C000198335 Fees and Costs — PPM Floating Rate Income Fund, Institutional Class
Data updated: 2020-11-24
The net expense ratio is 0.76% (0.91% before fee waivers). There are no sales loads or redemption fees. In fiscal 2019 the fund paid $1K in broker commissions, 0.0026% of average net assets, and portfolio turnover was 56%.
C000198335 Fees and Expenses
Annual operating expenses and sales charges of C000198335. Prospectus, as of April 30, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 0.91% |
| Fee waiver | −0.15% |
| Net expense ratio | 0.76% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
C000198335 Costs Over Time
On $10,000 invested in C000198335, assuming 5% a year before costs, total costs come to $479 over 5 years, cutting the return by 0.80% 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 0.76%) | $80 | $250 | $434 |
| Trading costs (broker commissions) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $0 | $12 | $44 |
| Total costs | $80 | $263 | $479 |
| Value after costs | $10,420 | $11,313 | $12,284 |
| Impact on return, per year | 0.80% | 0.80% | 0.80% |
C000198335 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): 0.0026%
- Total broker commissions: $1K
- Bought from dealers (principal trades, not a cost): $109.5M
- Portfolio turnover (prospectus): 56%
- Securities on loan, average value: $451K
- Net income from securities lending: $4K (0.008% of average net assets)
C000198335 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $425 | 32.17% |
| Barclays PLC | $385 | 29.16% |
| Investment Technology Group Inc. | $329 | 24.89% |
| Liquidnet, Inc. | $182 | 13.78% |
C000198335 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Corporation | $30.9M | 31.72% |
| JP Morgan Securities Inc. | $17.4M | 17.91% |
| Credit Suisse | $11.1M | 11.41% |
| Barclays PLC | $9.2M | 9.44% |
| Banc of America Securities | $7.1M | 7.26% |
| Deutsche Bank Securities, Inc | $6.0M | 6.14% |
| Goldman Sachs & Co. LLC | $5.2M | 5.29% |
| Morgan Stanley & Co, Inc | $4.8M | 4.95% |
| CitiGroup Global Markets, Inc. | $3.4M | 3.48% |
| UBS Securities LLC | $2.3M | 2.39% |
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.