VVMCX Fees and Costs — Mid Cap Value Fund
Data updated: 2026-09-28
The net expense ratio is 0.81%: a 0.71% management fee plus 0.12% other expenses, less a 0.02% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $350K in broker commissions, 0.0567% of average net assets, and portfolio turnover was 112%.
VVMCX Fees and Expenses
Annual operating expenses and sales charges of VVMCX. Prospectus, as of May 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.71% |
| 12b-1 fee | — |
| Other expenses | 0.12% |
| Gross expense ratio | 0.83% |
| Fee waiver | −0.02% |
| Net expense ratio | 0.81% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
VVMCX Costs Over Time
On $10,000 invested in VVMCX, assuming 5% a year before costs, total costs come to $544 over 5 years, cutting the return by 0.91% 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 0.81%) | $85 | $266 | $461 |
| Trading costs (broker commissions) | $6 | $19 | $32 |
| Lost growth on money paid in costs | $0 | $14 | $50 |
| Total costs | $91 | $298 | $544 |
| Value after costs | $10,409 | $11,278 | $12,219 |
| Impact on return, per year | 0.91% | 0.91% | 0.91% |
VVMCX 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): 0.0567%
- Total broker commissions: $350K
- Bought from dealers (principal trades, not a cost): $676.5M
- Portfolio turnover (prospectus): 112%
- Securities on loan, average value: $16.7M
- Net income from securities lending: $85K (0.014% of average net assets)
VVMCX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $41K | 16.72% |
| Jefferies LLC | $31K | 12.35% |
| Goldman Sachs & Co. LLC | $30K | 12.15% |
| J.P. Morgan Securities LLC | $30K | 11.94% |
| BofA Securities, Inc. | $28K | 11.42% |
| RBC Capital Markets, LLC | $27K | 10.93% |
| UBS Securities LLC | $22K | 8.92% |
| National Financial Services LLC | $16K | 6.51% |
| Robert W. Baird & Co. Incorporated | $12K | 4.84% |
| Stifel, Nicolaus & Company, Incorporated | $10K | 4.22% |
VVMCX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $673.4M | 99.53% |
| Goldman Sachs & Co. LLC | $1.5M | 0.22% |
| Morgan Stanley & Co. LLC | $954K | 0.14% |
| BofA Securities, Inc. | $350K | 0.05% |
| J.P. Morgan Securities LLC | $239K | 0.04% |
| Jefferies LLC | $82K | 0.01% |
| Citigroup Global Markets Inc. | $43K | 0.01% |
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.