T. ROWE PRICE TAX-FREE INCOME FUND
November 30, 2020 (Unaudited)
| Portfolio of Investments‡ | Par | $ Value | |
| (Amounts in 000s) | |||
| MUNICIPAL SECURITIES 98.9% | |||
| ALABAMA 0.1% | |||
| Tuscaloosa County IDA, Hunt Refining Project, Series A, IDRB, | |||
| 5.25%, 5/1/44 (1) | 3,280 | 3,685 | |
| 3,685 | |||
| ALASKA 0.2% | |||
| Alaska Int'l. Airport, Series B, 5.00%, 10/1/35 | 3,945 | 4,607 | |
| Valdez, Exxon Pipeline, Series B, VRDN, 0.10%, 12/1/33 | 500 | 500 | |
| Valdez, Exxon Pipeline, Series C, VRDN, 0.10%, 12/1/33 | 1,350 | 1,350 | |
| 6,457 | |||
| ARIZONA 0.2% | |||
| Arizona HFA, Banner Health, Series B, FRN, 67% of 3M USD | |||
| LIBOR + 0.81%, 0.961%, 1/1/37 | 1,500 | 1,410 | |
| Arizona HFA, Phoenix Children's Hosp. , Series A, 5.00%, 2/1/34 | 3,000 | 3,132 | |
| Phoenix IDA, Phoenix Student Housing, IDRB, 5.00%, 7/1/59 | 1,070 | 1,119 | |
| 5,661 | |||
| CALIFORNIA 9.5% | |||
| Alameda Corridor Transportation Auth., Series B, 5.00%, | |||
| 10/1/35 (2) | 5,750 | 6,836 | |
| California, GO, 4.00%, 11/1/45 | 7,870 | 8,918 | |
| California, GO, 5.00%, 8/1/32 | 15,000 | 17,389 | |
| California, GO, 5.25%, 9/1/25 | 10,000 | 10,378 | |
| California, Various Purpose, GO, 5.00%, 9/1/31 | 7,000 | 7,243 | |
| California, Various Purpose, GO, 5.00%, 9/1/32 | 12,400 | 12,827 | |
| California, Various Purpose, GO, 5.00%, 10/1/39 | 5,900 | 6,828 | |
| California, Various Purpose, GO, 5.00%, 11/1/43 | 1,700 | 1,911 | |
| California, Various Purpose, GO, 5.25%, 3/1/30 | 2,300 | 2,300 | |
| California County Tobacco Securitization Agency, Series A, | |||
| 4.00%, 6/1/35 | 300 | 361 | |
| 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 County Tobacco Securitization Agency, Series A, | ||
| 4.00%, 6/1/36 | 275 | 328 |
| California County Tobacco Securitization Agency, Series A, | ||
| 4.00%, 6/1/37 | 300 | 357 |
| California County Tobacco Securitization Agency, Series A, | ||
| 4.00%, 6/1/38 | 275 | 326 |
| California County Tobacco Securitization Agency, Series A, | ||
| 4.00%, 6/1/39 | 300 | 354 |
| California HFFA, Cedars-Sinai Medical Center, 5.00%, 11/15/30 | 1,750 | 2,109 |
| California HFFA, Cedars-Sinai Medical Center, 5.00%, 11/15/31 | 1,335 | 1,605 |
| California HFFA, Cedars-Sinai Medical Center, 5.00%, 11/15/32 | 1,065 | 1,277 |
| California HFFA, Kaiser Permanente, Series A-2, 5.00%, 11/1/47 | 4,750 | 7,324 |
| California HFFA, Lucile Packard Stanford Hosp. , Series B, | ||
| 5.00%, 8/15/55 | 4,550 | 5,287 |
| California HFFA, Lucile Salter Packard Children's Hosp. at | ||
| Stanford, Series A, 5.00%, 11/15/56 | 3,925 | 4,676 |
| California HFFA, Stanford Hosp. & Clinics, Series A, 5.00%, | ||
| 8/15/42 | 7,000 | 7,517 |
| California HFFA, Sutter Health, Series A, 5.00%, 11/15/38 | 2,250 | 2,795 |
| California HFFA, Sutter Health, Series A, 5.00%, 8/15/52 | ||
| (Prerefunded 8/15/23) (3) | 6,100 | 6,880 |
| California Housing Fin. , Series A, VR, 4.25%, 1/15/35 | 913 | 1,047 |
| California Municipal Fin. Auth., John Adams Academies-Lincoln | ||
| Project, Series A, 4.00%, 10/1/29 (1) | 420 | 432 |
| California Municipal Fin. Auth., John Adams Academies-Lincoln | ||
| Project, Series A, 5.00%, 10/1/49 (1) | 1,525 | 1,589 |
| California Municipal Fin. Auth., Retirement Housing Foundation, | ||
| Series A, 5.00%, 11/15/32 | 1,425 | 1,724 |
| California Municipal Fin. Auth. , West Village, 5.00%, 5/15/48 | 5,500 | 6,315 |
| California Public Works Board, Series B, 5.00%, 10/1/34 | 1,090 | 1,266 |
| California Public Works Board, Series B, 5.00%, 10/1/39 | 10,000 | 11,557 |
| California Public Works Board, Coalinga State Hosp. , Series E, | ||
| 5.00%, 6/1/26 | 5,000 | 5,576 |
| California Public Works Board, Judicial Council, Series A, | ||
| 5.00%, 3/1/38 | 5,000 | 5,475 |
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 School Fin. Auth. , New Designs Charter School, | ||
| 5.00%, 6/1/30 (1) | 1,380 | 1,540 |
| California Statewide CDA, Kaiser Permanente, Series A, 5.00%, | ||
| 4/1/42 | 5,365 | 5,651 |
| California Statewide CDA, Loma Linda Univ. Medical Center, | ||
| Series A, 5.25%, 12/1/48 (1) | 1,300 | 1,483 |
| California Statewide CDA, Loma Linda Univ. Medical Center, | ||
| Series A, 5.25%, 12/1/56 (1) | 2,275 | 2,535 |
| California Statewide CDA, Loma Linda Univ. Medical Center, | ||
| Series A, 5.50%, 12/1/58 (1) | 3,000 | 3,454 |
| Chula Vista Ind. Dev. , San Diego Gas, Series C, 5.875%, | ||
| 2/15/34 | 2,000 | 2,007 |
| Golden State Tobacco Securitization, Series A-1, 5.00%, 6/1/47 | 1,000 | 1,032 |
| Golden State Tobacco Securitization, Series A-2, 5.30%, 6/1/37 | 2,000 | 2,074 |
| Inland Valley Dev. Agency, Tax Allocation, Series A, 5.25%, | ||
| 9/1/37 | 4,600 | 5,156 |
| Irvine Unified School Dist. , Community Fac. Dist. , Special Tax, | ||
| Series D, 5.00%, 3/1/57 | 3,230 | 3,760 |
| Long Beach, 5.00%, 5/15/35 | 1,000 | 1,122 |
| Long Beach, 5.00%, 5/15/40 | 2,500 | 2,783 |
| Los Angeles County Public Works Fin. Auth. , Green Bond, | ||
| Series A, 4.00%, 12/1/37 | 4,275 | 5,247 |
| Los Angeles County Public Works Fin. Auth. , Green Bond, | ||
| Series A, 4.00%, 12/1/38 | 1,575 | 1,927 |
| Los Angeles County Public Works Fin. Auth. , Green Bond, | ||
| Series A, 4.00%, 12/1/39 | 2,575 | 3,144 |
| Los Angeles County Public Works Fin. Auth. , Green Bond, | ||
| Series A, 4.00%, 12/1/40 | 2,775 | 3,379 |
| Los Angeles County Public Works Fin. Auth. , Green Bond, | ||
| Series A, 4.00%, 12/1/43 | 1,725 | 2,081 |
| Los Angeles Dept. of Water, Series B-4, VRDN, 0.09%, 7/1/35 | 600 | 600 |
| Metropolitan Water Dist. of Southern California, Series A-1, | ||
| VRDN, 0.09%, 7/1/37 | 900 | 900 |
| Metropolitan Water Dist. of Southern California, Series A-2, | ||
| VRDN, 0.09%, 7/1/37 | 1,700 | 1,700 |
| Sacramento County Airport, Series B, 5.00%, 7/1/41 | 3,325 | 3,864 |
| Sacramento County Airport, Senior, Series A, 5.00%, 7/1/41 | 2,925 | 3,416 |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE TAX-FREE INCOME FUND | ||
| Par | $ Value | |
| (Amounts in 000s) | ||
| Sacramento County Sanitation Dist. Fin. Auth. , Series B, FRN, | ||
| 67% of 3M USD LIBOR + 0.53%, 0.695%, 12/1/35 (4) | 2,800 | 2,641 |
| San Diego County Regional Airport Auth. , Series A, 4.00%, | ||
| 7/1/38 | 1,020 | 1,201 |
| San Francisco City & County Int'l. Airports, Series B, 5.00%, | ||
| 5/1/49 | 10,600 | 13,222 |
| San Francisco City & County Int'l. Airports, Series F, 5.00%, | ||
| 5/1/50 | 5,000 | 6,229 |
| San Jose, Series B, 5.00%, 3/1/42 | 2,000 | 2,386 |
| San Jose, Series B, 5.00%, 3/1/47 | 3,550 | 4,202 |
| San Mateo, Bay Meadows Community Fac. , Dist. 2008-1, 5.50%, | ||
| 9/1/44 | 3,000 | 3,169 |
| Sunnyvale Financing Auth., Green Bond-Civic Center Project, | ||
| 4.00%, 4/1/36 | 1,295 | 1,587 |
| Sunnyvale Financing Auth., Green Bond-Civic Center Project, | ||
| 4.00%, 4/1/40 | 1,320 | 1,592 |
| Sunnyvale Financing Auth., Green Bond-Civic Center Project, | ||
| 4.00%, 4/1/50 | 8,000 | 9,444 |
| Univ. of California Regents, Series I, 5.00%, 5/15/28 | 3,500 | 4,201 |
| 259,536 | ||
| COLORADO 2.5% | ||
| Broadway Station Metropolitan Dist. No. 2, Series A, GO, | ||
| 5.125%, 12/1/48 | 2,300 | 2,417 |
| Colorado, Series A, COP, 4.00%, 12/15/34 | 4,130 | 5,106 |
| Colorado, Series A, COP, 4.00%, 12/15/35 | 1,750 | 2,155 |
| Colorado HFA, Children's Hosp. , Series A, VRDN, 0.12%, | ||
| 12/1/52 | 3,600 | 3,600 |
| Colorado HFA, SCL Health Sys. , Series B, 4.00%, 1/1/40 | 3,000 | 3,504 |
| Colorado High Performance Transportation Enterprise, C-470 | ||
| Express Lanes, 5.00%, 12/31/47 | 440 | 480 |
| Colorado High Performance Transportation Enterprise, C-470 | ||
| Express Lanes, 5.00%, 12/31/51 | 1,870 | 2,036 |
| Colorado High Performance Transportation Enterprise, C-470 | ||
| Express Lanes, 5.00%, 12/31/56 | 6,880 | 7,479 |
| Denver City & County Airports, Series B, 5.00%, 12/1/48 | 10,500 | 12,844 |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE TAX-FREE INCOME FUND | ||||
| Par | $ Value | |||
| (Amounts in 000s) | ||||
| Denver Convention Center Hotel Auth. , 5.00%, 12/1/34 | 2,500 | 2,808 | ||
| Denver Convention Center Hotel Auth. , 5.00%, 12/1/35 | 2,500 | 2,800 | ||
| Denver Convention Center Hotel Auth. , 5.00%, 12/1/36 | 2,000 | 2,234 | ||
| Denver Convention Center Hotel Auth. , 5.00%, 12/1/40 | 13,540 | 15,014 | ||
| Regional Transportation Dist. , Fastracks Project, Series A, | ||||
| 5.00%, 11/1/46 | 5,000 | 5,911 | ||
| 68,388 | ||||
| CONNECTICUT 1.1% | ||||
| Connecticut, Series E, GO, 5.00%, 9/15/34 | 3,250 | 4,115 | ||
| Connecticut HEFA, Stamford Hosp. , Series J, 5.00%, 7/1/42 | 15,865 | 16,513 | ||
| Connecticut Special Tax Obligation, Transportation | ||||
| Infrastructure, Series A, 5.00%, 1/1/33 | 6,535 | 8,183 | ||
| Mashantucket Western Pequot Tribe, 6.05%, (PIK), 7/1/31 | ||||
| (5)(6) | 2,878 | 187 | ||
| 28,998 | ||||
| DELAWARE 1.4% | ||||
| Delaware Economic Dev. Auth. , Acts Retirement Communities, | ||||
| Series B, 5.00%, 11/15/48 | 6,185 | 7,015 | ||
| Delaware HFA, Beebe Medical Center, 5.00%, 6/1/50 | 2,850 | 3,374 | ||
| Delaware HFA, Christiana Health Care Sys. , 4.00%, 10/1/49 | 8,470 | 9,803 | ||
| Delaware HFA, Christiana Health Care Sys. , 5.00%, 10/1/45 | 7,250 | 9,185 | ||
| Univ. of Delaware, VRDN, 0.11%, 11/1/35 | 5,650 | 5,650 | ||
| Univ. of Delaware, Series A, 5.00%, 11/1/43 | 895 | 1,395 | ||
| Univ. of Delaware, Series A, 5.00%, 11/1/45 | 500 | 789 | ||
| 37,211 | ||||
| DISTRICT OF COLUMBIA 3.1% | ||||
| District of Columbia, Ingleside at Rock Creek, Series A, 5.00%, | ||||
| 7/1/37 | 515 | 513 | ||
| District of Columbia, Ingleside at Rock Creek, Series A, 5.00%, | ||||
| 7/1/42 | 500 | 485 | ||
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE TAX-FREE INCOME FUND | |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| District of Columbia, Ingleside at Rock Creek, Series A, 5.00%, | |||
| 7/1/52 | 4,545 | 4,310 | |
| District of Columbia Water & Sewer Auth. , Series A, 5.00%, | |||
| 10/1/48 (Prerefunded 10/1/23) (3) | 5,000 | 5,673 | |
| Metropolitan Washington Airports Auth. , Dulles Toll Road, | |||
| Series A, 5.00%, 10/1/44 | 5,000 | 6,112 | |
| Metropolitan Washington Airports Auth. , Dulles Toll Road, | |||
| Series B, 4.00%, 10/1/53 (2) | 945 | 1,068 | |
| Metropolitan Washington Airports Auth. , Dulles Toll Road, | |||
| Series B, 5.00%, 10/1/34 | 550 | 689 | |
| Metropolitan Washington Airports Auth. , Dulles Toll Road, | |||
| Series B, 5.00%, 10/1/47 | 1,000 | 1,212 | |
| Metropolitan Washington Airports Auth. , Dulles Toll Road, | |||
| Series B, 6.50%, 10/1/44 | 9,350 | 12,262 | |
| Washington Convention & Sports Auth. , Series A, 5.00%, | |||
| 10/1/30 | 3,200 | 3,793 | |
| Washington Convention & Sports Auth. , Convention Center | |||
| Hotel, Series A, 5.00%, 10/1/40 | 11,175 | 11,196 | |
| Washington Metropolitan Area Transit Auth. , Series A, 4.00%, | |||
| 7/15/40 | 1,500 | 1,802 | |
| Washington Metropolitan Area Transit Auth. , Series A, 4.00%, | |||
| 7/15/45 | 2,000 | 2,363 | |
| Washington Metropolitan Area Transit Auth. , Series A, 5.00%, | |||
| 7/15/38 | 2,500 | 3,305 | |
| Washington Metropolitan Area Transit Auth. , Series A, 5.00%, | |||
| 7/15/39 | 5,500 | 7,248 | |
| Washington Metropolitan Area Transit Auth. , Series B, 5.00%, | |||
| 7/1/37 | 5,000 | 6,117 | |
| Washington Metropolitan Area Transit Auth. , Series B, 5.00%, | |||
| 7/1/42 | 14,555 | 17,623 | |
| 85,771 | |||
| FLORIDA 10.2% | |||
| Alachua County HFA, E Ridge Retirement Village, 6.25%, | |||
| 11/15/44 | 4,500 | 4,512 | |
| Alachua County HFA, Shands Teaching Hosp. & Clinics, 4.00%, | |||
| 12/1/49 | 15,125 | 16,909 | |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE TAX-FREE INCOME FUND | |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Alachua County HFA, Shands Teaching Hosp. & Clinics, Series | |||
| A, 5.00%, 12/1/44 | 15,820 | 18,058 | |
| Capital Projects Fin. Auth. , Florida Univ. Project, Series A-1, | |||
| 5.00%, 10/1/31 | 500 | 570 | |
| Capital Projects Fin. Auth. , Florida Univ. Project, Series A-1, | |||
| 5.00%, 10/1/32 | 750 | 853 | |
| Central Florida Expressway Auth. , 5.00%, 7/1/39 | 7,475 | 9,189 | |
| Central Florida Expressway Auth. , 5.00%, 7/1/42 | 4,670 | 5,664 | |
| Central Florida Expressway Auth. , Series B, 5.00%, 7/1/34 | 3,700 | 4,509 | |
| Collier County, Series A, 4.00%, 10/1/40 | 4,940 | 6,056 | |
| Collier County, Series A, 4.00%, 10/1/41 | 5,170 | 6,320 | |
| Collier County, Series A, 4.00%, 10/1/43 | 2,590 | 3,159 | |
| Davie Ed. Fac. , Nova Southeastern Univ. , Series A, 6.00%, | |||
| 4/1/42 (Prerefunded 4/1/23) (3) | 6,560 | 7,426 | |
| Florida Higher Ed. Fac. Fin. Auth. , Jacksonville Univ. , Series A-1, | |||
| 5.00%, 6/1/48 (1) | 5,075 | 5,238 | |
| Hillsborough County IDA, Baycare Health Sys. , Series B, VRDN, | |||
| 0.09%, 11/1/38 | 3,600 | 3,600 | |
| Hillsborough County IDA, BayCare Health System, Series D, | |||
| IDRB, VRDN, 0.11%, 11/15/42 | 8,430 | 8,430 | |
| Jacksonville, Better Jacksonville Sales Tax, Series A, 5.00%, | |||
| 10/1/30 | 2,880 | 3,104 | |
| Jacksonville, Ed. Fac. , Jacksonville Univ. , Series B, 5.00%, | |||
| 6/1/53 (1) | 2,595 | 2,670 | |
| Jacksonville, Transportation, Series A, 5.00%, 10/1/29 | |||
| (Prerefunded 10/1/22) (3) | 3,500 | 3,804 | |
| Jacksonville, Transportation, Series A, 5.00%, 10/1/30 | |||
| (Prerefunded 10/1/22) (3) | 11,555 | 12,557 | |
| Jacksonville, Transportation, Series A, 5.00%, 10/1/31 | |||
| (Prerefunded 10/1/22) (3) | 4,450 | 4,836 | |
| Lee Memorial Health Sys. , Series A-1, 5.00%, 4/1/44 | 3,350 | 4,073 | |
| Martin County HFA, Martin Memorial Medical Center, 5.00%, | |||
| 11/15/45 (Prerefunded 11/15/24) (3) | 3,750 | 4,440 | |
| Miami-Dade County, Aviation Revenue, 5.00%, 10/1/41 | 5,300 | 6,218 | |
| Miami-Dade County, Transit Sys. , 5.00%, 7/1/37 (Prerefunded | |||
| 7/1/22) (3) | 6,425 | 6,913 | |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE TAX-FREE INCOME FUND | ||
| Par | $ Value | |
| (Amounts in 000s) | ||
| Miami-Dade County EFA, Series A, 5.00%, 4/1/53 | 5,000 | 5,852 |
| Miami-Dade County EFA, Univ. of Miami, Series A, 5.00%, | ||
| 4/1/40 | 18,700 | 20,941 |
| Miami-Dade County EFA, Univ. of Miami, Series A, 5.00%, | ||
| 4/1/45 | 12,360 | 13,742 |
| Palm Beach County HFA, Acts Retirement-Life Community, | ||
| 5.00%, 11/15/45 | 4,175 | 4,744 |
| Palm Beach County HFA, Baptist Health, 4.00%, 8/15/49 | 11,000 | 12,494 |
| Sarasota County Public Hosp. Dist. , Sarasota Memorial Hosp. , | ||
| 5.00%, 7/1/41 | 10,000 | 12,171 |
| South Miami HFA, Baptist Health, 5.00%, 8/15/37 | 11,000 | 13,231 |
| South Miami HFA, Baptist Health, 5.00%, 8/15/42 | 6,000 | 7,142 |
| Sumter County IDA, Central Florida Health Alliance, Series A, | ||
| IDRB, 5.25%, 7/1/44 | 1,690 | 1,851 |
| Tampa, Series A, Zero Coupon, 9/1/34 | 750 | 513 |
| Tampa, Series A, Zero Coupon, 9/1/35 | 750 | 491 |
| Tampa, Series A, Zero Coupon, 9/1/38 | 750 | 428 |
| Tampa, Series A, Zero Coupon, 9/1/39 | 850 | 464 |
| Tampa, Series A, Zero Coupon, 9/1/40 | 1,000 | 520 |
| Tampa, BayCare Health, Series A, 5.00%, 11/15/46 | 12,135 | 14,305 |
| Tampa, H. Lee Moffitt Cancer Center, Cigarette Tax Allocation, | ||
| Series A, 5.00%, 9/1/29 | 1,880 | 2,000 |
| Tampa, The Univ. of Tampa, 4.00%, 4/1/50 | 3,000 | 3,345 |
| Tampa Hillsborough County Expressway Auth. , 5.00%, 7/1/47 | 12,000 | 14,368 |
| 277,710 | ||
| GEORGIA 4.3% | ||
| Atlanta Airport, Passenger Fac. Charge, Series A, 5.00%, 1/1/32 | 2,500 | 2,803 |
| Atlanta Airport, Passenger Fac. Charge, Series A, 5.00%, 1/1/33 | 1,600 | 1,791 |
| Atlanta Airport, Passenger Fac. Charge, Series A, 5.00%, 1/1/34 | 3,000 | 3,354 |
| Atlanta Dev. Auth. , Georgia Proton Treatment Center, Series A- | ||
| 1, 6.75%, 1/1/35 | 800 | 503 |
| Atlanta Dev. Auth. , Georgia Proton Treatment Center, Series A- | ||
| 1, 7.00%, 1/1/40 | 4,895 | 3,077 |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE TAX-FREE INCOME FUND | |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Brookhaven Dev. Auth., Children's Healthcare of Atlanta, Series | |||
| A, 4.00%, 7/1/44 | 13,130 | 15,330 | |
| Cobb County Kennestone Hosp. Auth. , WellStar Health, RAC, | |||
| 5.25%, 4/1/41 | 3,000 | 3,050 | |
| Fulton County, Water & Sewer, 5.00%, 1/1/27 (Prerefunded | |||
| 1/5/21) (3) | 7,000 | 7,027 | |
| Fulton County Dev. Auth. , Children's Healthcare, Series C, | |||
| 5.00%, 7/1/38 | 1,250 | 1,590 | |
| Fulton County Dev. Auth. , Children's Healthcare, Series C, | |||
| 5.00%, 7/1/39 | 1,165 | 1,478 | |
| Fulton County Dev. Auth. , WellStar Health, Series A, RAC, | |||
| 5.00%, 4/1/37 | 1,975 | 2,389 | |
| Fulton County Dev. Auth. , WellStar Health, Series A, RAC, | |||
| 5.00%, 4/1/42 | 3,895 | 4,665 | |
| Fulton County Dev. Auth. , Woodruff Arts Center, 5.00%, | |||
| 3/15/36 | 5,250 | 5,823 | |
| Fulton County Dev. Auth. , Woodruff Arts Center, 5.00%, | |||
| 3/15/44 | 5,150 | 5,878 | |
| Gainesville & Hall County Hosp. Auth. , Northeast Georgia | |||
| Health, Series A, 5.00%, 2/15/35 | 2,310 | 2,777 | |
| Gainesville & Hall County Hosp. Auth. , Northeast Georgia | |||
| Health, Series A, 5.00%, 2/15/45 | 3,965 | 4,658 | |
| Gainesville & Hall County Hosp. Auth. , Northeast Georgia | |||
| Health, Series A, 5.50%, 8/15/54 | 6,600 | 7,686 | |
| Gainesville & Hall County Hosp. Auth. , Northeast Georgia | |||
| Health, Series B, 5.50%, 2/15/42 | 3,245 | 3,975 | |
| Main Street Natural Gas, Series A, 5.00%, 5/15/31 | 4,000 | 5,033 | |
| Main Street Natural Gas, Series A, 5.00%, 5/15/32 | 2,500 | 3,128 | |
| Main Street Natural Gas, Georgia Municipal Gas Auth. , Series A, | |||
| 5.50%, 9/15/25 | 6,000 | 7,307 | |
| Main Street Natural Gas, Georgia Municipal Gas Auth. , Series C, | |||
| VRDN, 4.00%, 8/1/48 (Tender 12/1/23) | 2,650 | 2,911 | |
| Main Street Natural Gas, Georgia Municipal Gas Auth. , Series C, | |||
| VRDN, 4.00%, 3/1/50 (Tender 9/1/26) | 7,940 | 9,271 | |
| Municipal Electric Auth. of Georgia, Series EE, 7.25%, 1/1/24 | |||
| (7) | 6,500 | 7,830 | |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE TAX-FREE INCOME FUND | ||
| Par | $ Value | |
| (Amounts in 000s) | ||
| Municipal Electric Auth. of Georgia, Power Revenue, Series HH, | ||
| 5.00%, 1/1/44 | 4,485 | 5,453 |
| 118,787 | ||
| IDAHO 0.9% | ||
| Idaho HFA, St. Luke's Health Sys. , Series A, 5.00%, 3/1/34 | 2,100 | 2,336 |
| Idaho HFA, St. Luke's Health Sys. , Series A, 5.00%, 3/1/44 | 19,285 | 21,189 |
| 23,525 | ||
| ILLINOIS 5.6% | ||
| Chicago, Series A, GO, 5.50%, 1/1/49 | 1,850 | 2,019 |
| Chicago, Wastewater, Series C, 5.00%, 1/1/31 | 1,100 | 1,273 |
| Chicago, Wastewater, Series C, 5.00%, 1/1/32 | 2,500 | 2,888 |
| Chicago Board of Ed. , Series A, GO, 5.00%, 12/1/23 (2) | 2,000 | 2,229 |
| Chicago Midway Airport, Series B, 5.00%, 1/1/35 | 7,960 | 8,825 |
| Chicago Midway Airport, Series B, 5.00%, 1/1/36 | 3,070 | 3,399 |
| Chicago O'Hare Int'l. Airport, Series B, 5.00%, 1/1/48 | 4,000 | 4,844 |
| Chicago O'Hare Int'l. Airport, Series D, 5.00%, 1/1/47 | 10,775 | 12,585 |
| Chicago Water, Series A-1, 5.00%, 11/1/28 | 1,225 | 1,503 |
| Cook County, Series C, GO, 5.00%, 11/15/25 | 9,485 | 10,204 |
| Cook County, Series C, GO, 5.00%, 11/15/26 | 4,935 | 5,303 |
| Cook County, Series C, GO, 5.00%, 11/15/29 | 1,065 | 1,137 |
| Illinois, GO, 5.50%, 5/1/25 | 1,505 | 1,669 |
| Illinois, GO, 5.50%, 5/1/26 | 1,350 | 1,521 |
| Illinois, GO, 5.50%, 7/1/38 | 11,000 | 11,494 |
| Illinois, Series A, GO, 5.00%, 10/1/25 | 950 | 1,040 |
| Illinois, Series A, GO, 5.00%, 10/1/31 | 1,500 | 1,653 |
| Illinois, Series B, GO, 5.00%, 10/1/31 | 2,000 | 2,204 |
| Illinois, Series B, GO, 5.00%, 10/1/32 | 1,750 | 1,919 |
| Illinois, Series C, GO, 5.00%, 11/1/29 | 4,530 | 4,927 |
| Illinois, Series D, GO, 5.00%, 11/1/24 | 1,015 | 1,087 |
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. , Franciscan Communities, Series A, 5.125%, | |||
| 5/15/43 (Prerefunded 5/15/23) (3) | 870 | 971 | |
| Illinois Fin. Auth. , Northwestern Memorial Hosp. , Series A-1, | |||
| VRDN, 0.12%, 8/15/42 | 11,565 | 11,565 | |
| Illinois Fin. Auth. , Presence Health, Series C, 5.00%, 2/15/34 | 515 | 627 | |
| Illinois Fin. Auth. , Presence Health, Series C, 5.00%, 2/15/36 | 750 | 911 | |
| Illinois Fin. Auth. , Presence Health, Series C, 5.00%, 2/15/41 | 3,040 | 3,661 | |
| Illinois Fin. Auth. , Unrefunded Balance, Franciscan | |||
| Communities, Series A, 5.125%, 5/15/43 | 6,065 | 6,311 | |
| Metropolitan Pier & Exposition Auth. , McCormick Place, 5.00%, | |||
| 6/15/50 | 2,850 | 3,184 | |
| Metropolitan Pier & Exposition Auth. , McCormick Place, Series | |||
| A, 5.00%, 6/15/57 | 650 | 710 | |
| Metropolitan Pier & Exposition Auth. , McCormick Place, Series | |||
| A, Zero Coupon, 6/15/37 (4) | 11,870 | 6,775 | |
| Metropolitan Pier & Exposition Auth. , McCormick Place, Series | |||
| B, Zero Coupon, 12/15/41 | 10,000 | 4,284 | |
| Railsplitter Tobacco Settlement Auth. , 5.00%, 6/1/28 | 1,310 | 1,589 | |
| Regional Transportation Auth. , Series A, 5.75%, 6/1/34 (2) | 5,250 | 7,348 | |
| Regional Transportation Auth. , Series A, 6.00%, 7/1/33 (4) | 15,000 | 21,689 | |
| Regional Transportation Auth. , Series A, 6.70%, 11/1/21 (4) | 660 | 696 | |
| 154,044 | |||
| INDIANA 0.4% | |||
| Indiana Fin. Auth. , Ohio Valley Electric, Series A, 5.00%, 6/1/39 | 5,885 | 6,092 | |
| Indiana Fin. Auth. , Parkview Health System, Series B, VRDN, | |||
| 0.08%, 11/1/39 | 500 | 500 | |
| Vigo County Hosp. Auth. , Union Hosp. , 7.75%, 9/1/31 | |||
| (Prerefunded 9/1/21) (3) | 5,000 | 5,276 | |
| 11,868 | |||
| IOWA 0.2% | |||
| Iowa Fin. Auth. , Iowa Fertilizer, Series B, VRDN, 5.25%, 12/1/50 | |||
| (Tender 12/1/37) | 1,395 | 1,516 | |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE TAX-FREE INCOME FUND | ||
| Par | $ Value | |
| (Amounts in 000s) | ||
| Iowa Fin. Auth. , Unity Point Health, Series B-1, VRDN, 0.09%, | ||
| 2/15/39 | 700 | 700 |
| Iowa Fin. Auth. , Unity Point Health, Series F, VRDN, 0.11%, | ||
| 7/1/41 | 2,100 | 2,100 |
| 4,316 | ||
| KANSAS 0.3% | ||
| Univ. of Kansas Hosp. Auth. , Univ. of Kansas Health Sys. , Series | ||
| A, 5.00%, 9/1/48 | 6,090 | 7,496 |
| 7,496 | ||
| KENTUCKY 1.7% | ||
| Kentucky Economic DFA, Louisville Arena Auth. , Series A, | ||
| 5.00%, 12/1/45 (2) | 1,000 | 1,182 |
| Kentucky Economic DFA, Louisville Arena Auth. , Series A, | ||
| 5.00%, 12/1/47 (2) | 1,000 | 1,060 |
| Kentucky Economic DFA, Masonic Home Independent Living, | ||
| Series A, 5.00%, 5/15/36 | 1,750 | 1,774 |
| Kentucky Economic DFA, Masonic Home Independent Living, | ||
| Series A, 5.00%, 5/15/46 | 1,900 | 1,892 |
| Kentucky Economic DFA, Masonic Homes of Kentucky, | ||
| 5.375%, 11/15/32 | 2,000 | 2,020 |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | ||
| 5.00%, 6/1/37 | 1,100 | 1,224 |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | ||
| 5.00%, 6/1/41 | 850 | 940 |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | ||
| 5.00%, 6/1/45 | 3,525 | 3,845 |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, | ||
| 5.25%, 6/1/50 | 6,780 | 7,333 |
| Kentucky Economic DFA, Owensboro Medical Health, Series B, | ||
| 5.00%, 6/1/40 | 2,200 | 2,440 |
| Kentucky Public Energy Auth. , Series C, VRDN, 4.00%, 2/1/50 | ||
| (Tender 2/1/28) | 8,760 | 10,389 |
| Kentucky Public Transportation Infrastructure Auth. , Downtown | ||
| Crossing, Series A, 5.75%, 7/1/49 | 2,100 | 2,306 |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE TAX-FREE INCOME FUND | ||
| Par | $ Value | |
| (Amounts in 000s) | ||
| Kentucky Public Transportation Infrastructure Auth. , Downtown | ||
| Crossing, Series A, 6.00%, 7/1/53 | 8,300 | 9,155 |
| 45,560 | ||
| LOUISIANA 1.6% | ||
| Jefferson Sales Tax Dist. , Series B, 5.00%, 12/1/42 (2) | 7,500 | 9,063 |
| Louisiana Offshore Terminal Auth. , Loop LCC Project, Series A, | ||
| VRDN, 1.65%, 9/1/27 (Tender 12/1/23) | 1,175 | 1,179 |
| New Orleans Aviation Board, General Airport North Terminal | ||
| Project, Series A, 5.00%, 1/1/38 | 750 | 893 |
| New Orleans Aviation Board, General Airport North Terminal | ||
| Project, Series A, 5.00%, 1/1/43 | 2,775 | 3,274 |
| New Orleans Aviation Board, General Airport North Terminal | ||
| Project, Series A, 5.00%, 1/1/48 | 9,210 | 10,794 |
| New Orleans Sewerage Service, 5.00%, 6/1/35 | 900 | 1,048 |
| New Orleans Sewerage Service, 5.00%, 6/1/45 | 4,835 | 5,557 |
| Saint Charles Parish, Valero Energy, VRDN, 4.00%, 12/1/40 | ||
| (Tender 6/1/22) | 1,500 | 1,557 |
| Saint Charles Parish PCR, Shell Oil, Series B, VRDN, 0.12%, | ||
| 10/1/22 | 300 | 300 |
| Saint James Parish, Nustar Logistics, VRDN, 5.85%, 8/1/41 | ||
| (Tender 6/1/25) (1) | 4,450 | 4,895 |
| Saint John the Baptist Parish, Marathon Oil, Series A-2, VRDN, | ||
| 2.10%, 6/1/37 (Tender 7/1/24) | 875 | 890 |
| Saint John the Baptist Parish, Marathon Oil, Series A-3, VRDN, | ||
| 2.20%, 6/1/37 (Tender 7/1/26) | 1,500 | 1,530 |
| Saint John the Baptist Parish, Marathon Oil, Series B-1, VRDN, | ||
| 2.125%, 6/1/37 (Tender 7/1/24) | 1,000 | 1,017 |
| Saint John the Baptist Parish, Marathon Oil, Series B-2, VRDN, | ||
| 2.375%, 6/1/37 (Tender 7/1/26) | 1,150 | 1,184 |
| 43,181 | ||
| MARYLAND 6.8% | ||
| Baltimore City, Convention Center Hotel, 5.00%, 9/1/42 | 7,000 | 6,428 |
| Baltimore City, Convention Center Hotel, 5.00%, 9/1/46 | 1,000 | 920 |
| Baltimore City, Wastewater, Series C, 5.00%, 7/1/39 | 3,030 | 3,509 |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE TAX-FREE INCOME FUND | |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Baltimore City, Wastewater, Series C, 5.00%, 7/1/44 | 4,810 | 5,532 | |
| Baltimore City, Water, Series A, 5.00%, 7/1/31 (Prerefunded | |||
| 1/1/24) (3) | 4,515 | 5,174 | |
| Baltimore City, Water, Series A, 5.00%, 7/1/34 | 3,635 | 4,207 | |
| Baltimore City, Water, Series B, 5.00%, 7/1/28 (Prerefunded | |||
| 1/1/24) (3) | 1,000 | 1,146 | |
| Baltimore City, Water, Series B, 5.00%, 7/1/29 (Prerefunded | |||
| 1/1/24) (3) | 3,035 | 3,478 | |
| Gaithersburg, Asbury Obligated Group, Series A, 5.00%, 1/1/33 | 590 | 643 | |
| Gaithersburg, Asbury Obligated Group, Series A, 5.00%, 1/1/36 | 395 | 430 | |
| Maryland CDA, Series A, 4.10%, 9/1/38 | 2,575 | 2,895 | |
| Maryland Economic Dev. , Port America Chesapeake | |||
| Transportation, Series A, 5.00%, 6/1/29 | 1,500 | 1,767 | |
| Maryland HHEFA, Adventist Healthcare, Series A, 5.50%, | |||
| 1/1/36 | 2,655 | 3,081 | |
| Maryland HHEFA, Adventist Healthcare, Series A, 5.50%, | |||
| 1/1/46 | 11,135 | 12,682 | |
| Maryland HHEFA, Adventist Healthcare, Series A, 6.25%, | |||
| 1/1/31 | 2,500 | 2,609 | |
| Maryland HHEFA, Anne Arundel Health, 5.00%, 7/1/39 | 7,500 | 8,343 | |
| Maryland HHEFA, Charlestown Community, 6.25%, 1/1/41 | |||
| (Prerefunded 1/1/21) (3) | 3,000 | 3,015 | |
| Maryland HHEFA, Charlestown Community, 6.25%, 1/1/45 | |||
| (Prerefunded 1/1/21) (3) | 2,000 | 2,010 | |
| Maryland HHEFA, MedStar Health, 5.00%, 8/15/32 | 6,880 | 7,956 | |
| Maryland HHEFA, MedStar Health, Series A, 4.00%, 5/15/47 | 6,810 | 7,546 | |
| Maryland HHEFA, MedStar Health, Series A, 5.00%, 5/15/45 | 18,175 | 21,525 | |
| Maryland HHEFA, Meritus Medical Center, 5.00%, 7/1/28 | 2,010 | 2,337 | |
| Maryland HHEFA, Meritus Medical Center, 5.00%, 7/1/45 | 3,375 | 3,789 | |
| Maryland HHEFA, Univ. of Maryland Medical, Series A, 5.00%, | |||
| 7/1/43 (Prerefunded 7/1/22) (3) | 8,065 | 8,670 | |
| Maryland HHEFA, Univ. of Maryland Medical, Series B, 7.00%, | |||
| 7/1/22 (Prerefunded 7/1/22) (4)(8) | 690 | 751 | |
| Maryland HHEFA, Western Maryland Medical, 5.25%, 7/1/34 | |||
| (Prerefunded 7/1/24) (3) | 10,335 | 12,119 | |
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 Stadium Auth. , Baltimore City Public Schools | |||
| Construction & Revitalization, 5.00%, 5/1/46 (Prerefunded | |||
| 5/1/26) (3) | 5,000 | 6,267 | |
| Maryland Stadium Auth. , Baltimore City Public Schools | |||
| Construction & Revitalization, 5.00%, 5/1/50 | 16,250 | 24,884 | |
| Maryland Stadium Auth. , Baltimore City Public Schools | |||
| Construction & Revitalization, Series A, 5.00%, 5/1/47 | |||
| (Prerefunded 5/1/28) (3) | 1,700 | 2,250 | |
| Maryland Stadium Auth. , Baltimore City Public Schools | |||
| Construction & Revitalization, Series B, 5.00%, 5/1/47 | 3,625 | 5,486 | |
| Maryland Stadium Auth. , Unrefunded Balance, Baltimore City | |||
| Public Schools Construction & Revitalization, Series A, 5.00%, | |||
| 5/1/47 | 3,300 | 4,037 | |
| Rockville, Ingleside at King Farm, Series A-2, 5.00%, 11/1/31 | 500 | 521 | |
| Rockville, Ingleside at King Farm, Series B, 5.00%, 11/1/42 | 3,100 | 3,105 | |
| Westminster, Carroll Lutheran Village, 5.125%, 7/1/34 | 3,000 | 3,127 | |
| Westminster, Carroll Lutheran Village, 5.50%, 7/1/44 | 3,000 | 3,138 | |
| 185,377 | |||
| MASSACHUSETTS 0.8% | |||
| Massachusetts Bay Transportation Auth. , Unrefunded Balance, | |||
| Series A, 7.00%, 3/1/21 | 830 | 844 | |
| Massachusetts Dev. Fin. Agency, Beth Israel Lahey Health, | |||
| 5.00%, 7/1/36 | 1,000 | 1,264 | |
| Massachusetts Dev. Fin. Agency, Beth Israel Lahey Health, | |||
| 5.00%, 7/1/37 | 840 | 1,059 | |
| Massachusetts Dev. Fin. Agency, Beth Israel Lahey Health, | |||
| 5.00%, 7/1/38 | 500 | 627 | |
| Massachusetts Dev. Fin. Agency, Linden Ponds Inc. Fac., | |||
| 5.00%, 11/15/28 (1) | 1,500 | 1,668 | |
| Massachusetts Dev. Fin. Agency, NewBridge Charles, 5.00%, | |||
| 10/1/57 (1) | 1,400 | 1,494 | |
| Massachusetts EFA, Series I, 6.00%, 1/1/28 | 230 | 234 | |
| Massachusetts HEFA, Mass Institute Technology, Series K, | |||
| 5.50%, 7/1/32 | 10,000 | 14,833 | |
| 22,023 | |||
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 2.4% | ||
| Detroit, GO, 5.00%, 4/1/28 | 850 | 948 |
| Detroit, GO, 5.00%, 4/1/29 | 150 | 167 |
| Detroit Downtown Dev. Auth. , Catalyst Dev. Project, Series A, | ||
| 5.00%, 7/1/43 (2) | 1,800 | 2,004 |
| Detroit Downtown Dev. Auth. , Catalyst Dev. Project, Series A, | ||
| 5.00%, 7/1/48 (2) | 1,500 | 1,665 |
| Great Lakes Water Auth. , Water Supply, Series B, 5.00%, | ||
| 7/1/46 | 12,625 | 14,895 |
| Michigan Fin. Auth. , Great Lakes Water Auth. , Series C, 5.00%, | ||
| 7/1/33 | 1,650 | 1,933 |
| Michigan Fin. Auth. , Great Lakes Water Auth. , Series C, 5.00%, | ||
| 7/1/34 | 2,860 | 3,346 |
| Michigan Fin. Auth. , Great Lakes Water Auth. , Series C-6, | ||
| 5.00%, 7/1/33 | 2,000 | 2,281 |
| Michigan Fin. Auth. , Henry Ford Health Sys. , Series A, 5.00%, | ||
| 11/15/48 | 5,150 | 6,378 |
| Michigan Fin. Auth. , Trinity Health, 4.00%, 12/1/40 | 7,000 | 8,158 |
| Michigan Fin. Auth. , Trinity Health, Series A, 5.00%, 12/1/37 | 6,000 | 7,369 |
| Michigan State Building Auth. , Prog State Fac. , 5.00%, 4/15/36 | 3,000 | 3,936 |
| Wayne County Airport Auth. , Series A, 5.00%, 12/1/36 | 550 | 668 |
| Wayne County Airport Auth. , Series A, 5.00%, 12/1/37 | 500 | 606 |
| Wayne County Airport Auth. , Series A, 5.00%, 12/1/42 | 1,300 | 1,556 |
| Wayne County Airport Auth. , Series A, 5.00%, 12/1/47 | 2,580 | 3,064 |
| Wayne County Airport Auth. , Series G, 5.00%, 12/1/25 | 1,070 | 1,290 |
| Wayne County Airport Auth. , Series G, 5.00%, 12/1/28 | 3,795 | 4,539 |
| 64,803 | ||
| MINNESOTA 0.0% | ||
| Minneapolis, Fairview Health Services, Series C, VRDN, 0.08%, | ||
| 11/15/48 | 1,300 | 1,300 |
| 1,300 | ||
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE TAX-FREE INCOME FUND | ||
| Par | $ Value | |
| (Amounts in 000s) | ||
| MISSISSIPPI 0.4% | ||
| Jackson County, Chevron USA, VRDN, 0.10%, 6/1/23 | 7,300 | 7,300 |
| Mississippi Business Fin. , Chevron USA, Series C, VRDN, | ||
| 0.10%, 11/1/35 | 2,600 | 2,600 |
| 9,900 | ||
| MISSOURI 2.6% | ||
| Kansas City IDA, Downtown Redev. , Series A, IDRB, 5.00%, | ||
| 9/1/31 | 4,480 | 4,635 |
| Kansas City IDA, Downtown Redev. , Series A, IDRB, 5.50%, | ||
| 9/1/25 | 5,000 | 5,191 |
| Kansas City IDA, Downtown Redev. , Series A, IDRB, 5.50%, | ||
| 9/1/26 | 7,000 | 7,268 |
| Missouri HEFA, Lutheran Senior Services, 5.00%, 2/1/48 | 3,000 | 3,436 |
| Missouri HEFA, Mercy Health, Series C, 5.00%, 11/15/47 | 10,000 | 11,873 |
| Missouri HEFA, St. Luke's Health Sys. , 5.00%, 11/15/34 | 5,400 | 6,431 |
| Missouri HEFA, St. Luke's Health Sys. , 5.00%, 11/15/35 | 7,595 | 9,025 |
| Missouri Municipal Electric Utility Commission, Plum Point | ||
| Project, Series A, 5.00%, 1/1/34 | 10,985 | 12,611 |
| Saint Louis County IDA, Friendship Village, IDRB, 5.00%, | ||
| 9/1/48 | 1,545 | 1,650 |
| Saint Louis County IDA, Friendship Village, Series A, IDRB, | ||
| 5.00%, 9/1/38 | 1,000 | 1,090 |
| Saint Louis County IDA, Friendship Village, Series A, IDRB, | ||
| 5.125%, 9/1/48 | 3,850 | 4,168 |
| Saint Louis County IDA, St. Andrews Resources for Seniors, | ||
| Series A, IDRB, 5.125%, 12/1/45 | 1,050 | 1,022 |
| Saint Louis IDA, Ballpark Village, Series A, 3.875%, 11/15/29 | 130 | 118 |
| Saint Louis IDA, Ballpark Village, Series A, IDRB, 4.375%, | ||
| 11/15/35 | 895 | 783 |
| Saint Louis IDA, Ballpark Village, Series A, IDRB, 4.75%, | ||
| 11/15/47 | 800 | 706 |
| 70,007 | ||
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 | 5,113 | |
| 5,113 | |||
| NEVADA 1.0% | |||
| Clark County School Dist. , Series A, GO, 4.00%, 6/15/38 (2) | 1,275 | 1,513 | |
| Clark County School Dist. , Series A, GO, 4.00%, 6/15/40 (2) | 1,425 | 1,682 | |
| Clark County School Dist. , Series A, GO, 5.00%, 6/15/35 (2) | 500 | 651 | |
| Las Vegas Convention & Visitors Auth. , Series B, 5.00%, 7/1/43 | 12,485 | 14,787 | |
| Reno, Sales Tax, Series A, 5.00%, 6/1/38 | 140 | 158 | |
| Reno, Sales Tax, Series A, 5.00%, 6/1/48 | 6,750 | 7,476 | |
| Reno, Sales Tax, Series C, Zero Coupon, 7/1/58 (1) | 3,000 | 431 | |
| 26,698 | |||
| NEW HAMPSHIRE 0.1% | |||
| National Fin. Auth. , Series 2020-1, Class A, 4.125%, 1/20/34 | 2,299 | 2,545 | |
| New Hampshire HEFA, Hillside Village, Series A, 6.125%, | |||
| 7/1/52 (1) | 1,000 | 782 | |
| 3,327 | |||
| NEW JERSEY 3.5% | |||
| Garden State Preservation Trust, Farmland, Series A, 5.75%, | |||
| 11/1/28 (2) | 13,900 | 17,507 | |
| New Jersey, COVID-19 Emergency Bonds, Series A, GO, 5.00%, | |||
| 6/1/24 | 12,535 | 14,419 | |
| New Jersey, COVID-19 Emergency Bonds, Series A, GO, 5.00%, | |||
| 6/1/25 | 6,840 | 8,126 | |
| New Jersey, COVID-19 Emergency Bonds, Series A, GO, 5.00%, | |||
| 6/1/26 | 2,500 | 3,037 | |
| New Jersey Economic Dev. Auth. , Beloved Common Charter | |||
| School, Series A, 4.00%, 6/15/29 (1) | 665 | 701 | |
| New Jersey Economic Dev. Auth. , Beloved Common Charter | |||
| School, Series A, 5.00%, 6/15/39 (1) | 500 | 530 | |
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. , Beloved Common Charter | ||
| School, Series A, 5.00%, 6/15/49 (1) | 2,210 | 2,329 |
| New Jersey Economic Dev. Auth. , Cigarette Tax, 5.00%, | ||
| 6/15/21 | 1,000 | 1,011 |
| New Jersey Economic Dev. Auth. , Cigarette Tax, 5.00%, | ||
| 6/15/23 | 2,000 | 2,059 |
| New Jersey Economic Dev. Auth. , Cigarette Tax, 5.00%, | ||
| 6/15/28 | 1,000 | 1,022 |
| New Jersey Economic Dev. Auth. , NJ Transit Transportation | ||
| Project, 4.00%, 11/1/39 | 1,325 | 1,444 |
| New Jersey Economic Dev. Auth. , NJ Transit Transportation | ||
| Project, 4.00%, 11/1/44 | 1,250 | 1,344 |
| New Jersey Economic Dev. Auth. , Provident Group-Rowan Univ. | ||
| Student Housing, Series A, 5.00%, 1/1/48 | 2,840 | 2,656 |
| New Jersey HCFFA, Hackensack Meridian Health, Series A, | ||
| 5.25%, 7/1/57 | 5,500 | 6,637 |
| New Jersey Transportation Trust Fund Auth. , Series BB, 5.00%, | ||
| 6/15/44 | 6,000 | 6,930 |
| New Jersey Transportation Trust Fund Auth. , Transportation | ||
| Program Bond, Series AA, 5.25%, 6/15/43 | 13,575 | 16,088 |
| New Jersey Turnpike Auth. , Series A, 5.00%, 1/1/34 | 5,300 | 6,006 |
| Tobacco Settlement Fin. , Series A, 5.00%, 6/1/27 | 335 | 426 |
| Tobacco Settlement Fin. , Series A, 5.25%, 6/1/46 | 2,900 | 3,498 |
| 95,770 | ||
| NEW MEXICO 0.3% | ||
| Farmington PCR, Public Services of New Mexico, San Juan | ||
| Project, VRDN, 1.15%, 6/1/40 (Tender 6/1/24) | 2,250 | 2,281 |
| New Mexico Hosp. Equipment Loan Council, Series A, 4.00%, | ||
| 8/1/48 | 5,000 | 5,680 |
| 7,961 | ||
| NEW YORK 6.6% | ||
| Dormitory Auth. of the State of New York, Series B, RAN, 5.00%, | ||
| 3/31/21 | 2,890 | 2,936 |
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, Series D, 4.00%, | |||
| 2/15/40 | 2,000 | 2,365 | |
| Dormitory Auth. of the State of New York, Group 4, Series A, | |||
| 4.00%, 3/15/48 | 10,000 | 11,465 | |
| Dormitory Auth. of the State of New York, Personal Income Tax, | |||
| Series B, 5.00%, 3/15/32 | 3,750 | 3,951 | |
| Dormitory Auth. of the State of New York, Personal Income Tax, | |||
| General Purpose, Series A, 5.00%, 2/15/30 | 4,850 | 5,492 | |
| Dormitory Auth. of the State of New York, St. John's Univ. , | |||
| Series A, 5.00%, 7/1/44 | 4,800 | 5,161 | |
| Dormitory Auth. of the State of New York, Touro College Univ. , | |||
| 5.00%, 1/1/47 | 14,240 | 15,222 | |
| Hudson Yards Infrastructure, Series A, 5.00%, 2/15/45 | 2,200 | 2,595 | |
| Hudson Yards Infrastructure, Unrefunded Balance, Series A, | |||
| 5.75%, 2/15/47 | 3,415 | 3,452 | |
| Long Island Power Auth. , 5.00%, 9/1/42 | 3,000 | 3,670 | |
| Metropolitan Transportation Auth. , Series B, 5.25%, 11/15/26 | |||
| (2) | 15,000 | 18,662 | |
| Metropolitan Transportation Auth. , Dedicated Tax Fund, Series | |||
| A-1, VRDN, 0.09%, 11/1/31 | 6,195 | 6,195 | |
| New York City, Series B-1, GO, 5.00%, 10/1/38 | 1,500 | 1,837 | |
| New York City, Series J, GO, 5.00%, 8/1/31 | 5,000 | 5,747 | |
| New York City, Series J, GO, 5.00%, 8/1/32 | 7,500 | 8,618 | |
| New York City Health & Hosp. , Series C, VRDN, 0.13%, 2/15/31 | 555 | 555 | |
| New York City Transitional Fin. Auth. , Building Aid, Series S-1, | |||
| 5.00%, 7/15/45 | 5,000 | 6,130 | |
| New York City Transitional Fin. Auth. , Future Tax, Series C-4, | |||
| VRDN, 0.12%, 11/1/36 | 500 | 500 | |
| New York City Transitional Fin. Auth. , Future Tax, Series E-3, | |||
| VRDN, 0.12%, 2/1/45 | 2,600 | 2,600 | |
| New York City Water & Sewer Sys. , Series AA-1, 4.00%, 6/15/50 | 15,000 | 17,872 | |
| New York City Water & Sewer Sys. , Series DD-3A, VRDN, | |||
| 0.10%, 6/15/43 | 10,505 | 10,505 | |
| New York Liberty Dev. , 4 World Trade Center, 5.75%, 11/15/51 | 11,500 | 12,032 | |
| New York Liberty Dev. , Bank of America Tower, 2.80%, 9/15/69 | 1,650 | 1,601 | |
| New York State Thruway Auth. , Series A, 5.00%, 1/1/51 | 2,500 | 2,891 | |
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 York State Thruway Auth. , Series A, 5.25%, 1/1/56 | 2,215 | 2,573 |
| Port Auth. of New York & New Jersey, Series 179, 5.00%, | ||
| 12/1/38 | 5,000 | 5,545 |
| Port Auth. of New York & New Jersey, Consolidated bonds, | ||
| 4.00%, 9/1/45 | 3,500 | 4,051 |
| Port Auth. of New York & New Jersey, Consolidated bonds, | ||
| 4.00%, 9/1/49 | 4,860 | 5,598 |
| Port Auth. of New York & New Jersey, JFK Int'l. Air Terminal, | ||
| 6.00%, 12/1/42 | 2,500 | 2,516 |
| Troy Capital Resource, Forward Delivery Rensselaer County, | ||
| 5.00%, 9/1/27 | 600 | 735 |
| Troy Capital Resource, Forward Delivery Rensselaer County, | ||
| 5.00%, 9/1/28 | 1,000 | 1,244 |
| Troy Capital Resource, Forward Delivery Rensselaer County, | ||
| 5.00%, 9/1/30 | 1,000 | 1,279 |
| Westchester County Local Dev. , Pace Univ. , Series A, 5.50%, | ||
| 5/1/42 | 3,910 | 4,245 |
| 179,840 | ||
| NORTH CAROLINA 3.8% | ||
| Charlotte, Charlotte-Douglas Int'l. Airport, 4.00%, 7/1/44 | 3,900 | 4,500 |
| Charlotte, Charlotte-Douglas Int'l. Airport, Series A, 5.00%, | ||
| 7/1/39 | 7,450 | 7,472 |
| Charlotte, Charlotte-Douglas Int'l. Airport, Series A, 5.50%, | ||
| 7/1/34 | 7,545 | 7,572 |
| Charlotte-Mecklenburg Hosp. Auth. , Series B, VRDN, 0.12%, | ||
| 1/15/38 | 3,400 | 3,400 |
| North Carolina Capital Fac. Fin. Agency, Duke Univ. , Series B, | ||
| 5.00%, 10/1/55 (Prerefunded 10/1/25) (3) | 6,245 | 7,642 |
| North Carolina Medical Care Commission, Moses Cone Health | ||
| Sys. , Series B, VRDN, 0.10%, 10/1/35 | 700 | 700 |
| North Carolina Medical Care Commission, Vidant Health, | ||
| 5.00%, 6/1/45 | 5,000 | 5,740 |
| North Carolina Medical Care Commission, Wake Forest Baptist, | ||
| Series A, 5.00%, 12/1/45 | 8,040 | 8,652 |
| North Carolina Turnpike Auth. , 5.00%, 1/1/27 (2) | 920 | 1,140 |
| North Carolina Turnpike Auth. , 5.00%, 1/1/31 (2) | 1,000 | 1,213 |
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. , 5.00%, 1/1/40 | 12,675 | 15,361 |
| North Carolina Turnpike Auth. , BAN, 5.00%, 2/1/24 | 3,525 | 3,988 |
| North Carolina Turnpike Auth. , Monroe Expressway Toll, Series | ||
| A, 5.00%, 7/1/47 | 4,655 | 5,254 |
| North Carolina Turnpike Auth. , Monroe Expressway Toll, Series | ||
| A, 5.00%, 7/1/51 | 3,100 | 3,488 |
| North Carolina Turnpike Auth. , Triangle Expressway, 4.00%, | ||
| 1/1/55 | 6,100 | 6,789 |
| Univ. of North Carolina at Chapel Hill, Series B, VRDN, 0.09%, | ||
| 2/15/31 | 1,800 | 1,800 |
| Univ. of North Carolina At Chapel Hill, Univ. of North Carolina | ||
| Hosp. , 5.00%, 2/1/45 | 1,440 | 2,211 |
| Univ. of North Carolina At Chapel Hill, Univ. of North Carolina | ||
| Hosp. , 5.00%, 2/1/49 | 10,000 | 15,570 |
| 102,492 | ||
| OHIO 4.2% | ||
| Allen County Hosp. Fac. Revenue, Bon Secours Mercy Health I, | ||
| 5.00%, 12/1/25 | 1,000 | 1,216 |
| Allen County Hosp. Fac. Revenue, Bon Secours Mercy Health I, | ||
| 5.00%, 12/1/26 | 550 | 688 |
| Allen County Hosp. Fac. Revenue, Bon Secours Mercy Health I, | ||
| 5.00%, 12/1/28 | 1,800 | 2,359 |
| Allen County Hosp. Fac. Revenue, Bon Secours Mercy Health I, | ||
| 5.00%, 12/1/29 | 1,250 | 1,669 |
| Buckeye Tobacco Settlement Fin. Auth. , Series A-2, Class 1, | ||
| 4.00%, 6/1/38 | 2,000 | 2,387 |
| Buckeye Tobacco Settlement Fin. Auth. , Series A-2, Class 1, | ||
| 4.00%, 6/1/39 | 2,500 | 2,973 |
| Buckeye Tobacco Settlement Fin. Auth. , Series B-2, Class 2, | ||
| 5.00%, 6/1/55 | 17,655 | 19,840 |
| Cuyahoga County, MetroHealth Sys. , 5.50%, 2/15/52 | 8,750 | 10,312 |
| Cuyahoga County, MetroHealth Sys. , 5.50%, 2/15/57 | 4,315 | 5,070 |
| Franklin County, OPRS Communities, Series A, 6.125%, 7/1/40 | ||
| (Prerefunded 7/1/22) (3) | 160 | 174 |
| Franklin County, Unrefunded Balance, OPRS Communities, | ||
| Series A, 6.125%, 7/1/40 | 2,540 | 2,648 |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE TAX-FREE INCOME FUND | ||
| Par | $ Value | |
| (Amounts in 000s) | ||
| Franklin County, Series A, 4.00%, 12/1/44 | 3,450 | 3,993 |
| Franklin County, Nationwide Children's Hosp. , 5.00%, 11/1/48 | 8,500 | 13,646 |
| Franklin County Convention Fac. Auth. , Greater Columbus | ||
| Convention Center, 4.00%, 12/1/38 | 1,600 | 1,845 |
| Franklin County Convention Fac. Auth. , Greater Columbus | ||
| Convention Center, 4.00%, 12/1/39 | 1,665 | 1,916 |
| Franklin County Convention Fac. Auth. , Greater Columbus | ||
| Convention Center, 4.00%, 12/1/40 | 1,430 | 1,641 |
| Franklin County Convention Fac. Auth. , Greater Columbus | ||
| Convention Center, 5.00%, 12/1/46 | 6,000 | 7,269 |
| Franklin County Convention Fac. Auth. , Greater Columbus | ||
| Convention Center, 5.00%, 12/1/51 | 8,750 | 10,539 |
| Hamilton County, Cincinnati Children's Hosp. , 5.00%, 11/15/49 | 5,000 | 7,892 |
| Ohio, Series A, 4.00%, 1/15/50 | 11,625 | 12,970 |
| Ohio, Series A, 5.00%, 1/15/50 | 3,500 | 4,297 |
| 115,344 | ||
| OKLAHOMA 0.2% | ||
| Oklahoma DFA, OU Medicine, Series B, 5.50%, 8/15/57 | 1,500 | 1,772 |
| Oklahoma Turnpike Auth. , Series C, 5.00%, 1/1/47 | 2,500 | 3,017 |
| Tulsa County Ind. Auth. , Montereau, Senior Living Community, | ||
| 5.25%, 11/15/45 | 750 | 797 |
| 5,586 | ||
| OREGON 0.5% | ||
| Oregon Fac. Auth. , Legacy Health, Series A, 5.00%, 6/1/46 | 11,000 | 12,698 |
| 12,698 | ||
| PENNSYLVANIA 2.6% | ||
| Cumberland County Municipal Auth. , Asbury Obligation Group, | ||
| 5.25%, 1/1/27 | 1,275 | 1,291 |
| Montgomery County IDA, Einstein Healthcare, Series A, IDRB, | ||
| 5.25%, 1/15/45 | 4,800 | 5,189 |
| Montgomery County IDA, Einstein Healthcare, Series A, IDRB, | ||
| 5.25%, 1/15/46 | 3,000 | 3,238 |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE TAX-FREE INCOME FUND | |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Northampton County General Purpose Auth. , Lafayette College, | |||
| 5.00%, 11/1/47 | 8,980 | 10,717 | |
| Pennsylvania Higher Ed. Fac. Auth. , Temple Univ. , First Series, | |||
| 5.00%, 4/1/32 (Prerefunded 4/1/22) (3) | 510 | 542 | |
| Philadelphia IDA, St. Joseph's Univ. , IDRB, 4.00%, 11/1/45 | 7,000 | 7,739 | |
| Philadelphia IDA, Temple Univ. , 1st Series 2016, 5.00%, 4/1/28 | 1,800 | 2,110 | |
| Philadelphia IDA, Temple Univ. , 1st Series 2017, IDRB, 5.00%, | |||
| 4/1/29 | 4,000 | 4,669 | |
| Philadelphia IDA, Temple Univ. , 2nd Series 2016, IDRB, 5.00%, | |||
| 4/1/34 | 1,825 | 2,101 | |
| Philadelphia IDA, Temple Univ. , 2nd Series 2016, IDRB, 5.00%, | |||
| 4/1/35 | 8,500 | 9,773 | |
| Philadelphia IDA, Temple Univ. , 2nd Series 2016, IDRB, 5.00%, | |||
| 4/1/36 | 5,000 | 5,738 | |
| Philadelphia School Dist. , Series A, GO, 5.00%, 9/1/44 | 9,300 | 11,467 | |
| State Public School Building Auth. , Philadelphia School Dist. , | |||
| Series A, 5.00%, 6/1/33 (2) | 5,000 | 6,021 | |
| 70,595 | |||
| PUERTO RICO 1.5% | |||
| Puerto Rico Aqueduct & Sewer Auth. , Series A, 5.25%, 7/1/42 | 3,195 | 3,315 | |
| Puerto Rico Aqueduct & Sewer Auth. , Series A, 6.00%, 7/1/38 | 9,000 | 9,112 | |
| Puerto Rico Electric Power Auth. , Series A-RSA-1, 5.05%, | |||
| 7/1/42 (9)(10) | 60 | 45 | |
| Puerto Rico Electric Power Auth. , Series CCC-RSA-1, 5.00%, | |||
| 7/1/27 (9)(10) | 100 | 75 | |
| Puerto Rico Electric Power Auth. , Series CCC-RSA-1, 5.25%, | |||
| 7/1/27 (9)(10) | 2,500 | 1,875 | |
| Puerto Rico Electric Power Auth. , Series CCC-RSA-1, 5.25%, | |||
| 7/1/28 (9)(10) | 225 | 169 | |
| Puerto Rico Electric Power Auth. , Series TT-RSA-1, 5.00%, | |||
| 7/1/20 (9)(10) | 290 | 212 | |
| Puerto Rico Electric Power Auth. , Series TT-RSA-1, 5.00%, | |||
| 7/1/24 (9)(10) | 1,105 | 826 | |
| Puerto Rico Electric Power Auth. , Series TT-RSA-1, 5.00%, | |||
| 7/1/25 (9)(10) | 370 | 277 | |
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 TT-RSA-1, 5.00%, | |||
| 7/1/26 (9)(10) | 450 | 336 | |
| Puerto Rico Electric Power Auth. , Series TT-RSA-1, 5.00%, | |||
| 7/1/27 (9)(10) | 2,640 | 1,973 | |
| Puerto Rico Electric Power Auth. , Series TT-RSA-1, 5.00%, | |||
| 7/1/32 (9)(10) | 185 | 138 | |
| Puerto Rico Electric Power Auth. , Series TT-RSA-1, 5.00%, | |||
| 7/1/37 (9)(10) | 3,080 | 2,302 | |
| Puerto Rico Electric Power Auth. , Series WW-RSA-1, 5.00%, | |||
| 7/1/28 (9)(10) | 45 | 34 | |
| Puerto Rico Electric Power Auth. , Series WW-RSA-1, 5.25%, | |||
| 7/1/33 (9)(10) | 280 | 210 | |
| Puerto Rico Electric Power Auth. , Series WW-RSA-1, 5.50%, | |||
| 7/1/18 (9)(10) | 240 | 175 | |
| Puerto Rico Electric Power Auth. , Series XX-RSA-1, 5.25%, | |||
| 7/1/27 (9)(10) | 100 | 75 | |
| Puerto Rico Electric Power Auth. , Series XX-RSA-1, 5.25%, | |||
| 7/1/40 (9)(10) | 275 | 206 | |
| Puerto Rico Electric Power Auth. , Series XX-RSA-1, 5.75%, | |||
| 7/1/36 (9)(10) | 215 | 162 | |
| Puerto Rico Electric Power Auth. , Series ZZ-RSA-1, 3.70%, | |||
| 7/1/17 (9)(10) | 70 | 50 | |
| Puerto Rico Electric Power Auth. , Series ZZ-RSA-1, 5.00%, | |||
| 7/1/17 (9)(10) | 120 | 87 | |
| Puerto Rico Electric Power Auth. , Series ZZ-RSA-1, 5.00%, | |||
| 7/1/28 (9)(10) | 95 | 71 | |
| Puerto Rico Electric Power Auth. , Series ZZ-RSA-1, 5.25%, | |||
| 7/1/19 (9)(10) | 890 | 649 | |
| Puerto Rico Electric Power Auth. , Series ZZ-RSA-1, 5.25%, | |||
| 7/1/23 (9)(10) | 200 | 150 | |
| Puerto Rico Electric Power Auth. , Series ZZ-RSA-1, 5.25%, | |||
| 7/1/24 (9)(10) | 100 | 75 | |
| Puerto Rico Electric Power Auth. , Series ZZ-RSA-1, 5.25%, | |||
| 7/1/26 (9)(10) | 2,295 | 1,721 | |
| Puerto Rico Sales Tax Fin. , Restructured, Series A-1, 4.50%, | |||
| 7/1/34 | 1,436 | 1,536 | |
| Puerto Rico Sales Tax Fin. , Restructured, Series A-1, Zero | |||
| Coupon, 7/1/27 | 2,600 | 2,278 | |
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 Sales Tax Fin. , Restructured, Series A-1, Zero | ||
| Coupon, 7/1/29 | 5,800 | 4,826 |
| Puerto Rico Sales Tax Fin. , Restructured, Series A-1, Zero | ||
| Coupon, 7/1/31 | 3,500 | 2,672 |
| Puerto Rico Sales Tax Fin. , Restructured, Series A-1, Zero | ||
| Coupon, 7/1/33 | 6,602 | 4,652 |
| Puerto Rico Sales Tax Fin. , Restructured, Series A-1, Zero | ||
| Coupon, 7/1/46 | 5,000 | 1,495 |
| 41,779 | ||
| RHODE ISLAND 0.0% | ||
| Central Falls Detention Fac. , 7.25%, 7/15/35 (6)(9) | 4,915 | 885 |
| 885 | ||
| SOUTH CAROLINA 0.8% | ||
| Connector 2000 Assoc. , Series A, Zero Coupon, 1/1/21 (9) | 338 | 337 |
| Connector 2000 Assoc. , Series A, Zero Coupon, 1/1/22 (9) | 358 | 333 |
| Connector 2000 Assoc. , Series A-1, Zero Coupon, 1/1/32 (9) | 6,663 | 3,139 |
| Connector 2000 Assoc. , Series A-1, Zero Coupon, 1/1/42 (9) | 11,189 | 2,618 |
| Connector 2000 Assoc. , Series A-1, Zero Coupon, 7/22/51 (9) | 14,590 | 1,409 |
| Connector 2000 Assoc. , Series B-1, Zero Coupon, 1/1/32 (9) | 1,966 | 607 |
| Connector 2000 Assoc. , Series B-1, Zero Coupon, 7/22/51 (9) | 10,109 | 512 |
| Connector 2000 Assoc. , Series C-1, Zero Coupon, 7/22/51 (9) | 1,569 | 88 |
| South Carolina Jobs-Economic Dev. Auth. , Acts Retirement-Life | ||
| Community, Series C, 5.00%, 11/15/47 | 2,325 | 2,638 |
| South Carolina Jobs-Economic Dev. Auth. , Prisma Health | ||
| Obligated Group, Series A, 5.00%, 5/1/35 | 2,000 | 2,424 |
| South Carolina Jobs-Economic Dev. Auth. , Prisma Health | ||
| Obligated Group, Series A, 5.00%, 5/1/37 | 5,000 | 6,011 |
| South Carolina Jobs-Economic Dev. Auth. , Prisma Health | ||
| Obligated Group, Series A, 5.00%, 5/1/43 | 2,000 | 2,361 |
| 22,477 | ||
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 DAKOTA 1.1% | |||
| South Dakota HEFA, Avera Health, Series A, 5.00%, 7/1/42 | |||
| (Prerefunded 7/1/21) (3) | 12,805 | 13,157 | |
| South Dakota HEFA, Sanford Health, Series E, 5.00%, 11/1/37 | 1,770 | 1,894 | |
| South Dakota HEFA, Sanford Health, Series E, 5.00%, 11/1/42 | 13,065 | 13,947 | |
| 28,998 | |||
| TENNESSEE 2.4% | |||
| Greeneville Health & Ed. Fac. Board, Ballad Health Obligation | |||
| Group, Series A, 5.00%, 7/1/35 | 1,725 | 2,096 | |
| Greeneville Health & Ed. Fac. Board, Ballad Health Obligation | |||
| Group, Series A, 5.00%, 7/1/37 | 4,000 | 4,833 | |
| Metropolitan Gov't. of Nashville-Davidson Health & Ed. Fac. | |||
| Board, Vanderbilt Univ. Medical Center, Series A, 5.00%, 7/1/35 | 2,675 | 3,164 | |
| Metropolitan Gov't. of Nashville-Davidson Health & Ed. Fac. | |||
| Board, Vanderbilt Univ. Medical Center, Series A, 5.00%, 7/1/40 | 7,265 | 8,520 | |
| Metropolitan Gov't. of Nashville-Davidson Health & Ed. Fac. | |||
| Board, Vanderbilt Univ. Medical Center, Series A, 5.00%, 7/1/46 | 9,560 | 11,094 | |
| Metropolitan Nashville Airport, Series A, 4.00%, 7/1/49 | 1,400 | 1,578 | |
| Metropolitan Nashville Airport, Series A, 4.00%, 7/1/54 | 2,000 | 2,243 | |
| Metropolitan Nashville Airport, Series A, 5.00%, 7/1/44 | 2,500 | 3,103 | |
| Metropolitan Nashville Airport, Series A, 5.00%, 7/1/49 | 3,000 | 3,693 | |
| Metropolitan Nashville Airport, Series A, 5.00%, 7/1/54 | 6,700 | 8,203 | |
| Tennessee Energy Acquisition, VRDN, 4.00%, 11/1/49 (Tender | |||
| 11/1/25) | 5,750 | 6,599 | |
| Tennessee Energy Acquisition, Goldman Sachs, Series A, | |||
| 5.25%, 9/1/24 | 8,100 | 9,422 | |
| 64,548 | |||
| TEXAS 8.7% | |||
| Austin Airport, Series A, 5.00%, 11/15/41 | 6,845 | 8,107 | |
| Austin Airport, Series A, 5.00%, 11/15/46 | 2,525 | 2,967 | |
| Austin Convention Enterprises, Convention Center, 1st Tier, | |||
| Series A, 5.00%, 1/1/27 | 2,600 | 2,704 | |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE TAX-FREE INCOME FUND | ||
| Par | $ Value | |
| (Amounts in 000s) | ||
| Austin Convention Enterprises, Convention Center, 1st Tier, | ||
| Series A, 5.00%, 1/1/34 | 1,400 | 1,448 |
| Austin Convention Enterprises, Convention Center, 2nd Tier, | ||
| Series B, 5.00%, 1/1/25 | 630 | 615 |
| Austin Convention Enterprises, Convention Center, 2nd Tier, | ||
| Series B, 5.00%, 1/1/26 | 600 | 586 |
| Austin Convention Enterprises, Convention Center, 2nd Tier, | ||
| Series B, 5.00%, 1/1/27 | 1,000 | 979 |
| Austin Convention Enterprises, Convention Center, 2nd Tier, | ||
| Series B, 5.00%, 1/1/28 | 360 | 353 |
| Central Texas Regional Mobility Auth. , 5.00%, 1/1/33 | ||
| (Prerefunded 1/1/23) (3) | 2,000 | 2,194 |
| Central Texas Regional Mobility Auth. , 5.00%, 1/1/42 | ||
| (Prerefunded 1/1/23) (3) | 10,505 | 11,524 |
| Central Texas Regional Mobility Auth. , Series A, 5.00%, 1/1/43 | ||
| (Prerefunded 1/1/23) (3) | 2,700 | 2,962 |
| Dallas/Fort Worth Int'l. Airport, Series C, 5.00%, 11/1/45 | 10,000 | 10,362 |
| Dallas/Fort Worth Int'l. Airport, Series D, 5.25%, 11/1/25 | 4,805 | 5,010 |
| Fort Bend County IDC, NRG Energy, Series A, 4.75%, 5/1/38 | 3,000 | 3,160 |
| Grand Parkway Transportation, Series C, 4.00%, 10/1/45 | 5,000 | 5,899 |
| Harris County Cultural Ed. Fac. Fin., Brazos Presbyterian Hosp., | ||
| Series B, 7.00%, 1/1/43 (Prerefunded 1/1/23) (3) | 3,000 | 3,401 |
| Harris County Cultural Ed. Fac. Fin., Houston Methodist Hosp. , | ||
| 5.00%, 12/1/45 | 7,000 | 8,067 |
| Houston Airport, Series D, 5.00%, 7/1/35 | 6,380 | 7,895 |
| Joint Guadalupe County - Seguin Hosp. , 5.00%, 12/1/45 | 2,600 | 2,707 |
| Joint Guadalupe County - Seguin Hosp. , 5.25%, 12/1/35 | 2,400 | 2,652 |
| Lower Colorado River Auth. , LCRA Transmission Services, | ||
| 5.00%, 5/15/30 | 1,000 | 1,317 |
| Lower Colorado River Auth. , LCRA Transmission Services, | ||
| 5.00%, 5/15/35 | 1,150 | 1,477 |
| Lower Colorado River Auth. , LCRA Transmission Services, | ||
| Series A, 5.00%, 5/15/30 | 3,885 | 3,966 |
| Lower Colorado River Auth. , LCRA Transmission Services, | ||
| Series A, 5.00%, 5/15/31 | 3,100 | 3,164 |
| New Hope Cultural Ed. Fac. Fin. , CHF Stephenville III - Tarleton | ||
| State Univ. , Series A, 5.00%, 4/1/30 (Prerefunded 4/1/25) (3) | 300 | 357 |
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 Hope Cultural Ed. Fac. Fin. , CHF Stephenville III - Tarleton | ||
| State Univ. , Series A, 5.00%, 4/1/47 (Prerefunded 4/1/25) (3) | 3,310 | 3,935 |
| New Hope Cultural Ed. Fac. Fin. , Presbyterian Village North, | ||
| 5.00%, 10/1/32 | 750 | 783 |
| New Hope Cultural Ed. Fac. Fin. , Presbyterian Village North, | ||
| 5.00%, 10/1/39 | 1,000 | 1,018 |
| New Hope Cultural Ed. Fac. Fin. , Presbyterian Village North, | ||
| 5.25%, 10/1/49 | 2,255 | 2,288 |
| North Texas Tollway Auth. , Series A, 5.00%, 1/1/27 | 2,250 | 2,548 |
| North Texas Tollway Auth. , Series A, 5.00%, 1/1/39 | 6,110 | 7,193 |
| North Texas Tollway Auth. , Series A, 5.50%, 9/1/41 | ||
| (Prerefunded 9/1/21) (3) | 9,000 | 9,355 |
| North Texas Tollway Auth. , First Tier, 6.00%, 1/1/38 | ||
| (Prerefunded 1/1/21) (3) | 7,660 | 7,696 |
| North Texas Tollway Auth. , First Tier, Series A, 5.00%, 1/1/43 | 2,750 | 3,368 |
| North Texas Tollway Auth. , First Tier, Series A, 5.00%, 1/1/48 | 12,500 | 15,191 |
| Tarrant County Cultural Ed. Fac. Fin. , Buckner Retirement | ||
| Services, Series A, 5.00%, 11/15/28 | 1,000 | 1,179 |
| Tarrant County Cultural Ed. Fac. Fin. , Buckner Retirement | ||
| Services, Series A, 5.00%, 11/15/31 | 1,835 | 2,128 |
| Tarrant County Cultural Ed. Fac. Fin. , Buckner Retirement | ||
| Services, Series A, 5.00%, 11/15/37 | 1,700 | 1,931 |
| Tarrant County Cultural Ed. Fac. Fin. , Buckner Retirement | ||
| Services, Series B, 5.00%, 11/15/40 | 2,650 | 2,989 |
| Tarrant County Cultural Ed. Fac. Fin. , Buckner Retirement | ||
| Services, Series B, 5.00%, 11/15/46 | 5,395 | 6,035 |
| Tarrant County Cultural Ed. Fac. Fin. , Cook Children's Medical, | ||
| 4.00%, 12/1/45 | 15,520 | 17,949 |
| Tarrant County Cultural Ed. Fac. Fin. , Edgemere - Northwest | ||
| Senior High School, Series A, 5.00%, 11/15/45 | 3,620 | 2,985 |
| Tarrant County Cultural Ed. Fac. Fin. , Texas Health Resources | ||
| Sys. , Series A, 5.00%, 2/15/41 | 5,240 | 6,225 |
| Tarrant County Cultural Ed. Fac. Fin. , Texas Health Resources | ||
| Sys. , Series A, 5.00%, 2/15/47 | 13,365 | 15,768 |
| Texas IDC, NRG Energy, Series 2012, 4.125%, 12/1/45 | 3,670 | 3,982 |
| Texas Municipal Gas Acquisition & Supply I, Merrill Lynch, | ||
| Senior Lien, Series A, 5.25%, 12/15/25 | 1,000 | 1,216 |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE TAX-FREE INCOME FUND | |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| Texas Municipal Gas Acquisition & Supply I, Merrill Lynch, | |||
| Senior Lien, Series D, 6.25%, 12/15/26 | 6,070 | 7,121 | |
| Texas Municipal Gas Acquisition & Supply III, 5.00%, 12/15/29 | 8,200 | 8,796 | |
| Texas Municipal Gas Acquisition & Supply III, 5.00%, 12/15/31 | 5,000 | 5,346 | |
| Texas Transportation Commission, First Tier Toll, 5.00%, 8/1/57 | 5,260 | 6,081 | |
| 236,979 | |||
| UTAH 0.4% | |||
| Murray City Hosp. , IHC Health Services, Series A, VRDN, 0.12%, | |||
| 5/15/37 | 2,745 | 2,745 | |
| Murray City Hosp. , IHC Health Services, Series B, VRDN, 0.09%, | |||
| 5/15/36 | 800 | 800 | |
| Salt Lake City Airport, Series B, 5.00%, 7/1/42 | 1,000 | 1,214 | |
| Salt Lake City Airport, Series B, 5.00%, 7/1/47 | 4,675 | 5,646 | |
| 10,405 | |||
| VIRGIN ISLANDS 0.2% | |||
| Virgin Islands PFA, Series A, 6.75%, 10/1/37 | 5,000 | 5,020 | |
| 5,020 | |||
| VIRGINIA 2.3% | |||
| Chesapeake Bay Bridge & Tunnel Dist. , 1st Tier General | |||
| Resolution, 5.00%, 7/1/46 | 5,840 | 6,704 | |
| Chesapeake Bay Bridge & Tunnel Dist. , 1st Tier General | |||
| Resolution, 5.00%, 7/1/51 | 3,395 | 3,873 | |
| Fairfax County Economic Dev. Auth. , Silver Line Phase I, 4.00%, | |||
| 4/1/33 | 8,955 | 10,147 | |
| Fairfax County Economic Dev. Auth. , Silver Line Phase I, 4.00%, | |||
| 4/1/36 (Prerefunded 4/1/26) (3) | 8,500 | 10,172 | |
| Fairfax County IDA, Inova Health, IDRB, 5.00%, 5/15/40 | 5,000 | 5,306 | |
| Fairfax County IDA, Inova Health, Series A, IDRB, 4.00%, | |||
| 5/15/48 | 335 | 385 | |
| Hampton Roads Transportation Accountability Commission, | |||
| Series A, 5.50%, 7/1/57 | 12,000 | 15,090 | |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE TAX-FREE INCOME FUND | ||
| Par | $ Value | |
| (Amounts in 000s) | ||
| Henrico County Economic Dev. Auth. , Bon Secours Health Sys. , | ||
| 5.00%, 11/1/30 (Prerefunded 11/1/22) (3) | 2,500 | 2,726 |
| James City County Economic Dev. Auth. , Windsormeade United | ||
| Methodist Homes, Series A, 2.00%, 10/1/48 (6) | 803 | 70 |
| James City County Economic Dev. Auth. , Windsormeade United | ||
| Methodist Homes, Series A, 6.00%, 6/1/43 | 3,451 | 3,584 |
| Stafford County Economic Dev. Auth. , Mary Washington | ||
| Healthcare, 5.00%, 6/15/33 | 1,000 | 1,174 |
| Stafford County Economic Dev. Auth. , Mary Washington | ||
| Healthcare, 5.00%, 6/15/36 | 2,900 | 3,386 |
| 62,617 | ||
| WASHINGTON 1.4% | ||
| Energy Northwest, Columbia Generating Station, Series A, | ||
| 5.00%, 7/1/32 | 1,880 | 2,573 |
| Energy Northwest, Columbia Generating Station, Series A, | ||
| 5.00%, 7/1/33 | 1,500 | 2,041 |
| Energy Northwest, Columbia Generating Station, Series A, | ||
| 5.00%, 7/1/34 | 2,200 | 2,986 |
| Energy Northwest, Columbia Generating Station, Series A, | ||
| 5.00%, 7/1/36 | 3,400 | 4,573 |
| Energy Northwest, Columbia Generating Station, Series A, | ||
| 5.00%, 7/1/37 | 3,215 | 4,310 |
| Washington, Series C, GO, 5.00%, 2/1/39 | 10,565 | 13,974 |
| Washington, Motor Vehicle Tax, Series C, GO, 5.00%, 6/1/29 | 7,000 | 7,164 |
| 37,621 | ||
| WEST VIRGINIA 0.0% | ||
| Monongalia County Commission, Univ. Town Center, Series A, | ||
| 5.50%, 6/1/37 (1) | 425 | 447 |
| Monongalia County Commission, Univ. Town Center, Series A, | ||
| 5.75%, 6/1/43 (1) | 425 | 448 |
| 895 | ||
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE TAX-FREE INCOME FUND | |||
| Par | $ Value | ||
| (Amounts in 000s) | |||
| WISCONSIN 0.8% | |||
| Univ. of Wisconsin Hosp. & Clinics Auth. , Series B, VRDN, | |||
| 0.12%, 4/1/48 | 12,950 | 12,950 | |
| Wisconsin PFA, Retirement Housing Foundation Obligation | |||
| Group, Series B, 5.00%, 11/15/29 | 1,475 | 1,728 | |
| Wisconsin PFA, Retirement Housing Foundation Obligation | |||
| Group, Series B, 5.00%, 11/15/30 | 1,500 | 1,765 | |
| Wisconsin PFA, Searstone Retirement Community, Series A, | |||
| 5.20%, 6/1/37 | 2,000 | 2,005 | |
| Wisconsin PFA, Searstone Retirement Community, Series A, | |||
| 5.30%, 6/1/47 | 1,300 | 1,283 | |
| Wisconsin PFA, Searstone Retirement Community, Series A, | |||
| 5.375%, 6/1/52 | 1,700 | 1,682 | |
| 21,413 | |||
| Total Investments in Securities 98.9% | |||
| (Cost $2,518,019) | $ | 2,694,665 | |
| Other Assets Less Liabilities 1.1% | 30,961 | ||
| Net Assets 100.0% | $ | 2,725,626 | |
| ‡ | 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 $36,351 and represents 1.3% of net assets. | ||
| (2) | Insured by Assured Guaranty Municipal Corporation | |
| (3) | Prerefunded date is used in determining portfolio maturity. | |
| (4) | Insured by National Public Finance Guarantee Corporation | |
| (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) | Insured by AMBAC Assurance Corporation | |
| (8) | Escrowed to maturity | |
| (9) | Non-income producing | |
| (10) | 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) | |
| BAN | Bond Anticipation Note | |
| CDA | Community Development Administration/Authority | |
| COP | Certificate of Participation | |
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 |
| IDRB | Industrial Development Revenue Bond |
| PCR | Pollution Control Revenue |
| PFA | Public Finance Authority/Agency |
| PIK | Payment-in-kind |
| RAC | Revenue Anticipation Certificate |
| RAN | Revenue Anticipation Note |
| 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. |
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 Board Accounting Standards Codification Topic 946. The accompanying Portfolio of Investments
was prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). For
additional information on the fund’s significant accounting policies and investment related disclosures, please refer to the
fund’s most recent semiannual or annual shareholder report and its prospectus.
VALUATION
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 policies and procedures used in valuing financial instruments, including those which
cannot be valued in accordance with normal procedures or using pricing vendors; determines pricing techniques, sources,
and persons eligible to effect fair value pricing actions; evaluates the services and performance of the pricing vendors;
oversees the pricing process to ensure policies and procedures are being followed; and provides guidance on internal
controls and valuation-related matters. The Valuation Committee 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 fund's own 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
T. ROWE PRICE TAX-FREE INCOME FUND
independent pricing services consider the yield or price of bonds of comparable quality, coupon, maturity, and type, as
well as prices quoted by dealers who make markets in such securities.
Investments for which market quotations or market-based valuations are not readily available or deemed unreliable are
valued at fair value as determined in good faith by the Valuation Committee, in accordance with fair valuation policies and
procedures. 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. Factors used in determining fair
value vary by type of investment and may include market or investment specific considerations. 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
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 and updated as information becomes available, including actual purchase and sale transactions of the investment.
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.
Valuation Inputs
On November 30, 2020, all of the fund’s financial instruments were classified as Level 2, based on the inputs used to
determine their fair values.