PSVAX Fees and Costs — SmallCap Value Fund II, Class A
Data updated: 2026-09-25
The net expense ratio is 1.47% (1.87% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.4M in broker commissions, 0.1226% of average net assets, and portfolio turnover was 90%.
PSVAX Fees and Expenses
Annual operating expenses and sales charges of PSVAX. Prospectus, as of May 31, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.94% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.66% |
| Gross expense ratio | 1.87% |
| Fee waiver | −0.40% |
| Net expense ratio | 1.47% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
PSVAX Costs Over Time
On $10,000 invested in PSVAX, assuming 5% a year before costs, total costs come to $984 over 5 years, cutting the return by 1.67% 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 1.47%) | $154 | $479 | $825 |
| Trading costs (broker commissions) | $13 | $40 | $69 |
| Lost growth on money paid in costs | $0 | $26 | $91 |
| Total costs | $167 | $544 | $984 |
| Value after costs | $10,333 | $11,032 | $11,778 |
| Impact on return, per year | 1.67% | 1.67% | 1.67% |
PSVAX 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): 0.1226%
- Total broker commissions: $1.4M
- Bought from dealers (principal trades, not a cost): $16.6M
- Portfolio turnover (prospectus): 90%
- Securities on loan, average value: $11.4M
- Net income from securities lending: $201K (0.018% of average net assets)
PSVAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| LIQUIDNET | $295K | 27.87% |
| MERRILL LYNCH PIERCE FENNER & SMITH | $171K | 16.10% |
| J.P. MORGAN SECURITIES LLC | $142K | 13.42% |
| SANFORD C. BERNSTEIN & CO. | $91K | 8.58% |
| JEFFERIES & COMPANY | $84K | 7.91% |
| STIFEL NICOLAUS & COMPANY | $74K | 7.00% |
| INSTINET CLEARING SERVICES INC | $59K | 5.60% |
| UBS SECURITIES LLC | $57K | 5.34% |
| PIPER SANDLER COS | $49K | 4.59% |
| RAYMOND JAMES & ASSOCIATES | $38K | 3.58% |
PSVAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES LLC | $6.0M | 54.38% |
| GOLDMAN SACHS CO. | $3.4M | 30.90% |
| CIBC WORLD MARKETS CORP | $665K | 6.01% |
| KEEFE BRUYETTE & WOODS | $416K | 3.76% |
| MACQUARIE GROUP LTD. | $325K | 2.94% |
| RAYMOND JAMES & ASSOCIATES | $146K | 1.32% |
| BARCLAYS CAPITAL INC. | $45K | 0.41% |
| CITIGROUP GLOBAL MARKETS | $29K | 0.27% |
SmallCap Value Fund II Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PSMVX | Class R-6 | 0.89% | — |
| PPVIX | Institutional Class | 0.94% | — |
| PLARX | Class R-5 | 1.14% | — |
| PSMJX | Class J | 1.21% | — |
| PJARX | Class R-3 | 1.45% | — |
| PSVAX | Class A | 1.47% | — |
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.