AIENX Fees and Costs — Strategic Enhanced Yield Fund, Institutional Shares
Data updated: 2026-07-27
The net expense ratio is 0.76%: a 0.50% management fee plus 1.21% other expenses, less a 0.95% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 112%.
AIENX Fees and Expenses
Annual operating expenses and sales charges of AIENX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | — |
| Other expenses | 1.21% |
| Gross expense ratio | 1.71% |
| Fee waiver | −0.95% |
| Net expense ratio | 0.76% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
AIENX Costs Over Time
On $10,000 invested in AIENX, assuming 5% a year before costs, total costs come to $478 over 5 years, cutting the return by 0.80% 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 0.76%) | $80 | $250 | $434 |
| Lost growth on money paid in costs | $0 | $12 | $44 |
| Total costs | $80 | $262 | $478 |
| Value after costs | $10,420 | $11,314 | $12,285 |
| Impact on return, per year | 0.80% | 0.80% | 0.80% |
AIENX 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): $97.5M
- Portfolio turnover (prospectus): 112%
- Securities lending: none during the year
AIENX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOK Financial Securities, Inc. | $47.7M | 59.44% |
| Morgan Stanley & Co. LLC | $5.9M | 7.35% |
| MarketAxess Corporation | $4.7M | 5.82% |
| Goldman Sachs & Co. LLC | $4.6M | 5.75% |
| StoneX Financial Inc. | $4.5M | 5.60% |
| Citigroup Global Markets Inc. | $4.3M | 5.34% |
| CastleOak Securities, L.P. | $2.4M | 2.97% |
| BofA Securities, Inc. | $2.2M | 2.69% |
| Pershing LLC | $2.1M | 2.59% |
| Wells Fargo Securities, LLC | $2.0M | 2.45% |
Strategic Enhanced Yield Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| AIENX | Institutional Shares | 0.76% | none |
| AAENX | A Shares | 1.01% | 2.00% |
| APENX | Investor Shares | 1.01% | 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.