MCTDX Fees and Costs — Modern Capital Tactical Income Fund, Class ADV
Data updated: 2026-08-31
The net expense ratio is 3.91%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $2.1M in broker commissions, 2.5652% of average net assets, and portfolio turnover was 695%.
MCTDX Fees and Expenses
Annual operating expenses and sales charges of MCTDX. Prospectus, as of August 19, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | — |
| Other expenses | 0.63% |
| Gross expense ratio | 3.91% |
| Fee waiver | — |
| Net expense ratio | 3.91% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
MCTDX Costs Over Time
On $10,000 invested in MCTDX, assuming 5% a year before costs, total costs come to $3,631 over 5 years, cutting the return by 6.80% 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 3.91%) | $411 | $1,210 | $1,980 |
| Trading costs (broker commissions) | $269 | $794 | $1,299 |
| Lost growth on money paid in costs | $0 | $103 | $351 |
| Total costs | $680 | $2,106 | $3,631 |
| Value after costs | $9,820 | $9,470 | $9,132 |
| Impact on return, per year | 6.80% | 6.80% | 6.80% |
MCTDX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 2.5652%
- Total broker commissions: $2.1M
- Bought from dealers (principal trades, not a cost): $1.1B
- Portfolio turnover (prospectus): 695%
- Securities lending: none during the year
MCTDX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| White Mountain Capital, LLC | $2.0M | 98.15% |
| Modern Capital Securities, Inc. | $38K | 1.85% |
MCTDX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| White Mountain Capital, LLC | $1.1B | 100.00% |
Modern Capital Tactical Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MCTDX | Class ADV | 3.91% | none |
| MCTOX | Class A | 3.91% | 5.00% |
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.