VSEIX Fees and Costs — JPMorgan Small Cap Equity Fund, Class I
Data updated: 2026-09-11
The net expense ratio is 0.99%: a 0.65% management fee plus 0.35% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $1.5M in broker commissions, 0.0456% of average net assets, and portfolio turnover was 26%.
VSEIX Fees and Expenses
Annual operating expenses and sales charges of VSEIX. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.35% |
| Gross expense ratio | 1.00% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.99% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 | No |
VSEIX Costs Over Time
On $10,000 invested in VSEIX, assuming 5% a year before costs, total costs come to $647 over 5 years, cutting the return by 1.09% 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 0.99%) | $104 | $324 | $562 |
| Trading costs (broker commissions) | $5 | $15 | $26 |
| Lost growth on money paid in costs | $0 | $17 | $59 |
| Total costs | $109 | $356 | $647 |
| Value after costs | $10,391 | $11,220 | $12,116 |
| Impact on return, per year | 1.09% | 1.09% | 1.09% |
VSEIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0456%
- Total broker commissions: $1.5M
- Bought from dealers (principal trades, not a cost): $91.2M
- Portfolio turnover (prospectus): 26%
- Securities on loan, average value: $67.5M
- Net income from securities lending: $303K (0.009% of average net assets)
VSEIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $183K | 18.34% |
| Virtu Americas LLC | $165K | 16.52% |
| RBC Capital Markets, LLC | $147K | 14.74% |
| Barclays Capital, Inc. | $79K | 7.93% |
| Jefferies LLC | $78K | 7.86% |
| TD SECURITIES (USA) LLC | $77K | 7.73% |
| Morgan Stanley & Co. LLC | $75K | 7.55% |
| Goldman Sachs & Co. LLC | $73K | 7.36% |
| UBS Securities LLC | $65K | 6.48% |
| BNP Paribas Securities Corp. | $55K | 5.49% |
VSEIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $29.8M | 32.66% |
| Goldman Sachs & Co. LLC | $29.5M | 32.40% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $18.7M | 20.50% |
| Jefferies LLC | $7.1M | 7.84% |
| Piper Sandler & Co. | $3.9M | 4.30% |
| Citigroup Global Markets Inc. | $2.1M | 2.30% |
JPMorgan Small Cap Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VSENX | Class R6 | 0.74% | — |
| JSERX | Class R5 | 0.80% | — |
| JSEQX | Class R4 | 0.99% | — |
| VSEIX | Class I | 0.99% | none |
| JSEPX | Class R3 | 1.24% | — |
| VSEAX | Class A | 1.24% | 5.25% |
| JSEZX | Class R2 | 1.49% | — |
| JSECX | Class C | 1.76% | 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.