T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
May
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
COMMON
STOCKS 0.0%
Ingevity (1)
1
40
United
Airlines
Holdings (1)
—
16
Westrock
5
259
Total
Common
Stocks
(Cost
$200)
315
MUNICIPAL
SECURITIES 100.0%
ALABAMA
1.7%
Black
Belt
Energy
Gas
Dist.,
Series A,
VRDN,
5.25%,
1/1/54
(Tender
10/1/30)
6,400
6,758
Black
Belt
Energy
Gas
Dist.,
Series B,
VRDN,
5.25%,
12/1/53
(Tender
12/1/30)
2,210
2,365
Black
Belt
Energy
Gas
Dist.,
Series C-1,
VRDN,
5.25%,
2/1/53
(Tender
6/1/29)
10,610
11,081
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
5.50%,
1/1/28 (1)(2)
2,925
1,667
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
5.50%,
1/1/43 (1)(2)
2,265
1,291
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
Series A,
6.875%,
1/1/43 (1)(2)
1,585
904
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
Series A,
7.50%,
1/1/47 (1)(2)
2,835
1,616
Jefferson
County,
Sewer
Revenue,
5.50%,
10/1/53
2,625
2,826
Southeast
Energy
Auth.
A
Cooperative
Dist.,
Series A,
VRDN,
4.00%,
11/1/51
(Tender
10/1/28)
3,790
3,750
Southeast
Energy
Auth.
A
Cooperative
Dist.,
Series B,
VRDN,
4.00%,
12/1/51
(Tender
12/1/31)
5,160
5,062
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
5.25%,
5/1/44 (3)
17,450
17,524
54,844
ARIZONA
1.4%
Arizona
HFA,
Banner
Health,
Series B,
FRN,
67%
of
3M
USD
LIBOR
+
0.81%,
4.52%,
1/1/37
2,180
2,041
Arizona
IDA,
Cadence
Campus
Project,
Series A,
4.00%,
7/15/40 (3)
730
643
Arizona
IDA,
Cadence
Campus
Project,
Series A,
4.00%,
7/15/50 (3)
1,265
1,022
Arizona
IDA,
Doral
Academy
-
Fire
Mesa,
Series A,
5.00%,
7/15/39
1,050
1,052
Arizona
IDA,
Doral
Academy
-
Fire
Mesa,
Series A,
5.00%,
7/15/49
930
894
Arizona
IDA,
Odyssey
Preparatory
Academy,
5.00%,
7/1/49 (3)
3,445
3,088
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
Arizona
IDA,
Odyssey
Preparatory
Academy,
Series A,
5.25%,
7/1/37 (3)
2,375
2,380
Arizona
IDA,
Odyssey
Preparatory
Academy,
Series A,
5.50%,
7/1/52 (3)
2,695
2,571
Maricopa
County
IDA,
Commercial
Metals
Company
Project,
4.00%,
10/15/47 (3)(4)
6,150
5,385
Maricopa
County,
El
Paso
Electric,
Series A,
PCR,
4.50%,
8/1/42
2,575
2,447
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/44
790
784
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/49
475
463
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/59
1,675
1,602
Pima
County
IDA,
American
Leadership
Academy,
4.00%,
6/15/41 (3)
2,380
2,028
Pima
County
IDA,
American
Leadership
Academy,
4.00%,
6/15/51 (3)
2,530
1,974
Pima
County
IDA,
American
Leadership
Academy,
4.00%,
6/15/57 (3)
2,865
2,146
Salt
Verde
Financial,
5.00%,
12/1/37
12,970
13,760
Tempe
IDA,
Friendship
Village
of
Tempe
Project,
Series A,
4.00%,
12/1/46
1,980
1,615
45,895
ARKANSAS
1.2%
Arkansas
DFA,
Big
River
Steel
Project,
4.50%,
9/1/49 (3)(4)
11,560
11,388
Arkansas
DFA,
Big
River
Steel
Project,
4.75%,
9/1/49 (3)(4)
3,955
3,898
Arkansas
DFA,
Green
Bond,
5.45%,
9/1/52 (4)
5,985
6,079
Arkansas
DFA,
Green
Bond,
7.375%,
7/1/48 (3)(4)
5,000
5,443
Arkansas
DFA,
Green
Bond,
Series A,
6.875%,
7/1/48 (3)(4)
5,000
5,412
Osceola,
Plum
Point
Energy,
VRDN,
5.50%,
4/1/36
(Tender
1/2/26) (4)
7,175
7,163
39,383
CALIFORNIA
6.8%
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29)
10,715
11,207
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.50%,
10/1/54
(Tender
11/1/30)
4,550
4,919
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
Series G,
VRDN,
5.25%,
11/1/54
(Tender
4/1/30)
2,285
2,427
California
Community
Housing
Agency,
Creekwood,
Series A,
4.00%,
2/1/56 (3)
17,325
11,489
California
Community
Housing
Agency,
Junior
Bonds
Street
Flats,
Series A-2,
4.00%,
8/1/50 (3)
7,980
6,183
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
California
Community
Housing
Agency,
Senior-Fountains
at
Emerald,
3.00%,
8/1/56 (3)
2,300
1,631
California
Community
Housing
Agency,
Stoneridge
Apartment,
Series A,
4.00%,
2/1/56 (3)
9,425
7,461
California
Community
Housing
Agency,
Verdant
at
Green
Valley
Project,
5.00%,
8/1/49 (3)
9,600
9,062
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35
2,626
2,549
California
Infrastructure
&
Economic
Dev.
Bank,
Social
Bond,
Series B,
5.00%,
11/1/47
1,790
1,868
California
Infrastructure
&
Economic
Dev.
Bank,
Social
Bond,
Series B,
5.00%,
11/1/57
1,545
1,591
California
Municipal
Fin.
Auth.,
Baptish
Univ.,
Series A,
5.00%,
11/1/46 (3)
2,750
2,676
California
Municipal
Fin.
Auth.,
Community
Health
System,
Series A,
4.00%,
2/1/51
2,800
2,429
California
Municipal
Fin.
Auth.,
John
Adams
Academies
Lincoln
Project,
Series A,
5.00%,
10/1/49 (3)
1,515
1,427
California
Municipal
Fin.
Auth.,
John
Adams
Academies
Lincoln
Project,
Series A,
5.00%,
10/1/57 (3)
1,650
1,509
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
4.00%,
12/31/47 (4)
4,605
4,035
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
5.00%,
12/31/43 (4)
9,210
9,228
California
Municipal
Fin.
Auth.,
Samuel
Merritt
Univ.,
5.25%,
6/1/53
4,565
4,781
California
Municipal
Fin.
Auth.,
UCR
North
Dist.
Phase
1,
5.00%,
5/15/49
2,375
2,401
California
Municipal
Fin.
Auth.,
UCR
North
Dist.
Phase
1,
5.00%,
5/15/52
1,980
1,995
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/36
2,105
2,183
California
PFA,
Enso
Village
Project,
2.375%,
11/15/28 (3)
825
803
California
PFA,
Enso
Village
Project,
3.125%,
5/15/29 (3)
1,275
1,238
California
PFA,
Enso
Village
Project,
5.00%,
11/15/46 (3)
595
540
California
School
Fin.
Auth.,
Ivy
Academia
Project,
Series A,
4.00%,
6/1/41 (3)
1,650
1,320
California
School
Fin.
Auth.,
Ivy
Academia
Project,
Series A,
4.00%,
6/1/51 (3)
1,500
1,093
California
School
Fin.
Auth.,
Ivy
Academia
Project,
Series A,
4.00%,
6/1/61 (3)
250
172
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/28
205
200
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/29
220
214
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/30
235
228
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/31
185
179
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/41
1,270
1,147
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/51
785
653
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
California
Statewide
CDA,
Series 2021C-1,
4.00%,
9/2/31
880
832
California
Statewide
CDA,
Series 2021C-1,
4.00%,
9/2/41
1,605
1,380
California
Statewide
CDA,
Series 2021C-1,
4.00%,
9/2/51
1,080
854
California
Statewide
CDA,
Series A-1,
5.00%,
9/2/42
3,495
3,473
California
Statewide
CDA,
Series A-1,
5.00%,
9/2/52
4,970
4,730
California
Statewide
CDA,
899
Charleston
Moldaw
Residences,
Series A,
5.375%,
11/1/49 (3)
2,770
2,438
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
5.50%,
12/1/54
10,290
10,316
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/27 (3)
2,375
2,398
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/46 (3)
3,165
3,168
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/56 (3)
8,120
8,154
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58 (3)
14,720
14,979
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/29
1,585
1,595
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/41
1,260
1,135
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/51
1,895
1,591
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
5.00%,
9/2/34
850
898
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
5.00%,
9/2/39
790
823
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
5.00%,
9/2/49
395
406
California
Statewide
Fin.
Auth.,
Tobacco
Industry,
Series A,
6.00%,
5/1/43
1,190
1,215
CMFA
Special
Fin.
Agency
VII,
Breakwater
Apartments,
Series A-2,
4.00%,
8/1/47 (3)
6,770
5,479
CMFA
Special
Fin.
Agency
XII,
Allure
Apartments,
4.375%,
8/1/49 (3)
2,530
2,060
CMFA
Special
Fin.
Agency,
Solana
At
Grand,
Series A-2,
4.00%,
8/1/45 (3)
2,860
2,355
CSCDA
Community
Improvement
Auth.,
Altana
Glendale
Social
Bonds,
Series A-2,
4.00%,
10/1/56 (3)
13,605
10,435
CSCDA
Community
Improvement
Auth.,
Jefferson
Anaheim
Social
Bonds,
3.125%,
8/1/56 (3)
2,200
1,609
CSCDA
Community
Improvement
Auth.,
Link-Glendale
Social
Bonds,
Series A-1,
3.00%,
7/1/45 (3)
1,750
1,327
CSCDA
Community
Improvement
Auth.,
Link-Glendale
Social
Bonds,
Series A-2,
4.00%,
7/1/56 (3)
6,207
4,531
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
CSCDA
Community
Improvement
Auth.,
Monterey
Station
Apartment
Social
Bonds,
3.125%,
7/1/56 (3)
5,105
3,395
CSCDA
Community
Improvement
Auth.,
Oceanaire
Long
Beach
Social
Bonds,
Series A-2,
4.00%,
9/1/56 (3)
2,485
1,856
CSCDA
Community
Improvement
Auth.,
Parallel
Anaheim
Social
Bonds,
4.00%,
8/1/56 (3)
3,005
2,531
CSCDA
Community
Improvement
Auth.,
Renaissance
at
City
Center,
Series A,
5.00%,
7/1/51 (3)
1,910
1,816
CSCDA
Community
Improvement
Auth.,
Social
Bonds,
Series A-2,
3.00%,
2/1/57 (3)
2,500
1,727
Golden
State
Tobacco
Securitization,
5.00%,
6/1/51
3,410
3,506
Golden
State
Tobacco
Securitization,
Series B-2,
Zero
Coupon,
6/1/66
98,225
10,698
Irvine,
Reassessment
Dist.
No.
12-1,
4.00%,
9/2/27
235
235
Irvine,
Reassessment
Dist.
No.
12-1,
4.00%,
9/2/28
320
320
Northern
California
Gas
Auth.
No.
1,
Series B,
FRN,
67%
of
3M
USD
LIBOR
+
0.72%,
4.448%,
7/1/27
3,830
3,808
Regents
of
the
Univ.
of
California,
Medical
Center
Pooled
Revenue,
Series P,
3.50%,
5/15/54
2,600
2,209
San
Francisco
City
and
County,
Special
Tax
Dist.
No.
2020-1,
Series A,
5.75%,
9/1/50 (3)
850
860
San
Francisco
City
and
County,
Special
Tax
Dist.
No.
2020-1,
Series B,
5.75%,
9/1/53 (3)
1,290
1,301
West
Sacramento
Fin.
Auth.,
Series A,
5.00%,
9/1/34 (5)
1,560
1,704
224,985
COLORADO
3.6%
Aerotropolis
Regional
Transportation
Auth.,
4.375%,
12/1/52
8,340
6,894
Berthoud-Heritage
Metropolitan
Dist.
No.
1,
5.625%,
12/1/48
6,865
6,616
Brighton
Crossing
Metropolitan
Dist.
No.
4,
Series A,
GO,
5.00%,
12/1/47
1,225
1,147
Buffalo
Highlands
Metropolitan
Dist.,
Series A,
GO,
5.25%,
12/1/38
999
961
Buffalo
Highlands
Metropolitan
Dist.,
Series A,
GO,
5.375%,
12/1/48
3,250
3,113
Canyons
Metropolitan
Dist.
No.
5,
Series A,
GO,
6.00%,
12/1/37
1,150
1,126
Canyons
Metropolitan
Dist.
No.
5,
Series A,
GO,
6.125%,
12/1/47
4,000
3,945
Canyons
Metropolitan
Dist.
No.
6,
Series A,
GO,
6.125%,
12/1/47
2,000
1,956
Centerra
Metropolitan
Dist.
No.
1,
5.00%,
12/1/47 (3)
3,500
3,141
Colorado
Bridge
&
Tunnel
Enterprise,
Senior
Infrastructure,
Series A,
5.50%,
12/1/54 (6)
2,650
2,943
Colorado
Ed.
&
Cultural
Fac.
Auth.,
Ascent
Classical
Academy
School
Project,
5.75%,
4/1/59 (3)
1,070
1,084
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
Colorado
Ed.
&
Cultural
Fac.
Auth.,
Ascent
Classical
Academy
School
Project,
5.80%,
4/1/54 (3)
1,200
1,226
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/31
485
469
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/32
590
568
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/41
1,160
1,013
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/48
1,770
1,427
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
5.75%,
12/1/35 (3)
1,145
849
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
6.125%,
12/1/45 (3)
2,350
1,586
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
6.25%,
12/1/50 (3)
3,285
2,182
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/47
750
751
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/51
6,990
7,000
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/56
11,325
11,338
Colorado
Int'l.
Center
Metropolitan
Dist.
No.
14,
GO,
5.875%,
12/1/46
5,330
5,236
Cornerstar
Metropolitan
Dist.,
Series A,
GO,
5.125%,
12/1/37
500
488
Cornerstar
Metropolitan
Dist.,
Series A,
GO,
5.25%,
12/1/47
2,600
2,480
Denver
Int'l.
Business
Center
Metropolitan
Dist.
No.
1,
Series B,
GO,
6.00%,
12/1/48
1,190
1,194
Green
Valley
Ranch
East
Metropolitan
Dist.
No.
6,
Series A,
GO,
5.875%,
12/1/50
2,200
2,153
Painted
Prairie
Metropolitan
Dist.
No.
2,
GO,
5.25%,
12/1/48
4,003
3,804
Peak
Metropolitan
Dist.
No.
1,
Series A,
GO,
4.00%,
12/1/35 (3)
500
428
Peak
Metropolitan
Dist.
No.
1,
Series A,
GO,
5.00%,
12/1/51 (3)
5,270
4,373
Public
Auth.
for
Colorado
Energy,
6.25%,
11/15/28
4,770
4,980
Public
Auth.
for
Colorado
Energy,
6.50%,
11/15/38
9,210
11,020
Pueblo
Urban
Renewal
Auth.,
4.75%,
12/1/45 (3)
5,690
3,797
Rampart
Range
Metropolitan
Dist.
No
5,
4.00%,
12/1/51
7,025
5,211
Riverwalk
Metropolitan
Dist.
No
2,
Series A,
5.00%,
12/1/52
4,245
3,674
Southglenn
Metropolitan
Dist.,
GO,
5.00%,
12/1/36
810
771
Southglenn
Metropolitan
Dist.,
GO,
5.00%,
12/1/46
1,455
1,312
STC
Metropolitan
Dist.
No.
2,
Series A,
GO,
4.00%,
12/1/29
1,000
953
STC
Metropolitan
Dist.
No.
2,
Series A,
GO,
5.00%,
12/1/38
785
741
STC
Metropolitan
Dist.
No.
2,
Series A,
GO,
5.00%,
12/1/49
1,000
909
Sterling
Ranch
Community
Auth.
Board,
Series A,
6.50%,
12/1/54
1,000
1,018
Sterling
Ranch
Community
Auth.
Board,
Series B,
8.75%,
12/15/54
1,670
1,668
Vauxmont
Metropolitan
Dist.,
GO,
5.00%,
12/1/32 (6)
595
635
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
Vauxmont
Metropolitan
Dist.,
GO,
5.00%,
12/1/35 (6)
235
250
118,430
CONNECTICUT
1.4%
Connecticut
Housing
Fin.
Auth.,
Series D-1,
4.85%,
11/15/59 (7)
5,015
5,001
Connecticut
State
HEFA,
Church
Home
of
Hartford,
Series A,
5.00%,
9/1/46 (3)
1,060
912
Connecticut
State
HEFA,
Church
Home
of
Hartford,
Series A,
5.00%,
9/1/53 (3)
1,260
1,032
Connecticut
State
HEFA,
Hartford
Univ.,
4.00%,
7/1/44
2,870
2,210
Connecticut
State
HEFA,
Hartford
Univ.,
4.00%,
7/1/49
4,200
3,081
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/31
2,000
2,009
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/32
3,280
3,295
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/33
2,055
2,064
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/34
1,435
1,441
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/43
8,115
7,731
Hamden
Town,
Whitney
Center
Project,
5.00%,
1/1/40
5,125
4,932
Hamden
Town,
Whitney
Center
Project,
5.00%,
1/1/50
6,160
5,522
Mashantucket
Western
Pequot
Tribe,
6.05%,
7/1/31
(4.00%
Cash
and
2.05%
PIK) (1)(2)(8)
23,166
5,154
Steel
Point
Infrastructure
Improvement
Dist.,
Steelpointe
Harbor
Project,
4.00%,
4/1/41 (3)
550
469
Steel
Point
Infrastructure
Improvement
Dist.,
Steelpointe
Harbor
Project,
4.00%,
4/1/51 (3)
2,715
2,183
47,036
DELAWARE
1.0%
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
4.00%,
9/1/30
200
196
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
5.00%,
9/1/40
1,025
1,036
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
5.00%,
9/1/50
1,385
1,359
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/37
790
785
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/43
4,920
4,748
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/48
2,035
1,934
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/50
4,390
4,144
Delaware
State
Economic
Dev.
Auth.,
4.00%,
6/1/52
1,260
940
Delaware
State
Economic
Dev.
Auth.,
4.00%,
6/1/57
1,220
884
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/32
205
210
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/40
890
897
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/48
2,335
2,328
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/53
3,445
3,393
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/58
2,915
2,831
Sussex
County,
Cadbury
at
Lewes,
5.00%,
1/1/36
7,285
7,128
32,813
DISTRICT
OF
COLUMBIA
2.1%
District
of
Columbia
Tobacco
Settlement
Fin.,
Series A,
Zero
Coupon,
6/15/46
41,185
9,478
District
of
Columbia
Tobacco
Settlement
Fin.,
Series B,
Zero
Coupon,
6/15/46
18,210
3,728
District
of
Columbia,
Friendship
Public
Charter
School,
5.00%,
6/1/36
2,375
2,392
District
of
Columbia,
Friendship
Public
Charter
School,
5.00%,
6/1/41
1,540
1,537
District
of
Columbia,
Friendship
Public
Charter
School,
5.00%,
6/1/46
2,285
2,245
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/37
2,295
2,273
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/42
4,065
3,865
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/52
9,730
8,645
District
of
Columbia,
Methodist
Home
of
D.C.,
Series A,
5.125%,
1/1/35
1,240
1,110
District
of
Columbia,
Methodist
Home
of
D.C.,
Series A,
5.25%,
1/1/39
805
703
District
of
Columbia,
Union
Market
Infrastructure
Project,
STEP,
0.00%,
6/1/31 (3)
900
769
District
of
Columbia,
Union
Market
Infrastructure
Project,
STEP,
0.00%,
6/1/46 (3)
2,810
2,042
District
of
Columbia,
Union
Market
Project,
Series B,
STEP,
0.00%,
6/1/41 (3)
1,600
894
District
of
Columbia,
Union
Market
Project,
Series B,
STEP,
0.00%,
6/1/49 (3)
3,450
1,894
Metropolitan
Washington
Airports
Auth.,
Airport
System
Revenue
&
Refunding
Bond,
Series A,
5.00%,
10/1/46 (4)
3,000
3,094
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
6.50%,
10/1/44
11,080
12,045
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/37 (6)
10,135
5,681
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/38
7,915
4,012
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/39
1,585
758
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/40
3,955
1,770
68,935
FLORIDA
4.7%
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.00%,
11/15/34
190
142
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.375%,
11/15/49
7,480
4,957
Avenir
Community
Dev.
Dist.,
5.375%,
5/1/43
1,860
1,865
Avenir
Community
Dev.
Dist.,
5.625%,
5/1/54
890
898
Boggy
Creek
Improvement
Dist.,
Special
Assessment,
Series 2013,
5.125%,
5/1/43
6,745
6,674
Broward
County
Port
Fac.
Revenue,
Senior
Bond,
Series B,
4.00%,
9/1/49 (4)
10,000
9,041
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/29
875
890
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/30
250
255
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/31
1,015
1,035
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/33
900
914
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/34
975
987
Capital
Trust
Agency,
4.00%,
6/15/24 (3)
900
900
Capital
Trust
Agency,
4.00%,
6/15/41 (3)
1,790
1,479
Capital
Trust
Agency,
4.00%,
6/15/51 (3)
2,735
2,021
Capital
Trust
Agency,
Bridge
Univ.
Student
Housing,
Series A,
5.25%,
12/1/58 (3)
7,220
6,917
Capital
Trust
Auth.,
Kipp
Miami
North
Campus
Project,
Series A,
5.625%,
6/15/44 (3)
410
415
Capital
Trust
Auth.,
Kipp
Miami
North
Campus
Project,
Series A,
6.00%,
6/15/54 (3)
655
668
Capital
Trust
Auth.,
Kipp
Miami
North
Campus
Project,
Series A,
6.125%,
6/15/60 (3)
800
817
Celebration
Pointe
Community
Dev.
Dist.,
3.00%,
5/1/31
565
521
Celebration
Pointe
Community
Dev.
Dist.,
3.375%,
5/1/41
1,055
867
Celebration
Pointe
Community
Dev.
Dist.,
4.00%,
5/1/53
2,310
1,854
Celebration
Pointe
Community
Dev.
Dist.,
5.125%,
5/1/45
755
755
Celebration
Pointe
Community
Dev.
Dist.,
Alachua
County,
5.00%,
5/1/32
755
765
Crossings
at
Fleming
Island
Community
Dev.
Dist.,
Series A-1,
4.50%,
5/1/30
295
284
Double
Branch
Community
Dev.
Dist.,
Special
Assessment,
Series A-1,
4.00%,
5/1/25
200
200
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
Everest
GMR
Community
Dev.
Dist.,
6.20%,
5/1/54
5,985
6,072
Florida
Dev.
Fin.,
UF
Health
Jacksonville
Project,
4.00%,
2/1/52
2,945
2,164
Florida
Dev.
Fin.,
UF
Health
Jacksonville
Project,
5.00%,
2/1/52
1,450
1,264
Florida
Dev.
Fin.,
Waste
Pro
USA,
3.00%,
6/1/32 (4)
5,130
4,318
Florida
Dev.
Fin.,
Waste
Pro
USA,
VRDN,
6.125%,
7/1/32
(Tender
7/1/26) (3)(4)
8,900
9,111
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
4.75%,
6/1/38 (3)
2,495
2,394
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
5.00%,
6/1/48 (3)
9,850
9,082
Golden
Gem
Community
Dev.
Dist.,
6.00%,
5/1/55 (7)
4,000
3,988
Hammock
Oaks
Community
Dev.
Dist.,
Assessment
Area
Two,
5.85%,
5/1/44
875
877
Hammock
Oaks
Community
Dev.
Dist.,
Assessment
Area
Two,
6.15%,
5/1/54
1,000
1,002
Hillsborough
County
IDA,
BayCare
Health
System,
Series D,
VRDN,
3.90%,
11/15/42
3,450
3,450
Hobe-St.
Lucie
Conservancy
Dist.,
5.875%,
5/1/55
2,700
2,740
Jacksonville
Ed.
Fac.,
Jacksonville
Univ.,
Series B,
5.00%,
6/1/53 (3)
9,095
8,227
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Centre
&
Northwest
Sector,
5.50%,
5/1/39 (3)
225
232
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Centre
&
Northwest
Sector,
5.65%,
5/1/48 (3)
240
245
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
National
Polo
Run,
5.25%,
5/1/37
2,880
2,926
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
National
Polo
Run,
5.375%,
5/1/47
3,635
3,682
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Ranch
South,
5.00%,
5/1/36
1,170
1,181
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Ranch
South,
5.125%,
5/1/46
2,335
2,332
Lakewood
Ranch
Stewardship
Dist.,
Northeast
Sector,
5.30%,
5/1/39
790
806
Lakewood
Ranch
Stewardship
Dist.,
Northeast
Sector,
5.45%,
5/1/48
1,365
1,382
Lee
County
IDA,
Preserve,
Series A,
5.00%,
12/1/27 (3)
325
302
Lee
County
IDA,
Preserve,
Series A,
5.375%,
12/1/32 (3)
900
775
Lee
County
IDA,
Preserve,
Series A,
5.625%,
12/1/37 (3)
1,170
952
LTC
Ranch
West
Residential
Community
Dev.
Dist.,
Assessment
Area
Three
Project,
Series AA3,
6.05%,
5/1/54
1,375
1,365
LTC
Ranch
West
Residential
Community
Dev.
Dist.,
Assessment
Area
Two
Project,
Series AA2,
6.00%,
5/1/54
555
551
Marion
Ranch
Community
Dev.
Dist.,
5.70%,
5/1/44 (3)(7)
795
795
Marion
Ranch
Community
Dev.
Dist.,
5.95%,
5/1/54 (3)(7)
1,375
1,375
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
Miami-Dade
County
Water
&
Sewer
System,
4.00%,
10/1/48
4,510
4,241
North
AR-1
Pasco
Community
Dev.
Dist.,
Assessment
Area
Five,
Series A,
6.00%,
5/1/54
2,000
2,001
Orange
County
HFA,
4.00%,
10/1/52
4,605
4,286
Palm
Beach
County
HFA,
Toby
&
Leon
Cooperman
Sinai
Residences
of
Boca
Raton,
4.25%,
6/1/56
3,000
2,378
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Four
Project,
4.75%,
5/1/31
100
100
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Four
Project,
5.625%,
5/1/44
245
246
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Four
Project,
5.875%,
5/1/54
375
377
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Three
Project,
4.875%,
5/1/31
365
365
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Three
Project,
5.80%,
5/1/44
700
706
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Three
Project,
6.05%,
5/1/54
1,250
1,261
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/37
1,095
1,090
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/42
1,035
985
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/47
2,535
2,323
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/52
5,360
4,780
Sawyers
Landing
Community
Dev.
Dist.,
4.125%,
5/1/41
2,420
1,997
Sawyers
Landing
Community
Dev.
Dist.,
4.25%,
5/1/53
3,225
2,534
Tolomato
Community
Dev.
Dist.,
Special
Assessment,
Series 2015-2,
STEP,
0.00%,
5/1/40
545
529
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
830
646
Viera
Stewardship
Dist.,
Series 2021,
4.00%,
5/1/53
3,020
2,390
Westside
Haines
City
Community
Dev.
Dist.,
Assessment
Area
Two
Project,
6.00%,
5/1/54
2,000
1,996
154,942
GEORGIA
3.1%
Atlanta
Airport
Passenger
Fac.
Charge,
Green
Bond,
Series E,
5.25%,
7/1/42 (4)
6,650
7,172
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.50%,
1/1/29 (1)(2)
2,850
1,283
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.75%,
1/1/35 (1)(2)
13,765
6,194
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
7.00%,
1/1/40 (1)(2)
8,525
3,836
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
2.375%,
7/1/26 (3)
900
871
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
2.875%,
7/1/31 (3)(9)
1,625
1,468
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
3.625%,
7/1/42 (3)(9)
3,360
2,972
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
3.875%,
7/1/51 (3)(9)
4,250
3,662
Burke
County
Dev.
Auth.,
Plant
Vogtle,
VRDN,
PCR,
4.20%,
7/1/49
1,125
1,125
Fulton
County
Dev.
Auth.,
Piedmont
Healthcare
Project,
4.00%,
7/1/49
4,000
3,680
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
4.00%,
4/1/41 (3)
2,375
1,962
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
4.00%,
4/1/51 (3)
6,730
5,003
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
5.00%,
4/1/47 (3)
2,730
2,449
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
5.00%,
4/1/54 (3)
2,180
1,887
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
2.375%,
1/1/31
2,205
1,953
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
3.625%,
1/1/31 (3)
1,220
1,147
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/36
1,190
1,155
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/54
4,250
3,614
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/36 (3)
2,645
2,583
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/54 (3)
13,030
11,562
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.00%,
6/15/27 (3)
210
212
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.75%,
6/15/37 (3)
1,215
1,250
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.875%,
6/15/47 (3)
1,980
2,017
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
6.00%,
6/15/52 (3)
1,215
1,238
Main
Street
Natural
Gas,
Series A,
VRDN,
5.00%,
6/1/53
(Tender
6/1/30)
2,810
2,934
Main
Street
Natural
Gas,
Series B,
VRDN,
5.00%,
12/1/54
(Tender
3/1/32)
2,600
2,757
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Main
Street
Natural
Gas,
Series C,
VRDN,
5.00%,
9/1/53
(Tender
9/1/30)
2,725
2,861
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series B,
VRDN,
5.00%,
12/1/52
(Tender
6/1/29)
5,855
6,084
Marietta
Dev.
Auth.,
Life
Univ.,
Series A,
5.00%,
11/1/27 (3)
2,745
2,760
Marietta
Dev.
Auth.,
Life
Univ.,
Series A,
5.00%,
11/1/37 (3)
2,210
2,153
Marietta
Dev.
Auth.,
Life
Univ.,
Series A,
5.00%,
11/1/47 (3)
8,705
8,002
Municipal
Electric
Auth.
of
Georgia,
Plant
Vogtle
Project,
Series A,
5.00%,
1/1/49
6,000
6,057
103,903
GUAM
0.3%
Guam
Power
Auth.,
Series A,
5.00%,
10/1/42
4,050
4,140
Guam
Power
Auth.,
Series A,
5.00%,
10/1/43
1,930
1,965
Guam
Power
Auth.,
Series A,
5.00%,
10/1/44
1,695
1,722
Territory
of
Guam,
Series F,
4.00%,
1/1/42
850
788
Territory
of
Guam,
Series F,
5.00%,
1/1/30
790
827
Territory
of
Guam,
Series F,
5.00%,
1/1/31
790
833
10,275
IDAHO
0.5%
Power
County
IDC,
FMC
Project,
6.45%,
8/1/32 (4)
3,620
3,631
Spring
Valley
Community
Infrastructure
Dist.
No.
1,
Assessment
Area
Two,
6.25%,
9/1/53 (3)
4,700
4,788
Spring
Valley
Community
Infrastructure
Dist.
No.
1,
Special
Assessment
Bonds,
3.75%,
9/1/51 (3)
10,196
8,460
16,879
ILLINOIS
5.6%
Chicago,
Series 2005D,
GO,
5.50%,
1/1/40
9,495
9,520
Chicago,
Series A,
GO,
5.00%,
1/1/39
1,025
1,051
Chicago,
Series A,
GO,
5.00%,
1/1/40
2,375
2,427
Chicago,
Series A,
GO,
5.50%,
1/1/35
3,165
3,380
Chicago
Board
of
Ed.,
Series A,
GO,
5.00%,
12/1/34 (6)
830
859
Chicago
Board
of
Ed.,
Series A,
GO,
5.00%,
12/1/35 (6)
900
931
Chicago
Board
of
Ed.,
School
Reform,
Series B-1,
GO,
Zero
Coupon,
12/1/27 (10)
12,290
10,500
Chicago
Board
of
Ed.,
School
Reform,
Series B-1,
GO,
Zero
Coupon,
12/1/29 (6)
11,245
8,812
Chicago,
City
Colleges,
GO,
Zero
Coupon,
1/1/27 (10)(11)
7,915
7,153
Chicago,
Works,
Series A,
GO,
5.50%,
1/1/40
2,530
2,721
Chicago,
Works,
Series A,
GO,
5.50%,
1/1/41
2,130
2,246
Chicago,
Works,
Series A,
GO,
5.50%,
1/1/43
2,095
2,197
Illinois,
Series A,
GO,
5.00%,
10/1/31
1,980
2,081
Illinois,
Series A,
GO,
5.50%,
3/1/42
3,340
3,652
Illinois,
Series A,
GO,
5.50%,
3/1/47
5,040
5,419
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
Illinois,
Series B,
GO,
5.00%,
10/1/31
1,820
1,913
Illinois,
Series B,
GO,
5.00%,
10/1/32
2,485
2,611
Illinois,
Series B,
GO,
5.00%,
12/1/33
2,715
2,943
Illinois,
Series B,
GO,
5.50%,
5/1/47
1,890
2,034
Illinois,
Series C,
GO,
5.00%,
11/1/29
5,000
5,182
Illinois
DFA,
Citgo
Petroleum,
8.00%,
6/1/32 (4)
1,385
1,386
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.125%,
5/15/38
8,705
7,610
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.25%,
5/15/42
1,585
1,320
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.25%,
5/15/54
6,735
5,097
Illinois
Fin.
Auth.,
Depaul
College
Prep
Foundation,
5.25%,
8/1/38 (3)
1,000
1,065
Illinois
Fin.
Auth.,
Depaul
College
Prep
Foundation,
5.50%,
8/1/43 (3)
1,000
1,062
Illinois
Fin.
Auth.,
Depaul
College
Prep
Foundation,
5.625%,
8/1/53 (3)
1,195
1,248
Illinois
Fin.
Auth.,
Franciscan
Communities,
Series A,
5.00%,
5/15/37
3,050
3,058
Illinois
Fin.
Auth.,
Franciscan
Communities,
Series A,
5.00%,
5/15/47
1,230
1,158
Illinois
Fin.
Auth.,
Northwestern
Memorial
Healthcare,
Series C,
VRDN,
3.98%,
7/15/55
1,200
1,200
Illinois
Fin.
Auth.,
Plymouth
Place,
5.25%,
5/15/45
(Prerefunded
5/15/25) (12)
950
962
Illinois
Fin.
Auth.,
Plymouth
Place,
5.25%,
5/15/50
(Prerefunded
5/15/25) (12)
2,575
2,608
Illinois
Fin.
Auth.,
Silver
Cross
Hosp.,
5.00%,
8/15/35
2,115
2,130
Illinois
Fin.
Auth.,
Silver
Cross
Hosp.,
5.00%,
8/15/44
3,955
3,967
Illinois
Fin.
Auth.,
Three
Crowns
Park,
5.00%,
2/15/32
910
917
Illinois
Fin.
Auth.,
Three
Crowns
Park,
5.25%,
2/15/37
630
635
Illinois
Fin.
Auth.,
Villa
Saint
Benedict,
6.125%,
11/15/35
2,310
2,325
Illinois
Fin.
Auth.,
Villa
Saint
Benedict,
6.375%,
11/15/43
3,165
3,183
Illinois
Housing
Dev.
Auth.,
Series G,
5.00%,
10/1/46
1,380
1,403
Illinois
Housing
Dev.
Auth.,
Series G,
6.25%,
10/1/52
1,235
1,313
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
4.00%,
6/15/52
2,120
1,900
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
5.00%,
12/15/45
595
611
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
5.00%,
6/15/50
8,285
8,448
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
12/15/35
850
513
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/36
730
429
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/37
1,115
621
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
12/15/38
2,375
1,210
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/39
2,575
1,271
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/41
905
398
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
12/15/30 (10)
3,040
2,337
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
12/15/33 (10)
46,130
31,073
Regional
Transportation
Auth.,
Series A,
6.00%,
7/1/33 (10)
5,935
6,859
Upper
Illinois
River
Valley
Dev.
Auth.,
Cambridge
Lakes
Learning
Center,
Series A,
5.00%,
12/1/32 (3)
3,100
3,064
Upper
Illinois
River
Valley
Dev.
Auth.,
Cambridge
Lakes
Learning
Center,
Series A,
5.25%,
12/1/47 (3)
6,420
5,874
185,887
INDIANA
1.7%
East
Chicago,
USG
Project,
5.50%,
9/1/28 (4)
1,405
1,339
Indiana
Fin.
Auth.,
Depauw
University
Project,
Series A,
5.50%,
7/1/52
8,655
8,872
Indiana
Fin.
Auth.,
Margaret
Mary
Health
Project,
Series A,
5.75%,
3/1/54
6,845
7,211
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series A,
4.25%,
11/1/30
5,160
5,115
Indiana
Fin.
Auth.,
Student
Housing
Project,
Series A,
5.00%,
6/1/53
3,350
3,370
Indiana
Fin.
Auth.,
Student
Housing
Project,
Series A,
5.125%,
6/1/58
1,650
1,663
Indiana
Fin.
Auth.,
U.S.
Steel,
Series A,
4.125%,
12/1/26
10,935
10,895
Indianapolis
Airport
Auth.,
United
Airlines,
Series A,
6.50%,
11/15/31 (1)(4)(13)
9,846
—
Indianapolis
Local
Public
Improvement
Bond
Bank,
Convention
Center
Hotel,
Series E,
6.00%,
3/1/53
7,490
8,106
Town
of
Shoals,
National
Gypsum,
7.25%,
11/1/43 (4)
3,915
3,921
Valparaiso,
Pratt
Paper,
4.50%,
1/1/34 (3)(4)
1,500
1,527
Valparaiso,
Pratt
Paper,
5.00%,
1/1/54 (3)(4)
3,000
3,059
55,078
IOWA
0.2%
Iowa
Fin.
Auth.,
UnityPoint
Health,
Series F,
VRDN,
3.85%,
7/1/41
6,300
6,300
6,300
KANSAS
0.1%
Lenexa,
Lakeview
Village,
Series A,
5.00%,
5/15/30
1,010
1,027
Lenexa,
Lakeview
Village,
Series A,
5.00%,
5/15/32
910
922
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
Lenexa,
Lakeview
Village,
Series A,
5.00%,
5/15/39
930
917
2,866
KENTUCKY
1.9%
Henderson,
Pratt
Paper,
Series B,
4.45%,
1/1/42 (3)(4)
1,945
1,924
Henderson,
Pratt
Paper,
Series B,
4.70%,
1/1/52 (3)(4)
6,270
6,250
Kentucky
Economic
DFA,
Baptist
Life
Communities,
6.25%,
11/15/46
2,770
2,085
Kentucky
Economic
DFA,
Baptist
Life
Communities,
6.375%,
11/15/51
4,635
3,422
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/46
5,625
4,270
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/51
2,905
2,136
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.375%,
11/15/42
3,560
2,874
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.50%,
11/15/45
1,860
1,483
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/37
3,555
3,595
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/41
4,040
4,050
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/45
6,415
6,379
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/41
6,035
6,072
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/50
11,165
10,822
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28)
6,085
6,050
61,412
LOUISIANA
1.2%
Jefferson
Parish
Economic
Dev.
&
Port
Dist.,
Kenner
Discovery
Health
Sciences,
Series A,
5.50%,
6/15/38 (3)
1,900
1,910
Jefferson
Parish
Economic
Dev.
&
Port
Dist.,
Kenner
Discovery
Health
Sciences,
Series A,
5.625%,
6/15/48 (3)
2,220
2,194
Louisiana
Local
Gov't
Environmental
Fac.
&
Community
Dev.
Auth.,
Westlake
Chemical,
3.50%,
11/1/32
6,300
5,956
Louisiana
Public
Fac.
Auth.,
Waste
Pro
USA
Project,
VRDN,
6.75%,
10/1/53
(Tender
10/1/28) (3)(4)
3,500
3,742
New
Orleans
Sewerage
Service,
5.00%,
6/1/33
(Prerefunded
6/1/25) (12)
1,140
1,156
New
Orleans
Sewerage
Service,
5.00%,
6/1/40
(Prerefunded
6/1/25) (12)
2,165
2,195
New
Orleans
Sewerage
Service,
5.00%,
6/1/45
(Prerefunded
6/1/25) (12)
1,385
1,404
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
New
Orleans
Water
System,
5.00%,
12/1/45
(Prerefunded
12/1/25) (12)
4,355
4,453
Saint
James
Parish,
Nustar
Logistics,
VRDN,
5.85%,
8/1/41
(Tender
6/1/25) (3)
1,310
1,329
Saint
James
Parish,
Nustar
Logistics,
VRDN,
6.10%,
6/1/38
(Tender
6/1/30) (3)
4,190
4,576
Saint
James
Parish,
Nustar
Logistics,
Series 2,
6.35%,
7/1/40 (3)
4,235
4,600
Saint
James
Parish,
Nustar
Logistics,
Series B,
VRDN,
6.10%,
12/1/40
(Tender
6/1/30) (3)
5,485
5,991
39,506
MARYLAND
5.2%
Anne
Arundel
County,
Annapolis
Area
Christian
School,
Series A,
6.50%,
7/1/33
2,355
2,356
Anne
Arundel
County,
Annapolis
Area
Christian
School,
Series A,
6.75%,
7/1/43
4,575
4,576
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/42
2,260
2,090
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/46
17,045
15,283
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/27
1,190
1,200
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/33
4,410
4,466
Maryland
Economic
Dev.,
Baltimore
City
Project,
Series A,
5.00%,
6/1/58
4,040
4,052
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/25
410
411
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/29 (3)
1,900
1,918
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/33 (3)
2,010
2,027
Maryland
Economic
Dev.,
Port
Covington
Project,
3.25%,
9/1/30
850
771
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/40
1,740
1,522
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/50
2,000
1,587
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/55 (4)
41,675
42,663
Maryland
Economic
Dev.,
Senior-Annapolis
Mobility,
5.25%,
6/30/53
4,635
4,786
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/25
825
828
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/27
790
810
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/28
1,190
1,232
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/30
790
820
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/32
815
846
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/35
2,050
2,127
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/36
5,430
5,560
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/46
16,365
16,523
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/32
475
481
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/33
1,205
1,219
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/34
1,425
1,444
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/35
1,270
1,288
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/36
1,190
1,206
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/46
2,575
2,211
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/51
4,305
3,667
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/55
2,665
2,225
Montgomery
County
Housing
Opportunities
Commission,
Series A,
4.90%,
7/1/55 (7)
1,370
1,367
Montgomery
County,
Friends
House
Retirement
Community,
Series A,
5.00%,
7/1/39
405
350
Montgomery
County,
Friends
House
Retirement
Community,
Series A,
5.375%,
7/1/48
5,145
4,379
Prince
George's
County
Auth.,
Suitland-Naylor
Road,
4.75%,
7/1/36 (3)
1,385
1,385
Prince
George's
County
Auth.,
Suitland-Naylor
Road,
5.00%,
7/1/46 (3)
1,980
1,922
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/31
1,190
1,195
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/37
1,595
1,578
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/35
790
791
Rockville,
Ingelside
at
King
Farm,
Series B,
4.25%,
11/1/37
315
282
Rockville,
Ingelside
at
King
Farm,
Series B,
4.50%,
11/1/43
1,560
1,370
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/42
2,695
2,549
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/47
5,250
4,772
Rockville,
Ingleside
at
King
Farm,
5.00%,
11/1/29
395
397
Rockville,
Ingleside
at
King
Farm,
5.00%,
11/1/32
395
396
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/26
1,370
1,341
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/27
1,430
1,379
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/30
1,605
1,470
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/31
880
792
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36
2,225
1,855
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/42
6,330
4,853
Washington
Suburban
Sanitary
Commission,
Series A,
VRDN,
BAN,
3.95%,
6/1/27
1,500
1,500
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
5.00%,
7/1/24
355
355
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
6.25%,
7/1/44
2,885
2,885
171,358
MASSACHUSETTS
0.5%
Massachusetts
Dev.
Fin.
Agency,
Boston
Univ.,
Series P,
5.45%,
5/15/59 (5)
2,000
2,185
Massachusetts
Dev.
Fin.
Agency,
Milford
Regional
Medical
Center,
Series F,
5.625%,
7/15/36
480
459
Massachusetts
Dev.
Fin.
Agency,
Milford
Regional
Medical
Center,
Series F,
5.75%,
7/15/43
2,600
2,519
Massachusetts
Dev.
Fin.
Agency,
NewBridge
on
the
Charles,
5.00%,
10/1/47 (3)
3,000
2,996
Massachusetts
Dev.
Fin.
Agency,
NewBridge
on
the
Charles,
5.00%,
10/1/57 (3)
5,290
5,123
Massachusetts
Dev.
Fin.
Agency,
Salem
Community,
5.25%,
1/1/50
2,120
1,919
15,201
MICHIGAN
1.2%
Calhoun
County
Hosp.
Fin.
Auth.,
Oaklawn
Hosp.,
5.00%,
2/15/37
790
774
Calhoun
County
Hosp.
Fin.
Auth.,
Oaklawn
Hosp.,
5.00%,
2/15/41
4,510
4,250
Calhoun
County
Hosp.
Fin.
Auth.,
Oaklawn
Hosp.,
5.00%,
2/15/47
12,580
11,365
Detroit,
GO,
5.00%,
4/1/29
570
582
Detroit,
GO,
5.00%,
4/1/30
555
566
Detroit,
GO,
5.00%,
4/1/31
595
607
Detroit,
GO,
5.00%,
4/1/32
670
683
Detroit,
GO,
5.00%,
4/1/33
950
969
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
Detroit,
GO,
5.00%,
4/1/37
2,280
2,316
Detroit,
GO,
5.00%,
4/1/38
1,110
1,124
Detroit,
Series A,
GO,
5.00%,
4/1/50
1,810
1,802
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate,
5.00%,
11/1/32
1,665
1,637
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate,
5.00%,
11/1/37
945
895
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate,
5.00%,
11/1/47
2,195
1,921
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate,
5.00%,
11/1/52
940
803
Ivywood
Classical
Academy,
Public
School,
6.00%,
1/1/54
3,890
3,845
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
Series A,
4.00%,
11/15/50
1,875
1,675
Michigan
Tobacco
Settlement
Fin.
Auth.,
Series B,
Zero
Coupon,
6/1/52
20,180
2,461
38,275
MINNESOTA
0.2%
Deephaven,
Seven
Hills
Preparatory
Academy,
Series A,
5.00%,
10/1/37
(Prerefunded
7/1/24) (12)
415
415
Deephaven,
Seven
Hills
Preparatory
Academy,
Series A,
5.00%,
10/1/49
(Prerefunded
7/1/24) (12)
790
791
Deephaven,
Seven
Hills
Preparatory
Academy,
Series A,
6.125%,
6/15/61 (3)
4,500
4,416
Woodbury,
Woodbury
Leadership
Project,
4.00%,
7/1/41
670
537
Woodbury,
Woodbury
Leadership
Project,
4.00%,
7/1/51
520
373
Woodbury,
Woodbury
Leadership
Project,
4.00%,
7/1/56
455
315
6,847
MISSISSIPPI
0.3%
Mississippi
Business
Fin.,
Chevron
USA
Project,
Series B,
VRDN,
2.10%,
11/1/35
4,000
4,000
Mississippi
Business
Fin.,
Chevron
USA
Project,
Series D,
VRDN,
2.10%,
11/1/35
4,880
4,880
8,880
MISSOURI
2.0%
HEFA
of
Missouri,
Mercy
Health,
5.50%,
12/1/48
2,980
3,255
Kansas
City
IDA,
Kansas
City
Int'l.
Airport,
4.00%,
3/1/50 (4)(6)
1,980
1,795
Kansas
City
IDA,
Kansas
City
Int'l.
Airport,
4.00%,
3/1/57 (4)(6)
10,000
8,843
Kirkwood
IDA,
Aberdeen
Heights,
5.25%,
5/15/37
1,585
1,440
Kirkwood
IDA,
Aberdeen
Heights,
5.25%,
5/15/42
1,345
1,151
Kirkwood
IDA,
Aberdeen
Heights,
5.25%,
5/15/50
3,165
2,525
Saint
Louis
County
IDA,
Friendship
Village,
5.00%,
9/1/48
1,685
1,579
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.00%,
9/1/38
3,760
3,772
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.125%,
9/1/48
12,270
11,704
Saint
Louis
County
IDA,
Nazareth
Living
Center,
Series A,
5.00%,
8/15/30
790
761
Saint
Louis
County
IDA,
Nazareth
Living
Center,
Series A,
5.00%,
8/15/35
555
513
Saint
Louis
County
IDA,
Nazareth
Living
Center,
Series A,
5.125%,
8/15/45
1,345
1,155
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
5.00%,
12/1/35
1,585
1,521
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
Series A,
5.125%,
12/1/45
1,680
1,489
Saint
Louis
IDA,
Ballpark
Village,
Series A,
3.875%,
11/15/29
570
502
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.375%,
11/15/35
2,170
1,776
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.75%,
11/15/47
2,600
1,959
Saint
Louis
Land
Clearance
for
Redev.
Auth.,
National
Geospatial
Intelligence
Agency,
5.125%,
6/1/46
3,975
3,932
Saint
Louis
Land
Clearance
for
Redev.
Auth.,
National
Geospatial
Intelligence
Agency,
5.375%,
6/1/43
11,595
11,681
Taney
County
IDA,
6.00%,
10/1/49 (3)
3,500
3,399
64,752
MONTANA
0.3%
Kalispell,
Immanuel
Lutheran,
Series A,
5.25%,
5/15/37
545
493
Kalispell,
Immanuel
Lutheran,
Series A,
5.25%,
5/15/47
5,740
4,719
Kalispell,
Immanuel
Lutheran,
Series A,
5.25%,
5/15/52
5,975
4,785
9,997
NEBRASKA
0.0%
Central
Plains
Energy
Project,
Series 1,
VRDN,
5.00%,
5/1/53
(Tender
10/1/29)
1,145
1,191
1,191
NEVADA
0.4%
Las
Vegas
Redev.
Agency,
5.00%,
6/15/30
325
328
Las
Vegas
Redev.
Agency,
5.00%,
6/15/40
3,585
3,609
Las
Vegas
Redev.
Agency,
5.00%,
6/15/45
6,290
6,310
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/33 (6)
160
168
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/36
200
209
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/37
395
412
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/38 (6)
80
83
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/48
395
402
Reno,
Retrac-Reno
Transportation,
Series C,
Zero
Coupon,
7/1/58 (3)
11,000
1,406
12,927
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
NEW
HAMPSHIRE
0.4%
New
Hampshire
Business
Fin.
Auth.,
Series B,
VRDN,
3.75%,
7/1/45
(Tender
7/2/40) (3)(4)
3,245
2,622
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.25%,
7/1/39 (3)
1,245
1,148
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.625%,
7/1/46 (3)
690
627
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.75%,
7/1/54 (3)
1,725
1,545
New
Hampshire
HEFA,
Hillside
Villiage,
Series A,
6.125%,
7/1/37 (1)(2)(3)
850
—
New
Hampshire
HEFA,
Hillside
Villiage,
Series A,
6.125%,
7/1/52 (1)(2)(3)
2,091
—
New
Hampshire
HEFA,
Hillside
Villiage,
Series A,
6.25%,
7/1/42 (1)(2)(3)
1,260
—
New
Hampshire
HEFA,
Kendel
at
Hanover,
5.00%,
10/1/36
630
640
New
Hampshire
HEFA,
Kendel
at
Hanover,
5.00%,
10/1/40
595
599
New
Hampshire
HEFA,
Kendel
at
Hanover,
5.00%,
10/1/46
4,835
4,822
12,003
NEW
JERSEY
2.6%
Essex
County
Improvement
Auth.,
The
Friends
of
Team
Charter
Schools,
4.00%,
6/15/46
1,555
1,384
Essex
County
Improvement
Auth.,
The
Friends
of
Team
Charter
Schools,
4.00%,
6/15/56
1,760
1,485
Gloucester
County
Pollution
Control
Fin.
Auth.,
Keystone
Urban
Renewal,
Series A,
PCR,
5.00%,
12/1/24 (4)(11)
455
455
New
Jersey
Economic
Dev.
Auth.,
Barnabas
Health,
Series A,
Zero
Coupon,
7/1/26 (10)(11)
1,980
1,834
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/49 (3)
900
841
New
Jersey
Economic
Dev.
Auth.,
Continental
Airlines,
Series B,
5.625%,
11/15/30 (4)
2,125
2,143
New
Jersey
Economic
Dev.
Auth.,
Lions
Gate,
5.25%,
1/1/44
3,880
3,632
New
Jersey
Economic
Dev.
Auth.,
Middlesex
Water,
5.00%,
8/1/59 (4)
1,605
1,633
New
Jersey
Economic
Dev.
Auth.,
Port
Newark
Container
Terminal,
5.00%,
10/1/47 (4)
10,000
10,068
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/30
1,585
1,586
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/48
9,565
8,949
New
Jersey
Economic
Dev.
Auth.,
Transit
Transportation
Project,
4.00%,
11/1/44
6,445
6,167
New
Jersey
Economic
Dev.
Auth.,
UMM
Energy
Partners,
Series A,
5.00%,
6/15/37 (4)
990
984
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
23
Par/Shares
$
Value
(Amounts
in
000s)
New
Jersey
Economic
Dev.
Auth.,
UMM
Energy
Partners,
Series A,
5.125%,
6/15/43 (4)
1,385
1,367
New
Jersey
EFA,
Green
Bond,
Series A,
5.00%,
7/1/40
3,130
3,198
New
Jersey
Transportation
Trust
Fund
Auth.,
5.25%,
6/15/46
2,615
2,820
New
Jersey
Transportation
Trust
Fund
Auth.,
5.50%,
6/15/50
1,875
2,034
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/42
790
762
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.25%,
6/15/41
650
714
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.25%,
6/15/42
1,000
1,094
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
4.25%,
6/15/44
2,000
1,962
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/36
790
871
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series A,
Zero
Coupon,
12/15/28
11,870
9,937
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series AA,
5.25%,
6/15/43
2,710
2,815
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/35 (7)
5,000
5,204
New
Jersey
Turnpike
Auth.,
Series B,
5.25%,
1/1/54
5,250
5,708
Tobacco
Settlement
Fin.,
Series A,
5.25%,
6/1/46
5,000
5,148
Township
of
Franklin
NJ,
GO,
2.00%,
3/15/37
1,280
967
85,762
NEW
YORK
5.0%
Build
New
York
City
Resource,
Friends
of
Hellenic
Classical,
Series A,
5.00%,
12/1/41 (3)
1,135
1,054
Build
New
York
City
Resource,
Friends
of
Hellenic
Classical,
Series A,
5.00%,
12/1/51 (3)
1,260
1,098
Build
New
York
City
Resource,
Friends
of
Hellenic
Classical,
Series A,
5.00%,
12/1/55 (3)
830
712
Build
New
York
City
Resource,
Inwood
Academy
Leadership
Charter
School,
Series A,
5.50%,
5/1/48 (3)
460
462
Build
New
York
City
Resource,
Pratt
Paper,
4.50%,
1/1/25 (3)
(4)
185
185
Build
New
York
City
Resource,
Pratt
Paper,
5.00%,
1/1/35 (3)
(4)
9,890
9,935
Build
New
York
City
Resource,
Richmond
Preparatory
Charter
School
Project,
Series A,
5.00%,
6/1/36 (3)
425
424
Build
New
York
City
Resource,
Richmond
Preparatory
Charter
School
Project,
Series A,
5.00%,
6/1/41 (3)
550
528
Build
New
York
City
Resource,
Richmond
Preparatory
Charter
School
Project,
Series A,
5.00%,
6/1/51 (3)
1,980
1,812
Build
New
York
City
Resource,
Shefa
School
Project,
Series A,
2.50%,
6/15/31 (3)
650
563
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
24
Par/Shares
$
Value
(Amounts
in
000s)
Build
New
York
City
Resource,
Shefa
School
Project,
Series A,
5.00%,
6/15/51 (3)
13,110
12,099
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
5.00%,
3/15/46
5,205
5,527
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
5.25%,
3/15/52
6,375
6,931
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series A,
5.00%,
1/1/56
5,620
4,810
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series B,
Zero
Coupon,
1/1/45
21,735
5,940
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series C,
5.625%,
1/1/55
8,610
7,620
Nassau
County
IDA,
Amsterdam
at
Harborside,
Series A,
9.00%,
1/1/41 (1)(2)(3)
6,655
6,655
Nassau
County
IDA,
Amsterdam
at
Harborside,
Series B,
VR,
5.00%,
1/1/58 (2)
13,414
4,017
New
York
City
Ind.
Dev.
Agency,
Queens
Baseball
Stadium
Project,
Series A,
3.00%,
1/1/46 (6)
5,250
4,050
New
York
City
Municipal
Water
Fin.
Auth.,
Water
&
Sewer
System,
Series BB1,
3.00%,
6/15/50
5,000
3,716
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/30 (3)
1,000
947
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/31 (3)
800
750
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/34 (3)
800
727
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/36 (3)
1,400
1,237
New
York
Liberty
Dev.,
3
World
Trade
Center,
Class
2,
5.15%,
11/15/34 (3)
5,040
5,061
New
York
Liberty
Dev.,
3
World
Trade
Center,
Class
2,
5.375%,
11/15/40 (3)
10,000
10,038
New
York
Liberty
Dev.,
Goldman
Sachs
Headquarters,
5.25%,
10/1/35
13,740
15,589
New
York
State
Urban
Dev.,
Personal
Income
Tax,
3.00%,
3/15/48
5,000
3,746
New
York
Transportation
Dev.,
American
Airlines,
3.00%,
8/1/31 (4)
2,375
2,218
New
York
Transportation
Dev.,
American
Airlines,
5.00%,
8/1/31 (4)
12,445
12,446
New
York
Transportation
Dev.,
Delta
Airlines,
LaGuardia
Airport,
5.00%,
10/1/35 (4)
4,945
5,238
New
York
Transportation
Dev.,
Delta
Airlines,
LaGuardia
Airport,
5.00%,
10/1/40 (4)
3,005
3,113
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/39 (4)
1,955
2,046
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
25
Par/Shares
$
Value
(Amounts
in
000s)
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/40 (4)
1,290
1,343
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/41 (4)
1,290
1,338
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/42 (4)
1,290
1,333
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.25%,
8/1/31 (4)
1,805
1,897
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.375%,
8/1/36 (4)
2,535
2,675
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
6.00%,
6/30/54 (4)
6,750
7,399
Westchester
County
Local
Dev.,
Pace
Univ.,
Series A,
5.50%,
5/1/42
8,000
8,001
165,280
NORTH
CAROLINA
1.7%
Forsyth
County,
Series B,
GO,
2.00%,
3/1/39
4,585
3,257
Greater
Asheville
Regional
Airport
Auth.,
Series A,
5.50%,
7/1/47 (4)(6)
9,515
10,233
North
Carolina
Housing
Fin.
Agency,
5.00%,
7/1/47
1,585
1,584
North
Carolina
Medical
Care
Commission,
Series C,
4.00%,
3/1/36
1,835
1,651
North
Carolina
Medical
Care
Commission,
Series C,
4.00%,
3/1/42
3,870
3,183
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
4.70%,
7/1/37
2,180
1,833
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
4.875%,
7/1/40
4,245
3,478
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
5.00%,
7/1/45
3,525
2,777
North
Carolina
Medical
Care
Commission,
Aldersgate
United
Methodist,
Series A,
5.00%,
7/1/47
925
715
North
Carolina
Medical
Care
Commission,
Everyage,
Series A,
4.00%,
9/1/41
865
734
North
Carolina
Medical
Care
Commission,
Everyage,
Series A,
4.00%,
9/1/47
770
616
North
Carolina
Medical
Care
Commission,
Everyage,
Series A,
4.00%,
9/1/51
765
595
North
Carolina
Medical
Care
Commission,
Lutheran
Services,
4.00%,
3/1/51
1,980
1,464
North
Carolina
Medical
Care
Commission,
Salemtowne,
5.25%,
10/1/37
730
688
North
Carolina
Medical
Care
Commission,
Salemtowne,
5.375%,
10/1/45
9,295
8,293
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
26
Par/Shares
$
Value
(Amounts
in
000s)
North
Carolina
Medical
Care
Commission,
Southminster,
5.00%,
10/1/37
1,225
1,205
North
Carolina
Medical
Care
Commission,
United
Church
Homes,
Series A,
5.00%,
9/1/37
(Prerefunded
9/1/24) (12)
1,660
1,664
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/47
4,510
4,530
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/54
6,845
6,862
55,362
OHIO
5.8%
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series B-2,
Class
2,
5.00%,
6/1/55
112,185
100,373
Cleveland-Cuyahoga
County
Port
Auth.,
Playhouse
Square
Foundation,
5.50%,
12/1/43
1,345
1,361
Cleveland-Cuyahoga
County
Port
Auth.,
Playhouse
Square
Foundation,
5.50%,
12/1/53
7,720
7,738
Cuyahoga
County,
MetroHealth
System,
5.00%,
2/15/42
3,560
3,564
Cuyahoga
County,
MetroHealth
System,
5.00%,
2/15/57
2,375
2,278
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/52
15,790
15,968
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/57
12,900
13,034
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/44
4,635
4,473
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/51
5,955
5,683
Marion
County,
United
Church
Homes,
5.00%,
12/1/39
1,310
1,102
Marion
County,
United
Church
Homes,
5.125%,
12/1/49
1,445
1,123
Muskingum
County,
Genesis
Healthcare,
5.00%,
2/15/44
3,955
3,623
Ohio,
Series A,
4.00%,
1/15/38
845
829
Ohio,
Series A,
4.00%,
1/15/39
1,585
1,541
Ohio,
Series A,
5.00%,
1/15/50
1,980
2,017
Ohio
Air
Quality
Dev.
Auth.,
Ohio
Valley
Electric,
3.25%,
9/1/29
6,885
6,538
Ohio
Air
Quality
Dev.
Auth.,
Pratt
Paper,
4.50%,
1/15/48 (3)(4)
1,585
1,538
Ohio
Air
Quality
Dev.
Auth.,
Vanadium
Project,
5.00%,
7/1/49 (3)(4)
16,000
14,222
Ohio
Higher
Ed.
Fac.
Commission,
Cleveland
Clinic,
Series B-4,
VRDN,
3.95%,
1/1/43
100
100
Ohio
Housing
Fin.
Agency,
Sanctuary
at
Springboro,
5.45%,
1/1/38 (3)
2,250
1,794
Summit
County
DFA,
Akron
Parking
Project,
5.625%,
12/1/48
2,350
2,483
Summit
County
DFA,
Akron
Parking
Project,
6.00%,
12/1/58
1,650
1,763
193,145
OKLAHOMA
1.5%
Norman
Regional
Hosp.
Auth.,
4.00%,
9/1/45
6,565
5,232
Oklahoma
County
Fin.
Auth.,
Astec
Project,
6.25%,
6/15/54 (3)
1,825
1,829
Oklahoma
County
Fin.
Auth.,
Astec
Project,
6.50%,
6/15/64 (3)
1,400
1,417
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
27
Par/Shares
$
Value
(Amounts
in
000s)
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
Series B,
5.875%,
12/1/47
6,094
4,741
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
Series C,
2.00%,
12/1/47
1,254
63
Oklahoma
DFA,
OU
Medicine,
Series B,
5.25%,
8/15/48
4,455
4,519
Oklahoma
DFA,
OU
Medicine,
Series B,
5.50%,
8/15/57
9,005
9,177
Oklahoma
Turnpike
Auth.,
Senior,
4.50%,
1/1/53
2,525
2,549
Oklahoma
Turnpike
Auth.,
Senior,
5.50%,
1/1/53
10,050
10,960
Tulsa
Airports
Improvement
Trust,
Series C,
5.50%,
12/1/35 (4)
8,705
8,711
49,198
OREGON
0.2%
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/32
395
397
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/37
395
390
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/47
1,110
1,025
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/52
1,190
1,078
Oregon
State
Fac.
Auth.,
Legacy
Health
Project,
Series A,
5.00%,
6/1/52
3,800
3,927
Yamhill
County
Hosp.
Auth.,
Friendsview
Retirement
Community,
Series A,
4.00%,
11/15/26
180
175
Yamhill
County
Hosp.
Auth.,
Friendsview
Retirement
Community,
Series A,
5.00%,
11/15/31
275
265
Yamhill
County
Hosp.
Auth.,
Friendsview
Retirement
Community,
Series A,
5.00%,
11/15/36
360
329
7,586
PENNSYLVANIA
4.8%
Allegheny
County
IDA,
U.S.
Steel,
4.875%,
11/1/24
960
962
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/28
245
252
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/30
265
276
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/31
535
559
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/32
875
917
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/33
630
660
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/34
595
622
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/35
670
700
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
28
Par/Shares
$
Value
(Amounts
in
000s)
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.25%,
5/1/42 (3)
6,035
5,826
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.00%,
5/1/32 (3)
2,750
2,778
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.00%,
5/1/42 (3)
4,975
4,896
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.375%,
5/1/42 (3)
7,540
7,302
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
Series 2017,
5.00%,
5/1/42 (3)
7,125
6,995
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
Series 2024,
5.00%,
5/1/42 (3)
2,590
2,558
Butler
County
Hosp.
Auth.,
5.00%,
7/1/35
6,645
6,517
Butler
County
Hosp.
Auth.,
5.00%,
7/1/39
3,760
3,540
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/36 (3)
3,140
2,884
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/40 (3)
3,790
3,307
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/41 (3)
3,330
2,873
Doylestown
Hosp.
Auth.,
5.375%,
7/1/39 (3)
2,075
2,081
East
Hempfield
Township
IDA,
Student
Services,
Student
Housing,
5.00%,
7/1/30
(Prerefunded
7/1/25) (12)
650
659
East
Hempfield
Township
IDA,
Student
Services,
Student
Housing,
5.00%,
7/1/35
(Prerefunded
7/1/25) (12)
840
851
East
Hempfield
Township
IDA,
Student
Services,
Student
Housing,
5.00%,
7/1/47
(Prerefunded
7/1/25) (12)
5,935
6,014
Franklin
County
IDA,
Menno-Haven,
5.00%,
12/1/43
950
854
Franklin
County
IDA,
Menno-Haven,
5.00%,
12/1/48
1,025
884
Franklin
County
IDA,
Menno-Haven,
5.00%,
12/1/53
1,110
929
Lancaster
County
Hosp.
Auth.,
Brethren
Village,
5.25%,
7/1/35
200
199
Lancaster
County
Hosp.
Auth.,
Brethren
Village,
5.50%,
7/1/45
790
761
Montgomery
County
Higher
Ed.
&
Health
Auth.,
Thomas
Jefferson
Univ.,
5.00%,
9/1/43
3,995
4,053
Montgomery
County
IDA,
Hill
at
Whitemarsh,
5.25%,
1/1/40
2,770
2,540
Montgomery
County
IDA,
Hill
at
Whitemarsh,
5.375%,
1/1/50
5,335
4,621
Pennsylvania
Economic
DFA,
5.50%,
6/30/40 (4)
3,155
3,425
Pennsylvania
Economic
DFA,
5.50%,
6/30/41 (4)
1,840
1,990
Pennsylvania
Economic
DFA,
5.50%,
6/30/43 (4)
1,840
1,976
Pennsylvania
Economic
DFA,
5.75%,
6/30/48 (4)
10,865
11,739
Pennsylvania
Economic
DFA,
6.00%,
6/30/61 (4)
7,800
8,545
Pennsylvania
Economic
DFA,
Consol
Energy,
VRDN,
9.00%,
4/1/51
(Tender
4/13/28) (3)(4)
9,120
9,994
Pennsylvania
Economic
DFA,
Covanta
Project,
3.25%,
8/1/39 (3)(4)
3,265
2,522
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
29
Par/Shares
$
Value
(Amounts
in
000s)
Pennsylvania
Economic
DFA,
National
Gypsum,
5.50%,
11/1/44 (4)
6,905
6,917
Pennsylvania
Higher
Ed.
Fac.
Auth.,
Indiana
Univ.
Student
Housing,
Series A,
FRN,
67%
of
3M
USD
LIBOR
+
0.65%,
4.375%,
7/1/39 (5)
6,650
6,034
Pennsylvania
Turnpike
Commission,
Series A,
4.00%,
12/1/49 (6)
10,000
9,530
Pennsylvania
Turnpike
Commission,
Series B,
5.25%,
12/1/52
4,565
4,927
Philadelphia
Higher
Ed.
Fac.
Auth.,
Temple
Univ.
Health
System,
5.00%,
7/1/28
3,955
3,989
Philadelphia
Higher
Ed.
Fac.
Auth.,
Temple
Univ.
Health
System,
5.00%,
7/1/30
790
796
Philadelphia
IDA,
Wesley
Enhanced
Living,
5.00%,
7/1/37
2,485
2,251
Philadelphia
IDA,
Wesley
Enhanced
Living,
5.00%,
7/1/42
1,680
1,430
Philadelphia
IDA,
Wesley
Enhanced
Living,
5.00%,
7/1/49
2,840
2,310
157,245
PUERTO
RICO
10.5%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (14)
28,385
17,599
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (14)
14,095
8,880
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (14)
13,236
6,833
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series 2021A,
4.00%,
7/1/42 (3)
4,190
3,864
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series 2021A,
5.00%,
7/1/33 (3)
2,150
2,263
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series 2021A,
5.00%,
7/1/37 (3)
1,105
1,148
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
4.00%,
7/1/42 (3)
5,975
5,510
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
4.00%,
7/1/47 (3)
2,030
1,802
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/24 (3)
580
580
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/25 (3)
2,675
2,703
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/28 (3)
2,740
2,839
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/29 (3)
2,865
2,987
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/30 (3)
10,000
10,496
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35 (3)
9,495
9,888
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/37 (3)
6,765
7,061
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
30
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/47 (3)
13,840
13,962
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
6.125%,
7/1/24
474
475
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
4.00%,
7/1/42 (3)
5,625
5,188
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
4.00%,
7/1/47 (3)
13,720
12,180
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/24 (3)
1,325
1,326
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/25 (3)
2,780
2,809
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/29 (3)
3,525
3,676
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/37 (3)
13,520
14,050
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
coupon,
7/1/24
1,048
1,045
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
coupon,
7/1/33
8,280
5,488
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
10,975
10,950
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
8,948
8,767
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
11,792
11,406
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41
6,748
6,250
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25
1,338
1,350
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
9,406
9,828
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
18,721
20,833
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.00%,
7/1/29 (1)
(15)
4,780
1,255
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (1)
(15)
95
25
Puerto
Rico
Electric
Power
Auth.,
Series A,
6.75%,
7/1/36 (1)
(15)
8,215
2,157
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/27 (1)
(15)
1,145
301
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/29 (1)
(15)
3,955
1,038
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/21 (1)(15)
1,605
421
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
31
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (1)(15)
135
35
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/26 (1)(15)
1,600
420
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (1)(15)
2,300
604
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (1)(15)
2,745
721
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (1)
(15)
470
123
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (1)
(15)
1,810
475
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (1)
(15)
610
160
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (1)
(15)
730
192
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (1)
(15)
95
25
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (1)
(15)
455
119
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (1)
(15)
390
102
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/38 (1)
(15)
3,955
1,038
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (1)
(15)
165
43
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/35 (1)
(15)
3,466
910
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (1)
(15)
790
207
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (1)
(15)
1,135
298
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (1)
(15)
110
29
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (1)
(15)
195
51
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/19 (1)
(15)
1,960
515
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (1)
(15)
155
41
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (1)
(15)
1,460
383
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (1)
(15)
420
110
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (1)
(15)
169
44
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
32
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/26 (1)
(15)
3,820
1,003
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.55%,
7/1/40
59
59
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
19,070
18,862
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58
4,840
4,824
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27
5,919
5,273
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/29
9,626
7,947
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33
11,267
7,857
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46
181,265
57,737
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/51
20,231
4,785
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.329%,
7/1/40
1,980
1,967
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.536%,
7/1/53
2,365
2,261
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.784%,
7/1/58
4,775
4,709
Puerto
Rico
Sales
Tax
Fin.,
Restructured
Cofina,
Series A-2,
4.329%,
7/1/40
2,125
2,111
345,273
RHODE
ISLAND
0.2%
Central
Falls
Detention
Fac.,
7.25%,
7/15/35 (1)(2)
9,960
3,984
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/36
3,955
3,772
7,756
SOUTH
CAROLINA
0.7%
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/32 (1)
5,826
3,494
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/42 (1)
25,626
7,543
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
7/22/51 (1)
44,029
5,847
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
1/1/32 (1)
3,113
1,257
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
7/22/51 (1)
17,627
1,211
Connector
2000
Assoc.,
Series C-1,
Zero
Coupon,
7/22/51 (1)
1,749
63
South
Carolina
Jobs-Economic
Dev.
Auth.,
Repower
South
Berkeley,
5.25%,
2/1/27 (1)(2)(3)(4)
850
85
South
Carolina
Jobs-Economic
Dev.
Auth.,
Repower
South
Berkeley,
6.00%,
2/1/35 (1)(2)(3)(4)
5,035
504
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
33
Par/Shares
$
Value
(Amounts
in
000s)
South
Carolina
Jobs-Economic
Dev.
Auth.,
Repower
South
Berkeley,
6.25%,
2/1/45 (1)(2)(3)(4)
10,115
1,012
South
Carolina
Jobs-Economic
Dev.
Auth.,
Repower
South
Berkeley,
8.00%,
12/6/29 (1)(2)
1,585
1,268
22,284
SOUTH
DAKOTA
0.3%
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/28
1,135
1,128
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/30
1,215
1,197
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/32
1,080
1,053
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/42
1,585
1,395
South
Dakota
HEFA,
Avera
Health,
Series A,
4.25%,
7/1/49
5,300
5,044
9,817
TENNESSEE
0.7%
Chattanooga
Health
Ed.
&
Housing
Fac.
Board,
Student
Housing,
CDFI
Phase
1,
5.00%,
10/1/35
2,180
2,193
Knox
County
Health
Ed.
&
Housing
Fac.
Board,
Tennessee
Univ.
Project,
Series B-1,
5.125%,
7/1/59 (7)(9)
2,600
2,684
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Ed.
Fac.
Board,
5.25%,
5/1/53
3,850
4,059
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.50%,
7/1/52 (4)
2,680
2,856
Shelby
County
Health
Ed.
&
Housing
Fac.
Board,
Village
at
Germantown,
5.00%,
12/1/34
395
378
Shelby
County
Health
Ed.
&
Housing
Fac.
Board,
Village
at
Germantown,
5.25%,
12/1/44
920
840
Shelby
County
Health
Ed.
&
Housing
Fac.
Board,
Village
at
Germantown,
5.25%,
12/1/49
2,650
2,333
Tennessee
Energy
Acquisition,
Series A,
5.25%,
9/1/26
9,435
9,623
24,966
TEXAS
6.9%
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/28
705
706
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/30
1,645
1,650
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/31
2,300
2,308
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/32
2,650
2,658
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/33
2,475
2,483
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/34
2,805
2,813
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/28
395
388
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
34
Par/Shares
$
Value
(Amounts
in
000s)
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/29
910
892
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/32
1,780
1,728
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/34
2,515
2,426
Austin
Texas
Airport
System
Revenue,
5.00%,
11/15/43 (4)
920
960
Austin
Texas
Airport
System
Revenue,
5.25%,
11/15/47 (4)
3,935
4,160
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/39
95
101
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/46
3,165
3,293
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series A,
4.125%,
8/15/49
4,100
3,897
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series D,
6.125%,
8/15/48
12,665
12,853
Conroe
Local
Government,
Convention
Center
Hotel,
3.50%,
10/1/31 (3)
255
203
Conroe
Local
Government,
Convention
Center
Hotel,
4.00%,
10/1/50
1,275
856
Conroe
Local
Government,
Convention
Center
Hotel,
5.00%,
10/1/50 (3)
1,375
1,034
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/47
7,750
8,309
Fort
Bend
County
IDC,
NRG
Energy,
Series B,
4.75%,
11/1/42
3,955
3,890
Gulf
Coast
IDA,
Citgo
Petroleum,
4.875%,
5/1/25 (4)
11,005
11,004
Harris
County
Cultural
Ed.
Fac.
Fin.,
Brazos
Presybyterian
Homes,
Series A,
5.00%,
1/1/38
405
375
Harris
County
Cultural
Ed.
Fac.
Fin.,
Brazos
Presybyterian
Homes,
Series A,
5.00%,
1/1/43
415
371
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/38
1,350
1,312
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/39
1,000
961
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/40
845
803
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/41
845
797
Houston
Airport
System,
Series B-1,
5.00%,
7/15/35 (4)
7,560
7,579
Houston
Airport
System,
United
Airlines,
Series A,
4.00%,
7/1/41 (4)
1,620
1,520
Houston
Airport
System,
United
Airlines,
Series B-1,
4.00%,
7/15/41 (4)
3,955
3,709
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/28
1,110
1,076
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/30
1,335
1,277
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/40
2,305
2,098
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/45
5,275
4,629
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.25%,
12/1/35
1,645
1,608
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
35
Par/Shares
$
Value
(Amounts
in
000s)
Mission
Economic
Dev.,
Natgasoline,
Series B,
4.625%,
10/1/31 (3)(4)
15,395
15,287
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/32
435
439
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/33
450
454
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/34
475
480
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/35
440
444
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/36
1,110
1,120
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/38
1,030
1,037
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/43
3,095
3,109
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/48
3,105
3,116
New
Hope
Cultural
Ed.
Fac.
Fin.,
Blinn
College,
Series A,
5.00%,
7/1/57
7,915
6,344
New
Hope
Cultural
Ed.
Fac.
Fin.,
Buckingham
Senior
Living,
Series 2021B,
VR,
2.00%,
11/15/61,
(2.00%
PIK) (1)
5,633
2,089
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing
Collage
Station,
5.00%,
4/1/46 (6)
12,385
12,230
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing
College
Station,
Series A,
5.00%,
4/1/29
4,630
4,631
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Denton
Univ.,
Series A-1,
5.00%,
7/1/58 (6)
2,355
2,306
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/30
(Prerefunded
4/1/25) (12)
395
399
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/35
(Prerefunded
4/1/25) (12)
1,205
1,218
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/47
(Prerefunded
4/1/25) (12)
4,765
4,818
New
Hope
Cultural
Ed.
Fac.
Fin.,
Legacy
Midtown,
Series A,
5.50%,
7/1/54
3,585
2,586
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Crestview,
5.00%,
11/15/36
(Prerefunded
11/15/24) (12)
435
445
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Crestview,
5.00%,
11/15/46
(Prerefunded
11/15/24) (12)
1,225
1,254
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Senior
Living,
Langford,
Series A,
5.375%,
11/15/36
395
350
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Senior
Living,
Langford,
Series A,
5.50%,
11/15/46
790
649
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Senior
Living,
Langford,
Series A,
5.50%,
11/15/52
790
627
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/31
790
766
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/32
370
357
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/33
790
756
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/34
790
750
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
36
Par/Shares
$
Value
(Amounts
in
000s)
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/39
1,190
1,068
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.25%,
10/1/49
4,810
4,126
New
Hope
Cultural
Ed.
Fac.
Fin.,
Texas
A&M
Univ.
Corpus
Christi,
Series A,
5.00%,
4/1/37
(Prerefunded
4/1/27) (12)
1,345
1,401
New
Hope
Cultural
Ed.
Fac.
Fin.,
Texas
A&M
Univ.
Corpus
Christi,
Series A,
5.00%,
4/1/42
(Prerefunded
4/1/27) (12)
1,585
1,651
North
Texas
Tollway
Auth.,
Series B,
3.00%,
1/1/51 (9)
7,445
5,403
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
2.75%,
1/1/36 (3)(4)
900
721
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
3.00%,
1/1/50 (3)(4)
1,980
1,339
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
Series A,
3.625%,
1/1/35 (3)(4)
2,645
2,351
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
Series A,
4.00%,
1/1/50 (3)(4)
6,255
5,135
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
Series A,
5.25%,
1/1/54 (3)(4)(7)
2,000
2,000
Seagoville,
Santorini
Public
Improvement
District
Project,
6.00%,
9/15/44 (3)
1,020
993
Seagoville,
Santorini
Public
Improvement
District
Project,
7.00%,
9/15/54 (3)
3,000
2,878
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere-Northwest
Senior
Housing,
5.25%,
11/15/47 (1)(13)
1,283
35
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere-Northwest
Senior
Housing,
Series A,
5.00%,
11/15/45 (1)(13)
6,750
182
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Stayton
at
Museum
Way,
Series A,
5.75%,
12/1/54 (1)(2)
5,878
3,703
Texas
Private
Activity
Bond
Surface
Transportation,
Segment
3C
Project,
5.00%,
6/30/58 (4)
3,000
3,033
Texas
Private
Activity
Bond
Surface
Transportation,
Tarrant
Express
Project,
5.50%,
12/31/58 (4)
18,150
19,359
Texas
Transportation
Commission,
First
Tier
Toll,
State
Highway,
5.00%,
8/1/57
8,745
8,820
228,986
UTAH
1.4%
Black
Desert
Public
Infrastructure
Dist.,
Assessment
Area
1,
5.625%,
12/1/53 (3)
3,725
3,794
Firefly
Public
Infrastructure
Dist.
No.
1,
Series A-1,
GO,
6.625%,
3/1/54 (3)
1,125
1,140
Firefly
Public
Infrastructure
Dist.
No.
1,
Assessment
Area
No.
1,
5.625%,
12/1/43 (3)
3,900
3,942
Military
Installation
Dev.
Auth.,
Series A-1,
4.00%,
6/1/41
1,800
1,479
Military
Installation
Dev.
Auth.,
Series A-1,
4.00%,
6/1/52
4,000
2,978
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
37
Par/Shares
$
Value
(Amounts
in
000s)
Military
Installation
Dev.
Auth.,
Series A-2,
4.00%,
6/1/41
2,485
2,042
Military
Installation
Dev.
Auth.,
Series A-2,
4.00%,
6/1/52
7,550
5,621
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/43 (4)
2,765
2,799
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/46 (4)
14,605
15,133
UIPA
Crossroads
Public
Infrastructure
Dist.,
4.375%,
6/1/52 (3)
10,115
8,891
47,819
VIRGINIA
3.9%
Alexandria,
Series A,
GO,
2.00%,
12/15/40
6,150
4,160
Arlington
County
IDA,
Virginia
Hosp.
Center,
3.75%,
7/1/50
1,050
931
Botetourt
County,
Residential
Care
Fac.,
Glebe,
Series A,
6.00%,
7/1/34
5,775
5,779
Chesapeake
Expressway
Toll
Road,
Series B,
4.875%,
7/15/40
5,960
6,019
James
City
County
Economic
Dev.
Auth.
Williamsburg
Landing,
Series C-3,
5.25%,
12/1/27
1,250
1,257
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
Series A,
4.00%,
1/1/47
3,000
2,757
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.00%,
1/1/35
3,180
3,086
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.00%,
1/1/46
4,075
3,545
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.375%,
1/1/35
4,945
4,946
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.375%,
1/1/46
3,380
3,111
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
Series A,
5.00%,
1/1/49
2,575
2,188
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/33
790
800
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/35
1,055
1,066
Tobacco
Settlement
Fin.,
Capital
Appreciation,
Series C,
Zero
Coupon,
6/1/47
21,370
5,816
Virginia
College
Building
Auth.,
Marymount
Univ.,
5.00%,
7/1/45 (3)
4,750
4,353
Virginia
College
Building
Auth.,
Marymount
Univ.,
5.25%,
7/1/30 (3)
1,090
1,094
Virginia
College
Building
Auth.,
Marymount
Univ.,
5.25%,
7/1/35 (3)
1,430
1,433
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/24 (3)
1,080
1,080
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/25 (3)
1,140
1,136
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/30 (3)
3,750
3,754
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
38
Par/Shares
$
Value
(Amounts
in
000s)
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/35 (3)
1,000
991
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/45 (3)
2,460
2,255
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/40 (4)
1,150
1,072
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/41 (4)
2,140
1,976
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/42 (4)
1,025
938
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/48 (4)
15,125
13,391
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
5.00%,
7/1/35 (4)
3,530
3,711
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
5.00%,
1/1/36 (4)
845
887
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
5.00%,
7/1/37 (4)
1,875
1,957
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
3.00%,
1/1/41 (4)
3,000
2,385
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/37 (4)
3,080
3,032
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/38 (4)
3,820
3,721
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/40 (4)
1,000
950
Virginia
Small
Business
Fin.
Auth.,
I-495
Hot
Lanes
Project,
5.00%,
12/31/47 (4)
6,105
6,192
Virginia
Small
Business
Fin.
Auth.,
I-495
Hot
Lanes
Project,
5.00%,
12/31/57 (4)
2,995
3,009
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/49 (4)
8,705
8,761
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/56 (4)
15,865
15,887
129,426
WASHINGTON
1.3%
Adams
County
Public
Hosp.
Dist.
No.
2,
GO,
5.125%,
12/1/44
2,105
2,040
Skagit
County
Public
Hosp.
Dist.
No.
1,
5.50%,
12/1/54
3,910
4,096
Washington
State
Convention
Center
Public
Fac.
Dist.,
4.00%,
7/1/31
5,975
5,816
Washington
State
Housing
Fin.
Commission,
Hearthstone,
5.00%,
7/1/38 (3)
830
684
Washington
State
Housing
Fin.
Commission,
Hearthstone,
5.00%,
7/1/48 (3)
2,300
1,706
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
39
Par/Shares
$
Value
(Amounts
in
000s)
Washington
State
Housing
Fin.
Commission,
Hearthstone,
5.00%,
7/1/53 (3)
920
663
Washington
State
Housing
Fin.
Commission,
Judson
Park,
4.00%,
7/1/28 (3)
225
218
Washington
State
Housing
Fin.
Commission,
Judson
Park,
5.00%,
7/1/33 (3)
225
224
Washington
State
Housing
Fin.
Commission,
Judson
Park,
5.00%,
7/1/38 (3)
650
623
Washington
State
Housing
Fin.
Commission,
Judson
Park,
5.00%,
7/1/48 (3)
1,660
1,454
Washington
State
Housing
Fin.
Commission,
Presbyterian
Retirement,
Series A,
5.00%,
1/1/46 (3)
2,575
2,084
Washington
State
Housing
Fin.
Commission,
Presbyterian
Retirement,
Series A,
5.00%,
1/1/51 (3)
5,330
4,131
Washington
State
Housing
Fin.
Commission,
Radford
Court
&
Nordheim
Court,
5.00%,
7/1/54
3,865
3,894
Washington
State
Housing
Fin.
Commission,
Radford
Court
&
Nordheim
Court,
5.50%,
7/1/59
6,335
6,632
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series 1,
Class
A,
3.375%,
4/20/37
1,245
1,078
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series A-1,
Class
A,
3.50%,
12/20/35
6,086
5,390
Washington
State
Housing
Fin.
Commission,
Transform
Age
Project,
Series A,
5.00%,
1/1/55 (3)
4,925
3,734
44,467
WEST
VIRGINIA
0.3%
Monongalia
County
Commission
Excise
Tax
Dist.,
Series A,
4.125%,
6/1/43 (3)
1,665
1,426
Monongalia
County
Commission
Excise
Tax
Dist.,
Series B,
4.875%,
6/1/43 (3)
1,150
1,074
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.50%,
6/1/37 (3)
1,940
1,975
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.75%,
6/1/43 (3)
1,940
1,976
West
Virginia
Economic
Dev.
Auth.,
Arch
Resources,
VRDN,
5.00%,
7/1/45
(Tender
7/1/25) (4)
2,375
2,381
8,832
WISCONSIN
3.2%
PFA,
Celanese,
Series B,
5.00%,
12/1/25 (4)
4,750
4,797
PFA,
Celanese,
Series C,
4.30%,
11/1/30 (4)
3,955
3,870
PFA,
Celanese,
Series D,
4.05%,
11/1/30
1,980
1,910
PFA,
Challenge
Foundation
Academy,
6.625%,
7/1/43 (3)
1,000
1,032
PFA,
Challenge
Foundation
Academy,
6.875%,
7/1/53 (3)
1,650
1,703
PFA,
Challenge
Foundation
Academy,
7.00%,
7/1/58 (3)
1,850
1,908
PFA,
CHF
Manoa,
Series A,
5.75%,
7/1/53 (3)
4,000
4,256
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
40
Par/Shares
$
Value
(Amounts
in
000s)
PFA,
Church
Home
of
Hartford,
5.00%,
9/1/30 (3)
630
622
PFA,
Church
Home
of
Hartford,
5.00%,
9/1/38 (3)
1,365
1,270
PFA,
Corvian
Community
School,
Series A,
4.00%,
6/15/29 (3)
585
558
PFA,
Corvian
Community
School,
Series A,
5.00%,
6/15/39 (3)
790
730
PFA,
Corvian
Community
School,
Series A,
5.00%,
6/15/49 (3)
3,650
3,140
PFA,
Corvian
Community
School,
Series A,
5.125%,
6/15/47 (3)
2,085
1,848
PFA,
Corvian
Community
School,
Series A,
6.25%,
6/15/48 (3)
535
541
PFA,
Corvian
Community
School,
Series A,
6.25%,
6/15/53 (3)
2,515
2,530
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
4.00%,
7/1/30 (3)
300
283
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
5.00%,
7/1/40 (3)
560
519
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
5.00%,
7/1/55 (3)
1,145
971
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
6.375%,
7/1/43 (3)
325
335
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
6.625%,
7/1/53 (3)
100
103
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
6.75%,
7/1/58 (3)
375
388
PFA,
Grand
Hyatt
San
Antonio,
Series A,
5.00%,
2/1/52
1,835
1,801
PFA,
Grand
Hyatt
San
Antonio,
Series A,
5.00%,
2/1/62
3,370
3,275
PFA,
Mary's
Woods
at
Marylhurst,
5.25%,
5/15/37 (3)
435
432
PFA,
Mary's
Woods
at
Marylhurst,
5.25%,
5/15/47 (3)
965
889
PFA,
Mary's
Woods
at
Marylhurst,
5.25%,
5/15/52 (3)
1,820
1,634
PFA,
Mountain
Island
Charter
School,
5.00%,
7/1/37
655
651
PFA,
Mountain
Island
Charter
School,
5.00%,
7/1/47
1,585
1,473
PFA,
Mountain
Island
Charter
School,
5.00%,
7/1/52
3,405
3,110
PFA,
National
Gypsum,
4.00%,
8/1/35 (4)
18,170
16,240
PFA,
Nevada
State
College,
Series A,
5.00%,
5/1/60 (3)
4,520
3,287
PFA,
Nevada
State
College,
Series B,
9.00%,
5/1/71 (2)(3)
2,090
1,809
PFA,
Searstone
CCRC
Project,
Series A,
5.00%,
6/1/37 (3)
5,055
4,755
PFA,
Searstone
CCRC
Project,
Series A,
5.00%,
6/1/52 (3)
5,055
4,479
PFA,
SKY
Harbour
Capital,
4.00%,
7/1/41 (4)
3,685
2,951
PFA,
SKY
Harbour
Capital,
4.25%,
7/1/54 (4)
12,045
9,136
PFA,
Southminster,
5.00%,
10/1/43 (3)
1,780
1,671
PFA,
Southminster,
5.00%,
10/1/48 (3)
1,585
1,432
PFA,
Southminster,
5.00%,
10/1/53 (3)
4,560
4,008
PFA,
Univ.
of
Hawai'i
Foundation
project,
Series A-1,
4.00%,
7/1/51 (3)
2,190
1,797
PFA,
Univ.
of
Hawai'i
Foundation
project,
Series A-1,
4.00%,
7/1/61 (3)
1,215
952
PFA,
Univ.
of
Hawai'i
Foundation
project,
Series B,
5.25%,
7/1/61 (3)
1,930
1,629
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
41
Par/Shares
$
Value
(Amounts
in
000s)
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/37
880
840
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/41
1,310
1,198
Wisconsin
HEFA,
Saint
John's
Communities,
4.00%,
9/15/36
615
561
Wisconsin
HEFA,
Saint
John's
Communities,
4.00%,
9/15/41
610
522
Wisconsin
HEFA,
Saint
John's
Communities,
4.00%,
9/15/45
510
410
104,256
Total
Municipal
Securities
(Cost
$3,585,952)
3,298,260
Total
Investments
in
Securities
100.0%
(Cost
$3,586,152)
$
3,298,575
Other
Assets
Less
Liabilities
0.0%
473
Net
Assets
100.0%
$
3,299,048
‡
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)
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
$781,052
and
represents
23.7%
of
net
assets.
(4)
Interest
subject
to
alternative
minimum
tax.
(5)
Insured
by
Assured
Guaranty
Corporation
(6)
Insured
by
Assured
Guaranty
Municipal
Corporation
(7)
When-issued
security
(8)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(9)
Insured
by
Build
America
Mutual
Assurance
Company
(10)
Insured
by
National
Public
Finance
Guarantee
Corporation
(11)
Escrowed
to
maturity
(12)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(13)
Obligor
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(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.
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
BAN
Bond
Anticipation
Note
CDA
Community
Development
Administration/Authority
CDFI
Community
Development
Financial
Institution
DFA
Development
Finance
Authority
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
42
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
.
.
.
.
.
.
.
.
.
.
EFA
Educational
Facility
Authority
FRN
Floating
Rate
Note
GO
General
Obligation
HEFA
Health
&
Educational
Facility
Authority
HFA
Health
Facility
Authority
HHEFA
Health
&
Higher
Educational
Facility
Authority
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
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
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
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
45
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
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
May
31,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Municipal
Securities
$
—
$
3,298,260
$
—
$
3,298,260
Common
Stocks
315
—
—
315
Total
$
315
$
3,298,260
$
—
$
3,298,575
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
46
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
F59-054Q1
05/24