CMIEX Fees and Costs — Multi-Manager International Equity Strategies Fund, Institutional Class
Data updated: 2026-07-29
The net expense ratio is 0.94%: a 0.77% management fee plus 0.17% other expenses. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $1.2M in broker commissions, 0.0512% of average net assets, and portfolio turnover was 59%.
CMIEX Fees and Expenses
Annual operating expenses and sales charges of CMIEX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.77% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.17% |
| Gross expense ratio | 0.94% |
| Fee waiver | — |
| Net expense ratio | 0.94% |
| 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 |
CMIEX Costs Over Time
On $10,000 invested in CMIEX, assuming 5% a year before costs, total costs come to $620 over 5 years, cutting the return by 1.04% 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 0.94%) | $99 | $308 | $534 |
| Trading costs (broker commissions) | $5 | $17 | $29 |
| Lost growth on money paid in costs | $0 | $16 | $57 |
| Total costs | $104 | $341 | $620 |
| Value after costs | $10,396 | $11,235 | $12,143 |
| Impact on return, per year | 1.04% | 1.04% | 1.04% |
CMIEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0512%
- Total broker commissions: $1.2M
- Bought from dealers (principal trades, not a cost): $3.7M
- Portfolio turnover (prospectus): 59%
- Securities lending: none during the year
CMIEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley | $170K | 19.65% |
| Citi | $148K | 17.09% |
| UBS | $105K | 12.16% |
| Instinet LLC | $81K | 9.41% |
| JPMorgan | $77K | 8.96% |
| Jefferies LLC | $64K | 7.38% |
| Credit Agricole Securities USA Inc | $61K | 7.11% |
| Goldman Sachs | $59K | 6.88% |
| Barclays | $51K | 5.94% |
| Nomura Securities International Inc. | $47K | 5.41% |
CMIEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| UBS | $1.8M | 48.88% |
| Morgan Stanley | $1.1M | 31.26% |
| JPMorgan | $358K | 9.80% |
| Instinet LLC | $246K | 6.72% |
| RBC Capital Markets | $122K | 3.34% |
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.