T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

May

31,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

COMMON

STOCKS

0.0%

Ingevity (1)

1‌

72‌

United

Airlines

Holdings (1)

—‌

19‌

Westrock 

5‌

306‌

Total

Common

Stocks

(Cost

$213)

397‌

MUNICIPAL

SECURITIES

99.9%

ALABAMA

1.5%

Huntsville-Redstone

Village

Special

Care

Fac.

Fin.

Auth.,

5.50%,

1/1/28 (1)(2)

3,695‌

2,540‌

Huntsville-Redstone

Village

Special

Care

Fac.

Fin.

Auth.,

5.50%,

1/1/43 (1)(2)

2,865‌

1,960‌

Huntsville-Redstone

Village

Special

Care

Fac.

Fin.

Auth.,

Series A,

6.875%,

1/1/43 (1)(2)

2,000‌

1,364‌

Huntsville-Redstone

Village

Special

Care

Fac.

Fin.

Auth.,

Series A,

7.50%,

1/1/47 (1)(2)

3,580‌

2,437‌

Jefferson

County,

Sewer,

Series A,

5.25%,

10/1/48 (3)

14,500‌

16,237‌

Jefferson

County,

Sewer,

Series A,

5.50%,

10/1/53 (3)

23,000‌

25,868‌

Tuscaloosa

County

IDA,

Hunt

Refining

Project,

Series A,

4.50%,

5/1/32 (4)

3,293‌

3,500‌

Tuscaloosa

County

IDA,

Hunt

Refining

Project,

Series A,

5.25%,

5/1/44 (4)

23,300‌

26,738‌

80,644‌

ALASKA

0.0%

Alaska

Housing

Fin.,

Home

Mortgage,

Series A,

VRDN,

0.03%,

6/1/32 (5)

495‌

495‌

Valdez,

Exxon

Pipeline

Project,

Series A,

VRDN,

0.01%,

12/1/33 

1,700‌

1,700‌

2,195‌

ARIZONA

1.3%

Arizona

HFA,

Banner

Health,

Series B,

FRN,

67%

of

3M

USD

LIBOR

+

0.81%,

0.945%,

1/1/37 

2,750‌

2,780‌

Arizona

IDA,

Cadence

Campus

Project,

Series A,

4.00%,

7/15/40 (4)

925‌

998‌

Arizona

IDA,

Cadence

Campus

Project,

Series A,

4.00%,

7/15/50 (4)

1,600‌

1,702‌

Arizona

IDA,

Doral

Academy

-

Fire

Mesa,

Series A,

5.00%,

7/15/39 (4)

1,325‌

1,521‌

Arizona

IDA,

Doral

Academy

-

Fire

Mesa,

Series A,

5.00%,

7/15/49 (4)

1,175‌

1,331‌

Arizona

IDA,

Odyssey

Preparatory

Academy,

5.00%,

7/1/49 (4)

4,350‌

4,830‌

Arizona

IDA,

Odyssey

Preparatory

Academy,

Series A,

5.25%,

7/1/37 (4)

3,000‌

3,269‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

2

Par/Shares

$

Value

(Amounts

in

000s)

Arizona

IDA,

Odyssey

Preparatory

Academy,

Series A,

5.50%,

7/1/52 (4)

3,400‌

3,696‌

Maricopa

County

PCR,

El

Paso

Electric,

Series A,

4.50%,

8/1/42 

3,250‌

3,355‌

Peoria

IDA,

Sierra

Winds

Life

Care,

Series A,

5.50%,

11/15/34 

3,700‌

3,783‌

Peoria

IDA,

Sierra

Winds

Life

Care,

Series A,

5.75%,

11/15/40 

6,000‌

6,135‌

Phoenix

Civic

Improvement,

Capital

Appreciation,

5.50%,

7/1/33 (6)

1,250‌

1,803‌

Phoenix

Civic

Improvement,

Capital

Appreciation,

Series B,

5.50%,

7/1/29 (6)

7,985‌

10,702‌

Phoenix

Civic

Improvement,

Capital

Appreciation,

Series B,

5.50%,

7/1/30 (6)

7,340‌

10,051‌

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

5.00%,

7/1/44 

1,000‌

1,185‌

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

5.00%,

7/1/49 

600‌

708‌

Phoenix

IDA,

Downtown

Phoenix

Student

Housing,

5.00%,

7/1/59 

2,120‌

2,484‌

Pima

County

IDA,

American

Leadership

Academy,

4.75%,

6/15/37 (4)

5,250‌

5,343‌

Salt

Verde

Financial,

5.00%,

12/1/32 

3,550‌

4,716‌

70,392‌

ARKANSAS

0.5%

Arkansas

DFA,

Big

River

Steel

Project,

4.50%,

9/1/49 (4)(5)

14,600‌

16,113‌

Arkansas

DFA,

Big

River

Steel

Project,

4.75%,

9/1/49 (4)(5)

5,000‌

5,653‌

Arkansas

DFA,

Washington

Regional

Medical

Center,

Series A,

5.00%,

2/1/35 

915‌

1,014‌

Arkansas

DFA,

Washington

Regional

Medical

Center,

Series C,

5.00%,

2/1/35 

1,210‌

1,342‌

24,122‌

CALIFORNIA

5.1%

California,

GO,

5.00%,

9/1/41 (7)

6,670‌

8,754‌

California

Community

Housing

Agency,

Creekwood,

Series A,

4.00%,

2/1/56 (4)

26,000‌

28,026‌

California

Community

Housing

Agency,

Serenity

at

Larkspur,

Series A,

5.00%,

2/1/50 (4)

7,000‌

8,078‌

California

Housing

Fin.,

Series 2019-1A,

4.25%,

1/15/35 

3,495‌

4,236‌

California

Municipal

Fin.

Auth.,

Baptish

Univ.,

Series A,

5.00%,

11/1/46 (4)

3,000‌

3,405‌

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

Series A,

5.00%,

12/31/43 (5)

25,415‌

30,917‌

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

Series A,

5.00%,

12/31/47 (5)

5,500‌

6,671‌

California

Municipal

Fin.

Auth.,

UCR

North

Dist.

Phase

1,

5.00%,

5/15/49 

3,000‌

3,634‌

California

Municipal

Fin.

Auth.,

UCR

North

Dist.

Phase

1,

5.00%,

5/15/52 

2,500‌

3,022‌

California

PFA,

Enso

Village

Project,

2.375%,

11/15/28 (4)(7)

1,500‌

1,512‌

California

PFA,

Enso

Village

Project,

3.125%,

5/15/29 (4)(7)

1,615‌

1,630‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

3

Par/Shares

$

Value

(Amounts

in

000s)

California

PFA,

Enso

Village

Project,

5.00%,

11/15/46 (4)(7)

750‌

837‌

California

PFA,

Enso

Village

Project,

Series B-3,

2.125%,

11/15/27 (4)(7)

2,650‌

2,670‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/28 

260‌

293‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/29 

280‌

316‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/30 

300‌

340‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/31 

235‌

267‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/41 

1,615‌

1,801‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/51 

1,000‌

1,098‌

California

Statewide

CDA,

899

Charleston

Moldaw

Residences,

Series A,

5.375%,

11/1/49 (4)

3,500‌

3,730‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/27 (4)

3,000‌

3,521‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/46 (4)

4,000‌

4,493‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.25%,

12/1/56 (4)

8,250‌

9,307‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.50%,

12/1/54 

13,000‌

14,774‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.50%,

12/1/58 (4)

18,595‌

22,082‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

4.00%,

9/2/29 

2,000‌

2,278‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

5.00%,

9/2/34 

1,075‌

1,323‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

5.00%,

9/2/39 

1,000‌

1,214‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

5.00%,

9/2/49 

500‌

597‌

California

Statewide

CDA,

Terraces

at

San

Joaquin

Garden,

Series A,

6.00%,

10/1/42

(Prerefunded

10/1/22) (8)

5,250‌

5,654‌

California

Statewide

CDA,

Terraces

at

San

Joaquin

Garden,

Series A,

6.00%,

10/1/47

(Prerefunded

10/1/22) (8)

850‌

915‌

California

Statewide

Fin.

Auth.,

Tobacco

Industry,

Series A,

6.00%,

5/1/43 

1,500‌

1,513‌

CSCDA

Community

Improvement

Auth.,

Altana

Glendale

Social

Bonds,

Series A-2,

4.00%,

10/1/56 (4)

17,675‌

19,098‌

CSCDA

Community

Improvement

Auth.,

Oceanaire

Long

Beach

Social

Bonds,

Series A-2,

4.00%,

9/1/56 (4)

3,175‌

3,487‌

CSCDA

Community

Improvement

Auth.,

Parallel

Anaheim

Social

Bonds,

4.00%,

8/1/56 (4)

4,710‌

5,114‌

Golden

State

Tobacco

Securitization,

Series A-1,

5.00%,

6/1/47 

3,325‌

3,443‌

Golden

State

Tobacco

Securitization,

Series A-2,

5.30%,

6/1/37 

33,050‌

34,449‌

Irvine,

Reassessment

Dist.

No.

12-1,

4.00%,

9/2/27 

300‌

312‌

Irvine,

Reassessment

Dist.

No.

12-1,

4.00%,

9/2/28 

410‌

426‌

Northern

California

Gas

Auth.

No.

1,

Series B,

FRN,

67%

of

3M

USD

LIBOR

+

0.72%,

0.855%,

7/1/27 

7,330‌

7,367‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

4

Par/Shares

$

Value

(Amounts

in

000s)

Riverside

County

Redev.

Successor

Agency,

Interstate

215

Corridor

Redev.,

7.00%,

12/1/31 

1,600‌

1,654‌

Riverside

County

Redev.

Successor

Agency,

Interstate

215

Corridor

Redev.,

7.00%,

12/1/31

(Prerefunded

12/1/21) (8)

300‌

310‌

Riverside

County

Redev.

Successor

Agency,

Interstate

215

Corridor

Redev.,

7.25%,

12/1/40

(Prerefunded

12/1/21) (8)

2,850‌

2,949‌

San

Mateo,

Bay

Meadows

Community

Fac.,

Dist.

2008-1,

Special

Tax,

6.00%,

9/1/42 

1,500‌

1,573‌

Santa

Margarita

Water

Dist.,

Community

Fac.

Dist.

2013-1,

5.625%,

9/1/43 

2,400‌

2,607‌

Tobacco

Securitization

Auth.

of

Northern

California,

Series B-2,

Zero

Coupon,

6/1/60 

21,000‌

5,134‌

West

Sacramento

Fin.

Auth.,

Series A,

5.00%,

9/1/34 (9)

1,975‌

2,731‌

269,562‌

COLORADO

4.5%

Arista

Metropolitan

Dist.,

Series A,

GO,

5.00%,

12/1/38 

2,480‌

2,684‌

Arista

Metropolitan

Dist.,

Series A,

GO,

5.125%,

12/1/48 

7,000‌

7,543‌

Belleview

Station

Metropolitan

Dist.

No.

2,

GO,

5.00%,

12/1/36 

500‌

520‌

Belleview

Station

Metropolitan

Dist.

No.

2,

GO,

5.125%,

12/1/46 

2,375‌

2,467‌

Berthoud-Heritage

Metropolitan

Dist.

No.

1,

5.625%,

12/1/48 

8,670‌

9,487‌

Brighton

Crossing

Metropolitan

Dist.

No.

4,

Series A,

GO,

5.00%,

12/1/47 

1,225‌

1,294‌

Broadway

Station

Metropolitan

Dist.

No.

3,

GO,

5.00%,

12/1/39 

750‌

828‌

Broadway

Station

Metropolitan

Dist.

No.

3,

GO,

5.00%,

12/1/49 

2,250‌

2,473‌

Buffalo

Highlands

Metropolitan

Dist.,

Series A,

GO,

5.25%,

12/1/38 

1,000‌

1,078‌

Buffalo

Highlands

Metropolitan

Dist.,

Series A,

GO,

5.375%,

12/1/48 

3,250‌

3,492‌

Canyons

Metropolitan

Dist.

No.

5,

Series A,

GO,

6.00%,

12/1/37 

1,250‌

1,324‌

Canyons

Metropolitan

Dist.

No.

5,

Series A,

GO,

6.125%,

12/1/47 

4,500‌

4,767‌

Canyons

Metropolitan

Dist.

No.

6,

Series A,

GO,

6.125%,

12/1/47 

2,000‌

2,119‌

Centerra

Metropolitan

Dist.

No.

1,

5.00%,

12/1/47 (4)

3,500‌

3,695‌

Colorado

Ed.

&

Cultural

Fac.

Auth.,

Windsor

Charter,

5.00%,

9/1/36 

1,000‌

1,006‌

Colorado

Ed.

&

Cultural

Fac.

Auth.,

Windsor

Charter,

5.00%,

9/1/46 

1,395‌

1,402‌

Colorado

HFA,

Christian

Living

Neighborhoods,

5.00%,

1/1/31 

1,300‌

1,405‌

Colorado

HFA,

Christian

Living

Neighborhoods,

5.00%,

1/1/37 

1,675‌

1,794‌

Colorado

HFA,

Frasier

Meadows

Manor,

Series B,

5.00%,

5/15/33 

1,415‌

1,489‌

Colorado

HFA,

Frasier

Meadows

Manor,

Series B,

5.00%,

5/15/39 

2,250‌

2,367‌

Colorado

HFA,

Sunny

Vista

Living

Center,

Series A,

5.75%,

12/1/35 (4)

1,460‌

1,505‌

Colorado

HFA,

Sunny

Vista

Living

Center,

Series A,

6.125%,

12/1/45 (4)

1,365‌

1,413‌

Colorado

HFA,

Sunny

Vista

Living

Center,

Series A,

6.25%,

12/1/50 (4)

4,145‌

4,304‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

5

Par/Shares

$

Value

(Amounts

in

000s)

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes,

5.00%,

12/31/47 

950‌

1,093‌

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes,

5.00%,

12/31/51 

8,830‌

10,146‌

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes,

5.00%,

12/31/56 

14,305‌

16,409‌

Colorado

Int'l.

Center

Metropolitan

Dist.

No.

14,

GO,

5.875%,

12/1/46 

6,775‌

7,369‌

Colorado

Science

&

Technology

Park

Metropolitan

Dist.

No.

1,

5.00%,

12/1/33 

3,040‌

3,296‌

Colorado

Science

&

Technology

Park

Metropolitan

Dist.

No.

1,

5.25%,

12/1/48 

2,200‌

2,371‌

Cornerstar

Metropolitan

Dist.,

Series A,

GO,

5.125%,

12/1/37 

500‌

529‌

Cornerstar

Metropolitan

Dist.,

Series A,

GO,

5.25%,

12/1/47 

2,600‌

2,746‌

Denver

City

&

County

Airport,

United

Airlines,

5.00%,

10/1/32 (5)

32,190‌

34,383‌

Denver

Int'l.

Business

Center

Metropolitan

Dist.

No.

1,

Series B,

GO,

6.00%,

12/1/48 

1,290‌

1,404‌

Green

Valley

Ranch

East

Metropolitan

Dist.

No.

6,

Series A,

GO,

5.875%,

12/1/50 

2,200‌

2,442‌

Lakes

at

Centerra

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.125%,

12/1/37 

1,695‌

1,824‌

Lakes

at

Centerra

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.25%,

12/1/47 

3,970‌

4,256‌

Painted

Prairie

Metropolitan

Dist.

No.

2,

GO,

5.25%,

12/1/48 

4,905‌

5,183‌

Palisade

Metropolitan

Dist.

No.

2,

GO,

5.00%,

12/1/46 

2,447‌

2,541‌

Park

Creek

Metropolitan

Dist.,

Property

Tax,

Series A,

5.00%,

12/1/45 

19,500‌

22,364‌

Peak

Metropolitan

Dist.

No.

1,

Series A,

GO,

4.00%,

12/1/35 (4)

500‌

537‌

Peak

Metropolitan

Dist.

No.

1,

Series A,

GO,

5.00%,

12/1/51 (4)

3,450‌

3,791‌

Public

Auth.

for

Colorado

Energy,

6.25%,

11/15/28 

6,025‌

7,604‌

Public

Auth.

for

Colorado

Energy,

6.50%,

11/15/38 

16,635‌

25,938‌

Pueblo

Urban

Renewal

Auth.,

4.75%,

12/1/45 (4)

4,000‌

4,517‌

Saint

Vrain

Lakes

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.00%,

12/1/37 

1,000‌

1,069‌

Saint

Vrain

Lakes

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.125%,

12/1/47 

3,050‌

3,259‌

Serenity

Ridge

Metropolitan

Dist.

No.

2,

Series A,

GO,

4.50%,

12/1/28 

496‌

533‌

Serenity

Ridge

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.125%,

12/1/43 

1,000‌

1,073‌

Southglenn

Metropolitan

Dist.,

GO,

5.00%,

12/1/36 

810‌

842‌

Southglenn

Metropolitan

Dist.,

GO,

5.00%,

12/1/46 

1,600‌

1,661‌

STC

Metropolitan

Dist.

No.

2,

Series A,

GO,

4.00%,

12/1/29 

1,000‌

1,086‌

STC

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.00%,

12/1/38 

850‌

933‌

STC

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.00%,

12/1/49 

1,000‌

1,088‌

Vauxmont

Metropolitan

Dist.,

GO,

5.00%,

12/1/32 (3)

750‌

965‌

Vauxmont

Metropolitan

Dist.,

GO,

5.00%,

12/1/35 (3)

300‌

383‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

6

Par/Shares

$

Value

(Amounts

in

000s)

Vauxmont

Metropolitan

Dist.,

GO,

5.00%,

12/1/50 (3)

1,500‌

1,863‌

Whispering

Pines

Metropolitan

Dist.

No.

1,

Series A,

GO,

5.00%,

12/1/37 

1,000‌

1,059‌

Whispering

Pines

Metropolitan

Dist.

No.

1,

Series A,

GO,

5.00%,

12/1/47 

3,380‌

3,564‌

240,577‌

CONNECTICUT

1.6%

Connecticut

State

HEFA,

Series F,

5.00%,

7/1/32 

4,140‌

4,731‌

Connecticut

State

HEFA,

Series F,

5.00%,

7/1/33 

2,595‌

2,961‌

Connecticut

State

HEFA,

Series F,

5.00%,

7/1/43 

10,250‌

11,507‌

Connecticut

State

HEFA,

Church

Home

of

Hartford,

Series A,

5.00%,

9/1/46 (4)

1,250‌

1,387‌

Connecticut

State

HEFA,

Church

Home

of

Hartford,

Series A,

5.00%,

9/1/53 (4)

1,600‌

1,770‌

Connecticut

State

HEFA,

Hartford

Univ.,

4.00%,

7/1/44 

3,625‌

4,045‌

Connecticut

State

HEFA,

Hartford

Univ.,

4.00%,

7/1/49 

5,305‌

5,892‌

Connecticut

State

HEFA,

Masonicare,

Series F,

5.00%,

7/1/31 

3,945‌

4,518‌

Connecticut

State

HEFA,

Masonicare,

Series F,

5.00%,

7/1/34 

1,815‌

2,068‌

Connecticut

State

HEFA,

Stamford

Hosp.,

Series J,

5.00%,

7/1/42 

15,380‌

15,952‌

Hamden

Town,

Whitney

Center

Project,

5.00%,

1/1/40 

9,000‌

9,701‌

Hamden

Town,

Whitney

Center

Project,

5.00%,

1/1/50 

9,000‌

9,608‌

Mashantucket

Western

Pequot

Tribe,

(4.00%

Cash

and

2.05%

PIK),

6.05%,

7/1/31 (10)

25,151‌

3,773‌

Mohegan

Tribe

of

Indians,

Priority

Distributions,

Series C,

5.25%,

2/1/22 (4)

2,515‌

2,567‌

Mohegan

Tribe

of

Indians,

Priority

Distributions,

Series C,

5.50%,

2/1/23 (4)

3,140‌

3,312‌

83,792‌

DELAWARE

1.0%

Delaware

Economic

Dev.

Auth.,

Newark

Charter

School,

4.00%,

9/1/30 

250‌

288‌

Delaware

Economic

Dev.

Auth.,

Newark

Charter

School,

5.00%,

9/1/40 

1,300‌

1,579‌

Delaware

Economic

Dev.

Auth.,

Newark

Charter

School,

5.00%,

9/1/50 

1,750‌

2,089‌

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/37 

1,000‌

1,211‌

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/43 

6,210‌

7,430‌

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/48 

2,570‌

3,055‌

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/50 

3,400‌

4,023‌

Delaware

HFA,

Nanticoke

Memorial

Hosp.,

5.00%,

7/1/28

(Prerefunded

7/1/23) (8)

4,000‌

4,386‌

Delaware

HFA,

Nanticoke

Memorial

Hosp.,

5.00%,

7/1/32

(Prerefunded

7/1/23) (8)

3,250‌

3,564‌

Kent

County,

CHF

Dover

&

Delaware

Univ.

Project,

Series A,

5.00%,

7/1/32 

260‌

301‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

7

Par/Shares

$

Value

(Amounts

in

000s)

Kent

County,

CHF

Dover

&

Delaware

Univ.

Project,

Series A,

5.00%,

7/1/40 

1,125‌

1,282‌

Kent

County,

CHF

Dover

&

Delaware

Univ.

Project,

Series A,

5.00%,

7/1/48 

2,950‌

3,324‌

Kent

County,

CHF

Dover

&

Delaware

Univ.

Project,

Series A,

5.00%,

7/1/53 

4,350‌

4,888‌

Kent

County,

CHF

Dover

&

Delaware

Univ.

Project,

Series A,

5.00%,

7/1/58 

3,685‌

4,129‌

Sussex

County,

Cadbury

at

Lewes,

5.00%,

1/1/36 

10,615‌

11,550‌

53,099‌

DISTRICT

OF

COLUMBIA

1.8%

District

of

Columbia

Tobacco

Settlement

Fin.,

Series A,

Zero

Coupon,

6/15/46 

48,185‌

10,322‌

District

of

Columbia

Tobacco

Settlement

Fin.,

Series B,

Zero

Coupon,

6/15/46 

23,000‌

3,973‌

District

of

Columbia,

American

Society

of

Hematology,

5.00%,

7/1/42

(Prerefunded

7/1/22) (8)

5,095‌

5,362‌

District

of

Columbia,

Friendship

Public

Charter

School,

5.00%,

6/1/32

(Prerefunded

12/1/22) (8)

2,125‌

2,276‌

District

of

Columbia,

Friendship

Public

Charter

School,

5.00%,

6/1/36 

3,000‌

3,455‌

District

of

Columbia,

Friendship

Public

Charter

School,

5.00%,

6/1/41 

1,945‌

2,223‌

District

of

Columbia,

Friendship

Public

Charter

School,

5.00%,

6/1/46 

2,

885‌

3,279‌

District

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/37 

2,895‌

3,098‌

District

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/42 

5,135‌

5,464‌

District

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/52 

12,065‌

12,779‌

District

of

Columbia,

Methodist

Home

of

D.C.,

Series A,

5.125%,

1/1/35 

1,565‌

1,644‌

District

of

Columbia,

Methodist

Home

of

D.C.,

Series A,

5.25%,

1/1/39 

1,015‌

1,067‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

6.50%,

10/1/44 

14,000‌

18,773‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

Zero

Coupon,

10/1/38 

10,000‌

6,573‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

Zero

Coupon,

10/1/39 

2,000‌

1,274‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

Zero

Coupon,

10/1/40 

5,000‌

3,091‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B-AGM-CR,

Zero

Coupon,

10/1/37 (3)

12,805‌

9,128‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

8

Par/Shares

$

Value

(Amounts

in

000s)

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series C,

6.50%,

10/1/41 (9)

1,000‌

1,286‌

95,067‌

FLORIDA

4.0%

Alachua

County

HFA,

East

Ridge

Retirement

Village,

6.00%,

11/15/34 

240‌

241‌

Alachua

County

HFA,

East

Ridge

Retirement

Village,

6.375%,

11/15/49 

9,450‌

9,460‌

Alachua

County

HFA,

Shands

Teaching

Hosp.

&

Clinics,

Series A,

5.00%,

12/1/44 

15,500‌

17,417‌

Boggy

Creek

Improvement

Dist.,

Special

Assessment,

5.125%,

5/1/43 

9,560‌

10,122‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/29 

875‌

1,098‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/30 

250‌

317‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/31 

1,115‌

1,406‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/33 

1,000‌

1,252‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/34 

1,250‌

1,559‌

Capital

Trust

Agency,

Bridge

Univ.

Student

Housing,

Series A,

5.25%,

12/1/58 (4)

9,125‌

10,481‌

Celebration

Pointe

Community

Dev.

Dist.,

4.75%,

5/1/24 

545‌

581‌

Celebration

Pointe

Community

Dev.

Dist.,

5.125%,

5/1/45 

955‌

997‌

Celebration

Pointe

Community

Dev.

Dist.,

Alachua

County,

5.00%,

5/1/32 (4)

1,140‌

1,256‌

Celebration

Pointe

Community

Dev.

Dist.,

Alachua

County,

5.00%,

5/1/48 (4)

3,095‌

3,315‌

Crossings

at

Fleming

Island

Community

Dev.

Dist.,

Series A-1,

4.50%,

5/1/30 

390‌

406‌

Davie

Ed.

Fac.,

Nova

Southeastern

Univ.,

Series A,

6.00%,

4/1/42

(Prerefunded

4/1/23) (8)

12,160‌

13,448‌

Double

Branch

Community

Dev.

Dist.,

Special

Assessment,

Series A-1,

4.00%,

5/1/25 

250‌

266‌

Fishhawk

Community

Dev.

Dist.,

Special

Assessment,

7.25%,

5/1/43 

2,110‌

2,310‌

Florida

Dev.

Fin.,

Waste

Pro

USA,

3.00%,

6/1/32 (5)(7)

4,000‌

4,198‌

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Jacksonville

Univ.,

Series A-1,

4.75%,

6/1/38 (4)

3,150‌

3,733‌

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Jacksonville

Univ.,

Series A-1,

5.00%,

6/1/48 (4)

12,445‌

14,685‌

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Nova

Southeastern

Univ.,

5.00%,

4/1/30 

1,150‌

1,344‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

9

Par/Shares

$

Value

(Amounts

in

000s)

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Nova

Southeastern

Univ.,

5.00%,

4/1/31 

2,670‌

3,112‌

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Nova

Southeastern

Univ.,

5.00%,

4/1/32 

1,750‌

2,036‌

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Nova

Southeastern

Univ.,

5.00%,

4/1/36 

1,000‌

1,156‌

Jacksonville

Ed.

Fac.,

Jacksonville

Univ.,

Series B,

5.00%,

6/1/53 (4)

11,490‌

13,517‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

Centre

&

Northwest

Sector,

5.50%,

5/1/39 (4)

1,200‌

1,396‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

Centre

&

Northwest

Sector,

5.65%,

5/1/48 (4)

1,505‌

1,753‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

National

Polo

Run,

4.00%,

5/1/22 

120‌

122‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

National

Polo

Run,

5.25%,

5/1/37 

3,645‌

4,103‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

National

Polo

Run,

5.375%,

5/1/47 

4,600‌

5,159‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

Ranch

South,

5.00%,

5/1/36 

1,780‌

1,953‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

Ranch

South,

5.125%,

5/1/46 

3,540‌

3,877‌

Lakewood

Ranch

Stewardship

Dist.,

Northeast

Sector,

5.30%,

5/1/39 

1,000‌

1,156‌

Lakewood

Ranch

Stewardship

Dist.,

Northeast

Sector,

5.45%,

5/1/48 

1,725‌

1,979‌

Lee

County

IDA,

Preserve,

Series A,

5.00%,

12/1/27 (4)

325‌

340‌

Lee

County

IDA,

Preserve,

Series A,

5.375%,

12/1/32 (4)

1,000‌

1,048‌

Lee

County

IDA,

Preserve,

Series A,

5.625%,

12/1/37 (4)

1,490‌

1,558‌

Lee

County

IDA,

Preserve,

Series A,

5.75%,

12/1/52 (4)

8,250‌

8,516‌

Miami-Dade

County

Aviation,

Series A,

5.00%,

10/1/31

(Prerefunded

10/1/22) (5)(8)

2,000‌

2,126‌

Orange

County

HFA,

Series C-1,

VRDN,

0.04%,

1/1/39 

2,360‌

2,360‌

OTC

Community

Dev.

Dist.,

Jacksonville,

Special

Assessment,

Series A,

5.30%,

5/1/38 

1,880‌

1,882‌

Palm

Beach

County

HFA,

Sinai

Residences

of

Boca

Raton,

Series A,

7.50%,

6/1/49 

4,750‌

5,084‌

Sarasota

County

HFA,

Village

on

the

Isle,

Series A,

5.00%,

1/1/37 

1,385‌

1,506‌

Sarasota

County

HFA,

Village

on

the

Isle,

Series A,

5.00%,

1/1/42 

1,600‌

1,731‌

Sarasota

County

HFA,

Village

on

the

Isle,

Series A,

5.00%,

1/1/47 

3,205‌

3,458‌

Sarasota

County

HFA,

Village

on

the

Isle,

Series A,

5.00%,

1/1/52 

6,770‌

7,295‌

Sumter

County

IDA,

Central

Florida

Health

Alliance,

Series A,

5.25%,

7/1/44 

6,170‌

6,782‌

Tampa,

Univ.

of

Tampa,

5.00%,

4/1/40 

2,500‌

2,864‌

Tampa,

Univ.

of

Tampa,

5.00%,

4/1/45 

6,120‌

6,972‌

Tolomato

Community

Dev.

Dist.,

Special

Assessment,

Series 2015-

1,

STEP,

5/1/40 

960‌

929‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

10

Par/Shares

$

Value

(Amounts

in

000s)

Tolomato

Community

Dev.

Dist.,

Special

Assessment,

Series 2015-

2,

STEP,

5/1/40 

590‌

446‌

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

—‌

Tolomato

Community

Dev.

Dist.,

Special

Assessment,

Series A-4,

STEP,

5/1/40 

235‌

207‌

Village

Community

Dev.

Dist.

No.

10,

Special

Assessment,

5.00%,

5/1/32 

2,175‌

2,248‌

Village

Community

Dev.

Dist.

No.

10,

Special

Assessment,

5.125%,

5/1/24 

1,250‌

1,341‌

Village

Community

Dev.

Dist.

No.

10,

Special

Assessment,

5.125%,

5/1/43 

4,190‌

4,337‌

Village

Community

Dev.

Dist.

No.

10,

Special

Assessment,

5.75%,

5/1/31 

3,335‌

3,607‌

Village

Community

Dev.

Dist.

No.

10,

Special

Assessment,

6.00%,

5/1/44 

4,250‌

4,617‌

Village

Community

Dev.

Dist.

No.

9,

Special

Assessment,

5.25%,

5/1/31 

1,150‌

1,183‌

Village

Community

Dev.

Dist.

No.

9,

Special

Assessment,

5.50%,

5/1/42 

1,525‌

1,569‌

215,217‌

GEORGIA

2.8%

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

6.50%,

1/1/29 

3,000‌

1,956‌

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

6.75%,

1/1/35 

16,725‌

10,847‌

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

7.00%,

1/1/40 

10,770‌

6,992‌

Fulton

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Canterbury

Court

Project,

Series A,

5.00%,

4/1/47 (4)

3,450‌

3,632‌

Fulton

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Canterbury

Court

Project,

Series A,

5.00%,

4/1/54 (4)

2,750‌

2,873‌

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series A,

5.00%,

2/15/42 

5,400‌

6,429‌

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series A,

5.00%,

2/15/45 

5,535‌

6,589‌

Gainesville

&

Hall

County

Hosp.

Auth.,

Northeast

Georgia

Health

System,

Series B,

5.50%,

2/15/42 

10,000‌

12,202‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

2.375%,

1/1/31 

1,160‌

1,244‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

3.625%,

1/1/31 (4)

1,550‌

1,730‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

11

Par/Shares

$

Value

(Amounts

in

000s)

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

4.00%,

1/1/36 

1,000‌

1,198‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

4.00%,

1/1/54 

5,370‌

6,255‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

5.00%,

1/1/36 (4)

3,335‌

4,061‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

5.00%,

1/1/54 (4)

16,465‌

19,472‌

Glynn-Brunswick

Memorial

Hosp.

Auth.,

Southeast

Georgia

Health

System,

RAC,

5.00%,

8/1/47 

4,970‌

5,837‌

Macon-Bibb

County

Urban

Dev.

Auth.,

Academy

Classical

Ed.,

Series A,

5.00%,

6/15/27 (4)

370‌

398‌

Macon-Bibb

County

Urban

Dev.

Auth.,

Academy

Classical

Ed.,

Series A,

5.75%,

6/15/37 (4)

1,540‌

1,755‌

Macon-Bibb

County

Urban

Dev.

Auth.,

Academy

Classical

Ed.,

Series A,

5.875%,

6/15/47 (4)

2,500‌

2,822‌

Macon-Bibb

County

Urban

Dev.

Auth.,

Academy

Classical

Ed.,

Series A,

6.00%,

6/15/52 (4)

1,535‌

1,739‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series A,

5.00%,

5/15/49 

3,000‌

4,517‌

Marietta

Dev.

Auth.,

Life

Univ.,

Series A,

5.00%,

11/1/27 (4)

3,465‌

3,882‌

Marietta

Dev.

Auth.,

Life

Univ.,

Series A,

5.00%,

11/1/37 (4)

2,795‌

3,138‌

Marietta

Dev.

Auth.,

Life

Univ.,

Series A,

5.00%,

11/1/47 (4)

11,000‌

12,146‌

Municipal

Electric

Auth.

of

Georgia,

Plant

Vogtle

Project,

Series A,

5.00%,

1/1/49 

12,455‌

15,028‌

Savannah

Economic

Dev.

Auth.,

Marshes

of

Skidaway,

7.25%,

1/1/44

(Prerefunded

1/1/24) (8)

9,575‌

11,252‌

147,994‌

GUAM

0.2%

Territory

of

Guam,

Series F,

4.00%,

1/1/36 (7)

4,500‌

5,219‌

Territory

of

Guam,

Series F,

4.00%,

1/1/42 (7)

1,075‌

1,223‌

Territory

of

Guam,

Series F,

5.00%,

1/1/30 (7)

1,000‌

1,248‌

Territory

of

Guam,

Series F,

5.00%,

1/1/31 (7)

1,000‌

1,270‌

8,960‌

HAWAII

0.1%

Hawaii

Dept.

of

Budget

&

Fin.,

Kahala

Nui

Senior

Living,

5.125%,

11/15/32 

1,300‌

1,371‌

Hawaii

Dept.

of

Budget

&

Fin.,

Kahala

Nui

Senior

Living,

5.25%,

11/15/37 

2,100‌

2,213‌

3,584‌

IDAHO

0.2%

Idaho

HFA,

Saint

Luke's

Health,

Series A,

5.00%,

3/1/39 

5,000‌

5,491‌

Power

County

Ind.

Dev.,

FMC

Project,

6.45%,

8/1/32 (5)

4,570‌

4,591‌

10,082‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

12

Par/Shares

$

Value

(Amounts

in

000s)

ILLINOIS

7.3%

Chicago,

Series 2005D,

GO,

5.50%,

1/1/40 

12,000‌

13,436‌

Chicago,

Series 2007E,

GO,

5.50%,

1/1/35 

1,500‌

1,690‌

Chicago,

Series A,

GO,

5.00%,

1/1/39 

1,300‌

1,555‌

Chicago,

Series A,

GO,

5.00%,

1/1/40 

3,000‌

3,581‌

Chicago,

Series A,

GO,

5.50%,

1/1/35 

4,000‌

5,000‌

Chicago

Board

of

Ed.,

Series A,

GO,

5.00%,

12/1/34 (3)

1,000‌

1,248‌

Chicago

Board

of

Ed.,

Series A,

GO,

5.00%,

12/1/35 (3)

1,000‌

1,245‌

Chicago

Board

of

Ed.,

School

Reform,

Series A,

GO,

Zero

Coupon,

12/1/23 (11)

2,000‌

1,951‌

Chicago

Board

of

Ed.,

School

Reform,

Series B-1,

GO,

Zero

Coupon,

12/1/27 (11)

15,525‌

13,809‌

Chicago

Board

of

Ed.,

School

Reform,

Series B-1,

GO,

Zero

Coupon,

12/1/29 (3)

14,205‌

12,122‌

Chicago

Midway

Int'l.

Airport,

Series B,

5.00%,

1/1/46 

4,700‌

5,540‌

Chicago

O'Hare

Int'l.

Airport,

Customer

Fac.

Charge,

5.75%,

1/1/38 

12,000‌

12,957‌

Chicago

Wastewater

Transmission,

Series C,

5.00%,

1/1/33 

1,000‌

1,152‌

Chicago

Wastewater

Transmission,

Series C,

5.00%,

1/1/34 

1,000‌

1,150‌

Chicago

Wastewater

Transmission,

Series C,

5.00%,

1/1/35 

1,000‌

1,148‌

Chicago

Wastewater

Transmission,

Series C,

5.00%,

1/1/39 

1,500‌

1,714‌

Chicago

Waterworks,

5.00%,

11/1/25 

2,000‌

2,373‌

Chicago

Waterworks,

5.00%,

11/1/44 

2,650‌

2,995‌

Chicago

Waterworks,

Series A-1,

5.00%,

11/1/27 

1,345‌

1,653‌

Chicago,

City

Colleges,

GO,

Zero

Coupon,

1/1/27 (11)

10,000‌

9,037‌

Illinois,

GO,

5.00%,

2/1/28 

4,250‌

5,106‌

Illinois,

GO,

5.00%,

5/1/34 

2,000‌

2,199‌

Illinois,

GO,

5.125%,

5/1/22 

500‌

522‌

Illinois,

GO,

5.25%,

2/1/33 

4,000‌

4,398‌

Illinois,

GO,

5.25%,

2/1/34 

3,100‌

3,406‌

Illinois,

GO,

5.375%,

5/1/23 

1,100‌

1,204‌

Illinois,

GO,

5.50%,

5/1/24 

1,000‌

1,144‌

Illinois,

GO,

5.50%,

5/1/25 

1,800‌

2,135‌

Illinois,

GO,

5.50%,

7/1/38 

8,500‌

9,203‌

Illinois,

Series A,

GO,

5.00%,

10/1/31 

2,500‌

3,061‌

Illinois,

Series B,

GO,

5.00%,

12/1/23 

9,450‌

10,507‌

Illinois,

Series B,

GO,

5.00%,

10/1/31 

2,300‌

2,816‌

Illinois,

Series B,

GO,

5.00%,

10/1/32 

3,140‌

3,834‌

Illinois,

Series C,

GO,

5.00%,

11/1/29 

8,675‌

10,484‌

Illinois,

Series D,

GO,

5.00%,

11/1/24 

3,600‌

4,133‌

Illinois,

Series D,

GO,

5.00%,

11/1/25 

1,000‌

1,183‌

Illinois,

Series D,

GO,

5.00%,

11/1/28 

7,130‌

8,679‌

Illinois

DFA,

Citgo

Petroleum,

8.00%,

6/1/32 (5)

1,750‌

1,752‌

Illinois

Fin.

Auth.,

Admiral

at

the

Lake,

5.00%,

5/15/33 

14,000‌

14,517‌

Illinois

Fin.

Auth.,

Admiral

at

the

Lake,

5.125%,

5/15/38 

11,000‌

11,378‌

Illinois

Fin.

Auth.,

Admiral

at

the

Lake,

5.25%,

5/15/42 

2,000‌

2,070‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

13

Par/Shares

$

Value

(Amounts

in

000s)

Illinois

Fin.

Auth.,

Admiral

at

the

Lake,

5.25%,

5/15/54 

12,000‌

12,301‌

Illinois

Fin.

Auth.,

Chicago

Univ.

Medical,

Series E-1,

VRDN,

0.01%,

8/1/43 

2,100‌

2,100‌

Illinois

Fin.

Auth.,

Christian

Homes,

5.00%,

5/15/36 

1,400‌

1,552‌

Illinois

Fin.

Auth.,

Christian

Homes,

5.00%,

5/15/40 

1,250‌

1,376‌

Illinois

Fin.

Auth.,

Franciscan

Communities,

Series A,

5.00%,

5/15/37 

3,855‌

4,344‌

Illinois

Fin.

Auth.,

Franciscan

Communities,

Series A,

5.00%,

5/15/47 

1,555‌

1,724‌

Illinois

Fin.

Auth.,

Franciscan

Communities,

Series A,

5.125%,

5/15/43

(Prerefunded

5/15/23) (8)

190‌

208‌

Illinois

Fin.

Auth.,

Franciscan

Communities,

Series A,

5.25%,

5/15/47

(Prerefunded

5/15/23) (8)

885‌

971‌

Illinois

Fin.

Auth.,

Franciscan

Communities,

Unrefunded

Balance,

Series A,

5.125%,

5/15/43 

1,310‌

1,370‌

Illinois

Fin.

Auth.,

Franciscan

Communities,

Unrefunded

Balance,

Series A,

5.25%,

5/15/47 

6,115‌

6,405‌

Illinois

Fin.

Auth.,

Navistar

Int'l.,

VRDN,

4.75%,

10/15/40

(Tender

8/1/30) (4)

12,450‌

13,244‌

Illinois

Fin.

Auth.,

OSF

Healthcare

System,

Series C,

VRDN,

0.01%,

11/15/37 

2,500‌

2,500‌

Illinois

Fin.

Auth.,

Plymouth

Place,

5.25%,

5/15/45 

1,200‌

1,419‌

Illinois

Fin.

Auth.,

Plymouth

Place,

5.25%,

5/15/50 

3,250‌

3,842‌

Illinois

Fin.

Auth.,

Silver

Cross

Hosp.,

5.00%,

8/15/35 

5,000‌

5,681‌

Illinois

Fin.

Auth.,

Silver

Cross

Hosp.,

5.00%,

8/15/44 

5,000‌

5,618‌

Illinois

Fin.

Auth.,

Three

Crowns

Park,

5.00%,

2/15/32 

1,150‌

1,172‌

Illinois

Fin.

Auth.,

Three

Crowns

Park,

5.25%,

2/15/37 

800‌

817‌

Illinois

Fin.

Auth.,

Three

Crowns

Park,

5.25%,

2/15/47 

4,100‌

4,126‌

Illinois

Fin.

Auth.,

Villa

Saint

Benedict,

6.125%,

11/15/35 

3,390‌

3,809‌

Illinois

Fin.

Auth.,

Villa

Saint

Benedict,

6.375%,

11/15/43 

4,000‌

4,488‌

Lombard

Public

Fac.,

Series A-2,

5.50%,

1/1/30 (4)(12)

2,225‌

2,265‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

5.00%,

12/15/45 

750‌

922‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

5.00%,

6/15/50 

22,100‌

27,040‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Series A,

5.00%,

6/15/57 

9,830‌

11,615‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Series A,

Zero

Coupon,

12/15/30 (11)

3,840‌

3,145‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Series A,

Zero

Coupon,

12/15/33 (11)

60,550‌

45,205‌

Regional

Transportation

Auth.,

Series A,

6.00%,

7/1/33 (11)

7,500‌

10,640‌

Upper

Illinois

River

Valley

Dev.

Auth.,

Cambridge

Lakes

Learning

Center,

Series A,

5.00%,

12/1/32 (4)

4,175‌

4,524‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

14

Par/Shares

$

Value

(Amounts

in

000s)

Upper

Illinois

River

Valley

Dev.

Auth.,

Cambridge

Lakes

Learning

Center,

Series A,

5.25%,

12/1/47 (4)

8,105‌

8,702‌

392,212‌

INDIANA

2.3%

East

Chicago,

USG

Project,

5.50%,

9/1/28 (5)

1,770‌

1,797‌

Indiana

Fin.

Auth.,

Community

Foundation

of

Northwest

Indiana,

5.00%,

3/1/36 

9,000‌

10,127‌

Indiana

Fin.

Auth.,

Community

Foundation

of

Northwest

Indiana,

5.00%,

3/1/41

(Prerefunded

3/1/22) (8)

4,250‌

4,406‌

Indiana

Fin.

Auth.,

Greencroft

Obligated

Group,

Series A,

7.00%,

11/15/43 

8,000‌

8,690‌

Indiana

Fin.

Auth.,

Ohio

River

Bridges,

Series A,

5.00%,

7/1/48 (5)

18,975‌

20,619‌

Indiana

Fin.

Auth.,

Ohio

River

Bridges,

Series A,

5.25%,

1/1/51 (5)

15,000‌

16,371‌

Indiana

Fin.

Auth.,

Ohio

Valley

Electric,

Series A,

5.00%,

6/1/32 

3,000‌

3,093‌

Indiana

Fin.

Auth.,

Ohio

Valley

Electric,

Series A,

5.00%,

6/1/39 

12,405‌

12,753‌

Indiana

Fin.

Auth.,

United

States

Steel,

Series A,

4.125%,

12/1/26 

13,820‌

15,093‌

Indianapolis

Airport

Auth.,

United

Airlines,

Series A,

6.50%,

11/15/31 (1)(5)(13)

9,846‌

—‌

Town

of

Shoals,

National

Gypsum,

7.25%,

11/1/43 (5)

4,250‌

4,619‌

Valparaiso,

Pratt

Paper,

6.75%,

1/1/34 (5)

7,400‌

8,350‌

Valparaiso,

Pratt

Paper,

7.00%,

1/1/44 (5)

10,000‌

11,232‌

Vigo

County

Hosp.

Auth.,

Union

Hosp.,

7.75%,

9/1/31

(Prerefunded

9/1/21) (8)

6,170‌

6,285‌

123,435‌

IOWA

0.2%

Iowa

Fin.

Auth.,

Iowa

Fertilizer,

3.125%,

12/1/22 

2,210‌

2,254‌

Iowa

Fin.

Auth.,

Iowa

Fertilizer,

5.25%,

12/1/25 

4,250‌

4,651‌

Iowa

Fin.

Auth.,

Iowa

Fertilizer,

Series B,

VRDN,

5.25%,

12/1/50

(Tender

12/1/37) 

3,485‌

3,846‌

10,751‌

KANSAS

0.1%

Lenexa,

Lakeview

Village,

Series A,

5.00%,

5/15/30 

1,270‌

1,428‌

Lenexa,

Lakeview

Village,

Series A,

5.00%,

5/15/32 

1,150‌

1,284‌

Lenexa,

Lakeview

Village,

Series A,

5.00%,

5/15/39 

1,175‌

1,299‌

4,011‌

KENTUCKY

2.4%

Kentucky

Economic

DFA,

Baptist

Life

Communities,

6.25%,

11/15/46 

3,500‌

3,438‌

Kentucky

Economic

DFA,

Baptist

Life

Communities,

6.375%,

11/15/51 

5,850‌

5,824‌

Kentucky

Economic

DFA,

Louisville

Arena

Auth.,

Series A,

5.00%,

12/1/45 (3)

3,200‌

3,902‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

15

Par/Shares

$

Value

(Amounts

in

000s)

Kentucky

Economic

DFA,

Louisville

Arena

Auth.,

Series A,

5.00%,

12/1/47 (3)

4,375‌

4,656‌

Kentucky

Economic

DFA,

Masonic

Home

Independent

Living,

Series A,

5.00%,

5/15/46 

7,100‌

7,224‌

Kentucky

Economic

DFA,

Masonic

Home

Independent

Living,

Series A,

5.00%,

5/15/51 

3,675‌

3,731‌

Kentucky

Economic

DFA,

Masonic

Homes

of

Kentucky,

5.375%,

11/15/42 

4,500‌

4,540‌

Kentucky

Economic

DFA,

Masonic

Homes

of

Kentucky,

5.50%,

11/15/45 

2,350‌

2,373‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/37 

4,100‌

4,741‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/41 

5,100‌

5,869‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/45 

8,100‌

9,260‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.25%,

6/1/41 

7,625‌

8,936‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.25%,

6/1/50 

14,100‌

15,695‌

Kentucky

Public

Transportation

Infrastructure

Auth.,

Downtown

Crossing,

Series A,

5.75%,

7/1/49 

2,900‌

3,200‌

Kentucky

Public

Transportation

Infrastructure

Auth.,

Downtown

Crossing,

Series A,

6.00%,

7/1/53 

10,000‌

11,077‌

Louisville

&

Jefferson

County

Regional

Airport

Auth.,

UPS

Worldwide,

Series A,

VRDN,

0.01%,

1/1/29 (5)

22,100‌

22,100‌

Louisville

&

Jefferson

County

Regional

Airport

Auth.,

UPS

Worldwide,

Series B,

VRDN,

0.02%,

1/1/29 (5)

7,600‌

7,600‌

Louisville

&

Jefferson

County

Regional

Airport

Auth.,

UPS

Worldwide,

Series C,

VRDN,

0.02%,

1/1/29 (5)

1,300‌

1,300‌

125,466‌

LOUISIANA

1.9%

Jefferson

Parish

Economic

Dev.

&

Port

Dist.,

Kenner

Discovery

Health

Sciences,

Series A,

5.50%,

6/15/38 (4)

2,400‌

2,744‌

Jefferson

Parish

Economic

Dev.

&

Port

Dist.,

Kenner

Discovery

Health

Sciences,

Series A,

5.625%,

6/15/48 (4)

2,805‌

3,174‌

Louisiana

Local

Gov't

Environmental

Fac.

&

Community

Dev.

Auth.,

Westlake

Chemical,

3.50%,

11/1/32 

23,000‌

25,550‌

New

Orleans

Aviation

Board,

Series A,

5.00%,

1/1/40 

4,900‌

5,631‌

New

Orleans

Aviation

Board,

Series B,

5.00%,

1/1/40 (5)

1,000‌

1,132‌

New

Orleans

Aviation

Board,

Series D-2,

5.00%,

1/1/28 (5)

600‌

730‌

New

Orleans

Aviation

Board,

Series D-2,

5.00%,

1/1/29 (5)

500‌

606‌

New

Orleans

Aviation

Board,

Series D-2,

5.00%,

1/1/30 (5)

300‌

361‌

New

Orleans

Aviation

Board,

Series D-2,

5.00%,

1/1/31 (5)

650‌

782‌

New

Orleans

Aviation

Board,

Series D-2,

5.00%,

1/1/32 (5)

750‌

905‌

New

Orleans

Aviation

Board,

Series D-2,

5.00%,

1/1/34 (5)

810‌

975‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

16

Par/Shares

$

Value

(Amounts

in

000s)

New

Orleans

Aviation

Board,

Series D-2,

5.00%,

1/1/35 (5)

650‌

782‌

New

Orleans

Aviation

Board,

North

Terminal

Project,

Series B,

5.00%,

1/1/43 (5)

2,000‌

2,384‌

New

Orleans

Aviation

Board,

North

Terminal

Project,

Series B,

5.00%,

1/1/48 (5)

7,700‌

9,180‌

New

Orleans

Sewerage

Service,

5.00%,

6/1/33

(Prerefunded

6/1/25) (8)

1,445‌

1,696‌

New

Orleans

Sewerage

Service,

5.00%,

6/1/40

(Prerefunded

6/1/25) (8)

2,735‌

3,211‌

New

Orleans

Sewerage

Service,

5.00%,

6/1/45

(Prerefunded

6/1/25) (8)

1,750‌

2,054‌

New

Orleans

Water

System,

5.00%,

12/1/40

(Prerefunded

12/1/25) (8)

6,750‌

8,059‌

New

Orleans

Water

System,

5.00%,

12/1/45

(Prerefunded

12/1/25) (8)

5,505‌

6,573‌

Saint

Charles

Parish

PCR,

Shell

Oil

Norco

Project,

VRDN,

PCR,

0.02%,

11/1/21 (5)

300‌

300‌

Saint

James

Parish,

Nustar

Logistics,

VRDN,

5.85%,

8/1/41

(Tender

6/1/25) (4)

1,650‌

1,887‌

Saint

James

Parish,

Nustar

Logistics,

VRDN,

6.10%,

6/1/38

(Tender

6/1/30) (4)

5,290‌

6,777‌

Saint

James

Parish,

Nustar

Logistics,

Series 2,

6.35%,

7/1/40 (4)

5,350‌

6,960‌

Saint

James

Parish,

Nustar

Logistics,

Series B,

VRDN,

6.10%,

12/1/40

(Tender

6/1/30) (4)

6,930‌

8,878‌

101,331‌

MAINE

0.1%

Maine

HHEFA,

Main

General

Medical

Center,

6.00%,

7/1/26

(Prerefunded

7/1/21) (8)

2,065‌

2,075‌

Maine

HHEFA,

Main

General

Medical

Center,

6.75%,

7/1/36

(Prerefunded

7/1/21) (8)

4,000‌

4,021‌

6,096‌

MARYLAND

4.7%

Anne

Arundel

County,

Annapolis

Area

Christian

School,

Series A,

5.50%,

7/1/23 

505‌

519‌

Anne

Arundel

County,

Annapolis

Area

Christian

School,

Series A,

6.50%,

7/1/33 

2,555‌

2,691‌

Anne

Arundel

County,

Annapolis

Area

Christian

School,

Series A,

6.75%,

7/1/43 

4,965‌

5,223‌

Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/46 

21,530‌

22,649‌

Frederick

County,

Series C,

4.00%,

7/1/50 

1,250‌

1,417‌

Gaithersburg,

Asbury

Obligated

Group,

Series A,

5.00%,

1/1/27 

1,500‌

1,704‌

Gaithersburg,

Asbury

Obligated

Group,

Series A,

5.00%,

1/1/28 

2,000‌

2,265‌

Gaithersburg,

Asbury

Obligated

Group,

Series A,

5.00%,

1/1/33 

11,535‌

12,946‌

Gaithersburg,

Asbury

Obligated

Group,

Series A,

5.00%,

1/1/36 

1,860‌

2,080‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

17

Par/Shares

$

Value

(Amounts

in

000s)

Maryland

Economic

Dev.,

Baltimore

City

Project,

Series A,

5.00%,

6/1/58 

5,100‌

5,489‌

Maryland

Economic

Dev.,

Bowie

State

Univ.

Project,

5.00%,

6/1/25 

1,700‌

1,85

3‌

Maryland

Economic

Dev.,

Bowie

State

Univ.

Project,

5.00%,

6/1/29 (4)

2,400‌

2,759‌

Maryland

Economic

Dev.,

Bowie

State

Univ.

Project,

5.00%,

6/1/33 (4)

2,540‌

2,892‌

Maryland

Economic

Dev.,

Port

Covington

Project,

3.25%,

9/1/30 

750‌

843‌

Maryland

Economic

Dev.,

Port

Covington

Project,

4.00%,

9/1/40 

2,200‌

2,556‌

Maryland

Economic

Dev.,

Purple

Line

Light

Rail,

5.00%,

3/31/27 (5)

500‌

597‌

Maryland

Economic

Dev.,

Purple

Line

Light

Rail,

5.00%,

9/30/27 (5)

3,435‌

3,512‌

Maryland

Economic

Dev.,

Purple

Line

Light

Rail,

5.00%,

9/30/30 (5)

1,000‌

1,174‌

Maryland

Economic

Dev.,

Purple

Line

Light

Rail,

5.00%,

3/31/32 (5)

2,050‌

2,396‌

Maryland

Economic

Dev.,

Purple

Line

Light

Rail,

Series B,

5.00%,

9/30/26 (5)

500‌

511‌

Maryland

Economic

Dev.,

Purple

Line

Light

Rail,

Series C,

5.00%,

9/30/28 (5)

1,500‌

1,534‌

Maryland

Economic

Dev.,

Purple

Line

Light

Rail,

Series D,

5.00%,

9/30/26 (5)

300‌

359‌

Maryland

Economic

Dev.,

Purple

Line

Light

Rail,

Series D,

5.00%,

9/30/29 (5)

2,100‌

2,476‌

Maryland

Economic

Dev.,

Purple

Line

Light

Rail,

Series D,

5.00%,

3/31/36 (5)

5,875‌

6,805‌

Maryland

Economic

Dev.,

Purple

Line

Light

Rail,

Series D,

5.00%,

3/31/46 (5)

2,750‌

3,131‌

Maryland

Economic

Dev.,

Purple

Line

Light

Rail,

Series D,

5.00%,

3/31/51 (5)

5,635‌

6,395‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/21 

1,000‌

1,000‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/23 

1,000‌

1,085‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/24 

545‌

612‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/25 

1,045‌

1,208‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/27 

1,000‌

1,213‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/28 

1,500‌

1,852‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/30 

1,000‌

1,214‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/32 

1,030‌

1,240‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

18

Par/Shares

$

Value

(Amounts

in

000s)

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/35 

2,585‌

3,092‌

Maryland

HHEFA,

5.00%,

7/1/39 

5,000‌

5,568‌

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/36 

6,860‌

8,223‌

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/46 

20,675‌

24,419‌

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

6.125%,

1/1/36 

3,500‌

3,619‌

Maryland

HHEFA,

Charlestown

Community,

Series A,

5.00%,

1/1/45 

1,000‌

1,138‌

Maryland

HHEFA,

City

Neighbors

Charter

School,

Series A,

6.75%,

7/1/44 

2,800‌

3,015‌

Maryland

HHEFA,

Mercy

Medical

Center,

Series A,

5.00%,

7/1/32 

600‌

715‌

Maryland

HHEFA,

Mercy

Medical

Center,

Series A,

5.00%,

7/1/33 

1,525‌

1,813‌

Maryland

HHEFA,

Mercy

Medical

Center,

Series A,

5.00%,

7/1/34 

1,800‌

2,136‌

Maryland

HHEFA,

Mercy

Medical

Center,

Series A,

5.00%,

7/1/35 

1,605‌

1,900‌

Maryland

HHEFA,

Mercy

Medical

Center,

Series A,

5.00%,

7/1/36 

1,500‌

1,772‌

Maryland

HHEFA,

Meritus

Medical

Center,

5.00%,

7/1/29 

2,640‌

3,059‌

Maryland

HHEFA,

Meritus

Medical

Center,

5.00%,

7/1/45 

9,725‌

11,005‌

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/46 

3,255‌

3,698‌

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/51 

5,440‌

6,155‌

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/55 

3,370‌

3,800‌

Maryland

HHEFA,

Western

Maryland

Health,

5.25%,

7/1/34

(Prerefunded

7/1/24) (8)

11,910‌

13,697‌

Montgomery

County,

Friends

House

Retirement

Community,

Series A,

5.00%,

7/1/39 

325‌

338‌

Montgomery

County,

Friends

House

Retirement

Community,

Series A,

5.375%,

7/1/48 

6,500‌

6,796‌

Prince

George's

County

Auth.,

Suitland-Naylor

Road,

4.75%,

7/1/36 (4)

1,750‌

1,897‌

Prince

George's

County

Auth.,

Suitland-Naylor

Road,

5.00%,

7/1/46 (4)

2,500‌

2,720‌

Prince

George's

County,

National

Harbor

Project,

5.20%,

7/1/34 

2,665‌

2,686‌

Rockville,

Ingelside

at

King

Farm,

Series A-1,

5.00%,

11/1/31 

1,500‌

1,626‌

Rockville,

Ingelside

at

King

Farm,

Series A-1,

5.00%,

11/1/37 

2,010‌

2,162‌

Rockville,

Ingelside

at

King

Farm,

Series A-2,

5.00%,

11/1/35 

1,000‌

1,079‌

Rockville,

Ingelside

at

King

Farm,

Series B,

4.25%,

11/1/37 

395‌

406‌

Rockville,

Ingelside

at

King

Farm,

Series B,

4.50%,

11/1/43 

1,970‌

2,055‌

Rockville,

Ingelside

at

King

Farm,

Series B,

5.00%,

11/1/42 

3,400‌

3,635‌

Rockville,

Ingelside

at

King

Farm,

Series B,

5.00%,

11/1/47 

6,065‌

6,462‌

Rockville,

Ingleside

at

King

Farm,

5.00%,

11/1/29 

500‌

546‌

Rockville,

Ingleside

at

King

Farm,

5.00%,

11/1/32 

500‌

541‌

Westminster,

Carroll

Lutheran

Village,

5.125%,

7/1/34 

4,500‌

4,774‌

Westminster,

Carroll

Lutheran

Village,

5.50%,

7/1/44 

4,500‌

4,792‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

19

Par/Shares

$

Value

(Amounts

in

000s)

Westminster,

Lutheran

Village

at

Millers

Grant,

Series A,

5.00%,

7/1/24 

1,670‌

1,758‌

Westminster,

Lutheran

Village

at

Millers

Grant,

Series A,

6.25%,

7/1/44 

3,645‌

3,994‌

253,291‌

MASSACHUSETTS

0.8%

Massachusetts

DFA,

Boston

Univ.,

Series P,

5.45%,

5/15/59 (9)

2,525‌

3,336‌

Massachusetts

DFA,

Linden

Ponds

Fac.,

5.00%,

11/15/38 (4)

2,690‌

2,995‌

Massachusetts

DFA,

Linden

Ponds

Fac.,

5.125%,

11/15/46 (4)

3,700‌

4,103‌

Massachusetts

DFA,

Milford

Regional

Medical

Center,

Series F,

5.625%,

7/15/36 

605‌

651‌

Massachusetts

DFA,

Milford

Regional

Medical

Center,

Series F,

5.75%,

7/15/43 

3,290‌

3,531‌

Massachusetts

DFA,

NewBridge

Charles,

5.00%,

10/1/57 (4)

13,000‌

14,203‌

Massachusetts

DFA,

NewBridge

on

Charles,

5.00%,

10/1/37 (4)

4,500‌

4,940‌

Massachusetts

DFA,

NewBridge

on

the

Charles,

5.00%,

10/1/47 (4)

6,625‌

7,247‌

41,006‌

MICHIGAN

2.2%

Calhoun

County

Hosp.

Fin.

Auth.,

Oaklawn

Hosp.,

5.00%,

2/15/37 

1,000‌

1,112‌

Calhoun

County

Hosp.

Fin.

Auth.,

Oaklawn

Hosp.,

5.00%,

2/15/41 

5,695‌

6,233‌

Calhoun

County

Hosp.

Fin.

Auth.,

Oaklawn

Hosp.,

5.00%,

2/15/47 

15,895‌

17,045‌

Detroit,

GO,

5.00%,

4/1/29 

725‌

869‌

Detroit,

GO,

5.00%,

4/1/30 

700‌

837‌

Detroit,

GO,

5.00%,

4/1/31 

750‌

895‌

Detroit,

GO,

5.00%,

4/1/32 

850‌

1,014‌

Detroit,

GO,

5.00%,

4/1/33 

1,200‌

1,429‌

Detroit,

GO,

5.00%,

4/1/37 

2,100‌

2,480‌

Detroit,

GO,

5.00%,

4/1/38 

1,400‌

1,650‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

at

Eastgate,

5.00%,

11/1/32 

2,110‌

2,312‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

at

Eastgate,

5.00%,

11/1/37 

1,190‌

1,297‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

at

Eastgate,

5.00%,

11/1/47 

2,775‌

2,996‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

at

Eastgate,

5.00%,

11/1/52 

1,185‌

1,277‌

Great

Lakes

Water

Auth.

Sewage

Disposal

System,

Series C,

5.00%,

7/1/30 

950‌

1,146‌

Great

Lakes

Water

Auth.

Sewage

Disposal

System,

Series C,

5.00%,

7/1/36 

24,000‌

28,843‌

Karegnondi

Water

Auth.,

Water

Supply

System,

Series A,

5.25%,

11/1/40 

20,000‌

22,272‌

Michigan

Fin.

Auth.,

Series C-2,

5.00%,

7/1/44

(Prerefunded

7/1/22) (5)(8)

1,220‌

1,283‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

20

Par/Shares

$

Value

(Amounts

in

000s)

Michigan

Fin.

Auth.,

Great

Lakes

Water

Auth.,

Water

Supply,

Series C,

5.00%,

7/1/35 

6,190‌

7,227‌

Michigan

Fin.

Auth.,

Local

Gov't.

Loan

Program,

Great

Lakes,

Series C,

5.00%,

7/1/34 

4,140‌

4,841‌

Michigan

Tobacco

Settlement

Fin.

Auth.,

Series B,

Zero

Coupon,

6/1/52 

25,490‌

2,804‌

Wayne

County

Airport

Auth.,

Detroit

Metropolitan

Airport,

Series A,

5.00%,

12/1/42 

5,220‌

5,573‌

Wayne

County

Airport

Auth.,

Detroit

Metropolitan

Airport,

Series B,

5.00%,

12/1/44 

2,250‌

2,579‌

118,014‌

MINNESOTA

0.1%

Deephaven,

Seven

Hills

Preparatory

Academy,

Series A,

5.00%,

10/1/37 

520‌

544‌

Deephaven,

Seven

Hills

Preparatory

Academy,

Series A,

5.00%,

10/1/49 

1,000‌

1,037‌

Woodbury,

Woodbury

Leadership

Project,

4.00%,

7/1/41 

850‌

934‌

Woodbury,

Woodbury

Leadership

Project,

4.00%,

7/1/51 

660‌

717‌

Woodbury,

Woodbury

Leadership

Project,

4.00%,

7/1/56 

575‌

622‌

3,854‌

MISSISSIPPI

0.0%

Mississippi

Business

Fin.,

Chevron

USA

Project,

Series B,

VRDN,

0.01%,

11/1/35 

1,600‌

1,600‌

1,600‌

MISSOURI

2.2%

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

4.00%,

3/1/50 (5)

11,250‌

12,862‌

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

4.00%,

3/1/50 (3)(5)

2,500‌

2,891‌

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

4.00%,

3/1/57 (3)(5)

18,750‌

21,493‌

Kirkwood

IDA,

Aberdeen

Heights,

5.25%,

5/15/37 

2,000‌

2,246‌

Kirkwood

IDA,

Aberdeen

Heights,

5.25%,

5/15/42 

1,700‌

1,890‌

Kirkwood

IDA,

Aberdeen

Heights,

5.25%,

5/15/50 

4,000‌

4,394‌

Missouri

HEFA,

Lutheran

Senior

Services,

5.00%,

2/1/34 

1,400‌

1,607‌

Missouri

HEFA,

Lutheran

Senior

Services,

5.00%,

2/1/35 

1,100‌

1,258‌

Missouri

HEFA,

Lutheran

Senior

Services,

5.00%,

2/1/46 

6,500‌

7,305‌

Saint

Louis

County

IDA,

Friendship

Village,

Series A,

5.00%,

9/1/38 

4,750‌

5,370‌

Saint

Louis

County

IDA,

Friendship

Village,

Series A,

5.125%,

9/1/48 

15,500‌

17,440‌

Saint

Louis

County

IDA,

Nazareth

Living

Center,

Series A,

5.00%,

8/15/30 

1,000‌

1,043‌

Saint

Louis

County

IDA,

Nazareth

Living

Center,

Series A,

5.00%,

8/15/35 

700‌

725‌

Saint

Louis

County

IDA,

Nazareth

Living

Center,

Series A,

5.125%,

8/15/45 

1,700‌

1,751‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

21

Par/Shares

$

Value

(Amounts

in

000s)

Saint

Louis

County

IDA,

Saint

Andrews

Resources

for

Seniors,

5.00%,

12/1/35 

2,000‌

2,154‌

Saint

Louis

County

IDA,

Saint

Andrews

Resources

for

Seniors,

Series A,

5.125%,

12/1/45 

2,125‌

2,270‌

Saint

Louis

IDA,

Ballpark

Village,

Series A,

3.875%,

11/15/29 

925‌

937‌

Saint

Louis

IDA,

Ballpark

Village,

Series A,

4.375%,

11/15/35 

2,740‌

2,775‌

Saint

Louis

IDA,

Ballpark

Village,

Series A,

4.75%,

11/15/47 

2,950‌

3,020‌

Saint

Louis

Land

Clearance

for

Redev.

Auth.,

National

Geospatial

Intelligence

Agency,

5.125%,

6/1/46 

5,235‌

5,915‌

Saint

Louis

Land

Clearance

for

Redev.

Auth.,

National

Geospatial

Intelligence

Agency,

5.375%,

6/1/43 

14,650‌

16,842‌

116,188‌

MONTANA

0.3%

Kalispell,

Immanuel

Lutheran,

Series A,

5.25%,

5/15/37 

685‌

745‌

Kalispell,

Immanuel

Lutheran,

Series A,

5.25%,

5/15/47 

7,250‌

7,802‌

Kalispell,

Immanuel

Lutheran,

Series A,

5.25%,

5/15/52 

7,450‌

7,988‌

16,535‌

NEBRASKA

0.4%

Central

Plains

Energy

Project,

Series A,

5.00%,

9/1/30 

3,500‌

4,527‌

Central

Plains

Energy

Project,

Series A,

5.00%,

9/1/35 

10,570‌

14,796‌

19,323‌

NEVADA

0.5%

Henderson

Public

Improvement

Trust,

Touro

College

&

Univ.

Obligated

Group,

5.50%,

1/1/34 

1,760‌

1,938‌

Henderson

Public

Improvement

Trust,

Touro

College

&

Univ.

Obligated

Group,

5.50%,

1/1/39 

2,615‌

2,863‌

Henderson

Public

Improvement

Trust,

Touro

College

&

Univ.

Obligated

Group,

5.50%,

1/1/44 

3,745‌

4,080‌

Las

Vegas

Redev.

Agency,

5.00%,

6/15/30 

415‌

481‌

Las

Vegas

Redev.

Agency,

5.00%,

6/15/40 

4,525‌

5,148‌

Las

Vegas

Redev.

Agency,

5.00%,

6/15/45 

7,950‌

8,953‌

Reno,

Retrac-Reno

Transportation,

5.00%,

6/1/33 (3)

200‌

243‌

Reno,

Retrac-Reno

Transportation,

5.00%,

6/1/36 

250‌

289‌

Reno,

Retrac-Reno

Transportation,

5.00%,

6/1/37 

500‌

577‌

Reno,

Retrac-Reno

Transportation,

5.00%,

6/1/38 (3)

100‌

120‌

Reno,

Retrac-Reno

Transportation,

5.00%,

6/1/48 

500‌

566‌

Reno,

Retrac-Reno

Transportation,

Series C,

Zero

Coupon,

7/1/58 (4)

18,000‌

3,002‌

28,260‌

NEW

HAMPSHIRE

0.5%

New

Hampshire

Business

Fin.

Auth.,

Series B,

VRDN,

3.75%,

7/1/45

(Tender

7/2/40) (4)(5)

4,100‌

4,259‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

22

Par/Shares

$

Value

(Amounts

in

000s)

New

Hampshire

Business

Fin.

Auth.,

Vista

Project,

Series A,

5.25%,

7/1/39 (4)

1,570‌

1,644‌

New

Hampshire

Business

Fin.

Auth.,

Vista

Project,

Series A,

5.625%,

7/1/46 (4)

875‌

924‌

New

Hampshire

Business

Fin.

Auth.,

Vista

Project,

Series A,

5.75%,

7/1/54 (4)

2,185‌

2,312‌

New

Hampshire

HEFA,

Hillside

Villiage,

Series A,

6.125%,

7/1/37 (4)

1,715‌

1,286‌

New

Hampshire

HEFA,

Hillside

Villiage,

Series A,

6.125%,

7/1/52 (4)

4,220‌

3,165‌

New

Hampshire

HEFA,

Hillside

Villiage,

Series A,

6.25%,

7/1/42 (4)

2,550‌

1,912‌

New

Hampshire

HEFA,

Kendel

at

Hanover,

5.00%,

10/1/36 

800‌

925‌

New

Hampshire

HEFA,

Kendel

at

Hanover,

5.00%,

10/1/40 

750‌

861‌

New

Hampshire

HEFA,

Kendel

at

Hanover,

5.00%,

10/1/46 

6,110‌

6,953‌

24,241‌

NEW

JERSEY

4.3%

Atlantic

County

Improvement

Auth.,

Stockton

Univ.,

4.00%,

7/1/53 (3)

5,290‌

6,216‌

Gloucester

County

Pollution

Control

Fin.

Auth.,

Keystone

Urban

Renewal,

Series A,

5.00%,

12/1/24 (5)

3,395‌

3,557‌

New

Jersey

Economic

Dev.

Auth.,

Barnabas

Health,

Series A,

ETM,

Zero

Coupon,

7/1/26 (11)(14)

2,500‌

2,388‌

New

Jersey

Economic

Dev.

Auth.,

Beloved

Commonwealth

Charter

School,

Series A,

5.00%,

6/15/49 (4)

1,000‌

1,089‌

New

Jersey

Economic

Dev.

Auth.,

Continental

Airlines,

5.25%,

9/15/29 (5)

5,000‌

5,296‌

New

Jersey

Economic

Dev.

Auth.,

Continental

Airlines,

Series B,

5.625%,

11/15/30 (5)

9,000‌

10,095‌

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.00%,

1/1/31 (3)(5)

3,000‌

3,358‌

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.125%,

1/1/34 (5)

7,615‌

8,492‌

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.375%,

1/1/43 (5)

1,500‌

1,680‌

New

Jersey

Economic

Dev.

Auth.,

Goethals

Bridge,

5.625%,

1/1/52 (5)

17,000‌

19,128‌

New

Jersey

Economic

Dev.

Auth.,

Kapkowski

Road

Landfill,

5.75%,

10/1/21 

665‌

670‌

New

Jersey

Economic

Dev.

Auth.,

Lions

Gate,

4.375%,

1/1/24 

765‌

782‌

New

Jersey

Economic

Dev.

Auth.,

Lions

Gate,

4.875%,

1/1/29 

1,035‌

1,069‌

New

Jersey

Economic

Dev.

Auth.,

Lions

Gate,

5.00%,

1/1/34 

1,980‌

2,035‌

New

Jersey

Economic

Dev.

Auth.,

Lions

Gate,

5.25%,

1/1/44 

4,900‌

5,027‌

New

Jersey

Economic

Dev.

Auth.,

Middlesex

Water,

5.00%,

8/1/59 (5)

2,025‌

2,437‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

23

Par/Shares

$

Value

(Amounts

in

000s)

New

Jersey

Economic

Dev.

Auth.,

Port

Newark

Container

Terminal,

5.00%,

10/1/37 (5)

13,195‌

15,460‌

New

Jersey

Economic

Dev.

Auth.,

Port

Newark

Container

Terminal,

5.00%,

10/1/47 (5)

15,380‌

17,705‌

New

Jersey

Economic

Dev.

Auth.,

Provident

Group-Rowan

Properties,

Series A,

5.00%,

1/1/30 

2,000‌

2,138‌

New

Jersey

Economic

Dev.

Auth.,

Provident

Group-Rowan

Properties,

Series A,

5.00%,

1/1/48 

7,860‌

8,261‌

New

Jersey

Economic

Dev.

Auth.,

Transit

Trans.

Project,

4.00%,

11/1/44 

5,000‌

5,692‌

New

Jersey

Economic

Dev.

Auth.,

UMM

Energy

Partners,

Series A,

5.00%,

6/15/37 (5)

1,250‌

1,295‌

New

Jersey

Economic

Dev.

Auth.,

UMM

Energy

Partners,

Series A,

5.125%,

6/15/43 (5)

1,750‌

1,813‌

New

Jersey

HCFFA,

Robert

Wood

Johnson

Univ.

Hosp.,

Series A,

5.50%,

7/1/43 

4,000‌

4,407‌

New

Jersey

HCFFA,

Valley

Health

System,

4.00%,

7/1/35 

1,000‌

1,190‌

New

Jersey

HCFFA,

Valley

Health

System,

5.00%,

7/1/31 

1,000‌

1,293‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

4.00%,

6/15/38 (7)

5,325‌

6,022‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

4.00%,

6/15/39 (7)

1,000‌

1,128‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

4.00%,

6/15/40 (7)

1,100‌

1,238‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

4.00%,

6/15/41 (7)

4,950‌

5,554‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

4.00%,

6/15/42 (7)

1,000‌

1,119‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

4.00%,

6/15/45 

4,655‌

5,342‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

5.00%,

6/15/35 (7)

3,125‌

3,877‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

5.00%,

6/15/36 (7)

1,000‌

1,237‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

5.00%,

6/15/37 (7)

1,000‌

1,233‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

5.00%,

6/15/38 (7)

1,775‌

2,183‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Federal

Highway

Reimbursement,

Series A,

5.00%,

6/15/31 

11,625‌

13,726‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series A,

Zero

Coupon,

12/15/28 

15,000‌

13,149‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series AA,

5.25%,

6/15/43 

3,425‌

4,258‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series C,

Zero

Coupon,

12/15/30 (11)

4,520‌

3,787‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

24

Par/Shares

$

Value

(Amounts

in

000s)

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series C,

Zero

Coupon,

12/15/31 (11)

9,640‌

7,815‌

New

Jersey

Turnpike

Auth.,

Series A,

4.00%,

1/1/51 

4,850‌

5,719‌

New

Jersey,

COVID-19

Emergency

Bonds,

Series A,

GO,

4.00%,

6/1/31 

4,575‌

5,734‌

New

Jersey,

COVID-19

Emergency

Bonds,

Series A,

GO,

4.00%,

6/1/32 

2,800‌

3,563‌

Tobacco

Settlement

Fin.,

Series A,

5.25%,

6/1/46 

10,000‌

12,178‌

231,435‌

NEW

YORK

4.7%

Brookhaven

Local

Dev.,

Jeffersons

Ferry

Project,

5.25%,

11/1/36 

1,500‌

1,778‌

Build

New

York

City

Resource,

Inwood

Academy

Leadership

Charter

School,

Series A,

5.50%,

5/1/48 (4)

500‌

574‌

Build

New

York

City

Resource,

Pratt

Paper,

4.50%,

1/1/25 (4)(5)

735‌

785‌

Build

New

York

City

Resource,

Pratt

Paper,

5.00%,

1/1/35 (4)(5)

12,500‌

13,982‌

Dormitory

Auth.

of

the

State

of

New

York,

Garnet

Health

Medical

Center,

5.00%,

12/1/30 (4)

1,200‌

1,464‌

Dormitory

Auth.

of

the

State

of

New

York,

Garnet

Health

Medical

Center,

5.00%,

12/1/31 (4)

1,000‌

1,217‌

Dormitory

Auth.

of

the

State

of

New

York,

Garnet

Health

Medical

Center,

5.00%,

12/1/34 (4)

1,000‌

1,214‌

Dormitory

Auth.

of

the

State

of

New

York,

Garnet

Health

Medical

Center,

5.00%,

12/1/36 (4)

1,700‌

2,058‌

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series A,

5.00%,

1/1/56 

6,450‌

7,091‌

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series B,

Zero

Coupon,

1/1/45 

29,360‌

11,069‌

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series C,

STEP,

0.00%,

1/1/55 

9,620‌

10,024‌

Nassau

County

IDA,

Amsterdam

at

Harborside,

Series A,

5.875%,

1/1/23 (1)(2)

761‌

419‌

Nassau

County

IDA,

Amsterdam

at

Harborside,

Series A,

6.50%,

1/1/32 (1)(2)

113‌

62‌

Nassau

County

IDA,

Amsterdam

at

Harborside,

Series A,

6.50%,

1/1/34 (1)(2)

769‌

423‌

Nassau

County

IDA,

Amsterdam

at

Harborside,

Series A,

6.70%,

1/1/49 (1)(2)

15,319‌

8,425‌

Nassau

County

IDA,

Amsterdam

at

Harborside,

Series A,

6.70%,

1/1/49 (1)(2)

1,473‌

810‌

Nassau

County

IDA,

Amsterdam

at

Harborside,

Series B,

5.50%,

7/1/20 (1)(2)

190‌

152‌

Nassau

County

IDA,

Amsterdam

at

Harborside,

Series C,

2.00%,

1/1/49 (1)(2)

5,376‌

538‌

New

York

Liberty

Dev.,

3

World

Trade

Center,

Class

2,

5.15%,

11/15/34 (4)

2,000‌

2,257‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

25

Par/Shares

$

Value

(Amounts

in

000s)

New

York

Liberty

Dev.,

3

World

Trade

Center,

Class

2,

5.375%,

11/15/40 (4)

31,005‌

34,943‌

New

York

Liberty

Dev.,

Goldman

Sachs

Headquarters,

5.25%,

10/1/35 

28,865‌

41,539‌

New

York

Transportation

Dev.,

American

Airlines,

5.00%,

8/1/26 (5)

14,810‌

14,918‌

New

York

Transportation

Dev.,

American

Airlines,

5.00%,

8/1/31 (5)

15,725‌

15,835‌

New

York

Transportation

Dev.,

Delta

Airlines,

LaGuardia

Airport,

5.00%,

10/1/35 (5)

6,250‌

8,018‌

New

York

Transportation

Dev.,

Delta

Airlines,

LaGuardia

Airport,

5.00%,

10/1/40 (5)

3,800‌

4,793‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

5.25%,

8/1/31 (5)

2,900‌

3,456‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

5.375%,

8/1/36 (5)

3,200‌

4,009‌

New

York

Urban

Dev.,

Series E-2,

4.00%,

3/15/39 

20,000‌

23,827‌

Onondaga

Civic

Dev.,

Saint

Joseph's

Hosp.,

5.00%,

7/1/42

(Prerefunded

7/1/22) (8)

8,930‌

9,393‌

Suffolk

County

Economic

Dev.,

Saint

Johnland

Assisted

Living,

5.125%,

11/1/41 (4)

2,040‌

2,107‌

Suffolk

County

Economic

Dev.,

Saint

Johnland

Assisted

Living,

5.375%,

11/1/54 (4)

1,725‌

1,781‌

Tompkins

County

Dev.,

Kendal

at

Ithaca,

5.00%,

7/1/29 

900‌

999‌

Tompkins

County

Dev.,

Kendal

at

Ithaca,

5.00%,

7/1/34 

1,685‌

1,852‌

Tompkins

County

Dev.,

Kendal

at

Ithaca,

5.00%,

7/1/44 

1,835‌

1,997‌

Westchester

County

Local

Dev.,

Pace

Univ.,

Series A,

5.50%,

5/1/42 

13,495‌

14,878‌

248,687‌

NORTH

CAROLINA

2.3%

North

Carolina

Medical

Care

Commission,

4.00%,

3/1/51 (7)

2,500‌

2,677‌

North

Carolina

Medical

Care

Commission,

Series C,

4.00%,

3/1/36 (7)

2,320‌

2,477‌

North

Carolina

Medical

Care

Commission,

Series C,

4.00%,

3/1/42 (7)

1,000‌

1,048‌

North

Carolina

Medical

Care

Commission,

Aldersgate

Retirement

Community,

4.70%,

7/1/37 

2,750‌

2,911‌

North

Carolina

Medical

Care

Commission,

Aldersgate

Retirement

Community,

4.875%,

7/1/40 

5,365‌

5,689‌

North

Carolina

Medical

Care

Commission,

Aldersgate

Retirement

Community,

5.00%,

7/1/45 

4,450‌

4,719‌

North

Carolina

Medical

Care

Commission,

Aldersgate

Retirement

Community,

6.25%,

7/1/35 

4,500‌

4,823‌

North

Carolina

Medical

Care

Commission,

Aldersgate

United

Methodist,

Series A,

5.00%,

7/1/47 

1,170‌

1,257‌

North

Carolina

Medical

Care

Commission,

Lutheran

Services,

4.75%,

3/1/32 

1,000‌

1,021‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

26

Par/Shares

$

Value

(Amounts

in

000s)

North

Carolina

Medical

Care

Commission,

Lutheran

Services,

5.00%,

3/1/37 

2,000‌

2,042‌

North

Carolina

Medical

Care

Commission,

Lutheran

Services,

5.00%,

3/1/42 

2,000‌

2,039‌

North

Carolina

Medical

Care

Commission,

Pennybyrn

at

Maryfield,

5.00%,

10/1/25 

4,345‌

4,629‌

North

Carolina

Medical

Care

Commission,

Pennybyrn

at

Maryfield,

5.00%,

10/1/30 

1,900‌

2,038‌

North

Carolina

Medical

Care

Commission,

Pennybyrn

at

Maryfield,

5.00%,

10/1/35 

5,750‌

6,110‌

North

Carolina

Medical

Care

Commission,

Salemtowne,

5.25%,

10/1/37 

920‌

1,004‌

North

Carolina

Medical

Care

Commission,

Salemtowne,

5.375%,

10/1/45 

11,750‌

12,736‌

North

Carolina

Medical

Care

Commission,

Southminster,

5.00%,

10/1/31 

1,750‌

1,916‌

North

Carolina

Medical

Care

Commission,

Southminster,

5.00%,

10/1/37 

1,550‌

1,682‌

North

Carolina

Medical

Care

Commission,

United

Church

Homes,

5.00%,

9/1/41 

1,680‌

1,796‌

North

Carolina

Medical

Care

Commission,

United

Church

Homes,

Series A,

5.00%,

9/1/37 

2,100‌

2,230‌

North

Carolina

Medical

Care

Commission,

Vidant

Health,

5.00%,

6/1/40 

14,785‌

17,160‌

North

Carolina

Turnpike

Auth.,

5.00%,

1/1/30 

1,450‌

1,739‌

North

Carolina

Turnpike

Auth.,

5.00%,

1/1/32 

2,250‌

2,681‌

North

Carolina

Turnpike

Auth.,

Series A,

5.00%,

7/1/42 

1,160‌

1,333‌

North

Carolina

Turnpike

Auth.,

Series A,

5.00%,

7/1/47 

5,345‌

6,110‌

North

Carolina

Turnpike

Auth.,

Series A,

5.00%,

7/1/51 

5,200‌

5,929‌

North

Carolina

Turnpike

Auth.,

Series A,

5.00%,

7/1/54 

20,280‌

23,092‌

Univ.

of

North

Carolina

at

Chapel

Hill,

Series B,

VRDN,

0.02%,

2/15/31 

945‌

945‌

123,833‌

OHIO

4.9%

Buckeye

Tobacco

Settlement

Fin.

Auth.,

Series B-2,

Class

2,

5.00%,

6/1/55 

105,210‌

121,873‌

Cleveland-Cuyahoga

County

Port

Auth.,

Playhouse

Square

Foundation,

5.50%,

12/1/43 

1,700‌

1,979‌

Cleveland-Cuyahoga

County

Port

Auth.,

Playhouse

Square

Foundation,

5.50%,

12/1/53 

5,450‌

6,343‌

Cuyahoga

County,

MetroHealth

System,

5.00%,

2/15/42 

4,500‌

5,245‌

Cuyahoga

County,

MetroHealth

System,

5.00%,

2/15/57 

3,000‌

3,456‌

Cuyahoga

County,

MetroHealth

System,

5.50%,

2/15/52 

19,945‌

23,674‌

Cuyahoga

County,

MetroHealth

System,

5.50%,

2/15/57 

12,805‌

15,166‌

Franklin

County

Convention

Fac.

Auth.,

Greater

Columbus

Convention

Center,

5.00%,

12/1/44 

5,050‌

5,933‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

27

Par/Shares

$

Value

(Amounts

in

000s)

Franklin

County

Convention

Fac.

Auth.,

Greater

Columbus

Convention

Center,

5.00%,

12/1/51 

4,520‌

5,274‌

Franklin

County,

OPRS

Communities,

Series A,

6.125%,

7/1/40

(Prerefunded

7/1/22) (8)

435‌

462‌

Franklin

County,

OPRS

Communities,

Unrefunded

Balance,

Series A,

6.125%,

7/1/40 

6,865‌

7,202‌

Marion

County,

United

Church

Homes,

5.00%,

12/1/39 

1,650‌

1,791‌

Marion

County,

United

Church

Homes,

5.125%,

12/1/49 

1,825‌

1,968‌

Muskingum

County,

Genesis

Healthcare,

5.00%,

2/15/44 

5,000‌

5,195‌

Ohio,

Series A,

4.00%,

1/15/38 

1,065‌

1,253‌

Ohio,

Series A,

4.00%,

1/15/39 

2,000‌

2,347‌

Ohio,

Series A,

5.00%,

1/15/50 

2,500‌

3,109‌

Ohio

Air

Quality

Dev.

Auth.,

AK

Steel,

6.75%,

6/1/24 (5)

6,000‌

6,125‌

Ohio

Air

Quality

Dev.

Auth.,

Ohio

Valley

Electric,

3.25%,

9/1/29 

8,700‌

9,456‌

Ohio

Air

Quality

Dev.

Auth.,

Pratt

Paper,

4.50%,

1/15/48 (4)(5)

2,000‌

2,269‌

Ohio

Air

Quality

Dev.

Auth.,

Vanadium

Project,

5.00%,

7/1/49 (4)

(5)

17,200‌

19,389‌

Ohio

Housing

Fin.

Agency,

Sanctuary

at

Springboro,

5.45%,

1/1/38 (4)

2,500‌

2,525‌

Southeastern

Ohio

Port

Auth.,

Memorial

Health

System,

5.75%,

12/1/32 

1,000‌

1,051‌

Southeastern

Ohio

Port

Auth.,

Memorial

Health

System,

6.00%,

12/1/42 

10,100‌

10,415‌

263,500‌

OKLAHOMA

1.0%

Norman

Regional

Hosp.

Auth.,

4.00%,

9/1/45 

8,295‌

9,520‌

Oklahoma

County

Fin.

Auth.,

Epworth

Villa,

6.00%,

4/1/30 

825‌

825‌

Oklahoma

County

Fin.

Auth.,

Epworth

Villa,

Series A,

5.00%,

4/1/33 

1,000‌

943‌

Oklahoma

County

Fin.

Auth.,

Epworth

Villa,

Series A,

5.125%,

4/1/42 

3,000‌

2,670‌

Oklahoma

County

Fin.

Auth.,

Epworth

Villa,

Series A,

5.875%,

4/1/30 

3,360‌

3,361‌

Oklahoma

County

Fin.

Auth.,

Epworth

Villa,

Series B,

5.75%,

4/1/27 

645‌

645‌

Oklahoma

DFA,

OU

Medicine,

Series B,

5.50%,

8/15/52 

5,590‌

6,897‌

Oklahoma

DFA,

OU

Medicine,

Series B,

5.50%,

8/15/57 

9,050‌

11,140‌

Tulsa

Airports

Improvement

Trust,

Series C,

5.50%,

12/1/35 (5)

11,000‌

11,816‌

Tulsa

County

Ind.

Auth.,

Montereau

Project,

5.00%,

11/15/31 

1,870‌

2,136‌

Tulsa

County

Ind.

Auth.,

Montereau

Project,

5.25%,

11/15/37 

1,250‌

1,425‌

Tulsa

County

Ind.

Auth.,

Montereau

Project,

5.25%,

11/15/45 

1,375‌

1,552‌

52,930‌

OREGON

0.1%

Clackamas

County

Hosp.

Fac.

Auth.,

Williamette

View,

Series A,

5.00%,

11/15/32 

500‌

560‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

28

Par/Shares

$

Value

(Amounts

in

000s)

Clackamas

County

Hosp.

Fac.

Auth.,

Williamette

View,

Series A,

5.00%,

11/15/37 

500‌

555‌

Clackamas

County

Hosp.

Fac.

Auth.,

Williamette

View,

Series A,

5.00%,

11/15/47 

1,400‌

1,537‌

Clackamas

County

Hosp.

Fac.

Auth.,

Williamette

View,

Series A,

5.00%,

11/15/52 

1,500‌

1,644‌

Yamhill

County

Hosp.

Auth.,

Friendsview

Retirement

Community,

Series A,

4.00%,

11/15/26 

430‌

450‌

Yamhill

County

Hosp.

Auth.,

Friendsview

Retirement

Community,

Series A,

5.00%,

11/15/31 

350‌

380‌

Yamhill

County

Hosp.

Auth.,

Friendsview

Retirement

Community,

Series A,

5.00%,

11/15/36 

455‌

489‌

Yamhill

County

Hosp.

Auth.,

Friendsview

Retirement

Community,

Series A,

5.00%,

11/15/46 

1,290‌

1,371‌

6,986‌

PENNSYLVANIA

3.7%

Allegheny

County

IDA,

U.S.

Steel,

4.875%,

11/1/24 

1,215‌

1,326‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Series A,

5.00%,

5/1/42 

1,480‌

1,528‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

5.00%,

5/1/27 (4)

7,700‌

9,205‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

5.00%,

5/1/32 (4)

3,475‌

4,088‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

5.00%,

5/1/33 (4)

3,500‌

4,190‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

5.00%,

5/1/42 (4)

9,000‌

10,433‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

5.00%,

5/1/42 (4)

5,750‌

6,834‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

5.375%,

5/1/42 (4)

9,525‌

11,240‌

Butler

County

Hosp.

Auth.,

5.00%,

7/1/35 

8,395‌

9,543‌

Butler

County

Hosp.

Auth.,

5.00%,

7/1/39 

4,750‌

5,361‌

Delaware

Valley

Regional

Fin.

Auth.,

Series A,

5.50%,

8/1/28 (15)

5,000‌

6,539‌

East

Hempfield

Township

IDA,

Student

Services,

Student

Housing,

5.00%,

7/1/30 

820‌

897‌

East

Hempfield

Township

IDA,

Student

Services,

Student

Housing,

5.00%,

7/1/34 

1,000‌

1,068‌

East

Hempfield

Township

IDA,

Student

Services,

Student

Housing,

5.00%,

7/1/35 

1,060‌

1,153‌

East

Hempfield

Township

IDA,

Student

Services,

Student

Housing,

5.00%,

7/1/39 

1,000‌

1,062‌

East

Hempfield

Township

IDA,

Student

Services,

Student

Housing,

5.00%,

7/1/46 

1,525‌

1,610‌

East

Hempfield

Township

IDA,

Student

Services,

Student

Housing,

5.00%,

7/1/47 

7,500‌

8,039‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

29

Par/Shares

$

Value

(Amounts

in

000s)

Franklin

County

IDA,

Menno-Haven,

5.00%,

12/1/43 

1,200‌

1,294‌

Franklin

County

IDA,

Menno-Haven,

5.00%,

12/1/48 

1,300‌

1,394‌

Franklin

County

IDA,

Menno-Haven,

5.00%,

12/1/53 

1,400‌

1,498‌

Lancaster

County

Hosp.

Auth.,

Brethren

Village,

5.25%,

7/1/35 

250‌

267‌

Lancaster

County

Hosp.

Auth.,

Brethren

Village,

5.50%,

7/1/45 

1,000‌

1,061‌

Montgomery

County

Higher

Ed.

&

Health

Auth.,

Thomas

Jefferson

Univ.,

5.00%,

9/1/43 

5,050‌

6,222‌

Montgomery

County

IDA,

Albert

Einstein

Healthcare,

Series A,

5.25%,

1/15/45 

14,230‌

15,816‌

Montgomery

County

IDA,

Hill

at

Whitemarsh,

5.25%,

1/1/40 

3,500‌

3,769‌

Montgomery

County

IDA,

Hill

at

Whitemarsh,

5.375%,

1/1/50 

11,975‌

12,853‌

Pennsylvania

Economic

DFA,

VRDN,

9.00%,

4/1/51

(Tender

4/13/28) (4)(5)

11,520‌

12,810‌

Pennsylvania

Economic

DFA,

Covanta

Project,

3.25%,

8/1/39 (4)

(5)

4,125‌

4,208‌

Pennsylvania

Economic

DFA,

National

Gypsum,

5.50%,

11/1/44 (5)

7,500‌

7,986‌

Pennsylvania

Higher

Ed.

Fac.

Auth.,

Indiana

Univ.

Student

Housing,

Series A,

5.00%,

7/1/32

(Prerefunded

7/1/22) (8)

1,620‌

1,705‌

Pennsylvania

Higher

Ed.

Fac.

Auth.,

Indiana

Univ.

Student

Housing,

Series A,

5.00%,

7/1/41

(Prerefunded

7/1/22) (8)

6,500‌

6,840‌

Pennsylvania

Higher

Ed.

Fac.

Auth.,

Indiana

Univ.

Student

Housing,

Series A,

FRN,

67%

of

3M

USD

LIBOR

+

0.65%,

0.785%,

7/1/39 

8,400‌

7,796‌

Pennsylvania

Higher

Ed.

Fac.

Auth.,

Widener

Univ.,

5.00%,

7/15/38 

2,400‌

2,577‌

Pennsylvania

Higher

Ed.

Fac.

Auth.,

Widener

Univ.,

Series A,

5.50%,

7/15/38 

2,825‌

3,010‌

Philadelphia

Higher

Ed.

Fac.

Auth.,

Temple

Univ.,

5.00%,

7/1/28 

5,000‌

5,933‌

Philadelphia

Higher

Ed.

Fac.

Auth.,

Temple

Univ.,

5.00%,

7/1/30 

1,000‌

1,178‌

Philadelphia

IDA,

Wesley

Enhanced

Living,

5.00%,

7/1/37 

3,140‌

3,366‌

Philadelphia

IDA,

Wesley

Enhanced

Living,

5.00%,

7/1/42 

2,125‌

2,254‌

Philadelphia

IDA,

Wesley

Enhanced

Living,

5.00%,

7/1/49 

3,590‌

3,766‌

Southcentral

Pennsylvania

General

Auth.,

Wellspan

Health,

Series E,

VRDN,

0.02%,

6/1/35 

6,540‌

6,540‌

198,259‌

PUERTO

RICO

9.6%

Puerto

Rico

Commonwealth,

Series A,

GO,

5.125%,

7/1/28 (1)(13)

8,390‌

7,488‌

Puerto

Rico

Commonwealth,

Series A,

GO,

8.00%,

7/1/35 (1)(13)

52,505‌

42,267‌

Puerto

Rico

Commonwealth,

Series A-4,

GO,

5.25%,

7/1/30 (3)

1,500‌

1,542‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

4.25%,

7/1/25 

3,540‌

3,696‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/30 (4)

20,000‌

24,232‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/33 

11,965‌

12,598‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/35 (4)

12,000‌

14,268‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

30

Par/Shares

$

Value

(Amounts

in

000s)

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/47 (4)

34,250‌

40,114‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.125%,

7/1/37 

7,265‌

7,660‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.25%,

7/1/24 

1,395‌

1,473‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.25%,

7/1/29 

5,115‌

5,401‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.25%,

7/1/42 

7,450‌

7,866‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.75%,

7/1/37 

2,225‌

2,362‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

6.00%,

7/1/47 

11,384‌

12,121‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

6.125%,

7/1/24 

2,200‌

2,419‌

Puerto

Rico

Commonwealth,

Public

Improvement,

Series A,

GO,

5.00%,

7/1/41 (1)(2)

25,598‌

20,542‌

Puerto

Rico

Commonwealth,

Public

Improvement,

Series A,

GO,

5.125%,

7/1/37 (1)(13)

9,190‌

7,593‌

Puerto

Rico

Commonwealth,

Public

Improvement,

Series A,

GO,

5.50%,

7/1/39 (1)(13)

3,960‌

3,336‌

Puerto

Rico

Commonwealth,

Public

Improvement,

Series A,

GO,

5.75%,

7/1/28 (1)(13)

3,485‌

2,945‌

Puerto

Rico

Commonwealth,

Public

Improvement,

Series B,

GO,

5.75%,

7/1/38 (1)(13)

9,608‌

8,443‌

Puerto

Rico

Commonwealth,

Public

Improvement,

Series B,

GO,

6.50%,

7/1/37 (1)(13)

1,580‌

1,440‌

Puerto

Rico

Commonwealth,

Public

Improvement,

Series C,

GO,

5.75%,

7/1/36 (1)(13)

12,300‌

10,132‌

Puerto

Rico

Commonwealth,

Public

Improvement,

Series C,

GO,

5.90%,

7/1/28 (1)(13)

2,505‌

2,192‌

Puerto

Rico

Commonwealth,

Public

Improvement,

Series C,

GO,

6.00%,

7/1/39 (1)(13)

15,039‌

13,328‌

Puerto

Rico

Commonwealth,

Public

Improvement,

Series D,

GO,

5.75%,

7/1/41 (1)(13)

14,315‌

12,526‌

Puerto

Rico

Electric

Power

Auth.,

Series 2013A-RSA-1,

6.75%,

7/1/36 (1)(13)

10,380‌

10,159‌

Puerto

Rico

Electric

Power

Auth.,

Series A,

5.00%,

7/1/29 (1)(13)

11,095‌

10,596‌

Puerto

Rico

Electric

Power

Auth.,

Series AAA-RSA-1,

5.25%,

7/1/27 (1)(13)

1,450‌

1,388‌

Puerto

Rico

Electric

Power

Auth.,

Series AAA-RSA-1,

5.25%,

7/1/29 (1)(13)

5,000‌

4,787‌

Puerto

Rico

Electric

Power

Auth.,

Series A-RSA-1,

5.05%,

7/1/42 (1)(13)

120‌

115‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC-RSA-1,

5.00%,

7/1/21 (1)(13)

1,860‌

1,776‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

31

Par/Shares

$

Value

(Amounts

in

000s)

Puerto

Rico

Electric

Power

Auth.,

Series CCC-RSA-1,

5.00%,

7/1/27 (1)(13)

170‌

162‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC-RSA-1,

5.25%,

7/1/26 (1)(13)

2,015‌

1,929‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC-RSA-1,

5.25%,

7/1/27 (1)(13)

2,905‌

2,782‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC-RSA-1,

5.25%,

7/1/28 (1)(13)

3,465‌

3,318‌

Puerto

Rico

Electric

Power

Auth.,

Series SS,

5.00%,

7/1/24 (11)

5,000‌

5,104‌

Puerto

Rico

Electric

Power

Auth.,

Series TT-RSA-1,

5.00%,

7/1/20 (1)(13)

595‌

570‌

Puerto

Rico

Electric

Power

Auth.,

Series TT-RSA-1,

5.00%,

7/1/24 (1)(13)

2,285‌

2,182‌

Puerto

Rico

Electric

Power

Auth.,

Series TT-RSA-1,

5.00%,

7/1/25 (1)(13)

765‌

731‌

Puerto

Rico

Electric

Power

Auth.,

Series TT-RSA-1,

5.00%,

7/1/26 (1)(13)

925‌

883‌

Puerto

Rico

Electric

Power

Auth.,

Series TT-RSA-1,

5.00%,

7/1/27 (1)(13)

120‌

115‌

Puerto

Rico

Electric

Power

Auth.,

Series TT-RSA-1,

5.00%,

7/1/37 (1)(13)

14,800‌

14,134‌

Puerto

Rico

Electric

Power

Auth.,

Series WW-RSA-1,

5.25%,

7/1/33 (1)(13)

575‌

551‌

Puerto

Rico

Electric

Power

Auth.,

Series WW-RSA-1,

5.50%,

7/1/18 (1)(13)

495‌

470‌

Puerto

Rico

Electric

Power

Auth.,

Series WW-RSA-1,

5.50%,

7/1/38 (1)(13)

5,000‌

4,800‌

Puerto

Rico

Electric

Power

Auth.,

Series XX-RSA-1,

5.25%,

7/1/27 (1)(13)

210‌

201‌

Puerto

Rico

Electric

Power

Auth.,

Series XX-RSA-1,

5.25%,

7/1/35 (1)(13)

4,381‌

4,195‌

Puerto

Rico

Electric

Power

Auth.,

Series XX-RSA-1,

5.25%,

7/1/40 (1)(13)

1,000‌

957‌

Puerto

Rico

Electric

Power

Auth.,

Series XX-RSA-1,

5.75%,

7/1/36 (1)(13)

1,435‌

1,381‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/24 (1)(13)

4‌

4‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ-RSA-1,

3.70%,

7/1/17 (1)(13)

140‌

127‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ-RSA-1,

5.00%,

7/1/17 (1)(13)

245‌

231‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ-RSA-1,

5.00%,

7/1/19 (1)(13)

2,480‌

2,353‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ-RSA-1,

5.00%,

7/1/28 (1)(13)

195‌

186‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ-RSA-1,

5.25%,

7/1/19 (1)(13)

1,840‌

1,750‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

32

Par/Shares

$

Value

(Amounts

in

000s)

Puerto

Rico

Electric

Power

Auth.,

Series ZZ-RSA-1,

5.25%,

7/1/23 (1)(13)

525‌

503‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ-RSA-1,

5.25%,

7/1/24 (1)(13)

210‌

201‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ-RSA-1,

5.25%,

7/1/26 (1)(13)

4,830‌

4,625‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.50%,

7/1/34 

19,368‌

21,272‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.55%,

7/1/40 

74‌

83‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.75%,

7/1/53 

11,184‌

12,545‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

5.00%,

7/1/58 

34,915‌

39,744‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/27 

7,474‌

6,708‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/29 

12,161‌

10,347‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/31 

28,382‌

22,339‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/33 

14,232‌

10,377‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/46 

63,204‌

20,498‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/51 

1,556‌

366‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-2,

4.329%,

7/1/40 

2,500‌

2,768‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-2,

4.536%,

7/1/53 

2,990‌

3,309‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-2,

4.784%,

7/1/58 

6,030‌

6,760‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-2-,

4.329%,

7/1/40 

2,685‌

2,972‌

511,338‌

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) (8)

3,000‌

3,360‌

Rhode

Island

Health

&

Ed.

Building,

Care

New

England,

Series A,

6.00%,

9/1/33

(Prerefunded

9/1/23) (8)

4,000‌

4,523‌

Rhode

Island

Health

&

Ed.

Building,

Care

New

England,

Series B,

5.00%,

9/1/36 

5,000‌

5,703‌

15,533‌

SOUTH

CAROLINA

0.9%

Connector

2000

Assoc.,

Series A,

Zero

Coupon,

1/1/22 (1)

219‌

215‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

33

Par/Shares

$

Value

(Amounts

in

000s)

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

1/1/32 (1)

4,578‌

2,336‌

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

1/1/42 (1)

23,380‌

5,933‌

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

7/22/51 (1)

39,977‌

4,781‌

Connector

2000

Assoc.,

Series B-1,

Zero

Coupon,

1/1/32 (1)

1,229‌

419‌

Connector

2000

Assoc.,

Series B-1,

Zero

Coupon,

7/22/51 (1)

6,187‌

421‌

Connector

2000

Assoc.,

Series C-1,

Zero

Coupon,

7/22/51 (1)

2,268‌

136‌

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)

6,355‌

2,542‌

South

Carolina

Jobs-Economic

Dev.

Auth.,

Repower

South

Berkeley,

6.25%,

2/1/45 (1)(2)(4)(5)

12,775‌

5,110‌

South

Carolina

Jobs-Economic

Dev.

Auth.,

Repower

South

Berkeley,

8.00%,

12/6/29 

2,000‌

1,810‌

South

Carolina

Public

Service

Auth.,

Series A,

5.50%,

12/1/54 

10,000‌

11,341‌

South

Carolina

Public

Service

Auth.,

Series E,

5.25%,

12/1/55 

12,250‌

14,462‌

49,846‌

SOUTH

DAKOTA

0.1%

Sioux

Falls

Health

Fac.,

Dow

Rummel

Village,

5.00%,

11/1/28 

1,435‌

1,616‌

Sioux

Falls

Health

Fac.,

Dow

Rummel

Village,

5.00%,

11/1/30 

1,535‌

1,713‌

Sioux

Falls

Health

Fac.,

Dow

Rummel

Village,

5.00%,

11/1/32 

1,370‌

1,514‌

Sioux

Falls

Health

Fac.,

Dow

Rummel

Village,

5.00%,

11/1/42 

2,000‌

2,160‌

7,003‌

TENNESSEE

0.6%

Chattanooga

Health

Ed.

&

Housing

Fac.

Board,

CDFI,

5.00%,

10/1/35 

2,750‌

3,088‌

Knox

County

Health

Ed.

&

Housing

Fac.

Board,

Covenant

Health,

Series A,

5.00%,

1/1/26 

2,730‌

2,915‌

Shelby

County

Health

Ed.

&

Housing

Fac.

Board,

Village

at

Germantown,

5.00%,

12/1/34 

500‌

547‌

Shelby

County

Health

Ed.

&

Housing

Fac.

Board,

Village

at

Germantown,

5.25%,

12/1/42

(Prerefunded

12/1/22) (8)

2,000‌

2,151‌

Shelby

County

Health

Ed.

&

Housing

Fac.

Board,

Village

at

Germantown,

5.25%,

12/1/44 

1,165‌

1,268‌

Shelby

County

Health

Ed.

&

Housing

Fac.

Board,

Village

at

Germantown,

5.25%,

12/1/49 

3,350‌

3,639‌

Shelby

County

Health

Ed.

&

Housing

Fac.

Board,

Village

at

Germantown,

5.375%,

12/1/47

(Prerefunded

12/1/22) (8)

3,500‌

3,771‌

Tennessee

Energy

Acquisition,

Series A,

5.25%,

9/1/26 

11,920‌

14,466‌

31,845‌

TEXAS

6.7%

Austin

Airport,

Series B,

5.00%,

11/15/41 (5)

550‌

663‌

Austin

Convention

Enterprises,

Convention

Center,

1st

Tier,

Series A,

5.00%,

1/1/33 

3,125‌

3,468‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

34

Par/Shares

$

Value

(Amounts

in

000s)

Austin

Convention

Enterprises,

Convention

Center,

2nd

Tier,

Series B,

5.00%,

1/1/23 

500‌

510‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/28 

850‌

968‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/30 

1,750‌

1,964‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/31 

1,545‌

1,726‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/32 

1,700‌

1,893‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/34 

3,345‌

3,701‌

Austin

Convention

Enterprises,

Second

Tier

Convention

Center,

Series B,

5.00%,

1/1/28 

500‌

515‌

Austin

Convention

Enterprises,

Second

Tier

Convention

Center,

Series B,

5.00%,

1/1/29 

1,150‌

1,174‌

Austin

Convention

Enterprises,

Second

Tier

Convention

Center,

Series B,

5.00%,

1/1/32 

2,150‌

2,165‌

Austin

Convention

Enterprises,

Second

Tier

Convention

Center,

Series B,

5.00%,

1/1/34 

1,520‌

1,525‌

Central

Texas

Regional

Mobility

Auth.,

5.00%,

1/1/33

(Prerefunded

1/1/23) (8)

4,055‌

4,368‌

Central

Texas

Regional

Mobility

Auth.,

5.00%,

1/1/46 

1,900‌

2,207‌

Central

Texas

Regional

Mobility

Auth.,

Series B,

4.00%,

1/1/40 

770‌

922‌

Central

Texas

Regional

Mobility

Auth.,

Series B,

4.00%,

1/1/41 

540‌

645‌

Central

Texas

Regional

Mobility

Auth.,

Series B,

4.00%,

1/1/51 

870‌

1,018‌

Central

Texas

Regional

Mobility

Auth.,

Series B,

5.00%,

1/1/34 

525‌

689‌

Central

Texas

Regional

Mobility

Auth.,

Series B,

5.00%,

1/1/39 

125‌

162‌

Central

Texas

Regional

Mobility

Auth.,

Series B,

5.00%,

1/1/46 

4,000‌

5,082‌

Clifton

Higher

Ed.

Fin.,

Int'l.

Leadership,

Series D,

6.125%,

8/15/48 

16,000‌

18,570‌

Dallas

Fort

Worth

Int'l.

Airport,

Series A,

5.00%,

11/1/32 (5)

8,250‌

9,050‌

Decatur

Hosp.

Auth.,

Wise

Regional

Health,

Series A,

5.00%,

9/1/34 

1,700‌

1,897‌

Decatur

Hosp.

Auth.,

Wise

Regional

Health,

Series A,

5.25%,

9/1/44 

7,000‌

7,820‌

Fort

Bend

County

Ind.

Dev.,

NRG

Energy,

Series B,

4.75%,

11/1/42 

5,000‌

5,249‌

Gulf

Coast

Auth.,

Exxon

Mobil

Project,

Series A,

VRDN,

0.03%,

6/1/30 (5)

1,100‌

1,100‌

Gulf

Coast

Auth.,

Exxon

Mobil

Project,

Series B,

VRDN,

0.03%,

6/1/25 (5)

500‌

500‌

Gulf

Coast

IDA,

Citgo

Petroleum,

4.875%,

5/1/25 (5)

11,870‌

12,150‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Brazos

Presybyterian

Homes,

Series A,

5.00%,

1/1/38 

510‌

533‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Brazos

Presybyterian

Homes,

Series A,

5.00%,

1/1/43 

520‌

542‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

35

Par/Shares

$

Value

(Amounts

in

000s)

Harris

County

Cultural

Ed.

Fac.

Fin.,

Brazos

Presybyterian

Homes,

Series B,

7.00%,

1/1/48

(Prerefunded

1/1/23) (8)

5,250‌

5,794‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Methodist

Hosp.,

Series B,

VRDN,

0.01%,

12/1/59 

6,345‌

6,345‌

Houston

Airport

System,

Series B-1,

5.00%,

7/15/30 (5)

7,100‌

7,973‌

Houston

Airport

System,

Series B-1,

5.00%,

7/15/35 (5)

9,555‌

10,596‌

Joint

Guadalupe

County

-

Seguin

Hosp.,

5.00%,

12/1/28 

1,400‌

1,548‌

Joint

Guadalupe

County

-

Seguin

Hosp.,

5.00%,

12/1/30 

1,690‌

1,848‌

Joint

Guadalupe

County

-

Seguin

Hosp.,

5.00%,

12/1/40 

2,910‌

3,073‌

Joint

Guadalupe

County

-

Seguin

Hosp.,

5.00%,

12/1/45 

6,660‌

6,968‌

Joint

Guadalupe

County

-

Seguin

Hosp.,

5.25%,

12/1/35 

2,075‌

2,272‌

Lower

Neches

Valley

Auth.

Ind.

Dev.,

VRDN,

0.01%,

5/1/46 

1,870‌

1,870‌

Matagorda

County

Navigation

Dist.

No.

1,

AEP

Texas

Central,

Series B-2,

4.00%,

6/1/30 

6,000‌

6,289‌

Mission

Economic

Dev.,

Natagasoline,

Series B,

4.625%,

10/1/31 (4)(5)

15,025‌

15,929‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/32 

550‌

631‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/33 

570‌

653‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/34 

600‌

686‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/35 

560‌

640‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/36 

1,400‌

1,597‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/38 

1,305‌

1,485‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/43 

3,905‌

4,419‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/48 

3,925‌

4,426‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Blinn

College,

Series A,

5.00%,

7/1/57 

10,000‌

11,068‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing

College

Station,

Series A,

5.00%,

4/1/29 

5,845‌

6,295‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing

College

Station,

Series A,

5.00%,

4/1/46 

15,645‌

16,540‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing

College

Station,

Series A,

5.00%,

4/1/46 (3)

3,120‌

3,467‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing,

Tarleton

State

Univ.,

Series A,

5.00%,

4/1/30

(Prerefunded

4/1/25) (8)

500‌

587‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing,

Tarleton

State

Univ.,

Series A,

5.00%,

4/1/35

(Prerefunded

4/1/25) (8)

1,520‌

1,785‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing,

Tarleton

State

Univ.,

Series A,

5.00%,

4/1/47

(Prerefunded

4/1/25) (8)

6,020‌

7,069‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing,

Tarleton

State

Univ.,

Series A-1,

5.00%,

7/1/58 (3)

2,975‌

3,611‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Legacy

Midtown,

Series A,

5.50%,

7/1/54 

4,525‌

4,780‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

MRC

Crestview,

5.00%,

11/15/36 

550‌

589‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

MRC

Crestview,

5.00%,

11/15/46 

1,550‌

1,642‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

MRC

Senior

Living,

Langford,

Series A,

5.375%,

11/15/36 

500‌

501‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

36

Par/Shares

$

Value

(Amounts

in

000s)

New

Hope

Cultural

Ed.

Fac.

Fin.,

MRC

Senior

Living,

Langford,

Series A,

5.50%,

11/15/46 

1,000‌

979‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

MRC

Senior

Living,

Langford,

Series A,

5.50%,

11/15/52 

1,000‌

961‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/31 

1,000‌

1,086‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/32 

465‌

504‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/33 

1,000‌

1,083‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/34 

1,000‌

1,081‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/39 

1,500‌

1,610‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.25%,

10/1/49 

6,000‌

6,462‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Texas

A&M

Univ.

Corpus

Christi,

Series A,

5.00%,

4/1/37

(Prerefunded

4/1/27) (8)

1,700‌

2,107‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Texas

A&M

Univ.

Corpus

Christi,

Series A,

5.00%,

4/1/42

(Prerefunded

4/1/27) (8)

2,000‌

2,479‌

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast,

Series A,

3.625%,

1/1/35 (4)(5)

2,075‌

2,149‌

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast,

Series A,

4.00%,

1/1/50 (4)(5)

3,840‌

3,978‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckingham

Senior

Living

Community,

5.25%,

11/15/35 (1)(2)

900‌

405‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckingham

Senior

Living

Community,

5.50%,

11/15/45 (1)(2)

2,875‌

1,294‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckingham

Senior

Living

Community,

5.625%,

11/15/41 (1)(2)

3,000‌

1,350‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series A,

5.00%,

11/15/27 

1,510‌

1,810‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series A,

5.00%,

11/15/29 

1,665‌

1,975‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series A,

5.00%,

11/15/30 

1,000‌

1,180‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series A,

5.00%,

11/15/37 

2,500‌

2,901‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series B,

5.00%,

11/15/40 

3,875‌

4,471‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Buckner

Retirement

Services,

Series B,

5.00%,

11/15/46 

4,220‌

4,840‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Edgemere-Northwest

Senior

High

School,

Series A,

5.00%,

11/15/45 

10,425‌

9,342‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Methodist

Hosp.

System,

Series A,

VRDN,

0.02%,

10/1/41 

1,825‌

1,825‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

37

Par/Shares

$

Value

(Amounts

in

000s)

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Northwest

Senior

Housing,

5.25%,

11/15/47 

2,020‌

1,865‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Stayton

at

Museum

Way,

Series A,

5.75%,

12/1/54 

7,428‌

7,952‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/27 

3,300‌

4,115‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/28 

4,400‌

5,600‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/29 

3,975‌

5,141‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/30 

4,625‌

6,061‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/31 

3,925‌

5,200‌

Texas

Municipal

Gas

Acquisition

&

Supply

III,

5.00%,

12/15/32 

4,425‌

5,958‌

Texas

Private

Activity

Bond

Surface

Transportation,

Blueridge

Transportation

Group,

5.00%,

12/31/50 (5)

5,950‌

6,702‌

Texas

Private

Activity

Bond

Surface

Transportation,

Blueridge

Transportation

Group,

5.00%,

12/31/55 (5)

4,060‌

4,562‌

Texas

Transportation

Commission,

First

Tier

Toll,

State

Highway,

5.00%,

8/1/57 

11,045‌

12,904‌

Texas,

Veterans,

GO,VRDN,

0.08%,

12/1/51 

2,100‌

2,100‌

359,784‌

UTAH

0.3%

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/42 (5)

5,500‌

6,624‌

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/47 (5)

4,000‌

4,818‌

Utah

County,

IHC

Health

Services,

Series C,

VRDN,

0.05%,

5/15/51 

2,000‌

2,000‌

13,442‌

VIRGIN

ISLANDS

0.1%

Virgin

Islands

PFA,

Matching

Fund,

Series A,

6.00%,

10/1/39 

4,865‌

4,875‌

Virgin

Islands

PFA,

Matching

Fund,

Diageo,

Series A,

6.75%,

10/1/37 

2,000‌

2,016‌

6,891‌

VIRGINIA

6.4%

Albemarle

County

Economic

Dev.

Auth.,

Westminster-Canterbury

Blue

Ridge,

Series A,

5.00%,

1/1/42 

3,250‌

3,330‌

Botetourt

County,

Residential

Care

Fac.,

Glebe,

Series A,

6.00%,

7/1/34 

7,300‌

8,264‌

Chesapeake

Bay

Bridge

&

Tunnel

Dist.,

First

Tier

General

Resolution,

5.00%,

7/1/46 

15,835‌

18,633‌

Chesapeake

Bay

Bridge

&

Tunnel

Dist.,

First

Tier

General

Resolution,

5.00%,

7/1/51 

14,795‌

17,345‌

Chesapeake

Expressway

Toll

Road,

Series B,

STEP,

7/15/40 

7,525‌

8,199‌

Fairfax

County

Economic

Dev.

Auth.,

Vinson

Hall,

Series A,

5.00%,

12/1/32 

1,650‌

1,793‌

Fairfax

County

Economic

Dev.

Auth.,

Vinson

Hall,

Series A,

5.00%,

12/1/42 

2,800‌

3,004‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

38

Par/Shares

$

Value

(Amounts

in

000s)

Fairfax

County

Economic

Dev.

Auth.,

Vinson

Hall,

Series A,

5.00%,

12/1/47 

2,000‌

2,140‌

James

City

County

Economic

Dev.

Auth.,

United

Methodist

Homes,

Series A,

2.00%,

10/1/48 

1,103‌

96‌

James

City

County

Economic

Dev.

Auth.,

United

Methodist

Homes,

Series A,

6.00%,

6/1/43 

5,339‌

5,608‌

Norfolk

Redev.

&

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

5.00%,

1/1/35 

4,020‌

4,213‌

Norfolk

Redev.

&

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

5.00%,

1/1/46 

5,150‌

5,332‌

Norfolk

Redev.

&

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

5.375%,

1/1/35 

6,250‌

6,639‌

Norfolk

Redev.

&

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

5.375%,

1/1/46 

4,270‌

4,481‌

Norfolk

Redev.

&

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

Series A,

5.00%,

1/1/49 

3,250‌

3,444‌

Stafford

County

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/33 

1,000‌

1,179‌

Stafford

County

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/34 

1,250‌

1,471‌

Stafford

County

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/35 

2,000‌

2,351‌

Tobacco

Settlement

Fin.,

Capital

Appreciation,

Series C,

Zero

Coupon,

6/1/47 

27,000‌

6,311‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

5.00%,

7/1/45 (4)

5,000‌

5,271‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

5.25%,

7/1/30 (4)

1,400‌

1,524‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

5.25%,

7/1/35 (4)

1,805‌

1,942‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

Series A,

5.00%,

7/1/23 (4)

1,320‌

1,392‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

Series A,

5.00%,

7/1/24 (4)

1,390‌

1,495‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

Series A,

5.00%,

7/1/25 (4)

1,455‌

1,594‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

Series A,

5.00%,

7/1/30 (4)

4,735‌

5,109‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

Series A,

5.00%,

7/1/35 (4)

1,200‌

1,280‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

Series A,

5.00%,

7/1/45 (4)

3,110‌

3,279‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.75%,

1/1/25 (5)

2,180‌

2,286‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

5.00%,

1/1/26 (5)

2,000‌

2,100‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

39

Par/Shares

$

Value

(Amounts

in

000s)

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

5.00%,

7/1/26 (5)

2,000‌

2,098‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

5.50%,

1/1/42 (5)

22,950‌

24,118‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

6.00%,

1/1/37 (5)

22,735‌

24,053‌

Virginia

Small

Business

Fin.

Auth.,

I-95

Express

Lanes,

Series 2012,

5.00%,

1/1/40 (5)

24,620‌

25,264‌

Virginia

Small

Business

Fin.

Auth.,

I-95

Express

Lanes,

Series 2017,

5.00%,

1/1/40 (5)

18,790‌

19,282‌

Virginia

Small

Business

Fin.

Auth.,

Transform

66

P3

Project,

5.00%,

12/31/47 (5)

1,500‌

1,807‌

Virginia

Small

Business

Fin.

Auth.,

Transform

66

P3

Project,

5.00%,

12/31/49 (5)

11,000‌

13,235‌

Virginia

Small

Business

Fin.

Auth.,

Transform

66

P3

Project,

5.00%,

12/31/56 (5)

83,735‌

100,321‌

341,283‌

WASHINGTON

1.0%

Adams

County

Public

Hosp.

Dist.

No.

2,

GO,

5.125%,

12/1/44 

2,660‌

2,901‌

Greater

Wenatchee

Regional

Events

Center

Pub.

Fac.

Dist.,

Series A,

5.00%,

9/1/27 

1,600‌

1,663‌

Greater

Wenatchee

Regional

Events

Center

Pub.

Fac.

Dist.,

Series A,

5.25%,

9/1/32 

1,000‌

1,037‌

Greater

Wenatchee

Regional

Events

Center

Pub.

Fac.

Dist.,

Series A,

5.50%,

9/1/42 

1,500‌

1,555‌

Port

of

Seattle

IDC,

Delta

Airlines,

5.00%,

4/1/30 (5)

3,000‌

3,207‌

Washington

State

Convention

Center

Public

Fac.

Dist.,

4.00%,

7/1/31 

7,550‌

8,710‌

Washington

State

Housing

Fin.

Commission,

Hearthstone,

5.00%,

7/1/38 (4)

830‌

898‌

Washington

State

Housing

Fin.

Commission,

Hearthstone,

5.00%,

7/1/48 (4)

1,900‌

2,029‌

Washington

State

Housing

Fin.

Commission,

Hearthstone,

5.00%,

7/1/53 (4)

1,100‌

1,172‌

Washington

State

Housing

Fin.

Commission,

Judson

Park,

4.00%,

7/1/28 (4)

225‌

239‌

Washington

State

Housing

Fin.

Commission,

Judson

Park,

5.00%,

7/1/33 (4)

225‌

246‌

Washington

State

Housing

Fin.

Commission,

Judson

Park,

5.00%,

7/1/38 (4)

650‌

705‌

Washington

State

Housing

Fin.

Commission,

Judson

Park,

5.00%,

7/1/48 (4)

2,100‌

2,259‌

Washington

State

Housing

Fin.

Commission,

Presbyterian

Retirement,

Series A,

5.00%,

1/1/46 (4)

3,250‌

3,500‌

Washington

State

Housing

Fin.

Commission,

Presbyterian

Retirement,

Series A,

5.00%,

1/1/51 (4)

6,735‌

7,241‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

40

Par/Shares

$

Value

(Amounts

in

000s)

Washington

State

Housing

Fin.

Commission,

Transform

Age

Project,

2.375%,

1/1/26 (4)

2,975‌

2,975‌

Washington

State

Housing

Fin.

Commission,

Transform

Age

Project,

Series A,

5.00%,

1/1/55 (4)

3,825‌

4,218‌

Washington

State

Housing

Finance

Commission,

Series 2021-1,

Class

A,

3.50%,

12/20/35 

8,050‌

9,362‌

53,917‌

WEST

VIRGINIA

0.2%

Monongalia

County

Commission

Excise

Tax

Dist.,

Series A,

4.125%,

6/1/43 (4)(7)

2,250‌

2,252‌

Monongalia

County

Commission

Excise

Tax

Dist.,

Series B,

4.875%,

6/1/43 (4)(7)

1,500‌

1,501‌

Monongalia

County

Commission,

Univ.

Town

Center,

Series A,

5.50%,

6/1/37 (4)

2,450‌

2,679‌

Monongalia

County

Commission,

Univ.

Town

Center,

Series A,

5.75%,

6/1/43 (4)

2,450‌

2,682‌

West

Virginia

Economic

Dev.

Auth.,

Arch

Resources,

VRDN,

5.00%,

7/1/45

(Tender

7/1/25) (5)

3,000‌

3,172‌

12,286‌

WISCONSIN

2.1%

PFA,

Celanese,

Series C,

4.30%,

11/1/30 (5)

5,000‌

5,573‌

PFA,

Celanese,

Series D,

4.05%,

11/1/30 

2,500‌

2,757‌

PFA,

Church

Home

of

Hartford,

5.00%,

9/1/30 (4)

800‌

874‌

PFA,

Church

Home

of

Hartford,

5.00%,

9/1/38 (4)

1,725‌

1,860‌

PFA,

Corvian

Community

School,

Series A,

4.00%,

6/15/29 (4)

1,000‌

1,055‌

PFA,

Corvian

Community

School,

Series A,

5.00%,

6/15/39 (4)

1,000‌

1,078‌

PFA,

Corvian

Community

School,

Series A,

5.00%,

6/15/49 (4)

1,750‌

1,864‌

PFA,

Corvian

Community

School,

Series A,

5.125%,

6/15/47 (4)

2,635‌

2,753‌

PFA,

Founders

of

Academy

Las

Vegas,

Series A,

5.00%,

7/1/40 (4)

710‌

800‌

PFA,

Founders

of

Academy

Las

Vegas,

Series A,

5.00%,

7/1/55 (4)

1,450‌

1,605‌

PFA,

Mary's

Woods

at

Marylhurst,

5.25%,

5/15/37 (4)

550‌

605‌

PFA,

Mary's

Woods

at

Marylhurst,

5.25%,

5/15/42 (4)

1,230‌

1,349‌

PFA,

Mary's

Woods

at

Marylhurst,

5.25%,

5/15/47 (4)

1,225‌

1,344‌

PFA,

Mary's

Woods

at

Marylhurst,

5.25%,

5/15/52 (4)

2,300‌

2,523‌

PFA,

Mountain

Island

Charter

School,

5.00%,

7/1/37 

825‌

887‌

PFA,

Mountain

Island

Charter

School,

5.00%,

7/1/47 

2,000‌

2,134‌

PFA,

Mountain

Island

Charter

School,

5.00%,

7/1/52 

4,300‌

4,580‌

PFA,

Nevada

State

College,

5.00%,

5/1/55 (4)

6,400‌

5,704‌

Platteville

Redev.

Auth.,

UM-Platteville

Real

Estate,

5.00%,

7/1/42 

2,225‌

2,300‌

Univ.

of

Wisconsin

Hosp.

&

Clinics

Auth.,

Series C,

VRDN,

0.01%,

4/1/48 

1,600‌

1,600‌

Wisconsin

HEFA,

Benevolent,

5.00%,

6/1/37 

1,110‌

1,208‌

Wisconsin

HEFA,

Benevolent,

5.00%,

6/1/41 

1,660‌

1,796‌

Wisconsin

HEFA,

Marshfield

Clinic,

Series B,

5.00%,

2/15/40 

5,000‌

5,130‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

41

Par/Shares

$

Value

(Amounts

in

000s)

Wisconsin

HEFA,

Saint

John's

Communities,

Series A,

5.00%,

9/15/40 

1,000‌

1,064‌

Wisconsin

HEFA,

Saint

John's

Communities,

Series A,

5.00%,

9/15/45 

1,300‌

1,378‌

Wisconsin

HEFA,

Saint

John's

Communities,

Series A,

5.00%,

9/15/50 

4,680‌

4,953‌

Wisconsin

HEFA,

Saint

John's

Communities,

Series B,

5.00%,

9/15/37 

650‌

674‌

Wisconsin

PFA,

Celanese,

Series B,

5.00%,

12/1/25 (5)

6,000‌

6,992‌

Wisconsin

PFA,

Founders

of

Academy

Las

Vegas,

Series A,

4.00%,

7/1/30 (4)

400‌

434‌

Wisconsin

PFA,

National

Gypsum,

4.00%,

8/1/35 (5)

19,730‌

20,164‌

Wisconsin

PFA,

Searstone

Retirement

Community,

Series A,

5.20%,

6/1/37 

5,055‌

5,182‌

Wisconsin

PFA,

Searstone

Retirement

Community,

Series A,

5.30%,

6/1/47 

6,000‌

6,104‌

Wisconsin

PFA,

Searstone

Retirement

Community,

Series A,

5.375%,

6/1/52 

3,935‌

4,008‌

Wisconsin

PFA,

Southminster,

5.00%,

10/1/43 (4)

2,250‌

2,485‌

Wisconsin

PFA,

Southminster,

5.00%,

10/1/48 (4)

2,000‌

2,201‌

Wisconsin

PFA,

Southminster,

5.00%,

10/1/53 (4)

5,760‌

6,327‌

113,345‌

Total

Municipal

Securities

(Cost

$4,966,450)

5,333,044‌

Total

Investments

in

Securities

99.9%

(Cost

$4,966,663)

$

5,333,441‌

Other

Assets

Less

Liabilities

0.1%

3,039

Net

Assets

100.0%

$

5,336,480‌

‡

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

$812,810

and

represents

15.2%

of

net

assets.

(5)

Interest

subject

to

alternative

minimum

tax.

(6)

Insured

by

Berkshire

Hathaway

Assurance

Corporation

(7)

When-issued

security

(8)

Prerefunded

date

is

used

in

determining

portfolio

maturity.

(9)

Insured

by

Assured

Guaranty

Corporation

(10)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

42

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

.

.

.

.

.

.

.

.

.

.

(11)

Insured

by

National

Public

Finance

Guarantee

Corporation

(12)

Insured

by

ACA

Financial

Guaranty

Corporation

(13)

Issuer

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

(14)

Escrowed

to

maturity

(15)

Insured

by

AMBAC

Assurance

Corporation

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

PFA

Public

Finance

Authority/Agency

PIK

Payment-in-kind

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.

VRDN

Variable

Rate

Demand

Note

under

which

the

holder

has

the

right

to

sell

the

security

to

the

issuer

or

the

issuer’s

agent

at

a

predetermined

price

on

specified

dates;

such

specified

dates

are

considered

the

effective

maturity

for

purposes

of

the

fund’s

weighted

average

maturity;

rate

shown

is

effective

rate

at

period-end

and

maturity

date

shown

is

final

maturity.

Certain

VRDN

rates

are

not

based

on

a

published

reference

rate

and

spread

but

may

adjust

periodically.

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

Unaudited

Notes

to

Portfolio

of

Investments

43

T.

Rowe

Price

Tax-Free

High

Yield

Fund,

Inc. (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The

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

T.

ROWE

PRICE

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High

Yield

Fund

44

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

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

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

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

45

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,

2021

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

F59-054Q1

05/21 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Municipal

Securities

$

—‌

$

5,333,044‌

$

—‌

$

5,333,044‌

Common

Stocks

397‌

—‌

—‌

397‌

Total

$

397‌

$

5,333,044‌

$

—‌

$

5,333,441‌