PXEAX Fees and Costs — Impax Global Environmental Markets Fund, Class A
Data updated: 2026-08-19
The net expense ratio is 1.18%: a 0.76% management fee, a 0.25% 12b-1 fee plus 0.17% other expenses. This share class carries a maximum front-end sales load of 5.50% and a deferred sales charge of up to 1.00%. In fiscal 2025 the fund paid $1.3M in broker commissions, 0.0661% of average net assets, and portfolio turnover was 39%.
PXEAX Fees and Expenses
Annual operating expenses and sales charges of PXEAX. Prospectus, as of May 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.76% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.17% |
| Gross expense ratio | 1.18% |
| Fee waiver | — |
| Net expense ratio | 1.18% |
| Sales charges | |
|---|---|
| Max front load | 5.50% |
| Max deferred load | 1.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
PXEAX Costs Over Time
On $10,000 invested in PXEAX, assuming 5% a year before costs, total costs come to $1,435 over 5 years, cutting the return by 2.47% 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 | $648 | $550 | $550 |
| Fund expenses (net expense ratio 1.18%) | $117 | $364 | $630 |
| Trading costs (broker commissions) | $7 | $20 | $35 |
| Lost growth on money paid in costs | $28 | $106 | $219 |
| Total costs | $799 | $1,041 | $1,435 |
| Value after costs | $9,701 | $10,536 | $11,328 |
| Impact on return, per year | 7.99% | 3.25% | 2.47% |
PXEAX 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): 0.0661%
- Total broker commissions: $1.3M
- Bought from dealers (principal trades, not a cost): $1.3B
- Portfolio turnover (prospectus): 39%
- Securities on loan, average value: $1.3M
- Net income from securities lending: $2K (0.000% of average net assets)
PXEAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $376K | 28.32% |
| UBS Securities LLC | $342K | 25.73% |
| BofA Securities, Inc. | $226K | 17.05% |
| Barclays Capital, Inc. | $201K | 15.13% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $59K | 4.45% |
| Goldman Sachs & Co. LLC | $42K | 3.19% |
| Liquidnet, Inc. | $30K | 2.24% |
| ABN AMRO Clearing Chicago LLC | $21K | 1.61% |
| ROBERT W. BAIRD & CO. INCORPORATED | $17K | 1.25% |
| Societe Generale | $14K | 1.03% |
PXEAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $1.3B | 100.00% |
Impax Global Environmental Markets Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PGINX | Institutional Class | 0.93% | none |
| PGRNX | Investor Class | 1.18% | none |
| PXEAX | Class A | 1.18% | 5.50% |
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.