C000104937 Fees and Costs — Disciplined Alternative Yield Fund, Class NAV
Data updated: 2020-01-28
The net expense ratio is 1.47% (1.48% before fee waivers). There are no sales loads or redemption fees. In fiscal 2019 the fund paid $186K in broker commissions, 0.2153% of average net assets, and portfolio turnover was 81%.
C000104937 Fees and Expenses
Annual operating expenses and sales charges of C000104937. Prospectus, as of December 31, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 1.20% |
| 12b-1 fee | — |
| Other expenses | 0.26% |
| Gross expense ratio | 1.48% |
| Fee waiver | −0.01% |
| Net expense ratio | 1.47% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
C000104937 Costs Over Time
On $10,000 invested in C000104937, assuming 5% a year before costs, total costs come to $1,040 over 5 years, cutting the return by 1.77% 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 1.47%) | $154 | $478 | $823 |
| Trading costs (broker commissions) | $23 | $70 | $121 |
| Lost growth on money paid in costs | $0 | $27 | $96 |
| Total costs | $177 | $575 | $1,040 |
| Value after costs | $10,323 | $11,001 | $11,723 |
| Impact on return, per year | 1.77% | 1.77% | 1.77% |
C000104937 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.2153%
- Total broker commissions: $186K
- Bought from dealers (principal trades, not a cost): $202.2M
- Portfolio turnover (prospectus): 81%
- Securities lending: none during the year
C000104937 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $170K | 91.36% |
| Wells Fargo Securities, LLC | $15K | 8.09% |
| Goldman Sachs & Co. LLC | $440 | 0.24% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $424 | 0.23% |
| Jefferies LLC | $145 | 0.08% |
C000104937 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets, LLC | $201.1M | 99.46% |
| Wells Fargo Securities, LLC | $1.1M | 0.54% |
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.