JAERX Fees and Costs — Small Company Value Trust, Series II
Data updated: 2026-08-27
The net expense ratio is 1.41%: a 1.05% management fee, a 0.25% 12b-1 fee plus 0.12% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $74K in broker commissions, 0.0599% of average net assets, and portfolio turnover was 40%.
JAERX Fees and Expenses
Annual operating expenses and sales charges of JAERX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.05% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.12% |
| Gross expense ratio | 1.42% |
| Fee waiver | −0.01% |
| Net expense ratio | 1.41% |
| 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 |
JAERX Costs Over Time
On $10,000 invested in JAERX, assuming 5% a year before costs, total costs come to $911 over 5 years, cutting the return by 1.54% 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 1.41%) | $148 | $460 | $793 |
| Trading costs (broker commissions) | $6 | $20 | $34 |
| Lost growth on money paid in costs | $0 | $24 | $84 |
| Total costs | $154 | $503 | $911 |
| Value after costs | $10,346 | $11,073 | $11,852 |
| Impact on return, per year | 1.54% | 1.54% | 1.54% |
JAERX 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): 0.0599%
- Total broker commissions: $74K
- Bought from dealers (principal trades, not a cost): $63.8M
- Portfolio turnover (prospectus): 40%
- Securities on loan, average value: $1.3M
- Net income from securities lending: $14K (0.011% of average net assets)
JAERX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Bank of Montreal | $7K | 16.46% |
| J.P. Morgan Securities LLC | $5K | 11.15% |
| Jefferies LLC | $4K | 11.00% |
| Evercore Group L.L.C. | $4K | 10.75% |
| Royal Bank of Canada | $4K | 10.54% |
| Morgan Stanley & Co. LLC | $4K | 9.16% |
| Goldman Sachs & Co. LLC | $4K | 8.70% |
| TD Securities (USA) LLC | $3K | 8.08% |
| UBS AG | $3K | 8.06% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $2K | 6.09% |
JAERX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| T. Rowe Price Investment Services, Inc. | $31.3M | 49.16% |
| State Street Global Markets, LLC | $29.8M | 46.82% |
| Morgan Stanley & Co. LLC | $627K | 0.98% |
| Goldman Sachs & Co. LLC | $618K | 0.97% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $408K | 0.64% |
| TD Securities (USA) LLC | $302K | 0.47% |
| J.P. Morgan Securities LLC | $259K | 0.41% |
| Citigroup Global Markets Holdings Inc. | $164K | 0.26% |
| Wedbush Securities Inc. | $128K | 0.20% |
| Pershing LLC | $59K | 0.09% |
Small Company 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 |
|---|---|---|---|
| JAEQX | Class NAV | 1.16% | — |
| JAEPX | Series I | 1.21% | — |
| JAERX | Series II | 1.41% | — |
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.