TRAZX Fees and Costs — T. Rowe Price Institutional Floating Rate Fund, Z Class
Data updated: 2026-08-12
The net expense ratio is 0.02%: a 0.55% management fee plus 0.02% other expenses, less a 0.55% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 65%.
TRAZX Fees and Expenses
Annual operating expenses and sales charges of TRAZX. Prospectus, as of July 25, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | — |
| Other expenses | 0.02% |
| Gross expense ratio | 0.57% |
| Fee waiver | −0.55% |
| Net expense ratio | 0.02% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
TRAZX Costs Over Time
On $10,000 invested in TRAZX, assuming 5% a year before costs, total costs come to $13 over 5 years, cutting the return by 0.02% 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 0.02%) | $2 | $7 | $12 |
| Lost growth on money paid in costs | $0 | $0 | $1 |
| Total costs | $2 | $7 | $13 |
| Value after costs | $10,498 | $11,569 | $12,750 |
| Impact on return, per year | 0.02% | 0.02% | 0.02% |
TRAZX 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): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $4.3B
- Portfolio turnover (prospectus): 65%
- Securities lending: none during the year
TRAZX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $629.3M | 19.81% |
| BOFA SECURITIES, INC. | $454.7M | 14.31% |
| MORGAN STANLEY & CO. LLC | $352.1M | 11.08% |
| GOLDMAN SACHS & CO. LLC | $339.3M | 10.68% |
| BARCLAYS CAPITAL INC. | $333.7M | 10.50% |
| Citigroup Inc. | $292.8M | 9.22% |
| UBS AG | $225.4M | 7.09% |
| RBC Capital Markets, LLC | $205.4M | 6.46% |
| JEFFERIES LLC | $180.8M | 5.69% |
| WELLS FARGO SECURITIES, LLC | $163.8M | 5.15% |
T. Rowe Price Institutional Floating Rate Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TRAZX | Z Class | 0.02% | — |
| RPIFX | T. Rowe Price Institutional Floating Rate Fund | 0.57% | — |
| PFFRX | F Class | 0.70% | — |
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.