MRESX Fees and Costs — Cromwell CenterSquare Real Estate Fund, Investor Class
Data updated: 2026-08-21
The net expense ratio is 1.12% (1.17% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $44K in broker commissions, 0.0463% of average net assets, and portfolio turnover was 31%.
MRESX Fees and Expenses
Annual operating expenses and sales charges of MRESX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.37% |
| Gross expense ratio | 1.17% |
| Fee waiver | −0.05% |
| Net expense ratio | 1.12% |
| Sales charges | |
|---|---|
| Max front load | — |
| 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 |
MRESX Costs Over Time
On $10,000 invested in MRESX, assuming 5% a year before costs, total costs come to $727 over 5 years, cutting the return by 1.22% 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 1.12%) | $118 | $366 | $634 |
| Trading costs (broker commissions) | $5 | $15 | $26 |
| Lost growth on money paid in costs | $0 | $19 | $67 |
| Total costs | $122 | $400 | $727 |
| Value after costs | $10,378 | $11,176 | $12,036 |
| Impact on return, per year | 1.22% | 1.22% | 1.22% |
MRESX 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): 0.0463%
- Total broker commissions: $44K
- Bought from dealers (principal trades, not a cost): $1.4M
- Portfolio turnover (prospectus): 31%
- Securities lending: none during the year
MRESX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| LIQUIDNET, INC. | $11K | 28.23% |
| MORGAN STANLEY & CO. LLC | $6K | 14.57% |
| CITIGROUP GLOBAL MARKETS INC. | $5K | 13.12% |
| WELLS FARGO SECURITIES, LLC | $5K | 12.24% |
| JP MORGAN SECURITIES LLC | $4K | 10.88% |
| BOFA SECURITIES, INC. | $2K | 6.39% |
| EVERCORE GROUP L.L.C. | $2K | 4.84% |
| KEYBANC CAPITAL MARKETS, INC. | $1K | 3.46% |
| Raymond James & Associates, Inc. | $1K | 3.14% |
| JEFFERIES LLC | $1K | 3.13% |
MRESX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $760K | 52.88% |
| JP MORGAN SECURITIES LLC | $501K | 34.86% |
| RBC CAPITAL MARKETS, LLC | $176K | 12.26% |
Cromwell CenterSquare Real Estate Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MRASX | Institutional Class | 1.02% | — |
| MRESX | Investor Class | 1.12% | — |
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.