TMSSX Fees and Costs — T. Rowe Price Multi-Strategy Total Return Fund, I Class
Data updated: 2026-01-13
The net expense ratio is 1.04%: a 0.99% management fee plus 0.15% other expenses, less a 0.10% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $308K in broker commissions, 0.1020% of average net assets, and portfolio turnover was 126%.
TMSSX Fees and Expenses
Annual operating expenses and sales charges of TMSSX. Prospectus, as of October 31, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.99% |
| 12b-1 fee | — |
| Other expenses | 0.15% |
| Gross expense ratio | 1.14% |
| Fee waiver | −0.10% |
| Net expense ratio | 1.04% |
| 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 |
TMSSX Costs Over Time
On $10,000 invested in TMSSX, assuming 5% a year before costs, total costs come to $712 over 5 years, cutting the return by 1.20% 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 1.04%) | $109 | $340 | $589 |
| Trading costs (broker commissions) | $11 | $33 | $58 |
| Lost growth on money paid in costs | $0 | $19 | $65 |
| Total costs | $120 | $392 | $712 |
| Value after costs | $10,380 | $11,184 | $12,051 |
| Impact on return, per year | 1.20% | 1.20% | 1.20% |
TMSSX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1020%
- Total broker commissions: $308K
- Bought from dealers (principal trades, not a cost): $467.3M
- Portfolio turnover (prospectus): 126%
- Securities on loan, average value: $4.5M
- Net income from securities lending: $24K (0.008% of average net assets)
TMSSX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $94K | 32.54% |
| GOLDMAN SACHS & CO. LLC | $60K | 20.77% |
| J.P. MORGAN SECURITIES LLC | $52K | 17.86% |
| Citigroup Inc. | $29K | 10.15% |
| UBS AG | $25K | 8.66% |
| BOFA SECURITIES, INC. | $18K | 6.35% |
| CLSA AMERICAS, LLC | $3K | 1.17% |
| JEFFERIES LLC | $3K | 1.06% |
| CITADEL SECURITIES INSTITUTIONAL LLC | $2K | 0.76% |
| BARCLAYS CAPITAL INC. | $2K | 0.69% |
TMSSX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $95.7M | 25.48% |
| MORGAN STANLEY & CO. LLC | $69.5M | 18.50% |
| J.P. MORGAN SECURITIES LLC | $62.3M | 16.59% |
| BOFA SECURITIES, INC. | $32.7M | 8.70% |
| Citigroup Inc. | $27.8M | 7.41% |
| BARCLAYS CAPITAL INC. | $25.4M | 6.77% |
| BMO Capital Markets Corp. | $24.3M | 6.48% |
| JEFFERIES LLC | $16.9M | 4.51% |
| ASL CAPITAL MARKETS INC. | $11.6M | 3.10% |
| CITADEL SECURITIES INSTITUTIONAL LLC | $9.2M | 2.45% |
T. Rowe Price Multi-Strategy Total Return Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TMSSX | I Class | 1.04% | — |
| TMSRX | T. Rowe Price Multi-Strategy Total Return Fund | 1.19% | — |
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.