LEOOX Fees and Costs — Lazard Enhanced Opportunities Portfolio, Open Shares
Data updated: 2026-08-21
The net expense ratio is 1.59%: a 0.95% management fee, a 0.25% 12b-1 fee plus 1.40% other expenses, less a 1.02% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $27K in broker commissions, 0.0513% of average net assets, and portfolio turnover was 857%.
LEOOX Fees and Expenses
Annual operating expenses and sales charges of LEOOX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.25% |
| Other expenses | 1.40% |
| Gross expense ratio | 2.61% |
| Fee waiver | −1.02% |
| Net expense ratio | 1.59% |
| 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 |
LEOOX Costs Over Time
On $10,000 invested in LEOOX, assuming 5% a year before costs, total costs come to $1,014 over 5 years, cutting the return by 1.72% 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 1.59%) | $167 | $517 | $891 |
| Trading costs (broker commissions) | $5 | $17 | $29 |
| Lost growth on money paid in costs | $0 | $27 | $94 |
| Total costs | $172 | $561 | $1,014 |
| Value after costs | $10,328 | $11,016 | $11,749 |
| Impact on return, per year | 1.72% | 1.72% | 1.72% |
LEOOX 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): 0.0513%
- Total broker commissions: $27K
- Bought from dealers (principal trades, not a cost): $919.2M
- Portfolio turnover (prospectus): 857%
- Securities lending: none during the year
LEOOX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Marex Capital Markets Inc. | $8K | 29.64% |
| BofA Securities, Inc. | $5K | 20.00% |
| Guardian Capital LP | $5K | 18.37% |
| Citadel Securities LLC | $2K | 9.12% |
| Morgan Stanley & Co. LLC | $2K | 8.26% |
| MKM Partners LLC | $2K | 5.79% |
| Virtu Americas LLC | $1K | 3.82% |
| RBC Capital Markets, LLC | $621 | 2.35% |
| Wells Fargo Securities, LLC | $408 | 1.54% |
| JonesTrading Institutional Services LLC | $296 | 1.12% |
LEOOX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $307.3M | 37.77% |
| Citadel Securities LLC | $121.5M | 14.93% |
| J.P. Morgan Securities LLC | $119.5M | 14.69% |
| BNP Paribas Securities Corp. | $77.9M | 9.57% |
| HSBC Securities (USA) Inc. | $44.2M | 5.43% |
| Barclays Capital Inc. | $41.3M | 5.08% |
| Nomura Securities International, Inc. | $32.9M | 4.04% |
| Morgan Stanley & Co. LLC | $26.8M | 3.29% |
| Citigroup Global Markets Inc. | $22.3M | 2.74% |
| Goldman Sachs & Co. LLC | $20.1M | 2.47% |
Lazard Enhanced Opportunities Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| RLZEX | C000150429 | 1.29% | — |
| LEOIX | Institutional Shares | 1.34% | — |
| LEOOX | Open Shares | 1.59% | — |
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.