MASNX Fees and Costs — iMGP Alternative Strategies Fund, Investor Class
Data updated: 2025-05-28
The net expense ratio is 1.62%: a 1.23% management fee, a 0.25% 12b-1 fee plus 0.22% other expenses, less a 0.08% fee waiver. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $262K in broker commissions, 0.0482% of average net assets, and portfolio turnover was 101%.
MASNX Fees and Expenses
Annual operating expenses and sales charges of MASNX. Prospectus, as of April 30, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 1.23% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.22% |
| Gross expense ratio | 1.70% |
| Fee waiver | −0.08% |
| Net expense ratio | 1.62% |
| 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 | No |
MASNX Costs Over Time
On $10,000 invested in MASNX, assuming 5% a year before costs, total costs come to $1,030 over 5 years, cutting the return by 1.75% 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 1.62%) | $170 | $527 | $908 |
| Trading costs (broker commissions) | $5 | $16 | $27 |
| Lost growth on money paid in costs | $0 | $27 | $95 |
| Total costs | $175 | $570 | $1,030 |
| Value after costs | $10,325 | $11,007 | $11,733 |
| Impact on return, per year | 1.75% | 1.75% | 1.75% |
MASNX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0482%
- Total broker commissions: $262K
- Bought from dealers (principal trades, not a cost): $8.1B
- Portfolio turnover (prospectus): 101%
- Securities lending: none during the year
MASNX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $34K | 18.46% |
| Barclays Capital Inc. | $30K | 15.87% |
| J.P. Morgan Securities LLC | $29K | 15.73% |
| BofA Securities, Inc. | $26K | 13.78% |
| Goldman Sachs & Co. LLC | $23K | 12.38% |
| Citigroup Global Markets Inc. | $13K | 6.98% |
| Nomura Securities International, Inc. | $11K | 5.63% |
| Raymond James & Associates, Inc. | $8K | 4.05% |
| Jones & Associates, Inc. | $7K | 3.80% |
| UBS Securities LLC | $6K | 3.32% |
MASNX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $6.8B | 86.59% |
| National Financial Services LLC | $544.9M | 6.94% |
| Morgan Stanley & Co. LLC | $158.2M | 2.01% |
| Mizuho Securities USA LLC | $110.5M | 1.41% |
| Goldman Sachs & Co. LLC | $49.1M | 0.63% |
| J.P. Morgan Securities LLC | $44.9M | 0.57% |
| BofA Securities, Inc. | $43.7M | 0.56% |
| Citigroup Global Markets Inc. | $42.5M | 0.54% |
| Barclays Capital Inc. | $30.1M | 0.38% |
| BMO Capital Markets Corp. | $29.8M | 0.38% |
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.