ANGLX Fees and Costs — Angel Oak Multi-Strategy Income Fund, Class A
Data updated: 2026-09-28
The net expense ratio is 1.57%: a 0.89% management fee, a 0.25% 12b-1 fee plus 0.44% other expenses, less a 0.01% fee waiver. This share class carries a maximum front-end sales load of 2.25%. In fiscal 2026 the fund paid $36K in broker commissions, 0.0013% of average net assets, and portfolio turnover was 75%.
ANGLX Fees and Expenses
Annual operating expenses and sales charges of ANGLX. Prospectus, as of May 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.89% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.44% |
| Gross expense ratio | 1.58% |
| Fee waiver | −0.01% |
| Net expense ratio | 1.57% |
| Sales charges | |
|---|---|
| Max front load | 2.25% |
| 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 | Yes |
ANGLX Costs Over Time
On $10,000 invested in ANGLX, assuming 5% a year before costs, total costs come to $1,237 over 5 years, cutting the return by 2.12% 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 | $225 | $225 | $225 |
| Fund expenses (net expense ratio 1.57%) | $161 | $500 | $862 |
| Trading costs (broker commissions) | $0 | $0 | $1 |
| Lost growth on money paid in costs | $11 | $60 | $150 |
| Total costs | $398 | $786 | $1,237 |
| Value after costs | $10,102 | $10,791 | $11,526 |
| Impact on return, per year | 3.98% | 2.43% | 2.12% |
ANGLX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending January 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0013%
- Total broker commissions: $36K
- Bought from dealers (principal trades, not a cost): $5.8B
- Portfolio turnover (prospectus): 75%
- Securities lending: none during the year
ANGLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JANE STREET EXCECUTION SERVICES LLC | $15K | 42.26% |
| R.J. O'BRIEN SECURITIES LLC | $6K | 16.99% |
| BTIG LLC | $5K | 14.54% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $4K | 11.47% |
| CITADEL SECURITIES LLC | $2K | 6.65% |
| BNY MELLON CAPITAL MARKETS LLC | $2K | 4.72% |
| STIFEL NICOLAUS & COMPANY INCORPORATED | $1K | 3.37% |
ANGLX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $1.2B | 26.68% |
| GOLDMAN SACHS & CO. LLC | $1.1B | 24.50% |
| J.P. MORGAN SECURITIES LLC | $565.0M | 13.10% |
| NOMURA SECURITIES INTERNATIONAL INC. | $469.4M | 10.89% |
| WELLS FARGO SECURITIES LLC | $244.3M | 5.67% |
| VIRTU FINANCIAL CAPITAL MARKETS LLC | $194.4M | 4.51% |
| BOFA SECURITIES INC. | $173.4M | 4.02% |
| PNC WEALTH MANAGEMENT LLC | $162.0M | 3.76% |
| SMBC NIKKO SECURITIES AMERICA INC. | $148.4M | 3.44% |
| BMO NESBITT BURNS SECURITIES LTD. | $147.9M | 3.43% |
Angel Oak Multi-Strategy 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 |
|---|---|---|---|
| ANGIX | Institutional Class | 1.32% | none |
| ANGLX | Class A | 1.57% | 2.25% |
| ANGCX | Class C | 2.32% | 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.