CETAX Fees and Costs — Centerstone Investors Fund, Class A
Data updated: 2026-02-26
The net expense ratio is 1.40% (1.56% before fee waivers). This share class carries a maximum front-end sales load of 5.00% and a deferred sales charge of up to 1.00%. In fiscal 2025 the fund paid $65K in broker commissions, 0.0481% of average net assets, and portfolio turnover was 14%.
CETAX Fees and Expenses
Annual operating expenses and sales charges of CETAX. Prospectus, as of July 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.36% |
| Gross expense ratio | 1.56% |
| Fee waiver | −0.16% |
| Net expense ratio | 1.40% |
| Sales charges | |
|---|---|
| Max front load | 5.00% |
| Max deferred load | 1.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
CETAX Costs Over Time
On $10,000 invested in CETAX, assuming 5% a year before costs, total costs come to $1,491 over 5 years, cutting the return by 2.58% 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 | $598 | $500 | $500 |
| Fund expenses (net expense ratio 1.40%) | $140 | $434 | $749 |
| Trading costs (broker commissions) | $5 | $15 | $26 |
| Lost growth on money paid in costs | $25 | $101 | $217 |
| Total costs | $768 | $1,050 | $1,491 |
| Value after costs | $9,732 | $10,527 | $11,272 |
| Impact on return, per year | 7.68% | 3.27% | 2.58% |
CETAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0481%
- Total broker commissions: $65K
- Bought from dealers (principal trades, not a cost): $5.2M
- Portfolio turnover (prospectus): 14%
- Securities on loan, average value: $12.2M
- Net income from securities lending: $47K (0.034% of average net assets)
CETAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| LOOP CAPITAL | $27K | 41.87% |
| JEFFERIES | $15K | 23.49% |
| VIRTU FINANCIAL | $13K | 20.26% |
| BTIG LLC | $6K | 9.21% |
| MAXIM GROUP | $1K | 1.89% |
| PENNHAVEN BROKERAGE PARTNERS, LLC | $1K | 1.66% |
| HANDELSBANKEN | $658 | 1.01% |
| LARRAINVIAL S.A. | $400 | 0.61% |
CETAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| STATE STREET BANK & TRUST | $5.1M | 98.05% |
| LOOP CAPITAL | $102K | 1.95% |
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.