NRFAX Fees and Costs — AEW Global Focused Real Estate Fund, Class A
Data updated: 2026-09-28
The net expense ratio is 1.15%: a 0.75% management fee, a 0.25% 12b-1 fee plus 1.06% other expenses, less a 0.91% fee waiver. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2026 the fund paid $30K in broker commissions, 0.0848% of average net assets, and portfolio turnover was 64%.
NRFAX Fees and Expenses
Annual operating expenses and sales charges of NRFAX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 1.06% |
| Gross expense ratio | 2.06% |
| Fee waiver | −0.91% |
| Net expense ratio | 1.15% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
NRFAX Costs Over Time
On $10,000 invested in NRFAX, assuming 5% a year before costs, total costs come to $1,458 over 5 years, cutting the return by 2.52% 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 |
| Sales charges | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.15%) | $114 | $354 | $613 |
| Trading costs (broker commissions) | $8 | $26 | $45 |
| Lost growth on money paid in costs | $29 | $109 | $225 |
| Total costs | $726 | $1,065 | $1,458 |
| Value after costs | $9,774 | $10,511 | $11,304 |
| Impact on return, per year | 7.26% | 3.32% | 2.52% |
NRFAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending January 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0848%
- Total broker commissions: $30K
- Bought from dealers (principal trades, not a cost): $126.9M
- Portfolio turnover (prospectus): 64%
- Securities lending: none during the year
NRFAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BNY Capital Markets, LLC | $7K | 28.46% |
| UBS Securities LLC | $4K | 14.50% |
| Nomura Securities International, Inc. | $2K | 9.67% |
| J.P. Morgan Securities LLC | $2K | 9.50% |
| Mizuho Securities USA LLC | $2K | 7.25% |
| National Financial Services LLC | $2K | 6.98% |
| Goldman Sachs & Co. LLC | $2K | 6.97% |
| SMBC Nikko Securities America, Inc. | $2K | 6.93% |
| RBC Capital Markets, LLC | $1K | 5.14% |
| DBS Bank Ltd. | $1K | 4.58% |
NRFAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $126.7M | 99.87% |
| Morgan Stanley & Co. LLC | $91K | 0.07% |
| Van Lanschot Kempen (USA) Inc. | $72K | 0.06% |
AEW Global Focused 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 |
|---|---|---|---|
| NRFNX | Class N | 0.85% | none |
| NRFYX | Class Y | 0.90% | none |
| NRETX | Class T | 1.15% | 2.50% |
| NRFAX | Class A | 1.15% | 5.75% |
| NRCFX | Class C | 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.