C000115420 Fees and Costs — Kellner Merger Fund, Investor Class
Data updated: 2021-03-16
The net expense ratio is 2.53%: a 1.25% management fee, a 0.25% 12b-1 fee plus 1.03% other expenses. There are no sales loads or redemption fees. In fiscal 2020 the fund paid $108K in broker commissions, 0.0885% of average net assets, and portfolio turnover was 298%.
C000115420 Fees and Expenses
Annual operating expenses and sales charges of C000115420. Prospectus, as of April 30, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.25% |
| Other expenses | 1.03% |
| Gross expense ratio | 2.53% |
| Fee waiver | — |
| Net expense ratio | 2.53% |
| 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 | Yes |
C000115420 Costs Over Time
On $10,000 invested in C000115420, assuming 5% a year before costs, total costs come to $1,586 over 5 years, cutting the return by 2.75% 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 2.53%) | $266 | $815 | $1,389 |
| Trading costs (broker commissions) | $9 | $29 | $49 |
| Lost growth on money paid in costs | $0 | $42 | $148 |
| Total costs | $275 | $886 | $1,586 |
| Value after costs | $10,225 | $10,690 | $11,177 |
| Impact on return, per year | 2.75% | 2.75% | 2.75% |
C000115420 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.0885%
- Total broker commissions: $108K
- Bought from dealers (principal trades, not a cost): $969K
- Portfolio turnover (prospectus): 298%
- Securities lending: none during the year
C000115420 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC Capital Markets, LLC | $74K | 69.87% |
| Seaport Global Securities, LLC | $22K | 20.49% |
| Access Financial Group, Inc. | $4K | 3.35% |
| Cowen and Company, LLC | $2K | 1.71% |
| Morgan Stanley & Co. LLC | $2K | 1.43% |
| Pershing LLC | $1K | 0.94% |
| Jefferies LLC | $662 | 0.62% |
| Detwiler Fenton & Co. | $594 | 0.56% |
| Penserra Securities, LLC | $566 | 0.53% |
| Citigroup Global Markets, Inc. | $524 | 0.49% |
C000115420 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Seaport Global Securities, LLC | $968K | 99.88% |
| RBC Capital Markets, LLC | $1K | 0.12% |
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.