T. Rowe Price Tax-Free High Yield Fund
PRFHX
NASDAQ11.09
USD
+0.01
(+0.09%)
CIK
0000758003
ISIN
US7414861044
CUSIP
741486104
Return %
Stock
S&P500
1Y
-1.16
26.53
3Y
2.78
76.60
5Y
-9.69
80.11
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Bonds
- Address
- 100 East Pratt Street Baltimore MD United States of America 21202
- IPO Date
- Feb 28, 1985
- CIK
- 0000758003
- Website
- troweprice.com
- Similar Companies
- Business
- T. Rowe Price Tax-Free High Yield Fund (PRFHX) is an open-end mutual fund that seeks a high level of income exempt from federal income taxes by investing primarily in long-term, low- to upper-medium-grade municipal securities; it allocates a substantial portion of assets to below-investment-grade or junk municipal bonds, including revenue bonds, general obligation debt, tobacco settlement financing, sales tax revenue bonds, private activity bonds, and dedicated state tax revenue obligations, with top holdings such as Puerto Rico Sales Tax Financing Corporation bonds, Buckeye Ohio Tobacco Settlement Financing Authority bonds, and Maryland State Economic Development Corporation private activity revenue bonds; the portfolio emphasizes U.S. municipal tax-exempt securities (approximately 96%), with minor exposure to non-U.S. bonds, cash equivalents, and taxable municipals, maintaining an effective duration of about 7.49 years and total net assets of roughly $3.2 billion. Managed by T. Rowe Price Associates, Inc. from headquarters in Baltimore, Maryland, the fund was launched on March 1, 1985, and operates nationwide in the United States, targeting individual and institutional investors seeking tax-efficient high yield income through a no-load share class with a minimum initial investment of $2,500, net expense ratio of 0.67%, and a trailing twelve-month yield around 3.97%. Recent developments include a modest fee reduction of 4-5 basis points across share classes effective November 1, 2024, alongside noted personnel turnover in the municipal bond team that lowered Morningstar's People Pillar rating to Above Average, while the firm expanded its municipal bond offerings with the launch of three new active ETFs on November 20, 2025—including the T. Rowe Price High Income Municipal ETF (THYM) managed by the same lead portfolio manager James M. Murphy—enhancing access to similar high yield strategies in ETF format.