DFMAX Fees and Costs — Davidson Multi-Cap Equity Fund, Class A
Data updated: 2026-09-11
The net expense ratio is 1.15%: a 0.65% management fee, a 0.25% 12b-1 fee plus 0.36% other expenses, less a 0.11% fee waiver. This share class carries a maximum front-end sales load of 3.50%. In fiscal 2026 the fund paid $19K in broker commissions, 0.0134% of average net assets, and portfolio turnover was 16%.
DFMAX Fees and Expenses
Annual operating expenses and sales charges of DFMAX. Prospectus, as of October 31, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.36% |
| Gross expense ratio | 1.26% |
| Fee waiver | −0.11% |
| Net expense ratio | 1.15% |
| Sales charges | |
|---|---|
| Max front load | 3.50% |
| 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 |
DFMAX Costs Over Time
On $10,000 invested in DFMAX, assuming 5% a year before costs, total costs come to $1,147 over 5 years, cutting the return by 1.96% 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 | $350 | $350 | $350 |
| Fund expenses (net expense ratio 1.15%) | $117 | $363 | $628 |
| Trading costs (broker commissions) | $1 | $4 | $7 |
| Lost growth on money paid in costs | $17 | $73 | $161 |
| Total costs | $485 | $791 | $1,147 |
| Value after costs | $10,015 | $10,786 | $11,616 |
| Impact on return, per year | 4.85% | 2.45% | 1.96% |
DFMAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0134%
- Total broker commissions: $19K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 16%
- Securities lending: none during the year
DFMAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| LIQUIDNET INC. | $3K | 16.67% |
| SANFORD C. BERNSTEIN & CO. LLC | $3K | 16.49% |
| RAYMOND JAMES & ASSOCIATES INC. | $3K | 14.22% |
| J.P. MORGAN SECURITIES LLC | $2K | 13.37% |
| STIFEL NICOLAUS & COMPANY INCORPORATED | $2K | 11.27% |
| WELLS FARGO SECURITIES LLC | $2K | 11.11% |
| MORGAN STANLEY & CO. LLC | $2K | 8.62% |
| INSTINET LLC | $2K | 8.25% |
Davidson Multi-Cap 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 |
|---|---|---|---|
| DFMIX | Class I | 0.90% | none |
| DFMAX | Class A | 1.15% | 3.50% |
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.