LZOEX

Under normal circumstances, the portfolio invests at least 80% of its assets in equity securities of companies whose principal business activities are located in emerging market countries. It invests primarily in equity securities, principally common stocks, of non-U.S. companies whose principal activities are located in emerging market countries and that Lazard Asset Management LLC (the “Investment Manager”) believes are undervalued based on their earnings, cash flow or asset values. In addition to common stocks, such equity securities also may include American Depositary.