SAREX Fees and Costs — SA Real Estate Securities Fund
Data updated: 2026-09-03
The net expense ratio is 0.77%: a 0.45% management fee, a 0.15% 12b-1 fee plus 0.26% other expenses, less a 0.09% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $4K in broker commissions, 0.0034% of average net assets, and portfolio turnover was 5%.
SAREX Fees and Expenses
Annual operating expenses and sales charges of SAREX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | 0.15% |
| Other expenses | 0.26% |
| Gross expense ratio | 0.86% |
| Fee waiver | −0.09% |
| Net expense ratio | 0.77% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
SAREX Costs Over Time
On $10,000 invested in SAREX, assuming 5% a year before costs, total costs come to $486 over 5 years, cutting the return by 0.81% 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 0.77%) | $81 | $253 | $440 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $13 | $44 |
| Total costs | $81 | $267 | $486 |
| Value after costs | $10,419 | $11,310 | $12,277 |
| Impact on return, per year | 0.81% | 0.81% | 0.81% |
SAREX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0034%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): $27.6M
- Portfolio turnover (prospectus): 5%
- Securities on loan, average value: $804K
- Net income from securities lending: $2K (0.002% of average net assets)
SAREX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Nomura Securities International, Inc. | $1K | 32.08% |
| Jefferies LLC | $1K | 30.37% |
| BNY Capital Markets, LLC | $724 | 17.98% |
| Goldman Sachs & Co. LLC | $389 | 9.66% |
| BofA Securities, Inc. | $143 | 3.54% |
| UBS Securities LLC | $103 | 2.57% |
| Citigroup Global Markets Inc. | $96 | 2.38% |
| Stifel, Nicolaus & Company, Incorporated | $57 | 1.42% |
SAREX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $27.6M | 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.