NFAAX Fees and Costs — Neuberger Berman Focus Fund, Class A
Data updated: 2026-07-27
The net expense ratio is 1.12%: a 0.79% management fee, a 0.25% 12b-1 fee plus 0.09% other expenses, less a 0.01% fee waiver. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2025 the fund paid $449K in broker commissions, 0.0606% of average net assets, and portfolio turnover was 79%.
NFAAX Fees and Expenses
Annual operating expenses and sales charges of NFAAX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.79% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.09% |
| Gross expense ratio | 1.13% |
| Fee waiver | −0.01% |
| Net expense ratio | 1.12% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
NFAAX Costs Over Time
On $10,000 invested in NFAAX, assuming 5% a year before costs, total costs come to $1,427 over 5 years, cutting the return by 2.46% 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 | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.12%) | $111 | $345 | $597 |
| Trading costs (broker commissions) | $6 | $19 | $32 |
| Lost growth on money paid in costs | $29 | $109 | $223 |
| Total costs | $721 | $1,048 | $1,427 |
| Value after costs | $9,779 | $10,529 | $11,335 |
| Impact on return, per year | 7.21% | 3.27% | 2.46% |
NFAAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0606%
- Total broker commissions: $449K
- Bought from dealers (principal trades, not a cost): $501.7M
- Portfolio turnover (prospectus): 79%
- Securities on loan, average value: $2.1M
- Net income from securities lending: $15K (0.002% of average net assets)
NFAAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC Capital Markets, LLC | $47K | 15.88% |
| Raymond James & Associates, Inc. | $40K | 13.40% |
| Deutsche Bank Securities Inc. | $33K | 11.00% |
| BNY Capital Markets, LLC | $33K | 10.99% |
| Stifel, Nicolaus & Company, Incorporated | $31K | 10.31% |
| National Financial Services LLC | $27K | 9.17% |
| Morgan Stanley & Co. LLC | $24K | 8.15% |
| J.P. Morgan Securities LLC | $22K | 7.51% |
| BNP Paribas Securities Corp. | $21K | 6.94% |
| Nomura Securities International, Inc. | $20K | 6.65% |
NFAAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $490.4M | 97.75% |
| Mizuho Securities USA LLC | $4.2M | 0.84% |
| J.P. Morgan Securities LLC | $3.4M | 0.67% |
| BofA Securities, Inc. | $2.3M | 0.45% |
| Citigroup Global Markets Inc. | $738K | 0.15% |
| Goldman Sachs & Co. LLC | $518K | 0.10% |
| Morgan Stanley & Co. LLC | $207K | 0.04% |
Neuberger Berman Focus Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| NFALX | Institutional Class | 0.76% | none |
| NBSSX | Investor Class | 0.90% | — |
| NBFCX | Trust Class | 1.10% | — |
| NFAAX | Class A | 1.12% | 5.75% |
| NBFAX | Advisor Class | 1.33% | — |
| NFACX | Class C | 1.87% | 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.