NBREX Fees and Costs — Neuberger Berman Mid Cap Intrinsic Value Fund, Trust Class
Data updated: 2026-07-27
The net expense ratio is 1.25%: a 0.95% management fee, a 0.10% 12b-1 fee plus 0.72% other expenses, less a 0.52% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $14K in broker commissions, 0.0264% of average net assets, and portfolio turnover was 16%.
NBREX Fees and Expenses
Annual operating expenses and sales charges of NBREX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.10% |
| Other expenses | 0.72% |
| Gross expense ratio | 1.77% |
| Fee waiver | −0.52% |
| Net expense ratio | 1.25% |
| 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 |
NBREX Costs Over Time
On $10,000 invested in NBREX, assuming 5% a year before costs, total costs come to $794 over 5 years, cutting the return by 1.34% 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 1.25%) | $131 | $408 | $706 |
| Trading costs (broker commissions) | $3 | $9 | $15 |
| Lost growth on money paid in costs | $0 | $21 | $73 |
| Total costs | $134 | $438 | $794 |
| Value after costs | $10,366 | $11,139 | $11,969 |
| Impact on return, per year | 1.34% | 1.34% | 1.34% |
NBREX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0264%
- Total broker commissions: $14K
- Bought from dealers (principal trades, not a cost): $9.1M
- Portfolio turnover (prospectus): 16%
- Securities lending: none during the year
NBREX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| National Financial Services LLC | $3K | 20.61% |
| BNY Capital Markets, LLC | $2K | 12.58% |
| BofA Securities, Inc. | $1K | 11.87% |
| Nomura Securities International, Inc. | $1K | 10.22% |
| Raymond James & Associates, Inc. | $1K | 9.70% |
| Deutsche Bank Securities Inc. | $1K | 9.67% |
| UBS Securities LLC | $1K | 8.74% |
| Wells Fargo Securities, LLC | $730 | 5.99% |
| BMO Capital Markets Corp. | $683 | 5.60% |
| Goldman Sachs & Co. LLC | $614 | 5.04% |
NBREX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $9.0M | 98.73% |
| Virtu Americas LLC | $86K | 0.94% |
| National Financial Services LLC | $30K | 0.33% |
Neuberger Berman Mid Cap Intrinsic Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| NBMRX | Class R6 | 0.75% | — |
| NBRTX | Institutional Class | 0.85% | none |
| NBRAX | Class A | 1.21% | 5.75% |
| NBREX | Trust Class | 1.25% | — |
| NBRRX | Class R3 | 1.46% | — |
| NBRVX | Investor Class | 1.50% | — |
| NBRCX | Class C | 1.96% | 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.