MSBEX Fees and Costs — Global Focus Real Estate Portfolio, Class A
Data updated: 2024-11-27
The net expense ratio is 1.20%: a 0.70% management fee, a 0.25% 12b-1 fee plus 34.38% other expenses, less a 34.13% fee waiver. This share class carries a maximum front-end sales load of 5.25%. In fiscal 2023 the fund paid $4K in broker commissions, 0.0972% of average net assets, and portfolio turnover was 95%.
MSBEX Fees and Expenses
Annual operating expenses and sales charges of MSBEX. Prospectus, as of April 30, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.25% |
| Other expenses | 34.38% |
| Gross expense ratio | 35.33% |
| Fee waiver | −34.13% |
| Net expense ratio | 1.20% |
| Sales charges | |
|---|---|
| Max front load | 5.25% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
MSBEX Costs Over Time
On $10,000 invested in MSBEX, assuming 5% a year before costs, total costs come to $1,434 over 5 years, cutting the return by 2.47% 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 | $525 | $525 | $525 |
| Fund expenses (net expense ratio 1.20%) | $119 | $371 | $642 |
| Trading costs (broker commissions) | $10 | $30 | $52 |
| Lost growth on money paid in costs | $26 | $103 | $215 |
| Total costs | $680 | $1,029 | $1,434 |
| Value after costs | $9,820 | $10,547 | $11,329 |
| Impact on return, per year | 6.80% | 3.21% | 2.47% |
MSBEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.0972%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): $1.9M
- Portfolio turnover (prospectus): 95%
- Securities on loan, average value: $15K
- Net income from securities lending: $29 (0.001% of average net assets)
MSBEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $1K | 36.26% |
| BofA Securities, Inc. | $475 | 14.28% |
| UBS Securities LLC | $379 | 11.40% |
| J.P. Morgan Securities LLC | $264 | 7.95% |
| Cantor Fitzgerald & Co. | $218 | 6.57% |
| Citigroup Global Markets Inc. | $203 | 6.11% |
| Barclays Capital Inc. | $164 | 4.93% |
| Evercore Group L.L.C. | $152 | 4.58% |
| Goldman Sachs & Co. LLC | $152 | 4.57% |
| BNP Paribas Securities Corp. | $111 | 3.35% |
MSBEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $1.8M | 96.15% |
| J.P. Morgan Securities LLC | $32K | 1.69% |
| Mizuho Securities USA LLC | $17K | 0.86% |
| Numis Securities Inc. | $11K | 0.60% |
| Van Lanschot Kempen (Usa) Inc. | $11K | 0.60% |
| SG Americas Securities, LLC | $2K | 0.11% |
| Virtu Americas LLC | $24 | 0.00% |
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.