MLNAX Fees and Costs — Global Concentrated Portfolio, Class A
Data updated: 2026-08-21
The net expense ratio is 1.33%: a 0.75% management fee, a 0.25% 12b-1 fee plus 0.33% other expenses. This share class carries a maximum front-end sales load of 5.25% and a deferred sales charge of up to 1.00%. In fiscal 2025 the fund paid $116K in broker commissions, 0.0384% of average net assets, and portfolio turnover was 51%.
MLNAX Fees and Expenses
Annual operating expenses and sales charges of MLNAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.33% |
| Gross expense ratio | 1.33% |
| Fee waiver | — |
| Net expense ratio | 1.33% |
| Sales charges | |
|---|---|
| Max front load | 5.25% |
| Max deferred load | 1.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
MLNAX Costs Over Time
On $10,000 invested in MLNAX, assuming 5% a year before costs, total costs come to $1,475 over 5 years, cutting the return by 2.55% 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 | $623 | $525 | $525 |
| Fund expenses (net expense ratio 1.33%) | $132 | $411 | $710 |
| Trading costs (broker commissions) | $4 | $12 | $21 |
| Lost growth on money paid in costs | $26 | $104 | $219 |
| Total costs | $786 | $1,052 | $1,475 |
| Value after costs | $9,714 | $10,524 | $11,288 |
| Impact on return, per year | 7.86% | 3.28% | 2.55% |
MLNAX 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): 0.0384%
- Total broker commissions: $116K
- Bought from dealers (principal trades, not a cost): $245.6M
- Portfolio turnover (prospectus): 51%
- Securities on loan, average value: $1.1M
- Net income from securities lending: $22K (0.007% of average net assets)
MLNAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Barclays Capital Inc. | $34K | 30.40% |
| Cantor Fitzgerald & Co. | $31K | 27.44% |
| Citigroup Global Markets Inc. | $26K | 22.77% |
| Jefferies LLC | $6K | 4.91% |
| UBS Securities LLC | $5K | 4.23% |
| RBC Capital Markets, LLC | $3K | 2.90% |
| HSBC Securities (USA) Inc. | $3K | 2.57% |
| TD Securities (USA) LLC | $2K | 1.66% |
| J.P. Morgan Securities LLC | $2K | 1.57% |
| BMO Capital Markets Corp. | $2K | 1.56% |
MLNAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $227.9M | 92.76% |
| Jane Street Execution Services, LLC | $13.1M | 5.32% |
| Citadel Securities LLC | $4.4M | 1.80% |
| BofA Securities, Inc. | $303K | 0.12% |
Global Concentrated Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MLNSX | Class R6 | 0.95% | none |
| MLNIX | Class I | 1.00% | none |
| MLNAX | Class A | 1.33% | 5.25% |
| MLNCX | Class C | 2.08% | none |
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.