T. Rowe Price Tax-Free Income Fund, Inc.
T. ROWE PRICE TAX-FREE INCOME FUND, INC. · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
T. Rowe Price Tax-Free Income Fund, Inc. is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Long duration
Fund profile
As filed in the prospectus · 2026 Q2
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 invests primarily in long-term investment-grade municipal securities selected through fundamental credit research, with emphasis on specific sectors and issuers believed to offer attractive yields. The fund may hold up to 10% of assets in below-investment-grade municipal bonds and manages duration to balance sector concentration with broad market diversification. Because security selection depends on the adviser's credit outlook and issuer analysis, fund holdings will differ from the broader municipal market.
| Share class | Gross | Net | As of |
|---|---|---|---|
| PRTAX | 0.48% | 0.41% | 2025 Q2 |
| PATAX | 0.75% | 0.75% | 2025 Q2 |
| TFILX | 0.35% | 0.35% | 2025 Q2 |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 31.40% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.27% |
| Securitized | 0.39% |
Latest quarter
What changed since the fund's previous filing
Largest new: MO ST HLTH & ED FAC SSM HLTH CARE SR G, VA ST SMALL BUS FING HOSP REV SER A DLY, NC ST HSG FIN AGY 1998 TRUST SR 59-B DLY, BLACK BELT ENERGY GAS, NJ ST EDU FACS STEVENS INST GRN SER A, KS DEV-A-DOWNTOWN-PRE, HOUSTON-D-REV, HOUSTON-C-REV-REF
Largest exited: PA ST HGR EDU RV TJ UNIV PA SER D2 DAILY, LAS VEGAS CONV & VISTR AUTH CTR EXP SR A, COLORADO ST COPS, NC ST TRIANGLE EXPRESS TURNPIKE SER A, CHICAGO OHARE INTL ARPT SNR LN SR B, CENTRAL FL EXPRESS AUTH FL REF PRE, JEFFERSON LA SALES TAX REV SER B, KS CITY MO DOWNTOWN REDEV SR A
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +6.60% | +12.14% | +5.59% | 4.53% | -5.58% | |
| +6.26% | +11.04% | +3.87% | 4.64% | -5.76% | |
| +6.55% | +12.22% | +5.82% | 4.71% | -5.57% |
These classes hold the same portfolio, so the 1.95pp spread over 5 years is the cost difference between them — roughly 0.39pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 86.8% |
| Floating rate | 9.2% |
| Zero-coupon or unclassified | 4.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.7% |
| 1-3y | 0.9% |
| 3-5y | 1.3% |
| 5-10y | 7.3% |
| 10y+ | 89.8% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 51% |
| Credit spreads | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +6.73 yr |
| High yield | +0.54 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.07 yr | 1% |
| 1 yr | 0.37 yr | 5% |
| 5 yr | 1.89 yr | 25% |
| 10 yr | 3.54 yr | 47% |
| 30 yr | 1.58 yr | 21% |
| 3 mo | 0.07 yr | 1% |
| 1 yr | 0.37 yr | 5% |
| 5 yr | 1.85 yr | 25% |
| 10 yr | 3.45 yr | 47% |
| 30 yr | 1.54 yr | 21% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.07 | +0.06 | +0.00 | $14.8k | $647 |
| 1 yr | +0.37 | +0.33 | +0.04 | $77.2k | $8.4k |
| 5 yr | +1.89 | +1.76 | +0.10 | $405.7k | $22.9k |
| 10 yr | +3.54 | +3.25 | +0.20 | $751.1k | $45.8k |
| 30 yr | +1.58 | +1.33 | +0.20 | $307.9k | $46.9k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | PR SALES TAX FING SALES TAX REV SER A14.75% · due 2053-07-01 | 0.85% | $19.59M | — |
| — | NY ST TWY AUTH JR SER B4.00% · due 2040-01-01 | 0.78% | $18.12M | — |
| — | NORTH CAROLINA ST TURNPIKE AUTH SR LIEN5.00% · due 2040-01-01 | 0.75% | $17.24M | — |
| — | IL REGIONAL TRANSP AUTH SER A6.00% · due 2033-07-01 | 0.74% | $17.07M | — |
| — | PUERTO RICO SALES TAX RESTRUCT SER A-24.33% · due 2040-07-01 | 0.71% | $16.42M | — |
| — | COLUMBIA CNTY GA HOSP WELLSTAR SYS SER A5.75% · due 2053-04-01 | 0.68% | $15.80M | — |
| — | OK TURNPIKE AUTH5.50% · due 2053-01-01 | 0.66% | $15.24M | — |
| — | NY ST DORM AUTH NON ST SUPP SER A5.50% · due 2054-07-01 | 0.65% | $15.01M | — |
| — | CINCINNATI CHILDRENS HOSP PROJ SER CC5.00% · due 2049-11-15 | 0.60% | $13.91M | — |
| — | MD H&H ED FACS ADVENTIST HLTHCRE SER A5.50% · due 2046-01-01 | 0.58% | $13.52M | — |
Top 10 positions are 7.01% of net assets, top 25 14.80%, across 513 issuers.
See more of this fund's book
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