MASSX Fees and Costs — Small Cap Growth Fund, Class
Data updated: 2020-11-24
The net expense ratio is 0.85%: a 0.85% management fee plus 1.75% other expenses, less a 1.75% fee waiver. There are no sales loads or redemption fees. In fiscal 2019 the fund paid $9K in broker commissions, 0.0985% of average net assets, and portfolio turnover was 57%.
MASSX Fees and Expenses
Annual operating expenses and sales charges of MASSX. Prospectus, as of April 30, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | — |
| Other expenses | 1.75% |
| Gross expense ratio | 2.60% |
| Fee waiver | −1.75% |
| Net expense ratio | 0.85% |
| 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 |
MASSX Costs Over Time
On $10,000 invested in MASSX, assuming 5% a year before costs, total costs come to $594 over 5 years, cutting the return by 1.00% 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 0.85%) | $89 | $279 | $483 |
| Trading costs (broker commissions) | $10 | $32 | $56 |
| Lost growth on money paid in costs | $0 | $15 | $54 |
| Total costs | $100 | $326 | $594 |
| Value after costs | $10,400 | $11,250 | $12,169 |
| Impact on return, per year | 1.00% | 1.00% | 1.00% |
MASSX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.0985%
- Total broker commissions: $9K
- Bought from dealers (principal trades, not a cost): $1.0M
- Portfolio turnover (prospectus): 57%
- Securities lending: none during the year
MASSX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON CAPITAL MARKETS, LLC | $1K | 17.25% |
| CREDIT SUISSE SECURITIES (USA) LLC | $1K | 17.09% |
| J.P. MORGAN SECURITIES LLC | $877 | 11.42% |
| RAYMOND JAMES FINANCE COMPANY OF CANADA LTD. | $799 | 10.40% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $686 | 8.93% |
| MORGAN STANLEY & CO. LLC | $609 | 7.92% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $589 | 7.66% |
| Goldman Sachs & Co, LLC | $571 | 7.43% |
| National Financial Services LLC | $497 | 6.47% |
| ROYAL BANK OF CANADA | $417 | 5.43% |
MASSX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Wells Fargo Securities LLC | $500K | 48.85% |
| J.P. MORGAN SECURITIES LLC | $500K | 48.84% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $24K | 2.31% |
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.