ANHAX Fees and Costs — Angel Oak High Yield Opportunities Fund, Class A
Data updated: 2024-04-09
The net expense ratio is 0.81%: a 0.55% management fee, a 0.25% 12b-1 fee plus 0.44% other expenses, less a 0.43% fee waiver. This share class carries a maximum front-end sales load of 2.25%. In fiscal 2024 the fund paid $880 in broker commissions, 0.0013% of average net assets, and portfolio turnover was 33%.
ANHAX Fees and Expenses
Annual operating expenses and sales charges of ANHAX. Prospectus, as of May 31, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.44% |
| Gross expense ratio | 1.24% |
| Fee waiver | −0.43% |
| Net expense ratio | 0.81% |
| 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 |
ANHAX Costs Over Time
On $10,000 invested in ANHAX, assuming 5% a year before costs, total costs come to $785 over 5 years, cutting the return by 1.32% 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 0.81%) | $83 | $260 | $452 |
| Trading costs (broker commissions) | $0 | $0 | $1 |
| Lost growth on money paid in costs | $11 | $48 | $108 |
| Total costs | $320 | $534 | $785 |
| Value after costs | $10,180 | $11,043 | $11,978 |
| Impact on return, per year | 3.20% | 1.64% | 1.32% |
ANHAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending January 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0013%
- Total broker commissions: $880
- Bought from dealers (principal trades, not a cost): $18.4M
- Portfolio turnover (prospectus): 33%
- Securities lending: none during the year
ANHAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $880 | 100.00% |
ANHAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $5.4M | 29.12% |
| J.P. MORGAN SECURITIES LLC | $2.5M | 13.49% |
| MARKETAXESS CORPORATION | $1.9M | 10.14% |
| NOMURA SECURITIES INTERNATIONAL INC. | $1.8M | 9.63% |
| STATE STREET GLOBAL MARKETS LLC | $1.8M | 9.57% |
| WELLS FARGO SECURITIES LLC | $1.3M | 6.79% |
| BARCLAYS CAPITAL INC. | $1.2M | 6.50% |
| MORGAN STANLEY & CO. LLC | $966K | 5.24% |
| TD SECURITIES (USA) LLC | $929K | 5.04% |
| STIFEL NICOLAUS & COMPANY INCORPORATED | $827K | 4.49% |
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.