IBNAX Fees and Costs — Nomura Balanced Fund, Class A
Data updated: 2026-08-26
The net expense ratio is 0.98%: a 0.68% management fee, a 0.25% 12b-1 fee plus 0.16% other expenses, less a 0.12% fee waiver. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2026 the fund paid $245K in broker commissions, 0.0135% of average net assets, and portfolio turnover was 80%.
IBNAX Fees and Expenses
Annual operating expenses and sales charges of IBNAX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.68% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.16% |
| Gross expense ratio | 1.10% |
| Fee waiver | −0.12% |
| Net expense ratio | 0.98% |
| 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 | No |
IBNAX Costs Over Time
On $10,000 invested in IBNAX, assuming 5% a year before costs, total costs come to $1,320 over 5 years, cutting the return by 2.27% 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 0.98%) | $97 | $303 | $525 |
| Trading costs (broker commissions) | $1 | $4 | $7 |
| Lost growth on money paid in costs | $29 | $106 | $213 |
| Total costs | $702 | $988 | $1,320 |
| Value after costs | $9,798 | $10,589 | $11,443 |
| Impact on return, per year | 7.02% | 3.08% | 2.27% |
IBNAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0135%
- Total broker commissions: $245K
- Bought from dealers (principal trades, not a cost): $2.6B
- Portfolio turnover (prospectus): 80%
- Securities lending: none during the year
IBNAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| ADVANTAGE SECURITIES LLC | $45K | 25.77% |
| BOFA SECURITIES, INC. | $22K | 12.92% |
| CITADEL SECURITIES LLC | $18K | 10.60% |
| J.P. Morgan Securities LLC | $17K | 9.93% |
| BARCLAYS CAPITAL, INC. | $15K | 8.42% |
| CitiGroup Global Markets Inc. | $14K | 8.11% |
| GOLDMAN SACHS & CO. LLC | $13K | 7.32% |
| SIG BROKERAGE, LP | $11K | 6.11% |
| MORGAN STANLEY & CO. LLC | $9K | 5.45% |
| UBS SECURITIES LLC | $9K | 5.37% |
IBNAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON CAPITAL MARKETS, LLC | $1.1B | 47.72% |
| CITADEL SECURITIES LLC | $227.4M | 10.02% |
| BOFA SECURITIES, INC. | $192.2M | 8.47% |
| STONEX FINANCIAL INC. | $151.9M | 6.69% |
| GOLDMAN SACHS & CO. LLC | $151.0M | 6.65% |
| BARCLAYS CAPITAL, INC. | $119.1M | 5.25% |
| CitiGroup Global Markets Inc. | $95.7M | 4.22% |
| MORGAN STANLEY & CO. LLC | $88.3M | 3.89% |
| J.P. Morgan Securities LLC | $85.2M | 3.76% |
| TD SECURITIES (USA) LLC | $75.5M | 3.33% |
Nomura Balanced Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| IBARX | Class R6 | 0.64% | none |
| IYBIX | Institutional Class | 0.73% | none |
| IBNAX | Class A | 0.98% | 5.75% |
| IBNYX | Class Y | 0.98% | none |
| IYBFX | Class R | 1.23% | none |
| IBNCX | Class C | 1.73% | none |
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.