BFSAX Fees and Costs — BFS Equity Fund, Institutional Class Shares
Data updated: 2026-09-28
The net expense ratio is 1.24%: a 0.75% management fee, a 0.25% 12b-1 fee plus 0.46% other expenses, less a 0.22% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $8K in broker commissions, 0.0120% of average net assets, and portfolio turnover was 27%.
BFSAX Fees and Expenses
Annual operating expenses and sales charges of BFSAX. Prospectus, as of September 30, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.46% |
| Gross expense ratio | 1.46% |
| Fee waiver | −0.22% |
| Net expense ratio | 1.24% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
BFSAX Costs Over Time
On $10,000 invested in BFSAX, assuming 5% a year before costs, total costs come to $779 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 1.24%) | $130 | $405 | $701 |
| Trading costs (broker commissions) | $1 | $4 | $7 |
| Lost growth on money paid in costs | $0 | $20 | $72 |
| Total costs | $131 | $429 | $779 |
| Value after costs | $10,369 | $11,147 | $11,984 |
| Impact on return, per year | 1.31% | 1.31% | 1.31% |
BFSAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0120%
- Total broker commissions: $8K
- Bought from dealers (principal trades, not a cost): $7.6M
- Portfolio turnover (prospectus): 27%
- Securities lending: none during the year
BFSAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $5K | 69.94% |
| BERNSTEIN (SANFORD C.), & CO., INC | $2K | 29.86% |
| FIDELITY BROKERAGE SERVICES LLC | $15 | 0.20% |
BFSAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| SCHWAB (CHARLES) & CO. INC. | $7.6M | 100.00% |
BFS Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| BFSIX | Institutional Class Shares | 0.99% | — |
| BFSAX | Institutional Class Shares | 1.24% | — |
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.