PIAMX Fees and Costs — PIA High Yield MACS Fund
Data updated: 2026-07-24
The net expense ratio is 0.18%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $35 in broker commissions, and portfolio turnover was 30%.
PIAMX Fees and Expenses
Annual operating expenses and sales charges of PIAMX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.00% |
| 12b-1 fee | — |
| Other expenses | 0.18% |
| Gross expense ratio | 0.18% |
| Fee waiver | — |
| Net expense ratio | 0.18% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
PIAMX Costs Over Time
On $10,000 invested in PIAMX, assuming 5% a year before costs, total costs come to $114 over 5 years, cutting the return by 0.19% 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 0.18%) | $19 | $59 | $104 |
| Lost growth on money paid in costs | $0 | $3 | $10 |
| Total costs | $19 | $62 | $114 |
| Value after costs | $10,481 | $11,514 | $12,648 |
| Impact on return, per year | 0.19% | 0.19% | 0.19% |
PIAMX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: $35
- Bought from dealers (principal trades, not a cost): $209.2M
- Portfolio turnover (prospectus): 30%
- Securities lending: none during the year
PIAMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $35 | 100.00% |
PIAMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $16.6M | 19.74% |
| GOLDMAN SACHS & CO. LLC | $15.4M | 18.26% |
| MORGAN STANLEY & CO. LLC | $13.5M | 15.99% |
| MARKETAXESS CORPORATION | $9.3M | 11.03% |
| BARCLAYS CAPITAL INC. | $8.3M | 9.89% |
| CITIGROUP GLOBAL MARKETS INC. | $5.3M | 6.32% |
| DEUTSCHE BANK SECURITIES INC. | $4.3M | 5.11% |
| JEFFERIES LLC | $4.3M | 5.10% |
| WELLS FARGO SECURITIES LLC | $3.7M | 4.38% |
| OPPENHEIMER & CO. INC. | $3.5M | 4.18% |
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.