T. Rowe Price Tax-Exempt Money Fund N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-03055

T. Rowe Price Tax-Exempt Money Fund, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: February 28

Date of reporting period: February 28, 2023

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Highlights

and

Market

Commentary

Management’s

Discussion

of

Fund

Performance

Performance

and

Expenses

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

February

28,

2023

Annual

Report

T.

ROWE

PRICE

Tax-Free

Funds

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

Tax-Free

Funds

HIGHLIGHTS

Aggressive

monetary

tightening

by

the

Federal

Reserve

to

combat

high

inflation

caused

interest

rates

to

rise

sharply

over

the

past

12

months.

Consequently,

the

broad

municipal

bond

market

posted

deeply

negative

returns,

with

municipal

bond

yields

increasing

broadly

across

the

yield

curve

and

municipal

bond

prices

depreciating

against

the

backdrop

of

rising

U.S.

Treasury

yields

and

elevated

volatility.

T.

Rowe

Price’s

tax-free

bond

funds

posted

losses

and

underperformed

their

respective

Bloomberg

benchmarks,

although

the

Tax-Free

Income

Fund,

the

Tax-Free

Short-Intermediate

Fund,

and

the

Intermediate

Tax-Free

High

Yield

Fund

outperformed

their

Lipper

peer

groups.

With

money

market

yields

rising

from

ultralow

levels,

the

Tax-Exempt

Money

Fund

delivered

modestly

positive

returns

but

lagged

its

Lipper

index.

We

continued

to

favor

bonds

from

health

care

issuers,

particularly

those

with

strong

balance

sheets

and

effective

management

teams.

Additionally,

we

remained

constructive

on

major

airports

as

a

continued

recovery

in

air

travel

to

pre-pandemic

levels

and

grants

to

airports

through

the

Infrastructure

Investment

and

Jobs

Act

provided

support.

Despite

substantial

macroeconomic

headwinds,

the

market’s

credit

fundamentals

remained

generally

strong

thanks

to

pandemic-era

federal

aid

and

improved

fiscal

management

by

some

of

the

most

challenged

municipal

bond

issuers.

These

factors,

in

our

view,

should

help

buffer

credit

ratings

in

a

recession

if

one

transpires.

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

Certain

mutual

fund

accounts

that

are

assessed

an

annual

account

service

fee

can

also

save

money

by

switching

to

e-delivery.

T.

ROWE

PRICE

Tax-Free

Funds

Market

Commentary

1

Dear

Shareholder

Nearly

all

major

global

stock

and

bond

indexes

declined

during

your

fund’s

fiscal

year,

the

12-month

period

ended

February

28,

2023,

as

investors

contended

with

persistently

high

inflation,

tightening

financial

conditions,

and

slowing

economic

and

corporate

earnings

growth.

The

downturn

was

most

pronounced

in

the

first

half

of

the

period,

with

many

sectors

partially

rebounding

over

the

final

six

months

as

recession

fears

receded

somewhat.

For

the

12-month

period,

value

shares

declined

but

generally

outperformed

growth

stocks

as

rising

interest

rates

put

downward

pressure

on

growth

stock

valuations.

European

equities

outperformed

most

other

regions,

and

emerging

markets

stocks

generally

underperformed

shares

in

developed

markets.

Meanwhile,

most

currencies

weakened

versus

the

U.S.

dollar

over

the

period,

which

weighed

on

returns

for

U.S.

investors

in

international

securities.

Within

the

S&P

500

Index,

energy

was

a

bright

spot,

gaining

more

than

20%

as

oil

prices

jumped

in

response

to

Russia’s

invasion

of

Ukraine

and

concerns

over

supply

shortages.

Conversely,

communication

services

and

consumer

discretionary

shares

suffered

the

largest

declines.

Elevated

inflation

remained

a

leading

concern

for

investors

throughout

the

period,

although

there

were

signs

that

price

increases

were

moderating

by

period-end.

January’s

consumer

price

index

data

(the

latest

available

in

our

reporting

period)

showed

a

headline

inflation

rate

of

6.4%

on

a

12-month

basis,

the

lowest

level

since

October

2021

but

still

well

above

the

Federal

Reserve’s

2%

long-term

target.

In

response

to

the

high

inflation

readings,

the

Fed

raised

its

short-term

lending

benchmark

from

near

zero

in

March

2022

to

a

target

range

of

4.50%

to

4.75%

by

the

end

of

the

period,

the

highest

since

2007.

The

Fed

stepped

down

to

a

25-basis-point

increase

in

February

after

a

series

of

historically

large

75-basis-

point

hikes

in

2022,

but

policymakers

indicated

that

further

rate

increases

are

needed

to

curb

inflation.

Bond

yields

increased

considerably

across

the

U.S.

Treasury

yield

curve

as

the

Fed

tightened

monetary

policy,

with

the

yield

on

the

benchmark

10-year

note

climbing

from

1.83%

at

the

start

of

the

period

to

3.92%

at

the

end

of

February.

Significant

inversions

in

the

yield

curve,

which

are

often

considered

a

warning

sign

of

a

coming

recession,

occurred

during

the

period

as

shorter-maturity

Treasuries

experienced

the

largest

yield

increases.

The

sharp

increase

in

yields

led

to

historically

weak

results

across

the

fixed

income

market.

Municipal

bonds

were

pressured

by

higher

Treasury

yields,

but

the

tax-free

sector

held

T.

ROWE

PRICE

Tax-Free

Funds

2

up

better

than

Treasuries

during

the

period.

Although

municipals

experienced

outflows,

a

drop

in

new

issuance

amid

higher

borrowing

costs

provided

technical

support.

As

the

period

came

to

an

end,

the

economic

backdrop

appeared

mixed.

Corporate

earnings

declined

4.6%

in

the

fourth

quarter

for

the

year-over-

year

period,

according

to

FactSet,

the

first

decline

in

earnings

since

the

third

quarter

of

2020.

However,

the

U.S.

jobs

market

remained

resilient,

with

the

unemployment

rate

reaching

its

lowest

level

since

1969,

and

corporate

and

household

balance

sheets

appeared

strong.

Moreover,

China’s

decision

near

the

end

of

2022

to

ease

its

strict

pandemic-related

restrictions

spurred

hopes

that

the

reopening

of

the

world’s

second-largest

economy

would

boost

global

growth.

While

the

U.S.

economy

has

so

far

managed

to

avoid

a

recession,

we

believe

that

volatility

may

continue

in

the

near

term

as

central

banks

tighten

policy

amid

slowing

economic

growth.

However,

in

our

view,

there

continue

to

be

opportunities

for

selective

investors

focused

on

fundamentals.

Valuations

in

most

global

equity

markets

have

improved,

while

bond

yields

have

reached

some

of

the

most

attractive

levels

since

the

2008

global

financial

crisis.

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

identify

securities

that

have

the

potential

to

add

value

to

your

portfolio

over

the

long

term.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Tax-Free

Funds

Management’s

Discussion

of

Fund

Performance

3

TAX-EXEMPT

MONEY

FUND 

INVESTMENT

OBJECTIVE 

The

fund

seeks

to

provide

preservation

of

capital,

liquidity,

and,

consistent

with

these

objectives,

the

highest

current

income

exempt

from

federal

income

taxes.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past 12

months?

The

Tax-Exempt

Money

Fund

returned

1.20%

for

the

12

months

ended

February

28,

2023,

compared

with

1.44%

for

the

Lipper

Tax-Exempt

Money

Market

Funds

Index.

(Results

for

the

I

Class

shares

varied,

reflecting

its

different

fee

structure.

Past

performance

cannot

guarantee

future

results.

)

What

factors

influenced

the

fund’s

performance?

Tax-free

money

market

yields

rose

markedly

over

the

past

12

months

in

response

to

rapid

interest

rate

hikes

by

the

Federal

Reserve

(Fed)

to

fight

high

inflation.

Municipal

bonds

depreciated

against

the

backdrop

of

rising

U.S.

Treasury

yields

and

elevated

volatility.

Industrywide

outflows

persisted

over

the

period

as

large

swings

in

interest

rates

and

a

tenuous

macroeconomic

backdrop

caused

many

municipal

investors

to

step

back

from

the

market.

Outflows

were

further

reinforced

by

an

uptick

in

redemption

activity

as

well

as

tax

loss

harvesting,

whereby

investors

sold

assets

at

a

loss

to

reduce

capital

gains

taxes.

However,

a

generally

light

supply

of

bonds

held

by

primary

dealers

and

below-average

issuance

levels

helped

mitigate

technical

strains

in

the

tax-free

market.

In

this

environment,

yields

on

AAA

rated

one-year

municipals

climbed

to

3.03%

by

the

end

of

February

from

0.81%

at

the

start

of

the

period,

while

rates

on

municipals

with

seven-day

maturities

increased

to

3.37%

from

0.20%.

Attractive

short-term

yields

spurred

interest

in

money

market

investing,

and

the

fund’s

assets,

following

an

industrywide

trend,

grew

over

the

reporting

period.

While

rising

yields

were

a

headwind

for

longer-term

assets,

the

fund

was

able

to

produce

a

positive

return

for

investors

in

an

extremely

volatile

year

for

fixed

income.

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

2/28/23

6

Months

12

Months

Tax-Exempt

Money

Fund

–

.

1.01‌%

1.20‌%

Tax-Exempt

Money

Fund–

.

I  Class

1.10‌

1.39‌

Lipper

Tax-Exempt

Money

Market

Funds

Index

1.12‌

1.44‌

T.

ROWE

PRICE

Tax-Free

Funds

4

How

is

the

fund

positioned?

Overall,

the

fund’s

weighted

average

maturity

(WAM)

ended

the

reporting

period

around

the

same

level

where

it

started.

Still,

we

actively

aimed

to

extend

the

fund’s

WAM

relative

to

peers

in

the

tax-exempt

money

market

universe

to

take

advantage

of

compelling

yield

opportunities.

We

maintained

significant

exposure

to

very

short-term

variable

rate

demand

notes

(VRDNs)

for

liquidity

purposes

in

case

the

asset

flows

reversed.

At

period-end,

VRDNs

represented

48%

of

the

fund’s

assets.

The

fund

also

invested

16%

of

its

net

assets

as

of

the

period-end

in

variable

rate

trust

receipts.

Fixed

rate

commercial

paper

with

maturities

out

to

90

days

held

steady

since

our

last

report

at

approximately

22%

of

the

portfolio,

with

the

remainder

of

its

holdings

composed

of

mostly

fixed

rate

notes

and

bonds

maturing

in

one

year

or

less.

However,

heading

into

the

beginning

of

2023,

the

fund’s

WAM

decreased

as

seasonal

effects

and

rich

valuations

prevented

us

from

finding

compelling

opportunities

further

out

on

the

curve.

As

tax

season

approaches,

we

can

extend

our

WAM

again

should

valuations

turn

more

attractive

in

the

municipal

money

market

sector.

Revenue-backed

securities

from

health

care

issuers

remained

the

fund’s

largest

sector

allocation.

Hospitals’

operating

margins

came

under

pressure

during

the

period

as

inflation

accelerated

and

pandemic-related

federal

support

diminished.

While

we

expected

hospitals’

financial

performance

to

remain

challenged,

our

long-term

view

of

nonprofit

hospitals

remained

generally

constructive,

and

we

believed

that

large

hospitals

with

strong

balance

sheets

and

effective

management

teams

would

be

able

to

successfully

navigate

this

environment.

What

is

portfolio

management’s

outlook?

Recent

market

stress

has

called

into

question

the

ability

for

the

Federal

Open

Market

Committee

to

continue

raising

interest

rates

in

its

effort

to

curb

inflation.

The

balance

between

market

stress

and

the

Fed’s

success

in

lowering

inflation

will

likely

be

the

driving

force

of

short-term

interest

rates

and

the

fund’s

positioning

going

forward.

PORTFOLIO

COMPOSITION

Tax-Exempt

Money

Fund

T.

ROWE

PRICE

Tax-Free

Funds

5

Money

markets

have

held

up

well

despite

the

path

of

aggressive

monetary

tightening

by

the

Fed.

This

environment

has

pushed

yields

to

their

highest

levels

in

more

than

a

decade,

offering

investors

more

attractive

income

potential

and

some

cushion

against

a

further

rise

in

rates.

Despite

substantial

macroeconomic

headwinds,

the

market’s

credit

fundamentals

remained

generally

strong

thanks

to

pandemic-era

federal

aid

and

improved

fiscal

management

by

some

of

the

most

challenged

municipal

bond

issuers.

These

factors,

in

our

view,

should

help

buffer

credit

ratings

in

a

recession

if

one

transpires.

Within

that

context,

credit

spreads

unsurprisingly

widened

in

2022

as

economic

growth

slowed,

with

some

sectors

experiencing

more

material

weakness

in

their

credit

profiles.

We

expect

spreads

to

widen

further

if

the

economy

contracts,

potentially

increasing

opportunities

to

identify

mispriced

bonds

through

in-depth

credit

research.

This

backdrop

of

higher

yields,

wider

credit

spreads,

and

generally

solid

fundamentals

should,

in

our

view,

draw

investors

back

to

the

municipal

market

in

2023.

While

we

see

potential

for

industrywide

outflows

to

persist

until

interest

rate

volatility

shows

a

more

sustained

moderation,

we

ultimately

anticipate

constructive

technical

conditions

over

the

near

term,

bolstered

by

expected

coupon

reinvestments

and

below-average

issuance

levels.

TAX-FREE

SHORT-INTERMEDIATE

FUND 

INVESTMENT

OBJECTIVE 

The

fund

seeks

to

provide,

consistent

with

modest

price

fluctuation,

a

high

level

of

income

exempt

from

federal

income

taxes

by

investing

primarily

in

short-

and

intermediate-term

investment-grade

municipal

securities.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past 12

months?

The

Tax-Free

Short-Intermediate

Fund

returned

-1.92%

over

the

12

months

ended

February

28,

2023.

The

fund

outperformed

its

Lipper

peer

group

average

but

underperformed

its

Bloomberg

index

benchmark.

(Results

for

Advisor

and

I

Class

shares

varied,

reflecting

their

different

fee

structures.

Past

performance

cannot

guarantee

future

results

.)

T.

ROWE

PRICE

Tax-Free

Funds

6

What

factors

influenced

the

fund’s

performance?

Over

the

past

12

months,

municipal

bonds

depreciated

against

the

backdrop

of

rising

U.S.

Treasury

yields

and

elevated

volatility.

Municipal

bond

yields

rose

broadly

as

the

Federal

Reserve

(Fed)

hiked

interest

rates

to

curb

inflation

pressures.

Industrywide

outflows

persisted

over

the

period

as

large

swings

in

interest

rates

and

a

tenuous

macroeconomic

backdrop

caused

many

municipal

investors

to

step

back

from

the

market.

Outflows

were

further

reinforced

by

an

uptick

in

redemption

activity

as

well

as

tax

loss

harvesting,

whereby

investors

sold

assets

at

a

loss

to

reduce

capital

gains

taxes.

However,

a

generally

light

supply

of

bonds

held

by

primary

dealers

and

below-

average

issuance

levels

helped

mitigate

technical

strains

in

the

tax-free

market.

The

fund’s

asset

allocation

and

security

selection

detracted

for

the

period.

Our

broad

overweight

in

revenue-backed

debt

weighed

on

performance,

with

overweights

in

the

prepaid

gas

and

hospitals

subsectors

dragging

on

returns.

Security

selections

within

airports

and

the

dedicated

tax

subsectors

were

also

negative.

Out-of-benchmark

exposure

to

securities

backed

by

sales

tax

in

Puerto

Rico

underperformed.

Our

investment

thesis

on

Puerto

Rico

remains

intact

despite

recent

weakness

as

the

commonwealth

successfully

exited

bankruptcy

and

stands

to

benefit

from

increased

federal

aid

and

oversight

going

forward.

While

rising

yields

weighed

broadly

across

municipal

securities,

the

fund’s

nimble

positioning

in

interest

rate

management

notably

contributed

to

relative

performance.

Compared

with

the

benchmark,

the

portfolio

held

a

modestly

short

duration

posture

early

in

the

period

based

on

our

expectations

for

short-

and

intermediate-term

yields

to

climb

as

the

Fed

commenced

its

widely

anticipated

rate-hiking

cycle.

This

positioning

benefited

relative

performance

as

yields

surged.

We

later

shifted

toward

a

slightly

long

relative

duration

posture,

which

added

value

in

late

June

and

July

while

yields

briefly

retreated

from

earlier

highs.

Later,

a

slightly

short

relative

duration

position

in

August

helped

while

interest

rates

climbed.

By

the

end

of

the

period,

the

fund

held

a

modestly

long

duration

posture.

Curve

positioning

was

also

additive.

Most

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

2/28/23

6

Months

12

Months

Tax-Free

Short-

Intermediate

Fund

–

.

0.12‌%

-1.92‌%

Tax-Free

Short-

Intermediate

Fund–

.

Advisor  Class

0.19‌

-2.17‌

Tax-Free

Short-

Intermediate

Fund–

.

I  Class

0.37‌

-1.77‌

Bloomberg

1–5

Year

Blend

(1–6

Year

Maturity)

Index

0.16‌

-1.68‌

Lipper

Short-Intermediate

Municipal

Debt

Funds

Average

0.40‌

-2.32‌

T.

ROWE

PRICE

Tax-Free

Funds

7

notably,

the

portfolio’s

overweight

in

the

10-year

portion

of

the

curve

and

underweight

in

the

two-year

portion

of

the

curve,

which

represented

a

non-

benchmark

position,

benefited

performance

as

10-year

bond

yields

rose

less

than

shorter-term

rates.

How

is

the

fund

positioned?

Heading

into

the

second

half

of

2022,

we

believed

that

the

historic

sell-off

in

fixed

income,

though

painful

for

bondholders,

created

opportunities

in

the

municipal

market

through

markedly

higher

yields

and

more

attractive

credit

risk

compensation.

While

remaining

mindful

that

interest

rate

volatility

and

industrywide

outflows

could

persist

and

further

impede

market

performance,

we

sought

to

take

advantage

of

cheaper

valuations

and

better

position

the

fund

for

a

potential

rally.

To

that

end,

we

allowed

the

fund’s

duration

to

extend

modestly

closer

to

the

end

of

the

period

with

a

slightly

longer

duration

than

the

benchmark.

We

believed

that

a

longer-than-

benchmark

duration

stance

was

appropriate

given

the

high

probability,

in

our

view,

that

economic

growth

and

inflation

will

cool

in

2023

and

ease

upward

pressures

on

rates.

Additionally,

we

migrated

away

from

bonds

with

shorter

call

provisions

in

an

effort

to

improve

the

fund’s

ability

to

benefit

from

a

potential

decline

in

bond

yields.

Despite

higher

yields

and

improved

valuations

for

municipals,

we

believed

that

growing

uncertainty

about

the

global

economic

outlook

and

continued

rate

volatility

could

lead

to

further

outflows

from

the

tax-exempt

market.

For

that

reason,

we

sought

to

bolster

liquidity

in

the

portfolio,

which,

in

our

view,

places

the

fund

in

a

better

position

to

withstand

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-

rated

securities,

and

a

rating

of

D

represents

the

lowest-

rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

CREDIT

QUALITY

DIVERSIFICATION

Tax-Free

Short-Intermediate

Fund

T.

ROWE

PRICE

Tax-Free

Funds

8

potential

periods

of

market

stress.

As

such,

the

fund

built

up

its

allocation

to

AAA

rated

bonds

and

maintained

significant

exposure

to

AA

rated

assets,

while

our

allocation

to

bonds

rated

A

and

BBB

decreased.

However,

A

and

BBB

rated

debt

remained

strategic

overweight

allocations

relative

to

the

benchmark.

The

revenue-backed

transportation

subsector

remained

the

fund’s

largest

allocation.

Among

transportation

segments,

we

particularly

favored

bonds

issued

for

projects

that,

in

our

view,

function

as

essential-service

utilities

for

their

respective

regions.

We

maintained

a

positive

outlook

on

toll-backed

bonds

due

to

fundamental

factors,

including

continued

government

support

for

managed

lane

projects,

operators’

generally

solid

pricing

power,

and

the

resilience

of

toll

road

usage

in

recent

years

versus

public

transit

options.

We

also

remained

constructive

on

major

airports,

supported

by

a

continued

recovery

in

air

travel

to

pre-pandemic

levels

as

well

as

grants

to

airports

through

the

Infrastructure

Investment

and

Jobs

Act.

On

a

more

structural

basis,

our

investment

thesis

on

large

airports

remained

underpinned

by

their

critical

role

in

the

U.S.

economy,

substantial

debt

service

reserve

accounts,

and

generally

solid

cash

positions

that

were

bolstered

during

the

pandemic

by

federal

relief

funds.

What

is

portfolio

management’s

outlook?

Municipal

bonds,

like

most

areas

of

fixed

income,

struggled

considerably

last

year

in

the

face

of

inflation

pressures

and

aggressive

monetary

tightening

by

the

Fed.

While

this

environment

delivered

disappointing

performance

results

to

bondholders,

it

also

pushed

yields

to

their

highest

levels

in

more

than

a

decade,

offering

investors

more

attractive

income

potential

and

some

cushion

against

a

further

rise

in

rates.

Despite

substantial

macroeconomic

headwinds,

the

market’s

credit

fundamentals

remained

generally

strong

thanks

to

pandemic-era

federal

aid

and

improved

fiscal

management

by

some

of

the

most

challenged

municipal

bond

issuers.

These

factors,

in

our

view,

should

help

buffer

credit

ratings

in

a

recession

if

one

transpires.

Within

that

context,

credit

spreads

unsurprisingly

widened

in

2022

as

economic

growth

slowed,

with

some

sectors

experiencing

more

material

weakness

in

their

credit

profiles.

We

expect

spreads

to

widen

further

if

the

economy

contracts,

potentially

increasing

opportunities

to

identify

mispriced

bonds

through

in-depth

credit

research.

T.

ROWE

PRICE

Tax-Free

Funds

9

This

backdrop

of

higher

yields,

wider

credit

spreads,

and

generally

solid

fundamentals

should,

in

our

view,

draw

investors

back

to

the

municipal

market

in

2023.

While

we

see

potential

for

industrywide

outflows

to

persist

until

interest

rate

volatility

shows

a

more

sustained

moderation,

we

ultimately

anticipate

constructive

technical

conditions

over

the

near

term,

bolstered

by

expected

coupon

reinvestments

and

below-average

issuance

levels.

In

navigating

this

complex

investment

landscape,

we

are

taking

a

selective

approach

toward

bond

structures

and

maintaining

an

emphasis

on

bottom-up

credit

factors.

As

always,

we

are

striving

to

stay

risk

aware

and

disciplined

in

our

investment

process,

which

we

believe

will

serve

our

clients

well

over

time.

TAX-FREE

INCOME

FUND 

INVESTMENT

OBJECTIVE 

The

fund

seeks

to

provide

a

high

level

of

income

exempt

from

federal

income

taxes

by

investing

primarily

in

long-term

investment-grade

municipal

securities.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past 12

months?

The

Tax-Free

Income

Fund

returned

-6.30%

over

the

12

months

ended

February

28,

2023,

and

underperformed

its

Bloomberg

benchmark.

However,

the

fund

outperformed

its

Lipper

peer

group

average.

(Results

for

Advisor

and

I

Class

shares

varied

modestly,

reflecting

their

different

fee

structures.

Past

performance

cannot

guarantee

future

results.

)

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

2/28/23

6

Months

12

Months

Tax-Free

Income

Fund

–

.

0.31‌%

-6.30‌%

Tax-Free

Income

Fund–

.

Advisor  Class

0.04‌

-6.71‌

Tax-Free

Income

Fund–

.

I  Class

0.34‌

-6.25‌

Bloomberg

Municipal

Bond

Index

0.66‌

-5.10‌

Lipper

General

&

Insured

Municipal

Debt

Funds

Average

0.07‌

-7.01‌

T.

ROWE

PRICE

Tax-Free

Funds

10

What

factors

influenced

the

fund’s

performance?

Over

the

past

12

months,

municipal

bonds

depreciated

against

the

backdrop

of

rising

U.S.

Treasury

yields

and

elevated

volatility.

Municipal

bond

yields

rose

broadly

as

the

Federal

Reserve

(Fed)

hiked

interest

rates

to

curb

inflation

pressures.

Industrywide

outflows

persisted

over

the

period

as

large

swings

in

interest

rates

and

a

tenuous

macroeconomic

backdrop

caused

many

municipal

investors

to

step

back

from

the

market.

Outflows

were

further

reinforced

by

an

uptick

in

redemption

activity

as

well

as

tax

loss

harvesting,

whereby

investors

sold

assets

at

a

loss

to

reduce

capital

gains

taxes.

However,

a

generally

light

supply

of

bonds

held

by

primary

dealers

and

below-average

issuance

levels

helped

mitigate

technical

strains

in

the

tax-free

market.

Alongside

the

broad-based

rise

in

municipal

bond

yields,

the

portfolio's

longer-

than-benchmark

duration

posture

hampered

relative

performance.

Conversely,

modest

underweights

in

the

front

end

of

the

yield

curve

were

beneficial

as

yield

increases

were

most

pronounced

on

shorter-maturity

municipal

bonds.

Asset

allocation

among

revenue

subsectors

also

hindered

relative

performance,

mostly

due

to

an

overweight

to

continuing

care

retirement

communities

(CCRC)

and

nursing/assisted

living

bonds,

as

labor

shortages

resulted

in

less

capacity

in

skilled

nursing

facilities

and,

in

turn,

lower

profit

margins

for

operators.

An

overweight

to

hospital

revenue

bonds

detracted

to

a

lesser

extent.

Credit

selection

was

constructive

in

aggregate,

led

upward

primarily

by

selection

decisions

among

prerefunded

bonds.

Selection

within

the

revenue-

backed

sector

also

contributed.

Within

the

sector,

selection

among

CCRC

and

nursing/assisted

living;

hospital;

and

airport

subsectors

generated

relative

gains.

However,

credit

selection

in

the

public

power

subsector

detracted

due

to

underperformance

in

Puerto

Rico

public

power

bonds.

We

believe

these

securities

will

benefit

from

an

improving

fiscal

backdrop

in

Puerto

Rico

over

the

longer

term.

How

is

the

fund

positioned?

As

the

Fed

continued

to

tighten

monetary

policy,

we

sought

to

focus

new

investments

in

more

defensively

structured

bonds,

particularly

those

with

shorter-duration,

higher-coupon

profiles.

Notable

additions

over

the

period

included

a

state

of

Colorado

lease

financing

issue

offering

an

attractive

6.0%

coupon

rate

as

well

as

higher-coupon

New

York

City

and

state

of

Illinois

general

obligations

(GOs).

(Please

refer

to

the

portfolio

of

investments

for

a

complete

list

of

holdings

and

the

amount

each

represents

in

the

portfolio.)

T.

ROWE

PRICE

Tax-Free

Funds

11

In

terms

of

credit

quality,

we

increased

our

allocations

to

higher-quality,

more

liquid

segments

of

the

market

amid

a

weaker

macroeconomic

backdrop

and

persistent

outflows.

As

a

result,

we

built

up

our

allocations

to

bonds

rated

AA

and

A,

while

our

allocation

to

bonds

rated

BBB

decreased.

However,

A

and

BBB

rated

debt

remained

strategic

overweight

allocations

relative

to

the

benchmark.

We

also

maintained

an

overweight

to

the

nonrated

tier,

where

we

believe

that

our

research

strengths

can

enable

us

to

take

advantage

of

credits

that

have

been

mispriced

or

overlooked

by

investors.

A

small

portion

of

the

fund’s

unrated

holdings

consisted

of

short-term,

high-quality

prerefunded

bonds,

which

are

generally

considered

by

investors

to

be

among

the

most

liquid

assets

in

the

municipal

market.

From

a

sector

perspective,

health

care

revenue

bonds,

including

those

from

CCRC

and

nursing/assisted

living

communities

as

well

as

hospitals,

remained

the

fund’s

largest

overweight

allocation,

although

we

allowed

the

fund’s

allocation

to

hospital

revenue

bonds

to

decrease

modestly

over

the

past

year.

Hospitals’

operating

margins

came

under

pressure

during

the

period

as

inflation

accelerated

and

pandemic-related

federal

support

diminished.

While

we

expected

hospitals’

financial

performance

to

remain

challenged,

our

long-term

view

of

nonprofit

hospitals

remained

generally

constructive,

and

we

believed

that

large

hospitals

with

strong

balance

sheets

and

effective

management

teams

would

be

able

to

successfully

navigate

this

environment.

We

also

kept

an

overweight

to

transportation

revenue

bonds.

Our

outlook

on

toll-backed

bonds

remained

positive

due

to

fundamental

factors,

including

steady

government

support

for

managed

lane

projects,

operators’

generally

solid

pricing

power,

and

the

resilience

of

toll

road

usage

in

recent

years

versus

public

transit

options.

In

line

with

this

view,

we

added

exposure

to

revenue

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-

rated

securities,

and

a

rating

of

D

represents

the

lowest-

rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

CREDIT

QUALITY

DIVERSIFICATION

Tax-Free

Income

Fund

T.

ROWE

PRICE

Tax-Free

Funds

12

bonds

issued

by

the

New

Jersey

Turnpike

Authority.

Additionally,

we

remained

constructive

on

major

airports

as

a

continued

recovery

in

air

travel

to

pre-

pandemic

levels

and

grants

to

airports

through

the

Infrastructure

Investment

and

Jobs

Act

provided

support.

During

the

period,

we

added

exposure

to

revenue

bonds

issued

by

the

Chicago

O'Hare

International

Airport

and

the

City

of

Atlanta.

What

is

portfolio

management’s

outlook?

Municipal

bonds,

like

most

areas

of

fixed

income,

struggled

considerably

last

year

in

the

face

of

inflation

pressures

and

aggressive

monetary

tightening

by

the

Fed.

While

this

environment

delivered

disappointing

performance

results

to

bondholders,

it

also

pushed

yields

to

their

highest

levels

in

more

than

a

decade,

offering

investors

more

attractive

income

potential

and

some

cushion

against

a

further

rise

in

rates.

Despite

substantial

macroeconomic

headwinds,

the

market’s

credit

fundamentals

remained

generally

strong

thanks

to

pandemic-era

federal

aid

and

improved

fiscal

management

by

some

of

the

most

challenged

municipal

bond

issuers.

These

factors,

in

our

view,

should

help

buffer

credit

ratings

in

a

recession

if

one

transpires.

Within

that

context,

credit

spreads

unsurprisingly

widened

in

2022

as

economic

growth

slowed,

with

some

sectors

experiencing

more

material

weakness

in

their

credit

profiles.

We

expect

spreads

to

widen

further

if

the

economy

contracts,

potentially

increasing

opportunities

to

identify

mispriced

bonds

through

in-depth

credit

research.

This

backdrop

of

higher

yields,

wider

credit

spreads,

and

generally

solid

fundamentals

should,

in

our

view,

draw

investors

back

to

the

municipal

market

in

2023.

While

we

see

potential

for

industrywide

outflows

to

persist

until

interest

rate

volatility

shows

a

more

sustained

moderation,

we

ultimately

anticipate

constructive

technical

conditions

over

the

near

term,

bolstered

by

expected

coupon

reinvestments

and

below-average

issuance

levels.

In

navigating

this

complex

investment

landscape,

we

are

taking

a

selective

approach

toward

bond

structures

and

maintaining

an

emphasis

on

bottom-up

credit

factors.

As

always,

we

are

striving

to

stay

risk

aware

and

disciplined

in

our

investment

process,

which

we

believe

will

serve

our

clients

well

over

time.

TAX-FREE

HIGH

YIELD FUND 

INVESTMENT

OBJECTIVE 

The

fund

seeks

to

provide

a

high

level

of

income

exempt

from

federal

income

taxes

by

investing

primarily

in

long-term

low-

to

upper-medium-grade

municipal

securities.

T.

ROWE

PRICE

Tax-Free

Funds

13

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past 12

months?

The

Tax-Free

High

Yield

Fund

returned

-9.64%

for

the

12

months

ended

February

28,

2023,

underperforming

its

Bloomberg

benchmark

and

its

Lipper

peer

group

average.

(Results

for

Advisor

and

I

Class

shares

varied

modestly,

reflecting

their

different

fee

structures.

Past

performance

cannot

guarantee

future

results.

)

What

factors

influenced

the

fund’s

performance?

Over

the

past

12

months,

municipal

bonds

depreciated

against

the

backdrop

of

rising

U.S.

Treasury

yields

and

elevated

volatility.

Municipal

bond

yields

rose

broadly

as

the

Federal

Reserve

(Fed)

hiked

interest

rates

to

curb

inflation

pressures.

Industrywide

outflows

persisted

over

the

period

as

large

swings

in

interest

rates

and

a

tenuous

macroeconomic

backdrop

caused

many

municipal

investors

to

step

back

from

the

market.

Outflows

were

further

reinforced

by

an

uptick

in

redemption

activity

as

well

as

tax

loss

harvesting,

whereby

investors

sold

assets

at

a

loss

to

reduce

capital

gains

taxes.

However,

a

generally

light

supply

of

bonds

held

by

primary

dealers

and

below-average

issuance

levels

helped

mitigate

technical

strains

in

the

tax-free

market.

Alongside

the

broad-based

rise

in

municipal

bond

yields,

the

portfolio's

longer-

than-benchmark

duration

posture

hampered

relative

performance,

while

positioning

across

key

rates

was

constructive

in

aggregate.

More

significantly,

security

selection

detracted,

dragged

lower

by

selection

decisions

in

the

revenue-backed

sector.

Selection

in

the

public

power

revenue

subsector

was

a

prominent

detractor

as

holdings

of

debt

issued

by

the

Puerto

Rico

Electric

Power

Authority

(PREPA)

weighed

on

results.

Despite

struggling

over

the

past

12

months,

we

maintain

our

thesis

on

PREPA

as

a

large

issuer

in

the

high

yield

municipal

space

that

can

benefit

from

being

the

sole

provider

of

electricity

in

Puerto

Rico,

the

large

amount

of

federal

aid

coming

to

the

commonwealth,

and

increased

oversight

from

the

Federal

government.

Credit

selection

in

the

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

2/28/23

6

Months

12

Months

Tax-Free

High

Yield

Fund

–

.

-2.12‌%

-9.64‌%

Tax-Free

High

Yield

Fund–

.

Advisor  Class

-2.32‌

-9.89‌

Tax-Free

High

Yield

Fund–

.

I  Class

-2.06‌

-9.51‌

Bloomberg

65%

High-

Grade/35%

High-Yield

Index

-0.19‌

-6.59‌

Lipper

High

Yield

Municipal

Debt

Funds

Average

-1.57‌

-9.45‌

T.

ROWE

PRICE

Tax-Free

Funds

14

dedicated

tax

and

water

and

sewer

revenue

subsectors

as

well

as

state

and

local

general

obligation

(GO)

bonds

also

detracted.

Conversely,

selection

among

housing

and

industrial

development

revenue/pollution

control

revenue

(IDR/

PCR)

bonds

made

up

for

some

relative

losses.

(Please

refer

to

the

portfolio

of

investments

for

a

complete

list

of

holdings

and

the

amount

each

represents

in

the

portfolio.)

Asset

allocation

among

revenue

subsectors

hindered

relative

performance,

mostly

due

to

an

overweight

to

continuing

care

retirement

communities

(CCRC)

and

nursing/assisted

living

bonds,

as

labor

shortages

resulted

in

less

capacity

in

skilled

nursing

facilities

and,

in

turn,

lower

profit

margins

for

operators.

An

underweight

to

housing

revenue

bonds

and

an

overweight

to

the

IDR/PCR

subsector

also

detracted

to

a

lesser

extent.

However,

an

overweight

to

bonds

related

to

toll

roads,

bridges,

and

tunnels

was

beneficial.

How

is

the

fund

positioned?

Alongside

tighter

monetary

policy

from

the

Fed,

the

fund

entered

the

period

with

a

focus

on

defensively

structured

bonds,

particularly

those

with

shorter-

duration,

higher-coupon

profiles.

As

the

year

progressed,

the

fund’s

duration

extended,

and

we

migrated

away

from

bonds

with

shorter

call

provisions

in

an

attempt

to

improve

the

fund’s

ability

to

benefit

from

a

potential

decline

in

bond

yields.

We

added

exposure

to

higher-coupon

revenue

bonds

issued

by

the

Maryland

Economic

Development

Corporation

for

the

Purple

Line

light

rail

project.

We

also

purchased

higher-coupon

Pennsylvania

Economic

Development

bonds

related

to

the

PennDOT

Major

Bridges

Project.

In

terms

of

credit

quality,

we

increased

our

allocations

to

higher-quality,

more

liquid

segments

of

the

market

amid

a

weaker

macroeconomic

backdrop

and

persistent

outflows.

As

a

result,

we

built

up

our

allocations

to

bonds

rated

AAA

and

A

slightly,

while

our

allocation

to

bonds

rated

BBB

decreased.

However,

the

BBB

and

BB

rating

categories

remained

key

overweight

exposures

for

the

fund,

consistent

with

the

fund's

investment

profile.

As

bond

yields

and

compensation

for

credit

risk

rose,

we

continued

to

lean

on

our

fundamental

credit

research

to

identify

attractive

investment

opportunities

across

the

credit

quality

spectrum.

We

also

maintained

an

overweight

to

the

nonrated

tier,

where

we

believe

that

our

research

strengths

can

enable

us

to

take

advantage

of

credits

that

have

been

mispriced

or

overlooked

by

investors.

A

small

portion

of

the

fund’s

unrated

holdings

consisted

of

short-term,

high-quality

prerefunded

bonds,

which

are

generally

considered

by

investors

to

be

among

the

most

liquid

assets

in

the

municipal

market.

T.

ROWE

PRICE

Tax-Free

Funds

15

From

a

sector

perspective,

health

care

revenue

bonds,

including

those

from

CCRC

and

nursing/assisted

living

communities

as

well

as

hospitals,

remained

the

fund’s

largest

overweight

allocation.

Hospitals’

operating

margins

came

under

pressure

during

the

period

as

inflation

accelerated

and

pandemic-

related

federal

support

diminished.

While

we

expected

hospitals’

financial

performance

to

remain

challenged,

we

believed

that

large

hospitals

with

strong

balance

sheets

and

effective

management

teams

would

be

able

to

successfully

navigate

this

environment.

In

line

with

our

views

on

the

subsector

and

our

analysts'

conviction

ratings,

we

initiated

a

position

in

a

hospital

revenue

bond

from

Orange

County,

Florida.

We

also

kept

an

overweight

to

the

IDR/PCR

subsector.

In

addition

to

offering

above-average

yields,

we

continued

to

believe

this

area

of

the

market

provides

diversification

benefits

for

municipal

investors

due

to

its

corporate-backed

nature.

Conversely,

state

and

local

GO

bonds

remained

underweight

positions

for

the

fund,

reflecting

our

prior-

decade

aversion

to

the

sector

stemming

from

state

and

local

governments’

significant

unfunded

pension

liabilities.

What

is

portfolio

management’s

outlook?

Municipal

bonds,

like

most

areas

of

fixed

income,

struggled

considerably

last

year

in

the

face

of

inflation

pressures

and

aggressive

monetary

tightening

by

the

Fed.

While

this

environment

delivered

disappointing

performance

results

to

bondholders,

it

also

pushed

yields

to

their

highest

levels

in

more

than

a

decade,

offering

investors

more

attractive

income

potential

and

some

cushion

against

a

further

rise

in

rates.

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-

rated

securities,

and

a

rating

of

D

represents

the

lowest-

rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

CREDIT

QUALITY

DIVERSIFICATION

Tax-Free

High

Yield

Fund

T.

ROWE

PRICE

Tax-Free

Funds

16

Despite

substantial

macroeconomic

headwinds,

the

market’s

credit

fundamentals

remained

generally

strong

thanks

to

pandemic-era

federal

aid

and

improved

fiscal

management

by

some

of

the

most

challenged

municipal

bond

issuers.

These

factors,

in

our

view,

should

help

buffer

credit

ratings

in

a

recession

if

one

transpires.

Within

that

context,

credit

spreads

unsurprisingly

widened

in

2022

as

economic

growth

slowed,

with

some

sectors

experiencing

more

material

weakness

in

their

credit

profiles.

We

expect

spreads

to

widen

further

if

the

economy

contracts,

potentially

increasing

opportunities

to

identify

mispriced

bonds

through

in-depth

credit

research.

This

backdrop

of

higher

yields,

wider

credit

spreads,

and

generally

solid

fundamentals

should,

in

our

view,

draw

investors

back

to

the

municipal

market

in

2023.

While

we

see

potential

for

industrywide

outflows

to

persist

until

interest

rate

volatility

shows

a

more

sustained

moderation,

we

ultimately

anticipate

constructive

technical

conditions

over

the

near

term,

bolstered

by

expected

coupon

reinvestments

and

below-average

issuance

levels.

In

navigating

this

complex

investment

landscape,

we

are

taking

a

selective

approach

toward

bond

structures

and

maintaining

an

emphasis

on

bottom-up

credit

factors.

As

always,

we

are

striving

to

stay

risk

aware

and

disciplined

in

our

investment

process,

which

we

believe

will

serve

our

clients

well

over

time.

INTERMEDIATE

TAX-FREE

HIGH

YIELD FUND 

INVESTMENT

OBJECTIVE 

The

fund

seeks

to

provide

a

high

level

of

income

exempt

from

federal

income

taxes.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past 12

months?

The

Intermediate

Tax-Free

High

Yield

Fund

returned

-5.69%

for

the

12

months

ended

February

28,

2023.

The

fund

outperformed

the

average

return

of

its

Lipper

peer

group,

which

encompasses

funds

of

various

maturity

and

duration

constraints,

but

underperformed

its

Bloomberg

index

benchmark.

(Results

for

Advisor

and

I

Class

shares

varied,

reflecting

their

different

fee

structures.

Past

performance

cannot

guarantee

future

results.

)

T.

ROWE

PRICE

Tax-Free

Funds

17

What

factors

influenced

the

fund’s

performance?

Over

the

past

12

months,

municipal

bonds

depreciated

against

the

backdrop

of

rising

U.S.

Treasury

yields

and

elevated

volatility.

Municipal

bond

yields

rose

broadly

as

the

Federal

Reserve

(Fed)

hiked

interest

rates

to

curb

inflation

pressures.

Industrywide

outflows

persisted

over

the

period

as

large

swings

in

interest

rates

and

a

tenuous

macroeconomic

backdrop

caused

many

municipal

investors

to

step

back

from

the

market.

Outflows

were

further

reinforced

by

an

uptick

in

redemption

activity

as

well

as

tax

loss

harvesting,

whereby

investors

sold

assets

at

a

loss

to

reduce

capital

gains

taxes.

However,

a

generally

light

supply

of

bonds

held

by

primary

dealers

and

below-average

issuance

levels

helped

mitigate

technical

strains

in

the

tax-free

market.

Credit

selection

detracted

notably

in

aggregate,

dragged

lower

primarily

by

selection

decisions

in

the

revenue-backed

sector.

Within

the

sector,

selection

in

the

public

power

subsector

was

a

prominent

detractor,

followed

by

credit

selection

in

the

health

care

and

dedicated

tax

subsectors.

In

the

public

power

subsector,

holding

debt

issued

by

the

Puerto

Rico

Electric

Power

Authority

(PREPA)

weighed

on

results.

Despite

struggling

over

the

past

12

months,

we

maintain

our

thesis

on

PREPA

as

a

large

issuer

in

the

high

yield

municipal

space

that

can

benefit

from

being

the

sole

provider

of

electricity

in

Puerto

Rico,

the

large

amount

of

federal

aid

coming

to

the

commonwealth,

and

increased

oversight

from

the

Federal

government.

On

the

positive

side,

security

selection

within

the

industrial

development

revenue/pollution

control

revenue

(IDR/

PCR)

subsector

was

additive

for

the

period.

(Please

refer

to

the

portfolio

of

investments

for

a

complete

list

of

holdings

and

the

amount

each

represents

in

the

portfolio.)

Asset

allocation

among

revenue

subsectors

also

hindered

relative

performance,

mostly

due

to

an

overweight

to

continuing

care

retirement

communities

(CCRC)

and

nursing/assisted

living

bonds.

An

overweight

to

the

IDR/PCR

subsector

also

detracted

to

a

lesser

extent.

However,

overweights

in

the

student

housing

and

tobacco-related

subsectors

moderately

contributed.

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

2/28/23

6

Months

12

Months

Intermediate

Tax-Free

High

Yield

Fund

–

.

-0.43‌%

-5.69‌%

Intermediate

Tax-Free

High

Yield

Fund–

.

Advisor  Class

-0.56‌

-5.93‌

Intermediate

Tax-Free

High

Yield

Fund–

.

I  Class

-0.52‌

-5.75‌

Bloomberg

65%

High-

Grade/35%

High-Yield

Intermediate

Competitive

(1–17

Year

Maturity)

Index

0.52‌

-3.40‌

Lipper

High

Yield

Municipal

Debt

Funds

Average

-1.57‌

-9.45‌

T.

ROWE

PRICE

Tax-Free

Funds

18

Alongside

the

broad-based

rise

in

municipal

bond

yields,

the

portfolio's

longer-

than-benchmark

duration

posture

hampered

relative

performance.

That

said,

positioning

across

some

key

rates

was

beneficial

and

helped

counter

some

of

the

negative

relative

performance

brought

on

by

the

duration

positioning.

Specifically,

an

underweight

in

the

front

end

of

the

yield

curve

helped

as

yields

on

shorter-maturity

bonds

rose

most

prominently.

How

is

the

fund

positioned?

As

the

Fed

continued

to

tighten

monetary

policy,

the

fund

entered

the

period

with

a

focus

on

defensively

structured

bonds,

particularly

those

with

shorter-duration,

higher-

coupon

profiles.

As

the

year

progressed,

the

fund’s

duration

extended,

and

we

migrated

away

from

bonds

with

shorter

call

provisions

to

help

improve

the

fund’s

ability

to

benefit

from

a

potential

decline

in

bond

yields.

During

the

period,

we

added

exposure

to

higher-

coupon

revenue

bonds

issued

by

the

Maryland

Economic

Development

Corporation

for

the

Purple

Line

light

rail

project.

We

also

purchased

higher-coupon

Pennsylvania

Economic

Development

bonds

related

to

the

PennDOT

Major

Bridges

Project.

From

a

sector

perspective,

health

care

revenue

bonds,

including

those

from

CCRC

and

nursing/assisted

living

communities

as

well

as

hospitals,

remained

the

fund’s

largest

overweight

allocation.

Hospitals’

operating

margins

came

under

pressure

during

the

period

as

inflation

accelerated

and

pandemic-related

federal

support

diminished.

We

expect

hospitals’

financial

performance

to

remain

challenged

in

the

year

ahead,

driven

by

likely

softness

in

patient

volumes,

continued

cost

pressures

on

labor

and

medical

supplies,

and

lagging

reimbursement

rates,

among

other

factors.

However,

we

believe

that

large

hospitals

with

strong

balance

sheets

and

effective

management

teams

should

be

able

to

successfully

navigate

this

environment.

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-

rated

securities,

and

a

rating

of

D

represents

the

lowest-

rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

CREDIT

QUALITY

DIVERSIFICATION

Intermediate

Tax-Free

High

Yield

Fund

T.

ROWE

PRICE

Tax-Free

Funds

19

We

also

kept

an

overweight

to

the

IDR/PCR

subsector.

In

addition

to

offering

above-average

yields,

we

continued

to

believe

this

area

of

the

market

provides

diversification

benefits

for

municipal

investors

due

to

its

corporate-backed

nature.

Conversely,

state

and

local

general

obligation

(GO)

bonds

remained

underweight

positions

for

the

fund,

reflecting

our

prior-decade

aversion

to

the

sector

stemming

from

state

and

local

governments’

significant

unfunded

pension

liabilities.

In

terms

of

credit

quality,

we

increased

our

allocations

to

higher-quality,

more

liquid

segments

of

the

market

in

anticipation

of

a

prolonged

period

of

outflows.

As

a

result,

we

built

up

our

allocations

to

AA

and

A

rated

bonds

while

our

allocations

to

BBB

and

BB

rated

bonds

decreased.

We

also

continued

to

overweight

the

nonrated

tier,

where

we

believe

that

our

research

strengths

can

enable

us

to

take

advantage

of

credits

that

have

been

mispriced

or

overlooked

by

investors.

What

is

portfolio

management’s

outlook?

Municipal

bonds,

like

most

areas

of

fixed

income,

struggled

considerably

last

year

in

the

face

of

inflation

pressures

and

aggressive

monetary

tightening

by

the

Fed.

While

this

environment

delivered

disappointing

performance

results

to

bondholders,

it

also

pushed

yields

to

their

highest

levels

in

more

than

a

decade,

offering

investors

more

attractive

income

potential

and

some

cushion

against

a

further

rise

in

rates.

Despite

substantial

macroeconomic

headwinds,

the

market’s

credit

fundamentals

remained

generally

strong

thanks

to

pandemic-era

federal

aid

and

improved

fiscal

management

by

some

of

the

most

challenged

municipal

bond

issuers.

These

factors,

in

our

view,

should

help

buffer

credit

ratings

in

a

recession

if

one

transpires.

Within

that

context,

credit

spreads

unsurprisingly

widened

in

2022

as

economic

growth

slowed,

with

some

sectors

experiencing

more

material

weakness

in

their

credit

profiles.

We

expect

spreads

to

widen

further

if

the

economy

contracts,

potentially

increasing

opportunities

to

identify

mispriced

bonds

through

in-depth

credit

research.

This

backdrop

of

higher

yields,

wider

credit

spreads,

and

generally

solid

fundamentals

should,

in

our

view,

draw

investors

back

to

the

municipal

market

in

2023.

While

we

see

potential

for

industrywide

outflows

to

persist

until

interest

rate

volatility

shows

a

more

sustained

moderation,

we

ultimately

anticipate

constructive

technical

conditions

over

the

near

term,

bolstered

by

expected

coupon

reinvestments

and

below-average

issuance

levels.

T.

ROWE

PRICE

Tax-Free

Funds

20

In

navigating

this

complex

investment

landscape,

we

are

taking

a

selective

approach

toward

bond

structures

and

maintaining

an

emphasis

on

bottom-up

credit

factors.

As

always,

we

are

striving

to

stay

risk

aware

and

disciplined

in

our

investment

process,

which

we

believe

will

serve

our

clients

well

over

time.

The

views

expressed

reflect

the

opinions

of

T.

Rowe

Price

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic,

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

T.

ROWE

PRICE

Tax-Free

Funds

21

RISKS

OF

INVESTING

IN

THE

TAX-EXEMPT

MONEY

FUND

You

could

lose

money

by

investing

in

the

Fund.

Although

the

Fund

seeks

to

preserve

the

value

of

your

investment

at

$1.00

per

share,

it

cannot

guarantee

it

will

do

so.

The

Fund

may

impose

a

fee

upon

the

sale

of

your

shares

or

may

temporarily

suspend

your

ability

to

sell

shares

if

the

Fund’s

liquidity

falls

below

required

minimums

because

of

market

conditions

or

other

factors.

An

investment

in

the

Fund

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Fund’s

sponsor

has

no

legal

obligation

to

provide

financial

support

to

the

Fund,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the

Fund

at

any

time.

RISKS

OF

INVESTING

IN

FIXED

INCOME

SECURITIES

Bonds

are

subject

to

interest

rate

risk

(the

decline

in

bond

prices

that

usually

accompanies

a

rise

in

interest

rates)

and

credit

risk

(the

chance

that

any

fund

holding

could

have

its

credit

rating

downgraded

or

that

a

bond

issuer

will

default

by

failing

to

make

timely

payments

of

interest

or

principal),

potentially

reducing

the

fund’s

income

level

and

share

price.

Investments

in

high

yield

bonds

involve

greater

risk

of

price

volatility,

illiquidity,

and

default

than

higher-rated

debt

securities.

Municipal

bond

funds

may

be

highly

impacted

by

events

tied

to

the

overall

municipal

securities

markets,

including

unfavorable

legislative

or

political

developments

and

adverse

changes

in

the

financial

conditions

of

municipal

bond

issuers

and

the

economy.

Some

income

may

be

subject

to

state

and

local

taxes

and

the

federal

alternative

minimum

tax.

BENCHMARK

INFORMATION

Note:

Bloomberg

®

and

Bloomberg

1–5

Year

Blend

(1–6

Year

Maturity)

Index,

Bloomberg

Municipal

Bond

Index,

Bloomberg

65%

High-Grade/35%

High-

Yield

Index,

and

Bloomberg

65%

High-Grade/35%

High-Yield

Intermediate

Competitive

(1–17

Year

Maturity)

Index

are

service

marks

of

Bloomberg

Finance

L.P.

and

its

affiliates,

including

Bloomberg

Index

Services

Limited

(“BISL”),

the

administrator

of

the

index

(collectively,

“Bloomberg”)

and

have

been

licensed

for

use

for

certain

purposes

by

T.

Rowe

Price.

Bloomberg

is

not

affiliated

with

T.

Rowe

Price,

and

Bloomberg

does

not

approve,

endorse,

review,

or

recommend

its

products.

Bloomberg

does

not

guarantee

the

timeliness,

accurateness,

or

completeness

of

any

data

or

information

relating

to

its

products.

T.

ROWE

PRICE

Tax-Free

Funds

22

Note:

Portions

of

the

mutual

fund

information

contained

in

this

report

was

supplied

by

Lipper,

a

Refinitiv

Company,

subject

to

the

following:

Copyright

2023

©

Refinitiv.

All

rights

reserved.

Any

copying,

republication

or

redistribution

of

Lipper

content

is

expressly

prohibited

without

the

prior

written

consent

of

Lipper.

Lipper

shall

not

be

liable

for

any

errors

or

delays

in

the

content,

or

for

any

actions

taken

in

reliance

thereon.

Note:

Copyright

©

2023

Fitch

Ratings,

Inc.,

Fitch

Ratings

Ltd.

and

its

subsidiaries.

Note:

©

2023,

Moody’s

Corporation,

Moody’s

Investors

Service,

Inc.,

Moody’s

Analytics,

Inc.

and/or

their

licensors

and

affiliates

(collectively,

“Moody’s”).

All

rights

reserved.

Moody’s

ratings

and

other

information

(“Moody’s

Information”)

are

proprietary

to

Moody’s

and/or

its

licensors

and

are

protected

by

copyright

and

other

intellectual

property

laws.

Moody’s

Information

is

licensed

to

Client

by

Moody’s.

MOODY’S

INFORMATION

MAY

NOT

BE

COPIED

OR

OTHERWISE

REPRODUCED,

REPACKAGED,

FURTHER

TRANSMITTED,

TRANSFERRED,

DISSEMINATED,

REDISTRIBUTED

OR

RESOLD,

OR

STORED

FOR

SUBSEQUENT

USE

FOR

ANY

SUCH

PURPOSE,

IN

WHOLE

OR

IN

PART,

IN

ANY

FORM

OR

MANNER

OR

BY

ANY

MEANS

WHATSOEVER,

BY

ANY

PERSON

WITHOUT

MOODY’S

PRIOR

WRITTEN

CONSENT.

Moody's

®

is

a

registered

trademark.

Note:

Copyright

©

2023,

S&P

Global

Market

Intelligence

(and

its

affiliates,

as

applicable).

Reproduction

of

any

information,

data

or

material,

including

ratings

("Content")

in

any

form

is

prohibited

except

with

the

prior

written

permission

of

the

relevant

party. Such

party,

its

affiliates

and

suppliers

("Content

Providers")

do

not

guarantee

the

accuracy,

adequacy,

completeness,

timeliness

or

availability

of

any

Content

and

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

or

for

the

results

obtained

from

the

use

of

such

Content.

In

no

event

shall

Content

Providers

be

liable

for

any

damages,

costs,

expenses,

legal

fees,

or

losses

(including

lost

income

or

lost

profit

and

opportunity

costs)

in

connection

with

any

use

of

the

Content.

A

reference

to

a

particular

investment

or

security,

a

rating

or

any

observation

concerning

an

investment

that

is

part

of

the

Content

is

not

a

recommendation

to

buy,

sell

or

hold

such

investment

or

security,

does

not

address

the

appropriateness

of

an

investment

or

security

and

should

not

be

relied

on

as

investment

advice.

Credit

ratings

are

statements

of

opinions

and

are

not

statements

of

fact.

BENCHMARK

INFORMATION

(continued)

T.

ROWE

PRICE

Tax-Free

Funds

23

GROWTH

OF

$10,000 

This

chart

shows

the

value

of

a

hypothetical

$10,000

investment

in

the

fund

over

the

past

10

fiscal

year

periods

or

since

inception

(for funds

lacking

10-year

records).

The

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from

fund

returns

as

well

as

mutual fund

averages

and

indexes. 

TAX-EXEMPT

MONEY

FUND

Note:

Performance

for

the

I

Class shares

will

vary

due

to

their differing

fee

structure.

See

the

Average

Annual

Compound

Total

Return

table. 

T.

ROWE

PRICE

Tax-Free

Funds

24

GROWTH

OF

$10,000 

This

chart

shows

the

value

of

a

hypothetical

$10,000

investment

in

the

fund

over

the

past

10

fiscal

year

periods

or

since

inception

(for funds

lacking

10-year

records).

The

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from

fund

returns

as

well

as

mutual fund

averages

and

indexes. 

TAX-FREE

SHORT-INTERMEDIATE

FUND

Note:

Performance

for

the Advisor

and

I Class

shares

will

vary

due

to

their

differing

fee

structures.

See

the

Average

Annual

Compound

Total

Return

table. 

T.

ROWE

PRICE

Tax-Free

Funds

25

GROWTH

OF

$10,000 

This

chart

shows

the

value

of

a

hypothetical

$10,000

investment

in

the

fund

over

the

past

10

fiscal

year

periods

or

since

inception

(for funds

lacking

10-year

records).

The

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from

fund

returns

as

well

as

mutual fund

averages

and

indexes. 

TAX-FREE

INCOME

FUND

Note:

Performance

for

the Advisor

and

I Class

shares

will

vary

due

to

their

differing

fee

structures.

See

the

Average

Annual

Compound

Total

Return

table. 

T.

ROWE

PRICE

Tax-Free

Funds

26

GROWTH

OF

$10,000 

This

chart

shows

the

value

of

a

hypothetical

$10,000

investment

in

the

fund

over

the

past

10

fiscal

year

periods

or

since

inception

(for funds

lacking

10-year

records).

The

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from

fund

returns

as

well

as

mutual fund

averages

and

indexes. 

TAX-FREE

HIGH

YIELD

FUND

Note:

Performance

for

the Advisor

and

I Class

shares

will

vary

due

to

their

differing

fee

structures.

See

the

Average

Annual

Compound

Total

Return

table. 

T.

ROWE

PRICE

Tax-Free

Funds

27

GROWTH

OF

$10,000 

This

chart

shows

the

value

of

a

hypothetical

$10,000

investment

in

the

fund

over

the

past

10

fiscal

year

periods

or

since

inception

(for funds

lacking

10-year

records).

The

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from

fund

returns

as

well

as

mutual fund

averages

and

indexes. 

INTERMEDIATE

TAX-FREE

HIGH

YIELD

FUND

Note:

Performance

for

the Advisor

and

I Class

shares

will

vary

due

to

their

differing

fee

structures.

See

the

Average

Annual

Compound

Total

Return

table. 

*The

Lipper

data

are

from

7/31/14.

T.

ROWE

PRICE

Tax-Free

Funds

28

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

Periods

Ended

2/28/23

1

Year

5

Years

10

Years

Since

Inception

Inception

Date

Tax-Exempt

Money

Fund

–

.

1.20‌%

0.70‌%

0.42‌%

–‌

–

Tax-Exempt

Money

Fund–

.

I  Class

1.39‌

0.77‌

–‌

0.77‌%

7/6/17

..

Tax-Free

Short-

Intermediate

Fund

–

.

-1.92‌

0.91‌

0.84‌

–‌

–

Tax-Free

Short-

Intermediate

Fund–

.

Advisor  Class

-2.17‌

0.61‌

0.51‌

–‌

–

Tax-Free

Short-

Intermediate

Fund–

.

I  Class

-1.77‌

1.07‌

–‌

1.15‌

11/29/16

..

Tax-Free

Income

Fund

–

.

-6.30‌

1.35‌

1.95‌

–‌

–

Tax-Free

Income

Fund–

.

Advisor  Class

-6.71‌

1.02‌

1.61‌

–‌

–

Tax-Free

Income

Fund–

.

I  Class

-6.25‌

1.42‌

–‌

1.40‌

7/6/17

..

Tax-Free

High

Yield

Fund

–

.

-9.64‌

1.27‌

2.56‌

–‌

–

Tax-Free

High

Yield

Fund–

.

Advisor  Class

-9.89‌

0.96‌

2.28‌

–‌

–

Tax-Free

High

Yield

Fund–

.

I  Class

-9.51‌

1.38‌

–‌

2.15‌

11/29/16

..

Intermediate

Tax-Free

High

Yield

Fund

–

.

-5.69‌

1.43‌

–‌

2.27‌

7/24/14

Intermediate

Tax-Free

High

Yield

Fund–

.

Advisor  Class

-5.93‌

1.19‌

–‌

2.08‌

7/24/14

Intermediate

Tax-Free

High

Yield

Fund–

.

I  Class

-5.75‌

1.46‌

–‌

1.60‌

7/6/17

..

This

table

shows

how

the

funds

would

have

performed

each

year

if

their

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Average

annual

total

return

figures

include

changes

in

principal

value,

reinvested

dividends,

and

capital

gain

distributions.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Past

performance

cannot

guarantee

future

results.

When

assessing

performance,

investors

should

consider

both

short-

and

long-term

returns.

T.

ROWE

PRICE

Tax-Free

Funds

29

EXPENSE

RATIOS

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

Intermediate

Tax-Free

High

Yield

Fund,

Tax-Free

High

Yield

Fund,

Tax-Free

Income

Fund,

and

Tax-Free

Short-Intermediate

Fund have

three

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

the

Advisor

Class

shares

are

offered

only

through

unaffiliated

brokers

and

other

financial

intermediaries

and

charge

a

0.25%

12b-1

fee,

and

the

I

Class

shares

are

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment.

The

Tax-Exempt

Money

Fund

has

two

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

and

the

I

Class

shares

are

also

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Tax-Exempt

Money

Fund

0.34‌%

Tax-Exempt

Money

Fund–I

Class

0.25‌ 

Tax-Free

Short-Intermediate

Fund

0.47‌ 

Tax-Free

Short-Intermediate

Fund–Advisor

Class

0.78‌ 

Tax-Free

Short-Intermediate

Fund–I

Class

0.35‌ 

Tax-Free

Income

Fund

0.53‌ 

Tax-Free

Income

Fund–Advisor

Class

0.86‌ 

Tax-Free

Income

Fund–I

Class

0.45‌ 

Tax-Free

High

Yield

Fund

0.72‌ 

Tax-Free

High

Yield

Fund–Advisor

Class

1.03‌ 

Tax-Free

High

Yield

Fund–I

Class

0.60‌ 

Intermediate

Tax-Free

High

Yield

Fund

0.89‌ 

Intermediate

Tax-Free

High

Yield

Fund–Advisor

Class

1.42‌ 

Intermediate

Tax-Free

High

Yield

Fund–I

Class

0.80‌ 

The

expense

ratios

shown

are

as

of

the

funds’

most

recent

prospectus.

These

numbers

may

vary

from

the

expense

ratios

shown

elsewhere

in

this

report

because

they

are

based

on

a

different

time

period

and,

if

applicable,

include

acquired

fund

fees

and

expenses

but

do

not

include

fee

or

expense

waivers.

T.

ROWE

PRICE

Tax-Free

Funds

30

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Tax-Free

Funds

31

TAX-EXEMPT

MONEY

FUND

Beginning

Account

Value

9/1/22

Ending

Account

Value

2/28/23

Expenses

Paid

During

Period*

9/1/22

to

2/28/23

Investor

Class

Actual

$1,000.00

$1,010.10

$2.14

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.66

  2.16

I

Class

Actual

  1,000.00

  1,011.00

  1.20

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,023.60

  1.20

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(181),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.43%,

and

the

2

I Class

was

0.24%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Tax-Free

Funds

32

TAX-FREE

SHORT-INTERMEDIATE

FUND

Beginning

Account

Value

9/1/22

Ending

Account

Value

2/28/23

Expenses

Paid

During

Period*

9/1/22

to

2/28/23

Investor

Class

Actual

$1,000.00

$1,001.20

$2.58

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.22

  2.61

Advisor

Class

Actual

  1,000.00

  1,001.90

  3.72

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.08

  3.76

I

Class

Actual

  1,000.00

  1,003.70

  1.84

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.96

  1.86

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(181),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.52%,

the

2

Advisor Class

was

0.75%,

and

the

3

I Class

was

0.37%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Tax-Free

Funds

33

TAX-FREE

INCOME

FUND

Beginning

Account

Value

9/1/22

Ending

Account

Value

2/28/23

Expenses

Paid

During

Period*

9/1/22

to

2/28/23

Investor

Class

Actual

$1,000.00

$1,003.10

$2.63

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.17

  2.66

Advisor

Class

Actual

  1,000.00

  1,000.40

  4.27

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,020.53

  4.31

I

Class

Actual

  1,000.00

  1,003.40

  2.33

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.46

  2.36

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(181),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.53%,

the

2

Advisor Class

was

0.86%,

and

the

3

I Class

was

0.47%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Tax-Free

Funds

34

TAX-FREE

HIGH

YIELD

FUND

Beginning

Account

Value

9/1/22

Ending

Account

Value

2/28/23

Expenses

Paid

During

Period*

9/1/22

to

2/28/23

Investor

Class

Actual

$1,000.00

$978.80

$3.24

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.52

  3.31

Advisor

Class

Actual

  1,000.00

  976.80

  4.51

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,020.23

  4.61

I

Class

Actual

  1,000.00

  979.40

  2.60

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.17

  2.66

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(181),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.66%,

the

2

Advisor Class

was

0.92%,

and

the

3

I Class

was

0.53%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Tax-Free

Funds

35

INTERMEDIATE

TAX-FREE

HIGH

YIELD

FUND

Beginning

Account

Value

9/1/22

Ending

Account

Value

2/28/23

Expenses

Paid

During

Period*

9/1/22

to

2/28/23

Investor

Class

Actual

$1,000.00

$995.70

$2.28

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.51

  2.31

Advisor

Class

Actual

  1,000.00

  994.40

  3.51

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.27

  3.56

I

Class

Actual

  1,000.00

  994.80

  2.03

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.76

  2.06

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(181),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.46%,

the

2

Advisor Class

was

0.71%,

and

the

3

I Class

was

0.41%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Tax-Free

Funds

36

QUARTER-END

RETURNS

Periods

Ended

12/31/22

SEC

Yield

(7-Day

Simple)

ab

SEC

Yield

(7-Day

Simple)–

Unsubsidized

......

1

Year

....

5

Years

....

10

Years

Since

Inception

Inception

Date

Tax-Exempt

Money

Fund

–

.

3.02‌%

3.04‌%

0.83‌%

0.65‌%

0.38‌%

–‌

–

Tax-Exempt

Money

Fund–

.

I  Class

3.19‌

3.21‌

0.99‌

0.72‌

–‌

0.72‌%

7/6/17

Tax-Free

Short-

Intermediate

Fund

–

.

–‌

–‌

-3.91‌

0.83‌

0.91‌

–‌

–

Tax-Free

Short-

Intermediate

Fund–

.

Advisor  Class

–‌

–‌

-4.18‌

0.53‌

0.56‌

–‌

–

Tax-Free

Short-

Intermediate

Fund–

.

I  Class

–‌

–‌

-3.59‌

0.98‌

–‌

1.16‌

11/29/16

Tax-Free

Income

Fund

–

.

–‌

–‌

-10.08‌

0.92‌

1.98‌

–‌

–

Tax-Free

Income

Fund–

.

Advisor  Class

–‌

–‌

-10.38‌

0.60‌

1.63‌

–‌

–

Tax-Free

Income

Fund–

.

I  Class

–‌

–‌

-10.02‌

1.00‌

–‌

1.29‌

7/6/17

Tax-Free

High

Yield

Fund

–

.

–‌

–‌

-13.58‌

0.79‌

2.58‌

–‌

–

Tax-Free

High

Yield

Fund–

.

Advisor  Class

–‌

–‌

-13.90‌

0.46‌

2.29‌

–‌

–

Tax-Free

High

Yield

Fund–

.

I  Class

–‌

–‌

-13.47‌

0.90‌

–‌

1.99‌

11/29/16

Intermediate

Tax-Free

High

Yield

Fund

–

.

–‌

–‌

-8.92‌

1.14‌

–‌

2.22‌

7/24/14

T.

ROWE

PRICE

Tax-Free

Funds

37

Periods

Ended

12/31/22

SEC

Yield

(7-Day

Simple)

ab

SEC

Yield

(7-Day

Simple)–

Unsubsidized

......

1

Year

....

5

Years

....

10

Years

Since

Inception

Inception

Date

Intermediate

Tax-Free

High

Yield

Fund–

.

Advisor  Class

–‌

–‌

-9.17‌

0.90‌

–‌

2.03‌

7/24/14

Intermediate

Tax-Free

High

Yield

Fund–

.

I  Class

–‌

–‌

-8.89‌

1.20‌

–‌

1.52‌

7/6/17

The

funds’

performance

information

represents

only

past

performance

and

is

not

necessarily

an

indication

of

future

results.

Current

performance

may

be

lower

or

higher

than

the

performance

data

cited.

Share

price,

principal

value,

and

return

will

vary,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

For

the

most

recent

month-end

performance,

please

visit

our

website

(troweprice.com)

or

contact

a

T.

Rowe

Price

representative

at

1-800-225-5132

or,

for

2

Advisor

and

3

I

Class

shares,

1-800-638-8790.

This

table

provides

returns

net

of

expenses

through

the

most

recent

calendar

quarter-end

rather

than

through

the

end

of

the

funds’

fiscal

period. It

shows

how

the

funds

would

have

performed

each

year

if

their

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Average

annual

total

return

figures

include

changes

in

principal

value,

reinvested

dividends,

and

capital

gain

distributions.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

When

assessing

performance,

investors

should

consider

both

short-

and

long-term

returns.

A

money

fund’s

yield

more

closely

represents

its

current

earnings

than

does

the

total

return.

a

In

an

effort

to

maintain

a

zero

or

positive

net

yield

for

the

fund,

T.

Rowe

Price

has

voluntarily

waived

all

or

a

portion

of

the

management

fee

it

is

entitled

to

receive

from

the

fund.

This

voluntary

waiver

is

in

addition

to

any

contractual

expense

ratio

limitation

in

effect

for

the

fund

and

may

be

amended

or

terminated

at

any

time

without

prior

notice.

A

fee

waiver

has

the

effect

of

increasing

the

fund’s

net

yield;

without

it,

the

fund’s

7-day

yield

would

have

been

lower.

Please

see

the

prospectus

for

more

details.

b

The

fund

operates

under

contractual

expense

limitations

that

expire

on

June

30,

2024.

An

expense

limitation

has

the

effect

of

increasing

the

fund’s

net

yield;

without

it,

the

fund’s

7-day

yield

would

have

been

lower.

Please

see

the

prospectus

for

more

details.

QUARTER-END

RETURNS

(continued)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

202304-2689344

C03-050

4/23

Highlights

and

Market

Commentary

Management’s

Discussion

of

Fund

Performance

Performance

and

Expenses

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

February

28,

2023

Annual

Report

|

Financial

Statements

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

PTEXX

Tax-Exempt

Money

Fund

–

.

TERXX

Tax-Exempt

Money

Fund–

.

I Class

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

Financial

Highlights

40

For

a

share

outstanding

throughout

each

period

Investor

Class

..

Year

..

..

Ended

.

2/28/23

2/28/22

2/28/21

2/29/20

2/28/19

NET

ASSET

VALUE

Beginning

of

period

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Investment

activities

Net

investment

income

(1)(2)

0.01‌

(3)

—‌

(3)

(4)

—‌

(3)

(4)

0.01‌

0.01‌

Net

realized

and

unrealized

gain/

loss

—‌

(4)

—‌

(4)

—‌

(4)

—‌

(4)

—‌

(4)

Total

from

investment

activities

0.01‌

—‌

(4)

—‌

(4)

0.01‌

0.01‌

Distributions

Net

investment

income

(0.01‌)

—‌

(4)

—‌

(4)

(0.01‌)

(0.01‌)

NET

ASSET

VALUE

End

of

period

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

Financial

Highlights

41

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

..

Year

..

..

Ended

.

2/28/23

2/28/22

2/28/21

2/29/20

2/28/19

Ratios/Supplemental

Data

Total

return

(2)(5)

1.20‌%

(3)

0.02‌%

(3)

0.19‌%

(3)

1.01‌%

1.09‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

(6)

0.44‌%

0.36‌%

0.52‌%

0.55‌%

0.44‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.42‌%

(3)

0.08‌%

(3)

0.22‌%

(3)

0.43‌%

0.40‌%

Net

investment

income

1.15‌%

(3)

0.01‌%

(3)

0.17‌%

(3)

1.00‌%

1.09‌%

Net

assets,

end

of

period

(in

thousands)

$176,009

$274,397

$343,697

$240,329

$254,531

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

6

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

See

Note

6.

Includes

the

effect

of

voluntary

management

fee

waivers

and

operating

expense

reimbursements

(0.02%,

0.27%

and

0.19%

of

average

net

assets)

for

the

years

ended

2/28/23,

2/28/22

and

2/28/21,

respectively.

(4)

Amounts

round

to

less

than

$0.01

per

share.

(5)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

(6)

See

Note

6.

Prior

to

2/29/20,

the

gross

expense

ratios

presented

are

net

of

a

management

fee

waiver

in

effect

during

the

period,

as

applicable.

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

Financial

Highlights

42

For

a

share

outstanding

throughout

each

period

I

Class

..

Year

..

..

Ended

.

2/28/23

2/28/22

2/28/21

2/29/20

2/28/19

NET

ASSET

VALUE

Beginning

of

period

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

Investment

activities

Net

investment

income

(1)(2)

0.01‌

(3)

—‌

(3)

(4)

—‌

(3)

(4)

0.01‌

0.01‌

Net

realized

and

unrealized

gain/

loss

—‌

(4)

—‌

(4)

—‌

(4)

—‌

(4)

—‌

(4)

Total

from

investment

activities

0.01‌

—‌

(4)

—‌

(4)

0.01‌

0.01‌

Distributions

Net

investment

income

(0.01‌)

—‌

(4)

—‌

(4)

(0.01‌)

(0.01‌)

NET

ASSET

VALUE

End

of

period

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

$

1.00‌

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

Financial

Highlights

43

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

..

Year

..

..

Ended

.

2/28/23

2/28/22

2/28/21

2/29/20

2/28/19

Ratios/Supplemental

Data

Total

return

(2)(5)

1.39‌%

(3)

0.02‌%

(3)

0.20‌%

(3)

1.11‌%

1.17‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

(6)

0.26‌%

0.27‌%

0.45‌%

0.46‌%

0.33‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.24‌%

(3)

0.08‌%

(3)

0.21‌%

(3)

0.33‌%

0.33‌%

Net

investment

income

1.41‌%

(3)

0.01‌%

(3)

0.19‌%

(3)

1.09‌%

1.21‌%

Net

assets,

end

of

period

(in

thousands)

$487,066

$362,029

$191,423

$137,967

$126,489

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

6

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

See

Note

6.

Includes

the

effect

of

voluntary

management

fee

waivers

and

operating

expense

reimbursements

(0.00%,

0.17%

and

0.12%

of

average

net

assets)

for

the

years

ended

2/28/23,

2/28/22

and

2/28/21,

respectively.

(4)

Amounts

round

to

less

than

$0.01

per

share.

(5)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

(6)

See

Note

6.

Prior

to

2/29/20,

the

gross

expense

ratios

presented

are

net

of

a

management

fee

waiver

in

effect

during

the

period,

as

applicable.

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

February

28,

2023

44

Portfolio

of

Investments

‡

Par

$

Value

(Amounts

in

000s)

‡

NON-FINANCIAL

COMPANY

COMMERCIAL

PAPER

21.9%

Boston

Water

and

Sewer

Commission,

Series A,

TECP,

2.70%,

3/6/23 

6,200‌

6,200‌

California

HFFA,

Kaiser,

Series E,

TECP,

3.20%,

6/8/23 

3,300‌

3,300‌

California

Statewide

CDA,

Kaiser

Permanente,

Series I,

TECP,

2.75%,

3/9/23 

1,500‌

1,500‌

California

Statewide

CDA,

Kaiser

Permanente,

Series I,

TECP,

2.75%,

5/3/23 

1,400‌

1,400‌

California

Statewide

CDA,

Kaiser

Permanente,

Series I,

TECP,

3.20%,

6/8/23 

200‌

200‌

Dist.

of

Columbia,

Series 22A,

TECP,

2.43%,

3/15/23 

3,000‌

3,000‌

Garland

City,

Series 2021,

TECP,

2.60%,

3/1/23 

6,200‌

6,200‌

Garland

City,

Series 2021,

TECP,

2.92%,

3/1/23 

400‌

400‌

Harris

County

Cultural

Ed.

Fac.,

TECP,

3.20%,

4/4/23 

6,600‌

6,600‌

Harris

County

Cultural

Ed.

Fac.,

Series B-1,

TECP,

3.25%,

3/1/23 

250‌

250‌

Harris

County

Toll

Auth.,

Series K,

TECP,

2.70%,

3/14/23 

2,240‌

2,240‌

Harris

County

Toll

Auth.,

Series K,

TECP,

3.25%,

3/14/23 

1,890‌

1,890‌

Houston

Airport

System,

Series G-2,

TECP,

2.70%,

3/16/23 

1,700‌

1,700‌

Houston

Higher

Education

Fin.,

Series A,

TECP,

2.55%,

3/2/23 

6,200‌

6,200‌

Houston

Higher

Education

Fin.,

Series A,

TECP,

3.10%,

6/1/23 

575‌

575‌

Illinois

EFA,

TECP,

2.70%,

4/4/23 

6,500‌

6,500‌

Indiana

Fin.

Auth.,

Series D-2,

TECP,

3.33%,

6/6/23 

1,500‌

1,500‌

Indiana

Univ.,

TECP,

2.85%,

6/9/23 

2,000‌

2,000‌

Indiana

Univ.,

TECP,

3.45%,

6/2/23 

4,448‌

4,448‌

Jacksonville,

Mayo

Health

Clinic,

Series 2016,

TECP,

3.35%,

6/8/23 

3,000‌

3,000‌

Los

Angeles

County,

Capital

Asset

Leasing,

Series B,

TECP,

2.70%,

4/11/23 

4,630‌

4,630‌

Lower

Colorado

River

Auth.,

TECP,

2.93%,

3/2/23 

2,700‌

2,700‌

Lower

Colorado

River

Auth.,

TECP,

3.55%,

3/2/23 

3,578‌

3,578‌

Lower

Colorado

River

Auth.,

Series B,

TECP,

3.25%,

3/30/23 

4,100‌

4,100‌

Maryland

HHEFA,

Series B,

TECP,

2.82%,

3/8/23 

5,560‌

5,560‌

Massachusetts

Bay

Transportation

Auth.,

Series B,

TECP,

2.65%,

3/2/23 

6,500‌

6,500‌

Metropolitan

Gov't

of

Nashville,

TECP,

3.45%,

5/17/23 

6,400‌

6,400‌

New

York

Power

Auth.,

Series 2,

TECP,

3.15%,

8/2/23 

400‌

400‌

New

York

Power

Auth.,

Series 2,

TECP,

3.25%,

6/7/23 

6,200‌

6,200‌

Ohio

Higher

Ed.

Fac.

Commission,

Series B-5,

TECP,

2.60%,

3/23/23 

6,000‌

6,000‌

Oregon

DOT,

Series A-2,

TECP,

2.80%,

3/21/23 

2,000‌

2,000‌

San

Francisco

City

&

County

Public

Utility,

Series A-2,

TECP,

2.65%,

3/8/23 

6,500‌

6,500‌

South

Carolina

Public

Service

Auth.,

Series B,

TECP,

2.65%,

3/6/23 

3,000‌

3,000‌

Tennessee,

Series A,

TECP,

3.45%,

8/1/23 

6,500‌

6,500‌

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

45

Par

$

Value

(Amounts

in

000s)

Tennessee,

Series A,

TECP,

3.65%,

8/9/23 

2,000‌

2,000‌

Texas

A&M

Univ.,

Series B,

TECP,

3.25%,

4/5/23 

2,089‌

2,089‌

Univ.

of

California,

Series A,

TECP,

3.00%,

5/3/23 

5,000‌

5,000‌

Univ.

of

Minnesota,

Series G,

TECP,

3.50%,

3/13/23 

6,500‌

6,500‌

Univ.

of

Texas,

Series A,

TECP,

3.10%,

4/10/23 

500‌

500‌

Univ.

of

Texas,

Series A,

TECP,

3.20%,

8/1/23 

6,000‌

6,000‌

Total

Non-Financial

Company

Commercial

Paper

(Cost

$145,260)

145,260‌

OTHER

MUNICIPAL

SECURITY

28.9%

Baltimore

City

Municipal

Water

Fin.

Auth.,

Water

Project,

Tender

Option

Bond

Trust

Receipts,

Series 2016-XM0391,

VRTR,

3.45%,

3/7/23  (1)

7,650‌

7,650‌

Baltimore

City,

Wastewater

Project

Tender

Option

Bond

Trust

Receipts,

Series 2022-XF3014,

VRTR,

3.45%,

3/7/23  (1)

2,000‌

2,000‌

Baltimore

County,

BAN,

GO,

4.00%,

3/24/23 

6,100‌

6,107‌

Baltimore

County,

GO,

5.00%,

3/1/23 

840‌

840‌

Baltimore

County,

Metropolitan

Dist.

Bonds,

Tender

Option

Bond

Trust

Receipts,

Series 2016-XX1041,

GO,

VRTR,

3.45%,

3/7/23  (1)

5,000‌

5,000‌

Baltimore

County,

Metropolitan

Dist.

Bonds,

Tender

Option

Bond

Trust

Receipts,

Series 2018-XF0682,

GO,

VRTR,

3.47%,

3/7/23  (1)

900‌

900‌

California,

Tender

Option

Bond

Trust

Receipts,

Series  2018-

YX1084,

GO,

VRTR,

3.45%,

3/7/23  (1)

4,000‌

4,000‌

Charleston

County

School

Dist.,

GO,

TAN,

4.00%,

3/31/23 

310‌

310‌

Colorado

Ed.

Loan

Program,

Series A,

5.00%,

6/29/23 

6,700‌

6,767‌

Colorado

HFA,

Adventist

Health

System,

Series C,

VR,

5.00%,

11/15/23 

1,590‌

1,616‌

Colorado

HFA,

Unrefunded

Balance,

Series C,

VR,

5.00%,

11/15/23

(Tender) 

5,260‌

5,347‌

Columbus,

Series A,

GO,

5.00%,

4/1/23 

750‌

752‌

Fairfax

County

IDA,

Inova

Health

System,

Series B-2,

VR,

5.00%,

5/15/23

(Tender) 

4,600‌

4,636‌

Franklin

County,

Trinity

Health

Credit

Group,

Series OH,

VR,

2.50%,

5/1/23

(Tender) 

5,000‌

5,000‌

Greenville

County

School

Dist.,

Series B,

GO,

5.00%,

6/1/23 

5,500‌

5,534‌

Houston,

Series A,

GO,

5.00%,

3/1/23 

4,790‌

4,790‌

Jackson

County,

Water

System,

GO,

VR,

2.75%,

8/1/23

(Tender) 

1,250‌

1,250‌

Los

Angeles

City,

TRAN,

4.00%,

6/29/23 

3,000‌

3,016‌

Los

Angeles

County,

TRAN,

4.00%,

6/30/23 

3,000‌

3,023‌

Los

Angeles

County

Metropolitan

Transportation

Auth.

Tender

Option

Bond

Trust

Receipts,

Series 2022-ZL0327,

VRTR,

3.45%,

3/7/23  (1)

1,400‌

1,400‌

Los

Angeles

Dept.

of

Water

&

Power

Tender

Option

Bond

Trust

Receipts,

Series 2022-ZL0326,

VRTR,

3.45%,

3/7/23  (1)

1,330‌

1,330‌

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

46

Par

$

Value

(Amounts

in

000s)

Massachusetts,

Tender

Option

Bond

Trust

Receipts,

Series  2016-

XM0221,

GO,

VRTR,

3.45%,

3/7/23  (1)(2)

3,120‌

3,120‌

Michigan

Fin.

Auth.,

Series A-2,

5.00%,

8/21/23 

850‌

858‌

Michigan

Hosp.

Fin.

Auth.,

Tender

Option

Bond

Trust

Receipts,

Series 2022-ZF1401,

VRTR,

3.45%,

3/7/23  (1)

1,250‌

1,250‌

Michigan

State

Hosp.

Fin.

Auth.,

Ascension

Health,

Series F,

VR,

4.00%,

6/1/23

(Tender) 

5,775‌

5,801‌

New

York

City

Municipal

Water

Fin.

Auth.,

Tender

Option

Bond

Trust

Receipts,

Series 2022-XL0375,

VRTR,

3.45%,

3/7/23  (1)

4,040‌

4,040‌

New

York

City

Municipal

Water

Fin.

Auth.,

Tender

Option

Bond

Trust

Receipts,

Series 2022-XL0376,

VRTR,

3.45%,

3/7/23  (1)

2,250‌

2,250‌

New

York

City

Municipal

Water

Fin.

Auth.,

Tender

Option

Bond

Trust

Receipts,

Series 2022-XL0378,

VRTR,

3.45%,

3/7/23  (1)

1,255‌

1,255‌

New

York

City

Municipal

Water

Fin.

Auth.,

Tender

Option

Bond

Trust

Receipts,

Series 2023-XF1462,

VRTR,

3.45%,

3/7/23  (1)

2,750‌

2,750‌

New

York

City,

Tender

Option

Bond

Trust

Receipts,

Series  2022-

XM1053,

GO,

VRTR,

3.45%,

3/7/23  (1)

1,875‌

1,875‌

New

York

City,

Tender

Option

Bond

Trust

Receipts,

Series  2022-

XX1230,

GO,

VRTR,

3.45%,

3/7/23  (1)(3)

4,325‌

4,325‌

New

York

City,

Tender

Option

Bond

Trust

Receipts,

Series  2022-

XX1231,

GO,

VRTR,

3.45%,

3/7/23  (1)

2,700‌

2,700‌

New

York

City,

Tender

Option

Bond

Trust

Receipts,

Series  2022-

XX1232,

GO,

VRTR,

3.45%,

3/7/23  (1)

1,500‌

1,500‌

New

York

Power

Auth.,

Tender

Option

Bond

Trust

Receipts,

Series 2023-XL0416,

VRTR,

3.45%,

3/7/23  (1)

2,500‌

2,500‌

New

York

State

Development,

Tender

Option

Bond

Trust

Receipts,

Series 2022-ZL0347,

VRTR,

3.45%,

3/7/23  (1)

1,560‌

1,560‌

New

York

State

Dormitory

Auth.,

Series C,

5.00%,

3/15/23 

5,525‌

5,529‌

New

York

State

Dormitory

Auth.

Tender

Option

Bond

Trust

Receipts,

Series 2015-XM0009,

VRTR,

3.45%,

3/7/23  (1)

2,000‌

2,000‌

New

York

State

Dormitory

Auth.,

Tender

Option

Bond

Trust

Receipts,

Series 2022-XM1052,

VRTR,

3.45%,

3/7/23  (1)

5,625‌

5,625‌

New

York

State

Environmental

Fac.

Tender

Option

Bond

Trust

Receipts,

Series 2022-XF3049,

VRTR,

3.45%,

3/7/23  (1)

2,670‌

2,670‌

New

York

State

Environmental

Fac.Tender

Option

Bond

Trust

Receipts,

Series 2023-XF1442,

VRTR,

3.45%,

3/7/23  (1)

3,560‌

3,560‌

New

York

State

Power

Auth.,

Tender

Option

Bond

Trust

Receipts,

Series 2022-XF1309,

VRTR,

3.45%,

3/7/23  (1)

1,330‌

1,330‌

Ohio,

Series A,

GO,

5.00%,

3/15/23 

805‌

806‌

Prince

George's

County,

Univ.

of

Maryland

Capital

Region

Medical

Center,

Tender

Option

Bond

Trust

Receipts,

Series XG0214,

COP,

VRTR,

3.50%,

3/7/23  (1)

2,125‌

2,125‌

RIB

Floster,

Tender

Option

Bond

Trust

Receipts,

Series  2016-

XM0435,

VRTR,

3.45%,

3/7/23  (1)

7,000‌

7,000‌

Riverside

County,

TRAN,

5.00%,

6/30/23 

4,000‌

4,037‌

Riverside

County,

Series A,

3.70%,

10/19/23 

4,000‌

4,010‌

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

47

Par

$

Value

(Amounts

in

000s)

Salt

River

Project

Agricultural

Improvement

&

Power

Dist.,

Tender

Option

Bond

Trust

Receipts,

Series 2022-ZL0300,

VRTR,

3.45%,

3/7/23  (1)

5,000‌

5,000‌

San

Diego

Unified

School

Dist.,

Series A,

TRAN,

4.00%,

6/30/23 

3,000‌

3,019‌

School

Dist.

of

Broward

County,

TAN,

4.00%,

6/30/23 

6,300‌

6,347‌

Seattle

Children's

Hosp.,

Tender

Option

Bond

Trust

Receipts,

Series 2017-XG0116,

VRTR,

3.45%,

3/7/23  (1)

1,890‌

1,890‌

South

Carolina

Assn.

of

Governmental

Organizations,

Series B,

COP,

4.00%,

3/1/23 

6,500‌

6,500‌

Triborough

Bride

&

Tunnel

Auth.,

Tender

Option

Bond

Trust

Receipts,

Series 2022-XF1357,

VRTR,

3.46%,

3/7/23  (1)

3,750‌

3,750‌

Triborough

Bride

&

Tunnel

Auth.,

Tender

Option

Bond

Trust

Receipts,

Series 2022-XF1359,

VRTR,

3.46%,

3/7/23  (1)

2,250‌

2,250‌

Triborough

Bride

&

Tunnel

Auth.,

Tender

Option

Bond

Trust

Receipts,

Series 2022-XX1270,

VRTR,

3.45%,

3/7/23  (1)(4)

1,580‌

1,580‌

Univ.

of

California

Regents

Medical

Center,

Tender

Option

Bond

Trust

Receipts,

Series 2018-YX1098,

VRTR,

3.44%,

3/7/23  (1)

4,400‌

4,400‌

Univ.

of

California

Regents

Medical

Center,

Tender

Option

Bond

Trust

Receipts,

Series 2022-XX1258,

VRTR,

3.44%,

3/7/23  (1)

2,000‌

2,000‌

Univ.

of

California

Regents

Medical

Center,

Tender

Option

Bond

Trust

Receipts,

Series 2022-ZL0284,

VRTR,

3.45%,

3/7/23  (1)

1,200‌

1,200‌

Univ.

of

California,

Tender

Option

Bond

Trust

Receipts,

Series 2022-XX1263,

VRTR,

3.44%,

3/7/23  (1)

1,875‌

1,875‌

Univ.

of

Chicago,

Tender

Option

Bond

Trust

Receipts,

Series 2017-XM0492,

VRTR,

3.45%,

3/7/23  (1)

2,400‌

2,400‌

Virginia

College

Building

Auth.,

Series A,

5.00%,

9/1/23 

450‌

454‌

Washington

State,

Tender

Option

Bond

Trust

Receipts,

Series 2022-ZF1403,

GO,

VRTR,

3.45%,

3/7/23  (1)

1,675‌

1,675‌

Wisconsin

HEFA,

Unity

Point

Health,

Series A,

5.00%,

12/1/23 

1,415‌

1,434‌

Total

Other

Municipal

Security

(Cost

$191,518)

191,518‌

VARIABLE

RATE

DEMAND

NOTES

47.9%

Alaska

Housing

Fin.,

Series D,

VRDN,

3.40%,

3/7/23 

3,300‌

3,300‌

Alaska

Housing

Fin.,

Home

Mortgage,

Series D,

VRDN,

3.40%,

3/7/23 

3,500‌

3,500‌

Battery

Park

City

Auth.,

Series D-1,

VRDN,

3.40%,

3/7/23 

1,740‌

1,740‌

Battery

Park

City

Auth.,

Series D-2,

VRDN,

3.40%,

3/7/23 

640‌

640‌

Brookhaven

Dev.

Auth.,

Children’s

Healthcare

of

Atlanta,

Series D,

VRDN,

3.45%,

3/7/23 

10,525‌

10,525‌

Colorado

HFA,

Series B,

VRDN,

3.30%,

3/7/23 

5,000‌

5,000‌

Colorado

Housing

&

Fin.

Auth.,

Series A,

VRDN,

3.40%,

3/7/23 

355‌

355‌

Colorado

Housing

&

Fin.

Auth.,

Series A-1,

VRDN,

3.30%,

3/7/23 

2,960‌

2,960‌

Connecticut

HEFA,

Series O,

VRDN,

3.41%,

3/7/23 

7,700‌

7,700‌

Dallas

Performing

Arts

Cultural

Fac.,

Series B,

VRDN,

3.40%,

3/7/23 

1,415‌

1,415‌

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

48

Par

$

Value

(Amounts

in

000s)

Dist.

of

Columbia,

Series C-1,

VRDN,

3.15%,

3/7/23 

4,750‌

4,750‌

Dist.

of

Columbia,

Series C-2,

VRDN,

3.41%,

3/7/23 

2,000‌

2,000‌

Dist.

of

Columbia

Water

&

Sewer

Auth.,

Series B-2,

VRDN,

3.43%,

3/7/23 

7,600‌

7,600‌

Fairfax

County

Economic

Dev.

Auth.,

Smithsonian

Institution,

Series A,

VRDN,

3.30%,

3/7/23 

2,000‌

2,000‌

Franklin

County,

VRDN,

3.35%,

3/7/23 

3,200‌

3,200‌

Harris

County

Hosp.

Dist.,

Series 2010,

VRDN,

3.44%,

3/7/23 

1,920‌

1,920‌

Hennepin

County,

Series B,

GO,

VRDN,

3.42%,

3/7/23 

5,240‌

5,240‌

Highlands

County

HFA,

Adventist

Health,

Series I-4,

VRDN,

3.44%,

3/7/23 

4,845‌

4,845‌

Houston

Combined

Utility

System,

Series B-2,

VRDN,

3.15%,

3/7/23 

7,500‌

7,500‌

Idaho

HFA,

Saint

Luke's

Health,

Series C,

VRDN,

2.62%,

3/1/23 

1,800‌

1,800‌

Illinois

EFA,

Univ.

of

Chicago,

Series B,

VRDN,

3.42%,

3/7/23 

1,716‌

1,716‌

Illinois

Fin.

Auth.,

Northwestern

Memorial

Healthcare,

Series E,

VRDN,

3.32%,

3/7/23 

4,200‌

4,200‌

Illinois

Fin.

Auth.,

Northwestern

Univ.,

Series D,

VRDN,

3.30%,

3/7/23 

6,200‌

6,200‌

Illinois

Fin.

Auth.,

Univ.

of

Chicago

Medical,

Series B,

VRDN,

3.40%,

3/7/23 

6,000‌

6,000‌

Illinois

Fin.

Auth.,

Univ.

of

Chicago

Medical,

Series D-1,

VRDN,

2.65%,

3/1/23 

155‌

155‌

Illinois

Fin.

Auth.,

Univ.

of

Chicago

Medical,

Series E-2,

VRDN,

3.43%,

3/7/23 

4,100‌

4,100‌

Indiana

Fin.

Auth.,

Ascension

Health

Alliance,

Series E-4,

VRDN,

3.45%,

3/7/23 

2,200‌

2,200‌

Indiana

Fin.

Auth.,

Parkview

Health

System,

Series C,

VRDN,

3.50%,

3/7/23 

2,000‌

2,000‌

Jacksonville,

Baptist

Health,

Series B,

VRDN,

3.45%,

3/7/23 

6,000‌

6,000‌

JEA

Electric

System,

Series A,

VRDN,

3.50%,

3/7/23 

10,685‌

10,685‌

Johnson

City

Health

&

Ed.

Fac.

Board,

Series B,

VRDN,

3.39%,

3/7/23 

2,000‌

2,000‌

Lehigh

County,

Series B,

VRDN,

3.42%,

3/7/23 

1,725‌

1,725‌

Loudoun

County

Economic

Dev.

Auth.,

Howard

Hughes

Medical,

Series B,

VRDN,

3.15%,

3/7/23 

6,300‌

6,300‌

Loudoun

County

Economic

Dev.

Auth.,

Howard

Hughes

Medical,

Series E,

VRDN,

3.40%,

3/7/23 

940‌

940‌

Louisville

County,

Norton

Healthcare,

VRDN,

3.51%,

3/7/23 

2,000‌

2,000‌

Maryland

CDA,

Multi-Family,

Kirkwood

Housing,

Series G,

VRDN,

3.42%,

3/7/23 

5,275‌

5,275‌

Maryland

Economic

Dev.,

Howard

Hughes

Medical,

Series A,

VRDN,

3.40%,

3/7/23 

1,560‌

1,560‌

Maryland

HHEFA,

Pooled

Loan

Program,

Series B,

VRDN,

3.45%,

3/7/23 

600‌

600‌

Maryland

Stadium

Auth.,

Football

Stadium,

VRDN,

3.13%,

3/7/23 

1,240‌

1,240‌

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

49

Par

$

Value

(Amounts

in

000s)

Massachusetts

Transportation

Trust

Fund

Metropolitan

Highway

System,

VRDN,

DOT,

3.41%,

3/7/23 

5,000‌

5,000‌

Mississippi

Business

Fin.,

Series A,

VRDN,

3.35%,

3/7/23 

5,400‌

5,400‌

Missouri

HEFA,

Series F,

VRDN,

3.47%,

3/7/23 

7,000‌

7,000‌

Montgomery

County

Housing

Opportunities

Commission,

Housing

Dev.,

Series A,

VRDN,

3.40%,

3/7/23 

2,975‌

2,975‌

Murray

City,

IHC

Health

Services,

Series A,

VRDN,

3.35%,

3/7/23 

6,000‌

6,000‌

Nebraska

Investment

Fin.

Auth.,

Series C,

VRDN,

3.40%,

3/7/23 

5,000‌

5,000‌

Nebraska

Investment

Fin.

Auth.,

Series E,

VRDN,

3.40%,

3/7/23 

2,000‌

2,000‌

New

York

City

Housing

Dev.,

Series I-3,

VRDN,

3.40%,

3/7/23 

3,000‌

3,000‌

New

York

City

Housing

Dev.,

201

Pearl

Street,

Multi-Family,

Series A,

VRDN,

3.35%,

3/7/23 

1,740‌

1,740‌

New

York

City

Housing

Dev.,

Elliott

Chelsea

Dev.,

Multi-Family,

Series A,

VRDN,

3.34%,

3/7/23 

1,790‌

1,790‌

New

York

City

Municipal

Water

Fin.

Auth.,

Series BB-2,

VRDN,

2.60%,

3/1/23 

1,025‌

1,025‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax

Secured,

Series A-7,

VRDN,

3.43%,

3/7/23 

2,150‌

2,150‌

New

York

State

Dormitory

Auth.,

Series A-2,

VRDN,

3.40%,

3/7/23 

5,250‌

5,250‌

Norfolk

Economic

Dev.

Auth.,

Series A,

VRDN,

3.47%,

3/7/23 

4,770‌

4,770‌

Ohio,

Series D-1,

VRDN,

3.30%,

3/7/23 

3,170‌

3,170‌

Ohio

State

Univ.,

Series B-1,

VRDN,

2.60%,

3/7/23 

9,700‌

9,700‌

Orange

County

HFA,

Series B,

VRDN,

3.35%,

3/7/23 

7,835‌

7,835‌

Orange

County

HFA,

Series C-2,

VRDN,

3.35%,

3/7/23 

675‌

675‌

Orange

County

HFA,

Series E,

VRDN,

3.45%,

3/7/23 

685‌

685‌

Oregon,

Veterans,

Series P,

GO,

VRDN,

3.58%,

3/7/23 

3,200‌

3,200‌

Pennsylvania

Turnpike

Commission,

VRDN,

3.40%,

3/7/23 

4,400‌

4,400‌

Pennsylvania

Turnpike

Commission,

Second Series,

VRDN,

3.40%,

3/7/23 

1,800‌

1,800‌

PFA,

Series D,

VRDN,

3.38%,

3/7/23 

6,000‌

6,000‌

Rhode

Island

Health

&

Ed.

Building,

Series A,

VRDN,

3.13%,

3/7/23 

7,320‌

7,320‌

Roanoke

Economic

Dev.

Auth.,

Series C,

VRDN,

3.40%,

3/7/23 

2,100‌

2,100‌

Rochester

City,

Mayo

Clinic,

Series B,

VRDN,

3.50%,

3/7/23 

7,000‌

7,000‌

South

Carolina

Public

Service

Auth.,

Series A,

VRDN,

3.52%,

3/7/23 

3,830‌

3,830‌

South

Dakota

HEFA,

Series B,

VRDN,

3.50%,

3/7/23 

3,830‌

3,830‌

Southcentral

Pennsylvania

General

Auth.,

Wellspan

Health,

Series E,

VRDN,

2.63%,

3/1/23 

2,000‌

2,000‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Texas

Health

Resources

System,

Series A,

VRDN,

3.43%,

3/7/23 

750‌

750‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Texas

Health

Resources

System,

Series A,

VRDN,

3.45%,

3/7/23 

1,200‌

1,200‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Texas

Health

Resources

System,

Series B,

VRDN,

3.40%,

3/7/23 

2,000‌

2,000‌

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

50

Par

$

Value

(Amounts

in

000s)

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Texas

Health

Resources

System,

Series C,

VRDN,

3.45%,

3/7/23 

740‌

740‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Texas

Health

Resources

System,

Series C-4,

VRDN,

3.45%,

3/7/23 

1,530‌

1,530‌

Texas,

Veterans,

GO,

VRDN,

3.55%,

3/7/23 

1,130‌

1,130‌

Texas,

Veterans,

Series 2017,

GO,

VRDN,

3.55%,

3/7/23 

2,600‌

2,600‌

Texas,

Veterans,

Series 2018,

GO,

VRDN,

3.55%,

3/7/23 

760‌

760‌

Texas,

Veterans,

Series C,

GO,

VRDN,

3.50%,

3/7/23 

2,855‌

2,855‌

Univ.

of

Colorado

Hosp.

Auth.,

Series A,

VRDN,

3.40%,

3/7/23 

10,700‌

10,700‌

Univ.

of

Michigan,

Series A,

VRDN,

3.42%,

3/7/23 

2,500‌

2,500‌

Univ.

of

North

Carolina

at

Chapel

Hill,

Series A,

VRDN,

3.40%,

3/7/23 

890‌

890‌

Univ.

of

Wisconsin

Hosp.

&

Clinics

Auth.,

Series B,

VRDN,

2.40%,

3/1/23 

3,800‌

3,800‌

Utah

County

IHC

Health,

Series B,

VRDN,

3.58%,

3/7/23 

4,730‌

4,730‌

Virginia

Small

Business

Fin.

Auth.,

Carilion

Clinic,

Series A,

VRDN,

3.42%,

3/7/23 

4,000‌

4,000‌

Virginia

Small

Business

Fin.

Auth.,

Carilion

Clinic,

Series B,

VRDN,

3.40%,

3/7/23 

1,800‌

1,800‌

Washington

Suburban

Sanitary

Commission,

Series B-3,

BAN,

VRDN,

3.45%,

3/7/23 

5,235‌

5,235‌

Washington

Suburban

Sanitary

Commission,

Series B-4,

BAN,

VRDN,

3.45%,

3/7/23 

4,975‌

4,975‌

Wisconsin

Housing

&

Economic

Dev.

Auth.,

Series C,

VRDN,

3.42%,

3/7/23 

5,870‌

5,870‌

Total

Variable

Rate

Demand

Notes

(Cost

$317,596)

317,596‌

Total

Investments

in

Securities

98.7%

of

Net

Assets

(Cost

$654,374)

$

654,374‌

‡

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

$103,735

and

represents

15.6%

of

net

assets.

(2)

Insured

by

AMBAC

Assurance

Corporation

(3)

Insured

by

Build

America

Mutual

Assurance

Company

(4)

Insured

by

Assured

Guaranty

Municipal

Corporation

BAN

Bond

Anticipation

Note

CDA

Community

Development

Administration/Authority

COP

Certificate

of

Participation

DOT

Department

of

Transportation

EFA

Educational

Facility

Authority

GO

General

Obligation

HEFA

Health

&

Educational

Facility

Authority

HFA

Health

Facility

Authority

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

51

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

.

.

.

.

.

.

.

.

.

.

HFFA

Health

Facility

Financing

Authority

HHEFA

Health

&

Higher

Educational

Facility

Authority

IDA

Industrial

Development

Authority/Agency

PFA

Public

Finance

Authority/Agency

TAN

Tax

Anticipation

Note

TECP

Tax-Exempt

Commercial

Paper

TRAN

Tax

Revenue

Anticipation

Note

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

VRDN

Variable

Rate

Demand

Note

under

which

the

holder

has

the

right

to

sell

the

security

to

the

issuer

or

the

issuer’s

agent

at

a

predetermined

price

on

specified

dates;

such

specified

dates

are

considered

the

effective

maturity

for

purposes

of

the

fund’s

weighted

average

maturity;

rate

shown

is

effective

rate

at

period-end

and

maturity

date

shown

is

the

date

principal

can

be

demanded.

Certain

VRDN

rates

are

not

based

on

a

published

reference

rate

and

spread

but

may

adjust

periodically.

VRTR

Variable

Rate

Trust

Receipt

is

a

synthetic

variable

rate

instrument

which

entitles

the

holder

to

sell

the

security

to

the

issuer

or

its

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

the

date

principal

can

be

demanded.

Certain

VRTR

rates

are

not

based

on

a

published

reference

rate

and

spread

but

may

adjust

periodically.

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

February

28,

2023

Statement

of

Assets

and

Liabilities

52

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Assets

Investments

in

securities,

at

value

(cost

$654,374)

$

654,374‌

Receivable

for

investment

securities

sold

5,043‌

Interest

receivable

4,041‌

Receivable

for

shares

sold

306‌

Cash

139‌

Other

assets

24‌

Total

assets

663,927‌

Liabilities

Payable

for

shares

redeemed

574‌

Investment

management

fees

payable

97‌

Due

to

affiliates

12‌

Other

liabilities

168‌

Total

liabilities

851‌

NET

ASSETS

$

663,076‌

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

47‌

Paid-in

capital

applicable

to

662,243,734

shares

of

$0.01

par

value

capital

stock

outstanding;

5,000,000,000

shares

authorized

663,029‌

NET

ASSETS

$

663,076‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

($176,009,489

/

175,790,097

shares

outstanding)

$

1.00‌

I

Class

($487,066,438

/

486,453,637

shares

outstanding)

$

1.00‌

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

Statement

of

Operations

53

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

2/28/23

Investment

Income

(Loss)

Interest

income

$

10,435‌

Expenses

Investment

management

1,217‌

Shareholder

servicing

Investor

Class

$

335‌

I

Class

68‌

403‌

Prospectus

and

shareholder

reports

Investor

Class

31‌

I

Class

6‌

37‌

Custody

and

accounting

170‌

Registration

70‌

Legal

and

audit

33‌

Proxy

and

annual

meeting

28‌

Directors

2‌

Miscellaneous

25‌

Waived

/

paid

by

Price

Associates

(

73‌

)

Total

expenses

1,912‌

Voluntary

management

fee

waivers

and

expense

reimbursements

(

47‌

)

Net

expenses

1,865‌

Net

investment

income

8,570‌

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

on

securities

3‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

8,573‌

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

Statement

of

Changes

in

Net

Assets

54

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2/28/23

2/28/22

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

8,570‌

$

57‌

Net

realized

gain

3‌

9‌

Increase

in

net

assets

from

operations

8,573‌

66‌

Distributions

to

shareholders

Net

earnings

Investor

Class

(

2,111‌

)

(

69‌

)

I

Class

(

6,458‌

)

(

36‌

)

Decrease

in

net

assets

from

distributions

(

8,569‌

)

(

105‌

)

Capital

share

transactions

*

Shares

sold

Investor

Class

123,478‌

195,591‌

I

Class

343,214‌

262,041‌

Shares

issued

in

connection

with

fund

acquisition

Investor

Class

–‌

83,407‌

I

Class

–‌

19,048‌

Distributions

reinvested

Investor

Class

2,046‌

65‌

I

Class

6,142‌

35‌

Shares

redeemed

Investor

Class

(

223,770‌

)

(

348,131‌

)

I

Class

(

224,464‌

)

(

110,711‌

)

Increase

in

net

assets

from

capital

share

transactions

26,646‌

101,345‌

Net

Assets

Increase

during

period

26,650‌

101,306‌

Beginning

of

period

636,426‌

535,120‌

End

of

period

$

663,076‌

$

636,426‌

*

Capital

share

transactions

at

net

asset

value

of

$1.00

per

share.

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

NOTES

TO

FINANCIAL

STATEMENTS

55

T.

Rowe

Price

Tax-Exempt

Money

Fund,

Inc.

(the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as a

diversified,

open-end

management

investment

company. The

fund

seeks

to

provide

preservation

of

capital,

liquidity,

and,

consistent

with

these

objectives,

the

highest

current

income

exempt

from

federal

income

taxes.

The

fund

intends

to

operate

as

a

retail

money

market

fund

and

has

the

ability

to impose

liquidity

fees

on

redemptions

and/or

temporarily

suspend

redemptions.

The

fund

has

two classes

of

shares:

the

Tax-Exempt

Money

Fund

(Investor

Class)

and

the

Tax-Exempt

Money

Fund–I

Class

(I

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

Prior

to

November

15,

2021,

the

initial

investment

minimum

was

$1

million

and

was

generally

waived

for

financial

intermediaries,

eligible

retirement

plans,

and

other

certain

accounts.

As

a

result

of

the

reduction

in

the

I

Class

minimum,

certain

assets

transferred

from

the

Investor

Class

to

the

I

Class.

This

transfer

of

shares

from

Investor

Class

to

I

Class

is

reflected

in

the

Statement

of

Changes

in

Net

Assets

within

the

Capital

shares

transactions

as

Shares

redeemed

and

Shares

sold,

respectively. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

both

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

class.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis.

Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes.

Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

56

as

income

tax

expense.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly.

A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to all classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

In

December,

2022,

FASB

issued

ASU

2022-06

which

defers

the

sunset

date

of

Topic

848

from

December

31,

2022,

to

December

31,

2024,

after

which

entities

will

no

longer

be

permitted

to

apply

the

relief

in

Topic

848.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

have

a

material

impact

on

the fund's

financial  statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

57

NOTE

2

-

VALUATION 

The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value.

The

fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee.

The

Valuation

Designee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1 – quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2 – inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3 – unobservable

inputs

(including

the Valuation

Designee’s

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

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.

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.

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

58

In

accordance

with

Rule

2a-7

under

the

1940

Act,

the

fund

values

its

securities

at

amortized

cost,

which

approximates

fair

value.

Securities

for

which

amortized

cost

is

deemed

not

to

reflect

fair

value

are

stated

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee,

in

accordance

with

fair

valuation

policies

and

procedures.

On

February

28,

2023,

all

of

the

fund’s

financial

instruments

were

classified

as

Level

2

in

the

fair

value

hierarchy.

NOTE

3

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund’s

prospectus

and

Statement

of

Additional

Information.

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

LIBOR

Transition

 The fund

may

invest

in

instruments

that

are

tied

to

reference

rates,

including

LIBOR.

Over

the

course

of

the

last

several

years,

global

regulators

have

indicated

an

intent

to

phase

out

the

use

of

LIBOR

and

similar

interbank

offered

rates

(IBOR).

While

publication

for

most

LIBOR

currencies

and

lesser-used

USD

LIBOR

settings

ceased

immediately

after

December

31,

2021,

remaining

USD

LIBOR

settings

will

continue

to

be

published

until

June

30,

2023.

There

remains

uncertainty

regarding

the

future

utilization

of

LIBOR

and

the

nature

of

any

replacement

rate.

Any

potential

effects

of

the

transition

away

from

LIBOR

on

the fund,

or

on

certain

instruments

in

which

the fund

invests,

cannot

yet

be

determined.

The

transition

process

may

result

in,

among

other

things,

an

increase

in

volatility

or

illiquidity

of

markets

for

instruments

that

currently

rely

on

LIBOR,

a

reduction

in

the

value

of

certain

instruments

held

by

the fund,

or

a

reduction

in

the

effectiveness

of

related

fund

transactions

such

as

hedges.

Any

such

effects

could

have

an

adverse

impact

on

the fund's

performance.

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

59

NOTE

4

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required. The

fund’s

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

February

28,

2023,

the

tax-basis

cost

of

investments was

as

follows:

($000s)

February

28,

2023

February

28,

2022

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

3‌

$

—‌

Tax-exempt

income

8,560‌

105‌

Long-term

capital

gain

6‌

—‌

Total

distributions

$

8,569‌

$

105‌

($000s)

Cost

of

investments

$

654,374‌

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

60

At

February

28,

2023,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

NOTE

5

-

ACQUISITIONS

On

August

23,

2021,

the

fund

acquired

substantially

all

of

the

assets

of

the

California

Tax-Free

Money

Fund

and

the

New

York

Tax-Free

Money

Fund

(collectively,

the

acquired

funds),

pursuant

to

the

Agreements

and

Plan

of

Reorganizations,

each

dated

March

9,

2021

and

approved

by

the

shareholders

of

each

respective

acquired

fund

on

August

11,

2021.

The

acquired

funds

offered

similar

investment

programs

as

the

fund,

the

fund

had

consistently

better

performance

than

each

acquired

fund,

and

shareholders

benefitted

by

moving

to

a

fund

with

a

lower

overall

expense

ratio

as

a

result

of

each

reorganization.

The

Boards

of

each

acquired

fund

and

the

fund

approved

the

reorganizations

and,

the

Board

of

each

acquired

fund

approved

the

respective

liquidation

and

dissolution

of

the

acquired

funds.

The

acquisition

was

accomplished

by

a

tax-free

exchange

of

Investor

Class

shares

and

I

Class

shares

of

the

fund

for

the

respective

Investor

Class

shares

and

I

Class

shares of

each

acquired

fund

then

outstanding,

for

the

amounts

and

values

shown

in

the

table

below:

The

exchange

was

based

on

values

at

the

close

of

the

NYSE

on

the

immediately

preceding

business

day,

August

20,

2021.

Assets

of

the

acquired

funds,

including

securities,

cash,

receivables

and

other

assets,

and

payables

as

shown

in

the

table

below

were

combined

with

those

of

the

fund,

resulting

in

aggregate

net

assets

of

$622,867,000

immediately

after

the

acquisition.

($000s)

Undistributed

tax-exempt

income

$

47‌

Total

distributable

earnings

(loss)

$

47‌

Fund

California

Tax-Free

Money

Fund

New

York

Tax-Free

Money

Fund

Investor

Class:

Shares

Outstanding

83,318,478

43,934,121

39,384,357

Net

Asset

Value

$83,407,000

$43,962,000

$39,445,000

I

Class:

Shares

Outstanding

19,032,170

15,241,885

3,790,285

Net

Asset

Value

$19,048,000

$15,251,000

$3,797,000

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

61

Pro

forma

results

of

operations

of

the

combined

entity

for

the

entire

year ended February

28,

2022,

as

though

the

acquisition

had

occurred

as

of

the

beginning

of

the

year

(rather

than

on

the

actual

acquisition

date),

are

as

follows:

NOTE

6

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). 

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee

equal

to 0.19%

of

the

fund’s

average

daily

net

assets.

The

fee

is

computed

daily

and

paid

monthly.

The Investor Class

is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

During

the

limitation

period,

Price

Associates

is

required

to

waive

its

management

fee

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary expenses;

and

acquired

fund

fees

and

expenses) that

would

otherwise

cause

the

class’s

ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the

class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

(000s)

California

Tax-Free

Money

Fund

New

York

Tax

Free

Money

Fund

Securities

$59,083

$43,113

Cash

$107

$109

Receivables

and

other

assets

$27

$33

Payable

$(4)

$(13)

($000s)

Net

investment

income

$

62‌

Net

realized

gain

(loss)

10‌

Increase

(decrease)

in

net

assets

from

operations

$

72‌

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

62

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

year ended February

28,

2023

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $135,000 remain

subject

to

repayment

by

the

fund

at

February

28,

2023.

Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

Price

Associates

may

voluntarily

waive

all

or

a

portion

of

its

management

fee

and

reimburse

operating

expenses

to

the

extent

necessary

for

the

fund

to

maintain

a

zero

or

positive

net

yield

(voluntary

waiver).

This

voluntary

waiver

is

in

addition

to

the

contractual

expense

limit

in

effect

for

the

fund. Any

amounts

waived/paid

by

Price

Associates

under

this

voluntary

agreement

are

not

subject

to

repayment

by

the

fund.

Price

Associates

may

amend

or

terminate

this

voluntary

arrangement

at

any

time

without

prior

notice.

For

the

year ended

February

28,

2023,

expenses

waived/paid

totaled

$47,000.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

a

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

Investor

Class

I

Class

Expense

limitation/I

Class

Limit

0.45%

0.05%

Expense

limitation

date

06/30/24

06/30/24

(Waived)/repaid

during

the

period

($000s)

$—

$(73)

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

63

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

For

the

year

ended

February

28,

2023,

expenses

incurred

pursuant

to

these

service

agreements

were

$100,000

for

Price

Associates

and

$335,000

for

T.

Rowe

Price

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

Purchases

and

sales

cross

trades

aggregated

$0

and

$13,208,000,

respectively,

with

net

realized

gain

of

$0

for

the

year

ended

February

28,

2023.

NOTE

7

-

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

the 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

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

64

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Directors

and

Shareholders

of

T.

Rowe

Price

Tax-Exempt

Money

Fund,

Inc.

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T.

Rowe

Price

Tax-Exempt

Money

Fund,

Inc.

(the

"Fund")

as

of

February

28,

2023,

the

related

statement

of

operations

for

the

year

ended

February

28,

2023,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

February

28,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

February

28,

2023

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

February

28,

2023,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

February

28,

2023

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

February

28,

2023

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

65

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

February

28,

2023

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

April

19,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T.

Rowe

Price

group

of

investment

companies

since

1973.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

(continued)

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

66

TAX

INFORMATION

(UNAUDITED)

FOR

THE

TAX

YEAR

ENDED 2/28/23

We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

$8,000 from

long-term

capital

gains,

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%

The

fund’s

distributions

to

shareholders

included

$7,165,000

which

qualified

as

exempt-

interest

dividends.

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

each

month

on

Form

N-MFP. The

fund’s

reports

on

Form

N-MFP

are

available on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their portfolio

holdings

information

on

troweprice.com

.

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

67

ABOUT

THE

FUND'S

DIRECTORS

AND

OFFICERS

Your

fund

is

overseen

by

a

Board

of

Directors

(Board)

that

meets

regularly

to

review

a

wide

variety

of

matters

affecting

or

potentially

affecting

the

fund,

including

performance,

investment

programs,

compliance

matters,

advisory

fees

and

expenses,

service

providers,

and

business

and

regulatory

affairs.

The

Board

elects

the

fund’s

officers,

who

are

listed

in

the

final

table.

The

directors

who

are

also

employees

or

officers

of

T.

Rowe

Price

are

considered

to

be

“interested”

directors

as

defined

in

Section

2(a)(19)

of

the

1940

Act

because

of

their

relationships

with

T.

Rowe

Price

Associates,

Inc. (T.

Rowe

Price),

and

its

affiliates.

The

business

address

of

each

director

and

officer

is

100

East

Pratt

Street,

Baltimore,

Maryland

21202.

The

Statement

of

Additional

Information

includes

additional

information

about

the

fund

directors

and

is

available

without

charge

by

calling

a

T.

Rowe

Price

representative

at

1-800-638-5660.

INDEPENDENT

DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Teresa

Bryce

Bazemore

(1959)

2018

[205]

President

and

Chief

Executive

Officer,

Federal

Home

Loan

Bank

of

San

Francisco

(2021

to

present);

Chief

Executive

Officer,

Bazemore

Consulting

LLC

(2018

to

2021);

Director,

Chimera

Investment

Corporation

(2017

to

2021);

Director,

First

Industrial

Realty

Trust

(2020

to

present);

Director,

Federal

Home

Loan

Bank

of

Pittsburgh

(2017

to

2019)

Bruce

W.

Duncan

(1951)

2013

[205]

President,

Chief

Executive

Officer,

and

Director,

CyrusOne,

Inc.

(2020

to

2021);

Chair

of

the

Board

(2016

to

2020)

and

President

(2009

to

2016),

First

Industrial

Realty

Trust,

owner

and

operator

of

industrial

properties;

Member,

Investment

Company

Institute

Board

of

Governors

(2017

to

2019);

Member,

Independent

Directors

Council

Governing

Board

(2017

to

2019);

Senior

Advisor,

KKR

(2018

to

2022);

Director,

Boston

Properties

(2016

to

present);

Director,

Marriott

International,

Inc.

(2016

to

2020)

Robert

J.

Gerrard,

Jr.

(1952)

2013

[205]

Chair

of

the

Board,

all

funds

(July

2018

to

present)

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

68

INTERESTED  DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Paul

F.

McBride

(1956)

2013

[205]

Advisory

Board

Member,

Vizzia

Technologies

(2015

to

present);

Board

Member,

Dunbar

Armored

(2012

to

2018)

Kellye

L.

Walker

(1966)

2021

[205]

Executive

Vice

President

and

Chief

Legal

Officer,

Eastman

Chemical

Company

(April

2020

to

present);

Executive

Vice

President

and

Chief

Legal

Officer,

Huntington

Ingalls

Industries,

Inc.

(January

2015

to

March

2020);

Director,

Lincoln

Electric

Company

(October

2020

to

present)

(a)

All

information

about

the

independent

directors

was

current

as

of

December

31,

2022,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

David

Oestreicher

(1967)

2018

[205]

Director,

Vice

President,

and

Secretary,

T.

Rowe

Price,

T.

Rowe

Price

Investment

Services,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.;

Director

and

Secretary,

T.

Rowe

Price

Investment

Management,

Inc.

(Price

Investment

Management);

Vice

President

and

Secretary,

T.

Rowe

Price

International

(Price

International);

Vice

President,

T.

Rowe

Price

Hong

Kong

(Price

Hong

Kong),

T. Rowe

Price

Japan

(Price

Japan),

and

T.

Rowe

Price

Singapore

(Price

Singapore);

General

Counsel,

Vice

President,

and

Secretary,

T.

Rowe

Price

Group,

Inc.;

Chair

of

the

Board,

Chief

Executive

Officer,

President,

and

Secretary,

T.

Rowe

Price

Trust

Company;

Principal

Executive

Officer

and

Executive

Vice

President,

all

funds

Eric

L.

Veiel,

CFA

(1972)

2022

[205]

Director

and

Vice

President,

T.

Rowe

Price;

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company;

Vice

President,

Global

Funds

(a)

All

information

about

the

interested

directors

was

current

as

of

December

31,

2022,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

INDEPENDENT

DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

69

OFFICERS

Name

(Year

of

Birth)

Position

Held

with Tax-Exempt

Money

Fund 

Principal

Occupation(s) 

Armando

(Dino)

Capasso

(1974)

Chief

Compliance

Officer

Chief

Compliance

Officer

and

Vice

President,

T.

Rowe

Price

and

Price

Investment

Management;

Vice

President,

T.

Rowe

Price

Group,

Inc.;

formerly,

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

AST

Investment

Services,

Inc.

(ASTIS)

(to

2022);

Chief

Compliance

Officer,

PGIM

Retail

Funds

complex

and

Prudential

Insurance

Funds

(to

2022);

Vice

President

and

Deputy

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

ASTIS

(to

2019);

Senior

Vice

President

and

Senior

Counsel

of

Pacific

Investment

Management

Company

LLC

(to

2017)

Davis

Collins,

CFA

(1989)

Vice

President

Vice

President,

T.

Rowe

Price

Maria

H.

Condez

(1962)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Alan

S.

Dupski,

CPA

(1982)

Principal

Financial

Officer,

Vice

President,

and

Treasurer

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Gary

J.

Greb

(1961)

Vice

President

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

Price

International,

and

T.

Rowe

Price

Trust

Company

Cheryl

Hampton,

CPA

(1969)

Vice

President

Vice

President,

T.

Rowe

Price;

formerly,

Tax

Director,

Invesco

Ltd.

(to

2021);

Vice

President,

Oppenheimer

Funds,

Inc.

(to

2019)

Benjamin

Kersse,

CPA

(1989)

Vice

President

Vice

President,

T.

Rowe

Price

Paul

J.

Krug,

CPA

(1964)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Cheryl

A.

Mickel,

CFA

(1967)

Vice

President

Director

and

Vice

President,

T.

Rowe

Price

Trust

Company;

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Fran

M.

Pollack-Matz

(1961)

Vice

President

and

Secretary 

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Investment

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.

Rachel

Protzman

(1988)

Assistant

Vice

President

Assistant

Vice

President,

T.

Rowe

Price

Shannon

H.

Rauser

(1987)

Assistant

Secretary 

Assistant

Vice

President,

T.

Rowe

Price

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

T.

ROWE

PRICE

Tax-Exempt

Money

Fund

70

Name

(Year

of

Birth)

Position

Held

with Tax-Exempt

Money

Fund 

Principal

Occupation(s) 

Richard

Sennett,

CPA

(1970)

Assistant

Treasurer

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Chen

Shao

(1980)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Douglas

D.

Spratley,

CFA

(1969)

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Mitch

Unger

(1986)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.;

formerly,

Senior

Research

Analyst,

NUVEEN,

TIAA

Investments

(to

2018)

Blerina

Uruci

(1984)

Vice

President

Vice

President,

T.

Rowe

Price;

formerly,

Senior

U.S.

Economist,

Barclays

Capital

(to

2022)

Megan

Warren

(1968)

Vice

President

OFAC

Sanctions

Compliance

Officer

and

Vice

President,

Price

Investment

Management;

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

T.

Rowe

Price

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

Kyeonta

Williams

(1992)

Vice

President

Assistant

Vice

President,

T.

Rowe

Price;

formerly,

Institutional

Salesman,

Wells

Fargo

Securities

(to

2021);

Sales

Assistant,

Wells

Fargo

Securities

(to

2018)

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F52-050

4/23

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Ms. Teresa Bryce Bazemore qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) – (d)  Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:

	2023		2022
Audit Fees	$	23,429	$	19,689
Audit-Related Fees		-		-
Tax Fees		-		5,453
All Other Fees		-		-

Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.

(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,454,000 and $3,749,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.
(2)	Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(b)	A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Tax-Exempt Money Fund, Inc.
By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	April 19, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	April 19, 2023

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	April 19, 2023