MZCIX Fees and Costs — Muzinich Dynamic Income Fund, Institutional Class
Data updated: 2026-08-27
The net expense ratio is 0.70% (0.96% before fee waivers). This share class carries a redemption fee of 1.00%. In fiscal 2025 the fund paid $7K in broker commissions, 0.0043% of average net assets, and portfolio turnover was 127%.
MZCIX Fees and Expenses
Annual operating expenses and sales charges of MZCIX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 0.96% |
| Fee waiver | −0.26% |
| Net expense ratio | 0.70% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | 1.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
MZCIX Costs Over Time
On $10,000 invested in MZCIX, assuming 5% a year before costs, total costs come to $443 over 5 years, cutting the return by 0.74% 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 0.70%) | $74 | $230 | $400 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $11 | $41 |
| Total costs | $74 | $243 | $443 |
| Value after costs | $10,426 | $11,333 | $12,320 |
| Impact on return, per year | 0.74% | 0.74% | 0.74% |
MZCIX 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): 0.0043%
- Total broker commissions: $7K
- Bought from dealers (principal trades, not a cost): $426.8M
- Portfolio turnover (prospectus): 127%
- Securities lending: none during the year
MZCIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $7K | 100.00% |
MZCIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $68.5M | 20.86% |
| MORGAN STANLEY & CO. LLC | $56.5M | 17.19% |
| BNP PARIBAS PRIME BROKERAGE, INC. | $37.6M | 11.46% |
| BARCLAYS CAPITAL INC. | $35.8M | 10.89% |
| J.P. MORGAN SECURITIES LLC | $31.8M | 9.67% |
| CITADEL SECURITIES LLC | $29.2M | 8.88% |
| BOFAML SECURITIES, INC. | $18.2M | 5.54% |
| CITIGROUP GLOBAL MARKETS INC. | $18.2M | 5.53% |
| MERRILL LYNCH PROFESSIONAL CLEARING CORP. | $18.1M | 5.52% |
| PERSHING LLC | $14.6M | 4.44% |
Muzinich Dynamic Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MZCSX | Supra Institutional | 0.61% | — |
| MZCIX | Institutional Class | 0.70% | — |
| MZCRX | Class A | 0.91% | 4.25% |
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.