MMHGX Fees and Costs — Multi-Manager High Yield Bond Fund, Class P
Data updated: 2026-09-22
The net expense ratio is 0.44%: a 0.30% management fee plus 0.22% other expenses, less a 0.09% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1K in broker commissions, 0.0001% of average net assets, and portfolio turnover was 2%.
MMHGX Fees and Expenses
Annual operating expenses and sales charges of MMHGX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | — |
| Other expenses | 0.22% |
| Gross expense ratio | 0.53% |
| Fee waiver | −0.09% |
| Net expense ratio | 0.44% |
| 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 |
MMHGX Costs Over Time
On $10,000 invested in MMHGX, assuming 5% a year before costs, total costs come to $278 over 5 years, cutting the return by 0.46% 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 0.44%) | $46 | $145 | $253 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $7 | $25 |
| Total costs | $46 | $152 | $278 |
| Value after costs | $10,454 | $11,424 | $12,484 |
| Impact on return, per year | 0.46% | 0.46% | 0.46% |
MMHGX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0001%
- Total broker commissions: $1K
- Bought from dealers (principal trades, not a cost): $1.1B
- Portfolio turnover (prospectus): 2%
- Securities lending: none during the year
MMHGX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $746 | 50.61% |
| Morgan Stanley & Co. LLC | $615 | 41.71% |
| Nomura Securities International, Inc. | $113 | 7.69% |
MMHGX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Barclays Capital Inc. | $365.3M | 34.37% |
| J.P. Morgan Securities LLC | $331.9M | 31.23% |
| Morgan Stanley & Co. LLC | $185.2M | 17.43% |
| Jefferies LLC | $125.9M | 11.84% |
| BofA Securities, Inc. | $19.8M | 1.86% |
| Citigroup Global Markets Inc. | $19.6M | 1.85% |
| BNY Capital Markets, LLC | $5.9M | 0.55% |
| Wells Fargo Securities, LLC | $4.1M | 0.38% |
| RBC Capital Markets, LLC | $2.8M | 0.26% |
| State Street Global Markets, LLC | $2.3M | 0.22% |
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.