PATAX Fees and Costs — T. Rowe Price Tax-Free Income Fund, Inc., Advisor Class
Data updated: 2026-07-28
The net expense ratio is 0.76%: a 0.32% management fee, a 0.25% 12b-1 fee plus 0.19% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 31%.
PATAX Fees and Expenses
Annual operating expenses and sales charges of PATAX. Prospectus, as of April 24, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.32% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.19% |
| Gross expense ratio | 0.76% |
| Fee waiver | — |
| Net expense ratio | 0.76% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
PATAX Costs Over Time
On $10,000 invested in PATAX, assuming 5% a year before costs, total costs come to $478 over 5 years, cutting the return by 0.80% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.76%) | $80 | $250 | $434 |
| Lost growth on money paid in costs | $0 | $12 | $44 |
| Total costs | $80 | $262 | $478 |
| Value after costs | $10,420 | $11,314 | $12,285 |
| Impact on return, per year | 0.80% | 0.80% | 0.80% |
PATAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $2.8B
- Portfolio turnover (prospectus): 31%
- Securities lending: none during the year
PATAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $870.0M | 36.81% |
| BARCLAYS CAPITAL INC. | $346.4M | 14.66% |
| WELLS FARGO SECURITIES, LLC | $231.6M | 9.80% |
| TD Securities Ltd. | $221.7M | 9.38% |
| BOFA SECURITIES, INC. | $184.3M | 7.80% |
| JEFFERIES LLC | $122.1M | 5.17% |
| Truist Securities, Inc. | $111.4M | 4.71% |
| RBC Capital Markets, LLC | $108.2M | 4.58% |
| MORGAN STANLEY & CO. LLC | $89.8M | 3.80% |
| PNC Capital Markets LLC | $78.2M | 3.31% |
T. Rowe Price Tax-Free Income Fund, Inc. Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TFILX | I Class | 0.36% | — |
| PRTAX | T. Rowe Price Tax-Free Income Fund, Inc. | 0.41% | — |
| PATAX | Advisor Class | 0.76% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.