WMNAX Fees and Costs — Westwood Alternative Income Fund, A Class
Data updated: 2026-09-28
The net expense ratio is 1.01%: a 0.80% management fee, a 0.25% 12b-1 fee plus 0.16% other expenses, less a 0.20% fee waiver. This share class carries a maximum front-end sales load of 3.00% and a deferred sales charge of up to 1.00%. In fiscal 2025 the fund paid $6K in broker commissions, 0.0043% of average net assets, and portfolio turnover was 89%.
WMNAX Fees and Expenses
Annual operating expenses and sales charges of WMNAX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.16% |
| Gross expense ratio | 1.21% |
| Fee waiver | −0.20% |
| Net expense ratio | 1.01% |
| Sales charges | |
|---|---|
| Max front load | 3.00% |
| Max deferred load | 1.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
WMNAX Costs Over Time
On $10,000 invested in WMNAX, assuming 5% a year before costs, total costs come to $998 over 5 years, cutting the return by 1.70% 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 |
| Sales charges | $401 | $300 | $300 |
| Fund expenses (net expense ratio 1.01%) | $103 | $321 | $556 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $15 | $63 | $139 |
| Total costs | $519 | $686 | $998 |
| Value after costs | $9,981 | $10,891 | $11,765 |
| Impact on return, per year | 5.19% | 2.11% | 1.70% |
WMNAX 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): 0.0043%
- Total broker commissions: $6K
- Bought from dealers (principal trades, not a cost): $212.9M
- Portfolio turnover (prospectus): 89%
- Securities lending: none during the year
WMNAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Northern Trust Securities, Inc. | $4K | 73.96% |
| MORGAN STANLEY & CO., LLC | $2K | 26.04% |
WMNAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOFA Securities, Inc. | $31.8M | 16.73% |
| UBS Securities LLC | $30.9M | 16.27% |
| J.P. Morgan Securities LLC | $23.5M | 12.35% |
| Barclays Capital, Inc. | $22.4M | 11.81% |
| Nomura Securities International, Inc. | $22.0M | 11.60% |
| Citigroup Global Markets | $17.6M | 9.26% |
| Wells Fargo Securities Co., LLC | $12.7M | 6.69% |
| Mizuho Securities Co., LLC | $12.4M | 6.51% |
| Morgan Stanley & Co., LLC | $9.2M | 4.87% |
| COWEN AND COMPANY LLC | $7.4M | 3.90% |
Westwood Alternative Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| WMNUX | Ultra Class | 0.76% | — |
| WMNIX | Institutional Class | 0.90% | none |
| WMNAX | A Class | 1.01% | 3.00% |
| WWACX | C Class | 1.21% | 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.