T. Rowe Price Tax-Free High Yield Fd (PRFHX) N-CSR Certified annual shareholder report (management investment company)

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)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

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

Date of fiscal year end: February 29

Date of reporting period: February 29, 2024

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Highlights

and

Market

Commentary

Management’s

Discussion

of

Fund

Performance

Performance

and

Expenses

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

February

29,

2024

Annual

Report

T.

ROWE

PRICE

Tax-Free

Funds

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

Tax-Free

Funds

HIGHLIGHTS

Throughout

the

majority

of

the

trailing

one-year

period,

municipal

bonds

traded

lower

against

the

backdrop

of

rising

Treasury

yields

and

outflows

from

municipal

bond

mutual

funds.

However,

Treasury

yields

fell

sharply

and

risk

sentiment

improved

in

the

final

two

months

of

2023,

leading

to

sharp

drops

in

municipal

bond

yields.

T.

Rowe

Price’s

tax-free

bond

funds

posted

gains.

The

majority

of

the

funds

outperformed

their

respective

Bloomberg

benchmarks,

while

performance

versus

their

Lipper

peer

group

averages

was

more

mixed.

The

Tax-Exempt

Money

Fund

also

generated

positive

returns

but

lagged

its

Lipper

benchmark.

We

continued

to

favor

bonds

from

health

care

issuers,

particularly

those

with

strong

balance

sheets

and

effective

management

teams.

While

we

expect

hospitals’

financial

performance

to

remain

challenged

in

the

year

ahead,

we

are

encouraged

by

fundamental

trends

within

the

subsector.

In

addition,

labor

inflation

seems

to

be

cooling,

and

the

use

and

hourly

cost

of

contract

labor

have

declined,

which

we

view

as

potential

drivers

of

further

margin

improvement

for

hospital

operators.

The

backdrop

of

higher

yields

and

generally

solid

fundamentals

should,

in

our

view,

draw

investors

back

to

the

municipal

market

in

the

months

and

years

ahead.

While

flows

to

the

asset

class

recently

flipped

to

net

positive

as

inflows

to

municipal

bond

mutual

funds

reemerged,

we

acknowledge

that

bouts

of

outflows

may

persist

until

interest

rate

volatility

shows

a

more

sustained

moderation.

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

An

account

service

fee

will

be

charged

annually

for

each

T.

Rowe

Price

mutual

fund

account

unless

you

meet

criteria

for

a

fee

waiver.

Go

to

troweprice.com/personal-investing/help/fees-and-

minimums.html

to

learn

more

about

this

account

service

fee,

including

other

ways

to

waive

it.

T.

ROWE

PRICE

Tax-Free

Funds

Market

Commentary

1

Dear

Shareholder

Global

stock

and

bond

indexes

were

broadly

positive

during

your

fund’s

fiscal

year,

the

12-month

period

ended

February 29,

2024,

as

the

U.S.

economy

remained

healthy

despite

tighter

monetary

policy.

Technology

companies

benefited

from

investor

enthusiasm

for

artificial

intelligence

developments

and

led

the

equity

rally,

while

fixed

income

benchmarks

delivered

positive

results

even

though

there

were

headwinds

from

rising

longer-term

interest

rates.

The

S&P

500

Index,

Nasdaq

Composite

Index,

and

Dow

Jones

Industrial

Average

all

reached

record

highs

during

the

period.

Growth

stocks

outperformed

value

shares,

and

developed

market

stocks

generally

outpaced

their

emerging

markets

counterparts.

Within

the

S&P

500,

the

information

technology,

communication

services,

and

consumer

discretionary

sectors

were

all

lifted

by

the

tech

rally

and

recorded

significant

gains.

Conversely,

the

defensive

utilities

sector

had

the

weakest

returns.

Meanwhile,

the

financials

sector

bounced

back

from

the

failure

of

three

large

regional

banks

in

the

spring

of

2023

and

produced

solid

results

in

the

second

half

of

the

period.

The

U.S.

economy

was

the

strongest

among

the

major

markets.

Jobs

growth

remained

solid

over

the

12-month

period,

helping

to

fuel

consumer

spending.

Corporate

fundamentals

were

also

broadly

supportive.

Year-over-year

earnings

growth

contracted

in

the

first

half

of

2023,

but

earnings

rebounded

in

the

third

and

fourth

quarters.

Markets

remained

resilient

despite

a

debt

ceiling

standoff

in

the

U.S.,

the

outbreak

of

war

in

the

Middle

East,

the

continuing

conflict

between

Russia

and

Ukraine,

and

a

sluggish

economic

recovery

in

China.

Inflation,

as

measured

by

the

consumer

price

index,

fell

from

6.0%

to

3.1%

by

the

end

of

the

period

but

remained

above

the

Federal

Reserve’s

long-term

2%

goal.

In

response

to

the

above-target

inflation

readings,

the

Fed

raised

its

short-term

lending

benchmark

rate

to

a

target

range

of

5.25%

to

5.50%

in

July,

the

highest

level

since

March

2001,

but

then

held

rates

steady

over

the

remainder

of

the

period.

At

its

final

meeting

of

the

period,

in

late

January,

the

central

bank

removed

language

from

its

post-meeting

statement

that

pointed

to

additional

policy

tightening,

but

subsequent

communications

from

Fed

Chair

Jerome

Powell

in

February

indicated

that

policymakers

are

in

no

hurry

to

begin

cutting

rates.

U.S.

Treasury

yields

were

volatile

during

the

period

as

investors

adjusted

their

expectations

for

the

path

of

monetary

policy.

After

starting

the

period

at

3.92%,

the

benchmark

10-year

Treasury

note

yield

briefly

reached

5.00%

in

October

T.

ROWE

PRICE

Tax-Free

Funds

2

for

the

first

time

since

late

2007

before

falling

back

to

3.88%

by

the

end

of

2023.

However,

more

hawkish

Fed

communications

in

early

2024

pressured

Treasury

bond

prices,

driving

the

10-year

yield

back

up

to

4.25%

by

period-end.

Municipal

bonds

outperformed

Treasuries

during

the

period,

supported

by

new

issuance

levels

that

remained

below

longer-term

averages.

The

sector

continued

to

see

outflows

in

2023

but

at

a

significantly

lower

level

than

in

2022.

Elsewhere

in

the

fixed

income

market,

high

yield

corporate

bonds

produced

strong

returns,

supported

by

the

higher

coupons

that

have

become

available

since

the

Fed

began

hiking

rates

about

two

years

ago

as

well

as

by

increasing

hopes

that

the

economy

might

be

able

to

avoid

a

recession.

Global

economies

and

markets

showed

surprising

resilience

in

2023,

but

considerable

uncertainty

remains

as

we

look

ahead.

Geopolitical

events,

the

path

of

monetary

policy,

and

the

impact

of

the

Fed’s

rate

hikes

on

the

economy

all

raise

the

potential

for

additional

volatility.

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

help

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Tax-Free

Funds

Management’s

Discussion

of

Fund

Performance

3

TAX-EXEMPT

MONEY

FUND 

TAX-FREE

SHORT-INTERMEDIATE

FUND 

INVESTMENT

OBJECTIVE 

The

fund

seeks

to

provide,

consistent

with

modest

price

fluctuation,

a

high

level

of

income

exempt

from

federal

income

taxes

by

investing

primarily

in

short-

and

intermediate-term

investment-grade

municipal

securities.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past 12

months?

The

Tax-Free

Short-Intermediate

Fund

returned

3.85%

over

the

12

months

ended

February

29,

2024.

The

fund

outperformed

its

Bloomberg

benchmark

and

performed

in

line

with

its

Lipper

peer

group

average.

(Results

for

Advisor

and

I

Class

shares

varied,

reflecting

their

different

fee

structures.

Past

performance

cannot

guarantee

future

results

.)

PORTFOLIO

DIVERSIFICATION

Tax-Exempt

Money

Fund

Percent

of

Net

Assets

8/31/23

2/29/24

Health

Care

29.9‌%

28.6‌%

Education

13.5‌ 

14.3‌ 

Housing

9.6‌ 

14.2‌ 

General

Obligation-Local

14.7‌ 

12.6‌ 

Water

and

Sewer

6.4‌ 

5.9‌ 

General

Obligation-State

5.2‌ 

5.9‌ 

Electric

4.9‌ 

5.5‌ 

Transportation

5.0‌ 

4.1‌ 

Other

Assets

10.8‌ 

8.9‌ 

Total

100.0‌%

100.0‌%

Historical

weightings

reflect

current

industry/sector

classifications.

T.

ROWE

PRICE

Tax-Free

Funds

4

What

factors

influenced

the

fund’s

performance?

Throughout

the

majority

of

the

trailing

one-year

period,

municipal

bonds

traded

lower

against

the

backdrop

of

rising

Treasury

yields

and

outflows

from

municipal

bond

mutual

funds.

However,

Treasury

yields

fell

sharply

and

risk

sentiment

improved

in

the

final

two

months

of

2023,

leading

to

sharp

drops

in

municipal

bond

yields.

During

the

rally,

lower-rated

investment-grade

municipal

bonds

outpaced

higher

qualities,

and

high

yield

municipal

bonds

outperformed

investment-grade

municipal

bonds.

While

rising

Treasury

yields

weighed

on

the

asset

class

through

period-end,

supportive

technical

conditions

alleviated

some

upward

pressure

on

municipal

bond

yields,

and

the

asset

class

ended

the

period

with

strong

positive

total

returns.

Late

in

the

period,

the

municipal

market

experienced

net

positive

flows

after

a

sustained

period

of

outflows,

as

inflows

to

municipal

bond

mutual

funds

reemerged.

Allocations

at

the

broad

sector

level

contributed,

lifted

by

an

overweight

to

revenue

bonds

and

underweights

to

general

obligation

(GO)

and

prerefunded

bonds.

The

GOs

we

owned

were

largely

from

lower-rated

issuers—including

Puerto

Rico,

Illinois,

and

New

Jersey—that

we

viewed

as

having

potential

credit

upside.

Selection

among

state

GO

bonds

aided

relative

performance.

In

particular,

bonds

from

the

Commonwealth

of

Puerto

Rico

meaningfully

supported

relative

performance

amid

strong

economic

activity

driven

by

continued

federal

stimulus.

State

GOs

from

Illinois

also

outperformed

alongside

a

rating

upgrade

by

Fitch

in

November

from

BBB+

to

A-.

Security

selection

among

revenue

bonds

further

added

to

relative

gains,

led

upward

by

selection

decisions

in

the

dedicated

tax,

hospital,

and

airport

revenue

subsectors.

Conversely,

selection

among

prepaid

gas

revenue

bonds

hindered

relative

performance.

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

2/29/24

6

Months

12

Months

Tax-Free

Short-

Intermediate

Fund

–

.

2.63‌%

3.85‌%

Tax-Free

Short-

Intermediate

Fund–

.

Advisor  Class

2.45‌

3.33‌

Tax-Free

Short-

Intermediate

Fund–

.

I  Class

2.70‌

3.81‌

Bloomberg

1–5

Year

Blend

(1–6

Year

Maturity)

Index

2.64‌

3.71‌

Lipper

Short-Intermediate

Municipal

Debt

Funds

Average

2.88‌

3.89‌

T.

ROWE

PRICE

Tax-Free

Funds

5

Interest

rate

management

contributed

in

aggregate,

aided

by

the

portfolio’s

longer-than-benchmark

average-duration

profile—which

was

beneficial

as

municipal

bond

yields

ended

the

period

lower

across

most

of

the

curve—

and

the

income

generated

by

municipal

bond

coupon

payments.

However,

positioning

across

key

rates

negated

some

relative

gains.

How

is

the

fund

positioned?

While

2022’s

historic

sell-off

produced

disappointing

results

for

bondholders,

we

believe

it

returned

substantial

value

to

the

municipal

market

through

markedly

higher

yields

and

increased

credit

risk

compensation.

Throughout

the

trailing

one-year

period,

we

utilized

our

fundamental,

bottom-up

research

process

to

add

to

high-conviction

names

at

what

we

viewed

as

attractive

valuations,

and

our

allocation

to

revenue

bonds

ended

the

period

higher.

The

fund’s

overall

credit

quality

finished

the

one-year

period

unchanged;

however,

we

allowed

its

credit

quality

diversification

to

adjust

modestly

as

we

identified

opportunities

amid

the

volatile

market

environment.

The

fund’s

allocations

to

the

AAA

rating

bucket

increased

moderately,

while

its

allocation

to

the

BBB

rating

tier

decreased

slightly.

However,

we

maintained

a

structural

overweight

to

the

A

and

BBB

quality

tiers,

as

we

continued

to

believe

that

the

lower

end

of

the

investment-grade

spectrum

provides

ample

opportunities

to

earn

additional

risk-

adjusted

yield

over

time.

We

also

maintained

an

overweight

to

the

nonrated

tier,

where

we

believe

that

rigorous

credit

research

can

uncover

mispriced

or

overlooked

bonds.

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-

rated

securities,

and

a

rating

of

D

represents

the

lowest-

rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

CREDIT

QUALITY

DIVERSIFICATION

Tax-Free

Short-Intermediate

Fund

T.

ROWE

PRICE

Tax-Free

Funds

6

In

terms

of

interest

rate

management,

the

fund’s

duration

ended

the

period

neutral

to

the

benchmark’s

duration,

as

we

anticipate

rate

cuts

by

the

Fed

in

2024.

We

continued

to

migrate

away

from

bonds

with

shorter

call

provisions

as

well

as

into

lower

coupon

structures

in

an

attempt

to

improve

the

fund’s

ability

to

benefit

from

future

declines

in

municipal

bond

yields.

Our

structural,

out-of-benchmark

allocation

to

bonds

maturing

in

seven

to

10

years

or

more

remained

in

place.

Regarding

the

fund’s

positioning

across

sectors,

health

care

revenue

bonds—

namely,

those

from

hospitals

and

life

care

communities—remained

a

prominent

overweight

allocation.

Our

allocation

to

hospital

revenue

bonds

modestly

increased

over

the

period

as

encouraging

trends

in

fundamentals

bolstered

our

view

on

the

subsector.

In

addition,

labor

inflation

seems

to

be

cooling,

and

the

use

and

hourly

cost

of

contract

labor

have

declined,

which

we

view

as

potential

drivers

of

further

margin

improvement

for

hospital

operators.

Meanwhile,

the

fund’s

allocation

to

life

care

community

revenue

bonds

ended

the

year

roughly

flat.

We

maintain

sanguine

views

on

the

names

we

hold

but

are

cautious

toward

the

subsector

overall

due

to

changing

consumer

demand

and

increased

competition

from

for-profit

operators.

As

always,

we

continue

to

closely

monitor

our

investments

in

these

facilities,

favoring

names

with

strong

financial

metrics,

geographic

diversification,

and

skilled

management

teams.

Within

the

fund’s

allocation

to

GOs,

we

sold

a

state

GO

from

California

as

our

outlook

on

the

state

became

less

constructive

late

in

the

period.

Specifically,

the

state’s

projected

budget

deficit

through

its

fiscal

year

2025

outweighs

the

funds

held

in

its

general

purpose

reserves

by

a

wide

margin.

This

development,

coupled

with

projected

deficits

beyond

this

time

window

and

our

view

that

California

has

less

budget-cutting

levers

to

pull

than

it

has

in

the

past,

weighed

on

our

outlook,

particularly

when

considering

how

the

state

may

fare

in

future

recessionary

conditions.

What

is

portfolio

management’s

outlook?

We

still

expect

the

Federal

Reserve

to

cut

interest

rates

this

year,

but

we

agree

with

the

shift

in

market

consensus

that

occurred

in

February

and

now

anticipate

a

smaller

number

of

cuts

this

year

along

with

a

later

start

date.

We

don’t

foresee

a

recession

in

the

near

term

but,

in

our

view,

the

Fed

will

feel

cuts

are

justified

to

keep

real

(inflation-adjusted)

yields

from

increasing

too

much

as

inflation

decreases.

Despite

substantial

macroeconomic

headwinds,

the

municipal

bond

market’s

credit

fundamentals

remained

generally

strong

thanks

to

pandemic-era

federal

aid

and

improved

fiscal

management

by

some

of

the

most

challenged

issuers.

These

factors,

from

our

perspective,

should

help

buffer

credit

ratings

in

a

recession

if

one

transpires,

although

a

recession

is

not

our

base

case.

T.

ROWE

PRICE

Tax-Free

Funds

7

Regarding

market

technicals,

the

backdrop

of

higher

yields

and

generally

solid

fundamentals

should,

in

our

view,

draw

investors

back

to

the

municipal

market

in

the

months

and

years

ahead.

While

flows

to

the

asset

class

recently

flipped

to

net

positive

as

inflows

to

municipal

bond

mutual

funds

reemerged,

we

acknowledge

that

bouts

of

outflows

may

persist

until

interest

rate

volatility

shows

a

more

sustained

moderation.

Although

credit

spreads

have

tightened

and

currently

sit

near

their

long-term

averages,

we

believe

our

fundamental

research

process

positions

us

well

to

identify

and

capture

attractive

opportunities

across

our

investable

universe.

In

navigating

this

complex

investment

landscape,

we

are

taking

a

selective

approach

toward

bond

structures

and

maintaining

an

emphasis

on

bottom-up

credit

factors.

As

always,

we

are

striving

to

stay

risk

aware

and

disciplined

in

our

investment

process,

which

we

believe

will

serve

our

clients

well

over

time.

TAX-FREE

INCOME

FUND 

INVESTMENT

OBJECTIVE 

The

fund

seeks

to

provide

a

high

level

of

income

exempt

from

federal

income

taxes

by

investing

primarily

in

long-term

investment-grade

municipal

securities.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past 12

months?

The

Tax-Free

Income

Fund

returned

6.16%

over

the

12

months

ended

February

29,

2024,

and

outperformed

its

Bloomberg

benchmark

along

with

its

Lipper

peer

group

average.

(Results

for

Advisor

and

I

Class

shares

varied

modestly,

reflecting

their

different

fee

structures.

Past

performance

cannot

guarantee

future

results.

)

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

2/29/24

6

Months

12

Months

Tax-Free

Income

Fund

–

.

4.97‌%

6.16‌%

Tax-Free

Income

Fund–

.

Advisor  Class

4.79‌

5.80‌

Tax-Free

Income

Fund–

.

I  Class

4.89‌

6.11‌

Bloomberg

Municipal

Bond

Index

4.33‌

5.42‌

Lipper

General

&

Insured

Municipal

Debt

Funds

Average

4.65‌

5.80‌

T.

ROWE

PRICE

Tax-Free

Funds

8

What

factors

influenced

the

fund’s

performance?

Throughout

the

majority

of

the

trailing

one-year

period,

municipal

bonds

traded

lower

against

the

backdrop

of

rising

Treasury

yields

and

outflows

from

municipal

bond

mutual

funds.

However,

Treasury

yields

fell

sharply

and

risk

sentiment

improved

in

the

final

two

months

of

2023,

leading

to

sharp

drops

in

municipal

bond

yields.

During

the

rally,

lower-rated

investment-grade

municipal

bonds

outpaced

higher

qualities,

and

high

yield

municipal

bonds

outperformed

investment-grade

municipal

bonds.

While

rising

Treasury

yields

weighed

on

the

asset

class

through

period-end,

supportive

technical

conditions

alleviated

some

upward

pressure

on

municipal

bond

yields,

and

the

asset

class

ended

the

period

with

strong

positive

total

returns.

Late

in

the

period,

the

municipal

market

experienced

net

positive

flows

after

a

sustained

period

of

outflows,

as

inflows

to

municipal

bond

mutual

funds

reemerged.

Security

selection

among

revenue

bonds

helped

relative

performance,

led

upward

by

selection

decisions

in

the

dedicated

tax,

lease/appropriation,

water/sewer,

and

industrial

development

revenue/pollution

control

revenue

subsectors.

Selection

among

state

general

obligation

(GO)

bonds—and,

to

a

lesser

extent,

local

GOs—also

aided

relative

performance.

In

particular,

bonds

from

the

Commonwealth

of

Puerto

Rico

meaningfully

supported

relative

performance

amid

strong

economic

activity

driven

by

continued

federal

stimulus.

State

GOs

from

Illinois

also

outperformed

alongside

a

rating

upgrade

by

Fitch

in

November

from

BBB+

to

A-.

Conversely,

selection

among

public

power

and

transportation

revenue

bonds

related

to

various

transportation

authorities

and

marinas

hindered

relative

performance.

Allocation

decisions

within

the

revenue-backed

sector

were

constructive

in

aggregate.

Overweights

to

life

care

communities,

hospitals,

and

transportation

revenue

bonds

contributed,

as

did

an

underweight

to

the

water/sewer

revenue

subsector.

Allocations

at

the

broad

sector

level

further

added

to

relative

gains,

lifted

by

an

overweight

to

revenue

bonds

and

an

underweight

to

GO

bonds.

However,

an

underweight

to

housing

revenue

bonds

negated

some

relative

gains.

Interest

rate

management

contributed

in

aggregate,

aided

by

the

portfolio’s

longer-than-benchmark

average-duration

profile—which

was

beneficial

as

municipal

bond

yields

ended

the

period

lower

across

most

of

the

curve—and

the

income

generated

by

municipal

bond

coupon

payments.

Positioning

across

key

rates

hampered

relative

performance.

Specifically,

modest

overweights

to

longer-maturity

bonds

detracted

as

the

long

end

was

the

only

portion

of

the

municipal

yield

curve

to

end

the

period

slightly

higher.

T.

ROWE

PRICE

Tax-Free

Funds

9

How

is

the

fund

positioned?

While

2022’s

historic

sell-off

produced

disappointing

results

for

bondholders,

we

believe

it

returned

substantial

value

to

the

municipal

market

through

markedly

higher

yields

and

increased

credit

risk

compensation.

Throughout

the

trailing

one-year

period,

we

utilized

our

fundamental,

bottom-up

research

process

to

add

to

high-conviction

names

at

what

we

viewed

as

attractive

valuations,

and

our

allocation

to

revenue

bonds

ended

the

period

higher.

The

fund’s

overall

credit

quality

finished

the

one-year

period

unchanged;

however,

we

allowed

its

credit

quality

diversification

to

adjust

modestly

as

we

identified

opportunities

amid

the

volatile

market

environment.

The

fund’s

allocations

to

the

AAA

and

AA

rating

buckets

increased

modestly,

while

its

allocation

to

the

A

rating

tier

decreased

slightly.

That

said,

the

BBB

and

A

quality

tiers

continued

to

represent

strategic

overweights

for

the

fund,

as

we

continued

to

believe

that

these

segments

offer

ample

opportunities

to

earn

additional

risk-adjusted

yield

over

time.

In

terms

of

interest

rate

management,

the

fund’s

duration

ended

the

period

above

the

benchmark’s

duration,

as

we

anticipate

rate

cuts

by

the

Fed

in

2024.

The

fund’s

allocation

to

municipal

bonds

maturing

in

20

years

or

more

increased

over

the

period

as

valuations

screened

attractively

in

the

long

end

of

the

curve.

Regarding

the

fund’s

positioning

across

sectors,

health

care

revenue

bonds—

namely,

those

from

hospitals

and

life

care

communities—remained

a

prominent

overweight

allocation.

However,

we

modestly

reduced

our

allocation

to

hospital

and

life

care

revenue

bonds

over

the

period

alongside

headwinds

from

staffing

shortages

and

inflationary

pressures

on

labor

and

medical

supply

costs.

While

we

expect

hospitals’

financial

performance

to

remain

challenged

in

the

year

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-

rated

securities,

and

a

rating

of

D

represents

the

lowest-

rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

CREDIT

QUALITY

DIVERSIFICATION

Tax-Free

Income

Fund

T.

ROWE

PRICE

Tax-Free

Funds

10

ahead,

we

are

encouraged

by

fundamental

trends

within

the

subsector.

In

addition,

labor

inflation

seems

to

be

cooling,

and

the

use

and

hourly

cost

of

contract

labor

have

declined,

which

we

view

as

potential

drivers

of

further

margin

improvement

for

hospital

operators.

The

fund’s

allocation

to

housing

revenue

bonds

increased

over

the

period,

largely

due

to

our

investments

in

planned

amortization

class

(PAC)

bonds.

While

PAC

bonds

have

long-stated

maturities—typically

around

30

years—

their

effective

maturities

are

generally

around

five

years

since

they

pay

down

according

to

a

defined

schedule

of

principal

payments,

which

is

guaranteed

within

a

specified

range

of

prepayment

speeds.

PAC

bonds

offer

a

credit

spread

and

yield

pickup

relative

to

other

highly

rated

bonds

in

the

front

end

of

the

curve

and,

therefore,

have

provided

attractive

investment

opportunities,

in

our

view.

(Municipal

bond

credit

spreads

are

a

measure

of

the

additional

yield

offered

by

bonds

that

have

additional

credit

risk

relative

to

comparable

AAA

rated

municipal

bonds.)

Conversely,

the

fund’s

allocation

to

the

airport

revenue

subsector

ended

the

period

lower.

In

our

view,

the

airport

revenue

subsector

has

continued

to

show

resilience

as

enplanements

fully

recovered

from

the

pandemic-induced

drawdown.

However,

airports

no

longer

screened

attractively

relative

to

other

A

rated

sectors.

What

is

portfolio

management’s

outlook?

We

still

expect

the

Federal

Reserve

to

cut

interest

rates

this

year,

but

we

agree

with

the

shift

in

market

consensus

that

occurred

in

February

and

now

anticipate

a

smaller

number

of

cuts

this

year

along

with

a

later

start

date.

We

don’t

foresee

a

recession

in

the

near

term

but,

in

our

view,

the

Fed

will

feel

cuts

are

justified

to

keep

real

(inflation-adjusted)

yields

from

increasing

too

much

as

inflation

decreases.

Despite

substantial

macroeconomic

headwinds,

the

municipal

bond

market’s

credit

fundamentals

remained

generally

strong

thanks

to

pandemic-era

federal

aid

and

improved

fiscal

management

by

some

of

the

most

challenged

issuers.

These

factors,

from

our

perspective,

should

help

buffer

credit

ratings

in

a

recession

if

one

transpires,

although

a

recession

is

not

our

base

case.

Regarding

market

technicals,

the

backdrop

of

higher

yields

and

generally

solid

fundamentals

should,

in

our

view,

draw

investors

back

to

the

municipal

market

in

the

months

and

years

ahead.

While

flows

to

the

asset

class

recently

flipped

to

net

positive

as

inflows

to

municipal

bond

mutual

funds

reemerged,

we

acknowledge

that

bouts

of

outflows

may

persist

until

interest

rate

volatility

shows

a

more

sustained

moderation.

T.

ROWE

PRICE

Tax-Free

Funds

11

Although

credit

spreads

have

tightened

and

currently

sit

near

their

long-term

averages,

we

believe

our

fundamental

research

process

positions

us

well

to

identify

and

capture

attractive

opportunities

across

our

investable

universe.

In

navigating

this

complex

investment

landscape,

we

are

taking

a

selective

approach

toward

bond

structures

and

maintaining

an

emphasis

on

bottom-up

credit

factors.

As

always,

we

are

striving

to

stay

risk

aware

and

disciplined

in

our

investment

process,

which

we

believe

will

serve

our

clients

well

over

time.

TAX-FREE

HIGH

YIELD FUND 

INVESTMENT

OBJECTIVE 

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.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past 12

months?

The

Tax-Free

High

Yield

Fund

returned

7.05%

for

the

12

months

ended

February

29,

2024,

outperforming

its

Bloomberg

benchmark

and

its

Lipper

peer

group

average.

(Results

for

Advisor

and

I

Class

shares

varied

modestly,

reflecting

their

different

fee

structures.

Past

performance

cannot

guarantee

future

results.

)

What

factors

influenced

the

fund’s

performance?

Throughout

the

majority

of

the

trailing

one-year

period,

municipal

bonds

traded

lower

against

the

backdrop

of

rising

Treasury

yields

and

outflows

from

municipal

bond

mutual

funds.

However,

Treasury

yields

fell

sharply

and

risk

sentiment

improved

in

the

final

two

months

of

2023,

leading

to

sharp

drops

in

municipal

bond

yields.

During

the

rally,

lower-rated

investment-grade

municipal

bonds

outpaced

higher

qualities,

and

high

yield

municipal

bonds

outperformed

investment-grade

municipal

bonds.

While

rising

Treasury

yields

weighed

on

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

2/29/24

6

Months

12

Months

Tax-Free

High

Yield

Fund

–

.

5.67‌%

7.05‌%

Tax-Free

High

Yield

Fund–

.

Advisor  Class

5.36‌

6.65‌

Tax-Free

High

Yield

Fund–

.

I  Class

5.64‌

7.07‌

Bloomberg

65%

High-

Grade/35%

High-Yield

Index

4.86‌

6.42‌

Lipper

High

Yield

Municipal

Debt

Funds

Average

5.55‌

6.74‌

T.

ROWE

PRICE

Tax-Free

Funds

12

the

asset

class

through

period-end,

supportive

technical

conditions

alleviated

some

upward

pressure

on

municipal

bond

yields,

and

the

asset

class

ended

the

period

with

strong

positive

total

returns.

Late

in

the

period,

the

municipal

market

experienced

net

positive

flows

after

a

sustained

period

of

outflows,

as

inflows

to

municipal

bond

mutual

funds

reemerged.

Security

selection

among

state

and

local

general

obligation

(GO)

bonds

helped

relative

performance.

In

particular,

bonds

from

the

Commonwealth

of

Puerto

Rico

meaningfully

supported

relative

performance

amid

strong

economic

activity

driven

by

continued

federal

stimulus.

State

GOs

from

Illinois

also

outperformed

alongside

a

rating

upgrade

by

Fitch

in

November

from

BBB+

to

A-.

Selection

among

revenue

bonds

further

added

to

relative

gains,

led

upward

by

selection

decisions

in

the

dedicated

tax,

ground

transportation,

lease/appropriation,

water/sewer,

and

industrial

development

revenue/pollution

control

revenue

(IDR/PCR)

subsectors.

Selection

within

the

public

power

revenue

subsector

negated

some

relative

gains,

dragged

down

by

holdings

of

bonds

issued

by

Puerto

Rico

Electric

Power

Authority

(PREPA).

The

bonds

depreciated

substantially

near

the

end

of

June

2023

after

the

bankruptcy

judge

ruled

that

bondholder

claims

were

limited

to

around

30%

of

outstanding

defaulted

PREPA

revenue

bond

principal

value,

which

was

well

below

market

expectations.

The

situation

is

still

evolving,

and

we

continue

to

evaluate

and

monitor

any

PREPA-related

developments

closely.

Interest

rate

management

contributed

in

aggregate,

aided

by

the

portfolio’s

longer-than-benchmark

average-duration

profile—which

was

beneficial

as

municipal

bond

yields

ended

the

period

lower

across

most

of

the

curve—and

the

income

generated

by

municipal

bond

coupon

payments.

Positioning

across

key

rates

hampered

relative

performance.

Specifically,

modest

overweights

to

longer-maturity

bonds

detracted

as

the

long

end

was

the

only

portion

of

the

municipal

yield

curve

to

end

the

period

slightly

higher.

Allocations

at

the

broad

sector

level

were

constructive

in

aggregate,

aided

by

an

overweight

to

revenue

bonds

and

an

underweight

to

GO

bonds.

Allocation

decisions

within

the

revenue-backed

sector

further

added

to

relative

gains.

Underweights

to

housing,

water/sewer,

higher

education,

and

public

power

revenue

bonds

contributed,

while

an

underweight

to

dedicated

tax

and

an

overweight

to

life

care

community

revenue

bonds

hindered

relative

performance.

T.

ROWE

PRICE

Tax-Free

Funds

13

How

is

the

fund

positioned?

While

2022’s

historic

sell-off

produced

disappointing

results

for

bondholders,

we

believe

it

returned

substantial

value

to

the

municipal

market

through

markedly

higher

yields

and

increased

credit

risk

compensation.

Throughout

the

trailing

one-year

period,

we

utilized

our

fundamental,

bottom-up

research

process

to

add

to

high-conviction

names

at

what

we

viewed

as

attractive

valuations,

and

our

allocation

to

revenue

bonds

ended

the

period

higher.

The

fund’s

overall

credit

quality

finished

the

one-year

period

unchanged;

however,

we

allowed

its

credit

quality

diversification

to

adjust

modestly

as

we

identified

opportunities

amid

the

volatile

market

environment.

The

fund’s

allocation

to

the

BB

rating

bucket

increased

modestly,

while

its

allocations

to

the

A

and

B

rating

tiers

decreased

slightly.

The

BBB

and

BB

rating

categories

remained

key

overweight

exposures

for

the

fund,

as

we

continued

to

believe

that

these

lower-quality

segments

present

ample

opportunities

to

uncover

additional

risk-adjusted

yield

through

diligent,

bottom-up

credit

analysis.

We

also

maintained

an

overweight

to

the

nonrated

tier,

where

we

believe

that

rigorous

credit

research

can

uncover

mispriced

or

overlooked

bonds.

In

terms

of

interest

rate

management,

the

fund’s

duration

ended

the

period

above

the

benchmark’s

duration,

as

we

anticipate

rate

cuts

by

the

Fed

in

2024.

The

fund’s

allocation

to

bonds

maturing

in

20

years

or

more

remained

a

significant

overweight

relative

to

the

benchmark.

Regarding

the

fund’s

positioning

across

sectors,

we

continued

to

overweight

the

IDR/PCR

subsector,

and

our

allocation

to

the

sector

ended

the

period

slightly

higher.

In

addition

to

offering

above-average

yields,

we

believe

this

area

of

the

market

provides

diversification

benefits

for

municipal

investors

due

to

its

corporate-backed

nature.

When

approaching

potential

investments

in

this

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-

rated

securities,

and

a

rating

of

D

represents

the

lowest-

rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

CREDIT

QUALITY

DIVERSIFICATION

Tax-Free

High

Yield

Fund

T.

ROWE

PRICE

Tax-Free

Funds

14

subsector,

we

frequently

exchange

research

insights

with

T.

Rowe

Price’s

taxable

fixed

income

and

equity

analysts

in

an

effort

to

deepen

our

understanding

of

the

bonds’

underlying

guarantors

while

aiming

to

avoid

the

most

speculative

projects

in

the

space.

Among

corporate-backed

market

segments,

we

continued

to

favor

prepaid

gas

revenue

bonds.

The

fund

continued

to

have

a

modest

allocation

to

tobacco-securitized

bonds.

However,

we

remain

cautious

on

the

sector

over

the

long

run

based

on

our

view

that

many

of

these

issuers

face

fundamental

credit

challenges

and

substantial

regulatory

headwinds.

Among

tobacco-securitized

credits,

we

maintain

a

strong

preference

for

comparatively

higher-quality

deal

structures

that,

in

our

assessment,

are

fundamentally

sound

in

nature.

What

is

portfolio

management’s

outlook?

We

still

expect

the

Federal

Reserve

to

cut

interest

rates

this

year,

but

we

agree

with

the

shift

in

market

consensus

that

occurred

in

February

and

now

anticipate

a

smaller

number

of

cuts

this

year

along

with

a

later

start

date.

We

don’t

foresee

a

recession

in

the

near

term

but,

in

our

view,

the

Fed

will

feel

cuts

are

justified

to

keep

real

(inflation-adjusted)

yields

from

increasing

too

much

as

inflation

decreases.

Despite

substantial

macroeconomic

headwinds,

the

municipal

bond

market’s

credit

fundamentals

remained

generally

strong

thanks

to

pandemic-era

federal

aid

and

improved

fiscal

management

by

some

of

the

most

challenged

issuers.

These

factors,

from

our

perspective,

should

help

buffer

credit

ratings

in

a

recession

if

one

transpires,

although

a

recession

is

not

our

base

case.

Regarding

market

technicals,

the

backdrop

of

higher

yields

and

generally

solid

fundamentals

should,

in

our

view,

draw

investors

back

to

the

municipal

market

in

the

months

and

years

ahead.

While

flows

to

the

asset

class

recently

flipped

to

net

positive

as

inflows

to

municipal

bond

mutual

funds

reemerged,

we

acknowledge

that

bouts

of

outflows

may

persist

until

interest

rate

volatility

shows

a

more

sustained

moderation.

Although

credit

spreads

have

tightened

and

currently

sit

near

their

long-term

averages,

we

believe

our

fundamental

research

process

positions

us

well

to

identify

and

capture

attractive

opportunities

across

our

investable

universe.

In

navigating

this

complex

investment

landscape,

we

are

taking

a

selective

approach

toward

bond

structures

and

maintaining

an

emphasis

on

bottom-up

credit

factors.

As

always,

we

are

striving

to

stay

risk

aware

and

disciplined

in

our

investment

process,

which

we

believe

will

serve

our

clients

well

over

time.

T.

ROWE

PRICE

Tax-Free

Funds

15

INTERMEDIATE

TAX-FREE

HIGH

YIELD FUND 

INVESTMENT

OBJECTIVE 

The

fund

seeks

to

provide

a

high

level

of

income

exempt

from

federal

income

taxes.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past 12

months?

The

Intermediate

Tax-Free

High

Yield

Fund

returned

5.39%

for

the

12

months

ended

February

29,

2024.

The

fund

performed

in

line

with

its

Bloomberg

benchmark

but

underperformed

the

average

return

of

its

Lipper

peer

group,

which

encompasses

funds

with

much

longer

maturity

and

duration

constraints.

(Results

for

I

Class

shares

varied,

reflecting

their

different

fee

structure.

Past

performance

cannot

guarantee

future

results.

)

What

factors

influenced

the

fund’s

performance?

Throughout

the

majority

of

the

trailing

one-year

period,

municipal

bonds

traded

lower

against

the

backdrop

of

rising

Treasury

yields

and

outflows

from

municipal

bond

mutual

funds.

However,

Treasury

yields

fell

sharply

and

risk

sentiment

improved

in

the

final

two

months

of

2023,

leading

to

sharp

drops

in

municipal

bond

yields.

During

the

rally,

lower-

rated

investment-grade

municipal

bonds

outpaced

higher

qualities,

and

high

yield

municipal

bonds

outperformed

investment-

grade

municipal

bonds.

While

rising

Treasury

yields

weighed

on

the

asset

class

through

period-end,

supportive

technical

conditions

alleviated

some

upward

pressure

on

municipal

bond

yields,

and

the

asset

class

ended

the

period

with

strong

positive

total

returns.

Late

in

the

period,

the

municipal

market

experienced

net

positive

flows

after

a

sustained

period

of

outflows,

as

inflows

to

municipal

bond

mutual

funds

reemerged.

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

2/29/24

6

Months

12

Months

Intermediate

Tax-Free

High

Yield

Fund

–

.

3.99‌%

5.39‌%

Intermediate

Tax-Free

High

Yield

Fund–

.

I  Class

4.01‌

5.55‌

Bloomberg

65%

High-

Grade/35%

High-Yield

Intermediate

Competitive

(1–17

Year

Maturity)

Index

3.96‌

5.40‌

Lipper

High

Yield

Municipal

Debt

Funds

Average

5.55‌

6.74‌

T.

ROWE

PRICE

Tax-Free

Funds

16

Selection

among

revenue

bonds

helped

relative

performance,

led

upward

by

selection

decisions

in

the

dedicated

tax,

lease/appropriation,

water/sewer,

and

industrial

development

revenue/pollution

control

revenue

(IDR/PCR)

subsectors.

Selection

among

state

and

local

general

obligation

(GO)

bonds

further

added

to

relative

gains.

In

particular,

bonds

from

the

Commonwealth

of

Puerto

Rico

meaningfully

supported

relative

performance

amid

strong

economic

activity

driven

by

continued

federal

stimulus.

Selection

within

the

public

power

revenue

subsector

negated

some

relative

gains,

dragged

down

by

holdings

of

bonds

issued

by

Puerto

Rico

Electric

Power

Authority

(PREPA).

The

bonds

depreciated

substantially

near

the

end

of

June

2023

after

the

bankruptcy

judge

ruled

that

bondholder

claims

were

limited

to

around

30%

of

outstanding

defaulted

PREPA

revenue

bond

principal

value,

which

was

well

below

market

expectations.

The

situation

is

still

evolving,

and

we

continue

to

evaluate

and

monitor

any

PREPA-related

developments

closely.

Allocations

within

the

revenue-backed

sector

hindered

relative

performance,

dragged

lower

by

overweights

to

hospital

and

IDR/PCR

bonds

and

an

underweight

to

the

dedicated

tax

revenue

subsector.

Conversely,

overweights

to

student

housing

and

life

care

community

revenue

bonds

and

underweights

to

the

higher

education

and

public

power

revenue

subsectors

contributed.

Allocations

at

the

broad

sector

level

had

a

neutral

impact

on

relative

performance.

Interest

rate

management

detracted

modestly

in

aggregate.

The

portfolio’s

shorter-than-benchmark

average-duration

profile

detracted

as

municipal

bond

yields

ended

the

period

lower

across

most

of

the

curve.

Positioning

across

key

rates

also

hampered

relative

performance,

while

the

income

generated

by

municipal

bond

coupon

payments

made

up

for

some

relative

losses.

How

is

the

fund

positioned?

While

2022’s

historic

sell-off

produced

disappointing

results

for

bondholders,

we

believe

it

returned

substantial

value

to

the

municipal

market

through

markedly

higher

yields

and

increased

credit

risk

compensation.

Throughout

the

trailing

one-year

period,

we

utilized

our

fundamental,

bottom-up

research

process

to

add

to

high-conviction

names

at

what

we

viewed

as

attractive

valuations.

The

fund’s

overall

credit

quality

ticked

upward

from

BBB

to

BBB+

over

the

year

as

we

decreased

its

allocation

to

the

B

rating

tier

in

favor

of

BBB

and

BB

bonds,

which

remain

key

overweight

exposures

for

the

fund.

We

also

continued

to

overweight

the

nonrated

tier,

where

we

believe

that

our

research

strengths

can

enable

us

to

take

advantage

of

credits

that

have

been

mispriced

or

overlooked

by

investors.

T.

ROWE

PRICE

Tax-Free

Funds

17

In

terms

of

interest

rate

management,

the

fund’s

duration

declined

and

ended

the

period

below

the

benchmark’s

duration.

This

change

in

duration

posture

was

partly

a

result

of

a

decrease

in

the

fund’s

allocation

to

bonds

maturing

in

10

to

20

years

and

an

increase

in

bonds

maturing

within

three

years.

Regarding

the

fund’s

positioning

across

sectors,

we

continued

to

overweight

the

IDR/PCR

subsector,

although

our

allocation

to

the

sector

ended

the

period

slightly

lower.

In

addition

to

offering

above-average

yields,

we

believe

this

area

of

the

market

provides

diversification

benefits

for

municipal

investors

due

to

its

corporate-backed

nature.

When

approaching

potential

investments

in

this

subsector,

we

frequently

exchange

research

insights

with

T.

Rowe

Price’s

taxable

fixed

income

and

equity

analysts

in

an

effort

to

deepen

our

understanding

of

the

bonds’

underlying

guarantors

while

aiming

to

avoid

the

most

speculative

projects

in

the

space.

Health

care

revenue

bonds—

namely,

those

from

hospitals

and

life

care

communities—

remained

a

prominent

overweight

allocation.

However,

we

reduced

our

allocation

to

hospital

revenue

bonds

and

life

care

revenue

bonds

over

the

period

alongside

headwinds

from

staffing

shortages

and

inflationary

pressures

on

labor

and

medical

supply

costs.

While

we

expect

hospitals’

financial

performance

to

remain

challenged

in

the

year

ahead,

we

are

encouraged

by

fundamental

trends

within

the

subsector.

In

addition,

labor

inflation

seems

to

be

cooling,

and

the

use

and

hourly

cost

of

contract

labor

have

declined,

which

we

view

as

potential

drivers

of

further

margin

improvement

for

hospital

operators.

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-

rated

securities,

and

a

rating

of

D

represents

the

lowest-

rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

CREDIT

QUALITY

DIVERSIFICATION

Intermediate

Tax-Free

High

Yield

Fund

T.

ROWE

PRICE

Tax-Free

Funds

18

What

is

portfolio

management’s

outlook?

We

still

expect

the

Federal

Reserve

to

cut

interest

rates

this

year,

but

we

agree

with

the

shift

in

market

consensus

that

occurred

in

February

and

now

anticipate

a

smaller

number

of

cuts

this

year

along

with

a

later

start

date.

We

don’t

foresee

a

recession

in

the

near

term

but,

in

our

view,

the

Fed

will

feel

cuts

are

justified

to

keep

real

(inflation-adjusted)

yields

from

increasing

too

much

as

inflation

decreases.

Despite

substantial

macroeconomic

headwinds,

the

municipal

bond

market’s

credit

fundamentals

remained

generally

strong

thanks

to

pandemic-era

federal

aid

and

improved

fiscal

management

by

some

of

the

most

challenged

issuers.

These

factors,

from

our

perspective,

should

help

buffer

credit

ratings

in

a

recession

if

one

transpires,

although

a

recession

is

not

our

base

case.

Regarding

market

technicals,

the

backdrop

of

higher

yields

and

generally

solid

fundamentals

should,

in

our

view,

draw

investors

back

to

the

municipal

market

in

the

months

and

years

ahead.

While

flows

to

the

asset

class

recently

flipped

to

net

positive

as

inflows

to

municipal

bond

mutual

funds

reemerged,

we

acknowledge

that

bouts

of

outflows

may

persist

until

interest

rate

volatility

shows

a

more

sustained

moderation.

Although

credit

spreads

have

tightened

and

currently

sit

near

their

long-term

averages,

we

believe

our

fundamental

research

process

positions

us

well

to

identify

and

capture

attractive

opportunities

across

our

investable

universe.

In

navigating

this

complex

investment

landscape,

we

are

taking

a

selective

approach

toward

bond

structures

and

maintaining

an

emphasis

on

bottom-up

credit

factors.

As

always,

we

are

striving

to

stay

risk

aware

and

disciplined

in

our

investment

process,

which

we

believe

will

serve

our

clients

well

over

time.

The

views

expressed

reflect

the

opinions

of

T.

Rowe

Price

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic,

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

T.

ROWE

PRICE

Tax-Free

Funds

19

RISKS

OF

INVESTING

IN

THE

TAX-EXEMPT

MONEY

FUND

You

could

lose

money

by

investing

in

the

Fund.

Although

the

Fund

seeks

to

preserve

the

value

of

your

investment

at

$1.00

per

share,

it

cannot

guarantee

it

will

do

so.

The

Fund

may

impose

a

fee

upon

the

sale

of

your

shares

or

may

temporarily

suspend

your

ability

to

sell

shares

if

the

Fund’s

liquidity

falls

below

required

minimums

because

of

market

conditions

or

other

factors.

An

investment

in

the

Fund

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Fund’s

sponsor

has

no

legal

obligation

to

provide

financial

support

to

the

Fund,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the

Fund

at

any

time.

RISKS

OF

INVESTING

IN

FIXED

INCOME

SECURITIES

Bonds

are

subject

to

interest

rate

risk

(the

decline

in

bond

prices

that

usually

accompanies

a

rise

in

interest

rates)

and

credit

risk

(the

chance

that

any

fund

holding

could

have

its

credit

rating

downgraded

or

that

a

bond

issuer

will

default

by

failing

to

make

timely

payments

of

interest

or

principal),

potentially

reducing

the

fund’s

income

level

and

share

price.

Investments

in

high

yield

bonds

involve

greater

risk

of

price

volatility,

illiquidity,

and

default

than

higher-rated

debt

securities.

Municipal

bond

funds

may

be

highly

impacted

by

events

tied

to

the

overall

municipal

securities

markets,

including

unfavorable

legislative

or

political

developments

and

adverse

changes

in

the

financial

conditions

of

municipal

bond

issuers

and

the

economy.

Some

income

may

be

subject

to

state

and

local

taxes

and

the

federal

alternative

minimum

tax.

BENCHMARK

INFORMATION

Note:

Bloomberg

®

and

Bloomberg

1–5

Year

Blend

(1–6

Year

Maturity)

Index,

Bloomberg

Municipal

Bond

Index,

Bloomberg

65%

High-Grade/35%

High-

Yield

Index,

and

Bloomberg

65%

High-Grade/35%

High-Yield

Intermediate

Competitive

(1–17

Year

Maturity)

Index

are

service

marks

of

Bloomberg

Finance

L.P.

and

its

affiliates,

including

Bloomberg

Index

Services

Limited

(“BISL”),

the

administrator

of

the

index

(collectively,

“Bloomberg”)

and

have

been

licensed

for

use

for

certain

purposes

by

T.

Rowe

Price.

Bloomberg

is

not

affiliated

with

T.

Rowe

Price,

and

Bloomberg

does

not

approve,

endorse,

review,

or

recommend

its

products.

Bloomberg

does

not

guarantee

the

timeliness,

accurateness,

or

completeness

of

any

data

or

information

relating

to

its

products.

Note:

Copyright

©

2024

Fitch

Ratings,

Inc.,

Fitch

Ratings

Ltd.

and

its

subsidiaries.

T.

ROWE

PRICE

Tax-Free

Funds

20

Note:

Portions

of

the

mutual

fund

information

contained

in

this

report

was

supplied

by

Lipper,

a

Refinitiv

Company,

subject

to

the

following:

Copyright

2024

©

Refinitiv.

All

rights

reserved.

Any

copying,

republication

or

redistribution

of

Lipper

content

is

expressly

prohibited

without

the

prior

written

consent

of

Lipper.

Lipper

shall

not

be

liable

for

any

errors

or

delays

in

the

content,

or

for

any

actions

taken

in

reliance

thereon.

Note:

©

2024,

Moody’s

Corporation,

Moody’s

Investors

Service,

Inc.,

Moody’s

Analytics,

Inc.

and/or

their

licensors

and

affiliates

(collectively,

“Moody’s”).

All

rights

reserved.

Moody’s

ratings

and

other

information

(“Moody’s

Information”)

are

proprietary

to

Moody’s

and/or

its

licensors

and

are

protected

by

copyright

and

other

intellectual

property

laws.

Moody’s

Information

is

licensed

to

Client

by

Moody’s.

MOODY’S

INFORMATION

MAY

NOT

BE

COPIED

OR

OTHERWISE

REPRODUCED,

REPACKAGED,

FURTHER

TRANSMITTED,

TRANSFERRED,

DISSEMINATED,

REDISTRIBUTED

OR

RESOLD,

OR

STORED

FOR

SUBSEQUENT

USE

FOR

ANY

SUCH

PURPOSE,

IN

WHOLE

OR

IN

PART,

IN

ANY

FORM

OR

MANNER

OR

BY

ANY

MEANS

WHATSOEVER,

BY

ANY

PERSON

WITHOUT

MOODY’S

PRIOR

WRITTEN

CONSENT.

Moody's

®

is

a

registered

trademark.

Note:

Copyright

©

2024,

S&P

Global

Market

Intelligence

(and

its

affiliates,

as

applicable).

Reproduction

of

any

information,

data

or

material,

including

ratings

(“Content”)

in

any

form

is

prohibited

except

with

the

prior

written

permission

of

the

relevant

party. Such

party,

its

affiliates

and

suppliers

(“Content

Providers”)

do

not

guarantee

the

accuracy,

adequacy,

completeness,

timeliness

or

availability

of

any

Content

and

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

or

for

the

results

obtained

from

the

use

of

such

Content.

In

no

event

shall

Content

Providers

be

liable

for

any

damages,

costs,

expenses,

legal

fees,

or

losses

(including

lost

income

or

lost

profit

and

opportunity

costs)

in

connection

with

any

use

of

the

Content.

A

reference

to

a

particular

investment

or

security,

a

rating

or

any

observation

concerning

an

investment

that

is

part

of

the

Content

is

not

a

recommendation

to

buy,

sell

or

hold

such

investment

or

security,

does

not

address

the

appropriateness

of

an

investment

or

security

and

should

not

be

relied

on

as

investment

advice.

Credit

ratings

are

statements

of

opinions

and

are

not

statements

of

fact.

BENCHMARK

INFORMATION

(continued)

T.

ROWE

PRICE

Tax-Free

Funds

21

GROWTH

OF

$10,000 

This

chart

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

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from fund

returns

as

well

as

mutual fund

averages

and

indexes. 

TAX-FREE

SHORT-INTERMEDIATE

FUND

Note:

Performance

for

the Advisor

and

I Class

shares

will

vary

due

to

their

differing

fee

structures.

See

the

Average

Annual

Compound

Total

Return

table. 

T.

ROWE

PRICE

Tax-Free

Funds

22

GROWTH

OF

$10,000 

This

chart

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

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from fund

returns

as

well

as

mutual fund

averages

and

indexes. 

TAX-FREE

INCOME

FUND

Note:

Performance

for

the Advisor

and

I Class

shares

will

vary

due

to

their

differing

fee

structures.

See

the

Average

Annual

Compound

Total

Return

table. 

T.

ROWE

PRICE

Tax-Free

Funds

23

GROWTH

OF

$10,000 

This

chart

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

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from fund

returns

as

well

as

mutual fund

averages

and

indexes. 

TAX-FREE

HIGH

YIELD

FUND

Note:

Performance

for

the Advisor

and

I Class

shares

will

vary

due

to

their

differing

fee

structures.

See

the

Average

Annual

Compound

Total

Return

table. 

T.

ROWE

PRICE

Tax-Free

Funds

24

GROWTH

OF

$10,000 

This

chart

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

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from fund

returns

as

well

as

mutual fund

averages

and

indexes. 

INTERMEDIATE

TAX-FREE

HIGH

YIELD

FUND

Note:

Performance

for

the I Class

shares

will

vary

due

to

their

differing

fee

structures.

See

the

Average

Annual

Compound

Total

Return

table. 

*The

Lipper

data

are

from

7/31/14.

T.

ROWE

PRICE

Tax-Free

Funds

25

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

Periods

Ended

2/29/24

1

Year

5

Years

10

Years

Since

Inception

Inception

Date

Tax-Free

Short-

Intermediate

Fund

–

.

3.85‌%

1.19‌%

1.13‌%

–‌

–

Tax-Free

Short-

Intermediate

Fund–

.

Advisor  Class

3.33‌

0.85‌

0.79‌

–‌

–

Tax-Free

Short-

Intermediate

Fund–

.

I  Class

3.81‌

1.31‌

–‌

1.51‌%

11/29/16

..

Tax-Free

Income

Fund

–

.

6.16‌

1.96‌

2.68‌

–‌

–

Tax-Free

Income

Fund–

.

Advisor  Class

5.80‌

1.63‌

2.33‌

–‌

–

Tax-Free

Income

Fund–

.

I  Class

6.11‌

2.01‌

–‌

2.09‌

7/6/17

..

Tax-Free

High

Yield

Fund

–

.

7.05‌

2.04‌

3.40‌

–‌

–

Tax-Free

High

Yield

Fund–

.

Advisor  Class

6.65‌

1.71‌

3.12‌

–‌

–

Tax-Free

High

Yield

Fund–

.

I  Class

7.07‌

2.14‌

–‌

2.82‌

11/29/16

..

Intermediate

Tax-Free

High

Yield

Fund

–

.

5.39‌

1.82‌

–‌

2.59‌

7/24/14

Intermediate

Tax-Free

High

Yield

Fund–

.

I  Class

5.55‌

1.87‌

–‌

2.19‌

7/6/17

..

This

table

shows

how

the

funds

would

have

performed

each

year

if

their

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Average

annual

total

return

figures

include

changes

in

principal

value,

reinvested

dividends,

and

capital

gain

distributions.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Past

performance

cannot

guarantee

future

results.

When

assessing

performance,

investors

should

consider

both

short-

and

long-term

returns.

T.

ROWE

PRICE

Tax-Free

Funds

26

EXPENSE

RATIOS

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

Intermediate

Tax-Free

High

Yield

Fund,

Tax-Free

High

Yield

Fund,

Tax-Free

Income

Fund,

and

Tax-Free

Short-Intermediate

Fund have

three

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

the

Advisor

Class

shares

are

offered

only

through

unaffiliated

brokers

and

other

financial

intermediaries

and

charge

a

0.25%

12b-1

fee,

and

the

I

Class

shares

are

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment.

The

Tax-Exempt

Money

Fund

has

two

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

and

the

I

Class

shares

are

also

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Tax-Free

Short-Intermediate

Fund

0.52‌%

Tax-Free

Short-Intermediate

Fund–Advisor

Class

0.77‌ 

Tax-Free

Short-Intermediate

Fund–I

Class

0.37‌ 

Tax-Free

Income

Fund

0.59‌ 

Tax-Free

Income

Fund–Advisor

Class

0.86‌ 

Tax-Free

Income

Fund–I

Class

0.47‌ 

Tax-Free

High

Yield

Fund

0.77‌ 

Tax-Free

High

Yield

Fund–Advisor

Class

1.03‌ 

Tax-Free

High

Yield

Fund–I

Class

0.63‌ 

Intermediate

Tax-Free

High

Yield

Fund

1.02‌ 

Intermediate

Tax-Free

High

Yield

Fund–I

Class

0.84‌ 

The

expense

ratios

shown

are

as

of

the

funds’

most

recent

prospectus.

These

numbers

may

vary

from

the

expense

ratios

shown

elsewhere

in

this

report

because

they

are

based

on

a

different

time

period

and,

if

applicable,

include

acquired

fund

fees

and

expenses

but

do

not

include

fee

or

expense

waivers.

T.

ROWE

PRICE

Tax-Free

Funds

27

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Tax-Free

Funds

28

TAX-EXEMPT

MONEY

FUND

Beginning

Account

Value

9/1/23

Ending

Account

Value

2/29/24

Expenses

Paid

During

Period*

9/1/23

to

2/29/24

Investor

Class

Actual

$1,000.00

$1,015.80

$2.05

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.82

  2.06

I

Class

Actual

  1,000.00

  1,016.60

  1.20

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,023.67

  1.21

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(182),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.41%,

and

the

2

I Class

was

0.24%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Tax-Free

Funds

29

TAX-FREE

SHORT-INTERMEDIATE

FUND

Beginning

Account

Value

9/1/23

Ending

Account

Value

2/29/24

Expenses

Paid

During

Period*

9/1/23

to

2/29/24

Investor

Class

Actual

$1,000.00

$1,026.30

$2.62

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.28

  2.61

Advisor

Class

Actual

  1,000.00

  1,024.50

  4.38

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,020.54

  4.37

I

Class

Actual

  1,000.00

  1,027.00

  1.86

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,023.02

  1.86

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(182),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.52%,

the

2

Advisor Class

was

0.87%,

and

the

3

I Class

was

0.37%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Tax-Free

Funds

30

TAX-FREE

INCOME

FUND

Beginning

Account

Value

9/1/23

Ending

Account

Value

2/29/24

Expenses

Paid

During

Period*

9/1/23

to

2/29/24

Investor

Class

Actual

$1,000.00

$1,049.70

$2.70

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.23

  2.66

Advisor

Class

Actual

  1,000.00

  1,047.90

  4.43

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,020.54

  4.37

I

Class

Actual

  1,000.00

  1,048.90

  2.39

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.53

  2.36

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(182),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.53%,

the

2

Advisor Class

was

0.87%,

and

the

3

I Class

was

0.47%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Tax-Free

Funds

31

TAX-FREE

HIGH

YIELD

FUND

Beginning

Account

Value

9/1/23

Ending

Account

Value

2/29/24

Expenses

Paid

During

Period*

9/1/23

to

2/29/24

Investor

Class

Actual

$1,000.00

$1,056.70

$3.43

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.53

  3.37

Advisor

Class

Actual

  1,000.00

  1,053.60

  5.26

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,019.74

  5.17

I

Class

Actual

  1,000.00

  1,056.40

  2.81

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.13

  2.77

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(182),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.67%,

the

2

Advisor Class

was

1.03%,

and

the

3

I Class

was

0.55%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Tax-Free

Funds

32

INTERMEDIATE

TAX-FREE

HIGH

YIELD

FUND

Beginning

Account

Value

9/1/23

Ending

Account

Value

2/29/24

Expenses

Paid

During

Period*

9/1/23

to

2/29/24

Investor

Class

Actual

$1,000.00

$1,039.90

$2.33

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.58

  2.31

I

Class

Actual

  1,000.00

  1,040.10

  2.13

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.77

  2.11

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(182),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.46%,

and

the

3

I Class

was

0.42%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Tax-Free

Funds

33

QUARTER-END

RETURNS

Periods

Ended

12/31/23

......

1

Year

....

5

Years

....

10

Years

Since

Inception

Inception

Date

Tax-Free

Short-Intermediate

Fund

–

.

3.95‌%

1.39‌%

1.24‌%

–‌

–

Tax-Free

Short-Intermediate

Fund–

.

Advisor  Class

3.48‌

1.05‌

0.90‌

–‌

–

Tax-Free

Short-Intermediate

Fund–

.

I  Class

3.90‌

1.51‌

–‌

1.54‌%

11/29/16

Tax-Free

Income

Fund

–

.

7.01‌

2.16‌

3.03‌

–‌

–

Tax-Free

Income

Fund–

.

Advisor  Class

6.66‌

1.81‌

2.69‌

–‌

–

Tax-Free

Income

Fund–

.

I  Class

7.07‌

2.23‌

–‌

2.16‌

7/6/17

Tax-Free

High

Yield

Fund

–

.

7.02‌

2.03‌

3.75‌

–‌

–

Tax-Free

High

Yield

Fund–

.

Advisor  Class

6.75‌

1.72‌

3.48‌

–‌

–

Tax-Free

High

Yield

Fund–

.

I  Class

7.15‌

2.14‌

–‌

2.70‌

11/29/16

Intermediate

Tax-Free

High

Yield

Fund

–

.

5.33‌

1.93‌

–‌

2.55‌

7/24/14

Intermediate

Tax-Free

High

Yield

Fund–

.

I  Class

5.38‌

1.97‌

–‌

2.10‌

7/6/17

The

funds’

performance

information

represents

only

past

performance

and

is

not

necessarily

an

indication

of

future

results.

Current

performance

may

be

lower

or

higher

than

the

performance

data

cited.

Share

price,

principal

value,

yield,

and

return

will

vary,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

For

the

most

recent

month-end

performance,

please

visit

our

website

(troweprice.com)

or

contact

a

T.

Rowe

Price

representative

at

1-800-225-5132

or,

for

2

Advisor

and

3

I

Class

shares,

1-800-638-8790.

This

table

provides

returns

net

of

expenses

through

the

most

recent

calendar

quarter-end

rather

than

through

the

end

of

the

funds’

fiscal

period. It

shows

how

the

funds

would

have

performed

each

year

if

their

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Average

annual

total

return

figures

include

changes

in

principal

value,

reinvested

dividends,

and

capital

gain

distributions.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

When

assessing

performance,

investors

should

consider

both

short-

and

long-term

returns.

A

money

fund’s

yield

more

closely

represents

its

current

earnings

than

does

the

total

return.

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

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.

202404-3377836

C03-050

4/24

February

29,

2024

Annual

Report

|

Financial

Statements

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

36

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

..

Year

..

..

Ended

.

2/29/24

2/28/23

2/28/22

2/28/21

2/29/20

NET

ASSET

VALUE

Beginning

of

period

$

10.64‌

$

12.22‌

$

12.32‌

$

12.67‌

$

11.81‌

Investment

activities

Net

investment

income

(1)(2)

0.41‌

0.41‌

0.38‌

0.41‌

0.44‌

Net

realized

and

unrealized

gain/

loss

0.32‌

(1.58‌)

(0.10‌)

(0.34‌)

0.86‌

Total

from

investment

activities

0.73‌

(1.17‌)

0.28‌

0.07‌

1.30‌

Distributions

Net

investment

income

(0.40‌)

(0.40‌)

(0.38‌)

(0.41‌)

(0.44‌)

Net

realized

gain

—‌

(0.01‌)

—‌

(0.01‌)

—‌

Total

distributions

(0.40‌)

(0.41‌)

(0.38‌)

(0.42‌)

(0.44‌)

NET

ASSET

VALUE

End

of

period

$

10.97‌

$

10.64‌

$

12.22‌

$

12.32‌

$

12.67‌

Ratios/Supplemental

Data

Total

return

(2)(3)

7.05‌%

(9.64‌)%

2.21‌%

0.70‌%

11.14‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.76‌%

0.76‌%

0.72‌%

0.72‌%

0.72‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.67‌%

0.67‌%

0.63‌%

0.62‌%

0.65‌%

Net

investment

income

3.81‌%

3.68‌%

2.99‌%

3.48‌%

3.56‌%

Portfolio

turnover

rate

11.6‌%

19.7‌%

11.8‌%

12.8‌%

5.1‌%

Net

assets,

end

of

period

(in

millions)

$1,826

$1,949

$3,580

$3,915

$4,421

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

37

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

..

Year

..

..

Ended

.

2/29/24

2/28/23

2/28/22

2/28/21

2/29/20

NET

ASSET

VALUE

Beginning

of

period

$

10.70‌

$

12.29‌

$

12.39‌

$

12.74‌

$

11.88‌

Investment

activities

Net

investment

income

(1)(2)

0.37‌

0.38‌

0.35‌

0.39‌

0.40‌

Net

realized

and

unrealized

gain/

loss

0.32‌

(1.59‌)

(0.11‌)

(0.35‌)

0.85‌

Total

from

investment

activities

0.69‌

(1.21‌)

0.24‌

0.04‌

1.25‌

Distributions

Net

investment

income

(0.36‌)

(0.37‌)

(0.34‌)

(0.38‌)

(0.39‌)

Net

realized

gain

—‌

(0.01‌)

—‌

(0.01‌)

—‌

Total

distributions

(0.36‌)

(0.38‌)

(0.34‌)

(0.39‌)

(0.39‌)

NET

ASSET

VALUE

End

of

period

$

11.03‌

$

10.70‌

$

12.29‌

$

12.39‌

$

12.74‌

Ratios/Supplemental

Data

Total

return

(2)(3)

6.65‌%

(9.89‌)%

1.90‌%

0.41‌%

10.70‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1.12‌%

1.03‌%

1.03‌%

1.02‌%

1.03‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.02‌%

0.93‌%

0.94‌%

0.92‌%

0.98‌%

Net

investment

income

3.46‌%

3.43‌%

2.76‌%

3.27‌%

3.25‌%

Portfolio

turnover

rate

11.6‌%

19.7‌%

11.8‌%

12.8‌%

5.1‌%

Net

assets,

end

of

period

(in

thousands)

$4,552

$5,322

$7,637

$9,310

$15,243

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

38

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

..

Year

..

..

Ended

.

2/29/24

2/28/23

2/28/22

2/28/21

2/29/20

NET

ASSET

VALUE

Beginning

of

period

$

10.64‌

$

12.22‌

$

12.31‌

$

12.67‌

$

11.81‌

Investment

activities

Net

investment

income

(1)(2)

0.42‌

0.42‌

0.39‌

0.43‌

0.45‌

Net

realized

and

unrealized

gain/

loss

0.31‌

(1.58‌)

(0.09‌)

(0.36‌)

0.86‌

Total

from

investment

activities

0.73‌

(1.16‌)

0.30‌

0.07‌

1.31‌

Distributions

Net

investment

income

(0.41‌)

(0.41‌)

(0.39‌)

(0.42‌)

(0.45‌)

Net

realized

gain

—‌

(0.01‌)

—‌

(0.01‌)

—‌

Total

distributions

(0.41‌)

(0.42‌)

(0.39‌)

(0.43‌)

(0.45‌)

NET

ASSET

VALUE

End

of

period

$

10.96‌

$

10.64‌

$

12.22‌

$

12.31‌

$

12.67‌

Ratios/Supplemental

Data

Total

return

(2)(3)

7.07‌%

(9.51‌)%

2.41‌%

0.71‌%

11.24‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.65‌%

0.62‌%

0.60‌%

0.62‌%

0.63‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.55‌%

0.53‌%

0.51‌%

0.52‌%

0.56‌%

Net

investment

income

3.93‌%

3.84‌%

3.10‌%

3.57‌%

3.65‌%

Portfolio

turnover

rate

11.6‌%

19.7‌%

11.8‌%

12.8‌%

5.1‌%

Net

assets,

end

of

period

(in

thousands)

$1,508,922

$1,846,303

$1,942,439

$1,072,180

$1,344,330

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

29,

2024

39

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

COMMON

STOCKS

0.0%

Ingevity  (1)

1‌

37‌

United

Airlines

Holdings  (1)

—‌

14‌

Westrock 

5‌

219‌

Total

Common

Stocks

(Cost

$200)

270‌

MUNICIPAL

SECURITIES

99.3%

ALABAMA

1.7%

Black

Belt

Energy

Gas

Dist.,

Series A,

VRDN,

5.25%,

1/1/54

(Tender

10/1/30) 

6,400‌

6,816‌

Black

Belt

Energy

Gas

Dist.,

Series B,

VRDN,

5.25%,

12/1/53

(Tender

12/1/30) 

2,210‌

2,395‌

Black

Belt

Energy

Gas

Dist.,

Series C-1,

VRDN,

5.25%,

2/1/53

(Tender

6/1/29) 

10,610‌

11,181‌

Huntsville-Redstone

Village

Special

Care

Fac.

Fin.

Auth.,

5.50%,

1/1/28  (1)(2)

2,925‌

1,667‌

Huntsville-Redstone

Village

Special

Care

Fac.

Fin.

Auth.,

5.50%,

1/1/43  (1)(2)

2,265‌

1,291‌

Huntsville-Redstone

Village

Special

Care

Fac.

Fin.

Auth.,

Series A,

6.875%,

1/1/43  (1)(2)

1,585‌

903‌

Huntsville-Redstone

Village

Special

Care

Fac.

Fin.

Auth.,

Series A,

7.50%,

1/1/47  (1)(2)

2,835‌

1,616‌

Jefferson

County,

Sewer

Revenue,

5.50%,

10/1/53 

2,625‌

2,865‌

Southeast

Energy

Auth.

A

Cooperative

Dist.,

Series A,

VRDN,

4.00%,

11/1/51

(Tender

10/1/28) 

3,790‌

3,781‌

Southeast

Energy

Auth.

A

Cooperative

Dist.,

Series B,

VRDN,

4.00%,

12/1/51

(Tender

12/1/31) 

5,160‌

5,184‌

Tuscaloosa

County

IDA,

Hunt

Refining

Project,

Series A,

4.50%,

5/1/32  (3)

2,179‌

2,162‌

Tuscaloosa

County

IDA,

Hunt

Refining

Project,

Series A,

5.25%,

5/1/44  (3)

17,450‌

17,320‌

57,181‌

ALASKA

0.2%

Valdez

Marine

Terminal

Revenue,

Exxon

Pipeline

Project,

Series C,

VRDN,

3.65%,

12/1/33 

5,500‌

5,500‌

5,500‌

ARIZONA

1.6%

Arizona

Distribution

Revenue,

Capital

Appreciation,

5.50%,

7/1/33  (4)

990‌

1,220‌

Arizona

Distribution

Revenue,

Capital

Appreciation,

Series B,

5.50%,

7/1/30  (4)

5,690‌

6,667‌

Arizona

HFA,

Banner

Health,

Series B,

FRN,

67%

of

3M

USD

LIBOR

+

0.81%,

5.54%,

1/1/37 

2,180‌

2,036‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

40

Par/Shares

$

Value

(Amounts

in

000s)

Arizona

IDA,

Cadence

Campus

Project,

Series A,

4.00%,

7/15/40  (3)

730‌

629‌

Arizona

IDA,

Cadence

Campus

Project,

Series A,

4.00%,

7/15/50  (3)

1,265‌

994‌

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 

930‌

893‌

Arizona

IDA,

Odyssey

Preparatory

Academy,

5.00%,

7/1/49  (3)

3,445‌

3,076‌

Arizona

IDA,

Odyssey

Preparatory

Academy,

Series A,

5.25%,

7/1/37  (3)

2,375‌

2,380‌

Arizona

IDA,

Odyssey

Preparatory

Academy,

Series A,

5.50%,

7/1/52  (3)

2,695‌

2,561‌

Maricopa

County

IDA,

Commercial

Metals

Company

Project,

4.00%,

10/15/47  (3)(5)

6,150‌

5,499‌

Maricopa

County,

El

Paso

Electric,

Series A,

PCR,

4.50%,

8/1/42 

2,575‌

2,515‌

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

472‌

Phoenix

Arizona

IDA,

Downtown

Phoenix

Student

Housing,

5.00%,

7/1/59 

1,675‌

1,630‌

Pima

County

IDA,

American

Leadership

Academy,

4.00%,

6/15/41  (3)

2,380‌

2,025‌

Pima

County

IDA,

American

Leadership

Academy,

4.00%,

6/15/51  (3)

2,530‌

1,964‌

Pima

County

IDA,

American

Leadership

Academy,

4.00%,

6/15/57  (3)

2,865‌

2,138‌

Salt

Verde

Financial,

5.00%,

12/1/37 

12,970‌

14,227‌

Tempe

IDA,

Friendship

Village

of

Tempe

Project,

Series A,

4.00%,

12/1/46 

1,980‌

1,520‌

54,297‌

ARKANSAS

1.0%

Arkansas

DFA,

Big

River

Steel

Project,

4.50%,

9/1/49  (3)(5)

11,560‌

11,387‌

Arkansas

DFA,

Big

River

Steel

Project,

4.75%,

9/1/49  (3)(5)

3,955‌

3,949‌

Arkansas

DFA,

Green

Bond,

5.45%,

9/1/52  (5)

5,985‌

6,096‌

Arkansas

DFA,

Green

Bond,

7.375%,

7/1/48  (3)(5)

5,000‌

5,492‌

Arkansas

DFA,

Green

Bond,

Series A,

6.875%,

7/1/48  (3)(5)

5,000‌

5,463‌

32,387‌

CALIFORNIA

6.8%

California

Community

Choice

Fin.

Auth.,

Green

Bond-Clean

Energy

Project,

VRDN,

5.00%,

7/1/53

(Tender

8/1/29) 

4,995‌

5,266‌

California

Community

Choice

Fin.

Auth.,

Green

Bond-Clean

Energy

Project,

VRDN,

5.00%,

12/1/53

(Tender

8/1/29) 

10,715‌

11,239‌

California

Community

Choice

Fin.

Auth.,

Green

Bond-Clean

Energy

Project,

VRDN,

5.50%,

10/1/54

(Tender

11/1/30) 

4,550‌

4,985‌

California

Community

Choice

Fin.

Auth.,

Green

Bond-Clean

Energy

Project,

Series G,

VRDN,

5.25%,

11/1/54

(Tender

4/1/30) 

2,285‌

2,438‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

41

Par/Shares

$

Value

(Amounts

in

000s)

California

Community

Housing

Agency,

Creekwood,

Series A,

4.00%,

2/1/56  (3)

17,325‌

11,543‌

California

Community

Housing

Agency,

Junior

Bonds

Street

Flats,

Series A-2,

4.00%,

8/1/50  (3)

7,980‌

6,160‌

California

Community

Housing

Agency,

Senior-Fountains

at

Emerald,

3.00%,

8/1/56  (3)

2,300‌

1,608‌

California

Community

Housing

Agency,

Stoneridge

Apartment,

Series A,

4.00%,

2/1/56  (3)

9,425‌

7,263‌

California

Community

Housing

Agency,

Verdant

at

Green

Valley

Project,,

5.00%,

8/1/49  (3)

9,600‌

9,110‌

California

Housing

Fin.,

Series 2019-1,

Class

A,

4.25%,

1/15/35 

2,639‌

2,631‌

California

Infrastructure

&

Economic

Dev.

Bank,

Social

Bond,

Series B,

5.00%,

11/1/47 

1,790‌

1,913‌

California

Infrastructure

&

Economic

Dev.

Bank,

Social

Bond,

Series B,

5.00%,

11/1/57 

1,545‌

1,625‌

California

Municipal

Fin.

Auth.,

Baptish

Univ.,

Series A,

5.00%,

11/1/46  (3)

2,750‌

2,695‌

California

Municipal

Fin.

Auth.,

Community

Health

System,

Series A,

4.00%,

2/1/51 

2,800‌

2,492‌

California

Municipal

Fin.

Auth.,

John

Adams

Academies

Lincoln

Project,

Series A,

5.00%,

10/1/49  (3)

1,515‌

1,421‌

California

Municipal

Fin.

Auth.,

John

Adams

Academies

Lincoln

Project,

Series A,

5.00%,

10/1/57  (3)

1,650‌

1,503‌

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

4.00%,

12/31/47  (5)

4,605‌

4,091‌

California

Municipal

Fin.

Auth.,

LINXS

APM

Project,

Series A,

5.00%,

12/31/43  (5)

9,210‌

9,202‌

California

Municipal

Fin.

Auth.,

Samuel

Merritt

Univ.,

5.25%,

6/1/53 

4,565‌

4,914‌

California

Municipal

Fin.

Auth.,

UCR

North

Dist.

Phase

1,

5.00%,

5/15/49 

2,375‌

2,441‌

California

Municipal

Fin.

Auth.,

UCR

North

Dist.

Phase

1,

5.00%,

5/15/52 

1,980‌

2,028‌

California

Municipal

Fin.

Auth.,

West

Village,

5.00%,

5/15/36 

2,105‌

2,231‌

California

PFA,

Enso

Village

Project,

2.375%,

11/15/28  (3)

1,190‌

1,149‌

California

PFA,

Enso

Village

Project,

3.125%,

5/15/29  (3)

1,275‌

1,228‌

California

PFA,

Enso

Village

Project,

5.00%,

11/15/46  (3)

595‌

518‌

California

PFA,

Enso

Village

Project,

Series B-3,

2.125%,

11/15/27  (3)

495‌

493‌

California

School

Fin.

Auth.,

Ivy

Academia

Project,

Series A,

4.00%,

6/1/41  (3)

1,650‌

1,314‌

California

School

Fin.

Auth.,

Ivy

Academia

Project,

Series A,

4.00%,

6/1/51  (3)

1,500‌

1,087‌

California

School

Fin.

Auth.,

Ivy

Academia

Project,

Series A,

4.00%,

6/1/61  (3)

250‌

171‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/28 

205‌

204‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/29 

220‌

218‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

42

Par/Shares

$

Value

(Amounts

in

000s)

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/30 

235‌

233‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/31 

185‌

183‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/41 

1,270‌

1,146‌

California

Statewide

CDA,

Series 2021A,

4.00%,

9/2/51 

785‌

646‌

California

Statewide

CDA,

Series 2021C-1,

4.00%,

9/2/31 

880‌

863‌

California

Statewide

CDA,

Series 2021C-1,

4.00%,

9/2/41 

1,605‌

1,441‌

California

Statewide

CDA,

Series 2021C-1,

4.00%,

9/2/51 

1,080‌

893‌

California

Statewide

CDA,

Series A-1,

5.00%,

9/2/42 

3,495‌

3,567‌

California

Statewide

CDA,

Series A-1,

5.00%,

9/2/52 

4,970‌

4,940‌

California

Statewide

CDA,

899

Charleston

Moldaw

Residences,

Series A,

5.375%,

11/1/49  (3)

2,770‌

2,323‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

5.50%,

12/1/54 

10,290‌

10,147‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/27  (3)

2,375‌

2,425‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.00%,

12/1/46  (3)

3,165‌

3,127‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.25%,

12/1/56  (3)

6,530‌

6,559‌

California

Statewide

CDA,

Loma

Linda

Univ.

Medical

Center,

Series A,

5.50%,

12/1/58  (3)

14,720‌

14,966‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

4.00%,

9/2/29 

1,585‌

1,607‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

4.00%,

9/2/41 

1,260‌

1,186‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

4.00%,

9/2/51 

1,895‌

1,665‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

5.00%,

9/2/34 

850‌

907‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

5.00%,

9/2/39 

790‌

817‌

California

Statewide

CDA,

Statewide

Community

Infrastructure

Program,

5.00%,

9/2/49 

395‌

405‌

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  (3)

6,770‌

5,503‌

CMFA

Special

Fin.

Agency

XII,

Allure

Apartments,

4.375%,

8/1/49  (3)

2,530‌

2,069‌

CMFA

Special

Fin.

Agency,

Solana

At

Grand,

Series A-2,

4.00%,

8/1/45  (3)

2,860‌

2,374‌

CSCDA

Community

Improvement

Auth.,

Altana

Glendale

Social

Bonds,

Series A-2,

4.00%,

10/1/56  (3)

13,605‌

10,494‌

CSCDA

Community

Improvement

Auth.,

Link-Glendale

Social

Bonds,

Series A-1,

3.00%,

7/1/45  (3)

1,750‌

1,327‌

CSCDA

Community

Improvement

Auth.,

Link-Glendale

Social

Bonds,

Series A-2,

4.00%,

7/1/56  (3)

6,207‌

4,541‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

43

Par/Shares

$

Value

(Amounts

in

000s)

CSCDA

Community

Improvement

Auth.,

Monterey

Station

Apartment

Social

Bonds,

3.125%,

7/1/56  (3)

2,500‌

1,677‌

CSCDA

Community

Improvement

Auth.,

Oceanaire

Long

Beach

Social

Bonds,

Series A-2,

4.00%,

9/1/56  (3)

2,485‌

1,878‌

CSCDA

Community

Improvement

Auth.,

Parallel

Anaheim

Social

Bonds,

4.00%,

8/1/56  (3)

3,005‌

2,496‌

CSCDA

Community

Improvement

Auth.,

Renaissance

at

City

Center,

Series A,

5.00%,

7/1/51  (3)

1,910‌

1,818‌

CSCDA

Community

Improvement

Auth.,

Social

Bonds,

Series A-2,

3.00%,

2/1/57  (3)

2,500‌

1,737‌

Golden

State

Tobacco

Securitization,

5.00%,

6/1/51 

3,410‌

3,577‌

Golden

State

Tobacco

Securitization,

Series B-2,

Zero

Coupon,

6/1/66 

98,225‌

11,135‌

Irvine,

Reassessment

Dist.

No.

12-1,

4.00%,

9/2/27 

235‌

236‌

Irvine,

Reassessment

Dist.

No.

12-1,

4.00%,

9/2/28 

320‌

322‌

Northern

California

Gas

Auth.

No.

1,

Series B,

FRN,

67%

of

3M

USD

LIBOR

+

0.72%,

4.466%,

7/1/27 

3,830‌

3,799‌

Regents

of

the

Univ.

of

California,

Medical

Center

Pooled

Revenue,

Series P,

3.50%,

5/15/54 

2,600‌

2,292‌

San

Francisco

City

and

County,

Special

Tax

Dist.

No.

2020-1,

Series A,

5.75%,

9/1/50  (3)

850‌

880‌

San

Francisco

City

and

County,

Special

Tax

Dist.

No.

2020-1,

Series B,

5.75%,

9/1/53  (3)

1,290‌

1,328‌

West

Sacramento

Fin.

Auth.,

Series A,

5.00%,

9/1/34  (6)

1,560‌

1,796‌

227,721‌

COLORADO

3.7%

Aerotropolis

Regional

Transportation

Auth.,

4.375%,

12/1/52 

8,340‌

6,931‌

Berthoud-Heritage

Metropolitan

Dist.

No.

1,

5.625%,

12/1/48 

6,865‌

6,867‌

Brighton

Crossing

Metropolitan

Dist.

No.

4,

Series A,

GO,

5.00%,

12/1/47 

1,225‌

1,191‌

Buffalo

Highlands

Metropolitan

Dist.,

Series A,

GO,

5.25%,

12/1/38 

999‌

999‌

Buffalo

Highlands

Metropolitan

Dist.,

Series A,

GO,

5.375%,

12/1/48 

3,250‌

3,178‌

Canyons

Metropolitan

Dist.

No.

5,

Series A,

GO,

6.00%,

12/1/37 

1,150‌

1,152‌

Canyons

Metropolitan

Dist.

No.

5,

Series A,

GO,

6.125%,

12/1/47 

4,000‌

4,011‌

Canyons

Metropolitan

Dist.

No.

6,

Series A,

GO,

6.125%,

12/1/47 

2,000‌

2,003‌

Centerra

Metropolitan

Dist.

No.

1,

5.00%,

12/1/47  (3)

3,500‌

3,258‌

Colorado

HFA,

Frasier,

Series 2023A,

4.00%,

5/15/31 

485‌

472‌

Colorado

HFA,

Frasier,

Series 2023A,

4.00%,

5/15/32 

590‌

571‌

Colorado

HFA,

Frasier,

Series 2023A,

4.00%,

5/15/41 

1,160‌

1,025‌

Colorado

HFA,

Frasier,

Series 2023A,

4.00%,

5/15/48 

1,770‌

1,448‌

Colorado

HFA,

Sunny

Vista

Living

Center,

Series A,

5.75%,

12/1/35  (3)

1,145‌

857‌

Colorado

HFA,

Sunny

Vista

Living

Center,

Series A,

6.125%,

12/1/45  (3)

2,350‌

1,611‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

44

Par/Shares

$

Value

(Amounts

in

000s)

Colorado

HFA,

Sunny

Vista

Living

Center,

Series A,

6.25%,

12/1/50  (3)

3,285‌

2,219‌

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes,

5.00%,

12/31/47 

750‌

752‌

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes,

5.00%,

12/31/51 

6,990‌

7,007‌

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes,

5.00%,

12/31/56 

11,325‌

11,348‌

Colorado

Int'l.

Center

Metropolitan

Dist.

No.

14,

GO,

5.875%,

12/1/46 

5,330‌

5,341‌

Colorado

Science

&

Technology

Park

Metropolitan

Dist.

No.

1,

5.00%,

12/1/33 

3,040‌

3,053‌

Colorado

Science

&

Technology

Park

Metropolitan

Dist.

No.

1,

5.25%,

12/1/48 

2,200‌

2,182‌

Cornerstar

Metropolitan

Dist.,

Series A,

GO,

5.125%,

12/1/37 

500‌

501‌

Cornerstar

Metropolitan

Dist.,

Series A,

GO,

5.25%,

12/1/47 

2,600‌

2,573‌

Denver

Int'l.

Business

Center

Metropolitan

Dist.

No.

1,

Series B,

GO,

6.00%,

12/1/48 

1,190‌

1,200‌

Green

Valley

Ranch

East

Metropolitan

Dist.

No.

6,

Series A,

GO,

5.875%,

12/1/50 

2,200‌

2,209‌

Lakes

at

Centerra

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.125%,

12/1/37 

1,695‌

1,695‌

Lakes

at

Centerra

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.25%,

12/1/47 

3,970‌

3,846‌

Painted

Prairie

Metropolitan

Dist.

No.

2,

GO,

5.25%,

12/1/48 

4,003‌

3,790‌

Peak

Metropolitan

Dist.

No.

1,

Series A,

GO,

4.00%,

12/1/35  (3)

500‌

441‌

Peak

Metropolitan

Dist.

No.

1,

Series A,

GO,

5.00%,

12/1/51  (3)

5,270‌

4,735‌

Public

Auth.

for

Colorado

Energy,

6.25%,

11/15/28 

4,770‌

5,059‌

Public

Auth.

for

Colorado

Energy,

6.50%,

11/15/38 

9,210‌

11,379‌

Pueblo

Urban

Renewal

Auth.,

4.75%,

12/1/45  (3)

5,690‌

3,869‌

Rampart

Range

Metropolitan

Dist.

No

5,

4.00%,

12/1/51 

7,025‌

5,224‌

Riverwalk

Metropolitan

Dist.

No

2,

Series A,

5.00%,

12/1/52 

4,245‌

3,806‌

Southglenn

Metropolitan

Dist.,

GO,

5.00%,

12/1/36 

810‌

799‌

Southglenn

Metropolitan

Dist.,

GO,

5.00%,

12/1/46 

1,455‌

1,360‌

STC

Metropolitan

Dist.

No.

2,

Series A,

GO,

4.00%,

12/1/29 

1,000‌

954‌

STC

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.00%,

12/1/38 

785‌

744‌

STC

Metropolitan

Dist.

No.

2,

Series A,

GO,

5.00%,

12/1/49 

1,000‌

917‌

Vauxmont

Metropolitan

Dist.,

GO,

5.00%,

12/1/32  (7)

595‌

658‌

Vauxmont

Metropolitan

Dist.,

GO,

5.00%,

12/1/35  (7)

235‌

258‌

123,493‌

CONNECTICUT

1.2%

Connecticut

State

HEFA,

Church

Home

of

Hartford,

Series A,

5.00%,

9/1/46  (3)

1,060‌

911‌

Connecticut

State

HEFA,

Church

Home

of

Hartford,

Series A,

5.00%,

9/1/53  (3)

1,260‌

1,032‌

Connecticut

State

HEFA,

Hartford

Univ.,

4.00%,

7/1/44 

2,870‌

2,273‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

45

Par/Shares

$

Value

(Amounts

in

000s)

Connecticut

State

HEFA,

Hartford

Univ.,

4.00%,

7/1/49 

4,200‌

3,151‌

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

2,066‌

Connecticut

State

HEFA,

Masonicare,

Series F,

5.00%,

7/1/34 

1,435‌

1,442‌

Connecticut

State

HEFA,

Masonicare,

Series F,

5.00%,

7/1/43 

8,115‌

7,737‌

Hamden

Town,

Whitney

Center

Project,

5.00%,

1/1/40 

5,125‌

4,719‌

Hamden

Town,

Whitney

Center

Project,

5.00%,

1/1/50 

6,160‌

5,179‌

Mashantucket

Western

Pequot

Tribe,

6.05%,

7/1/31

(4.00%

Cash

and

2.05%

PIK)  (1)(2)(8)

23,166‌

5,154‌

Steel

Point

Infrastructure

Improvement

Dist.,

Steelpointe

Harbor

Project,

4.00%,

4/1/41  (3)

550‌

467‌

Steel

Point

Infrastructure

Improvement

Dist.,

Steelpointe

Harbor

Project,

4.00%,

4/1/51  (3)

2,715‌

2,085‌

41,524‌

DELAWARE

1.0%

Delaware

Economic

Dev.

Auth.,

Newark

Charter

School,

4.00%,

9/1/30 

200‌

202‌

Delaware

Economic

Dev.

Auth.,

Newark

Charter

School,

5.00%,

9/1/40 

1,025‌

1,065‌

Delaware

Economic

Dev.

Auth.,

Newark

Charter

School,

5.00%,

9/1/50 

1,385‌

1,407‌

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/37 

790‌

804‌

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/43 

4,920‌

4,947‌

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/48 

2,035‌

2,037‌

Delaware

HFA,

Beebe

Medical

Center,

5.00%,

6/1/50 

4,390‌

4,379‌

Delaware

State

Economic

Dev.

Auth.,

4.00%,

6/1/52 

1,260‌

935‌

Delaware

State

Economic

Dev.

Auth.,

4.00%,

6/1/57 

1,220‌

880‌

Kent

County,

CHF

Dover

&

Delaware

Univ.

Project,

Series A,

5.00%,

7/1/32 

205‌

210‌

Kent

County,

CHF

Dover

&

Delaware

Univ.

Project,

Series A,

5.00%,

7/1/40 

890‌

895‌

Kent

County,

CHF

Dover

&

Delaware

Univ.

Project,

Series A,

5.00%,

7/1/48 

2,335‌

2,326‌

Kent

County,

CHF

Dover

&

Delaware

Univ.

Project,

Series A,

5.00%,

7/1/53 

3,445‌

3,399‌

Kent

County,

CHF

Dover

&

Delaware

Univ.

Project,

Series A,

5.00%,

7/1/58 

2,915‌

2,837‌

Sussex

County,

Cadbury

at

Lewes,

5.00%,

1/1/36 

7,285‌

7,132‌

33,455‌

DISTRICT

OF

COLUMBIA

2.0%

District

of

Columbia

Tobacco

Settlement

Fin.,

Series A,

Zero

Coupon,

6/15/46 

41,185‌

9,946‌

District

of

Columbia

Tobacco

Settlement

Fin.,

Series B,

Zero

Coupon,

6/15/46 

18,210‌

3,906‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

46

Par/Shares

$

Value

(Amounts

in

000s)

District

of

Columbia,

Friendship

Public

Charter

School,

5.00%,

6/1/36 

2,375‌

2,398‌

District

of

Columbia,

Friendship

Public

Charter

School,

5.00%,

6/1/41 

1,540‌

1,534‌

District

of

Columbia,

Friendship

Public

Charter

School,

5.00%,

6/1/46 

2,285‌

2,216‌

District

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/37 

2,295‌

2,240‌

District

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/42 

4,065‌

3,787‌

District

of

Columbia,

Ingleside

at

Rock

Creek,

Series A,

5.00%,

7/1/52 

9,730‌

8,423‌

District

of

Columbia,

Methodist

Home

of

D.C.,

Series A,

5.125%,

1/1/35 

1,240‌

1,111‌

District

of

Columbia,

Methodist

Home

of

D.C.,

Series A,

5.25%,

1/1/39 

805‌

704‌

District

of

Columbia,

Union

Market

Infrastructure

Project,

STEP,

0.00%,

6/1/31  (3)

900‌

735‌

District

of

Columbia,

Union

Market

Infrastructure

Project,

STEP,

0.00%,

6/1/46  (3)

2,810‌

1,928‌

Metropolitan

Washington

Airports

Auth.,

Airport

System

Revenue

&

Refunding

Bond,

Series A,

5.00%,

10/1/46  (5)

3,000‌

3,168‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

6.50%,

10/1/44 

11,080‌

12,283‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

Zero

Coupon,

10/1/37  (7)

10,135‌

5,902‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

Zero

Coupon,

10/1/38 

7,915‌

4,228‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

Zero

Coupon,

10/1/39 

1,585‌

800‌

Metropolitan

Washington

Airports

Auth.,

Dulles

Toll

Road,

Series B,

Zero

Coupon,

10/1/40 

3,955‌

1,874‌

67,183‌

FLORIDA

3.9%

Alachua

County

HFA,

East

Ridge

Retirement

Village,

6.00%,

11/15/34 

190‌

144‌

Alachua

County

HFA,

East

Ridge

Retirement

Village,

6.375%,

11/15/49 

7,480‌

5,040‌

Avenir

Community

Dev.

Dist.,

5.375%,

5/1/43 

2,300‌

2,312‌

Avenir

Community

Dev.

Dist.,

5.625%,

5/1/54 

1,100‌

1,114‌

Boggy

Creek

Improvement

Dist.,

Special

Assessment,

Series 2013,

5.125%,

5/1/43 

7,035‌

7,035‌

Broward

County

Port

Fac.

Revenue,

Senior

Bond,

Series B,

4.00%,

9/1/49  (5)

10,000‌

9,372‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/29 

875‌

911‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

47

Par/Shares

$

Value

(Amounts

in

000s)

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/30 

250‌

261‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/31 

1,015‌

1,060‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/33 

900‌

935‌

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-1,

5.00%,

10/1/34 

975‌

1,009‌

Capital

Trust

Agency,

4.00%,

6/15/24  (3)

900‌

897‌

Capital

Trust

Agency,

4.00%,

6/15/41  (3)

1,790‌

1,491‌

Capital

Trust

Agency,

4.00%,

6/15/51  (3)

2,735‌

2,043‌

Capital

Trust

Agency,

Bridge

Univ.

Student

Housing,

Series A,

5.25%,

12/1/58  (3)

7,220‌

6,930‌

Capital

Trust

Auth.,

Kipp

Miami

North

Campus

Project,

Series A,

5.625%,

6/15/44  (3)

410‌

413‌

Capital

Trust

Auth.,

Kipp

Miami

North

Campus

Project,

Series A,

6.00%,

6/15/54  (3)

655‌

663‌

Capital

Trust

Auth.,

Kipp

Miami

North

Campus

Project,

Series A,

6.125%,

6/15/60  (3)

800‌

810‌

Celebration

Pointe

Community

Dev.

Dist.,

3.00%,

5/1/31 

565‌

521‌

Celebration

Pointe

Community

Dev.

Dist.,

3.375%,

5/1/41 

1,055‌

870‌

Celebration

Pointe

Community

Dev.

Dist.,

4.00%,

5/1/53 

1,310‌

1,055‌

Celebration

Pointe

Community

Dev.

Dist.,

4.75%,

5/1/24 

150‌

150‌

Celebration

Pointe

Community

Dev.

Dist.,

5.125%,

5/1/45 

755‌

755‌

Celebration

Pointe

Community

Dev.

Dist.,

Alachua

County,

5.00%,

5/1/32 

830‌

844‌

Crossings

at

Fleming

Island

Community

Dev.

Dist.,

Series A-1,

4.50%,

5/1/30 

295‌

294‌

Double

Branch

Community

Dev.

Dist.,

Special

Assessment,

Series A-1,

4.00%,

5/1/25 

200‌

200‌

Everest

GMR

Community

Dev.

Dist.,

6.20%,

5/1/54 

5,985‌

6,089‌

Florida

Dev.

Fin.,

UF

Health

Jacksonville

Project,

4.00%,

2/1/52 

2,945‌

2,220‌

Florida

Dev.

Fin.,

UF

Health

Jacksonville

Project,

5.00%,

2/1/52 

1,450‌

1,334‌

Florida

Dev.

Fin.,

Waste

Pro

USA,

3.00%,

6/1/32  (5)

5,130‌

4,244‌

Florida

Dev.

Fin.,

Waste

Pro

USA,

VRDN,

6.125%,

7/1/32

(Tender

7/1/26)  (3)(5)

8,900‌

9,051‌

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Jacksonville

Univ.,

Series A-1,

4.75%,

6/1/38  (3)

2,495‌

2,364‌

Florida

Higher

Ed.

Fac.

Fin.

Auth.,

Jacksonville

Univ.,

Series A-1,

5.00%,

6/1/48  (3)

9,850‌

9,022‌

Jacksonville

Ed.

Fac.,

Jacksonville

Univ.,

Series B,

5.00%,

6/1/53  (3)

9,095‌

8,169‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

Centre

&

Northwest

Sector,

5.50%,

5/1/39  (3)

740‌

762‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

Centre

&

Northwest

Sector,

5.65%,

5/1/48  (3)

915‌

935‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

48

Par/Shares

$

Value

(Amounts

in

000s)

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

National

Polo

Run,

5.25%,

5/1/37 

2,880‌

2,928‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

National

Polo

Run,

5.375%,

5/1/47 

3,635‌

3,689‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

Ranch

South,

5.00%,

5/1/36 

1,170‌

1,182‌

Lakewood

Ranch

Stewardship

Dist.,

Lakewood

Ranch

South,

5.125%,

5/1/46 

2,335‌

2,324‌

Lakewood

Ranch

Stewardship

Dist.,

Northeast

Sector,

5.30%,

5/1/39 

790‌

806‌

Lakewood

Ranch

Stewardship

Dist.,

Northeast

Sector,

5.45%,

5/1/48 

1,365‌

1,383‌

Lee

County

IDA,

Preserve,

Series A,

5.00%,

12/1/27  (3)

325‌

301‌

Lee

County

IDA,

Preserve,

Series A,

5.375%,

12/1/32  (3)

900‌

775‌

Lee

County

IDA,

Preserve,

Series A,

5.625%,

12/1/37  (3)

1,170‌

937‌

Miami-Dade

County

Water

&

Sewer

System,

4.00%,

10/1/48 

4,510‌

4,410‌

Orange

County

HFA,

4.00%,

10/1/52 

4,605‌

4,412‌

Sarasota

County

HFA,

Village

on

the

Isle,

Series A,

5.00%,

1/1/37 

1,095‌

1,089‌

Sarasota

County

HFA,

Village

on

the

Isle,

Series A,

5.00%,

1/1/42 

1,035‌

983‌

Sarasota

County

HFA,

Village

on

the

Isle,

Series A,

5.00%,

1/1/47 

2,535‌

2,319‌

Sarasota

County

HFA,

Village

on

the

Isle,

Series A,

5.00%,

1/1/52 

5,360‌

4,771‌

Sawyers

Landing

Community

Dev.

Dist.,

4.125%,

5/1/41 

2,420‌

2,001‌

Sawyers

Landing

Community

Dev.

Dist.,

4.25%,

5/1/53 

3,225‌

2,541‌

Tolomato

Community

Dev.

Dist.,

Special

Assessment,

Series  2015-

2,

STEP,

0.00%,

5/1/40 

545‌

522‌

Tolomato

Community

Dev.

Dist.,

Special

Assessment,

Series  2015-

3,

6.61%,

5/1/40  (1)(2)

640‌

—‌

Viera

Stewardship

Dist.,

Series 2021,

3.125%,

5/1/41 

830‌

647‌

Viera

Stewardship

Dist.,

Series 2021,

4.00%,

5/1/53 

3,020‌

2,397‌

131,736‌

GEORGIA

3.1%

Atlanta

Airport

Passenger

Fac.

Charge,

Green

Bond,

Series E,

5.25%,

7/1/42  (5)

6,650‌

7,356‌

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

6.50%,

1/1/29  (1)(2)

2,850‌

1,283‌

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

6.75%,

1/1/35  (1)(2)

13,765‌

6,194‌

Atlanta

Dev.

Auth.,

Georgia

Proton

Treatment

Center,

Series A-1,

7.00%,

1/1/40  (1)(2)

8,525‌

3,836‌

Atlanta

Urban

Redev.

Agency,

Beltline

Trail

Completion

Project,

2.375%,

7/1/26  (3)

900‌

880‌

Atlanta

Urban

Redev.

Agency,

Beltline

Trail

Completion

Project,

2.875%,

7/1/31  (3)(9)

1,625‌

1,527‌

Atlanta

Urban

Redev.

Agency,

Beltline

Trail

Completion

Project,

3.625%,

7/1/42  (3)(9)

3,360‌

3,134‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

49

Par/Shares

$

Value

(Amounts

in

000s)

Atlanta

Urban

Redev.

Agency,

Beltline

Trail

Completion

Project,

3.875%,

7/1/51  (3)(9)

4,250‌

3,878‌

Burke

County

Dev.

Auth.,

Plant

Vogtle,

VRDN,

4.30%,

11/1/52 

250‌

250‌

Burke

County

Dev.

Auth.,

Plant

Vogtle,

VRDN,

PCR,

4.00%,

7/1/49 

1,125‌

1,125‌

Fulton

County

Dev.

Auth.,

Piedmont

Healthcare

Project,

4.00%,

7/1/49 

4,000‌

3,779‌

Fulton

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Canterbury

Court

Project,

Series A,

4.00%,

4/1/41  (3)

2,375‌

1,938‌

Fulton

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Canterbury

Court

Project,

Series A,

4.00%,

4/1/51  (3)

6,730‌

4,889‌

Fulton

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Canterbury

Court

Project,

Series A,

5.00%,

4/1/47  (3)

2,730‌

2,394‌

Fulton

County

Residential

Care

Fac.

for

the

Elderly

Auth.,

Canterbury

Court

Project,

Series A,

5.00%,

4/1/54  (3)

2,180‌

1,851‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

2.375%,

1/1/31 

2,205‌

1,971‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

3.625%,

1/1/31  (3)

1,220‌

1,120‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

4.00%,

1/1/36 

1,190‌

1,200‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

4.00%,

1/1/54 

4,250‌

3,766‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

5.00%,

1/1/36  (3)

2,645‌

2,644‌

George

L

Smith

II

Congress

Center

Auth.,

Convention

Center

Hotel,

5.00%,

1/1/54  (3)

13,030‌

11,703‌

Macon-Bibb

County

Urban

Dev.

Auth.,

Academy

Classical

Ed.,

Series A,

5.00%,

6/15/27  (3)

210‌

212‌

Macon-Bibb

County

Urban

Dev.

Auth.,

Academy

Classical

Ed.,

Series A,

5.75%,

6/15/37  (3)

1,215‌

1,252‌

Macon-Bibb

County

Urban

Dev.

Auth.,

Academy

Classical

Ed.,

Series A,

5.875%,

6/15/47  (3)

1,980‌

2,018‌

Macon-Bibb

County

Urban

Dev.

Auth.,

Academy

Classical

Ed.,

Series A,

6.00%,

6/15/52  (3)

1,215‌

1,239‌

Main

Street

Natural

Gas,

Series A,

VRDN,

5.00%,

6/1/53

(Tender

6/1/30) 

2,810‌

2,957‌

Main

Street

Natural

Gas,

Series C,

VRDN,

5.00%,

9/1/53

(Tender

9/1/30) 

2,725‌

2,900‌

Main

Street

Natural

Gas,

Georgia

Municipal

Gas

Auth.,

Series B,

VRDN,

5.00%,

12/1/52

(Tender

6/1/29) 

5,855‌

6,153‌

Marietta

Dev.

Auth.,

Life

Univ.,

Series A,

5.00%,

11/1/27  (3)

2,745‌

2,762‌

Marietta

Dev.

Auth.,

Life

Univ.,

Series A,

5.00%,

11/1/37  (3)

2,210‌

2,142‌

Marietta

Dev.

Auth.,

Life

Univ.,

Series A,

5.00%,

11/1/47  (3)

8,705‌

7,929‌

Municipal

Electric

Auth.

of

Georgia,

Plant

Vogtle

Project,

Series A,

5.00%,

1/1/49 

6,000‌

6,110‌

102,392‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

50

Par/Shares

$

Value

(Amounts

in

000s)

GUAM

0.3%

Guam

Power

Auth.,

Series A,

5.00%,

10/1/42 

4,050‌

4,230‌

Guam

Power

Auth.,

Series A,

5.00%,

10/1/43 

1,930‌

2,010‌

Guam

Power

Auth.,

Series A,

5.00%,

10/1/44 

1,695‌

1,758‌

Territory

of

Guam,

Series F,

4.00%,

1/1/42 

850‌

816‌

Territory

of

Guam,

Series F,

5.00%,

1/1/30 

790‌

851‌

Territory

of

Guam,

Series F,

5.00%,

1/1/31 

790‌

858‌

10,523‌

IDAHO

0.5%

Power

County

IDC,

FMC

Project,

6.45%,

8/1/32  (5)

3,620‌

3,632‌

Spring

Valley

Community

Infrastructure

Dist.

No.

1,

Assessment

Area

Two,

6.25%,

9/1/53  (10)

4,700‌

4,731‌

Spring

Valley

Community

Infrastructure

Dist.

No.

1,

Special

Assessment

Bonds,

3.75%,

9/1/51  (3)

10,196‌

7,984‌

16,347‌

ILLINOIS

5.8%

Chicago,

Series 2005D,

GO,

5.50%,

1/1/40 

9,495‌

9,545‌

Chicago,

Series A,

GO,

5.00%,

1/1/39 

1,025‌

1,066‌

Chicago,

Series A,

GO,

5.00%,

1/1/40 

2,375‌

2,460‌

Chicago,

Series A,

GO,

5.50%,

1/1/35 

3,165‌

3,418‌

Chicago

Board

of

Ed.,

Series A,

GO,

5.00%,

12/1/34  (7)

830‌

879‌

Chicago

Board

of

Ed.,

Series A,

GO,

5.00%,

12/1/35  (7)

900‌

950‌

Chicago

Board

of

Ed.,

School

Reform,

Series B-1,

GO,

Zero

Coupon,

12/1/27  (11)

12,290‌

10,642‌

Chicago

Board

of

Ed.,

School

Reform,

Series B-1,

GO,

Zero

Coupon,

12/1/29  (7)

11,245‌

9,061‌

Chicago,

City

Colleges,

GO,

Zero

Coupon,

1/1/27  (11)(12)

7,915‌

7,216‌

Chicago,

Works,

Series A,

GO,

5.50%,

1/1/40 

2,530‌

2,751‌

Chicago,

Works,

Series A,

GO,

5.50%,

1/1/41 

2,130‌

2,266‌

Chicago,

Works,

Series A,

GO,

5.50%,

1/1/43 

2,095‌

2,216‌

Illinois,

GO,

5.00%,

5/1/34 

1,585‌

1,588‌

Illinois,

Series A,

GO,

5.00%,

10/1/31 

1,980‌

2,141‌

Illinois,

Series A,

GO,

5.50%,

3/1/42 

3,340‌

3,726‌

Illinois,

Series A,

GO,

5.50%,

3/1/47 

5,040‌

5,519‌

Illinois,

Series B,

GO,

5.00%,

10/1/31 

1,820‌

1,968‌

Illinois,

Series B,

GO,

5.00%,

10/1/32 

2,485‌

2,680‌

Illinois,

Series B,

GO,

5.00%,

12/1/33 

2,715‌

3,055‌

Illinois,

Series B,

GO,

5.50%,

5/1/47 

1,890‌

2,072‌

Illinois,

Series C,

GO,

5.00%,

11/1/29 

8,450‌

8,988‌

Illinois,

Series D,

GO,

5.00%,

11/1/25 

790‌

811‌

Illinois

DFA,

Citgo

Petroleum,

8.00%,

6/1/32  (5)

1,385‌

1,386‌

Illinois

Fin.

Auth.,

Admiral

at

the

Lake,

5.125%,

5/15/38 

8,705‌

7,605‌

Illinois

Fin.

Auth.,

Admiral

at

the

Lake,

5.25%,

5/15/42 

1,585‌

1,319‌

Illinois

Fin.

Auth.,

Admiral

at

the

Lake,

5.25%,

5/15/54 

6,735‌

5,099‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

51

Par/Shares

$

Value

(Amounts

in

000s)

Illinois

Fin.

Auth.,

Depaul

College

Prep

Foundation,

5.25%,

8/1/38  (3)

1,000‌

1,062‌

Illinois

Fin.

Auth.,

Depaul

College

Prep

Foundation,

5.50%,

8/1/43  (3)

1,000‌

1,057‌

Illinois

Fin.

Auth.,

Depaul

College

Prep

Foundation,

5.625%,

8/1/53  (3)

1,195‌

1,243‌

Illinois

Fin.

Auth.,

Franciscan

Communities,

Series A,

5.00%,

5/15/37 

3,050‌

3,060‌

Illinois

Fin.

Auth.,

Franciscan

Communities,

Series A,

5.00%,

5/15/47 

1,230‌

1,159‌

Illinois

Fin.

Auth.,

Plymouth

Place,

5.25%,

5/15/45

(Prerefunded

5/15/25)  (13)

950‌

973‌

Illinois

Fin.

Auth.,

Plymouth

Place,

5.25%,

5/15/50

(Prerefunded

5/15/25)  (13)

2,575‌

2,636‌

Illinois

Fin.

Auth.,

Silver

Cross

Hosp.,

5.00%,

8/15/35 

2,115‌

2,152‌

Illinois

Fin.

Auth.,

Silver

Cross

Hosp.,

5.00%,

8/15/44 

3,955‌

3,990‌

Illinois

Fin.

Auth.,

Three

Crowns

Park,

5.00%,

2/15/32 

910‌

918‌

Illinois

Fin.

Auth.,

Three

Crowns

Park,

5.25%,

2/15/37 

630‌

635‌

Illinois

Fin.

Auth.,

Villa

Saint

Benedict,

6.125%,

11/15/35 

2,310‌

2,328‌

Illinois

Fin.

Auth.,

Villa

Saint

Benedict,

6.375%,

11/15/43 

3,165‌

3,186‌

Illinois

Housing

Dev.

Auth.,

Series G,

5.00%,

10/1/46 

1,380‌

1,441‌

Illinois

Housing

Dev.

Auth.,

Series G,

6.25%,

10/1/52 

1,240‌

1,335‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

4.00%,

6/15/52 

2,120‌

1,967‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

5.00%,

12/15/45 

595‌

618‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

5.00%,

6/15/50 

8,285‌

8,516‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Zero

Coupon,

12/15/35 

850‌

524‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Zero

Coupon,

6/15/36 

730‌

436‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Zero

Coupon,

6/15/37 

1,115‌

629‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Zero

Coupon,

12/15/38 

2,375‌

1,226‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Zero

Coupon,

6/15/39 

2,575‌

1,296‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Zero

Coupon,

6/15/41 

905‌

406‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Series A,

Zero

Coupon,

12/15/30  (11)

3,040‌

2,376‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place,

Series A,

Zero

Coupon,

12/15/33  (11)

46,130‌

32,127‌

Regional

Transportation

Auth.,

Series A,

6.00%,

7/1/33  (11)

5,935‌

7,215‌

Upper

Illinois

River

Valley

Dev.

Auth.,

Cambridge

Lakes

Learning

Center,

Series A,

5.00%,

12/1/32  (3)

3,100‌

3,063‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

52

Par/Shares

$

Value

(Amounts

in

000s)

Upper

Illinois

River

Valley

Dev.

Auth.,

Cambridge

Lakes

Learning

Center,

Series A,

5.25%,

12/1/47  (3)

6,420‌

5,852‌

193,853‌

INDIANA

1.8%

East

Chicago,

USG

Project,

5.50%,

9/1/28  (5)

1,405‌

1,340‌

Indiana

Fin.

Auth.

Depauw

University

Project,

Series A,

5.50%,

7/1/52 

8,655‌

9,078‌

Indiana

Fin.

Auth.,

Ohio

Valley

Electric,

Series A,

4.25%,

11/1/30 

5,160‌

5,182‌

Indiana

Fin.

Auth.,

Parkview

Health

System,

Series D,

VRDN,

3.65%,

11/1/39 

3,400‌

3,400‌

Indiana

Fin.

Auth.,

Student

Housing

Project,

Series A,

5.00%,

6/1/53 

3,350‌

3,464‌

Indiana

Fin.

Auth.,

Student

Housing

Project,

Series A,

5.125%,

6/1/58 

1,650‌

1,709‌

Indiana

Fin.

Auth.,

U.S.

Steel,

Series A,

4.125%,

12/1/26 

10,935‌

10,922‌

Indianapolis

Airport

Auth.,

United

Airlines,

Series A,

6.50%,

11/15/31  (1)(5)(14)

9,846‌

—‌

Indianapolis

Local

Public

Improvement

Bond

Bank,

Convention

Center

Hotel,

Series E,

6.00%,

3/1/53 

7,490‌

8,047‌

Town

of

Shoals,

National

Gypsum,

7.25%,

11/1/43  (5)

3,915‌

3,921‌

Valparaiso,

Pratt

Paper,

6.75%,

1/1/34  (5)

5,860‌

5,874‌

Valparaiso,

Pratt

Paper,

7.00%,

1/1/44  (5)

7,915‌

7,932‌

60,869‌

IOWA

0.0%

Iowa

Fin.

Auth.,

Unitypoint

Health,

Series E,

VRDN,

3.60%,

2/15/41 

100‌

100‌

100‌

KANSAS

0.1%

Lenexa,

Lakeview

Village,

Series A,

5.00%,

5/15/30 

1,010‌

1,028‌

Lenexa,

Lakeview

Village,

Series A,

5.00%,

5/15/32 

910‌

923‌

Lenexa,

Lakeview

Village,

Series A,

5.00%,

5/15/39 

930‌

915‌

2,866‌

KENTUCKY

1.9%

Henderson,

Pratt

Paper,

Series B,

4.45%,

1/1/42  (3)(5)

1,945‌

1,896‌

Henderson,

Pratt

Paper,

Series B,

4.70%,

1/1/52  (3)(5)

6,270‌

6,071‌

Kentucky

Economic

DFA,

Baptist

Life

Communities,

6.25%,

11/15/46 

2,770‌

2,175‌

Kentucky

Economic

DFA,

Baptist

Life

Communities,

6.375%,

11/15/51 

4,635‌

3,599‌

Kentucky

Economic

DFA,

Masonic

Home

Independent

Living,

Series A,

5.00%,

5/15/46 

5,625‌

4,268‌

Kentucky

Economic

DFA,

Masonic

Home

Independent

Living,

Series A,

5.00%,

5/15/51 

2,905‌

2,136‌

Kentucky

Economic

DFA,

Masonic

Homes

of

Kentucky,

5.375%,

11/15/42 

3,560‌

2,873‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

53

Par/Shares

$

Value

(Amounts

in

000s)

Kentucky

Economic

DFA,

Masonic

Homes

of

Kentucky,

5.50%,

11/15/45 

1,860‌

1,482‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/37 

3,555‌

3,634‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/41 

4,040‌

4,094‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.00%,

6/1/45 

6,415‌

6,471‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.25%,

6/1/41 

6,035‌

6,156‌

Kentucky

Economic

DFA,

Owensboro

Medical

Health,

Series A,

5.25%,

6/1/50 

11,165‌

11,186‌

Kentucky

Public

Energy

Auth.,

Series C,

VRDN,

4.00%,

2/1/50

(Tender

2/1/28) 

6,085‌

6,105‌

62,146‌

LOUISIANA

1.4%

Jefferson

Parish

Economic

Dev.

&

Port

Dist.,

Kenner

Discovery

Health

Sciences,

Series A,

5.50%,

6/15/38  (3)

1,900‌

1,910‌

Jefferson

Parish

Economic

Dev.

&

Port

Dist.,

Kenner

Discovery

Health

Sciences,

Series A,

5.625%,

6/15/48  (3)

2,220‌

2,186‌

Louisiana

Gasoline

&

Fuels

Tax

Second

Lien,

Series A-1,

VRDN,

3.65%,

5/1/43 

2,200‌

2,200‌

Louisiana

Local

Gov't

Environmental

Fac.

&

Community

Dev.

Auth.,

Westlake

Chemical,

3.50%,

11/1/32 

11,300‌

10,906‌

Louisiana

Public

Fac.

Auth.,

Waste

Pro

USA

Project,

VRDN,

6.75%,

10/1/53

(Tender

10/1/28)  (3)(5)

3,500‌

3,604‌

New

Orleans

Sewerage

Service,

5.00%,

6/1/33

(Prerefunded

6/1/25)  (13)

1,140‌

1,166‌

New

Orleans

Sewerage

Service,

5.00%,

6/1/40

(Prerefunded

6/1/25)  (13)

2,165‌

2,215‌

New

Orleans

Sewerage

Service,

5.00%,

6/1/45

(Prerefunded

6/1/25)  (13)

1,385‌

1,417‌

New

Orleans

Water

System,

5.00%,

12/1/45

(Prerefunded

12/1/25)  (13)

4,355‌

4,503‌

Saint

James

Parish,

Nustar

Logistics,

VRDN,

5.85%,

8/1/41

(Tender

6/1/25)  (3)

1,310‌

1,334‌

Saint

James

Parish,

Nustar

Logistics,

VRDN,

6.10%,

6/1/38

(Tender

6/1/30)  (3)

4,190‌

4,591‌

Saint

James

Parish,

Nustar

Logistics,

Series 2,

6.35%,

7/1/40  (3)

4,235‌

4,614‌

Saint

James

Parish,

Nustar

Logistics,

Series B,

VRDN,

6.10%,

12/1/40

(Tender

6/1/30)  (3)

5,485‌

6,010‌

46,656‌

MARYLAND

5.1%

Anne

Arundel

County,

Annapolis

Area

Christian

School,

Series A,

6.50%,

7/1/33 

2,355‌

2,356‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

54

Par/Shares

$

Value

(Amounts

in

000s)

Anne

Arundel

County,

Annapolis

Area

Christian

School,

Series A,

6.75%,

7/1/43 

4,575‌

4,576‌

Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/42 

2,260‌

2,185‌

Baltimore

City,

Convention

Center

Hotel,

5.00%,

9/1/46 

17,045‌

16,016‌

Gaithersburg,

Asbury

Obligated

Group,

Series A,

5.00%,

1/1/27 

1,190‌

1,203‌

Gaithersburg,

Asbury

Obligated

Group,

Series A,

5.00%,

1/1/33 

4,410‌

4,479‌

Maryland

Economic

Dev.,

Baltimore

City

Project,

Series A,

5.00%,

6/1/58 

4,040‌

4,066‌

Maryland

Economic

Dev.,

Bowie

State

Univ.

Project,

5.00%,

6/1/25 

750‌

757‌

Maryland

Economic

Dev.,

Bowie

State

Univ.

Project,

5.00%,

6/1/29  (3)

1,900‌

1,938‌

Maryland

Economic

Dev.,

Bowie

State

Univ.

Project,

5.00%,

6/1/33  (3)

2,010‌

2,047‌

Maryland

Economic

Dev.,

Port

Covington

Project,

3.25%,

9/1/30 

750‌

713‌

Maryland

Economic

Dev.,

Port

Covington

Project,

4.00%,

9/1/40 

1,740‌

1,611‌

Maryland

Economic

Dev.,

Port

Covington

Project,

4.00%,

9/1/50 

2,000‌

1,693‌

Maryland

Economic

Dev.,

Purple

Line

Light

Rail

Project,

Series B,

5.25%,

6/30/55  (5)

41,675‌

42,360‌

Maryland

Economic

Dev.,

Senior-Annapolis

Mobility,

5.25%,

6/30/53 

4,635‌

4,810‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/25 

825‌

833‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/27 

790‌

823‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/28 

1,190‌

1,257‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/30 

790‌

834‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/32 

815‌

857‌

Maryland

Economic

Dev.,

Transportation

Fac.

Project,

Series A,

5.00%,

6/1/35 

2,050‌

2,153‌

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/36 

5,430‌

5,632‌

Maryland

HHEFA,

Adventist

Healthcare,

Series A,

5.50%,

1/1/46 

16,365‌

16,620‌

Maryland

HHEFA,

Mercy

Medical

Center,

Series A,

5.00%,

7/1/32 

475‌

488‌

Maryland

HHEFA,

Mercy

Medical

Center,

Series A,

5.00%,

7/1/33 

1,205‌

1,237‌

Maryland

HHEFA,

Mercy

Medical

Center,

Series A,

5.00%,

7/1/34 

1,425‌

1,465‌

Maryland

HHEFA,

Mercy

Medical

Center,

Series A,

5.00%,

7/1/35 

1,270‌

1,305‌

Maryland

HHEFA,

Mercy

Medical

Center,

Series A,

5.00%,

7/1/36 

1,190‌

1,220‌

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/46 

2,575‌

2,204‌

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/51 

4,305‌

3,579‌

Maryland

HHEFA,

Stevenson

Univ.

Project,

Series A,

4.00%,

6/1/55 

2,665‌

2,165‌

Montgomery

County,

Friends

House

Retirement

Community,

Series A,

5.00%,

7/1/39 

405‌

350‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

55

Par/Shares

$

Value

(Amounts

in

000s)

Montgomery

County,

Friends

House

Retirement

Community,

Series A,

5.375%,

7/1/48 

5,145‌

4,381‌

Prince

George's

County

Auth.,

Suitland-Naylor

Road,

4.75%,

7/1/36  (3)

1,385‌

1,392‌

Prince

George's

County

Auth.,

Suitland-Naylor

Road,

5.00%,

7/1/46  (3)

1,980‌

1,970‌

Rockville,

Ingelside

at

King

Farm,

Series A-1,

5.00%,

11/1/31 

1,190‌

1,186‌

Rockville,

Ingelside

at

King

Farm,

Series A-1,

5.00%,

11/1/37 

1,595‌

1,547‌

Rockville,

Ingelside

at

King

Farm,

Series A-2,

5.00%,

11/1/35 

790‌

780‌

Rockville,

Ingelside

at

King

Farm,

Series B,

4.25%,

11/1/37 

315‌

276‌

Rockville,

Ingelside

at

King

Farm,

Series B,

4.50%,

11/1/43 

1,560‌

1,335‌

Rockville,

Ingelside

at

King

Farm,

Series B,

5.00%,

11/1/42 

2,695‌

2,489‌

Rockville,

Ingelside

at

King

Farm,

Series B,

5.00%,

11/1/47 

5,250‌

4,645‌

Rockville,

Ingleside

at

King

Farm,

5.00%,

11/1/29 

395‌

394‌

Rockville,

Ingleside

at

King

Farm,

5.00%,

11/1/32 

395‌

392‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/26 

1,370‌

1,338‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/27 

1,430‌

1,375‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/30 

1,605‌

1,466‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/31 

880‌

790‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/36 

2,225‌

1,851‌

Washington

County,

Homewood

Maryland

Obligated

Group,

4.00%,

5/1/42 

6,330‌

4,848‌

Washington

Suburban

Sanitary

Dist.,

Series A,

VRDN,

BAN,

3.73%,

6/1/24 

1,400‌

1,400‌

Westminster,

Lutheran

Village

at

Millers

Grant,

Series A,

5.00%,

7/1/24 

355‌

355‌

Westminster,

Lutheran

Village

at

Millers

Grant,

Series A,

6.25%,

7/1/44 

2,885‌

2,885‌

170,927‌

MASSACHUSETTS

0.6%

Massachusetts

Dev.

Fin.

Agency,

Boston

Univ.,

Series P,

5.45%,

5/15/59  (6)

2,000‌

2,225‌

Massachusetts

Dev.

Fin.

Agency,

Children

Hosp.,

Series U-1,

VRDN,

3.65%,

3/1/48 

2,000‌

2,000‌

Massachusetts

Dev.

Fin.

Agency,

Children

Hosp.,

Series U-2,

VRDN,

3.65%,

3/1/48 

2,000‌

2,000‌

Massachusetts

Dev.

Fin.

Agency,

Milford

Regional

Medical

Center,

Series F,

5.625%,

7/15/36 

480‌

480‌

Massachusetts

Dev.

Fin.

Agency,

Milford

Regional

Medical

Center,

Series F,

5.75%,

7/15/43 

2,600‌

2,600‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

56

Par/Shares

$

Value

(Amounts

in

000s)

Massachusetts

Dev.

Fin.

Agency,

NewBridge

on

the

Charles,

5.00%,

10/1/47  (3)

3,000‌

2,975‌

Massachusetts

Dev.

Fin.

Agency,

NewBridge

on

the

Charles,

5.00%,

10/1/57  (3)

5,290‌

5,066‌

Massachusetts

Dev.

Fin.

Agency,

Salem

Community,

5.25%,

1/1/50 

2,120‌

1,850‌

19,196‌

MICHIGAN

1.2%

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

4,466‌

Calhoun

County

Hosp.

Fin.

Auth.,

Oaklawn

Hosp.,

5.00%,

2/15/47 

12,580‌

11,970‌

Detroit,

GO,

5.00%,

4/1/29 

570‌

594‌

Detroit,

GO,

5.00%,

4/1/30 

555‌

577‌

Detroit,

GO,

5.00%,

4/1/31 

595‌

618‌

Detroit,

GO,

5.00%,

4/1/32 

670‌

695‌

Detroit,

GO,

5.00%,

4/1/33 

950‌

986‌

Detroit,

GO,

5.00%,

4/1/37 

2,280‌

2,343‌

Detroit,

GO,

5.00%,

4/1/38 

1,110‌

1,136‌

Detroit,

Series A,

GO,

5.00%,

4/1/50 

1,810‌

1,827‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

at

Eastgate,

5.00%,

11/1/32 

1,665‌

1,637‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

at

Eastgate,

5.00%,

11/1/37 

945‌

896‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

at

Eastgate,

5.00%,

11/1/47 

2,195‌

1,922‌

Grand

Rapids

Economic

Dev.,

Beacon

Hill

at

Eastgate,

5.00%,

11/1/52 

940‌

804‌

Ivywood

Classical

Academy,

Public

School,

6.00%,

1/1/54 

3,890‌

3,831‌

Michigan

Fin.

Auth.,

Henry

Ford

Health

System,

Series A,

4.00%,

11/15/50 

1,875‌

1,708‌

Michigan

Tobacco

Settlement

Fin.

Auth.,

Series B,

Zero

Coupon,

6/1/52 

20,180‌

2,614‌

39,420‌

MINNESOTA

0.1%

Deephaven,

Seven

Hills

Preparatory

Academy,

Series A,

5.00%,

10/1/37 

415‌

391‌

Deephaven,

Seven

Hills

Preparatory

Academy,

Series A,

5.00%,

10/1/49 

790‌

685‌

Minneapolis,

Fairview

Health

Services,

Series C,

VRDN,

3.60%,

11/15/48 

470‌

470‌

Woodbury,

Woodbury

Leadership

Project,

4.00%,

7/1/41 

670‌

540‌

Woodbury,

Woodbury

Leadership

Project,

4.00%,

7/1/51 

520‌

381‌

Woodbury,

Woodbury

Leadership

Project,

4.00%,

7/1/56 

455‌

323‌

2,790‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

57

Par/Shares

$

Value

(Amounts

in

000s)

MISSOURI

2.2%

HEFA

of

Missouri,

Mercy

Health,

5.50%,

12/1/48 

2,980‌

3,348‌

HEFA

of

Missouri,

SSM

Health,

Series F,

VRDN,

3.78%,

6/1/36 

4,100‌

4,100‌

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

4.00%,

3/1/50  (5)(7)

1,980‌

1,859‌

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

4.00%,

3/1/57  (5)(7)

10,000‌

9,185‌

Kansas

City

IDA,

Kansas

City

Int'l.

Airport,

Series B,

5.00%,

3/1/54  (5)

3,955‌

4,005‌

Kirkwood

IDA,

Aberdeen

Heights,

5.25%,

5/15/37 

1,585‌

1,371‌

Kirkwood

IDA,

Aberdeen

Heights,

5.25%,

5/15/42 

1,345‌

1,101‌

Kirkwood

IDA,

Aberdeen

Heights,

5.25%,

5/15/50 

3,165‌

2,433‌

Saint

Louis

County

IDA,

Friendship

Village,

5.00%,

9/1/48 

1,685‌

1,534‌

Saint

Louis

County

IDA,

Friendship

Village,

Series A,

5.00%,

9/1/38 

3,760‌

3,718‌

Saint

Louis

County

IDA,

Friendship

Village,

Series A,

5.125%,

9/1/48 

12,270‌

11,375‌

Saint

Louis

County

IDA,

Nazareth

Living

Center,

Series A,

5.00%,

8/15/30 

790‌

761‌

Saint

Louis

County

IDA,

Nazareth

Living

Center,

Series A,

5.00%,

8/15/35 

555‌

513‌

Saint

Louis

County

IDA,

Nazareth

Living

Center,

Series A,

5.125%,

8/15/45 

1,345‌

1,155‌

Saint

Louis

County

IDA,

Saint

Andrews

Resources

for

Seniors,

5.00%,

12/1/35 

1,585‌

1,521‌

Saint

Louis

County

IDA,

Saint

Andrews

Resources

for

Seniors,

Series A,

5.125%,

12/1/45 

1,680‌

1,490‌

Saint

Louis

IDA,

Ballpark

Village,

Series A,

3.875%,

11/15/29 

605‌

539‌

Saint

Louis

IDA,

Ballpark

Village,

Series A,

4.375%,

11/15/35 

2,170‌

1,790‌

Saint

Louis

IDA,

Ballpark

Village,

Series A,

4.75%,

11/15/47 

2,600‌

1,988‌

Saint

Louis

Land

Clearance

for

Redev.

Auth.,

National

Geospatial

Intelligence

Agency,

5.125%,

6/1/46 

3,975‌

4,005‌

Saint

Louis

Land

Clearance

for

Redev.

Auth.,

National

Geospatial

Intelligence

Agency,

5.375%,

6/1/43 

11,595‌

11,809‌

Taney

County

IDA,

6.00%,

10/1/49  (3)

3,500‌

3,508‌

73,108‌

MONTANA

0.3%

Kalispell,

Immanuel

Lutheran,

Series A,

5.25%,

5/15/37 

545‌

492‌

Kalispell,

Immanuel

Lutheran,

Series A,

5.25%,

5/15/47 

5,740‌

4,720‌

Kalispell,

Immanuel

Lutheran,

Series A,

5.25%,

5/15/52 

5,975‌

4,788‌

10,000‌

NEBRASKA

0.0%

Central

Plains

Energy

Project,

Series 1,

VRDN,

5.00%,

5/1/53

(Tender

10/1/29) 

1,145‌

1,202‌

1,202‌

NEVADA

0.4%

Las

Vegas

Redev.

Agency,

5.00%,

6/15/30 

325‌

333‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

58

Par/Shares

$

Value

(Amounts

in

000s)

Las

Vegas

Redev.

Agency,

5.00%,

6/15/40 

3,585‌

3,646‌

Las

Vegas

Redev.

Agency,

5.00%,

6/15/45 

6,290‌

6,366‌

Reno,

Retrac-Reno

Transportation,

5.00%,

6/1/33  (7)

160‌

173‌

Reno,

Retrac-Reno

Transportation,

5.00%,

6/1/36 

200‌

213‌

Reno,

Retrac-Reno

Transportation,

5.00%,

6/1/37 

395‌

419‌

Reno,

Retrac-Reno

Transportation,

5.00%,

6/1/38  (7)

80‌

85‌

Reno,

Retrac-Reno

Transportation,

5.00%,

6/1/48 

395‌

408‌

Reno,

Retrac-Reno

Transportation,

Series C,

Zero

Coupon,

7/1/58  (3)

11,000‌

1,456‌

13,099‌

NEW

HAMPSHIRE

0.4%

New

Hampshire

Business

Fin.

Auth.,

Series B,

VRDN,

3.75%,

7/1/45

(Tender

7/2/40)  (3)(5)

3,245‌

2,526‌

New

Hampshire

Business

Fin.

Auth.,

Vista

Project,

Series A,

5.25%,

7/1/39  (3)

1,245‌

1,154‌

New

Hampshire

Business

Fin.

Auth.,

Vista

Project,

Series A,

5.625%,

7/1/46  (3)

690‌

631‌

New

Hampshire

Business

Fin.

Auth.,

Vista

Project,

Series A,

5.75%,

7/1/54  (3)

1,725‌

1,567‌

New

Hampshire

HEFA,

Hillside

Villiage,

Series A,

6.125%,

7/1/37  (1)(2)(3)

1,099‌

22‌

New

Hampshire

HEFA,

Hillside

Villiage,

Series A,

6.125%,

7/1/52  (1)(2)(3)

2,702‌

54‌

New

Hampshire

HEFA,

Hillside

Villiage,

Series A,

6.25%,

7/1/42  (1)(2)(3)

1,628‌

33‌

New

Hampshire

HEFA,

Kendel

at

Hanover,

5.00%,

10/1/36 

630‌

641‌

New

Hampshire

HEFA,

Kendel

at

Hanover,

5.00%,

10/1/40 

595‌

600‌

New

Hampshire

HEFA,

Kendel

at

Hanover,

5.00%,

10/1/46 

4,835‌

4,828‌

12,056‌

NEW

JERSEY

2.6%

Essex

County

Improvement

Auth.,

The

Friends

of

Team

Charter

Schools,

4.00%,

6/15/46 

1,555‌

1,424‌

Essex

County

Improvement

Auth.,

The

Friends

of

Team

Charter

Schools,

4.00%,

6/15/56 

1,760‌

1,531‌

Gloucester

County

Pollution

Control

Fin.

Auth.,

Keystone

Urban

Renewal,

Series A,

PCR,

5.00%,

12/1/24  (5)(12)

910‌

912‌

New

Jersey

Economic

Dev.

Auth.,

Barnabas

Health,

Series A,

Zero

Coupon,

7/1/26  (11)(12)

1,980‌

1,843‌

New

Jersey

Economic

Dev.

Auth.,

Beloved

Commonwealth

Charter

School,

Series A,

5.00%,

6/15/49  (3)

900‌

838‌

New

Jersey

Economic

Dev.

Auth.,

Continental

Airlines,

Series B,

5.625%,

11/15/30  (5)

2,125‌

2,146‌

New

Jersey

Economic

Dev.

Auth.,

Lions

Gate,

5.25%,

1/1/44 

3,880‌

3,635‌

New

Jersey

Economic

Dev.

Auth.,

Middlesex

Water,

5.00%,

8/1/59  (5)

1,605‌

1,661‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

59

Par/Shares

$

Value

(Amounts

in

000s)

New

Jersey

Economic

Dev.

Auth.,

Port

Newark

Container

Terminal,

5.00%,

10/1/47  (5)

14,475‌

14,644‌

New

Jersey

Economic

Dev.

Auth.,

Provident

Group-Rowan

Properties,

Series A,

5.00%,

1/1/30 

1,585‌

1,587‌

New

Jersey

Economic

Dev.

Auth.,

Provident

Group-Rowan

Properties,

Series A,

5.00%,

1/1/48 

9,565‌

9,006‌

New

Jersey

Economic

Dev.

Auth.,

Transit

Transportation

Project,

4.00%,

11/1/44 

6,445‌

6,379‌

New

Jersey

Economic

Dev.

Auth.,

UMM

Energy

Partners,

Series A,

5.00%,

6/15/37  (5)

990‌

990‌

New

Jersey

Economic

Dev.

Auth.,

UMM

Energy

Partners,

Series A,

5.125%,

6/15/43  (5)

1,385‌

1,385‌

New

Jersey

EFA,

Green

Bond,

Series A,

5.00%,

7/1/40 

3,130‌

3,284‌

New

Jersey

Transportation

Trust

Fund

Auth.,

5.25%,

6/15/46 

2,615‌

2,877‌

New

Jersey

Transportation

Trust

Fund

Auth.,

5.50%,

6/15/50 

1,875‌

2,078‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

4.00%,

6/15/42 

790‌

791‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

5.25%,

6/15/41 

650‌

738‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series A,

5.25%,

6/15/42 

1,000‌

1,127‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

4.25%,

6/15/44 

2,000‌

2,026‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Series AA,

5.00%,

6/15/36 

790‌

903‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series A,

Zero

Coupon,

12/15/28 

11,870‌

10,206‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series AA,

5.25%,

6/15/43 

2,710‌

2,861‌

New

Jersey

Transportation

Trust

Fund

Auth.,

Transportation

System,

Series C,

Zero

Coupon,

12/15/30  (11)

3,580‌

2,888‌

New

Jersey

Turnpike

Auth.,

Series A,

4.00%,

1/1/35  (10)

5,000‌

5,352‌

Tobacco

Settlement

Fin.,

Series A,

5.25%,

6/1/46 

5,000‌

5,183‌

88,295‌

NEW

YORK

5.1%

Build

New

York

City

Resource,

Friends

of

Hellenic

Classical,

Series A,

5.00%,

12/1/41  (3)

1,135‌

1,050‌

Build

New

York

City

Resource,

Friends

of

Hellenic

Classical,

Series A,

5.00%,

12/1/51  (3)

1,260‌

1,094‌

Build

New

York

City

Resource,

Friends

of

Hellenic

Classical,

Series A,

5.00%,

12/1/55  (3)

830‌

709‌

Build

New

York

City

Resource,

Inwood

Academy

Leadership

Charter

School,

Series A,

5.50%,

5/1/48  (3)

460‌

461‌

Build

New

York

City

Resource,

Pratt

Paper,

4.50%,

1/1/25  (3)(5)

185‌

185‌

Build

New

York

City

Resource,

Pratt

Paper,

5.00%,

1/1/35  (3)(5)

9,890‌

9,946‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

60

Par/Shares

$

Value

(Amounts

in

000s)

Build

New

York

City

Resource,

Richmond

Preparatory

Charter

School

Project,

Series A,

5.00%,

6/1/36  (3)

425‌

429‌

Build

New

York

City

Resource,

Richmond

Preparatory

Charter

School

Project,

Series A,

5.00%,

6/1/41  (3)

550‌

539‌

Build

New

York

City

Resource,

Richmond

Preparatory

Charter

School

Project,

Series A,

5.00%,

6/1/51  (3)

1,980‌

1,854‌

Build

New

York

City

Resource,

Shefa

School

Project,

Series A,

2.50%,

6/15/31  (3)

650‌

559‌

Build

New

York

City

Resource,

Shefa

School

Project,

Series A,

5.00%,

6/15/51  (3)

13,110‌

11,930‌

Dormitory

Auth.

of

the

State

of

New

York,

Series A,

5.00%,

3/15/46 

5,205‌

5,687‌

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series A,

5.00%,

1/1/56 

5,105‌

4,572‌

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series B,

Zero

Coupon,

1/1/45 

21,735‌

6,098‌

Glen

Cove

Local

Economic

Assistance,

Garvies

Point,

Series C,

5.625%,

1/1/55 

7,610‌

6,891‌

Nassau

County

IDA,

Amsterdam

at

Harborside,

Series A,

9.00%,

1/1/41  (1)(2)(3)

6,655‌

6,655‌

Nassau

County

IDA,

Amsterdam

at

Harborside,

Series B,

VR,

5.00%,

1/1/58  (2)

13,414‌

4,017‌

New

York

City

Ind.

Dev.

Agency,

Queens

Baseball

Stadium

Project,

Series A,

3.00%,

1/1/46  (7)

5,250‌

4,171‌

New

York

City

Municipal

Water

Fin.

Auth.,

Water

&

Sewer

System,

Series BB1,

3.00%,

6/15/50 

5,000‌

3,930‌

New

York

Dormitory

Auth.,

Garnet

Health

Medical

Center,

5.00%,

12/1/30  (3)

1,000‌

974‌

New

York

Dormitory

Auth.,

Garnet

Health

Medical

Center,

5.00%,

12/1/31  (3)

800‌

774‌

New

York

Dormitory

Auth.,

Garnet

Health

Medical

Center,

5.00%,

12/1/34  (3)

800‌

755‌

New

York

Dormitory

Auth.,

Garnet

Health

Medical

Center,

5.00%,

12/1/36  (3)

1,400‌

1,276‌

New

York

Liberty

Dev.,

3

World

Trade

Center,

Class

2,

5.15%,

11/15/34  (3)

5,040‌

5,059‌

New

York

Liberty

Dev.,

3

World

Trade

Center,

Class

2,

5.375%,

11/15/40  (3)

10,000‌

10,033‌

New

York

Liberty

Dev.,

Goldman

Sachs

Headquarters,

5.25%,

10/1/35 

24,740‌

29,372‌

New

York

State

Urban

Dev.,

Personal

Income

Tax,

3.00%,

3/15/48 

5,000‌

3,968‌

New

York

Transportation

Dev.,

American

Airlines,

3.00%,

8/1/31  (5)

2,375‌

2,208‌

New

York

Transportation

Dev.,

American

Airlines,

5.00%,

8/1/31  (5)

12,445‌

12,445‌

New

York

Transportation

Dev.,

Delta

Airlines,

LaGuardia

Airport,

5.00%,

10/1/35  (5)

4,945‌

5,210‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

61

Par/Shares

$

Value

(Amounts

in

000s)

New

York

Transportation

Dev.,

Delta

Airlines,

LaGuardia

Airport,

5.00%,

10/1/40  (5)

3,005‌

3,096‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

5.00%,

12/1/39  (5)

1,955‌

2,072‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

5.00%,

12/1/40  (5)

1,290‌

1,359‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

5.00%,

12/1/41  (5)

1,290‌

1,353‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

5.00%,

12/1/42  (5)

1,290‌

1,347‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

5.25%,

8/1/31  (5)

1,805‌

1,901‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

5.375%,

8/1/36  (5)

2,535‌

2,645‌

New

York

Transportation

Dev.,

JFK

Int'l.

Airport,

6.00%,

6/30/54  (5)

6,750‌

7,430‌

Westchester

County

Local

Dev.,

Pace

Univ.,

Series A,

5.50%,

5/1/42 

8,000‌

8,006‌

172,060‌

NORTH

CAROLINA

1.7%

Forsyth

County,

Series B,

GO,

2.00%,

3/1/39 

4,585‌

3,468‌

Greater

Asheville

Regional

Airport

Auth.,

Series A,

5.50%,

7/1/47  (5)(7)

9,515‌

10,467‌

North

Carolina

Housing

Fin.

Agency,

5.00%,

7/1/47 

1,585‌

1,623‌

North

Carolina

Medical

Care

Commission,

Series C,

4.00%,

3/1/36 

1,835‌

1,648‌

North

Carolina

Medical

Care

Commission,

Series C,

4.00%,

3/1/42 

3,870‌

3,177‌

North

Carolina

Medical

Care

Commission,

Aldersgate

Retirement

Community,

4.70%,

7/1/37 

2,180‌

1,839‌

North

Carolina

Medical

Care

Commission,

Aldersgate

Retirement

Community,

4.875%,

7/1/40 

4,245‌

3,494‌

North

Carolina

Medical

Care

Commission,

Aldersgate

Retirement

Community,

5.00%,

7/1/45 

3,525‌

2,792‌

North

Carolina

Medical

Care

Commission,

Aldersgate

United

Methodist,

Series A,

5.00%,

7/1/47 

925‌

720‌

North

Carolina

Medical

Care

Commission,

Everyage,

Series A,

4.00%,

9/1/41 

865‌

733‌

North

Carolina

Medical

Care

Commission,

Everyage,

Series A,

4.00%,

9/1/47 

770‌

616‌

North

Carolina

Medical

Care

Commission,

Everyage,

Series A,

4.00%,

9/1/51 

765‌

595‌

North

Carolina

Medical

Care

Commission,

Lutheran

Services,

4.00%,

3/1/51 

1,980‌

1,462‌

North

Carolina

Medical

Care

Commission,

Salemtowne,

5.25%,

10/1/37 

730‌

688‌

North

Carolina

Medical

Care

Commission,

Salemtowne,

5.375%,

10/1/45 

9,295‌

8,298‌

North

Carolina

Medical

Care

Commission,

Southminster,

5.00%,

10/1/37 

1,225‌

1,207‌

North

Carolina

Medical

Care

Commission,

United

Church

Homes,

Series A,

5.00%,

9/1/37

(Prerefunded

9/1/24)  (13)

1,660‌

1,674‌

North

Carolina

Turnpike

Auth.,

Series A,

5.00%,

7/1/47 

4,510‌

4,572‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

62

Par/Shares

$

Value

(Amounts

in

000s)

North

Carolina

Turnpike

Auth.,

Series A,

5.00%,

7/1/54 

6,845‌

6,919‌

55,992‌

OHIO

6.0%

Buckeye

Tobacco

Settlement

Fin.

Auth.,

Series B-2,

Class

2,

5.00%,

6/1/55 

112,185‌

106,900‌

Cleveland-Cuyahoga

County

Port

Auth.,

Playhouse

Square

Foundation,

5.50%,

12/1/43 

1,345‌

1,363‌

Cleveland-Cuyahoga

County

Port

Auth.,

Playhouse

Square

Foundation,

5.50%,

12/1/53 

7,720‌

7,745‌

Cuyahoga

County,

MetroHealth

System,

5.00%,

2/15/42 

3,560‌

3,581‌

Cuyahoga

County,

MetroHealth

System,

5.00%,

2/15/57 

2,375‌

2,328‌

Cuyahoga

County,

MetroHealth

System,

5.50%,

2/15/52 

15,790‌

15,999‌

Cuyahoga

County,

MetroHealth

System,

5.50%,

2/15/57 

12,900‌

13,023‌

Franklin

County

Convention

Fac.

Auth.,

Greater

Columbus

Convention

Center,

5.00%,

12/1/44 

4,635‌

4,457‌

Franklin

County

Convention

Fac.

Auth.,

Greater

Columbus

Convention

Center,

5.00%,

12/1/51 

5,955‌

5,598‌

Marion

County,

United

Church

Homes,

5.00%,

12/1/39 

1,310‌

1,102‌

Marion

County,

United

Church

Homes,

5.125%,

12/1/49 

1,445‌

1,139‌

Muskingum

County,

Genesis

Healthcare,

5.00%,

2/15/44 

3,955‌

3,665‌

Ohio,

Series A,

4.00%,

1/15/38 

845‌

853‌

Ohio,

Series A,

4.00%,

1/15/39 

1,585‌

1,591‌

Ohio,

Series A,

5.00%,

1/15/50 

1,980‌

2,078‌

Ohio

Air

Quality

Dev.

Auth.,

Ohio

Valley

Electric,

3.25%,

9/1/29 

6,885‌

6,606‌

Ohio

Air

Quality

Dev.

Auth.,

Pratt

Paper,

4.50%,

1/15/48  (3)(5)

1,585‌

1,514‌

Ohio

Air

Quality

Dev.

Auth.,

Vanadium

Project,

5.00%,

7/1/49  (3)

(5)

16,000‌

14,547‌

Ohio

Housing

Fin.

Agency,

Sanctuary

at

Springboro,

5.45%,

1/1/38  (3)

2,250‌

1,794‌

Summit

County

DFA,

Akron

Parking

Project,

5.625%,

12/1/48 

2,350‌

2,490‌

Summit

County

DFA,

Akron

Parking

Project,

6.00%,

12/1/58 

1,650‌

1,768‌

200,141‌

OKLAHOMA

1.4%

Norman

Regional

Hosp.

Auth.,

4.00%,

9/1/45 

6,565‌

5,526‌

Oklahoma

County

Fin.

Auth.,

Epworth

Villa,

Series B,

5.875%,

12/1/47 

6,094‌

4,839‌

Oklahoma

County

Fin.

Auth.,

Epworth

Villa,

Series C,

2.00%,

12/1/47 

1,254‌

64‌

Oklahoma

DFA,

OU

Medicine,

Series B,

5.25%,

8/15/48 

4,455‌

4,501‌

Oklahoma

DFA,

OU

Medicine,

Series B,

5.50%,

8/15/57 

9,005‌

9,134‌

Oklahoma

Turnpike

Auth.,

Senior,

4.50%,

1/1/53 

2,525‌

2,587‌

Oklahoma

Turnpike

Auth.,

Senior,

5.50%,

1/1/53 

10,050‌

11,196‌

Tulsa

Airports

Improvement

Trust,

Series C,

5.50%,

12/1/35  (5)

8,705‌

8,706‌

46,553‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

63

Par/Shares

$

Value

(Amounts

in

000s)

OREGON

0.2%

Clackamas

County

Hosp.

Fac.

Auth.,

Williamette

View,

Series A,

5.00%,

11/15/32 

395‌

398‌

Clackamas

County

Hosp.

Fac.

Auth.,

Williamette

View,

Series A,

5.00%,

11/15/37 

395‌

390‌

Clackamas

County

Hosp.

Fac.

Auth.,

Williamette

View,

Series A,

5.00%,

11/15/47 

1,110‌

1,033‌

Clackamas

County

Hosp.

Fac.

Auth.,

Williamette

View,

Series A,

5.00%,

11/15/52 

1,190‌

1,087‌

Oregon

State

Fac.

Auth.,

Legacy

Health

Project,

Series A,

5.00%,

6/1/52 

3,800‌

4,011‌

Yamhill

County

Hosp.

Auth.,

Friendsview

Retirement

Community,

Series A,

4.00%,

11/15/26 

180‌

174‌

Yamhill

County

Hosp.

Auth.,

Friendsview

Retirement

Community,

Series A,

5.00%,

11/15/31 

275‌

266‌

Yamhill

County

Hosp.

Auth.,

Friendsview

Retirement

Community,

Series A,

5.00%,

11/15/36 

360‌

330‌

7,689‌

PENNSYLVANIA

4.8%

Allegheny

County

IDA,

U.S.

Steel,

4.875%,

11/1/24 

960‌

962‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/28 

245‌

257‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/30 

265‌

282‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/31 

535‌

574‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/32 

875‌

945‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/33 

630‌

679‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/34 

595‌

640‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.00%,

5/1/35 

670‌

717‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

5.25%,

5/1/42  (3)

6,230‌

6,213‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

5.00%,

5/1/32  (3)

2,750‌

2,810‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

5.00%,

5/1/42  (3)

4,975‌

4,973‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

5.375%,

5/1/42  (3)

7,540‌

7,430‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

Series 2017,

5.00%,

5/1/42  (3)

7,125‌

7,123‌

Allentown

Neighborhood

Improvement

Zone

Dev.

Auth.,

Center

City,

Series 2024,

5.00%,

5/1/42  (3)

2,590‌

2,595‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

64

Par/Shares

$

Value

(Amounts

in

000s)

Butler

County

Hosp.

Auth.,

5.00%,

7/1/35 

6,645‌

6,684‌

Butler

County

Hosp.

Auth.,

5.00%,

7/1/39 

3,760‌

3,755‌

Cumberland

County

Municipal

Auth.,

Asbury

Pennsylvania

Obligated,

4.50%,

1/1/36  (3)

3,140‌

2,882‌

Cumberland

County

Municipal

Auth.,

Asbury

Pennsylvania

Obligated,

4.50%,

1/1/40  (3)

3,790‌

3,305‌

Cumberland

County

Municipal

Auth.,

Asbury

Pennsylvania

Obligated,

4.50%,

1/1/41  (3)

3,330‌

2,872‌

East

Hempfield

Township

IDA,

Student

Services,

Student

Housing,

5.00%,

7/1/30

(Prerefunded

7/1/25)  (13)

650‌

665‌

East

Hempfield

Township

IDA,

Student

Services,

Student

Housing,

5.00%,

7/1/35

(Prerefunded

7/1/25)  (13)

840‌

859‌

East

Hempfield

Township

IDA,

Student

Services,

Student

Housing,

5.00%,

7/1/47

(Prerefunded

7/1/25)  (13)

5,935‌

6,071‌

Franklin

County

IDA,

Menno-Haven,

5.00%,

12/1/43 

950‌

812‌

Franklin

County

IDA,

Menno-Haven,

5.00%,

12/1/48 

1,025‌

844‌

Franklin

County

IDA,

Menno-Haven,

5.00%,

12/1/53 

1,110‌

886‌

Lancaster

County

Hosp.

Auth.,

Brethren

Village,

5.25%,

7/1/35 

200‌

197‌

Lancaster

County

Hosp.

Auth.,

Brethren

Village,

5.50%,

7/1/45 

790‌

759‌

Montgomery

County

Higher

Ed.

&

Health

Auth.,

Thomas

Jefferson

Univ.,

5.00%,

9/1/43 

3,995‌

4,122‌

Montgomery

County

IDA,

Hill

at

Whitemarsh,

5.25%,

1/1/40 

2,770‌

2,541‌

Montgomery

County

IDA,

Hill

at

Whitemarsh,

5.375%,

1/1/50 

5,335‌

4,654‌

Pennsylvania

Economic

DFA,

5.50%,

6/30/40  (5)

3,155‌

3,546‌

Pennsylvania

Economic

DFA,

5.50%,

6/30/41  (5)

1,840‌

2,058‌

Pennsylvania

Economic

DFA,

5.50%,

6/30/43  (5)

1,840‌

2,040‌

Pennsylvania

Economic

DFA,

5.75%,

6/30/48  (5)

10,865‌

12,104‌

Pennsylvania

Economic

DFA,

6.00%,

6/30/61  (5)

7,800‌

8,826‌

Pennsylvania

Economic

DFA,

Consol

Energy,

VRDN,

9.00%,

4/1/51

(Tender

4/13/28)  (3)(5)

9,120‌

10,102‌

Pennsylvania

Economic

DFA,

Covanta

Project,

3.25%,

8/1/39  (3)

(5)

3,265‌

2,413‌

Pennsylvania

Economic

DFA,

National

Gypsum,

5.50%,

11/1/44  (5)

6,905‌

6,928‌

Pennsylvania

Higher

Ed.

Fac.

Auth.,

Indiana

Univ.

Student

Housing,

Series A,

FRN,

67%

of

3M

USD

LIBOR

+

0.65%,

4.396%,

7/1/39  (6)

6,650‌

5,796‌

Pennsylvania

Higher

Ed.

Fac.

Auth.,

Widener

Univ.,

5.00%,

7/15/38 

1,900‌

1,904‌

Pennsylvania

Turnpike

Commission,

Series A,

4.00%,

12/1/49  (7)

10,000‌

9,893‌

Pennsylvania

Turnpike

Commission,

Series B,

5.25%,

12/1/52 

4,565‌

5,039‌

Philadelphia

Higher

Ed.

Fac.

Auth.,

Temple

Univ.

Health

System,

5.00%,

7/1/28 

3,955‌

4,080‌

Philadelphia

Higher

Ed.

Fac.

Auth.,

Temple

Univ.

Health

System,

5.00%,

7/1/30 

790‌

814‌

Philadelphia

IDA,

Wesley

Enhanced

Living,

5.00%,

7/1/37 

2,485‌

2,197‌

Philadelphia

IDA,

Wesley

Enhanced

Living,

5.00%,

7/1/42 

1,680‌

1,420‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

65

Par/Shares

$

Value

(Amounts

in

000s)

Philadelphia

IDA,

Wesley

Enhanced

Living,

5.00%,

7/1/49 

2,840‌

2,303‌

159,571‌

PUERTO

RICO

10.4%

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43  (15)

28,385‌

16,606‌

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/51  (15)

14,095‌

8,369‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series 2021A,

4.00%,

7/1/42  (3)

4,190‌

3,842‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series 2021A,

5.00%,

7/1/33  (3)

2,150‌

2,242‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series 2021A,

5.00%,

7/1/37  (3)

1,105‌

1,136‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

4.00%,

7/1/42  (3)

5,975‌

5,478‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

4.00%,

7/1/47  (3)

2,030‌

1,783‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/24  (3)

580‌

582‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/25  (3)

2,675‌

2,705‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/28  (3)

2,740‌

2,830‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/29  (3)

2,865‌

2,965‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/30  (3)

10,000‌

10,378‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/35  (3)

9,495‌

9,801‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/37  (3)

6,765‌

6,978‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

5.00%,

7/1/47  (3)

22,955‌

23,139‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series A,

6.125%,

7/1/24 

474‌

477‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

4.00%,

7/1/42  (3)

5,625‌

5,158‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

4.00%,

7/1/47  (3)

4,605‌

4,044‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/24  (3)

1,325‌

1,329‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/25  (3)

2,780‌

2,811‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/29  (3)

3,525‌

3,648‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series B,

5.00%,

7/1/37  (3)

13,520‌

13,903‌

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

coupon,

7/1/24 

1,048‌

1,034‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

66

Par/Shares

$

Value

(Amounts

in

000s)

Puerto

Rico

Commonwealth,

Restructured,

Series A,

GO,

Zero

coupon,

7/1/33 

8,280‌

5,326‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/33 

10,975‌

10,757‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/35 

8,948‌

8,662‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/37 

11,792‌

11,228‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

4.00%,

7/1/41 

6,748‌

6,245‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.375%,

7/1/25 

11,338‌

11,507‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.625%,

7/1/27 

9,406‌

9,928‌

Puerto

Rico

Commonwealth,

Restructured,

Series A-1,

GO,

5.75%,

7/1/31 

18,721‌

20,871‌

Puerto

Rico

Electric

Power

Auth.,

Series A,

5.00%,

7/1/29  (1)(16)

4,780‌

1,255‌

Puerto

Rico

Electric

Power

Auth.,

Series A,

5.05%,

7/1/42  (1)(16)

95‌

25‌

Puerto

Rico

Electric

Power

Auth.,

Series A,

6.75%,

7/1/36  (1)(16)

8,215‌

2,156‌

Puerto

Rico

Electric

Power

Auth.,

Series AAA,

5.25%,

7/1/27  (1)

(16)

1,145‌

301‌

Puerto

Rico

Electric

Power

Auth.,

Series AAA,

5.25%,

7/1/29  (1)

(16)

3,955‌

1,038‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.00%,

7/1/21  (1)

(16)

1,605‌

421‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.00%,

7/1/27  (1)

(16)

135‌

35‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/26  (1)

(16)

1,600‌

420‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/27  (1)

(16)

2,300‌

604‌

Puerto

Rico

Electric

Power

Auth.,

Series CCC,

5.25%,

7/1/28  (1)

(16)

2,745‌

721‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/20  (1)(16)

470‌

123‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/24  (1)(16)

1,810‌

475‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/25  (1)(16)

610‌

160‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/26  (1)(16)

730‌

192‌

Puerto

Rico

Electric

Power

Auth.,

Series TT,

5.00%,

7/1/27  (1)(16)

95‌

25‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.25%,

7/1/33  (1)

(16)

455‌

119‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.50%,

7/1/18  (1)

(16)

390‌

102‌

Puerto

Rico

Electric

Power

Auth.,

Series WW,

5.50%,

7/1/38  (1)

(16)

3,955‌

1,038‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/27  (1)(16)

165‌

43‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/35  (1)(16)

3,466‌

910‌

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.25%,

7/1/40  (1)(16)

790‌

207‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

67

Par/Shares

$

Value

(Amounts

in

000s)

Puerto

Rico

Electric

Power

Auth.,

Series XX,

5.75%,

7/1/36  (1)(16)

1,135‌

298‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

3.70%,

7/1/17  (1)(16)

110‌

29‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/17  (1)(16)

195‌

51‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/19  (1)(16)

1,960‌

515‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.00%,

7/1/28  (1)(16)

155‌

41‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/19  (1)(16)

1,460‌

383‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/23  (1)(16)

420‌

110‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/24  (1)(16)

169‌

44‌

Puerto

Rico

Electric

Power

Auth.,

Series ZZ,

5.25%,

7/1/26  (1)(16)

3,820‌

1,003‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.55%,

7/1/40 

59‌

59‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

4.75%,

7/1/53 

19,070‌

19,033‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

5.00%,

7/1/58 

4,840‌

4,864‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/27 

5,919‌

5,241‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/29 

9,626‌

7,915‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/33 

11,267‌

7,867‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/46 

181,265‌

58,787‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-1,

Zero

Coupon,

7/1/51 

20,231‌

4,862‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-2,

4.329%,

7/1/40 

1,980‌

1,966‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-2,

4.536%,

7/1/53 

2,365‌

2,285‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured,

Series A-2,

4.784%,

7/1/58 

4,775‌

4,751‌

Puerto

Rico

Sales

Tax

Fin.,

Restructured

Cofina,

Series A-2,

4.329%,

7/1/40 

2,125‌

2,110‌

348,346‌

RHODE

ISLAND

0.2%

Central

Falls

Detention

Fac.,

7.25%,

7/15/35  (1)(2)

9,960‌

3,984‌

Rhode

Island

Health

&

Ed.

Building,

Care

New

England,

Series B,

5.00%,

9/1/36 

3,955‌

3,826‌

7,810‌

SOUTH

CAROLINA

1.0%

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

1/1/32  (1)

5,826‌

3,471‌

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

1/1/42  (1)

25,626‌

7,543‌

Connector

2000

Assoc.,

Series A-1,

Zero

Coupon,

7/22/51  (1)

44,029‌

5,883‌

Connector

2000

Assoc.,

Series B-1,

Zero

Coupon,

1/1/32  (1)

3,113‌

1,232‌

Connector

2000

Assoc.,

Series B-1,

Zero

Coupon,

7/22/51  (1)

17,627‌

1,223‌

Connector

2000

Assoc.,

Series C-1,

Zero

Coupon,

7/22/51  (1)

1,749‌

63‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

68

Par/Shares

$

Value

(Amounts

in

000s)

South

Carolina

Jobs-Economic

Dev.

Auth.,

Repower

South

Berkeley,

5.25%,

2/1/27  (1)(2)(3)(5)

850‌

85‌

South

Carolina

Jobs-Economic

Dev.

Auth.,

Repower

South

Berkeley,

6.00%,

2/1/35  (1)(2)(3)(5)

5,035‌

504‌

South

Carolina

Jobs-Economic

Dev.

Auth.,

Repower

South

Berkeley,

6.25%,

2/1/45  (1)(2)(3)(5)

10,115‌

1,011‌

South

Carolina

Jobs-Economic

Dev.

Auth.,

Repower

South

Berkeley,

8.00%,

12/6/29  (1)(2)

1,585‌

1,268‌

South

Carolina

Public

Service

Auth.,

Unrefunded

Balance,

Series A,

5.50%,

12/1/54 

10,000‌

10,013‌

32,296‌

SOUTH

DAKOTA

0.1%

Sioux

Falls

Health

Fac.,

Dow

Rummel

Village,

5.00%,

11/1/28 

1,135‌

1,130‌

Sioux

Falls

Health

Fac.,

Dow

Rummel

Village,

5.00%,

11/1/30 

1,215‌

1,201‌

Sioux

Falls

Health

Fac.,

Dow

Rummel

Village,

5.00%,

11/1/32 

1,080‌

1,057‌

Sioux

Falls

Health

Fac.,

Dow

Rummel

Village,

5.00%,

11/1/42 

1,585‌

1,403‌

4,791‌

TENNESSEE

0.7%

Chattanooga

Health

Ed.

&

Housing

Fac.

Board,

Student

Housing,

CDFI

Phase

1,

5.00%,

10/1/35 

2,180‌

2,207‌

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Ed.

Fac.

Board,

5.25%,

5/1/53 

3,850‌

4,158‌

Metropolitan

Nashville

Airport

Auth.,

Series B,

5.50%,

7/1/52  (5)

2,680‌

2,920‌

Shelby

County

Health

Ed.

&

Housing

Fac.

Board,

Village

at

Germantown,

5.00%,

12/1/34 

395‌

381‌

Shelby

County

Health

Ed.

&

Housing

Fac.

Board,

Village

at

Germantown,

5.25%,

12/1/44 

920‌

849‌

Shelby

County

Health

Ed.

&

Housing

Fac.

Board,

Village

at

Germantown,

5.25%,

12/1/49 

2,650‌

2,400‌

Tennessee

Energy

Acquisition,

Series A,

5.25%,

9/1/26 

9,435‌

9,665‌

22,580‌

TEXAS

7.0%

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/28 

705‌

719‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/30 

1,645‌

1,680‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/31 

2,300‌

2,348‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/32 

2,650‌

2,704‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/33 

2,475‌

2,525‌

Austin

Convention

Enterprises,

First

Tier

Convention

Center,

Series A,

5.00%,

1/1/34 

2,805‌

2,860‌

Austin

Convention

Enterprises,

Second

Tier

Convention

Center,

Series B,

5.00%,

1/1/28 

395‌

396‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

69

Par/Shares

$

Value

(Amounts

in

000s)

Austin

Convention

Enterprises,

Second

Tier

Convention

Center,

Series B,

5.00%,

1/1/29 

910‌

914‌

Austin

Convention

Enterprises,

Second

Tier

Convention

Center,

Series B,

5.00%,

1/1/32 

1,780‌

1,788‌

Austin

Convention

Enterprises,

Second

Tier

Convention

Center,

Series B,

5.00%,

1/1/34 

2,515‌

2,524‌

Austin

Texas

Airport

System

Revenue,

5.00%,

11/15/43  (5)

920‌

980‌

Austin

Texas

Airport

System

Revenue,

5.25%,

11/15/47  (5)

3,935‌

4,242‌

Central

Texas

Regional

Mobility

Auth.,

Series B,

5.00%,

1/1/34 

420‌

465‌

Central

Texas

Regional

Mobility

Auth.,

Series B,

5.00%,

1/1/39 

95‌

103‌

Central

Texas

Regional

Mobility

Auth.,

Series B,

5.00%,

1/1/46 

3,165‌

3,341‌

Clifton

Higher

Ed.

Fin.,

Int'l.

Leadership,

Series A,

4.125%,

8/15/49 

4,100‌

3,989‌

Clifton

Higher

Ed.

Fin.,

Int'l.

Leadership,

Series D,

6.125%,

8/15/48 

12,665‌

12,962‌

Conroe

Local

Government,

Convention

Center

Hotel,

3.50%,

10/1/31  (3)

255‌

220‌

Conroe

Local

Government,

Convention

Center

Hotel,

4.00%,

10/1/50 

1,275‌

992‌

Conroe

Local

Government,

Convention

Center

Hotel,

5.00%,

10/1/50  (3)

1,375‌

1,131‌

Dallas

Fort

Worth

Int'l.

Airport,

Series B,

5.00%,

11/1/47 

7,750‌

8,562‌

Fort

Bend

County

IDC,

NRG

Energy,

Series B,

4.75%,

11/1/42 

3,955‌

3,955‌

Gulf

Coast

IDA,

Citgo

Petroleum,

4.875%,

5/1/25  (5)

11,005‌

11,005‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Brazos

Presybyterian

Homes,

Series A,

5.00%,

1/1/38 

405‌

374‌

Harris

County

Cultural

Ed.

Fac.

Fin.,

Brazos

Presybyterian

Homes,

Series A,

5.00%,

1/1/43 

415‌

370‌

Harris

County

Health

Fac.

Dev.,

Methodist

Hosp.

System,

Series A-1,

VRDN,

3.75%,

12/1/41 

1,250‌

1,250‌

Hidalgo

County

Regional

Mobility

Auth.,

Senior

Lien,

Series A,

4.00%,

12/1/38 

1,350‌

1,324‌

Hidalgo

County

Regional

Mobility

Auth.,

Senior

Lien,

Series A,

4.00%,

12/1/39 

845‌

824‌

Hidalgo

County

Regional

Mobility

Auth.,

Senior

Lien,

Series A,

4.00%,

12/1/40 

845‌

811‌

Hidalgo

County

Regional

Mobility

Auth.,

Senior

Lien,

Series A,

4.00%,

12/1/41 

845‌

806‌

Houston

Airport

System,

Series B-1,

5.00%,

7/15/35  (5)

7,560‌

7,571‌

Houston

Airport

System,

United

Airlines,

Series A,

4.00%,

7/1/41  (5)

1,620‌

1,473‌

Houston

Airport

System,

United

Airlines,

Series B-1,

4.00%,

7/15/41  (5)

3,955‌

3,597‌

Joint

Guadalupe

County

-

Seguin

Hosp.,

5.00%,

12/1/28 

1,110‌

1,112‌

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

2,204‌

Joint

Guadalupe

County

-

Seguin

Hosp.,

5.00%,

12/1/45 

5,275‌

4,876‌

Joint

Guadalupe

County

-

Seguin

Hosp.,

5.25%,

12/1/35 

1,645‌

1,653‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

70

Par/Shares

$

Value

(Amounts

in

000s)

Mission

Economic

Dev.,

Natgasoline,

Series B,

4.625%,

10/1/31  (3)(5)

15,395‌

15,341‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/32 

435‌

442‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/33 

450‌

457‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/34 

475‌

482‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/35 

440‌

446‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/36 

1,110‌

1,124‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/38 

1,030‌

1,039‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/43 

3,095‌

3,114‌

Montgomery

County

Toll

Road

Auth.,

5.00%,

9/15/48 

3,105‌

3,119‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Blinn

College,

Series A,

5.00%,

7/1/57 

7,915‌

6,650‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Buckingham

Senior

Living,

Series 2021B,

VR,

2.00%,

11/15/61,

(2.00%

PIK)  (1)(8)

5,577‌

2,075‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing

Collage

Station,

5.00%,

4/1/46  (7)

12,385‌

12,385‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing

College

Station,

Series A,

5.00%,

4/1/29 

4,630‌

4,632‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing

College

Station,

Series A,

5.00%,

4/1/46  (7)

2,470‌

2,470‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing,

Denton

Univ.,

Series A-1,

5.00%,

7/1/58  (7)

2,355‌

2,371‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing,

Tarleton

State

Univ.,

Series A,

5.00%,

4/1/30

(Prerefunded

4/1/25)  (13)

395‌

402‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing,

Tarleton

State

Univ.,

Series A,

5.00%,

4/1/35

(Prerefunded

4/1/25)  (13)

1,205‌

1,225‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Collegiate

Housing,

Tarleton

State

Univ.,

Series A,

5.00%,

4/1/47

(Prerefunded

4/1/25)  (13)

4,765‌

4,846‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Legacy

Midtown,

Series A,

5.50%,

7/1/54 

3,585‌

2,798‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

MRC

Crestview,

5.00%,

11/15/36

(Prerefunded

11/15/24)  (13)

435‌

448‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

MRC

Crestview,

5.00%,

11/15/46

(Prerefunded

11/15/24)  (13)

1,225‌

1,262‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

MRC

Senior

Living,

Langford,

Series A,

5.375%,

11/15/36 

395‌

352‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

MRC

Senior

Living,

Langford,

Series A,

5.50%,

11/15/46 

790‌

658‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

MRC

Senior

Living,

Langford,

Series A,

5.50%,

11/15/52 

790‌

641‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/31 

790‌

756‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/32 

370‌

351‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/33 

790‌

743‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

71

Par/Shares

$

Value

(Amounts

in

000s)

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/34 

790‌

738‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.00%,

10/1/39 

1,190‌

1,018‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Presbyterian

Village

North,

5.25%,

10/1/49 

4,810‌

3,907‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Texas

A&M

Univ.

Corpus

Christi,

Series A,

5.00%,

4/1/37

(Prerefunded

4/1/27)  (13)

1,345‌

1,428‌

New

Hope

Cultural

Ed.

Fac.

Fin.,

Texas

A&M

Univ.

Corpus

Christi,

Series A,

5.00%,

4/1/42

(Prerefunded

4/1/27)  (13)

1,585‌

1,683‌

North

Texas

Tollway

Auth.,

Series B,

3.00%,

1/1/51  (9)

7,445‌

5,505‌

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast,

2.75%,

1/1/36  (3)(5)

900‌

687‌

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast,

3.00%,

1/1/50  (3)(5)

1,980‌

1,254‌

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast,

Series A,

3.625%,

1/1/35  (3)(5)

2,645‌

2,279‌

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast,

Series A,

4.00%,

1/1/50  (3)(5)

6,255‌

4,798‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Edgemere-Northwest

Senior

Housing,

5.25%,

11/15/47  (1)(14)

1,283‌

35‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Edgemere-Northwest

Senior

Housing,

Series A,

5.00%,

11/15/45  (1)(14)

6,750‌

182‌

Tarrant

County

Cultural

Ed.

Fac.

Fin.,

Stayton

at

Museum

Way,

Series A,

5.75%,

12/1/54  (1)(2)

5,878‌

3,820‌

Texas

Private

Activity

Bond

Surface

Transportation,

Blueridge

Transportation

Group,

5.00%,

12/31/55  (5)

3,215‌

3,142‌

Texas

Private

Activity

Bond

Surface

Transportation,

Segment

3C

Project,

5.00%,

6/30/58  (5)

3,000‌

3,040‌

Texas

Private

Activity

Bond

Surface

Transportation,

Tarrant

Express

Project,

5.50%,

12/31/58  (5)

18,150‌

19,948‌

Texas

Transportation

Commission,

First

Tier

Toll,

State

Highway,

5.00%,

8/1/57 

8,745‌

8,845‌

232,924‌

UTAH

1.3%

Military

Installation

Dev.

Auth.,

Series A-1,

4.00%,

6/1/41 

1,800‌

1,489‌

Military

Installation

Dev.

Auth.,

Series A-1,

4.00%,

6/1/52 

4,000‌

2,954‌

Military

Installation

Dev.

Auth.,

Series A-2,

4.00%,

6/1/41 

2,485‌

2,056‌

Military

Installation

Dev.

Auth.,

Series A-2,

4.00%,

6/1/52 

7,550‌

5,575‌

Murray

City

Hosp.,

IHC

Health

Services,

Series A,

VRDN,

3.60%,

5/15/37 

3,260‌

3,260‌

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/43  (5)

2,765‌

2,852‌

Salt

Lake

City

Airport,

Series A,

5.00%,

7/1/46  (5)

14,605‌

15,297‌

UIPA

Crossroads

Public

Infrastructure

Dist.,

4.375%,

6/1/52  (3)

10,115‌

8,797‌

42,280‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

72

Par/Shares

$

Value

(Amounts

in

000s)

VIRGINIA

4.1%

Alexandria,

Series A,

GO,

2.00%,

12/15/40 

6,150‌

4,417‌

Arlington

County

IDA,

Virginia

Hosp.

Center,

3.75%,

7/1/50 

1,050‌

957‌

Botetourt

County,

Residential

Care

Fac.,

Glebe,

Series A,

6.00%,

7/1/34 

5,775‌

5,794‌

Chesapeake

Expressway

Toll

Road,

Series B,

4.875%,

7/15/40 

5,960‌

6,131‌

James

City

County

Economic

Dev.

Auth.

Williamsburg

Landing,

Series C-3,

5.25%,

12/1/27 

1,250‌

1,260‌

Lynchburg

Economic

Dev.

Auth.,

Central

Health,

Series A,

4.00%,

1/1/47 

3,000‌

2,899‌

Norfolk

Redev.

&

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

5.00%,

1/1/35 

3,180‌

2,997‌

Norfolk

Redev.

&

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

5.00%,

1/1/46 

4,075‌

3,430‌

Norfolk

Redev.

&

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

5.375%,

1/1/35 

4,945‌

4,808‌

Norfolk

Redev.

&

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

5.375%,

1/1/46 

3,380‌

2,993‌

Norfolk

Redev.

&

Housing

Auth.,

Fort

Norfolk

Retirement

Community,

Series A,

5.00%,

1/1/49 

2,575‌

2,113‌

Stafford

County

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/33 

790‌

812‌

Stafford

County

Economic

Dev.

Auth.,

Mary

Washington

Healthcare,

5.00%,

6/15/35 

1,055‌

1,080‌

Tobacco

Settlement

Fin.,

Capital

Appreciation,

Series C,

Zero

Coupon,

6/1/47 

21,370‌

5,827‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

5.00%,

7/1/45  (3)

4,750‌

4,437‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

5.25%,

7/1/30  (3)

1,090‌

1,098‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

5.25%,

7/1/35  (3)

1,430‌

1,437‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

Series A,

5.00%,

7/1/24  (3)

1,080‌

1,079‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

Series A,

5.00%,

7/1/25  (3)

1,140‌

1,138‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

Series A,

5.00%,

7/1/30  (3)

3,750‌

3,764‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

Series A,

5.00%,

7/1/35  (3)

1,000‌

1,001‌

Virginia

College

Building

Auth.,

Marymount

Univ.,

Series A,

5.00%,

7/1/45  (3)

2,460‌

2,298‌

Virginia

Small

Business

Fin.

Auth.,

95

Express

Lanes,

4.00%,

1/1/40  (5)

1,150‌

1,109‌

Virginia

Small

Business

Fin.

Auth.,

95

Express

Lanes,

4.00%,

1/1/41  (5)

2,140‌

2,055‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

73

Par/Shares

$

Value

(Amounts

in

000s)

Virginia

Small

Business

Fin.

Auth.,

95

Express

Lanes,

4.00%,

1/1/42  (5)

1,025‌

979‌

Virginia

Small

Business

Fin.

Auth.,

95

Express

Lanes,

4.00%,

1/1/48  (5)

15,125‌

14,037‌

Virginia

Small

Business

Fin.

Auth.,

95

Express

Lanes,

5.00%,

7/1/35  (5)

3,530‌

3,847‌

Virginia

Small

Business

Fin.

Auth.,

95

Express

Lanes,

5.00%,

1/1/36  (5)

845‌

918‌

Virginia

Small

Business

Fin.

Auth.,

95

Express

Lanes,

5.00%,

7/1/37  (5)

1,875‌

2,011‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

3.00%,

1/1/41  (5)

3,000‌

2,413‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.00%,

1/1/37  (5)

3,080‌

3,069‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.00%,

1/1/38  (5)

3,820‌

3,759‌

Virginia

Small

Business

Fin.

Auth.,

Elizabeth

River

Crossings,

4.00%,

1/1/40  (5)

7,650‌

7,355‌

Virginia

Small

Business

Fin.

Auth.,

I-495

Hot

Lanes

Project,

5.00%,

12/31/47  (5)

6,105‌

6,343‌

Virginia

Small

Business

Fin.

Auth.,

I-495

Hot

Lanes

Project,

5.00%,

12/31/57  (5)

2,995‌

3,049‌

Virginia

Small

Business

Fin.

Auth.,

Transform

66

P3

Project,

5.00%,

12/31/49  (5)

8,705‌

8,779‌

Virginia

Small

Business

Fin.

Auth.,

Transform

66

P3

Project,

5.00%,

12/31/56  (5)

15,865‌

15,946‌

137,439‌

WASHINGTON

1.0%

Adams

County

Public

Hosp.

Dist.

No.

2,

GO,

5.125%,

12/1/44 

2,105‌

2,108‌

Skagit

County

Public

Hosp.

Dist.

No.

1,

5.50%,

12/1/54 

3,910‌

4,151‌

Washington

State

Convention

Center

Public

Fac.

Dist.,

4.00%,

7/1/31 

5,975‌

5,904‌

Washington

State

Housing

Fin.

Commission,

Hearthstone,

5.00%,

7/1/38  (3)

830‌

683‌

Washington

State

Housing

Fin.

Commission,

Hearthstone,

5.00%,

7/1/48  (3)

2,300‌

1,706‌

Washington

State

Housing

Fin.

Commission,

Hearthstone,

5.00%,

7/1/53  (3)

920‌

663‌

Washington

State

Housing

Fin.

Commission,

Judson

Park,

4.00%,

7/1/28  (3)

225‌

218‌

Washington

State

Housing

Fin.

Commission,

Judson

Park,

5.00%,

7/1/33  (3)

225‌

224‌

Washington

State

Housing

Fin.

Commission,

Judson

Park,

5.00%,

7/1/38  (3)

650‌

623‌

Washington

State

Housing

Fin.

Commission,

Judson

Park,

5.00%,

7/1/48  (3)

1,660‌

1,455‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

74

Par/Shares

$

Value

(Amounts

in

000s)

Washington

State

Housing

Fin.

Commission,

Presbyterian

Retirement,

Series A,

5.00%,

1/1/46  (3)

2,575‌

1,818‌

Washington

State

Housing

Fin.

Commission,

Presbyterian

Retirement,

Series A,

5.00%,

1/1/51  (3)

5,330‌

3,600‌

Washington

State

Housing

Fin.

Commission,

Social

Certificate,

Series 1,

Class

A,

3.375%,

4/20/37 

1,247‌

1,099‌

Washington

State

Housing

Fin.

Commission,

Social

Certificate,

Series A-1,

Class

A,

3.50%,

12/20/35 

6,111‌

5,734‌

Washington

State

Housing

Fin.

Commission,

Transform

Age

Project,

Series A,

5.00%,

1/1/55  (3)

4,925‌

3,246‌

33,232‌

WEST

VIRGINIA

0.3%

Monongalia

County

Commission

Excise

Tax

Dist.,

Series A,

4.125%,

6/1/43  (3)

1,685‌

1,501‌

Monongalia

County

Commission

Excise

Tax

Dist.,

Series B,

4.875%,

6/1/43  (3)

1,180‌

1,145‌

Monongalia

County

Commission,

Univ.

Town

Center,

Series A,

5.50%,

6/1/37  (3)

1,940‌

1,991‌

Monongalia

County

Commission,

Univ.

Town

Center,

Series A,

5.75%,

6/1/43  (3)

1,940‌

1,992‌

West

Virginia

Economic

Dev.

Auth.,

Arch

Resources,

VRDN,

5.00%,

7/1/45

(Tender

7/1/25)  (5)

2,375‌

2,385‌

9,014‌

WISCONSIN

3.1%

PFA,

Celanese,

Series B,

5.00%,

12/1/25  (5)

4,750‌

4,812‌

PFA,

Celanese,

Series C,

4.30%,

11/1/30  (5)

3,955‌

3,890‌

PFA,

Celanese,

Series D,

4.05%,

11/1/30 

1,980‌

1,919‌

PFA,

Challenge

Foundation

Academy,

6.625%,

7/1/43  (3)

1,000‌

1,032‌

PFA,

Challenge

Foundation

Academy,

6.875%,

7/1/53  (3)

1,650‌

1,702‌

PFA,

Challenge

Foundation

Academy,

7.00%,

7/1/58  (3)

1,850‌

1,908‌

PFA,

CHF

Manoa,

Series A,

5.75%,

7/1/53  (3)

4,000‌

4,226‌

PFA,

Church

Home

of

Hartford,

5.00%,

9/1/30  (3)

630‌

619‌

PFA,

Church

Home

of

Hartford,

5.00%,

9/1/38  (3)

1,365‌

1,258‌

PFA,

Corvian

Community

School,

Series A,

4.00%,

6/15/29  (3)

665‌

633‌

PFA,

Corvian

Community

School,

Series A,

5.00%,

6/15/39  (3)

790‌

729‌

PFA,

Corvian

Community

School,

Series A,

5.00%,

6/15/49  (3)

3,650‌

3,127‌

PFA,

Corvian

Community

School,

Series A,

5.125%,

6/15/47  (3)

2,085‌

1,841‌

PFA,

Corvian

Community

School,

Series A,

6.25%,

6/15/48  (3)

535‌

541‌

PFA,

Corvian

Community

School,

Series A,

6.25%,

6/15/53  (3)

2,515‌

2,525‌

PFA,

Founders

Academy

of

Las

Vegas,

Series A,

4.00%,

7/1/30  (3)

300‌

282‌

PFA,

Founders

Academy

of

Las

Vegas,

Series A,

5.00%,

7/1/40  (3)

560‌

517‌

PFA,

Founders

Academy

of

Las

Vegas,

Series A,

5.00%,

7/1/55  (3)

1,145‌

967‌

PFA,

Founders

Academy

of

Las

Vegas,

Series A,

6.375%,

7/1/43  (3)

325‌

335‌

PFA,

Founders

Academy

of

Las

Vegas,

Series A,

6.625%,

7/1/53  (3)

100‌

103‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

75

Par/Shares

$

Value

(Amounts

in

000s)

PFA,

Founders

Academy

of

Las

Vegas,

Series A,

6.75%,

7/1/58  (3)

375‌

388‌

PFA,

Grand

Hyatt

San

Antonio,

Series A,

5.00%,

2/1/52 

1,835‌

1,844‌

PFA,

Grand

Hyatt

San

Antonio,

Series A,

5.00%,

2/1/62 

3,370‌

3,339‌

PFA,

Mary's

Woods

at

Marylhurst,

5.25%,

5/15/37  (3)

435‌

422‌

PFA,

Mary's

Woods

at

Marylhurst,

5.25%,

5/15/47  (3)

965‌

876‌

PFA,

Mary's

Woods

at

Marylhurst,

5.25%,

5/15/52  (3)

1,820‌

1,617‌

PFA,

Mountain

Island

Charter

School,

5.00%,

7/1/37 

655‌

655‌

PFA,

Mountain

Island

Charter

School,

5.00%,

7/1/47 

1,585‌

1,505‌

PFA,

Mountain

Island

Charter

School,

5.00%,

7/1/52 

3,405‌

3,171‌

PFA,

National

Gypsum,

4.00%,

8/1/35  (5)

18,170‌

16,354‌

PFA,

Nevada

State

College,

Series A,

5.00%,

5/1/60  (3)

4,520‌

3,411‌

PFA,

Nevada

State

College,

Series B,

9.00%,

5/1/71  (2)(3)

2,090‌

1,857‌

PFA,

Searstone

CCRC

Project,

Series A,

5.00%,

6/1/37  (3)

5,055‌

4,792‌

PFA,

Searstone

CCRC

Project,

Series A,

5.00%,

6/1/52  (3)

5,055‌

4,239‌

PFA,

SKY

Harbour

Capital,

4.00%,

7/1/41  (5)

3,685‌

2,865‌

PFA,

SKY

Harbour

Capital,

4.25%,

7/1/54  (5)

11,045‌

7,710‌

PFA,

Southminster,

5.00%,

10/1/43  (3)

1,780‌

1,670‌

PFA,

Southminster,

5.00%,

10/1/48  (3)

1,585‌

1,431‌

PFA,

Southminster,

5.00%,

10/1/53  (3)

4,560‌

4,006‌

PFA,

Univ.

of

Hawai'i

Foundation

project,

Series A-1,

4.00%,

7/1/51  (3)

2,190‌

1,809‌

PFA,

Univ.

of

Hawai'i

Foundation

project,

Series A-1,

4.00%,

7/1/61  (3)

1,215‌

959‌

PFA,

Univ.

of

Hawai'i

Foundation

project,

Series B,

5.25%,

7/1/61  (3)

1,930‌

1,640‌

Univ.

of

Wisconsin

Hosp.

&

Clinics

Auth.,

Series B,

VRDN,

3.65%,

4/1/48 

1,610‌

1,610‌

Wisconsin

HEFA,

Benevolent,

5.00%,

6/1/37 

880‌

840‌

Wisconsin

HEFA,

Benevolent,

5.00%,

6/1/41 

1,310‌

1,198‌

Wisconsin

HEFA,

Saint

John's

Communities,

4.00%,

9/15/36 

615‌

561‌

Wisconsin

HEFA,

Saint

John's

Communities,

4.00%,

9/15/41 

610‌

521‌

Wisconsin

HEFA,

Saint

John's

Communities,

4.00%,

9/15/45 

510‌

410‌

104,666‌

Total

Municipal

Securities

(Cost

$3,579,202)

3,317,706‌

Total

Investments

in

Securities

99.3%

of

Net

Assets

(Cost

$3,579,402)

$

3,317,976‌

‡

Par/Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

76

.

.

.

.

.

.

.

.

.

.

(3)

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

$738,994

and

represents

22.1%

of

net

assets.

(4)

Insured

by

Berkshire

Hathaway

Assurance

Corporation

(5)

Interest

subject

to

alternative

minimum

tax.

(6)

Insured

by

Assured

Guaranty

Corporation

(7)

Insured

by

Assured

Guaranty

Municipal

Corporation

(8)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(9)

Insured

by

Build

America

Mutual

Assurance

Company

(10)

When-issued

security

(11)

Insured

by

National

Public

Finance

Guarantee

Corporation

(12)

Escrowed

to

maturity

(13)

Prerefunded

date

is

used

in

determining

portfolio

maturity.

(14)

Obligor

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

(15)

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.

(16)

Issuer

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

BAN

Bond

Anticipation

Note

CDA

Community

Development

Administration/Authority

CDFI

Community

Development

Financial

Institution

DFA

Development

Finance

Authority

EFA

Educational

Facility

Authority

FRN

Floating

Rate

Note

GO

General

Obligation

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

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

77

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

.

.

.

.

.

.

.

.

.

.

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

29,

2024

Statement

of

Assets

and

Liabilities

78

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$3,579,402)

$

3,317,976‌

Interest

receivable

36,179‌

Receivable

for

shares

sold

5,946‌

Receivable

for

investment

securities

sold

2,932‌

Cash

257‌

Other

assets

81‌

Total

assets

3,363,371‌

Liabilities

Payable

for

investment

securities

purchased

12,483‌

Payable

for

shares

redeemed

6,857‌

Investment

management

fees

payable

1,282‌

Due

to

affiliates

90‌

Payable

to

directors

2‌

Other

liabilities

2,961‌

Total

liabilities

23,675‌

NET

ASSETS

$

3,339,696‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

February

29,

2024

Statement

of

Assets

and

Liabilities

79

($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)

$

(412,525‌)

Paid-in

capital

applicable

to

304,556,413

shares

of

$0.01

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

3,752,221‌

NET

ASSETS

$

3,339,696‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$1,826,222;

Shares

outstanding:

166,525,090)

$

10.97‌

Advisor

Class

(Net

assets:

$4,552;

Shares

outstanding:

412,576)

$

11.03‌

I

Class

(Net

assets:

$1,508,922;

Shares

outstanding:

137,618,747)

$

10.96‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

Statement

of

Operations

80

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

2/29/24

Investment

Income

(Loss)

Income

    Interest

$

153,597‌

Dividend

6‌

Total

income

153,603‌

Expenses

Investment

management

20,101‌

Shareholder

servicing

Investor

Class

$

2,606‌

Advisor

Class

10‌

I

Class

327‌

2,943‌

Rule

12b-1

fees

Advisor

Class

12‌

Prospectus

and

shareholder

reports

Investor

Class

107‌

Advisor

Class

2‌

I

Class

58‌

167‌

Interest

478‌

Custody

and

accounting

238‌

Registration

191‌

Proxy

and

annual

meeting

63‌

Legal

and

audit

39‌

Directors

12‌

Miscellaneous

138‌

Waived

/

paid

by

Price

Associates

(3,239‌)

Total

expenses

21,143‌

Net

investment

income

132,460‌

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

loss

on

securities

(72,429‌)

Change

in

net

unrealized

gain

/

loss

on

securities

173,874‌

Net

realized

and

unrealized

gain

/

loss

101,445‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

233,905‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

Statement

of

Changes

in

Net

Assets

81

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2/29/24

2/28/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

132,460‌

$

163,921‌

Net

realized

loss

(72,429‌)

(88,373‌)

Change

in

net

unrealized

gain

/

loss

173,874‌

(582,466‌)

Increase

(decrease)

in

net

assets

from

operations

233,905‌

(506,918‌)

Distributions

to

shareholders

Net

earnings

Investor

Class

(71,729‌)

(84,531‌)

Advisor

Class

(165‌)

(220‌)

I

Class

(58,752‌)

(78,467‌)

Decrease

in

net

assets

from

distributions

(130,646‌)

(163,218‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

660,371‌

1,927,977‌

Advisor

Class

79‌

2,619‌

I

Class

300,989‌

1,386,152‌

Distributions

reinvested

Investor

Class

58,319‌

69,836‌

Advisor

Class

165‌

220‌

I

Class

39,365‌

57,275‌

Shares

redeemed

Investor

Class

(897,519‌)

(3,253,105‌)

Advisor

Class

(1,154‌)

(4,238‌)

I

Class

(724,825‌)

(1,245,803‌)

Decrease

in

net

assets

from

capital

share

transactions

(564,210‌)

(1,059,067‌)

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

Statement

of

Changes

in

Net

Assets

82

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2/29/24

2/28/23

Net

Assets

Decrease

during

period

(460,951‌)

(1,729,203‌)

Beginning

of

period

3,800,647‌

5,529,850‌

End

of

period

$

3,339,696‌

$

3,800,647‌

*Share

information

(000s)

Shares

sold

Investor

Class

62,700‌

173,353‌

Advisor

Class

8‌

243‌

I

Class

28,440‌

124,045‌

Distributions

reinvested

Investor

Class

5,481‌

6,361‌

Advisor

Class

15‌

20‌

I

Class

3,696‌

5,235‌

Shares

redeemed

Investor

Class

(84,854‌)

(289,447‌)

Advisor

Class

(107‌)

(387‌)

I

Class

(68,101‌)

(114,687‌)

Decrease

in

shares

outstanding

(52,722‌)

(95,264‌)

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

NOTES

TO

FINANCIAL

STATEMENTS

83

T.

Rowe

Price

Tax-Free

High

Yield

Fund,

Inc.

(the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as a

diversified, open-end

management

investment

company. 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

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

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

84

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.

In-Kind

Redemptions

 In

accordance

with

guidelines

described

in

the

fund’s

prospectus,

and

when

considered

to

be

in

the

best

interest

of

all

shareholders,

the

fund

may

distribute

portfolio

securities

rather

than

cash

as

payment

for

a

redemption

of

fund

shares

(in-kind

redemption).

Gains

and

losses

realized

on

in-kind

redemptions

are

not

recognized

for

tax

purposes

and

are

reclassified

from

undistributed

realized

gain

(loss)

to

paid-in

capital.

During

the

year ended

February

29,

2024,

the

fund

realized

$23,866,000 of

net

loss

on

$289,824,000

of

in-kind

redemptions.

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.

ET,

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.

New

Accounting

Guidance

 The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

In

December

2022,

FASB

issued

ASU

2022-

06

which

defers

the

sunset

date

of

Topic

848

from

December

31,

2022

to

December

31,

2024,

after

which

entities

will

no

longer

be

permitted

to

apply

the

relief

in

Topic

848.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

have

a

material

impact

on

the fund's

financial statements.

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

85

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

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

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

86

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

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

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

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

87

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.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

February

29,

2024

(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.

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

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Municipal

Securities

$

—‌

$

3,317,706‌

$

—‌

$

3,317,706‌

Common

Stocks

270‌

—‌

—‌

270‌

Total

$

270‌

$

3,317,706‌

$

—‌

$

3,317,976‌

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

88

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,

short-term and

U.S.

government

securities

aggregated $389,714,000 and

$613,541,000,

respectively,

for

the

year ended

February

29,

2024.

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

redemptions

in

kind,

the

character

of

market

discount

at

time

of

sale,

differences

between

book/tax

amortization

policies,

and

the

character

of

income

on

certain

derivative

contracts.

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

89

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

February

29,

2024,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

At

February

29,

2024,

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

($000s)

February

29,

2024

February

28,

2023

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

—‌

$

2,480‌

Tax-exempt

income

130,646‌

160,738‌

Total

distributions

$

130,646‌

$

163,218‌

($000s)

Cost

of

investments

$

3,570,690‌

Unrealized

appreciation

$

58,225‌

Unrealized

depreciation

(310,939‌)

Net

unrealized

appreciation

(depreciation)

$

(252,714‌)

($000s)

Undistributed

ordinary

income

$

1,798‌

Undistributed

tax-exempt

income

5,484‌

Net

unrealized

appreciation

(depreciation)

(252,714‌)

Loss

carryforwards

and

deferrals

(167,093‌)

Total

distributable

earnings

(loss)

$

(412,525‌)

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

90

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.

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

0.30%

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

0.260%

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

29,

2024,

the

effective

annual

group

fee

rate

was

0.29%. Effective

July

1,

2019,

Price

Associates

has

contractually

agreed,

at

least

through

June

30,

2024,

to

waive

a

portion

of

its

management

fee

in

order

to

limit

the

fund’s

management

fees

to 0.49% of

the

fund’s

average

daily

net

assets.

Thereafter,

this

agreement

will

automatically

renew

for

one-

year

terms

unless

terminated

or

modified

by

the

fund’s

Board.

Any

fees

waived

under

this

agreement

are

not

subject

to

reimbursement

to

Price

Associates

by

the

fund. The

total

management

fees

waived

were $3,239,000

and

allocated

ratably

in

the

amounts

of

$1,803,000

for

the

Investor

Class,

$5,000

for

the

Advisor

Class,

and

$1,431,000

for

the

I

Class,

for

the

year

ended

February

29,

2024.

Effective

November

1,

2023,

the Investor

Class is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

Effective

June

1,

2023,

the Advisor

Class is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

Prior

to

November

1,

2023,

the

Investor

Class was

not

subject

to

a

contractual

expense

limitation.

Prior

to

June

1,

2023,

the

Advisor

Class was

not

subject

to

a

contractual

expense

limitation.

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

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

91

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

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

29,

2024,

expenses

incurred

pursuant

to

these

service

agreements

were

$113,000

for

Price

Associates

and

$713,000

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

Investor

Class

Advisor

Class

I

Class

Expense

limitation/I

Class

Limit

0.94%

1.19%

0.05%

Expense

limitation

date

06/30/25

06/30/25

06/30/25

(Waived)/repaid

during

the

period

($000s)

$—

$—

$—

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

92

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

29,

2024,

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

29,

2024.

NOTE

6

-

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

$1.3

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

$1.15 billion,

of

which

$900

million

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

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)

Secured

Overnight

Financing

Rate

(SOFR)

plus

0.10%

per

annum,

(b)

Federal

Funds

Rate,

or

(c)

the

Overnight

Bank

Funding

Rate

plus

an

applicable

margin. At

February

29,

2024,

the

fund

had

no

borrowings

outstanding

under

the

facility,

and

the

undrawn

amount

of

the

facility

for

the

U.S.

borrowers

was

$1,150,000,000.

NOTE

7

-

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

93

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund's

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

94

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Directors

and

Shareholders

of

T.

Rowe

Price

Tax-Free

High

Yield

Fund,

Inc.

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,

Inc.

(the

"Fund")

as

of

February

29,

2024,

the

related

statement

of

operations

for

the

year

ended

February

29,

2024,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

February

29,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

February

29,

2024

(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

29,

2024,

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

29,

2024

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

February

29,

2024

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

95

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

29,

2024

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

18,

2024

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

96

TAX

INFORMATION

(UNAUDITED)

FOR

THE

TAX

YEAR

ENDED 2/29/24

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

$130,712,000

which

qualified

as

exempt-interest

dividends. 

For

taxable

non-corporate

shareholders,

$6,000

of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%. 

For

corporate

shareholders,

$6,000

of

the

fund's

income

qualifies

for

the

dividends-

received

deduction. 

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

97

TAILORED

SHAREHOLDER

REPORTS

FOR

MUTUAL

FUNDS

AND

EXCHANGE

TRADED

FUNDS

In

October

2022,

the

Securities

and

Exchange

Commission

(SEC)

adopted

rule

and

form

amendments

requiring

Mutual

Funds

and

Exchange-Traded

Funds

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

that

highlight

key

information

to

shareholders.

Other

information,

including

financial

statements,

will

no

longer

appear

in

the

funds’

shareholder

reports

but

will

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

98

ABOUT

THE

FUND'S

DIRECTORS

AND

OFFICERS

Your

fund

is

overseen

by

a

Board

of

Directors

(Board)

that

meets

regularly

to

review

a

wide

variety

of

matters

affecting

or

potentially

affecting

the

fund,

including

performance,

investment

programs,

compliance

matters,

advisory

fees

and

expenses,

service

providers,

and

business

and

regulatory

affairs.

The

Board

elects

the

fund’s

officers,

who

are

listed

in

the

final

table.

The

directors

who

are

also

employees

or

officers

of

T.

Rowe

Price

are

considered

to

be

“interested”

directors

as

defined

in

Section

2(a)(19)

of

the

1940

Act

because

of

their

relationships

with

T.

Rowe

Price

Associates,

Inc. (T.

Rowe

Price),

and

its

affiliates.

The

business

address

of

each

director

and

officer

is

100

East

Pratt

Street,

Baltimore,

Maryland

21202.

The

Statement

of

Additional

Information

includes

additional

information

about

the

fund

directors

and

is

available

without

charge

by

calling

a

T.

Rowe

Price

representative

at

1-800-638-5660.

INDEPENDENT

DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Teresa

Bryce

Bazemore

(1959)

2018

[193]

President

and

Chief

Executive

Officer,

Federal

Home

Loan

Bank

of

San

Francisco

(2021

to

present)

and

Director

of

the

FHLBanks

Office

of

Finance;

Chief

Executive

Officer,

Bazemore

Consulting

LLC

(2018

to

2021);

Director,

Chimera

Investment

Corporation

(2017

to

2021);

Director,

First

Industrial

Realty

Trust

(2020

to

present);

Director,

Federal

Home

Loan

Bank

of

Pittsburgh

(2017

to

2019)

Melody

Bianchetto

(1966)

2023

[193]

Vice

President

for

Finance,

University

of

Virginia

(2015

to

2023)

Bruce

W.

Duncan

(1951)

2013

[193]

President,

Chief

Executive

Officer,

and

Director,

CyrusOne,

Inc.

(2020

to

2021);

Chair

of

the

Board

(2016

to

2020)

and

President

(2009

to

2016),

First

Industrial

Realty

Trust,

owner

and

operator

of

industrial

properties;

Member,

Investment

Company

Institute

Board

of

Governors

(2017

to

2019);

Member,

Independent

Directors

Council

Governing

Board

(2017

to

2019);

Senior

Advisor,

KKR

(2018

to

2022);

Director,

Boston

Properties

(2016

to

present);

Director,

Marriott

International,

Inc.

(2016

to

2020)

Robert

J.

Gerrard,

Jr.

(1952)

2013

[193]

Chair

of

the

Board,

all

funds

(July

2018

to

present)

Paul

F.

McBride

(1956)

2013

[193]

Advisory

Board

Member,

Vizzia

Technologies

(2015

to

present);

Board

Member,

Dunbar

Armored

(2012

to

2018)

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

99

INTERESTED  DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Mark

J.

Parrell

(1966)

2023

[193]

Board

of

Trustees

Member

and

Chief

Executive

Officer

(2019

to

present),

President,

EQR

(2018

to

present),

Executive

Vice

President

and

Chief

Financial

Officer,

EQR

(2007

to

2018),

and

Senior

Vice

President

and

Treasurer,

EQR

(2005

to

2007);

Member,

Nareit

Dividends

Through

Diversity,

Equity

&

Inclusion

CEO

Council,

Treasurer

of

Nareit

(2023),

and

Chair,

Nareit

2021

Audit

and

Investment

Committee

(2021);

Advisory

Board,

Ross

Business

School

at

University

of

Michigan

(2015

to

2016);

Member,

National

Multifamily

Housing

Council

and

served

as

Chair

of

the

Finance

Committee

(2015

to

2016);

Member,

Economic

Club

of

Chicago;

Director,

Brookdale

Senior

Living,

Inc.

(2015

to

2017);

Director,

Aviv

REIT,

Inc.

(2013

to

2015);

Director,

Real

Estate

Roundtable

and

the

2022

Executive

Board

Nareit;

Board

of

Directors

and

Chair

of

the

Finance

Committee,

Greater

Chicago

Food

Depository

Kellye

L.

Walker

(1966)

2021

[193]

Executive

Vice

President

and

Chief

Legal

Officer,

Eastman

Chemical

Company

(April

2020

to

present);

Executive

Vice

President

and

Chief

Legal

Officer,

Huntington

Ingalls

Industries,

Inc.

(January

2015

to

March

2020);

Director,

Lincoln

Electric

Company

(October

2020

to

present)

(a)

All

information

about

the

independent

directors

was

current

as

of

December

31,

2023,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

David

Oestreicher

(1967)

2018

[193]

Director,

Vice

President,

and

Secretary,

T.

Rowe

Price,

T.

Rowe

Price

Investment

Services,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.;

Director

and

Secretary,

T.

Rowe

Price

Investment

Management,

Inc.

(Price

Investment

Management);

Vice

President

and

Secretary,

T.

Rowe

Price

International

(Price

International);

Vice

President,

T.

Rowe

Price

Australia,

T.

Rowe

Price

Hong

Kong

(Price

Hong

Kong),

T.

Rowe

Price

Japan

(Price

Japan),

and

T.

Rowe

Price

Singapore

(Price

Singapore);

General

Counsel,

Vice

President,

and

Secretary,

T.

Rowe

Price

Group,

Inc.;

Chair

of

the

Board,

Chief

Executive

Officer,

President,

and

Secretary,

T.

Rowe

Price

Trust

Company;

Principal

Executive

Officer

and

Executive

Vice

President,

all

funds

INDEPENDENT

DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

100

OFFICERS

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Eric

L.

Veiel,

CFA

(1972)

2022

[193]

Director

and

Vice

President,

T.

Rowe

Price;

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company;

Vice

President,

Global

Funds

(a)

All

information

about

the

interested

directors

was

current

as

of

December

31,

2023,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

Name

(Year

of

Birth)

Position

Held

With Tax-Free

High

Yield

Fund 

Principal

Occupation(s) 

Ralph Lee

Arnold,

Jr.,

CFA,

CPA

(1970)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Colin

T.

Bando,

CFA

(1987)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Armando

(Dino)

Capasso

(1974)

Chief

Compliance

Officer

and

Vice

President

Chief

Compliance

Officer

and

Vice

President,

T.

Rowe

Price

and

Price

Investment

Management;

Vice

President,

T.

Rowe

Price

Group,

Inc.;

formerly,

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

AST

Investment

Services,

Inc.

(ASTIS)

(to

2022);

Chief

Compliance

Officer,

PGIM

Retail

Funds

complex

and

Prudential

Insurance

Funds

(to

2022);

Vice

President

and

Deputy

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

ASTIS

(to

2019)

Daniel

Chihorek

(1984)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Davis

Collins,

CFA

(1989)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Jean-Marc

Corredor

(1976)

Vice

President

Vice

President,

Price

International,

Price

Investment

Management,

T.

Rowe

Price

Investment

Services,

Inc.,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Alan

S.

Dupski,

CPA

(1982)

Principal

Financial

Officer,

Vice

President,

and

Treasurer

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

INTERESTED  DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

101

Name

(Year

of

Birth)

Position

Held

With Tax-Free

High

Yield

Fund 

Principal

Occupation(s) 

Cheryl

Emory

(1963)

Assistant

Secretary 

Assistant

Vice

President

and

Assistant

Secretary,

T.

Rowe

Price;

Assistant

Secretary,

T.

Rowe

Price

Group,

Inc.,

Price

Investment

Management,

Price

International,

Price

Hong

Kong,

Price

Singapore,

T.

Rowe

Price

Investment

Services,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

Kathryn

A.

Floyd,

CFA

(1982)

Vice

President

Employee,

T.

Rowe

Price

Cheryl

Hampton,

CPA

(1969)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company;

formerly,

Tax

Director,

Invesco

Ltd.

(to

2021);

Vice

President,

Oppenheimer

Funds,

Inc.

(to

2019)

Thomas

Dylan

Jones,

CFA

(1971)

Vice

President

Vice

President, T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Michael

Kane

(1982)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.;

formerly,

Research

Analyst,

GW&K

Investments

(to

2019)

Benjamin

Kersse,

CPA

(1989)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Trust

Company

Paul

J.

Krug,

CPA

(1964)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Robert

P.

McDavid

(1972)

Vice

President

Vice

President,

T.

Rowe

Price, Price

Investment

Management, T.

Rowe

Price

Investment

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

James

M.

Murphy,

CFA

(1967)

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Fran

M.

Pollack-Matz

(1961)

Vice

President

and

Secretary 

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Investment

Services,

Inc., T.

Rowe

Price

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

Richard

Sennett,

CPA

(1970)

Assistant

Treasurer

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Timothy

G.

Taylor,

CFA

(1975)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

ROWE

PRICE

Tax-Free

High

Yield

Fund

102

Name

(Year

of

Birth)

Position

Held

With Tax-Free

High

Yield

Fund 

Principal

Occupation(s) 

Domingo

Villarruel,

CFA,

FRM  (1982)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.;

formerly,

Municipal

Fixed

Income

Analyst,

Victory

Capital

Management

Inc.

(to

2021);

Corporate

Fixed

Income

Analyst,

USAA

Asset

Management

Company

(to

2019)

Ellen

York

(1988)

Vice

President

Vice

President,

Price

Investment

Management

and

T.

Rowe

Price

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

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

4/24

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:

	2024			2023
Audit Fees	$	33,158		$	30,755
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 $1,180,000 and $1,454,000, 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.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. 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 11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.
(2)	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.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(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 18, 2024

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 18, 2024
By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	April 18, 2024