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  • Also WBMRX
  • Is there a reason to prefer WBMAX over WBMRX or vice versa? Normally I would expect the "Advisor" class to have lower expenses vs. the regular investor class, but in this case both have the same expense ratio and both are available NTF through Vanguard (probably other brokerages as well) with just slight differences in initial minimums.
  • edited August 2012
    Note that the fund also invests in CEFs (Closed-End Funds) - it had about 10% in CEFs back at the end of April.

    Whitebox Tactical Opp Mutual Fund - Q2 Commentary:

    http://www.whiteboxmutualfunds.com/content/assets/docs/newsletters/Whitebox-Tactical-Op-Newsletter_Q2_2012.pdf

    Q2 Conference Call - Transcript:

    http://www.whiteboxmutualfunds.com/content/assets/docs/Whitebox-tac-op-fund-Q2-2012-call.pdf

  • One big problem I have encountered with purchasing advisor class funds over retail or institutional funds is that once the financial intermediary realizes you are not an advisor, they cease allowing to purchase additional shares (i.e. TGBAX or TTRZX) and they will probably put a "hold" on your account for any additional purchases of WBMRX.

    Also, WBMAX has a 4.5% load per the prospectus.

    Here is link to prospectus:

    http://www.whiteboxmutualfunds.com/content/assets/docs/Whitebox_Prospectus.pdf

    From the prospectus:

    Shareholder Fees (fees paid directly from your investment): Invstr Advisor Institutional
    Maximum Sales Charge (Load) Imposed on Purchases (as a
    percentage of offering price) ............................................. 4.50% None None
    Maximum Deferred Sales Charge (Load) (as a percentage
    of offering price or redemption proceeds, whichever is
    lower) ................................................................................ 1.00% None None
    Redemption Fee (as a percentage of amount redeemed
    within 60 days of purchase) ............................................... 2.00% 2.00% 2.00%
    Annual Fund Operating Expenses (expenses that you pay
    each year as a percentage of the value of your investment):
    Management Fee ................................................................ 1.00% 1.00% 1.00%
    Service (12b-1) Fee ............................................................ 0.25% 0.25% None
    Other Expenses1 ................................................................ 0.46% 0.46% 0.46%
    Total annual fund operating expenses ............................... 1.71% 1.71% 1.46%
    Less: Contractual fee and expense waivers2 ...................... 0.11% 0.11% 0.11%
    Net annual fund operating expenses ............................... . 1.60% 1.60% 1.35%
    1
  • http://fundresearch.fidelity.com/mutual-funds/summary/96467B307
    Whitebox Tactical Opportunities Adv CL (WBMRX)
    Minimum to Invest $2,500.00 ($2,500.00 for IRA)
    Transaction Fee (online) None
  • edited August 2012
    Here is what Fido has posted for ASFYX:

    Minimum Initial Investment $100,000
    Minimum Retirement $2,500
    Minimum Additional Investment $250
    Minimum Automatic Account Builder $100
    Simple IRA No

    I tried to purchase ASFYX in my non-taxable Fido account, one order was less than $2,500 and the other for more than $2,500. Both orders was cancelled for no reason. Best thing is to run a test trade to see it the order is cancelled. I don't always believe what is posted for minimums.

    TDA has WBMIX with no initial minimum plus T/F in non-taxable accounts, so far.

    Minimums for Whitebox Tactical Opportunities fund:

    Investor Shares:

    Minimum Initial
    Investment
    $5,000 for all accounts
    except:$1,000 for tax deferred
    accounts.

    Advisor Shares

    Available to clients of
    registered investment
    advisors and participants in
    certain employee benefit
    plans. No minimum initial
    investment for qualifying
    investors.

    Institutional Shares:

    $5 million for institutions
    and individuals. Also
    available to clients of
    registered investment
    advisors and participants in
    certain employee benefit
    plans with collective
    investments of at least $5
    million.

    Minimum Additional
    Investment
    $1,000 for all accounts
    except:
    $200 for tax deferred
    accounts.
    No subsequent minimum. No subsequent minimum.
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