A hydraulically-actuated variable camshaft timing (VCT) system comprises a spool valve including a sleeve and a spool, having a plurality of radially-outwardly extending lands, received within a sleeve; a sleeve fluid pathway, extending axially along the sleeve and formed within the sleeve, configured to receive fluid from a fluid supply; an advancing port in the sleeve in fluid communication with an advancing chamber of a hydraulically-actuated camshaft phaser; a retarding port in the sleeve in fluid communication with a retarding chamber of the hydraulically-actuated camshaft phaser; a first fluid supply port formed in the sleeve; a second fluid supply port formed in the sleeve; and an exhaust port axially positioned in the sleeve in between the first fluid supply port and the second fluid supply port or in between the advancing port and the retarding port, wherein the exhaust port is configured to selectively receive fluid from either the advancing chamber or the retarding chamber depending on an axial position of the spool relative to the sleeve.