MDFSX Fees and Costs — Disciplined Value Series, Class S
Data updated: 2026-09-22
The net expense ratio is 0.78%: a 0.30% management fee, a 0.25% 12b-1 fee plus 0.22% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $55K in broker commissions, 0.0337% of average net assets, and portfolio turnover was 49%.
MDFSX Fees and Expenses
Annual operating expenses and sales charges of MDFSX. Prospectus, as of March 2, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.22% |
| Gross expense ratio | 0.78% |
| Fee waiver | — |
| Net expense ratio | 0.78% |
| 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 |
MDFSX Costs Over Time
On $10,000 invested in MDFSX, assuming 5% a year before costs, total costs come to $511 over 5 years, cutting the return by 0.85% 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 0.78%) | $82 | $256 | $445 |
| Trading costs (broker commissions) | $4 | $11 | $19 |
| Lost growth on money paid in costs | $0 | $13 | $47 |
| Total costs | $85 | $280 | $511 |
| Value after costs | $10,415 | $11,296 | $12,252 |
| Impact on return, per year | 0.85% | 0.85% | 0.85% |
MDFSX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0337%
- Total broker commissions: $55K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 49%
- Securities lending: none during the year
MDFSX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CITIGROUP GLOBAL MARKETS INC. | $15K | 27.45% |
| RAYMOND JAMES & ASSOCIATES, INC. | $12K | 22.03% |
| BMO CAPITAL MARKETS CORP. | $7K | 12.08% |
| SANFORD C. BERNSTEIN & CO., LLC | $7K | 12.03% |
| GOLDMAN SACHS & CO. LLC | $6K | 10.34% |
| Stifel, Nicolaus & Company, Incorporated | $4K | 7.65% |
| J.P. MORGAN SECURITIES LLC | $2K | 3.18% |
| BOFA SECURITIES, INC. | $2K | 3.08% |
| MORGAN STANLEY & CO. LLC | $1K | 1.93% |
| LIQUIDNET, INC. | $118 | 0.22% |
Disciplined Value Series Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MDVWX | Class W | 0.16% | — |
| MDVZX | Class Z | 0.40% | — |
| MNDFX | Class I | 0.57% | — |
| MDFSX | Class S | 0.78% | — |
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.