PNBAX Fees and Costs — Virtus NFJ Large-Cap Value Fund, Class A
Data updated: 2026-09-11
The net expense ratio is 1.01%: a 0.45% management fee, a 0.25% 12b-1 fee plus 0.31% other expenses. This share class carries a maximum front-end sales load of 5.50%. In fiscal 2026 the fund paid $224K in broker commissions, 0.0781% of average net assets, and portfolio turnover was 41%.
PNBAX Fees and Expenses
Annual operating expenses and sales charges of PNBAX. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.31% |
| Gross expense ratio | 1.01% |
| Fee waiver | — |
| Net expense ratio | 1.01% |
| Sales charges | |
|---|---|
| Max front load | 5.50% |
| 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 |
PNBAX Costs Over Time
On $10,000 invested in PNBAX, assuming 5% a year before costs, total costs come to $1,344 over 5 years, cutting the return by 2.31% 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 | $550 | $550 | $550 |
| Fund expenses (net expense ratio 1.01%) | $100 | $312 | $541 |
| Trading costs (broker commissions) | $8 | $24 | $42 |
| Lost growth on money paid in costs | $27 | $103 | $211 |
| Total costs | $685 | $990 | $1,344 |
| Value after costs | $9,815 | $10,586 | $11,419 |
| Impact on return, per year | 6.85% | 3.08% | 2.31% |
PNBAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0781%
- Total broker commissions: $224K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 41%
- Securities lending: none during the year
PNBAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| PIPER SANDLER & CO. | $23K | 17.98% |
| BOFA SECURITIES, INC. | $19K | 14.88% |
| BARCLAYS CAPITAL, INC. | $14K | 11.13% |
| JEFFERIES LLC | $13K | 10.05% |
| INSTINET LLC | $11K | 8.40% |
| EVERCORE GROUP LLC | $11K | 8.39% |
| GOLDMAN SACHS & CO. LLC | $10K | 7.88% |
| J.P. Morgan Securities LLC | $10K | 7.68% |
| MORGAN STANLEY & CO. LLC | $9K | 7.19% |
| KEYBANC CAPITAL MARKETS, INC. | $8K | 6.43% |
Virtus NFJ Large-Cap Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VAAGX | Class R6 | 0.65% | none |
| ANVIX | Institutional Class | 0.75% | none |
| PNBAX | Class A | 1.01% | 5.50% |
| PNBCX | Class C | 1.76% | 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.