VIOPX Fees and Costs — International Opportunities Fund
Data updated: 2026-09-28
The net expense ratio is 1.05%: a 0.83% management fee plus 0.25% other expenses, less a 0.03% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $599K in broker commissions, 0.1758% of average net assets, and portfolio turnover was 105%.
VIOPX Fees and Expenses
Annual operating expenses and sales charges of VIOPX. Prospectus, as of May 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.83% |
| 12b-1 fee | — |
| Other expenses | 0.25% |
| Gross expense ratio | 1.08% |
| Fee waiver | −0.03% |
| Net expense ratio | 1.05% |
| 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 |
VIOPX Costs Over Time
On $10,000 invested in VIOPX, assuming 5% a year before costs, total costs come to $763 over 5 years, cutting the return by 1.29% 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 1.05%) | $110 | $343 | $594 |
| Trading costs (broker commissions) | $18 | $57 | $99 |
| Lost growth on money paid in costs | $0 | $20 | $70 |
| Total costs | $129 | $421 | $763 |
| Value after costs | $10,371 | $11,156 | $12,000 |
| Impact on return, per year | 1.29% | 1.29% | 1.29% |
VIOPX 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): 0.1758%
- Total broker commissions: $599K
- Bought from dealers (principal trades, not a cost): $215.4M
- Portfolio turnover (prospectus): 105%
- Securities on loan, average value: $27.7M
- Net income from securities lending: $86K (0.025% of average net assets)
VIOPX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $83K | 18.88% |
| Jefferies LLC | $50K | 11.30% |
| BofA Securities, Inc. | $48K | 10.94% |
| UBS Securities LLC | $46K | 10.30% |
| Citigroup Global Markets Inc. | $45K | 10.15% |
| RBC Capital Markets, LLC | $39K | 8.77% |
| Morgan Stanley & Co. LLC | $38K | 8.60% |
| Daiwa Capital Markets America Inc. | $32K | 7.26% |
| Goldman Sachs & Co. LLC | $31K | 7.04% |
| Nomura Securities International, Inc. | $30K | 6.76% |
VIOPX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $209.0M | 97.18% |
| BMO Capital Markets Corp. | $1.3M | 0.63% |
| Morgan Stanley & Co. LLC | $1.0M | 0.47% |
| Goldman Sachs & Co. LLC | $998K | 0.46% |
| Nomura Securities International, Inc. | $760K | 0.35% |
| Barclays Capital Inc. | $597K | 0.28% |
| BTG Pactual US Capital, LLC | $461K | 0.21% |
| Canaccord Genuity LLC | $416K | 0.19% |
| Stifel, Nicolaus & Company, Incorporated | $252K | 0.12% |
| J.P. Morgan Securities LLC | $224K | 0.10% |
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.