TRFZX Fees and Costs — T. Rowe Price Emerging Markets Discovery Stock Fund, Z Class
Data updated: 2026-09-25
The net expense ratio is 0.00%: a 0.93% management fee plus 0.04% other expenses, less a 0.97% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $4.4M in broker commissions, 0.0913% of average net assets, and portfolio turnover was 36%.
TRFZX Fees and Expenses
Annual operating expenses and sales charges of TRFZX. Prospectus, as of December 22, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.93% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.04% |
| Gross expense ratio | 0.97% |
| Fee waiver | −0.97% |
| 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 |
TRFZX Costs Over Time
On $10,000 invested in TRFZX, assuming 5% a year before costs, total costs come to $58 over 5 years, cutting the return by 0.10% 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) | $10 | $30 | $53 |
| Lost growth on money paid in costs | $0 | $1 | $5 |
| Total costs | $10 | $32 | $58 |
| Value after costs | $10,490 | $11,545 | $12,705 |
| Impact on return, per year | 0.10% | 0.10% | 0.10% |
TRFZX 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): 0.0913%
- Total broker commissions: $4.4M
- Bought from dealers (principal trades, not a cost): $356K
- Portfolio turnover (prospectus): 36%
- Securities on loan, average value: $14.0M
- Net income from securities lending: $46K (0.001% of average net assets)
TRFZX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $642K | 18.61% |
| Citigroup Inc. | $531K | 15.38% |
| CLSA AMERICAS, LLC | $415K | 12.03% |
| BOFA SECURITIES, INC. | $399K | 11.58% |
| MORGAN STANLEY & CO. LLC | $373K | 10.81% |
| UBS AG | $349K | 10.12% |
| GOLDMAN SACHS & CO. LLC | $260K | 7.53% |
| Nomura International PLC | $192K | 5.57% |
| MACQUARIE CAPITAL (USA) INC. | $154K | 4.46% |
| RBC Capital Markets, LLC | $136K | 3.93% |
TRFZX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $356K | 100.00% |
T. Rowe Price Emerging Markets Discovery Stock Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TRFZX | Z Class | 0.00% | — |
| REVIX | I Class | 0.98% | — |
| PRIJX | T. Rowe Price Emerging Markets Discovery Stock Fund | 1.13% | — |
| PAIJX | Advisor Class | 1.55% | — |
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.