MMSMX Fees and Costs — Multi-Manager U.S. Small Cap Equity Fund, Class P
Data updated: 2026-06-24
The net expense ratio is 0.80%: a 0.75% management fee plus 0.19% other expenses, less a 0.15% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $672K in broker commissions, 0.1126% of average net assets, and portfolio turnover was 112%.
MMSMX Fees and Expenses
Annual operating expenses and sales charges of MMSMX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | — |
| Other expenses | 0.19% |
| Gross expense ratio | 0.95% |
| Fee waiver | −0.15% |
| Net expense ratio | 0.80% |
| 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 |
MMSMX Costs Over Time
On $10,000 invested in MMSMX, assuming 5% a year before costs, total costs come to $572 over 5 years, cutting the return by 0.96% 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 0.80%) | $84 | $262 | $455 |
| Trading costs (broker commissions) | $12 | $37 | $64 |
| Lost growth on money paid in costs | $0 | $15 | $52 |
| Total costs | $96 | $314 | $572 |
| Value after costs | $10,404 | $11,262 | $12,191 |
| Impact on return, per year | 0.96% | 0.96% | 0.96% |
MMSMX 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): 0.1126%
- Total broker commissions: $672K
- Bought from dealers (principal trades, not a cost): $224K
- Portfolio turnover (prospectus): 112%
- Securities lending: none during the year
MMSMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $65K | 16.62% |
| State Street Global Markets, LLC | $45K | 11.52% |
| Jefferies LLC | $44K | 11.35% |
| Liquidnet, Inc. | $44K | 11.33% |
| BofA Securities, Inc. | $44K | 11.19% |
| RBC Capital Markets, LLC | $39K | 9.91% |
| Morgan Stanley & Co. LLC | $30K | 7.54% |
| Nomura Securities International, Inc. | $29K | 7.32% |
| National Financial Services LLC | $28K | 7.02% |
| Capital Institutional Services, Inc. | $24K | 6.20% |
MMSMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $224K | 100.00% |
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.