ANREX Fees and Costs — NT Global Real Estate Fund, Investor Class
Data updated: 2022-03-28
The net expense ratio is 1.11%: a 1.11% management fee plus 0.01% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. In fiscal 2021 the fund paid $705K in broker commissions, 0.1169% of average net assets, and portfolio turnover was 159%.
ANREX Fees and Expenses
Annual operating expenses and sales charges of ANREX. Prospectus, as of February 28, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 1.11% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 1.12% |
| Fee waiver | −0.01% |
| Net expense ratio | 1.11% |
| 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 |
ANREX Costs Over Time
On $10,000 invested in ANREX, assuming 5% a year before costs, total costs come to $764 over 5 years, cutting the return by 1.29% 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 1.11%) | $117 | $363 | $628 |
| Trading costs (broker commissions) | $12 | $38 | $66 |
| Lost growth on money paid in costs | $0 | $20 | $70 |
| Total costs | $129 | $421 | $764 |
| Value after costs | $10,371 | $11,155 | $11,999 |
| Impact on return, per year | 1.29% | 1.29% | 1.29% |
ANREX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2021.
- Explicit cost rate (commissions ÷ average net assets): 0.1169%
- Total broker commissions: $705K
- Bought from dealers (principal trades, not a cost): $1.1B
- Portfolio turnover (prospectus): 159%
- Securities on loan, average value: $9.2M
- Net income from securities lending: $46K (0.008% of average net assets)
ANREX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Capital Markets Inc | $81K | 15.09% |
| Evercore ISI Investment Group | $80K | 14.89% |
| J.P. Morgan Securities | $58K | 10.87% |
| Morgan Stanley | $58K | 10.76% |
| Raymond James | $56K | 10.43% |
| Jefferies LLC | $53K | 9.83% |
| Credit Suisse Securities (USA) LLC | $45K | 8.37% |
| Sanford C. Bernstein | $38K | 7.20% |
| UBS Warburg | $37K | 6.95% |
| Stiffel Nicholas Capital Markets | $30K | 5.61% |
ANREX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets | $513.5M | 45.05% |
| BMO Capital Markets | $242.5M | 21.27% |
| Bank of America Merrill Lynch | $145.4M | 12.75% |
| J.P. Morgan Securities | $70.8M | 6.21% |
| Credit Suisse Securities (USA) LLC | $68.7M | 6.03% |
| Morgan Stanley | $56.3M | 4.94% |
| Goldman Sachs | $27.5M | 2.41% |
| UBS Warburg | $8.7M | 0.76% |
| Daiwa Capital Markets America, Inc. | $4.1M | 0.36% |
| SMBC Nikko Securities America, Inc. | $2.4M | 0.21% |
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.