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

10/25/2024 | Press release | Distributed by Public on 10/25/2024 06:33

Summary Prospectus by Investment Company - Form 497K

T. Rowe Price Tax-Free High Yield Fund

Supplement to Prospectus and Summary Prospectus dated May 1, 2024

Effective November 1, 2024, the fee table and expense example in the Summary Prospectus and Section 1 of the Prospectus are revised as follows:

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. The fees and expenses below are annualized based on the fees and expenses for the six month period ended August 31, 2024. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.

Fees and Expenses of the Fund

Investor
Class

I
Class

Advisor
Class

Shareholder fees (fees paid directly from your investment)

Maximum account fee

$20

a

-

-

Annual fund operating expenses
(expenses that you pay each year as a
percentage of the value of your investment)

Management fees

0.45

% b

0.45

% b

0.45

% b

Distribution and service (12b-1) fees

-

-

0.25

Other expenses

0.18

0.05

0.27

Total annual fund operating expenses

0.63

0.50

0.97

a

Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee.

b

Restated to reflect current fee.

Example 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, that your investment has a 5% return each year, and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

1 Year

3 Years

5 Years

10 Years

Investor Class

$

64

$

202

$

351

$

786

I Class

51

160

280

628

Advisor Class

99

309

536

1,190

In Section 2 of the Prospectus, the first paragraph below the "Group Fee Schedule" table is replaced with the following:

The fund's group fee is determined by applying the group fee rate to the fund's average daily net assets. For the six month period ended August 31, 2024, the group

fee rate was 0.28%. The individual fund fee rate, also applied to the fund's average daily net assets, is 0.17%. Prior to November 1, 2024, the fund's individual fund fee rate was 0.30%.

The date of this supplement is October 25, 2024.

F59-041 10/25/24