0000202927falseN-CSRST. ROWE PRICE TAX-FREE INCOME FUND, INC.N-1A2025-08-310000202927trp:C000005559Member2025-03-012025-08-3100002029272025-03-012025-08-310000202927trp:C000005559Member2025-08-310000202927trp:C000005559Membertrp:GeorgiaCTIMember2025-08-310000202927trp:C000005559Membertrp:TexasCTIMember2025-08-310000202927trp:C000005559Membertrp:NewYorkCTIMember2025-08-310000202927trp:C000005559Membertrp:CaliforniaCTIMember2025-08-310000202927trp:C000005559Membertrp:VirginiaCTIMember2025-08-310000202927trp:C000005559Membertrp:MarylandCTIMember2025-08-310000202927trp:C000005559Membertrp:PuertoRicoCTIMember2025-08-310000202927trp:C000005559Membertrp:IllinoisCTIMember2025-08-310000202927trp:C000005559Membertrp:DistrictofColumbiaCTIMember2025-08-310000202927trp:C000005559Membertrp:OtherHoldingsGroupingCTIMember2025-08-310000202927trp:C000005559Membertrp:LifeCareNursingHomeRevenueSectorMember2025-08-310000202927trp:C000005559Membertrp:AirSeaTransportationSectorMember2025-08-310000202927trp:C000005559Membertrp:HousingFinanceRevenueSectorMember2025-08-310000202927trp:C000005559Membertrp:DedicatedTaxRevenueSectorMember2025-08-310000202927trp:C000005559Membertrp:EducationalRevenueSectorMember2025-08-310000202927trp:C000005559Membertrp:GeneralObligationsMinusStateSectorMember2025-08-310000202927trp:C000005559Membertrp:GenlObligationsMinusLocalSectorMember2025-08-310000202927trp:C000005559Membertrp:LeaseRevenueSectorMember2025-08-310000202927trp:C000005559Membertrp:WaterSewerRevenueSectorMember2025-08-310000202927trp:C000005559Membertrp:Other2SectorMember2025-08-310000202927trp:C000005560Member2025-03-012025-08-310000202927trp:C000005560Member2025-08-310000202927trp:C000005560Membertrp:GeorgiaCTIMember2025-08-310000202927trp:C000005560Membertrp:TexasCTIMember2025-08-310000202927trp:C000005560Membertrp:NewYorkCTIMember2025-08-310000202927trp:C000005560Membertrp:CaliforniaCTIMember2025-08-310000202927trp:C000005560Membertrp:VirginiaCTIMember2025-08-310000202927trp:C000005560Membertrp:MarylandCTIMember2025-08-310000202927trp:C000005560Membertrp:PuertoRicoCTIMember2025-08-310000202927trp:C000005560Membertrp:IllinoisCTIMember2025-08-310000202927trp:C000005560Membertrp:DistrictofColumbiaCTIMember2025-08-310000202927trp:C000005560Membertrp:OtherHoldingsGroupingCTIMember2025-08-310000202927trp:C000005560Membertrp:LifeCareNursingHomeRevenueSectorMember2025-08-310000202927trp:C000005560Membertrp:AirSeaTransportationSectorMember2025-08-310000202927trp:C000005560Membertrp:HousingFinanceRevenueSectorMember2025-08-310000202927trp:C000005560Membertrp:DedicatedTaxRevenueSectorMember2025-08-310000202927trp:C000005560Membertrp:EducationalRevenueSectorMember2025-08-310000202927trp:C000005560Membertrp:GeneralObligationsMinusStateSectorMember2025-08-310000202927trp:C000005560Membertrp:GenlObligationsMinusLocalSectorMember2025-08-310000202927trp:C000005560Membertrp:LeaseRevenueSectorMember2025-08-310000202927trp:C000005560Membertrp:WaterSewerRevenueSectorMember2025-08-310000202927trp:C000005560Membertrp:Other2SectorMember2025-08-310000202927trp:C000193190Member2025-03-012025-08-310000202927trp:C000193190Member2025-08-310000202927trp:C000193190Membertrp:GeorgiaCTIMember2025-08-310000202927trp:C000193190Membertrp:TexasCTIMember2025-08-310000202927trp:C000193190Membertrp:NewYorkCTIMember2025-08-310000202927trp:C000193190Membertrp:CaliforniaCTIMember2025-08-310000202927trp:C000193190Membertrp:VirginiaCTIMember2025-08-310000202927trp:C000193190Membertrp:MarylandCTIMember2025-08-310000202927trp:C000193190Membertrp:PuertoRicoCTIMember2025-08-310000202927trp:C000193190Membertrp:IllinoisCTIMember2025-08-310000202927trp:C000193190Membertrp:DistrictofColumbiaCTIMember2025-08-310000202927trp:C000193190Membertrp:OtherHoldingsGroupingCTIMember2025-08-310000202927trp:C000193190Membertrp:LifeCareNursingHomeRevenueSectorMember2025-08-310000202927trp:C000193190Membertrp:AirSeaTransportationSectorMember2025-08-310000202927trp:C000193190Membertrp:HousingFinanceRevenueSectorMember2025-08-310000202927trp:C000193190Membertrp:DedicatedTaxRevenueSectorMember2025-08-310000202927trp:C000193190Membertrp:EducationalRevenueSectorMember2025-08-310000202927trp:C000193190Membertrp:GeneralObligationsMinusStateSectorMember2025-08-310000202927trp:C000193190Membertrp:GenlObligationsMinusLocalSectorMember2025-08-310000202927trp:C000193190Membertrp:LeaseRevenueSectorMember2025-08-310000202927trp:C000193190Membertrp:WaterSewerRevenueSectorMember2025-08-310000202927trp:C000193190Membertrp:Other2SectorMember2025-08-31iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Dtrp:Holding

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-02684

T. Rowe Price Tax-Free Income Fund, Inc.

 

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231    

 

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

 

(Name and address of agent for service)

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

Date of fiscal year end: February 28

Date of reporting period: August 31, 2025

Item 1. Reports to Shareholders

    (a) Report pursuant to Rule 30e-1

 

Image

Semi-Annual Shareholder Report

August 31, 2025

Tax-Free Income Fund

Investor Class (PRTAX)

This semi-annual shareholder report contains important information about Tax-Free Income Fund (the "fund") for the period of March 1, 2025 to August 31, 2025. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Tax-Free Income Fund - Investor Class
$20
0.41%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$2,221,061
Number of Portfolio Holdings
621
Portfolio Turnover Rate
19.4%

What did the fund invest in?

State Allocation (as a % of Net Assets)

Georgia
9.7%
Texas
9.0
New York
8.4
California
6.8
Virginia
6.2
Maryland
5.9
Puerto Rico
5.3
Illinois
5.3
District of Columbia
3.7
Other
39.7

Industry Allocation (as a % of Net Assets)

Health Care
18.0%
Transportation
13.3
Housing
12.7
Special Tax
11.5
Education
8.1
General Obligations - State
6.9
General Obligations - Local
4.7
Leasing
4.1
Water & Sewer
2.7
Other
18.0

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F45-053 10/25

Tax-Free Income Fund 

Investor Class (PRTAX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image
Image

Semi-Annual Shareholder Report

August 31, 2025

Tax-Free Income Fund

Advisor Class (PATAX)

This semi-annual shareholder report contains important information about Tax-Free Income Fund (the "fund") for the period of March 1, 2025 to August 31, 2025. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Tax-Free Income Fund - Advisor Class
$38
0.76%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$2,221,061
Number of Portfolio Holdings
621
Portfolio Turnover Rate
19.4%

What did the fund invest in?

State Allocation (as a % of Net Assets)

Georgia
9.7%
Texas
9.0
New York
8.4
California
6.8
Virginia
6.2
Maryland
5.9
Puerto Rico
5.3
Illinois
5.3
District of Columbia
3.7
Other
39.7

Industry Allocation (as a % of Net Assets)

Health Care
18.0%
Transportation
13.3
Housing
12.7
Special Tax
11.5
Education
8.1
General Obligations - State
6.9
General Obligations - Local
4.7
Leasing
4.1
Water & Sewer
2.7
Other
18.0

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F245-053 10/25

Tax-Free Income Fund 

Advisor Class (PATAX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image
Image

Semi-Annual Shareholder Report

August 31, 2025

Tax-Free Income Fund

I Class (TFILX)

This semi-annual shareholder report contains important information about Tax-Free Income Fund (the "fund") for the period of March 1, 2025 to August 31, 2025. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Tax-Free Income Fund - I Class
$18
0.36%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$2,221,061
Number of Portfolio Holdings
621
Portfolio Turnover Rate
19.4%

What did the fund invest in?

State Allocation (as a % of Net Assets)

Georgia
9.7%
Texas
9.0
New York
8.4
California
6.8
Virginia
6.2
Maryland
5.9
Puerto Rico
5.3
Illinois
5.3
District of Columbia
3.7
Other
39.7

Industry Allocation (as a % of Net Assets)

Health Care
18.0%
Transportation
13.3
Housing
12.7
Special Tax
11.5
Education
8.1
General Obligations - State
6.9
General Obligations - Local
4.7
Leasing
4.1
Water & Sewer
2.7
Other
18.0

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1085-053 10/25

Tax-Free Income Fund 

I Class (TFILX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image

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

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a – b) Report pursuant to Regulation S-X.

 

 

Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
August
31,
2025
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRTAX
Tax-Free
Income
Fund
–!
PATAX
Tax-Free
Income
Fund–
.
Advisor Class
TFILX
Tax-Free
Income
Fund–
.
I Class
T.
ROWE
PRICE
Tax-Free
Income
Fund
(Unaudited)
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
8/31/25
..
Year
..
..
Ended
.
2/28/25
2/29/24
2/28/23
2/28/22
2/28/21
NET
ASSET
VALUE
Beginning
of
period
$
9.47‌
$
9.44‌
$
9.18‌
$
10.10‌
$
10.30‌
$
10.54‌
Investment
activities
Net
investment
income
(1)(2)
0.18‌
0.33‌
0.30‌
0.29‌
0.25‌
0.29‌
Net
realized
and
unrealized
gain/
loss
(0.41‌)
0.02‌
0.25‌
(0.93‌)
(0.20‌)
(0.24‌)
Total
from
investment
activities
(0.23‌)
0.35‌
0.55‌
(0.64‌)
0.05‌
0.05‌
Distributions
Net
investment
income
(0.17‌)
(0.32‌)
(0.29‌)
(0.28‌)
(0.25‌)
(0.29‌)
NET
ASSET
VALUE
End
of
period
$
9.07‌
$
9.47‌
$
9.44‌
$
9.18‌
$
10.10‌
$
10.30‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
(Unaudited)
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
8/31/25
..
Year
..
..
Ended
.
2/28/25
2/29/24
2/28/23
2/28/22
2/28/21
Ratios/Supplemental
Data
Total
return
(2)(3)
(2.37‌)%
3.80‌%
6.16‌%
(6.30‌)%
0.44‌%
0.51‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.51‌%
(4)
0.56‌%
0.59‌%
0.59‌%
0.53‌%
0.53‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.41‌%
(4)
0.49‌%
0.53‌%
0.53‌%
0.53‌%
0.53‌%
Net
investment
income
3.90‌%
(4)
3.47‌%
3.23‌%
3.05‌%
2.41‌%
2.83‌%
Portfolio
turnover
rate
19.4‌%
25.8‌%
25.0‌%
20.6‌%
10.6‌%
14.9‌%
Net
assets,
end
of
period
(in
millions)
$726
$806
$792
$819
$1,193
$1,701
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Tax-Free
Income
Fund
(Unaudited)
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
Advisor
Class
6
Months
.
Ended
8/31/25
..
Year
..
..
Ended
.
2/28/25
2/29/24
2/28/23
2/28/22
2/28/21
NET
ASSET
VALUE
Beginning
of
period
$
9.47‌
$
9.44‌
$
9.18‌
$
10.11‌
$
10.31‌
$
10.54‌
Investment
activities
Net
investment
income
(1)(2)
0.16‌
0.30‌
0.27‌
0.25‌
0.22‌
0.26‌
Net
realized
and
unrealized
gain/
loss
(0.40‌)
0.02‌
0.25‌
(0.93‌)
(0.20‌)
(0.24‌)
Total
from
investment
activities
(0.24‌)
0.32‌
0.52‌
(0.68‌)
0.02‌
0.02‌
Distributions
Net
investment
income
(0.16‌)
(0.29‌)
(0.26‌)
(0.25‌)
(0.22‌)
(0.25‌)
NET
ASSET
VALUE
End
of
period
$
9.07‌
$
9.47‌
$
9.44‌
$
9.18‌
$
10.11‌
$
10.31‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
(Unaudited)
Financial
Highlights
5
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
6
Months
.
Ended
8/31/25
..
Year
..
..
Ended
.
2/28/25
2/29/24
2/28/23
2/28/22
2/28/21
Ratios/Supplemental
Data
Total
return
(2)(3)
(2.54‌)%
3.46‌%
5.80‌%
(6.71‌)%
0.12‌%
0.29‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.76‌%
(4)
0.83‌%
0.87‌%
0.86‌%
0.86‌%
0.85‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.76‌%
(4)
0.83‌%
0.87‌%
0.86‌%
0.86‌%
0.85‌%
Net
investment
income
3.54‌%
(4)
3.13‌%
2.89‌%
2.73‌%
2.09‌%
2.50‌%
Portfolio
turnover
rate
19.4‌%
25.8‌%
25.0‌%
20.6‌%
10.6‌%
14.9‌%
Net
assets,
end
of
period
(in
millions)
$27
$33
$37
$47
$67
$400
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Tax-Free
Income
Fund
(Unaudited)
Financial
Highlights
6
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
8/31/25
..
Year
..
..
Ended
.
2/28/25
2/29/24
2/28/23
2/28/22
2/28/21
NET
ASSET
VALUE
Beginning
of
period
$
9.46‌
$
9.43‌
$
9.18‌
$
10.10‌
$
10.30‌
$
10.54‌
Investment
activities
Net
investment
income
(1)(2)
0.18‌
0.33‌
0.30‌
0.29‌
0.26‌
0.30‌
Net
realized
and
unrealized
gain/
loss
(0.40‌)
0.03‌
0.25‌
(0.92‌)
(0.20‌)
(0.25‌)
Total
from
investment
activities
(0.22‌)
0.36‌
0.55‌
(0.63‌)
0.06‌
0.05‌
Distributions
Net
investment
income
(0.18‌)
(0.33‌)
(0.30‌)
(0.29‌)
(0.26‌)
(0.29‌)
NET
ASSET
VALUE
End
of
period
$
9.06‌
$
9.46‌
$
9.43‌
$
9.18‌
$
10.10‌
$
10.30‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
(Unaudited)
Financial
Highlights
7
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
8/31/25
..
Year
..
..
Ended
.
2/28/25
2/29/24
2/28/23
2/28/22
2/28/21
Ratios/Supplemental
Data
Total
return
(2)(3)
(2.35‌)%
3.87‌%
6.11‌%
(6.25‌)%
0.53‌%
0.59‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.36‌%
(4)
0.43‌%
0.47‌%
0.47‌%
0.45‌%
0.45‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.36‌%
(4)
0.43‌%
0.47‌%
0.47‌%
0.45‌%
0.45‌%
Net
investment
income
3.95‌%
(4)
3.53‌%
3.29‌%
3.12‌%
2.49‌%
2.89‌%
Portfolio
turnover
rate
19.4‌%
25.8‌%
25.0‌%
20.6‌%
10.6‌%
14.9‌%
Net
assets,
end
of
period
(in
thousands)
$1,467,356
$1,535,782
$1,464,090
$1,423,855
$1,472,315
$646,846
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Tax-Free
Income
Fund
August
31,
2025
(Unaudited)
8
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES 99.2%
ALABAMA
 1.1%
Black
Belt
Energy
Gas
Dist.,
VRDN,
4.00%,
6/1/51
(Tender
12/1/31) 
4,140‌
4,193‌
Black
Belt
Energy
Gas
Dist.,
Series A,
VRDN,
5.25%,
1/1/54
(Tender
10/1/30) 
4,330‌
4,640‌
Black
Belt
Energy
Gas
Dist.,
Series C-1,
VRDN,
5.25%,
2/1/53
(Tender
6/1/29) 
3,900‌
4,120‌
Black
Belt
Energy
Gas
Dist.,
Series D-1,
VRDN,
5.50%,
6/1/49
(Tender
2/1/29) 
7,080‌
7,514‌
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
5.25%,
5/1/44 (1)
3,280‌
3,204‌
23,671‌
ARIZONA
 0.4%
Arizona
HFA,
Banner
Health,
Series B,
FRN,
100%
of
SPMUV7DY
+
0.81%,
2.87%,
1/1/37 
1,490‌
1,440‌
Arizona
IDA,
Equitable
School
Revolving
Fund,
Series A,
5.00%,
11/1/54 
3,085‌
2,894‌
Maricopa
County
IDA,
Banner
Health,
Series 2019E,
3.00%,
1/1/49 
4,300‌
2,995‌
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/59 
1,070‌
963‌
8,292‌
CALIFORNIA
 6.8%
California
Community
Choice
Fin.
Auth.,
Series A,
VRDN,
5.00%,
1/1/56
(Tender
5/1/35) 
1,500‌
1,550‌
California
Community
Choice
Fin.
Auth.,
Series G,
VRDN,
5.00%,
11/1/55
(Tender
8/1/32) 
5,000‌
5,213‌
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.00%,
7/1/53
(Tender
8/1/29) 
3,175‌
3,349‌
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29) 
1,850‌
1,948‌
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.00%,
5/1/54
(Tender
4/1/32) 
5,405‌
5,772‌
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.50%,
10/1/54
(Tender
11/1/30) 
3,035‌
3,260‌
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
Series B,
VRDN,
5.00%,
3/1/56
(Tender
11/1/35) 
6,900‌
7,378‌
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
12,233‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
9
Par
$
Value
(Amounts
in
000s)
California
HFFA,
Kaiser
Permanente,
Series A-2,
5.00%,
11/1/47 
23,025‌
23,686‌
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35 
841‌
858‌
California
Infrastructure
&
Economic
Dev.
Bank,
4.00%,
10/1/43 
7,465‌
7,196‌
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
FRN,
100%
of
MUNIPSA
+
0.70%,
3.43%,
12/1/50
(Tender
6/1/26) 
775‌
771‌
California
Municipal
Fin.
Auth.,
Series A,
COP,
5.25%,
11/1/52 (2)
940‌
941‌
California
Municipal
Fin.
Auth.,
John
Adams
Academies
Lincoln
Project,
Series A,
5.00%,
10/1/49 (1)
1,525‌
1,318‌
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
4.00%,
10/1/29 (1)
410‌
409‌
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
5.00%,
10/1/39 (1)
900‌
854‌
California
Municipal
Fin.
Auth.,
Retirement
Housing
Foundation,
Series A,
5.00%,
11/15/32 (3)
1,425‌
1,631‌
California
Municipal
Fin.
Auth.,
Samuel
Merritt
Univ.,
5.25%,
6/1/53 
2,765‌
2,835‌
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/48 
5,500‌
5,210‌
California
PFA,
Sunrise
of
Manhattan
Beach,
Series A-1,
6.75%,
7/1/65 (1)
6,000‌
6,131‌
California
School
Fin.
Auth.,
New
Designs
Charter
School,
5.00%,
6/1/30 (1)
1,090‌
1,109‌
California
State
Univ.,
Series C,
4.00%,
11/1/45 
5,065‌
4,545‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/48 (1)
3,300‌
3,113‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/56 (1)
6,330‌
5,765‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58 (1)
3,000‌
2,882‌
Central
Valley
Energy
Auth.,
VRDN,
5.00%,
12/1/55
(Tender
8/1/35) 
3,150‌
3,383‌
Chino
Valley
Unified
School
Dist.,
Series B,
GO,
3.375%,
8/1/50 (2)
5,060‌
3,866‌
CSCDA
Community
Improvement
Auth.,
Link
Glendala
Social
Bonds,
Series A-2,
4.00%,
7/1/56 (1)
3,320‌
2,418‌
CSCDA
Community
Improvement
Auth.,
Oceanaire
Long
Beach
Social
Bonds,
Series A-2,
4.00%,
9/1/56 (1)
2,000‌
1,408‌
Golden
State
Tobacco
Securitization,
Series B-2,
Zero
Coupon,
6/1/66 
12,000‌
1,114‌
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series A,
5.25%,
9/1/37 
4,600‌
4,635‌
Irvine
Fac.
Fin.
Auth.,
Series A,
5.25%,
9/1/53 (4)
4,000‌
4,115‌
Regents
of
the
Univ.
of
California,
Medical
Center
Pooled
Revenue,
Series P,
3.50%,
5/15/54 
6,250‌
4,793‌
Sacramento
County
Airport,
Series A,
5.00%,
7/1/41 
2,925‌
2,928‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
10
Par
$
Value
(Amounts
in
000s)
Sacramento
County
Airport,
Series B,
5.00%,
7/1/41 
3,325‌
3,328‌
San
Diego
County
Regional
Airport
Auth.,
Series A,
4.00%,
7/1/51 
5,700‌
4,993‌
San
Francisco
Bay
Area
Rapid
Transit
Dist.,
Series C-1,
GO,
4.00%,
8/1/45 
4,645‌
4,174‌
San
Joaquin
Valley
Clean
Energy
Auth.,
Series A,
VRDN,
5.50%,
1/1/56
(Tender
7/1/35) 
1,100‌
1,220‌
152,332‌
COLORADO
 2.4%
Adams
&
Arapahoe
Counties
Joint
School
Dist.
No.
28J
Aurora,
GO,
5.50%,
12/1/43 
3,400‌
3,697‌
Colorado,
COP,
6.00%,
12/15/40 
4,850‌
5,464‌
Colorado,
COP,
6.00%,
12/15/41 
7,585‌
8,476‌
Colorado
Bridge
&
Tunnel
Enterprise,
Series A,
5.50%,
12/1/54 (2)
3,600‌
3,752‌
Colorado
HFA,
Adventist
Health
System/Sunbelt
Obligated
Group,
Series A,
4.00%,
11/15/48 
4,185‌
3,557‌
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/47 
690‌
665‌
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/51 
1,870‌
1,751‌
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/56 
3,205‌
2,971‌
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/34 
3,500‌
3,529‌
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/36 
2,000‌
2,009‌
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/40 
17,540‌
17,283‌
53,154‌
CONNECTICUT
 0.5%
Connecticut,
Series B,
GO,
3.00%,
1/15/42 (4)
5,000‌
3,961‌
Connecticut,
Series E,
GO,
5.00%,
9/15/34 
3,250‌
3,410‌
Connecticut
Housing
Fin.
Auth.,
Series R,
6.00%,
11/15/54 
2,930‌
3,186‌
Mashantucket
Western
Pequot
Tribe,
6.05%,
7/1/31
(4.00%
Cash
and
2.05%
PIK) (5)(6)(7)
2,878‌
720‌
11,277‌
DELAWARE
 1.0%
Delaware
Economic
Dev.
Auth.,
Acts
Retirement
Communities,
Series B,
5.00%,
11/15/48 
5,185‌
4,863‌
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/50 
3,065‌
2,812‌
Delaware
HFA,
Christiana
Health
Care
System,
5.00%,
10/1/45 
3,500‌
3,506‌
Delaware
State
HFA,
Bayhealth
Medical
Center
Project,
Series A,
4.00%,
7/1/40 
3,000‌
2,769‌
Delaware
Transportation
Auth.,
Senior,
3.00%,
7/1/44 
8,000‌
6,391‌
Univ.
of
Delaware,
Series A,
5.00%,
11/1/43 
895‌
947‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
11
Par
$
Value
(Amounts
in
000s)
Univ.
of
Delaware,
Series A,
5.00%,
11/1/45 
500‌
522‌
21,810‌
DISTRICT
OF
COLUMBIA
 3.7%
Dist.
of
Columbia
Housing
Fin.
Agency,
Series A,
4.875%,
9/1/45 
2,000‌
1,967‌
Dist.
of
Columbia
Income
Tax
Revenue,
Series A,
5.00%,
6/1/44 
10,630‌
10,964‌
District
of
Columbia,
Series D,
GO,
5.00%,
6/1/42 
5,000‌
5,018‌
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/37 
515‌
515‌
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/42 
515‌
484‌
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/52 
4,780‌
4,134‌
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
6.50%,
10/1/44 
9,350‌
9,797‌
Washington
Convention
&
Sports
Auth.,
Hotel
Tax,
Series A,
5.00%,
10/1/30 
3,200‌
3,341‌
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/46 
11,300‌
9,961‌
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.50%,
7/15/51 
11,445‌
11,928‌
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/42 
12,000‌
12,097‌
Washington
Metropolitan
Area
Transit
Auth.,
Second
Lien,
Series A,
4.375%,
7/15/59 
3,075‌
2,780‌
Washington
Metropolitan
Area
Transit
Auth.,
Second
Lien,
Series A,
5.25%,
7/15/50 
2,600‌
2,683‌
Washington
Metropolitan
Area
Transit
Auth.,
Second
Lien,
Series A,
5.25%,
7/15/59 
2,600‌
2,653‌
Washington
Metropolitan
Area
Transit
Auth.,
Sustainability
Financed
Bonds,
5.25%,
7/15/53 
4,750‌
4,869‌
83,191‌
FLORIDA
 1.9%
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.25%,
11/15/44 (6)(7)
1,396‌
21‌
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/31 
500‌
530‌
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/32 
750‌
790‌
Central
Florida
Expressway
Auth.,
5.00%,
7/1/39 
7,475‌
7,536‌
Central
Florida
Expressway
Auth.,
Series B,
5.00%,
7/1/34
(Prerefunded
7/1/26) (8)
3,700‌
3,778‌
Everest
GMR
Community
Dev.
Dist.,
6.20%,
5/1/54 
1,980‌
1,977‌
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
5.00%,
6/1/48 (1)
5,875‌
4,846‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
12
Par
$
Value
(Amounts
in
000s)
Jacksonville
Ed.
Fac.,
Jacksonville
Univ.,
Series B,
5.00%,
6/1/53 (1)
3,600‌
2,859‌
JEA
Water
&
Sewer
System
Revenue,
Series A,
5.50%,
10/1/54 
2,000‌
2,113‌
Manatee
County,
5.50%,
10/1/53 
10,000‌
10,539‌
Palm
Beach
County
HFA,
Active
Retirement
Life
Community,
5.00%,
11/15/45 
4,290‌
4,107‌
Tampa,
Series A,
Zero
Coupon,
9/1/34 
900‌
622‌
Tampa,
Series A,
Zero
Coupon,
9/1/35 
750‌
491‌
Tampa,
Series A,
Zero
Coupon,
9/1/38 
1,000‌
540‌
Tampa,
Series A,
Zero
Coupon,
9/1/39 
850‌
431‌
Tampa,
Series A,
Zero
Coupon,
9/1/40 
1,000‌
475‌
41,655‌
GEORGIA
 9.7%
Atlanta
Airport
Passenger
Fac.
Charge,
Series C,
5.00%,
7/1/40 
10,000‌
10,508‌
Atlanta
Airport
Passenger
Fac.
Charge,
Series D,
5.00%,
7/1/44 
6,000‌
6,195‌
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.75%,
1/1/35 (6)(7)
800‌
456‌
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
7.00%,
1/1/40 (6)(7)
5,095‌
2,904‌
Atlanta
Dev.
Auth.,
Gulch
Enterprise
Zone
Project,
Series 1,
Class
A,
STEP,
0.00%,
12/15/48 (1)
5,389‌
4,600‌
Atlanta,
Beltline,
Tax
Allocation,
Series B,
5.00%,
1/1/31 
1,280‌
1,313‌
Brookhaven
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series A,
3.00%,
7/1/46 
2,775‌
2,083‌
Brookhaven
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series A,
4.00%,
7/1/49 
1,585‌
1,363‌
Burke
County
Dev.
Auth.,
Georgia
Power
Plant
Vogtle,
VRDN,
PCR,
3.85%,
7/1/49 
125‌
125‌
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
RAC,
4.00%,
4/1/52 
5,000‌
4,062‌
Cobb-Marietta
Coliseum
&
Exhibit
Hall
Auth.,
Cobb
Galleria
Centre
Project,
5.25%,
10/1/42 
3,075‌
3,254‌
Cobb-Marietta
Coliseum
&
Exhibit
Hall
Auth.,
Cobb
Galleria
Centre
Project,
5.25%,
10/1/43 
2,250‌
2,365‌
Columbia
County
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.125%,
4/1/53 
4,925‌
4,882‌
Columbia
County
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.75%,
4/1/53 
14,650‌
15,303‌
DeKalb
County
Housing
Auth.,
The
Avenues
of
North
Decatur,
4.125%,
12/1/34 
5,000‌
4,898‌
DeKalb
County
Housing
Auth.,
The
Avenues
of
North
Decatur,
5.00%,
12/1/34 
2,500‌
2,637‌
Dev.
Auth.
of
Appling
County,
Georgia
Power
Company
Plant
Hatch
Project,
VRDN,
PCR,
3.95%,
9/1/41 
1,200‌
1,200‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
13
Par
$
Value
(Amounts
in
000s)
Fulton
County
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series C,
5.00%,
7/1/38 
1,250‌
1,296‌
Fulton
County
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series C,
5.00%,
7/1/39 
1,165‌
1,200‌
Fulton
County
Dev.
Auth.,
Piedmont
Healthcare
Project,
Series A,
4.00%,
7/1/49 
5,000‌
4,194‌
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/36 
5,250‌
5,276‌
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/44 
5,150‌
5,130‌
Gainesville
&
Hall
County
Dev.
Auth.,
5.00%,
6/1/37 
625‌
627‌
Gainesville
&
Hall
County
Dev.
Auth.,
5.125%,
6/1/39 
690‌
683‌
Gainesville
&
Hall
County
Dev.
Auth.,
5.25%,
6/1/40 
725‌
716‌
Gainesville
&
Hall
County
Dev.
Auth.,
Brenau
Univ.,
5.50%,
6/1/45 
3,260‌
3,140‌
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series B,
5.50%,
2/15/42 
3,245‌
3,298‌
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/36 
3,600‌
3,593‌
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/54 
14,265‌
11,414‌
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/36 (1)
800‌
803‌
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/54 (1)
3,340‌
2,940‌
Georgia
Housing
&
Fin.
Auth.,
3.60%,
12/1/44 
4,000‌
3,415‌
Georgia
Housing
&
Fin.
Auth.,
Series A,
4.60%,
12/1/53 
4,000‌
3,741‌
Georgia
Housing
&
Fin.
Auth.,
Series A,
4.65%,
12/1/50 
8,000‌
7,624‌
Georgia
Housing
&
Fin.
Auth.,
Series C,
4.40%,
12/1/44 
3,000‌
2,854‌
Georgia
Housing
&
Fin.
Auth.,
Series C,
5.05%,
12/1/45 
6,300‌
6,318‌
Georgia
Ports
Auth.,
5.00%,
7/1/47 
2,500‌
2,553‌
Georgia
State
Road
&
Tollway
Auth.,
5.00%,
7/15/44 
3,425‌
3,586‌
Georgia
State
Road
&
Tollway
Auth.,
Managed
Lane
System,
Series A,
3.00%,
7/15/50 
5,080‌
3,598‌
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/31 
4,000‌
4,178‌
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/32 
2,500‌
2,598‌
Main
Street
Natural
Gas,
Series A,
VRDN,
4.00%,
7/1/52
(Tender
9/1/27) 
3,100‌
3,146‌
Main
Street
Natural
Gas,
Series B,
VRDN,
5.00%,
12/1/54
(Tender
3/1/32) 
1,750‌
1,878‌
Main
Street
Natural
Gas,
Series C,
VRDN,
5.00%,
9/1/53
(Tender
9/1/30) 
1,800‌
1,911‌
Main
Street
Natural
Gas,
Series E,
VRDN,
5.00%,
5/1/55
(Tender
12/1/32) 
7,600‌
8,132‌
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series A,
5.50%,
9/15/25 
6,000‌
6,005‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
14
Par
$
Value
(Amounts
in
000s)
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series B,
VRDN,
5.00%,
12/1/52
(Tender
6/1/29) 
3,450‌
3,614‌
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
3/1/50
(Tender
9/1/26) 
7,940‌
7,985‌
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
5/1/52
(Tender
12/1/28) 
3,210‌
3,256‌
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
5.00%,
12/1/54
(Tender
12/1/31) 
4,510‌
4,792‌
Municipal
Electric
Auth.
of
Georgia,
4.00%,
1/1/44 (2)
4,420‌
4,016‌
Municipal
Electric
Auth.
of
Georgia,
Plant
Vogtle
Project,
Series A,
5.00%,
1/1/49 (4)
5,000‌
4,945‌
Municipal
Electric
Auth.
of
Georgia,
Project
One
Subordinated
Bonds,
Series A,
5.25%,
1/1/49 
1,350‌
1,372‌
Municipal
Electric
Auth.
of
Georgia,
Project
One
Subordinated
Bonds,
Series A,
5.25%,
1/1/54 (4)
3,250‌
3,305‌
Private
Colleges
&
Univ.
Auth.,
Emory
Univ.,
Series A,
5.25%,
9/1/44 
5,000‌
5,266‌
Senoia
Dev.
Auth.,
Coweta
Charter
Academy
Project,
Series A,
6.50%,
7/1/54 (1)
2,735‌
2,397‌
214,943‌
HAWAII
 0.2%
Hawaii
Airports
System
Revenue,
Series B,
5.00%,
7/1/49 
3,000‌
3,063‌
Hawaii
County,
GO,
5.00%,
9/1/43 
1,000‌
1,047‌
Hawaii
County,
GO,
5.00%,
9/1/44 
1,000‌
1,040‌
5,150‌
ILLINOIS
 5.3%
Chicago,
Series A,
GO,
5.50%,
1/1/49 
1,850‌
1,766‌
Chicago
O'Hare
Int'l.
Airport,
Series B,
4.50%,
1/1/56 
15,000‌
13,384‌
Chicago
O'Hare
Int'l.
Airport,
Series B,
5.50%,
1/1/59 
7,500‌
7,716‌
Illinois,
GO,
5.50%,
5/1/26 
1,350‌
1,375‌
Illinois,
Series A,
GO,
5.00%,
10/1/31 
1,500‌
1,581‌
Illinois,
Series A,
GO,
5.00%,
3/1/33 
1,500‌
1,642‌
Illinois,
Series A,
GO,
5.50%,
3/1/42 
2,250‌
2,333‌
Illinois,
Series B,
GO,
5.00%,
10/1/31 
2,000‌
2,108‌
Illinois,
Series B,
GO,
5.00%,
10/1/32 
1,750‌
1,834‌
Illinois,
Series B,
GO,
5.50%,
5/1/47 
8,405‌
8,566‌
Illinois,
Series C,
GO,
5.00%,
11/1/29 
4,530‌
4,745‌
Illinois
Fin.
Auth.,
Ascension,
Series C,
5.00%,
2/15/34 
425‌
435‌
Illinois
Fin.
Auth.,
Ascension,
Series C,
5.00%,
2/15/34
(Prerefunded
2/15/27) (8)
90‌
93‌
Illinois
Fin.
Auth.,
Ascension,
Series C,
5.00%,
2/15/36 
620‌
631‌
Illinois
Fin.
Auth.,
Ascension,
Series C,
5.00%,
2/15/36
(Prerefunded
2/15/27) (8)
130‌
135‌
Illinois
Fin.
Auth.,
Ascension,
Series C,
5.00%,
2/15/41 
1,585‌
1,596‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
15
Par
$
Value
(Amounts
in
000s)
Illinois
Fin.
Auth.,
Ascension,
Series C,
5.00%,
2/15/41
(Prerefunded
2/15/27) (8)
1,455‌
1,508‌
Illinois
Fin.
Auth.,
Navy
Pier,
Inc.,
Series B,
5.25%,
10/1/39 (1)
2,150‌
2,162‌
Illinois
Fin.
Auth.,
Northwestern
Memorial
Healthcare,
Series C,
VRDN,
3.80%,
7/15/55 
1,800‌
1,800‌
Illinois
Fin.
Auth.,
Univ.
of
Chicago
Medical
Center,
Series D-2,
VRDN,
3.75%,
8/1/43 
2,100‌
2,100‌
Illinois
HDA,
Series A,
4.75%,
10/1/45 
9,000‌
8,712‌
Illinois
HDA,
Series H,
5.75%,
10/1/53 
4,110‌
4,416‌
Illinois
State
Toll
Highway
Auth.,
Series A,
5.25%,
1/1/45 
6,875‌
7,133‌
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
4.00%,
12/15/42 
3,000‌
2,671‌
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
5.00%,
6/15/50 
390‌
373‌
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/40 
1,725‌
830‌
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
5.00%,
6/15/29 
650‌
677‌
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
6/15/37 (9)
11,870‌
7,042‌
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series B,
Zero
Coupon,
12/15/41 
10,000‌
4,373‌
Railsplitter
Tobacco
Settlement
Auth.,
5.00%,
6/1/28
(Prerefunded
6/1/26) (8)
1,310‌
1,335‌
Regional
Transportation
Auth.,
Series A,
5.75%,
6/1/34 (2)
5,250‌
5,922‌
Regional
Transportation
Auth.,
Series A,
6.00%,
7/1/33 (9)
15,000‌
17,098‌
118,092‌
INDIANA
 0.6%
Indiana
Fin.
Auth.,
Series B,
5.00%,
5/1/40 
1,500‌
1,470‌
Indiana
Fin.
Auth.,
Series B,
5.25%,
5/1/45 
2,000‌
1,904‌
Indiana
Fin.
Auth.
Depauw
Univ.,
Series A,
5.50%,
7/1/52 
5,000‌
4,929‌
Indiana
Fin.
Auth.,
Indiana
Univ.
Health,
Series C,
5.25%,
10/1/44 
3,400‌
3,585‌
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series A,
4.25%,
11/1/30 
1,375‌
1,407‌
13,295‌
IOWA
 0.0%
Iowa
Fin.
Auth.,
UnityPoint
Health,
Series F,
VRDN,
3.80%,
7/1/41 
100‌
100‌
100‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
16
Par
$
Value
(Amounts
in
000s)
KANSAS
 0.2%
Overland
Park
Sales
Tax
Revenue,
Bluhawk
Star
Bond
Project,
Series A,
6.50%,
11/15/42 (1)
4,025‌
4,161‌
4,161‌
KENTUCKY
 2.4%
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/36 
4,050‌
3,685‌
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/46 
1,900‌
1,473‌
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.375%,
11/15/32 
2,000‌
1,939‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/37 
4,485‌
4,500‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/41 
2,810‌
2,735‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/45 
4,525‌
4,308‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/50 
6,780‌
6,429‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series B,
5.00%,
6/1/40 
2,200‌
2,154‌
Kentucky
Public
Energy
Auth.,
Series A,
VRDN,
5.00%,
5/1/55 
5,750‌
6,078‌
Kentucky
Public
Energy
Auth.,
Series A-1,
VRDN,
5.25%,
4/1/54
(Tender
2/1/32) 
3,825‌
4,119‌
Kentucky
Public
Energy
Auth.,
Series B,
VRDN,
5.00%,
1/1/55
(Tender
8/1/32) 
7,225‌
7,699‌
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28) 
8,760‌
8,894‌
54,013‌
LOUISIANA
 0.8%
Jefferson
Sales
Tax
Dist.,
Series B,
5.00%,
12/1/42 (2)
7,500‌
7,535‌
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/38 
750‌
755‌
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/43 
2,775‌
2,776‌
Saint
John
the
Baptist
Parish,
Marathon
Oil,
VRDN,
2.20%,
6/1/37
(Tender
7/1/26) 
1,500‌
1,490‌
Saint
John
the
Baptist
Parish,
Marathon
Oil,
VRDN,
4.05%,
6/1/37
(Tender
7/1/26) 
4,600‌
4,639‌
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series B-2,
VRDN,
2.375%,
6/1/37
(Tender
7/1/26) 
1,150‌
1,144‌
18,339‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
17
Par
$
Value
(Amounts
in
000s)
MARYLAND
 5.9%
Anne
County
Arundel,
Consolidated
Water
&
Sewer,
GO,
4.00%,
10/1/52 
5,000‌
4,322‌
Anne
County
Arundel,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/43 
2,435‌
2,543‌
Anne
County
Arundel,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/44 
2,805‌
2,923‌
Anne
County
Arundel,
Improvement,
GO,
5.00%,
10/1/44 
6,115‌
6,373‌
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/42 
7,000‌
6,580‌
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/46 
1,000‌
925‌
Baltimore
City,
Harbor
Point
Project,
5.125%,
6/1/43 
2,500‌
2,444‌
Frederick
County,
Series C,
4.00%,
7/1/50 (1)
3,125‌
2,577‌
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/33 
590‌
599‌
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/36 
395‌
397‌
Maryland
CDA,
5.05%,
3/1/47 
5,000‌
5,013‌
Maryland
CDA,
Series C,
5.75%,
9/1/54 
1,805‌
1,934‌
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series C,
5.50%,
3/1/56 
5,025‌
5,457‌
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series C,
6.25%,
9/1/55 
3,795‌
4,253‌
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/50 
750‌
568‌
Maryland
Economic
Dev.,
College
Park
Leonardtown
Project,
5.00%,
7/1/54 (2)
3,250‌
3,187‌
Maryland
Economic
Dev.,
College
Park
Leonardtown
Project,
5.25%,
7/1/64 (2)
2,500‌
2,507‌
Maryland
Economic
Dev.,
Constellation
Energy
Group,
Series B,
VRDN,
4.10%,
10/1/36
(Tender
4/3/28) 
1,700‌
1,739‌
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/50 
650‌
515‌
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/29 
1,500‌
1,565‌
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/36 
2,655‌
2,698‌
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/46 
11,135‌
11,153‌
Maryland
HHEFA,
LifeBridge
Health,
5.25%,
7/1/54 
2,695‌
2,743‌
Maryland
HHEFA,
MedStar
Health,
5.00%,
8/15/32 
6,880‌
6,885‌
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
5.00%,
5/1/50 
10,020‌
10,282‌
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
Series B,
5.00%,
5/1/47 
3,625‌
3,751‌
Maryland
Stadium
Auth.,
Built
to
Learn
Revenue,
Series A,
4.00%,
6/1/52 
3,000‌
2,548‌
Montgomery
County,
Series A,
GO,
3.00%,
11/1/37 
5,365‌
4,758‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
18
Par
$
Value
(Amounts
in
000s)
Montgomery
County,
Series A,
GO,
4.00%,
8/1/41 
1,500‌
1,437‌
Montgomery
County
Housing
Opportunities
Commission,
Series C,
2.85%,
1/1/51 
4,195‌
2,761‌
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.00%,
1/1/43 
1,500‌
1,539‌
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.125%,
1/1/53 
2,500‌
2,525‌
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.50%,
1/1/48 
2,500‌
2,622‌
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.75%,
1/1/58 
3,915‌
4,136‌
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.75%,
1/1/63 
8,000‌
8,452‌
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/42 
3,100‌
2,829‌
Rockville,
Ingleside
at
King
Farm,
Series A-2,
5.00%,
11/1/31 
500‌
506‌
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36 
1,000‌
967‌
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/42 
1,700‌
1,506‌
130,519‌
MASSACHUSETTS
 2.6%
Massachusetts,
Series A,
GO,
5.00%,
4/1/42 
1,950‌
2,053‌
Massachusetts,
Series A,
GO,
5.00%,
4/1/43 
3,000‌
3,138‌
Massachusetts,
Series A,
GO,
5.00%,
4/1/45 
1,500‌
1,553‌
Massachusetts,
Series C,
GO,
5.00%,
6/1/43 
7,500‌
7,848‌
Massachusetts,
Series C,
GO,
5.00%,
6/1/44 
4,000‌
4,162‌
Massachusetts
Commonwealth,
Series C,
GO,
3.00%,
3/1/47 
4,000‌
2,923‌
Massachusetts
Commonwealth,
Series H,
GO,
5.00%,
12/1/42 
10,440‌
10,960‌
Massachusetts
Dev.
Fin.
Agency,
Beth
Israel
Lahey
Health
Issue,
Series N,
5.50%,
7/1/50 (2)
7,700‌
8,014‌
Massachusetts
Dev.
Fin.
Agency,
Linden
Ponds
Fac.,
5.00%,
11/15/28 (1)
1,240‌
1,282‌
Massachusetts
HEFA,
Massachusetts
Institute
of
Technology,
Series K,
5.50%,
7/1/32 
10,000‌
11,788‌
Massachusetts
Housing
Fin.
Agency,
Series 242,
4.75%,
12/1/50 
2,250‌
2,179‌
Massachusetts
Housing
Fin.
Agency,
Series A-1,
4.70%,
12/1/49 
800‌
768‌
Massachusetts
Housing
Fin.
Agency,
Series A-1,
4.80%,
12/1/54 
1,500‌
1,450‌
58,118‌
MICHIGAN
 2.0%
Detroit,
GO,
5.00%,
4/1/28 
850‌
891‌
Detroit,
GO,
5.00%,
4/1/29 
150‌
157‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
19
Par
$
Value
(Amounts
in
000s)
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/40 
1,050‌
949‌
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/42 
2,100‌
1,810‌
Great
Lakes
Water
Auth.
Sewage
Disposal,
Series A,
5.25%,
7/1/47 
8,340‌
8,583‌
Great
Lakes
Water
Auth.
Water
Supply,
Series A,
5.25%,
7/1/47 
7,000‌
7,249‌
Karegnondi
Water
Auth.,
5.00%,
11/1/42 (4)
3,000‌
3,104‌
Karegnondi
Water
Auth.,
5.00%,
11/1/43 (4)
3,000‌
3,076‌
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
Series A,
4.00%,
11/15/50 
5,300‌
4,399‌
Michigan
Fin.
Auth.,
University
of
Detroit
Mercy,
5.375%,
11/1/43 
3,530‌
3,470‌
Michigan
Fin.
Auth.,
University
of
Detroit
Mercy,
5.50%,
11/1/48 
1,700‌
1,656‌
Michigan
Trunk
Line
Revenue,
Rebuilding
Michigan
Program,
5.50%,
11/15/49 
2,500‌
2,641‌
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/36 
550‌
560‌
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/42 
1,300‌
1,302‌
Wayne
County
Airport
Auth.,
Series G,
5.00%,
12/1/28 
3,795‌
3,808‌
43,655‌
MINNESOTA
 0.4%
Minnesota
Housing
Fin.
Agency,
Series A,
2.90%,
1/1/45 
1,280‌
925‌
Minnesota
Housing
Fin.
Agency,
Series A,
6.25%,
1/1/54 
2,375‌
2,598‌
Minnesota
Housing
Fin.
Agency,
Series L,
6.50%,
1/1/55 
2,725‌
3,079‌
Minnesota
Housing
Fin.
Agency,
Series O,
6.25%,
1/1/55 
2,465‌
2,763‌
9,365‌
MISSISSIPPI
 0.1%
Mississippi
Business
Fin.,
Chevron
USA
Project,
Series C,
VRDN,
3.93%,
11/1/35 
800‌
800‌
Warren
County,
Int'l.
Paper
Company
Project,
4.00%,
9/1/32 
725‌
736‌
1,536‌
MISSOURI
 1.3%
Kansas
City
IDA,
Downtown
Redev.,
Series A,
5.00%,
9/1/31 
4,480‌
4,496‌
Kansas
City
IDA,
Downtown
Redev.,
Series A,
5.50%,
9/1/26 
7,000‌
7,060‌
Missouri
HEFA,
Lutheran
Senior
Services,
5.00%,
2/1/48 
3,000‌
2,756‌
Missouri
HEFA,
Lutheran
Senior
Services
Project,
Series A,
5.25%,
2/1/48 
2,015‌
1,929‌
Missouri
HEFA,
Lutheran
Senior
Services
Project,
Series A,
5.25%,
2/1/54 
1,750‌
1,642‌
Missouri
HEFA,
Mercy
Health,
3.00%,
6/1/53 
4,000‌
2,624‌
Saint
Louis
County
IDA,
Friendship
Village,
5.00%,
9/1/48 
1,545‌
1,396‌
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.00%,
9/1/38 
1,000‌
998‌
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.125%,
9/1/48 
3,850‌
3,540‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
20
Par
$
Value
(Amounts
in
000s)
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
Series A,
5.125%,
12/1/45 
1,050‌
906‌
Saint
Louis
IDA,
Ballpark
Village,
Series A,
3.875%,
11/15/29 
95‌
91‌
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.375%,
11/15/35 
895‌
805‌
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.75%,
11/15/47 
800‌
670‌
28,913‌
NEBRASKA
 0.1%
Nebraska
Investment
Fin.
Auth.,
Series E,
5.00%,
3/1/49 
2,750‌
2,747‌
2,747‌
NEVADA
 1.0%
Las
Vegas
Convention
&
Visitors
Auth.,
Series A,
5.00%,
7/1/49 
8,800‌
8,857‌
Las
Vegas
Convention
&
Visitors
Auth.,
Series B,
5.00%,
7/1/43 
12,485‌
12,495‌
Reno,
Retrac-Reno
Transportation,
Series C,
Zero
Coupon,
7/1/58 (1)
3,500‌
516‌
21,868‌
NEW
HAMPSHIRE
 0.9%
New
Hampshire
Business
Fin.
Auth.,
Series 2020-1,
Class
A,
4.125%,
1/20/34 
5,378‌
5,344‌
New
Hampshire
Business
Fin.
Auth.,
Series 2023-2,
Class
A,
3.875%,
1/20/38 
2,645‌
2,407‌
New
Hampshire
Business
Fin.
Auth.,
Series 2024-2,
Class
A,
3.625%,
8/20/39 
2,554‌
2,345‌
New
Hampshire
Business
Fin.
Auth.,
Series 2025-1,
Class
A-2,
VR,
4.168%,
1/20/41 
548‌
478‌
New
Hampshire
Business
Fin.
Auth.,
Series A,
4.00%,
7/1/51 
3,920‌
3,340‌
New
Hampshire
Business
Fin.
Auth.,
Series A-1,
Class
A-1,
VR,
4.168%,
1/20/41 
1,968‌
1,852‌
New
Hampshire
Business
Fin.
Auth.,
Univ.
of
Nevada
Reno
Project,
Series A,
5.25%,
6/1/51 (4)
5,000‌
5,095‌
20,861‌
NEW
JERSEY
 3.3%
Essex
County
Improvement
Auth.,
Charter
School,
4.00%,
6/15/51 
1,200‌
988‌
Garden
State
Preservation
Trust,
Farmland,
Series A,
5.75%,
11/1/28 (2)
5,700‌
5,998‌
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
4.00%,
6/15/29 (1)
365‌
365‌
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/39 (1)
1,000‌
976‌
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/49 (1)
4,460‌
4,031‌
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/35 
1,000‌
983‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
21
Par
$
Value
(Amounts
in
000s)
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/48 
4,765‌
4,214‌
New
Jersey
EFA,
Green
Bond,
Series A,
4.00%,
7/1/50 
1,500‌
1,240‌
New
Jersey
EFA,
Princeton
Univ.,
Series B,
5.25%,
3/1/54 
8,275‌
8,641‌
New
Jersey
HCFFA,
Barnabas
Health,
3.00%,
7/1/51 
10,115‌
7,205‌
New
Jersey
HCFFA,
Hackensack
Meridian
Health,
Series A,
5.25%,
7/1/57 
5,500‌
5,466‌
New
Jersey
Housing
&
Mortgage
Fin.
Agency,
Series D-1,
4.85%,
11/1/40 
2,820‌
2,823‌
New
Jersey
Institute
of
Technology,
Series A,
5.00%,
7/1/42 (4)
2,875‌
3,030‌
New
Jersey
Institute
of
Technology,
Series A,
5.00%,
7/1/43 (4)
2,140‌
2,239‌
New
Jersey
Transportation
Trust
Fund
Auth.,
5.25%,
6/15/46
(Prerefunded
12/15/32) (8)
700‌
812‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/44 
5,000‌
5,017‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/46 
2,275‌
2,283‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series A,
Zero
Coupon,
12/15/39 (4)
5,250‌
2,773‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Unrefunded
Balance,
5.25%,
6/15/46 
670‌
682‌
New
Jersey
Turnpike
Auth.,
Series B,
5.25%,
1/1/52 
8,575‌
8,811‌
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/27 
335‌
346‌
Tobacco
Settlement
Fin.,
Series A,
5.25%,
6/1/46 
4,285‌
4,240‌
73,163‌
NEW
MEXICO
 0.2%
New
Mexico
Municipal
Energy
Acquisition
Auth.,
VRDN,
5.00%,
6/1/54
(Tender
11/1/30) 
3,500‌
3,733‌
3,733‌
NEW
YORK
 8.4%
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
3.00%,
3/15/41 
2,465‌
1,979‌
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
4.00%,
3/15/47 
9,000‌
7,824‌
Dormitory
Auth.
of
the
State
of
New
York,
Series B,
5.00%,
3/15/49 
1,000‌
1,012‌
Dormitory
Auth.
of
the
State
of
New
York,
Columbia
Univ.,
Series A,
5.00%,
10/1/47 
2,000‌
2,102‌
Dormitory
Auth.
of
the
State
of
New
York,
Cornell
Univ.,
Series A,
5.50%,
7/1/54 
13,880‌
14,572‌
Dormitory
Auth.
of
the
State
of
New
York,
Montefiore
Obligation
Group,
Series A,
4.00%,
9/1/50 
2,960‌
2,340‌
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series E,
4.00%,
3/15/49 
2,000‌
1,721‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
22
Par
$
Value
(Amounts
in
000s)
Dormitory
Auth.
of
the
State
of
New
York,
White
Plains
Hosp.
Obligated
Group,
5.50%,
10/1/54 (2)
8,825‌
9,002‌
Empire
State
Dev.,
Group
3,
Series A,
4.00%,
3/15/45 
8,500‌
7,516‌
Metropolitan
Transportation
Auth.,
Series B,
5.25%,
11/15/26 (2)
10,000‌
10,322‌
New
York
City,
Series B-1,
GO,
5.00%,
10/1/38 
1,500‌
1,528‌
New
York
City,
Series D-1,
GO,
5.50%,
5/1/45 
1,250‌
1,305‌
New
York
City,
Series D-1,
GO,
5.50%,
5/1/46 
1,625‌
1,689‌
New
York
City,
Series J,
GO,
5.00%,
8/1/31 
5‌
5‌
New
York
City
Housing
Dev.,
3.05%,
5/1/50 
2,000‌
1,444‌
New
York
City
Housing
Dev.,
3.95%,
11/1/43 
5,600‌
5,091‌
New
York
City
Housing
Dev.,
4.125%,
11/1/53 
2,510‌
2,152‌
New
York
City
Housing
Dev.,
Series A,
2.80%,
2/1/50 
2,000‌
1,315‌
New
York
City
Housing
Dev.,
Series I-1,
2.65%,
11/1/50 
2,530‌
1,608‌
New
York
City
Ind.
Dev.
Agency,
Queens
Baseball
Stadium
Project,
Series A,
3.00%,
1/1/46 (2)
2,600‌
1,854‌
New
York
City
Municipal
Water
Fin.
Auth.,
Series AA-1,
5.25%,
6/15/52 
2,850‌
2,909‌
New
York
City
Municipal
Water
Fin.
Auth.,
Series CC-1,
4.00%,
6/15/33 
7,000‌
7,049‌
New
York
City
Municipal
Water
Fin.
Auth.,
Second
General
Resolution,
Series CC,
5.00%,
6/15/46 
3,000‌
3,065‌
New
York
City
Municipal
Water
Fin.
Auth.,
Second
General
Resolution,
Series EE,
5.00%,
6/15/40 
4,000‌
4,074‌
New
York
City
Transitional
Fin.
Auth.,
Series C,
5.50%,
5/1/43 
2,980‌
3,180‌
New
York
City
Transitional
Fin.
Auth.,
Series C,
5.50%,
5/1/44 
3,460‌
3,670‌
New
York
City
Transitional
Fin.
Auth.,
Series E,
5.50%,
11/1/49 
4,465‌
4,694‌
New
York
City
Transitional
Fin.
Auth.,
Building
Aid,
Series S-1,
5.00%,
7/15/45 
1,475‌
1,487‌
New
York
City
Transitional
Fin.
Auth.,
Fiscal
2025,
Series D,
5.50%,
5/1/52 
3,500‌
3,667‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series D-S,
4.00%,
11/1/42 
3,000‌
2,714‌
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured
Revenue,
Series C,
4.00%,
5/1/44 
2,295‌
2,036‌
New
York
City
Transitional
Fin.
Auth.,
Subordinate
Bonds,
Series H-1,
5.00%,
11/1/46 
1,725‌
1,752‌
New
York
Energy
Fin.
Dev.,
VRDN,
5.00%,
7/1/56
(Tender
12/1/33) 
2,500‌
2,626‌
New
York
Liberty
Dev.,
1
World
Trade
Center,
Series 1WTC,
2.25%,
2/15/41 
13,530‌
9,528‌
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue,
Series 242,
3.50%,
10/1/52 
2,500‌
2,512‌
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue,
Series 264,
4.55%,
10/1/49 
1,375‌
1,303‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
23
Par
$
Value
(Amounts
in
000s)
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue,
Series 266,
4.65%,
10/1/50 
3,220‌
3,062‌
New
York
State
Housing
Fin.
Agency,
Series A,
VRDN,
3.95%,
11/1/50
(Tender
1/1/35) 
3,500‌
3,438‌
New
York
State
Housing
Fin.
Agency,
Series B-2,
VRDN,
3.30%,
12/15/54
(Tender
12/15/28) 
1,275‌
1,279‌
New
York
State
Housing
Fin.
Agency,
Series E-1,
2.75%,
11/1/56 
2,000‌
1,224‌
New
York
State
Housing
Fin.
Agency,
Series M-2,
0.75%,
11/1/25 
135‌
134‌
New
York
State
Thruway
Auth.,
Series A-1,
3.00%,
3/15/50 
7,400‌
5,179‌
New
York
State
Thruway
Auth.,
Series B,
4.00%,
1/1/38 
4,250‌
4,182‌
New
York
State
Thruway
Auth.,
Series B,
4.00%,
1/1/40 (2)
22,055‌
21,029‌
Onondaga
County
Trust
for
Cultural
Resources,
Syracuse
Univ.
Project,
5.00%,
12/1/45 
2,500‌
2,524‌
Suffolk
County
Water
Auth.,
Series B,
3.00%,
6/1/45 
2,000‌
1,545‌
Triborough
Bridge
&
Tunnel
Auth.,
Series A,
5.50%,
12/1/59 
3,000‌
3,121‌
Triborough
Bridge
&
Tunnel
Auth.,
Series C,
5.25%,
5/15/52 
6,170‌
6,321‌
185,685‌
NORTH
CAROLINA
 2.1%
Cape
Fear
Public
Utility
Auth.,
5.00%,
4/1/44 
1,050‌
1,086‌
Columbus
County
Ind.
Fac.
&
Pollution
Control
Fin.
Auth.,
Int'l.
Paper
Company
Project,
4.20%,
5/1/34 
2,000‌
2,016‌
North
Carolina
Housing
Fin.
Agency,
5.00%,
7/1/47 
1,930‌
1,925‌
North
Carolina
Housing
Fin.
Agency,
Series 53-A,
6.25%,
1/1/55 
4,585‌
5,010‌
North
Carolina
Housing
Fin.
Agency,
Series 54-A,
6.25%,
1/1/55 
2,475‌
2,768‌
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/31 (2)
1,000‌
1,025‌
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/40 
14,735‌
14,970‌
North
Carolina
Turnpike
Auth.,
Triangle
Expressway,
4.00%,
1/1/55 
4,465‌
3,628‌
North
Carolina
Turnpike
Auth.,
Triangle
Expressway,
5.00%,
1/1/44 
1,500‌
1,506‌
North
Carolina
Turnpike
Auth.,
Triangle
Expressway,
Series A,
5.00%,
1/1/58 (2)
10,000‌
9,842‌
Univ.
of
North
Carolina
at
Chapel
Hill,
Univ.
of
North
Carolina
Hosp.,
5.00%,
2/1/49 
2,155‌
2,218‌
45,994‌
OHIO
 2.4%
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series B-2,
Class
2,
5.00%,
6/1/55 
12,920‌
10,436‌
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/52 
8,750‌
8,335‌
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/57 
4,315‌
4,053‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
24
Par
$
Value
(Amounts
in
000s)
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/38 
1,600‌
1,565‌
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
4.00%,
12/1/40 
1,430‌
1,349‌
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/46 
6,000‌
5,905‌
Hamilton
County,
Cincinnati
Children's
Hosp.,
Series CC,
5.00%,
11/15/49 
12,730‌
12,945‌
Ohio
Housing
Fin.
Agency,
Series A,
6.25%,
3/1/55 
2,390‌
2,615‌
Ohio
Housing
Fin.
Agency,
Series C,
7.50%,
3/1/49 
2,500‌
2,953‌
Port
of
Greater
Cincinnati
Dev.
Auth.,
Duke
Energy
Convention
Center
Project,
Series B,
4.375%,
12/1/58 (2)
2,770‌
2,440‌
52,596‌
OKLAHOMA
 1.2%
Oklahoma
DFA,
OU
Medicine,
Series B,
5.50%,
8/15/57 
1,500‌
1,417‌
Oklahoma
Turnpike
Auth.,
Senior,
4.50%,
1/1/53 
2,000‌
1,882‌
Oklahoma
Turnpike
Auth.,
Senior,
5.50%,
1/1/53 
14,390‌
14,980‌
Oklahoma
Turnpike
Auth.,
Senior,
Series A,
5.50%,
1/1/54 
4,300‌
4,530‌
Tulsa
County
Ind.
Auth.,
Montereau
Project,
5.25%,
11/15/45 
1,975‌
1,881‌
Univ.
of
Oklahoma,
Series A,
5.00%,
7/1/54 (4)
1,215‌
1,217‌
25,907‌
OREGON
 0.6%
Oregon,
Series 2024A,
GO,
5.25%,
5/1/43 
1,400‌
1,495‌
Oregon,
Series 2025A,
GO,
5.25%,
5/1/43 
2,000‌
2,139‌
Oregon,
Series E,
GO,
5.00%,
5/15/41 
1,535‌
1,579‌
Oregon,
Series E,
GO,
5.00%,
5/15/42 
1,000‌
1,021‌
Oregon,
Series E,
GO,
5.00%,
5/15/44 
1,840‌
1,861‌
Oregon
State
Fac.
Auth.,
PeaceHealth,
Series B,
VRDN,
3.80%,
8/1/34 
4,400‌
4,400‌
12,495‌
PENNSYLVANIA
 2.5%
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/40 (1)
2,105‌
1,844‌
Pennsylvania
Higher
EFA,
Series A,
4.25%,
2/15/55 
1,800‌
1,602‌
Pennsylvania
Higher
EFA,
Series A,
5.00%,
2/15/55 
3,200‌
3,238‌
Pennsylvania
Housing
Fin.
Agency,
Series 137,
3.00%,
10/1/51 
10,000‌
9,821‌
Pennsylvania
Housing
Fin.
Agency,
Series 144A,
6.00%,
10/1/54 
3,255‌
3,542‌
Pennsylvania
Housing
Fin.
Agency,
Series 147A,
6.25%,
10/1/54 
3,500‌
3,885‌
Pennsylvania
Housing
Fin.
Agency,
Series 148A,
4.20%,
10/1/40 
6,335‌
5,862‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
25
Par
$
Value
(Amounts
in
000s)
Pennsylvania
Housing
Fin.
Agency,
Series 2022,
4.15%,
10/1/42 
6,000‌
5,492‌
Pennsylvania
Housing
Fin.
Agency,
Series SER-145A,
6.00%,
10/1/54 
1,915‌
2,089‌
Pennsylvania
State
Univ.,
Series A,
5.00%,
9/1/43 
3,785‌
3,949‌
Philadelphia
IDA,
Saint
Joseph's
Univ.,
4.00%,
11/1/45 
4,000‌
3,245‌
Philadelphia
IDA,
The
Children’s
Hosp.
of
Philadelphia
Project,
Series A,
5.50%,
7/1/53 
3,850‌
4,022‌
Philadelphia
IDA,
The
Children’s
Hosp.
of
Philadelphia
Project,
Series B-1,
VRDN,
3.95%,
7/1/54 
600‌
600‌
Philadelphia
School
Dist.,
Series A,
GO,
5.00%,
9/1/44 
5,500‌
5,468‌
54,659‌
PUERTO
RICO
 5.3%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (10)
13,548‌
8,501‌
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (10)
15,690‌
10,179‌
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (10)
11,510‌
6,359‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
4.00%,
7/1/42 (1)
1,490‌
1,285‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/30 (1)
5,000‌
5,232‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/33 (1)
1,000‌
1,048‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/37 (1)
2,000‌
2,060‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/37 (1)
1,070‌
1,098‌
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33 
1,852‌
1,295‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35 
1,294‌
1,239‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37 
2,756‌
2,557‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27 
1,588‌
1,642‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29 
1,563‌
1,664‌
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (6)(7)
60‌
40‌
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (6)(7)
100‌
66‌
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (6)(7)
810‌
536‌
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (6)(7)
225‌
149‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (6)
(7)
290‌
192‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
26
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (6)
(7)
1,105‌
731‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (6)
(7)
370‌
245‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (6)
(7)
450‌
297‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (6)
(7)
2,640‌
1,746‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/37 (6)
(7)
380‌
251‌
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (6)
(7)
990‌
655‌
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (6)
(7)
280‌
185‌
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (6)
(7)
240‌
159‌
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (6)
(7)
100‌
66‌
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (6)
(7)
275‌
182‌
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (6)
(7)
215‌
142‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (6)
(7)
70‌
46‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (6)
(7)
120‌
79‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (6)
(7)
95‌
63‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (6)
(7)
890‌
588‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (6)
(7)
200‌
132‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (6)
(7)
100‌
66‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.55%,
7/1/40 
1,555‌
1,481‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53 
20,372‌
18,242‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58 
11,774‌
10,767‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27 
1,859‌
1,750‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/29 
5,800‌
5,087‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33 
10,102‌
7,381‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
27
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46 
10,000‌
3,141‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.329%,
7/1/40 
16,489‌
15,257‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series B-2,
4.329%,
7/1/40 
5,156‌
4,771‌
118,652‌
RHODE
ISLAND
 0.1%
Central
Falls
Detention
Fac.,
7.25%,
7/15/35 (6)(7)
4,915‌
1,917‌
1,917‌
SOUTH
CAROLINA
 1.6%
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/32 
4,681‌
3,058‌
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/42 
11,920‌
3,761‌
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
7/22/51 
14,777‌
2,137‌
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
1/1/32 
1,131‌
551‌
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
7/22/51 
10,109‌
1,089‌
Connector
2000
Assoc.,
Series C-1,
Zero
Coupon,
7/22/51 
1,191‌
49‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Active
Retirement
Community,
Series C,
5.00%,
11/15/47 
2,325‌
2,191‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Bon
Secours
Mercy
Health
System,
Series A,
5.25%,
11/1/43 
2,250‌
2,353‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/35 
2,000‌
2,073‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/37 
5,000‌
5,139‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series C,
VRDN,
3.90%,
5/1/48 
10,000‌
10,000‌
South
Carolina
Public
Service
Auth.,
Series A,
5.00%,
12/1/44 
1,250‌
1,269‌
South
Carolina
Public
Service
Auth.,
Series A,
5.00%,
12/1/46 
2,000‌
2,013‌
South
Carolina
Public
Service
Auth.,
Series B,
5.00%,
12/1/45 
1,000‌
1,011‌
36,694‌
SOUTH
DAKOTA
 0.4%
South
Dakota
HEFA,
Avera
Health,
Series A,
4.25%,
7/1/49 
5,000‌
4,503‌
South
Dakota
HEFA,
Avera
Health,
Series A,
5.25%,
7/1/54 
5,500‌
5,609‌
10,112‌
TENNESSEE
 0.7%
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/35 
1,725‌
1,777‌
Knox
County
Health
Ed.
&
Housing
Fac.
Board,
Series B-1,
5.25%,
7/1/64 (4)
1,800‌
1,794‌
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
The
Vanderbilt
Univ.,
5.00%,
10/1/54 
10,155‌
10,295‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
28
Par
$
Value
(Amounts
in
000s)
Metropolitan
Nashville
Airport
Auth.,
Series A,
4.00%,
7/1/49 
1,400‌
1,213‌
15,079‌
TEXAS
 9.0%
Arlington
Higher
Ed.
Fin.,
3.00%,
8/15/49 
1,000‌
698‌
Austin
Airport,
Series A,
5.00%,
11/15/41 
6,845‌
6,848‌
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/27 
2,600‌
2,634‌
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/34 
1,400‌
1,405‌
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/26 
600‌
601‌
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/27 
1,000‌
1,009‌
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/28 
520‌
525‌
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series A,
3.50%,
8/15/50 
4,700‌
3,628‌
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series B,
4.00%,
8/15/54 
4,000‌
3,350‌
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series B,
5.00%,
8/15/42 
3,400‌
3,582‌
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series B,
5.00%,
8/15/49 
3,550‌
3,702‌
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/39 
775‌
802‌
Central
Texas
Turnpike
System,
Second
Tier,
Series C,
5.00%,
8/15/39 
1,250‌
1,319‌
Central
Texas
Turnpike
System,
Second
Tier,
Series C,
5.00%,
8/15/41 
3,000‌
3,121‌
Clifton
Higher
Ed.
Fin.,
IDEA
Public
Schools,
5.00%,
8/15/39 
5,160‌
5,404‌
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series A,
4.375%,
2/15/42 
2,965‌
2,840‌
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series A,
5.00%,
2/15/41 
5,185‌
5,319‌
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/41 
2,750‌
2,863‌
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/42 
1,000‌
1,032‌
Fort
Bend
County
IDC,
NRG
Energy,
Series A,
4.75%,
5/1/38 
3,000‌
2,956‌
Harris
County,
Series A,
GO,
5.00%,
9/15/48 
1,500‌
1,513‌
Harris
County
Cultural
Ed.
Fac.
Fin.,
Series C-2,
TECP,
3.90%,
9/2/25 
2,900‌
2,900‌
Harris
County
Cultural
Ed.
Fac.
Fin.,
Houston
Methodist
Hosp.,
5.00%,
12/1/45 
7,000‌
6,948‌
Harris
County
Hosp.
Dist.,
GO,
5.00%,
2/15/43 
7,055‌
7,213‌
Harris
County
Hosp.
Dist.,
GO,
5.00%,
2/15/44 
7,195‌
7,316‌
Harris
County
Toll
Road
Revenue,
Series A,
4.00%,
8/15/49 
5,000‌
4,313‌
Harris
County
Toll
Road
Revenue,
Series A,
4.00%,
8/15/54 
4,225‌
3,520‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
29
Par
$
Value
(Amounts
in
000s)
Houston
Airport,
Series D,
5.00%,
7/1/35 
6,380‌
6,601‌
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/45 
2,600‌
2,352‌
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.25%,
12/1/35 
2,400‌
2,401‌
Kilgore
Independent
School
Dist.,
Series 2022,
GO,
3.00%,
2/15/40 
4,590‌
3,810‌
Kilgore
Independent
School
Dist.,
Series 2022,
GO,
3.00%,
2/15/41 
4,000‌
3,282‌
Leander
Independent
School
Dist.,
Series A,
GO,
5.00%,
8/15/42 
2,625‌
2,731‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Children's
Health
System,
Series A,
5.50%,
8/15/49 (11)
3,125‌
3,266‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/32 
750‌
746‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/39 
1,000‌
921‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.25%,
10/1/49 
2,255‌
1,974‌
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/39 
6,110‌
6,126‌
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/43 
8,250‌
8,302‌
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/48 
12,500‌
12,507‌
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.25%,
1/1/44 
3,775‌
3,928‌
North
Texas
Tollway
Auth.,
Second
Tier,
Series B,
3.00%,
1/1/51 (4)
6,700‌
4,680‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Baylor
Scott
&
White
Health
Project,
Series E,
VRDN,
5.00%,
11/15/52
(Tender
5/15/26) 
1,800‌
1,818‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/28 
1,000‌
1,015‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/31 
1,835‌
1,855‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/37 
1,700‌
1,703‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/40 
2,650‌
2,577‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/46 
5,395‌
4,946‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere-Northwest
Senior
High
School,
Series A,
5.00%,
11/15/45 (6)(7)
2,962‌
—‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Texas
Health
Resources
System,
Series A,
5.00%,
2/15/41 
4,240‌
4,257‌
Texas
IDC,
NRG
Energy,
Series 2012,
4.125%,
12/1/45 
3,670‌
3,049‌
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Series D,
6.25%,
12/15/26 
2,390‌
2,448‌
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Merrill
Lynch,
Senior
Lien,
Series A,
5.25%,
12/15/25 
1,000‌
1,006‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
30
Par
$
Value
(Amounts
in
000s)
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/30 
2,500‌
2,668‌
Texas
Municipal
Gas
Acquisition
&
Supply
V,
VRDN,
5.00%,
1/1/55
(Tender
1/1/34) 
11,475‌
12,208‌
Texas
Private
Activity
Bond
Surface
Transportation,
LBJ
Infrastructure
Group,
4.00%,
12/31/36 
5,500‌
5,289‌
Texas
Private
Activity
Bond
Surface
Transportation,
Tarrant
Expressway,
Series A,
5.00%,
12/31/33 
4,110‌
4,325‌
200,152‌
UTAH
 0.9%
Downtown
Revitalization
Public
Infrastructure
Dist.,
SEG
Redev.
Project,
Series A,
5.00%,
6/1/38 (2)
1,000‌
1,034‌
Downtown
Revitalization
Public
Infrastructure
Dist.,
SEG
Redev.
Project,
Series A,
5.25%,
6/1/42 (2)
1,000‌
1,060‌
Downtown
Revitalization
Public
Infrastructure
Dist.,
SEG
Redev.
Project,
Series A,
5.25%,
6/1/43 (2)
400‌
421‌
Mida
Mountain
Village
Public
Infrastructure
Dist.,
Series 1,
5.125%,
6/15/54 (1)
1,235‌
1,131‌
Mida
Mountain
Village
Public
Infrastructure
Dist.,
Series 2,
6.00%,
6/15/54 (1)
730‌
724‌
Point
Phase
1
Public
Infrastructure
Dist.
No.
1,
Series A-1,
5.875%,
3/1/45 
500‌
500‌
Point
Phase
1
Public
Infrastructure
Dist.
No.
1,
Series A-1,
6.125%,
3/1/55 
7,502‌
7,579‌
Salt
Lake
City
Airport,
Series B,
5.00%,
7/1/42 
1,000‌
1,003‌
Utah
Transit
Auth.,
5.00%,
12/15/43 
3,450‌
3,619‌
Utah
Transit
Auth.,
Senior
Lien,
5.00%,
6/15/42 
3,500‌
3,670‌
20,741‌
VIRGINIA
 6.2%
Alexandria,
Series A,
GO,
2.00%,
12/15/38 
3,000‌
2,170‌
Arlington
County
IDA,
Virginia
Hosp.
Center,
3.75%,
7/1/50 
9,810‌
7,747‌
Arlington
County
IDA,
Virginia
Hosp.
Center,
Series A,
3.75%,
7/1/50 (2)
5,000‌
4,073‌
Arlington
County
IDA,
Virginia
Hosp.
Center,
Series A,
VRDN,
5.00%,
7/1/53
(Tender
7/1/31) 
5,000‌
5,441‌
Chesterfield
County
Economic
Dev.
Auth.,
Mobility
Projects,
5.00%,
4/1/48 
5,000‌
5,095‌
Culpeper
County
Economic
Dev.
Auth.,
5.00%,
6/1/45 
5,840‌
6,020‌
Fairfax
County,
Series A,
GO,
2.00%,
10/1/40 
8,625‌
5,904‌
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/33 
8,955‌
8,995‌
Farmville
IDA,
Convocation
Center
Project,
5.375%,
7/1/53
(Tender
7/1/43) (2)
3,000‌
3,150‌
Hampton
Roads
Transportation
Accountability
Commission,
5.00%,
7/1/48 
3,000‌
3,008‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
31
Par
$
Value
(Amounts
in
000s)
Harrisonburg,
Series A,
GO,
2.00%,
7/15/41 
5,145‌
3,394‌
Loudoun
County
Economic
Dev.
Auth.,
Howard
Hughes
Medical,
Zero
Coupon,
7/1/49 
14,715‌
4,211‌
Richmond,
Series C,
GO,
3.50%,
3/1/49 
5,000‌
4,092‌
Roanoke
Economic
Dev.
Auth.,
Carilion
Clinic,
Series A,
5.00%,
7/1/47 
7,495‌
7,698‌
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/33 
1,000‌
1,012‌
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/36 
2,900‌
2,924‌
Virginia
College
Building
Auth.,
Series A,
4.00%,
9/1/45 
4,980‌
4,426‌
Virginia
College
Building
Auth.,
21st
Century
College
&
Equipment
Programs,
Series A,
4.00%,
2/1/43 
5,000‌
4,590‌
Virginia
College
Building
Auth.,
Univ.
of
Richmond,
5.00%,
3/1/49 
4,600‌
4,748‌
Virginia
College
Building
Auth.,
Univ.
of
Richmond,
5.00%,
3/1/54 
9,050‌
9,283‌
Virginia
Commonwealth
Transportation
Board,
Capital
Projects,
3.00%,
5/15/29 
3,895‌
3,913‌
Virginia
Commonwealth
Univ.
Health
System
Auth.,
Series B,
VRDN,
3.90%,
7/1/37 
2,555‌
2,555‌
Virginia
HDA,
Series A,
4.45%,
9/1/45 
1,000‌
955‌
Virginia
HDA,
Series A,
4.65%,
9/1/55 
3,075‌
2,899‌
Virginia
HDA,
Series C,
4.90%,
12/1/59 
1,270‌
1,225‌
Virginia
HDA,
Series E,
4.45%,
10/1/59 
5,875‌
5,293‌
Virginia
HDA,
Series F,
5.40%,
11/1/63 
10,000‌
10,183‌
Virginia
HDA,
Series G,
5.375%,
11/1/64 
5,000‌
5,077‌
Virginia
HDA,
Series K,
2.55%,
12/1/46 
5,705‌
3,717‌
Williamsburg
Economic
Dev.
Auth.,
William
and
Mary
Project,
Series A,
5.25%,
7/1/53 (2)
3,300‌
3,398‌
137,196‌
WASHINGTON
 2.4%
Central
Puget
Sound
Regional
Transit
Auth.,
Series S-1,
5.00%,
11/1/46 
4,000‌
4,272‌
Energy
Northwest,
Columbia
Generating
Station,
Series A,
4.00%,
7/1/42 
6,065‌
5,702‌
Washington,
Series C,
GO,
5.00%,
2/1/43 
2,250‌
2,339‌
Washington
Convention
&
Sports
Auth.,
Series C,
GO,
5.00%,
2/1/44 
10,565‌
10,795‌
Washington
State
Convention
Center
Public
Fac.
Dist.,
4.00%,
7/1/31 
2,500‌
2,559‌
Washington
State
Housing
Fin.
Commission,
Series 2025-1,
Class
A-1,
VR,
4.078%,
8/20/63
(Prerefunded
11/20/41) (8)
2,625‌
2,410‌
Washington
State
Housing
Fin.
Commission,
Series 2025-1,
Class
A-2,
VR,
4.078%,
8/20/63
(Prerefunded
11/20/41) (8)
2,400‌
2,131‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
32
Par
$
Value
(Amounts
in
000s)
Washington
State
Housing
Fin.
Commission,
Blakeley
&
Laurel
Villages
Portfolio,
Series A,
5.00%,
7/1/45 (1)(4)
2,625‌
2,567‌
Washington
State
Housing
Fin.
Commission,
Blakeley
&
Laurel
Villages
Portfolio,
Series A,
5.25%,
7/1/55 (1)(4)
3,305‌
3,217‌
Washington
State
Housing
Fin.
Commission,
Blakeley
&
Laurel
Villages
Portfolio,
Series A,
5.50%,
7/1/50 (1)
3,775‌
3,649‌
Washington
State
Housing
Fin.
Commission,
Radford
Court
&
Nordheim
Court
Portfolio,
5.00%,
7/1/54 
2,655‌
2,490‌
Washington
State
Housing
Fin.
Commission,
Radford
Court
&
Nordheim
Court
Portfolio,
5.50%,
7/1/59 
2,605‌
2,608‌
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series 2023-1,
Class
A,
3.375%,
4/20/37 
9,828‌
8,983‌
53,722‌
WEST
VIRGINIA
 0.0%
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.50%,
6/1/37 (1)
425‌
428‌
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.75%,
6/1/43 (1)
425‌
427‌
855‌
WISCONSIN
 0.6%
PFA,
Series A,
5.00%,
6/15/35 
310‌
333‌
PFA,
Series A,
5.25%,
6/15/50 
1,000‌
989‌
PFA,
Series B,
5.25%,
6/15/35 
200‌
214‌
PFA,
Series C,
5.50%,
6/15/45 
500‌
478‌
PFA,
Kahala
Nui
Project,
5.25%,
11/15/50 
2,850‌
2,821‌
PFA,
Kahala
Nui
Project,
5.25%,
11/15/55 
930‌
909‌
PFA,
Kahala
Nui
Project,
5.25%,
11/15/61 
555‌
536‌
PFA,
KSU
Bixby
Real
Estate
Foundation,
Series A,
5.25%,
6/15/55 
175‌
171‌
PFA,
KSU
Bixby
Real
Estate
Foundation,
Series B,
5.50%,
6/15/55 
525‌
516‌
PFA,
KSU
Bixby
Real
Estate
Foundation,
Series C,
5.75%,
6/15/55 
150‌
142‌
Wisconsin
Housing
&
Economic
Dev.
Auth.
Home
Ownership
Revenue,
Series B,
6.00%,
3/1/55 
3,045‌
3,319‌
Wisconsin
Housing
&
Economic
Dev.
Auth.
Home
Ownership
Revenue,
Series C,
3.00%,
9/1/52 
2,280‌
2,263‌
12,691‌
Total
Municipal
Securities
(Cost
$2,277,104)
2,203,100‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
33
Par
$
Value
(Amounts
in
000s)
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES 0.1%
Freddie
Mac
Multifamily
ML
Certificates,
2.046%,
6/25/38 
3,477‌
2,868‌
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$3,562)
2,868‌
Total
Investments
in
Securities
99.3%
of
Net
Assets
(Cost
$2,280,666)
$
2,205,968‌
‡
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
$87,836
and
represents
4.0%
of
net
assets.
(2)
Insured
by
Assured
Guaranty
Incorporated
(3)
Escrowed
to
maturity
(4)
Insured
by
Build
America
Mutual
Assurance
Company
(5)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(6)
Non-income
producing
(7)
Obligor
has
failed
to
make
a
scheduled
interest
and/or
principal
payment
or
is
in
default.
(8)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(9)
Insured
by
National
Public
Finance
Guarantee
Corporation
(10)
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.
(11)
When-issued
security
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
HDA
Housing
Development
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
T.
ROWE
PRICE
Tax-Free
Income
Fund
34
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
.
.
.
.
.
.
.
.
.
.
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
SPMUV7DY
S&P
Municipal
7
Day
High
Grade
Yield
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TECP
Tax-Exempt
Commercial
Paper
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
VRDN
Variable
Rate
Demand
Note
under
which
the
holder
has
the
right
to
sell
the
security
to
the
issuer
or
the
issuer’s
agent
at
a
predetermined
price
on
specified
dates;
such
specified
dates
are
considered
the
effective
maturity
for
purposes
of
the
fund’s
weighted
average
maturity;
rate
shown
is
effective
rate
at
period-end
and
maturity
date
shown
is
final
maturity.
Certain
VRDN
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
T.
ROWE
PRICE
Tax-Free
Income
Fund
August
31,
2025
(Unaudited)
Statement
of
Assets
and
Liabilities
35
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$2,280,666)
$
2,205,968‌
Interest
receivable
25,536‌
Receivable
for
shares
sold
782‌
Receivable
for
investment
securities
sold
170‌
Cash
73‌
Due
from
affiliates
3‌
Other
assets
66‌
Total
assets
2,232,598‌
Liabilities
Payable
for
investment
securities
purchased
6,431‌
Payable
for
shares
redeemed
1,878‌
Investment
management
fees
payable
609‌
Payable
to
directors
1‌
Other
liabilities
2,618‌
Total
liabilities
11,537‌
Commitments
and
Contingent
Liabilities
(note
5
)
NET
ASSETS
$
2,221,061‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
August
31,
2025
(Unaudited)
Statement
of
Assets
and
Liabilities
36
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(171,297‌)
Paid-in
capital
applicable
to
244,997,373
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
2,392,358‌
NET
ASSETS
$
2,221,061‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$726,367;
Shares
outstanding:
80,103,605)
$
9.07‌
Advisor
Class
(Net
assets:
$27,338;
Shares
outstanding:
3,013,653)
$
9.07‌
I
Class
(Net
assets:
$1,467,356;
Shares
outstanding:
161,880,115)
$
9.06‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
(Unaudited)
Statement
of
Operations
37
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
8/31/25
Investment
Income
(Loss)
Interest
income
$
48,693‌
Expenses
Investment
management
3,665‌
Shareholder
servicing
Investor
Class
$
607‌
Advisor
Class
25‌
I
Class
115‌
747‌
Rule
12b-1
fees
Advisor
Class
36‌
Prospectus
and
shareholder
reports
Investor
Class
7‌
I
Class
10‌
17‌
Custody
and
accounting
118‌
Registration
55‌
Legal
and
audit
47‌
Directors
4‌
Miscellaneous
12‌
Waived
/
paid
by
Price
Associates
(359‌)
Total
expenses
4,342‌
Net
investment
income
44,351‌
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
loss
on
securities
(20,649‌)
Change
in
net
unrealized
gain
/
loss
on
securities
(80,511‌)
Net
realized
and
unrealized
gain
/
loss
(101,160‌)
DECREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
(56,809‌)
T.
ROWE
PRICE
Tax-Free
Income
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
38
($000s)
6
Months
Ended
8/31/25
Year
Ended
2/28/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
44,351‌
$
81,229‌
Net
realized
loss
(20,649‌)
(14,265‌)
Change
in
net
unrealized
gain
/
loss
(80,511‌)
19,480‌
Increase
(decrease)
in
net
assets
from
operations
(56,809‌)
86,444‌
Distributions
to
shareholders
Net
earnings
Investor
Class
(14,386‌)
(26,442‌)
Advisor
Class
(511‌)
(1,063‌)
I
Class
(28,553‌)
(52,140‌)
Decrease
in
net
assets
from
distributions
(43,450‌)
(79,645‌)
Capital
share
transactions
*
Shares
sold
Investor
Class
63,238‌
168,544‌
Advisor
Class
431‌
3,548‌
I
Class
214,617‌
281,930‌
Distributions
reinvested
Investor
Class
12,693‌
23,483‌
Advisor
Class
502‌
1,057‌
I
Class
15,494‌
30,021‌
Shares
redeemed
Investor
Class
(121,273‌)
(181,009‌)
Advisor
Class
(4,974‌)
(8,644‌)
I
Class
(233,426‌)
(244,903‌)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
(52,698‌)
74,027‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
39
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
8/31/25
Year
Ended
2/28/25
Net
Assets
Increase
(decrease)
during
period
(152,957‌)
80,826‌
Beginning
of
period
2,374,018‌
2,293,192‌
End
of
period
$
2,221,061‌
$
2,374,018‌
*Share
information
(000s)
Shares
sold
Investor
Class
6,920‌
17,801‌
Advisor
Class
47‌
376‌
I
Class
23,601‌
29,884‌
Distributions
reinvested
Investor
Class
1,393‌
2,488‌
Advisor
Class
55‌
112‌
I
Class
1,701‌
3,183‌
Shares
redeemed
Investor
Class
(13,295‌)
(19,164‌)
Advisor
Class
(544‌)
(917‌)
I
Class
(25,706‌)
(25,969‌)
Increase
(decrease)
in
shares
outstanding
(5,828‌)
7,794‌
T.
ROWE
PRICE
Tax-Free
Income
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
40
T.
Rowe
Price
Tax-Free
Income
Fund,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Tax-Free
Income
Fund,
Inc.
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks to
provide
a
high
level
of
income
exempt
from
federal
income
taxes
by
investing
primarily
in
long-term
investment-grade
municipal
securities.
The
fund
has three classes
of
shares:
the
Tax-Free
Income
Fund,
Inc.
(Investor
Class),
the
Tax-Free
Income
Fund–Advisor
Class
(Advisor
Class)
and
the
Tax-Free
Income
Fund–I
Class
(I
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services;
the
Investor
and
I
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes. 
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES 
Basis
of
Preparation
 The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
 Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
T.
ROWE
PRICE
Tax-Free
Income
Fund
41
recorded
as
an
adjustment
to
interest
income. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Class
Accounting
 Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class’s
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class’s
outstanding
shares.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class’s
average
daily
net
assets.
Capital
Transactions
 Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
 In December
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-09,
Income
Taxes
(Topic
740)
–
Improvements
to
Income
Taxes
Disclosures,
which
enhances
the
transparency
of
income
tax
disclosures.
The
ASU
requires
public
entities,
on
an
annual
basis,
to
provide
disclosure
of
specific
categories
in
the
rate
reconciliation,
as
well
as
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
amendments
under
this
ASU
are
required
to
be
applied
prospectively
and
are
effective
for
fiscal
years
beginning
after
December
15,
2024.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund’s
financial
statements.
Indemnification
 In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
T.
ROWE
PRICE
Tax-Free
Income
Fund
42
NOTE
2
-
VALUATION 
Fair
Value
  The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
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
T.
ROWE
PRICE
Tax-Free
Income
Fund
43
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.   
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
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
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
August
31,
2025
,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
2,
based
on
the
inputs
used
to
determine
their
fair
values. 
T.
ROWE
PRICE
Tax-Free
Income
Fund
44
NOTE
3
-
OTHER
INVESTMENT
TRANSACTIONS 
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund’s prospectus
and
Statement
of
Additional
Information.
Restricted
Securities
 The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Mortgage-Backed
Securities
 The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
issuers.
Most
MBS
issued
by
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
MBS are
sensitive
to
changes
in
economic
conditions
that
affect
the
rate
of
prepayments
and
defaults
on
the
underlying
mortgages;
accordingly,
the
value,
income,
and
related
cash
flows
from
MBS
may
be
more
volatile
than
other
debt
instruments.
When-Issued
Securities
 The fund
enters
into
when-issued
purchase
or
sale
commitments,
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
an
authorized
but
not
yet
issued
security
for
a
fixed
unit
price,
with
payment
and
delivery
not
due
until
issuance
of
the
security
on
a
scheduled
future
date.
When-issued
securities
may
be
new
securities
or
securities
issued
through
a
corporate
action,
such
as
a
reorganization
or
restructuring.
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
commitment
to
purchase
a
when-issued
security.
Amounts
realized
on
when-issued
transactions
are
included
in
realized
gain/loss
on
securities
in
the
accompanying
financial
statements. 
Other 
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any, short-term
and
U.S.
government securities
aggregated $429,754,000 and
$491,486,000,
respectively,
for
the
six
months ended
August
31,
2025. 
T.
ROWE
PRICE
Tax-Free
Income
Fund
45
NOTE
4
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-
end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report. 
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
February
28,
2025,
the
fund
had
$86,345,000
of
available
capital
loss
carryforwards.
At
August
31,
2025,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$2,280,736,000.
Net
unrealized
loss
aggregated
$74,768,000
at
period-end,
of
which
$17,763,000
related
to
appreciated
investments
and
$92,531,000
related
to
depreciated
investments.
NOTE
5
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.04%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.26%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
August
31,
2025,
the
effective
annual
group
fee
rate
was
0.28%.
T.
ROWE
PRICE
Tax-Free
Income
Fund
46
The
Investor
Class
and
Advisor
Class
are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
dates
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class’s ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class’s net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver. 
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended August
31,
2025 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $1,580,000 remain
subject
to
repayment
by
the
fund
at
August
31,
2025. Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
T.
ROWE
PRICE
Tax-Free
Income
Fund
47
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
a
wholly
owned
subsidiary
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
For
the
six
months
ended
August
31,
2025,
expenses
incurred
pursuant
to
these
service
agreements
were
$63,000
for
Price
Associates
and
$309,000
for
T.
Rowe
Price
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
August
31,
2025,
the
aggregate
value
of
purchases
and
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates
was
less
than
1%
of
the
fund’s
net
assets
as
of
August
31,
2025. 
NOTE
6
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price
Associates
acts
as
the
fund’s
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Investor
Class
Advisor
Class
I
Class
Expense
limitation/I
Class
Limit
0.41%
0.92%
0.05%
Expense
limitation
date
04/30/27
04/30/27
04/30/27
(Waived)/repaid
during
the
period
($000s)
$(359)
$—
$—
T.
ROWE
PRICE
Tax-Free
Income
Fund
48
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund’s
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund’s
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
7
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
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.
T.
ROWE
PRICE
Tax-Free
Income
Fund
49
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser).
In
that
regard,
at
a
meeting
held
on
March
12-13,
2025
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund’s
Advisory
Contract.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
the
approval
of
the
Advisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
about
various
topics.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser.
These
services
included,
but
were
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance
and
infrastructure,
as
well
as
compliance
with
new
regulatory
requirements
(e.g.,
derivatives
and
liquidity
risk
management);
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
senior
management
team
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
T.
ROWE
PRICE
Tax-Free
Income
Fund
50
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2024.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2024,
which
ranked
the
returns
of
the
fund’s
Investor
Class
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
mutual
fund
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
length
of
the
fund’s
performance
track
record,
and
how
closely
the
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates)
may
have
realized
from
its
relationship
with
the
fund,
including
any
research
received
under
soft-dollar
arrangements
with
broker-dealers.
In
considering
soft-dollar
arrangements,
the
Board
noted
that,
effective
January
1,
2024,
the
Adviser
began
using
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible,
and
the
Board
considered
that
the
Adviser
may
receive
some
benefit
from
soft-
dollar
arrangements
pursuant
to
which
research
is
received
from
broker-dealers
that
execute
the
applicable
fund’s
portfolio
transactions.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
the
fund
in
particular,
and
the
Board
concluded
that
the
Adviser’s
profits
were
reasonable
in
light
of
the
services
provided
to
the
fund.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Tax-Free
Income
Fund
51
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
fee
to
the
Adviser
for
investment
management
services
composed
of
two
components
–
a
group
fee
rate
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
funds
(including
the
fund)
that
declines
at
certain
asset
levels
and
an
individual
fund
fee
rate
based
on
the
fund’s
average
daily
net
assets
–
and
the
fund
pays
its
own
expenses
of
operations.
The
group
fee
schedule
is
graduated
so
the
rate
decreases
as
total
T.
Rowe
Price
fund
assets
increase
and
increases
as
total
T.
Rowe
Price
fund
assets
decrease.
As
a
result,
shareholders
benefit
from
overall
growth
in
T.
Rowe
Price
fund
assets,
which
reduces
the
management
fee
rate
for
any
fund
that
has
a
group
fee
component
to
its
management
fee,
and
reflects
that
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds
thus
allowing
shareholders
of
those
funds
to
share
potential
economies
of
scale.
The
fund’s
shareholders
also
benefit
from
potential
economies
of
scale
through
a
decline
in
certain
operating
expenses
as
the
fund
grows
in
size.
However,
the
fund
is
also
subject
to
contractual
expense
limitations
that
require
the
Adviser
to
waive
its
fees
and/or
bear
any
expenses
that
would
otherwise
cause
the
expenses
of
a
share
class
of
the
fund
to
exceed
a
certain
percentage
based
on
the
class’s
net
assets.
The
expense
limitations
mitigate
the
potential
for
an
increase
in
operating
expenses
above
a
certain
level
that
could
impact
shareholders.
In
addition,
the
Board
noted
that
the
fund
potentially
shares
in
indirect
economies
of
scale
through
the
Adviser’s
ongoing
investments
in
its
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
advisory
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
any
economies
of
scale
with
the
fund’s
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Investor
Class
Expense
Group);
(ii)
actual
management
fees
and
total
expenses
of
the
Advisor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Advisor
Class
Expense
Group);
and
(iii)
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Tax-Free
Income
Fund
52
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
actual
management
fee
rate
(which
reflects
the
management
fees
actually
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
indicated
that
the
fund’s
contractual
management
fee
ranked
in
the
fourth
quintile
(Investor
Class
Expense
Group),
the
fund’s
actual
management
fee
rate
ranked
in
the
first
quintile
(Investor
Class
Expense
Group,
Advisor
Class
Expense
Group,
and
Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
second
quintile
(Investor
Class
Expense
Group
and
Expense
Universe)
and
first
quintile
(Advisor
Class
Expense
Group).
The
Board
also
reviewed
the
fee
schedules
for
other
investment
portfolios
with
similar
mandates
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
The
fee
schedules,
which
are
subject
to
change,
may
be
negotiated
under
certain
circumstances
and
may
differ
across
regions.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
domestic
and
international
businesses
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
and
ETF
(“registered
fund”)
business.
The
Board
considered
information
showing
that
the
Adviser’s
registered
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
other
domestic
and
international
businesses
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
greater
asset
flows,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
registered
fund
business.
In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
registered
fund
business
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Tax-Free
Income
Fund
53
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
Approval
of
the
Advisory
Contract
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F45-051
10/25

 

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

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

Item 16. Controls and Procedures.

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

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.

(2) Listing standards relating to recovery of erroneously awarded compensation: Not applicable.

(3) Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

 

(b) A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

 

 

SIGNATURES

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

 

T. Rowe Price Tax-Free Income Fund, Inc.
By  

/s/ David Oestreicher

      
  David Oestreicher  
  Principal Executive Officer  
Date    October 17, 2025  

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

 

By  

/s/ David Oestreicher

      
  David Oestreicher  
  Principal Executive Officer  
Date   

October 17, 2025

  

 

By  

/s/ Alan S. Dupski

      
  Alan S. Dupski  
  Principal Financial Officer  
Date   

October 17, 2025

  
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

302 CERTIFICATIONS

906 CERTIFICATIONS

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