AFDAX Fees and Costs — Large Cap Equity Fund, A Class
Data updated: 2026-09-29
The net expense ratio is 1.04%: a 0.79% management fee plus a 0.25% 12b-1 fee. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2025 the fund paid $411K in broker commissions, 0.0103% of average net assets, and portfolio turnover was 44%.
AFDAX Fees and Expenses
Annual operating expenses and sales charges of AFDAX. Prospectus, as of March 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.79% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.00% |
| Gross expense ratio | 1.04% |
| Fee waiver | — |
| Net expense ratio | 1.04% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| 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 | No |
AFDAX Costs Over Time
On $10,000 invested in AFDAX, assuming 5% a year before costs, total costs come to $1,352 over 5 years, cutting the return by 2.33% 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 | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.04%) | $103 | $321 | $556 |
| Trading costs (broker commissions) | $1 | $3 | $6 |
| Lost growth on money paid in costs | $29 | $107 | $216 |
| Total costs | $708 | $1,006 | $1,352 |
| Value after costs | $9,792 | $10,570 | $11,410 |
| Impact on return, per year | 7.08% | 3.13% | 2.33% |
AFDAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0103%
- Total broker commissions: $411K
- Bought from dealers (principal trades, not a cost): $2.6B
- Portfolio turnover (prospectus): 44%
- Securities lending: none during the year
AFDAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES | $63K | 18.93% |
| BANK OF AMERICA MERRILL LYNCH | $43K | 12.98% |
| BARCLAYS CAPITAL | $37K | 11.24% |
| MORGAN STANLEY | $35K | 10.62% |
| CITIGROUP CAPITAL MARKETS INC. | $33K | 10.08% |
| UBS WARBURG | $32K | 9.77% |
| BERNSTEIN INSTITUTIONAL SERVICES | $31K | 9.48% |
| PIPER SANDLER & CO | $23K | 6.88% |
| KEEFE BRUYETTE WOODS INC | $18K | 5.50% |
| RBC CAPITAL MARKETS | $15K | 4.52% |
AFDAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| STATE STREET GLOBAL MARKETS LLC | $2.0B | 78.09% |
| BMO CAPITAL MARKETS | $222.8M | 8.53% |
| UBS WARBURG | $168.5M | 6.45% |
| MORGAN STANLEY | $53.7M | 2.05% |
| GOLDMAN SACHS | $48.9M | 1.87% |
| BANK OF AMERICA MERRILL LYNCH | $40.4M | 1.55% |
| J.P. MORGAN SECURITIES | $31.4M | 1.20% |
| CITIGROUP CAPITAL MARKETS INC. | $6.6M | 0.25% |
Large Cap Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| AFEGX | G Class | 0.00% | none |
| AFEDX | R6 Class | 0.44% | none |
| AFYDX | Y Class | 0.44% | none |
| AFDGX | R5 Class | 0.59% | none |
| AFEIX | I Class | 0.59% | none |
| AFDIX | Investor Class | 0.79% | none |
| AFDAX | A Class | 1.04% | 5.75% |
| AFDRX | R Class | 1.29% | none |
| AFDCX | C Class | 1.79% | 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.