T. Rowe Price Intermediate Tax-Free High Yield Fund
Data updated: 2026-07-28
C000144521 — T. Rowe Price Intermediate Tax-Free High Yield Fund. Long Corporate Bond · $198.70M AUM. Holdings, fees, performance and SEC filings.
C000144521 Fund Overview
T. Rowe Price Intermediate Tax-Free High Yield Fund is a US mutual fund managed by T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc., categorised as Long Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.
- Category: Long Corporate Bond
- Assets under management: $198.70M
- 1-year return: 2.3%
- SEC CIK: 0001608530
- SEC series ID: S000046222
- Share class ID: C000144521
C000144521 Investment Objective and Strategy
T. Rowe Price Intermediate Tax-Free High Yield Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc..
Investment objective
The fund seeks to provide a high level of income exempt from federal income taxes.
Principal investment strategy
Effective August 1, 2026, the T. Rowe Price Intermediate Tax-Free High Yield Fund will change its name to the T. Rowe Price Intermediate High Yield Municipal Bond Fund. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities whose interest is free from federal income taxes, and normally at least 80% of the funds income will be exempt from federal income taxes. Any derivatives that provide exposure to the investment focus suggested by the funds name, or to one or more market risk factors associated with the investment focus suggested by the funds name, are counted (as applicable) toward compliance with the funds 80% investment policy. Subject to shareholder approval, the funds Board of Directors has approved changing the funds 80% investment policy to the following: The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal bonds whose income is exempt from regular federal income taxes.
If approved by shareholders, the new 80% investment policy is expected to become effective on August 1, 2026. The fund also has a policy that up to 20% of the funds income could be derived from securities subject to the alternative minimum tax. Subject to shareholder approval, the funds Board of Directors has approved eliminating this policy. If approved by shareholders, the elimination of the alternative minimum tax policy is expected to become effective on August 1, 2026. Because the change to the funds 80% investment policy and elimination of the alternative minimum tax policy require shareholder approval to become effective, the changes are being proposed for approval at a special shareholder meeting scheduled for June 25, 2026. All shareholders who held shares of the fund at the close of business on March 27, 2026, are eligible to vote on the proposed changes.
The proposed changes are intended to provide the fund with greater long-term flexibility in executing its investment program, align the policies with the funds new name, and reduce potential compliance risks for the fund, although the changes are not expected to substantially affect the way the fund is currently managed. Proxy materials for the special shareholder meeting describe the proposed changes and the rationale in greater detail. If either proposed change is not approved by shareholders, the name change will still become effective on August 1, 2026. The fund may invest in securities rated in any rating category, but generally seeks higher-yielding municipal bonds, including those that are rated below investment grade (BB and lower, or an equivalent rating) by credit rating agencies or, if unrated, deemed by the adviser to be of comparable credit quality, known as junk bonds.
Although the fund may purchase securities of any maturity, the fund normally maintains a weighted average effective maturity of between three and 10 years. Targeting within this range of effective maturity gives the portfolio manager additional flexibility. From time to time, the fund may invest a significant portion of its assets in sectors with special risks, such as health care, transportation, utilities, or private activity bonds.
C000144521 Holdings
Top 10 holdings of T. Rowe Price Intermediate Tax-Free High Yield Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Puerto Rico Sales Tax Restruct Ser A-2 | 1.44% |
| Puerto Rico Sales Tax Restruct Ser A-2 | 1.21% |
| Met Wa Arpts Auth-A Amt | 0.82% |
| Berks Co. Muni-A-2a | 0.80% |
| Nj St Trnsprtn Trst Fund Auth Ser A | 0.77% |
| Rockdale Cnty Ga Dev 144a Amt | 0.77% |
| Md St Hhe Doctors Cmnty Hospital Ser A | 0.76% |
| Tob Settle Fing Corp. Nj Ser A | 0.75% |
| Tob Settle Fing Corp. Nj Ser B | 0.73% |
| Buckeye Oh Tob Stlmt Sr B-2 Cl 2 | 0.68% |
C000144521 Portfolio Allocation
Asset-class allocation of T. Rowe Price Intermediate Tax-Free High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 98.4% |
| Securitized | 0.7% |
C000144521 Performance
Total returns for C000144521 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 2.3% |
| 3 years (annualised) | -1.0% |
C000144521 Risk Information
Risk metrics for C000144521, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 4.8%
C000144521 Costs and Fees
C000144521 costs about $71 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.71%
- Gross expense ratio: 1.34%
- Portfolio turnover: 11%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000144521 Cashflows
Over the 12 months to 2026-05, T. Rowe Price Intermediate Tax-Free High Yield Fund had net inflows of $83.59M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-05 | $5.11M |
| 2026-04 | $5.48M |
| 2026-03 | $7.75M |
| 2026-02 | $11.20M |
| 2026-01 | $10.13M |
| 2025-12 | $5.24M |
C000144521 Debt Constituents
Largest debt holdings of T. Rowe Price Intermediate Tax-Free High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Puerto Rico Sales Tax Restruct Ser A-2 | 1.44% |
| Puerto Rico Sales Tax Restruct Ser A-2 | 1.21% |
| Met Wa Arpts Auth-A Amt | 0.82% |
| Berks Co. Muni-A-2a | 0.80% |
| Nj St Trnsprtn Trst Fund Auth Ser A | 0.77% |
| Rockdale Cnty Ga Dev 144a Amt | 0.77% |
| Md St Hhe Doctors Cmnty Hospital Ser A | 0.76% |
| Tob Settle Fing Corp. Nj Ser A | 0.75% |
| Tob Settle Fing Corp. Nj Ser B | 0.73% |
| Buckeye Oh Tob Stlmt Sr B-2 Cl 2 | 0.68% |
C000144521 Prospectus and SEC Filings
Official T. Rowe Price Intermediate Tax-Free High Yield Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-24
- Prospectus (485BPOS) — filed 2025-04-24
- Prospectus (485BPOS) — filed 2024-04-25
- Portfolio holdings (N-PORT) — filed 2026-07-28
- Portfolio holdings (N-PORT) — filed 2026-04-27
- Portfolio holdings (N-PORT) — filed 2026-01-27
- Annual census (N-CEN) — filed 2026-05-12
- Annual census (N-CEN) — filed 2025-05-12
Related Funds
Other Long Corporate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.