GREZX Fees and Costs — Global Real Estate Securities Fund, Investor Class
Data updated: 2026-08-27
The net expense ratio is 1.20%: a 0.71% management fee plus 0.49% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $546K in broker commissions, 0.1809% of average net assets, and portfolio turnover was 139%.
GREZX Fees and Expenses
Annual operating expenses and sales charges of GREZX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.71% |
| 12b-1 fee | — |
| Other expenses | 0.49% |
| Gross expense ratio | 1.20% |
| Fee waiver | — |
| Net expense ratio | 1.20% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
GREZX Costs Over Time
On $10,000 invested in GREZX, assuming 5% a year before costs, total costs come to $857 over 5 years, cutting the return by 1.45% 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 1.20%) | $126 | $392 | $676 |
| Trading costs (broker commissions) | $19 | $59 | $102 |
| Lost growth on money paid in costs | $0 | $22 | $79 |
| Total costs | $145 | $473 | $857 |
| Value after costs | $10,355 | $11,103 | $11,906 |
| Impact on return, per year | 1.45% | 1.45% | 1.45% |
GREZX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1809%
- Total broker commissions: $546K
- Bought from dealers (principal trades, not a cost): $1.0B
- Portfolio turnover (prospectus): 139%
- Securities on loan, average value: $27.4M
- Net income from securities lending: $59K (0.019% of average net assets)
GREZX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC CAPITAL MARKETS, LLC | $34K | 14.13% |
| Mizuho Securities Co., Ltd. | $32K | 13.36% |
| CITIGROUP GLOBAL MARKETS INC. | $27K | 11.20% |
| INSTINET, LLC | $25K | 10.52% |
| DBS BANK LTD. | $24K | 9.94% |
| MORGAN STANLEY & CO. LLC | $23K | 9.48% |
| BOFA SECURITIES INC. | $21K | 8.62% |
| WELLS FARGO SECURITIES, LLC | $19K | 7.98% |
| J.P. MORGAN SECURITIES (ASIA PACIFIC) LIMITED | $19K | 7.95% |
| SMBC Nikko Securities (Hong Kong) Limited | $16K | 6.82% |
GREZX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GUIDESTONE MONEY MARKET FUND | $181.3M | 32.31% |
| RBC CAPITAL MARKETS, LLC | $98.0M | 17.46% |
| PIPER SANDLER & CO. | $49.3M | 8.78% |
| CITIGROUP GLOBAL MARKETS INC. | $39.0M | 6.96% |
| BOFA SECURITIES EUROPE SA | $36.6M | 6.53% |
| BTIG, LLC | $36.1M | 6.44% |
| Mizuho Securities Co., Ltd. | $35.5M | 6.33% |
| VIRTU AMERICAS LLC | $32.1M | 5.72% |
| J.P. MORGAN SECURITIES LLC | $27.6M | 4.92% |
| ROTH CAPITAL PARTNERS, LLC | $25.6M | 4.56% |
Global Real Estate Securities Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| GREYX | Institutional Class | 0.88% | — |
| GREZX | Investor Class | 1.20% | — |
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.