T. Rowe Price Tax-Free High Yield Fund (PRFHX)
| Fund Assets | 3.49B |
| Expense Ratio | 0.63% |
| Min. Investment | $500,000 |
| Turnover | 14.20% |
| Dividend (ttm) | 0.45 |
| Dividend Yield | 4.04% |
| Dividend Growth | 6.01% |
| Payout Frequency | Monthly |
| Ex-Dividend Date | Feb 27, 2026 |
| Previous Close | 11.17 |
| YTD Return | 1.40% |
| 1-Year Return | 4.32% |
| 5-Year Return | 8.68% |
| 52-Week Low | 10.44 |
| 52-Week High | 11.29 |
| Beta (5Y) | n/a |
| Holdings | 1023 |
| Inception Date | Mar 1, 1985 |
About PRFHX
T. Rowe Price Tax-Free High Yield Fund is an open-end mutual fund focused on providing a high level of income that is exempt from federal income taxes. The fund primarily invests in long-term municipal securities, with a substantial allocation to bonds rated below investment grade, often referred to as “junk” or high yield municipal bonds. This approach targets issuers such as state and local governments, utility authorities, transportation projects, healthcare, and education sectors, aiming to capture higher yields relative to investment-grade municipal funds. A disciplined, research-driven investment strategy is used to balance risk and reward, with careful attention to credit quality and diversification across sectors and issuers. While at least 80% of the income is federally tax-free, up to 20% may be subject to the alternative minimum tax. The fund plays a notable role in the market by offering risk-conscious investors access to higher municipal income potential without exposure to federal taxes, making it a distinctive solution among high yield muni funds with over $3 billion in assets under management as of mid-2025.
Performance
PRFHX had a total return of 4.32% in the past year, including dividends. Since the fund's inception, the average annual return has been 5.62%.
Dividend History
| Ex-Dividend | Amount | Pay Date |
|---|---|---|
| Feb 27, 2026 | $0.03593 | Feb 27, 2026 |
| Jan 30, 2026 | $0.03879 | Jan 30, 2026 |
| Dec 31, 2025 | $0.04259 | Dec 31, 2025 |
| Nov 28, 2025 | $0.03446 | Nov 28, 2025 |
| Oct 31, 2025 | $0.04062 | Oct 31, 2025 |
| Sep 30, 2025 | $0.03601 | Sep 30, 2025 |