MQRAX Fees and Costs — ACR Opportunity Fund, Class A
Data updated: 2026-07-28
The net expense ratio is 1.51%: a 1.00% management fee, a 0.25% 12b-1 fee plus 0.98% other expenses, less a 0.72% fee waiver. This share class carries a maximum front-end sales load of 5.75% and a redemption fee of 2.00%. In fiscal 2025 the fund paid $24K in broker commissions, 0.0286% of average net assets, and portfolio turnover was 24%.
MQRAX Fees and Expenses
Annual operating expenses and sales charges of MQRAX. Prospectus, as of March 31, 2021.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.98% |
| Gross expense ratio | 2.23% |
| Fee waiver | −0.72% |
| Net expense ratio | 1.51% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 0.00% |
| Redemption fee | 2.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
MQRAX Costs Over Time
On $10,000 invested in MQRAX, assuming 5% a year before costs, total costs come to $1,631 over 5 years, cutting the return by 2.83% 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 | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.51%) | $149 | $464 | $799 |
| Trading costs (broker commissions) | $3 | $9 | $15 |
| Lost growth on money paid in costs | $29 | $114 | $242 |
| Total costs | $756 | $1,162 | $1,631 |
| Value after costs | $9,744 | $10,415 | $11,132 |
| Impact on return, per year | 7.56% | 3.64% | 2.83% |
MQRAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0286%
- Total broker commissions: $24K
- Bought from dealers (principal trades, not a cost): $31.1M
- Portfolio turnover (prospectus): 24%
- Securities lending: none during the year
MQRAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $16K | 65.07% |
| JONESTRADING INSTITUTIONAL SERVICES LLC | $3K | 14.08% |
| SANFORD C. BERNSTEIN & CO., LLC | $3K | 13.40% |
| RBC CAPITAL MARKETS, LLC | $1K | 4.67% |
| BMO CAPITAL MARKETS CORP. | $649 | 2.66% |
| BROWN ADVISORY SEC | $30 | 0.12% |
MQRAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BROWN BROTHERS HARRIMAN & CO. | $13.3M | 42.76% |
| CITADEL SECURITIES LLC | $8.9M | 28.63% |
| CITIGROUP GLOBAL MARKETS INC. | $5.0M | 15.93% |
| STONEX FINANCIAL, INC. | $3.9M | 12.68% |
ACR Opportunity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| ACROX | Class I | 1.25% | none |
| MQRAX | Class A | 1.51% | 5.75% |
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.