MSILX Fees and Costs — iMGP International Fund, Institutional Class
Data updated: 2026-08-26
The net expense ratio is 1.25%: a 0.88% management fee plus 0.37% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $257K in broker commissions, 0.1586% of average net assets, and portfolio turnover was 99%.
MSILX Fees and Expenses
Annual operating expenses and sales charges of MSILX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.88% |
| 12b-1 fee | — |
| Other expenses | 0.37% |
| Gross expense ratio | 1.25% |
| Fee waiver | — |
| Net expense ratio | 1.25% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
MSILX Costs Over Time
On $10,000 invested in MSILX, assuming 5% a year before costs, total costs come to $874 over 5 years, cutting the return by 1.48% 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 1.25%) | $131 | $408 | $704 |
| Trading costs (broker commissions) | $17 | $52 | $89 |
| Lost growth on money paid in costs | $0 | $23 | $80 |
| Total costs | $148 | $482 | $874 |
| Value after costs | $10,352 | $11,094 | $11,889 |
| Impact on return, per year | 1.48% | 1.48% | 1.48% |
MSILX 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): 0.1586%
- Total broker commissions: $257K
- Bought from dealers (principal trades, not a cost): $1.3B
- Portfolio turnover (prospectus): 99%
- Securities on loan, average value: $6.0M
- Net income from securities lending: $32K (0.020% of average net assets)
MSILX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Redburn (USA) LLC | $41K | 18.86% |
| Goldman Sachs & Co. LLC | $31K | 14.53% |
| UBS Securities LLC | $31K | 14.53% |
| BofA Securities, Inc. | $26K | 12.22% |
| Jefferies LLC | $24K | 11.20% |
| J.P. Morgan Securities LLC | $18K | 8.55% |
| BNP Paribas Securities Corp. | $17K | 7.76% |
| Barclays Capital Inc. | $10K | 4.46% |
| Citigroup Global Markets Inc. | $9K | 4.32% |
| Morgan Stanley & Co. LLC | $8K | 3.57% |
MSILX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $1.3B | 100.00% |
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.