JAJLX Fees and Costs — Real Estate Securities Trust, Series II
Data updated: 2026-08-27
The net expense ratio is 1.01%: a 0.70% management fee, a 0.25% 12b-1 fee plus 0.07% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $392K in broker commissions, 0.1365% of average net assets, and portfolio turnover was 108%.
JAJLX Fees and Expenses
Annual operating expenses and sales charges of JAJLX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.07% |
| Gross expense ratio | 1.02% |
| Fee waiver | −0.01% |
| Net expense ratio | 1.01% |
| 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 |
JAJLX Costs Over Time
On $10,000 invested in JAJLX, assuming 5% a year before costs, total costs come to $715 over 5 years, cutting the return by 1.20% 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 1.01%) | $106 | $330 | $572 |
| Trading costs (broker commissions) | $14 | $45 | $77 |
| Lost growth on money paid in costs | $0 | $19 | $66 |
| Total costs | $120 | $394 | $715 |
| Value after costs | $10,380 | $11,183 | $12,048 |
| Impact on return, per year | 1.20% | 1.20% | 1.20% |
JAJLX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1365%
- Total broker commissions: $392K
- Bought from dealers (principal trades, not a cost): $141.3M
- Portfolio turnover (prospectus): 108%
- Securities on loan, average value: $690K
- Net income from securities lending: $693 (0.000% of average net assets)
JAJLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Wells Fargo Securities, LLC | $58K | 20.16% |
| J.P. Morgan Securities LLC | $58K | 20.06% |
| Morgan Stanley & Co. LLC | $31K | 10.88% |
| TD Securities (USA) LLC | $23K | 7.95% |
| Goldman Sachs & Co. LLC | $22K | 7.75% |
| Royal Bank of Canada | $22K | 7.64% |
| Jefferies LLC | $22K | 7.64% |
| Cantor Fitzgerald & Co. | $18K | 6.35% |
| Citigroup Global Markets Holdings Inc. | $17K | 5.80% |
| Raymond James & Associates, Inc. | $17K | 5.78% |
JAJLX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets, LLC | $137.3M | 97.12% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $2.1M | 1.50% |
| J.P. Morgan Securities LLC | $1.9M | 1.37% |
Real Estate Securities Trust Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| JAJMX | Class NAV | 0.76% | — |
| JADBX | Series I | 0.81% | — |
| JAJLX | Series II | 1.01% | — |
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.