AOIIX Fees and Costs — Angel Oak Total Return Bond Fund, Institutional Class
Data updated: 2024-04-09
The net expense ratio is 0.44%: a 0.50% management fee plus 0.67% other expenses, less a 0.73% fee waiver. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $2K in broker commissions, 0.0052% of average net assets, and portfolio turnover was 53%.
AOIIX Fees and Expenses
Annual operating expenses and sales charges of AOIIX. Prospectus, as of May 31, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.67% |
| Gross expense ratio | 1.17% |
| Fee waiver | −0.73% |
| Net expense ratio | 0.44% |
| 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 | Yes |
AOIIX Costs Over Time
On $10,000 invested in AOIIX, assuming 5% a year before costs, total costs come to $282 over 5 years, cutting the return by 0.47% 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 0.44%) | $46 | $145 | $253 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $7 | $26 |
| Total costs | $47 | $154 | $282 |
| Value after costs | $10,453 | $11,422 | $12,481 |
| Impact on return, per year | 0.47% | 0.47% | 0.47% |
AOIIX 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): 0.0052%
- Total broker commissions: $2K
- Bought from dealers (principal trades, not a cost): $37.8M
- Portfolio turnover (prospectus): 53%
- Securities lending: none during the year
AOIIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| R.J. O'BRIEN SECURITIES LLC | $2K | 87.37% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $217 | 12.63% |
AOIIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| NOMURA SECURITIES INTERNATIONAL INC. | $7.8M | 20.61% |
| J.P. MORGAN SECURITIES LLC | $6.6M | 17.59% |
| MORGAN STANLEY & CO. LLC | $6.0M | 15.88% |
| WELLS FARGO SECURITIES LLC | $3.8M | 10.16% |
| MARKETAXESS CORPORATION | $3.6M | 9.56% |
| PERSHING LLC | $2.6M | 7.02% |
| BOFAML SECURITIES, INC. | $2.3M | 6.15% |
| BARCLAYS CAPITAL INC. | $1.8M | 4.84% |
| BNP PARIBAS SECURITIES CORP. | $1.7M | 4.48% |
| GOLDMAN SACHS & CO. LLC | $1.4M | 3.72% |
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.