MZFIX Fees and Costs — Muzinich High Income Floating Rate Fund, Institutional Class
Data updated: 2022-03-14
The net expense ratio is 0.65%: a 0.50% management fee plus 1.31% other expenses, less a 1.16% fee waiver. This share class carries a redemption fee of 1.00%. Portfolio turnover was 73%.
MZFIX Fees and Expenses
Annual operating expenses and sales charges of MZFIX. Prospectus, as of April 30, 2021.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.31% |
| Gross expense ratio | 1.81% |
| Fee waiver | −1.16% |
| Net expense ratio | 0.65% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
MZFIX Costs Over Time
On $10,000 invested in MZFIX, assuming 5% a year before costs, total costs come to $409 over 5 years, cutting the return by 0.68% 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 0.65%) | $68 | $214 | $372 |
| Lost growth on money paid in costs | $0 | $11 | $37 |
| Total costs | $68 | $224 | $409 |
| Value after costs | $10,432 | $11,352 | $12,353 |
| Impact on return, per year | 0.68% | 0.68% | 0.68% |
MZFIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2021.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $43.9M
- Portfolio turnover (prospectus): 73%
- Securities lending: none during the year
MZFIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $9.3M | 23.11% |
| CREDIT SUISSE SECURITIES (USA) LLC | $6.6M | 16.21% |
| GOLDMAN SACHS & CO. LLC | $5.9M | 14.60% |
| MERRILL LYNCH PROFESSIONAL CLEARING CORP. | $5.4M | 13.49% |
| MORGAN STANLEY & CO. LLC | $3.3M | 8.23% |
| WELLS FARGO SECURITIES, LLC | $2.9M | 7.07% |
| BARCLAY INVESTMENTS LLC | $2.6M | 6.52% |
| CITIGROUP GLOBAL MARKETS INC. | $2.1M | 5.11% |
| JEFFERIES LLC | $1.6M | 3.87% |
| DEUTSCHE BANK SECURITIES INC. | $725K | 1.79% |
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.