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Slow-and-Steady Wins the Race for This Muni Fund

Although Gold-rated T. Rowe Price Tax-Free High Yield doesn't top its category in any one year, its long-term returns best nearly all peers by avoiding the muni market's riskiest pockets.


Beth Foos: Led by manager Jim Murphy, T. Rowe Price Tax-Free High Yield (PRFHX) aims to strike a balance between the high-yield muni category's most cautious and most aggressive players--and, so far, it's working.

The fund's experienced team, solid bottom-up research, and strong long-term results earn it a Morningstar Analyst Rating of Gold.

Elizabeth Foos does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.