LMRIX Fees and Costs — 1919 Financial Services Fund, Class I
Data updated: 2026-08-28
The net expense ratio is 1.23%: a 0.80% management fee plus 0.43% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $17K in broker commissions, 0.0144% of average net assets, and portfolio turnover was 9%.
LMRIX Fees and Expenses
Annual operating expenses and sales charges of LMRIX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.43% |
| Gross expense ratio | 1.23% |
| Fee waiver | — |
| Net expense ratio | 1.23% |
| 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 | No |
| Waived fees subject to recoupment | Yes |
LMRIX Costs Over Time
On $10,000 invested in LMRIX, assuming 5% a year before costs, total costs come to $775 over 5 years, cutting the return by 1.31% 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 1.23%) | $129 | $402 | $695 |
| Trading costs (broker commissions) | $2 | $5 | $8 |
| Lost growth on money paid in costs | $0 | $20 | $71 |
| Total costs | $131 | $427 | $775 |
| Value after costs | $10,369 | $11,149 | $11,988 |
| Impact on return, per year | 1.31% | 1.31% | 1.31% |
LMRIX 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): 0.0144%
- Total broker commissions: $17K
- Bought from dealers (principal trades, not a cost): $42.2M
- Portfolio turnover (prospectus): 9%
- Securities lending: none during the year
LMRIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $4K | 23.17% |
| J.P. MORGAN SECURITIES LLC | $3K | 18.71% |
| UBS FINANCIAL SERVICES INC. | $3K | 18.05% |
| PERSHING LLC | $2K | 10.51% |
| BARCLAY INVESTMENTS LLC | $2K | 9.98% |
| MORGAN STANLEY & CO. LLC | $1K | 7.08% |
| BNY Advisors | $920 | 5.43% |
| RAYMOND JAMES & ASSOCIATES, INC. | $756 | 4.46% |
| BAIRD ROBERT W. & CO. INCORPORATED | $260 | 1.53% |
| RBC CAPITAL MARKETS LLC | $184 | 1.09% |
1919 Financial Services Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| LMRIX | Class I | 1.23% | none |
| SBFAX | Class A | 1.46% | 5.75% |
| SFSLX | Class C | 2.20% | none |
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.