TFHAX Fees and Costs — T. Rowe Price Intermediate Tax-Free High Yield Fund, I Class
Data updated: 2026-07-28
The net expense ratio is 0.41%: a 0.35% management fee plus 0.29% other expenses, less a 0.23% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 11%.
TFHAX Fees and Expenses
Annual operating expenses and sales charges of TFHAX. Prospectus, as of April 24, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.35% |
| 12b-1 fee | — |
| Other expenses | 0.29% |
| Gross expense ratio | 0.64% |
| Fee waiver | −0.23% |
| Net expense ratio | 0.41% |
| 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 |
TFHAX Costs Over Time
On $10,000 invested in TFHAX, assuming 5% a year before costs, total costs come to $260 over 5 years, cutting the return by 0.43% 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 0.41%) | $43 | $135 | $236 |
| Lost growth on money paid in costs | $0 | $7 | $24 |
| Total costs | $43 | $142 | $260 |
| Value after costs | $10,457 | $11,434 | $12,503 |
| Impact on return, per year | 0.43% | 0.43% | 0.43% |
TFHAX 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): $219.1M
- Portfolio turnover (prospectus): 11%
- Securities lending: none during the year
TFHAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $77.8M | 41.39% |
| TD Securities Ltd. | $34.7M | 18.46% |
| BARCLAYS CAPITAL INC. | $26.5M | 14.12% |
| RBC Capital Markets, LLC | $10.2M | 5.43% |
| BOFA SECURITIES, INC. | $8.2M | 4.34% |
| JEFFERIES LLC | $7.6M | 4.07% |
| HERBERT J SIMS & CO. INC. | $7.4M | 3.92% |
| WELLS FARGO SECURITIES, LLC | $6.8M | 3.63% |
| MORGAN STANLEY & CO. LLC | $4.7M | 2.49% |
| PIPER SANDLER & CO. | $4.1M | 2.16% |
T. Rowe Price Intermediate Tax-Free High Yield Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TFHAX | I Class | 0.41% | — |
| PRIHX | T. Rowe Price Intermediate Tax-Free High Yield Fund | 0.46% | — |
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.