C000003324 Fees and Costs — Salient International Small Cap Fund, Institutional Class
Data updated: 2019-11-25
The net expense ratio is 1.55%: a 1.00% management fee, a 0.25% 12b-1 fee plus 0.65% other expenses, less a 0.35% fee waiver. There are no sales loads or redemption fees. In fiscal 2018 the fund paid $81K in broker commissions, 0.0827% of average net assets, and portfolio turnover was 47%.
C000003324 Fees and Expenses
Annual operating expenses and sales charges of C000003324. Prospectus, as of April 30, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.65% |
| Gross expense ratio | 1.90% |
| Fee waiver | −0.35% |
| Net expense ratio | 1.55% |
| 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 | Yes |
C000003324 Costs Over Time
On $10,000 invested in C000003324, assuming 5% a year before costs, total costs come to $1,008 over 5 years, cutting the return by 1.71% 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 1.55%) | $163 | $504 | $869 |
| Trading costs (broker commissions) | $9 | $27 | $46 |
| Lost growth on money paid in costs | $0 | $26 | $93 |
| Total costs | $171 | $558 | $1,008 |
| Value after costs | $10,329 | $11,018 | $11,754 |
| Impact on return, per year | 1.71% | 1.71% | 1.71% |
C000003324 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2018.
- Explicit cost rate (commissions ÷ average net assets): 0.0827%
- Total broker commissions: $81K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 47%
- Securities lending: none during the year
C000003324 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Maxim Group, LLC | $31K | 41.19% |
| Cabrera Capital Markets, LLC | $26K | 34.35% |
| UBS Securities LLC | $5K | 6.79% |
| Merrill Lynch | $3K | 3.64% |
| Sanford C. Bernstein Limited | $2K | 3.27% |
| Investec Securities LLC | $2K | 2.85% |
| Goldman Sachs & CO. LLC | $2K | 2.63% |
| Citigroup (Citibank) | $1K | 1.95% |
| Instinet, LLC | $1K | 1.88% |
| LIQUIDNET, INC. | $1K | 1.45% |
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.