LZOEX Fees and Costs — Lazard Emerging Markets Equity Portfolio, Open Shares
Data updated: 2026-08-21
The net expense ratio is 1.32%: a 1.00% management fee, a 0.25% 12b-1 fee plus 0.07% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $4.5M in broker commissions, 0.0976% of average net assets, and portfolio turnover was 27%.
LZOEX Fees and Expenses
Annual operating expenses and sales charges of LZOEX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.07% |
| Gross expense ratio | 1.32% |
| Fee waiver | — |
| Net expense ratio | 1.32% |
| 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 |
LZOEX Costs Over Time
On $10,000 invested in LZOEX, assuming 5% a year before costs, total costs come to $879 over 5 years, cutting the return by 1.49% 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 1.32%) | $139 | $431 | $743 |
| Trading costs (broker commissions) | $10 | $32 | $55 |
| Lost growth on money paid in costs | $0 | $23 | $81 |
| Total costs | $149 | $485 | $879 |
| Value after costs | $10,351 | $11,091 | $11,883 |
| Impact on return, per year | 1.49% | 1.49% | 1.49% |
LZOEX 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): 0.0976%
- Total broker commissions: $4.5M
- Bought from dealers (principal trades, not a cost): $28.7B
- Portfolio turnover (prospectus): 27%
- Securities lending: none during the year
LZOEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $744K | 20.18% |
| J.P. Morgan Securities LLC | $532K | 14.44% |
| UBS Securities LLC | $465K | 12.60% |
| CLSA Americas, LLC | $446K | 12.11% |
| Goldman Sachs & Co. LLC | $397K | 10.76% |
| Citigroup Global Markets Inc. | $341K | 9.24% |
| Morgan Stanley & Co. LLC | $225K | 6.09% |
| Jefferies LLC | $191K | 5.19% |
| Macquarie Capital (USA) Inc. | $191K | 5.18% |
| BMO Capital Markets Corp. | $155K | 4.22% |
LZOEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $28.3B | 98.92% |
| BofA Securities, Inc. | $308.1M | 1.08% |
Lazard Emerging Markets 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 |
|---|---|---|---|
| LZEMX | Institutional Shares | 1.07% | — |
| RLEMX | R6 Shares | 1.07% | — |
| LZOEX | Open Shares | 1.32% | — |
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.