BRMSX Fees and Costs — Bramshill Income Performance Fund, Institutional Class
Data updated: 2026-08-31
The net expense ratio is 1.19%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $792K in broker commissions, 0.0715% of average net assets, and portfolio turnover was 67%.
BRMSX Fees and Expenses
Annual operating expenses and sales charges of BRMSX. Prospectus, as of July 29, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.23% |
| Gross expense ratio | 1.19% |
| Fee waiver | — |
| Net expense ratio | 1.19% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
BRMSX Costs Over Time
On $10,000 invested in BRMSX, assuming 5% a year before costs, total costs come to $785 over 5 years, cutting the return by 1.32% 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 1.19%) | $125 | $389 | $672 |
| Trading costs (broker commissions) | $8 | $23 | $40 |
| Lost growth on money paid in costs | $0 | $20 | $72 |
| Total costs | $132 | $433 | $785 |
| Value after costs | $10,368 | $11,144 | $11,978 |
| Impact on return, per year | 1.32% | 1.32% | 1.32% |
BRMSX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0715%
- Total broker commissions: $792K
- Bought from dealers (principal trades, not a cost): $2.6B
- Portfolio turnover (prospectus): 67%
- Securities on loan, average value: $22.2M
- Net income from securities lending: $166K (0.015% of average net assets)
BRMSX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PROFESSIONAL CLEARING CORP. | $232K | 30.08% |
| RBC CAPITAL MARKETS, LLC | $228K | 29.55% |
| NATIONAL FINANCIAL SERVICES LLC | $127K | 16.46% |
| RAYMOND JAMES & ASSOCIATES, INC. | $37K | 4.73% |
| GOLDMAN SACHS & CO. LLC | $35K | 4.54% |
| CLEAR STREET LLC | $31K | 4.01% |
| TELSEY ADVISORY GROUP LLC | $22K | 2.85% |
| ELEVATION, LLC | $20K | 2.59% |
| JANE STREET EXECUTION SERVICES, LLC | $20K | 2.59% |
| JEFFERIES & COMPANY INC. | $20K | 2.59% |
BRMSX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| PERSHING LLC | $176.8M | 25.34% |
| CITIGROUP GLOBAL MARKETS INC. | $93.6M | 13.42% |
| J.P. MORGAN SECURITIES LLC | $76.5M | 10.96% |
| LOOP CAPITAL MARKETS LLC | $74.1M | 10.62% |
| MERRILL LYNCH PROFESSIONAL CLEARING CORP. | $62.0M | 8.89% |
| WELLS FARGO SECURITIES, LLC | $57.7M | 8.27% |
| BNP PARIBAS PRIME BROKERAGE, INC. | $56.6M | 8.11% |
| BARCLAYS CAPITAL INC. | $50.3M | 7.21% |
| GOLDMAN SACHS & CO. LLC | $28.1M | 4.03% |
| UBS FINANCIAL SERVICES INC. | $21.9M | 3.15% |
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.