WSHYX Fees and Costs — Wasmer Schroeder High Yield Municipal Fund, Institutional Class
Data updated: 2020-07-30
The net expense ratio is 0.76%: a 0.50% management fee plus 0.29% other expenses, less a 0.03% fee waiver. This share class carries a redemption fee of 1.00%. Portfolio turnover was 27%.
WSHYX Fees and Expenses
Annual operating expenses and sales charges of WSHYX. Prospectus, as of June 30, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | — |
| Other expenses | 0.29% |
| Gross expense ratio | 0.79% |
| Fee waiver | −0.03% |
| Net expense ratio | 0.76% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | 1.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
WSHYX Costs Over Time
On $10,000 invested in WSHYX, assuming 5% a year before costs, total costs come to $478 over 5 years, cutting the return by 0.80% 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 0.76%) | $80 | $250 | $434 |
| Lost growth on money paid in costs | $0 | $12 | $44 |
| Total costs | $80 | $262 | $478 |
| Value after costs | $10,420 | $11,314 | $12,285 |
| Impact on return, per year | 0.80% | 0.80% | 0.80% |
WSHYX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 29, 2020.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $124.4M
- Portfolio turnover (prospectus): 27%
- Securities lending: none during the year
WSHYX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| PERSHING LLC | $9.8M | 28.23% |
| CITIGROUP GLOBAL MARKETS INC. | $7.9M | 22.76% |
| Morgan Stanley and Co. Inc. | $3.2M | 9.09% |
| RBC CAPITAL MARKETS LLC | $2.8M | 8.10% |
| BB&T SECURITIES, LLC | $2.2M | 6.25% |
| D.A. DAVIDSON and CO. | $1.9M | 5.46% |
| GOLDMAN SACHS and CO. LLC | $1.8M | 5.07% |
| MERRILL LYNCH PROFESSIONAL CLEARING CORP. | $1.8M | 5.04% |
| UBS FINANCIAL SERVICES INC. | $1.7M | 5.03% |
| FIRST BALLANTYNE, LLC | $1.7M | 4.97% |
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.