T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.
PRIHX
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USD
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Capital Structure
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 100 East Pratt Street Baltimore MD United States of America 21202
- IPO Date
- Jul 28, 2014
- CIK
- 0001608530
- Website
- troweprice.com
- Similar Companies
- Business
- T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc. (PRIHX) is a mutual fund managed by T. Rowe Price Group, Inc. that seeks to provide a high level of income exempt from federal income taxes by investing primarily in municipal bonds. The fund normally invests at least 80% of its net assets, including any borrowings for investment purposes, in securities whose interest is free from federal income taxes, with up to 20% of income potentially subject to the alternative minimum tax; it targets a weighted average effective maturity of between three and 10 years while holding bonds across maturities, including a substantial portion in noninvestment-grade municipal securities rated below investment grade or of comparable quality. Its portfolio emphasizes high-yield municipal bonds such as sales tax revenue bonds, transportation trust fund authorities, airport system revenues, health and higher education facilities authorities, and tobacco settlement financings, with top holdings including Puerto Rico Sales Tax Financing Corporation bonds, New Jersey State Transportation Trust Fund Authority bonds, and Metropolitan Washington Airports Authority bonds. The fund operates within the high yield municipal bond category, targeting individual and institutional investors seeking tax-exempt income, including those in retirement plans and financial intermediaries. It maintains a net expense ratio of 0.46%, total net assets of approximately $110-115 million, and a minimum initial investment of $2,500. Geographically, the fund invests predominantly in U.S. municipal bonds (88.37% U.S. bonds, 8.96% non-U.S. bonds, 2.68% cash), with exposure to issuers in states such as Puerto Rico, New Jersey, Maryland, Ohio, and Illinois. T. Rowe Price Group, Inc., founded in 1937 and headquartered in Baltimore, Maryland, manages the fund as part of its broad offerings in equity, fixed income, and multi-asset strategies for clients worldwide across 17 international offices. PRIHX forms part of T. Rowe Price's tax-free high yield fund lineup, complementing related products like the Tax-Free High Yield Fund (PRFHX). In recent developments, T. Rowe Price announced a strategic partnership with Goldman Sachs Asset Management in December 2025 to launch co-branded model portfolios focused on retirement and wealth channels, broadening access to diversified public and private market offerings. Earlier in September 2025, the firms expanded their collaboration to enhance portfolio solutions for advisors and institutions. Additionally, T. Rowe Price transitioned to Charles River's enterprise investment management system in December 2025, marking a significant operational upgrade for its technology infrastructure. These initiatives reflect T. Rowe Price's ongoing efforts to innovate and expand capabilities amid no major fund-specific changes such as new launches or reorganizations for PRIHX reported in the last 1-2 years.