VCGAX Fees and Costs — Systematic Core Fund
Data updated: 2026-09-28
The net expense ratio is 0.63%: a 0.74% management fee plus 0.11% other expenses, less a 0.22% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $30K in broker commissions, 0.0042% of average net assets, and portfolio turnover was 58%.
VCGAX Fees and Expenses
Annual operating expenses and sales charges of VCGAX. Prospectus, as of May 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.74% |
| 12b-1 fee | — |
| Other expenses | 0.11% |
| Gross expense ratio | 0.85% |
| Fee waiver | −0.22% |
| Net expense ratio | 0.63% |
| 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 |
VCGAX Costs Over Time
On $10,000 invested in VCGAX, assuming 5% a year before costs, total costs come to $400 over 5 years, cutting the return by 0.67% 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 0.63%) | $66 | $207 | $361 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $10 | $37 |
| Total costs | $67 | $219 | $400 |
| Value after costs | $10,433 | $11,357 | $12,363 |
| Impact on return, per year | 0.67% | 0.67% | 0.67% |
VCGAX 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): 0.0042%
- Total broker commissions: $30K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 58%
- Securities on loan, average value: $13.0M
- Net income from securities lending: $89K (0.013% of average net assets)
VCGAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $14K | 45.33% |
| Nomura Securities International, Inc. | $5K | 15.38% |
| Barclays Capital Inc. | $3K | 10.88% |
| J.P. Morgan Securities LLC | $3K | 10.78% |
| TD Securities (USA) LLC | $2K | 8.14% |
| UBS Securities LLC | $746 | 2.48% |
| Citadel Securities LLC | $743 | 2.47% |
| BofA Securities, Inc. | $626 | 2.08% |
| Citigroup Global Markets Inc. | $580 | 1.93% |
| Jefferies LLC | $158 | 0.52% |
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.