
DIRECTORS
AND
OFFICERS
Your
fund
is
overseen
by
a
Board
of
Directors
(Board)
that
meets
regularly
to
review
a
wide
variety
of
matters
affecting
or
potentially
affecting
the
fund,
including
performance,
investment
programs,
compliance
matters,
advisory
fees
and
expenses,
service
providers,
and
business
and
regulatory
affairs.
The
Board
elects
the
fund’s
officers,
who
are
listed
in
the
final
table.
The
directors
who
are
also
employees
or
officers
of
T.
Rowe
Price
are
considered
to
be
“interested”
directors
as
defined
in
Section
2(a)(19)
of
the
1940
Act
because
of
their
relationships
with
T.
Rowe
Price
Associates,
Inc. (T.
Rowe
Price),
and
its
affiliates.
The
business
address
of
each
director
and
officer
is
100
East
Pratt
Street,
Baltimore,
Maryland
21202.
The
Statement
of
Additional
Information
includes
additional
information
about
the
fund
directors
and
is
available
without
charge
by
calling
a
T.
Rowe
Price
representative
at
1-800-638-5660.
INDEPENDENT
DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Teresa
Bryce
Bazemore
(1959)
2018
[193]
President
and
Chief
Executive
Officer,
Federal
Home
Loan
Bank
of
San
Francisco
(2021
to
present),
and
Director
of
the
FHLBanks
Office
of
Finance;
Chief
Executive
Officer,
Bazemore
Consulting
LLC
(2018
to
2021);
Director,
Chimera
Investment
Corporation
(2017
to
2021);
Director,
First
Industrial
Realty
Trust
(2020
to
present);
Director,
Federal
Home
Loan
Bank
of
Pittsburgh
(2017
to
2019)
Melody
Bianchetto
(1966)
2023
[193]
Vice
President
for
Finance,
University
of
Virginia
(2015
to
2023)
Bruce
W.
Duncan
(1951)
2013
[193]
President,
Chief
Executive
Officer,
and
Director,
CyrusOne,
Inc.
(2020
to
2021);
Chair
of
the
Board
(2016
to
2020)
and
President
(2009
to
2016),
First
Industrial
Realty
Trust,
owner
and
operator
of
industrial
properties;
Member,
Investment
Company
Institute
Board
of
Governors
(2017
to
2019);
Member,
Independent
Directors
Council
Governing
Board
(2017
to
2019);
Senior
Advisor,
KKR
(2018
to
2022);
Director,
Boston
Properties
(2016
to
present);
Director,
Marriott
International,
Inc.
(2016
to
2020)
Robert
J.
Gerrard,
Jr.
(1952)
2013
[193]
Chair
of
the
Board,
all
funds
(July
2018
to
present)
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
48
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Paul
F.
McBride
(1956)
2013
[193]
Advisory
Board
Member,
Vizzia
Technologies
(2015
to
present);
Board
Member,
Dunbar
Armored
(2012
to
2018)
Mark
J.
Parrell
(1966)
2023
[193]
Board
of
Trustees
Member
and
Chief
Executive
Officer
(2019
to
present),
President,
EQR
(2018
to
present),
Executive
Vice
President
and
Chief
Financial
Officer,
EQR
(2007
to
2018),
and
Senior
Vice
President
and
Treasurer,
EQR
(2005
to
2007);
Member,
Nareit
Dividends
Through
Diversity,
Equity
&
Inclusion
CEO
Council,
Treasurer
of
Nareit
(2023),
and
Chair,
Nareit
2021
Audit
and
Investment
Committee
(2021);
Advisory
Board,
Ross
Business
School
at
University
of
Michigan
(2015
to
2016);
Member,
National
Multifamily
Housing
Council
and
served
as
Chair
of
the
Finance
Committee
(2015
to
2016);
Member,
Economic
Club
of
Chicago;
Director,
Brookdale
Senior
Living,
Inc.
(2015
to
2017);
Director,
Aviv
REIT,
Inc.
(2013
to
2015);
Director,
Real
Estate
Roundtable
and
the
2022
Executive
Board
Nareit;
Board
of
Directors
and
Chair
of
the
Finance
Committee,
Greater
Chicago
Food
Depository
Kellye
L.
Walker
(1966)
2021
[193]
Executive
Vice
President
and
Chief
Legal
Officer,
Eastman
Chemical
Company
(April
2020
to
present);
Executive
Vice
President
and
Chief
Legal
Officer,
Huntington
Ingalls
Industries,
Inc.
(January
2015
to
March
2020);
Director,
Lincoln
Electric
Company
(October
2020
to
present)
(a)
All
information
about
the
independent
directors
was
current
as
of
December
31,
2023,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
INDEPENDENT
DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
49
INTERESTED  DIRECTORS
(a)
OFFICERS
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
David
Oestreicher
(1967)
2018
[193]
Director,
Vice
President,
and
Secretary,
T.
Rowe
Price,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Services,
Inc.;
Director
and
Secretary,
T.
Rowe
Price
Investment
Management,
Inc.
(Price
Investment
Management);
Vice
President
and
Secretary,
T.
Rowe
Price
International
(Price
International);
Vice
President,
T.
Rowe
Price
Australia,
T.
Rowe
Price
Hong
Kong
(Price
Hong
Kong),
T.
Rowe
Price
Japan
(Price
Japan),
and
T.
Rowe
Price
Singapore
(Price
Singapore);
General
Counsel,
Vice
President,
and
Secretary,
T.
Rowe
Price
Group,
Inc.;
Chair
of
the
Board,
Chief
Executive
Officer,
President,
and
Secretary,
T.
Rowe
Price
Trust
Company;
Principal
Executive
Officer
and
Executive
Vice
President,
all
funds
Eric
L.
Veiel,
CFA
(1972)
2022
[193]
Director
and
Vice
President,
T.
Rowe
Price;
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company;
Vice
President,
Global
Funds
(a)
All
information
about
the
interested
directors
was
current
as
of
December
31,
2023,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
Name
(Year
of
Birth)
Position
Held
With State
Tax-Free
Funds 
Principal
Occupation(s) 
Austin
Applegate
(1974)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Ralph Lee
Arnold,
Jr.,
CFA,
CPA
(1970)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Colin
T.
Bando,
CFA
(1987)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Armando
(Dino)
Capasso
(1974)
Chief
Compliance
Officer
and
Vice
President
Chief
Compliance
Officer
and
Vice
President,
T.
Rowe
Price
and
Price
Investment
Management;
Vice
President,
T.
Rowe
Price
Group,
Inc.;
formerly,
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
AST
Investment
Services,
Inc.
(ASTIS)
(to
2022);
Chief
Compliance
Officer,
PGIM
Retail
Funds
complex
and
Prudential
Insurance
Funds
(to
2022);
Vice
President
and
Deputy
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
ASTIS
(to
2019)
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
50
Name
(Year
of
Birth)
Position
Held
With State
Tax-Free
Funds 
Principal
Occupation(s) 
Daniel
Chihorek
(1984)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Davis
Collins,
CFA
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Jean-Marc
Corredor
(1976)
Vice
President
Vice
President,
Price
International,
Price
Investment
Management,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Alan
S.
Dupski,
CPA
(1982)
Principal
Financial
Officer,
Vice
President,
and
Treasurer
Vice
President,
Price
Investment
Management,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Cheryl
Emory
(1963)
Assistant
Secretary 
Assistant
Vice
President
and
Assistant
Secretary,
T.
Rowe
Price;
Assistant
Secretary,
T.
Rowe
Price
Group,
Inc.,
Price
Investment
Management,
Price
International,
Price
Hong
Kong,
Price
Singapore,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Sarah
J.
Engle
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Kathryn
A.
Floyd,
CFA
(1982)
Vice
President
Employee,
T.
Rowe
Price
Cheryl
Hampton,
CPA
(1969)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company;
formerly,
Tax
Director,
Invesco
Ltd.
(to
2021);
Vice
President,
Oppenheimer
Funds,
Inc.
(to
2019)
Charles
B.
Hill,
CFA
(1961)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Thomas
Dylan
Jones,
CFA
(1971)
Vice
President
Vice
President, T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Michael
Kane
(1982)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.;
formerly,
Research
Analyst,
GW&K
Investments
(to
2019)
Benjamin
Kersse,
CPA
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Trust
Company
Paul
J.
Krug,
CPA
(1964)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
OFFICERS
(CONTINUED)
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
51
Name
(Year
of
Birth)
Position
Held
With State
Tax-Free
Funds 
Principal
Occupation(s) 
Matthew
T.
Larkin
(1983)
Vice
President
Vice
President,
T.
Rowe
Price
John
Leard,
CFA
(1985)
Vice
President
Assistant
Vice
President,
T.
Rowe
Price
James
T.
Lynch,
CFA
(1983)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Robert
P.
McDavid
(1972)
Vice
President
Vice
President,
T.
Rowe
Price, Price
Investment
Management, T.
Rowe
Price
Investment
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
James
M.
Murphy,
CFA
(1967)
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Fran
M.
Pollack-Matz
(1961)
Vice
President
and
Secretary 
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
T.
Rowe
Price
Investment
Services,
Inc., T.
Rowe
Price
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Rachel
Protzman
(1988)
Vice
President
Vice
President,
T.
Rowe
Price
Kevin
Reilly  (1991)
Vice
President
Employee,
T.
Rowe
Price
Richard
Sennett,
CPA
(1970)
Assistant
Treasurer
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Chen
Shao
(1980)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Douglas
D.
Spratley,
CFA
(1969)
Executive
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Timothy
G.
Taylor,
CFA
(1975)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Mitch
Unger
(1986)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Blerina
Uruci
(1984)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.;
formerly,
Senior
U.S.
Economist,
Barclays
Capital
(to
2022)
Domingo
Villarruel,
CFA,
FRM  (1982)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.;
formerly,
Municipal
Fixed
Income
Analyst,
Victory
Capital
Management
Inc.
(to
2021);
Corporate
Fixed
Income
Analyst,
USAA
Asset
Management
Company
(to
2019)
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
OFFICERS
(CONTINUED)
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
52
Name
(Year
of
Birth)
Position
Held
With State
Tax-Free
Funds 
Principal
Occupation(s) 
Ellen
York
(1988)
Vice
President
Vice
President,
Price
Investment
Management
and
T.
Rowe
Price
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
OFFICERS
(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.
202404-3377773
F80-050
4/24

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

Not applicable.

Item 2. Code of Ethics.

The registrant has adopted 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. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) – (d)  Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:

 

     2024        2023                         

Audit Fees

    $ 33,158        $ 30,755  

Audit-Related Fees

      -          -  

Tax Fees

      -          -  

All Other Fees

      -          -  

Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.

(e)(1)  The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

(2)  No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 

(f)  Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g)  The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,180,000 and $1,454,000, respectively.

(h)  All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.

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 attached.

    (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    April 18, 2024  

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   

April 18, 2024

  

 

By  

/s/ Alan S. Dupski

      
  Alan S. Dupski  
  Principal Financial Officer  
Date   

April 18, 2024

  
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

302 CERTIFICATIONS

906 CERTIFICATIONS

CODE OF ETHICS