T. Rowe Price Tax-Free High Yield Fund
T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC. · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
T. Rowe Price Tax-Free High Yield Fund is an actively managed U.S. bond fund. 39% of PRFHX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 100% of the fund’s equity).
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q2
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.
The fund invests primarily in longer-term municipal bonds whose income is exempt from federal income taxes, with emphasis on higher-yielding securities including those rated below investment grade. T. Rowe Price uses fundamental credit research to select bonds across municipal sectors and issuers, managing duration and diversification to balance yield with risk. The fund may invest significantly in sectors with special risks such as health care, transportation, and utilities.
| Share class | Expense ratio | As of |
|---|---|---|
| PRFHX | 0.63% | 2025 Q2 |
| PATFX | 0.97% | 2025 Q2 |
| PTYIX | 0.50% | 2025 Q2 |
Portfolio turnover 18.80% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 98.99% |
| Securitized | 0.14% |
| Stocks | 0.00% |
Portfolio growth profile
How much of the fund’s stock holdings are in fast-growing companies · as of 2026 Q2
Share of the fund’s equity (by value) in companies whose trailing five-year revenue — or net-income — growth ranks in the top 25% of U.S. public companies. Foreign and newly-listed holdings are excluded, so the figure covers only part of the book. From SEC filings — not investment advice. How we measure this.
Latest quarter
What changed since the fund's previous filing
Largest new: CA CMTY CHOICE AUTH PROJ SER B-1, BLACK BELT ENERGY-E, VA HSG DEV AUTH-G, BLACK BELT ENERGY GAS, AUSTIN-B-REV-AMT AMT, NEW YORK NY SER B-5 DAILY, BARTOW CO-CONV CABS 144A, WI HLTH EDUCTNL FACS 144A
Largest exited: MA DEV FIN AGY-G-1, FLORIDA ST DEV FIN CO WASTE PRO AMT 144A PUT, LOUISVILLE CO KY NORTON HLTHCRE SR D DLY, TN ENERGY ACQ GAS SR A, AR ST FIN REV BIG RIV STL PROJ 144A AMT ×2, TARRANT CO CULTURAL BAYLOR HLTH SR D DLY, TEXAS ST PRIV ACT NTE MBL SEG 3C REV AMT
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +7.89% | +16.65% | +7.41% | 4.67% | -6.46% | |
| +7.46% | +15.36% | +5.65% | 4.66% | -6.51% | |
| +8.05% | +17.13% | +8.21% | 4.66% | -6.35% |
These classes hold the same portfolio, so the 2.56pp spread over 5 years is the cost difference between them — roughly 0.51pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 83.5% |
| Zero-coupon or unclassified | 10.5% |
| Floating rate | 6.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.7% |
| 1-3y | 1.4% |
| 3-5y | 2.8% |
| 5-10y | 10.6% |
| 10y+ | 84.6% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 51% |
| Credit spreads | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +3.85 yr |
| Investment grade | +2.93 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.15 yr | 2% |
| 1 yr | 0.28 yr | 4% |
| 5 yr | 1.38 yr | 20% |
| 10 yr | 2.87 yr | 41% |
| 30 yr | 2.28 yr | 33% |
| 3 mo | 0.10 yr | 2% |
| 1 yr | 0.28 yr | 4% |
| 5 yr | 1.36 yr | 20% |
| 10 yr | 2.81 yr | 42% |
| 30 yr | 2.23 yr | 33% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.15 | +0.05 | +0.05 | $18.4k | $18.5k |
| 1 yr | +0.28 | +0.14 | +0.14 | $50.3k | $49.7k |
| 5 yr | +1.38 | +0.81 | +0.55 | $294.5k | $197.9k |
| 10 yr | +2.87 | +1.22 | +1.59 | $442.0k | $576.3k |
| 30 yr | +2.28 | +0.70 | +1.52 | $253.8k | $551.6k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | PR SALES TAX FING SALES TAX REV SER A10.00% · due 2046-07-01 | 1.67% | $60.39M | — |
| — | BUCKEYE OH TOB STLMT SR B-2 CL 25.00% · due 2055-06-01 | 1.58% | $57.06M | — |
| — | PR SALES TAX FING SALES TAX REV SER A15.00% · due 2058-07-01 | 1.08% | $39.26M | — |
| — | MET PIER EXPO MCCORMICK A0.00% · due 2033-12-15 | 0.98% | $35.36M | — |
| — | GOLDEN ST TOBACCO SEC TOBACCO SUB SR B-20.00% · due 2066-06-01 | 0.74% | $26.77M | — |
| — | TOB SETTLE FING CORP NJ SER B5.00% · due 2046-06-01 | 0.59% | $21.51M | — |
| — | PR COMWLTH SUBSER PRIFA RUM TXBL0.00% · due 2051-11-01 | 0.56% | $20.41M | — |
| — | CA CMNTY HSG STONERIDGE APTS SER A 144A4.00% · due 2056-02-01 | 0.50% | $18.19M | — |
| — | PUB FIN AUTH-AMT AMT5.75% · due 2060-06-30 | 0.50% | $17.99M | — |
| — | PR COMWLTH CVI-SUBSER CW HTA 98 TXBL0.00% · due 2051-11-01 | 0.48% | $17.52M | — |
Top 10 positions are 8.69% of net assets, top 25 14.97%, across 647 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free