MNCEX Fees and Costs — Mercer Non-US Core Equity Fund, Class Y-3
Data updated: 2026-08-21
The net expense ratio is 0.37%: a 0.54% management fee plus 0.05% other expenses, less a 0.22% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $1.5M in broker commissions, 0.0357% of average net assets, and portfolio turnover was 67%.
MNCEX Fees and Expenses
Annual operating expenses and sales charges of MNCEX. Prospectus, as of July 23, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.54% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.05% |
| Gross expense ratio | 0.59% |
| Fee waiver | −0.22% |
| Net expense ratio | 0.37% |
| 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 |
MNCEX Costs Over Time
On $10,000 invested in MNCEX, assuming 5% a year before costs, total costs come to $257 over 5 years, cutting the return by 0.43% 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 0.37%) | $39 | $122 | $213 |
| Trading costs (broker commissions) | $4 | $12 | $21 |
| Lost growth on money paid in costs | $0 | $7 | $23 |
| Total costs | $43 | $140 | $257 |
| Value after costs | $10,457 | $11,436 | $12,506 |
| Impact on return, per year | 0.43% | 0.43% | 0.43% |
MNCEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0357%
- Total broker commissions: $1.5M
- Bought from dealers (principal trades, not a cost): $3.0M
- Portfolio turnover (prospectus): 67%
- Securities on loan, average value: $146.7M
- Net income from securities lending: $579K (0.014% of average net assets)
MNCEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $237K | 21.31% |
| Citigroup Global Markets Inc. | $152K | 13.60% |
| J.P. Morgan Securities LLC | $109K | 9.80% |
| Jefferies LLC | $104K | 9.38% |
| UBS Securities LLC | $100K | 8.98% |
| Goldman Sachs & Co. LLC | $99K | 8.85% |
| BofA Securities, Inc. | $96K | 8.61% |
| BNP Paribas Securities Corp. | $75K | 6.72% |
| Barclays Capital Inc. | $73K | 6.51% |
| RBC Capital Markets, LLC | $70K | 6.25% |
MNCEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $888K | 60.07% |
| CACEIS Bank Deutschland GmbH | $590K | 39.93% |
| Goldman Sachs & Co. LLC | $52 | 0.00% |
| Barclays Capital Inc. | $28 | 0.00% |
| Guzman & Company | $21 | 0.00% |
| UBS Securities LLC | $17 | 0.00% |
Mercer Non-US Core Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MNCEX | Class Y-3 | 0.37% | — |
| MNCYX | Class Y-2 | 0.52% | — |
| MNCSX | Class I | 0.62% | — |
| MNCDX | Adviser Class | 0.87% | — |
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.