PXBIX Fees and Costs — Impax Core Bond Fund, Institutional Class
Data updated: 2026-08-19
The net expense ratio is 0.48%: a 0.40% management fee plus 0.08% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $38K in broker commissions, 0.0046% of average net assets, and portfolio turnover was 137%.
PXBIX Fees and Expenses
Annual operating expenses and sales charges of PXBIX. Prospectus, as of May 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.08% |
| Gross expense ratio | 0.48% |
| Fee waiver | — |
| Net expense ratio | 0.48% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
PXBIX Costs Over Time
On $10,000 invested in PXBIX, assuming 5% a year before costs, total costs come to $306 over 5 years, cutting the return by 0.51% 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 0.48%) | $50 | $158 | $276 |
| Trading costs (broker commissions) | $0 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $8 | $28 |
| Total costs | $51 | $167 | $306 |
| Value after costs | $10,449 | $11,409 | $12,457 |
| Impact on return, per year | 0.51% | 0.51% | 0.51% |
PXBIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0046%
- Total broker commissions: $38K
- Bought from dealers (principal trades, not a cost): $2.7B
- Portfolio turnover (prospectus): 137%
- Securities on loan, average value: $10.8M
- Net income from securities lending: $49K (0.006% of average net assets)
PXBIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $33K | 87.07% |
| BofA Securities, Inc. | $3K | 7.62% |
| Morgan Stanley & Co. LLC | $2K | 4.24% |
| Goldman Sachs & Co. LLC | $411 | 1.07% |
PXBIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $749.7M | 30.38% |
| Goldman Sachs & Co. LLC | $520.2M | 21.08% |
| Citigroup Global Markets Inc. | $418.1M | 16.94% |
| Barclays Capital, Inc. | $305.7M | 12.39% |
| RBC Capital Markets, LLC | $129.1M | 5.23% |
| Morgan Stanley & Co. LLC | $110.2M | 4.47% |
| BofA Securities, Inc. | $77.1M | 3.13% |
| Wells Fargo Securities, LLC | $67.1M | 2.72% |
| BMO Capital Markets Corp. | $52.2M | 2.12% |
| MarketAxess Corporation | $38.3M | 1.55% |
Impax Core 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 |
|---|---|---|---|
| PXBIX | Institutional Class | 0.48% | none |
| PAXBX | Investor Class | 0.73% | 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.