C000076433 Fees and Costs — Salient Global Real Estate Fund, Investor Class
Data updated: 2022-11-17
The net expense ratio is 1.50%: a 1.00% management fee, a 0.25% 12b-1 fee plus 1.07% other expenses, less a 0.82% fee waiver. There are no sales loads or redemption fees. In fiscal 2021 the fund paid $32K in broker commissions, 0.1136% of average net assets, and portfolio turnover was 49%.
C000076433 Fees and Expenses
Annual operating expenses and sales charges of C000076433. Prospectus, as of April 30, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 1.07% |
| Gross expense ratio | 2.32% |
| Fee waiver | −0.82% |
| Net expense ratio | 1.50% |
| 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 |
C000076433 Costs Over Time
On $10,000 invested in C000076433, assuming 5% a year before costs, total costs come to $997 over 5 years, cutting the return by 1.69% 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 1.50%) | $158 | $488 | $841 |
| Trading costs (broker commissions) | $12 | $37 | $64 |
| Lost growth on money paid in costs | $0 | $26 | $92 |
| Total costs | $169 | $551 | $997 |
| Value after costs | $10,331 | $11,025 | $11,766 |
| Impact on return, per year | 1.69% | 1.69% | 1.69% |
C000076433 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
C000076433 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% |
C000076433 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.