C000076429 Fees and Costs — Salient Global Real Estate Fund, Class A
Data updated: 2022-11-17
The net expense ratio is 1.55%: a 1.00% management fee, a 0.25% 12b-1 fee plus 1.12% other expenses, less a 0.82% fee waiver. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2021 the fund paid $32K in broker commissions, 0.1136% of average net assets, and portfolio turnover was 49%.
C000076429 Fees and Expenses
Annual operating expenses and sales charges of C000076429. Prospectus, as of April 30, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 1.12% |
| Gross expense ratio | 2.37% |
| Fee waiver | −0.82% |
| Net expense ratio | 1.55% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| 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 | Yes |
C000076429 Costs Over Time
On $10,000 invested in C000076429, assuming 5% a year before costs, total costs come to $1,702 over 5 years, cutting the return by 2.96% 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 | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.55%) | $153 | $475 | $819 |
| Trading costs (broker commissions) | $11 | $35 | $60 |
| Lost growth on money paid in costs | $29 | $116 | $248 |
| Total costs | $768 | $1,201 | $1,702 |
| Value after costs | $9,732 | $10,375 | $11,061 |
| Impact on return, per year | 7.68% | 3.76% | 2.96% |
C000076429 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2021.
- Explicit cost rate (commissions ÷ average net assets): 0.1136%
- Total broker commissions: $32K
- Bought from dealers (principal trades, not a cost): $1.5M
- Portfolio turnover (prospectus): 49%
- Securities lending: none during the year
C000076429 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BLOOMBERG TRADEBOOK LLC | $23K | 73.06% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $3K | 8.02% |
| KEMPER CAPITAL MANAGEMENT | $2K | 7.01% |
| BOFA SECURITIES, INC. | $1K | 3.64% |
| RAYMOND JAMES FINANCIAL SERVICES, INC. | $1K | 3.36% |
| EVERCORE GROUP L.L.C. | $528 | 1.66% |
| SAMUEL A RAMIREZ & CO., INC. | $484 | 1.52% |
| BMO CAPITAL MARKETS CORP. | $186 | 0.58% |
| BB&T CAPITAL MARKETS | $185 | 0.58% |
| FALCONBRIDGE CAPITAL MARKETS, LLC | $181 | 0.57% |
C000076429 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PROFESSIONAL CLEARING CORP. | $539K | 34.84% |
| MORGAN STANLEY | $500K | 32.34% |
| JPMORGAN DISTRIBUTION SERVICES, INC. | $489K | 31.66% |
| CAPITAL ONE SECURITIES, INC. | $18K | 1.16% |
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.