MSEMX Fees and Costs — Emerging Markets Small Cap Portfolio, Class I
Data updated: 2021-08-25
The net expense ratio is 1.30%: a 1.25% management fee plus 0.71% other expenses, less a 0.66% fee waiver. This share class carries a redemption fee of 2.00%. In fiscal 2020 the fund paid $210K in broker commissions, 0.3167% of average net assets, and portfolio turnover was 140%.
MSEMX Fees and Expenses
Annual operating expenses and sales charges of MSEMX. Prospectus, as of April 30, 2021.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.71% |
| Gross expense ratio | 1.96% |
| Fee waiver | −0.66% |
| Net expense ratio | 1.30% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
MSEMX Costs Over Time
On $10,000 invested in MSEMX, assuming 5% a year before costs, total costs come to $999 over 5 years, cutting the return by 1.70% 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 1.30%) | $136 | $423 | $729 |
| Trading costs (broker commissions) | $33 | $103 | $178 |
| Lost growth on money paid in costs | $0 | $26 | $92 |
| Total costs | $170 | $552 | $999 |
| Value after costs | $10,330 | $11,024 | $11,764 |
| Impact on return, per year | 1.70% | 1.70% | 1.70% |
MSEMX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.3167%
- Total broker commissions: $210K
- Bought from dealers (principal trades, not a cost): $202.4M
- Portfolio turnover (prospectus): 140%
- Securities on loan, average value: $2.3M
- Net income from securities lending: $34K (0.051% of average net assets)
MSEMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $36K | 21.25% |
| J.P. Morgan Securities LLC | $33K | 19.33% |
| Credit Suisse Securities (USA) LLC | $22K | 12.78% |
| Goldman Sachs & Co. LLC | $17K | 10.00% |
| BofA Securities, Inc. | $14K | 8.56% |
| Virtu Itg LLC | $11K | 6.39% |
| Jefferies LLC | $10K | 5.63% |
| Macquarie Capital (USA) Inc. | $9K | 5.60% |
| CLSA Americas, LLC | $9K | 5.58% |
| Financial Brokerage Group S.A.E. | $8K | 4.88% |
MSEMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $198.9M | 98.28% |
| J.P. Morgan Securities LLC | $1.3M | 0.63% |
| Goldman Sachs & Co. LLC | $1.2M | 0.61% |
| BofA Securities, Inc. | $541K | 0.27% |
| Citigroup Global Markets Inc. | $446K | 0.22% |
| UBS Securities LLC | $6 | 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.