T. Rowe Price Tax-Free High Yield Fund, Inc. (0000758003) (Filer)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-04163

T. Rowe Price Tax-Free High Yield Fund, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: February 28

Date of reporting period: August 31, 2026

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Semi-Annual Shareholder Report

August 31, 2026

High Yield Municipal Bond Fund

Investor Class (PRFHX)

This semi-annual shareholder report contains important information about High Yield Municipal Bond Fund (the "fund") for the period of March 1, 2026 to August 31, 2026. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or [email protected] or contacting your intermediary.  

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

What are some fund statistics?

Fund Statistics

What did the fund invest in?

State Allocation (as a % of Net Assets)

Industry Allocation (as a % of Net Assets)

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F59-053 10/26

High Yield Municipal Bond Fund 

Investor Class (PRFHX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

August 31, 2026

High Yield Municipal Bond Fund

Advisor Class (PATFX)

This semi-annual shareholder report contains important information about High Yield Municipal Bond Fund (the "fund") for the period of March 1, 2026 to August 31, 2026. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or [email protected] or contacting your intermediary.  

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

What are some fund statistics?

Fund Statistics

What did the fund invest in?

State Allocation (as a % of Net Assets)

Industry Allocation (as a % of Net Assets)

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F259-053 10/26

High Yield Municipal Bond Fund 

Advisor Class (PATFX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

August 31, 2026

High Yield Municipal Bond Fund

I Class (PTYIX)

This semi-annual shareholder report contains important information about High Yield Municipal Bond Fund (the "fund") for the period of March 1, 2026 to August 31, 2026. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or [email protected] or contacting your intermediary.  

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

What are some fund statistics?

Fund Statistics

What did the fund invest in?

State Allocation (as a % of Net Assets)

Industry Allocation (as a % of Net Assets)

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F239-053 10/26

High Yield Municipal Bond Fund 

I Class (PTYIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a – b) Report pursuant to Regulation S-X.

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

August

31,

2026

Financial

Statements

and

Other

Information

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

PRFHX

High

Yield

Municipal

Bond

Fund

PATFX

High

Yield

Municipal

Bond

Fund–

.

Advisor Class

PTYIX

High

Yield

Municipal

Bond

Fund–

.

I Class

(Formerly

T.

Rowe

PriceTax

-Free

High

Yield

Fund)

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Unaudited

Financial

Highlights

2

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

8/31/26

..

Year

..

..

Ended

.

2/28/26

2/28/25

2/29/24

2/28/23

2/28/22

NET

ASSET

VALUE

Beginning

of

period

$

11.29‌

$

11.24‌

$

10.97‌

$

10.64‌

$

12.22‌

$

12.32‌

Investment

activities

Net

investment

income

(1)(2)

0.24‌

0.46‌

0.42‌

0.41‌

0.41‌

0.38‌

Net

realized

and

unrealized

gain/

loss

(0.28‌)

0.04‌

0.28‌

0.32‌

(1.58‌)

(0.10‌)

Total

from

investment

activities

(0.04‌)

0.50‌

0.70‌

0.73‌

(1.17‌)

0.28‌

Distributions

Net

investment

income

(0.23‌)

(0.45‌)

(0.43‌)

(0.40‌)

(0.40‌)

(0.38‌)

Net

realized

gain

—‌

—‌

—‌

—‌

(0.01‌)

—‌

Total

distributions

(0.23‌)

(0.45‌)

(0.43‌)

(0.40‌)

(0.41‌)

(0.38‌)

NET

ASSET

VALUE

End

of

period

$

11.02‌

$

11.29‌

$

11.24‌

$

10.97‌

$

10.64‌

$

12.22‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Unaudited

Financial

Highlights

3

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

8/31/26

..

Year

..

..

Ended

.

2/28/26

2/28/25

2/29/24

2/28/23

2/28/22

Ratios/Supplemental

Data

Total

return

(2)(3)

(0.37‌)%

4.67‌%

6.45‌%

7.05‌%

(9.64‌)%

2.21‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.68‌%

(4)

0.65‌%

0.74‌%

0.76‌%

0.76‌%

0.72‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.68‌%

(4)

0.65‌%

0.67‌%

0.67‌%

0.67‌%

0.63‌%

Net

investment

income

4.22‌%

(4)

4.20‌%

3.79‌%

3.81‌%

3.68‌%

2.99‌%

Portfolio

turnover

rate

6.6‌%

18.8‌%

14.2‌%

11.6‌%

19.7‌%

11.8‌%

Net

assets,

end

of

period

(in

millions)

$1,440

$1,435

$1,458

$1,826

$1,949

$3,580

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Unaudited

Financial

Highlights

4

For

a

share

outstanding

throughout

each

period

Advisor

Class

6

Months

.

Ended

8/31/26

..

Year

..

..

Ended

.

2/28/26

2/28/25

2/29/24

2/28/23

2/28/22

NET

ASSET

VALUE

Beginning

of

period

$

11.36‌

$

11.31‌

$

11.03‌

$

10.70‌

$

12.29‌

$

12.39‌

Investment

activities

Net

investment

income

(1)(2)

0.22‌

0.42‌

0.39‌

0.37‌

0.38‌

0.35‌

Net

realized

and

unrealized

gain/

loss

(0.28‌)

0.04‌

0.28‌

0.32‌

(1.59‌)

(0.11‌)

Total

from

investment

activities

(0.06‌)

0.46‌

0.67‌

0.69‌

(1.21‌)

0.24‌

Distributions

Net

investment

income

(0.21‌)

(0.41‌)

(0.39‌)

(0.36‌)

(0.37‌)

(0.34‌)

Net

realized

gain

—‌

—‌

—‌

—‌

(0.01‌)

—‌

Total

distributions

(0.21‌)

(0.41‌)

(0.39‌)

(0.36‌)

(0.38‌)

(0.34‌)

NET

ASSET

VALUE

End

of

period

$

11.09‌

$

11.36‌

$

11.31‌

$

11.03‌

$

10.70‌

$

12.29‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Unaudited

Financial

Highlights

5

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

6

Months

.

Ended

8/31/26

..

Year

..

..

Ended

.

2/28/26

2/28/25

2/29/24

2/28/23

2/28/22

Ratios/Supplemental

Data

Total

return

(2)(3)

(0.53‌)%

4.27‌%

6.17‌%

6.65‌%

(9.89‌)%

1.90‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1.04‌%

(4)

1.02‌%

1.08‌%

1.12‌%

1.03‌%

1.03‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.04‌%

(4)

1.02‌%

1.02‌%

1.02‌%

0.93‌%

0.94‌%

Net

investment

income

3.86‌%

(4)

3.83‌%

3.45‌%

3.46‌%

3.43‌%

2.76‌%

Portfolio

turnover

rate

6.6‌%

18.8‌%

14.2‌%

11.6‌%

19.7‌%

11.8‌%

Net

assets,

end

of

period

(in

thousands)

$2,620

$2,689

$3,287

$4,552

$5,322

$7,637

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Unaudited

Financial

Highlights

6

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

8/31/26

..

Year

..

..

Ended

.

2/28/26

2/28/25

2/29/24

2/28/23

2/28/22

NET

ASSET

VALUE

Beginning

of

period

$

11.29‌

$

11.24‌

$

10.96‌

$

10.64‌

$

12.22‌

$

12.31‌

Investment

activities

Net

investment

income

(1)(2)

0.25‌

0.47‌

0.44‌

0.42‌

0.42‌

0.39‌

Net

realized

and

unrealized

gain/

loss

(0.28‌)

0.05‌

0.28‌

0.31‌

(1.58‌)

(0.09‌)

Total

from

investment

activities

(0.03‌)

0.52‌

0.72‌

0.73‌

(1.16‌)

0.30‌

Distributions

Net

investment

income

(0.24‌)

(0.47‌)

(0.44‌)

(0.41‌)

(0.41‌)

(0.39‌)

Net

realized

gain

—‌

—‌

—‌

—‌

(0.01‌)

—‌

Total

distributions

(0.24‌)

(0.47‌)

(0.44‌)

(0.41‌)

(0.42‌)

(0.39‌)

NET

ASSET

VALUE

End

of

period

$

11.02‌

$

11.29‌

$

11.24‌

$

10.96‌

$

10.64‌

$

12.22‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Unaudited

Financial

Highlights

7

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

8/31/26

..

Year

..

..

Ended

.

2/28/26

2/28/25

2/29/24

2/28/23

2/28/22

Ratios/Supplemental

Data

Total

return

(2)(3)

(0.29‌)%

4.81‌%

6.69‌%

7.07‌%

(9.51‌)%

2.41‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.55‌%

(4)

0.51‌%

0.60‌%

0.65‌%

0.62‌%

0.60‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.53‌%

(4)

0.51‌%

0.54‌%

0.55‌%

0.53‌%

0.51‌%

Net

investment

income

4.38‌%

(4)

4.34‌%

3.94‌%

3.93‌%

3.84‌%

3.10‌%

Portfolio

turnover

rate

6.6‌%

18.8‌%

14.2‌%

11.6‌%

19.7‌%

11.8‌%

Net

assets,

end

of

period

(in

millions)

$2,112

$2,047

$2,065

$1,509

$1,846

$1,942

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

August

31,

2026

Unaudited

8

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

COMMON

STOCKS 0.0%

Ingevity (1)

1‌

56‌

United

Airlines

Holdings (1)

—‌

33‌

Total

Common

Stocks

(Cost

$32)

89‌

CORPORATE

BONDS 0.0%

South

Carolina

Repower,

0.00%,

2/1/45,

Acquisition

Date:

9/29/25,

Cost $— (1)(2)(3)

3,753‌

—‌

Total

Corporate

Bonds

(Cost

$–)

—‌

MUNICIPAL

SECURITIES 99.4%

ALABAMA

 2.8%

Alabama

State

Univ.,

5.75%,

9/1/50 (4)

2,150‌

2,306‌

Baldwin

County

IDA,

Series A,

VRDN,

4.30%,

3/1/56

(Tender

3/1/33) (5)(6)

2,200‌

2,170‌

Black

Belt

Energy

Gas

Dist.,

Series A,

VRDN,

5.25%,

1/1/54

(Tender

10/1/30) 

6,400‌

6,667‌

Black

Belt

Energy

Gas

Dist.,

Series C-1,

VRDN,

5.25%,

2/1/53

(Tender

6/1/29) 

10,610‌

11,051‌

Black

Belt

Energy

Gas

Dist.,

Series D,

VRDN,

5.00%,

3/1/55

(Tender

11/1/34) 

7,000‌

7,284‌

Black

Belt

Energy

Gas

Dist.,

Gas

Project,

Series E,

5.00%,

7/1/33 

10,000‌

10,400‌

Black

Belt

Energy

Gas

Dist.,

Gas

Project,

Series F,

5.00%,

12/1/35 

7,450‌

7,755‌

Black

Belt

Energy

Gas

Dist.,

Gas

Project,

Series F,

5.00%,

6/1/36 

8,000‌

8,224‌

Black

Belt

Energy

Gas

Dist.,

Gas

Project,

Series I,

5.00%,

10/1/33 

4,025‌

4,220‌

Huntsville-Redstone

Village

Special

Care

Fac.

Fin.

Auth.,

Redstone

Village

Project,

Series A,

6.00%,

1/1/60 

9,610‌

8,394‌

Huntsville-Redstone

Village

Special

Care

Fac.

Fin.

Auth.,

Redstone

Village

Project,

Series B,

STEP,

1/1/60 

2,384‌

125‌

Jefferson

County,

Sewer

Revenue,

5.50%,

10/1/53 

2,625‌

2,700‌

Mobile

County

IDA,

AM/NS

Calvert

Project,

Series A,

5.00%,

6/1/54 (5)

3,675‌

3,487‌

Mobile

County

IDA,

AM/NS

Calvert

Project,

Series B,

4.75%,

12/1/54 (5)

3,175‌

2,919‌

Southeast

Energy

Auth.

A

Cooperative

Dist.,

Series B,

VRDN,

4.00%,

12/1/51

(Tender

12/1/31) 

5,160‌

5,137‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

9

Par/Shares

$

Value

(Amounts

in

000s)

Tuscaloosa

County

IDA,

Hunt

Refining

Project,

Series A,

5.25%,

5/1/44 (6)

16,040‌

16,185‌

99,024‌

ARIZONA

 2.2%

Arizona

HFA,

Banner

Health,

Series B,

FRN,

100%

of

SPMUV7DY

+

0.81%,

3.53%,

1/1/37 

1,075‌

1,070‌

Arizona

HFA,

Banner

Health,

Series C,

VRDN,

3.05%,

1/1/46 

5,225‌

5,225‌

Arizona

IDA,

Academics

of

Math

&

Science

Project,

Series A,

5.50%,

7/1/56 (6)

1,000‌

943‌

Arizona

IDA,

Academics

of

Math

&

Science

Project,

Series A,

5.75%,

7/1/61 (6)

800‌

769‌

Arizona

IDA,

Cadence

Campus

Project,

Series A,

4.00%,

7/15/40 (6)

730‌

660‌

Arizona

IDA,

Cadence

Campus

Project,

Series A,

4.00%,

7/15/50 (6)

1,265‌

1,017‌

Arizona

IDA,

Doral

Academy

-

Fire

Mesa,

Series A,

5.00%,

7/15/39 

1,050‌

1,014‌

Arizona

IDA,

Doral

Academy

-

Fire

Mesa,

Series A,

5.00%,

7/15/49 

1,595‌

1,403‌

Arizona

IDA,

Montanero

Project,

6.75%,

12/1/55 (5)(6)

6,550‌

6,638‌

Arizona

IDA,

Odyssey

Preparatory

Academy,

5.00%,

7/1/49 (6)

5,445‌

4,502‌

Arizona

IDA,

Odyssey

Preparatory

Academy,

Series A,

5.25%,

7/1/37 (6)

2,375‌

2,295‌

Arizona

IDA,

Odyssey

Preparatory

Academy,

Series A,

5.50%,

7/1/52 (6)

4,170‌

3,607‌

Arizona

IDA,

Pinecrest

Academy

of

Northern

Nevada

Project,

Series A,

4.50%,

7/15/29 (6)

2,975‌

2,908‌

Arizona

IDA,

San

Tan

Charter

School

Projects,

6.875%,

2/1/65 (6)

8,000‌

7,853‌

Maricopa

County,

El

Paso

Electric,

Series A,

PCR,

4.50%,

8/1/42 

2,575‌

2,431‌

Phoenix

Arizona

IDA,

Downtown

Phoenix

Student

Housing,

5.00%,

7/1/44 

805‌

789‌

Phoenix

Arizona

IDA,

Downtown

Phoenix

Student

Housing,

5.00%,

7/1/49 

475‌

456‌

Phoenix

Arizona

IDA,

Downtown

Phoenix

Student

Housing,

5.00%,

7/1/59 

3,175‌

2,957‌

Pima

County

IDA,

American

Leadership

Academy,

4.00%,

6/15/41 (6)

2,380‌

1,921‌

Pima

County

IDA,

American

Leadership

Academy,

4.00%,

6/15/51 (6)

5,285‌

3,747‌

Salt

Verde

Financial,

5.00%,

12/1/37 

12,970‌

13,186‌

Sierra

Vista

IDA,

5.00%,

6/15/54 (6)

5,375‌

4,370‌

Sierra

Vista

IDA,

Wake

Preparatory

Academy,

6.25%,

6/15/50 

4,450‌

4,452‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

10

Par/Shares

$

Value

(Amounts

in

000s)

Tempe

IDA,

Friendship

Village

of

Tempe

Project,

Series A,

4.00%,

12/1/46 

1,980‌

1,663‌

Tempe

IDA,

Friendship

Village

of

Tempe

Project,

Series A,

5.625%,

12/1/60 

3,215‌

3,243‌

79,119‌

ARKANSAS

 1.1%

Arkansas

DFA,

Hybar

Steel

Project,

Series A,

7.00%,

7/1/48 (5)

(6)

5,000‌

5,532‌

Arkansas

DFA,

Hybar

Steel

Project,

Series B,

7.50%,

7/1/48 (5)

(6)

5,000‌

5,647‌

Arkansas

DFA,

Taxable-Springing

Exempt

Obligation,

Series B,

7.375%,

7/1/56

(Tender

7/1/34) (6)

13,000‌

13,439‌

Arkansas

DFA,

U.S.

Steel

Corp.

Project,

5.45%,

9/1/52 (5)

7,365‌

7,430‌

Arkansas

DFA,

U.S.

Steel

Corp.

Project,

Series B,

VRDN,

4.25%,

9/1/46

(Tender

3/3/36) (5)(6)

6,925‌

6,813‌

38,861‌

CALIFORNIA

 7.5%

California

Community

Choice

Fin.

Auth.,

Green

Bond-Clean

Energy

Project,

VRDN,

5.00%,

12/1/53

(Tender

8/1/29) 

10,715‌

11,076‌

California

Community

Choice

Fin.

Auth.,

Green

Bond-Clean

Energy

Project,

VRDN,

5.50%,

10/1/54

(Tender

11/1/30) 

4,490‌

4,817‌

California

Community

Housing

Agency,

Creekwood,

Series A,

4.00%,

2/1/56 (6)

22,370‌

13,624‌

California

Community

Housing

Agency,

Glendale

Properties,

Series A-1,

4.00%,

2/1/56 (6)

3,000‌

2,365‌

California

Community

Housing

Agency,

Junior

Bonds

Street

Flats,

Series A-2,

4.00%,

8/1/50 (6)

7,980‌

6,268‌

California

Community

Housing

Agency,

Senior

Bonds

Street

Flats,

Series A-1,

3.00%,

2/1/57 (6)

1,800‌

1,212‌

California

Community

Housing

Agency,

Senior-Fountains

at

Emerald,

3.00%,

8/1/56 (6)

3,200‌

2,137‌

California

Community

Housing

Agency,

Stoneridge

Apartments,

Series A,

4.00%,

2/1/56 (6)

23,060‌

17,923‌

California

Community

Housing

Agency,

Verdant

at

Green

Valley

Project,

5.00%,

8/1/49 (6)

13,510‌

12,304‌

California

Housing

Fin.,

Series 2019-1,

Class

A,

4.25%,

1/15/35 

2,333‌

2,378‌

California

Municipal

Fin.

Auth.,

Series 2025-2,

Class

A1,

VR,

4.335%,

11/20/40 

4,022‌

3,883‌

California

Municipal

Fin.

Auth.,

Ascent

613

Project,

Series A,

5.375%,

1/1/55 (6)

5,525‌

5,426‌

California

Municipal

Fin.

Auth.,

Baptish

Univ.,

Series A,

5.00%,

11/1/46 (6)

2,750‌

2,655‌

California

Municipal

Fin.

Auth.,

Clay

Lacy

Aviation

Fac.

John

Wayne

Airport,

5.00%,

1/1/41 (5)(6)

700‌

711‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

11

Par/Shares

$

Value

(Amounts

in

000s)

California

Municipal

Fin.

Auth.,

Clay

Lacy

Aviation

Fac.

John

Wayne

Airport,

6.00%,

1/1/55 (5)(6)

1,630‌

1,689‌

California

Municipal

Fin.

Auth.,

John

Adams

Academies

Lincoln

Project,

Series A,

5.00%,

10/1/49 (6)

1,515‌

1,381‌

California

Municipal

Fin.

Auth.,

John

Adams

Academies

Lincoln

Project,

Series A,

5.00%,

10/1/57 (6)

1,650‌

1,435‌

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

4.00%,

12/31/47 (5)

4,605‌

4,018‌

California

Municipal

Fin.

Auth.,

Samuel

Merritt

Univ.,

5.25%,

6/1/53 

4,565‌

4,654‌

California

Municipal

Fin.

Auth.,

The

Learning

Choice

Academy

Obligated

Group,

Series A,

5.50%,

7/1/45 

1,620‌

1,599‌

California

Municipal

Fin.

Auth.,

The

Learning

Choice

Academy

Obligated

Group,

Series A,

5.50%,

7/1/65 

1,000‌

919‌

California

PFA,

Enso

Village

Project,

5.00%,

11/15/46 (6)

595‌

558‌

California

PFA,

Sunrise

of

Manhattan

Beach,

Series A-1,

6.75%,

7/1/65 (6)

9,020‌

9,591‌

California

School

Fin.

Auth.,

Ivy

Academia

Project,

Series A,

4.00%,

6/1/41 (6)

1,650‌

1,293‌

California

School

Fin.

Auth.,

Ivy

Academia

Project,

Series A,

4.00%,

6/1/51 (6)

1,500‌

1,035‌

California

School

Fin.

Auth.,

Ivy

Academia

Project,

Series A,

4.00%,

6/1/61 (6)

250‌

159‌

California

School

Fin.

Auth.,

Partnerships

to

Uplift

Communities

Project,

5.50%,

8/1/47 (6)

1,030‌

958‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/28 

205‌

206‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/29 

220‌

221‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/30 

235‌

235‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/31 

185‌

185‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/41 

1,270‌

1,138‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/51 

785‌

646‌

California

Statewide

CDA,

Series 2021C-1,

4.00%,

9/2/31 

880‌

866‌

California

Statewide

CDA,

Series 2021C-1,

4.00%,

9/2/41 

1,605‌

1,391‌

California

Statewide

CDA,

Series 2021C-1,

4.00%,

9/2/51 

1,080‌

876‌

California

Statewide

CDA,

Series A-1,

5.00%,

9/2/42 

3,495‌

3,518‌

California

Statewide

CDA,

HR

Ontario

Hotel

Project,

5.00%,

9/2/35 (6)

320‌

323‌

California

Statewide

CDA,

HR

Ontario

Hotel

Project,

5.00%,

9/2/40 (6)

165‌

165‌

California

Statewide

CDA,

HR

Ontario

Hotel

Project,

Series A,

6.00%,

9/2/35 (6)

610‌

630‌

California

Statewide

CDA,

HR

Ontario

Hotel

Project,

Series A,

6.00%,

9/2/40 (6)

1,135‌

1,163‌

California

Statewide

CDA,

HR

Ontario

Hotel

Project,

Series A,

6.125%,

9/2/48 (6)

1,000‌

1,018‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

12

Par/Shares

$

Value

(Amounts

in

000s)

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

5.50%,

12/1/54 

10,290‌

10,291‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/46 (6)

3,165‌

3,168‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.25%,

12/1/56 (6)

8,120‌

8,124‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.50%,

12/1/58 (6)

10,000‌

10,017‌

California

Statewide

CDA,

Maison

613

Project,

Series A,

6.625%,

9/2/62 (6)

2,500‌

2,515‌

California

Statewide

CDA,

Statewide

Community

Infrastructure,

Series A-1,

5.00%,

9/2/52 

4,965‌

4,816‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

4.00%,

9/2/41 

1,260‌

1,135‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

4.00%,

9/2/51 

1,895‌

1,560‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

5.00%,

9/2/49 

395‌

398‌

California

Statewide

Fin.

Auth.,

Tobacco

Industry,

Series A,

6.00%,

5/1/43 

1,190‌

1,214‌

CMFA

Special

Fin.

Agency

VII,

Series A-1,

3.00%,

8/1/56 (6)

2,955‌

1,987‌

CMFA

Special

Fin.

Agency

XII,

Allure

Apartments,

4.375%,

8/1/49 (6)

2,530‌

2,042‌

CMFA

Special

Fin.

Agency,

Solana

at

Grand,

Series A-2,

4.00%,

8/1/45 (6)

2,820‌

2,472‌

CSCDA

Community

Improvement

Auth.,

3.00%,

12/1/56 (6)

1,520‌

1,037‌

CSCDA

Community

Improvement

Auth.,

3.00%,

3/1/57 (6)

5,585‌

3,786‌

CSCDA

Community

Improvement

Auth.,

Link-Glendale

Social

Bonds,

Series A-1,

3.00%,

7/1/45 (6)

2,750‌

2,137‌

CSCDA

Community

Improvement

Auth.,

Link-Glendale

Social

Bonds,

Series A-2,

4.00%,

7/1/56 (6)

6,207‌

4,616‌

CSCDA

Community

Improvement

Auth.,

Mezzanine

Lien

Sustainable

Bonds,

4.00%,

2/1/57 (6)

2,500‌

1,843‌

CSCDA

Community

Improvement

Auth.,

Monterey

Station

Apartment

Social

Bonds,

3.125%,

7/1/56 (6)

5,105‌

3,168‌

CSCDA

Community

Improvement

Auth.,

Oceanaire

Long

Beach

Social

Bonds,

Series A-2,

4.00%,

9/1/56 (6)

8,485‌

6,392‌

CSCDA

Community

Improvement

Auth.,

Social

Bonds,

Series A-2,

3.00%,

2/1/57 (6)

2,500‌

1,707‌

Golden

State

Tobacco

Securitization,

5.00%,

6/1/51 

3,410‌

3,314‌

Golden

State

Tobacco

Securitization,

Series B-2,

Zero

Coupon,

6/1/66 

204,875‌

19,093‌

Inland

Empire

Tobacco

Securitization,

Tobacco

Settlement

Asset-Backed

Bonds,

Series C-1,

Zero

Coupon,

6/1/36 

20,000‌

10,092‌

Irvine,

Reassessment

Dist.

No.

12-1,

4.00%,

9/2/27 

235‌

236‌

Irvine,

Reassessment

Dist.

No.

12-1,

4.00%,

9/2/28 

320‌

322‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

13

Par/Shares

$

Value

(Amounts

in

000s)

Los

Angeles

Dept.

of

Airports,

Series A,

5.50%,

5/15/55 (5)

4,750‌

4,936‌

Northern

California

Gas

Auth.

No.

1,

Series B,

FRN,

67%

of

(3M

TSFR

+

0.2616%)

+

0.72%,

3.391%,

7/1/27 

1,110‌

1,106‌

Oroville,

Hosp.,

5.25%,

4/1/54 (1)(7)

1,485‌

1,025‌

Regents

of

the

Univ.

of

California,

Medical

Center

Pooled

Revenue,

Series P,

3.50%,

5/15/54 

2,600‌

1,990‌

San

Diego

County

Regional

Airport

Auth.,

Senior

Private

Activity,

Series B,

5.50%,

7/1/55 (5)

3,300‌

3,433‌

San

Francisco

City

&

County

Int'l.

Airport,

Series A,

5.50%,

5/1/55 (5)

12,000‌

12,511‌

San

Francisco

City

&

County

Int'l.

Airport,

Series A,

5.50%,

5/1/56 (5)

2,125‌

2,222‌

San

Francisco

City

and

County,

Special

Tax

Dist.

No.

2020-1,

Series A,

5.75%,

9/1/50 (6)

850‌

875‌

San

Francisco

City

and

County,

Special

Tax

Dist.

No.

2020-1,

Series B,

5.75%,

9/1/53 (6)

1,290‌

1,325‌

West

Sacramento

Fin.

Auth.,

Series A,

5.00%,

9/1/34 (4)

1,560‌

1,693‌

267,247‌

COLORADO

 3.8%

Aurora

Crossroads

Metropolitan

Dist.

No.

2,

Series A-3,

GO,

6.125%,

12/1/55 

12,000‌

12,147‌

Buffalo

Highlands

Metropolitan

Dist.,

Series A,

GO,

5.25%,

12/1/38 

907‌

907‌

Buffalo

Highlands

Metropolitan

Dist.,

Series A,

GO,

5.375%,

12/1/48 

3,250‌

3,173‌

CCP

Metropolitan

Dist.

No.

3,

GO,

5.00%,

12/1/53 

1,178‌

1,128‌

Centerra

Metropolitan

Dist.

No.

1,

5.00%,

12/1/47 (6)

3,500‌

3,369‌

Colorado

Bridge

&

Tunnel

Enterprise,

Senior

Infrastructure,

Series A,

5.50%,

12/1/54 (4)

2,650‌

2,790‌

Colorado

Ed.

&

Cultural

Fac.

Auth.,

Ascent

Classical

Academy

School

Project,

5.75%,

4/1/59 (6)

1,070‌

1,005‌

Colorado

Ed.

&

Cultural

Fac.

Auth.,

Ascent

Classical

Academy

School

Project,

5.80%,

4/1/54 (6)

1,200‌

1,149‌

Colorado

Ed.

&

Cultural

Fac.

Auth.,

Monument

Academy

Project,

Series A,

4.375%,

6/1/36 (6)

4,275‌

4,137‌

Colorado

Ed.

&

Cultural

Fac.

Auth.,

The

Stanley

Project,

Series A-1,

6.875%,

2/1/59 (6)

11,135‌

11,560‌

Colorado

HFA,

Frasier,

Series 2023A,

4.00%,

5/15/31 

485‌

491‌

Colorado

HFA,

Frasier,

Series 2023A,

4.00%,

5/15/32 

590‌

595‌

Colorado

HFA,

Frasier,

Series 2023A,

4.00%,

5/15/41 

1,160‌

1,063‌

Colorado

HFA,

Frasier,

Series 2023A,

4.00%,

5/15/48 

1,770‌

1,496‌

Colorado

HFA,

Sunny

Vista

Living

Center,

Series A,

5.75%,

12/1/35 (6)

1,145‌

881‌

Colorado

HFA,

Sunny

Vista

Living

Center,

Series A,

6.125%,

12/1/45 (6)

2,350‌

1,658‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

14

Par/Shares

$

Value

(Amounts

in

000s)

Colorado

HFA,

Sunny

Vista

Living

Center,

Series A,

6.25%,

12/1/50 (6)

3,285‌

2,244‌

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes,

5.00%,

12/31/51 

4,000‌

3,811‌

Colorado

Int'l.

Center

Metropolitan

Dist.

No.

14,

Series B,

GO,

8.00%,

12/15/56 

3,000‌

2,918‌

Cornerstar

Metropolitan

Dist.,

Series A,

GO,

5.125%,

12/1/37 

500‌

500‌

Cornerstar

Metropolitan

Dist.,

Series A,

GO,

5.25%,

12/1/47 

2,600‌

2,502‌

Denver

Int'l.

Business

Center

Metropolitan

Dist.

No.

1,

Series B,

GO,

6.00%,

12/1/48 

1,185‌

1,148‌

Gold

Hill

North

Business

Improvement

Dist.,

Series A,

GO,

5.60%,

12/1/54 (6)

3,600‌

3,500‌

Green

Valley

Ranch

East

Metropolitan

Dist.

No.

6,

Series A,

GO,

5.875%,

12/1/50 

2,200‌

2,220‌

Mineral

Business

Improvement

Dist.,

Series A,

GO,

5.75%,

12/1/54 (6)

1,750‌

1,693‌

Mirabelle

Metropolitan

Dist.

No.

2,

Subordinate

Bonds,

Series B,

GO,

6.125%,

12/15/49 

2,100‌

2,033‌

Painted

Prairie

Metropolitan

Dist.

No.

2,

GO,

5.25%,

12/1/48 

3,899‌

3,664‌

Palisade

Metropolitan

Dist.

No.

2,

Series B,

STEP,

0.00%,

12/15/54 (6)

2,800‌

2,745‌

Peak

Metropolitan

Dist.

No.

1,

Series A,

GO,

4.00%,

12/1/35 (6)

500‌

450‌

Peak

Metropolitan

Dist.

No.

1,

Series A,

GO,

5.00%,

12/1/51 (6)

5,270‌

4,403‌

Prairie

Point

Community

Auth.

Board

Special

Improvement

Dist.

No.

1,

5.375%,

12/1/40 

1,250‌

1,248‌

Prairie

Point

Community

Auth.

Board

Special

Improvement

Dist.

No.

1,

5.75%,

12/1/45 

800‌

803‌

Public

Auth.

for

Colorado

Energy,

6.25%,

11/15/28 

3,115‌

3,224‌

Public

Auth.

for

Colorado

Energy,

6.50%,

11/15/38 

9,210‌

10,600‌

Pueblo

Urban

Renewal

Auth.,

4.75%,

12/1/45 (6)

5,620‌

5,305‌

Rampart

Range

Metropolitan

Dist.

No

5,

4.00%,

12/1/51 

7,025‌

5,531‌

Redtail

Ridge

Metropolitan

Dist.,

GO,

Zero

Coupon,

12/1/32 

10,025‌

6,555‌

Riverwalk

Metropolitan

Dist.

No

2,

Series A,

5.00%,

12/1/52 

4,245‌

3,572‌

Southglenn

Metropolitan

Dist.,

GO,

5.00%,

12/1/36 

810‌

797‌

Southglenn

Metropolitan

Dist.,

GO,

5.00%,

12/1/46 

1,448‌

1,351‌

St.

Vrain

Lakes

Metropolitan

Dist.

No.

2,

Series B,

GO,

6.375%,

11/15/54 

2,000‌

1,930‌

STC

Metropolitan

Dist.

No.

2,

Second

Lien,

Series A-2,

GO,

6.25%,

12/1/55 (6)

2,000‌

2,008‌

Sterling

Ranch

Community

Auth.

Board,

Series A,

6.50%,

12/1/54 

1,000‌

1,025‌

Sterling

Ranch

Community

Auth.

Board,

Series B,

8.75%,

12/15/54 

1,670‌

1,616‌

Vail

Home

Partners,

5.75%,

10/1/45 (6)

415‌

430‌

Vail

Home

Partners,

5.875%,

10/1/55 (6)

2,720‌

2,770‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

15

Par/Shares

$

Value

(Amounts

in

000s)

Vail

Home

Partners,

6.00%,

10/1/64 (6)

5,580‌

5,691‌

135,836‌

CONNECTICUT

 1.5%

Connecticut

State

HEFA,

Church

Home

of

Hartford,

Series A,

5.00%,

9/1/46 (6)

1,060‌

1,019‌

Connecticut

State

HEFA,

Church

Home

of

Hartford,

Series A,

5.00%,

9/1/53 (6)

1,260‌

1,175‌

Connecticut

State

HEFA,

Goodwin

Univ.,

Series A-1,

5.375%,

7/1/54 

3,900‌

3,568‌

Connecticut

State

HEFA,

Hartford

Healthcare

Issue,

Series A,

5.50%,

7/1/51 

5,000‌

5,259‌

Connecticut

State

HEFA,

Hartford

Univ.,

4.00%,

7/1/44 

4,405‌

3,674‌

Connecticut

State

HEFA,

Hartford

Univ.,

4.00%,

7/1/49 

4,200‌

3,303‌

Connecticut

State

HEFA,

Masonicare,

Series F,

5.00%,

7/1/31 

2,000‌

2,001‌

Connecticut

State

HEFA,

Masonicare,

Series F,

5.00%,

7/1/32 

3,280‌

3,282‌

Connecticut

State

HEFA,

Masonicare,

Series F,

5.00%,

7/1/33 

2,055‌

2,056‌

Connecticut

State

HEFA,

Masonicare,

Series F,

5.00%,

7/1/34 

1,435‌

1,436‌

Connecticut

State

HEFA,

Masonicare,

Series F,

5.00%,

7/1/43 

8,115‌

7,948‌

Hamden

Town,

Whitney

Center

Project,

5.00%,

1/1/40 

5,125‌

4,920‌

Hamden

Town,

Whitney

Center

Project,

5.00%,

1/1/50 

6,160‌

5,439‌

Mashantucket

Western

Pequot

Tribe,

6.05%,

7/1/31

(4.00%

Cash

and

2.05%

PIK) (7)(8)

23,166‌

6,718‌

Steel

Point

Infrastructure

Improvement

Dist.,

Steelpointe

Harbor

Project,

4.00%,

4/1/41 (6)

550‌

489‌

Steel

Point

Infrastructure

Improvement

Dist.,

Steelpointe

Harbor

Project,

4.00%,

4/1/51 (6)

2,715‌

2,103‌

54,390‌

DELAWARE

 1.2%

Delaware

Economic

Dev.

Auth.,

Newark

Charter

School,

4.00%,

9/1/30 

200‌

201‌

Delaware

Economic

Dev.

Auth.,

Newark

Charter

School,

5.00%,

9/1/40 

1,025‌

1,023‌

Delaware

Economic

Dev.

Auth.,

Newark

Charter

School,

5.00%,

9/1/50 

1,385‌

1,311‌

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/37 

790‌

798‌

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/43 

4,920‌

4,878‌

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/48 

2,035‌

1,929‌

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/50 

4,390‌

3,950‌

Delaware

State

Economic

Dev.

Auth.,

Academia

Antonia

Alonso

Charter

School

Project,

Series A,

6.00%,

7/1/55 (6)

3,825‌

3,833‌

Delaware

State

Economic

Dev.

Auth.,

ASPIRA

of

Delaware

Charter

Operations

Project,

4.00%,

6/1/52 

1,260‌

933‌

Delaware

State

Economic

Dev.

Auth.,

ASPIRA

of

Delaware

Charter

Operations

Project,

4.00%,

6/1/57 

1,220‌

872‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

16

Par/Shares

$

Value

(Amounts

in

000s)

Delaware

State

Economic

Dev.

Auth.,

ASPIRA

of

Delaware

Charter

Operations

Project,

5.00%,

6/1/51 

1,350‌

1,169‌

Delaware

State

Economic

Dev.

Auth.,

ASPIRA

of

Delaware

Charter

Operations

Project,

Series A,

5.25%,

2/1/46 

1,050‌

994‌

Delaware

State

Economic

Dev.

Auth.,

ASPIRA

of

Delaware

Charter

Operations

Project,

Series A,

5.75%,

2/1/56 

1,225‌

1,164‌

Delaware

State

Economic

Dev.

Auth.,

ASPIRA

of

Delaware

Charter

Operations

Project,

Series A,

5.75%,

2/1/61 

1,400‌

1,314‌

Delaware

State

Housing

Auth.,

Series A,

4.75%,

7/1/46 

2,350‌

2,286‌

Kent

County,

CHF

Dover

&

Delaware

Univ.

Project,

Series A,

5.00%,

7/1/32 

205‌

206‌

Kent

County,

CHF

Dover

&

Delaware

Univ.

Project,

Series A,

5.00%,

7/1/40 

890‌

861‌

Kent

County,

CHF

Dover

&

Delaware

Univ.

Project,

Series A,

5.00%,

7/1/48 

2,335‌

2,136‌

Kent

County,

CHF

Dover

&

Delaware

Univ.

Project,

Series A,

5.00%,

7/1/53 

3,445‌

3,038‌

Kent

County,

CHF

Dover

&

Delaware

Univ.

Project,

Series A,

5.00%,

7/1/58 

2,915‌

2,536‌

Sussex

County,

Cadbury

at

Lewes,

5.00%,

1/1/36 

6,445‌

6,447‌

41,879‌

DISTRICT

OF

COLUMBIA

 1.9%

Dist.

of

Columbia

Tobacco

Settlement

Fin.,

Series A,

Zero

Coupon,

6/15/46 

58,985‌

12,917‌

Dist.

of

Columbia

Tobacco

Settlement

Fin.,

Series B,

Zero

Coupon,

6/15/46 

18,210‌

3,375‌

Dist.

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/37 

2,295‌

2,306‌

Dist.

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/42 

4,065‌

4,068‌

Dist.

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/52 

9,730‌

9,123‌

Dist.

of

Columbia,

Union

Market

Infrastructure

Project,

3.75%,

6/1/31 (6)

900‌

872‌

Dist.

of

Columbia,

Union

Market

Infrastructure

Project,

4.25%,

6/1/46 (6)

2,810‌

2,334‌

Dist.

of

Columbia,

Union

Market

Project,

Series B,

STEP,

6/1/41 (6)

1,600‌

1,038‌

Dist.

of

Columbia,

Union

Market

Project,

Series B,

STEP,

6/1/49 (6)

3,450‌

2,169‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

Zero

Coupon,

10/1/37 (4)

10,135‌

6,318‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

Zero

Coupon,

10/1/38 

7,915‌

4,518‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

17

Par/Shares

$

Value

(Amounts

in

000s)

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

Zero

Coupon,

10/1/39 

1,585‌

849‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

Zero

Coupon,

10/1/40 

3,955‌

1,988‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Dulles

Metrorail

&

Capital

Improvement

Projects,

Series B,

6.50%,

10/1/44 

11,080‌

11,549‌

Washington

Metropolitan

Area

Transit

Auth.,

Second

Lien,

Series A,

4.375%,

7/15/59 

3,000‌

2,764‌

66,188‌

FLORIDA

 6.2%

Alachua

County

HFA,

East

Ridge

Retirement

Village,

6.00%,

11/15/34 (1)(7)

59‌

1‌

Alachua

County

HFA,

East

Ridge

Retirement

Village,

6.375%,

11/15/49 (1)(7)

2,320‌

35‌

Ave

Maria

Stewardship

Community

Dist.,

Phase

5

Master

Improvements

Project,

5.30%,

5/1/45 

450‌

441‌

Ave

Maria

Stewardship

Community

Dist.,

Phase

5

Master

Improvements

Project,

5.60%,

5/1/56 

500‌

476‌

Avenir

Community

Dev.

Dist.,

5.375%,

5/1/43 

1,850‌

1,884‌

Avenir

Community

Dev.

Dist.,

5.625%,

5/1/54 

885‌

885‌

Babcock

Ranch

Community

Independent

Special

Dist.,

5.25%,

5/1/55 (6)

3,750‌

3,632‌

Big

Cypress

Stewardship

Dist.,

Assessment

Area

Two,

5.80%,

5/1/55 

3,140‌

2,998‌

Boggy

Creek

Improvement

Dist.,

Special

Assessment,

Series 2013,

5.125%,

5/1/43 

6,125‌

6,037‌

Broward

County

Port

Fac.

Revenue,

Senior

Bond,

Series B,

4.00%,

9/1/49 (5)

5,000‌

4,259‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/29 

875‌

908‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/30 

250‌

261‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/31 

1,015‌

1,055‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/33 

900‌

928‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/34 

975‌

1,001‌

Capital

Projects

Fin.

Auth.,

Millenia

Orlando

Project,

Series A,

7.125%,

1/1/65 (6)

5,000‌

5,224‌

Capital

Projects

Fin.

Auth.,

Navigator

Academy

of

Leadership

Obligated

Group

Project,

5.00%,

6/15/64 (6)

2,890‌

2,489‌

Capital

Trust

Agency,

4.00%,

6/15/51 (6)

1,545‌

1,143‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

18

Par/Shares

$

Value

(Amounts

in

000s)

Capital

Trust

Agency,

The

Marie

Selby

Botanical

Gardens,

4.00%,

6/15/41 (6)

3,300‌

2,826‌

Capital

Trust

Auth.,

Florida

Institute

of

Technology

Project,

Series A,

5.375%,

7/1/65 (6)

6,450‌

5,990‌

Capital

Trust

Auth.,

Kipp

Miami

North

Campus

Project,

Series A,

5.625%,

6/15/44 (6)

410‌

417‌

Capital

Trust

Auth.,

Kipp

Miami

North

Campus

Project,

Series A,

6.00%,

6/15/54 (6)

655‌

662‌

Capital

Trust

Auth.,

Kipp

Miami

North

Campus

Project,

Series A,

6.125%,

6/15/60 (6)

800‌

809‌

Capital

Trust

Auth.,

Mason

Classical

Academy

Project,

Series A,

5.00%,

6/1/64 (6)

2,550‌

2,259‌

Celebration

Pointe

Community

Dev.

Dist.,

3.00%,

5/1/31 (1)(7)

565‌

452‌

Celebration

Pointe

Community

Dev.

Dist.,

3.375%,

5/1/41 (1)(7)

1,055‌

844‌

Celebration

Pointe

Community

Dev.

Dist.,

4.00%,

5/1/53 (1)(7)

2,310‌

1,848‌

Celebration

Pointe

Community

Dev.

Dist.,

5.125%,

5/1/45 (1)(7)

755‌

604‌

Celebration

Pointe

Community

Dev.

Dist.,

Alachua

County,

5.00%,

5/1/32 (1)(7)

755‌

604‌

Coastal

Ridge

Community

Dev.

Dist.,

6.00%,

5/1/55 

2,800‌

2,811‌

Crossings

at

Fleming

Island

Community

Dev.

Dist.,

Series A-1,

4.50%,

5/1/30 

180‌

179‌

Enclave

at

Lake

Geneva

Community

Dev.

Dist.,

5.60%,

5/1/46 

2,100‌

2,026‌

Enclave

at

Lake

Geneva

Community

Dev.

Dist.,

6.00%,

5/1/56 

1,900‌

1,838‌

Everest

GMR

Community

Dev.

Dist.,

6.20%,

5/1/54 

5,850‌

5,905‌

Firelight

Community

Dev.

Dist.,

Series A,

6.125%,

5/1/55 

2,375‌

2,376‌

Firethorn

Community

Dev.

Dist.,

5.60%,

5/1/55 

760‌

725‌

Florida

Dev.

Fin.,

GFL

Solid

Waste

Southeast

Project,

Series A,

VRDN,

4.375%,

10/1/54

(Tender

10/1/31) (5)(6)

2,450‌

2,446‌

Florida

Dev.

Fin.,

Renaissance

Charter

School

Projects,

Series A,

6.00%,

6/15/55 (6)

2,475‌

2,489‌

Florida

Dev.

Fin.,

Renaissance

Charter

School

Projects,

Series A,

6.125%,

6/15/50 (6)

1,375‌

1,404‌

Florida

Dev.

Fin.,

UF

Health

Jacksonville

Project,

4.00%,

2/1/52 

2,945‌

2,264‌

Florida

Dev.

Fin.,

UF

Health

Jacksonville

Project,

5.00%,

2/1/52 

1,450‌

1,307‌

Florida

Dev.

Fin.,

Waste

Pro

USA

Inc.

Project,

4.50%,

7/1/32 (5)

(6)

5,850‌

5,824‌

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Jacksonville

Univ.,

Series A-1,

4.75%,

6/1/38 (6)

2,495‌

2,382‌

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Jacksonville

Univ.,

Series A-1,

5.00%,

6/1/48 (6)

10,550‌

9,549‌

Florida

Local

Government

Fin.

Commission,

The

Sanctuary

at

Village

on

the

Isle

Project,

Series A,

BAN,

11.00%,

12/22/30 (6)

4,750‌

5,100‌

Florida

Local

Gov't.

Fin.

Commission,

Fleet

Landing

at

Nocatee

Project,

Series A,

6.875%,

11/15/64 (6)

6,300‌

6,589‌

Golden

Gem

Community

Dev.

Dist.,

6.00%,

5/1/55 

3,800‌

3,755‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

19

Par/Shares

$

Value

(Amounts

in

000s)

Greater

Orlando

Aviation

Auth.,

United

Airlines

Project,

5.50%,

11/1/37 (5)

1,375‌

1,456‌

Hammock

Oaks

Community

Dev.

Dist.,

Assessment

Area

Three,

4.50%,

5/1/32 (6)

240‌

241‌

Hammock

Oaks

Community

Dev.

Dist.,

Assessment

Area

Three,

5.75%,

5/1/55 (6)

1,500‌

1,451‌

Hammock

Oaks

Community

Dev.

Dist.,

Assessment

Area

Two,

5.85%,

5/1/44 

780‌

787‌

Hammock

Oaks

Community

Dev.

Dist.,

Assessment

Area

Two,

6.15%,

5/1/54 

885‌

882‌

Hillcrest

Preserve

Community

Dev.

Dist.,

4.375%,

5/1/31 (6)

355‌

355‌

Hillcrest

Preserve

Community

Dev.

Dist.,

5.00%,

5/1/44 (6)

1,200‌

1,148‌

Hillcrest

Preserve

Community

Dev.

Dist.,

5.30%,

5/1/54 (6)

1,615‌

1,499‌

Hillsborough

County

IDA,

BayCare

Health

System,

Series C,

5.50%,

11/15/54 

2,880‌

3,011‌

Hillsborough

County

IDA,

BayCare

Health

System,

Series E,

VRDN,

3.00%,

11/15/54 

9,300‌

9,300‌

Hobe-St.

Lucie

Conservancy

Dist.,

5.875%,

5/1/55 

2,700‌

2,711‌

Jacksonville

Aviation

Auth.,

5.50%,

10/1/50 (5)

4,000‌

4,156‌

Jacksonville

Ed.

Fac.,

Jacksonville

Univ.,

Series B,

5.00%,

6/1/53 (6)

9,095‌

8,033‌

KD52

Community

Dev.

Dist.

No.

1,

6.125%,

5/1/56 

3,400‌

3,302‌

Lakes

of

Sarasota

Community

Dev.

Dist.,

Series A,

5.60%,

5/1/55 

695‌

659‌

Lakes

of

Sarasota

Community

Dev.

Dist.,

Series B,

5.25%,

5/1/34 

815‌

825‌

Lakes

of

Sarasota

Community

Dev.

Dist.

2,

Series A,

5.70%,

5/1/55 

720‌

692‌

Lakes

of

Sarasota

Community

Dev.

Dist.

2,

Series B,

5.20%,

5/1/35 

900‌

901‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

Centre

&

Northwest

Sector,

5.50%,

5/1/39 (6)

25‌

25‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

Centre

&

Northwest

Sector,

5.65%,

5/1/48 (6)

110‌

110‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

National

Polo

Run,

5.25%,

5/1/37 

2,875‌

2,890‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

National

Polo

Run,

5.375%,

5/1/47 

3,635‌

3,637‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

Ranch

South,

5.00%,

5/1/36 

1,130‌

1,131‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

Ranch

South,

5.125%,

5/1/46 

2,290‌

2,273‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

Ranch

Southeast

Project,

6.00%,

5/1/56 

4,030‌

4,145‌

Lakewood

Ranch

Stewardship

Dist.,

Northeast

Sector,

5.30%,

5/1/39 

790‌

798‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

20

Par/Shares

$

Value

(Amounts

in

000s)

Lakewood

Ranch

Stewardship

Dist.,

Northeast

Sector,

5.45%,

5/1/48 

1,365‌

1,345‌

LTC

Ranch

West

Residential

Community

Dev.

Dist.,

Assessment

Area

Three

Project,

Series AA3,

6.05%,

5/1/54 

990‌

977‌

LTC

Ranch

West

Residential

Community

Dev.

Dist.,

Assessment

Area

Two

Project,

Series AA2,

6.00%,

5/1/54 

555‌

544‌

Malabar

Springs

Community

Dev.

Dist.,

Assessment

Area

One,

5.20%,

5/1/44 

855‌

831‌

Marion

Ranch

Community

Dev.

Dist.,

5.70%,

5/1/44 

735‌

736‌

Marion

Ranch

Community

Dev.

Dist.,

5.95%,

5/1/54 

1,275‌

1,262‌

Miami-Dade

County

EFA,

Series B,

5.25%,

4/1/45 

5,000‌

5,223‌

Miami-Dade

County

IDA,

Miami

Community

Charter

Schools

Project,

6.125%,

6/1/45 (6)

365‌

372‌

Miami-Dade

County

IDA,

Miami

Community

Charter

Schools

Project,

6.375%,

6/1/65 (6)

2,250‌

2,260‌

New

Port

Corners

Community

Dev.

Dist.,

5.50%,

6/15/55 (6)

700‌

667‌

Newport

Isles

Community

Dev.

Dist.,

5.00%,

5/1/44 

2,200‌

2,137‌

Newport

Isles

Community

Dev.

Dist.,

5.20%,

5/1/54 

2,690‌

2,502‌

North

AR-1

Pasco

Community

Dev.

Dist.,

Assessment

Area

Five,

Series A,

6.00%,

5/1/54 

960‌

962‌

Orange

County

HFA,

4.00%,

10/1/52 

4,605‌

3,871‌

Palm

Beach

County

HFA,

Toby

&

Leon

Cooperman

Sinai

Residences

of

Boca

Raton,

4.25%,

6/1/56 

3,000‌

2,443‌

Parrish

Lakes

Community

Dev.

Dist.,

Assessment

Area

Three,

5.80%,

5/1/54 

1,205‌

1,184‌

Parrish

Plantation

Community

Dev.

Dist.,

Assessment

Area

Four

Project,

4.75%,

5/1/31 

75‌

76‌

Parrish

Plantation

Community

Dev.

Dist.,

Assessment

Area

Four

Project,

5.625%,

5/1/44 

245‌

248‌

Parrish

Plantation

Community

Dev.

Dist.,

Assessment

Area

Four

Project,

5.875%,

5/1/54 

375‌

376‌

Parrish

Plantation

Community

Dev.

Dist.,

Assessment

Area

Three

Project,

4.875%,

5/1/31 

260‌

263‌

Parrish

Plantation

Community

Dev.

Dist.,

Assessment

Area

Three

Project,

5.80%,

5/1/44 

665‌

676‌

Parrish

Plantation

Community

Dev.

Dist.,

Assessment

Area

Three

Project,

6.05%,

5/1/54 

1,185‌

1,195‌

Polk

County

IDA,

Victory

Ridge

Academy

Project,

5.325%,

6/15/40 (6)

1,540‌

1,508‌

Polk

County

IDA,

Victory

Ridge

Academy

Project,

6.00%,

6/15/55 (6)

4,005‌

3,894‌

Sarasota

County

HFA,

Village

on

the

Isle,

Series A,

5.00%,

1/1/37 

1,095‌

1,096‌

Sarasota

County

HFA,

Village

on

the

Isle,

Series A,

5.00%,

1/1/42 

1,035‌

1,014‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

21

Par/Shares

$

Value

(Amounts

in

000s)

Sarasota

County

HFA,

Village

on

the

Isle,

Series A,

5.00%,

1/1/47 

2,535‌

2,410‌

Sarasota

County

HFA,

Village

on

the

Isle,

Series A,

5.00%,

1/1/52 

5,360‌

4,845‌

Sawyers

Landing

Community

Dev.

Dist.,

4.125%,

5/1/41 

2,420‌

2,177‌

Seminole

Palms

Community

Dev.

Dist.,

5.50%,

5/1/55 (6)

1,385‌

1,320‌

Viera

Stewardship

Dist.,

Series 2021,

3.125%,

5/1/41 

830‌

656‌

Viera

Stewardship

Dist.,

Series 2021,

4.00%,

5/1/53 

3,020‌

2,317‌

Village

Community

Dev.

Dist.

No.

15,

4.20%,

5/1/39 (6)

495‌

474‌

Village

Community

Dev.

Dist.

No.

15,

4.80%,

5/1/55 (6)

1,975‌

1,828‌

Westside

Haines

City

Community

Dev.

Dist.,

Assessment

Area

Two

Project,

6.00%,

5/1/54 

1,590‌

1,596‌

221,644‌

GEORGIA

 4.0%

Atlanta

Airport

Passenger

Fac.

Charge,

Green

Bond,

Series E,

5.25%,

7/1/42 (5)

6,650‌

6,956‌

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

6.50%,

1/1/29 (1)(7)

2,850‌

1,203‌

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

6.75%,

1/1/35 (1)(7)

15,200‌

6,573‌

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

7.00%,

1/1/40 (1)(7)

8,525‌

3,773‌

Atlanta

Dev.

Auth.,

Gulch

Enterprise

Zone

Project,

Series 1,

Class

A,

STEP,

0.00%,

12/15/48 (6)

13,542‌

12,381‌

Atlanta

Dev.

Auth.,

PRG

–

CAU

Properties

Project

at

Clark

Atlanta

Univ.,

Series A,

5.00%,

7/1/35 (6)

1,000‌

1,026‌

Atlanta

Dev.

Auth.,

PRG

–

CAU

Properties

Project

at

Clark

Atlanta

Univ.,

Series A,

6.00%,

7/1/45 (6)

5,395‌

5,611‌

Atlanta

Dev.

Auth.,

PRG

–

CAU

Properties

Project

at

Clark

Atlanta

Univ.,

Series A,

6.00%,

7/1/50 (6)

2,100‌

2,147‌

Atlanta

Urban

Redev.

Agency,

Beltline

Trail

Completion

Project,

2.875%,

7/1/31 (6)(9)

1,625‌

1,574‌

Atlanta

Urban

Redev.

Agency,

Beltline

Trail

Completion

Project,

3.625%,

7/1/42 (6)(9)

3,360‌

2,933‌

Atlanta

Urban

Redev.

Agency,

Beltline

Trail

Completion

Project,

3.875%,

7/1/51 (6)(9)

4,250‌

3,582‌

Bartow

County

Tax

Allocation

Dist.

No.

3,

Highway

411

Corridor

Dev.

Project,

STEP,

0.00%,

4/1/51 (6)

9,675‌

7,787‌

Cedartown,

Tax

Allocation

District

#1

-

Martha

Berry

Highway

Project,

6.25%,

4/1/56 (6)

4,120‌

3,955‌

Cobb

County

Dev.

Auth.,

Mt.

Bethel

Christian

Academy

Project,

6.25%,

6/1/64 (6)

4,090‌

4,144‌

Fulton

County

Dev.

Auth.,

Piedmont

Healthcare

Project,

4.00%,

7/1/49 

4,000‌

3,496‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

22

Par/Shares

$

Value

(Amounts

in

000s)

Fulton

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Canterbury

Court

Project,

Series A,

4.00%,

4/1/41 (6)

2,375‌

2,169‌

Fulton

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Canterbury

Court

Project,

Series A,

4.00%,

4/1/51 (6)

9,330‌

7,556‌

Fulton

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Canterbury

Court

Project,

Series A,

5.00%,

4/1/47 (6)

2,730‌

2,657‌

Gainesville

&

Hall

County

Dev.

Auth.,

Brenau

Univ.

Project,

5.75%,

6/1/55 

5,000‌

4,856‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

2.375%,

1/1/31 

2,205‌

2,059‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

3.625%,

1/1/31 (6)

1,220‌

1,175‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

4.00%,

1/1/36 

1,190‌

1,187‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

5.00%,

1/1/36 (6)

2,645‌

2,724‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

5.00%,

1/1/54 (6)

16,215‌

15,186‌

Macon-Bibb

County

Urban

Dev.

Auth.,

Academy

Classical

Ed.,

Series A,

5.00%,

6/15/27 (6)

55‌

55‌

Macon-Bibb

County

Urban

Dev.

Auth.,

Academy

Classical

Ed.,

Series A,

5.75%,

6/15/37 (6)

1,215‌

1,222‌

Macon-Bibb

County

Urban

Dev.

Auth.,

Academy

Classical

Ed.,

Series A,

5.875%,

6/15/47 (6)

1,980‌

1,983‌

Macon-Bibb

County

Urban

Dev.

Auth.,

Academy

Classical

Ed.,

Series A,

6.00%,

6/15/52 (6)

1,215‌

1,216‌

Main

Street

Natural

Gas,

Series A,

VRDN,

5.00%,

6/1/53

(Tender

6/1/30) 

2,810‌

2,914‌

Main

Street

Natural

Gas,

Series B,

VRDN,

5.00%,

12/1/54

(Tender

3/1/32) 

2,600‌

2,760‌

Main

Street

Natural

Gas,

Series C,

VRDN,

5.00%,

9/1/53

(Tender

9/1/30) 

2,725‌

2,851‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series B,

VRDN,

5.00%,

12/1/52

(Tender

6/1/29) 

5,855‌

6,053‌

Marietta

Dev.

Auth.,

Life

Univ.,

Series A,

5.00%,

11/1/27 (6)

1,445‌

1,447‌

Marietta

Dev.

Auth.,

Life

Univ.,

Series A,

5.00%,

11/1/37 (6)

2,210‌

2,109‌

Marietta

Dev.

Auth.,

Life

Univ.,

Series A,

5.00%,

11/1/47 (6)

8,705‌

7,643‌

Savannah

Georgia

Convention

Center

Auth.,

Convention

Center

Hotel

Second

Tier,

Series B,

6.00%,

6/1/50 (6)

2,575‌

2,492‌

Savannah

Georgia

Convention

Center

Auth.,

Convention

Center

Hotel

Third

Tier,

Series C,

5.00%,

6/1/58 (4)

3,000‌

2,961‌

142,416‌

HAWAII

 0.0%

Hawaii

Dept.

of

Budget

&

Fin.,

Series B,

VRDN,

2.95%,

7/1/60 

600‌

600‌

600‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

23

Par/Shares

$

Value

(Amounts

in

000s)

IDAHO

 0.6%

Idaho

Housing

&

Fin.

Assn.,

Series A,

4.85%,

7/1/56 

5,000‌

4,890‌

Power

County

IDC,

FMC

Project,

6.45%,

8/1/32 (5)

3,620‌

3,632‌

Spring

Valley

Community

Infrastructure

Dist.

No.

1,

Assessment

Area

Two,

6.25%,

9/1/53 (6)

4,700‌

4,747‌

Spring

Valley

Community

Infrastructure

Dist.

No.

1,

Special

Assessment

Bonds,

3.75%,

9/1/51 (6)

8,910‌

8,437‌

21,706‌

ILLINOIS

 4.0%

Chicago

Board

of

Ed.,

Series A,

GO,

5.00%,

12/1/34 (4)

830‌

852‌

Chicago

Board

of

Ed.,

Series A,

GO,

5.00%,

12/1/35 (4)

900‌

921‌

Chicago

Board

of

Ed.,

School

Reform,

Series B-1,

GO,

Zero

Coupon,

12/1/27 (10)

12,290‌

11,760‌

Chicago

Board

of

Ed.,

School

Reform,

Series B-1,

GO,

Zero

Coupon,

12/1/29 (4)(11)

11,245‌

10,040‌

Chicago

O'Hare

Int'l.

Airport,

Senior

Lien,

Series A,

5.50%,

1/1/59 (5)

4,275‌

4,367‌

Illinois,

Series A,

GO,

5.50%,

3/1/42 

3,340‌

3,502‌

Illinois,

Series A,

GO,

5.50%,

3/1/47 

5,040‌

5,208‌

Illinois,

Series B,

GO,

5.00%,

12/1/33 

2,715‌

2,890‌

Illinois,

Series B,

GO,

5.50%,

5/1/47 

1,890‌

1,954‌

Illinois,

Series C,

GO,

5.00%,

11/1/29 

5,000‌

5,112‌

Illinois

Fin.

Auth.,

Admiral

at

the

Lake,

5.125%,

5/15/38 

8,705‌

8,363‌

Illinois

Fin.

Auth.,

Admiral

at

the

Lake,

5.25%,

5/15/42 

1,585‌

1,479‌

Illinois

Fin.

Auth.,

Admiral

at

the

Lake,

5.25%,

5/15/54 

6,735‌

5,657‌

Illinois

Fin.

Auth.,

Depaul

College

Prep

Foundation,

5.25%,

8/1/38 (6)

1,000‌

1,044‌

Illinois

Fin.

Auth.,

Depaul

College

Prep

Foundation,

5.50%,

8/1/43 (6)

1,000‌

1,040‌

Illinois

Fin.

Auth.,

Depaul

College

Prep

Foundation,

5.625%,

8/1/53 (6)

1,195‌

1,211‌

Illinois

Fin.

Auth.,

Franciscan

Communities,

Series A,

5.00%,

5/15/37 

3,050‌

3,056‌

Illinois

Fin.

Auth.,

Franciscan

Communities,

Series A,

5.00%,

5/15/47 

1,230‌

1,161‌

Illinois

Fin.

Auth.,

Music

&

Dance

Theater

Chicago,

5.75%,

10/1/45 (6)

2,935‌

2,878‌

Illinois

Fin.

Auth.,

OSF

Healthcare

System,

Series B,

VRDN,

3.00%,

11/15/37 

3,800‌

3,800‌

Illinois

Fin.

Auth.,

Villa

Saint

Benedict,

6.125%,

11/15/35 

2,030‌

2,031‌

Illinois

Fin.

Auth.,

Villa

Saint

Benedict,

6.375%,

11/15/43 

3,165‌

3,166‌

Illinois

HDA,

Series A,

4.875%,

4/1/50 

4,305‌

4,223‌

Illinois

HDA,

Series A,

4.90%,

4/1/51 

3,995‌

3,973‌

Illinois

HDA,

Series G,

6.25%,

10/1/52 

840‌

894‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

24

Par/Shares

$

Value

(Amounts

in

000s)

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Series A,

Zero

Coupon,

12/15/33 (10)

46,130‌

35,192‌

Regional

Transportation

Auth.,

Series A,

6.00%,

7/1/33 (10)

5,935‌

6,640‌

Schaumburg

Cook

&

DuPage

Counties,

North

Schaumburg

Redev.

Area

Project,

6.125%,

12/30/38 (6)

1,950‌

1,943‌

Upper

Illinois

River

Valley

Dev.

Auth.,

Cambridge

Lakes

Learning

Center,

Series A,

5.00%,

12/1/32 (6)

2,435‌

2,429‌

Upper

Illinois

River

Valley

Dev.

Auth.,

Cambridge

Lakes

Learning

Center,

Series A,

5.25%,

12/1/47 (6)

6,420‌

5,944‌

142,730‌

INDIANA

 1.5%

East

Chicago,

USG

Project,

5.50%,

9/1/28 (5)

1,405‌

1,387‌

Indiana

Fin.

Auth.,

Depauw

University

Project,

Series A,

5.50%,

7/1/52 

8,655‌

8,697‌

Indiana

Fin.

Auth.,

Margaret

Mary

Health

Project,

Series A,

5.75%,

3/1/54 

6,845‌

6,920‌

Indiana

Fin.

Auth.,

Methodist

Hosp.,

Series A,

5.50%,

9/15/39 

400‌

411‌

Indiana

Fin.

Auth.,

Methodist

Hosp.,

Series A,

5.50%,

9/15/44 

2,500‌

2,467‌

Indiana

Fin.

Auth.,

Ohio

Valley

Electric,

Series A,

4.25%,

11/1/30 

5,160‌

5,275‌

Indiana

Fin.

Auth.,

Student

Housing

Project,

Series A,

5.00%,

6/1/53 

3,350‌

3,120‌

Indiana

Fin.

Auth.,

Student

Housing

Project,

Series A,

5.125%,

6/1/58 

1,650‌

1,541‌

Indiana

Fin.

Auth.,

Student

Housing

Project,

Series A,

5.25%,

7/1/64 

3,250‌

3,105‌

Indiana

Fin.

Auth.,

Student

Housing

Project,

Series A,

5.375%,

6/1/64 

2,455‌

2,357‌

Indianapolis

Airport

Auth.,

United

Airlines,

Series A,

6.50%,

11/15/31 (1)(5)(7)

9,846‌

1‌

Indianapolis

Local

Public

Improvement

Bond

Bank,

Convention

Center

Hotel,

Series E,

6.00%,

3/1/53 

7,490‌

7,652‌

Town

of

Whitestown,

Bridle

Oaks/Mills

on

Main

Infra.

Projects,

6.00%,

9/1/50 (6)

2,285‌

2,234‌

Valparaiso,

Pratt

Paper,

4.50%,

1/1/34 (5)(6)

1,210‌

1,239‌

Valparaiso,

Pratt

Paper,

5.00%,

1/1/54 (5)(6)

7,265‌

6,981‌

53,387‌

IOWA

 0.1%

Iowa

Fin.

Auth.,

Presbyterian

Homes

Mill

Pond

Project,

5.50%,

10/1/45 

250‌

254‌

Iowa

Fin.

Auth.,

Presbyterian

Homes

Mill

Pond

Project,

5.75%,

10/1/55 

1,250‌

1,264‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

25

Par/Shares

$

Value

(Amounts

in

000s)

Iowa

Fin.

Auth.,

Presbyterian

Homes

Mill

Pond

Project,

5.875%,

10/1/65 

1,350‌

1,361‌

2,879‌

KANSAS

 0.1%

Lenexa,

Lakeview

Village,

Series A,

5.00%,

5/15/30 

1,010‌

1,020‌

Lenexa,

Lakeview

Village,

Series A,

5.00%,

5/15/32 

910‌

916‌

Lenexa,

Lakeview

Village,

Series A,

5.00%,

5/15/39 

930‌

924‌

2,860‌

KENTUCKY

 1.8%

Henderson,

Pratt

Paper,

Series A,

4.70%,

1/1/52 (5)(6)

1,500‌

1,388‌

Henderson,

Pratt

Paper,

Series B,

4.45%,

1/1/42 (5)(6)

1,945‌

1,883‌

Kentucky

Bond

Dev.,

Collegiate

Housing

Foundation-Bowling

Green

LLC

-

Western

Kentucky

University

Project,

Series A,

5.25%,

7/1/61 (4)

4,575‌

4,641‌

Kentucky

Bond

Dev.,

University

of

Kentucky

Central

Utility

Plant

Project,

Series A,

5.50%,

10/31/56 

1,915‌

1,982‌

Kentucky

Economic

DFA,

Baptist

Life

Communities,

6.25%,

11/15/46 

2,770‌

1,937‌

Kentucky

Economic

DFA,

Baptist

Life

Communities,

6.375%,

11/15/51 

4,635‌

3,166‌

Kentucky

Economic

DFA,

Masonic

Home

Independent

Living,

Series A,

5.00%,

5/15/46 

5,625‌

4,725‌

Kentucky

Economic

DFA,

Masonic

Home

Independent

Living,

Series A,

5.00%,

5/15/51 

2,905‌

2,309‌

Kentucky

Economic

DFA,

Masonic

Homes

of

Kentucky,

5.375%,

11/15/42 

3,560‌

3,044‌

Kentucky

Economic

DFA,

Masonic

Homes

of

Kentucky,

5.50%,

11/15/45 

1,320‌

1,121‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/37 

3,555‌

3,561‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/41 

4,040‌

3,961‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/45 

6,415‌

6,253‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.25%,

6/1/41 

6,035‌

6,037‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.25%,

6/1/50 

11,165‌

10,654‌

Kentucky

Public

Energy

Auth.,

Series C,

VRDN,

4.00%,

2/1/50

(Tender

2/1/28) 

6,085‌

6,126‌

Louisville,

Norton

Healthcare,

Inc.,

Series B,

VRDN,

3.03%,

10/1/56 

800‌

800‌

63,588‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

26

Par/Shares

$

Value

(Amounts

in

000s)

LOUISIANA

 1.1%

Jefferson

Parish

Economic

Dev.

&

Port

Dist.,

Kenner

Discovery

Health

Sciences,

Series A,

5.50%,

6/15/38 (6)

1,900‌

1,895‌

Jefferson

Parish

Economic

Dev.

&

Port

Dist.,

Kenner

Discovery

Health

Sciences,

Series A,

5.625%,

6/15/48 (6)

2,220‌

2,136‌

Louisiana

Public

Fac.

Auth.,

Acadiana

Renaissance

Charter

Academy

Project,

6.15%,

6/15/55 (6)

5,500‌

5,538‌

Louisiana

Public

Fac.

Auth.,

I-10

Calcasieu

River

Bridge,

5.75%,

9/1/64 (5)

8,800‌

9,019‌

Louisiana

Public

Fac.

Auth.,

Waste

Pro

USA

Project,

VRDN,

6.75%,

10/1/53

(Tender

10/1/28) (5)(6)

3,500‌

3,665‌

Saint

James

Parish,

Nustar

Logistics,

VRDN,

6.10%,

6/1/38

(Tender

6/1/30) (6)

4,190‌

4,534‌

Saint

James

Parish,

Nustar

Logistics,

Series 2,

6.35%,

7/1/40 (6)

4,235‌

4,504‌

Saint

James

Parish,

Nustar

Logistics,

Series B,

VRDN,

6.10%,

12/1/40

(Tender

6/1/30) (6)

5,485‌

5,917‌

37,208‌

MARYLAND

 3.4%

Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/42 

2,260‌

2,212‌

Frederick

County,

Mount

Saint

Mary's

Univ.,

Series A,

5.00%,

9/1/37 (6)

2,790‌

2,709‌

Frederick

County,

Mount

Saint

Mary's

Univ.,

Series A,

5.00%,

9/1/45 (6)

4,325‌

3,947‌

Gaithersburg,

Asbury

Obligated

Group,

Series A,

5.00%,

1/1/33 

4,410‌

4,458‌

Maryland

DOT,

Series A,

5.25%,

8/1/54 (4)(5)

6,500‌

6,597‌

Maryland

Economic

Dev.,

Baltimore

City

Project,

Series A,

5.00%,

6/1/58 

4,040‌

4,047‌

Maryland

Economic

Dev.,

Bowie

State

Univ.

Project,

5.00%,

6/1/29 (6)

1,430‌

1,431‌

Maryland

Economic

Dev.,

Bowie

State

Univ.

Project,

5.00%,

6/1/33 (6)

2,010‌

2,011‌

Maryland

Economic

Dev.,

Port

Covington

Project,

3.25%,

9/1/30 

670‌

649‌

Maryland

Economic

Dev.,

Port

Covington

Project,

4.00%,

9/1/50 

3,400‌

2,760‌

Maryland

Economic

Dev.,

Purple

Line

Light

Rail

Project,

Series B,

5.25%,

6/30/47 (5)

2,100‌

2,105‌

Maryland

Economic

Dev.,

Purple

Line

Light

Rail

Project,

Series B,

5.25%,

6/30/55 (5)

11,305‌

11,058‌

Maryland

Economic

Dev.,

Senior-Annapolis

Mobility,

5.25%,

6/30/53 

4,635‌

4,690‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/27 

790‌

799‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

27

Par/Shares

$

Value

(Amounts

in

000s)

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/28 

1,190‌

1,228‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/30 

790‌

813‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/32 

815‌

836‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/35 

2,050‌

2,093‌

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/46 

16,365‌

16,401‌

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/46 

2,575‌

2,234‌

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/51 

4,305‌

3,569‌

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/55 

2,665‌

2,150‌

Montgomery

County

Housing

Opportunities

Commission,

Series A,

4.90%,

7/1/55 

1,265‌

1,240‌

Montgomery

County,

Friends

House

Retirement

Community,

Series A,

5.00%,

7/1/39 

405‌

368‌

Montgomery

County,

Friends

House

Retirement

Community,

Series A,

5.375%,

7/1/48 

5,145‌

4,558‌

Prince

George's

County

Auth.,

Suitland-Naylor

Road,

4.75%,

7/1/36 (6)

1,185‌

1,185‌

Prince

George's

County

Auth.,

Suitland-Naylor

Road,

5.00%,

7/1/46 (6)

1,980‌

1,976‌

Rockville,

Ingelside

at

King

Farm,

Series A-1,

5.00%,

11/1/31 

1,190‌

1,203‌

Rockville,

Ingelside

at

King

Farm,

Series A-1,

5.00%,

11/1/37 

1,595‌

1,602‌

Rockville,

Ingelside

at

King

Farm,

Series A-2,

5.00%,

11/1/35 

790‌

795‌

Rockville,

Ingelside

at

King

Farm,

Series B,

4.25%,

11/1/37 

315‌

305‌

Rockville,

Ingelside

at

King

Farm,

Series B,

4.50%,

11/1/43 

1,560‌

1,438‌

Rockville,

Ingelside

at

King

Farm,

Series B,

5.00%,

11/1/42 

2,695‌

2,657‌

Rockville,

Ingelside

at

King

Farm,

Series B,

5.00%,

11/1/47 

5,250‌

4,957‌

Rockville,

Ingleside

at

King

Farm,

5.00%,

11/1/29 

395‌

400‌

Rockville,

Ingleside

at

King

Farm,

5.00%,

11/1/32 

395‌

399‌

Town

of

Chestertown,

Washington

College,

6.50%,

3/1/50 

2,000‌

2,023‌

Town

of

Chestertown,

Washington

College,

6.50%,

3/1/55 

2,000‌

2,009‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/27 

1,430‌

1,436‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/30 

1,605‌

1,630‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/31 

880‌

892‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/36 

2,225‌

2,195‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

28

Par/Shares

$

Value

(Amounts

in

000s)

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/42 

6,330‌

5,903‌

Westminster,

Lutheran

Village

at

Millers

Grant,

Series A,

6.25%,

7/1/44 

2,885‌

2,886‌

120,854‌

MASSACHUSETTS

 0.9%

Massachusetts

Dev.

Fin.

Agency,

Beth

Israel

Lahey

Health

Issue,

Series N,

5.50%,

7/1/50 (4)

5,150‌

5,469‌

Massachusetts

Dev.

Fin.

Agency,

Mass

General

Brigham

Issue,

Series G,

VRDN,

2.90%,

7/1/61 

3,300‌

3,300‌

Massachusetts

Dev.

Fin.

Agency,

Merrimack

College

Student

Housing

Project,

Series A,

5.00%,

7/1/54 (6)

2,200‌

2,032‌

Massachusetts

Dev.

Fin.

Agency,

Merrimack

College

Student

Housing

Project,

Series A,

5.00%,

7/1/60 (6)

1,100‌

1,000‌

Massachusetts

Dev.

Fin.

Agency,

NewBridge

on

the

Charles,

5.00%,

10/1/57 (6)

7,710‌

7,256‌

Massachusetts

Dev.

Fin.

Agency,

Pike

Student

Housing

Project,

Series A,

5.125%,

7/1/51 (6)

3,045‌

2,898‌

Massachusetts

Dev.

Fin.

Agency,

Pike

Student

Housing

Project,

Series A,

5.50%,

7/1/66 (6)

6,500‌

6,255‌

Massachusetts

Dev.

Fin.

Agency,

Salem

Community,

5.25%,

1/1/50 

2,120‌

1,961‌

Massachusetts

Ed.

Fin.

Auth.,

Series B,

4.25%,

7/1/46 (5)

2,755‌

2,394‌

32,565‌

MICHIGAN

 0.9%

Calhoun

County

Hosp.

Fin.

Auth.,

Oaklawn

Hosp.,

5.00%,

2/15/37 

790‌

789‌

Calhoun

County

Hosp.

Fin.

Auth.,

Oaklawn

Hosp.,

5.00%,

2/15/41 

4,510‌

4,197‌

Calhoun

County

Hosp.

Fin.

Auth.,

Oaklawn

Hosp.,

5.00%,

2/15/47 

12,580‌

11,335‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

at

Eastgate,

5.00%,

11/1/32 

1,665‌

1,672‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

at

Eastgate,

5.00%,

11/1/37 

945‌

933‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

at

Eastgate,

5.00%,

11/1/47 

2,195‌

1,961‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

at

Eastgate,

5.00%,

11/1/52 

940‌

800‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

at

Eastgate

Project,

5.75%,

11/1/45 

1,200‌

1,209‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

at

Eastgate

Project,

6.00%,

11/1/50 

2,600‌

2,588‌

Ivywood

Classical

Academy,

Public

School,

6.00%,

1/1/54 

3,890‌

3,676‌

T.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

29

Par/Shares

$