Lazard US High Yield Portfolio Open (Lazard US Corporate Income Port) Fonds

Under normal circumstances, the Portfolio invests at least 80% of its assets in high yeild fixed-income securities issued by corporations or other non-governmental issuers similar to corporations, which securities are tied economically to the U.S. The Portfolio may invest up to 20% of its assets in other securities which need not be fixed-income securities and need not be tied economically to the U.S.