About PATFX
T. Rowe Price Tax-Free High Yield Fund Advisor Class is a mutual fund specializing in municipal bonds, with a primary objective of delivering a high level of current income that is exempt from federal income tax. The fund invests predominantly in long-term, lower to upper-medium quality municipal securities, targeting higher yields through exposure to securities rated below investment grade, often referred to as high-yield or "junk" bonds. This approach makes the fund notably relevant for investors seeking tax-advantaged income, particularly those in higher tax brackets.
The fund employs an active management strategy, leveraging in-depth fundamental credit research, sector allocation, and risk diversification to identify attractive opportunities across the municipal market. The portfolio is diversified, typically holding over 1,000 different municipal securities, with some sector concentration at times in areas such as health care, transportation, and utilities. The fund’s duration is managed with a medium- to long-term outlook, adapting to changing interest rates and sector trends to balance return and risk.
With a long-standing track record since its 2012 inception and substantial assets under management, T. Rowe Price Tax-Free High Yield Fund Advisor Class plays a significant role in offering access to higher-yielding municipal debt, providing taxable-equivalent return potential for income-focused investors.
Fund Family T. Rowe Price
Category High Yield Muni
Performance Rating Average
Risk Rating Average
Stock Exchange Nasdaq
Ticker Symbol PATFX
Share Class -advisor Class
Index Index is not available on Lipper Database
PATFX had a total return of -1.92% in the past year, including dividends. Since the fund's
inception, the average annual return has been 2.45%.
