MUNIX Fees and Costs — AlphaCentric SWBC Municipal Opportunities Fund, Class I
Data updated: 2024-02-28
The net expense ratio is 1.58% (3.10% before fee waivers). There are no sales loads or redemption fees. In fiscal 2023 the fund paid $60K in broker commissions, 0.6502% of average net assets, and portfolio turnover was 404%.
MUNIX Fees and Expenses
Annual operating expenses and sales charges of MUNIX. Prospectus, as of July 31, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.77% |
| Gross expense ratio | 3.10% |
| Fee waiver | −1.52% |
| Net expense ratio | 1.58% |
| 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 |
MUNIX Costs Over Time
On $10,000 invested in MUNIX, assuming 5% a year before costs, total costs come to $1,361 over 5 years, cutting the return by 2.34% 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 1.58%) | $166 | $511 | $875 |
| Trading costs (broker commissions) | $68 | $210 | $360 |
| Lost growth on money paid in costs | $0 | $36 | $126 |
| Total costs | $234 | $757 | $1,361 |
| Value after costs | $10,266 | $10,819 | $11,402 |
| Impact on return, per year | 2.34% | 2.34% | 2.34% |
MUNIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.6502%
- Total broker commissions: $60K
- Bought from dealers (principal trades, not a cost): $38.6M
- Portfolio turnover (prospectus): 404%
- Securities lending: none during the year
MUNIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| AMERICAN VETERANS GROUP, PBC | $57K | 94.59% |
| SG Americas Securities, LLC | $3K | 5.41% |
MUNIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| SG Americas Securities, LLC | $22.6M | 58.41% |
| SAMUEL A. RAMIREZ & COMPANY, INC. | $5.1M | 13.31% |
| AMERICAN VETERANS GROUP, PBC | $2.9M | 7.60% |
| RBC Capital Markets, LLC | $1.5M | 3.93% |
| D.A. DAVIDSON & CO. | $1.3M | 3.32% |
| B. C. ZIEGLER AND COMPANY | $1.1M | 2.91% |
| Wells Fargo Securities, LLC | $1.1M | 2.84% |
| Raymond James & Associates, Inc | $1.1M | 2.76% |
| MARKETAXESS CORPORATION | $981K | 2.54% |
| BOK Financial Securities, Inc. | $920K | 2.38% |
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.