MLDAX Fees and Costs — Short Duration Income Portfolio, Class A
Data updated: 2024-05-29
The net expense ratio is 0.55%: a 0.20% management fee, a 0.25% 12b-1 fee plus 0.26% other expenses, less a 0.16% fee waiver. This share class carries a maximum front-end sales load of 2.25%. In fiscal 2023 the fund paid $17K in broker commissions, 0.0042% of average net assets, and portfolio turnover was 26%.
MLDAX Fees and Expenses
Annual operating expenses and sales charges of MLDAX. Prospectus, as of January 31, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.20% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.26% |
| Gross expense ratio | 0.71% |
| Fee waiver | −0.16% |
| Net expense ratio | 0.55% |
| Sales charges | |
|---|---|
| Max front load | 2.25% |
| 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 |
MLDAX Costs Over Time
On $10,000 invested in MLDAX, assuming 5% a year before costs, total costs come to $629 over 5 years, cutting the return by 1.06% 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 |
| Sales charges | $225 | $225 | $225 |
| Fund expenses (net expense ratio 0.55%) | $56 | $177 | $308 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $11 | $44 | $93 |
| Total costs | $293 | $448 | $629 |
| Value after costs | $10,207 | $11,129 | $12,134 |
| Impact on return, per year | 2.93% | 1.37% | 1.06% |
MLDAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.0042%
- Total broker commissions: $17K
- Bought from dealers (principal trades, not a cost): $478.0M
- Portfolio turnover (prospectus): 26%
- Securities lending: none during the year
MLDAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $17K | 100.00% |
MLDAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $263.9M | 61.43% |
| BofA Securities, Inc. | $37.9M | 8.82% |
| Citigroup Global Markets Inc. | $30.0M | 6.97% |
| J.P. Morgan Securities LLC | $27.9M | 6.50% |
| Barclays Capital Inc. | $24.7M | 5.76% |
| Scotia Capital (USA) Inc. | $15.1M | 3.52% |
| Deutsche Bank Securities Inc. | $9.6M | 2.24% |
| Goldman Sachs & Co. LLC | $8.6M | 2.01% |
| Nomura Securities International, Inc. | $6.0M | 1.39% |
| Jane Street Execution Services, LLC | $5.8M | 1.36% |
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.