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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

\n $\"Image\"$

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 info@troweprice.com or contacting your intermediary.

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

\n\n\n\n\n\n\n\n\n

Table Summary
	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
High Yield Municipal Bond Fund - Investor Class	$34	0.68%

What are some fund statistics?

Fund Statistics

\n\n\n\n\n\n

Table Summary
Total Net Assets (000s)	$3,554,470
Number of Portfolio Holdings	1,080

\n\n\n\n\n\n

Table Summary

Portfolio Turnover Rate	6.6%

What did the fund invest in?

State Allocation (as a % of Net Assets)

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Table Summary
Puerto Rico	9.1%
California	7.5
Texas	6.3
Florida	6.2
Wisconsin	5.4
Ohio	5.3
Pennsylvania	5.0
Illinois	4.0
Georgia	4.0
Other	47.2

Industry Allocation (as a % of Net Assets)

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Table Summary
Health Care	21.1%
Transportation	11.4
Education	9.8
Special Tax	9.2
Housing	9.7
Industrial & Pollution Control	8.0
General Obligations - State	4.0
General Obligations - Local	3.0
Water & Sewer	1.7
Other	22.1

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

\n $\"Image\"$

Semi-Annual Shareholder Report

August 31, 2026

High Yield Municipal Bond Fund

Advisor Class (PATFX)

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

\n\n\n\n\n\n\n\n\n

Table Summary
	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
High Yield Municipal Bond Fund - Advisor Class	$52	1.04%

What are some fund statistics?

Fund Statistics

\n\n\n\n\n\n

Table Summary
Total Net Assets (000s)	$3,554,470
Number of Portfolio Holdings	1,080

\n\n\n\n\n\n

Table Summary

Portfolio Turnover Rate	6.6%

What did the fund invest in?

State Allocation (as a % of Net Assets)

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Table Summary
Puerto Rico	9.1%
California	7.5
Texas	6.3
Florida	6.2
Wisconsin	5.4
Ohio	5.3
Pennsylvania	5.0
Illinois	4.0
Georgia	4.0
Other	47.2

Industry Allocation (as a % of Net Assets)

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Table Summary
Health Care	21.1%
Transportation	11.4
Education	9.8
Special Tax	9.2
Housing	9.7
Industrial & Pollution Control	8.0
General Obligations - State	4.0
General Obligations - Local	3.0
Water & Sewer	1.7
Other	22.1

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

\n $\"Image\"$

Semi-Annual Shareholder Report

August 31, 2026

High Yield Municipal Bond Fund

I Class (PTYIX)

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

\n\n\n\n\n\n\n\n\n

Table Summary
	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
High Yield Municipal Bond Fund - I Class	$27	0.53%

What are some fund statistics?

Fund Statistics

\n\n\n\n\n\n

Table Summary
Total Net Assets (000s)	$3,554,470
Number of Portfolio Holdings	1,080

\n\n\n\n\n\n

Table Summary

Portfolio Turnover Rate	6.6%

What did the fund invest in?

State Allocation (as a % of Net Assets)

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Table Summary
Puerto Rico	9.1%
California	7.5
Texas	6.3
Florida	6.2
Wisconsin	5.4
Ohio	5.3
Pennsylvania	5.0
Illinois	4.0
Georgia	4.0
Other	47.2

Industry Allocation (as a % of Net Assets)

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Table Summary
Health Care	21.1%
Transportation	11.4
Education	9.8
Special Tax	9.2
Housing	9.7
Industrial & Pollution Control	8.0
General Obligations - State	4.0
General Obligations - Local	3.0
Water & Sewer	1.7
Other	22.1

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

\n $\"Image\"$

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

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

August

31,

2026

Financial

Statements

and

Other

Information

For

insights

from

Rowe

Price

investment

professionals,

troweprice.com

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

Rowe

PriceTax

-Free

High

Yield

Fund)

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Unaudited

Financial

Highlights

For

outstanding

throughout

each

period

Investor

Class

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

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

0.38‌

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)

(0.38‌)

Net

realized

gain

—‌

(0.01‌)

—‌

Total

distributions

(0.23‌)

(0.45‌)

(0.43‌)

(0.40‌)

(0.41‌)

(0.38‌)

NET

ASSET

VALUE

End

period

11.02‌

11.29‌

11.24‌

10.97‌

10.64‌

12.22‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Unaudited

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

Investor

Class

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

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

Price

Associates

0.68‌%

(4)

0.65‌%

0.74‌%

0.76‌%

0.72‌%

Net

expenses

after

waivers/

payments

Price

Associates

0.68‌%

(4)

0.65‌%

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

period

(in

millions)

$1,440

$1,435

$1,458

$1,826

$1,949

$3,580

0‌%

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Unaudited

Financial

Highlights

For

outstanding

throughout

each

period

Advisor

Class

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

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

period

11.09‌

11.36‌

11.31‌

11.03‌

10.70‌

12.29‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Unaudited

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

Advisor

Class

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

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

Price

Associates

1.04‌%

(4)

1.02‌%

1.08‌%

1.12‌%

1.03‌%

Net

expenses

after

waivers/

payments

Price

Associates

1.04‌%

(4)

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

period

(in

thousands)

$2,620

$2,689

$3,287

$4,552

$5,322

$7,637

0‌%

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Unaudited

Financial

Highlights

For

outstanding

throughout

each

period

Class

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

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

0.39‌

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)

(0.39‌)

Net

realized

gain

—‌

(0.01‌)

—‌

Total

distributions

(0.24‌)

(0.47‌)

(0.44‌)

(0.41‌)

(0.42‌)

(0.39‌)

NET

ASSET

VALUE

End

period

11.02‌

11.29‌

11.24‌

10.96‌

10.64‌

12.22‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Unaudited

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

Class

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

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

Price

Associates

0.55‌%

(4)

0.51‌%

0.60‌%

0.65‌%

0.62‌%

0.60‌%

Net

expenses

after

waivers/

payments

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

period

(in

millions)

$2,112

$2,047

$2,065

$1,509

$1,846

$1,942

0‌%

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

August

31,

2026

Unaudited

Portfolio

Investments

‡

Par/Shares

Value

(Amounts

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.

Cooperative

Dist.,

Series B,

VRDN,

4.00%,

12/1/51

(Tender

12/1/31)

5,160‌

5,137‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

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%

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

Arizona

IDA,

Academics

Math

Science

Project,

Series A,

5.50%,

7/1/56 (6)

1,000‌

943‌

Arizona

IDA,

Academics

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

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,

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

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Tempe

IDA,

Friendship

Village

Tempe

Project,

Series A,

4.00%,

12/1/46

1,980‌

1,663‌

Tempe

IDA,

Friendship

Village

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

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

Green

Valley

Project,

5.00%,

8/1/49 (6)

13,510‌

12,304‌

California

Housing

Fin.,

Series 2019-1,

Class

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

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

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

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

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

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/31

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,

Ontario

Hotel

Project,

5.00%,

9/2/35 (6)

320‌

323‌

California

Statewide

CDA,

Ontario

Hotel

Project,

5.00%,

9/2/40 (6)

165‌

California

Statewide

CDA,

Ontario

Hotel

Project,

Series A,

6.00%,

9/2/35 (6)

610‌

630‌

California

Statewide

CDA,

Ontario

Hotel

Project,

Series A,

6.00%,

9/2/40 (6)

1,135‌

1,163‌

California

Statewide

CDA,

Ontario

Hotel

Project,

Series A,

6.125%,

9/2/48 (6)

1,000‌

1,018‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

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

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

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Los

Angeles

Dept.

Airports,

Series A,

5.50%,

5/15/55 (5)

4,750‌

4,936‌

Northern

California

Gas

Auth.

No.

Series B,

FRN,

67%

(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

the

Univ.

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.

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

Buffalo

Highlands

Metropolitan

Dist.,

Series A,

GO,

5.375%,

12/1/48

3,250‌

3,173‌

CCP

Metropolitan

Dist.

No.

GO,

5.00%,

12/1/53

1,178‌

1,128‌

Centerra

Metropolitan

Dist.

No.

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

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

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

Cornerstar

Metropolitan

Dist.,

Series A,

GO,

5.25%,

12/1/47

2,600‌

2,502‌

Denver

Int'l.

Business

Center

Metropolitan

Dist.

No.

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.

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.

Subordinate

Bonds,

Series B,

GO,

6.125%,

12/15/49

2,100‌

2,033‌

Painted

Prairie

Metropolitan

Dist.

No.

GO,

5.25%,

12/1/48

3,899‌

3,664‌

Palisade

Metropolitan

Dist.

No.

Series B,

STEP,

0.00%,

12/15/54 (6)

2,800‌

2,745‌

Peak

Metropolitan

Dist.

No.

Series A,

GO,

4.00%,

12/1/35 (6)

500‌

450‌

Peak

Metropolitan

Dist.

No.

Series A,

GO,

5.00%,

12/1/51 (6)

5,270‌

4,403‌

Prairie

Point

Community

Auth.

Board

Special

Improvement

Dist.

No.

5.375%,

12/1/40

1,250‌

1,248‌

Prairie

Point

Community

Auth.

Board

Special

Improvement

Dist.

No.

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.

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.

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.

Series B,

GO,

6.375%,

11/15/54

2,000‌

1,930‌

STC

Metropolitan

Dist.

No.

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

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Vail

Home

Partners,

6.00%,

10/1/64 (6)

5,580‌

5,691‌

135,836‌

CONNECTICUT

1.5%

Connecticut

State

HEFA,

Church

Home

Hartford,

Series A,

5.00%,

9/1/46 (6)

1,060‌

1,019‌

Connecticut

State

HEFA,

Church

Home

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

Delaware

Charter

Operations

Project,

4.00%,

6/1/52

1,260‌

933‌

Delaware

State

Economic

Dev.

Auth.,

ASPIRA

Delaware

Charter

Operations

Project,

4.00%,

6/1/57

1,220‌

872‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Delaware

State

Economic

Dev.

Auth.,

ASPIRA

Delaware

Charter

Operations

Project,

5.00%,

6/1/51

1,350‌

1,169‌

Delaware

State

Economic

Dev.

Auth.,

ASPIRA

Delaware

Charter

Operations

Project,

Series A,

5.25%,

2/1/46

1,050‌

994‌

Delaware

State

Economic

Dev.

Auth.,

ASPIRA

Delaware

Charter

Operations

Project,

Series A,

5.75%,

2/1/56

1,225‌

1,164‌

Delaware

State

Economic

Dev.

Auth.,

ASPIRA

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

Lewes,

5.00%,

1/1/36

6,445‌

6,447‌

41,879‌

DISTRICT

COLUMBIA

1.9%

Dist.

Columbia

Tobacco

Settlement

Fin.,

Series A,

Zero

Coupon,

6/15/46

58,985‌

12,917‌

Dist.

Columbia

Tobacco

Settlement

Fin.,

Series B,

Zero

Coupon,

6/15/46

18,210‌

3,375‌

Dist.

Columbia,

Ingleside

Rock

Creek,

Series A,

5.00%,

7/1/37

2,295‌

2,306‌

Dist.

Columbia,

Ingleside

Rock

Creek,

Series A,

5.00%,

7/1/42

4,065‌

4,068‌

Dist.

Columbia,

Ingleside

Rock

Creek,

Series A,

5.00%,

7/1/52

9,730‌

9,123‌

Dist.

Columbia,

Union

Market

Infrastructure

Project,

3.75%,

6/1/31 (6)

900‌

872‌

Dist.

Columbia,

Union

Market

Infrastructure

Project,

4.25%,

6/1/46 (6)

2,810‌

2,334‌

Dist.

Columbia,

Union

Market

Project,

Series B,

STEP,

6/1/41 (6)

1,600‌

1,038‌

Dist.

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

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

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

Master

Improvements

Project,

5.30%,

5/1/45

450‌

441‌

Ave

Maria

Stewardship

Community

Dist.,

Phase

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

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

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

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Capital

Trust

Agency,

The

Marie

Selby

Botanical

Gardens,

4.00%,

6/15/41 (6)

3,300‌

2,826‌

Capital

Trust

Auth.,

Florida

Institute

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

Fleming

Island

Community

Dev.

Dist.,

Series A-1,

4.50%,

5/1/30

180‌

179‌

Enclave

Lake

Geneva

Community

Dev.

Dist.,

5.60%,

5/1/46

2,100‌

2,026‌

Enclave

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.,

Health

Jacksonville

Project,

4.00%,

2/1/52

2,945‌

2,264‌

Florida

Dev.

Fin.,

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

Village

the

Isle

Project,

Series A,

BAN,

11.00%,

12/22/30 (6)

4,750‌

5,100‌

Florida

Local

Gov't.

Fin.

Commission,

Fleet

Landing

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

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

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

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

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.

6.125%,

5/1/56

3,400‌

3,302‌

Lakes

Sarasota

Community

Dev.

Dist.,

Series A,

5.60%,

5/1/55

695‌

659‌

Lakes

Sarasota

Community

Dev.

Dist.,

Series B,

5.25%,

5/1/34

815‌

825‌

Lakes

Sarasota

Community

Dev.

Dist.

Series A,

5.70%,

5/1/55

720‌

692‌

Lakes

Sarasota

Community

Dev.

Dist.

Series B,

5.20%,

5/1/35

900‌

901‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

Centre

Northwest

Sector,

5.50%,

5/1/39 (6)

25‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

Centre

Northwest

Sector,

5.65%,

5/1/48 (6)

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

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

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

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

the

Isle,

Series A,

5.00%,

1/1/37

1,095‌

1,096‌

Sarasota

County

HFA,

Village

the

Isle,

Series A,

5.00%,

1/1/42

1,035‌

1,014‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Sarasota

County

HFA,

Village

the

Isle,

Series A,

5.00%,

1/1/47

2,535‌

2,410‌

Sarasota

County

HFA,

Village

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

STEP,

0.00%,

12/15/48 (6)

13,542‌

12,381‌

Atlanta

Dev.

Auth.,

PRG

–

CAU

Properties

Project

Clark

Atlanta

Univ.,

Series A,

5.00%,

7/1/35 (6)

1,000‌

1,026‌

Atlanta

Dev.

Auth.,

PRG

–

CAU

Properties

Project

Clark

Atlanta

Univ.,

Series A,

6.00%,

7/1/45 (6)

5,395‌

5,611‌

Atlanta

Dev.

Auth.,

PRG

–

CAU

Properties

Project

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.

Highway

411

Corridor

Dev.

Project,

STEP,

0.00%,

4/1/51 (6)

9,675‌

7,787‌

Cedartown,

Tax

Allocation

District

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

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

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

Smith

Congress

Center

Auth.,

Convention

Center

Hotel,

2.375%,

1/1/31

2,205‌

2,059‌

George

Smith

Congress

Center

Auth.,

Convention

Center

Hotel,

3.625%,

1/1/31 (6)

1,220‌

1,175‌

George

Smith

Congress

Center

Auth.,

Convention

Center

Hotel,

4.00%,

1/1/36

1,190‌

1,187‌

George

Smith

Congress

Center

Auth.,

Convention

Center

Hotel,

5.00%,

1/1/36 (6)

2,645‌

2,724‌

George

Smith

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

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.

Budget

Fin.,

Series B,

VRDN,

2.95%,

7/1/60

600‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

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.

Assessment

Area

Two,

6.25%,

9/1/53 (6)

4,700‌

4,747‌

Spring

Valley

Community

Infrastructure

Dist.

No.

Special

Assessment

Bonds,

3.75%,

9/1/51 (6)

8,910‌

8,437‌

21,706‌

ILLINOIS

4.0%

Chicago

Board

Ed.,

Series A,

GO,

5.00%,

12/1/34 (4)

830‌

852‌

Chicago

Board

Ed.,

Series A,

GO,

5.00%,

12/1/35 (4)

900‌

921‌

Chicago

Board

Ed.,

School

Reform,

Series B-1,

GO,

Zero

Coupon,

12/1/27 (10)

12,290‌

11,760‌

Chicago

Board

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

the

Lake,

5.125%,

5/15/38

8,705‌

8,363‌

Illinois

Fin.

Auth.,

Admiral

the

Lake,

5.25%,

5/15/42

1,585‌

1,479‌

Illinois

Fin.

Auth.,

Admiral

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

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

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

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

Whitestown,

Bridle

Oaks/Mills

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

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

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

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

Kentucky,

5.375%,

11/15/42

3,560‌

3,044‌

Kentucky

Economic

DFA,

Masonic

Homes

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

63,588‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

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

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

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

Prince

George's

County

Auth.,

Suitland-Naylor

Road,

5.00%,

7/1/46 (6)

1,980‌

1,976‌

Rockville,

Ingelside

King

Farm,

Series A-1,

5.00%,

11/1/31

1,190‌

1,203‌

Rockville,

Ingelside

King

Farm,

Series A-1,

5.00%,

11/1/37

1,595‌

1,602‌

Rockville,

Ingelside

King

Farm,

Series A-2,

5.00%,

11/1/35

790‌

795‌

Rockville,

Ingelside

King

Farm,

Series B,

4.25%,

11/1/37

315‌

305‌

Rockville,

Ingelside

King

Farm,

Series B,

4.50%,

11/1/43

1,560‌

1,438‌

Rockville,

Ingelside

King

Farm,

Series B,

5.00%,

11/1/42

2,695‌

2,657‌

Rockville,

Ingelside

King

Farm,

Series B,

5.00%,

11/1/47

5,250‌

4,957‌

Rockville,

Ingleside

King

Farm,

5.00%,

11/1/29

395‌

400‌

Rockville,

Ingleside

King

Farm,

5.00%,

11/1/32

395‌

399‌

Town

Chestertown,

Washington

College,

6.50%,

3/1/50

2,000‌

2,023‌

Town

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

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/42

6,330‌

5,903‌

Westminster,

Lutheran

Village

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

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

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

Eastgate,

5.00%,

11/1/32

1,665‌

1,672‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

Eastgate,

5.00%,

11/1/37

945‌

933‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

Eastgate,

5.00%,

11/1/47

2,195‌

1,961‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

Eastgate,

5.00%,

11/1/52

940‌

800‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

Eastgate

Project,

5.75%,

11/1/45

1,200‌

1,209‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

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

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

Series A,

4.00%,

11/15/50

1,875‌

1,572‌

Michigan

Tobacco

Settlement

Fin.

Auth.,

Series B,

Zero

Coupon,

6/1/52

20,180‌

2,548‌

33,280‌

MINNESOTA

0.5%

Deephaven,

Seven

Hills

Preparatory

Academy,

Series A,

6.125%,

6/15/61 (6)

4,500‌

3,873‌

Eagan,

Great

Oaks

Academy,

Series A,

6.25%,

2/1/45 (6)

400‌

Eagan,

Great

Oaks

Academy,

Series A,

6.375%,

2/1/55 (6)

700‌

682‌

Eagan,

Great

Oaks

Academy,

Series A,

6.50%,

2/1/65 (6)

1,250‌

1,217‌

Housing

Redev.

Auth.

The

City

St.

Paul

Minnesota,

Nova

Classical

Academy

Project,

5.50%,

9/1/55

425‌

408‌

Housing

Redev.

Auth.

The

City

St.

Paul

Minnesota,

Nova

Classical

Academy

Project,

5.625%,

9/1/65

700‌

668‌

Shakopee

Senior

Housing

Revenue,

Benedictine

Senior

Living

Obligated

Group

Windermere

Way

Project,

5.625%,

11/1/45

700‌

714‌

Shakopee

Senior

Housing

Revenue,

Benedictine

Senior

Living

Obligated

Group

Windermere

Way

Project,

5.875%,

11/1/65

2,000‌

2,011‌

Woodbury,

Leadership

Academy

Project,

Series A,

6.00%,

7/1/65

4,000‌

3,875‌

Woodbury,

Math

Science

Academy,

5.50%,

6/1/55 (6)

1,210‌

1,102‌

Woodbury,

Math

Science

Academy,

5.50%,

6/1/63 (6)

1,605‌

1,430‌

Woodbury,

Woodbury

Leadership

Project,

4.00%,

7/1/41

670‌

555‌

Woodbury,

Woodbury

Leadership

Project,

4.00%,

7/1/51

520‌

382‌

Woodbury,

Woodbury

Leadership

Project,

4.00%,

7/1/56

455‌

317‌

17,634‌

MISSISSIPPI

0.4%

Mississippi

Business

Fin.,

Chevron

U.S.A.

Project,

Series B,

VRDN,

3.00%,

12/1/30

8,675‌

Mississippi

Business

Fin.,

Chevron

U.S.A.

Project,

Series G,

VRDN,

3.00%,

11/1/35

4,185‌

12,860‌

MISSOURI

1.6%

HEFA

Missouri,

Mercy

Health,

5.50%,

12/1/48

2,980‌

3,124‌

Kansas

City

IDA,

Series A-1,

5.00%,

6/1/46 (6)

1,675‌

1,659‌

Kansas

City

IDA,

Series A-1,

5.00%,

6/1/54 (6)

1,190‌

1,133‌

Kirkwood

IDA,

Aberdeen

Heights,

5.25%,

5/15/37

1,585‌

1,590‌

Kirkwood

IDA,

Aberdeen

Heights,

5.25%,

5/15/42

1,345‌

1,332‌

Saint

Louis

County

IDA,

Friendship

Village,

5.00%,

9/1/48

1,185‌

1,144‌

Saint

Louis

County

IDA,

Friendship

Village,

Series A,

5.00%,

9/1/38

3,760‌

3,795‌

Saint

Louis

County

IDA,

Friendship

Village,

Series A,

5.125%,

9/1/48

12,270‌

12,042‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Saint

Louis

County

IDA,

Nazareth

Living

Center,

Series A,

5.00%,

8/15/30

640‌

Saint

Louis

County

IDA,

Nazareth

Living

Center,

Series A,

5.00%,

8/15/35

555‌

544‌

Saint

Louis

County

IDA,

Nazareth

Living

Center,

Series A,

5.125%,

8/15/45

1,345‌

1,204‌

Saint

Louis

County

IDA,

Saint

Andrews

Resources

for

Seniors,

5.00%,

12/1/35

1,585‌

Saint

Louis

County

IDA,

Saint

Andrews

Resources

for

Seniors,

Series A,

5.125%,

12/1/45

3,280‌

3,199‌

Saint

Louis

IDA,

Ballpark

Village,

Series A,

3.875%,

11/15/29

455‌

439‌

Saint

Louis

IDA,

Ballpark

Village,

Series A,

4.375%,

11/15/35

2,770‌

2,595‌

Saint

Louis

IDA,

Ballpark

Village,

Series A,

4.75%,

11/15/47

2,600‌

2,193‌

Saint

Louis

Land

Clearance

for

Redev.

Auth.,

National

Geospatial

Intelligence

Agency,

5.125%,

6/1/46

3,610‌

3,508‌

Saint

Louis

Land

Clearance

for

Redev.

Auth.,

National

Geospatial

Intelligence

Agency,

5.375%,

6/1/43

11,595‌

11,596‌

Taney

County

IDA,

6.00%,

10/1/49 (6)

3,500‌

3,443‌

56,765‌

MONTANA

0.5%

Kalispell,

Immanuel

Lutheran,

Series A,

5.25%,

5/15/37

545‌

Kalispell,

Immanuel

Lutheran,

Series A,

5.25%,

5/15/47

5,740‌

5,309‌

Kalispell,

Immanuel

Lutheran,

Series A,

5.25%,

5/15/52

5,975‌

5,321‌

Montana

Fac.

Fin.

Auth.,

Series A,

5.25%,

6/1/53

3,500‌

3,558‌

Montana

Fac.

Fin.

Auth.,

Series A,

6.125%,

11/15/56

1,950‌

1,943‌

Montana

Fac.

Fin.

Auth.,

Series A,

6.125%,

11/15/61

1,600‌

1,584‌

18,260‌

NEBRASKA

0.0%

Central

Plains

Energy

Project,

Series 1,

VRDN,

5.00%,

5/1/53

(Tender

10/1/29)

1,145‌

1,184‌

NEVADA

0.7%

Las

Vegas

Redev.

Agency,

5.00%,

6/15/30

325‌

Las

Vegas

Redev.

Agency,

5.00%,

6/15/40

3,585‌

3,527‌

Las

Vegas

Redev.

Agency,

5.00%,

6/15/45

6,290‌

6,021‌

Las

Vegas

Special

Improvement

Dist.

No.

818,

5.00%,

12/1/44

930‌

937‌

Las

Vegas

Special

Improvement

Dist.

No.

818,

5.00%,

12/1/49

1,110‌

1,077‌

Las

Vegas

Special

Improvement

Dist.

No.

818,

5.00%,

12/1/54

1,195‌

1,139‌

Reno,

Retrac-Reno

Transportation,

Series C,

Zero

Coupon,

7/1/58 (6)

13,500‌

2,137‌

Reno-Tahoe

Airport

Auth.,

Series A,

5.50%,

7/1/56 (5)(12)

4,700‌

4,839‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Reno-Tahoe

Airport

Auth.,

Int'l.

Airport,

Series A,

5.25%,

7/1/54 (5)

4,175‌

4,210‌

24,212‌

NEW

HAMPSHIRE

1.0%

National

Finance

Auth.

Affordable

Housing

Certificates,

Series 2024-1,

Class

4.15%,

10/20/40

(Tender

10/1/34)

2,479‌

2,347‌

New

Hampshire

Business

Fin.

Auth.,

Zero

Coupon,

12/1/34 (6)

18,875‌

10,897‌

New

Hampshire

Business

Fin.

Auth.,

Series 2025-1,

Class

A-2,

VR,

4.166%,

1/20/41

1,603‌

1,490‌

New

Hampshire

Business

Fin.

Auth.,

Series B,

VRDN,

3.75%,

7/1/45

(Tender

7/2/40) (5)(6)

3,245‌

2,590‌

New

Hampshire

Business

Fin.

Auth.,

LGI

Homes

Project,

Zero

Coupon,

12/15/41

4,350‌

1,613‌

New

Hampshire

Business

Fin.

Auth.,

Social

Certificates,

Series 2024-4,

Class

VR,

3.923%,

7/20/40

2,575‌

2,194‌

New

Hampshire

Business

Fin.

Auth.,

Social

Certificates,

Series 2024-4,

Class

VR,

4.181%,

5/20/42

1,550‌

1,313‌

New

Hampshire

Business

Fin.

Auth.,

The

Wildflower

Project,

Zero

Coupon,

12/15/33 (6)

2,926‌

1,880‌

New

Hampshire

Business

Fin.

Auth.,

Vista

Project,

Series A,

5.25%,

7/1/39 (6)

1,180‌

1,176‌

New

Hampshire

Business

Fin.

Auth.,

Vista

Project,

Series A,

5.625%,

7/1/46 (6)

690‌

691‌

New

Hampshire

Business

Fin.

Auth.,

Vista

Project,

Series A,

5.75%,

7/1/54 (6)

2,725‌

2,684‌

New

Hampshire

HEFA,

Kendel

Hanover,

5.00%,

10/1/36

630‌

New

Hampshire

HEFA,

Kendel

Hanover,

5.00%,

10/1/40

595‌

New

Hampshire

HEFA,

Kendel

Hanover,

5.00%,

10/1/46

4,835‌

4,772‌

34,872‌

NEW

JERSEY

1.8%

Essex

County

Improvement

Auth.,

The

Friends

Team

Charter

Schools,

4.00%,

6/15/46

1,555‌

1,359‌

Essex

County

Improvement

Auth.,

The

Friends

Team

Charter

Schools,

4.00%,

6/15/56

1,760‌

1,418‌

New

Jersey

Economic

Dev.

Auth.,

Beloved

Commonwealth

Charter

School,

Series A,

5.00%,

6/15/49 (6)

1,000‌

941‌

New

Jersey

Economic

Dev.

Auth.,

Continental

Airlines,

Series B,

5.625%,

11/15/30 (5)

1,845‌

1,848‌

New

Jersey

Economic

Dev.

Auth.,

Lions

Gate

Project,

5.25%,

1/1/44

3,880‌

3,695‌

New

Jersey

Economic

Dev.

Auth.,

Provident

Group-Rowan

Properties,

Series A,

5.00%,

1/1/30

1,300‌

1,304‌

New

Jersey

Economic

Dev.

Auth.,

Provident

Group-Rowan

Properties,

Series A,

5.00%,

1/1/48

9,565‌

9,345‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

New

Jersey

Economic

Dev.

Auth.,

Repauno

Port

Rail

Terminal

Project,

6.375%,

1/1/35 (5)(6)

5,400‌

5,672‌

New

Jersey

Economic

Dev.

Auth.,

Repauno

Port

Rail

Terminal

Project,

6.625%,

1/1/45 (5)(6)

2,000‌

2,073‌

New

Jersey

Economic

Dev.

Auth.,

UMM

Energy

Partners,

Series A,

5.00%,

6/15/37 (5)

990‌

988‌

New

Jersey

Economic

Dev.

Auth.,

UMM

Energy

Partners,

Series A,

5.125%,

6/15/43 (5)

1,385‌

1,350‌

New

Jersey

Housing

Mortgage

Fin.

Agency,

Series O,

4.90%,

10/1/51 (12)

5,425‌

5,345‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

5.25%,

6/15/41

650‌

687‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

5.25%,

6/15/42

1,000‌

1,052‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

4.25%,

6/15/44

1,000‌

945‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Unrefunded

Balance,

5.25%,

6/15/46

1,275‌

1,323‌

Tobacco

Settlement

Fin.,

Series A,

5.25%,

6/1/46

4,000‌

4,007‌

Tobacco

Settlement

Fin.,

Series B,

5.00%,

6/1/46

21,695‌

20,951‌

Township

Franklin

NJ,

GO,

2.00%,

3/15/37

1,280‌

1,036‌

65,339‌

NEW

YORK

3.4%

Build

New

York

City

Resource,

Friends

Hellenic

Classical,

Series A,

5.00%,

12/1/41 (6)

1,135‌

1,071‌

Build

New

York

City

Resource,

Friends

Hellenic

Classical,

Series A,

5.00%,

12/1/51 (6)

2,680‌

2,368‌

Build

New

York

City

Resource,

Friends

Hellenic

Classical,

Series A,

5.00%,

12/1/55 (6)

830‌

714‌

Build

New

York

City

Resource,

Inwood

Academy

Leadership

Charter

School,

Series A,

5.50%,

5/1/48 (6)

460‌

443‌

Build

New

York

City

Resource,

Richmond

Preparatory

Charter

School

Project,

Series A,

5.00%,

6/1/36 (1)(6)

425‌

395‌

Build

New

York

City

Resource,

Richmond

Preparatory

Charter

School

Project,

Series A,

5.00%,

6/1/41 (1)(6)

550‌

479‌

Build

New

York

City

Resource,

Richmond

Preparatory

Charter

School

Project,

Series A,

5.00%,

6/1/51 (1)(6)

1,980‌

1,563‌

Build

New

York

City

Resource,

Shefa

School

Project,

Series A,

2.50%,

6/15/31 (6)

650‌

592‌

Build

New

York

City

Resource,

Shefa

School

Project,

Series A,

5.00%,

6/15/51 (6)

16,205‌

13,933‌

Empire

State

Dev.,

Personal

Income

Tax,

3.00%,

3/15/48

5,000‌

3,604‌

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series A,

5.00%,

1/1/56

5,620‌

4,488‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series B,

Zero

Coupon,

1/1/45

20,695‌

6,313‌

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series C,

5.625%,

1/1/55

8,610‌

7,637‌

Nassau

County

IDA,

EC,

5.00%,

1/1/58 (2)

13,414‌

—‌

New

York

City

Housing

Dev.,

Spruce

Street,

Series 2024,

Class

5.25%,

12/15/43

(Prerefunded

12/15/31) (13)

2,550‌

2,613‌

New

York

City

Ind.

Dev.

Agency,

Queens

Baseball

Stadium

Project,

Series A,

3.00%,

1/1/46 (4)

5,250‌

3,976‌

New

York

City

Municipal

Water

Fin.

Auth.,

Water

Sewer

System,

Series BB1,

3.00%,

6/15/50

5,000‌

3,573‌

New

York

Dormitory

Auth.,

Garnet

Health

Medical

Center,

5.00%,

12/1/27 (6)

1,200‌

New

York

Dormitory

Auth.,

Garnet

Health

Medical

Center,

5.00%,

12/1/28 (6)

1,000‌

999‌

New

York

Dormitory

Auth.,

Garnet

Health

Medical

Center,

5.00%,

12/1/30 (6)

1,000‌

989‌

New

York

Dormitory

Auth.,

Garnet

Health

Medical

Center,

5.00%,

12/1/31 (6)

800‌

786‌

New

York

Dormitory

Auth.,

Garnet

Health

Medical

Center,

5.00%,

12/1/32 (6)

2,800‌

2,731‌

New

York

Dormitory

Auth.,

Garnet

Health

Medical

Center,

5.00%,

12/1/34 (6)

800‌

766‌

New

York

Dormitory

Auth.,

Garnet

Health

Medical

Center,

5.00%,

12/1/36 (6)

1,400‌

1,304‌

New

York

Transportation

Dev.,

American

Airlines,

5.00%,

8/1/31 (5)

12,445‌

12,420‌

New

York

Transportation

Dev.,

Delta

Airlines,

LaGuardia

Airport,

5.00%,

10/1/40 (5)

3,005‌

3,050‌

New

York

Transportation

Dev.,

JFK

Airport

Terminal

Redev.

Project,

Series A,

5.25%,

12/31/54 (4)(5)

5,920‌

5,964‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

5.25%,

8/1/31 (5)

1,215‌

1,255‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

5.375%,

8/1/36 (5)

2,000‌

2,064‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

6.00%,

6/30/54 (5)

6,750‌

6,926‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport

New

Terminal

One

Project,

5.50%,

6/30/54 (5)

9,905‌

9,973‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport

New

Terminal

One

Project,

6.00%,

6/30/55 (5)

2,450‌

2,563‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport

New

Terminal

One

Project,

6.00%,

6/30/59 (5)

9,325‌

9,749‌

Westchester

County

Local

Dev.,

Sunrise

Tarrytown

Project,

Series A,

5.25%,

12/1/40 (6)

500‌

491‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Westchester

County

Local

Dev.,

Sunrise

Tarrytown

Project,

Series A,

6.00%,

12/1/45 (6)

250‌

256‌

Westchester

County

Local

Dev.,

Sunrise

Tarrytown

Project,

Series A,

6.375%,

12/1/55 (6)

640‌

655‌

Westchester

County

Local

Dev.,

Sunrise

Tarrytown

Project,

Series A,

6.50%,

12/1/65 (6)

1,200‌

1,230‌

119,133‌

NORTH

CAROLINA

1.8%

Charlotte-Mecklenburg

Hosp.

Auth.,

Carolinas

Healthcare

System,

Series C,

VRDN,

3.00%,

1/15/37

5,100‌

Charlotte-Mecklenburg

Hosp.

Auth.,

Carolinas

HealthCare

System,

Series B,

VRDN,

3.00%,

1/15/38

9,405‌

Forsyth

County,

Series B,

GO,

2.00%,

3/1/39

4,585‌

3,385‌

Greater

Asheville

Regional

Airport

Auth.,

Series A,

5.50%,

7/1/47 (4)(5)

9,515‌

9,847‌

North

Carolina

Housing

Fin.

Agency,

5.00%,

7/1/47

1,575‌

1,600‌

North

Carolina

Medical

Care

Commission,

Series A,

5.50%,

9/1/54

1,325‌

1,320‌

North

Carolina

Medical

Care

Commission,

Series B,

5.00%,

9/1/49

600‌

580‌

North

Carolina

Medical

Care

Commission,

Series B,

5.00%,

9/1/54

1,340‌

1,275‌

North

Carolina

Medical

Care

Commission,

Series C,

4.00%,

3/1/36

1,835‌

1,825‌

North

Carolina

Medical

Care

Commission,

Series C,

4.00%,

3/1/42

3,870‌

3,567‌

North

Carolina

Medical

Care

Commission,

Aldersgate

Retirement

Community,

4.70%,

7/1/37

2,205‌

2,034‌

North

Carolina

Medical

Care

Commission,

Aldersgate

Retirement

Community,

4.875%,

7/1/40

4,245‌

3,786‌

North

Carolina

Medical

Care

Commission,

Aldersgate

Retirement

Community,

5.00%,

7/1/45

3,525‌

3,195‌

North

Carolina

Medical

Care

Commission,

Aldersgate

United

Methodist,

Series A,

5.00%,

7/1/47

925‌

823‌

North

Carolina

Medical

Care

Commission,

Everyage,

Series A,

4.00%,

9/1/41

865‌

800‌

North

Carolina

Medical

Care

Commission,

Everyage,

Series A,

4.00%,

9/1/47

770‌

665‌

North

Carolina

Medical

Care

Commission,

Everyage,

Series A,

4.00%,

9/1/51

765‌

632‌

North

Carolina

Medical

Care

Commission,

Lutheran

Services,

4.00%,

3/1/51

3,980‌

3,335‌

North

Carolina

Medical

Care

Commission,

Salemtowne,

5.25%,

10/1/37

730‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

North

Carolina

Medical

Care

Commission,

Salemtowne,

5.375%,

10/1/45

9,295‌

9,258‌

North

Carolina

Medical

Care

Commission,

Southminster,

5.00%,

10/1/37

1,225‌

64,387‌

OHIO

5.3%

Blanchard

Valley

Port

Auth.,

Liberty

Assisted

Living

Findlay

Project,

Series A,

6.25%,

1/1/46 (6)

2,500‌

2,487‌

Buckeye

Tobacco

Settlement

Fin.

Auth.,

Series B-2,

Class

5.00%,

6/1/55

78,610‌

60,016‌

Cleveland-Cuyahoga

County

Port

Auth.,

Playhouse

Square

Foundation,

5.50%,

12/1/43

1,345‌

1,362‌

Cleveland-Cuyahoga

County

Port

Auth.,

Playhouse

Square

Foundation,

5.50%,

12/1/53

12,705‌

12,731‌

Columbus-Franklin

County

Fin.

Auth.,

Silver

Birch

Columbus

Project,

Series A,

6.05%,

1/1/46 (6)

1,675‌

1,688‌

Columbus-Franklin

County

Fin.

Auth.,

Vivera

Brookshire

Project,

Series A,

6.30%,

1/1/46 (6)

4,800‌

4,738‌

Columbus-Franklin

County

Fin.

Auth.,

Vivera

Brookshire

Project,

Series A,

6.30%,

1/1/46 (6)

4,400‌

4,343‌

Cuyahoga

County,

MetroHealth

System,

5.00%,

2/15/42

3,560‌

3,489‌

Cuyahoga

County,

MetroHealth

System,

5.00%,

2/15/57

2,375‌

2,183‌

Cuyahoga

County,

MetroHealth

System,

5.50%,

2/15/52

3,790‌

3,796‌

Cuyahoga

County,

MetroHealth

System,

5.50%,

2/15/57

11,310‌

Dayton-Montgomery

County

Port

Auth.,

Liberty

Assisted

Living

Springfield

Project,

Series A,

6.625%,

1/1/45 (6)

3,050‌

3,179‌

Franklin

County

Convention

Fac.

Auth.,

Greater

Columbus

Convention

Center

Hotel

Expansion

Project,

5.00%,

12/1/44

4,635‌

4,510‌

Franklin

County

Convention

Fac.

Auth.,

Greater

Columbus

Convention

Center

Hotel

Expansion

Project,

5.00%,

12/1/51

5,955‌

5,573‌

Lancaster

Port

Auth.,

Vivera

Fairfeild

Project,

Series A,

6.375%,

1/1/46 (6)

1,925‌

1,932‌

Marion

County,

United

Church

Homes,

5.00%,

12/1/39

1,310‌

1,082‌

Marion

County,

United

Church

Homes,

5.125%,

12/1/49

1,445‌

1,095‌

Muskingum

County,

Genesis

Healthcare,

5.00%,

2/15/44

3,955‌

3,795‌

Norwood,

Rookwood

Exchange

Project,

5.00%,

12/1/41

1,000‌

1,014‌

Ohio,

Series A,

4.00%,

1/15/38

845‌

811‌

Ohio,

Series A,

4.00%,

1/15/39

1,585‌

1,497‌

Ohio

Air

Quality

Dev.

Auth.,

Vanadium

Project,

5.00%,

7/1/49 (5)(6)

16,000‌

14,385‌

Ohio

Housing

Fin.

Agency,

Series A,

6.375%,

1/1/46 (6)

1,775‌

1,771‌

Ohio

Housing

Fin.

Agency,

Ashford

Central

Park

Project,

Series A,

6.25%,

1/1/46 (6)

1,850‌

1,868‌

Ohio

Housing

Fin.

Agency,

Green

Oaks

Canal

Winchester

Project,

Series A,

6.30%,

1/1/45

2,830‌

2,869‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Ohio

Housing

Fin.

Agency,

Green

Oaks

Grove

City

Project,

Series A,

6.125%,

1/1/46 (6)

3,180‌

3,198‌

Ohio

Housing

Fin.

Agency,

Green

Oaks

Holland

Project,

Series A,

6.30%,

1/1/45

3,225‌

3,269‌

Ohio

Housing

Fin.

Agency,

Haven's

Edge

Apartments

Project,

Series A,

5.70%,

8/1/43 (6)

2,500‌

2,540‌

Ohio

Housing

Fin.

Agency,

Sanctuary

Springboro,

5.45%,

1/1/38 (6)

4,000‌

3,961‌

Ohio

Housing

Fin.

Agency,

Silver

Birch

Canton

Project,

Series A,

6.25%,

1/1/45 (6)

1,365‌

1,402‌

Ohio

Housing

Fin.

Agency,

Silver

Birch

Cuyahoga

Falls

Project,

Series A,

6.25%,

1/1/45 (6)

4,340‌

4,459‌

Port

Greater

Cincinnati

Dev.

Auth.,

Senior

Lien,

5.625%,

3/1/46 (6)

1,690‌

1,658‌

Port

Greater

Cincinnati

Dev.

Auth.,

Senior

Lien,

5.75%,

3/1/59 (6)

2,655‌

2,530‌

Portage

County

Port

Auth.,

Bio-Med

Science

Academy

Stem

School

Project,

6.00%,

12/1/56

1,140‌

1,158‌

Portage

County

Port

Auth.,

Bio-Med

Science

Academy

Stem

School

Project,

6.00%,

12/1/62

1,800‌

1,821‌

Summit

County

DFA,

Akron

Parking

Project,

5.625%,

12/1/48

2,350‌

2,448‌

Summit

County

DFA,

Akron

Parking

Project,

6.00%,

12/1/58

1,650‌

1,736‌

Washington

County,

Memorial

Health

System

Obligated

Group,

6.75%,

12/1/52

3,950‌

4,052‌

187,756‌

OKLAHOMA

1.1%

Norman

Regional

Hosp.

Auth.,

4.00%,

9/1/45

6,565‌

4,183‌

Oklahoma

County

Fin.

Auth.,

Astec

Project,

6.25%,

6/15/54 (6)

1,825‌

1,736‌

Oklahoma

County

Fin.

Auth.,

Astec

Project,

6.50%,

6/15/64 (6)

1,400‌

1,357‌

Oklahoma

County

Fin.

Auth.,

Epworth

Villa,

Series B,

5.875%,

12/1/47

6,094‌

3,398‌

Oklahoma

County

Fin.

Auth.,

Epworth

Villa,

Series C,

2.00%,

12/1/47

1,254‌

66‌

Oklahoma

DFA,

Medicine,

Series B,

5.25%,

8/15/48

4,455‌

4,438‌

Oklahoma

DFA,

Medicine,

Series B,

5.50%,

8/15/57

10,595‌

10,631‌

Oklahoma

Turnpike

Auth.,

Senior,

4.50%,

1/1/53

2,525‌

2,401‌

Oklahoma

Turnpike

Auth.,

Senior,

5.50%,

1/1/53

10,050‌

10,460‌

38,670‌

OREGON

0.1%

Clackamas

County

Hosp.

Fac.

Auth.,

Williamette

View,

Series A,

5.00%,

11/15/32

395‌

399‌

Clackamas

County

Hosp.

Fac.

Auth.,

Williamette

View,

Series A,

5.00%,

11/15/37

395‌

397‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Clackamas

County

Hosp.

Fac.

Auth.,

Williamette

View,

Series A,

5.00%,

11/15/47

1,110‌

1,067‌

Clackamas

County

Hosp.

Fac.

Auth.,

Williamette

View,

Series A,

5.00%,

11/15/52

1,190‌

1,100‌

Oregon

State

Fac.

Auth.,

Legacy

Health

Project,

Series A,

5.00%,

6/1/52

1,850‌

1,842‌

4,805‌

PENNSYLVANIA

5.0%

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/28

245‌

252‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/30

265‌

280‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.25%,

5/1/42 (6)

5,610‌

5,731‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

5.00%,

5/1/32 (6)

2,750‌

2,761‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

5.00%,

5/1/42 (6)

4,975‌

4,911‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

5.375%,

5/1/42 (6)

7,540‌

7,593‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

Series 2017,

5.00%,

5/1/42 (6)

7,125‌

7,129‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

Series 2024,

5.00%,

5/1/42 (6)

2,405‌

2,454‌

Berks

County

Municipal

Auth.,

Tower

Health

Project,

Series A-2A,

6.00%,

6/30/34

5,880‌

6,155‌

Berks

County

Municipal

Auth.,

Tower

Health

Project,

Series A-3,

5.00%,

6/30/39

5,250‌

4,925‌

Berks

County

Municipal

Auth.,

Tower

Health

Project,

Series B-1,

STEP,

0.00%,

6/30/44

18,301‌

13,882‌

Butler

County

Hosp.

Auth.,

5.00%,

7/1/35

6,645‌

Butler

County

Hosp.

Auth.,

5.00%,

7/1/39

3,760‌

3,572‌

Chester

County

IDA,

Collegium

Charter

School

Project,

6.00%,

10/15/52 (6)

2,425‌

2,247‌

Chester

County

IDA,

Collegium

Charter

School

Project,

Series A,

5.25%,

10/15/47

1,850‌

1,610‌

Chester

County

IDA,

Colleguim

Charter

School

Project,

Series A,

5.125%,

10/15/37

3,980‌

3,716‌

Cumberland

County

Municipal

Auth.,

Asbury

Pennsylvania

Obligated,

4.50%,

1/1/36 (6)

3,140‌

3,120‌

Cumberland

County

Municipal

Auth.,

Asbury

Pennsylvania

Obligated,

4.50%,

1/1/40 (6)

3,790‌

3,581‌

Cumberland

County

Municipal

Auth.,

Asbury

Pennsylvania

Obligated,

4.50%,

1/1/41 (6)

3,330‌

3,101‌

Doylestown

Hosp.

Auth.,

5.375%,

7/1/39 (6)

2,075‌

2,203‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Franklin

County

IDA,

Menno-Haven,

5.00%,

12/1/43

950‌

895‌

Franklin

County

IDA,

Menno-Haven,

5.00%,

12/1/48

1,025‌

912‌

Franklin

County

IDA,

Menno-Haven,

5.00%,

12/1/53

1,110‌

956‌

Lancaster

County

Hosp.

Auth.,

Brethren

Village,

5.25%,

7/1/35

185‌

Lancaster

County

Hosp.

Auth.,

Brethren

Village,

5.50%,

7/1/45

790‌

770‌

Lycoming

County

Auth.,

Aicup

Financing

Program

Lycoming

College

Project,

5.125%,

11/1/46

1,000‌

949‌

Lycoming

County

Auth.,

Aicup

Financing

Program

Lycoming

College

Project,

5.375%,

11/1/51

1,235‌

1,183‌

Lycoming

County

Auth.,

Aicup

Financing

Program

Lycoming

College

Project,

5.50%,

11/1/56

2,745‌

2,612‌

Montgomery

County

Higher

Ed.

Health

Auth.,

Thomas

Jefferson

Univ.,

5.00%,

9/1/43

3,995‌

4,019‌

Montgomery

County

IDA,

Hill

Whitemarsh,

5.25%,

1/1/40

2,770‌

2,771‌

Montgomery

County

IDA,

Hill

Whitemarsh,

5.375%,

1/1/50

5,335‌

5,158‌

Pennsylvania

Economic

DFA,

Core

Natural

Resources

Project,

VRDN,

5.45%,

1/1/51

(Tender

3/27/35) (5)(6)

6,755‌

7,236‌

Pennsylvania

Economic

DFA,

National

Gypsum,

5.50%,

11/1/44 (5)

6,905‌

6,804‌

Pennsylvania

Economic

DFA,

The

Penndot

Major

Bridges

Package

One

Project,

5.25%,

6/30/53 (5)

4,060‌

4,063‌

Pennsylvania

Economic

DFA,

The

Penndot

Major

Bridges

Package

One

Project,

5.50%,

6/30/40 (5)

3,155‌

3,318‌

Pennsylvania

Economic

DFA,

The

Penndot

Major

Bridges

Package

One

Project,

5.50%,

6/30/41 (5)

1,840‌

1,930‌

Pennsylvania

Economic

DFA,

The

Penndot

Major

Bridges

Package

One

Project,

5.50%,

6/30/43 (5)

1,840‌

1,923‌

Pennsylvania

Economic

DFA,

The

Penndot

Major

Bridges

Package

One

Project,

5.75%,

6/30/48 (5)

10,865‌

11,313‌

Pennsylvania

Economic

DFA,

The

Penndot

Major

Bridges

Package

One

Project,

6.00%,

6/30/61 (5)

7,800‌

8,135‌

Pennsylvania

Economic

DFA,

The

Pennsylvania

Rapid

Bridge

Replacement

Project,

5.00%,

6/30/42 (5)

1,035‌

1,036‌

Pennsylvania

Higher

Ed.

Fac.

Auth.,

Indiana

Univ.

Student

Housing,

Series A,

FRN,

67%

(3M

TSFR

0.2616%)

0.65%,

3.321%,

7/1/39 (4)

6,650‌

6,322‌

Pennsylvania

Turnpike

Commission,

Series A,

4.00%,

12/1/49 (4)

10,000‌

8,934‌

Pennsylvania

Turnpike

Commission,

Series B,

5.25%,

12/1/52

4,565‌

4,672‌

Philadelphia

IDA,

Wesley

Enhanced

Living,

5.00%,

7/1/37

2,485‌

2,450‌

Philadelphia

IDA,

Wesley

Enhanced

Living,

5.00%,

7/1/42

1,680‌

1,604‌

176,018‌

PUERTO

RICO

9.1%

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (14)

24,666‌

17,575‌

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/51 (14)

32,398‌

21,059‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/51 (14)

24,943‌

18,083‌

Puerto

Rico

Commonwealth

Aqueduct

Sewer

Auth.,

Series 2021A,

5.00%,

7/1/37 (6)

1,105‌

1,145‌

Puerto

Rico

Commonwealth

Aqueduct

Sewer

Auth.,

Series A,

5.00%,

7/1/30 (6)

8,215‌

8,693‌

Puerto

Rico

Commonwealth

Aqueduct

Sewer

Auth.,

Series A,

5.00%,

7/1/35 (6)

9,495‌

9,887‌

Puerto

Rico

Commonwealth

Aqueduct

Sewer

Auth.,

Series A,

5.00%,

7/1/47 (6)

10,000‌

10,047‌

Puerto

Rico

Commonwealth

Aqueduct

Sewer

Auth.,

Series B,

4.00%,

7/1/47 (6)

9,115‌

8,091‌

Puerto

Rico

Commonwealth

Aqueduct

Sewer

Auth.,

Series B,

5.00%,

7/1/37 (6)

8,520‌

8,826‌

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

coupon,

7/1/33

8,280‌

6,043‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/33

10,975‌

10,930‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/35

8,948‌

8,812‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/37

11,792‌

11,428‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/41

15,967‌

14,815‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/46

4,450‌

3,949‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/27

2,197‌

2,233‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.75%,

7/1/31

3,166‌

3,416‌

Puerto

Rico

Electric

Power

Auth.,

Series A,

5.00%,

7/1/29 (1)(7)

4,780‌

3,537‌

Puerto

Rico

Electric

Power

Auth.,

Series A,

5.05%,

7/1/42 (1)(7)

95‌

70‌

Puerto

Rico

Electric

Power

Auth.,

Series A,

6.75%,

7/1/36 (1)(7)

8,215‌

6,171‌

Puerto

Rico

Electric

Power

Auth.,

Series A,

7.25%,

7/1/30 (1)(7)

1,000‌

754‌

Puerto

Rico

Electric

Power

Auth.,

Series AAA,

5.25%,

7/1/27 (1)

(7)

1,145‌

847‌

Puerto

Rico

Electric

Power

Auth.,

Series AAA,

5.25%,

7/1/29 (1)

(7)

3,955‌

2,927‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.00%,

7/1/21 (1)(7)

1,605‌

1,188‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.00%,

7/1/27 (1)(7)

135‌

100‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/26 (1)(7)

1,600‌

1,184‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/27 (1)(7)

2,300‌

1,702‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/28 (1)(7)

2,745‌

2,031‌

Puerto

Rico

Electric

Power

Auth.,

Series CR,

Zero

Coupon,

7/1/30 (6)

4,300‌

3,160‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/20 (1)

(7)

470‌

348‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/24 (1)

(7)

1,810‌

1,339‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/25 (1)

(7)

610‌

451‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/26 (1)

(7)

730‌

540‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/27 (1)

(7)

95‌

70‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.25%,

7/1/33 (1)

(7)

455‌

337‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.50%,

7/1/18 (1)

(7)

390‌

289‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.50%,

7/1/38 (1)

(7)

3,955‌

2,927‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/27 (1)

(7)

235‌

174‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/35 (1)

(7)

3,541‌

2,620‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/40 (1)

(7)

790‌

585‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.75%,

7/1/36 (1)

(7)

1,135‌

840‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

3.70%,

7/1/17 (1)

(7)

110‌

81‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/17 (1)

(7)

195‌

144‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/19 (1)

(7)

1,960‌

1,450‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/28 (1)

(7)

155‌

115‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/19 (1)

(7)

1,460‌

1,080‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/23 (1)

(7)

420‌

311‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/24 (1)

(7)

169‌

125‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/26 (1)

(7)

3,820‌

2,827‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.55%,

7/1/40

2,009‌

1,987‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.75%,

7/1/53

10,826‌

10,228‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

5.00%,

7/1/58

39,807‌

38,567‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/33

11,267‌

8,906‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/46

166,265‌

59,553‌

324,597‌

RHODE

ISLAND

0.3%

Central

Falls

Detention

Fac.,

7.25%,

7/15/35 (1)(7)

9,960‌

3,884‌

Rhode

Island

Health

Ed.

Building,

Care

New

England,

Series B,

5.00%,

9/1/36

(Prerefunded

9/1/26) (13)

3,955‌

Tobacco

Settlement

Fin.,

Asset-Backed

Bonds,

Series A,

Zero

Coupon,

6/1/52

14,000‌

1,887‌

9,726‌

SOUTH

CAROLINA

1.3%

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

1/1/32

4,295‌

3,124‌

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

1/1/42

25,626‌

9,163‌

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

7/22/51

43,394‌

7,125‌

Connector

2000

Assoc.,

Series B-1,

Zero

Coupon,

1/1/32

2,244‌

1,412‌

Connector

2000

Assoc.,

Series B-1,

Zero

Coupon,

7/22/51

17,655‌

2,035‌

Connector

2000

Assoc.,

Series C-1,

Zero

Coupon,

7/22/51

1,432‌

66‌

South

Carolina

Jobs-Economic

Dev.

Auth.,

American

Leadership

Academy

Lexington,

Series A,

5.50%,

6/15/33

4,100‌

4,016‌

South

Carolina

Jobs-Economic

Dev.

Auth.,

Gray

Collegiate

Academy

Project,

6.25%,

7/1/56 (6)

3,000‌

2,944‌

South

Carolina

Jobs-Economic

Dev.

Auth.,

Gray

Collegiate

Academy

Project,

6.375%,

7/1/66 (6)

10,000‌

9,832‌

South

Carolina

Jobs-Economic

Dev.

Auth.,

Libertas

Woodruff

Project,

7.25%,

8/15/65 (6)

2,000‌

2,048‌

South

Carolina

Jobs-Economic

Dev.

Auth.,

Rolling

Green

Village

Project,

Series A,

5.75%,

12/1/60

2,900‌

2,848‌

44,613‌

SOUTH

DAKOTA

0.3%

Sioux

Falls

Health

Fac.,

Dow

Rummel

Village,

5.00%,

11/1/28

(Prerefunded

11/1/26) (13)

1,135‌

1,139‌

Sioux

Falls

Health

Fac.,

Dow

Rummel

Village,

5.00%,

11/1/30

(Prerefunded

11/1/26) (13)

1,215‌

1,219‌

Sioux

Falls

Health

Fac.,

Dow

Rummel

Village,

5.00%,

11/1/32

(Prerefunded

11/1/26) (13)

1,080‌

1,084‌

Sioux

Falls

Health

Fac.,

Dow

Rummel

Village,

5.00%,

11/1/42

(Prerefunded

11/1/26) (13)

1,585‌

1,591‌

Sioux

Falls,

Dow

Rummel

Village,

Series A,

5.65%,

11/1/54

2,125‌

2,093‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Sioux

Falls,

Dow

Rummel

Village,

Series A,

5.70%,

11/1/61

3,200‌

3,100‌

10,226‌

TENNESSEE

0.6%

Chattanooga

Health

Ed.

Housing

Fac.

Board,

Student

Housing,

CDFI

Phase

5.00%,

10/1/35

2,180‌

Kingsport

Tennessee

IDB,

Domtar

Project,

VRDN,

5.25%,

12/1/54

(Tender

11/15/29) (5)(6)

4,825‌

4,430‌

Knox

County

Health

Ed.

Housing

Fac.

Board,

Tennessee

Univ.

Project,

Series B-1,

5.125%,

7/1/59 (9)

2,600‌

2,605‌

Metropolitan

Gov't.

Nashville

Davidson

County

Health

Ed.

Fac.

Board,

5.25%,

5/1/53

3,850‌

3,871‌

Metropolitan

Nashville

Airport

Auth.,

Series B,

5.50%,

7/1/52 (5)

2,680‌

2,745‌

Shelby

County

Health

Ed.

Fac.

Board,

Madrone

Memphis

Student

Housing

Series A-1,

5.25%,

6/1/56 (6)

1,500‌

1,421‌

Shelby

County

Health

Ed.

Housing

Fac.

Board,

Village

Germantown,

5.00%,

12/1/34

395‌

Shelby

County

Health

Ed.

Housing

Fac.

Board,

Village

Germantown,

5.25%,

12/1/44

920‌

875‌

Shelby

County

Health

Ed.

Housing

Fac.

Board,

Village

Germantown,

5.25%,

12/1/49

2,650‌

2,360‌

20,882‌

TEXAS

6.3%

Anna,

Sherley

Farms

Public

Improvement,

5.35%,

9/15/46 (6)

1,000‌

977‌

Anna,

Sherley

Farms

Public

Improvement,

5.70%,

9/15/56 (6)

1,350‌

1,317‌

Arlington

Higher

Ed.

Fin.,

Basis

Texas

Charter

Schools,

4.875%,

6/15/59 (6)

1,320‌

1,143‌

Arlington

Higher

Ed.

Fin.,

Basis

Texas

Charter

Schools,

5.75%,

6/15/55 (6)

8,400‌

8,391‌

Austin

Airport

System

Revenue,

Series B,

5.25%,

11/15/51 (5)

8,000‌

8,162‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/28

705‌

707‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/30

1,645‌

1,648‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/31

2,300‌

2,303‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/32

2,650‌

2,653‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/33

2,475‌

2,477‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/34

2,805‌

2,807‌

Austin

Convention

Enterprises,

Second

Tier

Convention

Center,

Series B,

5.00%,

1/1/28

395‌

396‌

Austin

Convention

Enterprises,

Second

Tier

Convention

Center,

Series B,

5.00%,

1/1/29

910‌

912‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Austin

Convention

Enterprises,

Second

Tier

Convention

Center,

Series B,

5.00%,

1/1/32

1,780‌

1,781‌

Austin

Convention

Enterprises,

Second

Tier

Convention

Center,

Series B,

5.00%,

1/1/34

2,515‌

Austin

Texas

Airport

System

Revenue,

5.25%,

11/15/47 (5)

3,000‌

3,070‌

Brooks

Dev.

Auth.,

5.875%,

8/15/52 (6)

5,360‌

5,131‌

Brooks

Dev.

Auth.,

Senior

Lien,

Series A,

5.50%,

8/15/52 (6)

3,400‌

3,269‌

Celina,

Public

Improvement,

4.50%,

9/1/31 (6)

750‌

757‌

Celina,

Public

Improvement,

5.125%,

9/1/44 (6)

1,500‌

1,514‌

Celina,

Public

Improvement,

5.50%,

9/1/54 (6)

1,500‌

1,498‌

Clifton

Higher

Ed.

Fin.,

Int'l.

Leadership,

Series A,

5.25%,

2/15/49

3,300‌

3,372‌

Conroe

Local

Gov't.,

Convention

Center

Hotel,

3.50%,

10/1/31 (6)

230‌

173‌

Conroe

Local

Gov't.,

Convention

Center

Hotel,

5.00%,

10/1/50 (6)

1,375‌

1,031‌

Corpus

Christi,

6.125%,

9/15/44

1,000‌

1,004‌

Corpus

Christi,

6.50%,

9/15/54

1,500‌

1,479‌

Denton

County,

Green

Meadows

Public

Improvement

Dist.,

5.625%,

12/31/55 (6)

2,065‌

2,086‌

Denton

County,

Green

Meadows

Public

Improvement

Dist.,

5.875%,

12/31/45 (6)

982‌

1,002‌

Denton

County,

Green

Meadows

Public

Improvement

Dist.,

6.125%,

12/31/55 (6)

1,600‌

1,627‌

Fort

Bend

County

IDC,

NRG

Energy,

Series B,

4.75%,

11/1/42

3,955‌

3,868‌

Friendswood,

7.00%,

9/15/54

2,750‌

2,727‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Brazos

Presybyterian

Homes,

Series A,

5.00%,

1/1/43

415‌

405‌

Hidalgo

County

Regional

Mobility

Auth.,

Senior

Lien,

Series A,

4.00%,

12/1/38

1,350‌

1,245‌

Hidalgo

County

Regional

Mobility

Auth.,

Senior

Lien,

Series A,

4.00%,

12/1/39

1,000‌

905‌

Hidalgo

County

Regional

Mobility

Auth.,

Senior

Lien,

Series A,

4.00%,

12/1/40

845‌

753‌

Hidalgo

County

Regional

Mobility

Auth.,

Senior

Lien,

Series A,

4.00%,

12/1/41

845‌

736‌

Houston

Airport

System

Revenue,

United

Airlines,

Series A,

4.00%,

7/1/41 (5)

1,620‌

1,445‌

Houston

Airport

System

Revenue,

United

Airlines,

Series B,

5.50%,

7/15/38 (5)

4,300‌

4,508‌

Houston

Airport

System

Revenue,

United

Airlines,

Series B,

5.50%,

7/15/39 (5)

4,100‌

4,269‌

Houston

Airport

System

Revenue,

United

Airlines,

Series B-1,

4.00%,

7/15/41 (5)

3,955‌

3,528‌

Houston

Airport

System,

United

Airlines,

5.50%,

7/15/35 (5)

4,825‌

5,111‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Houston

Hotel

Occupancy

Tax

Special

Revenue,

Series C,

5.50%,

9/1/58

5,765‌

5,994‌

Joint

Guadalupe

County

Seguin

Hosp.,

5.00%,

12/1/28

1,110‌

Joint

Guadalupe

County

Seguin

Hosp.,

5.00%,

12/1/30

1,335‌

Joint

Guadalupe

County

Seguin

Hosp.,

5.00%,

12/1/40

2,305‌

2,173‌

Joint

Guadalupe

County

Seguin

Hosp.,

5.00%,

12/1/45

5,275‌

4,782‌

Joint

Guadalupe

County

Seguin

Hosp.,

5.25%,

12/1/35

1,645‌

Mission

Economic

Dev.,

Graphic

Packaging

International,

VRDN,

5.00%,

12/1/64

(Tender

6/1/30) (5)(6)(12)

2,000‌

2,051‌

Mission

Economic

Dev.,

Graphic

Packaging

International

Project,

VRDN,

5.00%,

12/1/64

(Tender

6/1/30) (5)

3,675‌

3,775‌

Mission

Economic

Dev.,

Natgasoline,

VRDN,

4.75%,

8/1/46

(Tender

8/1/36) (5)

7,675‌

7,719‌

Mission

Economic

Dev.,

Natgasoline,

Series B,

4.625%,

10/1/31

(Prerefunded

10/1/26) (5)(6)(13)

6,920‌

6,930‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/32

435‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/33

450‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/34

475‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/35

440‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/36

1,110‌

1,111‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/38

1,030‌

1,031‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/43

3,095‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/48

3,105‌

3,060‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Blinn

College,

Series A,

5.00%,

7/1/57

7,915‌

5,382‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Brazos

Presbyterian

Homes

Project,

5.375%,

1/1/55

2,000‌

1,998‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Legacy

Midtown,

Series A,

5.50%,

7/1/54

3,585‌

3,095‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Legacy

Midtown

Park

Project,

Series A,

5.25%,

7/1/32

625‌

629‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Legacy

Midtown

Park

Project,

Series A,

6.75%,

7/1/44

2,575‌

2,670‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Legacy

Midtown

Park

Project,

Series A,

7.125%,

7/1/56

1,375‌

1,424‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

MRC

Senior

Living,

Langford,

Series A,

5.375%,

11/15/36

395‌

385‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

MRC

Senior

Living,

Langford,

Series A,

5.50%,

11/15/46

790‌

708‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

MRC

Senior

Living,

Langford,

Series A,

5.50%,

11/15/52

790‌

687‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/31

790‌

804‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/32

370‌

376‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/33

790‌

801‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/34

790‌

800‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/39

1,190‌

1,191‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.25%,

10/1/49

4,810‌

4,659‌

North

Texas

Tollway

Auth.,

Series B,

3.00%,

1/1/51 (9)

7,445‌

5,218‌

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast,

2.75%,

1/1/36 (5)(6)

900‌

705‌

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast,

Series A,

3.625%,

1/1/35 (5)(6)

3,820‌

3,462‌

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast,

Series A,

4.00%,

1/1/50 (5)(6)

10,755‌

8,135‌

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast,

Series A,

5.25%,

1/1/54 (5)(6)

2,000‌

1,792‌

Princeton,

Eastridge

Public

Improvement

Dist.,

4.60%,

9/1/35 (6)

200‌

201‌

Princeton,

Eastridge

Public

Improvement

Dist.,

5.375%,

9/1/45 (6)

420‌

421‌

Princeton,

Eastridge

Public

Improvement

Dist.,

5.625%,

9/1/55 (6)

700‌

695‌

Seagoville,

Santorini

Public

Improvement

Dist.

Project,

6.00%,

9/15/44 (6)

1,015‌

1,003‌

Seagoville,

Santorini

Public

Improvement

Dist.

Project,

7.00%,

9/15/54 (6)

3,000‌

2,943‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Edgemere-Northwest

Senior

Housing,

5.25%,

11/15/47 (1)(7)

1,283‌

—‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Edgemere-Northwest

Senior

Housing,

Series A,

5.00%,

11/15/45 (1)(7)

6,750‌

1‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Stayton

Museum

Way,

Series A,

5.75%,

12/1/54 (1)

4,241‌

3,305‌

Texas

Dept.

Housing

Community

Affairs,

Series A,

5.00%,

1/1/50

10,000‌

9,942‌

Texas

Municipal

Gas

Acquisition

Supply

Corp.

5.00%,

4/1/36

5,000‌

5,185‌

Texas

Private

Activity

Bond

Surface

Transportation,

Tarrant

Express

Project,

5.50%,

12/31/58 (5)

13,150‌

13,425‌

224,355‌

UTAH

2.6%

Black

Desert

Public

Infrastructure

Dist.,

Assessment

Area

5.625%,

12/1/53 (6)

9,085‌

9,186‌

Downtown

Daybreak

Public

Infrastructure

Dist.

No.

5.625%,

3/1/46 (6)

750‌

753‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Downtown

Daybreak

Public

Infrastructure

Dist.

No.

5.875%,

3/1/51 (6)

925‌

930‌

Firefly

Public

Infrastructure

Dist.

No.

Series A-1,

GO,

6.625%,

3/1/54 (6)

1,125‌

1,138‌

Firefly

Public

Infrastructure

Dist.

No.

Assessment

Area

No.

5.625%,

12/1/43 (6)

3,391‌

3,396‌

Lomond

Heights

Public

Infrastructure

Dist.,

Series A-1,

GO,

5.875%,

3/1/57

1,405‌

1,372‌

Lomond

Heights

Public

Infrastructure

Dist.,

Lomond

Heights

Assessment

Area,

Series A-2,

5.625%,

12/1/55

1,575‌

1,538‌

MIDA

Mountain

Veterans

Program

Public

Infrastructure

Dist.,

5.00%,

6/1/44 (6)

500‌

496‌

MIDA

Mountain

Veterans

Program

Public

Infrastructure

Dist.,

5.20%,

6/1/54 (6)

1,175‌

1,124‌

Mida

Mountain

Village

Public

Infrastructure

Dist.,

Series 1,

5.125%,

6/15/54 (6)

2,540‌

2,431‌

Mida

Mountain

Village

Public

Infrastructure

Dist.,

Series 2,

5.75%,

6/15/44 (6)

1,240‌

1,265‌

Mida

Mountain

Village

Public

Infrastructure

Dist.,

Series 2,

6.00%,

6/15/54 (6)

2,150‌

2,187‌

Military

Installation

Dev.

Auth.,

Series A-1,

4.00%,

6/1/41

1,800‌

1,661‌

Military

Installation

Dev.

Auth.,

Series A-1,

4.00%,

6/1/52

4,000‌

3,264‌

Military

Installation

Dev.

Auth.,

Series A-2,

4.00%,

6/1/41

2,485‌

2,259‌

Military

Installation

Dev.

Auth.,

Series A-2,

4.00%,

6/1/52

7,550‌

6,106‌

Panorama

Public

Infrastructure

Dist.

No.

6.20%,

12/1/55 (6)

2,000‌

1,957‌

Panorama

Public

Infrastructure

Dist.

No.

Series A,

GO,

6.25%,

3/1/55 (6)

2,150‌

2,148‌

Point

Phase

Public

Infrastructure

Dist.

No.

Series A-1,

5.875%,

3/1/45

950‌

982‌

Point

Phase

Public

Infrastructure

Dist.

No.

Series A-1,

6.125%,

3/1/55

6,910‌

7,106‌

Point

Phase

Public

Infrastructure

Dist.

No.

Series A-2,

STEP,

3/1/55

500‌

414‌

Resort

Core

Public

Infrastructure

Dist.

No.

Series A-1,

GO,

5.625%,

3/1/51 (6)

800‌

791‌

Resort

Core

Public

Infrastructure

Dist.

No.

Series A-1,

GO,

5.875%,

3/1/57 (6)

1,075‌

1,080‌

Resort

Core

Public

Infrastructure

Dist.

No.

Series A-2,

GO,

STEP,

3/1/57

1,075‌

828‌

Ridges

Estates

Infrastructure

Fin.

Dist.,

Alpine

Hollow

Assessment

Area,

6.25%,

12/1/53 (6)

5,350‌

5,460‌

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/46 (5)

5,605‌

5,657‌

SkyRidge

Pegasus

Infrastructure

Fin.

Dist.,

SkyRidge

Pegasus

Assessment

Area,

5.25%,

12/1/44 (6)

5,216‌

5,119‌

Soleil

Hills

Public

Infrastructure

Dist.

No.

Series A,

GO,

5.875%,

3/1/55 (6)

3,920‌

3,931‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Tech

Ridge

Public

Infrastructure

Dist.,

Tech

Ridge

Assessment

Area,

6.25%,

12/1/54 (6)

7,200‌

7,386‌

UIPA

Crossroads

Public

Infrastructure

Dist.,

4.375%,

6/1/52 (6)

10,115‌

9,003‌

Utah

City

West

Public

Infrastructure

Dist.

No.

5.875%,

12/1/55 (6)

2,250‌

2,260‌

93,228‌

VIRGIN

ISLANDS

0.3%

Virgin

Islands

Hotel

Dev.

Fin.,

Senior

Lien,

Frenchman's

Reef

Hotel,

Series A-1,

6.00%,

12/1/55

10,750‌

10,390‌

VIRGINIA

1.8%

Alexandria,

Series A,

GO,

2.00%,

12/15/40

6,150‌

4,212‌

Arlington

County

IDA,

Virginia

Hosp.

Center,

3.75%,

7/1/50 (4)

1,050‌

870‌

Lynchburg

Economic

Dev.

Auth.,

Central

Health,

Series A,

4.00%,

1/1/47

3,000‌

2,565‌

Norfolk

Redev.

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

5.00%,

1/1/35

2,925‌

2,926‌

Norfolk

Redev.

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

5.00%,

1/1/46

4,170‌

3,987‌

Norfolk

Redev.

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

5.375%,

1/1/46

3,380‌

Norfolk

Redev.

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

Series A,

5.00%,

1/1/49

2,575‌

2,390‌

Tobacco

Settlement

Fin.,

Series B-1,

5.00%,

6/1/47

2,000‌

1,601‌

Tobacco

Settlement

Fin.,

Capital

Appreciation,

Series C,

Zero

Coupon,

6/1/47

21,370‌

4,619‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

5.00%,

7/1/45 (6)

4,750‌

3,589‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

5.25%,

7/1/30 (6)

870‌

789‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

5.25%,

7/1/35 (6)

1,700‌

1,456‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

Series A,

5.00%,

7/1/30 (6)

3,080‌

2,767‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

Series A,

5.00%,

7/1/35 (6)

1,000‌

840‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

Series A,

5.00%,

7/1/45 (6)

2,460‌

1,859‌

Virginia

HDA,

Series E,

4.90%,

10/1/50

1,695‌

1,676‌

Virginia

HDA,

Series E,

4.95%,

10/1/55

1,450‌

1,417‌

Virginia

Small

Business

Fin.

Auth.,

Express

Lanes

LLC

Project,

4.00%,

1/1/48 (5)

6,500‌

5,646‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

3.00%,

1/1/41 (5)

3,000‌

2,323‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.00%,

1/1/37 (5)

3,080‌

2,954‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.00%,

1/1/39 (5)

2,150‌

2,001‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.00%,

1/1/40 (5)

2,200‌

2,042‌

Virginia

Small

Business

Fin.

Auth.,

I-495

HOT

Lanes

Project,

5.00%,

12/31/47 (5)

4,500‌

4,485‌

Virginia

Small

Business

Fin.

Auth.,

Transform

Project,

5.00%,

12/31/49 (5)

4,480‌

4,372‌

64,766‌

WASHINGTON

1.4%

Adams

County

Public

Hosp.

Dist.

No.

GO,

5.125%,

12/1/44

2,105‌

2,005‌

Skagit

County

Public

Hosp.

Dist.

No.

5.50%,

12/1/54

4,885‌

4,888‌

Washington

State

Housing

Fin.

Commission,

Blakeley

Laurel

Villages

Portfolio,

Series A,

5.50%,

7/1/50 (6)

4,500‌

4,459‌

Washington

State

Housing

Fin.

Commission,

Hearthstone,

5.00%,

7/1/38 (6)

830‌

683‌

Washington

State

Housing

Fin.

Commission,

Hearthstone,

5.00%,

7/1/48 (6)

2,300‌

1,691‌

Washington

State

Housing

Fin.

Commission,

Hearthstone,

5.00%,

7/1/53 (6)

920‌

638‌

Washington

State

Housing

Fin.

Commission,

Judson

Park,

4.00%,

7/1/28 (6)

95‌

Washington

State

Housing

Fin.

Commission,

Judson

Park,

5.00%,

7/1/33 (6)

225‌

226‌

Washington

State

Housing

Fin.

Commission,

Judson

Park,

5.00%,

7/1/38 (6)

650‌

648‌

Washington

State

Housing

Fin.

Commission,

Judson

Park,

5.00%,

7/1/48 (6)

1,660‌

1,515‌

Washington

State

Housing

Fin.

Commission,

Presbyterian

Retirement,

Series A,

5.00%,

1/1/46 (6)

2,575‌

2,453‌

Washington

State

Housing

Fin.

Commission,

Presbyterian

Retirement,

Series A,

5.00%,

1/1/51 (6)

5,330‌

4,855‌

Washington

State

Housing

Fin.

Commission,

Radford

Court

Nordheim

Court,

5.00%,

7/1/54

3,865‌

3,466‌

Washington

State

Housing

Fin.

Commission,

Radford

Court

Nordheim

Court,

5.50%,

7/1/49

2,000‌

1,985‌

Washington

State

Housing

Fin.

Commission,

Radford

Court

Nordheim

Court,

5.50%,

7/1/59

8,835‌

8,508‌

Washington

State

Housing

Fin.

Commission,

Social

Certificate,

Series 1,

Class

3.375%,

4/20/37

1,213‌

1,112‌

Washington

State

Housing

Fin.

Commission,

Social

Certificate,

Series 2024-1,

Class

VR,

4.222%,

3/1/50

3,665‌

3,464‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

Washington

State

Housing

Fin.

Commission,

Social

Certificate,

Series A-1,

Class

3.50%,

12/20/35

2,719‌

2,587‌

Washington

State

Housing

Fin.

Commission,

Transform

Age

Project,

Series A,

5.00%,

1/1/55 (6)

4,925‌

4,436‌

49,714‌

WEST

VIRGINIA

0.2%

Monongalia

County

Commission

Excise

Tax

Dist.,

Series A,

4.125%,

6/1/43 (6)

1,610‌

1,463‌

Monongalia

County

Commission

Excise

Tax

Dist.,

Series B,

4.875%,

6/1/43 (6)

1,050‌

1,044‌

Monongalia

County

Commission,

Univ.

Town

Center,

Series A,

5.50%,

6/1/37 (6)

1,940‌

1,952‌

Monongalia

County

Commission,

Univ.

Town

Center,

Series A,

5.75%,

6/1/43 (6)

1,940‌

1,951‌

Ohio

County,

Highlands

Project,

5.25%,

6/1/44

1,000‌

1,002‌

Ohio

County,

Highlands

Project,

5.25%,

6/1/53

1,250‌

1,197‌

8,609‌

WISCONSIN

5.4%

PFA,

Series A,

5.00%,

12/15/44 (6)

690‌

653‌

PFA,

Series A,

5.00%,

12/15/54 (6)

2,000‌

1,761‌

PFA,

Series A,

5.50%,

7/15/56 (6)

1,500‌

1,424‌

PFA,

Series A,

5.50%,

7/15/61 (6)

1,000‌

932‌

PFA,

Celanese,

Series C,

4.30%,

11/1/30 (5)

3,955‌

3,943‌

PFA,

Celanese,

Series D,

4.05%,

11/1/30

1,980‌

1,962‌

PFA,

Challenge

Foundation

Academy,

6.625%,

7/1/43 (6)

1,000‌

1,017‌

PFA,

Challenge

Foundation

Academy,

6.875%,

7/1/53 (6)

1,650‌

1,667‌

PFA,

Challenge

Foundation

Academy,

7.00%,

7/1/58 (6)

1,850‌

1,867‌

PFA,

Cherokee

Classical

Academy

Project,

Series A,

6.50%,

6/15/45 (6)

325‌

323‌

PFA,

Cherokee

Classical

Academy

Project,

Series A,

6.75%,

6/15/55 (6)

500‌

489‌

PFA,

Cherokee

Classical

Academy

Project,

Series A,

7.00%,

6/15/65 (6)

1,100‌

1,089‌

PFA,

CHF

Manoa,

Series A,

5.75%,

7/1/53 (6)

4,000‌

3,597‌

PFA,

Church

Home

Hartford,

5.00%,

9/1/30 (6)

630‌

PFA,

Church

Home

Hartford,

5.00%,

9/1/38 (6)

1,365‌

PFA,

Corvian

Community

School,

Series A,

4.00%,

6/15/29 (6)

365‌

355‌

PFA,

Corvian

Community

School,

Series A,

5.00%,

6/15/39 (6)

790‌

714‌

PFA,

Corvian

Community

School,

Series A,

5.00%,

6/15/49 (6)

3,650‌

2,974‌

PFA,

Corvian

Community

School,

Series A,

5.125%,

6/15/47 (6)

2,085‌

1,765‌

PFA,

Corvian

Community

School,

Series A,

6.25%,

6/15/48 (6)

535‌

517‌

PFA,

Corvian

Community

School,

Series A,

6.25%,

6/15/53 (6)

2,515‌

2,366‌

PFA,

Elevon

Project,

RAN,

5.00%,

7/15/30 (6)

695‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

PFA,

Foundation

Academy

Charter

School

Project,

5.00%,

7/1/55 (6)

1,250‌

1,102‌

PFA,

Foundation

Academy

Charter

School

Project,

5.00%,

7/1/60 (6)

700‌

606‌

PFA,

Founders

Academy

Las

Vegas,

Series A,

4.00%,

7/1/30 (6)

185‌

182‌

PFA,

Founders

Academy

Las

Vegas,

Series A,

5.00%,

7/1/40 (6)

560‌

530‌

PFA,

Founders

Academy

Las

Vegas,

Series A,

5.00%,

7/1/55 (6)

1,145‌

964‌

PFA,

Founders

Academy

Las

Vegas,

Series A,

6.375%,

7/1/43 (6)

325‌

335‌

PFA,

Founders

Academy

Las

Vegas,

Series A,

6.625%,

7/1/53 (6)

100‌

103‌

PFA,

Founders

Academy

Las

Vegas,

Series A,

6.75%,

7/1/58 (6)

375‌

385‌

PFA,

Georgia

400

Express

Lanes

Project,

5.75%,

6/30/60 (5)

17,315‌

17,779‌

PFA,

Georgia

400

Express

Lanes

Project,

5.75%,

12/31/65 (5)

8,750‌

8,978‌

PFA,

Georgia

400

Express

Lanes

Project,

6.50%,

6/30/60 (5)

3,375‌

3,691‌

PFA,

Georgia

400

Express

Lanes

Project,

6.50%,

12/31/65 (5)

11,525‌

12,605‌

PFA,

Grand

Hyatt

San

Antonio,

Series A,

5.00%,

2/1/52

1,835‌

1,742‌

PFA,

Grand

Hyatt

San

Antonio,

Series A,

5.00%,

2/1/62

3,370‌

3,127‌

PFA,

Heritage

Bend

Project,

RAN,

Zero

Coupon,

12/15/42 (6)

25,000‌

7,898‌

PFA,

Mary's

Woods

Marylhurst,

5.25%,

5/15/37 (6)

435‌

436‌

PFA,

Mary's

Woods

Marylhurst,

5.25%,

5/15/47 (6)

965‌

952‌

PFA,

Mary's

Woods

Marylhurst,

5.25%,

5/15/52 (6)

1,820‌

1,727‌

PFA,

Mater

Academy

Nevada

Cactus

Park

Campus

Project,

Series A,

6.00%,

12/15/55 (6)

400‌

402‌

PFA,

Mater

Academy

Nevada

Cactus

Park

Campus

Project,

Series A,

6.125%,

12/15/60 (6)

1,375‌

1,391‌

PFA,

Million

Air

Three

General

Aviation

Fac.

Project,

Series B,

7.00%,

9/1/54 (5)(6)

6,050‌

6,342‌

PFA,

Mountain

Island

Charter

School,

5.00%,

7/1/37

655‌

PFA,

Mountain

Island

Charter

School,

5.00%,

7/1/47

1,585‌

1,498‌

PFA,

Mountain

Island

Charter

School,

5.00%,

7/1/52

3,405‌

3,115‌

PFA,

National

Gypsum,

4.00%,

8/1/35 (5)

16,170‌

15,417‌

PFA,

Nevada

State

College,

Series A,

5.00%,

5/1/60 (6)

4,520‌

2,956‌

PFA,

Nevada

State

College,

Series B,

9.00%,

5/1/71 (6)(7)

2,090‌

1,001‌

PFA,

Nolina

Sorella

Projects,

RAN,

5.50%,

12/15/32 (6)

2,938‌

PFA,

Searstone

CCRC

Project,

Series 2021A,

4.00%,

6/1/56 (6)

2,000‌

1,444‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Par/Shares

Value

(Amounts

000s)

PFA,

Searstone

CCRC

Project,

Series A,

5.00%,

6/1/52 (6)

5,055‌

4,450‌

PFA,

Sky

Harbour

Capital,

VRDN,

6.00%,

7/1/60

(Tender

1/1/31) (5)(6)

8,195‌

8,342‌

PFA,

SKY

Harbour

Capital,

4.00%,

7/1/41 (5)

5,150‌

4,634‌

PFA,

SKY

Harbour

Capital,

4.25%,

7/1/54 (5)

7,930‌

6,636‌

PFA,

Southminster,

5.00%,

10/1/43 (6)

1,780‌

1,730‌

PFA,

Southminster,

5.00%,

10/1/48 (6)

1,585‌

1,491‌

PFA,

Southminster,

5.00%,

10/1/53 (6)

4,560‌

4,178‌

PFA,

Univ.

Hawai'i

Foundation

Project,

Series A-1,

4.00%,

7/1/51 (6)

2,190‌

1,496‌

PFA,

Univ.

Hawai'i

Foundation

Project,

Series A-1,

4.00%,

7/1/61 (6)

1,215‌

805‌

PFA,

Univ.

Hawai'i

Foundation

Project,

Series B,

5.25%,

7/1/61 (6)

4,385‌

3,195‌

Wisconsin

HEFA,

Benevolent,

5.50%,

6/1/61

2,250‌

2,195‌

Wisconsin

HEFA,

Chiara

Housing

and

Services,

5.875%,

7/1/55

955‌

936‌

Wisconsin

HEFA,

Chiara

Housing

and

Services,

6.00%,

7/1/60

6,930‌

6,809‌

Wisconsin

HEFA,

Dickson

Hollow

Phase

Project,

6.125%,

10/1/59

1,625‌

1,671‌

Wisconsin

HEFA,

Saint

John's

Communities,

4.00%,

9/15/36

615‌

603‌

Wisconsin

HEFA,

Saint

John's

Communities,

4.00%,

9/15/41

610‌

558‌

Wisconsin

HEFA,

Saint

John's

Communities,

4.00%,

9/15/45

510‌

447‌

Wisconsin

HEFA,

Wisconsin

Museum

Nature

Culture,

6.50%,

11/1/36 (6)

7,200‌

7,336‌

Wisconsin

Housing

Economic

Dev.

Auth.

Housing

Revenue,

Series A,

5.05%,

11/1/55

2,000‌

2,004‌

191,922‌

Total

Municipal

Securities

(Cost

$3,698,156)

3,533,184‌

Total

Investments

Securities

99.4%

Net

Assets

(Cost

$3,698,188)

3,533,273‌

‡

Par/Shares

are

denominated

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

See

Note

Level

fair

value

hierarchy.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

(3)

Security

cannot

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

1933

and

rules

(\"restricted

security\").

Acquisition

date

represents

the

day

which

enforceable

right

acquire

such

security

obtained

and

presented

along

with

cost

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

such

registration

are

generally

borne

the

issuer.

The

aggregate

value

restricted

securities

(excluding

144A

holdings)

period

end

amounts

and

represents

0.0%

net

assets.

(4)

Insured

Assured

Guaranty

Incorporated

(5)

Interest

subject

alternative

minimum

tax.

(6)

Security

was

purchased

pursuant

Rule

144A

under

the

Securities

Act

1933

and

may

resold

transactions

exempt

from

registration

only

qualified

institutional

buyers.

Total

value

such

securities

period-end

amounts

$1,100,849

and

represents

31.0%

net

assets.

(7)

Obligor

has

failed

make

scheduled

interest

and/or

principal

payment

default.

(8)

Security

has

the

ability

pay

in-kind

pay

cash.

When

applicable,

separate

rates

such

payments

are

disclosed.

(9)

Insured

Build

America

Mutual

Assurance

Company

(10)

Insured

National

Public

Finance

Guarantee

Corporation

(11)

Insured

Financial

Guaranty

Insurance

Company

(12)

When-issued

security

(13)

Prerefunded

date

used

determining

portfolio

maturity.

(14)

Contingent

value

instrument

that

only

pays

out

portion

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

the

Oversight

Board’s

Certified

Fiscal

Plan.

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

BAN

Bond

Anticipation

Note

CDA

Community

Development

Administration/Authority

CDFI

Community

Development

Financial

Institution

DFA

Development

Finance

Authority

DOT

Department

Transportation

Escrow

CUSIP;

represents

beneficial

interest

residual

pool

assets;

the

amount

and

timing

future

distributions,

any,

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

the

original

security.

EFA

Educational

Facility

Authority

FRN

Floating

Rate

Note

General

Obligation

HDA

Housing

Development

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

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

PCR

Pollution

Control

Revenue

PFA

Public

Finance

Authority/Agency

PIK

Payment-in-kind

RAN

Revenue

Anticipation

Note

SPMUV7DY

S&P

Municipal

Day

High

Grade

Yield

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

interest

adjusts

specified

date(s);

rate

shown

effective

rate

period-end.

Variable

Rate;

rate

shown

effective

rate

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

published

reference

rate

and

spread

but

are

determined

the

issuer

agent

and

based

current

market

conditions.

VRDN

Variable

Rate

Demand

Note

under

which

the

holder

has

the

right

sell

the

security

the

issuer

the

issuer’s

agent

predetermined

price

specified

dates;

such

specified

dates

are

considered

the

effective

maturity

for

purposes

the

fund’s

weighted

average

maturity;

rate

shown

effective

rate

period-end

and

maturity

date

shown

final

maturity.

Certain

VRDN

rates

are

not

based

published

reference

rate

and

spread

but

may

adjust

periodically.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

August

31,

2026

Unaudited

Statement

Assets

and

Liabilities

($000s,

except

and

per

amounts)

The

accompanying

notes

are

integral

part

these

financial

statements.

Assets

Investments

securities,

value

(cost

$3,698,188)

3,533,273‌

Interest

receivable

40,308‌

Receivable

for

sold

4,554‌

Receivable

for

investment

securities

sold

959‌

Other

assets

87‌

Total

assets

3,579,181‌

Liabilities

Payable

for

investment

securities

purchased

12,359‌

Payable

for

redeemed

5,029‌

Investment

management

fees

payable

1,366‌

Due

affiliates

119‌

Payable

directors

1‌

Other

liabilities

5,837‌

Total

liabilities

24,711‌

Commitments

and

Contingent

Liabilities

(note

NET

ASSETS

3,554,470‌

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

(397,345‌)

Paid-in

capital

applicable

322,586,586

$0.01

par

value

capital

stock

outstanding;

1,000,000,000

authorized

3,951,815‌

NET

ASSETS

3,554,470‌

NET

ASSET

VALUE

PER

Investor

Class

(Net

assets:

$1,439,648;

outstanding:

130,644,092)

11.02‌

Advisor

Class

(Net

assets:

$2,620;

outstanding:

236,360)

11.09‌

Class

(Net

assets:

$2,112,202;

outstanding:

191,706,134)

11.02‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Unaudited

Statement

Operations

($000s)

The

accompanying

notes

are

integral

part

these

financial

statements.

Months

Ended

8/31/26

Investment

Income

(Loss)

Interest

income

88,086‌

Expenses

Investment

management

8,132‌

Shareholder

servicing

Investor

Class

1,083‌

Advisor

Class

3‌

Class

191‌

1,277‌

Rule

12b-1

fees

Advisor

Class

3‌

Prospectus

and

shareholder

reports

Investor

Class

10‌

Advisor

Class

1‌

Class

14‌

25‌

Proxy

and

annual

meeting

767‌

Legal

and

audit

501‌

Interest

176‌

Custody

and

accounting

127‌

Registration

79‌

Directors

5‌

Miscellaneous

45‌

Waived

paid

Price

Associates

(273‌)

Total

expenses

10,864‌

Net

investment

income

77,222‌

Realized

and

Unrealized

Gain

Loss

–

Net

realized

loss

securities

(9,424‌)

Change

net

unrealized

gain

loss

securities

(79,135‌)

Net

realized

and

unrealized

gain

loss

(88,559‌)

DECREASE

NET

ASSETS

FROM

OPERATIONS

(11,337‌)

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Unaudited

Statement

Changes

Net

Assets

($000s)

Months

Ended

8/31/26

Year

Ended

2/28/26

Increase

(Decrease)

Net

Assets

Operations

Net

investment

income

77,222‌

142,653‌

Net

realized

loss

(9,424‌)

(58,807‌)

Change

net

unrealized

gain

loss

(79,135‌)

66,520‌

Increase

(decrease)

net

assets

from

operations

(11,337‌)

150,366‌

Distributions

shareholders

Net

earnings

Investor

Class

(29,625‌)

(57,105‌)

Advisor

Class

(50‌)

(112‌)

Class

(45,489‌)

(83,352‌)

Decrease

net

assets

from

distributions

(75,164‌)

(140,569‌)

Capital

transactions

sold

Investor

Class

173,088‌

307,728‌

Advisor

Class

268‌

77‌

Class

327,388‌

431,345‌

Distributions

reinvested

Investor

Class

26,794‌

51,637‌

Advisor

Class

49‌

111‌

Class

23,594‌

43,128‌

redeemed

Investor

Class

(160,077‌)

(386,211‌)

Advisor

Class

(320‌)

(785‌)

Class

(234,958‌)

(498,372‌)

Increase

(decrease)

net

assets

from

capital

transactions

155,826‌

(51,342‌)

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Unaudited

Statement

Changes

Net

Assets

($000s)

The

accompanying

notes

are

integral

part

these

financial

statements.

Months

Ended

8/31/26

Year

Ended

2/28/26

Net

Assets

Increase

(decrease)

during

period

69,325‌

(41,545‌)

Beginning

period

3,485,145‌

3,526,690‌

End

period

3,554,470‌

3,485,145‌

*Share

information

(000s)

sold

Investor

Class

15,504‌

28,095‌

Advisor

Class

24‌

7‌

Class

29,387‌

39,516‌

Distributions

reinvested

Investor

Class

2,406‌

4,719‌

Advisor

Class

4‌

10‌

Class

2,118‌

3,941‌

redeemed

Investor

Class

(14,344‌)

(35,477‌)

Advisor

Class

(29‌)

(71‌)

Class

(21,131‌)

(45,918‌)

Increase

(decrease)

outstanding

13,939‌

(5,178‌)

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Unaudited

NOTES

FINANCIAL

STATEMENTS

Rowe

Price

Tax-Free

High

Yield

Fund,

Inc. (the

corporation)

registered

under

the

Investment

Company

Act

1940

(the

1940

Act).

The

High

Yield

Municipal

Bond

Fund

(the

fund),

formerly

the

Rowe

Price

Tax-Free

High

Yield

Fund,

is a

diversified, open-end

management

investment

company

established

the

corporation. The

fund

seeks to

provide

high

level

income

exempt

from

federal

income

taxes

investing

primarily

long-term

low-

upper-medium-grade

municipal

securities.

The

fund

has three classes

the

High

Yield

Municipal

Bond

Fund

(Investor

Class),

the

High

Yield

Municipal

Bond

Fund–Advisor

Class

(Advisor

Class)

and

the

High

Yield

Municipal

Bond

Fund–I

Class

Class).

Advisor

Class

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

Class

require

$500,000

initial

investment

minimum,

although

the

minimum

generally

waived

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Advisor

Class

operates

under

Board-approved

Rule

12b-1

plan

pursuant

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/or

certain

administrative

services;

the

Investor

and

Classes

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

matters

solely

that

class;

separate

voting

rights

matters

that

relate

all

classes;

and,

all

other

respects,

the

same

rights

and

obligations

the

other

classes.

NOTE

SIGNIFICANT

ACCOUNTING

POLICIES

Basis

Preparation

The fund

investment

company

and

follows

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

accordance

with

accounting

principles

generally

accepted

the

United

States

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

estimates

made

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

Investment

transactions

are

accounted

for

the

trade

date

basis.

Income

and

expenses

are

recorded

the

accrual

basis.

Realized

gains

and

losses

are

reported

the

identified

cost

basis. Premiums

and

discounts

debt

securities

are

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

amortized

for

financial

reporting

purposes. Paydown

gains

and

losses

are

recorded

adjustment

interest

income. Income

tax-related

interest

and

penalties,

incurred,

are

recorded

income

tax

expense. Dividend

income is

recorded

the

ex-dividend

date. Non-cash

dividends,

any,

are

recorded

the

fair

market

value

the

asset

received. Proceeds

from

litigation

payments,

any,

are

included

either

net

realized

gain

(loss)

change

net

unrealized

gain/loss

from

securities. Distributions

shareholders

are

recorded

the

ex-dividend

date. Income

distributions,

any, are

declared

each

class daily

and

paid

monthly. A

capital

gain

distribution,

any, may

also

declared

and

paid

the

fund

annually.

Class

Accounting

Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

each

class

are

charged

directly

the

class

which

they

relate.

Expenses

common

all

classes

and

investment

income

are

allocated

the

classes

based

upon

the

relative

daily

net

assets

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

each

class’s

outstanding

shares.

The

Advisor

Class

pays

Rule

12b-1

fees,

amount

not

exceeding

0.25%

the

class’s

average

daily

net

assets.

Capital

Transactions

Each

investor’s

interest

the

net

assets

the

fund

represented

fund

shares.

The

fund’s

net

asset

value

(NAV)

per

computed

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

open

for

business.

However,

the

NAV

per

may

calculated

time

other

than

the

normal

the

NYSE

trading

the

NYSE

restricted,

the

NYSE

closes

earlier,

may

permitted

the

SEC.

Purchases

and

redemptions

fund

are

transacted

the

next-computed

NAV

per

share,

after

receipt

the

transaction

order

Rowe

Price

Associates,

Inc.,

its

agents.

New

Accounting

Guidance

In September

2026,

the

FASB

issued

Accounting

Standards

Update

(ASU)

ASU

2026-03,

Fair

Value

Measurement

(Topic

820)

–

Investment

Companies

with

Equity

Securities

Subject

Contractual

Sale

Restrictions,

which

requires

investment

companies

within

the

scope

ASC

946

consider

contractual

sale

restrictions

the

sale

equity

security

when

measuring

the

fair

value

the

security

and

disclose

the

amount

the

discount

attributable

the

contractual

sale

restriction.

The

amendments

under

the

ASU

are

effective

for

fiscal

years

beginning

after

December

15,

2027;

however,

early

adoption

permitted.

Adoption

the

guidance

not

expected

have

material

impact

the

fund’s

financial

statements.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

Indemnification

the

normal

course

business, the

fund

may

provide

indemnification

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

unknown;

however,

the

risk

material

loss

currently

considered

remote.

NOTE

VALUATION

Fair

Value

The

fund’s

financial

instruments

are

valued

the

NYSE

and

are

reported

fair

value,

which

GAAP

defines

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date. The fund’s

Board

Directors

(the

Board)

has

designated

Rowe

Price

Associates,

Inc.

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

oversight

the

Board,

the

Valuation

Designee

performs

the

following

functions

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

the

Valuation

Designee

are

performed

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

the

Board

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

determine

the

fair

value

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

measure

fair

value:

Level

–

quoted

prices

(unadjusted)

active

markets

for

identical

financial

instruments

that

the

fund

can

access

the

reporting

date

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

active

markets,

quoted

prices

for

identical

similar

financial

instruments

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

publicly

available

information

about

actual

events

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

price

the

financial

instrument.

GAAP

requires

valuation

techniques

maximize

the

use

relevant

observable

inputs

and

minimize

the

use

unobservable

inputs.

When

multiple

inputs

are

used

derive

fair

value,

the

financial

instrument

assigned

the

level

within

the

fair

value

hierarchy

based

the

lowest-level

input

that

significant

the

fair

value

the

financial

instrument.

Input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level

but

rather

the

degree

judgment

used

determining

those

values.

Valuation

Techniques

Debt

securities

are

generally traded

the over-the-

counter

(OTC)

market

and

are

valued

prices

furnished

independent

pricing

services

broker

dealers

who

make

markets

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

price

bonds

comparable

quality,

coupon,

maturity,

and

type,

well

prices

quoted

dealers

who

make

markets

such

securities.

Equity

securities,

including

exchange-traded

funds, listed

regularly

traded

securities

exchange

the

over-the-counter

(OTC)

market

are

valued

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

the

mean

the

closing

bid

and

asked

prices.

security

that

listed

traded

than

one

exchange

valued

the

quotation

the

exchange

determined

the

primary

market

for

such

security.

Listed

securities

not

traded

particular

day

are

valued

the

mean

the

closing

bid

and

asked

prices

for

domestic

securities.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

cost,

estimated

realizable

value,

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

deemed

unreliable

are

valued

fair

value

determined

good

faith

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

investments

for

which

market

quotations

are

not

readily

available

deemed

unreliable,

including

the

use

other

pricing

sources.

Factors

used

determining

fair

value

vary

type

investment

and

may

include

market

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

the

greatest

weight

actual

prices

arm’s

length

transactions,

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

reliably

obtained,

and

prices

are

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

deemed

representative

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

market-based

valuation

multiples;

discount

premium

from

market

value

similar,

freely

traded

security

the

same

issuer;

discounted

cash

flows;

yield

maturity;

some

combination.

Fair

value

determinations

are

reviewed

regular

basis.

Because

any

fair

value

determination

involves

significant

amount

judgment,

there

degree

subjectivity

inherent

such

pricing

decisions. Fair

value

prices

determined

the

Valuation

Designee could

differ

from

those

other

market

participants,

and

possible

that

the

fair

value

determined

for

security

may

materially

different

from

the

value

that

could

realized

upon

the

sale

that

security.

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

the

inputs

used

determine

their

fair

values

August

31,

2026

(for

further

detail

category,

please

refer

the

accompanying

Portfolio

Investments):

NOTE

OTHER

INVESTMENT

TRANSACTIONS

Consistent

with

its

investment

objective, the

fund

engages

the

following

practices

manage

exposure

certain

risks

and/or

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

fully

in the

fund’s prospectus

and

Statement

Additional

Information.

Noninvestment-Grade

Debt

The

fund

invests,

either

directly

through

its

investment

other

Rowe

Price

funds,

noninvestment-grade

debt,

including

“high

yield”

“junk”

bonds

leveraged

loans.

Noninvestment-grade

debt

issuers

are

likely

suffer

adverse

change

financial

condition

that

would

result

the

inability

meet

financial

obligation.

The

noninvestment-

grade

debt

market

may

experience

sudden

and

sharp

price

swings

due

($000s)

Level

Total

Value

Assets

Common

Stocks

89‌

—‌

89‌

Corporate

Bonds

—‌

Municipal

Securities

—‌

3,533,184‌

—‌

3,533,184‌

Total

89‌

3,533,184‌

—‌

3,533,273‌

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

variety

factors

that

may

decrease

the

ability

issuers

make

principal

and

interest

payments

and

adversely

affect

the

liquidity

value,

both,

such

securities.

Accordingly,

securities

issued

such

companies

carry

higher

risk

default

and

should

considered

speculative.

Restricted

Securities

The

fund

invests

securities

that

are

subject

legal

contractual

restrictions

resale.

Prompt

sale

such

securities

acceptable

price

may

difficult

and

may

involve

substantial

delays

and

additional

costs.

When-Issued

Securities

The fund

enters

into

when-issued

purchase

sale

commitments,

pursuant

which

agrees

purchase

sell,

respectively,

authorized

but

not

yet

issued

security

for

fixed

unit

price,

with

payment

and

delivery

not

due

until

issuance

the

security

scheduled

future

date.

When-issued

securities

may

new

securities

issued

through

corporate

action,

such

reorganization

restructuring.

Until

settlement,

the

fund

maintains

liquid

assets

sufficient

settle

its

commitment

purchase

when-issued

security.

Amounts

realized

when-issued

transactions

are

included

realized

gain/loss

securities

the

accompanying

financial

statements.

Other

Purchases

and

sales

portfolio

securities

other

than

in-kind

transactions,

any,

and short-term securities

aggregated $378,010,000 and

$229,239,000,

respectively,

for

the

six

months ended

August

31,

2026.

NOTE

FEDERAL

INCOME

TAXES

Generally,

provision

for

federal

income

taxes

required

since

the

fund

intends

to continue

qualify

regulated

investment

company

under

Subchapter

the

Internal

Revenue

Code

and

distribute

shareholders

all

its income

and

gains.

Distributions

determined

accordance

with

federal

income

tax

regulations

may

differ

amount

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

tax-basis

distributions

and

composition

net

assets

are

finalized

fiscal

year-

end;

accordingly,

tax-basis

balances

have

not

been

determined

the

date

this

report.

ROWE

PRICE

High

Yield

Municipal

Bond

Fund

The

fund

intends

retain

realized

gains

the

extent

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

carried

forward

indefinitely

offset

future

realized

capital

gains.

February

28,

2026,

the

fund

had

$256,466,000

available

capital

loss

carryforwards.

August

31,

2026,

the

cost

investments

(including

derivatives,

any)

for

federal

income

tax

purposes

was

$3,699,171,000.

Net

unrealized

loss

aggregated

$165,898,000

period-end,

which

$46,478,000

appreciated

investments

and

$212,376,000

depreciated

investments.

NOTE

PARTY

TRANSACTIONS

The

fund

managed

Rowe

Price

Associates,

Inc.

(Price

Associates),

wholly

owned

subsidiary

Rowe

Price

Group,

Inc.

(Price

Group).

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

annual

investment

management

fee,

which

computed

daily

and

paid

monthly. The

fee

consists

individual

fund

fee,

equal

0.17%

the

fund’s

average

daily

net

assets,

and

group

fee.

The

group

fee

rate

calculated

based

the

combined

net

assets

certain

mutual

funds

\n\n	\n
(a)(1)		The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.
\n
(2)		Listing standards relating to recovery of erroneously awarded compensation: Not applicable.
\n
(3)		Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

\n\n	\n
(b)		A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

\n\n	\n	\n\n	\n
By		/s/ David Oestreicher
\n		David Oestreicher
\n		Principal Executive Officer
\n	\n
Date		October 16, 2026
\n	\n
By		/s/ Alan S. Dupski
\n		Alan S. Dupski
\n		Principal Financial Officer
\n	\n
Date		October 16, 2026