TEFEX Fees and Costs — Tax-Exempt Fund of California, Class F-2
Data updated: 2026-10-14
The net expense ratio is 0.40%: a 0.25% management fee plus 0.15% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 26%.
TEFEX Fees and Expenses
Annual operating expenses and sales charges of TEFEX. Prospectus, as of September 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.15% |
| Gross expense ratio | 0.40% |
| Fee waiver | — |
| Net expense ratio | 0.40% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
TEFEX Costs Over Time
On $10,000 invested in TEFEX, assuming 5% a year before costs, total costs come to $253 over 5 years, cutting the return by 0.42% 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 0.40%) | $42 | $132 | $230 |
| Lost growth on money paid in costs | $0 | $7 | $23 |
| Total costs | $42 | $138 | $253 |
| Value after costs | $10,458 | $11,438 | $12,510 |
| Impact on return, per year | 0.42% | 0.42% | 0.42% |
TEFEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $3.7B
- Portfolio turnover (prospectus): 26%
TEFEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JPMorgan Chase & Co. | $914.2M | 28.52% |
| Bank of America Corporation | $497.9M | 15.53% |
| Wells Fargo & Company | $488.4M | 15.24% |
| Morgan Stanley | $445.4M | 13.89% |
| The Goldman Sachs Group, Inc. | $241.8M | 7.54% |
| Barclays PLC | $223.8M | 6.98% |
| Royal Bank of Canada | $142.2M | 4.44% |
| Stifel Financial Corp. | $91.7M | 2.86% |
| Jefferies Financial Group Inc. | $80.3M | 2.51% |
| Piper Sandler Companies | $79.7M | 2.49% |
Tax-Exempt Fund of California Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| EXCAX | Class F-3 | 0.30% | none |
| TEFEX | Class F-2 | 0.40% | none |
| TTCAX | Class T | 0.54% | — |
| TAFTX | Class A | 0.57% | 3.75% |
| TECFX | Class F-1 | 0.66% | none |
| TECCX | Class C | 1.32% | none |
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.