EXCPX Fees and Costs — Unconstrained Bond Series, Class S
Data updated: 2026-08-21
The net expense ratio is 0.75%: a 0.30% management fee, a 0.25% 12b-1 fee plus 0.19% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $28K in broker commissions, 0.0034% of average net assets, and portfolio turnover was 53%.
EXCPX Fees and Expenses
Annual operating expenses and sales charges of EXCPX. Prospectus, as of March 13, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.19% |
| Gross expense ratio | 0.75% |
| Fee waiver | — |
| Net expense ratio | 0.75% |
| 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 |
EXCPX Costs Over Time
On $10,000 invested in EXCPX, assuming 5% a year before costs, total costs come to $474 over 5 years, cutting the return by 0.79% 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 0.75%) | $79 | $246 | $428 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $12 | $43 |
| Total costs | $79 | $260 | $474 |
| Value after costs | $10,421 | $11,317 | $12,289 |
| Impact on return, per year | 0.79% | 0.79% | 0.79% |
EXCPX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0034%
- Total broker commissions: $28K
- Bought from dealers (principal trades, not a cost): $773.0M
- Portfolio turnover (prospectus): 53%
- Securities lending: none during the year
EXCPX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $14K | 50.69% |
| MORGAN STANLEY & CO. LLC | $14K | 49.31% |
EXCPX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| TD SECURITIES (USA) LLC | $178.2M | 31.78% |
| STONEX FINANCIAL INC. | $124.7M | 22.24% |
| CITADEL SECURITIES LLC | $111.7M | 19.91% |
| CitiGroup Global Markets Inc. | $28.6M | 5.11% |
| PARETO SECURITIES INC. | $22.3M | 3.99% |
| WELLS FARGO SECURITIES, LLC | $21.3M | 3.79% |
| MORGAN STANLEY & CO. LLC | $19.8M | 3.53% |
| PIPER SANDLER & CO. | $19.0M | 3.40% |
| BMO CAPITAL MARKETS CORP. | $18.3M | 3.27% |
| BARCLAYS CAPITAL, INC. | $16.7M | 2.98% |
Unconstrained Bond Series Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MUBWX | Class W | 0.06% | — |
| MNCPX | Class I | 0.49% | — |
| EXCPX | Class S | 0.75% | — |
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.