PTYIX

About PTYIX

T. Rowe Price Tax-Free High Yield Fund - I Class is a mutual fund focused on delivering a high level of income that is generally exempt from federal income taxes. The fund primarily invests in long-term municipal bonds, spanning from low- to upper-medium-grade credit quality. A distinctive aspect of this fund is its emphasis on "high yield" municipal securities, including a notable portion of below-investment-grade bonds. It may also invest in bonds in default, provided such holdings do not exceed 10% of assets, and can hold securities subject to the federal alternative minimum tax. The fund is structured to appeal to investors seeking tax-advantaged income, featuring monthly dividend distributions. It maintains a long weighted average maturity, typically exceeding ten years, and manages interest rate and credit risk inherent in municipal bond markets. With a large, diversified portfolio, the fund’s holdings reflect exposure to state and local government projects across the United States, supporting infrastructure and community development. Within the fixed income universe, this fund plays a role in expanding access to higher yields for those willing to accept elevated risk, and it provides a specialized option for institutional or high-net-worth investors prioritizing after-tax returns in their income strategies.