PRFHX – Fund Analysis – T. Rowe Price High Yield Muncpl Bd | Morningstar

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Will PRFHX outperform in the future?

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Process Pillar

The Process Pillar is our assessment of how sensible, clearly defined, and repeatable PRFHX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar

The People Pillar is our evaluation of the PRFHX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
Parent Pillar

The Parent Pillar is our rating of PRFHX’s parent organization’s priorities and whether they’re in line with investors’ interests.

A compelling and repeatable approach to the high-yield muni market.

Associate Director Elizabeth Foos

Elizabeth Foos

Associate Director

Summary

T. Rowe Price Tax-Free High Yield’s thoughtful, collaborative, and repeatable approach has led to solid long-term results.

by Elizabeth Foos

Rated on Apr 27, 2026 Published on Apr 27, 2026

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