T. Rowe Price Intermediate Tax-Free High Yield Fund launches

By Toni Weeks

San Luis Obispo, Calif., July 28 – T. Rowe Price announced the details on its newly launched T. Rowe Price Intermediate Tax-Free High Yield Fund in an N-1A filing with the Securities and Exchange Commission.

The fund seeks income exempt from federal income taxes primarily through investments in intermediate-term lower-quality municipal securities. Under normal market conditions, it invests at least 80% of its net assets in securities whose interest is free from federal income taxes and targets investments in municipal bonds rated non-investment grade.

James M. Murphy, R. Lee Arnold, Jr., G. Richard Dent, Sarah J. Engle, Dylan Jones, Marcy M. Lash, Konstantine B. Mallas, Hugh D. McGuirk and Linda A. Murphy comprise the portfolio management team.

The fund’s shares trade under the ticker symbol “PRIHX.” It also offers advisor share classes that trade under the symbol “PRAHX.”

There is no sales load, but a redemption fee of 2% applies to shares held for 90 days or less.

Including management fees of 0.49% and the effects of a fee waiver with the investment adviser, total annual fund operating expenses are expected to be 0.75% for the regular shares and 0.85% for the advisor shares. The fee waiver agreement expires June 30, 2017.

Baltimore-based T. Rowe Price Associates, Inc. is the investment adviser.

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