T. Rowe Price Tax-Free High Yield Fd (PRFHX) NPORT-P T. Rowe Price Tax-Free High Yield Fund, Inc. (May 2022 report)

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

May

31,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

COMMON

STOCKS

0.0%

Ingevity (1)

1‌

61‌

United

Airlines

Holdings (1)

—‌

16‌

Westrock 

5‌

254‌

Total

Common

Stocks

(Cost

$213)

331‌

MUNICIPAL

SECURITIES

101.4%

ALABAMA

2.1%

Huntsville-Redstone

Village

Special

Care

Fac.

Fin.

Auth.,

5.50%,

1/1/28 (1)(2)

3,175‌

2,067‌

Huntsville-Redstone

Village

Special

Care

Fac.

Fin.

Auth.,

5.50%,

1/1/43 (1)(2)

2,460‌

1,407‌

Huntsville-Redstone

Village

Special

Care

Fac.

Fin.

Auth.,

Series A,

6.875%,

1/1/43 (1)(2)

1,720‌

1,004‌

Huntsville-Redstone

Village

Special

Care

Fac.

Fin.

Auth.,

Series A,

7.50%,

1/1/47 (1)(2)

3,080‌

1,802‌

Jefferson

County,

Sewer,

Series A,

5.25%,

10/1/48 (3)

12,460‌

13,151‌

Jefferson

County,

Sewer,

Series A,

5.50%,

10/1/53 (3)

19,770‌

20,916‌

Southeast

Energy

Auth.

A

Cooperative

Dist.,

Series A,

VRDN,

4.00%,

11/1/51

(Tender

10/1/28) 

4,115‌

4,232‌

Southeast

Energy

Auth.

A

Cooperative

Dist.,

Series B,

VRDN,

4.00%,

12/1/51

(Tender

12/1/31) 

5,600‌

5,732‌

Tuscaloosa

County

IDA,

Hunt

Refining

Project,

Series A,

4.50%,

5/1/32 (4)

2,602‌

2,637‌

Tuscaloosa

County

IDA,

Hunt

Refining

Project,

Series A,

5.25%,

5/1/44 (4)

22,310‌

22,593‌

Walker

County

Economic

&

IDA,

Power

Plant

Project,

VRDN,

0.72%,

12/1/36 (5)

6,600‌

6,600‌

West

Jefferson

Ind.

Dev.

Board,

Power

Plant

Project,

VRDN,

0.72%,

12/1/38 (5)

21,000‌

21,000‌

Wilsonville

Ind.

Dev.

Board,

Power

Plant

Project,

VRDN,

0.72%,

12/1/30 (5)

100‌

100‌

103,241‌

ARIZONA

1.4%

Arizona

HFA,

Banner

Health,

Series B,

FRN,

67%

of

3M

USD

LIBOR

+

0.81%,

1.458%,

1/1/37 

2,365‌

2,241‌

Arizona

IDA,

Cadence

Campus

Project,

Series A,

4.00%,

7/15/40 (4)

795‌

729‌

Arizona

IDA,

Cadence

Campus

Project,

Series A,

4.00%,

7/15/50 (4)

1,375‌

1,189‌

Arizona

IDA,

Doral

Academy

-

Fire

Mesa,

Series A,

5.00%,

7/15/39 (4)

1,140‌

1,162‌

Arizona

IDA,

Doral

Academy

-

Fire

Mesa,

Series A,

5.00%,

7/15/49 (4)

1,010‌

1,020‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

2

Par/Shares

$

Value

(Amounts

in

000s)

Arizona

IDA,

Odyssey

Preparatory

Academy,

5.00%,

7/1/49 (4)

3,740‌

3,753‌

Arizona

IDA,

Odyssey

Preparatory

Academy,

Series A,

5.25%,

7/1/37 (4)

2,580‌

2,652‌

Arizona

IDA,

Odyssey

Preparatory

Academy,

Series A,

5.50%,

7/1/52 (4)

2,925‌

3,003‌

Maricopa

County

IDA,

Commercial

Metals

Company

Project,

4.00%,

10/15/47 (4)(5)

6,680‌

6,121‌

Maricopa

County

PCR,

El

Paso

Electric,

Series A,

4.50%,

8/1/42 

2,795‌

2,797‌

Peoria

IDA,

Sierra

Winds

Life

Care,

Series A,

5.50%,

11/15/34 

3,180‌

2,871‌

Peoria

IDA,

Sierra

Winds

Life

Care,

Series A,

5.75%,

11/15/40 

5,155‌

4,546‌

Phoenix

Civic

Improvement,

Capital

Appreciation,

5.50%,

7/1/33 (6)

1,075‌

1,324‌

Phoenix

Civic

Improvement,

Capital

Appreciation,

Series B,

5.50%,

7/1/29 (6)

6,820‌

8,049‌

Phoenix

Civic

Improvement,

Capital

Appreciation,

Series B,

5.50%,

7/1/30 (6)

6,270‌

7,484‌

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

5.00%,

7/1/44 

860‌

885‌

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

5.00%,

7/1/49 

515‌

528‌

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

5.00%,

7/1/59 

1,820‌

1,855‌

Pima

County

IDA,

American

Leadership

Academy,

4.00%,

6/15/41 (4)

2,585‌

2,347‌

Pima

County

IDA,

American

Leadership

Academy,

4.00%,

6/15/51 (4)

2,745‌

2,350‌

Pima

County

IDA,

American

Leadership

Academy,

4.00%,

6/15/57 (4)

3,110‌

2,582‌

Salt

Verde

Financial,

5.00%,

12/1/32 

3,050‌

3,405‌

Tempe

IDA,

Friendship

Village

of

Tempe

Project,

Series A,

4.00%,

12/1/38 

1,290‌

1,119‌

Tempe

IDA,

Friendship

Village

of

Tempe

Project,

Series A,

4.00%,

12/1/46 

2,150‌

1,731‌

65,743‌

ARKANSAS

0.4%

Arkansas

DFA,

Big

River

Steel

Project,

4.50%,

9/1/49 (4)(5)

12,550‌

12,619‌

Arkansas

DFA,

Big

River

Steel

Project,

4.75%,

9/1/49 (4)(5)

4,295‌

4,395‌

Arkansas

DFA,

Washington

Regional

Medical

Center,

Series A,

5.00%,

2/1/35 

785‌

812‌

Arkansas

DFA,

Washington

Regional

Medical

Center,

Series C,

5.00%,

2/1/35 

1,040‌

1,076‌

18,902‌

CALIFORNIA

5.9%

California,

GO,

5.00%,

9/1/41 

5,730‌

6,694‌

California,

GO,

5.00%,

4/1/42 

2,905‌

3,198‌

California,

GO,

5.00%,

4/1/42 

1,200‌

1,410‌

California,

GO,

5.00%,

4/1/47 

6,495‌

7,531‌

California

Community

Housing

Agency,

Creekwood,

Series A,

4.00%,

2/1/56 (4)

25,785‌

22,280‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

California

Community

Housing

Agency,

Serenity

at

Larkspur,

Series A,

5.00%,

2/1/50 (4)

10,425‌

10,240‌

California

Community

Housing

Agency,

Summit

at

Sausalito

Apartments,

Series A-2,

4.00%,

2/1/50 (4)

8,440‌

6,753‌

California

Housing

Fin.,

Series 2019-1,

Class

A,

4.25%,

1/15/35 

2,955‌

2,990‌

California

Municipal

Fin.

Auth.,

Baptish

Univ.,

Series A,

5.00%,

11/1/46 (4)

2,750‌

2,868‌

California

Municipal

Fin.

Auth.,

Community

Health

System,

Series A,

4.00%,

2/1/51 

3,040‌

3,002‌

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

Series A,

5.00%,

12/31/43 (5)

21,840‌

22,814‌

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

Series A,

5.00%,

12/31/47 (5)

4,725‌

4,912‌

California

Municipal

Fin.

Auth.,

UCR

North

Dist.

Phase

1,

5.00%,

5/15/49 

2,580‌

2,659‌

California

Municipal

Fin.

Auth.,

UCR

North

Dist.

Phase

1,

5.00%,

5/15/52 

2,150‌

2,212‌

California

Municipal

Fin.

Auth.,

West

Village,

5.00%,

5/15/36 

2,285‌

2,388‌

California

PFA,

Enso

Village

Project,

2.375%,

11/15/28 (4)

1,290‌

1,216‌

California

PFA,

Enso

Village

Project,

3.125%,

5/15/29 (4)

1,385‌

1,302‌

California

PFA,

Enso

Village

Project,

5.00%,

11/15/46 (4)

645‌

646‌

California

PFA,

Enso

Village

Project,

Series B-3,

2.125%,

11/15/27 (4)

2,280‌

2,167‌

California

School

Fin.

Auth.,

Ivy

Academia

Project,

Series A,

4.00%,

6/1/41 (4)

1,650‌

1,451‌

California

School

Fin.

Auth.,

Ivy

Academia

Project,

Series A,

4.00%,

6/1/51 (4)

1,500‌

1,236‌

California

School

Fin.

Auth.,

Ivy

Academia

Project,

Series A,

4.00%,

6/1/61 (4)

250‌

197‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/28 

225‌

227‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/29 

240‌

241‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/30 

255‌

255‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/31 

200‌

199‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/41 

1,385‌

1,333‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/51 

860‌

783‌

California

Statewide

CDA,

Series 2021C-1,

4.00%,

9/2/31 

980‌

975‌

California

Statewide

CDA,

Series 2021C-1,

4.00%,

9/2/41 

1,780‌

1,713‌

California

Statewide

CDA,

Series 2021C-1,

4.00%,

9/2/51 

1,205‌

1,105‌

California

Statewide

CDA,

Series A-1,

5.00%,

9/2/42 

3,795‌

3,953‌

California

Statewide

CDA,

Series A-1,

5.00%,

9/2/52 

5,400‌

5,536‌

California

Statewide

CDA,

899

Charleston

Moldaw

Residences,

Series A,

5.375%,

11/1/49 (4)

3,010‌

2,957‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

5.50%,

12/1/54 

11,170‌

11,490‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/27 (4)

2,580‌

2,684‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/46 (4)

3,435‌

3,476‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.25%,

12/1/56 (4)

7,090‌

7,219‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.50%,

12/1/58 (4)

15,980‌

16,518‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

4.00%,

9/2/29 

1,720‌

1,751‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

4.00%,

9/2/41 

1,375‌

1,321‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

4.00%,

9/2/51 

2,065‌

1,909‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

5.00%,

9/2/34 

925‌

997‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

5.00%,

9/2/39 

860‌

922‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

5.00%,

9/2/49 

430‌

454‌

California

Statewide

CDA,

Terraces

at

San

Joaquin

Garden,

Series A,

6.00%,

10/1/42

(Prerefunded

10/1/22) (7)

4,510‌

4,580‌

California

Statewide

Fin.

Auth.,

Tobacco

Industry,

Series A,

6.00%,

5/1/43 

1,290‌

1,313‌

CMFA

Special

Fin.

Agency

VII,

Breakwater

Apartments,

Series A-2,

4.00%,

8/1/47 (4)

7,440‌

6,067‌

CMFA

Special

Fin.

Agency

XII,

Allure

Apartments,

4.375%,

8/1/49 (4)

2,745‌

2,245‌

CMFA

Special

Fin.

Agency,

Solana

At

Grand,

Series A-2,

4.00%,

8/1/45 (4)

3,105‌

2,563‌

CSCDA

Community

Improvement

Auth.,

Altana

Glendale

Social

Bonds,

Series A-2,

4.00%,

10/1/56 (4)

17,935‌

15,750‌

CSCDA

Community

Improvement

Auth.,

Oceanaire

Long

Beach

Social

Bonds,

Series A-2,

4.00%,

9/1/56 (4)

5,975‌

5,341‌

CSCDA

Community

Improvement

Auth.,

Renaissance

at

City

Center,

Series A,

5.00%,

7/1/51 (4)

2,075‌

2,079‌

Foothill-Eastern

Transportation

Corridor

Agency,

Series A,

4.00%,

1/15/46 

3,585‌

3,579‌

Golden

State

Tobacco

Securitization,

Series B-2,

Zero

Coupon,

6/1/66 

54,935‌

7,238‌

Irvine,

Reassessment

Dist.

No.

12-1,

4.00%,

9/2/27 

255‌

256‌

Irvine,

Reassessment

Dist.

No.

12-1,

4.00%,

9/2/28 

350‌

351‌

Northern

California

Gas

Auth.

No.

1,

Series B,

FRN,

67%

of

3M

USD

LIBOR

+

0.72%,

1.368%,

7/1/27 

5,660‌

5,506‌

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue,

Series P,

5.00%,

5/15/47 

29,175‌

33,104‌

Riverside

County

Transportation

Commission,

Restructure

91

Express,

Series B-1,

4.00%,

6/1/39 

3,175‌

3,216‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

Riverside

County

Transportation

Commission,

Restructure

91

Express,

Series B-1,

4.00%,

6/1/40 

3,265‌

3,299‌

Riverside

County

Transportation

Commission,

Restructure

91

Express,

Series B-1,

4.00%,

6/1/41 

860‌

868‌

San

Mateo,

Bay

Meadows

Community

Fac.,

Dist.

2008-1,

Special

Tax,

6.00%,

9/1/42 

1,290‌

1,298‌

Santa

Margarita

Water

Dist.,

Community

Fac.

Dist.

No.

2013-1,

5.625%,

9/1/43 

2,065‌

2,111‌

Tobacco

Securitization

Auth.

of

Northern

California,

Series B-2,

Zero

Coupon,

6/1/60 

18,050‌

3,340‌

West

Sacramento

Fin.

Auth.,

Series A,

5.00%,

9/1/34 (8)

1,695‌

1,915‌

284,203‌

COLORADO

4.6%

Aerotropolis

Regional

Transportation

Auth.,

4.375%,

12/1/52 

9,055‌

7,580‌

Arista

Metropolitan

Dist.,

Series A,

GO,

5.00%,

12/1/38 

2,480‌

2,518‌

Arista

Metropolitan

Dist.,

Series A,

GO,

5.125%,

12/1/48 

5,945‌

5,989‌

Berthoud-Heritage

Metropolitan

Dist.

No.

1,

5.625%,

12/1/48 

7,455‌

7,514‌

Brighton

Crossing

Metropolitan

Dist.

No.

4,

Series A,

GO,

5.00%,

12/1/47 

1,225‌

1,227‌

Broadway

Station

Metropolitan

Dist.

No.

3,

GO,

5.00%,

12/1/39 

750‌

763‌

Broadway

Station

Metropolitan

Dist.

No.

3,

GO,

5.00%,

12/1/49 

2,250‌

2,252‌

Buffalo

Highlands

Metropolitan

Dist.,

Series A,

GO,

5.25%,

12/1/38 

1,000‌

1,008‌

Buffalo

Highlands

Metropolitan

Dist.,

Series A,

GO,

5.375%,

12/1/48 

3,250‌

3,260‌

Canyons

Metropolitan

Dist.

No.

5,

Series A,

GO,

6.00%,

12/1/37 

1,250‌

1,254‌

Canyons

Metropolitan

Dist.

No.

5,

Series A,

GO,

6.125%,

12/1/47 

4,000‌

4,017‌

Canyons

Metropolitan

Dist.

No.

6,

Series A,

GO,

6.125%,

12/1/47 

2,000‌

2,008‌

Centerra

Metropolitan

Dist.

No.

1,

5.00%,

12/1/47 (4)

3,500‌

3,506‌

Colorado

HFA,

Christian

Living

Neighborhoods,

5.00%,

1/1/31 

1,115‌

1,128‌

Colorado

HFA,

Christian

Living

Neighborhoods,

5.00%,

1/1/37 

1,440‌

1,447‌

Colorado

HFA,

Frasier,

Series 2023A,

4.00%,

5/15/31 (9)

525‌

505‌

Colorado

HFA,

Frasier,

Series 2023A,

4.00%,

5/15/32 (9)

640‌

610‌

Colorado

HFA,

Frasier,

Series 2023A,

4.00%,

5/15/33 (9)

670‌

634‌

Colorado

HFA,

Frasier,

Series 2023A,

4.00%,

5/15/34 (9)

695‌

653‌

Colorado

HFA,

Frasier,

Series 2023A,

4.00%,

5/15/35 (9)

725‌

673‌

Colorado

HFA,

Frasier,

Series 2023A,

4.00%,

5/15/36 (9)

750‌

691‌

Colorado

HFA,

Frasier,

Series 2023A,

4.00%,

5/15/41 (9)

1,260‌

1,117‌

Colorado

HFA,

Frasier,

Series 2023A,

4.00%,

5/15/48 (9)

1,920‌

1,603‌

Colorado

HFA,

Frasier

Meadows

Manor,

Series B,

5.00%,

5/15/33 

1,205‌

1,242‌

Colorado

HFA,

Frasier

Meadows

Manor,

Series B,

5.00%,

5/15/39 

1,935‌

1,995‌

Colorado

HFA,

Sunny

Vista

Living

Center,

Series A,

5.75%,

12/1/35 (4)

1,245‌

1,081‌

Colorado

HFA,

Sunny

Vista

Living

Center,

Series A,

6.125%,

12/1/45 (4)

2,550‌

2,148‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

6

Par/Shares

$

Value

(Amounts

in

000s)

Colorado

HFA,

Sunny

Vista

Living

Center,

Series A,

6.25%,

12/1/50 (4)

3,565‌

2,994‌

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes,

5.00%,

12/31/47 

815‌

833‌

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes,

5.00%,

12/31/51 

7,590‌

7,751‌

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes,

5.00%,

12/31/56 

12,295‌

12,545‌

Colorado

Int'l.

Center

Metropolitan

Dist.

No.

14,

GO,

5.875%,

12/1/46 

5,785‌

5,920‌

Colorado

Science

&

Technology

Park

Metropolitan

Dist.

No.

1,

5.00%,

12/1/33 

3,040‌

3,097‌

Colorado

Science

&

Technology

Park

Metropolitan

Dist.

No.

1,

5.25%,

12/1/48 

2,200‌

2,222‌

Cornerstar

Metropolitan

Dist.,

Series A,

GO,

5.125%,

12/1/37 

500‌

504‌

Cornerstar

Metropolitan

Dist.,

Series A,

GO,

5.25%,

12/1/47 

2,600‌

2,607‌

Denver

City

&

County

Airport,

Series A,

5.00%,

12/1/48 (5)

4,295‌

4,573‌

Denver

City

&

County

Airport,

United

Airlines,

5.00%,

10/1/32 (5)

27,665‌

27,770‌

Denver

Int'l.

Business

Center

Metropolitan

Dist.

No.

1,

Series B,

GO,

6.00%,

12/1/48 

1,290‌

1,316‌

Green

Valley

Ranch

East

Metropolitan

Dist.

No.

6,

Series A,

GO,

5.875%,

12/1/50 

2,200‌

2,220‌

Lakes

at

Centerra

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.125%,

12/1/37 

1,695‌

1,704‌

Lakes

at

Centerra

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.25%,

12/1/47 

3,970‌

3,972‌

Painted

Prairie

Metropolitan

Dist.

No.

2,

GO,

5.25%,

12/1/48 

4,405‌

4,418‌

Park

Creek

Metropolitan

Dist.,

Property

Tax,

Series A,

5.00%,

12/1/45 

16,760‌

17,814‌

Peak

Metropolitan

Dist.

No.

1,

Series A,

GO,

4.00%,

12/1/35 (4)

500‌

448‌

Peak

Metropolitan

Dist.

No.

1,

Series A,

GO,

5.00%,

12/1/51 (4)

5,270‌

4,880‌

Public

Auth.

for

Colorado

Energy,

6.25%,

11/15/28 

5,180‌

5,868‌

Public

Auth.

for

Colorado

Energy,

6.50%,

11/15/38 

14,295‌

18,709‌

Pueblo

Urban

Renewal

Auth.,

4.75%,

12/1/45 (4)

6,180‌

5,886‌

Rampart

Range

Metropolitan

Dist.

No

5,

4.00%,

12/1/51 

7,625‌

6,059‌

Riverwalk

Metropolitan

Dist.

No

2,

Series A,

5.00%,

12/1/52 

4,610‌

4,152‌

Saint

Vrain

Lakes

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.00%,

12/1/37 

1,000‌

1,019‌

Saint

Vrain

Lakes

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.125%,

12/1/47 

3,050‌

3,102‌

Serenity

Ridge

Metropolitan

Dist.

No.

2,

Series A,

GO,

4.50%,

12/1/28

(Prerefunded

12/1/23) (7)

496‌

514‌

Serenity

Ridge

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.125%,

12/1/43

(Prerefunded

12/1/23) (7)

1,000‌

1,077‌

Southglenn

Metropolitan

Dist.,

GO,

5.00%,

12/1/36 

810‌

813‌

Southglenn

Metropolitan

Dist.,

GO,

5.00%,

12/1/46 

1,600‌

1,593‌

STC

Metropolitan

Dist.

No.

2,

Series A,

GO,

4.00%,

12/1/29 

1,000‌

987‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

7

Par/Shares

$

Value

(Amounts

in

000s)

STC

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.00%,

12/1/38 

850‌

860‌

STC

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.00%,

12/1/49 

1,000‌

1,001‌

Vauxmont

Metropolitan

Dist.,

GO,

5.00%,

12/1/32 (3)

645‌

740‌

Vauxmont

Metropolitan

Dist.,

GO,

5.00%,

12/1/35 (3)

255‌

289‌

Vauxmont

Metropolitan

Dist.,

GO,

5.00%,

12/1/50 (3)

1,290‌

1,435‌

Whispering

Pines

Metropolitan

Dist.

No.

1,

Series A,

GO,

5.00%,

12/1/37 

1,000‌

1,008‌

Whispering

Pines

Metropolitan

Dist.

No.

1,

Series A,

GO,

5.00%,

12/1/47 

3,380‌

3,370‌

224,493‌

CONNECTICUT

1.2%

Connecticut

State

HEFA,

Church

Home

of

Hartford,

Series A,

5.00%,

9/1/46 (4)

1,060‌

1,067‌

Connecticut

State

HEFA,

Church

Home

of

Hartford,

Series A,

5.00%,

9/1/53 (4)

1,370‌

1,376‌

Connecticut

State

HEFA,

Hartford

Univ.,

4.00%,

7/1/44 

3,115‌

2,807‌

Connecticut

State

HEFA,

Hartford

Univ.,

4.00%,

7/1/49 

4,560‌

3,999‌

Connecticut

State

HEFA,

Masonicare,

Series F,

5.00%,

7/1/31 

3,390‌

3,558‌

Connecticut

State

HEFA,

Masonicare,

Series F,

5.00%,

7/1/32 

3,560‌

3,728‌

Connecticut

State

HEFA,

Masonicare,

Series F,

5.00%,

7/1/33 

2,230‌

2,333‌

Connecticut

State

HEFA,

Masonicare,

Series F,

5.00%,

7/1/34 

1,560‌

1,630‌

Connecticut

State

HEFA,

Masonicare,

Series F,

5.00%,

7/1/43 

8,810‌

9,115‌

Hamden

Town,

Whitney

Center

Project,

5.00%,

1/1/40 

7,735‌

7,601‌

Hamden

Town,

Whitney

Center

Project,

5.00%,

1/1/50 

8,230‌

7,783‌

Mashantucket

Western

Pequot

Tribe,

6.05%,

7/1/31 (1)(2)

25,151‌

5,596‌

Mohegan

Tribe

of

Indians,

Priority

Distributions,

Series C,

5.50%,

2/1/23 (4)

3,140‌

3,178‌

Steel

Point

Infrastructure

Improvement

Dist.,

Steelpointe

Harbor

Project,

4.00%,

4/1/41 (4)

550‌

501‌

Steel

Point

Infrastructure

Improvement

Dist.,

Steelpointe

Harbor

Project,

4.00%,

4/1/51 (4)

2,950‌

2,554‌

56,826‌

DELAWARE

0.9%

Delaware

Economic

Dev.

Auth.,

Newark

Charter

School,

4.00%,

9/1/30 

215‌

215‌

Delaware

Economic

Dev.

Auth.,

Newark

Charter

School,

5.00%,

9/1/40 

1,115‌

1,184‌

Delaware

Economic

Dev.

Auth.,

Newark

Charter

School,

5.00%,

9/1/50 

1,505‌

1,577‌

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/37 

860‌

926‌

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/43 

5,340‌

5,687‌

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/48 

2,210‌

2,340‌

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/50 

4,765‌

5,038‌

Delaware

HFA,

Nanticoke

Memorial

Hosp.,

5.00%,

7/1/28

(Prerefunded

7/1/23) (7)

3,435‌

3,556‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

8

Par/Shares

$

Value

(Amounts

in

000s)

Delaware

HFA,

Nanticoke

Memorial

Hosp.,

5.00%,

7/1/32

(Prerefunded

7/1/23) (7)

2,795‌

2,894‌

Delaware

State

Economic

Dev.

Auth.,

4.00%,

6/1/52 

1,370‌

1,207‌

Delaware

State

Economic

Dev.

Auth.,

4.00%,

6/1/57 

1,325‌

1,146‌

Kent

County,

CHF

Dover

&

Delaware

Univ.

Project,

Series A,

5.00%,

7/1/32 

225‌

230‌

Kent

County,

CHF

Dover

&

Delaware

Univ.

Project,

Series A,

5.00%,

7/1/40 

965‌

977‌

Kent

County,

CHF

Dover

&

Delaware

Univ.

Project,

Series A,

5.00%,

7/1/48 

2,535‌

2,539‌

Kent

County,

CHF

Dover

&

Delaware

Univ.

Project,

Series A,

5.00%,

7/1/53 

3,740‌

3,734‌

Kent

County,

CHF

Dover

&

Delaware

Univ.

Project,

Series A,

5.00%,

7/1/58 

3,165‌

3,133‌

Sussex

County,

Cadbury

at

Lewes,

5.00%,

1/1/36 

8,740‌

9,003‌

45,386‌

DISTRICT

OF

COLUMBIA

1.5%

District

of

Columbia

Tobacco

Settlement

Fin.,

Series A,

Zero

Coupon,

6/15/46 

41,415‌

9,140‌

District

of

Columbia

Tobacco

Settlement

Fin.,

Series B,

Zero

Coupon,

6/15/46 

19,770‌

3,086‌

District

of

Columbia,

Friendship

Public

Charter

School,

5.00%,

6/1/32

(Prerefunded

12/1/22) (7)

1,825‌

1,857‌

District

of

Columbia,

Friendship

Public

Charter

School,

5.00%,

6/1/36 

2,580‌

2,672‌

District

of

Columbia,

Friendship

Public

Charter

School,

5.00%,

6/1/41 

1,670‌

1,719‌

District

of

Columbia,

Friendship

Public

Charter

School,

5.00%,

6/1/46 

2,480‌

2,543‌

District

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/37 

2,490‌

2,495‌

District

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/42 

4,415‌

4,333‌

District

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/52 

10,565‌

10,075‌

District

of

Columbia,

Methodist

Home

of

D.C.,

Series A,

5.125%,

1/1/35 

1,345‌

1,310‌

District

of

Columbia,

Methodist

Home

of

D.C.,

Series A,

5.25%,

1/1/39 

875‌

850‌

District

of

Columbia,

Union

Market

Infrastructure

Project,

STEP,

6/1/31 (4)

900‌

684‌

District

of

Columbia,

Union

Market

Infrastructure

Project,

STEP,

6/1/46 (4)

3,050‌

2,004‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

6.50%,

10/1/44 

12,030‌

14,050‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

Zero

Coupon,

10/1/37 (3)

11,005‌

6,154‌

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,

10/1/38 

8,595‌

4,435‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

Zero

Coupon,

10/1/39 

1,720‌

843‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

Zero

Coupon,

10/1/40 

4,295‌

1,997‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series C,

6.50%,

10/1/41

(Prerefunded

10/1/26) (7)(8)

860‌

1,017‌

71,264‌

FLORIDA

3.9%

Alachua

County

HFA,

East

Ridge

Retirement

Village,

6.00%,

11/15/34 

205‌

172‌

Alachua

County

HFA,

East

Ridge

Retirement

Village,

6.375%,

11/15/49 

8,120‌

6,455‌

Alachua

County

HFA,

Shands

Teaching

Hosp.

&

Clinics,

Series A,

5.00%,

12/1/44 

13,320‌

13,737‌

Boggy

Creek

Improvement

Dist.,

Special

Assessment,

5.125%,

5/1/43 

7,935‌

8,017‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/29 

875‌

934‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/30 

250‌

267‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/31 

1,015‌

1,077‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/33 

900‌

949‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/34 

1,060‌

1,116‌

Capital

Trust

Agency,

4.00%,

6/15/22 (4)

680‌

680‌

Capital

Trust

Agency,

4.00%,

6/15/24 (4)

900‌

897‌

Capital

Trust

Agency,

4.00%,

6/15/41 (4)

1,945‌

1,663‌

Capital

Trust

Agency,

4.00%,

6/15/51 (4)

2,970‌

2,328‌

Capital

Trust

Agency,

Bridge

Univ.

Student

Housing,

Series A,

5.25%,

12/1/58 (4)

7,840‌

7,815‌

Celebration

Pointe

Community

Dev.

Dist.,

3.00%,

5/1/31 

685‌

602‌

Celebration

Pointe

Community

Dev.

Dist.,

3.375%,

5/1/41 

1,280‌

1,053‌

Celebration

Pointe

Community

Dev.

Dist.,

4.00%,

5/1/53 

1,600‌

1,381‌

Celebration

Pointe

Community

Dev.

Dist.,

4.75%,

5/1/24 

320‌

327‌

Celebration

Pointe

Community

Dev.

Dist.,

5.125%,

5/1/45 

820‌

827‌

Celebration

Pointe

Community

Dev.

Dist.,

Alachua

County,

5.00%,

5/1/32 (4)

980‌

1,003‌

Celebration

Pointe

Community

Dev.

Dist.,

Alachua

County,

5.00%,

5/1/48 (4)

2,660‌

2,678‌

Crossings

at

Fleming

Island

Community

Dev.

Dist.,

Series A-1,

4.50%,

5/1/30 

325‌

326‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

10

Par/Shares

$

Value

(Amounts

in

000s)

Davie

Ed.

Fac.,

Nova

Southeastern

Univ.,

Series A,

6.00%,

4/1/42

(Prerefunded

4/1/23) (7)

10,450‌

10,827‌

Double

Branch

Community

Dev.

Dist.,

Special

Assessment,

Series A-1,

4.00%,

5/1/25 

215‌

218‌

Fishhawk

Community

Dev.

Dist.,

Special

Assessment,

7.25%,

5/1/43 

1,750‌

1,803‌

Florida

Dev.

Fin.,

UF

Health

Jacksonville

Project,

4.00%,

2/1/52 

3,200‌

2,996‌

Florida

Dev.

Fin.,

UF

Health

Jacksonville

Project,

5.00%,

2/1/52 

5,945‌

6,258‌

Florida

Dev.

Fin.,

Waste

Pro

USA,

3.00%,

6/1/32 (5)

5,570‌

4,593‌

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Jacksonville

Univ.,

Series A-1,

4.75%,

6/1/38 (4)

2,710‌

2,728‌

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Jacksonville

Univ.,

Series A-1,

5.00%,

6/1/48 (4)

10,695‌

10,816‌

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Nova

Southeastern

Univ.,

5.00%,

4/1/30 

990‌

1,057‌

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Nova

Southeastern

Univ.,

5.00%,

4/1/31 

2,295‌

2,447‌

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Nova

Southeastern

Univ.,

5.00%,

4/1/32 

1,505‌

1,602‌

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Nova

Southeastern

Univ.,

5.00%,

4/1/36 

860‌

909‌

Hillsborough

County

IDA,

BayCare

Health

System,

Series D,

VRDN,

0.66%,

11/15/42 

3,700‌

3,700‌

Jacksonville

Ed.

Fac.,

Jacksonville

Univ.,

Series B,

5.00%,

6/1/53 (4)

9,875‌

9,961‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

Centre

&

Northwest

Sector,

5.50%,

5/1/39 (4)

930‌

966‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

Centre

&

Northwest

Sector,

5.65%,

5/1/48 (4)

1,170‌

1,208‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

National

Polo

Run,

5.25%,

5/1/37 

3,130‌

3,212‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

National

Polo

Run,

5.375%,

5/1/47 

3,950‌

4,014‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

Ranch

South,

5.00%,

5/1/36 

1,465‌

1,487‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

Ranch

South,

5.125%,

5/1/46 

2,880‌

2,904‌

Lakewood

Ranch

Stewardship

Dist.,

Northeast

Sector,

5.30%,

5/1/39 

860‌

885‌

Lakewood

Ranch

Stewardship

Dist.,

Northeast

Sector,

5.45%,

5/1/48 

1,480‌

1,511‌

Lee

County

IDA,

Preserve,

Series A,

5.00%,

12/1/27 (4)

325‌

309‌

Lee

County

IDA,

Preserve,

Series A,

5.375%,

12/1/32 (4)

900‌

824‌

Lee

County

IDA,

Preserve,

Series A,

5.625%,

12/1/37 (4)

1,270‌

1,138‌

Lee

County

IDA,

Preserve,

Series A,

5.75%,

12/1/52 (4)

7,090‌

5,941‌

Miami-Dade

County

Water

&

Sewer

System,

4.00%,

10/1/48 

4,895‌

5,040‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

11

Par/Shares

$

Value

(Amounts

in

000s)

OTC

Community

Dev.

Dist.,

Jacksonville,

Special

Assessment,

Series A,

5.30%,

5/1/38 

1,695‌

1,696‌

Palm

Beach

County

HFA,

Toby

&

Leon

Cooperman

Sinai

Residences

of

Boca

Raton,

4.00%,

6/1/41 

2,185‌

2,023‌

Palm

Beach

County

HFA,

Toby

&

Leon

Cooperman

Sinai

Residences

of

Boca

Raton,

4.25%,

6/1/56 

3,065‌

2,808‌

Sarasota

County

HFA,

Village

on

the

Isle,

Series A,

5.00%,

1/1/37 

1,190‌

1,207‌

Sarasota

County

HFA,

Village

on

the

Isle,

Series A,

5.00%,

1/1/42 

1,375‌

1,387‌

Sarasota

County

HFA,

Village

on

the

Isle,

Series A,

5.00%,

1/1/47 

2,755‌

2,763‌

Sarasota

County

HFA,

Village

on

the

Isle,

Series A,

5.00%,

1/1/52 

5,820‌

5,824‌

Sawyers

Landing

Community

Dev.

Dist.,

4.125%,

5/1/41 

2,625‌

2,468‌

Sawyers

Landing

Community

Dev.

Dist.,

4.25%,

5/1/53 

3,500‌

3,197‌

Sumter

County

IDA,

Central

Florida

Health

Alliance,

Series A,

5.25%,

7/1/44 

5,300‌

5,414‌

Tampa,

Univ.

of

Tampa,

5.00%,

4/1/40 

2,150‌

2,228‌

Tampa,

Univ.

of

Tampa,

5.00%,

4/1/45 

5,260‌

5,420‌

Tolomato

Community

Dev.

Dist.,

Special

Assessment,

Series 2015-

2,

STEP,

5/1/40 

590‌

465‌

Tolomato

Community

Dev.

Dist.,

Special

Assessment,

Series 2015-

3,

6.61%,

5/1/40 (1)(2)

640‌

—‌

Tolomato

Community

Dev.

Dist.,

Special

Assessment,

Series 3,

6.45%,

5/1/23 (1)(2)

155‌

—‌

Tolomato

Community

Dev.

Dist.,

Special

Assessment,

Series 3,

6.65%,

5/1/40 (1)(2)

160‌

—‌

Viera

Stewardship

Dist.,

Series 2021,

3.125%,

5/1/41 

900‌

729‌

Viera

Stewardship

Dist.,

Series 2021,

4.00%,

5/1/53 

1,420‌

1,238‌

Village

Community

Dev.

Dist.

No.

10,

Special

Assessment,

5.125%,

5/1/24 

700‌

711‌

Village

Community

Dev.

Dist.

No.

10,

Special

Assessment,

5.75%,

5/1/31 

2,710‌

2,761‌

Village

Community

Dev.

Dist.

No.

10,

Special

Assessment,

6.00%,

5/1/44 

3,510‌

3,582‌

189,579‌

GEORGIA

3.3%

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

6.50%,

1/1/29 

3,095‌

1,640‌

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

6.75%,

1/1/35 

14,945‌

7,921‌

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

7.00%,

1/1/40 

9,255‌

4,905‌

Atlanta

Urban

Redev.

Agency,

Beltline

Trail

Completion

Project,

2.375%,

7/1/26 (4)

1,520‌

1,467‌

Atlanta

Urban

Redev.

Agency,

Beltline

Trail

Completion

Project,

2.875%,

7/1/31 (4)

1,765‌

1,645‌

Atlanta

Urban

Redev.

Agency,

Beltline

Trail

Completion

Project,

3.625%,

7/1/42 (4)

3,650‌

3,387‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

12

Par/Shares

$

Value

(Amounts

in

000s)

Atlanta

Urban

Redev.

Agency,

Beltline

Trail

Completion

Project,

3.875%,

7/1/51 (4)

4,615‌

4,224‌

Burke

County

Dev.

Auth.,

Plant

Vogtle,

VRDN,

PCR,

0.78%,

7/1/49 

21,650‌

21,650‌

Cobb

County

Kennestone

Hosp.

Auth.,

Wellstar

Health

System,

4.00%,

4/1/52 

5,030‌

5,024‌

Dev.

Auth.

of

Burke

County,

VRDN,

0.79%,

11/1/52 (5)

1,025‌

1,025‌

Fulton

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Canterbury

Court

Project,

Series A,

4.00%,

4/1/41 (4)

2,580‌

2,145‌

Fulton

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Canterbury

Court

Project,

Series A,

4.00%,

4/1/51 (4)

7,305‌

5,599‌

Fulton

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Canterbury

Court

Project,

Series A,

5.00%,

4/1/47 (4)

2,965‌

2,940‌

Fulton

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Canterbury

Court

Project,

Series A,

5.00%,

4/1/54 (4)

2,365‌

2,299‌

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series A,

5.00%,

2/15/42 

4,640‌

4,902‌

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series A,

5.00%,

2/15/45 

4,760‌

5,011‌

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series B,

5.50%,

2/15/42 

8,595‌

9,265‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

2.375%,

1/1/31 

2,395‌

2,124‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

3.625%,

1/1/31 (4)

1,325‌

1,227‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

4.00%,

1/1/36 

1,290‌

1,236‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

4.00%,

1/1/54 

4,615‌

4,180‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

5.00%,

1/1/36 (4)

2,870‌

2,897‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

5.00%,

1/1/54 (4)

14,150‌

13,571‌

Glynn-Brunswick

Memorial

Hosp.

Auth.,

Southeast

Georgia

Health,

RAC,

5.00%,

8/1/47 

4,275‌

4,427‌

Macon-Bibb

County

Urban

Dev.

Auth.,

Academy

Classical

Ed.,

Series A,

5.00%,

6/15/27 (4)

275‌

280‌

Macon-Bibb

County

Urban

Dev.

Auth.,

Academy

Classical

Ed.,

Series A,

5.75%,

6/15/37 (4)

1,320‌

1,374‌

Macon-Bibb

County

Urban

Dev.

Auth.,

Academy

Classical

Ed.,

Series A,

5.875%,

6/15/47 (4)

2,150‌

2,221‌

Macon-Bibb

County

Urban

Dev.

Auth.,

Academy

Classical

Ed.,

Series A,

6.00%,

6/15/52 (4)

1,320‌

1,368‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series A,

5.00%,

5/15/49 

2,580‌

2,921‌

Marietta

Dev.

Auth.,

Life

Univ.,

Series A,

5.00%,

11/1/27 (4)

2,980‌

3,134‌

Marietta

Dev.

Auth.,

Life

Univ.,

Series A,

5.00%,

11/1/37 (4)

2,400‌

2,478‌

Marietta

Dev.

Auth.,

Life

Univ.,

Series A,

5.00%,

11/1/47 (4)

9,450‌

9,638‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

13

Par/Shares

$

Value

(Amounts

in

000s)

Monroe

County

Dev.

Auth.,

Power

&

Light

Company

Project,

VRDN,

0.74%,

6/1/49 (5)

3,020‌

3,020‌

Municipal

Electric

Auth.

of

Georgia,

Plant

Vogtle

Project,

Series A,

5.00%,

1/1/49 

10,705‌

11,439‌

Savannah

Economic

Dev.

Auth.,

Marshes

of

Skidaway,

7.25%,

1/1/44

(Prerefunded

1/1/24) (7)

8,230‌

8,902‌

161,486‌

GU

0.2%

Guam

Power

Auth.,

Series A,

5.00%,

10/1/42 (9)

4,400‌

4,710‌

Guam

Power

Auth.,

Series A,

5.00%,

10/1/43 (9)

2,095‌

2,240‌

Guam

Power

Auth.,

Series A,

5.00%,

10/1/44 (9)

1,840‌

1,966‌

8,916‌

GUAM

0.1%

Territory

of

Guam,

Series F,

4.00%,

1/1/36 

3,865‌

3,643‌

Territory

of

Guam,

Series F,

4.00%,

1/1/42 

925‌

839‌

Territory

of

Guam,

Series F,

5.00%,

1/1/30 

860‌

913‌

Territory

of

Guam,

Series F,

5.00%,

1/1/31 

860‌

915‌

6,310‌

HAWAII

0.1%

Hawaii

Dept.

of

Budget

&

Fin.,

Kahala

Nui

Senior

Living,

5.125%,

11/15/32 

1,115‌

1,129‌

Hawaii

Dept.

of

Budget

&

Fin.,

Kahala

Nui

Senior

Living,

5.25%,

11/15/37 

1,805‌

1,828‌

2,957‌

IDAHO

0.5%

Idaho

HFA,

Saint

Luke's

Health,

4.00%,

3/1/46 

2,745‌

2,751‌

Idaho

HFA,

Saint

Luke's

Health,

4.00%,

3/1/51 

1,830‌

1,820‌

Idaho

HFA,

Saint

Luke's

Health,

Series A,

5.00%,

3/1/39 

4,295‌

4,415‌

Idaho

HFA,

Saint

Luke's

Health,

Series C,

VRDN,

0.67%,

3/1/48 

875‌

875‌

Power

County

IDC,

FMC

Project,

6.45%,

8/1/32 (5)

3,930‌

3,945‌

Spring

Valley

Community

Infrastructure

Dist.

No.

1,

Special

Assessment

Bonds,

3.75%,

9/1/51 (4)

11,071‌

8,602‌

22,408‌

ILLINOIS

6.8%

Chicago,

Series 2005D,

GO,

5.50%,

1/1/40 

10,310‌

10,715‌

Chicago,

Series 2007E,

GO,

5.50%,

1/1/35 

1,290‌

1,343‌

Chicago,

Series A,

GO,

5.00%,

1/1/39 

1,115‌

1,171‌

Chicago,

Series A,

GO,

5.00%,

1/1/40 

2,580‌

2,707‌

Chicago,

Series A,

GO,

5.50%,

1/1/35 

3,435‌

3,733‌

Chicago

Board

of

Ed.,

Series A,

GO,

5.00%,

12/1/34 (3)

900‌

994‌

Chicago

Board

of

Ed.,

Series A,

GO,

5.00%,

12/1/35 (3)

900‌

993‌

Chicago

Board

of

Ed.,

School

Reform,

Series A,

GO,

Zero

coupon,

12/1/23 (10)

1,720‌

1,646‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

14

Par/Shares

$

Value

(Amounts

in

000s)

Chicago

Board

of

Ed.,

School

Reform,

Series B-1,

GO,

Zero

Coupon,

12/1/27 (10)

13,345‌

10,916‌

Chicago

Board

of

Ed.,

School

Reform,

Series B-1,

GO,

Zero

Coupon,

12/1/29 (3)

12,210‌

9,478‌

Chicago

Midway

Int'l.

Airport,

Series B,

5.00%,

1/1/46 

4,040‌

4,223‌

Chicago

O'Hare

Int'l.

Airport,

Customer

Fac.

Charge,

5.75%,

1/1/38 

10,310‌

10,446‌

Chicago

Wastewater

Transmission,

Series C,

5.00%,

1/1/33 

860‌

903‌

Chicago

Wastewater

Transmission,

Series C,

5.00%,

1/1/34 

860‌

901‌

Chicago

Wastewater

Transmission,

Series C,

5.00%,

1/1/35 

860‌

900‌

Chicago

Wastewater

Transmission,

Series C,

5.00%,

1/1/39 

1,290‌

1,345‌

Chicago

Waterworks,

5.00%,

11/1/25 

1,720‌

1,855‌

Chicago

Waterworks,

5.00%,

11/1/44 

2,280‌

2,330‌

Chicago

Waterworks,

Series A-1,

5.00%,

11/1/27 

1,155‌

1,260‌

Chicago,

City

Colleges,

GO,

Zero

Coupon,

1/1/27 (10)

8,595‌

7,304‌

Illinois,

GO,

5.00%,

2/1/28 

3,650‌

3,938‌

Illinois,

GO,

5.00%,

5/1/34 

1,720‌

1,747‌

Illinois,

GO,

5.25%,

2/1/33 

3,435‌

3,507‌

Illinois,

GO,

5.25%,

2/1/34 

2,665‌

2,718‌

Illinois,

GO,

5.375%,

5/1/23 

945‌

974‌

Illinois,

GO,

5.50%,

5/1/24 

860‌

908‌

Illinois,

GO,

5.50%,

5/1/25 

1,545‌

1,665‌

Illinois,

GO,

5.50%,

7/1/38 

7,305‌

7,475‌

Illinois,

Series A,

GO,

5.00%,

10/1/31 

2,150‌

2,291‌

Illinois,

Series A,

GO,

5.50%,

3/1/42 

3,625‌

3,977‌

Illinois,

Series A,

GO,

5.50%,

3/1/47 

5,475‌

5,968‌

Illinois,

Series B,

GO,

5.00%,

12/1/23 

8,120‌

8,443‌

Illinois,

Series B,

GO,

5.00%,

10/1/31 

1,975‌

2,104‌

Illinois,

Series B,

GO,

5.00%,

10/1/32 

2,700‌

2,854‌

Illinois,

Series C,

GO,

5.00%,

11/1/29 

9,175‌

9,861‌

Illinois,

Series D,

GO,

5.00%,

11/1/24 

3,095‌

3,268‌

Illinois,

Series D,

GO,

5.00%,

11/1/25 

860‌

922‌

Illinois,

Series D,

GO,

5.00%,

11/1/28 

6,125‌

6,651‌

Illinois

DFA,

Citgo

Petroleum,

8.00%,

6/1/32 (5)

1,505‌

1,505‌

Illinois

Fin.

Auth.,

Admiral

at

the

Lake,

5.00%,

5/15/33 

11,690‌

10,832‌

Illinois

Fin.

Auth.,

Admiral

at

the

Lake,

5.125%,

5/15/38 

9,450‌

8,545‌

Illinois

Fin.

Auth.,

Admiral

at

the

Lake,

5.25%,

5/15/42 

1,720‌

1,536‌

Illinois

Fin.

Auth.,

Admiral

at

the

Lake,

5.25%,

5/15/54 

10,310‌

8,632‌

Illinois

Fin.

Auth.,

Christian

Homes,

5.00%,

5/15/36 

1,205‌

1,221‌

Illinois

Fin.

Auth.,

Christian

Homes,

5.00%,

5/15/40 

1,075‌

1,087‌

Illinois

Fin.

Auth.,

Franciscan

Communities,

Series A,

5.00%,

5/15/37 

3,310‌

3,442‌

Illinois

Fin.

Auth.,

Franciscan

Communities,

Series A,

5.00%,

5/15/47 

1,335‌

1,373‌

Illinois

Fin.

Auth.,

Franciscan

Communities,

Series A,

5.125%,

5/15/43

(Prerefunded

5/15/23) (7)

165‌

170‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

15

Par/Shares

$

Value

(Amounts

in

000s)

Illinois

Fin.

Auth.,

Franciscan

Communities,

Series A,

5.25%,

5/15/47

(Prerefunded

5/15/23) (7)

760‌

785‌

Illinois

Fin.

Auth.,

Franciscan

Communities,

Unrefunded

Balance,

Series A,

5.125%,

5/15/43 

1,125‌

1,134‌

Illinois

Fin.

Auth.,

Franciscan

Communities,

Unrefunded

Balance,

Series A,

5.25%,

5/15/47 

5,255‌

5,301‌

Illinois

Fin.

Auth.,

OSF

Healthcare

System,

Series C,

VRDN,

0.63%,

11/15/37 

4,700‌

4,700‌

Illinois

Fin.

Auth.,

Plymouth

Place,

5.25%,

5/15/45

(Prerefunded

5/15/25) (7)

1,030‌

1,119‌

Illinois

Fin.

Auth.,

Plymouth

Place,

5.25%,

5/15/50

(Prerefunded

5/15/25) (7)

2,795‌

3,037‌

Illinois

Fin.

Auth.,

Silver

Cross

Hosp.,

5.00%,

8/15/35 

4,295‌

4,505‌

Illinois

Fin.

Auth.,

Silver

Cross

Hosp.,

5.00%,

8/15/44 

4,295‌

4,465‌

Illinois

Fin.

Auth.,

Three

Crowns

Park,

5.00%,

2/15/32 

990‌

1,017‌

Illinois

Fin.

Auth.,

Three

Crowns

Park,

5.25%,

2/15/37 

685‌

706‌

Illinois

Fin.

Auth.,

Three

Crowns

Park,

5.25%,

2/15/47 

3,525‌

3,589‌

Illinois

Fin.

Auth.,

Villa

Saint

Benedict,

6.125%,

11/15/35 

2,780‌

2,919‌

Illinois

Fin.

Auth.,

Villa

Saint

Benedict,

6.375%,

11/15/43 

3,435‌

3,604‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

4.00%,

12/15/47 

5,155‌

4,905‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

4.00%,

6/15/52 

2,300‌

2,155‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

5.00%,

12/15/45 

645‌

679‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

5.00%,

6/15/50 

18,995‌

19,909‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Zero

Coupon,

12/15/35 

925‌

528‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Zero

Coupon,

6/15/36 

795‌

444‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Zero

Coupon,

6/15/37 

1,210‌

644‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Zero

Coupon,

12/15/38 

2,580‌

1,278‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Zero

Coupon,

6/15/39 

2,795‌

1,348‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Zero

Coupon,

6/15/41 

980‌

427‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Series A,

5.00%,

6/15/57 

8,450‌

8,952‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Series A,

Zero

Coupon,

12/15/30 (10)

3,300‌

2,399‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Series A,

Zero

Coupon,

12/15/33 (10)

73,085‌

46,295‌

Regional

Transportation

Auth.,

Series A,

6.00%,

7/1/33 (10)

6,445‌

7,723‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

16

Par/Shares

$

Value

(Amounts

in

000s)

Upper

Illinois

River

Valley

Dev.

Auth.,

Cambridge

Lakes

Learning

Center,

Series A,

5.00%,

12/1/32 (4)

3,585‌

3,595‌

Upper

Illinois

River

Valley

Dev.

Auth.,

Cambridge

Lakes

Learning

Center,

Series A,

5.25%,

12/1/47 (4)

6,970‌

6,798‌

327,737‌

INDIANA

2.2%

East

Chicago,

USG

Project,

5.50%,

9/1/28 (5)

1,525‌

1,482‌

Indiana

Fin.

Auth.,

Community

Foundation

of

Northwest

Indiana,

5.00%,

3/1/36 

7,735‌

8,029‌

Indiana

Fin.

Auth.,

Duke

Energy

Project,

Series A-5,

VRDN,

0.60%,

10/1/40 

5,565‌

5,565‌

Indiana

Fin.

Auth.,

Greencroft

Obligated

Group,

Series A,

4.00%,

11/15/43 

3,380‌

3,012‌

Indiana

Fin.

Auth.,

Greencroft

Obligated

Group,

Series A,

7.00%,

11/15/43 

6,875‌

7,365‌

Indiana

Fin.

Auth.,

Ohio

River

Bridges,

Series A,

5.00%,

7/1/48

(Prerefunded

7/1/23) (5)(7)

16,310‌

16,868‌

Indiana

Fin.

Auth.,

Ohio

River

Bridges,

Series A,

5.25%,

1/1/51

(Prerefunded

7/1/23) (5)(7)

12,890‌

13,366‌

Indiana

Fin.

Auth.,

Ohio

Valley

Electric,

Series A,

4.25%,

11/1/30 (9)

5,600‌

5,737‌

Indiana

Fin.

Auth.,

Ohio

Valley

Electric,

Series A,

5.00%,

6/1/32 

2,580‌

2,584‌

Indiana

Fin.

Auth.,

Ohio

Valley

Electric,

Series A,

5.00%,

6/1/39 

10,660‌

10,676‌

Indiana

Fin.

Auth.,

Ohio

Valley

Electric,

Series B,

PCR,

2.50%,

11/1/30 

2,340‌

2,083‌

Indiana

Fin.

Auth.,

U.S.

Steel,

Series A,

4.125%,

12/1/26 

11,875‌

11,933‌

Indianapolis

Airport

Auth.,

United

Airlines,

Series A,

6.50%,

11/15/31 (1)(5)(11)

9,846‌

—‌

Town

of

Shoals,

National

Gypsum,

7.25%,

11/1/43 (5)

4,250‌

4,388‌

Valparaiso,

Pratt

Paper,

6.75%,

1/1/34 (5)

6,360‌

6,651‌

Valparaiso,

Pratt

Paper,

7.00%,

1/1/44 (5)

8,595‌

9,018‌

108,757‌

IOWA

0.1%

Iowa

Fin.

Auth.,

Unity

Point

Health,

Series F,

VRDN,

0.64%,

7/1/41 

5,600‌

5,600‌

5,600‌

KANSAS

0.1%

Lenexa,

Lakeview

Village,

Series A,

5.00%,

5/15/30 

1,095‌

1,130‌

Lenexa,

Lakeview

Village,

Series A,

5.00%,

5/15/32 

990‌

1,017‌

Lenexa,

Lakeview

Village,

Series A,

5.00%,

5/15/39 

1,010‌

1,025‌

3,172‌

KENTUCKY

2.0%

Henderson,

Pratt

Paper,

Series B,

4.45%,

1/1/42 (4)(5)

2,110‌

2,115‌

Henderson,

Pratt

Paper,

Series B,

4.70%,

1/1/52 (4)(5)

6,810‌

6,836‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

17

Par/Shares

$

Value

(Amounts

in

000s)

Kentucky

Economic

DFA,

Baptist

Life

Communities,

6.25%,

11/15/46 

3,010‌

2,800‌

Kentucky

Economic

DFA,

Baptist

Life

Communities,

6.375%,

11/15/51 

5,030‌

4,699‌

Kentucky

Economic

DFA,

Louisville

Arena

Auth.,

Series A,

5.00%,

12/1/45 (3)

2,750‌

3,073‌

Kentucky

Economic

DFA,

Louisville

Arena

Auth.,

Series A,

5.00%,

12/1/47 (3)

3,760‌

3,811‌

Kentucky

Economic

DFA,

Masonic

Home

Independent

Living,

Series A,

5.00%,

5/15/46 

6,105‌

5,663‌

Kentucky

Economic

DFA,

Masonic

Home

Independent

Living,

Series A,

5.00%,

5/15/51 

3,155‌

2,885‌

Kentucky

Economic

DFA,

Masonic

Homes

of

Kentucky,

5.375%,

11/15/42 

3,865‌

3,656‌

Kentucky

Economic

DFA,

Masonic

Homes

of

Kentucky,

5.50%,

11/15/45 

2,020‌

1,913‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/37 

3,525‌

3,739‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/41 

4,385‌

4,572‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/45 

6,965‌

7,225‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.25%,

6/1/41 

6,550‌

6,902‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.25%,

6/1/50 

12,120‌

12,461‌

Kentucky

Public

Energy

Auth.,

Series A-1,

VRDN,

4.00%,

8/1/52

(Tender

8/1/30) 

6,040‌

6,198‌

Kentucky

Public

Transportation

Infrastructure

Auth.,

Downtown

Crossing,

Series A,

5.75%,

7/1/49

(Prerefunded

7/1/23) (7)

2,495‌

2,599‌

Kentucky

Public

Transportation

Infrastructure

Auth.,

Downtown

Crossing,

Series A,

6.00%,

7/1/53

(Prerefunded

7/1/23) (7)

8,595‌

8,974‌

Louisville

&

Jefferson

County

Regional

Airport

Auth.,

UPS

Worldwide,

Series A,

VRDN,

0.70%,

1/1/29 (5)

5,300‌

5,300‌

95,421‌

LOUISIANA

1.6%

Jefferson

Parish

Economic

Dev.

&

Port

Dist.,

Kenner

Discovery

Health

Sciences,

Series A,

5.50%,

6/15/38 (4)

2,065‌

2,149‌

Jefferson

Parish

Economic

Dev.

&

Port

Dist.,

Kenner

Discovery

Health

Sciences,

Series A,

5.625%,

6/15/48 (4)

2,410‌

2,488‌

Louisiana

Local

Gov't

Environmental

Fac.

&

Community

Dev.

Auth.,

Westlake

Chemical,

3.50%,

11/1/32 

19,770‌

19,363‌

New

Orleans

Aviation

Board,

Series A,

5.00%,

1/1/40 

4,215‌

4,395‌

New

Orleans

Aviation

Board,

Series B,

5.00%,

1/1/40 (5)

860‌

896‌

New

Orleans

Aviation

Board,

Series D-2,

5.00%,

1/1/28 (5)

515‌

557‌

New

Orleans

Aviation

Board,

Series D-2,

5.00%,

1/1/29 (5)

430‌

464‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

18

Par/Shares

$

Value

(Amounts

in

000s)

New

Orleans

Aviation

Board,

Series D-2,

5.00%,

1/1/30 (5)

255‌

274‌

New

Orleans

Aviation

Board,

Series D-2,

5.00%,

1/1/31 (5)

560‌

599‌

New

Orleans

Aviation

Board,

Series D-2,

5.00%,

1/1/32 (5)

645‌

688‌

New

Orleans

Aviation

Board,

Series D-2,

5.00%,

1/1/34 (5)

695‌

739‌

New

Orleans

Aviation

Board,

Series D-2,

5.00%,

1/1/35 (5)

560‌

595‌

New

Orleans

Aviation

Board,

North

Terminal

Project,

Series B,

5.00%,

1/1/43 (5)

1,720‌

1,813‌

New

Orleans

Aviation

Board,

North

Terminal

Project,

Series B,

5.00%,

1/1/48 (5)

6,620‌

6,946‌

New

Orleans

Sewerage

Service,

5.00%,

6/1/33

(Prerefunded

6/1/25) (7)

1,240‌

1,343‌

New

Orleans

Sewerage

Service,

5.00%,

6/1/40

(Prerefunded

6/1/25) (7)

2,350‌

2,546‌

New

Orleans

Sewerage

Service,

5.00%,

6/1/45

(Prerefunded

6/1/25) (7)

1,505‌

1,631‌

New

Orleans

Water

System,

5.00%,

12/1/40

(Prerefunded

12/1/25) (7)

5,800‌

6,356‌

New

Orleans

Water

System,

5.00%,

12/1/45

(Prerefunded

12/1/25) (7)

4,730‌

5,184‌

Saint

James

Parish,

Nustar

Logistics,

VRDN,

5.85%,

8/1/41

(Tender

6/1/25) (4)

1,420‌

1,505‌

Saint

James

Parish,

Nustar

Logistics,

VRDN,

6.10%,

6/1/38

(Tender

6/1/30) (4)

4,550‌

5,195‌

Saint

James

Parish,

Nustar

Logistics,

Series 2,

6.35%,

7/1/40 (4)

4,600‌

5,263‌

Saint

James

Parish,

Nustar

Logistics,

Series B,

VRDN,

6.10%,

12/1/40

(Tender

6/1/30) (4)

5,955‌

6,799‌

77,788‌

MARYLAND

5.4%

Anne

Arundel

County,

Annapolis

Area

Christian

School,

Series A,

5.50%,

7/1/23 

345‌

347‌

Anne

Arundel

County,

Annapolis

Area

Christian

School,

Series A,

6.50%,

7/1/33 

2,555‌

2,583‌

Anne

Arundel

County,

Annapolis

Area

Christian

School,

Series A,

6.75%,

7/1/43 

4,965‌

5,017‌

Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/42 

2,455‌

2,379‌

Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/46 

18,505‌

18,120‌

Frederick

County,

Series C,

4.00%,

7/1/50 

1,060‌

982‌

Gaithersburg,

Asbury

Obligated

Group,

Series A,

5.00%,

1/1/27 

1,290‌

1,352‌

Gaithersburg,

Asbury

Obligated

Group,

Series A,

5.00%,

1/1/28 

1,720‌

1,812‌

Gaithersburg,

Asbury

Obligated

Group,

Series A,

5.00%,

1/1/33 

9,915‌

10,256‌

Gaithersburg,

Asbury

Obligated

Group,

Series A,

5.00%,

1/1/36 

1,595‌

1,643‌

Maryland

Economic

Dev.,

Baltimore

City

Project,

Series A,

5.00%,

6/1/58 

4,385‌

4,250‌

Maryland

Economic

Dev.,

Bowie

State

Univ.

Project,

5.00%,

6/1/25 

1,060‌

1,088‌

Maryland

Economic

Dev.,

Bowie

State

Univ.

Project,

5.00%,

6/1/29 (4)

2,065‌

2,141‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

19

Par/Shares

$

Value

(Amounts

in

000s)

Maryland

Economic

Dev.,

Bowie

State

Univ.

Project,

5.00%,

6/1/33 (4)

2,180‌

2,242‌

Maryland

Economic

Dev.,

Port

Covington

Project,

3.25%,

9/1/30 

750‌

693‌

Maryland

Economic

Dev.,

Port

Covington

Project,

4.00%,

9/1/40 

1,890‌

1,726‌

Maryland

Economic

Dev.,

Purple

Line

Light

Rail

Project,

Series A,

5.00%,

11/12/28 (5)

8,250‌

8,734‌

Maryland

Economic

Dev.,

Purple

Line

Light

Rail

Project,

Series B,

5.25%,

6/30/55 (5)

45,250‌

47,499‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/23 

860‌

885‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/24 

465‌

486‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/25 

895‌

950‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/27 

860‌

939‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/28 

1,290‌

1,420‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/30 

860‌

938‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/32 

885‌

958‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/35 

2,225‌

2,396‌

Maryland

HHEFA,

5.00%,

7/1/39

(Prerefunded

7/1/24) (7)

4,295‌

4,556‌

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/36 

5,895‌

6,369‌

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/46 

17,770‌

18,920‌

Maryland

HHEFA,

Charlestown

Community,

Series A,

5.00%,

1/1/45 

860‌

916‌

Maryland

HHEFA,

City

Neighbors

Charter

School,

Series A,

6.75%,

7/1/44 

2,365‌

2,429‌

Maryland

HHEFA,

Mercy

Medical

Center,

Series A,

5.00%,

7/1/32 

515‌

543‌

Maryland

HHEFA,

Mercy

Medical

Center,

Series A,

5.00%,

7/1/33 

1,310‌

1,380‌

Maryland

HHEFA,

Mercy

Medical

Center,

Series A,

5.00%,

7/1/34 

1,545‌

1,626‌

Maryland

HHEFA,

Mercy

Medical

Center,

Series A,

5.00%,

7/1/35 

1,380‌

1,451‌

Maryland

HHEFA,

Mercy

Medical

Center,

Series A,

5.00%,

7/1/36 

1,290‌

1,356‌

Maryland

HHEFA,

Meritus

Medical

Center,

5.00%,

7/1/29 

2,270‌

2,386‌

Maryland

HHEFA,

Meritus

Medical

Center,

5.00%,

7/1/45 

8,360‌

8,560‌

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/46 

2,795‌

2,638‌

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/51 

4,675‌

4,339‌

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/55 

2,895‌

2,649‌

Maryland

HHEFA,

Western

Maryland

Health,

5.25%,

7/1/34

(Prerefunded

7/1/24) (7)

10,235‌

10,921‌

Maryland

Stadium

Auth.

Built

to

Learn

Revenue,

4.00%,

6/1/46 

16,470‌

16,605‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

20

Par/Shares

$

Value

(Amounts

in

000s)

Montgomery

County,

Friends

House

Retirement

Community,

Series A,

5.00%,

7/1/39 

325‌

312‌

Montgomery

County,

Friends

House

Retirement

Community,

Series A,

5.375%,

7/1/48 

5,585‌

5,436‌

Prince

George's

County

Auth.,

Suitland-Naylor

Road,

4.75%,

7/1/36 (4)

1,505‌

1,542‌

Prince

George's

County

Auth.,

Suitland-Naylor

Road,

5.00%,

7/1/46 (4)

2,150‌

2,211‌

Prince

George's

County,

National

Harbor

Project,

5.20%,

7/1/34 

2,168‌

2,184‌

Rockville,

Ingelside

at

King

Farm,

Series A-1,

5.00%,

11/1/31 

1,290‌

1,317‌

Rockville,

Ingelside

at

King

Farm,

Series A-1,

5.00%,

11/1/37 

1,730‌

1,747‌

Rockville,

Ingelside

at

King

Farm,

Series A-2,

5.00%,

11/1/35 

860‌

871‌

Rockville,

Ingelside

at

King

Farm,

Series B,

4.25%,

11/1/37 

340‌

310‌

Rockville,

Ingelside

at

King

Farm,

Series B,

4.50%,

11/1/43 

1,695‌

1,576‌

Rockville,

Ingelside

at

King

Farm,

Series B,

5.00%,

11/1/42 

2,925‌

2,930‌

Rockville,

Ingelside

at

King

Farm,

Series B,

5.00%,

11/1/47 

5,700‌

5,643‌

Rockville,

Ingleside

at

King

Farm,

5.00%,

11/1/29 

430‌

443‌

Rockville,

Ingleside

at

King

Farm,

5.00%,

11/1/32 

430‌

438‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/26 

1,490‌

1,487‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/27 

1,550‌

1,535‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/30 

1,745‌

1,676‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/31 

955‌

909‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/36 

2,415‌

2,204‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/42 

6,875‌

5,959‌

Westminster,

Carroll

Lutheran

Village,

5.125%,

7/1/34 

3,865‌

3,922‌

Westminster,

Carroll

Lutheran

Village,

5.50%,

7/1/44 

3,865‌

3,932‌

Westminster,

Lutheran

Village

at

Millers

Grant,

Series A,

5.00%,

7/1/24 

1,100‌

1,122‌

Westminster,

Lutheran

Village

at

Millers

Grant,

Series A,

6.25%,

7/1/44 

3,135‌

3,249‌

262,435‌

MASSACHUSETTS

0.7%

Massachusetts

Dev.

Fin.

Agency,

Boston

Univ.,

Series P,

5.45%,

5/15/59 (8)

2,170‌

2,557‌

Massachusetts

Dev.

Fin.

Agency,

Linden

Ponds

Fac.,

5.00%,

11/15/38 (4)

2,310‌

2,451‌

Massachusetts

Dev.

Fin.

Agency,

Linden

Ponds

Fac.,

5.125%,

11/15/46 (4)

3,180‌

3,372‌

Massachusetts

Dev.

Fin.

Agency,

Milford

Regional

Medical

Center,

Series F,

5.625%,

7/15/36 

520‌

533‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

21

Par/Shares

$

Value

(Amounts

in

000s)

Massachusetts

Dev.

Fin.

Agency,

Milford

Regional

Medical

Center,

Series F,

5.75%,

7/15/43 

2,825‌

2,892‌

Massachusetts

Dev.

Fin.

Agency,

NewBridge

on

the

Charles,

5.00%,

10/1/37 (4)

3,865‌

4,083‌

Massachusetts

Dev.

Fin.

Agency,

NewBridge

on

the

Charles,

5.00%,

10/1/47 (4)

5,695‌

6,012‌

Massachusetts

Dev.

Fin.

Agency,

NewBridge

on

the

Charles,

5.00%,

10/1/57 (4)

11,170‌

11,790‌

Massachusetts

Dev.

Fin.

Agency,

Salem

Community,

5.25%,

1/1/50 

2,300‌

2,315‌

36,005‌

MICHIGAN

1.9%

Calhoun

County

Hosp.

Fin.

Auth.,

Oaklawn

Hosp.,

5.00%,

2/15/37 

860‌

909‌

Calhoun

County

Hosp.

Fin.

Auth.,

Oaklawn

Hosp.,

5.00%,

2/15/41 

4,895‌

5,092‌

Calhoun

County

Hosp.

Fin.

Auth.,

Oaklawn

Hosp.,

5.00%,

2/15/47 

13,660‌

14,119‌

Detroit,

GO,

5.00%,

4/1/29 

620‌

669‌

Detroit,

GO,

5.00%,

4/1/30 

605‌

650‌

Detroit,

GO,

5.00%,

4/1/31 

645‌

690‌

Detroit,

GO,

5.00%,

4/1/32 

730‌

779‌

Detroit,

GO,

5.00%,

4/1/33 

1,030‌

1,095‌

Detroit,

GO,

5.00%,

4/1/37 

1,805‌

1,905‌

Detroit,

GO,

5.00%,

4/1/38 

1,205‌

1,270‌

Detroit,

Series A,

GO,

5.00%,

4/1/50 

1,965‌

2,041‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

at

Eastgate,

5.00%,

11/1/32 

1,810‌

1,871‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

at

Eastgate,

5.00%,

11/1/37 

1,025‌

1,052‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

at

Eastgate,

5.00%,

11/1/47 

2,385‌

2,414‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

at

Eastgate,

5.00%,

11/1/52 

1,020‌

1,030‌

Great

Lakes

Water

Auth.

Sewage

Disposal

System,

Series C,

5.00%,

7/1/30 

815‌

879‌

Great

Lakes

Water

Auth.

Sewage

Disposal

System,

Series C,

5.00%,

7/1/36 

20,630‌

22,097‌

Karegnondi

Water

Auth.,

Water

Supply

System,

Series A,

5.25%,

11/1/40 

17,190‌

17,754‌

Michigan

Fin.

Auth.,

Local

Gov't.

Loan

Program,

Great

Lakes,

Series C,

5.00%,

7/1/34 

3,560‌

3,757‌

Michigan

Fin.

Auth.,

Local

Gov't.

Loan

Program,

Great

Lakes,

Series C,

5.00%,

7/1/35 

5,320‌

5,611‌

Michigan

Tobacco

Settlement

Fin.

Auth.,

Series B,

Zero

Coupon,

6/1/52 

21,910‌

2,587‌

Wayne

County

Airport

Auth.,

Detroit

Metropolitan

Airport,

Series B,

5.00%,

12/1/44 

1,935‌

2,021‌

90,292‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

22

Par/Shares

$

Value

(Amounts

in

000s)

MINNESOTA

0.3%

Deephaven,

Seven

Hills

Preparatory

Academy,

Series A,

5.00%,

10/1/37 

450‌

441‌

Deephaven,

Seven

Hills

Preparatory

Academy,

Series A,

5.00%,

10/1/49 

860‌

806‌

Minneapolis,

Fairview

Health

Services,

Series C,

VRDN,

0.58%,

11/15/48 

2,050‌

2,050‌

Rochester,

Mayo

Clinic,

5.00%,

11/15/57 

7,460‌

8,428‌

Woodbury,

Woodbury

Leadership

Project,

4.00%,

7/1/41 

730‌

649‌

Woodbury,

Woodbury

Leadership

Project,

4.00%,

7/1/51 

565‌

472‌

Woodbury,

Woodbury

Leadership

Project,

4.00%,

7/1/56 

495‌

405‌

13,251‌

MISSISSIPPI

0.1%

Mississippi

Business

Fin.,

VRDN,

0.77%,

12/1/27 (5)

1,300‌

1,300‌

Mississippi

Business

Fin.,

Gulf

Power,

VRDN,

0.74%,

11/1/42 (5)

1,200‌

1,200‌

2,500‌

MISSOURI

1.9%

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

4.00%,

3/1/50 (5)

9,665‌

9,456‌

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

4.00%,

3/1/50 (3)(5)

2,150‌

2,121‌

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

4.00%,

3/1/57 (3)(5)

16,115‌

15,797‌

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

Series B,

5.00%,

3/1/54 (5)

4,295‌

4,542‌

Kirkwood

IDA,

Aberdeen

Heights,

5.25%,

5/15/37 

1,720‌

1,728‌

Kirkwood

IDA,

Aberdeen

Heights,

5.25%,

5/15/42 

1,460‌

1,453‌

Kirkwood

IDA,

Aberdeen

Heights,

5.25%,

5/15/50 

3,435‌

3,332‌

Missouri

HEFA,

Lutheran

Senior

Services,

5.00%,

2/1/34 

1,205‌

1,246‌

Missouri

HEFA,

Lutheran

Senior

Services,

5.00%,

2/1/35 

945‌

977‌

Missouri

HEFA,

Lutheran

Senior

Services,

5.00%,

2/1/46 

5,585‌

5,699‌

Saint

Louis

County

IDA,

Friendship

Village,

5.00%,

9/1/48 

1,830‌

1,750‌

Saint

Louis

County

IDA,

Friendship

Village,

Series A,

5.00%,

9/1/38 

4,080‌

4,017‌

Saint

Louis

County

IDA,

Friendship

Village,

Series A,

5.125%,

9/1/48 

13,320‌

12,972‌

Saint

Louis

County

IDA,

Nazareth

Living

Center,

Series A,

5.00%,

8/15/30 

860‌

870‌

Saint

Louis

County

IDA,

Nazareth

Living

Center,

Series A,

5.00%,

8/15/35 

605‌

608‌

Saint

Louis

County

IDA,

Nazareth

Living

Center,

Series A,

5.125%,

8/15/45 

1,460‌

1,436‌

Saint

Louis

County

IDA,

Saint

Andrews

Resources

for

Seniors,

5.00%,

12/1/35 

1,720‌

1,757‌

Saint

Louis

County

IDA,

Saint

Andrews

Resources

for

Seniors,

Series A,

5.125%,

12/1/45 

1,825‌

1,853‌

Saint

Louis

IDA,

Ballpark

Village,

Series A,

3.875%,

11/15/29 

795‌

721‌

Saint

Louis

IDA,

Ballpark

Village,

Series A,

4.375%,

11/15/35 

2,355‌

2,053‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

23

Par/Shares

$

Value

(Amounts

in

000s)

Saint

Louis

IDA,

Ballpark

Village,

Series A,

4.75%,

11/15/47 

2,535‌

2,132‌

Saint

Louis

Land

Clearance

for

Redev.

Auth.,

National

Geospatial

Intelligence

Agency,

5.125%,

6/1/46 

4,460‌

4,668‌

Saint

Louis

Land

Clearance

for

Redev.

Auth.,

National

Geospatial

Intelligence

Agency,

5.375%,

6/1/43 

12,590‌

13,370‌

94,558‌

MONTANA

0.3%

Kalispell,

Immanuel

Lutheran,

Series A,

5.25%,

5/15/37 

590‌

600‌

Kalispell,

Immanuel

Lutheran,

Series A,

5.25%,

5/15/47 

6,230‌

6,254‌

Kalispell,

Immanuel

Lutheran,

Series A,

5.25%,

5/15/52 

6,485‌

6,475‌

13,329‌

NEBRASKA

0.3%

Central

Plains

Energy

Project,

Series A,

5.00%,

9/1/30 

3,010‌

3,321‌

Central

Plains

Energy

Project,

Series A,

5.00%,

9/1/35 

9,085‌

10,205‌

13,526‌

NEVADA

0.4%

Henderson

Public

Improvement

Trust,

Touro

College

&

Univ.

Obligated

Group,

5.50%,

1/1/34 

1,515‌

1,550‌

Henderson

Public

Improvement

Trust,

Touro

College

&

Univ.

Obligated

Group,

5.50%,

1/1/39 

2,245‌

2,292‌

Henderson

Public

Improvement

Trust,

Touro

College

&

Univ.

Obligated

Group,

5.50%,

1/1/44 

3,220‌

3,280‌

Las

Vegas

Redev.

Agency,

5.00%,

6/15/30 

355‌

378‌

Las

Vegas

Redev.

Agency,

5.00%,

6/15/40 

3,890‌

4,099‌

Las

Vegas

Redev.

Agency,

5.00%,

6/15/45 

6,830‌

7,159‌

Reno,

Retrac-Reno

Transportation,

5.00%,

6/1/33 (3)

175‌

193‌

Reno,

Retrac-Reno

Transportation,

5.00%,

6/1/36 

215‌

233‌

Reno,

Retrac-Reno

Transportation,

5.00%,

6/1/37 

430‌

466‌

Reno,

Retrac-Reno

Transportation,

5.00%,

6/1/38 (3)

85‌

93‌

Reno,

Retrac-Reno

Transportation,

5.00%,

6/1/48 

430‌

459‌

Reno,

Retrac-Reno

Transportation,

Series C,

Zero

Coupon,

7/1/58 (4)

14,500‌

1,705‌

21,907‌

NEW

HAMPSHIRE

0.3%

New

Hampshire

Business

Fin.

Auth.,

Series B,

VRDN,

3.75%,

7/1/45

(Tender

7/2/40) (4)(5)

3,525‌

3,108‌

New

Hampshire

Business

Fin.

Auth.,

Vista

Project,

Series A,

5.25%,

7/1/39 (4)

1,350‌

1,308‌

New

Hampshire

Business

Fin.

Auth.,

Vista

Project,

Series A,

5.625%,

7/1/46 (4)

750‌

747‌

New

Hampshire

Business

Fin.

Auth.,

Vista

Project,

Series A,

5.75%,

7/1/54 (4)

1,875‌

1,875‌

New

Hampshire

HEFA,

Hillside

Villiage,

Series A,

6.125%,

7/1/37 (1)(2)(4)

1,475‌

590‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

24

Par/Shares

$

Value

(Amounts

in

000s)

New

Hampshire

HEFA,

Hillside

Villiage,

Series A,

6.125%,

7/1/52 (1)(2)(4)

3,630‌

1,452‌

New

Hampshire

HEFA,

Hillside

Villiage,

Series A,

6.25%,

7/1/42 (1)(2)(4)

2,190‌

876‌

New

Hampshire

HEFA,

Kendel

at

Hanover,

5.00%,

10/1/36 

685‌

716‌

New

Hampshire

HEFA,

Kendel

at

Hanover,

5.00%,

10/1/40 

645‌

672‌

New

Hampshire

HEFA,

Kendel

at

Hanover,

5.00%,

10/1/46 

5,250‌

5,429‌

16,773‌

NEW

JERSEY

4.1%

Essex

County

Improvement

Auth.,

The

Friends

of

Team

Charter

Schools,

4.00%,

6/15/46 

1,690‌

1,599‌

Essex

County

Improvement

Auth.,

The

Friends

of

Team

Charter

Schools,

4.00%,

6/15/56 

1,910‌

1,735‌

Gloucester

County

Pollution

Control

Fin.

Auth.,

Keystone

Urban

Renewal,

Series A,

PCR,

5.00%,

12/1/24 (5)(12)

2,165‌

2,256‌

New

Jersey

Economic

Dev.

Auth.,

Barnabas

Health,

Series A,

Zero

Coupon,

7/1/26 (10)(12)

2,150‌

1,947‌

New

Jersey

Economic

Dev.

Auth.,

Beloved

Commonwealth

Charter

School,

Series A,

5.00%,

6/15/49 (4)

900‌

909‌

New

Jersey

Economic

Dev.

Auth.,

Continental

Airlines,

5.25%,

9/15/29 (5)

4,295‌

4,323‌

New

Jersey

Economic

Dev.

Auth.,

Continental

Airlines,

Series B,

5.625%,

11/15/30 (5)

7,735‌

7,871‌

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.00%,

1/1/31 (3)(5)

2,580‌

2,649‌

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.125%,

1/1/34 (5)

6,545‌

6,687‌

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.375%,

1/1/43 (5)

1,290‌

1,318‌

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.625%,

1/1/52 (5)

14,615‌

14,957‌

New

Jersey

Economic

Dev.

Auth.,

Lions

Gate,

4.375%,

1/1/24 

450‌

450‌

New

Jersey

Economic

Dev.

Auth.,

Lions

Gate,

4.875%,

1/1/29 

890‌

886‌

New

Jersey

Economic

Dev.

Auth.,

Lions

Gate,

5.00%,

1/1/34 

1,700‌

1,655‌

New

Jersey

Economic

Dev.

Auth.,

Lions

Gate,

5.25%,

1/1/44 

4,215‌

4,026‌

New

Jersey

Economic

Dev.

Auth.,

Middlesex

Water,

5.00%,

8/1/59 (5)

1,740‌

1,896‌

New

Jersey

Economic

Dev.

Auth.,

Port

Newark

Container

Terminal,

5.00%,

10/1/37 (5)

11,340‌

12,007‌

New

Jersey

Economic

Dev.

Auth.,

Port

Newark

Container

Terminal,

5.00%,

10/1/47 (5)

15,715‌

16,454‌

New

Jersey

Economic

Dev.

Auth.,

Provident

Group-Rowan

Properties,

Series A,

5.00%,

1/1/30 

1,720‌

1,731‌

New

Jersey

Economic

Dev.

Auth.,

Provident

Group-Rowan

Properties,

Series A,

5.00%,

1/1/48 

6,755‌

6,574‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

25

Par/Shares

$

Value

(Amounts

in

000s)

New

Jersey

Economic

Dev.

Auth.,

Transit

Transportation

Project,

4.00%,

11/1/44 

4,295‌

4,271‌

New

Jersey

Economic

Dev.

Auth.,

UMM

Energy

Partners,

Series A,

5.00%,

6/15/37 (5)

1,075‌

1,076‌

New

Jersey

Economic

Dev.

Auth.,

UMM

Energy

Partners,

Series A,

5.125%,

6/15/43 (5)

1,505‌

1,507‌

New

Jersey

HCFFA,

Robert

Wood

Johnson

Univ.

Hosp.,

Series A,

5.50%,

7/1/43 

3,435‌

3,535‌

New

Jersey

HCFFA,

Valley

Health

System,

4.00%,

7/1/35 

860‌

874‌

New

Jersey

HCFFA,

Valley

Health

System,

5.00%,

7/1/31 

860‌

951‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

4.00%,

6/15/38 

4,575‌

4,614‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

4.00%,

6/15/39 

860‌

866‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

4.00%,

6/15/40 

945‌

950‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

4.00%,

6/15/41 

4,255‌

4,268‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

4.00%,

6/15/42 

860‌

861‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

4.00%,

6/15/45 

4,000‌

3,973‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

4.00%,

6/15/50 

9,875‌

9,677‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

5.00%,

6/15/35 

2,685‌

3,010‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

5.00%,

6/15/36 

860‌

963‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

5.00%,

6/15/37 

860‌

961‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

5.00%,

6/15/38 

1,525‌

1,701‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

5.00%,

6/15/50 

1,600‌

1,720‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Federal

Highway

Reimbursement,

Series A,

5.00%,

6/15/31 

9,990‌

10,710‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series A,

Zero

Coupon,

12/15/28 

12,890‌

10,568‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series AA,

5.25%,

6/15/43 

2,940‌

3,195‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series BB,

4.00%,

6/15/46 

2,610‌

2,582‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series BB,

4.00%,

6/15/50 

7,320‌

7,173‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series C,

Zero

Coupon,

12/15/30 (10)

3,885‌

2,965‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

26

Par/Shares

$

Value

(Amounts

in

000s)

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series C,

Zero

Coupon,

12/15/31 (10)

8,285‌

6,068‌

New

Jersey

Turnpike

Auth.,

Series A,

4.00%,

1/1/51 

4,170‌

4,245‌

New

Jersey,

COVID-19

Emergency

Bonds,

Series A,

GO,

4.00%,

6/1/31 

3,930‌

4,240‌

New

Jersey,

COVID-19

Emergency

Bonds,

Series A,

GO,

4.00%,

6/1/32 

2,405‌

2,588‌

Tobacco

Settlement

Fin.,

Series A,

5.25%,

6/1/46 

8,595‌

9,253‌

201,295‌

NEW

YORK

5.0%

Brookhaven

Local

Dev.,

Jeffersons

Ferry

Project,

5.25%,

11/1/36 

1,290‌

1,391‌

Build

New

York

City

Resource,

Friends

of

Hellenic

Classical,

Series A,

5.00%,

12/1/41 (4)

1,235‌

1,268‌

Build

New

York

City

Resource,

Friends

of

Hellenic

Classical,

Series A,

5.00%,

12/1/51 (4)

1,370‌

1,392‌

Build

New

York

City

Resource,

Friends

of

Hellenic

Classical,

Series A,

5.00%,

12/1/55 (4)

900‌

912‌

Build

New

York

City

Resource,

Inwood

Academy

Leadership

Charter

School,

Series A,

5.50%,

5/1/48 (4)

500‌

525‌

Build

New

York

City

Resource,

Pratt

Paper,

4.50%,

1/1/25 (4)(5)

555‌

568‌

Build

New

York

City

Resource,

Pratt

Paper,

5.00%,

1/1/35 (4)(5)

10,740‌

11,062‌

Build

New

York

City

Resource,

Richmond

Preparatory

Charter

School

Project,

Series A,

5.00%,

6/1/36 (4)

425‌

438‌

Build

New

York

City

Resource,

Richmond

Preparatory

Charter

School

Project,

Series A,

5.00%,

6/1/41 (4)

550‌

563‌

Build

New

York

City

Resource,

Richmond

Preparatory

Charter

School

Project,

Series A,

5.00%,

6/1/51 (4)

2,150‌

2,175‌

Build

New

York

City

Resource,

Shefa

School

Project,

Series A,

2.50%,

6/15/31 (4)

650‌

569‌

Build

New

York

City

Resource,

Shefa

School

Project,

Series A,

5.00%,

6/15/51 (4)

14,235‌

14,652‌

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series A,

5.00%,

1/1/56 

5,545‌

5,474‌

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series B,

Zero

Coupon,

1/1/45 

25,235‌

7,283‌

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series C,

STEP,

1/1/55 

8,265‌

7,686‌

Nassau

County

IDA,

Amsterdam

at

Harborside,

Series A,

9.00%,

1/1/41 (4)

7,225‌

6,465‌

Nassau

County

IDA,

Amsterdam

at

Harborside,

Series B,

VR,

5.00%,

1/1/58 

14,564‌

10,567‌

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

Series B-1,

5.00%,

8/1/45 

5,650‌

6,435‌

New

York

City

Transitional

Fin.

Auth.

Future

Tax

Secured

Revenue,

Series D-S,

4.00%,

11/1/40 

16,825‌

17,532‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

27

Par/Shares

$

Value

(Amounts

in

000s)

New

York

Dormitory

Auth.,

Garnet

Health

Medical

Center,

5.00%,

12/1/30 (4)

1,000‌

1,076‌

New

York

Dormitory

Auth.,

Garnet

Health

Medical

Center,

5.00%,

12/1/31 (4)

800‌

858‌

New

York

Dormitory

Auth.,

Garnet

Health

Medical

Center,

5.00%,

12/1/34 (4)

800‌

850‌

New

York

Dormitory

Auth.,

Garnet

Health

Medical

Center,

5.00%,

12/1/36 (4)

1,500‌

1,592‌

New

York

Liberty

Dev.,

3

World

Trade

Center,

Class

2,

5.15%,

11/15/34 (4)

1,720‌

1,749‌

New

York

Liberty

Dev.,

3

World

Trade

Center,

Class

2,

5.375%,

11/15/40 (4)

26,650‌

27,105‌

New

York

Liberty

Dev.,

Goldman

Sachs

Headquarters,

5.25%,

10/1/35 

34,860‌

41,161‌

New

York

Transportation

Dev.,

American

Airlines,

2.25%,

8/1/26 (5)

1,160‌

1,094‌

New

York

Transportation

Dev.,

American

Airlines,

3.00%,

8/1/31 (5)

2,580‌

2,408‌

New

York

Transportation

Dev.,

American

Airlines,

5.00%,

8/1/26 (5)

12,730‌

12,731‌

New

York

Transportation

Dev.,

American

Airlines,

5.00%,

8/1/31 (5)

13,515‌

13,516‌

New

York

Transportation

Dev.,

Delta

Airlines,

LaGuardia

Airport,

5.00%,

10/1/35 (5)

5,370‌

5,622‌

New

York

Transportation

Dev.,

Delta

Airlines,

LaGuardia

Airport,

5.00%,

10/1/40 (5)

3,265‌

3,377‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

5.25%,

8/1/31 (5)

2,340‌

2,484‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

5.375%,

8/1/36 (5)

2,750‌

2,984‌

New

York

Transportation

Dev.,

Terminal

4

JFK

Int'l.

Airport,

5.00%,

12/1/39 (5)

2,125‌

2,285‌

New

York

Transportation

Dev.,

Terminal

4

JFK

Int'l.

Airport,

5.00%,

12/1/40 (5)

1,400‌

1,503‌

New

York

Transportation

Dev.,

Terminal

4

JFK

Int'l.

Airport,

5.00%,

12/1/41 (5)

1,400‌

1,500‌

New

York

Transportation

Dev.,

Terminal

4

JFK

Int'l.

Airport,

5.00%,

12/1/42 (5)

1,400‌

1,497‌

Suffolk

County

Economic

Dev.,

Saint

Johnland

Assisted

Living,

5.125%,

11/1/41 (4)

1,750‌

1,596‌

Suffolk

County

Economic

Dev.,

Saint

Johnland

Assisted

Living,

5.375%,

11/1/54 (4)

1,480‌

1,345‌

Tompkins

County

Dev.,

Kendal

at

Ithaca,

5.00%,

7/1/29 

775‌

809‌

Tompkins

County

Dev.,

Kendal

at

Ithaca,

5.00%,

7/1/34 

1,450‌

1,505‌

Tompkins

County

Dev.,

Kendal

at

Ithaca,

5.00%,

7/1/44 

1,580‌

1,630‌

Westchester

County

Local

Dev.,

Pace

Univ.,

Series A,

5.50%,

5/1/42 

11,600‌

11,939‌

241,173‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

28

Par/Shares

$

Value

(Amounts

in

000s)

NORTH

CAROLINA

2.2%

Greater

Asheville

Regional

Airport

Auth.,

Series A,

5.50%,

7/1/47 (3)(5)

8,500‌

9,636‌

North

Carolina

Medical

Care

Commission,

Series C,

4.00%,

3/1/36 

1,995‌

1,758‌

North

Carolina

Medical

Care

Commission,

Series C,

4.00%,

3/1/42 

4,200‌

3,469‌

North

Carolina

Medical

Care

Commission,

Aldersgate

Retirement

Community,

4.70%,

7/1/37 

2,365‌

2,370‌

North

Carolina

Medical

Care

Commission,

Aldersgate

Retirement

Community,

4.875%,

7/1/40 

4,610‌

4,629‌

North

Carolina

Medical

Care

Commission,

Aldersgate

Retirement

Community,

5.00%,

7/1/45 

3,825‌

3,843‌

North

Carolina

Medical

Care

Commission,

Aldersgate

Retirement

Community,

6.25%,

7/1/35

(Prerefunded

7/1/23) (7)

3,865‌

4,050‌

North

Carolina

Medical

Care

Commission,

Aldersgate

United

Methodist,

Series A,

5.00%,

7/1/47 

1,005‌

1,007‌

North

Carolina

Medical

Care

Commission,

Everyage,

Series A,

4.00%,

9/1/41 

940‌

890‌

North

Carolina

Medical

Care

Commission,

Everyage,

Series A,

4.00%,

9/1/47 

835‌

763‌

North

Carolina

Medical

Care

Commission,

Everyage,

Series A,

4.00%,

9/1/51 

830‌

748‌

North

Carolina

Medical

Care

Commission,

Lutheran

Services,

4.00%,

3/1/51 

2,150‌

1,666‌

North

Carolina

Medical

Care

Commission,

Pennybyrn

at

Maryfield,

5.00%,

10/1/25 

3,040‌

3,112‌

North

Carolina

Medical

Care

Commission,

Pennybyrn

at

Maryfield,

5.00%,

10/1/30 

1,635‌

1,658‌

North

Carolina

Medical

Care

Commission,

Pennybyrn

at

Maryfield,

5.00%,

10/1/35 

4,940‌

4,988‌

North

Carolina

Medical

Care

Commission,

Salemtowne,

5.25%,

10/1/37 

790‌

806‌

North

Carolina

Medical

Care

Commission,

Salemtowne,

5.375%,

10/1/45 

10,095‌

10,268‌

North

Carolina

Medical

Care

Commission,

Southminster,

5.00%,

10/1/31 

1,505‌

1,540‌

North

Carolina

Medical

Care

Commission,

Southminster,

5.00%,

10/1/37 

1,330‌

1,348‌

North

Carolina

Medical

Care

Commission,

United

Church

Homes,

5.00%,

9/1/41

(Prerefunded

9/1/23) (7)

1,445‌

1,546‌

North

Carolina

Medical

Care

Commission,

United

Church

Homes,

Series A,

5.00%,

9/1/37

(Prerefunded

9/1/24) (7)

1,805‌

1,921‌

North

Carolina

Medical

Care

Commission,

Vidant

Health,

5.00%,

6/1/40 

12,710‌

13,164‌

North

Carolina

Turnpike

Auth.,

5.00%,

1/1/30 

1,245‌

1,336‌

North

Carolina

Turnpike

Auth.,

5.00%,

1/1/32 

1,935‌

2,063‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

29

Par/Shares

$

Value

(Amounts

in

000s)

North

Carolina

Turnpike

Auth.,

Series A,

5.00%,

7/1/42 

995‌

1,030‌

North

Carolina

Turnpike

Auth.,

Series A,

5.00%,

7/1/47 

4,895‌

5,043‌

North

Carolina

Turnpike

Auth.,

Series A,

5.00%,

7/1/51 

4,470‌

4,597‌

North

Carolina

Turnpike

Auth.,

Series A,

5.00%,

7/1/54 

17,430‌

17,910‌

107,159‌

OHIO

5.1%

Buckeye

Tobacco

Settlement

Fin.

Auth.,

Series B-2,

Class

2,

5.00%,

6/1/55 

140,085‌

142,205‌

Cleveland-Cuyahoga

County

Port

Auth.,

Playhouse

Square

Foundation,

5.50%,

12/1/43 

1,460‌

1,547‌

Cleveland-Cuyahoga

County

Port

Auth.,

Playhouse

Square

Foundation,

5.50%,

12/1/53 

8,380‌

8,809‌

Cuyahoga

County,

MetroHealth

System,

5.00%,

2/15/42 

3,865‌

4,116‌

Cuyahoga

County,

MetroHealth

System,

5.00%,

2/15/57 

2,580‌

2,726‌

Cuyahoga

County,

MetroHealth

System,

5.50%,

2/15/52 

17,145‌

18,715‌

Cuyahoga

County,

MetroHealth

System,

5.50%,

2/15/57 

11,005‌

12,013‌

Franklin

County

Convention

Fac.

Auth.,

Greater

Columbus

Convention

Center,

5.00%,

12/1/44 

5,030‌

5,161‌

Franklin

County

Convention

Fac.

Auth.,

Greater

Columbus

Convention

Center,

5.00%,

12/1/51 

6,465‌

6,581‌

Marion

County,

United

Church

Homes,

5.00%,

12/1/39 

1,420‌

1,433‌

Marion

County,

United

Church

Homes,

5.125%,

12/1/49 

1,570‌

1,572‌

Muskingum

County,

Genesis

Healthcare,

5.00%,

2/15/44 

4,295‌

4,306‌

Ohio,

Series A,

4.00%,

1/15/38 

915‌

924‌

Ohio,

Series A,

4.00%,

1/15/39 

1,720‌

1,736‌

Ohio,

Series A,

5.00%,

1/15/50 

2,150‌

2,284‌

Ohio

Air

Quality

Dev.

Auth.,

Ohio

Valley

Electric,

3.25%,

9/1/29 

7,475‌

7,125‌

Ohio

Air

Quality

Dev.

Auth.,

Pratt

Paper,

4.50%,

1/15/48 (4)(5)

1,720‌

1,723‌

Ohio

Air

Quality

Dev.

Auth.,

Vanadium

Project,

5.00%,

7/1/49 (4)

(5)

14,780‌

14,999‌

Ohio

Housing

Fin.

Agency,

Sanctuary

at

Springboro,

5.45%,

1/1/38 (4)

2,250‌

1,913‌

Southeastern

Ohio

Port

Auth.,

Memorial

Health

System,

5.75%,

12/1/32 

900‌

910‌

Southeastern

Ohio

Port

Auth.,

Memorial

Health

System,

6.00%,

12/1/42 

8,680‌

8,770‌

249,568‌

OKLAHOMA

0.9%

Norman

Regional

Hosp.

Auth.,

4.00%,

9/1/45 

7,130‌

6,802‌

Oklahoma

County

Fin.

Auth.,

Epworth

Villa,

6.00%,

4/1/30 

710‌

604‌

Oklahoma

County

Fin.

Auth.,

Epworth

Villa,

Series A,

5.00%,

4/1/33 

860‌

731‌

Oklahoma

County

Fin.

Auth.,

Epworth

Villa,

Series A,

5.125%,

4/1/42 

2,580‌

2,193‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

30

Par/Shares

$

Value

(Amounts

in

000s)

Oklahoma

County

Fin.

Auth.,

Epworth

Villa,

Series A,

5.875%,

4/1/30 

2,885‌

2,452‌

Oklahoma

County

Fin.

Auth.,

Epworth

Villa,

Series B,

5.75%,

4/1/27 

555‌

472‌

Oklahoma

DFA,

OU

Medicine,

Series B,

5.50%,

8/15/52 

4,805‌

4,927‌

Oklahoma

DFA,

OU

Medicine,

Series B,

5.50%,

8/15/57 

9,780‌

9,976‌

Tulsa

Airports

Improvement

Trust,

Series C,

5.50%,

12/1/35 (5)

9,450‌

9,596‌

Tulsa

County

Ind.

Auth.,

Montereau

Project,

5.00%,

11/15/31 

1,605‌

1,687‌

Tulsa

County

Ind.

Auth.,

Montereau

Project,

5.25%,

11/15/37 

1,075‌

1,133‌

Tulsa

County

Ind.

Auth.,

Montereau

Project,

5.25%,

11/15/45 

1,180‌

1,232‌

41,805‌

OREGON

0.3%

Clackamas

County

Hosp.

Fac.

Auth.,

Williamette

View,

Series A,

5.00%,

11/15/32 

430‌

442‌

Clackamas

County

Hosp.

Fac.

Auth.,

Williamette

View,

Series A,

5.00%,

11/15/37 

430‌

438‌

Clackamas

County

Hosp.

Fac.

Auth.,

Williamette

View,

Series A,

5.00%,

11/15/47 

1,205‌

1,212‌

Clackamas

County

Hosp.

Fac.

Auth.,

Williamette

View,

Series A,

5.00%,

11/15/52 

1,290‌

1,295‌

Oregon

State

Fac.

Auth.,

Legacy

Health

Project,

Series A,

5.00%,

6/1/52 

4,125‌

4,495‌

Oregon

State

Fac.

Auth.,

Legacy

Health

Project,

Series B,

5.00%,

6/1/30 

3,850‌

4,394‌

Yamhill

County

Hosp.

Auth.,

Friendsview

Retirement

Community,

Series A,

4.00%,

11/15/26 

315‌

312‌

Yamhill

County

Hosp.

Auth.,

Friendsview

Retirement

Community,

Series A,

5.00%,

11/15/31 

300‌

302‌

Yamhill

County

Hosp.

Auth.,

Friendsview

Retirement

Community,

Series A,

5.00%,

11/15/36 

390‌

391‌

Yamhill

County

Hosp.

Auth.,

Friendsview

Retirement

Community,

Series A,

5.00%,

11/15/46 

1,105‌

1,063‌

14,344‌

PENNSYLVANIA

3.8%

Allegheny

County

IDA,

U.S.

Steel,

4.875%,

11/1/24 

1,045‌

1,069‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/28 

265‌

288‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/30 

290‌

320‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/31 

580‌

643‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/32 

950‌

1,060‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/33 

685‌

760‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

31

Par/Shares

$

Value

(Amounts

in

000s)

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/34 

645‌

715‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/35 

730‌

807‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/42 

2,580‌

2,821‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.25%,

5/1/42 (4)

6,000‌

6,032‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

5.00%,

5/1/27 (4)

6,620‌

7,098‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

5.00%,

5/1/32 (4)

2,985‌

3,161‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

5.00%,

5/1/33 (4)

3,010‌

3,207‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

5.00%,

5/1/42 (4)

5,400‌

5,698‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

5.375%,

5/1/42 (4)

8,185‌

8,756‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

Series 2017,

5.00%,

5/1/42 (4)

7,735‌

8,101‌

Butler

County

Hosp.

Auth.,

5.00%,

7/1/35 

7,215‌

7,502‌

Butler

County

Hosp.

Auth.,

5.00%,

7/1/39 

4,080‌

4,196‌

Cumberland

County

Municipal

Auth.,

Asbury

Pennsylvania

Obligated,

4.50%,

1/1/36 (4)

3,410‌

3,253‌

Cumberland

County

Municipal

Auth.,

Asbury

Pennsylvania

Obligated,

4.50%,

1/1/40 (4)

4,115‌

3,858‌

Cumberland

County

Municipal

Auth.,

Asbury

Pennsylvania

Obligated,

4.50%,

1/1/41 (4)

3,615‌

3,369‌

Delaware

Valley

Regional

Fin.

Auth.,

Series A,

5.50%,

8/1/28 (13)

4,295‌

4,927‌

East

Hempfield

Township

IDA,

Student

Services,

Student

Housing,

5.00%,

7/1/30

(Prerefunded

7/1/25) (7)

705‌

765‌

East

Hempfield

Township

IDA,

Student

Services,

Student

Housing,

5.00%,

7/1/34

(Prerefunded

7/1/24) (7)

860‌

912‌

East

Hempfield

Township

IDA,

Student

Services,

Student

Housing,

5.00%,

7/1/35

(Prerefunded

7/1/25) (7)

910‌

988‌

East

Hempfield

Township

IDA,

Student

Services,

Student

Housing,

5.00%,

7/1/39

(Prerefunded

7/1/24) (7)

860‌

912‌

East

Hempfield

Township

IDA,

Student

Services,

Student

Housing,

5.00%,

7/1/46

(Prerefunded

7/1/24) (7)

1,310‌

1,390‌

East

Hempfield

Township

IDA,

Student

Services,

Student

Housing,

5.00%,

7/1/47

(Prerefunded

7/1/25) (7)

6,445‌

6,997‌

Franklin

County

IDA,

Menno-Haven,

5.00%,

12/1/43 

1,030‌

1,017‌

Franklin

County

IDA,

Menno-Haven,

5.00%,

12/1/48 

1,115‌

1,080‌

Franklin

County

IDA,

Menno-Haven,

5.00%,

12/1/53 

1,205‌

1,155‌

Lancaster

County

Hosp.

Auth.,

Brethren

Village,

5.25%,

7/1/35 

215‌

218‌

Lancaster

County

Hosp.

Auth.,

Brethren

Village,

5.50%,

7/1/45 

860‌

871‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

32

Par/Shares

$

Value

(Amounts

in

000s)

Montgomery

County

Higher

Ed.

&

Health

Auth.,

Thomas

Jefferson

Univ.,

5.00%,

9/1/43 

4,340‌

4,639‌

Montgomery

County

IDA,

Albert

Einstein

Healthcare,

Series A,

5.25%,

1/15/45

(Prerefunded

1/15/25) (7)

12,230‌

13,153‌

Montgomery

County

IDA,

Hill

at

Whitemarsh,

5.25%,

1/1/40 

3,010‌

3,058‌

Montgomery

County

IDA,

Hill

at

Whitemarsh,

5.375%,

1/1/50 

10,295‌

10,434‌

Pennsylvania

Economic

DFA,

Consol

Energy,

VRDN,

9.00%,

4/1/51

(Tender

4/13/28) (4)(5)

9,900‌

11,519‌

Pennsylvania

Economic

DFA,

Covanta

Project,

3.25%,

8/1/39 (4)

(5)

3,545‌

3,004‌

Pennsylvania

Economic

DFA,

National

Gypsum,

5.50%,

11/1/44 (5)

7,500‌

7,609‌

Pennsylvania

Higher

Ed.

Fac.

Auth.,

Indiana

Univ.

Student

Housing,

Series A,

FRN,

67%

of

3M

USD

LIBOR

+

0.65%,

1.298%,

7/1/39 (8)

7,220‌

6,322‌

Pennsylvania

Higher

Ed.

Fac.

Auth.,

Widener

Univ.,

5.00%,

7/15/38 

2,065‌

2,122‌

Pennsylvania

Higher

Ed.

Fac.

Auth.,

Widener

Univ.,

Series A,

5.50%,

7/15/38

(Prerefunded

7/15/23) (7)

2,430‌

2,532‌

Pennsylvania

Turnpike

Commission,

Series A,

4.00%,

12/1/51 

13,760‌

14,117‌

Philadelphia

Higher

Ed.

Fac.

Auth.,

Temple

Univ.

Health

System,

5.00%,

7/1/28 

4,295‌

4,671‌

Philadelphia

Higher

Ed.

Fac.

Auth.,

Temple

Univ.

Health

System,

5.00%,

7/1/30 

860‌

928‌

Philadelphia

IDA,

Wesley

Enhanced

Living,

5.00%,

7/1/37 

2,700‌

2,606‌

Philadelphia

IDA,

Wesley

Enhanced

Living,

5.00%,

7/1/42 

1,825‌

1,717‌

Philadelphia

IDA,

Wesley

Enhanced

Living,

5.00%,

7/1/49 

3,085‌

2,812‌

185,189‌

PUERTO

RICO

10.6%

Puerto

Rico

Commonwealth,

GO,

11/1/43 

47,287‌

24,471‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

4.00%,

7/1/42 (4)(9)

6,485‌

6,285‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

4.00%,

7/1/42 (4)

4,550‌

4,409‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

4.00%,

7/1/47 (4)(9)

2,205‌

2,111‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/24 (4)

580‌

598‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/25 (4)(9)

2,675‌

2,788‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/28 (4)(9)

2,740‌

2,923‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/29 (4)(9)

3,110‌

3,334‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/30 (4)

17,190‌

18,439‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

33

Par/Shares

$

Value

(Amounts

in

000s)

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/33 (4)(9)

6,015‌

6,429‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/33 (4)

2,150‌

2,290‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/35 (4)

10,310‌

10,841‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/37 (4)(9)

7,345‌

7,791‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/37 (4)

1,200‌

1,267‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/47 (4)

29,435‌

30,523‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

6.125%,

7/1/24 

1,460‌

1,506‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

4.00%,

7/1/42 (4)

6,105‌

5,916‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

4.00%,

7/1/47 (4)

9,470‌

9,064‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/24 (4)

1,325‌

1,366‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/25 (4)

2,780‌

2,899‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/29 (4)

3,825‌

4,101‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/33 (4)

8,815‌

9,390‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/37 (4)

7,080‌

7,476‌

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

Coupon,

7/1/24 

3,592‌

3,301‌

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

Coupon,

7/1/33 

8,990‌

5,322‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/33 

11,915‌

11,654‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/35 

9,718‌

9,372‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/37 

5,390‌

5,196‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/41 

7,328‌

6,934‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/46 

7,618‌

7,096‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.25%,

7/1/23 

7,802‌

7,904‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.375%,

7/1/25 

12,308‌

12,950‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

34

Par/Shares

$

Value

(Amounts

in

000s)

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/27 

10,211‌

11,137‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/29 

7,584‌

8,377‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.75%,

7/1/31 

20,326‌

22,979‌

Puerto

Rico

Electric

Power

Auth.,

Series 2013A,

6.75%,

7/1/36 (1)

(14)

8,920‌

8,608‌

Puerto

Rico

Electric

Power

Auth.,

Series AAA-RSA-1,

5.25%,

7/1/27 (1)(14)

1,245‌

1,161‌

Puerto

Rico

Electric

Power

Auth.,

Series AAA-RSA-1,

5.25%,

7/1/29 (1)(14)

4,295‌

4,005‌

Puerto

Rico

Electric

Power

Auth.,

Series A-RSA-1,

5.00%,

7/1/29 (1)(14)

9,535‌

8,844‌

Puerto

Rico

Electric

Power

Auth.,

Series A-RSA-1,

5.05%,

7/1/42 (1)(14)

105‌

97‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC-RSA-1,

5.00%,

7/1/21 (1)(14)

1,745‌

1,618‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC-RSA-1,

5.00%,

7/1/27 (1)(14)

145‌

134‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC-RSA-1,

5.25%,

7/1/26 (1)(14)

1,735‌

1,618‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC-RSA-1,

5.25%,

7/1/27 (1)(14)

2,500‌

2,331‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC-RSA-1,

5.25%,

7/1/28 (1)(14)

2,980‌

2,779‌

Puerto

Rico

Electric

Power

Auth.,

Series SS,

5.00%,

7/1/24 (10)

4,295‌

4,391‌

Puerto

Rico

Electric

Power

Auth.,

Series TT-RSA-1,

5.00%,

7/1/20 (1)(14)

510‌

473‌

Puerto

Rico

Electric

Power

Auth.,

Series TT-RSA-1,

5.00%,

7/1/24 (1)(14)

1,965‌

1,823‌

Puerto

Rico

Electric

Power

Auth.,

Series TT-RSA-1,

5.00%,

7/1/25 (1)(14)

660‌

612‌

Puerto

Rico

Electric

Power

Auth.,

Series TT-RSA-1,

5.00%,

7/1/26 (1)(14)

795‌

737‌

Puerto

Rico

Electric

Power

Auth.,

Series TT-RSA-1,

5.00%,

7/1/27 (1)(14)

105‌

97‌

Puerto

Rico

Electric

Power

Auth.,

Series TT-RSA-1,

5.00%,

7/1/37 (1)(14)

12,720‌

11,798‌

Puerto

Rico

Electric

Power

Auth.,

Series WW-RSA-1,

5.25%,

7/1/33 (1)(14)

495‌

462‌

Puerto

Rico

Electric

Power

Auth.,

Series WW-RSA-1,

5.50%,

7/1/18 (1)(14)

425‌

398‌

Puerto

Rico

Electric

Power

Auth.,

Series WW-RSA-1,

5.50%,

7/1/38 (1)(14)

4,295‌

4,021‌

Puerto

Rico

Electric

Power

Auth.,

Series XX-RSA-1,

5.25%,

7/1/27 (1)(14)

180‌

168‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

35

Par/Shares

$

Value

(Amounts

in

000s)

Puerto

Rico

Electric

Power

Auth.,

Series XX-RSA-1,

5.25%,

7/1/35 (1)(14)

3,766‌

3,512‌

Puerto

Rico

Electric

Power

Auth.,

Series XX-RSA-1,

5.25%,

7/1/40 (1)(14)

860‌

802‌

Puerto

Rico

Electric

Power

Auth.,

Series XX-RSA-1,

5.75%,

7/1/36 (1)(14)

1,235‌

1,161‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/24 (1)(14)

4‌

4‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ-RSA-1,

3.70%,

7/1/17 (1)(14)

120‌

105‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ-RSA-1,

5.00%,

7/1/17 (1)(14)

210‌

195‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ-RSA-1,

5.00%,

7/1/19 (1)(14)

2,130‌

1,976‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ-RSA-1,

5.00%,

7/1/28 (1)(14)

170‌

158‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ-RSA-1,

5.25%,

7/1/19 (1)(14)

1,585‌

1,478‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ-RSA-1,

5.25%,

7/1/23 (1)(14)

455‌

424‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ-RSA-1,

5.25%,

7/1/24 (1)(14)

180‌

168‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ-RSA-1,

5.25%,

7/1/26 (1)(14)

4,150‌

3,870‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.50%,

7/1/34 

16,648‌

16,998‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.55%,

7/1/40 

64‌

65‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.75%,

7/1/53 

20,705‌

20,780‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

5.00%,

7/1/58 

31,235‌

31,757‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/27 

6,424‌

5,348‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/29 

10,451‌

7,954‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/31 

24,392‌

16,741‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/33 

12,232‌

7,470‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/46 

138,360‌

41,926‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/51 

21,966‌

4,826‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-2,

4.329%,

7/1/40 

2,305‌

2,302‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-2,

4.536%,

7/1/53 

2,570‌

2,523‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

36

Par/Shares

$

Value

(Amounts

in

000s)

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-2,

4.784%,

7/1/58 

5,185‌

5,213‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured

Cofina,

Series A-2,

4.329%,

7/1/40 

2,150‌

2,147‌

514,517‌

RHODE

ISLAND

0.3%

Central

Falls

Detention

Fac.,

7.25%,

7/15/35 (1)(2)

10,815‌

1,947‌

Rhode

Island

Health

&

Ed.

Building,

Care

New

England,

Series A,

5.50%,

9/1/28

(Prerefunded

9/1/23) (7)

2,580‌

2,701‌

Rhode

Island

Health

&

Ed.

Building,

Care

New

England,

Series A,

6.00%,

9/1/33

(Prerefunded

9/1/23) (7)

3,435‌

3,616‌

Rhode

Island

Health

&

Ed.

Building,

Care

New

England,

Series B,

5.00%,

9/1/36 

4,295‌

4,515‌

12,779‌

SOUTH

CAROLINA

1.0%

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

1/1/32 (1)

7,899‌

4,221‌

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

1/1/42 (1)

27,826‌

7,005‌

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

7/22/51 (1)

43,378‌

4,963‌

Connector

2000

Assoc.,

Series B-1,

Zero

Coupon,

1/1/32 (1)

4,497‌

1,393‌

Connector

2000

Assoc.,

Series B-1,

Zero

Coupon,

7/22/51 (1)

19,137‌

811‌

Connector

2000

Assoc.,

Series C-1,

Zero

Coupon,

7/22/51 (1)

2,268‌

122‌

South

Carolina

Jobs

Economic

Dev.

Auth.,

Repower

South

Berkeley,

5.25%,

2/1/27 (1)(2)(4)(5)

850‌

340‌

South

Carolina

Jobs-Economic

Dev.

Auth.,

Repower

South

Berkeley,

6.00%,

2/1/35 (1)(2)(4)(5)

5,465‌

2,186‌

South

Carolina

Jobs-Economic

Dev.

Auth.,

Repower

South

Berkeley,

6.25%,

2/1/45 (1)(2)(4)(5)

10,980‌

4,392‌

South

Carolina

Jobs-Economic

Dev.

Auth.,

Repower

South

Berkeley,

8.00%,

12/6/29 (1)(2)

1,720‌

1,442‌

South

Carolina

Public

Service

Auth.,

Series A,

5.50%,

12/1/54 

9,395‌

9,733‌

South

Carolina

Public

Service

Auth.,

Series E,

5.25%,

12/1/55 

11,505‌

12,078‌

48,686‌

SOUTH

DAKOTA

0.1%

Sioux

Falls

Health

Fac.,

Dow

Rummel

Village,

5.00%,

11/1/28 

1,235‌

1,256‌

Sioux

Falls

Health

Fac.,

Dow

Rummel

Village,

5.00%,

11/1/30 

1,320‌

1,334‌

Sioux

Falls

Health

Fac.,

Dow

Rummel

Village,

5.00%,

11/1/32 

1,175‌

1,183‌

Sioux

Falls

Health

Fac.,

Dow

Rummel

Village,

5.00%,

11/1/42 

1,720‌

1,690‌

5,463‌

TENNESSEE

0.8%

Chattanooga

Health

Ed.

&

Housing

Fac.

Board,

Student

Housing,

CDFI

Phase

1,

5.00%,

10/1/35 

2,365‌

2,427‌

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Covenant

Health,

Series A,

5.00%,

1/1/26 

2,345‌

2,377‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

37

Par/Shares

$

Value

(Amounts

in

000s)

Shelby

County

Health

Ed.

&

Housing

Fac.

Board,

Village

at

Germantown,

5.00%,

12/1/34 

430‌

438‌

Shelby

County

Health

Ed.

&

Housing

Fac.

Board,

Village

at

Germantown,

5.25%,

12/1/42

(Prerefunded

12/1/22) (7)

1,720‌

1,752‌

Shelby

County

Health

Ed.

&

Housing

Fac.

Board,

Village

at

Germantown,

5.25%,

12/1/44 

1,000‌

1,018‌

Shelby

County

Health

Ed.

&

Housing

Fac.

Board,

Village

at

Germantown,

5.25%,

12/1/49 

2,880‌

2,924‌

Shelby

County

Health

Ed.

&

Housing

Fac.

Board,

Village

at

Germantown,

5.375%,

12/1/47

(Prerefunded

12/1/22) (7)

3,010‌

3,069‌

Tennergy,

Series A,

VRDN,

4.00%,

12/1/51

(Tender

9/1/28) 

12,035‌

12,435‌

Tennessee

Energy

Acquisition,

Series A,

5.25%,

9/1/26 

10,245‌

11,071‌

37,511‌

TEXAS

6.4%

Austin

Airport,

Series B,

5.00%,

11/15/41 (5)

470‌

497‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/28 

765‌

811‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/30 

1,785‌

1,880‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/31 

2,500‌

2,626‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/32 

2,875‌

3,018‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/33 

2,685‌

2,809‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/34 

3,045‌

3,174‌

Austin

Convention

Enterprises,

Second

Tier

Convention

Center,

Series B,

5.00%,

1/1/23 

430‌

433‌

Austin

Convention

Enterprises,

Second

Tier

Convention

Center,

Series B,

5.00%,

1/1/28 

430‌

439‌

Austin

Convention

Enterprises,

Second

Tier

Convention

Center,

Series B,

5.00%,

1/1/29 

990‌

1,007‌

Austin

Convention

Enterprises,

Second

Tier

Convention

Center,

Series B,

5.00%,

1/1/32 

1,935‌

1,951‌

Austin

Convention

Enterprises,

Second

Tier

Convention

Center,

Series B,

5.00%,

1/1/34 

2,730‌

2,744‌

Board

of

Regents

of

the

Univ.

of

Texas

System,

Series B,

VRDN,

0.73%,

8/1/39 

11,000‌

11,000‌

Central

Texas

Regional

Mobility

Auth.,

5.00%,

1/1/33

(Prerefunded

1/1/23) (7)

3,485‌

3,555‌

Central

Texas

Regional

Mobility

Auth.,

Series B,

4.00%,

1/1/40 

665‌

678‌

Central

Texas

Regional

Mobility

Auth.,

Series B,

4.00%,

1/1/41 

460‌

468‌

Central

Texas

Regional

Mobility

Auth.,

Series B,

4.00%,

1/1/51 

745‌

747‌

Central

Texas

Regional

Mobility

Auth.,

Series B,

5.00%,

1/1/34 

455‌

509‌

Central

Texas

Regional

Mobility

Auth.,

Series B,

5.00%,

1/1/39 

105‌

116‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

38

Par/Shares

$

Value

(Amounts

in

000s)

Central

Texas

Regional

Mobility

Auth.,

Series B,

5.00%,

1/1/46 

3,435‌

3,742‌

City

of

Austin

TX

Airport

System

Revenue,

5.00%,

11/15/43 (5)

1,000‌

1,116‌

City

of

Austin

TX

Airport

System

Revenue,

5.25%,

11/15/47 (5)

4,270‌

4,818‌

Clifton

Higher

Ed.

Fin.,

Int'l.

Leadership,

Series D,

6.125%,

8/15/48 

13,750‌

14,492‌

Conroe

Local

Government,

Convention

Center

Hotel,

3.50%,

10/1/31 

275‌

238‌

Conroe

Local

Government,

Convention

Center

Hotel,

4.00%,

10/1/50 

1,385‌

1,238‌

Conroe

Local

Government,

Convention

Center

Hotel,

5.00%,

10/1/50 

1,495‌

1,337‌

Dallas

Fort

Worth

Int'l.

Airport,

Series A,

5.00%,

11/1/32 (5)

7,090‌

7,305‌

Decatur

Hosp.

Auth.,

Regional

Health

System,

Series C,

4.00%,

9/1/34 

1,440‌

1,450‌

Decatur

Hosp.

Auth.,

Regional

Health

System,

Series C,

4.00%,

9/1/44 

6,123‌

6,054‌

Fort

Bend

County

IDC,

NRG

Energy,

Series B,

4.75%,

11/1/42 

4,295‌

4,313‌

Gulf

Coast

IDA,

Citgo

Petroleum,

4.875%,

5/1/25 (5)

10,200‌

10,200‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Brazos

Presybyterian

Homes,

Series A,

5.00%,

1/1/38 

440‌

441‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Brazos

Presybyterian

Homes,

Series A,

5.00%,

1/1/43 

450‌

450‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Brazos

Presybyterian

Homes,

Series B,

7.00%,

1/1/48

(Prerefunded

1/1/23) (7)

4,510‌

4,651‌

Hidalgo

County

Regional

Mobility

Auth.,

Senior

Lien,

Series A,

4.00%,

12/1/38 

1,465‌

1,405‌

Hidalgo

County

Regional

Mobility

Auth.,

Senior

Lien,

Series A,

4.00%,

12/1/39 

915‌

873‌

Hidalgo

County

Regional

Mobility

Auth.,

Senior

Lien,

Series A,

4.00%,

12/1/40 

915‌

868‌

Hidalgo

County

Regional

Mobility

Auth.,

Senior

Lien,

Series A,

4.00%,

12/1/41 

915‌

863‌

Houston

Airport

System,

Series B-1,

5.00%,

7/15/30 (5)

6,105‌

6,170‌

Houston

Airport

System,

Series B-1,

5.00%,

7/15/35 (5)

8,210‌

8,297‌

Houston

Airport

System,

United

Airlines,

4.00%,

7/15/41 (5)

4,295‌

3,824‌

Houston

Airport

System,

United

Airlines,

Series A,

4.00%,

7/1/41 (5)

1,760‌

1,567‌

Joint

Guadalupe

County

-

Seguin

Hosp.,

5.00%,

12/1/28 

1,205‌

1,254‌

Joint

Guadalupe

County

-

Seguin

Hosp.,

5.00%,

12/1/30 

1,450‌

1,501‌

Joint

Guadalupe

County

-

Seguin

Hosp.,

5.00%,

12/1/40 

2,505‌

2,556‌

Joint

Guadalupe

County

-

Seguin

Hosp.,

5.00%,

12/1/45 

5,725‌

5,818‌

Joint

Guadalupe

County

-

Seguin

Hosp.,

5.25%,

12/1/35 

1,785‌

1,856‌

Matagorda

County

Navigation

Dist.

No.

1,

AEP

Texas

Central,

Series B-2,

4.00%,

6/1/30 

5,155‌

5,181‌

Mission

Economic

Dev.,

Natgasoline,

Series B,

4.625%,

10/1/31 (4)(5)

12,915‌

13,388‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/32 

470‌

489‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/33 

490‌

509‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

39

Par/Shares

$

Value

(Amounts

in

000s)

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/34 

515‌

535‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/35 

480‌

498‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/36 

1,205‌

1,249‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/38 

1,120‌

1,158‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/43 

3,360‌

3,460‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/48 

3,370‌

3,458‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Blinn

College,

Series A,

5.00%,

7/1/57 

8,595‌

8,441‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Buckingham

Senior

Living,

VR,

2.00%,

11/15/61 

5,825‌

3,262‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing

College

Station,

Series A,

5.00%,

4/1/29 

5,025‌

5,088‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing

College

Station,

Series A,

5.00%,

4/1/46 

13,445‌

13,456‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing

College

Station,

Series A,

5.00%,

4/1/46 (3)

2,680‌

2,771‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing,

Denton

Univ.,

Series A-1,

5.00%,

7/1/58 (3)

2,555‌

2,707‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing,

Tarleton

State

Univ.,

Series A,

5.00%,

4/1/30

(Prerefunded

4/1/25) (7)

430‌

465‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing,

Tarleton

State

Univ.,

Series A,

5.00%,

4/1/35

(Prerefunded

4/1/25) (7)

1,310‌

1,416‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing,

Tarleton

State

Univ.,

Series A,

5.00%,

4/1/47

(Prerefunded

4/1/25) (7)

5,175‌

5,594‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Legacy

Midtown,

Series A,

5.50%,

7/1/54 

3,890‌

3,473‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

MRC

Crestview,

5.00%,

11/15/36

(Prerefunded

11/15/24) (7)

470‌

511‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

MRC

Crestview,

5.00%,

11/15/46

(Prerefunded

11/15/24) (7)

1,330‌

1,446‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

MRC

Senior

Living,

Langford,

Series A,

5.375%,

11/15/36 

430‌

419‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

MRC

Senior

Living,

Langford,

Series A,

5.50%,

11/15/46 

860‌

820‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

MRC

Senior

Living,

Langford,

Series A,

5.50%,

11/15/52 

860‌

808‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/31 

860‌

862‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/32 

400‌

400‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/33 

860‌

857‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/34 

860‌

854‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/39 

1,290‌

1,252‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

40

Par/Shares

$

Value

(Amounts

in

000s)

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.25%,

10/1/49 

5,220‌

5,101‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Texas

A&M

Univ.

Corpus

Christi,

Series A,

5.00%,

4/1/37

(Prerefunded

4/1/27) (7)

1,460‌

1,641‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Texas

A&M

Univ.

Corpus

Christi,

Series A,

5.00%,

4/1/42

(Prerefunded

4/1/27) (7)

1,720‌

1,934‌

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast,

2.75%,

1/1/36 (4)(5)

900‌

707‌

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast,

3.00%,

1/1/50 (4)(5)

2,150‌

1,428‌

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast,

Series A,

3.625%,

1/1/35 (4)(5)

1,785‌

1,585‌

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast,

Series A,

4.00%,

1/1/50 (4)(5)

3,300‌

2,749‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series A,

5.00%,

11/15/27 

1,300‌

1,412‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series A,

5.00%,

11/15/29 

1,430‌

1,546‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series A,

5.00%,

11/15/30 

860‌

927‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series A,

5.00%,

11/15/37 

2,150‌

2,285‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series B,

5.00%,

11/15/40 

3,330‌

3,524‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series B,

5.00%,

11/15/46 

3,630‌

3,820‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Edgemere-Northwest

Senior

Housing,

5.25%,

11/15/47 (1)(11)

1,735‌

694‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Edgemere-Northwest

Senior

Housing,

Series A,

5.00%,

11/15/45 (1)(11)

8,960‌

3,584‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Stayton

at

Museum

Way,

Series A,

5.75%,

12/1/54 

6,383‌

5,473‌

Tarrant

County,

Edgemere

Dip

Loan,

10.00%,

12/31/22,

Acquisition

Date:

4/20/22,

Cost $1,693 (15)(16)(17)

1,693‌

1,693‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/27 

2,835‌

3,045‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/28 

1,285‌

1,384‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/29 

4,720‌

5,101‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/30 

6,475‌

6,993‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/31 

2,070‌

2,234‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/32 

3,800‌

4,115‌

Texas

Private

Activity

Bond

Surface

Transportation,

Blueridge

Transportation

Group,

5.00%,

12/31/50 (5)

5,115‌

5,244‌

Texas

Private

Activity

Bond

Surface

Transportation,

Blueridge

Transportation

Group,

5.00%,

12/31/55 (5)

3,490‌

3,575‌

Texas

Private

Activity

Bond

Surface

Transportation,

Segment

3C

Project,

5.00%,

6/30/58 (5)

6,700‌

6,979‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

41

Par/Shares

$

Value

(Amounts

in

000s)

Texas

Transportation

Commission,

First

Tier

Toll,

State

Highway,

5.00%,

8/1/57 

9,495‌

9,934‌

310,693‌

UTAH

0.7%

Military

Installation

Dev.

Auth.,

Series A-1,

4.00%,

6/1/41 

1,800‌

1,490‌

Military

Installation

Dev.

Auth.,

Series A-1,

4.00%,

6/1/52 

4,000‌

3,066‌

Military

Installation

Dev.

Auth.,

Series A-2,

4.00%,

6/1/41 

2,700‌

2,210‌

Military

Installation

Dev.

Auth.,

Series A-2,

4.00%,

6/1/52 

8,195‌

6,204‌

Murray

City

Hosp.,

IHC

Health

Services,

Series A,

VRDN,

0.62%,

5/15/37 

3,320‌

3,320‌

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/42 (5)

4,725‌

5,016‌

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/47 (5)

3,435‌

3,623‌

UIPA

Crossroads

Public

Infrastructure

Dist.,

4.375%,

6/1/52 (4)

10,980‌

9,105‌

34,034‌

VIRGINIA

6.0%

Albemarle

County

Economic

Dev.

Auth.,

Westminster-Canterbury

Blue

Ridge,

Series A,

5.00%,

1/1/42 

2,795‌

2,850‌

Botetourt

County,

Residential

Care

Fac.,

Glebe,

Series A,

6.00%,

7/1/34 

6,270‌

6,591‌

Chesapeake

Bay

Bridge

&

Tunnel

Dist.,

First

Tier

General

Resolution,

5.00%,

7/1/46 

13,610‌

14,284‌

Chesapeake

Bay

Bridge

&

Tunnel

Dist.,

First

Tier

General

Resolution,

5.00%,

7/1/51 

12,715‌

13,294‌

Chesapeake

Expressway

Toll

Road,

Series B,

STEP,

7/15/40 

6,470‌

6,605‌

Fairfax

County

Economic

Dev.

Auth.,

Vinson

Hall,

Series A,

5.00%,

12/1/32

(Prerefunded

12/1/23) (7)

1,420‌

1,486‌

Fairfax

County

Economic

Dev.

Auth.,

Vinson

Hall,

Series A,

5.00%,

12/1/42

(Prerefunded

12/1/23) (7)

2,405‌

2,517‌

Fairfax

County

Economic

Dev.

Auth.,

Vinson

Hall,

Series A,

5.00%,

12/1/47

(Prerefunded

12/1/23) (7)

1,720‌

1,800‌

Henrico

County

Economic

Dev.

Auth.,

Westminster

Canterbury

RIC,

Series A,

5.00%,

10/1/47 

1,675‌

1,785‌

Henrico

County

Economic

Dev.

Auth.,

Westminster

Canterbury

RIC,

Series A,

5.00%,

10/1/52 

2,100‌

2,220‌

James

City

County

Economic

Dev.

Auth.,

United

Methodist

Homes,

Series A,

6.00%,

6/1/43

(Prerefunded

6/1/23) (7)

4,492‌

4,664‌

Lynchburg

Economic

Dev.

Auth.,

Centra

Health

Obligated

Group,

4.00%,

1/1/55 

4,375‌

4,223‌

Lynchburg

Economic

Dev.

Auth.,

Central

Health

Obligation,

Series B,

VRDN,

0.65%,

1/1/47 

4,800‌

4,800‌

Norfolk

Redev.

&

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

5.00%,

1/1/35 

3,455‌

3,486‌

Norfolk

Redev.

&

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

5.00%,

1/1/46 

4,425‌

4,429‌

Norfolk

Redev.

&

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

5.375%,

1/1/35 

5,370‌

5,473‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

42

Par/Shares

$

Value

(Amounts

in

000s)

Norfolk

Redev.

&

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

5.375%,

1/1/46 

3,670‌

3,711‌

Norfolk

Redev.

&

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

Series A,

5.00%,

1/1/49 

2,795‌

2,795‌

Stafford

County

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/33 

860‌

909‌

Stafford

County

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/34 

1,075‌

1,133‌

Stafford

County

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/35 

1,720‌

1,808‌

Tobacco

Settlement

Fin.,

Capital

Appreciation,

Series C,

Zero

Coupon,

6/1/47 

23,205‌

5,938‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

5.00%,

7/1/45 (4)

5,155‌

5,191‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

5.25%,

7/1/30 (4)

1,190‌

1,221‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

5.25%,

7/1/35 (4)

1,550‌

1,583‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

Series A,

5.00%,

7/1/23 (4)

1,125‌

1,142‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

Series A,

5.00%,

7/1/24 (4)

1,180‌

1,209‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

Series A,

5.00%,

7/1/25 (4)

1,240‌

1,280‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

Series A,

5.00%,

7/1/30 (4)

4,070‌

4,145‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

Series A,

5.00%,

7/1/35 (4)

1,000‌

1,014‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

Series A,

5.00%,

7/1/45 (4)

2,670‌

2,689‌

Virginia

Small

Business

Fin.

Auth.,

95

Express

Lanes,

4.00%,

1/1/39 (5)

2,620‌

2,574‌

Virginia

Small

Business

Fin.

Auth.,

95

Express

Lanes,

4.00%,

1/1/40 (5)

4,035‌

3,950‌

Virginia

Small

Business

Fin.

Auth.,

95

Express

Lanes,

4.00%,

1/1/41 (5)

2,325‌

2,268‌

Virginia

Small

Business

Fin.

Auth.,

95

Express

Lanes,

4.00%,

1/1/42 (5)

1,115‌

1,083‌

Virginia

Small

Business

Fin.

Auth.,

95

Express

Lanes,

4.00%,

1/1/48 (5)

11,020‌

10,566‌

Virginia

Small

Business

Fin.

Auth.,

95

Express

Lanes,

5.00%,

7/1/34 (5)

2,900‌

3,179‌

Virginia

Small

Business

Fin.

Auth.,

95

Express

Lanes,

5.00%,

7/1/35 (5)

3,300‌

3,609‌

Virginia

Small

Business

Fin.

Auth.,

95

Express

Lanes,

5.00%,

1/1/36 (5)

915‌

1,000‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

43

Par/Shares

$

Value

(Amounts

in

000s)

Virginia

Small

Business

Fin.

Auth.,

95

Express

Lanes,

5.00%,

7/1/37 (5)

2,035‌

2,220‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.00%,

1/1/32 (5)(9)

2,395‌

2,447‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.00%,

7/1/32 (5)(9)

2,070‌

2,114‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.00%,

1/1/35 (5)(9)

3,660‌

3,699‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.00%,

1/1/36 (5)(9)

5,030‌

5,069‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.00%,

1/1/37 (5)(9)

3,345‌

3,361‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.00%,

1/1/38 (5)(9)

9,150‌

9,126‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.00%,

1/1/39 (5)(9)

6,385‌

6,356‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.00%,

1/1/40 (5)(9)

7,220‌

7,175‌

Virginia

Small

Business

Fin.

Auth.,

I-495

Hot

Lanes

Project,

5.00%,

12/31/47 (5)

12,055‌

13,038‌

Virginia

Small

Business

Fin.

Auth.,

I-95

Express

Lanes,

5.00%,

7/1/33 (5)

3,820‌

4,213‌

Virginia

Small

Business

Fin.

Auth.,

Transform

66

P3

Project,

5.00%,

12/31/47 (5)

1,290‌

1,346‌

Virginia

Small

Business

Fin.

Auth.,

Transform

66

P3

Project,

5.00%,

12/31/49 (5)

9,450‌

9,835‌

Virginia

Small

Business

Fin.

Auth.,

Transform

66

P3

Project,

5.00%,

12/31/56 (5)

71,965‌

74,561‌

289,064‌

WASHINGTON

0.8%

Adams

County

Public

Hosp.

Dist.

No.

2,

GO,

5.125%,

12/1/44 

2,285‌

2,363‌

Port

of

Seattle

IDC,

Delta

Airlines,

5.00%,

4/1/30 (5)

2,580‌

2,594‌

Washington

State

Convention

Center

Public

Fac.

Dist.,

4.00%,

7/1/31 

6,485‌

6,195‌

Washington

State

Housing

Fin.

Commission,

Hearthstone,

5.00%,

7/1/38 (4)

830‌

751‌

Washington

State

Housing

Fin.

Commission,

Hearthstone,

5.00%,

7/1/48 (4)

2,495‌

2,113‌

Washington

State

Housing

Fin.

Commission,

Hearthstone,

5.00%,

7/1/53 (4)

1,000‌

831‌

Washington

State

Housing

Fin.

Commission,

Judson

Park,

4.00%,

7/1/28 (4)

225‌

218‌

Washington

State

Housing

Fin.

Commission,

Judson

Park,

5.00%,

7/1/33 (4)

225‌

226‌

Washington

State

Housing

Fin.

Commission,

Judson

Park,

5.00%,

7/1/38 (4)

650‌

644‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

44

Par/Shares

$

Value

(Amounts

in

000s)

Washington

State

Housing

Fin.

Commission,

Judson

Park,

5.00%,

7/1/48 (4)

1,805‌

1,724‌

Washington

State

Housing

Fin.

Commission,

Presbyterian

Retirement,

Series A,

5.00%,

1/1/46 (4)

2,795‌

2,643‌

Washington

State

Housing

Fin.

Commission,

Presbyterian

Retirement,

Series A,

5.00%,

1/1/51 (4)

5,785‌

5,402‌

Washington

State

Housing

Fin.

Commission,

Social

Certificate,

Series A-1,

Class

A,

3.50%,

12/20/35 

6,817‌

6,370‌

Washington

State

Housing

Fin.

Commission,

Transform

Age

Project,

2.375%,

1/1/26

(Prerefunded

7/1/22) (4)(7)

210‌

200‌

Washington

State

Housing

Fin.

Commission,

Transform

Age

Project,

Series A,

5.00%,

1/1/55 (4)

5,350‌

4,939‌

37,213‌

WEST

VIRGINIA

0.2%

Monongalia

County

Commission

Excise

Tax

Dist.,

Series A,

4.125%,

6/1/43 (4)

1,935‌

1,870‌

Monongalia

County

Commission

Excise

Tax

Dist.,

Series B,

4.875%,

6/1/43 (4)

1,280‌

1,186‌

Monongalia

County

Commission,

Univ.

Town

Center,

Series A,

5.50%,

6/1/37 (4)

2,105‌

2,216‌

Monongalia

County

Commission,

Univ.

Town

Center,

Series A,

5.75%,

6/1/43 (4)

2,105‌

2,221‌

West

Virginia

Economic

Dev.

Auth.,

Arch

Resources,

VRDN,

5.00%,

7/1/45

(Tender

7/1/25) (5)

2,580‌

2,657‌

10,150‌

WISCONSIN

2.6%

PFA,

Celanese,

Series B,

5.00%,

12/1/25 (5)

5,155‌

5,516‌

PFA,

Celanese,

Series C,

4.30%,

11/1/30 (5)

4,295‌

4,415‌

PFA,

Celanese,

Series D,

4.05%,

11/1/30 

2,150‌

2,179‌

PFA,

Church

Home

of

Hartford,

5.00%,

9/1/30 (4)

685‌

689‌

PFA,

Church

Home

of

Hartford,

5.00%,

9/1/38 (4)

1,480‌

1,477‌

PFA,

Corvian

Community

School,

Series A,

4.00%,

6/15/29 (4)

805‌

780‌

PFA,

Corvian

Community

School,

Series A,

5.00%,

6/15/39 (4)

860‌

861‌

PFA,

Corvian

Community

School,

Series A,

5.00%,

6/15/49 (4)

1,505‌

1,459‌

PFA,

Corvian

Community

School,

Series A,

5.125%,

6/15/47 (4)

2,265‌

2,267‌

PFA,

Founders

of

Academy

Las

Vegas,

Series A,

4.00%,

7/1/30 (4)

345‌

337‌

PFA,

Founders

of

Academy

Las

Vegas,

Series A,

5.00%,

7/1/40 (4)

610‌

621‌

PFA,

Founders

of

Academy

Las

Vegas,

Series A,

5.00%,

7/1/55 (4)

1,245‌

1,249‌

PFA,

Grand

Hyatt

San

Antonio,

Series A,

5.00%,

2/1/52 

1,990‌

2,090‌

PFA,

Grand

Hyatt

San

Antonio,

Series A,

5.00%,

2/1/62 

3,660‌

3,800‌

PFA,

Mary's

Woods

at

Marylhurst,

5.25%,

5/15/37 (4)

470‌

470‌

PFA,

Mary's

Woods

at

Marylhurst,

5.25%,

5/15/42 (4)

1,055‌

1,038‌

PFA,

Mary's

Woods

at

Marylhurst,

5.25%,

5/15/47 (4)

1,050‌

1,019‌

PFA,

Mary's

Woods

at

Marylhurst,

5.25%,

5/15/52 (4)

1,975‌

1,897‌

PFA,

Mountain

Island

Charter

School,

5.00%,

7/1/37 

710‌

721‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

45

Par/Shares

$

Value

(Amounts

in

000s)

PFA,

Mountain

Island

Charter

School,

5.00%,

7/1/47 

1,720‌

1,737‌

PFA,

Mountain

Island

Charter

School,

5.00%,

7/1/52 

3,695‌

3,728‌

PFA,

National

Gypsum,

4.00%,

8/1/35 (5)

19,730‌

18,003‌

PFA,

Nevada

State

College,

5.00%,

5/1/55 (4)

5,500‌

5,225‌

PFA,

Searstone

CCRC

Project,

Series A,

5.00%,

6/1/37 (9)

5,490‌

5,033‌

PFA,

Searstone

CCRC

Project,

Series A,

5.00%,

6/1/52 (9)

5,490‌

4,497‌

PFA,

Searstone

Retirement

Community,

Series A,

5.20%,

6/1/37 

4,345‌

4,679‌

PFA,

Searstone

Retirement

Community,

Series A,

5.30%,

6/1/47 

5,155‌

5,556‌

PFA,

Searstone

Retirement

Community,

Series A,

5.375%,

6/1/52 

3,375‌

3,510‌

PFA,

SKY

Harbour

Capital,

4.00%,

7/1/41 (5)

4,000‌

3,626‌

PFA,

SKY

Harbour

Capital,

4.25%,

7/1/54 (5)

11,995‌

10,553‌

PFA,

Southminster,

5.00%,

10/1/43 (4)

1,935‌

1,893‌

PFA,

Southminster,

5.00%,

10/1/48 (4)

1,720‌

1,649‌

PFA,

Southminster,

5.00%,

10/1/53 (4)

4,950‌

4,695‌

PFA,

Univ.

of

Hawai'i

Foundation

project,

Series A-1,

4.00%,

7/1/51 (4)

2,380‌

2,100‌

PFA,

Univ.

of

Hawai'i

Foundation

project,

Series A-1,

4.00%,

7/1/61 (4)

1,320‌

1,124‌

PFA,

Univ.

of

Hawai'i

Foundation

project,

Series B,

5.25%,

7/1/61 (4)

2,095‌

1,713‌

Platteville

Redev.

Auth.,

UM-Platteville

Real

Estate,

5.00%,

7/1/42 

1,910‌

1,910‌

Wisconsin

HEFA,

Benevolent,

5.00%,

6/1/37 

955‌

965‌

Wisconsin

HEFA,

Benevolent,

5.00%,

6/1/41 

1,425‌

1,432‌

Wisconsin

HEFA,

Saint

John's

Communities,

4.00%,

9/15/36 (9)

670‌

602‌

Wisconsin

HEFA,

Saint

John's

Communities,

4.00%,

9/15/41 (9)

660‌

567‌

Wisconsin

HEFA,

Saint

John's

Communities,

4.00%,

9/15/45 (9)

555‌

461‌

Wisconsin

HEFA,

Saint

John's

Communities,

Series A,

5.00%,

9/15/40

(Prerefunded

9/15/23) (7)

860‌

894‌

Wisconsin

HEFA,

Saint

John's

Communities,

Series A,

5.00%,

9/15/45

(Prerefunded

9/15/23) (7)

1,115‌

1,160‌

Wisconsin

HEFA,

Saint

John's

Communities,

Series A,

5.00%,

9/15/50

(Prerefunded

9/15/23) (7)

4,020‌

4,181‌

Wisconsin

HEFA,

Saint

John's

Communities,

Series B,

5.00%,

9/15/37 

560‌

566‌

124,944‌

Total

Municipal

Securities

(Cost

$5,117,563)

4,910,352‌

Total

Investments

in

Securities

101.4%

(Cost

$5,117,776)

$

4,910,683‌

Other

Assets

Less

Liabilities

(1.4)%

(67,487)

Net

Assets

100.0%

$

4,843,196‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

46

‡

Par/Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(3)

Insured

by

Assured

Guaranty

Municipal

Corporation

(4)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$849,114

and

represents

17.5%

of

net

assets.

(5)

Interest

subject

to

alternative

minimum

tax.

(6)

Insured

by

Berkshire

Hathaway

Assurance

Corporation

(7)

Prerefunded

date

is

used

in

determining

portfolio

maturity.

(8)

Insured

by

Assured

Guaranty

Corporation

(9)

When-issued

security

(10)

Insured

by

National

Public

Finance

Guarantee

Corporation

(11)

Obligor

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

(12)

Escrowed

to

maturity

(13)

Insured

by

AMBAC

Assurance

Corporation

(14)

Issuer

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

(15)

Level

3

in

fair

value

hierarchy.

(16)

A

portion

of

the

position

represents

an

unfunded

commitment;

a

liability

to

fund

the

commitment

has

been

recognized.

The

fund's

total

unfunded

commitment

at

May

31,

2022,

was

$1,357

and

was

valued

at

$1,357

(0.0%

of

net

assets).

(17)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

has

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$1,693

and

represents

0.0%

of

net

assets.

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

CDA

Community

Development

Administration/Authority

CDFI

Community

Development

Financial

Institution

DFA

Development

Finance

Authority

FRN

Floating

Rate

Note

GO

General

Obligation

HCFFA

Health

Care

Facilities

Financing

Authority

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

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

47

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

.

.

.

.

.

.

.

.

.

.

PFA

Public

Finance

Authority/Agency

RAC

Revenue

Anticipation

Certificate

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

48

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

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

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

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

49

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)

Level

3

–

unobservable

inputs

(including

the fund’s

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities.

Investments

in

private

investment

companies

are

valued

at

the

investee’s

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee’s

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation

Committee

may

adjust

the

investee’s

NAV

to

reflect

fair

value

at

the

valuation

date.

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

50

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

The

objective

of

any

fair

value

pricing

determination

is

to

arrive

at

a

price

that

could

reasonably

be

expected

from

a

current

sale.

Financial

instruments

fair

valued

by

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Committee

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

Committee

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

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

May

31,

2022

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

331‌

$

—‌

$

—‌

$

331‌

Municipal

Securities

—‌

4,908,659‌

1,693‌

4,910,352‌

Total

$

331‌

$

4,908,659‌

$

1,693‌

$

4,910,683‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

51

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict.

Economic

sanctions

have

since

been

imposed

on

Russia

and

certain

of

its

citizens,

including

the

exclusion

of

Russia

from

the

SWIFT

global

payments

network.

As

a

result, Russian-related

stocks

and

debt

have

since

suffered

significant

declines

in

value.

The

duration

of

the

coronavirus

outbreak

and

the

Russian-Ukraine

conflict,

and

their

effects

on

the

financial

markets,

cannot

be

determined

with

certainty. The fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

and

such

other

events.

Management

is

actively

monitoring

these

events.

F59-054Q1

05/22