C000078085 Fees and Costs — Real Estate Portfolio, Class I
Data updated: 2026-08-11
The net expense ratio is 1.01%: a 0.84% management fee, a 0.20% 12b-1 fee plus 0.06% other expenses, less a 0.09% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $149K in broker commissions, 0.0442% of average net assets, and portfolio turnover was 50%.
C000078085 Fees and Expenses
Annual operating expenses and sales charges of C000078085. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.84% |
| 12b-1 fee | 0.20% |
| Other expenses | 0.06% |
| Gross expense ratio | 1.10% |
| Fee waiver | −0.09% |
| Net expense ratio | 1.01% |
| 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 |
C000078085 Costs Over Time
On $10,000 invested in C000078085, assuming 5% a year before costs, total costs come to $659 over 5 years, cutting the return by 1.11% 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 1.01%) | $106 | $331 | $573 |
| Trading costs (broker commissions) | $5 | $14 | $25 |
| Lost growth on money paid in costs | $0 | $17 | $60 |
| Total costs | $111 | $362 | $659 |
| Value after costs | $10,389 | $11,214 | $12,104 |
| Impact on return, per year | 1.11% | 1.11% | 1.11% |
C000078085 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0442%
- Total broker commissions: $149K
- Bought from dealers (principal trades, not a cost): $14.7M
- Portfolio turnover (prospectus): 50%
- Securities on loan, average value: $4.5M
- Net income from securities lending: $5K (0.001% of average net assets)
C000078085 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $43K | 38.85% |
| Sanford C. Bernstein & Co., LLC | $14K | 12.52% |
| Nomura Securities International, Inc. | $10K | 9.52% |
| BofA Securities, Inc. | $9K | 8.50% |
| RBC Capital Markets, LLC | $8K | 7.00% |
| Wells Fargo Securities, LLC | $6K | 5.58% |
| Truist Securities, Inc. | $6K | 5.54% |
| State Street Global Markets, LLC | $5K | 4.37% |
| KeyBanc Capital Markets Inc. | $5K | 4.18% |
| Goldman Sachs & Co. LLC | $4K | 3.92% |
C000078085 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $13.6M | 92.34% |
| BofA Securities, Inc. | $1.1M | 7.66% |
Real Estate Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| C000098957 | Class P | 0.81% | — |
| C000078085 | Class I | 1.01% | — |
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.