PABVX Fees and Costs — MidCap Value Fund I, Class R-5
Data updated: 2026-09-25
The net expense ratio is 0.89%: a 0.65% management fee plus 0.26% other expenses, less a 0.02% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.5M in broker commissions, 0.0586% of average net assets, and portfolio turnover was 80%.
PABVX Fees and Expenses
Annual operating expenses and sales charges of PABVX. Prospectus, as of March 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | — |
| Other expenses | 0.26% |
| Gross expense ratio | 0.91% |
| Fee waiver | −0.02% |
| Net expense ratio | 0.89% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
PABVX Costs Over Time
On $10,000 invested in PABVX, assuming 5% a year before costs, total costs come to $594 over 5 years, cutting the return by 1.00% 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 0.89%) | $93 | $292 | $506 |
| Trading costs (broker commissions) | $6 | $19 | $33 |
| Lost growth on money paid in costs | $0 | $15 | $54 |
| Total costs | $100 | $326 | $594 |
| Value after costs | $10,400 | $11,250 | $12,169 |
| Impact on return, per year | 1.00% | 1.00% | 1.00% |
PABVX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0586%
- Total broker commissions: $1.5M
- Bought from dealers (principal trades, not a cost): $14.7M
- Portfolio turnover (prospectus): 80%
- Securities on loan, average value: $1.5M
- Net income from securities lending: $42K (0.002% of average net assets)
PABVX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS CO. | $189K | 19.67% |
| BARCLAYS CAPITAL INC. | $124K | 12.93% |
| STIFEL NICOLAUS & COMPANY | $108K | 11.27% |
| PIPER SANDLER COS | $100K | 10.38% |
| LIQUIDNET | $93K | 9.71% |
| JEFFERIES & COMPANY | $83K | 8.60% |
| KEYBANC CAPITAL MARKETS | $74K | 7.75% |
| ROBERT W. BAIRD & CO. | $69K | 7.17% |
| J.P. MORGAN SECURITIES LLC | $67K | 6.97% |
| MERRILL LYNCH PIERCE FENNER & SMITH | $53K | 5.54% |
PABVX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC. | $9.4M | 69.33% |
| WELLS FARGO SECURITIES LLC | $2.9M | 21.40% |
| GOLDMAN SACHS CO. | $563K | 4.15% |
| RAYMOND JAMES & ASSOCIATES | $358K | 2.64% |
| CIBC WORLD MARKETS CORP | $295K | 2.18% |
| CITIGROUP GLOBAL MARKETS | $26K | 0.19% |
| MACQUARIE GROUP LTD. | $13K | 0.10% |
MidCap Value Fund I Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PCMSX | Class R-6 | 0.64% | none |
| PVMIX | Institutional Class | 0.69% | none |
| PVEJX | Class J | 0.87% | none |
| PABVX | Class R-5 | 0.89% | none |
| PCMVX | Class A | 1.06% | 5.50% |
| PMPRX | Class R-3 | 1.20% | 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.