PBBIX Fees and Costs — Polen U.S. High Yield Fund, Institutional Class
Data updated: 2025-07-07
The net expense ratio is 0.65%: a 0.55% management fee plus 4.47% other expenses, less a 4.37% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 30%.
PBBIX Fees and Expenses
Annual operating expenses and sales charges of PBBIX. Prospectus, as of August 31, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | — |
| Other expenses | 4.47% |
| Gross expense ratio | 5.02% |
| Fee waiver | −4.37% |
| Net expense ratio | 0.65% |
| 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 |
PBBIX Costs Over Time
On $10,000 invested in PBBIX, assuming 5% a year before costs, total costs come to $409 over 5 years, cutting the return by 0.68% 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 0.65%) | $68 | $214 | $372 |
| Lost growth on money paid in costs | $0 | $11 | $37 |
| Total costs | $68 | $224 | $409 |
| Value after costs | $10,432 | $11,352 | $12,353 |
| Impact on return, per year | 0.68% | 0.68% | 0.68% |
PBBIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $4.0M
- Portfolio turnover (prospectus): 30%
- Securities lending: none during the year
PBBIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MARKETAXESS CORPORATION | $1.4M | 37.16% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $546K | 15.01% |
| GOLDMAN SACHS & CO. LLC | $480K | 13.22% |
| BARCLAYS CAPITAL, INC. | $270K | 7.44% |
| WELLS FARGO SECURITIES, LLC | $229K | 6.29% |
| J.P. Morgan Securities LLC | $184K | 5.07% |
| JEFFERIES LLC | $167K | 4.61% |
| MORGAN STANLEY & CO. LLC | $152K | 4.18% |
| UBS SECURITIES LLC | $144K | 3.96% |
| RBC CAPITAL MARKETS, LLC | $111K | 3.06% |
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.