MILAX Fees and Costs — Asia Fund, Class I
Data updated: 2020-07-09
The net expense ratio is 1.15%: a 0.95% management fee plus 0.80% other expenses, less a 0.60% fee waiver. There are no sales loads or redemption fees. In fiscal 2020 the fund paid $78K in broker commissions, 0.2990% of average net assets, and portfolio turnover was 129%.
MILAX Fees and Expenses
Annual operating expenses and sales charges of MILAX. Prospectus, as of August 31, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.80% |
| Gross expense ratio | 1.75% |
| Fee waiver | −0.60% |
| Net expense ratio | 1.15% |
| 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 |
MILAX Costs Over Time
On $10,000 invested in MILAX, assuming 5% a year before costs, total costs come to $898 over 5 years, cutting the return by 1.52% 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 1.15%) | $121 | $375 | $647 |
| Trading costs (broker commissions) | $31 | $97 | $168 |
| Lost growth on money paid in costs | $0 | $23 | $83 |
| Total costs | $152 | $496 | $898 |
| Value after costs | $10,348 | $11,080 | $11,865 |
| Impact on return, per year | 1.52% | 1.52% | 1.52% |
MILAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.2990%
- Total broker commissions: $78K
- Bought from dealers (principal trades, not a cost): $43.9M
- Portfolio turnover (prospectus): 129%
- Securities lending: none during the year
MILAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $9K | 14.18% |
| HSBC SECURITIES (USA) INC | $8K | 13.52% |
| UBS SECURITIES LLC | $7K | 11.20% |
| J.P. MORGAN SECURITIES LLC | $6K | 10.59% |
| CREDIT SUISSE SECURITIES (USA) LLC | $6K | 9.99% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $6K | 9.46% |
| CITIGROUP GLOBAL MARKETS INC. | $5K | 8.63% |
| CLSA AMERICAS, LLC | $5K | 8.33% |
| MORGAN STANLEY & CO. LLC | $4K | 7.08% |
| MACQUARIE CAPITAL (USA) INC. | $4K | 7.03% |
MILAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CITIGROUP GLOBAL MARKETS INC. | $43.9M | 99.90% |
| GOLDMAN SACHS & CO. LLC | $43K | 0.10% |
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.