T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc. (0001608530) (Filer)
SEC · EDGAR 财务披露 · October 21, 2026 at 8:49 AM ET
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: August 31, 2026
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
August 31, 2026
Intermediate High Yield Municipal Bond Fund
Investor Class (PRIHX)
This semi-annual shareholder report contains important information about Intermediate High Yield Municipal Bond Fund (the "fund") for the period of March 1, 2026 to August 31, 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.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
|---|---|---|
Intermediate High Yield Municipal Bond Fund - Investor Class |
$24 |
0.47% |
What are some fund statistics?
Fund Statistics
Total Net Assets (000s) |
$205,227 |
|---|---|
Number of Portfolio Holdings |
611 |
Portfolio Turnover Rate |
7.4% |
|---|
What did the fund invest in?
State Allocation (as a % of Net Assets)
Florida |
8.2% |
|---|---|
Puerto Rico |
8.0 |
Texas |
7.1 |
Maryland |
6.5 |
Wisconsin |
5.4 |
California |
4.9 |
Georgia |
4.7 |
Alabama |
4.6 |
Pennsylvania |
4.5 |
Other |
46.1 |
Industry Allocation (as a % of Net Assets)
Health Care |
20.2% |
|---|---|
Education |
13.9 |
Special Tax |
9.5 |
Transportation |
9.4 |
Industrial & Pollution Control |
8.0 |
Housing |
7.9 |
General Obligations - Local |
3.1 |
General Obligations - State |
3.0 |
Water & Sewer |
1.8 |
Other |
23.2 |
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.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
202505-4461501
F100-053 10/26
Intermediate High Yield Municipal Bond Fund
Investor Class (PRIHX)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Semi-Annual Shareholder Report
August 31, 2026
Intermediate High Yield Municipal Bond Fund
I Class (TFHAX)
This semi-annual shareholder report contains important information about Intermediate High Yield Municipal Bond Fund (the "fund") for the period of March 1, 2026 to August 31, 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.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
|---|---|---|
Intermediate High Yield Municipal Bond Fund - I Class |
$21 |
0.42% |
What are some fund statistics?
Fund Statistics
Total Net Assets (000s) |
$205,227 |
|---|---|
Number of Portfolio Holdings |
611 |
Portfolio Turnover Rate |
7.4% |
|---|
What did the fund invest in?
State Allocation (as a % of Net Assets)
Florida |
8.2% |
|---|---|
Puerto Rico |
8.0 |
Texas |
7.1 |
Maryland |
6.5 |
Wisconsin |
5.4 |
California |
4.9 |
Georgia |
4.7 |
Alabama |
4.6 |
Pennsylvania |
4.5 |
Other |
46.1 |
Industry Allocation (as a % of Net Assets)
Health Care |
20.2% |
|---|---|
Education |
13.9 |
Special Tax |
9.5 |
Transportation |
9.4 |
Industrial & Pollution Control |
8.0 |
Housing |
7.9 |
General Obligations - Local |
3.1 |
General Obligations - State |
3.0 |
Water & Sewer |
1.8 |
Other |
23.2 |
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.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
202505-4461501
F1087-053 10/26
Intermediate High Yield Municipal Bond 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.
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 is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
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
August
31,
2026
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRIHX
Intermediate
High
Yield
Municipal
Bond
Fund
TFHAX
Intermediate
High
Yield
Municipal
Bond
Fund–
.
I Class
(Formerly
T.
Rowe
Price
Intermediate
Tax-
Free
High
Yield
Fund)
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
Unaudited
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
8/31/26
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
10
.13
$
9
.87
$
9
.70
$
9
.52
$
10
.44
$
10
.57
Investment
activities
Net
investment
income
(1)(2)
0
.20
0
.39
0
.36
0
.33
0
.32
0
.28
Net
realized
and
unrealized
gain/
loss
(
0
.25
)
0
.25
0
.16
0
.17
(
0
.92
)
(
0
.12
)
Total
from
investment
activities
(
0
.05
)
0
.64
0
.52
0
.50
(
0
.60
)
0
.16
Distributions
Net
investment
income
(
0
.20
)
(
0
.38
)
(
0
.35
)
(
0
.32
)
(
0
.31
)
(
0
.28
)
Net
realized
gain
—
—
—
—
(
0
.01
)
(
0
.01
)
Total
distributions
(
0
.20
)
(
0
.38
)
(
0
.35
)
(
0
.32
)
(
0
.32
)
(
0
.29
)
NET
ASSET
VALUE
End
of
period
$
9
.88
$
10
.13
$
9
.87
$
9
.70
$
9
.52
$
10
.44
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
Unaudited
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
8/31/26
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
Ratios/Supplemental
Data
Total
return
(2)(3)
(
0
.54
)
%
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
.75
%
(4)
0
.81
%
0
.91
%
1
.00
%
1
.03
%
0
.97
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.47
%
(4)
0
.47
%
0
.48
%
0
.48
%
0
.45
%
0
.54
%
Net
investment
income
4
.05
%
(4)
3
.96
%
3
.67
%
3
.45
%
3
.28
%
2
.61
%
Portfolio
turnover
rate
7
.4
%
11
.4
%
19
.9
%
12
.1
%
20
.3
%
15
.6
%
Net
assets,
end
of
period
(in
thousands)
$107,891
$94,824
$41,192
$29,456
$19,497
$30,733
0
%
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.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
Unaudited
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
8/31/26
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
NET
ASSET
VALUE
Beginning
of
period
$
10
.12
$
9
.86
$
9
.70
$
9
.51
$
10
.44
$
10
.57
Investment
activities
Net
investment
income
(1)(2)
0
.21
0
.39
0
.36
0
.33
0
.32
0
.29
Net
realized
and
unrealized
gain/
loss
(
0
.25
)
0
.25
0
.16
0
.19
(
0
.92
)
(
0
.13
)
Total
from
investment
activities
(
0
.04
)
0
.64
0
.52
0
.52
(
0
.60
)
0
.16
Distributions
Net
investment
income
(
0
.20
)
(
0
.38
)
(
0
.36
)
(
0
.33
)
(
0
.32
)
(
0
.28
)
Net
realized
gain
—
—
—
—
(
0
.01
)
(
0
.01
)
Total
distributions
(
0
.20
)
(
0
.38
)
(
0
.36
)
(
0
.33
)
(
0
.33
)
(
0
.29
)
NET
ASSET
VALUE
End
of
period
$
9
.88
$
10
.12
$
9
.86
$
9
.70
$
9
.51
$
10
.44
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
Unaudited
Financial
Highlights
5
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
8/31/26
..
Year
..
..
Ended
.
2/28/26
2/28/25
2/29/24
2/28/23
2/28/22
Ratios/Supplemental
Data
Total
return
(2)(3)
(
0
.42
)
%
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
.61
%
(4)
0
.65
%
0
.73
%
0
.80
%
0
.85
%
0
.88
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.42
%
(4)
0
.42
%
0
.43
%
0
.44
%
0
.41
%
0
.47
%
Net
investment
income
4
.10
%
(4)
3
.99
%
3
.71
%
3
.48
%
3
.33
%
2
.68
%
Portfolio
turnover
rate
7
.4
%
11
.4
%
19
.9
%
12
.1
%
20
.3
%
15
.6
%
Net
assets,
end
of
period
(in
thousands)
$97,336
$89,454
$69,894
$62,815
$56,420
$37,604
0
%
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.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
August
31,
2026
Unaudited
6
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 99.9%
ALABAMA
4.6%
Alabama
State
Univ.,
5.50%,
9/1/45 (4)
100
107
Baldwin
County
IDA,
Series A,
VRDN,
4.30%,
3/1/56
(Tender
3/1/33) (5)(6)
200
197
Black
Belt
Energy
Gas
Dist.,
Series A,
5.00%,
12/1/34
680
705
Black
Belt
Energy
Gas
Dist.,
Series A,
VRDN,
5.25%,
1/1/54
(Tender
10/1/30)
415
432
Black
Belt
Energy
Gas
Dist.,
Series B,
5.00%,
12/1/34
175
185
Black
Belt
Energy
Gas
Dist.,
Series B,
VRDN,
5.25%,
12/1/53
(Tender
12/1/30)
100
106
Black
Belt
Energy
Gas
Dist.,
Series C-1,
VRDN,
5.25%,
2/1/53
(Tender
6/1/29)
200
208
Black
Belt
Energy
Gas
Dist.,
Series D,
VRDN,
5.00%,
3/1/55
(Tender
11/1/34)
150
156
Black
Belt
Energy
Gas
Dist.,
Series H-2,
5.00%,
12/1/31
1,000
1,041
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series C,
5.25%,
6/1/36
1,000
1,058
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series E,
5.00%,
7/1/33
500
520
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series E,
VRDN,
5.00%,
12/1/55
(Tender
5/1/35)
250
261
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series F,
5.00%,
12/1/35
350
364
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series F,
5.00%,
6/1/36
300
309
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series G,
5.00%,
6/1/31
750
785
Black
Belt
Energy
Gas
Dist.,
Gas
Project,
Series I,
5.00%,
10/1/33
400
420
Energy
Southeast
A
Cooperative
Dist.,
Series B,
5.00%,
11/1/33
260
273
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
Redstone
Village
Project,
Series A,
6.00%,
1/1/60
285
249
Huntsville-Redstone
Village
Special
Care
Fac.
Fin.
Auth.,
Redstone
Village
Project,
Series B,
STEP,
1/1/60
62
3
Lower
Alabama
Gas
Dist.,
Series A,
5.00%,
12/1/33
790
809
Southeast
Energy
Auth.,
Series B,
VRDN,
4.00%,
12/1/51
(Tender
12/1/31)
375
373
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
7
Par
$
Value
(Amounts
in
000s)
Southeast
Energy
Auth.,
Series B,
VRDN,
5.25%,
3/1/55
(Tender
1/1/33)
500
513
Tuscaloosa
County
IDA,
Hunt
Refining
Project,
Series A,
5.25%,
5/1/44 (5)
460
464
9,538
ALASKA
0.0%
Northern
Tobacco
Securitization,
Series B-1,
4.00%,
6/1/50
25
24
24
ARIZONA
2.5%
Arizona
IDA,
Series A,
4.00%,
7/15/27 (5)
120
120
Arizona
IDA,
Series A,
4.00%,
7/15/30 (5)
630
619
Arizona
IDA,
Series A,
4.00%,
7/15/33 (5)
100
97
Arizona
IDA,
Series A,
4.00%,
7/15/34 (5)
100
96
Arizona
IDA,
Series A,
4.00%,
7/15/35 (5)
250
234
Arizona
IDA,
Series A,
4.00%,
7/15/41 (5)
265
222
Arizona
IDA,
Series A,
VRDN,
4.875%,
7/1/60
(Tender
7/1/35) (5)
500
512
Arizona
IDA,
Academics
of
Math
&
Science
Project,
Series A,
5.00%,
7/1/36 (5)
315
320
Arizona
IDA,
Odyssey
Preparatory
Academy
Project,
4.375%,
7/1/39 (5)
200
171
Arizona
IDA,
Pinecrest
Academy
of
Northern
Nevada
Project,
Series A,
4.50%,
7/15/29 (5)
800
782
Arizona
IDA,
San
Tan
Charter
School
Project,
6.625%,
2/1/45 (5)
350
354
Chandler
IDA,
Intel
Corp.
Project,
VRDN,
4.00%,
6/1/49
(Tender
6/1/29) (6)
375
377
Chandler
IDA,
Intel
Corp.
Project,
Series 2,
VRDN,
5.00%,
9/1/52
(Tender
9/1/27) (6)
325
328
Phoenix
IDA,
Downtown
Phoenix
Student
Housing,
Series A,
5.00%,
7/1/31
100
102
Salt
Verde
Financial,
5.00%,
12/1/37
430
437
Salt
Verde
Financial,
5.25%,
12/1/26
100
100
Sierra
Vista
IDA,
American
Leadership
Academy
Project,
5.00%,
6/15/44 (5)
100
88
Tempe
IDA,
Friendship
Village,
Series A,
4.375%,
12/1/36
100
99
5,058
ARKANSAS
0.2%
Arkansas
DFA,
U.S.
Steel,
Series B,
VRDN,
4.25%,
9/1/46
(Tender
3/3/36) (5)(6)
375
369
369
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
8
Par
$
Value
(Amounts
in
000s)
CALIFORNIA
4.9%
Burbank-Glendale-Pasadena
Airport
Auth.,
Brick
Campaign,
Series B,
4.125%,
7/1/41 (4)(6)
250
238
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
VRDN,
5.00%,
12/1/53
(Tender
8/1/29)
725
749
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
Series 2023-F,
VRDN,
5.50%,
10/1/54
(Tender
11/1/30)
150
161
California
Community
Choice
Fin.
Auth.,
Green
Bond-Clean
Energy
Project,
Series E,
5.00%,
7/1/35
1,000
1,072
California
Community
Housing
Agency,
Serenity
at
Larkspur,
Series A,
5.00%,
2/1/50 (5)(7)
110
2
California
Housing
Fin.,
Series 2019-1A,
4.25%,
1/15/35
123
126
California
Housing
Fin.
Agency,
Power
Station
Block,
Series L,
5.20%,
12/1/27 (5)
250
252
California
Municipal
Fin.
Auth.,
Series 2026-1,
Class
A-1,
4.05%,
7/20/41
100
94
California
Municipal
Fin.
Auth.,
Series 2026-2,
Class
A-2,
4.50%,
3/20/48
(Tender
7/1/36)
135
132
California
Municipal
Fin.
Auth.,
Series A,
4.375%,
7/1/35
500
487
California
Municipal
Fin.
Auth.,
Ascent
613
Project,
Series A,
5.25%,
1/1/45 (5)
300
299
California
Municipal
Fin.
Auth.,
Claremont
Colleges,
Series A,
5.00%,
7/1/30 (5)
200
203
California
Municipal
Fin.
Auth.,
Clay
Lacy
Aviation
Fac.
John
Wayne
Airport,
5.00%,
1/1/41 (5)(6)
300
305
California
Municipal
Fin.
Auth.,
Gateways
Hospital
&
Mental
Health
Centers,
Series A,
5.00%,
9/1/41
100
99
California
Municipal
Fin.
Auth.,
John
Adams
Academies-Lincoln
Project,
Series A,
4.00%,
10/1/29 (5)
400
399
California
Municipal
Fin.
Auth.,
SAC
Health
System,
5.50%,
9/1/46
750
782
California
PFA,
Senior
Lien,
Series A-2,
6.50%,
7/1/65 (5)
250
240
California
PFA,
The
Marisol,
Series A,
VRDN,
5.10%,
4/1/66
(Tender
4/1/33) (5)
1,000
997
California
School
Fin.
Auth.,
Classical
Academies
Oceanside
Project,
Series A,
5.00%,
10/1/32 (5)
200
206
California
School
Fin.
Auth.,
New
Designs
Charter
School,
5.00%,
6/1/30 (5)
465
466
California
Statewide
CDA,
Series C-2,
4.00%,
9/2/35
100
97
California
Statewide
CDA,
CHF-Irvine,
5.00%,
5/15/40
350
350
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
250
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
9
Par
$
Value
(Amounts
in
000s)
California
Statewide
CDA,
Maison
613
Project,
Series A,
5.85%,
9/2/45 (5)
200
202
California
Statewide
CDA,
Statewide
Community
Infrastructure,
Series C-1,
4.00%,
9/2/31
100
98
California
Statewide
CDA,
Statewide
Community
Infrastructure,
Series D,
4.75%,
9/2/33
230
232
CSCDA
Community
Improvement
Auth.,
Link-Glendale
Sustainable
Bond,
3.00%,
7/1/45 (5)
1,000
777
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
Southern
California
Public
Power
Auth.,
Clean
Energy,
Series A,
5.00%,
11/1/33
150
158
10,050
COLORADO
2.4%
Colorado
Ed.
&
Cultural
Fac.
Auth.,
Ascent
Classical
Academy
Charter
Schools,
Series A,
4.75%,
4/1/36 (5)
500
486
Colorado
Ed.
&
Cultural
Fac.
Auth.,
Monument
Academy
Project,
Series A,
4.375%,
6/1/36 (5)
500
484
Colorado
Ed.
&
Cultural
Fac.
Auth.,
Senior
Lien,
Series A-1,
6.50%,
2/1/45 (5)
250
259
Colorado
HFA,
Frasier,
Series A,
4.00%,
5/15/31
100
101
Colorado
HFA,
Sunny
Vista
Living
Center,
Series A,
5.50%,
12/1/30 (5)
450
384
Denver
City
&
County
Airport,
United
Airlines,
5.00%,
10/1/32 (6)
150
150
Denver
Convention
Center
Hotel
Auth.,
5.00%,
12/1/36
840
841
Green
Valley
Ranch
East
Metropolitan
Dist.
No.
9,
Series A,
GO,
STEP,
0.00%,
12/1/55
500
413
Prairie
Point
Community
Auth.
Board
Special
Improvement
Dist.
No.
1,
5.00%,
12/1/35
500
502
Prairie
Point
Community
Auth.
Board
Special
Improvement
Dist.
No.
1,
5.375%,
12/1/40
250
250
Public
Auth.
for
Colorado
Energy,
6.25%,
11/15/28
200
207
Rampart
Range
Metropolitan
Dist.
No
5,
4.00%,
12/1/36
500
470
Redtail
Ridge
Metropolitan
Dist.,
GO,
Zero
Coupon,
12/1/32
500
327
4,874
CONNECTICUT
1.0%
Connecticut
HEFA,
Goodwin
Univ.,
Series A-1,
5.00%,
7/1/44
250
235
Connecticut
HEFA,
Hartford
Univ.,
5.00%,
7/1/31
450
457
Connecticut
HEFA,
Hartford
Univ.,
5.00%,
7/1/32
550
556
Connecticut
HEFA,
Masonicare
,
Series F,
5.00%,
7/1/27
350
350
Connecticut
HEFA,
Masonicare
,
Series F,
5.00%,
7/1/37
150
150
Hamden
Town,
Whitney
Center,
5.00%,
1/1/30
115
117
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
10
Par
$
Value
(Amounts
in
000s)
Hamden
Town,
Whitney
Center,
5.00%,
1/1/50
150
132
1,997
DELAWARE
1.4%
Delaware
Economic
Dev.
Auth.,
Academia
Antonia
Alonso
Charter
School
Project,
Series A,
5.75%,
7/1/45 (5)
250
252
Delaware
Economic
Dev.
Auth.,
ASPIRA
of
Delaware
Charter
Operations,
4.00%,
6/1/42
250
207
Delaware
Economic
Dev.
Auth.,
ASPIRA
of
Delaware
Charter
Operations,
Series A,
3.00%,
6/1/32
200
183
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
4.00%,
9/1/30
100
100
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
4.00%,
9/1/41
270
235
Delaware
Economic
Dev.
Auth.,
Newark
Charter
School,
5.00%,
9/1/40
140
140
Delaware
State
HFA,
Beebe
Medical
Center
Project,
5.00%,
6/1/30
1,000
1,024
Kent
County,
CHF-Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/30
380
383
Kent
County,
CHF-Dover
&
Delaware
Univ.
Project,
Series A,
5.00%,
7/1/32
250
251
2,775
DISTRICT
OF
COLUMBIA
0.4%
Dist.
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
4.125%,
7/1/27
70
70
Dist.
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/32
325
328
Dist.
of
Columbia,
Ingleside
at
Rock
Creek,
Series A,
5.00%,
7/1/37
200
201
Dist.
of
Columbia,
Rocketship
DC
Obigated
Group,
Series A,
5.00%,
6/1/34
270
267
866
FLORIDA
8.2%
Ave
Maria
Stewardship
Community
Dist.,
Phase
5
Master
Improvements
Project,
4.375%,
5/1/35
315
306
Big
Cypress
Stewardship
Dist.,
Assessment
Area
One,
4.00%,
5/1/31
500
485
Buckhead
Trails
II
Community
Dev.
Dist.,
Series 2026,
4.125%,
5/1/33
300
293
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/26
200
200
Capital
Projects
Fin.
Auth.,
Florida
Univ.
Project,
Series A-1,
5.00%,
10/1/29
125
130
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
11
Par
$
Value
(Amounts
in
000s)
Capital
Projects
Fin.
Auth.,
Unionwest
Properties
LLC
Project,
Series A-1,
5.25%,
6/1/44 (5)
500
431
Capital
Trust
Agency,
The
Marie
Selby
Botanical
Gardens,
4.00%,
6/15/31 (5)
85
84
Capital
Trust
Agency,
The
Marie
Selby
Botanical
Gardens,
4.00%,
6/15/41 (5)
150
128
Capital
Trust
Auth.,
Florida
Institute
of
Technology
Project,
Series A,
4.75%,
7/1/40 (5)
250
240
Capital
Trust
Auth.,
Kipp
Miami
North
Campus
Project,
Series A,
5.00%,
6/15/34 (5)
250
259
Capital
Trust
Auth.,
The
Marie
Selby
Botanical
Gardens,
4.50%,
6/15/33 (5)
1,250
1,249
Celebration
Pointe
Community
Dev.
Dist.,
Alachua
County,
5.00%,
5/1/32 (2)(7)
225
180
Coastal
Ridge
Community
Dev.
Dist.,
5.75%,
5/1/45
250
254
Collier
County
EFA,
Maria
Univ.
Project,
5.00%,
6/1/28
250
254
Crossings
at
Fleming
Island
Community
Dev.
Dist.,
Series A-1,
4.50%,
5/1/30
50
50
East
Nassau
Stewardship
Dist.,
Series 2025,
6.00%,
5/1/45
150
153
Edgewater
West
Community
Dev.
Dist.,
Master
Infrastructure,
6.00%,
5/1/41
250
245
Firelight
Community
Dev.
Dist.,
Series A,
5.90%,
5/1/45
100
101
Florida
Dev.
Fin.,
GFL
Solid
Waste
Southeast
Project,
Series A,
VRDN,
4.375%,
10/1/54
(Tender
10/1/31) (5)(6)
250
250
Florida
Dev.
Fin.,
Learning
Gate
Community
Center,
Series A,
5.00%,
2/15/31
175
175
Florida
Dev.
Fin.,
Learning
Gate
Community
Center,
Series A,
5.00%,
2/15/38
500
484
Florida
Dev.
Fin.,
Renaissance
Charter
School
Project,
Series A,
6.00%,
6/15/45 (5)
250
259
Florida
Dev.
Fin.,
Tampa
General
Hosp.
Project,
Series A,
5.00%,
8/1/44
250
257
Florida
Dev.
Fin.,
Waste
Pro
USA
Inc.
Project,
VRDN,
4.35%,
4/1/37
(Tender
4/2/31) (6)
500
496
Florida
Dev.
Fin.,
Waste
Pro
USA
Inc.,
Project,
4.50%,
7/1/32 (5)(6)
475
473
Florida
Local
Gov't.
Fin.
Commission,
Fleet
Landing
at
Nocatee
Project,
Series A,
6.625%,
11/15/45 (5)
500
533
Florida
Local
Gov't.
Fin.
Commission,
The
Sanctuary
at
Village
On
The
Isle
Project,
Series A,
BAN,
11.00%,
12/22/30 (5)
250
268
Florida
Municipal
Loan
Council,
Shingle
Creek
Transit
&
Utility
Community
Dev.
Dist.,
4.50%,
5/1/31 (6)
100
101
Golden
Gem
Community
Dev.
Dist.,
5.15%,
5/1/31
250
253
Hammock
Oaks
Community
Dev.
Dist.,
Assesment
Area
Two,
5.00%,
5/1/31
230
232
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
12
Par
$
Value
(Amounts
in
000s)
Hammock
Oaks
Community
Dev.
Dist.,
Assessment
Area
Three,
4.50%,
5/1/32 (5)
90
91
Hillcrest
Preserve
Community
Dev.
Dist.,
4.375%,
5/1/31 (5)
160
160
Hobe-St.
Lucie
Conservancy
Dist.,
4.75%,
5/1/31
210
215
KD52
Community
Dev.
Dist.
No.
1,
5.875%,
5/1/45
100
99
Lakes
of
Sarasota
Community
Dev.
Dist.,
Series A,
4.75%,
5/1/31
255
256
Lakes
of
Sarasota
Community
Dev.
Dist.,
Series A-1,
3.40%,
5/1/31
130
126
Lakes
of
Sarasota
Community
Dev.
Dist.,
Series B-1,
3.625%,
5/1/31
130
128
Lakes
of
Sarasota
Community
Dev.
Dist.
2,
Series B,
5.20%,
5/1/35
100
100
Lakewood
Ranch
Stewardship
Dist.,
Lakewood
Ranch
Southeast
Project,
5.80%,
5/1/45
100
105
Laurel
Road
Community
Dev.
Dist.,
Series A-1,
3.00%,
5/1/31
160
151
Lee
County
Airport,
5.25%,
10/1/42 (6)
500
520
Lee
County
IDA,
Shell
Point,
Tax
Exempt
Mandatory
Paydown
Securities,
Series 2024B-1,
4.75%,
11/15/29
250
250
LTC
Ranch
West
Residential
Community
Dev.
Dist.,
Assesment
Area
Three,
4.875%,
5/1/31
195
197
Malabar
Springs
Community
Dev.
Dist.,
Assesment
Area
One,
4.50%,
5/1/31
160
161
Marion
Ranch
Community
Dev.
Dist.,
5.10%,
5/1/31
170
172
Miami-Dade
County
IDA,
Mater
Academy
Projects,
5.00%,
6/15/36
200
207
Miami-Dade
County
IDA,
Miami
Community
Charter
Schools
Project,
6.125%,
6/1/45 (5)
200
204
Mirada
Community
Dev.
Dist.,
Assesment
Area
Three,
4.75%,
5/1/31
190
191
Newport
Isles
Community
Dev.
Dist.,
5.00%,
5/1/44
245
238
Palm
Beach
County
HFA,
Toby
&
Leon
Cooperman
Sinai,
4.00%,
6/1/31
350
349
Palm
Beach
County
HFA,
Toby
&
Leon
Cooperman
Sinai,
4.00%,
6/1/41
1,155
1,026
Parrish
Lakes
Community
Dev.
Dist.,
Assesment
Area
Three,
5.00%,
5/1/31
140
142
Poitras
East
Community
Dev.
Dist.,
5.85%,
5/1/45
265
269
Polk
County
IDA,
Victory
Ridge
Academy
Project,
5.325%,
6/15/40 (5)
100
98
Radiance
Community
Dev.
Dist.,
Assessment
Area
One,
6.20%,
5/1/45 (5)
100
102
Sawyers
Landing
Community
Dev.
Dist.,
3.75%,
5/1/31
250
247
Seminole
County
IDA,
Series A,
4.00%,
6/15/36 (5)
315
291
Seminole
Palms
Community
Dev.
Dist.,
4.45%,
5/1/31 (5)
185
186
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
13
Par
$
Value
(Amounts
in
000s)
Two
Rivers
West
Community
Dev.
Dist.,
Series 2024,
4.80%,
5/1/31
190
192
Venice,
Village
on
The
Isle
Project,
Series B-1,
4.625%,
1/1/30 (5)
250
250
Village
Community
Dev.
Dist.
No.
15,
4.375%,
5/1/33 (5)
110
112
Village
Community
Dev.
Dist.
No.
16,
4.875%,
5/1/45
1,000
981
West
Villages
Improvement
Dist.,
Assesment
Area,
4.50%,
5/1/31
175
176
16,815
GEORGIA
4.7%
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.50%,
1/1/29 (2)(7)
200
84
Atlanta
Dev.
Auth.,
Georgia
Proton
Treatment
Center,
Series A-1,
6.75%,
1/1/35 (2)(7)
200
87
Atlanta
Dev.
Auth.,
PRG
-
CAU
Properties
Project,
Series A,
5.00%,
7/1/35 (5)
375
385
Atlanta
Dev.
Auth.,
PRG
-
CAU
Properties
Project,
Series A,
6.00%,
7/1/45 (5)
100
104
Atlanta
Dev.
Auth.,
Westside
Gultch
Area
Project,
Series A,
5.00%,
4/1/34 (5)
200
203
Atlanta
Urban
Redev
.
Agency,
Beltline
Trail
Completion
Project,
2.875%,
7/1/31 (5)
300
285
Atlanta
Urban
Redev
.
Agency,
Beltline
Trail
Completion
Project,
3.625%,
7/1/42 (5)
150
129
Augusta
Airport,
Series A,
5.00%,
1/1/35
250
250
Commerce
School
Dist.,
GO,
6.00%,
8/1/47
1,000
1,112
Coweta
County
Residential
Care
Fac.
for
the
Elderly
Auth.,
Peachtree
City
Project,
4.00%,
3/1/36
150
140
Fulton
County
Dev.
Auth.,
Wellstar
Health
System,
Series A,
RAC,
5.00%,
4/1/42
555
557
Gainesville
&
Hall
County
Dev.
Auth.,
Brenau
Univ.
Project,
5.00%,
6/1/38
660
660
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
3.625%,
1/1/31 (5)
185
178
George
L
Smith
II
Congress
Center
Auth.,
Convention
Center
Hotel,
5.00%,
1/1/36 (5)
595
613
Macon-Bibb
County
Urban
Dev.
Auth.,
Academy
Classical
Ed.,
Series A,
5.00%,
6/15/27 (5)
100
101
Main
Street
Natural
Gas,
Series A,
5.00%,
5/15/43
1,000
1,000
Main
Street
Natural
Gas,
Series A,
VRDN,
5.00%,
6/1/53
(Tender
6/1/30)
500
518
Main
Street
Natural
Gas,
Series A,
VRDN,
5.00%,
5/1/54
(Tender
9/1/31)
250
264
Main
Street
Natural
Gas,
Series B,
VRDN,
5.00%,
12/1/54
(Tender
3/1/32)
125
133
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
14
Par
$
Value
(Amounts
in
000s)
Main
Street
Natural
Gas,
Series C,
VRDN,
5.00%,
9/1/53
(Tender
9/1/30)
180
188
Main
Street
Natural
Gas,
Series E,
VRDN,
5.00%,
5/1/55
(Tender
12/1/32)
300
313
Marietta
Dev.
Auth.,
Life
Univ.,
Series A,
5.00%,
11/1/27 (5)
135
135
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
1,467
Savannah
Georgia
Convention
Center
Auth.,
Convention
Center
Hotel,
Series A,
5.25%,
6/1/40
250
257
9,633
GUAM
0.2%
Antonio
B
Won
Pat
Int'l.
Airport
Auth.,
5.25%,
10/1/29 (6)
255
266
Antonio
B
Won
Pat
Int'l.
Airport
Auth.,
Series A,
5.00%,
10/1/34 (6)
100
106
Guam,
Hotel
Occupancy
Tax,
Series A,
5.00%,
11/1/35
125
129
501
ILLINOIS
3.7%
Chicago,
Series A,
GO,
5.00%,
1/1/27
145
146
Chicago,
Series A,
GO,
5.00%,
1/1/27 (8)
55
55
Chicago,
Series A,
GO,
5.00%,
1/1/34
500
510
Chicago
Board
of
Ed.,
Series B,
GO,
5.00%,
12/1/33
500
500
Illinois,
GO,
5.00%,
11/1/37
1,000
1,001
Illinois,
Series A,
GO,
5.50%,
3/1/42
500
524
Illinois,
Series E,
GO,
5.00%,
9/1/41
500
514
Illinois
Fin.
Auth.,
5.00%,
10/1/35 (5)
300
299
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.00%,
5/15/33
150
150
Illinois
Fin.
Auth.,
Admiral
at
the
Lake,
5.25%,
5/15/42
300
280
Illinois
Fin.
Auth.,
Bradley
University
Project,
5.00%,
8/1/36
800
829
Illinois
Fin.
Auth.,
Goodman
Theatre
Project,
Series A,
5.125%,
10/1/35 (5)
250
253
Illinois
Fin.
Auth.,
Navy
Pier,
Inc.,
Series B,
5.25%,
10/1/39 (5)
200
205
Illinois
Fin.
Auth.,
OSF
Healthcare
System,
Series A,
4.125%,
11/15/37
350
336
Illinois
Fin.
Auth.,
Plymouth
Place,
Series A,
5.00%,
5/15/32
140
142
Illinois
Fin.
Auth.,
Plymouth
Place,
Series A,
5.00%,
5/15/33
145
147
Illinois
Fin.
Auth.,
Plymouth
Place,
Series A,
5.00%,
5/15/35
115
116
Illinois
Fin.
Auth.,
Plymouth
Place,
Series A,
5.00%,
5/15/36
150
150
Illinois
Fin.
Auth.,
Plymouth
Place,
Series A,
5.00%,
5/15/41
150
146
Illinois
Fin.
Auth.,
Plymouth
Place,
Series A,
6.25%,
5/15/37
150
159
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
5.00%,
12/15/32
250
254
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
15
Par
$
Value
(Amounts
in
000s)
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Zero
Coupon,
6/15/38
1,000
590
Metropolitan
Pier
&
Exposition
Auth.,
McCormick
Place,
Series A,
Zero
Coupon,
6/15/31 (9)
100
85
Schaumburg
Cook
&
DuPage
Counties,
North
Schaumburg
Redeveloment
Project,
6.125%,
12/30/38 (5)
125
125
7,516
INDIANA
0.9%
East
Chicago,
USG
Project,
5.50%,
9/1/28 (6)
175
173
Indiana
DFA,
Waste
Management
Inc.,
Project,
VRDN,
4.60%,
10/1/31
(Tender
10/1/26) (6)
215
215
Indiana
Fin.
Auth.,
Margaret
Mary
Health
Project,
Series A,
5.50%,
3/1/39
250
261
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series A,
4.25%,
11/1/30
425
435
Indiana
Fin.
Auth.,
Ohio
Valley
Electric,
Series B,
PCR,
2.50%,
11/1/30
90
86
Indiana
Fin.
Auth.,
Senior
Student
Housnig
Project,
Series A,
4.25%,
7/1/44
250
222
Indianapolis
Local
Public
Improvement
Bond
Bank,
Convention
Center
Hotel,
Series E,
5.00%,
3/1/33
250
261
Valparaiso,
Pratt
Paper,
4.50%,
1/1/34 (5)(6)
100
102
1,755
IOWA
0.2%
Iowa
Fin.
Auth.,
Presbyterian
Homes
Mill
Pond
Project,
5.50%,
10/1/45
500
507
507
KANSAS
0.1%
Overland
Park
Sales
Tax
Revenue,
Bluhawk
Star
Bond
Project,
Series A,
6.50%,
11/15/42 (5)
200
209
209
KENTUCKY
1.5%
Kentucky
Bond
Dev.,
Centre
College,
3.00%,
6/1/41
1,345
988
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/37
520
521
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.00%,
6/1/45
225
219
Kentucky
Economic
DFA,
Owensboro
Medical
Health,
Series A,
5.25%,
6/1/41
400
400
Kentucky
Public
Energy
Auth.,
Series B,
5.00%,
12/1/33
500
508
Kentucky
Public
Energy
Auth.,
Series B,
VRDN,
5.00%,
1/1/55
(Tender
8/1/32)
300
313
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
16
Par
$
Value
(Amounts
in
000s)
Kentucky
Public
Energy
Auth.,
Series C,
VRDN,
4.00%,
2/1/50
(Tender
2/1/28)
200
202
3,151
LOUISIANA
0.6%
Louisiana
Local
Gov't.
Environmental
Fac.
&
Community
Dev.
Auth.,
Westlake
Chemical,
3.50%,
11/1/32
380
367
Louisiana
Offshore
Terminal
Auth.,
Loop
LLC
Project,
Series A,
VRDN,
4.20%,
9/1/33
(Tender
9/1/28)
300
302
Saint
James
Parish,
Nustar
Logistics,
VRDN,
6.10%,
6/1/38
(Tender
6/1/30) (5)
300
325
Saint
James
Parish,
Nustar
Logistics,
Series B,
VRDN,
6.10%,
12/1/40
(Tender
6/1/30) (5)
150
162
1,156
MAINE
0.3%
Fin.
Auth.
of
Maine,
Casella
Waste
Systems,
VRDN,
4.625%,
12/1/47
(Tender
6/1/35) (5)(6)
100
102
Fin.
Auth.
of
Maine,
Casella
Waste
Systems,
Series R-3,
5.00%,
8/1/35 (5)(6)
500
520
622
MARYLAND
6.5%
Baltimore,
Convention
Center
Hotel,
5.00%,
9/1/26
130
130
Baltimore,
Convention
Center
Hotel,
5.00%,
9/1/30
300
303
Baltimore,
Convention
Center
Hotel,
5.00%,
9/1/31
255
257
Baltimore,
Convention
Center
Hotel,
5.00%,
9/1/34
100
101
Baltimore,
East
Baltimore
Research
Park,
Series A,
4.50%,
9/1/33
250
251
Baltimore,
Harbor
Point
Project,
Series A,
3.40%,
6/1/34 (5)
285
271
Frederick
County,
Mount
Saint
Mary's
Univ.,
5.00%,
9/1/39 (5)
500
475
Frederick
County,
Mount
Saint
Mary's
Univ.,
Series A,
5.00%,
9/1/37 (5)
500
486
Frederick
County,
Mount
Saint
Mary's
Univ.,
Series A,
5.00%,
9/1/45 (5)
200
183
Gaithersburg,
Asbury
Obligated
Group,
5.00%,
1/1/37
250
254
Gaithersburg,
Asbury
Obligated
Group,
Series A,
5.00%,
1/1/28
280
284
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/32
100
99
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/35
100
96
Maryland
Economic
Dev.,
Bowie
State
Univ.
Project,
4.00%,
7/1/40
250
226
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
540
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
17
Par
$
Value
(Amounts
in
000s)
Maryland
Economic
Dev.,
Core
Natural
Resources
Project,
VRDN,
5.00%,
7/1/48
(Tender
3/27/35) (5)
250
264
Maryland
Economic
Dev.,
Port
Covington
Project,
3.25%,
9/1/30
315
305
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series A,
5.00%,
11/12/28 (6)
1,150
1,151
Maryland
Economic
Dev.,
Purple
Line
Light
Rail
Project,
Series B,
5.25%,
6/30/47 (6)
415
416
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/30
165
166
Maryland
Economic
Dev.,
Towson
Univ.
Project,
5.00%,
7/1/36
250
251
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/31
530
545
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/32
250
256
Maryland
Economic
Dev.,
Transportation
Fac.
Project,
Series A,
5.00%,
6/1/35
200
204
Maryland
Economic
Dev.,
Univ.
of
Maryland
College
Park
Project,
5.00%,
6/1/29 (4)
155
155
Maryland
Economic
Dev.,
Univ.
Village
at
Sheppard
Pratt,
5.00%,
7/1/27
175
175
Maryland
HHEFA,
Charlestown
Community,
Series A,
5.00%,
1/1/27
150
150
Maryland
HHEFA,
Doctors
Community
Hosp.,
Series A,
5.00%,
7/1/38
1,500
1,529
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,
Johns
Hopkins
Health
System,
Series A,
VRDN,
2.90%,
6/1/48
100
100
Maryland
HHEFA,
Kennedy
Krieger
Issue,
Series A,
5.25%,
7/1/46
100
102
Maryland
HHEFA,
Luminis
Health,
Series A,
5.00%,
7/1/34 (10)
1,000
1,059
Maryland
HHEFA,
Monocacy
Montessori
Community,
5.25%,
7/1/33 (5)
440
451
Maryland
HHEFA,
Stevenson
Univ.
Project,
Series A,
4.00%,
6/1/38
200
189
Montgomery
County,
Friends
House
Retirement
Community,
Series A,
5.00%,
7/1/39
220
200
Rockville,
Ingelside
at
King
Farm,
Series A-1,
5.00%,
11/1/31
100
101
Rockville,
Ingelside
at
King
Farm,
Series A-2,
5.00%,
11/1/35
240
242
Rockville,
Ingleside
at
King
Farm,
Series A-1,
5.00%,
11/1/29
100
101
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
203
Washington
County,
Economic
Dev.,
Homewood
Maryland
Obligated
Group,
4.00%,
5/1/36
250
247
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
18
Par
$
Value
(Amounts
in
000s)
Westminster,
Lutheran
Village
at
Millers
Grant,
Series A,
6.00%,
7/1/34
335
335
13,404
MASSACHUSETTS
1.3%
Massachusetts
Dev.
Fin.
Agency,
Merrimack
College
Student
Housing,
Series A,
4.25%,
7/1/34 (5)
395
394
Massachusetts
Dev.
Fin.
Agency,
Middlesex
Sustainable
Energy
Partners,
Series A,
5.50%,
10/1/39
1,000
1,073
Massachusetts
Dev.
Fin.
Agency,
Pike
Student
Housing
Project,
Series A,
5.25%,
7/1/41 (5)
250
255
Massachusetts
Dev.
Fin.
Agency,
Umass
Boston
Student
Housing
Project,
5.00%,
10/1/41
1,000
1,000
2,722
MICHIGAN
1.6%
Calhoun
County
Hosp.
Fin.
Auth.,
Oaklawn
Hosp.,
5.00%,
2/15/33
250
250
Detroit,
GO,
5.00%,
4/1/37
500
507
Ivywood
Classical
Academy,
Public
School,
5.00%,
1/1/34
350
355
Kalamazoo
Economic
Dev.,
Friendship
Village
of
Kalamazoo
Project,
Series A,
5.00%,
8/15/36 (5)
250
249
Kentwood
Economic
Dev.,
Holland
Home
Obligated
Group,
4.00%,
11/15/31
85
85
Michigan
Fin.
Auth.,
2007
Sold
Tobacco
Receipts,
Series A,
Class
1,
4.00%,
6/1/38
500
497
Michigan
Fin.
Auth.,
Henry
Ford
Health
System,
4.00%,
11/15/35
220
217
Michigan
Fin.
Auth.,
Uni.
of
Detroit
Mercy,
5.25%,
11/1/39
270
273
Michigan
Strategic
Fund,
VRDN,
4.00%,
10/1/61
(Tender
10/1/26) (6)
400
400
Michigan
Strategic
Fund,
Bedrock
Detroit
-
Transformational
Brownfield
Plan
Project,
4.25%,
10/1/36 (5)
400
399
Michigan
Tobacco
Settlement
Fin.
Auth.,
Series B,
Zero
Coupon,
6/1/52
100
13
3,245
MINNESOTA
0.3%
Apple
Valley,
Senior
Housing,
Series A,
5.375%,
9/1/45
100
102
Eagan,
Great
Oaks
Academy,
Series A,
6.25%,
2/1/45 (5)
100
100
Minnesota
Housing
Fin.
Agency,
Sustainable
Bond,
Series A,
6.25%,
1/1/54
75
80
Saint
Paul
Redev
.
&
Housing
Auth.,
Episcopal
Homes
Obligated
Group,
4.00%,
11/1/36
200
180
Shakopee
Senior
Housing
Revenue,
Benedictine
Senior
Living
Obligated
Group,
5.625%,
11/1/45
100
102
564
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
19
Par
$
Value
(Amounts
in
000s)
MISSOURI
1.3%
HEFA
of
Missouri,
Bethesda
Health
Group,
4.25%,
8/1/35
400
389
Lees
Summit
IDA,
John
Knox
Village,
Series B-1,
4.00%,
8/15/48
500
497
Phelps
County,
5.75%,
12/1/45
175
184
Saint
Louis
IDA,
Ballpark
Village,
Series A,
3.875%,
11/15/29
680
657
Saint
Louis
IDA,
Ballpark
Village,
Series A,
4.375%,
11/15/35
500
468
Saint
Louis
Land
Clearance
for
Redev
.
Auth.,
National
Geospatial
Intelligence
Agency,
5.00%,
6/1/29
150
151
Taney
County
IDA,
Cedar
Infrastructure,
5.00%,
10/1/33 (5)
350
351
2,697
MONTANA
0.2%
Montana
Fac.
Fin.
Auth.,
St.
John’s
United
Project,
Series A,
5.25%,
11/15/36
500
510
510
NEVADA
0.5%
Las
Vegas
Convention
&
Visitors
Auth.,
Series B,
5.00%,
7/1/31
250
254
Las
Vegas
Special
Improvement
Dist.
No.
815,
4.75%,
12/1/40
100
100
Reno,
Retrac
-Reno
Transportation,
Series C,
Zero
Coupon,
7/1/58 (5)
2,500
396
Reno-Tahoe
Airport
Auth.,
Series A,
5.00%,
7/1/36 (6)
100
106
Sparks
Tourism
Improvement
Dist.
No.
1,
3.875%,
6/15/28
260
260
1,116
NEW
HAMPSHIRE
3.2%
National
Fin.
Auth.,
Series 2022-2,
Class
A,
4.00%,
10/20/36
165
161
National
Finance
Auth.
Affordable
Housing
Certificates,
Series 2024-1,
Class
A,
4.15%,
10/20/40
(Tender
10/1/34)
646
612
New
Hampshire
Business
Fin.
Auth.,
Series 1,
4.50%,
4/20/43
(Tender
3/1/36)
659
636
New
Hampshire
Business
Fin.
Auth.,
Series 2020-1,
Class
A,
4.125%,
1/20/34
394
394
New
Hampshire
Business
Fin.
Auth.,
Series 2023-2,
Class
A,
3.875%,
1/20/38
144
136
New
Hampshire
Business
Fin.
Auth.,
Series 2024-1,
Class
A,
4.25%,
7/20/41
(
Prerefunded
7/20/41) (11)
243
235
New
Hampshire
Business
Fin.
Auth.,
Series 2024-2,
Class
A,
3.625%,
8/20/39
792
741
New
Hampshire
Business
Fin.
Auth.,
Series 2024-4,
Class
A,
VR,
4.182%,
11/20/39
246
232
New
Hampshire
Business
Fin.
Auth.,
Series 2025-1,
Class
A-2,
VR,
4.166%,
1/20/41
99
92
New
Hampshire
Business
Fin.
Auth.,
Series B,
VRDN,
3.75%,
7/1/45
(Tender
7/2/40) (5)(6)
100
80
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
20
Par
$
Value
(Amounts
in
000s)
New
Hampshire
Business
Fin.
Auth.,
Bridgeland
Muds
Project,
6.125%,
12/15/33 (5)
500
499
New
Hampshire
Business
Fin.
Auth.,
LGI
Homes
Project,
Zero
Coupon,
12/15/41
600
222
New
Hampshire
Business
Fin.
Auth.,
Tamarron
Project,
5.25%,
12/1/35 (5)
172
170
New
Hampshire
Business
Fin.
Auth.,
The
Wildflower
Project,
Zero
Coupon,
12/15/33 (5)
155
100
New
Hampshire
Business
Fin.
Auth.,
The
Woodlands
Hills
Utility
District
128A
and
129,
5.875%,
12/15/36 (5)
750
750
New
Hampshire
Business
Fin.
Auth.,
Thomas
Ranch
Project,
Zero
Coupon,
12/1/34 (5)
250
144
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.25%,
7/1/39 (5)
475
474
New
Hampshire
Business
Fin.
Auth.,
Vista
Project,
Series A,
5.625%,
7/1/46 (5)
750
751
New
Hampshire
HEFA,
Kendel
at
Hanover,
5.00%,
10/1/36
100
100
6,529
NEW
JERSEY
3.6%
New
Jersey,
GO,
2.00%,
6/1/37
250
190
New
Jersey
Economic
Dev.
Auth.,
Lions
Gate
Project,
4.875%,
1/1/29
225
225
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
403
New
Jersey
Economic
Dev.
Auth.,
Port
Newark
Container
Terminal,
5.00%,
10/1/47 (6)
125
124
New
Jersey
Economic
Dev.
Auth.,
Repauno
Port
&
Rail
Terminal
Project,
6.375%,
1/1/35 (5)(6)
300
315
New
Jersey
Housing
&
Mortgage
Fin.
Agency,
Series D-1,
5.10%,
11/1/45
500
508
New
Jersey
Transportation
Trust
Fund
Auth.,
Series AA,
5.00%,
6/15/42
1,410
1,477
New
Jersey
Transportation
Trust
Fund
Auth.,
Transportation
System,
Series A,
Zero
Coupon,
12/15/39 (12)
250
139
Passaic
County
Improvement
Auth.,
Paterson
Charter
School,
4.125%,
7/1/33
225
227
Tobacco
Settlement
Fin.,
Series A,
5.00%,
6/1/46
1,500
1,461
Tobacco
Settlement
Fin.,
Series B,
5.00%,
6/1/46
1,950
1,883
7,472
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
308
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
21
Par
$
Value
(Amounts
in
000s)
Build
New
York
City
Resource,
Academic
Leadership
Charter
School
Project,
4.00%,
6/15/30
100
99
Build
New
York
City
Resource,
Academic
Leadership
Charter
School
Project,
4.00%,
6/15/36
300
280
Build
New
York
City
Resource,
Friends
of
Hellenic
Classical,
Series A,
4.00%,
12/1/31 (5)
200
195
Build
New
York
City
Resource,
Inwood
Academy
Leadership
Charter
School,
Series A,
4.875%,
5/1/31 (5)
155
156
Build
New
York
City
Resource,
Richmond
Preparatory
Charter
School
Project,
Series A,
5.00%,
6/1/36 (2)(5)
100
93
Build
New
York
City
Resource,
Shefa
School
Project,
Series A,
2.50%,
6/15/31 (5)
100
91
Dormitory
Auth.
of
the
State
of
New
York,
Garnet
Health
Medical
Center,
5.00%,
12/1/37 (5)
700
642
Dormitory
Auth.
of
the
State
of
New
York,
Montefiore,
Series A,
4.00%,
9/1/36
250
237
Dormitory
Auth.
of
the
State
of
New
York,
Orange
Regional
Medical
Center,
5.00%,
12/1/27 (5)
300
300
Dormitory
Auth.
of
the
State
of
New
York,
Saint
Joseph's
College,
4.00%,
7/1/40
150
122
Dormitory
Auth.
of
the
State
of
New
York,
Saint
Joseph's
College,
5.00%,
7/1/28
75
75
Dormitory
Auth.
of
the
State
of
New
York,
Saint
Joseph's
College,
5.00%,
7/1/29
175
176
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
512
New
York
City
Municipal
Water
Fin.
Auth.,
Water
&
Sewer
System,
4.00%,
6/15/42
1,000
926
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
Dormitory
Auth.,
Garnet
Health
Medical
Center,
5.00%,
12/1/32 (5)
250
244
New
York
State
Dormitory
Auth.,
St.
Joseph's
College,
5.00%,
7/1/27
150
150
New
York
State
Environmental
Fac.,
Casella
Waste
Systems,
Series 2020R-2,
VRDN,
5.125%,
9/1/50
(Tender
9/3/30) (5)(6)
250
261
New
York
Transportation
Dev.,
American
Airlines,
5.00%,
8/1/31 (6)
850
848
New
York
Transportation
Dev.,
Delta
Air
Lines
LaGuardia
Airport,
5.00%,
1/1/27 (6)
495
498
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
5.25%,
8/1/31 (6)
75
78
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
22
Par
$
Value
(Amounts
in
000s)
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
6.00%,
6/30/44 (6)
500
538
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
6.00%,
6/30/59 (6)
500
523
New
York
Transportation
Dev.,
JFK
Int'l.
Airport,
Series A,
4.00%,
12/1/38 (6)
250
233
Southold
Local
Dev.,
Peconic
Landing
at
Southold,
Inc.,
3.50%,
12/1/30
100
99
Westchester
County
Local
Dev.,
Medical
Center
Obligated,
5.25%,
11/1/31 (4)
200
215
Westchester
County
Local
Dev.,
Sunrise
of
Tarrytown
Project,
Series A,
5.25%,
12/1/40 (5)
100
98
8,598
NORTH
CAROLINA
1.4%
North
Carolina
Medical
Care
Commission,
Series C,
4.00%,
3/1/30
290
295
North
Carolina
Medical
Care
Commission,
Series C,
4.00%,
3/1/42
500
461
North
Carolina
Medical
Care
Commission,
Aldersgate
Retirement
Community,
4.70%,
7/1/37
570
526
North
Carolina
Medical
Care
Commission,
Deerfield
Episcopal
Retirement
Community
Project,
Series A,
5.25%,
11/1/46
400
406
North
Carolina
Medical
Care
Commission,
Lutheran
Services,
5.00%,
3/1/27
100
101
North
Carolina
Medical
Care
Commission,
Lutheran
Services
for
the
Aging,
4.00%,
3/1/41
350
326
North
Carolina
Medical
Care
Commission,
Penick
Village
Project,
Series A,
5.50%,
9/1/44
100
103
North
Carolina
Medical
Care
Commission,
Salemtowne
,
5.25%,
10/1/37
675
675
2,893
NORTH
DAKOTA
0.2%
Grand
Forks,
Altru
Health
System,
Series A,
5.00%,
12/1/39 (4)
250
259
Horace,
Series C,
GO,
4.50%,
5/1/39
100
97
356
OHIO
3.4%
Buckeye
Tobacco
Settlement
Fin.
Auth.,
Series B-2,
Class
2,
5.00%,
6/1/55
1,690
1,290
Cleveland-Cuyahoga
County
Port
Auth.,
Playhouse
Square
Foundation
Project,
5.25%,
12/1/38
250
253
Cleveland-Cuyahoga
County
Port
Auth.,
Playhouse
Square
Foundation
Project,
5.50%,
12/1/43
350
354
Cuyahoga
County,
MetroHealth
System,
5.00%,
2/15/37
220
220
Cuyahoga
County,
MetroHealth
System,
5.00%,
2/15/42
500
490
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
23
Par
$
Value
(Amounts
in
000s)
Dayton-Montgomery
County
Port
Auth.,
Liberty
Assisted
Living
-
Springfield
Project,
Series A,
6.625%,
1/1/45 (5)
250
261
Muskingum
County,
Genesis
HealthCare
System
Obligated
Group
Project,
5.00%,
2/15/48
150
138
Norwood,
Rookwood
Exchange
Project,
4.375%,
12/1/30
160
161
Ohio
Air
Quality
Dev.
Auth.,
Ohio
Valley
Electric,
3.25%,
9/1/29
240
238
Ohio
Air
Quality
Dev.
Auth.,
Pratt
Paper,
3.75%,
1/15/28 (5)(6)
100
100
Ohio
Housing
Fin.
Agency,
Ashford
at
the
Enclave
Project,
6.50%,
1/1/45 (5)
150
154
Ohio
Housing
Fin.
Agency,
Green
Oaks
of
Canal
Winchester
Project,
Series A,
6.30%,
1/1/45
100
101
Ohio
Housing
Fin.
Agency,
Green
Oaks
of
Grove
City
Project,
Series A,
6.125%,
1/1/46 (5)
250
252
Ohio
Housing
Fin.
Agency,
Haven's
Edge
Apartments
Project,
Series A,
5.70%,
8/1/43 (5)
300
305
Ohio
Housing
Fin.
Agency,
Sanctuary
at
Springboro,
5.45%,
1/1/38 (5)
260
258
Ohio
Housing
Fin.
Agency,
Silver
Birch
of
Canton
Project,
Series A,
6.25%,
1/1/45 (5)
750
771
Ohio
Housing
Fin.
Agency,
Silver
Birch
Of
Mansfield,
6.00%,
1/1/45 (5)
250
252
Ohio,
University
Hospitals
Health
System,
Series B,
VRDN,
3.00%,
1/15/46
170
170
Port
of
Greater
Cincinnati
Dev.
Auth.,
Senior
Lien
Convention
Center,
4.75%,
3/1/36 (5)
500
492
Portage
County
Port
Auth.,
Bio-Med
Science
Academy
Stem
School
Project,
5.75%,
12/1/46
300
307
Washington
County,
Memorial
Health
System
Obligated
Group,
6.625%,
12/1/42
330
343
6,910
OKLAHOMA
0.4%
Oklahoma
County
Fin.
Auth.,
Astec
Project,
5.25%,
6/15/34 (5)
250
251
Oklahoma
County
Fin.
Auth.,
Epworth
Villa,
Series B,
5.875%,
12/1/47
135
75
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
510
837
OREGON
0.3%
Clackamas
County
Hosp.
Fac.
Auth.,
Williamette
View,
Series A,
5.00%,
11/15/32
175
177
Oregon
State
Fac.
Auth.,
Redmond
Proficiency
Academy
Project,
Series A,
4.625%,
6/15/35 (5)
265
267
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
24
Par
$
Value
(Amounts
in
000s)
Oregon
State
Fac.
Auth.,
Redmond
Proficiency
Academy
Project,
Series A,
5.50%,
6/15/45 (5)
100
101
545
PENNSYLVANIA
4.5%
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.00%,
5/1/27 (5)
100
101
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.00%,
5/1/32 (5)
100
100
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.00%,
5/1/33 (5)
500
509
Allentown
Neighborhood
Improvement
Zone
Dev.
Auth.,
Center
City,
5.375%,
5/1/42 (5)
325
327
Berks
County
Municipal
Auth.,
Tower
Health
Project,
Series A-2A,
6.00%,
6/30/34
1,508
1,579
Berks
County
Municipal
Auth.,
Tower
Health
Project,
Series B-1,
STEP,
0.00%,
6/30/44
421
319
Chester
County
IDA,
Colleguim
Charter
School
Project,
Series A,
5.125%,
10/15/37
500
467
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
165
Doylestown
Hosp.
Auth.,
5.00%,
7/1/31 (5)
235
246
Lancaster
County
Hosp.
Auth.,
Brethren
Village
Project,
4.75%,
7/1/37
1,290
1,230
Lancaster
County
Hosp.
Auth.,
Brethren
Village
Project,
5.00%,
7/1/41
130
121
Latrobe
IDA,
Seton
Hill
Univ.,
4.00%,
3/1/37
150
136
Lycoming
County
Auth.,
Aicup
Financing
Program
-
Lycoming
College
Project,
5.50%,
11/1/41
500
507
Montgomery
County
IDA,
Constellation
Energy,
Series A,
VRDN,
4.10%,
4/1/53
(Tender
4/3/28)
250
254
Pennsylvania
Economic
DFA,
5.00%,
12/31/38 (6)
250
250
Pennsylvania
Economic
DFA,
5.25%,
6/30/35 (6)
500
537
Pennsylvania
Economic
DFA,
Core
Natural
Resources
Project,
VRDN,
5.45%,
1/1/51
(Tender
3/27/35) (5)(6)
250
268
Pennsylvania
Economic
DFA,
Energy
Supply,
Series C,
VRDN,
5.25%,
12/1/37
(Tender
6/1/27)
250
250
Pennsylvania
Higher
Ed.
Fac.
Auth.,
Indiana
Univ.
Student
Housing,
Series A,
FRN,
67%
of
(3M
TSFR
+
0.2616%)
+
0.65%,
3.321%,
7/1/39 (4)
125
119
Pennsylvania
Housing
Fin.
Agency,
Series 141A,
5.75%,
10/1/53 (6)
199
210
Pennsylvania
Housing
Fin.
Agency,
Series 149A,
4.625%,
4/1/37
500
510
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
25
Par
$
Value
(Amounts
in
000s)
Philadelphia
Higher
Ed.
Fac.
Auth.,
Temple
Univ.
Health
System,
5.00%,
7/1/28
310
313
Philadelphia
IDA,
String
Theory
Charter,
5.00%,
6/15/30 (5)
145
147
Philadelphia
IDA,
Univ.
of
the
Science,
4.00%,
11/1/37
95
87
Susquehanna
Area
Regional
Airport
Auth.,
5.00%,
1/1/35 (6)
390
392
9,209
PUERTO
RICO
8.0%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (13)
455
324
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (13)
1,800
1,305
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/51 (13)
1,123
730
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
4.00%,
7/1/42 (5)
425
399
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/30 (5)
1,020
1,079
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Auth.,
Series A,
5.00%,
7/1/35 (5)
1,250
1,302
Puerto
Rico
Commonwealth,
Restructured,
Series A,
GO,
Zero
Coupon,
7/1/33
230
168
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/33
85
85
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/35
90
88
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/37
160
155
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
4.00%,
7/1/41
90
83
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/27
421
428
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.625%,
7/1/29
93
97
Puerto
Rico
Commonwealth,
Restructured,
Series A-1,
GO,
5.75%,
7/1/31
365
394
Puerto
Rico
Electric
Power
Auth.,
Series A,
5.00%,
7/1/42 (2)(7)
750
555
Puerto
Rico
Electric
Power
Auth.,
Series AAA-RSA-1,
5.25%,
7/1/27 (2)(7)
25
18
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
4.25%,
7/1/23 (2)(7)
100
74
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
4.375%,
7/1/22 (2)(7)
50
37
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.00%,
7/1/27 (2)(7)
100
74
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/27 (2)(7)
290
215
Puerto
Rico
Electric
Power
Auth.,
Series CCC,
5.25%,
7/1/28 (2)(7)
20
15
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
26
Par
$
Value
(Amounts
in
000s)
Puerto
Rico
Electric
Power
Auth.,
Series CR,
Zero
Coupon,
7/1/30 (5)
250
184
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 (2)
(7)
135
100
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/18 (2)
(7)
215
159
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/20 (2)
(7)
120
89
Puerto
Rico
Electric
Power
Auth.,
Series TT,
5.00%,
7/1/24 (2)
(7)
15
11
Puerto
Rico
Electric
Power
Auth.,
Series TT-RSA-1,
5.00%,
7/1/18 (2)(7)
25
19
Puerto
Rico
Electric
Power
Auth.,
Series UU,
FRN,
67%
of
(3M
TSFR)
+
0.70%,
3.953%,
7/1/31 (2)(7)
500
370
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.00%,
7/1/28 (2)
(7)
100
74
Puerto
Rico
Electric
Power
Auth.,
Series WW,
5.50%,
7/1/17 (2)
(7)
20
15
Puerto
Rico
Electric
Power
Auth.,
Series XX,
5.75%,
7/1/36 (2)
(7)
245
181
Puerto
Rico
Electric
Power
Auth.,
Series XX-RSA-1,
4.625%,
7/1/25 (2)(7)
60
44
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
4.10%,
7/1/19 (2)
(7)
25
18
Puerto
Rico
Electric
Power
Auth.,
Series ZZ,
4.25%,
7/1/18 (2)
(7)
30
22
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/29
1,203
1,096
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series A-1,
Zero
Coupon,
7/1/33
545
431
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
2,799
Puerto
Rico
Sales
Tax
Fin.,
Restructured,
Series B-2,
4.329%,
7/1/40
352
344
Puerto
Rico
Sales
Tax
Fin.,
Restructured
Cofina
,
Series A-2,
4.329%,
7/1/40
2,416
2,362
16,431
SOUTH
CAROLINA
1.7%
Connector
2000
Assoc.,
Series A-1,
Zero
Coupon,
1/1/32
668
486
Connector
2000
Assoc.,
Series B-1,
Zero
Coupon,
1/1/32
46
29
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
216
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
27
Par
$
Value
(Amounts
in
000s)
South
Carolina
Jobs
Economic
Dev.
Auth.,
Woodlands
at
Furman,
Series A,
5.00%,
11/15/30
85
88
South
Carolina
Jobs-Economic
Dev.
Auth.,
American
Leadership
Academy
-
Lexington,
Series A,
5.50%,
6/15/33
150
147
South
Carolina
Jobs-Economic
Dev.
Auth.,
Gray
Collegiate
Academy
Project,
5.00%,
7/1/36 (5)
500
491
South
Carolina
Jobs-Economic
Dev.
Auth.,
Libertas
Woodruff
Project,
7.00%,
8/15/45 (5)
300
311
South
Carolina
Jobs-Economic
Dev.
Auth.,
Prisma
Health
Obligated
Group,
Series A,
5.00%,
5/1/43
1,000
1,011
South
Carolina
Jobs-Economic
Dev.
Auth.,
Rolling
Green
Village
Project,
Series A,
5.00%,
12/1/35
500
512
South
Carolina
Jobs-Economic
Dev.
Auth.,
Woodlands
at
Furman,
4.00%,
11/15/32
200
198
3,510
SOUTH
DAKOTA
0.2%
Lincoln
County,
Augustana
University
Association
Project,
5.25%,
8/1/39
500
503
503
TENNESSEE
1.0%
Chattanooga
Health
Ed.
&
Housing
Fac.
Board,
CDFI,
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
413
Knoxville
Ind.
Dev.
Board,
Maplehurst
Park
Apartments
Project,
4.25%,
11/1/30 (5)
500
495
Memphis-Shelby
County
Ind.
Dev.
Board,
Senior
Tax
Increment,
Graceland,
Series A,
4.75%,
7/1/27 (2)
165
160
Memphis-Shelby
County
Ind.
Dev.
Board,
Senior
Tax
Increment,
Graceland,
Series A,
5.50%,
7/1/37 (2)
100
75
Nashville
Metropolitan
Dev.
&
Housing
Agency,
Tax
Increment,
Fifth
&
Broadway,
4.50%,
6/1/28 (5)
100
101
Tennergy
,
Series A,
VRDN,
5.00%,
10/1/54
(Tender
12/1/29)
680
708
2,147
TEXAS
7.1%
Arlington
Higher
Ed.
Fin.,
5.625%,
6/15/45 (5)
200
202
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/28
250
251
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/30
540
541
Austin
Convention
Enterprises,
First
Tier
Convention
Center,
Series A,
5.00%,
1/1/33
300
300
Austin
Convention
Enterprises,
Second
Tier
Convention
Center,
Series B,
5.00%,
1/1/27
335
336
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
28
Par
$
Value
(Amounts
in
000s)
Brooks
Dev.
Auth.,
5.125%,
8/15/36 (5)
350
346
Brooks
Dev.
Auth.,
Senior
Lien,
Series B,
VRDN,
5.00%,
8/15/47
(Tender
8/15/32) (5)
350
365
Clifton
Higher
Ed.
Fin.,
Valor
Education,
Series A,
5.00%,
6/15/34 (5)
325
321
Conroe
Local
Gov't.,
Convention
Center
Hotel,
3.50%,
10/1/31 (5)
350
262
Denton
County,
Public
Improvement,
5.00%,
12/31/35 (5)
250
253
Houston
Airport
System,
United
Airlines,
5.50%,
7/15/35 (6)
200
212
Houston
Airport
System,
United
Airlines,
Series A,
5.50%,
7/1/45 (6)
1,000
1,064
Houston
Airport
System,
United
Airlines,
Series B,
5.50%,
7/15/37 (6)
500
528
Houston
Airport
System,
United
Airlines,
Series B,
5.50%,
7/15/39 (6)
500
521
Joint
Guadalupe
County
-
Seguin
Hosp.,
5.00%,
12/1/28
100
100
Lavon,
Elevon
Public
Improvement
Dist.,
4.25%,
9/15/31 (5)
172
171
Lavon,
Trails
of
Lavon
Public
Improvement
Dist.
Project,
5.75%,
9/15/45 (5)
100
103
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
256
Mission
Economic
Dev.,
Graphic
Packaging
International,
VRDN,
5.00%,
12/1/64
(Tender
6/1/30) (5)(6)(10)
425
436
Mission
Economic
Dev.,
Graphic
Packaging
International,
VRDN,
5.00%,
12/1/64
(Tender
6/1/30) (6)
300
308
Mission
Economic
Dev.,
Natgasoline
,
VRDN,
4.75%,
8/1/46
(Tender
8/1/36) (6)
500
503
Mission
Economic
Dev.,
Natgasoline
,
Series B,
4.625%,
10/1/31
(
Prerefunded
10/1/26) (5)(6)(11)
960
961
Montgomery
County
Toll
Road
Auth.,
5.00%,
9/15/33
500
500
New
Hope
Cultural
Ed.
Fac.
Fin.,
Brazos
Presbyterian
Homes,
5.25%,
1/1/40
325
333
New
Hope
Cultural
Ed.
Fac.
Fin.,
Legacy
Midtown
Park
Project,
Series A,
6.75%,
7/1/44
150
156
New
Hope
Cultural
Ed.
Fac.
Fin.,
Senior
Living,
Series A,
5.00%,
11/15/26
90
90
North
East
Texas
Regional
Mobility
Auth.,
Subordinate
Lien,
Series B,
5.25%,
1/1/46
300
307
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
2.75%,
1/1/36 (5)(6)
1,000
783
Port
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
Series A,
3.625%,
1/1/35 (5)(6)
620
562
Port
of
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast
Energy,
Series A,
5.00%,
1/1/39 (5)(6)
250
237
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
29
Par
$
Value
(Amounts
in
000s)
Princeton,
Eastridge
Public
Improvement
Dist.,
4.60%,
9/1/35 (5)
100
101
Texas
IDC,
NRG
Energy,
Series 2012,
4.125%,
12/1/45
255
224
Texas
Municipal
Gas
Acquisition
&
Supply
III,
5.00%,
12/15/31
510
533
Texas
Municipal
Gas
Acquisition
&
Supply
V,
VRDN,
5.00%,
1/1/55
(Tender
1/1/34)
300
313
Texas
Municipal
Gas
Acquisition
&
Supply
VI,
5.00%,
1/1/36
1,000
1,039
Texas
Private
Activity
Bond
Surface
Transportation,
Senior
Lien,
5.50%,
6/30/43 (6)
875
906
14,564
UTAH
1.1%
Downtown
Daybreak
Public
Infrastructure
Dist.
No.
1,
5.00%,
3/1/41 (5)
1,000
991
Downtown
Revitalization
Public
Infrastructure
Dist.,
Seg
Redevelopment
Project,
Series C,
5.00%,
7/15/35 (5)
195
195
Mida
Mountain
Village
Public
Infrastructure
Dist.,
Series 2,
5.50%,
6/15/39 (5)
500
510
Military
Installation
Dev.
Auth.,
Series A-1,
4.00%,
6/1/36
500
489
2,185
VIRGIN
ISLANDS
0.2%
Virgin
Islands
Hotel
Dev.
Fin.,
Frenchman's
Reef
Hotel
Acquisition
Project,
Series A-1,
5.00%,
2/1/38
340
328
328
VIRGINIA
3.1%
Arlington
County
IDA,
Barcroft-Charlie
2
&
Barcroft-Bravo
5,
VRDN,
3.10%,
12/1/55
(Tender
2/1/27)
100
100
Chesterfield
County
Health
Center
Commission,
Lucy
Corr
Village,
5.00%,
7/1/36
150
155
Chesterfield
County
Health
Center
Commission,
Lucy
Corr
Village,
5.25%,
7/1/41
205
206
Hanover
County
Economic
Dev.
Auth.,
Covenant
Woods,
4.00%,
7/1/30 (5)
255
258
Henrico
County
Economic
Dev.
Auth.,
Westminster
Canterbury
Richmond,
5.00%,
10/1/37
265
267
Lynchburg
Economic
Dev.
Auth.,
Centra
Health
Obligated
Group,
Series A,
5.25%,
1/1/45
300
314
Norfolk
Redev
.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
5.375%,
1/1/46
50
50
Norfolk
Redev
.
&
Housing
Auth.,
Fort
Norfolk
Retirement
Community,
Series A,
5.00%,
1/1/34
100
101
Prince
William
County
IDA,
Westminster
At
Lake
Ridge,
5.00%,
1/1/31
170
170
Virginia
College
Building
Auth.,
Marymount
Univ.,
5.25%,
7/1/30 (5)
100
91
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
30
Par
$
Value
(Amounts
in
000s)
Virginia
College
Building
Auth.,
Marymount
Univ.,
Series A,
5.00%,
7/1/30 (5)
205
184
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
4.00%,
1/1/48 (6)
475
413
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
5.00%,
7/1/33 (6)
120
127
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes,
5.00%,
7/1/34 (6)
695
726
Virginia
Small
Business
Fin.
Auth.,
95
Express
Lanes
Project,
4.00%,
7/1/39 (6)
1,160
1,096
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
7/1/32 (6)
525
525
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/38 (6)
500
473
Virginia
Small
Business
Fin.
Auth.,
Elizabeth
River
Crossings,
4.00%,
1/1/39 (6)
750
698
Virginia
Small
Business
Fin.
Auth.,
Senior
Lien,
5.00%,
12/31/40 (6)
390
395
6,349
WASHINGTON
1.0%
Washington
State
Housing
Fin.
Commission,
Radford
Court
and
Nordheim
Court,
5.00%,
7/1/29
300
306
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series 2021-1,
Class
A,
3.50%,
12/20/35
680
647
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series 2023-1,
Class
A,
3.375%,
4/20/37
728
667
Washington
State
Housing
Fin.
Commission,
Social
Certificate,
Series 2024-1,
Class
A,
VR,
4.222%,
3/1/50
221
209
Washington
State
Housing
Fin.
Commission,
Transforming
Age
Project,
Series A,
5.00%,
1/1/34 (5)
245
250
2,079
WEST
VIRGINIA
0.4%
Monongalia
County,
Series A,
5.00%,
6/1/33 (5)
495
513
West
Virginia
Economic
Dev.
Auth.,
Commercial
Metals
Company
Project,
VRDN,
4.625%,
4/15/55
(Tender
5/15/32) (6)
250
254
767
WISCONSIN
5.4%
PFA,
Campus
Real
Estate
Holding
Corporation
Project,
Series A,
5.00%,
6/1/30
150
154
PFA,
Cherokee
Classical
Academy
Project,
Series A,
6.00%,
6/15/35 (5)
100
102
PFA,
Cincinnati
Classical
Academy,
Series A,
5.375%,
6/15/39 (5)
100
99
PFA,
Cornerstone
Charter
Academy
Project,
5.30%,
2/1/46 (5)
300
292
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
31
Par
$
Value
(Amounts
in
000s)
PFA,
Elevon
Project,
RAN,
5.00%,
7/15/30 (5)
42
41
PFA,
Georgia
SR
400
Express
Lanes
Project,
6.50%,
6/30/60 (6)
1,000
1,094
PFA,
Kahala
Nui
Project,
5.00%,
11/15/40
350
362
PFA,
KSU
Bixby
Real
Estate
Foundation,
Series B,
5.25%,
6/15/35
100
107
PFA,
KSU
Bixby
Real
Estate
Foundation,
Series C,
5.00%,
6/15/35
100
104
PFA,
Mary's
Woods
at
Marylhurst
Project,
5.00%,
5/15/30 (5)
100
100
PFA,
Mater
Academy
of
Nevada
-
Cactus
Park
Campus
Project,
Series A,
6.00%,
12/15/45 (5)
100
103
PFA,
Mater
Academy
of
Nevada
-
East
Las
Vegas
Campus
Project,
Series A,
5.00%,
12/15/34 (5)
1,035
1,049
PFA,
Million
Air
Three
General
Aviation
Fac.
Project,
Series A,
5.50%,
9/1/30 (5)(6)
200
205
PFA,
Million
Air
Two
General
Aviation
Fac.
Project,
Series A,
5.00%,
6/1/36 (5)(6)
250
251
PFA,
Nolina
&
Sorella
Project,
RAN,
5.50%,
12/15/32 (5)
119
119
PFA,
Piedmont
Community
Charter
School,
5.00%,
6/15/34
250
254
PFA,
Pinecrest
Academy
of
Nevada—Pinecrest
Academy
Springs
Campus
Project,
Series A,
4.00%,
7/15/33 (5)
250
247
PFA,
Revolution
Academy,
5.00%,
10/1/36 (5)
500
502
PFA,
Sheboygan
Christian
School
Project,
Series A,
6.25%,
4/1/45 (5)
200
197
PFA,
Sky
Harbour
Capital
III
Aviation
Fac.
Project,
VRDN,
6.00%,
7/1/60
(Tender
1/1/31) (5)(6)
1,250
1,272
PFA,
Southminster
,
4.25%,
10/1/38 (5)
205
195
Wisconsin
HEFA,
Chiara
Housing
and
Services,
Inc.
Project,
5.625%,
7/1/45
300
301
Wisconsin
HEFA,
Dickson
Hollow
Phase
II
Project,
5.00%,
10/1/32
250
258
Wisconsin
HEFA,
Wisconsin
Museum
of
Nature
&
Culture,
6.50%,
11/1/36 (5)
1,000
1,019
Wisconsin
PFA,
Celanese,
Series C,
4.30%,
11/1/30 (6)
500
498
Wisconsin
PFA,
Challenge
Foundation
Academy,
5.75%,
7/1/33 (5)
250
257
Wisconsin
PFA,
CHF
Manoa
LLC,
Series A,
5.25%,
7/1/38 (5)
250
238
Wisconsin
PFA,
Founders
Academy
of
Las
Vegas,
Series A,
5.75%,
7/1/33 (5)
475
498
Wisconsin
PFA,
Founders
of
Academy
Las
Vegas,
Series A,
4.00%,
7/1/30 (5)
55
54
Wisconsin
PFA,
National
Gypsum,
4.00%,
8/1/35 (6)
445
424
Wisconsin
PFA,
Piedmont
Charter
School,
5.00%,
6/15/49
250
233
Wisconsin
PFA,
Roseman
Univ.
of
Health,
4.00%,
4/1/32 (5)
100
98
Wisconsin
PFA,
Roseman
Univ.
of
Health,
5.00%,
4/1/30 (5)
190
193
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
32
Par
$
Value
(Amounts
in
000s)
Wisconsin
PFA,
Roseman
Univ.
of
Health,
5.00%,
4/1/30 (5)(8)
15
16
Wisconsin
PFA,
Roseman
Univ.
of
Health,
5.00%,
4/1/40 (5)
100
99
11,035
Total
Municipal
Securities
(Cost
$205,595)
204,921
Total
Investments
in
Securities
99.9%
of
Net
Assets
(Cost
$205,595)
$
204,921
‡
Par
is
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(2)
Non-income
producing
(3)
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.
(4)
Insured
by
Assured
Guaranty
Incorporated
(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
$59,729
and
represents
29.1%
of
net
assets.
(6)
Interest
subject
to
alternative
minimum
tax.
(7)
Obligor
has
failed
to
make
a
scheduled
interest
and/or
principal
payment
or
is
in
default.
(8)
Escrowed
to
maturity
(9)
Insured
by
National
Public
Finance
Guarantee
Corporation
(10)
When-issued
security
(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.
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
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
33
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
.
.
.
.
.
.
.
.
.
.
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
RAC
Revenue
Anticipation
Certificate
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.
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
High
Yield
Municipal
Bond
Fund
August
31,
2026
Unaudited
Statement
of
Assets
and
Liabilities
34
($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
$205,595)
$
204,921
Interest
receivable
2,279
Receivable
for
shares
sold
70
Cash
68
Due
from
affiliates
16
Other
assets
52
Total
assets
207,406
Liabilities
Payable
for
investment
securities
purchased
1,502
Payable
for
shares
redeemed
441
Investment
management
fees
payable
62
Other
liabilities
174
Total
liabilities
2,179
Commitments
and
Contingent
Liabilities
(note
5
)
NET
ASSETS
$
205,227
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(
975
)
Paid-in
capital
applicable
to
20,772,749
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
206,202
NET
ASSETS
$
205,227
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$107,891;
Shares
outstanding:
10,917,840)
$
9.88
I
Class
(Net
assets:
$97,336;
Shares
outstanding:
9,854,909)
$
9.88
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
Unaudited
Statement
of
Operations
35
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
8/31/26
Investment
Income
(Loss)
Interest
income
$
4,495
Expenses
Investment
management
351
Shareholder
servicing
Investor
Class
$
86
I
Class
10
96
Prospectus
and
shareholder
reports
Investor
Class
3
I
Class
2
5
Custody
and
accounting
103
Registration
43
Proxy
and
annual
meeting
39
Legal
and
audit
31
Interest
10
Miscellaneous
8
Waived
/
paid
by
Price
Associates
(
238
)
Total
expenses
448
Net
investment
income
4,047
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
on
securities
47
Change
in
net
unrealized
gain
/
loss
on
securities
(
5,020
)
Net
realized
and
unrealized
gain
/
loss
(
4,973
)
DECREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
(
926
)
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
36
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
8/31/26
Year
Ended
2/28/26
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
4,047
$
5,359
Net
realized
gain
(loss)
47
(
502
)
Change
in
net
unrealized
gain
/
loss
(
5,020
)
4,801
Increase
(decrease)
in
net
assets
from
operations
(
926
)
9,658
Distributions
to
shareholders
Net
earnings
Investor
Class
(
2,022
)
(
2,252
)
I
Class
(
1,887
)
(
2,951
)
Decrease
in
net
assets
from
distributions
(
3,909
)
(
5,203
)
Capital
share
transactions
*
Shares
sold
Investor
Class
40,019
71,738
I
Class
16,500
32,370
Distributions
reinvested
Investor
Class
1,995
2,224
I
Class
1,412
2,148
Shares
redeemed
Investor
Class
(
26,441
)
(
22,501
)
I
Class
(
7,701
)
(
17,242
)
Increase
in
net
assets
from
capital
share
transactions
25,784
68,737
Net
Assets
Increase
during
period
20,949
73,192
Beginning
of
period
184,278
111,086
End
of
period
$
205,227
$
184,278
*Share
information
(000s)
Shares
sold
Investor
Class
4,005
7,252
I
Class
1,650
3,287
Distributions
reinvested
Investor
Class
201
225
I
Class
142
218
Shares
redeemed
Investor
Class
(
2,649
)
(
2,290
)
I
Class
(
773
)
(
1,756
)
Increase
in
shares
outstanding
2,576
6,936
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
37
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
High
Yield
Municipal
Bond
Fund
(the
fund), formerly
the
T.
Rowe
Price Intermediate
Tax-Free
High
Yield
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
High
Yield
Municipal
Bond
Fund
(Investor
Class)
and
the
Intermediate
High
Yield
Municipal
Bond
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
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
38
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.
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.
New
Accounting
Guidance
In September
2026,
the
FASB
issued
Accounting
Standards
Update
(ASU)
ASU
2026-03,
Fair
Value
Measurement
(Topic
820)
–
Investment
Companies
with
Equity
Securities
Subject
to
Contractual
Sale
Restrictions,
which
requires
investment
companies
within
the
scope
of
ASC
946
to
consider
contractual
sale
restrictions
on
the
sale
of
an
equity
security
when
measuring
the
fair
value
of
the
security
and
to
disclose
the
amount
of
the
discount
attributable
to
the
contractual
sale
restriction.
The
amendments
under
the
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2027;
however,
early
adoption
is
permitted.
Adoption
of
the
guidance
is
not
expected
to
have
a
material
impact
on
the
fund’s
financial
statements.
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.
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
39
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.
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
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
40
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.
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.
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
41
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
August
31,
2026
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
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.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Corporate
Bonds
$
—
$
—
$
—
$
—
Municipal
Securities
—
204,921
—
204,921
Total
$
—
$
204,921
$
—
$
204,921
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
42
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 $44,699,000 and
$14,383,000,
respectively,
for
the
six
months ended
August
31,
2026.
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.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-
end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
February
28,
2026,
the
fund
had
$1,467,000
of
available
capital
loss
carryforwards.
At
August
31,
2026,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$205,595,000.
Net
unrealized
loss
aggregated
$674,000
at
period-end,
of
which
$2,629,000
related
to
appreciated
investments
and
$3,303,000
related
to
depreciated
investments.
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
43
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
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
August
31,
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
by
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
by
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
44
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.
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended August
31,
2026 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $1,090,000 remain
subject
to
repayment
by
the
fund
at
August
31,
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
six
months
ended
August
31,
2026,
expenses
incurred
pursuant
to
these
service
agreements
were
$64,000
for
Price
Associates
and
$24,000
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).
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)
$(148)
$(90)
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
45
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
six
months
ended
August
31,
2026,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
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 Group
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.
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
46
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
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
August
31,
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-
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
47
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
High
Yield
Municipal
Bond
Fund
48
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser).
In
that
regard,
at
a
meeting
held
on
March
11-12,
2026
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors
who
were
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund’s
Advisory
Contract.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
the
approval
of
the
Advisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
about
various
topics
and
information
provided
to
it
by
the
Adviser.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser.
These
services
include,
but
are
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance
and
infrastructure,
as
well
as
compliance
with
new
and
evolving
regulatory
requirements
(e.g.,
derivatives
and
liquidity
risk
management);
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
senior
management
team
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
49
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
(as
applicable)
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2025.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2025,
which
ranked
the
returns
of
the
fund’s
Investor
Class
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
investment
company
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
length
of
the
fund’s
performance
track
record,
and
how
closely
the
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates)
may
have
realized
from
its
relationship
with
the
fund,
including
any
research
received
under
soft-dollar
arrangements
with
broker-dealers.
In
considering
soft-dollar
arrangements,
the
Board
noted
that
the
Adviser
may
use
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible,
and
the
Board
considered
that
the
Adviser
may
receive
some
benefit
from
soft-dollar
arrangements
pursuant
to
which
research
is
received
from
broker-dealers
that
execute
the
applicable
fund’s
portfolio
transactions.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
the
fund
in
particular,
and
the
Board
concluded
that
the
Adviser’s
profits
were
reasonable
in
light
of
the
services
provided
to
the
fund.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
50
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
potentially
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
management
fee
to
the
Adviser
for
investment
management
services
composed
of
two
components
–
a
group
fee
rate
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
mutual
funds
and
ETFs
(including
the
fund)
(“group
fee
rate
assets”)
that
declines
at
certain
asset
levels
and
an
individual
fund
fee
rate
based
on
the
fund’s
average
daily
net
assets
–
and
the
fund
pays
its
own
expenses
of
operations.
The
group
fee
schedule
is
graduated
so
the
group
fee
rate
decreases
as
total
group
fee
rate
assets
increase
and
the
group
fee
rate
increases
as
total
group
fee
rate
assets
decrease.
As
a
result,
shareholders
benefit
from
overall
growth
in
T.
Rowe
Price
fund
assets,
which
reduces
the
management
fee
rate
for
any
fund
that
has
a
group
fee
component
to
its
management
fee,
and
reflects
that
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds
thus
allowing
shareholders
of
those
funds
to
share
potential
economies
of
scale.
The
fund’s
shareholders
also
benefit
from
potential
economies
of
scale
through
a
decline
in
certain
operating
expenses
as
the
fund
grows
in
size.
However,
the
fund
is
also
subject
to
contractual
expense
limitations
that
require
the
Adviser
to
waive
its
management
fees
and/or
bear
any
operating
expenses
that
would
otherwise
cause
the
expenses
of
a
share
class
of
the
fund
to
exceed
a
certain
percentage
based
on
the
class’s
net
assets.
The
expense
limitations
mitigate
the
potential
for
an
increase
in
operating
expenses
above
a
certain
level
that
could
impact
shareholders.
In
addition,
the
Board
noted
that
the
fund
shares
in
potential
economies
of
scale
through
the
Adviser’s
ongoing
investments
in
its
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
management
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
potential
economies
of
scale
with
the
fund
and
its
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
and
total
expenses
of
the
fund’s
Investor
Class
and
I
Class
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group);
and
(ii)
actual
management
fees
and
total
expenses
of
the
fund’s
Investor
Class
and
I
Class
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
51
(Expense
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
actual
management
fee
rate
(which
reflects
the
management
fees
actually
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
for
the
fund’s
Investor
Class
indicated
that
the
contractual
management
fee
ranked
in
the
first
quintile
(Expense
Group),
the
actual
management
fee
rate
ranked
in
the
first
quintile
(Expense
Group
and
Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
first
quintile
(Expense
Group
and
Expense
Universe).
The
information
provided
to
the
Board
for
the
fund’s
I
Class
indicated
that
the
contractual
management
fee
ranked
in
the
first
quintile
(Expense
Group),
the
actual
management
fee
rate
ranked
in
the
first
quintile
(Expense
Group
and
Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
first
quintile
(Expense
Group
and
Expense
Universe).
The
Board
was
provided
the
fee
schedules
and
other
account
fee
information
for
certain
comparable
investment
portfolios
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios
that
are
not
registered
investment
companies,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
The
fee
schedules
and
account
fee
information,
which
are
subject
to
change,
may
be
negotiated
under
certain
circumstances
and
may
differ
across
regions.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
clients
and
other
types
of
clients,
including
information
about
how
the
requirements,
economics
and
risks
of
the
domestic
and
international
businesses
may
differ
from
those
of
the
proprietary
mutual
fund
and
ETF
(“registered
fund”)
business.
The
Board
considered
information
showing
that
the
Adviser’s
proprietary
registered
fund
business
is
generally
more
complex
from
a
business
and
regulatory
perspective
than
its
other
domestic
and
international
businesses
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
registered
fund
business.
In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
Intermediate
High
Yield
Municipal
Bond
Fund
52
Adviser
to
manage
its
registered
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
Approval
of
the
Advisory
Contract
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
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.
F100-051
10/26
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) | The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR. | |
| (2) | Listing standards relating to recovery of erroneously awarded compensation: Not applicable. | |
| (3) | ||
| (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 | October 16, 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 | October 16, 2026 |
|||
| By | /s/ Alan S. Dupski |
|||
| Alan S. Dupski | ||||
| Principal Financial Officer | ||||
| Date | October 16, 2026 |
|||