VSSGX Fees and Costs — Small-Mid Growth Fund
Data updated: 2021-04-29
The net expense ratio is 0.96%: a 0.85% management fee plus 0.17% other expenses, less a 0.07% fee waiver. There are no sales loads or redemption fees. In fiscal 2020 the fund paid $71K in broker commissions, 0.0580% of average net assets, and portfolio turnover was 67%.
VSSGX Fees and Expenses
Annual operating expenses and sales charges of VSSGX. Prospectus, as of May 31, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | — |
| Other expenses | 0.17% |
| Gross expense ratio | 1.03% |
| Fee waiver | −0.07% |
| Net expense ratio | 0.96% |
| 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 |
VSSGX Costs Over Time
On $10,000 invested in VSSGX, assuming 5% a year before costs, total costs come to $637 over 5 years, cutting the return by 1.07% 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 0.96%) | $101 | $314 | $545 |
| Trading costs (broker commissions) | $6 | $19 | $33 |
| Lost growth on money paid in costs | $0 | $17 | $58 |
| Total costs | $107 | $350 | $637 |
| Value after costs | $10,393 | $11,226 | $12,126 |
| Impact on return, per year | 1.07% | 1.07% | 1.07% |
VSSGX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.0580%
- Total broker commissions: $71K
- Bought from dealers (principal trades, not a cost): $90.0M
- Portfolio turnover (prospectus): 67%
- Securities on loan, average value: $16.3M
- Net income from securities lending: $150K (0.123% of average net assets)
VSSGX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| National Financial Services LLC | $20K | 35.10% |
| J.P. Morgan Securities LLC | $14K | 23.43% |
| Morgan Stanley & Co. LLC | $4K | 7.45% |
| Liquidnet, Inc. | $4K | 6.73% |
| Cowen and Company, LLC | $3K | 5.83% |
| Bofa Securities, Inc. | $3K | 5.25% |
| Stephens Inc. | $3K | 4.66% |
| Jefferies LLC | $2K | 4.19% |
| Citigroup Global Markets Inc. | $2K | 3.91% |
| UBS Securities LLC | $2K | 3.45% |
VSSGX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $86.4M | 96.02% |
| J.P. Morgan Securities LLC | $1.8M | 2.03% |
| SVB Leerink LLC | $617K | 0.69% |
| Morgan Stanley & Co. LLC | $430K | 0.48% |
| Cowen and Company, LLC | $299K | 0.33% |
| Stephens Inc. | $237K | 0.26% |
| Bofa Securities, Inc. | $90K | 0.10% |
| Citigroup Global Markets Inc. | $86K | 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.