VAPPX Fees and Costs — Capital Appreciation Fund
Data updated: 2026-09-28
The net expense ratio is 0.68%: a 0.55% management fee plus 0.13% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $53K in broker commissions, 0.0143% of average net assets, and portfolio turnover was 62%.
VAPPX Fees and Expenses
Annual operating expenses and sales charges of VAPPX. Prospectus, as of May 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | — |
| Other expenses | 0.13% |
| Gross expense ratio | 0.68% |
| Fee waiver | — |
| Net expense ratio | 0.68% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
VAPPX Costs Over Time
On $10,000 invested in VAPPX, assuming 5% a year before costs, total costs come to $437 over 5 years, cutting the return by 0.73% 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 0.68%) | $71 | $223 | $389 |
| Trading costs (broker commissions) | $2 | $5 | $8 |
| Lost growth on money paid in costs | $0 | $11 | $40 |
| Total costs | $73 | $239 | $437 |
| Value after costs | $10,427 | $11,337 | $12,326 |
| Impact on return, per year | 0.73% | 0.73% | 0.73% |
VAPPX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0143%
- Total broker commissions: $53K
- Bought from dealers (principal trades, not a cost): $206.8M
- Portfolio turnover (prospectus): 62%
- Securities on loan, average value: $297K
- Net income from securities lending: $64 (0.000% of average net assets)
VAPPX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $10K | 19.51% |
| J.P. Morgan Securities LLC | $10K | 19.22% |
| Jefferies LLC | $8K | 15.28% |
| Morgan Stanley & Co. LLC | $6K | 11.25% |
| Virtu Americas LLC | $4K | 7.81% |
| TD Securities (USA) LLC | $4K | 7.37% |
| Proof Services LLC | $3K | 6.17% |
| Barclays Capital Inc. | $3K | 6.07% |
| Capital Institutional Services, Inc. | $3K | 5.57% |
| BMO Capital Markets Corp. | $888 | 1.75% |
VAPPX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $206.8M | 100.00% |
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.