SMRPX Fees and Costs — Westwood Salient MLP & Energy Infrastructure Fund, Ultra Class
Data updated: 2026-09-28
The net expense ratio is 0.99% (1.03% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $790K in broker commissions, 0.0628% of average net assets, and portfolio turnover was 52%.
SMRPX Fees and Expenses
Annual operating expenses and sales charges of SMRPX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | — |
| Other expenses | 0.10% |
| Gross expense ratio | 1.03% |
| Fee waiver | −0.04% |
| Net expense ratio | 0.99% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
SMRPX Costs Over Time
On $10,000 invested in SMRPX, assuming 5% a year before costs, total costs come to $658 over 5 years, cutting the return by 1.11% 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 0.99%) | $104 | $324 | $562 |
| Trading costs (broker commissions) | $7 | $21 | $36 |
| Lost growth on money paid in costs | $0 | $17 | $60 |
| Total costs | $111 | $362 | $658 |
| Value after costs | $10,389 | $11,214 | $12,105 |
| Impact on return, per year | 1.11% | 1.11% | 1.11% |
SMRPX 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
SMRPX 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% |
SMRPX 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.