MEMEX Fees and Costs — Emerging Markets Equity Portfolio, Class I
Data updated: 2026-08-21
The net expense ratio is 1.25%: a 0.75% management fee plus 0.53% other expenses, less a 0.03% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $97K in broker commissions, 0.0594% of average net assets, and portfolio turnover was 23%.
MEMEX Fees and Expenses
Annual operating expenses and sales charges of MEMEX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.53% |
| Gross expense ratio | 1.28% |
| Fee waiver | −0.03% |
| Net expense ratio | 1.25% |
| 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 |
MEMEX Costs Over Time
On $10,000 invested in MEMEX, assuming 5% a year before costs, total costs come to $814 over 5 years, cutting the return by 1.37% 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 1.25%) | $131 | $408 | $706 |
| Trading costs (broker commissions) | $6 | $19 | $34 |
| Lost growth on money paid in costs | $0 | $21 | $75 |
| Total costs | $137 | $449 | $814 |
| Value after costs | $10,363 | $11,127 | $11,949 |
| Impact on return, per year | 1.37% | 1.37% | 1.37% |
MEMEX 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): 0.0594%
- Total broker commissions: $97K
- Bought from dealers (principal trades, not a cost): $76.0M
- Portfolio turnover (prospectus): 23%
- Securities on loan, average value: $1.8M
- Net income from securities lending: $55K (0.034% of average net assets)
MEMEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $13K | 15.85% |
| J.P. Morgan Securities LLC | $12K | 15.31% |
| Citigroup Global Markets Inc. | $10K | 12.48% |
| HSBC Securities (USA) Inc. | $10K | 12.31% |
| UBS Securities LLC | $10K | 12.09% |
| Macquarie Capital (USA) Inc. | $8K | 10.40% |
| BofA Securities, Inc. | $6K | 7.14% |
| Nomura Securities International, Inc. | $4K | 5.10% |
| Goldman Sachs & Co. LLC | $4K | 4.72% |
| BTG Pactual US Capital, LLC | $4K | 4.60% |
MEMEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $76.0M | 100.00% |
Emerging Markets Equity Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MEMEX | Class I | 1.25% | — |
| MSMBX | Class II | 1.30% | — |
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.