POSIX Fees and Costs — Global Real Estate Securities Fund, Institutional Class
Data updated: 2026-09-25
The net expense ratio is 0.94%: a 0.88% management fee plus 0.13% other expenses, less a 0.07% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $838K in broker commissions, 0.0497% of average net assets, and portfolio turnover was 22%.
POSIX Fees and Expenses
Annual operating expenses and sales charges of POSIX. Prospectus, as of March 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.88% |
| 12b-1 fee | — |
| Other expenses | 0.13% |
| Gross expense ratio | 1.01% |
| Fee waiver | −0.07% |
| Net expense ratio | 0.94% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
POSIX Costs Over Time
On $10,000 invested in POSIX, assuming 5% a year before costs, total costs come to $619 over 5 years, cutting the return by 1.04% 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 0.94%) | $99 | $308 | $534 |
| Trading costs (broker commissions) | $5 | $16 | $28 |
| Lost growth on money paid in costs | $0 | $16 | $57 |
| Total costs | $104 | $340 | $619 |
| Value after costs | $10,396 | $11,236 | $12,144 |
| Impact on return, per year | 1.04% | 1.04% | 1.04% |
POSIX 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): 0.0497%
- Total broker commissions: $838K
- Bought from dealers (principal trades, not a cost): $22.7M
- Portfolio turnover (prospectus): 22%
- Securities on loan, average value: $0
- Net income from securities lending: $1K (0.000% of average net assets)
POSIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS SECURITIES LLC | $143K | 25.84% |
| CITIGROUP GLOBAL MARKETS | $103K | 18.70% |
| STIFEL NICOLAUS & COMPANY | $54K | 9.82% |
| MERRILL LYNCH PIERCE FENNER & SMITH | $49K | 8.81% |
| JEFFERIES & COMPANY | $48K | 8.64% |
| J.P. MORGAN SECURITIES LLC | $40K | 7.20% |
| SANFORD C. BERNSTEIN & CO. | $34K | 6.23% |
| CREDIT LYONNAIS | $29K | 5.29% |
| WELLS FARGO SECURITIES LLC | $27K | 4.94% |
| LIQUIDNET | $25K | 4.54% |
POSIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $5.7M | 89.30% |
| NOMURA SECURITIES INT'L INC. | $457K | 7.22% |
| MERRILL LYNCH PIERCE FENNER & SMITH | $220K | 3.48% |
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 |
|---|---|---|---|
| PGRSX | Class R-6 | 0.90% | none |
| POSIX | Institutional Class | 0.94% | none |
| PGRUX | Class R-5 | 1.15% | none |
| POSAX | Class A | 1.36% | 5.50% |
| PGRKX | Class R-3 | 1.46% | 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.