NPORT-EX 2 7006TRP113021.htm
T.
ROWE
PRICE
Tax-Free
Income
Fund
November
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES
99.8%
ALABAMA
0.3%
Southeast
Energy
Auth.,
Series B-1,
VRDN,
4.00%,
12/1/51
(Tender
12/1/31) 
4,235‌
5,096‌
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
5.25%,
5/1/44 (1)
3,280‌
3,788‌
8,884‌
ALASKA
0.2%
Alaska
Int'l.
Airports
System,
Series B,
5.00%,
10/1/35 
3,945‌
4,567‌
4,567‌
ARIZONA
0.4%
Arizona
HFA,
Banner
Health,
Series B,
FRN,
67%
of
3M
USD
LIBOR
+
0.81%,
0.898%,
1/1/37 
1,500‌
1,492‌
Arizona
HFA,
Phoenix
Children's
Hosp.,
Series A,
5.00%,
2/1/34
(Prerefunded
2/1/22) (2)
3,000‌
3,024‌
Phoenix
Civic
Improvement,
Series A,
4.00%,
7/1/40 
2,505‌
3,055‌
Phoenix
Civic
Improvement,
Series A,
4.00%,
7/1/41 
2,625‌
3,194‌
Phoenix
Civic
Improvement,
Series A,
4.00%,
7/1/42 
415‌
503‌
Phoenix
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/59 
1,070‌
1,259‌
12,527‌
CALIFORNIA
9.7%
Alameda
Corridor
Transportation
Auth.,
Series B,
5.00%,
10/1/35 (3)
5,750‌
6,835‌
California,
GO,
4.00%,
10/1/39 
7,370‌
8,987‌
California,
GO,
4.00%,
11/1/45 
7,870‌
8,752‌
California,
GO,
5.00%,
9/1/31 
2,100‌
2,842‌
California,
GO,
5.00%,
8/1/32 
15,000‌
16,775‌
California,
GO,
5.00%,
9/1/32 
2,000‌
2,704‌
California
Community
Choice
Fin.
Auth.,
Green
Bond,
Series B-1,
VRDN,
4.00%,
2/1/52
(Tender
8/1/31) 
10,475‌
12,684‌
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/35 
300‌
360‌
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/36 
275‌
329‌
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/37 
300‌
358‌
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/38 
275‌
327‌
California
County
Tobacco
Securitization
Agency,
Series A,
4.00%,
6/1/39 
300‌
356‌
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/30 
1,750‌
2,048‌
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/31 
1,335‌
1,560‌
California
HFFA,
Cedars-Sinai
Medical
Center,
5.00%,
11/15/32 
1,065‌
1,244‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
2
Par
$
Value
(Amounts
in
000s)
California
HFFA,
Kaiser
Permanente,
Series A-2,
5.00%,
11/1/47 
4,750‌
7,266‌
California
HFFA,
Lucile
Packard
Stanford
Hosp.,
Series B,
5.00%,
8/15/55 
4,550‌
5,356‌
California
HFFA,
Lucile
Salter
Packard
Children's
Hosp.
at
Stanford,
Series A,
5.00%,
11/15/56 
3,925‌
4,751‌
California
HFFA,
Stanford
Hosp.
&
Clinics,
Series A,
5.00%,
8/15/42
(Prerefunded
8/15/22) (2)
7,000‌
7,238‌
California
HFFA,
Sutter
Health,
Series A,
5.00%,
11/15/38 
2,250‌
2,766‌
California
HFFA,
Sutter
Health,
Series A,
5.00%,
8/15/52
(Prerefunded
8/15/23) (2)
6,100‌
6,592‌
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35 
900‌
1,081‌
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
FRN,
100%
of
MUNIPSA
+
0.70%,
0.75%,
12/1/50
(Tender
6/1/26) 
775‌
787‌
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
4.00%,
10/1/29 (1)
420‌
450‌
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
5.00%,
10/1/49 (1)
1,525‌
1,650‌
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/32 
1,425‌
1,791‌
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/48 
5,500‌
6,613‌
California
Public
Works
Board,
Series B,
4.00%,
5/1/39 
1,200‌
1,453‌
California
Public
Works
Board,
Series B,
4.00%,
5/1/46 
2,125‌
2,529‌
California
Public
Works
Board,
Series B,
5.00%,
10/1/34 
1,090‌
1,223‌
California
Public
Works
Board,
Series B,
5.00%,
10/1/39 
10,000‌
11,175‌
California
Public
Works
Board,
Coalinga
State
Hosp.,
Series E,
5.00%,
6/1/26 
5,000‌
5,338‌
California
Public
Works
Board,
Judicial
Council,
Series A,
5.00%,
3/1/38 
5,000‌
5,272‌
California
School
Fin.
Auth.,
New
Designs
Charter
School,
5.00%,
6/1/30 (1)
1,380‌
1,595‌
California
Statewide
CDA,
Children's
Hosp.,
Series A,
VRDN,
0.02%,
8/15/47 
4,075‌
4,075‌
California
Statewide
CDA,
Kaiser
Permanente,
Series A,
5.00%,
4/1/42 
5,365‌
5,448‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/48 (1)
1,300‌
1,579‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/56 (1)
2,275‌
2,618‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58 (1)
3,000‌
3,677‌
California,
Various
Purpose,
GO,
5.00%,
10/1/39 
5,900‌
6,613‌
California,
Various
Purpose,
GO,
5.00%,
11/1/43 
1,700‌
1,846‌
CSCDA
Community
Improvement
Auth.,
Altana
Glendale
Social
Bonds,
Series A-2,
4.00%,
10/1/56 (1)
2,450‌
2,547‌
Golden
State
Tobacco
Securitization,
Series A-1,
5.00%,
6/1/47 
1,000‌
1,022‌
Golden
State
Tobacco
Securitization,
Series A-2,
5.30%,
6/1/37 
2,000‌
2,044‌
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series A,
5.25%,
9/1/37 
4,600‌
5,024‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
3
Par
$
Value
(Amounts
in
000s)
Irvine
Unified
School
Dist.,
Community
Fac.
Dist.
No.
09-1,
Special
Tax,
Series D,
5.00%,
3/1/57 
3,230‌
3,786‌
Long
Beach
Marina
System,
5.00%,
5/15/35 
1,000‌
1,106‌
Long
Beach
Marina
System,
5.00%,
5/15/40 
2,500‌
2,748‌
Los
Angeles,
TRAN,
4.00%,
6/23/22 
25,000‌
25,545‌
Los
Angeles
County
Public
Works
Fin.
Auth.,
Green
Bond,
Series A,
4.00%,
12/1/37 
4,275‌
5,178‌
Los
Angeles
County
Public
Works
Fin.
Auth.,
Green
Bond,
Series A,
4.00%,
12/1/38 
1,575‌
1,904‌
Los
Angeles
County
Public
Works
Fin.
Auth.,
Green
Bond,
Series A,
4.00%,
12/1/39 
2,575‌
3,107‌
Los
Angeles
County
Public
Works
Fin.
Auth.,
Green
Bond,
Series A,
4.00%,
12/1/40 
2,775‌
3,334‌
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series B,
5.00%,
3/1/42 
2,000‌
2,408‌
Norman
Y
Mineta
San
Jose
Int'l.
Airport,
Series B,
5.00%,
3/1/47 
3,550‌
4,264‌
Sacramento
County
Airport,
Series A,
5.00%,
7/1/41 
2,925‌
3,448‌
Sacramento
County
Airport,
Series B,
5.00%,
7/1/41 
3,325‌
3,913‌
San
Diego
County
Regional
Airport
Auth.,
Series A,
4.00%,
7/1/38 
1,020‌
1,196‌
San
Diego
County
Regional
Airport
Auth.,
Series A,
4.00%,
7/1/46 (4)
3,150‌
3,748‌
San
Diego
County
Regional
Airport
Auth.,
Series A,
4.00%,
7/1/51 (4)
5,300‌
6,252‌
San
Francisco
City
&
County
Int'l.
Airports,
Series B,
5.00%,
5/1/49 
10,600‌
13,079‌
San
Francisco
City
&
County
Int'l.
Airports,
Series F,
5.00%,
5/1/50 
5,000‌
6,164‌
San
Mateo,
Bay
Meadows
Community
Fac.,
Dist.
2008-1,
5.50%,
9/1/44 
3,000‌
3,085‌
Sunnyvale
Fin.
Auth.,
Green
Bond-Civic
Center
Project,
4.00%,
4/1/36 
1,295‌
1,551‌
Sunnyvale
Fin.
Auth.,
Green
Bond-Civic
Center
Project,
4.00%,
4/1/40 
1,320‌
1,555‌
Univ.
of
California
Regents,
Series I,
5.00%,
5/15/28 
3,500‌
4,046‌
278,997‌
COLORADO
2.8%
Broadway
Station
Metropolitan
Dist.
No.
2,
Series A,
GO,
5.125%,
12/1/48 
2,300‌
2,476‌
Colorado,
Series A,
COP,
4.00%,
12/15/34 
4,130‌
5,025‌
Colorado,
Series A,
COP,
4.00%,
12/15/35 
1,750‌
2,118‌
Colorado
HFA,
SCL
Health
System,
Series B,
4.00%,
1/1/40 
3,000‌
3,522‌
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/47 
690‌
779‌
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/51 
1,870‌
2,109‌
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/56 
6,880‌
7,748‌
Denver
City
&
County,
Series A,
4.00%,
8/1/38 
1,250‌
1,520‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
4
Par
$
Value
(Amounts
in
000s)
Denver
City
&
County,
Series A,
4.00%,
8/1/39 
1,500‌
1,821‌
Denver
City
&
County,
Series A,
4.00%,
8/1/40 
2,000‌
2,423‌
Denver
City
&
County,
Series A,
4.00%,
8/1/41 
1,500‌
1,813‌
Denver
City
&
County,
Series A,
4.00%,
8/1/42 
2,085‌
2,512‌
Denver
City
&
County,
Series A,
4.00%,
8/1/43 
2,000‌
2,405‌
Denver
City
&
County
Airport,
Series B,
5.00%,
12/1/48 
10,500‌
12,914‌
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/33 
1,620‌
1,878‌
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/34 
3,500‌
4,048‌
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/35 
2,500‌
2,880‌
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/36 
2,000‌
2,295‌
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/40 
13,540‌
15,472‌
Regional
Transportation
Dist.,
Fastracks
Project,
Series A,
5.00%,
11/1/46 
5,000‌
5,842‌
81,600‌
CONNECTICUT
1.0%
Connecticut,
Series E,
GO,
5.00%,
9/15/34 
3,250‌
4,079‌
Connecticut
Special
Tax
Obligation,
Transportation
Infrastructure,
Series A,
5.00%,
1/1/33 
6,535‌
8,071‌
Connecticut
State
HEFA,
Stamford
Hosp.,
Series J,
5.00%,
7/1/42 
15,865‌
16,299‌
Mashantucket
Western
Pequot
Tribe,
(4.00%
Cash
and
2.05%
PIK),
6.05%,
7/1/31 (5)(6)(7)
2,878‌
633‌
29,082‌
DELAWARE
1.1%
Delaware
Economic
Dev.
Auth.,
Acts
Retirement
Communities,
Series B,
5.00%,
11/15/48 
6,185‌
7,086‌
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/50 
2,865‌
3,419‌
Delaware
HFA,
Christiana
Health
Care
System,
4.00%,
10/1/49 
8,470‌
9,868‌
Delaware
HFA,
Christiana
Health
Care
System,
5.00%,
10/1/45 
3,250‌
4,080‌
Univ.
of
Delaware,
Series A,
5.00%,
11/1/43 
895‌
1,330‌
Univ.
of
Delaware,
Series A,
5.00%,
11/1/45 
500‌
752‌
Univ.
of
Delaware,
Series C,
VRDN,
0.03%,
11/1/37 
6,125‌
6,125‌
32,660‌
DISTRICT
OF
COLUMBIA
2.9%
District
of
Columbia
Water
&
Sewer
Auth.,
Series A,
5.00%,
10/1/48
(Prerefunded
10/1/23) (2)
5,000‌
5,434‌
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/37 
515‌
554‌
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/42 
500‌
535‌
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/52 
4,545‌
4,844‌
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series A,
5.00%,
10/1/44 
5,000‌
6,181‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
5
Par
$
Value
(Amounts
in
000s)
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
4.00%,
10/1/53 (3)
945‌
1,077‌
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
5.00%,
10/1/34 
550‌
688‌
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
6.50%,
10/1/44 
9,350‌
12,413‌
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/35 
350‌
420‌
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/36 
500‌
599‌
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/37 
1,255‌
1,499‌
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/38 
740‌
882‌
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/39 
1,500‌
1,784‌
Washington
Convention
&
Sports
Auth.,
Series A,
4.00%,
10/1/40 
1,500‌
1,781‌
Washington
Convention
&
Sports
Auth.,
Hotel
Tax,
Series A,
5.00%,
10/1/30 
3,200‌
3,873‌
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/38 
3,000‌
3,649‌
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/40 
1,500‌
1,792‌
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/45 
2,000‌
2,359‌
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.00%,
7/15/38 
2,500‌
3,231‌
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.00%,
7/15/39 
5,500‌
7,095‌
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/37 
5,000‌
6,052‌
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/42 
14,555‌
17,496‌
84,238‌
FLORIDA
10.2%
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.25%,
11/15/44 
4,500‌
4,346‌
Alachua
County
HFA,
Shands
Teaching
Hosp.
&
Clinics,
Series A,
5.00%,
12/1/44 
15,820‌
17,680‌
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/31 
500‌
619‌
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/32 
750‌
925‌
Central
Florida
Expressway
Auth.,
5.00%,
7/1/39 
7,475‌
9,042‌
Central
Florida
Expressway
Auth.,
5.00%,
7/1/42 
4,670‌
5,642‌
Central
Florida
Expressway
Auth.,
Series B,
5.00%,
7/1/34 
3,700‌
4,372‌
Collier
County,
Series A,
4.00%,
10/1/40 
3,740‌
4,494‌
Collier
County,
Series A,
4.00%,
10/1/41 
5,170‌
6,198‌
Collier
County,
Series A,
4.00%,
10/1/43 
2,590‌
3,082‌
Davie
Ed.
Fac.,
Nova
Southeastern
Univ.,
Series A,
6.00%,
4/1/42
(Prerefunded
4/1/23) (2)
6,560‌
7,056‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
6
Par
$
Value
(Amounts
in
000s)
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
5.00%,
6/1/48 (1)
5,075‌
5,858‌
Hillsborough
County
IDA,
BayCare
Health
System,
Series D,
VRDN,
0.03%,
11/15/42 
11,120‌
11,120‌
Jacksonville
Ed.
Fac.,
Jacksonville
Univ.,
Series B,
5.00%,
6/1/53 (1)
3,600‌
4,144‌
Jacksonville,
Better
Jacksonville
Sales
Tax,
Series A,
5.00%,
10/1/30 
2,880‌
2,993‌
Jacksonville,
Transit,
Series A,
5.00%,
10/1/29
(Prerefunded
10/1/22) (2)
3,500‌
3,639‌
Jacksonville,
Transit,
Series A,
5.00%,
10/1/30
(Prerefunded
10/1/22) (2)
11,555‌
12,015‌
Jacksonville,
Transit,
Series A,
5.00%,
10/1/31
(Prerefunded
10/1/22) (2)
4,450‌
4,627‌
Lee
Memorial
Health
System,
Series A-1,
5.00%,
4/1/44 
3,350‌
4,115‌
Martin
County
HFA,
Martin
Memorial
Medical
Center,
5.00%,
11/15/45
(Prerefunded
11/15/24) (2)
3,750‌
4,255‌
Miami-Dade
County
Aviation,
5.00%,
10/1/41 
5,300‌
6,301‌
Miami-Dade
County
EFA,
Series A,
5.00%,
4/1/53 
5,000‌
5,982‌
Miami-Dade
County
EFA,
Univ.
of
Miami,
Series A,
5.00%,
4/1/40 
18,700‌
21,133‌
Miami-Dade
County
EFA,
Univ.
of
Miami,
Series A,
5.00%,
4/1/45 
12,360‌
13,902‌
Miami-Dade
County
Seaport
Dept.,
Series A-2,
4.00%,
10/1/49 (3)
20,000‌
23,462‌
Miami-Dade
County
Transit
System,
5.00%,
7/1/37
(Prerefunded
7/1/22) (2)
6,425‌
6,605‌
Miami-Dade
County
Water
&
Sewer
System,
4.00%,
10/1/48 
5,820‌
6,903‌
Miami-Dade
County
Water
&
Sewer
System
Revenue,
4.00%,
10/1/46 
2,250‌
2,672‌
Palm
Beach
County
HFA,
Active
Retirement
Life
Community,
5.00%,
11/15/45 
4,175‌
4,792‌
Palm
Beach
County
HFA,
Baptist
Health,
4.00%,
8/15/49 
11,000‌
12,617‌
Sarasota
County
Public
Hosp.
Dist.,
Sarasota
Memorial
Hosp.,
5.00%,
7/1/41 
10,000‌
12,243‌
South
Miami
HFA,
Baptist
Health,
5.00%,
8/15/37 
11,000‌
13,377‌
South
Miami
HFA,
Baptist
Health,
5.00%,
8/15/42 
6,000‌
7,282‌
Sumter
County
IDA,
Central
Florida
Health
Alliance,
Series A,
5.25%,
7/1/44 
1,690‌
1,835‌
Tampa,
Series A,
Zero
Coupon,
9/1/34 
900‌
646‌
Tampa,
Series A,
Zero
Coupon,
9/1/35 
750‌
517‌
Tampa,
Series A,
Zero
Coupon,
9/1/38 
1,000‌
604‌
Tampa,
Series A,
Zero
Coupon,
9/1/39 
850‌
490‌
Tampa,
Series A,
Zero
Coupon,
9/1/40 
1,000‌
550‌
Tampa,
BayCare
Health,
Series A,
5.00%,
11/15/46 
12,135‌
14,153‌
Tampa,
H.
Lee
Moffitt
Cancer
Center,
Cigarette
Tax
Allocation,
Series A,
5.00%,
9/1/29 
1,880‌
1,943‌
Tampa,
Univ.
of
Tampa,
Series A,
4.00%,
4/1/50 
3,000‌
3,404‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
7
Par
$
Value
(Amounts
in
000s)
Tampa-Hillsborough
County
Expressway
Auth.,
5.00%,
7/1/47 
12,000‌
14,381‌
292,016‌
GEORGIA
4.5%
Atlanta
Airport
Passenger
Fac.
Charge,
Series A,
5.00%,
1/1/32 
2,500‌
2,733‌
Atlanta
Airport
Passenger
Fac.
Charge,
Series A,
5.00%,
1/1/33 
1,600‌
1,747‌
Atlanta
Airport
Passenger
Fac.
Charge,
Series A,
5.00%,
1/1/34 
3,000‌
3,274‌
Atlanta
Dept.
of
Aviation,
Series B,
4.00%,
7/1/38 
5,000‌
6,064‌
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.75%,
1/1/35 
800‌
600‌
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
7.00%,
1/1/40 
5,095‌
3,762‌
Brookhaven
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series A,
4.00%,
7/1/44 
13,130‌
15,305‌
Fulton
County
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series C,
5.00%,
7/1/38 
1,250‌
1,586‌
Fulton
County
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series C,
5.00%,
7/1/39 
1,165‌
1,476‌
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/37 
1,975‌
2,362‌
Fulton
County
Dev.
Auth.,
WellStar
Health,
Series A,
RAC,
5.00%,
4/1/42 
3,895‌
4,655‌
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/36 
5,250‌
6,017‌
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/44 
5,150‌
6,164‌
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.00%,
2/15/35 
2,310‌
2,772‌
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.00%,
2/15/45 
3,965‌
4,714‌
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.50%,
8/15/54
(Prerefunded
2/15/25) (2)
6,600‌
7,647‌
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series B,
5.50%,
2/15/42 
3,245‌
3,908‌
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/54 
4,595‌
5,207‌
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/54 (1)
1,820‌
2,116‌
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/31 
4,000‌
4,976‌
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/32 
2,500‌
3,097‌
Main
Street
Natural
Gas,
Series A,
VRDN,
4.00%,
7/1/52
(Tender
9/1/27) 
3,100‌
3,582‌
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series A,
5.50%,
9/15/25 
6,000‌
7,035‌
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
8/1/48
(Tender
12/1/23) 
2,650‌
2,824‌
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
3/1/50
(Tender
9/1/26) 
7,940‌
9,030‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
8
Par
$
Value
(Amounts
in
000s)
Municipal
Electric
Auth.
of
Georgia,
Power,
Series EE,
7.25%,
1/1/24 (8)
6,500‌
7,413‌
Municipal
Electric
Auth.
of
Georgia,
Power,
Series HH,
5.00%,
1/1/44 
4,485‌
5,424‌
Private
Colleges
&
Universities
Auth.,
Savannah
College
of
Art
and
Design,
4.00%,
4/1/44 
3,500‌
4,098‌
129,588‌
IDAHO
1.0%
Idaho
HFA,
Saint
Luke's
Health
System,
Series A,
5.00%,
3/1/34 
2,100‌
2,299‌
Idaho
HFA,
Saint
Luke's
Health
System,
Series A,
5.00%,
3/1/44 
19,285‌
21,042‌
Idaho
HFA,
Trinity
Health
Credit
Group,
VRDN,
0.10%,
12/1/48
(Tender
2/1/22) 
4,000‌
4,000‌
27,341‌
ILLINOIS
5.3%
Chicago,
Series A,
GO,
5.50%,
1/1/49 
1,850‌
2,301‌
Chicago
Board
of
Ed.,
Series A,
GO,
5.00%,
12/1/23 (3)
2,000‌
2,176‌
Chicago
Midway
Int'l.
Airport,
Series B,
5.00%,
1/1/35 
7,960‌
8,678‌
Chicago
Midway
Int'l.
Airport,
Series B,
5.00%,
1/1/36 
3,070‌
3,347‌
Chicago
O'Hare
Int'l.
Airport,
Series B,
5.00%,
1/1/48 
4,000‌
4,870‌
Chicago
O'Hare
Int'l.
Airport,
Series D,
5.00%,
1/1/47 
10,775‌
12,780‌
Chicago,
Wastewater,
Series C,
5.00%,
1/1/31 
1,100‌
1,244‌
Chicago,
Wastewater,
Series C,
5.00%,
1/1/32 
2,500‌
2,826‌
Chicago,
Waterworks,
Series A-1,
5.00%,
11/1/28 
1,225‌
1,472‌
Cook
County,
Series C,
GO,
5.00%,
11/15/25 
9,485‌
9,900‌
Cook
County,
Series C,
GO,
5.00%,
11/15/26 
4,935‌
5,150‌
Cook
County,
Series C,
GO,
5.00%,
11/15/29 
1,065‌
1,112‌
Illinois,
GO,
5.50%,
5/1/25 
1,505‌
1,744‌
Illinois,
GO,
5.50%,
5/1/26 
1,350‌
1,613‌
Illinois,
GO,
5.50%,
7/1/38 
11,000‌
11,830‌
Illinois,
Series A,
GO,
5.00%,
3/1/24 
445‌
489‌
Illinois,
Series A,
GO,
5.00%,
10/1/25 
950‌
1,098‌
Illinois,
Series A,
GO,
5.00%,
10/1/31 
1,500‌
1,827‌
Illinois,
Series B,
GO,
5.00%,
3/1/24 
425‌
467‌
Illinois,
Series B,
GO,
5.00%,
3/1/25 
2,375‌
2,699‌
Illinois,
Series B,
GO,
5.00%,
10/1/31 
2,000‌
2,436‌
Illinois,
Series B,
GO,
5.00%,
10/1/32 
1,750‌
2,127‌
Illinois,
Series C,
GO,
5.00%,
11/1/29 
4,530‌
5,441‌
Illinois,
Series D,
GO,
5.00%,
11/1/24 
1,015‌
1,141‌
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/34 
515‌
619‌
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/36 
750‌
899‌
Illinois
Fin.
Auth.,
Ascension
Health,
Series C,
5.00%,
2/15/41 
3,040‌
3,633‌
Illinois
Fin.
Auth.,
Franciscan
Communities,
Series A,
5.125%,
5/15/43
(Prerefunded
5/15/23) (2)
870‌
930‌
Illinois
Fin.
Auth.,
Franciscan
Communities,
Unrefunded
Balance,
Series A,
5.125%,
5/15/43 
6,065‌
6,295‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
9
Par
$
Value
(Amounts
in
000s)
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
4.00%,
12/15/42 (4)
1,150‌
1,315‌
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
4.00%,
6/15/52 (4)
1,155‌
1,304‌
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
5.00%,
6/15/50 
2,850‌
3,426‌
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/40 (4)
1,725‌
1,048‌
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
5.00%,
6/15/57 
650‌
758‌
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
6/15/37 (9)
11,870‌
8,165‌
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series B,
Zero
Coupon,
12/15/41 
10,000‌
5,754‌
Railsplitter
Tobacco
Settlement
Auth.,
5.00%,
6/1/28 
1,310‌
1,533‌
Regional
Transportation
Auth.,
Series A,
5.75%,
6/1/34 (3)
5,250‌
7,299‌
Regional
Transportation
Auth.,
Series A,
6.00%,
7/1/33 (9)
15,000‌
21,011‌
152,757‌
INDIANA
0.2%
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series A,
5.00%,
6/1/39 
5,885‌
5,980‌
5,980‌
IOWA
0.1%
Iowa
Fin.
Auth.,
Iowa
Fertilizer,
Series B,
VRDN,
5.25%,
12/1/50
(Tender
12/1/37) 
1,395‌
1,516‌
1,516‌
KENTUCKY
1.6%
Kentucky
Economic
DFA,
Louisville
Arena
Auth.,
Series A,
5.00%,
12/1/45 (3)
1,000‌
1,225‌
Kentucky
Economic
DFA,
Louisville
Arena
Auth.,
Series A,
5.00%,
12/1/47 (3)
1,000‌
1,044‌
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/36 
1,750‌
1,863‌
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/46 
1,900‌
1,998‌
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.375%,
11/15/32 
2,000‌
2,024‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/37 
1,100‌
1,292‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/41 
850‌
996‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/45 
3,525‌
4,117‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/50 
6,780‌
7,587‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
10
Par
$
Value
(Amounts
in
000s)
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series B,
5.00%,
6/1/40 
2,200‌
2,582‌
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28) 
8,760‌
10,146‌
Kentucky
Public
Transportation
Infrastructure
Auth.,
Downtown
Crossing,
Series A,
5.75%,
7/1/49
(Prerefunded
7/1/23) (2)
2,100‌
2,282‌
Kentucky
Public
Transportation
Infrastructure
Auth.,
Downtown
Crossing,
Series A,
6.00%,
7/1/53
(Prerefunded
7/1/23) (2)
8,300‌
9,049‌
46,205‌
LOUISIANA
1.5%
Jefferson
Sales
Tax
Dist.,
Series B,
5.00%,
12/1/42 (3)
7,500‌
9,207‌
Louisiana
Offshore
Terminal
Auth.,
Loop
Project,
VRDN,
1.65%,
9/1/27
(Tender
12/1/23) 
1,175‌
1,199‌
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/38 
750‌
897‌
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/43 
2,775‌
3,297‌
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/48 
9,210‌
10,918‌
New
Orleans
Sewerage
Service,
5.00%,
6/1/35
(Prerefunded
6/1/25) (2)
900‌
1,039‌
New
Orleans
Sewerage
Service,
5.00%,
6/1/45
(Prerefunded
6/1/25) (2)
4,835‌
5,583‌
Saint
Charles
Parish,
Valero
Energy,
VRDN,
4.00%,
12/1/40
(Tender
6/1/22) 
1,500‌
1,527‌
Saint
James
Parish,
Nustar
Logistics,
VRDN,
5.85%,
8/1/41
(Tender
6/1/25) (1)
4,450‌
5,074‌
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series A-2,
VRDN,
2.10%,
6/1/37
(Tender
7/1/24) 
875‌
904‌
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series A-3,
VRDN,
2.20%,
6/1/37
(Tender
7/1/26) 
1,500‌
1,569‌
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series B-1,
VRDN,
2.125%,
6/1/37
(Tender
7/1/24) 
1,000‌
1,033‌
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series B-2,
VRDN,
2.375%,
6/1/37
(Tender
7/1/26) 
1,150‌
1,212‌
43,459‌
MARYLAND
6.7%
Baltimore
City,
Series A,
5.00%,
7/1/34 
3,635‌
4,116‌
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/42 
7,000‌
7,444‌
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/46 
1,000‌
1,060‌
Baltimore
City,
Wastewater,
Series C,
5.00%,
7/1/39 
3,030‌
3,432‌
Baltimore
City,
Wastewater,
Series C,
5.00%,
7/1/44 
4,810‌
5,441‌
Baltimore
City,
Water,
Series A,
5.00%,
7/1/31
(Prerefunded
1/1/24) (2)
4,515‌
4,956‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
11
Par
$
Value
(Amounts
in
000s)
Baltimore
City,
Water,
Series B,
5.00%,
7/1/28
(Prerefunded
1/1/24) (2)
1,000‌
1,096‌
Baltimore
City,
Water,
Series B,
5.00%,
7/1/29
(Prerefunded
1/1/24) (2)
3,035‌
3,328‌
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/33 
590‌
654‌
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/36 
395‌
437‌
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/50 
650‌
734‌
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/29 
1,500‌
1,842‌
Maryland
HHEFA,
5.00%,
7/1/39 
7,500‌
8,284‌
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/36 
2,655‌
3,217‌
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/46 
11,135‌
13,429‌
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
6.25%,
1/1/31
(Prerefunded
1/3/22) (2)
2,500‌
2,513‌
Maryland
HHEFA,
MedStar
Health,
5.00%,
8/15/32 
6,880‌
7,800‌
Maryland
HHEFA,
MedStar
Health,
Series A,
4.00%,
5/15/47 
6,810‌
7,603‌
Maryland
HHEFA,
MedStar
Health,
Series A,
5.00%,
5/15/45 
15,000‌
18,124‌
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/28 
2,010‌
2,300‌
Maryland
HHEFA,
Meritus
Medical
Center,
5.00%,
7/1/45 
3,375‌
3,780‌
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series A,
5.00%,
7/1/43
(Prerefunded
7/1/22) (2)
8,065‌
8,292‌
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series B,
7.00%,
7/1/22 (9)(10)
565‌
587‌
Maryland
HHEFA,
Western
Maryland
Health,
5.25%,
7/1/34
(Prerefunded
7/1/24) (2)
10,335‌
11,611‌
Maryland
Stadium
Auth.
Built
to
Learn
Revenue,
4.00%,
6/1/39 
4,310‌
5,133‌
Maryland
Stadium
Auth.
Built
to
Learn
Revenue,
4.00%,
6/1/40 
4,500‌
5,349‌
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
5.00%,
5/1/46
(Prerefunded
5/1/26) (2)
5,000‌
5,969‌
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
Series A,
5.00%,
5/1/47
(Prerefunded
5/1/28) (2)
1,700‌
2,134‌
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
5.00%,
5/1/50 
18,000‌
26,876‌
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
Series B,
5.00%,
5/1/47 
3,625‌
5,338‌
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools,
Unrefunded
Balance,
Series A,
5.00%,
5/1/47 
3,300‌
4,017‌
Maryland
State
Transportation
Auth.,
Series A,
4.00%,
7/1/41 
1,975‌
2,395‌
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/42 
3,100‌
3,348‌
Rockville,
Ingleside
at
King
Farm,
Series A-2,
5.00%,
11/1/31 
500‌
546‌
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36 
1,000‌
1,078‌
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/42 
1,700‌
1,804‌
Westminster,
Carroll
Lutheran
Village,
5.125%,
7/1/34 
3,000‌
3,195‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
12
Par
$
Value
(Amounts
in
000s)
Westminster,
Carroll
Lutheran
Village,
5.50%,
7/1/44 
3,000‌
3,206‌
192,468‌
MASSACHUSETTS
1.2%
Massachusetts
Bay
Transportation
Auth.,
5.00%,
7/1/41 
7,130‌
9,053‌
Massachusetts
Bay
Transportation
Auth.,
5.00%,
7/1/42 
2,865‌
3,632‌
Massachusetts
Dev.
Fin.
Agency,
Beth
Israel
Lahey
Health,
5.00%,
7/1/36 
1,000‌
1,246‌
Massachusetts
Dev.
Fin.
Agency,
Beth
Israel
Lahey
Health,
5.00%,
7/1/37 
840‌
1,045‌
Massachusetts
Dev.
Fin.
Agency,
Beth
Israel
Lahey
Health,
5.00%,
7/1/38 
500‌
621‌
Massachusetts
Dev.
Fin.
Agency,
Linden
Ponds
Fac.,
5.00%,
11/15/28 (1)
1,500‌
1,702‌
Massachusetts
Dev.
Fin.
Agency,
NewBridge
on
the
Charles,
5.00%,
10/1/57 (1)
1,400‌
1,511‌
Massachusetts
HEFA,
MIT,
Series K,
5.50%,
7/1/32 
10,000‌
14,246‌
33,056‌
MICHIGAN
2.4%
Detroit,
GO,
5.00%,
4/1/28 
850‌
1,018‌
Detroit,
GO,
5.00%,
4/1/29 
150‌
179‌
Detroit
Downtown
Dev.
Auth.,
Catalyst
Dev.
Project,
Series A,
5.00%,
7/1/43 (3)
1,800‌
1,985‌
Detroit
Downtown
Dev.
Auth.,
Catalyst
Dev.
Project,
Series A,
5.00%,
7/1/48 (3)
1,500‌
1,649‌
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/40 
1,050‌
1,187‌
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/41 
1,100‌
1,241‌
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/42 
1,500‌
1,687‌
Great
Lakes
Water
Auth.
Water
Supply,
Series B,
5.00%,
7/1/46 
12,625‌
14,702‌
Michigan
Fin.
Auth.,
Great
Lakes
Water
Auth.,
Series C-6,
5.00%,
7/1/33 
2,000‌
2,224‌
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
Series A,
5.00%,
11/15/48 
5,150‌
6,377‌
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Great
Lakes,
Series C,
5.00%,
7/1/33 
1,650‌
1,892‌
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Great
Lakes,
Series C,
5.00%,
7/1/34 
2,860‌
3,275‌
Michigan
Fin.
Auth.,
Trinity
Health,
4.00%,
12/1/40
(Prerefunded
12/1/29) (2)
445‌
543‌
Michigan
Fin.
Auth.,
Trinity
Health
Credit
Group,
Series A,
5.00%,
12/1/37 
6,000‌
7,373‌
Michigan
Fin.
Auth.,
Trinity
Health,
Unrefunded
Balance,
4.00%,
12/1/40 
6,555‌
7,722‌
Michigan
State
Building
Auth.,
Fac.
Program,
5.00%,
4/15/36 
3,000‌
3,840‌
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/36 
550‌
673‌
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/37 
500‌
611‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
13
Par
$
Value
(Amounts
in
000s)
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/42 
1,300‌
1,588‌
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/47 
2,580‌
3,150‌
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/25 
1,070‌
1,255‌
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/28 
3,795‌
4,432‌
68,603‌
MISSISSIPPI
0.5%
Jackson
County,
Chevron
USA
Project,
VRDN,
0.02%,
6/1/23 
13,400‌
13,400‌
13,400‌
MISSOURI
2.3%
Kansas
City
IDA,
Downtown
Redev.,
Series A,
5.00%,
9/1/31 
4,480‌
4,498‌
Kansas
City
IDA,
Downtown
Redev.,
Series A,
5.50%,
9/1/26 
7,000‌
7,031‌
Missouri
HEFA,
Lutheran
Senior
Services,
5.00%,
2/1/48 
3,000‌
3,596‌
Missouri
HEFA,
Mercy
Health,
Series C,
5.00%,
11/15/47 
10,000‌
12,061‌
Missouri
HEFA,
Saint
Luke's
Health
System,
5.00%,
11/15/34 
5,400‌
6,319‌
Missouri
HEFA,
Saint
Luke's
Health
System,
5.00%,
11/15/35 
7,595‌
8,877‌
Missouri
HEFA,
Washington
University,
Series C,
VRDN,
0.02%,
3/1/40 
825‌
825‌
Missouri
Joint
Municipal
Electric
Utility
Commission,
Plum
Point
Project,
5.00%,
1/1/34 
10,985‌
12,379‌
Saint
Louis
County
IDA,
Friendship
Village,
5.00%,
9/1/48 
1,545‌
1,732‌
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.00%,
9/1/38 
1,000‌
1,123‌
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.125%,
9/1/48 
3,850‌
4,306‌
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
Series A,
5.125%,
12/1/45 
1,050‌
1,143‌
Saint
Louis
IDA,
Ballpark
Village,
Series A,
3.875%,
11/15/29 
130‌
129‌
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.375%,
11/15/35 
895‌
897‌
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.75%,
11/15/47 
800‌
807‌
65,723‌
MONTANA
0.2%
Montana
Fac.
Fin.
Auth.,
SCL
Health
System,
Series A,
4.00%,
1/1/38 
4,350‌
5,125‌
5,125‌
NEVADA
1.0%
Clark
County
School
Dist.,
Series A,
GO,
4.00%,
6/15/38 (3)
1,275‌
1,515‌
Clark
County
School
Dist.,
Series A,
GO,
4.00%,
6/15/40 (3)
1,425‌
1,687‌
Clark
County
School
Dist.,
Series A,
GO,
5.00%,
6/15/35 (3)
500‌
642‌
Las
Vegas
Convention
&
Visitors
Auth.,
Series B,
5.00%,
7/1/43 
12,485‌
15,069‌
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/38 
140‌
165‌
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/48 
6,750‌
7,840‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
14
Par
$
Value
(Amounts
in
000s)
Reno,
Retrac-Reno
Transportation,
Series C,
Zero
Coupon,
7/1/58 (1)
3,000‌
528‌
27,446‌
NEW
HAMPSHIRE
0.1%
National
Fin.
Auth.,
Series 2020-1,
Class
A,
4.125%,
1/20/34 
2,266‌
2,701‌
New
Hampshire
HEFA,
Hillside
Villiage,
Series A,
6.125%,
7/1/52 (1)(5)(6)
1,000‌
530‌
3,231‌
NEW
JERSEY
4.1%
Garden
State
Preservation
Trust,
Farmland,
Series A,
5.75%,
11/1/28 (3)
13,900‌
16,994‌
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
4.00%,
6/15/29 (1)
665‌
719‌
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/39 (1)
500‌
548‌
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/49 (1)
2,210‌
2,394‌
New
Jersey
Economic
Dev.
Auth.,
Cigarette
Tax,
5.00%,
6/15/23 
2,000‌
2,049‌
New
Jersey
Economic
Dev.
Auth.,
Cigarette
Tax,
5.00%,
6/15/28 
1,000‌
1,023‌
New
Jersey
Economic
Dev.
Auth.,
NJ
Transit
Transportation
Project,
4.00%,
11/1/39 
1,325‌
1,513‌
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/35 
1,000‌
1,045‌
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/48 
4,765‌
4,923‌
New
Jersey
Economic
Dev.
Auth.,
Transit
Transportation
Project,
4.00%,
11/1/44 
1,250‌
1,412‌
New
Jersey
HCFFA,
Hackensack
Meridian
Health,
Series A,
5.25%,
7/1/57 
5,500‌
6,675‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/34 
1,000‌
1,180‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/35 
1,250‌
1,471‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/36 
1,000‌
1,174‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/39 (4)
1,050‌
1,216‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/40 (4)
1,000‌
1,155‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/42 (4)
1,000‌
1,148‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/37 (4)
2,175‌
2,756‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/44 
6,000‌
7,237‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
15
Par
$
Value
(Amounts
in
000s)
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series AA,
5.25%,
6/15/43 
13,575‌
16,624‌
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/42 
1,860‌
2,217‌
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/51 
7,410‌
8,714‌
New
Jersey
Turnpike
Auth.,
Series A,
5.00%,
1/1/34 
5,300‌
5,881‌
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/24 
12,535‌
13,941‌
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/25 
6,840‌
7,880‌
New
Jersey,
COVID-19
Emergency
Bonds,
Series A,
GO,
5.00%,
6/1/26 
2,500‌
2,964‌
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/27 
335‌
407‌
Tobacco
Settlement
Fin.,
Series A,
5.25%,
6/1/46 
2,900‌
3,472‌
118,732‌
NEW
MEXICO
0.3%
Farmington
PCR,
Public
Services
of
New
Mexico,
San
Juan
Project,
Series C,
VRDN,
1.15%,
6/1/40
(Tender
6/1/24) 
2,250‌
2,282‌
New
Mexico
Hosp.
Equipment
Loan
Council,
Series A,
4.00%,
8/1/48 
5,000‌
5,756‌
8,038‌
NEW
YORK
8.4%
Dormitory
Auth.
of
the
State
of
New
York,
Group
4,
Series A,
4.00%,
3/15/48 
10,000‌
11,568‌
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series A,
5.00%,
2/15/30 
4,850‌
5,325‌
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series B,
5.00%,
3/15/32 
3,750‌
3,801‌
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series D,
4.00%,
2/15/40 
2,000‌
2,353‌
Dormitory
Auth.
of
the
State
of
New
York,
Saint
John's
Univ.,
Series A,
5.00%,
7/1/44 
4,800‌
5,071‌
Dormitory
Auth.
of
the
State
of
New
York,
Touro
College
&
Univ.,
5.00%,
1/1/47 
14,240‌
16,427‌
Hudson
Yards
Infrastructure,
Series A,
5.00%,
2/15/45 
2,200‌
2,600‌
Long
Island
Power
Auth.,
Electric,
5.00%,
9/1/42 
3,000‌
3,655‌
Metropolitan
Transportation
Auth.,
Series B,
5.25%,
11/15/26 (3)
15,000‌
18,214‌
Metropolitan
Transportation
Auth.,
Series D-1,
BAN,
5.00%,
9/1/22 
15,450‌
15,987‌
Metropolitan
Transportation
Auth.,
Series D-2A,
FRN,
67%
of
SOFR
+
0.55%,
0.584%,
11/1/32
(Tender
4/1/24) (3)
3,325‌
3,328‌
Metropolitan
Transportation
Auth.,
Series D-2B,
FRN,
67%
of
SOFR
+
0.55%,
0.584%,
11/1/32
(Tender
4/1/24) (3)
10,675‌
10,684‌
New
York
City,
Series B-1,
GO,
5.00%,
10/1/38 
1,500‌
1,825‌
New
York
City,
Series F-1,
GO,
4.00%,
3/1/40 
1,975‌
2,357‌
New
York
City,
Series J,
GO,
5.00%,
8/1/31 
5,000‌
5,585‌
New
York
City,
Series J,
GO,
5.00%,
8/1/32 
7,500‌
8,373‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
16
Par
$
Value
(Amounts
in
000s)
New
York
City
Transitional
Fin.
Auth.,
Building
Aid,
Series S-1,
5.00%,
7/15/45 
5,000‌
6,152‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured
Revenue,
4.00%,
11/1/36 
500‌
606‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured
Revenue,
4.00%,
11/1/38 
1,250‌
1,504‌
New
York
City
Water
&
Sewer
System,
Series AA-1,
4.00%,
6/15/50 
15,500‌
18,275‌
New
York
City
Water
&
Sewer
System,
Series DD-3A,
VRDN,
0.02%,
6/15/43 
12,640‌
12,640‌
New
York
Liberty
Dev.,
Bank
of
America
Tower
at
One
Bryant
Park,
Class
3,
2.80%,
9/15/69 
1,650‌
1,708‌
New
York
State
Housing
Fin.
Agency,
Series L-2,
0.75%,
11/1/25 
6,180‌
6,181‌
New
York
State
Housing
Fin.
Agency,
Series M-2,
0.75%,
11/1/25 
2,500‌
2,501‌
New
York
State
Thruway
Auth.,
Series A,
5.00%,
1/1/51 
2,500‌
2,879‌
New
York
State
Thruway
Auth.,
Series A,
5.25%,
1/1/56 
2,215‌
2,584‌
New
York
State
Thruway
Auth.,
Series O,
4.00%,
1/1/37 
16,000‌
19,410‌
New
York
State
Thruway
Auth.,
Series O,
4.00%,
1/1/41 
10,285‌
12,350‌
New
York
State
Urban
Dev.,
Series A,
4.00%,
3/15/38 
5,000‌
6,090‌
Port
Auth.
of
New
York
&
New
Jersey,
Series 179,
5.00%,
12/1/38 
5,000‌
5,447‌
Port
Auth.
of
New
York
&
New
Jersey,
Consolidated
bonds,
4.00%,
9/1/45 
3,500‌
4,085‌
Port
Auth.
of
New
York
&
New
Jersey,
Consolidated
bonds,
4.00%,
9/1/49 
4,860‌
5,646‌
Triborough
Bridge
&
Tunnel
Auth.,
Series 2005B,
VRDN,
0.02%,
1/1/31 
8,200‌
8,200‌
Troy
Capital
Resource,
Rensselaer
Polytechnic
Institute,
5.00%,
9/1/27 
600‌
730‌
Troy
Capital
Resource,
Rensselaer
Polytechnic
Institute,
5.00%,
9/1/28 
1,000‌
1,243‌
Troy
Capital
Resource,
Rensselaer
Polytechnic
Institute,
5.00%,
9/1/30 
1,000‌
1,294‌
Westchester
County
Local
Dev.,
Pace
Univ.,
Series A,
5.50%,
5/1/42 
3,910‌
4,306‌
240,984‌
NORTH
CAROLINA
2.9%
Charlotte,
Charlotte-Douglas
Int'l.
Airport,
4.00%,
7/1/44 
3,900‌
4,522‌
North
Carolina
Capital
Fac.
Fin.
Agency,
Duke
Univ.,
Series B,
5.00%,
10/1/55
(Prerefunded
10/1/25) (2)
6,245‌
7,314‌
North
Carolina
Medical
Care
Commission,
Vidant
Health,
5.00%,
6/1/45 
5,000‌
5,676‌
North
Carolina
Medical
Care
Commission,
Wake
Forest
Baptist,
Series A,
5.00%,
12/1/45 
8,040‌
8,381‌
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/27 (3)
920‌
1,109‌
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/31 (3)
1,000‌
1,197‌
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/40 
12,675‌
15,344‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
17
Par
$
Value
(Amounts
in
000s)
North
Carolina
Turnpike
Auth.,
BAN,
5.00%,
2/1/24 
3,525‌
3,850‌
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/47 
4,655‌
5,272‌
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/51 
3,100‌
3,503‌
North
Carolina
Turnpike
Auth.,
Triangle
Expressway,
4.00%,
1/1/55 
6,100‌
6,893‌
Univ.
of
North
Carolina
at
Chapel
Hill,
Series A,
VRDN,
0.03%,
2/15/31 
1,000‌
1,000‌
Univ.
of
North
Carolina
at
Chapel
Hill,
Univ.
of
North
Carolina
Hosp.,
5.00%,
2/1/45 
1,440‌
2,183‌
Univ.
of
North
Carolina
at
Chapel
Hill,
Univ.
of
North
Carolina
Hosp.,
5.00%,
2/1/49 
10,000‌
15,711‌
81,955‌
OHIO
4.5%
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/25 
1,000‌
1,173‌
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/26 
550‌
664‌
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/28 
1,800‌
2,283‌
Allen
County
Hosp.
Fac.,
Bon
Secours
Mercy
Health
I,
5.00%,
12/1/29 
2,250‌
2,907‌
American
Municipal
Power,
Fremont
Energy
Center
Project,
4.00%,
2/15/37 
3,155‌
3,785‌
American
Municipal
Power,
Fremont
Energy
Center
Project,
4.00%,
2/15/38 
1,000‌
1,195‌
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series A-2,
Class
1,
4.00%,
6/1/38 
2,000‌
2,334‌
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series A-2,
Class
1,
4.00%,
6/1/39 
2,500‌
2,908‌
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series B-2,
Class
2,
5.00%,
6/1/55 
20,500‌
23,522‌
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/52 
8,750‌
10,474‌
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/57 
4,315‌
5,142‌
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/38 
1,600‌
1,845‌
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/39 
1,665‌
1,929‌
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/40 
1,430‌
1,655‌
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/46 
6,000‌
7,401‌
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/51 
8,750‌
10,744‌
Franklin
County,
Nationwide
Children's
Hosp.,
5.00%,
11/1/48 
8,500‌
13,150‌
Franklin
County,
OPRS
Communities,
Series A,
6.125%,
7/1/40
(Prerefunded
7/1/22) (2)
160‌
165‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
18
Par
$
Value
(Amounts
in
000s)
Franklin
County,
OPRS
Communities,
Unrefunded
Balance,
Series A,
6.125%,
7/1/40
(Prerefunded
7/1/22) (2)
2,540‌
2,625‌
Hamilton
County,
Cincinnati
Children's
Hosp.,
Series CC,
5.00%,
11/15/49 
5,000‌
7,846‌
Ohio,
VRDN,
0.15%,
11/1/35
(Tender
3/1/22) 
10,000‌
10,000‌
Ohio,
Series A,
4.00%,
1/15/50 
10,000‌
11,371‌
Ohio,
Series A,
5.00%,
1/15/50 
3,500‌
4,280‌
129,398‌
OKLAHOMA
0.2%
Oklahoma
DFA,
OU
Medicine,
Series B,
5.50%,
8/15/57 
1,500‌
1,852‌
Oklahoma
Turnpike
Auth.,
Series C,
5.00%,
1/1/47 
2,500‌
2,992‌
Tulsa
County
Ind.
Auth.,
Montereau
Project,
5.25%,
11/15/45 
750‌
845‌
5,689‌
OREGON
0.4%
Oregon
Fac.
Auth.,
Legacy
Health,
Series A,
5.00%,
6/1/46 
11,000‌
12,803‌
12,803‌
PENNSYLVANIA
3.0%
Chester
County
IDA,
Longwood
Gardens
Project,
4.00%,
12/1/46 
1,940‌
2,297‌
Chester
County
IDA,
Longwood
Gardens
Project,
4.00%,
12/1/51 
1,845‌
2,166‌
Cumberland
County
Municipal
Auth.,
5.25%,
1/1/27
(Prerefunded
1/1/22) (2)
990‌
994‌
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/40 (1)
2,105‌
2,220‌
Cumberland
County
Municipal
Auth.,
Unrefunded
Balance,
5.25%,
1/1/27
(Prerefunded
1/1/22) (2)
285‌
286‌
Delaware
County
IDA,
United
Parcel
Service,
VRDN,
0.05%,
9/1/45 
1,475‌
1,475‌
Montgomery
County
IDA,
Albert
Einstein
Healthcare,
Series A,
5.25%,
1/15/45 
4,800‌
5,428‌
Montgomery
County
IDA,
Albert
Einstein
Healthcare,
Series A,
5.25%,
1/15/46 
3,000‌
3,392‌
Northampton
County
General
Purpose
Auth.,
Lafayette
College,
5.00%,
11/1/47 
8,980‌
10,893‌
Pennsylvania
Higher
EFA,
Temple
Univ.,
First Series,
5.00%,
4/1/32
(Prerefunded
4/1/22) (2)
510‌
518‌
Philadelphia
IDA,
1st Series 2016,
5.00%,
4/1/28 
1,800‌
2,052‌
Philadelphia
IDA,
Saint
Joseph's
Univ.,
4.00%,
11/1/45 
7,000‌
8,048‌
Philadelphia
IDA,
Temple
Univ.,
1st Series 2016,
5.00%,
4/1/29 
4,000‌
4,556‌
Philadelphia
IDA,
Temple
Univ.,
2nd Series 2016,
5.00%,
4/1/34 
1,825‌
2,072‌
Philadelphia
IDA,
Temple
Univ.,
2nd Series 2016,
5.00%,
4/1/35 
8,500‌
9,644‌
Philadelphia
IDA,
Temple
Univ.,
2nd Series 2016,
5.00%,
4/1/36 
5,000‌
5,667‌
Philadelphia
School
Dist.,
Series A,
GO,
5.00%,
9/1/44 
9,300‌
11,591‌
Southcentral
Pennsylvania
General
Auth.,
Wellspan
Health,
Series E,
VRDN,
0.02%,
6/1/35 
1,200‌
1,200‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
19
Par
$
Value
(Amounts
in
000s)
State
Public
School
Building
Auth.,
Philadelphia
School
Dist.,
Series A,
5.00%,
6/1/33 (3)
8,500‌
10,150‌
84,649‌
PUERTO
RICO
3.0%
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/33 (1)(4)
4,400‌
5,420‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.25%,
7/1/42 
3,195‌
3,284‌
Puerto
Rico
Commonwealth,
Public
Improvement,
Series A,
GO,
5.00%,
7/1/41 (6)(11)
10,775‌
9,671‌
Puerto
Rico
Commonwealth,
Public
Improvement,
Series A,
GO,
5.125%,
7/1/37 (6)(11)
4,645‌
4,285‌
Puerto
Rico
Commonwealth,
Public
Improvement,
Series A,
GO,
5.25%,
7/1/31 (6)(11)
5,000‌
5,000‌
Puerto
Rico
Commonwealth,
Public
Improvement,
Series A,
GO,
5.50%,
7/1/32 (6)(11)
3,200‌
3,140‌
Puerto
Rico
Commonwealth,
Public
Improvement,
Series A,
GO,
5.75%,
7/1/28 (6)(11)
6,590‌
6,219‌
Puerto
Rico
Commonwealth,
Public
Improvement,
Series A,
GO,
8.00%,
7/1/35 (6)(11)
5,340‌
4,673‌
Puerto
Rico
Commonwealth,
Public
Improvement,
Series B,
GO,
5.75%,
7/1/38 (6)(11)
430‌
417‌
Puerto
Rico
Commonwealth,
Public
Improvement,
Series B,
GO,
6.50%,
7/1/37 (6)(11)
875‌
880‌
Puerto
Rico
Electric
Power
Auth.,
Series A-RSA-1,
5.05%,
7/1/42 (6)(11)
60‌
59‌
Puerto
Rico
Electric
Power
Auth.,
Series CCC-RSA-1,
5.00%,
7/1/27 (6)(11)
100‌
98‌
Puerto
Rico
Electric
Power
Auth.,
Series CCC-RSA-1,
5.25%,
7/1/27 (6)(11)
810‌
798‌
Puerto
Rico
Electric
Power
Auth.,
Series CCC-RSA-1,
5.25%,
7/1/28 (6)(11)
225‌
222‌
Puerto
Rico
Electric
Power
Auth.,
Series TT-RSA-1,
5.00%,
7/1/20 (6)(11)
290‌
279‌
Puerto
Rico
Electric
Power
Auth.,
Series TT-RSA-1,
5.00%,
7/1/24 (6)(11)
1,105‌
1,086‌
Puerto
Rico
Electric
Power
Auth.,
Series TT-RSA-1,
5.00%,
7/1/25 (6)(11)
370‌
364‌
Puerto
Rico
Electric
Power
Auth.,
Series TT-RSA-1,
5.00%,
7/1/26 (6)(11)
450‌
442‌
Puerto
Rico
Electric
Power
Auth.,
Series TT-RSA-1,
5.00%,
7/1/27 (6)(11)
2,640‌
2,594‌
Puerto
Rico
Electric
Power
Auth.,
Series TT-RSA-1,
5.00%,
7/1/37 (6)(11)
1,075‌
1,056‌
Puerto
Rico
Electric
Power
Auth.,
Series WW-RSA-1,
5.00%,
7/1/28 (6)(11)
990‌
973‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
20
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series WW-RSA-1,
5.25%,
7/1/33 (6)(11)
280‌
276‌
Puerto
Rico
Electric
Power
Auth.,
Series WW-RSA-1,
5.50%,
7/1/18 (6)(11)
240‌
233‌
Puerto
Rico
Electric
Power
Auth.,
Series XX-RSA-1,
5.25%,
7/1/27 (6)(11)
100‌
98‌
Puerto
Rico
Electric
Power
Auth.,
Series XX-RSA-1,
5.25%,
7/1/40 (6)(11)
275‌
271‌
Puerto
Rico
Electric
Power
Auth.,
Series XX-RSA-1,
5.75%,
7/1/36 (6)(11)
215‌
213‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ-RSA-1,
3.70%,
7/1/17 (6)(11)
70‌
65‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ-RSA-1,
5.00%,
7/1/17 (6)(11)
120‌
116‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ-RSA-1,
5.00%,
7/1/28 (6)(11)
95‌
93‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ-RSA-1,
5.25%,
7/1/19 (6)(11)
890‌
860‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ-RSA-1,
5.25%,
7/1/23 (6)(11)
200‌
197‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ-RSA-1,
5.25%,
7/1/24 (6)(11)
100‌
98‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.50%,
7/1/34 
1,436‌
1,567‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58 
7,500‌
8,592‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27 
2,600‌
2,376‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/29 
5,800‌
5,010‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/31 
3,500‌
2,808‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33 
6,602‌
4,935‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46 
20,000‌
6,663‌
85,431‌
RHODE
ISLAND
0.0%
Central
Falls
Detention
Fac.,
7.25%,
7/15/35 (5)(6)
4,915‌
885‌
885‌
SOUTH
CAROLINA
0.7%
Connector
2000
Assoc.,
Series A,
Zero
Coupon,
1/1/22 
358‌
357‌
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/32 
6,663‌
3,497‌
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/42 
11,189‌
2,950‌
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
7/22/51 
14,590‌
1,825‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
21
Par
$
Value
(Amounts
in
000s)
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
1/1/32 
2,009‌
720‌
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
7/22/51 
10,109‌
725‌
Connector
2000
Assoc.,
Series C-1,
Zero
Coupon,
7/22/51 
1,619‌
101‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Active
Retirement
Community,
Series C,
5.00%,
11/15/47 
2,325‌
2,665‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/35 
2,000‌
2,432‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/37 
5,000‌
6,058‌
21,330‌
SOUTH
DAKOTA
0.5%
South
Dakota
HEFA,
Sanford
Health,
Series E,
5.00%,
11/1/42 
13,065‌
13,565‌
South
Dakota
HEFA,
Sanford
Health
Group,
Series E,
5.00%,
11/1/37 
1,770‌
1,839‌
15,404‌
TENNESSEE
2.4%
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/35 
1,725‌
2,100‌
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/37 
4,000‌
4,854‌
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/35 
2,675‌
3,169‌
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/40 
7,265‌
8,582‌
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
Vanderbilt
Univ.
Medical
Center,
Series A,
5.00%,
7/1/46 
9,560‌
11,223‌
Metropolitan
Nashville
Airport
Auth.,
Series A,
4.00%,
7/1/49 
1,400‌
1,615‌
Metropolitan
Nashville
Airport
Auth.,
Series A,
4.00%,
7/1/54 
2,000‌
2,303‌
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/44 
2,500‌
3,137‌
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/49 
3,000‌
3,739‌
Metropolitan
Nashville
Airport
Auth.,
Series A,
5.00%,
7/1/54 
6,700‌
8,336‌
Tennessee
Energy
Acquisition,
VRDN,
4.00%,
11/1/49
(Tender
11/1/25) 
5,750‌
6,406‌
Tennessee
Energy
Acquisition,
Series A,
5.25%,
9/1/24 
8,100‌
9,092‌
Tennessee
Energy
Acquisition,
Series A,
VRDN,
5.00%,
5/1/52
(Tender
11/1/31) 
4,140‌
5,354‌
69,910‌
TEXAS
6.3%
Austin
Airport,
Series A,
5.00%,
11/15/41 
6,845‌
8,166‌
Austin
Airport,
Series A,
5.00%,
11/15/46 
2,525‌
3,014‌
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/27 
2,600‌
2,979‌
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/34 
1,400‌
1,566‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
22
Par
$
Value
(Amounts
in
000s)
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/25 
1,030‌
1,106‌
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/26 
600‌
655‌
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/27 
1,000‌
1,107‌
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/28 
520‌
572‌
Central
Texas
Regional
Mobility
Auth.,
5.00%,
1/1/33
(Prerefunded
1/1/23) (2)
2,000‌
2,100‌
Central
Texas
Regional
Mobility
Auth.,
5.00%,
1/1/42
(Prerefunded
1/1/23) (2)
10,505‌
11,032‌
Central
Texas
Regional
Mobility
Auth.,
Series A,
5.00%,
1/1/43
(Prerefunded
1/1/23) (2)
2,700‌
2,838‌
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/37 
295‌
378‌
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/38 
800‌
1,022‌
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/39 
775‌
988‌
Fort
Bend
County
IDC,
NRG
Energy,
Series A,
4.75%,
5/1/38 
3,000‌
3,104‌
Greater
Texas
Cultural
Ed.
Fac.
Fin.,
Epicenter
Multipurpose
Fac.
Project,
4.00%,
3/1/46 
9,240‌
10,703‌
Harris
County
Cultural
Ed.
Fac.
Fin.,
Brazos
Presbyterian
Hosp.,
Series B,
7.00%,
1/1/43
(Prerefunded
1/1/23) (2)
3,000‌
3,213‌
Harris
County
Cultural
Ed.
Fac.
Fin.,
Houston
Methodist
Hosp.,
5.00%,
12/1/45 
7,000‌
7,980‌
Houston
Airport,
Series D,
5.00%,
7/1/35 
6,380‌
7,930‌
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/45 
2,600‌
2,786‌
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.25%,
12/1/35 
2,400‌
2,644‌
Lower
Colorado
River
Auth.,
LCRA
Transmission
Services,
5.00%,
5/15/30 
1,000‌
1,269‌
Lower
Colorado
River
Auth.,
LCRA
Transmission
Services,
5.00%,
5/15/35 
1,150‌
1,450‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/30
(Prerefunded
4/1/25) (2)
300‌
345‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/47
(Prerefunded
4/1/25) (2)
3,310‌
3,805‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/32 
750‌
822‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/39 
1,000‌
1,086‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.25%,
10/1/49 
2,255‌
2,456‌
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/27 
2,250‌
2,458‌
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/39 
6,110‌
7,110‌
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/43 
2,750‌
3,356‌
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/48 
12,500‌
15,193‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/28 
1,000‌
1,181‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
23
Par
$
Value
(Amounts
in
000s)
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/31 
1,835‌
2,143‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/37 
1,700‌
1,969‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/40 
2,650‌
3,059‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/46 
5,395‌
6,180‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere-Northwest
Senior
High
School,
Series A,
5.00%,
11/15/45 
3,620‌
2,896‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Texas
Health
Resources
System,
Series A,
5.00%,
2/15/41 
5,240‌
6,184‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Texas
Health
Resources
System,
Series A,
5.00%,
2/15/47 
13,365‌
15,772‌
Texas
IDC,
NRG
Energy,
Series 2012,
4.125%,
12/1/45 
3,670‌
3,994‌
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Series D,
6.25%,
12/15/26 
5,280‌
6,090‌
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Merrill
Lynch,
Senior
Lien,
Series A,
5.25%,
12/15/25 
1,000‌
1,176‌
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/28 
2,500‌
3,089‌
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/29 
2,175‌
2,727‌
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/31 
2,155‌
2,795‌
Texas
Transportation
Commission,
First
Tier
Toll,
State
Highway,
5.00%,
8/1/57 
5,260‌
6,116‌
180,604‌
UTAH
1.1%
Murray
City,
IHC
Health
Services,
Series D,
VRDN,
0.04%,
5/15/36 
13,700‌
13,700‌
Salt
Lake
City
Airport,
Series B,
5.00%,
7/1/42 
1,000‌
1,203‌
Salt
Lake
City
Airport,
Series B,
5.00%,
7/1/46 
7,820‌
10,024‌
Salt
Lake
City
Airport,
Series B,
5.00%,
7/1/47 
4,675‌
5,611‌
30,538‌
VIRGIN
ISLANDS
0.2%
Virgin
Islands
PFA,
Matching
Fund,
Diageo,
Series A,
6.75%,
10/1/37 
5,000‌
5,044‌
5,044‌
VIRGINIA
2.4%
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
First
Tier
General
Resolution,
5.00%,
7/1/46 
5,840‌
6,879‌
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
First
Tier
General
Resolution,
5.00%,
7/1/51 
3,395‌
3,991‌
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/33 
8,955‌
10,131‌
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/36
(Prerefunded
4/1/26) (2)
8,500‌
9,756‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
24
Par
$
Value
(Amounts
in
000s)
Fairfax
County
IDA,
Inova
Health
System,
5.00%,
5/15/40 
5,000‌
5,105‌
Fairfax
County
IDA,
Inova
Health
System,
Series A,
4.00%,
5/15/48 
3,335‌
3,797‌
Hampton
Roads
Transportation
Accountability
Commission,
Series A,
5.50%,
7/1/57 
12,000‌
14,895‌
Henrico
County
Economic
Dev.
Auth.,
Bon
Secours
Health
System,
5.00%,
11/1/30
(Prerefunded
11/1/22) (2)
2,500‌
2,609‌
James
City
County
Economic
Dev.
Auth.,
United
Methodist
Homes,
Series A,
6.00%,
6/1/43
(Prerefunded
6/1/23) (2)
3,383‌
3,646‌
Lynchburg
Economic
Dev.
Auth.,
Central
Health
Obligation,
Series B,
VRDN,
0.05%,
1/1/47 
2,250‌
2,250‌
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/33 
1,000‌
1,165‌
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/36 
2,900‌
3,368‌
67,592‌
WASHINGTON
1.7%
Energy
Northwest,
Columbia
Generating
Station,
5.00%,
7/1/22 
4,600‌
4,729‌
Energy
Northwest,
Columbia
Generating
Station,
5.00%,
7/1/41 
10,000‌
13,157‌
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/32 
1,880‌
2,466‌
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/33 
1,500‌
1,964‌
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/34 
2,200‌
2,875‌
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/36 
3,400‌
4,411‌
Energy
Northwest,
Columbia
Generating
Station,
Series A,
5.00%,
7/1/37 
3,215‌
4,162‌
Washington,
Series C,
GO,
5.00%,
2/1/39 
10,565‌
13,542‌
47,306‌
WEST
VIRGINIA
0.0%
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.50%,
6/1/37 (1)
425‌
486‌
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.75%,
6/1/43 (1)
425‌
487‌
973‌
WISCONSIN
0.5%
Wisconsin
PFA,
Retirement
Housing
Foundation
Obligation
Group,
5.00%,
11/15/29 
1,475‌
1,786‌
Wisconsin
PFA,
Retirement
Housing
Foundation
Obligation
Group,
5.00%,
11/15/30 
1,500‌
1,841‌
Wisconsin
PFA,
Searstone
CCRC
Project,
Series A,
5.00%,
6/1/37 (4)
4,000‌
4,258‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
25
Par
$
Value
(Amounts
in
000s)
Wisconsin
PFA,
Searstone
Retirement
Community,
Series A,
5.20%,
6/1/37 
2,000‌
2,233‌
Wisconsin
PFA,
Searstone
Retirement
Community,
Series A,
5.30%,
6/1/47 
1,300‌
1,453‌
Wisconsin
PFA,
Searstone
Retirement
Community,
Series A,
5.375%,
6/1/52 
1,700‌
1,835‌
13,406‌
Total
Municipal
Securities
(Cost
$2,657,348)
2,861,140‌
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.1%
Freddie
Mac
Multifamily
ML
Certificates,
Series 2021-ML10,
Class
ACA,
2.046%,
6/25/38 
3,663‌
3,711‌
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$3,803)
3,711‌
Total
Investments
in
Securities
99.9%
(Cost
$2,661,151)
$
2,864,851‌
Other
Assets
Less
Liabilities
0.1%
1,902
Net
Assets
100.0%
$
2,866,753‌
‡
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
$51,641
and
represents
1.8%
of
net
assets.
(2)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(3)
Insured
by
Assured
Guaranty
Municipal
Corporation
(4)
When-issued
security
(5)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(6)
Non-income
producing
(7)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(8)
Insured
by
AMBAC
Assurance
Corporation
(9)
Insured
by
National
Public
Finance
Guarantee
Corporation
(10)
Escrowed
to
maturity
(11)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
BAN
Bond
Anticipation
Note
CDA
Community
Development
Administration/Authority
COP
Certificate
of
Participation
T.
ROWE
PRICE
Tax-Free
Income
Fund
26
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
.
.
.
.
.
.
.
.
.
.
DFA
Development
Finance
Authority
EFA
Educational
Facility
Authority
FRN
Floating
Rate
Note
GO
General
Obligation
HCFFA
Health
Care
Facilities
Financing
Authority
HEFA
Health
&
Educational
Facility
Authority
HFA
Health
Facility
Authority
HFFA
Health
Facility
Financing
Authority
HHEFA
Health
&
Higher
Educational
Facility
Authority
IDA
Industrial
Development
Authority/Agency
IDC
Industrial
Development
Corporation
MUNIPSA
Securities
Industry
and
Financial
Markets
Association
(SIFMA)
Municipal
Swap
Index
PCR
Pollution
Control
Revenue
PFA
Public
Finance
Authority/Agency
PIK
Payment-in-kind
RAC
Revenue
Anticipation
Certificate
SOFR
Secured
overnight
financing
rate
TRAN
Tax
Revenue
Anticipation
Note
VRDN
Variable
Rate
Demand
Note
under
which
the
holder
has
the
right
to
sell
the
security
to
the
issuer
or
the
issuer’s
agent
at
a
predetermined
price
on
specified
dates;
such
specified
dates
are
considered
the
effective
maturity
for
purposes
of
the
fund’s
weighted
average
maturity;
rate
shown
is
effective
rate
at
period-end
and
maturity
date
shown
is
final
maturity.
Certain
VRDN
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
T.
ROWE
PRICE
Tax-Free
Income
Fund
Unaudited
Notes
to
Portfolio
of
Investments
27
T.
Rowe
Price
Tax-Free
Income
Fund,
Inc.
 (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s 
most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION 
Fair
Value
  The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
T.
ROWE
PRICE
Tax-Free
Income
Fund
28
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the fund’s
own
assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques 
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.   
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Committee
may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
T.
ROWE
PRICE
Tax-Free
Income
Fund
29
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
Valuation
Inputs
  On
November
30,
2021,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
2,
based
on
the
inputs
used
to
determine
their
fair
values.
F45-054Q3
11/21