TRZMX Fees and Costs — T. Rowe Price Africa & Middle East Fund, Z Class
Data updated: 2026-09-25
The net expense ratio is 0.00%: a 1.03% management fee plus 0.35% other expenses, less a 1.38% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $92K in broker commissions, 0.0944% of average net assets, and portfolio turnover was 43%.
TRZMX Fees and Expenses
Annual operating expenses and sales charges of TRZMX. Prospectus, as of December 22, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.03% |
| 12b-1 fee | — |
| Other expenses | 0.35% |
| Gross expense ratio | 1.38% |
| Fee waiver | −1.38% |
| 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 |
TRZMX Costs Over Time
On $10,000 invested in TRZMX, assuming 5% a year before costs, total costs come to $60 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 | $31 | $55 |
| Lost growth on money paid in costs | $0 | $2 | $5 |
| Total costs | $10 | $33 | $60 |
| Value after costs | $10,490 | $11,543 | $12,703 |
| Impact on return, per year | 0.10% | 0.10% | 0.10% |
TRZMX 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): 0.0944%
- Total broker commissions: $92K
- Bought from dealers (principal trades, not a cost): $588K
- Portfolio turnover (prospectus): 43%
- Securities on loan, average value: $2.0M
- Net income from securities lending: $59K (0.060% of average net assets)
TRZMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $16K | 19.24% |
| JEFFERIES LLC | $14K | 16.97% |
| J.P. MORGAN SECURITIES LLC | $11K | 12.86% |
| Financial Brokerage Group | $9K | 10.40% |
| HSBC Securities (USA) Inc. | $9K | 10.29% |
| UBS AG | $8K | 8.90% |
| Citigroup Inc. | $7K | 8.48% |
| BOFA SECURITIES, INC. | $5K | 5.82% |
| AVIOR CAPITAL MARKETS INTERNATIONAL LIMITED | $3K | 4.04% |
| STANDARD BANK PLC | $3K | 3.00% |
TRZMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $530K | 90.03% |
| EUROZ SECURITIES | $59K | 9.97% |
T. Rowe Price Africa & Middle East Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TRZMX | Z Class | 0.00% | — |
| PRAMX | I Class | 1.08% | — |
| TRAMX | T. Rowe Price Africa & Middle East Fund | 1.30% | — |
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.