VVSGX Fees and Costs — Small Cap Growth Fund
Data updated: 2026-09-28
The net expense ratio is 0.88%: a 0.81% management fee plus 0.12% other expenses, less a 0.05% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $248K in broker commissions, 0.0486% of average net assets, and portfolio turnover was 99%.
VVSGX Fees and Expenses
Annual operating expenses and sales charges of VVSGX. Prospectus, as of May 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.81% |
| 12b-1 fee | — |
| Other expenses | 0.12% |
| Gross expense ratio | 0.93% |
| Fee waiver | −0.05% |
| Net expense ratio | 0.88% |
| 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 |
VVSGX Costs Over Time
On $10,000 invested in VVSGX, assuming 5% a year before costs, total costs come to $582 over 5 years, cutting the return by 0.98% 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 0.88%) | $92 | $289 | $501 |
| Trading costs (broker commissions) | $5 | $16 | $28 |
| Lost growth on money paid in costs | $0 | $15 | $53 |
| Total costs | $98 | $320 | $582 |
| Value after costs | $10,402 | $11,257 | $12,181 |
| Impact on return, per year | 0.98% | 0.98% | 0.98% |
VVSGX 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): 0.0486%
- Total broker commissions: $248K
- Bought from dealers (principal trades, not a cost): $442.3M
- Portfolio turnover (prospectus): 99%
- Securities on loan, average value: $23.6M
- Net income from securities lending: $40K (0.008% of average net assets)
VVSGX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $44K | 20.54% |
| BofA Securities, Inc. | $39K | 18.52% |
| UBS Securities LLC | $33K | 15.56% |
| Sanford C. Bernstein & Co., LLC | $26K | 12.19% |
| Jefferies LLC | $18K | 8.31% |
| Citigroup Global Markets Inc. | $16K | 7.45% |
| Barclays Capital Inc. | $12K | 5.73% |
| Evercore Group L.L.C. | $11K | 5.01% |
| Robert W. Baird & Co. Incorporated | $8K | 3.83% |
| Raymond James & Associates, Inc. | $6K | 2.86% |
VVSGX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $425.6M | 96.22% |
| Morgan Stanley & Co. LLC | $5.7M | 1.29% |
| J.P. Morgan Securities LLC | $3.5M | 0.79% |
| BofA Securities, Inc. | $2.2M | 0.50% |
| UBS Securities LLC | $1.4M | 0.31% |
| Goldman Sachs & Co. LLC | $1.3M | 0.30% |
| Citigroup Global Markets Inc. | $1.2M | 0.28% |
| Piper Sandler & Co. | $769K | 0.17% |
| Barclays Capital Inc. | $330K | 0.07% |
| Jefferies LLC | $263K | 0.06% |
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.