JAAEX Fees and Costs — Core Bond Trust, Series II
Data updated: 2026-08-27
The net expense ratio is 0.87%: a 0.58% management fee, a 0.25% 12b-1 fee plus 0.05% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 234%.
JAAEX Fees and Expenses
Annual operating expenses and sales charges of JAAEX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.58% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.05% |
| Gross expense ratio | 0.88% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.87% |
| 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 |
JAAEX Costs Over Time
On $10,000 invested in JAAEX, assuming 5% a year before costs, total costs come to $546 over 5 years, cutting the return by 0.91% 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 0.87%) | $91 | $285 | $496 |
| Lost growth on money paid in costs | $0 | $14 | $50 |
| Total costs | $91 | $300 | $546 |
| Value after costs | $10,409 | $11,277 | $12,217 |
| Impact on return, per year | 0.91% | 0.91% | 0.91% |
JAAEX 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): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $5.5B
- Portfolio turnover (prospectus): 234%
- Securities on loan, average value: $1.5M
- Net income from securities lending: $8K (0.001% of average net assets)
JAAEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets, LLC | $827.0M | 20.06% |
| Goldman Sachs & Co. LLC | $447.8M | 10.86% |
| J.P. Morgan Securities LLC | $442.4M | 10.73% |
| Barclays Bank PLC | $433.7M | 10.52% |
| Morgan Stanley & Co. LLC | $431.7M | 10.47% |
| Citadel Securities LLC | $388.1M | 9.41% |
| Wells Fargo Securities, LLC | $372.2M | 9.03% |
| Bank of Montreal | $318.1M | 7.72% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $251.7M | 6.11% |
| Citigroup Global Markets Holdings Inc. | $209.7M | 5.09% |
Core Bond Trust Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| JVCNX | Class NAV | 0.62% | — |
| JADKX | Series I | 0.67% | — |
| JAAEX | Series II | 0.87% | — |
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.