PXHIX Fees and Costs — Impax High Yield Bond Fund, Institutional Class
Data updated: 2026-08-19
The net expense ratio is 0.70%: a 0.50% management fee plus 0.20% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $44K in broker commissions, 0.0083% of average net assets, and portfolio turnover was 84%.
PXHIX Fees and Expenses
Annual operating expenses and sales charges of PXHIX. Prospectus, as of May 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.20% |
| Gross expense ratio | 0.70% |
| Fee waiver | — |
| Net expense ratio | 0.70% |
| 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 |
PXHIX Costs Over Time
On $10,000 invested in PXHIX, assuming 5% a year before costs, total costs come to $446 over 5 years, cutting the return by 0.74% 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 0.70%) | $74 | $230 | $400 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $0 | $11 | $41 |
| Total costs | $74 | $244 | $446 |
| Value after costs | $10,426 | $11,332 | $12,317 |
| Impact on return, per year | 0.74% | 0.74% | 0.74% |
PXHIX 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): 0.0083%
- Total broker commissions: $44K
- Bought from dealers (principal trades, not a cost): $1.3B
- Portfolio turnover (prospectus): 84%
- Securities lending: none during the year
PXHIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $18K | 40.24% |
| UBS Securities LLC | $10K | 23.58% |
| Barclays Capital, Inc. | $6K | 13.21% |
| BofA Securities, Inc. | $6K | 12.86% |
| ROBERT W. BAIRD & CO. INCORPORATED | $3K | 6.87% |
| Goldman Sachs & Co. LLC | $1K | 2.86% |
| Liquidnet, Inc. | $166 | 0.38% |
PXHIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $652.4M | 56.62% |
| Goldman Sachs & Co. LLC | $82.3M | 7.14% |
| Morgan Stanley & Co. LLC | $82.1M | 7.12% |
| BofA Securities, Inc. | $80.7M | 7.01% |
| Barclays Capital, Inc. | $59.5M | 5.16% |
| Jefferies LLC | $58.4M | 5.07% |
| Citigroup Global Markets Inc. | $51.9M | 4.50% |
| MarketAxess Corporation | $31.3M | 2.72% |
| Wells Fargo Securities, LLC | $27.0M | 2.35% |
| Stifel, Nicolaus & Company, Incorporated | $26.5M | 2.30% |
Impax High Yield 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 |
|---|---|---|---|
| PXHIX | Institutional Class | 0.70% | none |
| PAXHX | Investor Class | 0.95% | none |
| PXHAX | Class A | 0.95% | 4.50% |
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.