SFBDX Fees and Costs — State Farm Municipal Bond Fund
Data updated: 2026-08-28
The net expense ratio is 0.16%: a 0.11% management fee plus 0.08% other expenses, less a 0.03% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 26%.
SFBDX Fees and Expenses
Annual operating expenses and sales charges of SFBDX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.11% |
| 12b-1 fee | — |
| Other expenses | 0.08% |
| Gross expense ratio | 0.19% |
| Fee waiver | −0.03% |
| Net expense ratio | 0.16% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
SFBDX Costs Over Time
On $10,000 invested in SFBDX, assuming 5% a year before costs, total costs come to $102 over 5 years, cutting the return by 0.17% 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 0.16%) | $17 | $53 | $93 |
| Lost growth on money paid in costs | $0 | $3 | $9 |
| Total costs | $17 | $55 | $102 |
| Value after costs | $10,483 | $11,521 | $12,661 |
| Impact on return, per year | 0.17% | 0.17% | 0.17% |
SFBDX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $522.7M
- Portfolio turnover (prospectus): 26%
- Securities lending: none during the year
SFBDX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $274.1M | 64.27% |
| RBC CAPITAL MARKETS, LLC | $29.0M | 6.79% |
| MORGAN STANLEY & CO. LLC | $26.5M | 6.20% |
| PIPER SANDLER & CO. | $21.7M | 5.09% |
| GOLDMAN SACHS & CO. LLC | $16.1M | 3.78% |
| Merrill Lynch, Pierce, Fenner & Smith In | $13.0M | 3.05% |
| Wells Fargo Securities, LLC | $12.4M | 2.91% |
| J.P. Morgan Securities LLC | $12.1M | 2.85% |
| ROBERT W. BAIRD CO.INCORPORATED | $10.9M | 2.55% |
| Siebert Williams Shank & Co., LLC | $10.7M | 2.51% |
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.