IRCYX Fees and Costs — International Small Cap Portfolio, Advisor Class
Data updated: 2026-08-26
The net expense ratio is 1.09%: a 1.00% management fee plus 0.09% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $597K in broker commissions, 0.0542% of average net assets, and portfolio turnover was 57%.
IRCYX Fees and Expenses
Annual operating expenses and sales charges of IRCYX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.09% |
| Gross expense ratio | 1.09% |
| Fee waiver | — |
| Net expense ratio | 1.09% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
IRCYX Costs Over Time
On $10,000 invested in IRCYX, assuming 5% a year before costs, total costs come to $714 over 5 years, cutting the return by 1.20% 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 1.09%) | $114 | $357 | $617 |
| Trading costs (broker commissions) | $6 | $18 | $31 |
| Lost growth on money paid in costs | $0 | $19 | $66 |
| Total costs | $120 | $393 | $714 |
| Value after costs | $10,380 | $11,183 | $12,049 |
| Impact on return, per year | 1.20% | 1.20% | 1.20% |
IRCYX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0542%
- Total broker commissions: $597K
- Bought from dealers (principal trades, not a cost): $559.6M
- Portfolio turnover (prospectus): 57%
- Securities on loan, average value: $6.5M
- Net income from securities lending: $21K (0.002% of average net assets)
IRCYX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $117K | 23.12% |
| Morgan Stanley & Co. LLC | $85K | 16.91% |
| BofA Securities, Inc. | $77K | 15.17% |
| J.P. Morgan Securities LLC | $61K | 12.11% |
| UBS Securities LLC | $43K | 8.60% |
| Citigroup Global Markets Inc. | $35K | 7.01% |
| Jefferies LLC | $33K | 6.62% |
| BNP Paribas Securities Corp. | $25K | 5.03% |
| Liquidnet, Inc. | $15K | 2.99% |
| SG Americas Securities, LLC | $12K | 2.44% |
IRCYX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $533.9M | 99.17% |
| Citigroup Global Markets Inc. | $4.5M | 0.83% |
| J.P. Morgan Securities LLC | $5 | 0.00% |
International Small Cap Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| IRCYX | Advisor Class | 1.09% | none |
| IRCZX | Class Z | 1.10% | none |
| IRCSX | SCB Class | 1.33% | 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.