PSABX Fees and Costs — SmallCap Fund, Class R-1
Data updated: 2026-09-25
The net expense ratio is 1.62%: a 0.74% management fee, a 0.35% 12b-1 fee plus 0.53% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.3M in broker commissions, 0.0607% of average net assets, and portfolio turnover was 31%.
PSABX Fees and Expenses
Annual operating expenses and sales charges of PSABX. Prospectus, as of February 29, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.74% |
| 12b-1 fee | 0.35% |
| Other expenses | 0.53% |
| Gross expense ratio | 1.62% |
| Fee waiver | — |
| Net expense ratio | 1.62% |
| 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 |
PSABX Costs Over Time
On $10,000 invested in PSABX, assuming 5% a year before costs, total costs come to $1,037 over 5 years, cutting the return by 1.76% 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 1.62%) | $170 | $527 | $907 |
| Trading costs (broker commissions) | $6 | $20 | $34 |
| Lost growth on money paid in costs | $0 | $27 | $96 |
| Total costs | $176 | $574 | $1,037 |
| Value after costs | $10,324 | $11,002 | $11,726 |
| Impact on return, per year | 1.76% | 1.76% | 1.76% |
PSABX 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): 0.0607%
- Total broker commissions: $1.3M
- Bought from dealers (principal trades, not a cost): $82.3M
- Portfolio turnover (prospectus): 31%
- Securities on loan, average value: $7.6M
- Net income from securities lending: $271K (0.013% of average net assets)
PSABX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC. | $162K | 18.11% |
| JEFFERIES & COMPANY | $130K | 14.57% |
| BARCLAYS CAPITAL INC. | $111K | 12.48% |
| GOLDMAN SACHS CO. | $103K | 11.51% |
| MERRILL LYNCH PIERCE FENNER & SMITH | $93K | 10.45% |
| UBS SECURITIES LLC | $79K | 8.89% |
| PIPER SANDLER COS | $68K | 7.64% |
| RAYMOND JAMES & ASSOCIATES | $56K | 6.25% |
| VIRTU FINANCIAL LLC | $49K | 5.48% |
| STIFEL NICOLAUS & COMPANY | $41K | 4.62% |
PSABX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $17.0M | 29.22% |
| GOLDMAN SACHS CO. | $13.2M | 22.70% |
| MORGAN STANLEY & CO. LLC. | $11.2M | 19.19% |
| UBS SECURITIES LLC | $5.8M | 10.00% |
| MERRILL LYNCH PIERCE FENNER & SMITH | $5.7M | 9.75% |
| JEFFERIES & COMPANY | $5.3M | 9.14% |
SmallCap Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PSMLX | Class R-6 | 0.73% | none |
| PSLIX | Institutional Class | 0.85% | none |
| PSBJX | Class J | 0.97% | none |
| PSBPX | Class R-5 | 0.99% | none |
| PLLAX | Class A | 1.11% | 5.50% |
| PSBMX | Class R-3 | 1.30% | none |
| PSABX | Class R-1 | 1.62% | 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.