MSGRX Fees and Costs — Meridian Small Cap Growth Fund, Institutional Class
Data updated: 2026-09-03
The net expense ratio is 1.11%: a 1.00% management fee plus 0.17% other expenses, less a 0.07% fee waiver. This share class carries a redemption fee of 2.00%. In fiscal 2026 the fund paid $738K in broker commissions, 0.2370% of average net assets, and portfolio turnover was 37%.
MSGRX Fees and Expenses
Annual operating expenses and sales charges of MSGRX. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | — |
| Other expenses | 0.17% |
| Gross expense ratio | 1.18% |
| Fee waiver | −0.07% |
| Net expense ratio | 1.11% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 2.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
MSGRX Costs Over Time
On $10,000 invested in MSGRX, assuming 5% a year before costs, total costs come to $837 over 5 years, cutting the return by 1.41% 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 1.11%) | $117 | $362 | $626 |
| Trading costs (broker commissions) | $25 | $77 | $134 |
| Lost growth on money paid in costs | $0 | $22 | $77 |
| Total costs | $141 | $462 | $837 |
| Value after costs | $10,359 | $11,115 | $11,926 |
| Impact on return, per year | 1.41% | 1.41% | 1.41% |
MSGRX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.2370%
- Total broker commissions: $738K
- Bought from dealers (principal trades, not a cost): $346.1M
- Portfolio turnover (prospectus): 37%
- Securities on loan, average value: $36.6M
- Net income from securities lending: $270K (0.087% of average net assets)
MSGRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $261K | 38.65% |
| Raymond James & Associates, Inc. | $138K | 20.48% |
| TD SECURITIES (USA) LLC | $71K | 10.47% |
| PIPER SANDLER & CO. | $49K | 7.28% |
| WILLIAM BLAIR & COMPANY, L.L.C. | $33K | 4.91% |
| GOLDMAN SACHS & CO. LLC | $30K | 4.43% |
| Kaufman & Company, LLC | $28K | 4.10% |
| OPPENHEIMER & CO. INC. | $24K | 3.62% |
| Craig-Hallum Capital Group LLC | $24K | 3.57% |
| EVERCORE GROUP L.L.C. | $17K | 2.49% |
MSGRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs Financial Square Government Fund | $285.7M | 82.77% |
| MORGAN STANLEY & CO. LLC | $12.6M | 3.66% |
| JEFFERIES LLC | $9.6M | 2.79% |
| GOLDMAN SACHS & CO. LLC | $9.3M | 2.70% |
| J.P. Morgan Securities LLC | $7.8M | 2.25% |
| CANTOR FITZGERALD & CO. | $7.6M | 2.19% |
| OPPENHEIMER & CO. INC. | $6.1M | 1.78% |
| BARCLAYS CAPITAL, INC. | $2.5M | 0.74% |
| TD SECURITIES (USA) LLC | $2.2M | 0.64% |
| NORTHERN TRUST SECURITIES INC | $1.7M | 0.49% |
Meridian Small Cap Growth Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MSGRX | Institutional Class | 1.11% | none |
| MSGGX | Legacy Class | 1.22% | none |
| MISGX | Investor Class | 1.26% | none |
| MSGAX | Class A | 1.51% | 5.75% |
| MSGCX | Class C | 2.26% | none |
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.