AAUSX Fees and Costs — Ultra Short Tax-Free Income Fund, A Shares
Data updated: 2026-07-27
The net expense ratio is 0.60%: a 0.15% management fee, a 0.25% 12b-1 fee plus 1.43% other expenses, less a 1.23% fee waiver. This share class carries a maximum front-end sales load of 1.00% and a deferred sales charge of up to 1.00%. Portfolio turnover was 173%.
AAUSX Fees and Expenses
Annual operating expenses and sales charges of AAUSX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.15% |
| 12b-1 fee | 0.25% |
| Other expenses | 1.43% |
| Gross expense ratio | 1.83% |
| Fee waiver | −1.23% |
| Net expense ratio | 0.60% |
| Sales charges | |
|---|---|
| Max front load | 1.00% |
| 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 | No |
AAUSX Costs Over Time
On $10,000 invested in AAUSX, assuming 5% a year before costs, total costs come to $502 over 5 years, cutting the return by 0.84% 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 | $203 | $100 | $100 |
| Fund expenses (net expense ratio 0.60%) | $62 | $195 | $340 |
| Lost growth on money paid in costs | $5 | $25 | $62 |
| Total costs | $271 | $321 | $502 |
| Value after costs | $10,229 | $11,255 | $12,261 |
| Impact on return, per year | 2.71% | 0.98% | 0.84% |
AAUSX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $66.8M
- Portfolio turnover (prospectus): 173%
- Securities lending: none during the year
AAUSX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOK Financial Securities, Inc. | $30.9M | 52.79% |
| BofA Securities, Inc. | $7.1M | 12.14% |
| Wells Fargo Securities, LLC | $4.3M | 7.43% |
| J.P. Morgan Securities LLC | $3.7M | 6.29% |
| Robert W. Baird & Co. Incorporated | $3.0M | 5.04% |
| Stifel, Nicolaus & Company, Incorporated | $2.5M | 4.28% |
| Morgan Stanley & Co. LLC | $2.5M | 4.25% |
| RBC Capital Markets, LLC | $1.8M | 3.07% |
| Huntington Securities, Inc. | $1.5M | 2.54% |
| Raymond James & Associates, Inc. | $1.3M | 2.16% |
Ultra Short Tax-Free 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 |
|---|---|---|---|
| AIUSX | Institutional Shares | 0.35% | none |
| AAUSX | A Shares | 0.60% | 1.00% |
| APUSX | Investor Shares | 0.60% | 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.