The fund invests primarily in equity securities, principally common stocks, of relatively small non-U.S. companies that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The Investment Manager considers "small non-U.S. companies" to be those non-U.S. companies with market capitalizations, at the time of initial purchase by the Portfolio, below $5 billion and above $300 million or in the range of companies included in the MSCI EAFE Small Cap Index.

Nasdaq

LZISX

The fund invests primarily in equity securities, principally common stocks, of small to mid cap U.S. companies. The Investment Manager considers "small-mid cap companies" to be those companies that have market capitalizations within the range of companies included in the Russell 2500 Index. It invests at least 80% of its assets in equity securities of small-mid cap U.S. companies. The fund may invest up to 20% of its assets in securities of larger or smaller U.S. or non-U.S. companies.

LZSCX

The fund invests primarily in equity securities, including common stocks, of relatively large non-U.S. companies with market capitalizations in the range of companies included in the MSCI All Country World Index ex-US that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.

LZSIX

Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of U.S. companies. It may invest up to 20% of its assets in securities of non-U.S. companies. Although the Portfolio generally focuses on large cap companies, the market capitalizations of issuers in which the Portfolio invests may vary with market conditions and the Portfolio also may invest in mid cap and small cap companies. It is non-diversified.

LZUSX

Under normal market conditions, the portfolio invests at least 80% of its assets in real assets investments, including instruments providing exposure to such investments. It may invest in equity securities of U.S. and non-U.S. companies, including emerging markets companies, as well as commodity-linked and other derivative instruments.

RALIX

The fund primarily focuses on investing in equity securities of U.S. Sustainable Companies, with a possibility of up to 20% allocation to non-U.S. companies. While classified as "diversified," it may have a concentration in fewer issuers compared to more diversified portfolios.

SUSTX

Under normal circumstances, the Portfolio invests at least 80% of its assets in fixed-income securities of U.S. issuers, including U.S. government securities, corporate securities, mortgage-related and asset-backed securities, municipal securities, structured products, preferred stocks and inflation-indexed-securities. It may invest up to 20% of its assets in other securities which need not be fixed-income securities of U.S. issuers.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield
LZISX	Lazard International Small Cap Equity Portfolio	Foreign Small & Mid Cap Equities	Nov 30, 1993	1.14%	5.67%	3.76%	1.87%
LZSCX	Lazard US Small-Mid Cap Equity Portfolio R6	Small Cap Blend Equities	Oct 30, 1991	0.94%	11.08%	7.44%	9.78%
LZSIX	Lazard International Equity Select Portfolio R6	Foreign Large Cap Equities	May 31, 2001	0.87%	9.15%	3.14%	3.90%
LZUSX	Lazard US Equity Focus Portfolio	Large Cap Blend Equities	Dec 30, 2004	0.70%	13.14%	10.71%	1.14%
RALIX	Lazard Real Assets Portfolio	Global Allocation	Dec 29, 2016	0.80%	10.71%	—	2.92%
SUSTX	Lazard US Sustainable Equity Portfolio	Large Cap Blend Equities	Jun 29, 2020	0.75%	9.04%	—	4.04%
UMNIX	Lazard US Short Duration Fixed Income Portfolio	Ultrashort Bond	Feb 28, 2011	0.40%	4.49%	1.30%	4.21%

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