TCNBX Fees and Costs — Ambrus Tax-Conscious National Bond Fund, Institutional Class
Data updated: 2026-08-21
The net expense ratio is 0.51%: a 0.40% management fee plus 0.10% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $4K in broker commissions, 0.0011% of average net assets, and portfolio turnover was 26%.
TCNBX Fees and Expenses
Annual operating expenses and sales charges of TCNBX. Prospectus, as of February 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | — |
| Other expenses | 0.10% |
| Gross expense ratio | 0.51% |
| Fee waiver | — |
| Net expense ratio | 0.51% |
| 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 | Yes |
TCNBX Costs Over Time
On $10,000 invested in TCNBX, assuming 5% a year before costs, total costs come to $323 over 5 years, cutting the return by 0.54% 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 |
| Fund expenses (net expense ratio 0.51%) | $54 | $168 | $293 |
| Trading costs (broker commissions) | $0 | $0 | $1 |
| Lost growth on money paid in costs | $0 | $8 | $29 |
| Total costs | $54 | $177 | $323 |
| Value after costs | $10,446 | $11,400 | $12,440 |
| Impact on return, per year | 0.54% | 0.54% | 0.54% |
TCNBX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0011%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): $268.1M
- Portfolio turnover (prospectus): 26%
- Securities lending: none during the year
TCNBX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON CAPITAL MARKETS, LLC | $4K | 100.00% |
TCNBX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES, LLC | $48.5M | 20.90% |
| J.P. Morgan Securities LLC | $42.8M | 18.42% |
| PERSHING LLC | $34.3M | 14.76% |
| MORGAN STANLEY & CO. LLC | $30.7M | 13.20% |
| BMO CAPITAL MARKETS CORP. | $20.5M | 8.84% |
| RBC CAPITAL MARKETS, LLC | $14.5M | 6.24% |
| JEFFERIES LLC | $11.0M | 4.74% |
| MARKETAXESS CORPORATION | $10.4M | 4.49% |
| UBS SECURITIES LLC | $10.4M | 4.47% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $9.2M | 3.96% |
Ambrus Tax-Conscious National Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TCNBX | Institutional Class | 0.51% | — |
| TCNYX | C000237821 | 0.76% | — |
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.