T. Rowe Price High Yield Municipal Bond Fund (PRFHX)

Fund Assets	3.47B
Expense Ratio	0.629%
Min. Investment	$500,000
Turnover	18.80%
Dividend (ttm)	0.46
Dividend Yield	4.33%
Dividend Growth	3.58%
Payout Frequency	Monthly
Ex-Dividend Date	Sep 30, 2026

Previous Close	10.52
YTD Return	-2.83%
1-Year Return	-1.80%
5-Year Return	-1.82%
52-Week Low	10.40
52-Week High	11.31
Beta (5Y)	0.13
Holdings	1081
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.

• Fund Family: T. Rowe Price
• Category: High Yield Muni
• Performance Rating: Average
• Risk Rating: Average
• Stock Exchange: Nasdaq
• Ticker Symbol: PRFHX
• Index: Index is not available on Lipper Database

Performance

PRFHX had a total return of -1.80% in the past year, including dividends. Since the fund's inception, the average annual return has been 4.54%.

Other Share Classes

These are alternative share classes of the same fund, from the same provider.

Symbol	Share Class	Expense Ratio
PTYIX	-i Class	0.50%
PATFX	-advisor Class	1.01%

Dividend History

Ex-Dividend	Amount	Pay Date
Sep 30, 2026	$0.03822	Sep 30, 2026
Aug 31, 2026	$0.03716	Aug 31, 2026
Jul 31, 2026	$0.04154	Jul 31, 2026
Jun 30, 2026	$0.03713	Jun 30, 2026
May 29, 2026	$0.03821	May 29, 2026
Apr 30, 2026	$0.03657	Apr 30, 2026

Data Sources: Tiingo, Financial Modeling Prep, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Financial Modeling Prep. Several fund data points are also provided by Finnhub.

Last checked:

Oct 16, 2026

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