DUMSX Fees and Costs — Mississippi Tax-Free Income Series
Data updated: 2026-10-13
The net expense ratio is 1.13%: a 0.50% management fee plus 0.63% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 10%.
DUMSX Fees and Expenses
Annual operating expenses and sales charges of DUMSX. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.63% |
| Gross expense ratio | 1.13% |
| Fee waiver | — |
| Net expense ratio | 1.13% |
| 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 |
DUMSX Costs Over Time
On $10,000 invested in DUMSX, assuming 5% a year before costs, total costs come to $705 over 5 years, cutting the return by 1.19% 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 1.13%) | $119 | $370 | $640 |
| Lost growth on money paid in costs | $0 | $18 | $65 |
| Total costs | $119 | $388 | $705 |
| Value after costs | $10,381 | $11,188 | $12,058 |
| Impact on return, per year | 1.19% | 1.19% | 1.19% |
DUMSX 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): $676K
- Portfolio turnover (prospectus): 10%
- Securities lending: none during the year
DUMSX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| South State Duncan Williams Securitiers Corporation | $198K | 29.30% |
| Bank of Oklahoma Financial Services, Inc. | $180K | 26.64% |
| Morgan Stanley and Company LLC | $125K | 18.55% |
| Sumridge Partners | $123K | 18.22% |
| Raymond James and Associates, Inc. | $49K | 7.28% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.