T.
ROWE
PRICE
Tax-Free
Income
Fund
May
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES
99.7%
ALABAMA
0.3%
Black
Belt
Energy
Gas
Dist.,
Series A-1,
VRDN,
4.00%,
10/1/49
(Tender
10/1/26)
3,825
3,942
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
5.25%,
5/1/44 (1)
3,280
3,321
7,263
ALASKA
0.2%
Alaska
Int'l.
Airports
System,
Series B,
5.00%,
10/1/35
3,945
4,202
4,202
ARIZONA
0.4%
Arizona
HFA,
Banner
Health,
Series B,
FRN,
67%
of
3M
USD
LIBOR
+
0.81%,
1.458%,
1/1/37
1,500
1,422
Phoenix
Civic
Improvement,
Series A-JUNIOR,
4.00%,
7/1/40
2,505
2,625
Phoenix
Civic
Improvement,
Series A-JUNIOR,
4.00%,
7/1/41
2,625
2,747
Phoenix
Civic
Improvement,
Series A-JUNIOR,
4.00%,
7/1/42
415
432
Phoenix
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/59
1,070
1,090
8,316
CALIFORNIA
9.8%
Alameda
Corridor
Transportation
Auth.,
Series B,
5.00%,
10/1/35 (2)
5,750
6,154
California,
GO,
4.00%,
10/1/39
7,370
7,886
California,
GO,
4.00%,
11/1/45
7,870
8,035
California,
GO,
5.00%,
9/1/31
2,100
2,529
California,
GO,
5.00%,
8/1/32
15,000
15,906
California,
GO,
5.00%,
9/1/32
2,000
2,395
California,
GO,
5.00%,
4/1/35
1,700
1,925
California,
GO,
5.00%,
4/1/42
2,450
2,697
California,
GO,
5.00%,
4/1/42
1,100
1,292
California,
GO,
5.00%,
4/1/47
5,000
5,798
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
4.00%,
10/1/52
(Tender
12/1/27)
10,895
11,250
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/35
300
306
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/36
275
280
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/37
300
305
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/38
275
279
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/39
300
304
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/30
1,750
1,889
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/31
1,335
1,437
T.
ROWE
PRICE
Tax-Free
Income
Fund
2
Par
$
Value
(Amounts
in
000s)
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/32
1,065
1,143
California
HFFA,
Kaiser
Permanente,
Series A-2,
5.00%,
11/1/47
4,750
5,740
California
HFFA,
Lucile
Packard
Stanford
Hosp.,
Series B,
5.00%,
8/15/55
4,550
4,811
California
HFFA,
Lucile
Salter
Packard
Children's
Hosp.
at
Stanford,
Series A,
5.00%,
11/15/56
3,925
4,167
California
HFFA,
Stanford
Hosp.
&
Clinics,
Series A,
5.00%,
8/15/42
(Prerefunded
8/15/22) (3)
7,000
7,054
California
HFFA,
Sutter
Health,
Series A,
5.00%,
11/15/38
2,250
2,418
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35
892
903
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
FRN,
100%
of
MUNIPSA
+
0.70%,
1.49%,
12/1/50
(Tender
6/1/26)
775
769
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
4.00%,
10/1/29 (1)
420
410
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
5.00%,
10/1/49 (1)
1,525
1,496
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/32
1,425
1,547
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/48
5,500
5,652
California
Public
Works
Board,
Series B,
4.00%,
5/1/39
1,200
1,270
California
Public
Works
Board,
Series B,
4.00%,
5/1/46
2,125
2,194
California
Public
Works
Board,
Series B,
5.00%,
10/1/34
1,090
1,155
California
Public
Works
Board,
Series B,
5.00%,
10/1/39
10,000
10,554
California
Public
Works
Board,
Coalinga
State
Hosp.,
Series E,
5.00%,
6/1/26
5,000
5,154
California
Public
Works
Board,
Judicial
Council,
Series A,
5.00%,
3/1/38
5,000
5,107
California
School
Fin.
Auth.,
New
Designs
Charter
School,
5.00%,
6/1/30 (1)
1,380
1,432
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/48 (1)
1,300
1,330
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/56 (1)
2,275
2,316
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58 (1)
3,000
3,101
California,
Various
Purpose,
GO,
5.00%,
10/1/39
5,900
6,254
California,
Various
Purpose,
GO,
5.00%,
11/1/43
1,700
1,771
CSCDA
Community
Improvement
Auth.,
Altana
Glendale
Social
Bonds,
Series A-2,
4.00%,
10/1/56 (1)
2,450
2,151
Golden
State
Tobacco
Securitization,
Series A-1,
5.00%,
6/1/47
(Prerefunded
6/1/22) (3)
180
180
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series A,
5.25%,
9/1/37
4,600
4,820
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series D,
5.00%,
3/1/57
3,230
3,383
Long
Beach
Marina
System,
5.00%,
5/15/35
1,000
1,040
Long
Beach
Marina
System,
5.00%,
5/15/40
2,500
2,585
T.
ROWE
PRICE
Tax-Free
Income
Fund
3
Par
$
Value
(Amounts
in
000s)
Los
Angeles
County
Public
Works
Fin.
Auth.,
Green
Bond,
Series A,
4.00%,
12/1/37
4,275
4,525
Los
Angeles
County
Public
Works
Fin.
Auth.,
Green
Bond,
Series A,
4.00%,
12/1/38
1,575
1,658
Los
Angeles
County
Public
Works
Fin.
Auth.,
Green
Bond,
Series A,
4.00%,
12/1/39
2,575
2,706
Los
Angeles
County
Public
Works
Fin.
Auth.,
Green
Bond,
Series A,
4.00%,
12/1/40
2,775
2,901
Los
Angeles
Dept.
of
Airports,
Series B,
4.00%,
5/15/48
5,300
5,514
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series B,
5.00%,
3/1/42
2,000
2,143
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series B,
5.00%,
3/1/47
3,550
3,783
Sacramento
County
Airport,
Series A,
5.00%,
7/1/41
2,925
3,113
Sacramento
County
Airport,
Series B,
5.00%,
7/1/41
3,325
3,539
San
Diego
County
Regional
Airport
Auth.,
Series A,
4.00%,
7/1/38
1,020
1,059
San
Diego
County
Regional
Airport
Auth.,
Series A,
4.00%,
7/1/46
3,150
3,249
San
Diego
County
Regional
Airport
Auth.,
Series A,
4.00%,
7/1/51
5,700
5,851
San
Francisco
City
&
County
Int'l.
Airports,
Series B,
5.00%,
5/1/49
10,600
11,652
San
Francisco
City
&
County
Int'l.
Airports,
Series F,
5.00%,
5/1/50
5,000
5,492
San
Mateo,
Bay
Meadows
Community
Fac.,
Dist.
2008-1,
5.50%,
9/1/44
3,000
3,014
Sunnyvale
Fin.
Auth.,
Green
Bond-Civic
Center
Project,
4.00%,
4/1/36
1,295
1,368
Sunnyvale
Fin.
Auth.,
Green
Bond-Civic
Center
Project,
4.00%,
4/1/40
1,320
1,376
Univ.
of
California
Regents,
Series I,
5.00%,
5/15/28
3,500
3,774
229,291
COLORADO
2.9%
Broadway
Station
Metropolitan
Dist.
No.
2,
Series A,
GO,
5.125%,
12/1/48
2,300
2,314
Colorado,
Series A,
COP,
4.00%,
12/15/34
4,130
4,403
Colorado,
Series A,
COP,
4.00%,
12/15/35
1,750
1,850
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/47
690
705
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/51
1,870
1,910
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/56
6,880
7,020
Denver
City
&
County,
Series A,
4.00%,
8/1/38
1,250
1,331
Denver
City
&
County,
Series A,
4.00%,
8/1/39
1,500
1,594
Denver
City
&
County,
Series A,
4.00%,
8/1/40
2,000
2,105
Denver
City
&
County,
Series A,
4.00%,
8/1/41
1,500
1,576
Denver
City
&
County,
Series A,
4.00%,
8/1/42
2,085
2,170
Denver
City
&
County
Airport,
Series B,
5.00%,
12/1/48
10,500
11,411
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/34
3,500
3,657
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/35
2,500
2,608
T.
ROWE
PRICE
Tax-Free
Income
Fund
4
Par
$
Value
(Amounts
in
000s)
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/36
2,000
2,084
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/40
15,040
15,590
Regional
Transportation
Dist.,
Fastracks
Project,
Series A,
5.00%,
11/1/46
5,000
5,440
67,768
CONNECTICUT
0.5%
Connecticut,
Series E,
GO,
5.00%,
9/15/34
3,250
3,632
Connecticut
Special
Tax
Obligation,
Transportation
Infrastructure,
Series A,
5.00%,
1/1/33
6,535
7,256
Mashantucket
Western
Pequot
Tribe,
(4.00%
Cash
and
2.05%
PIK),
6.05%,
7/1/31 (4)(5)(6)
2,878
640
11,528
DELAWARE
1.0%
Delaware
Economic
Dev.
Auth.,
Acts
Retirement
Communities,
Series B,
5.00%,
11/15/48
6,185
6,548
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/50
2,865
3,029
Delaware
HFA,
Christiana
Health
Care
System,
4.00%,
10/1/49
8,470
8,508
Delaware
HFA,
Christiana
Health
Care
System,
5.00%,
10/1/45
3,250
3,581
Univ.
of
Delaware,
Series A,
5.00%,
11/1/43
895
1,081
Univ.
of
Delaware,
Series A,
5.00%,
11/1/45
500
605
23,352
DISTRICT
OF
COLUMBIA
3.1%
District
of
Columbia
Water
&
Sewer
Auth.,
Series A,
5.00%,
10/1/48
(Prerefunded
10/1/23) (3)
5,000
5,218
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/37
515
516
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/42
500
491
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/52
4,545
4,334
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/44
5,000
5,501
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
6.50%,
10/1/44
9,350
10,920
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/35
350
369
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/36
500
527
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/37
1,255
1,321
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/38
740
777
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/39
1,500
1,573
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/40
1,500
1,570
Washington
Convention
&
Sports
Auth.,
Hotel
Tax,
Series A,
5.00%,
10/1/30
3,200
3,592
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/38
3,000
3,161
T.
ROWE
PRICE
Tax-Free
Income
Fund
5
Par
$
Value
(Amounts
in
000s)
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/40
1,500
1,568
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.00%,
7/15/38
2,500
2,863
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.00%,
7/15/39
5,500
6,288
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/37
5,000
5,520
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/42
14,555
15,896
72,005
FLORIDA
10.0%
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.25%,
11/15/44
4,500
3,614
Alachua
County
HFA,
Shands
Teaching
Hosp.
&
Clinics,
Series A,
5.00%,
12/1/44
15,820
16,315
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/31
500
531
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/32
750
792
Central
Florida
Expressway
Auth.,
5.00%,
7/1/39
7,475
8,051
Central
Florida
Expressway
Auth.,
5.00%,
7/1/42
4,670
5,014
Central
Florida
Expressway
Auth.,
Series B,
5.00%,
7/1/34
3,700
4,062
Collier
County,
Series A,
4.00%,
10/1/40
3,740
3,943
Collier
County,
Series A,
4.00%,
10/1/41
5,170
5,443
Collier
County,
Series A,
4.00%,
10/1/43
2,590
2,696
Davie
Ed.
Fac.,
Nova
Southeastern
Univ.,
Series A,
6.00%,
4/1/42
(Prerefunded
4/1/23) (3)
6,560
6,797
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
5.00%,
6/1/48 (1)
5,075
5,133
Jacksonville
Ed.
Fac.,
Jacksonville
Univ.,
Series B,
5.00%,
6/1/53 (1)
3,600
3,632
Jacksonville,
Better
Jacksonville
Sales
Tax,
Series A,
5.00%,
10/1/30
2,880
2,904
Jacksonville,
Transit,
Series A,
5.00%,
10/1/29
(Prerefunded
10/1/22) (3)
3,500
3,543
Lee
Memorial
Health
System,
Series A-1,
5.00%,
4/1/44
3,350
3,582
Martin
County
HFA,
Martin
Memorial
Medical
Center,
5.00%,
11/15/45
(Prerefunded
11/15/24) (3)
3,750
4,005
Miami-Dade
County
Aviation,
5.00%,
10/1/41
5,300
5,616
Miami-Dade
County
EFA,
Series A,
5.00%,
4/1/53
5,000
5,341
Miami-Dade
County
EFA,
Univ.
of
Miami,
Series A,
5.00%,
4/1/40
18,700
19,484
Miami-Dade
County
EFA,
Univ.
of
Miami,
Series A,
5.00%,
4/1/45
12,360
12,826
Miami-Dade
County
Seaport
Dept.,
Series A-2,
4.00%,
10/1/49 (2)
20,000
20,760
Miami-Dade
County
Water
&
Sewer
System,
4.00%,
10/1/48
5,820
5,992
T.
ROWE
PRICE
Tax-Free
Income
Fund
6
Par
$
Value
(Amounts
in
000s)
Miami-Dade
County
Water
&
Sewer
System
Revenue,
4.00%,
10/1/46
2,250
2,329
Palm
Beach
County
HFA,
Active
Retirement
Life
Community,
5.00%,
11/15/45
4,175
4,432
Palm
Beach
County
HFA,
Baptist
Health,
4.00%,
8/15/49
11,000
11,028
Sarasota
County
Public
Hosp.
Dist.,
Sarasota
Memorial
Hosp.,
5.00%,
7/1/41
10,000
10,741
South
Miami
HFA,
Baptist
Health,
5.00%,
8/15/37
11,000
11,823
South
Miami
HFA,
Baptist
Health,
5.00%,
8/15/42
6,000
6,413
Sumter
County
IDA,
Central
Florida
Health
Alliance,
Series A,
5.25%,
7/1/44
1,690
1,726
Tampa,
Series A,
Zero
Coupon,
9/1/34
900
574
Tampa,
Series A,
Zero
Coupon,
9/1/35
750
458
Tampa,
Series A,
Zero
Coupon,
9/1/38
1,000
534
Tampa,
Series A,
Zero
Coupon,
9/1/39
850
432
Tampa,
Series A,
Zero
Coupon,
9/1/40
1,000
485
Tampa,
BayCare
Health,
Series A,
5.00%,
11/15/46
12,135
12,669
Tampa,
H.
Lee
Moffitt
Cancer
Center,
Cigarette
Tax
Allocation,
Series A,
5.00%,
9/1/29
1,880
1,898
Tampa,
Univ.
of
Tampa,
Series A,
4.00%,
4/1/50
3,000
2,887
Tampa-Hillsborough
County
Expressway
Auth.,
5.00%,
7/1/47
12,000
13,239
231,744
GEORGIA
4.8%
Atlanta
Airport
Passenger
Fac.
Charge,
Series A,
5.00%,
1/1/32
2,500
2,594
Atlanta
Airport
Passenger
Fac.
Charge,
Series A,
5.00%,
1/1/33
1,600
1,659
Atlanta
Airport
Passenger
Fac.
Charge,
Series A,
5.00%,
1/1/34
3,000
3,109
Atlanta
Dept.
of
Aviation,
Series B,
4.00%,
7/1/38
5,000
5,220
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.75%,
1/1/35
800
424
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
7.00%,
1/1/40
5,095
2,700
Brookhaven
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series A,
4.00%,
7/1/44
7,130
7,232
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
0.70%,
11/1/52
750
750
Fulton
County
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series C,
5.00%,
7/1/38
1,250
1,360
Fulton
County
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series C,
5.00%,
7/1/39
1,165
1,265
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/37
1,975
2,123
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/42
3,895
4,165
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/36
5,250
5,587
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/44
5,150
5,601
T.
ROWE
PRICE
Tax-Free
Income
Fund
7
Par
$
Value
(Amounts
in
000s)
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.00%,
2/15/35
2,310
2,457
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.00%,
2/15/45
3,965
4,174
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.50%,
8/15/54
(Prerefunded
2/15/25) (3)
6,600
7,210
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series B,
5.50%,
2/15/42
3,245
3,498
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/54
4,595
4,162
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/54 (1)
1,820
1,746
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/31
4,000
4,295
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/32
2,500
2,677
Main
Street
Natural
Gas,
Series A,
VRDN,
4.00%,
7/1/52
(Tender
9/1/27)
610
634
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series A,
5.50%,
9/15/25
6,000
6,482
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
8/1/48
(Tender
12/1/23)
2,650
2,707
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
3/1/50
(Tender
9/1/26)
7,940
8,107
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
5/1/52
(Tender
12/1/28)
4,510
4,620
Municipal
Electric
Auth.
of
Georgia,
Power,
Series EE,
7.25%,
1/1/24 (7)
6,500
7,038
Municipal
Electric
Auth.
of
Georgia,
Power,
Series HH,
5.00%,
1/1/44
4,485
4,803
Private
Colleges
&
Universities
Auth.,
Savannah
College
of
Art
and
Design,
4.00%,
4/1/44
3,500
3,508
111,907
IDAHO
0.1%
Idaho
HFA,
Saint
Luke's
Health
System,
Series A,
5.00%,
3/1/34
2,100
2,163
2,163���
ILLINOIS
6.1%
Chicago,
Series A,
GO,
5.50%,
1/1/49
1,850
1,978
Chicago
Board
of
Ed.,
Series A,
GO,
5.00%,
12/1/23 (2)
2,000
2,082
Chicago
Midway
Int'l.
Airport,
Series B,
5.00%,
1/1/35
7,960
8,211
Chicago
Midway
Int'l.
Airport,
Series B,
5.00%,
1/1/36
3,070
3,166
Chicago
O'Hare
Int'l.
Airport,
Series B,
5.00%,
1/1/48
4,000
4,309
Chicago
O'Hare
Int'l.
Airport,
Series D,
5.00%,
1/1/47
10,775
11,475
Chicago,
Wastewater,
Series C,
5.00%,
1/1/31
1,100
1,157
Chicago,
Wastewater,
Series C,
5.00%,
1/1/32
2,500
2,627
Chicago,
Waterworks,
Series A-1,
5.00%,
11/1/28
1,225
1,330
Cook
County,
Series C,
GO,
5.00%,
11/15/25
9,485
9,622
Cook
County,
Series C,
GO,
5.00%,
11/15/26
4,935
5,005
T.
ROWE
PRICE
Tax-Free
Income
Fund
8
Par
$
Value
(Amounts
in
000s)
Cook
County,
Series C,
GO,
5.00%,
11/15/29
1,065
1,079
Illinois,
GO,
5.50%,
5/1/25
1,505
1,622
Illinois,
GO,
5.50%,
5/1/26
1,350
1,482
Illinois,
GO,
5.50%,
7/1/38
11,000
11,256
Illinois,
Series A,
GO,
5.00%,
3/1/24
445
465
Illinois,
Series A,
GO,
5.00%,
10/1/25
950
1,017
Illinois,
Series A,
GO,
5.00%,
10/1/31
1,500
1,598
Illinois,
Series A,
GO,
5.00%,
3/1/33 (8)
1,500
1,615
Illinois,
Series A,
GO,
5.50%,
3/1/42 (8)
2,250
2,469
Illinois,
Series B,
GO,
5.00%,
3/1/24
425
444
Illinois,
Series B,
GO,
5.00%,
3/1/25
2,375
2,520
Illinois,
Series B,
GO,
5.00%,
10/1/31
2,000
2,131
Illinois,
Series B,
GO,
5.00%,
10/1/32
1,750
1,850
Illinois,
Series C,
GO,
5.00%,
11/1/29
4,530
4,868
Illinois,
Series D,
GO,
5.00%,
11/1/24
1,015
1,072
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/34
515
555
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/36
750
807
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/41
3,040
3,243
Illinois
Fin.
Auth.,
Franciscan
Communities,
Series A,
5.125%,
5/15/43
(Prerefunded
5/15/23) (3)
870
898
Illinois
Fin.
Auth.,
Franciscan
Communities,
Unrefunded
Balance,
Series A,
5.125%,
5/15/43
6,065
6,115
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
4.00%,
12/15/42
1,150
1,120
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
4.00%,
6/15/52
1,155
1,082
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
5.00%,
6/15/50
2,850
2,987
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/40
1,725
791
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
5.00%,
6/15/57
650
689
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
6/15/37 (9)
11,870
6,412
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series B,
Zero
Coupon,
12/15/41
10,000
4,256
Railsplitter
Tobacco
Settlement
Auth.,
5.00%,
6/1/28
1,310
1,407
Regional
Transportation
Auth.,
Series A,
5.75%,
6/1/34 (2)
5,250
6,208
Regional
Transportation
Auth.,
Series A,
6.00%,
7/1/33 (9)
15,000
17,974
140,994
INDIANA
0.3%
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series A,
4.25%,
11/1/30 (8)
1,375
1,408
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series A,
5.00%,
6/1/39
5,885
5,894
7,302
T.
ROWE
PRICE
Tax-Free
Income
Fund
9
Par
$
Value
(Amounts
in
000s)
KENTUCKY
1.8%
Kentucky
Economic
DFA,
Louisville
Arena
Auth.,
Series A,
5.00%,
12/1/45 (2)
1,000
1,118
Kentucky
Economic
DFA,
Louisville
Arena
Auth.,
Series A,
5.00%,
12/1/47 (2)
1,000
1,013
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/36
1,750
1,708
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/46
1,900
1,762
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.375%,
11/15/32
2,000
1,979
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/37
1,100
1,167
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/41
850
886
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/45
3,525
3,657
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/50
6,780
6,970
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series B,
5.00%,
6/1/40
2,200
2,296
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28)
8,760
9,037
Kentucky
Public
Transportation
Infrastructure
Auth.,
Downtown
Crossing,
Series A,
5.75%,
7/1/49
(Prerefunded
7/1/23) (3)
2,100
2,187
Kentucky
Public
Transportation
Infrastructure
Auth.,
Downtown
Crossing,
Series A,
6.00%,
7/1/53
(Prerefunded
7/1/23) (3)
8,300
8,666
42,446
LOUISIANA
1.7%
Jefferson
Sales
Tax
Dist.,
Series B,
5.00%,
12/1/42 (2)
7,500
8,224
Louisiana
Offshore
Terminal
Auth.,
Loop
Project,
VRDN,
1.65%,
9/1/27
(Tender
12/1/23)
1,175
1,168
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/38
750
805
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/43
2,775
2,963
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/48
9,210
9,791
New
Orleans
Sewerage
Service,
5.00%,
6/1/35
(Prerefunded
6/1/25) (3)
900
975
New
Orleans
Sewerage
Service,
5.00%,
6/1/45
(Prerefunded
6/1/25) (3)
4,835
5,239
Saint
Charles
Parish,
Valero
Energy,
VRDN,
4.00%,
12/1/40
(Tender
6/1/22)
1,500
1,500
Saint
James
Parish,
Nustar
Logistics,
VRDN,
5.85%,
8/1/41
(Tender
6/1/25) (1)
4,450
4,718
T.
ROWE
PRICE
Tax-Free
Income
Fund
10
Par
$
Value
(Amounts
in
000s)
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series A-2,
VRDN,
2.10%,
6/1/37
(Tender
7/1/24)
875
853
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series A-3,
VRDN,
2.20%,
6/1/37
(Tender
7/1/26)
1,500
1,419
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series B-1,
VRDN,
2.125%,
6/1/37
(Tender
7/1/24)
1,000
976
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series B-2,
VRDN,
2.375%,
6/1/37
(Tender
7/1/26)
1,150
1,096
39,727
MARYLAND
6.2%
Baltimore
City,
Series A,
5.00%,
7/1/34
3,635
3,823
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/42
7,000
6,784
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/46
1,000
979
Baltimore
City,
Wastewater,
Series C,
5.00%,
7/1/39
3,030
3,179
Baltimore
City,
Wastewater,
Series C,
5.00%,
7/1/44
4,810
5,030
Baltimore
City,
Water,
Series B,
5.00%,
7/1/28
(Prerefunded
1/1/24) (3)
1,000
1,050
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/33
590
610
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/36
395
407
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/50
650
558
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/29
1,500
1,644
Maryland
HHEFA,
5.00%,
7/1/39
(Prerefunded
7/1/24) (3)
7,500
7,957
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/36
2,655
2,868
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/46
11,135
11,856
Maryland
HHEFA,
MedStar
Health,
5.00%,
8/15/32
6,880
7,199
Maryland
HHEFA,
MedStar
Health,
Series A,
4.00%,
5/15/47
6,810
6,710
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
5/15/45
15,000
15,761
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/28
2,010
2,120
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/45
3,375
3,456
Maryland
HHEFA,
Western
Maryland
Health,
5.25%,
7/1/34
(Prerefunded
7/1/24) (3)
10,335
11,028
Maryland
Stadium
Auth.
Built
to
Learn
Revenue,
4.00%,
6/1/39
4,310
4,445
Maryland
Stadium
Auth.
Built
to
Learn
Revenue,
4.00%,
6/1/40
4,500
4,641
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/46
(Prerefunded
5/1/26) (3)
5,000
5,549
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
Series A-BALTIMORE,
5.00%,
5/1/47
(Prerefunded
5/1/28) (3)
1,700
1,948
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
5.00%,
5/1/50
11,170
12,973
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
Series B,
5.00%,
5/1/47
3,625
4,222
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
Unrefunded
Balance,
Series A-BALTIMORE,
5.00%,
5/1/47
3,300
3,578
Maryland
State
Transportation
Auth.,
4.00%,
7/1/50
2,000
2,044
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/42
3,100
3,106
T.
ROWE
PRICE
Tax-Free
Income
Fund
11
Par
$
Value
(Amounts
in
000s)
Rockville,
Ingleside
at
King
Farm,
Series A-2,
5.00%,
11/1/31
500
510
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36
1,000
913
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/42
1,700
1,474
Westminster,
Carroll
Lutheran
Village,
5.125%,
7/1/34
3,000
3,044
Westminster,
Carroll
Lutheran
Village,
5.50%,
7/1/44
3,000
3,052
144,518
MASSACHUSETTS
1.3%
Massachusetts
Bay
Transportation
Auth.,
5.00%,
7/1/41
7,130
7,984
Massachusetts
Bay
Transportation
Auth.,
5.00%,
7/1/42
2,865
3,203
Massachusetts
Dev.
Fin.
Agency,
Beth
Israel
Lahey
Health,
5.00%,
7/1/36
1,000
1,091
Massachusetts
Dev.
Fin.
Agency,
Beth
Israel
Lahey
Health,
5.00%,
7/1/37
840
915
Massachusetts
Dev.
Fin.
Agency,
Beth
Israel
Lahey
Health,
5.00%,
7/1/38
500
544
Massachusetts
Dev.
Fin.
Agency,
Linden
Ponds
Fac.,
5.00%,
11/15/28 (1)
1,500
1,637
Massachusetts
Dev.
Fin.
Agency,
NewBridge
on
the
Charles,
5.00%,
10/1/57 (1)
1,400
1,478
Massachusetts
HEFA,
MIT,
Series K,
5.50%,
7/1/32
10,000
12,576
29,428
MICHIGAN
2.7%
Detroit,
GO,
5.00%,
4/1/28
850
920
Detroit,
GO,
5.00%,
4/1/29
150
162
Detroit
Downtown
Dev.
Auth.,
Catalyst
Dev.
Project,
Series A,
5.00%,
7/1/43 (2)
1,800
1,890
Detroit
Downtown
Dev.
Auth.,
Catalyst
Dev.
Project,
Series A,
5.00%,
7/1/48 (2)
1,500
1,571
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/40
1,050
1,005
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/41
1,100
1,043
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/42
2,100
1,972
Great
Lakes
Water
Auth.
Water
Supply,
Series B,
5.00%,
7/1/46
12,625
13,398
Michigan
Fin.
Auth.,
Great
Lakes
Water
Auth.,
Series C-6,
5.00%,
7/1/33
2,000
2,083
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
Series A,
5.00%,
11/15/48
5,150
5,506
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Great
Lakes,
Series C,
5.00%,
7/1/33
1,650
1,744
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Great
Lakes,
Series C,
5.00%,
7/1/34
2,860
3,018
Michigan
Fin.
Auth.,
Trinity
Health,
4.00%,
12/1/40
(Prerefunded
12/1/29) (3)
445
492
Michigan
Fin.
Auth.,
Trinity
Health
Credit
Group,
Series A,
5.00%,
12/1/37
6,000
6,444
T.
ROWE
PRICE
Tax-Free
Income
Fund
12
Par
$
Value
(Amounts
in
000s)
Michigan
Fin.
Auth.,
Trinity
Health,
Unrefunded
Balance,
4.00%,
12/1/40
6,555
6,657
Michigan
State
Building
Auth.,
Fac.
Program,
5.00%,
4/15/36
3,000
3,416
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/36
550
607
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/37
500
551
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/42
1,300
1,425
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/47
2,580
2,812
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/25
1,070
1,162
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/28
3,795
4,075
61,953
MINNESOTA
0.1%
Minnesota
Municipal
Gas
Agency,
Series A,
VRDN,
4.00%,
12/1/52
(Tender
12/1/27)
2,490
2,608
2,608
MISSOURI
2.5%
Kansas
City
IDA,
Downtown
Redev.,
Series A,
5.00%,
9/1/31
4,480
4,495
Kansas
City
IDA,
Downtown
Redev.,
Series A,
5.50%,
9/1/26
7,000
7,026
Missouri
HEFA,
Lutheran
Senior
Services,
5.00%,
2/1/48
3,000
3,124
Missouri
HEFA,
Mercy
Health,
Series C,
5.00%,
11/15/47
10,000
10,609
Missouri
HEFA,
Saint
Luke's
Health
System,
5.00%,
11/15/34
5,400
5,684
Missouri
HEFA,
Saint
Luke's
Health
System,
5.00%,
11/15/35
7,595
7,975
Missouri
Joint
Municipal
Electric
Utility
Commission,
Plum
Point
Project,
5.00%,
1/1/34
10,985
11,615
Saint
Louis
County
IDA,
Friendship
Village,
5.00%,
9/1/48
1,545
1,477
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.00%,
9/1/38
1,000
985
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.125%,
9/1/48
3,850
3,749
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
Series A,
5.125%,
12/1/45
1,050
1,066
Saint
Louis
IDA,
Ballpark
Village,
Series A,
3.875%,
11/15/29
130
118
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.375%,
11/15/35
895
780
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.75%,
11/15/47
800
673
59,376
NEVADA
1.1%
Clark
County
School
Dist.,
Series A,
GO,
4.00%,
6/15/38 (2)
1,275
1,330
Clark
County
School
Dist.,
Series A,
GO,
4.00%,
6/15/40 (2)
1,425
1,461
Clark
County
School
Dist.,
Series A,
GO,
5.00%,
6/15/35 (2)
500
573
Las
Vegas
Convention
&
Visitors
Auth.,
Series B,
5.00%,
7/1/43
12,485
13,782
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/38
140
152
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/48
6,750
7,206
Reno,
Retrac-Reno
Transportation,
Series C,
Zero
Coupon,
7/1/58 (1)
3,000
353
24,857
T.
ROWE
PRICE
Tax-Free
Income
Fund
13
Par
$
Value
(Amounts
in
000s)
NEW
HAMPSHIRE
0.1%
New
Hampshire
Business
Fin.
Auth.,
Series 2020-1,
Class
A,
4.125%,
1/20/34
2,249
2,366
New
Hampshire
HEFA,
Hillside
Villiage,
Series A,
6.125%,
7/1/52 (1)(4)(5)
1,000
400
2,766
NEW
JERSEY
4.7%
Garden
State
Preservation
Trust,
Farmland,
Series A,
5.75%,
11/1/28 (2)
13,900
15,937
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
4.00%,
6/15/29 (1)
600
606
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/39 (1)
500
510
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/49 (1)
2,210
2,233
New
Jersey
Economic
Dev.
Auth.,
Cigarette
Tax,
5.00%,
6/15/28
(Prerefunded
6/15/22) (3)
1,000
1,001
New
Jersey
Economic
Dev.
Auth.,
NJ
Transit
Transportation
Project,
4.00%,
11/1/39
1,325
1,332
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/35
1,000
1,002
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/48
4,765
4,637
New
Jersey
Economic
Dev.
Auth.,
Transit
Transportation
Project,
4.00%,
11/1/44
1,250
1,243
New
Jersey
HCFFA,
Hackensack
Meridian
Health,
Series A,
5.25%,
7/1/57
5,500
5,848
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/34
1,000
1,019
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/35
1,250
1,270
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/39
1,050
1,057
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/40
1,000
1,005
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/42
1,000
1,001
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/37
2,175
2,431
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/44
6,000
6,425
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series AA,
5.25%,
6/15/43
13,575
14,752
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series BB,
4.00%,
6/15/46
3,510
3,472
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/42
1,860
1,917
T.
ROWE
PRICE
Tax-Free
Income
Fund
14
Par
$
Value
(Amounts
in
000s)
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/51
7,410
7,542
New
Jersey
Turnpike
Auth.,
Series A,
5.00%,
1/1/34
5,300
5,535
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/24
12,535
13,198
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/25
6,840
7,353
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/26
2,500
2,742
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/27
335
363
Tobacco
Settlement
Fin.,
Series A,
5.25%,
6/1/46
2,900
3,122
108,553
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
2,173
New
Mexico
Hosp.
Equipment
Loan
Council,
Series A,
4.00%,
8/1/48
5,000
5,013
7,186
NEW
YORK
7.5%
Dormitory
Auth.
of
the
State
of
New
York,
Group
4,
Series A,
4.00%,
3/15/48
10,000
10,229
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series A,
5.00%,
2/15/30
4,850
5,085
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series D,
4.00%,
2/15/40
2,000
2,067
Dormitory
Auth.
of
the
State
of
New
York,
Touro
College
&
Univ.,
5.00%,
1/1/47
14,240
14,531
Hudson
Yards
Infrastructure,
Series A,
5.00%,
2/15/45
2,200
2,347
Long
Island
Power
Auth.,
Electric,
5.00%,
9/1/42
3,000
3,311
Metropolitan
Transportation
Auth.,
Series B,
5.25%,
11/15/26 (2)
15,000
16,502
Metropolitan
Transportation
Auth.,
Series D-2,
FRN,
67%
of
SOFR
+
0.55%,
1.073%,
11/1/32
(Tender
4/1/24) (2)
10,675
10,535
Metropolitan
Transportation
Auth.,
Series D-2,
FRN,
67%
of
SOFR
+
0.55%,
1.073%,
11/1/32
(Tender
4/1/24) (2)
3,325
3,281
New
York
City,
Series B-1,
GO,
5.00%,
10/1/38
1,500
1,639
New
York
City,
Series D-1,
GO,
5.50%,
5/1/45
1,250
1,499
New
York
City,
Series D-1,
GO,
5.50%,
5/1/46
1,625
1,948
New
York
City,
Series F-1,
GO,
4.00%,
3/1/40
1,975
2,061
New
York
City,
Series J,
GO,
5.00%,
8/1/31
5,000
5,279
New
York
City,
Series J,
GO,
5.00%,
8/1/32
7,500
7,917
New
York
City
Municipal
Water
Fin.
Auth.,
Series AA-1,
4.00%,
6/15/50
8,700
8,992
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Series C-1,
4.00%,
2/1/38
5,000
5,261
New
York
City
Transitional
Fin.
Auth.,
Building
Aid,
Series S-1,
5.00%,
7/15/45
5,000
5,463
T.
ROWE
PRICE
Tax-Free
Income
Fund
15
Par
$
Value
(Amounts
in
000s)
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured
Revenue,
4.00%,
11/1/36
500
527
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured
Revenue,
4.00%,
11/1/38
1,250
1,311
New
York
Liberty
Dev.,
Bank
of
America
Tower
at
One
Bryant
Park,
Class
3,
2.80%,
9/15/69
1,650
1,543
New
York
State
Housing
Fin.
Agency,
Series L-2,
0.75%,
11/1/25
6,180
5,760
New
York
State
Housing
Fin.
Agency,
Series M-2,
0.75%,
11/1/25
2,500
2,346
New
York
State
Thruway
Auth.,
Series A,
5.00%,
1/1/51
2,500
2,644
New
York
State
Thruway
Auth.,
Series A,
5.25%,
1/1/56
2,215
2,367
New
York
State
Thruway
Auth.,
Series O,
4.00%,
1/1/37
16,000
16,557
New
York
State
Thruway
Auth.,
Series O,
4.00%,
1/1/41
10,285
10,568
Port
Auth.
of
New
York
&
New
Jersey,
Consolidated
bonds,
4.00%,
9/1/45
3,500
3,608
Port
Auth.
of
New
York
&
New
Jersey,
Consolidated
bonds,
4.00%,
9/1/49
4,860
4,993
Triborough
Bridge
&
Tunnel
Auth.,
Series A-1,
5.00%,
5/15/51
6,170
6,965
Troy
Capital
Resource,
Rensselaer
Polytechnic
Institute,
5.00%,
9/1/27
600
663
Troy
Capital
Resource,
Rensselaer
Polytechnic
Institute,
5.00%,
9/1/28
1,000
1,114
Troy
Capital
Resource,
Rensselaer
Polytechnic
Institute,
5.00%,
9/1/30
1,000
1,132
Westchester
County
Local
Dev.,
Pace
Univ.,
Series A,
5.50%,
5/1/42
3,910
4,024
174,069
NORTH
CAROLINA
3.0%
Charlotte,
Charlotte-Douglas
Int'l.
Airport,
4.00%,
7/1/44
3,900
4,000
Charlotte-Mecklenburg
Hosp.
Auth.,
Atrium
Health,
Series E,
VRDN,
0.62%,
1/15/42
8,450
8,450
North
Carolina
Capital
Fac.
Fin.
Agency,
Duke
Univ.,
Series B,
5.00%,
10/1/55
(Prerefunded
10/1/25) (3)
6,245
6,839
North
Carolina
Medical
Care
Commission,
Vidant
Health,
5.00%,
6/1/45
5,000
5,159
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/27 (2)
920
1,026
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/31 (2)
1,000
1,097
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/40
12,675
13,507
North
Carolina
Turnpike
Auth.,
BAN,
5.00%,
2/1/24
3,525
3,673
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/47
4,655
4,796
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/51
3,100
3,188
North
Carolina
Turnpike
Auth.,
Triangle
Expressway,
4.00%,
1/1/55
6,100
5,683
Univ.
of
North
Carolina
at
Chapel
Hill,
Univ.
of
North
Carolina
Hosp.,
5.00%,
2/1/45
1,440
1,707
Univ.
of
North
Carolina
at
Chapel
Hill,
Univ.
of
North
Carolina
Hosp.,
5.00%,
2/1/49
10,000
11,985
71,110
T.
ROWE
PRICE
Tax-Free
Income
Fund
16
Par
$
Value
(Amounts
in
000s)
OHIO
4.5%
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/25
1,000
1,081
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/26
550
603
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/28
1,800
2,017
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/29
2,250
2,531
American
Municipal
Power,
Fremont
Energy
Center
Project,
4.00%,
2/15/37
3,155
3,258
American
Municipal
Power,
Fremont
Energy
Center
Project,
4.00%,
2/15/38
1,000
1,016
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series A-2,
Class
1,
4.00%,
6/1/38
2,000
2,013
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series A-2,
Class
1,
4.00%,
6/1/39
2,500
2,512
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series B-2,
Class
2,
5.00%,
6/1/55
20,175
20,480
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/52
8,750
9,551
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/57
4,315
4,710
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/38
1,600
1,676
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/39
1,665
1,752
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/40
1,430
1,488
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/46
6,000
6,719
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/51
8,750
9,759
Franklin
County,
Nationwide
Children's
Hosp.,
5.00%,
11/1/48
8,500
10,221
Franklin
County,
OPRS
Communities,
Series A,
6.125%,
7/1/40
(Prerefunded
7/1/22) (3)
160
161
Franklin
County,
OPRS
Communities,
Unrefunded
Balance,
Series A,
6.125%,
7/1/40
(Prerefunded
7/1/22) (3)
2,540
2,550
Hamilton
County,
Cincinnati
Children's
Hosp.,
Series CC,
5.00%,
11/15/49
5,000
5,971
Ohio,
Series A,
4.00%,
1/15/50
8,830
8,858
Ohio,
Series A,
5.00%,
1/15/50
4,570
4,855
103,782
OKLAHOMA
0.3%
Oklahoma
DFA,
OU
Medicine,
Series B,
5.50%,
8/15/57
1,500
1,530
Oklahoma
Turnpike
Auth.,
Series C,
5.00%,
1/1/47
2,500
2,715
Tulsa
County
Ind.
Auth.,
Montereau
Project,
5.25%,
11/15/45
1,975
2,063
6,308
T.
ROWE
PRICE
Tax-Free
Income
Fund
17
Par
$
Value
(Amounts
in
000s)
OREGON
0.5%
Oregon
Fac.
Auth.,
Legacy
Health,
Series A,
5.00%,
6/1/46
11,000
11,531
11,531
PENNSYLVANIA
3.2%
Chester
County
IDA,
Longwood
Gardens
Project,
4.00%,
12/1/46
1,940
1,996
Chester
County
IDA,
Longwood
Gardens
Project,
4.00%,
12/1/51
2,750
2,776
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/40 (1)
2,105
1,973
Montgomery
County
IDA,
Albert
Einstein
Healthcare,
Series A,
5.25%,
1/15/45
(Prerefunded
1/15/25) (3)
4,800
5,162
Montgomery
County
IDA,
Albert
Einstein
Healthcare,
Series A,
5.25%,
1/15/46
(Prerefunded
1/15/25) (3)
3,000
3,227
Northampton
County
General
Purpose
Auth.,
Lafayette
College,
5.00%,
11/1/47
8,980
9,846
Philadelphia
IDA,
1st Series 2016,
5.00%,
4/1/28
1,800
1,922
Philadelphia
IDA,
Saint
Joseph's
Univ.,
4.00%,
11/1/45
7,000
6,880
Philadelphia
IDA,
Temple
Univ.,
1st Series 2016,
5.00%,
4/1/29
4,000
4,260
Philadelphia
IDA,
Temple
Univ.,
2nd Series 2016,
5.00%,
4/1/34
1,825
1,934
Philadelphia
IDA,
Temple
Univ.,
2nd Series 2016,
5.00%,
4/1/35
8,500
9,000
Philadelphia
IDA,
Temple
Univ.,
2nd Series 2016,
5.00%,
4/1/36
5,000
5,290
Philadelphia
School
Dist.,
Series A,
GO,
5.00%,
9/1/44
9,300
10,351
State
Public
School
Building
Auth.,
Philadelphia
School
Dist.,
Series A,
5.00%,
6/1/33 (2)
8,500
9,353
73,970
PUERTO
RICO
2.9%
Puerto
Rico
Commonwealth,
VR,
11/1/43
8,665
4,484
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/33 (1)(8)
4,400
4,703
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.25%,
7/1/42
3,195
3,205
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/24
740
680
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33
1,852
1,096
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
1,439
1,408
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
1,294
1,248
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
1,110
1,070
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41
1,510
1,428
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/46
1,570
1,462
T.
ROWE
PRICE
Tax-Free
Income
Fund
18
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.25%,
7/1/23
1,607
1,628
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25
2,103
2,213
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
1,588
1,732
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
1,563
1,726
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
1,518
1,716
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (5)(10)
60
56
Puerto
Rico
Electric
Power
Auth.,
Series CCC-RSA-1,
5.00%,
7/1/27 (5)(10)
100
93
Puerto
Rico
Electric
Power
Auth.,
Series CCC-RSA-1,
5.25%,
7/1/27 (5)(10)
810
755
Puerto
Rico
Electric
Power
Auth.,
Series CCC-RSA-1,
5.25%,
7/1/28 (5)(10)
225
210
Puerto
Rico
Electric
Power
Auth.,
Series TT-RSA-1,
5.00%,
7/1/20 (5)(10)
290
269
Puerto
Rico
Electric
Power
Auth.,
Series TT-RSA-1,
5.00%,
7/1/24 (5)(10)
1,105
1,025
Puerto
Rico
Electric
Power
Auth.,
Series TT-RSA-1,
5.00%,
7/1/25 (5)(10)
370
343
Puerto
Rico
Electric
Power
Auth.,
Series TT-RSA-1,
5.00%,
7/1/26 (5)(10)
450
417
Puerto
Rico
Electric
Power
Auth.,
Series TT-RSA-1,
5.00%,
7/1/27 (5)(10)
2,640
2,449
Puerto
Rico
Electric
Power
Auth.,
Series TT-RSA-1,
5.00%,
7/1/37 (5)(10)
1,075
997
Puerto
Rico
Electric
Power
Auth.,
Series WW-RSA-1,
5.00%,
7/1/28 (5)(10)
990
918
Puerto
Rico
Electric
Power
Auth.,
Series WW-RSA-1,
5.25%,
7/1/33 (5)(10)
280
261
Puerto
Rico
Electric
Power
Auth.,
Series WW-RSA-1,
5.50%,
7/1/18 (5)(10)
240
225
Puerto
Rico
Electric
Power
Auth.,
Series XX-RSA-1,
5.25%,
7/1/27 (5)(10)
100
93
Puerto
Rico
Electric
Power
Auth.,
Series XX-RSA-1,
5.25%,
7/1/40 (5)(10)
275
257
Puerto
Rico
Electric
Power
Auth.,
Series XX-RSA-1,
5.75%,
7/1/36 (5)(10)
215
202
Puerto
Rico
Electric
Power
Auth.,
Series ZZ-RSA-1,
3.70%,
7/1/17 (5)(10)
70
62
Puerto
Rico
Electric
Power
Auth.,
Series ZZ-RSA-1,
5.00%,
7/1/17 (5)(10)
120
111
Puerto
Rico
Electric
Power
Auth.,
Series ZZ-RSA-1,
5.00%,
7/1/28 (5)(10)
95
88
T.
ROWE
PRICE
Tax-Free
Income
Fund
19
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series ZZ-RSA-1,
5.25%,
7/1/19 (5)(10)
890
830
Puerto
Rico
Electric
Power
Auth.,
Series ZZ-RSA-1,
5.25%,
7/1/23 (5)(10)
200���
187
Puerto
Rico
Electric
Power
Auth.,
Series ZZ-RSA-1,
5.25%,
7/1/24 (5)(10)
100
93
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.50%,
7/1/34
1,436
1,466
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
7,500
7,527
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27
2,600
2,164
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/29
5,800
4,414
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/31
3,500
2,402
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33
6,602
4,032
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46
20,000
6,060
67,805
RHODE
ISLAND
0.0%
Central
Falls
Detention
Fac.,
7.25%,
7/15/35 (4)(5)
4,915
885
885
SOUTH
CAROLINA
0.8%
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/32 (5)
6,750
3,607
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/42 (5)
11,920
3,000
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
7/22/51 (5)
14,935
1,709
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
1/1/32 (5)
1,753
543
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
7/22/51 (5)
10,109
428
Connector
2000
Assoc.,
Series C-1,
Zero
Coupon,
7/22/51 (5)
1,619
87
South
Carolina
Jobs-Economic
Dev.
Auth.,
Active
Retirement
Community,
Series C,
5.00%,
11/15/47
2,325
2,463
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/35
2,000
2,146
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/37
5,000
5,354
19,337
TENNESSEE
2.7%
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/35
1,725
1,853
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/37
4,000
4,290
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/35
2,675
2,855
T.
ROWE
PRICE
Tax-Free
Income
Fund
20
Par
$
Value
(Amounts
in
000s)
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/40
7,265
7,710
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/46
9,560
10,048
Metropolitan
Nashville
Airport
Auth.,
Series A,
4.00%,
7/1/49
1,400
1,417
Metropolitan
Nashville
Airport
Auth.,
Series A,
4.00%,
7/1/54
2,000
2,004
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/44
2,500
2,746
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/49
3,000
3,275
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/54
6,700
7,247
Tennessee
Energy
Acquisition,
VRDN,
4.00%,
11/1/49
(Tender
11/1/25)
5,750
5,922
Tennessee
Energy
Acquisition,
Series A,
5.25%,
9/1/24
8,100
8,497
Tennessee
Energy
Acquisition,
Series A,
VRDN,
5.00%,
5/1/52
(Tender
11/1/31)
4,140
4,552
62,416
TEXAS
6.6%
Austin
Airport,
Series A,
5.00%,
11/15/41
6,845
7,396
Austin
Airport,
Series A,
5.00%,
11/15/46
2,525
2,713
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/27
2,600
2,764
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/34
1,400
1,459
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/25
1,030
1,049
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/26
600
614
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/27
1,000
1,026
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/28
520
531
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series B,
VRDN,
0.73%,
8/1/39
300
300
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/37
295
327
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/38
800
886
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/39
775
856
Dallas
Fort
Worth
Int'l
Airport,
Series B,
5.00%,
11/1/43
3,500
3,936
Fort
Bend
County
IDC,
NRG
Energy,
Series A,
4.75%,
5/1/38
3,000
3,016
Greater
Texas
Cultural
Ed.
Fac.
Fin.,
Epicenter
Multipurpose
Fac.
Project,
4.00%,
3/1/46
9,240
9,341
Harris
County
Cultural
Ed.
Fac.
Fin.,
Brazos
Presbyterian
Hosp.,
Series B,
7.00%,
1/1/43
(Prerefunded
1/1/23) (3)
3,000
3,094
Harris
County
Cultural
Ed.
Fac.
Fin.,
Houston
Methodist
Hosp.,
5.00%,
12/1/45
7,000
7,283
Houston
Airport,
Series D,
5.00%,
7/1/35
6,380
7,046
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/45
2,600
2,642
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.25%,
12/1/35
2,400
2,495
T.
ROWE
PRICE
Tax-Free
Income
Fund
21
Par
$
Value
(Amounts
in
000s)
Lower
Colorado
River
Auth.,
LCRA
Transmission
Services,
5.00%,
5/15/30
1,000
1,150
Lower
Colorado
River
Auth.,
LCRA
Transmission
Services,
5.00%,
5/15/35
1,150
1,284
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/30
(Prerefunded
4/1/25) (3)
300
324
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/47
(Prerefunded
4/1/25) (3)
3,310
3,578
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/32
750
749
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/39
1,000
971
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.25%,
10/1/49
2,255
2,204
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/27
2,250
2,347
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/39
6,110
6,531
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/43
2,750
2,989
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/48
12,500
13,518
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/28
1,000
1,083
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/31
1,835
1,970
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/37
1,700
1,807
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/40
2,650
2,805
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/46
5,395
5,678
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere-Northwest
Senior
High
School,
Series A,
5.00%,
11/15/45 (5)(11)
3,620
1,448
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Texas
Health
Resources
System,
Series A,
5.00%,
2/15/41
5,240
5,589
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Texas
Health
Resources
System,
Series A,
5.00%,
2/15/47
13,365
14,172
Tarrant
County,
Edgemere
Dip
Loan,
10.00%,
12/31/22,
Acquisition
Date:
4/20/22,
Cost $573 (12)(13)(14)
573
573
Texas
IDC,
NRG
Energy,
Series 2012,
4.125%,
12/1/45
3,670
3,704
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Series D,
6.25%,
12/15/26
5,280
5,684
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Merrill
Lynch,
Senior
Lien,
Series A,
5.25%,
12/15/25
1,000
1,077
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/29
3,005
3,248
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/30
2,500
2,700
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/31
1,325
1,430
Texas
Transportation
Commission,
First
Tier
Toll,
State
Highway,
5.00%,
8/1/57
5,260
5,503
152,890
T.
ROWE
PRICE
Tax-Free
Income
Fund
22
Par
$
Value
(Amounts
in
000s)
UTAH
1.4%
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/38
7,000
8,146
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/39
8,000
9,292
Salt
Lake
City
Airport,
Series B,
5.00%,
7/1/42
1,000
1,078
Salt
Lake
City
Airport,
Series B,
5.00%,
7/1/46
7,820
8,635
Salt
Lake
City
Airport,
Series B,
5.00%,
7/1/47
4,675
5,009
32,160
VIRGINIA
2.2%
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
First
Tier
General
Resolution,
5.00%,
7/1/46
5,840
6,129
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
First
Tier
General
Resolution,
5.00%,
7/1/51
3,395
3,550
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/33
8,955
9,314
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/36
(Prerefunded
4/1/26) (3)
8,500
9,105
Fairfax
County
IDA,
Inova
Health
System,
Series A,
4.00%,
5/15/48
3,335
3,258
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
5.50%,
7/1/57
(Prerefunded
1/1/28) (3)
10,000
11,662
James
City
County
Economic
Dev.
Auth.,
United
Methodist
Homes,
Series A,
6.00%,
6/1/43
(Prerefunded
6/1/23) (3)
3,311
3,438
Roanoke
Economic
Dev.
Auth.,
Carilion
Clinic,
Series A,
4.00%,
7/1/51
1,000
1,006
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/33
1,000
1,057
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/36
2,900
3,047
51,566
WASHINGTON
1.6%
Energy
Northwest,
Columbia
Generating
Station,
5.00%,
7/1/41
10,000
11,621
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/32
1,880
2,201
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/33
1,500
1,752
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/34
2,200
2,556
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/36
3,400
3,940
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/37
3,215
3,721
Washington,
Series C,
GO,
5.00%,
2/1/39
10,565
12,151
37,942
T.
ROWE
PRICE
Tax-Free
Income
Fund
23
Par
$
Value
(Amounts
in
000s)
WEST
VIRGINIA
0.0%
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.50%,
6/1/37 (1)
425
448
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.75%,
6/1/43 (1)
425
448
896
WISCONSIN
0.5%
Wisconsin
PFA,
Retirement
Housing
Foundation
Obligation
Group,
5.00%,
11/15/29
1,475
1,621
Wisconsin
PFA,
Retirement
Housing
Foundation
Obligation
Group,
5.00%,
11/15/30
1,500
1,651
Wisconsin
PFA,
Searstone
CCRC
Project,
Series A,
5.00%,
6/1/37 (8)
4,000
3,667
Wisconsin
PFA,
Searstone
Retirement
Community,
Series A,
5.20%,
6/1/37
2,000
2,153
Wisconsin
PFA,
Searstone
Retirement
Community,
Series A,
5.30%,
6/1/47
1,300
1,401
Wisconsin
PFA,
Searstone
Retirement
Community,
Series A,
5.375%,
6/1/52
1,700
1,768
12,261
Total
Municipal
Securities
(Cost
$2,369,691)
2,320,181
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.1%
Freddie
Mac
Multifamily
ML
Certificates,
Series 2021-ML10,
Class
ACA,
2.046%,
6/25/38
3,645
3,102
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$3,777)
3,102
Total
Investments
in
Securities
99.8%
(Cost
$2,373,468)
$
2,323,283
Other
Assets
Less
Liabilities
0.2%
4,314
Net
Assets
100.0%
$
2,327,597
‡
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
$45,575
and
represents
2.0%
of
net
assets.
(2)
Insured
by
Assured
Guaranty
Municipal
Corporation
(3)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(4)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
T.
ROWE
PRICE
Tax-Free
Income
Fund
24
.
.
.
.
.
.
.
.
.
.
(5)
Non-income
producing
(6)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(7)
Insured
by
AMBAC
Assurance
Corporation
(8)
When-issued
security
(9)
Insured
by
National
Public
Finance
Guarantee
Corporation
(10)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(11)
Obligor
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(12)
Level
3
in
fair
value
hierarchy.
(13)
A
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
May
31,
2022,
was
$460
and
was
valued
at
$460
(0.0%
of
net
assets).
(14)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
has
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$573
and
represents
0.0%
of
net
assets.
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
PFA
Public
Finance
Authority/Agency
PIK
Payment-in-kind
RAC
Revenue
Anticipation
Certificate
SOFR
Secured
overnight
financing
rate
T.
ROWE
PRICE
Tax-Free
Income
Fund
25
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
.
.
.
.
.
.
.
.
.
.
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
VRDN
Variable
Rate
Demand
Note
under
which
the
holder
has
the
right
to
sell
the
security
to
the
issuer
or
the
issuer’s
agent
at
a
predetermined
price
on
specified
dates;
such
specified
dates
are
considered
the
effective
maturity
for
purposes
of
the
fund’s
weighted
average
maturity;
rate
shown
is
effective
rate
at
period-end
and
maturity
date
shown
is
final
maturity.
Certain
VRDN
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
T.
ROWE
PRICE
Tax-Free
Income
Fund
Unaudited
Notes
to
Portfolio
of
Investments
26
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
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
T.
ROWE
PRICE
Tax-Free
Income
Fund
27
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;
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
T.
ROWE
PRICE
Tax-Free
Income
Fund
28
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
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
May
31,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result, Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty. The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F45-054Q1
05/22
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Municipal
Securities
$
—
$
2,319,608
$
573
$
2,320,181
Non-U.S.
Government
Mortgage-Backed
Securities
—
3,102
—
3,102
Total
$
—
$
2,322,710
$
573
$
2,323,283