MSRBX Fees and Costs — US Real Estate Portfolio, Class II
Data updated: 2024-11-27
The net expense ratio is 1.05%: a 0.55% management fee, a 0.25% 12b-1 fee plus 0.31% other expenses, less a 0.06% fee waiver. There are no sales loads or redemption fees. In fiscal 2023 the fund paid $170K in broker commissions, 0.0614% of average net assets, and portfolio turnover was 56%.
MSRBX Fees and Expenses
Annual operating expenses and sales charges of MSRBX. Prospectus, as of April 30, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.31% |
| Gross expense ratio | 1.11% |
| Fee waiver | −0.06% |
| Net expense ratio | 1.05% |
| 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 |
MSRBX Costs Over Time
On $10,000 invested in MSRBX, assuming 5% a year before costs, total costs come to $694 over 5 years, cutting the return by 1.17% 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 1.05%) | $110 | $344 | $595 |
| Trading costs (broker commissions) | $6 | $20 | $35 |
| Lost growth on money paid in costs | $0 | $18 | $64 |
| Total costs | $117 | $382 | $694 |
| Value after costs | $10,383 | $11,195 | $12,069 |
| Impact on return, per year | 1.17% | 1.17% | 1.17% |
MSRBX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.0614%
- Total broker commissions: $170K
- Bought from dealers (principal trades, not a cost): $99.9M
- Portfolio turnover (prospectus): 56%
- Securities lending: none during the year
MSRBX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $51K | 32.92% |
| Barclays Capital Inc. | $25K | 16.32% |
| BofA Securities, Inc. | $19K | 12.51% |
| Goldman Sachs & Co. LLC | $14K | 9.29% |
| Cantor Fitzgerald & Co. | $14K | 9.03% |
| Evercore Group L.L.C. | $12K | 7.52% |
| RBC Capital Markets, LLC | $6K | 3.94% |
| Liquidnet, Inc. | $6K | 3.61% |
| Nomura Securities International, Inc. | $4K | 2.49% |
| HSBC Securities (USA) Inc. | $4K | 2.37% |
MSRBX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $99.9M | 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.