T. Rowe Price Tax-Free High Yield Fund (PRFHX)

Diversify your portfolio with high yield bonds.

Call 866-831-3699 to speak to an investment specialist about the
Tax-Free High Yield Fund.

Ticker Symbol:
PRFHX
Fund Status:
Open to new Retail investors  /  Open to subsequent Retail investments
Fund Composition
Asset Allocation
as of 06/30/2017
Volatility and Other Measures
as of 06/30/2017
Beta 0.89
0.90
Standard Deviation 3.62
Credit Quality Diversification1
as of 06/30/2017
% of Total Net Assets
AAA 1.8%
AA 5.9%
A 24.0%
BBB 33.4%
BB 10.3%
B 4.7%
CCC 1.8%
CC 0.0%
D 0.1%
Not Rated 17.9%
1Sources: Moody's Investors Service; if Moody's does not rate a security, then Standard & Poor's (S&P) is used as a secondary source. When available, T. Rowe Price will use Fitch for securities that are not rated by Moody's or S&P. T. Rowe Price may deviate from this hierarchy for prerefunded securities, which are categorized using the most recent rating from Moody's, S&P, or Fitch when it reflects the issue's current prerefunded status.
Modified Duration to Worst
as of 06/30/2017
5.59 years
Weighted Avg. Maturity
as of 07/18/2017
20.01 years
Sector Diversification
as of 06/30/2017
% of Total Net Assets
Tax-Free Revenue 88.6%
Tax-Free US Government 6.7%
Tax-Free Gen. Obligations 2.7%
10 Largest Holdings
Represents 8.04 % of Total Net Assets
View Holdings as of:
Coupon % Maturity
ALACHUA CO FL HLTH FACS SHANDS HSP SR A 5.000 12/01/2044
BUCKEYE OH TOB STLMT SR A-2 6.500 06/01/2047
GOLDEN TOB SR CONV A2 5.300 06/01/2037
LIBERTY NY GOLDMAN SACHS HQ 5.250 10/01/2035
MET PIER & EXPOS AUTH MCCORMICK B2 5.250 06/15/2050
SALT VERDE AZ FNL CORP SNR GAS REV 5.000 12/01/2037
ST JOHN BAPTIST MARATHON OIL A 5.125 06/01/2037
TOB SETTLE FING CORP NJ SER 1A 5.000 06/01/2041
TX MUN GAS ACQ & SUPPLY SR LIEN D 6.250 12/15/2026
VA ST SBFAR SR LN EXPRESS LANES LLC AMT 5.000 01/01/2040
As of 06/30/2017 the Tax-Free High Yield Fund had a total of 901 holdings.
Bond Maturity Diversification2
  as of 06/30/2017
% of Total Net Assets
0 - 1 YRS 2.5%
1 - 5 YRS 6.3%
5 - 10 YRS 7.4%
10 + YRS 83.8%
2Total may not equal 100% due to rounding.
See Glossary for additional details on all data elements.