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The Portfolio utilizes
an asset allocation strategy to invest in a global portfolio of uncorrelated assets that can include exposure, through underlying vehicles,
to stocks, bonds, commodities and other investments.
The
Portfolio invests primarily in exchange-traded open-end management investment companies (“ETFs”), generally those that pursue
a passive index-based strategy, as well as actively managed closed-end management investment companies (“closed-end funds”,
and, together with ETFs, “Underlying Funds”). ETFs in which the Portfolio may invest include both ETFs designed to correlate
directly with an index and ETFs designed to correlate inversely with an index and may include actively-managed ETFs. The Portfolio, through
Underlying Funds in which it invests, may invest in non-US companies (including those in emerging markets), and the Portfolio also may
invest directly in equity and debt securities in addition to its investments in Underlying Funds. The Portfolio’s investment portfolio
is concentrated in a relatively small number of holdings (generally 10 to 30). Investors
can invest directly in Underlying Funds and do not need to invest in Underlying Funds through mutual funds or separately managed accounts.
The Portfolio may, but
is not required to (1) enter into equity, total return and currency swap agreements; futures contracts and options on futures contracts
(including with respect to index and commodities); and forward currency contracts; and (2) write put and covered call options on securities
(including shares of ETFs), indexes and currencies, in each case for hedging purposes or to seek to increase returns, including as a substitute
for purchasing an Underlying Fund.
The Portfolio may, but
is not required to, effect short sales of securities. A short sale involves the sale of a security that the Portfolio does not own in
the expectation of purchasing the same security (or a security exchangeable therefor) at a later date and at a lower price and profiting
from the price decline. Similarly, when taking short positions with respect to securities through investments in derivative instruments,
the Investment Manager is expecting the value of such securities to fall during the period of the Portfolio’s investment exposure.
Although the Portfolio
is classified as “diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”), it may invest
in a smaller number of issuers than other, more diversified, investment portfolios.
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Risk Table - Lazard Opportunistic Strategies Portfolio
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Risk [Text Block] |
| Risk Lose Money [Member] |
The value of your investment
in the Portfolio will fluctuate, which means you could lose money.
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| Market Risk |
Market
Risk: The
Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other
things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments
impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market
sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant
portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed
income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets
are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide.
As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or
other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions
and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions.
For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties,
including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or
operational changes to, many retail and other businesses, may have severe negative impacts on markets
worldwide. Additionally,
general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates
or monetary policies.
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| Issuer Risk |
Issuer
Risk: The
value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial
leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer
and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.
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| Underlying Funds Risk |
Underlying
Funds Risk:
Shares of closed-end funds and ETFs may trade at prices at, below or above their net asset value. Shares of closed-end funds, in particular,
frequently trade at persistent discounts to their net asset value. In addition, the performance of an ETF pursuing a passive index-based
strategy may diverge from the performance of the index. The Portfolio’s investments in Underlying Funds are subject to the risks
of the Underlying Funds’ investments, as well as to the general risks of investing in Underlying Funds. The Portfolio will bear
not only the Portfolio’s management fees and operating expenses, but also the Portfolio’s proportional share of the management
fees and operating expenses of the Underlying Funds in which the Portfolio invests. Rule 12d1-4 under the 1940 Act allows the Portfolio
to acquire the securities of another investment company, including an Underlying Fund, in excess of the limitations imposed by Section
12 of the 1940 Act, subject to certain limitations and conditions.
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| Short Position Risk |
Short
Position Risk:
Short positions may involve substantial risks. If a short position appreciates in value during the period of the Portfolio’s investment,
there will be a loss to the Portfolio that could be substantial. Short positions involve more risk than long positions because the maximum
sustainable loss on a security purchased is limited to the amount paid for the security plus the transaction costs. However, the Portfolio’s
potential loss on a short position is unlimited because, theoretically, there is no limit to the potential price increase of a security.
In addition, the Portfolio’s short sales transactions are dependent on counterparties to its securities borrowing transactions and
are subject to the risk of default by a counterparty, which could result in a loss of Portfolio assets used as collateral or the loss
of monies owed to the Portfolio by a counterparty.
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| Non-US Securities Risk |
Non-US
Securities Risk:
The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies
in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political
instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities
may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively
restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds
securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the
securities may become worthless.
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| Emerging Market Risk |
Emerging
Market Risk:
Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable,
than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries,
may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation
rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed
markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal,
market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition
of investments denominated in emerging market currencies.
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| Foreign Currency Risk |
Foreign
Currency Risk:
Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations
in currency exchange rates. The Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets
countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation
of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may
experience a decline in
the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager
does not intend to actively hedge the Portfolio’s foreign currency exposure.
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| Fixed-Income and Debt Securities Risk |
Fixed-Income
and Debt Securities Risk:
The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company,
such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency
rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases
in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.
Prices of bonds and other
debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities
with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of
volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities
at disadvantageous prices. The Portfolio may be subject to heightened interest rate risk because the Federal Reserve has raised, and may
continue to raise, interest rates.
The Portfolio’s
investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated
investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely
basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or
perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value
could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade
debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities
may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market
volatility or decline.
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| Focused Investing Risk |
Focused
Investing Risk:
The Portfolio’s net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and
may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence
than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.
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| Derivatives and Hedging Risk |
Derivatives
and Hedging Risk:
Derivatives and other similar transactions, including those entered into for hedging purposes (i.e.,
seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially,
particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Swap
agreements; forward currency contracts; over-the-counter options on securities (including options on shares of ETFs), indexes and currencies;
and other over-the-counter derivatives transactions are subject to the risks of the creditworthiness of and default by the counterparty
and consequently may lose all or a portion of their value due solely to the creditworthiness of or default by the counterparty. Over-the-counter
derivatives frequently may be illiquid and difficult to value. Changes in liquidity may result in significant, rapid and unpredictable
changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the
Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related reference
asset, index or rate. As such, a small investment could have a potentially large impact on the Portfolio’s performance. In fact,
many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset.
Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions
may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other
investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant
reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to
be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio
to experience losses greater
than if the Portfolio had not engaged in such transactions. When the Portfolio enters into derivatives transactions, it may be required
to post margin and make settlement payments while the positions are open, and the Portfolio may have to sell a security at a disadvantageous
time or price to meet such obligations. Derivatives transactions are also subject to operational and legal risk.
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| Commodities-Related Investments Risk |
Commodities-Related
Investments Risk:
Exposure to the commodities markets may subject the Portfolio to greater volatility than other types of investments. The values of commodities
and commodity-linked derivative instruments are affected by events that may have less impact on the values of equity and fixed income
securities. Investments linked to the prices of commodities are considered speculative. Because the value of a commodity-linked derivative
instrument, such as a futures contract on a physical commodity, typically is based upon the price movements of the underlying reference
asset, index or rate, the value of these instruments will rise or fall in response to changes in the underlying reference asset, index
or rate. Prices of commodities and commodity-linked investments may fluctuate significantly over short periods for a variety of factors,
including: changes in supply and demand relationships; weather; agricultural or livestock markets; agricultural or livestock disease or
pestilence; trade relationships; fiscal, monetary and exchange control programs; and embargoes, tariffs, terrorism and international economic,
political, military and regulatory developments.
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| Securities Selection Risk |
Securities
Selection Risk:
Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result
in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.
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| High Portfolio Turnover Risk |
High
Portfolio Turnover Risk:
The Portfolio’s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%,
for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio
turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders,
which will reduce returns to shareholders.
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