TWUAX Fees and Costs — Ultra Fund, A Class
Data updated: 2026-09-29
The net expense ratio is 1.12%: a 0.87% management fee plus a 0.25% 12b-1 fee. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2025 the fund paid $1.1M in broker commissions, 0.0043% of average net assets, and portfolio turnover was 15%.
TWUAX Fees and Expenses
Annual operating expenses and sales charges of TWUAX. Prospectus, as of March 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.87% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.00% |
| Gross expense ratio | 1.12% |
| Fee waiver | — |
| Net expense ratio | 1.12% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
TWUAX Costs Over Time
On $10,000 invested in TWUAX, assuming 5% a year before costs, total costs come to $1,395 over 5 years, cutting the return by 2.40% 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 | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.12%) | $111 | $345 | $598 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $29 | $108 | $220 |
| Total costs | $715 | $1,030 | $1,395 |
| Value after costs | $9,785 | $10,547 | $11,368 |
| Impact on return, per year | 7.15% | 3.21% | 2.40% |
TWUAX 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): 0.0043%
- Total broker commissions: $1.1M
- Bought from dealers (principal trades, not a cost): $11.7B
- Portfolio turnover (prospectus): 15%
- Securities on loan, average value: $1.7M
- Net income from securities lending: $3K (0.000% of average net assets)
TWUAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CITIGROUP CAPITAL MARKETS INC. | $141K | 16.00% |
| BANK OF AMERICA MERRILL LYNCH | $128K | 14.57% |
| JEFFERIES LLC | $106K | 11.99% |
| ROBERT W BAIRD | $84K | 9.53% |
| MORGAN STANLEY | $83K | 9.38% |
| EVERCORE ISI INVESTMENT GROUP | $80K | 9.13% |
| BERNSTEIN INSTITUTIONAL SERVICES | $79K | 8.99% |
| J.P. MORGAN SECURITIES | $71K | 8.05% |
| BARCLAYS CAPITAL | $57K | 6.45% |
| UBS WARBURG | $52K | 5.91% |
TWUAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| STATE STREET GLOBAL MARKETS LLC | $10.2B | 87.00% |
| BMO CAPITAL MARKETS | $968.2M | 8.30% |
| MORGAN STANLEY | $273.5M | 2.34% |
| BANK OF AMERICA MERRILL LYNCH | $127.7M | 1.09% |
| UBS WARBURG | $68.4M | 0.59% |
| GOLDMAN SACHS | $60.3M | 0.52% |
| J.P. MORGAN SECURITIES | $15.0M | 0.13% |
| TORONTO-DOMINION CORP | $3.5M | 0.03% |
Ultra Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| AULNX | G Class | 0.00% | none |
| AULDX | R6 Class | 0.52% | none |
| AULYX | Y Class | 0.52% | none |
| AULGX | R5 Class | 0.67% | none |
| TWUIX | I Class | 0.67% | none |
| TWCUX | Investor Class | 0.87% | none |
| TWUAX | A Class | 1.12% | 5.75% |
| AULRX | R Class | 1.37% | none |
| TWCCX | C Class | 1.87% | 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.