UBVSX Fees and Costs — Undiscovered Managers Behavioral Value Fund, Class I
Data updated: 2026-09-11
The net expense ratio is 0.99%: a 0.75% management fee plus 0.34% other expenses, less a 0.10% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $3.4M in broker commissions, 0.0367% of average net assets, and portfolio turnover was 35%.
UBVSX Fees and Expenses
Annual operating expenses and sales charges of UBVSX. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.34% |
| Gross expense ratio | 1.09% |
| Fee waiver | −0.10% |
| Net expense ratio | 0.99% |
| 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 |
UBVSX Costs Over Time
On $10,000 invested in UBVSX, assuming 5% a year before costs, total costs come to $642 over 5 years, cutting the return by 1.08% 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 0.99%) | $104 | $324 | $562 |
| Trading costs (broker commissions) | $4 | $12 | $21 |
| Lost growth on money paid in costs | $0 | $17 | $59 |
| Total costs | $108 | $353 | $642 |
| Value after costs | $10,392 | $11,223 | $12,121 |
| Impact on return, per year | 1.08% | 1.08% | 1.08% |
UBVSX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0367%
- Total broker commissions: $3.4M
- Bought from dealers (principal trades, not a cost): $10.2M
- Portfolio turnover (prospectus): 35%
- Securities on loan, average value: $79.4M
- Net income from securities lending: $598K (0.006% of average net assets)
UBVSX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Instinet, LLC | $503K | 21.79% |
| RBC Capital Markets, LLC | $435K | 18.82% |
| Keybanc Capital Markets Inc. | $242K | 10.49% |
| BofA Securities, Inc. | $236K | 10.21% |
| TD SECURITIES (USA) LLC | $171K | 7.41% |
| Piper Sandler & Co. | $171K | 7.39% |
| Keefe, Bruyette & Woods, Inc. | $168K | 7.26% |
| Wells Fargo Securities, LLC | $131K | 5.65% |
| Goldman Sachs & Co. LLC | $128K | 5.57% |
| Raymond James & Associates, Inc. | $125K | 5.41% |
UBVSX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets, LLC | $10.2M | 100.00% |
Undiscovered Managers Behavioral Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| UBVFX | Class R6 | 0.80% | — |
| UBVLX | Class L | 0.90% | — |
| UBVVX | Class R5 | 0.90% | — |
| UBVSX | Class I | 0.99% | none |
| UBVUX | Class R4 | 1.05% | — |
| UBVAX | Class A | 1.24% | 5.25% |
| UBVTX | Class R3 | 1.30% | — |
| UBVRX | Class R2 | 1.55% | — |
| UBVCX | Class C | 1.74% | 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.