TAXXX Fees and Costs — Tax Exempt Portfolio
Data updated: 2026-02-27
The net expense ratio is 0.45% (0.59% before fee waivers). There are no sales loads or redemption fees.
TAXXX Fees and Expenses
Annual operating expenses and sales charges of TAXXX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.15% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.19% |
| Gross expense ratio | 0.59% |
| Fee waiver | −0.14% |
| 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 |
TAXXX Costs Over Time
On $10,000 invested in TAXXX, 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% |
TAXXX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $4.2B
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
TAXXX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $972.9M | 23.54% |
| TD Securities (USA) LLC | $601.2M | 14.55% |
| BofA Securities, Inc. | $583.4M | 14.12% |
| U.S. Bancorp Investments, Inc. | $528.4M | 12.79% |
| Wells Fargo Securities, LLC | $391.2M | 9.47% |
| Barclays Capital Inc. | $340.1M | 8.23% |
| BNY Capital Markets, LLC | $328.0M | 7.94% |
| Goldman Sachs & Co. LLC | $235.6M | 5.70% |
| RBC Capital Markets, LLC | $102.9M | 2.49% |
| Piper Sandler & Co. | $48.6M | 1.18% |
Tax Exempt Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MAXXX | Advisor Class | 0.20% | — |
| TEWXX | Wealth Class | 0.20% | — |
| TWSXX | Wealth S Class | 0.25% | — |
| TEXXX | C000011681 | 0.30% | — |
| TECXX | Cash Management Class | 0.35% | — |
| TXXXX | C000011678 | 0.35% | — |
| TAXXX | C000011679 | 0.45% | — |
| TPXXX | C000011682 | 0.70% | — |
| TSXXX | Select Class | 1.00% | — |
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.