NEZAX Fees and Costs — Loomis Sayles Strategic Income Fund, Admin Class
Data updated: 2026-08-28
The net expense ratio is 1.17%: a 0.58% management fee, a 0.25% 12b-1 fee plus 0.42% other expenses, less a 0.08% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $762K in broker commissions, 0.0285% of average net assets, and portfolio turnover was 100%.
NEZAX Fees and Expenses
Annual operating expenses and sales charges of NEZAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.58% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.42% |
| Gross expense ratio | 1.25% |
| Fee waiver | −0.08% |
| Net expense ratio | 1.17% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
NEZAX Costs Over Time
On $10,000 invested in NEZAX, assuming 5% a year before costs, total costs come to $747 over 5 years, cutting the return by 1.26% 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 1.17%) | $123 | $383 | $662 |
| Trading costs (broker commissions) | $3 | $9 | $16 |
| Lost growth on money paid in costs | $0 | $19 | $69 |
| Total costs | $126 | $411 | $747 |
| Value after costs | $10,374 | $11,165 | $12,016 |
| Impact on return, per year | 1.26% | 1.26% | 1.26% |
NEZAX 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): 0.0285%
- Total broker commissions: $762K
- Bought from dealers (principal trades, not a cost): $23.2B
- Portfolio turnover (prospectus): 100%
- Securities lending: none during the year
NEZAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $742K | 97.35% |
| Morgan Stanley & Co. LLC | $6K | 0.82% |
| BofA Securities, Inc. | $4K | 0.48% |
| Goldman Sachs & Co. LLC | $3K | 0.44% |
| Barclays Capital Inc. | $3K | 0.38% |
| UBS Securities LLC | $2K | 0.29% |
| Citigroup Global Markets Inc. | $2K | 0.23% |
| Liquidnet, Inc. | $41 | 0.01% |
| Kezar Trading, LLC | $4 | 0.00% |
NEZAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $18.0B | 82.71% |
| Goldman Sachs & Co. LLC | $731.5M | 3.37% |
| Citigroup Global Markets Inc. | $514.8M | 2.37% |
| J.P. Morgan Securities LLC | $490.0M | 2.26% |
| Barclays Capital Inc. | $454.0M | 2.09% |
| BofA Securities, Inc. | $399.1M | 1.84% |
| Morgan Stanley & Co. LLC | $398.5M | 1.83% |
| BMO Capital Markets Corp. | $287.0M | 1.32% |
| Wells Fargo Securities, LLC | $247.2M | 1.14% |
| Nomura Securities International, Inc. | $234.8M | 1.08% |
Loomis Sayles Strategic 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 |
|---|---|---|---|
| NEZNX | Class N | 0.62% | none |
| NEZYX | Class Y | 0.67% | none |
| LSSTX | Class T | 0.92% | 2.50% |
| NEFZX | Class A | 0.92% | 4.25% |
| NEZAX | Admin Class | 1.17% | none |
| NECZX | Class C | 1.67% | none |
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.