QCVAX Fees and Costs — Clearwater International Fund
Data updated: 2026-08-26
The net expense ratio is 1.01%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $678K in broker commissions, 0.0595% of average net assets, and portfolio turnover was 74%.
QCVAX Fees and Expenses
Annual operating expenses and sales charges of QCVAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 1.01% |
| Fee waiver | — |
| Net expense ratio | 1.01% |
| 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 |
QCVAX Costs Over Time
On $10,000 invested in QCVAX, assuming 5% a year before costs, total costs come to $668 over 5 years, cutting the return by 1.12% 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 1.01%) | $106 | $331 | $573 |
| Trading costs (broker commissions) | $6 | $19 | $34 |
| Lost growth on money paid in costs | $0 | $17 | $61 |
| Total costs | $112 | $367 | $668 |
| Value after costs | $10,388 | $11,209 | $12,095 |
| Impact on return, per year | 1.12% | 1.12% | 1.12% |
QCVAX 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): 0.0595%
- Total broker commissions: $678K
- Bought from dealers (principal trades, not a cost): $713.8M
- Portfolio turnover (prospectus): 74%
- Securities on loan, average value: $11.2M
- Net income from securities lending: $177K (0.016% of average net assets)
QCVAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| LIQUIDNET, INC. | $86K | 20.77% |
| J.P. MORGAN INVESTMENT MANAGEMENT INC. | $51K | 12.33% |
| BERENBERG CAPITAL MARKETS LLC | $45K | 10.93% |
| Carnegie, Inc. | $42K | 10.16% |
| JEFFERIES LLC. | $40K | 9.80% |
| GOLDMAN SACHS & CO. LLC | $37K | 9.03% |
| MORGAN STANLEY INVESTMENT MANAGEMENT INC. | $34K | 8.13% |
| UBS SECURITIES LLC | $29K | 6.92% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $25K | 6.14% |
| CITIGROUP GLOBAL MARKETS INC. | $24K | 5.79% |
QCVAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $713.4M | 99.95% |
| SMBC NIKKO SECURITIES AMERICA, INC. | $212K | 0.03% |
| DEUTSCHE BANK SECURITIES INC. | $178K | 0.02% |
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.