Lazard Equity Franchise Portfolio Institutional Shares LZFIX Strategy

The investment seeks total return consisting of appreciation and income. Under normal circumstances, the portfolio invests at least 80% of its assets in equity securities of companies that the Investment Manager considers to have an “economic franchise.” Such companies are identified by the Investment Manager as having historically shown an ability to generate unleveraged returns, at or above their cost of capital. The portfolio invests primarily in equity securities, principally common stocks, of U.S. and non-U.S. companies, including those in emerging markets. The Portfolio may invest in the equity securities of any size company. It is non-diversified.