Lazard US Small-Mid Cap Equity Portfolio Open Shares

The fund invests primarily in equity securities, principally common stocks, of small to mid cap U.S. companies. The Investment Manager considers small-mid cap companies to be those companies that have market capitalizations within the range of companies included in the Russell 2500® Index. It invests at least 80% of its assets in equity securities of small-mid cap U.S. companies. The fund may invest up to 20% of its assets in securities of larger or smaller U.S. or non-U.S. companies.