AREPX Fees and Costs — AllianzGI Floating Rate Note Fund, Class P
Data updated: 2020-08-24
The net expense ratio is 0.40%: a 0.20% management fee plus 1.32% other expenses, less a 1.12% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 161%.
AREPX Fees and Expenses
Annual operating expenses and sales charges of AREPX. Prospectus, as of September 30, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 0.20% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.32% |
| Gross expense ratio | 1.52% |
| Fee waiver | −1.12% |
| Net expense ratio | 0.40% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
AREPX Costs Over Time
On $10,000 invested in AREPX, assuming 5% a year before costs, total costs come to $253 over 5 years, cutting the return by 0.42% 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 0.40%) | $42 | $132 | $230 |
| Lost growth on money paid in costs | $0 | $7 | $23 |
| Total costs | $42 | $138 | $253 |
| Value after costs | $10,458 | $11,438 | $12,510 |
| Impact on return, per year | 0.42% | 0.42% | 0.42% |
AREPX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2019.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $122.2M
- Portfolio turnover (prospectus): 161%
- Securities lending: none during the year
AREPX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $75.7M | 69.94% |
| JPMorgan Chase & Co. | $10.6M | 9.82% |
| MarketAxess Corporation | $3.4M | 3.18% |
| Citigroup Global Markets Inc. | $3.4M | 3.18% |
| Morgan Stanley & Co. LLC | $3.0M | 2.77% |
| Mizuho Securities USA LLC | $2.6M | 2.42% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $2.5M | 2.32% |
| RBC Capital Markets, LLC | $2.4M | 2.18% |
| TD Securities (USA) LLC | $2.3M | 2.11% |
| Daiwa Capital Markets America Inc. | $2.2M | 2.07% |
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.