ALNRX Fees and Costs — AC Alternatives Income Fund, R Class
Data updated: 2021-03-25
The net expense ratio is 2.19% (2.33% before fee waivers). There are no sales loads or redemption fees. In fiscal 2020 the fund paid $81K in broker commissions, 0.0455% of average net assets, and portfolio turnover was 111%.
ALNRX Fees and Expenses
Annual operating expenses and sales charges of ALNRX. Prospectus, as of February 29, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 1.70% |
| 12b-1 fee | 0.50% |
| Other expenses | 0.10% |
| Gross expense ratio | 2.33% |
| Fee waiver | −0.14% |
| Net expense ratio | 2.19% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
ALNRX Costs Over Time
On $10,000 invested in ALNRX, assuming 5% a year before costs, total costs come to $1,364 over 5 years, cutting the return by 2.35% 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 2.19%) | $230 | $708 | $1,212 |
| Trading costs (broker commissions) | $5 | $15 | $25 |
| Lost growth on money paid in costs | $0 | $36 | $127 |
| Total costs | $235 | $759 | $1,364 |
| Value after costs | $10,265 | $10,817 | $11,399 |
| Impact on return, per year | 2.35% | 2.35% | 2.35% |
ALNRX 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
ALNRX 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% |
ALNRX 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.