T. Rowe Price State Tax-Free Funds Inc.
04/23/2025 | Press release | Distributed by Public on 04/23/2025 06:54
Annual Report by Investment Company (Form N-CSR)
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-FreeFunds, Inc.
(Exact name of registrant as specified in charter)
1307 Point Street, Baltimore, MD 21231
(Address of principal executive offices)
David Oestreicher
1307 Point Street, Baltimore, MD 21231
(Name and address of agent for service)
Registrant's telephone number, including area code: (410) 345-2000
Date of fiscal year end: February 28
Date of reporting period: February 28, 2025
Item 1. Reports to Shareholders
(a)Report pursuant to Rule 30e-1
Annual Shareholder Report
February 28, 2025
California Tax-Free Bond Fund
Investor Class (PRXCX)
This annual shareholder report contains important information about California Tax-Free Bond Fund (the "fund") for the period of March 1, 2024 to February 28, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.comor contacting your intermediary.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
California Tax-Free Bond Fund - Investor Class
|
$59
|
0.58%
|
What drove fund performance during the past 12 months?
-
The municipal bond market delivered positive total returns for the year ended February 28, 2025, as strong demand helped absorb a record level of tax-exempt issuance during the period. Resilient economic data helped high yield and lower-rated investment-grade municipal bonds outperform higher-quality securities by a wide margin.
-
Compared with the Bloomberg Municipal Bond Index, the fund's security selection within the revenue-backed sector was a leading contributor to relative results, led by security selections in the dedicated tax, housing, and hospital revenue subsectors. The fund's allocations within the revenue sector also aided performance, with an overweight to life care revenue bonds being a significant positive factor.
The portfolio's longer-than-benchmark average duration profile detracted as municipal bond yields ended the period higher except for the shortest maturities, and our positioning on the yield curve also weighed on performance to a lesser extent. A small overweight allocation to the prerefunded sector also marginally detracted from relative performance amid the risk-on environment.
-
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. Hospital bonds composed the fund's largest absolute allocation, while airports represented the largest overweight allocation relative to the benchmark. Elsewhere within health care, encouraging trends in fundamentals bolstered our views on hospital revenue bonds. Meanwhile, the airport sector has continued to show resilience as enplanements have fully recovered from the pandemic-induced drawdown.
How has the fund performed?
Cumulative Returns of a Hypothetical $10,000 Investment as of February 28, 2025
|
Investor Class
|
Regulatory/Strategy Benchmark
|
|
|
2015
|
10,000
|
10,000
|
|
2015
|
9,947
|
9,949
|
|
2015
|
10,042
|
10,031
|
|
2015
|
10,207
|
10,184
|
|
2016
|
10,435
|
10,395
|
|
2016
|
10,636
|
10,533
|
|
2016
|
10,837
|
10,721
|
|
2016
|
10,194
|
10,162
|
|
2017
|
10,423
|
10,421
|
|
2017
|
10,690
|
10,686
|
|
2017
|
10,830
|
10,816
|
|
2017
|
10,782
|
10,729
|
|
2018
|
10,733
|
10,682
|
|
2018
|
10,864
|
10,805
|
|
2018
|
10,921
|
10,869
|
|
2018
|
10,850
|
10,851
|
|
2019
|
11,080
|
11,123
|
|
2019
|
11,463
|
11,498
|
|
2019
|
11,785
|
11,816
|
|
2019
|
11,739
|
11,772
|
|
2020
|
12,113
|
12,175
|
|
2020
|
11,622
|
11,955
|
|
2020
|
11,958
|
12,199
|
|
2020
|
12,182
|
12,348
|
|
2021
|
12,209
|
12,304
|
|
2021
|
12,487
|
12,521
|
|
2021
|
12,606
|
12,613
|
|
2021
|
12,609
|
12,592
|
|
2022
|
12,226
|
12,223
|
|
2022
|
11,621
|
11,670
|
|
2022
|
11,454
|
11,524
|
|
2022
|
11,453
|
11,504
|
|
2023
|
11,528
|
11,600
|
|
2023
|
11,662
|
11,728
|
|
2023
|
11,687
|
11,721
|
|
2023
|
11,917
|
11,996
|
|
2024
|
12,249
|
12,228
|
|
2024
|
12,171
|
12,041
|
|
2024
|
12,569
|
12,434
|
|
2024
|
12,762
|
12,588
|
|
2025
|
12,716
|
12,590
|
202501-4140694, 202504-4215232
F80-052 4/25
Average Annual Total Returns
|
1 Year
|
5 Years
|
10 Years
|
|
|
California Tax-Free Bond Fund (Investor Class)
|
3.81%
|
0.98%
|
2.43%
|
|
Bloomberg Municipal Bond Index (Regulatory/Strategy Benchmark)
|
2.96
|
0.67
|
2.33
|
The preceding line graph 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 fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund's past performance is not a good predictor of the fund's future performance.Updated performance information can be found at www.troweprice.com.
What are some fund statistics?
Fund Statistics
- Total Net Assets (000s)$791,828
- Number of Portfolio Holdings387
- Investment Advisory Fees Paid (000s)$2,933
- Portfolio Turnover Rate16.5%
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
|
AAA Rated
|
12.3%
|
|
AA Rated
|
38.2
|
|
A Rated
|
20.9
|
|
BBB Rated
|
10.4
|
|
BB Rated and Below
|
3.6
|
|
Not Rated
|
13.0
|
|
U.S. Government Agency Securities
|
0.5
|
|
Reserves
|
1.1
|
*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 ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Industry Allocation (as a % of Net Assets)
|
Transportation
|
18.2%
|
|
Health Care
|
15.3
|
|
Education
|
13.9
|
|
General Obligations - Local
|
9.1
|
|
Housing
|
8.7
|
|
Special Tax
|
3.8
|
|
Leasing
|
3.5
|
|
Water & Sewer
|
2.4
|
|
General Obligations - State
|
1.9
|
|
Other
|
23.2
|
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
California Tax-Free Bond Fund
Investor Class (PRXCX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Annual Shareholder Report
February 28, 2025
California Tax-Free Bond Fund
I Class (TCFEX)
This annual shareholder report contains important information about California Tax-Free Bond Fund (the "fund") for the period of March 1, 2024 to February 28, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.comor contacting your intermediary.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
California Tax-Free Bond Fund - I Class
|
$45
|
0.44%
|
What drove fund performance during the past 12 months?
-
The municipal bond market delivered positive total returns for the year ended February 28, 2025, as strong demand helped absorb a record level of tax-exempt issuance during the period. Resilient economic data helped high yield and lower-rated investment-grade municipal bonds outperform higher-quality securities by a wide margin.
-
Compared with the Bloomberg Municipal Bond Index, the fund's security selection within the revenue-backed sector was a leading contributor to relative results, led by security selections in the dedicated tax, housing, and hospital revenue subsectors. The fund's allocations within the revenue sector also aided performance, with an overweight to life care revenue bonds being a significant positive factor.
The portfolio's longer-than-benchmark average duration profile detracted as municipal bond yields ended the period higher except for the shortest maturities, and our positioning on the yield curve also weighed on performance to a lesser extent. A small overweight allocation to the prerefunded sector also marginally detracted from relative performance amid the risk-on environment.
-
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. Hospital bonds composed the fund's largest absolute allocation, while airports represented the largest overweight allocation relative to the benchmark. Elsewhere within health care, encouraging trends in fundamentals bolstered our views on hospital revenue bonds. Meanwhile, the airport sector has continued to show resilience as enplanements have fully recovered from the pandemic-induced drawdown.
How has the fund performed?
Cumulative Returns of a Hypothetical $500,000 Investment as of February 28, 2025
|
I Class
|
Regulatory/Strategy Benchmark
|
|
|
7/6/17
|
500,000
|
500,000
|
|
8/31/17
|
508,105
|
508,506
|
|
11/30/17
|
505,571
|
504,440
|
|
2/28/18
|
503,847
|
502,206
|
|
5/31/18
|
509,636
|
508,013
|
|
8/31/18
|
512,471
|
510,989
|
|
11/30/18
|
509,729
|
510,139
|
|
2/28/19
|
520,675
|
522,934
|
|
5/31/19
|
538,795
|
540,548
|
|
8/31/19
|
553,627
|
555,543
|
|
11/30/19
|
551,571
|
553,458
|
|
2/29/20
|
569,298
|
572,410
|
|
5/31/20
|
546,357
|
562,052
|
|
8/31/20
|
562,285
|
573,518
|
|
11/30/20
|
572,969
|
580,547
|
|
2/28/21
|
574,394
|
578,467
|
|
5/31/21
|
587,598
|
588,667
|
|
8/31/21
|
593,373
|
592,995
|
|
11/30/21
|
593,683
|
591,991
|
|
2/28/22
|
576,261
|
574,649
|
|
5/31/22
|
547,470
|
548,673
|
|
8/31/22
|
539,820
|
541,805
|
|
11/30/22
|
539,918
|
540,844
|
|
2/28/23
|
543,632
|
545,356
|
|
5/31/23
|
550,666
|
551,363
|
|
8/31/23
|
551,496
|
551,041
|
|
11/30/23
|
563,097
|
564,005
|
|
2/29/24
|
578,445
|
574,904
|
|
5/31/24
|
574,922
|
566,100
|
|
8/31/24
|
593,991
|
584,591
|
|
11/30/24
|
603,314
|
591,810
|
|
2/28/25
|
601,350
|
591,928
|
202501-4140694, 202504-4215232
F1096-052 4/25
Average Annual Total Returns
|
1 Year
|
5 Years
|
Since Inception 7/6/17
|
|
|
California Tax-Free Bond Fund (I Class)
|
3.96%
|
1.10%
|
2.44%
|
|
Bloomberg Municipal Bond Index (Regulatory/Strategy Benchmark)
|
2.96
|
0.67
|
2.23
|
The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund's past performance is not a good predictor of the fund's future performance.Updated performance information can be found at www.troweprice.com.
What are some fund statistics?
Fund Statistics
- Total Net Assets (000s)$791,828
- Number of Portfolio Holdings387
- Investment Advisory Fees Paid (000s)$2,933
- Portfolio Turnover Rate16.5%
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
|
AAA Rated
|
12.3%
|
|
AA Rated
|
38.2
|
|
A Rated
|
20.9
|
|
BBB Rated
|
10.4
|
|
BB Rated and Below
|
3.6
|
|
Not Rated
|
13.0
|
|
U.S. Government Agency Securities
|
0.5
|
|
Reserves
|
1.1
|
*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 ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Industry Allocation (as a % of Net Assets)
|
Transportation
|
18.2%
|
|
Health Care
|
15.3
|
|
Education
|
13.9
|
|
General Obligations - Local
|
9.1
|
|
Housing
|
8.7
|
|
Special Tax
|
3.8
|
|
Leasing
|
3.5
|
|
Water & Sewer
|
2.4
|
|
General Obligations - State
|
1.9
|
|
Other
|
23.2
|
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
California Tax-Free Bond Fund
I Class (TCFEX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
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:
|
2025 |
2024 |
|||||||||
|
Audit Fees |
$33,841 | $33,158 | ||||||||
|
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-ratashare 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-auditservices 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-approvalin advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approvalmay be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approvalfor audit or non-auditservices 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 2-01of 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-auditservices 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 $1,818,000 and $1,180,000, respectively.
(h) All non-auditservices rendered in (g) above were pre-approvedby the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-EndManagement Investment Companies.
(a - b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
February
28,
2025
Financial
Statements
and
Other
Information
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
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
2/28/25
2/29/24
2/28/23
2/28/22
2/28/21
NET
ASSET
VALUE
Beginning
of
period
$
10.83
$
10.52
$
11.49
$
11.80
$
12.04
Investment
activities
Net
investment
income
(1)(2)
0.36
0.34
0.31
0.30
0.32
Net
realized
and
unrealized
gain/loss
0.05
0.31
(0.97)
(0.27)
(0.23)
Total
from
investment
activities
0.41
0.65
(0.66)
0.03
0.09
Distributions
Net
investment
income
(0.36)
(0.34)
(0.30)
(0.30)
(0.32)
Net
realized
gain
-
-
(0.01)
(0.04)
(0.01)
Total
distributions
(0.36)
(0.34)
(0.31)
(0.34)
(0.33)
NET
ASSET
VALUE
End
of
period
$
10.88
$
10.83
$
10.52
$
11.49
$
11.80
Ratios/Supplemental
Data
Total
return
(2)(3)
3.81%
6.26%
(5.71)%
0.13%
0.80%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.58%
0.57%
0.58%
0.53%
0.53%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.58%
0.57%
0.58%
0.53%
0.53%
Net
investment
income
3.30%
3.21%
2.87%
2.48%
2.74%
Portfolio
turnover
rate
16.5%
12.0%
28.3%
8.3%
16.1%
Net
assets,
end
of
period
(in
thousands)
$405,357
$382,476
$349,156
$455,003
$562,592
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
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
2/28/25
2/29/24
2/28/23
2/28/22
2/28/21
NET
ASSET
VALUE
Beginning
of
period
$
10.82
$
10.51
$
11.49
$
11.79
$
12.03
Investment
activities
Net
investment
income
(1)(2)
0.37
0.35
0.32
0.31
0.33
Net
realized
and
unrealized
gain/loss
0.05
0.31
(0.97)
(0.26)
(0.23)
Total
from
investment
activities
0.42
0.66
(0.65)
0.05
0.10
Distributions
Net
investment
income
(0.37)
(0.35)
(0.32)
(0.31)
(0.33)
Net
realized
gain
-
-
(0.01)
(0.04)
(0.01)
Total
distributions
(0.37)
(0.35)
(0.33)
(0.35)
(0.34)
NET
ASSET
VALUE
End
of
period
$
10.87
$
10.82
$
10.51
$
11.49
$
11.79
Ratios/Supplemental
Data
Total
return
(2)(3)
3.96%
6.40%
(5.66)%
0.33%
0.90%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.44%
0.44%
0.45%
0.43%
0.43%
Net
expenses
after
waivers/payments
by
Price
Associates
0.44%
0.44%
0.44%
0.43%
0.43%
Net
investment
income
3.44%
3.35%
3.01%
2.59%
2.83%
Portfolio
turnover
rate
16.5%
12.0%
28.3%
8.3%
16.1%
Net
assets,
end
of
period
(in
thousands)
$386,471
$361,111
$310,843
$245,613
$134,569
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
28,
2025
4
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES 98.4%
CALIFORNIA
95.2%
Adelanto
Public
Utility
Auth.,
Utility
System
Project,
Series A,
5.00%,
7/1/39 (1)
2,000
2,075
Alameda
Corridor
Transportation
Auth.,
Series C,
5.00%,
10/1/52 (1)
1,000
1,063
Bay
Area
Toll
Auth.,
Series A,
VRDN,
1.35%,
4/1/55
1,000
1,000
Bay
Area
Toll
Auth.,
Series B,
VRDN,
0.85%,
4/1/55
8,620
8,620
Bay
Area
Toll
Auth.,
Series S-8,
3.00%,
4/1/54 (2)
5,000
3,894
Burbank-Glendale-Pasadena
Airport
Auth.
Brick
Campaign,
Series B,
4.50%,
7/1/54 (1)(3)
4,000
3,985
California,
Series CU,
GO,
4.75%,
12/1/42
2,250
2,345
California,
Series CU,
GO,
4.85%,
12/1/46
1,230
1,281
California
Community
Choice
Fin.
Auth.,
Series D,
VRDN,
5.00%,
2/1/55
(Tender
9/1/32)
8,000
8,712
California
Community
Choice
Fin.
Auth.,
Series E,
VRDN,
5.00%,
2/1/55
(Tender
9/1/32)
4,100
4,449
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29)
2,400
2,527
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
Series 2023-F,
VRDN,
5.50%,
10/1/54
(Tender
11/1/30)
3,830
4,160
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
Series B-1,
VRDN,
4.00%,
2/1/52
(Tender
8/1/31)
6,000
6,058
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
Series E-1,
VRDN,
5.00%,
2/1/54
(Tender
3/1/31)
5,500
5,881
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
Series G,
VRDN,
5.25%,
11/1/54
(Tender
4/1/30)
3,000
3,188
California
Community
Choice
Fin.
Auth.,
Green
Bond
Energy
Project,
Series H,
VRDN,
5.00%,
1/1/56
(Tender
8/1/33)
8,875
9,778
California
Community
Housing
Agency,
5.00%,
8/1/49 (4)
2,000
1,887
California
County
Tobacco
Securitization
Agency,
Series B-1,
5.00%,
6/1/49
160
162
California
EFA,
5.00%,
4/1/51
4,000
4,724
California
EFA,
Series A,
4.00%,
12/1/39
1,245
1,196
California
EFA,
Series A,
5.00%,
12/1/34
1,000
1,039
California
EFA,
Series A,
5.00%,
12/1/44
3,500
3,550
California
EFA,
Chapman
Univ.,
5.00%,
4/1/36
(Prerefunded
4/1/25) (5)
4,260
4,267
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
8/1/35
400
418
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
1/15/39
400
431
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
8/1/40
500
519
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
5
Par
$
Value
(Amounts
in
000s)
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
1/15/45
1,000
1,038
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
8/1/45
550
562
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
8/1/50
550
560
California
Enterprise
Dev.
Auth.,
Student
Housing,
Series A,
5.00%,
8/1/55
825
838
California
Enterprise
Dev.
Auth.,Riverside
County
Mead
Valley
Wellness
Village
Project,
Series A,
5.25%,
11/1/54
7,000
7,747
California
HFFA,
Cedars-Sinai
Health
System,
Series A,
3.00%,
8/15/51
5,745
4,611
California
HFFA,
Cedars-Sinai
Health
System,
Series A,
3.00%,
8/15/51 (2)
3,250
2,699
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/28
560
568
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/29
880
892
California
HFFA,
Kaiser
Permanente,
Series A-2,
5.00%,
11/1/47
8,000
9,257
California
HFFA,
Northern
California
Presbyterian
Homes
&
Services,
5.00%,
7/1/34
700
705
California
HFFA,
Northern
California
Presbyterian
Homes
&
Services,
5.00%,
7/1/39
1,300
1,307
California
HFFA,
Northern
California
Presbyterian
Homes
&
Services,
5.00%,
7/1/44
1,400
1,405
California
HFFA,
Providence
Healthcare
&
Services,
Unrefunded
Balance,
Series A,
5.00%,
10/1/38
1,410
1,413
California
HFFA,
Stanford
Health
Care,
Series A,
4.00%,
8/15/50
2,120
2,093
California
HFFA,
Sutter
Health,
Series A,
5.00%,
11/15/35
1,000
1,050
California
HFFA,
Sutter
Health,
Series A,
5.00%,
11/15/38
2,000
2,088
California
HFFA,
Sutter
Health,
Series A,
5.00%,
11/15/48
4,700
4,815
California
HFFA,
Sutter
Health,
Series B,
5.00%,
11/15/46
(Prerefunded
11/15/26) (5)
1,020
1,063
California
HFFA,
Sutter
Health,
Unrefunded
Balance,
Series B,
5.00%,
11/15/46
1,780
1,808
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35
1,397
1,440
California
Housing
Fin.,
Series 2019-2,
Class
A,
4.00%,
3/20/33
2,566
2,581
California
Housing
Fin.,
Series 2023-1,
Class
A,
4.375%,
9/20/36
2,293
2,378
California
Housing
Fin.,
Shoreview
Apartments,
Series T,
4.10%,
7/1/40
3,325
3,348
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
4.125%,
11/1/52
2,835
2,693
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
5.00%,
11/1/54
4,080
4,311
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
6
Par
$
Value
(Amounts
in
000s)
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
5.00%,
11/1/57
2,115
2,215
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
5.00%,
11/1/59
1,000
1,054
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
FRN,
100%
of
MUNIPSA
+
0.70%,
2.56%,
12/1/50
(Tender
6/1/26)
1,175
1,171
California
Infrastructure
&
Economic
Dev.
Bank,
Academy
of
Sciences,
Series A,
3.25%,
8/1/29
2,800
2,803
California
Infrastructure
&
Economic
Dev.
Bank,
Green
Bond,
4.00%,
10/1/44
5,250
5,320
California
Infrastructure
&
Economic
Dev.
Bank,
Los
Angeles
Museum
of
National
History,
3.00%,
7/1/50
6,750
5,104
California
Municipal
Fin.
Auth.,
Bowles
Hall
Foundation,
Series A,
5.00%,
6/1/35
300
301
California
Municipal
Fin.
Auth.,
Bowles
Hall
Foundation,
Series A,
5.00%,
6/1/50
4,830
4,833
California
Municipal
Fin.
Auth.,
California
Baptist
Univ.,
Series A,
5.00%,
11/1/36 (4)
1,920
1,945
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series A,
4.00%,
8/15/42
635
616
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series A,
5.00%,
8/15/54
1,800
1,882
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series A,
5.00%,
8/15/59
2,600
2,699
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series A,
5.25%,
8/15/53
1,665
1,735
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series B,
3.00%,
8/15/31
120
115
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series B,
4.00%,
8/15/41
295
281
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series B,
4.00%,
8/15/51
435
380
California
Municipal
Fin.
Auth.,
Caritas
Project,
Series B,
4.00%,
8/15/56
330
283
California
Municipal
Fin.
Auth.,
Channing
House
Project,
Series A,
5.00%,
5/15/35
1,000
1,036
California
Municipal
Fin.
Auth.,
Channing
House
Project,
Series B,
5.00%,
5/15/47
2,200
2,254
California
Municipal
Fin.
Auth.,
CHF-Davis
I,
LLC-West
Village,
5.00%,
5/15/36 (2)
2,000
2,115
California
Municipal
Fin.
Auth.,
Claremont
College
Project,
Series A,
5.00%,
7/1/40 (4)
1,515
1,478
California
Municipal
Fin.
Auth.,
Claremont
College
Project,
Series A,
5.00%,
7/1/52 (4)
2,075
1,928
California
Municipal
Fin.
Auth.,
Eisnhower
Medical
Center,
Series A,
5.00%,
7/1/33
1,000
1,029
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
7
Par
$
Value
(Amounts
in
000s)
California
Municipal
Fin.
Auth.,
Eisnhower
Medical
Center,
Series A,
5.00%,
7/1/36
2,550
2,615
California
Municipal
Fin.
Auth.,
Institute
on
Aging
Project,
5.00%,
8/15/36
365
379
California
Municipal
Fin.
Auth.,
Institute
on
Aging
Project,
5.00%,
8/15/37
315
326
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
4.00%,
10/1/29 (4)
405
402
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
5.00%,
10/1/39 (4)
900
904
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
5.00%,
10/1/49 (4)
1,000
968
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
5.00%,
10/1/57 (4)
1,650
1,566
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
4.00%,
12/31/47 (1)(3)
2,845
2,688
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
4.00%,
12/31/47 (3)
3,000
2,762
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
5.00%,
12/31/38 (3)
1,500
1,539
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
5.00%,
12/31/43 (3)
5,500
5,567
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
5.00%,
12/31/47 (3)
2,830
2,847
California
Municipal
Fin.
Auth.,
MT
San
Antonio
Gardens
Project,
5.00%,
11/15/39
1,700
1,735
California
Municipal
Fin.
Auth.,
MT
San
Antonio
Gardens
Project,
5.00%,
11/15/49
3,875
3,841
California
Municipal
Fin.
Auth.,
MT
San
Antonio
Gardens
Project,
Series A,
4.00%,
11/15/52
1,000
833
California
Municipal
Fin.
Auth.,
MT
San
Antonio
Gardens
Project,
Series A,
4.00%,
11/15/56
1,100
896
California
Municipal
Fin.
Auth.,
National
Univ.,
Series A,
5.00%,
4/1/29
1,045
1,141
California
Municipal
Fin.
Auth.,
National
Univ.,
Series A,
5.00%,
4/1/30
1,245
1,351
California
Municipal
Fin.
Auth.,
National
Univ.,
Series A,
5.00%,
4/1/32
1,035
1,119
California
Municipal
Fin.
Auth.,
National
Univ.,
Series A,
5.00%,
4/1/40
1,000
1,060
California
Municipal
Fin.
Auth.,
National
Univ.,
Series A,
5.00%,
4/1/41
3,000
3,159
California
Municipal
Fin.
Auth.,
Orange
County
Civic
CTR
Infrastructure,
Series A,
5.00%,
6/1/43
1,950
2,033
California
Municipal
Fin.
Auth.,
Paradise
Valley
Estates
Project,
Series A,
5.00%,
1/1/30
510
542
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
8
Par
$
Value
(Amounts
in
000s)
California
Municipal
Fin.
Auth.,
Paradise
Valley
Estates
Project,
Series A,
5.00%,
1/1/31
375
398
California
Municipal
Fin.
Auth.,
Paradise
Valley
Estates
Project,
Series A,
5.00%,
1/1/32
350
371
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/26 (6)
950
987
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/28 (6)
1,005
1,087
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/29 (6)
780
858
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/31 (6)
1,000
1,133
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/32 (6)
1,025
1,176
California
Municipal
Fin.
Auth.,
Samuel
Merritt
Univ.,
5.25%,
6/1/53
3,775
4,069
California
Municipal
Fin.
Auth.,
Terry
Manor
Apartments,
Series A,
4.20%,
8/1/40
5,970
6,082
California
Municipal
Fin.
Auth.,
UCR
North
Dist.
Phase
1
Student,
5.00%,
5/15/33
1,000
1,068
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/37
3,440
3,601
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/48
4,025
4,118
California
PFA,
Enso
Village
Project,
5.00%,
11/15/46 (4)
500
489
California
PFA,
Enso
Village
Project,
5.00%,
11/15/51 (4)
1,000
957
California
PFA,
Enso
Village
Project,
5.00%,
11/15/56 (4)
1,000
941
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
509
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
3,503
California
PFA,
Hoag
Memorial
Hosp.,
Series A,
4.00%,
7/15/51
5,000
4,877
California
Public
Works
Board,
Series B,
4.00%,
5/1/40
750
773
California
Public
Works
Board,
Series B,
4.00%,
5/1/41
1,000
1,021
California
School
Fin.
Auth.,
Alliance
for
College-Ready
Public
School,
5.00%,
7/1/59 (4)
4,150
4,259
California
School
Fin.
Auth.,
Aspire
Public
School,
5.00%,
8/1/41
(Prerefunded
8/1/25) (4)(5)
175
176
California
School
Fin.
Auth.,
Classical
Academies,
Series A,
5.00%,
10/1/52 (4)
2,000
2,003
California
School
Fin.
Auth.,
John
Adams
Academies,
Series A,
5.00%,
7/1/52 (4)
600
582
California
School
Fin.
Auth.,
Kipp
Socal
Public
School,
Series A,
4.00%,
7/1/50 (4)
1,135
1,017
California
School
Fin.
Auth.,
Kipp
Socal
Public
School,
Series A,
5.00%,
7/1/39 (4)
3,000
3,117
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
9
Par
$
Value
(Amounts
in
000s)
California
School
Fin.
Auth.,
Kipp
Socal
Public
School,
Series A,
5.00%,
7/1/49 (4)
1,850
1,876
California
School
Fin.
Auth.,
Kipp
Socal
Public
School,
Series A,
5.00%,
7/1/54 (4)
1,150
1,163
California
School
Fin.
Auth.,
New
Designs
Charter
School
ADA,
5.00%,
6/1/40 (4)
690
698
California
School
Fin.
Auth.,
New
Designs
Charter
School
ADA,
5.00%,
6/1/50 (4)
2,090
2,094
California
State
Univ.,
Series A,
5.50%,
11/1/55
4,000
4,561
California
State
Univ.,
Series C,
4.00%,
11/1/45
1,100
1,102
California
Statewide
CDA,
4.75%,
9/2/55
1,000
1,008
California
Statewide
CDA,
5.00%,
9/2/40
1,055
1,104
California
Statewide
CDA,
5.375%,
9/2/52
1,990
2,074
California
Statewide
CDA,
Series C-1,
5.00%,
9/2/39
1,200
1,303
California
Statewide
CDA,
Series D,
5.50%,
9/2/53
2,500
2,592
California
Statewide
CDA,
CHF-Irvine,
5.00%,
5/15/34
1,250
1,273
California
Statewide
CDA,
CHF-Irvine,
5.00%,
5/15/35
1,000
1,018
California
Statewide
CDA,
CHF-Irvine,
5.00%,
5/15/40
1,000
1,013
California
Statewide
CDA,
Enloe
Medical
Center,
5.00%,
8/15/38
(Prerefunded
2/15/26) (5)
2,500
2,559
California
Statewide
CDA,
Enloe
Medical
Center,
Series A,
5.25%,
8/15/52 (1)
3,120
3,316
California
Statewide
CDA,
Enloe
Medical
Center,
Series A,
5.375%,
8/15/57 (1)
1,000
1,069
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
4.00%,
4/1/41
2,000
1,973
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
4.00%,
4/1/51
4,000
3,653
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
Series A,
5.00%,
4/1/28
390
403
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
Series A,
5.00%,
4/1/31
175
180
California
Statewide
CDA,
Front
Porch
Communities
&
Services,
Series A,
5.00%,
4/1/47
1,750
1,770
California
Statewide
CDA,
Huntington
Memorial
Hosp.
Project,
5.00%,
7/1/43
1,750
1,813
California
Statewide
CDA,
Huntington
Memorial
Hosp.
Project,
5.00%,
7/1/48
5,650
5,815
California
Statewide
CDA,
Infrastructure
Program,
5.00%,
9/2/50
800
819
California
Statewide
CDA,
Infrastructure
Program,
Series A,
5.00%,
9/2/48
940
962
California
Statewide
CDA,
John
Muir
Health,
Series A,
4.00%,
8/15/51
2,100
1,968
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
10
Par
$
Value
(Amounts
in
000s)
California
Statewide
CDA,
John
Muir
Health,
Series A,
5.00%,
8/15/46
1,000
1,013
California
Statewide
CDA,
John
Muir
Health,
Series A,
5.00%,
8/15/51
1,750
1,769
California
Statewide
CDA,
John
Muir
Health,
Series A,
5.00%,
12/1/53
1,000
1,020
California
Statewide
CDA,
Lancer
Ed.
Student
Housing
Project,
Series A,
5.00%,
6/1/34 (4)
375
387
California
Statewide
CDA,
Lancer
Ed.
Student
Housing
Project,
Series A,
5.00%,
6/1/39 (4)
675
686
California
Statewide
CDA,
Lancer
Ed.
Student
Housing
Project,
Series A,
5.00%,
6/1/51 (4)
4,135
4,096
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/36 (4)
500
507
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58 (4)
7,750
7,943
California
Statewide
CDA,
Methodist
Hosp.
of
Southern
CA,
5.00%,
1/1/38
750
784
California
Statewide
CDA,
Methodist
Hosp.
of
Southern
CA,
5.00%,
1/1/43
1,800
1,858
California
Statewide
CDA,
Methodist
Hosp.
of
Southern
CA,
5.00%,
1/1/48
2,910
2,991
California
Statewide
CDA,
Montage
Health,
Series A,
4.00%,
6/1/40
1,000
1,019
California
Statewide
CDA,
Montage
Health,
Series A,
4.00%,
6/1/41
1,000
1,014
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/29
1,000
1,021
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
5.00%,
9/2/49
1,000
1,027
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
Series A-1,
5.00%,
9/2/42
1,000
1,044
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
Series A-1,
5.00%,
9/2/52
1,100
1,124
California
Statewide
CDA,
Univ.
of
California,
Irvine
Campus,
Series A,
5.00%,
5/15/26
950
972
California
Statewide
CDA,
Univ.
of
California,
Irvine
Campus,
Series A,
5.00%,
5/15/28
1,230
1,280
California
Statewide
CDA,
Univ.
of
California,
Irvine
Campus,
Series A,
5.00%,
5/15/37
1,000
1,029
California
Statewide
CDA,
Univ.
of
California,
Irvine
Campus,
Series A,
5.00%,
5/15/42
3,700
3,769
California
Statewide
CDA,
Viamonte
Senior
Living,
Series A,
5.00%,
7/1/30
125
135
California
Statewide
CDA,
Viamonte
Senior
Living,
Series A,
5.00%,
7/1/31
150
161
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
11
Par
$
Value
(Amounts
in
000s)
California
Statewide
CDA,
Viamonte
Senior
Living,
Series A,
5.00%,
7/1/32
100
107
California
Statewide
CDA,
Viamonte
Senior
Living,
Series A,
5.00%,
7/1/33
125
134
Central
Valley
Energy
Auth.,
VRDN,
5.00%,
12/1/55
(Tender
8/1/35)
6,000
6,585
Chino
Valley
Unified
School
Dist.,
Series B,
GO,
3.375%,
8/1/50 (1)
7,950
6,841
Chino
Valley
Unified
School
Dist.,
Series D,
GO,
5.00%,
8/1/55
5,000
5,432
Clovis
Unified
School
Dist.,
Series C,
GO,
4.00%,
8/1/48
1,750
1,754
Compton
Community
Redev.
Agency
Successor
Agency,
Series A,
5.00%,
8/1/37 (1)
1,700
1,903
Compton
Community
Redev.
Agency
Successor
Agency,
Series A,
5.00%,
8/1/42 (1)
1,250
1,342
CSCDA
Community
Improvement
Auth.,
Altana
Glendale
Social
Bonds,
Series A-2,
4.00%,
10/1/56 (4)
2,470
1,972
CSCDA
Community
Improvement
Auth.,
Parallel
Anaheim
Social
Bonds,
4.00%,
8/1/56 (4)
2,940
2,614
CSCDA
Community
Improvement
Auth.,
The
Link
Glendale
Social
Bonds,
Series A-2,
4.00%,
7/1/56 (4)
3,535
2,824
Del
Mar
Race
Track
Auth.,
5.00%,
10/1/35
1,665
1,665
Del
Mar
Race
Track
Auth.,
5.00%,
10/1/36
700
700
Desert
Community
College
Dist.,
GO,
4.00%,
8/1/51
5,265
5,251
Foothill-Eastern
Transportation
Corridor
Agency,
Series A,
4.00%,
1/15/46
4,000
3,923
Foothill-Eastern
Transportation
Corridor
Agency,
Series B-2,
3.50%,
1/15/53 (1)
2,000
1,730
Foothill-Eastern
Transportation
Corridor
Agency,
Series C,
4.00%,
1/15/32
175
183
Foothill-Eastern
Transportation
Corridor
Agency,
Series C,
4.00%,
1/15/33
250
260
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
Garden
Grove
PFA,
Series A,
4.00%,
4/1/54 (2)
2,125
2,106
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series A,
5.00%,
9/1/44
4,600
4,634
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series A,
5.25%,
9/1/37
3,100
3,123
Irvine
Fac.
Fin.
Auth.,
Series A,
4.00%,
9/1/58 (2)
4,700
4,705
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series B,
5.00%,
9/1/47
1,295
1,315
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series C,
5.00%,
9/1/47
525
533
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
12
Par
$
Value
(Amounts
in
000s)
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series D,
5.00%,
3/1/57
2,335
2,363
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
5.00%,
9/1/37
1,390
1,440
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
5.00%,
9/1/43
2,000
2,052
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
Zero
Coupon,
9/1/50 (2)
1,200
359
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
Zero
Coupon,
9/1/51 (2)
1,500
427
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
Zero
Coupon,
9/1/52 (2)
1,400
377
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
Zero
Coupon,
9/1/53 (2)
1,000
257
Irvine,
Community
Fac.
Dist.
No.
2013-3,
Special
Tax,
Zero
Coupon,
9/1/54 (2)
145
35
Jefferson
Union
High
School
Dist.,
Series A,
GO,
6.45%,
8/1/25 (7)
50
51
Jefferson
Union
High
School
Dist.,
Series A,
GO,
6.45%,
8/1/29 (7)
1,000
1,073
Kern
Community
College
Dist.,
Series C,
GO,
3.00%,
8/1/46 (2)
6,750
5,658
Lake
Elsinore,
Community
Fac.
Dist.
No.
2016-2,
Special
Tax,
5.00%,
9/1/43
2,475
2,534
Lake
Elsinore,
Community
Fac.
Dist.
No.
2016-2,
Special
Tax,
5.00%,
9/1/48
3,640
3,704
Long
Beach
Bond
Fin.
Auth.,
Series A,
5.50%,
11/15/37
2,160
2,515
Long
Beach,
Harbor,
Series A,
5.00%,
5/15/37 (3)
1,300
1,335
Long
Beach,
Marina
System,
5.00%,
5/15/32
1,655
1,658
Long
Beach,
Marina
System,
5.00%,
5/15/45
2,500
2,501
Los
Angeles
County
Fac.,
Vermont
Corridor
County
Administrative
Building,
Series A,
5.00%,
12/1/43
6,400
6,711
Los
Angeles
County
Metropolitan
Transportation
Auth.
Sales
Tax
Revenue,
Series A,
5.00%,
7/1/42
2,475
2,831
Los
Angeles
County
Metropolitan
Transportation
Auth.,
Green
Bond-Measure
R
Junior,
Series A,
4.00%,
6/1/37
1,375
1,436
Los
Angeles
Dept.
of
Airports,
3.25%,
5/15/49 (3)
1,000
774
Los
Angeles
Dept.
of
Airports,
5.25%,
5/15/47 (3)
3,480
3,676
Los
Angeles
Dept.
of
Airports,
Series A,
4.00%,
5/15/42 (3)
5,225
5,109
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/35 (3)
500
519
Los
Angeles
Dept.
of
Airports,
Series A,
5.00%,
5/15/44 (3)
1,000
1,018
Los
Angeles
Dept.
of
Airports,
Series B,
5.00%,
5/15/36 (3)
1,200
1,215
Los
Angeles
Dept.
of
Airports,
Series B,
5.00%,
5/15/42
930
961
Los
Angeles
Dept.
of
Airports,
Series D,
4.00%,
5/15/51 (3)
2,000
1,854
Los
Angeles
Dept.
of
Airports,
Series D,
5.00%,
5/15/36 (3)
1,000
1,042
Los
Angeles
Dept.
of
Airports,
Series D,
5.00%,
5/15/37 (3)
1,000
1,040
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
13
Par
$
Value
(Amounts
in
000s)
Los
Angeles
Dept.
of
Airports,
Green
Bond,
Series G,
4.00%,
5/15/47 (3)
1,500
1,419
Los
Angeles
Dept.
of
Airports,
Revenue
Bonds
2015,
Series D,
5.00%,
5/15/36 (3)
1,500
1,503
Los
Angeles
Unified
School
Dist.,
Series QRR,
GO,
5.25%,
7/1/49
3,250
3,647
Los
Angeles
Unified
School
Dist.,
Election
2008,
Series A,
GO,
4.00%,
7/1/34
3,750
3,755
Modesto
Elementary
School
Dist.,
Series B,
GO,
3.00%,
8/1/50
2,700
2,110
Newport
Beach,
Series A,
4.125%,
9/2/38
570
576
Newport
Beach,
Series A,
5.00%,
9/2/43
645
680
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series A,
5.00%,
3/1/41 (3)
2,000
2,029
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series A,
5.00%,
3/1/47 (3)
6,170
6,228
Northern
California
Energy
Auth.,
VRDN,
5.00%,
12/1/54
(Tender
8/1/30)
4,000
4,284
Oakland
Unified
School
Dist.,
Alameda
County,
Series A,
GO,
5.25%,
8/1/48 (1)
4,500
4,948
Oceanside
Unified
School
Dist.,
Prerefunded
Balance,
GO,
Zero
Coupon,
8/1/28 (6)(8)
380
345
Oceanside
Unified
School
Dist.,
Prerefunded
Balance,
Series A,
GO,
Zero
Coupon,
8/1/28 (6)(8)
250
227
Oceanside
Unified
School
Dist.,
Unrefunded
Balance,
GO,
Zero
Coupon,
8/1/28 (8)
3,870
3,488
Oceanside
Unified
School
Dist.,
Unrefunded
Balance,
Series A,
GO,
Zero
Coupon,
8/1/28 (6)(8)
500
454
Ontario
Community
Fac.
Dist.
No.
64,
5.00%,
9/1/55
3,000
3,106
Ontario
Int'l
Airport
Auth.,
North
Terminal
Project,
Series B,
4.00%,
5/15/36 (1)(3)
1,040
1,045
Ontario
Int'l
Airport
Auth.,
North
Terminal
Project,
Series B,
4.00%,
5/15/37 (1)(3)
575
576
Ontario
Int'l
Airport
Auth.,
North
Terminal
Project,
Series B,
4.00%,
5/15/40 (1)(3)
1,350
1,342
Orange
County
Community
Fac.
Dist.,
No.
2015-1,
Esencia
Village,
Series A,
5.25%,
8/15/45
2,930
2,942
Orange
County
Community
Fac.
Dist.,
No.
2021-1,
Rienda,
Series A,
5.00%,
8/15/47
500
517
Orange
County
Community
Fac.
Dist.,
No.
2023-1,
Rienda,
Series A,
5.25%,
8/15/43
1,340
1,437
Orange
County
Community
Fac.
Dist.,
No.
2023-1,
Rienda,
Series A,
5.50%,
8/15/48
1,450
1,556
Orange
County
Community
Fac.
Dist.,
No.
2023-1,
Rienda,
Series A,
5.50%,
8/15/53
1,000
1,067
Palo
Alto,
Limited
Obligation,
University
Ave.,
5.00%,
9/2/26
880
890
Palo
Alto,
Limited
Obligation,
University
Ave.,
5.00%,
9/2/27
450
455
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
14
Par
$
Value
(Amounts
in
000s)
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 (8)
5,000
4,932
Pittsburg
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
9/1/29 (1)
1,935
1,997
Port
of
Los
Angeles,
Series A-1,
5.00%,
8/1/36 (3)
1,000
1,109
Port
of
Los
Angeles,
Series A-2,
5.00%,
8/1/36 (3)
750
832
Port
of
Los
Angeles,
Series A-2,
5.00%,
8/1/37 (3)
1,000
1,103
Port
of
Oakland,
Unrefunded
Balance,
Series H,
5.00%,
5/1/29 (3)
1,725
1,838
Ravenswood
City
School
Dist.,
GO,
5.25%,
8/1/53 (2)
4,310
4,696
Regents
of
the
Univ.
of
California
Medical
Center
Pooled
Revenue,
Series B-2,
VRDN,
1.30%,
5/15/32
200
200
Regents
of
the
Univ.
of
California
Medical
Center
Pooled
Revenue,
Series L,
4.50%,
5/15/36
1,900
1,923
Regents
of
the
Univ.
of
California
Medical
Center
Pooled
Revenue,
Series P,
5.00%,
5/15/47
2,000
2,152
Regents
of
the
Univ.
of
California,
Medical
Center
Pooled
Revenue,
Series P,
3.50%,
5/15/54
9,450
8,274
Riverside
County
Transportation
Commission,
Series B-1,
4.00%,
6/1/46
3,000
2,975
Rocklin,
Special
Tax,
5.00%,
9/1/37
535
539
Rocklin,
Special
Tax,
5.00%,
9/1/38
975
982
Roseville
Natural
Gas
Fin.
Auth.,
5.00%,
2/15/26
1,000
1,014
Sacramento
City
Fin.
Auth.,
5.00%,
12/1/31 (2)
1,380
1,401
Sacramento
County
Airport,
5.00%,
7/1/54
3,500
3,789
Sacramento
County
Airport,
Series A,
5.00%,
7/1/41
2,175
2,222
Sacramento
County
Airport,
Series B,
5.00%,
7/1/41
2,275
2,324
Sacramento
County
Airport,
Series C,
5.00%,
7/1/36 (3)
4,000
4,148
Sacramento
Transient
Occupancy
Tax,
Convention
Center,
Series A,
5.00%,
6/1/38
1,240
1,309
Sacramento
Transient
Occupancy
Tax,
Convention
Center,
Series A,
5.00%,
6/1/43
4,650
4,831
Sacramento,
Railyards
Community
Fac.
Dist.
No.
201,
5.375%,
9/1/52 (4)
2,195
2,270
San
Bernardino
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
12/1/31 (1)
1,945
2,017
San
Clemente,
Special
Tax,
Community
Fac.
Dist.
No.
2006-1,
5.00%,
9/1/40
970
975
San
Diego
Assn.
of
Governments
South
Bay
Expressway,
Senior
Lien-Toll,
Series A,
5.00%,
7/1/38
2,100
2,187
San
Diego
Assn.
of
Governments
South
Bay
Expressway,
Senior
Lien-Toll,
Series A,
5.00%,
7/1/42
2,700
2,782
San
Diego
County
Regional
Airport
Auth.,
Series A,
5.00%,
7/1/47
1,800
1,853
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
15
Par
$
Value
(Amounts
in
000s)
San
Diego
County
Regional
Airport
Auth.,
Series B,
4.00%,
7/1/46 (3)
2,540
2,411
San
Diego
County
Regional
Airport
Auth.,
Series B,
4.00%,
7/1/51 (3)
1,500
1,394
San
Diego
County
Regional
Airport
Auth.,
Series B,
4.00%,
7/1/56 (3)
2,500
2,297
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.00%,
7/1/35 (3)
1,215
1,277
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.00%,
7/1/37 (3)
1,000
1,047
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.00%,
7/1/39 (3)
600
626
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.00%,
7/1/53 (3)
4,675
4,859
San
Diego
County
Regional
Airport
Auth.,
Series B,
5.25%,
7/1/38 (3)
650
728
San
Diego
County
Water
Auth.,
Series A,
5.00%,
5/1/47
1,500
1,629
San
Diego
County,
Special
Tax,
Harmony
Grove
Village,
Series A,
4.00%,
9/1/45
550
509
San
Diego
County,
Special
Tax,
Harmony
Grove
Village,
Series A,
4.00%,
9/1/50
1,100
986
San
Diego
County,
Special
Tax,
Harmony
Grove
Village,
Improvement
Area
No.
1,
Series A,
4.00%,
9/1/50
875
784
San
Diego
Public
Fac.
Fin.
Auth.,
Series A,
5.00%,
5/15/52
5,650
6,089
San
Diego
Unified
School
Dist.,
Green
Bond,
Series A-3,
GO,
4.00%,
7/1/53
6,000
5,941
San
Diego
Unified
School
Dist.,
Green
Bond,
Series B-3,
GO,
4.00%,
7/1/54
4,595
4,538
San
Diego
Unified
School
Dist.,
Green
Bond,
Series O-2,
GO,
4.25%,
7/1/47
3,000
3,050
San
Francisco
Bay
Area
Rapid
Transit
Dist.,
Series C-1,
GO,
4.00%,
8/1/45
1,025
1,028
San
Francisco
Bay
Area
Rapid
Transit
Dist.
Sales
Tax,
Series A,
4.00%,
7/1/37
350
356
San
Francisco
Bay
Area
Rapid
Transit
Dist.
Sales
Tax,
Series A,
4.00%,
7/1/39
625
633
San
Francisco
City
&
County
Int'l.
Airport,
Series A,
5.50%,
5/1/55 (3)
3,000
3,258
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series A,
5.00%,
5/1/38 (3)
3,710
3,871
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series A,
5.00%,
5/1/49 (3)
5,000
5,080
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series A,
5.25%,
5/1/49 (3)
4,000
4,272
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series B,
5.00%,
5/1/46 (3)
5,000
5,017
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
16
Par
$
Value
(Amounts
in
000s)
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series C,
5.75%,
5/1/48 (3)
4,500
4,965
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series E,
4.00%,
5/1/50
(Prerefunded
5/1/29) (3)(5)
155
157
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Series E,
5.00%,
5/1/50 (3)
500
507
San
Francisco
City
&
County
Int'l.
Airport,
Commissions,
Unrefunded
Balance,
Series A,
5.00%,
5/1/47 (3)
3,000
3,022
San
Francisco
Public
Utilities
Commission
Water
Revenue,
Series D,
3.00%,
11/1/50
1,500
1,156
San
Joaquin
Valley
Clean
Energy
Auth.,
Series A,
VRDN,
5.50%,
1/1/56
(Tender
7/1/35)
2,200
2,510
San
Jose
Evergreen
Community
College
Dist.,
Series C,
GO,
4.00%,
9/1/45
3,250
3,289
San
Jose
Evergreen
Community
College
Dist.,
Series C,
GO,
5.00%,
9/1/40
1,000
1,133
San
Jose
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
8/1/34
2,500
2,624
San
Jose,
El
Parador
Apartments
Project,
Series A,
6.10%,
1/1/31 (3)
650
650
San
Marcos
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
10/1/31
2,165
2,190
San
Marcos
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
10/1/32
850
859
San
Marcos
Redev.
Agency,
Successor
Agency,
Series A,
5.00%,
10/1/34
900
910
San
Mateo
Foster
City
School
Dist.,
Series B,
GO,
4.00%,
8/1/48
4,000
4,031
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
Sequoia
Union
High
School
Dist.,
GO,
4.00%,
7/1/52
3,750
3,760
Southern
California
Public
Power
Auth.,
Clean
Energy
Project,
Series A,
VRDN,
5.00%,
4/1/55
(Tender
9/1/30)
2,500
2,659
Southern
California
Tobacco
Securitization
Auth,
Asset
Backed,
Series A,
Class
1,
5.00%,
6/1/33
1,170
1,240
Southern
California
Tobacco
Securitization
Auth,
Asset
Backed,
Series A,
Class
1,
5.00%,
6/1/35
900
950
Sunnyvale
Fin.
Auth.,
Green
Bond-Civic
Center
Project,
4.00%,
4/1/50
4,740
4,729
Transbay
Joint
Powers
Auth.,
Green
Bond,
Series A,
5.00%,
10/1/45
1,750
1,779
Transbay
Joint
Powers
Auth.,
Green
Bond,
Series A,
5.00%,
10/1/49
1,700
1,718
Univ.
of
California
Regents,
Series AL-1,
VRDN,
1.00%,
5/15/48
4,610
4,610
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
17
Par
$
Value
(Amounts
in
000s)
Univ.
of
California
Regents,
Series AL-2,
VRDN,
1.25%,
5/15/48
6,100
6,100
Univ.
of
California
Regents,
Series AZ,
5.00%,
5/15/48
4,250
4,404
Univ.
of
California
Regents,
Series BZ,
5.00%,
5/15/41
3,500
4,000
Univ.
of
California
Regents,
Series O,
5.50%,
5/15/58
9,500
9,963
Vernon
Electric
System
Revenue,
Series 2022-A,
5.00%,
8/1/41
840
896
Washington
Township
Health
Care
Dist.,
Series A,
4.00%,
7/1/35
600
600
Washington
Township
Health
Care
Dist.,
Series A,
5.00%,
7/1/36
620
638
Washington
Township
Health
Care
Dist.,
Series A,
5.00%,
7/1/42
325
333
Washington
Township
Health
Care
Dist.,
Series A,
5.00%,
7/1/43
275
280
Washington
Township
Health
Care
Dist.,
Series A,
5.75%,
7/1/48
1,000
1,081
Washington
Township
Health
Care
Dist.,
Series A,
5.75%,
7/1/53
1,000
1,073
Washington
Township
Health
Care
Dist.,
Series B,
GO,
5.25%,
8/1/48
1,600
1,766
Washington
Township
Health
Care
Dist.,
Series B,
GO,
5.50%,
8/1/53
1,600
1,784
West
Sacramento
Fin.
Auth.,
Series A,
5.00%,
9/1/26 (8)
855
875
753,989
PUERTO
RICO
3.2%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (9)
3,841
2,415
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35 (4)
1,590
1,663
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33
423
299
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
1,329
1,338
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
295
296
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
576
572
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41
345
332
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25
183
184
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
902
943
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
1,317
1,419
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
1,846
2,061
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
18
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (10)
(11)
15
8
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (10)(11)
25
14
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (10)(11)
225
126
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (10)(11)
65
36
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (10)
(11)
80
45
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (10)
(11)
305
170
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (10)
(11)
100
56
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (10)
(11)
125
70
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (10)
(11)
15
8
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (10)(11)
15
8
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (10)(11)
75
42
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (10)(11)
65
36
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (10)
(11)
30
17
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (10)
(11)
80
45
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (10)
(11)
60
34
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (10)
(11)
20
11
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (10)
(11)
35
20
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (10)
(11)
25
14
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (10)
(11)
245
137
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (10)
(11)
70
39
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (10)
(11)
25
14
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.55%,
7/1/40
465
466
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
7,647
7,596
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
19
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58
1,000
1,004
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46
10,000
3,352
24,890
Total
Municipal
Securities
(Cost
$774,362)
778,879
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES 0.5%
Federal
Home
Loan
Mortgage
Multifamily
Variable
Rate
Certificate,
3.05%,
4/15/34
1,825
1,713
Freddie
Mac
Multifamily
ML
Certificates,
2.046%,
6/25/38
3,338
2,705
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$5,257)
4,418
Total
Investments
in
Securities
98.9%
of
Net
Assets
(Cost
$779,619)
$
783,297
‡
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)
Interest
subject
to
alternative
minimum
tax.
(4)
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
$55,412
and
represents
7.0%
of
net
assets.
(5)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(6)
Escrowed
to
maturity
(7)
Insured
by
National
Public
Finance
Guarantee
Corporation
(8)
Insured
by
Assured
Guaranty
Corporation
(9)
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.
(10)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(11)
Non-income
producing
CDA
Community
Development
Administration/Authority
EFA
Educational
Facility
Authority
FRN
Floating
Rate
Note
GO
General
Obligation
HFFA
Health
Facility
Financing
Authority
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
20
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
.
.
.
.
.
.
.
.
.
.
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
28,
2025
Statement
of
Assets
and
Liabilities
21
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$779,619)
$
783,297
Interest
receivable
8,570
Receivable
for
shares
sold
1,697
Cash
61
Other
assets
20
Total
assets
793,645
Liabilities
Payable
for
shares
redeemed
1,100
Investment
management
fees
payable
231
Due
to
affiliates
25
Other
liabilities
461
Total
liabilities
1,817
Commitments
and
Contingent
Liabilities
(note
5
)
NET
ASSETS
$
791,828
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(10,619)
Paid-in
capital
applicable
to
72,828,893
shares
of
$0.0001
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
802,447
NET
ASSETS
$
791,828
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$405,357;
Shares
outstanding:
37,274,001)
$
10.88
I
Class
(Net
assets:
$386,471;
Shares
outstanding:
35,554,892)
$
10.87
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
Statement
of
Operations
22
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
2/28/25
Investment
Income
(Loss)
Interest
income
$
29,871
Expenses
Investment
management
2,955
Shareholder
servicing
Investor
Class
$
569
I
Class
52
621
Prospectus
and
shareholder
reports
Investor
Class
20
I
Class
6
26
Custody
and
accounting
211
Legal
and
audit
53
Registration
46
Directors
3
Miscellaneous
15
Waived
/
paid
by
Price
Associates
(22)
Total
expenses
3,908
Net
investment
income
25,963
Realized
and
Unrealized
Gain
/
Loss
-
Net
realized
loss
on
securities
(2,678)
Change
in
net
unrealized
gain
/
loss
on
securities
5,128
Net
realized
and
unrealized
gain
/
loss
2,450
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
28,413
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
Statement
of
Changes
in
Net
Assets
23
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2/28/25
2/29/24
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
25,963
$
22,770
Net
realized
loss
(2,678)
(4,381)
Change
in
net
unrealized
gain
/
loss
5,128
25,236
Increase
in
net
assets
from
operations
28,413
43,625
Distributions
to
shareholders
Net
earnings
Investor
Class
(12,758)
(11,436)
I
Class
(12,910)
(11,058)
Decrease
in
net
assets
from
distributions
(25,668)
(22,494)
Capital
share
transactions
*
Shares
sold
Investor
Class
103,300
148,714
I
Class
91,527
103,392
Distributions
reinvested
Investor
Class
11,447
10,155
I
Class
7,636
6,990
Shares
redeemed
Investor
Class
(93,132)
(136,885)
I
Class
(75,282)
(69,909)
Increase
in
net
assets
from
capital
share
transactions
45,496
62,457
Net
Assets
Increase
during
period
48,241
83,588
Beginning
of
period
743,587
659,999
End
of
period
$
791,828
$
743,587
*Share
information
(000s)
Shares
sold
Investor
Class
9,490
14,314
I
Class
8,454
9,791
Distributions
reinvested
Investor
Class
1,055
960
I
Class
704
661
Shares
redeemed
Investor
Class
(8,587)
(13,159)
I
Class
(6,963)
(6,665)
Increase
in
shares
outstanding
4,153
5,902
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
NOTES
TO
FINANCIAL
STATEMENTS
24
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. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
25
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.
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.
Eastern
time,
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
In December
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-09,
Income
Taxes
(Topic
740)
-
Improvements
to
Income
Taxes
Disclosures,
which
enhances
the
transparency
of
income
tax
disclosures.
The
ASU
requires
public
entities,
on
an
annual
basis,
to
provide
disclosure
of
specific
categories
in
the
rate
reconciliation,
as
well
as
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
amendments
under
this
ASU
are
required
to
be
applied
prospectively
and
are
effective
for
fiscal
years
beginning
after
December
15,
2024.
Management
expects
that
adoption
of
the
guidance
will
not
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.
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
26
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).
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
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
27
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.
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.
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
28
Valuation
Inputs
On
February
28,
2025
,
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,
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.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $176,988,000 and
$123,180,000,
respectively,
for
the
year ended
February
28,
2025.
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.
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
29
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.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
February
28,
2025,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
($000s)
February
28,
2025
February
29,
2024
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
60
$
52
Tax-exempt
income
25,608
22,442
Total
distributions
$
25,668
$
22,494
($000s)
Cost
of
investments
$
777,897
Unrealized
appreciation
$
15,639
Unrealized
depreciation
(10,239)
Net
unrealized
appreciation
(depreciation)
$
5,400
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
30
At
February
28,
2025,
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
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
28,
2025,
the
effective
annual
group
fee
rate
was
0.28%.
The Investor
Class is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
($000s)
Undistributed
ordinary
income
$
56
Undistributed
tax-exempt
income
303
Net
unrealized
appreciation
(depreciation)
5,400
Loss
carryforwards
and
deferrals
(16,378)
Total
distributable
earnings
(loss)
$
(10,619)
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
31
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
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
28,
2025 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $85,000 remain
subject
to
repayment
by
the
fund
at
February
28,
2025. 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.
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
32
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
28,
2025,
expenses
incurred
pursuant
to
these
service
agreements
were
$123,000
for
Price
Associates
and
$163,000
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
independent
current
market
price
of
the
security.
During
the
year
ended
February
28,
2025,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
6
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price
Associates
acts
as
the
fund's
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Investor
Class
I
Class
Expense
limitation/I
Class
Limit
0.74%
0.05%
Expense
limitation
date
04/30/27
04/30/27
(Waived)/repaid
during
the
period
($000s)
$-
$(22)
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
33
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund's
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund's
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
7
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia's
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
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
fund's
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
T.
ROWE
PRICE
California
Tax-Free
Bond
Fund
34
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
28,
2025,
the
related
statement
of
operations
for
the
year
ended
February
28,
2025,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
February
28,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
February
28,
2025
(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
28,
2025,
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
28,
2025
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
February
28,
2025
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
35
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
28,
2025
by
correspondence
with
the
custodian.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
April
21,
2025
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
36
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 2/28/25
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
$25,481,000
which
qualified
as
exempt-interest
dividends
for
Federal
and
California
state
purposes.
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F80-050
4/25
Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-EndManagement Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-EndManagement Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. 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 16. 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-CSRwas 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 17. Disclosure of Securities Lending Activities for Closed-EndManagement Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
| (a)(1) |
The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached. |
|
| (2) |
Listing standards relating to recovery of erroneously awarded compensation: not applicable. |
|
| (3) |
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. |
|
| (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-FreeFunds, Inc. |
||||
|
By |
/s/ David Oestreicher |
|||
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David Oestreicher |
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Principal Executive Officer |
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Date |
April 21, 2025 |
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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.
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By |
/s/ David Oestreicher |
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David Oestreicher |
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Principal Executive Officer |
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Date |
April 21, 2025 |
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By |
/s/ Alan S. Dupski |
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Alan S. Dupski |
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Principal Financial Officer |
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Date |
April 21, 2025 |
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