C000219331 Fees and Costs — T. Rowe Price Institutional High Yield Fund, Z Class
Data updated: 2026-08-12
The net expense ratio is 0.00% (0.50% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $3K in broker commissions, 0.0002% of average net assets, and portfolio turnover was 41%.
C000219331 Fees and Expenses
Annual operating expenses and sales charges of C000219331. Prospectus, as of May 31, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.50% |
| Fee waiver | −0.50% |
| Net expense ratio | 0.00% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
C000219331 Costs Over Time
On $10,000 invested in C000219331, assuming 5% a year before costs, total costs come to $0 over 5 years, cutting the return by 0.00% 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 0.00%) | $0 | $0 | $0 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $0 | $0 |
| Total costs | $0 | $0 | $0 |
| Value after costs | $10,500 | $11,576 | $12,763 |
| Impact on return, per year | 0.00% | 0.00% | 0.00% |
C000219331 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0002%
- Total broker commissions: $3K
- Bought from dealers (principal trades, not a cost): $1.2B
- Portfolio turnover (prospectus): 41%
- Securities on loan, average value: $60.0M
- Net income from securities lending: $341K (0.020% of average net assets)
C000219331 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BTIG, LLC | $1K | 50.70% |
| THE TORONTO-DOMINION BANK | $560 | 21.84% |
| JEFFERIES LLC | $359 | 14.00% |
| RBC Capital Markets, LLC | $203 | 7.92% |
| MORGAN STANLEY & CO. LLC | $59 | 2.30% |
| BOFA SECURITIES, INC. | $43 | 1.68% |
| Virtu ITG Hong Kong Limited | $14 | 0.55% |
| TP ICAP MARKETS LIMITED | $13 | 0.51% |
| LUMINEX TRADING & ANALYTICS LLC | $13 | 0.51% |
C000219331 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $131.2M | 17.55% |
| BOFA SECURITIES, INC. | $125.2M | 16.75% |
| Citigroup Inc. | $103.3M | 13.82% |
| GOLDMAN SACHS & CO. LLC | $71.9M | 9.62% |
| BARCLAYS CAPITAL INC. | $70.1M | 9.38% |
| RBC Capital Markets, LLC | $68.5M | 9.17% |
| MORGAN STANLEY & CO. LLC | $58.0M | 7.77% |
| WELLS FARGO SECURITIES, LLC | $45.3M | 6.06% |
| Loop Capital Markets LLC | $39.3M | 5.26% |
| STATE STREET GLOBAL MARKETS, LLC | $34.5M | 4.62% |
T. Rowe Price Institutional 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 |
|---|---|---|---|
| C000219331 | Z Class | 0.00% | — |
| TRHYX | T. Rowe Price Institutional High Yield Fund | 0.50% | — |
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.