AVERX Fees and Costs — Ave Maria Value Focused Fund
Data updated: 2026-08-28
The net expense ratio is 1.05% (1.13% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $121K in broker commissions, 0.1482% of average net assets, and portfolio turnover was 57%.
AVERX Fees and Expenses
Annual operating expenses and sales charges of AVERX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | — |
| Other expenses | 0.28% |
| Gross expense ratio | 1.13% |
| Fee waiver | −0.08% |
| Net expense ratio | 1.05% |
| 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 |
AVERX Costs Over Time
On $10,000 invested in AVERX, assuming 5% a year before costs, total costs come to $747 over 5 years, cutting the return by 1.26% 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 1.05%) | $110 | $343 | $594 |
| Trading costs (broker commissions) | $16 | $48 | $84 |
| Lost growth on money paid in costs | $0 | $19 | $69 |
| Total costs | $126 | $411 | $747 |
| Value after costs | $10,374 | $11,165 | $12,016 |
| Impact on return, per year | 1.26% | 1.26% | 1.26% |
AVERX 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): 0.1482%
- Total broker commissions: $121K
- Bought from dealers (principal trades, not a cost): $3.0M
- Portfolio turnover (prospectus): 57%
- Securities lending: none during the year
AVERX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BTIG LLC | $30K | 25.00% |
| BOFA SECURITIES, INC. | $22K | 18.51% |
| RAYMOND JAMES & ASSOCIATES, INC. | $18K | 14.72% |
| STRATEGIC RESEARCH PARTNERS, LLC | $12K | 10.12% |
| JONES TRADING INSTITUTIONAL SERVICES LLC | $11K | 9.33% |
| INSTINET LLC | $11K | 9.13% |
| STIFEL, NICOLAUS & CO., INC. | $9K | 7.44% |
| CJS SECURITIES, INC. | $3K | 2.35% |
| MORGAN STANLEY & CO. LLC | $2K | 1.80% |
| J.P. MORGAN SECURITIES LLC | $2K | 1.60% |
AVERX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $3.0M | 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.