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Understanding Mutual Fund Fees, Share Classes and Certain Risk Considerations

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Understanding Mutual Fund Fees, Share Classes and Certain Risk Considerations Understanding mutual fund fees, share classes and certain risk considerations Offshore funds may be free from US withholding tax on Highlights income earned on investments and excluded from US – In retail brokerage accounts, UBS moved to a single estate tax calculations. share class with a commission-based fee structure similar to equities and ETFs. Types of fees – The other most commonly used share classes in To understand the differences among share classes, retail brokerage accounts—Class A, B and C you should first review the types of mutual fund fees: shares—may only be used for offshore, legacy and money market fund transactions. Commission. A fee you pay based on the notional value – It is important to understand how UBS and your of the mutual funds shares being purchased or sold. Financial Advisor are compensated when you purchase mutual fund shares. – Risk considerations for mutual funds are disclosed in Management and administrative fees. Management fees each fund’s prospectus. This document highlights a are paid by the fund itself to the investment adviser who number of risks associated with certain mutual manages the fund’s portfolio. Administrative fees cover fund investments. other operating expenses. Upfront sales charge or front-end sales charge. A fee you This overview broadly describes mutual fund fees and the pay at the time you purchase mutual fund shares. This fee share classes most commonly offered in retail brokerage is deducted from your initial investment amount. accounts, including their effect on the fees you pay and the return your investments earn. Beginning in January Surrender charge or back-end sales charge. A fee you pay 2020, the primary share class offered in retail brokerage when you redeem your shares, it is also known as a accounts is a share class without upfront, ongoing or “contingent deferred sales charge,” or CDSC. backend sales charges, referred to as the “single share class”. 12b-1 distribution fees. Named after a Securities and Exchange Commission (SEC) rule, this annual fee is Because every mutual fund is different, we recommend paid from the fund’s assets to cover marketing and that you refer to a fund’s prospectus for details on that distribution costs. fund’s share classes and fees. Some mutual fund families also charge a redemption fee Please contact your Financial Advisor with questions. (typically 1.00% to 2.00%) if you redeem shares shortly Additional information is available from the Financial after purchasing them, to discourage short-term trading. Industry Regulatory Authority (FINRA), an independent See the mutual fund’s prospectus for details. regulator, at www.finra.org. Why share classes matter Offshore funds. Most of the information in this A mutual fund may offer different types, or classes, of overview also applies to unregistered (offshore) mutual shares. Each share class invests in the same group of funds, with these differences: securities, has the same investment objectives and – Offshore funds have an offering document. follows the same investment policies. This document may be called a prospectus or offering statement. What’s different for each class is how much you pay in fees – Sales charges for offshore funds may be negotiable. and when you pay those fees, which can significantly affect – Offshore funds may offer discounts which differ from long-term return on your investment. discounts commonly available in onshore funds. 1 of 7 To determine what share classes a mutual fund offers, ask – Many fund families have discontinued offering your Financial Advisor and review the fund’s prospectus. Class B shares. The prospectus contains fee tables, details on waivers and discounts, examples and other useful information. Class C shares (for Legacy Transactions only) Beginning in January 2020, the single share class is the – Generally do not have an upfront sales charge. only share class available for purchase in retail brokerage – May have a small surrender charge or back-end sales accounts, except for offshore funds, interval funds and charge (CDSC) when you sell your shares. The CDSC for money market funds, or to fulfill an existing letter of these shares typically decreases to zero within 12 to 24 intent, referred to below as “Legacy Transactions”. months, except for reinvested dividends or capital gains. – May impose sales and 12b-1 fees that are usually higher Common share classes than for Class A and the same as for Class B. Following are brief, general descriptions of common – Generally do not convert to Class A shares, which mutual fund share classes. Because the specifics of share means higher operating expenses continue for as classes can vary significantly, it is important to review a long as you hold the shares. fund’s prospectus before investing. Discounts and Breakpoints (for Interval Funds only) Single share class You have several ways to reduce the upfront sales charge – Beginning in January 2020, UBS simplified its mutual on Class A shares. Discounts are generally available if you: fund platform by offering a single share class in – Make a large investment. The more you invest, the brokerage accounts. lower your sales charge. There are usually several – The single share class has no front-end loads, back-end thresholds, called “breakpoints,” typically starting at loads or 12b-1 fees. $50,000, with no charge for investments of $1 million – For mutual fund transactions in the single share or more. class, commissions are charged on buys and sells, – Hold mutual funds in the same fund family. You can except in 529 plans, where commissions are charged generally get a sales charge discount by purchasing on buys only. various mutual funds from the same fund family, even if – The commissions charged are described at they’re different share classes, for different account ubs.com/mutualfundcommissions. types (IRA, trust, etc.), or held at a firm other than UBS. – Sign a letter of intent. If you commit to buy a specified Class A shares (for Legacy Transactions only) dollar amount of additional shares within a specific – Generally have an upfront sales charge, deducted period, usually 13 months through a letter of intent, from your initial investment amount. some mutual funds let you apply the discount – May offer discounts if you invest a large amount, hold retroactively. If you do not make your purchase within mutual funds in the same fund family, commit to the specified time, the fund family will sell shares in your buying more shares or aggregate your holdings with account to make up for the discount you received and those of qualifying household or family members. restrict you from selling fund shares in that amount. – Generally have lower 12b-1 and administrative fees – Aggregate your shares with other shares in the fund than Class B and Class C shares. held by qualifying household or family members. To – Class A shares purchased in advisory programs are make sure you receive all applicable breakpoint typically offered at Net Asset Value (NAV), free of any discounts, ask your Financial Advisor to link, or sales charges. “household,” all your accounts (i.e., individual, IRA, trust and investment clubs) and related accounts such as Class B shares (for Legacy Transactions only) those of immediate family members. With these – Generally have a surrender charge or back-end sales accounts linked, UBS can aggregate your holdings and charge, called a “Contingent Deferred Sales Charge” determine your eligibility for breakpoint discounts (CDSC), which you pay when you redeem your shares. – Reinvest dividends and capital gains, or earlier – Typically offer decreasing CDSC each year you hold redemptions. Mutual funds may waive sales charges the shares, until it reaches zero (usually after six years). when you reinvest dividends and capital gains – Generally have 12b-1 and administrative fees that are higher than Class A shares and the same as Some fund families offer a “reinstatement privilege,” waiving Class C shares. sales charges when you reinvest proceeds from an earlier – Normally convert automatically to Class A shares, redemption of a specific share class in the same fund or fund with lower annual fees, if you hold them long enough family. They may also offer a ”NAV transfer” privilege, in (generally eight years). which you can use the redemption proceeds to buy funds in a different mutual fund family. Time limits and other conditions may apply; refer to the prospectus for details 2 of 7 Working with your Financial Advisor If you have a fee-based account, you do not pay a If you maintain a brokerage account at UBS, your sales charge on your mutual fund purchase. Instead, the Financial Advisor can help you determine which mutual purchase is added to the total value of your account, on funds are most appropriate for your specific situation. which we charge an account fee. UBS keeps part of this He or she will consider your investment objectives, risk fee and pays the rest to your Financial Advisor. comfort level, liquidity needs, current holdings, tax situation and other factors. 12b-1 fees. Mutual funds may pay a 12b-1 or annual service and/or distribution fee to UBS, directly from the In particular, your Financial Advisor will discuss the fund’s assets. In turn, we generally pay part of this fee to following with you: your Financial Advisor. The amount varies among funds – Investment Time Horizon and share classes, but it typically is 0.20% to 1.00% per – Amount you have to invest year of the fund’s total assets. The exact amount is – Investment Objectives and Risk Profile disclosed in the fund’s prospectus. How UBS Financial Services Inc. and your Processing and networking fees. For transactions with Financial Advisor are compensated when you a principal amount over $500, UBS charges a $5.25 buy mutual funds processing and handling fee on the purchase and sale of The mutual fund type and share class you buy, as well as most mutual fund shares in retail brokerage accounts, to the type of account you have, affect how UBS Financial defray transaction processing costs.
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