BHIAX Fees and Costs — Hawaii Municipal Bond Fund, Retail A
Data updated: 2026-08-27
The net expense ratio is 0.80%: a 0.35% management fee, a 0.25% 12b-1 fee plus 0.63% other expenses, less a 0.43% fee waiver. This share class carries a maximum front-end sales load of 1.50%. Portfolio turnover was 18%.
BHIAX Fees and Expenses
Annual operating expenses and sales charges of BHIAX. Prospectus, as of May 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.35% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.63% |
| Gross expense ratio | 1.23% |
| Fee waiver | −0.43% |
| Net expense ratio | 0.80% |
| Sales charges | |
|---|---|
| Max front load | 1.50% |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
BHIAX Costs Over Time
On $10,000 invested in BHIAX, assuming 5% a year before costs, total costs come to $686 over 5 years, cutting the return by 1.15% 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 | $150 | $150 | $150 |
| Fund expenses (net expense ratio 0.80%) | $83 | $259 | $450 |
| Lost growth on money paid in costs | $7 | $36 | $87 |
| Total costs | $240 | $445 | $686 |
| Value after costs | $10,260 | $11,131 | $12,077 |
| Impact on return, per year | 2.40% | 1.36% | 1.15% |
BHIAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $79.6M
- Portfolio turnover (prospectus): 18%
- Securities lending: none during the year
BHIAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| PERSHING LLC | $16.7M | 22.71% |
| MORGAN STANLEY & CO, INC | $12.4M | 16.96% |
| STIFEL NICOLAUS & CO., INC. | $12.1M | 16.52% |
| MARKET AXESS | $10.5M | 14.26% |
| PAX CLEARING CO. LP | $6.9M | 9.35% |
| MONTGOMERY/BANK OF AMERICA | $4.1M | 5.56% |
| BARCLAY BANK PLC | $3.3M | 4.52% |
| GOLDMAN, SACHS & CO. | $2.8M | 3.75% |
| WELLS FARGO | $2.5M | 3.44% |
| SOUTHWEST SECURITIES INC. | $2.1M | 2.92% |
Hawaii Municipal Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| BSHIX | Institutional Class | 0.55% | none |
| BHIAX | Retail A | 0.80% | 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.