C000147051 Fees and Costs — Adara Smaller Companies Fund
Data updated: 2026-07-28
The net expense ratio is 0.80%: a 0.70% management fee plus 0.10% other expenses. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $772K in broker commissions, 0.1484% of average net assets, and portfolio turnover was 71%.
C000147051 Fees and Expenses
Annual operating expenses and sales charges of C000147051. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.10% |
| Gross expense ratio | 0.80% |
| Fee waiver | — |
| Net expense ratio | 0.80% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
C000147051 Costs Over Time
On $10,000 invested in C000147051, assuming 5% a year before costs, total costs come to $594 over 5 years, cutting the return by 1.00% 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 0.80%) | $84 | $262 | $455 |
| Trading costs (broker commissions) | $16 | $49 | $84 |
| Lost growth on money paid in costs | $0 | $15 | $54 |
| Total costs | $100 | $326 | $594 |
| Value after costs | $10,400 | $11,250 | $12,169 |
| Impact on return, per year | 1.00% | 1.00% | 1.00% |
C000147051 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.1484%
- Total broker commissions: $772K
- Bought from dealers (principal trades, not a cost): $12.0M
- Portfolio turnover (prospectus): 71%
- Securities lending: none during the year
C000147051 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| HARRIS CORP. | $76K | 20.03% |
| COWEN EXECUTION SERVICES | $46K | 12.24% |
| R.B.C. DOMINION SECURITIES INC. | $39K | 10.41% |
| CANTOR FITZGERALD & CO. | $37K | 9.86% |
| PIPER | $35K | 9.23% |
| WILLIAM BLAIR & COMPANY L.L.C. | $33K | 8.68% |
| JEFFERIES & COMPANY INC. | $32K | 8.39% |
| STIFEL NICOLAUS & CO. INC. | $28K | 7.52% |
| LIQUIDNET INC. | $28K | 7.30% |
| ROTH CAPITAL PARTNERS LLC | $24K | 6.34% |
C000147051 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN CHASE | $2.1M | 34.81% |
| BARCLAY INVESTMENTS LTD. | $1.1M | 17.25% |
| BAIRD ROBERT W. & CO. INCORPORATED | $824K | 13.34% |
| JONES & ASSOCIATES INC. | $466K | 7.55% |
| Craig Hallum | $422K | 6.83% |
| JEFFERIES & COMPANY INC. | $396K | 6.42% |
| JOSLIN | $297K | 4.81% |
| GOLDMAN SACHS & CO | $265K | 4.29% |
| CREDIT SUISSE | $211K | 3.42% |
| CANTOR FITZGERALD & CO. | $79K | 1.28% |
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.