BFRXX Fees and Costs — FedFund, Cash Reserve
Data updated: 2026-02-25
The net expense ratio is 0.57%: a 0.18% management fee plus 0.40% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees.
BFRXX Fees and Expenses
Annual operating expenses and sales charges of BFRXX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.18% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.40% |
| Gross expense ratio | 0.58% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.57% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| 7-day yield | 0.03% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
BFRXX Costs Over Time
On $10,000 invested in BFRXX, assuming 5% a year before costs, total costs come to $360 over 5 years, cutting the return by 0.60% 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 0.57%) | $60 | $188 | $327 |
| Lost growth on money paid in costs | $0 | $9 | $33 |
| Total costs | $60 | $197 | $360 |
| Value after costs | $10,440 | $11,379 | $12,403 |
| Impact on return, per year | 0.60% | 0.60% | 0.60% |
BFRXX 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): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $14.89T
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
BFRXX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Bank of New York Mellon Corp. | $2.94T | 24.16% |
| Goldman Sachs & Co. LLC | $1.85T | 15.20% |
| BNP Paribas Securities Corp. | $1.44T | 11.80% |
| HSBC Securities (USA) Inc. | $1.34T | 10.99% |
| State Street Global Markets, LLC | $898.5B | 7.38% |
| Citigroup Global Markets Inc. | $876.8B | 7.20% |
| Barclays Capital, Inc. | $809.3B | 6.64% |
| Wells Fargo Securities, LLC | $785.2B | 6.45% |
| Deutsche Bank Securities Inc. | $689.2B | 5.66% |
| RBC Capital Markets, LLC | $551.5B | 4.53% |
FedFund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| BUPXX | Premier Class | 0.17% | — |
| TFDXX | Institutional Class | 0.17% | — |
| BFCXX | Capital Class | 0.22% | — |
| BLFXX | Administration Class | 0.27% | — |
| TDDXX | Dollar Class | 0.42% | — |
| BFRXX | Cash Reserve | 0.57% | — |
| BRPXX | Private Client | 0.68% | — |
| BFBXX | Select Class | 1.00% | — |
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.