SEPAX Fees and Costs — Pennsylvania Municipal Bond Fund, Class F
Data updated: 2026-07-29
The net expense ratio is 0.84%: a 0.35% management fee plus 0.49% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 18%.
SEPAX Fees and Expenses
Annual operating expenses and sales charges of SEPAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.35% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.49% |
| Gross expense ratio | 0.84% |
| Fee waiver | — |
| Net expense ratio | 0.84% |
| 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 | No |
SEPAX Costs Over Time
On $10,000 invested in SEPAX, assuming 5% a year before costs, total costs come to $527 over 5 years, cutting the return by 0.88% 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 0.84%) | $88 | $276 | $479 |
| Lost growth on money paid in costs | $0 | $14 | $48 |
| Total costs | $88 | $289 | $527 |
| Value after costs | $10,412 | $11,287 | $12,236 |
| Impact on return, per year | 0.88% | 0.88% | 0.88% |
SEPAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $52.7M
- Portfolio turnover (prospectus): 18%
- Securities lending: none during the year
SEPAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN, SACHS & CO. | $6.1M | 15.30% |
| RBC CAPITAL | $5.7M | 14.35% |
| BAML | $5.0M | 12.64% |
| SIEBERT BRANDFORD SHANK & CO. | $4.2M | 10.48% |
| SIMS, HERBERT J., & COMPANY, INC. | $4.0M | 9.92% |
| WELLS FARGO | $3.9M | 9.83% |
| MORGAN STANLEY & CO, INC | $2.9M | 7.18% |
| UBS SECURITIES | $2.8M | 7.00% |
| PNC CAPITAL MARKETS | $2.7M | 6.67% |
| BARCLAY BANK PLC | $2.6M | 6.63% |
Pennsylvania Municipal Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| SPAYX | Class Y | 0.59% | — |
| SEPAX | Class F | 0.84% | — |
| SEIPX | C000017625 | 0.88% | — |
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.