T. Rowe Price High Yield Municipal Bond Fund I Class (PTYIX)

Fund Assets	3.53B
Expense Ratio	0.50%
Min. Investment	$500,000
Turnover	18.80%
Dividend (ttm)	0.48
Dividend Yield	4.29%
Dividend Growth	6.16%
Payout Frequency	Monthly
Ex-Dividend Date	Jul 31, 2026

Previous Close	11.14
YTD Return	2.15%
1-Year Return	8.03%
5-Year Return	3.33%
52-Week Low	10.64
52-Week High	11.31
Beta (5Y)	0.13
Holdings	1083
Inception Date	Nov 29, 2016

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.

• Fund Family: T. Rowe Price
• Category: High Yield Muni
• Performance Rating: Above Average
• Risk Rating: Average
• Stock Exchange: NASDAQ
• Ticker Symbol: PTYIX
• Share Class: -i Class
• Index: Index is not available on Lipper Database

Performance

PTYIX had a total return of 8.03% in the past year, including dividends. Since the fund's inception, the average annual return has been 3.07%.

Other Share Classes

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

Symbol	Share Class	Expense Ratio
PATFX	-advisor Class	1.01%

Dividend History

Ex-Dividend	Amount	Pay Date
Jul 31, 2026	$0.04268	Jul 31, 2026
Jun 30, 2026	$0.03926	Jun 30, 2026
May 29, 2026	$0.04006	May 29, 2026
Apr 30, 2026	$0.03839	Apr 30, 2026
Mar 31, 2026	$0.03912	Mar 31, 2026
Feb 27, 2026	$0.03679	Feb 27, 2026

Data Sources: Tiingo, Twelve Data, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Twelve Data. Several fund data points are also provided by Finnhub.

Last checked:

Aug 12, 2026

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