T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
November
30,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
COMMON
STOCKS
0.0%
Ingevity
1
68
United
Airlines
Holdings (1)
—
15
Westrock
5
199
Total
Common
Stocks
(Cost
$213)
282
MUNICIPAL
SECURITIES
99.3%
ALABAMA
1.7%
Columbia
Ind.
Dev.
Board,
Series A,
VRDN,
1.10%,
12/1/37
6,950
6,950
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
5.50%,
1/1/28 (1)(2)
3,175
2,016
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
5.50%,
1/1/43 (1)(2)
2,460
1,562
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
Series A,
6.875%,
1/1/43 (1)(2)
1,720
1,092
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
Series A,
7.50%,
1/1/47 (1)(2)
3,080
1,956
Jefferson
County,
Sewer,
Series A,
5.50%,
10/1/53 (3)
19,770
20,427
Southeast
Energy
Auth.
A
Cooperative
Dist.,
Series A,
VRDN,
4.00%,
11/1/51
(Tender
10/1/28)
4,115
4,021
Southeast
Energy
Auth.
A
Cooperative
Dist.,
Series B,
VRDN,
4.00%,
12/1/51
(Tender
12/1/31)
5,600
5,387
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
4.50%,
5/1/32 (4)
2,602
2,233
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
5.25%,
5/1/44 (4)
22,310
18,459
Walker
County
Economic
&
IDA,
Power
Plant
Project,
Series AL,
VRDN,
1.45%,
12/1/36 (5)
4,600
4,600
68,703
ARIZONA
2.1%
Arizona
HFA,
Banner
Health,
Series B,
FRN,
67%
of
3M
USD
LIBOR
+
0.81%,
3.318%,
1/1/37
2,365
2,172
Arizona
IDA,
Cadence
Campus
Project,
Series A,
4.00%,
7/15/40 (4)
795
664
Arizona
IDA,
Cadence
Campus
Project,
Series A,
4.00%,
7/15/50 (4)
1,375
1,040
Arizona
IDA,
Doral
Academy
-
Fire
Mesa,
Series A,
5.00%,
7/15/39 (4)
1,140
1,072
Arizona
IDA,
Doral
Academy
-
Fire
Mesa,
Series A,
5.00%,
7/15/49 (4)
1,010
899
Arizona
IDA,
Odyssey
Preparatory
Academy,
5.00%,
7/1/49 (4)
3,740
3,355
Arizona
IDA,
Odyssey
Preparatory
Academy,
Series A,
5.25%,
7/1/37 (4)
2,580
2,521
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
Arizona
IDA,
Odyssey
Preparatory
Academy,
Series A,
5.50%,
7/1/52 (4)
2,925
2,825
Maricopa
County
IDA,
Commercial
Metals
Company
Project,
4.00%,
10/15/47 (4)(5)
6,680
5,323
Maricopa
County
PCR,
El
Paso
Electric,
Series A,
PCR,
4.50%,
8/1/42
2,795
2,791
Peoria
IDA,
Sierra
Winds
Life
Care,
Series A,
5.50%,
11/15/34
3,180
2,585
Peoria
IDA,
Sierra
Winds
Life
Care,
Series A,
5.75%,
11/15/40
5,155
4,038
Phoenix
Civic
Improvement,
Capital
Appreciation,
5.50%,
7/1/33 (6)
1,075
1,281
Phoenix
Civic
Improvement,
Capital
Appreciation,
Series B,
5.50%,
7/1/29 (6)
6,820
7,811
Phoenix
Civic
Improvement,
Capital
Appreciation,
Series B,
5.50%,
7/1/30 (6)
6,270
7,276
Phoenix
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/44
860
839
Phoenix
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/49
515
493
Phoenix
IDA,
Downtown
Phoenix
Housing,
5.00%,
7/1/59
1,820
1,707
Phoenix
IDA,
Downtown
Phoenix
Student
Housing,
Series B,
VRDN,
0.97%,
11/15/52
6,500
6,500
Pima
County
IDA,
American
Leadership
Academy,
4.00%,
6/15/41 (4)
2,585
2,043
Pima
County
IDA,
American
Leadership
Academy,
4.00%,
6/15/51 (4)
2,745
1,973
Pima
County
IDA,
American
Leadership
Academy,
4.00%,
6/15/57 (4)
3,110
2,140
Salt
Verde
Financial,
5.00%,
12/1/32
3,050
3,201
Salt
Verde
Financial,
5.00%,
12/1/37
14,085
14,563
Tempe
IDA,
Friendship
Village
of
Tempe
Project,
Series A,
4.00%,
12/1/38
1,290
1,018
Tempe
IDA,
Friendship
Village
of
Tempe
Project,
Series A,
4.00%,
12/1/46
2,150
1,530
81,660
ARKANSAS
0.5%
Arkansas
DFA,
Big
River
Steel
Project,
4.50%,
9/1/49 (4)(5)
12,550
10,802
Arkansas
DFA,
Big
River
Steel
Project,
4.75%,
9/1/49 (4)(5)
4,295
3,846
Arkansas
DFA,
Green
Bond,
5.45%,
9/1/52 (4)(5)
6,500
6,433
21,081
CALIFORNIA
5.0%
California
Community
Housing
Agency,
Creekwood,
Series A,
4.00%,
2/1/56 (4)
18,810
14,430
California
Community
Housing
Agency,
Junior
Bonds
Street
Flats,
Series A-2,
4.00%,
8/1/50 (4)
8,665
5,913
California
Community
Housing
Agency,
Senior-Fountains
at
Emerald,
3.00%,
8/1/56 (4)
2,500
1,639
California
Community
Housing
Agency,
Stoneridge
Apartment,
Series A,
4.00%,
2/1/56 (4)
6,975
5,140
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
California
Community
Housing
Agency,
Verdant
at
Green
Valley
Project,,
5.00%,
8/1/49 (4)
10,425
9,121
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35
2,930
2,845
California
Infrastructure
&
Economic
Dev.
Bank,
Social
Bond,
Series B,
5.00%,
11/1/47
1,945
2,043
California
Infrastructure
&
Economic
Dev.
Bank,
Social
Bond,
Series B,
5.00%,
11/1/57
1,675
1,728
California
Municipal
Fin.
Auth.,
Baptish
Univ.,
Series A,
5.00%,
11/1/46 (4)
2,750
2,695
California
Municipal
Fin.
Auth.,
Community
Health
System,
Series A,
4.00%,
2/1/51
3,040
2,714
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
4.00%,
12/31/47 (5)
5,000
4,336
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
5.00%,
12/31/43 (5)
10,000
10,110
California
Municipal
Fin.
Auth.,
Samuel
Merritt
Univ.,
5.25%,
6/1/53 (7)
4,955
5,303
California
Municipal
Fin.
Auth.,
UCR
North
Dist.
Phase
1,
5.00%,
5/15/49
2,580
2,495
California
Municipal
Fin.
Auth.,
UCR
North
Dist.
Phase
1,
5.00%,
5/15/52
2,150
2,064
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/36
2,285
2,323
California
PFA,
Enso
Village
Project,
2.375%,
11/15/28 (4)
1,290
1,187
California
PFA,
Enso
Village
Project,
3.125%,
5/15/29 (4)
1,385
1,208
California
PFA,
Enso
Village
Project,
5.00%,
11/15/46 (4)
645
546
California
PFA,
Enso
Village
Project,
Series B-3,
2.125%,
11/15/27 (4)
2,280
2,117
California
School
Fin.
Auth.,
Ivy
Academia
Project,
Series A,
4.00%,
6/1/41 (4)
1,650
1,309
California
School
Fin.
Auth.,
Ivy
Academia
Project,
Series A,
4.00%,
6/1/51 (4)
1,500
1,090
California
School
Fin.
Auth.,
Ivy
Academia
Project,
Series A,
4.00%,
6/1/61 (4)
250
172
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/28
225
221
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/29
240
234
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/30
255
249
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/31
200
194
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/41
1,380
1,211
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/51
855
703
California
Statewide
CDA,
Series 2021C-1,
4.00%,
9/2/31
980
956
California
Statewide
CDA,
Series 2021C-1,
4.00%,
9/2/41
1,780
1,592
California
Statewide
CDA,
Series 2021C-1,
4.00%,
9/2/51
1,205
1,013
California
Statewide
CDA,
Series A-1,
5.00%,
9/2/42
3,795
3,824
California
Statewide
CDA,
Series A-1,
5.00%,
9/2/52
5,400
5,289
California
Statewide
CDA,
899
Charleston
Moldaw
Residences,
Series A,
5.375%,
11/1/49 (4)
3,010
2,525
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
5.50%,
12/1/54
11,170
11,230
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/27 (4)
2,580
2,634
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/46 (4)
3,435
3,365
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/56 (4)
7,090
7,050
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58 (4)
15,980
16,104
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/29
1,720
1,722
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/41
1,375
1,235
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/51
2,065
1,746
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
5.00%,
9/2/34
925
980
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
5.00%,
9/2/39
860
896
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
5.00%,
9/2/49
430
438
California
Statewide
Fin.
Auth.,
Tobacco
Industry,
Series A,
6.00%,
5/1/43
1,290
1,312
CMFA
Special
Fin.
Agency
VII,
Breakwater
Apartments,
Series A-2,
4.00%,
8/1/47 (4)
7,420
5,438
CMFA
Special
Fin.
Agency
XII,
Allure
Apartments,
4.375%,
8/1/49 (4)
2,745
2,010
CMFA
Special
Fin.
Agency,
Solana
At
Grand,
Series A-2,
4.00%,
8/1/45 (4)
3,105
2,379
CSCDA
Community
Improvement
Auth.
Link-Glendale
Social
Bonds,
4.00%,
7/1/56 (4)
3,387
2,482
CSCDA
Community
Improvement
Auth.,
Altana
Glendale
Social
Bonds,
Series A-2,
4.00%,
10/1/56 (4)
14,770
10,813
CSCDA
Community
Improvement
Auth.,
Oceanaire
Long
Beach
Social
Bonds,
Series A-2,
4.00%,
9/1/56 (4)
2,700
2,048
CSCDA
Community
Improvement
Auth.,
Parallel
Anaheim
Social
Bonds,
4.00%,
8/1/56 (4)
3,275
2,493
CSCDA
Community
Improvement
Auth.,
Renaissance
at
City
Center,
Series A,
5.00%,
7/1/51 (4)
2,075
1,866
Golden
State
Tobacco
Securitization,
Series B-2,
Zero
Coupon,
6/1/66
80,185
8,596
Irvine,
Reassessment
Dist.
No.
12-1,
4.00%,
9/2/27
255
256
Irvine,
Reassessment
Dist.
No.
12-1,
4.00%,
9/2/28
350
351
Northern
California
Gas
Auth.
No.
1,
Series B,
FRN,
67%
of
3M
USD
LIBOR
+
0.72%,
3.228%,
7/1/27
4,950
4,794
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
Santa
Margarita
Water
Dist.,
Community
Fac.
Dist.
No.
2013-1,
5.625%,
9/1/43
2,065
2,082
Univ.
of
California,
Series 1,
VRDN,
0.60%,
5/15/48
100
100
West
Sacramento
Fin.
Auth.,
Series A,
5.00%,
9/1/34 (8)
1,695
1,902
196,861
COLORADO
4.9%
Aerotropolis
Regional
Transportation
Auth.,
4.375%,
12/1/52
9,055
6,680
Arista
Metropolitan
Dist.,
Series A,
GO,
5.00%,
12/1/38
2,480
2,354
Arista
Metropolitan
Dist.,
Series A,
GO,
5.125%,
12/1/48
5,945
5,411
Berthoud-Heritage
Metropolitan
Dist.
No.
1,
5.625%,
12/1/48
7,455
6,995
Brighton
Crossing
Metropolitan
Dist.
No.
4,
Series A,
GO,
5.00%,
12/1/47
1,225
1,129
Buffalo
Highlands
Metropolitan
Dist.,
Series A,
GO,
5.25%,
12/1/38
1,000
955
Buffalo
Highlands
Metropolitan
Dist.,
Series A,
GO,
5.375%,
12/1/48
3,250
3,006
Canyons
Metropolitan
Dist.
No.
5,
Series A,
GO,
6.00%,
12/1/37
1,250
1,202
Canyons
Metropolitan
Dist.
No.
5,
Series A,
GO,
6.125%,
12/1/47
4,000
3,816
Canyons
Metropolitan
Dist.
No.
6,
Series A,
GO,
6.125%,
12/1/47
2,000
1,908
Centerra
Metropolitan
Dist.
No.
1,
5.00%,
12/1/47 (4)
3,500
3,141
Colorado,
COP,
6.00%,
12/15/41
18,200
21,628
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/31 (7)
525
474
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/32 (7)
640
570
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/33 (7)
670
589
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/34 (7)
695
603
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/35 (7)
725
618
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/36 (7)
750
632
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/41 (7)
1,260
1,001
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/48 (7)
1,920
1,408
Colorado
HFA,
Frasier
Meadows
Manor,
Series B,
5.00%,
5/15/33
1,205
1,217
Colorado
HFA,
Frasier
Meadows
Manor,
Series B,
5.00%,
5/15/39
1,935
1,955
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
5.75%,
12/1/35 (4)
1,245
954
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
6.125%,
12/1/45 (4)
2,550
1,830
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
6.25%,
12/1/50 (4)
3,565
2,531
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/47
815
816
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/51
7,590
7,594
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/56
12,295
12,257
Colorado
Int'l.
Center
Metropolitan
Dist.
No.
14,
GO,
5.875%,
12/1/46
5,785
5,432
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
Colorado
Science
&
Technology
Park
Metropolitan
Dist.
No.
1,
5.00%,
12/1/33
3,040
2,963
Colorado
Science
&
Technology
Park
Metropolitan
Dist.
No.
1,
5.25%,
12/1/48
2,200
2,058
Cornerstar
Metropolitan
Dist.,
Series A,
GO,
5.125%,
12/1/37
500
480
Cornerstar
Metropolitan
Dist.,
Series A,
GO,
5.25%,
12/1/47
2,600
2,409
Denver
City
&
County
Airport,
Series A,
5.00%,
12/1/48 (5)
4,295
4,356
Denver
Int'l.
Business
Center
Metropolitan
Dist.
No.
1,
Series B,
GO,
6.00%,
12/1/48
1,290
1,259
Green
Valley
Ranch
East
Metropolitan
Dist.
No.
6,
Series A,
GO,
5.875%,
12/1/50
2,200
2,055
Lakes
at
Centerra
Metropolitan
Dist.
No.
2,
Series A,
GO,
5.125%,
12/1/37
1,695
1,619
Lakes
at
Centerra
Metropolitan
Dist.
No.
2,
Series A,
GO,
5.25%,
12/1/47
3,970
3,621
Painted
Prairie
Metropolitan
Dist.
No.
2,
GO,
5.25%,
12/1/48
4,405
4,010
Park
Creek
Metropolitan
Dist.,
Property
Tax,
Series A,
5.00%,
12/1/45
16,760
17,204
Peak
Metropolitan
Dist.
No.
1,
Series A,
GO,
4.00%,
12/1/35 (4)
500
418
Peak
Metropolitan
Dist.
No.
1,
Series A,
GO,
5.00%,
12/1/51 (4)
5,270
4,486
Public
Auth.
for
Colorado
Energy,
6.25%,
11/15/28
5,180
5,541
Public
Auth.
for
Colorado
Energy,
6.50%,
11/15/38
14,295
17,195
Pueblo
Urban
Renewal
Auth.,
4.75%,
12/1/45 (4)
6,180
4,980
Rampart
Range
Metropolitan
Dist.
No
5,
4.00%,
12/1/51
7,625
5,126
Riverwalk
Metropolitan
Dist.
No
2,
Series A,
5.00%,
12/1/52
4,610
3,877
Serenity
Ridge
Metropolitan
Dist.
No.
2,
Series A,
GO,
4.50%,
12/1/28
(Prerefunded
12/1/23) (9)
496
504
Serenity
Ridge
Metropolitan
Dist.
No.
2,
Series A,
GO,
5.125%,
12/1/43
(Prerefunded
12/1/23) (9)
1,000
1,052
Southglenn
Metropolitan
Dist.,
GO,
5.00%,
12/1/36
810
780
Southglenn
Metropolitan
Dist.,
GO,
5.00%,
12/1/46
1,600
1,471
STC
Metropolitan
Dist.
No.
2,
Series A,
GO,
4.00%,
12/1/29
1,000
927
STC
Metropolitan
Dist.
No.
2,
Series A,
GO,
5.00%,
12/1/38
850
795
STC
Metropolitan
Dist.
No.
2,
Series A,
GO,
5.00%,
12/1/49
1,000
899
Vauxmont
Metropolitan
Dist.,
GO,
5.00%,
12/1/32 (3)
645
709
Vauxmont
Metropolitan
Dist.,
GO,
5.00%,
12/1/35 (3)
255
276
Vauxmont
Metropolitan
Dist.,
GO,
5.00%,
12/1/50 (3)
1,290
1,320
Whispering
Pines
Metropolitan
Dist.
No.
1,
Series A,
GO,
5.00%,
12/1/37
1,000
956
Whispering
Pines
Metropolitan
Dist.
No.
1,
Series A,
GO,
5.00%,
12/1/47
3,380
3,063
195,115
CONNECTICUT
1.3%
Connecticut
State
HEFA,
Church
Home
of
Hartford,
Series A,
5.00%,
9/1/46 (4)
1,060
956
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
Connecticut
State
HEFA,
Church
Home
of
Hartford,
Series A,
5.00%,
9/1/53 (4)
1,370
1,207
Connecticut
State
HEFA,
Hartford
Univ.,
4.00%,
7/1/44
3,115
2,529
Connecticut
State
HEFA,
Hartford
Univ.,
4.00%,
7/1/49
4,560
3,562
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/31
3,390
3,400
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/32
3,560
3,557
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/33
2,230
2,210
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/34
1,560
1,534
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/43
8,810
8,323
Hamden
Town,
Whitney
Center
Project,
5.00%,
1/1/40
7,735
6,743
Hamden
Town,
Whitney
Center
Project,
5.00%,
1/1/50
8,230
6,658
Mashantucket
Western
Pequot
Tribe,
6.05%,
7/1/31
(4.00%
Cash
and
2.05%
PIK) (1)(2)(10)
25,151
5,596
Mohegan
Tribe
of
Indians,
Priority
Distributions,
Series C,
5.50%,
2/1/23 (4)
3,140
3,144
Steel
Point
Infrastructure
Improvement
Dist.,
Steelpointe
Harbor
Project,
4.00%,
4/1/41 (4)
550
467
Steel
Point
Infrastructure
Improvement
Dist.,
Steelpointe
Harbor
Project,
4.00%,
4/1/51 (4)
2,950
2,340
52,226
DELAWARE
0.9%
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
4.00%,
9/1/30
215
213
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
5.00%,
9/1/40
1,115
1,144
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
5.00%,
9/1/50
1,505
1,517
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/37
860
892
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/43
5,340
5,425
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/48
2,210
2,218
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/50
4,765
4,762
Delaware
State
Economic
Dev.
Auth.,
4.00%,
6/1/52
1,370
1,022
Delaware
State
Economic
Dev.
Auth.,
4.00%,
6/1/57
1,325
957
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/32
225
220
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/40
965
897
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/48
2,535
2,254
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/53
3,740
3,271
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/58
3,165
2,706
Sussex
County,
Cadbury
at
Lewes,
5.00%,
1/1/36
8,740
8,559
36,057
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
DISTRICT
OF
COLUMBIA
1.7%
District
of
Columbia
Tobacco
Settlement
Fin.,
Series A,
Zero
Coupon,
6/15/46
44,715
9,743
District
of
Columbia
Tobacco
Settlement
Fin.,
Series B,
Zero
Coupon,
6/15/46
19,770
3,591
District
of
Columbia,
Friendship
Public
Charter
School,
5.00%,
6/1/36
2,580
2,617
District
of
Columbia,
Friendship
Public
Charter
School,
5.00%,
6/1/41
1,670
1,677
District
of
Columbia,
Friendship
Public
Charter
School,
5.00%,
6/1/46
2,480
2,474
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/37
2,490
2,277
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/42
4,415
3,892
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/52
10,565
8,781
District
of
Columbia,
Methodist
Home
of
D.C.,
Series A,
5.125%,
1/1/35
1,345
1,206
District
of
Columbia,
Methodist
Home
of
D.C.,
Series A,
5.25%,
1/1/39
875
769
District
of
Columbia,
Union
Market
Infrastructure
Project,
STEP,
6/1/31 (4)
900
663
District
of
Columbia,
Union
Market
Infrastructure
Project,
STEP,
6/1/46 (4)
3,050
1,844
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
6.50%,
10/1/44
12,030
13,434
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/37 (3)
11,005
5,820
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/38
8,595
4,107
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/39
1,720
773
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/40
4,295
1,809
65,477
FLORIDA
3.4%
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.00%,
11/15/34
205
159
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.375%,
11/15/49
8,120
5,801
Boggy
Creek
Improvement
Dist.,
Special
Assessment,
Series 2013,
5.125%,
5/1/43
7,935
7,943
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/29
875
891
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/30
250
254
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/31
1,015
1,029
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/33
900
902
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/34
1,060
1,058
Capital
Trust
Agency,
4.00%,
6/15/24 (4)
900
887
Capital
Trust
Agency,
4.00%,
6/15/41 (4)
1,945
1,556
Capital
Trust
Agency,
4.00%,
6/15/51 (4)
2,970
2,160
Capital
Trust
Agency,
Bridge
Univ.
Student
Housing,
Series A,
5.25%,
12/1/58 (4)
7,840
6,937
Celebration
Pointe
Community
Dev.
Dist.,
3.00%,
5/1/31
620
526
Celebration
Pointe
Community
Dev.
Dist.,
3.375%,
5/1/41
1,150
840
Celebration
Pointe
Community
Dev.
Dist.,
4.00%,
5/1/53
1,440
1,051
Celebration
Pointe
Community
Dev.
Dist.,
4.75%,
5/1/24
320
322
Celebration
Pointe
Community
Dev.
Dist.,
5.125%,
5/1/45
820
792
Celebration
Pointe
Community
Dev.
Dist.,
Alachua
County,
5.00%,
5/1/32 (4)
980
980
Crossings
at
Fleming
Island
Community
Dev.
Dist.,
Series A-1,
4.50%,
5/1/30
325
319
Double
Branch
Community
Dev.
Dist.,
Special
Assessment,
Series A-1,
4.00%,
5/1/25
215
216
Fishhawk
Community
Dev.
Dist.,
Special
Assessment,
7.25%,
5/1/43
1,750
1,768
Florida
Dev.
Fin.,
UF
Health
Jacksonville
Project,
4.00%,
2/1/52
3,200
2,541
Florida
Dev.
Fin.,
UF
Health
Jacksonville
Project,
5.00%,
2/1/52
5,945
5,626
Florida
Dev.
Fin.,
Waste
Pro
USA,
3.00%,
6/1/32 (5)
5,570
4,367
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
4.75%,
6/1/38 (4)
2,710
2,401
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
5.00%,
6/1/48 (4)
10,695
9,233
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Nova
Southeastern
Univ.,
5.00%,
4/1/31
2,295
2,400
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Nova
Southeastern
Univ.,
5.00%,
4/1/32
1,505
1,572
Hillsborough
County
IDA,
BayCare
Health
System,
Series B,
VRDN,
1.00%,
11/1/38
6,700
6,700
Jacksonville
Ed.
Fac.,
Jacksonville
Univ.,
Series B,
5.00%,
6/1/53 (4)
9,875
8,367
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Centre
&
Northwest
Sector,
5.50%,
5/1/39 (4)
805
809
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Centre
&
Northwest
Sector,
5.65%,
5/1/48 (4)
995
995
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
National
Polo
Run,
5.25%,
5/1/37
3,125
3,137
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
National
Polo
Run,
5.375%,
5/1/47
3,945
3,839
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Ranch
South,
5.00%,
5/1/36
1,400
1,394
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Ranch
South,
5.125%,
5/1/46
2,755
2,630
Lakewood
Ranch
Stewardship
Dist.,
Northeast
Sector,
5.30%,
5/1/39
860
857
Lakewood
Ranch
Stewardship
Dist.,
Northeast
Sector,
5.45%,
5/1/48
1,480
1,447
Lee
County
IDA,
Preserve,
Series A,
5.00%,
12/1/27 (4)
325
291
Lee
County
IDA,
Preserve,
Series A,
5.375%,
12/1/32 (4)
900
743
Lee
County
IDA,
Preserve,
Series A,
5.625%,
12/1/37 (4)
1,270
995
Lee
County
IDA,
Preserve,
Series A,
5.75%,
12/1/52 (4)
7,090
4,991
Miami-Dade
County
Water
&
Sewer
System,
4.00%,
10/1/48
4,895
4,642
Palm
Beach
County
HFA,
Toby
&
Leon
Cooperman
Sinai
Residences
of
Boca
Raton,
4.00%,
6/1/41
2,185
1,715
Palm
Beach
County
HFA,
Toby
&
Leon
Cooperman
Sinai
Residences
of
Boca
Raton,
4.25%,
6/1/56
3,065
2,263
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/37
1,190
1,105
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/42
1,375
1,234
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/47
2,755
2,394
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/52
5,820
4,960
Sawyers
Landing
Community
Dev.
Dist.,
4.125%,
5/1/41
2,625
2,218
Sawyers
Landing
Community
Dev.
Dist.,
4.25%,
5/1/53
3,500
2,788
Tolomato
Community
Dev.
Dist.,
Special
Assessment,
Series 2015-
2,
STEP,
5/1/40
590
518
Tolomato
Community
Dev.
Dist.,
Special
Assessment,
Series 2015-
3,
6.61%,
5/1/40 (1)(2)
640
—
Viera
Stewardship
Dist.,
Series 2021,
3.125%,
5/1/41
900
644
Viera
Stewardship
Dist.,
Series 2021,
4.00%,
5/1/53
1,420
1,078
Village
Community
Dev.
Dist.
No.
10,
Special
Assessment,
5.125%,
5/1/24
685
688
Village
Community
Dev.
Dist.
No.
10,
Special
Assessment,
5.75%,
5/1/31
2,675
2,690
Village
Community
Dev.
Dist.
No.
10,
Special
Assessment,
6.00%,
5/1/44
3,440
3,458
134,121
GEORGIA
3.7%
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.50%,
1/1/29
3,095
1,640
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.75%,
1/1/35
14,945
7,921
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
7.00%,
1/1/40
9,255
4,905
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
2.375%,
7/1/26 (4)
1,265
1,191
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
2.875%,
7/1/31 (4)
1,765
1,607
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
3.625%,
7/1/42 (4)
3,650
3,177
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
3.875%,
7/1/51 (4)
4,615
3,936
Bartow
County
Dev.
Auth.,
VRDN,
1.40%,
11/1/62 (5)
8,000
8,000
Burke
County
Dev.
Auth.,
Plant
Vogtle,
VRDN,
1.45%,
11/1/52 (5)
4,000
4,000
Burke
County
Dev.
Auth.,
Plant
Vogtle,
VRDN,
1.60%,
11/1/52
6,600
6,600
Burke
County
Dev.
Auth.,
Plant
Vogtle,
VRDN,
PCR,
1.40%,
7/1/49
8,025
8,025
Cobb
County
Kennestone
Hosp.
Auth.,
Wellstar
Health
System,
4.00%,
4/1/52
5,030
4,559
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
4.00%,
4/1/41 (4)
2,580
1,901
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
4.00%,
4/1/51 (4)
7,305
4,863
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
5.00%,
4/1/47 (4)
2,965
2,425
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
5.00%,
4/1/54 (4)
2,365
1,866
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.00%,
2/15/45
2,760
2,784
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series B,
5.50%,
2/15/42
8,595
9,154
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
2.375%,
1/1/31
2,395
2,093
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
3.625%,
1/1/31 (4)
1,325
1,171
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/36
1,290
1,187
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/54
4,615
3,738
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/36 (4)
2,870
2,679
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/54 (4)
14,150
11,728
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.00%,
6/15/27 (4)
275
275
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.75%,
6/15/37 (4)
1,320
1,336
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.875%,
6/15/47 (4)
2,150
2,150
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
6.00%,
6/15/52 (4)
1,320
1,323
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series B,
5.00%,
12/1/52
(Tender
6/1/29)
6,355
6,556
Marietta
Dev.
Auth.,
Life
Univ.,
Series A,
5.00%,
11/1/27 (4)
2,980
3,016
Marietta
Dev.
Auth.,
Life
Univ.,
Series A,
5.00%,
11/1/37 (4)
2,400
2,322
Marietta
Dev.
Auth.,
Life
Univ.,
Series A,
5.00%,
11/1/47 (4)
9,450
8,693
Monroe
County
Dev.
Auth.,
Power
&
Light
Company
Project,
VRDN,
1.20%,
6/1/49 (5)
815
815
Municipal
Electric
Auth.
of
Georgia,
Plant
Vogtle
Project,
Series A,
5.00%,
1/1/49
10,705
10,725
Savannah
Economic
Dev.
Auth.,
Marshes
of
Skidaway,
7.25%,
1/1/44
(Prerefunded
1/1/24) (9)
8,230
8,621
146,982
GUAM
0.4%
Guam
Power
Auth.,
Series A,
5.00%,
10/1/42
4,400
4,485
Guam
Power
Auth.,
Series A,
5.00%,
10/1/43
2,095
2,133
Guam
Power
Auth.,
Series A,
5.00%,
10/1/44
1,840
1,873
Territory
of
Guam,
Series F,
4.00%,
1/1/36
3,865
3,567
Territory
of
Guam,
Series F,
4.00%,
1/1/42
925
801
Territory
of
Guam,
Series F,
5.00%,
1/1/30
860
899
Territory
of
Guam,
Series F,
5.00%,
1/1/31
860
902
14,660
IDAHO
0.3%
Idaho
HFA,
Saint
Luke's
Health,
Series C,
VRDN,
1.06%,
3/1/48
1,525
1,525
Power
County
IDC,
FMC
Project,
6.45%,
8/1/32 (5)
3,930
3,944
Spring
Valley
Community
Infrastructure
Dist.
No.
1,
Special
Assessment
Bonds,
3.75%,
9/1/51 (4)
11,071
7,969
13,438
ILLINOIS
5.8%
Chicago,
Series 2005D,
GO,
5.50%,
1/1/40
10,310
10,380
Chicago,
Series 2007E,
GO,
5.50%,
1/1/35
1,290
1,300
Chicago,
Series A,
GO,
5.00%,
1/1/39
1,115
1,117
Chicago,
Series A,
GO,
5.00%,
1/1/40
2,580
2,574
Chicago,
Series A,
GO,
5.50%,
1/1/35
3,435
3,549
Chicago
Board
of
Ed.,
Series A,
GO,
5.00%,
12/1/34 (3)
900
925
Chicago
Board
of
Ed.,
Series A,
GO,
5.00%,
12/1/35 (3)
900
921
Chicago
Board
of
Ed.,
School
Reform,
Series B-1,
GO,
Zero
Coupon,
12/1/27 (11)
13,345
10,884
Chicago
Board
of
Ed.,
School
Reform,
Series B-1,
GO,
Zero
Coupon,
12/1/29 (3)
12,210
9,324
Chicago,
City
Colleges,
GO,
Zero
Coupon,
1/1/27 (11)
8,595
7,320
Illinois,
GO,
5.00%,
2/1/28
3,650
3,786
Illinois,
GO,
5.00%,
5/1/34
1,720
1,736
Illinois,
GO,
5.50%,
7/1/38
7,305
7,344
Illinois,
Series A,
GO,
5.00%,
10/1/31
2,150
2,248
Illinois,
Series A,
GO,
5.50%,
3/1/42
3,625
3,820
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Illinois,
Series A,
GO,
5.50%,
3/1/47
5,475
5,706
Illinois,
Series B,
GO,
5.00%,
10/1/31
1,975
2,065
Illinois,
Series B,
GO,
5.00%,
10/1/32
2,700
2,817
Illinois,
Series B,
GO,
5.00%,
12/1/33
2,950
3,118
Illinois,
Series C,
GO,
5.00%,
11/1/29
9,175
9,561
Illinois,
Series D,
GO,
5.00%,
11/1/25
860
887
Illinois,
Series D,
GO,
5.00%,
11/1/28
6,125
6,387
Illinois
DFA,
Citgo
Petroleum,
8.00%,
6/1/32 (5)
1,505
1,506
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.00%,
5/15/33
11,690
9,613
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.125%,
5/15/38
9,450
7,294
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.25%,
5/15/42
1,720
1,286
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.25%,
5/15/54
10,310
7,066
Illinois
Fin.
Auth.,
Christian
Homes,
5.00%,
5/15/36
1,205
1,101
Illinois
Fin.
Auth.,
Christian
Homes,
5.00%,
5/15/40
1,075
954
Illinois
Fin.
Auth.,
Franciscan
Communities,
Series A,
5.00%,
5/15/37
3,310
3,194
Illinois
Fin.
Auth.,
Franciscan
Communities,
Series A,
5.00%,
5/15/47
1,335
1,222
Illinois
Fin.
Auth.,
Franciscan
Communities,
Unrefunded
Balance,
Series A,
5.125%,
5/15/43
1,125
1,056
Illinois
Fin.
Auth.,
Franciscan
Communities,
Unrefunded
Balance,
Series A,
5.25%,
5/15/47
5,255
4,985
Illinois
Fin.
Auth.,
Northwestern
Memorial,
Series C,
VRDN,
0.95%,
7/15/55
2,200
2,200
Illinois
Fin.
Auth.,
Plymouth
Place,
5.25%,
5/15/45
(Prerefunded
5/15/25) (9)
1,030
1,090
Illinois
Fin.
Auth.,
Plymouth
Place,
5.25%,
5/15/50
(Prerefunded
5/15/25) (9)
2,795
2,959
Illinois
Fin.
Auth.,
Silver
Cross
Hosp.,
5.00%,
8/15/35
2,295
2,337
Illinois
Fin.
Auth.,
Silver
Cross
Hosp.,
5.00%,
8/15/44
4,295
4,310
Illinois
Fin.
Auth.,
Three
Crowns
Park,
5.00%,
2/15/32
990
969
Illinois
Fin.
Auth.,
Three
Crowns
Park,
5.25%,
2/15/37
685
670
Illinois
Fin.
Auth.,
Three
Crowns
Park,
5.25%,
2/15/47
3,525
3,292
Illinois
Fin.
Auth.,
Villa
Saint
Benedict,
6.125%,
11/15/35
2,650
2,695
Illinois
Fin.
Auth.,
Villa
Saint
Benedict,
6.375%,
11/15/43
3,435
3,492
Illinois
Housing
Dev.
Auth.,
Series G,
5.00%,
10/1/46 (7)
1,500
1,530
Illinois
Housing
Dev.
Auth.,
Series G,
6.25%,
10/1/52 (7)
1,425
1,561
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
4.00%,
6/15/52
2,300
1,947
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
5.00%,
12/15/45
645
649
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
5.00%,
6/15/50
8,995
9,002
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
12/15/35
925
500
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/36
795
419
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/37
1,210
601
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
12/15/38
2,580
1,178
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/39
2,795
1,233
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/41
980
382
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
12/15/30 (11)
3,300
2,338
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
12/15/33 (11)
50,085
30,684
Regional
Transportation
Auth.,
Series A,
6.00%,
7/1/33 (11)
6,445
7,682
Upper
Illinois
River
Valley
Dev.
Auth.,
Cambridge
Lakes
Learning
Center,
Series A,
5.00%,
12/1/32 (4)
3,585
3,396
Upper
Illinois
River
Valley
Dev.
Auth.,
Cambridge
Lakes
Learning
Center,
Series A,
5.25%,
12/1/47 (4)
6,970
6,078
230,240
INDIANA
1.4%
East
Chicago,
USG
Project,
5.50%,
9/1/28 (5)
1,525
1,421
Indiana
Fin.
Auth.
Depauw
University
Project,
Series A,
5.50%,
7/1/52
9,400
10,037
Indiana
Fin.
Auth.,
Greencroft
Obligated
Group,
Series A,
7.00%,
11/15/43
6,875
7,099
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series A,
4.25%,
11/1/30
5,600
5,442
Indiana
Fin.
Auth.,
U.S.
Steel,
Series A,
4.125%,
12/1/26
11,875
11,570
Indiana
Municipal
Power
Agency,
Series B,
VRDN,
1.06%,
3/1/22
100
100
Indianapolis
Airport
Auth.,
United
Airlines,
Series A,
6.50%,
11/15/31 (1)(5),(12)
9,846
—
Town
of
Shoals,
National
Gypsum,
7.25%,
11/1/43 (5)
4,250
4,312
Valparaiso,
Pratt
Paper,
6.75%,
1/1/34 (5)
6,360
6,526
Valparaiso,
Pratt
Paper,
7.00%,
1/1/44 (5)
8,595
8,830
55,337
IOWA
0.2%
Iowa
Fin.
Auth.,
Unity
Point
Health,
Series E,
VRDN,
0.95%,
2/15/41
7,200
7,200
7,200
KANSAS
0.1%
Lenexa,
Lakeview
Village,
Series A,
5.00%,
5/15/30
1,095
1,096
Lenexa,
Lakeview
Village,
Series A,
5.00%,
5/15/32
990
984
Lenexa,
Lakeview
Village,
Series A,
5.00%,
5/15/39
1,010
977
3,057
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
KENTUCKY
2.4%
Henderson,
Pratt
Paper,
Series B,
4.45%,
1/1/42 (4)(5)
2,110
1,915
Henderson,
Pratt
Paper,
Series B,
4.70%,
1/1/52 (4)(5)
6,810
6,006
Kentucky
Economic
DFA,
Baptist
Life
Communities,
6.25%,
11/15/46
3,010
2,530
Kentucky
Economic
DFA,
Baptist
Life
Communities,
6.375%,
11/15/51
5,030
4,221
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/46
6,105
5,010
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/51
3,155
2,528
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.375%,
11/15/42
3,865
3,276
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.50%,
11/15/45
2,020
1,703
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/37
3,860
3,958
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/41
4,385
4,432
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/45
6,965
6,990
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/41
6,550
6,670
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/50
12,120
12,180
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28)
12,035
11,839
Kentucky
Public
Transportation
Infrastructure
Auth.,
Downtown
Crossing,
Series A,
5.75%,
7/1/49
(Prerefunded
7/1/23) (9)
2,495
2,532
Kentucky
Public
Transportation
Infrastructure
Auth.,
Downtown
Crossing,
Series A,
6.00%,
7/1/53
(Prerefunded
7/1/23) (9)
8,595
8,735
Louisville
Regional
Airport
Auth.,
Series B,
VRDN,
1.15%,
1/1/29 (5)
8,400
8,400
92,925
LOUISIANA
1.6%
Jefferson
Parish
Economic
Dev.
&
Port
Dist.,
Kenner
Discovery
Health
Sciences,
Series A,
5.50%,
6/15/38 (4)
2,065
2,050
Jefferson
Parish
Economic
Dev.
&
Port
Dist.,
Kenner
Discovery
Health
Sciences,
Series A,
5.625%,
6/15/48 (4)
2,410
2,342
Louisiana
Local
Gov't
Environmental
Fac.
&
Community
Dev.
Auth.,
Westlake
Chemical,
3.50%,
11/1/32
17,270
15,927
New
Orleans
Aviation
Board,
Series D-2,
5.00%,
1/1/31 (5)
560
586
New
Orleans
Aviation
Board,
Series D-2,
5.00%,
1/1/34 (5)
695
722
New
Orleans
Aviation
Board,
Series D-2,
5.00%,
1/1/35 (5)
560
579
New
Orleans
Aviation
Board,
North
Terminal
Project,
Series B,
5.00%,
1/1/43 (5)
1,720
1,746
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
New
Orleans
Aviation
Board,
North
Terminal
Project,
Series B,
5.00%,
1/1/48 (5)
6,620
6,652
New
Orleans
Sewerage
Service,
5.00%,
6/1/33
(Prerefunded
6/1/25) (9)
1,240
1,310
New
Orleans
Sewerage
Service,
5.00%,
6/1/40
(Prerefunded
6/1/25) (9)
2,350
2,482
New
Orleans
Sewerage
Service,
5.00%,
6/1/45
(Prerefunded
6/1/25) (9)
1,505
1,589
New
Orleans
Water
System,
5.00%,
12/1/40
(Prerefunded
12/1/25) (9)
5,800
6,177
New
Orleans
Water
System,
5.00%,
12/1/45
(Prerefunded
12/1/25) (9)
4,730
5,038
Saint
James
Parish,
Nustar
Logistics,
VRDN,
5.85%,
8/1/41
(Tender
6/1/25) (4)
1,420
1,456
Saint
James
Parish,
Nustar
Logistics,
VRDN,
6.10%,
6/1/38
(Tender
6/1/30) (4)
4,550
4,851
Saint
James
Parish,
Nustar
Logistics,
Series 2,
6.35%,
7/1/40 (4)
4,600
4,916
Saint
James
Parish,
Nustar
Logistics,
Series B,
VRDN,
6.10%,
12/1/40
(Tender
6/1/30) (4)
5,955
6,349
64,772
MARYLAND
5.3%
Anne
Arundel
County,
Annapolis
Area
Christian
School,
Series A,
5.50%,
7/1/23
180
180
Anne
Arundel
County,
Annapolis
Area
Christian
School,
Series A,
6.50%,
7/1/33
2,555
2,557
Anne
Arundel
County,
Annapolis
Area
Christian
School,
Series A,
6.75%,
7/1/43
4,965
4,967
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/42
2,455
2,191
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/46
18,505
16,634
Frederick
County,
Series C,
4.00%,
7/1/50 (4)
1,060
882
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/27
1,290
1,321
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/28
1,720
1,764
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/33
9,915
9,990
Maryland
Economic
Dev.,
Baltimore
City
Project,
Series A,
5.00%,
6/1/58
4,385
4,045
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/25
1,060
1,079
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/29 (4)
2,065
2,116
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/33 (4)
2,180
2,219
Maryland
Economic
Dev.,
Port
Covington
Project,
3.25%,
9/1/30
750
669
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/40
1,890
1,621
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series A,
5.00%,
11/12/28 (5)
8,250
8,641
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/55 (5)
45,250
46,708
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
Maryland
Economic
Dev.,
Senior-Annapolis
Mobility,
5.25%,
6/30/53
5,035
5,213
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/25
895
923
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/27
860
902
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/28
1,290
1,366
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/30
860
908
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/32
885
930
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/35
2,225
2,310
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/36
5,895
6,181
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/46
17,770
18,056
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/45
860
889
Maryland
HHEFA,
City
Neighbors
Charter
School,
Series A,
6.75%,
7/1/44
2,320
2,344
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/32
515
531
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/33
1,310
1,348
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/34
1,545
1,588
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/35
1,380
1,414
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/36
1,290
1,319
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/46
2,795
2,408
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/51
4,675
3,913
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/55
2,895
2,366
Montgomery
County,
Friends
House
Retirement
Community,
Series A,
5.00%,
7/1/39
405
353
Montgomery
County,
Friends
House
Retirement
Community,
Series A,
5.375%,
7/1/48
5,585
4,825
Prince
George's
County
Auth.,
Suitland-Naylor
Road,
4.75%,
7/1/36 (4)
1,505
1,506
Prince
George's
County
Auth.,
Suitland-Naylor
Road,
5.00%,
7/1/46 (4)
2,150
2,151
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/31
1,290
1,240
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/37
1,730
1,595
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/35
860
803
Rockville,
Ingelside
at
King
Farm,
Series B,
4.25%,
11/1/37
340
279
Rockville,
Ingelside
at
King
Farm,
Series B,
4.50%,
11/1/43
1,695
1,387
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/42
2,925
2,600
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/47
5,700
4,915
Rockville,
Ingleside
at
King
Farm,
5.00%,
11/1/29
430
419
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
Rockville,
Ingleside
at
King
Farm,
5.00%,
11/1/32
430
410
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/26
1,490
1,442
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/27
1,550
1,478
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/30
1,745
1,582
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/31
955
852
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36
2,415
2,010
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/42
6,875
5,297
Westminster,
Carroll
Lutheran
Village,
5.125%,
7/1/34
(Prerefunded
7/1/24) (9)
3,865
4,005
Westminster,
Carroll
Lutheran
Village,
5.50%,
7/1/44
(Prerefunded
7/1/24) (9)
3,865
4,027
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
5.00%,
7/1/24
750
755
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
6.25%,
7/1/44
3,135
3,171
209,595
MASSACHUSETTS
0.9%
Massachusetts
Dev.
Fin.
Agency,
Boston
Univ.,
Series P,
5.45%,
5/15/59 (8)
2,170
2,460
Massachusetts
Dev.
Fin.
Agency,
Boston
Univ.,
Series U-6C,
VRDN,
1.00%,
10/1/42
1,600
1,600
Massachusetts
Dev.
Fin.
Agency,
Linden
Ponds
Fac.,
5.00%,
11/15/38 (4)
2,310
2,366
Massachusetts
Dev.
Fin.
Agency,
Linden
Ponds
Fac.,
5.125%,
11/15/46 (4)
3,180
3,240
Massachusetts
Dev.
Fin.
Agency,
Milford
Regional
Medical
Center,
Series F,
5.625%,
7/15/36
520
525
Massachusetts
Dev.
Fin.
Agency,
Milford
Regional
Medical
Center,
Series F,
5.75%,
7/15/43
2,825
2,848
Massachusetts
Dev.
Fin.
Agency,
NewBridge
on
the
Charles,
5.00%,
10/1/37 (4)
3,865
3,985
Massachusetts
Dev.
Fin.
Agency,
NewBridge
on
the
Charles,
5.00%,
10/1/47 (4)
5,695
5,795
Massachusetts
Dev.
Fin.
Agency,
NewBridge
on
the
Charles,
5.00%,
10/1/57 (4)
11,170
11,308
Massachusetts
Dev.
Fin.
Agency,
Salem
Community,
5.25%,
1/1/50
2,300
2,039
36,166
MICHIGAN
1.2%
Calhoun
County
Hosp.
Fin.
Auth.,
Oaklawn
Hosp.,
5.00%,
2/15/37
860
869
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
Calhoun
County
Hosp.
Fin.
Auth.,
Oaklawn
Hosp.,
5.00%,
2/15/41
4,895
4,905
Calhoun
County
Hosp.
Fin.
Auth.,
Oaklawn
Hosp.,
5.00%,
2/15/47
13,660
13,344
Detroit,
GO,
5.00%,
4/1/29
620
643
Detroit,
GO,
5.00%,
4/1/30
605
627
Detroit,
GO,
5.00%,
4/1/31
645
668
Detroit,
GO,
5.00%,
4/1/32
730
754
Detroit,
GO,
5.00%,
4/1/33
1,030
1,062
Detroit,
GO,
5.00%,
4/1/37
1,805
1,833
Detroit,
GO,
5.00%,
4/1/38
1,205
1,221
Detroit,
Series A,
GO,
5.00%,
4/1/50
1,965
1,898
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate,
5.00%,
11/1/32
1,810
1,674
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate,
5.00%,
11/1/37
1,025
908
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate,
5.00%,
11/1/47
2,385
1,954
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate,
5.00%,
11/1/52
1,020
811
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
Series A,
4.00%,
11/15/50
2,035
1,812
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Great
Lakes,
Series C,
5.00%,
7/1/34
3,560
3,670
Michigan
Fin.
Auth.,
Local
Gov't.
Loan
Program,
Great
Lakes,
Series C,
5.00%,
7/1/35
5,320
5,478
Michigan
Tobacco
Settlement
Fin.
Auth.,
Series B,
Zero
Coupon,
6/1/52
21,910
2,377
46,508
MINNESOTA
0.3%
Deephaven,
Seven
Hills
Preparatory
Academy,
Series A,
5.00%,
10/1/37
450
405
Deephaven,
Seven
Hills
Preparatory
Academy,
Series A,
5.00%,
10/1/49
860
718
Rochester,
Mayo
Clinic,
5.00%,
11/15/57
7,460
8,039
Woodbury,
Woodbury
Leadership
Project,
4.00%,
7/1/41
730
581
Woodbury,
Woodbury
Leadership
Project,
4.00%,
7/1/51
565
409
Woodbury,
Woodbury
Leadership
Project,
4.00%,
7/1/56
495
345
10,497
MISSISSIPPI
0.2%
Mississippi
Business
Fin.,
Gulf
Power,
VRDN,
1.45%,
7/1/25 (5)
3,300
3,300
Mississippi
Business
Fin.,
Gulf
Power,
VRDN,
1.50%,
12/1/27 (5)
4,900
4,900
8,200
MISSOURI
2.2%
Kansas
City
IDA,
Kansas
City
Int'l.
Airport,
4.00%,
3/1/50 (5)
9,665
8,463
Kansas
City
IDA,
Kansas
City
Int'l.
Airport,
4.00%,
3/1/50 (3)(5)
2,150
1,903
Kansas
City
IDA,
Kansas
City
Int'l.
Airport,
4.00%,
3/1/57 (3)(5)
16,115
13,848
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
Kansas
City
IDA,
Kansas
City
Int'l.
Airport,
Series B,
5.00%,
3/1/54 (5)
4,295
4,312
Kirkwood
IDA,
Aberdeen
Heights,
5.25%,
5/15/37
1,720
1,543
Kirkwood
IDA,
Aberdeen
Heights,
5.25%,
5/15/42
1,460
1,260
Kirkwood
IDA,
Aberdeen
Heights,
5.25%,
5/15/50
3,435
2,824
Missouri
HEFA,
Lutheran
Senior
Services,
5.00%,
2/1/34
1,205
1,194
Missouri
HEFA,
Lutheran
Senior
Services,
5.00%,
2/1/35
945
933
Missouri
HEFA,
Lutheran
Senior
Services,
5.00%,
2/1/46
5,585
5,214
Saint
Louis
County
IDA,
Friendship
Village,
5.00%,
9/1/48
1,830
1,547
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.00%,
9/1/38
4,080
3,710
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.125%,
9/1/48
13,320
11,473
Saint
Louis
County
IDA,
Nazareth
Living
Center,
Series A,
5.00%,
8/15/30
860
831
Saint
Louis
County
IDA,
Nazareth
Living
Center,
Series A,
5.00%,
8/15/35
605
562
Saint
Louis
County
IDA,
Nazareth
Living
Center,
Series A,
5.125%,
8/15/45
1,460
1,271
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
5.00%,
12/1/35
1,720
1,674
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
Series A,
5.125%,
12/1/45
1,825
1,716
Saint
Louis
IDA,
Ballpark
Village,
Series A,
3.875%,
11/15/29
795
685
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.375%,
11/15/35
2,355
1,882
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.75%,
11/15/47
2,535
1,883
Saint
Louis
Land
Clearance
for
Redev.
Auth.,
National
Geospatial
Intelligence
Agency,
5.125%,
6/1/46
4,410
4,481
Saint
Louis
Land
Clearance
for
Redev.
Auth.,
National
Geospatial
Intelligence
Agency,
5.375%,
6/1/43
12,590
12,983
86,192
MONTANA
0.3%
Kalispell,
Immanuel
Lutheran,
Series A,
5.25%,
5/15/37
590
529
Kalispell,
Immanuel
Lutheran,
Series A,
5.25%,
5/15/47
6,230
5,118
Kalispell,
Immanuel
Lutheran,
Series A,
5.25%,
5/15/52
6,485
5,138
10,785
NEBRASKA
0.1%
Central
Plains
Energy
Project,
Series 1,
5.00%,
5/1/53
(Tender
10/1/29)
1,245
1,276
Central
Plains
Energy
Project,
Series A,
5.00%,
9/1/30
3,010
3,199
4,475
NEVADA
0.5%
Henderson
Public
Improvement
Trust,
Touro
College
&
Univ.
Obligated
Group,
5.50%,
1/1/34
(Prerefunded
7/1/24) (9)
1,515
1,578
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
Henderson
Public
Improvement
Trust,
Touro
College
&
Univ.
Obligated
Group,
5.50%,
1/1/39
(Prerefunded
7/1/24) (9)
2,245
2,339
Henderson
Public
Improvement
Trust,
Touro
College
&
Univ.
Obligated
Group,
5.50%,
1/1/44
(Prerefunded
7/1/24) (9)
3,220
3,355
Las
Vegas
Redev.
Agency,
5.00%,
6/15/30
355
369
Las
Vegas
Redev.
Agency,
5.00%,
6/15/40
3,890
3,977
Las
Vegas
Redev.
Agency,
5.00%,
6/15/45
6,830
6,961
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/33 (3)
175
189
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/36
215
227
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/37
430
452
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/38 (3)
85
90
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/48
430
445
Reno,
Retrac-Reno
Transportation,
Series C,
Zero
Coupon,
7/1/58 (4)
13,000
1,528
21,510
NEW
HAMPSHIRE
0.4%
New
Hampshire
Business
Fin.
Auth.,
Series B,
VRDN,
3.75%,
7/1/45
(Tender
7/2/40) (4)(5)
3,525
2,849
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.25%,
7/1/39 (4)
1,350
1,231
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.625%,
7/1/46 (4)
750
692
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.75%,
7/1/54 (4)
1,875
1,722
New
Hampshire
HEFA,
Hillside
Villiage,
Series A,
6.125%,
7/1/37 (1)(2)(4)
1,475
324
New
Hampshire
HEFA,
Hillside
Villiage,
Series A,
6.125%,
7/1/52 (1)(2)(4)
3,630
799
New
Hampshire
HEFA,
Hillside
Villiage,
Series A,
6.25%,
7/1/42 (1)(2)(4)
2,190
482
New
Hampshire
HEFA,
Kendel
at
Hanover,
5.00%,
10/1/36
685
691
New
Hampshire
HEFA,
Kendel
at
Hanover,
5.00%,
10/1/40
645
647
New
Hampshire
HEFA,
Kendel
at
Hanover,
5.00%,
10/1/46
5,250
5,203
14,640
NEW
JERSEY
3.1%
Essex
County
Improvement
Auth.,
The
Friends
of
Team
Charter
Schools,
4.00%,
6/15/46
1,690
1,460
Essex
County
Improvement
Auth.,
The
Friends
of
Team
Charter
Schools,
4.00%,
6/15/56
1,910
1,560
Gloucester
County
Pollution
Control
Fin.
Auth.,
Keystone
Urban
Renewal,
Series A,
PCR,
5.00%,
12/1/24 (5)(13)
1,790
1,818
New
Jersey
Economic
Dev.
Auth.,
Barnabas
Health,
Series A,
Zero
Coupon,
7/1/26 (11)(13)
2,150
1,931
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/49 (4)
900
818
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
New
Jersey
Economic
Dev.
Auth.,
Continental
Airlines,
Series B,
5.625%,
11/15/30 (5)
7,735
7,779
New
Jersey
Economic
Dev.
Auth.,
Goethals
Bridge,
5.625%,
1/1/52 (5)
14,615
14,663
New
Jersey
Economic
Dev.
Auth.,
Lions
Gate,
4.375%,
1/1/24
450
446
New
Jersey
Economic
Dev.
Auth.,
Lions
Gate,
4.875%,
1/1/29
890
853
New
Jersey
Economic
Dev.
Auth.,
Lions
Gate,
5.00%,
1/1/34
1,700
1,570
New
Jersey
Economic
Dev.
Auth.,
Lions
Gate,
5.25%,
1/1/44
4,215
3,752
New
Jersey
Economic
Dev.
Auth.,
Middlesex
Water,
5.00%,
8/1/59 (5)
1,740
1,756
New
Jersey
Economic
Dev.
Auth.,
Port
Newark
Container
Terminal,
5.00%,
10/1/37 (5)
11,340
11,412
New
Jersey
Economic
Dev.
Auth.,
Port
Newark
Container
Terminal,
5.00%,
10/1/47 (5)
15,715
15,386
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/30
1,720
1,660
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/48
10,385
8,893
New
Jersey
Economic
Dev.
Auth.,
Transit
Transportation
Project,
4.00%,
11/1/44
12,680
11,614
New
Jersey
Economic
Dev.
Auth.,
UMM
Energy
Partners,
Series A,
5.00%,
6/15/37 (5)
1,075
1,075
New
Jersey
Economic
Dev.
Auth.,
UMM
Energy
Partners,
Series A,
5.125%,
6/15/43 (5)
1,505
1,505
New
Jersey
Transportation
Trust
Fund
Auth.,
5.25%,
6/15/46
2,840
2,994
New
Jersey
Transportation
Trust
Fund
Auth.,
5.50%,
6/15/50
2,035
2,183
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/42
860
800
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/36
860
922
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series A,
Zero
Coupon,
12/15/28
12,890
10,102
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series AA,
5.25%,
6/15/43
2,940
3,053
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series BB,
4.00%,
6/15/46
2,610
2,377
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series C,
Zero
Coupon,
12/15/30 (11)
3,885
2,801
Tobacco
Settlement
Fin.,
Series A,
5.25%,
6/1/46
8,595
8,656
123,839
NEW
YORK
5.1%
Brookhaven
Local
Dev.,
Jeffersons
Ferry
Project,
5.25%,
11/1/36
1,290
1,317
Build
New
York
City
Resource,
Friends
of
Hellenic
Classical,
Series A,
5.00%,
12/1/41 (4)
1,235
1,081
Build
New
York
City
Resource,
Friends
of
Hellenic
Classical,
Series A,
5.00%,
12/1/51 (4)
1,370
1,136
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
23
Par/Shares
$
Value
(Amounts
in
000s)
Build
New
York
City
Resource,
Friends
of
Hellenic
Classical,
Series A,
5.00%,
12/1/55 (4)
900
730
Build
New
York
City
Resource,
Inwood
Academy
Leadership
Charter
School,
Series A,
5.50%,
5/1/48 (4)
500
489
Build
New
York
City
Resource,
Pratt
Paper,
4.50%,
1/1/25 (4)(5)
470
474
Build
New
York
City
Resource,
Pratt
Paper,
5.00%,
1/1/35 (4)(5)
10,740
10,858
Build
New
York
City
Resource,
Richmond
Preparatory
Charter
School
Project,
Series A,
5.00%,
6/1/36 (4)
425
410
Build
New
York
City
Resource,
Richmond
Preparatory
Charter
School
Project,
Series A,
5.00%,
6/1/41 (4)
550
513
Build
New
York
City
Resource,
Richmond
Preparatory
Charter
School
Project,
Series A,
5.00%,
6/1/51 (4)
2,150
1,906
Build
New
York
City
Resource,
Shefa
School
Project,
Series A,
2.50%,
6/15/31 (4)
650
546
Build
New
York
City
Resource,
Shefa
School
Project,
Series A,
5.00%,
6/15/51 (4)
14,235
12,931
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
5.00%,
3/15/46
5,650
6,072
Dormitory
Auth.
of
the
State
of
New
York,
Series D,
4.00%,
2/15/39
4,000
4,004
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series A,
5.00%,
1/1/56
5,545
4,709
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series B,
Zero
Coupon,
1/1/45
25,235
6,081
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series C,
STEP,
1/1/55
8,265
6,838
Metropolitan
Transportation
Auth.,
Series E-1,
VRDN,
0.98%,
11/15/50
3,400
3,400
Nassau
County
IDA,
Amsterdam
at
Harborside,
Series A,
9.00%,
1/1/41 (4)
7,225
6,015
Nassau
County
IDA,
Amsterdam
at
Harborside,
Series B,
VR,
5.00%,
1/1/58
14,564
7,154
New
York
City,
Series I-4,
GO,
VRDN,
1.00%,
4/1/36
1,200
1,200
New
York
City
Transitional
Fin.
Auth.
Future
Tax
Secured
Revenue,
Series C-4,
VRDN,
1.00%,
11/1/36
1,400
1,400
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/30 (4)
1,000
1,020
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/31 (4)
800
816
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/34 (4)
800
804
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/36 (4)
1,500
1,507
New
York
Liberty
Dev.,
3
World
Trade
Center,
Class
2,
5.15%,
11/15/34 (4)
5,475
5,427
New
York
Liberty
Dev.,
3
World
Trade
Center,
Class
2,
5.375%,
11/15/40 (4)
26,650
26,661
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
24
Par/Shares
$
Value
(Amounts
in
000s)
New
York
Liberty
Dev.,
Goldman
Sachs
Headquarters,
5.25%,
10/1/35
26,860
29,480
New
York
Transportation
Dev.,
American
Airlines,
2.25%,
8/1/26 (5)
945
883
New
York
Transportation
Dev.,
American
Airlines,
3.00%,
8/1/31 (5)
2,580
2,303
New
York
Transportation
Dev.,
American
Airlines,
5.00%,
8/1/31 (5)
13,515
13,515
New
York
Transportation
Dev.,
Delta
Airlines,
LaGuardia
Airport,
5.00%,
10/1/35 (5)
5,370
5,411
New
York
Transportation
Dev.,
Delta
Airlines,
LaGuardia
Airport,
5.00%,
10/1/40 (5)
3,265
3,253
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/39 (5)
2,125
2,133
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/40 (5)
1,400
1,393
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/41 (5)
1,400
1,383
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/42 (5)
1,400
1,378
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.25%,
8/1/31 (5)
2,155
2,202
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.375%,
8/1/36 (5)
2,750
2,780
Suffolk
County
Economic
Dev.,
Saint
Johnland
Assisted
Living,
5.125%,
11/1/41 (4)
1,750
1,424
Suffolk
County
Economic
Dev.,
Saint
Johnland
Assisted
Living,
5.375%,
11/1/54 (4)
1,480
1,171
Tompkins
County
Dev.,
Kendal
at
Ithaca,
5.00%,
7/1/29
775
782
Tompkins
County
Dev.,
Kendal
at
Ithaca,
5.00%,
7/1/34
1,450
1,456
Tompkins
County
Dev.,
Kendal
at
Ithaca,
5.00%,
7/1/44
1,580
1,559
Westchester
County
Local
Dev.,
Pace
Univ.,
Series A,
5.50%,
5/1/42
11,600
11,650
199,655
NORTH
CAROLINA
2.4%
Charlotte-Mecklenburg
Hosp.
Auth.,
Series B,
VRDN,
1.00%,
1/15/38
3,125
3,125
Charlotte-Mecklenburg
Hosp.
Auth.,
Series C,
VRDN,
1.00%,
1/15/37
4,600
4,600
Charlotte-Mecklenburg
Hosp.
Auth.,
Atrium
Health,
Series E,
VRDN,
1.00%,
1/15/42
100
100
Greater
Asheville
Regional
Airport
Auth.,
Series A,
5.50%,
7/1/47 (3)(5)
10,330
11,037
North
Carolina
Housing
Fin.
Agency,
5.00%,
7/1/47 (7)
1,725
1,766
North
Carolina
Medical
Care
Commission,
Series C,
4.00%,
3/1/36
1,995
1,669
North
Carolina
Medical
Care
Commission,
Series C,
4.00%,
3/1/42
4,200
3,248
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
4.70%,
7/1/37
2,365
2,128
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
4.875%,
7/1/40
4,610
4,116
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
25
Par/Shares
$
Value
(Amounts
in
000s)
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
5.00%,
7/1/45
3,825
3,351
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
6.25%,
7/1/35
(Prerefunded
7/1/23) (9)
3,865
3,945
North
Carolina
Medical
Care
Commission,
Aldersgate
United
Methodist,
Series A,
5.00%,
7/1/47
1,005
870
North
Carolina
Medical
Care
Commission,
Everyage,
Series A,
4.00%,
9/1/41
940
750
North
Carolina
Medical
Care
Commission,
Everyage,
Series A,
4.00%,
9/1/47
835
625
North
Carolina
Medical
Care
Commission,
Everyage,
Series A,
4.00%,
9/1/51
830
605
North
Carolina
Medical
Care
Commission,
Lutheran
Services,
4.00%,
3/1/51
2,150
1,516
North
Carolina
Medical
Care
Commission,
Pennybyrn
at
Maryfield,
5.00%,
10/1/25
2,330
2,352
North
Carolina
Medical
Care
Commission,
Pennybyrn
at
Maryfield,
5.00%,
10/1/30
1,635
1,629
North
Carolina
Medical
Care
Commission,
Pennybyrn
at
Maryfield,
5.00%,
10/1/35
4,940
4,839
North
Carolina
Medical
Care
Commission,
Salemtowne,
5.25%,
10/1/37
790
763
North
Carolina
Medical
Care
Commission,
Salemtowne,
5.375%,
10/1/45
10,095
9,543
North
Carolina
Medical
Care
Commission,
Southminster,
5.00%,
10/1/31
1,505
1,464
North
Carolina
Medical
Care
Commission,
Southminster,
5.00%,
10/1/37
1,330
1,250
North
Carolina
Medical
Care
Commission,
United
Church
Homes,
5.00%,
9/1/41
(Prerefunded
9/1/23) (9)
1,445
1,513
North
Carolina
Medical
Care
Commission,
United
Church
Homes,
Series A,
5.00%,
9/1/37
(Prerefunded
9/1/24) (9)
1,805
1,878
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/42
995
1,011
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/47
4,895
4,949
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/51
4,470
4,511
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/54
7,430
7,491
Univ.
of
North
Carolina
at
Chapel
Hill,
Series B,
VRDN,
1.00%,
2/15/31
9,370
9,370
96,014
OHIO
5.0%
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series B-2,
Class
2,
5.00%,
6/1/55
114,850
105,229
Cleveland-Cuyahoga
County
Port
Auth.,
Playhouse
Square
Foundation,
5.50%,
12/1/43
1,460
1,481
Cleveland-Cuyahoga
County
Port
Auth.,
Playhouse
Square
Foundation,
5.50%,
12/1/53
8,380
8,435
Cuyahoga
County,
MetroHealth
System,
5.00%,
2/15/42
3,865
3,914
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
26
Par/Shares
$
Value
(Amounts
in
000s)
Cuyahoga
County,
MetroHealth
System,
5.00%,
2/15/57
2,580
2,488
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/52
17,145
17,397
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/57
11,005
11,154
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/44
5,030
4,977
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/51
6,465
6,235
Marion
County,
United
Church
Homes,
5.00%,
12/1/39
1,420
1,298
Marion
County,
United
Church
Homes,
5.125%,
12/1/49
1,570
1,376
Muskingum
County,
Genesis
Healthcare,
5.00%,
2/15/44
4,295
4,064
Ohio,
Series A,
4.00%,
1/15/38
915
865
Ohio,
Series A,
4.00%,
1/15/39
1,720
1,617
Ohio,
Series A,
5.00%,
1/15/50
2,150
2,192
Ohio
Air
Quality
Dev.
Auth.,
Ohio
Valley
Electric,
3.25%,
9/1/29
7,475
6,867
Ohio
Air
Quality
Dev.
Auth.,
Pratt
Paper,
4.50%,
1/15/48 (4)(5)
1,720
1,515
Ohio
Air
Quality
Dev.
Auth.,
Vanadium
Project,
5.00%,
7/1/49 (4)
(5)
14,780
13,618
Ohio
Higher
Ed.
Fac.
Commission,
Cleveland
Clinic,
Series B-4,
VRDN,
0.95%,
1/1/43
2,000
2,000
Ohio
Housing
Fin.
Agency,
Sanctuary
at
Springboro,
5.45%,
1/1/38 (4)
2,250
1,754
198,476
OKLAHOMA
0.9%
Norman
Regional
Hosp.
Auth.,
4.00%,
9/1/45
7,130
6,047
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
6.00%,
4/1/30
710
391
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
Series A,
5.00%,
4/1/33
860
473
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
Series A,
5.125%,
4/1/42
2,580
1,419
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
Series A,
5.875%,
4/1/30
2,885
1,587
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
Series B,
5.75%,
4/1/27
555
305
Oklahoma
DFA,
OU
Medicine,
Series B,
5.25%,
8/15/48
4,835
4,308
Oklahoma
DFA,
OU
Medicine,
Series B,
5.50%,
8/15/57
9,780
8,864
Tulsa
Airports
Improvement
Trust,
Series C,
5.50%,
12/1/35 (5)
9,450
9,468
Tulsa
County
Ind.
Auth.,
Montereau
Project,
5.00%,
11/15/31
1,605
1,615
Tulsa
County
Ind.
Auth.,
Montereau
Project,
5.25%,
11/15/37
1,075
1,085
Tulsa
County
Ind.
Auth.,
Montereau
Project,
5.25%,
11/15/45
1,180
1,177
36,739
OREGON
0.3%
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/32
430
428
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/37
430
418
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
27
Par/Shares
$
Value
(Amounts
in
000s)
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/47
1,205
1,117
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/52
1,290
1,180
Oregon
State
Fac.
Auth.,
Legacy
Health
Project,
Series A,
5.00%,
6/1/52
4,125
4,271
Oregon
State
Fac.
Auth.,
Peace
Health,
Series B,
VRDN,
1.00%,
8/1/34
4,425
4,425
Yamhill
County
Hosp.
Auth.,
Friendsview
Retirement
Community,
Series A,
4.00%,
11/15/26
255
243
Yamhill
County
Hosp.
Auth.,
Friendsview
Retirement
Community,
Series A,
5.00%,
11/15/31
300
285
Yamhill
County
Hosp.
Auth.,
Friendsview
Retirement
Community,
Series A,
5.00%,
11/15/36
390
354
Yamhill
County
Hosp.
Auth.,
Friendsview
Retirement
Community,
Series A,
5.00%,
11/15/46
1,105
924
13,645
PENNSYLVANIA
3.6%
Allegheny
County
IDA,
U.S.
Steel,
4.875%,
11/1/24
1,045
1,046
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/28
265
277
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/30
290
303
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/31
580
606
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/32
950
989
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/33
685
709
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/34
645
662
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/35
730
743
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/42
2,580
2,521
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.25%,
5/1/42 (4)
6,835
6,327
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.00%,
5/1/32 (4)
2,985
2,899
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.00%,
5/1/33 (4)
3,010
2,900
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.00%,
5/1/42 (4)
5,400
4,886
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.375%,
5/1/42 (4)
8,185
7,639
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
Series 2017,
5.00%,
5/1/42 (4)
7,735
6,998
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
28
Par/Shares
$
Value
(Amounts
in
000s)
Butler
County
Hosp.
Auth.,
5.00%,
7/1/35
7,215
7,269
Butler
County
Hosp.
Auth.,
5.00%,
7/1/39
4,080
4,056
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/36 (4)
3,410
2,973
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/40 (4)
4,115
3,465
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/41 (4)
3,615
3,014
East
Hempfield
Township
IDA,
Student
Services,
Student
Housing,
5.00%,
7/1/30
(Prerefunded
7/1/25) (9)
705
745
East
Hempfield
Township
IDA,
Student
Services,
Student
Housing,
5.00%,
7/1/34
(Prerefunded
7/1/24) (9)
860
889
East
Hempfield
Township
IDA,
Student
Services,
Student
Housing,
5.00%,
7/1/35
(Prerefunded
7/1/25) (9)
910
961
East
Hempfield
Township
IDA,
Student
Services,
Student
Housing,
5.00%,
7/1/39
(Prerefunded
7/1/24) (9)
860
889
East
Hempfield
Township
IDA,
Student
Services,
Student
Housing,
5.00%,
7/1/46
(Prerefunded
7/1/24) (9)
1,310
1,355
East
Hempfield
Township
IDA,
Student
Services,
Student
Housing,
5.00%,
7/1/47
(Prerefunded
7/1/25) (9)
6,445
6,810
Franklin
County
IDA,
Menno-Haven,
5.00%,
12/1/43
1,030
863
Franklin
County
IDA,
Menno-Haven,
5.00%,
12/1/48
1,115
914
Franklin
County
IDA,
Menno-Haven,
5.00%,
12/1/53
1,205
964
Lancaster
County
Hosp.
Auth.,
Brethren
Village,
5.25%,
7/1/35
215
210
Lancaster
County
Hosp.
Auth.,
Brethren
Village,
5.50%,
7/1/45
860
816
Montgomery
County
Higher
Ed.
&
Health
Auth.,
Thomas
Jefferson
Univ.,
5.00%,
9/1/43
4,340
4,413
Montgomery
County
IDA,
Albert
Einstein
Healthcare,
Series A,
5.25%,
1/15/45
(Prerefunded
1/15/25) (9)
5,000
5,245
Montgomery
County
IDA,
Hill
at
Whitemarsh,
5.25%,
1/1/40
3,010
2,873
Montgomery
County
IDA,
Hill
at
Whitemarsh,
5.375%,
1/1/50
10,295
9,503
Pennsylvania
Economic
DFA,
Consol
Energy,
VRDN,
9.00%,
4/1/51
(Tender
4/13/28) (4)(5)
9,900
11,269
Pennsylvania
Economic
DFA,
Covanta
Project,
3.25%,
8/1/39 (4)
(5)
3,545
2,682
Pennsylvania
Economic
DFA,
National
Gypsum,
5.50%,
11/1/44 (5)
7,500
7,424
Pennsylvania
Higher
Ed.
Fac.
Auth.,
Indiana
Univ.
Student
Housing,
Series A,
FRN,
67%
of
3M
USD
LIBOR
+
0.65%,
3.166%,
7/1/39 (8)
7,220
6,316
Pennsylvania
Higher
Ed.
Fac.
Auth.,
Widener
Univ.,
5.00%,
7/15/38
2,065
2,086
Pennsylvania
Turnpike
Commission,
Series B,
5.25%,
12/1/52 (7)
2,950
3,167
Philadelphia
Higher
Ed.
Fac.
Auth.,
Temple
Univ.
Health
System,
5.00%,
7/1/28
4,295
4,504
Philadelphia
Higher
Ed.
Fac.
Auth.,
Temple
Univ.
Health
System,
5.00%,
7/1/30
860
891
Philadelphia
IDA,
Wesley
Enhanced
Living,
5.00%,
7/1/37
2,700
2,402
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
29
Par/Shares
$
Value
(Amounts
in
000s)
Philadelphia
IDA,
Wesley
Enhanced
Living,
5.00%,
7/1/42
1,825
1,558
Philadelphia
IDA,
Wesley
Enhanced
Living,
5.00%,
7/1/49
3,085
2,538
142,569
PUERTO
RICO
10.3%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (1)(14)
44,840
20,402
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
4.00%,
7/1/42 (4)
6,485
5,477
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
4.00%,
7/1/42 (4)
4,550
3,842
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
4.00%,
7/1/47 (4)
2,205
1,808
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/24 (4)
580
587
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/25 (4)
2,675
2,705
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/28 (4)
2,740
2,769
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/29 (4)
3,110
3,141
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/30 (4)
17,190
17,351
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/33 (4)
6,015
6,028
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/33 (4)
2,150
2,154
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35 (4)
10,310
10,205
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/37 (4)
7,345
7,215
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/37 (4)
1,200
1,179
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/47 (4)
29,435
28,145
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
6.125%,
7/1/24
1,000
1,020
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
4.00%,
7/1/42 (4)
6,105
5,156
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
4.00%,
7/1/47 (4)
9,470
7,765
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/24 (4)
1,325
1,340
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/25 (4)
2,780
2,811
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/29 (4)
3,825
3,863
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/33 (4)
8,815
8,833
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
30
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/37 (4)
7,080
6,955
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
coupon,
7/1/24
2,335
2,145
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
coupon,
7/1/33
8,990
4,920
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
11,915
10,356
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
9,718
8,264
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
5,390
4,491
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41
7,328
5,868
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/46
7,618
5,860
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25
12,308
12,477
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
10,211
10,446
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
20,326
20,837
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.00%,
7/1/29 (1)(15)
9,535
7,032
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (1)(15)
105
77
Puerto
Rico
Electric
Power
Auth.,
Series A,
6.75%,
7/1/36 (1)(15)
8,920
6,735
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/27 (1)
(15)
1,245
921
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/29 (1)
(15)
4,295
3,178
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/21 (1)
(15)
1,745
1,283
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (1)
(15)
145
107
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/26 (1)
(15)
1,735
1,284
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (1)
(15)
2,500
1,850
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (1)
(15)
2,980
2,205
Puerto
Rico
Electric
Power
Auth.,
Series SS,
5.00%,
7/1/24 (11)
4,295
4,312
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (1)(15)
510
375
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (1)(15)
1,965
1,449
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (1)(15)
660
487
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (1)(15)
795
586
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (1)(15)
105
77
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/37 (1)(15)
12,720
9,381
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
31
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (1)
(15)
495
366
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (1)
(15)
425
315
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/38 (1)
(15)
4,295
3,194
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (1)(15)
180
133
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/35 (1)(15)
3,766
2,787
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (1)(15)
860
636
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (1)(15)
1,235
923
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (1)(15)
120
86
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (1)(15)
210
154
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/19 (1)(15)
2,130
1,566
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (1)(15)
170
125
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (1)(15)
1,585
1,169
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (1)(15)
455
337
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (1)(15)
184
136
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/26 (1)(15)
4,150
3,071
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.55%,
7/1/40
64
59
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
20,705
18,867
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58
8,735
8,266
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27
6,424
5,170
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/29
10,451
7,590
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/31
24,392
15,811
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33
12,232
7,050
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46
138,360
34,697
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/51
21,966
4,106
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.329%,
7/1/40
2,305
2,082
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.329%,
7/1/40
2,150
1,942
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.536%,
7/1/53
2,570
2,236
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.784%,
7/1/58
5,185
4,727
405,355
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
32
Par/Shares
$
Value
(Amounts
in
000s)
RHODE
ISLAND
0.3%
Central
Falls
Detention
Fac.,
7.25%,
7/15/35 (1)(2)
10,815
1,947
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series A,
5.50%,
9/1/28
(Prerefunded
9/1/23) (9)
2,580
2,636
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series A,
6.00%,
9/1/33
(Prerefunded
9/1/23) (9)
3,435
3,521
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/36
4,295
3,931
12,035
SOUTH
CAROLINA
1.1%
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/32 (1)
7,899
4,045
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/42 (1)
27,826
6,243
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
7/22/51 (1)
43,378
4,332
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
1/1/32 (1)
4,497
1,380
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
7/22/51 (1)
19,137
704
Connector
2000
Assoc.,
Series C-1,
Zero
Coupon,
7/22/51 (1)
2,268
99
South
Carolina
Jobs-Economic
Dev.
Auth.,
Repower
South
Berkeley,
5.25%,
2/1/27 (1)(2)(4)(5)
850
340
South
Carolina
Jobs-Economic
Dev.
Auth.,
Repower
South
Berkeley,
6.00%,
2/1/35 (1)(2)(4)(5)
5,465
2,186
South
Carolina
Jobs-Economic
Dev.
Auth.,
Repower
South
Berkeley,
6.25%,
2/1/45 (1)(2)(4)(5)
10,980
4,392
South
Carolina
Jobs-Economic
Dev.
Auth.,
Repower
South
Berkeley,
8.00%,
12/6/29 (1)(2)
1,720
1,404
South
Carolina
Public
Service
Auth.,
Unrefunded
Balance,
Series A,
5.50%,
12/1/54
7,000
7,076
South
Carolina
Public
Service
Auth.,
Unrefunded
Balance,
Series E,
5.25%,
12/1/55
11,505
11,573
43,774
SOUTH
DAKOTA
0.1%
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/28
1,235
1,205
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/30
1,320
1,272
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/32
1,175
1,115
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/42
1,720
1,514
5,106
TENNESSEE
0.7%
Chattanooga
Health
Ed.
&
Housing
Fac.
Board,
Student
Housing,
CDFI
Phase
1,
5.00%,
10/1/35
2,365
2,367
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.50%,
7/1/52 (5)(7)
2,910
3,102
Shelby
County
Health
Ed.
&
Housing
Fac.
Board,
Village
at
Germantown,
5.00%,
12/1/34
430
424
Shelby
County
Health
Ed.
&
Housing
Fac.
Board,
Village
at
Germantown,
5.25%,
12/1/44
1,000
975
Shelby
County
Health
Ed.
&
Housing
Fac.
Board,
Village
at
Germantown,
5.25%,
12/1/49
2,880
2,760
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
33
Par/Shares
$
Value
(Amounts
in
000s)
Tennessee
Energy
Acquisition,
Series A,
5.25%,
9/1/26
10,245
10,568
Tennessee
Energy
Acquisition,
Series A,
VRDN,
5.00%,
5/1/52
(Tender
11/1/31)
6,955
7,169
27,365
TEXAS
6.9%
Austin
Airport,
Series B,
5.00%,
11/15/41 (5)
470
477
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/28
765
784
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/30
1,785
1,826
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/31
2,500
2,557
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/32
2,875
2,934
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/33
2,685
2,734
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/34
3,045
3,097
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/23
430
430
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/28
430
430
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/29
990
988
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/32
1,935
1,914
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/34
2,730
2,679
Austin
Texas
Airport
System
Revenue,
5.00%,
11/15/43 (5)
1,000
1,037
Austin
Texas
Airport
System
Revenue,
5.25%,
11/15/47 (5)
4,270
4,487
Central
Texas
Regional
Mobility
Auth.,
Series B,
4.00%,
1/1/40
665
647
Central
Texas
Regional
Mobility
Auth.,
Series B,
4.00%,
1/1/41
460
442
Central
Texas
Regional
Mobility
Auth.,
Series B,
4.00%,
1/1/51
745
678
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/34
455
499
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/39
105
112
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/46
3,435
3,577
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series D,
6.125%,
8/15/48
13,750
13,979
Conroe
Local
Government,
Convention
Center
Hotel,
3.50%,
10/1/31 (4)
275
231
Conroe
Local
Government,
Convention
Center
Hotel,
4.00%,
10/1/50
1,385
1,115
Conroe
Local
Government,
Convention
Center
Hotel,
5.00%,
10/1/50 (4)
1,495
1,229
Fort
Bend
County
IDC,
NRG
Energy,
Series B,
4.75%,
11/1/42
4,295
4,140
Gulf
Coast
IDA,
Citgo
Petroleum,
4.875%,
5/1/25 (5)
11,200
11,200
Gulf
Coast
IDA,
Exxon
Mobil,
VRDN,
1.00%,
11/1/41
23,395
23,395
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
34
Par/Shares
$
Value
(Amounts
in
000s)
Harris
County
Cultural
Ed.
Fac.
Fin.,
Brazos
Presybyterian
Homes,
Series A,
5.00%,
1/1/38
440
398
Harris
County
Cultural
Ed.
Fac.
Fin.,
Brazos
Presybyterian
Homes,
Series A,
5.00%,
1/1/43
450
393
Harris
County
Health
Fac.
Dev.,
Methodist
Hosp.
System,
Series A-1,
VRDN,
1.00%,
12/1/41
2,365
2,365
Harris
County
Health
Fac.
Dev.,
Methodist
Hosp.
System,
Series A-2,
VRDN,
1.00%,
12/1/41
740
740
Harris
County
Health
Fac.
Dev.,
Methodist
Hosp.
System,
Series C-2,
1.05%,
12/1/22
2,700
2,700
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/38
1,465
1,346
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/39
915
834
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/40
915
828
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/41
915
821
Houston
Airport
System,
Series B-1,
5.00%,
7/15/30 (5)
6,105
6,139
Houston
Airport
System,
Series B-1,
5.00%,
7/15/35 (5)
8,210
8,074
Houston
Airport
System,
United
Airlines,
4.00%,
7/15/41 (5)
4,295
3,596
Houston
Airport
System,
United
Airlines,
Series A,
4.00%,
7/1/41 (5)
1,760
1,474
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/28
1,205
1,227
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/30
1,450
1,473
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/40
2,505
2,467
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/45
5,725
5,558
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.25%,
12/1/35
1,785
1,807
Mission
Economic
Dev.,
Natgasoline,
Series B,
4.625%,
10/1/31 (4)(5)
12,915
12,491
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/32
470
479
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/33
490
498
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/34
515
523
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/35
480
486
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/36
1,205
1,219
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/38
1,120
1,129
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/43
3,360
3,376
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/48
3,370
3,376
New
Hope
Cultural
Ed.
Fac.
Fin.,
Blinn
College,
Series A,
5.00%,
7/1/57
8,595
6,957
New
Hope
Cultural
Ed.
Fac.
Fin.,
Buckingham
Senior
Living,
VR,
2.00%,
11/15/61
5,937
2,733
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing
College
Station,
Series A,
5.00%,
4/1/29
5,025
4,992
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing
College
Station,
Series A,
5.00%,
4/1/46
13,445
11,984
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
35
Par/Shares
$
Value
(Amounts
in
000s)
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing
College
Station,
Series A,
5.00%,
4/1/46 (3)
2,680
2,693
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Denton
Univ.,
Series A-1,
5.00%,
7/1/58 (3)
2,555
2,565
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/30
(Prerefunded
4/1/25) (9)
430
451
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/35
(Prerefunded
4/1/25) (9)
1,310
1,374
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/47
(Prerefunded
4/1/25) (9)
5,175
5,429
New
Hope
Cultural
Ed.
Fac.
Fin.,
Legacy
Midtown,
Series A,
5.50%,
7/1/54
3,890
3,058
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Crestview,
5.00%,
11/15/36
(Prerefunded
11/15/24) (9)
470
498
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Crestview,
5.00%,
11/15/46
(Prerefunded
11/15/24) (9)
1,330
1,408
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Senior
Living,
Langford,
Series A,
5.375%,
11/15/36
430
384
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Senior
Living,
Langford,
Series A,
5.50%,
11/15/46
860
723
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Senior
Living,
Langford,
Series A,
5.50%,
11/15/52
860
706
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/31
860
792
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/32
400
364
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/33
860
776
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/34
860
769
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/39
1,290
1,097
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.25%,
10/1/49
5,220
4,327
New
Hope
Cultural
Ed.
Fac.
Fin.,
Texas
A&M
Univ.
Corpus
Christi,
Series A,
5.00%,
4/1/37
(Prerefunded
4/1/27) (9)
1,460
1,586
New
Hope
Cultural
Ed.
Fac.
Fin.,
Texas
A&M
Univ.
Corpus
Christi,
Series A,
5.00%,
4/1/42
(Prerefunded
4/1/27) (9)
1,720
1,868
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
2.75%,
1/1/36 (4)(5)
900
647
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
3.00%,
1/1/50 (4)(5)
2,150
1,292
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
Series A,
3.625%,
1/1/35 (4)(5)
1,785
1,451
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
Series A,
4.00%,
1/1/50 (4)(5)
3,300
2,422
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
36
Par/Shares
$
Value
(Amounts
in
000s)
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/27
1,300
1,352
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/29
1,430
1,482
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/30
860
891
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series A,
5.00%,
11/15/37
2,150
2,195
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/40
3,330
3,382
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Buckner
Retirement
Services,
Series B,
5.00%,
11/15/46
3,630
3,655
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere-Northwest
Senior
Housing,
5.25%,
11/15/47 (1),(12)
1,735
694
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere-Northwest
Senior
Housing,
Series A,
5.00%,
11/15/45 (1),(12)
8,960
3,584
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Methodist
Hosp.,
Series A,
VRDN,
1.00%,
10/1/41
4,895
4,895
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Stayton
at
Museum
Way,
Series A,
5.75%,
12/1/54
6,383
4,483
Tarrant
County,
Edgemere
Dip
Loan,
10.00%,
12/31/22,
Acquisition
Date:
4/20/22,
Cost $1,693 (1)(16)(17)
1,693
1,693
Texas
Private
Activity
Bond
Surface
Transportation,
Blueridge
Transportation
Group,
5.00%,
12/31/50 (5)
5,115
5,143
Texas
Private
Activity
Bond
Surface
Transportation,
Blueridge
Transportation
Group,
5.00%,
12/31/55 (5)
3,490
3,499
Texas
Private
Activity
Bond
Surface
Transportation,
Segment
3C
Project,
5.00%,
6/30/58 (5)
9,700
9,588
Texas
Transportation
Commission,
First
Tier
Toll,
State
Highway,
5.00%,
8/1/57
9,495
9,527
272,844
UTAH
1.0%
Military
Installation
Dev.
Auth.,
Series A-1,
4.00%,
6/1/41
1,800
1,434
Military
Installation
Dev.
Auth.,
Series A-1,
4.00%,
6/1/52
4,000
2,939
Military
Installation
Dev.
Auth.,
Series A-2,
4.00%,
6/1/41
2,700
2,132
Military
Installation
Dev.
Auth.,
Series A-2,
4.00%,
6/1/52
8,195
5,923
Murray,
IHC
Health
Services,
Series B,
VRDN,
1.00%,
5/15/37
8,400
8,400
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/43 (5)
3,000
3,060
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/46 (5)
5,000
5,130
UIPA
Crossroads
Public
Infrastructure
Dist.,
4.375%,
6/1/52 (4)
10,980
8,954
37,972
VIRGINIA
5.8%
Botetourt
County,
Residential
Care
Fac.,
Glebe,
Series A,
6.00%,
7/1/34
6,270
6,423
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
First
Tier
General
Resolution,
5.00%,
7/1/46
13,610
13,744
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
37
Par/Shares
$
Value
(Amounts
in
000s)
Chesapeake
Expressway
Toll
Road,
Series B,
STEP,
7/15/40
6,470
6,515
Fairfax
County
Economic
Dev.
Auth.,
Vinson
Hall,
Series A,
5.00%,
12/1/32
(Prerefunded
12/1/23) (9)
1,420
1,453
Fairfax
County
Economic
Dev.
Auth.,
Vinson
Hall,
Series A,
5.00%,
12/1/42
(Prerefunded
12/1/23) (9)
2,405
2,460
Fairfax
County
Economic
Dev.
Auth.,
Vinson
Hall,
Series A,
5.00%,
12/1/47
(Prerefunded
12/1/23) (9)
1,720
1,760
Henrico
County
Economic
Dev.
Auth.,
Westminster
Canterbury
RIC,
Series A,
5.00%,
10/1/47
1,675
1,749
Henrico
County
Economic
Dev.
Auth.,
Westminster
Canterbury
RIC,
Series A,
5.00%,
10/1/52
2,100
2,173
Lynchburg
Economic
Dev.
Auth.,
Centra
Health
Obligated
Group,
4.00%,
1/1/55
4,375
3,831
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.00%,
1/1/35
3,455
3,345
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.00%,
1/1/46
4,425
4,035
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.375%,
1/1/35
5,370
5,377
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.375%,
1/1/46
3,670
3,545
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
Series A,
5.00%,
1/1/49
2,795
2,520
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/33
860
889
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/35
1,145
1,175
Tobacco
Settlement
Fin.,
Capital
Appreciation,
Series C,
Zero
Coupon,
6/1/47
23,205
5,558
Virginia
College
Building
Auth.,
Marymount
Univ.,
5.00%,
7/1/45 (4)
5,155
4,955
Virginia
College
Building
Auth.,
Marymount
Univ.,
5.25%,
7/1/30 (4)
1,190
1,215
Virginia
College
Building
Auth.,
Marymount
Univ.,
5.25%,
7/1/35 (4)
1,550
1,568
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/23 (4)
1,125
1,131
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/24 (4)
1,180
1,195
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/25 (4)
1,240
1,263
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/30 (4)
4,070
4,127
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/35 (4)
1,000
1,004
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/45 (4)
2,670
2,567
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
38
Par/Shares
$
Value
(Amounts
in
000s)
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/40 (5)
1,250
1,115
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/41 (5)
2,325
2,050
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/42 (5)
1,115
975
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/48 (5)
16,425
13,688
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
5.00%,
7/1/33 (5)
3,820
4,029
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
5.00%,
7/1/34 (5)
2,900
3,029
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
5.00%,
7/1/35 (5)
3,300
3,425
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
5.00%,
1/1/36 (5)
915
947
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
5.00%,
7/1/37 (5)
2,035
2,093
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/36 (5)
5,030
4,812
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/37 (5)
3,345
3,154
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/38 (5)
4,150
3,877
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/40 (5)
7,220
6,599
Virginia
Small
Business
Fin.
Auth.,
I-495
Hot
Lanes
Project,
5.00%,
12/31/47 (5)
12,055
12,432
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/47 (5)
1,290
1,293
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/49 (5)
9,450
9,450
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/56 (5)
71,965
71,034
229,579
WASHINGTON
0.8%
Adams
County
Public
Hosp.
Dist.
No.
2,
GO,
5.125%,
12/1/44
2,285
2,287
Washington
State
Convention
Center
Public
Fac.
Dist.,
4.00%,
7/1/31
6,485
5,848
Washington
State
Housing
Fin.
Commission,
Hearthstone,
5.00%,
7/1/38 (4)
830
683
Washington
State
Housing
Fin.
Commission,
Hearthstone,
5.00%,
7/1/48 (4)
2,495
1,871
Washington
State
Housing
Fin.
Commission,
Hearthstone,
5.00%,
7/1/53 (4)
1,000
731
Washington
State
Housing
Fin.
Commission,
Judson
Park,
4.00%,
7/1/28 (4)
225
209
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
39
Par/Shares
$
Value
(Amounts
in
000s)
Washington
State
Housing
Fin.
Commission,
Judson
Park,
5.00%,
7/1/33 (4)
225
210
Washington
State
Housing
Fin.
Commission,
Judson
Park,
5.00%,
7/1/38 (4)
650
583
Washington
State
Housing
Fin.
Commission,
Judson
Park,
5.00%,
7/1/48 (4)
1,805
1,515
Washington
State
Housing
Fin.
Commission,
Presbyterian
Retirement,
Series A,
5.00%,
1/1/46 (4)
2,795
2,280
Washington
State
Housing
Fin.
Commission,
Presbyterian
Retirement,
Series A,
5.00%,
1/1/51 (4)
5,785
4,596
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series A-1,
Class
A,
3.50%,
12/20/35
6,766
6,064
Washington
State
Housing
Fin.
Commission,
Transform
Age
Project,
Series A,
5.00%,
1/1/55 (4)
5,350
4,150
31,027
WEST
VIRGINIA
0.2%
Monongalia
County
Commission
Excise
Tax
Dist.,
Series A,
4.125%,
6/1/43 (4)
1,935
1,688
Monongalia
County
Commission
Excise
Tax
Dist.,
Series B,
4.875%,
6/1/43 (4)
1,280
1,110
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.50%,
6/1/37 (4)
2,105
2,122
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.75%,
6/1/43 (4)
2,105
2,127
West
Virginia
Economic
Dev.
Auth.,
Arch
Resources,
VRDN,
5.00%,
7/1/45
(Tender
7/1/25) (5)
2,580
2,572
9,619
WISCONSIN
2.9%
PFA,
Celanese,
Series B,
5.00%,
12/1/25 (5)
5,155
5,248
PFA,
Celanese,
Series C,
4.30%,
11/1/30 (5)
4,295
4,219
PFA,
Celanese,
Series D,
4.05%,
11/1/30
2,150
2,076
PFA,
Church
Home
of
Hartford,
5.00%,
9/1/30 (4)
685
656
PFA,
Church
Home
of
Hartford,
5.00%,
9/1/38 (4)
1,480
1,335
PFA,
Corvian
Community
School,
Series A,
4.00%,
6/15/29 (4)
805
748
PFA,
Corvian
Community
School,
Series A,
5.00%,
6/15/39 (4)
860
787
PFA,
Corvian
Community
School,
Series A,
5.00%,
6/15/49 (4)
1,505
1,297
PFA,
Corvian
Community
School,
Series A,
5.125%,
6/15/47 (4)
2,265
2,033
PFA,
Founders
of
Academy
Las
Vegas,
Series A,
4.00%,
7/1/30 (4)
345
315
PFA,
Founders
of
Academy
Las
Vegas,
Series A,
5.00%,
7/1/40 (4)
610
554
PFA,
Founders
of
Academy
Las
Vegas,
Series A,
5.00%,
7/1/55 (4)
1,245
1,052
PFA,
Grand
Hyatt
San
Antonio,
Series A,
5.00%,
2/1/52
1,990
1,842
PFA,
Grand
Hyatt
San
Antonio,
Series A,
5.00%,
2/1/62
3,660
3,315
PFA,
Mary's
Woods
at
Marylhurst,
5.25%,
5/15/37 (4)
470
434
PFA,
Mary's
Woods
at
Marylhurst,
5.25%,
5/15/42 (4)
1,055
943
PFA,
Mary's
Woods
at
Marylhurst,
5.25%,
5/15/47 (4)
1,050
910
PFA,
Mary's
Woods
at
Marylhurst,
5.25%,
5/15/52 (4)
1,975
1,680
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
40
Par/Shares
$
Value
(Amounts
in
000s)
PFA,
Mountain
Island
Charter
School,
5.00%,
7/1/37
710
713
PFA,
Mountain
Island
Charter
School,
5.00%,
7/1/47
1,720
1,678
PFA,
Mountain
Island
Charter
School,
5.00%,
7/1/52
3,695
3,554
PFA,
National
Gypsum,
4.00%,
8/1/35 (5)
19,730
16,701
PFA,
Nevada
State
College,
Series A,
5.00%,
5/1/60 (4)
4,910
4,187
PFA,
Nevada
State
College,
Series B,
9.00%,
5/1/71 (4)
2,270
2,295
PFA,
Searstone
CCRC
Project,
Series A,
5.00%,
6/1/37 (4)(7)
5,490
4,632
PFA,
Searstone
CCRC
Project,
Series A,
5.00%,
6/1/52 (4)(7)
5,490
4,013
PFA,
Searstone
Retirement
Community,
Series A,
VR,
5.513%,
6/1/37
4,345
4,579
PFA,
Searstone
Retirement
Community,
Series A,
VR,
5.613%,
6/1/47
5,155
5,435
PFA,
Searstone
Retirement
Community,
Series A,
VR,
5.688%,
6/1/52
3,375
3,559
PFA,
SKY
Harbour
Capital,
4.00%,
7/1/41 (5)
4,000
3,073
PFA,
SKY
Harbour
Capital,
4.25%,
7/1/54 (5)
11,995
8,647
PFA,
Southminster,
5.00%,
10/1/43 (4)
1,935
1,673
PFA,
Southminster,
5.00%,
10/1/48 (4)
1,720
1,440
PFA,
Southminster,
5.00%,
10/1/53 (4)
4,950
4,062
PFA,
Univ.
of
Hawai'i
Foundation
project,
Series A-1,
4.00%,
7/1/51 (4)
2,380
1,725
PFA,
Univ.
of
Hawai'i
Foundation
project,
Series A-1,
4.00%,
7/1/61 (4)
1,320
906
PFA,
Univ.
of
Hawai'i
Foundation
project,
Series B,
5.25%,
7/1/61 (4)
2,095
1,546
Univ.
of
Wisconsin
Hosp.
&
Clinics
Auth.,
Series B,
VRDN,
1.00%,
4/1/48
4,600
4,600
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/37
955
892
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/41
1,425
1,300
Wisconsin
HEFA,
Saint
John's
Communities,
4.00%,
9/15/36
670
586
Wisconsin
HEFA,
Saint
John's
Communities,
4.00%,
9/15/41
660
552
Wisconsin
HEFA,
Saint
John's
Communities,
4.00%,
9/15/45
555
443
Wisconsin
HEFA,
Saint
John's
Communities,
Series A,
5.00%,
9/15/40
(Prerefunded
9/15/23) (9)
860
875
Wisconsin
HEFA,
Saint
John's
Communities,
Series A,
5.00%,
9/15/45
(Prerefunded
9/15/23) (9)
1,115
1,135
114,245
Total
Municipal
Securities
(Cost
$4,367,288)
3,928,338
Total
Investments
in
Securities
99.3%
(Cost
$4,367,501)
$
3,928,620
Other
Assets
Less
Liabilities
0.7%
26,254
Net
Assets
100.0%
$
3,954,874
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
41
‡
Par/Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(3)
Insured
by
Assured
Guaranty
Municipal
Corporation
(4)
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
$787,653
and
represents
19.9%
of
net
assets.
(5)
Interest
subject
to
alternative
minimum
tax.
(6)
Insured
by
Berkshire
Hathaway
Assurance
Corporation
(7)
When-issued
security
(8)
Insured
by
Assured
Guaranty
Corporation
(9)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(10)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(11)
Insured
by
National
Public
Finance
Guarantee
Corporation
(12)
Obligor
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(13)
Escrowed
to
maturity
(14)
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.
(15)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(16)
Level
3
in
fair
value
hierarchy.
(17)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$1,693
and
represents
0.0%
of
net
assets.
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
CDA
Community
Development
Administration/Authority
CDFI
Community
Development
Financial
Institution
COP
Certificate
of
Participation
DFA
Development
Finance
Authority
FRN
Floating
Rate
Note
GO
General
Obligation
HEFA
Health
&
Educational
Facility
Authority
HFA
Health
Facility
Authority
HHEFA
Health
&
Higher
Educational
Facility
Authority
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
42
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
.
.
.
.
.
.
.
.
.
.
IDA
Industrial
Development
Authority/Agency
IDC
Industrial
Development
Corporation
PCR
Pollution
Control
Revenue
PFA
Public
Finance
Authority/Agency
PIK
Payment-in-kind
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
High
Yield
Fund
Unaudited
Notes
to
Portfolio
of
Investments
43
T.
Rowe
Price
Tax-Free
High
Yield
Fund,
Inc.
(the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s
most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
44
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
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.
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
45
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
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
November
30,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
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.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
282
$
—
$
—
$
282
Municipal
Securities
—
3,926,645
1,693
3,928,338
Total
$
282
$
3,926,645
$
1,693
$
3,928,620
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
46
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F59-054Q3
11/22