# T. Rowe Price High Yield Fund (PRHYX): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/prhyx for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: T. Rowe Price · Asset class: Bond - Strategy: Actively Managed · Inception: 1984-12-31 This fund primarily aims to allocate at least 80% of its total assets to a broadly diversified collection of speculative-grade corporate debt instruments, frequently referred to as "junk" bonds. It also includes income-generating convertible securities and preferred shares. These holdings are either officially rated below investment grade (specifically, BB or lower, or an equivalent rating), or, if unrated by major agencies, are internally assessed by T. Rowe Price to possess similar credit risk. The appeal of these higher-risk securities lies in their potential to generate substantial inco... ## Key Facts | Metric | Value | |---|---| | Price | $5.70 | | Expense Ratio | 0.70% | | Assets Under Management | $6.19B | | NAV | $5.70 (2026-10-30 close) | | Holdings Count | — | | Distribution Yield (TTM) | 6.96% | | Annual Distribution (TTM) | $0.40 /share | | Distribution Frequency | Monthly | | 52-Week Range | $5.69 – $6.02 | | Beta | 0.62 | ## Latest Distribution - Amount: $0.0316 /share - Ex-date: 2026-09-29 - Pay date: 2026-09-30 ## Frequently Asked Questions ### What does PRHYX invest in? This fund primarily aims to allocate at least 80% of its total assets to a broadly diversified collection of speculative-grade corporate debt instruments, frequently referred to as "junk" bonds. It also includes income-generating convertible securities and preferred shares. These holdings are either officially rated below investment grade (specifically, BB or lower, or an equivalent rating), or, if unrated by major agencies, are internally assessed by T. Rowe Price to possess similar credit risk. The appeal of these higher-risk securities lies in their potential to generate substantial income, which serves as a premium for investors taking on their elevated risk of default. ### What is the expense ratio of PRHYX? T. Rowe Price High Yield Fund (PRHYX) charges an expense ratio of 0.70%. This is the annual fee deducted from fund assets to cover management and operations. ### What is PRHYX's dividend yield? PRHYX's trailing-twelve-month yield is 6.96%, calculated from the sum of dividends over the past year divided by the current price. ### What is the duration of PRHYX? Effective duration measures PRHYX's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. PRHYX's current duration is published on the fund's factsheet on the issuer's website. ### What is the credit quality of PRHYX? PRHYX's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds. ### What is the yield to maturity of PRHYX? Yield to maturity (YTM) is the total return you'd earn from PRHYX if every bond in the portfolio is held to maturity at the current price. PRHYX's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid. ### Does PRHYX pay a dividend? Yes, T. Rowe Price High Yield Fund (PRHYX) distributes dividends to shareholders. The trailing-twelve-month yield is 6.96%. Full dividend history is on this page. ### How often does PRHYX pay dividends? T. Rowe Price High Yield Fund pays dividends Monthly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is PRHYX's next ex-dividend date? The most recently announced ex-dividend date for PRHYX was 2026-09-29. The next ex-date typically follows Monthly; once announced it appears at the top of the dividend history table on this page. ### How much will PRHYX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.70% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does PRHYX charge its expense ratio? The expense ratio is deducted in tiny daily slices from PRHYX's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does PRHYX cost more than a fund like VOO? PRHYX is actively managed (current expense ratio 0.70%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether PRHYX's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to PRHYX? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as PRHYX (0.70%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/prhyx - Distribution history: https://www.dividenddata.com/funds/prhyx/dividend - Holdings & diversification: https://www.dividenddata.com/funds/prhyx/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/prhyx/expenses - Peer comparison: https://www.dividenddata.com/funds/prhyx/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.