T. Rowe Price Tax-Free High Yield Fd (PRFHX) NPORT-P T. Rowe Price Tax-Free High Yield Fund (May 2024 report)

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