Lazard International Equity Portfolio - Open Shares

The Portfolio invests primarily in equity securities, principally common stocks, of relatively large non-U.S. companies with market capitalizations in the range of companies included in the MSCI® Europe, Australasia and Far East (EAFE®) Index. It invests at least 80% of its assets in equity securities. The Investment Manager looks for established companies in economically developed countries and may invest up to 15% of the Portfolio's assets in securities of companies whose principal business activities are located in emerging market countries.