MBSAX Fees and Costs — Multisector Bond SMA Completion Portfolio
Data updated: 2026-07-29
The net expense ratio is 0.00% (0.54% before fee waivers). There are no sales loads or redemption fees. Portfolio turnover was 656%.
MBSAX Fees and Expenses
Annual operating expenses and sales charges of MBSAX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.53% |
| Gross expense ratio | 0.54% |
| Fee waiver | −0.54% |
| Net expense ratio | 0.00% |
| 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 | No |
MBSAX Costs Over Time
On $10,000 invested in MBSAX, assuming 5% a year before costs, total costs come to $0 over 5 years, cutting the return by 0.00% 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 0.00%) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $0 | $0 |
| Total costs | $0 | $0 | $0 |
| Value after costs | $10,500 | $11,576 | $12,763 |
| Impact on return, per year | 0.00% | 0.00% | 0.00% |
MBSAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $48.6M
- Portfolio turnover (prospectus): 656%
- Securities lending: none during the year
MBSAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Wells Fargo | $39.4M | 81.06% |
| Morgan Stanley | $8.5M | 17.51% |
| Barclays | $413K | 0.85% |
| Citadel Securities LLC | $147K | 0.30% |
| JPMorgan | $132K | 0.27% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.