T. Rowe Price Intermediate Tax-Free High Yield Fund Inc.
04/23/2026 | Press release | Distributed by Public on 04/23/2026 07:58
Annual Report by Investment Company (Form N-CSR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-22968
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.
(Exact name of registrant as specified in charter)
1307 Point Street, Baltimore, MD 21231
(Address of principal executive offices)
David Oestreicher
1307 Point Street, Baltimore, MD 21231
(Name and address of agent for service)
Registrant's telephone number, including area code: (410) 345-2000
Date of fiscal year end: February 28
Date of reporting period: February 28, 2026
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Annual Shareholder Report
February 28, 2026
Intermediate Tax-Free High Yield Fund
Investor Class (PRIHX)
This annual shareholder report contains important information about Intermediate Tax-Free High Yield Fund (the "fund") for the period of March 1, 2025 to February 28, 2026. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected] or contacting your intermediary. This report describes changes to the fund that occurred during the reporting period.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Table Summary
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Intermediate Tax-Free High Yield Fund - Investor Class
|
$49
|
0.47%
|
What drove fund performance during the past 12 months?
-
The municipal bond market delivered positive total returns for the year ended February 28, 2026, supported by falling Treasury yields and a resumption of Federal Reserve rate cuts. Municipal bonds also benefited from higher coupon income, a solid fundamental backdrop, and strong demand that offset headwinds from a second consecutive year of record-setting bond issuance.
-
Compared with the Bloomberg 65% High-Grade/35% High Yield Intermediate Competitive (1-17 Year) Index, security selection within the revenue-backed sector was a significant contributor to performance, particularly within the industrial revenue, other transportation, and continuing care/assisted living subsectors. An overweight to continuing care/assisted living revenue bonds also added value.
-
Conversely, allocations at the broad sector level detracted from relative performance, due to the portfolio's underweight to general obligation bonds and overweight to revenue-backed debt. Within the revenue sector, an overweight to industrial revenue/pollution control revenue bonds hampered performance.
-
The fund seeks to provide a high level of income exempt from federal income taxes and generally focuses on higher-yielding municipal bonds, including those that are rated below investment grade. The portfolio maintained an overweight to revenue-backed bonds during the period, with notable allocations to continuing care/assisted living, industrial revenue/pollution control, other education, and student housing revenue bonds.
How has the fund performed?
Cumulative Returns of a Hypothetical $10,000 Investment as of February 28, 2026
Table Summary
|
Investor Class
|
Regulatory Benchmark
|
Strategy Benchmark
|
|
|
2016
|
10,000
|
10,000
|
10,000
|
|
2016
|
10,182
|
10,133
|
10,117
|
|
2016
|
10,353
|
10,369
|
10,329
|
|
2016
|
9,898
|
10,040
|
9,832
|
|
2017
|
10,078
|
10,142
|
10,056
|
|
2017
|
10,346
|
10,293
|
10,262
|
|
2017
|
10,476
|
10,420
|
10,392
|
|
2017
|
10,477
|
10,363
|
10,296
|
|
2018
|
10,489
|
10,193
|
10,304
|
|
2018
|
10,592
|
10,254
|
10,476
|
|
2018
|
10,669
|
10,310
|
10,589
|
|
2018
|
10,622
|
10,224
|
10,602
|
|
2019
|
10,845
|
10,516
|
10,854
|
|
2019
|
11,161
|
10,911
|
11,159
|
|
2019
|
11,422
|
11,359
|
11,440
|
|
2019
|
11,406
|
11,327
|
11,439
|
|
2020
|
11,703
|
11,744
|
11,788
|
|
2020
|
11,013
|
11,938
|
11,386
|
|
2020
|
11,433
|
12,094
|
11,695
|
|
2020
|
11,586
|
12,152
|
11,851
|
|
2021
|
11,774
|
11,907
|
11,942
|
|
2021
|
12,063
|
11,890
|
12,151
|
|
2021
|
12,251
|
12,084
|
12,290
|
|
2021
|
12,239
|
12,012
|
12,274
|
|
2022
|
11,939
|
11,592
|
12,001
|
|
2022
|
11,421
|
10,912
|
11,581
|
|
2022
|
11,309
|
10,693
|
11,533
|
|
2022
|
11,143
|
10,469
|
11,476
|
|
2023
|
11,260
|
10,465
|
11,592
|
|
2023
|
11,402
|
10,678
|
11,696
|
|
2023
|
11,411
|
10,565
|
11,753
|
|
2023
|
11,559
|
10,593
|
11,978
|
|
2024
|
11,867
|
10,813
|
12,218
|
|
2024
|
11,889
|
10,818
|
12,131
|
|
2024
|
12,269
|
11,336
|
12,519
|
|
2024
|
12,414
|
11,321
|
12,633
|
|
2025
|
12,518
|
11,441
|
12,725
|
|
2025
|
12,381
|
11,408
|
12,556
|
|
2025
|
12,615
|
11,691
|
12,728
|
|
2025
|
12,996
|
11,967
|
13,066
|
|
2026
|
13,346
|
12,158
|
13,374
|
202501-4140694, 202603-5315106
F100-052 4/26
Average Annual Total Returns
Table Summary
|
1 Year
|
5 Years
|
10 Years
|
|
|
Intermediate Tax-Free High Yield Fund (Investor Class)
|
6.62%
|
2.54%
|
2.93%
|
|
Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark)
|
6.26
|
0.42
|
1.97
|
|
Bloomberg 65% High-Grade/35% High Yield Intermediate Competitive (1-17 Year) Index (Strategy Benchmark)
|
5.10
|
2.29
|
2.95
|
The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund's past performance is not a good predictor of the fund's future performance.Updated performance information can be found at www.troweprice.com.
What are some fund statistics?
Fund Statistics
- Total Net Assets (000s)$184,278
- Number of Portfolio Holdings551
- Investment Advisory Fees Paid (000s)$105
- Portfolio Turnover Rate11.4%
What did the fund invest in?
State Allocation (as a % of Net Assets)
Table Summary
|
Florida
|
8.9%
|
|
Puerto Rico
|
8.4
|
|
Texas
|
7.6
|
|
Maryland
|
6.3
|
|
Wisconsin
|
5.6
|
|
Georgia
|
5.2
|
|
New Jersey
|
4.4
|
|
New York
|
4.2
|
|
Illinois
|
3.7
|
|
Other
|
45.7
|
Industry Allocation (as a % of Net Assets)
Table Summary
|
Health Care
|
20.5%
|
|
Transportation
|
12.2
|
|
Education
|
10.7
|
|
Housing
|
9.4
|
|
Special Tax
|
8.9
|
|
Industrial & Pollution Control
|
7.5
|
|
General Obligations - State
|
3.6
|
|
General Obligations - Local
|
2.7
|
|
Leasing
|
1.7
|
|
Other
|
22.8
|
How has the fund changed?
This is a summary of certain material changes to Intermediate Tax-Free High Yield Fund. Effective August 1, 2026, the fund will change its name to the T. Rowe Price Intermediate High Yield Municipal Bond Fund. The fund's May 1, 2026 prospectus contains more information.
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Intermediate Tax-Free High Yield Fund
Investor Class (PRIHX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Annual Shareholder Report
February 28, 2026
Intermediate Tax-Free High Yield Fund
I Class (TFHAX)
This annual shareholder report contains important information about Intermediate Tax-Free High Yield Fund (the "fund") for the period of March 1, 2025 to February 28, 2026. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected] or contacting your intermediary. This report describes changes to the fund that occurred during the reporting period.
What were the fund costs for the last year? (based on a hypothetical $10,000 investment)
Table Summary
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
|
Intermediate Tax-Free High Yield Fund - I Class
|
$43
|
0.42%
|
What drove fund performance during the past 12 months?
-
The municipal bond market delivered positive total returns for the year ended February 28, 2026, supported by falling Treasury yields and a resumption of Federal Reserve rate cuts. Municipal bonds also benefited from higher coupon income, a solid fundamental backdrop, and strong demand that offset headwinds from a second consecutive year of record-setting bond issuance.
-
Compared with the Bloomberg 65% High-Grade/35% High Yield Intermediate Competitive (1-17 Year) Index, security selection within the revenue-backed sector was a significant contributor to performance, particularly within the industrial revenue, other transportation, and continuing care/assisted living subsectors. An overweight to continuing care/assisted living revenue bonds also added value.
-
Conversely, allocations at the broad sector level detracted from relative performance, due to the portfolio's underweight to general obligation bonds and overweight to revenue-backed debt. Within the revenue sector, an overweight to industrial revenue/pollution control revenue bonds hampered performance.
-
The fund seeks to provide a high level of income exempt from federal income taxes and generally focuses on higher-yielding municipal bonds, including those that are rated below investment grade. The portfolio maintained an overweight to revenue-backed bonds during the period, with notable allocations to continuing care/assisted living, industrial revenue/pollution control, other education, and student housing revenue bonds.
How has the fund performed?
Cumulative Returns of a Hypothetical $500,000 Investment as of February 28, 2026
Table Summary
|
I Class
|
Regulatory Benchmark
|
Strategy Benchmark
|
|
|
7/6/17
|
500,000
|
500,000
|
500,000
|
|
8/31/17
|
507,089
|
508,001
|
508,182
|
|
11/30/17
|
507,410
|
505,225
|
503,446
|
|
2/28/18
|
508,721
|
496,943
|
503,861
|
|
5/31/18
|
513,517
|
499,953
|
512,278
|
|
8/31/18
|
517,507
|
502,670
|
517,803
|
|
11/30/18
|
515,330
|
498,444
|
518,423
|
|
2/28/19
|
526,269
|
512,695
|
530,731
|
|
5/31/19
|
541,662
|
531,952
|
545,666
|
|
8/31/19
|
554,432
|
553,804
|
559,390
|
|
11/30/19
|
553,732
|
552,233
|
559,346
|
|
2/29/20
|
568,231
|
572,591
|
576,399
|
|
5/31/20
|
534,792
|
582,038
|
556,751
|
|
8/31/20
|
555,285
|
589,654
|
571,856
|
|
11/30/20
|
562,774
|
592,456
|
579,511
|
|
2/28/21
|
571,963
|
580,513
|
583,947
|
|
5/31/21
|
586,099
|
579,681
|
594,160
|
|
8/31/21
|
595,329
|
589,157
|
600,981
|
|
11/30/21
|
594,848
|
585,623
|
600,197
|
|
2/28/22
|
580,328
|
565,164
|
586,815
|
|
5/31/22
|
555,196
|
532,020
|
566,323
|
|
8/31/22
|
549,813
|
521,310
|
563,934
|
|
11/30/22
|
541,797
|
510,431
|
561,144
|
|
2/28/23
|
546,967
|
510,219
|
566,854
|
|
5/31/23
|
553,918
|
520,619
|
571,902
|
|
8/31/23
|
555,040
|
515,090
|
574,694
|
|
11/30/23
|
561,688
|
516,453
|
585,691
|
|
2/29/24
|
577,307
|
527,195
|
597,454
|
|
5/31/24
|
578,449
|
527,416
|
593,209
|
|
8/31/24
|
596,392
|
552,674
|
612,164
|
|
11/30/24
|
603,520
|
551,960
|
617,727
|
|
2/28/25
|
608,653
|
557,816
|
622,228
|
|
5/31/25
|
602,037
|
556,207
|
613,957
|
|
8/31/25
|
614,148
|
570,007
|
622,401
|
|
11/30/25
|
632,763
|
583,428
|
638,910
|
|
2/28/26
|
649,249
|
592,738
|
653,990
|
202501-4140694, 202603-5315106
F1087-052 4/26
Average Annual Total Returns
Table Summary
|
1 Year
|
5 Years
|
Since Inception 7/6/17
|
|
|
Intermediate Tax-Free High Yield Fund (I Class)
|
6.67%
|
2.57%
|
3.07%
|
|
Bloomberg U.S. Aggregate Bond Index (Regulatory Benchmark)
|
6.26
|
0.42
|
1.99
|
|
Bloomberg 65% High-Grade/35% High Yield Intermediate Competitive (1-17 Year) Index (Strategy Benchmark)
|
5.10
|
2.29
|
3.15
|
The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund's past performance is not a good predictor of the fund's future performance.Updated performance information can be found at www.troweprice.com.
What are some fund statistics?
Fund Statistics
- Total Net Assets (000s)$184,278
- Number of Portfolio Holdings551
- Investment Advisory Fees Paid (000s)$105
- Portfolio Turnover Rate11.4%
What did the fund invest in?
State Allocation (as a % of Net Assets)
Table Summary
|
Florida
|
8.9%
|
|
Puerto Rico
|
8.4
|
|
Texas
|
7.6
|
|
Maryland
|
6.3
|
|
Wisconsin
|
5.6
|
|
Georgia
|
5.2
|
|
New Jersey
|
4.4
|
|
New York
|
4.2
|
|
Illinois
|
3.7
|
|
Other
|
45.7
|
Industry Allocation (as a % of Net Assets)
Table Summary
|
Health Care
|
20.5%
|
|
Transportation
|
12.2
|
|
Education
|
10.7
|
|
Housing
|
9.4
|
|
Special Tax
|
8.9
|
|
Industrial & Pollution Control
|
7.5
|
|
General Obligations - State
|
3.6
|
|
General Obligations - Local
|
2.7
|
|
Leasing
|
1.7
|
|
Other
|
22.8
|
How has the fund changed?
This is a summary of certain material changes to Intermediate Tax-Free High Yield Fund. Effective August 1, 2026, the fund will change its name to the T. Rowe Price Intermediate High Yield Municipal Bond Fund. The fund's May 1, 2026 prospectus contains more information.
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Intermediate Tax-Free High Yield Fund
I Class (TFHAX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The registrant's Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) - (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:
|
2026 |
2025 |
|||||||||||||
|
Audit Fees |
$ | 34,043 | $ | 33,841 | ||||||||||
|
Audit-Related Fees |
- | - | ||||||||||||
|
Tax Fees |
- | - | ||||||||||||
|
All Other Fees |
- | - | ||||||||||||
Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.
(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.
(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,522,000 and $1,818,000, respectively.
(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a - b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
February
28,
2026
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRIHX
Intermediate
Tax-Free
High
Yield
Fund
-!
TFHAX
Intermediate
Tax-Free
High
Yield
Fund-
.
I Class
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
9.87
$
9.70
$
9.52
$
10.44
$
10.57
Investment
activities
Net
investment
income
(1)(2)
0.39
0.36
0.33
0.32
0.28
Net
realized
and
unrealized
gain/loss
0.25
0.16
0.17
(0.92)
(0.12)
Total
from
investment
activities
0.64
0.52
0.50
(0.60)
0.16
Distributions
Net
investment
income
(0.38)
(0.35)
(0.32)
(0.31)
(0.28)
Net
realized
gain
-
-
-
(0.01)
(0.01)
Total
distributions
(0.38)
(0.35)
(0.32)
(0.32)
(0.29)
NET
ASSET
VALUE
End
of
period
$
10.13
$
9.87
$
9.70
$
9.52
$
10.44
Ratios/Supplemental
Data
Total
return
(2)(3)
6.62%
5.49%
5.39%
(5.69)%
1.41%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.81%
0.91%
1.00%
1.03%
0.97%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.47%
0.48%
0.48%
0.45%
0.54%
Net
investment
income
3.96%
3.67%
3.45%
3.28%
2.61%
Portfolio
turnover
rate
11.4%
19.9%
12.1%
20.3%
15.6%
Net
assets,
end
of
period
(in
thousands)
$94,824
$41,192
$29,456
$19,497
$30,733
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
9.86
$
9.70
$
9.51
$
10.44
$
10.57
Investment
activities
Net
investment
income
(1)(2)
0.39
0.36
0.33
0.32
0.29
Net
realized
and
unrealized
gain/loss
0.25
0.16
0.19
(0.92)
(0.13)
Total
from
investment
activities
0.64
0.52
0.52
(0.60)
0.16
Distributions
Net
investment
income
(0.38)
(0.36)
(0.33)
(0.32)
(0.28)
Net
realized
gain
-
-
-
(0.01)
(0.01)
Total
distributions
(0.38)
(0.36)
(0.33)
(0.33)
(0.29)
NET
ASSET
VALUE
End
of
period
$
10.12
$
9.86
$
9.70
$
9.51
$
10.44
Ratios/Supplemental
Data
Total
return
(2)(3)
6.67%
5.43%
5.55%
(5.75)%
1.46%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.65%
0.73%
0.80%
0.85%
0.88%
Net
expenses
after
waivers/payments
by
Price
Associates
0.42%
0.43%
0.44%
0.41%
0.47%
Net
investment
income
3.99%
3.71%
3.48%
3.33%
2.68%
Portfolio
turnover
rate
11.4%
19.9%
12.1%
20.3%
15.6%
Net
assets,
end
of
period
(in
thousands)
$89,454
$69,894
$62,815
$56,420
$37,604
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
February
28,
2026
4
Portfolio
of
Investments
‡
Par
$
Value
(Amounts
in
000s)
‡
CORPORATE
BONDS 0.0%
South
Carolina
Repower,
0.00%,
2/1/45,
Acquisition
Date:
9/29/25,
Cost $- (1)(2)(3)
43
-
Total
Corporate
Bonds
(Cost
$-)
-
MUNICIPAL
SECURITIES 99.5%
ALABAMA
2.8%
Alabama
State
Univ.,
5.50%,
9/1/45 (4)
100
110
Baldwin
County
IDA,
Series A,
VRDN,
4.30%,
3/1/56
(Tender
3/1/33) (5)(6)
200
202
Black
Belt
Energy
Gas
Dist.,
Series A,
VRDN,
5.25%,
1/1/54
(Tender
10/1/30)
415
450
Black
Belt
Energy
Gas
Dist.,
Series B,
5.00%,
12/1/34
175
193
Black
Belt
Energy
Gas
Dist.,
Series B,
VRDN,
5.25%,
12/1/53
(Tender
12/1/30)
100
110
Black
Belt
Energy
Gas
Dist.,
Series C-1,
VRDN,
5.25%,
2/1/53
(Tender
6/1/29)
200
214
Black
Belt
Energy
Gas
Dist.,
Series D,
VRDN,
5.00%,
3/1/55
(Tender
11/1/34)
150
165
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series E,
5.00%,
7/1/33 (7)
500
542
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series E,
VRDN,
5.00%,
12/1/55
(Tender
5/1/35)
250
276
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series F,
5.00%,
12/1/35
350
385
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
Redstone
Village
Project,
Series A,
6.00%,
1/1/60
285
237
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
Redstone
Village
Project,
Series B,
STEP,
0.00%,
1/1/60
62
3
Lower
Alabama
Gas
Dist.,
Series A,
5.00%,
12/1/33
790
849
Southeast
Energy
Auth.,
Series B,
VRDN,
4.00%,
12/1/51
(Tender
12/1/31)
375
392
Southeast
Energy
Auth.,
Series B,
VRDN,
5.25%,
3/1/55
(Tender
1/1/33)
500
535
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
5.25%,
5/1/44 (5)
500
507
5,170
ALASKA
0.0%
Northern
Tobacco
Securitization,
Series B-1,
4.00%,
6/1/50
35
34
34
ARIZONA
2.8%
Arizona
IDA,
Series A,
4.00%,
7/15/27 (5)
120
120
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
5
Par
$
Value
(Amounts
in
000s)
Arizona
IDA,
Series A,
4.00%,
7/15/30 (5)
770
771
Arizona
IDA,
Series A,
4.00%,
7/15/33 (5)
100
101
Arizona
IDA,
Series A,
4.00%,
7/15/34 (5)
100
100
Arizona
IDA,
Series A,
4.00%,
7/15/35 (5)
250
248
Arizona
IDA,
Series A,
4.00%,
7/15/41 (5)
265
242
Arizona
IDA,
Series A,
VRDN,
4.875%,
7/1/60
(Tender
7/1/35) (5)
500
519
Arizona
IDA,
Odyssey
Preparatory
Academy
Project,
4.375%,
7/1/39 (5)
200
190
Arizona
IDA,
Pinecrest
Academy
of
Northern
Nevada
Project,
Series A,
4.50%,
7/15/29 (5)
800
788
Arizona
IDA,
San
Tan
Charter
School
Project,
6.625%,
2/1/45 (5)
350
361
Chandler
IDA,
Intel
Corp.
Project,
VRDN,
4.00%,
6/1/49
(Tender
6/1/29) (6)
375
386
Chandler
IDA,
Intel
Corp.
Project,
Series 2,
VRDN,
5.00%,
9/1/52
(Tender
9/1/27) (6)
325
332
Phoenix
IDA,
Downtown
Phoenix
Student
Housing,
Series A,
5.00%,
7/1/31
100
103
Phoenix
IDA,
Mayo
Clinic,
Series B,
VRDN,
1.25%,
11/15/52
100
100
Salt
Verde
Financial,
5.00%,
12/1/37
430
479
Salt
Verde
Financial,
5.25%,
12/1/26
100
102
Sierra
Vista
IDA,
American
Leadership
Academy
Project,
5.00%,
6/15/44 (5)
100
95
Tempe
IDA,
Friendship
Village,
Series A,
4.375%,
12/1/36
100
104
5,141
ARKANSAS
0.3%
Arkansas
DFA,
Big
River
Steel
Project,
4.75%,
9/1/49 (5)(6)
250
255
Osceola,
Plum
Point
Energy,
VRDN,
5.50%,
4/1/36
(Tender
7/1/26) (6)
350
352
607
CALIFORNIA
3.4%
Burbank-Glendale-Pasadena
Airport
Auth.,
Brick
Campaign,
Series B,
4.125%,
7/1/41 (4)(6)
250
256
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29)
725
771
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
Series 2023-F,
VRDN,
5.50%,
10/1/54
(Tender
11/1/30)
150
165
California
Community
Housing
Agency,
Serenity
at
Larkspur,
Series A,
5.00%,
2/1/50 (5)
500
382
California
Housing
Fin.,
Series 2019-1A,
4.25%,
1/15/35
125
132
California
Housing
Fin.
Agency,
Power
Station
Block,
Series L,
5.20%,
12/1/27 (5)
250
255
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
6
Par
$
Value
(Amounts
in
000s)
California
Municipal
Fin.
Auth.,
Series 2026-1,
Class
A-1,
4.05%,
7/20/41 (7)
100
101
California
Municipal
Fin.
Auth.,
Series A,
4.375%,
7/1/35
500
512
California
Municipal
Fin.
Auth.,
Ascent
613
Project,
Series A,
5.25%,
1/1/45 (5)
300
307
California
Municipal
Fin.
Auth.,
Claremont
Colleges,
Series A,
5.00%,
7/1/30 (5)
200
206
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
4.00%,
10/1/29 (5)
400
402
California
PFA,
Senior
Lien,
Series A-2,
6.50%,
7/1/65 (5)
250
252
California
Statewide
CDA,
Series C-2,
4.00%,
9/2/35
100
103
California
Statewide
CDA,
CHF-Irvine,
5.00%,
5/15/40
350
351
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
5.25%,
12/1/29
205
205
California
Statewide
CDA,
Loma
Linda
Univ.
Medical
Center,
Series A,
5.00%,
12/1/29 (5)
250
251
California
Statewide
CDA,
Statewide
Community
Infrastructure,
Series C-1,
4.00%,
9/2/31
100
101
California
Statewide
CDA,
Statewide
Community
Infrastructure,
Series D,
4.75%,
9/2/33
230
238
CSCDA
Community
Improvement
Auth.,
Link-Glendale
Sustainable
Bond,
3.00%,
7/1/45 (5)
1,000
817
Del
Mar
Race
Track
Auth.,
5.00%,
10/1/38
120
120
Inland
Empire
Tobacco
Securitization,
Tobacco
Settlement
Asset-Backed
Bonds,
Series C-1,
Zero
Coupon,
6/1/36
500
252
6,179
COLORADO
2.1%
Colorado
Ed.
&
Cultural
Fac.
Auth.,
Senior
Lien,
Series A-1,
6.50%,
2/1/45 (5)
250
265
Colorado
HFA,
Frasier,
Series A,
4.00%,
5/15/31
100
104
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
5.50%,
12/1/30 (5)
450
382
Denver
City
&
County
Airport,
United
Airlines,
5.00%,
10/1/32 (6)
150
150
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/36
500
504
Green
Valley
Ranch
East
Metropolitan
Dist.
No.
9,
Series A,
GO,
STEP,
0.00%,
12/1/55
500
406
Public
Auth.
for
Colorado
Energy,
6.25%,
11/15/28
200
212
Rampart
Range
Metropolitan
Dist.
No
5,
4.00%,
12/1/36
500
489
Redtail
Ridge
Metropolitan
Dist.,
GO,
Zero
Coupon,
12/1/32
500
323
Univ.
of
Colorado
Hosp.
Auth.,
VRDN,
1.90%,
11/15/39
1,100
1,100
3,935
CONNECTICUT
1.1%
Connecticut
HEFA,
Goodwin
Univ.,
Series A-1,
5.00%,
7/1/44
250
251
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
7
Par
$
Value
(Amounts
in
000s)
Connecticut
HEFA,
Hartford
Univ.,
5.00%,
7/1/31
450
463
Connecticut
HEFA,
Hartford
Univ.,
5.00%,
7/1/32
550
564
Connecticut
HEFA,
Masonicare,
Series F,
5.00%,
7/1/27
350
352
Connecticut
HEFA,
Masonicare,
Series F,
5.00%,
7/1/37
150
150
Hamden
Town,
Whitney
Center,
5.00%,
1/1/30
115
118
Hamden
Town,
Whitney
Center,
5.00%,
1/1/50
150
136
2,034
DELAWARE
1.8%
Delaware
Economic
Dev.
Auth.,
Academia
Antonia
Alonso
Charter
School
Project,
Series A,
5.75%,
7/1/45 (5)
250
257
Delaware
Economic
Dev.
Auth.,
ASPIRA
of
Delaware
Charter
Operations,
4.00%,
6/1/42
250
223
Delaware
Economic
Dev.
Auth.,
ASPIRA
of
Delaware
Charter
Operations,
Series A,
3.00%,
6/1/32
200
188
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
4.00%,
9/1/30
100
102
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
4.00%,
9/1/41
270
257
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
5.00%,
9/1/40
140
145
Delaware
State
HFA,
Beebe
Medical
Center
Project,
5.00%,
6/1/30
835
870
Delaware
State
HFA,
Christiana
Health
Care
System,
5.00%,
10/1/39
625
665
Kent
County,
CHF-Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/30
380
388
Kent
County,
CHF-Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/32
250
254
3,349
DISTRICT
OF
COLUMBIA
1.4%
Dist.
of
Columbia,
5.00%,
1/1/29
120
120
Dist.
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
4.125%,
7/1/27
135
136
Dist.
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/32
225
229
Dist.
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/37
200
202
Dist.
of
Columbia,
Rocketship
DC
Obigated
Group,
Series A,
5.00%,
6/1/34
270
276
Metropolitan
Washington
Airports
Auth.
Aviation
Revenue,
Series A,
5.00%,
10/1/30 (6)
1,500
1,662
2,625
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
8
Par
$
Value
(Amounts
in
000s)
FLORIDA
8.9%
Ave
Maria
Stewardship
Community
Dist.,
Phase
5
Master
Improvements
Project,
4.375%,
5/1/35
315
322
Big
Cypress
Stewardship
Dist.,
Assessment
Area
One,
4.00%,
5/1/31
500
500
Buckhead
Trails
II
Community
Dev.
Dist.,
Series 2026,
4.125%,
5/1/33
300
302
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/26
200
202
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/29
125
133
Capital
Projects
Fin.
Auth.,
Unionwest
Properties
LLC
Project,
Series A-1,
5.25%,
6/1/44 (5)
500
503
Capital
Trust
Agency,
The
Marie
Selby
Botanical
Gardens,
4.00%,
6/15/31 (5)
100
99
Capital
Trust
Agency,
The
Marie
Selby
Botanical
Gardens,
4.00%,
6/15/41 (5)
150
136
Capital
Trust
Auth.,
Florida
Institute
of
Technology
Project,
Series A,
4.75%,
7/1/40 (5)
250
256
Capital
Trust
Auth.,
Kipp
Miami
North
Campus
Project,
Series A,
5.00%,
6/15/34 (5)
250
266
Celebration
Pointe
Community
Dev.
Dist.,
Alachua
County,
5.00%,
5/1/32 (3)(8)
225
180
Coastal
Ridge
Community
Dev.
Dist.,
5.75%,
5/1/45
250
262
Collier
County
EFA,
Maria
Univ.
Project,
5.00%,
6/1/28
250
257
Collier
County
IDA,
NCH
Healthcare
System
Projects,
Series A,
5.00%,
10/1/42 (4)(7)
730
784
Crossings
at
Fleming
Island
Community
Dev.
Dist.,
Series A-1,
4.50%,
5/1/30
75
75
East
Nassau
Stewardship
Dist.,
Series 2025,
6.00%,
5/1/45
150
158
Firelight
Community
Dev.
Dist.,
Series A,
5.90%,
5/1/45
100
105
Florida
Dev.
Fin.,
GFL
Solid
Waste
Southeast
Project,
Series A,
VRDN,
4.375%,
10/1/54
(Tender
10/1/31) (5)(6)
250
254
Florida
Dev.
Fin.,
Learning
Gate
Community
Center,
Series A,
5.00%,
2/15/31
175
178
Florida
Dev.
Fin.,
Renaissance
Charter
School
Project,
Series A,
6.00%,
6/15/45 (5)
250
266
Florida
Dev.
Fin.,
Tampa
General
Hosp.
Project,
Series A,
5.00%,
8/1/44
250
270
Florida
Dev.
Fin.,
Waste
Pro
Project,
VRDN,
6.125%,
7/1/32
(Tender
7/1/26) (5)(6)
350
351
Florida
Local
Gov't.
Fin.
Commission,
Fleet
Landing
at
Nocatee
Project,
Series A,
6.625%,
11/15/45 (5)
500
538
Florida
Local
Gov't.
Fin.
Commission,
The
Sanctuary
at
Village
On
The
Isle
Project,
Series A,
BAN,
11.00%,
12/22/30 (5)
250
260
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
9
Par
$
Value
(Amounts
in
000s)
Florida
Municipal
Loan
Council,
Shingle
Creek
Transit
&
Utility
Community
Dev.
Dist.,
4.50%,
5/1/31 (6)
100
102
Golden
Gem
Community
Dev.
Dist.,
5.15%,
5/1/31
250
260
Hammock
Oaks
Community
Dev.
Dist.,
Assesment
Area
Two,
5.00%,
5/1/31
270
277
Hammock
Oaks
Community
Dev.
Dist.,
Assessment
Area
Three,
4.50%,
5/1/32 (5)
100
103
Hillcrest
Preserve
Community
Dev.
Dist.,
4.375%,
5/1/31 (5)
190
193
Hobe-St.
Lucie
Conservancy
Dist.,
4.75%,
5/1/31
250
263
KD52
Community
Dev.
Dist.
No.
1,
5.875%,
5/1/45
100
102
Lakes
of
Sarasota
Community
Dev.
Dist.,
Series A,
4.75%,
5/1/31
355
362
Lakes
of
Sarasota
Community
Dev.
Dist.,
Series A-1,
3.40%,
5/1/31
130
129
Lakes
of
Sarasota
Community
Dev.
Dist.,
Series B-1,
3.625%,
5/1/31
130
131
Lakes
of
Sarasota
Community
Dev.
Dist.
2,
Series B,
5.20%,
5/1/35
100
106
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Ranch
Southeast
Project,
5.80%,
5/1/45
100
106
Laurel
Road
Community
Dev.
Dist.,
Series A-1,
3.00%,
5/1/31
160
155
Lee
County
Airport,
5.25%,
10/1/42 (6)
500
552
Lee
County
Airport,
Series A-2,
VRDN,
5.00%,
10/1/56
(Tender
10/1/31) (6)(7)
500
550
Lee
County
IDA,
Shell
Point,
Tax
Exempt
Mandatory
Paydown
Securities,
Series 2024B-1,
4.75%,
11/15/29
250
252
LTC
Ranch
West
Residential
Community
Dev.
Dist.,
Assesment
Area
Three,
4.875%,
5/1/31
250
257
Malabar
Springs
Community
Dev.
Dist.,
Assesment
Area
One,
4.50%,
5/1/31
220
225
Marion
Ranch
Community
Dev.
Dist.,
5.10%,
5/1/31
200
206
Miami-Dade
County
IDA,
Miami
Community
Charter
Schools
Project,
6.125%,
6/1/45 (5)
200
208
Mirada
Community
Dev.
Dist.,
Assesment
Area
Three,
4.75%,
5/1/31
235
240
Newport
Isles
Community
Dev.
Dist.,
5.00%,
5/1/44
245
250
Palm
Beach
County
HFA,
Toby
&
Leon
Cooperman
Sinai,
4.00%,
6/1/31
350
355
Palm
Beach
County
HFA,
Toby
&
Leon
Cooperman
Sinai,
4.00%,
6/1/41
1,155
1,081
Parrish
Lakes
Community
Dev.
Dist.,
Assesment
Area
Three,
5.00%,
5/1/31
185
190
Poitras
East
Community
Dev.
Dist.,
5.85%,
5/1/45
265
277
Polk
County
IDA,
Victory
Ridge
Academy
Project,
5.325%,
6/15/40 (5)
100
103
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
10
Par
$
Value
(Amounts
in
000s)
Radiance
Community
Dev.
Dist.,
Assessment
Area
One,
6.20%,
5/1/45 (5)
100
105
Sawyers
Landing
Community
Dev.
Dist.,
3.75%,
5/1/31
250
253
Seminole
County
IDA,
Series A,
4.00%,
6/15/36 (5)
315
306
Seminole
Palms
Community
Dev.
Dist.,
4.45%,
5/1/31 (5)
240
244
Two
Rivers
West
Community
Dev.
Dist.,
Series 2024,
4.80%,
5/1/31
220
226
Venice,
Village
on
The
Isle
Project,
Series B-1,
4.625%,
1/1/30 (5)
250
251
Village
Community
Dev.
Dist.
No.
15,
4.375%,
5/1/33 (5)
110
116
Village
Community
Dev.
Dist.
No.
16,
4.875%,
5/1/45
1,000
1,017
West
Villages
Improvement
Dist.,
Assesment
Area,
4.50%,
5/1/31
205
209
16,419
GEORGIA
5.2%
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.50%,
1/1/29 (3)(8)
200
90
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.75%,
1/1/35 (3)(8)
200
90
Atlanta
Dev.
Auth.,
PRG
-
CAU
Properties
Project,
Series A,
5.00%,
7/1/35 (5)
375
399
Atlanta
Dev.
Auth.,
PRG
-
CAU
Properties
Project,
Series A,
6.00%,
7/1/45 (5)
100
106
Atlanta
Dev.
Auth.,
Westside
Gultch
Area
Project,
Series A,
5.00%,
4/1/34 (5)
200
208
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
2.375%,
7/1/26 (5)
100
100
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
2.875%,
7/1/31 (5)
300
293
Atlanta
Urban
Redev.
Agency,
Beltline
Trail
Completion
Project,
3.625%,
7/1/42 (5)
150
136
Augusta
Airport,
Series A,
5.00%,
1/1/35
250
250
Commerce
School
Dist.,
GO,
6.00%,
8/1/47
1,000
1,153
Coweta
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Peachtree
City
Project,
4.00%,
3/1/36
150
145
Gainesville
&
Hall
County
Dev.
Auth.,
Brenau
Univ.
Project,
5.00%,
6/1/38
660
699
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
3.625%,
1/1/31 (5)
185
183
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/36 (5)
595
618
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.00%,
6/15/27 (5)
190
192
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/43
1,000
1,024
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
11
Par
$
Value
(Amounts
in
000s)
Main
Street
Natural
Gas,
Series A,
VRDN,
5.00%,
6/1/53
(Tender
6/1/30)
500
535
Main
Street
Natural
Gas,
Series A,
VRDN,
5.00%,
5/1/54
(Tender
9/1/31)
250
273
Main
Street
Natural
Gas,
Series B,
VRDN,
5.00%,
12/1/54
(Tender
3/1/32)
125
137
Main
Street
Natural
Gas,
Series C,
VRDN,
5.00%,
9/1/53
(Tender
9/1/30)
180
194
Main
Street
Natural
Gas,
Series E,
VRDN,
5.00%,
5/1/55
(Tender
12/1/32)
300
328
Marietta
Dev.
Auth.,
Life
Univ.,
Series A,
5.00%,
11/1/27 (5)
135
136
Private
Colleges
&
Univ.
Auth.,
Emory
Univ.,
Series A,
5.00%,
10/1/43
470
470
Rockdale
County
Dev.
Auth.,
Pratt
Paper
Project,
4.00%,
1/1/38 (5)(6)
1,540
1,545
Savannah
Georgia
Convention
Center
Auth.,
Convention
Center
Hotel,
Series A,
5.25%,
6/1/40
250
275
9,579
GUAM
0.3%
Antonio
B
Won
Pat
Int'l.
Airport
Auth.,
5.25%,
10/1/29 (6)
255
272
Antonio
B
Won
Pat
Int'l.
Airport
Auth.,
Series A,
5.00%,
10/1/34 (6)
100
112
Guam,
Hotel
Occupancy
Tax,
Series A,
5.00%,
11/1/35
125
134
518
ILLINOIS
3.7%
Chicago,
Series A,
GO,
5.00%,
1/1/27
145
147
Chicago,
Series A,
GO,
5.00%,
1/1/27 (9)
55
56
Chicago,
Series A,
GO,
5.00%,
1/1/34
500
534
Chicago
Board
of
Ed.,
Series B,
GO,
5.00%,
12/1/33
500
500
Illinois,
GO,
5.00%,
11/1/37
1,000
1,011
Illinois,
Series A,
GO,
5.50%,
3/1/42
500
546
Illinois,
Series E,
GO,
5.00%,
9/1/41
500
542
Illinois
Fin.
Auth.,
5.00%,
10/1/35 (5)
300
310
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.00%,
5/15/33
170
170
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.25%,
5/15/42
300
287
Illinois
Fin.
Auth.,
Goodman
Theatre
Project,
Series A,
5.125%,
10/1/35 (5)
250
263
Illinois
Fin.
Auth.,
Navy
Pier,
Inc.,
Series B,
5.25%,
10/1/39 (5)
200
217
Illinois
Fin.
Auth.,
Northwestern
Memorial
Healthcare,
Series C,
VRDN,
1.95%,
7/15/55
100
100
Illinois
Fin.
Auth.,
OSF
Healthcare
System,
Series A,
4.125%,
11/15/37
350
350
Illinois
Fin.
Auth.,
Plymouth
Place,
Series A,
5.00%,
5/15/32
140
146
Illinois
Fin.
Auth.,
Plymouth
Place,
Series A,
5.00%,
5/15/33
145
150
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
12
Par
$
Value
(Amounts
in
000s)
Illinois
Fin.
Auth.,
Plymouth
Place,
Series A,
5.00%,
5/15/35
115
118
Illinois
Fin.
Auth.,
Plymouth
Place,
Series A,
5.00%,
5/15/36
150
153
Illinois
Fin.
Auth.,
Plymouth
Place,
Series A,
6.25%,
5/15/37
150
163
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
5.00%,
12/15/32
250
258
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/38
1,000
643
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
6/15/31 (10)
100
86
Schaumburg
Cook
&
DuPage
Counties,
North
Schaumburg
Redeveloment
Project,
6.125%,
12/30/38 (5)
125
127
6,877
INDIANA
1.1%
East
Chicago,
USG
Project,
5.50%,
9/1/28 (6)
175
173
Indiana
Fin.
Auth.,
Margaret
Mary
Health
Project,
Series A,
5.50%,
3/1/39
250
276
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series A,
4.25%,
11/1/30
425
444
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series B,
PCR,
2.50%,
11/1/30
100
97
Indiana
Fin.
Auth.,
Senior
Student
Housnig
Project,
Series A,
4.25%,
7/1/44
250
240
Indiana
Fin.
Auth.,
U.S.
Steel,
Series A,
4.125%,
12/1/26
325
326
Indianapolis
Local
Public
Improvement
Bond
Bank,
Convention
Center
Hotel,
Series E,
5.00%,
3/1/33
250
272
Valparaiso,
Pratt
Paper,
4.50%,
1/1/34 (5)(6)
100
104
1,932
IOWA
0.3%
Iowa
Fin.
Auth.,
Presbyterian
Homes
Mill
Pond
Project,
5.50%,
10/1/45
500
515
515
KANSAS
0.1%
Overland
Park
Sales
Tax
Revenue,
Bluhawk
Star
Bond
Project,
Series A,
6.50%,
11/15/42 (5)
200
211
211
KENTUCKY
1.3%
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/26
250
251
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/37
520
525
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/45
225
225
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
13
Par
$
Value
(Amounts
in
000s)
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/41
400
405
Kentucky
Public
Energy
Auth.,
Series B,
5.00%,
12/1/33
500
533
Kentucky
Public
Energy
Auth.,
Series B,
VRDN,
5.00%,
1/1/55
(Tender
8/1/32)
300
327
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28)
200
205
2,471
LOUISIANA
0.9%
Louisiana
Local
Gov't.
Environmental
Fac.
&
Community
Dev.
Auth.,
Westlake
Chemical,
3.50%,
11/1/32
380
380
Louisiana
Offshore
Terminal
Auth.,
Loop
LLC
Project,
Series A,
VRDN,
4.20%,
9/1/33
(Tender
9/1/28)
300
309
Saint
James
Parish,
Nustar
Logistics,
VRDN,
6.10%,
6/1/38
(Tender
6/1/30) (5)
300
334
Saint
James
Parish,
Nustar
Logistics,
Series B,
VRDN,
6.10%,
12/1/40
(Tender
6/1/30) (5)
150
167
Saint
John
the
Baptist
Parish,
Marathon
Oil,
VRDN,
4.05%,
6/1/37
(Tender
7/1/26)
250
251
Saint
John
the
Baptist
Parish,
Marathon
Oil,
Series B-2,
VRDN,
2.375%,
6/1/37
(Tender
7/1/26)
225
225
1,666
MAINE
0.4%
Fin.
Auth.
of
Maine,
Casella
Waste
Systems,
VRDN,
4.625%,
12/1/47
(Tender
6/1/35) (5)(6)
100
105
Fin.
Auth.
of
Maine,
Casella
Waste
Systems,
Series R-3,
5.00%,
8/1/35 (5)(6)
500
541
646
MARYLAND
6.3%
Baltimore,
Convention
Center
Hotel,
5.00%,
9/1/26
130
131
Baltimore,
Convention
Center
Hotel,
5.00%,
9/1/30
300
306
Baltimore,
Convention
Center
Hotel,
5.00%,
9/1/31
255
260
Baltimore,
Convention
Center
Hotel,
5.00%,
9/1/34
100
102
Baltimore,
East
Baltimore
Research
Park,
Series A,
4.50%,
9/1/33
250
252
Baltimore,
Harbor
Point
Project,
Series A,
3.40%,
6/1/34 (5)
285
279
Frederick
County,
Mount
Saint
Mary's
Univ.,
Series A,
5.00%,
9/1/45 (5)
200
181
Gaithersburg,
Asbury
Obligated
Group,
5.00%,
1/1/37
250
259
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/28
280
286
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/32
100
101
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/35
100
100
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
14
Par
$
Value
(Amounts
in
000s)
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/40
250
242
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/29 (5)
100
100
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
5.00%,
6/1/33 (5)
540
541
Maryland
Economic
Dev.,
Core
Natural
Resources
Project,
VRDN,
5.00%,
7/1/48
(Tender
3/27/35) (5)
250
271
Maryland
Economic
Dev.,
Port
Covington
Project,
3.25%,
9/1/30
315
310
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series A,
5.00%,
11/12/28 (6)
1,150
1,156
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/47 (6)
415
421
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/30
165
169
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/36
250
254
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/31
530
554
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/32
250
261
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/35
200
208
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/28 (4)
60
60
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/29 (4)
155
156
Maryland
Economic
Dev.,
Univ.
Village
at
Sheppard
Pratt,
5.00%,
7/1/27
340
340
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/27
150
151
Maryland
HHEFA,
Doctors
Community
Hosp.,
Series A,
5.00%,
7/1/38
1,500
1,523
Maryland
HHEFA,
Edenwald
Issue,
5.25%,
1/1/37
250
250
Maryland
HHEFA,
Green
Street
Academy,
Series A,
5.00%,
7/1/27 (5)
100
101
Maryland
HHEFA,
Kennedy
Krieger
Issue,
Series A,
5.25%,
7/1/46
100
105
Maryland
HHEFA,
Monocacy
Montessori
Community,
5.25%,
7/1/33 (5)
440
460
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/38
200
200
Montgomery
County,
Friends
House
Retirement
Community,
Series A,
5.00%,
7/1/39
220
213
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/31
100
102
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/35
240
244
Rockville,
Ingleside
at
King
Farm,
Series A-1,
5.00%,
11/1/29
100
102
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
15
Par
$
Value
(Amounts
in
000s)
Rockville,
Ingleside
at
King
Farm,
Series A-2,
3.375%,
11/1/27
100
100
Town
of
Chestertown,
Washington
College
Project,
6.25%,
3/1/45
200
205
Washington
County,
Economic
Dev.,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36
250
255
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
6.00%,
7/1/34
365
365
11,676
MASSACHUSETTS
0.7%
Massachusetts
Dev.
Fin.
Agency,
Merrimack
College
Student
Housing,
Series A,
4.25%,
7/1/34 (5)
170
177
Massachusetts
Dev.
Fin.
Agency,
Middlesex
Sustainable
Energy
Partners,
Series A,
5.50%,
10/1/39
1,000
1,121
1,298
MICHIGAN
1.5%
Calhoun
County
Hosp.
Fin.
Auth.,
Oaklawn
Hosp.,
5.00%,
2/15/33
250
253
Detroit,
GO,
5.00%,
4/1/37
500
517
Ivywood
Classical
Academy,
Public
School,
5.00%,
1/1/34
350
363
Kalamazoo
Economic
Dev.,
Friendship
Village
of
Kalamazoo
Project,
Series A,
5.00%,
8/15/36 (5)
250
262
Kentwood
Economic
Dev.,
Holland
Home
Obligated
Group,
4.00%,
11/15/31
85
87
Michigan
Fin.
Auth.,
2007
Sold
Tobacco
Receipts,
Series A,
Class
1,
4.00%,
6/1/38
500
504
Michigan
Fin.
Auth.,
Uni.
of
Detroit
Mercy,
5.25%,
11/1/39
270
288
Michigan
Strategic
Fund,
VRDN,
4.00%,
10/1/61
(Tender
10/1/26) (6)
400
401
Michigan
Tobacco
Settlement
Fin.
Auth.,
Series B,
Zero
Coupon,
6/1/52
100
13
2,688
MINNESOTA
0.3%
Apple
Valley,
Senior
Housing,
Series A,
5.375%,
9/1/45
100
103
Eagan,
Great
Oaks
Academy,
Series A,
6.25%,
2/1/45 (5)
100
102
Minnesota
Housing
Fin.
Agency,
Sustainable
Bond,
Series A,
6.25%,
1/1/54
100
110
Saint
Paul
Redev.
&
Housing
Auth.,
Episcopal
Homes
Obligated
Group,
4.00%,
11/1/36
200
188
Shakopee
Senior
Housing
Revenue,
Benedictine
Senior
Living
Obligated
Group,
5.625%,
11/1/45
100
103
606
MISSOURI
0.8%
Phelps
County,
5.75%,
12/1/45
175
191
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
16
Par
$
Value
(Amounts
in
000s)
Saint
Louis
IDA,
Ballpark
Village,
Series A,
3.875%,
11/15/29
715
693
Saint
Louis
Land
Clearance
for
Redev.
Auth.,
National
Geospatial
Intelligence
Agency,
5.00%,
6/1/29
150
152
Taney
County
IDA,
Cedar
Infrastructure,
5.00%,
10/1/33 (5)
350
358
1,394
NEVADA
0.5%
Las
Vegas
Convention
&
Visitors
Auth.,
Series B,
5.00%,
7/1/31
250
259
Las
Vegas
Special
Improvement
Dist.
No.
815,
4.75%,
12/1/40
100
103
Reno-Tahoe
Airport
Auth.,
Series A,
5.00%,
7/1/36 (6)
100
111
Sparks
Tourism
Improvement
Dist.
No.
1,
3.875%,
6/15/28
500
504
977
NEW
HAMPSHIRE
2.2%
National
Fin.
Auth.,
Series 2022-2,
Class
A,
4.00%,
10/20/36
167
170
National
Finance
Auth.
Affordable
Housing
Certificates,
Series 2024-1,
Class
A,
4.15%,
10/20/40
(Tender
10/1/34)
648
661
New
Hampshire
Business
Fin.
Auth.,
Series 2020-1,
Class
A,
4.125%,
1/20/34
406
424
New
Hampshire
Business
Fin.
Auth.,
Series 2023-2,
Class
A,
3.875%,
1/20/38
145
145
New
Hampshire
Business
Fin.
Auth.,
Series 2024-1,
Class
A,
4.25%,
7/1/51
(Prerefunded
7/20/41) (11)
244
251
New
Hampshire
Business
Fin.
Auth.,
Series 2024-2,
Class
A,
3.625%,
8/20/39
797
786
New
Hampshire
Business
Fin.
Auth.,
Series 2024-4,
Class
A,
VR,
4.182%,
11/20/39
247
252
New
Hampshire
Business
Fin.
Auth.,
Series 2025-1,
Class
A-2,
VR,
4.167%,
1/20/41
99
99
New
Hampshire
Business
Fin.
Auth.,
Series B,
VRDN,
3.75%,
7/1/45
(Tender
7/2/40) (5)(6)
100
84
New
Hampshire
Business
Fin.
Auth.,
Tamarron
Project,
5.25%,
12/1/35 (5)
172
172
New
Hampshire
Business
Fin.
Auth.,
The
Wildflower
Project,
Zero
Coupon,
12/15/33 (5)
155
95
New
Hampshire
Business
Fin.
Auth.,
Thomas
Ranch
Project,
Zero
Coupon,
12/1/34 (5)
250
139
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.625%,
7/1/46 (5)
750
755
New
Hampshire
HEFA,
Kendel
at
Hanover,
5.00%,
10/1/36
100
101
4,134
NEW
JERSEY
4.4%
New
Jersey,
GO,
2.00%,
6/1/37
250
216
New
Jersey
Economic
Dev.
Auth.,
Lions
Gate
Project,
4.875%,
1/1/29
225
225
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
17
Par
$
Value
(Amounts
in
000s)
New
Jersey
Economic
Dev.
Auth.,
Lions
Gate
Project,
5.00%,
1/1/34
520
520
New
Jersey
Economic
Dev.
Auth.,
Port
Newark
Container
Terminal,
5.00%,
10/1/37 (6)
400
408
New
Jersey
Economic
Dev.
Auth.,
Port
Newark
Container
Terminal,
5.00%,
10/1/47 (6)
125
125
New
Jersey
Economic
Dev.
Auth.,
Repauno
Port
&
Rail
Terminal
Project,
6.375%,
1/1/35 (5)(6)
300
316
New
Jersey
Housing
&
Mortgage
Fin.
Agency,
Series D-1,
5.10%,
11/1/45
500
522
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/42
2,410
2,684
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series A,
Zero
Coupon,
12/15/39 (12)
250
154
Passaic
County
Improvement
Auth.,
Paterson
Charter
School,
4.125%,
7/1/33
250
258
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/46
1,500
1,502
Tobacco
Settlement
Fin.,
Series B,
5.00%,
6/1/46
1,100
1,088
8,018
NEW
YORK
4.2%
Build
New
York
City
Resource,
261
Walton
Faciility
-
Zeta
Charter
Schools
Project,
Series B,
5.00%,
6/1/36 (5)
300
319
Build
New
York
City
Resource,
Academic
Leadership
Charter
School
Project,
4.00%,
6/15/30
100
101
Build
New
York
City
Resource,
Academic
Leadership
Charter
School
Project,
4.00%,
6/15/36
300
296
Build
New
York
City
Resource,
Friends
of
Hellenic
Classical,
Series A,
4.00%,
12/1/31 (5)
200
200
Build
New
York
City
Resource,
Inwood
Academy
Leadership
Charter
School,
Series A,
4.875%,
5/1/31 (5)
190
193
Build
New
York
City
Resource,
Richmond
Preparatory
Charter
School
Project,
Series A,
5.00%,
6/1/36 (3)(5)
100
96
Build
New
York
City
Resource,
Shefa
School
Project,
Series A,
2.50%,
6/15/31 (5)
100
95
Dormitory
Auth.
of
the
State
of
New
York,
Garnet
Health
Medical
Center,
5.00%,
12/1/37 (5)
700
680
Dormitory
Auth.
of
the
State
of
New
York,
Montefiore,
Series A,
4.00%,
9/1/36
250
245
Dormitory
Auth.
of
the
State
of
New
York,
Orange
Regional
Medical
Center,
5.00%,
12/1/27 (5)
300
304
Dormitory
Auth.
of
the
State
of
New
York,
Saint
Joseph's
College,
4.00%,
7/1/40
150
132
Dormitory
Auth.
of
the
State
of
New
York,
Saint
Joseph's
College,
5.00%,
7/1/28
75
76
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
18
Par
$
Value
(Amounts
in
000s)
Dormitory
Auth.
of
the
State
of
New
York,
Saint
Joseph's
College,
5.00%,
7/1/29
175
179
Nassau
County
IDA,
EC,
5.00%,
1/1/58 (1)
518
-
New
York
City
Housing
Dev.,
8
Spruce
Street,
Series 2024,
Class
F,
5.25%,
12/15/43
(Prerefunded
12/15/31) (11)
500
520
New
York
Liberty
Dev.,
3
World
Trade
Center,
Class
2,
5.15%,
11/15/34 (5)
400
401
New
York
Liberty
Dev.,
3
World
Trade
Center,
Class
2,
5.375%,
11/15/40 (5)
200
200
New
York
State
Environmental
Fac.,
Casella
Waste
Systems,
Series 2020R-2,
VRDN,
5.125%,
9/1/50
(Tender
9/3/30) (5)(6)
250
264
New
York
Transportation
Dev.,
American
Airlines,
2.25%,
8/1/26 (6)
20
20
New
York
Transportation
Dev.,
American
Airlines,
5.00%,
8/1/26 (6)
110
110
New
York
Transportation
Dev.,
American
Airlines,
5.00%,
8/1/31 (6)
850
851
New
York
Transportation
Dev.,
Delta
Air
Lines
LaGuardia
Airport,
5.00%,
1/1/27 (6)
495
504
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.25%,
8/1/31 (6)
90
94
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
6.00%,
6/30/44 (6)
500
560
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
6.00%,
6/30/59 (6)
500
533
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
Series A,
4.00%,
12/1/38 (6)
250
251
Southold
Local
Dev.,
Peconic
Landing
at
Southold,
Inc.,
3.50%,
12/1/30
100
100
Westchester
County
Local
Dev.,
Medical
Center
Obligated,
5.25%,
11/1/31 (4)
200
224
Westchester
County
Local
Dev.,
Sunrise
of
Tarrytown
Project,
Series A,
5.25%,
12/1/40 (5)(7)
100
103
7,651
NORTH
CAROLINA
3.1%
Charlotte-Mecklenburg
Hosp.
Auth.,
Atrium
Healthcare,
Series E,
VRDN,
1.95%,
1/15/42
1,400
1,400
North
Carolina
Medical
Care
Commission,
Series C,
4.00%,
3/1/30
290
300
North
Carolina
Medical
Care
Commission,
Series C,
4.00%,
3/1/42
500
488
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
4.70%,
7/1/37
570
552
North
Carolina
Medical
Care
Commission,
Aldersgate
United
Methodist,
Series A,
3.50%,
7/1/26
340
336
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
19
Par
$
Value
(Amounts
in
000s)
North
Carolina
Medical
Care
Commission,
Deerfield
Episcopal
Retirement
Community
Project,
Series A,
5.25%,
11/1/46
400
418
North
Carolina
Medical
Care
Commission,
Lutheran
Services,
5.00%,
3/1/27
100
102
North
Carolina
Medical
Care
Commission,
Lutheran
Services
for
the
Aging,
4.00%,
3/1/41
350
347
North
Carolina
Medical
Care
Commission,
Penick
Village
Project,
Series A,
5.50%,
9/1/44
100
105
North
Carolina
Medical
Care
Commission,
Salemtowne,
5.25%,
10/1/37
675
676
North
Carolina
Turnpike
Auth.,
Triangle
Expressway
System,
5.00%,
1/1/43
1,000
1,042
5,766
NORTH
DAKOTA
0.2%
Grand
Forks,
Altru
Health
System,
Series A,
5.00%,
12/1/39 (4)
250
275
Horace,
Series C,
GO,
4.50%,
5/1/39
100
104
379
OHIO
3.0%
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series B-2,
Class
2,
5.00%,
6/1/55
1,690
1,395
Cleveland-Cuyahoga
County
Port
Auth.,
Playhouse
Square
Foundation
Project,
5.25%,
12/1/38
250
256
Cleveland-Cuyahoga
County
Port
Auth.,
Playhouse
Square
Foundation
Project,
5.50%,
12/1/43
350
357
Cuyahoga
County,
MetroHealth
System,
5.00%,
2/15/37
220
222
Cuyahoga
County,
MetroHealth
System,
5.00%,
2/15/42
500
502
Dayton-Montgomery
County
Port
Auth.,
Liberty
Assisted
Living
-
Springfield
Project,
Series A,
6.625%,
1/1/45 (5)
250
267
Muskingum
County,
Genesis
HealthCare
System
Obligated
Group
Project,
5.00%,
2/15/48
150
146
Norwood,
Rookwood
Exchange
Project,
4.375%,
12/1/30
160
163
Ohio
Air
Quality
Dev.
Auth.,
Ohio
Valley
Electric,
3.25%,
9/1/29
240
242
Ohio
Air
Quality
Dev.
Auth.,
Pratt
Paper,
3.75%,
1/15/28 (5)(6)
120
121
Ohio
Housing
Fin.
Agency,
Ashford
at
the
Enclave
Project,
6.50%,
1/1/45 (5)
150
157
Ohio
Housing
Fin.
Agency,
Green
Oaks
of
Canal
Winchester
Project,
Series A,
6.30%,
1/1/45
100
104
Ohio
Housing
Fin.
Agency,
Sanctuary
at
Springboro,
5.45%,
1/1/38 (5)
260
261
Ohio
Housing
Fin.
Agency,
Silver
Birch
of
Canton
Project,
Series A,
6.25%,
1/1/45 (5)
750
788
Ohio
Housing
Fin.
Agency,
Silver
Birch
Of
Mansfield,
6.00%,
1/1/45 (5)
250
256
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
20
Par
$
Value
(Amounts
in
000s)
Washington
County,
Memorial
Health
System
Obligated
Group,
6.625%,
12/1/42
220
238
5,475
OKLAHOMA
0.5%
Oklahoma
County
Fin.
Auth.,
Astec
Project,
5.25%,
6/15/34 (5)
250
259
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
Series B,
5.875%,
12/1/47
135
74
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
Series C,
2.00%,
12/1/47
28
1
Oklahoma
DFA,
OU
Medicine,
Series B,
5.00%,
8/15/33
500
517
851
OREGON
0.3%
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/32
175
179
Oregon
State
Fac.
Auth.,
Redmond
Proficiency
Academy
Project,
Series A,
4.625%,
6/15/35 (5)
265
278
Oregon
State
Fac.
Auth.,
Redmond
Proficiency
Academy
Project,
Series A,
5.50%,
6/15/45 (5)
100
102
559
PENNSYLVANIA
3.7%
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.00%,
5/1/27 (5)
130
133
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.00%,
5/1/32 (5)
100
102
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.00%,
5/1/33 (5)
500
517
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.375%,
5/1/42 (5)
325
330
Berks
County
Municipal
Auth.,
Tower
Health
Project,
Series B-1,
STEP,
0.00%,
6/30/44
421
312
Chester
County
IDA,
Colleguim
Charter
School
Project,
Series A,
5.125%,
10/15/37
500
500
Chester
County
IDA,
Woodlands
at
Graystone,
4.375%,
3/1/28 (5)
65
65
Cumberland
County
Municipal
Auth.,
Asbury
Pennsylvania
Obligated,
Series A,
4.50%,
1/1/40 (5)
175
174
Doylestown
Hosp.
Auth.,
5.00%,
7/1/31 (5)
245
262
Lancaster
County
Hosp.
Auth.,
Brethren
Village
Project,
4.75%,
7/1/37
830
830
Latrobe
IDA,
Seton
Hill
Univ.,
4.00%,
3/1/37
150
145
Montgomery
County
IDA,
Constellation
Energy,
Series A,
VRDN,
4.10%,
4/1/53
(Tender
4/3/28)
250
256
Pennsylvania
Economic
DFA,
5.00%,
12/31/38 (6)
250
251
Pennsylvania
Economic
DFA,
5.25%,
6/30/35 (6)
500
562
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
21
Par
$
Value
(Amounts
in
000s)
Pennsylvania
Economic
DFA,
Core
Natural
Resources
Project,
VRDN,
5.45%,
1/1/51
(Tender
3/27/35) (5)(6)
250
274
Pennsylvania
Economic
DFA,
Energy
Supply,
Series C,
VRDN,
5.25%,
12/1/37
(Tender
6/1/27)
250
251
Pennsylvania
Higher
Ed.
Fac.
Auth.,
Indiana
Univ.
Student
Housing,
Series A,
FRN,
67%
of
(3M
TSFR
+
0.2616%)
+
0.65%,
3.278%,
7/1/39 (4)
125
119
Pennsylvania
Housing
Fin.
Agency,
Series 141A,
5.75%,
10/1/53
237
253
Pennsylvania
Housing
Fin.
Agency,
Series 149A,
4.625%,
4/1/37
500
536
Philadelphia
Higher
Ed.
Fac.
Auth.,
Temple
Univ.
Health
System,
5.00%,
7/1/28
310
317
Philadelphia
IDA,
String
Theory
Charter,
5.00%,
6/15/30 (5)
145
149
Susquehanna
Area
Regional
Airport
Auth.,
5.00%,
1/1/35 (6)
390
396
6,734
PUERTO
RICO
8.4%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (13)
455
311
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (13)
1,800
1,246
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (13)
1,123
693
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
4.00%,
7/1/42 (5)
425
412
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/30 (5)
1,250
1,333
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35 (5)
1,250
1,306
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33
230
170
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
85
87
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
90
91
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
160
160
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41
90
87
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
844
864
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
93
99
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
365
405
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.00%,
7/1/42 (3)(8)
750
500
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
4.25%,
7/1/23 (3)(8)
100
67
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
22
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (3)(8)
100
67
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (3)(8)
290
193
Puerto
Rico
Electric
Power
Auth.,
Series CR,
Zero
Coupon,
7/1/30 (5)
250
161
Puerto
Rico
Electric
Power
Auth.,
Series SS,
5.00%,
7/1/30 (4)
130
130
Puerto
Rico
Electric
Power
Auth.,
Series TT,
4.20%,
7/1/19 (3)
(8)
135
90
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/18 (3)
(8)
215
144
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (3)
(8)
120
80
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (3)
(8)
100
67
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (3)
(8)
245
163
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/29
1,203
1,084
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33
545
423
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/46
1,000
358
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-2,
4.329%,
7/1/40
2,863
2,868
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series B-2,
4.329%,
7/1/40
352
353
Puerto
Rico
Sales
Tax
Fin.,
Restructured
Cofina,
Series A-2,
4.329%,
7/1/40
1,416
1,418
15,430
SOUTH
CAROLINA
1.6%
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/32
668
484
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
1/1/32
46
28
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
7/22/51
185
21
Patriots
Energy
Group
Fin.
Agency,
Series B-1,
5.25%,
3/1/30
205
222
South
Carolina
Jobs
Economic
Dev.
Auth.,
Woodlands
at
Furman,
Series A,
5.00%,
11/15/30
85
89
South
Carolina
Jobs-Economic
Dev.
Auth.,
American
Leadership
Academy
-
Lexington,
Series A,
5.50%,
6/15/33
150
151
South
Carolina
Jobs-Economic
Dev.
Auth.,
International
Paper,
VRDN,
4.00%,
4/1/33
(Tender
4/1/26) (6)
150
150
South
Carolina
Jobs-Economic
Dev.
Auth.,
Libertas
Woodruff
Project,
7.00%,
8/15/45 (5)
300
318
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/43
1,000
1,023
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
23
Par
$
Value
(Amounts
in
000s)
South
Carolina
Jobs-Economic
Dev.
Auth.,
Rolling
Green
Village
Project,
Series A,
5.00%,
12/1/35
500
535
3,021
TENNESSEE
1.3%
Chattanooga
Health
Ed.
&
Housing
Fac.
Board,
Student
Housing
-
CDFI
Phase
I,
5.00%,
10/1/32
195
195
Kingsport
Tennessee
IDB,
Domtar
Project,
VRDN,
5.25%,
12/1/54
(Tender
11/15/29) (5)(6)
450
436
Knoxville
Ind.
Dev.
Board,
Maplehurst
Park
Apartments
Project,
4.25%,
11/1/30 (5)
500
502
Memphis-Shelby
County
Ind.
Dev.
Board,
Senior
Tax
Increment,
Graceland,
Series A,
4.75%,
7/1/27 (3)
395
376
Memphis-Shelby
County
Ind.
Dev.
Board,
Senior
Tax
Increment,
Graceland,
Series A,
5.50%,
7/1/37 (3)
100
76
Nashville
Metropolitan
Dev.
&
Housing
Agency,
Tax
Increment,
Fifth
&
Broadway,
4.50%,
6/1/28 (5)
100
101
Tennessee
Energy
Acquisition,
Series A,
5.25%,
9/1/26
705
713
2,399
TEXAS
7.6%
Arlington
Higher
Ed.
Fin.,
5.625%,
6/15/45 (5)
200
207
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/28
250
252
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/30
540
545
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/33
100
101
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/27
335
338
Brooks
Dev.
Auth.,
5.125%,
8/15/36 (5)
350
354
Brooks
Dev.
Auth.,
Senior
Lien,
Series B,
VRDN,
5.00%,
8/15/47
(Tender
8/15/32) (5)
350
372
Clifton
Higher
Ed.
Fin.,
Valor
Education,
Series A,
5.00%,
6/15/34 (5)
325
328
Conroe
Local
Gov't.,
Convention
Center
Hotel,
3.50%,
10/1/31 (5)
350
321
Denton
County,
Public
Improvement,
5.00%,
12/31/35 (5)
250
261
Houston
Airport
System,
United
Airlines,
Series A,
5.50%,
7/1/45 (6)
1,000
1,100
Houston
Airport
System,
United
Airlines,
Series B,
5.50%,
7/15/37 (6)
500
553
Houston
Airport
System,
United
Airlines,
Series B,
5.50%,
7/15/39 (6)
500
548
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/28
100
100
Lavon,
Elevon
Public
Improvement
Dist.,
4.25%,
9/15/31 (5)
172
173
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
24
Par
$
Value
(Amounts
in
000s)
Lavon,
Trails
of
Lavon
Public
Improvement
Dist.
Project,
5.75%,
9/15/45 (5)
100
104
Love
Field
Airport
Modernization,
Southwest
Airlines,
5.00%,
11/1/28 (6)
140
140
Lowry
Crossing,
Simpson
Road
Public
Improvement
Dist.
Project,
5.75%,
9/15/45 (5)
250
260
Mission
Economic
Dev.,
Natgasoline,
Series B,
4.625%,
10/1/31 (5)(6)
865
869
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/33
500
501
New
Hope
Cultural
Ed.
Fac.
Fin.,
Brazos
Presbyterian
Homes,
5.25%,
1/1/40
325
351
New
Hope
Cultural
Ed.
Fac.
Fin.,
Buckingham
Senior
Living,
Series B,
VR,
2.00%,
11/15/61,
(2.00%
PIK) (3)(14)
162
70
New
Hope
Cultural
Ed.
Fac.
Fin.,
Legacy
Midtown
Park
Project,
Series A,
6.75%,
7/1/44
150
158
New
Hope
Cultural
Ed.
Fac.
Fin.,
Senior
Living,
Series A,
5.00%,
11/15/26
90
90
New
Hope
Cultural
Ed.
Fac.
Fin.,
Texas
A&M
Univ.
Corpus
Christi,
Series A,
5.00%,
4/1/31
(Prerefunded
4/1/27) (11)
50
52
North
East
Texas
Regional
Mobility
Auth.,
Subordinate
Lien,
Series B,
5.25%,
1/1/46
300
318
North
Texas
Tollway
Auth.,
First
Tier,
Series A,
5.00%,
1/1/43
500
517
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
2.75%,
1/1/36 (5)(6)
1,000
856
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
Series A,
3.625%,
1/1/35 (5)(6)
620
587
Port
of
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast
Energy,
Series A,
5.00%,
1/1/39 (5)(6)
250
252
Princeton,
Eastridge
Public
Improvement
Dist.,
4.60%,
9/1/35 (5)
100
105
Texas
IDC,
NRG
Energy,
Series 2012,
4.125%,
12/1/45
255
233
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/31
510
559
Texas
Municipal
Gas
Acquisition
&
Supply
V,
VRDN,
5.00%,
1/1/55
(Tender
1/1/34)
300
328
Texas
Municipal
Gas
Acquisition
&
Supply
VI,
5.00%,
1/1/36
1,000
1,102
Texas
Private
Activity
Bond
Surface
Transportation,
Senior
Lien,
5.50%,
6/30/43 (6)
875
924
13,929
UTAH
0.7%
Downtown
Revitalization
Public
Infrastructure
Dist.,
Seg
Redevelopment
Project,
Series C,
5.00%,
7/15/35 (5)
250
252
Mida
Mountain
Village
Public
Infrastructure
Dist.,
Series 2,
5.50%,
6/15/39 (5)
500
523
Military
Installation
Dev.
Auth.,
Series A-1,
4.00%,
6/1/36
500
500
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
25
Par
$
Value
(Amounts
in
000s)
Vineyard
Redev.
Agency,
4.00%,
5/1/39 (4)
100
103
1,378
VIRGIN
ISLANDS
0.2%
Virgin
Islands
Hotel
Dev.
Fin.,
Frenchman's
Reef
Hotel
Acquisition
Project,
Series A-1,
5.00%,
2/1/38
340
345
345
VIRGINIA
2.8%
Arlington
County
IDA,
Barcroft-Charlie
2
&
Barcroft-Bravo
5,
VRDN,
3.10%,
12/1/55
(Tender
2/1/27)
100
100
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
4.00%,
7/1/30 (5)
255
261
Henrico
County
Economic
Dev.
Auth.,
Westminster
Canterbury
Richmond,
5.00%,
10/1/37
265
270
Norfolk
Redev.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.375%,
1/1/46
50
50
Prince
William
County
IDA,
Westminster
At
Lake
Ridge,
5.00%,
1/1/31
170
171
Virginia
College
Building
Auth.,
Marymount
Univ.,
5.25%,
7/1/30 (5)
100
94
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/30 (5)
250
232
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/48 (6)
475
422
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
5.00%,
7/1/33 (6)
120
132
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
5.00%,
7/1/34 (6)
695
758
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes
Project,
4.00%,
7/1/39 (6)
280
281
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes
Project,
5.00%,
7/1/32 (6)
500
552
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
7/1/32 (6)
525
545
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/38 (6)
500
505
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/39 (6)
750
754
5,127
WASHINGTON
1.2%
Washington
State
Housing
Fin.
Commission,
Bayview
Manor
Homes,
Series A,
4.00%,
7/1/26 (5)
100
100
Washington
State
Housing
Fin.
Commission,
Radford
Court
and
Nordheim
Court,
5.00%,
7/1/29
300
314
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
26
Par
$
Value
(Amounts
in
000s)
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series 2021-1,
Class
A,
3.50%,
12/20/35
686
681
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series 2023-1,
Class
A,
3.375%,
4/20/37
732
708
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series 2024-1,
Class
A,
VR,
4.221%,
3/1/50
223
225
Washington
State
Housing
Fin.
Commission,
Transforming
Age
Project,
Series A,
5.00%,
1/1/34 (5)
245
253
2,281
WEST
VIRGINIA
0.5%
Monongalia
County,
Series A,
5.00%,
6/1/33 (5)
530
560
West
Virginia
Economic
Dev.
Auth.,
Commercial
Metals
Company
Project,
VRDN,
4.625%,
4/15/55
(Tender
5/15/32) (6)
250
257
West
Virginia
Economic
Dev.
Auth.,
Mitchell
Project,
Series 2014-A,
VRDN,
4.70%,
4/1/36
(Tender
6/17/26) (6)
150
151
968
WISCONSIN
5.6%
PFA,
Campus
Real
Estate
Holding
Corporation
Project,
Series A,
5.00%,
6/1/30
150
158
PFA,
Cherokee
Classical
Academy
Project,
Series A,
6.00%,
6/15/35 (5)
100
106
PFA,
Cincinnati
Classical
Academy,
Series A,
5.375%,
6/15/39 (5)
100
103
PFA,
Elevon
Project,
RAN,
5.00%,
7/15/30 (5)
59
59
PFA,
Georgia
SR
400
Express
Lanes
Project,
6.50%,
6/30/60 (6)
1,000
1,113
PFA,
Kahala
Nui
Project,
5.00%,
11/15/40
350
379
PFA,
KSU
Bixby
Real
Estate
Foundation,
Series B,
5.25%,
6/15/35
100
110
PFA,
KSU
Bixby
Real
Estate
Foundation,
Series C,
5.00%,
6/15/35
100
105
PFA,
Mary's
Woods
at
Marylhurst
Project,
5.00%,
5/15/30 (5)
100
101
PFA,
Master
Academy
of
Nevada
-
Cactus
Park
Campus
Project,
Series A,
6.00%,
12/15/45 (5)
100
105
PFA,
Master
Academy
of
Nevada
-
East
Las
Vegas
Campus
Project,
Series A,
5.00%,
12/15/34 (5)
1,035
1,092
PFA,
Million
Air
Three
General
Aviation
Fac.
Project,
Series A,
5.50%,
9/1/30 (5)(6)
200
211
PFA,
Nolina
&
Sorella
Project,
RAN,
5.50%,
12/15/32 (5)
119
119
PFA,
Piedmont
Community
Charter
School,
5.00%,
6/15/34
250
260
PFA,
Pinecrest
Academy
of
Nevada-Pinecrest
Academy
Springs
Campus
Project,
Series A,
4.00%,
7/15/33 (5)
250
253
PFA,
Sheboygan
Christian
School
Project,
Series A,
6.25%,
4/1/45 (5)
200
201
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
27
Par
$
Value
(Amounts
in
000s)
PFA,
Sky
Harbour
Capital
III
Aviation
Fac.
Project,
VRDN,
6.00%,
7/1/60
(Tender
1/1/31) (5)(6)
1,250
1,280
PFA,
Southminster,
4.25%,
10/1/38 (5)
205
205
Univ.
of
Wisconsin
Hosp.
&
Clinics,
Series B,
VRDN,
1.90%,
4/1/48
1,100
1,100
Wisconsin
HEFA,
Chiara
Housing
and
Services,
Inc.
Project,
5.625%,
7/1/45
300
307
Wisconsin
HEFA,
Dickson
Hollow
Phase
II
Project,
5.00%,
10/1/32
250
266
Wisconsin
PFA,
Celanese,
Series C,
4.30%,
11/1/30 (6)
500
500
Wisconsin
PFA,
Challenge
Foundation
Academy,
5.75%,
7/1/33 (5)
250
263
Wisconsin
PFA,
CHF
Manoa
LLC,
Series A,
5.25%,
7/1/38 (5)
250
260
Wisconsin
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
5.75%,
7/1/33 (5)
475
506
Wisconsin
PFA,
Founders
of
Academy
Las
Vegas,
Series A,
4.00%,
7/1/30 (5)
70
70
Wisconsin
PFA,
National
Gypsum,
4.00%,
8/1/35 (6)
445
445
Wisconsin
PFA,
Piedmont
Charter
School,
5.00%,
6/15/49
250
245
Wisconsin
PFA,
Roseman
Univ.
of
Health,
4.00%,
4/1/32 (5)
100
100
Wisconsin
PFA,
Roseman
Univ.
of
Health,
5.00%,
4/1/30 (5)
235
242
Wisconsin
PFA,
Roseman
Univ.
of
Health,
5.00%,
4/1/30 (5)(9)
15
16
Wisconsin
PFA,
Roseman
Univ.
of
Health,
5.00%,
4/1/40 (5)
100
102
10,382
Total
Municipal
Securities
(Cost
$179,028)
183,374
Total
Investments
in
Securities
99.5%
of
Net
Assets
(Cost
$179,028)
$
183,374
‡
Par
is
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(2)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$0
and
represents
0.0%
of
net
assets.
(3)
Non-income
producing
(4)
Insured
by
Assured
Guaranty
Incorporated
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
28
.
.
.
.
.
.
.
.
.
.
(5)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$48,158
and
represents
26.1%
of
net
assets.
(6)
Interest
subject
to
alternative
minimum
tax.
(7)
When-issued
security
(8)
Obligor
has
failed
to
make
a
scheduled
interest
and/or
principal
payment
or
is
in
default.
(9)
Escrowed
to
maturity
(10)
Insured
by
National
Public
Finance
Guarantee
Corporation
(11)
Prerefunded
date
is
used
in
determining
portfolio
maturity.
(12)
Insured
by
Build
America
Mutual
Assurance
Company
(13)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board's
Certified
Fiscal
Plan.
(14)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
BAN
Bond
Anticipation
Note
CDA
Community
Development
Administration/Authority
CDFI
Community
Development
Financial
Institution
DFA
Development
Finance
Authority
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
EFA
Educational
Facility
Authority
FRN
Floating
Rate
Note
GO
General
Obligation
HEFA
Health
&
Educational
Facility
Authority
HFA
Health
Facility
Authority
HHEFA
Health
&
Higher
Educational
Facility
Authority
IDA
Industrial
Development
Authority/Agency
IDC
Industrial
Development
Corporation
PCR
Pollution
Control
Revenue
PFA
Public
Finance
Authority/Agency
PIK
Payment-in-kind
RAN
Revenue
Anticipation
Note
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
29
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
.
.
.
.
.
.
.
.
.
.
VRDN
Variable
Rate
Demand
Note
under
which
the
holder
has
the
right
to
sell
the
security
to
the
issuer
or
the
issuer's
agent
at
a
predetermined
price
on
specified
dates;
such
specified
dates
are
considered
the
effective
maturity
for
purposes
of
the
fund's
weighted
average
maturity;
rate
shown
is
effective
rate
at
period-end
and
maturity
date
shown
is
final
maturity.
Certain
VRDN
rates
are
not
based
on
a
published
reference
rate
and
spread
but
may
adjust
periodically.
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
February
28,
2026
Statement
of
Assets
and
Liabilities
30
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$179,028)
$
183,374
Interest
receivable
1,895
Receivable
for
shares
sold
1,598
Cash
61
Receivable
for
investment
securities
sold
25
Due
from
affiliates
14
Other
assets
32
Total
assets
186,999
Liabilities
Payable
for
investment
securities
purchased
2,355
Payable
for
shares
redeemed
220
Investment
management
fees
payable
48
Other
liabilities
98
Total
liabilities
2,721
Commitments
and
Con
tingent
Liabilities
(note
5
)
NET
ASSETS
$
184,278
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
3,860
Paid-in
capital
applicable
to
18,196,862
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
180,418
NET
ASSETS
$
184,278
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$94,824;
Shares
outstanding:
9,361,127)
$
10.13
I
Class
(Net
assets:
$89,454;
Shares
outstanding:
8,835,735)
$
10.12
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
Statement
of
Operations
31
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
2/28/26
Investment
Income
(Loss)
Interest
income
$
5,958
Expenses
Investment
management
476
Shareholder
servicing
Investor
Class
$
102
I
Class
14
116
Prospectus
and
shareholder
reports
Investor
Class
9
I
Class
9
18
Custody
and
accounting
209
Registration
69
Legal
and
audit
48
Interest
15
Miscellaneous
19
Waived
/
paid
by
Price
Associates
(371)
Total
expenses
599
Net
investment
income
5,359
Realized
and
Unrealized
Gain
/
Loss
-
Net
realized
loss
on
securities
(502)
Change
in
net
unrealized
gain
/
loss
on
securities
4,801
Net
realized
and
unrealized
gain
/
loss
4,299
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
9,658
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
Statement
of
Changes
in
Net
Assets
32
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2/28/26
2/28/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
5,359
$
3,717
Net
realized
loss
(502)
(151)
Change
in
net
unrealized
gain
/
loss
4,801
1,692
Increase
in
net
assets
from
operations
9,658
5,258
Distributions
to
shareholders
Net
earnings
Investor
Class
(2,252)
(1,244)
I
Class
(2,951)
(2,397)
Decrease
in
net
assets
from
distributions
(5,203)
(3,641)
Capital
share
transactions
*
Shares
sold
Investor
Class
71,738
22,551
I
Class
32,370
24,419
Distributions
reinvested
Investor
Class
2,224
1,226
I
Class
2,148
1,694
Shares
redeemed
Investor
Class
(22,501)
(12,620)
I
Class
(17,242)
(20,072)
Increase
in
net
assets
from
capital
share
transactions
68,737
17,198
Net
Assets
Increase
during
period
73,192
18,815
Beginning
of
period
111,086
92,271
End
of
period
$
184,278
$
111,086
*Share
information
(000s)
Shares
sold
Investor
Class
7,252
2,302
I
Class
3,287
2,493
Distributions
reinvested
Investor
Class
225
125
I
Class
218
173
Shares
redeemed
Investor
Class
(2,290)
(1,288)
I
Class
(1,756)
(2,056)
Increase
in
shares
outstanding
6,936
1,749
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
NOTES
TO
FINANCIAL
STATEMENTS
33
T.
Rowe
Price
Intermediate
Tax-Free
High
Yield
Fund,
Inc.
(the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Intermediate
Tax-Free
High
Yield
Fund
(the
fund)
is
a
diversified,
open-
end
management
investment
company
established
by
the
corporation.
The
fund
seeks
to
provide
a
high
level
of
income
exempt
from
federal
income
taxes.
The
fund
has
two classes
of
shares:
the
Intermediate
Tax-Free
High
Yield
Fund
(Investor
Class)
and
the
Intermediate
Tax-Free
High
Yield
Fund-I
Class
(I
Class). I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
both
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
class.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
34
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class's
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class's
outstanding
shares.
Capital
Transactions
Each
investor's
interest
in
the
net
assets
of
the
fund
is
represented
by
fund
shares.
The
fund's
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund's
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund's
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund's
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund's
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
35
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
-
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
-
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
-
unobservable
inputs
(including
the Valuation
Designee's assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
are
generally traded
in
the over-the-
counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
36
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
the
greatest
weight
to
actual
prices
in
arm's
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund's
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
February
28,
2026
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Corporate
Bonds
$
-
$
-
$
-
$
-
Municipal
Securities
-
183,374
-
183,374
Total
$
-
$
183,374
$
-
$
183,374
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
37
NOTE
3
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund's prospectus
and
Statement
of
Additional
Information.
Noninvestment-Grade
Debt
The
fund
invests,
either
directly
or
through
its
investment
in
other
T.
Rowe
Price
funds,
in
noninvestment-grade
debt,
including
"high
yield"
or
"junk"
bonds
or
leveraged
loans.
Noninvestment-grade
debt
issuers
are
more
likely
to
suffer
an
adverse
change
in
financial
condition
that
would
result
in
the
inability
to
meet
a
financial
obligation.
The
noninvestment-
grade
debt
market
may
experience
sudden
and
sharp
price
swings
due
to
a
variety
of
factors
that
may
decrease
the
ability
of
issuers
to
make
principal
and
interest
payments
and
adversely
affect
the
liquidity
or
value,
or
both,
of
such
securities.
Accordingly,
securities
issued
by
such
companies
carry
a
higher
risk
of
default
and
should
be
considered
speculative.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
When-Issued
Securities
The fund
enters
into
when-issued
purchase
or
sale
commitments,
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
an
authorized
but
not
yet
issued
security
for
a
fixed
unit
price,
with
payment
and
delivery
not
due
until
issuance
of
the
security
on
a
scheduled
future
date.
When-issued
securities
may
be
new
securities
or
securities
issued
through
a
corporate
action,
such
as
a
reorganization
or
restructuring.
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
commitment
to
purchase
a
when-issued
security.
Amounts
realized
on
when-issued
transactions
are
included
in
realized
gain/loss
on
securities
in
the
accompanying
financial
statements.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $79,559,000 and
$15,276,000,
respectively,
for
the
year ended
February
28,
2026.
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
38
NOTE
4
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
The
fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
fund's
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
permanent
book/tax
adjustments
relate
primarily
to
differences
between
book/tax
amortization
policies
and
the
character
of
income
on
certain
derivative
contracts.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
($000s)
February
28,
2026
February
28,
2025
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
12
$
25
Tax-exempt
income
5,191
3,616
Total
distributions
$
5,203
$
3,641
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
39
At
February
28,
2026,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
At
February
28,
2026,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales,
the
recognition
of
market
discount
and
premium
amortization
and
the
character
of
income
on
certain
derivatives
contracts.
The
loss
carryforwards
and
deferrals
primarily
relate
to
capital
loss
carryforwards.
Capital
loss
carryforwards
are
available
indefinitely
to
offset
future
realized
capital
gains.
NOTE
5
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.07%
of
the
fund's
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
($000s)
Cost
of
investments
$
178,165
Unrealized
appreciation
$
6,333
Unrealized
depreciation
(1,124)
Net
unrealized
appreciation
(depreciation)
$
5,209
($000s)
Undistributed
ordinary
income
$
9
Undistributed
tax-exempt
income
109
Net
unrealized
appreciation
(depreciation)
5,209
Loss
carryforwards
and
deferrals
(1,467)
Total
distributable
earnings
(loss)
$
3,860
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
40
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.26%
for
assets
in
excess
of
$845
billion.
The
fund's
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund's
average
daily
net
assets. At
February
28,
2026,
the
effective
annual
group
fee
rate
was
0.28%.
The
Investor
Class
is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class's ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class's net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class's net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class's
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class's
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class's
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
41
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the year
ended February
28,
2026 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $1,015,000 remain
subject
to
repayment
by
the
fund
at
February
28,
2026. Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
a
wholly
owned
subsidiary
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund's
transfer
and
dividend-disbursing
agent.
For
the
year
ended
February
28,
2026,
expenses
incurred
pursuant
to
these
service
agreements
were
$127,000
for
Price
Associates
and
$37,000
for
T.
Rowe
Price
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund's
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
year
ended
February
28,
2026,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
Investor
Class
I
Class
Expense
limitation/I
Class
Limit
0.45%
0.05%
Expense
limitation
date
04/30/27
04/30/27
(Waived)/repaid
during
the
period
($000s)
$(197)
$(174)
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
42
NOTE
6
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price
Associates
acts
as
the
fund's
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund's
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund's
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
7
-
BORROWING
The
fund,
together
with
certain
other
U.S.
registered
floating
rate
and
tax-
free
high
yield
funds
(the
U.S.
borrowers)
and
foreign
investment
funds
managed
by
Price
Associates
or
an
affiliate
(collectively,
the
participating
funds),
is
party
to
a
$1.4
billion,
364-day,
syndicated
credit
facility
(the
facility).
Excluding
commitments
designated
for
the
foreign
investment
funds,
the U.S.
borrowers can
borrow
up
to
an
aggregate
commitment
amount
of
$1.25 billion,
of
which
$1
billion
is
available
to
the
U.S.
floating
rate
borrowers
and
$250
million
is
available
to
the
U.S.
tax-free
high
yield
borrowers, on
a
first-come,
first-served
basis.
The
facility
provides
a
source
of
liquidity
to
the
participating
funds
for
temporary
and
emergency
purposes. The
participating
funds
are
charged
administrative
fees
and
an
annual
commitment
fee, of
0.15% of
the
average
daily
undrawn
commitment.
All
fees
allocated
to
the
U.S.
borrowers
are
based
on
the
portion
of
the
aggregate
commitment
available
to
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
43
them
and
on
each
U.S.
borrower's
relative
net
assets.
Such
allocated
fees
are
reflected
as either
miscellaneous
or interest
and
borrowing
related
expense
in
the accompanying
Statement
of
Operations.
Loans
are
generally
unsecured;
however,
the
fund
must
collateralize
any
borrowings
under
the
facility
on
an
equivalent
basis
if
it
has
other
collateralized
borrowings.
Interest
is
charged
to
the
fund
based
on
its
borrowings
at
the
higher
of
(a)
Daily
Simple
Secured
Overnight
Financing
Rate
(SOFR),
(b)
Federal
Funds
Effective
Rate,
or
(c)
the
Overnight
Bank
Funding
Rate
plus
an
applicable
margin. At
February
28,
2026,
the
fund
had
no
borrowings
outstanding
under
the
facility,
and
the
undrawn
amount
of
the
facility
for
the
U.S.
borrowers
was
$1,250,000,000.
NOTE
8
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-
existing
political,
social,
and
economic
risks.
The
fund's
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
44
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
of
T.
Rowe
Price
Intermediate
Tax-Free
High
Yield
Fund,
Inc.
and
Shareholders
of
T.
Rowe
Price
Intermediate
Tax-Free
High
Yield
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
Intermediate
Tax-Free
High
Yield
Fund
(constituting
T.
Rowe
Price
Intermediate
Tax-Free
High
Yield
Fund,
Inc.,
referred
to
hereafter
as
the
"Fund")
as
of
February
28,
2026,
the
related
statement
of
operations
for
the
year
ended
February
28,
2026,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
February
28,
2026,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
February
28,
2026
(collectively
referred
to
as
the
"financial
statements").
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
February
28,
2026,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
February
28,
2026
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
February
28,
2026
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund's
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund's
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
45
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
February
28,
2026
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
April
21,
2026
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
Intermediate
Tax-Free
High
Yield
Fund
46
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 2/28/26
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
The
fund's
distributions
to
shareholders
included
$4,983,000
which
qualified
as
exempt-interest
dividends.
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F100-050
4/26
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.
Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
| (a)(1) |
N-CSR |
|
| (2) |
Listing standards relating to recovery of erroneously awarded compensation: not applicable. |
|
| (3) |
30a-2(a) |
|
| (b) |
30a-2(b) |
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc. | ||||
| By |
/s/ David Oestreicher |
|||
| David Oestreicher | ||||
| Principal Executive Officer | ||||
| Date | April 21, 2026 | |||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By |
/s/ David Oestreicher |
|||
| David Oestreicher | ||||
| Principal Executive Officer | ||||
| Date | April 21, 2026 | |||
| By |
/s/ Alan S. Dupski |
|||
| Alan S. Dupski | ||||
| Principal Financial Officer | ||||
| Date | April 21, 2026 | |||
T. Rowe Price Intermediate Tax-Free High Yield Fund Inc. published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 23, 2026 at 13:59 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]