VVSCX Fees and Costs — Small Cap Value Fund
Data updated: 2026-09-28
The net expense ratio is 0.85%: a 0.67% management fee plus 0.18% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $272K in broker commissions, 0.1130% of average net assets, and portfolio turnover was 80%.
VVSCX Fees and Expenses
Annual operating expenses and sales charges of VVSCX. Prospectus, as of May 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.67% |
| 12b-1 fee | — |
| Other expenses | 0.18% |
| Gross expense ratio | 0.85% |
| Fee waiver | — |
| Net expense ratio | 0.85% |
| 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 |
VVSCX Costs Over Time
On $10,000 invested in VVSCX, assuming 5% a year before costs, total costs come to $603 over 5 years, cutting the return by 1.01% 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 0.85%) | $89 | $279 | $483 |
| Trading costs (broker commissions) | $12 | $37 | $64 |
| Lost growth on money paid in costs | $0 | $16 | $55 |
| Total costs | $101 | $331 | $603 |
| Value after costs | $10,399 | $11,245 | $12,160 |
| Impact on return, per year | 1.01% | 1.01% | 1.01% |
VVSCX 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): 0.1130%
- Total broker commissions: $272K
- Bought from dealers (principal trades, not a cost): $1.1B
- Portfolio turnover (prospectus): 80%
- Securities on loan, average value: $12.2M
- Net income from securities lending: $49K (0.020% of average net assets)
VVSCX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $48K | 23.54% |
| RBC Capital Markets, LLC | $39K | 19.06% |
| Piper Sandler & Co. | $25K | 12.29% |
| Goldman Sachs & Co. LLC | $22K | 10.95% |
| Citigroup Global Markets Inc. | $14K | 6.91% |
| BofA Securities, Inc. | $12K | 5.62% |
| BMO Capital Markets Corp. | $11K | 5.60% |
| Virtu Americas LLC | $11K | 5.51% |
| UBS Securities LLC | $11K | 5.36% |
| TD Securities (USA) LLC | $11K | 5.15% |
VVSCX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $1.1B | 99.75% |
| Goldman Sachs & Co. LLC | $2.5M | 0.22% |
| BofA Securities, Inc. | $85K | 0.01% |
| Citigroup Global Markets Inc. | $75K | 0.01% |
| Fidelity Brokerage Services LLC | $34K | 0.00% |
| Morgan Stanley & Co. LLC | $34K | 0.00% |
| RBC Capital Markets, LLC | $9K | 0.00% |
| Raymond James & Associates, Inc. | $7K | 0.00% |
| Wells Fargo Securities, LLC | $283 | 0.00% |
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.