T. Rowe Price Tax-Free Income Fund, Inc. 报告2026年8月31日财务数据

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-02684

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

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

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

Date of fiscal year end: February 28

Date of reporting period: August 31, 2026

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Semi-Annual Shareholder Report

August 31, 2026

Core Municipal Bond Fund

Investor Class (PRTAX)

This semi-annual shareholder report contains important information about Core Municipal Bond Fund (the "fund") for the period of March 1, 2026 to August 31, 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 atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or [email protected] or contacting your intermediary.  

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

What are some fund statistics?

Fund Statistics

What did the fund invest in?

State Allocation (as a % of Net Assets)

Industry Allocation (as a % of Net Assets)

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

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

202505-4461501

F45-053 10/26

Core Municipal Bond Fund 

Investor Class (PRTAX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

August 31, 2026

Core Municipal Bond Fund

Advisor Class (PATAX)

This semi-annual shareholder report contains important information about Core Municipal Bond Fund (the "fund") for the period of March 1, 2026 to August 31, 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 atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or [email protected] or contacting your intermediary.  

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

What are some fund statistics?

Fund Statistics

What did the fund invest in?

State Allocation (as a % of Net Assets)

Industry Allocation (as a % of Net Assets)

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

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

202505-4461501

F245-053 10/26

Core Municipal Bond Fund 

Advisor Class (PATAX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

August 31, 2026

Core Municipal Bond Fund

I Class (TFILX)

This semi-annual shareholder report contains important information about Core Municipal Bond Fund (the "fund") for the period of March 1, 2026 to August 31, 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 atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or [email protected] or contacting your intermediary.  

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

What are some fund statistics?

Fund Statistics

What did the fund invest in?

State Allocation (as a % of Net Assets)

Industry Allocation (as a % of Net Assets)

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

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

202505-4461501

F1085-053 10/26

Core Municipal Bond Fund 

I Class (TFILX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

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

Not applicable.

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

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

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

August

31,

2026

Financial

Statements

and

Other

Information

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

PRTAX

Core

Municipal

Bond

Fund

PATAX

Core

Municipal

Bond

Fund–

.

Advisor Class

TFILX

Core

Municipal

Bond

Fund–

.

I Class

(Formerly

T.

Rowe

Price

Tax-Free

Income

Fund)

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

Unaudited

Financial

Highlights

2

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

8/31/26

..

Year

..

..

Ended

.

2/28/26

2/28/25

2/29/24

2/28/23

2/28/22

NET

ASSET

VALUE

Beginning

of

period

$

9.53‌

$

9.47‌

$

9.44‌

$

9.18‌

$

10.10‌

$

10.30‌

Investment

activities

Net

investment

income

(1)(2)

0.18‌

0.36‌

0.33‌

0.30‌

0.29‌

0.25‌

Net

realized

and

unrealized

gain/

loss

(0.30‌)

0.05‌

0.02‌

0.25‌

(0.93‌)

(0.20‌)

Total

from

investment

activities

(0.12‌)

0.41‌

0.35‌

0.55‌

(0.64‌)

0.05‌

Distributions

Net

investment

income

(0.18‌)

(0.35‌)

(0.32‌)

(0.29‌)

(0.28‌)

(0.25‌)

NET

ASSET

VALUE

End

of

period

$

9.23‌

$

9.53‌

$

9.47‌

$

9.44‌

$

9.18‌

$

10.10‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

Unaudited

Financial

Highlights

3

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

8/31/26

..

Year

..

..

Ended

.

2/28/26

2/28/25

2/29/24

2/28/23

2/28/22

Ratios/Supplemental

Data

Total

return

(2)(3)

(1.28‌)%

4.52‌%

3.80‌%

6.16‌%

(6.30‌)%

0.44‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.53‌%

(4)

0.50‌%

0.56‌%

0.59‌%

0.59‌%

0.53‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.41‌%

(4)

0.41‌%

0.49‌%

0.53‌%

0.53‌%

0.53‌%

Net

investment

income

3.91‌%

(4)

3.85‌%

3.47‌%

3.23‌%

3.05‌%

2.41‌%

Portfolio

turnover

rate

13.7‌%

31.4‌%

25.8‌%

25.0‌%

20.6‌%

10.6‌%

Net

assets,

end

of

period

(in

millions)

$728

$765

$806

$792

$819

$1,193

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

Unaudited

Financial

Highlights

4

For

a

share

outstanding

throughout

each

period

Advisor

Class

6

Months

.

Ended

8/31/26

..

Year

..

..

Ended

.

2/28/26

2/28/25

2/29/24

2/28/23

2/28/22

NET

ASSET

VALUE

Beginning

of

period

$

9.54‌

$

9.47‌

$

9.44‌

$

9.18‌

$

10.11‌

$

10.31‌

Investment

activities

Net

investment

income

(1)(2)

0.17‌

0.32‌

0.30‌

0.27‌

0.25‌

0.22‌

Net

realized

and

unrealized

gain/

loss

(0.32‌)

0.07‌

0.02‌

0.25‌

(0.93‌)

(0.20‌)

Total

from

investment

activities

(0.15‌)

0.39‌

0.32‌

0.52‌

(0.68‌)

0.02‌

Distributions

Net

investment

income

(0.16‌)

(0.32‌)

(0.29‌)

(0.26‌)

(0.25‌)

(0.22‌)

NET

ASSET

VALUE

End

of

period

$

9.23‌

$

9.54‌

$

9.47‌

$

9.44‌

$

9.18‌

$

10.11‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

Unaudited

Financial

Highlights

5

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

6

Months

.

Ended

8/31/26

..

Year

..

..

Ended

.

2/28/26

2/28/25

2/29/24

2/28/23

2/28/22

Ratios/Supplemental

Data

Total

return

(2)(3)

(1.56‌)%

4.27‌%

3.46‌%

5.80‌%

(6.71‌)%

0.12‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.78‌%

(4)

0.76‌%

0.83‌%

0.87‌%

0.86‌%

0.86‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.78‌%

(4)

0.76‌%

0.83‌%

0.87‌%

0.86‌%

0.86‌%

Net

investment

income

3.53‌%

(4)

3.50‌%

3.13‌%

2.89‌%

2.73‌%

2.09‌%

Portfolio

turnover

rate

13.7‌%

31.4‌%

25.8‌%

25.0‌%

20.6‌%

10.6‌%

Net

assets,

end

of

period

(in

millions)

$23

$27

$33

$37

$47

$67

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

Unaudited

Financial

Highlights

6

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

8/31/26

..

Year

..

..

Ended

.

2/28/26

2/28/25

2/29/24

2/28/23

2/28/22

NET

ASSET

VALUE

Beginning

of

period

$

9.53‌

$

9.46‌

$

9.43‌

$

9.18‌

$

10.10‌

$

10.30‌

Investment

activities

Net

investment

income

(1)(2)

0.19‌

0.36‌

0.33‌

0.30‌

0.29‌

0.26‌

Net

realized

and

unrealized

gain/

loss

(0.32‌)

0.07‌

0.03‌

0.25‌

(0.92‌)

(0.20‌)

Total

from

investment

activities

(0.13‌)

0.43‌

0.36‌

0.55‌

(0.63‌)

0.06‌

Distributions

Net

investment

income

(0.18‌)

(0.36‌)

(0.33‌)

(0.30‌)

(0.29‌)

(0.26‌)

NET

ASSET

VALUE

End

of

period

$

9.22‌

$

9.53‌

$

9.46‌

$

9.43‌

$

9.18‌

$

10.10‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

Unaudited

Financial

Highlights

7

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

8/31/26

..

Year

..

..

Ended

.

2/28/26

2/28/25

2/29/24

2/28/23

2/28/22

Ratios/Supplemental

Data

Total

return

(2)(3)

(1.36‌)%

4.69‌%

3.87‌%

6.11‌%

(6.25‌)%

0.53‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.39‌%

(4)

0.36‌%

0.43‌%

0.47‌%

0.47‌%

0.45‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.38‌%

(4)

0.36‌%

0.43‌%

0.47‌%

0.47‌%

0.45‌%

Net

investment

income

3.94‌%

(4)

3.90‌%

3.53‌%

3.29‌%

3.12‌%

2.49‌%

Portfolio

turnover

rate

13.7‌%

31.4‌%

25.8‌%

25.0‌%

20.6‌%

10.6‌%

Net

assets,

end

of

period

(in

millions)

$1,519

$1,565

$1,536

$1,464

$1,424

$1,472

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

August

31,

2026

Unaudited

8

Portfolio

of

Investments

‡

Par

$

Value

(Amounts

in

000s)

‡

MUNICIPAL

SECURITIES 99.6%

ALABAMA

 2.9%

Black

Belt

Energy

Gas

Dist.,

VRDN,

4.00%,

6/1/51

(Tender

12/1/31) 

4,140

4,174‌

Black

Belt

Energy

Gas

Dist.,

Series A,

VRDN,

5.25%,

1/1/54

(Tender

10/1/30) 

4,330

4,511‌

Black

Belt

Energy

Gas

Dist.,

Series C-1,

VRDN,

5.25%,

2/1/53

(Tender

6/1/29) 

3,900

4,062‌

Black

Belt

Energy

Gas

Dist.,

Series H-1,

5.00%,

1/1/34 

4,000

4,152‌

Black

Belt

Energy

Gas

Dist.,

Series H-2,

5.00%,

12/1/31 

4,000

4,163‌

Black

Belt

Energy

Gas

Dist.,

Gas

Project,

Series A,

5.00%,

12/1/34 

6,100

6,328‌

Black

Belt

Energy

Gas

Dist.,

Gas

Project,

Series C,

5.25%,

6/1/36 

7,550

7,990‌

Black

Belt

Energy

Gas

Dist.,

Gas

Project,

Series D-1,

VRDN,

5.50%,

6/1/49

(Tender

2/1/29) 

3,540

3,694‌

Black

Belt

Energy

Gas

Dist.,

Gas

Project,

Series F,

5.00%,

6/1/36 

6,000

6,168‌

Black

Belt

Energy

Gas

Dist.,

Gas

Project,

Series I,

5.00%,

10/1/33 

2,575

2,700‌

Energy

Southeast

A

Cooperative

Dist.,

Series B,

5.00%,

11/1/33 

2,720

2,852‌

Energy

Southeast

A

Cooperative

Dist.,

Series C-2,

5.25%,

11/1/37 (1)

5,000

5,265‌

Lower

Alabama

Gas

Dist.,

Series A,

5.00%,

12/1/33 

3,300

3,379‌

Southeast

Energy

Auth.

A

Cooperative

Dist.,

Series D,

5.00%,

9/1/35 

2,125

2,250‌

Tuscaloosa

County

IDA,

Hunt

Refining

Project,

Series A,

5.25%,

5/1/44 (2)

3,015

3,042‌

64,730‌

ARIZONA

 1.1%

Arizona

HFA,

Banner

Health,

Series B,

FRN,

100%

of

SPMUV7DY

+

0.81%,

3.53%,

1/1/37 

740

736‌

Arizona

IDA,

Series A,

5.25%,

7/1/56 (3)

5,420

5,540‌

Arizona

IDA,

Equitable

School

Revolving

Fund,

Series A,

5.00%,

11/1/54 

3,085

3,054‌

Arizona

IDA,

Equitable

School

Revolving

Fund,

Series A,

5.50%,

11/1/56 

4,000

4,133‌

Maricopa

County

IDA,

Banner

Health,

Series 2019E,

3.00%,

1/1/49 

4,300

3,088‌

Phoenix

Arizona

IDA,

Downtown

Phoenix

Student

Housing,

5.00%,

7/1/59 

1,070

996‌

Phoenix

IDA,

Mayo

Clinic,

Series B,

VRDN,

2.95%,

11/15/52 

8,000

8,000‌

25,547‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

9

Par

$

Value

(Amounts

in

000s)

CALIFORNIA

 5.8%

California,

GO,

5.00%,

8/1/46 (1)

3,000

3,178‌

California

Community

Choice

Fin.

Auth.,

Series A,

VRDN,

5.00%,

1/1/56

(Tender

5/1/35) 

1,500

1,528‌

California

Community

Choice

Fin.

Auth.,

Series G,

VRDN,

5.00%,

11/1/55

(Tender

8/1/32) 

5,000

5,081‌

California

Community

Choice

Fin.

Auth.,

Green

Bond-Clean

Energy

Project,

VRDN,

5.00%,

12/1/53

(Tender

8/1/29) 

1,850

1,912‌

California

Community

Choice

Fin.

Auth.,

Green

Bond-Clean

Energy

Project,

VRDN,

5.00%,

5/1/54

(Tender

4/1/32) 

5,405

5,660‌

California

Community

Choice

Fin.

Auth.,

Green

Bond-Clean

Energy

Project,

VRDN,

5.50%,

10/1/54

(Tender

11/1/30) 

3,015

3,235‌

California

Community

Choice

Fin.

Auth.,

Green

Bond-Clean

Energy

Project,

Series B,

VRDN,

5.00%,

3/1/56

(Tender

11/1/35) 

6,900

7,273‌

California

Community

Choice

Fin.

Auth.,

Green

Bond-Clean

Energy

Project,

Series E,

5.00%,

7/1/35 

2,825

3,028‌

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

6,770‌

California

Community

Choice

Fin.

Auth.,

Green

Bond-Clean

Energy

Project,

Series G,

5.00%,

12/1/35 

2,575

2,755‌

California

HFFA,

Kaiser

Permanente,

Series A-2,

5.00%,

11/1/47 

10,775

11,494‌

California

HFFA,

Sutter

Health,

Series A,

5.00%,

11/15/48 

2,500

2,526‌

California

HFFA,

Sutter

Health,

Unrefunded

Balance,

Series B,

5.00%,

11/15/46

(Prerefunded

11/15/26) (4)

1,575

1,583‌

California

Housing

Fin.,

Series 2019-1,

Class

A,

4.25%,

1/15/35 

765

780‌

California

Infrastructure

&

Economic

Dev.

Bank,

4.00%,

10/1/43 

2,000

1,982‌

California

Municipal

Fin.

Auth.,

Series A,

COP,

5.25%,

11/1/52 (5)

940

922‌

California

Municipal

Fin.

Auth.,

John

Adams

Academies

Lincoln

Project,

Series A,

5.00%,

10/1/49 (2)

1,525

1,390‌

California

Municipal

Fin.

Auth.,

John

Adams

Academies-Lincoln

Project,

Series A,

4.00%,

10/1/29 (2)

400

399‌

California

Municipal

Fin.

Auth.,

John

Adams

Academies-Lincoln

Project,

Series A,

5.00%,

10/1/39 (2)

900

879‌

California

Municipal

Fin.

Auth.,

Samuel

Merritt

Univ.,

5.25%,

6/1/53 

2,765

2,819‌

California

Municipal

Fin.

Auth.,

West

Village,

5.00%,

5/15/48 

5,500

5,503‌

California

PFA,

Sunrise

of

Manhattan

Beach,

Series A-1,

6.75%,

7/1/65 (2)

5,325

5,662‌

California

School

Fin.

Auth.,

New

Designs

Charter

School,

5.00%,

6/1/30 (2)

1,000

1,003‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

10

Par

$

Value

(Amounts

in

000s)

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.25%,

12/1/48 (2)

3,300

3,304‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.50%,

12/1/58 (2)

3,000

3,005‌

Central

Valley

Energy

Auth.,

VRDN,

5.00%,

12/1/55

(Tender

8/1/35) 

3,150

3,323‌

Chino

Valley

Unified

School

Dist.,

Series B,

GO,

3.375%,

8/1/50 (5)

5,060

3,995‌

CSCDA

Community

Improvement

Auth.,

Link-Glendale

Social

Bonds,

Series A-2,

4.00%,

7/1/56 (2)

3,320

2,470‌

CSCDA

Community

Improvement

Auth.,

Oceanaire

Long

Beach

Social

Bonds,

Series A-2,

4.00%,

9/1/56 (2)

2,000

1,507‌

Golden

State

Tobacco

Securitization,

Series B-2,

Zero

Coupon,

6/1/66 

12,000

1,118‌

Inland

Valley

Dev.

Agency,

Tax

Allocation,

Series A,

5.25%,

9/1/37 

4,600

4,643‌

Los

Angeles

County

Metropolitan

Transportation

Auth.,

I-105

Expresslanes

Project,

Series A,

5.25%,

6/1/56 (1)

5,000

5,125‌

Los

Angeles

Dept.

of

Airports,

Series A,

5.50%,

5/15/51 (1)(6)

2,625

2,747‌

Regents

of

the

Univ.

of

California,

Medical

Center

Pooled

Revenue,

Series P,

3.50%,

5/15/54 

6,250

4,784‌

San

Diego

County

Regional

Airport

Auth.,

Series A,

4.00%,

7/1/51 

3,000

2,722‌

San

Francisco

Bay

Area

Rapid

Transit

Dist.,

Series C-1,

GO,

4.00%,

8/1/45 

4,645

4,475‌

San

Francisco

City

&

County

Int'l.

Airport

Commission,

Series A,

5.00%,

5/1/44 (6)

5,000

5,054‌

San

Francisco

City

&

County

Int'l.

Airport

Commission,

Series A,

5.25%,

5/1/45 (6)

3,475

3,676‌

San

Joaquin

Valley

Clean

Energy

Auth.,

Series A,

VRDN,

5.50%,

1/1/56

(Tender

7/1/35) 

1,100

1,186‌

Southern

California

Public

Power

Auth.,

Clean

Energy,

Series A,

5.00%,

11/1/33 

1,675

1,762‌

132,258‌

COLORADO

 2.4%

Adams

&

Arapahoe

Counties

Joint

School

Dist.

No.

28J

Aurora,

GO,

5.50%,

12/1/43 

3,400

3,749‌

Colorado

Bridge

&

Tunnel

Enterprise,

Senior

Infrastructure,

Series A,

5.50%,

12/1/54 (5)

3,600

3,790‌

Colorado

HFA,

Adventhealth

Obligated

Group,

Series A,

3.00%,

11/15/51 

10,045

6,853‌

Colorado

HFA,

Adventist

Health

System/Sunbelt

Obligated

Group,

Series A,

4.00%,

11/15/48 

4,185

3,669‌

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes,

5.00%,

12/31/47 

690

666‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

11

Par

$

Value

(Amounts

in

000s)

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes,

5.00%,

12/31/51 

1,870

1,782‌

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes,

5.00%,

12/31/56 

3,205

3,040‌

Colorado

Int'l.

Center

Metropolitan

Dist.

No.

14,

Series A,

GO,

5.00%,

12/1/56 (5)

2,475

2,416‌

Colorado

Int'l.

Center

Metropolitan

Dist.

No.

14,

Series A,

GO,

5.375%,

12/1/51 (5)

550

565‌

Denver

City

&

County

Airport

System

Revenue,

Series A,

5.00%,

12/1/37 (6)

7,000

7,133‌

Denver

Convention

Center

Hotel

Auth.,

5.00%,

12/1/34 

3,500

3,508‌

Denver

Convention

Center

Hotel

Auth.,

5.00%,

12/1/36 

2,000

2,003‌

Denver

Convention

Center

Hotel

Auth.,

5.00%,

12/1/40 

12,540

12,362‌

Park

Creek

Metropolitan

Dist.,

5.00%,

12/1/43 (5)

2,420

2,501‌

54,037‌

CONNECTICUT

 1.0%

Aquarion

Water

Auth.,

Series A,

5.25%,

8/1/46 

1,175

1,250‌

Aquarion

Water

Auth.,

Series E,

Zero

Coupon,

8/1/48 (3)

425

137‌

Connecticut,

Series B,

GO,

3.00%,

1/15/42 (3)

5,000

4,080‌

Connecticut

Housing

Fin.

Auth.,

Series R,

6.00%,

11/15/54 

3,125

3,336‌

Connecticut

State

HEFA,

Hartford

Healthcare

Issue,

Series A,

5.00%,

7/1/45 

8,550

8,854‌

Connecticut

State

HEFA,

Hartford

Healthcare

Issue,

Series A,

5.50%,

7/1/51 

3,600

3,787‌

Mashantucket

Western

Pequot

Tribe,

6.05%,

7/1/31

(4.00%

Cash

and

2.05%

PIK) (7)(8)

2,878

835‌

22,279‌

DELAWARE

 0.8%

Delaware

Economic

Dev.

Auth.,

Acts

Retirement

Communities,

Series B,

5.00%,

11/15/48 

5,185

5,090‌

Delaware

HFA,

Christiana

Health

Care

System,

5.00%,

10/1/45 

3,500

3,568‌

Delaware

State

HFA,

Bayhealth

Medical

Center

Project,

Series A,

4.00%,

7/1/40 

3,000

2,799‌

Delaware

Transportation

Auth.,

Senior,

3.00%,

7/1/44 

8,000

6,365‌

17,822‌

DISTRICT

OF

COLUMBIA

 3.1%

Dist.

of

Columbia

Housing

Fin.

Agency,

Series A,

4.875%,

9/1/45 

2,000

1,940‌

Dist.

of

Columbia

Income

Tax

Revenue,

Series A,

5.00%,

6/1/44 

10,630

11,161‌

Dist.

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/37 

515

517‌

Dist.

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/42 

560

560‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

12

Par

$

Value

(Amounts

in

000s)

Dist.

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/52 

6,280

5,888‌

Dist.

of

Columbia,

KIPP

DC

Issue,

Series A,

5.00%,

7/1/42 

2,500

2,500‌

Metropolitan

Washington

Airports

Auth.,

Series D-2,

VRDN,

2.90%,

10/1/39 

700

700‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Dulles

Metrorail

&

Capital

Improvement

Projects,

4.00%,

10/1/52 (5)

2,000

1,704‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Dulles

Metrorail

&

Capital

Improvement

Projects,

Series A,

5.00%,

10/1/44 

2,250

2,281‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Dulles

Metrorail

&

Capital

Improvement

Projects,

Series B,

6.50%,

10/1/44 

9,350

9,746‌

Washington

Metropolitan

Area

Transit

Auth.,

Series A,

4.00%,

7/15/46 

11,300

10,417‌

Washington

Metropolitan

Area

Transit

Auth.,

Series A,

5.50%,

7/15/51 

11,445

11,901‌

Washington

Metropolitan

Area

Transit

Auth.,

Series B,

5.00%,

7/1/42 

2,000

2,016‌

Washington

Metropolitan

Area

Transit

Auth.,

Second

Lien,

Series A,

5.25%,

7/15/50 

1,600

1,647‌

Washington

Metropolitan

Area

Transit

Auth.,

Sustainability

Financed

Bonds,

5.25%,

7/15/53 

7,450

7,589‌

70,567‌

FLORIDA

 1.1%

Alachua

County

HFA,

East

Ridge

Retirement

Village,

6.25%,

11/15/44 (8)(9)

1,396

21‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/31 

500

520‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/32 

750

776‌

Everest

GMR

Community

Dev.

Dist.,

6.20%,

5/1/54 

1,960

1,979‌

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Jacksonville

Univ.,

Series A-1,

5.00%,

6/1/48 (2)

5,875

5,317‌

Jacksonville

Ed.

Fac.,

Jacksonville

Univ.,

Series B,

5.00%,

6/1/53 (2)

3,600

3,180‌

JEA

Water

&

Sewer

System

Revenue,

Series A,

5.50%,

10/1/54 

2,000

2,094‌

Lee

County

Airport

Revenue,

Series A-1,

5.50%,

10/1/56 (6)

4,000

4,149‌

Palm

Beach

County

HFA,

Active

Retirement

Life

Community,

5.00%,

11/15/45 

4,290

4,298‌

Polk

County

IDA,

Victory

Ridge

Academy

Project,

6.00%,

6/15/55 (2)

1,250

1,215‌

Tampa,

Series A,

Zero

Coupon,

9/1/39 

2,190

1,197‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

13

Par

$

Value

(Amounts

in

000s)

Tampa,

Series A,

Zero

Coupon,

9/1/40 

2,265

1,163‌

25,909‌

GEORGIA

 9.9%

Atlanta

Airport

Passenger

Fac.

Charge,

Series D,

5.00%,

7/1/44 

6,000

6,239‌

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

6.75%,

1/1/35 (8)(9)

800

346‌

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

7.00%,

1/1/40 (8)(9)

5,095

2,255‌

Atlanta

Dev.

Auth.,

Gulch

Enterprise

Zone

Project,

Series 1,

Class

A,

STEP,

0.00%,

12/15/48 (2)

5,389

4,927‌

Atlanta

Dev.

Auth.,

PRG

-

CAU

Properties

Project,

Series A,

6.00%,

7/1/55 (2)

3,325

3,369‌

Atlanta

Urban

Residential

Fin.

Auth.,

Connell

Commons,

Series A,

4.75%,

5/1/43 

2,000

1,949‌

Atlanta,

Beltline,

Tax

Allocation,

Series B,

5.00%,

1/1/31 

1,280

1,288‌

Bainbridge

&

Decatur

County

Dev.

Auth.,

Spring

Creek

Charter

Academy

Project,

6.50%,

4/1/56 (2)

2,000

1,939‌

Bainbridge

&

Decatur

County

Dev.

Auth.,

Spring

Creek

Charter

Academy

Project,

6.75%,

4/1/66 (2)

3,800

3,752‌

Brookhaven

Dev.

Auth.,

Children's

Healthcare

of

Atlanta,

Series A,

3.00%,

7/1/46 

2,775

2,111‌

Brookhaven

Dev.

Auth.,

Children's

Healthcare

of

Atlanta,

Series A,

4.00%,

7/1/49 

1,585

1,417‌

Clarke

County

Hosp.

Auth.

Piedmont

Healthcare

Project,

4.00%,

7/1/41 (3)

5,000

4,592‌

Cobb

County

Kennestone

Hosp.

Auth.,

WellStar

Health,

RAC,

4.00%,

4/1/52 

7,500

6,408‌

Cobb-Marietta

Coliseum

&

Exhibit

Hall

Auth.,

Cobb

Galleria

Centre

Project,

5.25%,

10/1/42 

3,075

3,319‌

Cobb-Marietta

Coliseum

&

Exhibit

Hall

Auth.,

Cobb

Galleria

Centre

Project,

5.25%,

10/1/43 

2,250

2,419‌

Columbia

County

Hosp.

Auth.,

WellStar

Health,

Series A,

RAC,

5.125%,

4/1/53 

5,925

5,979‌

Columbia

County

Hosp.

Auth.,

WellStar

Health,

Series A,

RAC,

5.75%,

4/1/53 

14,650

15,393‌

DeKalb

County

Housing

Auth.,

The

Avenues

of

North

Decatur,

4.125%,

12/1/34 

5,000

4,888‌

DeKalb

County

Housing

Auth.,

The

Avenues

of

North

Decatur,

5.00%,

12/1/34 

2,500

2,617‌

Douglasville-Douglas

County

Water

&

Sewer

Auth.,

Series A,

2.00%,

6/1/36 

1,510

1,222‌

Fulton

County

Dev.

Auth.,

Piedmont

Healthcare

Project,

Series A,

4.00%,

7/1/49 

5,000

4,369‌

Fulton

County

Dev.

Auth.,

Spelman

College,

5.25%,

6/1/56 

2,425

2,454‌

Fulton

County

Dev.

Auth.,

Woodruff

Arts

Center,

5.00%,

3/15/44 

5,150

5,198‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

14

Par

$

Value

(Amounts

in

000s)

Fulton

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Canterbury

Court

Project,

Series A,

4.00%,

4/1/51 (2)

4,000

3,239‌

Fulton

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Canterbury

Court

Project,

Series A,

5.00%,

4/1/54 (2)

3,030

2,828‌

Gainesville

&

Hall

County

Dev.

Auth.,

5.00%,

6/1/37 

625

628‌

Gainesville

&

Hall

County

Dev.

Auth.,

5.125%,

6/1/39 

690

687‌

Gainesville

&

Hall

County

Dev.

Auth.,

5.25%,

6/1/40 

725

716‌

Gainesville

&

Hall

County

Dev.

Auth.,

Brenau

Univ.,

5.50%,

6/1/45 

3,260

3,195‌

Gainesville

&

Hall

County

Hosp.

Auth.,

Georgia

Health

System,

Series A,

3.00%,

2/15/51 

2,715

1,883‌

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series B,

5.50%,

2/15/42 

3,245

3,269‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

4.00%,

1/1/36 

3,600

3,590‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

4.00%,

1/1/54 

14,075

11,451‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

5.00%,

1/1/36 (2)

800

824‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

5.00%,

1/1/54 (2)

4,515

4,228‌

Georgia

Housing

&

Fin.

Auth.,

3.60%,

12/1/44 

4,000

3,480‌

Georgia

Housing

&

Fin.

Auth.,

Series A,

4.60%,

12/1/53 

2,000

1,902‌

Georgia

Housing

&

Fin.

Auth.,

Series A,

4.65%,

12/1/50 

7,000

6,690‌

Georgia

Housing

&

Fin.

Auth.,

Series A,

4.80%,

12/1/46 

1,425

1,411‌

Georgia

Housing

&

Fin.

Auth.,

Series C,

4.40%,

12/1/44 

3,000

2,902‌

Georgia

Housing

&

Fin.

Auth.,

Series C,

5.05%,

12/1/45 

6,300

6,353‌

Georgia

State

Road

&

Tollway

Auth.,

5.00%,

7/15/44 

3,425

3,641‌

Georgia

State

Road

&

Tollway

Auth.,

Managed

Lane

System,

Series A,

3.00%,

7/15/50 

5,080

3,731‌

Main

Street

Energy,

Energy

Project,

Series A,

5.00%,

10/1/33 

5,625

5,905‌

Main

Street

Energy,

Energy

Project,

Series C,

5.00%,

9/1/36 

2,500

2,588‌

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/31 

2,000

2,057‌

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/32 

2,500

2,565‌

Main

Street

Natural

Gas,

Series A,

5.00%,

5/15/43 

2,000

2,000‌

Main

Street

Natural

Gas,

Series B,

VRDN,

5.00%,

12/1/54

(Tender

3/1/32) 

1,750

1,857‌

Main

Street

Natural

Gas,

Series C,

VRDN,

4.00%,

3/1/50

(Tender

9/1/26) 

2,940

2,940‌

Main

Street

Natural

Gas,

Series C,

VRDN,

5.00%,

9/1/53

(Tender

9/1/30) 

1,800

1,883‌

Main

Street

Natural

Gas,

Series C,

VRDN,

5.00%,

12/1/54

(Tender

12/1/31) 

4,510

4,706‌

Main

Street

Natural

Gas,

Series E,

VRDN,

5.00%,

5/1/55

(Tender

12/1/32) 

7,600

7,930‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

15

Par

$

Value

(Amounts

in

000s)

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series B,

VRDN,

5.00%,

12/1/52

(Tender

6/1/29) 

3,450

3,567‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series C,

VRDN,

4.00%,

5/1/52

(Tender

12/1/28) 

3,210

3,243‌

Municipal

Electric

Auth.

of

Georgia,

Plant

Vogtle

Project,

4.00%,

1/1/44 (5)

4,420

4,111‌

Municipal

Electric

Auth.

of

Georgia,

Plant

Vogtle

Project,

5.00%,

1/1/56 (3)

4,000

3,943‌

Municipal

Electric

Auth.

of

Georgia,

Plant

Vogtle

Project,

Series A,

5.00%,

1/1/49 (3)

2,500

2,504‌

Municipal

Electric

Auth.

of

Georgia,

Plant

Vogtle

Project,

Series A,

5.00%,

1/1/62 (5)

2,345

2,350‌

Municipal

Electric

Auth.

of

Georgia,

Project

One

Subordinated

Bonds,

Series A,

5.25%,

1/1/49 

1,350

1,389‌

Municipal

Electric

Auth.

of

Georgia,

Project

One

Subordinated

Bonds,

Series A,

5.25%,

1/1/54 (3)

3,250

3,335‌

Private

Colleges

&

Univ.

Auth.,

Emory

Univ.,

Series A,

5.25%,

9/1/44 

5,000

5,360‌

Savannah

Georgia

Convention

Center

Auth.,

Convention

Center

Hotel

Second

Tier,

Series B,

6.00%,

6/1/50 (2)

595

576‌

Savannah

Georgia

Convention

Center

Auth.,

Convention

Center

Hotel

Third

Tier,

Series C,

5.00%,

6/1/58 (5)

1,500

1,480‌

Senoia

Dev.

Auth.,

Coweta

Charter

Academy

Project,

Series A,

6.50%,

7/1/54 (2)

2,735

2,353‌

223,740‌

HAWAII

 0.2%

Hawaii

County,

GO,

5.00%,

9/1/43 

2,305

2,442‌

Hawaii

County,

GO,

5.00%,

9/1/44 

1,000

1,055‌

Hawaii

Dept.

of

Budget

&

Fin.,

Series C,

VRDN,

2.90%,

7/1/51 

1,400

1,400‌

4,897‌

ILLINOIS

 4.2%

Chicago,

Series A,

GO,

5.50%,

1/1/49 

560

546‌

Chicago

O'Hare

Int'l.

Airport,

Senior

Lien,

Series B,

4.00%,

1/1/53 (5)

2,000

1,739‌

Chicago

Transit

Auth.

Sales

Tax

Receipts

Fund,

Second

Lien,

Series A,

5.50%,

12/1/56 

5,885

6,110‌

Cook

County

Sales

Tax

Revenue,

5.00%,

11/15/46 

11,800

12,121‌

Illinois,

Series A,

GO,

5.00%,

10/1/31 

1,500

1,551‌

Illinois,

Series A,

GO,

5.50%,

3/1/42 

4,640

4,865‌

Illinois,

Series B,

GO,

5.00%,

10/1/32 

1,750

1,805‌

Illinois,

Series B,

GO,

5.50%,

5/1/47 

8,405

8,688‌

Illinois,

Series C,

GO,

5.00%,

11/1/29 

4,530

4,631‌

Illinois

Fin.

Auth.,

Ascension,

Series C,

5.00%,

2/15/34 

425

428‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

16

Par

$

Value

(Amounts

in

000s)

Illinois

Fin.

Auth.,

Ascension,

Series C,

5.00%,

2/15/34

(Prerefunded

2/15/27) (4)

90

91‌

Illinois

Fin.

Auth.,

Ascension,

Series C,

5.00%,

2/15/36 

620

623‌

Illinois

Fin.

Auth.,

Ascension,

Series C,

5.00%,

2/15/36

(Prerefunded

2/15/27) (4)

130

131‌

Illinois

Fin.

Auth.,

Ascension,

Series C,

5.00%,

2/15/41 

1,585

1,589‌

Illinois

Fin.

Auth.,

Navy

Pier,

Inc.,

Series B,

5.25%,

10/1/39 (2)

2,150

2,199‌

Illinois

Fin.

Auth.,

Northwestern

Memorial

Healthcare,

Series C,

VRDN,

3.00%,

7/15/55 

1,100

1,100‌

Illinois

HDA,

Series A,

4.75%,

10/1/45 

9,000

8,900‌

Illinois

HDA,

Series H,

5.75%,

10/1/53 

3,460

3,656‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Series A,

5.00%,

6/15/29 

650

664‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Series A,

Zero

Coupon,

6/15/37 (10)

11,870

7,514‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Series B,

Zero

Coupon,

12/15/41 

10,000

4,836‌

Regional

Transportation

Auth.,

Series A,

5.75%,

6/1/34 (5)

5,250

5,868‌

Regional

Transportation

Auth.,

Series A,

6.00%,

7/1/33 (10)

15,000

16,783‌

96,438‌

INDIANA

 0.6%

Indiana

Fin.

Auth.,

Series B,

5.00%,

5/1/40 

1,500

1,511‌

Indiana

Fin.

Auth.,

Series B,

5.25%,

5/1/45 

2,000

2,016‌

Indiana

Fin.

Auth.,

Depauw

University

Project,

Series A,

5.50%,

7/1/52 

5,000

5,024‌

Indiana

Fin.

Auth.,

Indiana

Univ.

Health,

Series C,

5.25%,

10/1/44 

3,400

3,611‌

Indiana

Fin.

Auth.,

Ohio

Valley

Electric,

Series A,

4.25%,

11/1/30 

1,375

1,406‌

13,568‌

IOWA

 0.1%

PEFA,

Gas

Project,

Series A,

5.00%,

4/1/35 

2,900

3,032‌

3,032‌

KANSAS

 0.2%

Overland

Park

Sales

Tax

Revenue,

Bluhawk

Star

Bond

Project,

Series A,

6.50%,

11/15/42 (2)

4,025

4,201‌

4,201‌

KENTUCKY

 2.3%

Kentucky

Bond

Dev.,

University

of

Kentucky

Central

Utility

Plant

Project,

Series A,

5.50%,

10/31/56 

1,230

1,273‌

Kentucky

Economic

DFA,

Masonic

Home

Independent

Living,

Series A,

5.00%,

5/15/36 

4,050

3,868‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

17

Par

$

Value

(Amounts

in

000s)

Kentucky

Economic

DFA,

Masonic

Home

Independent

Living,

Series A,

5.00%,

5/15/46 

1,900

1,596‌

Kentucky

Economic

DFA,

Masonic

Homes

of

Kentucky,

5.375%,

11/15/32 

2,000

1,951‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/37 

4,485

4,492‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/41 

2,810

2,755‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/45 

4,525

4,411‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.25%,

6/1/50 

6,780

6,470‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series B,

5.00%,

6/1/40 

2,200

2,180‌

Kentucky

Public

Energy

Auth.,

Series A,

VRDN,

5.00%,

5/1/55 

5,750

5,937‌

Kentucky

Public

Energy

Auth.,

Series A-1,

VRDN,

5.25%,

4/1/54

(Tender

2/1/32) 

3,825

3,999‌

Kentucky

Public

Energy

Auth.,

Series B,

VRDN,

5.00%,

1/1/55

(Tender

8/1/32) 

7,225

7,543‌

Kentucky

Public

Energy

Auth.,

Series C,

VRDN,

4.00%,

2/1/50

(Tender

2/1/28) 

5,000

5,034‌

51,509‌

LOUISIANA

 0.2%

New

Orleans

Aviation

Board,

General

Airport

North

Terminal

Project,

Series A,

5.00%,

1/1/38 

750

753‌

New

Orleans

Aviation

Board,

General

Airport

North

Terminal

Project,

Series A,

5.00%,

1/1/43 

2,785

2,789‌

3,542‌

MARYLAND

 5.8%

Anne

County

Arundel,

Consolidated

Water

&

Sewer,

GO,

5.00%,

10/1/44 

2,805

2,961‌

Anne

County

Arundel,

Improvement,

GO,

5.00%,

10/1/44 

6,115

6,455‌

Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/42 

7,000

6,850‌

Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/46 

1,250

1,209‌

Baltimore

City,

Harbor

Point

Project,

5.125%,

6/1/43 

2,500

2,500‌

Frederick

County,

Series C,

4.00%,

7/1/50 (2)

3,060

2,631‌

Gaithersburg,

Asbury

Obligated

Group,

Series A,

5.00%,

1/1/33 

590

597‌

Gaithersburg,

Asbury

Obligated

Group,

Series A,

5.00%,

1/1/36 

395

398‌

Maryland

CDA,

5.05%,

3/1/47 

5,000

5,069‌

Maryland

CDA,

Series C,

5.75%,

9/1/54 

1,565

1,645‌

Maryland

Dept.

of

Housing

&

Community

Dev.,

Series B,

4.70%,

7/1/46 

1,000

975‌

Maryland

Dept.

of

Housing

&

Community

Dev.,

Series C,

5.50%,

3/1/56 

4,885

5,201‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

18

Par

$

Value

(Amounts

in

000s)

Maryland

Dept.

of

Housing

&

Community

Dev.,

Series C,

6.25%,

9/1/55 

3,545

3,891‌

Maryland

Economic

Dev.,

Bowie

State

Univ.

Project,

4.00%,

7/1/50 

750

615‌

Maryland

Economic

Dev.,

College

Park

Leonardtown

Project,

5.25%,

7/1/64 (5)

2,500

2,509‌

Maryland

Economic

Dev.,

Constellation

Energy

Group,

Series B,

VRDN,

4.10%,

10/1/36

(Tender

4/3/28) 

1,700

1,729‌

Maryland

Economic

Dev.,

Morgan

State

Univ.

O'Connell

Project,

Series A,

5.25%,

7/1/61 (5)

3,500

3,529‌

Maryland

Economic

Dev.,

Port

Covington

Project,

4.00%,

9/1/50 

650

528‌

Maryland

Economic

Dev.,

Purple

Line

Light

Rail

Project,

Series B,

5.25%,

6/30/55 (6)

1,500

1,467‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/29 

1,500

1,547‌

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/36 

2,655

2,666‌

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/46 

13,435

13,465‌

Maryland

HHEFA,

LifeBridge

Health,

5.25%,

7/1/54 

2,695

2,759‌

Maryland

HHEFA,

Luminis

Health,

Series A,

5.00%,

7/1/42 

4,000

4,156‌

Maryland

HHEFA,

MedStar

Health,

Series A,

5.25%,

8/15/51 

1,500

1,543‌

Maryland

HHEFA,

MedStar

Health,

Series A,

5.25%,

8/15/54 

2,500

2,547‌

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools

Construction

&

Revitalization,

Series A,

5.00%,

5/1/50 (5)

10,020

10,238‌

Maryland

Stadium

Auth.,

Baltimore

City

Public

Schools

Construction

&

Revitalization,

Series B,

5.00%,

5/1/47 (5)

3,625

3,798‌

Maryland

Stadium

Auth.,

Built

to

Learn

Revenue,

Series A,

4.00%,

6/1/52 

3,000

2,654‌

Montgomery

County,

Series A,

GO,

3.00%,

11/1/37 

5,365

4,797‌

Montgomery

County

Housing

Opportunities

Commission,

Series C,

2.85%,

1/1/51 (5)

4,195

2,884‌

Montgomery

County

Housing

Opportunities

Commission,

Series C,

5.00%,

1/1/43 

1,500

1,570‌

Montgomery

County

Housing

Opportunities

Commission,

Series C,

5.125%,

1/1/53 

2,500

2,521‌

Montgomery

County

Housing

Opportunities

Commission,

Series C,

5.50%,

1/1/48 

2,500

2,666‌

Montgomery

County

Housing

Opportunities

Commission,

Series C,

5.75%,

1/1/58 

3,915

4,124‌

Montgomery

County

Housing

Opportunities

Commission,

Series C,

5.75%,

1/1/63 

8,000

8,426‌

Rockville,

Ingelside

at

King

Farm,

Series B,

5.00%,

11/1/42 

3,100

3,056‌

Rockville,

Ingleside

at

King

Farm,

Series A-2,

5.00%,

11/1/31 

500

506‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

19

Par

$

Value

(Amounts

in

000s)

Town

of

Chestertown,

Washington

College,

6.25%,

3/1/45 

2,400

2,439‌

Town

of

Chestertown,

Washington

College,

6.50%,

3/1/50 

400

405‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/36 

1,000

987‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/42 

1,700

1,585‌

132,098‌

MASSACHUSETTS

 3.4%

Massachusetts,

Series A,

GO,

5.00%,

4/1/42 

1,950

2,073‌

Massachusetts,

Series A,

GO,

5.00%,

4/1/43 

3,000

3,174‌

Massachusetts,

Series A,

GO,

5.00%,

4/1/45 

1,500

1,571‌

Massachusetts,

Series C,

GO,

5.00%,

6/1/43 

7,500

7,942‌

Massachusetts,

Series C,

GO,

5.00%,

6/1/44 

4,000

4,214‌

Massachusetts

Commonwealth,

Series B,

GO,

3.00%,

2/1/48 

2,000

1,483‌

Massachusetts

Commonwealth,

Series C,

GO,

3.00%,

3/1/47 

4,000

3,019‌

Massachusetts

Commonwealth,

Series D,

GO,

5.00%,

6/1/51 

10,000

10,245‌

Massachusetts

Commonwealth,

Series H,

GO,

5.00%,

12/1/42 

10,440

11,061‌

Massachusetts

Dev.

Fin.

Agency,

Berklee

College

of

Music,

5.00%,

10/1/44 

730

767‌

Massachusetts

Dev.

Fin.

Agency,

Berklee

College

of

Music,

5.00%,

10/1/45 

430

450‌

Massachusetts

Dev.

Fin.

Agency,

Berklee

College

of

Music,

5.00%,

10/1/46 

400

416‌

Massachusetts

Dev.

Fin.

Agency,

Beth

Israel

Lahey

Health

Issue,

Series N,

5.50%,

7/1/50 (5)

7,700

8,177‌

Massachusetts

Dev.

Fin.

Agency,

Linden

Ponds

Fac.,

5.00%,

11/15/28 (2)

940

969‌

Massachusetts

Dev.

Fin.

Agency,

Mass

General

Brigham

Issue,

Series G,

VRDN,

2.90%,

7/1/61 

800

800‌

Massachusetts

Dev.

Fin.

Agency,

Pike

Student

Housing

Project,

Series A,

5.375%,

7/1/56 (2)

1,475

1,429‌

Massachusetts

Dev.

Fin.

Agency,

Pike

Student

Housing

Project,

Series A,

5.375%,

7/1/61 (2)

1,855

1,766‌

Massachusetts

HEFA,

Massachusetts

Institute

of

Technology,

Series K,

5.50%,

7/1/32 

10,000

11,411‌

Massachusetts

Housing

Fin.

Agency,

Series 242,

4.75%,

12/1/50 

2,250

2,160‌

Massachusetts

Housing

Fin.

Agency,

Series A-1,

4.70%,

12/1/49 

1,800

1,742‌

Massachusetts

Housing

Fin.

Agency,

Series A-1,

4.80%,

12/1/54 

1,500

1,442‌

76,311‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

20

Par

$

Value

(Amounts

in

000s)

MICHIGAN

 2.1%

Great

Lakes

Water

Auth.

Sewage

Disposal,

Series A,

5.25%,

7/1/47 

8,340

8,663‌

Great

Lakes

Water

Auth.

Water

Supply,

Series A,

5.25%,

7/1/47 

7,000

7,271‌

Great

Lakes

Water

Auth.

Water

Supply,

Series B,

5.00%,

7/1/46 

2,075

2,148‌

Great

Lakes

Water

Auth.

Water

Supply,

Series C,

5.25%,

7/1/51 

4,000

4,163‌

Kalamazoo

Economic

Dev.,

Friendship

Village

of

Kalamazoo

Project,

Series A,

6.25%,

8/15/61 (2)

1,000

1,011‌

Karegnondi

Water

Auth.,

5.00%,

11/1/42 (3)

3,000

3,151‌

Karegnondi

Water

Auth.,

5.00%,

11/1/43 (3)

3,000

3,141‌

Michigan

Fin.

Auth.,

Series A,

3.00%,

12/1/49 

5,000

3,495‌

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

Series A,

4.00%,

11/15/50 

6,700

5,618‌

Michigan

Fin.

Auth.,

University

of

Detroit

Mercy,

5.375%,

11/1/43 

3,530

3,544‌

Michigan

Fin.

Auth.,

University

of

Detroit

Mercy,

5.50%,

11/1/48 

1,700

1,706‌

Michigan

Trunk

Line

Revenue,

Rebuilding

Michigan

Program,

5.50%,

11/15/49 

2,500

2,638‌

Wayne

County

Airport

Auth.,

Series A,

5.00%,

12/1/42 

1,300

1,313‌

47,862‌

MINNESOTA

 0.6%

Minnesota

Housing

Fin.

Agency,

Series A,

2.90%,

1/1/45 

1,280

963‌

Minnesota

Housing

Fin.

Agency,

Series A,

3.00%,

7/1/52 

1,715

1,682‌

Minnesota

Housing

Fin.

Agency,

Series A,

6.25%,

1/1/54 

2,140

2,299‌

Minnesota

Housing

Fin.

Agency,

Series L,

6.50%,

1/1/55 

2,545

2,814‌

Minnesota

Housing

Fin.

Agency,

Series O,

6.25%,

1/1/55 

2,310

2,538‌

St.

Paul

Park,

5.50%,

6/1/62 

4,375

4,195‌

14,491‌

MISSISSIPPI

 0.5%

Mississippi

Business

Fin.,

Chevron

U.S.A.

Project,

Series B,

VRDN,

3.00%,

11/1/35 

11,200

11,200‌

Warren

County,

Int'l.

Paper

Company

Project,

4.00%,

9/1/32 

725

731‌

11,931‌

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 

1,205

1,205‌

Missouri

HEFA,

Lutheran

Senior

Services,

5.00%,

2/1/48 

3,000

2,932‌

Missouri

HEFA,

Lutheran

Senior

Services

Project,

Series A,

5.25%,

2/1/48 

2,025

2,034‌

Missouri

HEFA,

Lutheran

Senior

Services

Project,

Series A,

5.25%,

2/1/54 

1,750

1,715‌

Missouri

HEFA,

Mercy

Health,

3.00%,

6/1/53 

4,000

2,677‌

Saint

Louis

County

IDA,

Friendship

Village,

5.00%,

9/1/48 

1,545

1,491‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

21

Par

$

Value

(Amounts

in

000s)

Saint

Louis

County

IDA,

Friendship

Village,

Series A,

5.00%,

9/1/38 

1,000

1,010‌

Saint

Louis

County

IDA,

Friendship

Village,

Series A,

5.125%,

9/1/48 

9,970

9,784‌

Saint

Louis

County

IDA,

Saint

Andrews

Resources

for

Seniors,

Series A,

5.125%,

12/1/45 

2,550

2,487‌

Saint

Louis

IDA,

Ballpark

Village,

Series A,

3.875%,

11/15/29 

85

82‌

Saint

Louis

IDA,

Ballpark

Village,

Series A,

4.375%,

11/15/35 

895

838‌

Saint

Louis

IDA,

Ballpark

Village,

Series A,

4.75%,

11/15/47 

800

675‌

31,427‌

MONTANA

 0.1%

Montana

Fac.

Fin.

Auth.,

Series A,

5.50%,

11/15/46 

675

659‌

Montana

Fac.

Fin.

Auth.,

Series A,

6.125%,

11/15/56 

715

712‌

Montana

Fac.

Fin.

Auth.,

Series A,

6.125%,

11/15/61 

175

173‌

1,544‌

NEBRASKA

 0.1%

Nebraska

Investment

Fin.

Auth.,

Series E,

5.00%,

3/1/49 

2,750

2,774‌

2,774‌

NEVADA

 0.2%

Las

Vegas

Convention

&

Visitors

Auth.,

Series B,

5.00%,

7/1/43 

4,485

4,563‌

Reno,

Retrac-Reno

Transportation,

Series C,

Zero

Coupon,

7/1/58 (2)

3,000

475‌

5,038‌

NEW

HAMPSHIRE

 1.2%

New

Hampshire

Business

Fin.

Auth.,

Series 2020-1,

Class

A,

4.125%,

1/20/34 

5,162

5,169‌

New

Hampshire

Business

Fin.

Auth.,

Series 2023-2,

Class

A,

3.875%,

1/20/38 

2,607

2,466‌

New

Hampshire

Business

Fin.

Auth.,

Series 2024-2,

Class

A,

3.625%,

8/20/39 

2,525

2,362‌

New

Hampshire

Business

Fin.

Auth.,

Series 2025-1,

Class

A1,

VR,

4.085%,

1/20/41 

1,948

1,861‌

New

Hampshire

Business

Fin.

Auth.,

Series 2025-1,

Class

A-2,

VR,

4.166%,

1/20/41 

543

504‌

New

Hampshire

Business

Fin.

Auth.,

Series 2025-3,

Class

A1,

VR,

4.946%,

2/20/41 

3,256

3,233‌

New

Hampshire

Business

Fin.

Auth.,

Series 2025-3,

Class

A2,

VR,

4.946%,

2/20/41 

1,988

1,898‌

New

Hampshire

Business

Fin.

Auth.,

Series 2026-1,

Class

A1,

4.125%,

4/20/43

(Tender

3/1/36) 

1,872

1,797‌

New

Hampshire

Business

Fin.

Auth.,

Series 2026-1,

Class

A1,

4.25%,

7/20/41 

2,519

2,359‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

22

Par

$

Value

(Amounts

in

000s)

New

Hampshire

Business

Fin.

Auth.,

Series 2026-1,

Class

A2,

4.25%,

7/20/41 

1,821

1,649‌

New

Hampshire

Business

Fin.

Auth.,

Series 2026-2,

Class

A2,

VR,

4.40%,

4/20/43

(Tender

4/1/36) 

1,312

1,263‌

New

Hampshire

Business

Fin.

Auth.,

Series A,

4.00%,

7/1/51 

3,920

3,482‌

28,043‌

NEW

JERSEY

 3.4%

Essex

County

Improvement

Auth.,

Charter

School,

4.00%,

6/15/51 

1,200

996‌

Garden

State

Preservation

Trust,

Farmland,

Series A,

5.75%,

11/1/28 (5)

4,395

4,561‌

New

Jersey

Economic

Dev.

Auth.,

Beloved

Commonwealth

Charter

School,

Series A,

4.00%,

6/15/29 (2)

290

290‌

New

Jersey

Economic

Dev.

Auth.,

Beloved

Commonwealth

Charter

School,

Series A,

5.00%,

6/15/39 (2)

1,000

997‌

New

Jersey

Economic

Dev.

Auth.,

Beloved

Commonwealth

Charter

School,

Series A,

5.00%,

6/15/49 (2)

4,460

4,195‌

New

Jersey

Economic

Dev.

Auth.,

Provident

Group-Rowan

Properties,

Series A,

5.00%,

1/1/35 

1,000

1,001‌

New

Jersey

Economic

Dev.

Auth.,

Provident

Group-Rowan

Properties,

Series A,

5.00%,

1/1/48 

4,765

4,656‌

New

Jersey

EFA,

Green

Bond,

Series A,

4.00%,

7/1/50 

1,805

1,522‌

New

Jersey

EFA,

Green

Bond,

Series A,

5.00%,

7/1/45 

6,000

6,059‌

New

Jersey

EFA,

Princeton

Univ.,

Series B,

5.25%,

3/1/54 

2,500

2,615‌

New

Jersey

HCFFA,

Barnabas

Health,

3.00%,

7/1/51 

12,670

8,959‌

New

Jersey

HCFFA,

Hackensack

Meridian

Health,

Series A,

5.25%,

7/1/57 

3,000

3,012‌

New

Jersey

Housing

&

Mortgage

Fin.

Agency,

Series D-1,

4.85%,

11/1/40 

2,820

2,825‌

New

Jersey

Institute

of

Technology,

Series A,

5.00%,

7/1/42 (3)

2,875

3,071‌

New

Jersey

Institute

of

Technology,

Series A,

5.00%,

7/1/43 (3)

2,140

2,280‌

New

Jersey

Transportation

Trust

Fund

Auth.,

5.25%,

6/15/46

(Prerefunded

12/15/32) (4)

700

791‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series BB,

5.00%,

6/15/46 

2,275

2,335‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series A,

Zero

Coupon,

12/15/39 (3)

5,250

2,916‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Unrefunded

Balance,

5.25%,

6/15/46 

670

695‌

New

Jersey

Turnpike

Auth.,

Series A,

5.00%,

1/1/48 

2,870

2,913‌

New

Jersey

Turnpike

Auth.,

Series B,

5.25%,

1/1/49 

3,000

3,122‌

New

Jersey

Turnpike

Auth.,

Series B,

5.25%,

1/1/52 

8,575

8,846‌

Tobacco

Settlement

Fin.,

Series A,

5.00%,

6/1/27 

335

340‌

Tobacco

Settlement

Fin.,

Series A,

5.25%,

6/1/46 

5,785

5,795‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

23

Par

$

Value

(Amounts

in

000s)

Township

of

Piscataway,

Series 2025,

GO,

2.00%,

10/15/37 

2,500

2,023‌

76,815‌

NEW

MEXICO

 0.2%

New

Mexico

Municipal

Energy

Acquisition

Auth.,

VRDN,

5.00%,

6/1/54

(Tender

11/1/30) 

3,500

3,671‌

3,671‌

NEW

YORK

 9.2%

Build

New

York

City

Resource,

261

Walton

Facility

–

Zeta

Charter

Schools

Project,

Series A,

5.75%,

6/1/66 (2)

2,000

1,962‌

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

3.00%,

3/15/41 

2,465

1,993‌

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

4.00%,

3/15/47 

9,000

8,114‌

Dormitory

Auth.

of

the

State

of

New

York,

Series B,

5.00%,

3/15/49 

1,000

1,018‌

Dormitory

Auth.

of

the

State

of

New

York,

Cornell

Univ.,

Series A,

5.50%,

7/1/54 

13,880

14,614‌

Dormitory

Auth.

of

the

State

of

New

York,

Montefiore

Obligation

Group,

Series A,

4.00%,

9/1/50 

2,960

2,376‌

Dormitory

Auth.

of

the

State

of

New

York,

Personal

Income

Tax,

Series E,

4.00%,

3/15/49 

2,000

1,771‌

Dormitory

Auth.

of

the

State

of

New

York,

White

Plains

Hosp.

Obligated

Group,

5.50%,

10/1/54 (5)

9,325

9,570‌

Empire

State

Dev.,

Group

3,

Series A,

4.00%,

3/15/45 

8,500

7,910‌

Metropolitan

Transportation

Auth.,

Series A,

4.00%,

11/15/48 (3)

3,190

2,761‌

New

York

City,

Series D-1,

GO,

5.50%,

5/1/45 

950

1,001‌

New

York

City,

Series D-1,

GO,

5.50%,

5/1/46 

1,625

1,705‌

New

York

City

Housing

Dev.,

3.95%,

11/1/43 

5,600

5,065‌

New

York

City

Housing

Dev.,

4.125%,

11/1/53 

2,510

2,158‌

New

York

City

Housing

Dev.,

Series A,

2.80%,

2/1/50 

11,500

7,829‌

New

York

City

Housing

Dev.,

Series I-1,

2.65%,

11/1/50 

2,790

1,815‌

New

York

City

Ind.

Dev.

Agency,

Queens

Baseball

Stadium

Project,

Series A,

3.00%,

1/1/46 (5)

2,100

1,590‌

New

York

City

Municipal

Water

Fin.

Auth.,

Second

General

Resolution,

Series CC,

5.00%,

6/15/46 

3,000

3,109‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series C,

4.00%,

5/1/44 

2,295

2,069‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series C,

5.50%,

5/1/43 

2,980

3,193‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series C,

5.50%,

5/1/44 

3,460

3,686‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series D-1,

5.50%,

11/1/45 

1,525

1,630‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

24

Par

$

Value

(Amounts

in

000s)

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series D-S,

4.00%,

11/1/42 

3,000

2,750‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Series E,

5.50%,

11/1/49 

4,465

4,691‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Fiscal

2025,

Series D,

5.50%,

5/1/52 

3,500

3,662‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Fiscal

2026,

Series F-1,

5.50%,

2/1/50 

3,250

3,428‌

New

York

City

Transitional

Fin.

Auth.,

Future

Tax,

Fiscal

2026,

Series I,

5.50%,

11/1/54 

1,500

1,579‌

New

York

City,

Fiscal

2018,

Series B-5,

GO,

VRDN,

3.05%,

10/1/46 

8,400

8,400‌

New

York

Liberty

Dev.,

1

World

Trade

Center,

Series 1WTC,

2.25%,

2/15/41 

8,810

6,180‌

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue,

Series 242,

3.50%,

10/1/52 

1,945

1,940‌

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue,

Series 266,

4.65%,

10/1/50 

3,220

3,067‌

New

York

State

Housing

Fin.

Agency,

Series A,

VRDN,

3.95%,

11/1/50

(Tender

1/1/35) 

3,500

3,498‌

New

York

State

Housing

Fin.

Agency,

Series B-2,

VRDN,

3.30%,

12/15/54

(Tender

12/15/28) 

1,275

1,276‌

New

York

State

Housing

Fin.

Agency,

Series E-1,

2.75%,

11/1/56 

2,000

1,252‌

New

York

State

Thruway

Auth.,

Series A-1,

3.00%,

3/15/50 

5,400

3,886‌

New

York

State

Thruway

Auth.,

Series B,

4.00%,

1/1/38 

4,250

4,094‌

New

York

State

Thruway

Auth.,

Series B,

4.00%,

1/1/40 (5)

12,055

11,487‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport

New

Terminal

One

Project,

5.50%,

6/30/54 (6)

7,500

7,551‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport

New

Terminal

One

Project,

5.50%,

6/30/60 (6)

8,750

8,787‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport

New

Terminal

One

Project,

6.00%,

6/30/59 (6)

14,000

14,636‌

Onondaga

County

Trust

for

Cultural

Resources,

Syracuse

Univ.

Project,

5.00%,

12/1/45 

2,500

2,564‌

Port

Auth.

of

New

York

&

New

Jersey,

Series 197,

5.00%,

11/15/41 (6)

6,000

6,011‌

Port

Auth.

of

New

York

&

New

Jersey,

Series 223,

4.00%,

7/15/46 (6)

2,000

1,778‌

Suffolk

County

Water

Auth.,

Series B,

3.00%,

6/1/45 

3,500

2,709‌

Triborough

Bridge

&

Tunnel

Auth.,

Series A,

5.50%,

12/1/59 

3,000

3,134‌

Triborough

Bridge

&

Tunnel

Auth.,

Series C,

5.25%,

5/15/52 

6,170

6,332‌

Triborough

Bridge

&

Tunnel

Auth.,

MTA

Bridges

&

Tunnels,

Series A,

5.00%,

5/15/52 

7,250

7,800‌

209,431‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

25

Par

$

Value

(Amounts

in

000s)

NORTH

CAROLINA

 2.2%

Cape

Fear

Public

Utility

Auth.,

5.00%,

4/1/44 

1,050

1,105‌

Columbus

County

Ind.

Fac.

&

Pollution

Control

Fin.

Auth.,

Int'l.

Paper

Company

Project,

4.20%,

5/1/34 

2,000

2,022‌

North

Carolina

Housing

Fin.

Agency,

5.00%,

7/1/47 

1,915

1,945‌

North

Carolina

Housing

Fin.

Agency,

Series 53-A,

6.25%,

1/1/55 

4,130

4,428‌

North

Carolina

Housing

Fin.

Agency,

Series 54-A,

6.25%,

1/1/55 

2,315

2,538‌

North

Carolina

Housing

Fin.

Agency,

1998

Trust

Agreement,

Series A,

4.55%,

7/1/45 

2,335

2,266‌

North

Carolina

Medical

Care

Commission,

Series C,

4.00%,

3/1/42 

2,000

1,843‌

North

Carolina

Turnpike

Auth.,

5.00%,

1/1/31 (5)

1,000

1,006‌

North

Carolina

Turnpike

Auth.,

5.00%,

1/1/40 

16,735

17,002‌

North

Carolina

Turnpike

Auth.,

Series A,

5.00%,

7/1/47 

1,200

1,201‌

North

Carolina

Turnpike

Auth.,

Senior

Lien,

4.00%,

1/1/39 

6,225

6,117‌

North

Carolina

Turnpike

Auth.,

Triangle

Expressway,

5.00%,

1/1/43 

4,650

4,707‌

North

Carolina

Turnpike

Auth.,

Triangle

Expressway,

5.00%,

1/1/44 

1,500

1,516‌

Univ.

of

North

Carolina

at

Chapel

Hill,

Univ.

of

North

Carolina

Hosp.,

5.00%,

2/1/49 

2,155

2,272‌

49,968‌

OHIO

 2.7%

Buckeye

Tobacco

Settlement

Fin.

Auth.,

Series B-2,

Class

2,

5.00%,

6/1/55 

12,920

9,864‌

Cuyahoga

County,

MetroHealth

System,

5.00%,

2/15/42 

2,250

2,205‌

Cuyahoga

County,

MetroHealth

System,

5.50%,

2/15/52 

8,750

8,763‌

Cuyahoga

County,

MetroHealth

System,

5.50%,

2/15/57 

4,315

4,315‌

Franklin

County

Convention

Fac.

Auth.,

Greater

Columbus

Convention

Center,

5.00%,

12/1/46 

6,000

6,096‌

Hamilton

County,

Cincinnati

Children's

Hosp.,

Series CC,

5.00%,

11/15/49 

12,730

13,338‌

Ohio

Higher

Ed.

Fac.

Commission,

Cleveland

Clinic

Health

System,

Series B-4,

VRDN,

3.00%,

1/1/43 

3,900

3,900‌

Ohio

Housing

Fin.

Agency,

Series A,

6.25%,

3/1/55 

2,265

2,432‌

Ohio

Housing

Fin.

Agency,

Series C,

7.50%,

3/1/49 

2,500

2,944‌

Ohio,

University

Hospitals

Health

System,

Series B,

VRDN,

3.00%,

1/15/46 

3,000

3,000‌

Summit

County

DFA,

PRG

-

Akron

Properties

–

The

Univ.

of

Akron

Project,

Series A,

5.00%,

7/1/45 (3)

2,940

2,960‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

26

Par

$

Value

(Amounts

in

000s)

Summit

County

DFA,

PRG

-

Akron

Properties

–

The

Univ.

of

Akron

Project,

Series A,

5.50%,

7/1/60 (3)

1,625

1,647‌

61,464‌

OKLAHOMA

 0.9%

Oklahoma

Turnpike

Auth.,

Senior,

5.50%,

1/1/53 

14,390

14,978‌

Oklahoma

Turnpike

Auth.,

Senior,

Series A,

5.50%,

1/1/54 

4,300

4,556‌

Tulsa

County

Ind.

Auth.,

Montereau

Project,

5.25%,

11/15/45 

1,975

1,957‌

21,491‌

OREGON

 0.4%

Oregon,

Series A,

GO,

5.25%,

5/1/43 

2,000

2,160‌

Oregon,

Series A,

GO,

5.25%,

5/1/43 

1,400

1,501‌

Oregon,

Series E,

GO,

5.00%,

5/15/41 

1,535

1,586‌

Oregon,

Series E,

GO,

5.00%,

5/15/42 

1,000

1,033‌

Oregon,

Series E,

GO,

5.00%,

5/15/44 

1,840

1,895‌

Oregon

Housing

&

Community

Services

Dept.,

Single-Family

Mortgage

Program,

Series A,

3.00%,

7/1/52 

1,360

1,342‌

9,517‌

PENNSYLVANIA

 2.1%

Cumberland

County

Municipal

Auth.,

Asbury

Pennsylvania

Obligated,

4.50%,

1/1/40 (2)

2,105

1,989‌

Pennsylvania

Housing

Fin.

Agency,

Series 137,

3.00%,

10/1/51 

13,281

12,788‌

Pennsylvania

Housing

Fin.

Agency,

Series 144A,

6.00%,

10/1/54 

2,730

2,915‌

Pennsylvania

Housing

Fin.

Agency,

Series 147A,

6.25%,

10/1/54 

5,961

6,460‌

Pennsylvania

Housing

Fin.

Agency,

Series 148A,

4.20%,

10/1/40 

3,335

3,253‌

Pennsylvania

Housing

Fin.

Agency,

Series 2022,

4.15%,

10/1/42 

6,000

5,633‌

Pennsylvania

Housing

Fin.

Agency,

Series SER-145A,

6.00%,

10/1/54 

1,655

1,772‌

Pennsylvania

State

Univ.,

Series A,

5.00%,

9/1/43 

3,785

4,006‌

Philadelphia

IDA,

Saint

Joseph's

Univ.,

4.00%,

11/1/45 

4,000

3,505‌

Philadelphia

IDA,

The

Children’s

Hosp.

of

Philadelphia

Project,

Series A,

5.50%,

7/1/53 

3,850

4,057‌

Philadelphia

IDA,

Univ.

of

the

Science,

5.00%,

11/1/47 

1,270

1,235‌

47,613‌

PUERTO

RICO

 5.5%

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (11)

12,613

8,987‌

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/51 (11)

14,550

10,549‌

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/51 (11)

11,472

7,457‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

4.00%,

7/1/42 (2)

1,490

1,398‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

27

Par

$

Value

(Amounts

in

000s)

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/30 (2)

4,105

4,344‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/37 (2)

2,000

2,085‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/37 (2)

1,070

1,108‌

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

Coupon,

7/1/33 

1,852

1,351‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/27 

792

805‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/29 

1,020

1,071‌

Puerto

Rico

Electric

Power

Auth.,

Series A,

5.00%,

7/1/42 (8)(9)

2,000

1,480‌

Puerto

Rico

Electric

Power

Auth.,

Series A,

5.05%,

7/1/42 (8)(9)

60

44‌

Puerto

Rico

Electric

Power

Auth.,

Series A,

7.25%,

7/1/30 (8)(9)

2,410

1,816‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.00%,

7/1/27 (8)(9)

100

74‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/27 (8)(9)

810

599‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/28 (8)(9)

225

166‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/20 (8)

(9)

290

215‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/21 (8)

(9)

880

651‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/24 (8)

(9)

1,105

818‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/25 (8)

(9)

370

274‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/26 (8)

(9)

450

333‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/27 (8)

(9)

2,640

1,954‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/37 (8)

(9)

380

281‌

Puerto

Rico

Electric

Power

Auth.,

Series UU,

FRN,

MUNIPSA,

1.159%,

7/1/17 (8)(9)

15

11‌

Puerto

Rico

Electric

Power

Auth.,

Series VV,

5.50%,

7/1/20 (8)

(9)

10

7‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.00%,

7/1/28 (8)

(9)

990

733‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.25%,

7/1/33 (8)

(9)

385

285‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.50%,

7/1/18 (8)

(9)

240

178‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

28

Par

$

Value

(Amounts

in

000s)

Puerto

Rico

Electric

Power

Auth.,

Series XX,

4.625%,

7/1/25 (8)

(9)

200

148‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

4.875%,

7/1/27 (8)

(9)

250

185‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/27 (8)

(9)

100

74‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/40 (8)

(9)

275

203‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.75%,

7/1/36 (8)

(9)

215

159‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

3.70%,

7/1/17 (8)

(9)

70

52‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

4.25%,

7/1/20 (8)

(9)

370

274‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/17 (8)

(9)

120

89‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/28 (8)

(9)

95

70‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/19 (8)

(9)

890

659‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/23 (8)

(9)

200

148‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/24 (8)

(9)

100

74‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.55%,

7/1/40 

1,555

1,538‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.75%,

7/1/53 

20,372

19,247‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

5.00%,

7/1/58 

11,923

11,552‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/27 

990

963‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/29 

5,800

5,282‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/33 

10,102

7,985‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/46 

10,000

3,582‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-2,

4.329%,

7/1/40 

16,489

16,120‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series B-1,

4.75%,

7/1/53 

1,469

1,388‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series B-2,

4.329%,

7/1/40 

5,156

5,041‌

123,907‌

T.

ROWE

PRICE

Core

Municipal

Bond

Fund

29

Par

$

Value

(Amounts

in

000s)

RHODE

ISLAND

 0.2%

Central

Falls

Detention

Fac.,

7.25%,

7/15/35 (8)(9)

4,915

1,917‌

Rhode

Island

Health

&

Ed.

Building,

Series A,

5.00%,

7/1/45 (5)

1,500

1,522‌

3,439‌

SOUTH

CAROLINA

 2.1%

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

1/1/32 

6,783

4,934‌

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

1/1/42 

11,920

4,262‌

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

7/22/51 

14,684

2,411‌

Connector

2000

Assoc.,

Series B-1,

Zero

Coupon,

1/1/32 

950

598‌

Connector

2000

Assoc.,

Series B-1,

Zero

Coupon,

7/22/51 

10,109

1,165‌

Connector

2000

Assoc.,

Series C-1,

Zero

Coupon,

7/22/51 

1,111

51‌

Medical

Univ.

Hosp.

Auth.,

Indian

Land

Project,

5.25%,

5/15/42 

4,840

5,072‌

Medical

Univ.

Hosp.

Auth.,

Indian

Land

Project,

5.25%,

5/15/46 

485

501‌

Medical

Univ.

Hosp.

Auth.,

Indian

Land

Project,

5.25%,

11/15/54 

4,820

4,870‌

Medical

Univ.

Hosp.

Auth.,

Nexton

Project,

5.50%,

11/15/50 

4,320

4,462‌

South

Carolina

Jobs-Economic

Dev.

Auth.,

Active

Retirement

Community,

Series C,

5.00%,

11/15/47 

1,325

1,313‌

South

Carolina

Jobs-Economic

Dev.

Auth.,

American

Leadership

Academy

-

Lexington,