PBKIX Fees and Costs — Polen Bank Loan Fund, Institutional Class
Data updated: 2025-03-25
The net expense ratio is 0.75%: a 0.65% management fee plus 1.46% other expenses, less a 1.36% fee waiver. This share class carries a redemption fee of 1.00%. Portfolio turnover was 120%.
PBKIX Fees and Expenses
Annual operating expenses and sales charges of PBKIX. Prospectus, as of August 31, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | — |
| Other expenses | 1.46% |
| Gross expense ratio | 2.11% |
| Fee waiver | −1.36% |
| Net expense ratio | 0.75% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | 1.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
PBKIX Costs Over Time
On $10,000 invested in PBKIX, assuming 5% a year before costs, total costs come to $471 over 5 years, cutting the return by 0.79% 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 0.75%) | $79 | $246 | $428 |
| Lost growth on money paid in costs | $0 | $12 | $43 |
| Total costs | $79 | $259 | $471 |
| Value after costs | $10,421 | $11,318 | $12,291 |
| Impact on return, per year | 0.79% | 0.79% | 0.79% |
PBKIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2024.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $16.3M
- Portfolio turnover (prospectus): 120%
- Securities lending: none during the year
PBKIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $2.2M | 16.41% |
| GOLDMAN SACHS & CO. LLC | $2.1M | 15.38% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $2.0M | 14.84% |
| J.P. Morgan Securities LLC | $1.5M | 10.61% |
| BARCLAYS CAPITAL, INC. | $1.5M | 10.58% |
| DEUTSCHE BANK SECURITIES, INC. | $1.1M | 8.24% |
| CitiGroup Global Markets Inc. | $940K | 6.86% |
| UBS SECURITIES LLC | $862K | 6.29% |
| MORGAN STANLEY & CO. LLC | $856K | 6.24% |
| BNP PARIBAS SECURITIES CORP. | $623K | 4.55% |
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.