T.
ROWE
PRICE
Tax-Free
Income
Fund
May
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES
99.6%
ALABAMA
0.1%
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
5.25%,
5/1/44 (1)
3,280
3,764
3,764
ALASKA
0.2%
Alaska
Int'l.
Airports
System,
Series B,
5.00%,
10/1/35
3,945
4,657
Valdez,
Exxon
Pipeline
Project,
Series B,
VRDN,
0.01%,
12/1/33
1,000
1,000
5,657
ARIZONA
0.5%
Arizona
HFA,
Banner
Health,
Series B,
FRN,
67%
of
3M
USD
LIBOR
+
0.81%,
0.945%,
1/1/37
1,500
1,517
Arizona
HFA,
Banner
Health,
Series C,
VRDN,
0.01%,
1/1/46
200
200
Arizona
HFA,
Phoenix
Children's
Hosp.,
Series A,
5.00%,
2/1/34
3,000
3,096
Phoenix
Civic
Improvement,
Series A,
4.00%,
7/1/40 (2)
2,505
3,084
Phoenix
Civic
Improvement,
Series A,
4.00%,
7/1/41 (2)
2,625
3,222
Phoenix
Civic
Improvement,
Series A,
4.00%,
7/1/42 (2)
415
507
Phoenix
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/59
1,070
1,254
12,880
CALIFORNIA
9.0%
Alameda
Corridor
Transportation
Auth.,
Series B,
5.00%,
10/1/35 (3)
5,750
6,948
California,
GO,
4.00%,
11/1/45
7,870
8,881
California,
GO,
5.00%,
9/1/31 (2)
2,100
2,847
California,
GO,
5.00%,
8/1/32
15,000
17,125
California,
GO,
5.00%,
9/1/32 (2)
2,000
2,696
California,
GO,
5.25%,
9/1/25
10,000
10,128
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/35
300
367
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/36
275
335
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/37
300
364
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/38
275
332
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/39
300
361
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/30
1,750
2,090
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/31
1,335
1,593
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/32
1,065
1,270
California
HFFA,
Kaiser
Permanente,
Series A-2,
5.00%,
11/1/47
4,750
7,188
California
HFFA,
Lucile
Packard
Stanford
Hosp.,
Series B,
5.00%,
8/15/55
4,550
5,387
T.
ROWE
PRICE
Tax-Free
Income
Fund
2
Par
$
Value
(Amounts
in
000s)
California
HFFA,
Lucile
Salter
Packard
Children's
Hosp.
at
Stanford,
Series A,
5.00%,
11/15/56
3,925
4,773
California
HFFA,
Stanford
Hosp.
&
Clinics,
Series A,
5.00%,
8/15/42
(Prerefunded
8/15/22) (4)
7,000
7,409
California
HFFA,
Sutter
Health,
Series A,
5.00%,
11/15/38
2,250
2,806
California
HFFA,
Sutter
Health,
Series A,
5.00%,
8/15/52
(Prerefunded
8/15/23) (4)
6,100
6,742
California
Housing
Fin.,
Series 2019-1A,
4.25%,
1/15/35
907
1,099
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
FRN,
100%
of
MUNIPSA
+
0.70%,
0.73%,
12/1/50
(Tender
6/1/26)
775
786
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
4.00%,
10/1/29 (1)
420
446
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
5.00%,
10/1/49 (1)
1,525
1,637
California
Municipal
Fin.
Auth.,
Republic
Services,
VRDN,
0.15%,
9/1/21
(Tender
7/1/21)
3,200
3,200
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/32
1,425
1,797
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/48
5,500
6,549
California
Public
Works
Board,
Series B,
4.00%,
5/1/39
1,200
1,475
California
Public
Works
Board,
Series B,
4.00%,
5/1/46
2,125
2,564
California
Public
Works
Board,
Series B,
5.00%,
10/1/34
1,090
1,247
California
Public
Works
Board,
Series B,
5.00%,
10/1/39
10,000
11,401
California
Public
Works
Board,
Coalinga
State
Hosp.,
Series E,
5.00%,
6/1/26
5,000
5,473
California
Public
Works
Board,
Judicial
Council,
Series A,
5.00%,
3/1/38
5,000
5,398
California
School
Fin.
Auth.,
New
Designs
Charter
School,
5.00%,
6/1/30 (1)
1,380
1,588
California
Statewide
CDA,
Kaiser
Permanente,
Series A,
5.00%,
4/1/42
5,365
5,564
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/48 (1)
1,300
1,531
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/56 (1)
2,275
2,566
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58 (1)
3,000
3,563
California,
Various
Purpose,
GO,
5.00%,
9/1/31
7,000
7,086
California,
Various
Purpose,
GO,
5.00%,
9/1/32
12,400
12,552
California,
Various
Purpose,
GO,
5.00%,
10/1/39
5,900
6,747
California,
Various
Purpose,
GO,
5.00%,
11/1/43
1,700
1,886
CSCDA
Community
Improvement
Auth.,
Altana
Glendale
Social
Bonds,
Series A-2,
4.00%,
10/1/56 (1)
2,450
2,647
Golden
State
Tobacco
Securitization,
Series A-1,
5.00%,
6/1/47
1,000
1,035
Golden
State
Tobacco
Securitization,
Series A-2,
5.30%,
6/1/37
2,000
2,085
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series A,
5.25%,
9/1/37
4,600
5,078
T.
ROWE
PRICE
Tax-Free
Income
Fund
3
Par
$
Value
(Amounts
in
000s)
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series D,
5.00%,
3/1/57
3,230
3,812
Long
Beach
Marina
System,
5.00%,
5/15/35
1,000
1,119
Long
Beach
Marina
System,
5.00%,
5/15/40
2,500
2,779
Los
Angeles
County
Public
Works
Fin.
Auth.,
Green
Bond,
Series A,
4.00%,
12/1/37
4,275
5,244
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
3,143
Los
Angeles
County
Public
Works
Fin.
Auth.,
Green
Bond,
Series A,
4.00%,
12/1/40
2,775
3,379
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series B,
5.00%,
3/1/42
2,000
2,429
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series B,
5.00%,
3/1/47
3,550
4,313
Sacramento
County
Airport,
Series A,
5.00%,
7/1/41
2,925
3,505
Sacramento
County
Airport,
Series B,
5.00%,
7/1/41
3,325
3,973
San
Diego
County
Regional
Airport
Auth.,
Series A,
4.00%,
7/1/38
1,020
1,197
San
Francisco
City
&
County
Int'l.
Airports,
Series B,
5.00%,
5/1/49
10,600
13,182
San
Francisco
City
&
County
Int'l.
Airports,
Series F,
5.00%,
5/1/50
5,000
6,211
San
Mateo,
Bay
Meadows
Community
Fac.,
Dist.
2008-1,
5.50%,
9/1/44
3,000
3,137
Sunnyvale
Fin.
Auth.,
Green
Bond-Civic
Center
Project,
4.00%,
4/1/36
1,295
1,568
Sunnyvale
Fin.
Auth.,
Green
Bond-Civic
Center
Project,
4.00%,
4/1/40
1,320
1,577
Univ.
of
California
Regents,
Series I,
5.00%,
5/15/28
3,500
4,118
253,255
COLORADO
2.9%
Broadway
Station
Metropolitan
Dist.
No.
2,
Series A,
GO,
5.125%,
12/1/48
2,300
2,511
Colorado,
Series A,
COP,
4.00%,
12/15/34
4,130
5,092
Colorado,
Series A,
COP,
4.00%,
12/15/35
1,750
2,152
Colorado
HFA,
SCL
Health
System,
Series B,
4.00%,
1/1/40
3,000
3,551
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/47
690
794
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/51
1,870
2,149
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/56
6,880
7,892
Denver
City
&
County,
Series A,
4.00%,
8/1/38
1,250
1,534
Denver
City
&
County,
Series A,
4.00%,
8/1/39
1,500
1,836
Denver
City
&
County,
Series A,
4.00%,
8/1/40
2,000
2,443
Denver
City
&
County,
Series A,
4.00%,
8/1/41
1,500
1,827
Denver
City
&
County,
Series A,
4.00%,
8/1/42
2,085
2,523
Denver
City
&
County,
Series A,
4.00%,
8/1/43
2,000
2,414
T.
ROWE
PRICE
Tax-Free
Income
Fund
4
Par
$
Value
(Amounts
in
000s)
Denver
City
&
County
Airport,
Series B,
5.00%,
12/1/48
10,500
13,080
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/33
1,620
1,900
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/34
3,500
4,095
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/35
2,500
2,921
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/36
2,000
2,332
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/40
13,540
15,676
Regional
Transportation
Dist.,
Fastracks
Project,
Series A,
5.00%,
11/1/46
5,000
5,934
82,656
CONNECTICUT
1.0%
Connecticut,
Series E,
GO,
5.00%,
9/15/34
3,250
4,099
Connecticut
Special
Tax
Obligation,
Transportation
Infrastructure,
Series A,
5.00%,
1/1/33
6,535
8,108
Connecticut
State
HEFA,
Stamford
Hosp.,
Series J,
5.00%,
7/1/42
15,865
16,455
Mashantucket
Western
Pequot
Tribe,
(4.00%
Cash
and
2.05%
PIK),
6.05%,
7/1/31 (5)(6)(7)
2,878
432
29,094
DELAWARE
1.1%
Delaware
Economic
Dev.
Auth.,
Acts
Retirement
Communities,
Series B,
5.00%,
11/15/48
6,185
7,130
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/50
2,850
3,372
Delaware
HFA,
Christiana
Health
Care
System,
4.00%,
10/1/49
8,470
9,803
Delaware
HFA,
Christiana
Health
Care
System,
5.00%,
10/1/45
3,250
4,075
Univ.
of
Delaware,
VRDN,
0.02%,
11/1/35
5,650
5,650
Univ.
of
Delaware,
Series A,
5.00%,
11/1/43
895
1,338
Univ.
of
Delaware,
Series A,
5.00%,
11/1/45
500
758
32,126
DISTRICT
OF
COLUMBIA
3.3%
District
of
Columbia
Water
&
Sewer
Auth.,
Series A,
5.00%,
10/1/48
(Prerefunded
10/1/23) (4)
5,000
5,565
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/37
515
551
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/42
500
532
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/52
4,545
4,814
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/44
5,000
6,075
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
4.00%,
10/1/53 (3)
945
1,086
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
5.00%,
10/1/34
550
696
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
5.00%,
10/1/47
1,000
1,232
T.
ROWE
PRICE
Tax-Free
Income
Fund
5
Par
$
Value
(Amounts
in
000s)
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
6.50%,
10/1/44
9,350
12,538
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/35
350
423
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/36
500
602
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/37
1,255
1,508
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/38
740
887
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/39
1,500
1,791
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/40
1,500
1,788
Washington
Convention
&
Sports
Auth.,
Convention
Center
Hotel,
Series A,
5.00%,
10/1/40
11,175
11,193
Washington
Convention
&
Sports
Auth.,
Hotel
Tax,
Series A,
5.00%,
10/1/30
3,200
3,937
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/40
1,500
1,809
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/45
2,000
2,383
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.00%,
7/15/38
2,500
3,268
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.00%,
7/15/39
5,500
7,173
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/37
5,000
6,099
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/42
14,555
17,604
93,554
FLORIDA
9.8%
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.25%,
11/15/44
4,500
4,489
Alachua
County
HFA,
Shands
Teaching
Hosp.
&
Clinics,
Series A,
5.00%,
12/1/44
15,820
17,777
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/31
500
630
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/32
750
942
Central
Florida
Expressway
Auth.,
5.00%,
7/1/39
7,475
9,151
Central
Florida
Expressway
Auth.,
5.00%,
7/1/42
4,670
5,688
Central
Florida
Expressway
Auth.,
Series B,
5.00%,
7/1/34
3,700
4,469
Collier
County,
Series A,
4.00%,
10/1/40
3,740
4,510
Collier
County,
Series A,
4.00%,
10/1/41
5,170
6,213
Collier
County,
Series A,
4.00%,
10/1/43
2,590
3,097
Davie
Ed.
Fac.,
Nova
Southeastern
Univ.,
Series A,
6.00%,
4/1/42
(Prerefunded
4/1/23) (4)
6,560
7,255
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
5.00%,
6/1/48 (1)
5,075
5,988
Hillsborough
County
IDA,
BayCare
Health
System,
Series B,
VRDN,
0.01%,
11/1/38
1,920
1,920
T.
ROWE
PRICE
Tax-Free
Income
Fund
6
Par
$
Value
(Amounts
in
000s)
Hillsborough
County
IDA,
BayCare
Health
System,
Series D,
VRDN,
0.01%,
11/15/42
12,530
12,530
Jacksonville
Ed.
Fac.,
Jacksonville
Univ.,
Series B,
5.00%,
6/1/53 (1)
3,600
4,235
Jacksonville,
Better
Jacksonville
Sales
Tax,
Series A,
5.00%,
10/1/30
2,880
3,061
Jacksonville,
Transit,
Series A,
5.00%,
10/1/29
(Prerefunded
10/1/22) (4)
3,500
3,725
Jacksonville,
Transit,
Series A,
5.00%,
10/1/30
(Prerefunded
10/1/22) (4)
11,555
12,300
Jacksonville,
Transit,
Series A,
5.00%,
10/1/31
(Prerefunded
10/1/22) (4)
4,450
4,737
Lee
Memorial
Health
System,
Series A-1,
5.00%,
4/1/44
3,350
4,153
Martin
County
HFA,
Martin
Memorial
Medical
Center,
5.00%,
11/15/45
(Prerefunded
11/15/24) (4)
3,750
4,354
Miami-Dade
County
Aviation,
5.00%,
10/1/41
5,300
6,374
Miami-Dade
County
EFA,
Series A,
5.00%,
4/1/53
5,000
5,994
Miami-Dade
County
EFA,
Univ.
of
Miami,
Series A,
5.00%,
4/1/40
18,700
21,483
Miami-Dade
County
EFA,
Univ.
of
Miami,
Series A,
5.00%,
4/1/45
12,360
14,120
Miami-Dade
County
Transit
System,
5.00%,
7/1/37
(Prerefunded
7/1/22) (4)
6,425
6,765
Miami-Dade
County
Water
&
Sewer
System
Revenue,
4.00%,
10/1/46
2,730
3,280
Miami-Dade
County
Water
&
Sewer
System
Revenue,
4.00%,
10/1/48
5,820
6,977
Palm
Beach
County
HFA,
Active
Retirement
Life
Community,
5.00%,
11/15/45
4,175
4,819
Palm
Beach
County
HFA,
Baptist
Health,
4.00%,
8/15/49
11,000
12,673
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
13,558
South
Miami
HFA,
Baptist
Health,
5.00%,
8/15/42
6,000
7,340
Sumter
County
IDA,
Central
Florida
Health
Alliance,
Series A,
5.25%,
7/1/44
1,690
1,858
Tampa,
Series A,
Zero
Coupon,
9/1/34
750
533
Tampa,
Series A,
Zero
Coupon,
9/1/35
750
511
Tampa,
Series A,
Zero
Coupon,
9/1/38
750
446
Tampa,
Series A,
Zero
Coupon,
9/1/39
850
483
Tampa,
Series A,
Zero
Coupon,
9/1/40
1,000
541
Tampa,
BayCare
Health,
Series A,
5.00%,
11/15/46
12,135
14,275
Tampa,
H.
Lee
Moffitt
Cancer
Center,
Cigarette
Tax
Allocation,
Series A,
5.00%,
9/1/29
1,880
1,971
Tampa,
Univ.
of
Tampa,
Series A,
4.00%,
4/1/50
3,000
3,420
Tampa-Hillsborough
County
Expressway
Auth.,
5.00%,
7/1/47
12,000
14,355
275,171
T.
ROWE
PRICE
Tax-Free
Income
Fund
7
Par
$
Value
(Amounts
in
000s)
GEORGIA
4.1%
Atlanta
Airport
Passenger
Fac.
Charge,
Series A,
5.00%,
1/1/32
2,500
2,788
Atlanta
Airport
Passenger
Fac.
Charge,
Series A,
5.00%,
1/1/33
1,600
1,784
Atlanta
Airport
Passenger
Fac.
Charge,
Series A,
5.00%,
1/1/34
3,000
3,346
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.75%,
1/1/35
800
519
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
7.00%,
1/1/40
4,895
3,178
Brookhaven
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series A,
4.00%,
7/1/44
13,130
15,443
Fulton
County
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series C,
5.00%,
7/1/38
1,250
1,604
Fulton
County
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series C,
5.00%,
7/1/39
1,165
1,492
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/37
1,975
2,370
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/42
3,895
4,647
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/36
5,250
6,102
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/44
5,150
6,212
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.00%,
2/15/35
2,310
2,783
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.00%,
2/15/45
3,965
4,720
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.50%,
8/15/54
6,600
7,572
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series B,
5.50%,
2/15/42
3,245
3,959
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/54
4,595
5,353
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/54 (1)
1,820
2,152
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/31
4,000
5,016
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/32
2,500
3,118
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series A,
5.50%,
9/15/25
6,000
7,183
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
8/1/48
(Tender
12/1/23)
2,650
2,876
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
3/1/50
(Tender
9/1/26)
7,940
9,207
Municipal
Electric
Auth.
of
Georgia,
Series EE,
7.25%,
1/1/24 (8)
6,500
7,637
Municipal
Electric
Auth.
of
Georgia,
Power,
Series HH,
5.00%,
1/1/44
4,485
5,435
116,496
IDAHO
0.8%
Idaho
HFA,
Saint
Luke's
Health
System,
Series A,
5.00%,
3/1/34
2,100
2,312
T.
ROWE
PRICE
Tax-Free
Income
Fund
8
Par
$
Value
(Amounts
in
000s)
Idaho
HFA,
Saint
Luke's
Health
System,
Series A,
5.00%,
3/1/44
19,285
21,179
23,491
ILLINOIS
6.6%
Chicago,
Series A,
GO,
5.50%,
1/1/49
1,850
2,248
Chicago
Board
of
Ed.,
Series A,
GO,
5.00%,
12/1/23 (3)
2,000
2,219
Chicago
Midway
Int'l.
Airport,
Series B,
5.00%,
1/1/35
7,960
8,845
Chicago
Midway
Int'l.
Airport,
Series B,
5.00%,
1/1/36
3,070
3,411
Chicago
O'Hare
Int'l.
Airport,
Series B,
5.00%,
1/1/48
4,000
4,917
Chicago
O'Hare
Int'l.
Airport,
Series D,
5.00%,
1/1/47
10,775
13,080
Chicago,
Wastewater,
Series C,
5.00%,
1/1/31
1,100
1,268
Chicago,
Wastewater,
Series C,
5.00%,
1/1/32
2,500
2,881
Chicago,
Waterworks,
Series A-1,
5.00%,
11/1/28
1,225
1,501
Cook
County,
Series C,
GO,
5.00%,
11/15/25
9,485
10,121
Cook
County,
Series C,
GO,
5.00%,
11/15/26
4,935
5,261
Cook
County,
Series C,
GO,
5.00%,
11/15/29
1,065
1,136
Illinois,
GO,
5.50%,
5/1/25
1,505
1,785
Illinois,
GO,
5.50%,
5/1/26
1,350
1,645
Illinois,
GO,
5.50%,
7/1/38
11,000
11,910
Illinois,
Series A,
GO,
5.00%,
3/1/24
445
499
Illinois,
Series A,
GO,
5.00%,
10/1/25
950
1,122
Illinois,
Series A,
GO,
5.00%,
10/1/31
1,500
1,837
Illinois,
Series B,
GO,
5.00%,
3/1/24
425
477
Illinois,
Series B,
GO,
5.00%,
3/1/25
2,375
2,757
Illinois,
Series B,
GO,
5.00%,
10/1/31
2,000
2,449
Illinois,
Series B,
GO,
5.00%,
10/1/32
1,750
2,137
Illinois,
Series C,
GO,
5.00%,
11/1/29
4,530
5,474
Illinois,
Series D,
GO,
5.00%,
11/1/24
1,015
1,165
Illinois
EFA,
Univ.
of
Chicago,
Series B,
VRDN,
0.05%,
7/1/33
1,485
1,485
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/34
515
626
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/36
750
908
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/41
3,040
3,644
Illinois
Fin.
Auth.,
Carle
Foundation,
Series C,
VRDN,
0.04%,
8/15/52
400
400
Illinois
Fin.
Auth.,
Franciscan
Communities,
Series A,
5.125%,
5/15/43
(Prerefunded
5/15/23) (4)
870
952
Illinois
Fin.
Auth.,
Franciscan
Communities,
Unrefunded
Balance,
Series A,
5.125%,
5/15/43
6,065
6,342
Illinois
Fin.
Auth.,
Northwestern
Memorial
Hosp.,
Series A-1,
VRDN,
0.01%,
8/15/42
22,135
22,135
Illinois
Fin.
Auth.,
Northwestern
Memorial
Hosp.,
Series A-2,
VRDN,
0.02%,
8/15/42
6,890
6,890
Illinois
Fin.
Auth.,
Northwestern
Memorial
Hosp.,
Series A-4,
VRDN,
0.02%,
8/15/42
1,635
1,635
Illinois
Fin.
Auth.,
Univ.
of
Chicago
Medical,
Series E-2,
VRDN,
0.02%,
8/1/43
1,550
1,550
T.
ROWE
PRICE
Tax-Free
Income
Fund
9
Par
$
Value
(Amounts
in
000s)
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
5.00%,
6/15/50
2,850
3,487
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
5.00%,
6/15/57
650
768
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
6/15/37 (9)
11,870
7,927
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series B,
Zero
Coupon,
12/15/41
10,000
5,409
Railsplitter
Tobacco
Settlement
Auth.,
5.00%,
6/1/28
1,310
1,573
Regional
Transportation
Auth.,
Series A,
5.75%,
6/1/34 (3)
5,250
7,314
Regional
Transportation
Auth.,
Series A,
6.00%,
7/1/33 (9)
15,000
21,280
Regional
Transportation
Auth.,
Series A,
6.70%,
11/1/21 (9)
660
678
185,148
INDIANA
0.6%
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series A,
5.00%,
6/1/39
5,885
6,051
Indiana
Fin.
Auth.,
Parkview
Health
System,
Series B,
VRDN,
0.02%,
11/1/39
4,210
4,210
Indiana
Municipal
Power
Agency,
Series B,
VRDN,
0.02%,
1/1/42
2,580
2,580
Vigo
County
Hosp.
Auth.,
Union
Hosp.,
7.75%,
9/1/31
(Prerefunded
9/1/21) (4)
5,000
5,093
17,934
IOWA
0.1%
Iowa
Fin.
Auth.,
Iowa
Fertilizer,
Series B,
VRDN,
5.25%,
12/1/50
(Tender
12/1/37)
1,395
1,539
Iowa
Fin.
Auth.,
Unity
Point
Health,
Series F,
VRDN,
0.01%,
7/1/41
2,300
2,300
3,839
KENTUCKY
1.7%
Kentucky
Economic
DFA,
Louisville
Arena
Auth.,
Series A,
5.00%,
12/1/45 (3)
1,000
1,219
Kentucky
Economic
DFA,
Louisville
Arena
Auth.,
Series A,
5.00%,
12/1/47 (3)
1,000
1,064
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/36
1,750
1,806
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/46
1,900
1,933
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.375%,
11/15/32
2,000
2,028
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/37
1,100
1,272
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/41
850
978
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/45
3,525
4,030
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/50
6,780
7,547
T.
ROWE
PRICE
Tax-Free
Income
Fund
10
Par
$
Value
(Amounts
in
000s)
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series B,
5.00%,
6/1/40
2,200
2,536
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28)
8,760
10,434
Kentucky
Public
Transportation
Infrastructure
Auth.,
Downtown
Crossing,
Series A,
5.75%,
7/1/49
2,100
2,317
Kentucky
Public
Transportation
Infrastructure
Auth.,
Downtown
Crossing,
Series A,
6.00%,
7/1/53
8,300
9,194
46,358
LOUISIANA
1.8%
Jefferson
Sales
Tax
Dist.,
Series B,
5.00%,
12/1/42 (3)
7,500
9,326
Louisiana
Offshore
Terminal
Auth.,
Loop
Project,
VRDN,
1.65%,
9/1/27
(Tender
12/1/23)
1,175
1,193
Louisiana
Public
Fac.
Auth.,
VRDN,
0.01%,
5/1/42
7,400
7,400
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/38
750
908
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/43
2,775
3,358
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/48
9,210
11,146
New
Orleans
Sewerage
Service,
5.00%,
6/1/35
(Prerefunded
6/1/25) (4)
900
1,057
New
Orleans
Sewerage
Service,
5.00%,
6/1/45
(Prerefunded
6/1/25) (4)
4,835
5,676
Saint
Charles
Parish
PCR,
Shell
Oil
Norco
Project,
Series B,
VRDN,
0.03%,
10/1/22
300
300
Saint
Charles
Parish,
Valero
Energy,
VRDN,
4.00%,
12/1/40
(Tender
6/1/22)
1,500
1,553
Saint
James
Parish,
Nustar
Logistics,
VRDN,
5.85%,
8/1/41
(Tender
6/1/25) (1)
4,450
5,090
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series A-2,
VRDN,
2.10%,
6/1/37
(Tender
7/1/24)
875
903
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series A-3,
VRDN,
2.20%,
6/1/37
(Tender
7/1/26)
1,500
1,561
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series B-1,
VRDN,
2.125%,
6/1/37
(Tender
7/1/24)
1,000
1,033
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series B-2,
VRDN,
2.375%,
6/1/37
(Tender
7/1/26)
1,150
1,207
51,711
MARYLAND
6.4%
Baltimore
City,
Series A,
5.00%,
7/1/34
3,635
4,194
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/42
7,000
7,360
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/46
1,000
1,052
Baltimore
City,
Wastewater,
Series C,
5.00%,
7/1/39
3,030
3,498
Baltimore
City,
Wastewater,
Series C,
5.00%,
7/1/44
4,810
5,547
T.
ROWE
PRICE
Tax-Free
Income
Fund
11
Par
$
Value
(Amounts
in
000s)
Baltimore
City,
Water,
Series A,
5.00%,
7/1/31
(Prerefunded
1/1/24) (4)
4,515
5,071
Baltimore
City,
Water,
Series B,
5.00%,
7/1/28
(Prerefunded
1/1/24) (4)
1,000
1,123
Baltimore
City,
Water,
Series B,
5.00%,
7/1/29
(Prerefunded
1/1/24) (4)
3,035
3,409
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/33
590
662
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/36
395
442
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/50
650
743
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/29
1,500
1,838
Maryland
HHEFA,
5.00%,
7/1/39
7,500
8,352
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/36
2,655
3,183
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/46
11,135
13,151
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
6.25%,
1/1/31
2,500
2,587
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
7,641
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
5/15/45
15,000
18,362
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/28
2,010
2,339
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/45
3,375
3,819
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series A,
5.00%,
7/1/43
(Prerefunded
7/1/22) (4)
8,065
8,492
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B,
7.00%,
7/1/22 (9)(10)
690
730
Maryland
HHEFA,
Western
Maryland
Health,
5.25%,
7/1/34
(Prerefunded
7/1/24) (4)
10,335
11,885
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/46
(Prerefunded
5/1/26) (4)
5,000
6,085
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
Series A,
5.00%,
5/1/47
(Prerefunded
5/1/28) (4)
1,700
2,170
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
5.00%,
5/1/50
18,000
26,539
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
Series B,
5.00%,
5/1/47
3,625
5,260
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
Unrefunded
Balance,
Series A,
5.00%,
5/1/47
3,300
4,061
Maryland
State
Transportation
Auth.,
Series A,
4.00%,
7/1/41
1,975
2,419
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/42
3,100
3,314
Rockville,
Ingleside
at
King
Farm,
Series A-2,
5.00%,
11/1/31
500
542
Westminster,
Carroll
Lutheran
Village,
5.125%,
7/1/34
3,000
3,183
Westminster,
Carroll
Lutheran
Village,
5.50%,
7/1/44
3,000
3,195
180,204
MASSACHUSETTS
1.2%
Massachusetts
Bay
Transportation
Auth.,
5.00%,
7/1/41
7,130
9,123
Massachusetts
Bay
Transportation
Auth.,
5.00%,
7/1/42
2,865
3,657
T.
ROWE
PRICE
Tax-Free
Income
Fund
12
Par
$
Value
(Amounts
in
000s)
Massachusetts
Dev.
Fin.
Agency,
Beth
Israel
Lahey
Health,
5.00%,
7/1/36
1,000
1,262
Massachusetts
Dev.
Fin.
Agency,
Beth
Israel
Lahey
Health,
5.00%,
7/1/37
840
1,057
Massachusetts
Dev.
Fin.
Agency,
Beth
Israel
Lahey
Health,
5.00%,
7/1/38
500
628
Massachusetts
Dev.
Fin.
Agency,
Linden
Ponds
Fac.,
5.00%,
11/15/28 (1)
1,500
1,714
Massachusetts
Dev.
Fin.
Agency,
NewBridge
Charles,
5.00%,
10/1/57 (1)
1,400
1,530
Massachusetts
Ed.
Fin.
Auth.,
Series I,
6.00%,
1/1/28
145
147
Massachusetts
HEFA,
MIT,
Series K,
5.50%,
7/1/32
10,000
14,483
33,601
MICHIGAN
2.5%
Detroit,
GO,
5.00%,
4/1/28
850
1,030
Detroit,
GO,
5.00%,
4/1/29
150
180
Detroit
Downtown
Dev.
Auth.,
Catalyst
Dev.
Project,
Series A,
5.00%,
7/1/43 (3)
1,800
2,023
Detroit
Downtown
Dev.
Auth.,
Catalyst
Dev.
Project,
Series A,
5.00%,
7/1/48 (3)
1,500
1,680
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/40
1,050
1,179
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/41
1,100
1,232
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/42
1,500
1,675
Great
Lakes
Water
Auth.
Water
Supply,
Series B,
5.00%,
7/1/46
12,625
14,945
Michigan
Fin.
Auth.,
Great
Lakes
Water
Auth.,
Series C-6,
5.00%,
7/1/33
2,000
2,270
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
Series A,
5.00%,
11/15/48
5,150
6,410
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Great
Lakes,
Series C,
5.00%,
7/1/33
1,650
1,932
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Great
Lakes,
Series C,
5.00%,
7/1/34
2,860
3,344
Michigan
Fin.
Auth.,
Trinity
Health
Credit
Group,
4.00%,
12/1/40
7,000
8,343
Michigan
Fin.
Auth.,
Trinity
Health
Credit
Group,
Series A,
5.00%,
12/1/37
6,000
7,409
Michigan
State
Building
Auth.,
Fac.
Program,
5.00%,
4/15/36
3,000
3,889
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/36
550
681
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/37
500
619
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/42
1,300
1,606
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/47
2,580
3,188
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/25
1,070
1,280
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/28
3,795
4,512
69,427
T.
ROWE
PRICE
Tax-Free
Income
Fund
13
Par
$
Value
(Amounts
in
000s)
MISSISSIPPI
0.1%
Jackson
County,
Chevron
USA
Project,
VRDN,
PCR,
0.01%,
6/1/23
800
800
Mississippi
Business
Fin.,
Chevron
USA
Project,
Series C,
VRDN,
0.01%,
11/1/35
2,350
2,350
3,150
MISSOURI
2.6%
Kansas
City
IDA,
Downtown
Redev.,
Series A,
5.00%,
9/1/31
4,480
4,532
Kansas
City
IDA,
Downtown
Redev.,
Series A,
5.50%,
9/1/25
(Prerefunded
9/1/21) (4)
5,000
5,067
Kansas
City
IDA,
Downtown
Redev.,
Series A,
5.50%,
9/1/26
7,000
7,090
Missouri
HEFA,
Lutheran
Senior
Services,
5.00%,
2/1/48
3,000
3,621
Missouri
HEFA,
Mercy
Health,
Series C,
5.00%,
11/15/47
10,000
12,094
Missouri
HEFA,
Saint
Louis
Univ.,
Series B-2,
VRDN,
0.01%,
10/1/35
2,675
2,675
Missouri
HEFA,
Saint
Luke's
Health
System,
5.00%,
11/15/34
5,400
6,380
Missouri
HEFA,
Saint
Luke's
Health
System,
5.00%,
11/15/35
7,595
8,962
Missouri
Joint
Municipal
Electric
Utility
Commission,
Plum
Point
Project,
5.00%,
1/1/34
10,985
12,603
Saint
Louis
County
IDA,
Friendship
Village,
5.00%,
9/1/48
1,545
1,737
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.00%,
9/1/38
1,000
1,131
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.125%,
9/1/48
3,850
4,332
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
Series A,
5.125%,
12/1/45
1,050
1,122
Saint
Louis
IDA,
Ballpark
Village,
Series A,
3.875%,
11/15/29
130
132
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.375%,
11/15/35
895
906
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.75%,
11/15/47
800
819
73,203
MONTANA
0.2%
Montana
Fac.
Fin.
Auth.,
SCL
Health
System,
Series A,
4.00%,
1/1/38
4,350
5,191
5,191
NEVADA
1.0%
Clark
County
School
Dist.,
Series A,
GO,
4.00%,
6/15/38 (3)
1,275
1,525
Clark
County
School
Dist.,
Series A,
GO,
4.00%,
6/15/40 (3)
1,425
1,697
Clark
County
School
Dist.,
Series A,
GO,
5.00%,
6/15/35 (3)
500
652
Las
Vegas
Convention
&
Visitors
Auth.,
Series B,
5.00%,
7/1/43
12,485
14,936
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/38
140
161
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/48
6,750
7,645
T.
ROWE
PRICE
Tax-Free
Income
Fund
14
Par
$
Value
(Amounts
in
000s)
Reno,
Retrac-Reno
Transportation,
Series C,
Zero
Coupon,
7/1/58 (1)
3,000
500
27,116
NEW
HAMPSHIRE
0.1%
National
Fin.
Auth.,
Series 2020-1,
Class
A,
4.125%,
1/20/34
2,284
2,752
New
Hampshire
HEFA,
Hillside
Villiage,
Series A,
6.125%,
7/1/52 (1)(5)(6)
1,000
750
3,502
NEW
JERSEY
4.2%
Garden
State
Preservation
Trust,
Farmland,
Series A,
5.75%,
11/1/28 (3)
13,900
17,182
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
4.00%,
6/15/29 (1)
665
723
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/39 (1)
500
551
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/49 (1)
2,210
2,407
New
Jersey
Economic
Dev.
Auth.,
Cigarette
Tax,
5.00%,
6/15/21
1,000
1,002
New
Jersey
Economic
Dev.
Auth.,
Cigarette
Tax,
5.00%,
6/15/23
2,000
2,085
New
Jersey
Economic
Dev.
Auth.,
Cigarette
Tax,
5.00%,
6/15/28
1,000
1,034
New
Jersey
Economic
Dev.
Auth.,
NJ
Transit
Transportation
Project,
4.00%,
11/1/39
1,325
1,526
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/35
1,000
1,062
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/48
4,765
5,008
New
Jersey
Economic
Dev.
Auth.,
Transit
Trans.
Project,
4.00%,
11/1/44
1,250
1,423
New
Jersey
HCFFA,
Hackensack
Meridian
Health,
Series A,
5.25%,
7/1/57
5,500
6,660
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/34
1,000
1,197
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/35
1,250
1,492
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/36
1,000
1,188
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/39 (2)
1,050
1,184
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/40 (2)
1,000
1,125
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/42 (2)
1,000
1,119
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/37 (2)
2,175
2,681
T.
ROWE
PRICE
Tax-Free
Income
Fund
15
Par
$
Value
(Amounts
in
000s)
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/44
6,000
7,339
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series AA,
5.25%,
6/15/43
13,575
16,876
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/42
1,860
2,225
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/51
5,755
6,786
New
Jersey
Turnpike
Auth.,
Series A,
5.00%,
1/1/34
5,300
5,991
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/24
12,535
14,259
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/25
6,840
8,045
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/26
2,500
3,029
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/27
335
417
Tobacco
Settlement
Fin.,
Series A,
5.25%,
6/1/46
2,900
3,532
119,148
NEW
MEXICO
0.3%
Farmington
PCR,
Public
Services
of
New
Mexico,
San
Juan
Project,
Series C,
VRDN,
1.15%,
6/1/40
(Tender
6/1/24)
2,250
2,287
New
Mexico
Hosp.
Equipment
Loan
Council,
Series A,
4.00%,
8/1/48
5,000
5,748
8,035
NEW
YORK
8.3%
Dormitory
Auth.
of
the
State
of
New
York,
Group
4,
Series A,
4.00%,
3/15/48
10,000
11,569
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series A,
5.00%,
2/15/30
4,850
5,450
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series B,
5.00%,
3/15/32
3,750
3,890
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series D,
4.00%,
2/15/40
2,000
2,373
Dormitory
Auth.
of
the
State
of
New
York,
Saint
John's
Univ.,
Series A,
5.00%,
7/1/44
4,800
5,153
Dormitory
Auth.
of
the
State
of
New
York,
Touro
College
&
Univ.,
5.00%,
1/1/47
14,240
16,248
Hudson
Yards
Infrastructure,
Series A,
5.00%,
2/15/45
2,200
2,622
Hudson
Yards
Infrastructure,
Unrefunded
Balance,
Series A,
5.75%,
2/15/47
2,905
2,916
Long
Island
Power
Auth.,
Electric,
5.00%,
9/1/42
3,000
3,680
Metropolitan
Transportation
Auth.,
Series B,
5.25%,
11/15/26 (3)
15,000
18,500
Metropolitan
Transportation
Auth.,
Series D-1,
BAN,
5.00%,
9/1/22
15,450
16,355
Metropolitan
Transportation
Auth.,
Series D-2,
FRN,
67%
of
SOFR
+
0.55%,
0.557%,
11/1/32
(Tender
4/1/24) (3)
10,675
10,669
Metropolitan
Transportation
Auth.,
Series D-2,
FRN,
67%
of
SOFR
+
0.55%,
0.557%,
11/1/32
(Tender
4/1/24) (3)
3,325
3,323
T.
ROWE
PRICE
Tax-Free
Income
Fund
16
Par
$
Value
(Amounts
in
000s)
Metropolitan
Transportation
Auth.,
Dedicated
Tax
Fund,
Series A-1,
VRDN,
0.02%,
11/1/31
6,145
6,145
New
York
City,
Series B-1,
GO,
5.00%,
10/1/38
1,500
1,845
New
York
City,
Series F-1,
GO,
4.00%,
3/1/40
1,975
2,380
New
York
City,
Series J,
GO,
5.00%,
8/1/31
5,000
5,691
New
York
City,
Series J,
GO,
5.00%,
8/1/32
7,500
8,532
New
York
City
Health
&
Hosp.,
Series C,
VRDN,
0.06%,
2/15/31
955
955
New
York
City
Transitional
Fin.
Auth.,
Building
Aid,
Series S-1,
5.00%,
7/15/45
5,000
6,184
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured
Revenue,
4.00%,
11/1/36
500
613
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured
Revenue,
4.00%,
11/1/38
1,250
1,520
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured
Revenue,
Series A-5,
VRDN,
0.02%,
8/1/39
690
690
New
York
City
Water
&
Sewer
System,
Series AA-1,
4.00%,
6/15/50
15,000
17,758
New
York
City
Water
&
Sewer
System,
Series DD-3A,
VRDN,
0.02%,
6/15/43
10,505
10,505
New
York
Liberty
Dev.,
4
World
Trade
Center,
5.75%,
11/15/51
11,500
11,773
New
York
Liberty
Dev.,
Bank
of
America
Tower
at
One
Bryant
Park,
Class
3,
2.80%,
9/15/69
1,650
1,673
New
York
State
Housing
Fin.
Agency,
Series L-2,
0.75%,
11/1/25
6,180
6,183
New
York
State
Housing
Fin.
Agency,
Series M-2,
0.75%,
11/1/25
2,500
2,501
New
York
State
Thruway
Auth.,
Series A,
5.00%,
1/1/51
2,500
2,920
New
York
State
Thruway
Auth.,
Series A,
5.25%,
1/1/56
2,215
2,623
New
York
State
Urban
Dev.,
Series E-2,
4.00%,
3/15/37
15,500
18,574
Port
Auth.
of
New
York
&
New
Jersey,
Series 179,
5.00%,
12/1/38
5,000
5,557
Port
Auth.
of
New
York
&
New
Jersey,
Consolidated
bonds,
4.00%,
9/1/45
3,500
4,101
Port
Auth.
of
New
York
&
New
Jersey,
Consolidated
bonds,
4.00%,
9/1/49
4,860
5,671
Troy
Capital
Resource,
Rensselaer
Polytechnic
Institute,
5.00%,
9/1/27
600
745
Troy
Capital
Resource,
Rensselaer
Polytechnic
Institute,
5.00%,
9/1/28
1,000
1,267
Troy
Capital
Resource,
Rensselaer
Polytechnic
Institute,
5.00%,
9/1/30
1,000
1,316
Westchester
County
Local
Dev.,
Pace
Univ.,
Series A,
5.50%,
5/1/42
3,910
4,311
234,781
NORTH
CAROLINA
2.9%
Charlotte,
Charlotte-Douglas
Int'l.
Airport,
4.00%,
7/1/44
3,900
4,577
North
Carolina
Capital
Fac.
Fin.
Agency,
Duke
Univ.,
Series B,
5.00%,
10/1/55
(Prerefunded
10/1/25) (4)
6,245
7,474
T.
ROWE
PRICE
Tax-Free
Income
Fund
17
Par
$
Value
(Amounts
in
000s)
North
Carolina
Medical
Care
Commission,
Vidant
Health,
5.00%,
6/1/45
5,000
5,782
North
Carolina
Medical
Care
Commission,
Wake
Forest
Baptist,
Series A,
5.00%,
12/1/45
8,040
8,505
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/27 (3)
920
1,131
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/31 (3)
1,000
1,209
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/40
12,675
15,455
North
Carolina
Turnpike
Auth.,
BAN,
5.00%,
2/1/24
3,525
3,954
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/47
4,655
5,322
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/51
3,100
3,535
North
Carolina
Turnpike
Auth.,
Triangle
Expressway,
4.00%,
1/1/55
6,100
6,897
Univ.
of
North
Carolina
at
Chapel
Hill,
Univ.
of
North
Carolina
Hosp.,
5.00%,
2/1/45
1,440
2,156
Univ.
of
North
Carolina
at
Chapel
Hill,
Univ.
of
North
Carolina
Hosp.,
5.00%,
2/1/49
10,000
15,415
81,412
OHIO
4.1%
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/25
1,000
1,196
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/26
550
677
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/28
1,800
2,325
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/29
1,250
1,644
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series A-2,
Class
1,
4.00%,
6/1/38
2,000
2,382
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series A-2,
Class
1,
4.00%,
6/1/39
2,500
2,965
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series B-2,
Class
2,
5.00%,
6/1/55
17,575
20,358
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/52
8,750
10,386
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/57
4,315
5,111
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/38
1,600
1,853
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/39
1,665
1,924
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/40
1,430
1,649
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/46
6,000
7,378
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/51
8,750
10,707
Franklin
County,
Nationwide
Children's
Hosp.,
5.00%,
11/1/48
8,500
13,004
Franklin
County,
OPRS
Communities,
Series A,
6.125%,
7/1/40
(Prerefunded
7/1/22) (4)
160
170
T.
ROWE
PRICE
Tax-Free
Income
Fund
18
Par
$
Value
(Amounts
in
000s)
Franklin
County,
OPRS
Communities,
Unrefunded
Balance,
Series A,
6.125%,
7/1/40
2,540
2,665
Franklin
County,
Trinity
Health
Credit
Group,
Series A,
4.00%,
12/1/44
3,450
4,074
Hamilton
County,
Cincinnati
Children's
Hosp.,
Series CC,
5.00%,
11/15/49
5,000
7,827
Ohio,
Series A,
4.00%,
1/15/50
10,000
11,517
Ohio,
Series A,
5.00%,
1/15/50
3,500
4,353
114,165
OKLAHOMA
0.2%
Oklahoma
DFA,
OU
Medicine,
Series B,
5.50%,
8/15/57
1,500
1,847
Oklahoma
Turnpike
Auth.,
Series C,
5.00%,
1/1/47
2,500
2,981
Tulsa
County
Ind.
Auth.,
Montereau
Project,
5.25%,
11/15/45
750
846
5,674
OREGON
0.5%
Oregon
Fac.
Auth.,
Legacy
Health,
Series A,
5.00%,
6/1/46
11,000
12,949
12,949
PENNSYLVANIA
2.8%
Cumberland
County
Municipal
Auth.,
Asbury
Obligation
Group,
5.25%,
1/1/27
1,275
1,299
Montgomery
County
IDA,
Albert
Einstein
Healthcare,
Series A,
5.25%,
1/15/45
4,800
5,335
Montgomery
County
IDA,
Albert
Einstein
Healthcare,
Series A,
5.25%,
1/15/46
3,000
3,333
Northampton
County
General
Purpose
Auth.,
Lafayette
College,
5.00%,
11/1/47
8,980
10,991
Pennsylvania
Higher
EFA,
Temple
Univ.,
First Series,
5.00%,
4/1/32
(Prerefunded
4/1/22) (4)
510
531
Philadelphia
IDA,
1st Series 2016,
5.00%,
4/1/28
1,800
2,090
Philadelphia
IDA,
Saint
Joseph's
Univ.,
4.00%,
11/1/45
7,000
7,999
Philadelphia
IDA,
Temple
Univ.,
1st Series 2016,
5.00%,
4/1/29
4,000
4,646
Philadelphia
IDA,
Temple
Univ.,
2nd Series 2016,
5.00%,
4/1/34
1,825
2,111
Philadelphia
IDA,
Temple
Univ.,
2nd Series 2016,
5.00%,
4/1/35
8,500
9,815
Philadelphia
IDA,
Temple
Univ.,
2nd Series 2016,
5.00%,
4/1/36
5,000
5,767
Philadelphia
School
Dist.,
Series A,
GO,
5.00%,
9/1/44
9,300
11,655
Southcentral
Pennsylvania
General
Auth.,
Wellspan
Health,
Series E,
VRDN,
0.02%,
6/1/35
3,200
3,200
State
Public
School
Building
Auth.,
Philadelphia
School
Dist.,
Series A,
5.00%,
6/1/33 (3)
8,500
10,333
79,105
PUERTO
RICO
2.4%
Puerto
Rico
Commonwealth,
Series A,
GO,
5.25%,
7/1/31 (6)(11)
5,000
4,487
Puerto
Rico
Commonwealth,
Series A,
GO,
8.00%,
7/1/35 (6)(11)
3,840
3,091
T.
ROWE
PRICE
Tax-Free
Income
Fund
19
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.25%,
7/1/42
3,195
3,373
Puerto
Rico
Commonwealth,
Public
Improvement,
Series A,
GO,
5.00%,
7/1/41 (5)(6)
10,775
8,647
Puerto
Rico
Commonwealth,
Public
Improvement,
Series A,
GO,
5.125%,
7/1/37 (6)(11)
4,645
3,838
Puerto
Rico
Commonwealth,
Public
Improvement,
Series A,
GO,
5.75%,
7/1/28 (6)(11)
6,590
5,569
Puerto
Rico
Commonwealth,
Public
Improvement,
Series B,
GO,
5.75%,
7/1/38 (6)(11)
345
303
Puerto
Rico
Commonwealth,
Public
Improvement,
Series B,
GO,
6.50%,
7/1/37 (6)(11)
875
797
Puerto
Rico
Electric
Power
Auth.,
Series A-RSA-1,
5.05%,
7/1/42 (6)(11)
60
57
Puerto
Rico
Electric
Power
Auth.,
Series CCC-RSA-1,
5.00%,
7/1/27 (6)(11)
100
96
Puerto
Rico
Electric
Power
Auth.,
Series CCC-RSA-1,
5.25%,
7/1/27 (6)(11)
810
776
Puerto
Rico
Electric
Power
Auth.,
Series CCC-RSA-1,
5.25%,
7/1/28 (6)(11)
225
215
Puerto
Rico
Electric
Power
Auth.,
Series TT-RSA-1,
5.00%,
7/1/20 (6)(11)
290
278
Puerto
Rico
Electric
Power
Auth.,
Series TT-RSA-1,
5.00%,
7/1/24 (6)(11)
1,105
1,055
Puerto
Rico
Electric
Power
Auth.,
Series TT-RSA-1,
5.00%,
7/1/25 (6)(11)
370
353
Puerto
Rico
Electric
Power
Auth.,
Series TT-RSA-1,
5.00%,
7/1/26 (6)(11)
450
430
Puerto
Rico
Electric
Power
Auth.,
Series TT-RSA-1,
5.00%,
7/1/27 (6)(11)
2,640
2,521
Puerto
Rico
Electric
Power
Auth.,
Series TT-RSA-1,
5.00%,
7/1/37 (6)(11)
1,075
1,027
Puerto
Rico
Electric
Power
Auth.,
Series WW-RSA-1,
5.00%,
7/1/28 (6)(11)
990
945
Puerto
Rico
Electric
Power
Auth.,
Series WW-RSA-1,
5.25%,
7/1/33 (6)(11)
280
268
Puerto
Rico
Electric
Power
Auth.,
Series WW-RSA-1,
5.50%,
7/1/18 (6)(11)
240
228
Puerto
Rico
Electric
Power
Auth.,
Series XX-RSA-1,
5.25%,
7/1/27 (6)(11)
100
96
Puerto
Rico
Electric
Power
Auth.,
Series XX-RSA-1,
5.25%,
7/1/40 (6)(11)
275
263
Puerto
Rico
Electric
Power
Auth.,
Series XX-RSA-1,
5.75%,
7/1/36 (6)(11)
215
207
Puerto
Rico
Electric
Power
Auth.,
Series ZZ-RSA-1,
3.70%,
7/1/17 (6)(11)
70
64
T.
ROWE
PRICE
Tax-Free
Income
Fund
20
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series ZZ-RSA-1,
5.00%,
7/1/17 (6)(11)
120
113
Puerto
Rico
Electric
Power
Auth.,
Series ZZ-RSA-1,
5.00%,
7/1/28 (6)(11)
95
91
Puerto
Rico
Electric
Power
Auth.,
Series ZZ-RSA-1,
5.25%,
7/1/19 (6)(11)
890
847
Puerto
Rico
Electric
Power
Auth.,
Series ZZ-RSA-1,
5.25%,
7/1/23 (6)(11)
200
191
Puerto
Rico
Electric
Power
Auth.,
Series ZZ-RSA-1,
5.25%,
7/1/24 (6)(11)
100
96
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.50%,
7/1/34
1,436
1,577
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58
7,500
8,537
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27
2,600
2,334
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/29
5,800
4,935
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/31
3,500
2,755
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33
6,602
4,814
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46
5,000
1,622
66,896
RHODE
ISLAND
0.0%
Central
Falls
Detention
Fac.,
7.25%,
7/15/35 (5)(6)
4,915
885
885
SOUTH
CAROLINA
0.8%
Connector
2000
Assoc.,
Series A,
Zero
Coupon,
1/1/22 (6)
358
352
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/32 (6)
6,663
3,400
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/42 (6)
11,189
2,839
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
7/22/51 (6)
14,590
1,745
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
1/1/32 (6)
2,009
685
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
7/22/51 (6)
10,109
688
Connector
2000
Assoc.,
Series C-1,
Zero
Coupon,
7/22/51 (6)
1,619
97
South
Carolina
Jobs-Economic
Dev.
Auth.,
Active
Retirement
Community,
Series C,
5.00%,
11/15/47
2,325
2,681
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/35
2,000
2,455
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/37
5,000
6,109
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series B,
VRDN,
0.02%,
5/1/48
400
400
21,451
T.
ROWE
PRICE
Tax-Free
Income
Fund
21
Par
$
Value
(Amounts
in
000s)
SOUTH
DAKOTA
1.0%
South
Dakota
HEFA,
Avera
Health,
Series A,
5.00%,
7/1/42
(Prerefunded
7/1/21) (4)
12,805
12,856
South
Dakota
HEFA,
Sanford
Health,
Series E,
5.00%,
11/1/37
1,770
1,878
South
Dakota
HEFA,
Sanford
Health,
Series E,
5.00%,
11/1/42
13,065
13,846
28,580
TENNESSEE
2.3%
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/35
1,725
2,129
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/37
4,000
4,914
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/35
2,675
3,222
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/40
7,265
8,707
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/46
9,560
11,394
Metropolitan
Nashville
Airport
Auth.,
Series A,
4.00%,
7/1/49
1,400
1,634
Metropolitan
Nashville
Airport
Auth.,
Series A,
4.00%,
7/1/54
2,000
2,306
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/44
2,500
3,170
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/49
3,000
3,778
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/54
6,700
8,401
Tennessee
Energy
Acquisition,
VRDN,
4.00%,
11/1/49
(Tender
11/1/25)
5,750
6,513
Tennessee
Energy
Acquisition,
Series A,
5.25%,
9/1/24
8,100
9,272
65,440
TEXAS
7.0%
Austin
Airport,
Series A,
5.00%,
11/15/41
6,845
8,281
Austin
Airport,
Series A,
5.00%,
11/15/46
2,525
3,055
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/27
2,600
2,983
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/34
1,400
1,549
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/25
630
654
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/26
600
623
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/27
1,000
1,035
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/28
520
535
Central
Texas
Regional
Mobility
Auth.,
5.00%,
1/1/33
(Prerefunded
1/1/23) (4)
2,000
2,154
Central
Texas
Regional
Mobility
Auth.,
5.00%,
1/1/42
(Prerefunded
1/1/23) (4)
10,505
11,316
T.
ROWE
PRICE
Tax-Free
Income
Fund
22
Par
$
Value
(Amounts
in
000s)
Central
Texas
Regional
Mobility
Auth.,
Series A,
5.00%,
1/1/43
(Prerefunded
1/1/23) (4)
2,700
2,908
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/37
295
383
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/38
800
1,037
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/39
775
1,002
Dallas/Fort
Worth
Int'l.
Airport,
Series C,
5.00%,
11/1/45
10,000
10,190
Dallas/Fort
Worth
Int'l.
Airport,
Series D,
5.25%,
11/1/25
4,805
4,904
Fort
Bend
County
IDC,
NRG
Energy,
Series A,
4.75%,
5/1/38
3,000
3,149
Harris
County
Cultural
Ed.
Fac.
Fin.,
Brazos
Presbyterian
Hosp.,
Series B,
7.00%,
1/1/43
(Prerefunded
1/1/23) (4)
3,000
3,311
Harris
County
Cultural
Ed.
Fac.
Fin.,
Houston
Methodist
Hosp.,
5.00%,
12/1/45
7,000
8,020
Harris
County
Health
Fac.
Dev.,
Methodist
Hosp.
Sys.,
Series A-2,
VRDN,
0.01%,
12/1/41
580
580
Houston
Airport,
Series D,
5.00%,
7/1/35
6,380
8,046
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/45
2,600
2,720
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.25%,
12/1/35
2,400
2,628
Lower
Colorado
River
Auth.,
LCRA
Transmission
Services,
5.00%,
5/15/30
1,000
1,289
Lower
Colorado
River
Auth.,
LCRA
Transmission
Services,
5.00%,
5/15/35
1,150
1,463
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/30
(Prerefunded
4/1/25) (4)
300
352
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/47
(Prerefunded
4/1/25) (4)
3,310
3,887
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/32
750
813
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/39
1,000
1,073
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.25%,
10/1/49
2,255
2,429
North
Texas
Tollway
Auth.,
Series A,
5.50%,
9/1/41
(Prerefunded
9/1/21) (4)
9,000
9,120
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/27
2,250
2,521
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/39
6,110
7,173
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/43
2,750
3,340
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/48
12,500
15,096
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/28
1,000
1,190
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/31
1,835
2,155
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/37
1,700
1,973
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/40
2,650
3,058
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/46
5,395
6,188
T.
ROWE
PRICE
Tax-Free
Income
Fund
23
Par
$
Value
(Amounts
in
000s)
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere-Northwest
Senior
High
School,
Series A,
5.00%,
11/15/45
3,620
3,244
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Texas
Health
Resources
System,
Series A,
5.00%,
2/15/41
5,240
6,286
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Texas
Health
Resources
System,
Series A,
5.00%,
2/15/47
13,365
15,987
Texas
IDC,
NRG
Energy,
Series 2012,
4.125%,
12/1/45
3,670
4,005
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Series D,
6.25%,
12/15/26
6,070
7,116
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Merrill
Lynch,
Senior
Lien,
Series A,
5.25%,
12/15/25
1,000
1,198
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/28
2,500
3,182
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/29
2,175
2,813
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/31
2,155
2,855
Texas
Transportation
Commission,
First
Tier
Toll,
State
Highway,
5.00%,
8/1/57
5,260
6,146
Texas,
Veterans,
GO,VRDN,
0.08%,
12/1/51
1,300
1,300
198,315
UTAH
0.3%
Salt
Lake
City
Airport,
Series B,
5.00%,
7/1/42
1,000
1,224
Salt
Lake
City
Airport,
Series B,
5.00%,
7/1/47
4,675
5,723
Utah
County,
IHC
Health
Services,
Series C,
VRDN,
0.05%,
5/15/51
2,000
2,000
8,947
VIRGIN
ISLANDS
0.2%
Virgin
Islands
PFA,
Matching
Fund,
Diageo,
Series A,
6.75%,
10/1/37
5,000
5,039
5,039
VIRGINIA
2.2%
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
First
Tier
General
Resolution,
5.00%,
7/1/46
5,840
6,872
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
First
Tier
General
Resolution,
5.00%,
7/1/51
3,395
3,980
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/33
8,955
10,271
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/36
(Prerefunded
4/1/26) (4)
8,500
9,914
Fairfax
County
IDA,
Inova
Health
System,
5.00%,
5/15/40
5,000
5,211
Fairfax
County
IDA,
Inova
Health
System,
Series A,
4.00%,
5/15/48
335
383
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
5.50%,
7/1/57
12,000
14,932
Henrico
County
Economic
Dev.
Auth.,
Bon
Secours
Health
System,
5.00%,
11/1/30
(Prerefunded
11/1/22) (4)
2,500
2,671
T.
ROWE
PRICE
Tax-Free
Income
Fund
24
Par
$
Value
(Amounts
in
000s)
James
City
County
Economic
Dev.
Auth.,
United
Methodist
Homes,
Series A,
2.00%,
10/1/48 (5)(6)
803
70
James
City
County
Economic
Dev.
Auth.,
United
Methodist
Homes,
Series A,
6.00%,
6/1/43
3,383
3,554
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/33
1,000
1,179
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/36
2,900
3,404
62,441
WASHINGTON
2.0%
Energy
Northwest,
Columbia
Generating
Station,
5.00%,
7/1/22
4,600
4,844
Energy
Northwest,
Columbia
Generating
Station,
5.00%,
7/1/41
10,000
13,297
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/32
1,880
2,513
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/33
1,500
1,999
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/34
2,200
2,923
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/36
3,400
4,496
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/37
3,215
4,239
Washington,
Series C,
GO,
5.00%,
2/1/39
10,565
13,681
Washington,
Motor
Vehicle
Tax,
Series C,
5.00%,
6/1/29
7,000
7,000
54,992
WEST
VIRGINIA
0.0%
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.50%,
6/1/37 (1)
425
465
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.75%,
6/1/43 (1)
425
465
930
WISCONSIN
0.4%
Univ.
of
Wisconsin
Hosp.
&
Clinics
Auth.,
Series C,
VRDN,
0.01%,
4/1/48
1,400
1,400
Wisconsin
PFA,
Retirement
Housing
Foundation
Obligation
Group,
5.00%,
11/15/29
1,475
1,799
Wisconsin
PFA,
Retirement
Housing
Foundation
Obligation
Group,
5.00%,
11/15/30
1,500
1,850
Wisconsin
PFA,
Searstone
Retirement
Community,
Series A,
5.20%,
6/1/37
2,000
2,050
Wisconsin
PFA,
Searstone
Retirement
Community,
Series A,
5.30%,
6/1/47
1,300
1,323
T.
ROWE
PRICE
Tax-Free
Income
Fund
25
Par
$
Value
(Amounts
in
000s)
Wisconsin
PFA,
Searstone
Retirement
Community,
Series A,
5.375%,
6/1/52
1,700
1,732
10,154
Total
Investments
in
Securities
99.6%
(Cost
$2,599,074)
$
2,807,867
Other
Assets
Less
Liabilities
0.4%
11,882
Net
Assets
100.0%
$
2,819,749
‡
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
$44,312
and
represents
1.6%
of
net
assets.
(2)
When-issued
security
(3)
Insured
by
Assured
Guaranty
Municipal
Corporation
(4)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(5)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(6)
Non-income
producing
(7)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(8)
Insured
by
AMBAC
Assurance
Corporation
(9)
Insured
by
National
Public
Finance
Guarantee
Corporation
(10)
Escrowed
to
maturity
(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)
BAN
Bond
Anticipation
Note
CDA
Community
Development
Administration/Authority
COP
Certificate
of
Participation
DFA
Development
Finance
Authority
EFA
Educational
Facility
Authority
FRN
Floating
Rate
Note
GO
General
Obligation
HCFFA
Health
Care
Facilities
Financing
Authority
HEFA
Health
&
Educational
Facility
Authority
HFA
Health
Facility
Authority
HFFA
Health
Facility
Financing
Authority
HHEFA
Health
&
Higher
Educational
Facility
Authority
IDA
Industrial
Development
Authority/Agency
IDC
Industrial
Development
Corporation
MUNIPSA
Securities
Industry
and
Financial
Markets
Association
(SIFMA)
Municipal
Swap
Index
PCR
Pollution
Control
Revenue
T.
ROWE
PRICE
Tax-Free
Income
Fund
26
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
.
.
.
.
.
.
.
.
.
.
PFA
Public
Finance
Authority/Agency
PIK
Payment-in-kind
RAC
Revenue
Anticipation
Certificate
SOFR
Secured
overnight
financing
rate
VRDN
Variable
Rate
Demand
Note
under
which
the
holder
has
the
right
to
sell
the
security
to
the
issuer
or
the
issuer’s
agent
at
a
predetermined
price
on
specified
dates;
such
specified
dates
are
considered
the
effective
maturity
for
purposes
of
the
fund’s
weighted
average
maturity;
rate
shown
is
effective
rate
at
period-end
and
maturity
date
shown
is
final
maturity.
Certain
VRDN
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
T.
ROWE
PRICE
Tax-Free
Income
Fund
Unaudited
Notes
to
Portfolio
of
Investments
27
T.
Rowe
Price
Tax-Free
Income
Fund,
Inc.
(the
fund)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s
most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
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
T.
ROWE
PRICE
Tax-Free
Income
Fund
28
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
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;
T.
ROWE
PRICE
Tax-Free
Income
Fund
29
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
May
31,
2021,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
2,
based
on
the
inputs
used
to
determine
their
fair
values.
F45-054Q1
05/21