TENEX Fees and Costs — New Economy Fund, Class 529-T
Data updated: 2026-07-29
The net expense ratio is 0.78%: a 0.36% management fee, a 0.25% 12b-1 fee plus 0.17% other expenses. This share class carries a maximum front-end sales load of 2.50%. In fiscal 2025 the fund paid $7.5M in broker commissions, 0.0197% of average net assets, and portfolio turnover was 39%.
TENEX Fees and Expenses
Annual operating expenses and sales charges of TENEX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.36% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.17% |
| Gross expense ratio | 0.78% |
| Fee waiver | — |
| Net expense ratio | 0.78% |
| Sales charges | |
|---|---|
| Max front load | 2.50% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
TENEX Costs Over Time
On $10,000 invested in TENEX, assuming 5% a year before costs, total costs come to $809 over 5 years, cutting the return by 1.37% 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 |
| Sales charges | $250 | $250 | $250 |
| Fund expenses (net expense ratio 0.78%) | $80 | $250 | $434 |
| Trading costs (broker commissions) | $2 | $6 | $11 |
| Lost growth on money paid in costs | $12 | $52 | $114 |
| Total costs | $344 | $558 | $809 |
| Value after costs | $10,156 | $11,018 | $11,954 |
| Impact on return, per year | 3.44% | 1.72% | 1.37% |
TENEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0197%
- Total broker commissions: $7.5M
- Bought from dealers (principal trades, not a cost): $213.8M
- Portfolio turnover (prospectus): 39%
- Securities on loan, average value: $20.4M
- Net income from securities lending: $123K (0.000% of average net assets)
TENEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $844K | 17.25% |
| Morgan Stanley & Co. LLC | $669K | 13.69% |
| Jefferies & Company Inc. | $601K | 12.29% |
| J.P. Morgan Securities LLC | $594K | 12.15% |
| UBS AG | $477K | 9.75% |
| Bank of America, N.A. | $456K | 9.33% |
| Barclays Bank PLC | $368K | 7.53% |
| RBC Capital Markets LLC | $308K | 6.30% |
| Sanford Bernstein & Co. LLC | $296K | 6.05% |
| Citigroup Global Markets Inc. | $277K | 5.66% |
TENEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $69.8M | 32.65% |
| J.P. Morgan Securities LLC | $45.2M | 21.17% |
| FTN Financial Securities Corp. | $37.8M | 17.68% |
| Bank of America, N.A. | $21.9M | 10.24% |
| MEDIOBANCA - BANCA DI CREDITO FINANZIARIO S.P.A. | $15.6M | 7.31% |
| Barclays Bank PLC | $13.0M | 6.08% |
| Citigroup Global Markets Inc. | $10.4M | 4.86% |
New Economy Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FNEFX | Class F-3 | 0.40% | none |
| RNGGX | Class R-6 | 0.40% | none |
| FNNEX | Class 529-F-3 | 0.45% | none |
| RNGFX | Class R-5 | 0.45% | none |
| FNEEX | Class 529-F-2 | 0.51% | none |
| NEFFX | Class F-2 | 0.51% | none |
| RNGHX | Class R-5E | 0.55% | none |
| ANEFX | Class A | 0.72% | 5.75% |
| TNEEX | Class T | 0.73% | 2.50% |
| CNGAX | Class 529-A | 0.75% | 3.50% |
| RNGEX | Class R-4 | 0.75% | none |
| ANFFX | Class F-1 | 0.78% | none |
| TENEX | Class 529-T | 0.78% | 2.50% |
| CNGFX | Class 529-F-1 | 0.83% | none |
| CNGEX | Class 529-E | 1.00% | none |
| RNGCX | Class R-3 | 1.05% | none |
| RNNEX | Class R-2E | 1.20% | none |
| ANFCX | Class C | 1.48% | none |
| RNGAX | Class R-1 | 1.49% | none |
| RNGBX | Class R-2 | 1.49% | none |
| CNGCX | Class 529-C | 1.52% | 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.