T. Rowe Price High Yield Municipal Bond Fund

Frequently Asked Questions About PRFHX

What are the top holdings of PRFHX?

A machine-readable holdings disclosure for T. Rowe Price High Yield Municipal Bond Fund (PRFHX) is not available from our data sources. Fund families sometimes register portfolio filings under a sibling share class or outside the SEC's structured datasets. Rather than estimate, we leave the section blank; the issuer's website carries the authoritative portfolio list.

What sectors does PRFHX invest in?

T. Rowe Price High Yield Municipal Bond Fund (PRFHX) allocates across the sectors shown above. The largest exposure tops the list; the rest follow in descending weight order.

What sector is PRFHX most exposed to?

PRFHX's full sector breakdown is on the Sectors tab. The largest sector weight is shown there along with the rest of the allocation.

Is PRFHX a US-only fund?

The country allocation card on this page shows PRFHX's geographic exposure. Funds with > 95% US weight are effectively US-only; international or global funds will show meaningful weights across multiple countries.

What does PRFHX invest in?

This fund aims to generate a substantial level of income that is exempt from federal income taxes. It achieves this primarily through investments in long-term municipal bonds with credit ratings ranging from lower to upper-medium grade. Typically, a minimum of 80% of the income distributed by the fund will qualify for federal tax exemption. However, investors should be aware that up to 20% of the income might be derived from securities subject to the Alternative Minimum Tax. The strategy generally involves seeking municipal bonds that offer higher yields, including those categorized as "non-investment grade" (rated BB or lower by a major credit rating firm or by T. Rowe Price), which are commonly known as "junk" bonds.