MSAAX Fees and Costs — Passport Overseas Equity Portfolio, Class C
Data updated: 2026-08-21
The net expense ratio is 2.00%: a 0.65% management fee, a 1.00% 12b-1 fee plus 1.30% other expenses, less a 0.95% fee waiver. This share class carries a deferred sales charge of up to 1.00%. In fiscal 2025 the fund paid $72K in broker commissions, 0.0454% of average net assets, and portfolio turnover was 36%.
MSAAX Fees and Expenses
Annual operating expenses and sales charges of MSAAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 1.00% |
| Other expenses | 1.30% |
| Gross expense ratio | 2.95% |
| Fee waiver | −0.95% |
| Net expense ratio | 2.00% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 1.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
MSAAX Costs Over Time
On $10,000 invested in MSAAX, assuming 5% a year before costs, total costs come to $1,253 over 5 years, cutting the return by 2.15% 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 | $103 | $0 | $0 |
| Fund expenses (net expense ratio 2.00%) | $210 | $648 | $1,112 |
| Trading costs (broker commissions) | $5 | $15 | $25 |
| Lost growth on money paid in costs | $0 | $33 | $116 |
| Total costs | $318 | $696 | $1,253 |
| Value after costs | $10,182 | $10,880 | $11,510 |
| Impact on return, per year | 3.18% | 2.15% | 2.15% |
MSAAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0454%
- Total broker commissions: $72K
- Bought from dealers (principal trades, not a cost): $101.2M
- Portfolio turnover (prospectus): 36%
- Securities on loan, average value: $1.4M
- Net income from securities lending: $17K (0.011% of average net assets)
MSAAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| HSBC Securities (USA) Inc. | $21K | 30.26% |
| UBS Securities LLC | $15K | 21.71% |
| Goldman Sachs & Co. LLC | $9K | 12.54% |
| J.P. Morgan Securities LLC | $5K | 7.50% |
| BofA Securities, Inc. | $5K | 6.81% |
| Jefferies LLC | $4K | 6.28% |
| Cantor Fitzgerald & Co. | $4K | 5.87% |
| Citigroup Global Markets Inc. | $3K | 4.08% |
| BNP Paribas Securities Corp. | $2K | 3.06% |
| Nomura Securities International, Inc. | $1K | 1.89% |
MSAAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $101.2M | 100.00% |
Passport Overseas Equity Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MAIHX | Class IR | 0.85% | — |
| MAIJX | Class R6 | 0.85% | none |
| MSACX | Class I | 0.90% | none |
| MSIBX | Class A | 1.25% | 5.25% |
| MSLLX | Class L | 1.75% | none |
| MSAAX | Class C | 2.00% | 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.