NCATX Fees and Costs — California Tax-Exempt Fund
Data updated: 2026-08-28
The net expense ratio is 0.46%: a 0.43% management fee plus 0.14% other expenses, less a 0.11% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 36%.
NCATX Fees and Expenses
Annual operating expenses and sales charges of NCATX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.43% |
| 12b-1 fee | — |
| Other expenses | 0.14% |
| Gross expense ratio | 0.57% |
| Fee waiver | −0.11% |
| Net expense ratio | 0.46% |
| 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 |
NCATX Costs Over Time
On $10,000 invested in NCATX, assuming 5% a year before costs, total costs come to $291 over 5 years, cutting the return by 0.48% 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 0.46%) | $48 | $152 | $264 |
| Lost growth on money paid in costs | $0 | $7 | $27 |
| Total costs | $48 | $159 | $291 |
| Value after costs | $10,452 | $11,417 | $12,472 |
| Impact on return, per year | 0.48% | 0.48% | 0.48% |
NCATX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $226.0M
- Portfolio turnover (prospectus): 36%
- Securities lending: none during the year
NCATX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $121.5M | 62.45% |
| J.P. MORGAN SECURITIES LLC | $13.9M | 7.16% |
| WELLS FARGO SECURITIES, LLC | $13.0M | 6.67% |
| MORGAN STANLEY & CO. LLC | $11.2M | 5.75% |
| MESIROW FINANCIAL, INC. | $9.0M | 4.65% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $6.8M | 3.50% |
| STONEX FINANCIAL INC. | $6.4M | 3.30% |
| RBC CAPITAL MARKETS, LLC | $6.1M | 3.16% |
| BARCLAYS CAPITAL INC. | $3.3M | 1.69% |
| SIEBERT WILLIAMS SHANK & CO., LLC | $3.3M | 1.67% |
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.