LEAOX Fees and Costs — Lazard Emerging Markets Equity Advantage Portfolio, Open Shares
Data updated: 2026-08-21
The net expense ratio is 1.15%: a 0.75% management fee, a 0.25% 12b-1 fee plus 0.56% other expenses, less a 0.41% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $940K in broker commissions, 0.2355% of average net assets, and portfolio turnover was 76%.
LEAOX Fees and Expenses
Annual operating expenses and sales charges of LEAOX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.56% |
| Gross expense ratio | 1.56% |
| Fee waiver | −0.41% |
| Net expense ratio | 1.15% |
| 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 |
LEAOX Costs Over Time
On $10,000 invested in LEAOX, assuming 5% a year before costs, total costs come to $860 over 5 years, cutting the return by 1.45% 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 1.15%) | $121 | $375 | $648 |
| Trading costs (broker commissions) | $25 | $77 | $133 |
| Lost growth on money paid in costs | $0 | $22 | $79 |
| Total costs | $145 | $475 | $860 |
| Value after costs | $10,355 | $11,102 | $11,903 |
| Impact on return, per year | 1.45% | 1.45% | 1.45% |
LEAOX 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): 0.2355%
- Total broker commissions: $940K
- Bought from dealers (principal trades, not a cost): $926.6M
- Portfolio turnover (prospectus): 76%
- Securities lending: none during the year
LEAOX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $248K | 29.95% |
| CLSA Americas, LLC | $132K | 15.98% |
| J.P. Morgan Securities LLC | $111K | 13.41% |
| Morgan Stanley & Co. LLC | $104K | 12.62% |
| Goldman Sachs & Co. LLC | $75K | 9.04% |
| UBS Securities LLC | $53K | 6.39% |
| Citigroup Global Markets Inc. | $33K | 3.99% |
| Macquarie Capital (USA) Inc. | $28K | 3.34% |
| Barclays Capital Inc. | $22K | 2.72% |
| HSBC Securities (USA) Inc. | $21K | 2.56% |
LEAOX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $926.6M | 100.00% |
Lazard Emerging Markets Equity Advantage Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| LEAIX | Institutional Shares | 0.85% | — |
| READX | R6 Shares | 0.85% | — |
| LEAOX | Open Shares | 1.15% | — |
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.