NITFX Fees and Costs — Aquila Narragansett Tax-Free Income Fund, Class A
Data updated: 2024-08-21
The net expense ratio is 0.86%: a 0.50% management fee, a 0.15% 12b-1 fee plus 0.23% other expenses, less a 0.02% fee waiver. This share class carries a maximum front-end sales load of 3.00%. Portfolio turnover was 3%.
NITFX Fees and Expenses
Annual operating expenses and sales charges of NITFX. Prospectus, as of July 31, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.15% |
| Other expenses | 0.23% |
| Gross expense ratio | 0.88% |
| Fee waiver | −0.02% |
| Net expense ratio | 0.86% |
| Sales charges | |
|---|---|
| Max front load | 3.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
NITFX Costs Over Time
On $10,000 invested in NITFX, assuming 5% a year before costs, total costs come to $906 over 5 years, cutting the return by 1.54% 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 | $300 | $300 | $300 |
| Fund expenses (net expense ratio 0.86%) | $88 | $274 | $475 |
| Lost growth on money paid in costs | $15 | $61 | $131 |
| Total costs | $403 | $635 | $906 |
| Value after costs | $10,097 | $10,942 | $11,857 |
| Impact on return, per year | 4.03% | 1.95% | 1.54% |
NITFX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $40.5M
- Portfolio turnover (prospectus): 3%
- Securities lending: none during the year
NITFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $12.4M | 30.70% |
| NATIONAL FINANCIAL SERVICES LLC | $10.9M | 26.87% |
| OPPENHEIMER & CO. INC. | $8.2M | 20.35% |
| JANNEY MONTGOMERY SCOTT LLC | $2.5M | 6.29% |
| J.P. Morgan Securities LLC | $1.5M | 3.81% |
| RBC CAPITAL MARKETS LLC | $1.4M | 3.51% |
| RAYMOND JAMES & ASSOCIATES, INC. | $1.2M | 3.03% |
| PERSHING LLC | $1.2M | 2.85% |
| Jefferies & Co., Inc. | $576K | 1.42% |
| UBS SECURITIES LLC | $470K | 1.16% |
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.