Here are a couple of publications that state V520F is a class III mutation:
http://www.ncbi.nlm.nih.gov/pubmed/11180668
http://www.ncbi.nlm.nih.gov/pubmed/19403164
Seeing as there does not appear to be any definitive research published on V520F, I'm guessing it has been assigned to class III by ruling out the other classes.
It can't be class I as they are all splicing defects with no protein production or stop mutations that end with an X.
Since V520F causes classical CF symptoms when inherited with a known severe mutation, say DF508, this rules it out of class IV and V (which are mild).
So it can only be class II or III.
Its a missense mutation, which means it codes a Valine instead of a phenylalanine at position 520.
This amino acid change may not to be as problematic as say a DF508 amino acid deletion with regards trafficking to the cell membrane so probably rules it out of class II, which results in a best guess of class III.
CFTR2 in vitro data suggests it does not mature normally and has a low chloride conductance, but are awaiting peer review on their research.
EDIT: New information shows kalydeco/ivacaftor monotherapy has no effect on V520F. Which sucks...