FAPXX Fees and Costs — First American Retail Prime Obligations Fund, Class A
Data updated: 2025-11-14
The net expense ratio is 0.75% (0.76% before fee waivers). There are no sales loads or redemption fees.
FAPXX Fees and Expenses
Annual operating expenses and sales charges of FAPXX. Prospectus, as of November 14, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.10% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.16% |
| Gross expense ratio | 0.76% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.75% |
| 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 |
FAPXX Costs Over Time
On $10,000 invested in FAPXX, assuming 5% a year before costs, total costs come to $471 over 5 years, cutting the return by 0.79% 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 0.75%) | $79 | $246 | $428 |
| Lost growth on money paid in costs | $0 | $12 | $43 |
| Total costs | $79 | $259 | $471 |
| Value after costs | $10,421 | $11,318 | $12,291 |
| Impact on return, per year | 0.79% | 0.79% | 0.79% |
FAPXX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $400.1B
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
FAPXX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| SCOTIA CAPITAL (USA) INC. | $74.4B | 20.87% |
| CREDIT AGRICOLE SECURITIES (USA) INC. | $70.0B | 19.63% |
| MUFG SECURITIES AMERICAS INC. | $35.0B | 9.81% |
| TD SECURITIES (USA) LLC | $30.9B | 8.66% |
| BNP PARIBAS SECURITIES CORP. | $30.7B | 8.62% |
| CIBC WORLD MARKETS CORP. | $26.6B | 7.47% |
| ING FINANCIAL MARKETS LLC | $26.1B | 7.32% |
| HSBC SECURITIES (USA) INC. | $26.0B | 7.31% |
| NATIXIS SECURITIES AMERICAS LLC | $21.2B | 5.95% |
| DNB MARKETS INC. | $15.6B | 4.37% |
First American Retail Prime Obligations Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FXRXX | Class X | 0.14% | none |
| FZRXX | Class Z | 0.20% | none |
| FPUXX | Class V | 0.30% | none |
| FEIXX | Class T | 0.40% | none |
| FYRXX | Class Y | 0.45% | none |
| FAPXX | Class A | 0.75% | 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.