MUOAX Fees and Costs — US Core Portfolio, Class A
Data updated: 2026-08-21
The net expense ratio is 1.13%: a 0.60% management fee, a 0.25% 12b-1 fee plus 0.28% other expenses. This share class carries a maximum front-end sales load of 5.25% and a deferred sales charge of up to 1.00%. In fiscal 2025 the fund paid $12K in broker commissions, 0.0032% of average net assets, and portfolio turnover was 42%.
MUOAX Fees and Expenses
Annual operating expenses and sales charges of MUOAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.28% |
| Gross expense ratio | 1.13% |
| Fee waiver | — |
| Net expense ratio | 1.13% |
| Sales charges | |
|---|---|
| Max front load | 5.25% |
| 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 |
MUOAX Costs Over Time
On $10,000 invested in MUOAX, assuming 5% a year before costs, total costs come to $1,340 over 5 years, cutting the return by 2.30% 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 | $623 | $525 | $525 |
| Fund expenses (net expense ratio 1.13%) | $112 | $350 | $607 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $26 | $100 | $207 |
| Total costs | $762 | $976 | $1,340 |
| Value after costs | $9,738 | $10,600 | $11,423 |
| Impact on return, per year | 7.62% | 3.04% | 2.30% |
MUOAX 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): 0.0032%
- Total broker commissions: $12K
- Bought from dealers (principal trades, not a cost): $125.1M
- Portfolio turnover (prospectus): 42%
- Securities lending: none during the year
MUOAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $2K | 19.50% |
| UBS Securities LLC | $2K | 18.07% |
| Barclays Capital Inc. | $2K | 15.26% |
| BMO Capital Markets Corp. | $1K | 10.85% |
| RBC Capital Markets, LLC | $1K | 10.35% |
| Citigroup Global Markets Inc. | $1K | 10.26% |
| Sanford C. Bernstein & Co., LLC | $588 | 5.11% |
| TD Securities (USA) LLC | $546 | 4.75% |
| Liquidnet, Inc. | $357 | 3.10% |
| J.P. Morgan Securities LLC | $317 | 2.75% |
MUOAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $125.1M | 100.00% |
US Core Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MUOSX | Class R6 | 0.75% | none |
| MUOIX | Class I | 0.80% | none |
| MUOAX | Class A | 1.13% | 5.25% |
| MUOCX | Class C | 1.89% | 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.