SMFPX Fees and Costs — Westwood Salient MLP & Energy Infrastructure Fund, C Class
Data updated: 2026-09-28
The net expense ratio is 2.09% (2.13% before fee waivers). This share class carries a maximum front-end sales load of 1.00%. In fiscal 2025 the fund paid $790K in broker commissions, 0.0628% of average net assets, and portfolio turnover was 52%.
SMFPX Fees and Expenses
Annual operating expenses and sales charges of SMFPX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 1.00% |
| Other expenses | 0.20% |
| Gross expense ratio | 2.13% |
| Fee waiver | −0.04% |
| Net expense ratio | 2.09% |
| Sales charges | |
|---|---|
| Max front load | 1.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
SMFPX Costs Over Time
On $10,000 invested in SMFPX, assuming 5% a year before costs, total costs come to $1,430 over 5 years, cutting the return by 2.47% 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 | $100 | $100 | $100 |
| Fund expenses (net expense ratio 2.09%) | $217 | $670 | $1,147 |
| Trading costs (broker commissions) | $7 | $20 | $34 |
| Lost growth on money paid in costs | $5 | $50 | $148 |
| Total costs | $329 | $840 | $1,430 |
| Value after costs | $10,171 | $10,736 | $11,332 |
| Impact on return, per year | 3.29% | 2.60% | 2.47% |
SMFPX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0628%
- Total broker commissions: $790K
- Bought from dealers (principal trades, not a cost): $60.2M
- Portfolio turnover (prospectus): 52%
- Securities lending: none during the year
SMFPX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Northern Trust Securities, Inc | $740K | 93.67% |
| Seaport Securities Corp. | $32K | 4.05% |
| Morgan Stanley & Co, LLC | $18K | 2.28% |
SMFPX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| STIFEL, NICOLAUS & CO., INC | $14.5M | 61.02% |
| MORGAN STANLEY & CO., LLC | $4.8M | 20.03% |
| NORTHERN TRUST SECURITIES, INC | $4.5M | 18.96% |
Westwood Salient MLP & Energy Infrastructure Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| SMRPX | Ultra Class | 0.99% | — |
| SMLPX | Institutional Class | 1.08% | none |
| SMAPX | A Class | 1.32% | none |
| SMFPX | C Class | 2.09% | 1.00% |
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.