PMAIX Fees and Costs — Victory Pioneer Multi-Asset Income Fund, Class A
Data updated: 2026-09-28
The net expense ratio is 0.84%: a 0.46% management fee, a 0.25% 12b-1 fee plus 0.13% other expenses, less a 0.01% fee waiver. This share class carries a maximum front-end sales load of 2.25%. In fiscal 2025 the fund paid $3.6M in broker commissions, 0.0808% of average net assets, and portfolio turnover was 62%.
PMAIX Fees and Expenses
Annual operating expenses and sales charges of PMAIX. Prospectus, as of July 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.46% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.13% |
| Gross expense ratio | 0.85% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.84% |
| 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 | No |
PMAIX Costs Over Time
On $10,000 invested in PMAIX, assuming 5% a year before costs, total costs come to $851 over 5 years, cutting the return by 1.44% 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 0.84%) | $86 | $269 | $467 |
| Trading costs (broker commissions) | $8 | $26 | $45 |
| Lost growth on money paid in costs | $11 | $50 | $114 |
| Total costs | $331 | $570 | $851 |
| Value after costs | $10,169 | $11,006 | $11,912 |
| Impact on return, per year | 3.31% | 1.75% | 1.44% |
PMAIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0808%
- Total broker commissions: $3.6M
- Bought from dealers (principal trades, not a cost): $16.4B
- Portfolio turnover (prospectus): 62%
- Securities lending: none during the year
PMAIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| PIPER SANDLER & CO. | $715K | 26.88% |
| INSTINET, LLC | $404K | 15.19% |
| TD SECURITIES (USA) LLC | $346K | 13.02% |
| SAMSUNG SECURITIES (AMERICA), INC. | $228K | 8.57% |
| J.P. Morgan Securities LLC | $208K | 7.82% |
| MACQUARIE CAPITAL (USA), INC. | $204K | 7.67% |
| BARCLAYS CAPITAL, INC. | $175K | 6.59% |
| CitiGroup Global Markets Inc. | $133K | 5.00% |
| RBC CAPITAL MARKETS, LLC | $127K | 4.76% |
| BNP PARIBAS SECURITIES CORP. | $120K | 4.50% |
PMAIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $12.2B | 76.24% |
| WELLS FARGO SECURITIES, LLC | $680.4M | 4.25% |
| BMO CAPITAL MARKETS CORP. | $666.6M | 4.16% |
| J.P. Morgan Securities LLC | $580.1M | 3.62% |
| MORGAN STANLEY & CO. LLC | $505.7M | 3.16% |
| Mizuho Securities USA LLC | $333.3M | 2.08% |
| GOLDMAN SACHS & CO. LLC | $298.9M | 1.87% |
| CitiGroup Global Markets Inc. | $296.2M | 1.85% |
| BNP PARIBAS SECURITIES CORP. | $255.7M | 1.60% |
| RBC CAPITAL MARKETS, LLC | $187.7M | 1.17% |
Victory Pioneer Multi-Asset Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PMFKX | Class R6 | 0.55% | none |
| PMFYX | Class Y | 0.65% | none |
| PMAIX | Class A | 0.84% | 2.25% |
| PMACX | Class C | 1.61% | 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.