MPIEX Fees and Costs — Mondrian International Value Equity Fund, Institutional Class
Data updated: 2026-09-28
The net expense ratio is 0.74%: a 0.65% management fee plus 0.15% other expenses, less a 0.06% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $106K in broker commissions, 0.0112% of average net assets, and portfolio turnover was 39%.
MPIEX Fees and Expenses
Annual operating expenses and sales charges of MPIEX. Prospectus, as of March 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | — |
| Other expenses | 0.15% |
| Gross expense ratio | 0.80% |
| Fee waiver | −0.06% |
| Net expense ratio | 0.74% |
| 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 | Yes |
MPIEX Costs Over Time
On $10,000 invested in MPIEX, assuming 5% a year before costs, total costs come to $472 over 5 years, cutting the return by 0.79% 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 0.74%) | $78 | $243 | $423 |
| Trading costs (broker commissions) | $1 | $4 | $6 |
| Lost growth on money paid in costs | $0 | $12 | $43 |
| Total costs | $79 | $259 | $472 |
| Value after costs | $10,421 | $11,317 | $12,291 |
| Impact on return, per year | 0.79% | 0.79% | 0.79% |
MPIEX 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): 0.0112%
- Total broker commissions: $106K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 39%
- Securities lending: none during the year
MPIEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INSTINET | $20K | 28.17% |
| SMBC | $11K | 15.97% |
| H & R BLOCK FINANCIAL ADVISOR | $9K | 12.69% |
| MERRILL LYNCH, PIERCE, FENNER | $8K | 11.90% |
| CITIGROUP GLOBAL MARKETS | $8K | 11.60% |
| JEFFERIES LLC | $6K | 8.30% |
| BNP PARIBAS | $5K | 6.44% |
| CREDIT LYONNAIS SECURITIES | $4K | 4.94% |
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.