Lazard US Realty Equity Portfolio

Class Inst (LREIX)

Fund Holdings

Asset Allocation

% Long % Net
Cash 3.35 3.35
Stocks 96.51 96.51
Bonds 0.0 0.0
Other 0.14 0.14
Foreign Bonds 0.0 0.0
Foreign Stocks 0.0 0.0
Convertible 0.0 0.0
Preferred 0.0 0.0

Updated 03.31.2014

Top 10 Holdings

Performance as of 06.30.2014

Portfolio as of 03.31.2014

Ticker YTD Return % % Net Assets
Simon Property Group Inc SPG 18.32 10.69
American Tower Corp AMT 13.22 6.4
HCP Inc HCP 17.15 5.79
Digital Realty Trust, Inc. DLR 23.25 4.49
Ventas Inc VTR 14.84 4.34
AvalonBay Communities Inc AVB 22.41 4.31
Crown Castle International Corp CCI 2.64 3.73
Public Storage PSA 16.18 3.31
Retail Opportunity Investments Corp. ROIC 9.71 3.05
Essex Property Trust ESS 31.15 2.96