C000216710 Fees and Costs — Multi-Manager Small Cap Equity Strategies Fund, Institutional 3 Class
Data updated: 2026-07-29
The net expense ratio is 0.81%: a 0.82% management fee plus 0.08% other expenses, less a 0.09% fee waiver. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $1.2M in broker commissions, 0.0781% of average net assets, and portfolio turnover was 109%.
C000216710 Fees and Expenses
Annual operating expenses and sales charges of C000216710. Prospectus, as of December 31, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.82% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.08% |
| Gross expense ratio | 0.90% |
| Fee waiver | −0.09% |
| Net expense ratio | 0.81% |
| 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 | No |
C000216710 Costs Over Time
On $10,000 invested in C000216710, assuming 5% a year before costs, total costs come to $557 over 5 years, cutting the return by 0.93% 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 0.81%) | $85 | $266 | $461 |
| Trading costs (broker commissions) | $8 | $26 | $44 |
| Lost growth on money paid in costs | $0 | $14 | $51 |
| Total costs | $93 | $306 | $557 |
| Value after costs | $10,407 | $11,271 | $12,206 |
| Impact on return, per year | 0.93% | 0.93% | 0.93% |
C000216710 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0781%
- Total broker commissions: $1.2M
- Bought from dealers (principal trades, not a cost): $10.2M
- Portfolio turnover (prospectus): 109%
- Securities lending: none during the year
C000216710 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JPMorgan | $164K | 21.44% |
| Goldman Sachs | $115K | 15.12% |
| Virtu Americas LLC | $105K | 13.77% |
| UBS | $83K | 10.90% |
| BofA Securities, Inc. | $81K | 10.56% |
| Liquidnet Inc | $49K | 6.46% |
| SG Americas Securities LLC | $49K | 6.45% |
| Jefferies LLC | $41K | 5.40% |
| RBC Capital Markets | $41K | 5.40% |
| Morgan Stanley | $34K | 4.51% |
C000216710 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley | $3.9M | 38.33% |
| Goldman Sachs | $2.6M | 24.99% |
| Evercore Group LLC | $1.5M | 14.90% |
| Citi | $1.4M | 13.90% |
| BTIG LLC | $307K | 3.00% |
| Virtu Americas LLC | $246K | 2.40% |
| Barclays | $238K | 2.33% |
| Raymond James & Associates Inc | $16K | 0.15% |
Multi-Manager Small Cap Equity 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 |
|---|---|---|---|
| C000216710 | Institutional 3 Class | 0.81% | none |
| CZMSX | Institutional Class | 0.96% | 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.