TCBAX Fees and Costs — The Covered Bridge Fund, Class A
Data updated: 2026-08-14
The net expense ratio is 1.77% (1.83% before fee waivers). This share class carries a maximum front-end sales load of 5.25% and a redemption fee of 1.00%. In fiscal 2025 the fund paid $85K in broker commissions, 0.0803% of average net assets, and portfolio turnover was 121%.
TCBAX Fees and Expenses
Annual operating expenses and sales charges of TCBAX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.56% |
| Gross expense ratio | 1.83% |
| Fee waiver | −0.06% |
| Net expense ratio | 1.77% |
| Sales charges | |
|---|---|
| Max front load | 5.25% |
| Max deferred load | 0.00% |
| 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 |
TCBAX Costs Over Time
On $10,000 invested in TCBAX, assuming 5% a year before costs, total costs come to $1,748 over 5 years, cutting the return by 3.05% 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 | $525 | $525 |
| Fund expenses (net expense ratio 1.77%) | $176 | $545 | $936 |
| Trading costs (broker commissions) | $8 | $25 | $42 |
| Lost growth on money paid in costs | $26 | $111 | $245 |
| Total costs | $735 | $1,205 | $1,748 |
| Value after costs | $9,765 | $10,371 | $11,015 |
| Impact on return, per year | 7.35% | 3.78% | 3.05% |
TCBAX 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): 0.0803%
- Total broker commissions: $85K
- Bought from dealers (principal trades, not a cost): $1K
- Portfolio turnover (prospectus): 121%
- Securities lending: none during the year
TCBAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Interactive Brokers LLC | $42K | 49.24% |
| Goldman Sachs | $29K | 34.64% |
| Bank of Montreal | $14K | 16.12% |
TCBAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Interactive Brokers LLC | $1K | 100.00% |
The Covered Bridge Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TCBIX | Class I | 1.51% | none |
| TCBAX | Class A | 1.77% | 5.25% |
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.