C000164675 Fees and Costs — Salient MLP & Energy Infrastructure Fund, Class R6
Data updated: 2022-11-17
The net expense ratio is 1.20%: a 0.95% management fee plus 0.25% other expenses. There are no sales loads or redemption fees. In fiscal 2021 the fund paid $2.9M in broker commissions, 0.4442% of average net assets, and portfolio turnover was 248%.
C000164675 Fees and Expenses
Annual operating expenses and sales charges of C000164675. Prospectus, as of April 30, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.25% |
| Gross expense ratio | 1.20% |
| Fee waiver | — |
| Net expense ratio | 1.20% |
| 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 |
C000164675 Costs Over Time
On $10,000 invested in C000164675, assuming 5% a year before costs, total costs come to $1,015 over 5 years, cutting the return by 1.73% 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 1.20%) | $126 | $391 | $673 |
| Trading costs (broker commissions) | $47 | $145 | $249 |
| Lost growth on money paid in costs | $0 | $27 | $94 |
| Total costs | $173 | $562 | $1,015 |
| Value after costs | $10,327 | $11,015 | $11,748 |
| Impact on return, per year | 1.73% | 1.73% | 1.73% |
C000164675 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): 0.4442%
- Total broker commissions: $2.9M
- Bought from dealers (principal trades, not a cost): $120.1M
- Portfolio turnover (prospectus): 248%
- Securities lending: none during the year
C000164675 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES, LLC | $418K | 22.75% |
| JEFFERIES LLC | $211K | 11.47% |
| UBS SECURITIES LLC | $194K | 10.55% |
| BARCLAYS CAPITAL INC. | $176K | 9.55% |
| RBC CAPITAL MARKETS, LLC | $167K | 9.08% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $145K | 7.86% |
| CITICORP SECURITIES SERVICES, INC. | $138K | 7.53% |
| TUDOR, PICKERING, HOLT & CO. SECURITIES, INC. | $136K | 7.39% |
| ALLIANCEBERNSTEIN INVESTMENTS, INC. | $130K | 7.07% |
| BTIG, LLC | $124K | 6.74% |
C000164675 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CITICORP SECURITIES SERVICES, INC. | $43.9M | 36.98% |
| BARCLAYS CAPITAL INC. | $30.7M | 25.87% |
| MORGAN STANLEY | $11.6M | 9.76% |
| GOLDMAN SACHS & CO. LLC | $6.4M | 5.39% |
| CREDIT SUISSE SECURITIES (USA) LLC | $6.2M | 5.18% |
| JPMORGAN DISTRIBUTION SERVICES, INC. | $4.7M | 3.93% |
| RAYMOND JAMES FINANCIAL SERVICES, INC. | $4.6M | 3.88% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $4.3M | 3.63% |
| SEAPORT GLOBAL SECURITIES LLC | $4.2M | 3.50% |
| B. RILEY FBR, INC. | $2.2M | 1.88% |
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.