JAFRX Fees and Costs — Capital Appreciation Value Trust, Class NAV
Data updated: 2026-08-27
The net expense ratio is 0.88%: a 0.83% management fee plus 0.06% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $87K in broker commissions, 0.0181% of average net assets, and portfolio turnover was 127%.
JAFRX Fees and Expenses
Annual operating expenses and sales charges of JAFRX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.83% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.06% |
| Gross expense ratio | 0.89% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.88% |
| 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 |
JAFRX Costs Over Time
On $10,000 invested in JAFRX, assuming 5% a year before costs, total costs come to $563 over 5 years, cutting the return by 0.94% 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 0.88%) | $92 | $289 | $501 |
| Trading costs (broker commissions) | $2 | $6 | $10 |
| Lost growth on money paid in costs | $0 | $15 | $52 |
| Total costs | $94 | $309 | $563 |
| Value after costs | $10,406 | $11,267 | $12,200 |
| Impact on return, per year | 0.94% | 0.94% | 0.94% |
JAFRX 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): 0.0181%
- Total broker commissions: $87K
- Bought from dealers (principal trades, not a cost): $1.6B
- Portfolio turnover (prospectus): 127%
- Securities on loan, average value: $2.1M
- Net income from securities lending: $7K (0.001% of average net assets)
JAFRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $11K | 17.81% |
| Morgan Stanley & Co. LLC | $11K | 16.74% |
| Jefferies LLC | $8K | 12.19% |
| Bank of Montreal | $7K | 11.51% |
| UBS AG | $6K | 9.83% |
| Goldman Sachs & Co. LLC | $5K | 7.37% |
| Royal Bank of Canada | $4K | 6.86% |
| Pershing LLC | $4K | 6.74% |
| TD Securities (USA) LLC | $4K | 5.98% |
| Barclays Bank PLC | $3K | 4.94% |
JAFRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets, LLC | $633.6M | 39.32% |
| T. Rowe Price Investment Services, Inc. | $484.0M | 30.04% |
| Citigroup Global Markets Holdings Inc. | $118.9M | 7.38% |
| Morgan Stanley & Co. LLC | $96.3M | 5.97% |
| J.P. Morgan Securities LLC | $94.7M | 5.87% |
| Barclays Bank PLC | $78.2M | 4.86% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $65.2M | 4.05% |
| BNP Paribas | $17.7M | 1.10% |
| Goldman Sachs & Co. LLC | $16.5M | 1.03% |
| Wells Fargo Securities, LLC | $6.3M | 0.39% |
Capital Appreciation Value Trust Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| JAFRX | Class NAV | 0.88% | — |
| JAFPX | Series I | 0.93% | — |
| JAFQX | Series II | 1.13% | — |
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.