T.
ROWE
PRICE
Tax-Free
Income
Fund
November
30,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES
99.8%
ALABAMA
1.1%
Alabama
Corrections
Institution
Fin.
Auth.,
5.25%,
7/1/47
5,000
5,407
Black
Belt
Energy
Gas
Dist.,
VRDN,
4.00%,
6/1/51
(Tender
12/1/31)
4,140
4,064
Black
Belt
Energy
Gas
Dist.,
Series A-1,
VRDN,
4.00%,
10/1/49
(Tender
10/1/26)
3,825
3,787
Black
Belt
Energy
Gas
Dist.,
Series B,
VRDN,
4.00%,
10/1/52
(Tender
12/1/26)
5,750
5,692
Columbia
Ind.
Dev.
Board,
Series B,
VRDN,
1.10%,
12/1/37
2,800
2,800
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
5.25%,
5/1/44 (1)
3,280
2,714
24,464
ALASKA
0.2%
Alaska
Int'l.
Airports
System,
Series B,
5.00%,
10/1/35
3,945
4,094
4,094
ARIZONA
0.2%
Arizona
HFA,
Banner
Health,
Series B,
FRN,
67%
of
3M
USD
LIBOR
+
0.81%,
3.318%,
1/1/37
1,500
1,377
Phoenix
Civic
Improvement,
Series A-JUNIOR,
4.00%,
7/1/40
2,505
2,547
Phoenix
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/59
1,070
1,004
4,928
CALIFORNIA
9.0%
Alameda
Corridor
Transportation
Auth.,
Series B,
5.00%,
10/1/35 (2)
5,750
5,990
California,
GO,
4.00%,
10/1/39
7,370
7,549
California,
GO,
4.00%,
11/1/45
7,585
7,608
California,
GO,
5.00%,
8/1/32
15,000
15,558
California,
GO,
5.00%,
9/1/32
2,000
2,347
California,
GO,
5.00%,
4/1/35
1,700
1,887
California,
GO,
5.00%,
4/1/42
2,450
2,619
California,
GO,
5.00%,
4/1/42
1,100
1,234
California,
GO,
5.00%,
4/1/47
5,000
5,547
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
4.00%,
10/1/52
(Tender
12/1/27)
10,895
10,946
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/35
300
288
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/36
275
263
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/37
300
285
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/38
275
259
T.
ROWE
PRICE
Tax-Free
Income
Fund
2
Par
$
Value
(Amounts
in
000s)
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/39
300
279
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/30
1,750
1,865
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/31
1,335
1,422
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/32
1,065
1,131
California
HFFA,
Kaiser
Permanente,
Series A-2,
5.00%,
11/1/47
2,250
2,557
California
HFFA,
Lucile
Packard
Stanford
Hosp.,
Series B,
5.00%,
8/15/55
4,550
4,651
California
HFFA,
Lucile
Salter
Packard
Children's
Hosp.
at
Stanford,
Series A,
5.00%,
11/15/56
3,925
4,035
California
HFFA,
Sutter
Health,
Series A,
5.00%,
11/15/38
2,250
2,378
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35
885
859
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
FRN,
100%
of
MUNIPSA
+
0.70%,
2.60%,
12/1/50
(Tender
775
747
California
Municipal
Fin.
Auth.,
Series A,
COP,
5.25%,
11/1/52 (2)
940
992
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
4.00%,
10/1/29 (1)
420
392
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
5.00%,
10/1/49 (1)
1,525
1,328
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/32 (3)
1,425
1,690
California
Municipal
Fin.
Auth.,
Samuel
Merritt
Univ.,
5.25%,
6/1/53 (4)
2,765
2,959
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/48
5,500
5,368
California
Public
Works
Board,
Series B,
4.00%,
5/1/39
1,200
1,218
California
Public
Works
Board,
Series B,
5.00%,
10/1/34
1,090
1,131
California
Public
Works
Board,
Series B,
5.00%,
10/1/39
10,000
10,344
California
Public
Works
Board,
Coalinga
State
Hosp.,
Series E,
5.00%,
6/1/26
5,000
5,061
California
Public
Works
Board,
Judicial
Council,
Series A,
5.00%,
3/1/38
5,000
5,026
California
School
Fin.
Auth.,
New
Designs
Charter
School,
5.00%,
6/1/30 (1)
1,380
1,384
California
State
Univ.,
Series C,
4.00%,
11/1/45
2,125
2,085
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/48 (1)
1,300
1,310
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/56 (1)
2,275
2,262
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58 (1)
3,000
3,023
CSCDA
Community
Improvement
Auth.,
Altana
Glendale
Social
Bonds,
Series A-2,
4.00%,
10/1/56 (1)
2,020
1,479
CSCDA
Community
Improvement
Auth.,
Link
Glendala
Social
Bonds,
4.00%,
7/1/56 (1)
470
345
Golden
State
Tobacco
Securitization,
Series B-2,
Zero
Coupon,
6/1/66
12,000
1,287
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series A,
5.25%,
9/1/37
4,600
4,690
T.
ROWE
PRICE
Tax-Free
Income
Fund
3
Par
$
Value
(Amounts
in
000s)
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series D,
5.00%,
3/1/57
3,230
3,256
Long
Beach
Marina
System,
5.00%,
5/15/35
1,000
1,021
Long
Beach
Marina
System,
5.00%,
5/15/40
2,500
2,533
Los
Angeles
County
Public
Works
Fin.
Auth.,
Green
Bond,
Series A,
4.00%,
12/1/37
4,275
4,365
Los
Angeles
County
Public
Works
Fin.
Auth.,
Green
Bond,
Series A,
4.00%,
12/1/38
1,575
1,598
Los
Angeles
County
Public
Works
Fin.
Auth.,
Green
Bond,
Series A,
4.00%,
12/1/40
2,775
2,768
Los
Angeles
Dept.
of
Airports,
Series B,
4.00%,
5/15/48
5,300
5,261
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series B,
5.00%,
3/1/42
2,000
2,065
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series B,
5.00%,
3/1/47
3,550
3,637
Sacramento
County
Airport,
Series A,
5.00%,
7/1/41
2,925
3,009
Sacramento
County
Airport,
Series B,
5.00%,
7/1/41
3,325
3,409
San
Diego
County
Regional
Airport
Auth.,
Series A,
4.00%,
7/1/38
1,020
1,005
San
Diego
County
Regional
Airport
Auth.,
Series A,
4.00%,
7/1/46
3,150
3,025
San
Diego
County
Regional
Airport
Auth.,
Series A,
4.00%,
7/1/51
5,700
5,358
San
Francisco
City
&
County
Int'l.
Airports,
Series B,
5.00%,
5/1/49
10,600
10,987
San
Francisco
City
&
County
Int'l.
Airports,
Series F,
5.00%,
5/1/50
5,000
5,179
Sunnyvale
Fin.
Auth.,
Green
Bond-Civic
Center
Project,
4.00%,
4/1/40
1,320
1,332
Univ.
of
California
Regents,
Series I,
5.00%,
5/15/28
3,500
3,703
199,189
COLORADO
3.4%
Colorado,
COP,
6.00%,
12/15/39
1,250
1,498
Colorado,
COP,
6.00%,
12/15/40
4,850
5,782
Colorado,
COP,
6.00%,
12/15/41
6,800
8,081
Colorado,
Series A,
COP,
4.00%,
12/15/35
1,750
1,799
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/47
690
691
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/51
1,870
1,871
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/56
6,880
6,858
Denver
City
&
County,
Series A,
4.00%,
8/1/38
1,250
1,274
Denver
City
&
County,
Series A,
4.00%,
8/1/39
1,500
1,522
Denver
City
&
County,
Series A,
4.00%,
8/1/40
2,000
2,018
Denver
City
&
County,
Series A,
4.00%,
8/1/41
1,500
1,507
Denver
City
&
County,
Series A,
4.00%,
8/1/42
2,085
2,091
Denver
City
&
County
Airport,
Series B,
5.00%,
12/1/48
10,500
10,870
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/34
3,500
3,530
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/36
2,000
2,009
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/40
17,540
17,375
T.
ROWE
PRICE
Tax-Free
Income
Fund
4
Par
$
Value
(Amounts
in
000s)
Regional
Transportation
Dist.,
Fastracks
Project,
Series A,
5.00%,
11/1/46
5,000
5,181
73,957
CONNECTICUT
0.5%
Connecticut,
Series E,
GO,
5.00%,
9/15/34
3,250
3,538
Connecticut
Special
Tax
Obligation,
Transportation
Infrastructure,
Series A,
5.00%,
1/1/33
6,535
7,179
Mashantucket
Western
Pequot
Tribe,
6.05%,
7/1/31
(4.00%
Cash
and
2.05%
PIK) (5)(6)(7)
2,878
640
11,357
DELAWARE
1.0%
Delaware
Economic
Dev.
Auth.,
Acts
Retirement
Communities,
Series B,
5.00%,
11/15/48
6,185
5,967
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/50
2,865
2,863
Delaware
HFA,
Christiana
Health
Care
System,
4.00%,
10/1/49
8,470
8,067
Delaware
HFA,
Christiana
Health
Care
System,
5.00%,
10/1/45
3,250
3,411
Univ.
of
Delaware,
VRDN,
1.00%,
11/1/35
400
400
Univ.
of
Delaware,
Series A,
5.00%,
11/1/43
895
1,030
Univ.
of
Delaware,
Series A,
5.00%,
11/1/45
500
576
22,314
DISTRICT
OF
COLUMBIA
2.9%
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/37
515
471
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/42
500
441
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/52
4,545
3,777
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/44
5,000
5,228
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
6.50%,
10/1/44
9,350
10,441
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/35
350
354
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/36
500
504
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/37
1,255
1,255
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/38
740
730
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/39
1,500
1,473
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/40
1,500
1,428
Washington
Convention
&
Sports
Auth.,
Hotel
Tax,
Series A,
5.00%,
10/1/30
3,200
3,492
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/38
3,000
3,049
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/40
1,500
1,504
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.00%,
7/15/38
2,500
2,734
T.
ROWE
PRICE
Tax-Free
Income
Fund
5
Par
$
Value
(Amounts
in
000s)
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.00%,
7/15/39
5,500
5,984
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/37
5,000
5,310
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/42
14,555
15,258
63,433
FLORIDA
8.6%
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.25%,
11/15/44
4,500
3,265
Alachua
County
HFA,
Shands
Teaching
Hosp.
&
Clinics,
Series A,
5.00%,
12/1/44
10,820
10,883
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/31
500
507
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/32
750
753
Central
Florida
Expressway
Auth.,
5.00%,
7/1/39
7,475
7,870
Central
Florida
Expressway
Auth.,
Series B,
5.00%,
7/1/34
3,700
3,907
Collier
County,
Series A,
4.00%,
10/1/40
3,740
3,795
Collier
County,
Series A,
4.00%,
10/1/41
5,170
5,214
Collier
County,
Series A,
4.00%,
10/1/43
2,590
2,607
Davie
Ed.
Fac.,
Nova
Southeastern
Univ.,
Series A,
6.00%,
4/1/42
(Prerefunded
4/1/23) (8)
6,560
6,636
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
5.00%,
6/1/48 (1)
5,075
4,381
Jacksonville
Ed.
Fac.,
Jacksonville
Univ.,
Series B,
5.00%,
6/1/53 (1)
3,600
3,050
Lee
Memorial
Health
System,
Series A-1,
5.00%,
4/1/44
3,350
3,401
Martin
County
HFA,
Martin
Memorial
Medical
Center,
5.00%,
11/15/45
(Prerefunded
11/15/24) (8)
3,750
3,918
Miami-Dade
County
Aviation,
5.00%,
10/1/41
5,300
5,425
Miami-Dade
County
EFA,
Series A,
5.00%,
4/1/53
5,000
5,152
Miami-Dade
County
EFA,
Univ.
of
Miami,
Series A,
5.00%,
4/1/40
18,700
19,124
Miami-Dade
County
EFA,
Univ.
of
Miami,
Series A,
5.00%,
4/1/45
4,360
4,440
Miami-Dade
County
Seaport
Dept.,
Series A-2,
4.00%,
10/1/49 (2)
20,000
17,954
Miami-Dade
County
Water
&
Sewer
System
Revenue,
4.00%,
10/1/46
2,250
2,152
Orange
County
HFA,
4.00%,
10/1/52
5,350
4,657
Palm
Beach
County
HFA,
Active
Retirement
Life
Community,
5.00%,
11/15/45
4,175
4,069
Palm
Beach
County
HFA,
Baptist
Health,
4.00%,
8/15/49
11,000
10,049
Sarasota
County
Public
Hosp.
Dist.,
Sarasota
Memorial
Hosp.,
5.00%,
7/1/41
10,000
10,378
South
Miami
HFA,
Baptist
Health,
5.00%,
8/15/37
11,000
11,456
South
Miami
HFA,
Baptist
Health,
5.00%,
8/15/42
6,000
6,136
Tampa,
Series A,
Zero
Coupon,
9/1/34
900
543
T.
ROWE
PRICE
Tax-Free
Income
Fund
6
Par
$
Value
(Amounts
in
000s)
Tampa,
Series A,
Zero
Coupon,
9/1/35
750
429
Tampa,
Series A,
Zero
Coupon,
9/1/38
1,000
489
Tampa,
Series A,
Zero
Coupon,
9/1/39
850
393
Tampa,
Series A,
Zero
Coupon,
9/1/40
1,000
437
Tampa,
BayCare
Health,
Series A,
5.00%,
11/15/46
12,135
12,293
Tampa,
Univ.
of
Tampa,
Series A,
4.00%,
4/1/50
3,000
2,665
Tampa-Hillsborough
County
Expressway
Auth.,
5.00%,
7/1/47
12,000
12,276
190,704
GEORGIA
5.6%
Atlanta
Airport
Passenger
Fac.
Charge,
Series A,
5.00%,
1/1/32
2,500
2,551
Atlanta
Airport
Passenger
Fac.
Charge,
Series A,
5.00%,
1/1/33
1,600
1,631
Atlanta
Airport
Passenger
Fac.
Charge,
Series A,
5.00%,
1/1/34
3,000
3,056
Atlanta
Airport
Passenger
Fac.
Charge,
Series C,
5.00%,
7/1/40
10,000
11,023
Atlanta
Dept.
of
Aviation,
Series B,
4.00%,
7/1/38
5,000
4,977
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.75%,
1/1/35
800
424
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
7.00%,
1/1/40
5,095
2,700
Brookhaven
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series A,
4.00%,
7/1/44
7,130
7,008
Burke
County
Dev.
Auth.,
Plant
Vogtle,
VRDN,
1.60%,
11/1/52
4,200
4,200
Fulton
County
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series C,
5.00%,
7/1/38
1,250
1,326
Fulton
County
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series C,
5.00%,
7/1/39
1,165
1,234
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/37
1,975
2,042
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/42
3,895
3,955
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/36
5,250
5,507
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/44
5,150
5,419
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.00%,
2/15/35
2,310
2,402
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.00%,
2/15/45
3,965
3,999
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series B,
5.50%,
2/15/42
3,245
3,456
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/54
4,595
3,722
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/54 (1)
1,820
1,509
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/31
4,000
4,181
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/32
2,500
2,607
Main
Street
Natural
Gas,
Series A,
VRDN,
4.00%,
7/1/52
(Tender
9/1/27)
3,100
3,106
T.
ROWE
PRICE
Tax-Free
Income
Fund
7
Par
$
Value
(Amounts
in
000s)
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series A,
5.50%,
9/15/25
6,000
6,275
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series B,
VRDN,
5.00%,
12/1/52
(Tender
6/1/29)
3,450
3,559
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
8/1/48
(Tender
12/1/23)
2,650
2,660
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
3/1/50
(Tender
9/1/26)
7,940
7,843
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
5/1/52
(Tender
12/1/28)
7,720
7,545
Municipal
Electric
Auth.
of
Georgia,
Power,
Series EE,
7.25%,
1/1/24 (9)
6,500
6,813
Municipal
Electric
Auth.
of
Georgia,
Power,
Series HH,
5.00%,
1/1/44 (9)
4,485
4,559
Private
Colleges
&
Universities
Auth.,
Savannah
College
of
Art
and
Design,
4.00%,
4/1/44
3,500
3,331
124,620
IDAHO
0.1%
Idaho
HFA,
Saint
Luke's
Health
System,
Series A,
5.00%,
3/1/34
2,100
2,134
2,134
ILLINOIS
6.7%
Chicago,
Series A,
GO,
5.50%,
1/1/49
1,850
1,875
Chicago
Board
of
Ed.,
Series A,
GO,
5.00%,
12/1/23 (2)
2,000
2,039
Chicago
Midway
Int'l.
Airport,
Series B,
5.00%,
1/1/35
7,960
8,047
Chicago
Midway
Int'l.
Airport,
Series B,
5.00%,
1/1/36
3,070
3,097
Chicago
O'Hare
Int'l.
Airport,
Series B,
4.50%,
1/1/56
22,590
22,074
Chicago
O'Hare
Int'l.
Airport,
Series B,
5.00%,
1/1/48
4,000
4,097
Chicago
O'Hare
Int'l.
Airport,
Series D,
5.00%,
1/1/47
10,775
10,970
Chicago,
Wastewater,
Series C,
5.00%,
1/1/31
1,100
1,116
Chicago,
Wastewater,
Series C,
5.00%,
1/1/32
2,500
2,534
Chicago,
Waterworks,
Series A-1,
5.00%,
11/1/28
1,225
1,277
Illinois,
GO,
5.50%,
5/1/25
1,505
1,567
Illinois,
GO,
5.50%,
5/1/26
1,350
1,419
Illinois,
GO,
5.50%,
7/1/38
11,000
11,059
Illinois,
Series A,
GO,
5.00%,
3/1/24
445
453
Illinois,
Series A,
GO,
5.00%,
10/1/25
950
979
Illinois,
Series A,
GO,
5.00%,
10/1/31
1,500
1,568
Illinois,
Series A,
GO,
5.00%,
3/1/33
1,500
1,594
Illinois,
Series A,
GO,
5.50%,
3/1/42
2,250
2,371
Illinois,
Series B,
GO,
5.00%,
3/1/24
425
433
Illinois,
Series B,
GO,
5.00%,
3/1/25
2,375
2,443
Illinois,
Series B,
GO,
5.00%,
10/1/31
2,000
2,091
Illinois,
Series B,
GO,
5.00%,
10/1/32
1,750
1,826
Illinois,
Series C,
GO,
5.00%,
11/1/29
4,530
4,721
Illinois,
Series D,
GO,
5.00%,
11/1/24
1,015
1,042
T.
ROWE
PRICE
Tax-Free
Income
Fund
8
Par
$
Value
(Amounts
in
000s)
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/34
515
545
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/36
750
789
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/41
3,040
3,126
Illinois
Fin.
Auth.,
Franciscan
Communities,
Series A,
5.125%,
5/15/43
(Prerefunded
5/15/23) (8)
870
880
Illinois
Fin.
Auth.,
Franciscan
Communities,
Unrefunded
Balance,
Series A,
5.125%,
5/15/43
6,065
5,696
Illinois
Fin.
Auth.,
Northwestern
Memorial
Healthcare,
Series B,
VRDN,
0.97%,
7/15/55
4,100
4,100
Illinois
Fin.
Auth.,
Northwestern
Memorial
Healthcare,
Series C,
VRDN,
0.95%,
7/15/55
300
300
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
4.00%,
12/15/42
1,150
1,033
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
4.00%,
6/15/52
1,155
978
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
5.00%,
6/15/50
2,850
2,852
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/40
1,725
716
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
6/15/37 (10)
11,870
5,980
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series B,
Zero
Coupon,
12/15/41
10,000
3,804
Railsplitter
Tobacco
Settlement
Auth.,
5.00%,
6/1/28
1,310
1,391
Regional
Transportation
Auth.,
Series A,
5.75%,
6/1/34 (2)
5,250
6,225
Regional
Transportation
Auth.,
Series A,
6.00%,
7/1/33 (10)
15,000
17,880
146,987
INDIANA
0.3%
Indiana
Fin.
Auth.
Depauw
Univ.,
Series A,
5.50%,
7/1/52
5,000
5,339
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series A,
4.25%,
11/1/30
1,375
1,336
6,675
IOWA
0.2%
Iowa
Fin.
Auth.,
Unity
Point
Health,
Series E,
VRDN,
0.95%,
2/15/41
3,400
3,400
3,400
KANSAS
0.2%
Overland
Park
Sales
Tax
Revenue,
Series A,
6.50%,
11/15/42 (1)
4,025
4,085
4,085
KENTUCKY
1.8%
Kentucky
Economic
DFA,
Louisville
Arena
Auth.,
Series A,
5.00%,
12/1/45 (2)
1,000
1,016
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/36
1,750
1,561
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/46
1,900
1,559
T.
ROWE
PRICE
Tax-Free
Income
Fund
9
Par
$
Value
(Amounts
in
000s)
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.375%,
11/15/32
2,000
1,842
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/37
1,290
1,323
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/41
850
859
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/45
3,525
3,538
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/50
6,780
6,814
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series B,
5.00%,
6/1/40
2,200
2,231
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28)
8,760
8,617
Kentucky
Public
Transportation
Infrastructure
Auth.,
Downtown
Crossing,
Series A,
5.75%,
7/1/49
(Prerefunded
7/1/23) (8)
2,100
2,131
Kentucky
Public
Transportation
Infrastructure
Auth.,
Downtown
Crossing,
Series A,
6.00%,
7/1/53
(Prerefunded
7/1/23) (8)
8,300
8,435
39,926
LOUISIANA
1.6%
Jefferson
Sales
Tax
Dist.,
Series B,
5.00%,
12/1/42 (2)
7,500
7,977
Louisiana
Offshore
Terminal
Auth.,
Loop
Project,
VRDN,
1.65%,
9/1/27
(Tender
12/1/23)
1,175
1,157
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/38
750
781
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/43
2,775
2,853
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/48
9,210
9,422
New
Orleans
Sewerage
Service,
5.00%,
6/1/45
(Prerefunded
6/1/25) (8)
4,835
5,107
Saint
James
Parish,
Nustar
Logistics,
VRDN,
5.85%,
8/1/41
(Tender
6/1/25) (1)
4,450
4,564
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series A-2,
VRDN,
2.10%,
6/1/37
(Tender
7/1/24)
875
846
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series A-3,
VRDN,
2.20%,
6/1/37
(Tender
7/1/26)
1,500
1,378
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series B-1,
VRDN,
2.125%,
6/1/37
(Tender
7/1/24)
1,000
967
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series B-2,
VRDN,
2.375%,
6/1/37
(Tender
7/1/26)
1,150
1,061
36,113
MARYLAND
5.8%
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/42
7,000
6,248
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/46
1,000
899
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/33
590
594
T.
ROWE
PRICE
Tax-Free
Income
Fund
10
Par
$
Value
(Amounts
in
000s)
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/36
395
396
Maryland
CDA,
5.05%,
3/1/47 (4)
5,000
5,137
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/50
650
513
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/29
1,500
1,585
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/36
2,655
2,784
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/46
11,135
11,314
Maryland
HHEFA,
MedStar
Health,
5.00%,
8/15/32
6,880
7,083
Maryland
HHEFA,
MedStar
Health,
Series A,
4.00%,
5/15/47
6,810
6,202
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
5/15/45
15,000
15,324
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/28
2,010
2,065
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/45
3,375
3,381
Maryland
HHEFA,
Western
Maryland
Health,
5.25%,
7/1/34
(Prerefunded
7/1/24) (8)
10,335
10,753
Maryland
Stadium
Auth.
Built
to
Learn
Revenue,
4.00%,
6/1/39
4,310
4,257
Maryland
Stadium
Auth.
Built
to
Learn
Revenue,
4.00%,
6/1/40
4,500
4,406
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/46
(Prerefunded
5/1/26) (8)
5,000
5,383
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
5.00%,
5/1/50
11,170
12,241
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
Series B,
5.00%,
5/1/47
3,625
3,990
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
Unrefunded
Balance,
Series A-BALTIMORE,
5.00%,
5/1/47
3,300
3,482
Maryland
State
Transportation
Auth.,
4.00%,
7/1/50
2,000
1,933
Montgomery
County,
Series E,
GO,
VRDN,
1.05%,
11/1/37
6,300
6,300
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/42
3,100
2,756
Rockville,
Ingleside
at
King
Farm,
Series A-2,
5.00%,
11/1/31
500
480
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36
1,000
832
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/42
1,700
1,310
Westminster,
Carroll
Lutheran
Village,
5.125%,
7/1/34
(Prerefunded
7/1/24) (8)
3,000
3,108
Westminster,
Carroll
Lutheran
Village,
5.50%,
7/1/44
(Prerefunded
7/1/24) (8)
3,000
3,126
127,882
MASSACHUSETTS
1.2%
Massachusetts
Bay
Transportation
Auth.,
5.00%,
7/1/41
7,130
7,726
Massachusetts
Bay
Transportation
Auth.,
5.00%,
7/1/42
2,865
3,100
Massachusetts
Dev.
Fin.
Agency,
Boston
Univ.,
Series U-6C,
VRDN,
1.00%,
10/1/42
1,000
1,000
Massachusetts
Dev.
Fin.
Agency,
Linden
Ponds
Fac.,
5.00%,
11/15/28 (1)
1,500
1,580
Massachusetts
Dev.
Fin.
Agency,
NewBridge
on
the
Charles,
5.00%,
10/1/57 (1)
1,400
1,417
T.
ROWE
PRICE
Tax-Free
Income
Fund
11
Par
$
Value
(Amounts
in
000s)
Massachusetts
HEFA,
MIT,
Series K,
5.50%,
7/1/32
10,000
12,361
27,184
MICHIGAN
3.4%
Detroit,
GO,
5.00%,
4/1/28
850
883
Detroit,
GO,
5.00%,
4/1/29
150
156
Detroit
Downtown
Dev.
Auth.,
Catalyst
Dev.
Project,
Series A,
5.00%,
7/1/43 (2)
1,800
1,808
Detroit
Downtown
Dev.
Auth.,
Catalyst
Dev.
Project,
Series A,
5.00%,
7/1/48 (2)
1,500
1,507
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/40
1,050
931
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/41
1,100
963
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/42
2,100
1,824
Great
Lakes
Water
Auth.
Sewage
Disposal,
Series A,
5.25%,
7/1/47
8,340
8,971
Great
Lakes
Water
Auth.
Water
Supply,
Series A,
5.25%,
7/1/47
7,000
7,530
Great
Lakes
Water
Auth.
Water
Supply,
Series B,
5.00%,
7/1/46
7,000
7,269
Michigan
Fin.
Auth.,
Great
Lakes
Water
Auth.,
Series C-6,
5.00%,
7/1/33
2,000
2,052
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
Series A,
4.00%,
11/15/50
5,300
4,720
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
Series A,
5.00%,
11/15/48
5,150
5,229
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Great
Lakes,
Series C,
5.00%,
7/1/33
1,650
1,705
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Great
Lakes,
Series C,
5.00%,
7/1/34
2,860
2,948
Michigan
Fin.
Auth.,
Trinity
Health,
4.00%,
12/1/40
(Prerefunded
12/1/29) (8)
445
478
Michigan
Fin.
Auth.,
Trinity
Health
Credit
Group,
Series A,
5.00%,
12/1/37
6,000
6,299
Michigan
Fin.
Auth.,
Trinity
Health,
Unrefunded
Balance,
4.00%,
12/1/40
6,555
6,423
Michigan
State
Building
Auth.,
Fac.
Program,
5.00%,
4/15/36
3,000
3,258
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/36
550
582
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/37
500
527
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/42
1,300
1,349
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/47
2,580
2,654
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/25
1,070
1,131
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/28
3,795
4,002
75,199
MISSOURI
2.6%
Kansas
City
IDA,
Downtown
Redev.,
Series A,
5.00%,
9/1/31
4,480
4,490
Kansas
City
IDA,
Downtown
Redev.,
Series A,
5.50%,
9/1/26
7,000
7,019
Missouri
HEFA,
Lutheran
Senior
Services,
5.00%,
2/1/48
3,000
2,743
Missouri
HEFA,
Mercy
Health,
Series C,
5.00%,
11/15/47
10,000
10,132
T.
ROWE
PRICE
Tax-Free
Income
Fund
12
Par
$
Value
(Amounts
in
000s)
Missouri
HEFA,
Saint
Luke's
Health
System,
5.00%,
11/15/34
5,400
5,620
Missouri
HEFA,
Saint
Luke's
Health
System,
5.00%,
11/15/35
7,595
7,899
Missouri
Joint
Municipal
Electric
Utility
Commission,
Plum
Point
Project,
Series A,
5.00%,
1/1/34
10,985
11,279
Saint
Louis
County
IDA,
Friendship
Village,
5.00%,
9/1/48
1,545
1,306
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.00%,
9/1/38
1,000
909
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.125%,
9/1/48
3,850
3,316
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
Series A,
5.125%,
12/1/45
1,050
987
Saint
Louis
IDA,
Ballpark
Village,
Series A,
3.875%,
11/15/29
130
112
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.375%,
11/15/35
895
716
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.75%,
11/15/47
800
594
57,122
NEVADA
1.1%
Clark
County
School
Dist.,
Series A,
GO,
4.00%,
6/15/38 (2)
1,275
1,288
Clark
County
School
Dist.,
Series A,
GO,
4.00%,
6/15/40 (2)
1,425
1,422
Clark
County
School
Dist.,
Series A,
GO,
5.00%,
6/15/35 (2)
500
551
Las
Vegas
Convention
&
Visitors
Auth.,
Series B,
5.00%,
7/1/43
12,485
12,950
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/38
140
147
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/48
6,750
6,988
Reno,
Retrac-Reno
Transportation,
Series C,
Zero
Coupon,
7/1/58 (1)
5,000
587
23,933
NEW
HAMPSHIRE
0.3%
New
Hampshire
Business
Fin.
Auth.,
Series 2020-1,
Class
A,
4.125%,
1/20/34
2,230
2,150
New
Hampshire
Business
Fin.
Auth.,
Series A,
4.00%,
7/1/51
3,920
3,658
New
Hampshire
HEFA,
Hillside
Villiage,
Series A,
6.125%,
7/1/52 (1)(5)(6)
1,000
220
6,028
NEW
JERSEY
4.8%
Garden
State
Preservation
Trust,
Farmland,
Series A,
5.75%,
11/1/28 (2)
13,900
15,270
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
4.00%,
6/15/29 (1)
600
574
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/39 (1)
500
477
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/49 (1)
2,210
2,008
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/35
1,000
924
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/48
4,765
4,081
T.
ROWE
PRICE
Tax-Free
Income
Fund
13
Par
$
Value
(Amounts
in
000s)
New
Jersey
Economic
Dev.
Auth.,
Transit
Transportation
Project,
4.00%,
11/1/44
1,250
1,145
New
Jersey
HCFFA,
Hackensack
Meridian
Health,
Series A,
5.25%,
7/1/57
5,500
5,684
New
Jersey
Transportation
Trust
Fund
Auth.,
5.25%,
6/15/46 (4)
1,370
1,444
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/34
1,000
1,002
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/35
1,250
1,236
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/39
1,050
998
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/42
1,000
930
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/37
2,175
2,307
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/44
6,000
6,128
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series AA,
5.25%,
6/15/43
13,575
14,098
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/42
3,000
2,964
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/51
7,410
6,995
New
Jersey
Turnpike
Auth.,
Series A,
5.00%,
1/1/34
5,300
5,457
New
Jersey
Turnpike
Auth.,
Series B,
5.25%,
1/1/52
8,575
9,408
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/24
10,000
10,337
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/25
6,840
7,214
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/26
2,500
2,686
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/27
335
349
Tobacco
Settlement
Fin.,
Series A,
5.25%,
6/1/46
2,900
2,921
106,637
NEW
MEXICO
0.1%
Farmington
PCR,
Public
Services
of
New
Mexico,
San
Juan
Project,
Series C,
VRDN,
1.15%,
6/1/40
(Tender
6/1/24)
2,250
2,167
2,167
NEW
YORK
7.9%
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
4.00%,
3/15/47
10,000
9,509
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series A,
5.00%,
2/15/30
4,850
4,964
Dormitory
Auth.
of
the
State
of
New
York,
Touro
College
&
Univ.,
5.00%,
1/1/47
(Prerefunded
1/3/28) (8)
14,240
15,706
Hudson
Yards
Infrastructure,
Series A,
5.00%,
2/15/45
2,200
2,290
Long
Island
Power
Auth.,
Electric,
5.00%,
9/1/42
3,000
3,147
Metropolitan
Transportation
Auth.,
Series B,
5.25%,
11/15/26 (2)
15,000
16,256
T.
ROWE
PRICE
Tax-Free
Income
Fund
14
Par
$
Value
(Amounts
in
000s)
Metropolitan
Transportation
Auth.,
Series D-2,
FRN,
67%
of
SOFR
+
0.55%,
3.096%,
11/1/32
(Tender
4/1/24) (2)
3,325
3,267
Metropolitan
Transportation
Auth.,
Series D-2,
FRN,
67%
of
SOFR
+
0.55%,
3.103%,
11/1/32
(Tender
4/1/24) (2)
10,675
10,488
Metropolitan
Transportation
Auth.,
Series E-1,
VRDN,
0.98%,
11/15/50
3,200
3,200
New
York
City,
Series A-4,
GO,
VRDN,
1.00%,
9/1/49
250
250
New
York
City,
Series B-1,
GO,
5.00%,
10/1/38
1,500
1,597
New
York
City,
Series D-1,
GO,
5.50%,
5/1/45
1,250
1,397
New
York
City,
Series D-1,
GO,
5.50%,
5/1/46
1,625
1,812
New
York
City,
Series F-1,
GO,
4.00%,
3/1/40
1,975
1,959
New
York
City,
Series F-1,
GO,
4.00%,
3/1/47
8,500
8,100
New
York
City,
Series J,
GO,
5.00%,
8/1/31
5,000
5,170
New
York
City,
Series J,
GO,
5.00%,
8/1/32
7,500
7,748
New
York
City
Municipal
Water
Fin.
Auth.,
Series AA,
5.25%,
6/15/52
2,850
3,138
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Series C-1,
4.00%,
2/1/38
5,000
5,000
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Series C-4,
VRDN,
1.00%,
11/1/36
700
700
New
York
City
Transitional
Fin.
Auth.,
Building
Aid,
Series S-1,
5.00%,
7/15/45
3,975
4,181
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured
Revenue,
4.00%,
11/1/36
500
506
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured
Revenue,
Series E-3,
VRDN,
1.00%,
2/1/45
2,200
2,200
New
York
Liberty
Dev.,
Bank
of
America
Tower
at
One
Bryant
Park,
Class
3,
2.80%,
9/15/69
1,650
1,489
New
York
State
Housing
Fin.
Agency,
Series L-2,
0.75%,
11/1/25
6,180
5,700
New
York
State
Housing
Fin.
Agency,
Series M-2,
0.75%,
11/1/25
2,500
2,306
New
York
State
Thruway
Auth.,
Series A,
5.00%,
1/1/51
2,500
2,549
New
York
State
Thruway
Auth.,
Series A,
5.25%,
1/1/56
2,215
2,281
New
York
State
Thruway
Auth.,
Series B,
4.00%,
1/1/38
4,250
4,203
New
York
State
Thruway
Auth.,
Series B,
4.00%,
1/1/40 (2)
22,055
22,034
New
York
State
Urban
Dev.,
Personal
Income
Tax,
Series A,
4.00%,
3/15/39
2,000
1,983
Port
Auth.
of
New
York
&
New
Jersey,
Consolidated
bonds,
4.00%,
9/1/45
3,500
3,388
Port
Auth.
of
New
York
&
New
Jersey,
Consolidated
bonds,
4.00%,
9/1/49
2,860
2,724
Triborough
Bridge
&
Tunnel
Auth.,
Series A-1,
5.00%,
5/15/51
6,170
6,554
Troy
Capital
Resource,
Rensselaer
Polytechnic
Institute,
5.00%,
9/1/27
600
641
Troy
Capital
Resource,
Rensselaer
Polytechnic
Institute,
5.00%,
9/1/28
1,000
1,079
Troy
Capital
Resource,
Rensselaer
Polytechnic
Institute,
5.00%,
9/1/30
1,000
1,100
T.
ROWE
PRICE
Tax-Free
Income
Fund
15
Par
$
Value
(Amounts
in
000s)
Westchester
County
Local
Dev.,
Pace
Univ.,
Series A,
5.50%,
5/1/42
3,910
3,927
174,543
NORTH
CAROLINA
3.0%
Charlotte,
Charlotte-Douglas
Int'l.
Airport,
4.00%,
7/1/44
3,900
3,747
Charlotte-Mecklenburg
Hosp.
Auth.,
Series C,
VRDN,
1.00%,
1/15/37
6,485
6,485
North
Carolina
Capital
Fac.
Fin.
Agency,
Duke
Univ.,
Series B,
5.00%,
10/1/55
(Prerefunded
10/1/25) (8)
6,245
6,655
North
Carolina
Housing
Fin.
Agency,
5.00%,
7/1/47 (4)
1,950
1,996
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/27 (2)
920
990
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/31 (2)
1,000
1,066
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/40
12,675
12,860
North
Carolina
Turnpike
Auth.,
BAN,
5.00%,
2/1/24
3,525
3,608
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/47
4,655
4,707
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/51
3,100
3,128
North
Carolina
Turnpike
Auth.,
Triangle
Expressway,
4.00%,
1/1/55
6,100
5,083
Univ.
of
North
Carolina
at
Chapel
Hill,
Univ.
of
North
Carolina
Hosp.,
5.00%,
2/1/45
1,440
1,623
Univ.
of
North
Carolina
at
Chapel
Hill,
Univ.
of
North
Carolina
Hosp.,
5.00%,
2/1/49
12,155
13,605
65,553
OHIO
3.7%
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/25
1,000
1,059
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/26
550
592
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/28
1,800
1,987
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/29
2,250
2,509
American
Municipal
Power,
Fremont
Energy
Center
Project,
4.00%,
2/15/37
3,155
3,104
American
Municipal
Power,
Fremont
Energy
Center
Project,
4.00%,
2/15/38
1,000
978
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series A-2,
Class
1,
4.00%,
6/1/38
2,000
1,883
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series A-2,
Class
1,
4.00%,
6/1/39
2,500
2,331
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series B-2,
Class
2,
5.00%,
6/1/55
20,135
18,448
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/52
8,750
8,878
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/57
4,315
4,374
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/38
1,600
1,610
T.
ROWE
PRICE
Tax-Free
Income
Fund
16
Par
$
Value
(Amounts
in
000s)
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/39
1,665
1,669
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/40
1,430
1,426
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/46
6,000
6,443
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/51
8,750
9,351
Franklin
County,
Nationwide
Children's
Hosp.,
5.00%,
11/1/48
2,100
2,342
Ohio,
Series A,
4.00%,
1/15/50
8,830
7,712
Ohio,
Series A,
5.00%,
1/15/50
4,570
4,659
81,355
OKLAHOMA
0.3%
Oklahoma
DFA,
OU
Medicine,
Series B,
5.50%,
8/15/57
1,500
1,359
Oklahoma
Turnpike
Auth.,
Series C,
5.00%,
1/1/47
2,500
2,601
Tulsa
County
Ind.
Auth.,
Montereau
Project,
5.25%,
11/15/45
1,975
1,970
5,930
OREGON
0.6%
Oregon
Fac.
Auth.,
Legacy
Health,
Series A,
5.00%,
6/1/46
11,000
11,191
Oregon
Fac.
Auth.,
Peace
Health,
Series B,
VRDN,
1.00%,
8/1/34
925
925
12,116
PENNSYLVANIA
2.9%
Chester
County
IDA,
Longwood
Gardens
Project,
4.00%,
12/1/46
1,940
1,806
Chester
County
IDA,
Longwood
Gardens
Project,
4.00%,
12/1/51
2,750
2,549
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/40 (1)
2,105
1,772
Montgomery
County
IDA,
Albert
Einstein
Healthcare,
Series A,
5.25%,
1/15/46
(Prerefunded
1/15/25) (8)
3,000
3,147
Northampton
County
General
Purpose
Auth.,
Lafayette
College,
5.00%,
11/1/47
13,650
14,174
Philadelphia
IDA,
Saint
Joseph's
Univ.,
4.00%,
11/1/45
7,000
6,265
Philadelphia
IDA,
Temple
Univ.,
1st Series 2016,
5.00%,
4/1/29
4,000
4,184
Philadelphia
IDA,
Temple
Univ.,
2nd Series 2016,
5.00%,
4/1/34
1,825
1,884
Philadelphia
IDA,
Temple
Univ.,
2nd Series 2016,
5.00%,
4/1/35
8,500
8,745
Philadelphia
School
Dist.,
Series A,
GO,
5.00%,
9/1/44
9,300
9,839
State
Public
School
Building
Auth.,
Philadelphia
School
Dist.,
Series A,
5.00%,
6/1/33 (2)
8,500
8,890
63,255
PUERTO
RICO
2.6%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (6)(11)
8,217
3,739��
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/33 (1)
4,400
4,409
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/24
481
442
T.
ROWE
PRICE
Tax-Free
Income
Fund
17
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33
1,852
1,013
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
1,439
1,251
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
1,294
1,100
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
1,110
925
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41
1,510
1,209
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/46
1,570
1,207
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.25%,
7/1/23
804
807
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25
3,633
3,683
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
1,588
1,625
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
1,563
1,599
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
1,518
1,556
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (6)(12)
60
44
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (6)
(12)
100
74
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (6)
(12)
810
599
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (6)
(12)
225
167
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (6)(12)
290
213
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (6)(12)
1,105
815
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (6)(12)
370
273
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (6)(12)
450
332
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (6)(12)
2,640
1,947
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/37 (6)(12)
1,075
793
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (6)
(12)
990
730
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (6)
(12)
280
207
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (6)
(12)
240
178
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (6)(12)
100
74
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (6)(12)
275
204
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (6)(12)
215
161
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (6)(12)
70
50
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (6)(12)
120
88
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (6)(12)
95
70
T.
ROWE
PRICE
Tax-Free
Income
Fund
18
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (6)(12)
890
656
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (6)(12)
200
148
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (6)(12)
100
74
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.50%,
7/1/34
1,436
1,352
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
7,500
6,834
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27
2,600
2,092
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/29
5,800
4,212
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/31
3,500
2,269
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33
6,602
3,805
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46
20,000
5,016
58,042
RHODE
ISLAND
0.0%
Central
Falls
Detention
Fac.,
7.25%,
7/15/35 (5)(6)
4,915
885
885
SOUTH
CAROLINA
0.8%
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/32 (6)
6,750
3,456
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/42 (6)
11,920
2,674
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
7/22/51 (6)
14,935
1,491
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
1/1/32 (6)
1,753
538
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
7/22/51 (6)
10,109
372
Connector
2000
Assoc.,
Series C-1,
Zero
Coupon,
7/22/51 (6)
1,619
70
South
Carolina
Jobs-Economic
Dev.
Auth.,
Active
Retirement
Community,
Series C,
5.00%,
11/15/47
2,325
2,248
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/35
2,000
2,091
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/37
5,000
5,194
18,134
TENNESSEE
2.6%
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/35
1,725
1,787
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/37
4,000
4,119
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/35
2,675
2,756
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/40
7,265
7,413
T.
ROWE
PRICE
Tax-Free
Income
Fund
19
Par
$
Value
(Amounts
in
000s)
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/46
9,560
9,685
Metropolitan
Nashville
Airport
Auth.,
Series A,
4.00%,
7/1/49
1,400
1,298
Metropolitan
Nashville
Airport
Auth.,
Series A,
4.00%,
7/1/54
2,000
1,818
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/44
2,500
2,615
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/49
3,000
3,117
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/52 (4)
3,550
3,762
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/54
6,700
6,928
Tennessee
Energy
Acquisition,
Series A,
5.25%,
9/1/24
8,100
8,240
Tennessee
Energy
Acquisition,
Series A,
VRDN,
5.00%,
5/1/52
(Tender
11/1/31)
4,330
4,463
58,001
TEXAS
6.4%
Austin
Airport,
Series A,
5.00%,
11/15/41
6,845
7,085
Austin
Airport,
Series A,
5.00%,
11/15/46
2,525
2,592
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/27
2,600
2,668
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/34
1,400
1,424
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/25
1,030
1,032
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/26
600
601
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/27
1,000
1,001
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/28
520
520
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/37
295
318
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/38
800
858
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/39
775
827
Dallas
Fort
Worth
Int'l
Airport,
Series B,
5.00%,
11/1/43
3,500
3,720
Fort
Bend
County
IDC,
NRG
Energy,
Series A,
4.75%,
5/1/38
3,000
2,942
Gulf
Coast
IDA,
Exxon
Mobil,
VRDN,
1.00%,
11/1/41
1,200
1,200
Harris
County
Cultural
Ed.
Fac.
Fin.,
Brazos
Presbyterian
Hosp.,
Series B,
7.00%,
1/1/43
(Prerefunded
1/1/23) (8)
3,000
3,011
Harris
County
Cultural
Ed.
Fac.
Fin.,
Houston
Methodist
Hosp.,
5.00%,
12/1/45
7,000
7,093
Harris
County
Health
Fac.
Dev.,
Methodist
Hosp.
System,
Series A-1,
VRDN,
1.00%,
12/1/41
1,975
1,975
Houston
Airport,
Series D,
5.00%,
7/1/35
6,380
6,839
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/45
2,600
2,524
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.25%,
12/1/35
2,400
2,429
Lower
Colorado
River
Auth.,
Series A,
5.50%,
5/15/47
2,500
2,748
Lower
Colorado
River
Auth.,
LCRA
Transmission
Services,
5.00%,
5/15/30
1,000
1,114
T.
ROWE
PRICE
Tax-Free
Income
Fund
20
Par
$
Value
(Amounts
in
000s)
Lower
Colorado
River
Auth.,
LCRA
Transmission
Services,
5.00%,
5/15/35
1,150
1,252
Lower
Neches
Valley
Auth.
IDC,
Exxon
Mobil,
VRDN,
0.99%,
11/1/51
2,400
2,400
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/30
(Prerefunded
4/1/25) (8)
300
315
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/47
(Prerefunded
4/1/25) (8)
3,310
3,473
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/32
750
683
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/39
1,000
850
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.25%,
10/1/49
2,255
1,869
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/27
2,250
2,303
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/39
6,110
6,344
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/43
2,750
2,876
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/48
12,500
12,967
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Series E,
VRDN,
5.00%,
11/15/52
1,800
1,902
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/28
1,000
1,038
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/31
1,835
1,899
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/37
1,700
1,736
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/40
2,650
2,692
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/46
5,395
5,432
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere-Northwest
Senior
High
School,
Series A,
5.00%,
11/15/45 (6)
(13)
3,620
1,448
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Texas
Health
Resources
System,
Series A,
5.00%,
2/15/41
5,240
5,358
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Texas
Health
Resources
System,
Series A,
5.00%,
2/15/47
13,365
13,586
Tarrant
County,
Edgemere
Dip
Loan,
10.00%,
12/31/22,
Acquisition
Date:
4/20/22,
Cost $573 (14)(15)
573
573
Texas
IDC,
NRG
Energy,
Series 2012,
4.125%,
12/1/45
3,670
3,158
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Series D,
6.25%,
12/15/26
4,405
4,602
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Merrill
Lynch,
Senior
Lien,
Series A,
5.25%,
12/15/25
1,000
1,049
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/30
2,500
2,612
Texas
Transportation
Commission,
First
Tier
Toll,
State
Highway,
5.00%,
8/1/57
5,260
5,277
142,215
T.
ROWE
PRICE
Tax-Free
Income
Fund
21
Par
$
Value
(Amounts
in
000s)
UTAH
1.4%
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/38
7,000
7,811
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/39
8,000
8,887
Murray
City,
IHC
Health
Services,
Series C,
VRDN,
1.00%,
5/15/36
390
390
Salt
Lake
City
Airport,
Series B,
5.00%,
7/1/42
1,000
1,035
Salt
Lake
City
Airport,
Series B,
5.00%,
7/1/46
7,820
8,205
Salt
Lake
City
Airport,
Series B,
5.00%,
7/1/47
4,675
4,804
31,132
VIRGINIA
2.6%
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
First
Tier
General
Resolution,
5.00%,
7/1/46
5,840
5,897
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
First
Tier
General
Resolution,
5.00%,
7/1/51
3,395
3,408
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/33
8,955
9,098
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/36
(Prerefunded
4/1/26) (8)
8,500
8,862
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
5.50%,
7/1/57
(Prerefunded
1/1/28) (8)
10,000
11,355
James
City
County
Economic
Dev.
Auth.,
United
Methodist
Homes,
Series A,
6.00%,
6/1/43
(Prerefunded
6/1/23) (8)
3,311
3,362
Roanoke
Economic
Dev.
Auth.,
Series A,
5.00%,
7/1/47
10,245
11,429
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/33
1,000
1,034
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/36
2,900
2,968
57,413
WASHINGTON
1.6%
Energy
Northwest,
Columbia
Generating
Station,
5.00%,
7/1/41
10,000
11,039
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/32
1,880
2,150
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/33
1,500
1,698
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/34
2,200
2,476
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/36
3,400
3,790
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/37
3,215
3,569
Washington,
Series C,
GO,
5.00%,
2/1/39
10,565
11,629
36,351
WEST
VIRGINIA
0.0%
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.50%,
6/1/37 (1)
425
429
T.
ROWE
PRICE
Tax-Free
Income
Fund
22
Par
$
Value
(Amounts
in
000s)
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.75%,
6/1/43 (1)
425
429
858
WISCONSIN
0.7%
Univ.
of
Wisconsin
Hosp.
&
Clinics
Auth.,
Series C,
VRDN,
0.97%,
4/1/48
2,400
2,400
Wisconsin
PFA,
Retirement
Housing
Foundation
Obligation
Group,
5.00%,
11/15/29 (3)
1,475
1,664
Wisconsin
PFA,
Retirement
Housing
Foundation
Obligation
Group,
5.00%,
11/15/30 (3)
1,500
1,715
Wisconsin
PFA,
Searstone
CCRC
Project,
Series A,
5.00%,
6/1/37 (1)(4)
4,000
3,375
Wisconsin
PFA,
Searstone
Retirement
Community,
Series A,
VR,
5.513%,
6/1/37
2,000
2,107
Wisconsin
PFA,
Searstone
Retirement
Community,
Series A,
VR,
5.613%,
6/1/47
1,300
1,371
Wisconsin
PFA,
Searstone
Retirement
Community,
Series A,
VR,
5.688%,
6/1/52
1,700
1,793
14,425
Total
Municipal
Securities
(Cost
$2,315,934)
2,204,740
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.1%
Freddie
Mac
Multifamily
ML
Certificates,
Series 2021-ML10,
Class
ACA,
2.046%,
6/25/38
3,621
2,727
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$3,745)
2,727
Total
Investments
in
Securities
99.9%
(Cost
$2,319,679)
$
2,207,467
Other
Assets
Less
Liabilities
0.1%
2,908
Net
Assets
100.0%
$
2,210,375
T.
ROWE
PRICE
Tax-Free
Income
Fund
23
‡
Par
is
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
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
$49,103
and
represents
2.2%
of
net
assets.
(2)
Insured
by
Assured
Guaranty
Municipal
Corporation
(3)
Escrowed
to
maturity
(4)
When-issued
security
(5)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(6)
Non-income
producing
(7)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(8)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(9)
Insured
by
AMBAC
Assurance
Corporation
(10)
Insured
by
National
Public
Finance
Guarantee
Corporation
(11)
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.
(12)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(13)
Obligor
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(14)
Level
3
in
fair
value
hierarchy.
(15)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$573
and
represents
0.0%
of
net
assets.
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
BAN
Bond
Anticipation
Note
CDA
Community
Development
Administration/Authority
COP
Certificate
of
Participation
DFA
Development
Finance
Authority
EFA
Educational
Facility
Authority
FRN
Floating
Rate
Note
GO
General
Obligation
HCFFA
Health
Care
Facilities
Financing
Authority
HEFA
Health
&
Educational
Facility
Authority
HFA
Health
Facility
Authority
HFFA
Health
Facility
Financing
Authority
HHEFA
Health
&
Higher
Educational
Facility
Authority
IDA
Industrial
Development
Authority/Agency
IDC
Industrial
Development
Corporation
T.
ROWE
PRICE
Tax-Free
Income
Fund
24
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
.
.
.
.
.
.
.
.
.
.
MUNIPSA
Securities
Industry
and
Financial
Markets
Association
(SIFMA)
Municipal
Swap
Index
PCR
Pollution
Control
Revenue
PFA
Public
Finance
Authority/Agency
PIK
Payment-in-kind
RAC
Revenue
Anticipation
Certificate
SOFR
Secured
overnight
financing
rate
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
Tax-Free
Income
Fund
Unaudited
Notes
to
Portfolio
of
Investments
25
T.
Rowe
Price
Tax-Free
Income
Fund,
Inc.
(the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s
most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Tax-Free
Income
Fund
26
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Tax-Free
Income
Fund
27
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
November
30,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F45-054Q3
11/22
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Municipal
Securities
$
—
$
2,204,167
$
573
$
2,204,740
Non-U.S.
Government
Mortgage-Backed
Securities
—
2,727
—
2,727
Total
$
—
$
2,206,894
$
573
$
2,207,467