PITEX Fees and Costs — Tax-Exempt Bond Fund, Institutional Class
Data updated: 2026-09-25
The net expense ratio is 0.64%: a 0.40% management fee plus 0.32% other expenses, less a 0.08% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $100 in broker commissions.
PITEX Fees and Expenses
Annual operating expenses and sales charges of PITEX. Prospectus, as of March 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | — |
| Other expenses | 0.32% |
| Gross expense ratio | 0.72% |
| Fee waiver | −0.08% |
| Net expense ratio | 0.64% |
| 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 |
PITEX Costs Over Time
On $10,000 invested in PITEX, assuming 5% a year before costs, total costs come to $403 over 5 years, cutting the return by 0.67% 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 0.64%) | $67 | $210 | $366 |
| Lost growth on money paid in costs | $0 | $10 | $37 |
| Total costs | $67 | $221 | $403 |
| Value after costs | $10,433 | $11,355 | $12,360 |
| Impact on return, per year | 0.67% | 0.67% | 0.67% |
PITEX 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): —
- Total broker commissions: $100
- Bought from dealers (principal trades, not a cost): $626.2M
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
PITEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BARCLAYS CAPITAL INC. | $100 | 100.00% |
PITEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $118.2M | 24.97% |
| BARCLAYS CAPITAL INC. | $108.3M | 22.87% |
| WELLS FARGO SECURITIES LLC | $69.1M | 14.59% |
| RBC DOMINION SECURITIES CORP. | $30.1M | 6.36% |
| JANNEY MONTGOMERY SCOTT INC. | $30.0M | 6.34% |
| MERRILL LYNCH PIERCE FENNER & SMITH | $26.9M | 5.67% |
| FMS BONDS/FIRST MIAMI SECURITIES | $26.6M | 5.62% |
| GOLDMAN SACHS CO. | $22.4M | 4.74% |
| JEFFERIES & COMPANY | $21.5M | 4.54% |
| INSPEREX LLC | $20.4M | 4.31% |
Tax-Exempt Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PITEX | Institutional Class | 0.64% | none |
| PTEAX | Class A | 0.92% | 3.75% |
| PTBCX | Class C | 1.82% | 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.