PREPX Fees and Costs — Real Estate Securities Fund, Class R-5
Data updated: 2026-09-25
The net expense ratio is 1.06%: a 0.79% management fee plus 0.27% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.9M in broker commissions, 0.0292% of average net assets, and portfolio turnover was 18%.
PREPX Fees and Expenses
Annual operating expenses and sales charges of PREPX. Prospectus, as of March 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.79% |
| 12b-1 fee | — |
| Other expenses | 0.27% |
| Gross expense ratio | 1.06% |
| Fee waiver | — |
| Net expense ratio | 1.06% |
| 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 |
PREPX Costs Over Time
On $10,000 invested in PREPX, assuming 5% a year before costs, total costs come to $680 over 5 years, cutting the return by 1.14% 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 1.06%) | $111 | $347 | $601 |
| Trading costs (broker commissions) | $3 | $10 | $17 |
| Lost growth on money paid in costs | $0 | $18 | $62 |
| Total costs | $114 | $374 | $680 |
| Value after costs | $10,386 | $11,202 | $12,083 |
| Impact on return, per year | 1.14% | 1.14% | 1.14% |
PREPX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0292%
- Total broker commissions: $1.9M
- Bought from dealers (principal trades, not a cost): $30.7M
- Portfolio turnover (prospectus): 18%
- Securities lending: none during the year
PREPX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BTIG | $286K | 21.65% |
| SANFORD C. BERNSTEIN & CO. | $250K | 18.98% |
| WELLS FARGO SECURITIES LLC | $147K | 11.11% |
| TRUIST FINANCIAL CORPORATION | $119K | 9.05% |
| CANTOR FITZGERALD & CO. | $117K | 8.86% |
| INSTINET CLEARING SERVICES INC | $105K | 7.93% |
| UBS SECURITIES LLC | $77K | 5.85% |
| GOLDMAN SACHS CO. | $76K | 5.78% |
| ROBERT W. BAIRD & CO. | $74K | 5.57% |
| MIZUHO SECURITIES USA INC. | $69K | 5.22% |
PREPX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH | $20.2M | 65.74% |
| J.P. MORGAN SECURITIES LLC | $10.5M | 34.26% |
Real Estate Securities Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PFRSX | Class R-6 | 0.81% | none |
| PIREX | Institutional Class | 0.86% | none |
| PREPX | Class R-5 | 1.06% | none |
| PREJX | Class J | 1.09% | none |
| PRRAX | Class A | 1.19% | 5.50% |
| PRERX | Class R-3 | 1.37% | none |
| PRCEX | Class C | 2.07% | 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.