ATHAX Fees and Costs — Heritage Fund, A Class
Data updated: 2026-09-29
The net expense ratio is 1.25%: a 1.00% 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 $1.5M in broker commissions, 0.0248% of average net assets, and portfolio turnover was 62%.
ATHAX Fees and Expenses
Annual operating expenses and sales charges of ATHAX. Prospectus, as of March 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.00% |
| Gross expense ratio | 1.25% |
| Fee waiver | — |
| Net expense ratio | 1.25% |
| 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 |
ATHAX Costs Over Time
On $10,000 invested in ATHAX, assuming 5% a year before costs, total costs come to $1,481 over 5 years, cutting the return by 2.56% 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 |
| Sales charges | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.25%) | $124 | $385 | $665 |
| Trading costs (broker commissions) | $2 | $8 | $13 |
| Lost growth on money paid in costs | $29 | $110 | $228 |
| Total costs | $730 | $1,078 | $1,481 |
| Value after costs | $9,770 | $10,499 | $11,282 |
| Impact on return, per year | 7.30% | 3.36% | 2.56% |
ATHAX 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): 0.0248%
- Total broker commissions: $1.5M
- Bought from dealers (principal trades, not a cost): $10.4B
- Portfolio turnover (prospectus): 62%
- Securities on loan, average value: $8.7M
- Net income from securities lending: $19K (0.000% of average net assets)
ATHAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $267K | 21.47% |
| MORGAN STANLEY | $189K | 15.17% |
| BERNSTEIN INSTITUTIONAL SERVICES | $162K | 13.00% |
| UBS WARBURG | $147K | 11.80% |
| J.P. MORGAN SECURITIES | $132K | 10.63% |
| BANK OF AMERICA MERRILL LYNCH | $102K | 8.18% |
| CITIGROUP CAPITAL MARKETS INC. | $86K | 6.90% |
| KEYBANC CAPITAL MARKETS | $58K | 4.64% |
| EVERCORE ISI INVESTMENT GROUP | $54K | 4.37% |
| ROBERT W BAIRD | $48K | 3.84% |
ATHAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| STATE STREET GLOBAL MARKETS LLC | $9.3B | 89.05% |
| BMO CAPITAL MARKETS | $1.0B | 9.94% |
| CITIGROUP CAPITAL MARKETS INC. | $53.5M | 0.51% |
| BANK OF AMERICA MERRILL LYNCH | $36.2M | 0.35% |
| TORONTO-DOMINION CORP | $6.5M | 0.06% |
| MORGAN STANLEY | $4.7M | 0.04% |
| GOLDMAN SACHS | $3.6M | 0.03% |
Heritage Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| ACILX | G Class | 0.00% | none |
| ATHDX | R6 Class | 0.65% | none |
| ATHYX | Y Class | 0.65% | none |
| ATHGX | R5 Class | 0.80% | none |
| ATHIX | I Class | 0.80% | none |
| TWHIX | Investor Class | 1.00% | none |
| ATHAX | A Class | 1.25% | 5.75% |
| ATHWX | R Class | 1.50% | none |
| AHGCX | C Class | 2.00% | 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.