T.
ROWE
PRICE
Tax-Free
Income
Fund
November
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES
98.7%
ALABAMA
1.7%
Alabama
Corrections
Institution
Fin.
Auth.,
5.25%,
7/1/47
5,000
5,366
Black
Belt
Energy
Gas
Dist.,
VRDN,
4.00%,
6/1/51
(Tender
12/1/31)
4,140
4,076
Black
Belt
Energy
Gas
Dist.,
Series A,
VRDN,
5.25%,
1/1/54
(Tender
10/1/30)
4,330
4,537
Black
Belt
Energy
Gas
Dist.,
Series A-1,
VRDN,
4.00%,
10/1/49
(Tender
10/1/26)
3,825
3,793
Black
Belt
Energy
Gas
Dist.,
Series B,
VRDN,
4.00%,
10/1/52
(Tender
12/1/26)
5,750
5,692
Black
Belt
Energy
Gas
Dist.,
Series C-1,
VRDN,
5.25%,
2/1/53
(Tender
6/1/29)
3,900
4,062
Black
Belt
Energy
Gas
Dist.,
Series D-1,
VRDN,
5.50%,
6/1/49
(Tender
2/1/29)
7,000
7,340
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
5.25%,
5/1/44 (1)
3,280
2,975
37,841
ALASKA
0.2%
Alaska
Int'l.
Airports
System,
Series B,
5.00%,
10/1/35
3,945
4,018
4,018
ARIZONA
1.3%
Arizona
HFA,
Banner
Health,
Series B,
FRN,
67%
of
3M
USD
LIBOR
+
0.81%,
4.597%,
1/1/37
1,500
1,375
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/59
1,070
1,011
Salt
River
Project
Agricultural
Improvement
&
Power
Dist.,
Series A,
5.00%,
1/1/47
17,325
18,880
Salt
River
Project
Agricultural
Improvement
&
Power
Dist.,
Series B,
5.25%,
1/1/53
6,000
6,654
27,920
CALIFORNIA
8.2%
Alameda
Corridor
Transportation
Auth.,
Series B,
5.00%,
10/1/35 (2)
5,750
5,983
California,
GO,
5.00%,
8/1/32
10,000
10,093
California,
GO,
5.00%,
4/1/35
1,700
1,861
California,
GO,
5.00%,
4/1/42
1,100
1,227
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
4.00%,
10/1/52
(Tender
12/1/27)
10,895
10,821
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.00%,
7/1/53
(Tender
8/1/29)
3,175
3,294
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29)
1,850
1,925
T.
ROWE
PRICE
Tax-Free
Income
Fund
2
Par
$
Value
(Amounts
in
000s)
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.50%,
10/1/54
(Tender
11/1/30)
3,050
3,318
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
Series E-1,
VRDN,
5.00%,
2/1/54
(Tender
3/1/31)
6,100
6,382
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/35
300
304
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/36
275
276
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/37
300
298
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/38
275
268
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/39
300
291
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/30
1,750
1,822
California
HFFA,
Cedars-Sinai
Medical
5.00%,
11/15/31
1,335
1,389
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/32
1,065
1,107
California
HFFA,
Kaiser
Permanente,
Series A-2,
5.00%,
11/1/47
7,250
8,211
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35
870
856
California
Infrastructure
&
Economic
Dev.
Bank,
4.00%,
10/1/43
7,465
7,610
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
FRN,
100%
of
MUNIPSA
+
0.70%,
4.00%,
12/1/50
(Tender
6/1/26)
775
755
California
Municipal
Fin.
Auth.,
Series A,
COP,
5.25%,
11/1/52 (2)
940
1,029
California
Municipal
Fin.
Auth.,
John
Adams
Academies
Lincoln
Project,
Series A,
5.00%,
10/1/49 (1)
1,525
1,357
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
4.00%,
10/1/29 (1)
415
394
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/32 (3)
1,425
1,661
California
Municipal
Fin.
Auth.,
Samuel
Merritt
Univ.,
5.25%,
6/1/53
2,765
2,932
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/48
5,500
5,517
California
School
Fin.
Auth.,
New
Designs
Charter
School,
5.00%,
6/1/30 (1)
1,290
1,301
California
State
Univ.,
Series C,
4.00%,
11/1/45
5,065
5,107
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
2,206
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58 (1)
3,000
3,027
Chino
Valley
Unified
School
Dist.,
Series B,
GO,
3.375%,
8/1/50 (2)
5,060
4,182
CSCDA
Community
Improvement
Auth.,
Altana
Glendale
Social
Bonds,
Series A-2,
4.00%,
10/1/56 (1)
2,020
1,441
CSCDA
Community
Improvement
Auth.,
Link
Glendala
Social
Bonds,
Series A-2,
4.00%,
7/1/56 (1)
3,320
2,282
T.
ROWE
PRICE
Tax-Free
Income
Fund
3
Par
$
Value
(Amounts
in
000s)
Golden
State
Tobacco
Securitization,
Series B-2,
Zero
Coupon,
6/1/66
12,000
1,247
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series A,
5.25%,
9/1/37
4,600
4,615
Irvine
Fac.
Fin.
Auth.,
Series A,
4.00%,
9/1/58 (4)
3,825
3,755
Irvine
Fac.
Fin.
Auth.,
Series A,
5.25%,
9/1/53 (4)
4,000
4,421
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series D,
5.00%,
3/1/57
3,215
3,263
Long
Beach
Marina
System,
5.00%,
5/15/35
1,000
1,010
Long
Beach
Marina
System,
5.00%,
5/15/40
2,500
2,519
Los
Angeles
County
Public
Works
Fin.
Auth.,
Green
Bond,
Series A,
4.00%,
12/1/38
1,575
1,616
Los
Angeles
County
Public
Works
Fin.
Auth.,
Green
Bond,
Series A,
4.00%,
12/1/40
2,775
2,830
Los
Angeles
Dept.
of
Airports,
Series B,
4.00%,
5/15/48
3,300
3,275
Los
Angeles
Dept.
of
Water
&
Power
Water
System
Revenue,
Series D,
5.00%,
7/1/52
5,000
5,449
Regents
of
the
Univ.
of
California,
Medical
Center
Pooled
Revenue,
Series P,
3.50%,
5/15/54
6,250
5,221
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
3,404
San
Diego
County
Regional
Airport
Auth.,
Series A,
4.00%,
7/1/38
1,020
1,036
San
Diego
County
Regional
Airport
Auth.,
Series A,
4.00%,
7/1/46
3,150
3,070
San
Diego
County
Regional
Airport
Auth.,
Series A,
4.00%,
7/1/51
5,700
5,442
San
Francisco
Bay
Area
Rapid
Transit
Dist.,
Series C-1,
GO,
4.00%,
8/1/45
4,645
4,659
San
Francisco
City
&
County
Int'l.
Airports,
Series B,
5.00%,
5/1/49
10,600
11,140
San
Francisco
City
&
County
Int'l.
Airports,
Series F,
5.00%,
5/1/50
5,000
5,244
Univ.
of
California
Regents,
Series I,
5.00%,
5/15/28
3,500
3,602
181,664
COLORADO
3.0%
Colorado,
COP,
6.00%,
12/15/39
1,255
1,499
Colorado,
COP,
6.00%,
12/15/40
4,850
5,776
Colorado,
COP,
6.00%,
12/15/41
6,800
8,065
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/47
690
690
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/51
1,870
1,867
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/56
6,880
6,814
Denver
City
&
County,
Series A,
4.00%,
8/1/38
1,250
1,261
Denver
City
&
County,
Series A,
4.00%,
8/1/39
1,500
1,506
Denver
City
&
County,
Series A,
4.00%,
8/1/40
2,000
2,001
Denver
City
&
County,
Series A,
4.00%,
8/1/41
1,500
1,491
Denver
City
&
County,
Series A,
4.00%,
8/1/42
2,085
2,057
Denver
City
&
County
Airport,
Series B,
5.00%,
12/1/48
10,500
10,837
T.
ROWE
PRICE
Tax-Free
Income
Fund
4
Par
$
Value
(Amounts
in
000s)
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/34
3,500
3,562
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/36
2,000
2,022
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/40
17,540
17,591
67,039
CONNECTICUT
0.7%
Connecticut,
Series B,
GO,
3.00%,
1/15/42 (4)
5,000
4,181
Connecticut,
Series E,
GO,
5.00%,
9/15/34
3,250
3,522
Connecticut
Special
Tax
Obligation,
Transportation
Infrastructure,
Series A,
5.00%,
1/1/33
6,535
7,026
Mashantucket
Western
Pequot
Tribe,
6.05%,
7/1/31
(4.00%
Cash
and
2.05%
PIK) (5)(6)(7)
2,878
640
15,369
DELAWARE
0.6%
Delaware
Economic
Dev.
Auth.,
Acts
Retirement
Communities,
Series B,
5.00%,
11/15/48
6,185
5,840
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/50
2,865
2,812
Delaware
HFA,
Christiana
Health
Care
System,
5.00%,
10/1/45
3,250
3,383
Univ.
of
Delaware,
Series A,
5.00%,
11/1/43
895
1,001
Univ.
of
Delaware,
Series A,
5.00%,
11/1/45
500
557
13,593
DISTRICT
OF
COLUMBIA
3.1%
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/37
515
467
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/42
500
428
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/52
4,545
3,630
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
6.50%,
10/1/44
9,350
10,235
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/35
350
358
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/36
500
508
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/37
1,255
1,266
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/38
740
740
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/39
1,500
1,480
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/40
1,500
1,477
Washington
Convention
&
Sports
Auth.,
Hotel
Tax,
Series A,
5.00%,
10/1/30
3,200
3,429
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/38
3,000
3,058
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/40
1,500
1,512
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/46
12,500
12,185
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.00%,
7/15/38
2,500
2,733
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
5,981
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.50%,
7/15/51
5,200
5,821
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/42
12,500
12,882
68,190
FLORIDA
6.8%
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.25%,
11/15/44
4,500
3,046
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/31
500
516
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/32
750
773
Central
Florida
Expressway
Auth.,
5.00%,
7/1/39
7,475
7,785
Central
Florida
Expressway
Auth.,
Series B,
5.00%,
7/1/34
3,700
3,810
Collier
County,
Series A,
4.00%,
10/1/40
3,740
3,779
Collier
County,
Series A,
4.00%,
10/1/41
5,170
5,204
Collier
County,
Series A,
4.00%,
10/1/43
2,590
2,593
Everest
GMR
Community
Dev.
Dist.,
6.20%,
5/1/54
2,000
1,957
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
5.00%,
6/1/48 (1)
5,075
4,452
Jacksonville
Ed.
Fac.,
Jacksonville
Univ.,
Series B,
5.00%,
6/1/53 (1)
3,600
3,087
Lee
Memorial
Health
System,
Series A-1,
5.00%,
4/1/44
3,350
3,430
Martin
County
HFA,
Martin
Memorial
Medical
Center,
5.00%,
11/15/45
(Prerefunded
11/15/24) (8)
3,750
3,803
Miami-Dade
County
EFA,
Univ.
of
Miami,
Series A,
5.00%,
4/1/40
18,700
18,844
Miami-Dade
County
Seaport
Dept.,
Series A-2,
4.00%,
10/1/49 (2)
15,000
14,002
Miami-Dade
County
Water
&
Sewer
System
Revenue,
4.00%,
10/1/46
2,250
2,207
Orange
County
HFA,
Orlando
Health
Obligated
Group,
4.00%,
10/1/52
11,185
10,383
Orange
County
HFA,
Orlando
Health
Obligated
Group,
Series A,
5.00%,
10/1/39
1,125
1,209
Orange
County
HFA,
Orlando
Health
Obligated
Group,
Series A,
5.00%,
10/1/53
1,700
1,753
Palm
Beach
County
HFA,
Active
Retirement
Life
Community,
5.00%,
11/15/45
4,175
3,998
Palm
Beach
County
HFA,
Baptist
Health,
4.00%,
8/15/49
11,000
9,878
Sarasota
County
Public
Hosp.
Dist.,
Sarasota
Memorial
Hosp.,
5.00%,
7/1/41
10,000
10,205
South
Miami
HFA,
Baptist
Health,
5.00%,
8/15/37
11,000
11,347
South
Miami
HFA,
Baptist
Health,
5.00%,
8/15/42
6,000
6,111
Tampa,
Series A,
Zero
Coupon,
9/1/34
900
551
Tampa,
Series A,
Zero
Coupon,
9/1/35
750
433
T.
ROWE
PRICE
Tax-Free
Income
Fund
6
Par
$
Value
(Amounts
in
000s)
Tampa,
Series A,
Zero
Coupon,
9/1/38
1,000
468
Tampa,
Series A,
Zero
Coupon,
9/1/39
850
372
Tampa,
Series A,
Zero
Coupon,
9/1/40
1,000
411
Tampa,
Univ.
of
Tampa,
Series A,
4.00%,
4/1/50
3,000
2,705
Tampa-Hillsborough
County
Expressway
Auth.,
5.00%,
7/1/47
12,000
12,253
151,365
GEORGIA
6.5%
Atlanta
Airport
Passenger
Fac.
Charge,
Series A,
5.00%,
1/1/32
(Prerefunded
1/1/24) (8)
2,500
2,503
Atlanta
Airport
Passenger
Fac.
Charge,
Series A,
5.00%,
1/1/33
(Prerefunded
1/1/24) (8)
1,600
1,602
Atlanta
Airport
Passenger
Fac.
Charge,
Series A,
5.00%,
1/1/34
(Prerefunded
1/1/24) (8)
3,000
3,003
Atlanta
Airport
Passenger
Fac.
Charge,
Series C,
5.00%,
7/1/40
10,000
11,052
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.75%,
1/1/35 (6)(7)
800
360
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
7.00%,
1/1/40 (6)(7)
5,095
2,293
Brookhaven
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series A,
3.00%,
7/1/46
1,675
1,230
Brookhaven
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series A,
4.00%,
7/1/49
5,485
5,236
Columbia
County
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.125%,
4/1/53
4,925
5,180
Columbia
County
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.75%,
4/1/53
14,650
16,279
Fulton
County
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series C,
5.00%,
7/1/38
1,250
1,340
Fulton
County
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series C,
5.00%,
7/1/39
1,165
1,242
Fulton
County
Dev.
Auth.,
Piedmont
Healthcare
Project,
Series A,
4.00%,
7/1/49
5,000
4,577
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/36
5,250
5,392
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/44
5,150
5,351
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.00%,
2/15/35
2,310
2,406
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series B,
5.50%,
2/15/42
3,245
3,402
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/36
2,500
2,419
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/54
10,635
8,819
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/54 (1)
3,340
2,770
Georgia
Housing
&
Fin.
Auth.,
3.60%,
12/1/44
4,000
3,485
Georgia
Housing
&
Fin.
Auth.,
Series A,
4.60%,
12/1/53
4,000
4,000
T.
ROWE
PRICE
Tax-Free
Income
Fund
7
Par
$
Value
(Amounts
in
000s)
Georgia
State
Road
&
Tollway
Auth.,
Managed
Lane
System,
Series A,
3.00%,
7/15/50
5,080
3,880
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/31
4,000
4,152
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/32
2,500
2,593
Main
Street
Natural
Gas,
Series A,
VRDN,
4.00%,
7/1/52
(Tender
9/1/27)
3,100
3,084
Main
Street
Natural
Gas,
Series C,
VRDN,
5.00%,
9/1/53
(Tender
9/1/30)
1,800
1,880
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series A,
5.50%,
9/15/25
6,000
6,125
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series B,
VRDN,
5.00%,
12/1/52
(Tender
6/1/29)
3,450
3,546
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
8/1/48
(Tender
12/1/23)
2,650
2,650
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
3/1/50
(Tender
9/1/26)
7,940
7,879
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
5/1/52
(Tender
12/1/28)
7,720
7,574
Municipal
Electric
Auth.
of
Georgia,
5.00%,
1/1/56 (2)
3,315
3,345
Private
Colleges
&
Universities
Auth.,
Savannah
College
of
Art
and
Design,
4.00%,
4/1/44
3,500
3,387
144,036
IDAHO
0.1%
Idaho
HFA,
Saint
Luke's
Health
System,
Series A,
5.00%,
3/1/34
2,100
2,105
2,105
ILLINOIS
6.4%
Chicago,
Series A,
GO,
5.50%,
1/1/49
1,850
1,892
Chicago
Board
of
Ed.,
Series A,
GO,
5.00%,
12/1/23 (2)
2,000
2,000
Chicago
Midway
Int'l.
Airport,
Series B,
5.00%,
1/1/35
(Prerefunded
2/6/24) (8)
7,960
7,980
Chicago
Midway
Int'l.
Airport,
Series B,
5.00%,
1/1/36
(Prerefunded
2/6/24) (8)
3,070
3,078
Chicago
O'Hare
Int'l.
Airport,
Series B,
4.50%,
1/1/56
22,590
22,592
Chicago
O'Hare
Int'l.
Airport,
Series B,
5.00%,
1/1/48
4,000
4,099
Chicago
O'Hare
Int'l.
Airport,
Series D,
5.00%,
1/1/47
10,775
10,967
Chicago,
Wastewater,
Series C,
5.00%,
1/1/31
1,100
1,112
Chicago,
Wastewater,
Series C,
5.00%,
1/1/32
2,500
2,527
Chicago,
Waterworks,
Series A-1,
5.00%,
11/1/28
1,225
1,275
Illinois,
GO,
5.50%,
5/1/25
1,505
1,544
Illinois,
GO,
5.50%,
5/1/26
1,350
1,411
Illinois,
Series A,
GO,
5.00%,
3/1/24
445
446
Illinois,
Series A,
GO,
5.00%,
10/1/25
950
974
Illinois,
Series A,
GO,
5.00%,
10/1/31
1,500
1,592
Illinois,
Series A,
GO,
5.00%,
3/1/33
1,500
1,661
Illinois,
Series A,
GO,
5.50%,
3/1/42
2,250
2,467
T.
ROWE
PRICE
Tax-Free
Income
Fund
8
Par
$
Value
(Amounts
in
000s)
Illinois,
Series B,
GO,
5.00%,
3/1/24
425
426
Illinois,
Series B,
GO,
5.00%,
3/1/25
2,375
2,415
Illinois,
Series B,
GO,
5.00%,
10/1/31
2,000
2,117
Illinois,
Series B,
GO,
5.00%,
10/1/32
1,750
1,848
Illinois,
Series B,
GO,
5.50%,
5/1/47
1,985
2,135
Illinois,
Series C,
GO,
5.00%,
11/1/29
4,530
4,760
Illinois,
Series D,
GO,
5.00%,
11/1/24
1,015
1,027
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/34
515
536
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/36
750
773
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/41
3,040
3,095
Illinois
Housing
Dev.
Auth.,
Series H,
5.75%,
10/1/53
4,740
5,047
Illinois
State
Toll
Highway
Auth.,
Series A,
5.25%,
1/1/45
6,875
7,585
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
4.00%,
12/15/42
1,150
1,104
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
4.00%,
6/15/52
1,155
1,037
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
5.00%,
6/15/50
2,850
2,886
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/40
1,725
801
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
6/15/37 (9)
11,870
6,625
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series B,
Zero
Coupon,
12/15/41
10,000
4,289
Railsplitter
Tobacco
Settlement
Auth.,
5.00%,
6/1/28
(Prerefunded
6/1/26) (8)
1,310
1,373
Regional
Transportation
Auth.,
Series A,
5.75%,
6/1/34 (2)
5,250
6,242
Regional
Transportation
Auth.,
Series A,
6.00%,
7/1/33 (9)
15,000
18,029
141,767
INDIANA
0.4%
Indiana
Fin.
Auth.
Depauw
Univ.,
Series A,
5.50%,
7/1/52
5,000
5,125
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series A,
4.25%,
11/1/30
1,375
1,380
Indiana
Fin.
Auth.,
Parkview
Health
System,
Series B,
VRDN,
3.40%,
11/1/39
(Tender
12/13/23)
1,500
1,500
8,005
IOWA
0.0%
Iowa
Fin.
Auth.,
Unitypoint
Health,
Series E,
VRDN,
3.15%,
2/15/41
100
100
100
KANSAS
0.2%
Overland
Park
Sales
Tax
Revenue,
Bluhawk
Star
Bond,
Series A,
6.50%,
11/15/42 (1)
4,025
4,088
4,088
T.
ROWE
PRICE
Tax-Free
Income
Fund
9
Par
$
Value
(Amounts
in
000s)
KENTUCKY
1.4%
Kentucky
Economic
DFA,
Louisville
Arena
Auth.,
Series A,
5.00%,
12/1/45 (2)
1,000
1,032
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/36
4,050
3,375
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/46
1,900
1,380
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.375%,
11/15/32
2,000
1,792
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/37
1,290
1,300
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/41
850
840
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/45
3,525
3,514
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/50
6,780
6,705
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series B,
5.00%,
6/1/40
2,200
2,189
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28)
8,760
8,645
30,772
LOUISIANA
1.8%
Jefferson
Sales
Tax
Dist.,
Series B,
5.00%,
12/1/42 (2)
7,500
7,732
Louisiana
Offshore
Terminal
Auth.,
Loop
Project,
VRDN,
1.65%,
9/1/27
(Tender
12/1/23)
1,175
1,175
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/38
750
773
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/43
2,775
2,839
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/48
9,210
9,375
New
Orleans
Sewerage
Service,
5.00%,
6/1/45
(Prerefunded
6/1/25) (8)
4,835
4,976
Saint
James
Parish,
Nustar
Logistics,
VRDN,
5.85%,
8/1/41
(Tender
6/1/25) (1)
4,450
4,527
Saint
John
the
Baptist
Parish,
Marathon
Oil,
VRDN,
4.05%,
6/1/37
(Tender
7/1/26)
4,600
4,573
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series A-2,
VRDN,
2.10%,
6/1/37
(Tender
7/1/24)
875
860
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series A-3,
VRDN,
2.20%,
6/1/37
(Tender
7/1/26)
1,500
1,424
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series B-1,
VRDN,
2.125%,
6/1/37
(Tender
7/1/24)
1,000
983
T.
ROWE
PRICE
Tax-Free
Income
Fund
10
Par
$
Value
(Amounts
in
000s)
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series B-2,
VRDN,
2.375%,
6/1/37
(Tender
7/1/26)
1,150
1,092
40,329
MARYLAND
5.7%
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/42
7,000
6,530
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/46
1,000
905
Baltimore
City,
Harbor
Point
Project,
5.125%,
6/1/43
2,500
2,449
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/33
590
590
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/36
395
387
Maryland
CDA,
5.05%,
3/1/47
5,000
5,155
Maryland
CDA,
Series C,
5.75%,
9/1/54
2,000
2,130
Maryland
Economic
Dev.,
Constellation
Energy
Group,
Series B,
VRDN,
4.10%,
10/1/36
(Tender
4/3/28)
1,700
1,716
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/50
650
523
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/29
1,500
1,576
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/36
2,655
2,740
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/46
11,135
11,243
Maryland
HHEFA,
MedStar
Health,
5.00%,
8/15/32
6,880
6,991
Maryland
HHEFA,
MedStar
Health,
Series A,
4.00%,
5/15/47
6,810
6,153
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
5/15/45
8,980
9,081
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/28
2,010
2,049
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/45
3,375
3,391
Maryland
Stadium
Auth.
Built
to
Learn
Revenue,
4.00%,
6/1/39
4,310
4,311
Maryland
Stadium
Auth.
Built
to
Learn
Revenue,
Series A,
4.00%,
6/1/52
3,000
2,762
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
5.00%,
5/1/50
10,020
10,956
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
Series B,
5.00%,
5/1/47
3,625
3,979
Maryland
State
Transportation
Auth.,
4.00%,
7/1/50
2,000
1,924
Montgomery
County,
Series E,
GO,
VRDN,
3.20%,
11/1/37
3,325
3,325
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.00%,
1/1/43
1,500
1,588
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.125%,
1/1/53
2,000
2,088
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.50%,
1/1/48
2,500
2,687
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.75%,
1/1/58
3,915
4,265
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.75%,
1/1/63
8,000
8,696
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/42
3,100
2,646
Rockville,
Ingleside
at
King
Farm,
Series A-2,
5.00%,
11/1/31
500
469
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36
1,000
802
T.
ROWE
PRICE
Tax-Free
Income
Fund
11
Par
$
Value
(Amounts
in
000s)
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/42
1,700
1,245
Washington
Suburban
Sanitary
Commission,
2.25%,
6/1/41
8,000
5,785
Westminster,
Carroll
Lutheran
Village,
5.125%,
7/1/34
(Prerefunded
7/1/24) (8)
3,000
3,029
Westminster,
Carroll
Lutheran
Village,
5.50%,
7/1/44
(Prerefunded
7/1/24) (8)
3,000
3,035
127,201
MASSACHUSETTS
1.2%
Massachusetts
Bay
Transportation
Auth.,
5.00%,
7/1/41
7,130
7,585
Massachusetts
Bay
Transportation
Auth.,
5.00%,
7/1/42
2,865
3,039
Massachusetts
Commonwealth,
Series C,
GO,
3.00%,
3/1/47
4,000
3,149
Massachusetts
Dev.
Fin.
Agency,
Linden
Ponds
Fac.,
5.00%,
11/15/28 (1)
1,500
1,562
Massachusetts
HEFA,
Massachusetts
Institute
of
Technology,
Series K,
5.50%,
7/1/32
10,000
12,311
27,646
MICHIGAN
3.0%
Detroit,
GO,
5.00%,
4/1/28
850
888
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
1,804
Detroit
Downtown
Dev.
Auth.,
Catalyst
Dev.
Project,
Series A,
5.00%,
7/1/48 (2)
1,500
1,502
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/40
1,050
954
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/41
1,100
989
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/42
2,100
1,862
Great
Lakes
Water
Auth.
Sewage
Disposal,
Series A,
5.25%,
7/1/47
8,340
9,048
Great
Lakes
Water
Auth.
Water
Supply,
Series A,
5.25%,
7/1/47
7,000
7,594
Michigan
Fin.
Auth.,
Great
Lakes
Water
Auth.,
Series C-6,
5.00%,
7/1/33
2,000
2,009
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
Series A,
4.00%,
11/15/50
5,300
4,679
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
Series A,
5.00%,
11/15/48
5,150
5,237
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Great
Lakes,
Series C,
5.00%,
7/1/33
1,650
1,675
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Great
Lakes,
Series C,
5.00%,
7/1/34
2,860
2,898
Michigan
Fin.
Auth.,
Trinity
Health,
4.00%,
12/1/40
(Prerefunded
12/1/29) (8)
445
475
Michigan
Fin.
Auth.,
Trinity
Health,
Unrefunded
Balance,
4.00%,
12/1/40
6,555
6,448
Michigan
Fin.
Auth.,
University
of
Detroit
Mercy,
5.375%,
11/1/43
3,530
3,560
Michigan
Fin.
Auth.,
University
of
Detroit
Mercy,
5.50%,
11/1/48
1,700
1,716
T.
ROWE
PRICE
Tax-Free
Income
Fund
12
Par
$
Value
(Amounts
in
000s)
Michigan
State
Building
Auth.,
Fac.
Program,
5.00%,
4/15/36
3,000
3,257
Michigan
Trunk
Line
Revenue,
Rebuilding
Michigan
Program,
5.50%,
11/15/49
2,500
2,835
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/36
550
578
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/37
500
523
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/42
1,300
1,343
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/25
1,070
1,110
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/28
3,795
3,895
67,035
MISSOURI
2.3%
Kansas
City
IDA,
Downtown
Redev.,
Series A,
5.00%,
9/1/31
4,480
4,487
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
2,719
Missouri
HEFA,
Mercy
Health,
Series C,
5.00%,
11/15/47
3,000
3,043
Missouri
HEFA,
Saint
Luke's
Health
System,
5.00%,
11/15/34
5,400
5,548
Missouri
HEFA,
Saint
Luke's
Health
System,
5.00%,
11/15/35
7,595
7,782
Missouri
HEFA,
Washington
Univ.,
Series B,
VRDN,
3.20%,
3/1/40
300
300
Missouri
Joint
Municipal
Electric
Utility
Commission,
Plum
Point
Project,
Series A,
5.00%,
1/1/34
10,985
11,108
Saint
Louis
County
IDA,
Friendship
Village,
5.00%,
9/1/48
1,545
1,305
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.00%,
9/1/38
1,000
918
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.125%,
9/1/48
3,850
3,312
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
Series A,
5.125%,
12/1/45
1,050
909
Saint
Louis
IDA,
Ballpark
Village,
Series A,
3.875%,
11/15/29
110
95
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.375%,
11/15/35
895
709
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.75%,
11/15/47
800
579
49,827
NEVADA
1.5%
Clark
County
School
Dist.,
Series A,
GO,
4.00%,
6/15/38 (2)
1,275
1,285
Clark
County
School
Dist.,
Series A,
GO,
4.00%,
6/15/40 (2)
1,425
1,430
Clark
County
School
Dist.,
Series A,
GO,
5.00%,
6/15/35 (2)
500
553
Las
Vegas
Convention
&
Visitors
Auth.,
Series A,
5.00%,
7/1/49
8,800
9,340
Las
Vegas
Convention
&
Visitors
Auth.,
Series B,
5.00%,
7/1/43
12,485
12,988
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/38
140
146
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/48
6,750
6,858
Reno,
Retrac-Reno
Transportation,
Series C,
Zero
Coupon,
7/1/58 (1)
4,500
557
33,157
NEW
HAMPSHIRE
0.8%
National
Fin.
Auth.,
Series 2020-1,
Class
A,
4.125%,
1/20/34
5,559
5,350
National
Fin.
Auth.,
Series 2023-2,
Class
A,
3.875%,
1/20/38
2,702
2,514
New
Hampshire
Business
Fin.
Auth.,
Series A,
4.00%,
7/1/51
3,920
3,727
T.
ROWE
PRICE
Tax-Free
Income
Fund
13
Par
$
Value
(Amounts
in
000s)
New
Hampshire
Business
Fin.
Auth.,
Univ.
of
Nevada
Reno
Project,
Series A,
5.25%,
6/1/51 (4)
5,000
5,399
New
Hampshire
HEFA,
Hillside
Villiage,
Series A,
6.125%,
7/1/52 (1)(6)(7)
835
50
17,040
NEW
JERSEY
5.9%
Garden
State
Preservation
Trust,
Farmland,
Series A,
5.75%,
11/1/28 (2)
13,900
14,864
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
4.00%,
6/15/29 (1)
530
507
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
1,962
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/35
1,000
979
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/48
4,765
4,279
New
Jersey
Economic
Dev.
Auth.,
Transit
Transportation
Project,
4.00%,
11/1/44
1,250
1,183
New
Jersey
HCFFA,
Barnabas
Health,
3.00%,
7/1/51
8,470
6,085
New
Jersey
HCFFA,
Hackensack
Meridian
Health,
Series A,
5.25%,
7/1/57
5,500
5,629
New
Jersey
Transportation
Trust
Fund
Auth.,
5.25%,
6/15/46
1,370
1,473
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/34
1,000
1,033
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/35
1,250
1,285
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/39
1,050
1,058
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/42
1,000
977
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
4.00%,
6/15/45
10,000
9,473
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/37
2,175
2,418
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/44
6,000
6,220
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/46
2,275
2,416
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.25%,
6/15/50
5,325
5,712
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series AA,
5.25%,
6/15/43
13,575
14,233
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/42
2,565
2,569
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/51
5,750
5,575
New
Jersey
Turnpike
Auth.,
Series A,
5.00%,
1/1/34
5,300
5,330
T.
ROWE
PRICE
Tax-Free
Income
Fund
14
Par
$
Value
(Amounts
in
000s)
New
Jersey
Turnpike
Auth.,
Series B,
5.25%,
1/1/52
8,575
9,362
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/24
10,000
10,091
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/25
6,840
7,038
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/26
2,500
2,621
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/27
335
348
Tobacco
Settlement
Fin.,
Series A,
5.25%,
6/1/46
4,285
4,369
129,566
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
2,210
2,210
NEW
YORK
7.5%
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
4.00%,
3/15/47
10,000
9,711
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series A,
5.00%,
2/15/30
4,850
4,861
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series E,
4.00%,
3/15/49
2,000
1,930
Dormitory
Auth.
of
the
State
of
New
York,
Touro
College
&
Univ.,
5.00%,
1/1/47
(Prerefunded
1/3/28) (8)
14,240
15,461
Long
Island
Power
Auth.,
Electric,
Series 2017,
5.00%,
9/1/42
3,000
3,103
Metropolitan
Transportation
Auth.,
Series B,
5.25%,
11/15/26 (2)
15,000
15,911
Metropolitan
Transportation
Auth.,
Series D-2,
FRN,
67%
of
SOFR
+
0.55%,
4.114%,
11/1/32
(Tender
4/1/24) (2)
10,675
10,674
Metropolitan
Transportation
Auth.,
Series D-2,
FRN,
67%
of
SOFR
+
0.55%,
4.114%,
11/1/32
(Tender
4/1/24) (2)
3,325
3,325
New
York
City,
Series B-1,
GO,
5.00%,
10/1/38
1,500
1,564
New
York
City,
Series D-1,
GO,
5.50%,
5/1/45
1,250
1,402
New
York
City,
Series D-1,
GO,
5.50%,
5/1/46
1,625
1,817
New
York
City,
Series J,
GO,
5.00%,
8/1/31
5,000
5,022
New
York
City,
Series J,
GO,
5.00%,
8/1/32
7,500
7,534
New
York
City
Housing
Dev.,
3.05%,
5/1/50
2,000
1,468
New
York
City
Municipal
Water
Fin.
Auth.,
Series AA,
5.25%,
6/15/52
2,850
3,125
New
York
City
Municipal
Water
Fin.
Auth.,
Series DD,
4.125%,
6/15/46
3,500
3,501
New
York
City
Transitional
Fin.
Auth.,
Series C,
5.50%,
5/1/43
2,980
3,415
New
York
City
Transitional
Fin.
Auth.,
Series C,
5.50%,
5/1/44
3,460
3,952
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Series C,
4.00%,
5/1/44
2,295
2,265
New
York
City
Transitional
Fin.
Auth.,
Building
Aid,
Series S-1,
5.00%,
7/15/45
3,975
4,140
T.
ROWE
PRICE
Tax-Free
Income
Fund
15
Par
$
Value
(Amounts
in
000s)
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured
Revenue,
4.00%,
11/1/36
500
514
New
York
State
Housing
Fin.
Agency,
Series L-2,
0.75%,
11/1/25
5,530
5,112
New
York
State
Housing
Fin.
Agency,
Series M-2,
0.75%,
11/1/25
2,500
2,311
New
York
State
Thruway
Auth.,
Series A,
5.25%,
1/1/56
2,215
2,250
New
York
State
Thruway
Auth.,
Series A-1,
3.00%,
3/15/50
4,000
2,954
New
York
State
Thruway
Auth.,
Series B,
4.00%,
1/1/38
4,250
4,254
New
York
State
Thruway
Auth.,
Series B,
4.00%,
1/1/40 (2)
22,055
22,078
New
York
State
Urban
Dev.,
4.00%,
3/15/45
8,500
8,266
Triborough
Bridge
&
Tunnel
Auth.,
Series C,
5.25%,
5/15/52
6,170
6,752
Troy
Capital
Resource,
Rensselaer
Polytechnic
Institute,
5.00%,
9/1/27
600
634
Troy
Capital
Resource,
Rensselaer
Polytechnic
Institute,
5.00%,
9/1/28
1,000
1,073
Troy
Capital
Resource,
Rensselaer
Polytechnic
Institute,
5.00%,
9/1/30
1,000
1,094
Westchester
County
Local
Dev.,
Pace
Univ.,
Series A,
5.50%,
5/1/42
3,910
3,916
165,389
NORTH
CAROLINA
1.9%
Charlotte,
Charlotte-Douglas
Int'l.
Airport,
4.00%,
7/1/44
3,900
3,864
Charlotte-Mecklenburg
Hosp.
Auth.,
Series B,
VRDN,
3.25%,
1/15/38
600
600
North
Carolina
Housing
Fin.
Agency,
5.00%,
7/1/47
1,945
2,000
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/27 (2)
920
969
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/31 (2)
1,000
1,050
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/40
14,735
15,177
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/47
4,655
4,700
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/51
3,100
3,127
North
Carolina
Turnpike
Auth.,
Triangle
Expressway,
4.00%,
1/1/55
6,265
5,544
Univ.
of
North
Carolina
at
Chapel
Hill,
Univ.
of
North
Carolina
Hosp.,
5.00%,
2/1/45
1,440
1,578
Univ.
of
North
Carolina
at
Chapel
Hill,
Univ.
of
North
Carolina
Hosp.,
5.00%,
2/1/49
3,875
4,249
42,858
OHIO
3.9%
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/25
1,000
1,033
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/28
1,800
1,961
American
Municipal
Power,
Fremont
Energy
Center
Project,
4.00%,
2/15/37
3,155
3,172
American
Municipal
Power,
Fremont
Energy
Center
Project,
4.00%,
2/15/38
1,000
991
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series A-2,
Class
1,
4.00%,
6/1/38
2,000
1,963
T.
ROWE
PRICE
Tax-Free
Income
Fund
16
Par
$
Value
(Amounts
in
000s)
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series A-2,
Class
1,
4.00%,
6/1/39
2,500
2,441
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series B-2,
Class
2,
5.00%,
6/1/55
19,880
17,539
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/52
8,750
8,852
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/57
4,315
4,358
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/38
1,600
1,604
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/39
1,665
1,662
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/40
1,430
1,415
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/46
6,000
6,244
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/51
8,750
9,046
Hamilton
County,
Cincinnati
Children's
Hosp.,
Series CC,
5.00%,
11/15/49
14,830
16,117
Ohio,
Series A,
4.00%,
1/15/50
3,000
2,680
Ohio,
Series A,
5.00%,
1/15/50
4,570
4,689
85,767
OKLAHOMA
1.0%
Oklahoma
DFA,
OU
Medicine,
Series B,
5.50%,
8/15/57
1,500
1,438
Oklahoma
Turnpike
Auth.,
Senior,
4.50%,
1/1/53
3,425
3,460
Oklahoma
Turnpike
Auth.,
Senior,
5.50%,
1/1/53
14,390
15,901
Tulsa
County
Ind.
Auth.,
Montereau
Project,
5.25%,
11/15/45
1,975
1,865
22,664
PENNSYLVANIA
3.0%
Bucks
County
Water
&
Sewer
Auth.,
Series A,
5.25%,
12/1/47 (2)
2,175
2,364
Chester
County
IDA,
Longwood
Gardens
Project,
4.00%,
12/1/46
1,940
1,893
Chester
County
IDA,
Longwood
Gardens
Project,
4.00%,
12/1/51
2,750
2,620
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/40 (1)
2,105
1,685
Montgomery
County
IDA,
Series A,
VRDN,
4.10%,
4/1/53
(Tender
4/3/28)
3,275
3,280
Northampton
County
General
Purpose
Auth.,
Lafayette
College,
5.00%,
11/1/47
13,650
14,020
Philadelphia
IDA,
Saint
Joseph's
Univ.,
4.00%,
11/1/45
7,000
6,189
Philadelphia
IDA,
Temple
Univ.,
1st Series 2016,
5.00%,
4/1/29
4,000
4,081
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
8,653
Philadelphia
School
Dist.,
Series A,
GO,
5.00%,
9/1/44
9,300
9,658
Southcentral
Pennsylvania
General
Auth.,
Wellspan
Health,
Series E,
VRDN,
3.30%,
6/1/35
1,400
1,400
T.
ROWE
PRICE
Tax-Free
Income
Fund
17
Par
$
Value
(Amounts
in
000s)
State
Public
School
Building
Auth.,
Philadelphia
School
Dist.,
Series A,
5.00%,
6/1/33 (2)
8,500
8,875
66,576
PUERTO
RICO
3.0%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (10)
5,557
2,890
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (10)
2,325
1,218
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
4.00%,
7/1/42 (1)
1,490
1,293
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/30 (1)
5,000
5,056
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/33 (1)
3,330
3,363
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/37 (1)
1,070
1,070
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/24
235
229
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33
1,852
1,127
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
1,439
1,343
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
1,294
1,183
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
2,756
2,462
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41
1,510
1,302
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25
3,633
3,696
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
1,588
1,658
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
1,563
1,651
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
1,518
1,632
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (6)(11)
60
15
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (6)
(11)
100
25
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (6)
(11)
810
203
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (6)
(11)
225
56
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (6)(11)
290
73
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (6)(11)
1,105
276
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (6)(11)
370
93
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (6)(11)
450
113
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (6)(11)
2,640
660
T.
ROWE
PRICE
Tax-Free
Income
Fund
18
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/37 (6)(11)
380
95
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (6)
(11)
990
248
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (6)
(11)
280
70
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (6)
(11)
240
60
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (6)(11)
100
25
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (6)(11)
275
69
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (6)(11)
215
54
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (6)(11)
70
17
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (6)(11)
120
30
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (6)(11)
95
24
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (6)(11)
890
222
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (6)(11)
200
50
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (6)(11)
100
25
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.55%,
7/1/40
1,555
1,511
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
12,190
11,506
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27
2,600
2,242
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/29
5,800
4,580
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/31
3,500
2,521
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33
6,602
4,319
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46
20,000
5,877
66,232
RHODE
ISLAND
0.1%
Central
Falls
Detention
Fac.,
7.25%,
7/15/35 (6)(7)
4,915
1,966
1,966
SOUTH
CAROLINA
0.9%
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/32 (6)
6,074
3,501
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/42 (6)
11,920
3,342
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
7/22/51 (6)
14,935
1,871
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
1/1/32 (6)
1,496
566
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
7/22/51 (6)
10,109
648
Connector
2000
Assoc.,
Series C-1,
Zero
Coupon,
7/22/51 (6)
1,619
54
South
Carolina
Jobs-Economic
Dev.
Auth.,
Active
Retirement
Community,
Series C,
5.00%,
11/15/47
2,325
2,204
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/35
2,000
2,083
T.
ROWE
PRICE
Tax-Free
Income
Fund
19
Par
$
Value
(Amounts
in
000s)
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/37
5,000
5,168
19,437
TENNESSEE
1.7%
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/35
1,725
1,804
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/37
4,000
4,131
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/35
2,675
2,725
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/40
7,265
7,349
Metropolitan
Nashville
Airport
Auth.,
Series A,
4.00%,
7/1/49
2,800
2,607
Metropolitan
Nashville
Airport
Auth.,
Series A,
4.00%,
7/1/54
2,000
1,832
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/44
2,500
2,611
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/49
3,000
3,103
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/52
3,550
3,775
Tennessee
Energy
Acquisition,
Series A,
5.25%,
9/1/24
8,100
8,155
38,092
TEXAS
5.7%
Austin
Airport,
Series A,
5.00%,
11/15/41
6,845
6,989
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/27
2,600
2,648
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
1,027
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/26
600
598
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/27
1,000
999
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/28
520
521
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
847
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/39
775
816
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/41
2,750
3,054
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/42
1,000
1,104
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/43
3,500
3,761
Fort
Bend
County
IDC,
NRG
Energy,
Series A,
4.75%,
5/1/38
3,000
2,943
Harris
County,
Series A,
GO,
5.00%,
9/15/48
1,500
1,627
Harris
County
Cultural
Ed.
Fac.
Fin.,
Houston
Methodist
Hosp.,
5.00%,
12/1/45
7,000
7,063
Houston
Airport,
Series D,
5.00%,
7/1/35
6,380
6,837
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/45
2,600
2,322
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.25%,
12/1/35
2,400
2,401
T.
ROWE
PRICE
Tax-Free
Income
Fund
20
Par
$
Value
(Amounts
in
000s)
Kilgore
Independent
School
Dist.,
Series 2022,
GO,
3.00%,
2/15/40
4,590
3,911
Kilgore
Independent
School
Dist.,
Series 2022,
GO,
3.00%,
2/15/41
4,000
3,343
Lower
Colorado
River
Auth.,
Series A,
5.50%,
5/15/47
2,500
2,731
Lower
Colorado
River
Auth.,
LCRA
Transmission
Services,
5.00%,
5/15/35
1,150
1,253
Lower
Neches
Valley
Auth.
IDC,
Exxon
Mobil
Project,
VRDN,
3.25%,
11/1/51
500
500
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/30
(Prerefunded
4/1/25) (8)
300
306
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
3,377
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/32
750
688
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/39
1,000
814
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.25%,
10/1/49
2,255
1,727
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/39
6,110
6,233
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/43
2,750��
2,866
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/48
12,500
12,958
North
Texas
Tollway
Auth.,
Second
Tier,
Series B,
3.00%,
1/1/51 (4)
6,700
4,866
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Series E,
VRDN,
5.00%,
11/15/52
(Tender
5/15/26)
1,800
1,862
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/28
1,000
1,013
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/31
1,835
1,856
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/37
1,700
1,693
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/40
2,650
2,607
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/46
5,395
5,151
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere-Northwest
Senior
High
School,
Series A,
5.00%,
11/15/45 (6)(12)
3,049
—
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Texas
Health
Resources
System,
Series A,
5.00%,
2/15/41
4,240
4,329
Texas
IDC,
NRG
Energy,
Series 2012,
4.125%,
12/1/45
3,670
3,177
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Series D,
6.25%,
12/15/26
3,445
3,559
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Merrill
Lynch,
Senior
Lien,
Series A,
5.25%,
12/15/25
1,000
1,023
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/30
2,500
2,573
T.
ROWE
PRICE
Tax-Free
Income
Fund
21
Par
$
Value
(Amounts
in
000s)
Texas
Transportation
Commission,
First
Tier
Toll,
State
Highway,
5.00%,
8/1/57
5,260
5,286
127,000
UTAH
0.8%
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/38
7,000
7,776
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/39
8,000
8,847
Salt
Lake
City
Airport,
Series B,
5.00%,
7/1/42
1,000
1,031
17,654
VIRGINIA
4.4%
Arlington
County
IDA,
Virginia
Hosp.
Center,
3.75%,
7/1/50
3,500
3,084
Arlington
County
IDA,
Virginia
Hosp.
Center,
Series A,
VRDN,
5.00%,
7/1/53
(Tender
7/1/31)
5,000
5,437
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
First
Tier
General
Resolution,
5.00%,
7/1/46
5,840
5,860
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
First
Tier
General
Resolution,
5.00%,
7/1/51
3,395
3,399
Fairfax
County,
Series A,
GO,
2.00%,
10/1/40
8,625
6,113
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/33
8,955
9,062
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/36
(Prerefunded
4/1/26) (8)
8,500
8,716
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
5.50%,
7/1/57
(Prerefunded
1/1/28) (8)
10,000
11,092
Harrisonburg,
Series A,
GO,
2.00%,
7/15/41
5,145
3,517
Roanoke
Economic
Dev.
Auth.,
Series A,
5.00%,
7/1/47
10,245
11,265
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/33
1,000
1,023
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/36
2,900
2,949
Virginia
College
Building
Auth.,
Series A,
4.00%,
9/1/45
4,980
4,948
Virginia
Housing
Dev.
Auth.,
Series F,
5.40%,
11/1/63
10,000
10,264
Virginia
Housing
Dev.
Auth.,
Series G,
5.375%,
11/1/64
5,000
5,154
Virginia
Housing
Dev.
Auth.,
Series K,
2.55%,
12/1/46
4,090
2,860
Williamsburg
Economic
Dev.
Auth.,
William
and
Mary
Project,
Series A,
5.25%,
7/1/53 (2)
3,300
3,577
98,320
WASHINGTON
1.6%
Energy
Northwest,
Columbia
Generating
Station,
Series A,
4.00%,
7/1/42
3,500
3,514
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/32
1,880
2,131
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/33
1,500
1,695
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/34
2,200
2,474
T.
ROWE
PRICE
Tax-Free
Income
Fund
22
Par
$
Value
(Amounts
in
000s)
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/37
3,215
3,545
Washington
Convention
&
Sports
Auth.,
Series C,
GO,
5.00%,
2/1/44
10,565
11,413
Washington
State
Convention
Center
Public
Fac.
Dist.,
4.00%,
7/1/31
2,500
2,423
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series 2023-1,
Class
A,
3.375%,
4/20/37
9,993
8,600
35,795
WEST
VIRGINIA
0.0%
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.50%,
6/1/37 (1)
425
434
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.75%,
6/1/43 (1)
425
434
868
WISCONSIN
0.3%
Wisconsin
PFA,
Retirement
Housing
Foundation
Obligation
Group,
5.00%,
11/15/29 (3)
1,475
1,639
Wisconsin
PFA,
Retirement
Housing
Foundation
Obligation
Group,
5.00%,
11/15/30 (3)
1,500
1,689
Wisconsin
PFA,
Searstone
CCRC
Project,
Series A,
5.00%,
6/1/37 (1)
4,000
3,644
6,972
Total
Municipal
Securities
(Cost
$2,252,987)
2,187,473
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.1%
Freddie
Mac
Multifamily
ML
Certificates,
Series 2021-ML10,
Class
ACA,
2.046%,
6/25/38
3,570
2,651
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$3,680)
2,651
Total
Investments
in
Securities
98.8%
(Cost
$2,256,667)
$
2,190,124
Other
Assets
Less
Liabilities
1.2%
25,482
Net
Assets
100.0%
$
2,215,606
‡
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
$57,311
and
represents
2.6%
of
net
assets.
(2)
Insured
by
Assured
Guaranty
Municipal
Corporation
T.
ROWE
PRICE
Tax-Free
Income
Fund
23
.
.
.
.
.
.
.
.
.
.
(3)
Escrowed
to
maturity
(4)
Insured
by
Build
America
Mutual
Assurance
Company
(5)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(6)
Non-income
producing
(7)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(8)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(9)
Insured
by
National
Public
Finance
Guarantee
Corporation
(10)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
(11)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(12)
Obligor
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
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
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.
T.
ROWE
PRICE
Tax-Free
Income
Fund
24
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
.
.
.
.
.
.
.
.
.
.
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
On
November
30,
2023,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
2,
based
on
the
inputs
used
to
determine
their
fair
values.
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F45-054Q3
11/23