FAFIX Fees and Costs — First American Multi-Manager Fixed-Income Fund, Institutional Class
Data updated: 2026-08-28
The net expense ratio is 0.52%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $34K in broker commissions, 0.0022% of average net assets, and portfolio turnover was 76%.
FAFIX Fees and Expenses
Annual operating expenses and sales charges of FAFIX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.09% |
| Gross expense ratio | 0.52% |
| Fee waiver | — |
| Net expense ratio | 0.52% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
FAFIX Costs Over Time
On $10,000 invested in FAFIX, assuming 5% a year before costs, total costs come to $330 over 5 years, cutting the return by 0.55% 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 0.52%) | $55 | $171 | $298 |
| Trading costs (broker commissions) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $0 | $8 | $30 |
| Total costs | $55 | $180 | $330 |
| Value after costs | $10,445 | $11,396 | $12,433 |
| Impact on return, per year | 0.55% | 0.55% | 0.55% |
FAFIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0022%
- Total broker commissions: $34K
- Bought from dealers (principal trades, not a cost): $3.6B
- Portfolio turnover (prospectus): 76%
- Securities lending: none during the year
FAFIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $16K | 46.70% |
| J.P. Morgan Securities LLC | $14K | 40.39% |
| Goldman Sachs & Co. LLC | $2K | 6.66% |
| Barclays Capital Inc. | $2K | 6.25% |
FAFIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. Bancorp Asset Management, Inc. | $1.6B | 53.92% |
| J.P. Morgan Securities LLC | $232.4M | 7.81% |
| Wells Fargo Securities, LLC | $194.3M | 6.53% |
| Citigroup Global Markets Inc. | $181.1M | 6.09% |
| Morgan Stanley & Co. LLC | $168.7M | 5.67% |
| Barclays Capital Inc. | $159.2M | 5.35% |
| BofA Securities, Inc. | $150.8M | 5.07% |
| BMO Capital Markets Corp. | $103.0M | 3.46% |
| BNP Paribas Securities Corp. | $92.1M | 3.10% |
| Nomura Securities International, Inc. | $89.2M | 3.00% |
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.