MZLRX Fees and Costs — Muzinich Low Duration Fund
Data updated: 2026-08-27
The net expense ratio is 0.85% (0.96% 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 69%.
MZLRX Fees and Expenses
Annual operating expenses and sales charges of MZLRX. Prospectus, as of April 30, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.16% |
| Gross expense ratio | 0.96% |
| Fee waiver | −0.11% |
| Net expense ratio | 0.85% |
| 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 |
MZLRX Costs Over Time
On $10,000 invested in MZLRX, assuming 5% a year before costs, total costs come to $1,053 over 5 years, cutting the return by 1.79% 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 0.85%) | $85 | $267 | $464 |
| Lost growth on money paid in costs | $21 | $80 | $164 |
| Total costs | $532 | $772 | $1,053 |
| Value after costs | $9,968 | $10,804 | $11,710 |
| Impact on return, per year | 5.32% | 2.39% | 1.79% |
MZLRX 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): $1.5B
- Portfolio turnover (prospectus): 69%
- Securities lending: none during the year
MZLRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $280.2M | 24.06% |
| BNP PARIBAS PRIME BROKERAGE, INC. | $150.6M | 12.92% |
| MORGAN STANLEY & CO. LLC | $135.4M | 11.62% |
| BARCLAYS CAPITAL INC. | $129.2M | 11.09% |
| CITIGROUP GLOBAL MARKETS INC. | $120.4M | 10.33% |
| BOFAML SECURITIES, INC. | $98.9M | 8.49% |
| DEUTSCHE BANK SECURITIES INC. | $86.2M | 7.40% |
| MERRILL LYNCH PROFESSIONAL CLEARING CORP. | $67.7M | 5.82% |
| JEFFERIES LLC | $55.6M | 4.78% |
| HSBC SECURITIES (USA) INC. | $40.8M | 3.50% |
Muzinich Low Duration Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MZLSX | Supra Institutional | 0.51% | — |
| MZLRX | C000170962 | 0.85% | 4.25% |
| MZLNX | C000262022 | — | — |
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.