BBVSX Fees and Costs — Bridge Builder Small/mid Cap Value Fund
Data updated: 2026-09-11
The net expense ratio is 0.38%: a 0.64% management fee plus 0.02% other expenses, less a 0.29% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $2.9M in broker commissions, 0.0317% of average net assets, and portfolio turnover was 58%.
BBVSX Fees and Expenses
Annual operating expenses and sales charges of BBVSX. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.64% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.02% |
| Gross expense ratio | 0.67% |
| Fee waiver | −0.29% |
| Net expense ratio | 0.38% |
| 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 |
BBVSX Costs Over Time
On $10,000 invested in BBVSX, assuming 5% a year before costs, total costs come to $261 over 5 years, cutting the return by 0.43% 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 0.38%) | $40 | $125 | $219 |
| Trading costs (broker commissions) | $3 | $10 | $18 |
| Lost growth on money paid in costs | $0 | $7 | $24 |
| Total costs | $43 | $142 | $261 |
| Value after costs | $10,457 | $11,434 | $12,502 |
| Impact on return, per year | 0.43% | 0.43% | 0.43% |
BBVSX 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): 0.0317%
- Total broker commissions: $2.9M
- Bought from dealers (principal trades, not a cost): $3.9B
- Portfolio turnover (prospectus): 58%
- Securities lending: none during the year
BBVSX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| LIQUIDNET INC. | $618K | 30.00% |
| TD Securities (USA) LLC. | $238K | 11.56% |
| MORGAN STANLEY & CO. LLC | $205K | 9.94% |
| Jefferies LLC | $191K | 9.25% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $175K | 8.50% |
| UBS Securities LLC | $161K | 7.83% |
| J.P. MORGAN SECURITIES LLC | $134K | 6.50% |
| INSTINET, LLC | $131K | 6.35% |
| Goldman Sachs & Co, LLC | $116K | 5.63% |
| PIPER JAFFRAY & CO. | $91K | 4.44% |
BBVSX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BROWN BROTHERS HARRIMAN INVESTMENTS, LLC | $3.8B | 97.18% |
| MORGAN STANLEY & CO. LLC | $35.5M | 0.91% |
| Goldman Sachs & Co, LLC | $26.9M | 0.69% |
| Jefferies LLC | $13.9M | 0.36% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $11.5M | 0.30% |
| J.P. MORGAN SECURITIES LLC | $6.8M | 0.18% |
| BARCLAYS CAPITAL INC. | $5.2M | 0.13% |
| STEPHENS INC | $4.1M | 0.10% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $3.9M | 0.10% |
| SVB Leerink | $1.9M | 0.05% |
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.