SUMAX Fees and Costs — Short Duration Municipal Fund, Class F
Data updated: 2026-07-29
The net expense ratio is 0.82%: a 0.33% management fee plus 0.49% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 31%.
SUMAX Fees and Expenses
Annual operating expenses and sales charges of SUMAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.33% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.49% |
| Gross expense ratio | 0.82% |
| Fee waiver | — |
| Net expense ratio | 0.82% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
SUMAX Costs Over Time
On $10,000 invested in SUMAX, assuming 5% a year before costs, total costs come to $515 over 5 years, cutting the return by 0.86% 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 0.82%) | $86 | $269 | $468 |
| Lost growth on money paid in costs | $0 | $13 | $47 |
| Total costs | $86 | $282 | $515 |
| Value after costs | $10,414 | $11,294 | $12,248 |
| Impact on return, per year | 0.86% | 0.86% | 0.86% |
SUMAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $893.6M
- Portfolio turnover (prospectus): 31%
- Securities lending: none during the year
SUMAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| TD SECURITIES (USA) LLC | $142.8M | 20.23% |
| J P MORGAN CHASE BANK | $120.4M | 17.05% |
| RBC CAPITAL | $78.7M | 11.15% |
| BARCLAY BANK PLC | $64.6M | 9.16% |
| MORGAN STANLEY & CO, INC | $64.4M | 9.11% |
| JEFFERIES LLC | $62.3M | 8.82% |
| STIFEL NICOLAUS & CO., INC. | $57.4M | 8.14% |
| GOLDMAN, SACHS & CO. | $43.6M | 6.17% |
| BAML | $38.9M | 5.51% |
| BANK OF NEW YORK | $32.9M | 4.66% |
Short Duration Municipal Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| SHYMX | Class Y | 0.57% | — |
| SUMAX | Class F | 0.82% | — |
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.