ALNAX Fees and Costs — AC Alternatives Income Fund, A Class
Data updated: 2021-03-25
The net expense ratio is 1.94% (2.08% before fee waivers). This share class carries a maximum front-end sales load of 5.75%. In fiscal 2020 the fund paid $81K in broker commissions, 0.0455% of average net assets, and portfolio turnover was 111%.
ALNAX Fees and Expenses
Annual operating expenses and sales charges of ALNAX. Prospectus, as of February 29, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 1.70% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.10% |
| Gross expense ratio | 2.08% |
| Fee waiver | −0.14% |
| Net expense ratio | 1.94% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
ALNAX Costs Over Time
On $10,000 invested in ALNAX, assuming 5% a year before costs, total costs come to $1,882 over 5 years, cutting the return by 3.30% 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 | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.94%) | $192 | $593 | $1,018 |
| Trading costs (broker commissions) | $5 | $14 | $24 |
| Lost growth on money paid in costs | $29 | $121 | $265 |
| Total costs | $800 | $1,303 | $1,882 |
| Value after costs | $9,700 | $10,274 | $10,881 |
| Impact on return, per year | 8.00% | 4.10% | 3.30% |
ALNAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.0455%
- Total broker commissions: $81K
- Bought from dealers (principal trades, not a cost): $1.4B
- Portfolio turnover (prospectus): 111%
- Securities lending: none during the year
ALNAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs | $21K | 28.91% |
| Bank of America Merrill Lynch | $13K | 18.18% |
| Sanford C. Bernstein | $7K | 10.09% |
| Citigroup Capital Markets Inc | $6K | 8.01% |
| J.P. Morgan Securities | $5K | 6.74% |
| Fidelity Investments | $5K | 6.55% |
| Morgan Stanley | $5K | 6.39% |
| Credit Suisse First Boston Corp | $4K | 6.05% |
| Evercore ISI Investment Group | $4K | 5.34% |
| Stiffel Nicholas Capital Markets | $3K | 3.76% |
ALNAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets | $946.4M | 72.79% |
| Barclays Capital | $94.5M | 7.27% |
| Bank of America Merrill Lynch | $55.7M | 4.28% |
| J.P. Morgan Securities | $49.9M | 3.84% |
| Credit Suisse First Boston Corp | $31.9M | 2.45% |
| Citigroup Capital Markets Inc | $28.8M | 2.21% |
| BNY Mellon Capital Markets, LLC | $27.7M | 2.13% |
| Goldman Sachs | $27.1M | 2.08% |
| Wells Fargo Securities | $19.9M | 1.53% |
| Morgan Stanley | $18.2M | 1.40% |
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.