IERBX Fees and Costs — International Real Estate Portfolio, Class A
Data updated: 2020-08-27
The net expense ratio is 1.35%: a 0.80% management fee, a 0.25% 12b-1 fee plus 1.80% other expenses, less a 1.50% fee waiver. This share class carries a maximum front-end sales load of 5.25%. In fiscal 2019 the fund paid $11K in broker commissions, 0.0570% of average net assets, and portfolio turnover was 31%.
IERBX Fees and Expenses
Annual operating expenses and sales charges of IERBX. Prospectus, as of April 30, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.25% |
| Other expenses | 1.80% |
| Gross expense ratio | 2.85% |
| Fee waiver | −1.50% |
| Net expense ratio | 1.35% |
| Sales charges | |
|---|---|
| Max front load | 5.25% |
| 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 |
IERBX Costs Over Time
On $10,000 invested in IERBX, assuming 5% a year before costs, total costs come to $1,497 over 5 years, cutting the return by 2.59% 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 | $525 | $525 | $525 |
| Fund expenses (net expense ratio 1.35%) | $134 | $417 | $721 |
| Trading costs (broker commissions) | $6 | $18 | $30 |
| Lost growth on money paid in costs | $26 | $104 | $221 |
| Total costs | $691 | $1,064 | $1,497 |
| Value after costs | $9,809 | $10,512 | $11,266 |
| Impact on return, per year | 6.91% | 3.32% | 2.59% |
IERBX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.0570%
- Total broker commissions: $11K
- Bought from dealers (principal trades, not a cost): $7.7M
- Portfolio turnover (prospectus): 31%
- Securities lending: none during the year
IERBX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $3K | 29.33% |
| Jefferies LLC | $2K | 16.25% |
| Citigroup Global Markets Inc. | $897 | 9.26% |
| J.P. Morgan Securities LLC | $892 | 9.20% |
| Macquarie Capital (USA) Inc. | $762 | 7.87% |
| Goldman Sachs & Co. LLC | $741 | 7.65% |
| BofA Securities, Inc. | $699 | 7.21% |
| CLSA Americas, LLC | $518 | 5.35% |
| Societe Generale | $405 | 4.19% |
| HSBC Securities (USA) Inc. | $357 | 3.69% |
IERBX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $7.5M | 97.28% |
| Macquarie Capital (USA) Inc. | $44K | 0.57% |
| Daiwa Capital Markets America Inc. | $44K | 0.56% |
| UBS Securities LLC | $41K | 0.53% |
| J.P. Morgan Securities LLC | $25K | 0.33% |
| Citigroup Global Markets Inc. | $19K | 0.25% |
| BofA Securities, Inc. | $11K | 0.15% |
| Goldman Sachs & Co. LLC | $10K | 0.14% |
| Mizuho Securities USA LLC | $9K | 0.12% |
| Nomura Securities International, Inc. | $6K | 0.08% |
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.