0000798086-13-000021.txt : 20130717 0000798086-13-000021.hdr.sgml : 20130717 20130717072224 ACCESSION NUMBER: 0000798086-13-000021 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130717 DATE AS OF CHANGE: 20130717 EFFECTIVENESS DATE: 20130717 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Tax-Free High Yield Fund, Inc. CENTRAL INDEX KEY: 0000758003 IRS NUMBER: 521381369 STATE OF INCORPORATION: MD FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-94641 FILM NUMBER: 13971462 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-2000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE TAX FREE HIGH YIELD FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Tax-Free High Yield Fund, Inc. CENTRAL INDEX KEY: 0000758003 IRS NUMBER: 521381369 STATE OF INCORPORATION: MD FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04163 FILM NUMBER: 13971463 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-2000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE TAX FREE HIGH YIELD FUND INC DATE OF NAME CHANGE: 19920703 0000758003 S000002162 T. Rowe Price Tax-Free High Yield Fund, Inc. C000005558 T. Rowe Price Tax-Free High Yield Fund, Inc. PRFHX C000117193 T. Rowe Price Tax-Free High Yield Fund-Advisor Class PATFX 485BPOS 1 tfhxbrl-7120114.htm Untitled Document

Registration Nos. 002-94641/811-4163

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933   /X/

      

 Post-Effective Amendment No. 41     /X/

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/

 Amendment No. 39      /X/

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

Exact Name of Registrant as Specified in Charter

100 East Pratt Street, Baltimore, Maryland 21202
Address of Principal Executive Offices

410-345-2000
Registrant’s Telephone Number, Including Area Code

David Oestreicher

100 East Pratt Street, Baltimore, Maryland 21202
Name and Address of Agent for Service

 It is proposed that this filing will become effective (check appropriate box):

/X/ Immediately upon filing pursuant to paragraph (b)

// On (date) pursuant to paragraph (b)

// 60 days after filing pursuant to paragraph (a)(1)

// On (date) pursuant to paragraph (a)(1)

// 75 days after filing pursuant to paragraph (a)(2)

// On (date) pursuant to paragraph (a)(2) of Rule 485

 If appropriate, check the following box:

// This post-effective amendment designates a new effective date for a previously filed post-effective amendment.


Page 2

EXHIBITS

  

Exhibit

Exhibit No.

XBRL Instance Document

EX-101.INS

XBRL Taxonomy Extension Schema Document

EX-101.SCH

XBRL Taxonomy Extension Calculation Linkbase Document

EX-101.CAL

XBRL Taxonomy Extension Definition Linkbase Document

EX-101.DEF

XBRL Taxonomy Extension Labels Linkbase Document

EX-101.LAB

XBRL Taxonomy Extension Presentation Linkbase Document

EX-101.PRE


Page 3

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Baltimore, State of Maryland, this July 17, 2013.

 T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

 /s/Edward C. Bernard

By: Edward C. Bernard

 Chairman of the Board

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

   

Signature

Title

Date

   
   

/s/Edward C. Bernard

Chairman of the Board

July 17, 2013

Edward C. Bernard

(Chief Executive Officer)

 
   
   

/s/Gregory K. Hinkle

Treasurer (Chief

July 17, 2013

Gregory K. Hinkle

Financial Officer)

 
   
   

*

Director

July 17, 2013

William R. Brody

  
   
   

*

Director

July 17, 2013

Anthony W. Deering

  
   
   

*

Director

July 17, 2013

Donald W. Dick, Jr.

  
   
   
   

/s/Michael C. Gitlin

Director

July 17, 2013

Michael C. Gitlin

  
   
   

*

Director

July 17, 2013

Karen N. Horn

  
   
   

*

Director

July 17, 2013

Theo C. Rodgers

  
   
   

*

Director

July 17, 2013

John G. Schreiber

  
   
   

*

Director

July 17, 2013

Mark. R. Tercek

  


Page 4

   
   
   

*/s/David Oestreicher

Vice President and

July 17, 2013

David Oestreicher

Attorney-In-Fact

 


Page 5

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.

T. ROWE PRICE INTERNATIONAL SERIES, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND
T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.

T. ROWE PRICE RETIREMENT FUNDS, INC.

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.

T. ROWE PRICE STATE TAX-FREE INCOME TRUST


Page 6

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.

T. ROWE PRICE VALUE FUND, INC.

POWER OF ATTORNEY

 RESOLVED, that the Corporation does hereby constitute and authorize Edward C. Bernard, Margery K. Neale and David Oestreicher, and each of them individually, their true and lawful attorneys and agents to take any and all action and execute any and all instruments which said attorneys and agents may deem necessary or advisable to enable the Corporation/Trust to comply with the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and any rules, regulations, orders or other requirements of the United States Securities and Exchange Commission thereunder, in connection with the registration under the Securities Act of 1933, as amended, of shares of the Corporation/Trust, to be offered by the Corporation/Trust, and the registration of the Corporation/Trust under the Investment Company Act of 1940, as amended, including specifically, but without limitation of the foregoing, power and authority to sign the name of the Corporation/Trust on its behalf, and to sign the names of each of such directors/trustees and officers on his behalf as such director/trustee or officer to any (i) Registration Statement on Form N-1A or N-14 of the Corporation/Trust filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended; (ii) Registration Statement on Form N-1A or N-14 of the Corporation/Trust under the Investment Company Act of 1940, as amended; (iii) amendment or supplement (including, but not limited to, Post-Effective Amendments adding additional series or classes of the Corporation/ Trust) to said Registration Statement; and (iv) instruments or documents filed or to be filed as a part of or in connection with such Registration Statement, including Articles Supplementary, Articles of Amendment, and other instruments with respect to the Articles of Incorporation or Master Trust Agreement of the Corporation/Trust.

 IN WITNESS WHEREOF, the above named Corporations/Trusts have caused these presents to be signed and the same attested by its Secretary, each thereunto duly authorized by its Board of Directors/Trustees, and each of the undersigned has hereunto set his hand and seal as of the day set opposite his name.


Page 7

   

ALL CORPORATIONS/TRUSTS

  

/s/Edward C. Bernard

Edward C. Bernard

Chairman of the Board (Principal Executive Officer)

Director/Trustee

April 24, 2012

/s/Gregory K. Hinkle

Gregory K. Hinkle

Treasurer (Principal Financial Officer)

April 24, 2012

/s/William R. Brody

William R. Brody

Director/Trustee

April 24, 2012

/s/Jeremiah E. Casey

Jeremiah E. Casey

Director/Trustee

April 24, 2012

/s/Anthony W. Deering

Anthony W. Deering

Director/Trustee

April 24, 2012

/s/Donald W. Dick, Jr.

Donald W. Dick, Jr.

Director/Trustee

April 24, 2012

/s/Karen N. Horn

Karen N. Horn

Director/Trustee

April 24, 2012

/s/Theo C. Rodgers

Theo C. Rodgers

Director/Trustee

April 24, 2012

/s/John G. Schreiber

John G. Schreiber

Director/Trustee

April 24, 2012

/s/Mark R. Tercek

Mark R. Tercek

Director/Trustee

April 24, 2012

(Signatures Continued)


Page 8

MICHAEL C. GITLIN, Director/Trustee


T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE STATE TAX-FREE INCOME TRUST

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC.

MICHAEL C. GITLIN, Director and President

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.

  

/s/Michael C. Gitlin

Michael C. Gitlin

April 24, 2012

(Signatures Continued)


Page 9

JOHN H. LAPORTE, Director/Trustee

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE EQUITY SERIES, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

JOHN H. LAPORTE, Director and Vice President

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.

  

/s/John H. Laporte

John H. Laporte

April 24, 2012

(Signatures Continued)


Page 10

BRIAN C. ROGERS, Director/Trustee

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE INDEX TRUST, INC.

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.

T. ROWE PRICE INTERNATIONAL SERIES, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

BRIAN C. ROGERS, Director/Trustee and President

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.

BRIAN C. ROGERS, Director/Trustee and Vice President

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.

T. ROWE PRICE RETIREMENT FUNDS, INC.

T. ROWE PRICE SPECTRUM FUND, INC.

T. ROWE PRICE VALUE FUND, INC.

   

/s/Brian C. Rogers

Brian C. Rogers

 

April 24, 2012

(Signatures Continued)


Page 11

ATTEST:

/s/Patricia B. Lippert

Patricia B. Lippert, Secretary


Page 12

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.

T. ROWE PRICE INTERNATIONAL SERIES, INC.

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND
T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RETIREMENT FUNDS, INC.

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC.

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE VALUE FUND, INC.

POWER OF ATTORNEY

 RESOLVED, that the Corporation does hereby constitute and authorize Edward C. Bernard, Margery K. Neale and David Oestreicher, and each of them individually, their true and lawful attorneys and agents to take any and all action and execute any and all instruments which said attorneys and agents may deem necessary or advisable to enable the Corporation/Trust to comply with the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and any rules, regulations, orders or other requirements of the United States Securities and Exchange Commission thereunder, in connection with the registration under the Securities Act of 1933, as amended, of shares of the Corporation/Trust, to be offered by the Corporation/Trust, and the registration of the Corporation/Trust under the Investment Company Act of 1940, as amended, including specifically, but without limitation of the foregoing, power and authority to sign the name of the Corporation/Trust on its behalf, and to sign


Page 13

the names of each of such directors/trustees and officers on his behalf as such director/trustee or officer to any (i) Registration Statement on Form N-1A or N-14 of the Corporation/Trust filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended; (ii) Registration Statement on Form N-1A or N-14 of the Corporation/Trust under the Investment Company Act of 1940, as amended; (iii) amendment or supplement (including, but not limited to, Post-Effective Amendments adding additional series or classes of the Corporation/ Trust) to said Registration Statement; and (iv) instruments or documents filed or to be filed as a part of or in connection with such Registration Statement, including Articles Supplementary, Articles of Amendment, and other instruments with respect to the Articles of Incorporation or Master Trust Agreement of the Corporation/Trust.

 IN WITNESS WHEREOF, the above named Corporations/Trusts have caused these presents to be signed and the same attested by its Secretary, each thereunto duly authorized by its Board of Directors/Trustees, and each of the undersigned has hereunto set his hand and seal as of the day set opposite his name.

   

/s/Robert J. Gerrard, Jr.

Robert J. Gerrard, Jr.

Director/Trustee

May 2, 2012

/s/Cecilia E. Rouse

Cecilia E. Rouse

Director/Trustee

May 2, 2012

ATTEST:

/s/Patricia B. Lippert

Patricia B. Lippert, Secretary


EX-101.INS 3 trptfhyf-20130627.xml 0000758003 2012-07-02 2013-07-01 0000758003 trptfhyf:S000002162Member trptfhyf:InvestorClassSharesMember 2012-07-02 2013-07-01 0000758003 trptfhyf:S000002162Member trptfhyf:InvestorClassSharesMember trptfhyf:C000005558Member 2012-07-02 2013-07-01 0000758003 trptfhyf:S000002162Member trptfhyf:InvestorClassSharesMember rr:AfterTaxesOnDistributionsMember trptfhyf:C000005558Member 2012-07-02 2013-07-01 0000758003 trptfhyf:S000002162Member trptfhyf:InvestorClassSharesMember rr:AfterTaxesOnDistributionsAndSalesMember trptfhyf:C000005558Member 2012-07-02 2013-07-01 0000758003 trptfhyf:S000002162Member trptfhyf:InvestorClassSharesMember trptfhyf:BarclaysSixtyFivePercentHighGradeThirtyFivePercentHighYieldIndexMember 2012-07-02 2013-07-01 0000758003 trptfhyf:S000002162Member trptfhyf:InvestorClassSharesMember trptfhyf:BarclaysMunicipalRevenueBondIndexMember 2012-07-02 2013-07-01 0000758003 trptfhyf:S000002162Member trptfhyf:InvestorClassSharesMember trptfhyf:LipperHighYieldMunicipalDebtFundsAverageMember 2012-07-02 2013-07-01 0000758003 trptfhyf:S000002162Member trptfhyf:AdvisorClassSharesMember 2012-07-02 2013-07-01 0000758003 trptfhyf:S000002162Member trptfhyf:AdvisorClassSharesMember trptfhyf:C000117193Member 2012-07-02 2013-07-01 0000758003 trptfhyf:S000002162Member trptfhyf:AdvisorClassSharesMember trptfhyf:C000005558Member 2012-07-02 2013-07-01 0000758003 trptfhyf:S000002162Member trptfhyf:AdvisorClassSharesMember rr:AfterTaxesOnDistributionsMember trptfhyf:C000005558Member 2012-07-02 2013-07-01 0000758003 trptfhyf:S000002162Member trptfhyf:AdvisorClassSharesMember rr:AfterTaxesOnDistributionsAndSalesMember trptfhyf:C000005558Member 2012-07-02 2013-07-01 0000758003 trptfhyf:S000002162Member trptfhyf:AdvisorClassSharesMember trptfhyf:BarclaysSixtyFivePercentHighGradeThirtyFivePercentHighYieldIndexMember 2012-07-02 2013-07-01 0000758003 trptfhyf:S000002162Member trptfhyf:AdvisorClassSharesMember trptfhyf:BarclaysMunicipalRevenueBondIndexMember 2012-07-02 2013-07-01 0000758003 trptfhyf:S000002162Member trptfhyf:AdvisorClassSharesMember trptfhyf:LipperHighYieldMunicipalDebtFundsAverageMember 2012-07-02 2013-07-01 pure iso4217:USD 2013-07-01 485BPOS 2013-02-28 false T. Rowe Price Tax-Free High Yield Fund, Inc. 0000758003 2013-06-27 2013-07-01 <b>SUMMARY<br/><br/>T. Rowe Price Tax-Free High Yield Fund</b> 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. <b>Fees and Expenses </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Fees and Expenses of the Fund<br/><br/>Shareholder fees (fees paid directly from your investment)</b> <b>Annual fund operating expenses<br/>(expenses that you pay each year as a<br/>percentage of the value of your investment)</b> <b>Example</b> <b>Portfolio Turnover</b> The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 11.6% of the average value of its portfolio. <b>Investments, Risks, and Performance<br/><br/>Principal Investment Strategies</b> The fund invests primarily in long-term municipal securities (securities with maturities of more than 10 years) and its weighted average maturity is expected to normally exceed 10 years. The fund normally invests a substantial portion of its assets in municipal bonds that are rated noninvestment-grade (BB and lower, or an equivalent rating) by a major credit rating agency or by T. Rowe Price, known as &#8220;junk&#8221; bonds in the taxable bond market, and may buy bonds in default as long as they do not exceed 10% of the fund&#8217;s total assets. <br/><br/>Investment decisions reflect the portfolio manager&#8217;s outlook for interest rates and the economy, as well as the prices, yields, and credit quality of various securities in which the fund may invest. For example, if interest rates are expected to fall, the fund may purchase longer-term securities (to the extent consistent with the fund&#8217;s investment program) in an attempt to seek higher yields and/or capital appreciation. Conversely, if interest rates are expected to rise, the fund may seek securities with shorter maturities. <br/><br/>Normally, at least 80% of the fund&#8217;s income will be exempt from federal income taxes. However, up to 20% of the fund&#8217;s income could be derived from securities subject to the alternative minimum tax. <br/><br/>From time to time, the fund may invest a significant portion of its assets in sectors with special risks, such as health care, transportation, utilities, or private activity bonds. The fund may sell holdings for a variety of reasons, such as to adjust the portfolio&#8217;s average maturity, duration, or overall credit quality, or to shift assets into and out of higher-yielding or lower-yielding securities or certain sectors. <b>Principal Risks </b> As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows: <br/><br/><b>Active management risk</b> The fund is subject to the risk that the investment adviser&#8217;s judgments about the attractiveness, value, or potential appreciation of the fund&#8217;s investments may prove to be incorrect. If the securities selected and strategies employed by the fund fail to produce the intended results, the fund could underperform other funds with similar objectives and investment strategies. <br/><br/><b>Market risk</b> This is the risk that the value of securities owned by the fund may go up or down, sometimes rapidly or unexpectedly, due to factors affecting securities markets generally or particular industries. <br/><br/><b>Credit risk</b> This is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation. Economic downturns often result in reduced levels of taxes collected and revenues earned for municipalities and a municipal government&#8217;s pension or health care related obligations to its employees may exceed its available assets or income. This, in turn, lessens the financial strength of a municipality and increases the credit risk of the securities it issues. <br/><br/>The fund is exposed to much greater credit risk than most other municipal bond funds because of its focus on below investment-grade &#8220;junk&#8221; bonds. Municipalities issuing &#8220;junk&#8221; bonds are usually not as strong financially and are more likely to suffer an adverse change in financial condition. As a result, &#8220;junk&#8221; bonds carry a higher risk of default and should be considered speculative. <br/><br/><b>Interest rate risk</b> This is the risk that a rise in interest rates will cause the price of a fixed rate debt security to fall. Generally, securities with longer maturities and funds with longer weighted average maturities carry greater interest rate risk.<br/><br/><b>Municipal securities risk</b> The fund will be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers and the economy. Income from municipal securities held by the fund could be declared taxable because of changes in tax laws or interpretations by taxing authorities, or noncompliant conduct of a municipal security issuer. In addition, a portion of the fund&#8217;s otherwise tax-exempt dividends may be taxable to those shareholders subject to the alternative minimum tax. <br/><br/>Certain sectors of the municipal bond market have special risks that can impact such sectors more significantly than the market as a whole. For example, health care can be hurt by rising expenses and dependency on third party reimbursements, transportation can be impacted by declining revenues or unexpectedly high construction costs, utilities are subject to governmental rate regulation, and private activity bonds rely on project revenues and the creditworthiness of the corporate user as opposed to governmental support. <br/><br/><b>Liquidity risk</b> This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price. The secondary market for certain municipal bonds tends to be less developed and liquid than many other securities markets, which may adversely affect the fund&#8217;s ability to sell such municipal bonds at attractive prices. <b>Performance</b> The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance.<br/><br/>The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted. <b>Tax-Free High Yield Fund<br/>Calendar Year Returns</b> <div><div class="MetaData"><table style="width: 183pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="244"><tr style="height: 15pt;"> <td style="background-color: transparent; width: 84pt; height: 15pt;" class="xl65" height="20" width="112">&nbsp;</td> <td style="background-color: transparent; width: 51pt;" class="xl66" width="68"><b>Quarter<br/>&nbsp;Ended</b></td> <td style="background-color: transparent; width: 48pt;" class="xl66" width="64"><b>&nbsp;Total<br/>Return</b></td></tr><tr style="height: 15pt;"><td style="background-color: transparent; height: 15pt;" class="xl68" height="20"><b>Best Quarter</b></td> <td style="background-color: transparent;" class="xl69"><b>&nbsp;&nbsp;9/30/09</b></td> <td style="background-color: transparent;" class="xl70"><b>&nbsp;13.13%</b></td></tr> <tr style="height: 8pt;"><td style="background-color: transparent; height: 15pt;" class="xl68" height="20"><b>Worst Quarter</b></td> <td style="background-color: transparent;" class="xl69"><b>12/31/08</b></td> <td style="background-color: transparent;" class="xl70"><b>-15.99%</b></td></tr></table></div> </div><br/>The fund&#8217;s return for the three months ended 3/31/13 was 1.27%. In addition, the average annual total returns table shows hypothetical after-tax returns to suggest how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. <b>Average Annual Total Returns<br/><br/>Periods ended<br/>December 31, 2012</b> <b>Investment Objective </b> 0 0 -0.02 20 0.006 0 0.0007 0.0067 68 214 373 835 0.071 0.0664 0.0626 0.0688 -0.0115 -0.2149 0.3141 0.0391 0.1097 0.1365 The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance. The fund&#8217;s return for the three months ended 2013-03-31 0.0127 <b>Best Quarter</b> 2009-09-30 0.1313 <b>Worst Quarter</b> 2008-12-31 -0.1599 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132. troweprice.com 1-800-225-5132 0.1365 0.1364 0.1053 0.1063 0.0776 0.1413 0.0622 0.0621 0.0602 0.0607 0.061 0.0479 0.0565 0.0565 0.0556 0.0584 0.0535 0.0483 <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesT.RowePriceTax-FreeHighYieldFund,Inc. column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesT.RowePriceTax-FreeHighYieldFund,Inc. column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedT.RowePriceTax-FreeHighYieldFund,Inc. column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualTotalReturnsT.RowePriceTax-FreeHighYieldFund,Inc.BarChart column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAverageAnnualTotalReturnsTransposedT.RowePriceTax-FreeHighYieldFund,Inc. column period compact * ~</div> 0.116 <b>Investment Objective </b> 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. <b>Fees and Expenses</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Fees and Expenses of the Fund&#8217;s Advisor Class<br/><br/>Shareholder fees (fees paid directly from your investment)</b> <b>Annual fund operating expenses<br/>(expenses that you pay each year as a<br/>percentage of the value of your investment)</b> <b>Portfolio Turnover</b> <b>Example</b> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, the fund&#8217;s operating expenses remain the same, and the expense limitation currently in place is not renewed. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. During the most recent fiscal year, the fund&#8217;s portfolio turnover rate was 11.6% of the average value of its portfolio. <b>Investments, Risks, and Performance<br/><br/>Principal Investment Strategies</b> The fund invests primarily in long-term municipal securities (securities with maturities of more than 10 years) and its weighted average maturity is expected to normally exceed 10 years. The fund normally invests a substantial portion of its assets in municipal bonds that are rated noninvestment-grade (BB and lower, or an equivalent rating) by a major credit rating agency or by T. Rowe Price, known as &#8220;junk&#8221; bonds in the taxable bond market, and may buy bonds in default as long as they do not exceed 10% of the fund&#8217;s total assets. <br/><br/>Investment decisions reflect the portfolio manager&#8217;s outlook for interest rates and the economy, as well as the prices, yields, and credit quality of various securities in which the fund may invest. For example, if interest rates are expected to fall, the fund may purchase longer-term securities (to the extent consistent with the fund&#8217;s investment program) in an attempt to seek higher yields and/or capital appreciation. Conversely, if interest rates are expected to rise, the fund may seek securities with shorter maturities. <br/><br/>Normally, at least 80% of the fund&#8217;s income will be exempt from federal income taxes. However, up to 20% of the fund&#8217;s income could be derived from securities subject to the alternative minimum tax. <br/><br/>From time to time, the fund may invest a significant portion of its assets in sectors with special risks, such as health care, transportation, utilities, or private activity bonds. The fund may sell holdings for a variety of reasons, such as to adjust the portfolio&#8217;s average maturity, duration, or overall credit quality, or to shift assets into and out of higher-yielding or lower-yielding securities or certain sectors. <b>Principal Risks </b> As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows: <br/><br/><b>Active management risk</b> The fund is subject to the risk that the investment adviser&#8217;s judgments about the attractiveness, value, or potential appreciation of the fund&#8217;s investments may prove to be incorrect. If the securities selected and strategies employed by the fund fail to produce the intended results, the fund could underperform other funds with similar objectives and investment strategies. <br/><br/><b>Market risk</b> This is the risk that the value of securities owned by the fund may go up or down, sometimes rapidly or unexpectedly, due to factors affecting securities markets generally or particular industries. <br/><br/><b>Credit risk</b> This is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation. Economic downturns often result in reduced levels of taxes collected and revenues earned for municipalities and a municipal government&#8217;s pension or health care related obligations to its employees may exceed its available assets or income. This, in turn, lessens the financial strength of a municipality and increases the credit risk of the securities it issues. <br/><br/>The fund is exposed to much greater credit risk than most other municipal bond funds because of its focus on below investment-grade &#8220;junk&#8221; bonds. Municipalities issuing &#8220;junk&#8221; bonds are usually not as strong financially and are more likely to suffer an adverse change in financial condition. As a result, &#8220;junk&#8221; bonds carry a higher risk of default and should be considered speculative. <br/><br/><b>Interest rate risk</b> This is the risk that a rise in interest rates will cause the price of a fixed rate debt security to fall. Generally, securities with longer maturities and funds with longer weighted average maturities carry greater interest rate risk. <br/><br/><b>Municipal securities risk</b> The fund will be highly impacted by events tied to the overall municipal securities markets, which can be very volatile and significantly affected by unfavorable legislative or political developments and adverse changes in the financial conditions of municipal securities issuers and the economy. Income from municipal securities held by the fund could be declared taxable because of changes in tax laws or interpretations by taxing authorities, or noncompliant conduct of a municipal security issuer. In addition, a portion of the fund&#8217;s otherwise tax-exempt dividends may be taxable to those shareholders subject to the alternative minimum tax. <br/><br/>Certain sectors of the municipal bond market have special risks that can impact such sectors more significantly than the market as a whole. For example, health care can be hurt by rising expenses and dependency on third party reimbursements, transportation can be impacted by declining revenues or unexpectedly high construction costs, utilities are subject to governmental rate regulation, and private activity bonds rely on project revenues and the creditworthiness of the corporate user as opposed to governmental support. <br/><br/><b>Liquidity risk</b> This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price. The secondary market for certain municipal bonds tends to be less developed and liquid than many other securities markets, which may adversely affect the fund&#8217;s ability to sell such municipal bonds at attractive prices. <b>Performance</b> The Tax-Free High Yield Fund&#8211;Advisor Class incepted on August 8, 2012, and does not have a full calendar year of performance history. Performance for the class will be presented after the class has been in operation for one full calendar year. <b>As a point of comparison, however, the following bar chart and table show calendar year returns and average annual total returns for the existing class of the Tax-Free High Yield Fund (&#8220;Original Class&#8221;).</b> Because the Tax-Free High Yield Fund&#8211;Advisor Class has higher expenses than the Original Class, its performance, had it existed over the periods shown, would have been lower. The Original Class and the Tax-Free High Yield Fund&#8211;Advisor Class share the same portfolio. <br/><br/>The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted for the Original Class. <b>Tax-Free High Yield Fund<br/>Calendar Year Returns</b> <div><div class="MetaData"><table style="width: 183pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="244"><tr style="height: 15pt;"> <td style="background-color: transparent; width: 84pt; height: 15pt;" class="xl65" height="20" width="112">&nbsp;</td> <td style="background-color: transparent; width: 51pt;" class="xl66" width="68"><b>Quarter<br/>&nbsp;Ended</b></td> <td style="background-color: transparent; width: 48pt;" class="xl66" width="64"><b>&nbsp;Total<br/>Return</b></td></tr><tr style="height: 15pt;"><td style="background-color: transparent; height: 15pt;" class="xl68" height="20"><b>Best Quarter</b></td> <td style="background-color: transparent;" class="xl69"><b>&nbsp;&nbsp;9/30/09</b></td> <td style="background-color: transparent;" class="xl70"><b>&nbsp;13.13%</b></td></tr> <tr style="height: 8pt;"><td style="background-color: transparent; height: 15pt;" class="xl68" height="20"><b>Worst Quarter</b></td> <td style="background-color: transparent;" class="xl69"><b>12/31/08</b></td> <td style="background-color: transparent;" class="xl70"><b>-15.99%</b></td></tr></table></div> </div><br/>The fund&#8217;s return for the six months ended 3/31/13 was 1.27%. In addition, the average annual total returns table shows hypothetical after-tax returns to suggest how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. <b>Average Annual Total Returns<br/><br/>Periods ended<br/>December 31, 2012</b> Current performance information may be obtained by calling 1-800-638-8790. -0.02 0.006 0.0025 0.0017 0.0102 104 325 563 1248 0.071 0.0664 0.0626 0.0688 -0.0115 -0.2149 0.3141 0.0391 0.1097 0.1365 0.1365 0.1364 0.1053 0.1063 0.0776 0.1413 0.0622 0.0621 0.0602 0.0607 0.061 0.0479 0.0565 0.0565 0.0556 0.0535 0.0584 0.0483 0.116 The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. The Tax-Free High Yield Fund&#8211;Advisor Class incepted on August 8, 2012, and does not have a full calendar year of performance history. The fund&#8217;s return for the three months ended 2013-03-31 0.0127 2009-09-30 0.1313 <b>Worst Quarter</b> 2008-12-31 -0.1599 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. 1-800-638-8790 T. Rowe Price<br/><br/>Tax-Free High Yield Fund&#8212;Advisor Class<br/><br/><b>SUMMARY</b> <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesT.RowePriceTax-FreeHighYieldFund,Inc.AdvisorClass column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesT.RowePriceTax-FreeHighYieldFund,Inc.AdvisorClass column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedT.RowePriceTax-FreeHighYieldFund,Inc.AdvisorClass column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAverageAnnualTotalReturnsTransposedT.RowePriceTax-FreeHighYieldFund,Inc.AdvisorClass column period compact * ~</div> <b>As a point of comparison, however, the following bar chart and table show calendar year returns and average annual total returns for the existing class of the Tax-Free High Yield Fund (&#8220;Original Class&#8221;).</b> <b>Best Quarter</b> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualTotalReturnsT.RowePriceTax-FreeHighYieldFund,Inc.AdvisorClassBarChart column period compact * ~</div> Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. 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