LETAX Fees and Costs — Lebenthal Ultra Short Tax-Free Income Fund, Class I
Data updated: 2024-07-01
The net expense ratio is 0.49%: a 0.42% management fee plus 2.54% other expenses, less a 2.47% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 48%.
LETAX Fees and Expenses
Annual operating expenses and sales charges of LETAX. Prospectus, as of June 30, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.42% |
| 12b-1 fee | 0.00% |
| Other expenses | 2.54% |
| Gross expense ratio | 2.96% |
| Fee waiver | −2.47% |
| Net expense ratio | 0.49% |
| 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 | No |
LETAX Costs Over Time
On $10,000 invested in LETAX, assuming 5% a year before costs, total costs come to $310 over 5 years, cutting the return by 0.51% 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 0.49%) | $51 | $161 | $281 |
| Lost growth on money paid in costs | $0 | $8 | $28 |
| Total costs | $51 | $169 | $310 |
| Value after costs | $10,449 | $11,407 | $12,453 |
| Impact on return, per year | 0.51% | 0.51% | 0.51% |
LETAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2023.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $61.2M
- Portfolio turnover (prospectus): 48%
- Securities lending: none during the year
LETAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| ICE BONDS SECURITIES CORPORATION | $18.3M | 33.85% |
| BANCROFT CAPITAL, LLC | $9.5M | 17.50% |
| MORGAN STANLEY & CO. INC. | $6.3M | 11.70% |
| NATIONAL FINANCIAL SERVICES LLC | $6.3M | 11.64% |
| WELLS FARGO SECURITIES LLC | $5.9M | 10.99% |
| J.P. MORGAN SECURITIES LLC | $4.5M | 8.22% |
| VIRTU AMERICAS LLC | $1.2M | 2.14% |
| PIPER SANDLER COMPANIES | $1.1M | 2.12% |
| LOOP CAPITAL MARKETS, LLC | $1.0M | 1.85% |
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.