NTBAX Fees and Costs — Navigator Tactical Fixed Income Fund, Class A
Data updated: 2026-09-04
The net expense ratio is 1.28% (1.30% before fee waivers). This share class carries a maximum front-end sales load of 3.75%. In fiscal 2025 the fund paid $421K in broker commissions, 0.0054% of average net assets, and portfolio turnover was 44%.
NTBAX Fees and Expenses
Annual operating expenses and sales charges of NTBAX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.81% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.17% |
| Gross expense ratio | 1.30% |
| Fee waiver | −0.02% |
| Net expense ratio | 1.28% |
| Sales charges | |
|---|---|
| Max front load | 3.75% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
NTBAX Costs Over Time
On $10,000 invested in NTBAX, assuming 5% a year before costs, total costs come to $1,248 over 5 years, cutting the return by 2.14% 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 | $375 | $375 | $375 |
| Fund expenses (net expense ratio 1.28%) | $129 | $402 | $696 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $19 | $79 | $174 |
| Total costs | $524 | $858 | $1,248 |
| Value after costs | $9,976 | $10,718 | $11,515 |
| Impact on return, per year | 5.24% | 2.66% | 2.14% |
NTBAX 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): 0.0054%
- Total broker commissions: $421K
- Bought from dealers (principal trades, not a cost): $10.9B
- Portfolio turnover (prospectus): 44%
- Securities on loan, average value: $489.8M
- Net income from securities lending: $5.2M (0.067% of average net assets)
NTBAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS | $412K | 97.93% |
| GFI SECURITIES | $5K | 1.19% |
| PERSHING LLC | $4K | 0.88% |
NTBAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS | $6.6B | 60.07% |
| JPMORGAN CHASE | $1.2B | 11.01% |
| BANK OF AMERICA MERRILL LYNCH | $656.0M | 6.00% |
| BARCLAYS CAPITAL, INC. | $597.2M | 5.46% |
| WELLS FARGO BANK | $535.9M | 4.90% |
| Citigroup | $319.4M | 2.92% |
| TD SECURITIES | $309.9M | 2.83% |
| MORGAN STANLEY SMITH BARNEY | $267.6M | 2.45% |
| CANTOR FITZGERALD | $263.6M | 2.41% |
| STIFEL NICOLAUS | $212.0M | 1.94% |
Navigator Tactical Fixed Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| NTBIX | Class I | 1.03% | none |
| NTBAX | Class A | 1.28% | 3.75% |
| NTBCX | Class C | 2.03% | 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.