PBMFX Fees and Costs — Victory AMT-Free Municipal Fund, Class A
Data updated: 2026-08-25
The net expense ratio is 0.79%: a 0.47% management fee, a 0.25% 12b-1 fee plus 0.16% other expenses, less a 0.09% fee waiver. This share class carries a maximum front-end sales load of 2.25%. Portfolio turnover was 68%.
PBMFX Fees and Expenses
Annual operating expenses and sales charges of PBMFX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.47% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.16% |
| Gross expense ratio | 0.88% |
| Fee waiver | −0.09% |
| Net expense ratio | 0.79% |
| Sales charges | |
|---|---|
| Max front load | 2.25% |
| 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 | Yes |
PBMFX Costs Over Time
On $10,000 invested in PBMFX, assuming 5% a year before costs, total costs come to $772 over 5 years, cutting the return by 1.30% 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 | $225 | $225 | $225 |
| Fund expenses (net expense ratio 0.79%) | $81 | $254 | $441 |
| Lost growth on money paid in costs | $11 | $48 | $107 |
| Total costs | $317 | $527 | $772 |
| Value after costs | $10,183 | $11,050 | $11,991 |
| Impact on return, per year | 3.17% | 1.62% | 1.30% |
PBMFX 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): $1.4B
- Portfolio turnover (prospectus): 68%
- Securities lending: none during the year
PBMFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $248.9M | 20.47% |
| WELLS FARGO SECURITIES, LLC | $210.2M | 17.29% |
| J.P. Morgan Securities LLC | $174.2M | 14.33% |
| Goldman Sachs & Co. LLC | $141.8M | 11.66% |
| BARCLAYS CAPITAL, INC. | $126.0M | 10.36% |
| MORGAN STANLEY & CO. LLC | $102.6M | 8.44% |
| CitiGroup Global Markets Inc. | $75.0M | 6.17% |
| BMO CAPITAL MARKETS CORP. | $51.4M | 4.22% |
| UBS SECURITIES LLC | $50.6M | 4.16% |
| RBC CAPITAL MARKETS, LLC | $35.2M | 2.90% |
Victory AMT-Free Municipal Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PBYMX | Class Y | 0.49% | none |
| PBMFX | Class A | 0.79% | 2.25% |
| MNBCX | Class C | 1.54% | 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.