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 28
Date of reporting period: August 31, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
August 31, 2024
This semi-annual shareholder report contains important information about Tax-Free High Yield Fund (the "fund") for the period of March 1, 2024 to August 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. This report describes changes to the fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Tax-Free High Yield Fund - Investor Class | $35 | 0.67% |
What are some fund statistics?
| Total Net Assets (000s) | $3,404,308 |
| Number of Portfolio Holdings | 993 |
| |
| Portfolio Turnover Rate | 6.9% |
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
| AAA Rated | 0.5% |
| AA Rated | 8.0 |
| A Rated | 11.1 |
| BBB Rated | 20.0 |
| BB Rated and Below | 15.1 |
| Not Rated | 44.8 |
| Reserves | 0.5 |
*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 ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Industry Allocation (as a % of Net Assets)
| Health Care | 21.9% |
| Transportation | 13.7 |
| Housing | 7.1 |
| Industrial & Pollution Control | 7.1 |
| Education | 7.1 |
| Special Tax | 6.5 |
| General Obligations - State | 3.9 |
| Water & Sewer | 3.6 |
| General Obligations - Local | 2.1 |
| Other | 27.0 |
How has the fund changed?
Effective November 1, 2024, Price Associates has contractually agreed to lower the fund’s total investment management fee to 0.45% and lower the class’s total expense limit to 0.80%. For more complete information, please review the fund’s prospectus.
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Tax-Free High Yield Fund
Investor Class (PRFHX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
August 31, 2024
This semi-annual shareholder report contains important information about Tax-Free High Yield Fund (the "fund") for the period of March 1, 2024 to August 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. This report describes changes to the fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Tax-Free High Yield Fund - Advisor Class | $52 | 1.01% |
What are some fund statistics?
| Total Net Assets (000s) | $3,404,308 |
| Number of Portfolio Holdings | 993 |
| |
| Portfolio Turnover Rate | 6.9% |
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
| AAA Rated | 0.5% |
| AA Rated | 8.0 |
| A Rated | 11.1 |
| BBB Rated | 20.0 |
| BB Rated and Below | 15.1 |
| Not Rated | 44.8 |
| Reserves | 0.5 |
*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 ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Industry Allocation (as a % of Net Assets)
| Health Care | 21.9% |
| Transportation | 13.7 |
| Housing | 7.1 |
| Industrial & Pollution Control | 7.1 |
| Education | 7.1 |
| Special Tax | 6.5 |
| General Obligations - State | 3.9 |
| Water & Sewer | 3.6 |
| General Obligations - Local | 2.1 |
| Other | 27.0 |
How has the fund changed?
Effective November 1, 2024, Price Associates has contractually agreed to lower the fund’s total investment management fee to 0.45% and lower the class’s total expense limit to 1.05%. For more complete information, please review the fund’s prospectus.
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Tax-Free High Yield Fund
Advisor Class (PATFX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
August 31, 2024
This semi-annual shareholder report contains important information about Tax-Free High Yield Fund (the "fund") for the period of March 1, 2024 to August 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. This report describes changes to the fund that occurred during the reporting period.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Tax-Free High Yield Fund - I Class | $28 | 0.54% |
What are some fund statistics?
| Total Net Assets (000s) | $3,404,308 |
| Number of Portfolio Holdings | 993 |
| |
| Portfolio Turnover Rate | 6.9% |
What did the fund invest in?
Credit Quality Allocation*(as a % of Net Assets)
| AAA Rated | 0.5% |
| AA Rated | 8.0 |
| A Rated | 11.1 |
| BBB Rated | 20.0 |
| BB Rated and Below | 15.1 |
| Not Rated | 44.8 |
| Reserves | 0.5 |
*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 ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Industry Allocation (as a % of Net Assets)
| Health Care | 21.9% |
| Transportation | 13.7 |
| Housing | 7.1 |
| Industrial & Pollution Control | 7.1 |
| Education | 7.1 |
| Special Tax | 6.5 |
| General Obligations - State | 3.9 |
| Water & Sewer | 3.6 |
| General Obligations - Local | 2.1 |
| Other | 27.0 |
How has the fund changed?
Effective November 1, 2024, Price Associates has contractually agreed to lower the fund’s total investment management fee to 0.45%. For more complete information, please review the fund’s prospectus.
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Tax-Free High Yield Fund
I Class (PTYIX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRFHX
Tax-Free
High
Yield
Fund
–!
PATFX
Tax-Free
High
Yield
Fund–
.
Advisor Class
PTYIX
Tax-Free
High
Yield
Fund–
.
I Class
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
NET
ASSET
VALUE
Beginning
of
period
$
10.97
$
10.64
$
12.22
$
12.32
$
12.67
$
11.81
Investment
activities
Net
investment
income
(1)(2)
0.21
0.41
0.41
0.38
0.41
0.44
Net
realized
and
unrealized
gain/
loss
0.29
0.32
(1.58)
(0.10)
(0.34)
0.86
Total
from
investment
activities
0.50
0.73
(1.17)
0.28
0.07
1.30
Distributions
Net
investment
income
(0.21)
(0.40)
(0.40)
(0.38)
(0.41)
(0.44)
Net
realized
gain
—
—
(0.01)
—
(0.01)
—
Total
distributions
(0.21)
(0.40)
(0.41)
(0.38)
(0.42)
(0.44)
NET
ASSET
VALUE
End
of
period
$
11.26
$
10.97
$
10.64
$
12.22
$
12.32
$
12.67
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
Ratios/Supplemental
Data
Total
return
(2)(3)
4.61%
7.05%
(9.64)%
2.21%
0.70%
11.14%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.77%
(4)
0.76%
0.76%
0.72%
0.72%
0.72%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.67%
(4)
0.67%
0.67%
0.63%
0.62%
0.65%
Net
investment
income
3.78%
(4)
3.81%
3.68%
2.99%
3.48%
3.56%
Portfolio
turnover
rate
6.9%
11.6%
19.7%
11.8%
12.8%
5.1%
Net
assets,
end
of
period
(in
millions)
$1,786
$1,826
$1,949
$3,580
$3,915
$4,421
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Advisor
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
NET
ASSET
VALUE
Beginning
of
period
$
11.03
$
10.70
$
12.29
$
12.39
$
12.74
$
11.88
Investment
activities
Net
investment
income
(1)(2)
0.19
0.37
0.38
0.35
0.39
0.40
Net
realized
and
unrealized
gain/
loss
0.30
0.32
(1.59)
(0.11)
(0.35)
0.85
Total
from
investment
activities
0.49
0.69
(1.21)
0.24
0.04
1.25
Distributions
Net
investment
income
(0.19)
(0.36)
(0.37)
(0.34)
(0.38)
(0.39)
Net
realized
gain
—
—
(0.01)
—
(0.01)
—
Total
distributions
(0.19)
(0.36)
(0.38)
(0.34)
(0.39)
(0.39)
NET
ASSET
VALUE
End
of
period
$
11.33
$
11.03
$
10.70
$
12.29
$
12.39
$
12.74
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
Ratios/Supplemental
Data
Total
return
(2)(3)
4.50%
6.65%
(9.89)%
1.90%
0.41%
10.70%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1.11%
(4)
1.12%
1.03%
1.03%
1.02%
1.03%
Net
expenses
after
waivers/
payments
by
Price
Associates
1.01%
(4)
1.02%
0.93%
0.94%
0.92%
0.98%
Net
investment
income
3.43%
(4)
3.46%
3.43%
2.76%
3.27%
3.25%
Portfolio
turnover
rate
6.9%
11.6%
19.7%
11.8%
12.8%
5.1%
Net
assets,
end
of
period
(in
thousands)
$3,991
$4,552
$5,322
$7,637
$9,310
$15,243
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
NET
ASSET
VALUE
Beginning
of
period
$
10.96
$
10.64
$
12.22
$
12.31
$
12.67
$
11.81
Investment
activities
Net
investment
income
(1)(2)
0.22
0.42
0.42
0.39
0.43
0.45
Net
realized
and
unrealized
gain/
loss
0.30
0.31
(1.58)
(0.09)
(0.36)
0.86
Total
from
investment
activities
0.52
0.73
(1.16)
0.30
0.07
1.31
Distributions
Net
investment
income
(0.22)
(0.41)
(0.41)
(0.39)
(0.42)
(0.45)
Net
realized
gain
—
—
(0.01)
—
(0.01)
—
Total
distributions
(0.22)
(0.41)
(0.42)
(0.39)
(0.43)
(0.45)
NET
ASSET
VALUE
End
of
period
$
11.26
$
10.96
$
10.64
$
12.22
$
12.31
$
12.67
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
8/31/24
..
Year
..
..
Ended
.
2/29/24
2/28/23
2/28/22
2/28/21
2/29/20
Ratios/Supplemental
Data
Total
return
(2)(3)
4.77%
7.07%
(9.51)%
2.41%
0.71%
11.24%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.64%
(4)
0.65%
0.62%
0.60%
0.62%
0.63%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.54%
(4)
0.55%
0.53%
0.51%
0.52%
0.56%
Net
investment
income
3.90%
(4)
3.93%
3.84%
3.10%
3.57%
3.65%
Portfolio
turnover
rate
6.9%
11.6%
19.7%
11.8%
12.8%
5.1%
Net
assets,
end
of
period
(in
thousands)
$1,614,130
$1,508,922
$1,846,303
$1,942,439
$1,072,180
$1,344,330
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
August
31,
2024
(Unaudited)
Par/Shares
$
Value
(Amounts
in
000s)
‡
COMMON
STOCKS 0.0%
Ingevity (1)
1
32
United
Airlines
Holdings (1)
—
13
Total
Common
Stocks
(Cost
$32)
45
MUNICIPAL
SECURITIES 99.5%
ALABAMA
1.6%
Black
Belt
Energy
Gas
Dist.,
Series A,
VRDN,
5.25%,
1/1/54
(Tender
10/1/30)
6,400
6,913
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
11,305
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
5.50%,
1/1/28 (1)(2)
2,925
1,638
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
5.50%,
1/1/43 (1)(2)
2,265
1,268
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
Series A,
6.875%,
1/1/43 (1)(2)
1,585
888
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
Series A,
7.50%,
1/1/47 (1)(2)
2,835
1,588
Jefferson
County,
Sewer
Revenue,
5.50%,
10/1/53
2,625
2,867
Mobile
County
IDA,
AM/NS
Calvert
LLC
Project,
Series A,
5.00%,
6/1/54 (3)
3,675
3,819
Southeast
Energy
Auth.
A
Cooperative
Dist.,
Series B,
VRDN,
4.00%,
12/1/51
(Tender
12/1/31)
5,160
5,168
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
5.25%,
5/1/44 (4)
17,450
17,718
55,567
ARIZONA
1.4%
Arizona
HFA,
Banner
Health,
Series B,
FRN,
67%
of
3M
USD
LIBOR
+
0.81%,
4.90%,
1/1/37
2,180
2,122
Arizona
IDA,
Cadence
Campus
Project,
Series A,
4.00%,
7/15/40 (4)
730
669
Arizona
IDA,
Cadence
Campus
Project,
Series A,
4.00%,
7/15/50 (4)
1,265
1,077
Arizona
IDA,
Doral
Academy
-
Fire
Mesa,
Series A,
5.00%,
7/15/39
1,050
1,065
Arizona
IDA,
Doral
Academy
-
Fire
Mesa,
Series A,
5.00%,
7/15/49
930
931
Arizona
IDA,
Odyssey
Preparatory
Academy,
5.00%,
7/1/49 (4)
3,445
3,293
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Arizona
IDA,
Odyssey
Preparatory
Academy,
Series A,
5.25%,
7/1/37 (4)
2,375
2,409
Arizona
IDA,
Odyssey
Preparatory
Academy,
Series A,
5.50%,
7/1/52 (4)
2,695
2,704
Maricopa
County
IDA,
Commercial
Metals
Company
Project,
4.00%,
10/15/47 (3)(4)
6,150
5,558
Maricopa
County,
El
Paso
Electric,
Series A,
PCR,
4.50%,
8/1/42
2,575
2,575
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/44
790
807
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/49
475
481
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/59
1,675
1,687
Pima
County
IDA,
American
Leadership
Academy,
4.00%,
6/15/41 (4)
2,380
2,113
Pima
County
IDA,
American
Leadership
Academy,
4.00%,
6/15/51 (4)
2,530
2,081
Pima
County
IDA,
American
Leadership
Academy,
4.00%,
6/15/57 (4)
2,865
2,311
Salt
Verde
Financial,
5.00%,
12/1/37
12,970
14,366
Tempe
IDA,
Friendship
Village
of
Tempe
Project,
Series A,
4.00%,
12/1/46
1,980
1,748
47,997
ARKANSAS
1.2%
Arkansas
DFA,
Big
River
Steel
Project,
4.50%,
9/1/49 (3)(4)
11,560
11,577
Arkansas
DFA,
Big
River
Steel
Project,
4.75%,
9/1/49 (3)(4)
3,955
3,982
Arkansas
DFA,
Green
Bond,
5.45%,
9/1/52 (3)
5,985
6,292
Arkansas
DFA,
Green
Bond,
7.375%,
7/1/48 (3)(4)
5,000
5,538
Arkansas
DFA,
Green
Bond,
Series A,
6.875%,
7/1/48 (3)(4)
5,000
5,508
Osceola,
Plum
Point
Energy,
VRDN,
5.50%,
4/1/36
(Tender
1/2/26) (3)
7,875
7,914
40,811
CALIFORNIA
6.7%
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29)
10,715
11,339
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.50%,
10/1/54
(Tender
11/1/30)
4,550
5,058
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
Series G,
VRDN,
5.25%,
11/1/54
(Tender
4/1/30)
2,285
2,463
California
Community
Housing
Agency,
Creekwood,
Series A,
4.00%,
2/1/56 (4)
18,325
12,754
California
Community
Housing
Agency,
Junior
Bonds
Street
Flats,
Series A-2,
4.00%,
8/1/50 (4)
7,980
6,467
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
California
Community
Housing
Agency,
Senior-Fountains
at
Emerald,
3.00%,
8/1/56 (4)
2,300
1,724
California
Community
Housing
Agency,
Stoneridge
Apartments,
Series A,
4.00%,
2/1/56 (4)
13,240
11,039
California
Community
Housing
Agency,
Verdant
at
Green
Valley
Project,
5.00%,
8/1/49 (4)
9,600
9,220
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35
2,614
2,732
California
Infrastructure
&
Economic
Dev.
Bank,
Social
Bond,
Series B,
5.00%,
11/1/47
1,790
1,916
California
Infrastructure
&
Economic
Dev.
Bank,
Social
Bond,
Series B,
5.00%,
11/1/57
1,545
1,630
California
Municipal
Fin.
Auth.,
Baptish
Univ.,
Series A,
5.00%,
11/1/46 (4)
2,750
2,754
California
Municipal
Fin.
Auth.,
John
Adams
Academies
Lincoln
Project,
Series A,
5.00%,
10/1/49 (4)
1,515
1,471
California
Municipal
Fin.
Auth.,
John
Adams
Academies
Lincoln
Project,
Series A,
5.00%,
10/1/57 (4)
1,650
1,571
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
4.00%,
12/31/47 (3)
4,605
4,237
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
5.00%,
12/31/43 (3)
9,210
9,380
California
Municipal
Fin.
Auth.,
Samuel
Merritt
Univ.,
5.25%,
6/1/53
4,565
4,981
California
Municipal
Fin.
Auth.,
UCR
North
Dist.
Phase
1,
5.00%,
5/15/49
2,375
2,450
California
Municipal
Fin.
Auth.,
UCR
North
Dist.
Phase
1,
5.00%,
5/15/52
1,980
2,038
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/36
2,105
2,219
California
PFA,
Enso
Village
Project,
2.375%,
11/15/28 (4)
690
676
California
PFA,
Enso
Village
Project,
5.00%,
11/15/46 (4)
595
565
California
School
Fin.
Auth.,
Ivy
Academia
Project,
Series A,
4.00%,
6/1/41 (4)
1,650
1,375
California
School
Fin.
Auth.,
Ivy
Academia
Project,
Series A,
4.00%,
6/1/51 (4)
1,500
1,150
California
School
Fin.
Auth.,
Ivy
Academia
Project,
Series A,
4.00%,
6/1/61 (4)
250
182
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/28
205
207
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/29
220
223
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/30
235
237
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/31
185
186
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/41
1,270
1,228
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/51
785
705
California
Statewide
CDA,
Series 2021C-1,
4.00%,
9/2/31
880
868
California
Statewide
CDA,
Series 2021C-1,
4.00%,
9/2/41
1,605
1,484
California
Statewide
CDA,
Series 2021C-1,
4.00%,
9/2/51
1,080
937
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
California
Statewide
CDA,
Series A-1,
5.00%,
9/2/42
3,495
3,676
California
Statewide
CDA,
Series A-1,
5.00%,
9/2/52
4,970
5,112
California
Statewide
CDA,
899
Charleston
Moldaw
Residences,
Series A,
5.375%,
11/1/49 (4)
2,770
2,754
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
5.50%,
12/1/54
10,290
10,305
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/27 (4)
2,375
2,436
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/46 (4)
3,165
3,197
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/56 (4)
8,120
8,211
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58 (4)
14,720
15,199
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/41
1,260
1,218
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/51
1,895
1,718
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
5.00%,
9/2/49
395
410
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 (4)
6,165
5,209
CMFA
Special
Fin.
Agency
XII,
Allure
Apartments,
4.375%,
8/1/49 (4)
2,530
2,137
CMFA
Special
Fin.
Agency,
Solana
At
Grand,
Series A-2,
4.00%,
8/1/45 (4)
2,835
2,404
CSCDA
Community
Improvement
Auth.,
Altana
Glendale
Social
Bonds,
Series A-2,
4.00%,
10/1/56 (4)
13,605
11,103
CSCDA
Community
Improvement
Auth.,
Jefferson
Anaheim
Social
Bonds,
3.125%,
8/1/56 (4)
2,200
1,700
CSCDA
Community
Improvement
Auth.,
Link-Glendale
Social
Bonds,
Series A-1,
3.00%,
7/1/45 (4)
1,750
1,409
CSCDA
Community
Improvement
Auth.,
Link-Glendale
Social
Bonds,
Series A-2,
4.00%,
7/1/56 (4)
6,207
4,859
CSCDA
Community
Improvement
Auth.,
Monterey
Station
Apartment
Social
Bonds,
3.125%,
7/1/56 (4)
5,105
3,580
CSCDA
Community
Improvement
Auth.,
Oceanaire
Long
Beach
Social
Bonds,
Series A-2,
4.00%,
9/1/56 (4)
2,485
1,986
CSCDA
Community
Improvement
Auth.,
Parallel
Anaheim
Social
Bonds,
4.00%,
8/1/56 (4)
2,975
2,672
CSCDA
Community
Improvement
Auth.,
Renaissance
at
City
Center,
Series A,
5.00%,
7/1/51 (4)
1,910
1,884
CSCDA
Community
Improvement
Auth.,
Social
Bonds,
Series A-2,
3.00%,
2/1/57 (4)
2,500
1,825
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Golden
State
Tobacco
Securitization,
5.00%,
6/1/51
3,410
3,539
Golden
State
Tobacco
Securitization,
Series B-2,
Zero
Coupon,
6/1/66
98,225
11,424
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%,
4.467%,
7/1/27
3,015
3,020
Regents
of
the
Univ.
of
California,
Medical
Center
Pooled
Revenue,
Series P,
3.50%,
5/15/54
2,600
2,396
San
Francisco
City
and
County,
Special
Tax
Dist.
No.
2020-1,
Series A,
5.75%,
9/1/50 (4)
850
927
San
Francisco
City
and
County,
Special
Tax
Dist.
No.
2020-1,
Series B,
5.75%,
9/1/53 (4)
1,290
1,403
West
Sacramento
Fin.
Auth.,
Series A,
5.00%,
9/1/34 (5)
1,560
1,758
228,710
COLORADO
3.6%
Aerotropolis
Regional
Transportation
Auth.,
4.375%,
12/1/52
8,340
7,465
Berthoud-Heritage
Metropolitan
Dist.
No.
1,
5.625%,
12/1/48
6,865
6,881
Brighton
Crossing
Metropolitan
Dist.
No.
4,
Series A,
GO,
5.00%,
12/1/47
1,225
1,207
Buffalo
Highlands
Metropolitan
Dist.,
Series A,
GO,
5.25%,
12/1/38
999
1,000
Buffalo
Highlands
Metropolitan
Dist.,
Series A,
GO,
5.375%,
12/1/48
3,250
3,253
Canyons
Metropolitan
Dist.
No.
5,
Series A,
GO,
6.00%,
12/1/37
1,150
1,153
Canyons
Metropolitan
Dist.
No.
5,
Series A,
GO,
6.125%,
12/1/47
4,000
4,012
Canyons
Metropolitan
Dist.
No.
6,
Series A,
GO,
6.125%,
12/1/47
2,000
2,004
Centerra
Metropolitan
Dist.
No.
1,
5.00%,
12/1/47 (4)
3,500
3,362
Colorado
Bridge
&
Tunnel
Enterprise,
Senior
Infrastructure,
Series A,
5.50%,
12/1/54 (6)
2,650
3,001
Colorado
Ed.
&
Cultural
Fac.
Auth.,
Ascent
Classical
Academy
School
Project,
5.75%,
4/1/59 (4)
1,070
1,109
Colorado
Ed.
&
Cultural
Fac.
Auth.,
Ascent
Classical
Academy
School
Project,
5.80%,
4/1/54 (4)
1,200
1,254
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/31
485
480
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/32
590
583
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/41
1,160
1,080
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/48
1,770
1,542
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
5.75%,
12/1/35 (4)
1,145
858
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
6.125%,
12/1/45 (4)
2,350
1,603
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
6.25%,
12/1/50 (4)
3,285
2,203
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/47
750
751
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/51
6,990
6,996
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/56
11,325
11,331
Colorado
Int'l.
Center
Metropolitan
Dist.
No.
14,
GO,
5.875%,
12/1/46
5,330
5,356
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
2,601
Denver
Int'l.
Business
Center
Metropolitan
Dist.
No.
1,
Series B,
GO,
6.00%,
12/1/48
1,190
1,223
Green
Valley
Ranch
East
Metropolitan
Dist.
No.
6,
Series A,
GO,
5.875%,
12/1/50
2,200
2,216
Painted
Prairie
Metropolitan
Dist.
No.
2,
GO,
5.25%,
12/1/48
4,003
3,937
Peak
Metropolitan
Dist.
No.
1,
Series A,
GO,
4.00%,
12/1/35 (4)
500
445
Peak
Metropolitan
Dist.
No.
1,
Series A,
GO,
5.00%,
12/1/51 (4)
5,270
4,600
Public
Auth.
for
Colorado
Energy,
6.25%,
11/15/28
4,770
5,043
Public
Auth.
for
Colorado
Energy,
6.50%,
11/15/38
9,210
11,447
Pueblo
Urban
Renewal
Auth.,
4.75%,
12/1/45 (4)
5,690
3,915
Rampart
Range
Metropolitan
Dist.
No
5,
4.00%,
12/1/51
7,025
5,762
Riverwalk
Metropolitan
Dist.
No
2,
Series A,
5.00%,
12/1/52
4,245
3,870
Southglenn
Metropolitan
Dist.,
GO,
5.00%,
12/1/36
810
805
Southglenn
Metropolitan
Dist.,
GO,
5.00%,
12/1/46
1,455
1,389
STC
Metropolitan
Dist.
No.
2,
Series A,
GO,
4.00%,
12/1/29
1,000
992
STC
Metropolitan
Dist.
No.
2,
Series A,
GO,
5.00%,
12/1/38
785
782
STC
Metropolitan
Dist.
No.
2,
Series A,
GO,
5.00%,
12/1/49
1,000
960
Sterling
Ranch
Community
Auth.
Board,
Series A,
6.50%,
12/1/54
1,000
1,044
Sterling
Ranch
Community
Auth.
Board,
Series B,
8.75%,
12/15/54
1,670
1,703
Univ.
of
Colorado
Hosp.
Auth.,
VRDN,
3.80%,
11/15/39
1,000
1,000
Vauxmont
Metropolitan
Dist.,
GO,
5.00%,
12/1/32 (6)
595
649
Vauxmont
Metropolitan
Dist.,
GO,
5.00%,
12/1/35 (6)
235
255
123,623
CONNECTICUT
1.6%
Connecticut
Housing
Fin.
Auth.,
Series D-1,
4.85%,
11/15/59
5,015
5,156
Connecticut
State
HEFA,
Church
Home
of
Hartford,
Series A,
5.00%,
9/1/46 (4)
1,060
1,041
Connecticut
State
HEFA,
Church
Home
of
Hartford,
Series A,
5.00%,
9/1/53 (4)
1,260
1,201
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Connecticut
State
HEFA,
Goodwin
Univ.,
Series A-1,
5.375%,
7/1/54
3,900
3,954
Connecticut
State
HEFA,
Hartford
Univ.,
4.00%,
7/1/44
2,870
2,291
Connecticut
State
HEFA,
Hartford
Univ.,
4.00%,
7/1/49
4,200
3,210
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/31
2,000
2,025
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/32
3,280
3,320
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/33
2,055
2,079
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/34
1,435
1,452
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/43
8,115
8,144
Hamden
Town,
Whitney
Center
Project,
5.00%,
1/1/40
5,125
5,151
Hamden
Town,
Whitney
Center
Project,
5.00%,
1/1/50
6,160
5,880
Mashantucket
Western
Pequot
Tribe,
6.05%,
7/1/31
(4.00%
Cash
and
2.05%
PIK) (1)(2)(7)
23,166
5,328
Steel
Point
Infrastructure
Improvement
Dist.,
Steelpointe
Harbor
Project,
4.00%,
4/1/41 (4)
550
494
Steel
Point
Infrastructure
Improvement
Dist.,
Steelpointe
Harbor
Project,
4.00%,
4/1/51 (4)
2,715
2,313
53,039
DELAWARE
1.0%
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
4.00%,
9/1/30
200
203
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
1,411
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/37
790
818
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/43
4,920
5,024
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/48
2,035
2,066
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/50
4,390
4,448
Delaware
State
Economic
Dev.
Auth.,
4.00%,
6/1/52
1,260
1,047
Delaware
State
Economic
Dev.
Auth.,
4.00%,
6/1/57
1,220
988
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/32
205
211
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/40
890
907
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/48
2,335
2,351
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/53
3,445
3,457
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/58
2,915
2,921
Sussex
County,
Cadbury
at
Lewes,
5.00%,
1/1/36
7,285
7,343
34,260
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
DISTRICT
OF
COLUMBIA
2.1%
District
of
Columbia
Tobacco
Settlement
Fin.,
Series A,
Zero
Coupon,
6/15/46
41,185
9,314
District
of
Columbia
Tobacco
Settlement
Fin.,
Series B,
Zero
Coupon,
6/15/46
18,210
3,820
District
of
Columbia,
Friendship
Public
Charter
School,
5.00%,
6/1/36
2,375
2,408
District
of
Columbia,
Friendship
Public
Charter
School,
5.00%,
6/1/41
1,540
1,552
District
of
Columbia,
Friendship
Public
Charter
School,
5.00%,
6/1/46
2,285
2,296
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/37
2,295
2,314
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/42
4,065
4,061
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/52
9,730
9,188
District
of
Columbia,
Methodist
Home
of
D.C.,
Series A,
5.125%,
1/1/35
1,240
1,138
District
of
Columbia,
Methodist
Home
of
D.C.,
Series A,
5.25%,
1/1/39
805
719
District
of
Columbia,
Union
Market
Infrastructure
Project,
STEP,
0.00%,
6/1/31 (4)
900
805
District
of
Columbia,
Union
Market
Infrastructure
Project,
STEP,
0.00%,
6/1/46 (4)
2,810
2,183
District
of
Columbia,
Union
Market
Project,
Series B,
STEP,
0.00%,
6/1/41 (4)
1,600
940
District
of
Columbia,
Union
Market
Project,
Series B,
STEP,
0.00%,
6/1/49 (4)
3,450
1,981
Metropolitan
Washington
Airports
Auth.,
Airport
System
Revenue
&
Refunding
Bond,
Series A,
5.00%,
10/1/46 (3)
3,000
3,136
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
6.50%,
10/1/44
11,080
12,110
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/37 (6)
10,135
6,106
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/38
7,915
4,398
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/39
1,585
833
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/40
3,955
1,957
71,259
FLORIDA
4.7%
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.00%,
11/15/34 (1)
190
143
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.375%,
11/15/49 (1)
7,480
4,957
Avenir
Community
Dev.
Dist.,
5.375%,
5/1/43
1,855
1,895
Avenir
Community
Dev.
Dist.,
5.625%,
5/1/54
890
916
Boggy
Creek
Improvement
Dist.,
Special
Assessment,
Series 2013,
5.125%,
5/1/43
6,745
6,745
Broward
County
Port
Fac.
Revenue,
Senior
Bond,
Series B,
4.00%,
9/1/49 (3)
10,000
9,198
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/29
875
926
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/30
250
266
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/31
1,015
1,074
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/33
900
945
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/34
975
1,020
Capital
Trust
Agency,
4.00%,
6/15/41 (4)
1,790
1,551
Capital
Trust
Agency,
4.00%,
6/15/51 (4)
2,735
2,145
Capital
Trust
Agency,
Bridge
Univ.
Student
Housing,
Series A,
5.25%,
12/1/58 (4)
7,220
7,235
Capital
Trust
Auth.,
Kipp
Miami
North
Campus
Project,
Series A,
5.625%,
6/15/44 (4)
410
428
Capital
Trust
Auth.,
Kipp
Miami
North
Campus
Project,
Series A,
6.00%,
6/15/54 (4)
655
688
Capital
Trust
Auth.,
Kipp
Miami
North
Campus
Project,
Series A,
6.125%,
6/15/60 (4)
800
842
Capital
Trust
Auth.,
Mason
Classical
Academy
Project,
Series A,
5.00%,
6/1/64 (4)
2,550
2,561
Celebration
Pointe
Community
Dev.
Dist.,
3.00%,
5/1/31
565
530
Celebration
Pointe
Community
Dev.
Dist.,
3.375%,
5/1/41
1,055
896
Celebration
Pointe
Community
Dev.
Dist.,
4.00%,
5/1/53
2,310
1,929
Celebration
Pointe
Community
Dev.
Dist.,
5.125%,
5/1/45
755
755
Celebration
Pointe
Community
Dev.
Dist.,
Alachua
County,
5.00%,
5/1/32
755
769
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
6,196
Florida
Dev.
Fin.,
UF
Health
Jacksonville
Project,
4.00%,
2/1/52
2,945
2,331
Florida
Dev.
Fin.,
UF
Health
Jacksonville
Project,
5.00%,
2/1/52
1,450
1,446
Florida
Dev.
Fin.,
Waste
Pro
USA,
3.00%,
6/1/32 (3)
5,130
4,541
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Florida
Dev.
Fin.,
Waste
Pro
USA,
VRDN,
6.125%,
7/1/32
(Tender
7/1/26) (3)(4)
8,900
9,142
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
4.75%,
6/1/38 (4)
2,495
2,493
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
5.00%,
6/1/48 (4)
9,850
9,592
Golden
Gem
Community
Dev.
Dist.,
6.00%,
5/1/55
4,000
4,084
Hammock
Oaks
Community
Dev.
Dist.,
Assessment
Area
Two,
5.85%,
5/1/44
875
895
Hammock
Oaks
Community
Dev.
Dist.,
Assessment
Area
Two,
6.15%,
5/1/54
1,000
1,024
Hobe-St.
Lucie
Conservancy
Dist.,
5.875%,
5/1/55
2,700
2,795
Jacksonville
Ed.
Fac.,
Jacksonville
Univ.,
Series B,
5.00%,
6/1/53 (4)
9,095
8,716
Lakes
of
Sarasota
Community
Dev.
Dist.,
Series A,
5.60%,
5/1/55
695
698
Lakes
of
Sarasota
Community
Dev.
Dist.,
Series B,
5.25%,
5/1/34
1,100
1,105
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Centre
&
Northwest
Sector,
5.50%,
5/1/39 (4)
225
234
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Centre
&
Northwest
Sector,
5.65%,
5/1/48 (4)
240
248
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
National
Polo
Run,
5.25%,
5/1/37
2,880
2,942
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
National
Polo
Run,
5.375%,
5/1/47
3,635
3,703
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Ranch
South,
5.00%,
5/1/36
1,170
1,185
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Ranch
South,
5.125%,
5/1/46
2,335
2,345
Lakewood
Ranch
Stewardship
Dist.,
Northeast
Sector,
5.30%,
5/1/39
790
815
Lakewood
Ranch
Stewardship
Dist.,
Northeast
Sector,
5.45%,
5/1/48
1,365
1,397
LTC
Ranch
West
Residential
Community
Dev.
Dist.,
Assessment
Area
Three
Project,
Series AA3,
6.05%,
5/1/54
1,375
1,403
LTC
Ranch
West
Residential
Community
Dev.
Dist.,
Assessment
Area
Two
Project,
Series AA2,
6.00%,
5/1/54
555
564
Malabar
Springs
Community
Dev.
Dist.,
Assessment
Area
One,
5.20%,
5/1/44 (8)
1,000
997
Marion
Ranch
Community
Dev.
Dist.,
5.70%,
5/1/44
795
811
Marion
Ranch
Community
Dev.
Dist.,
5.95%,
5/1/54
1,375
1,403
Miami-Dade
County
Water
&
Sewer
System,
4.00%,
10/1/48
4,510
4,428
North
AR-1
Pasco
Community
Dev.
Dist.,
Assessment
Area
Five,
Series A,
6.00%,
5/1/54
2,000
2,046
Orange
County
HFA,
4.00%,
10/1/52
4,605
4,357
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Palm
Beach
County
HFA,
Toby
&
Leon
Cooperman
Sinai
Residences
of
Boca
Raton,
4.25%,
6/1/56
3,000
2,593
Parrish
Lakes
Community
Dev.
Dist.,
Assessment
Area
Three,
5.80%,
5/1/54
1,640
1,651
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Four
Project,
4.75%,
5/1/31
100
101
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Four
Project,
5.625%,
5/1/44
245
251
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Four
Project,
5.875%,
5/1/54
375
385
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Three
Project,
4.875%,
5/1/31
365
369
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Three
Project,
5.80%,
5/1/44
700
721
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Three
Project,
6.05%,
5/1/54
1,250
1,290
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/37
1,095
1,108
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/42
1,035
1,040
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/47
2,535
2,529
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/52
5,360
5,259
Sawyers
Landing
Community
Dev.
Dist.,
4.125%,
5/1/41
2,420
2,113
Sawyers
Landing
Community
Dev.
Dist.,
4.25%,
5/1/53
3,225
2,726
Tolomato
Community
Dev.
Dist.,
Special
Assessment,
Series 2015-2,
STEP,
0.00%,
5/1/40
545
541
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
669
Viera
Stewardship
Dist.,
Series 2021,
4.00%,
5/1/53
3,020
2,498
Westside
Haines
City
Community
Dev.
Dist.,
Assessment
Area
Two
Project,
6.00%,
5/1/54
2,000
2,047
160,735
GEORGIA
3.4%
Atlanta
Airport
Passenger
Fac.
Charge,
Green
Bond,
Series E,
5.25%,
7/1/42 (3)
6,650
7,286
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
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Atlanta
Dev.
Auth.,
Gulch
Enterprise
Zone
Project,
Series 1,
Class
A,
STEP,
12/15/48 (4)
11,767
9,525
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
2.375%,
7/1/26 (4)
620
613
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
2.875%,
7/1/31 (4)(9)
1,625
1,526
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
3.625%,
7/1/42 (4)(9)
3,360
3,105
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
3.875%,
7/1/51 (4)(9)
4,250
3,853
Fulton
County
Dev.
Auth.,
Piedmont
Healthcare
Project,
4.00%,
7/1/49
4,000
3,824
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
4.00%,
4/1/41 (4)
2,375
2,180
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
4.00%,
4/1/51 (4)
6,730
5,643
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
5.00%,
4/1/47 (4)
2,730
2,727
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
5.00%,
4/1/54 (4)
2,180
2,122
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
2.375%,
1/1/31
2,205
2,022
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
3.625%,
1/1/31 (4)
1,220
1,161
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/36
1,190
1,196
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/54
4,250
3,799
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/36 (4)
2,645
2,675
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/54 (4)
13,030
12,361
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.00%,
6/15/27 (4)
160
162
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.75%,
6/15/37 (4)
1,215
1,258
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.875%,
6/15/47 (4)
1,980
2,032
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
6.00%,
6/15/52 (4)
1,215
1,247
Main
Street
Natural
Gas,
Series A,
VRDN,
5.00%,
6/1/53
(Tender
6/1/30)
2,810
2,987
Main
Street
Natural
Gas,
Series B,
VRDN,
5.00%,
12/1/54
(Tender
3/1/32)
2,600
2,819
Main
Street
Natural
Gas,
Series C,
VRDN,
5.00%,
9/1/53
(Tender
9/1/30)
2,725
2,915
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series B,
VRDN,
5.00%,
12/1/52
(Tender
6/1/29)
5,855
6,165
Marietta
Dev.
Auth.,
Life
Univ.,
Series A,
5.00%,
11/1/27 (4)
2,745
2,784
Marietta
Dev.
Auth.,
Life
Univ.,
Series A,
5.00%,
11/1/37 (4)
2,210
2,240
Marietta
Dev.
Auth.,
Life
Univ.,
Series A,
5.00%,
11/1/47 (4)
8,705
8,706
Municipal
Electric
Auth.
of
Georgia,
Plant
Vogtle
Project,
Series A,
5.00%,
1/1/49
6,000
6,176
116,422
GUAM
0.3%
Guam
Power
Auth.,
Series A,
5.00%,
10/1/42
4,050
4,306
Guam
Power
Auth.,
Series A,
5.00%,
10/1/43
1,930
2,044
Guam
Power
Auth.,
Series A,
5.00%,
10/1/44
1,695
1,791
Territory
of
Guam,
Series F,
4.00%,
1/1/42
850
829
8,970
IDAHO
0.6%
Power
County
IDC,
FMC
Project,
6.45%,
8/1/32 (3)
3,620
3,632
Spring
Valley
Community
Infrastructure
Dist.
No.
1,
Assessment
Area
Two,
6.25%,
9/1/53 (4)
4,700
4,978
Spring
Valley
Community
Infrastructure
Dist.
No.
1,
Special
Assessment
Bonds,
3.75%,
9/1/51 (4)
11,696
10,955
19,565
ILLINOIS
5.1%
Chicago,
Series 2005D,
GO,
5.50%,
1/1/40
9,495
9,516
Chicago,
Series A,
GO,
5.00%,
1/1/39
1,025
1,067
Chicago,
Series A,
GO,
5.00%,
1/1/40
2,375
2,465
Chicago,
Series A,
GO,
5.50%,
1/1/35
3,165
3,393
Chicago
Board
of
Ed.,
Series A,
GO,
5.00%,
12/1/34 (6)
830
876
Chicago
Board
of
Ed.,
Series A,
GO,
5.00%,
12/1/35 (6)
900
947
Chicago
Board
of
Ed.,
School
Reform,
Series B-1,
GO,
Zero
Coupon,
12/1/27 (10)
12,290
10,891
Chicago
Board
of
Ed.,
School
Reform,
Series B-1,
GO,
Zero
Coupon,
12/1/29 (6)
11,245
9,226
Chicago
O'Hare
Int'l.
Airport,
Senior
Lien,
Series A,
5.50%,
1/1/59 (3)(8)
4,275
4,643
Chicago,
Works,
Series A,
GO,
5.50%,
1/1/40
2,530
2,776
Chicago,
Works,
Series A,
GO,
5.50%,
1/1/41
2,130
2,279
Chicago,
Works,
Series A,
GO,
5.50%,
1/1/43
2,095
2,229
Illinois,
Series A,
GO,
5.50%,
3/1/42
3,340
3,716
Illinois,
Series A,
GO,
5.50%,
3/1/47
5,040
5,524
Illinois,
Series B,
GO,
5.00%,
12/1/33
2,715
3,017
Illinois,
Series B,
GO,
5.50%,
5/1/47
1,890
2,074
Illinois,
Series C,
GO,
5.00%,
11/1/29
5,000
5,302
Illinois
DFA,
Citgo
Petroleum,
8.00%,
6/1/32 (3)
1,385
1,387
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.125%,
5/15/38
8,705
7,834
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.25%,
5/15/42
1,585
1,376
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.25%,
5/15/54
6,735
5,354
Illinois
Fin.
Auth.,
Depaul
College
Prep
Foundation,
5.25%,
8/1/38 (4)
1,000
1,085
Illinois
Fin.
Auth.,
Depaul
College
Prep
Foundation,
5.50%,
8/1/43 (4)
1,000
1,079
Illinois
Fin.
Auth.,
Depaul
College
Prep
Foundation,
5.625%,
8/1/53 (4)
1,195
1,270
Illinois
Fin.
Auth.,
Franciscan
Communities,
Series A,
5.00%,
5/15/37
3,050
3,094
Illinois
Fin.
Auth.,
Franciscan
Communities,
Series A,
5.00%,
5/15/47
1,230
1,231
Illinois
Fin.
Auth.,
Plymouth
Place,
5.25%,
5/15/45
(Prerefunded
5/15/25) (11)
950
964
Illinois
Fin.
Auth.,
Plymouth
Place,
5.25%,
5/15/50
(Prerefunded
5/15/25) (11)
2,575
2,613
Illinois
Fin.
Auth.,
Silver
Cross
Hosp.,
5.00%,
8/15/35
2,115
2,138
Illinois
Fin.
Auth.,
Silver
Cross
Hosp.,
5.00%,
8/15/44
3,955
3,975
Illinois
Fin.
Auth.,
Three
Crowns
Park,
5.00%,
2/15/32
910
925
Illinois
Fin.
Auth.,
Three
Crowns
Park,
5.25%,
2/15/37
630
640
Illinois
Fin.
Auth.,
Villa
Saint
Benedict,
6.125%,
11/15/35
2,310
2,334
Illinois
Fin.
Auth.,
Villa
Saint
Benedict,
6.375%,
11/15/43
3,165
3,195
Illinois
Housing
Dev.
Auth.,
Series G,
5.00%,
10/1/46
1,380
1,433
Illinois
Housing
Dev.
Auth.,
Series G,
6.25%,
10/1/52
1,170
1,270
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
5.00%,
12/15/45
595
621
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
5.00%,
6/15/50
8,285
8,581
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
12/15/30 (10)
3,040
2,416
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
12/15/33 (10)
46,130
32,351
Regional
Transportation
Auth.,
Series A,
6.00%,
7/1/33 (10)
5,935
7,029
Upper
Illinois
River
Valley
Dev.
Auth.,
Cambridge
Lakes
Learning
Center,
Series A,
5.00%,
12/1/32 (4)
3,100
3,103
Upper
Illinois
River
Valley
Dev.
Auth.,
Cambridge
Lakes
Learning
Center,
Series A,
5.25%,
12/1/47 (4)
6,420
6,050
173,289
INDIANA
1.8%
East
Chicago,
USG
Project,
5.50%,
9/1/28 (3)
1,405
1,362
Indiana
Fin.
Auth.,
Depauw
University
Project,
Series A,
5.50%,
7/1/52
8,655
9,140
Indiana
Fin.
Auth.,
Margaret
Mary
Health
Project,
Series A,
5.75%,
3/1/54
6,845
7,423
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Indiana
Fin.
Auth.,
Methodist
Hosp.,
Series A,
5.50%,
9/15/39
400
438
Indiana
Fin.
Auth.,
Methodist
Hosp.,
Series A,
5.50%,
9/15/44
2,500
2,672
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series A,
4.25%,
11/1/30
5,160
5,286
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.,
Student
Housing
Project,
Series A,
5.25%,
7/1/64
3,250
3,364
Indiana
Fin.
Auth.,
U.S.
Steel,
Series A,
4.125%,
12/1/26
10,935
11,040
Indianapolis
Airport
Auth.,
United
Airlines,
Series A,
6.50%,
11/15/31 (1)(3)(12)
9,846
—
Indianapolis
Local
Public
Improvement
Bond
Bank,
Convention
Center
Hotel,
Series E,
6.00%,
3/1/53
7,490
8,277
Town
of
Shoals,
National
Gypsum,
7.25%,
11/1/43 (3)
3,915
3,922
Valparaiso,
Pratt
Paper,
4.50%,
1/1/34 (3)(4)
1,480
1,520
Valparaiso,
Pratt
Paper,
5.00%,
1/1/54 (3)(4)
3,000
3,098
62,715
KANSAS
0.1%
Lenexa,
Lakeview
Village,
Series A,
5.00%,
5/15/30
1,010
1,030
Lenexa,
Lakeview
Village,
Series A,
5.00%,
5/15/32
910
928
Lenexa,
Lakeview
Village,
Series A,
5.00%,
5/15/39
930
940
2,898
KENTUCKY
1.9%
Henderson,
Pratt
Paper,
Series B,
4.45%,
1/1/42 (3)(4)
1,945
1,927
Henderson,
Pratt
Paper,
Series B,
4.70%,
1/1/52 (3)(4)
6,270
6,160
Kenton
County
Airport
Board,
Series A,
5.25%,
1/1/49 (3)
825
882
Kenton
County
Airport
Board,
Series A,
5.25%,
1/1/54 (3)
2,500
2,668
Kentucky
Economic
DFA,
Baptist
Life
Communities,
6.25%,
11/15/46
2,770
2,141
Kentucky
Economic
DFA,
Baptist
Life
Communities,
6.375%,
11/15/51
4,635
3,514
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/46
5,625
4,496
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/51
2,905
2,256
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.375%,
11/15/42
3,560
3,012
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.50%,
11/15/45
1,860
1,558
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/37
3,555
3,638
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
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
6,467
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/41
6,035
6,155
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/50
11,165
11,182
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28)
6,085
6,146
66,296
LOUISIANA
1.1%
Jefferson
Parish
Economic
Dev.
&
Port
Dist.,
Kenner
Discovery
Health
Sciences,
Series A,
5.50%,
6/15/38 (4)
1,900
1,932
Jefferson
Parish
Economic
Dev.
&
Port
Dist.,
Kenner
Discovery
Health
Sciences,
Series A,
5.625%,
6/15/48 (4)
2,220
2,239
Louisiana
Public
Fac.
Auth.,
I-10
Calcasieu
River
Bridge,
5.75%,
9/1/64 (3)
7,475
8,183
Louisiana
Public
Fac.
Auth.,
Waste
Pro
USA
Project,
VRDN,
6.75%,
10/1/53
(Tender
10/1/28) (3)(4)
3,500
3,798
New
Orleans
Water
System,
5.00%,
12/1/45
(Prerefunded
12/1/25) (11)
4,355
4,486
Saint
James
Parish,
Nustar
Logistics,
VRDN,
5.85%,
8/1/41
(Tender
6/1/25) (4)
1,310
1,328
Saint
James
Parish,
Nustar
Logistics,
VRDN,
6.10%,
6/1/38
(Tender
6/1/30) (4)
4,190
4,664
Saint
James
Parish,
Nustar
Logistics,
Series 2,
6.35%,
7/1/40 (4)
4,235
4,689
Saint
James
Parish,
Nustar
Logistics,
Series B,
VRDN,
6.10%,
12/1/40
(Tender
6/1/30) (4)
5,485
6,122
37,441
MARYLAND
5.1%
Anne
Arundel
County,
Annapolis
Area
Christian
School,
Series A,
6.50%,
7/1/33
2,175
2,177
Anne
Arundel
County,
Annapolis
Area
Christian
School,
Series A,
6.75%,
7/1/43
4,575
4,577
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/42
2,260
2,248
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/46
17,045
16,809
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/27
1,190
1,209
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/33
4,410
4,519
Maryland
Economic
Dev.,
Baltimore
City
Project,
Series A,
5.00%,
6/1/58
4,040
4,106
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/25
410
414
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/29 (4)
1,900
1,923
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/33 (4)
2,010
2,029
Maryland
Economic
Dev.,
Port
Covington
Project,
3.25%,
9/1/30
765
725
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
1,695
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/55 (3)
41,675
43,371
Maryland
Economic
Dev.,
Senior-Annapolis
Mobility,
5.25%,
6/30/53
4,635
4,882
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/25
825
832
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/27
790
824
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/28
1,190
1,260
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
2,147
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/36
5,430
5,596
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/46
16,365
16,635
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/32
475
485
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/33
1,205
1,229
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/34
1,425
1,454
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/35
1,270
1,296
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/36
1,190
1,212
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/46
2,575
2,320
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/51
4,305
3,869
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/55
2,665
2,353
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Montgomery
County
Housing
Opportunities
Commission,
Series A,
4.90%,
7/1/55
1,370
1,403
Montgomery
County,
Friends
House
Retirement
Community,
Series A,
5.00%,
7/1/39
405
366
Montgomery
County,
Friends
House
Retirement
Community,
Series A,
5.375%,
7/1/48
5,145
4,621
Prince
George's
County
Auth.,
Suitland-Naylor
Road,
4.75%,
7/1/36 (4)
1,385
1,392
Prince
George's
County
Auth.,
Suitland-Naylor
Road,
5.00%,
7/1/46 (4)
1,980
1,984
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/31
1,190
1,206
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/37
1,595
1,607
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/35
790
798
Rockville,
Ingelside
at
King
Farm,
Series B,
4.25%,
11/1/37
315
293
Rockville,
Ingelside
at
King
Farm,
Series B,
4.50%,
11/1/43
1,560
1,436
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/42
2,695
2,664
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/47
5,250
5,015
Rockville,
Ingleside
at
King
Farm,
5.00%,
11/1/29
395
401
Rockville,
Ingleside
at
King
Farm,
5.00%,
11/1/32
395
400
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/26
1,370
1,353
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/27
1,430
1,397
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/30
1,605
1,505
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/31
880
814
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36
2,225
1,932
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/42
6,330
5,112
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
6.25%,
7/1/44
2,885
2,886
174,083
MASSACHUSETTS
0.6%
Massachusetts
Dev.
Fin.
Agency,
Boston
Univ.,
Series P,
5.45%,
5/15/59 (5)
2,000
2,212
Massachusetts
Dev.
Fin.
Agency,
Boston
Univ.,
Series U-6C,
VRDN,
3.90%,
10/1/42
1,600
1,600
Massachusetts
Dev.
Fin.
Agency,
Children's
Hosp.
Issue,
Series U-2,
VRDN,
3.80%,
3/1/48
600
600
Massachusetts
Dev.
Fin.
Agency,
Merrimack
College
Student
Housing
Project,
Series A,
5.00%,
7/1/54 (4)
200
205
Massachusetts
Dev.
Fin.
Agency,
Merrimack
College
Student
Housing
Project,
Series A,
5.00%,
7/1/60 (4)
1,100
1,120
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
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
2,602
Massachusetts
Dev.
Fin.
Agency,
NewBridge
on
the
Charles,
5.00%,
10/1/47 (4)
3,000
3,035
Massachusetts
Dev.
Fin.
Agency,
NewBridge
on
the
Charles,
5.00%,
10/1/57 (4)
5,290
5,323
Massachusetts
Dev.
Fin.
Agency,
Salem
Community,
5.25%,
1/1/50
2,120
2,026
19,203
MICHIGAN
1.1%
Calhoun
County
Hosp.
Fin.
Auth.,
Oaklawn
Hosp.,
5.00%,
2/15/37
790
792
Calhoun
County
Hosp.
Fin.
Auth.,
Oaklawn
Hosp.,
5.00%,
2/15/41
4,510
4,423
Calhoun
County
Hosp.
Fin.
Auth.,
Oaklawn
Hosp.,
5.00%,
2/15/47
12,580
11,865
Detroit,
GO,
5.00%,
4/1/29
570
605
Detroit,
GO,
5.00%,
4/1/30
555
588
Detroit,
GO,
5.00%,
4/1/31
595
627
Detroit,
GO,
5.00%,
4/1/32
670
704
Detroit,
GO,
5.00%,
4/1/33
950
997
Detroit,
GO,
5.00%,
4/1/37
2,280
2,376
Detroit,
GO,
5.00%,
4/1/38
1,110
1,155
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate,
5.00%,
11/1/32
1,665
1,686
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate,
5.00%,
11/1/37
945
952
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate,
5.00%,
11/1/47
2,195
2,111
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate,
5.00%,
11/1/52
940
883
Ivywood
Classical
Academy,
Public
School,
6.00%,
1/1/54
3,890
3,943
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
2,673
38,088
MINNESOTA
0.2%
Deephaven,
Seven
Hills
Preparatory
Academy,
Series A,
6.125%,
6/15/61 (4)
4,500
4,570
Woodbury,
Woodbury
Leadership
Project,
4.00%,
7/1/41
670
566
Woodbury,
Woodbury
Leadership
Project,
4.00%,
7/1/51
520
399
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Woodbury,
Woodbury
Leadership
Project,
4.00%,
7/1/56
455
338
5,873
MISSOURI
2.0%
HEFA
of
Missouri,
Mercy
Health,
5.50%,
12/1/48
2,980
3,350
Kansas
City
IDA,
Kansas
City
Int'l.
Airport,
4.00%,
3/1/50 (3)(6)
1,980
1,881
Kansas
City
IDA,
Kansas
City
Int'l.
Airport,
4.00%,
3/1/57 (3)(6)
10,000
9,304
Kirkwood
IDA,
Aberdeen
Heights,
5.25%,
5/15/37
1,585
1,528
Kirkwood
IDA,
Aberdeen
Heights,
5.25%,
5/15/42
1,345
1,236
Kirkwood
IDA,
Aberdeen
Heights,
5.25%,
5/15/50
3,165
2,745
Saint
Louis
County
IDA,
Friendship
Village,
5.00%,
9/1/48
1,685
1,651
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.00%,
9/1/38
3,760
3,816
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.125%,
9/1/48
12,270
12,231
Saint
Louis
County
IDA,
Nazareth
Living
Center,
Series A,
5.00%,
8/15/30
790
779
Saint
Louis
County
IDA,
Nazareth
Living
Center,
Series A,
5.00%,
8/15/35
555
531
Saint
Louis
County
IDA,
Nazareth
Living
Center,
Series A,
5.125%,
8/15/45
1,345
1,217
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
5.00%,
12/1/35
1,585
1,588
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
Series A,
5.125%,
12/1/45
1,680
1,633
Saint
Louis
IDA,
Ballpark
Village,
Series A,
3.875%,
11/15/29
570
535
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.375%,
11/15/35
2,170
1,959
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.75%,
11/15/47
2,600
2,210
Saint
Louis
Land
Clearance
for
Redev.
Auth.,
National
Geospatial
Intelligence
Agency,
5.125%,
6/1/46
3,975
3,995
Saint
Louis
Land
Clearance
for
Redev.
Auth.,
National
Geospatial
Intelligence
Agency,
5.375%,
6/1/43
11,595
11,757
Taney
County
IDA,
6.00%,
10/1/49 (4)
3,500
3,526
67,472
MONTANA
0.3%
Kalispell,
Immanuel
Lutheran,
Series A,
5.25%,
5/15/37
545
512
Kalispell,
Immanuel
Lutheran,
Series A,
5.25%,
5/15/47
5,740
4,975
Kalispell,
Immanuel
Lutheran,
Series A,
5.25%,
5/15/52
5,975
5,062
10,549
NEBRASKA
0.0%
Central
Plains
Energy
Project,
Series 1,
VRDN,
5.00%,
5/1/53
(Tender
10/1/29)
1,145
1,203
1,203
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
NEVADA
0.5%
Las
Vegas
Redev.
Agency,
5.00%,
6/15/30
325
331
Las
Vegas
Redev.
Agency,
5.00%,
6/15/40
3,585
3,628
Las
Vegas
Redev.
Agency,
5.00%,
6/15/45
6,290
6,343
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/33 (6)
160
171
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/36
200
212
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/37
395
419
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/38 (6)
80
85
Reno,
Retrac-Reno
Transportation,
5.00%,
6/1/48
395
408
Reno,
Retrac-Reno
Transportation,
Series C,
Zero
Coupon,
7/1/58 (4)
9,500
1,353
Reno-Tahoe
Airport
Auth.,
Int'l.
Airport,
Series A,
5.25%,
7/1/54 (3)(8)
4,175
4,433
17,383
NEW
HAMPSHIRE
0.4%
New
Hampshire
Business
Fin.
Auth.,
Series B,
VRDN,
3.75%,
7/1/45
(Tender
7/2/40) (3)(4)
3,245
2,765
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.25%,
7/1/39 (4)
1,245
1,247
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.625%,
7/1/46 (4)
690
692
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.75%,
7/1/54 (4)
2,725
2,730
New
Hampshire
HEFA,
Kendel
at
Hanover,
5.00%,
10/1/36
630
647
New
Hampshire
HEFA,
Kendel
at
Hanover,
5.00%,
10/1/40
595
607
New
Hampshire
HEFA,
Kendel
at
Hanover,
5.00%,
10/1/46
4,835
4,903
13,591
NEW
JERSEY
2.5%
Essex
County
Improvement
Auth.,
The
Friends
of
Team
Charter
Schools,
4.00%,
6/15/46
1,555
1,453
Essex
County
Improvement
Auth.,
The
Friends
of
Team
Charter
Schools,
4.00%,
6/15/56
1,760
1,577
Gloucester
County
Pollution
Control
Fin.
Auth.,
Keystone
Urban
Renewal,
Series A,
PCR,
5.00%,
12/1/24 (3)(13)
455
457
New
Jersey
Economic
Dev.
Auth.,
Barnabas
Health,
Series A,
Zero
Coupon,
7/1/26 (10)(13)
1,980
1,880
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/49 (4)
900
885
New
Jersey
Economic
Dev.
Auth.,
Continental
Airlines,
Series B,
5.625%,
11/15/30 (3)
2,125
2,141
New
Jersey
Economic
Dev.
Auth.,
Lions
Gate,
5.25%,
1/1/44
3,880
3,820
New
Jersey
Economic
Dev.
Auth.,
Port
Newark
Container
Terminal,
5.00%,
10/1/47 (3)
10,000
10,168
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/30
1,585
1,586
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/48
9,565
9,195
New
Jersey
Economic
Dev.
Auth.,
Transit
Transportation
Project,
4.00%,
11/1/44
6,445
6,299
New
Jersey
Economic
Dev.
Auth.,
UMM
Energy
Partners,
Series A,
5.00%,
6/15/37 (3)
990
990
New
Jersey
Economic
Dev.
Auth.,
UMM
Energy
Partners,
Series A,
5.125%,
6/15/43 (3)
1,385
1,385
New
Jersey
EFA,
Green
Bond,
Series A,
5.00%,
7/1/40
3,130
3,273
New
Jersey
Transportation
Trust
Fund
Auth.,
5.25%,
6/15/46
2,615
2,863
New
Jersey
Transportation
Trust
Fund
Auth.,
5.50%,
6/15/50
1,875
2,068
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/42
790
780
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.25%,
6/15/41
650
731
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.25%,
6/15/42
1,000
1,119
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
4.25%,
6/15/44
2,000
2,017
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/36
790
883
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series A,
Zero
Coupon,
12/15/28
11,870
10,353
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series AA,
5.25%,
6/15/43
2,710
2,842
New
Jersey
Turnpike
Auth.,
Series A,
4.00%,
1/1/35
5,000
5,456
New
Jersey
Turnpike
Auth.,
Series B,
5.25%,
1/1/54
5,250
5,868
Tobacco
Settlement
Fin.,
Series A,
5.25%,
6/1/46
5,000
5,181
Township
of
Franklin
NJ,
GO,
2.00%,
3/15/37
1,280
1,043
86,313
NEW
YORK
4.6%
Build
New
York
City
Resource,
Friends
of
Hellenic
Classical,
Series A,
5.00%,
12/1/41 (4)
1,135
1,096
Build
New
York
City
Resource,
Friends
of
Hellenic
Classical,
Series A,
5.00%,
12/1/51 (4)
1,260
1,153
Build
New
York
City
Resource,
Friends
of
Hellenic
Classical,
Series A,
5.00%,
12/1/55 (4)
830
749
Build
New
York
City
Resource,
Inwood
Academy
Leadership
Charter
School,
Series A,
5.50%,
5/1/48 (4)
460
468
Build
New
York
City
Resource,
Pratt
Paper,
4.50%,
1/1/25 (3)
(4)
100
100
Build
New
York
City
Resource,
Pratt
Paper,
5.00%,
1/1/35 (3)
(4)
9,890
9,922
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Build
New
York
City
Resource,
Richmond
Preparatory
Charter
School
Project,
Series A,
5.00%,
6/1/36 (1)(4)
425
428
Build
New
York
City
Resource,
Richmond
Preparatory
Charter
School
Project,
Series A,
5.00%,
6/1/41 (1)(4)
550
547
Build
New
York
City
Resource,
Richmond
Preparatory
Charter
School
Project,
Series A,
5.00%,
6/1/51 (1)(4)
1,980
1,885
Build
New
York
City
Resource,
Shefa
School
Project,
Series A,
2.50%,
6/15/31 (4)
650
586
Build
New
York
City
Resource,
Shefa
School
Project,
Series A,
5.00%,
6/15/51 (4)
13,110
12,970
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
5.00%,
3/15/46
5,205
5,642
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
5.25%,
3/15/52
6,375
7,073
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series A,
5.00%,
1/1/56
5,620
4,759
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series B,
Zero
Coupon,
1/1/45
21,735
5,979
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series C,
5.625%,
1/1/55
8,610
7,857
Nassau
County
IDA,
Amsterdam
at
Harborside,
Series A,
9.00%,
1/1/41 (1)(2)(4)
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 (6)
5,250
4,271
New
York
City
Municipal
Water
Fin.
Auth.,
Series BB-2,
VRDN,
3.90%,
6/15/53
3,300
3,300
New
York
City
Municipal
Water
Fin.
Auth.,
Water
&
Sewer
System,
Series BB1,
3.00%,
6/15/50
5,000
3,954
New
York
City,
Fiscal
2018,
Series B-5,
GO,
VRDN,
3.90%,
10/1/46
6,300
6,300
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/30 (4)
1,000
1,002
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/31 (4)
800
801
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/34 (4)
800
797
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/36 (4)
1,400
1,375
New
York
Liberty
Dev.,
3
World
Trade
Center,
Class
2,
5.15%,
11/15/34 (4)
5,040
5,050
New
York
Liberty
Dev.,
3
World
Trade
Center,
Class
2,
5.375%,
11/15/40 (4)
10,000
10,017
New
York
Liberty
Dev.,
Goldman
Sachs
Headquarters,
5.25%,
10/1/35
3,260
3,808
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
New
York
State
Urban
Dev.,
Personal
Income
Tax,
3.00%,
3/15/48
5,000
4,026
New
York
Transportation
Dev.,
American
Airlines,
3.00%,
8/1/31 (3)
2,375
2,223
New
York
Transportation
Dev.,
American
Airlines,
5.00%,
8/1/31 (3)
12,445
12,459
New
York
Transportation
Dev.,
Delta
Airlines,
LaGuardia
Airport,
5.00%,
10/1/35 (3)
4,945
5,198
New
York
Transportation
Dev.,
Delta
Airlines,
LaGuardia
Airport,
5.00%,
10/1/40 (3)
3,005
3,104
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/39 (3)
1,955
2,075
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/40 (3)
1,290
1,362
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/41 (3)
1,290
1,357
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/42 (3)
1,290
1,350
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.25%,
8/1/31 (3)
1,615
1,719
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.375%,
8/1/36 (3)
2,535
2,703
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
6.00%,
6/30/54 (3)
6,750
7,375
157,512
NORTH
CAROLINA
1.9%
Charlotte-Mecklenburg
Hosp.
Auth.,
Carolinas
Healthcare
System,
Series C,
VRDN,
3.95%,
1/15/37
4,000
4,000
Forsyth
County,
Series B,
GO,
2.00%,
3/1/39
4,585
3,483
Greater
Asheville
Regional
Airport
Auth.,
Series A,
5.50%,
7/1/47 (3)(6)
9,515
10,399
North
Carolina
Housing
Fin.
Agency,
5.00%,
7/1/47
1,585
1,610
North
Carolina
Medical
Care
Commission,
Series C,
4.00%,
3/1/36
1,835
1,776
North
Carolina
Medical
Care
Commission,
Series C,
4.00%,
3/1/42
3,870
3,542
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
4.70%,
7/1/37
2,180
1,873
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
4.875%,
7/1/40
4,245
3,551
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
5.00%,
7/1/45
3,525
2,817
North
Carolina
Medical
Care
Commission,
Aldersgate
United
Methodist,
Series A,
5.00%,
7/1/47
925
724
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
North
Carolina
Medical
Care
Commission,
Everyage,
Series A,
4.00%,
9/1/41
865
772
North
Carolina
Medical
Care
Commission,
Everyage,
Series A,
4.00%,
9/1/47
770
655
North
Carolina
Medical
Care
Commission,
Everyage,
Series A,
4.00%,
9/1/51
765
635
North
Carolina
Medical
Care
Commission,
Lutheran
Services,
4.00%,
3/1/51
3,980
3,379
North
Carolina
Medical
Care
Commission,
Salemtowne,
5.25%,
10/1/37
730
730
North
Carolina
Medical
Care
Commission,
Salemtowne,
5.375%,
10/1/45
9,295
8,951
North
Carolina
Medical
Care
Commission,
Southminster,
5.00%,
10/1/37
1,225
1,232
North
Carolina
Medical
Care
Commission,
United
Church
Homes,
Series A,
5.00%,
9/1/37
1,660
1,660
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/47
4,510
4,575
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/54
6,845
6,926
63,290
OHIO
5.8%
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series B-2,
Class
2,
5.00%,
6/1/55
112,185
103,093
Cleveland-Cuyahoga
County
Port
Auth.,
Playhouse
Square
Foundation,
5.50%,
12/1/43
1,345
1,382
Cleveland-Cuyahoga
County
Port
Auth.,
Playhouse
Square
Foundation,
5.50%,
12/1/53
7,720
7,840
Cuyahoga
County,
MetroHealth
System,
5.00%,
2/15/42
3,560
3,619
Cuyahoga
County,
MetroHealth
System,
5.00%,
2/15/57
2,375
2,394
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/52
15,790
16,132
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/57
12,900
13,150
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/44
4,635
4,649
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/51
5,955
5,960
Marion
County,
United
Church
Homes,
5.00%,
12/1/39
1,310
1,152
Marion
County,
United
Church
Homes,
5.125%,
12/1/49
1,445
1,186
Muskingum
County,
Genesis
Healthcare,
5.00%,
2/15/44
3,955
3,897
Ohio,
Series A,
4.00%,
1/15/38
845
852
Ohio,
Series A,
4.00%,
1/15/39
1,585
1,585
Ohio,
Series A,
5.00%,
1/15/50
1,980
2,055
Ohio
Air
Quality
Dev.
Auth.,
Ohio
Valley
Electric,
3.25%,
9/1/29
4,000
3,910
Ohio
Air
Quality
Dev.
Auth.,
Pratt
Paper,
4.50%,
1/15/48 (3)(4)
1,585
1,584
Ohio
Air
Quality
Dev.
Auth.,
Vanadium
Project,
5.00%,
7/1/49 (3)(4)
16,000
15,828
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Ohio
Housing
Fin.
Agency,
Sanctuary
at
Springboro,
5.45%,
1/1/38 (4)
2,250
1,863
Summit
County
DFA,
Akron
Parking
Project,
5.625%,
12/1/48
2,350
2,541
Summit
County
DFA,
Akron
Parking
Project,
6.00%,
12/1/58
1,650
1,815
196,487
OKLAHOMA
1.5%
Norman
Regional
Hosp.
Auth.,
4.00%,
9/1/45
6,565
5,474
Oklahoma
County
Fin.
Auth.,
Astec
Project,
6.25%,
6/15/54 (4)
1,825
1,871
Oklahoma
County
Fin.
Auth.,
Astec
Project,
6.50%,
6/15/64 (4)
1,400
1,450
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
Series B,
5.875%,
12/1/47
6,094
4,775
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
Series C,
2.00%,
12/1/47
1,254
69
Oklahoma
DFA,
OU
Medicine,
Series B,
5.25%,
8/15/48
4,455
4,558
Oklahoma
DFA,
OU
Medicine,
Series B,
5.50%,
8/15/57
9,005
9,264
Oklahoma
Turnpike
Auth.,
Senior,
4.50%,
1/1/53
2,525
2,579
Oklahoma
Turnpike
Auth.,
Senior,
5.50%,
1/1/53
10,050
11,079
Tulsa
Airports
Improvement
Trust,
Series C,
5.50%,
12/1/35 (3)
8,705
8,719
49,838
OREGON
0.4%
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/32
395
402
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/37
395
398
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/47
1,110
1,085
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/52
1,190
1,147
Oregon
State
Fac.
Auth.,
Legacy
Health
Project,
Series A,
5.00%,
6/1/52
3,800
4,026
Oregon
State
Fac.
Auth.,
Peacehealth,
Series B,
VRDN,
3.80%,
8/1/34
4,805
4,805
Yamhill
County
Hosp.
Auth.,
Friendsview
Retirement
Community,
Series A,
4.00%,
11/15/26
180
177
Yamhill
County
Hosp.
Auth.,
Friendsview
Retirement
Community,
Series A,
5.00%,
11/15/31
275
271
Yamhill
County
Hosp.
Auth.,
Friendsview
Retirement
Community,
Series A,
5.00%,
11/15/36
360
340
12,651
PENNSYLVANIA
4.8%
Allegheny
County
IDA,
U.S.
Steel,
4.875%,
11/1/24
960
961
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/28
245
257
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/30
265
284
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/31
535
575
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
639
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/35
670
716
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.25%,
5/1/42 (4)
6,035
6,072
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.00%,
5/1/32 (4)
2,750
2,802
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.00%,
5/1/42 (4)
4,975
5,001
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.375%,
5/1/42 (4)
7,540
7,598
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
Series 2017,
5.00%,
5/1/42 (4)
7,125
7,144
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
Series 2024,
5.00%,
5/1/42 (4)
2,590
2,644
Butler
County
Hosp.
Auth.,
5.00%,
7/1/35
6,645
6,653
Butler
County
Hosp.
Auth.,
5.00%,
7/1/39
3,760
3,678
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/36 (4)
3,140
2,995
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/40 (4)
3,790
3,464
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/41 (4)
3,330
3,015
Doylestown
Hosp.
Auth.,
5.375%,
7/1/39 (4)
2,075
2,196
East
Hempfield
Township
IDA,
Student
Services,
Student
Housing,
5.00%,
7/1/30
(Prerefunded
7/1/25) (11)
650
661
East
Hempfield
Township
IDA,
Student
Services,
Student
Housing,
5.00%,
7/1/35
(Prerefunded
7/1/25) (11)
840
854
East
Hempfield
Township
IDA,
Student
Services,
Student
Housing,
5.00%,
7/1/47
(Prerefunded
7/1/25) (11)
5,935
6,035
Franklin
County
IDA,
Menno-Haven,
5.00%,
12/1/43
950
925
Franklin
County
IDA,
Menno-Haven,
5.00%,
12/1/48
1,025
966
Franklin
County
IDA,
Menno-Haven,
5.00%,
12/1/53
1,110
1,022
Lancaster
County
Hosp.
Auth.,
Brethren
Village,
5.25%,
7/1/35
200
201
Lancaster
County
Hosp.
Auth.,
Brethren
Village,
5.50%,
7/1/45
790
790
Montgomery
County
Higher
Ed.
&
Health
Auth.,
Thomas
Jefferson
Univ.,
5.00%,
9/1/43
3,995
4,127
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Montgomery
County
IDA,
Hill
at
Whitemarsh,
5.25%,
1/1/40
2,770
2,770
Montgomery
County
IDA,
Hill
at
Whitemarsh,
5.375%,
1/1/50
5,335
5,126
Pennsylvania
Economic
DFA,
5.50%,
6/30/40 (3)
3,155
3,484
Pennsylvania
Economic
DFA,
5.50%,
6/30/41 (3)
1,840
2,023
Pennsylvania
Economic
DFA,
5.50%,
6/30/43 (3)
1,840
2,007
Pennsylvania
Economic
DFA,
5.75%,
6/30/48 (3)
10,865
11,912
Pennsylvania
Economic
DFA,
6.00%,
6/30/61 (3)
7,800
8,650
Pennsylvania
Economic
DFA,
Consol
Energy,
VRDN,
9.00%,
4/1/51
(Tender
4/13/28) (3)(4)
9,120
10,020
Pennsylvania
Economic
DFA,
Covanta
Project,
3.25%,
8/1/39 (3)(4)
3,265
2,675
Pennsylvania
Economic
DFA,
National
Gypsum,
5.50%,
11/1/44 (3)
6,905
6,914
Pennsylvania
Higher
Ed.
Fac.
Auth.,
Indiana
Univ.
Student
Housing,
Series A,
FRN,
67%
of
3M
USD
LIBOR
+
0.65%,
4.393%,
7/1/39 (5)
6,650
6,191
Pennsylvania
Turnpike
Commission,
Series A,
4.00%,
12/1/49 (6)
10,000
9,690
Pennsylvania
Turnpike
Commission,
Series B,
5.25%,
12/1/52
4,565
4,962
Philadelphia
Higher
Ed.
Fac.
Auth.,
Temple
Univ.
Health
System,
5.00%,
7/1/28
3,955
4,070
Philadelphia
Higher
Ed.
Fac.
Auth.,
Temple
Univ.
Health
System,
5.00%,
7/1/30
790
810
Philadelphia
IDA,
Wesley
Enhanced
Living,
5.00%,
7/1/37
2,485
2,423
Philadelphia
IDA,
Wesley
Enhanced
Living,
5.00%,
7/1/42
1,680
1,566
Philadelphia
IDA,
Wesley
Enhanced
Living,
5.00%,
7/1/49
2,840
2,503
161,695
PUERTO
RICO
10.3%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (14)
28,385
17,954
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (14)
14,095
9,021
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (14)
13,236
6,949
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series 2021A,
4.00%,
7/1/42 (4)
4,190
3,974
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series 2021A,
5.00%,
7/1/33 (4)
2,150
2,271
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series 2021A,
5.00%,
7/1/37 (4)
1,105
1,161
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
4.00%,
7/1/42 (4)
5,975
5,667
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
4.00%,
7/1/47 (4)
2,030
1,872
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/25 (4)
2,675
2,697
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/28 (4)
2,740
2,851
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/29 (4)
2,865
3,006
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/30 (4)
10,000
10,550
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35 (4)
9,495
9,937
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/37 (4)
6,765
7,149
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/47 (4)
18,445
18,788
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
4.00%,
7/1/47 (4)
9,115
8,406
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/25 (4)
2,780
2,803
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/29 (4)
3,525
3,698
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/37 (4)
13,520
14,203
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
coupon,
7/1/33
8,280
5,570
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
10,975
10,883
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
8,948
8,821
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
11,792
11,523
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41
6,748
6,405
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25
668
673
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
9,406
9,794
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
18,721
20,728
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.00%,
7/1/29 (1)
(15)
4,780
2,569
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (1)
(15)
95
51
Puerto
Rico
Electric
Power
Auth.,
Series A,
6.75%,
7/1/36 (1)
(15)
8,215
4,416
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/27 (1)
(15)
1,145
615
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/29 (1)
(15)
3,955
2,126
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/21 (1)(15)
1,605
863
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (1)(15)
135
73
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/26 (1)(15)
1,600
860
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (1)(15)
2,300
1,236
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (1)(15)
2,745
1,475
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (1)
(15)
470
253
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (1)
(15)
1,810
973
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (1)
(15)
610
328
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (1)
(15)
730
392
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (1)
(15)
95
51
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (1)
(15)
455
245
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (1)
(15)
390
210
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/38 (1)
(15)
3,955
2,126
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (1)
(15)
165
89
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/35 (1)
(15)
3,466
1,863
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (1)
(15)
790
425
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (1)
(15)
1,135
610
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (1)
(15)
110
59
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (1)
(15)
195
105
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/19 (1)
(15)
1,960
1,053
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (1)
(15)
155
83
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (1)
(15)
1,460
785
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (1)
(15)
420
226
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (1)
(15)
169
91
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/26 (1)
(15)
3,820
2,053
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
18,889
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58
4,840
4,859
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/29
9,626
8,011
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33
11,267
7,929
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46
181,265
60,785
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/51
20,231
4,938
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.329%,
7/1/40
1,980
1,955
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.536%,
7/1/53
2,365
2,264
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.784%,
7/1/58
4,775
4,715
Puerto
Rico
Sales
Tax
Fin.,
Restructured
Cofina,
Series A-2,
4.329%,
7/1/40
2,125
2,098
350,160
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
3,972
7,956
SOUTH
CAROLINA
0.7%
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/32 (1)
5,826
3,445
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/42 (1)
25,626
7,624
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
7/22/51 (1)
44,029
6,097
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
1/1/32 (1)
3,113
1,365
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
7/22/51 (1)
17,627
1,694
Connector
2000
Assoc.,
Series C-1,
Zero
Coupon,
7/22/51 (1)
1,749
75
South
Carolina
Jobs-Economic
Dev.
Auth.,
Repower
South
Berkeley,
5.25%,
2/1/27 (1)(2)(3)(4)
850
85
South
Carolina
Jobs-Economic
Dev.
Auth.,
Repower
South
Berkeley,
6.00%,
2/1/35 (1)(2)(3)(4)
5,035
504
South
Carolina
Jobs-Economic
Dev.
Auth.,
Repower
South
Berkeley,
6.25%,
2/1/45 (1)(2)(3)(4)
10,115
1,012
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
South
Carolina
Jobs-Economic
Dev.
Auth.,
Repower
South
Berkeley,
8.00%,
12/6/29 (1)(2)
1,585
1,268
23,169
SOUTH
DAKOTA
0.3%
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/28
1,135
1,136
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/30
1,215
1,216
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/32
1,080
1,081
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/42
1,585
1,509
South
Dakota
HEFA,
Avera
Health,
Series A,
4.25%,
7/1/49
5,300
5,227
10,169
TENNESSEE
0.8%
Chattanooga
Health
Ed.
&
Housing
Fac.
Board,
Student
Housing,
CDFI
Phase
1,
5.00%,
10/1/35
2,180
2,199
Knox
County
Health
Ed.
&
Housing
Fac.
Board,
Tennessee
Univ.
Project,
Series B-1,
5.125%,
7/1/59 (9)
2,600
2,730
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Ed.
Fac.
Board,
5.25%,
5/1/53
3,850
4,168
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.50%,
7/1/52 (3)
2,680
2,906
Shelby
County
Health
&
Ed.
Fac.
Board,
Madrone
Memphis
Student
Housing
I,
Series A-1,
5.25%,
6/1/56 (4)
1,500
1,546
Shelby
County
Health
Ed.
&
Housing
Fac.
Board,
Village
at
Germantown,
5.00%,
12/1/34
395
391
Shelby
County
Health
Ed.
&
Housing
Fac.
Board,
Village
at
Germantown,
5.25%,
12/1/44
920
885
Shelby
County
Health
Ed.
&
Housing
Fac.
Board,
Village
at
Germantown,
5.25%,
12/1/49
2,650
2,468
Tennessee
Energy
Acquisition,
Series A,
5.25%,
9/1/26
9,435
9,705
26,998
TEXAS
7.0%
Arlington
Higher
Ed.
Fin.,
Basis
Texas
Charter
Schools,
4.875%,
6/15/59 (4)
1,320
1,317
Arlington
Higher
Ed.
Fin.,
Basis
Texas
Charter
Schools,
5.00%,
6/15/64 (4)
3,650
3,651
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/28
705
718
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/30
1,645
1,674
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/31
2,300
2,337
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/32
2,650
2,688
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/33
2,475
2,509
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/34
2,805
2,840
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/28
395
397
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/29
910
915
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/32
1,780
1,782
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/34
2,515
2,511
Austin
Texas
Airport
System
Revenue,
5.00%,
11/15/43 (3)
920
972
Austin
Texas
Airport
System
Revenue,
5.25%,
11/15/47 (3)
3,935
4,222
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/39
95
102
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/46
3,165
3,351
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series A,
4.125%,
8/15/49
4,100
3,986
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series D,
6.125%,
8/15/48
12,665
12,847
Conroe
Local
Government,
Convention
Center
Hotel,
3.50%,
10/1/31 (4)
255
212
Conroe
Local
Government,
Convention
Center
Hotel,
4.00%,
10/1/50
1,275
1,049
Conroe
Local
Government,
Convention
Center
Hotel,
5.00%,
10/1/50 (4)
1,375
1,121
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/47
7,750
8,401
Fort
Bend
County
IDC,
NRG
Energy,
Series B,
4.75%,
11/1/42
3,955
3,956
Gulf
Coast
IDA,
Citgo
Petroleum,
4.875%,
5/1/25 (3)
11,005
11,008
Harris
County
Cultural
Ed.
Fac.
Fin.,
Brazos
Presybyterian
Homes,
Series A,
5.00%,
1/1/38
405
405
Harris
County
Cultural
Ed.
Fac.
Fin.,
Brazos
Presybyterian
Homes,
Series A,
5.00%,
1/1/43
415
404
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/38
1,350
1,356
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/39
1,000
1,002
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/40
845
840
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/41
845
836
Houston
Airport
System,
Series B-1,
5.00%,
7/15/35 (3)
7,560
7,591
Houston
Airport
System,
United
Airlines,
Series A,
4.00%,
7/1/41 (3)
1,620
1,568
Houston
Airport
System,
United
Airlines,
Series B-1,
4.00%,
7/15/41 (3)
3,955
3,828
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/28
1,110
1,112
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/30
1,335
1,333
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/40
2,305
2,185
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/45
5,275
4,827
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.25%,
12/1/35
1,645
1,647
Mission
Economic
Dev.,
Natgasoline,
Series B,
4.625%,
10/1/31 (3)(4)
15,395
15,411
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/32
435
441
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/33
450
456
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/34
475
481
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/35
440
445
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/36
1,110
1,122
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/38
1,030
1,040
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/43
3,095
3,117
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/48
3,105
3,125
New
Hope
Cultural
Ed.
Fac.
Fin.,
Blinn
College,
Series A,
5.00%,
7/1/57
7,915
6,267
New
Hope
Cultural
Ed.
Fac.
Fin.,
Buckingham
Senior
Living,
Series 2021B,
VR,
2.00%,
11/15/61,
(2.00%
PIK) (1)(7)
5,633
2,119
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing
Collage
Station,
5.00%,
4/1/46 (6)
12,385
12,386
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing
College
Station,
Series A,
5.00%,
4/1/29
4,630
4,633
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/30
(Prerefunded
4/1/25) (11)
395
399
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/35
(Prerefunded
4/1/25) (11)
1,205
1,219
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/47
(Prerefunded
4/1/25) (11)
4,765
4,819
New
Hope
Cultural
Ed.
Fac.
Fin.,
Legacy
Midtown,
Series A,
5.50%,
7/1/54
3,585
2,698
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Crestview,
5.00%,
11/15/36
(Prerefunded
11/15/24) (11)
435
445
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Crestview,
5.00%,
11/15/46
(Prerefunded
11/15/24) (11)
1,225
1,253
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Senior
Living,
Langford,
Series A,
5.375%,
11/15/36
395
361
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Senior
Living,
Langford,
Series A,
5.50%,
11/15/46
790
676
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Senior
Living,
Langford,
Series A,
5.50%,
11/15/52
790
655
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/31
790
788
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/32
370
367
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/33
790
783
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/34
790
782
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/39
1,190
1,144
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.25%,
10/1/49
4,810
4,506
New
Hope
Cultural
Ed.
Fac.
Fin.,
Texas
A&M
Univ.
Corpus
Christi,
Series A,
5.00%,
4/1/37
(Prerefunded
4/1/27) (11)
1,345
1,426
New
Hope
Cultural
Ed.
Fac.
Fin.,
Texas
A&M
Univ.
Corpus
Christi,
Series A,
5.00%,
4/1/42
(Prerefunded
4/1/27) (11)
1,585
1,681
North
Texas
Tollway
Auth.,
Series B,
3.00%,
1/1/51 (9)
7,445
5,800
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
2.75%,
1/1/36 (3)(4)
900
803
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
3.00%,
1/1/50 (3)(4)
1,980
1,631
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
Series A,
3.625%,
1/1/35 (3)(4)
2,645
2,587
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
Series A,
4.00%,
1/1/50 (3)(4)
6,255
6,178
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
Series A,
5.25%,
1/1/54 (3)(4)
2,000
2,124
Seagoville,
Santorini
Public
Improvement
District
Project,
6.00%,
9/15/44 (4)
1,020
1,032
Seagoville,
Santorini
Public
Improvement
District
Project,
7.00%,
9/15/54 (4)
3,000
3,004
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere-Northwest
Senior
Housing,
5.25%,
11/15/47 (1)(12)
1,283
35
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere-Northwest
Senior
Housing,
Series A,
5.00%,
11/15/45 (1)(12)
6,750
182
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Stayton
at
Museum
Way,
Series A,
5.75%,
12/1/54 (1)(2)
5,878
3,703
Texas
Private
Activity
Bond
Surface
Transportation,
Segment
3C
Project,
5.00%,
6/30/58 (3)
3,000
3,052
Texas
Private
Activity
Bond
Surface
Transportation,
Tarrant
Express
Project,
5.50%,
12/31/58 (3)
18,150
19,803
Texas
Transportation
Commission,
First
Tier
Toll,
State
Highway,
5.00%,
8/1/57
8,745
8,931
237,410
UTAH
1.6%
Black
Desert
Public
Infrastructure
Dist.,
Assessment
Area
1,
5.625%,
12/1/53 (4)
6,325
6,540
Firefly
Public
Infrastructure
Dist.
No.
1,
Series A-1,
GO,
6.625%,
3/1/54 (4)
1,125
1,163
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Firefly
Public
Infrastructure
Dist.
No.
1,
Assessment
Area
No.
1,
5.625%,
12/1/43 (4)
3,900
4,040
Military
Installation
Dev.
Auth.,
Series A-1,
4.00%,
6/1/41
1,800
1,614
Military
Installation
Dev.
Auth.,
Series A-1,
4.00%,
6/1/52
4,000
3,357
Military
Installation
Dev.
Auth.,
Series A-2,
4.00%,
6/1/41
2,485
2,228
Military
Installation
Dev.
Auth.,
Series A-2,
4.00%,
6/1/52
7,550
6,336
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/43 (3)
2,765
2,828
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/46 (3)
14,605
15,237
UIPA
Crossroads
Public
Infrastructure
Dist.,
4.375%,
6/1/52 (4)
10,115
9,748
53,091
VIRGINIA
3.5%
Alexandria,
Series A,
GO,
2.00%,
12/15/40
6,150
4,362
Arlington
County
IDA,
Virginia
Hosp.
Center,
3.75%,
7/1/50
1,050
937
Botetourt
County,
Residential
Care
Fac.,
Glebe,
Series A,
6.00%,
7/1/34
5,775
5,781
Chesapeake
Expressway
Toll
Road,
Series B,
4.875%,
7/15/40
5,960
6,188
James
City
County
Economic
Dev.
Auth.
Williamsburg
Landing,
Series C-3,
5.25%,
12/1/27
1,250
1,254
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
Series A,
4.00%,
1/1/47
3,000
2,892
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.00%,
1/1/35
3,180
3,180
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.00%,
1/1/46
4,075
3,740
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.375%,
1/1/35
4,945
4,952
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.375%,
1/1/46
3,380
3,278
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
Series A,
5.00%,
1/1/49
2,575
2,315
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/33
790
810
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
5,992
Virginia
College
Building
Auth.,
Marymount
Univ.,
5.00%,
7/1/45 (4)
4,750
4,229
Virginia
College
Building
Auth.,
Marymount
Univ.,
5.25%,
7/1/30 (4)
1,090
1,084
Virginia
College
Building
Auth.,
Marymount
Univ.,
5.25%,
7/1/35 (4)
1,430
1,411
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/25 (4)
1,140
1,134
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/30 (4)
3,750
3,682
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/35 (4)
1,000
966
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/45 (4)
2,460
2,190
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/40 (3)
1,150
1,108
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/41 (3)
2,140
2,043
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/42 (3)
1,025
971
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/48 (3)
10,000
9,194
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
5.00%,
7/1/35 (3)
3,530
3,773
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
5.00%,
1/1/36 (3)
845
902
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
5.00%,
7/1/37 (3)
1,875
1,990
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
3.00%,
1/1/41 (3)
3,000
2,426
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/37 (3)
3,080
3,050
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/38 (3)
3,820
3,768
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/40 (3)
1,000
958
Virginia
Small
Business
Fin.
Auth.,
I-495
Hot
Lanes
Project,
5.00%,
12/31/57 (3)
2,995
3,104
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/49 (3)
8,705
8,846
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/56 (3)
15,865
16,072
119,662
WASHINGTON
1.4%
Adams
County
Public
Hosp.
Dist.
No.
2,
GO,
5.125%,
12/1/44
2,105
2,105
Skagit
County
Public
Hosp.
Dist.
No.
1,
5.50%,
12/1/54
3,910
4,187
Washington
State
Convention
Center
Public
Fac.
Dist.,
4.00%,
7/1/31
5,975
5,995
Washington
State
Housing
Fin.
Commission,
Hearthstone,
5.00%,
7/1/38 (4)
830
713
Washington
State
Housing
Fin.
Commission,
Hearthstone,
5.00%,
7/1/48 (4)
2,300
1,799
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Washington
State
Housing
Fin.
Commission,
Hearthstone,
5.00%,
7/1/53 (4)
920
701
Washington
State
Housing
Fin.
Commission,
Judson
Park,
4.00%,
7/1/28 (4)
175
170
Washington
State
Housing
Fin.
Commission,
Judson
Park,
5.00%,
7/1/33 (4)
225
226
Washington
State
Housing
Fin.
Commission,
Judson
Park,
5.00%,
7/1/38 (4)
650
643
Washington
State
Housing
Fin.
Commission,
Judson
Park,
5.00%,
7/1/48 (4)
1,660
1,522
Washington
State
Housing
Fin.
Commission,
Presbyterian
Retirement,
Series A,
5.00%,
1/1/46 (4)
2,575
2,357
Washington
State
Housing
Fin.
Commission,
Presbyterian
Retirement,
Series A,
5.00%,
1/1/51 (4)
5,330
4,739
Washington
State
Housing
Fin.
Commission,
Radford
Court
&
Nordheim
Court,
5.00%,
7/1/54
3,865
4,002
Washington
State
Housing
Fin.
Commission,
Radford
Court
&
Nordheim
Court,
5.50%,
7/1/59
6,335
6,806
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series 1,
Class
A,
3.375%,
4/20/37
1,242
1,139
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series A-1,
Class
A,
3.50%,
12/20/35
6,060
5,750
Washington
State
Housing
Fin.
Commission,
Transform
Age
Project,
Series A,
5.00%,
1/1/55 (4)
4,925
4,335
47,189
WEST
VIRGINIA
0.3%
Monongalia
County
Commission
Excise
Tax
Dist.,
Series A,
4.125%,
6/1/43 (4)
1,665
1,489
Monongalia
County
Commission
Excise
Tax
Dist.,
Series B,
4.875%,
6/1/43 (4)
1,150
1,119
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.50%,
6/1/37 (4)
1,940
1,985
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.75%,
6/1/43 (4)
1,940
1,983
Ohio
County,
Highlands
Project,
5.25%,
6/1/44
1,000
1,051
Ohio
County,
Highlands
Project,
5.25%,
6/1/53
1,250
1,294
West
Virginia
Economic
Dev.
Auth.,
Arch
Resources,
VRDN,
5.00%,
7/1/45
(Tender
7/1/25) (3)
2,375
2,381
11,302
WISCONSIN
3.5%
PFA,
Celanese,
Series B,
5.00%,
12/1/25 (3)
4,750
4,809
PFA,
Celanese,
Series C,
4.30%,
11/1/30 (3)
3,955
3,966
PFA,
Celanese,
Series D,
4.05%,
11/1/30
1,980
1,972
PFA,
Challenge
Foundation
Academy,
6.625%,
7/1/43 (4)
1,000
1,048
PFA,
Challenge
Foundation
Academy,
6.875%,
7/1/53 (4)
1,650
1,729
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
PFA,
Challenge
Foundation
Academy,
7.00%,
7/1/58 (4)
1,850
1,938
PFA,
CHF
Manoa,
Series A,
5.75%,
7/1/53 (4)
4,000
4,350
PFA,
Church
Home
of
Hartford,
5.00%,
9/1/30 (4)
630
630
PFA,
Church
Home
of
Hartford,
5.00%,
9/1/38 (4)
1,365
1,365
PFA,
Corvian
Community
School,
Series A,
4.00%,
6/15/29 (4)
585
569
PFA,
Corvian
Community
School,
Series A,
5.00%,
6/15/39 (4)
790
757
PFA,
Corvian
Community
School,
Series A,
5.00%,
6/15/49 (4)
3,650
3,290
PFA,
Corvian
Community
School,
Series A,
5.125%,
6/15/47 (4)
2,085
1,933
PFA,
Corvian
Community
School,
Series A,
6.25%,
6/15/48 (4)
535
554
PFA,
Corvian
Community
School,
Series A,
6.25%,
6/15/53 (4)
2,515
2,588
PFA,
Elevon
Project,
RAN,
5.00%,
7/15/30 (4)
1,670
1,678
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
4.00%,
7/1/30 (4)
265
255
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
5.00%,
7/1/40 (4)
560
538
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
5.00%,
7/1/55 (4)
1,145
1,022
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
6.375%,
7/1/43 (4)
325
341
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
6.625%,
7/1/53 (4)
100
105
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
6.75%,
7/1/58 (4)
375
395
PFA,
Grand
Hyatt
San
Antonio,
Series A,
5.00%,
2/1/52
1,835
1,883
PFA,
Grand
Hyatt
San
Antonio,
Series A,
5.00%,
2/1/62
3,370
3,439
PFA,
Mary's
Woods
at
Marylhurst,
5.25%,
5/15/37 (4)
435
441
PFA,
Mary's
Woods
at
Marylhurst,
5.25%,
5/15/47 (4)
965
965
PFA,
Mary's
Woods
at
Marylhurst,
5.25%,
5/15/52 (4)
1,820
1,792
PFA,
Mountain
Island
Charter
School,
5.00%,
7/1/37
655
655
PFA,
Mountain
Island
Charter
School,
5.00%,
7/1/47
1,585
1,557
PFA,
Mountain
Island
Charter
School,
5.00%,
7/1/52
3,405
3,327
PFA,
National
Gypsum,
4.00%,
8/1/35 (3)
16,170
15,832
PFA,
Nevada
State
College,
Series A,
5.00%,
5/1/60 (4)
4,520
3,303
PFA,
Nevada
State
College,
Series B,
9.00%,
5/1/71 (2)(4)
2,090
1,814
PFA,
Nolina
&
Sorella
Projects,
RAN,
5.50%,
12/15/32 (4)(8)
4,325
4,312
PFA,
Searstone
CCRC
Project,
Series A,
5.00%,
6/1/37 (4)
5,055
5,118
PFA,
Searstone
CCRC
Project,
Series A,
5.00%,
6/1/52 (4)
5,055
4,774
PFA,
SKY
Harbour
Capital,
4.00%,
7/1/41 (3)
5,150
4,435
PFA,
SKY
Harbour
Capital,
4.25%,
7/1/54 (3)
12,930
10,766
PFA,
Southminster,
5.00%,
10/1/43 (4)
1,780
1,787
PFA,
Southminster,
5.00%,
10/1/48 (4)
1,585
1,564
PFA,
Southminster,
5.00%,
10/1/53 (4)
4,560
4,419
PFA,
Univ.
of
Hawai'i
Foundation
Project,
Series A-1,
4.00%,
7/1/51 (4)
2,190
1,939
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
PFA,
Univ.
of
Hawai'i
Foundation
Project,
Series A-1,
4.00%,
7/1/61 (4)
1,215
1,037
PFA,
Univ.
of
Hawai'i
Foundation
Project,
Series B,
5.25%,
7/1/61 (4)
4,385
3,983
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/37
880
873
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/41
1,310
1,256
Wisconsin
HEFA,
Dickson
Hollow
Phase
II
Project,
6.125%,
10/1/59
1,625
1,678
Wisconsin
HEFA,
Saint
John's
Communities,
4.00%,
9/15/36
615
598
Wisconsin
HEFA,
Saint
John's
Communities,
4.00%,
9/15/41
610
567
Wisconsin
HEFA,
Saint
John's
Communities,
4.00%,
9/15/45
510
456
120,402
Total
Municipal
Securities
(Cost
$3,547,739)
3,386,336
Total
Investments
in
Securities
99.5%
of
Net
Assets
(Cost
$3,547,771)
$
3,386,381
‡
Par/Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(3)
Interest
subject
to
alternative
minimum
tax.
(4)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$832,634
and
represents
24.5%
of
net
assets.
(5)
Insured
by
Assured
Guaranty
Corporation
(6)
Insured
by
Assured
Guaranty
Municipal
Corporation
(7)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(8)
When-issued
security
(9)
Insured
by
Build
America
Mutual
Assurance
Company
(10)
Insured
by
National
Public
Finance
Guarantee
Corporation
(11)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(12)
Obligor
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(13)
Escrowed
to
maturity
(14)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
(15)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
.
.
.
.
.
.
.
.
.
.
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
CDA
Community
Development
Administration/Authority
CDFI
Community
Development
Financial
Institution
DFA
Development
Finance
Authority
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
RAN
Revenue
Anticipation
Note
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.
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
August
31,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$3,547,771)
$
3,386,381
Interest
and
dividends
receivable
36,499
Receivable
for
investment
securities
sold
1,980
Receivable
for
shares
sold
1,616
Cash
70
Other
assets
75
Total
assets
3,426,621
Liabilities
Payable
for
investment
securities
purchased
14,408
Payable
for
shares
redeemed
3,701
Investment
management
fees
payable
1,408
Due
to
affiliates
78
Payable
to
directors
2
Other
liabilities
2,716
Total
liabilities
22,313
NET
ASSETS
$
3,404,308
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
August
31,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($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)
$
(324,045)
Paid-in
capital
applicable
to
302,344,992
shares
of
$0.01
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
3,728,353
NET
ASSETS
$
3,404,308
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$1,786,187;
Shares
outstanding:
158,622,420)
$
11.26
Advisor
Class
(Net
assets:
$3,991;
Shares
outstanding:
352,285)
$
11.33
I
Class
(Net
assets:
$1,614,130;
Shares
outstanding:
143,370,287)
$
11.26
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
8/31/24
Investment
Income
(Loss)
Income
.
Interest
$
75,180
Dividend
3
Total
income
75,183
Expenses
Investment
management
9,882
Shareholder
servicing
Investor
Class
$
1,371
Advisor
Class
5
I
Class
176
1,552
Rule
12b-1
fees
Advisor
Class
5
Prospectus
and
shareholder
reports
Investor
Class
31
Advisor
Class
1
I
Class
18
50
Interest
186
Legal
and
audit
146
Custody
and
accounting
120
Registration
70
Directors
6
Miscellaneous
13
Waived
/
paid
by
Price
Associates
(1,623)
Total
expenses
10,407
Net
investment
income
64,776
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
loss
on
securities
(12,334)
Change
in
net
unrealized
gain
/
loss
on
securities
100,036
Net
realized
and
unrealized
gain
/
loss
87,702
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
152,478
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
6
Months
Ended
8/31/24
Year
Ended
2/29/24
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
64,776
$
132,460
Net
realized
loss
(12,334)
(72,429)
Change
in
net
unrealized
gain
/
loss
100,036
173,874
Increase
in
net
assets
from
operations
152,478
233,905
Distributions
to
shareholders
Net
earnings
Investor
Class
(33,969)
(71,729)
Advisor
Class
(73)
(165)
I
Class
(29,956)
(58,752)
Decrease
in
net
assets
from
distributions
(63,998)
(130,646)
Capital
share
transactions
*
Shares
sold
Investor
Class
190,616
660,371
Advisor
Class
149
79
I
Class
144,346
300,989
Distributions
reinvested
Investor
Class
26,170
58,319
Advisor
Class
73
165
I
Class
20,850
39,365
Shares
redeemed
Investor
Class
(304,116)
(897,519)
Advisor
Class
(893)
(1,154)
I
Class
(101,063)
(724,825)
Decrease
in
net
assets
from
capital
share
transactions
(23,868)
(564,210)
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
8/31/24
Year
Ended
2/29/24
Net
Assets
Increase
(decrease)
during
period
64,612
(460,951)
Beginning
of
period
3,339,696
3,800,647
End
of
period
$
3,404,308
$
3,339,696
*Share
information
(000s)
Shares
sold
Investor
Class
17,225
62,700
Advisor
Class
13
8
I
Class
13,017
28,440
Distributions
reinvested
Investor
Class
2,369
5,481
Advisor
Class
6
15
I
Class
1,887
3,696
Shares
redeemed
Investor
Class
(27,497)
(84,854)
Advisor
Class
(80)
(107)
I
Class
(9,153)
(68,101)
Decrease
in
shares
outstanding
(2,213)
(52,722)
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
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
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividend
income is
recorded
on
the
ex-dividend
date. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class’s
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class’s
outstanding
shares.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class’s
average
daily
net
assets.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
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.
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.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
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,
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
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
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
August
31,
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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Municipal
Securities
$
—
$
3,386,336
$
—
$
3,386,336
Common
Stocks
45
—
—
45
Total
$
45
$
3,386,336
$
—
$
3,386,381
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
and
delivery
not
due
until
issuance
of
the
security
on
a
scheduled
future
date.
When-issued
securities
may
be
new
securities
or
securities
issued
through
a
corporate
action,
such
as
a
reorganization
or
restructuring.
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
commitment
to
purchase
a
when-issued
security.
Amounts
realized
on
when-issued
transactions
are
included
in
realized
gain/loss
on
securities
in
the
accompanying
financial
statements.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $229,084,000 and
$238,073,000,
respectively,
for
the
six
months ended
August
31,
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.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-
end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
February
29,
2024,
the
fund
had
$167,093,000
of
available
capital
loss
carryforwards.
At
August
31,
2024,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$3,547,933,000.
Net
unrealized
loss
aggregated
$161,552,000
at
period-end,
of
which
$58,739,000
related
to
appreciated
investments
and
$220,291,000
related
to
depreciated
investments.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
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
August
31,
2024,
the
effective
annual
group
fee
rate
was
0.29%. Effective
July
1,
2019,
Price
Associates
has
contractually
agreed,
at
least
through
April
30,
2026,
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 $1,623,000
and
allocated
ratably
in
the
amounts
of
$875,000
for
the
Investor
Class,
$2,000
for
the
Advisor
Class,
and
$746,000
for
the
I
Class,
for
the
six
months
ended
August
31,
2024.
The Investor
Class and Advisor
Class are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
dates
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class’s ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class’s net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
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
six
months
ended
August
31,
2024,
expenses
incurred
pursuant
to
these
service
agreements
were
$63,000
for
Price
Associates
and
$395,000
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
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
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
August
31,
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
August
31,
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
August
31,
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 environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
NOTE
8
-
SUBSEQUENT
EVENT
Effective
November
1,
2024,
Price
Associates
has
contractually
agreed
to
lower
the
fund’s
total
investment
management
fee
to
0.45%
and
lower
the
Investor
Class
and
Advisor
Class
total
expense
limits
to
0.80%
and
1.05%,
respectively.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser).
In
that
regard,
at
a
meeting
held
on
March
11–12,
2024
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund’s
Advisory
Contract.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
the
approval
of
the
Advisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting,
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
about
various
topics.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser.
These
services
included,
but
were
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance;
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
senior
management
team
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2023.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2023,
which
ranked
the
returns
of
the
fund’s
Investor
Class
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
mutual
fund
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
the
length
of
the
fund’s
performance
track
record,
and
how
closely
the
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates)
may
have
realized
from
its
relationship
with
the
fund.
In
considering
soft-dollar
arrangements
pursuant
to
which
research
may
be
received
from
broker-dealers
that
execute
the
fund’s
portfolio
transactions,
the
Board
noted
that
during
2023
the
Adviser
paid
the
costs
of
research
services
for
all
client
accounts
that
it
advises,
including
the
T.
Rowe
Price
funds.
However,
effective
January
1,
2024,
the
Adviser
will
begin
using
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
the
fund
in
particular,
and
the
Board
concluded
that
the
Adviser’s
profits
were
reasonable
in
light
of
the
services
provided
to
the
fund.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
fee
to
the
Adviser
for
investment
management
services
composed
of
two
components—a
group
fee
rate
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
funds
(including
the
fund)
that
declines
at
certain
asset
levels
and
an
individual
fund
fee
rate
based
on
the
fund’s
average
daily
net
assets—and
the
fund
pays
its
own
expenses
of
operations.
The
group
fee
rate
decreases
as
total
T.
Rowe
Price
fund
assets
grow,
which
reduces
the
management
fee
rate
for
any
fund
that
has
a
group
fee
component
to
its
management
fee,
and
reflects
that
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds,
thus
allowing
shareholders
of
those
funds
to
share
potential
economies
of
scale.
The
fund’s
shareholders
benefit
from
potential
economies
of
scale
through
a
decline
in
certain
operating
expenses
as
the
fund
grows
in
size.
However,
the
fund
is
also
subject
to
contractual
expense
limitations
that
limit
the
overall
management
fee
rate
that
is
paid
by
the
fund
and
require
the
Adviser
to
waive
its
fees
and/or
bear
any
expenses
that
would
otherwise
cause
the
expenses
of
a
share
class
of
the
fund
to
exceed
a
certain
percentage
based
on
the
class’s
net
assets.
The
expense
limitations
mitigate
the
potential
for
an
increase
in
operating
expenses
above
a
certain
level
that
could
impact
shareholders.
In
addition,
the
Board
noted
that
the
fund
potentially
shares
in
indirect
economies
of
scale
through
the
Adviser’s
ongoing
investments
in
its
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
advisory
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
any
economies
of
scale
with
the
fund’s
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Investor
Class
Expense
Group);
(ii)
actual
management
fees
and
total
expenses
of
the
Advisor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Advisor
Class
Expense
Group);
and
(iii)
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
actual
management
fee
rate
(which
reflects
the
management
fees
actually
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
indicated
that
the
fund’s
contractual
management
fee
ranked
in
the
fourth
quintile
(Investor
Class
Expense
Group);
the
fund’s
actual
management
fee
rate
ranked
in
the
third
quintile
(Investor
Class
Expense
Group),
fourth
quintile
(Expense
Universe),
and
fifth
quintile
(Advisor
Class
Expense
Group);
and
the
fund’s
total
expenses
ranked
in
the
fifth
quintile
(Investor
Class
Expense
Group
and
Expense
Universe)
and
first
quintile
(Advisor
Class
Expense
Group).
The
Board
also
reviewed
the
fee
schedules
for
other
investment
portfolios
with
similar
mandates
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
business
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
business.
The
Board
considered
information
showing
that
the
Adviser’s
mutual
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
institutional
account
business
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
greater
asset
flows,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
mutual
fund
business.
In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
mutual
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
Approval
of
the
Advisory
Contract
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(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.
F59-051
10/24
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
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 | | October 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 | | October 18, 2024 | | |
| | | | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
| | |
| Date | | October 18, 2024 | | |
