NOTEX Fees and Costs — Tax-Exempt Fund
Data updated: 2026-08-28
The net expense ratio is 0.45%: a 0.43% management fee plus 0.07% other expenses, less a 0.05% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 46%.
NOTEX Fees and Expenses
Annual operating expenses and sales charges of NOTEX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.43% |
| 12b-1 fee | — |
| Other expenses | 0.07% |
| Gross expense ratio | 0.50% |
| Fee waiver | −0.05% |
| Net expense ratio | 0.45% |
| 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 |
NOTEX Costs Over Time
On $10,000 invested in NOTEX, assuming 5% a year before costs, total costs come to $285 over 5 years, cutting the return by 0.47% 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 0.45%) | $47 | $148 | $259 |
| Lost growth on money paid in costs | $0 | $7 | $26 |
| Total costs | $47 | $156 | $285 |
| Value after costs | $10,453 | $11,421 | $12,478 |
| Impact on return, per year | 0.47% | 0.47% | 0.47% |
NOTEX 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): $1.4B
- Portfolio turnover (prospectus): 46%
- Securities lending: none during the year
NOTEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $558.0M | 50.82% |
| J.P. MORGAN SECURITIES LLC | $125.2M | 11.40% |
| BARCLAYS CAPITAL INC. | $103.7M | 9.44% |
| MORGAN STANLEY & CO. LLC | $70.7M | 6.43% |
| WELLS FARGO SECURITIES, LLC | $58.8M | 5.36% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $51.1M | 4.65% |
| RBC CAPITAL MARKETS, LLC | $41.5M | 3.78% |
| RAYMOND JAMES FINANCIAL, INC. | $33.6M | 3.06% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $29.3M | 2.67% |
| SAMUEL A. RAMIREZ & COMPANY, INC. | $26.1M | 2.38% |
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.