UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-04521
T. Rowe Price State Tax-Free Funds, Inc.
(Exact name of registrant as specified in charter)
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, 2026
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
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:
| 2026 |
2025 |
|||||||||||||
|
|
Audit Fees |
$ | 34,043 | $ | 33,841 | |||||||||
| Audit-Related Fees |
- | - | ||||||||||||
| Tax Fees |
- | - | ||||||||||||
| All Other Fees |
- | - | ||||||||||||
Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.
(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.
(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,522,000 and $1,818,000, respectively.
(h) All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.
(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-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
February
28,
2026
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRVAX
Virginia
Tax-Free
Bond
Fund
TFBVX
Virginia
Tax-Free
Bond
Fund–
.
I Class
T.
ROWE
PRICE
Virginia
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
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
11.30
$
11.23
$
10.93
$
12.09
$
12.34
Investment
activities
Net
investment
income
(1)(2)
0.38
0.37
0.35
0.30
0.27
Net
realized
and
unrealized
gain/loss
0.05
0.06
0.29
(1.16)
(0.24)
Total
from
investment
activities
0.43
0.43
0.64
(0.86)
0.03
Distributions
Net
investment
income
(0.37)
(0.36)
(0.34)
(0.30)
(0.27)
Net
realized
gain
—
—
—
—
(3)
(0.01)
Total
distributions
(0.37)
(0.36)
(0.34)
(0.30)
(0.28)
NET
ASSET
VALUE
End
of
period
$
11.36
$
11.30
$
11.23
$
10.93
$
12.09
Ratios/Supplemental
Data
Total
return
(2)(4)
3.96%
3.90%
5.99%
(7.08)%
0.20%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.56%
0.56%
0.55%
0.56%
0.51%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.56%
0.56%
0.55%
0.56%
0.51%
Net
investment
income
3.47%
3.26%
3.16%
2.72%
2.18%
Portfolio
turnover
rate
23.4%
19.1%
28.5%
30.2%
15.6%
Net
assets,
end
of
period
(in
millions)
$777
$698
$653
$675
$1,045
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)
Amounts
round
to
less
than
$0.01
per
share.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Virginia
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
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
11.30
$
11.23
$
10.93
$
12.09
$
12.34
Investment
activities
Net
investment
income
(1)(2)
0.40
0.38
0.36
0.32
0.29
Net
realized
and
unrealized
gain/loss
0.04
0.06
0.29
(1.17)
(0.24)
Total
from
investment
activities
0.44
0.44
0.65
(0.85)
0.05
Distributions
Net
investment
income
(0.38)
(0.37)
(0.35)
(0.31)
(0.29)
Net
realized
gain
—
—
—
—
(3)
(0.01)
Total
distributions
(0.38)
(0.37)
(0.35)
(0.31)
(0.30)
NET
ASSET
VALUE
End
of
period
$
11.36
$
11.30
$
11.23
$
10.93
$
12.09
Ratios/Supplemental
Data
Total
return
(2)(4)
4.09%
4.03%
6.12%
(6.95)%
0.31%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.43%
0.43%
0.43%
0.42%
0.40%
Net
expenses
after
waivers/payments
by
Price
Associates
0.43%
0.43%
0.43%
0.42%
0.40%
Net
investment
income
3.60%
3.38%
3.28%
2.86%
2.29%
Portfolio
turnover
rate
23.4%
19.1%
28.5%
30.2%
15.6%
Net
assets,
end
of
period
(in
thousands)
$682,890
$654,498
$613,537
$588,394
$628,110
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)
Amounts
round
to
less
than
$0.01
per
share.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
February
28,
2026
4
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES 100.8%
ARIZONA
0.5%
Phoenix
IDA,
Mayo
Clinic,
Series B,
VRDN,
1.25%,
11/15/52
7,400
7,400
7,400
DISTRICT
OF
COLUMBIA
12.4%
Metropolitan
Washington
Airports
Auth.,
5.00%,
10/1/36 (1)
3,380
3,479
Metropolitan
Washington
Airports
Auth.,
5.00%,
10/1/37 (1)
3,100
3,185
Metropolitan
Washington
Airports
Auth.,
5.00%,
10/1/42 (1)
10,000
10,202
Metropolitan
Washington
Airports
Auth.,
5.00%,
10/1/47 (1)
1,630
1,645
Metropolitan
Washington
Airports
Auth.,
Series 2016A,
5.00%,
10/1/35 (1)
1,600
1,620
Metropolitan
Washington
Airports
Auth.,
Series 2021A,
4.00%,
10/1/38 (1)
3,960
4,022
Metropolitan
Washington
Airports
Auth.,
Series A,
4.00%,
10/1/39 (1)
5,445
5,498
Metropolitan
Washington
Airports
Auth.,
Series A,
4.00%,
10/1/41 (1)
4,415
4,444
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/26 (1)
2,010
2,041
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/34 (1)
2,870
3,130
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/35 (1)
2,000
2,207
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/43 (1)
6,000
6,157
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/44 (1)
1,930
1,988
Metropolitan
Washington
Airports
Auth.,
Series A,
5.00%,
10/1/46 (1)
10,940
11,270
Metropolitan
Washington
Airports
Auth.,
Series A,
5.25%,
10/1/42 (1)
5,115
5,558
Metropolitan
Washington
Airports
Auth.,
Series A,
5.25%,
10/1/43 (1)
4,630
4,994
Metropolitan
Washington
Airports
Auth.,
Series A,
5.25%,
10/1/53 (1)
6,000
6,249
Metropolitan
Washington
Airports
Auth.,
Series A,
5.50%,
10/1/44 (1)
3,300
3,701
Metropolitan
Washington
Airports
Auth.,
Series A,
5.50%,
10/1/45 (1)
3,530
3,918
Metropolitan
Washington
Airports
Auth.,
Series A,
5.50%,
10/1/54 (1)
7,400
7,814
Metropolitan
Washington
Airports
Auth.,
Series B,
4.00%,
10/1/38
1,565
1,612
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
5
Par
$
Value
(Amounts
in
000s)
Metropolitan
Washington
Airports
Auth.
Dulles
Toll
Road,
Dulles
Metrorail
&
Capital
Improvement
Projects,
Series A,
5.00%,
10/1/44
28,225
29,099
Metropolitan
Washington
Airports
Auth.
Dulles
Toll
Road,
Dulles
Metrorail
&
Capital
Improvement
Projects,
Series B,
6.50%,
10/1/44
2,375
2,535
Metropolitan
Washington
Airports
Auth.,
Airport
System
Revenue,
Series A,
5.00%,
10/1/40 (1)
1,635
1,712
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
3.00%,
10/1/53 (2)
4,010
2,840
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
4.00%,
10/1/52 (2)
7,160
6,513
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/35
1,000
1,060
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/36
1,000
1,057
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/38
2,000
2,100
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/39
4,250
4,450
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
3.00%,
10/1/50 (2)
3,385
2,476
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Senior
Lien,
Series B,
Zero
Coupon,
10/1/33 (2)
200
159
Washington
Metropolitan
Area
Transit
Auth.,
5.00%,
7/1/43
3,655
3,715
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/42
4,000
4,074
Washington
Metropolitan
Area
Transit
Auth.,
Second
Lien,
Series A,
5.25%,
7/15/50
2,950
3,149
Washington
Metropolitan
Area
Transit
Auth.,
Sustainability
Bonds,
Series A,
5.50%,
7/15/51
5,550
5,940
Washington
Metropolitan
Area
Transit
Auth.,
Sustainability
Bonds,
Second
Lien,
Series A,
5.25%,
7/15/59
1,450
1,522
Washington
Metropolitan
Area
Transit
Auth.,
Sustainability
Financed
Bonds,
5.00%,
7/15/43
6,705
7,227
Washington
Metropolitan
Area
Transit
Auth.,
Sustainability
Financed
Bonds,
5.25%,
7/15/53
6,700
7,034
181,396
MISSOURI
0.1%
Missouri
HEFA,
SSM
Health,
Series F,
VRDN,
2.00%,
6/1/36
1,300
1,300
1,300
PUERTO
RICO
5.8%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (3)
5,694
3,886
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (3)
4,535
3,141
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
6
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35 (4)
2,545
2,658
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33
1,676
1,239
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
3,145
3,219
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
2,151
2,186
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
2,378
2,381
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
2,063
2,111
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
2,888
3,085
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (5)(6)
30
20
Puerto
Rico
Electric
Power
Auth.,
Series A,
6.75%,
7/1/36 (5)(6)
2,775
1,849
Puerto
Rico
Electric
Power
Auth.,
Series A,
7.25%,
7/1/30 (5)(6)
1,430
953
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/27 (5)
(6)
365
243
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/30 (5)
(6)
1,100
733
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (5)(6)
50
33
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (5)(6)
105
70
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (5)(6)
115
77
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (5)
(6)
150
100
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/21 (5)
(6)
525
350
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (5)
(6)
600
401
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (5)
(6)
195
130
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (5)
(6)
240
160
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (5)
(6)
30
20
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (5)
(6)
1,420
946
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (5)
(6)
145
97
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (5)
(6)
125
83
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
7
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (5)
(6)
55
37
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (5)
(6)
145
97
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (5)
(6)
115
77
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (5)
(6)
35
23
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (5)
(6)
65
43
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/19 (5)
(6)
630
421
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (5)
(6)
50
33
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (5)
(6)
550
367
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (5)
(6)
140
93
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (5)
(6)
50
33
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.55%,
7/1/40
5,719
5,755
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
15,203
14,795
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58
4,776
4,678
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.329%,
7/1/40
15,572
15,599
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.784%,
7/1/58
3,300
3,190
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2A,
4.55%,
7/1/40
1,500
1,510
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series B-1,
4.75%,
7/1/53
1,500
1,460
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series B-1,
Zero
Coupon,
7/1/46
2,650
948
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series B-2,
4.329%,
7/1/40
2,500
2,504
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Converted,
Series A-2,
4.329%,
7/1/40
2,058
2,062
83,896
VIRGINIA
82.0%
Albemarle
County
Economic
Dev.
Auth.,
Albemarle
Project,
Series A,
5.00%,
6/1/42
5,450
6,014
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
8
Par
$
Value
(Amounts
in
000s)
Albemarle
County
Economic
Dev.
Auth.,
Albemarle
Project,
Series A,
5.00%,
6/1/43
6,070
6,629
Albemarle
County
Economic
Dev.
Auth.,
Sentara
Martha
Jefferson
Hosp.,
Series B,
VRDN,
1.90%,
10/1/48
1,435
1,435
Albemarle
County
Economic
Dev.
Auth.,
Westminster-
Canterbury
Blue
Ridge,
4.00%,
6/1/35
1,365
1,438
Albemarle
County
Economic
Dev.
Auth.,
Westminster-
Canterbury
Blue
Ridge,
4.00%,
6/1/42
1,000
1,007
Albemarle
County
Economic
Dev.
Auth.,
Westminster-
Canterbury
Blue
Ridge,
4.00%,
6/1/49
5,600
5,150
Albemarle
County
Economic
Dev.
Auth.,
Westminster-
Canterbury
Blue
Ridge,
Series B,
4.00%,
6/1/54
4,785
4,270
Alexandria,
GO,
4.00%,
12/15/41
5,305
5,513
Alexandria,
Series A,
GO,
2.00%,
12/15/39
5,000
4,010
Alexandria
IDA,
Episcopal
High
School,
4.00%,
1/1/30
265
265
Alexandria
IDA,
Episcopal
High
School,
4.00%,
1/1/35
1,500
1,501
Alexandria
IDA,
Episcopal
High
School,
Series A,
GO,
3.00%,
7/15/46
7,285
5,888
Alexandria
IDA,
Episcopal
High
School,
Series C,
3.00%,
1/1/51
6,285
4,600
Alexandria
Redev.
&
Housing
Auth.,
Columbus
St.
Block
4,
VRDN,
3.20%,
12/1/54
(Tender
6/1/27)
1,625
1,634
Alexandria,
Capital
Improvement,
Series C,
GO,
3.30%,
7/15/36
1,645
1,656
Alexandria,
Capital
Improvement,
Series C,
GO,
3.35%,
7/15/37
2,145
2,157
Arlington
County,
GO,
4.00%,
6/15/36
5,000
5,204
Arlington
County,
GO,
5.00%,
6/15/39
7,000
7,829
Arlington
County
IDA,
Barcroft-Charlie,
VRDN,
3.10%,
12/1/55
(Tender
2/1/27)
1,700
1,700
Arlington
County
IDA,
Virginia
Hosp.
Center,
3.75%,
7/1/50
15,405
13,114
Arlington
County
IDA,
Virginia
Hosp.
Center,
4.00%,
7/1/45
11,810
11,317
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/28
665
704
Arlington
County
IDA,
Virginia
Hosp.
Center,
5.00%,
7/1/35
755
820
Arlington
County
IDA,
Virginia
Hosp.
Center,
Series A,
3.75%,
7/1/50 (2)
10,200
8,922
Arlington
County
IDA,
Virginia
Hosp.
Center,
Series A,
VRDN,
5.00%,
7/1/53
(Tender
7/1/31)
3,500
3,845
Capital
Region
Airport
Commission,
Series A,
4.00%,
7/1/35
700
702
Cherry
Hill
CDA,
Potomac
Shores
Project,
5.15%,
3/1/35 (4)
1,255
1,257
Cherry
Hill
CDA,
Potomac
Shores
Project,
5.40%,
3/1/45 (4)
2,175
2,177
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
First
Tier,
5.00%,
7/1/46
3,000
3,001
Chesapeake
Expressway
Toll
Road,
5.00%,
7/15/44 (2)
4,330
4,731
Chesapeake
Expressway
Toll
Road,
Series B,
4.875%,
7/15/40
4,875
5,040
Chesterfield
County
Economic
Dev.
Auth.,
Mobility
Projects,
5.00%,
4/1/39
1,345
1,537
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
9
Par
$
Value
(Amounts
in
000s)
Chesterfield
County
Economic
Dev.
Auth.,
Mobility
Projects,
5.00%,
4/1/48
5,000
5,294
Culpeper
County
Economic
Dev.
Auth.,
Culpeper
County
School
Projects,
5.00%,
6/1/44
4,685
5,199
Fairfax
County,
Series A,
GO,
2.00%,
10/1/40
5,000
3,922
Fairfax
County,
Series A,
GO,
4.00%,
10/1/38
4,245
4,503
Fairfax
County
Economic
Dev.
Auth.,
Green
Bond
County
Facilities,
4.00%,
10/1/40
1,595
1,649
Fairfax
County
Economic
Dev.
Auth.,
Metrorail
Parking
System,
5.00%,
4/1/42
10,500
10,683
Fairfax
County
Economic
Dev.
Auth.,
Metrorail
Parking
System,
5.00%,
4/1/47
3,900
3,940
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/34
(Prerefunded
4/1/26) (7)
55
55
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/35
(Prerefunded
4/1/26) (7)
4,565
4,572
Fairfax
County
IDA,
Inova
Health
System,
3.50%,
5/15/39
5,400
5,438
Fairfax
County
IDA,
Inova
Health
System,
4.00%,
5/15/42
12,155
12,173
Fairfax
County
IDA,
Inova
Health
System,
4.00%,
5/15/44
3,000
2,944
Fairfax
County
IDA,
Inova
Health
System,
5.00%,
5/15/37
525
587
Fairfax
County
IDA,
Inova
Health
System,
Series A,
4.00%,
5/15/44
9,415
9,401
Fairfax
County
IDA,
Inova
Health
System,
Series B-2,
VRDN,
5.00%,
5/15/57
(Tender
5/15/30)
3,200
3,511
Fairfax
County
Redev.
&
Housing
Auth.,
Wedgewood
Affordable
Housing
Acquisition,
5.00%,
10/1/36
4,105
4,356
Fairfax
County
Redev.
&
Housing
Auth.,
Wedgewood
Affordable
Housing
Acquisition,
5.00%,
10/1/37
4,310
4,557
Fairfax
County
Redev.
&
Housing
Auth.,
Wedgewood
Affordable
Housing
Acquisition,
5.00%,
10/1/38
3,040
3,227
Fairfax
County
Sewer,
5.00%,
7/15/44
5,900
6,010
Fairfax
County
Sewer,
Series A,
5.00%,
7/15/46
12,390
13,064
Fairfax
County
Water
Auth.,
5.00%,
4/1/44
4,720
4,791
Fairfax
County
Water
Auth.,
5.00%,
4/1/45
4,230
4,287
Fairfax
County
Water
Auth.,
5.00%,
4/1/46
5,000
5,059
Falls
Church,
Series B,
GO,
3.00%,
7/15/44
4,875
4,153
Falls
Church,
Series B,
GO,
3.00%,
7/15/45
3,000
2,490
Falls
Church,
Series B,
GO,
3.00%,
7/15/48
16,015
12,594
Farmville
IDA,
Convocation
Center
Project,
5.375%,
7/1/53
(Tender
7/1/43) (2)
20,040
21,224
Franklin
County
IDA,
5.00%,
10/15/30
3,500
3,655
Front
Royal
&
Warren
County
IDA,
Valley
Health
System,
4.00%,
1/1/50
3,440
3,136
Halifax
County
IDA,
Virginia
Electric
&
Power
Company
Project,
Series A,
VRDN,
3.80%,
12/1/41
(Tender
5/28/27)
2,750
2,798
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
10
Par
$
Value
(Amounts
in
000s)
Hampton
Roads
Sanitation
Dist.,
Series B,
5.00%,
7/1/42
3,850
4,302
Hampton
Roads
Transportation
Accountability
Commission,
5.00%,
7/1/48
15,820
16,085
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
4.00%,
7/1/52
2,640
2,442
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
4.00%,
7/1/57
2,250
2,035
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
5.00%,
7/1/42
3,485
3,605
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
5.00%,
7/1/47
1,000
1,055
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
5.25%,
7/1/60
11,960
12,396
Hampton
Roads
Transportation
Accountability
Commission,
Senior
Lien,
Series A,
5.00%,
7/1/50
6,860
7,093
Hampton
Roads
Transportation
Accountability
Commission,
Senior
Lien,
Series A,
5.25%,
7/1/59
5,700
6,073
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/26 (4)
1,505
1,507
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/27 (4)
1,565
1,576
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/31 (4)
625
642
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/40 (4)
4,135
4,021
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
4.00%,
7/1/47 (4)
4,860
4,179
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
5.00%,
7/1/38
1,340
1,357
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
5.00%,
7/1/48
4,035
3,953
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
Retirement
Fac.,
5.00%,
7/1/51
4,565
4,373
Henrico
County
Economic
Dev.
Auth.,
Bon
Secours
Mercy
Health
System,
Series A,
5.00%,
11/1/35
3,000
3,548
Henrico
County
Economic
Dev.
Auth.,
Bon
Secours
Mercy
Health
System,
Series A,
5.00%,
11/1/48
2,000
2,102
Henrico
County
Economic
Dev.
Auth.,
Glenwood
Farms
Family,
VRDN,
3.20%,
12/1/45
(Tender
12/1/29)
7,000
7,074
Henrico
County
Economic
Dev.
Auth.,
Lifespire
of
Virginia,
Series C,
5.00%,
12/1/37
4,950
5,062
Henrico
County
Economic
Dev.
Auth.,
Westminster
Canterbury,
5.00%,
10/1/37
1,500
1,532
Henrico
County
Economic
Dev.
Auth.,
Westminster
Canterbury,
Series A,
5.00%,
10/1/42
1,125
1,184
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
11
Par
$
Value
(Amounts
in
000s)
Henrico
County
Economic
Dev.
Auth.,
Westminster
Canterbury,
Series A,
5.00%,
10/1/47
2,095
2,120
Henrico
County
Economic
Dev.
Auth.,
Westminster
Canterbury
Richmond,
Series A,
4.00%,
10/1/42
260
257
Henrico
County
Water
&
Sewer
System
Revenue,
3.00%,
5/1/49
9,000
7,109
Henrico
County,
Public
Improvement,
GO,
3.40%,
8/1/37
4,465
4,492
Isle
Wight
County
IDA,
Riverside
Health
System,
5.25%,
7/1/53 (2)
5,105
5,351
James
City
County
Economic
Dev.
Auth.,
Williamsburg
Landing,
Series A,
4.00%,
12/1/50
1,910
1,526
James
City
County
Economic
Dev.
Auth.,
Williamsburg
Landing,
Series A,
6.75%,
12/1/53
855
925
James
City
County
Economic
Dev.
Auth.,
Williamsburg
Landing,
Series A,
6.875%,
12/1/58
2,700
2,929
James
City
County
Economic
Dev.
Auth.,
Windsormeade,
4.00%,
6/1/41
3,080
2,841
James
City
County
Economic
Dev.
Auth.,
Windsormeade,
4.00%,
6/1/47
6,700
5,495
Lexington
IDA,
Kendal
at
Lexington,
4.00%,
1/1/31
1,550
1,558
Lexington
IDA,
Kendal
at
Lexington,
4.00%,
1/1/42
450
441
Lexington
IDA,
Kendal
at
Lexington,
4.00%,
1/1/48
3,120
2,766
Lexington
IDA,
Washington
&
Lee
Univ.,
5.00%,
1/1/43
2,240
2,298
Loudoun
County,
Series A,
GO,
1.75%,
12/1/35
7,545
6,429
Loudoun
County,
Series A,
GO,
4.00%,
12/1/36
1,000
1,063
Loudoun
County,
Series A,
GO,
4.00%,
12/1/39
5,010
5,234
Loudoun
County,
Series A,
GO,
5.00%,
12/1/42
8,980
9,931
Loudoun
County
Economic
Dev.
Auth.,
Series A,
3.00%,
12/1/35
1,000
992
Loudoun
County
Economic
Dev.
Auth.,
Series A,
4.00%,
12/1/39
2,125
2,206
Loudoun
County
Economic
Dev.
Auth.,
Series A,
4.00%,
12/1/40
2,040
2,138
Loudoun
County
Economic
Dev.
Auth.,
Series A,
4.00%,
12/1/42
1,690
1,725
Loudoun
County
Economic
Dev.
Auth.,
Series A,
4.00%,
10/1/52
8,745
8,338
Loudoun
County
Economic
Dev.
Auth.,
Howard
Hughes
Medical,
Zero
Coupon,
7/1/49
20,600
6,615
Loudoun
County
Economic
Dev.
Auth.,
Howard
Hughes
Medical,
Series A,
VRDN,
2.17%,
2/15/38
3,650
3,650
Loudoun
County
Sanitation
Auth.,
Water
&
Sewer
System,
2.00%,
1/1/40
1,565
1,232
Loudoun
County
Sanitation
Auth.,
Water
&
Sewer
System,
3.00%,
1/1/42
4,140
3,783
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
12
Par
$
Value
(Amounts
in
000s)
Louisa
IDA,
Virginia
Electric
&
Power
Project,
Series B,
VRDN,PCR,
3.125%,
11/1/35
(Tender
10/1/30)
2,750
2,802
Louisa
IDA,
Virginia
Electric
&
Power
Project,
Series C,
VRDN,PCR,
3.80%,
11/1/35
(Tender
5/28/27)
4,250
4,325
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
3.00%,
1/1/51
3,750
2,692
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
3.00%,
1/1/51 (8)
1,000
738
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
4.00%,
1/1/41
1,000
995
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
4.00%,
1/1/47 (8)
2,200
2,033
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
4.00%,
1/1/55
7,770
6,792
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
4.00%,
1/1/55 (8)
1,835
1,638
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
Series A,
4.00%,
1/1/47
5,045
4,560
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
Series B,
VRDN,
2.00%,
1/1/47
2,815
2,815
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
Series C,
VRDN,
1.95%,
1/1/47
1,270
1,270
Madison
County
IDA,
Woodberry
Forest
School,
3.00%,
10/1/50
10,000
7,464
Madison
County
IDA,
Woodberry
Forest
School,
Series A,
3.00%,
10/1/46
650
524
Manassas,
GO,
2.00%,
1/1/38
1,490
1,254
Manassas,
GO,
2.00%,
1/1/40
1,700
1,338
Mosaic
Dist.
CDA,
Series A,
4.00%,
3/1/29
1,905
1,993
Mosaic
Dist.
CDA,
Series A,
4.00%,
3/1/33
425
445
Mosaic
Dist.
CDA,
Series A,
4.00%,
3/1/34
1,730
1,805
Mosaic
Dist.
CDA,
Series A,
4.00%,
3/1/35
2,000
2,078
Newport
News,
Series A,
GO,
3.00%,
2/1/39
1,750
1,675
Newport
News,
Series A,
GO,
3.00%,
2/1/40
1,840
1,727
Newport
News
Economic
Dev.
Auth.,
Lifespire,
5.00%,
12/1/38
7,465
7,472
Norfolk,
Series A,
GO,
5.00%,
10/1/41
(Prerefunded
10/1/26) (7)
1,050
1,067
Norfolk,
Series A,
GO,
5.00%,
9/1/43
2,150
2,315
Norfolk,
Series A,
GO,
5.00%,
9/1/44
2,350
2,514
Norfolk,
Series A,
GO,
5.00%,
10/1/46
(Prerefunded
10/1/26) (7)
2,300
2,338
Norfolk
Economic
Dev.
Auth.,
Sentara
Healthcare,
Series B,
4.00%,
11/1/48
4,850
4,512
Norfolk
Economic
Dev.
Auth.,
Sentara
Healthcare,
Series B,
VRDN,
5.00%,
11/1/48
(Tender
11/1/28)
2,600
2,773
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.375%,
1/1/35
2,645
2,648
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
13
Par
$
Value
(Amounts
in
000s)
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.375%,
1/1/46
480
480
Prince
William
County
IDA,
Westminster
At
Lake
Ridge,
5.00%,
1/1/31
2,505
2,526
Prince
William
County
IDA,
Westminster
At
Lake
Ridge,
5.00%,
1/1/37
4,190
4,211
Prince
William
County
IDA,
Westminster
At
Lake
Ridge,
5.00%,
1/1/46
5,090
4,860
Prince
William
County
Service
Auth.,
5.00%,
7/15/42
500
569
Prince
William
County
Service
Auth.,
5.00%,
7/15/43
500
563
Prince
William
County
Service
Auth.,
5.00%,
7/15/44
750
834
Prince
William
County
Service
Auth.,
5.00%,
7/15/45
750
825
Richmond,
Series A,
GO,
2.00%,
7/15/36
300
259
Richmond,
Series A,
GO,
4.00%,
9/1/42
2,685
2,768
Richmond,
Series C,
GO,
3.50%,
3/1/49
6,080
5,289
Richmond
Economic
Dev.
Auth.,
Diamond
Dist.
Project,
5.00%,
6/1/56
1,185
1,239
Richmond
Public
Utility
Revenue,
Series A,
3.00%,
1/15/45
1,630
1,371
Richmond
Public
Utility
Revenue,
Series C,
4.25%,
1/15/53
1,500
1,470
Roanoke
Economic
Dev.
Auth.,
Carilion
Clinic,
VRDN,
1.90%,
7/1/52
3,380
3,380
Roanoke
Economic
Dev.
Auth.,
Carilion
Clinic,
Series A,
5.00%,
7/1/47
7,905
8,719
Rockingham
County
Economic
Dev.
Auth.,
Sentara
RHM
Medical
Center,
Series A,
2.625%,
11/1/50
800
535
Rockingham
County
Economic
Dev.
Auth.,
Sentara
RHM
Medical
Center,
Series A,
3.00%,
11/1/46
3,800
3,028
Rockingham
County
Economic
Dev.
Auth.,
Sunnyside
Presbyterian
Home,
Series A,
4.00%,
12/1/31
725
739
Rockingham
County
Economic
Dev.
Auth.,
Sunnyside
Presbyterian
Home,
Series A,
5.00%,
12/1/39
2,000
2,088
Spotsylvania
County
Water
&
Sewer
System
Revenue,
4.50%,
12/1/44
4,105
4,255
Spotsylvania
County
Water
&
Sewer
System
Revenue,
5.00%,
12/1/43
1,975
2,147
Spotsylvania
County
Water
&
Sewer
System
Revenue,
5.00%,
12/1/48
2,040
2,151
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/30
2,710
2,729
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/35
670
674
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/36
350
352
Suffolk
Economic
Dev.
Auth.,
United
Church
Homes,
5.00%,
9/1/31
4,000
4,011
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
14
Par
$
Value
(Amounts
in
000s)
Tobacco
Settlement
Fin.,
Series B-1,
5.00%,
6/1/47
10,000
8,479
Univ.
of
Virginia,
Series A,
5.00%,
4/1/38
3,075
3,157
Univ.
of
Virginia,
Series A,
5.00%,
4/1/39
2,600
2,669
Univ.
of
Virginia,
Series A,
5.00%,
4/1/47
10,385
10,581
Univ.
of
Virginia,
Series A-2,
3.57%,
4/1/45
7,000
6,437
Univ.
of
Virginia,
Series B,
5.00%,
4/1/44
1,750
1,786
Univ.
of
Virginia,
Series B,
5.00%,
4/1/46
5,000
5,099
Upper
Occoquan
Sewage
Auth.,
4.00%,
7/1/41
1,600
1,662
Upper
Occoquan
Sewage
Auth.,
4.00%,
7/1/42
2,380
2,443
Upper
Occoquan
Sewage
Auth.,
4.00%,
7/1/43
2,000
2,035
Virginia,
Series A,
GO,
4.00%,
6/1/43
4,115
4,248
Virginia,
Series A,
GO,
4.00%,
6/1/44
1,000
1,022
Virginia,
Series A,
GO,
5.00%,
6/1/38
5,345
6,003
Virginia
College
Building
Auth.,
Series A,
2.125%,
9/1/28
5,885
5,845
Virginia
College
Building
Auth.,
Series A,
2.125%,
9/1/29
6,005
5,933
Virginia
College
Building
Auth.,
Series A,
3.00%,
2/1/39
4,000
3,913
Virginia
College
Building
Auth.,
Series A,
4.00%,
9/1/35
5,105
5,263
Virginia
College
Building
Auth.,
Series B,
4.00%,
2/1/28
2,450
2,453
Virginia
College
Building
Auth.,
Series D,
3.15%,
2/1/28
4,400
4,402
Virginia
College
Building
Auth.,
21st
Century
College
&
Equipment
Programs,
4.00%,
2/1/38
1,165
1,192
Virginia
College
Building
Auth.,
21st
Century
College
&
Equipment
Programs,
4.00%,
2/1/43
3,000
3,019
Virginia
College
Building
Auth.,
21st
Century
College
&
Equipment
Programs,
5.00%,
2/1/40
1,250
1,398
Virginia
College
Building
Auth.,
21st
Century
College
&
Equipment
Programs,
Series A,
4.00%,
2/1/43
12,000
12,150
Virginia
College
Building
Auth.,
21st
Century
College
&
Equipment
Programs,
Series A,
4.00%,
2/1/44
3,540
3,566
Virginia
College
Building
Auth.,
University
of
Richmond,
4.50%,
3/1/41 (9)
3,790
4,174
Virginia
College
Building
Auth.,
University
of
Richmond,
4.50%,
3/1/42 (9)
2,980
3,252
Virginia
College
Building
Auth.,
University
of
Richmond,
4.50%,
3/1/43 (9)
5,380
5,818
Virginia
College
Building
Auth.,
University
of
Richmond,
4.50%,
3/1/44 (9)
3,500
3,731
Virginia
College
Building
Auth.,
University
of
Richmond,
5.00%,
3/1/40 (9)
1,200
1,398
Virginia
College
Building
Auth.,
University
of
Richmond,
5.00%,
3/1/49
6,150
6,544
Virginia
College
Building
Auth.,
University
of
Richmond,
5.00%,
3/1/54
13,400
14,160
Virginia
College
Building
Auth.,
Washington
&
Lee
Univ.,
5.25%,
1/1/31 (10)
7,965
8,649
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
15
Par
$
Value
(Amounts
in
000s)
Virginia
College
Building
Auth.,
Washington
&
Lee
Univ.,
5.75%,
1/1/34
10,120
12,369
Virginia
Commonwealth
Transportation
Board,
Series A,
4.00%,
5/15/34
1,000
1,022
Virginia
Commonwealth
Transportation
Board,
Series A,
5.00%,
5/15/33
1,250
1,305
Virginia
Commonwealth
Transportation
Board,
Capital
Projects,
3.00%,
5/15/29
6,000
6,043
Virginia
Commonwealth
Transportation
Board,
Capital
Projects,
3.00%,
5/15/37
4,000
3,930
Virginia
Commonwealth
Univ.
Health
System
Auth.,
Series A,
5.00%,
7/1/34
5,000
5,149
Virginia
Commonwealth
Univ.
Health
System
Auth.,
Series B,
VRDN,
1.90%,
7/1/37
1,680
1,680
Virginia
HDA,
Series A,
3.65%,
3/1/43
330
322
Virginia
HDA,
Series A,
3.80%,
3/1/42
1,250
1,240
Virginia
HDA,
Series A,
4.45%,
9/1/45
3,000
3,025
Virginia
HDA,
Series B,
2.40%,
3/1/45
2,490
1,795
Virginia
HDA,
Series B,
3.05%,
5/1/39
495
465
Virginia
HDA,
Series C,
4.65%,
12/1/44
750
774
Virginia
HDA,
Series C,
4.70%,
7/1/43
2,785
2,884
Virginia
HDA,
Series C,
4.80%,
12/1/49
1,000
1,007
Virginia
HDA,
Series C,
4.85%,
12/1/54
2,500
2,513
Virginia
HDA,
Series C,
4.90%,
12/1/59
2,730
2,745
Virginia
HDA,
Series C,
5.05%,
7/1/50
4,190
4,295
Virginia
HDA,
Series D,
3.45%,
10/1/42
400
377
Virginia
HDA,
Series D,
4.50%,
8/1/43
2,760
2,852
Virginia
HDA,
Series E,
2.80%,
7/1/55
1,500
1,016
Virginia
HDA,
Series E,
3.00%,
10/1/29
550
550
Virginia
HDA,
Series E,
4.35%,
10/1/54
2,270
2,205
Virginia
HDA,
Series E,
4.45%,
10/1/59
1,800
1,747
Virginia
HDA,
Series E,
4.50%,
10/1/40
790
823
Virginia
HDA,
Series E,
4.60%,
7/1/45
2,000
2,037
Virginia
HDA,
Series E,
4.85%,
10/1/45
4,505
4,590
Virginia
HDA,
Series E,
5.25%,
10/1/63
5,000
5,164
Virginia
HDA,
Series E-1,
4.35%,
10/1/44
1,000
1,006
Virginia
HDA,
Series E-2,
4.40%,
10/1/44
1,605
1,618
Virginia
HDA,
Series E-2,
4.55%,
10/1/49
2,100
2,090
Virginia
HDA,
Series E-5,
4.625%,
7/1/50
2,500
2,517
Virginia
HDA,
Series E-5,
4.65%,
7/1/55
2,000
2,001
Virginia
HDA,
Series F,
4.75%,
11/1/38
1,185
1,257
Virginia
HDA,
Series F,
5.35%,
11/1/58
5,905
6,179
Virginia
HDA,
Series F,
5.40%,
11/1/63
3,000
3,143
Virginia
HDA,
Series F-1,
4.65%,
7/1/40
2,000
2,126
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
16
Par
$
Value
(Amounts
in
000s)
Virginia
HDA,
Series F-1,
4.95%,
7/1/45
1,100
1,140
Virginia
HDA,
Series F-2,
4.70%,
7/1/40
2,375
2,541
Virginia
HDA,
Series F-3,
4.60%,
7/1/40
1,500
1,594
Virginia
HDA,
Series F-3,
4.95%,
7/1/45
750
779
Virginia
HDA,
Series G,
4.90%,
11/1/42
750
793
Virginia
HDA,
Series G,
5.05%,
11/1/47
1,565
1,614
Virginia
HDA,
Series G,
5.25%,
11/1/57
5,135
5,327
Virginia
HDA,
Series G,
5.375%,
11/1/64
4,535
4,728
Virginia
HDA,
Series I,
2.45%,
11/1/45
1,000
724
Virginia
HDA,
Series I,
2.55%,
11/1/50
4,680
3,117
Virginia
HDA,
Series K,
2.55%,
12/1/46
4,835
3,483
Virginia
HDA,
Commonwealth
Mortgage
Bonds,
Series D,
4.50%,
7/1/45
3,000
3,038
Virginia
HDA,
Rental
Housing,
Series B,
3.25%,
3/1/52
2,000
1,580
Virginia
HDA,
Rental
Housing,
Series D,
3.90%,
10/1/48
7,010
6,541
Virginia
HDA,
Rental
Housing,
Series F,
5.35%,
10/1/43
6,635
6,639
Virginia
Port
Auth.
Commonwealth
Port
Fund,
Series A,
5.25%,
7/1/48
15,640
16,771
Virginia
Public
Building
Auth.,
Series 2019A,
4.00%,
8/1/39
(Prerefunded
8/1/29) (7)
10
11
Virginia
Public
Building
Auth.,
Series A,
4.00%,
8/1/39
2,030
2,107
Virginia
Public
Building
Auth.,
Series A,
5.00%,
8/1/39
1,360
1,577
Virginia
Public
Building
Auth.,
Series A,
5.00%,
8/1/45
7,000
7,649
Virginia
Public
Building
Auth.,
Series A-2,
4.00%,
8/1/38
17,000
17,610
Virginia
Public
Building
Auth.,
Series B,
4.00%,
8/1/35 (1)
5,255
5,395
Virginia
Public
Building
Auth.,
Series B,
4.00%,
8/1/36 (1)
5,770
5,892
Virginia
Public
Building
Auth.,
Series C,
5.00%,
8/1/31 (1)
1,000
1,009
Virginia
Public
Building
Auth.,
Unrefunded
Balance,
Series A,
4.00%,
8/1/40
1,530
1,558
Virginia
Resources
Auth.,
Series A,
5.00%,
11/1/54
3,700
3,919
Virginia
Resources
Auth.,
Series B,
5.00%,
11/1/38
500
561
Virginia
Resources
Auth.,
Series B,
5.00%,
11/1/43
1,365
1,533
Virginia
Resources
Auth.,
Series B,
5.00%,
11/1/44
1,425
1,581
Virginia
Resources
Auth.,
Series C,
4.00%,
11/1/37
570
573
Virginia
Resources
Auth.,
Unrefunded
Balance,
5.00%,
11/1/40
2,480
2,483
Virginia
Resources
Auth.,
Unrefunded
Balance,
5.00%,
11/1/45
4,640
4,643
Virginia
Resources
Auth.,
Unrefunded
Balance,
Series B,
5.00%,
11/1/31
50
50
Virginia
Small
Business
Fin.
Auth.,
4.00%,
7/1/31 (1)
6,550
6,807
Virginia
Small
Business
Fin.
Auth.,
4.00%,
1/1/38 (1)
10,875
10,981
Virginia
Small
Business
Fin.
Auth.,
4.00%,
1/1/39 (1)
6,900
6,940
Virginia
Small
Business
Fin.
Auth.,
4.00%,
1/1/39 (1)
6,495
6,526
Virginia
Small
Business
Fin.
Auth.,
4.00%,
1/1/40 (1)
4,200
4,178
Virginia
Small
Business
Fin.
Auth.,
4.00%,
1/1/41 (1)
1,360
1,331
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
17
Par
$
Value
(Amounts
in
000s)
Virginia
Small
Business
Fin.
Auth.,
4.00%,
1/1/48 (1)
14,745
13,089
Virginia
Small
Business
Fin.
Auth.,
4.00%,
12/1/51
2,795
2,390
Virginia
Small
Business
Fin.
Auth.,
5.00%,
12/31/41 (1)
3,470
3,642
Virginia
Small
Business
Fin.
Auth.,
Bon
Secours
Mercy
Health
System,
5.00%,
10/1/42
1,220
1,324
Virginia
Small
Business
Fin.
Auth.,
Carilion
Clinic,
Series A,
VRDN,
1.95%,
7/1/42
5,900
5,900
Virginia
Small
Business
Fin.
Auth.,
Carilion
Clinic,
Series B,
VRDN,
1.90%,
7/1/42
6,615
6,615
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossing,
4.00%,
7/1/35 (1)
7,900
8,091
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossing,
4.00%,
1/1/40 (1)
1,515
1,510
Virginia
Small
Business
Fin.
Auth.,
I-495
HOT
Lanes
Project,
5.00%,
12/31/47 (1)
2,175
2,208
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
7/1/34 (1)
1,280
1,395
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
1/1/35 (1)
5,180
5,628
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
1/1/36 (1)
2,900
3,131
Virginia
Small
Business
Fin.
Auth.,
I-95
Express
Lanes,
5.00%,
7/1/37 (1)
2,040
2,182
Virginia
Small
Business
Fin.
Auth.,
Lifespire
of
Virginia,
Series A,
4.50%,
12/1/44
6,710
6,748
Virginia
Small
Business
Fin.
Auth.,
Lifespire
of
Virginia,
Series A,
5.50%,
12/1/54
6,600
6,831
Virginia
Small
Business
Fin.
Auth.,
Mary
Washington
Healthcare,
Series A-1,
5.00%,
6/15/39
1,000
1,130
Virginia
Small
Business
Fin.
Auth.,
Mary
Washington
Healthcare,
Series A-1,
5.00%,
6/15/41
2,345
2,597
Virginia
Small
Business
Fin.
Auth.,
Mary
Washington
Healthcare,
Series A-1,
5.00%,
6/15/42
2,135
2,336
Virginia
Small
Business
Fin.
Auth.,
Mary
Washington
Healthcare,
Series A-1,
5.00%,
6/15/43
1,600
1,729
Virginia
Small
Business
Fin.
Auth.,
Mary
Washington
Healthcare,
Series A-1,
5.00%,
6/15/44
2,500
2,671
Virginia
Small
Business
Fin.
Auth.,
Mary
Washington
Healthcare,
Series A-1,
5.00%,
6/15/45
2,720
2,872
Virginia
Small
Business
Fin.
Auth.,
National
Senior
Campuses,
Series A,
3.375%,
1/1/51
2,315
1,879
Virginia
Small
Business
Fin.
Auth.,
National
Senior
Campuses,
Series A,
4.00%,
1/1/36
2,270
2,356
Virginia
Small
Business
Fin.
Auth.,
National
Senior
Campuses,
Series A,
4.00%,
1/1/37
1,650
1,704
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
18
Par
$
Value
(Amounts
in
000s)
Virginia
Small
Business
Fin.
Auth.,
National
Senior
Campuses,
Series A,
4.00%,
1/1/51
7,525
6,795
Virginia
Small
Business
Fin.
Auth.,
National
Senior
Campuses,
Series A,
5.00%,
1/1/32
500
529
Virginia
Small
Business
Fin.
Auth.,
Senior
Lien,
5.00%,
1/1/33 (1)
1,000
1,103
Virginia
Small
Business
Fin.
Auth.,
Senior
Lien,
5.00%,
7/1/36 (1)
1,685
1,814
Virginia
Small
Business
Fin.
Auth.,
Senior
Lien,
5.00%,
6/30/42 (1)
2,375
2,473
Virginia
Small
Business
Fin.
Auth.,
Senior
Lien,
5.00%,
12/31/52 (1)
8,500
8,542
Virginia
Small
Business
Fin.
Auth.,
Sentara
Healthcare,
4.00%,
11/1/38
4,000
4,081
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/47 (1)
7,460
7,469
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/49 (1)
5,250
5,233
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/52 (1)
4,580
4,544
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/56 (1)
18,700
18,396
West
Falls
CDA,
Series A,
5.375%,
9/1/52 (4)
7,470
7,636
Williamsburg
Economic
Dev.
Auth.,
William
and
Mary
Project,
Series A,
4.125%,
7/1/58 (2)
3,555
3,396
Williamsburg
Economic
Dev.
Auth.,
William
and
Mary
Project,
Series A,
4.375%,
7/1/63 (2)
4,140
4,043
Williamsburg
Economic
Dev.
Auth.,
William
and
Mary
Project,
Series A,
5.25%,
7/1/53 (2)
3,560
3,755
Winchester
Economic
Dev.
Auth.,
Valley
Health
System,
5.00%,
1/1/30
250
250
Winchester
Economic
Dev.
Auth.,
Valley
Health
System,
Series A,
5.00%,
1/1/43
500
540
1,197,875
Total
Investments
in
Securities
100.8%
of
Net
Assets
(Cost
$1,461,364)
$
1,471,867
‡
Par
is
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Interest
subject
to
alternative
minimum
tax.
(2)
Insured
by
Assured
Guaranty
Incorporated
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
19
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
.
.
.
.
.
.
.
.
.
.
(3)
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.
(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
$25,653
and
represents
1.8%
of
net
assets.
(5)
Obligor
has
failed
to
make
a
scheduled
interest
and/or
principal
payment
or
is
in
default.
(6)
Non-income
producing
(7)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(8)
Insured
by
Build
America
Mutual
Assurance
Company
(9)
When-issued
security
(10)
Insured
by
National
Public
Finance
Guarantee
Corporation
CDA
Community
Development
Administration/Authority
GO
General
Obligation
HDA
Housing
Development
Authority
HEFA
Health
&
Educational
Facility
Authority
IDA
Industrial
Development
Authority/Agency
PCR
Pollution
Control
Revenue
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
Virginia
Tax-Free
Bond
Fund
February
28,
2026
Statement
of
Assets
and
Liabilities
20
($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
$1,461,364)
$
1,471,867
Interest
receivable
15,884
Receivable
for
investment
securities
sold
8,115
Receivable
for
shares
sold
1,710
Cash
35
Other
assets
20
Total
assets
1,497,631
Liabilities
Payable
for
investment
securities
purchased
35,270
Payable
for
shares
redeemed
1,270
Investment
management
fees
payable
422
Due
to
affiliates
40
Payable
to
directors
1
Other
liabilities
577
Total
liabilities
37,580
NET
ASSETS
$
1,460,051
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(61,552)
Paid-in
capital
applicable
to
128,504,812
shares
of
$0.0001
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
1,521,603
NET
ASSETS
$
1,460,051
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$777,161;
Shares
outstanding:
68,405,342)
$
11.36
I
Class
(Net
assets:
$682,890;
Shares
outstanding:
60,099,470)
$
11.36
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
Statement
of
Operations
21
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
2/28/26
Investment
Income
(Loss)
Interest
income
$
53,930
Expenses
Investment
management
5,130
Shareholder
servicing
Investor
Class
$
1,006
I
Class
104
1,110
Prospectus
and
shareholder
reports
Investor
Class
20
I
Class
9
29
Custody
and
accounting
227
Legal
and
audit
101
Registration
54
Directors
4
Miscellaneous
18
Total
expenses
6,673
Net
investment
income
47,257
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
loss
on
securities
(13,695)
Change
in
net
unrealized
gain
/
loss
on
securities
21,202
Net
realized
and
unrealized
gain
/
loss
7,507
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
54,764
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
Statement
of
Changes
in
Net
Assets
22
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2/28/26
2/28/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
47,257
$
43,198
Net
realized
loss
(13,695)
(5,330)
Change
in
net
unrealized
gain
/
loss
21,202
12,012
Increase
in
net
assets
from
operations
54,764
49,880
Distributions
to
shareholders
Net
earnings
Investor
Class
(23,143)
(21,381)
I
Class
(22,707)
(20,870)
Decrease
in
net
assets
from
distributions
(45,850)
(42,251)
Capital
share
transactions
*
Shares
sold
Investor
Class
269,692
177,879
I
Class
111,787
116,955
Distributions
reinvested
Investor
Class
21,128
19,485
I
Class
16,585
15,269
Shares
redeemed
Investor
Class
(216,641)
(155,899)
I
Class
(104,230)
(94,911)
Increase
in
net
assets
from
capital
share
transactions
98,321
78,778
Net
Assets
Increase
during
period
107,235
86,407
Beginning
of
period
1,352,816
1,266,409
End
of
period
$
1,460,051
$
1,352,816
*Share
information
(000s)
Shares
sold
Investor
Class
24,470
15,787
I
Class
10,130
10,376
Distributions
reinvested
Investor
Class
1,916
1,733
I
Class
1,505
1,358
Shares
redeemed
Investor
Class
(19,803)
(13,848)
I
Class
(9,471)
(8,438)
Increase
in
shares
outstanding
8,747
6,968
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
NOTES
TO
FINANCIAL
STATEMENTS
23
T.
Rowe
Price
State
Tax-Free
Funds,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Virginia
Tax-Free
Bond
Fund
(the
fund)
is a
nondiversified, 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
Virginia
state
income
taxes
by
investing
primarily
in
investment-
grade
Virginia
municipal
bonds.
The
fund
has two classes
of
shares:
the
Virginia
Tax-Free
Bond
Fund
(Investor
Class)
and
the
Virginia
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. 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
Virginia
Tax-Free
Bond
Fund
24
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.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
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
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
25
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
are
generally traded
in
the over-the-
counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
26
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
the
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
On
February
28,
2026
,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
2,
based
on
the
inputs
used
to
determine
their
fair
values.
NOTE
3
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund’s prospectus
and
Statement
of
Additional
Information.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
27
When-Issued
Securities
The fund
enters
into
when-issued
purchase
or
sale
commitments,
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
an
authorized
but
not
yet
issued
security
for
a
fixed
unit
price,
with
payment
and
delivery
not
due
until
issuance
of
the
security
on
a
scheduled
future
date.
When-issued
securities
may
be
new
securities
or
securities
issued
through
a
corporate
action,
such
as
a
reorganization
or
restructuring.
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
commitment
to
purchase
a
when-issued
security.
Amounts
realized
on
when-issued
transactions
are
included
in
realized
gain/loss
on
securities
in
the
accompanying
financial
statements.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $414,020,000 and
$306,228,000,
respectively,
for
the
year ended
February
28,
2026.
NOTE
4
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
The
fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
fund’s
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
permanent
book/tax
adjustments
relate
primarily
to
the
character
of
income
on
certain
derivatives
contracts
and
differences
between
book/tax
amortization
policies.
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
28
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
February
28,
2026,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
At
February
28,
2026,
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.
($000s)
February
28,
2026
February
28,
2025
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
24
$
37
Tax-exempt
income
45,826
42,214
Total
distributions
$
45,850
$
42,251
($000s)
Cost
of
investments
$
1,456,315
Unrealized
appreciation
$
36,447
Unrealized
depreciation
(20,895)
Net
unrealized
appreciation
(depreciation)
$
15,552
($000s)
Undistributed
ordinary
income
$
23
Undistributed
tax-exempt
income
789
Net
unrealized
appreciation
(depreciation)
15,552
Loss
carryforwards
and
deferrals
(77,916)
Total
distributable
earnings
(loss)
$
(61,552)
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
29
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
0.26%
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,
2026,
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.
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
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
30
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.
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,
2026,
expenses
incurred
pursuant
to
these
service
agreements
were
$127,000
for
Price
Associates
and
$301,000
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,
2026,
the
aggregate
value
of
purchases
and
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates
was
less
than
1%
of
the
fund’s
net
assets
as
of
February
28,
2026.
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)
$—
$—
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
31
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
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,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
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.
T.
ROWE
PRICE
Virginia
Tax-Free
Bond
Fund
32
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
Virginia
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
Virginia
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,
2026,
the
related
statement
of
operations
for
the
year
ended
February
28,
2026,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
February
28,
2026,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
February
28,
2026
(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,
2026,
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,
2026
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
February
28,
2026
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
Virginia
Tax-Free
Bond
Fund
33
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,
2026
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
April
21,
2026
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
Virginia
Tax-Free
Bond
Fund
34
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 2/28/26
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
$45,449,000
which
qualified
as
exempt-interest
dividends.
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
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.
F48-050
4/26
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management 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-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management 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-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management 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) | ||
| (b) | ||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| T. Rowe Price State Tax-Free Funds, Inc. | ||||
| By | /s/ David Oestreicher |
|||
| David Oestreicher | ||||
| Principal Executive Officer | ||||
| Date | April 21, 2026 | |||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By | /s/ David Oestreicher |
|||
| David Oestreicher | ||||
| Principal Executive Officer | ||||
| Date | April 21, 2026 | |||
| By | /s/ Alan S. Dupski |
|||
| Alan S. Dupski | ||||
| Principal Financial Officer | ||||
| Date | April 21, 2026 | |||