MSFAX Fees and Costs — Global Franchise Portfolio, Class I
Data updated: 2026-08-21
The net expense ratio is 0.96%: a 0.73% management fee plus 0.23% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $206K in broker commissions, 0.0080% of average net assets, and portfolio turnover was 35%.
MSFAX Fees and Expenses
Annual operating expenses and sales charges of MSFAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.73% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.23% |
| Gross expense ratio | 0.96% |
| Fee waiver | — |
| Net expense ratio | 0.96% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
MSFAX Costs Over Time
On $10,000 invested in MSFAX, assuming 5% a year before costs, total costs come to $606 over 5 years, cutting the return by 1.02% 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 0.96%) | $101 | $315 | $546 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $0 | $16 | $56 |
| Total costs | $102 | $333 | $606 |
| Value after costs | $10,398 | $11,243 | $12,157 |
| Impact on return, per year | 1.02% | 1.02% | 1.02% |
MSFAX 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): 0.0080%
- Total broker commissions: $206K
- Bought from dealers (principal trades, not a cost): $1.5B
- Portfolio turnover (prospectus): 35%
- Securities lending: none during the year
MSFAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $28K | 17.58% |
| Jefferies LLC | $23K | 14.42% |
| J.P. Morgan Securities LLC | $21K | 13.35% |
| SG Americas Securities, LLC | $20K | 12.63% |
| BofA Securities, Inc. | $13K | 8.22% |
| TD Securities (USA) LLC | $13K | 8.17% |
| Citigroup Global Markets Inc. | $12K | 7.66% |
| HSBC Securities (USA) Inc. | $10K | 6.11% |
| Barclays Capital Inc. | $10K | 6.07% |
| UBS Securities LLC | $9K | 5.81% |
MSFAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $1.5B | 100.00% |
Global Franchise Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MGISX | Class R6 | 0.84% | none |
| MSFAX | Class I | 0.96% | none |
| MSFBX | Class A | 1.21% | 5.25% |
| MSFLX | Class L | 1.77% | none |
| MSGFX | Class C | 1.95% | 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.