PBXAX Fees and Costs — Rational/Pier 88 Convertible Securities Fund, Class A
Data updated: 2026-08-28
The net expense ratio is 1.25%: a 0.85% management fee, a 0.25% 12b-1 fee plus 0.29% other expenses, less a 0.15% fee waiver. This share class carries a maximum front-end sales load of 4.75%. In fiscal 2025 the fund paid $334K in broker commissions, 0.1608% of average net assets, and portfolio turnover was 185%.
PBXAX Fees and Expenses
Annual operating expenses and sales charges of PBXAX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.29% |
| Gross expense ratio | 1.40% |
| Fee waiver | −0.15% |
| Net expense ratio | 1.25% |
| Sales charges | |
|---|---|
| Max front load | 4.75% |
| 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 |
PBXAX Costs Over Time
On $10,000 invested in PBXAX, assuming 5% a year before costs, total costs come to $1,440 over 5 years, cutting the return by 2.48% 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 | $475 | $475 | $475 |
| Fund expenses (net expense ratio 1.25%) | $125 | $388 | $671 |
| Trading costs (broker commissions) | $16 | $50 | $86 |
| Lost growth on money paid in costs | $24 | $97 | $208 |
| Total costs | $640 | $1,010 | $1,440 |
| Value after costs | $9,860 | $10,566 | $11,323 |
| Impact on return, per year | 6.40% | 3.15% | 2.48% |
PBXAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1608%
- Total broker commissions: $334K
- Bought from dealers (principal trades, not a cost): $493
- Portfolio turnover (prospectus): 185%
- Securities lending: none during the year
PBXAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BTIG LLC | $284K | 85.13% |
| MORGAN STANLEY SMITH BARNEY | $27K | 7.95% |
| WILLIAM O'NEIL & CO | $23K | 6.92% |
PBXAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| US BANCORP | $493 | 100.00% |
Rational/Pier 88 Convertible Securities Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PBXIX | Institutional Shares | 1.00% | none |
| PBXAX | Class A | 1.25% | 4.75% |
| PBXCX | Class C | 2.00% | 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.