HCSBX Fees and Costs — The Short-Term Municipal Bond Portfolio
Data updated: 2026-09-10
The net expense ratio is 0.27%: a 0.13% management fee plus 0.14% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 19%.
HCSBX Fees and Expenses
Annual operating expenses and sales charges of HCSBX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.13% |
| 12b-1 fee | — |
| Other expenses | 0.14% |
| Gross expense ratio | 0.27% |
| Fee waiver | — |
| Net expense ratio | 0.27% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
HCSBX Costs Over Time
On $10,000 invested in HCSBX, assuming 5% a year before costs, total costs come to $171 over 5 years, cutting the return by 0.28% 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 0.27%) | $28 | $89 | $156 |
| Lost growth on money paid in costs | $0 | $4 | $16 |
| Total costs | $28 | $94 | $171 |
| Value after costs | $10,472 | $11,483 | $12,591 |
| Impact on return, per year | 0.28% | 0.28% | 0.28% |
HCSBX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $94.2M
- Portfolio turnover (prospectus): 19%
- Securities lending: none during the year
HCSBX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets, LLC | $58.5M | 66.04% |
| BofA Securities, Inc. | $8.3M | 9.36% |
| J.P. Morgan Securities LLC | $5.1M | 5.81% |
| Barclays Capital Inc. | $3.4M | 3.84% |
| Jefferies LLC | $3.3M | 3.71% |
| RBC Capital Markets, LLC | $3.2M | 3.63% |
| Wells Fargo Securities, LLC | $2.5M | 2.83% |
| Robert W. Baird & Co. Incorporated | $1.5M | 1.74% |
| Natwest Markets Securities Inc. | $1.4M | 1.56% |
| UBS Securities LLC | $1.3M | 1.48% |
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.