FTOTX Fees and Costs — Nomura Tax-Free Oregon Fund, Institutional Class
Data updated: 2026-08-24
The net expense ratio is 0.63%: a 0.55% management fee plus 0.52% other expenses, less a 0.44% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 31%.
FTOTX Fees and Expenses
Annual operating expenses and sales charges of FTOTX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.52% |
| Gross expense ratio | 1.07% |
| Fee waiver | −0.44% |
| Net expense ratio | 0.63% |
| 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 |
FTOTX Costs Over Time
On $10,000 invested in FTOTX, assuming 5% a year before costs, total costs come to $397 over 5 years, cutting the return by 0.66% 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 0.63%) | $66 | $207 | $361 |
| Lost growth on money paid in costs | $0 | $10 | $36 |
| Total costs | $66 | $217 | $397 |
| Value after costs | $10,434 | $11,359 | $12,366 |
| Impact on return, per year | 0.66% | 0.66% | 0.66% |
FTOTX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $45.8M
- Portfolio turnover (prospectus): 31%
- Securities lending: none during the year
FTOTX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| TD SECURITIES (USA) LLC | $9.3M | 26.89% |
| MORGAN STANLEY & CO. LLC | $6.3M | 18.24% |
| PIPER SANDLER & CO. | $4.8M | 13.84% |
| J.P. Morgan Securities LLC | $2.7M | 7.91% |
| BOFA SECURITIES, INC. | $2.6M | 7.52% |
| HILLTOP SECURITIES INC. | $2.2M | 6.25% |
| JEFFERIES LLC | $1.9M | 5.46% |
| WELLS FARGO SECURITIES, LLC | $1.6M | 4.69% |
| RAYMOND JAMES & ASSOCIATES, INC. | $1.6M | 4.67% |
| HEADLANDS TECH GLOBAL MARKETS, LLC | $1.6M | 4.53% |
Nomura Tax-Free Oregon Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FTOTX | Institutional Class | 0.63% | none |
| FTORX | Class A | 0.88% | 4.50% |
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.