BHIIX Fees and Costs — Brigade High Income Fund, Institutional Class
Data updated: 2026-08-25
The net expense ratio is 0.53%: a 0.50% management fee plus 0.16% other expenses, less a 0.14% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 29%.
BHIIX Fees and Expenses
Annual operating expenses and sales charges of BHIIX. Prospectus, as of February 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | — |
| Other expenses | 0.16% |
| Gross expense ratio | 0.67% |
| Fee waiver | −0.14% |
| Net expense ratio | 0.53% |
| 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 |
BHIIX Costs Over Time
On $10,000 invested in BHIIX, assuming 5% a year before costs, total costs come to $335 over 5 years, cutting the return by 0.56% 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 0.53%) | $56 | $174 | $304 |
| Lost growth on money paid in costs | $0 | $9 | $31 |
| Total costs | $56 | $183 | $335 |
| Value after costs | $10,444 | $11,393 | $12,428 |
| Impact on return, per year | 0.56% | 0.56% | 0.56% |
BHIIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $620.2M
- Portfolio turnover (prospectus): 29%
- Securities lending: none during the year
BHIIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN DISTRIBUTION SERVICES, INC. | $96.2M | 19.07% |
| BARCLAYS CAPITAL INC. | $83.4M | 16.53% |
| GOLDMAN SACHS & CO. LLC | $63.2M | 12.52% |
| JEFFERIES LLC | $61.4M | 12.17% |
| BOFA SECURITIES, INC. | $55.3M | 10.95% |
| Morgan Stanley | $45.9M | 9.09% |
| WELLS FARGO SECURITIES, LLC | $30.2M | 5.98% |
| RBC CAPITAL MARKETS, LLC | $29.6M | 5.86% |
| UBS SECURITIES LLC | $22.2M | 4.41% |
| DEUTSCHE BANK SECURITIES INC. | $17.3M | 3.42% |
Brigade High 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 |
|---|---|---|---|
| BHIIX | Institutional Class | 0.53% | none |
| BHIMX | Founders Class | 0.53% | 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.