SEMMX Fees and Costs — Medalist Partners MBS Total Return Fund, Institutional Class
Data updated: 2026-07-28
The net expense ratio is 0.89%: a 0.60% management fee plus 0.29% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 74%.
SEMMX Fees and Expenses
Annual operating expenses and sales charges of SEMMX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.29% |
| Gross expense ratio | 0.89% |
| Fee waiver | — |
| Net expense ratio | 0.89% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
SEMMX Costs Over Time
On $10,000 invested in SEMMX, assuming 5% a year before costs, total costs come to $558 over 5 years, cutting the return by 0.93% 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 0.89%) | $93 | $292 | $507 |
| Lost growth on money paid in costs | $0 | $14 | $51 |
| Total costs | $93 | $306 | $558 |
| Value after costs | $10,407 | $11,270 | $12,205 |
| Impact on return, per year | 0.93% | 0.93% | 0.93% |
SEMMX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $1.1B
- Portfolio turnover (prospectus): 74%
- Securities lending: none during the year
SEMMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $73.7M | 19.58% |
| Pershing LLC | $64.6M | 17.16% |
| GOLDMAN SACHS & CO. LLC | $54.7M | 14.52% |
| MORGAN STANLEY & CO. LLC | $51.8M | 13.77% |
| WELLS FARGO SECURITIES LLC | $33.2M | 8.83% |
| CANTOR FITZGERALD & CO. | $22.6M | 6.00% |
| NOMURA SECURITIES INTERNATIONAL INC. | $21.0M | 5.57% |
| BARCLAYS CAPITAL INC. | $19.9M | 5.29% |
| BOFA SECURITIES, INC. | $17.6M | 4.69% |
| STONEX FINANCIAL INC | $17.3M | 4.59% |
Medalist Partners MBS Total Return Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| SEMMX | Institutional Class | 0.89% | none |
| SEMOX | Class A | 1.14% | 2.00% |
| SEMPX | Investor Class | 1.14% | 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.