T. Rowe Price Tax-Free High-Yield Fund Inc.
04/23/2026 | Press release | Distributed by Public on 04/23/2026 07:52
Annual Report by Investment Company (Form N-CSR)
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: February 28, 2026
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Annual Shareholder Report
February 28, 2026
Tax-Free High Yield Fund
Investor Class (PRFHX)
This annual shareholder report contains important information about Tax-Free High Yield Fund (the "fund") for the period of March 1, 2025 to February 28, 2026. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected] or contacting your intermediary. This report describes changes to the fund that occurred during the reporting period.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Table Summary
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Tax-Free High Yield Fund - Investor Class
|
$67
|
0.65%
|
What drove fund performance during the past 12 months?
-
The municipal bond market delivered positive total returns for the year ended February 28, 2026, supported by falling Treasury yields and a resumption of Federal Reserve rate cuts. Municipal bonds also benefited from higher coupon income, a solid fundamental backdrop, and strong demand that offset headwinds from a second consecutive year of record-setting bond issuance.
-
Compared with the Bloomberg 65% High-Grade/35% High-Yield Index, security selection within the revenue-backed sector was a significant contributor to performance, particularly within the continuing care/assisted living, industrial revenue, and other transportation subsectors. The portfolio's longer-than-benchmark average duration profile contributed as yields declined across portions of the municipal yield curve, and interest income from the portfolio's holdings was also beneficial.
-
Conversely, positioning across key rates was the largest relative detractor. Specifically, modest underweights to two- and five-year municipal bonds and overweights in longer-maturity bonds hampered performance as yields declined more meaningfully for shorter maturities. Overweight allocations to the industrial revenue/pollution control and tobacco revenue subsectors also hampered performance, along with an underweight allocation to general obligation debt.
-
The fund seeks to provide a high level of income exempt from federal income taxes by investing primarily in long-term, low- to upper-medium-grade municipal securities. The portfolio maintained an overweight to revenue-backed bonds during the period, with notable allocations to continuing care/assisted living and industrial revenue/pollution control revenue bonds.
How has the fund performed?
Cumulative Returns of a Hypothetical $10,000 Investment as of February 28, 2026
Table Summary
|
Investor Class
|
Regulatory Benchmark
|
Strategy Benchmark
|
|
|
2016
|
10,000
|
10,000
|
10,000
|
|
2016
|
10,255
|
10,133
|
10,191
|
|
2016
|
10,518
|
10,369
|
10,458
|
|
2016
|
9,947
|
10,040
|
9,852
|
|
2017
|
10,164
|
10,142
|
10,196
|
|
2017
|
10,475
|
10,293
|
10,452
|
|
2017
|
10,616
|
10,420
|
10,601
|
|
2017
|
10,651
|
10,363
|
10,546
|
|
2018
|
10,651
|
10,193
|
10,531
|
|
2018
|
10,802
|
10,254
|
10,759
|
|
2018
|
10,886
|
10,310
|
10,862
|
|
2018
|
10,745
|
10,224
|
10,814
|
|
2019
|
10,974
|
10,516
|
11,069
|
|
2019
|
11,432
|
10,911
|
11,499
|
|
2019
|
11,789
|
11,359
|
11,851
|
|
2019
|
11,767
|
11,327
|
11,838
|
|
2020
|
12,197
|
11,744
|
12,306
|
|
2020
|
11,047
|
11,938
|
11,707
|
|
2020
|
11,726
|
12,094
|
12,150
|
|
2020
|
12,002
|
12,152
|
12,361
|
|
2021
|
12,282
|
11,907
|
12,457
|
|
2021
|
12,670
|
11,890
|
12,763
|
|
2021
|
12,907
|
12,084
|
12,927
|
|
2021
|
12,929
|
12,012
|
12,924
|
|
2022
|
12,554
|
11,592
|
12,553
|
|
2022
|
11,854
|
10,912
|
11,919
|
|
2022
|
11,589
|
10,693
|
11,747
|
|
2022
|
11,267
|
10,469
|
11,621
|
|
2023
|
11,344
|
10,465
|
11,725
|
|
2023
|
11,505
|
10,678
|
11,868
|
|
2023
|
11,491
|
10,565
|
11,900
|
|
2023
|
11,646
|
10,593
|
12,184
|
|
2024
|
12,143
|
10,813
|
12,479
|
|
2024
|
12,161
|
10,818
|
12,412
|
|
2024
|
12,702
|
11,336
|
12,883
|
|
2024
|
12,886
|
11,321
|
13,054
|
|
2025
|
12,926
|
11,441
|
13,070
|
|
2025
|
12,452
|
11,408
|
12,733
|
|
2025
|
12,539
|
11,691
|
12,822
|
|
2025
|
13,210
|
11,967
|
13,323
|
|
2026
|
13,529
|
12,158
|
13,634
|
202501-4140694, 202603-5315124
F59-052 4/26
Average Annual Total Returns
Table Summary
|
1 Year
|
5 Years
|
10 Years
|
|
|
Tax-Free High Yield Fund (Investor Class)
|
4.67%
|
1.95%
|
3.07%
|
|
Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark)
|
6.26
|
0.42
|
1.97
|
|
Bloomberg 65% High-Grade/35% High-Yield Index (Strategy Benchmark)
|
4.32
|
1.82
|
3.15
|
The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund's past performance is not a good predictor of the fund's future performance.Updated performance information can be found at www.troweprice.com.
What are some fund statistics?
Fund Statistics
- Total Net Assets (000s)$3,485,145
- Number of Portfolio Holdings1,030
- Investment Advisory Fees Paid (000s)$15,122
- Portfolio Turnover Rate18.8%
What did the fund invest in?
State Allocation (as a % of Net Assets)
Table Summary
|
Puerto Rico
|
9.9%
|
|
California
|
7.7
|
|
Florida
|
6.0
|
|
Texas
|
6.0
|
|
Wisconsin
|
5.6
|
|
Pennsylvania
|
4.9
|
|
Ohio
|
4.6
|
|
Maryland
|
4.4
|
|
Illinois
|
4.1
|
|
Other
|
46.8
|
Industry Allocation (as a % of Net Assets)
Table Summary
|
Health Care
|
21.7%
|
|
Transportation
|
11.2
|
|
Education
|
9.3
|
|
Special Tax
|
8.9
|
|
Housing
|
8.7
|
|
Industrial & Pollution Control
|
6.9
|
|
General Obligations - State
|
4.1
|
|
General Obligations - Local
|
2.7
|
|
Water & Sewer
|
2.2
|
|
Other
|
24.3
|
How has the fund changed?
This is a summary of certain material changes to T. Rowe Price Tax-Free High Yield Fund. Effective August 1, 2026, the fund will change its name to the T. Rowe Price High Yield Municipal Bond Fund. The fund's May 1, 2026 prospectus contains more information.
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.
Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Tax-Free High Yield Fund
Investor Class (PRFHX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Annual Shareholder Report
February 28, 2026
Tax-Free High Yield Fund
Advisor Class (PATFX)
This annual shareholder report contains important information about Tax-Free High Yield Fund (the "fund") for the period of March 1, 2025 to February 28, 2026. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected] or contacting your intermediary. This report describes changes to the fund that occurred during the reporting period.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Table Summary
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Tax-Free High Yield Fund - Advisor Class
|
$104
|
1.02%
|
What drove fund performance during the past 12 months?
-
The municipal bond market delivered positive total returns for the year ended February 28, 2026, supported by falling Treasury yields and a resumption of Federal Reserve rate cuts. Municipal bonds also benefited from higher coupon income, a solid fundamental backdrop, and strong demand that offset headwinds from a second consecutive year of record-setting bond issuance.
-
Compared with the Bloomberg 65% High-Grade/35% High-Yield Index, security selection within the revenue-backed sector was a significant contributor to performance, particularly within the continuing care/assisted living, industrial revenue, and other transportation subsectors. The portfolio's longer-than-benchmark average duration profile contributed as yields declined across portions of the municipal yield curve, and interest income from the portfolio's holdings was also beneficial.
-
Conversely, positioning across key rates was the largest relative detractor. Specifically, modest underweights to two- and five-year municipal bonds and overweights in longer-maturity bonds hampered performance as yields declined more meaningfully for shorter maturities. Overweight allocations to the industrial revenue/pollution control and tobacco revenue subsectors also hampered performance, along with an underweight allocation to general obligation debt.
-
The fund seeks to provide a high level of income exempt from federal income taxes by investing primarily in long-term, low- to upper-medium-grade municipal securities. The portfolio maintained an overweight to revenue-backed bonds during the period, with notable allocations to continuing care/assisted living and industrial revenue/pollution control revenue bonds.
How has the fund performed?
Cumulative Returns of a Hypothetical $10,000 Investment as of February 28, 2026
Table Summary
|
Advisor Class
|
Regulatory Benchmark
|
Strategy Benchmark
|
|
|
2016
|
10,000
|
10,000
|
10,000
|
|
2016
|
10,257
|
10,133
|
10,191
|
|
2016
|
10,519
|
10,369
|
10,458
|
|
2016
|
9,941
|
10,040
|
9,852
|
|
2017
|
10,184
|
10,142
|
10,196
|
|
2017
|
10,486
|
10,293
|
10,452
|
|
2017
|
10,627
|
10,420
|
10,601
|
|
2017
|
10,654
|
10,363
|
10,546
|
|
2018
|
10,638
|
10,193
|
10,531
|
|
2018
|
10,789
|
10,254
|
10,759
|
|
2018
|
10,863
|
10,310
|
10,862
|
|
2018
|
10,714
|
10,224
|
10,814
|
|
2019
|
10,934
|
10,516
|
11,069
|
|
2019
|
11,379
|
10,911
|
11,499
|
|
2019
|
11,718
|
11,359
|
11,851
|
|
2019
|
11,688
|
11,327
|
11,838
|
|
2020
|
12,104
|
11,744
|
12,306
|
|
2020
|
10,951
|
11,938
|
11,707
|
|
2020
|
11,622
|
12,094
|
12,150
|
|
2020
|
11,887
|
12,152
|
12,361
|
|
2021
|
12,153
|
11,907
|
12,457
|
|
2021
|
12,526
|
11,890
|
12,763
|
|
2021
|
12,759
|
12,084
|
12,927
|
|
2021
|
12,772
|
12,012
|
12,924
|
|
2022
|
12,384
|
11,592
|
12,553
|
|
2022
|
11,690
|
10,912
|
11,919
|
|
2022
|
11,424
|
10,693
|
11,747
|
|
2022
|
11,100
|
10,469
|
11,621
|
|
2023
|
11,159
|
10,465
|
11,725
|
|
2023
|
11,307
|
10,678
|
11,868
|
|
2023
|
11,296
|
10,565
|
11,900
|
|
2023
|
11,427
|
10,593
|
12,184
|
|
2024
|
11,901
|
10,813
|
12,479
|
|
2024
|
11,910
|
10,818
|
12,412
|
|
2024
|
12,437
|
11,336
|
12,883
|
|
2024
|
12,606
|
11,321
|
13,054
|
|
2025
|
12,635
|
11,441
|
13,070
|
|
2025
|
12,166
|
11,408
|
12,733
|
|
2025
|
12,240
|
11,691
|
12,822
|
|
2025
|
12,868
|
11,967
|
13,323
|
|
2026
|
13,175
|
12,158
|
13,634
|
202501-4140694, 202603-5315124
F259-052 4/26
Average Annual Total Returns
Table Summary
|
1 Year
|
5 Years
|
10 Years
|
|
|
Tax-Free High Yield Fund (Advisor Class)
|
4.27%
|
1.63%
|
2.80%
|
|
Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark)
|
6.26
|
0.42
|
1.97
|
|
Bloomberg 65% High-Grade/35% High-Yield Index (Strategy Benchmark)
|
4.32
|
1.82
|
3.15
|
The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund's past performance is not a good predictor of the fund's future performance.Updated performance information can be found at www.troweprice.com.
What are some fund statistics?
Fund Statistics
- Total Net Assets (000s)$3,485,145
- Number of Portfolio Holdings1,030
- Investment Advisory Fees Paid (000s)$15,122
- Portfolio Turnover Rate18.8%
What did the fund invest in?
State Allocation (as a % of Net Assets)
Table Summary
|
Puerto Rico
|
9.9%
|
|
California
|
7.7
|
|
Florida
|
6.0
|
|
Texas
|
6.0
|
|
Wisconsin
|
5.6
|
|
Pennsylvania
|
4.9
|
|
Ohio
|
4.6
|
|
Maryland
|
4.4
|
|
Illinois
|
4.1
|
|
Other
|
46.8
|
Industry Allocation (as a % of Net Assets)
Table Summary
|
Health Care
|
21.7%
|
|
Transportation
|
11.2
|
|
Education
|
9.3
|
|
Special Tax
|
8.9
|
|
Housing
|
8.7
|
|
Industrial & Pollution Control
|
6.9
|
|
General Obligations - State
|
4.1
|
|
General Obligations - Local
|
2.7
|
|
Water & Sewer
|
2.2
|
|
Other
|
24.3
|
How has the fund changed?
This is a summary of certain material changes to T. Rowe Price Tax-Free High Yield Fund. Effective August 1, 2026, the fund will change its name to the T. Rowe Price High Yield Municipal Bond Fund. The fund's May 1, 2026 prospectus contains more information.
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.
Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Tax-Free High Yield Fund
Advisor Class (PATFX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Annual Shareholder Report
February 28, 2026
Tax-Free High Yield Fund
I Class (PTYIX)
This annual shareholder report contains important information about Tax-Free High Yield Fund (the "fund") for the period of March 1, 2025 to February 28, 2026. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected] or contacting your intermediary. This report describes changes to the fund that occurred during the reporting period.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Table Summary
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Tax-Free High Yield Fund - I Class
|
$52
|
0.51%
|
What drove fund performance during the past 12 months?
-
The municipal bond market delivered positive total returns for the year ended February 28, 2026, supported by falling Treasury yields and a resumption of Federal Reserve rate cuts. Municipal bonds also benefited from higher coupon income, a solid fundamental backdrop, and strong demand that offset headwinds from a second consecutive year of record-setting bond issuance.
-
Compared with the Bloomberg 65% High-Grade/35% High-Yield Index, security selection within the revenue-backed sector was a significant contributor to performance, particularly within the continuing care/assisted living, industrial revenue, and other transportation subsectors. The portfolio's longer-than-benchmark average duration profile contributed as yields declined across portions of the municipal yield curve, and interest income from the portfolio's holdings was also beneficial.
-
Conversely, positioning across key rates was the largest relative detractor. Specifically, modest underweights to two- and five-year municipal bonds and overweights in longer-maturity bonds hampered performance as yields declined more meaningfully for shorter maturities. Overweight allocations to the industrial revenue/pollution control and tobacco revenue subsectors also hampered performance, along with an underweight allocation to general obligation debt.
-
The fund seeks to provide a high level of income exempt from federal income taxes by investing primarily in long-term, low- to upper-medium-grade municipal securities. The portfolio maintained an overweight to revenue-backed bonds during the period, with notable allocations to continuing care/assisted living and industrial revenue/pollution control revenue bonds.
How has the fund performed?
Cumulative Returns of a Hypothetical $500,000 Investment as of February 28, 2026
Table Summary
|
I Class
|
Regulatory Benchmark
|
Strategy Benchmark
|
|
|
11/29/16
|
500,000
|
500,000
|
500,000
|
|
11/30/16
|
497,488
|
498,674
|
497,754
|
|
2/28/17
|
508,433
|
503,720
|
515,134
|
|
5/31/17
|
524,104
|
511,246
|
528,077
|
|
8/31/17
|
531,286
|
517,530
|
535,599
|
|
11/30/17
|
533,171
|
514,702
|
532,794
|
|
2/28/18
|
533,312
|
506,265
|
532,042
|
|
5/31/18
|
541,034
|
509,331
|
543,548
|
|
8/31/18
|
544,939
|
512,100
|
548,774
|
|
11/30/18
|
538,456
|
507,795
|
546,353
|
|
2/28/19
|
550,128
|
522,312
|
559,250
|
|
5/31/19
|
573,217
|
541,930
|
580,948
|
|
8/31/19
|
591,237
|
564,193
|
598,719
|
|
11/30/19
|
590,289
|
562,592
|
598,086
|
|
2/29/20
|
611,972
|
583,332
|
621,721
|
|
5/31/20
|
554,414
|
592,956
|
591,472
|
|
8/31/20
|
588,618
|
600,715
|
613,855
|
|
11/30/20
|
602,656
|
603,570
|
624,510
|
|
2/28/21
|
616,347
|
591,403
|
629,369
|
|
5/31/21
|
636,516
|
590,555
|
644,804
|
|
8/31/21
|
648,576
|
600,209
|
653,120
|
|
11/30/21
|
649,882
|
596,608
|
652,955
|
|
2/28/22
|
631,215
|
575,765
|
634,184
|
|
5/31/22
|
596,274
|
541,999
|
602,187
|
|
8/31/22
|
583,162
|
531,089
|
593,485
|
|
11/30/22
|
567,095
|
520,006
|
587,133
|
|
2/28/23
|
571,174
|
519,790
|
592,386
|
|
5/31/23
|
579,419
|
530,385
|
599,605
|
|
8/31/23
|
578,922
|
524,752
|
601,231
|
|
11/30/23
|
586,926
|
526,141
|
615,538
|
|
2/29/24
|
611,569
|
537,084
|
630,438
|
|
5/31/24
|
612,718
|
537,310
|
627,059
|
|
8/31/24
|
640,758
|
563,042
|
650,878
|
|
11/30/24
|
650,259
|
562,314
|
659,515
|
|
2/28/25
|
652,480
|
568,279
|
660,336
|
|
5/31/25
|
628,802
|
566,641
|
643,311
|
|
8/31/25
|
633,402
|
580,700
|
647,803
|
|
11/30/25
|
666,941
|
594,373
|
673,125
|
|
2/28/26
|
683,858
|
603,857
|
688,829
|
202501-4140694, 202603-5315124
F239-052 4/26
Average Annual Total Returns
Table Summary
|
1 Year
|
5 Years
|
Since Inception 11/29/16
|
|
|
Tax-Free High Yield Fund (I Class)
|
4.81%
|
2.10%
|
3.44%
|
|
Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark)
|
6.26
|
0.42
|
2.06
|
|
Bloomberg 65% High-Grade/35% High-Yield Index (Strategy Benchmark)
|
4.32
|
1.82
|
3.52
|
The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund's past performance is not a good predictor of the fund's future performance.Updated performance information can be found at www.troweprice.com.
What are some fund statistics?
Fund Statistics
- Total Net Assets (000s)$3,485,145
- Number of Portfolio Holdings1,030
- Investment Advisory Fees Paid (000s)$15,122
- Portfolio Turnover Rate18.8%
What did the fund invest in?
State Allocation (as a % of Net Assets)
Table Summary
|
Puerto Rico
|
9.9%
|
|
California
|
7.7
|
|
Florida
|
6.0
|
|
Texas
|
6.0
|
|
Wisconsin
|
5.6
|
|
Pennsylvania
|
4.9
|
|
Ohio
|
4.6
|
|
Maryland
|
4.4
|
|
Illinois
|
4.1
|
|
Other
|
46.8
|
Industry Allocation (as a % of Net Assets)
Table Summary
|
Health Care
|
21.7%
|
|
Transportation
|
11.2
|
|
Education
|
9.3
|
|
Special Tax
|
8.9
|
|
Housing
|
8.7
|
|
Industrial & Pollution Control
|
6.9
|
|
General Obligations - State
|
4.1
|
|
General Obligations - Local
|
2.7
|
|
Water & Sewer
|
2.2
|
|
Other
|
24.3
|
How has the fund changed?
This is a summary of certain material changes to T. Rowe Price Tax-Free High Yield Fund. Effective August 1, 2026, the fund will change its name to the T. Rowe Price High Yield Municipal Bond Fund. The fund's May 1, 2026 prospectus contains more information.
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.
Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Tax-Free High Yield Fund
I Class (PTYIX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
The registrant has adopted 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. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The registrant's Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) - (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:
|
2026 |
2025 |
|||||||||
| Audit Fees | $ | 34,043 | $ | 33,841 | ||||||
| Audit-Related Fees | - | - | ||||||||
| Tax Fees | - | - | ||||||||
| All Other Fees | - | - | ||||||||
Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.
(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.
(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,522,000 and $1,818,000, respectively.
(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a - b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
February
28,
2026
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRFHX
Tax-Free
High
Yield
Fund
-!
PATFX
Tax-Free
High
Yield
Fund-
.
Advisor Class
PTYIX
Tax-Free
High
Yield
Fund-
.
I Class
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
11
.24
$
10
.97
$
10
.64
$
12
.22
$
12
.32
Investment
activities
Net
investment
income
(1)(2)
0
.46
0
.42
0
.41
0
.41
0
.38
Net
realized
and
unrealized
gain/loss
0
.04
0
.28
0
.32
(
1
.58
)
(
0
.10
)
Total
from
investment
activities
0
.50
0
.70
0
.73
(
1
.17
)
0
.28
Distributions
Net
investment
income
(
0
.45
)
(
0
.43
)
(
0
.40
)
(
0
.40
)
(
0
.38
)
Net
realized
gain
-
-
-
(
0
.01
)
-
Total
distributions
(
0
.45
)
(
0
.43
)
(
0
.40
)
(
0
.41
)
(
0
.38
)
NET
ASSET
VALUE
End
of
period
$
11
.29
$
11
.24
$
10
.97
$
10
.64
$
12
.22
Ratios/Supplemental
Data
Total
return
(2)(3)
4
.67
%
6
.45
%
7
.05
%
(
9
.64
)
%
2
.21
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0
.65
%
0
.74
%
0
.76
%
0
.76
%
0
.72
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.65
%
0
.67
%
0
.67
%
0
.67
%
0
.63
%
Net
investment
income
4
.20
%
3
.79
%
3
.81
%
3
.68
%
2
.99
%
Portfolio
turnover
rate
18
.8
%
14
.2
%
11
.6
%
19
.7
%
11
.8
%
Net
assets,
end
of
period
(in
millions)
$1,435
$1,458
$1,826
$1,949
$3,580
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
11
.31
$
11
.03
$
10
.70
$
12
.29
$
12
.39
Investment
activities
Net
investment
income
(1)(2)
0
.42
0
.39
0
.37
0
.38
0
.35
Net
realized
and
unrealized
gain/loss
0
.04
0
.28
0
.32
(
1
.59
)
(
0
.11
)
Total
from
investment
activities
0
.46
0
.67
0
.69
(
1
.21
)
0
.24
Distributions
Net
investment
income
(
0
.41
)
(
0
.39
)
(
0
.36
)
(
0
.37
)
(
0
.34
)
Net
realized
gain
-
-
-
(
0
.01
)
-
Total
distributions
(
0
.41
)
(
0
.39
)
(
0
.36
)
(
0
.38
)
(
0
.34
)
NET
ASSET
VALUE
End
of
period
$
11
.36
$
11
.31
$
11
.03
$
10
.70
$
12
.29
Ratios/Supplemental
Data
Total
return
(2)(3)
4
.27
%
6
.17
%
6
.65
%
(
9
.89
)
%
1
.90
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
1
.02
%
1
.08
%
1
.12
%
1
.03
%
1
.03
%
Net
expenses
after
waivers/payments
by
Price
Associates
1
.02
%
1
.02
%
1
.02
%
0
.93
%
0
.94
%
Net
investment
income
3
.83
%
3
.45
%
3
.46
%
3
.43
%
2
.76
%
Portfolio
turnover
rate
18
.8
%
14
.2
%
11
.6
%
19
.7
%
11
.8
%
Net
assets,
end
of
period
(in
thousands)
$2,689
$3,287
$4,552
$5,322
$7,637
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
11
.24
$
10
.96
$
10
.64
$
12
.22
$
12
.31
Investment
activities
Net
investment
income
(1)(2)
0
.47
0
.44
0
.42
0
.42
0
.39
Net
realized
and
unrealized
gain/loss
0
.05
0
.28
0
.31
(
1
.58
)
(
0
.09
)
Total
from
investment
activities
0
.52
0
.72
0
.73
(
1
.16
)
0
.30
Distributions
Net
investment
income
(
0
.47
)
(
0
.44
)
(
0
.41
)
(
0
.41
)
(
0
.39
)
Net
realized
gain
-
-
-
(
0
.01
)
-
Total
distributions
(
0
.47
)
(
0
.44
)
(
0
.41
)
(
0
.42
)
(
0
.39
)
NET
ASSET
VALUE
End
of
period
$
11
.29
$
11
.24
$
10
.96
$
10
.64
$
12
.22
Ratios/Supplemental
Data
Total
return
(2)(3)
4
.81
%
6
.69
%
7
.07
%
(
9
.51
)
%
2
.41
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0
.51
%
0
.60
%
0
.65
%
0
.62
%
0
.60
%
Net
expenses
after
waivers/payments
by
Price
Associates
0
.51
%
0
.54
%
0
.55
%
0
.53
%
0
.51
%
Net
investment
income
4
.34
%
3
.94
%
3
.93
%
3
.84
%
3
.10
%
Portfolio
turnover
rate
18
.8
%
14
.2
%
11
.6
%
19
.7
%
11
.8
%
Net
assets,
end
of
period
(in
millions)
$2,047
$2,065
$1,509
$1,846
$1,942
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
February
28,
2026
5
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
COMMON
STOCKS 0.0%
Ingevity (1)
1
58
United
Airlines
Holdings (1)
-
33
Total
Common
Stocks
(Cost
$32)
91
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 99.1%
ALABAMA
2.3%
Alabama
State
Univ.,
5.75%,
9/1/50 (4)
2,150
2,355
Baldwin
County
IDA,
Series A,
VRDN,
4.30%,
3/1/56
(Tender
3/1/33) (5)(6)
2,200
2,217
Black
Belt
Energy
Gas
Dist.,
Series A,
VRDN,
5.25%,
1/1/54
(Tender
10/1/30)
6,400
6,933
Black
Belt
Energy
Gas
Dist.,
Series C-1,
VRDN,
5.25%,
2/1/53
(Tender
6/1/29)
10,610
11,354
Black
Belt
Energy
Gas
Dist.,
Series D,
VRDN,
5.00%,
3/1/55
(Tender
11/1/34)
7,000
7,722
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series F,
5.00%,
12/1/35
7,450
8,191
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
Redstone
Village
Project,
Series A,
6.00%,
1/1/60
9,610
8,004
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
Redstone
Village
Project,
Series B,
STEP,
1/1/60
2,384
124
Jefferson
County,
Sewer
Revenue,
5.50%,
10/1/53
2,625
2,782
Mobile
County
IDA,
AM/NS
Calvert
Project,
Series A,
5.00%,
6/1/54 (6)
3,675
3,641
Mobile
County
IDA,
AM/NS
Calvert
Project,
Series B,
4.75%,
12/1/54 (6)
3,175
3,037
Southeast
Energy
Auth.
A
Cooperative
Dist.,
Series B,
VRDN,
4.00%,
12/1/51
(Tender
12/1/31)
5,160
5,397
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
5.25%,
5/1/44 (5)
17,450
17,677
79,434
ARIZONA
2.2%
Arizona
HFA,
Banner
Health,
Series B,
FRN,
100%
of
SPMUV7DY
+
0.81%,
4.16%,
1/1/37
2,080
2,065
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
Arizona
IDA,
Cadence
Campus
Project,
Series A,
4.00%,
7/15/40 (5)
730
706
Arizona
IDA,
Cadence
Campus
Project,
Series A,
4.00%,
7/15/50 (5)
1,265
1,049
Arizona
IDA,
Doral
Academy
-
Fire
Mesa,
Series A,
5.00%,
7/15/39
1,050
1,056
Arizona
IDA,
Doral
Academy
-
Fire
Mesa,
Series A,
5.00%,
7/15/49
1,595
1,472
Arizona
IDA,
Montanero
Project,
6.75%,
12/1/55 (5)(6)
6,550
6,734
Arizona
IDA,
Odyssey
Preparatory
Academy,
5.00%,
7/1/49 (5)
5,445
4,931
Arizona
IDA,
Odyssey
Preparatory
Academy,
Series A,
5.25%,
7/1/37 (5)
2,375
2,394
Arizona
IDA,
Odyssey
Preparatory
Academy,
Series A,
5.50%,
7/1/52 (5)
3,970
3,796
Arizona
IDA,
Pinecrest
Academy
of
Northern
Nevada
Project,
Series A,
4.50%,
7/15/29 (5)
3,000
2,956
Arizona
IDA,
San
Tan
Charter
School
Projects,
6.875%,
2/1/65 (5)
8,000
8,073
Maricopa
County,
El
Paso
Electric,
Series A,
PCR,
4.50%,
8/1/42
2,575
2,576
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/44
790
795
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/49
475
469
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/59
3,175
3,044
Pima
County
IDA,
American
Leadership
Academy,
4.00%,
6/15/41 (5)
2,380
2,115
Pima
County
IDA,
American
Leadership
Academy,
4.00%,
6/15/51 (5)
5,285
4,047
Salt
Verde
Financial,
5.00%,
12/1/37
12,970
14,445
Sierra
Vista
IDA,
5.00%,
6/15/54 (5)
5,375
4,725
Sierra
Vista
IDA,
Wake
Preparatory
Academy,
6.25%,
6/15/50
4,450
4,509
Tempe
IDA,
Friendship
Village
of
Tempe
Project,
Series A,
4.00%,
12/1/46
1,980
1,745
Tempe
IDA,
Friendship
Village
of
Tempe
Project,
Series A,
5.625%,
12/1/60
3,215
3,290
76,992
ARKANSAS
1.0%
Arkansas
DFA,
Big
River
Steel
Project,
4.50%,
9/1/49 (5)(6)
5,000
5,098
Arkansas
DFA,
Big
River
Steel
Project,
4.75%,
9/1/49 (5)(6)
3,955
4,039
Arkansas
DFA,
Green
Bond,
5.45%,
9/1/52 (6)
7,365
7,424
Arkansas
DFA,
Green
Bond,
7.375%,
7/1/48 (5)(6)
5,000
5,436
Arkansas
DFA,
Green
Bond,
Series A,
6.875%,
7/1/48 (5)(6)
5,000
5,394
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
Osceola,
Plum
Point
Energy,
VRDN,
5.50%,
4/1/36
(Tender
7/1/26) (6)
7,875
7,913
35,304
CALIFORNIA
7.7%
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29)
10,715
11,401
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.50%,
10/1/54
(Tender
11/1/30)
4,490
4,934
California
Community
Housing
Agency,
Creekwood,
Series A,
4.00%,
2/1/56 (5)
22,370
14,671
California
Community
Housing
Agency,
Junior
Bonds
Street
Flats,
Series A-2,
4.00%,
8/1/50 (5)
7,980
6,408
California
Community
Housing
Agency,
Senior
Bonds
Street
Flats,
Series A-1,
3.00%,
2/1/57 (5)
1,800
1,249
California
Community
Housing
Agency,
Senior-Fountains
at
Emerald,
3.00%,
8/1/56 (5)
3,200
2,235
California
Community
Housing
Agency,
Stoneridge
Apartments,
Series A,
4.00%,
2/1/56 (5)
23,060
18,409
California
Community
Housing
Agency,
Verdant
at
Green
Valley
Project,
5.00%,
8/1/49 (5)
13,510
12,694
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35
2,358
2,485
California
Municipal
Fin.
Auth.,
Ascent
613
Project,
Series A,
5.375%,
1/1/55 (5)
3,025
3,028
California
Municipal
Fin.
Auth.,
Baptish
Univ.,
Series A,
5.00%,
11/1/46 (5)
2,750
2,733
California
Municipal
Fin.
Auth.,
John
Adams
Academies
Lincoln
Project,
Series A,
5.00%,
10/1/49 (5)
1,515
1,402
California
Municipal
Fin.
Auth.,
John
Adams
Academies
Lincoln
Project,
Series A,
5.00%,
10/1/57 (5)
1,650
1,483
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
4.00%,
12/31/47 (6)
4,605
4,139
California
Municipal
Fin.
Auth.,
Samuel
Merritt
Univ.,
5.25%,
6/1/53
4,565
4,785
California
Municipal
Fin.
Auth.,
The
Learning
Choice
Academy
Obligated
Group,
Series A,
5.50%,
7/1/45
1,620
1,637
California
Municipal
Fin.
Auth.,
The
Learning
Choice
Academy
Obligated
Group,
Series A,
5.50%,
7/1/65
1,000
949
California
PFA,
Enso
Village
Project,
5.00%,
11/15/46 (5)
595
565
California
PFA,
Sunrise
of
Manhattan
Beach,
Series A-1,
6.75%,
7/1/65 (5)
9,020
9,722
California
School
Fin.
Auth.,
Ivy
Academia
Project,
Series A,
4.00%,
6/1/41 (5)
1,650
1,377
California
School
Fin.
Auth.,
Ivy
Academia
Project,
Series A,
4.00%,
6/1/51 (5)
1,500
1,068
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
California
School
Fin.
Auth.,
Ivy
Academia
Project,
Series A,
4.00%,
6/1/61 (5)
250
166
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/28
205
208
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/29
220
225
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/30
235
241
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/31
185
191
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/41
1,270
1,245
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/51
785
681
California
Statewide
CDA,
Series 2021C-1,
4.00%,
9/2/31
880
889
California
Statewide
CDA,
Series 2021C-1,
4.00%,
9/2/41
1,605
1,519
California
Statewide
CDA,
Series 2021C-1,
4.00%,
9/2/51
1,080
923
California
Statewide
CDA,
Series A-1,
5.00%,
9/2/42
3,495
3,665
California
Statewide
CDA,
Series A-1,
5.00%,
9/2/52
4,965
5,010
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
5.50%,
12/1/54
10,290
10,304
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/27 (5)
2,375
2,388
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/46 (5)
3,165
3,167
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/56 (5)
8,120
8,124
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58 (5)
10,000
10,180
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/41
1,260
1,243
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/51
1,895
1,644
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
5.00%,
9/2/49
395
401
California
Statewide
Fin.
Auth.,
Tobacco
Industry,
Series A,
6.00%,
5/1/43
1,190
1,215
CMFA
Special
Fin.
Agency
VII,
Breakwater
Apartments,
Series A-2,
4.00%,
8/1/47 (5)
5,975
5,624
CMFA
Special
Fin.
Agency
XII,
Allure
Apartments,
4.375%,
8/1/49 (5)
2,530
2,185
CMFA
Special
Fin.
Agency,
Solana
at
Grand,
Series A-2,
4.00%,
8/1/45 (5)
2,830
2,590
CSCDA
Community
Improvement
Auth.,
Link-Glendale
Social
Bonds,
Series A-1,
3.00%,
7/1/45 (5)
1,750
1,430
CSCDA
Community
Improvement
Auth.,
Link-Glendale
Social
Bonds,
Series A-2,
4.00%,
7/1/56 (5)
6,207
4,839
CSCDA
Community
Improvement
Auth.,
Mezzanine
Lien
Sustainable
Bonds,
4.00%,
2/1/57 (5)
2,500
1,936
CSCDA
Community
Improvement
Auth.,
Monterey
Station
Apartment
Social
Bonds,
3.125%,
7/1/56 (5)
5,105
3,398
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
CSCDA
Community
Improvement
Auth.,
Oceanaire
Long
Beach
Social
Bonds,
Series A-2,
4.00%,
9/1/56 (5)
8,485
6,206
CSCDA
Community
Improvement
Auth.,
Parallel
Anaheim
Social
Bonds,
4.00%,
8/1/56 (5)
2,955
2,711
CSCDA
Community
Improvement
Auth.,
Social
Bonds,
Series A-2,
3.00%,
2/1/57 (5)
2,500
1,801
Golden
State
Tobacco
Securitization,
5.00%,
6/1/51
3,410
3,391
Golden
State
Tobacco
Securitization,
Series B-2,
Zero
Coupon,
6/1/66
268,725
28,650
Inland
Empire
Tobacco
Securitization,
Tobacco
Settlement
Asset-Backed
Bonds,
Series C-1,
Zero
Coupon,
6/1/36
20,000
10,069
Irvine,
Reassessment
Dist.
No.
12-1,
4.00%,
9/2/27
235
237
Irvine,
Reassessment
Dist.
No.
12-1,
4.00%,
9/2/28
320
323
Los
Angeles
Dept.
of
Airports,
Series A,
5.50%,
5/15/55 (6)
4,750
5,104
Northern
California
Gas
Auth.
No.
1,
Series B,
FRN,
67%
of
(3M
TSFR
+
0.2616%)
+
0.72%,
3.348%,
7/1/27
2,115
2,120
Oroville,
Hosp.,
5.25%,
4/1/54
1,485
1,025
Regents
of
the
Univ.
of
California,
Medical
Center
Pooled
Revenue,
Series P,
3.50%,
5/15/54
2,600
2,169
San
Diego
County
Regional
Airport
Auth.,
Senior
Private
Activity,
Series B,
5.50%,
7/1/55 (6)
3,300
3,549
San
Francisco
City
&
County
Int'l.
Airport,
Series A,
5.50%,
5/1/55 (6)
12,000
12,910
San
Francisco
City
and
County,
Special
Tax
Dist.
No.
2020-1,
Series A,
5.75%,
9/1/50 (5)
850
896
San
Francisco
City
and
County,
Special
Tax
Dist.
No.
2020-1,
Series B,
5.75%,
9/1/53 (5)
1,290
1,357
West
Sacramento
Fin.
Auth.,
Series A,
5.00%,
9/1/34 (4)
1,560
1,787
267,310
COLORADO
4.0%
Aurora
Crossroads
Metropolitan
Dist.
No.
2,
Series A-3,
GO,
6.125%,
12/1/55
12,000
12,015
Berthoud-Heritage
Metropolitan
Dist.
No.
1,
5.625%,
12/1/48
6,865
6,830
Buffalo
Highlands
Metropolitan
Dist.,
Series A,
GO,
5.25%,
12/1/38
907
911
Buffalo
Highlands
Metropolitan
Dist.,
Series A,
GO,
5.375%,
12/1/48
3,250
3,251
CCP
Metropolitan
Dist.
No.
3,
GO,
5.00%,
12/1/53
1,178
1,165
Centerra
Metropolitan
Dist.
No.
1,
5.00%,
12/1/47 (5)
3,500
3,500
Colorado
Bridge
&
Tunnel
Enterprise,
Senior
Infrastructure,
Series A,
5.50%,
12/1/54 (4)
2,650
2,863
Colorado
Ed.
&
Cultural
Fac.
Auth.,
Ascent
Classical
Academy
School
Project,
5.75%,
4/1/59 (5)
1,070
1,065
Colorado
Ed.
&
Cultural
Fac.
Auth.,
Ascent
Classical
Academy
School
Project,
5.80%,
4/1/54 (5)
1,200
1,204
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
Colorado
Ed.
&
Cultural
Fac.
Auth.,
The
Stanley
Project,
Series A-1,
6.875%,
2/1/59 (5)
11,135
11,796
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/31
485
504
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/32
590
611
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/41
1,160
1,144
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/48
1,770
1,552
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
5.75%,
12/1/35 (5)
1,145
890
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
6.125%,
12/1/45 (5)
2,350
1,699
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
6.25%,
12/1/50 (5)
3,285
2,306
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/51
4,000
3,997
Colorado
Int'l.
Center
Metropolitan
Dist.
No.
14,
GO,
5.875%,
12/1/46
5,330
5,338
Cornerstar
Metropolitan
Dist.,
Series A,
GO,
5.125%,
12/1/37
500
500
Cornerstar
Metropolitan
Dist.,
Series A,
GO,
5.25%,
12/1/47
2,600
2,572
Denver
Int'l.
Business
Center
Metropolitan
Dist.
No.
1,
Series B,
GO,
6.00%,
12/1/48
1,185
1,190
Gold
Hill
North
Business
Improvement
Dist.,
Series A,
GO,
5.60%,
12/1/54 (5)
3,600
3,604
Green
Valley
Ranch
East
Metropolitan
Dist.
No.
6,
Series A,
GO,
5.875%,
12/1/50
2,200
2,232
Mineral
Business
Improvement
Dist.,
Series A,
GO,
5.75%,
12/1/54 (5)
1,750
1,757
Mirabelle
Metropolitan
Dist.
No.
2,
Subordinate
Bonds,
Series B,
GO,
6.125%,
12/15/49
2,100
2,105
Painted
Prairie
Metropolitan
Dist.
No.
2,
GO,
5.25%,
12/1/48
3,899
3,771
Palisade
Metropolitan
Dist.
No.
2,
Series B,
STEP,
0.00%,
12/15/54 (5)
2,800
2,709
Peak
Metropolitan
Dist.
No.
1,
Series A,
GO,
4.00%,
12/1/35 (5)
500
465
Peak
Metropolitan
Dist.
No.
1,
Series A,
GO,
5.00%,
12/1/51 (5)
5,270
4,541
Public
Auth.
for
Colorado
Energy,
6.25%,
11/15/28
3,115
3,296
Public
Auth.
for
Colorado
Energy,
6.50%,
11/15/38
9,210
11,397
Pueblo
Urban
Renewal
Auth.,
4.75%,
12/1/45 (5)
5,620
5,473
Rampart
Range
Metropolitan
Dist.
No
5,
4.00%,
12/1/51
7,025
5,726
Redtail
Ridge
Metropolitan
Dist.,
GO,
Zero
Coupon,
12/1/32
10,025
6,468
Riverwalk
Metropolitan
Dist.
No
2,
Series A,
5.00%,
12/1/52
4,245
3,686
Southglenn
Metropolitan
Dist.,
GO,
5.00%,
12/1/36
810
811
Southglenn
Metropolitan
Dist.,
GO,
5.00%,
12/1/46
1,448
1,408
St.
Vrain
Lakes
Metropolitan
Dist.
No.
2,
Series B,
GO,
6.375%,
11/15/54
2,000
2,005
STC
Metropolitan
Dist.
No.
2,
Second
Lien,
Series A-2,
GO,
6.25%,
12/1/55 (5)
2,000
2,021
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
Sterling
Ranch
Community
Auth.
Board,
Series A,
6.50%,
12/1/54
1,000
1,040
Sterling
Ranch
Community
Auth.
Board,
Series B,
8.75%,
12/15/54
1,670
1,674
Vail
Home
Partners,
5.75%,
10/1/45 (5)
415
433
Vail
Home
Partners,
5.875%,
10/1/55 (5)
2,720
2,792
Vail
Home
Partners,
6.00%,
10/1/64 (5)
4,580
4,714
141,031
CONNECTICUT
1.6%
Connecticut
State
HEFA,
Church
Home
of
Hartford,
Series A,
5.00%,
9/1/46 (5)
1,060
1,049
Connecticut
State
HEFA,
Church
Home
of
Hartford,
Series A,
5.00%,
9/1/53 (5)
1,260
1,195
Connecticut
State
HEFA,
Goodwin
Univ.,
Series A-1,
5.375%,
7/1/54
3,900
3,803
Connecticut
State
HEFA,
Hartford
Healthcare
Issue,
Series A,
5.50%,
7/1/51
5,000
5,421
Connecticut
State
HEFA,
Hartford
Univ.,
4.00%,
7/1/44
4,405
3,735
Connecticut
State
HEFA,
Hartford
Univ.,
4.00%,
7/1/49
4,200
3,322
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/31
2,000
2,011
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/32
3,280
3,297
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/33
2,055
2,065
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/34
1,435
1,441
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/43
8,115
8,122
Hamden
Town,
Whitney
Center
Project,
5.00%,
1/1/40
5,125
5,157
Hamden
Town,
Whitney
Center
Project,
5.00%,
1/1/50
6,160
5,578
Mashantucket
Western
Pequot
Tribe,
6.05%,
7/1/31
(4.00%
Cash
and
2.05%
PIK) (7)(8)
23,166
5,792
Steel
Point
Infrastructure
Improvement
Dist.,
Steelpointe
Harbor
Project,
4.00%,
4/1/41 (5)
550
542
Steel
Point
Infrastructure
Improvement
Dist.,
Steelpointe
Harbor
Project,
4.00%,
4/1/51 (5)
2,715
2,365
54,895
DELAWARE
1.1%
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
4.00%,
9/1/30
200
204
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
5.00%,
9/1/40
1,025
1,059
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
5.00%,
9/1/50
1,385
1,385
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/37
790
809
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/43
4,920
4,972
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/48
2,035
1,982
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/50
4,390
4,217
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
Delaware
State
Economic
Dev.
Auth.,
Academia
Antonia
Alonso
Charter
School
Project,
Series A,
6.00%,
7/1/55 (5)
3,825
3,908
Delaware
State
Economic
Dev.
Auth.,
ASPIRA
of
Delaware
Charter
Operations
Project,
4.00%,
6/1/52
1,260
971
Delaware
State
Economic
Dev.
Auth.,
ASPIRA
of
Delaware
Charter
Operations
Project,
4.00%,
6/1/57
1,220
910
Delaware
State
Economic
Dev.
Auth.,
ASPIRA
of
Delaware
Charter
Operations
Project,
5.00%,
6/1/51
1,350
1,224
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/32
205
208
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/40
890
898
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/48
2,335
2,243
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/53
3,445
3,227
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/58
2,915
2,690
Sussex
County,
Cadbury
at
Lewes,
5.00%,
1/1/36
6,445
6,483
37,390
DISTRICT
OF
COLUMBIA
2.1%
Dist.
of
Columbia,
Methodist
Home,
Series A,
5.125%,
1/1/35
740
738
Dist.
of
Columbia,
Methodist
Home,
Series A,
5.25%,
1/1/39
485
469
District
of
Columbia
Tobacco
Settlement
Fin.,
Series A,
Zero
Coupon,
6/15/46
58,985
14,185
District
of
Columbia
Tobacco
Settlement
Fin.,
Series B,
Zero
Coupon,
6/15/46
18,210
4,211
District
of
Columbia,
Friendship
Public
Charter
School,
5.00%,
6/1/36
2,375
2,381
District
of
Columbia,
Friendship
Public
Charter
School,
5.00%,
6/1/41
1,540
1,542
District
of
Columbia,
Friendship
Public
Charter
School,
5.00%,
6/1/46
2,285
2,283
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/37
2,295
2,319
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/42
4,065
4,080
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/52
9,730
9,073
District
of
Columbia,
Union
Market
Infrastructure
Project,
3.75%,
6/1/31 (5)
900
884
District
of
Columbia,
Union
Market
Infrastructure
Project,
4.25%,
6/1/46 (5)
2,810
2,393
District
of
Columbia,
Union
Market
Project,
Series B,
STEP,
6/1/41 (5)
1,600
1,047
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
District
of
Columbia,
Union
Market
Project,
Series B,
STEP,
6/1/49 (5)
3,450
2,143
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
6.50%,
10/1/44
11,080
11,828
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/37 (4)
10,135
6,742
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/38
7,915
4,880
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/39
1,585
925
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/40
3,955
2,167
74,290
FLORIDA
6.0%
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.00%,
11/15/34 (1)(8)
59
1
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.375%,
11/15/49 (1)(8)
2,320
35
Ave
Maria
Stewardship
Community
Dist.,
Phase
5
Master
Improvements
Project,
5.30%,
5/1/45
450
458
Ave
Maria
Stewardship
Community
Dist.,
Phase
5
Master
Improvements
Project,
5.60%,
5/1/56
500
501
Avenir
Community
Dev.
Dist.,
5.375%,
5/1/43
1,855
1,903
Avenir
Community
Dev.
Dist.,
5.625%,
5/1/54
890
895
Babcock
Ranch
Community
Independent
Special
Dist.,
5.25%,
5/1/55 (5)
1,750
1,764
Boggy
Creek
Improvement
Dist.,
Special
Assessment,
Series 2013,
5.125%,
5/1/43
6,445
6,447
Broward
County
Port
Fac.
Revenue,
Senior
Bond,
Series B,
4.00%,
9/1/49 (6)
5,000
4,409
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/29
875
930
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/30
250
269
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/31
1,015
1,091
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/33
900
960
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/34
975
1,035
Capital
Projects
Fin.
Auth.,
Millenia
Orlando
Project,
Series A,
7.125%,
1/1/65 (5)
5,000
5,206
Capital
Projects
Fin.
Auth.,
Navigator
Academy
of
Leadership
Obligated
Group
Project,
5.00%,
6/15/54 (5)
575
532
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
Capital
Projects
Fin.
Auth.,
Navigator
Academy
of
Leadership
Obligated
Group
Project,
5.00%,
6/15/64 (5)
1,890
1,705
Capital
Trust
Agency,
4.00%,
6/15/51 (5)
2,735
2,073
Capital
Trust
Agency,
The
Marie
Selby
Botanical
Gardens,
4.00%,
6/15/41 (5)
3,300
2,991
Capital
Trust
Auth.,
Florida
Institute
of
Technology
Project,
Series A,
5.375%,
7/1/65 (5)
6,450
6,298
Capital
Trust
Auth.,
Kipp
Miami
North
Campus
Project,
Series A,
5.625%,
6/15/44 (5)
410
425
Capital
Trust
Auth.,
Kipp
Miami
North
Campus
Project,
Series A,
6.00%,
6/15/54 (5)
655
672
Capital
Trust
Auth.,
Kipp
Miami
North
Campus
Project,
Series A,
6.125%,
6/15/60 (5)
800
822
Capital
Trust
Auth.,
Mason
Classical
Academy
Project,
Series A,
5.00%,
6/1/64 (5)
2,550
2,346
Celebration
Pointe
Community
Dev.
Dist.,
3.00%,
5/1/31 (1)(8)
565
452
Celebration
Pointe
Community
Dev.
Dist.,
3.375%,
5/1/41 (1)(8)
1,055
844
Celebration
Pointe
Community
Dev.
Dist.,
4.00%,
5/1/53 (1)(8)
2,310
1,848
Celebration
Pointe
Community
Dev.
Dist.,
5.125%,
5/1/45 (1)(8)
755
604
Celebration
Pointe
Community
Dev.
Dist.,
Alachua
County,
5.00%,
5/1/32 (1)(8)
755
604
Coastal
Ridge
Community
Dev.
Dist.,
6.00%,
5/1/55
2,800
2,888
Crossings
at
Fleming
Island
Community
Dev.
Dist.,
Series A-1,
4.50%,
5/1/30
255
255
Everest
GMR
Community
Dev.
Dist.,
6.20%,
5/1/54
5,920
6,104
Firelight
Community
Dev.
Dist.,
Series A,
6.125%,
5/1/55
2,375
2,440
Firethorn
Community
Dev.
Dist.,
5.60%,
5/1/55
800
802
Florida
Dev.
Fin.,
GFL
Solid
Waste
Southeast
Project,
Series A,
VRDN,
4.375%,
10/1/54
(Tender
10/1/31) (5)(6)
2,450
2,487
Florida
Dev.
Fin.,
Renaissance
Charter
School
Projects,
Series A,
6.00%,
6/15/55 (5)
2,475
2,554
Florida
Dev.
Fin.,
Renaissance
Charter
School
Projects,
Series A,
6.125%,
6/15/50 (5)
1,375
1,441
Florida
Dev.
Fin.,
UF
Health
Jacksonville
Project,
4.00%,
2/1/52
2,945
2,437
Florida
Dev.
Fin.,
UF
Health
Jacksonville
Project,
5.00%,
2/1/52
1,450
1,400
Florida
Dev.
Fin.,
Waste
Pro
USA,
VRDN,
6.125%,
7/1/32
(Tender
7/1/26) (5)(6)
8,900
8,915
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
4.75%,
6/1/38 (5)
2,495
2,457
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
5.00%,
6/1/48 (5)
10,550
9,525
Florida
Local
Government
Fin.
Commission,
The
Sanctuary
at
Village
on
the
Isle
Project,
Series A,
11.00%,
12/22/30 (5)
4,750
4,942
Florida
Local
Gov't.
Fin.
Commission,
Fleet
Landing
at
Nocatee
Project,
Series A,
6.875%,
11/15/64 (5)
6,300
6,637
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
Golden
Gem
Community
Dev.
Dist.,
6.00%,
5/1/55
4,000
4,075
Greater
Orlando
Aviation
Auth.,
United
Airlines
Project,
5.50%,
11/1/37 (6)
1,375
1,507
Hammock
Oaks
Community
Dev.
Dist.,
Assessment
Area
Three,
4.50%,
5/1/32 (5)
275
284
Hammock
Oaks
Community
Dev.
Dist.,
Assessment
Area
Three,
5.75%,
5/1/55 (5)
1,500
1,523
Hammock
Oaks
Community
Dev.
Dist.,
Assessment
Area
Two,
5.85%,
5/1/44
780
810
Hammock
Oaks
Community
Dev.
Dist.,
Assessment
Area
Two,
6.15%,
5/1/54
890
910
Hillcrest
Preserve
Community
Dev.
Dist.,
4.375%,
5/1/31 (5)
420
428
Hillcrest
Preserve
Community
Dev.
Dist.,
5.00%,
5/1/44 (5)
1,200
1,213
Hillcrest
Preserve
Community
Dev.
Dist.,
5.30%,
5/1/54 (5)
1,615
1,581
Hillsborough
County
IDA,
BayCare
Health
System,
Series C,
5.50%,
11/15/54
2,880
3,105
Hobe-St.
Lucie
Conservancy
Dist.,
5.875%,
5/1/55
2,700
2,770
Jacksonville
Ed.
Fac.,
Jacksonville
Univ.,
Series B,
5.00%,
6/1/53 (5)
9,095
7,949
KD52
Community
Dev.
Dist.
No.
1,
6.125%,
5/1/56
3,400
3,423
Lakes
of
Sarasota
Community
Dev.
Dist.,
Series A,
5.60%,
5/1/55
695
696
Lakes
of
Sarasota
Community
Dev.
Dist.,
Series B,
5.25%,
5/1/34
905
951
Lakes
of
Sarasota
Community
Dev.
Dist.
2,
Series A,
5.70%,
5/1/55
765
770
Lakes
of
Sarasota
Community
Dev.
Dist.
2,
Series B,
5.20%,
5/1/35
1,395
1,475
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Centre
&
Northwest
Sector,
5.50%,
5/1/39 (5)
25
26
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Centre
&
Northwest
Sector,
5.65%,
5/1/48 (5)
110
112
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
National
Polo
Run,
5.25%,
5/1/37
2,875
2,923
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
National
Polo
Run,
5.375%,
5/1/47
3,635
3,655
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Ranch
South,
5.00%,
5/1/36
1,155
1,158
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Ranch
South,
5.125%,
5/1/46
2,325
2,326
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Ranch
Southeast
Project,
6.00%,
5/1/56
4,030
4,183
Lakewood
Ranch
Stewardship
Dist.,
Northeast
Sector,
5.30%,
5/1/39
790
813
Lakewood
Ranch
Stewardship
Dist.,
Northeast
Sector,
5.45%,
5/1/48
1,365
1,385
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
LTC
Ranch
West
Residential
Community
Dev.
Dist.,
Assessment
Area
Three
Project,
Series AA3,
6.05%,
5/1/54
1,090
1,110
LTC
Ranch
West
Residential
Community
Dev.
Dist.,
Assessment
Area
Two
Project,
Series AA2,
6.00%,
5/1/54
555
563
Malabar
Springs
Community
Dev.
Dist.,
Assessment
Area
One,
5.20%,
5/1/44
1,000
1,018
Marion
Ranch
Community
Dev.
Dist.,
5.70%,
5/1/44
745
775
Marion
Ranch
Community
Dev.
Dist.,
5.95%,
5/1/54
1,285
1,314
Miami-Dade
County
EFA,
Series B,
5.25%,
4/1/45
5,000
5,490
Miami-Dade
County
IDA,
Miami
Community
Charter
Schools
Project,
6.125%,
6/1/45 (5)
365
379
Miami-Dade
County
IDA,
Miami
Community
Charter
Schools
Project,
6.375%,
6/1/65 (5)
2,250
2,303
New
Port
Corners
Community
Dev.
Dist.,
5.50%,
6/15/55 (5)
700
702
Newport
Isles
Community
Dev.
Dist.,
5.00%,
5/1/44
2,200
2,245
Newport
Isles
Community
Dev.
Dist.,
5.20%,
5/1/54
2,690
2,641
North
AR-1
Pasco
Community
Dev.
Dist.,
Assessment
Area
Five,
Series A,
6.00%,
5/1/54
1,165
1,196
Orange
County
HFA,
4.00%,
10/1/52
4,605
4,052
Palm
Beach
County
HFA,
Toby
&
Leon
Cooperman
Sinai
Residences
of
Boca
Raton,
4.25%,
6/1/56
3,000
2,483
Parrish
Lakes
Community
Dev.
Dist.,
Assessment
Area
Three,
5.80%,
5/1/54
1,370
1,386
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Four
Project,
4.75%,
5/1/31
90
93
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Four
Project,
5.625%,
5/1/44
245
256
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Four
Project,
5.875%,
5/1/54
375
385
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Three
Project,
4.875%,
5/1/31
305
314
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Three
Project,
5.80%,
5/1/44
675
711
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Three
Project,
6.05%,
5/1/54
1,205
1,246
Polk
County
IDA,
Victory
Ridge
Academy
Project,
5.325%,
6/15/40 (5)
1,540
1,585
Polk
County
IDA,
Victory
Ridge
Academy
Project,
6.00%,
6/15/55 (5)
4,005
4,021
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/37
1,095
1,102
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/42
1,035
1,038
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/47
2,535
2,460
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/52
5,360
4,973
Sawyers
Landing
Community
Dev.
Dist.,
4.125%,
5/1/41
2,420
2,371
Seminole
Palms
Community
Dev.
Dist.,
5.50%,
5/1/55 (5)
1,470
1,445
Viera
Stewardship
Dist.,
Series 2021,
3.125%,
5/1/41
830
718
Viera
Stewardship
Dist.,
Series 2021,
4.00%,
5/1/53
3,020
2,454
Village
Community
Dev.
Dist.
No.
15,
4.20%,
5/1/39 (5)
500
506
Village
Community
Dev.
Dist.
No.
15,
4.80%,
5/1/55 (5)
1,990
1,939
Westside
Haines
City
Community
Dev.
Dist.,
Assessment
Area
Two
Project,
6.00%,
5/1/54
1,590
1,636
210,365
GEORGIA
3.9%
Atlanta
Airport
Passenger
Fac.
Charge,
Green
Bond,
Series E,
5.25%,
7/1/42 (6)
6,650
7,327
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.50%,
1/1/29 (1)(8)
2,850
1,283
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.75%,
1/1/35 (1)(8)
15,200
6,840
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
7.00%,
1/1/40 (1)(8)
8,525
3,836
Atlanta
Dev.
Auth.,
Gulch
Enterprise
Zone
Project,
Series 1,
Class
A,
STEP,
0.00%,
12/15/48 (5)
13,542
12,333
Atlanta
Dev.
Auth.,
PRG
-
CAU
Properties
Project
at
Clark
Atlanta
Univ.,
Series A,
5.00%,
7/1/35 (5)
1,000
1,066
Atlanta
Dev.
Auth.,
PRG
-
CAU
Properties
Project
at
Clark
Atlanta
Univ.,
Series A,
6.00%,
7/1/45 (5)
5,395
5,744
Atlanta
Dev.
Auth.,
PRG
-
CAU
Properties
Project
at
Clark
Atlanta
Univ.,
Series A,
6.00%,
7/1/50 (5)
2,100
2,199
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
2.375%,
7/1/26 (5)
280
280
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
2.875%,
7/1/31 (5)(9)
1,625
1,607
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
3.625%,
7/1/42 (5)(9)
3,360
3,146
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
3.875%,
7/1/51 (5)(9)
4,250
3,733
Cobb
County
Dev.
Auth.,
Mt.
Bethel
Christian
Academy
Project,
6.25%,
6/1/64 (5)
4,090
4,221
Fulton
County
Dev.
Auth.,
Piedmont
Healthcare
Project,
4.00%,
7/1/49
4,000
3,679
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
4.00%,
4/1/41 (5)
2,375
2,270
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
4.00%,
4/1/51 (5)
9,330
7,661
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
5.00%,
4/1/47 (5)
2,730
2,689
Gainesville
&
Hall
County
Dev.
Auth.,
Brenau
Univ.
Project,
5.75%,
6/1/55
5,000
5,070
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
2.375%,
1/1/31
2,205
2,105
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
3.625%,
1/1/31 (5)
1,220
1,206
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/36
1,190
1,211
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/36 (5)
2,645
2,746
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/54 (5)
16,215
15,610
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.00%,
6/15/27 (5)
110
111
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.75%,
6/15/37 (5)
1,215
1,236
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.875%,
6/15/47 (5)
1,980
1,990
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
6.00%,
6/15/52 (5)
1,215
1,220
Main
Street
Natural
Gas,
Series A,
VRDN,
5.00%,
6/1/53
(Tender
6/1/30)
2,810
3,007
Main
Street
Natural
Gas,
Series B,
VRDN,
5.00%,
12/1/54
(Tender
3/1/32)
2,600
2,848
Main
Street
Natural
Gas,
Series C,
VRDN,
5.00%,
9/1/53
(Tender
9/1/30)
2,725
2,942
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series B,
VRDN,
5.00%,
12/1/52
(Tender
6/1/29)
5,855
6,206
Marietta
Dev.
Auth.,
Life
Univ.,
Series A,
5.00%,
11/1/27 (5)
1,445
1,456
Marietta
Dev.
Auth.,
Life
Univ.,
Series A,
5.00%,
11/1/37 (5)
2,210
2,215
Marietta
Dev.
Auth.,
Life
Univ.,
Series A,
5.00%,
11/1/47 (5)
8,705
7,968
Savannah
Georgia
Convention
Center
Auth.,
Convention
Center
Hotel,
Series B,
6.00%,
6/1/50 (5)
2,575
2,582
Savannah
Georgia
Convention
Center
Auth.,
Convention
Center
Hotel,
Series C,
5.00%,
6/1/58 (4)
3,000
3,082
134,725
IDAHO
0.5%
Power
County
IDC,
FMC
Project,
6.45%,
8/1/32 (6)
3,620
3,634
Spring
Valley
Community
Infrastructure
Dist.
No.
1,
Assessment
Area
Two,
6.25%,
9/1/53 (5)
4,700
4,841
Spring
Valley
Community
Infrastructure
Dist.
No.
1,
Special
Assessment
Bonds,
3.75%,
9/1/51 (5)
8,910
8,575
17,050
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
ILLINOIS
4.1%
Chicago
Board
of
Ed.,
Series A,
GO,
5.00%,
12/1/34 (4)
830
866
Chicago
Board
of
Ed.,
Series A,
GO,
5.00%,
12/1/35 (4)
900
935
Chicago
Board
of
Ed.,
School
Reform,
Series B-1,
GO,
Zero
Coupon,
12/1/27 (10)
12,290
11,613
Chicago
Board
of
Ed.,
School
Reform,
Series B-1,
GO,
Zero
Coupon,
12/1/29 (4)(11)
11,245
10,031
Chicago
O'Hare
Int'l.
Airport,
Senior
Lien,
Series A,
5.50%,
1/1/59 (6)
4,275
4,464
Illinois,
Series A,
GO,
5.50%,
3/1/42
3,340
3,649
Illinois,
Series A,
GO,
5.50%,
3/1/47
5,040
5,329
Illinois,
Series B,
GO,
5.00%,
12/1/33
2,715
3,030
Illinois,
Series B,
GO,
5.50%,
5/1/47
1,890
1,993
Illinois,
Series C,
GO,
5.00%,
11/1/29
5,000
5,205
Illinois
DFA,
Citgo
Petroleum,
8.00%,
6/1/32 (6)
1,385
1,387
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.125%,
5/15/38
8,705
8,574
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.25%,
5/15/42
1,585
1,515
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.25%,
5/15/54
6,735
5,667
Illinois
Fin.
Auth.,
Depaul
College
Prep
Foundation,
5.25%,
8/1/38 (5)
1,000
1,085
Illinois
Fin.
Auth.,
Depaul
College
Prep
Foundation,
5.50%,
8/1/43 (5)
1,000
1,071
Illinois
Fin.
Auth.,
Depaul
College
Prep
Foundation,
5.625%,
8/1/53 (5)
1,195
1,231
Illinois
Fin.
Auth.,
Franciscan
Communities,
Series A,
5.00%,
5/15/37
3,050
3,083
Illinois
Fin.
Auth.,
Franciscan
Communities,
Series A,
5.00%,
5/15/47
1,230
1,216
Illinois
Fin.
Auth.,
Music
&
Dance
Theater
Chicago,
5.75%,
10/1/45 (5)
2,935
2,960
Illinois
Fin.
Auth.,
OSF
Healthcare
System,
Series C,
VRDN,
1.80%,
11/15/37
315
315
Illinois
Fin.
Auth.,
Villa
Saint
Benedict,
6.125%,
11/15/35
2,030
2,032
Illinois
Fin.
Auth.,
Villa
Saint
Benedict,
6.375%,
11/15/43
3,165
3,167
Illinois
HDA,
Series A,
4.875%,
4/1/50
4,305
4,355
Illinois
HDA,
Series A,
4.90%,
4/1/51
4,000
4,028
Illinois
HDA,
Series G,
6.25%,
10/1/52
935
1,005
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
12/15/33 (10)
46,130
36,222
Regional
Transportation
Auth.,
Series A,
6.00%,
7/1/33 (10)
5,935
6,955
Schaumburg
Cook
&
DuPage
Counties,
North
Schaumburg
Redev.
Area
Project,
6.125%,
12/30/38 (5)
1,950
1,985
Upper
Illinois
River
Valley
Dev.
Auth.,
Cambridge
Lakes
Learning
Center,
Series A,
5.00%,
12/1/32 (5)
2,435
2,455
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
Upper
Illinois
River
Valley
Dev.
Auth.,
Cambridge
Lakes
Learning
Center,
Series A,
5.25%,
12/1/47 (5)
6,420
5,977
143,400
INDIANA
1.8%
East
Chicago,
USG
Project,
5.50%,
9/1/28 (6)
1,405
1,392
Indiana
Fin.
Auth.,
Depauw
University
Project,
Series A,
5.50%,
7/1/52
8,655
8,819
Indiana
Fin.
Auth.,
Margaret
Mary
Health
Project,
Series A,
5.75%,
3/1/54
6,845
7,121
Indiana
Fin.
Auth.,
Methodist
Hosp.,
Series A,
5.50%,
9/15/39
400
437
Indiana
Fin.
Auth.,
Methodist
Hosp.,
Series A,
5.50%,
9/15/44
2,500
2,585
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series A,
4.25%,
11/1/30
5,160
5,388
Indiana
Fin.
Auth.,
Student
Housing
Project,
Series A,
5.00%,
6/1/53
3,350
3,357
Indiana
Fin.
Auth.,
Student
Housing
Project,
Series A,
5.125%,
6/1/58
1,650
1,651
Indiana
Fin.
Auth.,
Student
Housing
Project,
Series A,
5.25%,
7/1/64
3,250
3,284
Indiana
Fin.
Auth.,
U.S.
Steel,
Series A,
4.125%,
12/1/26
10,935
10,979
Indianapolis
Airport
Auth.,
United
Airlines,
Series A,
6.50%,
11/15/31 (1)(6)(8)
9,846
1
Indianapolis
Local
Public
Improvement
Bond
Bank,
Convention
Center
Hotel,
Series E,
6.00%,
3/1/53
7,490
7,844
Town
of
Whitestown,
Bridle
Oaks/Mills
on
Main
Infra.
Projects,
6.00%,
9/1/50 (5)
2,285
2,295
Valparaiso,
Pratt
Paper,
4.50%,
1/1/34 (5)(6)
1,285
1,341
Valparaiso,
Pratt
Paper,
5.00%,
1/1/54 (5)(6)
7,265
7,206
63,700
IOWA
0.1%
Iowa
Fin.
Auth.,
Presbyterian
Homes
Mill
Pond
Project,
5.50%,
10/1/45
250
257
Iowa
Fin.
Auth.,
Presbyterian
Homes
Mill
Pond
Project,
5.75%,
10/1/55
1,250
1,281
Iowa
Fin.
Auth.,
Presbyterian
Homes
Mill
Pond
Project,
5.875%,
10/1/65
1,350
1,380
2,918
KANSAS
0.1%
Lenexa,
Lakeview
Village,
Series A,
5.00%,
5/15/30
1,010
1,032
Lenexa,
Lakeview
Village,
Series A,
5.00%,
5/15/32
910
929
Lenexa,
Lakeview
Village,
Series A,
5.00%,
5/15/39
930
941
2,902
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
KENTUCKY
1.8%
Henderson,
Pratt
Paper,
Series A,
4.70%,
1/1/52 (5)(6)
1,500
1,432
Henderson,
Pratt
Paper,
Series B,
4.45%,
1/1/42 (5)(6)
1,945
1,966
Kentucky
Economic
DFA,
Baptist
Life
Communities,
6.25%,
11/15/46
2,770
1,986
Kentucky
Economic
DFA,
Baptist
Life
Communities,
6.375%,
11/15/51
4,635
3,253
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/46
5,625
4,786
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/51
2,905
2,343
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.375%,
11/15/42
3,560
3,202
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.50%,
11/15/45
1,320
1,145
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/37
3,555
3,588
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/41
4,040
4,068
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/45
6,415
6,432
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/41
6,035
6,112
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/50
11,165
11,165
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28)
6,085
6,233
Louisville
&
Jefferson
County
Metropolitan
Gov't.,
Norton
Healthcare,
VRDN,
1.95%,
10/1/53
5,560
5,560
63,271
LOUISIANA
0.9%
Jefferson
Parish
Economic
Dev.
&
Port
Dist.,
Kenner
Discovery
Health
Sciences,
Series A,
5.50%,
6/15/38 (5)
1,900
1,922
Jefferson
Parish
Economic
Dev.
&
Port
Dist.,
Kenner
Discovery
Health
Sciences,
Series A,
5.625%,
6/15/48 (5)
2,220
2,198
Louisiana
Public
Fac.
Auth.,
Acadiana
Renaissance
Charter
Academy
Project,
6.15%,
6/15/55 (5)
5,500
5,645
Louisiana
Public
Fac.
Auth.,
I-10
Calcasieu
River
Bridge,
5.75%,
9/1/64 (6)
3,800
3,954
Louisiana
Public
Fac.
Auth.,
Waste
Pro
USA
Project,
VRDN,
6.75%,
10/1/53
(Tender
10/1/28) (5)(6)
3,500
3,715
Saint
James
Parish,
Nustar
Logistics,
VRDN,
6.10%,
6/1/38
(Tender
6/1/30) (5)
4,190
4,668
Saint
James
Parish,
Nustar
Logistics,
Series 2,
6.35%,
7/1/40 (5)
4,235
4,683
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
Saint
James
Parish,
Nustar
Logistics,
Series B,
VRDN,
6.10%,
12/1/40
(Tender
6/1/30) (5)
5,485
6,115
32,900
MARYLAND
4.4%
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/42
2,260
2,273
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/46
17,045
16,951
Frederick
County,
Mount
Saint
Mary's
Univ.,
Series A,
5.00%,
9/1/45 (5)
4,325
3,908
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/33
4,410
4,503
Maryland
DOT,
Series A,
5.25%,
8/1/54 (4)(6)
6,500
6,802
Maryland
Economic
Dev.,
Baltimore
City
Project,
Series A,
5.00%,
6/1/58
4,040
4,063
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/29 (5)
1,900
1,902
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/33 (5)
2,010
2,012
Maryland
Economic
Dev.,
Port
Covington
Project,
3.25%,
9/1/30
670
659
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/40
1,740
1,677
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/50
3,400
2,877
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/47 (6)
2,100
2,131
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/55 (6)
13,765
13,786
Maryland
Economic
Dev.,
Senior-Annapolis
Mobility,
5.25%,
6/30/53
4,635
4,746
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/27
790
808
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/28
1,190
1,247
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/30
790
828
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/32
815
851
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/35
2,050
2,129
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/36
5,430
5,531
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/46
16,365
16,510
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/32
475
478
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
23
Par/Shares
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/33
1,205
1,214
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/36
1,190
1,197
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/46
2,575
2,352
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/51
4,305
3,772
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/55
2,665
2,286
Montgomery
County
Housing
Opportunities
Commission,
Series A,
4.90%,
7/1/55
1,295
1,306
Montgomery
County,
Friends
House
Retirement
Community,
Series A,
5.00%,
7/1/39
405
391
Montgomery
County,
Friends
House
Retirement
Community,
Series A,
5.375%,
7/1/48
5,145
4,655
Prince
George's
County
Auth.,
Suitland-Naylor
Road,
4.75%,
7/1/36 (5)
1,350
1,351
Prince
George's
County
Auth.,
Suitland-Naylor
Road,
5.00%,
7/1/46 (5)
1,980
1,980
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/31
1,190
1,215
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/37
1,595
1,615
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/35
790
803
Rockville,
Ingelside
at
King
Farm,
Series B,
4.25%,
11/1/37
315
315
Rockville,
Ingelside
at
King
Farm,
Series B,
4.50%,
11/1/43
1,560
1,483
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/42
2,695
2,706
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/47
5,250
4,947
Rockville,
Ingleside
at
King
Farm,
5.00%,
11/1/29
395
403
Rockville,
Ingleside
at
King
Farm,
5.00%,
11/1/32
395
403
Town
of
Chestertown,
Washington
College,
6.50%,
3/1/50
2,000
2,037
Town
of
Chestertown,
Washington
College,
6.50%,
3/1/55
2,000
2,023
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/26
1,370
1,372
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/27
1,430
1,444
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/30
1,605
1,660
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/31
880
914
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36
2,225
2,270
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/42
6,330
6,291
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
24
Par/Shares
$
Value
(Amounts
in
000s)
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
6.25%,
7/1/44
2,885
2,886
151,963
MASSACHUSETTS
1.0%
Massachusetts
Dev.
Fin.
Agency,
Beth
Israel
Lahey
Health
Issue,
Series N,
5.50%,
7/1/50 (4)
5,150
5,616
Massachusetts
Dev.
Fin.
Agency,
Mass
General
Brigham
Issue,
Series G,
VRDN,
1.50%,
7/1/61
12,500
12,500
Massachusetts
Dev.
Fin.
Agency,
Merrimack
College
Student
Housing
Project,
Series A,
5.00%,
7/1/54 (5)
2,200
2,160
Massachusetts
Dev.
Fin.
Agency,
Merrimack
College
Student
Housing
Project,
Series A,
5.00%,
7/1/60 (5)
1,100
1,066
Massachusetts
Dev.
Fin.
Agency,
NewBridge
on
the
Charles,
5.00%,
10/1/57 (5)
7,710
7,537
Massachusetts
Dev.
Fin.
Agency,
Salem
Community,
5.25%,
1/1/50
2,120
2,012
Massachusetts
Ed.
Fin.
Auth.,
Series B,
4.25%,
7/1/46 (6)
2,755
2,524
33,415
MICHIGAN
1.0%
Calhoun
County
Hosp.
Fin.
Auth.,
Oaklawn
Hosp.,
5.00%,
2/15/37
790
796
Calhoun
County
Hosp.
Fin.
Auth.,
Oaklawn
Hosp.,
5.00%,
2/15/41
4,510
4,517
Calhoun
County
Hosp.
Fin.
Auth.,
Oaklawn
Hosp.,
5.00%,
2/15/47
12,580
11,939
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate,
5.00%,
11/1/32
1,665
1,687
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate,
5.00%,
11/1/37
945
950
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate,
5.00%,
11/1/47
2,195
1,976
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate,
5.00%,
11/1/52
940
815
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate
Project,
5.75%,
11/1/45
1,200
1,223
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate
Project,
6.00%,
11/1/50
2,600
2,620
Ivywood
Classical
Academy,
Public
School,
6.00%,
1/1/54
3,890
3,809
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
Series A,
4.00%,
11/15/50
1,875
1,657
Michigan
Tobacco
Settlement
Fin.
Auth.,
Series B,
Zero
Coupon,
6/1/52
20,180
2,575
34,564
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
25
Par/Shares
$
Value
(Amounts
in
000s)
MINNESOTA
0.5%
Deephaven,
Seven
Hills
Preparatory
Academy,
Series A,
6.125%,
6/15/61 (5)
4,500
4,212
Eagan,
Great
Oaks
Academy,
Series A,
6.25%,
2/1/45 (5)
400
408
Eagan,
Great
Oaks
Academy,
Series A,
6.375%,
2/1/55 (5)
700
694
Eagan,
Great
Oaks
Academy,
Series A,
6.50%,
2/1/65 (5)
1,250
1,246
Housing
&
Redev.
Auth.
of
The
City
of
St.
Paul
Minnesota,
Nova
Classical
Academy
Project,
5.50%,
9/1/55
425
424
Housing
&
Redev.
Auth.
of
The
City
of
St.
Paul
Minnesota,
Nova
Classical
Academy
Project,
5.625%,
9/1/65
700
701
Shakopee
Senior
Housing
Revenue,
Benedictine
Senior
Living
Obligated
Group
-
Windermere
Way
Project,
5.625%,
11/1/45
700
719
Shakopee
Senior
Housing
Revenue,
Benedictine
Senior
Living
Obligated
Group
-
Windermere
Way
Project,
5.875%,
11/1/65
1,500
1,523
Woodbury,
Leadership
Academy
Project,
Series A,
6.00%,
7/1/65
4,000
4,021
Woodbury,
Math
&
Science
Academy,
5.50%,
6/1/55 (5)
1,210
1,160
Woodbury,
Math
&
Science
Academy,
5.50%,
6/1/63 (5)
1,605
1,514
Woodbury,
Woodbury
Leadership
Project,
4.00%,
7/1/41
670
592
Woodbury,
Woodbury
Leadership
Project,
4.00%,
7/1/51
520
394
Woodbury,
Woodbury
Leadership
Project,
4.00%,
7/1/56
455
331
17,939
MISSISSIPPI
0.2%
Mississippi
Business
Fin.,
Chevron
U.S.A.
Project,
Series B,
VRDN,
2.07%,
12/1/30
5,700
5,700
5,700
MISSOURI
1.7%
HEFA
of
Missouri,
Mercy
Health,
5.50%,
12/1/48
2,980
3,204
Kansas
City
IDA,
Series A-1,
5.00%,
6/1/46 (5)
1,675
1,694
Kansas
City
IDA,
Series A-1,
5.00%,
6/1/54 (5)
1,250
1,225
Kirkwood
IDA,
Aberdeen
Heights,
5.25%,
5/15/37
1,585
1,596
Kirkwood
IDA,
Aberdeen
Heights,
5.25%,
5/15/42
1,345
1,347
Missouri
HEFA,
SSM
Health
Care,
Series F,
VRDN,
1.90%,
6/1/44
1,150
1,150
Saint
Louis
County
IDA,
Friendship
Village,
5.00%,
9/1/48
1,185
1,185
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.00%,
9/1/38
3,760
3,857
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.125%,
9/1/48
12,270
12,305
Saint
Louis
County
IDA,
Nazareth
Living
Center,
Series A,
5.00%,
8/15/30
790
790
Saint
Louis
County
IDA,
Nazareth
Living
Center,
Series A,
5.00%,
8/15/35
555
555
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
26
Par/Shares
$
Value
(Amounts
in
000s)
Saint
Louis
County
IDA,
Nazareth
Living
Center,
Series A,
5.125%,
8/15/45
1,345
1,230
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
5.00%,
12/1/35
1,585
1,586
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
Series A,
5.125%,
12/1/45
3,280
3,280
Saint
Louis
IDA,
Ballpark
Village,
Series A,
3.875%,
11/15/29
475
460
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.375%,
11/15/35
2,170
2,043
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.75%,
11/15/47
2,600
2,291
Saint
Louis
Land
Clearance
for
Redev.
Auth.,
National
Geospatial
Intelligence
Agency,
5.125%,
6/1/46
3,610
3,605
Saint
Louis
Land
Clearance
for
Redev.
Auth.,
National
Geospatial
Intelligence
Agency,
5.375%,
6/1/43
11,595
11,645
Taney
County
IDA,
6.00%,
10/1/49 (5)
3,500
3,515
58,563
MONTANA
0.3%
Kalispell,
Immanuel
Lutheran,
Series A,
5.25%,
5/15/37
545
550
Kalispell,
Immanuel
Lutheran,
Series A,
5.25%,
5/15/47
5,740
5,489
Kalispell,
Immanuel
Lutheran,
Series A,
5.25%,
5/15/52
5,975
5,530
11,569
NEBRASKA
0.0%
Central
Plains
Energy
Project,
Series 1,
VRDN,
5.00%,
5/1/53
(Tender
10/1/29)
1,145
1,218
1,218
NEVADA
0.5%
Las
Vegas
Redev.
Agency,
5.00%,
6/15/30
325
327
Las
Vegas
Redev.
Agency,
5.00%,
6/15/40
3,585
3,592
Las
Vegas
Redev.
Agency,
5.00%,
6/15/45
6,290
6,292
Las
Vegas
Special
Improvement
Dist.
No.
818,
5.00%,
12/1/44
935
959
Las
Vegas
Special
Improvement
Dist.
No.
818,
5.00%,
12/1/49
1,115
1,116
Las
Vegas
Special
Improvement
Dist.
No.
818,
5.00%,
12/1/54
1,200
1,180
Reno,
Retrac-Reno
Transportation,
Series C,
Zero
Coupon,
7/1/58 (5)
8,500
1,349
Reno-Tahoe
Airport
Auth.,
Int'l.
Airport,
Series A,
5.25%,
7/1/54 (6)
4,175
4,309
19,124
NEW
HAMPSHIRE
1.0%
National
Finance
Auth.
Affordable
Housing
Certificates,
Series 2024-1,
Class
A,
4.15%,
10/20/40
(Tender
10/1/34)
2,486
2,536
New
Hampshire
Business
Fin.
Auth.,
Zero
Coupon,
12/1/34 (5)
21,875
12,147
New
Hampshire
Business
Fin.
Auth.,
Series 2025-1,
Class
A-2,
VR,
4.167%,
1/20/41
1,612
1,607
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
27
Par/Shares
$
Value
(Amounts
in
000s)
New
Hampshire
Business
Fin.
Auth.,
Series B,
VRDN,
3.75%,
7/1/45
(Tender
7/2/40) (5)(6)
3,245
2,710
New
Hampshire
Business
Fin.
Auth.,
Social
Certificates,
Series 2024-4,
Class
B,
VR,
3.924%,
7/20/40
2,575
2,448
New
Hampshire
Business
Fin.
Auth.,
Social
Certificates,
Series 2024-4,
Class
B,
VR,
4.182%,
5/20/42
1,550
1,441
New
Hampshire
Business
Fin.
Auth.,
The
Wildflower
Project,
Zero
Coupon,
12/15/33 (5)
2,926
1,800
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.25%,
7/1/39 (5)
1,245
1,262
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.625%,
7/1/46 (5)
690
695
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.75%,
7/1/54 (5)
2,725
2,733
New
Hampshire
HEFA,
Kendel
at
Hanover,
5.00%,
10/1/36
630
635
New
Hampshire
HEFA,
Kendel
at
Hanover,
5.00%,
10/1/40
595
599
New
Hampshire
HEFA,
Kendel
at
Hanover,
5.00%,
10/1/46
4,835
4,845
35,458
NEW
JERSEY
1.5%
Essex
County
Improvement
Auth.,
The
Friends
of
Team
Charter
Schools,
4.00%,
6/15/46
1,555
1,429
Essex
County
Improvement
Auth.,
The
Friends
of
Team
Charter
Schools,
4.00%,
6/15/56
1,760
1,508
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/49 (5)
1,000
970
New
Jersey
Economic
Dev.
Auth.,
Continental
Airlines,
Series B,
5.625%,
11/15/30 (6)
2,125
2,133
New
Jersey
Economic
Dev.
Auth.,
Lions
Gate
Project,
5.25%,
1/1/44
3,880
3,841
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/30
1,300
1,302
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/48
9,565
9,505
New
Jersey
Economic
Dev.
Auth.,
Repauno
Port
&
Rail
Terminal
Project,
6.375%,
1/1/35 (5)(6)
5,400
5,691
New
Jersey
Economic
Dev.
Auth.,
Repauno
Port
&
Rail
Terminal
Project,
6.625%,
1/1/45 (5)(6)
2,000
2,099
New
Jersey
Economic
Dev.
Auth.,
Transit
Transportation
Project,
4.00%,
11/1/44
6,445
6,372
New
Jersey
Economic
Dev.
Auth.,
UMM
Energy
Partners,
Series A,
5.00%,
6/15/37 (6)
990
990
New
Jersey
Economic
Dev.
Auth.,
UMM
Energy
Partners,
Series A,
5.125%,
6/15/43 (6)
1,385
1,385
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.25%,
6/15/41
650
729
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
28
Par/Shares
$
Value
(Amounts
in
000s)
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.25%,
6/15/42
1,000
1,113
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
4.25%,
6/15/44
2,000
2,033
New
Jersey
Transportation
Trust
Fund
Auth.,
Unrefunded
Balance,
5.25%,
6/15/46
1,275
1,364
Tobacco
Settlement
Fin.,
Series B,
5.00%,
6/1/46
7,715
7,633
Township
of
Franklin
NJ,
GO,
2.00%,
3/15/37
1,280
1,123
51,220
NEW
YORK
3.4%
Build
New
York
City
Resource,
Friends
of
Hellenic
Classical,
Series A,
5.00%,
12/1/41 (5)
1,135
1,136
Build
New
York
City
Resource,
Friends
of
Hellenic
Classical,
Series A,
5.00%,
12/1/51 (5)
2,680
2,450
Build
New
York
City
Resource,
Friends
of
Hellenic
Classical,
Series A,
5.00%,
12/1/55 (5)
830
743
Build
New
York
City
Resource,
Inwood
Academy
Leadership
Charter
School,
Series A,
5.50%,
5/1/48 (5)
460
455
Build
New
York
City
Resource,
Richmond
Preparatory
Charter
School
Project,
Series A,
5.00%,
6/1/36 (1)(5)
425
408
Build
New
York
City
Resource,
Richmond
Preparatory
Charter
School
Project,
Series A,
5.00%,
6/1/41 (1)(5)
550
505
Build
New
York
City
Resource,
Richmond
Preparatory
Charter
School
Project,
Series A,
5.00%,
6/1/51 (1)(5)
1,980
1,597
Build
New
York
City
Resource,
Shefa
School
Project,
Series A,
2.50%,
6/15/31 (5)
650
616
Build
New
York
City
Resource,
Shefa
School
Project,
Series A,
5.00%,
6/15/51 (5)
13,110
12,369
Empire
State
Dev.,
Personal
Income
Tax,
3.00%,
3/15/48
5,000
3,822
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series A,
5.00%,
1/1/56
5,620
4,627
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series B,
Zero
Coupon,
1/1/45
20,695
6,398
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series C,
5.625%,
1/1/55
8,610
7,871
Nassau
County
IDA,
EC,
5.00%,
1/1/58 (2)
13,414
-
New
York
City
Housing
Dev.,
8
Spruce
Street,
Series 2024,
Class
F,
5.25%,
12/15/43
(Prerefunded
12/15/31) (12)
2,550
2,653
New
York
City
Ind.
Dev.
Agency,
Queens
Baseball
Stadium
Project,
Series A,
3.00%,
1/1/46 (4)
5,250
4,177
New
York
City
Municipal
Water
Fin.
Auth.,
Water
&
Sewer
System,
Series BB1,
3.00%,
6/15/50
5,000
3,770
New
York
City
Transitional
Fin.
Auth.,
Future
Tax
Secured
Subordinate
Bonds,
Series E-3,
VRDN,
1.90%,
2/1/45
2,100
2,100
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
29
Par/Shares
$
Value
(Amounts
in
000s)
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/30 (5)
1,000
1,004
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/31 (5)
800
802
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/34 (5)
800
800
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/36 (5)
1,400
1,376
New
York
Transportation
Dev.,
American
Airlines,
5.00%,
8/1/31 (6)
12,445
12,464
New
York
Transportation
Dev.,
Delta
Airlines,
LaGuardia
Airport,
5.00%,
10/1/40 (6)
3,005
3,110
New
York
Transportation
Dev.,
JFK
Airport
Terminal
6
Redev.
Project,
Series A,
5.25%,
12/31/54 (4)(6)
5,920
6,076
New
York
Transportation
Dev.,
JFK
Airport
Terminal
6
Redev.
Project,
Series B,
STEP,
0.00%,
12/31/54 (4)(6)
2,540
1,712
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.25%,
8/1/31 (6)
1,420
1,486
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.375%,
8/1/36 (6)
2,535
2,672
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
6.00%,
6/30/54 (6)
6,750
7,082
New
York
Transportation
Dev.,
JFK
Int'l.
Airport
New
Terminal
One
Project,
5.50%,
6/30/54 (6)
9,905
10,127
New
York
Transportation
Dev.,
JFK
Int'l.
Airport
New
Terminal
One
Project,
6.00%,
6/30/55 (6)
2,450
2,615
New
York
Transportation
Dev.,
JFK
Int'l.
Airport
New
Terminal
One
Project,
6.00%,
6/30/59 (6)
9,325
9,944
Westchester
County
Local
Dev.,
Sunrise
of
Tarrytown
Project,
Series A,
5.25%,
12/1/40 (5)(13)
500
514
Westchester
County
Local
Dev.,
Sunrise
of
Tarrytown
Project,
Series A,
6.00%,
12/1/45 (5)(13)
250
258
Westchester
County
Local
Dev.,
Sunrise
of
Tarrytown
Project,
Series A,
6.375%,
12/1/55 (5)(13)
640
658
Westchester
County
Local
Dev.,
Sunrise
of
Tarrytown
Project,
Series A,
6.50%,
12/1/65 (5)(13)
1,200
1,236
119,633
NORTH
CAROLINA
1.5%
Charlotte-Mecklenburg
Hosp.
Auth.,
Carolinas
Healthcare
System,
Series C,
VRDN,
1.90%,
1/15/37
1,220
1,220
Forsyth
County,
Series B,
GO,
2.00%,
3/1/39
4,585
3,805
Greater
Asheville
Regional
Airport
Auth.,
Series A,
5.50%,
7/1/47 (4)(6)
9,515
10,045
North
Carolina
Housing
Fin.
Agency,
5.00%,
7/1/47
1,575
1,636
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
30
Par/Shares
$
Value
(Amounts
in
000s)
North
Carolina
Housing
Fin.
Agency,
1998
Trust
Agreement,
Series 59-B,
VRDN,
1.95%,
1/1/57
500
500
North
Carolina
Medical
Care
Commission,
Series A,
5.50%,
9/1/54
1,325
1,333
North
Carolina
Medical
Care
Commission,
Series B,
5.00%,
9/1/49
600
610
North
Carolina
Medical
Care
Commission,
Series B,
5.00%,
9/1/54
1,340
1,352
North
Carolina
Medical
Care
Commission,
Series C,
4.00%,
3/1/36
1,835
1,873
North
Carolina
Medical
Care
Commission,
Series C,
4.00%,
3/1/42
3,870
3,778
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
4.70%,
7/1/37
2,205
2,135
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
4.875%,
7/1/40
4,245
4,038
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
5.00%,
7/1/45
3,525
3,285
North
Carolina
Medical
Care
Commission,
Aldersgate
United
Methodist,
Series A,
5.00%,
7/1/47
925
839
North
Carolina
Medical
Care
Commission,
Everyage,
Series A,
4.00%,
9/1/41
865
861
North
Carolina
Medical
Care
Commission,
Everyage,
Series A,
4.00%,
9/1/47
770
696
North
Carolina
Medical
Care
Commission,
Everyage,
Series A,
4.00%,
9/1/51
765
668
North
Carolina
Medical
Care
Commission,
Lutheran
Services,
4.00%,
3/1/51
3,980
3,368
North
Carolina
Medical
Care
Commission,
Salemtowne,
5.25%,
10/1/37
730
730
North
Carolina
Medical
Care
Commission,
Salemtowne,
5.375%,
10/1/45
9,295
9,294
North
Carolina
Medical
Care
Commission,
Southminster,
5.00%,
10/1/37
1,225
1,232
53,298
OHIO
4.6%
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series B-2,
Class
2,
5.00%,
6/1/55
71,485
59,026
Cleveland-Cuyahoga
County
Port
Auth.,
Playhouse
Square
Foundation,
5.50%,
12/1/43
1,345
1,373
Cleveland-Cuyahoga
County
Port
Auth.,
Playhouse
Square
Foundation,
5.50%,
12/1/53
11,205
11,245
Columbus-Franklin
County
Fin.
Auth.,
Silver
Birch
of
Columbus
Project,
Series A,
6.05%,
1/1/46 (5)
1,675
1,713
Cuyahoga
County,
MetroHealth
System,
5.00%,
2/15/42
3,560
3,572
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
31
Par/Shares
$
Value
(Amounts
in
000s)
Cuyahoga
County,
MetroHealth
System,
5.00%,
2/15/57
2,375
2,165
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/52
3,790
3,752
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/57
12,900
12,704
Dayton-Montgomery
County
Port
Auth.,
Liberty
Assisted
Living
-
Springfield
Project,
Series A,
6.625%,
1/1/45 (5)
3,050
3,254
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center
Hotel
Expansion
Project,
5.00%,
12/1/44
4,635
4,721
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center
Hotel
Expansion
Project,
5.00%,
12/1/51
5,955
5,890
Marion
County,
United
Church
Homes,
5.00%,
12/1/39
1,310
1,146
Marion
County,
United
Church
Homes,
5.125%,
12/1/49
1,445
1,118
Muskingum
County,
Genesis
Healthcare,
5.00%,
2/15/44
3,955
3,956
Norwood,
Rookwood
Exchange
Project,
5.00%,
12/1/41
1,000
1,045
Ohio,
Series A,
4.00%,
1/15/38
845
858
Ohio,
Series A,
4.00%,
1/15/39
1,585
1,604
Ohio
Air
Quality
Dev.
Auth.,
Vanadium
Project,
5.00%,
7/1/49 (5)(6)
16,000
14,902
Ohio
Higher
Ed.
Fac.
Commission,
Cleveland
Clinic
Health
System,
Series B-4,
VRDN,
1.95%,
1/1/43
2,185
2,185
Ohio
Housing
Fin.
Agency,
Green
Oaks
of
Canal
Winchester
Project,
Series A,
6.30%,
1/1/45
2,830
2,933
Ohio
Housing
Fin.
Agency,
Green
Oaks
of
Holland
Project,
Series A,
6.30%,
1/1/45
3,225
3,343
Ohio
Housing
Fin.
Agency,
Haven's
Edge
Apartments
Project,
Series A,
5.70%,
8/1/43 (5)
1,800
1,913
Ohio
Housing
Fin.
Agency,
Sanctuary
at
Springboro,
5.45%,
1/1/38 (5)
4,000
4,015
Ohio
Housing
Fin.
Agency,
Silver
Birch
of
Canton
Project,
Series A,
6.25%,
1/1/45 (5)
1,365
1,435
Ohio
Housing
Fin.
Agency,
Silver
Birch
of
Cuyahoga
Falls
Project,
Series A,
6.25%,
1/1/45 (5)
4,340
4,562
Summit
County
DFA,
Akron
Parking
Project,
5.625%,
12/1/48
2,350
2,481
Summit
County
DFA,
Akron
Parking
Project,
6.00%,
12/1/58
1,650
1,763
158,674
OKLAHOMA
1.1%
Norman
Regional
Hosp.
Auth.,
4.00%,
9/1/45
6,565
4,510
Oklahoma
County
Fin.
Auth.,
Astec
Project,
6.25%,
6/15/54 (5)
1,825
1,798
Oklahoma
County
Fin.
Auth.,
Astec
Project,
6.50%,
6/15/64 (5)
1,400
1,405
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
Series B,
5.875%,
12/1/47
6,094
3,314
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
Series C,
2.00%,
12/1/47
1,254
65
Oklahoma
DFA,
OU
Medicine,
Series B,
5.25%,
8/15/48
4,455
4,458
Oklahoma
DFA,
OU
Medicine,
Series B,
5.50%,
8/15/57
9,005
9,020
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
32
Par/Shares
$
Value
(Amounts
in
000s)
Oklahoma
Turnpike
Auth.,
Senior,
4.50%,
1/1/53
2,525
2,499
Oklahoma
Turnpike
Auth.,
Senior,
5.50%,
1/1/53
10,050
10,748
37,817
OREGON
0.1%
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/32
395
403
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/37
395
401
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/47
1,110
1,084
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/52
1,190
1,123
Oregon
State
Fac.
Auth.,
Legacy
Health
Project,
Series A,
5.00%,
6/1/52
1,850
1,880
4,891
PENNSYLVANIA
4.9%
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/28
245
255
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/30
265
286
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.25%,
5/1/42 (5)
5,830
6,065
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.00%,
5/1/32 (5)
2,750
2,805
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.00%,
5/1/42 (5)
4,975
5,033
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.375%,
5/1/42 (5)
7,540
7,644
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
Series 2017,
5.00%,
5/1/42 (5)
7,125
7,171
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
Series 2024,
5.00%,
5/1/42 (5)
2,500
2,612
Berks
County
Municipal
Auth.,
Tower
Health
Project,
Series A-3,
5.00%,
6/30/39
5,250
5,019
Berks
County
Municipal
Auth.,
Tower
Health
Project,
Series B-1,
STEP,
6/30/44
18,301
13,557
Butler
County
Hosp.
Auth.,
5.00%,
7/1/35
6,645
6,649
Butler
County
Hosp.
Auth.,
5.00%,
7/1/39
3,760
3,761
Chester
County
IDA,
Collegium
Charter
School
Project,
6.00%,
10/15/52 (5)
2,425
2,425
Chester
County
IDA,
Collegium
Charter
School
Project,
Series A,
5.25%,
10/15/47
1,550
1,427
Chester
County
IDA,
Colleguim
Charter
School
Project,
Series A,
5.125%,
10/15/37
1,470
1,471
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
33
Par/Shares
$
Value
(Amounts
in
000s)
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/36 (5)
3,140
3,178
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/40 (5)
3,790
3,775
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/41 (5)
3,330
3,270
Doylestown
Hosp.
Auth.,
5.375%,
7/1/39 (5)
2,075
2,304
Franklin
County
IDA,
Menno-Haven,
5.00%,
12/1/43
950
947
Franklin
County
IDA,
Menno-Haven,
5.00%,
12/1/48
1,025
954
Franklin
County
IDA,
Menno-Haven,
5.00%,
12/1/53
1,110
990
Lancaster
County
Hosp.
Auth.,
Brethren
Village,
5.25%,
7/1/35
200
200
Lancaster
County
Hosp.
Auth.,
Brethren
Village,
5.50%,
7/1/45
790
790
Montgomery
County
Higher
Ed.
&
Health
Auth.,
Thomas
Jefferson
Univ.,
5.00%,
9/1/43
3,995
4,094
Montgomery
County
IDA,
Hill
at
Whitemarsh,
5.25%,
1/1/40
2,770
2,772
Montgomery
County
IDA,
Hill
at
Whitemarsh,
5.375%,
1/1/50
5,335
5,335
Pennsylvania
Economic
DFA,
Core
Natural
Resources
Project,
VRDN,
5.45%,
1/1/51
(Tender
3/27/35) (5)(6)
6,755
7,408
Pennsylvania
Economic
DFA,
National
Gypsum,
5.50%,
11/1/44 (6)
6,905
6,910
Pennsylvania
Economic
DFA,
The
Penndot
Major
Bridges
Package
One
Project,
5.50%,
6/30/40 (6)
3,155
3,460
Pennsylvania
Economic
DFA,
The
Penndot
Major
Bridges
Package
One
Project,
5.50%,
6/30/41 (6)
1,840
2,009
Pennsylvania
Economic
DFA,
The
Penndot
Major
Bridges
Package
One
Project,
5.50%,
6/30/43 (6)
1,840
1,977
Pennsylvania
Economic
DFA,
The
Penndot
Major
Bridges
Package
One
Project,
5.75%,
6/30/48 (6)
10,865
11,491
Pennsylvania
Economic
DFA,
The
Penndot
Major
Bridges
Package
One
Project,
6.00%,
6/30/61 (6)
7,800
8,290
Pennsylvania
Economic
DFA,
The
PennDOT
Major
Bridges
Package
One
Project,
5.25%,
6/30/53 (6)
4,060
4,128
Pennsylvania
Higher
Ed.
Fac.
Auth.,
Indiana
Univ.
Student
Housing,
Series A,
FRN,
67%
of
(3M
TSFR
+
0.2616%)
+
0.65%,
3.278%,
7/1/39 (4)
6,650
6,353
Pennsylvania
Turnpike
Commission,
Series A,
4.00%,
12/1/49 (4)
10,000
9,474
Pennsylvania
Turnpike
Commission,
Series B,
5.25%,
12/1/52
4,565
4,817
Philadelphia
Higher
Ed.
Fac.
Auth.,
Temple
Univ.
Health
System,
5.00%,
7/1/28
3,955
4,040
Philadelphia
Higher
Ed.
Fac.
Auth.,
Temple
Univ.
Health
System,
5.00%,
7/1/30
790
806
Philadelphia
IDA,
Wesley
Enhanced
Living,
5.00%,
7/1/37
2,485
2,500
Philadelphia
IDA,
Wesley
Enhanced
Living,
5.00%,
7/1/42
1,680
1,682
170,134
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
34
Par/Shares
$
Value
(Amounts
in
000s)
PUERTO
RICO
9.9%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (14)
24,666
16,835
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (14)
24,943
17,273
Puerto
Rico
Commonwealth,
GO,
VR,
0.00%,
11/1/51 (14)
32,398
20,006
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series 2021A,
5.00%,
7/1/37 (5)
1,105
1,153
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/28 (5)
2,740
2,842
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/29 (5)
2,865
3,015
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/30 (5)
10,000
10,662
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35 (5)
9,495
9,918
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/37 (5)
6,765
7,109
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/47 (5)
10,000
10,018
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
4.00%,
7/1/47 (5)
9,115
8,213
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/37 (5)
8,520
8,892
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
coupon,
7/1/33
8,280
6,122
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
10,975
11,232
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
8,948
9,094
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
11,792
11,807
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41
15,967
15,476
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/46
4,450
4,012
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
4,406
4,509
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
3,166
3,517
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.00%,
7/1/29 (1)(8)
4,780
3,185
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (1)(8)
95
63
Puerto
Rico
Electric
Power
Auth.,
Series A,
6.75%,
7/1/36 (1)(8)
8,215
5,473
Puerto
Rico
Electric
Power
Auth.,
Series A,
7.25%,
7/1/30 (1)(8)
1,000
666
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/27 (1)
(8)
1,145
763
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
35
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/29 (1)
(8)
3,955
2,635
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/21 (1)(8)
1,605
1,071
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (1)(8)
135
90
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/26 (1)(8)
1,600
1,066
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (1)(8)
2,300
1,532
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (1)(8)
2,745
1,829
Puerto
Rico
Electric
Power
Auth.,
Series CR,
Zero
Coupon,
7/1/30 (5)
4,300
2,768
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (1)
(8)
470
314
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (1)
(8)
1,810
1,208
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (1)
(8)
610
407
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (1)
(8)
730
486
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (1)
(8)
95
63
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (1)
(8)
455
303
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (1)
(8)
390
260
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/38 (1)
(8)
3,955
2,635
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (1)
(8)
235
157
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/35 (1)
(8)
3,541
2,359
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (1)
(8)
790
526
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (1)
(8)
1,135
756
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (1)
(8)
110
73
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (1)
(8)
195
130
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/19 (1)
(8)
1,960
1,308
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (1)
(8)
155
103
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
36
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (1)
(8)
1,460
975
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (1)
(8)
420
280
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (1)
(8)
169
113
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/26 (1)
(8)
3,820
2,545
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.55%,
7/1/40
2,009
2,022
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
10,826
10,535
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58
37,307
36,540
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/29
5,000
4,505
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33
11,267
8,742
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46
166,265
59,505
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.536%,
7/1/53
2,365
2,215
Puerto
Rico
Sales
Tax
Fin.,
Restructured
Cofina,
Series A-2,
4.329%,
7/1/40
2,125
2,129
344,040
RHODE
ISLAND
0.3%
Central
Falls
Detention
Fac.,
7.25%,
7/15/35 (1)(8)
9,960
3,884
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/36
3,955
3,965
Tobacco
Settlement
Fin.,
Asset-Backed
Bonds,
Series A,
Zero
Coupon,
6/1/52
14,000
2,095
9,944
SOUTH
CAROLINA
0.9%
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/32
4,284
3,104
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/42
25,626
9,078
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
7/22/51
43,394
7,033
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
1/1/32
2,244
1,382
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
7/22/51
17,627
1,982
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
4,115
South
Carolina
Jobs-Economic
Dev.
Auth.,
Libertas
Woodruff
Project,
7.25%,
8/15/65 (5)
2,000
2,094
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
37
Par/Shares
$
Value
(Amounts
in
000s)
South
Carolina
Jobs-Economic
Dev.
Auth.,
Rolling
Green
Village
Project,
Series A,
5.75%,
12/1/60
2,900
2,915
31,769
SOUTH
DAKOTA
0.3%
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/28
1,135
1,139
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/30
1,215
1,219
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/32
1,080
1,084
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/42
1,585
1,553
South
Dakota
HEFA,
Avera
Health,
Series A,
4.25%,
7/1/49
5,300
5,211
10,206
TENNESSEE
0.8%
Chattanooga
Health
Ed.
&
Housing
Fac.
Board,
Student
Housing,
CDFI
Phase
1,
5.00%,
10/1/35
2,180
2,181
Kingsport
Tennessee
IDB,
Domtar
Project,
VRDN,
5.25%,
12/1/54
(Tender
11/15/29) (5)(6)
4,825
4,671
Knox
County
Health
Ed.
&
Housing
Fac.
Board,
Tennessee
Univ.
Project,
Series B-1,
5.125%,
7/1/59 (9)
2,600
2,657
Metropolitan
Gov't.
Nashville
&
Davidson
County
Health
&
Ed.
Fac.
Board,
5.25%,
5/1/53
3,850
3,983
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.50%,
7/1/52 (6)
2,680
2,818
Shelby
County
Health
&
Ed.
Fac.
Board,
Madrone
Memphis
Student
Housing
I,
Series A-1,
5.25%,
6/1/56 (5)
1,500
1,455
Shelby
County
Health
Ed.
&
Housing
Fac.
Board,
Village
at
Germantown,
5.00%,
12/1/34
395
395
Shelby
County
Health
Ed.
&
Housing
Fac.
Board,
Village
at
Germantown,
5.25%,
12/1/44
920
905
Shelby
County
Health
Ed.
&
Housing
Fac.
Board,
Village
at
Germantown,
5.25%,
12/1/49
2,650
2,419
Tennessee
Energy
Acquisition,
Series A,
5.25%,
9/1/26
5,195
5,255
26,739
TEXAS
6.0%
Anna,
Sherley
Farms
Public
Improvement,
5.35%,
9/15/46 (5)
(13)
1,000
1,002
Anna,
Sherley
Farms
Public
Improvement,
5.70%,
9/15/56 (5)
(13)
1,350
1,354
Arlington
Higher
Ed.
Fin.,
Basis
Texas
Charter
Schools,
4.875%,
6/15/59 (5)
1,320
1,203
Arlington
Higher
Ed.
Fin.,
Basis
Texas
Charter
Schools,
5.75%,
6/15/55 (5)
8,400
8,541
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/28
705
712
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/30
1,645
1,661
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
38
Par/Shares
$
Value
(Amounts
in
000s)
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/31
2,300
2,321
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/32
2,650
2,674
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/33
2,475
2,495
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/34
2,805
2,826
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/28
395
398
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/29
910
917
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/32
1,780
1,793
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/34
2,515
2,530
Austin
Texas
Airport
System
Revenue,
5.25%,
11/15/47 (6)
3,000
3,129
Brooks
Dev.
Auth.,
5.875%,
8/15/52 (5)
5,360
5,203
Brooks
Dev.
Auth.,
Senior
Lien,
Series A,
5.50%,
8/15/52 (5)
3,400
3,408
Celina,
Public
Improvement,
4.50%,
9/1/31 (5)
750
767
Celina,
Public
Improvement,
5.125%,
9/1/44 (5)
1,500
1,537
Celina,
Public
Improvement,
5.50%,
9/1/54 (5)
1,500
1,536
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series A,
5.25%,
2/15/49
3,300
3,465
Conroe
Local
Gov't.,
Convention
Center
Hotel,
3.50%,
10/1/31 (5)
230
211
Conroe
Local
Gov't.,
Convention
Center
Hotel,
5.00%,
10/1/50 (5)
1,375
1,118
Corpus
Christi,
6.125%,
9/15/44
1,000
1,020
Corpus
Christi,
6.50%,
9/15/54
1,500
1,510
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/47
7,750
8,163
Denton
County,
Green
Meadows
Public
Improvement
Dist.,
5.625%,
12/31/55 (5)
2,065
2,123
Denton
County,
Green
Meadows
Public
Improvement
Dist.,
5.875%,
12/31/45 (5)
982
1,018
Denton
County,
Green
Meadows
Public
Improvement
Dist.,
6.125%,
12/31/55 (5)
1,600
1,656
Fort
Bend
County
IDC,
NRG
Energy,
Series B,
4.75%,
11/1/42
3,955
3,956
Friendswood,
7.00%,
9/15/54
2,750
2,778
Harris
County
Cultural
Ed.
Fac.
Fin.,
Brazos
Presybyterian
Homes,
Series A,
5.00%,
1/1/43
415
415
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/38
1,350
1,355
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/39
1,000
1,000
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
39
Par/Shares
$
Value
(Amounts
in
000s)
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/40
845
841
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/41
845
822
Houston
Airport
System
Revenue,
United
Airlines,
Series B,
5.50%,
7/15/38 (6)
4,300
4,729
Houston
Airport
System
Revenue,
United
Airlines,
Series B,
5.50%,
7/15/39 (6)
4,100
4,492
Houston
Airport
System,
United
Airlines,
Series A,
4.00%,
7/1/41 (6)
1,620
1,532
Houston
Airport
System,
United
Airlines,
Series B-1,
4.00%,
7/15/41 (6)
3,955
3,739
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/28
1,110
1,111
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/30
1,335
1,336
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/40
2,305
2,305
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/45
5,275
5,082
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.25%,
12/1/35
1,645
1,646
Mission
Economic
Dev.,
Natgasoline,
Series B,
4.625%,
10/1/31 (5)(6)
7,470
7,500
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/32
435
436
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/33
450
451
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/34
475
476
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/35
440
441
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
3,097
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/48
3,105
3,106
New
Hope
Cultural
Ed.
Fac.
Fin.,
Blinn
College,
Series A,
5.00%,
7/1/57
7,915
5,517
New
Hope
Cultural
Ed.
Fac.
Fin.,
Brazos
Presbyterian
Homes
Project,
5.375%,
1/1/55
2,000
2,014
New
Hope
Cultural
Ed.
Fac.
Fin.,
Buckingham
Senior
Living,
Series 2021B,
VR,
2.00%,
11/15/61,
(2.00%
PIK) (1)(7)
5,804
2,496
New
Hope
Cultural
Ed.
Fac.
Fin.,
Legacy
Midtown,
Series A,
5.50%,
7/1/54
3,585
3,049
New
Hope
Cultural
Ed.
Fac.
Fin.,
Legacy
Midtown
Park
Project,
Series A,
5.25%,
7/1/32
625
641
New
Hope
Cultural
Ed.
Fac.
Fin.,
Legacy
Midtown
Park
Project,
Series A,
6.75%,
7/1/44
2,575
2,706
New
Hope
Cultural
Ed.
Fac.
Fin.,
Legacy
Midtown
Park
Project,
Series A,
7.125%,
7/1/56
1,375
1,413
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Senior
Living,
Langford,
Series A,
5.375%,
11/15/36
395
393
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Senior
Living,
Langford,
Series A,
5.50%,
11/15/46
790
710
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
40
Par/Shares
$
Value
(Amounts
in
000s)
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Senior
Living,
Langford,
Series A,
5.50%,
11/15/52
790
675
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/31
790
802
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/32
370
376
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
801
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/39
1,190
1,198
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.25%,
10/1/49
4,810
4,627
North
Texas
Tollway
Auth.,
Series B,
3.00%,
1/1/51 (9)
7,445
5,471
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
2.75%,
1/1/36 (5)(6)
900
770
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
Series A,
3.625%,
1/1/35 (5)(6)
3,820
3,615
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
Series A,
4.00%,
1/1/50 (5)(6)
10,755
8,443
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
Series A,
5.25%,
1/1/54 (5)(6)
2,000
1,927
Princeton,
Eastridge
Public
Improvement
Dist.,
4.60%,
9/1/35 (5)
200
210
Princeton,
Eastridge
Public
Improvement
Dist.,
5.375%,
9/1/45 (5)
420
429
Princeton,
Eastridge
Public
Improvement
Dist.,
5.625%,
9/1/55 (5)
700
704
Seagoville,
Santorini
Public
Improvement
Dist.
Project,
6.00%,
9/15/44 (5)
1,015
1,037
Seagoville,
Santorini
Public
Improvement
Dist.
Project,
7.00%,
9/15/54 (5)
3,000
3,021
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Baylor
Scott
&
White
Health
Project,
Series D,
VRDN,
1.60%,
11/15/63
3,700
3,700
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere-Northwest
Senior
Housing,
5.25%,
11/15/47 (1)(8)
1,283
-
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere-Northwest
Senior
Housing,
Series A,
5.00%,
11/15/45 (1)(8)
6,750
1
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Stayton
at
Museum
Way,
Series A,
5.75%,
12/1/54 (1)
4,241
3,716
Texas
Dept.
of
Housing
&
Community
Affairs,
Series A,
5.00%,
1/1/50
10,000
10,221
Texas
Private
Activity
Bond
Surface
Transportation,
Segment
3C
Project,
5.00%,
6/30/58 (6)
3,000
2,998
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
41
Par/Shares
$
Value
(Amounts
in
000s)
Texas
Private
Activity
Bond
Surface
Transportation,
Tarrant
Express
Project,
5.50%,
12/31/58 (6)
13,150
13,646
209,207
UTAH
2.4%
Black
Desert
Public
Infrastructure
Dist.,
Assessment
Area
1,
5.625%,
12/1/53 (5)
9,325
9,441
Firefly
Public
Infrastructure
Dist.
No.
1,
Series A-1,
GO,
6.625%,
3/1/54 (5)
1,125
1,160
Firefly
Public
Infrastructure
Dist.
No.
1,
Assessment
Area
No.
1,
5.625%,
12/1/43 (5)
3,607
3,718
MIDA
Mountain
Veterans
Program
Public
Infrastructure
Dist.,
5.00%,
6/1/44 (5)
500
508
MIDA
Mountain
Veterans
Program
Public
Infrastructure
Dist.,
5.20%,
6/1/54 (5)
1,175
1,175
Mida
Mountain
Village
Public
Infrastructure
Dist.,
Series 1,
5.125%,
6/15/54 (5)
2,540
2,541
Mida
Mountain
Village
Public
Infrastructure
Dist.,
Series 2,
5.75%,
6/15/44 (5)
1,240
1,295
Mida
Mountain
Village
Public
Infrastructure
Dist.,
Series 2,
6.00%,
6/15/54 (5)
2,150
2,217
Military
Installation
Dev.
Auth.,
Series A-1,
4.00%,
6/1/41
1,800
1,738
Military
Installation
Dev.
Auth.,
Series A-1,
4.00%,
6/1/52
4,000
3,343
Military
Installation
Dev.
Auth.,
Series A-2,
4.00%,
6/1/41
2,485
2,375
Military
Installation
Dev.
Auth.,
Series A-2,
4.00%,
6/1/52
7,550
6,271
Panorama
Public
Infrastructure
Dist.
No.
1,
Series A,
GO,
6.25%,
3/1/55 (5)
2,150
2,179
Point
Phase
1
Public
Infrastructure
Dist.
No.
1,
Series A-1,
5.875%,
3/1/45
950
996
Point
Phase
1
Public
Infrastructure
Dist.
No.
1,
Series A-1,
6.125%,
3/1/55
6,910
7,212
Point
Phase
1
Public
Infrastructure
Dist.
No.
1,
Series A-2,
STEP,
3/1/55
500
409
Ridges
Estates
Infrastructure
Fin.
Dist.,
Alpine
Hollow
Assessment
Area,
6.25%,
12/1/53 (5)
5,350
5,545
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/46 (6)
5,605
5,775
SkyRidge
Pegasus
Infrastructure
Fin.
Dist.,
SkyRidge
Pegasus
Assessment
Area,
5.25%,
12/1/44 (5)
5,216
5,273
Soleil
Hills
Public
Infrastructure
Dist.
No.
1,
Series A,
GO,
5.875%,
3/1/55 (5)
3,920
3,942
Tech
Ridge
Public
Infrastructure
Dist.,
Tech
Ridge
Assessment
Area,
6.25%,
12/1/54 (5)
7,200
7,483
UIPA
Crossroads
Public
Infrastructure
Dist.,
4.375%,
6/1/52 (5)
10,115
9,394
83,990
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
42
Par/Shares
$
Value
(Amounts
in
000s)
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
10,786
10,786
VIRGINIA
2.0%
Alexandria,
Series A,
GO,
2.00%,
12/15/40
6,150
4,787
Arlington
County
IDA,
Virginia
Hosp.
Center,
Series A,
3.75%,
7/1/50 (4)
1,050
919
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
Series A,
4.00%,
1/1/47
3,000
2,712
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.00%,
1/1/35
2,925
2,928
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.00%,
1/1/46
4,075
3,988
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.375%,
1/1/46
3,380
3,380
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
Series A,
5.00%,
1/1/49
2,575
2,449
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/33
790
795
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/35
1,055
1,061
Tobacco
Settlement
Fin.,
Series B-1,
5.00%,
6/1/47
2,000
1,696
Tobacco
Settlement
Fin.,
Capital
Appreciation,
Series C,
Zero
Coupon,
6/1/47
21,370
5,558
Virginia
College
Building
Auth.,
Marymount
Univ.,
5.00%,
7/1/45 (5)
4,750
3,611
Virginia
College
Building
Auth.,
Marymount
Univ.,
5.25%,
7/1/30 (5)
1,090
1,020
Virginia
College
Building
Auth.,
Marymount
Univ.,
5.25%,
7/1/35 (5)
1,700
1,486
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/30 (5)
3,750
3,475
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/35 (5)
1,000
857
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/45 (5)
2,460
1,870
Virginia
Commonwealth
Univ.
Health
System
Auth.,
Series B,
VRDN,
1.90%,
7/1/37
1,165
1,165
Virginia
HDA,
Series E,
4.90%,
10/1/50
1,695
1,697
Virginia
HDA,
Series E,
4.95%,
10/1/55
1,450
1,470
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/48 (6)
6,500
5,770
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
3.00%,
1/1/41 (6)
3,000
2,556
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
43
Par/Shares
$
Value
(Amounts
in
000s)
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/37 (6)
3,080
3,127
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/39 (6)
2,150
2,162
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/40 (6)
2,200
2,193
Virginia
Small
Business
Fin.
Auth.,
I-495
HOT
Lanes
Project,
5.00%,
12/31/47 (6)
3,000
3,045
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/49 (6)
4,480
4,465
70,242
WASHINGTON
1.4%
Adams
County
Public
Hosp.
Dist.
No.
2,
GO,
5.125%,
12/1/44
2,105
2,105
Skagit
County
Public
Hosp.
Dist.
No.
1,
5.50%,
12/1/54
3,910
4,017
Washington
State
Housing
Fin.
Commission,
Blakeley
&
Laurel
Villages
Portfolio,
Series A,
5.50%,
7/1/50 (5)
4,500
4,609
Washington
State
Housing
Fin.
Commission,
Hearthstone,
5.00%,
7/1/38 (5)
830
714
Washington
State
Housing
Fin.
Commission,
Hearthstone,
5.00%,
7/1/48 (5)
2,300
1,729
Washington
State
Housing
Fin.
Commission,
Hearthstone,
5.00%,
7/1/53 (5)
920
654
Washington
State
Housing
Fin.
Commission,
Judson
Park,
4.00%,
7/1/28 (5)
135
136
Washington
State
Housing
Fin.
Commission,
Judson
Park,
5.00%,
7/1/33 (5)
225
228
Washington
State
Housing
Fin.
Commission,
Judson
Park,
5.00%,
7/1/38 (5)
650
655
Washington
State
Housing
Fin.
Commission,
Judson
Park,
5.00%,
7/1/48 (5)
1,660
1,563
Washington
State
Housing
Fin.
Commission,
Presbyterian
Retirement,
Series A,
5.00%,
1/1/46 (5)
2,575
2,498
Washington
State
Housing
Fin.
Commission,
Presbyterian
Retirement,
Series A,
5.00%,
1/1/51 (5)
5,330
4,945
Washington
State
Housing
Fin.
Commission,
Radford
Court
&
Nordheim
Court,
5.00%,
7/1/54
3,865
3,611
Washington
State
Housing
Fin.
Commission,
Radford
Court
&
Nordheim
Court,
5.50%,
7/1/49
2,000
2,023
Washington
State
Housing
Fin.
Commission,
Radford
Court
&
Nordheim
Court,
5.50%,
7/1/59
8,835
8,816
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series 1,
Class
A,
3.375%,
4/20/37
1,221
1,180
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series 2024-1,
Class
A,
VR,
4.221%,
3/1/50
3,689
3,729
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
44
Par/Shares
$
Value
(Amounts
in
000s)
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series A-1,
Class
A,
3.50%,
12/20/35
2,745
2,724
Washington
State
Housing
Fin.
Commission,
Transform
Age
Project,
Series A,
5.00%,
1/1/55 (5)
4,925
4,498
50,434
WEST
VIRGINIA
0.3%
Monongalia
County
Commission
Excise
Tax
Dist.,
Series A,
4.125%,
6/1/43 (5)
1,640
1,544
Monongalia
County
Commission
Excise
Tax
Dist.,
Series B,
4.875%,
6/1/43 (5)
1,100
1,113
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.50%,
6/1/37 (5)
1,940
1,971
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.75%,
6/1/43 (5)
1,940
1,966
Ohio
County,
Highlands
Project,
5.25%,
6/1/44
1,000
1,030
Ohio
County,
Highlands
Project,
5.25%,
6/1/53
1,250
1,245
8,869
WISCONSIN
5.6%
PFA,
5.00%,
2/1/64
1,500
1,409
PFA,
Series A,
5.00%,
12/15/44 (5)
690
683
PFA,
Series A,
5.00%,
12/15/54 (5)
2,000
1,873
PFA,
Celanese,
Series C,
4.30%,
11/1/30 (6)
3,955
3,957
PFA,
Celanese,
Series D,
4.05%,
11/1/30
1,980
1,981
PFA,
Challenge
Foundation
Academy,
6.625%,
7/1/43 (5)
1,000
1,037
PFA,
Challenge
Foundation
Academy,
6.875%,
7/1/53 (5)
1,650
1,685
PFA,
Challenge
Foundation
Academy,
7.00%,
7/1/58 (5)
1,850
1,889
PFA,
Cherokee
Classical
Academy
Project,
Series A,
6.50%,
6/15/45 (5)
325
330
PFA,
Cherokee
Classical
Academy
Project,
Series A,
6.75%,
6/15/55 (5)
500
503
PFA,
Cherokee
Classical
Academy
Project,
Series A,
7.00%,
6/15/65 (5)
1,100
1,115
PFA,
CHF
Manoa,
Series A,
5.75%,
7/1/53 (5)
4,000
3,986
PFA,
Church
Home
of
Hartford,
5.00%,
9/1/30 (5)
630
631
PFA,
Church
Home
of
Hartford,
5.00%,
9/1/38 (5)
1,365
1,366
PFA,
Corvian
Community
School,
Series A,
4.00%,
6/15/29 (5)
475
467
PFA,
Corvian
Community
School,
Series A,
5.00%,
6/15/39 (5)
790
763
PFA,
Corvian
Community
School,
Series A,
5.00%,
6/15/49 (5)
3,650
3,095
PFA,
Corvian
Community
School,
Series A,
5.125%,
6/15/47 (5)
2,085
1,831
PFA,
Corvian
Community
School,
Series A,
6.25%,
6/15/48 (5)
535
536
PFA,
Corvian
Community
School,
Series A,
6.25%,
6/15/53 (5)
2,515
2,479
PFA,
Elevon
Project,
RAN,
5.00%,
7/15/30 (5)
981
983
PFA,
Foundation
Academy
Charter
School
Project,
5.00%,
7/1/55 (5)
1,250
1,160
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
45
Par/Shares
$
Value
(Amounts
in
000s)
PFA,
Foundation
Academy
Charter
School
Project,
5.00%,
7/1/60 (5)
700
638
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
4.00%,
7/1/30 (5)
220
220
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
5.00%,
7/1/40 (5)
560
561
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
5.00%,
7/1/55 (5)
1,145
1,001
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
6.375%,
7/1/43 (5)
325
342
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
6.625%,
7/1/53 (5)
100
104
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
6.75%,
7/1/58 (5)
375
391
PFA,
Georgia
SR
400
Express
Lanes
Project,
5.75%,
6/30/60 (6)
17,315
18,135
PFA,
Georgia
SR
400
Express
Lanes
Project,
5.75%,
12/31/65 (6)
8,750
9,151
PFA,
Georgia
SR
400
Express
Lanes
Project,
6.50%,
6/30/60 (6)
3,375
3,755
PFA,
Georgia
SR
400
Express
Lanes
Project,
6.50%,
12/31/65 (6)
11,525
12,814
PFA,
Grand
Hyatt
San
Antonio,
Series A,
5.00%,
2/1/52
1,835
1,835
PFA,
Grand
Hyatt
San
Antonio,
Series A,
5.00%,
2/1/62
3,370
3,318
PFA,
Heritage
Bend
Project,
Zero
Coupon,
RAN,
12/15/42 (5)
25,000
7,877
PFA,
Mary's
Woods
at
Marylhurst,
5.25%,
5/15/37 (5)
435
440
PFA,
Mary's
Woods
at
Marylhurst,
5.25%,
5/15/47 (5)
965
966
PFA,
Mary's
Woods
at
Marylhurst,
5.25%,
5/15/52 (5)
1,820
1,780
PFA,
Mater
Academy
of
Nevada
-
Cactus
Park
Campus
Project,
Series A,
6.00%,
12/15/55 (5)
400
414
PFA,
Mater
Academy
of
Nevada
-
Cactus
Park
Campus
Project,
Series A,
6.125%,
12/15/60 (5)
1,375
1,428
PFA,
Million
Air
Three
General
Aviation
Fac.
Project,
Series B,
7.00%,
9/1/54 (5)(6)
6,050
6,424
PFA,
Mountain
Island
Charter
School,
5.00%,
7/1/37
655
655
PFA,
Mountain
Island
Charter
School,
5.00%,
7/1/47
1,585
1,534
PFA,
Mountain
Island
Charter
School,
5.00%,
7/1/52
3,405
3,204
PFA,
National
Gypsum,
4.00%,
8/1/35 (6)
16,170
16,173
PFA,
Nevada
State
College,
Series A,
5.00%,
5/1/60 (5)
4,520
2,834
PFA,
Nevada
State
College,
Series B,
9.00%,
5/1/71 (5)(8)
2,090
1,012
PFA,
Nolina
&
Sorella
Projects,
RAN,
5.50%,
12/15/32 (5)
2,938
2,944
PFA,
Searstone
CCRC
Project,
Series A,
5.00%,
6/1/52 (5)
5,055
4,597
PFA,
Sky
Harbour
Capital,
VRDN,
6.00%,
7/1/60
(Tender
1/1/31) (5)(6)
8,195
8,390
PFA,
SKY
Harbour
Capital,
4.00%,
7/1/41 (6)
5,150
5,007
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
46
Par/Shares
$
Value
(Amounts
in
000s)
PFA,
SKY
Harbour
Capital,
4.25%,
7/1/54 (6)
12,930
11,054
PFA,
Southminster,
5.00%,
10/1/43 (5)
1,780
1,797
PFA,
Southminster,
5.00%,
10/1/48 (5)
1,585
1,544
PFA,
Southminster,
5.00%,
10/1/53 (5)
4,560
4,335
PFA,
Univ.
of
Hawai'i
Foundation
Project,
Series A-1,
4.00%,
7/1/51 (5)
2,190
1,665
PFA,
Univ.
of
Hawai'i
Foundation
Project,
Series A-1,
4.00%,
7/1/61 (5)
1,215
871
PFA,
Univ.
of
Hawai'i
Foundation
Project,
Series B,
5.25%,
7/1/61 (5)
4,385
3,517
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/37
880
892
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/41
1,310
1,315
Wisconsin
HEFA,
Chiara
Housing
and
Services,
5.875%,
7/1/55
955
965
Wisconsin
HEFA,
Chiara
Housing
and
Services,
6.00%,
7/1/60
6,930
7,036
Wisconsin
HEFA,
Dickson
Hollow
Phase
II
Project,
6.125%,
10/1/59
1,625
1,697
Wisconsin
HEFA,
Saint
John's
Communities,
4.00%,
9/15/36
615
617
Wisconsin
HEFA,
Saint
John's
Communities,
4.00%,
9/15/41
610
588
Wisconsin
HEFA,
Saint
John's
Communities,
4.00%,
9/15/45
510
454
Wisconsin
Housing
&
Economic
Dev.
Auth.
Housing
Revenue,
Series A,
5.00%,
11/1/50
2,750
2,781
Wisconsin
Housing
&
Economic
Dev.
Auth.
Housing
Revenue,
Series A,
5.05%,
11/1/55
2,000
2,039
194,870
Total
Municipal
Securities
(Cost
$3,539,992)
3,454,153
Total
Investments
in
Securities
99.1%
of
Net
Assets
(Cost
$3,540,024)
$
3,454,244
‡
Par/Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(3)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$0
and
represents
0.0%
of
net
assets.
(4)
Insured
by
Assured
Guaranty
Incorporated
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
47
.
.
.
.
.
.
.
.
.
.
(5)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$1,027,681
and
represents
29.5%
of
net
assets.
(6)
Interest
subject
to
alternative
minimum
tax.
(7)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(8)
Obligor
has
failed
to
make
a
scheduled
interest
and/or
principal
payment
or
is
in
default.
(9)
Insured
by
Build
America
Mutual
Assurance
Company
(10)
Insured
by
National
Public
Finance
Guarantee
Corporation
(11)
Insured
by
Financial
Guaranty
Insurance
Company
(12)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(13)
When-issued
security
(14)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board's
Certified
Fiscal
Plan.
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
CDA
Community
Development
Administration/Authority
CDFI
Community
Development
Financial
Institution
DFA
Development
Finance
Authority
DOT
Department
of
Transportation
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
EFA
Educational
Facility
Authority
FRN
Floating
Rate
Note
GO
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
PCR
Pollution
Control
Revenue
PFA
Public
Finance
Authority/Agency
PIK
Payment-in-kind
RAN
Revenue
Anticipation
Note
SPMUV7DY
S&P
Municipal
7
Day
High
Grade
Yield
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
48
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
.
.
.
.
.
.
.
.
.
.
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
VRDN
Variable
Rate
Demand
Note
under
which
the
holder
has
the
right
to
sell
the
security
to
the
issuer
or
the
issuer's
agent
at
a
predetermined
price
on
specified
dates;
such
specified
dates
are
considered
the
effective
maturity
for
purposes
of
the
fund's
weighted
average
maturity;
rate
shown
is
effective
rate
at
period-end
and
maturity
date
shown
is
final
maturity.
Certain
VRDN
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
February
28,
2026
Statement
of
Assets
and
Liabilities
49
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$3,540,024)
$
3,454,244
Interest
receivable
37,276
Receivable
for
shares
sold
7,778
Receivable
for
investment
securities
sold
1,145
Cash
15
Other
assets
85
Total
assets
3,500,543
Liabilities
Payable
for
investment
securities
purchased
7,121
Payable
for
shares
redeemed
3,534
Investment
management
fees
payable
1,197
Due
to
affiliates
86
Payable
to
directors
2
Other
liabilities
3,458
Total
liabilities
15,398
NET
ASSETS
$
3,485,145
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
February
28,
2026
Statement
of
Assets
and
Liabilities
50
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(
310,844
)
Paid-in
capital
applicable
to
308,646,511
shares
of
$0.01
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
3,795,989
NET
ASSETS
$
3,485,145
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$1,435,060;
Shares
outstanding:
127,077,857)
$
11.29
Advisor
Class
(Net
assets:
$2,689;
Shares
outstanding:
236,704)
$
11.36
I
Class
(Net
assets:
$2,047,396;
Shares
outstanding:
181,331,950)
$
11.29
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Statement
of
Operations
51
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
2/28/26
Investment
Income
(Loss)
Interest
income
$
161,657
Expenses
Investment
management
15,122
Shareholder
servicing
Investor
Class
$
2,135
Advisor
Class
7
I
Class
385
2,527
Rule
12b-1
fees
Advisor
Class
7
Prospectus
and
shareholder
reports
Investor
Class
20
Advisor
Class
1
I
Class
17
38
Legal
and
audit
382
Interest
371
Custody
and
accounting
263
Registration
165
Directors
10
Miscellaneous
119
Total
expenses
19,004
Net
investment
income
142,653
Realized
and
Unrealized
Gain
/
Loss
-
Net
realized
loss
on
securities
(
58,807
)
Change
in
net
unrealized
gain
/
loss
on
securities
66,520
Net
realized
and
unrealized
gain
/
loss
7,713
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
150,366
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Statement
of
Changes
in
Net
Assets
52
($000s)
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2/28/26
2/28/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
142,653
$
131,520
Net
realized
loss
(
58,807
)
(
27,067
)
Change
in
net
unrealized
gain
/
loss
66,520
109,126
Increase
in
net
assets
from
operations
150,366
213,579
Distributions
to
shareholders
Net
earnings
Investor
Class
(
57,105
)
(
64,168
)
Advisor
Class
(
112
)
(
135
)
I
Class
(
83,352
)
(
67,540
)
Decrease
in
net
assets
from
distributions
(
140,569
)
(
131,843
)
Capital
share
transactions
*
Shares
sold
Investor
Class
307,728
345,727
Advisor
Class
77
314
I
Class
431,345
790,133
Distributions
reinvested
Investor
Class
51,637
51,691
Advisor
Class
111
135
I
Class
43,128
42,717
Shares
redeemed
Investor
Class
(
386,211
)
(
808,414
)
Advisor
Class
(
785
)
(
1,818
)
I
Class
(
498,372
)
(
315,227
)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
(
51,342
)
105,258
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Statement
of
Changes
in
Net
Assets
53
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2/28/26
2/28/25
Net
Assets
Increase
(decrease)
during
period
(
41,545
)
186,994
Beginning
of
period
3,526,690
3,339,696
End
of
period
$
3,485,145
$
3,526,690
*Share
information
(000s)
Shares
sold
Investor
Class
28,095
31,063
Advisor
Class
7
28
I
Class
39,516
70,712
Distributions
reinvested
Investor
Class
4,719
4,643
Advisor
Class
10
12
I
Class
3,941
3,836
Shares
redeemed
Investor
Class
(
35,477
)
(
72,490
)
Advisor
Class
(
71
)
(
162
)
I
Class
(
45,918
)
(
28,374
)
Increase
(decrease)
in
shares
outstanding
(
5,178
)
9,268
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
NOTES
TO
FINANCIAL
STATEMENTS
54
T.
Rowe
Price
Tax-Free
High
Yield
Fund,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Tax-Free
High
Yield
Fund
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks to
provide
a
high
level
of
income
exempt
from
federal
income
taxes
by
investing
primarily
in
long-term
low-
to
upper-medium-grade
municipal
securities.
The
fund
has three classes
of
shares:
the
Tax-Free
High
Yield
Fund
(Investor
Class),
the
Tax-Free
High
Yield
Fund-Advisor
Class
(Advisor
Class)
and
the
Tax-Free
High
Yield
Fund-I
Class
(I
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services;
the
Investor
and
I
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
55
recorded
as
an
adjustment
to
interest
income. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividend
income is
recorded
on
the
ex-dividend
date. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class's
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class's
outstanding
shares.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class's
average
daily
net
assets.
Capital
Transactions
Each
investor's
interest
in
the
net
assets
of
the
fund
is
represented
by
fund
shares.
The
fund's
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund's
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund's
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund's
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
56
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund's
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
-
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
-
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
-
unobservable
inputs
(including
the Valuation
Designee's assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
are
generally traded
in
the over-the-
counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
T.
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PRICE
Tax-Free
High
Yield
Fund
57
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
the
greatest
weight
to
actual
prices
in
arm's
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
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Fund
58
Valuation
Inputs
The
following
table
summarizes
the
fund's
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
February
28,
2026
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
NOTE
3
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund's prospectus
and
Statement
of
Additional
Information.
Noninvestment-Grade
Debt
The
fund
invests,
either
directly
or
through
its
investment
in
other
T.
Rowe
Price
funds,
in
noninvestment-grade
debt,
including
"high
yield"
or
"junk"
bonds
or
leveraged
loans.
Noninvestment-grade
debt
issuers
are
more
likely
to
suffer
an
adverse
change
in
financial
condition
that
would
result
in
the
inability
to
meet
a
financial
obligation.
The
noninvestment-
grade
debt
market
may
experience
sudden
and
sharp
price
swings
due
to
a
variety
of
factors
that
may
decrease
the
ability
of
issuers
to
make
principal
and
interest
payments
and
adversely
affect
the
liquidity
or
value,
or
both,
of
such
securities.
Accordingly,
securities
issued
by
such
companies
carry
a
higher
risk
of
default
and
should
be
considered
speculative.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
91
$
-
$
-
$
91
Corporate
Bonds
-
-
-
-
Municipal
Securities
-
3,454,153
-
3,454,153
Total
$
91
$
3,454,153
$
-
$
3,454,244
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PRICE
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Yield
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59
When-Issued
Securities
The fund
enters
into
when-issued
purchase
or
sale
commitments,
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
an
authorized
but
not
yet
issued
security
for
a
fixed
unit
price,
with
payment
and
delivery
not
due
until
issuance
of
the
security
on
a
scheduled
future
date.
When-issued
securities
may
be
new
securities
or
securities
issued
through
a
corporate
action,
such
as
a
reorganization
or
restructuring.
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
commitment
to
purchase
a
when-issued
security.
Amounts
realized
on
when-issued
transactions
are
included
in
realized
gain/loss
on
securities
in
the
accompanying
financial
statements.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $620,034,000 and
$704,379,000,
respectively,
for
the
year ended
February
28,
2026.
NOTE
4
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
The
fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
fund's
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
permanent
book/tax
adjustments
relate
primarily
to
the
character
of
income
on
certain
derivatives
contracts
and
differences
between
book/tax
amortization
policies.
T.
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PRICE
Tax-Free
High
Yield
Fund
60
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
February
28,
2026,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
At
February
28,
2026,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales,
the
recognition
of
market
discount
and
premium
amortization
and
the
character
of
income
on
certain
derivatives
contracts.
The
loss
carryforwards
and
deferrals
primarily
relate
to
capital
loss
carryforwards.
Capital
loss
carryforwards
are
available
indefinitely
to
offset
future
realized
capital
gains.
($000s)
February
28,
2026
February
28,
2025
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
747
$
2,200
Tax-exempt
income
139,822
129,643
Total
distributions
$
140,569
$
131,843
($000s)
Cost
of
investments
$
3,514,226
Unrealized
appreciation
$
103,700
Unrealized
depreciation
(163,682)
Net
unrealized
appreciation
(depreciation)
$
(59,982)
($000s)
Undistributed
ordinary
income
$
177
Undistributed
tax-exempt
income
5,427
Net
unrealized
appreciation
(depreciation)
(59,982)
Loss
carryforwards
and
deferrals
(256,466)
Total
distributable
earnings
(loss)
$
(310,844)
T.
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PRICE
Tax-Free
High
Yield
Fund
61
NOTE
5
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.17%
of
the
fund's
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.26%
for
assets
in
excess
of
$845
billion.
The
fund's
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund's
average
daily
net
assets. At
February
28,
2026,
the
effective
annual
group
fee
rate
was
0.28%.
The
Investor
Class
and
Advisor
Class
are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
dates
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class's ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class's net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class's net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class's
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
T.
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PRICE
Tax-Free
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62
the
extent
the
class's
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class's
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
a
wholly
owned
subsidiary
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund's
transfer
and
dividend-disbursing
agent.
For
the
year
ended
February
28,
2026,
expenses
incurred
pursuant
to
these
service
agreements
were
$127,000
for
Price
Associates
and
$861,000
for
T.
Rowe
Price
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund's
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
year
ended
February
28,
2026,
the
aggregate
value
of
purchases
and
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates
was
less
than
1%
of
the
fund's
net
assets
as
of
February
28,
2026.
Investor
Class
Advisor
Class
I
Class
Expense
limitation/I
Class
Limit
0.80%
1.05%
0.05%
Expense
limitation
date
04/30/27
04/30/27
04/30/27
(Waived)/repaid
during
the
period
($000s)
$-
$-
$-
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
63
NOTE
6
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price
Associates
acts
as
the
fund's
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund's
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund's
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
7
-
BORROWING
The
fund,
together
with
certain
other
U.S.
registered
floating
rate
and
tax-
free
high
yield
funds
(the
U.S.
borrowers)
and
foreign
investment
funds
managed
by
Price
Associates
or
an
affiliate
(collectively,
the
participating
funds),
is
party
to
a
$1.4
billion,
364-day,
syndicated
credit
facility
(the
facility).
Excluding
commitments
designated
for
the
foreign
investment
funds,
the U.S.
borrowers can
borrow
up
to
an
aggregate
commitment
amount
of
$1.25 billion,
of
which
$1
billion
is
available
to
the
U.S.
floating
rate
borrowers
and
$250
million
is
available
to
the
U.S.
tax-free
high
yield
borrowers, on
a
first-come,
first-served
basis.
The
facility
provides
a
source
of
liquidity
to
the
participating
funds
for
temporary
and
emergency
purposes. The
participating
funds
are
charged
administrative
fees
and
an
annual
commitment
fee, of
0.15% of
the
average
daily
undrawn
commitment.
All
fees
allocated
to
the
U.S.
borrowers
are
based
on
the
portion
of
the
aggregate
commitment
available
to
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
64
them
and
on
each
U.S.
borrower's
relative
net
assets.
Such
allocated
fees
are
reflected
as either
miscellaneous
or interest
and
borrowing
related
expense
in
the accompanying
Statement
of
Operations.
Loans
are
generally
unsecured;
however,
the
fund
must
collateralize
any
borrowings
under
the
facility
on
an
equivalent
basis
if
it
has
other
collateralized
borrowings.
Interest
is
charged
to
the
fund
based
on
its
borrowings
at
the
higher
of
(a)
Daily
Simple
Secured
Overnight
Financing
Rate
(SOFR),
(b)
Federal
Funds
Effective
Rate,
or
(c)
the
Overnight
Bank
Funding
Rate
plus
an
applicable
margin. At
February
28,
2026,
the
fund
had
no
borrowings
outstanding
under
the
facility,
and
the
undrawn
amount
of
the
facility
for
the
U.S.
borrowers
was
$1,250,000,000.
NOTE
8
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-
existing
political,
social,
and
economic
risks.
The
fund's
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
65
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
of
T.
Rowe
Price
Tax-Free
High
Yield
Fund,
Inc.
and
Shareholders
of
T.
Rowe
Price
Tax-Free
High
Yield
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
Tax-Free
High
Yield
Fund
(constituting
T.
Rowe
Price
Tax-Free
High
Yield
Fund,
Inc.,
referred
to
hereafter
as
the
"Fund")
as
of
February
28,
2026,
the
related
statement
of
operations
for
the
year
ended
February
28,
2026,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
February
28,
2026,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
February
28,
2026
(collectively
referred
to
as
the
"financial
statements").
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
February
28,
2026,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
February
28,
2026
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
February
28,
2026
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund's
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund's
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
66
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
February
28,
2026
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
April
21,
2026
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
67
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 2/28/26
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
The
fund's
distributions
to
shareholders
included
$139,277,000
which
qualified
as
exempt-interest
dividends.
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F59-050
4/26
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.
Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.
(2) Listing standards relating to recovery of erroneously awarded compensation: not applicable.
(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.
(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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| T. Rowe Price Tax-Free High Yield Fund, Inc. | ||||
| By |
/s/ David Oestreicher |
|||
| David Oestreicher | ||||
| Principal Executive Officer | ||||
| Date | April 21, 2026 | |||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By |
/s/ David Oestreicher |
|||
| David Oestreicher | ||||
| Principal Executive Officer | ||||
| Date | April 21, 2026 | |||
| By |
/s/ Alan S. Dupski |
|||
| Alan S. Dupski | ||||
| Principal Financial Officer | ||||
| Date | April 21, 2026 | |||
T. Rowe Price Tax-Free High-Yield Fund Inc. published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 23, 2026 at 13:53 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]