MSYZX Fees and Costs — Systematic High Yield Bond Series, Class Z
Data updated: 2026-08-21
The net expense ratio is 0.46%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $763 in broker commissions, 0.0033% of average net assets, and portfolio turnover was 50%.
MSYZX Fees and Expenses
Annual operating expenses and sales charges of MSYZX. Prospectus, as of March 13, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.35% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | — |
| Fee waiver | — |
| Net expense ratio | 0.46% |
| 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 | Yes |
MSYZX Costs Over Time
On $10,000 invested in MSYZX, assuming 5% a year before costs, total costs come to $293 over 5 years, cutting the return by 0.49% 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 0.46%) | $48 | $152 | $264 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $8 | $27 |
| Total costs | $49 | $160 | $293 |
| Value after costs | $10,451 | $11,416 | $12,470 |
| Impact on return, per year | 0.49% | 0.49% | 0.49% |
MSYZX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0033%
- Total broker commissions: $763
- Bought from dealers (principal trades, not a cost): $48.0M
- Portfolio turnover (prospectus): 50%
- Securities lending: none during the year
MSYZX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $499 | 65.32% |
| GOLDMAN SACHS & CO. LLC | $265 | 34.68% |
MSYZX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CitiGroup Global Markets Inc. | $17.4M | 36.24% |
| J.P. Morgan Securities LLC | $10.7M | 22.40% |
| GOLDMAN SACHS & CO. LLC | $7.2M | 14.94% |
| JANE STREET EXECUTION SERVICES, LLC | $6.2M | 12.95% |
| MORGAN STANLEY & CO. LLC | $3.1M | 6.52% |
| Truist Securities, Inc. | $2.0M | 4.25% |
| ROBERT W BAIRD & CO. INC. | $1.0M | 2.10% |
| BMO CAPITAL MARKETS CORP. | $102K | 0.21% |
| NATIONAL BANK OF CANADA FINANCIAL INC. | $100K | 0.21% |
| JEFFERIES LLC | $93K | 0.19% |
Systematic High Yield Bond Series Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MSHWX | Class W | 0.11% | — |
| MSYZX | Class Z | 0.46% | — |
| MSHIX | Class I | 0.61% | — |
| MSYSX | Class S | 0.86% | — |
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.