AWTAX Fees and Costs — Virtus Duff & Phelps Water Fund, Class A
Data updated: 2026-08-28
The net expense ratio is 1.22%: a 0.95% management fee, a 0.25% 12b-1 fee plus 0.29% other expenses, less a 0.27% fee waiver. This share class carries a maximum front-end sales load of 5.50%. In fiscal 2025 the fund paid $159K in broker commissions, 0.0271% of average net assets, and portfolio turnover was 29%.
AWTAX Fees and Expenses
Annual operating expenses and sales charges of AWTAX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.29% |
| Gross expense ratio | 1.49% |
| Fee waiver | −0.27% |
| Net expense ratio | 1.22% |
| Sales charges | |
|---|---|
| Max front load | 5.50% |
| 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 |
AWTAX Costs Over Time
On $10,000 invested in AWTAX, assuming 5% a year before costs, total costs come to $1,435 over 5 years, cutting the return by 2.48% 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 | $550 | $550 | $550 |
| Fund expenses (net expense ratio 1.22%) | $121 | $377 | $652 |
| Trading costs (broker commissions) | $3 | $8 | $14 |
| Lost growth on money paid in costs | $27 | $106 | $219 |
| Total costs | $701 | $1,041 | $1,435 |
| Value after costs | $9,799 | $10,535 | $11,327 |
| Impact on return, per year | 7.01% | 3.25% | 2.48% |
AWTAX 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): 0.0271%
- Total broker commissions: $159K
- Bought from dealers (principal trades, not a cost): $1.2M
- Portfolio turnover (prospectus): 29%
- Securities lending: none during the year
AWTAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $36K | 27.12% |
| BARCLAYS CAPITAL, INC. | $16K | 12.24% |
| MORGAN STANLEY & CO. LLC | $16K | 11.68% |
| WOLFE RESEARCH SECURITIES | $15K | 11.29% |
| RBC CAPITAL MARKETS, LLC | $14K | 10.46% |
| GOLDMAN SACHS & CO. LLC | $8K | 6.35% |
| SANTANDER US CAPITAL MARKETS LLC | $7K | 5.40% |
| STIFEL FINANCIAL CORP. | $7K | 5.39% |
| Sandler, O'Neill & Partners, L.P. | $7K | 5.05% |
| CITIGROUP GLOBAL MARKETS INC. | $7K | 5.02% |
AWTAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| RBC CAPITAL MARKETS, LLC | $1.2M | 100.00% |
Virtus Duff & Phelps Water Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| AWTIX | Institutional Class | 0.93% | none |
| AWTAX | Class A | 1.22% | 5.50% |
| AWTCX | Class C | 1.97% | 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.