SECEX Fees and Costs — NAA Large Core Fund, Class A
Data updated: 2026-08-19
The net expense ratio is 1.25%. This share class carries a maximum front-end sales load of 4.75%. In fiscal 2025 the fund paid $55K in broker commissions, 0.0221% of average net assets, and portfolio turnover was 141%.
SECEX Fees and Expenses
Annual operating expenses and sales charges of SECEX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | — |
| Other expenses | 0.25% |
| Gross expense ratio | 1.25% |
| Fee waiver | — |
| Net expense ratio | 1.25% |
| Sales charges | |
|---|---|
| Max front load | 4.75% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
SECEX Costs Over Time
On $10,000 invested in SECEX, assuming 5% a year before costs, total costs come to $1,360 over 5 years, cutting the return by 2.34% 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 | $475 | $475 | $475 |
| Fund expenses (net expense ratio 1.25%) | $125 | $389 | $673 |
| Trading costs (broker commissions) | $2 | $7 | $12 |
| Lost growth on money paid in costs | $24 | $95 | $201 |
| Total costs | $626 | $965 | $1,360 |
| Value after costs | $9,874 | $10,611 | $11,403 |
| Impact on return, per year | 6.26% | 3.00% | 2.34% |
SECEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0221%
- Total broker commissions: $55K
- Bought from dealers (principal trades, not a cost): $44.7M
- Portfolio turnover (prospectus): 141%
- Securities lending: none during the year
SECEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CANTOR FITZGERALD & CO. | $20K | 35.70% |
| CITIGROUP GLOBAL MARKETS, INC | $18K | 33.44% |
| UBS SECURITIES LLC | $13K | 22.92% |
| BOFA SECURITIES, INC. | $3K | 6.23% |
| J.P. MORGAN SECURITIES LLC | $774 | 1.41% |
| WELLS FARGO SECURITIES, LLC | $53 | 0.10% |
| JONES TRADING INSTITUTIONAL SERVICES LLC | $47 | 0.09% |
| MORGAN STANLEY & CO., LLC | $44 | 0.08% |
| JP MORGAN CHASE & CO | $20 | 0.04% |
SECEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO BROKERAGE SERVICES LLC | $32.6M | 72.93% |
| WELLS FARGO SECURITIES, LLC | $12.1M | 27.07% |
NAA Large Core Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| GILIX | Institutional Class | 1.00% | none |
| SECEX | Class A | 1.25% | 4.75% |
| SFEPX | C000249828 | 1.34% | none |
| SFECX | Class C | 2.00% | 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.