CFNLX Fees and Costs — The National Tax-Free Intermediate Bond Fund, Shares
Data updated: 2026-09-24
The net expense ratio is 0.57%: a 0.30% management fee plus 0.27% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 34%.
CFNLX Fees and Expenses
Annual operating expenses and sales charges of CFNLX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | — |
| Other expenses | 0.27% |
| Gross expense ratio | 0.57% |
| Fee waiver | — |
| Net expense ratio | 0.57% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
CFNLX Costs Over Time
On $10,000 invested in CFNLX, assuming 5% a year before costs, total costs come to $360 over 5 years, cutting the return by 0.60% 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 0.57%) | $60 | $188 | $327 |
| Lost growth on money paid in costs | $0 | $9 | $33 |
| Total costs | $60 | $197 | $360 |
| Value after costs | $10,440 | $11,379 | $12,403 |
| Impact on return, per year | 0.60% | 0.60% | 0.60% |
CFNLX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $464.0M
- Portfolio turnover (prospectus): 34%
- Securities lending: none during the year
CFNLX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $236.6M | 60.64% |
| Stifel, Nicolaus & Company, Incorporated | $26.4M | 6.77% |
| BofA Securities, Inc. | $24.7M | 6.34% |
| Piper Sandler & Co. | $20.8M | 5.32% |
| Raymond James & Associates, Inc. | $20.1M | 5.14% |
| Morgan Stanley & Co. LLC | $18.2M | 4.66% |
| RBC Capital Markets, LLC | $12.8M | 3.28% |
| Wells Fargo Securities, LLC | $11.4M | 2.93% |
| J.P. Morgan Securities LLC | $10.3M | 2.63% |
| PNC Capital Markets LLC | $8.9M | 2.28% |
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.