AICAX Fees and Costs — California Municipal Portfolio, Class A
Data updated: 2025-12-12
The net expense ratio is 0.75%: a 0.42% management fee, a 0.25% 12b-1 fee plus 0.08% other expenses. This share class carries a maximum front-end sales load of 3.00%. Portfolio turnover was 39%.
AICAX Fees and Expenses
Annual operating expenses and sales charges of AICAX. Prospectus, as of January 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.42% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.08% |
| Gross expense ratio | 0.75% |
| Fee waiver | — |
| Net expense ratio | 0.75% |
| Sales charges | |
|---|---|
| Max front load | 3.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
AICAX Costs Over Time
On $10,000 invested in AICAX, assuming 5% a year before costs, total costs come to $840 over 5 years, cutting the return by 1.42% 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 | $300 | $300 | $300 |
| Fund expenses (net expense ratio 0.75%) | $76 | $239 | $416 |
| Lost growth on money paid in costs | $15 | $59 | $125 |
| Total costs | $391 | $598 | $840 |
| Value after costs | $10,109 | $10,978 | $11,923 |
| Impact on return, per year | 3.91% | 1.84% | 1.42% |
AICAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $646.3M
- Portfolio turnover (prospectus): 39%
- Securities lending: none during the year
AICAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Guardian Capital LP | $156.3M | 25.12% |
| J.P. Morgan Securities LLC | $152.8M | 24.56% |
| Goldman Sachs & Co. LLC | $69.7M | 11.20% |
| Wells Fargo Securities, LLC | $52.9M | 8.51% |
| RBC Capital Markets, LLC | $50.4M | 8.10% |
| BNY Capital Markets, LLC | $41.7M | 6.71% |
| Barclays Capital Inc. | $40.6M | 6.53% |
| Morgan Stanley & Co. LLC | $40.6M | 6.52% |
| National Financial Services LLC | $9.2M | 1.48% |
| Stifel, Nicolaus & Company, Incorporated | $7.9M | 1.28% |
California Municipal Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| AICYX | Advisor Class | 0.50% | none |
| SNCAX | California Municipal Class | 0.57% | none |
| AICAX | Class A | 0.75% | 3.00% |
| ACMCX | Class C | 1.51% | 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.