USBOX Fees and Costs — Pear Tree Quality Fund, Ordinary Shares
Data updated: 2026-08-25
The net expense ratio is 1.12%: a 1.00% management fee, a 0.25% 12b-1 fee plus 0.27% other expenses, less a 0.40% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $113K in broker commissions, 0.0354% of average net assets, and portfolio turnover was 53%.
USBOX Fees and Expenses
Annual operating expenses and sales charges of USBOX. Prospectus, as of July 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.27% |
| Gross expense ratio | 1.52% |
| Fee waiver | −0.40% |
| Net expense ratio | 1.12% |
| 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 | No |
USBOX Costs Over Time
On $10,000 invested in USBOX, assuming 5% a year before costs, total costs come to $720 over 5 years, cutting the return by 1.21% 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 1.12%) | $118 | $366 | $634 |
| Trading costs (broker commissions) | $4 | $12 | $20 |
| Lost growth on money paid in costs | $0 | $19 | $66 |
| Total costs | $121 | $397 | $720 |
| Value after costs | $10,379 | $11,180 | $12,042 |
| Impact on return, per year | 1.21% | 1.21% | 1.21% |
USBOX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0354%
- Total broker commissions: $113K
- Bought from dealers (principal trades, not a cost): $482.0M
- Portfolio turnover (prospectus): 53%
- Securities lending: none during the year
USBOX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Wells Fargo | $47K | 41.42% |
| AMERICAN VETERANS GROUP, PBC | $35K | 31.00% |
| Robert W. Baird & Co. | $12K | 10.38% |
| RBC CAPITAL MARKETS | $10K | 8.73% |
| Keybank | $7K | 6.03% |
| Arcola Securities, Inc. | $2K | 1.98% |
| BNP Paribas Securities Corp. | $240 | 0.21% |
| Citigroup Global Markets | $188 | 0.17% |
| First Union Capital | $94 | 0.08% |
USBOX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Wells Fargo | $211.5M | 43.88% |
| AMERICAN VETERANS GROUP, PBC | $161.6M | 33.53% |
| Robert W. Baird & Co. | $58.3M | 12.09% |
| RBC CAPITAL MARKETS | $38.7M | 8.03% |
| Arcola Securities, Inc. | $4.9M | 1.02% |
| Citigroup Global Markets | $2.5M | 0.53% |
| BNP Paribas Securities Corp. | $2.0M | 0.41% |
| Keybank | $1.7M | 0.35% |
| First Union Capital | $812K | 0.17% |
Pear Tree Quality Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| QGIRX | R6 Shares | 0.64% | — |
| QGIAX | Institutional Shares | 0.75% | — |
| USBOX | Ordinary Shares | 1.12% | — |
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.