NMVLX Fees and Costs — Nuance Mid Cap Value Fund, Institutional Class
Data updated: 2026-09-28
The net expense ratio is 0.96% (1.07% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $508K in broker commissions, 0.1179% of average net assets, and portfolio turnover was 110%.
NMVLX Fees and Expenses
Annual operating expenses and sales charges of NMVLX. Prospectus, as of August 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 1.07% |
| Fee waiver | −0.11% |
| Net expense ratio | 0.96% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
NMVLX Costs Over Time
On $10,000 invested in NMVLX, assuming 5% a year before costs, total costs come to $673 over 5 years, cutting the return by 1.13% 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 0.96%) | $101 | $314 | $545 |
| Trading costs (broker commissions) | $12 | $39 | $67 |
| Lost growth on money paid in costs | $0 | $17 | $62 |
| Total costs | $113 | $370 | $673 |
| Value after costs | $10,387 | $11,206 | $12,090 |
| Impact on return, per year | 1.13% | 1.13% | 1.13% |
NMVLX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1179%
- Total broker commissions: $508K
- Bought from dealers (principal trades, not a cost): $819.2M
- Portfolio turnover (prospectus): 110%
- Securities lending: none during the year
NMVLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| ROBERT W. BAIRD & CO. INCORPORATED | $90K | 18.22% |
| J.P. MORGAN SECURITIES LLC | $70K | 14.24% |
| SANFORD C. BERNSTEIN & CO. LLC | $68K | 13.77% |
| MORGAN STANLEY & CO. LLC | $61K | 12.43% |
| UBS SECURITIES LLC | $58K | 11.77% |
| JEFFERIES LLC | $56K | 11.27% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $40K | 8.21% |
| WELLS FARGO SECURITIES LLC | $32K | 6.39% |
| RBC CAPITAL MARKETS LLC | $12K | 2.40% |
| BARCLAYS CAPITAL INC. | $6K | 1.30% |
Nuance Mid Cap Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| NMVZX | Z Class | 0.81% | none |
| NMVLX | Institutional Class | 0.96% | none |
| NMAVX | Investor Class | 1.21% | 5.00% |
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.