NPORT-EX 2 7006TRP053124.htm T. ROWE PRICE TAX-FREE INCOME FUND, INC.
T.
ROWE
PRICE
Tax-Free
Income
Fund
May
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES 99.6%
ALABAMA
 1.5%
Alabama
Corrections
Institution
Fin.
Auth.,
5.25%,
7/1/47 
5,000‌
5,345‌
Black
Belt
Energy
Gas
Dist.,
VRDN,
4.00%,
6/1/51
(Tender
12/1/31) 
4,140‌
4,075‌
Black
Belt
Energy
Gas
Dist.,
Series A,
VRDN,
5.25%,
1/1/54
(Tender
10/1/30) 
4,330‌
4,572‌
Black
Belt
Energy
Gas
Dist.,
Series B,
VRDN,
4.00%,
10/1/52
(Tender
12/1/26) 
5,750‌
5,737‌
Black
Belt
Energy
Gas
Dist.,
Series C-1,
VRDN,
5.25%,
2/1/53
(Tender
6/1/29) 
3,900‌
4,073‌
Black
Belt
Energy
Gas
Dist.,
Series D-1,
VRDN,
5.50%,
6/1/49
(Tender
2/1/29) 
7,000‌
7,387‌
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
5.25%,
5/1/44 (1)
3,280‌
3,294‌
34,483‌
ALASKA
 0.2%
Alaska
Int'l.
Airports
System,
Series B,
5.00%,
10/1/35 
3,945‌
3,991‌
3,991‌
ARIZONA
 1.4%
Arizona
HFA,
Banner
Health,
Series B,
FRN,
67%
of
3M
USD
LIBOR
+
0.81%,
4.52%,
1/1/37 
1,500‌
1,404‌
Maricopa
County
IDA,
Banner
Health,
Series 2019E,
3.00%,
1/1/49 
4,300‌
3,224‌
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/59 
1,070‌
1,023‌
Salt
River
Project
Agricultural
Improvement
&
Power
Dist.,
Series A,
5.00%,
1/1/47 
17,325‌
18,425‌
Salt
River
Project
Agricultural
Improvement
&
Power
Dist.,
Series B,
5.25%,
1/1/53 
6,000‌
6,537‌
30,613‌
CALIFORNIA
 7.7%
Alameda
Corridor
Transportation
Auth.,
Series B,
5.00%,
10/1/35 (2)
5,750‌
5,897‌
California,
GO,
5.00%,
8/1/32 
10,000‌
10,017‌
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.00%,
7/1/53
(Tender
8/1/29) 
8,580‌
8,970‌
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29) 
1,850‌
1,935‌
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.50%,
10/1/54
(Tender
11/1/30) 
3,050‌
3,297‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
2
Par
$
Value
(Amounts
in
000s)
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
Series E-1,
VRDN,
5.00%,
2/1/54
(Tender
3/1/31) 
11,505‌
12,123‌
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/36 
275‌
281‌
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/38 
275‌
277‌
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/30 
1,750‌
1,785‌
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/31 
1,335‌
1,361‌
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/32 
1,065‌
1,085‌
California
HFFA,
Kaiser
Permanente,
Series A-2,
5.00%,
11/1/47 
17,250‌
19,445‌
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35 
862‌
836‌
California
Infrastructure
&
Economic
Dev.
Bank,
4.00%,
10/1/43 
7,465‌
7,610‌
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
FRN,
100%
of
MUNIPSA
+
0.70%,
4.06%,
12/1/50
(Tender
6/1/26) 
775‌
772‌
California
Municipal
Fin.
Auth.,
Series A,
COP,
5.25%,
11/1/52 (2)
940‌
985‌
California
Municipal
Fin.
Auth.,
John
Adams
Academies
Lincoln
Project,
Series A,
5.00%,
10/1/49 (1)
1,525‌
1,436‌
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
4.00%,
10/1/29 (1)
415‌
402‌
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/32 (3)
1,425‌
1,602‌
California
Municipal
Fin.
Auth.,
Samuel
Merritt
Univ.,
5.25%,
6/1/53 
2,765‌
2,896‌
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/48 
5,500‌
5,556‌
California
School
Fin.
Auth.,
New
Designs
Charter
School,
5.00%,
6/1/30 (1)
1,100‌
1,126‌
California
State
Univ.,
Series C,
4.00%,
11/1/45 
5,065‌
4,988‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/48 (1)
3,300‌
3,344‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/56 (1)
5,330‌
5,352‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58 (1)
3,000‌
3,053‌
Chino
Valley
Unified
School
Dist.,
Series B,
GO,
3.375%,
8/1/50 (2)
5,060‌
4,250‌
CSCDA
Community
Improvement
Auth.,
Altana
Glendale
Social
Bonds,
Series A-2,
4.00%,
10/1/56 (1)
2,020‌
1,549‌
CSCDA
Community
Improvement
Auth.,
Link
Glendala
Social
Bonds,
Series A-2,
4.00%,
7/1/56 (1)
3,320‌
2,424‌
Golden
State
Tobacco
Securitization,
Series B-2,
Zero
Coupon,
6/1/66 
12,000‌
1,307‌
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series A,
5.25%,
9/1/37 
4,600‌
4,607‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
3
Par
$
Value
(Amounts
in
000s)
Irvine
Fac.
Fin.
Auth.,
Series A,
5.25%,
9/1/53 (4)
4,000‌
4,410‌
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series D,
5.00%,
3/1/57 
3,215‌
3,242‌
Long
Beach
Marina
System,
5.00%,
5/15/35 
1,000‌
1,004‌
Long
Beach
Marina
System,
5.00%,
5/15/40 
2,500‌
2,503‌
Los
Angeles
County
Public
Works
Fin.
Auth.,
Green
Bond,
Series A,
4.00%,
12/1/38 
1,575‌
1,600‌
Los
Angeles
County
Public
Works
Fin.
Auth.,
Green
Bond,
Series A,
4.00%,
12/1/40 
2,775‌
2,805‌
Los
Angeles
Dept.
of
Water
&
Power
Water
System
Revenue,
Series D,
5.00%,
7/1/52 
5,000‌
5,393‌
Regents
of
the
Univ.
of
California,
Medical
Center
Pooled
Revenue,
Series P,
3.50%,
5/15/54 
6,250‌
5,310‌
Sacramento
County
Airport,
Series A,
5.00%,
7/1/41 
2,925‌
2,985‌
Sacramento
County
Airport,
Series B,
5.00%,
7/1/41 
3,325‌
3,380‌
San
Diego
County
Regional
Airport
Auth.,
Series A,
4.00%,
7/1/51 
5,700‌
5,443‌
San
Francisco
Bay
Area
Rapid
Transit
Dist.,
Series C-1,
GO,
4.00%,
8/1/45 
4,645‌
4,556‌
San
Francisco
City
&
County
Int'l.
Airports,
Series B,
5.00%,
5/1/49 
10,600‌
11,063‌
174,262‌
COLORADO
 2.9%
Colorado,
COP,
6.00%,
12/15/39 
1,255‌
1,481‌
Colorado,
COP,
6.00%,
12/15/40 
4,850‌
5,690‌
Colorado,
COP,
6.00%,
12/15/41 
6,800‌
7,949‌
Colorado
Bridge
&
Tunnel
Enterprise,
Series A,
5.50%,
12/1/54 (2)
3,600‌
3,998‌
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/47 
690‌
691‌
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/51 
1,870‌
1,873‌
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/56 
6,880‌
6,888‌
Denver
City
&
County,
Series A,
4.00%,
8/1/42 
2,085‌
2,050‌
Denver
City
&
County
Airport,
Series B,
5.00%,
12/1/48 
10,500‌
10,753‌
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/34 
3,500‌
3,553‌
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/36 
2,000‌
2,024‌
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/40 
17,540‌
17,624‌
64,574‌
CONNECTICUT
 0.5%
Connecticut,
Series B,
GO,
3.00%,
1/15/42 (4)
5,000‌
4,099‌
Connecticut,
Series E,
GO,
5.00%,
9/15/34 
3,250‌
3,432‌
Connecticut
Housing
Fin.
Auth.,
Series A,
6.00%,
11/15/54 
3,000‌
3,215‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
4
Par
$
Value
(Amounts
in
000s)
Mashantucket
Western
Pequot
Tribe,
6.05%,
7/1/31
(4.00%
Cash
and
2.05%
PIK) (5)(6)(7)
2,878‌
640‌
11,386‌
DELAWARE
 0.6%
Delaware
Economic
Dev.
Auth.,
Acts
Retirement
Communities,
Series B,
5.00%,
11/15/48 
6,185‌
6,224‌
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/50 
2,865‌
2,705‌
Delaware
HFA,
Christiana
Health
Care
System,
5.00%,
10/1/45 
3,250‌
3,345‌
Univ.
of
Delaware,
Series A,
5.00%,
11/1/43 
895‌
1,011‌
Univ.
of
Delaware,
Series A,
5.00%,
11/1/45 
500‌
561‌
13,846‌
DISTRICT
OF
COLUMBIA
 2.8%
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/37 
515‌
510‌
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/42 
515‌
490‌
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/52 
4,680‌
4,158‌
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
6.50%,
10/1/44 
9,350‌
10,164‌
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/36 
500‌
502‌
Washington
Convention
&
Sports
Auth.,
Hotel
Tax,
Series A,
5.00%,
10/1/30 
3,200‌
3,344‌
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/46 
12,500‌
11,925‌
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.00%,
7/15/38 
2,500‌
2,676‌
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.50%,
7/15/51 
15,200‌
16,885‌
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/42 
12,500‌
12,779‌
63,433‌
FLORIDA
 6.3%
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.25%,
11/15/44 
4,500‌
3,048‌
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/31 
500‌
510‌
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/32 
750‌
763‌
Central
Florida
Expressway
Auth.,
5.00%,
7/1/39 
7,475‌
7,692‌
Central
Florida
Expressway
Auth.,
Series B,
5.00%,
7/1/34 
3,700‌
3,754‌
Collier
County,
Series A,
4.00%,
10/1/40 
3,740‌
3,748‌
Collier
County,
Series A,
4.00%,
10/1/41 
5,170‌
5,159‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
5
Par
$
Value
(Amounts
in
000s)
Collier
County,
Series A,
4.00%,
10/1/43 
2,590‌
2,542‌
Everest
GMR
Community
Dev.
Dist.,
6.20%,
5/1/54 
2,000‌
2,029‌
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
5.00%,
6/1/48 (1)
5,075‌
4,679‌
Hillsborough
County
IDA,
BayCare
Health
System,
Series D,
VRDN,
3.90%,
11/15/42 
7,400‌
7,400‌
Jacksonville
Ed.
Fac.,
Jacksonville
Univ.,
Series B,
5.00%,
6/1/53 (1)
3,600‌
3,257‌
JEA
Water
&
Sewer
System
Revenue,
Series A,
5.50%,
10/1/54 
2,000‌
2,218‌
Manatee
County,
5.50%,
10/1/53 
10,000‌
11,200‌
Martin
County
HFA,
Martin
Memorial
Medical
Center,
5.00%,
11/15/45
(Prerefunded
11/15/24) (8)
3,750‌
3,767‌
Miami-Dade
County
EFA,
Univ.
of
Miami,
Series A,
5.00%,
4/1/40 
18,700‌
18,755‌
Orange
County
HFA,
Orlando
Health
Obligated
Group,
4.00%,
10/1/52 
11,185‌
10,409‌
Orange
County
HFA,
Orlando
Health
Obligated
Group,
Series A,
5.00%,
10/1/39 
1,125‌
1,230‌
Orange
County
HFA,
Orlando
Health
Obligated
Group,
Series A,
5.00%,
10/1/53 
1,700‌
1,771‌
Palm
Beach
County
HFA,
Active
Retirement
Life
Community,
5.00%,
11/15/45 
4,175‌
4,213‌
Sarasota
County
Public
Hosp.
Dist.,
Sarasota
Memorial
Hosp.,
5.00%,
7/1/41 
10,000‌
10,179‌
South
Miami
HFA,
Baptist
Health,
5.00%,
8/15/37 
11,000‌
11,252‌
South
Miami
HFA,
Baptist
Health,
5.00%,
8/15/42 
6,000‌
6,074‌
Tampa,
Series A,
Zero
Coupon,
9/1/34 
900‌
573‌
Tampa,
Series A,
Zero
Coupon,
9/1/35 
750‌
456‌
Tampa,
Series A,
Zero
Coupon,
9/1/38 
1,000‌
518‌
Tampa,
Series A,
Zero
Coupon,
9/1/39 
850‌
417‌
Tampa,
Series A,
Zero
Coupon,
9/1/40 
1,000‌
462‌
Tampa,
Univ.
of
Tampa,
Series A,
4.00%,
4/1/50 
3,000‌
2,765‌
Tampa-Hillsborough
County
Expressway
Auth.,
5.00%,
7/1/47 
12,000‌
12,194‌
143,034‌
GEORGIA
 7.4%
Atlanta
Airport
Passenger
Fac.
Charge,
Series C,
5.00%,
7/1/40 
10,000‌
10,907‌
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.75%,
1/1/35 (5)(7)
800‌
360‌
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
7.00%,
1/1/40 (5)(7)
5,095‌
2,293‌
Brookhaven
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series A,
3.00%,
7/1/46 
2,675‌
2,043‌
Brookhaven
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series A,
4.00%,
7/1/49 
5,485‌
5,172‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
6
Par
$
Value
(Amounts
in
000s)
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
4.20%,
7/1/49 
9,050‌
9,050‌
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
RAC,
4.00%,
4/1/52 
5,000‌
4,639‌
Columbia
County
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.125%,
4/1/53 
4,925‌
5,142‌
Columbia
County
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.75%,
4/1/53 
14,650‌
16,238‌
Coweta
County
Water
&
Sewage
Auth.,
4.25%,
6/1/57 
900‌
876‌
Coweta
County
Water
&
Sewage
Auth.,
5.00%,
6/1/54 
900‌
962‌
Fulton
County
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series C,
5.00%,
7/1/38 
1,250‌
1,324‌
Fulton
County
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series C,
5.00%,
7/1/39 
1,165‌
1,228‌
Fulton
County
Dev.
Auth.,
Piedmont
Healthcare
Project,
Series A,
4.00%,
7/1/49 
16,000‌
14,721‌
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/36 
5,250‌
5,338‌
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/44 
5,150‌
5,300‌
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.00%,
2/15/35 
2,310‌
2,379‌
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series B,
5.50%,
2/15/42 
3,245‌
3,365‌
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/36 
2,500‌
2,427‌
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/54 
13,610‌
11,574‌
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/54 (1)
3,340‌
2,964‌
Georgia
Housing
&
Fin.
Auth.,
3.60%,
12/1/44 
4,000‌
3,449‌
Georgia
Housing
&
Fin.
Auth.,
Series A,
4.60%,
12/1/53 
4,000‌
3,871‌
Georgia
State
Road
&
Tollway
Auth.,
Managed
Lane
System,
Series A,
3.00%,
7/15/50 
5,080‌
3,798‌
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/31 
4,000‌
4,107‌
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/32 
2,500‌
2,566‌
Main
Street
Natural
Gas,
Series A,
VRDN,
4.00%,
7/1/52
(Tender
9/1/27) 
3,100‌
3,094‌
Main
Street
Natural
Gas,
Series B,
VRDN,
5.00%,
12/1/54
(Tender
3/1/32) 
1,750‌
1,856‌
Main
Street
Natural
Gas,
Series C,
VRDN,
5.00%,
9/1/53
(Tender
9/1/30) 
1,800‌
1,890‌
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series A,
5.50%,
9/15/25 
6,000‌
6,048‌
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series B,
VRDN,
5.00%,
12/1/52
(Tender
6/1/29) 
3,450‌
3,585‌
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
3/1/50
(Tender
9/1/26) 
7,940‌
7,941‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
7
Par
$
Value
(Amounts
in
000s)
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
5/1/52
(Tender
12/1/28) 
7,720‌
7,708‌
Municipal
Electric
Auth.
of
Georgia,
5.00%,
1/1/56 
4,795‌
4,857‌
Municipal
Electric
Auth.
of
Georgia,
5.00%,
1/1/56 (2)
3,315‌
3,351‌
Municipal
Electric
Auth.
of
Georgia,
Series A,
5.00%,
7/1/64 (2)
1,000‌
1,033‌
167,456‌
IDAHO
 0.1%
Idaho
HFA,
Saint
Luke's
Health
System,
Series A,
5.00%,
3/1/34 
2,100‌
2,101‌
2,101‌
ILLINOIS
 5.3%
Chicago,
Series A,
GO,
5.50%,
1/1/49 
1,850‌
1,903‌
Chicago
O'Hare
Int'l.
Airport,
Series B,
4.50%,
1/1/56 
22,690‌
22,221‌
Chicago
O'Hare
Int'l.
Airport,
Series B,
5.00%,
1/1/48 
4,000‌
4,105‌
Chicago
O'Hare
Int'l.
Airport,
Series D,
5.00%,
1/1/47 
10,775‌
10,928‌
Illinois,
GO,
5.50%,
5/1/25 
1,505‌
1,526‌
Illinois,
GO,
5.50%,
5/1/26 
1,350‌
1,391‌
Illinois,
Series A,
GO,
5.00%,
10/1/25 
950‌
964‌
Illinois,
Series A,
GO,
5.00%,
10/1/31 
1,500‌
1,577‌
Illinois,
Series A,
GO,
5.00%,
3/1/33 
1,500‌
1,630‌
Illinois,
Series A,
GO,
5.50%,
3/1/42 
2,250‌
2,460‌
Illinois,
Series B,
GO,
5.00%,
3/1/25 
2,375‌
2,394‌
Illinois,
Series B,
GO,
5.00%,
10/1/31 
2,000‌
2,102‌
Illinois,
Series B,
GO,
5.00%,
10/1/32 
1,750‌
1,838‌
Illinois,
Series B,
GO,
5.50%,
5/1/47 
1,985‌
2,136‌
Illinois,
Series C,
GO,
5.00%,
11/1/29 
4,530‌
4,695‌
Illinois,
Series D,
GO,
5.00%,
11/1/24 
1,015‌
1,019‌
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/34 
515‌
526‌
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/36 
750‌
766‌
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/41 
3,040‌
3,066‌
Illinois
Housing
Dev.
Auth.,
Series H,
5.75%,
10/1/53 
4,650‌
4,891‌
Illinois
State
Toll
Highway
Auth.,
Series A,
5.25%,
1/1/45 
6,875‌
7,399‌
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
5.00%,
6/15/50 
2,850‌
2,906‌
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/40 
1,725‌
802‌
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
6/15/37 (9)
11,870‌
6,735‌
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series B,
Zero
Coupon,
12/15/41 
10,000‌
4,287‌
Railsplitter
Tobacco
Settlement
Auth.,
5.00%,
6/1/28
(Prerefunded
6/1/26) (8)
1,310‌
1,342‌
Regional
Transportation
Auth.,
Series A,
5.75%,
6/1/34 (2)
5,250‌
6,037‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
8
Par
$
Value
(Amounts
in
000s)
Regional
Transportation
Auth.,
Series A,
6.00%,
7/1/33 (9)
15,000‌
17,336‌
118,982‌
INDIANA
 0.3%
Indiana
Fin.
Auth.
Depauw
Univ.,
Series A,
5.50%,
7/1/52 
5,000‌
5,125‌
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series A,
4.25%,
11/1/30 
1,375‌
1,363‌
Indiana
Fin.
Auth.,
Parkview
Health
System,
Series D,
VRDN,
4.00%,
11/1/39 
300‌
300‌
6,788‌
KANSAS
 0.2%
Overland
Park
Sales
Tax
Revenue,
Bluhawk
Star
Bond,
Series A,
6.50%,
11/15/42 (1)
4,025‌
4,076‌
4,076‌
KENTUCKY
 1.5%
Kentucky
Economic
DFA,
Louisville
Arena
Auth.,
Series A,
5.00%,
12/1/45 (2)
1,000‌
1,025‌
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/36 
4,050‌
3,496‌
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/46 
1,900‌
1,442‌
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.375%,
11/15/32 
2,000‌
1,838‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/37 
1,290‌
1,305‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/41 
850‌
852‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/45 
3,525‌
3,505‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/50 
6,780‌
6,572‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series B,
5.00%,
6/1/40 
2,200‌
2,209‌
Kentucky
Public
Energy
Auth.,
Series A-1,
VRDN,
5.25%,
4/1/54
(Tender
2/1/32) 
3,825‌
4,073‌
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28) 
8,760‌
8,709‌
35,026‌
LOUISIANA
 1.7%
Jefferson
Sales
Tax
Dist.,
Series B,
5.00%,
12/1/42 (2)
7,500‌
7,692‌
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/38 
750‌
770‌
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/43 
2,775‌
2,827‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
9
Par
$
Value
(Amounts
in
000s)
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/48 
9,210‌
9,340‌
New
Orleans
Sewerage
Service,
5.00%,
6/1/45
(Prerefunded
6/1/25) (8)
4,835‌
4,902‌
Saint
James
Parish,
Nustar
Logistics,
VRDN,
5.85%,
8/1/41
(Tender
6/1/25) (1)
4,450‌
4,515‌
Saint
John
the
Baptist
Parish,
Marathon
Oil,
VRDN,
4.05%,
6/1/37
(Tender
7/1/26) 
4,600‌
4,532‌
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series A-2,
VRDN,
2.10%,
6/1/37
(Tender
7/1/24) 
875‌
873‌
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series A-3,
VRDN,
2.20%,
6/1/37
(Tender
7/1/26) 
1,500‌
1,424‌
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series B-1,
VRDN,
2.125%,
6/1/37
(Tender
7/1/24) 
1,000‌
997‌
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series B-2,
VRDN,
2.375%,
6/1/37
(Tender
7/1/26) 
1,150‌
1,095‌
38,967‌
MARYLAND
 6.1%
Anne
County
Arundel,
Consolidated
Water
&
Sewer,
GO,
4.00%,
10/1/52 
5,000‌
4,795‌
Anne
County
Arundel,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/43 
2,435‌
2,699‌
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/42 
7,000‌
6,474‌
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/46 
1,000‌
897‌
Baltimore
City,
Harbor
Point
Project,
5.125%,
6/1/43 
2,500‌
2,437‌
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/33 
590‌
597‌
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/36 
395‌
398‌
Maryland
CDA,
5.05%,
3/1/47 
5,000‌
5,016‌
Maryland
CDA,
Series C,
5.75%,
9/1/54 
1,985‌
2,086‌
Maryland
Economic
Dev.,
Constellation
Energy
Group,
Series B,
VRDN,
4.10%,
10/1/36
(Tender
4/3/28) 
1,700‌
1,722‌
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/50 
650‌
516‌
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/29 
1,500‌
1,556‌
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/36 
2,655‌
2,719‌
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/46 
11,135‌
11,242‌
Maryland
HHEFA,
MedStar
Health,
5.00%,
8/15/32 
6,880‌
6,930‌
Maryland
HHEFA,
MedStar
Health,
Series A,
4.00%,
5/15/47 
6,810‌
6,368‌
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
5/15/45 
8,980‌
9,093‌
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/28 
2,010‌
2,026‌
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/45 
3,375‌
3,380‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
10
Par
$
Value
(Amounts
in
000s)
Maryland
Stadium
Auth.
Built
to
Learn
Revenue,
Series A,
4.00%,
6/1/52 
3,000‌
2,745‌
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
5.00%,
5/1/50 
10,020‌
10,804‌
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
Series B,
5.00%,
5/1/47 
3,625‌
3,936‌
Maryland
State
Transportation
Auth.,
4.00%,
7/1/50 
4,155‌
3,876‌
Montgomery
County,
Series A,
GO,
3.00%,
11/1/37 
5,365‌
4,751‌
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.00%,
1/1/43 
1,500‌
1,588‌
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.125%,
1/1/53 
2,500‌
2,615‌
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.50%,
1/1/48 
2,500‌
2,685‌
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.75%,
1/1/58 
3,915‌
4,265‌
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.75%,
1/1/63 
8,000‌
8,657‌
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/42 
3,100‌
2,932‌
Rockville,
Ingleside
at
King
Farm,
Series A-2,
5.00%,
11/1/31 
500‌
502‌
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36 
1,000‌
834‌
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/42 
1,700‌
1,303‌
Washington
Suburban
Sanitary
Commission,
2.25%,
6/1/41 
8,000‌
5,590‌
Washington
Suburban
Sanitary
Commission,
Consolidated
Public
Improvement,
4.00%,
6/1/53 
4,120‌
3,950‌
Westminster,
Carroll
Lutheran
Village,
5.125%,
7/1/34
(Prerefunded
7/1/24) (8)
3,000‌
3,002‌
Westminster,
Carroll
Lutheran
Village,
5.50%,
7/1/44
(Prerefunded
7/1/24) (8)
3,000‌
3,003‌
137,989‌
MASSACHUSETTS
 1.1%
Massachusetts
Bay
Transportation
Auth.,
5.00%,
7/1/41 
7,130‌
7,538‌
Massachusetts
Commonwealth,
Series C,
GO,
3.00%,
3/1/47 
4,000‌
3,094‌
Massachusetts
Dev.
Fin.
Agency,
Linden
Ponds
Fac.,
5.00%,
11/15/28 (1)
1,500‌
1,529‌
Massachusetts
HEFA,
Massachusetts
Institute
of
Technology,
Series K,
5.50%,
7/1/32 
10,000‌
11,688‌
23,849‌
MICHIGAN
 2.5%
Detroit,
GO,
5.00%,
4/1/28 
850‌
873‌
Detroit,
GO,
5.00%,
4/1/29 
150‌
153‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
11
Par
$
Value
(Amounts
in
000s)
Detroit
Downtown
Dev.
Auth.,
Catalyst
Dev.
Project,
Series A,
5.00%,
7/1/43 (2)
1,800‌
1,800‌
Detroit
Downtown
Dev.
Auth.,
Catalyst
Dev.
Project,
Series A,
5.00%,
7/1/48 (2)
1,500‌
1,452‌
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/40 
1,050‌
952‌
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/41 
1,100‌
987‌
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/42 
2,100‌
1,864‌
Great
Lakes
Water
Auth.
Sewage
Disposal,
Series A,
5.25%,
7/1/47 
8,340‌
9,104‌
Great
Lakes
Water
Auth.
Water
Supply,
Series A,
5.25%,
7/1/47 
7,000‌
7,641‌
Michigan
Fin.
Auth.,
Great
Lakes
Water
Auth.,
Series C-6,
5.00%,
7/1/33 
2,000‌
2,001‌
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
Series A,
4.00%,
11/15/50 
5,300‌
4,735‌
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
Series A,
5.00%,
11/15/48 
5,150‌
5,253‌
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Great
Lakes,
Series C,
5.00%,
7/1/33 
1,650‌
1,665‌
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Great
Lakes,
Series C,
5.00%,
7/1/34 
2,860‌
2,886‌
Michigan
Fin.
Auth.,
Trinity
Health,
4.00%,
12/1/40
(Prerefunded
12/1/29) (8)
445‌
462‌
Michigan
Fin.
Auth.,
University
of
Detroit
Mercy,
5.375%,
11/1/43 
3,530‌
3,432‌
Michigan
Fin.
Auth.,
University
of
Detroit
Mercy,
5.50%,
11/1/48 
1,700‌
1,636‌
Michigan
Trunk
Line
Revenue,
Rebuilding
Michigan
Program,
5.50%,
11/15/49 
2,500‌
2,788‌
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/36 
550‌
571‌
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/37 
500‌
518‌
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/42 
1,300‌
1,335‌
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/25 
1,070‌
1,092‌
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/28 
3,795‌
3,850‌
57,050‌
MINNESOTA
 0.4%
Minnesota
Agricultural
&
Economic
Dev.
Board,
5.25%,
1/1/54 
5,395‌
5,758‌
Minnesota
Housing
Fin.
Agency,
Series A,
2.90%,
1/1/45 
1,280‌
962‌
Minnesota
Housing
Fin.
Agency,
Series A,
6.25%,
1/1/54 
2,500‌
2,702‌
9,422‌
MISSOURI
 2.5%
Kansas
City
IDA,
Downtown
Redev.,
Series A,
5.00%,
9/1/31 
4,480‌
4,485‌
Kansas
City
IDA,
Downtown
Redev.,
Series A,
5.50%,
9/1/26 
7,000‌
7,010‌
Missouri
HEFA,
Lutheran
Senior
Services,
5.00%,
2/1/48 
3,000‌
2,868‌
Missouri
HEFA,
Mercy
Health,
3.00%,
6/1/53 
4,000‌
2,932‌
Missouri
HEFA,
Mercy
Health,
Series C,
5.00%,
11/15/47 
4,000‌
4,026‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
12
Par
$
Value
(Amounts
in
000s)
Missouri
HEFA,
Saint
Luke's
Health
System,
5.00%,
11/15/34 
5,400‌
5,509‌
Missouri
HEFA,
Saint
Luke's
Health
System,
5.00%,
11/15/35 
7,595‌
7,745‌
Missouri
HEFA,
SSM
Health,
Series F,
VRDN,
4.00%,
6/1/36 
1,320‌
1,320‌
Missouri
Joint
Municipal
Electric
Utility
Commission,
Plum
Point
Project,
Series A,
5.00%,
1/1/34 
10,985‌
11,021‌
Saint
Louis
County
IDA,
Friendship
Village,
5.00%,
9/1/48 
1,545‌
1,448‌
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.00%,
9/1/38 
1,000‌
1,003‌
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.125%,
9/1/48 
3,850‌
3,672‌
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
Series A,
5.125%,
12/1/45 
1,050‌
931‌
Saint
Louis
IDA,
Ballpark
Village,
Series A,
3.875%,
11/15/29 
105‌
93‌
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.375%,
11/15/35 
895‌
732‌
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.75%,
11/15/47 
800‌
603‌
55,398‌
NEVADA
 1.4%
Clark
County
School
Dist.,
Series A,
GO,
4.00%,
6/15/38 (2)
1,275‌
1,268‌
Clark
County
School
Dist.,
Series A,
GO,
4.00%,
6/15/40 (2)
1,425‌
1,383‌
Las
Vegas
Convention
&
Visitors
Auth.,
Series A,
5.00%,
7/1/49 
8,800‌
9,265‌
Las
Vegas
Convention
&
Visitors
Auth.,
Series B,
5.00%,
7/1/43 
12,485‌
12,912‌
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/48 
6,750‌
6,876‌
Reno,
Retrac-Reno
Transportation,
Series C,
Zero
Coupon,
7/1/58 (1)
4,500‌
575‌
32,279‌
NEW
HAMPSHIRE
 0.8%
New
Hampshire
Business
Fin.
Auth.,
Series 2020-1,
Class
A,
4.125%,
1/20/34 
5,509‌
5,235‌
New
Hampshire
Business
Fin.
Auth.,
Series 2023-2,
Class
A,
3.875%,
1/20/38 
2,686‌
2,424‌
New
Hampshire
Business
Fin.
Auth.,
Series 2024-2,
Class
A,
3.625%,
8/20/39 
2,575‌
2,350‌
New
Hampshire
Business
Fin.
Auth.,
Series A,
4.00%,
7/1/51 
3,920‌
3,625‌
New
Hampshire
Business
Fin.
Auth.,
Univ.
of
Nevada
Reno
Project,
Series A,
5.25%,
6/1/51 (4)
5,000‌
5,325‌
New
Hampshire
HEFA,
Hillside
Villiage,
Series A,
6.125%,
7/1/52 (1)(5)(7)
625‌
—‌
18,959‌
NEW
JERSEY
 5.1%
Garden
State
Preservation
Trust,
Farmland,
Series A,
5.75%,
11/1/28 (2)
10,400‌
10,902‌
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
4.00%,
6/15/29 (1)
530‌
516‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
13
Par
$
Value
(Amounts
in
000s)
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/39 (1)
500‌
495‌
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/49 (1)
2,210‌
2,065‌
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/35 
1,000‌
1,000‌
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/48 
4,765‌
4,458‌
New
Jersey
Economic
Dev.
Auth.,
Transit
Transportation
Project,
4.00%,
11/1/44 
1,250‌
1,196‌
New
Jersey
EFA,
Princeton
Univ.,
Series B,
5.25%,
3/1/54 
12,775‌
14,040‌
New
Jersey
HCFFA,
Barnabas
Health,
3.00%,
7/1/51 
10,115‌
7,349‌
New
Jersey
HCFFA,
Hackensack
Meridian
Health,
Series A,
5.25%,
7/1/57 
5,500‌
5,589‌
New
Jersey
Transportation
Trust
Fund
Auth.,
5.25%,
6/15/46 
1,370‌
1,478‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/34 
1,000‌
1,011‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/35 
1,250‌
1,262‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/39 
3,000‌
2,961‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/42 
1,000‌
965‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
4.00%,
6/15/45 
6,655‌
6,305‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/37 
2,175‌
2,375‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/44 
6,000‌
6,168‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/46 
2,275‌
2,421‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.25%,
6/15/50 
5,325‌
5,703‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series AA,
5.25%,
6/15/43 
13,575‌
14,099‌
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/42 
2,565‌
2,568‌
New
Jersey
Turnpike
Auth.,
Series A,
5.00%,
1/1/34 
5,300‌
5,302‌
New
Jersey
Turnpike
Auth.,
Series B,
5.25%,
1/1/52 
8,575‌
9,281‌
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/27 
335‌
348‌
Tobacco
Settlement
Fin.,
Series A,
5.25%,
6/1/46 
4,285‌
4,412‌
114,269‌
NEW
MEXICO
 0.1%
Farmington
PCR,
Public
Services
of
New
Mexico,
San
Juan
Project,
Series C,
VRDN,
1.15%,
6/1/40
(Tender
6/1/24) 
2,250‌
2,250‌
2,250‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
14
Par
$
Value
(Amounts
in
000s)
NEW
YORK
 8.3%
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
3.00%,
3/15/41 
2,465‌
2,019‌
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
4.00%,
3/15/47 
10,000‌
9,457‌
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
5.25%,
3/15/52 
1,900‌
2,066‌
Dormitory
Auth.
of
the
State
of
New
York,
Cornell
Univ.,
Series A,
5.50%,
7/1/54 
10,125‌
11,365‌
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series E,
4.00%,
3/15/49 
2,000‌
1,886‌
Dormitory
Auth.
of
the
State
of
New
York,
Touro
College
&
Univ.,
5.00%,
1/1/47
(Prerefunded
1/3/28) (8)
10,240‌
10,830‌
Dormitory
Auth.
of
the
State
of
New
York,
Unrefunded
Balance,
Series A,
5.00%,
2/15/30
(Prerefunded
6/14/24) (8)
4,850‌
4,852‌
Long
Island
Power
Auth.,
Electric,
Series 2017,
5.00%,
9/1/42 
3,000‌
3,084‌
Metropolitan
Transportation
Auth.,
Series B,
5.25%,
11/15/26 (2)
10,000‌
10,366‌
New
York
City,
Series B-1,
GO,
5.00%,
10/1/38 
1,500‌
1,555‌
New
York
City,
Series D-1,
GO,
5.50%,
5/1/45 
1,250‌
1,379‌
New
York
City,
Series D-1,
GO,
5.50%,
5/1/46 
1,625‌
1,788‌
New
York
City,
Series J,
GO,
5.00%,
8/1/31 
5,000‌
5,007‌
New
York
City,
Series J,
GO,
5.00%,
8/1/32 
7,500‌
7,511‌
New
York
City
Housing
Dev.,
3.05%,
5/1/50 
2,000‌
1,466‌
New
York
City
Housing
Dev.,
Series I-1,
2.65%,
11/1/50 
2,530‌
1,641‌
New
York
City
Ind.
Dev.
Agency,
Queens
Baseball
Stadium
Project,
Series A,
3.00%,
1/1/46 (2)
2,600‌
2,006‌
New
York
City
Municipal
Water
Fin.
Auth.,
Series AA,
5.25%,
6/15/52 
2,850‌
3,078‌
New
York
City
Municipal
Water
Fin.
Auth.,
Series BB-2,
VRDN,
4.00%,
6/15/53 
600‌
600‌
New
York
City
Municipal
Water
Fin.
Auth.,
Series CC-1,
4.00%,
6/15/33 
7,000‌
7,002‌
New
York
City
Municipal
Water
Fin.
Auth.,
Series CC-1,
5.25%,
6/15/54 
3,750‌
4,082‌
New
York
City
Municipal
Water
Fin.
Auth.,
Series DD,
4.125%,
6/15/46 
3,500‌
3,454‌
New
York
City
Transitional
Fin.
Auth.,
Series C,
5.50%,
5/1/43 
2,980‌
3,372‌
New
York
City
Transitional
Fin.
Auth.,
Series C,
5.50%,
5/1/44 
3,460‌
3,901‌
New
York
City
Transitional
Fin.
Auth.,
Series F-1,
5.25%,
2/1/53 
5,840‌
6,345‌
New
York
City
Transitional
Fin.
Auth.,
Series G-1,
5.00%,
5/1/52 
5,745‌
6,121‌
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Series C,
4.00%,
5/1/44 
2,295‌
2,234‌
New
York
City
Transitional
Fin.
Auth.,
Building
Aid,
Series S-1,
5.00%,
7/15/45 
3,975‌
4,072‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
15
Par
$
Value
(Amounts
in
000s)
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured
Revenue,
4.00%,
11/1/36 
500‌
512‌
New
York
Liberty
Dev.,
1
World
Trade
Center,
Series 1,
2.25%,
2/15/41 
5,500‌
3,804‌
New
York
State
Housing
Fin.
Agency,
Series L-2,
0.75%,
11/1/25 
4,375‌
4,128‌
New
York
State
Housing
Fin.
Agency,
Series M-2,
0.75%,
11/1/25 
1,975‌
1,863‌
New
York
State
Thruway
Auth.,
Series A,
5.25%,
1/1/56 
2,215‌
2,240‌
New
York
State
Thruway
Auth.,
Series A-1,
3.00%,
3/15/50 
7,400‌
5,571‌
New
York
State
Thruway
Auth.,
Series B,
4.00%,
1/1/38 
4,250‌
4,244‌
New
York
State
Thruway
Auth.,
Series B,
4.00%,
1/1/40 (2)
22,055‌
22,002‌
New
York
State
Urban
Dev.,
4.00%,
3/15/45 
8,500‌
8,180‌
Triborough
Bridge
&
Tunnel
Auth.,
Series C,
5.25%,
5/15/52 
6,170‌
6,623‌
Troy
Capital
Resource,
Rensselaer
Polytechnic
Institute,
5.00%,
9/1/27 
600‌
620‌
Troy
Capital
Resource,
Rensselaer
Polytechnic
Institute,
5.00%,
9/1/28 
1,000‌
1,046‌
Westchester
County
Local
Dev.,
Pace
Univ.,
Series A,
5.50%,
5/1/42 
3,910‌
3,910‌
187,282‌
NORTH
CAROLINA
 2.9%
Charlotte,
Charlotte-Douglas
Int'l.
Airport,
4.00%,
7/1/44 
3,900‌
3,786‌
North
Carolina
Housing
Fin.
Agency,
5.00%,
7/1/47 
1,940‌
1,939‌
North
Carolina
Housing
Fin.
Agency,
Series A,
6.25%,
1/1/55 
4,700‌
5,079‌
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/27 (2)
1,000‌
1,034‌
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/31 (2)
1,000‌
1,036‌
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/40 
14,735‌
15,076‌
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/47 
4,655‌
4,676‌
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/51 
3,100‌
3,111‌
North
Carolina
Turnpike
Auth.,
Triangle
Expressway,
4.00%,
1/1/55 
6,265‌
5,314‌
North
Carolina
Turnpike
Auth.,
Triangle
Expressway,
Series A,
5.00%,
1/1/58 (2)
18,000‌
18,921‌
Univ.
of
North
Carolina
at
Chapel
Hill,
Univ.
of
North
Carolina
Hosp.,
5.00%,
2/1/45 
1,440‌
1,600‌
Univ.
of
North
Carolina
at
Chapel
Hill,
Univ.
of
North
Carolina
Hosp.,
5.00%,
2/1/49 
3,875‌
4,281‌
65,853‌
OHIO
 3.3%
Allen
County
Hosp.
Fac.,
Catholic
Healthcare,
Series C,
VRDN,
3.90%,
6/1/34 
300‌
300‌
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series A-2,
Class
1,
4.00%,
6/1/38 
2,000‌
1,941‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
16
Par
$
Value
(Amounts
in
000s)
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series A-2,
Class
1,
4.00%,
6/1/39 
2,500‌
2,404‌
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series B-2,
Class
2,
5.00%,
6/1/55 
15,420‌
13,796‌
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/52 
8,750‌
8,849‌
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/57 
4,315‌
4,360‌
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/38 
1,600‌
1,586‌
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/40 
1,430‌
1,409‌
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/46 
6,000‌
6,222‌
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/51 
8,750‌
9,012‌
Hamilton
County,
Cincinnati
Children's
Hosp.,
Series CC,
5.00%,
11/15/49 
14,830‌
16,412‌
Ohio,
Series A,
5.00%,
1/15/50 
4,570‌
4,656‌
Ohio
Housing
Fin.
Agency,
Series A,
6.25%,
3/1/55 
2,500‌
2,708‌
Port
of
Greater
Cincinnati
Dev.
Auth.,
Series B,
4.375%,
12/1/58 (2)
1,900‌
1,846‌
75,501‌
OKLAHOMA
 1.1%
Oklahoma
DFA,
OU
Medicine,
Series B,
5.50%,
8/15/57 
1,500‌
1,529‌
Oklahoma
Turnpike
Auth.,
Senior,
4.50%,
1/1/53 
3,425‌
3,457‌
Oklahoma
Turnpike
Auth.,
Senior,
5.50%,
1/1/53 
14,390‌
15,692‌
Tulsa
County
Ind.
Auth.,
Montereau
Project,
5.25%,
11/15/45 
1,975‌
1,945‌
Univ.
of
Oklahoma,
Series A,
4.125%,
7/1/54 (4)
1,000‌
954‌
Univ.
of
Oklahoma,
Series A,
5.00%,
7/1/54 (4)
1,215‌
1,294‌
24,871‌
PENNSYLVANIA
 3.2%
Bucks
County
Water
&
Sewer
Auth.,
Series A,
5.25%,
12/1/47 (2)
2,175‌
2,336‌
Chester
County
IDA,
Longwood
Gardens
Project,
4.00%,
12/1/46 
1,940‌
1,842‌
Chester
County
IDA,
Longwood
Gardens
Project,
4.00%,
12/1/51 
2,750‌
2,528‌
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/40 (1)
2,105‌
1,837‌
Delaware
County
IDA,
United
Parcel
Service,
VRDN,
4.05%,
9/1/45 
100‌
100‌
Montgomery
County
IDA,
Series A,
VRDN,
4.10%,
4/1/53
(Tender
4/3/28) 
3,275‌
3,312‌
Northampton
County
General
Purpose
Auth.,
Lafayette
College,
5.00%,
11/1/47 
13,650‌
13,913‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
17
Par
$
Value
(Amounts
in
000s)
Pennsylvania
Housing
Fin.
Agency,
Series 144A,
6.00%,
10/1/54 
3,315‌
3,555‌
Pennsylvania
Housing
Fin.
Agency,
Series 145A,
6.00%,
10/1/54 (10)
1,925‌
2,071‌
Philadelphia
IDA,
Saint
Joseph's
Univ.,
4.00%,
11/1/45 
7,000‌
6,309‌
Philadelphia
IDA,
Temple
Univ.,
1st Series 2016,
5.00%,
4/1/29 
4,000‌
4,036‌
Philadelphia
IDA,
Temple
Univ.,
2nd Series 2016,
5.00%,
4/1/34 
1,825‌
1,839‌
Philadelphia
IDA,
Temple
Univ.,
2nd Series 2016,
5.00%,
4/1/35 
8,500‌
8,565‌
Philadelphia
School
Dist.,
Series A,
GO,
5.00%,
9/1/44 
9,300‌
9,590‌
Southcentral
Pennsylvania
General
Auth.,
Wellspan
Health,
Series E,
VRDN,
4.10%,
6/1/35 
1,400‌
1,400‌
State
Public
School
Building
Auth.,
Philadelphia
School
Dist.,
Series A,
5.00%,
6/1/33 (2)
8,500‌
8,694‌
71,927‌
PUERTO
RICO
 3.4%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (11)
10,662‌
6,610‌
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (11)
5,226‌
3,293‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
4.00%,
7/1/42 (1)
1,490‌
1,374‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/30 (1)
5,000‌
5,248‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/33 (1)
1,000‌
1,057‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/37 (1)
2,000‌
2,088‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/37 (1)
1,070‌
1,112‌
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/24 
235‌
234‌
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33 
1,852‌
1,227‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35 
1,294‌
1,267‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37 
2,756‌
2,666‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41 
1,510‌
1,398‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25 
3,633‌
3,664‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27 
1,588‌
1,659‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29 
1,563‌
1,680‌
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (7)
(12)
60‌
16‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
18
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (7)(12)
100‌
26‌
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (7)(12)
810‌
213‌
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (7)(12)
225‌
59‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (7)
(12)
290‌
76‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (7)
(12)
1,105‌
290‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (7)
(12)
370‌
97‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (7)
(12)
450‌
118‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (7)
(12)
2,640‌
693‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/37 (7)
(12)
380‌
100‌
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (7)
(12)
990‌
260‌
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (7)
(12)
280‌
74‌
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (7)
(12)
240‌
63‌
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (7)
(12)
100‌
26‌
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (7)
(12)
275‌
72‌
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (7)
(12)
215‌
56‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (7)
(12)
70‌
18‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (7)
(12)
120‌
32‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (7)
(12)
95‌
25‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (7)
(12)
890‌
234‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (7)
(12)
200‌
53‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (7)
(12)
100‌
26‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.55%,
7/1/40 
1,555‌
1,564‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53 
14,439‌
14,281‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
19
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27 
2,600‌
2,316‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/29 
5,800‌
4,789‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33 
10,102‌
7,045‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46 
20,000‌
6,370‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.329%,
7/1/40 
2,616‌
2,599‌
76,168‌
RHODE
ISLAND
 0.1%
Central
Falls
Detention
Fac.,
7.25%,
7/15/35 (5)(7)
4,915‌
1,966‌
1,966‌
SOUTH
CAROLINA
 0.9%
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/32 (7)
5,404‌
3,241‌
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/42 (7)
11,920‌
3,509‌
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
7/22/51 (7)
14,899‌
1,979‌
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
1/1/32 (7)
1,318‌
532‌
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
7/22/51 (7)
10,109‌
695‌
Connector
2000
Assoc.,
Series C-1,
Zero
Coupon,
7/22/51 (7)
1,356‌
49‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Active
Retirement
Community,
Series C,
5.00%,
11/15/47 
2,325‌
2,343‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/35 
2,000‌
2,066‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/37 
5,000‌
5,143‌
19,557‌
SOUTH
DAKOTA
 0.7%
South
Dakota
HEFA,
Avera
Health,
Series A,
4.25%,
7/1/49 
5,000‌
4,758‌
South
Dakota
HEFA,
Avera
Health,
Series A,
5.25%,
7/1/54 
11,125‌
12,010‌
16,768‌
TENNESSEE
 1.6%
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/35 
1,725‌
1,780‌
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/37 
4,000‌
4,108‌
Knox
County
Health
Ed.
&
Housing
Fac.
Board,
Series B-1,
5.25%,
7/1/64 (4)(10)
1,800‌
1,865‌
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/35 
2,675‌
2,718‌
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/40 
7,265‌
7,325‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
20
Par
$
Value
(Amounts
in
000s)
Metropolitan
Nashville
Airport
Auth.,
Series A,
4.00%,
7/1/49 
2,800‌
2,595‌
Metropolitan
Nashville
Airport
Auth.,
Series A,
4.00%,
7/1/54 
1,000‌
913‌
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/44 
2,500‌
2,620‌
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/52 
3,550‌
3,743‌
Tennessee
Energy
Acquisition,
Series A,
5.25%,
9/1/24 
8,100‌
8,117‌
35,784‌
TEXAS
 6.2%
Austin
Airport,
Series A,
5.00%,
11/15/41 
6,845‌
6,950‌
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/27 
2,600‌
2,600‌
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/34 
1,400‌
1,404‌
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/25 
1,030‌
1,025‌
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/26 
600‌
594‌
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/27 
1,000‌
986‌
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/28 
520‌
511‌
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series B,
5.00%,
8/15/49 
6,000‌
6,725‌
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/37 
295‌
316‌
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/38 
800‌
854‌
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/39 
775‌
822‌
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/41 
2,750‌
2,997‌
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/42 
1,000‌
1,086‌
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/43 
3,500‌
3,705‌
Fort
Bend
County
IDC,
NRG
Energy,
Series A,
4.75%,
5/1/38 
3,000‌
2,982‌
Harris
County,
Series A,
GO,
5.00%,
9/15/48 
1,500‌
1,595‌
Harris
County
Cultural
Ed.
Fac.
Fin.,
Houston
Methodist
Hosp.,
5.00%,
12/1/45 
7,000‌
7,031‌
Harris
County
Toll
Road
Revenue,
Series A,
4.00%,
8/15/49 (10)
5,000‌
4,718‌
Harris
County
Toll
Road
Revenue,
Series A,
4.00%,
8/15/54 (10)
4,225‌
3,927‌
Houston
Airport,
Series D,
5.00%,
7/1/35 
6,380‌
6,696‌
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/45 
2,600‌
2,282‌
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.25%,
12/1/35 
2,400‌
2,346‌
Kilgore
Independent
School
Dist.,
Series 2022,
GO,
3.00%,
2/15/40 
4,590‌
3,820‌
Kilgore
Independent
School
Dist.,
Series 2022,
GO,
3.00%,
2/15/41 
4,000‌
3,265‌
Lower
Colorado
River
Auth.,
Series A,
5.50%,
5/15/47 
2,500‌
2,713‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
21
Par
$
Value
(Amounts
in
000s)
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/30
(Prerefunded
4/1/25) (8)
300‌
303‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/47
(Prerefunded
4/1/25) (8)
3,310‌
3,347‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/32 
750‌
723‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/39 
1,000‌
898‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.25%,
10/1/49 
2,255‌
1,934‌
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/39 
6,110‌
6,194‌
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/43 
2,750‌
2,836‌
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/48 
12,500‌
12,809‌
North
Texas
Tollway
Auth.,
Second
Tier,
Series B,
3.00%,
1/1/51 (4)
6,700‌
4,862‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Series E,
VRDN,
5.00%,
11/15/52
(Tender
5/15/26) 
1,800‌
1,840‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/28 
1,000‌
998‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/31 
1,835‌
1,836‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/37 
1,700‌
1,680‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/40 
2,650‌
2,570‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/46 
5,395‌
5,020‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere-Northwest
Senior
High
School,
Series A,
5.00%,
11/15/45 (7)(13)
2,962‌
80‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Texas
Health
Resources
System,
Series A,
5.00%,
2/15/41 
4,240‌
4,301‌
Texas
IDC,
NRG
Energy,
Series 2012,
4.125%,
12/1/45 
3,670‌
3,214‌
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Series D,
6.25%,
12/15/26 
3,445‌
3,539‌
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Merrill
Lynch,
Senior
Lien,
Series A,
5.25%,
12/15/25 
1,000‌
1,010‌
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/30 
2,500‌
2,563‌
Texas
Transportation
Commission,
First
Tier
Toll,
State
Highway,
5.00%,
8/1/57 
5,260‌
5,305‌
139,812‌
UTAH
 0.4%
Intermountain
Power
Agency,
Series A,
5.00%,
7/1/38 
7,000‌
7,639‌
Salt
Lake
City
Airport,
Series B,
5.00%,
7/1/42 
1,000‌
1,024‌
8,663‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
22
Par
$
Value
(Amounts
in
000s)
VIRGINIA
 5.0%
Alexandria,
Series A,
GO,
2.00%,
12/15/38 
3,000‌
2,132‌
Arlington
County
IDA,
Virginia
Hosp.
Center,
3.75%,
7/1/50 
8,500‌
7,538‌
Arlington
County
IDA,
Virginia
Hosp.
Center,
Series A,
VRDN,
5.00%,
7/1/53
(Tender
7/1/31) 
5,000‌
5,298‌
Fairfax
County,
Series A,
GO,
2.00%,
10/1/40 
8,625‌
5,909‌
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/33 
8,955‌
8,988‌
Fairfax
County
IDA,
Inova
Health
System,
4.00%,
5/15/42 
7,100‌
6,971‌
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
4.00%,
7/1/52 
4,405‌
4,201‌
Harrisonburg,
Series A,
GO,
2.00%,
7/15/41 
5,145‌
3,426‌
Isle
Wight
County
IDA,
Riverside
Health
System,
4.75%,
7/1/53 (2)
5,000‌
5,124‌
Roanoke
Economic
Dev.
Auth.,
Series A,
5.00%,
7/1/47 
8,245‌
9,039‌
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/33 
1,000‌
1,013‌
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/36 
2,900‌
2,933‌
Virginia
College
Building
Auth.,
Series A,
4.00%,
9/1/45 
4,980‌
4,786‌
Virginia
College
Building
Auth.,
21st
Century
College
&
Equipment
Programs,
Series A,
4.00%,
2/1/43 
5,000‌
4,862‌
Virginia
College
Building
Auth.,
Univ.
of
Richmond,
5.00%,
3/1/49 
4,600‌
4,946‌
Virginia
College
Building
Auth.,
Univ.
of
Richmond,
5.00%,
3/1/54 
9,050‌
9,667‌
Virginia
Commonwealth
Transportation
Board,
4.00%,
5/15/35
(Prerefunded
6/10/24) (8)
5,000‌
5,000‌
Virginia
Housing
Dev.
Auth.,
Series F,
5.40%,
11/1/63 
10,000‌
10,144‌
Virginia
Housing
Dev.
Auth.,
Series G,
5.375%,
11/1/64 
5,000‌
5,116‌
Virginia
Housing
Dev.
Auth.,
Series K,
2.55%,
12/1/46 
4,090‌
2,765‌
Williamsburg
Economic
Dev.
Auth.,
William
and
Mary
Project,
Series A,
5.25%,
7/1/53 (2)
3,300‌
3,529‌
113,387‌
WASHINGTON
 1.6%
Energy
Northwest,
Columbia
Generating
Station,
Series A,
4.00%,
7/1/42 
6,065‌
5,937‌
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/37 
3,215‌
3,487‌
Washington
Convention
&
Sports
Auth.,
Series C,
GO,
5.00%,
2/1/44 
10,565‌
11,263‌
Washington
State
Convention
Center
Public
Fac.
Dist.,
4.00%,
7/1/31 
2,500‌
2,434‌
Washington
State
Housing
Fin.
Commission,
Radford
Court
&
Nordheim
Court
Portfolio,
5.00%,
7/1/54 
2,655‌
2,675‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
23
Par
$
Value
(Amounts
in
000s)
Washington
State
Housing
Fin.
Commission,
Radford
Court
&
Nordheim
Court
Portfolio,
5.50%,
7/1/59 
2,605‌
2,727‌
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series 2023-1,
Class
A,
3.375%,
4/20/37 
9,961‌
8,628‌
37,151‌
WEST
VIRGINIA
 0.0%
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.50%,
6/1/37 (1)
425‌
432‌
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.75%,
6/1/43 (1)
425‌
433‌
865‌
WISCONSIN
 0.5%
Wisconsin
Housing
&
Economic
Dev.
Auth.
Home
Ownership
Revenue,
Series B,
6.00%,
3/1/55 (10)
3,125‌
3,361‌
Wisconsin
PFA,
Retirement
Housing
Foundation
Obligation
Group,
5.00%,
11/15/29 (3)
1,475‌
1,588‌
Wisconsin
PFA,
Retirement
Housing
Foundation
Obligation
Group,
5.00%,
11/15/30 (3)
1,500‌
1,635‌
Wisconsin
PFA,
Searstone
CCRC
Project,
Series A,
5.00%,
6/1/37 (1)
4,000‌
3,763‌
10,347‌
Total
Municipal
Securities
(Cost
$2,300,196)
2,250,385‌
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES 0.1%
Freddie
Mac
Multifamily
ML
Certificates,
Series 2021-ML10,
Class
ACA,
2.046%,
6/25/38 
3,544‌
2,732‌
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$3,646)
2,732‌
Total
Investments
in
Securities
 99.7%
(Cost
$2,303,842)
$
2,253,117‌
Other
Assets
Less
Liabilities
0.3%
6,704
Net
Assets
100.0%
$
2,259,821‌
‡
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
$63,995
and
represents
2.8%
of
net
assets.
(2)
Insured
by
Assured
Guaranty
Municipal
Corporation
(3)
Escrowed
to
maturity
T.
ROWE
PRICE
Tax-Free
Income
Fund
24
.
.
.
.
.
.
.
.
.
.
(4)
Insured
by
Build
America
Mutual
Assurance
Company
(5)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(6)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(7)
Non-income
producing
(8)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(9)
Insured
by
National
Public
Finance
Guarantee
Corporation
(10)
When-issued
security
(11)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
(12)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(13)
Obligor
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
CDA
Community
Development
Administration/Authority
COP
Certificate
of
Participation
DFA
Development
Finance
Authority
EFA
Educational
Facility
Authority
FRN
Floating
Rate
Note
GO
General
Obligation
HCFFA
Health
Care
Facilities
Financing
Authority
HEFA
Health
&
Educational
Facility
Authority
HFA
Health
Facility
Authority
HFFA
Health
Facility
Financing
Authority
HHEFA
Health
&
Higher
Educational
Facility
Authority
IDA
Industrial
Development
Authority/Agency
IDC
Industrial
Development
Corporation
MUNIPSA
Securities
Industry
and
Financial
Markets
Association
(SIFMA)
Municipal
Swap
Index
PCR
Pollution
Control
Revenue
PFA
Public
Finance
Authority/Agency
PIK
Payment-in-kind
RAC
Revenue
Anticipation
Certificate
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.
T.
ROWE
PRICE
Tax-Free
Income
Fund
25
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
.
.
.
.
.
.
.
.
.
.
VRDN
Variable
Rate
Demand
Note
under
which
the
holder
has
the
right
to
sell
the
security
to
the
issuer
or
the
issuer’s
agent
at
a
predetermined
price
on
specified
dates;
such
specified
dates
are
considered
the
effective
maturity
for
purposes
of
the
fund’s
weighted
average
maturity;
rate
shown
is
effective
rate
at
period-end
and
maturity
date
shown
is
final
maturity.
Certain
VRDN
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
T.
ROWE
PRICE
Tax-Free
Income
Fund
Unaudited
Notes
to
Portfolio
of
Investments
26
T.
Rowe
Price
Tax-Free
Income
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus. 
VALUATION 
Fair
Value
  The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
be
tween
market
participants
at
the
measurement
date. 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)
T.
ROWE
PRICE
Tax-Free
Income
Fund
27
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
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques 
Debt
securities
generally
are
traded
in
the over-the-
counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.   
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
T.
ROWE
PRICE
Tax-Free
Income
Fund
28
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
  On
May
31,
2024
,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
2,
based
on
the
inputs
used
to
determine
their
fair
values.
OTHER
MATTERS 
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
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.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
F45-054Q1
05/24