GRIOX Fees and Costs — Greenspring Income Opportunities Fund, Institutional Shares
Data updated: 2026-08-26
The net expense ratio is 0.85%. There are no sales loads or redemption fees. Portfolio turnover was 51%.
GRIOX Fees and Expenses
Annual operating expenses and sales charges of GRIOX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 0.85% |
| Fee waiver | — |
| Net expense ratio | 0.85% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
GRIOX Costs Over Time
On $10,000 invested in GRIOX, assuming 5% a year before costs, total costs come to $533 over 5 years, cutting the return by 0.89% 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 0.85%) | $89 | $279 | $484 |
| Lost growth on money paid in costs | $0 | $14 | $49 |
| Total costs | $89 | $293 | $533 |
| Value after costs | $10,411 | $11,284 | $12,230 |
| Impact on return, per year | 0.89% | 0.89% | 0.89% |
GRIOX 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): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $758.7M
- Portfolio turnover (prospectus): 51%
- Securities lending: none during the year
GRIOX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Market Axess, Inc. | $41.2M | 18.76% |
| Jefferies LLC | $32.6M | 14.84% |
| J.P. Morgan Securities LLC | $28.8M | 13.12% |
| Morgan Stanley & Co., Inc. | $22.6M | 10.27% |
| Imperial Capital LLC | $18.6M | 8.45% |
| Bofa Securities, Inc. | $18.5M | 8.42% |
| Goldman Sachs & Co. | $18.2M | 8.29% |
| Barclays Capital, Inc. | $17.1M | 7.78% |
| Knight Direct LLC | $14.5M | 6.61% |
| SMBC Nikko Securities America Inc. | $7.6M | 3.45% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.