AOUNX Fees and Costs — Angel Oak UltraShort Income Fund, Class A1
Data updated: 2026-09-28
The net expense ratio is 0.60%: a 0.44% management fee, a 0.25% 12b-1 fee plus 0.11% other expenses, less a 0.20% fee waiver. This share class carries a maximum front-end sales load of 1.50% and a deferred sales charge of up to 0.50%. In fiscal 2026 the fund paid $7K in broker commissions, 0.0011% of average net assets, and portfolio turnover was 76%.
AOUNX Fees and Expenses
Annual operating expenses and sales charges of AOUNX. Prospectus, as of May 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.44% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.11% |
| Gross expense ratio | 0.80% |
| Fee waiver | −0.20% |
| Net expense ratio | 0.60% |
| Sales charges | |
|---|---|
| Max front load | 1.50% |
| Max deferred load | 0.50% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
AOUNX Costs Over Time
On $10,000 invested in AOUNX, assuming 5% a year before costs, total costs come to $565 over 5 years, cutting the return by 0.95% 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 | $201 | $150 | $150 |
| Fund expenses (net expense ratio 0.60%) | $62 | $194 | $339 |
| Trading costs (broker commissions) | $0 | $0 | $1 |
| Lost growth on money paid in costs | $7 | $33 | $76 |
| Total costs | $271 | $378 | $565 |
| Value after costs | $10,229 | $11,198 | $12,198 |
| Impact on return, per year | 2.71% | 1.16% | 0.95% |
AOUNX 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): 0.0011%
- Total broker commissions: $7K
- Bought from dealers (principal trades, not a cost): $1.0B
- Portfolio turnover (prospectus): 76%
- Securities lending: none during the year
AOUNX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| R.J. O'BRIEN SECURITIES LLC | $7K | 100.00% |
AOUNX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $81.7M | 14.69% |
| GOLDMAN SACHS & CO. LLC | $76.6M | 13.77% |
| BOFA SECURITIES INC. | $66.0M | 11.87% |
| ROBERT W. BAIRD & CO. INCORPORATED | $56.1M | 10.08% |
| WELLS FARGO SECURITIES LLC | $55.4M | 9.96% |
| J.P. MORGAN SECURITIES LLC | $50.4M | 9.06% |
| CITIGROUP GLOBAL MARKETS INC. | $47.8M | 8.60% |
| PNC WEALTH MANAGEMENT LLC | $42.1M | 7.58% |
| DEUTSCHE BANK SECURITIES INC. | $40.4M | 7.27% |
| JANE STREET EXCECUTION SERVICES LLC | $39.5M | 7.11% |
Angel Oak UltraShort 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 |
|---|---|---|---|
| AOUIX | Institutional Class | 0.35% | none |
| AOUAX | Class A | 0.60% | none |
| AOUNX | Class A1 | 0.60% | 1.50% |
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.