TMNCX Fees and Costs — Counterpoint Tactical Municipal Fund, Class C
Data updated: 2026-08-28
The net expense ratio is 2.50%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $204.7M in broker commissions, 72.4859% of average net assets, and portfolio turnover was 360%.
TMNCX Fees and Expenses
Annual operating expenses and sales charges of TMNCX. Prospectus, as of February 3, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 1.00% |
| Other expenses | 0.23% |
| Gross expense ratio | 2.50% |
| Fee waiver | — |
| Net expense ratio | 2.50% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
TMNCX Costs Over Time
On $10,000 invested in TMNCX, assuming 5% a year before costs, total costs come to $12,750 over 5 years, cutting the return by 78.74% 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 2.50%) | $262 | $350 | $356 |
| Trading costs (broker commissions) | $7,611 | $10,135 | $10,309 |
| Lost growth on money paid in costs | $0 | $910 | $2,086 |
| Total costs | $7,874 | $11,395 | $12,750 |
| Value after costs | $2,626 | $181 | $12 |
| Impact on return, per year | 78.74% | 78.74% | 78.74% |
TMNCX 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): 72.4859%
- Total broker commissions: $204.7M
- Bought from dealers (principal trades, not a cost): $937.9M
- Portfolio turnover (prospectus): 360%
- Securities on loan, average value: $1.1M
- Net income from securities lending: $29K (0.010% of average net assets)
TMNCX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN CHASE | $18K | 39.92% |
| BofA Securities, Inc. | $8K | 16.58% |
| WELLS FARGO BANK | $6K | 13.32% |
| SUSQUEHANNA CAPITAL GROUP | $5K | 10.84% |
| CITADEL SECURITIES | $4K | 8.88% |
| JANE STREET | $3K | 7.57% |
| WESTMINSTER FINANCIAL | $984 | 2.13% |
| VIRTUS Americas LLC | $194 | 0.42% |
| GT SECURITIES, INC. | $155 | 0.34% |
TMNCX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN CHASE | $937.2M | 99.93% |
| WESTMINSTER FINANCIAL | $624K | 0.07% |
Counterpoint Tactical 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 |
|---|---|---|---|
| TMNIX | Class I | 1.50% | none |
| TMNAX | Class A | 1.75% | 4.50% |
| TMNCX | Class C | 2.50% | none |
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.