RFBAX Fees and Costs — Davis Government Bond Fund, Class A
Data updated: 2026-08-27
The net expense ratio is 1.00%: a 0.30% management fee, a 0.21% 12b-1 fee plus 1.00% other expenses, less a 0.51% fee waiver. This share class carries a maximum front-end sales load of 4.75% and a deferred sales charge of up to 0.50%. Portfolio turnover was 10%.
RFBAX Fees and Expenses
Annual operating expenses and sales charges of RFBAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | 0.21% |
| Other expenses | 1.00% |
| Gross expense ratio | 1.51% |
| Fee waiver | −0.51% |
| Net expense ratio | 1.00% |
| Sales charges | |
|---|---|
| Max front load | 4.75% |
| Max deferred load | 0.50% |
| Redemption fee | 0.00% |
| 30-day yield | 3.61% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
RFBAX Costs Over Time
On $10,000 invested in RFBAX, assuming 5% a year before costs, total costs come to $1,202 over 5 years, cutting the return by 2.06% 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 | $525 | $475 | $475 |
| Fund expenses (net expense ratio 1.00%) | $100 | $312 | $541 |
| Lost growth on money paid in costs | $24 | $90 | $186 |
| Total costs | $648 | $877 | $1,202 |
| Value after costs | $9,852 | $10,699 | $11,561 |
| Impact on return, per year | 6.48% | 2.72% | 2.06% |
RFBAX 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): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $386.2M
- Portfolio turnover (prospectus): 10%
- Securities lending: none during the year
RFBAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| StoneX Financial Inc. | $260.6M | 67.47% |
| Nomura Securities International, Inc. | $118.8M | 30.76% |
| Brean Capital, LLC | $6.5M | 1.68% |
| Hilltop Securities Inc. | $341K | 0.09% |
Davis Government Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| DGVYX | Class Y | 0.75% | none |
| RFBAX | Class A | 1.00% | 4.75% |
| DGVCX | Class C | 1.75% | 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.