LZISX Fees and Costs — Lazard Global Small Cap Equity Portfolio, Institutional Shares
Data updated: 2026-08-21
The net expense ratio is 1.03%: a 0.75% management fee plus 1.42% other expenses, less a 1.14% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $26K in broker commissions, 0.2324% of average net assets, and portfolio turnover was 160%.
LZISX Fees and Expenses
Annual operating expenses and sales charges of LZISX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.42% |
| Gross expense ratio | 2.17% |
| Fee waiver | −1.14% |
| Net expense ratio | 1.03% |
| 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 |
LZISX Costs Over Time
On $10,000 invested in LZISX, assuming 5% a year before costs, total costs come to $786 over 5 years, cutting the return by 1.33% 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 1.03%) | $108 | $337 | $582 |
| Trading costs (broker commissions) | $24 | $76 | $131 |
| Lost growth on money paid in costs | $0 | $20 | $72 |
| Total costs | $133 | $433 | $786 |
| Value after costs | $10,367 | $11,143 | $11,977 |
| Impact on return, per year | 1.33% | 1.33% | 1.33% |
LZISX 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): 0.2324%
- Total broker commissions: $26K
- Bought from dealers (principal trades, not a cost): $49.9M
- Portfolio turnover (prospectus): 160%
- Securities lending: none during the year
LZISX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Barclays Capital Inc. | $10K | 47.96% |
| BofA Securities, Inc. | $3K | 15.15% |
| Goldman Sachs & Co. LLC | $2K | 7.30% |
| TD Securities (USA) LLC | $1K | 6.56% |
| UBS Securities LLC | $1K | 6.13% |
| CLSA Americas, LLC | $963 | 4.48% |
| HSBC Securities (USA) Inc. | $816 | 3.79% |
| Morgan Stanley & Co. LLC | $656 | 3.05% |
| J.P. Morgan Securities LLC | $605 | 2.81% |
| BNP Paribas Securities Corp. | $593 | 2.76% |
LZISX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $49.2M | 98.42% |
| Jefferies LLC | $307K | 0.61% |
| Berenberg Capital Markets LLC | $157K | 0.32% |
| Morgan Stanley & Co. LLC | $122K | 0.24% |
| Citigroup Global Markets Inc. | $107K | 0.21% |
| Goldman Sachs & Co. LLC | $94K | 0.19% |
Lazard Global Small Cap Equity Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| RLICX | C000134184 | 0.98% | — |
| LZISX | Institutional Shares | 1.03% | — |
| LZSMX | Open Shares | 1.28% | — |
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.