FSMCX Fees and Costs — Tributary Small/mid Cap Fund, Institutional Class
Data updated: 2026-08-14
The net expense ratio is 0.91%: a 0.85% management fee plus 4.76% other expenses, less a 4.70% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $17K in broker commissions, 0.0527% of average net assets, and portfolio turnover was 35%.
FSMCX Fees and Expenses
Annual operating expenses and sales charges of FSMCX. Prospectus, as of August 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 4.76% |
| Gross expense ratio | 5.61% |
| Fee waiver | −4.70% |
| Net expense ratio | 0.91% |
| 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 | Yes |
FSMCX Costs Over Time
On $10,000 invested in FSMCX, 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 0.91%) | $96 | $298 | $517 |
| Trading costs (broker commissions) | $6 | $17 | $30 |
| 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% |
FSMCX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0527%
- Total broker commissions: $17K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 35%
- Securities lending: none during the year
FSMCX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO | $15K | 84.67% |
| KEEFE, BRUYETTE & WOODS, INC. | $1K | 6.34% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $693 | 4.02% |
| RAYMOND JAMES & ASSOCIATES, INC. | $293 | 1.70% |
| ROBERT W. BAIRD & CO. INCORPORATED | $280 | 1.62% |
| RBC CAPITAL MARKETS, LLC | $204 | 1.19% |
| MORGAN STANLEY & CO. LLC | $78 | 0.45% |
Tributary Small/mid Cap Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FSMBX | Institutional Plus | 0.90% | — |
| FSMCX | Institutional Class | 0.91% | — |
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.