UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-02684
T. Rowe Price Tax-Free Income Fund, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: February 28
Date of reporting period: August 31, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
August 31, 2024
This semi-annual shareholder report contains important information about Tax-Free Income Fund (the "fund") for the period of March 1, 2024 to August 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. This report describes changes to the fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Tax-Free Income Fund - Investor Class | $27 | 0.53% |
What are some fund statistics?
| Total Net Assets (000s) | $2,330,136 |
| Number of Portfolio Holdings | 569 |
| |
| Portfolio Turnover Rate | 12.6% |
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
| AAA Rated | 8.4% |
| AA Rated | 44.7 |
| A Rated | 26.0 |
| BBB Rated | 9.2 |
| BB Rated and Below | 2.2 |
| Not Rated | 9.0 |
| Reserves | 0.5 |
*Credit ratings for the securities held in the Fund are provided by Moody’s, Standard & Poor’s, and Fitch and are converted to the Standard & Poor’s nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. If the ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Industry Allocation (as a % of Net Assets)
| Health Care | 21.2% |
| Transportation | 16.8 |
| Special Tax | 8.8 |
| Education | 8.4 |
| Housing | 7.2 |
| Leasing | 6.3 |
| General Obligations - State | 5.0 |
| General Obligations - Local | 4.2 |
| Water & Sewer | 3.5 |
| Other | 18.6 |
How has the fund changed?
Effective November 1, 2024, Price Associates has contractually agreed to lower the fund’s total investment management fee to 0.32% and lower the class’s total expense limit to 0.41%. For more complete information, please review the fund’s prospectus.
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Tax-Free Income Fund
Investor Class (PRTAX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
August 31, 2024
This semi-annual shareholder report contains important information about Tax-Free Income Fund (the "fund") for the period of March 1, 2024 to August 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. This report describes changes to the fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Tax-Free Income Fund - Advisor Class | $44 | 0.86% |
What are some fund statistics?
| Total Net Assets (000s) | $2,330,136 |
| Number of Portfolio Holdings | 569 |
| |
| Portfolio Turnover Rate | 12.6% |
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
| AAA Rated | 8.4% |
| AA Rated | 44.7 |
| A Rated | 26.0 |
| BBB Rated | 9.2 |
| BB Rated and Below | 2.2 |
| Not Rated | 9.0 |
| Reserves | 0.5 |
*Credit ratings for the securities held in the Fund are provided by Moody’s, Standard & Poor’s, and Fitch and are converted to the Standard & Poor’s nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. If the ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Industry Allocation (as a % of Net Assets)
| Health Care | 21.2% |
| Transportation | 16.8 |
| Special Tax | 8.8 |
| Education | 8.4 |
| Housing | 7.2 |
| Leasing | 6.3 |
| General Obligations - State | 5.0 |
| General Obligations - Local | 4.2 |
| Water & Sewer | 3.5 |
| Other | 18.6 |
How has the fund changed?
Effective November 1, 2024, Price Associates has contractually agreed to lower the fund’s total investment management fee to 0.32% and lower the class’s total expense limit to 0.92%. For more complete information, please review the fund’s prospectus.
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Tax-Free Income Fund
Advisor Class (PATAX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
August 31, 2024
This semi-annual shareholder report contains important information about Tax-Free Income Fund (the "fund") for the period of March 1, 2024 to August 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. This report describes changes to the fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Tax-Free Income Fund - I Class | $24 | 0.47% |
What are some fund statistics?
| Total Net Assets (000s) | $2,330,136 |
| Number of Portfolio Holdings | 569 |
| |
| Portfolio Turnover Rate | 12.6% |
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
| AAA Rated | 8.4% |
| AA Rated | 44.7 |
| A Rated | 26.0 |
| BBB Rated | 9.2 |
| BB Rated and Below | 2.2 |
| Not Rated | 9.0 |
| Reserves | 0.5 |
*Credit ratings for the securities held in the Fund are provided by Moody’s, Standard & Poor’s, and Fitch and are converted to the Standard & Poor’s nomenclature. A rating of AAA represents the highest-rated securities, and a rating of D represents the lowest rated securities. If the ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Industry Allocation (as a % of Net Assets)
| Health Care | 21.2% |
| Transportation | 16.8 |
| Special Tax | 8.8 |
| Education | 8.4 |
| Housing | 7.2 |
| Leasing | 6.3 |
| General Obligations - State | 5.0 |
| General Obligations - Local | 4.2 |
| Water & Sewer | 3.5 |
| Other | 18.6 |
How has the fund changed?
Effective November 1, 2024, Price Associates has contractually agreed to lower the fund’s total investment management fee to 0.32%. For more complete information, please review the fund’s prospectus.
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Tax-Free Income Fund
I Class (TFILX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRTAX
Tax-Free
Income
Fund
–!
PATAX
Tax-Free
Income
Fund–
.
Advisor Class
TFILX
Tax-Free
Income
Fund–
.
I Class
T.
ROWE
PRICE
Tax-Free
Income
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
NET
ASSET
VALUE
Beginning
of
period
$
9.44
$
9.18
$
10.10
$
10.30
$
10.54
$
9.92
Investment
activities
Net
investment
income
(1)(2)
0.16
0.30
0.29
0.25
0.29
0.33
Net
realized
and
unrealized
gain/
loss
0.07
0.25
(0.93)
(0.20)
(0.24)
0.62
Total
from
investment
activities
0.23
0.55
(0.64)
0.05
0.05
0.95
Distributions
Net
investment
income
(0.16)
(0.29)
(0.28)
(0.25)
(0.29)
(0.33)
NET
ASSET
VALUE
End
of
period
$
9.51
$
9.44
$
9.18
$
10.10
$
10.30
$
10.54
T.
ROWE
PRICE
Tax-Free
Income
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
Ratios/Supplemental
Data
Total
return
(2)(3)
2.46%
6.16%
(6.30)%
0.44%
0.51%
9.73%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.60%
(4)
0.59%
0.59%
0.53%
0.53%
0.53%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.53%
(4)
0.53%
0.53%
0.53%
0.53%
0.53%
Net
investment
income
3.39%
(4)
3.23%
3.05%
2.41%
2.83%
3.24%
Portfolio
turnover
rate
12.6%
25.0%
20.6%
10.6%
14.9%
10.6%
Net
assets,
end
of
period
(in
millions)
$773
$792
$819
$1,193
$1,701
$1,790
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Tax-Free
Income
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Advisor
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
NET
ASSET
VALUE
Beginning
of
period
$
9.44
$
9.18
$
10.11
$
10.31
$
10.54
$
9.92
Investment
activities
Net
investment
income
(1)(2)
0.15
0.27
0.25
0.22
0.26
0.30
Net
realized
and
unrealized
gain/
loss
0.06
0.25
(0.93)
(0.20)
(0.24)
0.62
Total
from
investment
activities
0.21
0.52
(0.68)
0.02
0.02
0.92
Distributions
Net
investment
income
(0.14)
(0.26)
(0.25)
(0.22)
(0.25)
(0.30)
NET
ASSET
VALUE
End
of
period
$
9.51
$
9.44
$
9.18
$
10.11
$
10.31
$
10.54
T.
ROWE
PRICE
Tax-Free
Income
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
Ratios/Supplemental
Data
Total
return
(2)(3)
2.29%
5.80%
(6.71)%
0.12%
0.29%
9.39%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.86%
(4)
0.87%
0.86%
0.86%
0.85%
0.84%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.86%
(4)
0.87%
0.86%
0.86%
0.85%
0.84%
Net
investment
income
3.06%
(4)
2.89%
2.73%
2.09%
2.50%
2.90%
Portfolio
turnover
rate
12.6%
25.0%
20.6%
10.6%
14.9%
10.6%
Net
assets,
end
of
period
(in
millions)
$35
$37
$47
$67
$400
$450
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Tax-Free
Income
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
NET
ASSET
VALUE
Beginning
of
period
$
9.43
$
9.18
$
10.10
$
10.30
$
10.54
$
9.92
Investment
activities
Net
investment
income
(1)(2)
0.16
0.30
0.29
0.26
0.30
0.34
Net
realized
and
unrealized
gain/
loss
0.07
0.25
(0.92)
(0.20)
(0.25)
0.62
Total
from
investment
activities
0.23
0.55
(0.63)
0.06
0.05
0.96
Distributions
Net
investment
income
(0.16)
(0.30)
(0.29)
(0.26)
(0.29)
(0.34)
NET
ASSET
VALUE
End
of
period
$
9.50
$
9.43
$
9.18
$
10.10
$
10.30
$
10.54
T.
ROWE
PRICE
Tax-Free
Income
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
Ratios/Supplemental
Data
Total
return
(2)(3)
2.50%
6.11%
(6.25)%
0.53%
0.59%
9.82%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.47%
(4)
0.47%
0.47%
0.45%
0.45%
0.45%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.47%
(4)
0.47%
0.47%
0.45%
0.45%
0.45%
Net
investment
income
3.45%
(4)
3.29%
3.12%
2.49%
2.89%
3.30%
Portfolio
turnover
rate
12.6%
25.0%
20.6%
10.6%
14.9%
10.6%
Net
assets,
end
of
period
(in
thousands)
$1,522,310
$1,464,090
$1,423,855
$1,472,315
$646,846
$567,997
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Tax-Free
Income
Fund
August
31,
2024
(Unaudited)
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES 99.4%
ALABAMA
1.3%
Alabama
Corrections
Institution
Fin.
Auth.,
5.25%,
7/1/47
5,000
5,433
Black
Belt
Energy
Gas
Dist.,
VRDN,
4.00%,
6/1/51
(Tender
12/1/31)
4,140
4,180
Black
Belt
Energy
Gas
Dist.,
Series A,
VRDN,
5.25%,
1/1/54
(Tender
10/1/30)
4,330
4,677
Black
Belt
Energy
Gas
Dist.,
Series C-1,
VRDN,
5.25%,
2/1/53
(Tender
6/1/29)
3,900
4,156
Black
Belt
Energy
Gas
Dist.,
Series D-1,
VRDN,
5.50%,
6/1/49
(Tender
2/1/29)
7,080
7,581
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
5.25%,
5/1/44 (1)
3,280
3,330
29,357
ALASKA
0.2%
Alaska
Int'l.
Airports
System,
Series B,
5.00%,
10/1/35
3,945
4,007
4,007
ARIZONA
1.4%
Arizona
HFA,
Banner
Health,
Series B,
FRN,
67%
of
3M
USD
LIBOR
+
0.81%,
4.90%,
1/1/37
1,500
1,460
Maricopa
County
IDA,
Banner
Health,
Series 2019E,
3.00%,
1/1/49
4,300
3,422
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/59
1,070
1,077
Salt
River
Project
Agricultural
Improvement
&
Power
Dist.,
Series A,
5.00%,
1/1/47
17,325
18,900
Salt
River
Project
Agricultural
Improvement
&
Power
Dist.,
Series B,
5.25%,
1/1/53
6,000
6,674
31,533
CALIFORNIA
7.2%
Alameda
Corridor
Transportation
Auth.,
Series B,
5.00%,
10/1/35 (2)
5,750
5,942
California,
GO,
5.00%,
8/1/32
10,000
10,021
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.00%,
7/1/53
(Tender
8/1/29)
8,580
9,117
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29)
1,850
1,958
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.50%,
10/1/54
(Tender
11/1/30)
3,050
3,391
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
Series E-1,
VRDN,
5.00%,
2/1/54
(Tender
3/1/31)
11,505
12,356
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/36
275
281
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/38
275
278
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/31
1,335
1,367
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/32
1,065
1,090
California
HFFA,
Kaiser
Permanente,
Series A-2,
5.00%,
11/1/47
17,250
20,903
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35
858
896
California
Infrastructure
&
Economic
Dev.
Bank,
4.00%,
10/1/43
7,465
7,690
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
FRN,
100%
of
MUNIPSA
+
0.70%,
3.62%,
12/1/50
(Tender
6/1/26)
775
775
California
Municipal
Fin.
Auth.,
Series A,
COP,
5.25%,
11/1/52 (2)
940
1,005
California
Municipal
Fin.
Auth.,
John
Adams
Academies
Lincoln
Project,
Series A,
5.00%,
10/1/49 (1)
1,525
1,480
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
4.00%,
10/1/29 (1)
415
408
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/32 (3)
1,425
1,662
California
Municipal
Fin.
Auth.,
Samuel
Merritt
Univ.,
5.25%,
6/1/53
2,765
3,017
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/48
5,500
5,649
California
School
Fin.
Auth.,
New
Designs
Charter
School,
5.00%,
6/1/30 (1)
1,195
1,229
California
State
Univ.,
Series C,
4.00%,
11/1/45
5,065
5,079
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/48 (1)
3,300
3,394
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/56 (1)
5,330
5,389
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58 (1)
3,000
3,098
Chino
Valley
Unified
School
Dist.,
Series B,
GO,
3.375%,
8/1/50 (2)
5,060
4,479
CSCDA
Community
Improvement
Auth.,
Altana
Glendale
Social
Bonds,
Series A-2,
4.00%,
10/1/56 (1)
2,020
1,648
CSCDA
Community
Improvement
Auth.,
Link
Glendala
Social
Bonds,
Series A-2,
4.00%,
7/1/56 (1)
3,320
2,600
Golden
State
Tobacco
Securitization,
Series B-2,
Zero
Coupon,
6/1/66
12,000
1,396
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series A,
5.25%,
9/1/37
4,600
4,617
Irvine
Fac.
Fin.
Auth.,
Series A,
5.25%,
9/1/53 (4)
4,000
4,471
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series D,
5.00%,
3/1/57
3,215
3,275
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
Long
Beach
Marina
System,
5.00%,
5/15/35
1,000
1,006
Long
Beach
Marina
System,
5.00%,
5/15/40
2,500
2,508
Los
Angeles
Dept.
of
Water
&
Power
Water
System
Revenue,
Series D,
5.00%,
7/1/52
5,000
5,464
Regents
of
the
Univ.
of
California,
Medical
Center
Pooled
Revenue,
Series P,
3.50%,
5/15/54
6,250
5,759
Sacramento
County
Airport,
Series A,
5.00%,
7/1/41
2,925
2,997
Sacramento
County
Airport,
Series B,
5.00%,
7/1/41
3,325
3,394
San
Diego
County
Regional
Airport
Auth.,
Series A,
4.00%,
7/1/51
5,700
5,576
San
Francisco
Bay
Area
Rapid
Transit
Dist.,
Series C-1,
GO,
4.00%,
8/1/45
4,645
4,624
San
Francisco
City
&
County
Int'l.
Airports,
Series B,
5.00%,
5/1/49
5,000
5,286
166,575
COLORADO
2.9%
Colorado,
COP,
6.00%,
12/15/39
1,255
1,508
Colorado,
COP,
6.00%,
12/15/40
4,850
5,793
Colorado,
COP,
6.00%,
12/15/41
6,800
8,085
Colorado
Bridge
&
Tunnel
Enterprise,
Series A,
5.50%,
12/1/54 (2)
3,600
4,076
Colorado
HFA,
Adventist
Health
System,
Series A,
5.00%,
11/15/48
5,000
5,160
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/47
690
691
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/51
1,870
1,872
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/56
6,880
6,883
Denver
City
&
County
Airport,
Series B,
5.00%,
12/1/48
10,500
10,915
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/34
3,500
3,578
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/36
2,000
2,036
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/40
17,540
17,780
68,377
CONNECTICUT
0.5%
Connecticut,
Series B,
GO,
3.00%,
1/15/42 (4)
5,000
4,363
Connecticut,
Series E,
GO,
5.00%,
9/15/34
3,250
3,489
Connecticut
Housing
Fin.
Auth.,
Series A,
6.00%,
11/15/54
3,000
3,296
Mashantucket
Western
Pequot
Tribe,
6.05%,
7/1/31
(4.00%
Cash
and
2.05%
PIK) (5)(6)(7)
2,878
662
11,810
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
DELAWARE
0.6%
Delaware
Economic
Dev.
Auth.,
Acts
Retirement
Communities,
Series B,
5.00%,
11/15/48
6,185
6,302
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/50
3,065
3,105
Delaware
HFA,
Christiana
Health
Care
System,
5.00%,
10/1/45
3,250
3,384
Univ.
of
Delaware,
Series A,
5.00%,
11/1/43
895
1,055
Univ.
of
Delaware,
Series A,
5.00%,
11/1/45
500
587
14,433
DISTRICT
OF
COLUMBIA
3.5%
District
of
Columbia,
Series D,
GO,
5.00%,
6/1/42
3,000
3,093
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/37
515
519
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/42
515
514
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/52
4,680
4,419
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
6.50%,
10/1/44
9,350
10,219
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/36
500
512
Washington
Convention
&
Sports
Auth.,
Hotel
Tax,
Series A,
5.00%,
10/1/30
3,200
3,398
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/46
12,300
11,917
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.50%,
7/15/51
15,200
17,013
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/42
12,500
12,904
Washington
Metropolitan
Area
Transit
Auth.,
Second
Lien,
Series A,
4.375%,
7/15/59
4,975
4,939
Washington
Metropolitan
Area
Transit
Auth.,
Second
Lien,
Series A,
5.25%,
7/15/59
10,450
11,465
80,912
FLORIDA
5.0%
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.25%,
11/15/44 (6)(7)
4,500
3,050
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/31
500
529
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/32
750
790
Central
Florida
Expressway
Auth.,
5.00%,
7/1/39
7,475
7,746
Central
Florida
Expressway
Auth.,
Series B,
5.00%,
7/1/34
(Prerefunded
7/1/26) (8)
3,700
3,858
Collier
County,
Series A,
4.00%,
10/1/41
5,170
5,264
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
Everest
GMR
Community
Dev.
Dist.,
6.20%,
5/1/54
2,000
2,070
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
5.00%,
6/1/48 (1)
5,075
4,942
Jacksonville
Ed.
Fac.,
Jacksonville
Univ.,
Series B,
5.00%,
6/1/53 (1)
3,600
3,450
JEA
Water
&
Sewer
System
Revenue,
Series A,
5.50%,
10/1/54
2,000
2,243
Manatee
County,
5.50%,
10/1/53
10,000
11,314
Martin
County
HFA,
Martin
Memorial
Medical
Center,
5.00%,
11/15/45
(Prerefunded
11/15/24) (8)
3,750
3,762
Miami-Dade
County
EFA,
Univ.
of
Miami,
Series A,
5.00%,
4/1/40
10,700
10,766
Orange
County
HFA,
Orlando
Health
Obligated
Group,
4.00%,
10/1/52
6,185
5,851
Orange
County
HFA,
Orlando
Health
Obligated
Group,
Series A,
5.00%,
10/1/39
1,125
1,250
Orange
County
HFA,
Orlando
Health
Obligated
Group,
Series A,
5.00%,
10/1/53
1,700
1,808
Palm
Beach
County
HFA,
Active
Retirement
Life
Community,
5.00%,
11/15/45
4,175
4,275
Sarasota
County
Public
Hosp.
Dist.,
Sarasota
Memorial
Hosp.,
5.00%,
7/1/41
10,000
10,300
South
Miami
HFA,
Baptist
Health,
5.00%,
8/15/37
11,000
11,426
South
Miami
HFA,
Baptist
Health,
5.00%,
8/15/42
6,000
6,154
Tampa,
Series A,
Zero
Coupon,
9/1/34
900
604
Tampa,
Series A,
Zero
Coupon,
9/1/35
750
481
Tampa,
Series A,
Zero
Coupon,
9/1/38
1,000
553
Tampa,
Series A,
Zero
Coupon,
9/1/39
850
445
Tampa,
Series A,
Zero
Coupon,
9/1/40
1,000
496
Tampa-Hillsborough
County
Expressway
Auth.,
5.00%,
7/1/47
12,000
12,280
115,707
GEORGIA
7.7%
Atlanta
Airport
Passenger
Fac.
Charge,
Series C,
5.00%,
7/1/40
10,000
11,166
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
Atlanta
Dev.
Auth.,
Gulch
Enterprise
Zone
Project,
Series 1,
Class
A,
STEP,
0.00%,
12/15/48 (1)
2,389
1,934
Augusta
Water
&
Sewer,
Wastewater,
4.00%,
10/1/49 (4)
2,000
1,967
Brookhaven
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series A,
3.00%,
7/1/46
2,675
2,161
Brookhaven
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series A,
4.00%,
7/1/49
5,485
5,391
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
4.10%,
7/1/49
1,250
1,250
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
RAC,
4.00%,
4/1/52
5,000
4,751
Columbia
County
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.125%,
4/1/53
4,925
5,285
Columbia
County
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.75%,
4/1/53
14,650
16,626
Coweta
County
Water
&
Sewage
Auth.,
4.25%,
6/1/57
900
902
Coweta
County
Water
&
Sewage
Auth.,
5.00%,
6/1/54
900
981
Fulton
County
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series C,
5.00%,
7/1/38
1,250
1,344
Fulton
County
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series C,
5.00%,
7/1/39
1,165
1,246
Fulton
County
Dev.
Auth.,
Piedmont
Healthcare
Project,
Series A,
4.00%,
7/1/49
14,600
13,957
Fulton
County
Dev.
Auth.,
WellStar
Health
System,
Series A,
RAC,
5.00%,
4/1/47
2,750
2,795
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/36
5,250
5,355
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
2,399
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series B,
5.50%,
2/15/42
3,245
3,415
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/36
3,600
3,618
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/54
13,610
12,165
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/54 (1)
3,340
3,169
Georgia
Housing
&
Fin.
Auth.,
3.60%,
12/1/44
4,000
3,670
Georgia
Housing
&
Fin.
Auth.,
Series A,
4.60%,
12/1/53
4,000
3,956
Georgia
State
Road
&
Tollway
Auth.,
Managed
Lane
System,
Series A,
3.00%,
7/15/50
5,080
4,044
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/31
4,000
4,197
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/32
2,500
2,617
Main
Street
Natural
Gas,
Series A,
VRDN,
4.00%,
7/1/52
(Tender
9/1/27)
3,100
3,126
Main
Street
Natural
Gas,
Series B,
VRDN,
5.00%,
12/1/54
(Tender
3/1/32)
1,750
1,897
Main
Street
Natural
Gas,
Series C,
VRDN,
5.00%,
9/1/53
(Tender
9/1/30)
1,800
1,925
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series A,
5.50%,
9/15/25
6,000
6,123
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series B,
VRDN,
5.00%,
12/1/52
(Tender
6/1/29)
3,450
3,633
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
3/1/50
(Tender
9/1/26)
7,940
7,994
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
5/1/52
(Tender
12/1/28)
3,210
3,248
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
5.00%,
12/1/54
(Tender
12/1/31)
4,510
4,825
Municipal
Electric
Auth.
of
Georgia,
5.00%,
1/1/56
6,795
6,960
Municipal
Electric
Auth.
of
Georgia,
5.00%,
1/1/56 (2)
3,315
3,406
Municipal
Electric
Auth.
of
Georgia,
Series A,
5.00%,
1/1/59
4,000
4,089
Municipal
Electric
Auth.
of
Georgia,
Series A,
5.00%,
7/1/64 (2)
1,000
1,055
Senoia
Dev.
Auth.,
Coweta
Charter
Academy
Project,
Series A,
6.50%,
7/1/54 (1)
2,735
2,676
179,322
IDAHO
0.1%
Idaho
HFA,
Saint
Luke's
Health
System,
Series A,
5.00%,
3/1/34
2,100
2,101
2,101
ILLINOIS
5.7%
Chicago,
Series A,
GO,
5.50%,
1/1/49
1,850
1,925
Chicago
O'Hare
Int'l.
Airport,
Series B,
4.50%,
1/1/56
22,690
22,732
Chicago
O'Hare
Int'l.
Airport,
Series B,
5.00%,
1/1/48
4,000
4,169
Chicago
O'Hare
Int'l.
Airport,
Series B,
5.50%,
1/1/59 (9)
7,500
8,321
Chicago
O'Hare
Int'l.
Airport,
Series D,
5.00%,
1/1/47
10,775
10,997
Illinois,
GO,
5.50%,
5/1/25
1,505
1,529
Illinois,
GO,
5.50%,
5/1/26
1,350
1,406
Illinois,
Series A,
GO,
5.00%,
10/1/31
1,500
1,601
Illinois,
Series A,
GO,
5.00%,
3/1/33
1,500
1,675
Illinois,
Series A,
GO,
5.50%,
3/1/42
2,250
2,504
Illinois,
Series B,
GO,
5.00%,
3/1/25
2,375
2,397
Illinois,
Series B,
GO,
5.00%,
10/1/31
2,000
2,135
Illinois,
Series B,
GO,
5.00%,
10/1/32
1,750
1,861
Illinois,
Series B,
GO,
5.50%,
5/1/47
4,350
4,774
Illinois,
Series C,
GO,
5.00%,
11/1/29
4,530
4,803
Illinois,
Series D,
GO,
5.00%,
11/1/24
1,015
1,018
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/34
515
538
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/36
750
781
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/41
3,040
3,126
Illinois
Housing
Dev.
Auth.,
Series H,
5.75%,
10/1/53
4,490
4,848
Illinois
State
Toll
Highway
Auth.,
Series A,
5.25%,
1/1/45
6,875
7,678
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
5.00%,
6/15/50
2,850
2,952
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/40
1,725
878
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
5.00%,
6/15/29 (9)
650
689
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
6/15/37 (10)
11,870
7,094
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series B,
Zero
Coupon,
12/15/41
10,000
4,728
Railsplitter
Tobacco
Settlement
Auth.,
5.00%,
6/1/28
(Prerefunded
6/1/26) (8)
1,310
1,357
Regional
Transportation
Auth.,
Series A,
5.75%,
6/1/34 (2)
5,250
6,159
Regional
Transportation
Auth.,
Series A,
6.00%,
7/1/33 (10)
15,000
17,765
132,440
INDIANA
0.3%
Indiana
Fin.
Auth.
Depauw
Univ.,
Series A,
5.50%,
7/1/52
5,000
5,280
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series A,
4.25%,
11/1/30
1,375
1,409
Indiana
Fin.
Auth.,
Parkview
Health
System,
Series D,
VRDN,
3.80%,
11/1/39
100
100
6,789
KANSAS
0.2%
Overland
Park
Sales
Tax
Revenue,
Bluhawk
Star
Bond
Project,
Series A,
6.50%,
11/15/42 (1)
4,025
4,144
4,144
KENTUCKY
2.2%
Kentucky
Economic
DFA,
Louisville
Arena
Auth.,
Series A,
5.00%,
12/1/45 (2)
1,000
1,033
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/36
4,050
3,631
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/46
1,900
1,519
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.375%,
11/15/32
2,000
1,892
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/37
1,290
1,320
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/41
850
861
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/45
4,525
4,562
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/50
6,780
6,791
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series B,
5.00%,
6/1/40
2,200
2,235
Kentucky
Public
Energy
Auth.,
Series A,
VRDN,
5.00%,
5/1/55
5,750
6,103
Kentucky
Public
Energy
Auth.,
Series A-1,
VRDN,
5.25%,
4/1/54
(Tender
2/1/32)
3,825
4,194
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
Kentucky
Public
Energy
Auth.,
Series B,
VRDN,
5.00%,
1/1/55
(Tender
8/1/32)
7,225
7,845
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28)
8,760
8,847
50,833
LOUISIANA
1.4%
Jefferson
Sales
Tax
Dist.,
Series B,
5.00%,
12/1/42 (2)
7,500
7,735
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/38
750
774
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/43
2,775
2,840
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/48
9,210
9,384
Saint
James
Parish,
Nustar
Logistics,
VRDN,
5.85%,
8/1/41
(Tender
6/1/25) (1)
4,450
4,513
Saint
John
the
Baptist
Parish,
Marathon
Oil,
VRDN,
4.05%,
6/1/37
(Tender
7/1/26)
4,600
4,642
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series A-3,
VRDN,
2.20%,
6/1/37
(Tender
7/1/26)
1,500
1,465
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series B-2,
VRDN,
2.375%,
6/1/37
(Tender
7/1/26)
1,150
1,127
32,480
MARYLAND
6.0%
Anne
County
Arundel,
Consolidated
Water
&
Sewer,
GO,
4.00%,
10/1/52
5,000
4,954
Anne
County
Arundel,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/43
2,435
2,756
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/42
7,000
6,961
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/46
1,000
986
Baltimore
City,
Harbor
Point
Project,
5.125%,
6/1/43
2,500
2,511
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/33
590
605
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/36
395
403
Maryland
CDA,
5.05%,
3/1/47
5,000
5,104
Maryland
CDA,
Series C,
5.75%,
9/1/54
1,980
2,137
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series C,
6.25%,
9/1/55
3,875
4,397
Maryland
Economic
Dev.,
College
Park
Leonardtown
Project,
5.00%,
7/1/54 (2)
2,000
2,096
Maryland
Economic
Dev.,
Constellation
Energy
Group,
Series B,
VRDN,
4.10%,
10/1/36
(Tender
4/3/28)
1,700
1,744
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/50
650
551
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/29
1,500
1,588
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/36
2,655
2,736
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/46
11,135
11,319
Maryland
HHEFA,
MedStar
Health,
5.00%,
8/15/32
6,880
6,928
Maryland
HHEFA,
MedStar
Health,
Series A,
4.00%,
5/15/47
5,000
4,867
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
5/15/45
8,980
9,198
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/28
2,010
2,037
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/45
3,375
3,395
Maryland
Stadium
Auth.
Built
to
Learn
Revenue,
Series A,
4.00%,
6/1/52
3,000
2,898
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
5.00%,
5/1/50
10,020
11,431
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
Series B,
5.00%,
5/1/47
3,625
4,131
Montgomery
County,
Series A,
GO,
3.00%,
11/1/37
5,365
4,971
Montgomery
County
Housing
Opportunities
Commission,
Series C,
2.85%,
1/1/51
4,195
3,018
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.00%,
1/1/43
1,500
1,658
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.125%,
1/1/53
2,500
2,734
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.50%,
1/1/48
2,500
2,846
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.75%,
1/1/58
3,915
4,484
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.75%,
1/1/63
8,000
9,130
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/42
3,100
3,064
Rockville,
Ingleside
at
King
Farm,
Series A-2,
5.00%,
11/1/31
500
507
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36
1,000
868
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/42
1,700
1,373
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
2.25%,
6/1/41
8,000
6,084
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
4.00%,
6/1/53
4,120
4,082
140,552
MASSACHUSETTS
0.8%
Massachusetts
Commonwealth,
Series C,
GO,
3.00%,
3/1/47
4,000
3,289
Massachusetts
Dev.
Fin.
Agency,
Linden
Ponds
Fac.,
5.00%,
11/15/28 (1)
1,500
1,572
Massachusetts
HEFA,
Massachusetts
Institute
of
Technology,
Series K,
5.50%,
7/1/32
10,000
12,020
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
Massachusetts
Housing
Fin.
Agency,
Series A-1,
4.70%,
12/1/49
800
806
Massachusetts
Housing
Fin.
Agency,
Series A-1,
4.80%,
12/1/54
1,500
1,536
19,223
MICHIGAN
2.1%
Detroit,
GO,
5.00%,
4/1/28
850
905
Detroit,
GO,
5.00%,
4/1/29
150
159
Detroit
Downtown
Dev.
Auth.,
Catalyst
Dev.
Project,
Series A,
5.00%,
7/1/43
(Prerefunded
9/25/24) (2)(8)
1,800
1,802
Detroit
Downtown
Dev.
Auth.,
Catalyst
Dev.
Project,
Series A,
5.00%,
7/1/48
(Prerefunded
9/25/24) (2)(8)
1,500
1,502
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/40
1,050
1,041
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/42
2,100
2,037
Great
Lakes
Water
Auth.
Sewage
Disposal,
Series A,
5.25%,
7/1/47
8,340
9,249
Great
Lakes
Water
Auth.
Water
Supply,
Series A,
5.25%,
7/1/47
7,000
7,763
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
Series A,
4.00%,
11/15/50
5,300
4,829
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Great
Lakes,
Series C,
5.00%,
7/1/33
1,650
1,673
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Great
Lakes,
Series C,
5.00%,
7/1/34
2,860
2,901
Michigan
Fin.
Auth.,
Trinity
Health,
4.00%,
12/1/40
(Prerefunded
12/1/29) (8)
445
476
Michigan
Fin.
Auth.,
University
of
Detroit
Mercy,
5.375%,
11/1/43
3,530
3,650
Michigan
Fin.
Auth.,
University
of
Detroit
Mercy,
5.50%,
11/1/48
1,700
1,747
Michigan
Trunk
Line
Revenue,
Rebuilding
Michigan
Program,
5.50%,
11/15/49
2,500
2,844
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/36
550
575
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/37
500
522
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/42
1,300
1,344
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/25
1,070
1,100
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/28
3,795
3,875
49,994
MINNESOTA
0.7%
Minnesota
Agricultural
&
Economic
Dev.
Board,
5.25%,
1/1/54
5,395
5,894
Minnesota
Housing
Fin.
Agency,
Series A,
2.90%,
1/1/45
1,280
1,007
Minnesota
Housing
Fin.
Agency,
Series A,
6.25%,
1/1/54
2,500
2,767
Minnesota
Housing
Fin.
Agency,
Series L,
6.50%,
1/1/55
2,750
3,149
Minnesota
Housing
Fin.
Agency,
Series O,
6.25%,
1/1/55
2,500
2,847
15,664
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
MISSISSIPPI
0.0%
Mississippi
Business
Fin.,
Chevron
USA
Project,
Series C,
VRDN,
3.85%,
11/1/35
470
470
470
MISSOURI
2.5%
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
7,059
Missouri
HEFA,
Lutheran
Senior
Services,
5.00%,
2/1/48
3,000
3,068
Missouri
HEFA,
Lutheran
Senior
Services
Project,
Series A,
5.25%,
2/1/48
2,000
2,124
Missouri
HEFA,
Lutheran
Senior
Services
Project,
Series A,
5.25%,
2/1/54
1,250
1,318
Missouri
HEFA,
Mercy
Health,
3.00%,
6/1/53
4,000
2,986
Missouri
HEFA,
Mercy
Health,
Series C,
5.00%,
11/15/47
4,000
4,072
Missouri
HEFA,
Saint
Luke's
Health
System,
5.00%,
11/15/34
5,400
5,546
Missouri
HEFA,
Saint
Luke's
Health
System,
5.00%,
11/15/35
7,595
7,790
Missouri
Joint
Municipal
Electric
Utility
Commission,
Plum
Point
Project,
Series A,
5.00%,
1/1/34
10,985
11,026
Saint
Louis
County
IDA,
Friendship
Village,
5.00%,
9/1/48
1,545
1,514
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.00%,
9/1/38
1,000
1,015
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.125%,
9/1/48
3,850
3,838
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
Series A,
5.125%,
12/1/45
1,050
1,020
Saint
Louis
IDA,
Ballpark
Village,
Series A,
3.875%,
11/15/29
105
98
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.375%,
11/15/35
895
808
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.75%,
11/15/47
800
680
58,449
NEBRASKA
0.1%
Nebraska
Investment
Fin.
Auth.,
Series E,
5.00%,
3/1/49
2,750
2,906
2,906
NEVADA
1.4%
Clark
County
School
Dist.,
Series A,
GO,
4.00%,
6/15/38 (2)
1,275
1,292
Clark
County
School
Dist.,
Series A,
GO,
4.00%,
6/15/40 (2)
1,425
1,434
Las
Vegas
Convention
&
Visitors
Auth.,
Series A,
5.00%,
7/1/49
8,800
9,472
Las
Vegas
Convention
&
Visitors
Auth.,
Series B,
5.00%,
7/1/43
12,485
13,022
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/48
6,750
6,974
Reno,
Retrac-Reno
Transportation,
Series C,
Zero
Coupon,
7/1/58 (1)
4,000
570
32,764
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
NEW
HAMPSHIRE
0.9%
New
Hampshire
Business
Fin.
Auth.,
Series 2020-1,
Class
A,
4.125%,
1/20/34
5,483
5,532
New
Hampshire
Business
Fin.
Auth.,
Series 2023-2,
Class
A,
3.875%,
1/20/38
2,679
2,599
New
Hampshire
Business
Fin.
Auth.,
Series 2024-2,
Class
A,
3.625%,
8/20/39
2,571
2,438
New
Hampshire
Business
Fin.
Auth.,
Series A,
4.00%,
7/1/51
3,920
3,755
New
Hampshire
Business
Fin.
Auth.,
Univ.
of
Nevada
Reno
Project,
Series A,
5.25%,
6/1/51 (4)
5,000
5,441
19,765
NEW
JERSEY
5.1%
Garden
State
Preservation
Trust,
Farmland,
Series A,
5.75%,
11/1/28 (2)
10,400
10,995
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
4.00%,
6/15/29 (1)
440
438
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/39 (1)
1,000
1,005
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/49 (1)
2,210
2,173
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/35
1,000
1,001
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/48
4,765
4,581
New
Jersey
EFA,
Princeton
Univ.,
Series B,
5.25%,
3/1/54
12,775
14,410
New
Jersey
HCFFA,
Barnabas
Health,
3.00%,
7/1/51
10,115
7,894
New
Jersey
HCFFA,
Hackensack
Meridian
Health,
Series A,
5.25%,
7/1/57
5,500
5,631
New
Jersey
Institute
of
Technology,
Series A,
5.00%,
7/1/45
11,500
11,620
New
Jersey
Transportation
Trust
Fund
Auth.,
5.25%,
6/15/46
1,370
1,500
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/39
3,000
3,026
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
4.00%,
6/15/45
6,655
6,472
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/37
2,175
2,425
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/44
6,000
6,218
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/46
2,275
2,459
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.25%,
6/15/50
6,325
6,921
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series AA,
5.25%,
6/15/43
13,575
14,237
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/42
2,565
2,581
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
New
Jersey
Turnpike
Auth.,
Series B,
5.25%,
1/1/52
8,575
9,515
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/27
335
348
Tobacco
Settlement
Fin.,
Series A,
5.25%,
6/1/46
4,285
4,440
119,890
NEW
YORK
7.9%
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
3.00%,
3/15/41
2,465
2,137
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
4.00%,
3/15/47
10,000
9,829
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
5.25%,
3/15/52
1,900
2,108
Dormitory
Auth.
of
the
State
of
New
York,
Cornell
Univ.,
Series A,
5.50%,
7/1/54
10,125
11,583
Dormitory
Auth.
of
the
State
of
New
York,
Montefiore
Obligation
Group,
Series A,
4.00%,
9/1/50
6,500
5,887
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series E,
4.00%,
3/15/49
2,000
1,967
Long
Island
Power
Auth.,
Electric,
Series 2017,
5.00%,
9/1/42
3,000
3,131
Metropolitan
Transportation
Auth.,
Series B,
5.25%,
11/15/26 (2)
10,000
10,593
New
York
City,
Series B-1,
GO,
5.00%,
10/1/38
1,500
1,571
New
York
City,
Series D-1,
GO,
5.50%,
5/1/45
1,250
1,401
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
5,006
New
York
City,
Series J,
GO,
5.00%,
8/1/32
7,500
7,509
New
York
City
Housing
Dev.,
3.05%,
5/1/50
2,000
1,563
New
York
City
Housing
Dev.,
Series A,
2.80%,
2/1/50
2,000
1,422
New
York
City
Housing
Dev.,
Series I-1,
2.65%,
11/1/50
2,530
1,735
New
York
City
Ind.
Dev.
Agency,
Queens
Baseball
Stadium
Project,
Series A,
3.00%,
1/1/46 (2)
2,600
2,115
New
York
City
Municipal
Water
Fin.
Auth.,
Series AA,
5.25%,
6/15/52
2,850
3,138
New
York
City
Municipal
Water
Fin.
Auth.,
Series BB-2,
VRDN,
3.90%,
6/15/53
2,500
2,500
New
York
City
Municipal
Water
Fin.
Auth.,
Series CC-1,
4.00%,
6/15/33
7,000
7,116
New
York
City
Municipal
Water
Fin.
Auth.,
Series CC-1,
5.25%,
6/15/54
3,750
4,179
New
York
City
Municipal
Water
Fin.
Auth.,
Series DD,
4.125%,
6/15/46
3,500
3,480
New
York
City
Transitional
Fin.
Auth.,
Series C,
5.50%,
5/1/43
2,980
3,441
New
York
City
Transitional
Fin.
Auth.,
Series C,
5.50%,
5/1/44
3,460
3,975
New
York
City
Transitional
Fin.
Auth.,
Series F-1,
5.25%,
2/1/53
5,840
6,463
New
York
City
Transitional
Fin.
Auth.,
Series G-1,
5.00%,
5/1/52
5,745
6,247
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
New
York
City
Transitional
Fin.
Auth.,
Building
Aid,
Series S-1,
5.00%,
7/15/45
3,975
4,160
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured
Revenue,
4.00%,
11/1/36
500
519
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured
Revenue,
Series C,
4.00%,
5/1/44
2,295
2,278
New
York
Liberty
Dev.,
1
World
Trade
Center,
Series 1WTC,
2.25%,
2/15/41
5,500
3,963
New
York
State
Housing
Fin.
Agency,
Series L-2,
0.75%,
11/1/25
4,030
3,883
New
York
State
Housing
Fin.
Agency,
Series M-2,
0.75%,
11/1/25
1,975
1,903
New
York
State
Thruway
Auth.,
Series A,
5.25%,
1/1/56
2,215
2,255
New
York
State
Thruway
Auth.,
Series A-1,
3.00%,
3/15/50
7,400
5,795
New
York
State
Thruway
Auth.,
Series B,
4.00%,
1/1/38
4,250
4,331
New
York
State
Thruway
Auth.,
Series B,
4.00%,
1/1/40 (2)
22,055
22,152
New
York
State
Urban
Dev.,
4.00%,
3/15/45
8,500
8,405
Triborough
Bridge
&
Tunnel
Auth.,
Series C,
5.25%,
5/15/52
6,170
6,720
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
1,077
Westchester
County
Local
Dev.,
Pace
Univ.,
Series A,
5.50%,
5/1/42
(Prerefunded
11/25/24) (8)
3,910
3,931
183,919
NORTH
CAROLINA
3.0%
North
Carolina
Housing
Fin.
Agency,
5.00%,
7/1/47
1,940
1,971
North
Carolina
Housing
Fin.
Agency,
Series 53-A,
6.25%,
1/1/55
4,700
5,203
North
Carolina
Housing
Fin.
Agency,
Series 54-A,
6.25%,
1/1/55
2,500
2,829
North
Carolina
Housing
Fin.
Agency,
Series A,
4.70%,
7/1/50
3,750
3,790
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/27 (2)
1,000
1,049
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/31 (2)
1,000
1,041
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/40
14,735
15,461
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/47
4,655
4,722
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/51
3,100
3,140
North
Carolina
Turnpike
Auth.,
Triangle
Expressway,
4.00%,
1/1/55
6,265
5,785
North
Carolina
Turnpike
Auth.,
Triangle
Expressway,
Series A,
5.00%,
1/1/58 (2)
18,000
19,154
Univ.
of
North
Carolina
at
Chapel
Hill,
Univ.
of
North
Carolina
Hosp.,
5.00%,
2/1/45
1,440
1,679
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
Univ.
of
North
Carolina
at
Chapel
Hill,
Univ.
of
North
Carolina
Hosp.,
5.00%,
2/1/49
3,875
4,506
70,330
OHIO
3.4%
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series A-2,
Class
1,
4.00%,
6/1/38
2,000
2,003
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series A-2,
Class
1,
4.00%,
6/1/39
2,500
2,485
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series B-2,
Class
2,
5.00%,
6/1/55
15,420
14,170
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/52
8,750
8,940
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/57
4,315
4,399
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/38
1,600
1,615
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/40
1,430
1,438
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/46
6,000
6,302
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/51
8,750
9,141
Hamilton
County,
Cincinnati
Children's
Hosp.,
Series CC,
5.00%,
11/15/49
14,830
17,396
Ohio,
Series A,
5.00%,
1/15/50
4,570
4,742
Ohio
Housing
Fin.
Agency,
Series A,
6.25%,
3/1/55
2,500
2,775
Port
of
Greater
Cincinnati
Dev.
Auth.,
Duke
Energy
Convention
Center
Project,
Series B,
4.375%,
12/1/58 (2)
2,770
2,771
78,177
OKLAHOMA
1.1%
Oklahoma
DFA,
OU
Medicine,
Series B,
5.50%,
8/15/57
1,500
1,543
Oklahoma
Turnpike
Auth.,
Senior,
4.50%,
1/1/53
3,425
3,499
Oklahoma
Turnpike
Auth.,
Senior,
5.50%,
1/1/53
14,390
15,863
Tulsa
County
Ind.
Auth.,
Montereau
Project,
5.25%,
11/15/45
1,975
1,995
Univ.
of
Oklahoma,
Series A,
4.125%,
7/1/54 (4)
1,000
1,000
Univ.
of
Oklahoma,
Series A,
5.00%,
7/1/54 (4)
1,215
1,316
25,216
PENNSYLVANIA
2.8%
Bucks
County
Water
&
Sewer
Auth.,
Series A,
5.25%,
12/1/47 (2)
2,175
2,375
Chester
County
IDA,
Longwood
Gardens
Project,
4.00%,
12/1/46
1,940
1,892
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/40 (1)
2,105
1,924
Montgomery
County
IDA,
Series A,
VRDN,
4.10%,
4/1/53
(Tender
4/3/28)
3,275
3,354
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
Northampton
County
General
Purpose
Auth.,
Lafayette
College,
5.00%,
11/1/47
13,650
14,055
Pennsylvania
Housing
Fin.
Agency,
Series 144A,
6.00%,
10/1/54
3,315
3,645
Pennsylvania
Housing
Fin.
Agency,
Series 145A,
6.00%,
10/1/54
1,925
2,126
Philadelphia
IDA,
Saint
Joseph's
Univ.,
4.00%,
11/1/45
5,000
4,751
Philadelphia
IDA,
Temple
Univ.,
1st Series 2016,
5.00%,
4/1/29
4,000
4,043
Philadelphia
IDA,
Temple
Univ.,
2nd Series 2016,
5.00%,
4/1/34
1,825
1,841
Philadelphia
IDA,
Temple
Univ.,
2nd Series 2016,
5.00%,
4/1/35
8,500
8,575
Philadelphia
School
Dist.,
Series A,
GO,
5.00%,
9/1/44
9,300
9,742
Southcentral
Pennsylvania
General
Auth.,
Wellspan
Health,
Series E,
VRDN,
3.60%,
6/1/35
1,400
1,400
State
Public
School
Building
Auth.,
Philadelphia
School
Dist.,
Series A,
5.00%,
6/1/33 (2)
5,000
5,168
64,891
PUERTO
RICO
3.6%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (11)
11,183
7,073
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (11)
11,153
5,855
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (11)
5,226
3,345
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
4.00%,
7/1/42 (1)
1,490
1,413
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/30 (1)
5,000
5,275
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/33 (1)
1,000
1,061
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/37 (1)
2,000
2,114
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/37 (1)
1,070
1,124
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33
1,852
1,246
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
1,294
1,275
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
2,756
2,693
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25
1,814
1,827
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
1,588
1,654
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
1,563
1,680
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (7)
(12)
60
32
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (7)(12)
100
54
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (7)(12)
810
435
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (7)(12)
225
121
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (7)
(12)
290
156
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (7)
(12)
1,105
594
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (7)
(12)
370
199
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (7)
(12)
450
242
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (7)
(12)
2,640
1,419
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/37 (7)
(12)
380
204
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (7)
(12)
990
532
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (7)
(12)
280
150
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (7)
(12)
240
129
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (7)
(12)
100
54
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (7)
(12)
275
148
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (7)
(12)
215
116
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (7)
(12)
70
38
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (7)
(12)
120
64
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (7)
(12)
95
51
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (7)
(12)
890
478
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (7)
(12)
200
107
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (7)
(12)
100
54
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.55%,
7/1/40
1,555
1,558
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
15,239
15,094
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27
2,600
2,337
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/29
5,800
4,827
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33
10,102
7,109
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46
20,000
6,707
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.329%,
7/1/40
2,616
2,583
83,227
RHODE
ISLAND
0.1%
Central
Falls
Detention
Fac.,
7.25%,
7/15/35 (6)(7)
4,915
1,966
1,966
SOUTH
CAROLINA
1.0%
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/32 (7)
5,404
3,195
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/42 (7)
11,920
3,546
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
7/22/51 (7)
14,899
2,063
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
1/1/32 (7)
1,318
578
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
7/22/51 (7)
10,109
972
Connector
2000
Assoc.,
Series C-1,
Zero
Coupon,
7/22/51 (7)
1,356
59
South
Carolina
Jobs-Economic
Dev.
Auth.,
Active
Retirement
Community,
Series C,
5.00%,
11/15/47
2,325
2,374
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/35
2,000
2,088
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/37
5,000
5,188
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series C,
VRDN,
3.80%,
5/1/48
2,200
2,200
22,263
SOUTH
DAKOTA
0.7%
South
Dakota
HEFA,
Avera
Health,
Series A,
4.25%,
7/1/49
5,000
4,932
South
Dakota
HEFA,
Avera
Health,
Series A,
5.25%,
7/1/54
11,125
12,289
17,221
TENNESSEE
2.0%
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/35
1,725
1,803
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/37
4,000
4,159
Knox
County
Health
Ed.
&
Housing
Fac.
Board,
Series B-1,
5.25%,
7/1/64 (4)
1,800
1,902
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
The
Vanderbilt
Univ.,
5.00%,
10/1/54
10,350
11,397
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/35
2,675
2,736
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/40
7,265
7,376
Metropolitan
Nashville
Airport
Auth.,
Series A,
4.00%,
7/1/49
2,800
2,716
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/44
2,500
2,661
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/52
3,550
3,792
Tennessee
Energy
Acquisition,
Series A,
5.25%,
9/1/24
8,100
8,100
46,642
TEXAS
6.3%
Austin
Airport,
Series A,
5.00%,
11/15/41
6,845
6,993
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
1,418
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/25
1,030
1,029
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/26
600
602
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/27
1,000
1,005
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/28
520
523
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series B,
5.00%,
8/15/49
6,000
7,140
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/37
295
321
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/38
800
869
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/39
775
836
Central
Texas
Turnpike
System,
Second
Tier,
Series C,
5.00%,
8/15/39
1,250
1,385
Central
Texas
Turnpike
System,
Second
Tier,
Series C,
5.00%,
8/15/41
1,500
1,643
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/41
2,750
3,056
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/42
1,000
1,103
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/43
3,500
3,743
Fort
Bend
County
IDC,
NRG
Energy,
Series A,
4.75%,
5/1/38
3,000
3,001
Harris
County,
Series A,
GO,
5.00%,
9/15/48
1,500
1,627
Harris
County
Cultural
Ed.
Fac.
Fin.,
Series 9C-1,
TECP,
3.83%,
9/3/24
1,225
1,225
Harris
County
Cultural
Ed.
Fac.
Fin.,
Houston
Methodist
Hosp.,
5.00%,
12/1/45
7,000
7,045
Harris
County
Cultural
Ed.
Fac.
Fin.,
Houston
Methodist
Hosp.,
Series A-2,
VRDN,
4.00%,
12/1/41
2,900
2,900
Harris
County
Toll
Road
Revenue,
Series A,
4.00%,
8/15/49
5,000
4,775
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
Harris
County
Toll
Road
Revenue,
Series A,
4.00%,
8/15/54
4,225
3,982
Houston
Airport,
Series D,
5.00%,
7/1/35
6,380
6,748
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/45
2,600
2,379
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.25%,
12/1/35
2,400
2,403
Kilgore
Independent
School
Dist.,
Series 2022,
GO,
3.00%,
2/15/40
4,590
4,106
Kilgore
Independent
School
Dist.,
Series 2022,
GO,
3.00%,
2/15/41
4,000
3,525
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/30
(Prerefunded
4/1/25) (8)
300
303
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
3,348
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/32
750
745
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/39
1,000
961
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.25%,
10/1/49
2,255
2,112
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/39
6,110
6,209
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/43
2,750
2,848
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/48
12,500
12,898
North
Texas
Tollway
Auth.,
Second
Tier,
Series B,
3.00%,
1/1/51 (4)
6,700
5,220
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Series E,
VRDN,
5.00%,
11/15/52
(Tender
5/15/26)
1,800
1,854
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/28
1,000
1,017
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/31
1,835
1,861
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/37
1,700
1,714
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/40
2,650
2,662
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/46
5,395
5,334
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere-Northwest
Senior
High
School,
Series A,
5.00%,
11/15/45 (7)(13)
2,962
80
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Texas
Health
Resources
System,
Series A,
5.00%,
2/15/41
4,240
4,337
Texas
IDC,
NRG
Energy,
Series 2012,
4.125%,
12/1/45
3,670
3,372
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Series D,
6.25%,
12/15/26
3,445
3,563
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
2,691
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
Texas
Transportation
Commission,
First
Tier
Toll,
State
Highway,
5.00%,
8/1/57
5,260
5,372
147,553
UTAH
0.5%
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/38
7,000
7,766
Salt
Lake
City
Airport,
Series B,
5.00%,
7/1/42
1,000
1,030
Utah
Transit
Auth.,
Senior
Lien,
5.00%,
6/15/42
3,500
3,939
12,735
VIRGINIA
5.4%
Alexandria,
Series A,
GO,
2.00%,
12/15/38
3,000
2,252
Arlington
County
IDA,
Virginia
Hosp.
Center,
3.75%,
7/1/50
8,500
7,588
Arlington
County
IDA,
Virginia
Hosp.
Center,
Series A,
VRDN,
5.00%,
7/1/53
(Tender
7/1/31)
5,000
5,456
Chesterfield
County
Economic
Dev.
Auth.,
Mobility
Projects,
5.00%,
4/1/48
5,000
5,495
Fairfax
County,
Series A,
GO,
2.00%,
10/1/40
8,625
6,195
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/33
8,955
9,067
Fairfax
County
IDA,
Inova
Health
System,
4.00%,
5/15/42
7,100
7,140
Harrisonburg,
Series A,
GO,
2.00%,
7/15/41
5,145
3,588
Isle
Wight
County
IDA,
Riverside
Health
System,
4.75%,
7/1/53 (2)
5,000
5,268
Loudoun
County
Economic
Dev.
Auth.,
Howard
Hughes
Medical,
Zero
Coupon,
7/1/49
14,715
4,943
Richmond,
Series C,
GO,
3.50%,
3/1/49
5,000
4,574
Roanoke
Economic
Dev.
Auth.,
Series A,
5.00%,
7/1/47
7,745
8,898
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/33
1,000
1,025
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/36
2,900
2,962
Virginia
College
Building
Auth.,
Series A,
4.00%,
9/1/45
4,980
4,931
Virginia
College
Building
Auth.,
21st
Century
College
&
Equipment
Programs,
Series A,
4.00%,
2/1/43
5,000
5,021
Virginia
College
Building
Auth.,
Univ.
of
Richmond,
5.00%,
3/1/49
4,600
5,078
Virginia
College
Building
Auth.,
Univ.
of
Richmond,
5.00%,
3/1/54
9,050
9,922
Virginia
Commonwealth
Transportation
Board,
Capital
Projects,
3.00%,
5/15/29
3,895
3,887
Virginia
HDA,
Series C,
4.90%,
12/1/59
1,270
1,302
Virginia
Housing
Dev.
Auth.,
Series F,
5.40%,
11/1/63
10,000
10,562
Virginia
Housing
Dev.
Auth.,
Series G,
5.375%,
11/1/64
5,000
5,229
Virginia
Housing
Dev.
Auth.,
Series K,
2.55%,
12/1/46
4,090
2,958
T.
ROWE
PRICE
Tax-Free
Income
Fund
Par
$
Value
(Amounts
in
000s)
Williamsburg
Economic
Dev.
Auth.,
William
and
Mary
Project,
Series A,
5.25%,
7/1/53 (2)
3,300
3,606
126,947
WASHINGTON
1.5%
Energy
Northwest,
Columbia
Generating
Station,
Series A,
4.00%,
7/1/42
6,065
6,117
Washington
Convention
&
Sports
Auth.,
Series C,
GO,
5.00%,
2/1/44
10,565
11,416
Washington
State
Convention
Center
Public
Fac.
Dist.,
4.00%,
7/1/31
2,500
2,508
Washington
State
Housing
Fin.
Commission,
Radford
Court
&
Nordheim
Court
Portfolio,
5.00%,
7/1/54
2,655
2,749
Washington
State
Housing
Fin.
Commission,
Radford
Court
&
Nordheim
Court
Portfolio,
5.50%,
7/1/59
2,605
2,799
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series 2023-1,
Class
A,
3.375%,
4/20/37
9,937
9,109
34,698
WEST
VIRGINIA
0.0%
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.50%,
6/1/37 (1)
425
435
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.75%,
6/1/43 (1)
425
434
869
WISCONSIN
0.3%
Wisconsin
Housing
&
Economic
Dev.
Auth.
Home
Ownership
Revenue,
Series B,
6.00%,
3/1/55
3,125
3,450
Wisconsin
PFA,
Searstone
CCRC
Project,
Series A,
5.00%,
6/1/37 (1)
4,000
4,050
7,500
Total
Municipal
Securities
(Cost
$2,301,343)
2,314,651
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES 0.1%
Freddie
Mac
Multifamily
ML
Certificates,
Series 2021-ML10,
Class
ACA,
2.046%,
6/25/38
3,531
2,892
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$3,630)
2,892
Total
Investments
in
Securities
99.5%
of
Net
Assets
(Cost
$2,304,973)
$
2,317,543
T.
ROWE
PRICE
Tax-Free
Income
Fund
‡
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
$70,992
and
represents
3.0%
of
net
assets.
(2)
Insured
by
Assured
Guaranty
Municipal
Corporation
(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)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(7)
Non-income
producing
(8)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(9)
When-issued
security
(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.
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
PFA
Public
Finance
Authority/Agency
PIK
Payment-in-kind
RAC
Revenue
Anticipation
Certificate
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TECP
Tax-Exempt
Commercial
Paper
T.
ROWE
PRICE
Tax-Free
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
.
.
.
.
.
.
.
.
.
.
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
August
31,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$2,304,973)
$
2,317,543
Interest
receivable
25,118
Receivable
for
shares
sold
1,799
Cash
9
Other
assets
62
Total
assets
2,344,531
Liabilities
Payable
for
investment
securities
purchased
9,185
Payable
for
shares
redeemed
2,349
Investment
management
fees
payable
859
Due
to
affiliates
13
Payable
to
directors
1
Other
liabilities
1,988
Total
liabilities
14,395
Commitments
and
Contingent
Liabilities
(note
5
)
NET
ASSETS
$
2,330,136
T.
ROWE
PRICE
Tax-Free
Income
Fund
August
31,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(63,330)
Paid-in
capital
applicable
to
245,153,324
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
2,393,466
NET
ASSETS
$
2,330,136
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$773,221;
Shares
outstanding:
81,330,474)
$
9.51
Advisor
Class
(Net
assets:
$34,605;
Shares
outstanding:
3,638,506)
$
9.51
I
Class
(Net
assets:
$1,522,310;
Shares
outstanding:
160,184,344)
$
9.50
T.
ROWE
PRICE
Tax-Free
Income
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
8/31/24
Investment
Income
(Loss)
Interest
income
$
45,375
Expenses
Investment
management
5,025
Shareholder
servicing
Investor
Class
$
542
Advisor
Class
27
I
Class
102
671
Rule
12b-1
fees
Advisor
Class
44
Prospectus
and
shareholder
reports
Investor
Class
18
Advisor
Class
2
I
Class
11
31
Custody
and
accounting
119
Registration
52
Legal
and
audit
45
Directors
4
Miscellaneous
11
Waived
/
paid
by
Price
Associates
(258)
Total
expenses
5,744
Net
investment
income
39,631
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
loss
on
securities
(10,103)
Change
in
net
unrealized
gain
/
loss
on
securities
26,237
Net
realized
and
unrealized
gain
/
loss
16,134
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
55,765
T.
ROWE
PRICE
Tax-Free
Income
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
6
Months
Ended
8/31/24
Year
Ended
2/29/24
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
39,631
$
73,847
Net
realized
loss
(10,103)
(37,601)
Change
in
net
unrealized
gain
/
loss
26,237
95,790
Increase
in
net
assets
from
operations
55,765
132,036
Distributions
to
shareholders
Net
earnings
Investor
Class
(12,857)
(24,883)
Advisor
Class
(534)
(1,202)
I
Class
(25,471)
(46,797)
Decrease
in
net
assets
from
distributions
(38,862)
(72,882)
Capital
share
transactions
*
Shares
sold
Investor
Class
59,115
137,079
Advisor
Class
1,244
2,332
I
Class
147,485
337,897
Distributions
reinvested
Investor
Class
11,431
21,632
Advisor
Class
534
1,191
I
Class
14,771
26,681
Shares
redeemed
Investor
Class
(95,390)
(207,384)
Advisor
Class
(4,094)
(15,226)
I
Class
(115,055)
(360,535)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
20,041
(56,333)
T.
ROWE
PRICE
Tax-Free
Income
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
8/31/24
Year
Ended
2/29/24
Net
Assets
Increase
during
period
36,944
2,821
Beginning
of
period
2,293,192
2,290,371
End
of
period
$
2,330,136
$
2,293,192
*Share
information
(000s)
Shares
sold
Investor
Class
6,271
14,898
Advisor
Class
132
252
I
Class
15,666
36,643
Distributions
reinvested
Investor
Class
1,216
2,345
Advisor
Class
57
129
I
Class
1,573
2,893
Shares
redeemed
Investor
Class
(10,118)
(22,533)
Advisor
Class
(435)
(1,644)
I
Class
(12,241)
(39,531)
Increase
(decrease)
in
shares
outstanding
2,121
(6,548)
T.
ROWE
PRICE
Tax-Free
Income
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Tax-Free
Income
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as a
diversified, open-end
management
investment
company. The
fund
seeks
to
provide
a
high
level
of
income
exempt
from
federal
income
taxes
by
investing
primarily
in
long-
term
investment-grade
municipal
securities.
The
fund
has three classes
of
shares:
the
Tax-Free
Income
Fund
(Investor
Class),
the
Tax-Free
Income
Fund–Advisor
Class
(Advisor
Class)
and
the
Tax-Free
Income
Fund–I
Class
(I
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services;
the
Investor
and
I
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. Income
tax-related
interest
and
T.
ROWE
PRICE
Tax-Free
Income
Fund
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class’s
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class’s
outstanding
shares.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class’s
average
daily
net
assets.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
T.
ROWE
PRICE
Tax-Free
Income
Fund
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
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.
T.
ROWE
PRICE
Tax-Free
Income
Fund
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
On
August
31,
2024,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
2,
based
on
the
inputs
used
to
determine
their
fair
values.
NOTE
3
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund’s prospectus
and
Statement
of
Additional
Information.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
T.
ROWE
PRICE
Tax-Free
Income
Fund
Mortgage-Backed
Securities
The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
issuers.
Most
MBS
issued
by
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
MBS are
sensitive
to
changes
in
economic
conditions
that
affect
the
rate
of
prepayments
and
defaults
on
the
underlying
mortgages;
accordingly,
the
value,
income,
and
related
cash
flows
from
MBS
may
be
more
volatile
than
other
debt
instruments.
When-Issued
Securities
The fund
enters
into
when-issued
purchase
or
sale
commitments,
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
an
authorized
but
not
yet
issued
security
for
a
fixed
unit
price,
with
payment
and
delivery
not
due
until
issuance
of
the
security
on
a
scheduled
future
date.
When-issued
securities
may
be
new
securities
or
securities
issued
through
a
corporate
action,
such
as
a
reorganization
or
restructuring.
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
commitment
to
purchase
a
when-issued
security.
Amounts
realized
on
when-issued
transactions
are
included
in
realized
gain/loss
on
securities
in
the
accompanying
financial
statements.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $351,430,000 and
$283,723,000,
respectively,
for
the
six
months ended
August
31,
2024.
NOTE
4
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-
end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
T.
ROWE
PRICE
Tax-Free
Income
Fund
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
February
29,
2024,
the
fund
had
$71,229,000
of
available
capital
loss
carryforwards.
At
August
31,
2024,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$2,305,043,000.
Net
unrealized
gain
aggregated
$12,500,000
at
period-end,
of
which
$50,036,000
related
to
appreciated
investments
and
$37,536,000
related
to
depreciated
investments.
NOTE
5
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.15%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
August
31,
2024,
the
effective
annual
group
fee
rate
was
0.29%.
The Investor
Class and Advisor
Class are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
dates
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class’s ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class’s net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
T.
ROWE
PRICE
Tax-Free
Income
Fund
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended August
31,
2024 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $1,315,000 remain
subject
to
repayment
by
the
fund
at
August
31,
2024. Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
a
wholly
owned
subsidiary
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
Investor
Class
Advisor
Class
I
Class
Expense
limitation/I
Class
Limit
0.53%
1.04%
0.05%
Expense
limitation
date
06/30/25
06/30/25
06/30/25
(Waived)/repaid
during
the
period
($000s)
$(258)
$—
$—
T.
ROWE
PRICE
Tax-Free
Income
Fund
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
For
the
six
months
ended
August
31,
2024,
expenses
incurred
pursuant
to
these
service
agreements
were
$63,000
for
Price
Associates
and
$279,000
for
T.
Rowe
Price
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
August
31,
2024,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
6
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
T.
ROWE
PRICE
Tax-Free
Income
Fund
NOTE
7
-
SUBSEQUENT
EVENT
Effective
November
1,
2024,
Price
Associates
has
contractually
agreed
to
lower
the
fund’s
total
investment
management
fee
to
0.32%
and
lower
the
Investor
Class
and
Advisor
Class
total
expense
limits
to
0.41%
and
0.92%,
respectively.
T.
ROWE
PRICE
Tax-Free
Income
Fund
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser).
In
that
regard,
at
a
meeting
held
on
March
11–12,
2024
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund’s
Advisory
Contract.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
the
approval
of
the
Advisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting,
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
about
various
topics.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser.
These
services
included,
but
were
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance;
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
senior
management
team
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
T.
ROWE
PRICE
Tax-Free
Income
Fund
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2023.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2023,
which
ranked
the
returns
of
the
fund’s
Investor
Class
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
mutual
fund
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
the
length
of
the
fund’s
performance
track
record,
and
how
closely
the
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates)
may
have
realized
from
its
relationship
with
the
fund.
In
considering
soft-dollar
arrangements
pursuant
to
which
research
may
be
received
from
broker-dealers
that
execute
the
fund’s
portfolio
transactions,
the
Board
noted
that
during
2023
the
Adviser
paid
the
costs
of
research
services
for
all
client
accounts
that
it
advises,
including
the
T.
Rowe
Price
funds.
However,
effective
January
1,
2024,
the
Adviser
will
begin
using
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
the
fund
in
particular,
and
the
Board
concluded
that
the
Adviser’s
profits
were
reasonable
in
light
of
the
services
provided
to
the
fund.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Tax-Free
Income
Fund
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
fee
to
the
Adviser
for
investment
management
services
composed
of
two
components—a
group
fee
rate
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
funds
(including
the
fund)
that
declines
at
certain
asset
levels
and
an
individual
fund
fee
rate
based
on
the
fund’s
average
daily
net
assets—and
the
fund
pays
its
own
expenses
of
operations.
The
group
fee
rate
decreases
as
total
T.
Rowe
Price
fund
assets
grow,
which
reduces
the
management
fee
rate
for
any
fund
that
has
a
group
fee
component
to
its
management
fee,
and
reflects
that
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds,
thus
allowing
shareholders
of
those
funds
to
share
potential
economies
of
scale.
The
fund’s
shareholders
also
benefit
from
potential
economies
of
scale
through
a
decline
in
certain
operating
expenses
as
the
fund
grows
in
size.
However,
the
fund
is
also
subject
to
contractual
expense
limitations
that
require
the
Adviser
to
waive
its
fees
and/or
bear
any
expenses
that
would
otherwise
cause
the
expenses
of
a
share
class
of
the
fund
to
exceed
a
certain
percentage
based
on
the
class’s
net
assets.
The
expense
limitations
mitigate
the
potential
for
an
increase
in
operating
expenses
above
a
certain
level
that
could
impact
shareholders.
In
addition,
the
Board
noted
that
the
fund
potentially
shares
in
indirect
economies
of
scale
through
the
Adviser’s
ongoing
investments
in
its
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
advisory
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
any
economies
of
scale
with
the
fund’s
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Investor
Class
Expense
Group);
(ii)
actual
management
fees
and
total
expenses
of
the
Advisor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Advisor
Class
Expense
Group);
and
(iii)
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
actual
management
fee
rate
(which
reflects
the
management
fees
actually
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Tax-Free
Income
Fund
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
indicated
that
the
fund’s
contractual
management
fee
ranked
in
the
fourth
quintile
(Investor
Class
Expense
Group);
the
fund’s
actual
management
fee
rate
ranked
in
the
second
quintile
(Investor
Class
Expense
Group),
fifth
quintile
(Advisor
Class
Expense
Group),
and
third
quintile
(Expense
Universe);
and
the
fund’s
total
expenses
ranked
in
the
fourth
quintile
(Investor
Class
Expense
Group),
first
quintile
(Advisor
Class
Expense
Group),
and
third
quintile
(Expense
Universe).
The
Board
also
reviewed
the
fee
schedules
for
other
investment
portfolios
with
similar
mandates
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
business
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
business.
The
Board
considered
information
showing
that
the
Adviser’s
mutual
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
institutional
account
business
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
greater
asset
flows,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
mutual
fund
business.
In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
mutual
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Tax-Free
Income
Fund
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
Approval
of
the
Advisory
Contract
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F45-051
10/24
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| T. Rowe Price Tax-Free Income Fund, Inc. |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | October 18, 2024 | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | October 18, 2024 | | |
| | | | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
| | |
| Date | | October 18, 2024 | | |
