NOAZX Fees and Costs — Arizona Tax-Exempt Fund
Data updated: 2026-08-28
The net expense ratio is 0.47%: a 0.43% management fee plus 0.27% other expenses, less a 0.23% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 35%.
NOAZX Fees and Expenses
Annual operating expenses and sales charges of NOAZX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.43% |
| 12b-1 fee | — |
| Other expenses | 0.27% |
| Gross expense ratio | 0.70% |
| Fee waiver | −0.23% |
| Net expense ratio | 0.47% |
| 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 |
NOAZX Costs Over Time
On $10,000 invested in NOAZX, assuming 5% a year before costs, total costs come to $297 over 5 years, cutting the return by 0.49% 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 0.47%) | $49 | $155 | $270 |
| Lost growth on money paid in costs | $0 | $8 | $27 |
| Total costs | $49 | $162 | $297 |
| Value after costs | $10,451 | $11,414 | $12,466 |
| Impact on return, per year | 0.49% | 0.49% | 0.49% |
NOAZX 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): $107.6M
- Portfolio turnover (prospectus): 35%
- Securities lending: none during the year
NOAZX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $59.6M | 61.49% |
| J.P. MORGAN SECURITIES LLC | $10.0M | 10.36% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $6.9M | 7.13% |
| BARCLAYS CAPITAL INC. | $4.5M | 4.69% |
| RBC CAPITAL MARKETS, LLC | $4.5M | 4.66% |
| MESIROW FINANCIAL, INC. | $2.8M | 2.91% |
| WELLS FARGO SECURITIES, LLC | $2.7M | 2.74% |
| PIPER SANDLER & CO. | $2.1M | 2.16% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $1.9M | 1.95% |
| MORGAN STANLEY & CO. LLC | $1.9M | 1.92% |
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.