Lazard Global Strategic Equity Portfolio Open Shares 

The Lazard Global Strategic Equity Portfolio Open Shares primarily allocates its capital to common stocks of companies that the Investment Manager identifies as undervalued, based on their earnings potential, cash flow generation, or underlying asset values. Typically, a minimum of 80% of the portfolio's total assets will be invested in equity securities. Additionally, it maintains substantial exposure to international markets, generally committing at least 40% of its assets to non-U.S. firms; however, this international minimum can be adjusted to 30% should the Investment Manager determine that market conditions are not favorable.