LKBAX Fees and Costs — Lkcm Balanced Fund
Data updated: 2026-08-19
The net expense ratio is 0.80%: a 0.65% management fee plus 0.37% other expenses, less a 0.22% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $5K in broker commissions, 0.0041% of average net assets, and portfolio turnover was 6%.
LKBAX Fees and Expenses
Annual operating expenses and sales charges of LKBAX. Prospectus, as of May 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.37% |
| Gross expense ratio | 1.02% |
| Fee waiver | −0.22% |
| Net expense ratio | 0.80% |
| 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 | No |
LKBAX Costs Over Time
On $10,000 invested in LKBAX, assuming 5% a year before costs, total costs come to $505 over 5 years, cutting the return by 0.84% 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 | $263 | $456 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $13 | $46 |
| Total costs | $84 | $277 | $505 |
| Value after costs | $10,416 | $11,299 | $12,258 |
| Impact on return, per year | 0.84% | 0.84% | 0.84% |
LKBAX 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): 0.0041%
- Total broker commissions: $5K
- Bought from dealers (principal trades, not a cost): $9.1M
- Portfolio turnover (prospectus): 6%
- Securities lending: none during the year
LKBAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INSTINET LLC | $4K | 86.07% |
| CAPITAL INSTITUTIONAL SERVICES INC. | $636 | 13.93% |
LKBAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MARKET AXESS INC. | $4.6M | 50.01% |
| MORGAN STANLEY & CO. LLC | $1.3M | 14.17% |
| MILLENNIUM ADVISORS LLC | $1.0M | 11.47% |
| SUSQUEHANNA FINANCIAL GROUP LLLP | $835K | 9.18% |
| FIFTH THIRD SECURITIES INC. | $545K | 5.99% |
| GOLDMAN SACHS & CO. LLC | $428K | 4.71% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $304K | 3.34% |
| SUMRIDGE PARTNERS LLC | $104K | 1.14% |
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.