HCYAX Fees and Costs — Hilton Tactical Income Fund, Investor Class
Data updated: 2026-07-30
The net expense ratio is 1.29% (1.51% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $45K in broker commissions, 0.0369% of average net assets, and portfolio turnover was 92%.
HCYAX Fees and Expenses
Annual operating expenses and sales charges of HCYAX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.79% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.30% |
| Gross expense ratio | 1.51% |
| Fee waiver | −0.22% |
| Net expense ratio | 1.29% |
| Sales charges | |
|---|---|
| Max front load | — |
| 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 |
HCYAX Costs Over Time
On $10,000 invested in HCYAX, assuming 5% a year before costs, total costs come to $825 over 5 years, cutting the return by 1.39% 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 1.29%) | $135 | $421 | $728 |
| Trading costs (broker commissions) | $4 | $12 | $21 |
| Lost growth on money paid in costs | $0 | $21 | $76 |
| Total costs | $139 | $455 | $825 |
| Value after costs | $10,361 | $11,122 | $11,938 |
| Impact on return, per year | 1.39% | 1.39% | 1.39% |
HCYAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0369%
- Total broker commissions: $45K
- Bought from dealers (principal trades, not a cost): $43.2M
- Portfolio turnover (prospectus): 92%
- Securities lending: none during the year
HCYAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Wells Fargo Securities, LLC | $22K | 49.39% |
| NATIONAL FINANCIAL SERVICE CORP. | $10K | 21.46% |
| STIFEL NICOLAUS & CO. INC. | $10K | 21.39% |
| MORGAN STANLEY & CO. LLC | $2K | 4.25% |
| INSTINET LLC | $2K | 3.51% |
HCYAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MARKET AXESS INC. | $16.7M | 38.66% |
| MORGAN STANLEY & CO. LLC | $15.0M | 34.72% |
| PERSHING LLC | $6.2M | 14.26% |
| WELLS FARGO SECURITIES LLC | $4.8M | 11.20% |
| MARKETAXESS CORPORATION | $500K | 1.16% |
Hilton Tactical 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 |
|---|---|---|---|
| HCYIX | Institutional Class | 1.04% | — |
| HCYAX | Investor Class | 1.29% | — |
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.