T.
ROWE
PRICE
Tax-Free
Income
Fund
May
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES
98.6%
ALABAMA
1.4%
Alabama
Corrections
Institution
Fin.
Auth.,
5.25%,
7/1/47
5,000
5,401
Black
Belt
Energy
Gas
Dist.,
VRDN,
4.00%,
6/1/51
(Tender
12/1/31)
4,140
4,104
Black
Belt
Energy
Gas
Dist.,
Series A-1,
VRDN,
4.00%,
10/1/49
(Tender
10/1/26)
3,825
3,806
Black
Belt
Energy
Gas
Dist.,
Series B,
VRDN,
4.00%,
10/1/52
(Tender
12/1/26)
5,750
5,686
Black
Belt
Energy
Gas
Dist.,
Series C-1,
VRDN,
5.25%,
2/1/53
(Tender
6/1/29)
3,900
4,073
Columbia
Ind.
Dev.
Board,
Series A,
VRDN,
4.00%,
12/1/37
5,250
5,250
Columbia
Ind.
Dev.
Board,
Series B,
VRDN,
4.00%,
12/1/37
800
800
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
5.25%,
5/1/44 (1)
3,280
2,897
32,017
ALASKA
0.2%
Alaska
Int'l.
Airports
System,
Series B,
5.00%,
10/1/35
3,945
4,063
4,063
ARIZONA
0.9%
Arizona
HFA,
Banner
Health,
Series B,
FRN,
67%
of
3M
USD
LIBOR
+
0.81%,
4.278%,
1/1/37
1,500
1,393
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/59
1,070
1,032
Salt
River
Project
Agricultural
Improvement
&
Power
Dist.,
Series A,
5.00%,
1/1/47
17,325
19,130
21,555
CALIFORNIA
9.1%
Alameda
Corridor
Transportation
Auth.,
Series B,
5.00%,
10/1/35 (2)
5,750
6,004
California,
GO,
5.00%,
8/1/32
10,000
10,188
California,
GO,
5.00%,
4/1/35
1,700
1,875
California,
GO,
5.00%,
4/1/42
2,450
2,607
California,
GO,
5.00%,
4/1/42
1,100
1,229
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
4.00%,
10/1/52
(Tender
12/1/27)
10,895
10,897
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.00%,
7/1/53
(Tender
8/1/29)
3,175
3,329
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29)
1,850
1,944
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/35
300
303
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/36
275
276
T.
ROWE
PRICE
Tax-Free
Income
Fund
2
Par
$
Value
(Amounts
in
000s)
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/37
300
299
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/38
275
273
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/39
300
296
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/30
1,750
1,838
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/31
1,335
1,402
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/32
1,065
1,118
California
HFFA,
Kaiser
Permanente,
Series A-2,
5.00%,
11/1/47
7,250
8,038
California
HFFA,
Lucile
Packard
Stanford
Hosp.,
Series B,
5.00%,
8/15/55
4,550
4,637
California
HFFA,
Lucile
Salter
Packard
Children's
Hosp.
at
Stanford,
Series A,
5.00%,
11/15/56
3,925
4,024
California
HFFA,
Sutter
Health,
Series A,
5.00%,
11/15/38
2,250
2,377
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35
877
870
California
Infrastructure
&
Economic
Dev.
Bank,
4.00%,
10/1/43
7,465
7,488
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
FRN,
100%
of
MUNIPSA
+
0.70%,
4.11%,
12/1/50
(Tender
6/1/26)
775
753
California
Municipal
Fin.
Auth.,
Series A,
COP,
5.25%,
11/1/52 (2)
940
999
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
4.00%,
10/1/29 (1)
420
396
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
5.00%,
10/1/49 (1)
1,525
1,371
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/32 (3)
1,425
1,696
California
Municipal
Fin.
Auth.,
Samuel
Merritt
Univ.,
5.25%,
6/1/53
2,765
2,942
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/48
5,500
5,565
California
Public
Works
Board,
Series B,
4.00%,
5/1/39
1,200
1,207
California
Public
Works
Board,
Series B,
5.00%,
10/1/34
1,090
1,109
California
Public
Works
Board,
Series B,
5.00%,
10/1/39
10,000
10,144
California
Public
Works
Board,
Coalinga
State
Hosp.,
Series E,
5.00%,
6/1/26
(Prerefunded
6/1/23) (4)
5,000
5,000
California
Public
Works
Board,
Judicial
Council,
Series A,
5.00%,
3/1/38
(Prerefunded
6/1/23) (4)
5,000
5,000
California
School
Fin.
Auth.,
New
Designs
Charter
School,
5.00%,
6/1/30 (1)
1,290
1,288
California
State
Univ.,
Series C,
4.00%,
11/1/45
9,710
9,488
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/48 (1)
1,300
1,237
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/56 (1)
2,275
2,136
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58 (1)
3,000
2,866
CSCDA
Community
Improvement
Auth.,
Altana
Glendale
Social
Bonds,
Series A-2,
4.00%,
10/1/56 (1)
2,020
1,479
T.
ROWE
PRICE
Tax-Free
Income
Fund
3
Par
$
Value
(Amounts
in
000s)
CSCDA
Community
Improvement
Auth.,
Link
Glendala
Social
Bonds,
Series A-2,
4.00%,
7/1/56 (1)
470
331
Golden
State
Tobacco
Securitization,
Series B-2,
Zero
Coupon,
6/1/66
12,000
1,214
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series A,
5.25%,
9/1/37
4,600
4,647
Irvine
Fac.
Fin.
Auth.,
Series A,
4.00%,
9/1/58 (5)
3,825
3,633
Irvine
Fac.
Fin.
Auth.,
Series A,
5.25%,
9/1/53 (5)
4,000
4,499
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series D,
5.00%,
3/1/57
3,215
3,228
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
4,370
Los
Angeles
County
Public
Works
Fin.
Auth.,
Green
Bond,
Series A,
4.00%,
12/1/38
1,575
1,601
Los
Angeles
County
Public
Works
Fin.
Auth.,
Green
Bond,
Series A,
4.00%,
12/1/40
2,775
2,794
Los
Angeles
Dept.
of
Airports,
Series B,
4.00%,
5/15/48
5,300
5,144
Los
Angeles
Dept.
of
Water
&
Power
Water
System
Revenue,
Series D,
5.00%,
7/1/52
5,000
5,479
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series B,
5.00%,
3/1/42
2,000
2,082
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series B,
5.00%,
3/1/47
3,550
3,672
Sacramento
County
Airport,
Series A,
5.00%,
7/1/41
2,925
3,030
Sacramento
County
Airport,
Series B,
5.00%,
7/1/41
3,325
3,439
San
Diego
County
Regional
Airport
Auth.,
Series A,
4.00%,
7/1/38
1,020
1,027
San
Diego
County
Regional
Airport
Auth.,
Series A,
4.00%,
7/1/46
3,150
2,993
San
Diego
County
Regional
Airport
Auth.,
Series A,
4.00%,
7/1/51
5,700
5,394
San
Francisco
City
&
County
Int'l.
Airports,
Series B,
5.00%,
5/1/49
10,600
11,193
San
Francisco
City
&
County
Int'l.
Airports,
Series F,
5.00%,
5/1/50
5,000
5,262
Sunnyvale
Fin.
Auth.,
Green
Bond-Civic
Center
Project,
4.00%,
4/1/40
1,320
1,324
Univ.
of
California
Regents,
Series I,
5.00%,
5/15/28
3,500
3,637
209,535
COLORADO
3.1%
Colorado,
COP,
6.00%,
12/15/39
1,250
1,495
Colorado,
COP,
6.00%,
12/15/40
4,850
5,776
Colorado,
COP,
6.00%,
12/15/41
6,800
8,072
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/47
690
689
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/51
1,870
1,853
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/56
6,880
6,757
Denver
City
&
County,
Series A,
4.00%,
8/1/38
1,250
1,267
Denver
City
&
County,
Series A,
4.00%,
8/1/39
1,500
1,514
T.
ROWE
PRICE
Tax-Free
Income
Fund
4
Par
$
Value
(Amounts
in
000s)
Denver
City
&
County,
Series A,
4.00%,
8/1/40
2,000
2,011
Denver
City
&
County,
Series A,
4.00%,
8/1/41
1,500
1,498
Denver
City
&
County,
Series A,
4.00%,
8/1/42
2,085
2,071
Denver
City
&
County
Airport,
Series B,
5.00%,
12/1/48
10,500
10,950
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/34
3,500
3,543
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/36
2,000
2,004
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/40
17,540
17,073
Regional
Transportation
Dist.,
Fastracks
Project,
Series A,
5.00%,
11/1/46
5,000
5,134
71,707
CONNECTICUT
0.5%
Connecticut,
Series E,
GO,
5.00%,
9/15/34
3,250
3,551
Connecticut
Special
Tax
Obligation,
Transportation
Infrastructure,
Series A,
5.00%,
1/1/33
6,535
7,108
Mashantucket
Western
Pequot
Tribe,
6.05%,
7/1/31
(4.00%
Cash
and
2.05%
PIK) (6)(7)(8)
2,878
640
11,299
DELAWARE
0.6%
Delaware
Economic
Dev.
Auth.,
Acts
Retirement
Communities,
Series B,
5.00%,
11/15/48
6,185
5,772
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/50
2,865
2,891
Delaware
HFA,
Christiana
Health
Care
System,
5.00%,
10/1/45
3,250
3,390
Univ.
of
Delaware,
Series A,
5.00%,
11/1/43
895
1,034
Univ.
of
Delaware,
Series A,
5.00%,
11/1/45
500
578
13,665
DISTRICT
OF
COLUMBIA
3.4%
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/37
515
475
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/42
500
438
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/52
4,545
3,735
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/44
5,000
5,217
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
6.50%,
10/1/44
9,350
10,488
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/35
350
357
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/36
500
506
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/37
1,255
1,258
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/38
740
737
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/39
1,500
1,474
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/40
1,500
1,467
Washington
Convention
&
Sports
Auth.,
Hotel
Tax,
Series A,
5.00%,
10/1/30
3,200
3,446
T.
ROWE
PRICE
Tax-Free
Income
Fund
5
Par
$
Value
(Amounts
in
000s)
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/38
3,000
3,060
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/40
1,500
1,506
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/46
12,500
12,014
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.00%,
7/15/38
2,500
2,753
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.00%,
7/15/39
5,500
6,035
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.50%,
7/15/51
5,200
5,880
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/37
5,000
5,252
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/42
12,500
13,052
79,150
FLORIDA
8.1%
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.25%,
11/15/44
4,500
3,203
Alachua
County
HFA,
Shands
Teaching
Hosp.
&
Clinics,
Series A,
5.00%,
12/1/44
10,820
10,770
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/31
500
520
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/32
750
778
Central
Florida
Expressway
Auth.,
5.00%,
7/1/39
7,475
7,832
Central
Florida
Expressway
Auth.,
Series B,
5.00%,
7/1/34
3,700
3,843
Collier
County,
Series A,
4.00%,
10/1/40
3,740
3,793
Collier
County,
Series A,
4.00%,
10/1/41
5,170
5,229
Collier
County,
Series A,
4.00%,
10/1/43
2,590
2,608
Everest
GMR
Community
Dev.
Dist.,
6.20%,
5/1/54
2,000
1,970
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
5.00%,
6/1/48 (1)
5,075
4,543
Jacksonville
Ed.
Fac.,
Jacksonville
Univ.,
Series B,
5.00%,
6/1/53 (1)
3,600
3,156
Lee
Memorial
Health
System,
Series A-1,
5.00%,
4/1/44
3,350
3,450
Martin
County
HFA,
Martin
Memorial
Medical
Center,
5.00%,
11/15/45
(Prerefunded
11/15/24) (4)
3,750
3,828
Miami-Dade
County
Aviation,
5.00%,
10/1/41
5,300
5,434
Miami-Dade
County
EFA,
Series A,
5.00%,
4/1/53
5,000
5,162
Miami-Dade
County
EFA,
Univ.
of
Miami,
Series A,
5.00%,
4/1/40
18,700
19,028
Miami-Dade
County
EFA,
Univ.
of
Miami,
Series A,
5.00%,
4/1/45
4,360
4,422
Miami-Dade
County
Seaport
Dept.,
Series A-2,
4.00%,
10/1/49 (2)
15,000
14,280
Miami-Dade
County
Water
&
Sewer
System
Revenue,
4.00%,
10/1/46
2,250
2,144
T.
ROWE
PRICE
Tax-Free
Income
Fund
6
Par
$
Value
(Amounts
in
000s)
Orange
County
HFA,
Orlando
Health
Obligated
Group,
4.00%,
10/1/52
5,350
4,744
Orange
County
HFA,
Orlando
Health
Obligated
Group,
Series A,
5.00%,
10/1/39
1,125
1,215
Orange
County
HFA,
Orlando
Health
Obligated
Group,
Series A,
5.00%,
10/1/53
1,700
1,777
Palm
Beach
County
HFA,
Active
Retirement
Life
Community,
5.00%,
11/15/45
4,175
3,949
Palm
Beach
County
HFA,
Baptist
Health,
4.00%,
8/15/49
11,000
10,016
Sarasota
County
Public
Hosp.
Dist.,
Sarasota
Memorial
Hosp.,
5.00%,
7/1/41
10,000
10,349
South
Miami
HFA,
Baptist
Health,
5.00%,
8/15/37
11,000
11,379
South
Miami
HFA,
Baptist
Health,
5.00%,
8/15/42
6,000
6,130
Tampa,
Series A,
Zero
Coupon,
9/1/34
900
573
Tampa,
Series A,
Zero
Coupon,
9/1/35
750
453
Tampa,
Series A,
Zero
Coupon,
9/1/38
1,000
509
Tampa,
Series A,
Zero
Coupon,
9/1/39
850
409
Tampa,
Series A,
Zero
Coupon,
9/1/40
1,000
451
Tampa,
BayCare
Health,
Series A,
5.00%,
11/15/46
12,135
12,249
Tampa,
Univ.
of
Tampa,
Series A,
4.00%,
4/1/50
3,000
2,713
Tampa-Hillsborough
County
Expressway
Auth.,
5.00%,
7/1/47
12,000
12,389
185,298
GEORGIA
5.9%
Atlanta
Airport
Passenger
Fac.
Charge,
Series A,
5.00%,
1/1/32
2,500
2,521
Atlanta
Airport
Passenger
Fac.
Charge,
Series A,
5.00%,
1/1/33
1,600
1,614
Atlanta
Airport
Passenger
Fac.
Charge,
Series A,
5.00%,
1/1/34
3,000
3,024
Atlanta
Airport
Passenger
Fac.
Charge,
Series C,
5.00%,
7/1/40
10,000
11,040
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.75%,
1/1/35 (7)(8)
800
360
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
7.00%,
1/1/40 (7)(8)
5,095
2,293
Brookhaven
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series A,
3.00%,
7/1/46
1,675
1,279
Brookhaven
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series A,
4.00%,
7/1/49
5,485
5,253
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
4.10%,
7/1/49
2,100
2,100
Fulton
County
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series C,
5.00%,
7/1/38
1,250
1,345
Fulton
County
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series C,
5.00%,
7/1/39
1,165
1,250
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/37
1,975
2,043
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/42
3,895
3,994
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/36
5,250
5,410
T.
ROWE
PRICE
Tax-Free
Income
Fund
7
Par
$
Value
(Amounts
in
000s)
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/44
5,150
5,407
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.00%,
2/15/35
2,310
2,441
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.00%,
2/15/45
3,965
4,056
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series B,
5.50%,
2/15/42
3,245
3,435
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/54
10,635
8,568
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/54 (1)
3,340
2,686
Georgia
Housing
&
Fin.
Auth.,
3.60%,
12/1/44
4,000
3,475
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/31
4,000
4,123
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/32
2,500
2,575
Main
Street
Natural
Gas,
Series A,
VRDN,
4.00%,
4/1/48
(Tender
9/1/23)
2,500
2,501
Main
Street
Natural
Gas,
Series A,
VRDN,
4.00%,
7/1/52
(Tender
9/1/27)
3,100
3,086
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series A,
5.50%,
9/15/25
6,000
6,118
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series B,
VRDN,
5.00%,
12/1/52
(Tender
6/1/29)
3,450
3,599
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
8/1/48
(Tender
12/1/23)
2,650
2,653
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
3/1/50
(Tender
9/1/26)
7,940
7,909
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
5/1/52
(Tender
12/1/28)
7,720
7,658
Municipal
Electric
Auth.
of
Georgia,
5.00%,
1/1/56 (2)
3,315
3,374
Municipal
Electric
Auth.
of
Georgia,
Series A,
5.00%,
7/1/60
3,000
3,000
Municipal
Electric
Auth.
of
Georgia,
Power,
Series EE,
7.25%,
1/1/24 (9)
6,500
6,639
Municipal
Electric
Auth.
of
Georgia,
Power,
Series HH,
5.00%,
1/1/44
4,485
4,565
Private
Colleges
&
Universities
Auth.,
Savannah
College
of
Art
and
Design,
4.00%,
4/1/44
3,500
3,354
134,748
IDAHO
0.1%
Idaho
HFA,
Saint
Luke's
Health
System,
Series A,
5.00%,
3/1/34
2,100
2,115
2,115
ILLINOIS
6.4%
Chicago,
Series A,
GO,
5.50%,
1/1/49
1,850
1,915
Chicago
Board
of
Ed.,
Series A,
GO,
5.00%,
12/1/23 (2)
2,000
2,007
Chicago
Midway
Int'l.
Airport,
Series B,
5.00%,
1/1/35
7,960
8,010
Chicago
Midway
Int'l.
Airport,
Series B,
5.00%,
1/1/36
3,070
3,086
Chicago
O'Hare
Int'l.
Airport,
Series B,
4.50%,
1/1/56
22,590
22,289
T.
ROWE
PRICE
Tax-Free
Income
Fund
8
Par
$
Value
(Amounts
in
000s)
Chicago
O'Hare
Int'l.
Airport,
Series B,
5.00%,
1/1/48
4,000
4,153
Chicago
O'Hare
Int'l.
Airport,
Series D,
5.00%,
1/1/47
10,775
11,052
Chicago,
Wastewater,
Series C,
5.00%,
1/1/31
1,100
1,119
Chicago,
Wastewater,
Series C,
5.00%,
1/1/32
2,500
2,543
Chicago,
Waterworks,
Series A-1,
5.00%,
11/1/28
1,225
1,276
Illinois,
GO,
5.50%,
5/1/25
1,505
1,555
Illinois,
GO,
5.50%,
5/1/26
1,350
1,424
Illinois,
GO,
5.50%,
7/1/38
(Prerefunded
7/10/23) (4)
11,000
11,022
Illinois,
Series A,
GO,
5.00%,
3/1/24
445
449
Illinois,
Series A,
GO,
5.00%,
10/1/25
950
979
Illinois,
Series A,
GO,
5.00%,
10/1/31
1,500
1,606
Illinois,
Series A,
GO,
5.00%,
3/1/33
1,500
1,664
Illinois,
Series A,
GO,
5.50%,
3/1/42
2,250
2,464
Illinois,
Series B,
GO,
5.00%,
3/1/24
425
429
Illinois,
Series B,
GO,
5.00%,
3/1/25
2,375
2,427
Illinois,
Series B,
GO,
5.00%,
10/1/31
2,000
2,142
Illinois,
Series B,
GO,
5.00%,
10/1/32
1,750
1,865
Illinois,
Series B,
GO,
5.50%,
5/1/47
625
676
Illinois,
Series C,
GO,
5.00%,
11/1/29
4,530
4,818
Illinois,
Series D,
GO,
5.00%,
11/1/24
1,015
1,033
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/34
515
543
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/36
750
785
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/41
3,040
3,137
Illinois
State
Toll
Highway
Auth.,
Series A,
5.25%,
1/1/45
6,875
7,547
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
4.00%,
12/15/42
1,150
1,069
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
4.00%,
6/15/52
1,155
1,014
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
5.00%,
6/15/50
2,850
2,862
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/40
1,725
759
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
6/15/37 (10)
11,870
6,324
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series B,
Zero
Coupon,
12/15/41
10,000
4,063
Railsplitter
Tobacco
Settlement
Auth.,
5.00%,
6/1/28
1,310
1,376
Regional
Transportation
Auth.,
Series A,
5.75%,
6/1/34 (2)
5,250
6,318
Regional
Transportation
Auth.,
Series A,
6.00%,
7/1/33 (10)
15,000
18,139
145,939
INDIANA
0.3%
Indiana
Fin.
Auth.
Depauw
Univ.,
Series A,
5.50%,
7/1/52
5,000
5,178
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series A,
4.25%,
11/1/30
1,375
1,347
6,525
T.
ROWE
PRICE
Tax-Free
Income
Fund
9
Par
$
Value
(Amounts
in
000s)
KANSAS
0.2%
Overland
Park
Sales
Tax
Revenue,
Bluhawk
Star
Bond,
Series A,
6.50%,
11/15/42 (1)
4,025
4,098
4,098
KENTUCKY
1.8%
Kentucky
Economic
DFA,
Louisville
Arena
Auth.,
Series A,
5.00%,
12/1/45 (2)
1,000
1,022
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/36
4,050
3,401
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/46
1,900
1,400
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.375%,
11/15/32
2,000
1,805
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/37
1,290
1,296
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/41
850
836
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/45
3,525
3,429
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/50
6,780
6,819
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series B,
5.00%,
6/1/40
2,200
2,199
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28)
8,760
8,684
Kentucky
Public
Transportation
Infrastructure
Auth.,
Downtown
Crossing,
Series A,
5.75%,
7/1/49
(Prerefunded
7/1/23) (4)
2,100
2,103
Kentucky
Public
Transportation
Infrastructure
Auth.,
Downtown
Crossing,
Series A,
6.00%,
7/1/53
(Prerefunded
7/1/23) (4)
8,300
8,312
41,306
LOUISIANA
1.8%
Jefferson
Sales
Tax
Dist.,
Series B,
5.00%,
12/1/42 (2)
7,500
7,790
Louisiana
Offshore
Terminal
Auth.,
Loop
Project,
VRDN,
1.65%,
9/1/27
(Tender
12/1/23)
1,175
1,160
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/38
750
779
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/43
2,775
2,857
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/48
9,210
9,440
New
Orleans
Sewerage
Service,
5.00%,
6/1/45
(Prerefunded
6/1/25) (4)
4,835
5,009
Saint
James
Parish,
Nustar
Logistics,
VRDN,
5.85%,
8/1/41
(Tender
6/1/25) (1)
4,450
4,555
Saint
John
the
Baptist
Parish,
Marathon
Oil,
VRDN,
4.05%,
6/1/37
(Tender
7/1/26)
4,600
4,567
T.
ROWE
PRICE
Tax-Free
Income
Fund
10
Par
$
Value
(Amounts
in
000s)
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series A-2,
VRDN,
2.10%,
6/1/37
(Tender
7/1/24)
875
856
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series A-3,
VRDN,
2.20%,
6/1/37
(Tender
7/1/26)
1,500
1,410
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series B-1,
VRDN,
2.125%,
6/1/37
(Tender
7/1/24)
1,000
978
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series B-2,
VRDN,
2.375%,
6/1/37
(Tender
7/1/26)
1,150
1,087
40,488
MARYLAND
5.2%
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/42
7,000
6,493
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/46
1,000
909
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/33
590
579
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/36
395
378
Maryland
CDA,
5.05%,
3/1/47
5,000
5,117
Maryland
Economic
Dev.,
Constellation
Energy
Group,
Series B,
VRDN,
4.10%,
10/1/36
(Tender
4/3/28)
1,700
1,723
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/50
650
526
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/29
1,500
1,556
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/36
2,655
2,730
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/46
11,135
11,244
Maryland
HHEFA,
MedStar
Health,
5.00%,
8/15/32
6,880
7,049
Maryland
HHEFA,
MedStar
Health,
Series A,
4.00%,
5/15/47
6,810
6,238
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
5/15/45
15,000
15,346
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/28
2,010
2,051
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/45
3,375
3,402
Maryland
HHEFA,
Western
Maryland
Health,
5.25%,
7/1/34
(Prerefunded
7/1/24) (4)
10,335
10,518
Maryland
Stadium
Auth.
Built
to
Learn
Revenue,
4.00%,
6/1/39
4,310
4,311
Maryland
Stadium
Auth.
Built
to
Learn
Revenue,
4.00%,
6/1/40
4,500
4,502
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
5.00%,
5/1/50
9,920
11,010
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
Series B,
5.00%,
5/1/47
3,625
4,032
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
Unrefunded
Balance,
Series A-BALTIMORE,
5.00%,
5/1/47
3,300
3,443
Maryland
State
Transportation
Auth.,
4.00%,
7/1/50
2,000
1,912
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/42
3,100
2,658
Rockville,
Ingleside
at
King
Farm,
Series A-2,
5.00%,
11/1/31
500
471
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36
1,000
810
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/42
1,700
1,264
Washington
Suburban
Sanitary
Commission,
Series A,
VRDN,
4.00%,
6/1/24
2,200
2,200
T.
ROWE
PRICE
Tax-Free
Income
Fund
11
Par
$
Value
(Amounts
in
000s)
Westminster,
Carroll
Lutheran
Village,
5.125%,
7/1/34
(Prerefunded
7/1/24) (4)
3,000
3,049
Westminster,
Carroll
Lutheran
Village,
5.50%,
7/1/44
(Prerefunded
7/1/24) (4)
3,000
3,061
118,582
MASSACHUSETTS
1.1%
Massachusetts
Bay
Transportation
Auth.,
5.00%,
7/1/41
7,130
7,699
Massachusetts
Bay
Transportation
Auth.,
5.00%,
7/1/42
2,865
3,086
Massachusetts
Dev.
Fin.
Agency,
Linden
Ponds
Fac.,
5.00%,
11/15/28 (1)
1,500
1,542
Massachusetts
Dev.
Fin.
Agency,
NewBridge
on
the
Charles,
5.00%,
10/1/57 (1)
1,400
1,225
Massachusetts
HEFA,
MIT,
Series K,
5.50%,
7/1/32
10,000
12,347
25,899
MICHIGAN
3.3%
Detroit,
GO,
5.00%,
4/1/28
850
875
Detroit,
GO,
5.00%,
4/1/29
150
154
Detroit
Downtown
Dev.
Auth.,
Catalyst
Dev.
Project,
Series A,
5.00%,
7/1/43 (2)
1,800
1,806
Detroit
Downtown
Dev.
Auth.,
Catalyst
Dev.
Project,
Series A,
5.00%,
7/1/48 (2)
1,500
1,504
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/40
1,050
929
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/41
1,100
964
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/42
2,100
1,825
Great
Lakes
Water
Auth.
Sewage
Disposal,
Series A,
5.25%,
7/1/47
8,340
8,983
Great
Lakes
Water
Auth.
Water
Supply,
Series A,
5.25%,
7/1/47
7,000
7,567
Great
Lakes
Water
Auth.
Water
Supply,
Series B,
5.00%,
7/1/46
7,000
7,143
Michigan
Fin.
Auth.,
Great
Lakes
Water
Auth.,
Series C-6,
5.00%,
7/1/33
2,000
2,022
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
Series A,
4.00%,
11/15/50
5,300
4,673
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
Series A,
5.00%,
11/15/48
5,150
5,274
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Great
Lakes,
Series C,
5.00%,
7/1/33
1,650
1,688
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Great
Lakes,
Series C,
5.00%,
7/1/34
2,860
2,921
Michigan
Fin.
Auth.,
Trinity
Health,
4.00%,
12/1/40
(Prerefunded
12/1/29) (4)
445
477
Michigan
Fin.
Auth.,
Trinity
Health
Credit
Group,
Series A,
5.00%,
12/1/37
6,000
6,286
Michigan
Fin.
Auth.,
Trinity
Health,
Unrefunded
Balance,
4.00%,
12/1/40
6,555
6,422
Michigan
State
Building
Auth.,
Fac.
Program,
5.00%,
4/15/36
3,000
3,290
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/36
550
578
T.
ROWE
PRICE
Tax-Free
Income
Fund
12
Par
$
Value
(Amounts
in
000s)
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/37
500
524
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
2,662
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/25
1,070
1,115
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/28
3,795
3,932
74,963
MISSOURI
2.5%
Kansas
City
IDA,
Downtown
Redev.,
Series A,
5.00%,
9/1/31
4,480
4,486
Kansas
City
IDA,
Downtown
Redev.,
Series A,
5.50%,
9/1/26
7,000
7,013
Missouri
HEFA,
Lutheran
Senior
Services,
5.00%,
2/1/48
3,000
2,701
Missouri
HEFA,
Mercy
Health,
Series C,
5.00%,
11/15/47
10,000
10,204
Missouri
HEFA,
Saint
Luke's
Health
System,
5.00%,
11/15/34
5,400
5,619
Missouri
HEFA,
Saint
Luke's
Health
System,
5.00%,
11/15/35
7,595
7,881
Missouri
Joint
Municipal
Electric
Utility
Commission,
Plum
Point
Project,
Series A,
5.00%,
1/1/34
10,985
11,145
Saint
Louis
County
IDA,
Friendship
Village,
5.00%,
9/1/48
1,545
1,281
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.00%,
9/1/38
1,000
906
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.125%,
9/1/48
3,850
3,252
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
Series A,
5.125%,
12/1/45
1,050
941
Saint
Louis
IDA,
Ballpark
Village,
Series A,
3.875%,
11/15/29
120
104
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.375%,
11/15/35
895
713
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.75%,
11/15/47
800
588
56,834
NEVADA
1.0%
Clark
County
School
Dist.,
Series A,
GO,
4.00%,
6/15/38 (2)
1,275
1,275
Clark
County
School
Dist.,
Series A,
GO,
4.00%,
6/15/40 (2)
1,425
1,406
Clark
County
School
Dist.,
Series A,
GO,
5.00%,
6/15/35 (2)
500
558
Las
Vegas
Convention
&
Visitors
Auth.,
Series B,
5.00%,
7/1/43
12,485
12,983
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/38
140
146
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/48
6,750
6,956
Reno,
Retrac-Reno
Transportation,
Series C,
Zero
Coupon,
7/1/58 (1)
5,000
632
23,956
NEW
HAMPSHIRE
0.4%
New
Hampshire
Business
Fin.
Auth.,
Series 2020-1,
Class
A,
4.125%,
1/20/34
5,608
5,389
New
Hampshire
Business
Fin.
Auth.,
Series A,
4.00%,
7/1/51
3,920
3,792
New
Hampshire
HEFA,
Hillside
Villiage,
Series A,
6.125%,
7/1/52 (1)(7)(8)
835
183
9,364
T.
ROWE
PRICE
Tax-Free
Income
Fund
13
Par
$
Value
(Amounts
in
000s)
NEW
JERSEY
4.9%
Garden
State
Preservation
Trust,
Farmland,
Series A,
5.75%,
11/1/28 (2)
13,900
15,077
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
4.00%,
6/15/29 (1)
530
506
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/39 (1)
500
476
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/49 (1)
2,210
2,010
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/35
1,000
976
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/48
4,765
4,297
New
Jersey
Economic
Dev.
Auth.,
Transit
Transportation
Project,
4.00%,
11/1/44
1,250
1,179
New
Jersey
HCFFA,
Barnabas
Health,
3.00%,
7/1/51
8,470
6,186
New
Jersey
HCFFA,
Hackensack
Meridian
Health,
Series A,
5.25%,
7/1/57
5,500
5,665
New
Jersey
Transportation
Trust
Fund
Auth.,
5.25%,
6/15/46
1,370
1,476
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/34
1,000
1,024
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/35
1,250
1,268
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/39
1,050
1,018
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/42
1,000
954
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/37
2,175
2,349
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/44
6,000
6,209
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series AA,
5.25%,
6/15/43
13,575
14,238
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/42
2,565
2,541
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/51
7,000
6,682
New
Jersey
Turnpike
Auth.,
Series A,
5.00%,
1/1/34
5,300
5,381
New
Jersey
Turnpike
Auth.,
Series B,
5.25%,
1/1/52
8,575
9,424
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/24
10,000
10,149
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/25
6,840
7,061
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/26
2,500
2,629
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/27
335
355
Tobacco
Settlement
Fin.,
Series A,
5.25%,
6/1/46
4,285
4,457
113,587
T.
ROWE
PRICE
Tax-Free
Income
Fund
14
Par
$
Value
(Amounts
in
000s)
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
2,172
2,172
NEW
YORK
7.6%
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
4.00%,
3/15/47
10,000
9,747
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series A,
5.00%,
2/15/30
4,850
4,905
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series E,
4.00%,
3/15/49
2,000
1,934
Dormitory
Auth.
of
the
State
of
New
York,
Touro
College
&
Univ.,
5.00%,
1/1/47
(Prerefunded
1/3/28) (4)
14,240
15,487
Hudson
Yards
Infrastructure,
Series A,
5.00%,
2/15/45
2,200
2,285
Long
Island
Power
Auth.,
Electric,
5.00%,
9/1/42
3,000
3,171
Metropolitan
Transportation
Auth.,
Series B,
5.25%,
11/15/26 (2)
15,000
15,969
Metropolitan
Transportation
Auth.,
Series D-2,
FRN,
67%
of
SOFR
+
0.55%,
3.94%,
11/1/32
(Tender
4/1/24) (2)
10,675
10,626
Metropolitan
Transportation
Auth.,
Series D-2,
FRN,
67%
of
SOFR
+
0.55%,
3.94%,
11/1/32
(Tender
4/1/24) (2)
3,325
3,310
Metropolitan
Transportation
Auth.,
Series E-1,
VRDN,
4.00%,
11/15/50
1,500
1,500
New
York
City,
Series B-1,
GO,
5.00%,
10/1/38
1,500
1,593
New
York
City,
Series D-1,
GO,
5.50%,
5/1/45
1,250
1,419
New
York
City,
Series D-1,
GO,
5.50%,
5/1/46
1,625
1,842
New
York
City,
Series F-1,
GO,
4.00%,
3/1/40
1,975
1,962
New
York
City,
Series F-1,
GO,
4.00%,
3/1/47
8,500
8,219
New
York
City,
Series J,
GO,
5.00%,
8/1/31
5,000
5,090
New
York
City,
Series J,
GO,
5.00%,
8/1/32
7,500
7,633
New
York
City
Housing
Dev.,
3.05%,
5/1/50
2,000
1,497
New
York
City
Municipal
Water
Fin.
Auth.,
Series AA,
5.25%,
6/15/52
2,850
3,167
New
York
City
Municipal
Water
Fin.
Auth.,
Series BB-2,
VRDN,
4.00%,
6/15/53
6,350
6,350
New
York
City
Municipal
Water
Fin.
Auth.,
Series DD,
4.125%,
6/15/46
3,500
3,480
New
York
City
Transitional
Fin.
Auth.,
Building
Aid,
Series S-1,
5.00%,
7/15/45
3,975
4,207
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured
Revenue,
4.00%,
11/1/36
500
512
New
York
Liberty
Dev.,
Bank
of
America
Tower
at
One
Bryant
Park,
Class
3,
2.80%,
9/15/69
1,650
1,497
New
York
State
Housing
Fin.
Agency,
Series L-2,
0.75%,
11/1/25
6,180
5,651
New
York
State
Housing
Fin.
Agency,
Series M-2,
0.75%,
11/1/25
2,500
2,289
New
York
State
Thruway
Auth.,
Series A,
5.00%,
1/1/51
2,500
2,538
New
York
State
Thruway
Auth.,
Series A,
5.25%,
1/1/56
2,215
2,279
T.
ROWE
PRICE
Tax-Free
Income
Fund
15
Par
$
Value
(Amounts
in
000s)
New
York
State
Thruway
Auth.,
Series B,
4.00%,
1/1/38
4,250
4,255
New
York
State
Thruway
Auth.,
Series B,
4.00%,
1/1/40 (2)
22,055
21,875
New
York
State
Urban
Dev.,
Personal
Income
Tax,
Series A,
4.00%,
3/15/39
2,000
2,005
Port
Auth.
of
New
York
&
New
Jersey,
Consolidated
bonds,
4.00%,
9/1/49
2,860
2,774
Triborough
Bridge
&
Tunnel
Auth.,
Series A-1,
5.00%,
5/15/51
6,170
6,594
Troy
Capital
Resource,
Rensselaer
Polytechnic
Institute,
5.00%,
9/1/27
600
635
Troy
Capital
Resource,
Rensselaer
Polytechnic
Institute,
5.00%,
9/1/28
1,000
1,075
Troy
Capital
Resource,
Rensselaer
Polytechnic
Institute,
5.00%,
9/1/30
1,000
1,103
Westchester
County
Local
Dev.,
Pace
Univ.,
Series A,
5.50%,
5/1/42
3,910
3,915
174,390
NORTH
CAROLINA
2.7%
Charlotte,
Charlotte-Douglas
Int'l.
Airport,
4.00%,
7/1/44
3,900
3,794
Charlotte-Mecklenburg
Hosp.
Auth.,
Series B,
VRDN,
4.05%,
1/15/38
600
600
North
Carolina
Capital
Fac.
Fin.
Agency,
Duke
Univ.,
Series B,
5.00%,
10/1/55
(Prerefunded
10/1/25) (4)
6,245
6,506
North
Carolina
Housing
Fin.
Agency,
5.00%,
7/1/47
1,950
1,980
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/27 (2)
920
973
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/31 (2)
1,000
1,062
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/40
14,735
15,379
North
Carolina
Turnpike
Auth.,
BAN,
5.00%,
2/1/24 (3)
3,525
3,562
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
3,130
North
Carolina
Turnpike
Auth.,
Triangle
Expressway,
4.00%,
1/1/55
6,100
5,504
Univ.
of
North
Carolina
at
Chapel
Hill,
Univ.
of
North
Carolina
Hosp.,
5.00%,
2/1/45
1,440
1,605
Univ.
of
North
Carolina
at
Chapel
Hill,
Univ.
of
North
Carolina
Hosp.,
5.00%,
2/1/49
12,155
13,510
62,312
OHIO
3.7%
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/25
1,000
1,038
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/26
550
581
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/28
1,800
1,966
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/29
2,250
2,491
American
Municipal
Power,
Fremont
Energy
Center
Project,
4.00%,
2/15/37
3,155
3,105
T.
ROWE
PRICE
Tax-Free
Income
Fund
16
Par
$
Value
(Amounts
in
000s)
American
Municipal
Power,
Fremont
Energy
Center
Project,
4.00%,
2/15/38
1,000
974
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series A-2,
Class
1,
4.00%,
6/1/38
2,000
1,915
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series A-2,
Class
1,
4.00%,
6/1/39
2,500
2,372
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series B-2,
Class
2,
5.00%,
6/1/55
19,925
18,433
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/52
8,750
8,885
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/57
4,315
4,375
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/38
1,600
1,603
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/39
1,665
1,663
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/40
1,430
1,418
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/46
6,000
6,314
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/51
8,750
9,158
Hamilton
County,
Cincinnati
Children's
Hosp.,
Series CC,
5.00%,
11/15/49
6,550
7,205
Ohio,
Series A,
4.00%,
1/15/50
8,830
7,840
Ohio,
Series A,
5.00%,
1/15/50
4,570
4,690
86,026
OKLAHOMA
0.3%
Oklahoma
DFA,
OU
Medicine,
Series B,
5.50%,
8/15/57
1,500
1,352
Oklahoma
Turnpike
Auth.,
Series C,
5.00%,
1/1/47
2,500
2,595
Tulsa
County
Ind.
Auth.,
Montereau
Project,
5.25%,
11/15/45
1,975
1,932
5,879
OREGON
0.5%
Oregon
Fac.
Auth.,
Legacy
Health,
Series A,
5.00%,
6/1/46
11,000
11,176
11,176
PENNSYLVANIA
3.0%
Bucks
County
Water
&
Sewer
Auth.,
Series A,
5.25%,
12/1/47 (2)
2,175
2,408
Chester
County
IDA,
Longwood
Gardens
Project,
4.00%,
12/1/46
1,940
1,864
Chester
County
IDA,
Longwood
Gardens
Project,
4.00%,
12/1/51
2,750
2,600
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/40 (1)
2,105
1,715
Montgomery
County
IDA,
Series A,
VRDN,
4.10%,
4/1/53
(Tender
4/3/28)
3,275
3,319
Montgomery
County
IDA,
Albert
Einstein
Healthcare,
Series A,
5.25%,
1/15/46
(Prerefunded
1/15/25) (4)
3,000
3,087
Northampton
County
General
Purpose
Auth.,
Lafayette
College,
5.00%,
11/1/47
13,650
14,108
T.
ROWE
PRICE
Tax-Free
Income
Fund
17
Par
$
Value
(Amounts
in
000s)
Philadelphia
IDA,
Saint
Joseph's
Univ.,
4.00%,
11/1/45
7,000
6,273
Philadelphia
IDA,
Temple
Univ.,
1st Series 2016,
5.00%,
4/1/29
4,000
4,100
Philadelphia
IDA,
Temple
Univ.,
2nd Series 2016,
5.00%,
4/1/34
1,825
1,858
Philadelphia
IDA,
Temple
Univ.,
2nd Series 2016,
5.00%,
4/1/35
8,500
8,632
Philadelphia
School
Dist.,
Series A,
GO,
5.00%,
9/1/44
9,300
9,801
State
Public
School
Building
Auth.,
Philadelphia
School
Dist.,
Series A,
5.00%,
6/1/33 (2)
8,500
8,894
68,659
PUERTO
RICO
2.9%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (11)
5,936
2,894
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (7)(11)
2,405
1,160
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/30 (1)
5,000
5,074
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/33 (1)
4,400
4,431
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/24
481
459
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33
1,852
1,085
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
1,439
1,321
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
1,294
1,156
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
2,756
2,391
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41
1,510
1,260
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.25%,
7/1/23
804
804
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25
3,633
3,710
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
1,588
1,660
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
1,563
1,655
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
1,518
1,634
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (7)(12)
60
43
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (7)
(12)
100
71
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (7)
(12)
810
579
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (7)
(12)
225
161
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (7)(12)
290
204
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (7)(12)
1,105
787
T.
ROWE
PRICE
Tax-Free
Income
Fund
18
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (7)(12)
370
264
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (7)(12)
450
321
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (7)(12)
2,640
1,888
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/37 (7)(12)
1,075
769
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (7)
(12)
990
708
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (7)
(12)
280
200
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (7)
(12)
240
169
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (7)(12)
100
71
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (7)(12)
275
197
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (7)(12)
215
154
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (7)(12)
70
48
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (7)(12)
120
84
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (7)(12)
95
68
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (7)(12)
890
625
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (7)(12)
200
142
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (7)(12)
100
71
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.55%,
7/1/40
1,555
1,480
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
8,940
8,267
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27
2,600
2,186
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/29
5,800
4,439
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/31
3,500
2,424
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33
6,602
4,121
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46
20,000
5,380
66,615
RHODE
ISLAND
0.0%
Central
Falls
Detention
Fac.,
7.25%,
7/15/35 (7)(8)
4,915
885
885
SOUTH
CAROLINA
0.8%
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/32 (7)
6,074
3,303
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/42 (7)
11,920
2,960
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
7/22/51 (7)
14,935
1,801
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
1/1/32 (7)
1,496
552
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
7/22/51 (7)
10,109
721
Connector
2000
Assoc.,
Series C-1,
Zero
Coupon,
7/22/51 (7)
1,619
47
T.
ROWE
PRICE
Tax-Free
Income
Fund
19
Par
$
Value
(Amounts
in
000s)
South
Carolina
Jobs-Economic
Dev.
Auth.,
Active
Retirement
Community,
Series C,
5.00%,
11/15/47
2,325
2,179
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/35
2,000
2,081
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/37
5,000
5,148
18,792
TENNESSEE
2.3%
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/35
1,725
1,820
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/37
4,000
4,156
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/35
2,675
2,764
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/40
7,265
7,418
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/46
9,560
9,695
Metropolitan
Nashville
Airport
Auth.,
Series A,
4.00%,
7/1/49
1,400
1,326
Metropolitan
Nashville
Airport
Auth.,
Series A,
4.00%,
7/1/54
2,000
1,865
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/44
2,500
2,673
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/49
3,000
3,183
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/52
3,550
3,811
Public
Building
Auth.
of
Sevier
County,
Public
Improvement,
Series VII,
VRDN,
4.00%,
3/1/49
2,300
2,300
Tennessee
Energy
Acquisition,
Series A,
5.25%,
9/1/24
8,100
8,192
Tennessee
Energy
Acquisition,
Series A,
VRDN,
5.00%,
5/1/52
(Tender
11/1/31)
4,330
4,521
53,724
TEXAS
6.1%
Austin
Airport,
Series A,
5.00%,
11/15/41
6,845
7,024
Austin
Airport,
Series A,
5.00%,
11/15/46
2,525
2,578
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/27
2,600
2,632
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/34
1,400
1,427
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/25
1,030
1,021
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/26
600
594
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/27
1,000
990
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/28
520
516
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/37
295
317
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/38
800
854
T.
ROWE
PRICE
Tax-Free
Income
Fund
20
Par
$
Value
(Amounts
in
000s)
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/39
775
822
Dallas
Fort
Worth
Int'l
Airport,
Series B,
5.00%,
11/1/43
3,500
3,764
Fort
Bend
County
IDC,
NRG
Energy,
Series A,
4.75%,
5/1/38
3,000
2,867
Harris
County
Cultural
Ed.
Fac.
Fin.,
Houston
Methodist
Hosp.,
5.00%,
12/1/45
7,000
7,110
Harris
County
Cultural
Ed.
Fac.
Fin.,
Houston
Methodist
Hosp.,
Series A-2,
VRDN,
4.00%,
12/1/41
1,250
1,250
Harris
County
Health
Fac.
Dev.,
Methodist
Hospital
System,
Series C-2,
TECP,
4.05%,
6/1/23
2,400
2,400
Houston
Airport,
Series D,
5.00%,
7/1/35
6,380
6,869
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/45
2,600
2,359
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.25%,
12/1/35
2,400
2,391
Lower
Colorado
River
Auth.,
Series A,
5.50%,
5/15/47
2,500
2,762
Lower
Colorado
River
Auth.,
LCRA
Transmission
Services,
5.00%,
5/15/30
1,000
1,108
Lower
Colorado
River
Auth.,
LCRA
Transmission
Services,
5.00%,
5/15/35
1,150
1,248
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/30
(Prerefunded
4/1/25) (4)
300
309
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/47
(Prerefunded
4/1/25) (4)
3,310
3,410
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/32
750
701
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/39
1,000
844
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.25%,
10/1/49
2,255
1,790
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/27
2,250
2,269
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/39
6,110
6,271
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/43
2,750
2,875
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/48
12,500
12,991
North
Texas
Tollway
Auth.,
Second
Tier,
Series B,
3.00%,
1/1/51 (5)
6,700
5,057
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Series E,
VRDN,
5.00%,
11/15/52
(Tender
5/15/26)
1,800
1,868
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/28
1,000
1,011
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/31
1,835
1,857
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/37
1,700
1,705
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/40
2,650
2,621
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/46
5,395
5,176
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere-Northwest
Senior
High
School,
Series A,
5.00%,
11/15/45 (7)(13)
3,620
1,448
T.
ROWE
PRICE
Tax-Free
Income
Fund
21
Par
$
Value
(Amounts
in
000s)
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Texas
Health
Resources
System,
Series A,
5.00%,
2/15/41
5,240
5,371
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Texas
Health
Resources
System,
Series A,
5.00%,
2/15/47
13,365
13,634
Tarrant
County,
Edgemere
Dip
Loan,
10.00%,
6/19/23,
Acquisition
Date:
4/20/22,
Cost $573 (14)(15)
573
573
Texas
IDC,
NRG
Energy,
Series 2012,
4.125%,
12/1/45
3,670
3,142
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Series D,
6.25%,
12/15/26
4,405
4,578
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Merrill
Lynch,
Senior
Lien,
Series A,
5.25%,
12/15/25
1,000
1,022
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/30
2,500
2,589
Texas
Transportation
Commission,
First
Tier
Toll,
State
Highway,
5.00%,
8/1/57
5,260
5,268
141,283
UTAH
1.3%
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/38
7,000
7,760
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/39
8,000
8,834
Salt
Lake
City
Airport,
Series B,
5.00%,
7/1/42
1,000
1,034
Salt
Lake
City
Airport,
Series B,
5.00%,
7/1/46
7,820
8,392
Salt
Lake
City
Airport,
Series B,
5.00%,
7/1/47
4,675
4,811
30,831
VIRGINIA
3.2%
Arlington
County
IDA,
Virginia
Hosp.
Center,
3.75%,
7/1/50
3,500
3,063
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
First
Tier
General
Resolution,
5.00%,
7/1/46
5,840
5,929
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
First
Tier
General
Resolution,
5.00%,
7/1/51
3,395
3,437
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/33
8,955
9,108
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/36
(Prerefunded
4/1/26) (4)
8,500
8,729
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
5.50%,
7/1/57
(Prerefunded
1/1/28) (4)
10,000
11,151
James
City
County
Economic
Dev.
Auth.,
United
Methodist
Homes,
Series A,
6.00%,
6/1/43
(Prerefunded
6/1/23) (4)
3,311
3,311
Roanoke
Economic
Dev.
Auth.,
Series A,
5.00%,
7/1/47
10,245
11,251
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/33
1,000
1,038
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/36
2,900
2,978
Virginia
College
Building
Auth.,
Series A,
4.00%,
9/1/45
4,980
4,817
Virginia
Housing
Dev.
Auth.,
Series G,
5.375%,
11/1/64
5,000
5,233
Virginia
Housing
Dev.
Auth.,
Series K,
2.55%,
12/1/46 (16)
4,090
2,840
72,885
T.
ROWE
PRICE
Tax-Free
Income
Fund
22
Par
$
Value
(Amounts
in
000s)
WASHINGTON
1.2%
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/32
1,880
2,137
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/33
1,500
1,703
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/34
2,200
2,491
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/36
3,400
3,791
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/37
3,215
3,560
Washington
Convention
&
Sports
Auth.,
Series C,
GO,
5.00%,
2/1/44
10,565
11,499
Washington
State
Convention
Center
Public
Fac.
Dist.,
4.00%,
7/1/31
2,500
2,379
27,560
WEST
VIRGINIA
0.0%
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.50%,
6/1/37 (1)
425
433
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.75%,
6/1/43 (1)
425
433
866
WISCONSIN
0.7%
Univ.
of
Wisconsin
Hosp.
&
Clinics
Auth.,
Series C,
VRDN,
3.95%,
4/1/48
2,900
2,900
Wisconsin
PFA,
Retirement
Housing
Foundation
Obligation
Group,
5.00%,
11/15/29 (3)
1,475
1,652
Wisconsin
PFA,
Retirement
Housing
Foundation
Obligation
Group,
5.00%,
11/15/30 (3)
1,500
1,706
Wisconsin
PFA,
Searstone
CCRC
Project,
Series A,
5.00%,
6/1/37 (1)
4,000
3,678
Wisconsin
PFA,
Searstone
Retirement
Community,
Series A,
VR,
5.513%,
6/1/37
(Prerefunded
6/1/23) (4)
2,000
2,080
Wisconsin
PFA,
Searstone
Retirement
Community,
Series A,
VR,
5.613%,
6/1/47
(Prerefunded
6/1/23) (4)
1,300
1,352
Wisconsin
PFA,
Searstone
Retirement
Community,
Series A,
VR,
5.688%,
6/1/52
(Prerefunded
6/1/23) (4)
1,700
1,768
15,136
Total
Municipal
Securities
(Cost
$2,353,368)
2,265,884
T.
ROWE
PRICE
Tax-Free
Income
Fund
23
Par
$
Value
(Amounts
in
000s)
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.1%
Freddie
Mac
Multifamily
ML
Certificates,
Series 2021-ML10,
Class
ACA,
2.046%,
6/25/38
3,595
2,785
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$3,712)
2,785
Total
Investments
in
Securities
98.7%
(Cost
$2,357,080)
$
2,268,669
Other
Assets
Less
Liabilities
1.3%
29,236
Net
Assets
100.0%
$
2,297,905
‡
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
$55,377
and
represents
2.4%
of
net
assets.
(2)
Insured
by
Assured
Guaranty
Municipal
Corporation
(3)
Escrowed
to
maturity
(4)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(5)
Insured
by
Build
America
Mutual
Assurance
Company
(6)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(7)
Non-income
producing
(8)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(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)
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.
(15)
Level
3
in
fair
value
hierarchy.
(16)
Interest
subject
to
alternative
minimum
tax.
T.
ROWE
PRICE
Tax-Free
Income
Fund
24
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
.
.
.
.
.
.
.
.
.
.
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
MUNIPSA
Securities
Industry
and
Financial
Markets
Association
(SIFMA)
Municipal
Swap
Index
PCR
Pollution
Control
Revenue
PFA
Public
Finance
Authority/Agency
RAC
Revenue
Anticipation
Certificate
SOFR
Secured
overnight
financing
rate
TECP
Tax-Exempt
Commercial
Paper;
the
tax
exempt
nature
of
income
will
not
pass
to
the
fund’s
shareholders.
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
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.
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
May
31,
2023
(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
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
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.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Municipal
Securities
$
—
$
2,265,311
$
573
$
2,265,884
Non-U.S.
Government
Mortgage-Backed
Securities
—
2,785
—
2,785
Total
$
—
$
2,268,096
$
573
$
2,268,669
T.
ROWE
PRICE
Tax-Free
Income
Fund
28
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.
F45-054Q1
05/23