DPFAX Fees and Costs — Deer Park Total Return Credit Fund, Class A
Data updated: 2026-08-27
The net expense ratio is 1.76% (2.57% before fee waivers). This share class carries a maximum front-end sales load of 5.75%. Portfolio turnover was 0%.
DPFAX Fees and Expenses
Annual operating expenses and sales charges of DPFAX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.49% |
| 12b-1 fee | 0.25% |
| Other expenses | — |
| Gross expense ratio | 2.57% |
| Fee waiver | −0.81% |
| Net expense ratio | 1.76% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
DPFAX Costs Over Time
On $10,000 invested in DPFAX, assuming 5% a year before costs, total costs come to $1,756 over 5 years, cutting the return by 3.06% 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 | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.76%) | $174 | $539 | $928 |
| Lost growth on money paid in costs | $29 | $117 | $253 |
| Total costs | $778 | $1,232 | $1,756 |
| Value after costs | $9,722 | $10,345 | $11,007 |
| Impact on return, per year | 7.78% | 3.86% | 3.06% |
DPFAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $119.3M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
DPFAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. Bancorp Investments, Inc. | $45.7M | 38.34% |
| Bmo Capital Markets Corp. | $22.6M | 18.93% |
| Mizuho Securities USA LLC | $11.9M | 9.94% |
| Nomura Securities International, Inc. | $10.7M | 9.01% |
| SG Americas Securities, LLC | $6.4M | 5.40% |
| Odeon Capital Group LLC | $5.8M | 4.83% |
| CITIBANK | $5.0M | 4.20% |
| BAY CREST PARTNERS, LLC | $4.3M | 3.62% |
| Brean Capital, LLC | $3.6M | 3.02% |
| BTIG LLC | $3.2M | 2.70% |
Deer Park Total Return Credit Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| DPFNX | Class I | 1.51% | none |
| DPFAX | Class A | 1.76% | 5.75% |
| DPFCX | Class C | 2.51% | none |
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.