LMMDX Fees and Costs — 1919 Maryland Tax-Free Income Fund, Class A
Data updated: 2024-03-15
The net expense ratio is 0.75%: a 0.55% management fee, a 0.15% 12b-1 fee plus 0.40% other expenses, less a 0.35% fee waiver. This share class carries a maximum front-end sales load of 4.25% and a deferred sales charge of up to 1.00%. Portfolio turnover was 33%.
LMMDX Fees and Expenses
Annual operating expenses and sales charges of LMMDX. Prospectus, as of August 31, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.15% |
| Other expenses | 0.40% |
| Gross expense ratio | 1.10% |
| Fee waiver | −0.35% |
| Net expense ratio | 0.75% |
| Sales charges | |
|---|---|
| Max front load | 4.25% |
| Max deferred load | 1.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
LMMDX Costs Over Time
On $10,000 invested in LMMDX, assuming 5% a year before costs, total costs come to $994 over 5 years, cutting the return by 1.69% 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 |
| Sales charges | $525 | $425 | $425 |
| Fund expenses (net expense ratio 0.75%) | $75 | $236 | $410 |
| Lost growth on money paid in costs | $21 | $79 | $159 |
| Total costs | $621 | $740 | $994 |
| Value after costs | $9,879 | $10,837 | $11,769 |
| Impact on return, per year | 6.21% | 2.29% | 1.69% |
LMMDX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2023.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $62.2M
- Portfolio turnover (prospectus): 33%
- Securities lending: none during the year
LMMDX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $18.8M | 31.13% |
| TD SECURITIES INC. | $17.1M | 28.24% |
| GOLDMAN SACHS & CO | $7.0M | 11.59% |
| BARCLAY INVESTMENTS LLC | $6.7M | 11.04% |
| R.B.C. DOMINION SECURITIES INC. | $3.3M | 5.53% |
| WACHOVIA BANK N.A. | $2.1M | 3.53% |
| UBS FINANCIAL SERVICES INC. | $2.0M | 3.39% |
| CITIGROUP GLOBAL MARKETS INC. | $1.3M | 2.15% |
| FOLGER NOLAN FLEMING DOUGLAS INC. | $1.1M | 1.74% |
| PNC INVESTMENTS LLC | $1.0M | 1.66% |
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.