Lazard Emerging Markets Equity Advantage Portfolio (Lazard Emerging Markets Equity ) Fonds

Under normal circumstances, the portfolio invests at least 80% of its assets in equity securities of companies that are economically tied to emerging market countries. The Portfolio management team selects investments for the Portfolio from a broad investment universe of emerging market stocks and depositary receipts, including American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts, real estate investment trusts (“REITs”), warrants and rights. The Portfolio considers a company to be “economically tied to emerging markets.