HLRRX Fees and Costs — LDR Real Estate Value-Opportunity, Institutional Shares
Data updated: 2026-08-25
The net expense ratio is 1.55%: a 0.90% management fee plus 1.92% other expenses, less a 1.27% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $73K in broker commissions, 0.4216% of average net assets, and portfolio turnover was 86%.
HLRRX Fees and Expenses
Annual operating expenses and sales charges of HLRRX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.92% |
| Gross expense ratio | 2.82% |
| Fee waiver | −1.27% |
| Net expense ratio | 1.55% |
| 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 | Yes |
HLRRX Costs Over Time
On $10,000 invested in HLRRX, assuming 5% a year before costs, total costs come to $1,210 over 5 years, cutting the return by 2.07% 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 1.55%) | $163 | $503 | $863 |
| Trading costs (broker commissions) | $44 | $137 | $235 |
| Lost growth on money paid in costs | $0 | $32 | $112 |
| Total costs | $207 | $671 | $1,210 |
| Value after costs | $10,293 | $10,905 | $11,553 |
| Impact on return, per year | 2.07% | 2.07% | 2.07% |
HLRRX 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): 0.4216%
- Total broker commissions: $73K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 86%
- Securities lending: none during the year
HLRRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| EVERCORE GROUP L.L.C. | $51K | 70.63% |
| Raymond James & Associates, Inc. | $20K | 27.71% |
| B. RILEY SECURITIES, INC. | $1K | 1.66% |
LDR Real Estate Value-Opportunity Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| HLRRX | Institutional Shares | 1.55% | — |
| HLZZX | Z Shares | 1.55% | — |
| HLPPX | Platform Shares | 1.80% | — |
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.