T. ROWE PRICE TAX-FREE INCOME FUND
November 30, 2019 (Unaudited)
| Portfolio of Investments‡ | Par | $ Value | |
| (Amounts in 000s) | |||
| MUNICIPAL SECURITIES 100.1% | |||
| Alabama 0.8% | |||
| Southeast Alabama Gas Supply Dist. , Series A, VRDN, 4.00%, | |||
| 6/1/49 (Tender 6/1/24) | 16,700 | 18,223 | |
| Tuscaloosa County IDA, Hunt Refining Project, Series A, 5.25%, | |||
| 5/1/44(1) | 2,120 | 2,437 | |
| 20,660 | |||
| Alaska 0.2% | |||
| Alaska Int'l. Airport, Series B, 5.00%, 10/1/35 | 3,945 | 4,597 | |
| 4,597 | |||
| Arizona 0.7% | |||
| Arizona HFA, Banner Health, Series B, FRN, 67% of 3M USD | |||
| LIBOR + 0.81%, 2.216%, 1/1/37 | 1,500 | 1,467 | |
| Arizona HFA, Banner Health, Series C, VRDN, 1.15%, 1/1/46 | 1,400 | 1,400 | |
| Arizona HFA, Phoenix Childrens Hosp. , Series A, 5.00%, 2/1/34 | 3,000 | 3,203 | |
| Phoenix Civic Improvement, Series A, 5.00%, 7/1/40 | |||
| (Prerefunded 7/1/20) (2) | 10,995 | 11,241 | |
| Phoenix IDA, Phoenix Student Housing, 5.00%, 7/1/59 (3) | 740 | 846 | |
| 18,157 | |||
| California 12.0% | |||
| Alameda Corridor Transportation Auth., Series B, 5.00%, | |||
| 10/1/35(4) | 5,750 | 6,825 | |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge, | |||
| Series F-1, 5.00%, 4/1/54 (Prerefunded 4/1/24) (2) | 6,500 | 7,617 | |
| California, GO, 5.00%, 8/1/32 | 15,000 | 17,493 | |
| California, GO, 5.25%, 9/1/25 | 10,000 | 10,725 | |
| California, Various Purpose, GO, 5.00%, 9/1/31 | 7,000 | 7,471 | |
| California, Various Purpose, GO, 5.00%, 9/1/32 | 12,400 | 13,232 | |
| California, Various Purpose, GO, 5.00%, 10/1/39 | 5,900 | 6,871 | |
| California, Various Purpose, GO, 5.00%, 11/1/43 | 4,700 | 5,318 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | |
| (Amounts in 000s) | ||
| California, Various Purpose, GO, 5.25%, 3/1/30 | 2,300 | 2,324 |
| California, Various Purpose, GO, 5.50%, 3/1/40 | 10,000 | 10,106 |
| California Dept. of Water Resources, Power Supply, Series L, | ||
| 5.00%, 5/1/21 (Prerefunded 5/1/20) (2) | 6,200 | 6,304 |
| California Dept. of Water Resources, Unrefunded Balance, | ||
| Power Supply, Series L, 5.00%, 5/1/22 | 1,900 | 1,931 |
| California HFFA, Cedars-Sinai Medical Center, 5.00%, 11/15/30 | 1,750 | 2,120 |
| California HFFA, Cedars-Sinai Medical Center, 5.00%, 11/15/31 | 1,335 | 1,613 |
| California HFFA, Cedars-Sinai Medical Center, 5.00%, 11/15/32 | 1,065 | 1,283 |
| California HFFA, Kaiser Permanente, Series A-2, 5.00%, 11/1/47 | 4,750 | 7,214 |
| California HFFA, Lucile Packard Stanford Hosp. , Series B, | ||
| 5.00%, 8/15/55 | 4,550 | 5,341 |
| California HFFA, Lucile Salter Packard Childern's Hosp. at | ||
| Stanford, Series A, 5.00%, 11/15/56 | 3,925 | 4,704 |
| California HFFA, Stanford Hosp. & Clinics, Series A, 5.00%, | ||
| 8/15/42 | 7,000 | 7,664 |
| California HFFA, Sutter Health, Series A, 5.00%, 11/15/38 | 2,250 | 2,753 |
| California HFFA, Sutter Health, Series A, 5.00%, 8/15/52 | 6,100 | 6,688 |
| California HFFA, Sutter Health, Series D, 5.25%, 8/15/31 | 7,325 | 7,831 |
| California Housing Fin. Agency, Series A, 4.25%, 1/15/35 | 927 | 1,080 |
| California Municipal Fin. Auth., Retirement Housing Foundation, | ||
| Series A, 5.00%, 11/15/32 | 1,425 | 1,867 |
| California Municipal Fin. Auth. , West Village, 5.00%, 5/15/48 | 5,500 | 6,496 |
| California Public Works Board, Series B, 5.00%, 10/1/34 | 1,090 | 1,267 |
| California Public Works Board, Series B, 5.00%, 10/1/39 | 10,000 | 11,530 |
| California Public Works Board, Coalinga State Hosp. , Series E, | ||
| 5.00%, 6/1/26 | 5,000 | 5,641 |
| California Public Works Board, Judicial Council, Series A, | ||
| 5.00%, 3/1/38 | 5,000 | 5,531 |
| California School Fin. Auth. , New Designs Charter School, | ||
| 5.00%, 6/1/30 (1) | 1,380 | 1,601 |
| California Statewide CDA, Cottage Health Oblig. Group, 5.00%, | ||
| 11/1/40 | 8,650 | 8,885 |
| California Statewide CDA, Cottage Health Oblig. Group, 5.25%, | ||
| 11/1/30 | 7,025 | 7,275 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | ||
| (Amounts in 000s) | |||
| California Statewide CDA, Kaiser Permanente, Series A, 5.00%, | |||
| 4/1/42 | 8,365 | 9,086 | |
| California Statewide CDA, Loma Linda Univ. Medical Center, | |||
| Series A, 5.25%, 12/1/48 (1) | 1,300 | 1,505 | |
| California Statewide CDA, Loma Linda Univ. Medical Center, | |||
| Series A, 5.25%, 12/1/56 (1) | 2,275 | 2,561 | |
| California Tobacco Securitization Agency, 5.25%, 6/1/21 | 2,015 | 2,043 | |
| Chula Vista Ind. Dev. , San Diego Gas, Series C, 5.875%, | |||
| 2/15/34 | 2,000 | 2,007 | |
| Golden State Tobacco Securitization, Series A, 5.00%, 6/1/40 | 7,000 | 8,096 | |
| Golden State Tobacco Securitization, Series A-1, 5.00%, 6/1/47 | 1,000 | 1,028 | |
| Golden State Tobacco Securitization, Series A-2, 5.30%, 6/1/37 | 2,000 | 2,080 | |
| Inland Valley Dev. Agency, Tax Allocation, Series A, 5.25%, | |||
| 9/1/37 | 4,600 | 5,253 | |
| Irvine Unified School Dist. , Community Fac. Dist. , Special Tax, | |||
| Series D, 5.00%, 3/1/57 | 3,230 | 3,717 | |
| Long Beach, 5.00%, 5/15/35 | 1,000 | 1,137 | |
| Long Beach, 5.00%, 5/15/40 | 2,500 | 2,829 | |
| Los Angeles Airport, Series D, 5.25%, 5/15/27 | 5,000 | 5,097 | |
| Riverside County Redev. Agency, Desert Community, Series D, | |||
| 6.00%, 10/1/37 (Prerefunded 10/1/20) (2) | 3,550 | 3,698 | |
| Sacramento County Airport, Series B, 5.00%, 7/1/41 | 3,325 | 3,909 | |
| Sacramento County Airport, Senior, Series A, 5.00%, 7/1/41 | 2,925 | 3,445 | |
| Sacramento County Sanitation Dist. Fin. Auth. , Series B, FRN, | |||
| 67% of 3M USD LIBOR + 0.53%, 1.962%, 12/1/35 (5) | 2,800 | 2,649 | |
| San Diego County Regional Airport Auth. , Series A, 4.00%, | |||
| 7/1/38(3) | 1,020 | 1,176 | |
| San Diego County Regional Airport Auth. , Series A, 5.00%, | |||
| 7/1/40 | 10,900 | 11,157 | |
| San Francisco City & County Int'l. Airports, Series F, 5.00%, | |||
| 5/1/50 | 5,000 | 6,168 | |
| San Francisco City & County Int'l. Airports, Series B, 5.00%, | |||
| 5/1/49 | 10,600 | 13,089 | |
| San Jose, Series B, 5.00%, 3/1/42 | 2,000 | 2,387 | |
| San Jose, Series B, 5.00%, 3/1/47 | 3,550 | 4,208 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | ||
| (Amounts in 000s) | |||
| San Mateo, Bay Meadows Community Fac. , Dist. 2008-1, 5.50%, | |||
| 9/1/44 | 3,000 | 3,233 | |
| Southern California Public Power Auth. , Windy Flats Project-1, | |||
| 5.00%, 7/1/29 | 14,250 | 14,577 | |
| Torrance, Memorial Medical Center, Series A, 5.00%, 9/1/40 | 5,070 | 5,206 | |
| Univ. of California Regents, Series I, 5.00%, 5/15/28 | 3,500 | 4,214 | |
| 320,156 | |||
| Colorado 3.2% | |||
| Broadway Station Metropolitan Dist. No. 2, Series A, GO, | |||
| 5.125%, 12/1/48 | 2,300 | 2,436 | |
| Colorado HFA, Common Spirit Health, Series A, 5.00%, 8/1/44 | 2,900 | 3,424 | |
| Colorado HFA, Catholic Health Initiatives, Series A, 5.25%, | |||
| 1/1/45 (Prerefunded 1/1/23) (2) | 22,070 | 24,727 | |
| Colorado HFA, SCL Health Sys. , Series B, 4.00%, 1/1/40 | 5,000 | 5,634 | |
| Colorado High Performance Transportation Enterprise, C-470 | |||
| Express Lanes, 5.00%, 12/31/47 | 440 | 482 | |
| Colorado High Performance Transportation Enterprise, C-470 | |||
| Express Lanes, 5.00%, 12/31/51 | 1,870 | 2,044 | |
| Colorado High Performance Transportation Enterprise, C-470 | |||
| Express Lanes, 5.00%, 12/31/56 | 4,245 | 4,628 | |
| Denver City & County Airports, Series B, 5.00%, 12/1/48 | 10,500 | 12,607 | |
| Denver Convention Center Hotel Auth. , 5.00%, 12/1/34 | 2,500 | 2,878 | |
| Denver Convention Center Hotel Auth. , 5.00%, 12/1/35 | 2,500 | 2,871 | |
| Denver Convention Center Hotel Auth. , 5.00%, 12/1/36 | 2,000 | 2,292 | |
| Denver Convention Center Hotel Auth. , 5.00%, 12/1/40 | 12,990 | 14,737 | |
| Regional Transportation Dist. , Fastracks Project, Series A, | |||
| 5.00%, 11/1/46 | 5,000 | 5,909 | |
| 84,669 | |||
| Connecticut 1.1% | |||
| Connecticut, Series E, GO, 5.00%, 9/15/34 | 3,250 | 3,993 | |
| Connecticut HEFA, Stamford Hosp. , Series J, 5.00%, 7/1/42 | 15,865 | 16,887 | |
| Connecticut Special Tax Obligation, Transportation | |||
| Infrastructure, Series A, 5.00%, 1/1/33 | 6,535 | 7,935 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Mashantucket Western Pequot Tribe, 6.05%, (PIK), 7/1/31 (6)(7) | 2,835 | 106 | |
| 28,921 | |||
| Delaware 0.7% | |||
| Delaware Economic Dev. Auth. , Acts Retirement Communities, | |||
| Series B, 5.00%, 11/15/48 | 6,185 | 7,104 | |
| Delaware Economic Dev. Auth. , Delmarva Power, 5.40%, 2/1/31 | 5,680 | 5,825 | |
| Delaware HFA, Beebe Medical Center, 5.00%, 6/1/50 | 2,350 | 2,731 | |
| Univ. of Delaware, Series A, 5.00%, 11/1/43 | 895 | 1,291 | |
| Univ. of Delaware, Series A, 5.00%, 11/1/45 | 500 | 730 | |
| 17,681 | |||
| District of Columbia 2.9% | |||
| District of Columbia, Income Tax, Series A, 5.50%, 12/1/30 | 12,000 | 12,001 | |
| District of Columbia, Ingleside at Rock Creek, Series A, 5.00%, | |||
| 7/1/37 | 515 | 555 | |
| District of Columbia, Ingleside at Rock Creek, Series A, 5.00%, | |||
| 7/1/42 | 500 | 536 | |
| District of Columbia, Ingleside at Rock Creek, Series A, 5.00%, | |||
| 7/1/52 | 2,945 | 3,140 | |
| District of Columbia Water & Sewer Auth. , Series A, 5.00%, | |||
| 10/1/48 (Prerefunded 10/1/23) (2) | 5,000 | 5,717 | |
| Metropolitan Washington Airports Auth. , Dulles Toll Road, | |||
| Series A, 5.00%, 10/1/44 | 5,000 | 6,015 | |
| Metropolitan Washington Airports Auth. , Dulles Toll Road, | |||
| Series B, 6.50%, 10/1/44 | 9,350 | 12,496 | |
| Washington Convention & Sports Auth. , Convention Center | |||
| Hotel, Series A, 5.00%, 10/1/40 | 11,175 | 11,476 | |
| Washington D. C. Convention & Sports Auth. , Hotel Tax, | |||
| Series A, 5.00%, 10/1/30 | 3,200 | 3,953 | |
| Washington Metropolitan Area Transit Auth. , Series B, 5.00%, | |||
| 7/1/37 | 5,000 | 6,044 | |
| Washington Metropolitan Area Transit Auth. , Series B, 5.00%, | |||
| 7/1/42 | 12,500 | 14,949 | |
| 76,882 | |||
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Florida 9.3% | |||
| Alachua County HFA, E Ridge Retirement Village, 6.25%, | |||
| 11/15/44 | 4,500 | 3,905 | |
| Alachua County HFA, Shands Teaching Hosp. & Clinics, 4.00%, | |||
| 12/1/49 | 5,000 | 5,425 | |
| Alachua County HFA, Shands Teaching Hosp. & Clinics, | |||
| Series A, 5.00%, 12/1/44 | 15,820 | 17,734 | |
| Broward County Half-Cent Sales Tax, Main Courthouse, | |||
| Series A, 5.25%, 10/1/36 (Prerefunded 10/1/20) (2) | 8,110 | 8,388 | |
| Central Florida Expressway Auth. , 5.00%, 7/1/39 | 7,475 | 8,970 | |
| Central Florida Expressway Auth. , 5.00%, 7/1/42 | 4,670 | 5,571 | |
| Central Florida Expressway Auth. , Series B, 5.00%, 7/1/34 | 3,700 | 4,422 | |
| Davie Ed. Fac. , Nova Southeastern Univ. , Series A, 6.00%, | |||
| 4/1/42 | 6,560 | 7,354 | |
| Florida Higher Ed. Fac. Fin. Auth. , Jacksonville Univ. , Series A1, | |||
| 5.00%, 6/1/48 (1) | 4,075 | 4,543 | |
| Jacksonville, Better Jacksonville Sales Tax, Series A, 5.00%, | |||
| 10/1/30 | 2,880 | 3,145 | |
| Jacksonville, Ed. Fac. , Jacksonville Univ. , Series B, 5.00%, | |||
| 6/1/53(1) | 2,595 | 2,873 | |
| Jacksonville, Transportation, Series A, 5.00%, 10/1/29 | 3,500 | 3,840 | |
| Jacksonville, Transportation, Series A, 5.00%, 10/1/30 | 11,555 | 12,657 | |
| Jacksonville, Transportation, Series A, 5.00%, 10/1/31 | 4,450 | 4,868 | |
| Lee Memorial Health Sys. , Series A-1, 5.00%, 4/1/44 | 3,350 | 4,011 | |
| Martin County HFA, Martin Memorial Medical Center, 5.00%, | |||
| 11/15/45 (Prerefunded 11/15/24) (2) | 3,750 | 4,409 | |
| Miami-Dade County, Transit Sys. , 5.00%, 7/1/37 | 16,425 | 17,888 | |
| Miami-Dade County Aviation, Aviation Revenue, 5.00%, 10/1/41 | 5,300 | 6,235 | |
| Miami-Dade County EFA, Series A, 5.00%, 4/1/53 | 5,000 | 5,904 | |
| Miami-Dade County EFA, Univ. of Miami, Series A, 5.00%, | |||
| 4/1/40 | 18,700 | 21,296 | |
| Miami-Dade County EFA, Univ. of Miami, Series A, 5.00%, | |||
| 4/1/45 | 12,360 | 13,991 | |
| Palm Beach County HFA, Acts Retirement-Life Community, | |||
| 5.00%, 11/15/45 | 4,175 | 4,803 | |
| Palm Beach County HFA, Baptist Health, 4.00%, 8/15/49 | 8,000 | 8,728 | |
| The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | |
| (Amounts in 000s) | ||
| Pinellas County HFA, BayCare Health, Series A-1, VRDN, 1.23%, | ||
| 11/1/38 | 1,920 | 1,920 |
| Sarasota County Public Hosp. Dist. , Sarasota Memorial Hosp. , | ||
| 5.00%, 7/1/41 | 10,000 | 11,934 |
| South Miami HFA, Baptist Health, 5.00%, 8/15/37 | 11,000 | 13,152 |
| South Miami HFA, Baptist Health, 5.00%, 8/15/42 | 6,000 | 7,066 |
| Sumter County IDA, Central Florida Health Alliance, Series A, | ||
| 5.25%, 7/1/44 | 1,690 | 1,846 |
| Tampa, Baycare Health, Series A, 5.00%, 11/15/46 | 12,135 | 14,117 |
| Tampa, H. Lee Moffitt Cancer Center, Cigarette Tax Allocation, | ||
| Series A, 5.00%, 9/1/29 | 1,880 | 2,051 |
| Tampa Hillsborough County Expressway, 5.00%, 7/1/47 | 12,000 | 14,188 |
| 247,234 | ||
| Georgia 5.2% | ||
| Atlanta Airport, Passenger Fac. Charge, Series A, 5.00%, 1/1/32 | 2,500 | 2,833 |
| Atlanta Airport, Passenger Fac. Charge, Series A, 5.00%, 1/1/33 | 1,600 | 1,811 |
| Atlanta Airport, Passenger Fac. Charge, Series A, 5.00%, 1/1/34 | 3,000 | 3,390 |
| Atlanta Dev. Auth. , Georgia Proton Treatment Center, | ||
| Series A-1, 6.75%, 1/1/35 | 800 | 836 |
| Atlanta Dev. Auth. , Georgia Proton Treatment Center, | ||
| Series A-1, 7.00%, 1/1/40 | 6,400 | 6,744 |
| Brookhaven Dev. Auth., Children's Healthcare of Atlanta, | ||
| Series A, 4.00%, 7/1/44 | 18,130 | 20,226 |
| Cobb County Kennestone Hosp. Auth. , WellStar Health, RAC, | ||
| 5.25%, 4/1/41 | 3,000 | 3,126 |
| Cobb County Kennestone Hosp. Auth. , WellStar Health, | ||
| Series A, RAC, 5.00%, 4/1/42 | 1,000 | 1,168 |
| Fulton County, Water & Sewer, 5.00%, 1/1/27 | 7,000 | 7,285 |
| Fulton County Dev. Auth. , Childrens Healthcare, Series C, | ||
| 5.00%, 7/1/38 | 1,250 | 1,549 |
| Fulton County Dev. Auth. , Childrens Healthcare, Series C, | ||
| 5.00%, 7/1/39 | 1,165 | 1,438 |
| Fulton County Dev. Auth. , WellStar Health, Series A, RAC, | ||
| 5.00%, 4/1/37 | 1,975 | 2,335 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Fulton County Dev. Auth. , WellStar Health, Series A, RAC, | |||
| 5.00%, 4/1/42 | 3,895 | 4,547 | |
| Fulton County Dev. Auth. , Woodruff Arts Center, 5.00%, | |||
| 3/15/36 | 5,250 | 6,146 | |
| Fulton County Dev. Auth. , Woodruff Arts Center, 5.00%, | |||
| 3/15/44 | 5,150 | 6,234 | |
| Gainesville & Hall County Hosp. Auth. , Northeast Georgia | |||
| Health, Series A, 5.00%, 2/15/35 | 2,310 | 2,727 | |
| Gainesville & Hall County Hosp. Auth. , Northeast Georgia | |||
| Health, Series A, 5.00%, 2/15/45 | 3,965 | 4,584 | |
| Gainesville & Hall County Hosp. Auth. , Northeast Georgia | |||
| Health, Series A, 5.375%, 2/15/40 (Prerefunded 2/15/20) (2) | 12,135 | 12,238 | |
| Gainesville & Hall County Hosp. Auth. , Northeast Georgia | |||
| Health, Series A, 5.50%, 8/15/54 | 6,600 | 7,697 | |
| Gainesville & Hall County Hosp. Auth. , Northeast Georgia | |||
| Health, Series B, 5.50%, 2/15/42 | 3,245 | 3,993 | |
| Gainesville & Hall County Hosp. Auth. , Unrefunded Balance, | |||
| Northeast Georgia Health, Series A, 5.375%, 2/15/40 | 3,745 | 3,775 | |
| Main Street Natural Gas, Series A, 5.00%, 5/15/31 | 4,000 | 4,910 | |
| Main Street Natural Gas, Series A, 5.00%, 5/15/32 | 2,500 | 3,059 | |
| Main Street Natural Gas, Georgia Municipal Gas Auth. , Series A, | |||
| 5.50%, 9/15/25 | 6,000 | 7,206 | |
| Main Street Natural Gas, Georgia Municipal Gas Auth. , Series B, | |||
| 5.00%, 3/15/20 | 1,900 | 1,919 | |
| Main Street Natural Gas, Georgia Municipal Gas Auth. , Series C, | |||
| VRDN, 4.00%, 8/1/48 (Tender 12/1/23) | 2,650 | 2,891 | |
| Municipal Electric Auth. of Georgia, Series EE, 7.25%, 1/1/24 | |||
| (8) | 6,500 | 7,890 | |
| Municipal Electric Auth. of Georgia, Power Revenue, Series HH, | |||
| 5.00%, 1/1/44 | 4,485 | 5,265 | |
| 137,822 | |||
| Idaho 0.9% | |||
| Idaho HFA, St. Lukes Health Sys. , Series A, 5.00%, 3/1/34 | 2,100 | 2,335 | |
| Idaho HFA, St. Lukes Health Sys. , Series A, 5.00%, 3/1/44 | 19,285 | 21,173 | |
| 23,508 | |||
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | |
| (Amounts in 000s) | ||
| Illinois 7.4% | ||
| Chicago, Series A, GO, 5.50%, 1/1/49 | 1,850 | 2,183 |
| Chicago, Wastewater, Series C, 5.00%, 1/1/31 | 1,100 | 1,239 |
| Chicago, Wastewater, Series C, 5.00%, 1/1/32 | 2,500 | 2,810 |
| Chicago Board of Ed. , Series A, GO, 5.00%, 12/1/23 (4) | 2,000 | 2,223 |
| Chicago Midway Airport, Series B, 5.00%, 1/1/35 | 7,960 | 8,947 |
| Chicago Midway Airport, Series B, 5.00%, 1/1/36 | 3,070 | 3,446 |
| Chicago O'hare Int'l. Airport, Series B, 5.00%, 1/1/48 | 4,000 | 4,822 |
| Chicago O'Hare Int'l. Airport, Series C, 5.25%, 1/1/29 | 11,735 | 11,772 |
| Chicago O'Hare Int'l. Airport, Series C, 6.50%, 1/1/41 | ||
| (Prerefunded 1/1/21) (2) | 7,250 | 7,664 |
| Chicago O'Hare Int'l. Airport, Series D, 5.00%, 1/1/47 | 10,775 | 12,584 |
| Chicago Water, Series A-1, 5.00%, 11/1/28 | 1,225 | 1,444 |
| Cook County, Series C, GO, 5.00%, 11/15/25 | 9,485 | 10,314 |
| Cook County, Series C, GO, 5.00%, 11/15/26 | 4,935 | 5,363 |
| Cook County, Series C, GO, 5.00%, 11/15/29 | 1,065 | 1,152 |
| Illinois, GO, 5.50%, 7/1/38 | 11,000 | 12,057 |
| Illinois, Series A, GO, 5.00%, 10/1/31 | 1,500 | 1,726 |
| Illinois, Series B, GO, 5.00%, 10/1/31 | 2,000 | 2,301 |
| Illinois, Series B, GO, 5.00%, 10/1/32 | 1,750 | 2,007 |
| Illinois Fin. Auth. , Franciscan Communities, Series A, 5.125%, | ||
| 5/15/43 | 6,935 | 7,326 |
| Illinois Fin. Auth. , Northwestern Memorial Hosp. , Series A-3, | ||
| VRDN, 1.15%, 8/15/42 | 1,050 | 1,050 |
| Illinois Fin. Auth. , Northwestern Memorial Hosp. , Series A-2, | ||
| VRDN, 1.13%, 8/15/42 | 6,100 | 6,100 |
| Illinois Fin. Auth. , OSF Healthcare Sys. , Series B, VRDN, 1.15%, | ||
| 11/15/37 | 1,920 | 1,920 |
| Illinois Fin. Auth. , OSF Healthcare Sys. , Series C, VRDN, 1.14%, | ||
| 11/15/37 | 7,060 | 7,060 |
| Illinois Fin. Auth. , Presence Health, Series C, 5.00%, 2/15/34 | 515 | 616 |
| Illinois Fin. Auth. , Presence Health, Series C, 5.00%, 2/15/36 | 750 | 890 |
| Illinois Fin. Auth. , Presence Health, Series C, 5.00%, 2/15/41 | 3,040 | 3,564 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | |
| (Amounts in 000s) | ||
| Illinois Fin. Auth. , Univ. Chicago Medicine, Series E-2, VDRN, | ||
| 1.15%, 8/1/43 | 2,000 | 2,000 |
| Illinois Toll Highway Auth. , Series A-1, 5.00%, 1/1/27 | ||
| (Prerefunded 1/1/20) (2) | 10,000 | 10,030 |
| Illinois Toll Highway Auth. , Series A-1, 5.00%, 1/1/31 | ||
| (Prerefunded 1/1/20) (2) | 5,000 | 5,015 |
| Metropolitan Pier & Exposition Auth. , McCormick Place, | ||
| Series A, 5.00%, 6/15/57 | 1,100 | 1,216 |
| Metropolitan Pier & Exposition Auth. , McCormick Place, | ||
| Series A, Zero Coupon, 6/15/37 (5) | 11,870 | 6,615 |
| Metropolitan Pier & Exposition Auth. , McCormick Place, | ||
| Series B, Zero Coupon, 12/15/41 | 10,000 | 4,529 |
| Metropolitan Pier & Exposition Auth., Unrefunded Balance, | ||
| McCormick Place, Series A, 5.50%, 6/15/50 | 15,135 | 15,332 |
| Railsplitter Tobacco Settlement Auth. , 5.00%, 6/1/28 | 1,310 | 1,567 |
| Regional Transportation Auth. , Series A, 5.75%, 6/1/34 (4) | 5,250 | 7,184 |
| Regional Transportation Auth. , Series A, 6.00%, 7/1/33 (5) | 15,000 | 20,895 |
| Regional Transportation Auth. , Series A, 6.70%, 11/1/21 (5) | 1,275 | 1,369 |
| 198,332 | ||
| Indiana 0.5% | ||
| Indiana Fin. Auth. , Ohio Valley Electric, Series A, 5.00%, 6/1/39 | 5,885 | 6,143 |
| Indiana Fin. Auth. , Parkview Health Sys. , Series D, VRDN, | ||
| 1.10%, 11/1/39 | 2,690 | 2,690 |
| Vigo County Hosp. Auth. , Union Hosp. , 7.75%, 9/1/31 | ||
| (Prerefunded 9/1/21) (2) | 5,000 | 5,560 |
| 14,393 | ||
| Iowa 0.1% | ||
| Iowa Fin. Auth. , Iowa Fertilizer, Series B, VRDN, 5.25%, 12/1/50 | ||
| (Tender 12/1/37) | 1,395 | 1,510 |
| 1,510 | ||
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | |
| (Amounts in 000s) | ||
| Kansas 0.3% | ||
| Univ. of Kansas Hosp. Auth. , Series A, 5.00%, 9/1/48 | 6,090 | 7,339 |
| 7,339 | ||
| Kentucky 1.9% | ||
| Kentucky Economic DFA, Louisville Arena Auth. , Series A, | ||
| 5.00%, 12/1/45 (4) | 1,000 | 1,166 |
| Kentucky Economic DFA, Louisville Arena Auth. , Series A, | ||
| 5.00%, 12/1/47 (4) | 1,000 | 1,085 |
| Kentucky Economic DFA, Masonic Home Independent Living, | ||
| Series A, 5.00%, 5/15/36 | 1,750 | 1,845 |
| Kentucky Economic DFA, Masonic Home Independent Living, | ||
| Series A, 5.00%, 5/15/46 | 1,900 | 1,974 |
| Kentucky Economic DFA, Masonic Homes of Kentucky, | ||
| 5.375%, 11/15/32 | 2,000 | 2,105 |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | ||
| 5.00%, 6/1/37 | 1,100 | 1,259 |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | ||
| 5.00%, 6/1/41 | 850 | 966 |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | ||
| 5.00%, 6/1/45 | 3,525 | 3,967 |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | ||
| 5.25%, 6/1/50 | 6,780 | 7,648 |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | ||
| 6.375%, 6/1/40 (Prerefunded 6/1/20) (2) | 10,520 | 10,790 |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | ||
| 6.50%, 3/1/45 (Prerefunded 6/1/20) (2) | 2,520 | 2,586 |
| Kentucky Economic DFA, Owensboro Medical Health, Series B, | ||
| 5.00%, 6/1/40 | 2,200 | 2,507 |
| Kentucky Public Transportation Infrastructure Auth. , Downtown | ||
| Crossing, Series A, 5.75%, 7/1/49 | 2,100 | 2,361 |
| Kentucky Public Transportation Infrastructure Auth. , Downtown | ||
| Crossing, Series A, 6.00%, 7/1/53 | 8,300 | 9,425 |
| 49,684 | ||
| Louisiana 1.3% | ||
| Jefferson Sales Tax Dist. , Series B, 5.00%, 12/1/42 (4) | 7,500 | 9,001 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | |
| (Amounts in 000s) | ||
| Louisiana Offshore Terminal Auth. , Loop LCC Project, Series A, | ||
| VRDN, 1.65%, 9/1/27 (Tender 12/1/23) | 1,175 | 1,176 |
| New Orleans Aviation Board, General Airport North Terminal | ||
| Project, Series A, 5.00%, 1/1/38 | 750 | 884 |
| New Orleans Aviation Board, General Airport North Terminal | ||
| Project, Series A, 5.00%, 1/1/43 | 2,775 | 3,241 |
| New Orleans Aviation Board, General Airport North Terminal | ||
| Project, Series A, 5.00%, 1/1/48 | 9,210 | 10,700 |
| New Orleans Sewerage Service, 5.00%, 6/1/35 | 900 | 1,032 |
| New Orleans Sewerage Service, 5.00%, 6/1/45 | 4,835 | 5,459 |
| St. Charles Parish, Valero Energy, VRDN, 4.00%, 12/1/40 | ||
| (Tender 6/1/22) | 1,500 | 1,581 |
| St. John the Baptist Parish, Marathon Oil, VRDN, 2.10%, 6/1/37 | ||
| (Tender 7/1/24) | 875 | 877 |
| St. John the Baptist Parish, Marathon Oil, VRDN, 2.20%, 6/1/37 | ||
| (Tender 7/1/26) | 1,500 | 1,503 |
| 35,454 | ||
| Maryland 6.1% | ||
| Baltimore City, Convention Center Hotel, 5.00%, 9/1/42 | 2,000 | 2,283 |
| Baltimore City, Convention Center Hotel, 5.00%, 9/1/46 | 1,000 | 1,136 |
| Baltimore City, Wastewater, Series C, 5.00%, 7/1/39 | 3,030 | 3,488 |
| Baltimore City, Wastewater, Series C, 5.00%, 7/1/44 | 4,810 | 5,502 |
| Baltimore City, Water, Series A, 5.00%, 7/1/31 | 4,515 | 5,132 |
| Baltimore City, Water, Series A, 5.00%, 7/1/34 | 3,635 | 4,201 |
| Baltimore City, Water, Series B, 5.00%, 7/1/28 | 1,000 | 1,140 |
| Baltimore City, Water, Series B, 5.00%, 7/1/29 | 3,035 | 3,459 |
| Gaithersburg, Asbury Maryland Obligated Group, Series B, | ||
| 6.00%, 1/1/23 (Prerefunded 1/1/20) (2) | 1,380 | 1,385 |
| Gaithersburg, Asbury Obligated Group, Series A, 5.00%, 1/1/33 | 590 | 668 |
| Gaithersburg, Asbury Obligated Group, Series A, 5.00%, 1/1/36 | 395 | 445 |
| Maryland CDA, Series A, 4.10%, 9/1/38 | 3,830 | 4,166 |
| Maryland Economic Dev. , Port America Chesapeake | ||
| Transportation, Series A, 5.00%, 6/1/29 | 1,500 | 1,847 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Maryland Economic Dev. , Transportation Fac. , Series A, 5.75%, | |||
| 6/1/35 (Prerefunded 6/1/20) (2) | 3,000 | 3,068 | |
| Maryland HHEFA, Adventist Healthcare, Series A, 5.50%, | |||
| 1/1/36 | 2,655 | 3,174 | |
| Maryland HHEFA, Adventist Healthcare, Series A, 5.50%, | |||
| 1/1/46 | 11,135 | 12,995 | |
| Maryland HHEFA, Adventist Healthcare, Series A, 6.25%, | |||
| 1/1/31 | 2,500 | 2,734 | |
| Maryland HHEFA, Anne Arundel Health, 5.00%, 7/1/39 | 7,500 | 8,438 | |
| Maryland HHEFA, Charlestown Community, 6.25%, 1/1/41 | |||
| (Prerefunded 1/1/21) (2) | 3,000 | 3,160 | |
| Maryland HHEFA, Charlestown Community, 6.25%, 1/1/45 | |||
| (Prerefunded 1/1/21) (2) | 2,000 | 2,107 | |
| Maryland HHEFA, Medstar Health, 5.00%, 8/15/32 | 6,880 | 7,932 | |
| Maryland HHEFA, Medstar Health, Series A, 4.00%, 5/15/47 | 6,810 | 7,381 | |
| Maryland HHEFA, Medstar Health, Series A, 5.00%, 5/15/45 | 18,175 | 21,323 | |
| Maryland HHEFA, Medstar Health, Series B, 5.00%, 8/15/38 | 1,255 | 1,390 | |
| Maryland HHEFA, Meritus Medical Center, 5.00%, 7/1/28 | 2,010 | 2,353 | |
| Maryland HHEFA, Meritus Medical Center, 5.00%, 7/1/45 | 3,375 | 3,828 | |
| Maryland HHEFA, Univ. of Maryland Medical, Series A, 5.00%, | |||
| 7/1/43 | 8,065 | 8,658 | |
| Maryland HHEFA, Univ. of Maryland Medical, Series B, 7.00%, | |||
| 7/1/22(5)(9) | 805 | 897 | |
| Maryland HHEFA, Western Maryland Medical, 5.25%, 7/1/34 | 10,335 | 11,625 | |
| Maryland Stadium Auth. , Baltimore City Public Schools, 5.00%, | |||
| 5/1/46 | 5,000 | 5,803 | |
| Maryland Stadium Auth. , Construction & Revitalization, Series A, | |||
| 5.00%, 5/1/47 | 5,000 | 5,973 | |
| Rockville, Ingleside at King Farm, Series A-2, 5.00%, 11/1/31 | 500 | 566 | |
| Rockville, Ingleside at King Farm, Series B, 5.00%, 11/1/42 | 3,100 | 3,419 | |
| Washington Suburban Sanitation Dist. , Consolidated Public | |||
| Improvement, 4.00%, 6/1/38 | 4,910 | 5,332 | |
| Westminster, Carroll Lutheran Village, 5.125%, 7/1/34 | 3,000 | 3,228 | |
| Westminster, Carroll Lutheran Village, 5.50%, 7/1/44 | 3,000 | 3,273 | |
| 163,509 | |||
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Massachusetts 1.0% | |||
| Massachusetts Bay Transportation Auth. , Unrefunded Balance, | |||
| Series A, 7.00%, 3/1/21 | 1,600 | 1,671 | |
| Massachusetts Dev. Fin. Agency, Beth Israel Lahey Health, | |||
| 5.00%, 7/1/36 | 1,000 | 1,232 | |
| Massachusetts Dev. Fin. Agency, Beth Israel Lahey Health, | |||
| 5.00%, 7/1/37 | 840 | 1,031 | |
| Massachusetts Dev. Fin. Agency, Beth Israel Lahey Health, | |||
| 5.00%, 7/1/38 | 500 | 612 | |
| Massachusetts Dev. Fin. Agency, Linden Ponds Inc. Fac., | |||
| 5.00%, 11/15/28 (1) | 1,500 | 1,741 | |
| Massachusetts Dev. Fin. Agency, Newbridge Charles, 5.00%, | |||
| 10/1/57(1) | 1,400 | 1,535 | |
| Massachusetts EFA. , Series I, 6.00%, 1/1/28 | 345 | 346 | |
| Massachusetts HEFA, Harvard Univ. , Series N, 6.25%, 4/1/20 | 5,000 | 5,085 | |
| Massachusetts HEFA, Mass Institute Technology, Series K, | |||
| 5.50%, 7/1/32 | 10,000 | 14,200 | |
| 27,453 | |||
| Michigan 2.1% | |||
| Detroit, GO, 5.00%, 4/1/28 | 850 | 981 | |
| Detroit, GO, 5.00%, 4/1/29 | 150 | 172 | |
| Detroit Downtown Dev. Auth. , Catalyst Dev. Project, Series A, | |||
| 5.00%, 7/1/43 (4) | 1,800 | 1,997 | |
| Detroit Downtown Dev. Auth. , Catalyst Dev. Project, Series A, | |||
| 5.00%, 7/1/48 (4) | 1,500 | 1,661 | |
| Great Lakes Water Auth. , Water Supply, Series B, 5.00%, | |||
| 7/1/46 | 12,625 | 14,681 | |
| Michigan Fin. Auth. , Great Lakes Water Auth. , Series C, 5.00%, | |||
| 7/1/33 | 1,650 | 1,912 | |
| Michigan Fin. Auth. , Great Lakes Water Auth. , Series C, 5.00%, | |||
| 7/1/34 | 2,860 | 3,310 | |
| Michigan Fin. Auth. , Great Lakes Water Auth. , Series C-6, | |||
| 5.00%, 7/1/33 | 2,000 | 2,276 | |
| Michigan Fin. Auth. , Henry Ford Health Sys. , Series A, 5.00%, | |||
| 11/15/48 | 5,150 | 6,222 | |
| Michigan Fin. Auth. , Trinity Health, Series A, 5.00%, 12/1/37 | 6,000 | 7,222 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | |
| (Amounts in 000s) | ||
| Michigan State Building Auth. , Prog State Fac. , 5.00%, 4/15/36 | 3,000 | 3,802 |
| Wayne County Airport Auth. , Series A, 5.00%, 12/1/36 | 550 | 664 |
| Wayne County Airport Auth. , Series A, 5.00%, 12/1/37 | 500 | 601 |
| Wayne County Airport Auth. , Series A, 5.00%, 12/1/42 | 1,300 | 1,543 |
| Wayne County Airport Auth. , Series A, 5.00%, 12/1/47 | 2,580 | 3,045 |
| Wayne County Airport Auth. , Series G, 5.00%, 12/1/25 | 1,070 | 1,287 |
| Wayne County Airport Auth. , Series G, 5.00%, 12/1/28 | 3,795 | 4,528 |
| 55,904 | ||
| Missouri 2.6% | ||
| Kansas City IDA, Downtown Redev. , Series A, 5.00%, 9/1/31 | 4,480 | 4,750 |
| Kansas City IDA, Downtown Redev. , Series A, 5.50%, 9/1/25 | 5,000 | 5,351 |
| Kansas City IDA, Downtown Redev. , Series A, 5.50%, 9/1/26 | 7,000 | 7,488 |
| Missouri HEFA, Lutheran Senior Services, 5.00%, 2/1/48 | 3,000 | 3,562 |
| Missouri HEFA, Mercy Health, Series C, 5.00%, 11/15/47 | 10,000 | 11,824 |
| Missouri HEFA, St. Lukes Health Sys. , 5.00%, 11/15/34 | 4,900 | 5,753 |
| Missouri HEFA, St. Lukes Health Sys. , 5.00%, 11/15/35 | 7,595 | 8,899 |
| Missouri Municipal Electric Utility Commission, Plum Point | ||
| Project, Series A, 5.00%, 1/1/34 | 10,985 | 12,602 |
| St. Louis County IDA, Friendship Village, 5.00%, 9/1/48 | 1,545 | 1,728 |
| St. Louis County IDA, Friendship Village, Series A, 5.00%, | ||
| 9/1/38 | 1,000 | 1,124 |
| St. Louis County IDA, Friendship Village, Series A, 5.125%, | ||
| 9/1/48 | 3,850 | 4,332 |
| St. Louis County IDA, St. Andrews Resources for Seniors, | ||
| Series A, 5.125%, 12/1/45 | 1,050 | 1,143 |
| St. Louis IDA, Ballpark Village, Series A, 3.875%, 11/15/29 | 130 | 141 |
| St. Louis IDA, Ballpark Village, Series A, 4.375%, 11/15/35 | 895 | 971 |
| St. Louis IDA, Ballpark Village, Series A, 4.75%, 11/15/47 | 800 | 871 |
| 70,539 | ||
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Montana 0.2% | |||
| Montana Fac. Fin. Auth. , SCL Health Sys. , Series A, 4.00%, | |||
| 1/1/38 | 4,350 | 4,949 | |
| 4,949 | |||
| Nevada 1.4% | |||
| Clark County Airport, Las Vegas McCarran Int'l. Airport, | |||
| Series B, 5.125%, 7/1/36 (Prerefunded 1/1/20) (2) | 10,000 | 10,031 | |
| Clark County Airport, Las Vegas McCarran Int'l. Airport, | |||
| Series B, 5.75%, 7/1/42 (Prerefunded 1/1/20) (2) | 11,500 | 11,541 | |
| Las Vegas Convention & Visitors Auth. , Series B, 5.00%, 7/1/43 | 11,000 | 13,134 | |
| Reno, Sales Tax, Series A, 5.00%, 6/1/38 | 140 | 170 | |
| Reno, Sales Tax, Series A, 5.00%, 6/1/48 | 3,000 | 3,583 | |
| Reno, Sales Tax, Series C, Zero Coupon, 7/1/58 (1) | 3,000 | 432 | |
| 38,891 | |||
| New Hampshire 0.1% | |||
| New Hampshire HEFA, Hillside Village, Series A, 6.125%, | |||
| 7/1/52(1) | 2,905 | 3,134 | |
| 3,134 | |||
| New Jersey 2.9% | |||
| Garden State Preservation Trust, Farmland, Series A, 5.75%, | |||
| 11/1/28(4) | 13,900 | 17,402 | |
| New Jersey Economic Dev. Auth. , Beloved Common Charter | |||
| School, 4.00%, 6/15/29 (1) | 665 | 703 | |
| New Jersey Economic Dev. Auth. , Beloved Common Charter | |||
| School, 5.00%, 6/15/39 (1) | 500 | 540 | |
| New Jersey Economic Dev. Auth. , Beloved Common Charter | |||
| School, 5.00%, 6/15/49 (1) | 2,210 | 2,371 | |
| New Jersey Economic Dev. Auth. , Cigarette Tax, 5.00%, | |||
| 6/15/21 | 1,000 | 1,051 | |
| New Jersey Economic Dev. Auth. , Cigarette Tax, 5.00%, | |||
| 6/15/23 | 2,000 | 2,157 | |
| New Jersey Economic Dev. Auth. , Cigarette Tax, 5.00%, | |||
| 6/15/28 | 1,000 | 1,067 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | |
| (Amounts in 000s) | ||
| New Jersey Economic Dev. Auth. , Provident Group-Rowan Univ. | ||
| Student Housing, Series A, 5.00%, 1/1/48 | 2,840 | 3,045 |
| New Jersey HCFFA, Hackensack Meridian Health, Series A, | ||
| 5.25%, 7/1/57 | 5,500 | 6,544 |
| New Jersey Transportation Trust Fund Auth. , Series BB, 5.00%, | ||
| 6/15/44 | 6,000 | 6,823 |
| New Jersey Transportation Trust Fund Auth. , Transportation | ||
| Program Bond, 5.25%, 6/15/43 | 13,575 | 15,784 |
| New Jersey Turnpike Auth. , Series A, 5.00%, 1/1/34 | 5,300 | 6,070 |
| New Jersey Turnpike Auth. , Series A, 5.00%, 1/1/43 | ||
| (Prerefunded 7/1/22) (2) | 1,255 | 1,379 |
| New Jersey Turnpike Auth. , Unrefunded Balance, Series A, | ||
| 5.00%, 1/1/43 | 745 | 805 |
| Rutgers State Univ. , Series J, 5.00%, 5/1/25 | ||
| (Prerefunded 5/1/23) (2) | 5,000 | 5,640 |
| Tobacco Settlement Fin. , Series A, 5.00%, 6/1/27 | 335 | 406 |
| Tobacco Settlement Fin. , Series A, 5.25%, 6/1/46 | 3,900 | 4,519 |
| 76,306 | ||
| New York 8.3% | ||
| Dormitory Auth. of the State of New York, Group 4, Series A, | ||
| 4.00%, 3/15/48 | 12,000 | 13,425 |
| Dormitory Auth. of the State of New York, Mount Sinai Hosp. , | ||
| Series A, 5.00%, 7/1/21 (Prerefunded 7/1/20) (2) | 150 | 153 |
| Dormitory Auth. of the State of New York, Mount Sinai Hosp. , | ||
| Series A, 5.00%, 7/1/22 (Prerefunded 7/1/20) (2) | 6,000 | 6,136 |
| Dormitory Auth. of the State of New York, Mount Sinai Hosp. , | ||
| Series A, 5.00%, 7/1/26 (Prerefunded 7/1/20) (2) | 4,165 | 4,259 |
| Dormitory Auth. of the State of New York, Personal Income Tax, | ||
| Series B, 5.00%, 3/15/32 | 3,750 | 4,055 |
| Dormitory Auth. of the State of New York, Personal Income Tax, | ||
| General Purpose, Series A, 5.00%, 2/15/30 | 4,850 | 5,574 |
| Dormitory Auth. of the State of New York, St. John's Univ. , | ||
| Series A, 5.00%, 7/1/44 | 4,800 | 5,273 |
| Dormitory Auth. of the State of New York, State Income Tax | ||
| Revenue, Series C, 5.00%, 3/15/41 | 7,000 | 7,337 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Dormitory Auth. of the State of New York, Touro College Univ. , | |||
| 5.00%, 1/1/47 | 14,240 | 15,970 | |
| Hudson Yards Infrastructure, 5.25%, 2/15/47 | |||
| (Prerefunded 2/15/21) (2) | 105 | 110 | |
| Hudson Yards Infrastructure, 5.75%, 2/15/47 | |||
| (Prerefunded 2/15/21) (2) | 5,560 | 5,872 | |
| Hudson Yards Infrastructure, Series A, 5.00%, 2/15/45 | 2,200 | 2,610 | |
| Hudson Yards Infrastructure, Unrefunded Balance, 5.25%, | |||
| 2/15/47 | 2,310 | 2,414 | |
| Hudson Yards Infrastructure, Unrefunded Balance, 5.75%, | |||
| 2/15/47 | 3,415 | 3,591 | |
| Long Island Power Auth. , 5.00%, 9/1/42 | 3,000 | 3,594 | |
| Metropolitan Transportation Auth. , Series B, 5.25%, 11/15/26 | |||
| (4) | 15,000 | 18,583 | |
| Metropolitan Transportation Auth. , Series D, 5.00%, 11/15/30 | |||
| (Prerefunded 11/15/21) (2) | 5,560 | 5,996 | |
| New York City, Series B-1, GO, 5.00%, 10/1/38 | 1,500 | 1,813 | |
| New York City, Series J, GO, 5.00%, 8/1/31 | 5,000 | 5,772 | |
| New York City, Series J, GO, 5.00%, 8/1/32 | 7,500 | 8,657 | |
| New York City Municipal Water Fin. Auth. , Water & Sewer, | |||
| Series B-1, VRDN, 1.16%, 6/15/45 | 3,880 | 3,880 | |
| New York City Transitional Fin. Auth. , Building Aid, Series S-1, | |||
| 5.00%, 7/15/45 | 5,000 | 6,034 | |
| New York City Transitional Fin. Auth. , Future Tax, Series C-4, | |||
| VRDN, 1.18%, 11/1/36 | 3,200 | 3,200 | |
| New York Liberty Dev. , 4 World Trade Center, 5.75%, 11/15/51 | 26,500 | 28,726 | |
| New York Liberty Dev. , Bank of America, Class 1, 5.625%, | |||
| 1/15/46 (Prerefunded 1/15/20) (2) | 11,500 | 11,562 | |
| New York Liberty Dev. , Bank of America Tower, 2.625%, | |||
| 9/15/69 | 1,275 | 1,289 | |
| New York Liberty Dev. , Bank of America Tower, 2.80%, 9/15/69 | 1,650 | 1,662 | |
| New York Liberty Dev. , One Bryant Park, 6.375%, 7/15/49 | |||
| (Prerefunded 1/15/20) (2) | 7,900 | 7,949 | |
| New York State Thruway Auth. , Series A, 5.00%, 1/1/51 | 2,500 | 2,881 | |
| New York State Thruway Auth. , Series A, 5.25%, 1/1/56 | 2,215 | 2,574 | |
| New York State Thruway Auth. , Series B, 4.00%, 1/1/45 | 4,450 | 4,976 | |
| The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | |
| (Amounts in 000s) | ||
| Port Auth. of New York & New Jersey, Series 179, 5.00%, | ||
| 12/1/38 | 5,000 | 5,668 |
| Port Auth. of New York & New Jersey, Consolidated bonds, | ||
| 4.00%, 9/1/45 | 3,500 | 3,965 |
| Port Auth. of New York & New Jersey, Consolidated bonds, | ||
| 4.00%, 9/1/49 | 4,860 | 5,484 |
| Port Auth. of New York & New Jersey, JFK Int'l. Air Terminal, | ||
| 6.00%, 12/1/42 | 2,500 | 2,610 |
| Troy Capital Resource, Forward Deliviery Rensselaer County, | ||
| 5.00%, 9/1/27 (3) | 600 | 721 |
| Troy Capital Resource, Forward Deliviery Rensselaer County, | ||
| 5.00%, 9/1/28 (3) | 1,000 | 1,218 |
| Troy Capital Resource, Forward Deliviery Rensselaer County, | ||
| 5.00%, 9/1/30 (3) | 1,000 | 1,250 |
| Westchester County Local Dev. , Pace Univ. , Series A, 5.50%, | ||
| 5/1/42 | 3,910 | 4,373 |
| 221,216 | ||
| North Carolina 3.0% | ||
| Charlotte, Charlotte-Douglas Int'l. Airport, 4.00%, 7/1/44 | 3,900 | 4,411 |
| Charlotte, Charlotte-Douglas Int'l. Airport, Series A, 5.00%, | ||
| 7/1/39 | 7,450 | 7,605 |
| Charlotte, Charlotte-Douglas Int'l. Airport, Series A, 5.50%, | ||
| 7/1/34 | 7,545 | 7,730 |
| Charlotte-Mecklenburg Hosp. Auth. , Series C, VRDN, 1.15%, | ||
| 1/15/37 | 1,140 | 1,140 |
| North Carolina Capital Fac. Fin. Agency, Duke Univ. , Series B, | ||
| 5.00%, 10/1/55 | 6,245 | 7,242 |
| North Carolina Medical Care Commission, Vidant Health, | ||
| 5.00%, 6/1/45 | 5,000 | 5,689 |
| North Carolina Medical Care Commission, Wake Forest Baptist, | ||
| Series A, 5.00%, 12/1/45 | 8,040 | 8,628 |
| North Carolina Turnpike Auth. , 5.00%, 1/1/27 (4) | 920 | 1,121 |
| North Carolina Turnpike Auth. , 5.00%, 1/1/31 (4) | 1,000 | 1,197 |
| North Carolina Turnpike Auth. , 5.00%, 1/1/40 | 12,675 | 15,218 |
| North Carolina Turnpike Auth. , Monroe Expressway Toll, | ||
| Series A, 5.00%, 7/1/47 | 4,655 | 5,276 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | |
| (Amounts in 000s) | ||
| North Carolina Turnpike Auth. , Monroe Expressway Toll, | ||
| Series A, 5.00%, 7/1/51 | 3,100 | 3,508 |
| North Carolina Turnpike Auth. , Triangle Expressway, 4.00%, | ||
| 1/1/55 (3) | 4,300 | 4,658 |
| Raleigh-Durham Airport Auth. , Series A, 5.00%, 5/1/32 | 5,000 | 5,073 |
| Univ. of North Carolina At Chapel Hill, Univ. of North Carolina | ||
| Hosp. , 5.00%, 2/1/45 (3) | 1,440 | 2,033 |
| 80,529 | ||
| North Dakota 0.5% | ||
| Grand Forks Health Care, Altru Health Sys. , 5.00%, 12/1/32 | 13,835 | 14,609 |
| 14,609 | ||
| Ohio 2.4% | ||
| Cuyahoga County, MetroHealth Sys. , 5.50%, 2/15/52 | 8,750 | 10,156 |
| Cuyahoga County, MetroHealth Sys. , 5.50%, 2/15/57 | 4,315 | 4,993 |
| Franklin County, Nationwide Children's Hosp. , 5.00%, 11/1/48 | 8,500 | 12,433 |
| Franklin County, OPRS Communities, Series A, 6.125%, 7/1/40 | 2,700 | 2,966 |
| Franklin County Convention Fac. Auth. , Greater Columbus | ||
| Convention Center, 4.00%, 12/1/38 | 1,600 | 1,796 |
| Franklin County Convention Fac. Auth. , Greater Columbus | ||
| Convention Center, 4.00%, 12/1/39 | 1,665 | 1,866 |
| Franklin County Convention Fac. Auth. , Greater Columbus | ||
| Convention Center, 4.00%, 12/1/40 | 1,430 | 1,598 |
| Franklin County Convention Fac. Auth. , Greater Columbus | ||
| Convention Center, 5.00%, 12/1/46 | 6,000 | 7,316 |
| Franklin County Convention Fac. Auth. , Greater Columbus | ||
| Convention Center, 5.00%, 12/1/51 | 8,750 | 10,597 |
| Hamilton County, Cincinnati Children's Hosp. , 5.00%, 11/15/49 | 5,000 | 7,300 |
| Ohio State Higher Ed. Fac. Commission, Cleveland Clinic Hosp. , | ||
| Series B-4, VRDN, 1.15%, 1/1/43 | 2,395 | 2,395 |
| 63,416 | ||
| Oklahoma 0.4% | ||
| Oklahoma DFA, OU Medicine, Series B, 5.50%, 8/15/57 | 1,500 | 1,783 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Oklahoma Turnpike Auth. , Series C, 5.00%, 1/1/47 | 2,500 | 2,937 | |
| Tulsa County Ind. Auth. , Montereau, Senior Living Community, | |||
| 5.25%, 11/15/45 | 750 | 848 | |
| Tulsa County Ind. Auth. , Montereau, Senior Living Community, | |||
| Series A, 7.125%, 11/1/30 (Prerefunded 5/1/20) (2) | 3,000 | 3,072 | |
| Tulsa County Ind. Auth. , Montereau, Senior Living Community, | |||
| Series A, 7.25%, 11/1/40 (Prerefunded 5/1/20) (2) | 2,500 | 2,561 | |
| 11,201 | |||
| Oregon 0.5% | |||
| Oregon Fac. Auth. , Legacy Health, Series A, 5.00%, 6/1/46 | 11,000 | 12,765 | |
| 12,765 | |||
| Pennsylvania 3.4% | |||
| Allegheny County Hosp. Dev. Auth. , Univ. of Pittsburgh Medical | |||
| Center, Series A, 4.00%, 7/15/37 | 1,000 | 1,120 | |
| Allegheny County Hosp. Dev. Auth. , Univ. of Pittsburgh Medical | |||
| Center, Series A, 4.00%, 7/15/38 | 1,200 | 1,336 | |
| Allegheny County Hosp. Dev. Auth. , Univ. of Pittsburgh Medical | |||
| Center, Series A, 4.00%, 7/15/39 | 2,250 | 2,496 | |
| Cumberland County Municipal Auth. , Asbury Obligation Group, | |||
| 5.25%, 1/1/27 | 1,275 | 1,335 | |
| Montgomery County IDA, Einstein Healthcare, Series A, 5.25%, | |||
| 1/15/45 | 4,800 | 5,363 | |
| Montgomery County IDA, Einstein Healthcare, Series A, 5.25%, | |||
| 1/15/46 | 3,000 | 3,349 | |
| Montgomery County IDA, New Regional Medical Center, 5.25%, | |||
| 8/1/33 (Prerefunded 8/1/20) (2) | 6,475 | 6,653 | |
| Northampton County General Purpose Auth. , Lafayette College, | |||
| 5.00%, 11/1/47 | 8,980 | 10,696 | |
| Pennsylvania Fin. Auth. , Commonwealth Auth. , Tobacco | |||
| Settlement, 5.00%, 6/1/33 | 875 | 1,067 | |
| Pennsylvania Higher Ed. Fac. Auth. , Temple Univ. , First Series, | |||
| 5.00%, 4/1/32 | 510 | 547 | |
| Philadelphia Airport, Series A, 5.00%, 6/15/35 | 16,000 | 16,276 | |
| Philadelphia IDA, Temple Univ. , 1st Series 2016, 5.00%, 4/1/28 | 1,800 | 2,107 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Philadelphia IDA, Temple Univ. , 1st Series 2017, 5.00%, 4/1/29 | 4,000 | 4,656 | |
| Philadelphia IDA, Temple Univ. , 2nd Series 2016, 5.00%, 4/1/34 | 1,825 | 2,095 | |
| Philadelphia IDA, Temple Univ. , 2nd Series 2016, 5.00%, 4/1/35 | 8,500 | 9,744 | |
| Philadelphia IDA, Temple Univ. , 2nd Series 2016, 5.00%, 4/1/36 | 5,000 | 5,716 | |
| Philadelphia School Dist. , Series A, GO, 5.00%, 9/1/44 | 9,300 | 11,087 | |
| State Public School Building Auth. , Philadelphia School Dist. , | |||
| Series A, 5.00%, 6/1/33 (4) | 5,000 | 5,866 | |
| 91,509 | |||
| Puerto Rico 1.0% | |||
| Puerto Rico Aqueduct & Sewer Auth. , Series A, 5.25%, 7/1/42 | 1,795 | 1,874 | |
| Puerto Rico Electric Power Auth. , Series A-RSA-1, 5.05%, | |||
| 7/1/42(10)(11) | 60 | 46 | |
| Puerto Rico Electric Power Auth. , Series CCC-RSA-1, 5.00%, | |||
| 7/1/27(10)(11) | 100 | 77 | |
| Puerto Rico Electric Power Auth. , Series CCC-RSA-1, 5.25%, | |||
| 7/1/27(10)(11) | 2,500 | 1,912 | |
| Puerto Rico Electric Power Auth. , Series CCC-RSA-1, 5.25%, | |||
| 7/1/28(10)(11) | 225 | 172 | |
| Puerto Rico Electric Power Auth. , Series TT-RSA-1, 5.00%, | |||
| 7/1/20(10)(11) | 290 | 222 | |
| Puerto Rico Electric Power Auth. , Series TT-RSA-1, 5.00%, | |||
| 7/1/24(10)(11) | 1,105 | 845 | |
| Puerto Rico Electric Power Auth. , Series TT-RSA-1, 5.00%, | |||
| 7/1/25(10)(11) | 370 | 283 | |
| Puerto Rico Electric Power Auth. , Series TT-RSA-1, 5.00%, | |||
| 7/1/26(10)(11) | 450 | 344 | |
| Puerto Rico Electric Power Auth. , Series TT-RSA-1, 5.00%, | |||
| 7/1/27 (10)(11) | 2,640 | 2,020 | |
| Puerto Rico Electric Power Auth. , Series TT-RSA-1, 5.00%, | |||
| 7/1/32(10)(11) | 185 | 142 | |
| Puerto Rico Electric Power Auth. , Series TT-RSA-1, 5.00%, | |||
| 7/1/37(10)(11) | 1,365 | 1,044 | |
| Puerto Rico Electric Power Auth. , Series WW-RSA-1, 5.00%, | |||
| 7/1/28(10)(11) | 45 | 34 | |
| Puerto Rico Electric Power Auth. , Series WW-RSA-1, 5.25%, | |||
| 7/1/33(10)(11) | 280 | 214 | |
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Puerto Rico Electric Power Auth. , Series WW-RSA-1, 5.50%, | |||
| 7/1/18(10)(11) | 240 | 180 | |
| Puerto Rico Electric Power Auth. , Series XX-RSA-1, 5.25%, | |||
| 7/1/27(10)(11) | 100 | 77 | |
| Puerto Rico Electric Power Auth. , Series XX-RSA-1, 5.25%, | |||
| 7/1/40(10)(11) | 275 | 210 | |
| Puerto Rico Electric Power Auth. , Series XX-RSA-1, 5.75%, | |||
| 7/1/36(10)(11) | 215 | 166 | |
| Puerto Rico Electric Power Auth. , Series ZZ-RSA-1, 3.70%, | |||
| 7/1/17(10)(11) | 70 | 50 | |
| Puerto Rico Electric Power Auth. , Series ZZ-RSA-1, 5.00%, | |||
| 7/1/17(10)(11) | 120 | 90 | |
| Puerto Rico Electric Power Auth. , Series ZZ-RSA-1, 5.00%, | |||
| 7/1/28(10)(11) | 95 | 73 | |
| Puerto Rico Electric Power Auth. , Series ZZ-RSA-1, 5.25%, | |||
| 7/1/19(10)(11) | 890 | 660 | |
| Puerto Rico Electric Power Auth. , Series ZZ-RSA-1, 5.25%, | |||
| 7/1/23(10)(11) | 200 | 153 | |
| Puerto Rico Electric Power Auth. , Series ZZ-RSA-1, 5.25%, | |||
| 7/1/24(10)(11) | 100 | 77 | |
| Puerto Rico Electric Power Auth. , Series ZZ-RSA-1, 5.25%, | |||
| 7/1/26(10)(11) | 2,295 | 1,756 | |
| Puerto Rico Sales Tax Fin. , Restructured, Series A-1, 4.50%, | |||
| 7/1/34 | 1,436 | 1,531 | |
| Puerto Rico Sales Tax Fin. , Restructured, Series A-1, | |||
| Zero Coupon, 7/1/27 | 2,600 | 2,068 | |
| Puerto Rico Sales Tax Fin. , Restructured, Series A-1, | |||
| Zero Coupon, 7/1/29 | 5,800 | 4,289 | |
| Puerto Rico Sales Tax Fin. , Restructured, Series A-1, | |||
| Zero Coupon, 7/1/31 | 3,500 | 2,392 | |
| Puerto Rico Sales Tax Fin. , Restructured, Series A-1, | |||
| Zero Coupon, 7/1/33 | 5,392 | 3,418 | |
| 26,419 | |||
| Rhode Island 0.0% | |||
| Central Falls Detention Fac. , 7.25%, 7/15/35 (7)(10) | 4,915 | 885 | |
| 885 | |||
| The accompanying notes are an integral part of this Portfolio of Investments. | |||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | |
| (Amounts in 000s) | ||
| South Carolina 1.0% | ||
| Connector 2000 Assoc. , Series A, Zero Coupon, 1/1/20 (10) | 285 | 284 |
| Connector 2000 Assoc. , Series A, Zero Coupon, 1/1/21 (10) | 338 | 316 |
| Connector 2000 Assoc. , Series A, Zero Coupon, 1/1/22 (10) | 358 | 313 |
| Connector 2000 Assoc. , Series A-1, Zero Coupon, 1/1/32 (10) | 6,663 | 3,237 |
| Connector 2000 Assoc. , Series A-1, Zero Coupon, 1/1/42 (10) | 11,189 | 2,624 |
| Connector 2000 Assoc. , Series A-1, Zero Coupon, 7/22/51 (10) | 14,661 | 1,577 |
| Connector 2000 Assoc. , Series B-1, Zero Coupon, 1/1/32 (10) | 2,141 | 474 |
| Connector 2000 Assoc. , Series B-1, Zero Coupon, 7/22/51 (10) | 10,109 | 648 |
| Connector 2000 Assoc. , Series C-1, Zero Coupon, 7/22/51 (10) | 1,654 | 97 |
| South Carolina Jobs-Economic Dev. Auth. , Acts Retirement-Life | ||
| Community, Series C, 5.00%, 11/15/47 | 2,325 | 2,671 |
| South Carolina Jobs-Economic Dev. Auth. , Prisma Health | ||
| Obligated Group, Series A, 5.00%, 5/1/35 | 2,000 | 2,408 |
| South Carolina Jobs-Economic Dev. Auth. , Prisma Health | ||
| Obligated Group, Series A, 5.00%, 5/1/37 | 5,000 | 5,961 |
| South Carolina Jobs-Economic Dev. Auth. , Prisma Health | ||
| Obligated Group, Series A, 5.00%, 5/1/43 | 4,675 | 5,490 |
| 26,100 | ||
| South Dakota 1.1% | ||
| South Dakota HEFA, Avera Health, Series A, 5.00%, 7/1/42 | ||
| (Prerefunded 7/1/21) (2) | 12,805 | 13,567 |
| South Dakota HEFA, Sanford Health, Series E, 5.00%, 11/1/37 | 1,770 | 1,917 |
| South Dakota HEFA, Sanford Health, Series E, 5.00%, 11/1/42 | 13,065 | 14,094 |
| 29,578 | ||
| Tennessee 1.7% | ||
| Greeneville Health & Ed. Fac. Board, Ballad Health Obligation | ||
| Group, Series A, 5.00%, 7/1/35 | 1,725 | 2,066 |
| Greeneville Health & Ed. Fac. Board, Ballad Health Obligation | ||
| Group, Series A, 5.00%, 7/1/37 | 3,500 | 4,149 |
| Greeneville Health & Ed. Fac. Board, Ballad Health Obligation | ||
| Group, Series A, 5.00%, 7/1/44 | 1,075 | 1,258 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
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 | 3,147 |
| Metropolitan Gov't. of Nashville-Davidson Health & Ed. Fac. | ||
| Board, Vanderbilt Univ. Medical Center, Series A, 5.00%, 7/1/40 | 7,265 | 8,465 |
| Metropolitan Gov't. of Nashville-Davidson Health & Ed. Fac. | ||
| Board, Vanderbilt Univ. Medical Center, Series A, 5.00%, 7/1/46 | 8,415 | 9,686 |
| Tennessee Energy Acquisition, VRDN, 4.00%, 11/1/49 | ||
| (Tender 11/1/25) | 5,750 | 6,401 |
| Tennessee Energy Acquisition, Goldman Sachs, Series A, | ||
| 5.25%, 9/1/24 | 8,100 | 9,340 |
| 44,512 | ||
| Texas 8.5% | ||
| Austin Airport, Series A, 5.00%, 11/15/41 | 6,845 | 8,086 |
| Austin Airport, Series A, 5.00%, 11/15/46 | 2,000 | 2,347 |
| Austin Convention Enterprises, Convention Center, 1st Tier, | ||
| Series A, 5.00%, 1/1/27 | 2,600 | 3,074 |
| Austin Convention Enterprises, Convention Center, 1st Tier, | ||
| Series A, 5.00%, 1/1/34 | 1,400 | 1,623 |
| Austin Convention Enterprises, Convention Center, 2nd Tier, | ||
| Series B, 5.00%, 1/1/25 | 630 | 713 |
| Austin Convention Enterprises, Convention Center, 2nd Tier, | ||
| Series B, 5.00%, 1/1/26 | 600 | 692 |
| Austin Convention Enterprises, Convention Center, 2nd Tier, | ||
| Series B, 5.00%, 1/1/27 | 1,000 | 1,154 |
| Austin Convention Enterprises, Convention Center, 2nd Tier, | ||
| Series B, 5.00%, 1/1/28 | 360 | 416 |
| Central Texas Regional Mobility Auth. , 5.00%, 1/1/33 | 2,000 | 2,184 |
| Central Texas Regional Mobility Auth. , 5.00%, 1/1/42 | 12,780 | 13,832 |
| Central Texas Regional Mobility Auth. , Series A, 5.00%, 1/1/43 | 2,700 | 2,923 |
| Dallas/Fort Worth Int'l. Airport, Series C, 5.00%, 11/1/45 | 10,000 | 10,622 |
| Dallas/Fort Worth Int'l. Airport, Series D, 5.25%, 11/1/25 | 4,805 | 5,181 |
| Dallas/Fort Worth Int'l. Airport, Series G, 5.00%, 11/1/28 | 7,000 | 7,234 |
| Fort Bend County IDC, NRG Energy, Series A, 4.75%, 5/1/38 | 3,000 | 3,159 |
| Harris County Cultural Ed. Fac. , Brazos Presbyterian Hosp. , | ||
| Series B, 7.00%, 1/1/43 (Prerefunded 1/1/23) (2) | 3,000 | 3,518 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | |
| (Amounts in 000s) | ||
| Harris County Cultural Ed. Fac. , Houston Methodist Hosp. , | ||
| 5.00%, 12/1/45 | 7,000 | 7,973 |
| Houston Airport, Series D, 5.00%, 7/1/35 | 6,380 | 7,875 |
| Joint Guadalupe County - Seguin Hosp. , 5.00%, 12/1/45 | 2,600 | 2,781 |
| Joint Guadalupe County - Seguin Hosp. , 5.25%, 12/1/35 | 2,400 | 2,679 |
| Lower Colorado River Auth. , LCRA Transmission Services, | ||
| Series A, 5.00%, 5/15/30 | 3,885 | 4,080 |
| Lower Colorado River Auth. , LCRA Transmission Services, | ||
| Series A, 5.00%, 5/15/31 | 3,100 | 3,255 |
| New Hope Cultural Ed. Fac. Fin. , CHF Stephenville III - Tarleton | ||
| State Univ. , Series A, 5.00%, 4/1/30 | 300 | 332 |
| New Hope Cultural Ed. Fac. Fin. , CHF Stephenville III - Tarleton | ||
| State Univ. , Series A, 5.00%, 4/1/47 | 3,310 | 3,570 |
| New Hope Cultural Ed. Fac. Fin. , Presbyterian Village North, | ||
| 5.00%, 10/1/32 | 750 | 835 |
| New Hope Cultural Ed. Fac. Fin. , Presbyterian Village North, | ||
| 5.00%, 10/1/39 | 1,000 | 1,097 |
| New Hope Cultural Ed. Fac. Fin. , Presbyterian Village North, | ||
| 5.25%, 10/1/49 | 2,255 | 2,480 |
| North Texas Tollway Auth. , Series A, 5.00%, 1/1/27 | 2,250 | 2,571 |
| North Texas Tollway Auth. , Series A, 5.00%, 1/1/39 | 6,110 | 7,119 |
| North Texas Tollway Auth. , Series A, 5.50%, 9/1/41 | ||
| (Prerefunded 9/1/21) (2) | 9,000 | 9,669 |
| North Texas Tollway Auth. , First Tier, 6.00%, 1/1/38 | ||
| (Prerefunded 1/1/21) (2) | 12,000 | 12,616 |
| North Texas Tollway Auth. , First Tier, Series A, 5.00%, 1/1/43 | 2,750 | 3,280 |
| North Texas Tollway Auth. , First Tier, Series A, 5.00%, 1/1/48 | 12,500 | 14,812 |
| Tarrant County Cultural Ed. Fac. Fin. , Buckner Retirement | ||
| Services, Series A, 5.00%, 11/15/28 | 1,000 | 1,171 |
| Tarrant County Cultural Ed. Fac. Fin. , Buckner Retirement | ||
| Services, Series A, 5.00%, 11/15/31 | 1,835 | 2,125 |
| Tarrant County Cultural Ed. Fac. Fin. , Buckner Retirement | ||
| Services, Series A, 5.00%, 11/15/37 | 1,700 | 1,943 |
| Tarrant County Cultural Ed. Fac. Fin. , Buckner Retirement | ||
| Services, Series B, 5.00%, 11/15/40 | 2,650 | 3,005 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Tarrant County Cultural Ed. Fac. Fin. , Buckner Retirement | |||
| Services, Series B, 5.00%, 11/15/46 | 5,395 | 6,073 | |
| Tarrant County Cultural Ed. Fac. Fin. , Edgemere - Northwest | |||
| Senior High School, Series A, 5.00%, 11/15/45 | 3,620 | 3,742 | |
| Tarrant County Cultural Ed. Fac. Fin. , Texas Health Resources | |||
| Sys. , Series A, 5.00%, 2/15/47 | 13,365 | 15,543 | |
| Tarrant County Cultural Ed. Fac. Fin. , Texas Health Resources | |||
| Sys. , Series A, 5.00%, 2/15/41 | 5,240 | 6,153 | |
| Texas IDC, NRG Energy, Series 2012, 4.125%, 12/1/45 | 1,270 | 1,313 | |
| Texas Municipal Gas Acquisition & Supply I, Merrill Lynch, | |||
| Senior Lien, Series A, 5.25%, 12/15/25 | 1,000 | 1,194 | |
| Texas Municipal Gas Acquisition & Supply I, Merrill Lynch, | |||
| Senior Lien, Series D, 6.25%, 12/15/26 | 6,790 | 7,899 | |
| Texas Municipal Gas Acquisition & Supply III, 5.00%, 12/15/29 | 8,200 | 8,907 | |
| Texas Municipal Gas Acquisition & Supply III, 5.00%, 12/15/31 | 5,000 | 5,416 | |
| Texas Transportation Commission, First Tier Toll, 5.00%, 8/1/57 | 5,260 | 6,131 | |
| Travis County Health Fac. Dev. , Unrefunded Balance, | |||
| Westminster Manor, 7.00%, 11/1/30 | 55 | 57 | |
| Travis County Health Fac. Dev. , Westminster Manor, 7.00%, | |||
| 11/1/30 (Prerefunded 11/1/20) (2) | 805 | 847 | |
| Travis County Health Fac. Dev. , Westminster Manor, 7.125%, | |||
| 11/1/40 (Prerefunded 11/1/20) (2) | 2,000 | 2,105 | |
| 227,406 | |||
| Utah 0.2% | |||
| Salt Lake City Airport, Series B, 5.00%, 7/1/42 | 1,000 | 1,191 | |
| Salt Lake City Airport, Series B, 5.00%, 7/1/47 | 4,475 | 5,298 | |
| 6,489 | |||
| Virgin Islands 0.2% | |||
| Virgin Islands PFA, Series A, 6.75%, 10/1/37 | 5,000 | 5,009 | |
| 5,009 | |||
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | |
| (Amounts in 000s) | ||
| Virginia 2.3% | ||
| Chesapeake Bay Bridge & Tunnel Dist. , 1st Tier General | ||
| Resolution, 5.00%, 7/1/46 | 5,840 | 6,745 |
| Chesapeake Bay Bridge & Tunnel Dist. , 1st Tier General | ||
| Resolution, 5.00%, 7/1/51 | 3,395 | 3,912 |
| Fairfax County Economic Dev. Auth. , Silver Line Phase I, 4.00%, | ||
| 4/1/33 | 8,955 | 9,997 |
| Fairfax County Economic Dev. Auth. , Silver Line Phase I, 4.00%, | ||
| 4/1/36 | 8,500 | 9,436 |
| Fairfax County IDA, Inova Health, Series A, 4.00%, 5/15/48 | 335 | 369 |
| Fairfax County IDA, Inova Health, Series A, 5.00%, 5/15/40 | 5,000 | 5,399 |
| Hampton Roads Transportation Accountability Commission, | ||
| Series A, 5.50%, 7/1/57 | 12,000 | 14,840 |
| Henrico County Economic Dev. Auth. , Bon Secours Health Sys. , | ||
| 5.00%, 11/1/30 (Prerefunded 11/1/22) (2) | 2,500 | 2,772 |
| James City County Economic Dev. Auth. , Windsormeade United | ||
| Methodist Homes, Series A, 2.00%, 10/1/48 (7) | 803 | 70 |
| James City County Economic Dev. Auth. , Windsormeade United | ||
| Methodist Homes, Series A, 6.00%, 6/1/43 | 3,509 | 3,509 |
| Stafford County Economic Dev. Auth. , Mary Washington | ||
| Healthcare, 5.00%, 6/15/33 | 1,000 | 1,178 |
| Stafford County Economic Dev. Auth. , Mary Washington | ||
| Healthcare, 5.00%, 6/15/36 | 2,900 | 3,392 |
| 61,619 | ||
| Washington 0.4% | ||
| Washington, Motor Vehicle Tax, Series C, GO, 5.00%, 6/1/29 | 7,000 | 7,406 |
| Washington Health Care Fac. Auth. , Commonspirit Health, | ||
| Series A, 5.00%, 8/1/44 | 2,400 | 2,833 |
| 10,239 | ||
| West Virginia 0.0% | ||
| Monongalia County Commission, Univ. Town Center, Series A, | ||
| 5.50%, 6/1/37 (1) | 425 | 469 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
T. ROWE PRICE TAX-FREE INCOME FUND
| Par | $ Value | |||
| (Amounts in 000s) | ||||
| Monongalia County Commission, Univ. Town Center, Series A, | ||||
| 5.75%, 6/1/43 (1) | 425 | 471 | ||
| 940 | ||||
| Wisconsin 0.3% | ||||
| Wisconsin PFA, Retirement Housing Foundation Obligation | ||||
| Group, Series B, 5.00%, 11/15/29 | 1,475 | 1,778 | ||
| Wisconsin PFA, Retirement Housing Foundation Obligation | ||||
| Group, Series B, 5.00%, 11/15/30 | 1,500 | 1,810 | ||
| Wisconsin PFA, Searstone Retirement Community, Series A, | ||||
| 5.20%, 6/1/37 | 2,000 | 2,089 | ||
| Wisconsin PFA, Searstone Retirement Community, Series A, | ||||
| 5.30%, 6/1/47 | 1,300 | 1,357 | ||
| Wisconsin PFA, Searstone Retirement Community, Series A, | ||||
| 5.375%, 6/1/52 | 1,700 | 1,778 | ||
| 8,812 | ||||
| Total Investments in Securities 100.1% | ||||
| (Cost $2,512,539) | $ | 2,670,937 | ||
| Other Assets Less Liabilities (0.1)% | (2,613) | |||
| Net Assets 100.0% | $ | 2,668,324 | ||
| ‡ | 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 $26,916 and represents 1.0% of net assets. | ||
| (2) | Prerefunded date is used in determining portfolio maturity. | |
| (3) | When-issued security | |
| (4) | Insured by Assured Guaranty Municipal Corporation | |
| (5) | Insured by National Public Finance Guarantee Corporation | |
| (6) | Security has the ability to pay in-kind or pay in cash. When applicable, | |
| separate rates of such payments are disclosed. | ||
| (7) | Security is in default or has failed to make a scheduled interest and/or | |
| principal payment. | ||
| (8) | Insured by AMBAC Assurance Corporation | |
| (9) | Escrowed to maturity | |
| (10) | Non-income producing | |
| (11) | Issuer 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 | |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-FREE INCOME FUND
| 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 |
| PFA | Public Finance Authority/Agency |
| PIK | Payment-in-kind |
| RAC | Revenue Anticipation Certificate |
| 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. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE TAX-FREE INCOME FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS
T. Rowe Price Tax-Free Income Fund, Inc. (the fund) is registered under the Investment Company Act of 1940 (the 1940
Act) as an open-end management investment company and follows accounting and reporting guidance of the Financial
Accounting Standards BoardAccounting Standards CodificationTopic 946. The accompanying Portfolio of Investments
was prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). For
additional information on the fund’s significant accounting policies and investment related disclosures, please refer to the
fund’s most recent semiannual or annual shareholder report and its prospectus.
VALUATION
The fund’s financial instruments are valued at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET,
each day the NYSE is open for business.
Fair Value
The fund’s financial instruments 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 T. Rowe Price Valuation Committee (the Valuation Committee) is an internal committee that has been
delegated certain responsibilities by the fund’s Board of Directors (the Board) to ensure that financial instruments are
appropriately priced at fair value in accordance with GAAP and the 1940 Act. Subject to oversight by the Board, the
Valuation Committee develops and oversees pricing-related policies and procedures and approves all fair value
determinations. Specifically, the Valuation Committee establishes procedures to value securities; determines pricing
techniques, sources, and persons eligible to effect fair value pricing actions; oversees the selection, services, and
performance of pricing vendors; oversees valuation-related business continuity practices; and provides guidance on
internal controls and valuation-related matters. The Valuation Committee reports to the Board and has representation
from legal, portfolio management and trading, operations, risk management, and the fund’s treasurer.
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
Observable inputs are developed using market data, such as publicly available information about actual events or
transactions, and reflect the assumptions that market participants would use to price the financial instrument.
Unobservable inputs are those for which market data are not available and are developed using the best information
available about the assumptions that market participants would use to price the financial instrument. GAAP requires
valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value
hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are
not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the
degree of judgment used in determining those values.
Valuation Techniques
Debt securities generally are traded in the over-the-counter (OTC) market and are valued at prices furnished by
independent pricing services or by broker dealers who make markets in such securities. When valuing securities, the
independent pricing services consider the yield or price of bonds of comparable quality, coupon, maturity, and type, as
T. ROWE PRICE TAX-FREE INCOME FUND
well as prices quoted by dealers who make markets in such securities. Generally, debt securities are categorized in Level
2 of the fair value hierarchy; however, to the extent the valuations include significant unobservable inputs, the securities
would be categorized in Level 3.
Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are
deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. The
objective of any fair value pricing determination is to arrive at a price that could reasonably be expected from a current
sale. Financial instruments fair valued by the Valuation Committee are primarily private placements, restricted
securities, warrants, rights, and other securities that are not publicly traded.
Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and
adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining
the fair value of troubled or thinly traded debt instruments, the Valuation Committee considers a variety of factors,
which may include, but are not limited to, the issuer’s business prospects, its financial standing and performance, recent
investment transactions in the issuer, strategic events affecting the company, market liquidity for the issuer, and general
economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will
determine an appropriate valuation technique based on available information, which may include both observable and
unobservable inputs. The Valuation Committee 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 Committee may also
consider other valuation methods such as 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 and updated as information becomes available, including actual purchase and sale
transactions of the issue. Because any fair value determination involves a significant amount of judgment, there is a
degree of subjectivity inherent in such pricing decisions, and fair value prices determined by the Valuation Committee
could differ from those of other market participants. Depending on the relative significance of unobservable inputs,
including the valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value
hierarchy.
Valuation Inputs
On November 30, 2019, all of the fund’s financial instruments were classified as Level 2, based on the inputs used to
determine their fair values.
