# EDGAR Filing Document

**Accession Number:** 0000202927
**File Stem:** 0001193125-26-172158
**Filing Date:** 2026-4
**Character Count:** 170268
**Document Hash:** 7344bb6a1b9957c13d41e20cedd0bcb8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-172158.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001193125-26-172158

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**EFFECTIVENESS DATE**: 20260423

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Tax-Free Income Fund, Inc.
- **CENTRAL INDEX KEY:** 0000202927

**ORGANIZATION NAME:**
- **EIN:** 521067817
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02684
- **FILM NUMBER:** 26886041

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE TAX FREE INCOME FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### T. Rowe Price Tax-Free Income Fund, Inc. (Series ID: S000002163)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000005559 | T. Rowe Price Tax-Free Income Fund, Inc.         | PRTAX           |
| C000005560 | T. Rowe Price Tax-Free Income Fund-Advisor Class | PATAX           |
| C000193190 | T. Rowe Price Tax-Free Income Fund-I Class       | TFILX           |

?xml version='1.0' encoding='ASCII'? Tax-Free Income Fund_TFI_F45-052

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-02684

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

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

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

Date of fiscal year end: February 28

Date of reporting period: February 28, 2026

------

#### Item 1. Reports to Shareholders
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report pursuant to Rule 30e-1

![Image](g105767i613278649403a1bd5e23.jpg)

#### Annual Shareholder Report

#### February 28, 2026

# Tax-Free Income Fund

# Investor Class (PRTAX)
This annual shareholder report contains important information about Tax-Free Income Fund (the "fund") for the period of March 1, 2025 to February 28, 2026. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary. **This report describes changes to the fund that occurred during the reporting period.**

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Tax-Free Income Fund - Investor Class | $42 | 0.41% |

---

## What drove fund performance during the past 12 months?
* The municipal bond market delivered positive total returns for the year ended February 28, 2026, supported by falling Treasury yields and a resumption of Federal Reserve rate cuts. Municipal bonds also benefited from higher coupon income, a solid fundamental backdrop, and strong demand that offset headwinds from a second consecutive year of record-setting bond issuance. 

* Compared with the Bloomberg Municipal Bond Index, the portfolio's longer-than-benchmark average duration profile was a contributor to performance as yields declined across portions of the municipal yield curve, and interest income from the portfolio's holdings was also beneficial. The portfolio's implied volatility positioning further boosted performance as realized volatility came in below implied levels.

* Conversely, yield curve positioning hampered relative performance. Specifically, modest underweights in two- and five-year municipal bonds and overweights in longer maturities hurt results as yields declined more meaningfully for shorter maturities. Security selection in the revenue sector also detracted, largely due to selection decisions in the housing, dedicated tax, and higher education subsectors.

* 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. We maintained an overweight to revenue-backed bonds during the period, with notable allocations to housing, health care, and toll road revenue bonds.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of February 28, 2026
![A line chart as described in the following paragraph. Investor Class 12,686 Regulatory/Strategy Benchmark 12,713](g105767i38fe2a01eececb4bf922.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Class** | **Regulatory/Strategy Benchmark** |
| **2016** | 10000 | 10000 |
| **2016** | 10159 | 10133 |
| **2016** | 10329 | 10314 |
| **2016** | 9841 | 9776 |
| **2017** | 10025 | 10025 |
| **2017** | 10248 | 10281 |
| **2017** | 10362 | 10405 |
| **2017** | 10333 | 10322 |
| **2018** | 10302 | 10276 |
| **2018** | 10416 | 10395 |
| **2018** | 10460 | 10456 |
| **2018** | 10414 | 10439 |
| **2019** | 10611 | 10701 |
| **2019** | 10986 | 11061 |
| **2019** | 11293 | 11368 |
| **2019** | 11239 | 11325 |
| **2020** | 11644 | 11713 |
| **2020** | 11088 | 11501 |
| **2020** | 11516 | 11736 |
| **2020** | 11697 | 11879 |
| **2021** | 11704 | 11837 |
| **2021** | 12006 | 12046 |
| **2021** | 12124 | 12134 |
| **2021** | 12126 | 12114 |
| **2022** | 11756 | 11759 |
| **2022** | 11186 | 11227 |
| **2022** | 10980 | 11087 |
| **2022** | 10933 | 11067 |
| **2023** | 11014 | 11159 |
| **2023** | 11161 | 11282 |
| **2023** | 11139 | 11276 |
| **2023** | 11378 | 11541 |
| **2024** | 11692 | 11764 |
| **2024** | 11581 | 11584 |
| **2024** | 11980 | 11962 |
| **2024** | 12169 | 12110 |
| **2025** | 12137 | 12112 |
| **2025** | 11733 | 11819 |
| **2025** | 11849 | 11971 |
| **2025** | 12406 | 12429 |
| **2026** | 12686 | 12713 |

---

202501-4140694, 202603-5315132

F45-052 4/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Tax-Free Income Fund (Investor Class) | 4.52% | 1.62% | 2.41% |
| Bloomberg Municipal Bond Index (Regulatory/Strategy Benchmark) | 4.96 | 1.44 | 2.43 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$2,357,147

* Number of Portfolio Holdings642

* Investment Advisory Fees Paid (000s)$6,673

* Portfolio Turnover Rate31.4%

## **What did the fund invest in?** 

### **State Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Georgia | 9.2% |
| New York | 9.2 |
| Texas | 8.4 |
| Virginia | 5.8 |
| Maryland | 5.8 |
| Puerto Rico | 5.5 |
| California | 5.4 |
| Illinois | 5.1 |
| Pennsylvania | 3.2 |
| Other | 42.4 |

---

### **Industry Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Health Care | 17.9% |
| Transportation | 13.7 |
| Housing | 12.9 |
| Special Tax | 12.8 |
| Education | 9.1 |
| General Obligations - State | 6.5 |
| General Obligations - Local | 3.8 |
| Leasing | 3.6 |
| Water & Sewer | 2.5 |
| Other | 17.2 |

---

## How has the fund changed?
This is a summary of certain material changes to T. Rowe Price Tax-Free Income Fund. Effective August 1, 2026, the fund will change its name to the T. Rowe Price Core Municipal Bond Fund. The fund's May 1, 2026 prospectus contains more information.

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

Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Tax-Free Income Fund

Investor Class (PRTAX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g105767i729eb66b708f66978a0a.jpg)

![Image](g105767i613278649403a1bd5e23.jpg)

#### Annual Shareholder Report

#### February 28, 2026

# Tax-Free Income Fund

# Advisor Class (PATAX)
This annual shareholder report contains important information about Tax-Free Income Fund (the "fund") for the period of March 1, 2025 to February 28, 2026. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary. **This report describes changes to the fund that occurred during the reporting period.**

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Tax-Free Income Fund - Advisor Class | $78 | 0.76% |

---

## What drove fund performance during the past 12 months?
* The municipal bond market delivered positive total returns for the year ended February 28, 2026, supported by falling Treasury yields and a resumption of Federal Reserve rate cuts. Municipal bonds also benefited from higher coupon income, a solid fundamental backdrop, and strong demand that offset headwinds from a second consecutive year of record-setting bond issuance. 

* Compared with the Bloomberg Municipal Bond Index, the portfolio's longer-than-benchmark average duration profile was a contributor to performance as yields declined across portions of the municipal yield curve, and interest income from the portfolio's holdings was also beneficial. The portfolio's implied volatility positioning further boosted performance as realized volatility came in below implied levels.

* Conversely, yield curve positioning hampered relative performance. Specifically, modest underweights in two- and five-year municipal bonds and overweights in longer maturities hurt results as yields declined more meaningfully for shorter maturities. Security selection in the revenue sector also detracted, largely due to selection decisions in the housing, dedicated tax, and higher education subsectors.

* 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. We maintained an overweight to revenue-backed bonds during the period, with notable allocations to housing, health care, and toll road revenue bonds.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of February 28, 2026
![A line chart as described in the following paragraph. Advisor Class 12,275 Regulatory/Strategy Benchmark 12,713](g105767if217d398e01e578e0629.jpg)

---

| | | |
|:---|:---|:---|
| | **Advisor Class** | **Regulatory/Strategy Benchmark** |
| **2016** | 10000 | 10000 |
| **2016** | 10141 | 10133 |
| **2016** | 10301 | 10314 |
| **2016** | 9806 | 9776 |
| **2017** | 9982 | 10025 |
| **2017** | 10195 | 10281 |
| **2017** | 10309 | 10405 |
| **2017** | 10272 | 10322 |
| **2018** | 10224 | 10276 |
| **2018** | 10327 | 10395 |
| **2018** | 10356 | 10456 |
| **2018** | 10310 | 10439 |
| **2019** | 10497 | 10701 |
| **2019** | 10859 | 11061 |
| **2019** | 11154 | 11368 |
| **2019** | 11102 | 11325 |
| **2020** | 11482 | 11713 |
| **2020** | 10936 | 11501 |
| **2020** | 11338 | 11736 |
| **2020** | 11518 | 11879 |
| **2021** | 11515 | 11837 |
| **2021** | 11802 | 12046 |
| **2021** | 11898 | 12134 |
| **2021** | 11902 | 12114 |
| **2022** | 11529 | 11759 |
| **2022** | 10962 | 11227 |
| **2022** | 10751 | 11087 |
| **2022** | 10696 | 11067 |
| **2023** | 10756 | 11159 |
| **2023** | 10902 | 11282 |
| **2023** | 10860 | 11276 |
| **2023** | 11083 | 11541 |
| **2024** | 11379 | 11764 |
| **2024** | 11262 | 11584 |
| **2024** | 11640 | 11962 |
| **2024** | 11814 | 12110 |
| **2025** | 11773 | 12112 |
| **2025** | 11371 | 11819 |
| **2025** | 11473 | 11971 |
| **2025** | 12015 | 12429 |
| **2026** | 12275 | 12713 |

---

202501-4140694, 202603-5315132

F245-052 4/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Tax-Free Income Fund (Advisor Class) | 4.27% | 1.29% | 2.07% |
| Bloomberg Municipal Bond Index (Regulatory/Strategy Benchmark) | 4.96 | 1.44 | 2.43 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$2,357,147

* Number of Portfolio Holdings642

* Investment Advisory Fees Paid (000s)$6,673

* Portfolio Turnover Rate31.4%

## **What did the fund invest in?** 

### **State Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Georgia | 9.2% |
| New York | 9.2 |
| Texas | 8.4 |
| Virginia | 5.8 |
| Maryland | 5.8 |
| Puerto Rico | 5.5 |
| California | 5.4 |
| Illinois | 5.1 |
| Pennsylvania | 3.2 |
| Other | 42.4 |

---

### **Industry Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Health Care | 17.9% |
| Transportation | 13.7 |
| Housing | 12.9 |
| Special Tax | 12.8 |
| Education | 9.1 |
| General Obligations - State | 6.5 |
| General Obligations - Local | 3.8 |
| Leasing | 3.6 |
| Water & Sewer | 2.5 |
| Other | 17.2 |

---

## How has the fund changed?
This is a summary of certain material changes to T. Rowe Price Tax-Free Income Fund. Effective August 1, 2026, the fund will change its name to the T. Rowe Price Core Municipal Bond Fund. The fund's May 1, 2026 prospectus contains more information.

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

Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Tax-Free Income Fund

Advisor Class (PATAX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g105767i729eb66b708f66978a0a.jpg)

![Image](g105767i613278649403a1bd5e23.jpg)

#### Annual Shareholder Report

#### February 28, 2026

# Tax-Free Income Fund

# I Class (TFILX)
This annual shareholder report contains important information about Tax-Free Income Fund (the "fund") for the period of March 1, 2025 to February 28, 2026. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary. **This report describes changes to the fund that occurred during the reporting period.**

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Tax-Free Income Fund - I Class | $37 | 0.36% |

---

## What drove fund performance during the past 12 months?
* The municipal bond market delivered positive total returns for the year ended February 28, 2026, supported by falling Treasury yields and a resumption of Federal Reserve rate cuts. Municipal bonds also benefited from higher coupon income, a solid fundamental backdrop, and strong demand that offset headwinds from a second consecutive year of record-setting bond issuance. 

* Compared with the Bloomberg Municipal Bond Index, the portfolio's longer-than-benchmark average duration profile was a contributor to performance as yields declined across portions of the municipal yield curve, and interest income from the portfolio's holdings was also beneficial. The portfolio's implied volatility positioning further boosted performance as realized volatility came in below implied levels.

* Conversely, yield curve positioning hampered relative performance. Specifically, modest underweights in two- and five-year municipal bonds and overweights in longer maturities hurt results as yields declined more meaningfully for shorter maturities. Security selection in the revenue sector also detracted, largely due to selection decisions in the housing, dedicated tax, and higher education subsectors.

* 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. We maintained an overweight to revenue-backed bonds during the period, with notable allocations to housing, health care, and toll road revenue bonds.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $500,000 Investment as of February 28, 2026
![A line chart as described in the following paragraph. I Class 624,039 Regulatory/Strategy Benchmark 621,305](g105767i9bf29bae7496393dda09.jpg)

---

| | | |
|:---|:---|:---|
| | **I Class** | **Regulatory/Strategy Benchmark** |
| **7/6/17** | 500000 | 500000 |
| **8/31/17** | 506728 | 508506 |
| **11/30/17** | 505395 | 504440 |
| **2/28/18** | 504005 | 502206 |
| **5/31/18** | 509656 | 508013 |
| **8/31/18** | 511408 | 510989 |
| **11/30/18** | 509284 | 510139 |
| **2/28/19** | 519547 | 522934 |
| **5/31/19** | 537474 | 540548 |
| **8/31/19** | 552628 | 555543 |
| **11/30/19** | 550600 | 553458 |
| **2/29/20** | 570551 | 572410 |
| **5/31/20** | 543407 | 562052 |
| **8/31/20** | 563946 | 573518 |
| **11/30/20** | 573463 | 580547 |
| **2/28/21** | 573897 | 578467 |
| **5/31/21** | 588841 | 588667 |
| **8/31/21** | 594216 | 592995 |
| **11/30/21** | 594991 | 591991 |
| **2/28/22** | 576920 | 574649 |
| **5/31/22** | 549086 | 548673 |
| **8/31/22** | 539043 | 541805 |
| **11/30/22** | 536803 | 540844 |
| **2/28/23** | 540883 | 545356 |
| **5/31/23** | 548166 | 551363 |
| **8/31/23** | 547177 | 551041 |
| **11/30/23** | 558403 | 564005 |
| **2/29/24** | 573917 | 574904 |
| **5/31/24** | 568553 | 566100 |
| **8/31/24** | 588251 | 584591 |
| **11/30/24** | 597626 | 591810 |
| **2/28/25** | 596107 | 591928 |
| **5/31/25** | 576329 | 577579 |
| **8/31/25** | 582093 | 585042 |
| **11/30/25** | 610187 | 607405 |
| **2/28/26** | 624039 | 621305 |

---

202501-4140694, 202603-5315132

F1085-052 4/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 7/6/17** |
| Tax-Free Income Fund (I Class) | 4.69% | 1.69% | 2.59% |
| Bloomberg Municipal Bond Index (Regulatory/Strategy Benchmark) | 4.96 | 1.44 | 2.54 |

---

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$2,357,147

* Number of Portfolio Holdings642

* Investment Advisory Fees Paid (000s)$6,673

* Portfolio Turnover Rate31.4%

## **What did the fund invest in?** 

### **State Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Georgia | 9.2% |
| New York | 9.2 |
| Texas | 8.4 |
| Virginia | 5.8 |
| Maryland | 5.8 |
| Puerto Rico | 5.5 |
| California | 5.4 |
| Illinois | 5.1 |
| Pennsylvania | 3.2 |
| Other | 42.4 |

---

### **Industry Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Health Care | 17.9% |
| Transportation | 13.7 |
| Housing | 12.9 |
| Special Tax | 12.8 |
| Education | 9.1 |
| General Obligations - State | 6.5 |
| General Obligations - Local | 3.8 |
| Leasing | 3.6 |
| Water & Sewer | 2.5 |
| Other | 17.2 |

---

## How has the fund changed?
This is a summary of certain material changes to T. Rowe Price Tax-Free Income Fund. Effective August 1, 2026, the fund will change its name to the T. Rowe Price Core Municipal Bond Fund. The fund's May 1, 2026 prospectus contains more information.

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

Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Tax-Free Income Fund

I Class (TFILX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g105767i729eb66b708f66978a0a.jpg)

------

#### 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 | $34043 | $33841 |
|  Audit-Related Fees |  |  |
|  Tax Fees |  |  |
|  All Other Fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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

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

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

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

#### 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

#### 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)

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

#### 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,

Express

Lanes,

5.00%,

12/31/47

690

690

Colorado

High

Performance

Transportation

Enterprise,

Express

Lanes,

5.00%,

12/31/51

1,870

1,869

Colorado

High

Performance

Transportation

Enterprise,

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

#### 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

T. ROWE

PRICE

Tax-Free

Income

Fund

#### 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

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

#### 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

#### 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

#### 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

Illinois

Fin.

Auth.,

Ascension,

Series C,

5.00%,

2/15/34

(Prerefunded

2/15/27) (8)

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)

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

#### 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

#### 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

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

#### 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

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

Massachusetts

Dev.

Fin.

Agency,

Mass

General

Brigham

Issue,

Series G-1,

VRDN,

1.50%,

7/1/61

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

#### 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

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

#### 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

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

#### 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)

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

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

#### Par

#### $

#### Value
(Amounts

in

000s)

#### NEW

#### YORK

#### 9.2%
Build

New

York

City

Resource,

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

#### 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.,

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

#### 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

#### 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

#### 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)

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)

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)

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/20 (6)

(7) 290

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

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/26 (6)

(7) 450

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

Puerto

Rico

Electric

Power

Auth.,

Series UU,

FRN,

MUNIPSA,

1.159%,

7/1/17 (6)(7)

Puerto

Rico

Electric

Power

Auth.,

Series VV,

5.50%,

7/1/20 (6)

(7) 10

T. ROWE

PRICE

Tax-Free

Income

Fund

#### 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

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.50%,

7/1/18 (6)

(7) 240

Puerto

Rico

Electric

Power

Auth.,

Series XX,

4.625%,

7/1/25 (6)

(7) 200

Puerto

Rico

Electric

Power

Auth.,

Series XX,

4.875%,

7/1/27 (6)

(7) 250

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/27 (6)

(7) 100

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/40 (6)

(7) 275

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.75%,

7/1/36 (6)

(7) 215

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

3.70%,

7/1/17 (6)

(7) 70

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

4.25%,

7/1/20 (6)

(7) 345

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/17 (6)

(7) 120

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/28 (6)

(7) 95

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

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/24 (6)

(7) 100

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

#### 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

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

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

#### 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

#### 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

#### 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

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)

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

Public

Infrastructure

Dist.

No.

1,

Series A-1,

5.875%,

3/1/45

500

524

Point

Phase

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

#### 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

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

#### 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)

Monongalia

County

Commission,

Univ.

Town

Center,

Series A,

5.75%,

6/1/43 (1)

862

#### WISCONSIN

#### 1.3%
PFA,

Series A,

5.00%,

6/15/35

PFA,

Series A,

5.25%,

6/15/50

1,000

1,018

PFA,

Series B,

5.25%,

6/15/35

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

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

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

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

#### 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

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

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

($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

Other

assets

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

Payable

to

directors

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

($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

($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

I

Class

1,449

Rule

12b-1

fees

Advisor

Class

Prospectus

and

shareholder

reports

Investor

Class

Advisor

Class

I

Class

Custody

and

accounting

Registration

Legal

and

audit

Directors

Miscellaneous

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

($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

($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

I

Class

37,102

29,884

Distributions

reinvested

Investor

Class

2,723

2,488

Advisor

Class

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

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

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

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
&nbsp;&nbsp;&nbsp;&nbsp;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

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

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

–

inputs

other

than

Level

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

–

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

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
&nbsp;&nbsp;&nbsp;&nbsp;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

#### 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

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

$

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

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

$

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

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

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

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

#### 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

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

#### 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.](d105767dex99codeeth.htm) |
| (2) | Listing standards relating to recovery of erroneously awarded compensation: not applicable. |
| (3) | [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d105767dex99cert.htm) |
| (b) | [A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.](d105767dex99906ce.htm) |

---

------

#### 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. | 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 |

---

## Ex-99.Cert

**Item 19. (a)(3)** 

**<u>CERTIFICATIONS</u>** 

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Tax-Free Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 21, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>** 

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Tax-Free Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 21, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Tax-Free Income Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: April 21, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: April 21, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I.**  **<u>INTRODUCTORY NOTE</u>** 

**A.** **General Statement.** 

This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds"**) has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act"**) and rules promulgated by the Securities and Exchange Commission thereunder (**"Regulations"**). This Price Funds' Code of Ethics (the **"S-O Code"**) applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) (**"Covered Officers"**). The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. (**"Group"**). The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers**.**"** A list of Covered Officers is attached as **Exhibit A**.

The Price Fund Advisers have, along with their parent, Group also maintained a comprehensive Global Code of Conduct (the **"Code of Conduct"**) and a Code of Ethics and Personal Transactions Policy (the "**Group Code**") since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code of Ethics for Principal Executive and Senior Financial Officers (the "**Group S-O Code**"), similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the "**S-O Codes**".

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

***The Introductory Note is a summary and should not be considered a substitute for reading and understanding the entire Policy. Associates must be familiar with all of their responsibilities under the Policy. Please refer to Section VI below for a list of the applicable rules/regulations. Capitalized terms are defined in Section IV. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them under the Glossary.***

**II.**  **<u>POLICY</u>** 

**Purpose of the Price Funds S-O Code.** 

The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish

------

standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of
interest between personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price
Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Compliance.** Compliance with applicable governmental laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accountability.** Accountability for adherence to the Price Funds S-O Code.

**A.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** 

Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 (**"Investment Company Act"**), the Investment Advisers Act of 1940 (**"Investment Advisers Act"**) and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

------

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**III.**  **<u>PROCEDURES</u>** 

**A.** **Handling of Specific Types of Conflicts.** 

Each Covered Officer (and close family members) must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Entertainment.** 

Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Gifts.** 

Accept any gifts, except as permitted by the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Improper Personal Influence.** 

Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Taking Action at the Expense of a Price Fund.** 

Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Misuse of Price Funds' Transaction Information.** 

Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Outside Business Activities.** 

Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service Providers.** 

Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Receipt of Payments.** 

Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service as a Director or Trustee.** 

Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**B.** **Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Disclosure Requirements and Controls.** 

Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compliance with Applicable Law.** 

It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fair Disclosure.** 

Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Initial and Annual Affirmations. Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable,
upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with requirements of the Price Funds S-O Code.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Reporting of Material Violations of the Price Funds S-O Code.** 

If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation (**"Report"**) to the Chief Compliance Officer of the Price Funds (**"CCO"**). Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B**.

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Annual Disclosures.** 

Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for Group.

**C.** **Administration of the Price Funds S-O Code.** 

The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price
Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered
Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of
the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price
Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Violations/Investigations.** The following procedures will be followed in investigating and enforcing the Price
Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported
to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a
recommendation to the appropriate Price Funds Board regarding

------

the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe
Price Global Whistleblower Policy.

**D. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B**, the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**E. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

**IV.**  **<u>DEFINED TERMS</u>** 

Capitalized terms used herein shall have the meanings set forth below:

***Act*** means the Sarbanes-Oxley Act of 2002

***Code of Conduct*** means the Group Global Code of Conduct

***Covered Officers*** means the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for a Price Fund

***Group*** means T. Rowe Price Group, Inc.

***Group Code*** means the Group Global Code of Ethics and Conduct

***Group S-O Code*** means the Group Code of Ethics for Principal Executive and Senior Financial Officers

***Investment Advisers Act*** means the Investment Advisers Act of 1940

***Investment Company Act*** means Investment Company Act of 1940

***Price ETFs*** means the T. Rowe Price Exchange-Traded Funds

***Price Funds*** means the T. Rowe Price Mutual Funds and Exchange-Traded Funds

***Price Fund Advisers*** means the investment managers to the Price Funds listed on **Exhibit A**

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***Regulations*** means the rules promulgated by the Securities and Exchange Commission

***S-O Code*** means this Price Funds' Code of Ethics

***S-O Codes*** means the Group S-O Code and the Price Funds S-O Code

**V.**  **<u>RELATED POLICIES</u> <u>& PROCEDURES</u>** 

**VI.**  **<u>RELATED RULES</u> <u>& REGULATIONS</u>** 

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**Exhibit A** 

**Persons Covered by the Price Funds and Price ETFs S-0 Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

**Exhibit B** 

Savonne Lynn Ferguson, Chief Compliance Officer