ADLVX Fees and Costs — Adler Value Fund, Institutional Class
Data updated: 2026-08-04
The net expense ratio is 1.31% (6.47% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $386 in broker commissions, 0.0090% of average net assets, and portfolio turnover was 22%.
ADLVX Fees and Expenses
Annual operating expenses and sales charges of ADLVX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 5.41% |
| Gross expense ratio | 6.47% |
| Fee waiver | −5.16% |
| Net expense ratio | 1.31% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
ADLVX Costs Over Time
On $10,000 invested in ADLVX, assuming 5% a year before costs, total costs come to $820 over 5 years, cutting the return by 1.38% 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 1.31%) | $138 | $428 | $739 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $0 | $21 | $75 |
| Total costs | $138 | $452 | $820 |
| Value after costs | $10,362 | $11,124 | $11,943 |
| Impact on return, per year | 1.38% | 1.38% | 1.38% |
ADLVX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0090%
- Total broker commissions: $386
- Bought from dealers (principal trades, not a cost): $90K
- Portfolio turnover (prospectus): 22%
- Securities lending: none during the year
ADLVX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INTERACTIVE BROKERS | $386 | 100.00% |
ADLVX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| INTERACTIVE BROKERS | $90K | 100.00% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.