AVLIX Fees and Costs — Value Fund, I Class
Data updated: 2026-08-28
The net expense ratio is 0.74%: a 0.78% management fee plus 0.01% other expenses, less a 0.05% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $495K in broker commissions, 0.0230% of average net assets, and portfolio turnover was 55%.
AVLIX Fees and Expenses
Annual operating expenses and sales charges of AVLIX. Prospectus, as of August 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.78% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.79% |
| Fee waiver | −0.05% |
| Net expense ratio | 0.74% |
| 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 |
AVLIX Costs Over Time
On $10,000 invested in AVLIX, assuming 5% a year before costs, total costs come to $480 over 5 years, cutting the return by 0.80% 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 0.74%) | $78 | $243 | $423 |
| Trading costs (broker commissions) | $2 | $8 | $13 |
| Lost growth on money paid in costs | $0 | $12 | $44 |
| Total costs | $80 | $263 | $480 |
| Value after costs | $10,420 | $11,313 | $12,283 |
| Impact on return, per year | 0.80% | 0.80% | 0.80% |
AVLIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0230%
- Total broker commissions: $495K
- Bought from dealers (principal trades, not a cost): $12.9B
- Portfolio turnover (prospectus): 55%
- Securities on loan, average value: $2.6M
- Net income from securities lending: $10K (0.000% of average net assets)
AVLIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $65K | 14.99% |
| J.P. MORGAN SECURITIES | $64K | 14.78% |
| BERNSTEIN INSTITUTIONAL SERVICES | $61K | 14.06% |
| MORGAN STANLEY | $61K | 13.96% |
| BANK OF AMERICA MERRILL LYNCH | $57K | 13.14% |
| CITIGROUP CAPITAL MARKETS INC. | $55K | 12.66% |
| GUZMAN SECURITIES | $28K | 6.54% |
| BARCLAYS CAPITAL | $24K | 5.57% |
| RAYMOND JAMES | $10K | 2.20% |
| RBC CAPITAL MARKETS | $9K | 2.10% |
AVLIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| STATE STREET GLOBAL MARKETS LLC | $10.9B | 84.55% |
| BMO CAPITAL MARKETS | $466.6M | 3.61% |
| GOLDMAN SACHS | $368.9M | 2.85% |
| MORGAN STANLEY | $319.0M | 2.47% |
| UBS WARBURG | $300.5M | 2.32% |
| CITIGROUP CAPITAL MARKETS INC. | $283.4M | 2.19% |
| BANK OF AMERICA MERRILL LYNCH | $140.7M | 1.09% |
| J.P. MORGAN SECURITIES | $118.5M | 0.92% |
Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| AVUDX | R6 Class | 0.59% | none |
| AVUYX | Y Class | 0.59% | none |
| AVLIX | I Class | 0.74% | none |
| AVUGX | R5 Class | 0.74% | none |
| TWVLX | Investor Class | 0.94% | none |
| TWADX | A Class | 1.19% | 5.75% |
| AVURX | R Class | 1.44% | none |
| ACLCX | C Class | 1.94% | 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.