ASERX Fees and Costs — Select Fund, R Class
Data updated: 2026-09-29
The net expense ratio is 1.40%: a 0.98% management fee plus a 0.50% 12b-1 fee, less a 0.08% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $335K in broker commissions, 0.0056% of average net assets, and portfolio turnover was 22%.
ASERX Fees and Expenses
Annual operating expenses and sales charges of ASERX. Prospectus, as of March 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.98% |
| 12b-1 fee | 0.50% |
| Other expenses | 0.00% |
| Gross expense ratio | 1.48% |
| Fee waiver | −0.08% |
| Net expense ratio | 1.40% |
| 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 |
ASERX Costs Over Time
On $10,000 invested in ASERX, assuming 5% a year before costs, total costs come to $872 over 5 years, cutting the return by 1.48% 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 1.40%) | $147 | $457 | $789 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $23 | $80 |
| Total costs | $148 | $481 | $872 |
| Value after costs | $10,352 | $11,095 | $11,891 |
| Impact on return, per year | 1.48% | 1.48% | 1.48% |
ASERX 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): 0.0056%
- Total broker commissions: $335K
- Bought from dealers (principal trades, not a cost): $6.8B
- Portfolio turnover (prospectus): 22%
- Securities on loan, average value: $2.0M
- Net income from securities lending: $4K (0.000% of average net assets)
ASERX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $49K | 18.33% |
| MORGAN STANLEY | $39K | 14.77% |
| BERNSTEIN INSTITUTIONAL SERVICES | $35K | 13.27% |
| EVERCORE ISI INVESTMENT GROUP | $30K | 11.31% |
| J.P. MORGAN SECURITIES | $25K | 9.36% |
| CITIGROUP CAPITAL MARKETS INC. | $24K | 8.83% |
| BANK OF AMERICA MERRILL LYNCH | $22K | 8.14% |
| ROBERT W BAIRD | $15K | 5.69% |
| RAYMOND JAMES | $14K | 5.41% |
| WELLS FARGO SECURITIES | $13K | 4.89% |
ASERX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| STATE STREET GLOBAL MARKETS LLC | $6.2B | 90.74% |
| BMO CAPITAL MARKETS | $615.6M | 9.02% |
| UBS WARBURG | $15.6M | 0.23% |
| GOLDMAN SACHS | $911K | 0.01% |
Select Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| ASLDX | G Class | 0.00% | none |
| ASDEX | R6 Class | 0.55% | none |
| ASLWX | Y Class | 0.55% | none |
| ASLGX | R5 Class | 0.70% | none |
| TWSIX | I Class | 0.70% | none |
| TWCIX | Investor Class | 0.90% | none |
| TWCAX | A Class | 1.15% | 5.75% |
| ASERX | R Class | 1.40% | none |
| ACSLX | C Class | 1.90% | 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.