PBFDX Fees and Costs — Payson Total Return Fund
Data updated: 2026-08-28
The net expense ratio is 0.80%: a 0.60% management fee plus 0.20% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $14K in broker commissions, 0.0045% of average net assets, and portfolio turnover was 31%.
PBFDX Fees and Expenses
Annual operating expenses and sales charges of PBFDX. Prospectus, as of August 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.20% |
| Gross expense ratio | 0.80% |
| Fee waiver | — |
| Net expense ratio | 0.80% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
PBFDX Costs Over Time
On $10,000 invested in PBFDX, assuming 5% a year before costs, total costs come to $505 over 5 years, cutting the return by 0.84% 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 0.80%) | $84 | $263 | $456 |
| Trading costs (broker commissions) | $0 | $1 | $3 |
| Lost growth on money paid in costs | $0 | $13 | $46 |
| Total costs | $84 | $277 | $505 |
| Value after costs | $10,416 | $11,299 | $12,258 |
| Impact on return, per year | 0.84% | 0.84% | 0.84% |
PBFDX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0045%
- Total broker commissions: $14K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 31%
- Securities lending: none during the year
PBFDX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| ROBERT W. BAIRD & CO. INCORPORATED | $14K | 100.00% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.