Understanding your Costs and Charges Report

Your Costs and Charges Report provides a breakdown of the costs and charges related to your investment account over the reporting period. This article explains the key terms used in the report and how the figures are calculated.

The report is designed to help you understand the costs associated with the investment and ancillary services provided by Calamatta Cuschieri Investment Services Limited, CCIS, as well as certain costs that may already be included within the financial instruments held in your portfolio.

What does account value mean?

Account value is calculated as the average monthly value of your account over the 12-month reporting period.

This means the report does not use only the value of your account on one specific day. Instead, it takes into account the average value of your account across the year.

What are investment and/or ancillary service costs?

Investment and/or ancillary service costs are the costs charged by Calamatta Cuschieri Investment Services Limited, CCIS, for providing investment and related services.

These may include:

• One-off charges 
• Ongoing costs related to your portfolio 
• Costs linked to transactions carried out on your account 

What are transaction fees?

Transaction fees are costs incurred when buying or selling financial instruments.

These may include:

• Transaction costs 
• Entry fees 
• Exit fees 
• Stock exchange fees 
• Stamp duty 
• Other costs related to buying or selling investments 

What are ongoing costs?

Ongoing costs are charges incurred as part of the continued servicing and administration of your account.

Examples may include:

• Processing fees 
• Administrative fees 
• Corporate action fees 
• Cheque payment fees 
• Safekeeping fees 
• Market Data Subscription

What are costs embedded in financial instruments?

Some costs are included within the financial instruments themselves. These are not paid directly by you as a separate charge, but are already deducted from the published Net Asset Value, NAV, per share of the fund.

These costs may include:

• Management fees 
• Transaction costs within the fund 
• Performance fees, where applicable 

More information about these costs can be found in the relevant Key Investor Information Document, KIID, or other fund documentation.

What are third-party payments?

Third-party payments refer to payments received by CCIS as distributor from third-party investment management firms.

These payments are made by the investment management firm out of its own management fee charged directly to the fund. They are not charged to you separately.

What does cumulative effect of costs and charges on return mean?

The cumulative effect of costs and charges on return shows the impact that costs and charges had on your portfolio’s return during the reporting period.

The report shows the percentage increase or decrease in your account value:

• Before costs and charges are deducted 
• After costs and charges are deducted 

The return is quoted gross of any tax deducted on dividend or income distributions. It also includes unrealised capital gains and any income paid into your account.

The percentage return is calculated based on the monthly average account value.

What does “Closest Price Available” mean?

“Closest Price Available” means that the valuation is based on the closest available price for the financial instrument at the time the report was prepared.