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Lazard Enhanced Opportunities Portfolio Institutional Shares LEOIX

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Strategy

The investment seeks capital appreciation. The fund seeks to achieve its investment objective over a full market cycle through a hedged strategy investing primarily in convertible fixed income and preferred securities (including those rated below investment grade ("junk")). Although its investment focus is U.S. companies, the Portfolio also may invest in non-U.S. companies, including depositary receipts and shares. The fund is non-diversified.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
LEOOX	Lazard Enhanced Opportunities Portfolio Open Shares	No Load	Open	—	—	Dec 31, 2014	$982,381.00	1.490%	Above Average	$2,500	$684,290.27
LEOIX	Lazard Enhanced Opportunities Portfolio Institutional Shares	Institutional	Open	—	—	Dec 31, 2014	$71.01M	1.240%	Average	$10,000	$18.79M

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