MSLEX Fees and Costs — Senior Loan Portfolio, Class IS
Data updated: 2021-08-25
The net expense ratio is 0.75%: a 0.60% management fee plus 21.59% other expenses, less a 21.44% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 27%.
MSLEX Fees and Expenses
Annual operating expenses and sales charges of MSLEX. Prospectus, as of January 31, 2021.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | 0.00% |
| Other expenses | 21.59% |
| Gross expense ratio | 22.19% |
| Fee waiver | −21.44% |
| Net expense ratio | 0.75% |
| 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 | Yes |
| Waived fees subject to recoupment | No |
MSLEX Costs Over Time
On $10,000 invested in MSLEX, assuming 5% a year before costs, total costs come to $471 over 5 years, cutting the return by 0.79% 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 0.75%) | $79 | $246 | $428 |
| Lost growth on money paid in costs | $0 | $12 | $43 |
| Total costs | $79 | $259 | $471 |
| Value after costs | $10,421 | $11,318 | $12,291 |
| Impact on return, per year | 0.79% | 0.79% | 0.79% |
MSLEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2020.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $187.0M
- Portfolio turnover (prospectus): 27%
- Securities lending: none during the year
MSLEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $115.2M | 64.34% |
| J.P. Morgan Securities LLC | $17.6M | 9.83% |
| Credit Suisse Securities (USA) LLC | $8.9M | 4.95% |
| Bofa Securities, Inc. | $7.0M | 3.93% |
| Goldman Sachs & Co. LLC | $6.4M | 3.59% |
| Jefferies LLC | $6.2M | 3.44% |
| Barclays Capital Inc. | $5.5M | 3.05% |
| Wells Fargo Securities, LLC | $4.9M | 2.73% |
| Citigroup Global Markets Inc. | $4.5M | 2.54% |
| Deutsche Bank Securities Inc. | $2.8M | 1.59% |
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.