MSRDX Fees and Costs — Global Real Estate Portfolio, Class C
Data updated: 2024-11-27
The net expense ratio is 1.90%: a 0.65% management fee, a 1.00% 12b-1 fee plus 4.08% other expenses, less a 3.83% fee waiver. This share class carries a deferred sales charge of up to 1.00%. In fiscal 2023 the fund paid $33K in broker commissions, 0.0867% of average net assets, and portfolio turnover was 73%.
MSRDX Fees and Expenses
Annual operating expenses and sales charges of MSRDX. Prospectus, as of April 30, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 1.00% |
| Other expenses | 4.08% |
| Gross expense ratio | 5.73% |
| Fee waiver | −3.83% |
| Net expense ratio | 1.90% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 1.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
MSRDX Costs Over Time
On $10,000 invested in MSRDX, assuming 5% a year before costs, total costs come to $1,218 over 5 years, cutting the return by 2.09% 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 |
| Sales charges | $103 | $0 | $0 |
| Fund expenses (net expense ratio 1.90%) | $200 | $616 | $1,057 |
| Trading costs (broker commissions) | $9 | $28 | $48 |
| Lost growth on money paid in costs | $0 | $32 | $113 |
| Total costs | $312 | $676 | $1,218 |
| Value after costs | $10,188 | $10,900 | $11,544 |
| Impact on return, per year | 3.12% | 2.09% | 2.09% |
MSRDX 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): 0.0867%
- Total broker commissions: $33K
- Bought from dealers (principal trades, not a cost): $14.2M
- Portfolio turnover (prospectus): 73%
- Securities on loan, average value: $372K
- Net income from securities lending: $2K (0.005% of average net assets)
MSRDX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $8K | 29.47% |
| Barclays Capital Inc. | $4K | 13.86% |
| BofA Securities, Inc. | $4K | 12.94% |
| Citigroup Global Markets Inc. | $3K | 11.32% |
| Goldman Sachs & Co. LLC | $2K | 7.84% |
| Cantor Fitzgerald & Co. | $2K | 7.45% |
| UBS Securities LLC | $2K | 5.86% |
| J.P. Morgan Securities LLC | $1K | 5.11% |
| Evercore Group L.L.C. | $1K | 3.55% |
| RBC Capital Markets, LLC | $742 | 2.61% |
MSRDX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $13.7M | 96.75% |
| J.P. Morgan Securities LLC | $103K | 0.72% |
| Nomura Securities International, Inc. | $92K | 0.64% |
| Van Lanschot Kempen (Usa) Inc. | $83K | 0.59% |
| Mizuho Securities USA LLC | $69K | 0.49% |
| Numis Securities Inc. | $46K | 0.32% |
| Berenberg Capital Markets LLC | $32K | 0.23% |
| SG Americas Securities, LLC | $20K | 0.14% |
| Daiwa Capital Markets America Inc. | $18K | 0.13% |
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.