IMSIX Fees and Costs — IMS Strategic Income Fund, Institutional Class Shares
Data updated: 2026-09-11
The net expense ratio is 2.02% (3.03% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $44K in broker commissions, 0.3316% of average net assets, and portfolio turnover was 267%.
IMSIX Fees and Expenses
Annual operating expenses and sales charges of IMSIX. Prospectus, as of October 28, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.26% |
| 12b-1 fee | — |
| Other expenses | — |
| Gross expense ratio | 3.03% |
| Fee waiver | −1.01% |
| Net expense ratio | 2.02% |
| 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 |
IMSIX Costs Over Time
On $10,000 invested in IMSIX, assuming 5% a year before costs, total costs come to $1,432 over 5 years, cutting the return by 2.47% 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 2.02%) | $212 | $653 | $1,116 |
| Trading costs (broker commissions) | $35 | $107 | $183 |
| Lost growth on money paid in costs | $0 | $38 | $133 |
| Total costs | $247 | $798 | $1,432 |
| Value after costs | $10,253 | $10,779 | $11,331 |
| Impact on return, per year | 2.47% | 2.47% | 2.47% |
IMSIX 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): 0.3316%
- Total broker commissions: $44K
- Bought from dealers (principal trades, not a cost): $7.3M
- Portfolio turnover (prospectus): 267%
- Securities lending: none during the year
IMSIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Wall Street Access | $44K | 100.00% |
IMSIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Piper Sandler & Co. | $2.7M | 36.49% |
| Northern Capital Securities Corp. | $2.3M | 31.44% |
| COHEN & COMPANY SECURITIES, LLC | $1.8M | 23.89% |
| iCapital Markets, LLC | $600K | 8.18% |
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.