SCJAX Fees and Costs — Steward Covered Call Income Fund, Class A
Data updated: 2026-09-28
The net expense ratio is 1.25%: a 0.63% management fee, a 0.25% 12b-1 fee plus 0.45% other expenses, less a 0.08% fee waiver. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2026 the fund paid $229K in broker commissions, 0.2148% of average net assets, and portfolio turnover was 86%.
SCJAX Fees and Expenses
Annual operating expenses and sales charges of SCJAX. Prospectus, as of August 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.63% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.45% |
| Gross expense ratio | 1.33% |
| Fee waiver | −0.08% |
| Net expense ratio | 1.25% |
| 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 |
SCJAX Costs Over Time
On $10,000 invested in SCJAX, assuming 5% a year before costs, total costs come to $1,589 over 5 years, cutting the return by 2.76% 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 1.25%) | $124 | $384 | $663 |
| Trading costs (broker commissions) | $21 | $66 | $114 |
| Lost growth on money paid in costs | $29 | $113 | $238 |
| Total costs | $749 | $1,138 | $1,589 |
| Value after costs | $9,751 | $10,438 | $11,173 |
| Impact on return, per year | 7.49% | 3.56% | 2.76% |
SCJAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.2148%
- Total broker commissions: $229K
- Bought from dealers (principal trades, not a cost): $236.5M
- Portfolio turnover (prospectus): 86%
- Securities lending: none during the year
SCJAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| COWEN INC. | $207K | 90.57% |
| VIRTU ITG LLC | $22K | 9.43% |
SCJAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $236.5M | 100.00% |
Steward Covered Call Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| SCJIX | Institutional Class | 1.00% | none |
| SCJKX | Class R6 | 1.00% | none |
| SCJAX | Class A | 1.25% | 5.75% |
| SCJCX | Class C | 2.00% | 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.