AILIX Fees and Costs — Hedged Equity Income Fund, Institutional Shares
Data updated: 2026-07-27
The net expense ratio is 1.10%: a 0.80% management fee plus 0.96% other expenses, less a 0.66% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $17K in broker commissions, 0.0603% of average net assets, and portfolio turnover was 18%.
AILIX Fees and Expenses
Annual operating expenses and sales charges of AILIX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | — |
| Other expenses | 0.96% |
| Gross expense ratio | 1.76% |
| Fee waiver | −0.66% |
| Net expense ratio | 1.10% |
| 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 |
AILIX Costs Over Time
On $10,000 invested in AILIX, assuming 5% a year before costs, total costs come to $723 over 5 years, cutting the return by 1.22% 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 1.10%) | $116 | $360 | $623 |
| Trading costs (broker commissions) | $6 | $20 | $34 |
| Lost growth on money paid in costs | $0 | $19 | $66 |
| Total costs | $122 | $398 | $723 |
| Value after costs | $10,378 | $11,178 | $12,039 |
| Impact on return, per year | 1.22% | 1.22% | 1.22% |
AILIX 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): 0.0603%
- Total broker commissions: $17K
- Bought from dealers (principal trades, not a cost): $21.4M
- Portfolio turnover (prospectus): 18%
- Securities lending: none during the year
AILIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Wallachbeth Capital LLC | $11K | 66.11% |
| Strategas Securities, LLC | $2K | 9.20% |
| Capital Institutional Services, Inc. | $845 | 5.15% |
| Jefferies LLC | $833 | 5.07% |
| Stifel, Nicolaus & Company, Incorporated | $715 | 4.35% |
| Robert W. Baird & Co. Incorporated | $613 | 3.73% |
| BofA Securities, Inc. | $380 | 2.31% |
| Evercore Group L.L.C. | $350 | 2.13% |
| Truist Securities, Inc. | $215 | 1.31% |
| UBS Securities LLC | $103 | 0.63% |
AILIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOK Financial Securities, Inc. | $19.7M | 92.34% |
| Wallachbeth Capital LLC | $1.6M | 7.66% |
Hedged Equity 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 |
|---|---|---|---|
| AILIX | Institutional Shares | 1.10% | none |
| AALIX | A Shares | 1.35% | 2.00% |
| APLIX | Investor Shares | 1.35% | 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.