0000758003falseN-CSRST. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.N-1A2025-08-310000758003trp:C000005558Member2025-03-012025-08-3100007580032025-03-012025-08-310000758003trp:C000005558Member2025-08-310000758003trp:C000005558Membertrp:PuertoRicoCTIMember2025-08-310000758003trp:C000005558Membertrp:CaliforniaCTIMember2025-08-310000758003trp:C000005558Membertrp:TexasCTIMember2025-08-310000758003trp:C000005558Membertrp:FloridaCTIMember2025-08-310000758003trp:C000005558Membertrp:WisconsinCTIMember2025-08-310000758003trp:C000005558Membertrp:PennsylvaniaCTIMember2025-08-310000758003trp:C000005558Membertrp:MarylandCTIMember2025-08-310000758003trp:C000005558Membertrp:OhioCTIMember2025-08-310000758003trp:C000005558Membertrp:IllinoisCTIMember2025-08-310000758003trp:C000005558Membertrp:OtherHoldingsGroupingCTIMember2025-08-310000758003trp:C000005558Membertrp:LifeCareNursingHomeRevenueSectorMember2025-08-310000758003trp:C000005558Membertrp:GroundTransportationRevenueSectorMember2025-08-310000758003trp:C000005558Membertrp:EducationalRevenueSectorMember2025-08-310000758003trp:C000005558Membertrp:DedicatedTaxRevenueSectorMember2025-08-310000758003trp:C000005558Membertrp:HousingFinanceRevenueSectorMember2025-08-310000758003trp:C000005558Membertrp:IndustrialPollutionControlRevenueSectorMember2025-08-310000758003trp:C000005558Membertrp:GeneralObligationsMinusStateSectorMember2025-08-310000758003trp:C000005558Membertrp:WaterSewerRevenueSectorMember2025-08-310000758003trp:C000005558Membertrp:GeneralObligationsMinusLocalSectorMember2025-08-310000758003trp:C000005558Membertrp:Other2SectorMember2025-08-310000758003trp:C000117193Member2025-03-012025-08-310000758003trp:C000117193Member2025-08-310000758003trp:C000117193Membertrp:PuertoRicoCTIMember2025-08-310000758003trp:C000117193Membertrp:CaliforniaCTIMember2025-08-310000758003trp:C000117193Membertrp:TexasCTIMember2025-08-310000758003trp:C000117193Membertrp:FloridaCTIMember2025-08-310000758003trp:C000117193Membertrp:WisconsinCTIMember2025-08-310000758003trp:C000117193Membertrp:PennsylvaniaCTIMember2025-08-310000758003trp:C000117193Membertrp:MarylandCTIMember2025-08-310000758003trp:C000117193Membertrp:OhioCTIMember2025-08-310000758003trp:C000117193Membertrp:IllinoisCTIMember2025-08-310000758003trp:C000117193Membertrp:OtherHoldingsGroupingCTIMember2025-08-310000758003trp:C000117193Membertrp:LifeCareNursingHomeRevenueSectorMember2025-08-310000758003trp:C000117193Membertrp:GroundTransportationRevenueSectorMember2025-08-310000758003trp:C000117193Membertrp:EducationalRevenueSectorMember2025-08-310000758003trp:C000117193Membertrp:DedicatedTaxRevenueSectorMember2025-08-310000758003trp:C000117193Membertrp:HousingFinanceRevenueSectorMember2025-08-310000758003trp:C000117193Membertrp:IndustrialPollutionControlRevenueSectorMember2025-08-310000758003trp:C000117193Membertrp:GeneralObligationsMinusStateSectorMember2025-08-310000758003trp:C000117193Membertrp:WaterSewerRevenueSectorMember2025-08-310000758003trp:C000117193Membertrp:GeneralObligationsMinusLocalSectorMember2025-08-310000758003trp:C000117193Membertrp:Other2SectorMember2025-08-310000758003trp:C000177208Member2025-03-012025-08-310000758003trp:C000177208Member2025-08-310000758003trp:C000177208Membertrp:PuertoRicoCTIMember2025-08-310000758003trp:C000177208Membertrp:CaliforniaCTIMember2025-08-310000758003trp:C000177208Membertrp:TexasCTIMember2025-08-310000758003trp:C000177208Membertrp:FloridaCTIMember2025-08-310000758003trp:C000177208Membertrp:WisconsinCTIMember2025-08-310000758003trp:C000177208Membertrp:PennsylvaniaCTIMember2025-08-310000758003trp:C000177208Membertrp:MarylandCTIMember2025-08-310000758003trp:C000177208Membertrp:OhioCTIMember2025-08-310000758003trp:C000177208Membertrp:IllinoisCTIMember2025-08-310000758003trp:C000177208Membertrp:OtherHoldingsGroupingCTIMember2025-08-310000758003trp:C000177208Membertrp:LifeCareNursingHomeRevenueSectorMember2025-08-310000758003trp:C000177208Membertrp:GroundTransportationRevenueSectorMember2025-08-310000758003trp:C000177208Membertrp:EducationalRevenueSectorMember2025-08-310000758003trp:C000177208Membertrp:DedicatedTaxRevenueSectorMember2025-08-310000758003trp:C000177208Membertrp:HousingFinanceRevenueSectorMember2025-08-310000758003trp:C000177208Membertrp:IndustrialPollutionControlRevenueSectorMember2025-08-310000758003trp:C000177208Membertrp:GeneralObligationsMinusStateSectorMember2025-08-310000758003trp:C000177208Membertrp:WaterSewerRevenueSectorMember2025-08-310000758003trp:C000177208Membertrp:GeneralObligationsMinusLocalSectorMember2025-08-310000758003trp:C000177208Membertrp:Other2SectorMember2025-08-31iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Dtrp:Holding

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-04163

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

 

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

 

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

 

(Name and address of agent for service)

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

Date of fiscal year end: February 28

Date of reporting period: August 31, 2025

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

 

Image

Semi-Annual Shareholder Report

August 31, 2025

Tax-Free High Yield Fund

Investor Class (PRFHX)

This semi-annual shareholder report contains important information about Tax-Free High Yield Fund (the "fund") for the period of March 1, 2025 to August 31, 2025. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

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

 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Tax-Free High Yield Fund - Investor Class
$32
0.65%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$3,206,197
Number of Portfolio Holdings
986
Portfolio Turnover Rate
11.7%

What did the fund invest in?

State Allocation (as a % of Net Assets)

Puerto Rico
10.9%
California
8.0
Texas
6.5
Florida
5.9
Wisconsin
5.1
Pennsylvania
4.9
Maryland
4.6
Ohio
4.5
Illinois
4.3
Other
45.3

Industry Allocation (as a % of Net Assets)

Health Care
21.5%
Transportation
12.1
Education
8.9
Special Tax
8.6
Housing
7.8
Industrial & Pollution Control
7.3
General Obligations - State
4.4
Water & Sewer
2.6
General Obligations - Local
2.6
Other
24.2

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

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

202505-4461501

F59-053 10/25

Tax-Free High Yield Fund 

Investor Class (PRFHX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image
Image

Semi-Annual Shareholder Report

August 31, 2025

Tax-Free High Yield Fund

Advisor Class (PATFX)

This semi-annual shareholder report contains important information about Tax-Free High Yield Fund (the "fund") for the period of March 1, 2025 to August 31, 2025. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

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

 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Tax-Free High Yield Fund - Advisor Class
$50
1.00%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$3,206,197
Number of Portfolio Holdings
986
Portfolio Turnover Rate
11.7%

What did the fund invest in?

State Allocation (as a % of Net Assets)

Puerto Rico
10.9%
California
8.0
Texas
6.5
Florida
5.9
Wisconsin
5.1
Pennsylvania
4.9
Maryland
4.6
Ohio
4.5
Illinois
4.3
Other
45.3

Industry Allocation (as a % of Net Assets)

Health Care
21.5%
Transportation
12.1
Education
8.9
Special Tax
8.6
Housing
7.8
Industrial & Pollution Control
7.3
General Obligations - State
4.4
Water & Sewer
2.6
General Obligations - Local
2.6
Other
24.2

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

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

202505-4461501

F259-053 10/25

Tax-Free High Yield Fund 

Advisor Class (PATFX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image
Image

Semi-Annual Shareholder Report

August 31, 2025

Tax-Free High Yield Fund

I Class (PTYIX)

This semi-annual shareholder report contains important information about Tax-Free High Yield Fund (the "fund") for the period of March 1, 2025 to August 31, 2025. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

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

 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Tax-Free High Yield Fund - I Class
$25
0.51%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$3,206,197
Number of Portfolio Holdings
986
Portfolio Turnover Rate
11.7%

What did the fund invest in?

State Allocation (as a % of Net Assets)

Puerto Rico
10.9%
California
8.0
Texas
6.5
Florida
5.9
Wisconsin
5.1
Pennsylvania
4.9
Maryland
4.6
Ohio
4.5
Illinois
4.3
Other
45.3

Industry Allocation (as a % of Net Assets)

Health Care
21.5%
Transportation
12.1
Education
8.9
Special Tax
8.6
Housing
7.8
Industrial & Pollution Control
7.3
General Obligations - State
4.4
Water & Sewer
2.6
General Obligations - Local
2.6
Other
24.2

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

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

202505-4461501

F239-053 10/25

Tax-Free High Yield Fund 

I Class (PTYIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image

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

Not applicable.

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

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

 

 

Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
August
31,
2025
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)
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
8/31/25
..
Year
..
..
Ended
.
2/28/25
2/29/24
2/28/23
2/28/22
2/28/21
NET
ASSET
VALUE
Beginning
of
period
$
11.24‌
$
10.97‌
$
10.64‌
$
12.22‌
$
12.32‌
$
12.67‌
Investment
activities
Net
investment
income
(1)(2)
0.23‌
0.42‌
0.41‌
0.41‌
0.38‌
0.41‌
Net
realized
and
unrealized
gain/
loss
(0.57‌)
0.28‌
0.32‌
(1.58‌)
(0.10‌)
(0.34‌)
Total
from
investment
activities
(0.34‌)
0.70‌
0.73‌
(1.17‌)
0.28‌
0.07‌
Distributions
Net
investment
income
(0.22‌)
(0.43‌)
(0.40‌)
(0.40‌)
(0.38‌)
(0.41‌)
Net
realized
gain
—‌
—‌
—‌
(0.01‌)
—‌
(0.01‌)
Total
distributions
(0.22‌)
(0.43‌)
(0.40‌)
(0.41‌)
(0.38‌)
(0.42‌)
NET
ASSET
VALUE
End
of
period
$
10.68‌
$
11.24‌
$
10.97‌
$
10.64‌
$
12.22‌
$
12.32‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
8/31/25
..
Year
..
..
Ended
.
2/28/25
2/29/24
2/28/23
2/28/22
2/28/21
Ratios/Supplemental
Data
Total
return
(2)(3)
(2.99‌)%
6.45‌%
7.05‌%
(9.64‌)%
2.21‌%
0.70‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.65‌%
(4)
0.74‌%
0.76‌%
0.76‌%
0.72‌%
0.72‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.65‌%
(4)
0.67‌%
0.67‌%
0.67‌%
0.63‌%
0.62‌%
Net
investment
income
4.21‌%
(4)
3.79‌%
3.81‌%
3.68‌%
2.99‌%
3.48‌%
Portfolio
turnover
rate
11.7‌%
14.2‌%
11.6‌%
19.7‌%
11.8‌%
12.8‌%
Net
assets,
end
of
period
(in
millions)
$1,320
$1,458
$1,826
$1,949
$3,580
$3,915
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)
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
Advisor
Class
6
Months
.
Ended
8/31/25
..
Year
..
..
Ended
.
2/28/25
2/29/24
2/28/23
2/28/22
2/28/21
NET
ASSET
VALUE
Beginning
of
period
$
11.31‌
$
11.03‌
$
10.70‌
$
12.29‌
$
12.39‌
$
12.74‌
Investment
activities
Net
investment
income
(1)(2)
0.21‌
0.39‌
0.37‌
0.38‌
0.35‌
0.39‌
Net
realized
and
unrealized
gain/
loss
(0.56‌)
0.28‌
0.32‌
(1.59‌)
(0.11‌)
(0.35‌)
Total
from
investment
activities
(0.35‌)
0.67‌
0.69‌
(1.21‌)
0.24‌
0.04‌
Distributions
Net
investment
income
(0.21‌)
(0.39‌)
(0.36‌)
(0.37‌)
(0.34‌)
(0.38‌)
Net
realized
gain
—‌
—‌
—‌
(0.01‌)
—‌
(0.01‌)
Total
distributions
(0.21‌)
(0.39‌)
(0.36‌)
(0.38‌)
(0.34‌)
(0.39‌)
NET
ASSET
VALUE
End
of
period
$
10.75‌
$
11.31‌
$
11.03‌
$
10.70‌
$
12.29‌
$
12.39‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
Financial
Highlights
5
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
6
Months
.
Ended
8/31/25
..
Year
..
..
Ended
.
2/28/25
2/29/24
2/28/23
2/28/22
2/28/21
Ratios/Supplemental
Data
Total
return
(2)(3)
(3.13‌)%
6.17‌%
6.65‌%
(9.89‌)%
1.90‌%
0.41‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1.00‌%
(4)
1.08‌%
1.12‌%
1.03‌%
1.03‌%
1.02‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
1.00‌%
(4)
1.02‌%
1.02‌%
0.93‌%
0.94‌%
0.92‌%
Net
investment
income
3.86‌%
(4)
3.45‌%
3.46‌%
3.43‌%
2.76‌%
3.27‌%
Portfolio
turnover
rate
11.7‌%
14.2‌%
11.6‌%
19.7‌%
11.8‌%
12.8‌%
Net
assets,
end
of
period
(in
thousands)
$2,934
$3,287
$4,552
$5,322
$7,637
$9,310
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)
Financial
Highlights
6
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
8/31/25
..
Year
..
..
Ended
.
2/28/25
2/29/24
2/28/23
2/28/22
2/28/21
NET
ASSET
VALUE
Beginning
of
period
$
11.24‌
$
10.96‌
$
10.64‌
$
12.22‌
$
12.31‌
$
12.67‌
Investment
activities
Net
investment
income
(1)(2)
0.24‌
0.44‌
0.42‌
0.42‌
0.39‌
0.43‌
Net
realized
and
unrealized
gain/
loss
(0.57‌)
0.28‌
0.31‌
(1.58‌)
(0.09‌)
(0.36‌)
Total
from
investment
activities
(0.33‌)
0.72‌
0.73‌
(1.16‌)
0.30‌
0.07‌
Distributions
Net
investment
income
(0.23‌)
(0.44‌)
(0.41‌)
(0.41‌)
(0.39‌)
(0.42‌)
Net
realized
gain
—‌
—‌
—‌
(0.01‌)
—‌
(0.01‌)
Total
distributions
(0.23‌)
(0.44‌)
(0.41‌)
(0.42‌)
(0.39‌)
(0.43‌)
NET
ASSET
VALUE
End
of
period
$
10.68‌
$
11.24‌
$
10.96‌
$
10.64‌
$
12.22‌
$
12.31‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
Financial
Highlights
7
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
8/31/25
..
Year
..
..
Ended
.
2/28/25
2/29/24
2/28/23
2/28/22
2/28/21
Ratios/Supplemental
Data
Total
return
(2)(3)
(2.92‌)%
6.69‌%
7.07‌%
(9.51‌)%
2.41‌%
0.71‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.51‌%
(4)
0.60‌%
0.65‌%
0.62‌%
0.60‌%
0.62‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.51‌%
(4)
0.54‌%
0.55‌%
0.53‌%
0.51‌%
0.52‌%
Net
investment
income
4.35‌%
(4)
3.94‌%
3.93‌%
3.84‌%
3.10‌%
3.57‌%
Portfolio
turnover
rate
11.7‌%
14.2‌%
11.6‌%
19.7‌%
11.8‌%
12.8‌%
Net
assets,
end
of
period
(in
millions)
$1,883
$2,065
$1,509
$1,846
$1,942
$1,072
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,
2025
(Unaudited)
8
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
COMMON
STOCKS 0.0%
Ingevity (1)
1‌
47‌
Nassau
County
IDA,
EC,
5.00%,
1/1/58 (2)
13,414‌
—‌
United
Airlines
Holdings (1)
—‌
32‌
Total
Common
Stocks
(Cost
$31)
79‌
MUNICIPAL
SECURITIES 99.5%
ALABAMA
 2.0%
Alabama
State
Univ.,
5.75%,
9/1/50 (3)
2,150‌
2,258‌
Black
Belt
Energy
Gas
Dist.,
Series A,
VRDN,
5.25%,
1/1/54
(Tender
10/1/30) 
6,400‌
6,857‌
Black
Belt
Energy
Gas
Dist.,
Series C-1,
VRDN,
5.25%,
2/1/53
(Tender
6/1/29) 
10,610‌
11,209‌
Black
Belt
Energy
Gas
Dist.,
Series D,
VRDN,
5.00%,
3/1/55
(Tender
11/1/34) 
7,000‌
7,378‌
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
5.50%,
1/1/28 (1)(4)
2,925‌
2,091‌
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
5.50%,
1/1/43 (1)(4)
2,265‌
1,620‌
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
Series A,
6.875%,
1/1/43 (1)(4)
1,585‌
1,133‌
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
Series A,
7.50%,
1/1/47 (1)(4)
2,835‌
2,027‌
Jefferson
County,
Sewer
Revenue,
5.50%,
10/1/53 
2,625‌
2,674‌
Mobile
County
IDA,
AM/NS
Calvert
Project,
Series A,
5.00%,
6/1/54 (5)
3,675‌
3,327‌
Mobile
County
IDA,
AM/NS
Calvert
Project,
Series B,
4.75%,
12/1/54 (5)
3,175‌
2,758‌
Southeast
Energy
Auth.
A
Cooperative
Dist.,
Series B,
VRDN,
4.00%,
12/1/51
(Tender
12/1/31) 
5,160‌
5,138‌
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
5.25%,
5/1/44 (6)
17,450‌
17,047‌
65,517‌
ALASKA
 0.0%
Northern
Tobacco
Securitization,
Series B-2,
Class
2,
Zero
Coupon,
6/1/66 
9,999‌
1,127‌
1,127‌
ARIZONA
 2.2%
Arizona
HFA,
Banner
Health,
Series B,
FRN,
100%
of
SPMUV7DY
+
0.81%,
2.87%,
1/1/37 
2,165‌
2,092‌
Arizona
IDA,
Cadence
Campus
Project,
Series A,
4.00%,
7/15/40 (6)
730‌
633‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
Arizona
IDA,
Cadence
Campus
Project,
Series A,
4.00%,
7/15/50 (6)
1,265‌
965‌
Arizona
IDA,
Doral
Academy
-
Fire
Mesa,
Series A,
5.00%,
7/15/39 
1,050‌
1,007‌
Arizona
IDA,
Doral
Academy
-
Fire
Mesa,
Series A,
5.00%,
7/15/49 
1,595‌
1,378‌
Arizona
IDA,
Montanero
Project,
6.75%,
12/1/55 (5)(6)
6,550‌
6,495‌
Arizona
IDA,
Odyssey
Preparatory
Academy,
5.00%,
7/1/49 (6)
5,445‌
4,663‌
Arizona
IDA,
Odyssey
Preparatory
Academy,
Series A,
5.25%,
7/1/37 (6)
2,375‌
2,375‌
Arizona
IDA,
Odyssey
Preparatory
Academy,
Series A,
5.50%,
7/1/52 (6)
3,970‌
3,601‌
Arizona
IDA,
Pinecrest
Academy
of
Northern
Nevada
Project,
Series A,
4.50%,
7/15/29 (6)
1,500‌
1,466‌
Arizona
IDA,
San
Tan
Charter
School
Projects,
6.875%,
2/1/65 (6)
8,000‌
7,650‌
Maricopa
County
IDA,
Commercial
Metals
Company
Project,
4.00%,
10/15/47 (5)(6)
4,770‌
3,826‌
Maricopa
County,
El
Paso
Electric,
Series A,
PCR,
4.50%,
8/1/42 
2,575‌
2,410‌
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/44 
790‌
751‌
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/49 
475‌
442‌
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/59 
1,675‌
1,507‌
Pima
County
IDA,
American
Leadership
Academy,
4.00%,
6/15/41 (6)
2,380‌
1,993‌
Pima
County
IDA,
American
Leadership
Academy,
4.00%,
6/15/51 (6)
5,285‌
3,918‌
Salt
Verde
Financial,
5.00%,
12/1/37 
12,970‌
13,555‌
Sierra
Vista
IDA,
5.00%,
6/15/54 (6)
1,500‌
1,292‌
Sierra
Vista
IDA,
5.00%,
6/15/64 (6)
3,875‌
3,239‌
Sierra
Vista
IDA,
Wake
Preparatory
Academy,
6.25%,
6/15/50 
4,450‌
4,298‌
Tempe
IDA,
Friendship
Village
of
Tempe
Project,
Series A,
4.00%,
12/1/46 
1,980‌
1,595‌
71,151‌
ARKANSAS
 1.2%
Arkansas
DFA,
Big
River
Steel
Project,
4.50%,
9/1/49 (5)(6)
8,610‌
7,883‌
Arkansas
DFA,
Big
River
Steel
Project,
4.75%,
9/1/49 (5)(6)
3,955‌
3,650‌
Arkansas
DFA,
Green
Bond,
5.45%,
9/1/52 (5)
7,365‌
7,140‌
Arkansas
DFA,
Green
Bond,
7.375%,
7/1/48 (5)(6)
5,000‌
5,383‌
Arkansas
DFA,
Green
Bond,
Series A,
6.875%,
7/1/48 (5)(6)
5,000‌
5,290‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
Osceola,
Plum
Point
Energy,
VRDN,
5.50%,
4/1/36
(Tender
1/2/26) (5)
7,875‌
7,874‌
37,220‌
CALIFORNIA
 8.0%
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29) 
10,715‌
11,285‌
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.50%,
10/1/54
(Tender
11/1/30) 
4,525‌
4,861‌
California
Community
Housing
Agency,
Creekwood,
Series A,
4.00%,
2/1/56 (6)
22,370‌
14,162‌
California
Community
Housing
Agency,
Junior
Bonds
Street
Flats,
Series A-2,
4.00%,
8/1/50 (6)
7,980‌
5,937‌
California
Community
Housing
Agency,
Senior-Fountains
at
Emerald,
3.00%,
8/1/56 (6)
2,300‌
1,462‌
California
Community
Housing
Agency,
Stoneridge
Apartments,
Series A,
4.00%,
2/1/56 (6)
23,060‌
16,471‌
California
Community
Housing
Agency,
Verdant
at
Green
Valley
Project,
5.00%,
8/1/49 (6)
13,510‌
11,824‌
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35 
2,563‌
2,616‌
California
Infrastructure
&
Economic
Dev.
Bank,
Social
Bond,
Series B,
5.00%,
11/1/47 
1,790‌
1,749‌
California
Municipal
Fin.
Auth.,
Ascent
613
Project,
Series A,
5.375%,
1/1/55 (6)
2,500‌
2,267‌
California
Municipal
Fin.
Auth.,
Baptish
Univ.,
Series A,
5.00%,
11/1/46 (6)
2,750‌
2,509‌
California
Municipal
Fin.
Auth.,
John
Adams
Academies
Lincoln
Project,
Series A,
5.00%,
10/1/49 (6)
1,515‌
1,309‌
California
Municipal
Fin.
Auth.,
John
Adams
Academies
Lincoln
Project,
Series A,
5.00%,
10/1/57 (6)
1,650‌
1,381‌
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
4.00%,
12/31/47 (5)
4,605‌
3,770‌
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
5.00%,
12/31/43 (5)
4,210‌
4,097‌
California
Municipal
Fin.
Auth.,
Samuel
Merritt
Univ.,
5.25%,
6/1/53 
4,565‌
4,681‌
California
PFA,
Enso
Village
Project,
5.00%,
11/15/46 (6)
595‌
517‌
California
PFA,
Sunrise
of
Manhattan
Beach,
Series A-1,
6.75%,
7/1/65 (6)
10,000‌
10,218‌
California
School
Fin.
Auth.,
Ivy
Academia
Project,
Series A,
4.00%,
6/1/41 (6)
1,650‌
1,246‌
California
School
Fin.
Auth.,
Ivy
Academia
Project,
Series A,
4.00%,
6/1/51 (6)
1,500‌
991‌
California
School
Fin.
Auth.,
Ivy
Academia
Project,
Series A,
4.00%,
6/1/61 (6)
250‌
154‌
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/28 
205‌
208‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/29 
220‌
223‌
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/30 
235‌
238‌
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/31 
185‌
187‌
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/41 
1,270‌
1,130‌
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/51 
785‌
631‌
California
Statewide
CDA,
Series 2021C-1,
4.00%,
9/2/31 
880‌
873‌
California
Statewide
CDA,
Series 2021C-1,
4.00%,
9/2/41 
1,605‌
1,378‌
California
Statewide
CDA,
Series 2021C-1,
4.00%,
9/2/51 
1,080‌
856‌
California
Statewide
CDA,
Series A-1,
5.00%,
9/2/42 
3,495‌
3,503‌
California
Statewide
CDA,
Series A-1,
5.00%,
9/2/52 
4,965‌
4,752‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
5.50%,
12/1/54 
10,290‌
9,932‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/27 (6)
2,375‌
2,410‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/46 (6)
3,165‌
2,904‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/56 (6)
8,120‌
7,395‌
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58 (6)
14,720‌
14,140‌
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/41 
1,260‌
1,128‌
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/51 
1,895‌
1,524‌
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
5.00%,
9/2/49 
395‌
395‌
California
Statewide
Fin.
Auth.,
Tobacco
Industry,
Series A,
6.00%,
5/1/43 
1,190‌
1,214‌
CMFA
Special
Fin.
Agency
VII,
Breakwater
Apartments,
Series A-2,
4.00%,
8/1/47 (6)
6,000‌
5,291‌
CMFA
Special
Fin.
Agency
XII,
Allure
Apartments,
4.375%,
8/1/49 (6)
2,530‌
2,045‌
CMFA
Special
Fin.
Agency,
Solana
At
Grand,
Series A-2,
4.00%,
8/1/45 (6)
2,830‌
2,370‌
CSCDA
Community
Improvement
Auth.,
Jefferson
Anaheim
Social
Bonds,
3.125%,
8/1/56 (6)
2,200‌
1,557‌
CSCDA
Community
Improvement
Auth.,
Link-Glendale
Social
Bonds,
Series A-1,
3.00%,
7/1/45 (6)
1,750‌
1,307‌
CSCDA
Community
Improvement
Auth.,
Link-Glendale
Social
Bonds,
Series A-2,
4.00%,
7/1/56 (6)
6,207‌
4,520‌
CSCDA
Community
Improvement
Auth.,
Monterey
Station
Apartment
Social
Bonds,
3.125%,
7/1/56 (6)
5,105‌
3,129‌
CSCDA
Community
Improvement
Auth.,
Oceanaire
Long
Beach
Social
Bonds,
Series A-2,
4.00%,
9/1/56 (6)
8,485‌
5,972‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
12
Par/Shares
$
Value
(Amounts
in
000s)
CSCDA
Community
Improvement
Auth.,
Parallel
Anaheim
Social
Bonds,
4.00%,
8/1/56 (6)
2,955‌
2,501‌
CSCDA
Community
Improvement
Auth.,
Social
Bonds,
Series A-2,
3.00%,
2/1/57 (6)
2,500‌
1,647‌
Golden
State
Tobacco
Securitization,
5.00%,
6/1/51 
3,410‌
3,252‌
Golden
State
Tobacco
Securitization,
Series B-2,
Zero
Coupon,
6/1/66 
268,725‌
24,937‌
Inland
Empire
Tobacco
Securitization,
Tobacco
Settlement
Asset-Backed
Bonds,
Series C-1,
Zero
Coupon,
6/1/36 
20,000‌
9,141‌
Irvine,
Reassessment
Dist.
No.
12-1,
4.00%,
9/2/27 
235‌
237‌
Irvine,
Reassessment
Dist.
No.
12-1,
4.00%,
9/2/28 
320‌
322‌
Los
Angeles
Dept.
of
Airports,
Series A,
5.50%,
5/15/55 (5)
4,750‌
4,930‌
Northern
California
Gas
Auth.
No.
1,
Series B,
FRN,
67%
of
(3M
TSFR
+
0.2616%)
+
0.72%,
3.77%,
7/1/27 
2,115‌
2,115‌
Oroville,
Hosp.,
5.25%,
4/1/54 
1,485‌
1,141‌
Regents
of
the
Univ.
of
California,
Medical
Center
Pooled
Revenue,
Series P,
3.50%,
5/15/54 
2,600‌
1,994‌
San
Diego
County
Regional
Airport
Auth.,
Senior
Private
Activity,
Series B,
5.50%,
7/1/55 (5)
3,300‌
3,416‌
San
Francisco
City
&
County
Int'l.
Airport,
Series A,
5.50%,
5/1/55 (5)
12,000‌
12,408‌
San
Francisco
City
and
County,
Special
Tax
Dist.
No.
2020-1,
Series A,
5.75%,
9/1/50 (6)
850‌
872‌
San
Francisco
City
and
County,
Special
Tax
Dist.
No.
2020-1,
Series B,
5.75%,
9/1/53 (6)
1,290‌
1,321‌
West
Sacramento
Fin.
Auth.,
Series A,
5.00%,
9/1/34 (3)
1,560‌
1,712‌
256,665‌
COLORADO
 3.8%
Berthoud-Heritage
Metropolitan
Dist.
No.
1,
5.625%,
12/1/48 
6,865‌
6,329‌
Buffalo
Highlands
Metropolitan
Dist.,
Series A,
GO,
5.25%,
12/1/38 
961‌
940‌
Buffalo
Highlands
Metropolitan
Dist.,
Series A,
GO,
5.375%,
12/1/48 
3,250‌
3,021‌
CCP
Metropolitan
Dist.
No.
3,
GO,
5.00%,
12/1/53 
1,190‌
1,101‌
Centerra
Metropolitan
Dist.
No.
1,
5.00%,
12/1/47 (6)
3,500‌
3,251‌
Colorado
Bridge
&
Tunnel
Enterprise,
Senior
Infrastructure,
Series A,
5.50%,
12/1/54 (3)
2,650‌
2,762‌
Colorado
Ed.
&
Cultural
Fac.
Auth.,
Ascent
Classical
Academy
School
Project,
5.75%,
4/1/59 (6)
1,070‌
992‌
Colorado
Ed.
&
Cultural
Fac.
Auth.,
Ascent
Classical
Academy
School
Project,
5.80%,
4/1/54 (6)
1,200‌
1,134‌
Colorado
Ed.
&
Cultural
Fac.
Auth.,
The
Stanley
Project,
Series A-1,
6.875%,
2/1/59 (6)
11,135‌
11,300‌
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/31 
485‌
484‌
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/32 
590‌
585‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
13
Par/Shares
$
Value
(Amounts
in
000s)
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/41 
1,160‌
1,014‌
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/48 
1,770‌
1,395‌
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
5.75%,
12/1/35 (6)
1,145‌
779‌
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
6.125%,
12/1/45 (6)
2,350‌
1,423‌
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
6.25%,
12/1/50 (6)
3,285‌
1,992‌
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/51 
4,000‌
3,746‌
Colorado
Int'l.
Center
Metropolitan
Dist.
No.
14,
GO,
5.875%,
12/1/46 
5,330‌
5,071‌
Cornerstar
Metropolitan
Dist.,
Series A,
GO,
5.125%,
12/1/37 
500‌
484‌
Cornerstar
Metropolitan
Dist.,
Series A,
GO,
5.25%,
12/1/47 
2,600‌
2,374‌
Denver
Int'l.
Business
Center
Metropolitan
Dist.
No.
1,
Series B,
GO,
6.00%,
12/1/48 
1,187‌
1,188‌
Gold
Hill
North
Business
Improvement
Dist.,
Series A,
GO,
5.60%,
12/1/54 (6)
3,600‌
3,315‌
Green
Valley
Ranch
East
Metropolitan
Dist.
No.
6,
Series A,
GO,
5.875%,
12/1/50 
2,200‌
2,210‌
Mineral
Business
Improvement
Dist.,
Series A,
GO,
5.75%,
12/1/54 (6)
1,750‌
1,670‌
Mirabelle
Metropolitan
Dist.
No.
2,
Subordinate
Bonds,
Series B,
GO,
6.125%,
12/15/49 
2,100‌
1,999‌
Painted
Prairie
Metropolitan
Dist.
No.
2,
GO,
5.25%,
12/1/48 
3,952‌
3,534‌
Palisade
Metropolitan
Dist.
No.
2,
Series B,
STEP,
0.00%,
12/15/54 (6)
2,800‌
2,457‌
Peak
Metropolitan
Dist.
No.
1,
Series A,
GO,
4.00%,
12/1/35 (6)
500‌
434‌
Peak
Metropolitan
Dist.
No.
1,
Series A,
GO,
5.00%,
12/1/51 (6)
5,270‌
4,211‌
Public
Auth.
for
Colorado
Energy,
6.25%,
11/15/28 
3,980‌
4,174‌
Public
Auth.
for
Colorado
Energy,
6.50%,
11/15/38 
9,210‌
10,823‌
Pueblo
Urban
Renewal
Auth.,
4.75%,
12/1/45 (6)
5,690‌
5,015‌
Rampart
Range
Metropolitan
Dist.
No
5,
4.00%,
12/1/51 
7,025‌
5,437‌
Redtail
Ridge
Metropolitan
Dist.,
GO,
Zero
Coupon,
12/1/32 
10,025‌
6,057‌
Riverwalk
Metropolitan
Dist.
No
2,
Series A,
5.00%,
12/1/52 
4,245‌
3,415‌
Southglenn
Metropolitan
Dist.,
GO,
5.00%,
12/1/36 
810‌
785‌
Southglenn
Metropolitan
Dist.,
GO,
5.00%,
12/1/46 
1,448‌
1,267‌
St.
Vrain
Lakes
Metropolitan
Dist.
No.
2,
Series B,
GO,
6.375%,
11/15/54 
2,000‌
1,960‌
STC
Metropolitan
Dist.
No.
2,
Second
Lien,
Series A-2,
GO,
6.25%,
12/1/55 (6)
2,000‌
2,009‌
Sterling
Ranch
Community
Auth.
Board,
Series A,
6.50%,
12/1/54 
1,000‌
1,008‌
Sterling
Ranch
Community
Auth.
Board,
Series B,
8.75%,
12/15/54 
1,670‌
1,662‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
14
Par/Shares
$
Value
(Amounts
in
000s)
Vail
Home
Partners,
5.75%,
10/1/45 (6)
415‌
409‌
Vail
Home
Partners,
5.875%,
10/1/55 (6)
2,720‌
2,669‌
Vail
Home
Partners,
6.00%,
10/1/64 (6)
4,580‌
4,505‌
122,390‌
CONNECTICUT
 1.5%
Connecticut
State
HEFA,
Church
Home
of
Hartford,
Series A,
5.00%,
9/1/46 (6)
1,060‌
959‌
Connecticut
State
HEFA,
Church
Home
of
Hartford,
Series A,
5.00%,
9/1/53 (6)
1,260‌
1,096‌
Connecticut
State
HEFA,
Goodwin
Univ.,
Series A-1,
5.375%,
7/1/54 
3,900‌
3,565‌
Connecticut
State
HEFA,
Hartford
Univ.,
4.00%,
7/1/44 
4,405‌
3,336‌
Connecticut
State
HEFA,
Hartford
Univ.,
4.00%,
7/1/49 
4,200‌
2,996‌
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/31 
2,000‌
2,009‌
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/32 
3,280‌
3,290‌
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/33 
2,055‌
2,059‌
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/34 
1,435‌
1,437‌
Connecticut
State
HEFA,
Masonicare,
Series F,
5.00%,
7/1/43 
8,115‌
7,334‌
Hamden
Town,
Whitney
Center
Project,
5.00%,
1/1/40 
5,125‌
4,775‌
Hamden
Town,
Whitney
Center
Project,
5.00%,
1/1/50 
6,160‌
5,141‌
Mashantucket
Western
Pequot
Tribe,
6.05%,
7/1/31
(4.00%
Cash
and
2.05%
PIK) (1)(4)(7)
23,166‌
5,791‌
Steel
Point
Infrastructure
Improvement
Dist.,
Steelpointe
Harbor
Project,
4.00%,
4/1/41 (6)
550‌
490‌
Steel
Point
Infrastructure
Improvement
Dist.,
Steelpointe
Harbor
Project,
4.00%,
4/1/51 (6)
2,715‌
2,165‌
46,443‌
DELAWARE
 1.1%
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
4.00%,
9/1/30 
200‌
202‌
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
5.00%,
9/1/40 
1,025‌
1,023‌
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
5.00%,
9/1/50 
1,385‌
1,297‌
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/37 
790‌
792‌
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/43 
4,920‌
4,727‌
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/48 
2,035‌
1,891‌
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/50 
4,390‌
4,028‌
Delaware
State
Economic
Dev.
Auth.,
Academia
Antonia
Alonso
Charter
School
Project,
Series A,
6.00%,
7/1/55 (6)
3,825‌
3,737‌
Delaware
State
Economic
Dev.
Auth.,
ASPIRA
of
Delaware
Charter
Operations
Project,
4.00%,
6/1/52 
1,260‌
905‌
Delaware
State
Economic
Dev.
Auth.,
ASPIRA
of
Delaware
Charter
Operations
Project,
4.00%,
6/1/57 
1,220‌
849‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
15
Par/Shares
$
Value
(Amounts
in
000s)
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/32 
205‌
208‌
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/40 
890‌
875‌
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/48 
2,335‌
2,137‌
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/53 
3,445‌
3,058‌
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/58 
2,915‌
2,550‌
Sussex
County,
Cadbury
at
Lewes,
5.00%,
1/1/36 
6,875‌
6,837‌
35,116‌
DISTRICT
OF
COLUMBIA
 2.1%
Dist.
of
Columbia,
Methodist
Home,
Series A,
5.125%,
1/1/35 
740‌
671‌
Dist.
of
Columbia,
Methodist
Home,
Series A,
5.25%,
1/1/39 
485‌
412‌
District
of
Columbia
Tobacco
Settlement
Fin.,
Series A,
Zero
Coupon,
6/15/46 
58,985‌
12,870‌
District
of
Columbia
Tobacco
Settlement
Fin.,
Series B,
Zero
Coupon,
6/15/46 
18,210‌
3,667‌
District
of
Columbia,
Friendship
Public
Charter
School,
5.00%,
6/1/36 
2,375‌
2,380‌
District
of
Columbia,
Friendship
Public
Charter
School,
5.00%,
6/1/41 
1,540‌
1,491‌
District
of
Columbia,
Friendship
Public
Charter
School,
5.00%,
6/1/46 
2,285‌
2,144‌
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/37 
2,295‌
2,297‌
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/42 
4,065‌
3,821‌
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/52 
9,730‌
8,415‌
District
of
Columbia,
Union
Market
Infrastructure
Project,
STEP,
0.00%,
6/1/31 (6)
900‌
845‌
District
of
Columbia,
Union
Market
Infrastructure
Project,
STEP,
0.00%,
6/1/46 (6)
2,810‌
2,077‌
District
of
Columbia,
Union
Market
Project,
Series B,
STEP,
0.00%,
6/1/41 (6)
1,600‌
956‌
District
of
Columbia,
Union
Market
Project,
Series B,
STEP,
0.00%,
6/1/49 (6)
3,450‌
2,006‌
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
6.50%,
10/1/44 
11,080‌
11,609‌
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/37 (3)
10,135‌
6,008‌
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/38 
7,915‌
4,323‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
16
Par/Shares
$
Value
(Amounts
in
000s)
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/39 
1,585‌
810‌
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/40 
3,955‌
1,890‌
68,692‌
FLORIDA
 5.9%
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.00%,
11/15/34 (1)(4)
59‌
1‌
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.375%,
11/15/49 (1)(4)
2,320‌
35‌
Avenir
Community
Dev.
Dist.,
5.375%,
5/1/43 
1,855‌
1,823‌
Avenir
Community
Dev.
Dist.,
5.625%,
5/1/54 
890‌
866‌
Babcock
Ranch
Community
Independent
Special
Dist.,
5.25%,
5/1/55 (6)
1,750‌
1,643‌
Boggy
Creek
Improvement
Dist.,
Special
Assessment,
Series 2013,
5.125%,
5/1/43 
6,445‌
6,188‌
Broward
County
Port
Fac.
Revenue,
Senior
Bond,
Series B,
4.00%,
9/1/49 (5)
10,000‌
8,425‌
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/29 
875‌
930‌
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/30 
250‌
267‌
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/31 
1,015‌
1,076‌
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/33 
900‌
940‌
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/34 
975‌
1,012‌
Capital
Projects
Fin.
Auth.,
Millenia
Orlando
Project,
Series A,
7.125%,
1/1/65 (6)
5,000‌
4,778‌
Capital
Projects
Fin.
Auth.,
Navigator
Academy
of
Leadership
Obligated
Group
Project,
5.00%,
6/15/54 (6)
575‌
504‌
Capital
Projects
Fin.
Auth.,
Navigator
Academy
of
Leadership
Obligated
Group
Project,
5.00%,
6/15/64 (6)
1,890‌
1,607‌
Capital
Trust
Agency,
4.00%,
6/15/51 (6)
2,735‌
1,904‌
Capital
Trust
Agency,
The
Marie
Selby
Botanical
Gardens,
4.00%,
6/15/41 (6)
3,300‌
2,674‌
Capital
Trust
Auth.,
Florida
Institute
of
Technology
Project,
Series A,
5.375%,
7/1/65 (6)
5,150‌
4,719‌
Capital
Trust
Auth.,
Kipp
Miami
North
Campus
Project,
Series A,
5.625%,
6/15/44 (6)
410‌
403‌
Capital
Trust
Auth.,
Kipp
Miami
North
Campus
Project,
Series A,
6.00%,
6/15/54 (6)
655‌
648‌
Capital
Trust
Auth.,
Kipp
Miami
North
Campus
Project,
Series A,
6.125%,
6/15/60 (6)
800‌
792‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
17
Par/Shares
$
Value
(Amounts
in
000s)
Capital
Trust
Auth.,
Mason
Classical
Academy
Project,
Series A,
5.00%,
6/1/64 (6)
2,550‌
2,059‌
Celebration
Pointe
Community
Dev.
Dist.,
3.00%,
5/1/31 (1)(4)
565‌
452‌
Celebration
Pointe
Community
Dev.
Dist.,
3.375%,
5/1/41 (1)(4)
1,055‌
844‌
Celebration
Pointe
Community
Dev.
Dist.,
4.00%,
5/1/53 (1)(4)
2,310‌
1,848‌
Celebration
Pointe
Community
Dev.
Dist.,
5.125%,
5/1/45 (1)(4)
755‌
604‌
Celebration
Pointe
Community
Dev.
Dist.,
Alachua
County,
5.00%,
5/1/32 (1)(4)
755‌
604‌
Coastal
Ridge
Community
Dev.
Dist.,
6.00%,
5/1/55 
2,800‌
2,762‌
Crossings
at
Fleming
Island
Community
Dev.
Dist.,
Series A-1,
4.50%,
5/1/30 
255‌
255‌
Everest
GMR
Community
Dev.
Dist.,
6.20%,
5/1/54 
5,920‌
5,912‌
Firelight
Community
Dev.
Dist.,
Series A,
6.125%,
5/1/55 
2,375‌
2,326‌
Florida
Dev.
Fin.,
GFL
Solid
Waste
Southeast
Project,
Series A,
VRDN,
4.375%,
10/1/54
(Tender
10/1/31) (5)(6)
2,450‌
2,436‌
Florida
Dev.
Fin.,
Renaissance
Charter
School
Projects,
Series A,
6.00%,
6/15/55 (6)
2,475‌
2,432‌
Florida
Dev.
Fin.,
Renaissance
Charter
School
Projects,
Series A,
6.125%,
6/15/50 (6)
1,375‌
1,382‌
Florida
Dev.
Fin.,
UF
Health
Jacksonville
Project,
4.00%,
2/1/52 
2,945‌
2,308‌
Florida
Dev.
Fin.,
UF
Health
Jacksonville
Project,
5.00%,
2/1/52 
1,450‌
1,311‌
Florida
Dev.
Fin.,
Waste
Pro
USA,
VRDN,
6.125%,
7/1/32
(Tender
7/1/26) (5)(6)
8,900‌
8,994‌
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
4.75%,
6/1/38 (6)
2,495‌
2,210‌
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
5.00%,
6/1/48 (6)
10,550‌
8,701‌
Florida
Local
Gov't.
Fin.
Commission,
Fleet
Landing
at
Nocatee
Project,
Series A,
6.875%,
11/15/64 (6)(8)
4,300‌
4,324‌
Golden
Gem
Community
Dev.
Dist.,
6.00%,
5/1/55 
4,000‌
3,865‌
Hammock
Oaks
Community
Dev.
Dist.,
Assessment
Area
Three,
4.50%,
5/1/32 (6)
275‌
279‌
Hammock
Oaks
Community
Dev.
Dist.,
Assessment
Area
Three,
5.75%,
5/1/55 (6)
1,500‌
1,432‌
Hammock
Oaks
Community
Dev.
Dist.,
Assessment
Area
Two,
5.85%,
5/1/44 
875‌
852‌
Hammock
Oaks
Community
Dev.
Dist.,
Assessment
Area
Two,
6.15%,
5/1/54 
1,000‌
974‌
Hillcrest
Preserve
Community
Dev.
Dist.,
4.375%,
5/1/31 (6)
420‌
423‌
Hillcrest
Preserve
Community
Dev.
Dist.,
5.00%,
5/1/44 (6)
1,200‌
1,094‌
Hillcrest
Preserve
Community
Dev.
Dist.,
5.30%,
5/1/54 (6)
1,615‌
1,461‌
Hillsborough
County
IDA,
BayCare
Health
System,
Series C,
5.50%,
11/15/54 
2,880‌
2,994‌
Hobe-St.
Lucie
Conservancy
Dist.,
5.875%,
5/1/55 
2,700‌
2,646‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
18
Par/Shares
$
Value
(Amounts
in
000s)
Jacksonville
Ed.
Fac.,
Jacksonville
Univ.,
Series B,
5.00%,
6/1/53 (6)
9,095‌
7,224‌
Lakes
of
Sarasota
Community
Dev.
Dist.,
Series A,
5.60%,
5/1/55 
695‌
647‌
Lakes
of
Sarasota
Community
Dev.
Dist.,
Series B,
5.25%,
5/1/34 
1,100‌
1,103‌
Lakes
of
Sarasota
Community
Dev.
Dist.
2,
Series A,
5.70%,
5/1/55 
765‌
718‌
Lakes
of
Sarasota
Community
Dev.
Dist.
2,
Series B,
5.20%,
5/1/35 
1,395‌
1,394‌
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Centre
&
Northwest
Sector,
5.50%,
5/1/39 (6)
25‌
25‌
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Centre
&
Northwest
Sector,
5.65%,
5/1/48 (6)
110‌
110‌
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
National
Polo
Run,
5.25%,
5/1/37 
2,875‌
2,905‌
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
National
Polo
Run,
5.375%,
5/1/47 
3,635‌
3,644‌
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Ranch
South,
5.00%,
5/1/36 
1,155‌
1,160‌
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Ranch
South,
5.125%,
5/1/46 
2,325‌
2,223‌
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Ranch
Southeast
Project,
6.00%,
5/1/56 (8)
4,030‌
3,989‌
Lakewood
Ranch
Stewardship
Dist.,
Northeast
Sector,
5.30%,
5/1/39 
790‌
792‌
Lakewood
Ranch
Stewardship
Dist.,
Northeast
Sector,
5.45%,
5/1/48 
1,365‌
1,353‌
LTC
Ranch
West
Residential
Community
Dev.
Dist.,
Assessment
Area
Three
Project,
Series AA3,
6.05%,
5/1/54 
1,365‌
1,322‌
LTC
Ranch
West
Residential
Community
Dev.
Dist.,
Assessment
Area
Two
Project,
Series AA2,
6.00%,
5/1/54 
555‌
534‌
Malabar
Springs
Community
Dev.
Dist.,
Assessment
Area
One,
5.20%,
5/1/44 
1,000‌
936‌
Marion
Ranch
Community
Dev.
Dist.,
5.70%,
5/1/44 
775‌
756‌
Marion
Ranch
Community
Dev.
Dist.,
5.95%,
5/1/54 
1,340‌
1,304‌
Miami-Dade
County
EFA,
Series B,
5.25%,
4/1/45 
10,000‌
10,242‌
Newport
Isles
Community
Dev.
Dist.,
5.00%,
5/1/44 
2,200‌
2,059‌
Newport
Isles
Community
Dev.
Dist.,
5.20%,
5/1/54 
2,690‌
2,441‌
North
AR-1
Pasco
Community
Dev.
Dist.,
Assessment
Area
Five,
Series A,
6.00%,
5/1/54 
1,300‌
1,277‌
Orange
County
HFA,
4.00%,
10/1/52 
4,605‌
3,831‌
Palm
Beach
County
HFA,
Toby
&
Leon
Cooperman
Sinai
Residences
of
Boca
Raton,
4.25%,
6/1/56 
3,000‌
2,334‌
Parrish
Lakes
Community
Dev.
Dist.,
Assessment
Area
Three,
5.80%,
5/1/54 
1,520‌
1,445‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
19
Par/Shares
$
Value
(Amounts
in
000s)
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Four
Project,
4.75%,
5/1/31 
90‌
92‌
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Four
Project,
5.625%,
5/1/44 
245‌
242‌
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Four
Project,
5.875%,
5/1/54 
375‌
370‌
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Three
Project,
4.875%,
5/1/31 
315‌
321‌
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Three
Project,
5.80%,
5/1/44 
695‌
694‌
Parrish
Plantation
Community
Dev.
Dist.,
Assessment
Area
Three
Project,
6.05%,
5/1/54 
1,235‌
1,235‌
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/37 
1,095‌
1,095‌
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/42 
1,035‌
979‌
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/47 
2,535‌
2,273‌
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/52 
5,360‌
4,632‌
Sawyers
Landing
Community
Dev.
Dist.,
4.125%,
5/1/41 
2,420‌
2,132‌
Sawyers
Landing
Community
Dev.
Dist.,
4.25%,
5/1/53 
3,225‌
2,609‌
Seminole
Palms
Community
Dev.
Dist.,
5.50%,
5/1/55 (6)
1,510‌
1,373‌
Viera
Stewardship
Dist.,
Series 2021,
3.125%,
5/1/41 
830‌
638‌
Viera
Stewardship
Dist.,
Series 2021,
4.00%,
5/1/53 
3,020‌
2,262‌
Village
Community
Dev.
Dist.
No.
15,
4.20%,
5/1/39 (6)
500‌
467‌
Village
Community
Dev.
Dist.
No.
15,
4.80%,
5/1/55 (6)
3,000‌
2,674‌
Westside
Haines
City
Community
Dev.
Dist.,
Assessment
Area
Two
Project,
6.00%,
5/1/54 
1,590‌
1,558‌
190,433‌
GEORGIA
 3.6%
Atlanta
Airport
Passenger
Fac.
Charge,
Green
Bond,
Series E,
5.25%,
7/1/42 (5)
6,650‌
6,847‌
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.50%,
1/1/29 (1)(4)
2,850‌
1,625‌
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.75%,
1/1/35 (1)(4)
15,200‌
8,664‌
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
7.00%,
1/1/40 (1)(4)
8,525‌
4,859‌
Atlanta
Dev.
Auth.,
Gulch
Enterprise
Zone
Project,
Series 1,
Class
A,
STEP,
0.00%,
12/15/48 (6)
13,542‌
11,559‌
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
2.375%,
7/1/26 (6)
280‌
279‌
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
2.875%,
7/1/31 (6)(9)
1,625‌
1,567‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
20
Par/Shares
$
Value
(Amounts
in
000s)
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
3.625%,
7/1/42 (6)(9)
3,360‌
2,839‌
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
3.875%,
7/1/51 (6)(9)
4,250‌
3,494‌
Cobb
County
Dev.
Auth.,
Mt.
Bethel
Christian
Academy
Project,
6.25%,
6/1/64 (6)
3,090‌
3,057‌
Fulton
County
Dev.
Auth.,
Piedmont
Healthcare
Project,
4.00%,
7/1/49 
4,000‌
3,355‌
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
4.00%,
4/1/41 (6)
2,375‌
2,033‌
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
4.00%,
4/1/51 (6)
9,330‌
6,932‌
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
5.00%,
4/1/47 (6)
2,730‌
2,446‌
Gainesville
&
Hall
County
Dev.
Auth.,
Brenau
Univ.
Project,
5.75%,
6/1/55 
5,000‌
4,824‌
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
2.375%,
1/1/31 
2,205‌
2,069‌
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
3.625%,
1/1/31 (6)
1,220‌
1,181‌
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/36 
1,190‌
1,188‌
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/36 (6)
2,645‌
2,656‌
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/54 (6)
14,530‌
12,789‌
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.00%,
6/15/27 (6)
110‌
111‌
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.75%,
6/15/37 (6)
1,215‌
1,229‌
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.875%,
6/15/47 (6)
1,980‌
1,971‌
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
6.00%,
6/15/52 (6)
1,215‌
1,214‌
Main
Street
Natural
Gas,
Series A,
VRDN,
5.00%,
6/1/53
(Tender
6/1/30) 
2,810‌
2,975‌
Main
Street
Natural
Gas,
Series B,
VRDN,
5.00%,
12/1/54
(Tender
3/1/32) 
2,600‌
2,790‌
Main
Street
Natural
Gas,
Series C,
VRDN,
5.00%,
9/1/53
(Tender
9/1/30) 
2,725‌
2,892‌
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series B,
VRDN,
5.00%,
12/1/52
(Tender
6/1/29) 
5,855‌
6,133‌
Marietta
Dev.
Auth.,
Life
Univ.,
Series A,
5.00%,
11/1/27 (6)
2,120‌
2,134‌
Marietta
Dev.
Auth.,
Life
Univ.,
Series A,
5.00%,
11/1/37 (6)
2,210‌
2,096‌
Marietta
Dev.
Auth.,
Life
Univ.,
Series A,
5.00%,
11/1/47 (6)
8,705‌
7,467‌
115,275‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
21
Par/Shares
$
Value
(Amounts
in
000s)
IDAHO
 0.5%
Power
County
IDC,
FMC
Project,
6.45%,
8/1/32 (5)
3,620‌
3,633‌
Spring
Valley
Community
Infrastructure
Dist.
No.
1,
Assessment
Area
Two,
6.25%,
9/1/53 (6)
4,700‌
4,667‌
Spring
Valley
Community
Infrastructure
Dist.
No.
1,
Special
Assessment
Bonds,
3.75%,
9/1/51 (6)
10,055‌
8,946‌
17,246‌
ILLINOIS
 4.3%
Chicago,
Series A,
GO,
5.00%,
1/1/39 
1,025‌
1,007‌
Chicago
Board
of
Ed.,
Series A,
GO,
5.00%,
12/1/34 (3)
830‌
856‌
Chicago
Board
of
Ed.,
Series A,
GO,
5.00%,
12/1/35 (3)
900‌
924‌
Chicago
Board
of
Ed.,
School
Reform,
Series B-1,
GO,
Zero
Coupon,
12/1/27 (10)
12,290‌
11,362‌
Chicago
Board
of
Ed.,
School
Reform,
Series B-1,
GO,
Zero
Coupon,
12/1/29 (3)(11)
11,245‌
9,714‌
Chicago
O'Hare
Int'l.
Airport,
Senior
Lien,
Series A,
5.50%,
1/1/59 (5)
4,275‌
4,352‌
Chicago,
Works,
Series A,
GO,
5.50%,
1/1/41 
2,130‌
2,141‌
Chicago,
Works,
Series A,
GO,
5.50%,
1/1/43 
2,095‌
2,074‌
Illinois,
Series A,
GO,
5.50%,
3/1/42 
3,340‌
3,464‌
Illinois,
Series A,
GO,
5.50%,
3/1/47 
5,040‌
5,153‌
Illinois,
Series B,
GO,
5.00%,
12/1/33 
2,715‌
2,940‌
Illinois,
Series B,
GO,
5.50%,
5/1/47 
1,890‌
1,926‌
Illinois,
Series C,
GO,
5.00%,
11/1/29 
5,000‌
5,237‌
Illinois
DFA,
Citgo
Petroleum,
8.00%,
6/1/32 (5)
1,385‌
1,387‌
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.125%,
5/15/38 
8,705‌
7,377‌
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.25%,
5/15/42 
1,585‌
1,255‌
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.25%,
5/15/54 
6,735‌
4,811‌
Illinois
Fin.
Auth.,
Depaul
College
Prep
Foundation,
5.25%,
8/1/38 (6)
1,000‌
1,033‌
Illinois
Fin.
Auth.,
Depaul
College
Prep
Foundation,
5.50%,
8/1/43 (6)
1,000‌
1,019‌
Illinois
Fin.
Auth.,
Depaul
College
Prep
Foundation,
5.625%,
8/1/53 (6)
1,195‌
1,197‌
Illinois
Fin.
Auth.,
Franciscan
Communities,
Series A,
5.00%,
5/15/37 
3,050‌
3,054‌
Illinois
Fin.
Auth.,
Franciscan
Communities,
Series A,
5.00%,
5/15/47 
1,230‌
1,116‌
Illinois
Fin.
Auth.,
Northwestern
Memorial
Healthcare,
Series C,
VRDN,
3.80%,
7/15/55 
3,300‌
3,300‌
Illinois
Fin.
Auth.,
Villa
Saint
Benedict,
6.125%,
11/15/35 
2,175‌
2,176‌
Illinois
Fin.
Auth.,
Villa
Saint
Benedict,
6.375%,
11/15/43 
3,165‌
3,156‌
Illinois
HDA,
Series A,
4.875%,
4/1/50 
4,305‌
4,174‌
Illinois
HDA,
Series G,
5.00%,
10/1/46 
1,095‌
1,082‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
22
Par/Shares
$
Value
(Amounts
in
000s)
Illinois
HDA,
Series G,
6.25%,
10/1/52 
1,035‌
1,117‌
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
5.00%,
12/15/45 
595‌
587‌
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
12/15/33 (10)
46,130‌
33,461‌
Regional
Transportation
Auth.,
Series A,
6.00%,
7/1/33 (10)
5,935‌
6,765‌
Upper
Illinois
River
Valley
Dev.
Auth.,
Cambridge
Lakes
Learning
Center,
Series A,
5.00%,
12/1/32 (6)
2,800‌
2,777‌
Upper
Illinois
River
Valley
Dev.
Auth.,
Cambridge
Lakes
Learning
Center,
Series A,
5.25%,
12/1/47 (6)
6,420‌
5,560‌
137,554‌
INDIANA
 1.9%
East
Chicago,
USG
Project,
5.50%,
9/1/28 (5)
1,405‌
1,379‌
Indiana
Fin.
Auth.,
Depauw
University
Project,
Series A,
5.50%,
7/1/52 
8,655‌
8,533‌
Indiana
Fin.
Auth.,
Margaret
Mary
Health
Project,
Series A,
5.75%,
3/1/54 
6,845‌
6,974‌
Indiana
Fin.
Auth.,
Methodist
Hosp.,
Series A,
5.50%,
9/15/39 
400‌
416‌
Indiana
Fin.
Auth.,
Methodist
Hosp.,
Series A,
5.50%,
9/15/44 
2,500‌
2,514‌
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series A,
4.25%,
11/1/30 
5,160‌
5,280‌
Indiana
Fin.
Auth.,
Student
Housing
Project,
Series A,
5.00%,
6/1/53 
3,350‌
3,104‌
Indiana
Fin.
Auth.,
Student
Housing
Project,
Series A,
5.125%,
6/1/58 
1,650‌
1,540‌
Indiana
Fin.
Auth.,
Student
Housing
Project,
Series A,
5.25%,
7/1/64 
3,250‌
3,100‌
Indiana
Fin.
Auth.,
U.S.
Steel,
Series A,
4.125%,
12/1/26 
10,935‌
10,989‌
Indianapolis
Airport
Auth.,
United
Airlines,
Series A,
6.50%,
11/15/31 (1)(4)(5)
9,846‌
—‌
Indianapolis
Local
Public
Improvement
Bond
Bank,
Convention
Center
Hotel,
Series E,
6.00%,
3/1/53 
7,490‌
7,610‌
Valparaiso,
Pratt
Paper,
4.50%,
1/1/34 (5)(6)
1,355‌
1,380‌
Valparaiso,
Pratt
Paper,
5.00%,
1/1/54 (5)(6)
7,265‌
6,685‌
59,504‌
KANSAS
 0.1%
Lenexa,
Lakeview
Village,
Series A,
5.00%,
5/15/30 
1,010‌
1,027‌
Lenexa,
Lakeview
Village,
Series A,
5.00%,
5/15/32 
910‌
920‌
Lenexa,
Lakeview
Village,
Series A,
5.00%,
5/15/39 
930‌
900‌
2,847‌
KENTUCKY
 1.7%
Henderson,
Pratt
Paper,
Series A,
4.70%,
1/1/52 (5)(6)
1,500‌
1,326‌
Henderson,
Pratt
Paper,
Series B,
4.45%,
1/1/42 (5)(6)
1,945‌
1,781‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
23
Par/Shares
$
Value
(Amounts
in
000s)
Kentucky
Economic
DFA,
Baptist
Life
Communities,
6.25%,
11/15/46 
2,770‌
1,909‌
Kentucky
Economic
DFA,
Baptist
Life
Communities,
6.375%,
11/15/51 
4,635‌
3,115‌
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/46 
5,625‌
4,361‌
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/51 
2,905‌
2,149‌
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.375%,
11/15/42 
3,560‌
2,898‌
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.50%,
11/15/45 
1,320‌
1,054‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/37 
3,555‌
3,567‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/41 
4,040‌
3,932‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/45 
6,415‌
6,108‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/41 
6,035‌
5,995‌
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/50 
11,165‌
10,587‌
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28) 
6,085‌
6,178‌
54,960‌
LOUISIANA
 1.1%
Jefferson
Parish
Economic
Dev.
&
Port
Dist.,
Kenner
Discovery
Health
Sciences,
Series A,
5.50%,
6/15/38 (6)
1,900‌
1,859‌
Jefferson
Parish
Economic
Dev.
&
Port
Dist.,
Kenner
Discovery
Health
Sciences,
Series A,
5.625%,
6/15/48 (6)
2,220‌
2,055‌
Louisiana
Public
Fac.
Auth.,
Acadiana
Renaissance
Charter
Academy
Project,
6.15%,
6/15/55 (6)
5,500‌
5,434‌
Louisiana
Public
Fac.
Auth.,
I-10
Calcasieu
River
Bridge,
5.75%,
9/1/64 (5)
7,475‌
7,452‌
Louisiana
Public
Fac.
Auth.,
Waste
Pro
USA
Project,
VRDN,
6.75%,
10/1/53
(Tender
10/1/28) (5)(6)
3,500‌
3,672‌
Saint
James
Parish,
Nustar
Logistics,
VRDN,
6.10%,
6/1/38
(Tender
6/1/30) (6)
4,190‌
4,468‌
Saint
James
Parish,
Nustar
Logistics,
Series 2,
6.35%,
7/1/40 (6)
4,235‌
4,541‌
Saint
James
Parish,
Nustar
Logistics,
Series B,
VRDN,
6.10%,
12/1/40
(Tender
6/1/30) (6)
5,485‌
5,848‌
35,329‌
MARYLAND
 4.6%
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/42 
2,260‌
2,124‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
24
Par/Shares
$
Value
(Amounts
in
000s)
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/46 
17,045‌
15,760‌
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/27 
1,190‌
1,206‌
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/33 
4,410‌
4,477‌
Maryland
DOT,
Series A,
5.25%,
8/1/54 (3)(5)
6,500‌
6,574‌
Maryland
Economic
Dev.,
Baltimore
City
Project,
Series A,
5.00%,
6/1/58 
4,040‌
3,789‌
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/29 (6)
1,900‌
1,902‌
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/33 (6)
2,010‌
2,011‌
Maryland
Economic
Dev.,
Port
Covington
Project,
3.25%,
9/1/30 
670‌
649‌
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/40 
1,740‌
1,545‌
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/50 
2,000‌
1,584‌
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/47 (5)
2,100‌
2,032‌
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/55 (5)
22,615‌
21,316‌
Maryland
Economic
Dev.,
Senior-Annapolis
Mobility,
5.25%,
6/30/53 
4,635‌
4,595‌
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/27 
790‌
813‌
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/28 
1,190‌
1,244‌
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/30 
790‌
822‌
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/32 
815‌
841‌
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/35 
2,050‌
2,091‌
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/36 
5,430‌
5,518‌
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/46 
16,365‌
16,391‌
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/32 
475‌
482‌
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/33 
1,205‌
1,220‌
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/34 
1,425‌
1,441‌
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/35 
1,270‌
1,282‌
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/36 
1,190‌
1,200‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
25
Par/Shares
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/46 
2,575‌
2,131‌
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/51 
4,305‌
3,431‌
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/55 
2,665‌
2,075‌
Montgomery
County
Housing
Opportunities
Commission,
Series A,
4.90%,
7/1/55 
1,370‌
1,324‌
Montgomery
County,
Friends
House
Retirement
Community,
Series A,
5.00%,
7/1/39 
405‌
344‌
Montgomery
County,
Friends
House
Retirement
Community,
Series A,
5.375%,
7/1/48 
5,145‌
4,160‌
Prince
George's
County
Auth.,
Suitland-Naylor
Road,
4.75%,
7/1/36 (6)
1,350‌
1,350‌
Prince
George's
County
Auth.,
Suitland-Naylor
Road,
5.00%,
7/1/46 (6)
1,980‌
1,886‌
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/31 
1,190‌
1,204‌
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/37 
1,595‌
1,558‌
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/35 
790‌
790‌
Rockville,
Ingelside
at
King
Farm,
Series B,
4.25%,
11/1/37 
315‌
284‌
Rockville,
Ingelside
at
King
Farm,
Series B,
4.50%,
11/1/43 
1,560‌
1,320‌
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/42 
2,695‌
2,459‌
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/47 
5,250‌
4,554‌
Rockville,
Ingleside
at
King
Farm,
5.00%,
11/1/29 
395‌
402‌
Rockville,
Ingleside
at
King
Farm,
5.00%,
11/1/32 
395‌
399‌
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/26 
1,370‌
1,374‌
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/27 
1,430‌
1,444‌
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/30 
1,605‌
1,642‌
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/31 
880‌
896‌
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36 
2,225‌
2,152‌
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/42 
6,330‌
5,606‌
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
6.25%,
7/1/44 
2,885‌
2,868‌
148,562‌
MASSACHUSETTS
 0.6%
Massachusetts
Dev.
Fin.
Agency,
Beth
Israel
Lahey
Health
Issue,
Series N,
5.50%,
7/1/50 (3)
5,150‌
5,360‌
Massachusetts
Dev.
Fin.
Agency,
Merrimack
College
Student
Housing
Project,
Series A,
5.00%,
7/1/54 (6)
1,200‌
1,066‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
26
Par/Shares
$
Value
(Amounts
in
000s)
Massachusetts
Dev.
Fin.
Agency,
Merrimack
College
Student
Housing
Project,
Series A,
5.00%,
7/1/60 (6)
1,100‌
960‌
Massachusetts
Dev.
Fin.
Agency,
NewBridge
on
the
Charles,
5.00%,
10/1/57 (6)
7,710‌
6,882‌
Massachusetts
Dev.
Fin.
Agency,
Salem
Community,
5.25%,
1/1/50 
2,120‌
1,844‌
Massachusetts
Ed.
Fin.
Auth.,
Series B,
4.25%,
7/1/46 (5)
2,895‌
2,460‌
18,572‌
MICHIGAN
 0.9%
Calhoun
County
Hosp.
Fin.
Auth.,
Oaklawn
Hosp.,
5.00%,
2/15/37 
790‌
789‌
Calhoun
County
Hosp.
Fin.
Auth.,
Oaklawn
Hosp.,
5.00%,
2/15/41 
4,510‌
4,210‌
Calhoun
County
Hosp.
Fin.
Auth.,
Oaklawn
Hosp.,
5.00%,
2/15/47 
12,580‌
11,135‌
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate,
5.00%,
11/1/32 
1,665‌
1,646‌
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate,
5.00%,
11/1/37 
945‌
876‌
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate,
5.00%,
11/1/47 
2,195‌
1,794‌
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate,
5.00%,
11/1/52 
940‌
738‌
Ivywood
Classical
Academy,
Public
School,
6.00%,
1/1/54 
3,890‌
3,577‌
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
Series A,
4.00%,
11/15/50 
1,875‌
1,556‌
Michigan
Tobacco
Settlement
Fin.
Auth.,
Series B,
Zero
Coupon,
6/1/52 
20,180‌
2,310‌
28,631‌
MINNESOTA
 0.4%
Deephaven,
Seven
Hills
Preparatory
Academy,
Series A,
6.125%,
6/15/61 (6)
4,500‌
3,953‌
Eagan,
Great
Oaks
Academy,
Series A,
6.25%,
2/1/45 (6)
400‌
382‌
Eagan,
Great
Oaks
Academy,
Series A,
6.375%,
2/1/55 (6)
700‌
653‌
Eagan,
Great
Oaks
Academy,
Series A,
6.50%,
2/1/65 (6)
1,250‌
1,163‌
Woodbury,
Leadership
Academy
Project,
Series A,
6.00%,
7/1/65 
4,000‌
3,759‌
Woodbury,
Math
&
Science
Academy,
5.50%,
6/1/55 (6)
1,210‌
1,085‌
Woodbury,
Math
&
Science
Academy,
5.50%,
6/1/63 (6)
1,605‌
1,412‌
Woodbury,
Woodbury
Leadership
Project,
4.00%,
7/1/41 
670‌
536‌
Woodbury,
Woodbury
Leadership
Project,
4.00%,
7/1/51 
520‌
365‌
Woodbury,
Woodbury
Leadership
Project,
4.00%,
7/1/56 
455‌
308‌
13,616‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
27
Par/Shares
$
Value
(Amounts
in
000s)
MISSOURI
 1.7%
HEFA
of
Missouri,
Mercy
Health,
5.50%,
12/1/48 
2,980‌
3,083‌
Kansas
City
IDA,
Series A-1,
5.00%,
6/1/46 (6)
1,675‌
1,540‌
Kansas
City
IDA,
Series A-1,
5.00%,
6/1/54 (6)
1,250‌
1,099‌
Kirkwood
IDA,
Aberdeen
Heights,
5.25%,
5/15/37 
1,585‌
1,536‌
Kirkwood
IDA,
Aberdeen
Heights,
5.25%,
5/15/42 
1,345‌
1,214‌
Saint
Louis
County
IDA,
Friendship
Village,
5.00%,
9/1/48 
1,185‌
1,071‌
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.00%,
9/1/38 
3,760‌
3,751‌
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.125%,
9/1/48 
12,270‌
11,283‌
Saint
Louis
County
IDA,
Nazareth
Living
Center,
Series A,
5.00%,
8/15/30 
790‌
790‌
Saint
Louis
County
IDA,
Nazareth
Living
Center,
Series A,
5.00%,
8/15/35 
555‌
538‌
Saint
Louis
County
IDA,
Nazareth
Living
Center,
Series A,
5.125%,
8/15/45 
1,345‌
1,133‌
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
5.00%,
12/1/35 
1,585‌
1,532‌
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
Series A,
5.125%,
12/1/45 
1,680‌
1,449‌
Saint
Louis
IDA,
Ballpark
Village,
Series A,
3.875%,
11/15/29 
505‌
482‌
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.375%,
11/15/35 
2,170‌
1,951‌
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.75%,
11/15/47 
2,600‌
2,179‌
Saint
Louis
Land
Clearance
for
Redev.
Auth.,
National
Geospatial
Intelligence
Agency,
5.125%,
6/1/46 
3,815‌
3,534‌
Saint
Louis
Land
Clearance
for
Redev.
Auth.,
National
Geospatial
Intelligence
Agency,
5.375%,
6/1/43 
11,595‌
11,343‌
Taney
County
IDA,
6.00%,
10/1/49 (6)
3,500‌
3,297‌
52,805‌
MONTANA
 0.3%
Kalispell,
Immanuel
Lutheran,
Series A,
5.25%,
5/15/37 
545‌
539‌
Kalispell,
Immanuel
Lutheran,
Series A,
5.25%,
5/15/47 
5,740‌
4,970‌
Kalispell,
Immanuel
Lutheran,
Series A,
5.25%,
5/15/52 
5,975‌
5,014‌
10,523‌
NEBRASKA
 0.0%
Central
Plains
Energy
Project,
Series 1,
VRDN,
5.00%,
5/1/53
(Tender
10/1/29) 
1,145‌
1,205‌
1,205‌
NEVADA
 0.6%
Las
Vegas
Redev.
Agency,
5.00%,
6/15/30 
325‌
328‌
Las
Vegas
Redev.
Agency,
5.00%,
6/15/40 
3,585‌
3,553‌
Las
Vegas
Redev.
Agency,
5.00%,
6/15/45 
6,290‌
6,010‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
28
Par/Shares
$
Value
(Amounts
in
000s)
Las
Vegas
Special
Improvement
Dist.
No.
818,
5.00%,
12/1/44 
935‌
889‌
Las
Vegas
Special
Improvement
Dist.
No.
818,
5.00%,
12/1/49 
1,115‌
1,032‌
Las
Vegas
Special
Improvement
Dist.
No.
818,
5.00%,
12/1/54 
1,200‌
1,089‌
Reno,
Retrac-Reno
Transportation,
Series C,
Zero
Coupon,
7/1/58 (6)
8,500‌
1,253‌
Reno-Tahoe
Airport
Auth.,
Int'l.
Airport,
Series A,
5.25%,
7/1/54 (5)
4,175‌
4,163‌
18,317‌
NEW
HAMPSHIRE
 1.1%
National
Finance
Auth.
Affordable
Housing
Certificates,
Series 2024-1,
Class
A,
4.15%,
10/20/40
(Tender
10/1/34) 
2,492‌
2,341‌
New
Hampshire
Business
Fin.
Auth.,
Zero
Coupon,
12/1/34 (6)
21,875‌
11,931‌
New
Hampshire
Business
Fin.
Auth.,
Series 2025-1,
Class
A-2,
VR,
4.168%,
1/20/41 
1,619‌
1,413‌
New
Hampshire
Business
Fin.
Auth.,
Series B,
VRDN,
3.75%,
7/1/45
(Tender
7/2/40) (5)(6)
3,245‌
2,610‌
New
Hampshire
Business
Fin.
Auth.,
Social
Certificates,
Series 2024-4,
Class
B,
VR,
3.925%,
7/20/40 
2,575‌
2,226‌
New
Hampshire
Business
Fin.
Auth.,
Social
Certificates,
Series 2024-4,
Class
B,
VR,
4.183%,
5/20/42 
1,550‌
1,310‌
New
Hampshire
Business
Fin.
Auth.,
The
Wildflower
Project,
Zero
Coupon,
12/15/33 (6)
3,775‌
2,299‌
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.25%,
7/1/39 (6)
1,245‌
1,230‌
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.625%,
7/1/46 (6)
690‌
662‌
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.75%,
7/1/54 (6)
2,725‌
2,577‌
New
Hampshire
HEFA,
Kendel
at
Hanover,
5.00%,
10/1/36 
630‌
634‌
New
Hampshire
HEFA,
Kendel
at
Hanover,
5.00%,
10/1/40 
595‌
596‌
New
Hampshire
HEFA,
Kendel
at
Hanover,
5.00%,
10/1/46 
4,835‌
4,703‌
34,532‌
NEW
JERSEY
 1.5%
Essex
County
Improvement
Auth.,
The
Friends
of
Team
Charter
Schools,
4.00%,
6/15/46 
1,555‌
1,334‌
Essex
County
Improvement
Auth.,
The
Friends
of
Team
Charter
Schools,
4.00%,
6/15/56 
1,760‌
1,413‌
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/49 (6)
1,000‌
904‌
New
Jersey
Economic
Dev.
Auth.,
Continental
Airlines,
Series B,
5.625%,
11/15/30 (5)
2,125‌
2,127‌
New
Jersey
Economic
Dev.
Auth.,
Lions
Gate
Project,
5.25%,
1/1/44 
3,880‌
3,451‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
29
Par/Shares
$
Value
(Amounts
in
000s)
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/30 
1,585‌
1,585‌
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/48 
9,565‌
8,459‌
New
Jersey
Economic
Dev.
Auth.,
Repauno
Port
&
Rail
Terminal
Project,
6.375%,
1/1/35 (5)(6)
1,600‌
1,638‌
New
Jersey
Economic
Dev.
Auth.,
Repauno
Port
&
Rail
Terminal
Project,
6.625%,
1/1/45 (5)(6)
2,000‌
2,041‌
New
Jersey
Economic
Dev.
Auth.,
Transit
Transportation
Project,
4.00%,
11/1/44 
6,445‌
5,577‌
New
Jersey
Economic
Dev.
Auth.,
UMM
Energy
Partners,
Series A,
5.00%,
6/15/37 (5)
990‌
980‌
New
Jersey
Economic
Dev.
Auth.,
UMM
Energy
Partners,
Series A,
5.125%,
6/15/43 (5)
1,385‌
1,303‌
New
Jersey
EFA,
Green
Bond,
Series A,
5.00%,
7/1/40 
3,130‌
3,188‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.25%,
6/15/41 
650‌
681‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.25%,
6/15/42 
1,000‌
1,039‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
4.25%,
6/15/44 
2,000‌
1,817‌
New
Jersey
Transportation
Trust
Fund
Auth.,
Unrefunded
Balance,
5.25%,
6/15/46 
1,275‌
1,299‌
Tobacco
Settlement
Fin.,
Series B,
5.00%,
6/1/46 
7,720‌
7,420‌
Township
of
Franklin
NJ,
GO,
2.00%,
3/15/37 
1,280‌
1,023‌
47,279‌
NEW
YORK
 3.7%
Build
New
York
City
Resource,
Friends
of
Hellenic
Classical,
Series A,
5.00%,
12/1/41 (6)
1,135‌
1,004‌
Build
New
York
City
Resource,
Friends
of
Hellenic
Classical,
Series A,
5.00%,
12/1/51 (6)
2,680‌
2,188‌
Build
New
York
City
Resource,
Friends
of
Hellenic
Classical,
Series A,
5.00%,
12/1/55 (6)
830‌
664‌
Build
New
York
City
Resource,
Inwood
Academy
Leadership
Charter
School,
Series A,
5.50%,
5/1/48 (6)
460‌
435‌
Build
New
York
City
Resource,
Richmond
Preparatory
Charter
School
Project,
Series A,
5.00%,
6/1/36 (1)(6)
425‌
389‌
Build
New
York
City
Resource,
Richmond
Preparatory
Charter
School
Project,
Series A,
5.00%,
6/1/41 (1)(6)
550‌
468‌
Build
New
York
City
Resource,
Richmond
Preparatory
Charter
School
Project,
Series A,
5.00%,
6/1/51 (1)(6)
1,980‌
1,531‌
Build
New
York
City
Resource,
Shefa
School
Project,
Series A,
2.50%,
6/15/31 (6)
650‌
590‌
Build
New
York
City
Resource,
Shefa
School
Project,
Series A,
5.00%,
6/15/51 (6)
13,110‌
11,314‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
30
Par/Shares
$
Value
(Amounts
in
000s)
Empire
State
Dev.,
Personal
Income
Tax,
3.00%,
3/15/48 
5,000‌
3,560‌
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series A,
5.00%,
1/1/56 
5,620‌
4,295‌
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series B,
Zero
Coupon,
1/1/45 
20,695‌
5,371‌
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series C,
5.625%,
1/1/55 
8,610‌
7,323‌
New
York
City
Housing
Dev.,
8
Spruce
Street,
Series 2024,
Class
F,
5.25%,
12/15/43
(Prerefunded
12/15/31) (12)
2,550‌
2,617‌
New
York
City
Ind.
Dev.
Agency,
Queens
Baseball
Stadium
Project,
Series A,
3.00%,
1/1/46 (3)
5,250‌
3,744‌
New
York
City
Municipal
Water
Fin.
Auth.,
Water
&
Sewer
System,
Series BB1,
3.00%,
6/15/50 
5,000‌
3,503‌
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/30 (6)
1,000‌
1,007‌
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/31 (6)
800‌
804‌
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/34 (6)
800‌
785‌
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/36 (6)
1,400‌
1,349‌
New
York
Transportation
Dev.,
American
Airlines,
5.00%,
8/1/31 (5)
12,445‌
12,445‌
New
York
Transportation
Dev.,
Delta
Airlines,
LaGuardia
Airport,
5.00%,
10/1/35 (5)
4,945‌
5,015‌
New
York
Transportation
Dev.,
Delta
Airlines,
LaGuardia
Airport,
5.00%,
10/1/40 (5)
3,005‌
2,984‌
New
York
Transportation
Dev.,
JFK
Airport
Terminal
6
Redev.
Project,
Series A,
5.25%,
12/31/54 (3)(5)
5,920‌
5,833‌
New
York
Transportation
Dev.,
JFK
Airport
Terminal
6
Redev.
Project,
Series B,
STEP,
0.00%,
12/31/54 (3)(5)
2,540‌
1,502‌
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/39 (5)
1,955‌
1,973‌
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/40 (5)
1,290‌
1,296‌
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/41 (5)
1,290‌
1,281‌
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/42 (5)
1,290‌
1,262‌
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.25%,
8/1/31 (5)
1,420‌
1,455‌
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.375%,
8/1/36 (5)
2,535‌
2,589‌
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
6.00%,
6/30/54 (5)
6,750‌
6,855‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
31
Par/Shares
$
Value
(Amounts
in
000s)
New
York
Transportation
Dev.,
JFK
Int'l.
Airport
New
Terminal
One
Project,
5.50%,
6/30/54 (5)
9,905‌
9,599‌
New
York
Transportation
Dev.,
JFK
Int'l.
Airport
New
Terminal
One
Project,
6.00%,
6/30/55 (5)
2,450‌
2,519‌
New
York
Transportation
Dev.,
JFK
Int'l.
Airport
New
Terminal
One
Project,
6.00%,
6/30/59 (5)
9,325‌
9,542‌
119,091‌
NORTH
CAROLINA
 1.4%
Forsyth
County,
Series B,
GO,
2.00%,
3/1/39 
4,585‌
3,363‌
Greater
Asheville
Regional
Airport
Auth.,
Series A,
5.50%,
7/1/47 (3)(5)
9,515‌
9,672‌
North
Carolina
Housing
Fin.
Agency,
5.00%,
7/1/47 
1,585‌
1,581‌
North
Carolina
Medical
Care
Commission,
Series A,
5.50%,
9/1/54 
1,325‌
1,235‌
North
Carolina
Medical
Care
Commission,
Series B,
5.00%,
9/1/49 
600‌
551‌
North
Carolina
Medical
Care
Commission,
Series B,
5.00%,
9/1/54 
1,340‌
1,203‌
North
Carolina
Medical
Care
Commission,
Series C,
4.00%,
3/1/36 
1,835‌
1,742‌
North
Carolina
Medical
Care
Commission,
Series C,
4.00%,
3/1/42 
3,870‌
3,326‌
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
4.70%,
7/1/37 
2,180‌
1,826‌
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
4.875%,
7/1/40 
4,245‌
3,395‌
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
5.00%,
7/1/45 
3,525‌
2,618‌
North
Carolina
Medical
Care
Commission,
Aldersgate
United
Methodist,
Series A,
5.00%,
7/1/47 
925‌
669‌
North
Carolina
Medical
Care
Commission,
Everyage,
Series A,
4.00%,
9/1/41 
865‌
752‌
North
Carolina
Medical
Care
Commission,
Everyage,
Series A,
4.00%,
9/1/47 
770‌
613‌
North
Carolina
Medical
Care
Commission,
Everyage,
Series A,
4.00%,
9/1/51 
765‌
581‌
North
Carolina
Medical
Care
Commission,
Lutheran
Services,
4.00%,
3/1/51 
3,980‌
3,028‌
North
Carolina
Medical
Care
Commission,
Salemtowne,
5.25%,
10/1/37 
730‌
704‌
North
Carolina
Medical
Care
Commission,
Salemtowne,
5.375%,
10/1/45 
9,295‌
8,245‌
North
Carolina
Medical
Care
Commission,
Southminster,
5.00%,
10/1/37 
1,225‌
1,226‌
46,330‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
32
Par/Shares
$
Value
(Amounts
in
000s)
OHIO
 4.5%
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series B-2,
Class
2,
5.00%,
6/1/55 
69,685‌
56,287‌
Cleveland-Cuyahoga
County
Port
Auth.,
Playhouse
Square
Foundation,
5.50%,
12/1/43 
1,345‌
1,340‌
Cleveland-Cuyahoga
County
Port
Auth.,
Playhouse
Square
Foundation,
5.50%,
12/1/53 
7,720‌
7,316‌
Cuyahoga
County,
MetroHealth
System,
5.00%,
2/15/42 
3,560‌
3,381‌
Cuyahoga
County,
MetroHealth
System,
5.00%,
2/15/57 
2,375‌
2,093‌
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/52 
3,790‌
3,610‌
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/57 
12,900‌
12,118‌
Dayton-Montgomery
County
Port
Auth.,
Liberty
Assisted
Living
-
Springfield
Project,
Series A,
6.625%,
1/1/45 (6)
3,050‌
3,072‌
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center
Hotel
Expansion
Project,
5.00%,
12/1/44 
4,635‌
4,265‌
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center
Hotel
Expansion
Project,
5.00%,
12/1/51 
5,955‌
5,194‌
Marion
County,
United
Church
Homes,
5.00%,
12/1/39 
1,310‌
1,043‌
Marion
County,
United
Church
Homes,
5.125%,
12/1/49 
1,445‌
1,039‌
Muskingum
County,
Genesis
Healthcare,
5.00%,
2/15/44 
3,955‌
3,638‌
Norwood,
Rookwood
Exchange
Project,
5.00%,
12/1/41 
1,000‌
968‌
Ohio,
Series A,
4.00%,
1/15/38 
845‌
802‌
Ohio,
Series A,
4.00%,
1/15/39 
1,585‌
1,483‌
Ohio
Air
Quality
Dev.
Auth.,
Vanadium
Project,
5.00%,
7/1/49 (5)(6)
16,000‌
13,911‌
Ohio
Higher
Ed.
Fac.
Commission,
Cleveland
Clinic
Health
System,
Series B-4,
VRDN,
3.80%,
1/1/43 
11,515‌
11,515‌
Ohio
Housing
Fin.
Agency,
Haven's
Edge
Apartments
Project,
Series A,
5.70%,
8/1/43 (6)
1,800‌
1,806‌
Ohio
Housing
Fin.
Agency,
Sanctuary
at
Springboro,
5.45%,
1/1/38 (6)
4,000‌
3,871‌
Summit
County
DFA,
Akron
Parking
Project,
5.625%,
12/1/48 
2,350‌
2,385‌
Summit
County
DFA,
Akron
Parking
Project,
6.00%,
12/1/58 
1,650‌
1,699‌
142,836‌
OKLAHOMA
 1.2%
Norman
Regional
Hosp.
Auth.,
4.00%,
9/1/45 
6,565‌
4,618‌
Oklahoma
County
Fin.
Auth.,
Astec
Project,
6.25%,
6/15/54 (6)
1,825‌
1,691‌
Oklahoma
County
Fin.
Auth.,
Astec
Project,
6.50%,
6/15/64 (6)
1,400‌
1,319‌
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
Series B,
5.875%,
12/1/47 
6,094‌
3,758‌
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
Series C,
2.00%,
12/1/47 
1,254‌
63‌
Oklahoma
DFA,
OU
Medicine,
Series B,
5.25%,
8/15/48 
4,455‌
4,177‌
Oklahoma
DFA,
OU
Medicine,
Series B,
5.50%,
8/15/57 
9,005‌
8,505‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
33
Par/Shares
$
Value
(Amounts
in
000s)
Oklahoma
Turnpike
Auth.,
Senior,
4.50%,
1/1/53 
2,525‌
2,376‌
Oklahoma
Turnpike
Auth.,
Senior,
5.50%,
1/1/53 
10,050‌
10,462‌
36,969‌
OREGON
 0.1%
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/32 
395‌
399‌
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/37 
395‌
391‌
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/47 
1,110‌
992‌
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/52 
1,190‌
1,028‌
Oregon
State
Fac.
Auth.,
Legacy
Health
Project,
Series A,
5.00%,
6/1/52 
1,850‌
1,805‌
4,615‌
PENNSYLVANIA
 4.9%
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/28 
245‌
256‌
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/30 
265‌
284‌
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.25%,
5/1/42 (6)
5,830‌
5,784‌
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.00%,
5/1/32 (6)
2,750‌
2,794‌
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.00%,
5/1/42 (6)
4,975‌
4,816‌
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.375%,
5/1/42 (6)
7,540‌
7,389‌
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
Series 2017,
5.00%,
5/1/42 (6)
7,125‌
6,874‌
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
Series 2024,
5.00%,
5/1/42 (6)
2,500‌
2,442‌
Berks
County
Municipal
Auth.,
Tower
Health
Project,
Series A-3,
5.00%,
6/30/39 
5,250‌
4,698‌
Berks
County
Municipal
Auth.,
Tower
Health
Project,
Series B-1,
STEP,
0.00%,
6/30/44 
14,961‌
10,461‌
Butler
County
Hosp.
Auth.,
5.00%,
7/1/35 
6,645‌
6,460‌
Butler
County
Hosp.
Auth.,
5.00%,
7/1/39 
3,760‌
3,382‌
Chester
County
IDA,
Collegium
Charter
School
Project,
6.00%,
10/15/52 (6)
2,275‌
2,156‌
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/36 (6)
3,140‌
2,954‌
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/40 (6)
3,790‌
3,320‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
34
Par/Shares
$
Value
(Amounts
in
000s)
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/41 (6)
3,330‌
2,871‌
Doylestown
Hosp.
Auth.,
5.375%,
7/1/39 (6)
2,075‌
2,193‌
Franklin
County
IDA,
Menno-Haven,
5.00%,
12/1/43 
950‌
832‌
Franklin
County
IDA,
Menno-Haven,
5.00%,
12/1/48 
1,025‌
857‌
Franklin
County
IDA,
Menno-Haven,
5.00%,
12/1/53 
1,110‌
897‌
Lancaster
County
Hosp.
Auth.,
Brethren
Village,
5.25%,
7/1/35 
200‌
200‌
Lancaster
County
Hosp.
Auth.,
Brethren
Village,
5.50%,
7/1/45 
790‌
722‌
Montgomery
County
Higher
Ed.
&
Health
Auth.,
Thomas
Jefferson
Univ.,
5.00%,
9/1/43 
3,995‌
3,986‌
Montgomery
County
IDA,
Hill
at
Whitemarsh,
5.25%,
1/1/40 
2,770‌
2,640‌
Montgomery
County
IDA,
Hill
at
Whitemarsh,
5.375%,
1/1/50 
5,335‌
4,657‌
Pennsylvania
Economic
DFA,
Core
Natural
Resources
Project,
VRDN,
5.45%,
1/1/51
(Tender
3/27/35) (5)(6)
6,755‌
6,873‌
Pennsylvania
Economic
DFA,
National
Gypsum,
5.50%,
11/1/44 (5)
6,905‌
6,904‌
Pennsylvania
Economic
DFA,
The
Penndot
Major
Bridges
Package
One
Project,
5.50%,
6/30/40 (5)
3,155‌
3,235‌
Pennsylvania
Economic
DFA,
The
Penndot
Major
Bridges
Package
One
Project,
5.50%,
6/30/41 (5)
1,840‌
1,883‌
Pennsylvania
Economic
DFA,
The
Penndot
Major
Bridges
Package
One
Project,
5.50%,
6/30/43 (5)
1,840‌
1,864‌
Pennsylvania
Economic
DFA,
The
Penndot
Major
Bridges
Package
One
Project,
5.75%,
6/30/48 (5)
10,865‌
11,003‌
Pennsylvania
Economic
DFA,
The
Penndot
Major
Bridges
Package
One
Project,
6.00%,
6/30/61 (5)
7,800‌
8,018‌
Pennsylvania
Economic
DFA,
The
PennDOT
Major
Bridges
Package
One
Project,
5.25%,
6/30/53 (5)
4,060‌
3,900‌
Pennsylvania
Higher
Ed.
Fac.
Auth.,
Indiana
Univ.
Student
Housing,
Series A,
FRN,
67%
of
(3M
TSFR
+
0.2616%)
+
0.65%,
3.70%,
7/1/39 (3)
6,650‌
6,107‌
Pennsylvania
Turnpike
Commission,
Series A,
4.00%,
12/1/49 (3)
10,000‌
8,754‌
Pennsylvania
Turnpike
Commission,
Series B,
5.25%,
12/1/52 
4,565‌
4,657‌
Philadelphia
Higher
Ed.
Fac.
Auth.,
Temple
Univ.
Health
System,
5.00%,
7/1/28 
3,955‌
4,058‌
Philadelphia
Higher
Ed.
Fac.
Auth.,
Temple
Univ.
Health
System,
5.00%,
7/1/30 
790‌
807‌
Philadelphia
IDA,
Wesley
Enhanced
Living,
5.00%,
7/1/37 
2,485‌
2,439‌
Philadelphia
IDA,
Wesley
Enhanced
Living,
5.00%,
7/1/42 
1,680‌
1,545‌
155,972‌
PUERTO
RICO
 10.9%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (13)
26,494‌
16,625‌
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (13)
34,052‌
18,814‌
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (13)
26,896‌
17,449‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
35
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series 2021A,
5.00%,
7/1/37 (6)
1,105‌
1,134‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/28 (6)
2,740‌
2,826‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/29 (6)
2,865‌
2,981‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/30 (6)
10,000‌
10,463‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35 (6)
9,495‌
9,788‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/37 (6)
6,765‌
6,967‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/47 (6)
19,445‌
18,167‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
4.00%,
7/1/47 (6)
9,115‌
7,318‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/29 (6)
3,525‌
3,668‌
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/37 (6)
8,520‌
8,742‌
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
coupon,
7/1/33 
8,280‌
5,789‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33 
10,975‌
10,729‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35 
8,948‌
8,571‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37 
11,792‌
10,941‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41 
15,967‌
13,887‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/46 
4,450‌
3,673‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27 
9,406‌
9,726‌
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31 
3,721‌
4,081‌
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.00%,
7/1/29 (1)(4)
4,780‌
3,161‌
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (1)(4)
95‌
63‌
Puerto
Rico
Electric
Power
Auth.,
Series A,
6.75%,
7/1/36 (1)(4)
8,215‌
5,432‌
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/27 (1)
(4)
1,145‌
757‌
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/29 (1)
(4)
3,955‌
2,615‌
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/21 (1)(4)
1,605‌
1,061‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
36
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (1)(4)
135‌
89‌
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/26 (1)(4)
1,600‌
1,058‌
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (1)(4)
2,300‌
1,521‌
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (1)(4)
2,745‌
1,815‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (1)
(4)
470‌
311‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (1)
(4)
1,810‌
1,197‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (1)
(4)
610‌
403‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (1)
(4)
730‌
483‌
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (1)
(4)
95‌
63‌
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (1)
(4)
455‌
301‌
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (1)
(4)
390‌
258‌
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/38 (1)
(4)
3,955‌
2,615‌
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (1)
(4)
165‌
109‌
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/35 (1)
(4)
3,466‌
2,292‌
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (1)
(4)
790‌
522‌
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (1)
(4)
1,135‌
751‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (1)
(4)
110‌
73‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (1)
(4)
195‌
129‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/19 (1)
(4)
1,960‌
1,296‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (1)
(4)
155‌
103‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (1)
(4)
1,460‌
965‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (1)
(4)
420‌
278‌
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (1)
(4)
169‌
112‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
37
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/26 (1)
(4)
3,820‌
2,526‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.55%,
7/1/40 
2,009‌
1,913‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53 
7,545‌
6,756‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58 
37,307‌
34,116‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/29 
9,626‌
8,443‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33 
11,267‌
8,233‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46 
196,265‌
61,655‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.536%,
7/1/53 
2,365‌
2,034‌
Puerto
Rico
Sales
Tax
Fin.,
Restructured
Cofina,
Series A-2,
4.329%,
7/1/40 
2,125‌
1,966‌
349,814‌
RHODE
ISLAND
 0.3%
Central
Falls
Detention
Fac.,
7.25%,
7/15/35 (1)(4)
9,960‌
3,885‌
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/36 
3,955‌
3,878‌
Tobacco
Settlement
Fin.,
Asset-Backed
Bonds,
Series A,
Zero
Coupon,
6/1/52 
14,000‌
1,879‌
9,642‌
SOUTH
CAROLINA
 0.7%
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/32 
5,047‌
3,297‌
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/42 
25,626‌
8,086‌
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
7/22/51 
43,668‌
6,316‌
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
1/1/32 
2,670‌
1,301‌
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
7/22/51 
17,627‌
1,899‌
Connector
2000
Assoc.,
Series C-1,
Zero
Coupon,
7/22/51 
1,536‌
63‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Repower
South
Berkeley,
5.25%,
2/1/27 (1)(4)(5)(6)
850‌
77‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Repower
South
Berkeley,
6.00%,
2/1/35 (1)(4)(5)(6)
5,035‌
453‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Repower
South
Berkeley,
6.25%,
2/1/45 (1)(4)(5)(6)
10,115‌
910‌
South
Carolina
Jobs-Economic
Dev.
Auth.,
Repower
South
Berkeley,
8.00%,
12/6/29 (1)(4)
1,585‌
1,268‌
23,670‌
SOUTH
DAKOTA
 0.3%
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/28 
1,135‌
1,139‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
38
Par/Shares
$
Value
(Amounts
in
000s)
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/30 
1,215‌
1,217‌
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/32 
1,080‌
1,073‌
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/42 
1,585‌
1,390‌
South
Dakota
HEFA,
Avera
Health,
Series A,
4.25%,
7/1/49 
5,300‌
4,774‌
9,593‌
TENNESSEE
 1.0%
Chattanooga
Health
Ed.
&
Housing
Fac.
Board,
Student
Housing,
CDFI
Phase
1,
5.00%,
10/1/35 
2,180‌
2,180‌
Kingsport
Tennessee
IDB,
Domtar
Project,
VRDN,
5.25%,
12/1/54
(Tender
11/15/29) (5)(6)
4,825‌
4,766‌
Knox
County
Health
Ed.
&
Housing
Fac.
Board,
Tennessee
Univ.
Project,
Series B-1,
5.125%,
7/1/59 (9)
2,600‌
2,589‌
Metropolitan
Gov't.
Nashville
&
Davidson
County
Health
&
Ed.
Fac.
Board,
5.25%,
5/1/53 
3,850‌
3,836‌
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.50%,
7/1/52 (5)
2,680‌
2,737‌
Shelby
County
Health
&
Ed.
Fac.
Board,
Madrone
Memphis
Student
Housing
I,
Series A-1,
5.25%,
6/1/56 (6)
1,500‌
1,350‌
Shelby
County
Health
Ed.
&
Housing
Fac.
Board,
Village
at
Germantown,
5.00%,
12/1/34 
395‌
382‌
Shelby
County
Health
Ed.
&
Housing
Fac.
Board,
Village
at
Germantown,
5.25%,
12/1/44 
920‌
794‌
Shelby
County
Health
Ed.
&
Housing
Fac.
Board,
Village
at
Germantown,
5.25%,
12/1/49 
2,650‌
2,184‌
Tennessee
Energy
Acquisition,
Series A,
5.25%,
9/1/26 
9,435‌
9,614‌
30,432‌
TEXAS
 6.5%
Arlington
Higher
Ed.
Fin.,
Basis
Texas
Charter
Schools,
4.875%,
6/15/59 (6)
1,320‌
1,121‌
Arlington
Higher
Ed.
Fin.,
Basis
Texas
Charter
Schools,
5.75%,
6/15/55 (6)(8)
8,400‌
8,214‌
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/28 
705‌
714‌
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/30 
1,645‌
1,663‌
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/31 
2,300‌
2,321‌
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/32 
2,650‌
2,668‌
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/33 
2,475‌
2,487‌
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/34 
2,805‌
2,814‌
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/28 
395‌
399‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
39
Par/Shares
$
Value
(Amounts
in
000s)
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/29 
910‌
919‌
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/32 
1,780‌
1,788‌
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/34 
2,515‌
2,517‌
Austin
Texas
Airport
System
Revenue,
5.00%,
11/15/43 (5)
920‌
916‌
Austin
Texas
Airport
System
Revenue,
5.25%,
11/15/47 (5)
3,935‌
3,954‌
Celina,
Public
Improvement,
4.50%,
9/1/31 (6)
750‌
757‌
Celina,
Public
Improvement,
5.125%,
9/1/44 (6)
1,500‌
1,393‌
Celina,
Public
Improvement,
5.50%,
9/1/54 (6)
1,500‌
1,432‌
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series A,
5.25%,
2/15/49 
3,300‌
3,370‌
Conroe
Local
Gov't.,
Convention
Center
Hotel,
3.50%,
10/1/31 (6)
255‌
218‌
Conroe
Local
Gov't.,
Convention
Center
Hotel,
4.00%,
10/1/50 
1,275‌
929‌
Conroe
Local
Gov't.,
Convention
Center
Hotel,
5.00%,
10/1/50 (6)
1,375‌
1,000‌
Corpus
Christi,
6.125%,
9/15/44 
1,000‌
947‌
Corpus
Christi,
6.50%,
9/15/54 
1,500‌
1,419‌
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/47 
7,750‌
7,797‌
Denton
County,
Green
Meadows
Public
Improvement
Dist.,
5.625%,
12/31/55 (6)
2,065‌
2,047‌
Denton
County,
Green
Meadows
Public
Improvement
Dist.,
5.875%,
12/31/45 (6)
982‌
976‌
Denton
County,
Green
Meadows
Public
Improvement
Dist.,
6.125%,
12/31/55 (6)
1,600‌
1,584‌
Fort
Bend
County
IDC,
NRG
Energy,
Series B,
4.75%,
11/1/42 
3,955‌
3,760‌
Friendswood,
7.00%,
9/15/54 
2,750‌
2,627‌
Harris
County
Cultural
Ed.
Fac.
Fin.,
Series C-2,
TECP,
3.90%,
9/2/25 
2,200‌
2,200‌
Harris
County
Cultural
Ed.
Fac.
Fin.,
Brazos
Presybyterian
Homes,
Series A,
5.00%,
1/1/38 
405‌
401‌
Harris
County
Cultural
Ed.
Fac.
Fin.,
Brazos
Presybyterian
Homes,
Series A,
5.00%,
1/1/43 
415‌
389‌
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/38 
1,350‌
1,262‌
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/39 
1,000‌
921‌
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/40 
845‌
762‌
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/41 
845‌
745‌
Houston
Airport
System,
Series B-1,
5.00%,
7/15/35 (5)
7,560‌
7,560‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
40
Par/Shares
$
Value
(Amounts
in
000s)
Houston
Airport
System
Revenue,
United
Airlines,
Series B,
5.50%,
7/15/38 (5)
4,300‌
4,488‌
Houston
Airport
System
Revenue,
United
Airlines,
Series B,
5.50%,
7/15/39 (5)
4,100‌
4,257‌
Houston
Airport
System,
United
Airlines,
Series A,
4.00%,
7/1/41 (5)
1,620‌
1,390‌
Houston
Airport
System,
United
Airlines,
Series B-1,
4.00%,
7/15/41 (5)
3,955‌
3,392‌
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/28 
1,110‌
1,112‌
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/30 
1,335‌
1,337‌
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/40 
2,305‌
2,170‌
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/45 
5,275‌
4,772‌
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.25%,
12/1/35 
1,645‌
1,646‌
Mission
Economic
Dev.,
Natgasoline,
Series B,
4.625%,
10/1/31 (5)(6)
8,000‌
7,985‌
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/32 
435‌
435‌
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/33 
450‌
450‌
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/34 
475‌
475‌
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/35 
440‌
440‌
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/36 
1,110‌
1,111‌
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/38 
1,030‌
1,030‌
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/43 
3,095‌
3,095‌
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/48 
3,105‌
3,065‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Blinn
College,
Series A,
5.00%,
7/1/57 
7,915‌
5,121‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Buckingham
Senior
Living,
Series 2021B,
VR,
2.00%,
11/15/61,
(2.00%
PIK) (1)(7)
5,746‌
1,461‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing
Collage
Station,
5.00%,
4/1/46 (3)
7,385‌
7,259‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Legacy
Midtown,
Series A,
5.50%,
7/1/54 
3,585‌
2,833‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Legacy
Midtown
Park
Project,
Series A,
5.25%,
7/1/32 
625‌
627‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Legacy
Midtown
Park
Project,
Series A,
6.75%,
7/1/44 
2,575‌
2,541‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Legacy
Midtown
Park
Project,
Series A,
7.125%,
7/1/56 
1,375‌
1,350‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Senior
Living,
Langford,
Series A,
5.375%,
11/15/36 
395‌
349‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Senior
Living,
Langford,
Series A,
5.50%,
11/15/46 
790‌
614‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Senior
Living,
Langford,
Series A,
5.50%,
11/15/52 
790‌
588‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/31 
790‌
791‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
41
Par/Shares
$
Value
(Amounts
in
000s)
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/32 
370‌
368‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/33 
790‌
780‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/34 
790‌
774‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/39 
1,190‌
1,096‌
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.25%,
10/1/49 
4,810‌
4,211‌
North
Texas
Tollway
Auth.,
Series B,
3.00%,
1/1/51 (9)
7,445‌
5,200‌
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
2.75%,
1/1/36 (5)(6)
900‌
712‌
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
Series A,
3.625%,
1/1/35 (5)(6)
2,645‌
2,362‌
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
Series A,
4.00%,
1/1/50 (5)(6)
10,755‌
7,547‌
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
Series A,
5.25%,
1/1/54 (5)(6)
2,000‌
1,767‌
Princeton,
Eastridge
Public
Improvement
Dist.,
4.60%,
9/1/35 (6)
200‌
199‌
Princeton,
Eastridge
Public
Improvement
Dist.,
5.375%,
9/1/45 (6)
420‌
404‌
Princeton,
Eastridge
Public
Improvement
Dist.,
5.625%,
9/1/55 (6)
700‌
675‌
Seagoville,
Santorini
Public
Improvement
Dist.
Project,
6.00%,
9/15/44 (6)
1,020‌
967‌
Seagoville,
Santorini
Public
Improvement
Dist.
Project,
7.00%,
9/15/54 (6)
3,000‌
2,849‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere-Northwest
Senior
Housing,
5.25%,
11/15/47 (1)(4)
1,283‌
—‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere-Northwest
Senior
Housing,
Series A,
5.00%,
11/15/45 (1)(4)
6,750‌
1‌
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Stayton
at
Museum
Way,
Series A,
5.75%,
12/1/54 (1)
4,241‌
3,460‌
Texas
Dept.
of
Housing
&
Community
Affairs,
Series A,
5.00%,
1/1/50 
10,000‌
9,988‌
Texas
Private
Activity
Bond
Surface
Transportation,
Segment
3C
Project,
5.00%,
6/30/58 (5)
3,000‌
2,790‌
Texas
Private
Activity
Bond
Surface
Transportation,
Tarrant
Express
Project,
5.50%,
12/31/58 (5)
18,150‌
18,281‌
207,606‌
UTAH
 2.4%
Black
Desert
Public
Infrastructure
Dist.,
Assessment
Area
1,
5.625%,
12/1/53 (6)
9,325‌
9,027‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
42
Par/Shares
$
Value
(Amounts
in
000s)
Firefly
Public
Infrastructure
Dist.
No.
1,
Series A-1,
GO,
6.625%,
3/1/54 (6)
1,125‌
1,129‌
Firefly
Public
Infrastructure
Dist.
No.
1,
Assessment
Area
No.
1,
5.625%,
12/1/43 (6)
3,782‌
3,660‌
MIDA
Mountain
Veterans
Program
Public
Infrastructure
Dist.,
5.00%,
6/1/44 (6)
500‌
474‌
MIDA
Mountain
Veterans
Program
Public
Infrastructure
Dist.,
5.20%,
6/1/54 (6)
1,175‌
1,078‌
Mida
Mountain
Village
Public
Infrastructure
Dist.,
Series 1,
5.125%,
6/15/54 (6)
2,540‌
2,327‌
Mida
Mountain
Village
Public
Infrastructure
Dist.,
Series 2,
5.75%,
6/15/44 (6)
1,240‌
1,219‌
Mida
Mountain
Village
Public
Infrastructure
Dist.,
Series 2,
6.00%,
6/15/54 (6)
2,150‌
2,132‌
Military
Installation
Dev.
Auth.,
Series A-1,
4.00%,
6/1/41 
1,800‌
1,548‌
Military
Installation
Dev.
Auth.,
Series A-1,
4.00%,
6/1/52 
4,000‌
3,104‌
Military
Installation
Dev.
Auth.,
Series A-2,
4.00%,
6/1/41 
2,485‌
2,126‌
Military
Installation
Dev.
Auth.,
Series A-2,
4.00%,
6/1/52 
7,550‌
5,790‌
Point
Phase
1
Public
Infrastructure
Dist.
No.
1,
Series A-1,
5.875%,
3/1/45 
950‌
950‌
Point
Phase
1
Public
Infrastructure
Dist.
No.
1,
Series A-1,
6.125%,
3/1/55 
4,686‌
4,734‌
Point
Phase
1
Public
Infrastructure
Dist.
No.
1,
Series A-2,
STEP,
3/1/55 
500‌
382‌
Ridges
Estates
Infrastructure
Fin.
Dist.,
Alpine
Hollow
Assessment
Area,
6.25%,
12/1/53 (6)
5,350‌
5,289‌
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/43 (5)
2,765‌
2,737‌
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/46 (5)
5,605‌
5,529‌
SkyRidge
Pegasus
Infrastructure
Fin.
Dist.,
SkyRidge
Pegasus
Assessment
Area,
5.25%,
12/1/44 (6)
5,216‌
4,873‌
Soleil
Hills
Public
Infrastructure
Dist.
No.
1,
Series A,
GO,
5.875%,
3/1/55 (6)
3,920‌
3,692‌
Tech
Ridge
Public
Infrastructure
Dist.,
Tech
Ridge
Assessment
Area,
6.25%,
12/1/54 (6)
7,200‌
7,192‌
UIPA
Crossroads
Public
Infrastructure
Dist.,
4.375%,
6/1/52 (6)
10,115‌
8,643‌
77,635‌
VIRGINIA
 2.1%
Alexandria,
Series A,
GO,
2.00%,
12/15/40 
6,150‌
4,175‌
Arlington
County
IDA,
Virginia
Hosp.
Center,
Series A,
3.75%,
7/1/50 (3)
1,050‌
855‌
James
City
County
Economic
Dev.
Auth.,
Williamsburg
Landing,
Series C-3,
5.25%,
12/1/27
(Prerefunded
10/1/25) (12)
185‌
185‌
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
Series A,
4.00%,
1/1/47 
3,000‌
2,524‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
43
Par/Shares
$
Value
(Amounts
in
000s)
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
3,563‌
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.375%,
1/1/46 
3,380‌
3,121‌
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
Series A,
5.00%,
1/1/49 
2,575‌
2,202‌
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/33 
790‌
799‌
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/35 
1,055‌
1,065‌
Tobacco
Settlement
Fin.,
Capital
Appreciation,
Series C,
Zero
Coupon,
6/1/47 
21,370‌
5,087‌
Virginia
College
Building
Auth.,
Marymount
Univ.,
5.00%,
7/1/45 (6)
4,750‌
3,635‌
Virginia
College
Building
Auth.,
Marymount
Univ.,
5.25%,
7/1/30 (6)
1,090‌
1,027‌
Virginia
College
Building
Auth.,
Marymount
Univ.,
5.25%,
7/1/35 (6)
1,700‌
1,510‌
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/30 (6)
3,750‌
3,493‌
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/35 (6)
1,000‌
870‌
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/45 (6)
2,460‌
1,882‌
Virginia
Commonwealth
Univ.
Health
System
Auth.,
Series B,
VRDN,
3.90%,
7/1/37 
1,165‌
1,165‌
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/41 (5)
2,455‌
2,179‌
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/42 (5)
1,025‌
892‌
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/48 (5)
10,000‌
8,179‌
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
5.00%,
1/1/36 (5)
845‌
874‌
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
5.00%,
7/1/37 (5)
1,875‌
1,915‌
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
3.00%,
1/1/41 (5)
3,000‌
2,302‌
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/37 (5)
3,080‌
2,970‌
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/40 (5)
2,200‌
1,998‌
Virginia
Small
Business
Fin.
Auth.,
I-495
HOT
Lanes
Project,
5.00%,
12/31/47 (5)
3,000‌
2,872‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
44
Par/Shares
$
Value
(Amounts
in
000s)
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/49 (5)
4,480‌
4,227‌
68,746‌
WASHINGTON
 1.4%
Adams
County
Public
Hosp.
Dist.
No.
2,
GO,
5.125%,
12/1/44 
2,105‌
1,917‌
Skagit
County
Public
Hosp.
Dist.
No.
1,
5.50%,
12/1/54 
3,910‌
3,943‌
Washington
State
Housing
Fin.
Commission,
Blakeley
&
Laurel
Villages
Portfolio,
Series A,
5.50%,
7/1/50 (6)
4,500‌
4,350‌
Washington
State
Housing
Fin.
Commission,
Hearthstone,
5.00%,
7/1/38 (6)
830‌
671‌
Washington
State
Housing
Fin.
Commission,
Hearthstone,
5.00%,
7/1/48 (6)
2,300‌
1,564‌
Washington
State
Housing
Fin.
Commission,
Hearthstone,
5.00%,
7/1/53 (6)
920‌
599‌
Washington
State
Housing
Fin.
Commission,
Judson
Park,
4.00%,
7/1/28 (6)
135‌
135‌
Washington
State
Housing
Fin.
Commission,
Judson
Park,
5.00%,
7/1/33 (6)
225‌
227‌
Washington
State
Housing
Fin.
Commission,
Judson
Park,
5.00%,
7/1/38 (6)
650‌
634‌
Washington
State
Housing
Fin.
Commission,
Judson
Park,
5.00%,
7/1/48 (6)
1,660‌
1,430‌
Washington
State
Housing
Fin.
Commission,
Presbyterian
Retirement,
Series A,
5.00%,
1/1/46 (6)
2,575‌
2,307‌
Washington
State
Housing
Fin.
Commission,
Presbyterian
Retirement,
Series A,
5.00%,
1/1/51 (6)
5,330‌
4,617‌
Washington
State
Housing
Fin.
Commission,
Radford
Court
&
Nordheim
Court,
5.00%,
7/1/54 
3,865‌
3,624‌
Washington
State
Housing
Fin.
Commission,
Radford
Court
&
Nordheim
Court,
5.50%,
7/1/59 
6,335‌
6,343‌
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series 1,
Class
A,
3.375%,
4/20/37 
1,229‌
1,123‌
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series 2024-1,
Class
A,
VR,
4.221%,
3/1/50 
3,704‌
3,476‌
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series A-1,
Class
A,
3.50%,
12/20/35 
2,805‌
2,647‌
Washington
State
Housing
Fin.
Commission,
Transform
Age
Project,
Series A,
5.00%,
1/1/55 (6)
4,925‌
4,202‌
43,809‌
WEST
VIRGINIA
 0.3%
Monongalia
County
Commission
Excise
Tax
Dist.,
Series A,
4.125%,
6/1/43 (6)
1,640‌
1,359‌
Monongalia
County
Commission
Excise
Tax
Dist.,
Series B,
4.875%,
6/1/43 (6)
1,100‌
994‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
45
Par/Shares
$
Value
(Amounts
in
000s)
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.50%,
6/1/37 (6)
1,940‌
1,955‌
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.75%,
6/1/43 (6)
1,940‌
1,947‌
Ohio
County,
Highlands
Project,
5.25%,
6/1/44 
1,000‌
971‌
Ohio
County,
Highlands
Project,
5.25%,
6/1/53 
1,250‌
1,174‌
8,400‌
WISCONSIN
 5.1%
PFA,
5.00%,
2/1/64 
1,500‌
1,336‌
PFA,
Series A,
5.00%,
12/15/44 (6)
690‌
612‌
PFA,
Series A,
5.00%,
12/15/54 (6)
2,000‌
1,681‌
PFA,
Celanese,
Series B,
5.00%,
12/1/25 (5)
4,750‌
4,758‌
PFA,
Celanese,
Series C,
4.30%,
11/1/30 (5)
3,955‌
3,957‌
PFA,
Celanese,
Series D,
4.05%,
11/1/30 
1,980‌
1,980‌
PFA,
Challenge
Foundation
Academy,
6.625%,
7/1/43 (6)
1,000‌
1,006‌
PFA,
Challenge
Foundation
Academy,
6.875%,
7/1/53 (6)
1,650‌
1,656‌
PFA,
Challenge
Foundation
Academy,
7.00%,
7/1/58 (6)
1,850‌
1,856‌
PFA,
CHF
Manoa,
Series A,
5.75%,
7/1/53 (6)
4,000‌
3,819‌
PFA,
Church
Home
of
Hartford,
5.00%,
9/1/30 (6)
630‌
630‌
PFA,
Church
Home
of
Hartford,
5.00%,
9/1/38 (6)
1,365‌
1,340‌
PFA,
Corvian
Community
School,
Series A,
4.00%,
6/15/29 (6)
475‌
464‌
PFA,
Corvian
Community
School,
Series A,
5.00%,
6/15/39 (6)
790‌
704‌
PFA,
Corvian
Community
School,
Series A,
5.00%,
6/15/49 (6)
3,650‌
2,918‌
PFA,
Corvian
Community
School,
Series A,
5.125%,
6/15/47 (6)
2,085‌
1,724‌
PFA,
Corvian
Community
School,
Series A,
6.25%,
6/15/48 (6)
535‌
512‌
PFA,
Corvian
Community
School,
Series A,
6.25%,
6/15/53 (6)
2,515‌
2,368‌
PFA,
Elevon
Project,
RAN,
5.00%,
7/15/30 (6)
981‌
983‌
PFA,
Foundation
Academy
Charter
School
Project,
5.00%,
7/1/55 (6)
1,250‌
1,077‌
PFA,
Foundation
Academy
Charter
School
Project,
5.00%,
7/1/60 (6)
700‌
594‌
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
4.00%,
7/1/30 (6)
220‌
216‌
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
5.00%,
7/1/40 (6)
560‌
517‌
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
5.00%,
7/1/55 (6)
1,145‌
935‌
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
6.375%,
7/1/43 (6)
325‌
332‌
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
6.625%,
7/1/53 (6)
100‌
102‌
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
6.75%,
7/1/58 (6)
375‌
383‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
46
Par/Shares
$
Value
(Amounts
in
000s)
PFA,
Georgia
SR
400
Express
Lanes
Project,
5.75%,
6/30/60 (5)
17,315‌
16,956‌
PFA,
Georgia
SR
400
Express
Lanes
Project,
5.75%,
12/31/65 (5)
8,750‌
8,548‌
PFA,
Georgia
SR
400
Express
Lanes
Project,
6.50%,
6/30/60 (5)
1,875‌
1,982‌
PFA,
Georgia
SR
400
Express
Lanes
Project,
6.50%,
12/31/65 (5)
3,125‌
3,287‌
PFA,
Grand
Hyatt
San
Antonio,
Series A,
5.00%,
2/1/52 
1,835‌
1,715‌
PFA,
Grand
Hyatt
San
Antonio,
Series A,
5.00%,
2/1/62 
3,370‌
3,101‌
PFA,
Heritage
Bend
Project,
Zero
Coupon,
RAN,
12/15/42 (6)
25,000‌
7,256‌
PFA,
Mary's
Woods
at
Marylhurst,
5.25%,
5/15/37 (6)
435‌
436‌
PFA,
Mary's
Woods
at
Marylhurst,
5.25%,
5/15/47 (6)
965‌
877‌
PFA,
Mary's
Woods
at
Marylhurst,
5.25%,
5/15/52 (6)
1,820‌
1,609‌
PFA,
Mater
Academy
of
Nevada
-
Cactus
Park
Campus
Project,
Series A,
6.00%,
12/15/55 (6)
400‌
390‌
PFA,
Mater
Academy
of
Nevada
-
Cactus
Park
Campus
Project,
Series A,
6.125%,
12/15/60 (6)
1,375‌
1,352‌
PFA,
Million
Air
Three
General
Aviation
Fac.
Project,
Series B,
7.00%,
9/1/54 (5)(6)
6,050‌
6,376‌
PFA,
Mountain
Island
Charter
School,
5.00%,
7/1/37 
655‌
655‌
PFA,
Mountain
Island
Charter
School,
5.00%,
7/1/47 
1,585‌
1,430‌
PFA,
Mountain
Island
Charter
School,
5.00%,
7/1/52 
3,405‌
3,002‌
PFA,
National
Gypsum,
4.00%,
8/1/35 (5)
16,170‌
15,312‌
PFA,
Nevada
State
College,
Series A,
5.00%,
5/1/60 (6)
4,520‌
2,830‌
PFA,
Nevada
State
College,
Series B,
9.00%,
5/1/71 (1)(4)(6)
2,090‌
1,012‌
PFA,
Nolina
&
Sorella
Projects,
RAN,
5.50%,
12/15/32 (6)
3,717‌
3,648‌
PFA,
Searstone
CCRC
Project,
Series A,
5.00%,
6/1/52 (6)
5,055‌
4,255‌
PFA,
SKY
Harbour
Capital,
4.00%,
7/1/41 (5)
5,150‌
4,377‌
PFA,
SKY
Harbour
Capital,
4.25%,
7/1/54 (5)
12,930‌
9,946‌
PFA,
Southminster,
5.00%,
10/1/43 (6)
1,780‌
1,679‌
PFA,
Southminster,
5.00%,
10/1/48 (6)
1,585‌
1,434‌
PFA,
Southminster,
5.00%,
10/1/53 (6)
4,560‌
4,026‌
PFA,
Univ.
of
Hawai'i
Foundation
Project,
Series A-1,
4.00%,
7/1/51 (6)
2,190‌
1,633‌
PFA,
Univ.
of
Hawai'i
Foundation
Project,
Series A-1,
4.00%,
7/1/61 (6)
1,215‌
855‌
PFA,
Univ.
of
Hawai'i
Foundation
Project,
Series B,
5.25%,
7/1/61 (6)
4,385‌
3,465‌
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/37 
880‌
839‌
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/41 
1,310‌
1,186‌
Wisconsin
HEFA,
Chiara
Housing
and
Services,
5.875%,
7/1/55 
955‌
908‌
Wisconsin
HEFA,
Chiara
Housing
And
Services,
6.00%,
7/1/60 
6,930‌
6,642‌
Wisconsin
HEFA,
Dickson
Hollow
Phase
II
Project,
6.125%,
10/1/59 
1,625‌
1,625‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
47
Par/Shares
$
Value
(Amounts
in
000s)
Wisconsin
HEFA,
Saint
John's
Communities,
4.00%,
9/15/36 
615‌
573‌
Wisconsin
HEFA,
Saint
John's
Communities,
4.00%,
9/15/41 
610‌
525‌
Wisconsin
HEFA,
Saint
John's
Communities,
4.00%,
9/15/45 
510‌
411‌
164,613‌
Total
Municipal
Securities
(Cost
$3,483,039)
3,191,284‌
Total
Investments
in
Securities
99.5%
of
Net
Assets
(Cost
$3,483,070)
$
3,191,363‌
‡
Par/Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(3)
Insured
by
Assured
Guaranty
Incorporated
(4)
Obligor
has
failed
to
make
a
scheduled
interest
and/or
principal
payment
or
is
in
default.
(5)
Interest
subject
to
alternative
minimum
tax.
(6)
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
$913,142
and
represents
28.5%
of
net
assets.
(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)
Insured
by
Financial
Guaranty
Insurance
Company
(12)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(13)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
CDA
Community
Development
Administration/Authority
CDFI
Community
Development
Financial
Institution
DFA
Development
Finance
Authority
DOT
Department
of
Transportation
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
EFA
Educational
Facility
Authority
FRN
Floating
Rate
Note
GO
General
Obligation
HDA
Housing
Development
Authority
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
48
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
.
.
.
.
.
.
.
.
.
.
HEFA
Health
&
Educational
Facility
Authority
HFA
Health
Facility
Authority
HHEFA
Health
&
Higher
Educational
Facility
Authority
IDA
Industrial
Development
Authority/Agency
IDC
Industrial
Development
Corporation
PCR
Pollution
Control
Revenue
PFA
Public
Finance
Authority/Agency
PIK
Payment-in-kind
RAN
Revenue
Anticipation
Note
SPMUV7DY
S&P
Municipal
7
Day
High
Grade
Yield
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TECP
Tax-Exempt
Commercial
Paper
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,
2025
(Unaudited)
Statement
of
Assets
and
Liabilities
49
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$3,483,070)
$
3,191,363‌
Interest
receivable
36,118‌
Receivable
for
investment
securities
sold
7,064‌
Receivable
for
shares
sold
848‌
Cash
74‌
Other
assets
92‌
Total
assets
3,235,559‌
Liabilities
Payable
for
investment
securities
purchased
20,838‌
Payable
for
shares
redeemed
3,219‌
Investment
management
fees
payable
1,236‌
Due
to
affiliates
75‌
Payable
to
directors
2‌
Other
liabilities
3,992‌
Total
liabilities
29,362‌
NET
ASSETS
$
3,206,197‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
August
31,
2025
(Unaudited)
Statement
of
Assets
and
Liabilities
50
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(500,568‌)
Paid-in
capital
applicable
to
300,180,055
shares
of
$0.01
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
3,706,765‌
NET
ASSETS
$
3,206,197‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$1,319,847;
Shares
outstanding:
123,559,249)
$
10.68‌
Advisor
Class
(Net
assets:
$2,934;
Shares
outstanding:
272,996)
$
10.75‌
I
Class
(Net
assets:
$1,883,416;
Shares
outstanding:
176,347,810)
$
10.68‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
Statement
of
Operations
51
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
8/31/25
Investment
Income
(Loss)
Interest
income
$
80,899‌
Expenses
Investment
management
7,567‌
Shareholder
servicing
Investor
Class
$
1,139‌
Advisor
Class
4‌
I
Class
195‌
1,338‌
Rule
12b-1
fees
Advisor
Class
4‌
Prospectus
and
shareholder
reports
Investor
Class
11‌
I
Class
6‌
17‌
Interest
185‌
Legal
and
audit
161‌
Custody
and
accounting
127‌
Registration
83‌
Directors
5‌
Miscellaneous
30‌
Total
expenses
9,517‌
Net
investment
income
71,382‌
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
loss
on
securities
(36,534‌)
Change
in
net
unrealized
gain
/
loss
on
securities
(139,407‌)
Net
realized
and
unrealized
gain
/
loss
(175,941‌)
DECREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
(104,559‌)
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
52
($000s)
6
Months
Ended
8/31/25
Year
Ended
2/28/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
71,382‌
$
131,520‌
Net
realized
loss
(36,534‌)
(27,067‌)
Change
in
net
unrealized
gain
/
loss
(139,407‌)
109,126‌
Increase
(decrease)
in
net
assets
from
operations
(104,559‌)
213,579‌
Distributions
to
shareholders
Net
earnings
Investor
Class
(28,583‌)
(64,168‌)
Advisor
Class
(58‌)
(135‌)
I
Class
(41,441‌)
(67,540‌)
Decrease
in
net
assets
from
distributions
(70,082‌)
(131,843‌)
Capital
share
transactions
*
Shares
sold
Investor
Class
137,244‌
345,727‌
Advisor
Class
1‌
314‌
I
Class
221,806‌
790,133‌
Distributions
reinvested
Investor
Class
25,793‌
51,691‌
Advisor
Class
58‌
135‌
I
Class
21,536‌
42,717‌
Shares
redeemed
Investor
Class
(229,152‌)
(808,414‌)
Advisor
Class
(251‌)
(1,818‌)
I
Class
(322,887‌)
(315,227‌)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
(145,852‌)
105,258‌
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
53
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
8/31/25
Year
Ended
2/28/25
Net
Assets
Increase
(decrease)
during
period
(320,493‌)
186,994‌
Beginning
of
period
3,526,690‌
3,339,696‌
End
of
period
$
3,206,197‌
$
3,526,690‌
*Share
information
(000s)
Shares
sold
Investor
Class
12,750‌
31,063‌
Advisor
Class
–‌
(1)
28‌
I
Class
20,630‌
70,712‌
Distributions
reinvested
Investor
Class
2,397‌
4,643‌
Advisor
Class
5‌
12‌
I
Class
2,002‌
3,836‌
Shares
redeemed
Investor
Class
(21,329‌)
(72,490‌)
Advisor
Class
(23‌)
(162‌)
I
Class
(30,077‌)
(28,374‌)
Increase
(decrease)
in
shares
outstanding
(13,645‌)
9,268‌
(1)
Amount
rounds
to
less
than
1,000
shares
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
54
T.
Rowe
Price
Tax-Free
High
Yield
Fund,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Tax-Free
High
Yield
Fund
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks to
provide
a
high
level
of
income
exempt
from
federal
income
taxes
by
investing
primarily
in
long-term
low-
to
upper-medium-grade
municipal
securities.
The
fund
has three classes
of
shares:
the
Tax-Free
High
Yield
Fund
(Investor
Class),
the
Tax-Free
High
Yield
Fund–Advisor
Class
(Advisor
Class)
and
the
Tax-Free
High
Yield
Fund–I
Class
(I
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services;
the
Investor
and
I
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes. 
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES 
Basis
of
Preparation
 The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
 Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
55
recorded
as
an
adjustment
to
interest
income. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividend
income is
recorded
on
the
ex-dividend
date. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Class
Accounting
 Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class’s
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class’s
outstanding
shares.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class’s
average
daily
net
assets.
Capital
Transactions
 Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
 In December
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-09,
Income
Taxes
(Topic
740)
–
Improvements
to
Income
Taxes
Disclosures,
which
enhances
the
transparency
of
income
tax
disclosures.
The
ASU
requires
public
entities,
on
an
annual
basis,
to
provide
disclosure
of
specific
categories
in
the
rate
reconciliation,
as
well
as
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
amendments
under
this
ASU
are
required
to
be
applied
prospectively
and
are
effective
for
fiscal
years
beginning
after
December
15,
2024.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund’s
financial
statements.
T.
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Indemnification
 In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION 
Fair
Value
  The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
T.
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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,
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
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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.
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
August
31,
2025
(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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
79‌
$
—‌
$
—‌
$
79‌
Municipal
Securities
—‌
3,191,284‌
—‌
3,191,284‌
Total
$
79‌
$
3,191,284‌
$
—‌
$
3,191,363‌
T.
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interest
payments
and
adversely
affect
the
liquidity
or
value,
or
both,
of
such
securities.
Accordingly,
securities
issued
by
such
companies
carry
a
higher
risk
of
default
and
should
be
considered
speculative. 
Restricted
Securities
 The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
When-Issued
Securities
 The fund
enters
into
when-issued
purchase
or
sale
commitments,
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
an
authorized
but
not
yet
issued
security
for
a
fixed
unit
price,
with
payment
and
delivery
not
due
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 $383,074,000 and
$526,158,000,
respectively,
for
the
six
months ended
August
31,
2025. 
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. 
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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
28,
2025,
the
fund
had
$196,206,000
of
available
capital
loss
carryforwards.
At
August
31,
2025,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$3,483,232,000.
Net
unrealized
loss
aggregated
$291,869,000
at
period-end,
of
which
$23,776,000
related
to
appreciated
investments
and
$315,645,000
related
to
depreciated
investments.
NOTE
5
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.17%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.26%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
August
31,
2025,
the
effective
annual
group
fee
rate
was
0.28%.
The
Investor
Class
and
Advisor
Class
are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
dates
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class’s ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class’s net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
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the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
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,
2025,
expenses
incurred
pursuant
to
these
service
agreements
were
$63,000
for
Price
Associates
and
$431,000
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).
Investor
Class
Advisor
Class
I
Class
Expense
limitation/I
Class
Limit
0.80%
1.05%
0.05%
Expense
limitation
date
04/30/27
04/30/27
04/30/27
(Waived)/repaid
during
the
period
($000s)
$—
$—
$—
T.
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The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
August
31,
2025,
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,
2025. 
NOTE
6
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price
Associates
acts
as
the
fund’s
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund’s
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund’s
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
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NOTE
7
-
BORROWING
The
fund,
together
with
certain
other
U.S.
registered
floating
rate
and
tax-
free
high
yield
funds
(the
U.S.
borrowers)
and
foreign
investment
funds
managed
by
Price
Associates
or
an
affiliate
(collectively,
the
participating
funds),
is
party
to
a
$1.3
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)
Daily
Secured
Overnight
Financing
Rate
(SOFR)
plus
0.10%
per
annum,
(b)
Federal
Funds
Effective
Rate,
or
(c)
the
Overnight
Bank
Funding
Rate
plus
an
applicable
margin. At
August
31,
2025,
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
8
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-
T.
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64
existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
T.
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PRICE
Tax-Free
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Fund
65
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
12-13,
2025
(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
and
infrastructure,
as
well
as
compliance
with
new
regulatory
requirements
(e.g.,
derivatives
and
liquidity
risk
management);
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.
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66
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,
2024.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2024,
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,
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,
including
any
research
received
under
soft-dollar
arrangements
with
broker-dealers.
In
considering
soft-dollar
arrangements,
the
Board
noted
that,
effective
January
1,
2024,
the
Adviser
began
using
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible,
and
the
Board
considered
that
the
Adviser
may
receive
some
benefit
from
soft-
dollar
arrangements
pursuant
to
which
research
is
received
from
broker-dealers
that
execute
the
applicable
fund’s
portfolio
transactions.
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.
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Fund
67
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
schedule
is
graduated
so
the
rate
decreases
as
total
T.
Rowe
Price
fund
assets
increase
and
increases
as
total
T.
Rowe
Price
fund
assets
decrease.
As
a
result,
shareholders
benefit
from
overall
growth
in
T.
Rowe
Price
fund
assets,
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
also
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
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
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
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68
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
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),
second
quintile
(Advisor
Class
Expense
Group),
and
fourth
quintile
(Expense
Universe);
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.
The
fee
schedules,
which
are
subject
to
change,
may
be
negotiated
under
certain
circumstances
and
may
differ
across
regions.
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
domestic
and
international
businesses
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
and
ETF
(“registered
fund”)
business.
The
Board
considered
information
showing
that
the
Adviser’s
registered
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
other
domestic
and
international
businesses
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
registered
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
registered
fund
business
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
69
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.
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)
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F59-051
10/25

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 16. Controls and Procedures.

(a)  The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b)  The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

 

(a)(1)    

The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.

    (2)    

Listing standards relating to recovery of erroneously awarded compensation: Not applicable.

    (3)    

Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

 

(b)       

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

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

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

/s/ David Oestreicher

      
  David Oestreicher  
  Principal Executive Officer  
Date     October 17, 2025  

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 17, 2025  
By  

/s/ Alan S. Dupski

  
  Alan S. Dupski  
  Principal Financial Officer  
Date   October 17, 2025  
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

302 CERTIFICATIONS

906 CERTIFICATIONS

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