SPABX Fees and Costs — SilverPepper Merger Arbitrage Fund, Advisor Class
Data updated: 2023-11-29
The net expense ratio is 4.75%: a 1.25% management fee plus 5.03% other expenses, less a 1.53% fee waiver. There are no sales loads or redemption fees. In fiscal 2023 the fund paid $8K in broker commissions, 0.0558% of average net assets, and portfolio turnover was 291%.
SPABX Fees and Expenses
Annual operating expenses and sales charges of SPABX. Prospectus, as of October 31, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 5.03% |
| Gross expense ratio | 6.28% |
| Fee waiver | −1.53% |
| Net expense ratio | 4.75% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 | Yes |
SPABX Costs Over Time
On $10,000 invested in SPABX, assuming 5% a year before costs, total costs come to $2,786 over 5 years, cutting the return by 5.05% 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 4.75%) | $499 | $1,496 | $2,491 |
| Trading costs (broker commissions) | $6 | $18 | $29 |
| Lost growth on money paid in costs | $0 | $77 | $265 |
| Total costs | $505 | $1,590 | $2,786 |
| Value after costs | $9,995 | $9,986 | $9,977 |
| Impact on return, per year | 5.05% | 5.05% | 5.05% |
SPABX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.0558%
- Total broker commissions: $8K
- Bought from dealers (principal trades, not a cost): $433K
- Portfolio turnover (prospectus): 291%
- Securities lending: none during the year
SPABX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $8K | 90.51% |
| BANC OF AMERICA SECURITIES LLC | $558 | 6.62% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $141 | 1.67% |
| NATIONAL FINANCIAL SERVICES LLC | $54 | 0.64% |
| MORGAN STANLEY | $28 | 0.33% |
| RAYMOND JAMES (USA) LTD. | $19 | 0.23% |
SPABX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $433K | 100.00% |
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.