ANNAX Fees and Costs — Virtus Convertible Fund, Administrative Class
Data updated: 2026-08-28
The net expense ratio is 0.93%: a 0.57% management fee, a 0.25% 12b-1 fee plus 0.29% other expenses, less a 0.18% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 130%.
ANNAX Fees and Expenses
Annual operating expenses and sales charges of ANNAX. Prospectus, as of September 30, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.57% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.29% |
| Gross expense ratio | 1.11% |
| Fee waiver | −0.18% |
| Net expense ratio | 0.93% |
| 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 | Yes |
ANNAX Costs Over Time
On $10,000 invested in ANNAX, assuming 5% a year before costs, total costs come to $583 over 5 years, cutting the return by 0.98% 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 0.93%) | $98 | $305 | $529 |
| Lost growth on money paid in costs | $0 | $15 | $53 |
| Total costs | $98 | $320 | $583 |
| Value after costs | $10,402 | $11,256 | $12,180 |
| Impact on return, per year | 0.98% | 0.98% | 0.98% |
ANNAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $4.3B
- Portfolio turnover (prospectus): 130%
- Securities lending: none during the year
ANNAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $827.5M | 20.90% |
| BARCLAYS CAPITAL, INC. | $456.6M | 11.53% |
| BOFA SECURITIES, INC. | $444.8M | 11.23% |
| GOLDMAN SACHS & CO. LLC | $431.9M | 10.91% |
| UBS SECURITIES LLC | $396.4M | 10.01% |
| CitiGroup Global Markets Inc. | $389.9M | 9.85% |
| MORGAN STANLEY & CO. LLC | $311.5M | 7.87% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $242.2M | 6.12% |
| JEFFERIES LLC | $237.3M | 5.99% |
| WELLS FARGO SECURITIES, LLC | $221.5M | 5.59% |
Virtus Convertible Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VAADX | Class R6 | 0.62% | none |
| ANNPX | Institutional Class | 0.71% | none |
| ANNAX | Administrative Class | 0.93% | none |
| ANZAX | Class A | 0.96% | 5.50% |
| ANZCX | Class C | 1.73% | 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.