JAEFX Fees and Costs — Equity Income Trust, Series II
Data updated: 2026-09-24
The net expense ratio is 0.96%: a 0.67% 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. In fiscal 2025 the fund paid $275K in broker commissions, 0.0301% of average net assets, and portfolio turnover was 25%.
JAEFX Fees and Expenses
Annual operating expenses and sales charges of JAEFX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.67% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.05% |
| Gross expense ratio | 0.97% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.96% |
| 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 |
JAEFX Costs Over Time
On $10,000 invested in JAEFX, assuming 5% a year before costs, total costs come to $619 over 5 years, cutting the return by 1.04% 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 0.96%) | $101 | $315 | $546 |
| Trading costs (broker commissions) | $3 | $10 | $17 |
| Lost growth on money paid in costs | $0 | $16 | $57 |
| Total costs | $104 | $340 | $619 |
| Value after costs | $10,396 | $11,236 | $12,143 |
| Impact on return, per year | 1.04% | 1.04% | 1.04% |
JAEFX 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): 0.0301%
- Total broker commissions: $275K
- Bought from dealers (principal trades, not a cost): $572.2M
- Portfolio turnover (prospectus): 25%
- Securities on loan, average value: $3.4M
- Net income from securities lending: $26K (0.003% of average net assets)
JAEFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Holdings Inc. | $129K | 51.41% |
| J.P. Morgan Securities LLC | $62K | 24.83% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $25K | 9.84% |
| Goldman Sachs & Co. LLC | $8K | 2.99% |
| Royal Bank of Canada | $6K | 2.43% |
| Evercore Group L.L.C. | $5K | 1.87% |
| Morgan Stanley & Co. LLC | $5K | 1.86% |
| Barclays Bank PLC | $4K | 1.77% |
| Jefferies LLC | $4K | 1.51% |
| BNY Mellon Capital Markets, LLC | $4K | 1.48% |
JAEFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| T. Rowe Price Investment Services, Inc. | $268.4M | 46.90% |
| State Street Global Markets, LLC | $169.3M | 29.59% |
| Morgan Stanley & Co. LLC | $55.1M | 9.63% |
| Goldman Sachs & Co. LLC | $46.9M | 8.20% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $32.5M | 5.68% |
Equity Income Trust Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| JAEEX | Class NAV | 0.71% | — |
| JAEGX | Series I | 0.76% | — |
| JAEFX | Series II | 0.96% | — |
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.