Form N-CSR T. Rowe Price Tax-Free For: Feb 28
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E-mailUNITED 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: February 28, 2026
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:
| 2026 |
2025 |
|||||||||||||
| Audit Fees |
$34,043 | $33,841 | ||||||||||||
| Audit-Related Fees |
- | - | ||||||||||||
| Tax Fees |
- | - | ||||||||||||
| All Other Fees |
- | - | ||||||||||||
Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.
(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.
(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,522,000 and $1,818,000, respectively.
(h) All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.
(i) Not applicable.
(j) Not applicable.
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
February
28,
2026
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
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
9.47
$
9.44
$
9.18
$
10.10
$
10.30
Investment
activities
Net
investment
income
(1)(2)
0.36
0.33
0.30
0.29
0.25
Net
realized
and
unrealized
gain/loss
0.05
0.02
0.25
(0.93)
(0.20)
Total
from
investment
activities
0.41
0.35
0.55
(0.64)
0.05
Distributions
Net
investment
income
(0.35)
(0.32)
(0.29)
(0.28)
(0.25)
NET
ASSET
VALUE
End
of
period
$
9.53
$
9.47
$
9.44
$
9.18
$
10.10
Ratios/Supplemental
Data
Total
return
(2)(3)
4.52%
3.80%
6.16%
(6.30)%
0.44%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.50%
0.56%
0.59%
0.59%
0.53%
Net
expenses
after
waivers/payments
by
Price
Associates
0.41%
0.49%
0.53%
0.53%
0.53%
Net
investment
income
3.85%
3.47%
3.23%
3.05%
2.41%
Portfolio
turnover
rate
31.4%
25.8%
25.0%
20.6%
10.6%
Net
assets,
end
of
period
(in
millions)
$765
$806
$792
$819
$1,193
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.
T.
ROWE
PRICE
Tax-Free
Income
Fund
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
9.47
$
9.44
$
9.18
$
10.11
$
10.31
Investment
activities
Net
investment
income
(1)(2)
0.32
0.30
0.27
0.25
0.22
Net
realized
and
unrealized
gain/loss
0.07
0.02
0.25
(0.93)
(0.20)
Total
from
investment
activities
0.39
0.32
0.52
(0.68)
0.02
Distributions
Net
investment
income
(0.32)
(0.29)
(0.26)
(0.25)
(0.22)
NET
ASSET
VALUE
End
of
period
$
9.54
$
9.47
$
9.44
$
9.18
$
10.11
Ratios/Supplemental
Data
Total
return
(2)(3)
4.27%
3.46%
5.80%
(6.71)%
0.12%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.76%
0.83%
0.87%
0.86%
0.86%
Net
expenses
after
waivers/payments
by
Price
Associates
0.76%
0.83%
0.87%
0.86%
0.86%
Net
investment
income
3.50%
3.13%
2.89%
2.73%
2.09%
Portfolio
turnover
rate
31.4%
25.8%
25.0%
20.6%
10.6%
Net
assets,
end
of
period
(in
millions)
$27
$33
$37
$47
$67
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.
T.
ROWE
PRICE
Tax-Free
Income
Fund
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
9.46
$
9.43
$
9.18
$
10.10
$
10.30
Investment
activities
Net
investment
income
(1)(2)
0.36
0.33
0.30
0.29
0.26
Net
realized
and
unrealized
gain/loss
0.07
0.03
0.25
(0.92)
(0.20)
Total
from
investment
activities
0.43
0.36
0.55
(0.63)
0.06
Distributions
Net
investment
income
(0.36)
(0.33)
(0.30)
(0.29)
(0.26)
NET
ASSET
VALUE
End
of
period
$
9.53
$
9.46
$
9.43
$
9.18
$
10.10
Ratios/Supplemental
Data
Total
return
(2)(3)
4.69%
3.87%
6.11%
(6.25)%
0.53%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.36%
0.43%
0.47%
0.47%
0.45%
Net
expenses
after
waivers/payments
by
Price
Associates
0.36%
0.43%
0.47%
0.47%
0.45%
Net
investment
income
3.90%
3.53%
3.29%
3.12%
2.49%
Portfolio
turnover
rate
31.4%
25.8%
25.0%
20.6%
10.6%
Net
assets,
end
of
period
(in
millions)
$1,565
$1,536
$1,464
$1,424
$1,472
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.
T.
ROWE
PRICE
Tax-Free
Income
Fund
February
28,
2026
5
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
MUNICIPAL
SECURITIES 99.1%
ALABAMA
1.3%
Black
Belt
Energy
Gas
Dist.,
VRDN,
4.00%,
6/1/51
(Tender
12/1/31)
4,140
4,321
Black
Belt
Energy
Gas
Dist.,
Series A,
VRDN,
5.25%,
1/1/54
(Tender
10/1/30)
4,330
4,691
Black
Belt
Energy
Gas
Dist.,
Series C-1,
VRDN,
5.25%,
2/1/53
(Tender
6/1/29)
3,900
4,173
Black
Belt
Energy
Gas
Dist.,
Series D-1,
VRDN,
5.50%,
6/1/49
(Tender
2/1/29)
7,080
7,587
Lower
Alabama
Gas
Dist.,
Series A,
5.00%,
12/1/33
3,300
3,546
Southeast
Energy
Auth.
A
Cooperative
Dist.,
Series D,
5.00%,
9/1/35
2,125
2,380
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
5.25%,
5/1/44 (1)
3,280
3,323
30,021
ARIZONA
0.8%
Arizona
HFA,
Banner
Health,
Series B,
FRN,
100%
of
SPMUV7DY
+
0.81%,
4.16%,
1/1/37
1,430
1,419
Arizona
HFA,
Banner
Health,
Series C,
VRDN,
1.90%,
1/1/46
6,000
6,000
Arizona
IDA,
Equitable
School
Revolving
Fund,
Series A,
5.00%,
11/1/54
3,085
3,155
Arizona
IDA,
Equitable
School
Revolving
Fund,
Series A,
5.50%,
11/1/56
4,000
4,257
Maricopa
County
IDA,
Banner
Health,
Series 2019E,
3.00%,
1/1/49
4,300
3,255
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/59
1,070
1,026
19,112
CALIFORNIA
5.4%
California
Community
Choice
Fin.
Auth.,
Series A,
VRDN,
5.00%,
1/1/56
(Tender
5/1/35)
1,500
1,607
California
Community
Choice
Fin.
Auth.,
Series G,
VRDN,
5.00%,
11/1/55
(Tender
8/1/32)
5,000
5,270
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.00%,
7/1/53
(Tender
8/1/29)
3,175
3,376
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29)
1,850
1,968
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.00%,
5/1/54
(Tender
4/1/32)
5,405
5,893
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.50%,
10/1/54
(Tender
11/1/30)
3,015
3,313
T.
ROWE
PRICE
Tax-Free
Income
Fund
6
Par
$
Value
(Amounts
in
000s)
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
Series B,
VRDN,
5.00%,
3/1/56
(Tender
11/1/35)
6,900
7,664
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
Series E-1,
VRDN,
5.00%,
2/1/54
(Tender
3/1/31)
6,505
7,035
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
Series G,
5.00%,
12/1/35
2,575
2,900
California
HFFA,
Kaiser
Permanente,
Series A-2,
5.00%,
11/1/47
10,775
12,125
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35
774
815
California
Infrastructure
&
Economic
Dev.
Bank,
4.00%,
10/1/43
2,000
2,058
California
Infrastructure
&
Economic
Dev.
Bank,
Series B,
FRN,
100%
of
MUNIPSA
+
0.70%,
2.58%,
12/1/50
(Tender
6/1/26)
775
774
California
Municipal
Fin.
Auth.,
Series A,
COP,
5.25%,
11/1/52 (2)
940
958
California
Municipal
Fin.
Auth.,
John
Adams
Academies
Lincoln
Project,
Series A,
5.00%,
10/1/49 (1)
1,525
1,412
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
4.00%,
10/1/29 (1)
400
402
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
5.00%,
10/1/39 (1)
900
905
California
Municipal
Fin.
Auth.,
Samuel
Merritt
Univ.,
5.25%,
6/1/53
2,765
2,898
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/48
5,500
5,531
California
PFA,
Sunrise
of
Manhattan
Beach,
Series A-1,
6.75%,
7/1/65 (1)
5,325
5,739
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
5,090
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/48 (1)
3,300
3,333
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58 (1)
3,000
3,054
Central
Valley
Energy
Auth.,
VRDN,
5.00%,
12/1/55
(Tender
8/1/35)
3,150
3,496
Chino
Valley
Unified
School
Dist.,
Series B,
GO,
3.375%,
8/1/50 (2)
5,060
4,246
CSCDA
Community
Improvement
Auth.,
Link
Glendala
Social
Bonds,
Series A-2,
4.00%,
7/1/56 (1)
3,320
2,589
CSCDA
Community
Improvement
Auth.,
Oceanaire
Long
Beach
Social
Bonds,
Series A-2,
4.00%,
9/1/56 (1)
2,000
1,463
Golden
State
Tobacco
Securitization,
Series B-2,
Zero
Coupon,
6/1/66
12,000
1,279
Inland
Valley
Dev.
Agency,
Tax
Allocation,
Series A,
5.25%,
9/1/37
4,600
4,642
T.
ROWE
PRICE
Tax-Free
Income
Fund
7
Par
$
Value
(Amounts
in
000s)
Regents
of
the
Univ.
of
California,
Medical
Center
Pooled
Revenue,
Series P,
3.50%,
5/15/54
6,250
5,214
Sacramento
County
Airport,
Series A,
5.00%,
7/1/41
2,925
2,945
Sacramento
County
Airport,
Series B,
5.00%,
7/1/41
3,325
3,347
San
Diego
County
Regional
Airport
Auth.,
Series A,
4.00%,
7/1/51
3,000
2,878
San
Francisco
Bay
Area
Rapid
Transit
Dist.,
Series C-1,
GO,
4.00%,
8/1/45
4,645
4,661
San
Francisco
City
&
County
Int'l.
Airport
Commission,
Series A,
5.00%,
5/1/44 (3)
5,000
5,150
San
Joaquin
Valley
Clean
Energy
Auth.,
Series A,
VRDN,
5.50%,
1/1/56
(Tender
7/1/35)
1,100
1,253
128,392
COLORADO
3.0%
Adams
&
Arapahoe
Counties
Joint
School
Dist.
No.
28J
Aurora,
GO,
5.50%,
12/1/43
3,400
3,977
Colorado,
COP,
6.00%,
12/15/40
4,850
5,738
Colorado,
COP,
6.00%,
12/15/41
7,585
8,967
Colorado
Bridge
&
Tunnel
Enterprise,
Series A,
5.50%,
12/1/54 (2)
3,600
3,889
Colorado
HFA,
Adventhealth
Obligated
Group,
Series A,
3.00%,
11/15/51
7,250
5,330
Colorado
HFA,
Adventist
Health
System/Sunbelt
Obligated
Group,
Series A,
4.00%,
11/15/48
4,185
3,842
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/47
690
690
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/51
1,870
1,869
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/56
3,205
3,172
Denver
City
&
County
Airport
System
Revenue,
Series A,
5.00%,
12/1/37 (3)
7,000
7,362
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/34
3,500
3,537
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/36
2,000
2,018
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/40
17,540
17,639
Park
Creek
Metropolitan
Dist.,
5.00%,
12/1/43 (2)
2,420
2,614
70,644
CONNECTICUT
0.9%
Connecticut,
Series B,
GO,
3.00%,
1/15/42 (4)
5,000
4,522
Connecticut
HEFA,
Hartford
HealthCare
Issue,
Series A,
5.00%,
7/1/45
8,550
9,159
Connecticut
HEFA,
Hartford
HealthCare
Issue,
Series A,
5.50%,
7/1/51
3,600
3,903
Connecticut
Housing
Fin.
Auth.,
Series R,
6.00%,
11/15/54
2,745
3,000
T.
ROWE
PRICE
Tax-Free
Income
Fund
8
Par
$
Value
(Amounts
in
000s)
Mashantucket
Western
Pequot
Tribe,
6.05%,
7/1/31
(4.00%
Cash
and
2.05%
PIK) (5)(6)(7)
2,878
719
21,303
DELAWARE
1.0%
Delaware
Economic
Dev.
Auth.,
Acts
Retirement
Communities,
Series B,
5.00%,
11/15/48
5,185
5,211
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/50
3,065
2,945
Delaware
HFA,
Christiana
Health
Care
System,
5.00%,
10/1/45
3,500
3,632
Delaware
State
HFA,
Bayhealth
Medical
Center
Project,
Series A,
4.00%,
7/1/40
3,000
3,009
Delaware
Transportation
Auth.,
Senior,
3.00%,
7/1/44
8,000
6,954
Univ.
of
Delaware,
Series A,
5.00%,
11/1/43
895
1,030
22,781
DISTRICT
OF
COLUMBIA
3.1%
Dist.
of
Columbia
Housing
Fin.
Agency,
Series A,
4.875%,
9/1/45
2,000
2,111
Dist.
of
Columbia
Income
Tax
Revenue,
Series A,
5.00%,
6/1/44
10,630
11,759
Dist.
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/37
515
520
Dist.
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/42
560
562
Dist.
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/52
4,780
4,457
Metropolitan
Washington
Airports
Auth.
Dulles
Toll
Road,
Dulles
Metrorail
&
Capital
Improvement
Projects,
Series A,
5.00%,
10/1/44
2,250
2,320
Metropolitan
Washington
Airports
Auth.
Dulles
Toll
Road,
Dulles
Metrorail
&
Capital
Improvement
Projects,
Series B,
6.50%,
10/1/44
9,350
9,981
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
4.00%,
7/15/46
11,300
10,936
Washington
Metropolitan
Area
Transit
Auth.,
Series A,
5.50%,
7/15/51
11,445
12,248
Washington
Metropolitan
Area
Transit
Auth.,
Series B,
5.00%,
7/1/42
12,000
12,221
Washington
Metropolitan
Area
Transit
Auth.,
Second
Lien,
Series A,
5.25%,
7/15/50
1,600
1,708
Washington
Metropolitan
Area
Transit
Auth.,
Sustainability
Financed
Bonds,
5.25%,
7/15/53
4,750
4,987
73,810
FLORIDA
1.5%
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.25%,
11/15/44 (6)(7)
1,396
21
T.
ROWE
PRICE
Tax-Free
Income
Fund
9
Par
$
Value
(Amounts
in
000s)
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/31
500
537
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/32
750
803
Central
Florida
Expressway
Auth.,
5.00%,
7/1/39
(Prerefunded
7/1/27) (8)
7,475
7,757
Everest
GMR
Community
Dev.
Dist.,
6.20%,
5/1/54
1,980
2,042
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
5.00%,
6/1/48 (1)
5,875
5,305
Jacksonville
Ed.
Fac.,
Jacksonville
Univ.,
Series B,
5.00%,
6/1/53 (1)
3,600
3,146
JEA
Water
&
Sewer
System
Revenue,
Series A,
5.50%,
10/1/54
2,000
2,177
Lee
County
Airport
Revenue,
Series A-1,
5.50%,
10/1/56 (3)(9)
4,000
4,290
Palm
Beach
County
HFA,
Active
Retirement
Life
Community,
5.00%,
11/15/45
4,290
4,342
Polk
County
IDA,
Victory
Ridge
Academy
Project,
6.00%,
6/15/55 (1)
1,250
1,255
Tampa,
Series A,
Zero
Coupon,
9/1/34
900
676
Tampa,
Series A,
Zero
Coupon,
9/1/35
750
539
Tampa,
Series A,
Zero
Coupon,
9/1/38
1,000
626
Tampa,
Series A,
Zero
Coupon,
9/1/39
850
507
Tampa,
Series A,
Zero
Coupon,
9/1/40
2,265
1,286
35,309
GEORGIA
9.2%
Atlanta
Airport
Passenger
Fac.
Charge,
Series C,
5.00%,
7/1/40
5,000
5,551
Atlanta
Airport
Passenger
Fac.
Charge,
Series D,
5.00%,
7/1/44
6,000
6,504
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.75%,
1/1/35 (6)(7)
800
360
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
7.00%,
1/1/40 (6)(7)
5,095
2,293
Atlanta
Dev.
Auth.,
Gulch
Enterprise
Zone
Project,
Series 1,
Class
A,
STEP,
0.00%,
12/15/48 (1)
5,389
4,908
Atlanta
Dev.
Auth.,
PRG
-
CAU
Properties
Project,
Series A,
6.00%,
7/1/55 (1)
3,325
3,458
Atlanta
Urban
Residential
Fin.
Auth.,
Connell
Commons,
Series A,
4.75%,
5/1/43
2,000
2,132
Atlanta,
Beltline,
Tax
Allocation,
Series B,
5.00%,
1/1/31
1,280
1,308
Brookhaven
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series A,
3.00%,
7/1/46
2,775
2,219
Brookhaven
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series A,
4.00%,
7/1/49
1,585
1,486
Clarke
County
Hosp.
Auth.
Piedmont
Healthcare
Project,
4.00%,
7/1/41 (4)
5,000
5,001
Cobb
County
Kennestone
Hosp.
Auth.,
WellStar
Health,
RAC,
4.00%,
4/1/52
5,000
4,406
T.
ROWE
PRICE
Tax-Free
Income
Fund
10
Par
$
Value
(Amounts
in
000s)
Cobb-Marietta
Coliseum
&
Exhibit
Hall
Auth.,
Cobb
Galleria
Centre
Project,
5.25%,
10/1/42
3,075
3,546
Cobb-Marietta
Coliseum
&
Exhibit
Hall
Auth.,
Cobb
Galleria
Centre
Project,
5.25%,
10/1/43
2,250
2,566
Columbia
County
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.125%,
4/1/53
4,925
5,114
Columbia
County
Hosp.
Auth.,
WellStar
Health,
Series A,
RAC,
5.75%,
4/1/53
14,650
15,994
DeKalb
County
Housing
Auth.,
The
Avenues
of
North
Decatur,
4.125%,
12/1/34
5,000
5,104
DeKalb
County
Housing
Auth.,
The
Avenues
of
North
Decatur,
5.00%,
12/1/34
2,500
2,738
Douglasville-Douglas
County
Water
&
Sewer
Auth.,
Series A,
2.00%,
6/1/36
1,510
1,305
Fulton
County
Dev.
Auth.,
Children's
Healthcare
of
Atlanta,
Series C,
5.00%,
7/1/39
1,165
1,240
Fulton
County
Dev.
Auth.,
Piedmont
Healthcare
Project,
Series A,
4.00%,
7/1/49
5,000
4,599
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/36
5,250
5,258
Fulton
County
Dev.
Auth.,
Woodruff
Arts
Center,
5.00%,
3/15/44
5,150
5,312
Gainesville
&
Hall
County
Dev.
Auth.,
5.00%,
6/1/37
625
664
Gainesville
&
Hall
County
Dev.
Auth.,
5.125%,
6/1/39
690
730
Gainesville
&
Hall
County
Dev.
Auth.,
5.25%,
6/1/40
725
764
Gainesville
&
Hall
County
Dev.
Auth.,
Brenau
Univ.,
5.50%,
6/1/45
3,260
3,333
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series B,
5.50%,
2/15/42
3,245
3,317
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/36
3,600
3,664
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/54
10,265
8,860
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/36 (1)
800
831
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/54 (1)
4,515
4,346
Georgia
Housing
&
Fin.
Auth.,
3.60%,
12/1/44
4,000
3,740
Georgia
Housing
&
Fin.
Auth.,
Series A,
4.60%,
12/1/53
2,000
2,002
Georgia
Housing
&
Fin.
Auth.,
Series A,
4.65%,
12/1/50
7,000
7,048
Georgia
Housing
&
Fin.
Auth.,
Series C,
4.40%,
12/1/44
3,000
3,029
Georgia
Housing
&
Fin.
Auth.,
Series C,
5.05%,
12/1/45
6,300
6,512
Georgia
Ports
Auth.,
5.00%,
7/1/47
2,500
2,641
Georgia
State
Road
&
Tollway
Auth.,
5.00%,
7/15/44
3,425
3,825
Georgia
State
Road
&
Tollway
Auth.,
Managed
Lane
System,
Series A,
3.00%,
7/15/50
5,080
3,884
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/31
4,000
4,240
T.
ROWE
PRICE
Tax-Free
Income
Fund
11
Par
$
Value
(Amounts
in
000s)
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/32
2,500
2,645
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/43
2,000
2,049
Main
Street
Natural
Gas,
Series A,
VRDN,
4.00%,
7/1/52
(Tender
9/1/27)
3,100
3,162
Main
Street
Natural
Gas,
Series B,
VRDN,
5.00%,
12/1/54
(Tender
3/1/32)
1,750
1,917
Main
Street
Natural
Gas,
Series C,
VRDN,
4.00%,
3/1/50
(Tender
9/1/26)
7,940
7,987
Main
Street
Natural
Gas,
Series C,
VRDN,
5.00%,
9/1/53
(Tender
9/1/30)
1,800
1,943
Main
Street
Natural
Gas,
Series C,
VRDN,
5.00%,
12/1/54
(Tender
12/1/31)
4,510
4,907
Main
Street
Natural
Gas,
Series E,
VRDN,
5.00%,
5/1/55
(Tender
12/1/32)
7,600
8,310
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series B,
VRDN,
5.00%,
12/1/52
(Tender
6/1/29)
3,450
3,657
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series C,
VRDN,
4.00%,
5/1/52
(Tender
12/1/28)
3,210
3,305
Municipal
Electric
Auth.
of
Georgia,
4.00%,
1/1/44 (2)
4,420
4,395
Municipal
Electric
Auth.
of
Georgia,
Plant
Vogtle
Project,
Series A,
5.00%,
1/1/49 (4)
2,500
2,528
Municipal
Electric
Auth.
of
Georgia,
Project
One
Subordinated
Bonds,
Series A,
5.25%,
1/1/49
1,350
1,414
Municipal
Electric
Auth.
of
Georgia,
Project
One
Subordinated
Bonds,
Series A,
5.25%,
1/1/54 (4)
3,250
3,403
Private
Colleges
&
Univ.
Auth.,
Emory
Univ.,
Series A,
5.25%,
9/1/44
5,000
5,619
Savannah
Georgia
Convention
Center
Auth.,
Convention
Center
Hotel
Second
Tier,
Series B,
6.00%,
6/1/50 (1)
595
597
Savannah
Georgia
Convention
Center
Auth.,
Convention
Center
Hotel
Third
Tier,
Series C,
5.00%,
6/1/58 (2)
1,500
1,541
Senoia
Dev.
Auth.,
Coweta
Charter
Academy
Project,
Series A,
6.50%,
7/1/54 (1)
2,735
2,513
217,724
HAWAII
0.2%
Hawaii
County,
GO,
5.00%,
9/1/43
2,305
2,589
Hawaii
County,
GO,
5.00%,
9/1/44
1,000
1,109
3,698
ILLINOIS
5.1%
Chicago,
Series A,
GO,
5.50%,
1/1/49
560
563
Chicago
O'Hare
Int'l.
Airport,
Series B,
5.50%,
1/1/59
7,500
7,963
Chicago
O'Hare
Int'l.
Airport,
Senior
Lien,
Series B,
4.00%,
1/1/53 (2)
2,000
1,798
T.
ROWE
PRICE
Tax-Free
Income
Fund
12
Par
$
Value
(Amounts
in
000s)
Chicago
Transit
Auth.
Sales
Tax
Receipts
Fund,
Second
Lien,
Series A,
5.50%,
12/1/56
5,885
6,317
Cook
County
Sales
Tax
Revenue,
5.00%,
11/15/46
11,800
12,459
Illinois,
GO,
5.50%,
5/1/26
1,350
1,357
Illinois,
Series A,
GO,
5.00%,
10/1/31
1,500
1,589
Illinois,
Series A,
GO,
5.50%,
3/1/42
4,640
5,069
Illinois,
Series B,
GO,
5.00%,
10/1/32
1,750
1,849
Illinois,
Series B,
GO,
5.50%,
5/1/47
8,405
8,863
Illinois,
Series C,
GO,
5.00%,
11/1/29
4,530
4,716
Illinois
Fin.
Auth.,
Ascension,
Series C,
5.00%,
2/15/34
425
434
Illinois
Fin.
Auth.,
Ascension,
Series C,
5.00%,
2/15/34
(Prerefunded
2/15/27) (8)
90
92
Illinois
Fin.
Auth.,
Ascension,
Series C,
5.00%,
2/15/36
620
632
Illinois
Fin.
Auth.,
Ascension,
Series C,
5.00%,
2/15/36
(Prerefunded
2/15/27) (8)
130
133
Illinois
Fin.
Auth.,
Ascension,
Series C,
5.00%,
2/15/41
1,585
1,609
Illinois
Fin.
Auth.,
Ascension,
Series C,
5.00%,
2/15/41
(Prerefunded
2/15/27) (8)
1,455
1,494
Illinois
Fin.
Auth.,
Navy
Pier,
Inc.,
Series B,
5.25%,
10/1/39 (1)
2,150
2,335
Illinois
HDA,
Series A,
4.75%,
10/1/45
9,000
9,170
Illinois
HDA,
Series H,
5.75%,
10/1/53
3,795
4,103
Illinois
State
Toll
Highway
Auth.,
Series A,
5.25%,
1/1/45
6,875
7,474
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/40
1,725
998
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
5.00%,
6/15/29
650
675
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
6/15/37 (10)
11,870
8,016
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series B,
Zero
Coupon,
12/15/41
10,000
5,415
Railsplitter
Tobacco
Settlement
Auth.,
5.00%,
6/1/28
(Prerefunded
6/1/26) (8)
1,310
1,319
Regional
Transportation
Auth.,
Series A,
5.75%,
6/1/34 (2)
5,250
6,091
Regional
Transportation
Auth.,
Series A,
6.00%,
7/1/33 (10)
15,000
17,577
120,110
INDIANA
0.6%
Indiana
Fin.
Auth.,
Series B,
5.00%,
5/1/40
1,500
1,586
Indiana
Fin.
Auth.,
Series B,
5.25%,
5/1/45
2,000
2,054
Indiana
Fin.
Auth.
Depauw
Univ.,
Series A,
5.50%,
7/1/52
5,000
5,095
Indiana
Fin.
Auth.,
Indiana
Univ.
Health,
Series C,
5.25%,
10/1/44
3,400
3,766
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series A,
4.25%,
11/1/30
1,375
1,436
13,937
T.
ROWE
PRICE
Tax-Free
Income
Fund
13
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
4,246
4,246
KENTUCKY
2.4%
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/36
4,050
3,994
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/46
1,900
1,617
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.375%,
11/15/32
2,000
2,000
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/37
4,485
4,527
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/41
2,810
2,829
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/45
4,525
4,537
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/50
6,780
6,780
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series B,
5.00%,
6/1/40
2,200
2,211
Kentucky
Public
Energy
Auth.,
Series A,
VRDN,
5.00%,
5/1/55
5,750
6,161
Kentucky
Public
Energy
Auth.,
Series A-1,
VRDN,
5.25%,
4/1/54
(Tender
2/1/32)
3,825
4,207
Kentucky
Public
Energy
Auth.,
Series B,
VRDN,
5.00%,
1/1/55
(Tender
8/1/32)
7,225
7,876
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28)
8,760
8,973
55,712
LOUISIANA
0.8%
Jefferson
Sales
Tax
Dist.,
Series B,
5.00%,
12/1/42 (2)
7,500
7,667
Louisiana
Gasoline
&
Fuels
Tax
Revenue,
Second
Lien,
Series C,
VRDN,
1.90%,
5/1/43
1,430
1,430
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/38
750
761
New
Orleans
Aviation
Board,
General
Airport
North
Terminal
Project,
Series A,
5.00%,
1/1/43
2,775
2,802
Saint
John
the
Baptist
Parish,
Marathon
Oil,
VRDN,
2.20%,
6/1/37
(Tender
7/1/26)
1,500
1,498
Saint
John
the
Baptist
Parish,
Marathon
Oil,
VRDN,
4.05%,
6/1/37
(Tender
7/1/26)
4,600
4,622
18,780
T.
ROWE
PRICE
Tax-Free
Income
Fund
14
Par
$
Value
(Amounts
in
000s)
MARYLAND
5.8%
Anne
County
Arundel,
Consolidated
Water
&
Sewer,
GO,
5.00%,
4/1/43
2,435
2,715
Anne
County
Arundel,
Consolidated
Water
&
Sewer,
GO,
5.00%,
10/1/44
2,805
3,124
Anne
County
Arundel,
Improvement,
GO,
5.00%,
10/1/44
6,115
6,811
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/42
7,000
7,042
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/46
1,250
1,243
Baltimore
City,
Harbor
Point
Project,
5.125%,
6/1/43
2,500
2,504
Frederick
County,
Series C,
4.00%,
7/1/50 (1)
3,120
2,804
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/33
590
602
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/36
395
403
Maryland
CDA,
5.05%,
3/1/47
5,000
5,175
Maryland
CDA,
Series C,
5.75%,
9/1/54
1,695
1,814
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series C,
5.50%,
3/1/56
4,995
5,493
Maryland
Dept.
of
Housing
&
Community
Dev.,
Series C,
6.25%,
9/1/55
3,690
4,197
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/50
750
634
Maryland
Economic
Dev.,
College
Park
Leonardtown
Project,
5.25%,
7/1/64 (2)
2,500
2,588
Maryland
Economic
Dev.,
Constellation
Energy
Group,
Series B,
VRDN,
4.10%,
10/1/36
(Tender
4/3/28)
1,700
1,751
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/50
650
550
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/55 (3)
4,000
4,006
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/29
1,500
1,572
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/36
2,655
2,705
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/46
13,435
13,554
Maryland
HHEFA,
LifeBridge
Health,
5.25%,
7/1/54
2,695
2,842
Maryland
HHEFA,
MedStar
Health,
Series A,
5.25%,
8/15/51
2,500
2,643
Maryland
HHEFA,
MedStar
Health,
Series A,
5.25%,
8/15/54
2,500
2,628
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
5.00%,
5/1/50 (2)
10,020
10,889
Maryland
Stadium
Auth.,
Baltimore
City
Public
Schools
Construction
&
Revitalization,
Series B,
5.00%,
5/1/47 (2)
3,625
4,022
Maryland
Stadium
Auth.,
Built
to
Learn
Revenue,
Series A,
4.00%,
6/1/52
3,000
2,746
Montgomery
County,
Series A,
GO,
3.00%,
11/1/37
5,365
5,305
Montgomery
County,
Series A,
GO,
4.00%,
8/1/41
1,500
1,562
T.
ROWE
PRICE
Tax-Free
Income
Fund
15
Par
$
Value
(Amounts
in
000s)
Montgomery
County
Housing
Opportunities
Commission,
Series C,
2.85%,
1/1/51
4,195
2,997
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.00%,
1/1/43
1,500
1,658
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.125%,
1/1/53
2,500
2,621
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.50%,
1/1/48
2,500
2,734
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.75%,
1/1/58
3,915
4,276
Montgomery
County
Housing
Opportunities
Commission,
Series C,
5.75%,
1/1/63
8,000
8,738
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/42
3,100
3,112
Rockville,
Ingleside
at
King
Farm,
Series A-2,
5.00%,
11/1/31
500
510
Town
of
Chestertown,
Washington
College
Project,
6.25%,
3/1/45
2,400
2,464
Town
of
Chestertown,
Washington
College
Project,
6.50%,
3/1/50
400
407
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36
1,000
1,020
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/42
1,700
1,690
136,151
MASSACHUSETTS
2.8%
Massachusetts,
Series A,
GO,
5.00%,
4/1/42
1,950
2,219
Massachusetts,
Series A,
GO,
5.00%,
4/1/43
3,000
3,377
Massachusetts,
Series A,
GO,
5.00%,
4/1/45
1,500
1,647
Massachusetts,
Series C,
GO,
5.00%,
6/1/43
7,500
8,457
Massachusetts,
Series C,
GO,
5.00%,
6/1/44
4,000
4,450
Massachusetts,
Series D,
GO,
4.00%,
5/1/40
4,000
4,049
Massachusetts
Commonwealth,
Series C,
GO,
3.00%,
3/1/47
4,000
3,168
Massachusetts
Commonwealth,
Series H,
GO,
5.00%,
12/1/42
10,440
11,836
Massachusetts
Dev.
Fin.
Agency,
Beth
Israel
Lahey
Health
Issue,
Series N,
5.50%,
7/1/50 (2)
7,700
8,396
Massachusetts
Dev.
Fin.
Agency,
Linden
Ponds
Fac.,
5.00%,
11/15/28 (1)
940
970
Massachusetts
Dev.
Fin.
Agency,
Mass
General
Brigham
Issue,
Series E-1,
VRDN,
1.50%,
7/1/52
200
200
Massachusetts
Dev.
Fin.
Agency,
Mass
General
Brigham
Issue,
Series G-1,
VRDN,
1.50%,
7/1/61
300
300
Massachusetts
Dev.
Fin.
Agency,
Mass
General
Brigham
Issue,
Series G-2,
VRDN,
1.50%,
7/1/62
1,000
1,000
Massachusetts
HEFA,
Massachusetts
Institute
of
Technology,
Series K,
5.50%,
7/1/32
10,000
12,022
T.
ROWE
PRICE
Tax-Free
Income
Fund
16
Par
$
Value
(Amounts
in
000s)
Massachusetts
Housing
Fin.
Agency,
Series 242,
4.75%,
12/1/50
2,250
2,273
Massachusetts
Housing
Fin.
Agency,
Series A-1,
4.70%,
12/1/49
800
802
Massachusetts
Housing
Fin.
Agency,
Series A-1,
4.80%,
12/1/54
1,500
1,500
66,666
MICHIGAN
1.7%
Detroit,
GO,
5.00%,
4/1/28
850
888
Detroit,
GO,
5.00%,
4/1/29
150
157
Detroit,
Social
Bonds,
Series A,
GO,
4.00%,
4/1/42
2,100
2,080
Great
Lakes
Water
Auth.
Sewage
Disposal,
Series A,
5.25%,
7/1/47
8,340
8,840
Great
Lakes
Water
Auth.
Water
Supply,
Series A,
5.25%,
7/1/47
7,000
7,420
Kalamazoo
Economic
Dev.,
Friendship
Village
of
Kalamazoo
Project,
Series A,
6.25%,
8/15/61 (1)
1,000
1,018
Karegnondi
Water
Auth.,
5.00%,
11/1/42 (4)
3,000
3,335
Karegnondi
Water
Auth.,
5.00%,
11/1/43 (4)
3,000
3,293
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
Series A,
4.00%,
11/15/50
5,300
4,683
Michigan
Fin.
Auth.,
University
of
Detroit
Mercy,
5.375%,
11/1/43
3,530
3,667
Michigan
Fin.
Auth.,
University
of
Detroit
Mercy,
5.50%,
11/1/48
1,700
1,733
Michigan
Trunk
Line
Revenue,
Rebuilding
Michigan
Program,
5.50%,
11/15/49
2,500
2,717
Wayne
County
Airport
Auth.,
Series A,
5.00%,
12/1/42
1,300
1,335
41,166
MINNESOTA
0.4%
Minnesota
Housing
Fin.
Agency,
Series A,
2.90%,
1/1/45
1,280
1,055
Minnesota
Housing
Fin.
Agency,
Series A,
6.25%,
1/1/54
2,245
2,469
Minnesota
Housing
Fin.
Agency,
Series L,
6.50%,
1/1/55
2,650
3,034
Minnesota
Housing
Fin.
Agency,
Series O,
6.25%,
1/1/55
2,400
2,733
9,291
MISSISSIPPI
0.1%
Mississippi
Business
Fin.,
Chevron
U.S.A.
Project,
Series C,
VRDN,
2.00%,
11/1/35
1,200
1,200
Warren
County,
Int'l.
Paper
Company
Project,
4.00%,
9/1/32
725
766
1,966
MISSOURI
1.4%
Kansas
City
IDA,
Downtown
Redev.,
Series A,
5.00%,
9/1/31
4,480
4,497
Kansas
City
IDA,
Downtown
Redev.,
Series A,
5.50%,
9/1/26
7,000
7,064
Missouri
HEFA,
Lutheran
Senior
Services,
5.00%,
2/1/48
3,000
2,994
T.
ROWE
PRICE
Tax-Free
Income
Fund
17
Par
$
Value
(Amounts
in
000s)
Missouri
HEFA,
Lutheran
Senior
Services
Project,
Series A,
5.25%,
2/1/48
2,015
2,052
Missouri
HEFA,
Lutheran
Senior
Services
Project,
Series A,
5.25%,
2/1/54
1,750
1,761
Missouri
HEFA,
Mercy
Health,
3.00%,
6/1/53
4,000
2,927
Saint
Louis
County
IDA,
Friendship
Village,
5.00%,
9/1/48
1,545
1,545
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.00%,
9/1/38
1,000
1,026
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.125%,
9/1/48
3,850
3,861
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
Series A,
5.125%,
12/1/45
2,550
2,550
Saint
Louis
IDA,
Ballpark
Village,
Series A,
3.875%,
11/15/29
90
87
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.375%,
11/15/35
895
842
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.75%,
11/15/47
800
705
31,911
NEBRASKA
0.1%
Nebraska
Investment
Fin.
Auth.,
Series E,
5.00%,
3/1/49
2,750
2,840
2,840
NEVADA
0.6%
Las
Vegas
Convention
&
Visitors
Auth.,
Series A,
5.00%,
7/1/49
8,800
9,166
Las
Vegas
Convention
&
Visitors
Auth.,
Series B,
5.00%,
7/1/43
4,485
4,642
Reno,
Retrac-Reno
Transportation,
Series C,
Zero
Coupon,
7/1/58 (1)
3,500
555
14,363
NEW
HAMPSHIRE
1.2%
New
Hampshire
Business
Fin.
Auth.,
Series 2020-1,
Class
A,
4.125%,
1/20/34
5,323
5,555
New
Hampshire
Business
Fin.
Auth.,
Series 2023-2,
Class
A,
3.875%,
1/20/38
2,626
2,617
New
Hampshire
Business
Fin.
Auth.,
Series 2024-2,
Class
A,
3.625%,
8/20/39
2,542
2,506
New
Hampshire
Business
Fin.
Auth.,
Series 2025-1,
Class
A-1,
VR,
4.167%,
1/20/41
1,959
1,980
New
Hampshire
Business
Fin.
Auth.,
Series 2025-1,
Class
A-2,
VR,
4.167%,
1/20/41
546
544
New
Hampshire
Business
Fin.
Auth.,
Series A,
4.00%,
7/1/51
3,920
3,733
New
Hampshire
Business
Fin.
Auth.,
Series A-1,
VR,
4.946%,
2/20/41
3,269
3,490
New
Hampshire
Business
Fin.
Auth.,
Series A-2,
VR,
4.946%,
2/20/41
1,996
2,055
T.
ROWE
PRICE
Tax-Free
Income
Fund
18
Par
$
Value
(Amounts
in
000s)
New
Hampshire
Business
Fin.
Auth.,
Univ.
of
Nevada
Reno
Project,
Series A,
5.25%,
6/1/51 (4)
5,000
5,274
27,754
NEW
JERSEY
2.9%
Essex
County
Improvement
Auth.,
Charter
School,
4.00%,
6/15/51
1,200
1,051
Garden
State
Preservation
Trust,
Farmland,
Series A,
5.75%,
11/1/28 (2)
4,395
4,654
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
1,002
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/49 (1)
4,460
4,325
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/35
1,000
1,002
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/48
4,765
4,735
New
Jersey
EFA,
Green
Bond,
Series A,
4.00%,
7/1/50
1,805
1,592
New
Jersey
EFA,
Princeton
Univ.,
Series B,
5.25%,
3/1/54
6,775
7,384
New
Jersey
HCFFA,
Barnabas
Health,
3.00%,
7/1/51
10,115
7,753
New
Jersey
HCFFA,
Hackensack
Meridian
Health,
Series A,
5.25%,
7/1/57
3,000
3,037
New
Jersey
Housing
&
Mortgage
Fin.
Agency,
Series D-1,
4.85%,
11/1/40
2,820
2,994
New
Jersey
Institute
of
Technology,
Series A,
5.00%,
7/1/42 (4)
2,875
3,239
New
Jersey
Institute
of
Technology,
Series A,
5.00%,
7/1/43 (4)
2,140
2,381
New
Jersey
Transportation
Trust
Fund
Auth.,
5.25%,
6/15/46
(Prerefunded
12/15/32) (8)
700
834
New
Jersey
Transportation
Trust
Fund
Auth.,
Series BB,
5.00%,
6/15/46
2,275
2,413
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series A,
Zero
Coupon,
12/15/39 (4)
5,250
3,227
New
Jersey
Transportation
Trust
Fund
Auth.,
Unrefunded
Balance,
5.25%,
6/15/46
670
717
New
Jersey
Turnpike
Auth.,
Series B,
5.25%,
1/1/52
8,575
9,104
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/27
335
345
Tobacco
Settlement
Fin.,
Series A,
5.25%,
6/1/46
4,285
4,315
Township
of
Piscataway,
Series 2025,
GO,
2.00%,
10/15/37
2,500
2,174
68,643
NEW
MEXICO
0.2%
New
Mexico
Municipal
Energy
Acquisition
Auth.,
VRDN,
5.00%,
6/1/54
(Tender
11/1/30)
3,500
3,793
3,793
T.
ROWE
PRICE
Tax-Free
Income
Fund
19
Par
$
Value
(Amounts
in
000s)
NEW
YORK
9.2%
Build
New
York
City
Resource,
261
Walton
Facility
–
Zeta
Charter
Schools
Project,
Series A,
5.75%,
6/1/66 (1)
2,000
1,986
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
3.00%,
3/15/41
2,465
2,238
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
4.00%,
3/15/47
9,000
8,581
Dormitory
Auth.
of
the
State
of
New
York,
Series B,
5.00%,
3/15/49
1,000
1,057
Dormitory
Auth.
of
the
State
of
New
York,
Columbia
Univ.,
Series A,
5.00%,
10/1/47
1,835
2,085
Dormitory
Auth.
of
the
State
of
New
York,
Cornell
Univ.,
Series A,
5.50%,
7/1/54
13,880
15,147
Dormitory
Auth.
of
the
State
of
New
York,
Montefiore
Obligation
Group,
Series A,
4.00%,
9/1/50
2,960
2,552
Dormitory
Auth.
of
the
State
of
New
York,
Personal
Income
Tax,
Series E,
4.00%,
3/15/49
2,000
1,887
Dormitory
Auth.
of
the
State
of
New
York,
White
Plains
Hosp.
Obligated
Group,
5.50%,
10/1/54 (2)
8,825
9,441
Empire
State
Dev.,
Group
3,
Series A,
4.00%,
3/15/45
8,500
8,296
New
York
City,
Series D-1,
GO,
5.50%,
5/1/45
950
1,029
New
York
City,
Series D-1,
GO,
5.50%,
5/1/46
1,625
1,748
New
York
City
Housing
Dev.,
3.05%,
5/1/50
2,000
1,477
New
York
City
Housing
Dev.,
3.95%,
11/1/43
5,600
5,551
New
York
City
Housing
Dev.,
4.125%,
11/1/53
2,510
2,305
New
York
City
Housing
Dev.,
Series A,
2.80%,
2/1/50
2,000
1,427
New
York
City
Housing
Dev.,
Series I-1,
2.65%,
11/1/50
2,790
1,925
New
York
City
Ind.
Dev.
Agency,
Queens
Baseball
Stadium
Project,
Series A,
3.00%,
1/1/46 (2)
3,100
2,467
New
York
City
Municipal
Water
Fin.
Auth.,
Series CC-1,
4.00%,
6/15/33
7,000
7,071
New
York
City
Municipal
Water
Fin.
Auth.,
Second
General
Resolution,
Series CC,
5.00%,
6/15/46
3,000
3,222
New
York
City
Municipal
Water
Fin.
Auth.,
Second
General
Resolution,
Series EE,
5.00%,
6/15/40
4,000
4,147
New
York
City
Transitional
Fin.
Auth.,
Building
Aid,
Series S-1,
5.00%,
7/15/45
1,475
1,517
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series C,
4.00%,
5/1/44
2,295
2,272
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series C,
5.50%,
5/1/43
2,980
3,373
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series C,
5.50%,
5/1/44
3,460
3,878
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series C-4,
VRDN,
1.90%,
11/1/36
2,000
2,000
T.
ROWE
PRICE
Tax-Free
Income
Fund
20
Par
$
Value
(Amounts
in
000s)
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series D-1,
5.50%,
11/1/45
1,525
1,671
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series D-S,
4.00%,
11/1/42
3,000
3,012
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Series E,
5.50%,
11/1/49
4,465
4,869
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Fiscal
2025,
Series D,
5.50%,
5/1/52
3,500
3,785
New
York
City
Transitional
Fin.
Auth.,
Future
Tax,
Fiscal
2026,
Series F-1,
5.50%,
2/1/50
3,250
3,574
New
York
Liberty
Dev.,
1
World
Trade
Center,
Series 1WTC,
2.25%,
2/15/41
13,530
10,733
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue,
Series 242,
3.50%,
10/1/52
2,215
2,227
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue,
Series 266,
4.65%,
10/1/50
3,220
3,228
New
York
State
Housing
Fin.
Agency,
Series A,
VRDN,
3.95%,
11/1/50
(Tender
1/1/35)
3,500
3,586
New
York
State
Housing
Fin.
Agency,
Series B-2,
VRDN,
3.30%,
12/15/54
(Tender
12/15/28)
1,275
1,281
New
York
State
Housing
Fin.
Agency,
Series E-1,
2.75%,
11/1/56
2,000
1,337
New
York
State
Thruway
Auth.,
Series A-1,
3.00%,
3/15/50
5,400
4,065
New
York
State
Thruway
Auth.,
Series B,
4.00%,
1/1/38
4,250
4,353
New
York
State
Thruway
Auth.,
Series B,
4.00%,
1/1/40 (2)
22,055
22,376
New
York
Transportation
Dev.,
JFK
Int'l.
Airport
New
Terminal
One
Project,
5.50%,
6/30/54 (3)
7,500
7,668
New
York
Transportation
Dev.,
JFK
Int'l.
Airport
New
Terminal
One
Project,
6.00%,
6/30/59 (3)
10,000
10,664
Onondaga
County
Trust
for
Cultural
Resources,
Syracuse
Univ.
Project,
5.00%,
12/1/45
2,500
2,615
Port
Auth.
of
New
York
&
New
Jersey,
Series 197,
5.00%,
11/15/41 (3)
6,000
6,060
Suffolk
County
Water
Auth.,
Series B,
3.00%,
6/1/45
3,500
2,946
Triborough
Bridge
&
Tunnel
Auth.,
Series A,
5.50%,
12/1/59
3,000
3,229
Triborough
Bridge
&
Tunnel
Auth.,
Series C,
5.25%,
5/15/52
6,170
6,468
Triborough
Bridge
&
Tunnel
Auth.,
MTA
Bridges
&
Tunnels,
Series A,
5.00%,
5/15/52
7,250
8,092
216,518
NORTH
CAROLINA
2.7%
Cape
Fear
Public
Utility
Auth.,
5.00%,
4/1/44
1,050
1,159
Charlotte-Mecklenburg
Hosp.
Auth.,
Atrium
Healthcare,
Series E,
VRDN,
1.95%,
1/15/42
1,080
1,080
Columbus
County
Ind.
Fac.
&
Pollution
Control
Fin.
Auth.,
Int'l.
Paper
Company
Project,
4.20%,
5/1/34
2,000
2,151
T.
ROWE
PRICE
Tax-Free
Income
Fund
21
Par
$
Value
(Amounts
in
000s)
North
Carolina
Housing
Fin.
Agency,
5.00%,
7/1/47
1,915
1,989
North
Carolina
Housing
Fin.
Agency,
Series 53-A,
6.25%,
1/1/55
4,400
4,829
North
Carolina
Housing
Fin.
Agency,
Series 54-A,
6.25%,
1/1/55
2,415
2,740
North
Carolina
Housing
Fin.
Agency,
1998
Trust
Agreement,
Series A,
4.55%,
7/1/45
2,350
2,382
North
Carolina
Medical
Care
Commission,
Series C,
4.00%,
3/1/42
2,000
1,952
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/31 (2)
1,000
1,019
North
Carolina
Turnpike
Auth.,
5.00%,
1/1/40
16,735
17,452
North
Carolina
Turnpike
Auth.,
Senior
Lien,
4.00%,
1/1/39
6,225
6,334
North
Carolina
Turnpike
Auth.,
Triangle
Expressway,
4.00%,
1/1/55
3,690
3,295
North
Carolina
Turnpike
Auth.,
Triangle
Expressway,
5.00%,
1/1/43
4,650
4,845
North
Carolina
Turnpike
Auth.,
Triangle
Expressway,
5.00%,
1/1/44
1,500
1,554
North
Carolina
Turnpike
Auth.,
Triangle
Expressway,
Series A,
5.00%,
1/1/58 (2)
8,000
8,180
Univ.
of
North
Carolina
at
Chapel
Hill,
Univ.
of
North
Carolina
Hosp.,
5.00%,
2/1/49
2,155
2,433
63,394
OHIO
2.5%
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series B-2,
Class
2,
5.00%,
6/1/55
12,920
10,668
Cuyahoga
County,
MetroHealth
System,
5.00%,
2/15/42
2,250
2,258
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/52
8,750
8,663
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/57
4,315
4,249
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/46
6,000
6,146
Franklin
County,
Nationwide
Children's
Hospital,
Series B-2,
VRDN,
1.90%,
11/1/65
3,300
3,300
Hamilton
County,
Cincinnati
Children's
Hosp.,
Series CC,
5.00%,
11/15/49
12,730
13,940
Ohio
Housing
Fin.
Agency,
Series A,
6.25%,
3/1/55
2,265
2,491
Ohio
Housing
Fin.
Agency,
Series C,
7.50%,
3/1/49
2,500
3,021
Summit
County
DFA,
PRG
-
Akron
Properties
–
The
Univ.
of
Akron
Project,
Series A,
5.00%,
7/1/45 (4)
2,940
3,083
Summit
County
DFA,
PRG
-
Akron
Properties
–
The
Univ.
of
Akron
Project,
Series A,
5.50%,
7/1/60 (4)
1,625
1,708
59,527
OKLAHOMA
0.9%
Oklahoma
Turnpike
Auth.,
Senior,
5.50%,
1/1/53
14,390
15,389
T.
ROWE
PRICE
Tax-Free
Income
Fund
22
Par
$
Value
(Amounts
in
000s)
Oklahoma
Turnpike
Auth.,
Senior,
Series A,
5.50%,
1/1/54
4,300
4,669
Tulsa
County
Ind.
Auth.,
Montereau
Project,
5.25%,
11/15/45
1,975
1,984
22,042
OREGON
0.4%
Oregon,
Series 2024A,
GO,
5.25%,
5/1/43
1,400
1,583
Oregon,
Series 2025A,
GO,
5.25%,
5/1/43
2,000
2,292
Oregon,
Series E,
GO,
5.00%,
5/15/41
1,535
1,654
Oregon,
Series E,
GO,
5.00%,
5/15/42
1,000
1,073
Oregon,
Series E,
GO,
5.00%,
5/15/44
1,840
1,947
8,549
PENNSYLVANIA
3.2%
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/40 (1)
2,105
2,096
Pennsylvania
Higher
EFA,
Series A,
5.00%,
2/15/55
3,200
3,364
Pennsylvania
Higher
EFA,
Thomas
Jefferson
Univ.,
Series D-2,
VRDN,
1.85%,
11/1/61
11,075
11,075
Pennsylvania
Housing
Fin.
Agency,
Series 137,
3.00%,
10/1/51
14,720
14,436
Pennsylvania
Housing
Fin.
Agency,
Series 144A,
6.00%,
10/1/54
3,135
3,429
Pennsylvania
Housing
Fin.
Agency,
Series 147A,
6.25%,
10/1/54
6,424
7,179
Pennsylvania
Housing
Fin.
Agency,
Series 148A,
4.20%,
10/1/40
6,335
6,517
Pennsylvania
Housing
Fin.
Agency,
Series 2022,
4.15%,
10/1/42
6,000
6,061
Pennsylvania
Housing
Fin.
Agency,
Series SER-145A,
6.00%,
10/1/54
1,860
2,044
Pennsylvania
State
Univ.,
Series A,
5.00%,
9/1/43
3,785
4,249
Philadelphia
IDA,
Saint
Joseph's
Univ.,
4.00%,
11/1/45
4,000
3,634
Philadelphia
IDA,
The
Children’s
Hosp.
of
Philadelphia
Project,
Series A,
5.50%,
7/1/53
3,850
4,163
Philadelphia
IDA,
Univ.
of
the
Science,
5.00%,
11/1/47
1,270
1,270
Philadelphia
IDA,
Univ.
of
the
Science,
5.00%,
11/1/47
(Prerefunded
5/1/27) (8)
1,230
1,268
Philadelphia
School
Dist.,
Series A,
GO,
5.00%,
9/1/44
5,500
5,712
76,497
PUERTO
RICO
5.5%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (11)
12,613
8,608
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (11)
14,550
10,076
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (11)
11,472
7,084
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
4.00%,
7/1/42 (1)
1,490
1,445
T.
ROWE
PRICE
Tax-Free
Income
Fund
23
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/30 (1)
5,000
5,331
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/33 (1)
1,000
1,066
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/37 (1)
2,000
2,102
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/37 (1)
1,070
1,117
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33
1,852
1,369
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
1,001
1,017
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
2,006
2,009
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
1,588
1,625
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
1,020
1,089
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.00%,
7/1/42 (6)(7)
2,000
1,332
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (6)(7)
60
40
Puerto
Rico
Electric
Power
Auth.,
Series A,
7.25%,
7/1/30 (6)(7)
2,410
1,606
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (6)(7)
100
67
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (6)(7)
810
540
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (6)(7)
225
150
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (6)
(7)
290
194
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/21 (6)
(7)
880
587
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (6)
(7)
1,105
738
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (6)
(7)
370
247
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (6)
(7)
450
300
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (6)
(7)
2,640
1,759
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/37 (6)
(7)
380
253
Puerto
Rico
Electric
Power
Auth.,
Series UU,
FRN,
MUNIPSA,
1.159%,
7/1/17 (6)(7)
15
10
Puerto
Rico
Electric
Power
Auth.,
Series VV,
5.50%,
7/1/20 (6)
(7)
10
7
T.
ROWE
PRICE
Tax-Free
Income
Fund
24
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (6)
(7)
990
660
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (6)
(7)
385
256
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (6)
(7)
240
160
Puerto
Rico
Electric
Power
Auth.,
Series XX,
4.625%,
7/1/25 (6)
(7)
200
133
Puerto
Rico
Electric
Power
Auth.,
Series XX,
4.875%,
7/1/27 (6)
(7)
250
167
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (6)
(7)
100
67
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (6)
(7)
275
183
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (6)
(7)
215
143
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (6)
(7)
70
47
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
4.25%,
7/1/20 (6)
(7)
345
230
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (6)
(7)
120
80
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
594
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (6)
(7)
200
133
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (6)
(7)
100
67
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.55%,
7/1/40
1,555
1,565
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
20,372
19,825
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58
11,774
11,532
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27
1,859
1,784
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/29
5,800
5,225
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33
10,102
7,838
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46
10,000
3,579
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.329%,
7/1/40
16,489
16,518
T.
ROWE
PRICE
Tax-Free
Income
Fund
25
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series B-1,
4.75%,
7/1/53
1,469
1,430
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series B-2,
4.329%,
7/1/40
5,156
5,165
129,212
RHODE
ISLAND
0.1%
Central
Falls
Detention
Fac.,
7.25%,
7/15/35 (6)(7)
4,915
1,917
Rhode
Island
Health
&
Ed.
Building,
Series A,
5.00%,
7/1/45 (2)
1,500
1,548
3,465
SOUTH
CAROLINA
1.6%
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/32
6,783
4,915
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/42
11,920
4,223
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
7/22/51
14,684
2,380
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
1/1/32
950
585
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
7/22/51
10,109
1,137
Connector
2000
Assoc.,
Series C-1,
Zero
Coupon,
7/22/51
1,111
51
Medical
Univ.
Hosp.
Auth.,
Indian
Land
Project,
5.25%,
5/15/42
4,840
5,273
Medical
Univ.
Hosp.
Auth.,
Indian
Land
Project,
5.25%,
5/15/46
485
512
South
Carolina
Jobs-Economic
Dev.
Auth.,
Active
Retirement
Community,
Series C,
5.00%,
11/15/47
1,325
1,334
South
Carolina
Jobs-Economic
Dev.
Auth.,
American
Leadership
Academy
-
Lexington,
Series A,
5.50%,
6/15/33
3,300
3,312
South
Carolina
Jobs-Economic
Dev.
Auth.,
Bon
Secours
Mercy
Health
System,
Series A,
5.25%,
11/1/43
2,250
2,516
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/35
2,000
2,100
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/37
5,000
5,216
South
Carolina
Public
Service
Auth.,
Series A,
5.00%,
12/1/44
1,250
1,361
South
Carolina
Public
Service
Auth.,
Series A,
5.00%,
12/1/46
2,000
2,132
South
Carolina
Public
Service
Auth.,
Series B,
5.00%,
12/1/45
1,000
1,077
38,124
SOUTH
DAKOTA
0.5%
South
Dakota
HEFA,
Avera
Health,
Series A,
4.25%,
7/1/49
5,000
4,916
South
Dakota
HEFA,
Avera
Health,
Series A,
5.25%,
7/1/54
5,500
5,810
10,726
TENNESSEE
0.6%
Greeneville
Health
&
Ed.
Fac.
Board,
Ballad
Health
Obligation
Group,
5.00%,
7/1/35
1,725
1,810
Knox
County
Health
Ed.
&
Housing
Fac.
Board,
Series B-1,
5.25%,
7/1/64 (4)
1,800
1,872
Metropolitan
Gov't.
of
Nashville-Davidson
Health
&
Ed.
Fac.
Board,
The
Vanderbilt
Univ.,
5.00%,
10/1/54
4,655
4,918
T.
ROWE
PRICE
Tax-Free
Income
Fund
26
Par
$
Value
(Amounts
in
000s)
Metropolitan
Nashville
Airport
Auth.,
Series A,
4.00%,
7/1/49
1,400
1,328
Tennessee
Energy
Acquisition,
Gas
Project,
Series A,
5.00%,
11/1/34
3,500
3,877
13,805
TEXAS
8.4%
Arlington
Higher
Ed.
Fin.,
3.00%,
8/15/49
1,000
746
Austin
Airport,
Series A,
5.00%,
11/15/41
6,845
6,927
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/27
2,600
2,627
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/34
1,400
1,411
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/27
1,000
1,008
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/28
520
524
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series A,
3.50%,
8/15/50
4,700
3,971
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series B,
4.00%,
8/15/54
4,000
3,708
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series B,
5.00%,
8/15/42
3,400
3,856
Board
of
Regents
of
the
Univ.
of
Texas
System,
Series B,
5.00%,
8/15/49
3,550
3,998
Central
Texas
Turnpike
System,
Second
Tier,
Series C,
5.00%,
8/15/39
1,250
1,410
Central
Texas
Turnpike
System,
Second
Tier,
Series C,
5.00%,
8/15/41
3,000
3,339
Clifton
Higher
Ed.
Fin.,
IDEA
Public
Schools,
5.00%,
8/15/39
5,160
5,799
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series A,
4.375%,
2/15/42
3,000
3,086
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series A,
5.00%,
2/15/41
5,185
5,696
Dallas
Fort
Worth
Int'l.
Airport,
Series A-1,
5.25%,
11/1/44 (3)
5,500
5,994
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/41
2,750
3,065
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/42
1,000
1,105
Fort
Bend
County
IDC,
NRG
Energy,
Series A,
4.75%,
5/1/38
3,000
3,002
Harris
County
Cultural
Ed.
Fac.
Fin.,
Texas
Children's
Hosp.,
Series C,
VRDN,
1.90%,
10/1/41
2,700
2,700
Harris
County
Hosp.
Dist.,
GO,
5.00%,
2/15/43
7,055
7,720
Harris
County
Hosp.
Dist.,
GO,
5.00%,
2/15/44
7,195
7,812
Harris
County
Toll
Road
Revenue,
Series A,
4.00%,
8/15/49
5,000
4,740
Harris
County
Toll
Road
Revenue,
Series A,
4.00%,
8/15/54
3,000
2,742
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/45
2,600
2,505
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.25%,
12/1/35
2,400
2,401
T.
ROWE
PRICE
Tax-Free
Income
Fund
27
Par
$
Value
(Amounts
in
000s)
Kilgore
Independent
School
Dist.,
Series 2022,
GO,
3.00%,
2/15/40
4,590
4,318
Kilgore
Independent
School
Dist.,
Series 2022,
GO,
3.00%,
2/15/41
4,000
3,684
Leander
Independent
School
Dist.,
Series A,
GO,
5.00%,
8/15/42
2,625
2,956
New
Hope
Cultural
Ed.
Fac.
Fin.,
Children's
Health
System,
Series A,
5.50%,
8/15/49
3,125
3,418
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/32
750
761
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/39
1,000
1,007
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.25%,
10/1/49
2,255
2,169
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/43
8,250
8,523
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/48
7,000
7,130
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.25%,
1/1/44
3,775
4,206
North
Texas
Tollway
Auth.,
Second
Tier,
Series B,
3.00%,
1/1/51 (4)
6,700
4,924
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Baylor
Scott
&
White
Health
Project,
Series D,
VRDN,
1.60%,
11/15/63
5,800
5,800
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
1,809
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/28
1,000
1,012
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
1,712
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/40
2,650
2,664
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/46
5,395
5,350
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
4,271
Texas
IDC,
NRG
Energy,
Series 2012,
4.125%,
12/1/45
3,670
3,347
Texas
Municipal
Gas
Acquisition
&
Supply
I,
Series D,
6.25%,
12/15/26
1,240
1,276
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/30
2,500
2,708
Texas
Municipal
Gas
Acquisition
&
Supply
V,
VRDN,
5.00%,
1/1/55
(Tender
1/1/34)
11,475
12,557
Texas
Private
Activity
Bond
Surface
Transportation,
LBJ
Infrastructure
Group,
4.00%,
12/31/36
5,500
5,582
T.
ROWE
PRICE
Tax-Free
Income
Fund
28
Par
$
Value
(Amounts
in
000s)
Texas
Private
Activity
Bond
Surface
Transportation,
Tarrant
Expressway,
Series A,
5.00%,
12/31/33
4,110
4,413
Texas
Transportation
Fin.,
SH
288
System,
Series A,
5.50%,
10/1/55
8,000
8,737
198,081
UTAH
1.2%
Downtown
Revitalization
Public
Infrastructure
Dist.,
SEG
Redev.
Project,
Series A,
5.00%,
6/1/38 (2)
1,000
1,076
Downtown
Revitalization
Public
Infrastructure
Dist.,
SEG
Redev.
Project,
Series A,
5.25%,
6/1/42 (2)
1,000
1,137
Downtown
Revitalization
Public
Infrastructure
Dist.,
SEG
Redev.
Project,
Series A,
5.25%,
6/1/43 (2)
400
449
Mida
Mountain
Village
Public
Infrastructure
Dist.,
Series 1,
5.125%,
6/15/54 (1)
1,235
1,236
Mida
Mountain
Village
Public
Infrastructure
Dist.,
Series 2,
6.00%,
6/15/54 (1)
1,455
1,500
Point
Phase
1
Public
Infrastructure
Dist.
No.
1,
Series A-1,
5.875%,
3/1/45
500
524
Point
Phase
1
Public
Infrastructure
Dist.
No.
1,
Series A-1,
6.125%,
3/1/55
7,502
7,830
Salt
Lake
City
Airport,
Series B,
5.00%,
7/1/42
1,000
1,021
Utah
County,
IHC
Health
Services,
5.00%,
5/15/41
5,000
5,017
Utah
Transit
Auth.,
5.00%,
12/15/43
3,450
3,886
Utah
Transit
Auth.,
Senior
Lien,
5.00%,
6/15/42
3,500
3,916
27,592
VIRGINIA
5.8%
Alexandria,
Series A,
GO,
2.00%,
12/15/38
3,000
2,467
Arlington
County
IDA,
Virginia
Hosp.
Center,
3.75%,
7/1/50
9,810
8,351
Arlington
County
IDA,
Virginia
Hosp.
Center,
Series A,
3.75%,
7/1/50 (2)
5,000
4,374
Chesterfield
County
Economic
Dev.
Auth.,
Mobility
Projects,
5.00%,
4/1/48
5,000
5,294
Culpeper
County
Economic
Dev.
Auth.,
5.00%,
6/1/45
5,840
6,409
Fairfax
County,
Series A,
GO,
2.00%,
10/1/40
8,625
6,765
Fairfax
County
Economic
Dev.
Auth.,
Silver
Line
Phase
I
Project,
4.00%,
4/1/33
8,955
8,964
Farmville
IDA,
Convocation
Center
Project,
5.375%,
7/1/53
(Tender
7/1/43) (2)
3,000
3,177
Hampton
Roads
Transportation
Accountability
Commission,
5.00%,
7/1/48
3,000
3,050
Harrisonburg,
Series A,
GO,
2.00%,
7/15/41
5,145
3,890
Loudoun
County
Economic
Dev.
Auth.,
Howard
Hughes
Medical,
Zero
Coupon,
7/1/49
15,020
4,823
Richmond,
Series C,
GO,
3.50%,
3/1/49
5,000
4,350
T.
ROWE
PRICE
Tax-Free
Income
Fund
29
Par
$
Value
(Amounts
in
000s)
Roanoke
Economic
Dev.
Auth.,
Carilion
Clinic,
Series A,
5.00%,
7/1/47
7,495
8,267
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/33
1,000
1,007
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/36
2,900
2,917
Virginia
College
Building
Auth.,
Series A,
4.00%,
9/1/45
3,000
2,998
Virginia
College
Building
Auth.,
21st
Century
College
&
Equipment
Programs,
Series A,
4.00%,
2/1/43
5,000
5,063
Virginia
College
Building
Auth.,
Univ.
of
Richmond,
5.00%,
3/1/49
3,600
3,831
Virginia
College
Building
Auth.,
Univ.
of
Richmond,
5.00%,
3/1/54
9,050
9,563
Virginia
Commonwealth
Transportation
Board,
Capital
Projects,
3.00%,
5/15/29
3,895
3,923
Virginia
HDA,
Series A,
4.45%,
9/1/45
1,000
1,008
Virginia
HDA,
Series A,
4.65%,
9/1/55
3,075
3,049
Virginia
HDA,
Series C,
4.90%,
12/1/59
1,270
1,277
Virginia
HDA,
Series E,
4.45%,
10/1/59
5,875
5,701
Virginia
HDA,
Series F,
5.40%,
11/1/63
10,000
10,475
Virginia
HDA,
Series G,
5.375%,
11/1/64
5,000
5,213
Virginia
HDA,
Series K,
2.55%,
12/1/46
5,705
4,110
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/52 (3)
3,000
2,976
Williamsburg
Economic
Dev.
Auth.,
William
and
Mary
Project,
Series A,
5.25%,
7/1/53 (2)
3,300
3,481
136,773
WASHINGTON
2.5%
Central
Puget
Sound
Regional
Transit
Auth.,
Series S-1,
5.00%,
11/1/46
4,000
4,622
Energy
Northwest,
Columbia
Generating
Station,
Series A,
4.00%,
7/1/42
6,065
6,199
Washington,
Series C,
GO,
5.00%,
2/1/43
2,250
2,482
Washington
Convention
&
Sports
Auth.,
Series C,
GO,
5.00%,
2/1/44
10,565
11,253
Washington
State
Convention
Center
Public
Fac.
Dist.,
4.00%,
7/1/31
2,500
2,617
Washington
State
Housing
Fin.
Commission,
Series 2025-1,
Class
A-1,
VR,
4.079%,
8/20/63
(Prerefunded
11/20/41) (8)
2,613
2,582
Washington
State
Housing
Fin.
Commission,
Series 2025-1,
Class
A-2,
VR,
4.079%,
8/20/63
(Prerefunded
11/20/41) (8)
2,389
2,338
Washington
State
Housing
Fin.
Commission,
Blakeley
&
Laurel
Villages
Portfolio,
Series A,
5.00%,
7/1/45 (1)(4)
2,625
2,734
Washington
State
Housing
Fin.
Commission,
Blakeley
&
Laurel
Villages
Portfolio,
Series A,
5.25%,
7/1/55 (1)(4)
3,305
3,395
T.
ROWE
PRICE
Tax-Free
Income
Fund
30
Par
$
Value
(Amounts
in
000s)
Washington
State
Housing
Fin.
Commission,
Blakeley
&
Laurel
Villages
Portfolio,
Series A,
5.50%,
7/1/50 (1)
3,775
3,866
Washington
State
Housing
Fin.
Commission,
Radford
Court
&
Nordheim
Court
Portfolio,
5.00%,
7/1/54
3,705
3,461
Washington
State
Housing
Fin.
Commission,
Radford
Court
&
Nordheim
Court
Portfolio,
5.50%,
7/1/59
4,305
4,296
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series 2023-1,
Class
A,
3.375%,
4/20/37
9,765
9,441
59,286
WEST
VIRGINIA
0.0%
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.50%,
6/1/37 (1)
425
431
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.75%,
6/1/43 (1)
425
431
862
WISCONSIN
1.3%
PFA,
Series A,
5.00%,
6/15/35
310
347
PFA,
Series A,
5.25%,
6/15/50
1,000
1,018
PFA,
Series B,
5.25%,
6/15/35
200
220
PFA,
Series C,
5.50%,
6/15/45
500
507
PFA,
Cone
Health,
Series B,
VRDN,
1.85%,
10/1/55
8,300
8,300
PFA,
Georgia
SR
400
Express
Lanes
Project,
6.50%,
6/30/60 (3)
7,000
7,788
PFA,
Kahala
Nui
Project,
5.25%,
11/15/50
2,850
2,927
PFA,
Kawa
Fund,
Series 1,
Class
A,
VRDN,
3.625%,
6/15/63
(Tender
6/15/31)
1,225
1,227
PFA,
KSU
Bixby
Real
Estate
Foundation,
Series A,
5.25%,
6/15/55
175
177
PFA,
KSU
Bixby
Real
Estate
Foundation,
Series B,
5.50%,
6/15/55
525
532
PFA,
KSU
Bixby
Real
Estate
Foundation,
Series C,
5.75%,
6/15/55
150
150
PFA,
PRG
-
Oxford
Properties
Project,
Series A,
5.00%,
7/1/50 (4)
2,250
2,294
Univ.
of
Wisconsin
Hosp.
&
Clinics
Auth.,
Series C,
VRDN,
2.00%,
4/1/54
1,400
1,400
Wisconsin
Housing
&
Economic
Dev.
Auth.
Home
Ownership
Revenue,
Series B,
6.00%,
3/1/55
2,920
3,202
Wisconsin
Housing
&
Economic
Dev.
Auth.
Home
Ownership
Revenue,
Series C,
3.00%,
9/1/52
1,670
1,659
31,748
Total
Municipal
Securities
(Cost
$2,289,234)
2,336,324
T.
ROWE
PRICE
Tax-Free
Income
Fund
31
Par
$
Value
(Amounts
in
000s)
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES 0.1%
Freddie
Mac
Multifamily
ML
Certificates,
2.046%,
6/25/38
3,449
2,931
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$3,528)
2,931
Total
Investments
in
Securities
99.2%
of
Net
Assets
(Cost
$2,292,762)
$
2,339,255
‡
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
$96,044
and
represents
4.1%
of
net
assets.
(2)
Insured
by
Assured
Guaranty
Incorporated
(3)
Interest
subject
to
alternative
minimum
tax.
(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)
Obligor
has
failed
to
make
a
scheduled
interest
and/or
principal
payment
or
is
in
default.
(7)
Non-income
producing
(8)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(9)
When-issued
security
(10)
Insured
by
National
Public
Finance
Guarantee
Corporation
(11)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
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
32
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
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.
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
February
28,
2026
Statement
of
Assets
and
Liabilities
33
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$2,292,762)
$
2,339,255
Interest
receivable
25,317
Receivable
for
shares
sold
1,006
Receivable
for
investment
securities
sold
570
Cash
17
Other
assets
49
Total
assets
2,366,214
Liabilities
Payable
for
investment
securities
purchased
4,281
Payable
for
shares
redeemed
2,060
Investment
management
fees
payable
578
Due
to
affiliates
5
Payable
to
directors
1
Other
liabilities
2,142
Total
liabilities
9,067
Commitments
and
Contingent
Liabilities
(note
5
)
NET
ASSETS
$
2,357,147
T.
ROWE
PRICE
Tax-Free
Income
Fund
February
28,
2026
Statement
of
Assets
and
Liabilities
34
($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)
$
(54,432)
Paid-in
capital
applicable
to
247,294,018
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
2,411,579
NET
ASSETS
$
2,357,147
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$764,671;
Shares
outstanding:
80,204,066)
$
9.53
Advisor
Class
(Net
assets:
$27,123;
Shares
outstanding:
2,843,750)
$
9.54
I
Class
(Net
assets:
$1,565,353;
Shares
outstanding:
164,246,202)
$
9.53
T.
ROWE
PRICE
Tax-Free
Income
Fund
Statement
of
Operations
35
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
2/28/26
Investment
Income
(Loss)
Interest
income
$
97,026
Expenses
Investment
management
7,360
Shareholder
servicing
Investor
Class
$
1,181
Advisor
Class
47
I
Class
221
1,449
Rule
12b-1
fees
Advisor
Class
70
Prospectus
and
shareholder
reports
Investor
Class
15
Advisor
Class
1
I
Class
20
36
Custody
and
accounting
246
Registration
110
Legal
and
audit
107
Directors
7
Miscellaneous
23
Waived
/
paid
by
Price
Associates
(687)
Total
expenses
8,721
Net
investment
income
88,305
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
loss
on
securities
(27,687)
Change
in
net
unrealized
gain
/
loss
on
securities
40,680
Net
realized
and
unrealized
gain
/
loss
12,993
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
101,298
T.
ROWE
PRICE
Tax-Free
Income
Fund
Statement
of
Changes
in
Net
Assets
36
($000s)
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2/28/26
2/28/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
88,305
$
81,229
Net
realized
loss
(27,687)
(14,265)
Change
in
net
unrealized
gain
/
loss
40,680
19,480
Increase
in
net
assets
from
operations
101,298
86,444
Distributions
to
shareholders
Net
earnings
Investor
Class
(28,549)
(26,442)
Advisor
Class
(988)
(1,063)
I
Class
(57,734)
(52,140)
Decrease
in
net
assets
from
distributions
(87,271)
(79,645)
Capital
share
transactions
*
Shares
sold
Investor
Class
123,891
168,544
Advisor
Class
1,887
3,548
I
Class
341,370
281,930
Distributions
reinvested
Investor
Class
25,217
23,483
Advisor
Class
971
1,057
I
Class
31,571
30,021
Shares
redeemed
Investor
Class
(193,509)
(181,009)
Advisor
Class
(8,500)
(8,644)
I
Class
(353,796)
(244,903)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
(30,898)
74,027
T.
ROWE
PRICE
Tax-Free
Income
Fund
Statement
of
Changes
in
Net
Assets
37
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2/28/26
2/28/25
Net
Assets
Increase
(decrease)
during
period
(16,871)
80,826
Beginning
of
period
2,374,018
2,293,192
End
of
period
$
2,357,147
$
2,374,018
*Share
information
(000s)
Shares
sold
Investor
Class
13,380
17,801
Advisor
Class
203
376
I
Class
37,102
29,884
Distributions
reinvested
Investor
Class
2,723
2,488
Advisor
Class
105
112
I
Class
3,409
3,183
Shares
redeemed
Investor
Class
(20,985)
(19,164)
Advisor
Class
(920)
(917)
I
Class
(38,549)
(25,969)
Increase
(decrease)
in
shares
outstanding
(3,532)
7,794
T.
ROWE
PRICE
Tax-Free
Income
Fund
NOTES
TO
FINANCIAL
STATEMENTS
38
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
39
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.
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.
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
T.
ROWE
PRICE
Tax-Free
Income
Fund
40
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
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
are
generally 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,
T.
ROWE
PRICE
Tax-Free
Income
Fund
41
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
the
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
February
28,
2026
,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
2,
based
on
the
inputs
used
to
determine
their
fair
values.
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.
T.
ROWE
PRICE
Tax-Free
Income
Fund
42
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 $702,956,000 and
$762,158,000,
respectively,
for
the
year ended
February
28,
2026.
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.
T.
ROWE
PRICE
Tax-Free
Income
Fund
43
The
fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
fund’s
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
permanent
book/tax
adjustments
relate
primarily
to
the
character
of
income
on
certain
derivatives
contracts
and
differences
between
book/tax
amortization
policies.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
February
28,
2026,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
($000s)
February
28,
2026
February
28,
2025
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
803
$
78
Tax-exempt
income
86,468
79,567
Total
distributions
$
87,271
$
79,645
($000s)
Cost
of
investments
$
2,280,247
Unrealized
appreciation
$
82,278
Unrealized
depreciation
(23,270)
Net
unrealized
appreciation
(depreciation)
$
59,008
T.
ROWE
PRICE
Tax-Free
Income
Fund
44
At
February
28,
2026,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales,
the
recognition
of
market
discount
and
premium
amortization
and
the
character
of
income
on
certain
derivatives
contracts.
The
loss
carryforwards
and
deferrals
primarily
relate
to
capital
loss
carryforwards.
Capital
loss
carryforwards
are
available
indefinitely
to
offset
future
realized
capital
gains.
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
February
28,
2026,
the
effective
annual
group
fee
rate
was
0.28%.
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
($000s)
Undistributed
ordinary
income
$
16
Undistributed
tax-exempt
income
1,023
Net
unrealized
appreciation
(depreciation)
59,008
Loss
carryforwards
and
deferrals
(114,479)
Total
distributable
earnings
(loss)
$
(54,432)
T.
ROWE
PRICE
Tax-Free
Income
Fund
45
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 year
ended February
28,
2026 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $1,674,000 remain
subject
to
repayment
by
the
fund
at
February
28,
2026. 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
46
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
year
ended
February
28,
2026,
expenses
incurred
pursuant
to
these
service
agreements
were
$127,000
for
Price
Associates
and
$614,000
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
year
ended
February
28,
2026,
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
February
28,
2026.
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)
$(687)
$—
$—
T.
ROWE
PRICE
Tax-Free
Income
Fund
47
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
48
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
and
Shareholders
of
T.
Rowe
Price
Tax-Free
Income
Fund,
Inc.
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
Tax-Free
Income
Fund,
Inc.
(the
"Fund")
as
of
February
28,
2026,
the
related
statement
of
operations
for
the
year
ended
February
28,
2026,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
February
28,
2026,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
February
28,
2026
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
February
28,
2026,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
February
28,
2026
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
February
28,
2026
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
Tax-Free
Income
Fund
49
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
February
28,
2026
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
April
21,
2026
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
Tax-Free
Income
Fund
50
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 2/28/26
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
The
fund’s
distributions
to
shareholders
included
$86,259,000
which
qualified
as
exempt-interest
dividends.
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.
F45-050
4/26
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 attached. | |
| (2) | Listing standards relating to recovery of erroneously awarded compensation: not applicable. | |
| (3) | ||
| (b) | ||
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 | April 21, 2026 | |||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By | /s/ David Oestreicher |
|||
| David Oestreicher | ||||
| Principal Executive Officer | ||||
| Date | April 21, 2026 |
|||
| By | /s/ Alan S. Dupski |
|||
| Alan S. Dupski | ||||
| Principal Financial Officer | ||||
| Date | April 21, 2026 |
|||
ATTACHMENTS / EXHIBITS
CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS
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