FSRLX Fees and Costs — FS Chiron Real Development Fund, Class I
Data updated: 2025-05-30
The net expense ratio is 1.20%: a 0.95% management fee plus 0.45% other expenses, less a 0.20% fee waiver. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $151K in broker commissions, 0.2180% of average net assets, and portfolio turnover was 188%.
FSRLX Fees and Expenses
Annual operating expenses and sales charges of FSRLX. Prospectus, as of April 30, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.45% |
| Gross expense ratio | 1.40% |
| Fee waiver | −0.20% |
| Net expense ratio | 1.20% |
| 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 | Yes |
FSRLX Costs Over Time
On $10,000 invested in FSRLX, assuming 5% a year before costs, total costs come to $880 over 5 years, cutting the return by 1.49% 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 | $391 | $676 |
| Trading costs (broker commissions) | $23 | $71 | $123 |
| Lost growth on money paid in costs | $0 | $23 | $81 |
| Total costs | $149 | $486 | $880 |
| Value after costs | $10,351 | $11,091 | $11,883 |
| Impact on return, per year | 1.49% | 1.49% | 1.49% |
FSRLX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.2180%
- Total broker commissions: $151K
- Bought from dealers (principal trades, not a cost): $5.4M
- Portfolio turnover (prospectus): 188%
- Securities lending: none during the year
FSRLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| SANFORD C. BERNSTEIN & CO., | $48K | 35.19% |
| BAML | $20K | 14.77% |
| J P MORGAN CHASE BANK | $16K | 11.53% |
| MORGAN STANLEY & CO, INC | $14K | 10.62% |
| RENAISSANCE CAPITAL CORP. | $9K | 6.51% |
| JEFFERIES LLC | $8K | 5.64% |
| RBC DAIN RAUSCHER INC. | $7K | 5.24% |
| MACRO RISK ADVISOR | $6K | 4.30% |
| CITIGROUP | $4K | 3.21% |
| UBS SECURITIES | $4K | 3.02% |
FSRLX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MARKET AXESS | $3.0M | 55.44% |
| MORGAN STANLEY & CO, INC | $929K | 17.10% |
| CITIGROUP | $789K | 14.52% |
| MONTGOMERY/BANK OF AMERICA | $216K | 3.97% |
| JEFFERIES LLC | $194K | 3.57% |
| J P MORGAN CHASE BANK | $150K | 2.75% |
| GOLDMAN, SACHS & CO. | $95K | 1.75% |
| BAML | $49K | 0.90% |
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.