T. Rowe Price High Yield Municipal Bond Fund

Asset mix

DBT: 99.9% · ABS-MBS: 0.1% · EC: 0.0%

Financial position

Total assets: $3.57B
Total liabilities: $26.8M
Net assets: $3.55B
Assets attributable to miscellaneous securities: $0
Assets invested in controlled foreign corporations: $0
Borrowings payable within one year: $0
Payable to controlled companies within one year: $0
Payable to other affiliates within one year: $0
Other liabilities payable within one year: $0
Borrowings payable after one year: $0
Payable to controlled companies after one year: $0
Payable to other affiliates after one year: $0
Other liabilities payable after one year: $0
Payables for delayed-delivery investments: $12.4M
Payables for standby commitments: $0
Liquidation preference of outstanding preferred stock: $0
Cash not reported in Parts C or D: $24.7K

Monthly flows and gains

	Month 1	Month 2	Month 3
Sales	$57.9M	$76.1M	$68M
Reinvestment	$8.56M	$8.41M	$9.26M
Redemptions	$46.3M	$145M	$45.2M
Net realized gain (non-derivative)	$452K	$-5.43M	$-2.89M
Net unrealized appreciation (non-derivative)	$31.2M	$-71.3M	$-16.4M

The three months of the reporting period, as filed; month 3 ends August 31, 2026.

Credit spread risk (change in value per 1bp spread move)

Tenor	Investment grade	Non-investment grade
3 months	$-16.7K	$-11.7K
1 year	$-38.1K	$-36.6K
5 years	$-267K	$-139K
10 years	$-466K	$-548K
30 years	$-312K	$-640K

Filing details

Registrant: T. Rowe Price Tax-free High Yield Fund, Inc.
Registrant CIK: 758003
Registrant LEI: 549300KGZZWXWNOTXP91
Series: T. Rowe Price High Yield Municipal Bond Fund
Series ID: S000002162
Series LEI: L4BI0QG5MQV91OSDQ649
SEC file number: 811-04163
Address: 1307 Point Street, Baltimore, US-MD, 21231, US
Phone: 410-345-2000
Form: NPORT-P
Filed: October 28, 2026
Report period ends: February 28, 2027
Report month ends: August 31, 2026
Accession number: 000109926326010969

Holding	Value	% of net assets
Buckeye Oh Tob Stlmt Sr B-2 Cl 2 DBT	$60M	1.69%
Pr Sales Tax Fing Sales Tax Rev Ser A1 DBT	$59.6M	1.68%
Pr Sales Tax Fing Sales Tax Rev Ser A1 DBT	$38.6M	1.09%
Met Pier Expo Mccormick A DBT	$35.2M	0.99%
Pr Comwlth Subser Prifa Rum Txbl DBT	$21.1M	0.59%
Tob Settle Fing Corp Nj Ser B DBT	$21M	0.59%
Golden St Tobacco Sec Tobacco Sub Sr B-2 DBT	$19.1M	0.54%
Pr Comwlth Cvi-subser Cw Hta 98 Txbl DBT	$18.1M	0.51%
Ca Cmnty Hsg Stoneridge Apts Ser A 144a DBT	$17.9M	0.51%
Pub Fin Auth-amt Amt DBT	$17.8M	0.50%
Pr Comwlth Pub Impt Cvi-subser Cw Nt DBT	$17.6M	0.50%
Md H&H Ed Facs Adventist Hlthcre Ser A DBT	$16.4M	0.46%
Tuscaloosa Co Al Hunt Refining Sr A 144a DBT	$16.2M	0.46%
Public Fin Auth Wi Exempt Facs Amt DBT	$15.4M	0.43%
Geo Smith Ii Ga Conv Ctr Auth Htl Ser B 144a DBT	$15.2M	0.43%
Pr Comwlth Public Impt Ser A1 DBT	$14.8M	0.42%
Ohio St Air Qual Adv Metallur 144a Amt DBT	$14.4M	0.41%
Build Nyc Resource Co Shefa Sch A 144a DBT	$13.9M	0.39%
Berks Cnty Pa Exch Tower Hlth Pj Sr B1 DBT	$13.9M	0.39%
Ca Cmnty Hsg Agy Essential Hsg Ser A 144a DBT	$13.6M	0.38%
Ar Dev Fin Auth-b 144a DBT	$13.4M	0.38%
Tx St Priv Act Trans Corp Tarrant Exp Amt DBT	$13.4M	0.38%
Salt Verde Az Fnl Corp Snr Gas Rev DBT	$13.2M	0.37%
Dc Tob Settlmt Corp Cap Asset Bkd A DBT	$12.9M	0.36%
Clvlnd Cuyahoga Cnty Playhouse Fndtn Prj DBT	$12.7M	0.36%
Pub Fin Auth-amt Amt DBT	$12.6M	0.36%
San Fran Ca Arpts Commn Amt Ser A DBT	$12.5M	0.35%
Ny St Trans Dev Fac Amer Airlns Arpt Amt DBT	$12.4M	0.35%
Atlanta Ga Dev Cnvrtble Cabs Cls A Sr 1 144a DBT	$12.4M	0.35%
Ca Cmnty Hsg Agy Verdant Proj Sr A 144a DBT	$12.3M	0.35%
Aurora Crossroads#2 DBT	$12.1M	0.34%
St Louis Cnty Mo Indl Frdship Vlg Ser A DBT	$12M	0.34%
Chicago Il Brd Ed School Reform Ser B-1 DBT	$11.8M	0.33%
St Louis Mo Ld Clr Ntl Geosptl Int Proj DBT	$11.6M	0.33%
Co Eductnl Snr Stanley Proj Sr A-1 144a DBT	$11.6M	0.33%
Met Wa Arpts Conv B DBT	$11.5M	0.33%
Pr Comwlth Public Impt Ser A1 DBT	$11.4M	0.32%
Calhoun Co Mi Hosp-ref Oaklawn Hosp DBT	$11.3M	0.32%
Pa St Econ Penn Mjr Brdge Prj P3 Amt DBT	$11.3M	0.32%
Cuyahoga Co Oh Hosp Rev Metrohlth Sys DBT	$11.3M	0.32%
Ca Cmty Choice Auth Proj Ser A-1 DBT	$11.1M	0.31%
Md St Econ Prple Line Lt Rail Ser B Amt DBT	$11.1M	0.31%
Black Belt Energy Gas Al Proj Rev Ser C DBT	$11.1M	0.31%
Pr Comwlth Public Impt Ser A1 DBT	$10.9M	0.31%
National Fin Auth Nh Spl Rev Thomas 144a DBT	$10.9M	0.31%
Ky St Econ Owensboro Med Hlth Sr A DBT	$10.7M	0.30%
Oklahoma St Dev Fin Hlth Ou Med Prj Sr B DBT	$10.6M	0.30%
Pub Auth For Co Energy DBT	$10.6M	0.30%
Ok Turnpike Auth DBT	$10.5M	0.29%
Black Belt Energy-e DBT	$10.4M	0.29%
Vi Hotel Dev Fin-a-1 DBT	$10.4M	0.29%
Ca Stwd Cmtnys Loma Linda Univ Md Ctr A DBT	$10.3M	0.29%
Pr Sales Tax Fing Sales Tax Rev Ser A1 DBT	$10.2M	0.29%
Inland Empire Tobacco Cat Bkd Ser C-1 DBT	$10.1M	0.28%
Pr Aquedct & Swr Rev Sr Lien Ser A 144a DBT	$10M	0.28%
Chicago Il Brd Of Ed Cap Ap Agm Cr Sr B1 DBT	$10M	0.28%
Ca St Loma Linda Univ Md Ctr A 144a DBT	$10M	0.28%
New York St Transprtn Amt DBT	$9.97M	0.28%
Tx St Dept Hsg & Cmnty Resd Mtg Rev Sr A DBT	$9.94M	0.28%
Pr Aquedct & Swr Rev Sr Lien Ser A 144a DBT	$9.89M	0.28%

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