RFAAX Fees and Costs — Investment Grade Bond Fund, Class A
Data updated: 2026-09-25
The net expense ratio is 0.80%: a 0.25% management fee, a 0.25% 12b-1 fee plus 0.31% other expenses, less a 0.01% fee waiver. This share class carries a maximum front-end sales load of 3.75% and a deferred sales charge of up to 1.00%. In fiscal 2025 the fund paid $76K in broker commissions, 0.0076% of average net assets, and portfolio turnover was 82%.
RFAAX Fees and Expenses
Annual operating expenses and sales charges of RFAAX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.31% |
| Gross expense ratio | 0.81% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.80% |
| Sales charges | |
|---|---|
| Max front load | 3.75% |
| 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 |
RFAAX Costs Over Time
On $10,000 invested in RFAAX, assuming 5% a year before costs, total costs come to $967 over 5 years, cutting the return by 1.64% 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 | $475 | $375 | $375 |
| Fund expenses (net expense ratio 0.80%) | $81 | $253 | $439 |
| Trading costs (broker commissions) | $1 | $2 | $4 |
| Lost growth on money paid in costs | $19 | $72 | $148 |
| Total costs | $576 | $702 | $967 |
| Value after costs | $9,924 | $10,874 | $11,796 |
| Impact on return, per year | 5.76% | 2.17% | 1.64% |
RFAAX 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): 0.0076%
- Total broker commissions: $76K
- Bought from dealers (principal trades, not a cost): $4.7B
- Portfolio turnover (prospectus): 82%
- Securities lending: none during the year
RFAAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $38K | 49.56% |
| Goldman Sachs & Co. LLC | $31K | 40.86% |
| HSBC Securities (USA) Inc. | $7K | 9.58% |
RFAAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $1.1B | 24.89% |
| State Street Bank and Trust Company | $1.1B | 24.74% |
| J.P. Morgan Securities LLC | $901.4M | 21.05% |
| Barclays Capital Inc. | $449.9M | 10.51% |
| BofA Securities, Inc. | $244.3M | 5.71% |
| Citigroup Global Markets Inc. | $161.6M | 3.77% |
| Goldman Sachs & Co. LLC | $149.0M | 3.48% |
| BMO Capital Markets Corp. | $103.1M | 2.41% |
| HSBC Securities (USA) Inc. | $91.3M | 2.13% |
| Citadel Securities LLC | $56.0M | 1.31% |
Investment Grade Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| RFAYX | Class Y | 0.35% | none |
| RIGRX | Class R6 | 0.38% | none |
| RIWTX | Class M | 0.41% | none |
| RFATX | Class S | 0.51% | none |
| RFAAX | Class A | 0.80% | 3.75% |
| RFACX | Class C | 1.55% | 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.