Lazard US Realty Equity Portfolio

Class Inst (LREIX)

Fund Holdings

Asset Allocation

% Long % Net
Cash 0.0 0.0
Stocks 99.4 99.4
Bonds 0.0 0.0
Other 0.6 0.6
Foreign Bonds 0.0 0.0
Foreign Stocks 0.0 0.0
Convertible 0.0 0.0
Preferred 0.0 0.0

Updated 12.31.2013

Top 10 Holdings

Performance as of 02.28.2014

Portfolio as of 12.31.2013

Ticker YTD Return % % Net Assets
Simon Property Group Inc SPG 7.25 11.03
American Tower Corp AMT 2.05 6.79
HCP Inc HCP 8.03 6.47
Digital Realty Trust, Inc. DLR 10.65 4.58
Weyerhaeuser Co WY -6.56 4.36
Ventas Inc VTR 9.62 3.83
AvalonBay Communities Inc AVB 9.12 3.53
Apartment Investment & Management AIV 18.33 3.49
American Campus Communities, Inc. ACC 15.77 3.41
Boston Properties Inc BXP 11.76 3.38