TRSSX Fees and Costs — T. Rowe Price Institutional Small-Cap Stock Fund
Data updated: 2026-08-27
The net expense ratio is 0.66%: a 0.65% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $4.4M in broker commissions, 0.1020% of average net assets, and portfolio turnover was 84%.
TRSSX Fees and Expenses
Annual operating expenses and sales charges of TRSSX. Prospectus, as of February 25, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | — |
| Other expenses | 0.01% |
| Gross expense ratio | 0.66% |
| Fee waiver | — |
| Net expense ratio | 0.66% |
| 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 |
TRSSX Costs Over Time
On $10,000 invested in TRSSX, assuming 5% a year before costs, total costs come to $479 over 5 years, cutting the return by 0.80% 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 0.66%) | $69 | $217 | $377 |
| Trading costs (broker commissions) | $11 | $33 | $58 |
| Lost growth on money paid in costs | $0 | $12 | $44 |
| Total costs | $80 | $263 | $479 |
| Value after costs | $10,420 | $11,314 | $12,284 |
| Impact on return, per year | 0.80% | 0.80% | 0.80% |
TRSSX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1020%
- Total broker commissions: $4.4M
- Bought from dealers (principal trades, not a cost): $236.7M
- Portfolio turnover (prospectus): 84%
- Securities lending: none during the year
TRSSX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $623K | 22.54% |
| J.P. MORGAN SECURITIES LLC | $362K | 13.08% |
| GOLDMAN SACHS & CO. LLC | $334K | 12.06% |
| BOFA SECURITIES, INC. | $319K | 11.51% |
| TD Securities Ltd. | $245K | 8.87% |
| JEFFERIES LLC | $218K | 7.87% |
| RBC Capital Markets, LLC | $178K | 6.43% |
| BERNSTEIN INSTITUTIONAL SERVICES LLC | $175K | 6.33% |
| UBS AG | $167K | 6.05% |
| KEEFE, BRUYETTE & WOODS, INC. | $145K | 5.26% |
TRSSX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $44.6M | 24.67% |
| MORGAN STANLEY & CO. LLC | $29.3M | 16.17% |
| JEFFERIES LLC | $24.4M | 13.48% |
| GOLDMAN SACHS & CO. LLC | $20.6M | 11.39% |
| BOFA SECURITIES, INC. | $20.3M | 11.24% |
| LEERINK PARTNERS LLC | $10.8M | 5.94% |
| TD Securities Ltd. | $8.2M | 4.53% |
| Guggenheim Securities, LLC | $8.1M | 4.50% |
| Citigroup Inc. | $8.0M | 4.42% |
| STIFEL NICOLAUS EUROPE LIMITED | $6.6M | 3.65% |
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.