# EDGAR Filing Document

**Accession Number:** 0000758003
**File Stem:** 0001999371-26-006490
**Filing Date:** 2026-3
**Character Count:** 4168
**Document Hash:** 0cd98bcc468b590da1daec3dcf29701b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-006490.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0001999371-26-006490

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20260320

**DATE AS OF CHANGE**: 20260320

**EFFECTIVENESS DATE**: 20260320

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Tax-Free High Yield Fund, Inc.
- **CENTRAL INDEX KEY:** 0000758003

**ORGANIZATION NAME:**
- **EIN:** 521381369
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-94641
- **FILM NUMBER:** 26776265

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE TAX FREE HIGH YIELD FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### T. Rowe Price Tax-Free High Yield Fund (Series ID: S000002162)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                           | Ticker Symbol | Class ID   |
| T. Rowe Price Tax-Free High Yield Fund               | PRFHX         | C000005558 |
| T. Rowe Price Tax-Free High Yield Fund-Advisor Class | PATFX         | C000117193 |
| T. Rowe Price Tax-Free High Yield Fund-I Class       | PTYIX         | C000177208 |

---

## Series and Classes Contracts Data

### T. Rowe Price Tax-Free High Yield Fund (Series ID: S000002162)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000005558 | T. Rowe Price Tax-Free High Yield Fund               | PRFHX           |
| C000117193 | T. Rowe Price Tax-Free High Yield Fund-Advisor Class | PATFX           |
| C000177208 | T. Rowe Price Tax-Free High Yield Fund-I Class       | PTYIX           |

?xml version='1.0' encoding='ASCII'?

**T. Rowe Price Tax-Free High Yield Fund**

Supplement to Prospectus and Summary Prospectus dated May 1, 2025

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Effective August 1, 2026, the T. Rowe Price Tax-Free High Yield Fund will change its name to the T. Rowe Price High Yield Municipal Bond Fund.

The fund has adopted the following 80% investment policy:

Normally, at least 80% of the fund's income will be exempt from federal income taxes.

The fund's Board of Directors has approved changing the 80% investment policy to the following:

The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal bonds whose income is exempt from regular federal income taxes.

The fund's Board of Directors has also approved eliminating the fund's current policy that allows up to 20% of the fund's income to be derived from securities subject to the alternative minimum tax (AMT).

The change to the fund's 80% investment policy and elimination of the AMT policy are also subject to shareholder approval to become effective. Accordingly, the changes are being proposed for approval at a special shareholder meeting scheduled for June 25, 2026. Proxy materials describing the proposed changes and the rationale are expected to begin mailing to shareholders on or about April 10, 2026. All shareholders who hold shares of the fund at the close of business on March 27, 2026, are eligible to vote on the proposed changes.

The proposed changes are intended to provide the fund with greater long-term flexibility in executing its investment program, align the policies with the fund's new name, and reduce potential compliance risks for the fund, although the changes are not expected to substantially affect the way the fund is currently managed.

If the proposed changes are approved by shareholders, the new 80% investment policy and elimination of the AMT policy are expected to become effective on August 1, 2026. If either proposed change is not approved by shareholders, the name change will still become effective on August 1, 2026.

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The date of this supplement is March 20, 2026.

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F59-041 3/20/26