FAIEX Fees and Costs — First American Multi-Manager International Equity Fund, Institutional Class
Data updated: 2026-08-28
The net expense ratio is 0.65%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $580K in broker commissions, 0.0682% of average net assets, and portfolio turnover was 70%.
FAIEX Fees and Expenses
Annual operating expenses and sales charges of FAIEX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.12% |
| Gross expense ratio | 0.65% |
| Fee waiver | — |
| Net expense ratio | 0.65% |
| 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 |
FAIEX Costs Over Time
On $10,000 invested in FAIEX, assuming 5% a year before costs, total costs come to $452 over 5 years, cutting the return by 0.75% 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 0.65%) | $68 | $214 | $371 |
| Trading costs (broker commissions) | $7 | $22 | $39 |
| Lost growth on money paid in costs | $0 | $12 | $41 |
| Total costs | $75 | $248 | $452 |
| Value after costs | $10,425 | $11,329 | $12,311 |
| Impact on return, per year | 0.75% | 0.75% | 0.75% |
FAIEX 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): 0.0682%
- Total broker commissions: $580K
- Bought from dealers (principal trades, not a cost): $1.2B
- Portfolio turnover (prospectus): 70%
- Securities lending: none during the year
FAIEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $142K | 32.76% |
| Morgan Stanley & Co. LLC | $48K | 10.98% |
| Barclays Capital Inc. | $47K | 10.88% |
| Goldman Sachs & Co. LLC | $41K | 9.43% |
| Jefferies LLC | $38K | 8.82% |
| J.P. Morgan Securities LLC | $38K | 8.77% |
| SG Americas Securities, LLC | $25K | 5.74% |
| Citigroup Global Markets Inc. | $19K | 4.42% |
| UBS Asset Management (US) Inc. | $19K | 4.38% |
| UBS Securities LLC | $17K | 3.82% |
FAIEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. Bancorp Asset Management, Inc. | $82.1M | 85.19% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $7.2M | 7.46% |
| Jane Street Execution Services, LLC | $4.6M | 4.75% |
| Barclays Capital Inc. | $944K | 0.98% |
| Morgan Stanley & Co. LLC | $911K | 0.95% |
| Citigroup Global Markets Inc. | $565K | 0.59% |
| BNY Mellon Capital Markets, LLC | $88K | 0.09% |
| HSBC Securities (USA) Inc. | $2 | 0.00% |
| Brown Brothers Harriman Investments, LLC | $1 | 0.00% |
| Goldman Sachs & Co. LLC | $1 | 0.00% |
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.