C000173955 Fees and Costs — AZL Morgan Stanley Global Real Estate Fund, Class 1
Data updated: 2020-08-26
The net expense ratio is 0.89%: a 0.90% management fee plus 0.14% other expenses, less a 0.15% fee waiver. There are no sales loads or redemption fees. In fiscal 2019 the fund paid $48K in broker commissions, 0.0444% of average net assets, and portfolio turnover was 24%.
C000173955 Fees and Expenses
Annual operating expenses and sales charges of C000173955. Prospectus, as of April 30, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.14% |
| Gross expense ratio | 1.04% |
| Fee waiver | −0.15% |
| Net expense ratio | 0.89% |
| 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 | No |
C000173955 Costs Over Time
On $10,000 invested in C000173955, assuming 5% a year before costs, total costs come to $585 over 5 years, cutting the return by 0.98% 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 0.89%) | $93 | $292 | $506 |
| Trading costs (broker commissions) | $5 | $15 | $25 |
| Lost growth on money paid in costs | $0 | $15 | $54 |
| Total costs | $98 | $321 | $585 |
| Value after costs | $10,402 | $11,255 | $12,178 |
| Impact on return, per year | 0.98% | 0.98% | 0.98% |
C000173955 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.0444%
- Total broker commissions: $48K
- Bought from dealers (principal trades, not a cost): $26.4M
- Portfolio turnover (prospectus): 24%
- Securities on loan, average value: $2.8M
- Net income from securities lending: $16K (0.015% of average net assets)
C000173955 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BMO CAPITAL MARKETS CORP. | $16K | 41.38% |
| JEFFERIES LLC | $4K | 11.15% |
| CREDIT SUISSE SECURITIES (USA) LLC | $4K | 9.90% |
| J.P. MORGAN SECURITIES LLC | $3K | 8.74% |
| UBS SECURITIES LLC | $3K | 7.76% |
| CITIGROUP GLOBAL MARKETS INC. | $2K | 6.29% |
| MACQUARIE CAPITAL (USA) INC. | $2K | 4.77% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $2K | 4.35% |
| ITG INC. | $1K | 3.00% |
| KEYBANC CAPITAL MARKETS | $1K | 2.67% |
C000173955 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON CAPITAL MARKETS, LLC | $25.9M | 98.17% |
| MACQUARIE CAPITAL (USA) INC. | $102K | 0.39% |
| UBS SECURITIES LLC | $94K | 0.36% |
| J.P. MORGAN SECURITIES LLC | $60K | 0.23% |
| Dain Bosworth | $51K | 0.19% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $50K | 0.19% |
| CITIGROUP GLOBAL MARKETS INC. | $43K | 0.16% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $36K | 0.13% |
| BMO CAPITAL MARKETS CORP. | $25K | 0.10% |
| MIZUHO SECURITIES USA LLC | $22K | 0.08% |
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.