VBCVX Fees and Costs — Systematic Value Fund
Data updated: 2026-09-28
The net expense ratio is 0.64%: a 0.67% management fee plus 0.11% other expenses, less a 0.14% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $118K in broker commissions, 0.0229% of average net assets, and portfolio turnover was 93%.
VBCVX Fees and Expenses
Annual operating expenses and sales charges of VBCVX. Prospectus, as of May 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.67% |
| 12b-1 fee | — |
| Other expenses | 0.11% |
| Gross expense ratio | 0.78% |
| Fee waiver | −0.14% |
| Net expense ratio | 0.64% |
| 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 |
VBCVX Costs Over Time
On $10,000 invested in VBCVX, assuming 5% a year before costs, total costs come to $417 over 5 years, cutting the return by 0.70% 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 0.64%) | $67 | $210 | $366 |
| Trading costs (broker commissions) | $2 | $8 | $13 |
| Lost growth on money paid in costs | $0 | $11 | $38 |
| Total costs | $70 | $229 | $417 |
| Value after costs | $10,430 | $11,348 | $12,345 |
| Impact on return, per year | 0.70% | 0.70% | 0.70% |
VBCVX 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): 0.0229%
- Total broker commissions: $118K
- Bought from dealers (principal trades, not a cost): $882.7M
- Portfolio turnover (prospectus): 93%
- Securities on loan, average value: $7.0M
- Net income from securities lending: $58K (0.011% of average net assets)
VBCVX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $30K | 25.97% |
| Goldman Sachs & Co. LLC | $20K | 17.41% |
| Morgan Stanley & Co. LLC | $18K | 15.33% |
| Virtu Americas LLC | $17K | 14.43% |
| UBS Securities LLC | $11K | 9.83% |
| Sanford C. Bernstein & Co., LLC | $6K | 4.91% |
| Barclays Capital Inc. | $4K | 3.71% |
| J.P. Morgan Securities LLC | $4K | 3.57% |
| BofA Securities, Inc. | $4K | 3.46% |
| RBC Capital Markets, LLC | $2K | 1.38% |
VBCVX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $882.7M | 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.