ARREX Fees and Costs — Real Estate Fund, R5 Class
Data updated: 2026-09-29
The net expense ratio is 0.96%: a 0.95% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $475K in broker commissions, 0.0771% of average net assets, and portfolio turnover was 113%.
ARREX Fees and Expenses
Annual operating expenses and sales charges of ARREX. Prospectus, as of March 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.96% |
| Fee waiver | — |
| Net expense ratio | 0.96% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
ARREX Costs Over Time
On $10,000 invested in ARREX, assuming 5% a year before costs, total costs come to $648 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 0.96%) | $101 | $314 | $545 |
| Trading costs (broker commissions) | $8 | $25 | $44 |
| Lost growth on money paid in costs | $0 | $17 | $59 |
| Total costs | $109 | $356 | $648 |
| Value after costs | $10,391 | $11,220 | $12,115 |
| Impact on return, per year | 1.09% | 1.09% | 1.09% |
ARREX 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): 0.0771%
- Total broker commissions: $475K
- Bought from dealers (principal trades, not a cost): $1.1B
- Portfolio turnover (prospectus): 113%
- Securities on loan, average value: $4.4M
- Net income from securities lending: $4K (0.001% of average net assets)
ARREX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY | $67K | 18.03% |
| EVERCORE ISI INVESTMENT GROUP | $60K | 16.24% |
| CITIGROUP CAPITAL MARKETS INC. | $53K | 14.13% |
| JEFFERIES LLC | $42K | 11.35% |
| J.P. MORGAN SECURITIES | $39K | 10.55% |
| UBS WARBURG | $28K | 7.61% |
| RAYMOND JAMES | $24K | 6.33% |
| BANK OF AMERICA MERRILL LYNCH | $22K | 5.89% |
| KEYBANC CAPITAL MARKETS | $19K | 5.09% |
| BERNSTEIN INSTITUTIONAL SERVICES | $18K | 4.77% |
ARREX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| STATE STREET GLOBAL MARKETS LLC | $987.1M | 88.58% |
| BMO CAPITAL MARKETS | $119.8M | 10.75% |
| CIBC WORLD MARKETS (CANADIAN IMPERIAL BANK) | $4.1M | 0.37% |
| J.P. MORGAN SECURITIES | $3.4M | 0.31% |
Real Estate Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| AREDX | R6 Class | 0.81% | none |
| ARYEX | Y Class | 0.81% | none |
| ARREX | R5 Class | 0.96% | none |
| REAIX | I Class | 0.96% | none |
| REACX | Investor Class | 1.16% | none |
| AREEX | A Class | 1.41% | 5.75% |
| AREWX | R Class | 1.66% | none |
| ARYCX | C Class | 2.16% | 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.