WBVNX Fees and Costs — William Blair Small Cap Value Fund, Class N
Data updated: 2026-08-14
The net expense ratio is 1.15%: a 0.75% management fee, a 0.25% 12b-1 fee plus 0.16% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $813K in broker commissions, 0.0734% of average net assets, and portfolio turnover was 37%.
WBVNX Fees and Expenses
Annual operating expenses and sales charges of WBVNX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.16% |
| Gross expense ratio | 1.16% |
| Fee waiver | −0.01% |
| Net expense ratio | 1.15% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
WBVNX Costs Over Time
On $10,000 invested in WBVNX, assuming 5% a year before costs, total costs come to $762 over 5 years, cutting the return by 1.28% 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 1.15%) | $121 | $376 | $650 |
| Trading costs (broker commissions) | $8 | $24 | $42 |
| Lost growth on money paid in costs | $0 | $20 | $70 |
| Total costs | $128 | $420 | $762 |
| Value after costs | $10,372 | $11,157 | $12,001 |
| Impact on return, per year | 1.28% | 1.28% | 1.28% |
WBVNX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0734%
- Total broker commissions: $813K
- Bought from dealers (principal trades, not a cost): $6.6B
- Portfolio turnover (prospectus): 37%
- Securities lending: none during the year
WBVNX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Robert W. Baird & Co. Incorporated | $220K | 31.06% |
| Raymond James & Associates, Inc. | $110K | 15.53% |
| Jefferies LLC | $69K | 9.77% |
| TD Securities (USA) LLC | $66K | 9.34% |
| BMO Capital Markets Corp. | $49K | 6.85% |
| JonesTrading Institutional Services LLC | $45K | 6.31% |
| Morgan Stanley & Co. LLC | $42K | 5.90% |
| Keefe, Bruyette & Woods, Inc. | $41K | 5.73% |
| Piper Sandler & Co. | $38K | 5.31% |
| Stephens Inc. | $30K | 4.20% |
WBVNX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $6.6B | 99.98% |
| J.P. Morgan Securities LLC | $918K | 0.01% |
| RBC Capital Markets, LLC | $444K | 0.01% |
William Blair Small Cap Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| WBVRX | Class R6 | 0.80% | none |
| ICSCX | Class I | 0.89% | none |
| WBVNX | Class N | 1.15% | none |
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.