NSMRX Fees and Costs — Nuveen Small/Mid-Cap Value Fund, Class I
Data updated: 2026-09-10
The net expense ratio is 0.91%: a 0.76% management fee plus 0.34% other expenses, less a 0.19% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $135K in broker commissions, 0.1257% of average net assets, and portfolio turnover was 64%.
NSMRX Fees and Expenses
Annual operating expenses and sales charges of NSMRX. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.76% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.34% |
| Gross expense ratio | 1.10% |
| Fee waiver | −0.19% |
| Net expense ratio | 0.91% |
| 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 |
NSMRX Costs Over Time
On $10,000 invested in NSMRX, assuming 5% a year before costs, total costs come to $647 over 5 years, cutting the return by 1.09% 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 0.91%) | $96 | $298 | $517 |
| Trading costs (broker commissions) | $13 | $41 | $71 |
| Lost growth on money paid in costs | $0 | $17 | $59 |
| Total costs | $109 | $356 | $647 |
| Value after costs | $10,391 | $11,220 | $12,115 |
| Impact on return, per year | 1.09% | 1.09% | 1.09% |
NSMRX 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): 0.1257%
- Total broker commissions: $135K
- Bought from dealers (principal trades, not a cost): $167.8M
- Portfolio turnover (prospectus): 64%
- Securities on loan, average value: $633K
- Net income from securities lending: $15K (0.014% of average net assets)
NSMRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC Capital Markets, LLC | $26K | 24.76% |
| National Financial Services LLC | $18K | 17.65% |
| Bank of America, National Association | $9K | 8.95% |
| Robert W. Baird & Co. Incorporated | $9K | 8.74% |
| Cowen and Company | $9K | 8.27% |
| Instinet LLC | $8K | 7.51% |
| Raymond James & Associates Inc. | $7K | 6.98% |
| Citigroup | $7K | 6.59% |
| BNP Paribas Securities Corp. | $6K | 5.66% |
| Jefferies LLC | $5K | 4.89% |
NSMRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| National Financial Services LLC | $27.8M | 22.46% |
| RBC Capital Markets, LLC | $24.0M | 19.34% |
| Instinet LLC | $16.3M | 13.18% |
| Robert W. Baird & Co. Incorporated | $14.4M | 11.65% |
| Jefferies LLC | $10.4M | 8.37% |
| Wells Fargo Securities, LLC | $6.6M | 5.31% |
| Stuart Frankel & Co., Incorporated | $6.5M | 5.24% |
| Bank of America, National Association | $6.5M | 5.23% |
| Raymond James & Associates Inc. | $6.3M | 5.11% |
| Morgan Stanley | $5.1M | 4.12% |
Nuveen Small/Mid-Cap 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 |
|---|---|---|---|
| NWQFX | Class R6 | 0.75% | none |
| NSMRX | Class I | 0.91% | none |
| NSMAX | Class A | 1.16% | 5.75% |
| NSMCX | Class C | 1.91% | 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.