T. Rowe Price Intermediate Tax-Free High Yield Fund I Class is a municipal bond mutual fund focused on generating a high level of income that is exempt from federal income taxes. The strategy centers on intermediate-term municipal securities, typically maintaining a weighted average effective maturity between three and ten years to balance income with interest rate sensitivity. The portfolio invests across rating tiers with an emphasis on noninvestment‑grade issuers, and it may include a modest allocation to bonds subject to the alternative minimum tax, reflecting its high yield mandate. The fund is diversified across essential-service and revenue-backed sectors such as health care, transportation, utilities, water and sewer, and various local general obligations, seeking broad exposure to the U.S. municipal market. It employs active credit research to identify higher-yielding opportunities while managing duration, liquidity, and sector concentration. As an I Class share, it features an institutional fee structure governed by a contractual expense limitation, aligning costs with its objective of tax-exempt income for investors subject to federal income taxes.
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