T. Rowe Price Intermediate Tax‑Free High Yield Fund is an open‑end municipal bond fund focused on delivering a high level of income that is exempt from federal income taxes. The strategy primarily targets intermediate‑term municipal securities and normally invests at least 80% of net assets in bonds whose interest is federally tax‑free, while generally emphasizing higher‑yielding, below‑investment‑grade issues. The portfolio typically maintains a weighted average effective maturity of three to ten years, balancing income generation with moderate interest‑rate sensitivity. The fund may allocate to sectors such as health care, transportation, utilities, leasing, and private activity bonds, and can invest a limited portion in defaulted bonds within stated constraints. Managed by T. Rowe Price’s municipal team, the vehicle seeks diversified exposure across revenue and general obligation bonds and may include securities subject to the alternative minimum tax for a minority of income. With an intermediate duration profile and high yield muni orientation, the fund serves investors seeking tax‑advantaged income from municipal credit while occupying a niche between short‑duration tax‑free funds and long‑duration high yield muni strategies.
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