FPCIX Fees and Costs — Strategic Advisers Core Income Fund
Data updated: 2026-07-24
The net expense ratio is 0.25% (0.50% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $1.5M in broker commissions, 0.0034% of average net assets, and portfolio turnover was 211%.
FPCIX Fees and Expenses
Annual operating expenses and sales charges of FPCIX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.31% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.50% |
| Fee waiver | −0.25% |
| Net expense ratio | 0.25% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
FPCIX Costs Over Time
On $10,000 invested in FPCIX, assuming 5% a year before costs, total costs come to $161 over 5 years, cutting the return by 0.27% 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 0.25%) | $26 | $83 | $144 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $4 | $15 |
| Total costs | $27 | $88 | $161 |
| Value after costs | $10,473 | $11,488 | $12,602 |
| Impact on return, per year | 0.27% | 0.27% | 0.27% |
FPCIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0034%
- Total broker commissions: $1.5M
- Bought from dealers (principal trades, not a cost): $147.7B
- Portfolio turnover (prospectus): 211%
- Securities on loan, average value: $217.2M
- Net income from securities lending: $656K (0.002% of average net assets)
FPCIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JANE STREET GROUP LLC | $553K | 39.27% |
| GOLDMAN SACHS GROUP INC (THE) | $167K | 11.88% |
| ROYAL BANK OF CANADA | $140K | 9.95% |
| MIZUHO FINANCIAL GROUP INC | $122K | 8.69% |
| MORGAN STANLEY | $107K | 7.59% |
| BARCLAYS PLC | $107K | 7.57% |
| CITIGROUP INC | $84K | 5.96% |
| BANK OF AMERICA CORPORATION | $53K | 3.77% |
| FLOW TRADERS LTD | $42K | 2.96% |
| SUSQUEHANNA INTERNATIONAL GROU P, LLP | $33K | 2.35% |
FPCIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BANK OF AMERICA CORPORATION | $37.2B | 27.27% |
| BARCLAYS PLC | $24.6B | 18.02% |
| WELLS FARGO and CO | $18.0B | 13.17% |
| GOLDMAN SACHS GROUP INC (THE) | $15.9B | 11.64% |
| MORGAN STANLEY | $13.6B | 9.98% |
| JPMORGAN CHASE and CO | $11.1B | 8.16% |
| CITIGROUP INC | $9.0B | 6.58% |
| DEUTSCHE BANK AG | $2.6B | 1.88% |
| CITADEL SECURITIES GLOBAL HOLDINGS LLC | $2.5B | 1.80% |
| BNP PARIBAS | $2.1B | 1.51% |
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.