MSQLX Fees and Costs — International Equity Portfolio, Class L
Data updated: 2026-08-21
The net expense ratio is 1.80%: a 0.80% management fee, a 0.75% 12b-1 fee plus 0.39% other expenses, less a 0.14% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $210K in broker commissions, 0.0426% of average net assets, and portfolio turnover was 46%.
MSQLX Fees and Expenses
Annual operating expenses and sales charges of MSQLX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.75% |
| Other expenses | 0.39% |
| Gross expense ratio | 1.94% |
| Fee waiver | −0.14% |
| Net expense ratio | 1.80% |
| 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 |
MSQLX Costs Over Time
On $10,000 invested in MSQLX, assuming 5% a year before costs, total costs come to $1,133 over 5 years, cutting the return by 1.93% 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 1.80%) | $189 | $585 | $1,005 |
| Trading costs (broker commissions) | $4 | $14 | $24 |
| Lost growth on money paid in costs | $0 | $30 | $105 |
| Total costs | $193 | $628 | $1,133 |
| Value after costs | $10,307 | $10,948 | $11,630 |
| Impact on return, per year | 1.93% | 1.93% | 1.93% |
MSQLX 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): 0.0426%
- Total broker commissions: $210K
- Bought from dealers (principal trades, not a cost): $386.2M
- Portfolio turnover (prospectus): 46%
- Securities lending: none during the year
MSQLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $57K | 31.19% |
| Jefferies LLC | $26K | 14.03% |
| J.P. Morgan Securities LLC | $21K | 11.72% |
| SG Americas Securities, LLC | $17K | 9.07% |
| UBS Securities LLC | $15K | 8.08% |
| Nomura Securities International, Inc. | $13K | 7.38% |
| BofA Securities, Inc. | $13K | 6.99% |
| BNP Paribas Securities Corp. | $9K | 5.06% |
| Barclays Capital Inc. | $6K | 3.37% |
| CLSA Americas, LLC | $6K | 3.12% |
MSQLX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $386.2M | 100.00% |
International Equity Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MIQPX | Class R6 | 0.91% | none |
| MSIQX | Class I | 0.95% | none |
| MIQBX | Class A | 1.24% | 5.25% |
| MSQLX | Class L | 1.80% | none |
| MSECX | Class C | 2.05% | 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.