MMPLX Fees and Costs — Multi-Asset Portfolio, Class L
Data updated: 2020-08-27
The net expense ratio is 1.95%: a 0.85% management fee, a 0.75% 12b-1 fee plus 1.89% other expenses, less a 1.54% fee waiver. There are no sales loads or redemption fees. In fiscal 2019 the fund paid $31K in broker commissions, 0.1100% of average net assets, and portfolio turnover was 178%.
MMPLX Fees and Expenses
Annual operating expenses and sales charges of MMPLX. Prospectus, as of April 30, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.75% |
| Other expenses | 1.89% |
| Gross expense ratio | 3.49% |
| Fee waiver | −1.54% |
| Net expense ratio | 1.95% |
| 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 | No |
MMPLX Costs Over Time
On $10,000 invested in MMPLX, assuming 5% a year before costs, total costs come to $1,262 over 5 years, cutting the return by 2.16% 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 1.95%) | $205 | $632 | $1,084 |
| Trading costs (broker commissions) | $12 | $36 | $61 |
| Lost growth on money paid in costs | $0 | $33 | $117 |
| Total costs | $216 | $701 | $1,262 |
| Value after costs | $10,284 | $10,875 | $11,501 |
| Impact on return, per year | 2.16% | 2.16% | 2.16% |
MMPLX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.1100%
- Total broker commissions: $31K
- Bought from dealers (principal trades, not a cost): $713.3M
- Portfolio turnover (prospectus): 178%
- Securities lending: none during the year
MMPLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $15K | 50.30% |
| J.P. Morgan Securities LLC | $5K | 15.10% |
| Virtu Itg LLC | $2K | 7.75% |
| UBS Securities LLC | $2K | 6.29% |
| Barclays Capital Inc. | $1K | 4.55% |
| Deutsche Bank Securities Inc. | $1K | 3.92% |
| BofA Securities, Inc. | $1K | 3.85% |
| HSBC Securities (USA) Inc. | $913 | 3.05% |
| Sanford C. Bernstein & Co., LLC | $864 | 2.89% |
| Credit Suisse Securities (USA) LLC | $691 | 2.31% |
MMPLX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $406.6M | 57.74% |
| State Street Bank and Trust Company | $99.2M | 14.08% |
| BNP Paribas Securities Corp. | $62.1M | 8.82% |
| Barclays Capital Inc. | $52.4M | 7.45% |
| Nomura Securities International, Inc. | $36.8M | 5.23% |
| Citigroup Global Markets Inc. | $17.1M | 2.43% |
| HSBC Securities (USA) Inc. | $16.3M | 2.31% |
| Goldman Sachs & Co. LLC | $5.1M | 0.72% |
| Credit Agricole Securities (USA) Inc. | $4.7M | 0.67% |
| Morgan Stanley & Co. LLC | $3.9M | 0.55% |
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.