NOIEX Fees and Costs — Income Equity Fund
Data updated: 2026-08-28
The net expense ratio is 0.48%: a 0.46% management fee plus 0.18% other expenses, less a 0.16% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $48K in broker commissions, 0.0185% of average net assets, and portfolio turnover was 38%.
NOIEX Fees and Expenses
Annual operating expenses and sales charges of NOIEX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.46% |
| 12b-1 fee | — |
| Other expenses | 0.18% |
| Gross expense ratio | 0.64% |
| Fee waiver | −0.16% |
| Net expense ratio | 0.48% |
| 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 |
NOIEX Costs Over Time
On $10,000 invested in NOIEX, assuming 5% a year before costs, total costs come to $315 over 5 years, cutting the return by 0.52% 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 0.48%) | $50 | $158 | $276 |
| Trading costs (broker commissions) | $2 | $6 | $11 |
| Lost growth on money paid in costs | $0 | $8 | $29 |
| Total costs | $52 | $172 | $315 |
| Value after costs | $10,448 | $11,404 | $12,448 |
| Impact on return, per year | 0.52% | 0.52% | 0.52% |
NOIEX 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): 0.0185%
- Total broker commissions: $48K
- Bought from dealers (principal trades, not a cost): $100.6M
- Portfolio turnover (prospectus): 38%
- Securities on loan, average value: $583K
- Net income from securities lending: $2K (0.001% of average net assets)
NOIEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $14K | 29.11% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $12K | 25.62% |
| JPMorgan Chase Bank, National Association | $12K | 24.91% |
| VIRTU AMERICAS LLC | $4K | 9.19% |
| Citibank, National Association | $2K | 4.68% |
| J.P. MORGAN SECURITIES LLC | $2K | 3.25% |
| MERRILL LYNCH INTERNATIONAL | $2K | 3.21% |
| UBS AG | $17 | 0.04% |
NOIEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $95.8M | 95.27% |
| JPMorgan Chase Bank, National Association | $1.7M | 1.68% |
| Bank of Montreal | $1.0M | 1.01% |
| BMO Nesbitt Burns Inc. | $941K | 0.94% |
| MORGAN STANLEY & CO. LLC | $291K | 0.29% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $257K | 0.26% |
| Nomura Securities International, Inc. | $252K | 0.25% |
| Wells Fargo Bank, National Association | $173K | 0.17% |
| CITIGROUP GLOBAL MARKETS INC. | $75K | 0.07% |
| MUFG SECURITIES AMERICAS INC. | $60K | 0.06% |
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.