CCIIX Fees and Costs — Cornerstone Capital Access Impact Fund, Institutional Shares
Data updated: 2021-01-29
The net expense ratio is 1.35%: a 1.00% management fee plus 1.47% other expenses, less a 1.12% fee waiver. There are no sales loads or redemption fees. In fiscal 2020 the fund paid $3K in broker commissions, 0.0549% of average net assets.
CCIIX Fees and Expenses
Annual operating expenses and sales charges of CCIIX. Prospectus, as of September 30, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | — |
| Other expenses | 1.47% |
| Gross expense ratio | 2.47% |
| Fee waiver | −1.12% |
| Net expense ratio | 1.35% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
CCIIX Costs Over Time
On $10,000 invested in CCIIX, assuming 5% a year before costs, total costs come to $872 over 5 years, cutting the return by 1.48% 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 |
| Fund expenses (net expense ratio 1.35%) | $142 | $440 | $761 |
| Trading costs (broker commissions) | $6 | $18 | $31 |
| Lost growth on money paid in costs | $0 | $23 | $80 |
| Total costs | $148 | $481 | $872 |
| Value after costs | $10,352 | $11,095 | $11,891 |
| Impact on return, per year | 1.48% | 1.48% | 1.48% |
CCIIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.0549%
- Total broker commissions: $3K
- Bought from dealers (principal trades, not a cost): $22K
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
CCIIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Bank of New York | $745 | 25.62% |
| Citigroup Global Markets Inc. | $572 | 19.68% |
| O'Neill Securities, Inc. | $561 | 19.28% |
| KCG Holdings, Inc. | $480 | 16.49% |
| UBS Securities LLC | $167 | 5.74% |
| Renaissance Capital Ltd. | $104 | 3.57% |
| Bank of America Merrill Lynch | $98 | 3.38% |
| Virtu Financial | $70 | 2.42% |
| Barclays Capital Inc | $64 | 2.19% |
| Robert W Baird & Company Inc. | $47 | 1.63% |
CCIIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $13K | 60.03% |
| Goldman Sachs & Co. | $9K | 39.90% |
| UBS Securities LLC | $14 | 0.06% |
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.