C000216704 Fees and Costs — Multi-Manager Value Strategies Fund, Institutional 3 Class
Data updated: 2026-09-24
The net expense ratio is 0.61%: a 0.60% management fee plus 0.04% other expenses, less a 0.03% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $606K in broker commissions, 0.0111% of average net assets, and portfolio turnover was 37%.
C000216704 Fees and Expenses
Annual operating expenses and sales charges of C000216704. Prospectus, as of September 30, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.04% |
| Gross expense ratio | 0.64% |
| Fee waiver | −0.03% |
| Net expense ratio | 0.61% |
| 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 | No |
| Waived fees subject to recoupment | No |
C000216704 Costs Over Time
On $10,000 invested in C000216704, assuming 5% a year before costs, total costs come to $391 over 5 years, cutting the return by 0.65% 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 0.61%) | $64 | $201 | $349 |
| Trading costs (broker commissions) | $1 | $4 | $6 |
| Lost growth on money paid in costs | $0 | $10 | $36 |
| Total costs | $65 | $214 | $391 |
| Value after costs | $10,435 | $11,362 | $12,371 |
| Impact on return, per year | 0.65% | 0.65% | 0.65% |
C000216704 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0111%
- Total broker commissions: $606K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 37%
- Securities lending: none during the year
C000216704 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $80K | 17.09% |
| J.P. Morgan Securities LLC | $79K | 16.72% |
| Piper Sandler & Co. | $78K | 16.58% |
| UBS Securities LLC | $51K | 10.79% |
| Evercore Group L.L.C. | $44K | 9.37% |
| Sanford C. Bernstein & Co., LLC | $34K | 7.20% |
| Wells Fargo Securities, LLC | $31K | 6.56% |
| Morgan Stanley & Co. LLC | $26K | 5.59% |
| Virtu Americas LLC | $24K | 5.20% |
| Robert W. Baird & Co. Incorporated | $23K | 4.90% |
Multi-Manager Value Strategies Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| C000216704 | Institutional 3 Class | 0.61% | none |
| CZMVX | Institutional Class | 0.68% | none |
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.