MSEFX Fees and Costs — iMGP Global Select Fund, Institutional Class
Data updated: 2026-08-26
The net expense ratio is 0.94%: a 0.80% management fee plus 0.44% other expenses, less a 0.31% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $30K in broker commissions, 0.0325% of average net assets, and portfolio turnover was 81%.
MSEFX Fees and Expenses
Annual operating expenses and sales charges of MSEFX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | — |
| Other expenses | 0.44% |
| Gross expense ratio | 1.25% |
| Fee waiver | −0.31% |
| Net expense ratio | 0.94% |
| 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 |
MSEFX Costs Over Time
On $10,000 invested in MSEFX, assuming 5% a year before costs, total costs come to $609 over 5 years, cutting the return by 1.02% 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 0.94%) | $99 | $308 | $534 |
| Trading costs (broker commissions) | $3 | $11 | $18 |
| Lost growth on money paid in costs | $0 | $16 | $56 |
| Total costs | $102 | $334 | $609 |
| Value after costs | $10,398 | $11,242 | $12,154 |
| Impact on return, per year | 1.02% | 1.02% | 1.02% |
MSEFX 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): 0.0325%
- Total broker commissions: $30K
- Bought from dealers (principal trades, not a cost): $450.6M
- Portfolio turnover (prospectus): 81%
- Securities on loan, average value: $3.6M
- Net income from securities lending: $13K (0.014% of average net assets)
MSEFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Sanford C. Bernstein & Co., LLC | $14K | 46.28% |
| SG Americas Securities, LLC | $9K | 29.27% |
| Jefferies LLC | $2K | 6.59% |
| Loop Capital Markets LLC | $2K | 6.36% |
| Berenberg Capital Markets LLC | $1K | 4.16% |
| William Blair & Company, L.L.C. | $751 | 2.56% |
| Robert W. Baird & Co. Incorporated | $425 | 1.44% |
| J.P. Morgan Securities LLC | $343 | 1.17% |
| Liquidnet, Inc. | $337 | 1.15% |
| CLSA Americas, LLC | $303 | 1.03% |
MSEFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $450.6M | 100.00% |
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.