Fee Structure

North Growth U.S. Equity Advisor Fund


"The North Growth U.S. Equity Advisor Fund is a no-load fund with a Management Expense Ratio (MER) of 1.20% (Class F) and 1.70% (Class D)."

Load: A load is a commission that you pay when you buy or sell units of some mutual funds.

North Growth Funds are no-load, meaning that you are not charged a fee for purchasing or selling units of a North Growth Fund.

Management Expense Ratio (MER): The MER represents the total expenses of a fund for a one-year period expressed as a percentage of the fund’s daily net asset values.

‘All-in-one’ Management Fee: As Manager of the Fund, North Growth Management Ltd. provides research, accounting, sales and management services and acts as investment advisor. Management fees are calculated daily and payable monthly at the annual rate of 1.20% of the net asset value of the Fund, and the Manager absorbs all other expenses of the Fund.

Trailer Fees: For Series D units we pay dealers an ongoing service fee, known as a “trailing commission” based on the total value of Series D units their clients hold in the Fund. No trailing commissions are paid on Series F units. Purchasers of Series F units will generally be required to pay their dealers under a “fee-for-service” program.

The maximum trailing commissions are as follows: Series D Series F
0.50% N/A

Total Fund Expenses: The North Growth US Equity Advisor Fund’s MER and its ‘all-in-one’ management fee represent the same value: namely the total annual expenses (including management fees) paid by the Fund. The numbers are not cumulative; they are essentially two different ways of presenting the Fund’s expenses. In both calculations, the dollar amount of the expenses are identical, it is simply the base used to calculate the percentage value that differs. The MER is calculated using average daily net asset values, whereas the ‘all-in-one’ management fee is calculated using the quarter-end net asset value of the Fund.

How do fees affect you? You do not pay a commission or fee when you purchase or redeem units of the North Growth US Equity Advisor Fund.

Fund expenses are deducted before performance numbers are calculated.

For more details on the Fee Structure of the North Growth US Equity Advisors Fund please read the Prospectus.