LZESX Fees and Costs — Lazard International Equity Select Portfolio, Open Shares
Data updated: 2026-08-21
The net expense ratio is 1.15%: a 0.65% management fee, a 0.25% 12b-1 fee plus 0.47% other expenses, less a 0.22% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $42K in broker commissions, 0.0764% of average net assets, and portfolio turnover was 39%.
LZESX Fees and Expenses
Annual operating expenses and sales charges of LZESX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.47% |
| Gross expense ratio | 1.37% |
| Fee waiver | −0.22% |
| 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 |
LZESX Costs Over Time
On $10,000 invested in LZESX, assuming 5% a year before costs, total costs come to $764 over 5 years, cutting the return by 1.29% 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 | $376 | $650 |
| Trading costs (broker commissions) | $8 | $25 | $43 |
| Lost growth on money paid in costs | $0 | $20 | $70 |
| Total costs | $129 | $421 | $764 |
| Value after costs | $10,371 | $11,156 | $11,999 |
| Impact on return, per year | 1.29% | 1.29% | 1.29% |
LZESX 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): 0.0764%
- Total broker commissions: $42K
- Bought from dealers (principal trades, not a cost): $201.8M
- Portfolio turnover (prospectus): 39%
- Securities lending: none during the year
LZESX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Barclays Capital Inc. | $9K | 24.43% |
| Jefferies LLC | $4K | 11.46% |
| HSBC Securities (USA) Inc. | $4K | 10.74% |
| UBS Securities LLC | $4K | 10.07% |
| CLSA Americas, LLC | $3K | 8.20% |
| J.P. Morgan Securities LLC | $3K | 7.74% |
| Goldman Sachs & Co. LLC | $3K | 7.51% |
| BofA Securities, Inc. | $3K | 7.23% |
| TD Securities (USA) LLC | $2K | 6.64% |
| BNP Paribas Securities Corp. | $2K | 6.00% |
LZESX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $201.8M | 100.00% |
Lazard International Equity Select Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| RLIQX | C000134192 | 0.85% | — |
| LZSIX | Institutional Shares | 0.90% | — |
| LZESX | 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.