SFEPX Fees and Costs — NAA Large Core Fund
Data updated: 2026-08-19
The net expense ratio is 1.34%: a 0.75% management fee, a 0.25% 12b-1 fee plus 0.34% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $55K in broker commissions, 0.0221% of average net assets, and portfolio turnover was 141%.
SFEPX Fees and Expenses
Annual operating expenses and sales charges of SFEPX. Prospectus, as of January 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.34% |
| Gross expense ratio | 1.34% |
| Fee waiver | — |
| Net expense ratio | 1.34% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
SFEPX Costs Over Time
On $10,000 invested in SFEPX, assuming 5% a year before costs, total costs come to $846 over 5 years, cutting the return by 1.43% 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 1.34%) | $141 | $437 | $756 |
| Trading costs (broker commissions) | $2 | $7 | $12 |
| Lost growth on money paid in costs | $0 | $22 | $78 |
| Total costs | $143 | $467 | $846 |
| Value after costs | $10,357 | $11,110 | $11,917 |
| Impact on return, per year | 1.43% | 1.43% | 1.43% |
SFEPX 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
SFEPX 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% |
SFEPX 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.