MRAEX Fees and Costs — Meridian Hedged Equity Fund, Class A
Data updated: 2026-09-03
The net expense ratio is 1.52% (1.75% before fee waivers). This share class carries a maximum front-end sales load of 5.75% and a redemption fee of 2.00%. In fiscal 2026 the fund paid $14K in broker commissions, 0.0402% of average net assets, and portfolio turnover was 29%.
MRAEX Fees and Expenses
Annual operating expenses and sales charges of MRAEX. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.89% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.59% |
| Gross expense ratio | 1.75% |
| Fee waiver | −0.23% |
| Net expense ratio | 1.52% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 0.00% |
| Redemption fee | 2.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
MRAEX Costs Over Time
On $10,000 invested in MRAEX, assuming 5% a year before costs, total costs come to $1,643 over 5 years, cutting the return by 2.86% 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 |
| Sales charges | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.52%) | $150 | $467 | $804 |
| Trading costs (broker commissions) | $4 | $12 | $21 |
| Lost growth on money paid in costs | $29 | $114 | $243 |
| Total costs | $758 | $1,168 | $1,643 |
| Value after costs | $9,742 | $10,408 | $11,119 |
| Impact on return, per year | 7.58% | 3.66% | 2.86% |
MRAEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0402%
- Total broker commissions: $14K
- Bought from dealers (principal trades, not a cost): $41.9M
- Portfolio turnover (prospectus): 29%
- Securities on loan, average value: $374K
- Net income from securities lending: $548 (0.002% of average net assets)
MRAEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| NORTHERN TRUST SECURITIES, INC. | $5K | 34.53% |
| NATIONS TRUST BANK PLC | $4K | 24.94% |
| PERSHING LLC | $3K | 20.17% |
| JEFFERIES LLC | $2K | 13.31% |
| JONESTRADING INSTITUTIONAL SERVICES LLC | $559 | 3.93% |
| Raymond James & Associates, Inc. | $405 | 2.85% |
| TD SECURITIES (USA) LLC | $37 | 0.26% |
| Allen & Company LLC | $2 | 0.01% |
MRAEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs Financial Square Government Fund | $40.9M | 97.62% |
| Northern Trust Securities, Inc. | $531K | 1.27% |
| JEFFERIES LLC | $466K | 1.11% |
Meridian Hedged 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 |
|---|---|---|---|
| MRREX | C000132938 | 1.00% | none |
| MEIFX | Legacy Class | 1.27% | none |
| MRIEX | Investor Class | 1.27% | none |
| MRAEX | Class A | 1.52% | 5.75% |
| MRCEX | Class C | 2.27% | none |
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.