FRBAX Fees and Costs — Regional Bank Fund, Class A
Data updated: 2026-09-25
The net expense ratio is 1.25%: a 0.78% management fee, a 0.30% 12b-1 fee plus 0.18% other expenses, less a 0.01% fee waiver. This share class carries a maximum front-end sales load of 5.00% and a deferred sales charge of up to 1.00%. In fiscal 2025 the fund paid $91K in broker commissions, 0.0109% of average net assets, and portfolio turnover was 5%.
FRBAX Fees and Expenses
Annual operating expenses and sales charges of FRBAX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.78% |
| 12b-1 fee | 0.30% |
| Other expenses | 0.18% |
| Gross expense ratio | 1.26% |
| Fee waiver | −0.01% |
| Net expense ratio | 1.25% |
| Sales charges | |
|---|---|
| Max front load | 5.00% |
| Max deferred load | 1.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
FRBAX Costs Over Time
On $10,000 invested in FRBAX, assuming 5% a year before costs, total costs come to $1,384 over 5 years, cutting the return by 2.38% 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 | $598 | $500 | $500 |
| Fund expenses (net expense ratio 1.25%) | $125 | $388 | $671 |
| Trading costs (broker commissions) | $1 | $3 | $6 |
| Lost growth on money paid in costs | $25 | $98 | $207 |
| Total costs | $749 | $990 | $1,384 |
| Value after costs | $9,751 | $10,587 | $11,379 |
| Impact on return, per year | 7.49% | 3.08% | 2.38% |
FRBAX 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): 0.0109%
- Total broker commissions: $91K
- Bought from dealers (principal trades, not a cost): $213.0M
- Portfolio turnover (prospectus): 5%
- Securities lending: none during the year
FRBAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Piper Sandler & Co. | $35K | 39.38% |
| Keefe, Bruyette & Woods, Inc. | $23K | 26.08% |
| BNY Mellon Capital Markets, LLC | $9K | 9.82% |
| UBS AG | $7K | 8.31% |
| Royal Bank of Canada | $4K | 4.06% |
| Morgan Stanley & Co. LLC | $4K | 4.01% |
| Stifel, Nicolaus & Company, Incorporated | $3K | 3.27% |
| Goldman Sachs & Co. LLC | $2K | 2.65% |
| Wells Fargo Securities, LLC | $1K | 1.51% |
| Liquidnet, Inc. | $812 | 0.91% |
FRBAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets, LLC | $187.6M | 88.08% |
| Citigroup Global Markets Holdings Inc. | $6.6M | 3.11% |
| Piper Sandler & Co. | $6.4M | 3.02% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $4.8M | 2.25% |
| Raymond James & Associates, Inc. | $3.2M | 1.50% |
| Stephens Inc. | $2.5M | 1.16% |
| Keefe, Bruyette & Woods, Inc. | $1.8M | 0.86% |
Regional Bank Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| JRGRX | Class R6 | 0.84% | none |
| JRBFX | Class I | 0.95% | none |
| FRBAX | Class A | 1.25% | 5.00% |
| FRBCX | Class C | 1.95% | 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.