AYBAX Fees and Costs — Virtus Seix High Yield Income Fund, Class A
Data updated: 2024-02-28
The net expense ratio is 1.12%: a 0.48% management fee, a 0.25% 12b-1 fee plus 0.62% other expenses, less a 0.23% fee waiver. This share class carries a maximum front-end sales load of 3.75%. In fiscal 2023 the fund paid $1K in broker commissions, 0.0044% of average net assets, and portfolio turnover was 83%.
AYBAX Fees and Expenses
Annual operating expenses and sales charges of AYBAX. Prospectus, as of September 30, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.48% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.62% |
| Gross expense ratio | 1.35% |
| Fee waiver | −0.23% |
| Net expense ratio | 1.12% |
| Sales charges | |
|---|---|
| Max front load | 3.75% |
| 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 | Yes |
AYBAX Costs Over Time
On $10,000 invested in AYBAX, assuming 5% a year before costs, total costs come to $1,154 over 5 years, cutting the return by 1.97% 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 | $375 | $375 | $375 |
| Fund expenses (net expense ratio 1.12%) | $113 | $353 | $611 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $19 | $77 | $166 |
| Total costs | $507 | $806 | $1,154 |
| Value after costs | $9,993 | $10,771 | $11,609 |
| Impact on return, per year | 5.07% | 2.49% | 1.97% |
AYBAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.0044%
- Total broker commissions: $1K
- Bought from dealers (principal trades, not a cost): $59.4M
- Portfolio turnover (prospectus): 83%
- Securities lending: none during the year
AYBAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $1K | 100.00% |
AYBAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $22.2M | 41.80% |
| GOLDMAN SACHS & CO. LLC | $7.5M | 14.03% |
| CitiGroup Global Markets Inc. | $6.1M | 11.40% |
| JEFFERIES LLC | $4.4M | 8.36% |
| BOFA SECURITIES, INC. | $3.4M | 6.39% |
| MORGAN STANLEY & CO. LLC | $3.1M | 5.77% |
| BARCLAYS CAPITAL, INC. | $2.6M | 4.88% |
| WELLS FARGO SECURITIES, LLC | $1.4M | 2.66% |
| DEUTSCHE BANK SECURITIES, INC. | $1.4M | 2.60% |
| ROBERT W BAIRD & CO. INC. | $1.1M | 2.11% |
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.