UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-04163
T. Rowe Price Tax-Free High Yield Fund, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: February 29
Date of reporting period: August 31, 2023
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Market
Commentary
Portfolio
Summary
Fund
Expense
Example
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
Tax-Free
Funds
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
Certain
mutual
fund
accounts
that
are
assessed
an
annual
account
service
fee
can
also
save
money
by
switching
to
e-delivery.
T.
ROWE
PRICE
Tax-Free
Funds
Market
Commentary
Dear
Shareholder
Most
major
global
stock
and
bond
indexes
produced
positive
returns
during
the
first
half
of
your
fund’s
fiscal
year,
the
six-month
period
ended
August 31,
2023.
Despite
turmoil
in
the
banking
sector
and
a
protracted
debt
ceiling
standoff,
markets
in
the
U.S.
were
resilient
as
economic
growth
remained
positive
and
corporate
earnings
results
came
in
stronger
than
expected.
Technology
companies
benefited
from
investor
enthusiasm
for
artificial
intelligence
developments
and
helped
drive
the
momentum
in
the
equity
market.
Growth
stocks
outperformed
value
shares,
and
developed
market
stocks
generally
outpaced
their
emerging
market
counterparts.
Currency
movements
were
mixed
over
the
period,
although
a
weaker
dollar
versus
major
European
currencies
was
beneficial
for
U.S.
investors
in
European
securities.
Within
the
S&P
500
Index,
the
communication
services,
information
technology,
and
consumer
discretionary
sectors
were
all
lifted
by
the
rally
in
tech-related
companies
and
recorded
significant
gains.
The
financials
sector
partly
recovered
from
the
failure
of
three
large
regional
banks
during
the
period
but
still
finished
in
negative
territory.
In
terms
of
economic
news,
inflation
remained
a
primary
concern
for
both
investors
and
policymakers.
Price
increases
moderated
during
the
period
but
remained
well
above
the
Federal
Reserve’s
2%
target.
In
response,
the
Fed
continued
to
raise
its
short-term
lending
benchmark
rate,
lifting
it
to
a
target
range
of
5.25%
to
5.50%
by
period-end,
the
highest
level
since
March
2001.
In
the
fixed
income
market,
U.S.
Treasury
yields
increased
as
the
Fed
tightened
monetary
policy
and
investors
priced
in
the
possibility
that
the
central
bank
may
have
to
keep
rates
higher
for
longer
than
previously
anticipated.
In
addition,
Treasuries
were
pressured
by
Fitch
Ratings’
decision
to
downgrade
the
credit
rating
of
U.S.
government
debt
from
the
highest
level,
AAA,
to
AA+
along
with
expectations
for
higher
levels
of
borrowing
by
the
Treasury
Department.
The
yield
on
the
benchmark
10-year
note
climbed
to
4.36%
in
mid-August,
its
highest
intraday
level
since
late
2007,
before
falling
back
to
4.09%
by
month-end.
Despite
rising
yields,
returns
were
positive
across
most
fixed
income
sectors
as
investors
benefited
from
the
higher
coupons
that
have
become
available
over
the
past
year
as
well
as
increasing
hopes
that
the
economy
might
be
able
to
avoid
a
recession.
Tax-exempt
municipal
bonds
were
supported
by
limited
issuance
in
the
sector
as
well
as
generally
strong
balance
sheets
at
the
state
and
local
level.
Global
economies
and
markets
have
shown
surprising
resilience
in
2023,
but
considerable
uncertainty
remains
as
the
impact
of
the
Fed’s
rate
hikes
has
yet
to
be
fully
felt
in
the
economy.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
You
may
notice
that
this
report
no
longer
contains
the
commentary
on
your
fund’s
performance
and
positioning
that
we
previously
included
in
the
semiannual
shareholder
letters.
The
Securities
and
Exchange
Commission
(SEC)
adopted
new
rules
in
January
that
will
require
fund
reports
to
transition
to
a
new
format
known
as
a
Tailored
Shareholder
Report.
This
change
will
require
a
much
more
concise
summary
of
performance
rather
than
the
level
of
detail
we
have
provided
historically
while
also
aiming
to
be
more
visually
engaging.
As
we
prepare
to
make
changes
to
the
annual
reports
to
meet
the
new
report
regulatory
requirements
by
mid-2024,
we
felt
the
time
was
right
to
discontinue
the
optional
six-month
semiannual
fund
letter
to
focus
on
the
changes
to
come.
While
semiannual
fund
letters
will
no
longer
be
produced,
you
may
continue
to
access
current
fund
information
as
well
as
insights
and
perspectives
from
our
investment
team
on
our
personal
investing
website.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Tax-Free
Funds
Portfolio
Summary
PORTFOLIO
COMPOSITION
Tax-Exempt
Money
Fund
Percent
of
Net
Assets
8/31/23
Variable
Rate
Demand
Notes
48%
Commercial
Paper
22
Variable
Rate
Trusts
16
Fixed
Rate
Notes/Bonds
15
Other
Assets
Less
Liabilities
-1
Total
100%
CREDIT
QUALITY
DIVERSIFICATION
Tax-Free
Short-Intermediate
Fund
Sources:
Credit
ratings
for
the
securities
held
in
the
fund
are
provided
by
Moody’s,
Standard
&
Poor’s,
and
Fitch
and
are
converted
to
the
Standard
&
Poor’s
nomenclature.
A
rating
of
AAA
represents
the
highest-
rated
securities,
and
a
rating
of
D
represents
the
lowest-
rated
securities.
If
the
rating
agencies
differ,
the
highest
rating
is
applied
to
the
security.
If
a
rating
is
not
available,
the
security
is
classified
as
Not
Rated.
T.
Rowe
Price
uses
the
rating
of
the
underlying
investment
vehicle
to
determine
the
creditworthiness
of
credit
default
swaps.
The
fund
is
not
rated
by
any
agency.
CREDIT
QUALITY
DIVERSIFICATION
Tax-Free
Income
Fund
Sources:
Credit
ratings
for
the
securities
held
in
the
fund
are
provided
by
Moody’s,
Standard
&
Poor’s,
and
Fitch
and
are
converted
to
the
Standard
&
Poor’s
nomenclature.
A
rating
of
AAA
represents
the
highest-
rated
securities,
and
a
rating
of
D
represents
the
lowest-
rated
securities.
If
the
rating
agencies
differ,
the
highest
rating
is
applied
to
the
security.
If
a
rating
is
not
available,
the
security
is
classified
as
Not
Rated.
T.
Rowe
Price
uses
the
rating
of
the
underlying
investment
vehicle
to
determine
the
creditworthiness
of
credit
default
swaps.
The
fund
is
not
rated
by
any
agency.
CREDIT
QUALITY
DIVERSIFICATION
Tax-Free
High
Yield
Fund
Sources:
Credit
ratings
for
the
securities
held
in
the
fund
are
provided
by
Moody’s,
Standard
&
Poor’s,
and
Fitch
and
are
converted
to
the
Standard
&
Poor’s
nomenclature.
A
rating
of
AAA
represents
the
highest-
rated
securities,
and
a
rating
of
D
represents
the
lowest-
rated
securities.
If
the
rating
agencies
differ,
the
highest
rating
is
applied
to
the
security.
If
a
rating
is
not
available,
the
security
is
classified
as
Not
Rated.
T.
Rowe
Price
uses
the
rating
of
the
underlying
investment
vehicle
to
determine
the
creditworthiness
of
credit
default
swaps.
The
fund
is
not
rated
by
any
agency.
Note:
Copyright
©
2023
Fitch
Ratings,
Inc.,
Fitch
Ratings
Ltd.
and
its
subsidiaries.
Note:
©
2023,
Moody’s
Corporation,
Moody’s
Investors
Service,
Inc.,
Moody’s
Analytics,
Inc.
and/or
their
licensors
and
affiliates
(collectively,
“Moody’s”).
All
rights
reserved.
Moody’s
ratings
and
other
information
(“Moody’s
Information”)
are
proprietary
to
Moody’s
and/or
its
licensors
and
are
protected
by
copyright
and
other
intellectual
property
laws.
Moody’s
Information
is
licensed
to
Client
by
Moody’s.
MOODY’S
INFORMATION
MAY
NOT
BE
COPIED
OR
OTHERWISE
REPRODUCED,
REPACKAGED,
FURTHER
TRANSMITTED,
TRANSFERRED,
DISSEMINATED,
REDISTRIBUTED
OR
RESOLD,
OR
STORED
FOR
SUBSEQUENT
USE
FOR
ANY
SUCH
PURPOSE,
IN
WHOLE
OR
IN
PART,
IN
ANY
FORM
OR
MANNER
OR
BY
ANY
MEANS
WHATSOEVER,
BY
ANY
PERSON
WITHOUT
MOODY’S
PRIOR
WRITTEN
CONSENT.
Moody's
®
is
a
registered
trademark.
CREDIT
QUALITY
DIVERSIFICATION
Intermediate
Tax-Free
High
Yield
Fund
Sources:
Credit
ratings
for
the
securities
held
in
the
fund
are
provided
by
Moody’s,
Standard
&
Poor’s,
and
Fitch
and
are
converted
to
the
Standard
&
Poor’s
nomenclature.
A
rating
of
AAA
represents
the
highest-
rated
securities,
and
a
rating
of
D
represents
the
lowest-
rated
securities.
If
the
rating
agencies
differ,
the
highest
rating
is
applied
to
the
security.
If
a
rating
is
not
available,
the
security
is
classified
as
Not
Rated.
T.
Rowe
Price
uses
the
rating
of
the
underlying
investment
vehicle
to
determine
the
creditworthiness
of
credit
default
swaps.
The
fund
is
not
rated
by
any
agency.
Note:
Copyright
©
2023,
S&P
Global
Market
Intelligence
(and
its
affiliates,
as
applicable).
Reproduction
of
any
information,
data
or
material,
including
ratings
(“Content”)
in
any
form
is
prohibited
except
with
the
prior
written
permission
of
the
relevant
party. Such
party,
its
affiliates
and
suppliers
(“Content
Providers”)
do
not
guarantee
the
accuracy,
adequacy,
completeness,
timeliness
or
availability
of
any
Content
and
are
not
responsible
for
any
errors
or
omissions
(negligent
or
otherwise),
regardless
of
the
cause,
or
for
the
results
obtained
from
the
use
of
such
Content.
In
no
event
shall
Content
Providers
be
liable
for
any
damages,
costs,
expenses,
legal
fees,
or
losses
(including
lost
income
or
lost
profit
and
opportunity
costs)
in
connection
with
any
use
of
the
Content.
A
reference
to
a
particular
investment
or
security,
a
rating
or
any
observation
concerning
an
investment
that
is
part
of
the
Content
is
not
a
recommendation
to
buy,
sell
or
hold
such
investment
or
security,
does
not
address
the
appropriateness
of
an
investment
or
security
and
should
not
be
relied
on
as
investment
advice.
Credit
ratings
are
statements
of
opinions
and
are
not
statements
of
fact.
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Please
note
that
the
Intermediate
Tax-Free
High
Yield
Fund,
Tax-Free
High
Yield
Fund,
Tax-Free
Income
Fund,
and
Tax-Free
Short-Intermediate
Fund have
three
share
classes:
The
original
share
class
(Investor
Class)
charges
no
distribution
and
service
(12b-1)
fee,
the
Advisor
Class
shares
are
offered
only
through
unaffiliated
brokers
and
other
financial
intermediaries
and
charge
a
0.25%
12b-1
fee,
and
the
I
Class
shares
are
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment.
The
Tax-Exempt
Money
Fund
has
two
share
classes:
The
original
share
class
(Investor
Class)
charges
no
distribution
and
service
(12b-1)
fee,
and
the
I
Class
shares
are
also
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment.
Each
share
class
is
presented
separately
in
the
table.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
on
the
second
line
of
the
table
(Hypothetical)
is
based
on
hypothetical
account
values
and
expenses
derived
from
the
fund’s
actual
expense
ratio
and
an
assumed
5%
per
year
rate
of
return
before
expenses
(not
the
fund’s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
Note:
T.
Rowe
Price
charges
an
annual
account
service
fee
of
$20,
generally
for
accounts
with
less
than
$10,000.
The
fee
is
waived
for
any
investor
whose
T.
Rowe
Price
mutual
fund
accounts
total
$50,000
or
more;
accounts
electing
to
receive
electronic
delivery
of
account
statements,
transaction
confirmations,
prospectuses,
and
shareholder
reports;
or
accounts
of
an
investor
who
is
a
T.
Rowe
Price
Personal
Services
or
Enhanced
Personal
Services
client
(enrollment
in
these
programs
generally
requires
T.
Rowe
Price
assets
of
at
least
$250,000).
This
fee
is
not
included
in
the
accompanying
table.
If
you
are
subject
to
the
fee,
keep
it
in
mind
when
you
are
estimating
the
ongoing
expenses
of
investing
in
the
fund
and
when
comparing
the
expenses
of
this
fund
with
other
funds.
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
TAX-EXEMPT
MONEY
FUND
Beginning
Account
Value
3/1/23
Ending
Account
Value
8/31/23
Expenses
Paid
During
Period*
3/1/23
to
8/31/23
Investor
Class
Actual
$1,000.00
$1,014.40
$2.08
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,023.08
2.08
I
Class
Actual
1,000.00
1,015.30
1.22
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,023.93
1.22
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(184),
and
divided
by
the
days
in
the
year
(366)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.41%,
and
the
2
I Class
was
0.24%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
TAX-FREE
SHORT-INTERMEDIATE
FUND
Beginning
Account
Value
3/1/23
Ending
Account
Value
8/31/23
Expenses
Paid
During
Period*
3/1/23
to
8/31/23
Investor
Class
Actual
$1,000.00
$1,011.90
$2.63
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,022.52
2.64
Advisor
Class
Actual
1,000.00
1,008.60
4.09
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.06
4.12
I
Class
Actual
1,000.00
1,010.80
1.92
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,023.23
1.93
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(184),
and
divided
by
the
days
in
the
year
(366)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.52%,
the
2
Advisor Class
was
0.81%,
and
the
3
I Class
was
0.38%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
TAX-FREE
INCOME
FUND
Beginning
Account
Value
3/1/23
Ending
Account
Value
8/31/23
Expenses
Paid
During
Period*
3/1/23
to
8/31/23
Investor
Class
Actual
$1,000.00
$1,011.30
$2.68
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,022.47
2.69
Advisor
Class
Actual
1,000.00
1,009.70
4.34
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,020.81
4.37
I
Class
Actual
1,000.00
1,011.60
2.38
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,022.77
2.39
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(184),
and
divided
by
the
days
in
the
year
(366)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.53%,
the
2
Advisor Class
was
0.86%,
and
the
3
I Class
was
0.47%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
TAX-FREE
HIGH
YIELD
FUND
Beginning
Account
Value
3/1/23
Ending
Account
Value
8/31/23
Expenses
Paid
During
Period*
3/1/23
to
8/31/23
Investor
Class
Actual
$1,000.00
$1,013.00
$3.34
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.82
3.35
Advisor
Class
Actual
1,000.00
1,012.20
5.16
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,020.01
5.18
I
Class
Actual
1,000.00
1,013.60
2.78
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,022.37
2.80
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(184),
and
divided
by
the
days
in
the
year
(366)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.66%,
the
2
Advisor Class
was
1.02%,
and
the
3
I Class
was
0.55%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
INTERMEDIATE
TAX-FREE
HIGH
YIELD
FUND
Beginning
Account
Value
3/1/23
Ending
Account
Value
8/31/23
Expenses
Paid
During
Period*
3/1/23
to
8/31/23
Investor
Class
Actual
$1,000.00
$1,013.50
$2.43
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,022.72
2.44
Advisor
Class
Actual
1,000.00
1,007.20
3.63
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.52
3.66
I
Class
Actual
1,000.00
1,014.80
2.23
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,022.92
2.24
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(184),
and
divided
by
the
days
in
the
year
(366)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.48%,
the
2
Advisor Class
was
0.72%,
and
the
3
I Class
was
0.44%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
C03-051
10/23
Semiannual
Report
|
Financial
Statements
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRFHX
Tax-Free
High
Yield
Fund
–
.
PATFX
Tax-Free
High
Yield
Fund–
.
Advisor Class
PTYIX
Tax-Free
High
Yield
Fund–
.
I Class
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
8/31/23
..
Year
..
..
Ended
.
2/28/23
2/28/22
2/28/21
2/29/20
2/28/19
NET
ASSET
VALUE
Beginning
of
period
$
10
.64
$
12
.22
$
12
.32
$
12
.67
$
11
.81
$
11
.89
Investment
activities
Net
investment
income
(1)(2)
0
.20
0
.41
0
.38
0
.41
0
.44
0
.43
Net
realized
and
unrealized
gain/loss
(
0
.06
)
(
1
.58
)
(
0
.10
)
(
0
.34
)
0
.86
(
0
.08
)
Total
from
investment
activities
0
.14
(
1
.17
)
0
.28
0
.07
1
.30
0
.35
Distributions
Net
investment
income
(
0
.20
)
(
0
.40
)
(
0
.38
)
(
0
.41
)
(
0
.44
)
(
0
.43
)
Net
realized
gain
—
(
0
.01
)
—
(
0
.01
)
—
—
(3)
Total
distributions
(
0
.20
)
(
0
.41
)
(
0
.38
)
(
0
.42
)
(
0
.44
)
(
0
.43
)
NET
ASSET
VALUE
End
of
period
$
10
.58
$
10
.64
$
12
.22
$
12
.32
$
12
.67
$
11
.81
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
8/31/23
..
Year
..
..
Ended
.
2/28/23
2/28/22
2/28/21
2/29/20
2/28/19
Ratios/Supplemental
Data
Total
return
(2)(4)
1
.30
%
(
9
.64
)
%
2
.21
%
0
.70
%
11
.14
%
3
.04
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
(5)
0
.75
%
(6)
0
.76
%
0
.72
%
0
.72
%
0
.72
%
0
.72
%
Net
expenses
after
waivers/payments
by
Price
Associates
0
.66
%
(6)
0
.67
%
0
.63
%
0
.62
%
0
.65
%
0
.72
%
Net
investment
income
3
.76
%
(6)
3
.68
%
2
.99
%
3
.48
%
3
.56
%
3
.66
%
Portfolio
turnover
rate
4
.6
%
19
.7
%
11
.8
%
12
.8
%
5
.1
%
12
.8
%
Net
assets,
end
of
period
(in
millions)
$1,949
$1,949
$3,580
$3,915
$4,421
$3,903
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
5
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Amounts
round
to
less
than
$0.01
per
share.
(4)
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.
(5)
See
Note
5.
Prior
to
2/29/20,
the
gross
expense
ratios
presented
are
net
of
a
management
fee
waiver
in
effect
during
the
period,
as
applicable.
(6)
Annualized
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Advisor
Class
6
Months
.
Ended
8/31/23
..
Year
..
..
Ended
.
2/28/23
2/28/22
2/28/21
2/29/20
2/28/19
NET
ASSET
VALUE
Beginning
of
period
$
10
.70
$
12
.29
$
12
.39
$
12
.74
$
11
.88
$
11
.95
Investment
activities
Net
investment
income
(1)(2)
0
.18
0
.38
0
.35
0
.39
0
.40
0
.40
Net
realized
and
unrealized
gain/loss
(
0
.05
)
(
1
.59
)
(
0
.11
)
(
0
.35
)
0
.85
(
0
.09
)
Total
from
investment
activities
0
.13
(
1
.21
)
0
.24
0
.04
1
.25
0
.31
Distributions
Net
investment
income
(
0
.18
)
(
0
.37
)
(
0
.34
)
(
0
.38
)
(
0
.39
)
(
0
.39
)
Net
realized
gain
—
(
0
.01
)
—
(
0
.01
)
—
—
(3)
Total
distributions
(
0
.18
)
(
0
.38
)
(
0
.34
)
(
0
.39
)
(
0
.39
)
(
0
.39
)
Redemption
fees
added
to
paid-in
capital
(4)
—
—
—
—
—
0
.01
NET
ASSET
VALUE
End
of
period
$
10
.65
$
10
.70
$
12
.29
$
12
.39
$
12
.74
$
11
.88
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
6
Months
.
Ended
8/31/23
..
Year
..
..
Ended
.
2/28/23
2/28/22
2/28/21
2/29/20
2/28/19
Ratios/Supplemental
Data
Total
return
(2)(5)
1
.22
%
(
9
.89
)
%
1
.90
%
0
.41
%
10
.70
%
2
.79
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
(6)
1
.11
%
(7)
1
.03
%
1
.03
%
1
.02
%
1
.03
%
1
.02
%
Net
expenses
after
waivers/payments
by
Price
Associates
1
.02
%
(7)
0
.93
%
0
.94
%
0
.92
%
0
.98
%
1
.02
%
Net
investment
income
3
.40
%
(7)
3
.43
%
2
.76
%
3
.27
%
3
.25
%
3
.31
%
Portfolio
turnover
rate
4
.6
%
19
.7
%
11
.8
%
12
.8
%
5
.1
%
12
.8
%
Net
assets,
end
of
period
(in
thousands)
$4,747
$5,322
$7,637
$9,310
$15,243
$18,533
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
5
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Amounts
round
to
less
than
$0.01
per
share.
(4)
The
fund
charged
redemption
fees
through
March
31,
2019.
(5)
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.
(6)
See
Note
5.
Prior
to
2/29/20,
the
gross
expense
ratios
presented
are
net
of
a
management
fee
waiver
in
effect
during
the
period,
as
applicable.
(7)
Annualized
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
8/31/23
..
Year
..
..
Ended
.
2/28/23
2/28/22
2/28/21
2/29/20
2/28/19
NET
ASSET
VALUE
Beginning
of
period
$
10
.64
$
12
.22
$
12
.31
$
12
.67
$
11
.81
$
11
.89
Investment
activities
Net
investment
income
(1)(2)
0
.21
0
.42
0
.39
0
.43
0
.45
0
.45
Net
realized
and
unrealized
gain/loss
(
0
.06
)
(
1
.58
)
(
0
.09
)
(
0
.36
)
0
.86
(
0
.09
)
Total
from
investment
activities
0
.15
(
1
.16
)
0
.30
0
.07
1
.31
0
.36
Distributions
Net
investment
income
(
0
.21
)
(
0
.41
)
(
0
.39
)
(
0
.42
)
(
0
.45
)
(
0
.44
)
Net
realized
gain
—
(
0
.01
)
—
(
0
.01
)
—
—
(3)
Total
distributions
(
0
.21
)
(
0
.42
)
(
0
.39
)
(
0
.43
)
(
0
.45
)
(
0
.44
)
NET
ASSET
VALUE
End
of
period
$
10
.58
$
10
.64
$
12
.22
$
12
.31
$
12
.67
$
11
.81
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
8/31/23
..
Year
..
..
Ended
.
2/28/23
2/28/22
2/28/21
2/29/20
2/28/19
Ratios/Supplemental
Data
Total
return
(2)(4)
1
.36
%
(
9
.51
)
%
2
.41
%
0
.71
%
11
.24
%
3
.15
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
(5)
0
.65
%
(6)
0
.62
%
0
.60
%
0
.62
%
0
.63
%
0
.61
%
Net
expenses
after
waivers/payments
by
Price
Associates
0
.55
%
(6)
0
.53
%
0
.51
%
0
.52
%
0
.56
%
0
.61
%
Net
investment
income
3
.87
%
(6)
3
.84
%
3
.10
%
3
.57
%
3
.65
%
3
.78
%
Portfolio
turnover
rate
4
.6
%
19
.7
%
11
.8
%
12
.8
%
5
.1
%
12
.8
%
Net
assets,
end
of
period
(in
thousands)
$1,457,437
$1,846,303
$1,942,439
$1,072,180
$1,344,330
$1,139,351
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
5
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Amounts
round
to
less
than
$0.01
per
share.
(4)
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.
(5)
See
Note
5.
Prior
to
2/29/20,
the
gross
expense
ratios
presented
are
net
of
a
management
fee
waiver
in
effect
during
the
period,
as
applicable.
(6)
Annualized
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
August
31,
2023
(Unaudited)
Par/Shares
$
Value
(Amounts
in
000s)
‡
COMMON
STOCKS
0.0%
Ingevity
(1)
1
44
United
Airlines
Holdings (1)
—
15
Westrock
5
158
Total
Common
Stocks
(Cost
$200)
217
MUNICIPAL
SECURITIES
99.4%
ALABAMA
2.0%
Black
Belt
Energy
Gas
Dist.,
Series B,
VRDN,
5.25%,
12/1/53
(Tender
12/1/30)
2,210
2,329
Black
Belt
Energy
Gas
Dist.,
Series C-1,
VRDN,
5.25%,
2/1/53
(Tender
6/1/29)
10,610
11,000
Columbia
Ind.
Dev.
Board,
Series A,
VRDN,
4.10%,
12/1/37
550
550
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
5.50%,
1/1/28 (1)(2)
2,925
1,755
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
5.50%,
1/1/43 (1)(2)
2,265
1,359
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
Series A,
6.875%,
1/1/43 (1)(2)
1,585
951
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
Series A,
7.50%,
1/1/47 (1)(2)
2,835
1,701
Jefferson
County,
Sewer,
Series A,
5.50%,
10/1/53 (3)
18,210
18,440
Southeast
Energy
Auth.
A
Cooperative
Dist.,
Series A,
VRDN,
4.00%,
11/1/51
(Tender
10/1/28)
3,790
3,680
Southeast
Energy
Auth.
A
Cooperative
Dist.,
Series B,
VRDN,
4.00%,
12/1/51
(Tender
12/1/31)
5,160
4,917
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
4.50%,
5/1/32 (4)
2,179
2,037
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
5.25%,
5/1/44 (4)
20,550
18,602
Wilsonville
Ind.
Dev.
Board,
Gaston
Plant
Project,
VRDN,
4.50%,
12/1/30 (5)
1,800
1,800
69,121
ARIZONA
1.8%
Arizona
Distribution
Revenue,
Capital
Appreciation,
5.50%,
7/1/33 (6)
990
1,191
Arizona
Distribution
Revenue,
Capital
Appreciation,
Series B,
5.50%,
7/1/30 (6)
5,690
6,569
Arizona
HFA,
Banner
Health,
Series B,
FRN,
67%
of
3M
USD
LIBOR
+
0.81%,
4.517%,
1/1/37
2,180
2,004
Arizona
IDA,
Cadence
Campus
Project,
Series A,
4.00%,
7/15/40 (4)
730
599
Arizona
IDA,
Cadence
Campus
Project,
Series A,
4.00%,
7/15/50 (4)
1,265
932
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Arizona
IDA,
Doral
Academy
-
Fire
Mesa,
Series A,
5.00%,
7/15/39
1,050
1,013
Arizona
IDA,
Doral
Academy
-
Fire
Mesa,
Series A,
5.00%,
7/15/49
930
844
Arizona
IDA,
Odyssey
Preparatory
Academy,
5.00%,
7/1/49 (4)
3,445
3,045
Arizona
IDA,
Odyssey
Preparatory
Academy,
Series A,
5.25%,
7/1/37 (4)
2,375
2,338
Arizona
IDA,
Odyssey
Preparatory
Academy,
Series A,
5.50%,
7/1/52 (4)
2,695
2,543
Maricopa
County
IDA,
Commercial
Metals
Company
Project,
4.00%,
10/15/47 (4)(5)
6,150
5,120
Maricopa
County,
El
Paso
Electric,
Series A,
PCR,
4.50%,
8/1/42
2,575
2,374
Peoria
IDA,
Sierra
Winds
Life
Care,
Series A,
5.50%,
11/15/34 (1)
(2)
2,930
2,241
Peoria
IDA,
Sierra
Winds
Life
Care,
Series A,
5.75%,
11/15/40 (1)
(2)
4,750
3,443
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/44
790
790
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/49
475
466
Phoenix
Arizona
IDA,
Downtown
Phoenix
Student
Housing,
5.00%,
7/1/59
1,675
1,610
Phoenix
Arizona
IDA,
Mayo
Clinic,
Series B,
VRDN,
3.80%,
11/15/52
600
600
Pima
County
IDA,
American
Leadership
Academy,
4.00%,
6/15/41 (4)
2,380
1,947
Pima
County
IDA,
American
Leadership
Academy,
4.00%,
6/15/51 (4)
2,530
1,847
Pima
County
IDA,
American
Leadership
Academy,
4.00%,
6/15/57 (4)
2,865
2,030
Salt
Verde
Financial,
5.00%,
12/1/32
2,810
2,919
Salt
Verde
Financial,
5.00%,
12/1/37
12,970
13,280
Tempe
IDA,
Friendship
Village
of
Tempe
Project,
Series A,
4.00%,
12/1/46
1,980
1,461
61,206
ARKANSAS
0.9%
Arkansas
DFA,
Big
River
Steel
Project,
4.50%,
9/1/49 (4)(5)
11,560
10,693
Arkansas
DFA,
Big
River
Steel
Project,
4.75%,
9/1/49 (4)(5)
3,955
3,801
Arkansas
DFA,
Green
Bond,
5.45%,
9/1/52 (5)
5,985
5,815
Arkansas
DFA,
Green
Bond,
12.00%,
7/1/48 (4)
5,000
5,265
Arkansas
DFA,
Green
Bond,
Series A,
6.875%,
7/1/48 (4)(5)
5,000
5,108
30,682
CALIFORNIA
6.0%
California
Community
Choice
Fin.
Auth.,
Green
Bond,
VRDN,
5.00%,
7/1/53
(Tender
8/1/29)
4,995
5,191
California
Community
Choice
Fin.
Auth.,
Green
Bond,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29)
10,715
11,034
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
California
Community
Housing
Agency,
Creekwood
,
Series A,
4.00%,
2/1/56 (4)
17,325
10,768
California
Community
Housing
Agency,
Junior
Bonds
Street
Flats,
Series A-2,
4.00%,
8/1/50 (4)
7,980
5,704
California
Community
Housing
Agency,
Senior-Fountains
at
Emerald,
3.00%,
8/1/56 (4)
2,300
1,504
California
Community
Housing
Agency,
Stoneridge
Apartment,
Series A,
4.00%,
2/1/56 (4)
6,425
4,663
California
Community
Housing
Agency,
Verdant
at
Green
Valley
Project,,
5.00%,
8/1/49 (4)
9,600
8,770
California
Housing
Fin.,
Series 2019-1,
Class
A,
4.25%,
1/15/35
2,662
2,596
California
Infrastructure
&
Economic
Dev.
Bank,
Social
Bond,
Series B,
5.00%,
11/1/47
1,790
1,831
California
Infrastructure
&
Economic
Dev.
Bank,
Social
Bond,
Series B,
5.00%,
11/1/57
1,545
1,564
California
Municipal
Fin.
Auth.,
Baptish
Univ.,
Series A,
5.00%,
11/1/46 (4)
2,750
2,595
California
Municipal
Fin.
Auth.,
Community
Health
System,
Series A,
4.00%,
2/1/51
2,800
2,446
California
Municipal
Fin.
Auth.,
John
Adams
Academies
Lincoln
Project,
Series A,
5.00%,
10/1/49 (4)
1,515
1,353
California
Municipal
Fin.
Auth.,
John
Adams
Academies
Lincoln
Project,
Series A,
5.00%,
10/1/57 (4)
1,650
1,433
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
4.00%,
12/31/47 (5)
4,605
3,922
California
Municipal
Fin.
Auth.,
LINXS
APM
Project,
Series A,
5.00%,
12/31/43 (5)
9,210
9,211
California
Municipal
Fin.
Auth.,
Samuel
Merritt
Univ.,
5.25%,
6/1/53
4,565
4,817
California
Municipal
Fin.
Auth.,
UCR
North
Dist.
Phase
1,
5.00%,
5/15/49
2,375
2,354
California
Municipal
Fin.
Auth.,
UCR
North
Dist.
Phase
1,
5.00%,
5/15/52
1,980
1,950
California
Municipal
Fin.
Auth.,
West
Village,
5.00%,
5/15/36
2,105
2,165
California
PFA,
Enso
Village
Project,
2.375%,
11/15/28 (4)
1,190
1,146
California
PFA,
Enso
Village
Project,
3.125%,
5/15/29 (4)
1,275
1,206
California
PFA,
Enso
Village
Project,
5.00%,
11/15/46 (4)
595
531
California
PFA,
Enso
Village
Project,
Series B-3,
2.125%,
11/15/27 (4)
2,100
2,036
California
School
Fin.
Auth.,
Ivy
Academia
Project,
Series A,
4.00%,
6/1/41 (4)
1,650
1,255
California
School
Fin.
Auth.,
Ivy
Academia
Project,
Series A,
4.00%,
6/1/51 (4)
1,500
1,031
California
School
Fin.
Auth.,
Ivy
Academia
Project,
Series A,
4.00%,
6/1/61 (4)
250
162
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/28
205
199
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/29
220
212
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/30
235
225
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/31
185
175
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/41
1,270
1,063
California
Statewide
CDA,
Series 2021A,
4.00%,
9/2/51
785
598
California
Statewide
CDA,
Series 2021C-1,
4.00%,
9/2/31
880
842
California
Statewide
CDA,
Series 2021C-1,
4.00%,
9/2/41
1,605
1,359
California
Statewide
CDA,
Series 2021C-1,
4.00%,
9/2/51
1,080
845
California
Statewide
CDA,
Series A-1,
5.00%,
9/2/42
3,495
3,403
California
Statewide
CDA,
Series A-1,
5.00%,
9/2/52
4,970
4,654
California
Statewide
CDA,
899
Charleston
Moldaw
Residences,
Series A,
5.375%,
11/1/49 (4)
2,770
2,183
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
5.50%,
12/1/54
10,290
10,258
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/27 (4)
2,375
2,404
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/46 (4)
3,165
3,042
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.25%,
12/1/56 (4)
6,530
6,379
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.50%,
12/1/58 (4)
14,720
14,724
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/29
1,585
1,590
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/41
1,265
1,097
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
4.00%,
9/2/51
1,900
1,522
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
5.00%,
9/2/34
850
894
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
5.00%,
9/2/39
790
805
California
Statewide
CDA,
Statewide
Community
Infrastructure
Program,
5.00%,
9/2/49
395
398
California
Statewide
Fin.
Auth.,
Tobacco
Industry,
Series A,
6.00%,
5/1/43
1,190
1,209
CMFA
Special
Fin.
Agency
VII,
Breakwater
Apartments,
Series A-2,
4.00%,
8/1/47 (4)
6,770
5,467
CMFA
Special
Fin.
Agency
XII,
Allure
Apartments,
4.375%,
8/1/49 (4)
2,530
1,909
CMFA
Special
Fin.
Agency,
Solana
At
Grand,
Series A-2,
4.00%,
8/1/45 (4)
2,860
2,256
CSCDA
Community
Improvement
Auth.,
Altana
Glendale
Social
Bonds,
Series A-2,
4.00%,
10/1/56 (4)
13,605
9,941
CSCDA
Community
Improvement
Auth.,
Link-Glendale
Social
Bonds,
Series A-1,
3.00%,
7/1/45 (4)
1,750
1,260
CSCDA
Community
Improvement
Auth.,
Link-Glendale
Social
Bonds,
Series A-2,
4.00%,
7/1/56 (4)
6,207
4,307
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
CSCDA
Community
Improvement
Auth.,
Oceanaire
Long
Beach
Social
Bonds,
Series A-2,
4.00%,
9/1/56 (4)
2,485
1,788
CSCDA
Community
Improvement
Auth.,
Parallel
Anaheim
Social
Bonds,
4.00%,
8/1/56 (4)
3,010
2,211
CSCDA
Community
Improvement
Auth.,
Renaissance
at
City
Center,
Series A,
5.00%,
7/1/51 (4)
1,910
1,733
CSCDA
Community
Improvement
Auth.,
Social
Bonds,
Series A-2,
3.00%,
2/1/57 (4)
2,500
1,630
Golden
State
Tobacco
Securitization,
5.00%,
6/1/51
3,410
3,540
Golden
State
Tobacco
Securitization,
Series B-2,
Zero
Coupon,
6/1/66
83,850
8,304
Irvine,
Reassessment
Dist.
No.
12-1,
4.00%,
9/2/27
235
236
Irvine,
Reassessment
Dist.
No.
12-1,
4.00%,
9/2/28
320
321
Northern
California
Gas
Auth.
No.
1,
Series B,
FRN,
67%
of
3M
USD
LIBOR
+
0.72%,
4.411%,
7/1/27
3,830
3,801
Santa
Margarita
Water
Dist.,
Community
Fac.
Dist.
No.
2013-1,
5.625%,
9/1/43
(
Prerefunded
9/1/23) (7)
1,900
1,900
West
Sacramento
Fin.
Auth.,
Series A,
5.00%,
9/1/34 (8)
1,560
1,738
205,660
COLORADO
4.3%
Aerotropolis
Regional
Transportation
Auth.,
4.375%,
12/1/52
8,340
6,386
Arista
Metropolitan
Dist.,
Series A,
GO,
5.00%,
12/1/38
2,480
2,365
Arista
Metropolitan
Dist.,
Series A,
GO,
5.125%,
12/1/48
5,445
4,941
Berthoud-Heritage
Metropolitan
Dist.
No.
1,
5.625%,
12/1/48
6,865
6,479
Brighton
Crossing
Metropolitan
Dist.
No.
4,
Series A,
GO,
5.00%,
12/1/47
1,225
1,126
Buffalo
Highlands
Metropolitan
Dist.,
Series A,
GO,
5.25%,
12/1/38
1,000
960
Buffalo
Highlands
Metropolitan
Dist.,
Series A,
GO,
5.375%,
12/1/48
3,250
3,012
Canyons
Metropolitan
Dist.
No.
5,
Series A,
GO,
6.00%,
12/1/37
1,150
1,111
Canyons
Metropolitan
Dist.
No.
5,
Series A,
GO,
6.125%,
12/1/47
4,000
3,846
Canyons
Metropolitan
Dist.
No.
6,
Series A,
GO,
6.125%,
12/1/47
2,000
1,923
Centerra
Metropolitan
Dist.
No.
1,
5.00%,
12/1/47 (4)
3,500
3,132
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/31
485
453
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/32
590
546
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/41
1,160
945
Colorado
HFA,
Frasier,
Series 2023A,
4.00%,
5/15/48
1,770
1,336
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
5.75%,
12/1/35 (4)
1,145
838
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
6.125%,
12/1/45 (4)
2,350
1,578
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
6.25%,
12/1/50 (4)
3,285
2,175
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/47
750
743
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/51
6,990
6,865
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes,
5.00%,
12/31/56
11,325
11,020
Colorado
Int'l.
Center
Metropolitan
Dist.
No.
14,
GO,
5.875%,
12/1/46
5,330
5,121
Colorado
Science
&
Technology
Park
Metropolitan
Dist.
No.
1,
5.00%,
12/1/33
3,040
2,976
Colorado
Science
&
Technology
Park
Metropolitan
Dist.
No.
1,
5.25%,
12/1/48
2,200
2,065
Cornerstar
Metropolitan
Dist.,
Series A,
GO,
5.125%,
12/1/37
500
485
Cornerstar
Metropolitan
Dist.,
Series A,
GO,
5.25%,
12/1/47
2,600
2,437
Denver
City
&
County
Airport,
Series A,
5.00%,
12/1/48 (5)
3,955
3,989
Denver
Int'l.
Business
Center
Metropolitan
Dist.
No.
1,
Series B,
GO,
6.00%,
12/1/48
1,190
1,175
Green
Valley
Ranch
East
Metropolitan
Dist.
No.
6,
Series A,
GO,
5.875%,
12/1/50
2,200
2,112
Lakes
at
Centerra
Metropolitan
Dist.
No.
2,
Series A,
GO,
5.125%,
12/1/37
1,695
1,613
Lakes
at
Centerra
Metropolitan
Dist.
No.
2,
Series A,
GO,
5.25%,
12/1/47
3,970
3,582
Painted
Prairie
Metropolitan
Dist.
No.
2,
GO,
5.25%,
12/1/48
4,055
3,638
Park
Creek
Metropolitan
Dist.,
Property
Tax,
Series A,
5.00%,
12/1/45
15,435
15,408
Peak
Metropolitan
Dist.
No.
1,
Series A,
GO,
4.00%,
12/1/35 (4)
500
422
Peak
Metropolitan
Dist.
No.
1,
Series A,
GO,
5.00%,
12/1/51 (4)
5,270
4,487
Public
Auth.
for
Colorado
Energy,
6.25%,
11/15/28
4,770
5,064
Public
Auth.
for
Colorado
Energy,
6.50%,
11/15/38
9,210
10,792
Pueblo
Urban
Renewal
Auth.,
4.75%,
12/1/45 (4)
5,690
3,869
Rampart
Range
Metropolitan
Dist.
No
5,
4.00%,
12/1/51
7,025
4,919
Riverwalk
Metropolitan
Dist.
No
2,
Series A,
5.00%,
12/1/52
4,245
3,587
Serenity
Ridge
Metropolitan
Dist.
No.
2,
Series A,
GO,
4.50%,
12/1/28
(
Prerefunded
12/1/23) (7)
496
512
Serenity
Ridge
Metropolitan
Dist.
No.
2,
Series A,
GO,
5.125%,
12/1/43
(
Prerefunded
12/1/23) (7)
1,000
1,033
Southglenn
Metropolitan
Dist.,
GO,
5.00%,
12/1/36
810
777
Southglenn
Metropolitan
Dist.,
GO,
5.00%,
12/1/46
1,475
1,339
STC
Metropolitan
Dist.
No.
2,
Series A,
GO,
4.00%,
12/1/29
1,000
925
STC
Metropolitan
Dist.
No.
2,
Series A,
GO,
5.00%,
12/1/38
785
721
STC
Metropolitan
Dist.
No.
2,
Series A,
GO,
5.00%,
12/1/49
1,000
882
Vauxmont
Metropolitan
Dist.,
GO,
5.00%,
12/1/32 (3)
595
645
Vauxmont
Metropolitan
Dist.,
GO,
5.00%,
12/1/35 (3)
235
252
146,607
CONNECTICUT
1.3%
Connecticut
State
HEFA,
Church
Home
of
Hartford,
Series A,
5.00%,
9/1/46 (4)
1,060
854
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Connecticut
State
HEFA,
Church
Home
of
Hartford,
Series A,
5.00%,
9/1/53 (4)
1,260
977
Connecticut
State
HEFA,
Hartford
Univ.,
4.00%,
7/1/44
2,870
2
,176
Connecticut
State
HEFA,
Hartford
Univ.,
4.00%,
7/1/49
4,200
3,022
Connecticut
State
HEFA,
Masonicare
,
Series F,
5.00%,
7/1/31
2,000
2,017
Connecticut
State
HEFA,
Masonicare
,
Series F,
5.00%,
7/1/32
3,280
3,305
Connecticut
State
HEFA,
Masonicare
,
Series F,
5.00%,
7/1/33
2,055
2,070
Connecticut
State
HEFA,
Masonicare
,
Series F,
5.00%,
7/1/34
1,435
1,444
Connecticut
State
HEFA,
Masonicare
,
Series F,
5.00%,
7/1/43
8,115
7,847
Hamden
Town,
Whitney
Center
Project,
5.00%,
1/1/40
7,125
6,228
Hamden
Town,
Whitney
Center
Project,
5.00%,
1/1/50
6,160
5,002
Mashantucket
Western
Pequot
Tribe,
6.05%,
7/1/31
(4.00%
Cash
and
2.05%
PIK) (1)(2)(9)
23,166
5,154
Steel
Point
Infrastructure
Improvement
Dist.,
Steelpointe
Harbor
Project,
4.00%,
4/1/41 (4)
550
469
Steel
Point
Infrastructure
Improvement
Dist.,
Steelpointe
Harbor
Project,
4.00%,
4/1/51 (4)
2,715
2,163
42,728
DELAWARE
1.0%
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
4.00%,
9/1/30
200
196
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
5.00%,
9/1/40
1,025
1,035
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
5.00%,
9/1/50
1,385
1,358
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/37
790
808
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/43
4,920
4,948
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/48
2,035
2,029
Delaware
HFA,
Beebe
Medical
Center,
5.00%,
6/1/50
4,390
4,357
Delaware
State
Economic
Dev.
Auth.,
4.00%,
6/1/52
1,260
886
Delaware
State
Economic
Dev.
Auth.,
4.00%,
6/1/57
1,220
837
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
871
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/48
2,335
2,218
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/53
3,445
3,229
Kent
County,
CHF
Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/58
2,915
2,687
Sussex
County,
Cadbury
at
Lewes,
5.00%,
1/1/36
7,675
7,275
32,942
DISTRICT
OF
COLUMBIA
1.8%
District
of
Columbia
Tobacco
Settlement
Fin.,
Series A,
Zero
Coupon,
6/15/46
41,185
9,363
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
District
of
Columbia
Tobacco
Settlement
Fin.,
Series B,
Zero
Coupon,
6/15/46
18,210
3,472
District
of
Columbia,
Friendship
Public
Charter
School,
5.00%,
6/1/36
2,375
2,392
District
of
Columbia,
Friendship
Public
Charter
School,
5.00%,
6/1/41
1,540
1,510
District
of
Columbia,
Friendship
Public
Charter
School,
5.00%,
6/1/46
2,285
2,194
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/37
2,295
2,103
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/42
4,065
3,531
District
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/52
9,730
7,904
District
of
Columbia,
Methodist
Home
of
D.C.,
Series A,
5.125%,
1/1/35
1,240
1,083
District
of
Columbia,
Methodist
Home
of
D.C.,
Series A,
5.25%,
1/1/39
805
684
District
of
Columbia,
Union
Market
Infrastructure
Project,
STEP,
0.00%,
6/1/31 (4)
900
695
District
of
Columbia,
Union
Market
Infrastructure
Project,
STEP,
0.00%,
6/1/46 (4)
2,810
1,788
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
6.50%,
10/1/44
11,080
12,317
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/37 (3)
10,135
5,423
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/38
7,915
3,892
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/39
1,585
733
Metropolitan
Washington
Airports
Auth.,
Dulles
Toll
Road,
Series B,
Zero
Coupon,
10/1/40
3,955
1,717
60,801
FLORIDA
3.4%
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.00%,
11/15/34
190
145
Alachua
County
HFA,
East
Ridge
Retirement
Village,
6.375%,
11/15/49
7,480
5,142
Avenir
Community
Dev.
Dist.,
5.375%,
5/1/43
2,300
2,228
Avenir
Community
Dev.
Dist.,
5.625%,
5/1/54
1,100
1,061
Boggy
Creek
Improvement
Dist.,
Special
Assessment,
Series 2013,
5.125%,
5/1/43
7,035
7,017
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/29
875
905
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/30
250
259
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/31
1,015
1,050
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/33
900
923
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/34
975
993
Capital
Trust
Agency,
4.00%,
6/15/24 (4)
900
892
Capital
Trust
Agency,
4.00%,
6/15/41 (4)
1,790
1,422
Capital
Trust
Agency,
4.00%,
6/15/51 (4)
2,735
1,965
Capital
Trust
Agency,
Bridge
Univ.
Student
Housing,
Series A,
5.25%,
12/1/58 (4)
7,220
6,477
Celebration
Pointe
Community
Dev.
Dist.,
3.00%,
5/1/31
565
499
Celebration
Pointe
Community
Dev.
Dist.,
3.375%,
5/1/41
1,055
813
Celebration
Pointe
Community
Dev.
Dist.,
4.00%,
5/1/53
1,315
1,025
Celebration
Pointe
Community
Dev.
Dist.,
4.75%,
5/1/24
150
150
Celebration
Pointe
Community
Dev.
Dist.,
5.125%,
5/1/45
755
731
Celebration
Pointe
Community
Dev.
Dist.,
Alachua
County,
5.00%,
5/1/32
830
839
Crossings
at
Fleming
Island
Community
Dev.
Dist.,
Series A-1,
4.50%,
5/1/30
295
287
Double
Branch
Community
Dev.
Dist.,
Special
Assessment,
Series A-1,
4.00%,
5/1/25
200
200
Everest
GMR
Community
Dev.
Dist.,
6.20%,
5/1/54
5,985
5,896
Florida
Dev.
Fin.,
UF
Health
Jacksonville
Project,
4.00%,
2/1/52
2,945
2,111
Florida
Dev.
Fin.,
UF
Health
Jacksonville
Project,
5.00%,
2/1/52
1,450
1,273
Florida
Dev.
Fin.,
Waste
Pro
USA,
3.00%,
6/1/32 (5)
5,130
4,026
Florida
Dev.
Fin.,
Waste
Pro
USA,
VRDN,
6.125%,
7/1/32
(Tender
7/1/26) (4)(5)
8,000
8,017
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
4.75%,
6/1/38 (4)
2,495
2,286
Florida
Higher
Ed.
Fac.
Fin.
Auth.,
Jacksonville
Univ.,
Series A-1,
5.00%,
6/1/48 (4)
9,850
8,657
Jacksonville
Ed.
Fac.,
Jacksonville
Univ.,
Series B,
5.00%,
6/1/53 (4)
9,095
7,817
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Centre
&
Northwest
Sector,
5.50%,
5/1/39 (4)
740
750
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Centre
&
Northwest
Sector,
5.65%,
5/1/48 (4)
915
920
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
National
Polo
Run,
5.25%,
5/1/37
2,880
2,898
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
National
Polo
Run,
5.375%,
5/1/47
3,635
3,657
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Ranch
South,
5.00%,
5/1/36
1,170
1,173
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Ranch
South,
5.125%,
5/1/46
2,335
2,234
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Lakewood
Ranch
Stewardship
Dist.,
Northeast
Sector,
5.30%,
5/1/39
790
793
Lakewood
Ranch
Stewardship
Dist.,
Northeast
Sector,
5.45%,
5/1/48
1,365
1,35
1
Lee
County
IDA,
Preserve,
Series A,
5.00%,
12/1/27 (4)
325
298
Lee
County
IDA,
Preserve,
Series A,
5.375%,
12/1/32 (4)
900
776
Lee
County
IDA,
Preserve,
Series A,
5.625%,
12/1/37 (4)
1,170
963
Miami-Dade
County
Water
&
Sewer
System,
4.00%,
10/1/48
4,510
4,217
Orange
County
HFA,
4.00%,
10/1/52
4,605
4,078
Palm
Beach
County
HFA,
Toby
&
Leon
Cooperman
Sinai
Residences
of
Boca
Raton,
4.00%,
6/1/41
2,010
1,565
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/37
1,095
1,031
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/42
1,035
932
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/47
2,535
2,222
Sarasota
County
HFA,
Village
on
the
Isle,
Series A,
5.00%,
1/1/52
5,360
4,595
Sawyers
Landing
Community
Dev.
Dist.,
4.125%,
5/1/41
2,420
2,031
Sawyers
Landing
Community
Dev.
Dist.,
4.25%,
5/1/53
3,225
2,510
Tolomato
Community
Dev.
Dist.,
Special
Assessment,
Series 2015-
2,
STEP,
0.00%,
5/1/40
545
504
Tolomato
Community
Dev.
Dist.,
Special
Assessment,
Series 2015-
3,
6.61%,
5/1/40 (1)(2)
640
—
Viera
Stewardship
Dist.,
Series 2021,
3.125%,
5/1/41
830
610
Viera
Stewardship
Dist.,
Series 2021,
4.00%,
5/1/53
1,310
996
116,210
GEORGIA
3.5%
Atlanta
Airport
Passenger
Fac.
Charge,
Green
Bond,
Series E,
5.25%,
7/1/42 (5)
6,650
7,096
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.50%,
1/1/29 (1)(2)
2,850
1,282
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.75%,
1/1/35 (1)(2)
13,765
6,194
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
7.00%,
1/1/40 (1)(2)
8,525
3,836
Atlanta
Urban
Redev
.
Agency,
Beltline
Trail
Completion
Project,
2.375%,
7/1/26 (4)
900
858
Atlanta
Urban
Redev
.
Agency,
Beltline
Trail
Completion
Project,
2.875%,
7/1/31 (4)(10)
1,625
1,472
Atlanta
Urban
Redev
.
Agency,
Beltline
Trail
Completion
Project,
3.625%,
7/1/42 (4)(10)
3,360
2,920
Atlanta
Urban
Redev
.
Agency,
Beltline
Trail
Completion
Project,
3.875%,
7/1/51 (4)(10)
4,250
3,600
Burke
County
Dev.
Auth.,
Plant
Vogtle
,
VRDN,
4.50%,
11/1/52
4,950
4,950
Burke
County
Dev.
Auth.,
Plant
Vogtle
,
VRDN,
4.50%,
11/1/52 (5)
1,000
1,000
Burke
County
Dev.
Auth.,
Plant
Vogtle
,
VRDN,
PCR,
4.20%,
7/1/49
1,125
1,125
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
4.00%,
4/1/41 (4)
2,375
1,768
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
4.00%,
4/1/51 (4)
6,730
4,446
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
5.00%,
4/1/47 (4)
2,730
2,239
Fulton
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Canterbury
Court
Project,
Series A,
5.00%,
4/1/54 (4)
2,180
1,722
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series A,
5.00%,
2/15/45
2,540
2,566
Gainesville
&
Hall
County
Hosp.
Auth.,
Northeast
Georgia
Health
System,
Series B,
5.50%,
2/15/42
7,915
8,280
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
2.375%,
1/1/31
2,205
1,901
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
3.625%,
1/1/31 (4)
1,220
1,062
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/36
1,190
1,119
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
4.00%,
1/1/54
4,250
3,492
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/36 (4)
2,645
2,451
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/54 (4)
13,030
10,600
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.00%,
6/15/27 (4)
210
208
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.75%,
6/15/37 (4)
1,215
1,222
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.875%,
6/15/47 (4)
1,980
1,954
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
6.00%,
6/15/52 (4)
1,215
1,208
Main
Street
Natural
Gas,
Series C,
VRDN,
5.00%,
9/1/53
(Tender
9/1/30)
2,725
2,829
Main
Street
Natural
Gas,
Georgia
Municipal
Gas
Auth.,
Series B,
VRDN,
5.00%,
12/1/52
(Tender
6/1/29)
5,855
5,987
Marietta
Dev.
Auth.,
Life
Univ.,
Series A,
5.00%,
11/1/27 (4)
2,745
2,725
Marietta
Dev.
Auth.,
Life
Univ.,
Series A,
5.00%,
11/1/37 (4)
2,210
2,063
Marietta
Dev.
Auth.,
Life
Univ.,
Series A,
5.00%,
11/1/47 (4)
8,705
7,631
Municipal
Electric
Auth.
of
Georgia,
Plant
Vogtle
Project,
Series A,
5.00%,
1/1/49
9,860
9,932
Savannah
Economic
Dev.
Auth.,
Marshes
of
Skidaway
,
7.25%,
1/1/44
(
Prerefunded
1/1/24) (7)
7,580
7,670
119,408
GUAM
0.4%
Guam
Power
Auth.,
Series A,
5.00%,
10/1/42
4,050
4,097
Guam
Power
Auth.,
Series A,
5.00%,
10/1/43
1,930
1,946
Guam
Power
Auth.,
Series A,
5.00%,
10/1/44
1,695
1,704
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Territory
of
Guam,
Series F,
4.00%,
1/1/36
3,560
3,334
Territory
of
Guam,
Series F,
4.00%,
1/1/42
850
730
Territory
of
Guam,
Series F,
5.00%,
1/1/30
790
818
Territory
of
Guam,
Series F,
5.00%,
1/1/31
790
817
13,446
IDAHO
0.3%
Power
County
IDC,
FMC
Project,
6.45%,
8/1/32 (5)
3,620
3,631
Spring
Valley
Community
Infrastructure
Dist.
No.
1,
Special
Assessment
Bonds,
3.75%,
9/1/51 (4)
10,196
7,737
11,368
ILLINOIS
6.0%
Chicago,
Series 2005D,
GO,
5.50%,
1/1/40
9,495
9,600
Chicago,
Series 2007E,
GO,
5.50%,
1/1/35
1,190
1,206
Chicago,
Series A,
GO,
5.00%,
1/1/39
1,025
1,046
Chicago,
Series A,
GO,
5.00%,
1/1/40
2,375
2,416
Chicago,
Series A,
GO,
5.50%,
1/1/35
3,165
3,383
Chicago
Board
of
Ed.,
Series A,
GO,
5.00%,
12/1/34 (3)
830
865
Chicago
Board
of
Ed.,
Series A,
GO,
5.00%,
12/1/35 (3)
900
933
Chicago
Board
of
Ed.,
School
Reform,
Series B-1,
GO,
Zero
Coupon,
12/1/27 (11)
12,290
10,264
Chicago
Board
of
Ed.,
School
Reform,
Series B-1,
GO,
Zero
Coupon,
12/1/29 (3)
11,245
8,703
Chicago,
City
Colleges,
GO,
Zero
Coupon,
1/1/27 (11)(12)
7,915
7,066
Chicago,
Works,
Series A,
GO,
5.50%,
1/1/40
2,530
2,717
Chicago,
Works,
Series A,
GO,
5.50%,
1/1/41
2,130
2,249
Chicago,
Works,
Series A,
GO,
5.50%,
1/1/43
2,095
2,202
Illinois,
GO,
5.00%,
2/1/28
3,360
3,500
Illinois,
GO,
5.00%,
5/1/34
1,585
1,591
Illinois,
Series A,
GO,
5.00%,
10/1/31
1,980
2,103
Illinois,
Series A,
GO,
5.50%,
3/1/42
3,340
3,611
Illinois,
Series A,
GO,
5.50%,
3/1/47
5,040
5,402
Illinois,
Series B,
GO,
5.00%,
10/1/31
1,820
1,933
Illinois,
Series B,
GO,
5.00%,
10/1/32
2,485
2,633
Illinois,
Series B,
GO,
5.00%,
12/1/33
2,715
2,948
Illinois,
Series B,
GO,
5.50%,
5/1/47
1,890
2,027
Illinois,
Series C,
GO,
5.00%,
11/1/29
8,450
8,878
Illinois,
Series D,
GO,
5.00%,
11/1/25
790
811
Illinois,
Series D,
GO,
5.00%,
11/1/28
5,640
5,927
Illinois
DFA,
Citgo
Petroleum,
8.00%,
6/1/32 (5)
1,385
1,386
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.125%,
5/15/38
8,705
7,341
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.25%,
5/15/42
1,585
1,277
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.25%,
5/15/54
6,735
4,918
Illinois
Fin.
Auth.,
Depaul
College
Prep
Foundation,
5.25%,
8/1/38 (4)
1,000
1,004
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Illinois
Fin.
Auth.,
Depaul
College
Prep
Foundation,
5.50%,
8/1/43 (4)
1,000
1,007
Illinois
Fin.
Auth.,
Depaul
College
Prep
Foundation,
5.625%,
8/1/53 (4)
1,195
1,192
Illinois
Fin.
Auth.,
Franciscan
Communities,
Series A,
5.00%,
5/15/37
3,050
2,985
Illinois
Fin.
Auth.,
Franciscan
Communities,
Series A,
5.00%,
5/15/47
1,230
1,108
Illinois
Fin.
Auth.,
Northwestern
Memorial
Healthcare,
Series C,
VRDN,
3.95%,
7/15/55
100
100
Illinois
Fin.
Auth.,
Plymouth
Place,
5.25%,
5/15/45
(
Prerefunded
5/15/25) (7)
950
980
Illinois
Fin.
Auth.,
Plymouth
Place,
5.25%,
5/15/50
(
Prerefunded
5/15/25) (7)
2,575
2,656
Illinois
Fin.
Auth.,
Silver
Cross
Hosp.,
5.00%,
8/15/35
2,115
2,144
Illinois
Fin.
Auth.,
Silver
Cross
Hosp.,
5.00%,
8/15/44
3,955
3,954
Illinois
Fin.
Auth.,
Three
Crowns
Park,
5.00%,
2/15/32
910
896
Illinois
Fin.
Auth.,
Three
Crowns
Park,
5.25%,
2/15/37
630
617
Illinois
Fin.
Auth.,
Univ.
of
Chicago
Medical
Center,
Series D-2,
VRDN,
3.93%,
8/1/43
3,450
3,450
Illinois
Fin.
Auth.,
Villa
Saint
Benedict,
6.125%,
11/15/35
2,440
2,453
Illinois
Fin.
Auth.,
Villa
Saint
Benedict,
6.375%,
11/15/43
3,165
3,177
Illinois
Housing
Dev.
Auth.,
Series G,
5.00%,
10/1/46
1,380
1,384
Illinois
Housing
Dev.
Auth.,
Series G,
6.25%,
10/1/52
1,270
1,362
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
4.00%,
6/15/52
2,120
1,805
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
5.00%,
12/15/45
595
603
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
5.00%,
6/15/50
8,285
8,306
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
12/15/35
850
499
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/36
730
416
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/37
1,115
597
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
12/15/38
2,375
1,169
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/39
2,575
1,226
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/41
905
385
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
12/15/30 (11)
3,040
2,273
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
12/15/33 (11)
46,130
30,514
Regional
Transportation
Auth.,
Series A,
6.00%,
7/1/33 (11)
5,935
7,054
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Upper
Illinois
River
Valley
Dev.
Auth.,
Cambridge
Lakes
Learning
Center,
Series A,
5.00%,
12/1/32 (4)
3,300
3,081
Upper
Illinois
River
Valley
Dev.
Auth.,
Cambridge
Lakes
Learning
Center,
Series A,
5.25%,
12/1/47 (4)
6,420
5,530
202,863
INDIANA
1.8%
East
Chicago,
USG
Project,
5.50%,
9/1/28 (5)
1,405
1,313
Indiana
Fin.
Auth.
Depauw
University
Project,
Series A,
5.50%,
7/1/52
8,655
8,825
Indiana
Fin.
Auth.,
Greencroft
Obligated
Group,
Series A,
7.00%,
11/15/43
(
Prerefunded
11/15/23) (7)
6,330
6,363
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series A,
4.25%,
11/1/30
5,160
5,142
Indiana
Fin.
Auth.,
Student
Housing
Project,
Series A,
5.00%,
6/1/53
3,350
3,353
Indiana
Fin.
Auth.,
Student
Housing
Project,
Series A,
5.125%,
6/1/58
1,650
1,661
Indiana
Fin.
Auth.,
U.S.
Steel,
Series A,
4.125%,
12/1/26
10,935
10,777
Indiana
Municipal
Power
Agency,
Series B,
VRDN,
4.20%,
1/1/42
6,450
6,450
Indianapolis
Airport
Auth.,
United
Airlines,
Series A,
6.50%,
11/15/31 (1)(5)(13)
9,846
—
Town
of
Shoals,
National
Gypsum,
7.25%,
11/1/43 (5)
3,915
3,926
Valparaiso,
Pratt
Paper,
6.75%,
1/1/34 (5)
5,860
5,912
Valparaiso,
Pratt
Paper,
7.00%,
1/1/44 (5)
7,915
7,989
61,711
IOWA
0.0%
Iowa
Fin.
Auth.,
Unitypoint
Health,
Series E,
VRDN,
4.00%,
2/15/41
690
690
690
KANSAS
0.1%
Lenexa,
Lakeview
Village,
Series A,
5.00%,
5/15/30
1,010
1,008
Lenexa,
Lakeview
Village,
Series A,
5.00%,
5/15/32
910
901
Lenexa,
Lakeview
Village,
Series A,
5.00%,
5/15/39
930
871
2,780
KENTUCKY
2.1%
Henderson,
Pratt
Paper,
Series B,
4.45%,
1/1/42 (4)(5)
1,945
1,842
Henderson,
Pratt
Paper,
Series B,
4.70%,
1/1/52 (4)(5)
6,270
5,896
Kentucky
Economic
DFA,
Baptist
Life
Communities,
6.25%,
11/15/46
2,770
2,118
Kentucky
Economic
DFA,
Baptist
Life
Communities,
6.375%,
11/15/51
4,635
3,504
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/46
5,625
4,116
Kentucky
Economic
DFA,
Masonic
Home
Independent
Living,
Series A,
5.00%,
5/15/51
2,905
2,057
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.375%,
11/15/42
3,560
2,905
Kentucky
Economic
DFA,
Masonic
Homes
of
Kentucky,
5.50%,
11/15/45
1,860
1,505
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/37
3,555
3,540
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/41
4,040
3,871
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/45
6,415
6,001
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/41
6,035
6,104
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/50
11,165
11,175
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28)
11,085
11,000
Louisville
Regional
Airport
Auth.,
UPS
Worldwide
Forwarding,
Series B,
VRDN,
4.30%,
1/1/29 (5)
4,900
4,900
70,534
LOUISIANA
1.6%
Jefferson
Parish
Economic
Dev.
&
Port
Dist.,
Kenner
Discovery
Health
Sciences,
Series A,
5.50%,
6/15/38 (4)
1,900
1,858
Jefferson
Parish
Economic
Dev.
&
Port
Dist.,
Kenner
Discovery
Health
Sciences,
Series A,
5.625%,
6/15/48 (4)
2,220
2,089
Louisiana
Gasoline
&
Fuels
Tax
Revenue,
Series A-1,
VRDN,
3.93%,
5/1/43
3,500
3,500
Louisiana
Local
Gov't
Environmental
Fac.
&
Community
Dev.
Auth.,
Westlake
Chemical,
3.50%,
11/1/32
11,300
10,638
New
Orleans
Aviation
Board,
Series D-2,
5.00%,
1/1/31 (5)
515
534
New
Orleans
Aviation
Board,
Series D-2,
5.00%,
1/1/34 (5)
640
663
New
Orleans
Aviation
Board,
Series D-2,
5.00%,
1/1/35 (5)
515
532
New
Orleans
Aviation
Board,
North
Terminal
Project,
Series B,
5.00%,
1/1/43 (5)
1,585
1,601
New
Orleans
Aviation
Board,
North
Terminal
Project,
Series B,
5.00%,
1/1/48 (5)
6,095
6,130
New
Orleans
Sewerage
Service,
5.00%,
6/1/33
(
Prerefunded
6/1/25) (7)
1,140
1,174
New
Orleans
Sewerage
Service,
5.00%,
6/1/40
(
Prerefunded
6/1/25) (7)
2,165
2,230
New
Orleans
Sewerage
Service,
5.00%,
6/1/45
(
Prerefunded
6/1/25) (7)
1,385
1,426
New
Orleans
Water
System,
5.00%,
12/1/45
(
Prerefunded
12/1/25) (7)
4,355
4,517
Saint
James
Parish,
Nustar
Logistics,
VRDN,
5.85%,
8/1/41
(Tender
6/1/25) (4)
1,310
1,341
Saint
James
Parish,
Nustar
Logistics,
VRDN,
6.10%,
6/1/38
(Tender
6/1/30) (4)
4,190
4,538
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Saint
James
Parish,
Nustar
Logistics,
Series 2,
6.35%,
7/1/40 (4)
4,235
4,596
Saint
James
Parish,
Nustar
Logistics,
Series B,
VRDN,
6.10%,
12/1/40
(Tender
6/1/30) (4)
5,485
5,940
53,307
MARYLAND
5.4%
Anne
Arundel
County,
Annapolis
Area
Christian
School,
Series A,
6.50%,
7/1/33
2,355
2,326
Anne
Arundel
County,
Annapolis
Area
Christian
School,
Series A,
6.75%,
7/1/43
4,575
4,491
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/42
2,260
2,051
Baltimore
City,
Convention
Center
Hotel,
5.00%,
9/1/46
17,045
15,063
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/27
1,190
1,194
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/28
1,585
1,590
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/33
5,910
5,858
Maryland
Economic
Dev.,
Baltimore
City
Project,
Series A,
5.00%,
6/1/58
4,040
3,836
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/25
750
761
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/29 (4)
1,900
1,949
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/33 (4)
2,010
2,055
Maryland
Economic
Dev.,
Port
Covington
Project,
3.25%,
9/1/30
750
695
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/40
1,740
1,521
Maryland
Economic
Dev.,
Port
Covington
Project,
4.00%,
9/1/50
2,000
1,612
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series A,
5.00%,
11/12/28 (5)
4,605
4,700
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/55 (5)
41,675
41,729
Maryland
Economic
Dev.,
Senior-Annapolis
Mobility,
5.25%,
6/30/53
4,635
4,723
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/25
825
831
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/27
790
814
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/28
1,190
1,238
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/30
790
823
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/32
815
849
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/35
2,050
2,121
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/36
5,430
5,581
Maryland
HHEFA,
Adventist
Healthcare,
Series A,
5.50%,
1/1/46
16,365
16,485
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/45
790
795
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Maryland
HHEFA,
City
Neighbors
Charter
School,
Series A,
6.75%,
7/1/44
2,090
2,091
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/32
475
486
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/33
1,205
1,232
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/34
1,425
1,459
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/35
1,270
1,296
Maryland
HHEFA,
Mercy
Medical
Center,
Series A,
5.00%,
7/1/36
1,190
1,210
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/46
2,575
2,258
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/51
4,305
3,665
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/55
2,665
2,228
Montgomery
County,
Friends
House
Retirement
Community,
Series A,
5.00%,
7/1/39
405
341
Montgomery
County,
Friends
House
Retirement
Community,
Series A,
5.375%,
7/1/48
5,145
4,250
Prince
George's
County
Auth.,
Suitland-Naylor
Road,
4.75%,
7/1/36 (4)
1,385
1,385
Prince
George's
County
Auth.,
Suitland-Naylor
Road,
5.00%,
7/1/46 (4)
1,980
1,969
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/31
1,190
1,125
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/37
1,595
1,439
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/35
790
724
Rockville,
Ingelside
at
King
Farm,
Series B,
4.25%,
11/1/37
315
254
Rockville,
Ingelside
at
King
Farm,
Series B,
4.50%,
11/1/43
1,560
1,243
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/42
2,695
2,332
Rockville,
Ingelside
at
King
Farm,
Series B,
5.00%,
11/1/47
5,250
4,408
Rockville,
Ingleside
at
King
Farm,
5.00%,
11/1/29
395
380
Rockville,
Ingleside
at
King
Farm,
5.00%,
11/1/32
395
371
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/26
1,370
1,323
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/27
1,430
1,357
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/30
1,605
1,437
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/31
880
774
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36
2,225
1,802
Washington
County,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/42
6,330
4,694
Westminster,
Carroll
Lutheran
Village,
5.125%,
7/1/34
(
Prerefunded
7/1/24) (7)
3,560
3,605
Westminster,
Carroll
Lutheran
Village,
5.50%,
7/1/44
(
Prerefunded
7/1/24) (7)
3,560
3,615
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
5.00%,
7/1/24
355
356
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
6.25%,
7/1/44
2,885
2,897
183,697
MASSACHUSETTS
0.6%
Massachusetts
Dev.
Fin.
Agency,
Boston
Univ.,
Series P,
5.45%,
5/15/59 (8)
2,000
2,222
Massachusetts
Dev.
Fin.
Agency,
Milford
Regional
Medical
Center,
Series F,
5.625%,
7/15/36
480
457
Massachusetts
Dev.
Fin.
Agency,
Milford
Regional
Medical
Center,
Series F,
5.75%,
7/15/43
2,600
2,437
Massachusetts
Dev.
Fin.
Agency,
NewBridge
on
the
Charles,
5.00%,
10/1/47 (4)
5,245
4,648
Massachusetts
Dev.
Fin.
Agency,
NewBridge
on
the
Charles,
5.00%,
10/1/57 (4)
10,290
8,830
Massachusetts
Dev.
Fin.
Agency,
Salem
Community,
5.25%,
1/1/50
2,120
1,804
20,398
MICHIGAN
1.0%
Calhoun
County
Hosp.
Fin.
Auth.,
Oaklawn
Hosp.,
5.00%,
2/15/37
790
778
Calhoun
County
Hosp.
Fin.
Auth.,
Oaklawn
Hosp.,
5.00%,
2/15/41
4,510
4,265
Calhoun
County
Hosp.
Fin.
Auth.,
Oaklawn
Hosp.,
5.00%,
2/15/47
12,580
11,453
Detroit,
GO,
5.00%,
4/1/29
570
590
Detroit,
GO,
5.00%,
4/1/30
555
574
Detroit,
GO,
5.00%,
4/1/31
595
614
Detroit,
GO,
5.00%,
4/1/32
670
690
Detroit,
GO,
5.00%,
4/1/33
950
978
Detroit,
GO,
5.00%,
4/1/37
1,660
1,682
Detroit,
GO,
5.00%,
4/1/38
1,110
1,120
Detroit,
Series A,
GO,
5.00%,
4/1/50
1,810
1,748
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate
,
5.00%,
11/1/32
1,665
1,573
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate
,
5.00%,
11/1/37
945
848
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate
,
5.00%,
11/1/47
2,195
1,796
Grand
Rapids
Economic
Dev.,
Beacon
Hill
at
Eastgate
,
5.00%,
11/1/52
940
748
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
Series A,
4.00%,
11/15/50
1,875
1,676
Michigan
Tobacco
Settlement
Fin.
Auth.,
Series B,
Zero
Coupon,
6/1/52
20,180
2,269
33,402
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
MINNESOTA
0.3%
Deephaven
,
Seven
Hills
Preparatory
Academy,
Series A,
5.00%,
10/1/37
415
370
Deephaven
,
Seven
Hills
Preparatory
Academy,
Series A,
5.00%,
10/1/49
790
651
Rochester,
Mayo
Clinic,
5.00%,
11/15/57
6,870
7,226
Woodbury,
Woodbury
Leadership
Project,
4.00%,
7/1/41
670
524
Woodbury,
Woodbury
Leadership
Project,
4.00%,
7/1/51
520
369
Woodbury,
Woodbury
Leadership
Project,
4.00%,
7/1/56
455
311
9,451
MISSOURI
2.1%
Kansas
City
IDA,
Kansas
City
Int'l.
Airport,
4.00%,
3/1/50 (3)(5)
1,980
1,765
Kansas
City
IDA,
Kansas
City
Int'l.
Airport,
4.00%,
3/1/50 (5)
1,455
1,279
Kansas
City
IDA,
Kansas
City
Int'l.
Airport,
4.00%,
3/1/57 (3)(5)
14,840
12,960
Kansas
City
IDA,
Kansas
City
Int'l.
Airport,
Series B,
5.00%,
3/1/54 (5)
3,955
3,998
Kirkwood
IDA,
Aberdeen
Heights,
5.25%,
5/15/37
1,585
1,337
Kirkwood
IDA,
Aberdeen
Heights,
5.25%,
5/15/42
1,345
1,071
Kirkwood
IDA,
Aberdeen
Heights,
5.25%,
5/15/50
3,165
2,360
Missouri
HEFA,
Lutheran
Senior
Services,
5.00%,
2/1/46
4,000
3,705
Saint
Louis
County
IDA,
Friendship
Village,
5.00%,
9/1/48
1,685
1,437
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.00%,
9/1/38
3,760
3,476
Saint
Louis
County
IDA,
Friendship
Village,
Series A,
5.125%,
9/1/48
12,270
10,661
Saint
Louis
County
IDA,
Nazareth
Living
Center,
Series A,
5.00%,
8/15/30
790
749
Saint
Louis
County
IDA,
Nazareth
Living
Center,
Series A,
5.00%,
8/15/35
555
501
Saint
Louis
County
IDA,
Nazareth
Living
Center,
Series A,
5.125%,
8/15/45
1,345
1,121
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
5.00%,
12/1/35
1,585
1,487
Saint
Louis
County
IDA,
Saint
Andrews
Resources
for
Seniors,
Series A,
5.125%,
12/1/45
1,680
1,499
Saint
Louis
IDA,
Ballpark
Village,
Series A,
3.875%,
11/15/29
675
581
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.375%,
11/15/35
2,170
1,710
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.75%,
11/15/47
2,335
1,682
Saint
Louis
Land
Clearance
for
Redev
.
Auth.,
National
Geospatial
Intelligence
Agency,
5.125%,
6/1/46
4,060
4,028
Saint
Louis
Land
Clearance
for
Redev
.
Auth.,
National
Geospatial
Intelligence
Agency,
5.375%,
6/1/43
11,595
11,707
Taney
County
IDA,
6.00%,
10/1/49 (4)
3,500
3,384
72,498
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
MONTANA
0.3%
Kalispell,
Immanuel
Lutheran,
Series A,
5.25%,
5/15/37
545
480
Kalispell,
Immanuel
Lutheran,
Series A,
5.25%,
5/15/47
5,740
4,580
Kalispell,
Immanuel
Lutheran,
Series A,
5.25%,
5/15/52
5,975
4,640
9,700
NEBRASKA
0.1%
Central
Plains
Energy
Project,
Series 1,
VRDN,
5.00%,
5/1/53
(Tender
10/1/29)
1,145
1,167
Central
Plains
Energy
Project,
Series A,
5.00%,
9/1/30
2,770
2,885
4,052
NEVADA
0.6%
Henderson
Public
Improvement
Trust,
Touro
College
&
Univ.
Obligated
Group,
5.50%,
1/1/34
(
Prerefunded
7/1/24) (7)
1,395
1,418
Henderson
Public
Improvement
Trust,
Touro
College
&
Univ.
Obligated
Group,
5.50%,
1/1/39
(
Prerefunded
7/1/24) (7)
2,070
2,104
Henderson
Public
Improvement
Trust,
Touro
College
&
Univ.
Obligated
Group,
5.50%,
1/1/44
(
Prerefunded
7/1/24) (7)
2,965
3,014
Las
Vegas
Redev
.
Agency,
5.00%,
6/15/30
325
333
Las
Vegas
Redev
.
Agency,
5.00%,
6/15/40
3,585
3,619
Las
Vegas
Redev
.
Agency,
5.00%,
6/15/45
6,290
6,319
Reno,
Retrac
-Reno
Transportation,
5.00%,
6/1/33 (3)
160
171
Reno,
Retrac
-Reno
Transportation,
5.00%,
6/1/36
200
209
Reno,
Retrac
-Reno
Transportation,
5.00%,
6/1/37
395
410
Reno,
Retrac
-Reno
Transportation,
5.00%,
6/1/38 (3)
80
83
Reno,
Retrac
-Reno
Transportation,
5.00%,
6/1/48
395
402
Reno,
Retrac
-Reno
Transportation,
Series C,
Zero
Coupon,
7/1/58 (4)
11,000
1,348
19,430
NEW
HAMPSHIRE
0.4%
New
Hampshire
Business
Fin.
Auth.,
Series B,
VRDN,
3.75%,
7/1/45
(Tender
7/2/40) (4)(5)
3,245
2,490
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.25%,
7/1/39 (4)
1,245
1,113
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.625%,
7/1/46 (4)
690
614
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.75%,
7/1/54 (4)
1,725
1,522
New
Hampshire
HEFA,
Hillside
Villiage
,
Series A,
6.125%,
7/1/37 (1)(2)(4)
1,135
250
New
Hampshire
HEFA,
Hillside
Villiage
,
Series A,
6.125%,
7/1/52 (1)(2)(4)
2,792
614
New
Hampshire
HEFA,
Hillside
Villiage
,
Series A,
6.25%,
7/1/42 (1)(2)(4)
1,682
370
New
Hampshire
HEFA,
Kendel
at
Hanover,
5.00%,
10/1/36
630
630
New
Hampshire
HEFA,
Kendel
at
Hanover,
5.00%,
10/1/40
595
578
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
New
Hampshire
HEFA,
Kendel
at
Hanover,
5.00%,
10/1/46
4,835
4,557
12,738
NEW
JERSEY
3.3%
Essex
County
Improvement
Auth.,
The
Friends
of
Team
Charter
Schools,
4.00%,
6/15/46
1,555
1,337
Essex
County
Improvement
Auth.,
The
Friends
of
Team
Charter
Schools,
4.00%,
6/15/56
1,760
1,434
Gloucester
County
Pollution
Control
Fin.
Auth.,
Keystone
Urban
Renewal,
Series A,
PCR,
5.00%,
12/1/24 (5)(12)
1,280
1,287
New
Jersey
Economic
Dev.
Auth.,
Barnabas
Health,
Series A,
Zero
Coupon,
7/1/26 (11)(12)
1,980
1,800
New
Jersey
Economic
Dev.
Auth.,
Beloved
Commonwealth
Charter
School,
Series A,
5.00%,
6/15/49 (4)
900
806
New
Jersey
Economic
Dev.
Auth.,
Continental
Airlines,
Series B,
5.625%,
11/15/30 (5)
7,125
7,214
New
Jersey
Economic
Dev.
Auth.,
Goethals
Bridge,
5.625%,
1/1/52 (5)
13,460
13,483
New
Jersey
Economic
Dev.
Auth.,
Lions
Gate,
4.375%,
1/1/24
210
210
New
Jersey
Economic
Dev.
Auth.,
Lions
Gate,
5.25%,
1/1/44
3,880
3,562
New
Jersey
Economic
Dev.
Auth.,
Middlesex
Water,
5.00%,
8/1/59 (5)
1,605
1,634
New
Jersey
Economic
Dev.
Auth.,
Port
Newark
Container
Terminal,
5.00%,
10/1/37 (5)
10,445
10,676
New
Jersey
Economic
Dev.
Auth.,
Port
Newark
Container
Terminal,
5.00%,
10/1/47 (5)
14,475
14,549
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/30
1,585
1,568
New
Jersey
Economic
Dev.
Auth.,
Provident
Group-Rowan
Properties,
Series A,
5.00%,
1/1/48
9,565
8,596
New
Jersey
Economic
Dev.
Auth.,
Transit
Transportation
Project,
4.00%,
11/1/44
6,445
6,176
New
Jersey
Economic
Dev.
Auth.,
UMM
Energy
Partners,
Series A,
5.00%,
6/15/37 (5)
990
979
New
Jersey
Economic
Dev.
Auth.,
UMM
Energy
Partners,
Series A,
5.125%,
6/15/43 (5)
1,385
1,371
New
Jersey
EFA,
Green
Bond,
Series A,
5.00%,
7/1/40
3,130
3,177
New
Jersey
Transportation
Trust
Fund
Auth.,
5.25%,
6/15/46
2,615
2,805
New
Jersey
Transportation
Trust
Fund
Auth.,
5.50%,
6/15/50
1,875
2,042
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
4.00%,
6/15/42
790
757
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.25%,
6/15/41
650
706
New
Jersey
Transportation
Trust
Fund
Auth.,
Series A,
5.25%,
6/15/42
1,000
1,081
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
4.25%,
6/15/44
2,000
1,962
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/36
790
862
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series A,
Zero
Coupon,
12/15/28
11,870
9,757
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series AA,
5.25%,
6/15/43
2,710
2,829
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series C,
Zero
Coupon,
12/15/30 (11)
3,580
2,704
Tobacco
Settlement
Fin.,
Series A,
5.25%,
6/1/46
7,915
8,172
113,536
NEW
YORK
4.8%
Build
New
York
City
Resource,
Friends
of
Hellenic
Classical,
Series A,
5.00%,
12/1/41 (4)
1,135
1,006
Build
New
York
City
Resource,
Friends
of
Hellenic
Classical,
Series A,
5.00%,
12/1/51 (4)
1,260
1,044
Build
New
York
City
Resource,
Friends
of
Hellenic
Classical,
Series A,
5.00%,
12/1/55 (4)
830
676
Build
New
York
City
Resource,
Inwood
Academy
Leadership
Charter
School,
Series A,
5.50%,
5/1/48 (4)
460
444
Build
New
York
City
Resource,
Pratt
Paper,
4.50%,
1/1/25 (4)(5)
280
281
Build
New
York
City
Resource,
Pratt
Paper,
5.00%,
1/1/35 (4)(5)
9,890
9,991
Build
New
York
City
Resource,
Richmond
Preparatory
Charter
School
Project,
Series A,
5.00%,
6/1/36 (4)
425
418
Build
New
York
City
Resource,
Richmond
Preparatory
Charter
School
Project,
Series A,
5.00%,
6/1/41 (4)
550
517
Build
New
York
City
Resource,
Richmond
Preparatory
Charter
School
Project,
Series A,
5.00%,
6/1/51 (4)
1,980
1,763
Build
New
York
City
Resource,
Shefa
School
Project,
Series A,
2.50%,
6/15/31 (4)
650
529
Build
New
York
City
Resource,
Shefa
School
Project,
Series A,
5.00%,
6/15/51 (4)
13,110
10,946
Dormitory
Auth.
of
the
State
of
New
York,
Series A,
5.00%,
3/15/46
5,205
5,488
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series A,
5.00%,
1/1/56
5,105
4,348
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series B,
Zero
Coupon,
1/1/45
22,850
5,794
Glen
Cove
Local
Economic
Assistance,
Garvies
Point,
Series C,
STEP,
0.00%,
1/1/55
7,610
6,457
Nassau
County
IDA,
Amsterdam
at
Harborside
,
Series A,
9.00%,
1/1/41 (1)(2)(4)
6,655
6,322
Nassau
County
IDA,
Amsterdam
at
Harborside
,
Series B,
VR,
5.00%,
1/1/58 (2)
13,414
4,013
New
York
City,
Series G-6,
GO,
VRDN,
3.89%,
4/1/42
475
475
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/30 (4)
1,000
996
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/31 (4)
800
797
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/34 (4)
800
792
New
York
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/36 (4)
1,400
1,365
New
York
Liberty
Dev.,
3
World
Trade
Center,
Class
2,
5.15%,
11/15/34 (4)
5,040
5,010
New
York
Liberty
Dev.,
3
World
Trade
Center,
Class
2,
5.375%,
11/15/40 (4)
19,940
19,729
New
York
Liberty
Dev.,
Goldman
Sachs
Headquarters,
5.25%,
10/1/35
24,740
27,708
New
York
Transportation
Dev.,
American
Airlines,
2.25%,
8/1/26 (5)
660
630
New
York
Transportation
Dev.,
American
Airlines,
3.00%,
8/1/31 (5)
2,375
2,102
New
York
Transportation
Dev.,
American
Airlines,
5.00%,
8/1/31 (5)
12,445
12,476
New
York
Transportation
Dev.,
Delta
Airlines,
LaGuardia
Airport,
5.00%,
10/1/35 (5)
4,945
5,097
New
York
Transportation
Dev.,
Delta
Airlines,
LaGuardia
Airport,
5.00%,
10/1/40 (5)
3,005
3,032
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/39 (5)
1,955
2,016
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/40 (5)
1,290
1,330
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/41 (5)
1,290
1,325
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.00%,
12/1/42 (5)
1,290
1,319
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.25%,
8/1/31 (5)
1,805
1,863
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.375%,
8/1/36 (5)
2,535
2,579
Suffolk
County
Economic
Dev.,
Saint
Johnland
Assisted
Living,
5.375%,
11/1/54 (4)
1,365
1,081
Westchester
County
Local
Dev.,
Pace
Univ.,
Series A,
5.50%,
5/1/42
10,685
10,711
162,470
NORTH
CAROLINA
1.9%
Forsyth
County,
Series B,
GO,
2.00%,
3/1/39
4,585
3,289
Greater
Asheville
Regional
Airport
Auth.,
Series A,
5.50%,
7/1/47 (3)(5)
9,515
10,188
North
Carolina
Housing
Fin.
Agency,
5.00%,
7/1/47
1,585
1,604
North
Carolina
Medical
Care
Commission,
Series C,
4.00%,
3/1/36
1,835
1,536
North
Carolina
Medical
Care
Commission,
Series C,
4.00%,
3/1/42
3,870
2,916
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
4.70%,
7/1/37
2,180
1,791
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
4.875%,
7/1/40
4,245
3,397
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
5.00%,
7/1/45
3,525
2,709
North
Carolina
Medical
Care
Commission,
Aldersgate
United
Methodist,
Series A,
5.00%,
7/1/47
925
698
North
Carolina
Medical
Care
Commission,
Everyage
,
Series A,
4.00%,
9/1/41
865
711
North
Carolina
Medical
Care
Commission,
Everyage
,
Series A,
4.00%,
9/1/47
770
595
North
Carolina
Medical
Care
Commission,
Everyage
,
Series A,
4.00%,
9/1/51
765
574
North
Carolina
Medical
Care
Commission,
Lutheran
Services,
4.00%,
3/1/51
1,980
1,346
North
Carolina
Medical
Care
Commission,
Pennybyrn
at
Maryfield
,
5.00%,
10/1/25
2,145
2,142
North
Carolina
Medical
Care
Commission,
Salemtowne
,
5.25%,
10/1/37
730
667
North
Carolina
Medical
Care
Commission,
Salemtowne
,
5.375%,
10/1/45
9,295
7,981
North
Carolina
Medical
Care
Commission,
Southminster
,
5.00%,
10/1/31
1,385
1,372
North
Carolina
Medical
Care
Commission,
Southminster
,
5.00%,
10/1/37
1,225
1,151
North
Carolina
Medical
Care
Commission,
United
Church
Homes,
5.00%,
9/1/41
(
Prerefunded
9/1/23) (7)
1,330
1,370
North
Carolina
Medical
Care
Commission,
United
Church
Homes,
Series A,
5.00%,
9/1/37
(
Prerefunded
9/1/24) (7)
1,660
1,687
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/47
4,510
4,542
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/51
4,115
4,141
North
Carolina
Turnpike
Auth.,
Series A,
5.00%,
7/1/54
6,845
6,880
Univ.
of
North
Carolina
at
Chapel
Hill,
Series A,
VRDN,
3.93%,
2/15/31
1,525
1,525
64,812
OHIO
5.5%
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series B-2,
Class
2,
5.00%,
6/1/55
110,435
100,948
Cleveland-Cuyahoga
County
Port
Auth.,
Playhouse
Square
Foundation,
5.50%,
12/1/43
1,345
1,342
Cleveland-Cuyahoga
County
Port
Auth.,
Playhouse
Square
Foundation,
5.50%,
12/1/53
7,720
7,444
Cuyahoga
County,
MetroHealth
System,
5.00%,
2/15/42
3,560
3,563
Cuyahoga
County,
MetroHealth
System,
5.00%,
2/15/57
2,375
2,257
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/52
15,790
15,904
Cuyahoga
County,
MetroHealth
System,
5.50%,
2/15/57
12,900
12,899
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/44
4,635
4,242
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Franklin
County
Convention
Fac.
Auth.,
Greater
Columbus
Convention
Center,
5.00%,
12/1/51
5,955
5,345
Marion
County,
United
Church
Homes,
5.00%,
12/1/39
1,310
1,072
Marion
County,
United
Church
Homes,
5.125%,
12/1/49
1,445
1,104
Muskingum
County,
Genesis
Healthcare,
5.00%,
2/15/44
3,955
3,578
Ohio,
Series A,
4.00%,
1/15/38
845
810
Ohio,
Series A,
4.00%,
1/15/39
1,585
1,502
Ohio,
Series A,
5.00%,
1/15/50
1,980
2,009
Ohio
Air
Quality
Dev.
Auth.,
Ohio
Valley
Electric,
3.25%,
9/1/29
6,885
6,527
Ohio
Air
Quality
Dev.
Auth.,
Pratt
Paper,
4.50%,
1/15/48 (4)(5)
1,585
1,463
Ohio
Air
Quality
Dev.
Auth.,
Vanadium
Project,
5.00%,
7/1/49 (4)
(5)
13,610
12,227
Ohio
Housing
Fin.
Agency,
Sanctuary
at
Springboro,
5.45%,
1/1/38 (4)
2,250
1,709
185,945
OKLAHOMA
0.9%
Norman
Regional
Hosp.
Auth.,
4.00%,
9/1/45
6,565
5,263
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
6.00%,
4/1/30 (2)
655
328
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
Series A,
5.00%,
4/1/33 (1)(2)
790
395
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
Series A,
5.125%,
4/1/42 (1)(2)
2,375
1,187
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
Series A,
5.875%,
4/1/30 (1)(2)
2,655
1,328
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
Series B,
5.75%,
4/1/27 (2)
510
255
Oklahoma
DFA,
OU
Medicine,
Series B,
5.25%,
8/15/48
4,455
4,117
Oklahoma
DFA,
OU
Medicine,
Series B,
5.50%,
8/15/57
9,005
8,516
Tulsa
Airports
Improvement
Trust,
Series C,
5.50%,
12/1/35 (5)
8,705
8,725
30,114
OREGON
0.2%
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/32
395
389
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/37
395
371
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/47
1,110
973
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/52
1,190
1,020
Oregon
State
Fac.
Auth.,
Legacy
Health
Project,
Series A,
5.00%,
6/1/52
3,800
3,836
Yamhill
County
Hosp.
Auth.,
Friendsview
Retirement
Community,
Series A,
4.00%,
11/15/26
235
223
Yamhill
County
Hosp.
Auth.,
Friendsview
Retirement
Community,
Series A,
5.00%,
11/15/31
275
258
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Yamhill
County
Hosp.
Auth.,
Friendsview
Retirement
Community,
Series A,
5.00%,
11/15/36
360
319
Yamhill
County
Hosp.
Auth.,
Friendsview
Retirement
Community,
Series A,
5.00%,
11/15/46
1,020
799
8,188
PENNSYLVANIA
4.0%
Allegheny
County
IDA,
U.S.
Steel,
4.875%,
11/1/24
960
963
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/28
245
254
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/30
265
276
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/31
535
559
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/32
875
918
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/33
630
660
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/34
595
622
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.00%,
5/1/35
670
695
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
5.25%,
5/1/42 (4)
6,230
6,164
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.00%,
5/1/32 (4)
2,750
2,801
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.00%,
5/1/33 (4)
2,770
2,824
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.00%,
5/1/42 (4)
4,975
4,892
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.375%,
5/1/42 (4)
7,540
7,559
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
Series 2017,
5.00%,
5/1/42 (4)
7,125
7,031
Butler
County
Hosp.
Auth.,
5.00%,
7/1/35
6,645
6,285
Butler
County
Hosp.
Auth.,
5.00%,
7/1/39
3,760
3,433
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/36 (4)
3,140
2,663
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/40 (4)
3,790
3,080
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
4.50%,
1/1/41 (4)
3,330
2,676
East
Hempfield
Township
IDA,
Student
Services,
Student
Housing,
5.00%,
7/1/30
(
Prerefunded
7/1/25) (7)
650
669
East
Hempfield
Township
IDA,
Student
Services,
Student
Housing,
5.00%,
7/1/34
(
Prerefunded
7/1/24) (7)
790
800
East
Hempfield
Township
IDA,
Student
Services,
Student
Housing,
5.00%,
7/1/35
(
Prerefunded
7/1/25) (7)
840
864
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
East
Hempfield
Township
IDA,
Student
Services,
Student
Housing,
5.00%,
7/1/39
(
Prerefunded
7/1/24) (7)
790
800
East
Hempfield
Township
IDA,
Student
Services,
Student
Housing,
5.00%,
7/1/46
(
Prerefunded
7/1/24) (7)
1,205
1,220
East
Hempfield
Township
IDA,
Student
Services,
Student
Housing,
5.00%,
7/1/47
(
Prerefunded
7/1/25) (7)
5,935
6,105
Franklin
County
IDA,
Menno-Haven,
5.00%,
12/1/43
950
773
Franklin
County
IDA,
Menno-Haven,
5.00%,
12/1/48
1,025
798
Franklin
County
IDA,
Menno-Haven,
5.00%,
12/1/53
1,110
840
Lancaster
County
Hosp.
Auth.,
Brethren
Village,
5.25%,
7/1/35
200
190
Lancaster
County
Hosp.
Auth.,
Brethren
Village,
5.50%,
7/1/45
790
724
Montgomery
County
Higher
Ed.
&
Health
Auth.,
Thomas
Jefferson
Univ.,
5.00%,
9/1/43
3,995
4,043
Montgomery
County
IDA,
Hill
at
Whitemarsh
,
5.25%,
1/1/40
2,770
2,481
Montgomery
County
IDA,
Hill
at
Whitemarsh
,
5.375%,
1/1/50
5,335
4,523
Pennsylvania
Economic
DFA,
5.50%,
6/30/40 (5)
3,155
3,390
Pennsylvania
Economic
DFA,
5.50%,
6/30/41 (5)
1,840
1,969
Pennsylvania
Economic
DFA,
5.50%,
6/30/43 (5)
1,840
1,958
Pennsylvania
Economic
DFA,
5.75%,
6/30/48 (5)
1,865
2,019
Pennsylvania
Economic
DFA,
6.00%,
6/30/61 (5)
7,800
8,454
Pennsylvania
Economic
DFA,
Consol
Energy,
VRDN,
9.00%,
4/1/51
(Tender
4/13/28) (4)(5)
9,120
10,087
Pennsylvania
Economic
DFA,
Covanta
Project,
3.25%,
8/1/39 (4)
(5)
3,265
2,372
Pennsylvania
Economic
DFA,
National
Gypsum,
5.50%,
11/1/44 (5)
6,905
6,914
Pennsylvania
Higher
Ed.
Fac.
Auth.,
Indiana
Univ.
Student
Housing,
Series A,
FRN,
67%
of
3M
USD
LIBOR
+
0.65%,
4.357%,
7/1/39 (8)
6,650
5,898
Pennsylvania
Higher
Ed.
Fac.
Auth.,
Widener
Univ.,
5.00%,
7/15/38
1,900
1,902
Pennsylvania
Turnpike
Commission,
Series B,
5.25%,
12/1/52
2,715
2,918
Philadelphia
Higher
Ed.
Fac.
Auth.,
Temple
Univ.
Health
System,
5.00%,
7/1/28
3,955
4,054
Philadelphia
Higher
Ed.
Fac.
Auth.,
Temple
Univ.
Health
System,
5.00%,
7/1/30
790
808
Philadelphia
IDA,
Wesley
Enhanced
Living,
5.00%,
7/1/37
2,485
2,143
Philadelphia
IDA,
Wesley
Enhanced
Living,
5.00%,
7/1/42
1,680
1,380
Philadelphia
IDA,
Wesley
Enhanced
Living,
5.00%,
7/1/49
2,840
2,232
137,683
PUERTO
RICO
10.9%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (14)
30,321
15,615
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (14)
14,577
7,525
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series 2021A,
4.00%,
7/1/42 (4)
4,190
3,582
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series 2021A,
5.00%,
7/1/33 (4)
2,150
2,171
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series 2021A,
5.00%,
7/1/37 (4)
1,105
1,102
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
4.00%,
7/1/42 (4)
5,975
5,108
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
4.00%,
7/1/47 (4)
2,030
1,670
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/24 (4)
580
582
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/25 (4)
2,675
2,692
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/28 (4)
2,740
2,801
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/29 (4)
2,865
2,933
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/30 (4)
15,830
16,215
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/33 (4)
5,540
5,597
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35 (4)
9,495
9,522
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/37 (4)
6,765
6,731
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/47 (4)
22,955
21,968
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
6.125%,
7/1/24
474
480
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
4.00%,
7/1/42 (4)
5,625
4,808
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
4.00%,
7/1/47 (4)
4,605
3,789
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/24 (4)
1,325
1,331
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/25 (4)
2,780
2,798
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/29 (4)
3,525
3,609
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/33 (4)
8,120
8,198
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series B,
5.00%,
7/1/37 (4)
6,520
6,504
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
coupon,
7/1/24
1,048
1,010
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
coupon,
7/1/33
8,280
5,034
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
10,975
10,252
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
8,948
8,201
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
11,792
10,577
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41
6,748
5,814
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.375%,
7/1/25
11,338
11,548
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
9,406
9,800
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
18,721
20,211
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.00%,
7/1/29 (1)(15)
8,780
2,393
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.05%,
7/1/42 (1)(15)
95
26
Puerto
Rico
Electric
Power
Auth.,
Series A,
6.75%,
7/1/36 (1)(15)
8,215
2,239
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/27 (1)
(15)
1,145
312
Puerto
Rico
Electric
Power
Auth.,
Series AAA,
5.25%,
7/1/29 (1)
(15)
3,955
1,078
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/21 (1)
(15)
1,605
437
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (1)
(15)
135
37
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/26 (1)
(15)
1,600
436
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (1)
(15)
2,300
627
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (1)
(15)
2,745
748
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (1)(15)
470
128
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (1)(15)
1,810
493
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/25 (1)(15)
610
166
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/26 (1)(15)
730
199
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/27 (1)(15)
95
26
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/37 (1)(15)
4,130
1,125
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.25%,
7/1/33 (1)
(15)
455
124
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/18 (1)
(15)
390
106
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/38 (1)
(15)
3,955
1,078
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/27 (1)(15)
165
45
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/35 (1)(15)
3,466
945
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.25%,
7/1/40 (1)(15)
790
215
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (1)(15)
1,135
309
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
3.70%,
7/1/17 (1)(15)
110
30
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/17 (1)(15)
195
53
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/19 (1)(15)
1,960
534
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.00%,
7/1/28 (1)(15)
155
42
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/19 (1)(15)
1,460
398
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/23 (1)(15)
420
115
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/24 (1)(15)
169
46
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
5.25%,
7/1/26 (1)(15)
3,820
1,041
Puerto
Rico
Highway
&
Transportation
Auth.,
Restructured,
Series A,
5.00%,
7/1/62
9,649
9,492
Puerto
Rico
Highway
&
Transportation
Auth.,
Restructured,
Series C,
STEP,
0.00%,
7/1/53
31,471
19,866
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.55%,
7/1/40
59
57
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
4.75%,
7/1/53
19,070
17,830
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
5.00%,
7/1/58
4,840
4,685
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/27
5,919
5,059
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/29
9,626
7,519
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33
11,267
7,277
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46
181,265
50,261
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/51
20,231
4,156
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.329%,
7/1/40
1,980
1,875
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.536%,
7/1/53
2,365
2,135
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.784%,
7/1/58
4,775
4,464
Puerto
Rico
Sales
Tax
Fin.,
Restructured
Cofina
,
Series A-2,
4.329%,
7/1/40
2,125
2,010
372,015
RHODE
ISLAND
0.3%
Central
Falls
Detention
Fac.,
7.25%,
7/15/35 (1)(2)
9,960
1,793
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series A,
5.50%,
9/1/28
(
Prerefunded
9/1/23) (7)
2,375
2,375
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series A,
6.00%,
9/1/33
(
Prerefunded
9/1/23) (7)
3,165
3,165
Rhode
Island
Health
&
Ed.
Building,
Care
New
England,
Series B,
5.00%,
9/1/36
3,955
3,617
10,950
SOUTH
CAROLINA
1.2%
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/32 (1)
6,549
3,535
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/42 (1)
25,626
6,263
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
7/22/51 (1)
44,135
5,103
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
1/1/32 (1)
3,532
1,310
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
7/22/51 (1)
17,627
1,141
Connector
2000
Assoc.,
Series C-1,
Zero
Coupon,
7/22/51 (1)
2,088
58
South
Carolina
Jobs-Economic
Dev.
Auth.,
Repower
South
Berkeley,
5.25%,
2/1/27 (1)(2)(4)(5)
850
340
South
Carolina
Jobs-Economic
Dev.
Auth.,
Repower
South
Berkeley,
6.00%,
2/1/35 (1)(2)(4)(5)
5,035
2,014
South
Carolina
Jobs-Economic
Dev.
Auth.,
Repower
South
Berkeley,
6.25%,
2/1/45 (1)(2)(4)(5)
10,115
4,046
South
Carolina
Jobs-Economic
Dev.
Auth.,
Repower
South
Berkeley,
8.00%,
12/6/29 (1)(2)
1,585
1,293
South
Carolina
Public
Service
Auth.,
Unrefunded
Balance,
Series A,
5.50%,
12/1/54
6,445
6,457
South
Carolina
Public
Service
Auth.,
Unrefunded
Balance,
Series E,
5.25%,
12/1/55
10,595
10,627
42,187
SOUTH
DAKOTA
0.1%
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/28
1,135
1,115
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/30
1,215
1,179
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/32
1,080
1,034
Sioux
Falls
Health
Fac.,
Dow
Rummel
Village,
5.00%,
11/1/42
1,585
1,377
4,705
TENNESSEE
0.8%
Chattanooga
Health
Ed.
&
Housing
Fac.
Board,
Student
Housing,
CDFI
Phase
1,
5.00%,
10/1/35
2,180
2,207
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Ed.
Fac.
Board,
5.25%,
5/1/53
3,850
4,057
Metropolitan
Nashville
Airport
Auth.,
Series B,
5.50%,
7/1/52 (5)
2,680
2,844
Shelby
County
Health
Ed.
&
Housing
Fac.
Board,
Village
at
Germantown,
5.00%,
12/1/34
395
373
Shelby
County
Health
Ed.
&
Housing
Fac.
Board,
Village
at
Germantown,
5.25%,
12/1/44
920
824
Shelby
County
Health
Ed.
&
Housing
Fac.
Board,
Village
at
Germantown,
5.25%,
12/1/49
2,650
2,325
Tennessee
Energy
Acquisition,
Series A,
5.25%,
9/1/26
9,435
9,570
Tennessee
Energy
Acquisition,
Series A,
VRDN,
5.00%,
5/1/52
(Tender
11/1/31)
6,405
6,622
28,822
TEXAS
6.4%
Austin
Airport,
Series B,
5.00%,
11/15/41 (5)
435
440
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/28
705
715
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/30
1,645
1,670
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/31
2,300
2,336
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/32
2,650
2,691
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/33
2,475
2,511
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/34
2,805
2,846
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/28
395
392
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/29
910
902
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/32
1,780
1,756
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/34
2,515
2,482
Austin
Texas
Airport
System
Revenue,
5.00%,
11/15/43 (5)
920
955
Austin
Texas
Airport
System
Revenue,
5.25%,
11/15/47 (5)
3,935
4,123
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/34
420
459
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/39
95
100
Central
Texas
Regional
Mobility
Auth.,
Series B,
5.00%,
1/1/46
3,165
3,268
Clifton
Higher
Ed.
Fin.,
Int'l.
Leadership,
Series D,
6.125%,
8/15/48
12,665
12,641
Conroe
Local
Government,
Convention
Center
Hotel,
3.50%,
10/1/31 (4)
255
214
Conroe
Local
Government,
Convention
Center
Hotel,
4.00%,
10/1/50
1,275
97
6
Conroe
Local
Government,
Convention
Center
Hotel,
5.00%,
10/1/50 (4)
1,375
1,083
Dallas
Fort
Worth
Int'l.
Airport,
Series B,
5.00%,
11/1/47 (16)
7,750
8,180
Fort
Bend
County
IDC,
NRG
Energy,
Series B,
4.75%,
11/1/42
3,955
3,718
Gulf
Coast
IDA,
Citgo
Petroleum,
4.875%,
5/1/25 (5)
11,005
10,959
Harris
County
Cultural
Ed.
Fac.
Fin.,
Brazos
Presybyterian
Homes,
Series A,
5.00%,
1/1/38
405
351
Harris
County
Cultural
Ed.
Fac.
Fin.,
Brazos
Presybyterian
Homes,
Series A,
5.00%,
1/1/43
415
344
Harris
County
Health
Fac.
Dev.,
Methodist
Hosp.
System,
Series A-1,
VRDN,
4.05%,
12/1/41
385
385
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/38
1,350
1,244
Hidalgo
County
Regional
Mobility
Auth.,
Senior
Lien,
Series A,
4.00%,
12/1/39
845
771
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
758
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Houston
Airport
System,
Series B-1,
5.00%,
7/15/30 (5)
5,625
5,652
Houston
Airport
System,
Series B-1,
5.00%,
7/15/35 (5)
7,560
7,564
Houston
Airport
System,
United
Airlines,
4.00%,
7/15/41 (5)
3,955
3,487
Houston
Airport
System,
United
Airlines,
Series A,
4.00%,
7/1/41 (5)
1,620
1,428
Houston
Airport
System,
United
Airlines,
Terminal
E,
4.75%,
7/1/24 (5)
1,750
1,751
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/28
1,110
1,098
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/30
1,335
1,302
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/40
2,305
2,099
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/45
5,275
4,640
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.25%,
12/1/35
1,645
1,618
Mission
Economic
Dev.,
Natgasoline
,
Series B,
4.625%,
10/1/31 (4)(5)
15,395
15,015
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/32
435
441
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/33
450
457
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/34
475
481
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/35
440
445
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/36
1,11
0
1,118
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/38
1,030
1,033
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/43
3,095
3,050
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/48
3,105
3,010
New
Hope
Cultural
Ed.
Fac.
Fin.,
Blinn
College,
Series A,
5.00%,
7/1/57
7,915
6,325
New
Hope
Cultural
Ed.
Fac.
Fin.,
Buckingham
Senior
Living,
VR,
2.00%,
11/15/61,
(2.00%
PIK) (1)(9)
5,522
2,177
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing
College
Station,
Series A,
5.00%,
4/1/29
4,630
4,594
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing
College
Station,
Series A,
5.00%,
4/1/46
12,385
11,060
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing
College
Station,
Series A,
5.00%,
4/1/46 (3)
2,470
2,456
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Denton
Univ.,
Series A-1,
5.00%,
7/1/58 (3)
2,355
2,305
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/30
(
Prerefunded
4/1/25) (7)
395
404
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/35
(
Prerefunded
4/1/25) (7)
1,205
1,233
New
Hope
Cultural
Ed.
Fac.
Fin.,
Collegiate
Housing,
Tarleton
State
Univ.,
Series A,
5.00%,
4/1/47
(
Prerefunded
4/1/25) (7)
4,765
4,875
New
Hope
Cultural
Ed.
Fac.
Fin.,
Legacy
Midtown,
Series A,
5.50%,
7/1/54
3,585
2,714
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Crestview,
5.00%,
11/15/36
(
Prerefunded
11/15/24) (7)
435
450
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Crestview,
5.00%,
11/15/46
(
Prerefunded
11/15/24) (7)
1,225
1,268
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Senior
Living,
Langford,
Series A,
5.375%,
11/15/36
395
343
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Senior
Living,
Langford,
Series A,
5.50%,
11/15/46
790
640
New
Hope
Cultural
Ed.
Fac.
Fin.,
MRC
Senior
Living,
Langford,
Series A,
5.50%,
11/15/52
790
621
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/31
790
744
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/32
370
345
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/33
790
730
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/34
790
723
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.00%,
10/1/39
1,190
1,002
New
Hope
Cultural
Ed.
Fac.
Fin.,
Presbyterian
Village
North,
5.25%,
10/1/49
4,810
3,802
New
Hope
Cultural
Ed.
Fac.
Fin.,
Texas
A&M
Univ.
Corpus
Christi,
Series A,
5.00%,
4/1/37
(
Prerefunded
4/1/27) (7)
1,345
1,428
New
Hope
Cultural
Ed.
Fac.
Fin.,
Texas
A&M
Univ.
Corpus
Christi,
Series A,
5.00%,
4/1/42
(
Prerefunded
4/1/27) (7)
1,585
1,683
North
Texas
Tollway
Auth.,
Series B,
3.00%,
1/1/51 (10)
7,445
5,361
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
2.75%,
1/1/36 (4)(5)
900
631
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
3.00%,
1/1/50 (4)(5)
1,980
1,132
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
Series A,
3.625%,
1/1/35 (4)(5)
1,645
1,298
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
Series A,
4.00%,
1/1/50 (4)(5)
3,040
2,123
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere
-Northwest
Senior
Housing,
5.25%,
11/15/47 (1)(13)
1,321
—
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Edgemere
-Northwest
Senior
Housing,
Series A,
5.00%,
11/15/45 (1)(13)
6,948
1
Tarrant
County
Cultural
Ed.
Fac.
Fin.,
Stayton
at
Museum
Way,
Series A,
5.75%,
12/1/54 (1)(2)
5,878
3,820
Texas
Private
Activity
Bond
Surface
Transportation,
Blueridge
Transportation
Group,
5.00%,
12/31/40 (5)
3,065
3,069
Texas
Private
Activity
Bond
Surface
Transportation,
Blueridge
Transportation
Group,
5.00%,
12/31/55 (5)
3,215
3,164
Texas
Private
Activity
Bond
Surface
Transportation,
Segment
3C
Project,
5.00%,
6/30/58 (5)
8,935
8,939
Texas
Private
Activity
Bond
Surface
Transportation,
Tarrant
Express
Project,
5.50%,
12/31/58 (5)
2,950
3,121
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Texas
Transportation
Commission,
First
Tier
Toll,
State
Highway,
5.00%,
8/1/57
8,745
8,576
218,878
UTAH
0.8%
Military
Installation
Dev.
Auth.,
Series A-1,
4.00%,
6/1/41
1,800
1,417
Military
Installation
Dev.
Auth.,
Series A-1,
4.00%,
6/1/52
4,000
2,927
Military
Installation
Dev.
Auth.,
Series A-2,
4.00%,
6/1/41
2,485
1,933
Military
Installation
Dev.
Auth.,
Series A-2,
4.00%,
6/1/52
7,550
5,452
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/43 (5)
2,765
2,819
Salt
Lake
City
Airport,
Series A,
5.00%,
7/1/46 (5)
4,605
4,718
UIPA
Crossroads
Public
Infrastructure
Dist.,
4.375%,
6/1/52 (4)
10,115
8,557
27,823
VIRGINIA
5.3%
Alexandria,
Series A,
GO,
2.00%,
12/15/40
6,150
4,190
Arlington
County
IDA,
Virginia
Hosp.
Center,
3.75%,
7/1/50
1,050
903
Botetourt
County,
Residential
Care
Fac.,
Glebe,
Series A,
6.00%,
7/1/34
5,775
5,807
Chesapeake
Bay
Bridge
&
Tunnel
Dist.,
First
Tier
General
Resolution,
5.00%,
7/1/46
12,535
12,658
Chesapeake
Expressway
Toll
Road,
Series B,
4.875%,
7/15/40
5,960
6,044
Fairfax
County
Economic
Dev.
Auth.,
Vinson
Hall,
Series A,
5.00%,
12/1/32
(
Prerefunded
12/1/23) (7)
1,310
1,315
Fairfax
County
Economic
Dev.
Auth.,
Vinson
Hall,
Series A,
5.00%,
12/1/42
(
Prerefunded
12/1/23) (7)
2,215
2,223
Fairfax
County
Economic
Dev.
Auth.,
Vinson
Hall,
Series A,
5.00%,
12/1/47
(
Prerefunded
12/1/23) (7)
1,585
1,591
Lynchburg
Economic
Dev.
Auth.,
Central
Health,
Series A,
4.00%,
1/1/47
3,000
2,647
Norfolk
Redev
.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.00%,
1/1/35
3,180
2,906
Norfolk
Redev
.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.00%,
1/1/46
4,075
3,278
Norfolk
Redev
.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.375%,
1/1/35
4,945
4,689
Norfolk
Redev
.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.375%,
1/1/46
3,380
2,882
Norfolk
Redev
.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
Series A,
5.00%,
1/1/49
2,575
2,026
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/33
790
814
Stafford
County
Economic
Dev.
Auth.,
Mary
Washington
Healthcare,
5.00%,
6/15/35
1,055
1,082
Tobacco
Settlement
Fin.,
Capital
Appreciation,
Series C,
Zero
Coupon,
6/1/47
21,370
5,475
Virginia
College
Building
Auth.,
Marymount
Univ.,
5.00%,
7/1/45 (4)
4,750
4,360
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Virginia
College
Building
Auth.,
Marymount
Univ.,
5.25%,
7/1/30 (4)
1,090
1,096
Virginia
College
Building
Auth.,
Marymount
Univ.,
5.25%,
7/1/35 (4)
1,430
1,431
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/24 (4)
1,080
1,077
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/25 (4)
1,140
1,135
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/30 (4)
3,750
3,750
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/35 (4)
1,000
979
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/45 (4)
2,460
2,258
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/40 (5)
1,150
1,049
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/41 (5)
2,140
1,938
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/42 (5)
1,025
919
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/48 (5)
15,125
13,048
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
5.00%,
7/1/35 (5)
3,530
3,721
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
5.00%,
1/1/36 (5)
845
886
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
5.00%,
7/1/37 (5)
1,875
1,938
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/37 (5)
3,080
2,899
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/38 (5)
3,820
3,508
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/40 (5)
7,650
6,924
Virginia
Small
Business
Fin.
Auth.,
I-495
Hot
Lanes
Project,
5.00%,
12/31/47 (5)
11,105
11,181
Virginia
Small
Business
Fin.
Auth.,
I-495
Hot
Lanes
Project,
5.00%,
12/31/57 (5)
2,995
3,001
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/47 (5)
1,190
1,192
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/49 (5)
8,705
8,710
Virginia
Small
Business
Fin.
Auth.,
Transform
66
P3
Project,
5.00%,
12/31/56 (5)
44,865
44,217
181,747
WASHINGTON
0.8%
Adams
County
Public
Hosp.
Dist.
No.
2,
GO,
5.125%,
12/1/44
2,105
2,050
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Washington
State
Convention
Center
Public
Fac.
Dist.,
4.00%,
7/1/31
5,975
5,705
Washington
State
Housing
Fin.
Commission,
Hearthstone,
5.00%,
7/1/38 (4)
830
665
Washington
State
Housing
Fin.
Commission,
Hearthstone,
5.00%,
7/1/48 (4)
2,300
1,654
Washington
State
Housing
Fin.
Commission,
Hearthstone,
5.00%,
7/1/53 (4)
920
642
Washington
State
Housing
Fin.
Commission,
Judson
Park,
4.00%,
7/1/28 (4)
225
207
Washington
State
Housing
Fin.
Commission,
Judson
Park,
5.00%,
7/1/33 (4)
225
205
Washington
State
Housing
Fin.
Commission,
Judson
Park,
5.00%,
7/1/38 (4)
650
559
Washington
State
Housing
Fin.
Commission,
Judson
Park,
5.00%,
7/1/48 (4)
1,660
1,317
Washington
State
Housing
Fin.
Commission,
Presbyterian
Retirement,
Series A,
5.00%,
1/1/46 (4)
2,575
2,010
Washington
State
Housing
Fin.
Commission,
Presbyterian
Retirement,
Series A,
5.00%,
1/1/51 (4)
5,330
4,013
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series A-1,
Class
A,
3.50%,
12/20/35
6,160
5,577
Washington
State
Housing
Fin.
Commission,
Transform
Age
Project,
Series A,
5.00%,
1/1/55 (4)
4,925
3,632
28,236
WEST
VIRGINIA
0.4%
Monongalia
County
Commission
Excise
Tax
Dist.,
Series A,
4.125%,
6/1/43 (4)
1,685
1,493
Monongalia
County
Commission
Excise
Tax
Dist.,
Series B,
4.875%,
6/1/43 (4)
1,180
1,130
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.50%,
6/1/37 (4)
1,940
1,983
Monongalia
County
Commission,
Univ.
Town
Center,
Series A,
5.75%,
6/1/43 (4)
1,940
1,986
West
Virginia
Economic
Dev.
Auth.,
Arch
Resources,
VRDN,
5.00%,
7/1/45
(Tender
7/1/25) (5)
2,375
2,376
West
Virginia
Economic
Dev.
Auth.,
Mitchell
Project,
VRDN,
4.70%,
4/1/36
(Tender
6/17/26) (5)
3,450
3,442
12,410
WISCONSIN
2.7%
PFA,
Celanese,
Series B,
5.00%,
12/1/25 (5)
4,750
4,816
PFA,
Celanese,
Series C,
4.30%,
11/1/30 (5)
3,955
3,886
PFA,
Celanese,
Series D,
4.05%,
11/1/30
1,980
1,915
PFA,
Church
Home
of
Hartford,
5.00%,
9/1/30 (4)
630
592
PFA,
Church
Home
of
Hartford,
5.00%,
9/1/38 (4)
1,365
1,181
PFA,
Corvian
Community
School,
Series A,
4.00%,
6/15/29 (4)
665
617
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
PFA,
Corvian
Community
School,
Series A,
5.00%,
6/15/39 (4)
790
700
PFA,
Corvian
Community
School,
Series A,
5.00%,
6/15/49 (4)
1,385
1,127
PFA,
Corvian
Community
School,
Series A,
5.125%,
6/15/47 (4)
2,085
1,749
PFA,
Corvian
Community
School,
Series A,
6.25%,
6/15/48 (4)
535
520
PFA,
Corvian
Community
School,
Series A,
6.25%,
6/15/53 (4)
2,515
2,416
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
4.00%,
7/1/30 (4)
300
272
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
5.00%,
7/1/40 (4)
560
487
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
5.00%,
7/1/55 (4)
1,145
899
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
6.375%,
7/1/43 (4)(16)
325
324
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
6.625%,
7/1/53 (4)(16)
100
100
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
6.75%,
7/1/58 (4)
(16)
375
375
PFA,
Grand
Hyatt
San
Antonio,
Series A,
5.00%,
2/1/52
1,835
1,735
PFA,
Grand
Hyatt
San
Antonio,
Series A,
5.00%,
2/1/62
3,370
3,117
PFA,
Mary's
Woods
at
Marylhurst
,
5.25%,
5/15/37 (4)
435
421
PFA,
Mary's
Woods
at
Marylhurst
,
5.25%,
5/15/47 (4)
965
880
PFA,
Mary's
Woods
at
Marylhurst
,
5.25%,
5/15/52 (4)
1,820
1,614
PFA,
Mountain
Island
Charter
School,
5.00%,
7/1/37
655
654
PFA,
Mountain
Island
Charter
School,
5.00%,
7/1/47
1,585
1,483
PFA,
Mountain
Island
Charter
School,
5.00%,
7/1/52
3,405
3,129
PFA,
National
Gypsum,
4.00%,
8/1/35 (5)
18,170
15,696
PFA,
Nevada
State
College,
Series A,
5.00%,
5/1/60 (4)
4,520
3,858
PFA,
Nevada
State
College,
Series B,
9.00%,
5/1/71 (4)
2,090
2,109
PFA,
Searstone
CCRC
Project,
Series A,
5.00%,
6/1/37 (4)
5,055
4,635
PFA,
Searstone
CCRC
Project,
Series A,
5.00%,
6/1/52 (4)
5,055
4,046
PFA,
SKY
Harbour
Capital,
4.00%,
7/1/41 (5)
3,685
2,772
PFA,
SKY
Harbour
Capital,
4.25%,
7/1/54 (5)
11,045
7,599
PFA,
Southminster
,
5.00%,
10/1/43 (4)
1,780
1,568
PFA,
Southminster
,
5.00%,
10/1/48 (4)
1,585
1,350
PFA,
Southminster
,
5.00%,
10/1/53 (4)
4,560
3,765
PFA,
Univ.
of
Hawai'i
Foundation
project,
Series A-1,
4.00%,
7/1/51 (4)
2,190
1,678
PFA,
Univ.
of
Hawai'i
Foundation
project,
Series A-1,
4.00%,
7/1/61 (4)
1,215
884
PFA,
Univ.
of
Hawai'i
Foundation
project,
Series B,
5.25%,
7/1/61 (4)
1,930
1,529
Univ.
of
Wisconsin
Hosp.
&
Clinics
Auth.,
Series B,
VRDN,
4.00%,
4/1/48
825
825
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/37
880
792
Wisconsin
HEFA,
Benevolent,
5.00%,
6/1/41
1,310
1,137
Wisconsin
HEFA,
Saint
John's
Communities,
4.00%,
9/15/36
615
533
Wisconsin
HEFA,
Saint
John's
Communities,
4.00%,
9/15/41
610
491
Wisconsin
HEFA,
Saint
John's
Communities,
4.00%,
9/15/45
510
391
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Wisconsin
HEFA,
Saint
John's
Communities,
Series A,
5.00%,
9/15/40
(
Prerefunded
9/15/23) (7)
790
790
Wisconsin
HEFA,
Saint
John's
Communities,
Series A,
5.00%,
9/15/45
(
Prerefunded
9/15/23) (7)
1,025
1,025
92,482
Total
Municipal
Securities
(Cost
$3,798,659)
3,390,433
Total
Investments
in
Securities
99.4%
of
Net
Assets
(Cost
$3,798,859)
$
3,390,650
‡
Par/Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(3)
Insured
by
Assured
Guaranty
Municipal
Corporation
(4)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$725,829
and
represents
21.3%
of
net
assets.
(5)
Interest
subject
to
alternative
minimum
tax.
(6)
Insured
by
Berkshire
Hathaway
Assurance
Corporation
(7)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(8)
Insured
by
Assured
Guaranty
Corporation
(9)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(10)
Insured
by
Build
America
Mutual
Assurance
Company
(11)
Insured
by
National
Public
Finance
Guarantee
Corporation
(12)
Escrowed
to
maturity
(13)
Obligor
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(14)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
(15)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(16)
When-issued
security
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
CDA
Community
Development
Administration/Authority
CDFI
Community
Development
Financial
Institution
DFA
Development
Finance
Authority
EFA
Educational
Facility
Authority
FRN
Floating
Rate
Note
GO
General
Obligation
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
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
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
VRDN
Variable
Rate
Demand
Note
under
which
the
holder
has
the
right
to
sell
the
security
to
the
issuer
or
the
issuer’s
agent
at
a
predetermined
price
on
specified
dates;
such
specified
dates
are
considered
the
effective
maturity
for
purposes
of
the
fund’s
weighted
average
maturity;
rate
shown
is
effective
rate
at
period-end
and
maturity
date
shown
is
final
maturity.
Certain
VRDN
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
August
31,
2023
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$3,798,859)
$
3,390,650
Interest
receivable
38,464
Receivable
for
shares
sold
2,713
Receivable
for
investment
securities
sold
982
Cash
173
Other
assets
82
Total
assets
3,433,064
Liabilities
Payable
for
investment
securities
purchased
9,060
Payable
for
shares
redeemed
7,882
Investment
management
fees
payable
1,419
Due
to
affiliates
97
Payable
to
directors
2
Other
liabilities
3,046
Total
liabilities
21,506
NET
ASSETS
$
3,411,558
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
August
31,
2023
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(
556,535
)
Paid-in
capital
applicable
to
322,370,673
shares
of
$0.01
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
3,968,093
NET
ASSETS
$
3,411,558
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$1,949,374;
Shares
outstanding:
184,189,260)
$
10.58
Advisor
Class
(Net
assets:
$4,747;
Shares
outstanding:
445,818)
$
10.65
I
Class
(Net
assets:
$1,457,437;
Shares
outstanding:
137,735,595)
$
10.58
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
8/31/23
Investment
Income
(Loss)
Income
Interest
$
78,822
Dividend
3
Total
income
78,825
Expenses
Investment
management
10,471
Shareholder
servicing
Investor
Class
$
1,234
Advisor
Class
5
I
Class
166
1,405
Rule
12b-1
fees
Advisor
Class
6
Prospectus
and
shareholder
reports
Investor
Class
55
Advisor
Class
1
I
Class
28
84
Interest
275
Custody
and
accounting
122
Registration
109
Proxy
and
annual
meeting
65
Legal
and
audit
20
Directors
7
Miscellaneous
34
Waived
/
paid
by
Price
Associates
(
1,661
)
Total
expenses
10,937
Net
investment
income
67,888
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
loss
on
securities
(
43,156
)
Change
in
net
unrealized
gain
/
loss
on
securities
27,091
Net
realized
and
unrealized
gain
/
loss
(
16,065
)
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
51,823
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
6
Months
Ended
8/31/23
Year
Ended
2/28/23
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
67,888
$
163,921
Net
realized
loss
(43,156)
(88,373)
Change
in
net
unrealized
gain
/
loss
27,091
(582,466)
Increase
(decrease)
in
net
assets
from
operations
51,823
(506,918)
Distributions
to
shareholders
Net
earnings
Investor
Class
(36,485)
(84,531)
Advisor
Class
(86)
(220)
I
Class
(30,381)
(78,467)
Decrease
in
net
assets
from
distributions
(66,952)
(163,218)
Capital
share
transactions
*
Shares
sold
Investor
Class
231,978
1,927,977
Advisor
Class
2
2,619
I
Class
83,766
1,386,152
Distributions
reinvested
Investor
Class
29,874
69,836
Advisor
Class
86
220
I
Class
20,445
57,275
Shares
redeemed
Investor
Class
(251,451)
(3,253,105)
Advisor
Class
(641)
(4,238)
I
Class
(488,019)
(1,245,803)
Decrease
in
net
assets
from
capital
share
transactions
(373,960)
(1,059,067)
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
8/31/23
Year
Ended
2/28/23
Net
Assets
Decrease
during
period
(389,089)
(1,729,203)
Beginning
of
period
3,800,647
5,529,850
End
of
period
$
3,411,558
$
3,800,647
*Share
information
(000s)
Shares
sold
Investor
Class
21,681
173,353
Advisor
Class
–
(1)
243
I
Class
7,813
124,045
Distributions
reinvested
Investor
Class
2,790
6,361
Advisor
Class
8
20
I
Class
1,909
5,235
Shares
redeemed
Investor
Class
(23,480)
(289,447)
Advisor
Class
(59)
(387)
I
Class
(45,570)
(114,687)
Decrease
in
shares
outstanding
(34,908)
(95,264)
(1)
Amount
rounds
to
less
than
1,000
shares
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Tax-Free
High
Yield
Fund,
Inc.
(the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as a
diversified, open-end
management
investment
company. The
fund
seeks
to
provide
a
high
level
of
income
exempt
from
federal
income
taxes
by
investing
primarily
in
long-term
low-
to
upper-medium-grade
municipal
securities.
The
fund
has
three classes
of
shares:
the
Tax-Free
High
Yield
Fund
(Investor
Class),
the
Tax-Free
High
Yield
Fund–Advisor
Class
(Advisor
Class)
and
the
Tax-Free
High
Yield
Fund–I
Class
(I
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/
or
certain
administrative
services;
the
Investor
and
I
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. Income
tax-related
interest
and
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
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
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.
In-Kind
Redemptions
In
accordance
with
guidelines
described
in
the
fund’s
prospectus,
and
when
considered
to
be
in
the
best
interest
of
all
shareholders,
the
fund
may
distribute
portfolio
securities
rather
than
cash
as
payment
for
a
redemption
of
fund
shares
(in-kind
redemption).
Gains
and
losses
realized
on
in-kind
redemptions
are
not
recognized
for
tax
purposes
and
are
reclassified
from
undistributed
realized
gain
(loss)
to
paid-in
capital.
During
the
six
months ended
August
31,
2023,
the
fund
realized
$23,866,000 of
net
loss
on
$289,824,000
of
in-kind
redemptions.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
In
June
2022,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions,
which
clarifies
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
is
not
considered
in
measuring
fair
value.
The
amendments
under
this
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2023;
however,
the
fund
opted
to
early
adopt,
as
permitted,
effective
December
1,
2022. Adoption
of
the
guidance
did not
have
a
material
impact
on
the fund's
financial statements.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
The
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2020–04,
Reference
Rate
Reform
(Topic
848) –
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting
in
March
2020
and
ASU
2021-01
in
January
2021
which
provided
further
amendments
and
clarifications
to
Topic
848.
These
ASUs provide
optional,
temporary
relief
with
respect
to
the
financial
reporting
of
contracts
subject
to
certain
types
of
modifications
due
to
the
planned
discontinuation
of
the
London
Interbank
Offered
Rate
(LIBOR),
and
other
interbank-offered
based
reference
rates,
through December
31,
2022.
In
December
2022,
FASB
issued
ASU
2022-06
which
defers
the
sunset
date
of
Topic
848
from
December
31,
2022
to
December
31,
2024,
after
which
entities
will
no
longer
be
permitted
to
apply
the
relief
in
Topic
848.
Management
intends
to
rely
upon
the
relief
provided
under
Topic
848,
which
is
not
expected to
have
a
material
impact
on
the fund's
financial statements.
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
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
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.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
August
31,
2023
(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.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Municipal
Securities
$
—
$
3,390,433
$
—
$
3,390,433
Common
Stocks
217
—
—
217
Total
$
217
$
3,390,433
$
—
$
3,390,650
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
Noninvestment-Grade
Debt
The
fund
invests,
either
directly
or
through
its
investment
in
other
T.
Rowe
Price
funds,
in
noninvestment-grade
debt,
including
“high
yield”
or
“junk”
bonds
or
leveraged
loans.
Noninvestment-grade
debt
issuers
are
more
likely
to
suffer
an
adverse
change
in
financial
condition
that
would
result
in
the
inability
to
meet
a
financial
obligation.
The
noninvestment-grade
debt
market
may
experience
sudden
and
sharp
price
swings
due
to
a
variety
of
factors
that
may
decrease
the
ability
of
issuers
to
make
principal
and
interest
payments
and
adversely
affect
the
liquidity
or
value,
or
both,
of
such
securities.
Accordingly,
securities
issued
by
such
companies
carry
a
higher
risk
of
default
and
should
be
considered
speculative.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
When-Issued
Securities
The fund
enters
into
when-issued
purchase
or
sale
commitments,
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
an
authorized
but
not
yet
issued
security
for
a
fixed
unit
price,
with
payment
and
delivery
not
due
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
or,
in
the
case
of
a
sale
commitment,
the
fund
maintains
an
entitlement
to
the
security
to
be
sold.
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
short-term and
U.S.
government
securities
aggregated $159,679,000 and
$485,479,000,
respectively,
for
the
six
months ended
August
31,
2023.
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.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
February
28,
2023,
the
fund
had
$116,389,000 of
available
capital
loss
carryforwards.
At
August
31,
2023,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$3,798,996,000.
Net
unrealized
loss
aggregated
$408,346,000
at
period-end,
of
which $21,314,000
related
to
appreciated
investments
and $429,660,000
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
0.30%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
August
31,
2023,
the
effective
annual
group
fee
rate
was
0.29%. Effective
July
1,
2019,
Price
Associates
has
contractually
agreed,
at
least
through
June
30,
2024,
to
waive
a
portion
of
its
management
fee
in
order
to
limit
the
fund’s
management
fees
to 0.49% of
the
fund’s
average
daily
net
assets.
Thereafter,
this
agreement
will
automatically
renew
for
one-
year
terms
unless
terminated
or
modified
by
the
fund’s
Board.
Any
fees
waived
under
this
agreement
are
not
subject
to
reimbursement
to
Price
Associates
by
the
fund. The
total
management
fees
waived
were $1,661,000
and
allocated
ratably
in
the
amounts
of
$917,000
for
the
Investor
Class,
$3,000
for
the
Advisor
Class,
and
$741,000
for
the
I
Class,
for
the
six
months
ended
August
31,
2023.
Effective
June
1,
2023,
the Advisor Class
is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
During
the
limitation
period,
Price
Associates
is required
to
waive
its
management
fee
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
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.
The
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the
class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
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,
2023,
expenses
incurred
pursuant
to
these
service
agreements
were
$60,000
for
Price
Associates
and
$364,000
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.
Advisor
Class
I
Class
Expense
limitation/I
Class
Limit
1.19%
0.05%
Expense
limitation
date
06/30/25
06/30/25
(Waived)/repaid
during
the
period
($000s)
$—
$—
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
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,
2023,
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,
2023.
NOTE
6
-
BORROWING
The
fund,
together
with
certain
other
U.S.
registered
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
fund
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.15 billion
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 Statement
of
Operations.
Loans
are
generally
unsecured;
however,
the
fund
must
collateralize
any
borrowings
under
the
facility
on
an
equivalent
basis
if
it
has
other
collateralized
borrowings.
Interest
is
charged
to
the
fund
based
on
its
borrowings
at
the
higher
of
(a)
Secured
Overnight
Financing
Rate
(SOFR)
plus
0.10%
per
annum,
(b)
Federal
Funds
Rate,
or
(c)
the
Overnight
Bank
Funding
Rate
plus
an
applicable
margin. At
August
31,
2023,
the
fund
had
no
borrowings
outstanding
under
the
facility,
and
the
undrawn
amount
of
the
facility
for
the
U.S.
borrowers
was
$1,150,000,000.
NOTE
7
-
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Guidelines.”
Click
on
the
links
in
the
shaded
box.
Each
fund’s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
RESULTS
OF
PROXY
VOTING
A
Special
Meeting
of
Shareholders
was
held
on
July
24,
2023
for
shareholders
of
record
on
April
7,
2023,
to
elect
the
following
director-nominees
to
serve
on
the
Board
of
all
Price
Funds.
The
newly
elected
Directors
took
office
effective
July
24,
2023.
The
results
of
the
voting
were
as
follows:
Teresa
Bryce
Bazemore,
Bruce
W.
Duncan,
Robert
J.
Gerrard,
Jr.,
Paul
F.
McBride
and
David
Oestreicher
continue
to
serve
as
Directors
on
the
Board
of
all
Price
Funds.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
a
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
fund’s
reports
on
Form
N-PORT
are
available
electronically
on
the
SEC’s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their
first
and
third
fiscal
quarter-end
holdings
on
troweprice.com
.
Votes
For
Votes
Withheld
Melody
Bianchetto
158,093,740
744,923
Mark
J.
Parrell
157,819,294
912,992
Kellye
L.
Walker
153,497,126
5,430,898
Eric
L.
Veiel
157,982,711
907,421
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
TAILORED
SHAREHOLDER
REPORTS
FOR
MUTUAL
FUNDS
AND
EXCHANGE
TRADED
FUNDS
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
rule
and
form
amendments
requiring
Mutual
Funds
and
Exchange-Traded
Funds
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
that
highlight
key
information
to
shareholders.
Other
information,
including
financial
statements,
will
no
longer
appear
in
the
funds’
shareholder
reports
but
will
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
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
6–7,
2023
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors,
approved
the
continuation
of
the
fund’s
Advisory
Contract.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
the
approval
of
the
Advisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
about
various
topics.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser.
These
services
included,
but
were
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance;
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
senior
management
team
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
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
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
various
periods
through
December
31,
2022. Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2022,
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.
In
considering
soft-
dollar
arrangements
pursuant
to
which
research
may
be
received
from
broker-dealers
that
execute
the
fund’s
portfolio
transactions,
the
Board
noted
that
the
Adviser
bears
the
cost
of
research
services
for
all
client
accounts
that
it
advises,
including
the
T.
Rowe
Price
funds.
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.
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
fee
to
the
Adviser
for
investment
management
services
composed
of
two
components—a
group
fee
rate
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
funds
(including
the
fund)
that
declines
at
certain
asset
levels
and
an
individual
fund
fee
rate
based
on
the
fund’s
average
daily
net
assets—and
the
fund
pays
its
own
expenses
of
operations.
The
group
fee
rate
decreases
as
total
T.
Rowe
Price
fund
assets
grow,
which
reduces
the
management
fee
rate
for
any
fund
that
has
a
group
fee
component
to
its
management
fee,
and
reflects
that
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds
thus
allowing
shareholders
of
those
funds
to
share
potential
economies
of
scale.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
The
fund
has
a
contractual
limitation
in
place
whereby
the
Adviser
has
agreed
to
waive
a
portion
of
the
management
fee
it
is
entitled
to
receive
from
the
fund
in
order
to
limit
the
fund’s
overall
management
fee
rate
to
0.49%
of
the
fund’s
average
daily
net
assets.
Any
fees
waived
under
this
management
fee
waiver
agreement
are
not
subject
to
reimbursement
to
the
Adviser
by
the
fund.
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
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
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
quintile
(Investor
Class
Expense
Group),
the
fund’s
actual
management
fee
rate
ranked
in
the
third
quintile
(Investor
Class
Expense
Group
and
Expense
Universe)
and
fourth
quintile
(Advisor
Class
Expense
Group),
and
the
fund’s
total
expenses
ranked
in
the
fifth
quintile
(Investor
Class
Expense
Group
and
Expense
Universe)
and
first
quintile
(Advisor
Class
Expense
Group).
The
Board
also
reviewed
the
fee
schedules
for
other
investment
portfolios
with
similar
mandates
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
business
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
business.
The
Board
considered
information
showing
that
the
Adviser’s
mutual
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
institutional
account
business
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
greater
asset
flows,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
mutual
fund
business.
In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
mutual
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
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)
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
In accordance
with
Rule
22e-4
(Liquidity
Rule)
under
the
Investment
Company
Act
of
1940,
as
amended,
the
fund
has
established
a
liquidity
risk
management
program
(Liquidity
Program)
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk,
which
generally
represents
the
risk
that
the
fund
would
not
be
able
to
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
fund.
The
fund’s
Board
of
Directors
(Board)
has
appointed
the
fund’s
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
the
administrator
of
the
Liquidity
Program.
As
administrator,
the
Adviser
is
responsible
for
overseeing
the
day-to-day
operations
of
the
Liquidity
Program
and,
among
other
things,
is
responsible
for
assessing,
managing,
and
reviewing
with
the
Board
at
least
annually
the
liquidity
risk
of
each
T.
Rowe
Price
fund.
The
Adviser
has
delegated
oversight
of
the
Liquidity
Program
to
a
Liquidity
Risk
Committee
(LRC),
which
is
a
cross-functional
committee
composed
of
personnel
from
multiple
departments
within
the
Adviser.
The
Liquidity
Program’s
principal
objectives
include
supporting
the
T.
Rowe
Price
funds’
compliance
with
limits
on
investments
in
illiquid
assets
and
mitigating
the
risk
that
the
fund
will
be
unable
to
timely
meet
its
redemption
obligations.
The
Liquidity
Program
also
includes
a
number
of
elements
that
support
the
management
and
assessment
of
liquidity
risk,
including
an
annual
assessment
of
factors
that
influence
the
fund’s
liquidity
and
the
periodic
classification
and
reclassification
of
a
fund’s
investments
into
categories
that
reflect
the
LRC’s
assessment
of
their
relative
liquidity
under
current
market
conditions.
Under
the
Liquidity
Program,
every
investment
held
by
the
fund
is
classified
at
least
monthly
into
one
of
four
liquidity
categories
based
on
estimations
of
the
investment’s
ability
to
be
sold
during
designated
time
frames
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
As
required
by
the
Liquidity
Rule,
at
a
meeting
held
on
July
24,
2023,
the
Board
was
presented
with
an
annual
assessment
prepared
by
the
LRC,
on
behalf
of
the
Adviser,
that
addressed
the
operation
of
the
Liquidity
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
any
material
changes
to
the
Liquidity
Program
and
the
determination
of
each
fund’s
Highly
Liquid
Investment
Minimum
(HLIM).
The
annual
assessment
included
consideration
of
the
following
factors,
as
applicable:
the
fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
normal
and
reasonably
foreseeable
stressed
conditions,
including
whether
the
investment
strategy
is
appropriate
for
an
open-end
fund,
the
extent
to
which
the
strategy
involves
a
relatively
concentrated
portfolio
or
large
positions
in
particular
issuers,
and
the
use
of
borrowings
for
investment
purposes
and
derivatives;
short-term
and
long-term
cash
flow
projections
covering
both
normal
and
reasonably
foreseeable
stressed
conditions;
and
holdings
of
cash
and
cash
equivalents,
as
well
as
available
borrowing
arrangements.
T.
ROWE
PRICE
Tax-Free
High
Yield
Fund
For
the
fund
and
other
T.
Rowe
Price
funds,
the
annual
assessment
incorporated
a
report
related
to
a
fund’s
holdings,
shareholder
and
portfolio
concentration,
any
borrowings
during
the
period,
cash
flow
projections,
and
other
relevant
data
for
the
period
of
April
1,
2022,
through
March
31,
2023.
The
report
described
the
methodology
for
classifying
a
fund’s
investments
(including
any
derivative
transactions)
into
one
of
four
liquidity
categories,
as
well
as
the
percentage
of
a
fund’s
investments
assigned
to
each
category.
It
also
explained
the
methodology
for
establishing
a
fund’s
HLIM
and
noted
that
the
LRC
reviews
the
HLIM
assigned
to
each
fund
no
less
frequently
than
annually.
During
the
period
covered
by
the
annual
assessment,
the
LRC
has
concluded,
and
reported
to
the
Board,
that
the
Liquidity
Program
continues
to
operate
adequately
and
effectively
and
is
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
(continued)
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F59-051
10/23
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 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| T. Rowe Price Tax-Free High Yield Fund, Inc. |
| | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | October 18, 2023 | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | October 18, 2023 | | |
| | | | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
| | |
| Date | | October 18, 2023 | | |
