VCAAX Fees and Costs — Asset Allocation Fund
Data updated: 2026-09-28
The net expense ratio is 0.66%: a 0.50% management fee plus 0.21% other expenses, less a 0.05% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $9K in broker commissions, 0.0062% of average net assets, and portfolio turnover was 38%.
VCAAX Fees and Expenses
Annual operating expenses and sales charges of VCAAX. Prospectus, as of May 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | — |
| Other expenses | 0.21% |
| Gross expense ratio | 0.71% |
| Fee waiver | −0.05% |
| Net expense ratio | 0.66% |
| 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 |
VCAAX Costs Over Time
On $10,000 invested in VCAAX, assuming 5% a year before costs, total costs come to $420 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 0.66%) | $69 | $217 | $378 |
| Trading costs (broker commissions) | $1 | $2 | $4 |
| Lost growth on money paid in costs | $0 | $11 | $38 |
| Total costs | $70 | $230 | $420 |
| Value after costs | $10,430 | $11,346 | $12,343 |
| Impact on return, per year | 0.70% | 0.70% | 0.70% |
VCAAX 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): 0.0062%
- Total broker commissions: $9K
- Bought from dealers (principal trades, not a cost): $729.6M
- Portfolio turnover (prospectus): 38%
- Securities on loan, average value: $5.3M
- Net income from securities lending: $7K (0.004% of average net assets)
VCAAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $2K | 24.00% |
| Barclays Capital Inc. | $2K | 22.78% |
| Citigroup Global Markets Inc. | $954 | 11.98% |
| UBS Securities LLC | $729 | 9.16% |
| Morgan Stanley & Co. LLC | $594 | 7.46% |
| Jefferies LLC | $521 | 6.54% |
| Virtu Americas LLC | $383 | 4.82% |
| Liquidnet, Inc. | $379 | 4.75% |
| BNP Paribas Securities Corp. | $353 | 4.43% |
| RBC Capital Markets, LLC | $324 | 4.07% |
VCAAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $702.4M | 97.33% |
| BofA Securities, Inc. | $3.3M | 0.46% |
| Goldman Sachs & Co. LLC | $2.9M | 0.40% |
| Morgan Stanley & Co. LLC | $2.8M | 0.39% |
| Citadel Securities LLC | $2.4M | 0.34% |
| BNP Paribas Securities Corp. | $2.1M | 0.30% |
| Wells Fargo Securities, LLC | $2.0M | 0.28% |
| BMO Capital Markets Corp. | $1.5M | 0.21% |
| Citigroup Global Markets Inc. | $1.2M | 0.16% |
| Deutsche Bank Securities Inc. | $1.1M | 0.15% |
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.