TRCDX Fees and Costs — T. Rowe Price Dynamic Credit Fund, Z Class
Data updated: 2026-08-27
The net expense ratio is 0.00%: a 0.50% management fee plus 0.04% other expenses, less a 0.54% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $159K in broker commissions, 0.0141% of average net assets, and portfolio turnover was 130%.
TRCDX Fees and Expenses
Annual operating expenses and sales charges of TRCDX. Prospectus, as of February 25, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.04% |
| Gross expense ratio | 0.54% |
| Fee waiver | −0.54% |
| Net expense ratio | 0.00% |
| 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 |
TRCDX Costs Over Time
On $10,000 invested in TRCDX, assuming 5% a year before costs, total costs come to $9 over 5 years, cutting the return by 0.01% 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) | $1 | $5 | $8 |
| Lost growth on money paid in costs | $0 | $0 | $1 |
| Total costs | $1 | $5 | $9 |
| Value after costs | $10,499 | $11,571 | $12,754 |
| Impact on return, per year | 0.01% | 0.01% | 0.01% |
TRCDX 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): 0.0141%
- Total broker commissions: $159K
- Bought from dealers (principal trades, not a cost): $4.3B
- Portfolio turnover (prospectus): 130%
- Securities on loan, average value: $30.7M
- Net income from securities lending: $172K (0.015% of average net assets)
TRCDX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $46K | 28.87% |
| Citigroup Inc. | $35K | 22.20% |
| BOFA SECURITIES, INC. | $29K | 18.28% |
| GOLDMAN SACHS & CO. LLC | $26K | 16.19% |
| MORGAN STANLEY & CO. LLC | $9K | 5.65% |
| Virtu ITG Hong Kong Limited | $7K | 4.51% |
| STIFEL NICOLAUS EUROPE LIMITED | $3K | 2.04% |
| WELLS FARGO SECURITIES, LLC | $2K | 1.04% |
| KEYBANC CAPITAL MARKETS INC. | $1K | 0.65% |
| TD Securities Ltd. | $905 | 0.57% |
TRCDX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $594.9M | 16.64% |
| J.P. MORGAN SECURITIES LLC | $572.6M | 16.02% |
| ASL CAPITAL MARKETS INC. | $496.8M | 13.90% |
| BARCLAYS CAPITAL INC. | $458.5M | 12.83% |
| GOLDMAN SACHS & CO. LLC | $380.8M | 10.65% |
| Citigroup Inc. | $316.7M | 8.86% |
| BOFA SECURITIES, INC. | $278.0M | 7.78% |
| CITADEL SECURITIES INSTITUTIONAL LLC | $207.4M | 5.80% |
| BMO Capital Markets Corp. | $191.3M | 5.35% |
| JEFFERIES LLC | $77.1M | 2.16% |
T. Rowe Price Dynamic Credit Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TRCDX | Z Class | 0.00% | — |
| RPELX | I Class | 0.55% | — |
| RPIDX | T. Rowe Price Dynamic Credit Fund | 0.63% | — |
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.