Lazard US Realty Income Portfolio

Class Inst (LRIIX)

Fund Holdings

Asset Allocation

% Long % Net
Cash 4.42 4.42
Stocks 64.81 64.81
Bonds 0.0 0.0
Other 0.0 0.0
Foreign Bonds 0.0 0.0
Foreign Stocks 0.0 0.0
Convertible 0.0 0.0
Preferred 30.77 30.77

Updated 03.31.2014

Top 10 Holdings

Performance as of 06.30.2014

Portfolio as of 03.31.2014

Ticker YTD Return % % Net Assets
Digital Realty Trust, Inc. DLR 23.25 5.32
BioMed Realty Trust Inc BMR 23.73 5.17
General Growth Pptys Inc New Pfd --- --- 5.09
Campus Crest Communities, Inc. CCG -3.83 4.96
HCP Inc HCP 17.15 4.81
Mack-Cali Realty Corp CLI 2.84 4.28
EPR Properties EPR 17.9 3.51
Colony Financial Inc CLNY 18.14 3.47
Pebblebrook Hotel Tr Pfd --- --- 3.37
First Potomac Realty Trust FPO 16.68 3.17