AVEAX Fees and Costs — Ave Maria Growth Focused Fund
Data updated: 2026-08-28
The net expense ratio is 1.07%: a 0.75% management fee plus 0.32% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $119K in broker commissions, 0.1780% of average net assets, and portfolio turnover was 47%.
AVEAX Fees and Expenses
Annual operating expenses and sales charges of AVEAX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | — |
| Other expenses | 0.32% |
| Gross expense ratio | 1.07% |
| Fee waiver | — |
| Net expense ratio | 1.07% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
AVEAX Costs Over Time
On $10,000 invested in AVEAX, assuming 5% a year before costs, total costs come to $777 over 5 years, cutting the return by 1.31% 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 1.07%) | $112 | $350 | $605 |
| Trading costs (broker commissions) | $19 | $58 | $101 |
| Lost growth on money paid in costs | $0 | $20 | $71 |
| Total costs | $131 | $428 | $777 |
| Value after costs | $10,369 | $11,148 | $11,986 |
| Impact on return, per year | 1.31% | 1.31% | 1.31% |
AVEAX 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): 0.1780%
- Total broker commissions: $119K
- Bought from dealers (principal trades, not a cost): $5.9M
- Portfolio turnover (prospectus): 47%
- Securities lending: none during the year
AVEAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $59K | 49.55% |
| BTIG LLC | $32K | 26.80% |
| MORGAN STANLEY & CO., INC. | $9K | 7.60% |
| RAYMOND JAMES & ASSOCIATES, INC. | $6K | 4.91% |
| J.P. MORGAN SECURITIES LLC | $5K | 4.21% |
| JONES TRADING INSTITUTIONAL SERVICES LLC | $3K | 2.75% |
| STRATEGAS RESEARCH PARTNERS, LLC | $3K | 2.61% |
| INSTINET LLC | $1K | 0.91% |
| CJS SECURITIES, INC. | $780 | 0.66% |
AVEAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $5.9M | 100.00% |
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.