T. Rowe Price High Yield Municipal Bond Fund (PRFHX)
T. Rowe Price High Yield Municipal Bond Fund operates in the Asset Management - Bonds industry of the Financial Services sector, headquartered in Baltimore, MD, US. The stock last traded at $10.57, down 0.47% on the session, giving a market capitalisation of $3.50B. Its beta of 1.11 implies it has historically moved more than the broad market.
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.
T. Rowe Price High Yield Municipal Bond Fund is most often compared with the following Financial Services names: