ACREX Fees and Costs — ACR Equity International Fund, Class I
Data updated: 2026-07-28
The net expense ratio is 1.11%: a 1.00% management fee plus 0.41% other expenses, less a 0.31% fee waiver. This share class carries a redemption fee of 2.00%. In fiscal 2025 the fund paid $79K in broker commissions, 0.0706% of average net assets, and portfolio turnover was 30%.
ACREX Fees and Expenses
Annual operating expenses and sales charges of ACREX. Prospectus, as of November 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.41% |
| Gross expense ratio | 1.42% |
| Fee waiver | −0.31% |
| Net expense ratio | 1.11% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 2.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
ACREX Costs Over Time
On $10,000 invested in ACREX, assuming 5% a year before costs, total costs come to $736 over 5 years, cutting the return by 1.24% 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 1.11%) | $117 | $363 | $628 |
| Trading costs (broker commissions) | $7 | $23 | $40 |
| Lost growth on money paid in costs | $0 | $19 | $68 |
| Total costs | $124 | $405 | $736 |
| Value after costs | $10,376 | $11,171 | $12,027 |
| Impact on return, per year | 1.24% | 1.24% | 1.24% |
ACREX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0706%
- Total broker commissions: $79K
- Bought from dealers (principal trades, not a cost): $52.9M
- Portfolio turnover (prospectus): 30%
- Securities lending: none during the year
ACREX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $45K | 56.65% |
| JONESTRADING INSTITUTIONAL SERVICES LLC | $14K | 17.49% |
| PEEL HUNT | $12K | 14.96% |
| RBC CAPITAL MARKETS, LLC | $6K | 7.50% |
| SANFORD C. BERNSTEIN & CO., LLC | $3K | 3.27% |
| BMO CAPITAL MARKETS CORP. | $113 | 0.14% |
ACREX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BROWN BROTHERS HARRIMAN & CO. | $52.9M | 100.00% |
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.