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

Diversify your portfolio with tax-efficient bonds

Let our investment specialists help explain how tax-efficient bonds can help you reduce investment risk. Call 800-401-5342.

Ticker Symbol:
PRFHX
Fund Status:
Open to new Retail investors  /  Open to subsequent Retail investments
Fund Snapshot
Quick Stats
Current NAV as of 08/28/2015 $11.83
NAV Change $0.01
Daily YTD Return as of 08/28/2015 1.20%
NAV 12 Month Low-High $11.77 - $12.19
Net Assets as of 07/31/2015 $3,466.51 Million
Morningstar Ratings1
as of 06/30/2015
Overall
3 Year
5 Year
10 Year
Morningstar rated the Tax-Free High Yield Fund among 159, 159, 149 and 95 High Yield Muni funds for the overall rating and the 3-, 5-, and 10-year periods (as applicable) ending 06/30/2015, respectively. Morningstar Ratings™ are based on risk-adjusted returns. The Overall Morningstar Rating™ is derived from a weighted average of the performance figures associated with a fund's 3-, 5-, and 10-year (if applicable) Morningstar Rating™ metrics.
Performance Comparison
as of 07/31/2015
This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 years or since its inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes.
1 For funds with at least a 3-year history, a Morningstar Rating™ is based on a risk-adjusted return measure (including the effects of sales charges, loads, and redemption fees) with emphasis on downward variations and consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars, and the bottom 10% 1 star. Each share class is counted as a fraction of 1 fund within this scale and rated separately. Morningstar Rating™ is for the retail share class only; other classes may have different performance characteristics.
The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the manager research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Analysts use this five-pillar evaluation to determine how they believe funds are likely to perform over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, or Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects an Analyst's conviction in a fund's prospects for outperformance. Analyst Ratings are continuously monitored and reevaluated quarterly.

For more detailed information about the Morningstar Analyst Rating for funds, including its methodology, please click here.

The Morningstar Analyst should not be used as the sole basis in evaluating a fund. Morningstar Analyst Ratings involve unknown risks and uncertainties, which may cause Morningstar's expectations not to occur or to differ significantly from what we expected.

©2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average Annual Total Returns and Benchmarks
as of 06/30/2015
Investment Objective
The fund's objective is to seek a high level of income exempt from federal income tax by investing primarily in long-term, low- to upper-medium-quality municipal securities.
30-Day Yield2
Annualized Dividend as of (08/28/2015) 4.10%
SEC Dividend as of (08/23/2015) 3.13%
Average Annual Total Returns3
  Month
End
07/31/2015
Quarter
End
06/30/2015
1 Year 5.74% 5.11%
3 Years 4.63% 5.05%
5 Years 6.47% 6.53%
10 Years 4.88% 4.82%
Since Inception 6.86% 6.85%
Inception Date March 1, 1985
Expense Ratio as of 02/28/2015 0.69%
Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, yield and return will vary and you may have a gain or loss when you sell your shares.
The Tax-Free High Yield Fund charges a 2% redemption fee on shares held 90 days or less. The performance information shown does not reflect the deduction of the redemption fee; if it did, the performance would be lower.
2 The 30-day dividend yield represents the average daily dividends for the 30-day period, annualized and divided by the net asset values per share at the end of the period; it is available the first quarter after the fund's inception. The SEC standardized yield is computed under an SEC standardized formula and reflects an estimated yield to maturity (assuming all portfolio securities are held to maturity); it is available the first month after the fund's inception.
3 Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions. For funds less than one year old, the Since Inception return figure is not annualized and represents an aggregate total return.
See Glossary for additional details on all data elements.