DUALX Fees and Costs — Alabama Tax-Free Income Series
Data updated: 2026-10-13
The net expense ratio is 0.86%: a 0.50% management fee plus 0.36% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 20%.
DUALX Fees and Expenses
Annual operating expenses and sales charges of DUALX. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.36% |
| Gross expense ratio | 0.86% |
| Fee waiver | — |
| Net expense ratio | 0.86% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
DUALX Costs Over Time
On $10,000 invested in DUALX, assuming 5% a year before costs, total costs come to $539 over 5 years, cutting the return by 0.90% 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 0.86%) | $90 | $282 | $490 |
| Lost growth on money paid in costs | $0 | $14 | $49 |
| Total costs | $90 | $296 | $539 |
| Value after costs | $10,410 | $11,280 | $12,223 |
| Impact on return, per year | 0.90% | 0.90% | 0.90% |
DUALX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $4.5M
- Portfolio turnover (prospectus): 20%
- Securities lending: none during the year
DUALX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| South State Duncan Williams Securitiers Corporation | $518K | 15.04% |
| Bank of Oklahoma Financial Services, Inc. | $508K | 14.75% |
| SAMCO CAPITAL MARKETS | $380K | 11.03% |
| Wells Fargo Bank NA | $356K | 10.33% |
| Brownstone Investment Group, LLC | $304K | 8.82% |
| Oppenheimer and Company Inc. | $301K | 8.72% |
| UBS Financial Services Inc. | $296K | 8.58% |
| Morgan Stanley and Company LLC | $285K | 8.26% |
| Middlegate Securities | $260K | 7.53% |
| Stonex Financial | $239K | 6.92% |
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.