MZHRX Fees and Costs — Muzinich Flexible U.S. High Yield Income Fund
Data updated: 2026-08-27
The net expense ratio is 0.93% (1.72% before fee waivers). This share class carries a maximum front-end sales load of 4.25% and a redemption fee of 1.00%. Portfolio turnover was 66%.
MZHRX Fees and Expenses
Annual operating expenses and sales charges of MZHRX. Prospectus, as of April 30, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.82% |
| Gross expense ratio | 1.72% |
| Fee waiver | −0.79% |
| Net expense ratio | 0.93% |
| Sales charges | |
|---|---|
| Max front load | 4.25% |
| 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 |
MZHRX Costs Over Time
On $10,000 invested in MZHRX, assuming 5% a year before costs, total costs come to $1,100 over 5 years, cutting the return by 1.88% 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 |
| Sales charges | $425 | $425 | $425 |
| Fund expenses (net expense ratio 0.93%) | $93 | $292 | $507 |
| Lost growth on money paid in costs | $21 | $81 | $169 |
| Total costs | $540 | $798 | $1,100 |
| Value after costs | $9,960 | $10,778 | $11,663 |
| Impact on return, per year | 5.40% | 2.47% | 1.88% |
MZHRX 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): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $86.0M
- Portfolio turnover (prospectus): 66%
- Securities lending: none during the year
MZHRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $14.5M | 18.54% |
| GOLDMAN SACHS & CO. LLC | $12.5M | 15.97% |
| J.P. MORGAN SECURITIES LLC | $12.4M | 15.85% |
| MERRILL LYNCH PROFESSIONAL CLEARING CORP. | $8.4M | 10.76% |
| CITIGROUP GLOBAL MARKETS INC. | $6.3M | 8.05% |
| WELLS FARGO SECURITIES, LLC | $5.6M | 7.12% |
| JANE STREET EXECUTION SERVICES, LLC | $5.2M | 6.67% |
| PERSHING LLC | $4.6M | 5.89% |
| BARCLAYS CAPITAL INC. | $4.4M | 5.58% |
| JEFFERIES LLC | $4.4M | 5.58% |
Muzinich Flexible U.S. High Yield 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 |
|---|---|---|---|
| MZHIX | Institutional Class | 0.59% | — |
| MZHSX | Supra Institutional | 0.59% | — |
| MZHRX | C000111438 | 0.93% | 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.