PIPPX Fees and Costs — MidCap Growth Fund, Class R-4
Data updated: 2025-09-24
The net expense ratio is 1.05%: a 0.65% management fee, a 0.10% 12b-1 fee plus 0.30% other expenses. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $286K in broker commissions, 0.1329% of average net assets, and portfolio turnover was 150%.
PIPPX Fees and Expenses
Annual operating expenses and sales charges of PIPPX. Prospectus, as of February 29, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.10% |
| Other expenses | 0.30% |
| Gross expense ratio | 1.05% |
| Fee waiver | — |
| Net expense ratio | 1.05% |
| Sales charges | |
|---|---|
| Max front load | — |
| 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 |
PIPPX Costs Over Time
On $10,000 invested in PIPPX, assuming 5% a year before costs, total costs come to $737 over 5 years, cutting the return by 1.24% 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 1.05%) | $110 | $343 | $594 |
| Trading costs (broker commissions) | $14 | $43 | $75 |
| Lost growth on money paid in costs | $0 | $19 | $68 |
| Total costs | $124 | $406 | $737 |
| Value after costs | $10,376 | $11,170 | $12,026 |
| Impact on return, per year | 1.24% | 1.24% | 1.24% |
PIPPX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.1329%
- Total broker commissions: $286K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 150%
- Securities on loan, average value: $262K
- Net income from securities lending: $45 (0.000% of average net assets)
PIPPX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MIZUHO SECURITIES USA INC. | $30K | 15.13% |
| MERRILL LYNCH PIERCE FENNER & SMITH | $28K | 14.26% |
| BARCLAYS CAPITAL INC. | $28K | 14.18% |
| UBS SECURITIES LLC | $23K | 12.03% |
| MORGAN STANLEY & CO. LLC. | $21K | 10.91% |
| VIRTU FINANCIAL LLC | $15K | 7.94% |
| GOLDMAN SACHS CO. | $15K | 7.50% |
| BTIG | $13K | 6.64% |
| LIQUIDNET | $12K | 6.16% |
| RBC DOMINION SECURITIES CORP. | $10K | 5.24% |
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.