PXRAX Fees and Costs — Virtus Duff & Phelps International Real Estate Securities Fund, Class A
Data updated: 2023-12-13
The net expense ratio is 1.50%: a 1.00% management fee, a 0.25% 12b-1 fee plus 0.47% other expenses, less a 0.22% fee waiver. This share class carries a maximum front-end sales load of 5.50%. In fiscal 2023 the fund paid $19K in broker commissions, 0.0735% of average net assets, and portfolio turnover was 24%.
PXRAX Fees and Expenses
Annual operating expenses and sales charges of PXRAX. Prospectus, as of September 30, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.47% |
| Gross expense ratio | 1.72% |
| Fee waiver | −0.22% |
| Net expense ratio | 1.50% |
| Sales charges | |
|---|---|
| Max front load | 5.50% |
| 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 | Yes |
PXRAX Costs Over Time
On $10,000 invested in PXRAX, assuming 5% a year before costs, total costs come to $1,621 over 5 years, cutting the return by 2.81% 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 | $550 | $550 | $550 |
| Fund expenses (net expense ratio 1.50%) | $149 | $462 | $796 |
| Trading costs (broker commissions) | $7 | $23 | $39 |
| Lost growth on money paid in costs | $27 | $111 | $237 |
| Total costs | $734 | $1,145 | $1,621 |
| Value after costs | $9,766 | $10,431 | $11,141 |
| Impact on return, per year | 7.34% | 3.58% | 2.81% |
PXRAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.0735%
- Total broker commissions: $19K
- Bought from dealers (principal trades, not a cost): $147K
- Portfolio turnover (prospectus): 24%
- Securities lending: none during the year
PXRAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $7K | 36.57% |
| Kempen & Co U.S.A., INC. | $6K | 32.93% |
| RBC CAPITAL MARKETS, LLC | $2K | 12.96% |
| CITIGROUP GLOBAL MARKETS INC. | $2K | 11.94% |
| SMBC NIKKO SECURITIES AMERICA, INC. | $605 | 3.21% |
| MORGAN STANLEY & CO. LLC | $454 | 2.41% |
PXRAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| UBS SECURITIES LLC | $74K | 50.10% |
| J.P. Morgan Securities LLC | $74K | 49.90% |
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.