RALIX Fees and Costs — Lazard Real Assets Portfolio, Institutional Shares
Data updated: 2026-08-21
The net expense ratio is 0.83% (4.66% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1K in broker commissions, 0.0252% of average net assets, and portfolio turnover was 32%.
RALIX Fees and Expenses
Annual operating expenses and sales charges of RALIX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.00% |
| Other expenses | 3.98% |
| Gross expense ratio | 4.66% |
| Fee waiver | −3.83% |
| Net expense ratio | 0.83% |
| 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 |
RALIX Costs Over Time
On $10,000 invested in RALIX, assuming 5% a year before costs, total costs come to $536 over 5 years, cutting the return by 0.90% 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 0.83%) | $87 | $272 | $473 |
| Trading costs (broker commissions) | $3 | $8 | $14 |
| Lost growth on money paid in costs | $0 | $14 | $49 |
| Total costs | $90 | $294 | $536 |
| Value after costs | $10,410 | $11,282 | $12,226 |
| Impact on return, per year | 0.90% | 0.90% | 0.90% |
RALIX 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): 0.0252%
- Total broker commissions: $1K
- Bought from dealers (principal trades, not a cost): $6.2M
- Portfolio turnover (prospectus): 32%
- Securities lending: none during the year
RALIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $215 | 19.88% |
| Sanford C. Bernstein & Co., LLC | $167 | 15.44% |
| J.P. Morgan Securities LLC | $155 | 14.38% |
| TD Securities (USA) LLC | $127 | 11.76% |
| BofA Securities, Inc. | $114 | 10.54% |
| Penserra Securities LLC | $74 | 6.86% |
| Citigroup Global Markets Inc. | $65 | 6.03% |
| XP Investments US, LLC | $58 | 5.33% |
| Goldman Sachs & Co. LLC | $54 | 5.05% |
| Evercore Group L.L.C. | $51 | 4.74% |
RALIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $6.2M | 99.97% |
| J.P. Morgan Securities LLC | $2K | 0.03% |
Lazard Real Assets Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| RALYX | R6 Shares | 0.78% | — |
| RALIX | Institutional Shares | 0.83% | — |
| RALOX | Open Shares | 1.08% | — |
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.