0000930413-11-001069.txt : 20110714 0000930413-11-001069.hdr.sgml : 20110714 20110214191457 ACCESSION NUMBER: 0000930413-11-001069 CONFORMED SUBMISSION TYPE: 485APOS PUBLIC DOCUMENT COUNT: 18 FILED AS OF DATE: 20110214 DATE AS OF CHANGE: 20110330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAZARD FUNDS INC CENTRAL INDEX KEY: 0000874964 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485APOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-40682 FILM NUMBER: 11610634 BUSINESS ADDRESS: STREET 1: 30 ROCKEFELLER PLAZA CITY: NEW YORK STATE: NY ZIP: 10112 BUSINESS PHONE: 2126326000 MAIL ADDRESS: STREET 1: 30 ROCKEFELLER PLAZA CITY: NEW YORK STATE: NY ZIP: 10112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAZARD FUNDS INC CENTRAL INDEX KEY: 0000874964 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485APOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06312 FILM NUMBER: 11610635 BUSINESS ADDRESS: STREET 1: 30 ROCKEFELLER PLAZA CITY: NEW YORK STATE: NY ZIP: 10112 BUSINESS PHONE: 2126326000 MAIL ADDRESS: STREET 1: 30 ROCKEFELLER PLAZA CITY: NEW YORK STATE: NY ZIP: 10112

0000874964 S000010263 Lazard International Small Cap Equity Portfolio

C000028358 Open Shares LZSMX

C000028359 Institutional Shares LZISX

0000874964 S000010264 Lazard Emerging Markets Equity Portfolio

C000028360 Open Shares LZOEX

C000028361 Institutional Shares LZEMX

0000874964 S000010265 Lazard U.S. High Yield Portfolio

C000028362 Open Shares LZHOX

C000028363 Institutional Shares LZHYX

0000874964 S000010266 Lazard U.S. Strategic Equity Portfolio

C000028364 Open Shares LZUOX

C000028365 Institutional Shares LZUSX

0000874964 S000010267 Lazard U.S. Equity Value Portfolio

C000028366 Open Shares LEVOX

C000028367 Institutional Shares LEVIX

0000874964 S000010268 Lazard U.S. Mid Cap Equity Portfolio

C000028368 Open Shares LZMOX

C000028369 Institutional Shares LZMIX

0000874964 S000010269 Lazard U.S. Small-Mid Cap Equity Portfolio

C000028370 Open Shares LZCOX

C000028371 Institutional Shares LZSCX

0000874964 S000010271 Lazard International Equity Portfolio

C000028374 Open Shares LZIOX

C000028375 Institutional Shares LZIEX

0000874964 S000010272 Lazard International Equity Select Portfolio

C000028376 Open Shares LZESX

C000028377 Institutional Shares LZSIX

0000874964 S000010273 Lazard International Strategic Equity Portfolio

C000028378 Open Shares LISOX

C000028379 Institutional Shares LISIX

0000874964 S000020883 Lazard Capital Allocator Opportunistic Strategies Portfolio

C000058929 Institutional Shares

C000058930 Open Shares

0000874964 S000023480 Lazard Developing Markets Equity Portfolio

C000069022 Institutional Shares

C000069023 Open Shares

0000874964 S000027245 Lazard Global Listed Infrastructure Portfolio

C000082231 Institutional Shares

C000082232 Open Shares

0000874964 S000028828 Lazard Emerging Markets Equity Blend Portfolio

C000088404 Institutional Shares

C000088405 Open Shares

0000874964 S000031123 Lazard Emerging Markets Debt Portfolio

C000096531 Institutional Shares

C000096532 Open Shares

0000874964 S000031124 Lazard U.S. Municipal Portfolio

C000096533 Institutional Shares

C000096534 Open Shares

0000874964 S000031729 Lazard Emerging Markets Multi-Strategy Portfolio

C000098748 Open Shares

C000098749 Institutional Shares

485APOS 1 c63583_485apos.htm

Securities Act File No. 33-40682

Investment Company Act File No. 811-06312

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A


REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	x

Post-Effective Amendment No. 57	x

and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940	x

Amendment No. 57	x

(Check appropriate box or boxes)

THE LAZARD FUNDS, INC.

(Exact Name of Registrant as Specified in Charter)

(212) 632-6000

(Registrant’s Telephone Number, including Area Code)

30 Rockefeller Plaza, New York, New York 10112

(Address of Principal Executive: Number, Street, City, State, Zip Code)

Nathan A. Paul, Esq.

30 Rockefeller Plaza

New York, New York 10112

(Name and Address of Agent for Services)

Copy to:

Janna Manes, Esq.

Stroock & Stroock & Lavan LLP

180 Maiden Lane

New York, New York 10038-4982

It is proposed that this filing will become effective (check appropriate box)


o	immediately upon filing pursuant to paragraph (b)
o	on (DATE) pursuant to paragraph (b)
x	60 days after filing pursuant to paragraph (a)(1)
o	on (DATE) pursuant to paragraph (a)(1)
o	75 days after filing pursuant to paragraph (a)(2)
o	on March 31, 2011 pursuant to paragraph (a)(2) of Rule 485.
If appropriate, check the following box:
o	this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

(FRONT COVER)

March 31, 2011

Lazard Funds Prospectus

Institutional

Open

Shares

U.S. Equity

Lazard U.S. Equity Value Portfolio

Lazard U.S. Strategic Equity Portfolio

Lazard U.S. Mid Cap Equity Portfolio

Lazard U.S. Small-Mid Cap Equity Portfolio

LEVIX

LEVOX

LZUSX

LZUOX

LZMIX

LZMOX

LZSCX

LZCOX

International Equity

Lazard International Equity Portfolio

LZIEX

LZIOX

Lazard International Equity Select Portfolio

LZSIX

LZESX

Lazard International Strategic Equity Portfolio

LISIX

LISOX

Lazard International Small Cap Equity Portfolio

LZISX

LZSMX

Institutional

Open

Shares

Global Equity

Lazard Global Listed Infrastructure Portfolio

GLIFX

GLFOX

Emerging Markets

Lazard Emerging Markets Equity Portfolio

LZEMX

LZOEX

Lazard Developing Markets Equity Portfolio

LDMIX

LDMOX

Lazard Emerging Markets Equity Blend Portfolio

EMBIX

EMBOX

Lazard Emerging Markets Multi-Strategy Portfolio

Lazard Emerging Markets Debt Portfolio

Fixed Income

Lazard U.S. High Yield Portfolio

Lazard U.S. Municipal Portfolio

LZHYX

LZHOX

Capital Allocator

Lazard Capital Allocator Opportunistic

Strategies Portfolio

LCAIX

LCAOX

The Securities and Exchange Commission has not approved or disapproved the shares described in this Prospectus or determined whether this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Lazard Funds

LEDIX

LEDOX

UMNIX

UMNOX

Lazard Funds Table of Contents


2	Summary Section	*Carefully review this important section for*
2	Lazard U.S. Equity Value Portfolio	*information on the Portfolios’ investment*
6	Lazard U.S. Strategic Equity Portfolio	*objectives, fees and past performance and a*
10	Lazard U.S. Mid Cap Equity Portfolio	*summary of the Portfolios’ principal investment*
14	Lazard U.S. Small-Mid Cap Equity Portfolio	*strategies and risks.*
18	Lazard International Equity Portfolio
22	Lazard International Equity Select Portfolio
26	Lazard International Strategic Equity Portfolio
30	Lazard International Small Cap Equity Portfolio
34	Lazard Global Listed Infrastructure Portfolio
38	Lazard Emerging Markets Equity Portfolio
42	Lazard Developing Markets Equity Portfolio
46	Lazard Emerging Markets Equity Blend Portfolio
49	Lazard Emerging Markets Multi-Strategy Portfolio
53	Lazard Emerging Markets Debt Portfolio
57	Lazard U.S. High Yield Portfolio
61	Lazard U.S. Municipal Portfolio
64	Lazard Capital Allocator Opportunistic Strategies Portfolio
69	Additional Information about the Portfolios
70	Additional Information About Principal Investment Strategies and Principal Investment Risks	*Review this section for additional information*
70		*on the Portfolios’ principal investment*
		*strategies and risks.*
75	Fund Management	*Review this section for details on the people and*
76	Portfolio Management	*organizations who oversee the Portfolios.*
76	Biographical Information of Principal Portfolio Managers
79	Administrator
79	Distributor
79	Custodian
80	Shareholder Information	*Review this section for details on how shares*
80	General	*are valued, how to purchase, sell and exchange*
81	How to Buy Shares	*shares, related charges and payments of*
83	Distribution and Servicing Arrangements	*dividends and distributions.*
83	How to Sell Shares
85	Investor Services
85	General Policies
86	Account Policies, Dividends and Taxes
89	Financial Highlights	*Review this section for recent financial information.*
103	Other Performance of the Investment Manager
	Back Cover	*Where to learn more about the Portfolios.*

Prospectus1

Lazard Funds Summary Section

Lazard U.S. Equity Value Portfolio

Investment Objective

The Portfolio seeks long-term capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”).


	Institutional Shares	Open Shares

Shareholder Transaction Fees (fees paid directly from your investment) Maximum Redemption Fee (as a % of amount redeemed, on shares owned for 30 days or less)	1.00%	1.00%

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees*	.70%	.70%

Distribution and Service (12b-1) Fees	None	.25%

Other Expenses	2.06%	7.28%

Total Annual Portfolio Operating Expenses*	2.76%	8.23%

Fee Waiver and Expense Reimbursement**	2.01%	7.18%

Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement**	.75%	1.05%

Management Fees and Total Annual Portfolio Operating Expenses have been restated from those of the 2010 fiscal year to reflect amendment of the Investment Management Agreement between Lazard Asset Management LLC (the “Investment Manager”) and the Fund, on behalf of the Portfolio, to reduce the Portfolio’s investment management fee from an annual rate of .75% of the Portfolio’s average daily net assets to .70% of the Portfolio’s average daily net assets, effective November 19, 2010.

Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio through April 30, 2012, to the extent Total Annual Portfolio Operating Expenses exceed .75% and 1.05% of the average daily net assets of the Portfolio’s Institutional Shares and Open Shares, respectively, and from May 1, 2012 through April 30, 2021, to the extent Total Annual Portfolio Operating Expenses exceed 1.10% and 1.40% of the average daily net assets of the Portfolio’s Institutional Shares and Open Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees. This agreement can only be amended by agreement of the Fund and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Investment Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the fee waivers described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year	3 Years	5 Years	10 Years

Institutional Shares	$ 77	$315	$572	$1,309

Open Shares	$107	$409	$732	$1,649

Portfolio Turnover

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was __% of the average value of its portfolio.

2Prospectus

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of relatively large U.S. companies with market capitalizations generally in the range of companies included in the Russell 1000Ò Value Index (ranging from approximately $_____ million to $_____ billion as of ____________, 2011) at the time of initial purchase by the Portfolio that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values.

Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of U.S. companies. The Portfolio may invest up to 10% of its total assets in securities of non-U.S. companies that trade in U.S. markets.

Principal Investment Risks

While stocks have historically been a leading choice of long-term investors, they do fluctuate in price, often based on factors unrelated to the issuer’s value, such as investor perception. The value of your investment in the Portfolio will fluctuate, which means you could lose money.

The Portfolio invests in stocks believed by the Investment Manager to be undervalued, but that may not realize their perceived value for extended periods of time or may never realize their perceived value. The stocks in which the Portfolio invests may respond differently to market and other developments than other types of stocks.

Non-domestic securities carry special risks, such as exposure to currency fluctuations, less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity.

Prospectus3

Performance Bar Chart and Table
Year-by-Year Total Returns for Institutional Shares
As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard U.S. Equity Value Portfolio by showing the Portfolio’s year-by-year and average annual performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Performance information is available at www.LazardNet.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.

Best Quarter:
6/30/09 19.10%

Worst Quarter:
12/31/08 -21.54%

Average Annual Total Returns
(for the periods ended December 31, 2010)


	Inception Date	1 Year	5 Years	Life of Portfolio

Institutional Shares:	9/30/05

Returns Before Taxes		12.00%	2.57%	2.54%

Returns After Taxes on Distributions		_____%	_____%	_____%

Returns After Taxes on Distributions and Sale of Portfolio Shares		_____%	_____%	_____%

Open Shares	9/30/05	11.62%	2.30%	2.26%

Russell 1000 Value Index		15.51%	1.28%	1.46% (Institutional) 1.46% (Open)

4Prospectus

Management

Investment Manager

Lazard Asset Management LLC

Portfolio Manager/Analysts

J. Richard Tutino, portfolio manager/analyst on the Investment Manager’s U.S. Equity Value and U.S. Equity Select teams, has been with the Portfolio since inception.

Martin Flood, portfolio manager/analyst on various of the Investment Manager’s U.S. Equity teams, has been with the Portfolio since March 2011.

Andrew D. Lacey, portfolio manager/analyst on various of the Investment Manager’s U.S. Equity and Global Equity teams, has been with the Portfolio since inception.

Nicholas Sordoni, portfolio manager/analyst on the Investment Manager’s U.S. Equity Value team, has been with the Portfolio since inception.

Ronald Temple, portfolio manager/analyst on various of the Investment Manager’s U.S. Equity teams and the Global Equity Select team, has been with the Portfolio since February 2009.

Additional Information

For important information about the purchase and sale of Portfolio shares, tax information and financial intermediary compensation, please turn to “Additional Information about the Portfolios” on page __.

Prospectus5

Lazard Funds Summary Section

Lazard U.S. Strategic Equity Portfolio

Investment Objective

The Portfolio seeks long-term capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.


	Institutional Shares	Open Shares

Shareholder Transaction Fees (fees paid directly from your investment) Maximum Redemption Fee (as a % of amount redeemed, on shares owned for 30 days or less)	1.00%	1.00%

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees*	.70%	.70%

Distribution and Service (12b-1) Fees	None	.25%

Other Expenses	.36%	.49%

Total Annual Portfolio Operating Expenses*	1.06%	1.44%

Fee Waiver and Expense Reimbursement**	.31%	.39%

Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement**	.75%	1.05%

Management Fees and Total Annual Portfolio Operating Expenses have been restated from those of the 2010 fiscal year to reflect amendment of the Investment Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio, to reduce the Portfolio’s investment management fee from an annual rate of .75% of the Portfolio’s average daily net assets to .70% of the Portfolio’s average daily net assets, effective November 19, 2010.

Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio through April 30, 2012, to the extent Total Annual Portfolio Operating Expenses exceed .75% and 1.05% of the average daily net assets of the Portfolio’s Institutional Shares and Open Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees. This agreement can only be amended by agreement of the Fund and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Investment Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the fee waiver in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year	3 Years	5 Years	10 Years

Institutional Shares	$ 77	$306	$555	$1,266

Open Shares	$107	$417	$750	$1,691

Portfolio Turnover

6Prospectus

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of U.S. companies that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. Although the Portfolio generally focuses on large cap companies, the market capitalizations of issuers in which the Portfolio invests may vary with market conditions and the Portfolio also may invest in mid cap and small cap companies.

Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of U.S. companies. The Portfolio may invest up to 15% of its total assets in securities of non-U.S. companies, including American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).

Principal Investment Risks

Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.

Prospectus7

Performance Bar Chart and Table
Year-by-Year Total Returns for Institutional Shares
As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard U.S. Strategic Equity Portfolio by showing the Portfolio’s year-by-year and average annual performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Performance information is available at www.LazardNet.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.

Best Quarter:
6/30/09 16.46%

Worst Quarter:
12/31/08 -23.06%

Average Annual Total Returns
(for the periods ended December 31, 2010)


	Inception Date		1 Year			5 Years		Life of Portfolio

Institutional Shares:		12/30/04

Returns Before Taxes				13.13	%		1.97%	2.47%

Returns After Taxes on Distributions				____	%	____%		____%

Returns After Taxes on Distributions and Sale of Portfolio Shares				____	%	____%		____%

Open Shares		12/30/04		12.79	%		1.66%	2.17%

S&P 500â Index				15.06	%		2.29%	2.70% (Institutional) 2.70% (Open)

8Prospectus

Management

Investment Manager

Lazard Asset Management LLC

Portfolio Manager/Analysts

Christopher H. Blake, portfolio manager/analyst on the Investment Manager’s U.S. Strategic Equity and U.S. Mid Cap Equity teams, has been with the Portfolio since inception.

Robert A. Failla, portfolio manager/analyst on various of the Investment Manager’s U.S. Equity teams, has been with the Portfolio since inception.

Martin Flood, portfolio manager/analyst on various of the Investment Manager’s U.S. Equity teams, has been with the Portfolio since March 2011.

Andrew D. Lacey, portfolio manager/analyst on various of the Investment Manager’s U.S. Equity and Global Equity teams, has been with the Portfolio since inception.

Ronald Temple, portfolio manager/analyst on various of the Investment Manager’s U.S. Equity teams and the Global Equity Select team, has been with the Portfolio since February 2009.

Additional Information

Prospectus9

Lazard Funds Summary Section

Lazard U.S. Mid Cap Equity Portfolio

Investment Objective

The Portfolio seeks long-term capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.


	Institutional Shares	Open Shares

Shareholder Transaction Fees (fees paid directly from your investment) Maximum Redemption Fee (as a % of amount redeemed, on shares owned for 30 days or less)	1.00%	1.00%

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	.75%	.75%

Distribution and Service (12b-1) Fees	None	.25%

Other Expenses	.16%	.17%

Total Annual Portfolio Operating Expenses	.91%	1.17%

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year		3 Years	5 Years	10 Years

Institutional Shares		$93	$290	$504	$1,120

Open Shares		$119	$372	$644	$1,420

Portfolio Turnover

10Prospectus

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of mid cap U.S. companies that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The Investment Manager considers “mid cap companies” to be those companies that, at the time of initial purchase by the Portfolio, have market capitalizations within the range of companies included in the Russell MidcapÒ Index (ranging from approximately $___ million to $___ billion as of ________, 2011). Because “mid cap companies” are defined in part by reference to an index, the market capitalization of companies in which the Portfolio may invest may vary with market conditions.

Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of medium-size (mid cap) U.S. companies. The Portfolio may invest up to 20% of its assets in equity securities of larger or smaller U.S. companies. The Portfolio also may invest up to 15% of its assets in equity securities of non-U.S. companies, including ADRs and GDRs.

Principal Investment Risks

Mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.

Prospectus11

Performance Bar Chart and Table
Year-by-Year Total Returns for Institutional Shares
As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard U.S. Mid Cap Equity Portfolio by showing the Portfolio’s year-by-year and average annual performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Performance information is available at www.LazardNet.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.

Best Quarter:
6/30/09 21.18%

Worst Quarter:
12/31/08 -26.54%

Average Annual Total Returns
(for the periods ended December 31, 2010)


	Inception Date	1 Year	5 Years	10 Years	Life of Portfolio

Institutional Shares:	11/4/97

Returns Before Taxes		23.43%	3.28%	7.13%	7.87%

Returns After Taxes on Distributions		____%	____%	____%	____%

Returns After Taxes on Distributions and Sale of Portfolio Shares		____%	____%	____%	____%

Open Shares	11/4/97	23.09%	3.02%	6.84%	7.56%

Russell Midcap Index		25.48%	4.66%	6.54%	7.95% (Institutional) 7.95% (Open)

12Prospectus

Management

Investment Manager

Lazard Asset Management LLC

Portfolio Manager/Analysts

Christopher H. Blake, portfolio manager/analyst on the Investment Manager’s U.S. Strategic Equity and U.S. Mid Cap Equity teams, has been with the Portfolio since November 2001.

Daniel Breslin, portfolio manager/analyst on the Investment Manager’s U.S. Small-Mid Cap Equity and U.S. Mid Cap Equity teams, has been with the Portfolio since October 2010.

Robert A. Failla, portfolio manager/analyst on various of the Investment Manager’s U.S. Equity teams, has been with the Portfolio since July 2005.

Martin Flood, portfolio manager/analyst on various of the Investment Manager’s U.S. Equity teams, has been with the Portfolio since March 2011.

Andrew D. Lacey, portfolio manager/analyst on various of the Investment Manager’s U.S. Equity and Global Equity teams, has been with the Portfolio since January 2001.

Additional Information

Prospectus13

Lazard Funds Summary Section

Lazard U.S. Small-Mid Cap Equity Portfolio

Investment Objective

The Portfolio seeks long-term capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.


	Institutional Shares	Open Shares

Shareholder Transaction Fees (fees paid directly from your investment) Maximum Redemption Fee (as a % of amount redeemed, on shares owned for 30 days or less)	1.00%	1.00%

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	.75%	.75%

Distribution and Service (12b-1) Fees	None	.25%

Other Expenses	.25%	.34%

Total Annual Portfolio Operating Expenses	1.00%	1.34%

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year	3 Years	5 Years	10 Years

Institutional Shares	$102	$318	$552	$1,225

Open Shares	$136	$425	$734	$1,613

Portfolio Turnover

14Prospectus

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of small to mid capitalization U.S. companies. The Investment Manager considers “small-mid cap companies” to be those companies that, at the time of initial purchase by the Portfolio, have market capitalizations within the range of companies included in the Russell 2500^Ò Index (ranging from approximately $___ million to $___ billion as of ________, 2011).

Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of small-mid cap U.S. companies. The Investment Manager focuses on relative value in seeking to construct a diversified portfolio of investments for the Portfolio that maintains sector and industry balance, using investment opportunities identified through bottom-up fundamental research conducted by the Investment Manager’s small cap, mid cap and global research analysts.

The Portfolio may invest up to 20% of its assets in equity securities of larger U.S. companies and may invest up to 10% of its total assets in securities of non-U.S. equity companies, including ADRs and GDRs.

Principal Investment Risks

Prospectus15

Performance Bar Chart and Table
Year-by-Year Total Returns for Institutional Shares
As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard U.S. Small-Mid Cap Equity Portfolio by showing the Portfolio’s year-by-year and average annual performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Performance information is available at www.LazardNet.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.

Best Quarter:
6/30/09 28.30%

Worst Quarter:
12/31/08 -25.00%

Average Annual Total Returns
(for the periods ended December 31, 2010)

After-tax returns for the Open Shares vary from those of Institutional Shares. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Russell 2000/2500 Linked Index shown in the table is an unmanaged index created by the Investment Manager, which links the performance of the Russell 2000Ò Index for all periods prior to August 25, 2008 and the Russell 2500 Index for all periods thereafter.

16Prospectus


	Inception Date	1 Year	5 Years	10 Years	LIfe of Portfolio

Institutional Shares:	10/30/91

Returns Before Taxes		23.67%	6.68%	8.38%	11.23%

Returns After Taxes on Distributions		____%	____%	____%	____%

Returns After Taxes on Distributions and Sale of Portfolio Shares		____%	____%	____%	____%

Open Shares	1/30/97	23.36%	6.35%	8.09%	7.66%

Russell 2500 Index		26.71%	4.86%	6.98%	10.73% (Institutional) 8.43% (Open)

Russell 2000/2500 Linked Index		26.71%	5.06%	6.63%	9.53% (Institutional) 7.14% (Open)

Management

Investment Manager

Lazard Asset Management LLC

Portfolio Manager/Analysts

Daniel Breslin, portfolio manager/analyst on the Investment Manager’s U.S. Small-Mid Cap Equity and U.S. Mid Cap Equity teams, has been with the Portfolio since May 2007.

Michael DeBernardis, portfolio manager/analyst on the Investment Manager’s U.S. Small-Mid Cap Equity and Global Small Cap Equity teams, has been with the Portfolio since October 2010.

Robert A. Failla, portfolio manager/analyst on various of the Investment Manager’s U.S. Equity teams, has been with the Portfolio since October 2010.

Andrew D. Lacey, portfolio manager/analyst on various of the Investment Manager’s U.S. Equity and Global Equity teams, has been with the Portfolio since May 2003.

Additional Information

Prospectus17

Lazard Funds Summary Section

Lazard International Equity Portfolio

Investment Objective

The Portfolio seeks long-term capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.


	Institutional Shares	Open Shares

Shareholder Transaction Fees (fees paid directly from your investment) Maximum Redemption Fee (as a % of amount redeemed, on shares owned for 30 days or less)	1.00%	1.00%

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	.75%	.75%

Distribution and Service (12b-1) Fees	None	.25%

Other Expenses	.23%	.29%

Total Annual Portfolio Operating Expenses	.98%	1.29%

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year	3 Years	5 Years	10 Years

Institutional Shares	$100	$312	$542	$1,201

Open Shares	$131	$409	$708	$1,556

Portfolio Turnover

18Prospectus

Principal Investment Strategies

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 Morgan Stanley Capital International (“MSCIÒ”) Europe, Australasia and Far East (“EAFEÒ”) Index (ranging from approximately $___ billion to $___ billion as of ________, 2011) that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values.

In choosing stocks for the Portfolio, the Investment Manager looks for established companies in economically developed countries and may invest up to 30% of the Portfolio’s assets in securities of companies whose principal business activities are located in emerging market countries. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.

Principal Investment Risks

The securities markets of emerging market countries can be extremely volatile. The Portfolio’s performance will be influenced by political, social and economic factors affecting companies in emerging market countries. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.

Prospectus19

Performance Bar Chart and Table
Year-by-Year Total Returns for Institutional Shares
As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Equity Portfolio by showing the Portfolio’s year-by-year and average annual performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Performance information is available at www.LazardNet.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.

Best Quarter:
6/30/09 21.90%

Worst Quarter:
9/30/02 -17.29%

Average Annual Total Returns
(for the periods ended December 31, 2010)


	Inception Date	1 Year	5 Years	10 Years	Life of Portfolio

Institutional Shares:	10/29/91

Returns Before Taxes		8.04%	2.81%	2.59%	6.05%

Returns After Taxes on Distributions		____%	____%	____%	____%

Returns After Taxes on Distributions and Sale of Portfolio Shares		____%	____%	____%	____%

Open Shares	1/23/97	7.65%	2.48%	2.31%	4.43%

MSCI EAFE Index		7.75%	2.46%	3.50%	5.49% (Institutional) 4.88% (Open)

20Prospectus

Management

Investment Manager

Lazard Asset Management LLC

Portfolio Manager/Analysts

Michael G. Fry, portfolio manager/analyst on the Investment Manager’s Global Equity and International Equity teams, has been with the Portfolio since November 2005.

Michael A. Bennett, portfolio manager/analyst on the Investment Manager’s International Equity teams, has been with the Portfolio since May 2003.

Michael Powers, portfolio manager/analyst on the Investment Manager’s Global Equity and International Equity teams, has been with the Portfolio since May 2003.

John R. Reinsberg, portfolio manager/analyst on the Investment Manager’s Global Equity and International Equity teams, has been with the Portfolio since inception.

Additional Information

Prospectus21

Lazard Funds Summary Section

Lazard International Equity Select Portfolio

Investment Objective

The Portfolio seeks long-term capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.


	Institutional Shares	Open Shares

Shareholder Transaction Fees (fees paid directly from your investment)
Maximum Redemption Fee (as a % of amount redeemed, on shares owned for 30 days or less)	1.00%	1.00%

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	.85%	.85%

Distribution and Service (12b-1) Fees	None	.25%

Other Expenses	___%	___%

Total Annual Portfolio Operating Expenses	___%	___%

Fee Waiver and Expense Reimbursement*	___%	___%

Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement*	1.15%	1.45%

Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio through April 30, 2012, to the extent Total Annual Portfolio Operating Expenses exceed 1.15% and 1.45% of the average daily net assets of the Portfolio’s Institutional Shares and Open Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees. This agreement can only be amended by agreement of the Fund and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Investment Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the fee waiver in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year	3 Years	5 Years	10 Years

Institutional Shares	$117	$___	$___	$___

Open Shares	$148	$___	$___	$___

Portfolio Turnover

22Prospectus

Principal Investment Strategies

The Portfolio invests primarily in equity securities, including ADRs, GDRs and common stocks, of relatively large non-U.S. companies with market capitalizations in the range of companies included in the MSCI EAFE Index (ranging from approximately $___ billion to $___ billion as of ________, 2011) that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values.

In choosing stocks for the Portfolio, the Investment Manager looks for established companies in economically developed countries. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.

The Portfolio may invest up to 30% of its assets in securities of companies whose principal business activities are located in emerging market countries, although the allocation of the Portfolio’s assets to emerging market countries may vary from time to time.

Principal Investment Risks

Because the Portfolio may invest in a smaller number of issuers than other, more diversified, investment portfolios, the Portfolio’s net asset value (“NAV”) may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.

Prospectus23

Performance Bar Chart and Table
Year-by-Year Total Returns for Institutional Shares
As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Equity Select Portfolio by showing the Portfolio’s year-by-year and average annual performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Performance information is available at www.LazardNet.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.

Best Quarter:
6/30/09 18.73%

Worst Quarter:
9/30/02 -20.82%

Average Annual Total Returns
(for the periods ended December 31, 2010)

After-tax returns for the Open Shares vary from those of Institutional Shares. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Portfolio compares its performance to the MSCI All Country World ex US (“ACW ex US”) Index, but previously compared its performance to the MSCI EAFE Index. The change of index reflects a change in the Investment Manager’s benchmark index across a broad range of similar strategies and products managed by the Investment Manager. Also shown below is a linked index comprised of the MSCI EAFE Index prior to July 1, 2010 and the MSCI ACW ex US Index from July 1, 2010.

24Prospectus


	Inception Date	1 Year	5 Years	Life of Portfolio

Institutional Shares:	5/31/01

Returns Before Taxes		8.49%	1.54%	3.55%

Returns After Taxes on Distributions		____%	____%	____%

Returns After Taxes on Distributions and Sale of Portfolio Shares		____%	____%	____%

Open Shares	5/31/01	8.29%	1.24%	3.27%

MSCI ACW ex US Index		____%	____%	____% (Institutional) ____% (Open)

MSCI ACW ex US / EAFE linked Index		8,44%	2.59%	4.99% (Institutional) 4.99% (Open)

MSCI EAFE Index		7.75%	2.46%	____% (Institutional) ____% (Open)

Management

Investment Manager

Lazard Asset Management LLC

Portfolio Manager/Analysts

Michael G. Fry, portfolio manager/analyst on the Investment Manager’s Global Equity and International Equity teams, has been with the Portfolio since May 2010.

Michael A. Bennett, portfolio manager/analyst on the Investment Manager’s International Equity teams, has been with the Portfolio since May 2003.

James M. Donald, portfolio manager/analyst on the Investment Manager’s Emerging Markets Equity team, has been with the Portfolio since May 2010.

Kevin J. Matthews, portfolio manager/analyst on the Investment Manager’s International Equity Select team, has been with the Portfolio since May 2010.

Michael Powers, portfolio manager/analyst on the Investment Manager’s Global Equity and International Equity teams, has been with the Portfolio since May 2003.

John R. Reinsberg, portfolio manager/analyst on the Investment Manager’s Global Equity and International Equity teams, has been with the Portfolio since inception.

Additional Information

Prospectus25

Lazard Funds Summary Section

Lazard International Strategic Equity Portfolio

Investment Objective

The Portfolio seeks long-term capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.


	Institutional Shares	Open Shares

Shareholder Transaction Fees (fees paid directly from your investment)
Maximum Redemption Fee (as a % of amount redeemed, on shares owned for 30 days or less)	1.00%	1.00%

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	.75%	.75%

Distribution and Service (12b-1) Fees	None	.25%

Other Expenses	.15%	.20%

Total Annual Portfolio Operating Expenses	.90%	1.20%

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year	3 Years	5 Years	10 Years

Institutional Shares	$92	$287	$498	$1,108

Open Shares	$122	$381	$660	$1,455

Portfolio Turnover

26Prospectus

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of non-U.S. companies whose principal activities are located in countries represented by the MSCI EAFE Index that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The Portfolio may invest up to 30% of its assets in securities of companies whose principal business activities are located in emerging market countries, although the allocation of the Portfolio’s assets to emerging market countries may vary from time to time.

Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.

The countries represented by the MSCI EAFE Index currently include: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

Principal Investment Risks

Because the Portfolio may invest in a smaller number of issuers than other, more diversified, investment portfolios, the Portfolio’s NAV may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.

Prospectus27

Performance Bar Chart and Table
Year-by-Year Total Returns for Institutional Shares
As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Strategic Equity Portfolio by showing the Portfolio’s year-by-year and average annual performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Performance information is available at www.LazardNet.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.

Best Quarter:
[6/30/09 23.21%

Worst Quarter:
9/30/08 -18.44%]

Average Annual Total Returns
(for the periods ended December 31, 2010)


	Inception Date	1 Year	5 Years	Life of Portfolio

Institutional Shares:	10/31/05

Returns Before Taxes		14.43%	4.57%	5.96%

Returns After Taxes on Distributions		_____%	_____%	_____%

Returns After Taxes on Distributions and Sale of Portfolio Shares		_____%	_____%	_____%

Open Shares	2/3/06	14.09%	N/A	2.93%

MSCI EAFE Index		7.75%	2.46% (Institutional) N/A (Open)	3.77% (Institutional) 1.27% (Open)

28Prospectus

Management

Investment Manager

Lazard Asset Management LLC

Portfolio Manager/Analysts

Mark Little, portfolio manager/analyst on the Investment Manager’s International Strategic Equity team, has been with the Portfolio since inception.

Michael A. Bennett, portfolio manager/analyst on the Investment Manager’s International Equity teams, has been with the Portfolio since September 2008.

Robin O. Jones, portfolio manager/analyst on the Investment Manager’s International Strategic Equity team, has been with the Portfolio since May 2009.

Brian Pessin, portfolio manager/analyst on the Investment Manager’s Global, International and European Small Cap Equity teams, has been with the Portfolio since inception.

John R. Reinsberg, portfolio manager/analyst on the Investment Manager’s Global Equity and International Equity teams, has been with the Portfolio since inception.

Additional Information

Prospectus29

Lazard Funds Summary Section

Lazard International Small Cap Equity Portfolio

Investment Objective

The Portfolio seeks long-term capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.


	Institutional Shares	Open Shares

Shareholder Transaction Fees (fees paid directly from your investment) Maximum Redemption Fee (as a % of amount redeemed, on shares owned for 30 days or less)	1.00%	1.00%

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	.75%	.75%

Distribution and Service (12b-1) Fees	None	.25%

Other Expenses	.46%	.49%

Total Annual Portfolio Operating Expenses	1.21%	1.49%

Fee Waiver and Expense Reimbursement*	.08%	.06%

Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement*	1.13%	1.43%

Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio through April 30, 2012, to the extent Total Annual Portfolio Operating Expenses exceed 1.13% and 1.43% of the average daily net assets of the Portfolio’s Institutional Shares and Open Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees. This agreement can only be amended by agreement of the Fund and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Investment Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the fee waiver in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year	3 Years	5 Years	10 Years

Institutional Shares	$115	$376	$657	$1,459

Open Shares	$146	$465	$808	$1,774

Portfolio Turnover

30Prospectus

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of relatively small non-U.S. companies that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The Investment Manager considers “small non-U.S. companies” to be those non-U.S. companies with market capitalizations, at the time of initial purchase by the Portfolio, below $5 billion or in the range of the smallest 10% of companies included in the MSCI EAFE Index (based on market capitalization of the Index as a whole, which ranged from approximately $___ billion to $___ billion as of ________, 2011).

In choosing stocks for the Portfolio, the Investment Manager looks for smaller, well-managed non-U.S. companies that have the potential to grow. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of small cap companies.

Principal Investment Risks

Small cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.

Prospectus31

Performance Bar Chart and Table
Year-by-Year Total Returns for Institutional Shares
As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Small Cap Equity Portfolio by showing the Portfolio’s year-by-year and average annual performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Performance information is available at www.LazardNet.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.

Best Quarter:
6/30/09 31.53%

Worst Quarter:
12/31/08 -27.07%

Average Annual Total Returns
(for the periods ended December 31, 2010)

Inception
Date

1 Year

5 Years

10 Years

Life of
Portfolio

Institutional Shares:

12/1/93

Returns Before Taxes

23.55%

0.77%

7.32%

7.08%

Returns After Taxes on Distributions

_____%

Returns After Taxes on Distributions and
Sale of Portfolio Shares

_____%

Open Shares

2/13/97

23.13%

0.49%

6.97%

6.61%

MSCI EAFE Small Cap Index

22.04%

2.81%

9.45%

5.28%
(Institutional)
5.66%
(Open)

32Prospectus

Management

Investment Manager

Lazard Asset Management LLC

Portfolio Manager/Analysts

Brian Pessin, portfolio manager/analyst on the Investment Manager’s Global, International and European Small Cap Equity teams, has been with the Portfolio since January 2003.

Edward Rosenfeld, portfolio manager/analyst on the Investment Manager’s Global, International and European Small Cap Equity teams, has been with the Portfolio since May 2007.

John R. Reinsberg, portfolio manager/analyst on the Investment Manager’s Global Equity and International Equity teams, has been with the Portfolio since inception.

Additional Information

Prospectus33

Lazard Funds Summary Section

Lazard Global Listed Infrastructure Portfolio

Investment Objective

The Portfolio seeks total return.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.


	Institutional Shares	Open Shares

Shareholder Fees (fees paid directly from your investment) Maximum Redemption Fee (as a % of amount redeemed, on shares owned for 30 days or less)	1.00%	1.00%

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	.90%	.90%

Distribution and Service (12b-1) Fees	None	.25%

Other Expenses	___%	___%

Total Annual Portfolio Operating Expenses	___%	___%

Fee Waiver and Expense Reimbursement*	___%	___%

Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement*	1.30%	1.60%

Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio through April 30, 2012, to the extent Total Annual Portfolio Operating Expenses exceed 1.30% and 1.60% of the average daily net assets of the Portfolio’s Institutional Shares and Open Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees. This agreement can only be amended by agreement of the Fund and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Investment Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the fee waiver in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year	3 Years	5 Years	10 Years

Institutional Shares	$132	$___	$___	$___

Open Shares	$163	$___	$___	$___

Portfolio Turnover

34Prospectus

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of infrastructure companies and concentrates its investments in industries represented by infrastructure companies. The Investment Manager focuses on companies with a minimum market capitalization of $250 million that own physical infrastructure and which the Investment Manager believes are undervalued.

Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of infrastructure companies, which consist of utilities, pipelines, toll roads, airports, railroads, ports, telecommunications and other infrastructure companies, with securities listed on a national or other recognized securities exchange.

Under normal market conditions, the Portfolio invests significantly (at least 40%—unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio would invest at least 30%) in infrastructure companies organized or located outside the U.S. or doing a substantial amount of business outside the U.S. The Portfolio allocates its assets among various regions and countries, including the United States (but in no less than three different countries). The Portfolio may invest in equity securities of companies with some business activities located in emerging market countries.

The Investment Manager generally seeks to substantially hedge foreign currency exposure in the Portfolio back to the U.S. dollar by entering into foreign currency forward contracts, although the Portfolio’s total foreign currency exposure may not be fully hedged at all times. Whether or not the Portfolio engages in currency derivatives transactions, the Portfolio may experience a decline in the value of its portfolio securities, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.

Principal Investment Risks

While stocks have historically been a leading choice of long-term investors, they do fluctuate in price, often based on factors unrelated to the issuer’s value. The value of your investment in the Portfolio will fluctuate, which means you could lose money.

Securities and instruments of infrastructure companies are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies also may be affected by or subject to:

•

regulation by various government authorities, including rate regulation;

•

service interruption due to environmental, operational or other mishaps;

•

the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards; and

•

general changes in market sentiment towards infrastructure and utilities assets.

Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its

Prospectus35

portfolio securities, in U.S. dollar terms, due solely to fluctuations in currency exchange rates.

Forward currency contracts may reduce returns or increase volatility, perhaps substantially. These contracts can be illiquid and highly sensitive to changes in the value of the related currency. Forward currency contracts also are subject to the risk of default by the counterparty to the contracts.

Performance Bar Chart and Table
Total Returns for Institutional Shares
As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global Listed Infrastructure Portfolio by showing the Portfolio’s performance for the first complete calendar year of operation. The bar chart shows the performance of the Portfolio’s Institutional Shares. Performance information is available at www.LazardNet.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.

Best Quarter:
9/30/10 12.17%

Worst Quarter:
6/30/10 -8.13%

Average Annual Total Returns
(for the periods ended December 31, 2010)

36Prospectus


	Inception Date	1 Year	Life of Portfolio

Institutional Shares:	12/31/09

Returns Before Taxes		6.63%	6.61%

Returns After Taxes on Distributions		______%	______%

Returns After Taxes on Distributions and Sale of Portfolio Shares		______%	______%

Open Shares	12/31/09	6.28%	6.26%

UBS Global 50/50 Infrastructure & UtilitiesÒ Index		4.33%	4.33% (Institutional) 4.33% (Open)

MSCI WorldÒ Index		11.76%	11.76% (Institutional) 11.76% (Open)

Management

Investment Manager

Lazard Asset Management LLC

Portfolio Manager/Analysts

John Mulquiney, portfolio manager/analyst on the Investment Manager’s Global Listed Infrastructure team, has been with the Portfolio since inception.

Warryn Robertson, portfolio manager/analyst on the Investment Manager’s Global Listed Infrastructure team, has been with the Portfolio since inception.

Additional Information

Prospectus37

Lazard Funds Summary Section

This Portfolio is closed to investment by most new investors. See pages __-__ for more information.

Lazard Emerging Markets Equity Portfolio

Investment Objective

The Portfolio seeks long-term capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.


	Institutional Shares	Open Shares

Shareholder Transaction Fees (fees paid directly from your investment) Maximum Redemption Fee (as a % of amount redeemed, on shares owned for 30 days or less)	1.00%	1.00%

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	1.00%	1.00%

Distribution and Service (12b-1) Fees	None	.25%

Other Expenses	.14%	.24%

Total Annual Portfolio Operating Expenses	1.14%	1.49%

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year	3 Years	5 Years	10 Years

Institutional Shares	$116	$362	$628	$1,386

Open Shares	$152	$471	$813	$1,779

Portfolio Turnover

38Prospectus

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of non-U.S. companies whose principal activities are located in emerging market countries and that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values.

Emerging market countries include all countries represented by the MSCI Emerging Markets (“EMÒ”) Index, which currently includes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.

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.

Principal Investment Risks

Prospectus39

Performance Bar Chart and Table
Year-by-Year Total Returns for Institutional Shares
As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets Equity Portfolio by showing the Portfolio’s year-by-year and average annual performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Performance information is available at www.LazardNet.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.

Best Quarter:
[6/30/09 34.12%

Worst Quarter:
12/31/08 -30.50%]

Average Annual Total Returns
(for the periods ended December 31, 2010)


	Inception Date	1 Year	5 Years	10 Years	Life of Portfolio

Institutional Shares:	7/15/94

Returns Before Taxes		22.81%	13.51%	17.91%	9.59%

Returns After Taxes on Distributions		_____%	_____%	_____%	_____%

Returns After Taxes on Distributions and Sale of Portfolio Shares		_____%	_____%	_____%	_____%

Open Shares	1/8/97	22.43%	13.14%	17.58%	9.85%

MSCI EM Index		18.88%	12.78%	15.89%	7.60% (Institutional) 8.87% (Open)

40Prospectus

Management

Investment Manager

Lazard Asset Management LLC

Portfolio Manager/Analysts

James M. Donald, portfolio manager/analyst on the Investment Manager’s Emerging Markets Equity team, has been with the Portfolio since November 2001.

Rohit Chopra, portfolio manager/analyst on the Investment Manager’s Emerging Markets Equity team, has been with the Portfolio since May 2007.

Erik McKee, portfolio manager/analyst on the Investment Manager’s Emerging Markets Equity team, has been with the Portfolio since July 2008.

John R. Reinsberg, portfolio manager/analyst on the Investment Manager’s Global Equity and International Equity teams, has been with the Portfolio since inception.

Additional Information

Prospectus41

Lazard Funds Summary Section

Lazard Developing Markets Equity Portfolio

Investment Objective

The Portfolio seeks long-term capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.


	Institutional Shares	Open Shares

Shareholder Transaction Fees (fees paid directly from your investment)
Maximum Redemption Fee (as a % of amount redeemed, on shares owned for 30 days or less)	1.00%	1.00%

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	1.00%	1.00%

Distribution and Service (12b-1) Fees	None	.25%

Other Expenses	.67%	.60%

Total Annual Portfolio Operating Expenses	1.67%	1.85%

Fee Waiver and Expense Reimbursement*	.37%	.25%

Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement*	1.30%	1.60%

Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio through April 30, 2012, to the extent Total Annual Portfolio Operating Expenses exceed 1.30% and 1.60% of the average daily net assets of the Portfolio’s Institutional Shares and Open Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees. This agreement can only be amended by agreement of the Fund and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Investment Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the fee waiver in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year	3 Years	5 Years	10 Years

Institutional Shares	$132	$490	$873	$1,945

Open Shares	$163	$557	$977	$2,149

Portfolio Turnover

42Prospectus

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of non-U.S. companies whose principal activities are located in emerging market countries (also known as “developing markets”).

Emerging market countries include all countries represented by the MSCI EM Index, which currently includes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.

The Investment Manager employs a relative growth investment philosophy that is based on value creation through the process of bottom-up stock selection. The Investment Manager’s approach consists of an analytical framework, accounting validation, fundamental analysis and portfolio construction parameters. The Investment Manager’s selection process focuses on growth and considers the sustainability of growth and the trade off between valuation and growth. A premium may be paid for higher, sustainable growth.

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.

Principal Investment Risks

The Portfolio invests in stocks believed by the Investment Manager to have the potential for growth, but that may not realize such perceived potential for extended periods of time or may never realize such perceived growth potential. Such stocks may be more volatile than other stocks because they can be more sensitive to investor perceptions of the issuing company’s growth potential. The stocks in which the Portfolio invests may respond differently to market and other developments than other types of stocks.

Prospectus43

Performance Bar Chart and Table
Year-by-Year Total Returns for Institutional Shares
As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard Developing Markets Equity Portfolio by showing the Portfolio’s year-by-year and average annual performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares varied from year to year. Performance information is available at www.LazardNet.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.

Best Quarter:
[6/30/09 56.64%

Worst Quarter:
6/30/10 -8.30%]

Average Annual Total Returns
(for the periods ended December 31, 2010)


	Inception Date	1 Year	Life of Portfolio

Institutional Shares:	9/30/08

Returns Before Taxes		28.62%	28.40%

Returns After Taxes on Distributions		______%	______%

Returns After Taxes on Distributions and Sale of Portfolio Shares		______%	______%

Open Shares	9/30/08	28.13%	28.03%

MSCI EM Index		18.88%	21.03% (Institutional) 21.03% (Open)

44Prospectus

Management

Investment Manager

Lazard Asset Management LLC

Portfolio Manager/Analysts

James M. Donald, portfolio manager/analyst on the Investment Manager’s Emerging Markets Equity team, has been with the Portfolio since inception.

Kevin O’Hare, portfolio manager/analyst on the Investment Manager’s Developing Markets Equity team, has been with the Portfolio since inception.

Peter Gillespie, portfolio manager/analyst on the Investment Manager’s Developing Markets Equity team, has been with the Portfolio since inception.

John R. Reinsberg, portfolio manager/analyst on the Investment Manager’s Global Equity and International Equity teams, has been with the Portfolio since inception.

Additional Information

Prospectus45

Lazard Funds Summary Section

Lazard Emerging Markets Equity Blend Portfolio

Investment Objective

The Portfolio seeks long-term capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.


	Institutional Shares	Open Shares

Shareholder Transaction Fees (fees paid directly from your investment) Maximum Redemption Fee (as a % of amount redeemed, on shares owned for 30 days or less)	1.00%	1.00%

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	1.05%	1.05%

Distribution and Service (12b-1) Fees	None	.25%

Other Expenses	____%	____%

Total Annual Portfolio Operating Expenses	____%	____%

Fee Waiver and Expense Reimbursement*	____%	____%

Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement*	1.35%	1.65%

Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio through April 30, 2012, to the extent Total Annual Portfolio Operating Expenses exceed 1.35% and 1.65% of the average daily net assets of the Portfolio’s Institutional Shares and Open Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees. This agreement can only be amended by agreement of the Fund and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Investment Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the fee waiver in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year	3 Years	5 Years	10 Years

Institutional Shares	$137	$____	$____	$____

Open Shares	$168	$____	$____	$____

Portfolio Turnover

46Prospectus

Principal Investment Strategies

The Portfolio invests primarily in equity securities, including common stocks, ADRs and GDRs, of non-U.S. companies whose principal activities are located in emerging market countries.

The Investment Manager will allocate the Portfolio’s assets between the Investment Manager’s emerging markets relative value and relative growth investment strategies. In the emerging markets relative value strategy, assets are invested in companies that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The strategy typically focuses on companies with a market capitalization of greater than $3 billion. In the emerging markets relative growth strategy, the Investment Manager employs a relative growth investment philosophy that is based on value creation through the process of bottom-up stock selection. The philosophy is implemented by assessing the trade-off between forward earnings growth rates and valuations for an individual security. The Investment Manager’s approach consists of an analytical framework, accounting validation, fundamental analysis and portfolio construction parameters.

The Investment Manager currently intends to maintain an allocation of approximately 40%-60% of the Portfolio’s assets in each strategy, but the allocation ranges could change in the future without prior notice to shareholders. The Investment Manager will make allocation decisions between the strategies based on quantitative and qualitative analysis through proprietary software models. Quantitative analysis includes, among others, statistical analysis of portfolio risks, factor dependencies and trading tendencies. Qualitative analysis includes, among others, analysis of the global economic environment as well as internal and external research on individual securities, portfolio holdings, attribution factors, behavioral patterns and overall market views and scenarios. The Investment Manager will periodically review the allocation of Portfolio assets between the strategies and modify the relative weightings to emphasize risk or to seek to mitigate risk exposures.

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.

Principal Investment Risks

The Portfolio invests a portion of its assets in stocks believed by the Investment Manager to be undervalued, but that may not realize their perceived value for extended periods of time or may never realize their perceived value. The Portfolio also invests a portion of its assets in stocks believed by the Investment Manager to have the potential for growth, but that may not realize such perceived potential for extended periods of time or may never realize such perceived growth potential. Such stocks may be more volatile than other stocks because they can be more sensitive to investor perceptions of the issuing company’s growth potential. The stocks in which the Portfolio invests may respond differently to market and other developments than other types of stocks.

The Portfolio’s ability to achieve its investment objective depends in part on the Investment Manager’s skill in determining the Portfolio’s allocation between the investment strategies. The Investment Manager’s evaluations and assumptions underlying its allocation decisions may differ from actual market conditions.

Prospectus47

Performance Bar Chart and Table

Because the Portfolio did not have a full calendar year of performance as of the date of this Prospectus, no performance returns are presented. Annual performance returns provide some indication of the risks of investing in the Portfolio by showing changes in performance from year to year. Comparison of Portfolio performance to an appropriate index indicates how the Portfolio’s average annual returns compare with those of a broad measure of market performance. After the Portfolio commences investment operations, performance information will be available at www.LazardNet.com or by calling (800) 823-6300. The Portfolio’s past performance is not necessarily an indication of how the Portfolio will perform in the future.

Management

Investment Manager

Lazard Asset Management LLC

Portfolio Manager/Analyst

James M. Donald, portfolio manager/analyst on the Investment Manager’s Emerging Markets Equity team, has been with the Portfolio since inception.

Jai Jacob, portfolio manager/analyst on the Investment Manager’s Global Multi-Strategy team, has been with the Portfolio since inception.

Kevin O’Hare, portfolio manager/analyst on the Investment Manager’s Developing Markets Equity team, has been with the Portfolio since inception.

Additional Information

48Prospectus

Lazard Funds Summary Section

Lazard Emerging Markets Multi-Strategy Portfolio

Investment Objective

The Portfolio seeks total return from current income and capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.


	Institutional Shares	Open Shares

Shareholder Transaction Fees (fees paid directly from your investment) Maximum Redemption Fee (as a % of amount redeemed, on shares owned for 30 days or less)	1.00%	1.00%

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	1.00%	1.00%

Distribution and Service (12b-1) Fees	None	.25%

Other Expenses*	____%	____%

Total Annual Portfolio Operating Expenses*	____%	____%

“Other Expenses” are based on estimated amounts for the current fiscal year.

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year	3 Years

Institutional Shares	$___	$___

Open Shares	$___	$___

Portfolio Turnover

Prospectus49

Principal Investment Strategies

The Portfolio allocates its assets among various emerging markets equity, debt and currency investment strategies managed by the Investment Manager in proportions consistent with the Investment Manager’s evaluation of various factors through quantitative and qualitative analysis. These proportions are changed from time to time, and at any given time the allocation to one strategy (other than currency investments) may comprise a substantial percentage of the Portfolio’s assets. The Investment Manager will make allocation decisions among the strategies based on quantitative and qualitative analysis through proprietary software models. Quantitative analysis includes, among others, statistical analysis of portfolio risks, factor dependencies and trading tendencies. Qualitative analysis includes, among others, analysis of the global economic environment as well as internal and external research on individual securities, portfolio holdings, attribution factors, behavioral patterns and overall market views and scenarios.

The Portfolio may invest in:

•

equity securities, including common stocks and depositary receipts and shares;

•

debt securities issued or guaranteed by governments, government agencies or supranational bodies or companies or other private-sector entities, including fixed and/or floating rate investment grade and non-investment grade bonds, convertible securities, commercial paper, collateralized debt obligations, short- and medium-term obligations and other fixed-income obligations; and

•

emerging markets currencies and related instruments (primarily forward currency contracts) and structured notes.

The securities in which the Portfolio invests may be denominated in the U.S. dollar, the Canadian dollar, the Euro, the Japanese yen, the Pound Sterling, or the local currency of the issuer. Under normal circumstances, the Portfolio invests at least 80% of its assets in securities and other investments that are economically tied to emerging market countries. Emerging market countries include all countries not represented by the MSCI World Index. The Portfolio currently intends to focus its investments in Asia, Africa, the Middle East, Latin America and the developing countries of Europe, although the allocation of the Portfolio’s assets among countries and regions may vary from time to time based on the Investment Manager’s judgment and its analysis of market conditions.

The Portfolio may invest in securities of any size or market capitalization. The Portfolio is not limited to securities of any particular quality or investment grade and, as a result, the Portfolio may invest significantly in securities rated below investment grade or securities that are unrated. Additionally, the Portfolio is not restricted to investments in debt securities of any particular maturity or duration.

The Portfolio’s currency strategy uses forward currency contracts, options on currencies and structured notes, although the Portfolio may not allocate assets to the currency strategy at all times, and there may be no allocation to currency investments for significant periods of time. The Portfolio also may, but is not required to, enter into forward foreign currency contracts, purchase options on currencies and enter into currency swaps to hedge the foreign currency exposure associated with equity or debt investment strategies. The Portfolio also may purchase options on securities, including exchange-traded funds, and enter into credit default swaps and other types of swaps, for hedging purposes or to seek to increase returns.

Principal Investment Risks

The Portfolio’s ability to achieve its investment objective depends in part on the Investment Manager’s skill in determining the Portfolio’s allocation among the investment strategies. The Investment Manager’s evaluations and assumptions underlying its allocation decisions may differ from actual market conditions. The value of your investment in the Portfolio will fluctuate, which means you could lose money.

Non-domestic securities carry special risks, such as exposure to less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. In addition, investments denominated in currencies other than U.S. dollars carry the risk that such currencies will decline in value relative to the U.S. dollar and affect the value of these investments held in the Portfolio.

The securities markets of emerging market countries can be extremely volatile. The Portfolio’s performance will be influenced by political, social and economic factors

50Prospectus

affecting emerging market countries. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.

While stocks have historically been a leading choice of long-term investors, they do fluctuate in price, often based on factors unrelated to the issuer’s value.

The Portfolio may invest a portion of its assets in stocks believed by the Investment Manager to be undervalued, but that may not realize their perceived value for extended periods of time or may never realize their perceived value. The Portfolio also may invest a portion of its assets in stocks believed by the Investment Manager to have the potential for growth, but that may not realize such perceived potential for extended periods of time or may never realize such perceived growth potential. Such stocks may be more volatile than other stocks because they can be more sensitive to investor perceptions of the issuing company’s growth potential. The stocks in which the Portfolio invests may respond differently to market and other developments than other types of stocks.

While fixed-income securities are designed to produce a stable stream of income, their prices move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. The Portfolio’s investments in lower-rated, higher-yielding securities are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price.

Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds in an investment offering a lower yield (and the Portfolio may not benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).

The lack of a readily available market may limit the ability of the Portfolio to sell certain securities at the time and price it would like. The size of certain securities offerings of emerging markets issuers may be relatively smaller in size than offerings in more developed markets and, in some cases, the Portfolio, by itself or together with other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price.

The currencies of emerging market countries may experience significant declines against the U.S. dollar, and significant devaluation may occur subsequent to investments in these currencies by the Portfolio. The Investment Manager may not be able to accurately predict movements in exchange rates and there may be imperfect correlations between movements in exchange rates that could cause the Portfolio to incur significant losses. Currency investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies.

Structured notes are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured notes can have risks of both debt securities and derivative transactions.

Prospectus51

small investment in certain derivatives could have a potentially large impact on the Portfolio’s performance, and derivatives transactions have the potential to reduce returns, perhaps substantially. Whether or not the Portfolio engages in currency derivatives transactions, the Portfolio may experience a decline in the value of its portfolio securities, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.

Performance Bar Chart and Table

Because the Portfolio has not commenced investment operations prior to the date of this Prospectus, no performance returns are presented. Annual performance returns provide some indication of the risks of investing in the Portfolio by showing changes in performance from year to year. Comparison of Portfolio performance to an appropriate index indicates how the Portfolio’s average annual returns compare with those of a broad measure of market performance. After the Portfolio commences investment operations, performance information will be available at www.LazardNet.com or by calling (800) 823-6300. The Portfolio’s past performance is not necessarily an indication of how the Portfolio will perform in the future.

Management

Investment Manager

Lazard Asset Management LLC

Portfolio Manager/Analyst

James M. Donald, portfolio manager/analyst on the Investment Manager’s Emerging Markets Equity team, has been with the Portfolio since inception.

Jai Jacob, portfolio manager/analyst on the Investment Manager’s Global Multi-Strategy team, has been with the Portfolio since inception.

Additional Information

52Prospectus

Lazard Funds Summary Section

Lazard Emerging Markets Debt Portfolio

Investment Objective

The Portfolio seeks total return from current income and capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.


	Institutional Shares	Open Shares

Shareholder Transaction Fees (fees paid directly from your investment) Maximum Redemption Fee (as a % of amount redeemed, on shares owned for 30 days or less)	1.00%	1.00%

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	.80%	.80%

Distribution and Service (12b-1) Fees	None	.25%

Other Expenses*	.42%	.47%

Total Annual Portfolio Operating Expenses*	1.22%	1.52%

Fee Waiver and Expense Reimbursement**	.12%	.12%

Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement**	1.10%	1.40%

“Other Expenses” are based on estimated amounts for the current fiscal year.

Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio through April 30, 2012, to the extent Total Annual Portfolio Operating Expenses exceed 1.10% and 1.40% of the average daily net assets of the Portfolio’s Institutional Shares and Open Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees. This agreement can only be amended by agreement of the Fund and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Investment Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the fee waiver in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year	3 Years

Institutional Shares	$112	$375

Open Shares	$143	$469

Portfolio Turnover

Prospectus53

Principal Investment Strategies

The Portfolio invests primarily in debt securities issued or guaranteed by governments, government agencies or supranational bodies or companies or other private-sector entities, including fixed and/or floating rate investment grade and non-investment grade bonds, convertible securities, commercial paper, collateralized debt obligations, short- and medium-term obligations and other fixed-income obligations, and may invest in money market instruments such as certificates of deposit. The securities in which the Portfolio invests may be denominated in the U.S. dollar, the Canadian dollar, the Euro, the Japanese yen, the Pound Sterling, or the local currency of the issuer.

Under normal circumstances, the Portfolio invests at least 80% of its assets in debt securities that are economically tied to emerging market countries. Emerging market countries include all countries not represented by the MSCI World Index. The Portfolio currently intends to focus its investments in Asia, Africa, the Middle East, Latin America and the developing countries of Europe, although the allocation of the Portfolio’s assets among countries and regions may vary from time to time.

The Portfolio is not limited to securities of any particular quality or investment grade and, as a result, the Portfolio may invest significantly in securities rated below investment grade (lower than Baa by Moody’s Investors Service, Inc. (“Moody’s”) or lower than BBB by Standard & Poor’s Ratings Group (“S&P”)) (“junk bonds”) or securities that are unrated. Additionally, the Portfolio is not restricted to investments in securities of any particular maturity or duration.

The Portfolio is non-diversified, which means that it may invest a relatively high percentage of its assets in a limited number of issuers, when compared to a diversified fund.

The Portfolio generally will not purchase equity securities; however, the Portfolio may from time to time acquire and hold equity securities as a result of exercising a convertible debt security or holding a convertible debt security to maturity or in connection with the reorganization or bankruptcy of an issuer of a debt security held by the Portfolio.

The Portfolio may, but is not required to, purchase options on exchange-traded funds (“ETFs”) and currencies and enter into forward currency contracts and credit default swaps, for hedging purposes or to seek to increase returns.

Principal Investment Risks

54Prospectus

increase in the value of its portfolio holdings as a result of declining interest rates).

The lack of a readily available market may limit the ability of the Portfolio to sell certain securities at the time and price it would like. The size of certain debt securities offerings of emerging markets issuers may be relatively smaller in size than debt offerings in more developed markets and, in some cases, the Portfolio, by itself or together with other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price.

Derivatives transactions, including those entered into for hedging purposes, may reduce returns or increase volatility. Forward currency contracts, over-the-counter options on securities (including options on ETFs) and currencies and swap agreements, are subject to the risk of default by the counterparty, in addition to risks of changes in the value of the related currency, security, securities or index. These and other derivatives also can be illiquid and highly sensitive to changes in the related currency, security, securities or index. As such, a small investment in certain derivatives could have a potentially large impact on the Portfolio’s performance and derivatives transactions have the potential to reduce returns, perhaps substantially. Whether or not the Portfolio engages in currency derivatives transactions, the Portfolio may experience a decline in the value of its portfolio securities, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.

Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in U.S. dollar terms, due solely to fluctuations in currency exchange rates.

Prospectus55

Performance Bar Chart and Table

Management

Investment Manager

Lazard Asset Management LLC

Portfolio Manager/Analysts

Denise S. Simon, portfolio manager/analyst on the Investment Manager’s Emerging Markets Debt team, has been with the Portfolio since inception.

Arif T. Joshi, portfolio manager/analyst on the Investment Manager’s Emerging Markets Debt team, has been with the Portfolio since inception.

Additional Information

56Prospectus

Lazard Funds Summary Section

Lazard U.S. High Yield Portfolio

Investment Objective

The Portfolio seeks maximum total return from a combination of capital appreciation and current income.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.


	Institutional Shares	Open Shares

Shareholder Transaction Fees (fees paid directly from your investment)
Maximum Redemption Fee (as a % of amount redeemed, on shares owned for 30 days or less)	1.00%	1.00%

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	.55%	.55%

Distribution and Service (12b-1) Fees	None	.25%

Other Expenses	.25%	.33%

Total Annual Portfolio Operating Expenses	.80%	1.13%

Fee Waiver and Expense Reimbursement*	.25%	.28%

Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement*	.55%	.85%

Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio through April 30, 2012, to the extent Total Annual Portfolio Operating Expenses exceed .55% and .85% of the average daily net assets of the Portfolio’s Institutional Shares and Open Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees. This agreement can only be amended by agreement of the Fund and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Investment Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the fee waiver in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year	3 Years	5 Years	10 Years

Institutional Shares	$56	$230	$420	$ 967

Open Shares	$87	$331	$595	$1,350

Portfolio Turnover

Prospectus57

Principal Investment Strategies

The Portfolio invests primarily in high-yielding U.S. corporate fixed-income securities which, at the time of purchase, are rated below investment grade (lower than Baa by Moody’s or lower than BBB by S&P (“junk bonds”). The Portfolio may invest in securities of non-U.S. companies, including, to a limited extent, in companies in, or governments of, emerging market countries.

Under normal circumstances, the Portfolio invests at least 80% of its assets in bonds and other fixed-income securities of U.S. companies rated, at the time of purchase, below investment grade by S&P or Moody’s and as low as the lowest rating assigned by S&P or Moody’s, or the unrated equivalent as determined by the Investment Manager. The Portfolio focuses its investments in high-yielding securities that may be considered “better quality” (B+ or higher by Moody’s or S&P or the unrated equivalent as determined by the Investment Manager). Although the Portfolio may invest in fixed-income securities without regard to their maturity, the Portfolio’s average weighted maturity is expected to range between two and ten years.

Securities are evaluated based on their fundamental and structural characteristics. Valuation analysis is tailored to the specific asset class, but may include credit research, prepayment or call options, maturity, duration, coupon, currency and country risks.

Principal Investment Risks

While bonds are designed to produce a stable stream of income, their prices move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. The Portfolio’s investments in lower-rated, higher-yielding bonds are subject to greater credit risk than its higher-rated investments. Junk bonds tend to be more volatile, less liquid and are considered speculative. The value of your investment in the Portfolio will fluctuate, which means you could lose money.

Other risk factors could have an effect on the Portfolio’s performance, including:

•

if an issuer fails to make timely interest or principal payments

•

if there is a decline in the credit quality of a bond, or a perception of a decline, the bond’s value could fall, potentially lowering the Portfolio’s share price

•

the price and yield of non-U.S. debt securities could be affected by factors ranging from political and economic instability to changes in currency exchange rates

•

during unusual market conditions, the Portfolio may not be able to sell certain securities at the time and price it would like

58Prospectus

Performance Bar Chart and Table
Year-by-Year Total Returns for Institutional Shares
As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard U.S. High Yield Portfolio by showing the Portfolio’s year-by-year and average annual performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Performance information is available at www.LazardNet.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.

Best Quarter:
[6/30/09 13.08%

Worst Quarter:
12/31/08 -15.96%]

Average Annual Total Returns
(for the periods ended December 31, 2010)


	Inception Date	1 Year	5 Years	10 Years	Life of Portfolio

Institutional Shares:	1/2/98

Returns Before Taxes		11.78%	6.42%	5.86%	3.62%

Returns After Taxes on Distributions		____%	____%	____%	____%

Returns After Taxes on Distributions and Sale of Portfolio Shares		____%	____%	____%	____%

Open Shares	2/24/98	11.19%	6.11%	5.58%	2.98%

Merrill Lynch High Yield Master IIâ Index		15.19%	8.81%	8.60%	6.57% (Institutional) 6.47% (Open)

Prospectus59

Management

Investment Manager

Lazard Asset Management LLC

Portfolio Manager/Analysts

J. William Charlton, portfolio manager/analyst on the Investment Manager’s U.S. High Yield Fixed Income team, has been with the Portfolio since November 2002.

Thomas M. Dzwil, portfolio manager/analyst on the Investment Manager’s U.S. High Yield Fixed Income team, has been with the Portfolio since May 2003.

Additional Information

60Prospectus

Lazard Funds Summary Section

Lazard U.S. Municipal Portfolio

Investment Objective

The Portfolio seeks current income exempt from regular federal income taxes, consistent with preservation of capital.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.


	Institutional Shares	Open Shares

Shareholder Transaction Fees (fees paid directly from your investment)
Maximum Redemption Fee (as a % of amount redeemed, on shares owned for 30 days or less)	1.00%	1.00%

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	.25%	.25%

Distribution and Service (12b-1) Fees	None	.25%

Other Expenses*	.27%	.32%

Total Annual Portfolio Operating Expenses*	.52%	.82%

Fee Waiver and Expense Reimbursement**	.12%	.12%

Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement**	.40%	.70%

“Other Expenses” are based on estimated amounts for the current fiscal year.

Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio through April 30, 2012, to the extent Total Annual Portfolio Operating Expenses exceed .40% and .70% of the average daily net assets of the Portfolio’s Institutional Shares and Open Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees. This agreement can only be amended by agreement of the Fund and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Investment Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the fee waiver in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year	3 Years

Institutional Shares	$41	$155

Open Shares	$72	$250

Portfolio Turnover

Prospectus61

Principal Investment Strategies

Under normal circumstances, the Portfolio invests at least 80% of its assets in U.S. municipal securities, the interest on which is, in the opinion of the issuer’s counsel at the time of issuance, exempt from regular federal income tax. At times, a portion of the Portfolio’s assets exempt from regular income tax may be invested in securities subject to the alternative minimum tax (the “AMT”).

The Portfolio invests primarily in securities that are rated investment grade by one or more nationally recognized statistical rating organizations, or, if unrated, determined by the Investment Manager to be of comparable quality.

Although the Portfolio may invest in fixed-income securities without regard to their maturity or duration, the Portfolio’s average weighted effective duration is expected to range between two and seven years.

The Portfolio also may invest in other securities that are not municipal securities. The Portfolio’s investments may include any type of debt instrument, including, for example, zero-coupon securities as well as floating- and variable-rate securities.

Principal Investment Risks

A primary risk of municipal securities, like other fixed-income securities, is credit risk, which is the risk that the issuer will not make timely interest or principal payments. Payment by the issuer may depend on a relatively limited source of revenue, resulting in greater credit risk.

The values of municipal securities can fluctuate and may be affected by adverse tax law, legislative or political changes, and by financial or other developments affecting municipal issuers and the municipal securities market generally. If there is a decline, or perceived decline, in the credit quality of a municipal security (or institutions providing credit and liquidity enhancements), the security’s value could fall, potentially lowering the Portfolio’s share price.

Some municipal securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds in an investment offering a lower yield (and the Portfolio may not benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).

Future changes in the activity of an issuer may adversely affect the tax-exempt status of municipal securities. If a municipal security fails to meet certain regulatory requirements to maintain its exempt tax status, the interest received by the Portfolio from its investment in such security, and the related distributions to Portfolio shareholders, will be taxable.

The size of certain municipal securities offerings may be relatively smaller in size than other debt offerings and, in some cases, the Portfolio, by itself or together with other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price.

The lack of a readily available market or restrictions on resale may limit the ability of the Portfolio to sell a security at the time and price it would like.

62Prospectus

Performance Bar Chart and Table

Management

Investment Manager

Lazard Asset Management LLC

Portfolio Manager/Analysts

Eulogio (Joe) Ramos, portfolio manager/analyst on the Investment Manager’s U.S. Fixed Income team, has been with the Portfolio since inception.

George Grimbilas, portfolio manager/analyst on the Investment Manager’s U.S. Fixed Income team, has been with the Portfolio since inception.

John R. Senesac, Jr., portfolio manager/analyst on the Investment Manager’s U.S. Fixed Income team, has been with the Portfolio since inception.

David R. Cleary, portfolio manager/analyst on various of the Investment Manager’s portfolio management teams and responsible for the oversight of the U.S. Fixed Income team, has been with the Portfolio since inception.

Additional Information

Prospectus63

Lazard Funds Summary Section

Lazard Capital Allocator Opportunistic Strategies Portfolio

Investment Objective

The Portfolio seeks long-term capital appreciation.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.


	Institutional Shares	Open Shares

Shareholder Transaction Fees (fees paid directly from your investment)
Maximum Redemption Fee (as a % of amount redeemed, on shares owned for 30 days or less)	1.00%	1.00%

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees	1.00%	1.00%

Distribution and Service (12b-1) Fees	None	.25%

Other Expenses	.16%	.19%

Acquired Fund Fees and Expenses (Underlying Funds)	[.47%	.47%

Total Annual Portfolio Operating Expenses	1.63%	1.91%

Fee Waiver and Expense Reimbursement*	.14%	.12%

Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement*	1.49%	1.79%]

Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio through April 30, 2012, to the extent Total Annual Portfolio Operating Expenses exceed 1.02% and 1.32% of the average daily net assets of the Portfolio’s Institutional Shares and Open Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees. This agreement can only be amended by agreement of the Fund and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Investment Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the fee waiver in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year	3 Years	5 Years	10 Years

Institutional Shares	[$152	$501	$874	$1,923

Open Shares	$182	$589	$1,021	$2,225]

Portfolio Turnover

64Prospectus

Principal Investment Strategies

The Portfolio utilizes an asset allocation strategy to invest in a global portfolio of uncorrelated assets that can include exposure, through underlying vehicles, to stocks, bonds, commodities and other investments.

The Portfolio invests primarily in common stock of exchange-traded open-end management investment companies and similar products, which generally pursue a passive index-based strategy (commonly known as ETFs), as well as actively managed closed-end management investment companies (“closed-end funds”) and exchange-traded notes (“ETNs” and collectively with ETFs and closed-end funds, “Underlying Funds”). ETFs and ETNs in which the Portfolio may invest include both ETFs and ETNs designed to correlate directly with an index and ETFs and ETNs designed to correlate inversely with an index. The Portfolio, through Underlying Funds in which it invests, may invest in non-U.S. companies (including those in emerging markets), and the Portfolio also may invest directly in equity and debt securities in addition to its investments in Underlying Funds. The Portfolio’s investment portfolio is concentrated in a relatively small number of holdings (generally 10 to 30). Investors can invest directly in Underlying Funds and do not need to invest in Underlying Funds through mutual funds or separately managed accounts.

The Portfolio may, but is not required to, effect short sales of securities; enter into futures contracts on indexes, commodities, interest rates and currencies; equity, total return and currency swap agreements, and forward currency contracts; and write put and covered call options on securities (including ETFs and ETNs), indexes and currencies, for hedging purposes or to seek to increase returns, including as a substitute for purchasing an Underlying Fund.

Principal Investment Risks

While stocks (including those in which the Underlying Funds invest) have historically been a leading choice of long-term investors, they do fluctuate in price, often based on factors unrelated to the issuer’s value. The value of your investment in the Portfolio will fluctuate, which means you could lose money.

Shares of ETFs and closed-end funds in which the Portfolio invests may trade at prices that vary from their NAVs, sometimes significantly. The shares of ETFs and closed-end funds may trade at prices at, below or above their most recent NAV. Shares of closed-end funds, in particular, frequently trade at persistent discounts to their NAV. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. ETNs may not trade in the secondary market, but typically are redeemable by the issuer. The Portfolio’s investments in Underlying Funds are subject to the risks of Underlying Funds’ investments, as well as to the general risks of investing in Underlying Funds. Portfolio shares will bear not only the Portfolio’s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs and closed-end funds in which the Portfolio invests. While ETNs do not have management fees, they are subject to certain investor fees. ETNs are debt securities that, like ETFs, typically are listed on exchanges and their terms generally provide for a return that tracks specified market indexes. However, unlike ETFs and closed-end funds, ETNs are not registered investment companies and thus are not regulated under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, as debt securities, ETNs are subject to the additional risk of the creditworthiness of the issuer. ETNs typically do not make periodic interest payments.

The Portfolio may be limited by the 1940 Act in the amount of its assets that may be invested in ETFs and closed-end funds unless an ETF or a closed-end fund has received an exemptive order from the Securities and Exchange Commission (the “SEC”) on which the Portfolio may rely or an exemption is available.

The market value of debt securities is affected by changes in prevailing interest rates and the perceived credit quality of the issuer. When prevailing interest rates fall or perceived credit quality improves, the market value of the affected debt securities generally rises. Conversely, when interest rates rise or perceived credit quality

Prospectus65

weakens, the market value of the affected debt securities generally declines.

Short sales may involve substantial risks. Short sales of securities expose the Portfolio to the risk that it will be required to “cover” the short position at a time when the underlying security has appreciated in value, thus resulting in a loss to the Portfolio that could be substantial.

Derivatives transactions, including those entered into for hedging purposes, may reduce returns or increase volatility. Derivatives transactions are subject to the risks of changes in the value of the related currency, security, securities, index or commodity. Forward currency contracts, swap agreements and over-the-counter options, as well as certain other derivatives transactions, are subject to the risk of default by the counterparty. These and other derivatives also can be illiquid and highly sensitive to changes in the related currency, security, securities, index or commodity. As such, a small investment in certain derivatives could have a potentially large impact on the Portfolio’s performance, and derivatives transactions have the potential to reduce returns, perhaps substantially. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.

Performance Bar Chart and Table
Year-by-Year Total Returns for Institutional Shares
As of 12/31

The accompanying bar chart and table provide some indication of the risks of investing in Lazard Capital Allocator Opportunistic Strategies Portfolio by showing the Portfolio’s year-by-year and average annual performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Performance information is available at www.LazardNet.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.

Best Quarter:
[6/30/09 14.66%

Worst Quarter:
3/31/09 -5.43%]

Average Annual Total Returns
(for the periods ended December 31, 2010)

After-tax returns for the Open Shares vary from those of Institutional Shares. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Global Asset Allocation Blended Index shown in the table is rebalanced quarterly and is a blended index constructed by the Investment Manager that is comprised of 60% MSCI World (Net) Index and 40% Barclays Capital U.S. Aggregate BondÒ Index. The Portfolio previously compared its performance to the Global Market Exposure Index shown in the table, which is an unmanaged, blended index constructed by the Investment Manager, which is comprised of 36% Barclays Capital U.S. Aggregate Bond Index, 19.5% S&P 500 Index, 15% MSCI EuropeÒ Index, 9% MSCI PacificÒ Index, 6% MSCI EM

66Prospectus

Index, 6% S&P MidCap 400Ò Index, 4.5% S&P SmallCap 600Ò Index and 4% Three Month London Interbank Offered Rate. The Investment Manager believes that the Global Asset Allocation Blended Index is a more appropriate comparison for the Portfolio’s investment strategies.


	Inception Date	1 Year	Life of Portfolio

Institutional Shares:	3/26/08

Returns Before Taxes		14.58%	2.14%

Returns After Taxes on Distributions		____%	____%

Returns After Taxes on Distributions and Sale of Portfolio Shares		____%	____%

Open Shares	3/31/08	14.35%	2.02%

MSCI World Index		11.76%	-2.09% (Institutional) -1.96% (Open)

Global Asset Allocation Blended Index		10.62%	2.28% (Institutional) 2.36% (Open)
			2.28% (Institutional) 2.36% (Open)

Global Market Exposure Index		____%	____% (Institutional) ____% (Open)
			____% (Institutional) ____% (Open)

Prospectus67

Management

Investment Manager

Lazard Asset Management LLC

Portfolio Manager/Analysts

David R. Cleary, portfolio manager/analyst on the Investment Manager’s Capital Allocator Series team, has been with the Portfolio since inception.

Christopher Komosa, portfolio manager/analyst on the Investment Manager’s Capital Allocator Series team, has been with the Portfolio since inception.

Additional Information

68Prospectus

Lazard Funds Additional Information about the Portfolios

Purchase and Sale of Portfolio Shares

The initial investment minimums are:


Institutional Shares	$	100,000

Open Shares	$	2,500

IRA Rollover/Transfer (Open Shares only)	$	2,500

The subsequent investment minimum is $50.

Portfolio shares are redeemable through the Fund’s transfer agent, Boston Financial Data Services, Inc. (the “Transfer Agent”), on any business day by telephone, mail or overnight delivery. Clients of financial intermediaries may be subject to the intermediaries’ procedures.

Tax Information

Financial Intermediary Compensation

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of a Portfolio through a broker-dealer or other financial intermediary (such as a bank), the Portfolio and the Investment Manager and its affiliates may pay the intermediary for the sale of Portfolio shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

Prospectus69

Lazard Funds Additional Information About Principal Investment Strategies and Principal
Investment Risks

Overview

The Fund consists of seventeen separate Portfolios. Each Portfolio offers Institutional Shares and Open Shares. Institutional Shares and Open Shares have different investment minimums and different expense ratios. Each Portfolio has its own investment objective, strategies, and risk/return and expense profile. Because you could lose money by investing in a Portfolio, be sure to read all risk disclosures carefully before investing.

Each Portfolio other than Lazard Capital Allocator Opportunistic Strategies Portfolio has adopted a policy to invest at least 80% of its assets in specified securities appropriate to its name and to provide its shareholders with at least 60 days’ prior notice of any change with respect to this policy.

Information on the recent strategies and holdings of each Portfolio that has commenced operations can be found in the current annual/semi-annual report (see back cover).

Additional Information About Principal Investment Strategies

The following information supplements, and should be read together with, the information about each Portfolio’s principal investment strategies contained in the “Summary Section.”

Lazard U.S. Equity Value Portfolio

The Portfolio invests primarily in equity securities, including common stocks, preferred stocks and convertible securities, of relatively large U.S. companies with market capitalizations generally in the range of companies included in the Russell 1000 Value Index (ranging from approximately $___ million to $___ billion as of ________, 2011) at the time of initial purchase by the Portfolio that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values.

Lazard U.S. Strategic Equity Portfolio

The Portfolio invests primarily in equity securities, including common stocks, preferred stocks and convertible securities, of U.S. companies that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. Ordinarily, the market capitalizations of the Portfolio’s investments will be within the range of companies included in the S&P 500 Index (ranging from approximately $____ billion to $___ billion as of ________, 2011). The Investment Manager currently intends to invest the Portfolio’s assets in a relatively small number of issuers.

Lazard U.S. Mid Cap Equity Portfolio

The Portfolio invests primarily in equity securities, including common stocks, preferred stocks and convertible securities, of mid cap U.S. companies that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The Investment Manager is not required to sell a company’s securities from the Portfolio’s holdings when the capitalization of the company increases or decreases so that the company no longer meets the definition of a “mid cap company.’’

Lazard U.S. Small-Mid Cap Equity Portfolio

The Portfolio invests primarily in equity securities, including common stocks, preferred stocks and convertible securities, of small to mid capitalization U.S. companies. Because “small-mid cap companies” are defined in part by reference to an index, the market capitalization of companies in which the Portfolio may invest may vary with market conditions. The Investment Manager is not required to sell a company’s securities from the Portfolio’s holdings when the capitalization of that company increases such that the company no longer meets the definition of a “small-mid cap company.”

The Investment Manager believes that contribution of ideas from multiple sources within the firm benefits the generation of investment ideas for consideration by the Portfolio’s portfolio management team. Companies selected for investment in the Portfolio generally have, in the Investment Manager’s opinion, one or more of the following characteristics:

•

sustainable returns

•

strong free cash flow with balance sheet flexibility

•

attractive valuation, utilizing peer group and historical comparisons

Lazard International Equity Portfolio

The Portfolio invests primarily in equity securities, including common stocks, preferred stocks and convertible securities, of relatively large non-U.S. companies with market capitalizations in the range of companies included in the MSCI EAFE Index (ranging from approximately $____ billion to $____ billion as of _________, 2011) that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The allocation

70Prospectus

of the Portfolio’s assets among geographic sectors, and between developed and emerging market countries, may shift from time to time based on the Investment Manager’s judgment and its analysis of market conditions.

Lazard International Equity Select Portfolio

The Portfolio invests primarily in equity securities, including ADRs and GDRs, common stocks, preferred stocks and convertible securities, of relatively large non-U.S. companies with market capitalizations in the range of companies included in the MSCI EAFE Index (ranging from approximately $___ billion to $____ billion as of _________, 2011) that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The allocation of the Portfolio’s assets among geographic sectors may shift from time to time based on the Investment Manager’s judgment and its analysis of market conditions.

Lazard International Strategic Equity Portfolio

The Portfolio invests primarily in equity securities, including common stocks, preferred stocks and convertible securities, of non-U.S. companies whose principal activities are located in countries represented by the MSCI EAFE Index that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The Portfolio may invest in companies of any size, and the market capitalizations of companies in which the Portfolio invests may vary with market conditions. The allocation of the Portfolio’s assets among geographic sectors may shift from time to time based on the Investment Manager’s judgment and its analysis of market conditions.

Lazard International Small Cap Equity Portfolio

The Portfolio invests primarily in equity securities, including common stocks, preferred stocks and convertible securities, of relatively small non-U.S. companies that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. Because “small non-U.S. companies” are defined in part by reference to an index, the market capitalization of companies in which the Portfolio may invest may vary with market conditions. The Investment Manager is not required to sell a company’s securities from the Portfolio’s holdings when the capitalization of the company increases so that the company no longer meets the definition of a “small non-U.S. company.” These securities generally have one or more of the following characteristics:

•

the potential to become a larger factor in the company’s business sector

•

significant debt but high levels of free cash flow

•

a relatively short corporate history with the expectation that the business may grow

The allocation of the Portfolio’s assets among geographic sectors may shift from time to time based on the Investment Manager’s judgment and its analysis of market conditions.

The Portfolio may invest up to 20% of its assets in equity securities of larger companies.

Lazard Global Listed Infrastructure Portfolio

The Portfolio invests primarily in equity securities, including common stocks, preferred stocks and convertible securities, of infrastructure companies and concentrates its investments in industries represented by infrastructure companies. Infrastructure companies typically derive at least 50% of their revenues from, or have at least 50% of their assets committed to, the generation, production, transmission, sale or distribution of energy or natural resources used to produce energy; distribution, purification and treatment of water; provision of communications services and media; management, ownership and/or operation of infrastructure assets or construction, development or financing of infrastructure assets, such as pipelines, toll roads, airports, railroads or ports. Infrastructure companies also include energy-related companies organized as master limited partnerships (“MLPs”) and their affiliates, and the Portfolio may invest up to 25% of its net assets in these energy-related MLPs and their affiliates.

The Portfolio seeks to focus its investments in a subset of infrastructure securities that are considered “preferred infrastructure” securities by the Investment Manager. Generally, the Investment Manager considers securities that are more likely to exhibit certain desirable characteristics, such as longevity of the issuer, lower risk of capital loss and revenues linked to inflation, to be “preferred infrastructure” securities.

The Portfolio considers a company that derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S. as doing a substantial amount of business outside the U.S. The allocation of the Portfolio’s assets among geographic

Prospectus71

sectors may shift from time to time based on the Investment Manager’s judgment and its analysis of market conditions.

Lazard Emerging Markets Equity Portfolio

The Portfolio invests primarily in equity securities, including common stocks, preferred stocks and convertible securities, of non-U.S. companies whose principal activities are located in emerging market countries and that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The allocation of the Portfolio’s assets among emerging market countries may shift from time to time based on the Investment Manager’s judgment and its analysis of market conditions.

Lazard Developing Markets Equity Portfolio

The Portfolio invests primarily in equity securities, including common stocks, preferred stocks and convertible securities, of non-U.S. companies whose principal activities are located in emerging market countries (also known as “developing markets”). The allocation of the Portfolio’s assets among emerging market countries may shift from time to time based on the Investment Manager’s judgment and its analysis of market conditions.

Lazard Emerging Markets Equity Blend Portfolio

The Portfolio invests primarily in equity securities, including common stocks, ADRs and GDRs, preferred stocks and convertible securities, of non-U.S. companies whose principal activities are located in emerging market countries. The allocation among emerging market countries within the emerging markets relative value and relative growth strategies may shift from time to time based on the Investment Manager’s judgment and its analysis of market conditions.

Lazard Emerging Markets Multi-Strategy Portfolio

The investment strategies in which the Portfolio invests may utilize a bottom-up or top-down approach, or a combination of these approaches. A bottom-up approach usually includes fundamental analysis of the investment. A top-down approach involves analysis of various developed and emerging markets fundamental data, cyclical trends, and global supply/demand appetites, and other factors. The Investment Manager engages in issuer, sovereign, asset allocation, risk measurement and scenario analysis during the portfolio construction process and utilizes a variety of research and risk management tolls in connection with overall portfolio construction and analysis.

The Portfolio may engage in derivatives transactions, including purchasing options on securities and entering into swaps, for hedging purposes or to seek to increase returns.

Lazard Emerging Markets Debt Portfolio

In managing the Portfolio, the Investment Manager utilizes a combination of bottom-up fundamental security analysis with a top-down global macroeconomic analysis. The Investment Manager engages in issuer, sovereign, asset allocation, risk measurement and scenario analysis during the portfolio construction process. The top-down approach involves analysis of various developed and emerging markets fundamental data, cyclical trends, and global supply/demand appetites, and other factors. The Investment Manager utilizes a variety of research and risk management tools in connection with the overall portfolio construction and analysis.

Lazard U.S. High Yield Portfolio

The Portfolio is constructed using a bottom-up discipline in which the Investment Manager follows a systematic process to seek out undervalued opportunities within each sector.

The Investment Manager assigns a relative yield spread target to each security purchased, which reflects the trading level at which the Investment Manager believes the security is fully valued. Targets are reviewed periodically, and performance is evaluated on an ongoing basis. The Investment Manager typically sells a security for any of the following reasons:

•

the yield spread declines to a level at which the Investment Manager believes the security no longer reflects relative value

•

the original underlying investment conditions are no longer valid, including a change in the fundamental rationale for the purchase

•

in the opinion of the Investment Manager, the security’s respective asset category or sector has become overvalued relative to investment risks

Lazard U.S. Municipal Portfolio

The Investment Manager relies on fundamental security selection and disciplined portfolio construction in managing the Portfolio. In constructing the Portfolio’s

72Prospectus

holdings, the Investment Manager incorporates a dual methodology that is both bottom-up and top-down. From a bottom-up perspective, individual securities are selected based on their valuation relative to their risk characteristics within their respective sectors. Security analysis takes into consideration quality, event risk, reinvestment, options, structure, liquidity and diversification, among other factors. Rigorous credit analysis is an integral part of the security selection process. From a top-down perspective, the Investment Manager pays close attention to shifts in public policy, business cycles, consumer habits, and key economic variables, such as inflation, interest rates, and unemployment, as well as other factors.

Lazard Capital Allocator Opportunistic Strategies Portfolio

The Investment Manager believes that over the long term, and on a risk-adjusted basis, there is no one size fits all approach to asset allocation and that historical relationships coupled with market insights can help develop a global view to identify and anticipate certain secular and cyclical changes. The Investment Manager employs a multi-variable investment strategy incorporating both quantitative and qualitative factors to generate the Portfolio’s asset allocation decisions.

The Portfolio’s investments generally are categorized by the Investment Manager as falling within the following four categories: thematic, diversifying assets, discounted assets and contrarian/opportunistic. The Investment Manager makes allocation changes in the Portfolio’s investments based on a forward looking assessment of capital markets using a risk/reward and probability methodology.

The Portfolio may engage in derivatives transactions, including futures contracts, swap agreements and forward currency contracts, and writing put and covered call options, for hedging purposes or to seek to increase returns.

All Portfolios

A Portfolio may engage, to a limited extent, in various other investment techniques, such as lending portfolio securities.

Under adverse market conditions, a Portfolio could pursue a defensive strategy by investing some or all of its assets in money market securities to seek to avoid or mitigate losses.

Additional Information About Principal Investment Risks

The following information supplements, and should be read together with, the information about each Portfolio’s principal investment risks contained in the “Summary Section.”

Lazard Global Listed Infrastructure Portfolio

Infrastructure companies also may be affected by or subject to:

•

difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets;

•

inexperience with and potential losses resulting from a developing deregulatory environment;

•

costs associated with compliance with and changes in environmental and other regulations; and

•

technological innovations that may render existing plants, equipment or products obsolete.

An investment in MLP units involves some risks that differ from an investment in the common stock of a corporation. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers.

Lazard U.S. High Yield Portfolio

At times, the Portfolio may engage in short-term trading, which could produce higher brokerage costs and taxable distributions.

Lazard Capital Allocator Opportunistic Strategies Portfolio

Many ETFs have received an exemptive order from the SEC providing an exemption from the 1940 Act limits on the amount of assets that may be invested in ETFs and closed-end funds, and the Portfolio’s reliance is conditioned on compliance with certain conditions of the order. If an exemptive order has not been received and an exemption is not available under the 1940 Act, the Portfolio will be limited in the amount it can invest in Underlying Funds that are registered investment

Prospectus73

companies to: (1) 3% or less of an Underlying Fund’s voting shares, (2) an Underlying Fund’s shares in value equal to or less than 5% of the Portfolio’s assets and (3) shares of Underlying Funds in the aggregate in value equal to or less than 10% of the Portfolio’s total assets.

A contrarian/opportunistic strategy is susceptible to the risk that the Investment Manager’s determinations of opportunities in market anomalies do not materialize as expected so that investments using this strategy do not increase in value (and may lose value).

Lazard U.S. Equity Value Portfolio,
Lazard U.S. Strategic Equity Portfolio,
Lazard U.S. Small-Mid Cap Equity Portfolio,
Lazard International Equity Select Portfolio,
Lazard Global Listed Infrastructure Portfolio,
Lazard Developing Markets Equity Portfolio
Because a Portfolio may invest in a smaller number of issuers than other, more diversified, investment portfolios, the Portfolio’s NAV may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.

All Portfolios

When a Portfolio lends securities to brokers, dealers and other financial institutions, there is a risk that the loaned securities may not be returned during normal settlement periods if the borrower defaults.

In pursuing a temporary defensive strategy, a Portfolio may forgo more profitable investment strategies and, as a result, may not achieve its stated investment objective.

You should be aware that the Portfolios:

•

are not bank deposits

•

are not guaranteed, endorsed or insured by any bank, financial institution or government entity, such as the Federal Deposit Insurance Corporation

•

are not guaranteed to achieve their stated goals

74Prospectus

Lazard Funds Fund Management

Investment Manager

Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300, serves as the Investment Manager of each Portfolio. The Investment Manager provides day-to-day management of each Portfolio’s investments and assists in the overall management of the Fund’s affairs. The Investment Manager and its global affiliates provide investment management services to client discretionary accounts with assets totaling approximately $140.6 billion as of December 31, 2010. Its clients are both individuals and institutions, some of whose accounts have investment policies similar to those of several of the Portfolios.

The Fund has agreed to pay the Investment Manager an investment management fee at the annual rate set forth below as a percentage of the relevant Portfolio’s average daily net assets. The investment management fees are accrued daily and paid monthly. For the fiscal year ended December 31, 2010, the Investment Manager waived all or a portion of its management fees with respect to certain Portfolios, which resulted in such Portfolios paying the Investment Manager an investment management fee at the effective annual rate set forth below as a percentage of the relevant Portfolio’s average daily net assets.


Name of Portfolio	Investment Management Fee Payable	Effective Annual Rate of Investment Management Fee Paid

U.S. Equity Value Portfolio	.70%	.00%

U.S. Strategic Equity Portfolio	.70%	.69%

U.S. Mid Cap Equity Portfolio	.75%	.75%

U.S. Small-Mid Cap Equity Portfolio	.75%	.75%

International Equity Portfolio	.75%	.75%

International Equity Select Portfolio	.85%	.00%

International Strategic Equity Portfolio	.75%	.75%

International Small Cap Equity Portfolio	.75%	.69%

Global Listed Infrastructure Portfolio	.90%	.85%

Emerging Markets Equity Portfolio	1.00%	1.00%

Developing Markets Equity Portfolio	1.00%	.75%

Emerging Markets Equity Blend Portfolio	1.05%	.00%

Emerging Markets Multi-Strategy Portfolio	1.00%	N/A*

Emerging Markets Debt Portfolio	.80%	N/A*

U.S. High Yield Portfolio	.55%	.30%

U.S. Municipal Portfolio	.25%	N/A*

Capital Allocator Opportunistic Strategies Portfolio	1.00%	.89%

The Portfolio had not commenced investment operations as of December 31, 2010.

A discussion regarding the basis for the approval of the investment management agreement between the Fund, on behalf of the Portfolios, and the Investment Manager is available in the Fund’s annual report to shareholders for the year ended December 31, 2010 (for Lazard Emerging Markets Multi-Strategy Portfolio, the Fund’s semi-annual report for the period ending June 30, 2011).

The Investment Manager has a contractual agreement to waive its fee and, if necessary, reimburse each Portfolio through April 30, 2012, to the extent Total Annual Portfolio Operating Expenses exceed the amounts shown below (expressed as a percentage of the average daily net assets of the Portfolio’s Institutional Shares and Open Shares), exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees. This agreement can only be amended by agreement of the Fund and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Investment Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolios.


Name of Portfolio	Institutional Shares	Open Shares

U.S. Equity Value Portfolio*	.75%	1.05%

U.S. Strategic Equity Portfolio	.75%	1.05%

U.S. Mid Cap Equity Portfolio	1.05%	1.35%

U.S. Small-Mid Cap Equity Portfolio	1.15%	1.45%

International Equity Portfolio	1.05%	1.35%

International Equity Select Portfolio	1.15%	1.45%

International Strategic Equity Portfolio	1.15%	1.45%

International Small Cap Equity Portfolio	1.13%	1.43%

Global Listed Infrastructure Portfolio	1.30%	1.60%

Emerging Markets Equity Portfolio	1.30%	1.60%

Developing Markets Equity Portfolio	1.30%	1.60%

Emerging Markets Equity Blend Portfolio	1.35%	1.65%

Emerging Markets Multi-Strategy Portfolio	1.30%	1.60%

Emerging Markets Debt Portfolio	1.10%	1.40%

U.S. High Yield Portfolio	.55%	.85%

U.S. Municipal Portfolio	.40%	.70%

Capital Allocator Opportunistic Strategies Portfolio**	1.02%	1.32%

This agreement continues in effect from May 1, 2012 through April 30, 2021, at levels of 1.10% and 1.40% of the average daily net assets of the Portfolio’s Institutional Shares and Open Shares, respectively.

The addition of Acquired Fund Fees and Expenses will cause Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement to exceed the maximum amounts of 1.02% and 1.32% for Institutional Shares and Open Shares, respectively, agreed to by the Investment Manager.

Prospectus75

Portfolio Management

The Investment Manager manages the Portfolios on a team basis. The team is involved in all levels of the investment process. This team approach allows for every portfolio manager to benefit from the views of his or her peers. Each portfolio management team is comprised of multiple team members. Although their roles and the contributions they make may differ, each member of the team participates in the management of the respective Portfolio. Members of each portfolio management team discuss the portfolio, including making investment recommendations, overall portfolio composition, and the like. Research analysts perform fundamental research on issuers (based on, for example, sectors or geographic regions) in which the Portfolio may invest.

The names of the persons who are primarily responsible for the day-to-day management of the assets of the Portfolios are as follows:

U.S. Equity Value Portfolio—J. Richard Tutino, Martin Flood (since March 2011), Andrew D. Lacey#, Nicholas Sordoni and Ronald Temple (since February 2009)

U.S. Strategic Equity Portfolio—Christopher H. Blake, Robert A. Failla, Martin Flood (since March 2011), Andrew D. Lacey# and Ronald Temple (since February 2009)

U.S. Mid Cap Equity Portfolio—Christopher H. Blake (since November 2001), Daniel Breslin (since October 2010), Robert A. Failla (since July 2005), Martin Flood (since March 2011) and Andrew D. Lacey# (since January 2001)

U.S. Small-Mid Cap Equity Portfolio—Daniel Breslin (since May 2007), Michael DeBernardis and Robert A. Failla (each since October 2010) and Andrew D. Lacey* (since May 2003)

International Equity Portfolio—Michael G. Fry (since November 2005), Michael A. Bennett and Michael Powers (each since May 2003), and John R. Reinsberg#

International Equity Select Portfolio—Michael G. Fry (since May 2010), Michael A. Bennett (since May 2003), James M. Donald and Kevin J. Matthews (each since May 2010), Michael Powers (since May 2003) and John R. Reinsberg*

International Strategic Equity Portfolio—Mark Little, Michael A. Bennett (since September 2008), Robin O. Jones (since May 2009), Brian Pessin and John R. Reinsberg#

International Small Cap Equity Portfolio—Brian Pessin (since January 2003), Edward Rosenfeld (since May 2007) and John R. Reinsberg*

Global Listed Infrastructure Portfolio—John Mulquiney and Warryn Robertson

Emerging Markets Equity Portfolio—James M. Donald (since November 2001), Rohit Chopra (since May 2007), Erik McKee (since July 2008) and John R. Reinsberg*

Developing Markets Equity Portfolio—James M. Donald†, Kevin O’Hare, Peter Gillespie, and John R. Reinsberg*

Emerging Markets Equity Blend Portfolio—James M. Donald, Jai Jacob and Kevin O’Hare

Emerging Markets Multi-Strategy Portfolio—James M. Donald and Jai Jacob

Emerging Markets Debt Portfolio—Denise S. Simon and Arif T. Joshi

U.S. High Yield Portfolio—J. William Charlton (since November 2002) and Thomas M. Dzwil (since May 2003)

U.S. Municipal Portfolio—Eulogio (Joe) Ramos, George Grimbilas, John R. Senesac, Jr. and David R. Cleary##

Capital Allocator Opportunistic Strategies Portfolio—David R. Cleary and Christopher Komosa

In addition to his oversight responsibility, Mr. Lacey or Mr. Reinsberg, as the case may be, is a member of the portfolio management team.

As a Deputy Chairman of the Investment Manager, Mr. Lacey or Mr. Reinsberg, as the case may be, is ultimately responsible for overseeing this Portfolio but is not responsible for its day-to-day management.

†

As head of the Emerging Markets Group, Mr. Donald is ultimately responsible for overseeing this Portfolio but is not responsible for its day-to-day management.

Mr. Cleary is ultimately responsible for overseeing this Portfolio but is not responsible for its day-to-day management.

Unless otherwise indicated, each portfolio manager has served in that capacity since the relevant Portfolio’s inception (for Portfolios that have not yet commenced operations, the listed portfolio managers are anticipated to serve upon commencement of operations).

Biographical Information of Principal Portfolio Managers

Michael A. Bennett, a Managing Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s International Equity teams. Prior to joining the Investment Manager in 1992, Mr. Bennett was an international equity analyst with General Electric

76Prospectus

Investment Corporation and worked at Keith Lippert Associates and Arthur Andersen & Company. Mr. Bennett has been working in the investment field since 1987 and is a Chartered Financial Analyst (“CFA”) Charterholder.

Christopher H. Blake, a Managing Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s U.S. Strategic Equity and U.S. Mid Cap Equity teams. Mr. Blake joined the Investment Manager in 1995, when he began working in the investment field as a research analyst for the Investment Manager.

Daniel Breslin, a Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s U.S. Small-Mid Cap Equity and U.S. Mid Cap Equity teams. He began working in the investment field in 1992. Prior to joining the Investment Manager in 2002, Mr. Breslin was with Guardian Life and New York Life.

J. William Charlton, a Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s U.S. High Yield Fixed Income team. Prior to joining the Investment Manager in 2002, Mr. Charlton worked at Offitbank.

Rohit Chopra, a Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s Emerging Markets Equity team, focusing on consumer and telecommunications research and analysis. He began working in the investment field in 1996. Prior to joining the Investment Manager in 1999, Mr. Chopra was with Financial Resources Group, Deutsche Bank and Morgan Stanley.

David R. Cleary, a Managing Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s Capital Allocator Series team and provides oversight to the U.S. Fixed Income platform. Prior to joining the Investment Manager in 1994, Mr. Cleary was with Union Bank of Switzerland and IBJ Schroeder. Mr. Cleary is a CFA Charterholder.

Michael DeBernardis, a Senior Vice President of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s U.S. Small-Mid Cap Equity and Global Small Cap Equity teams. Prior to joining the Investment Manager in 2005, Mr. DeBernardis was a Senior Equity Analyst at Systematic Financial Management L.P. and a Market Data Analyst at Salomon Smith Barney. He began working in the investment field in 1996.

James M. Donald, a Managing Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s Emerging Markets Equity team and Head of the Emerging Markets Group. Prior to joining the Investment Manager in 1996, Mr. Donald was a portfolio manager with Mercury Asset Management. Mr. Donald is a CFA Charterholder.

Thomas M. Dzwil, a Senior Vice President of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s U.S. High Yield Fixed Income team. Prior to joining the Investment Manager in 2002, Mr. Dzwil worked at Offitbank.

Robert A. Failla, a Director of the Investment Manager, is a portfolio manager/analyst on various of the Investment Manager’s U.S. Equity teams. Prior to joining the Investment Manager in 2003, he was a portfolio manager with AllianceBernstein. He began working in the investment field in 1993 and is a CFA Charterholder.

Martin Flood, a Director of the Investment Manager, is a portfolio manager/analyst on various of the Investment Manager’s U.S. Equity teams. Prior to joining the Investment Manager in 1996, Mr. Flood was a Senior Accountant with Arthur Andersen LLP. He began working in the investment field in 1993.

Michael G. Fry, a Managing Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s Global Equity and International Equity teams. Prior to joining the Investment Manager in 2005, Mr. Fry held several positions at UBS Global Asset Management, including Head of Global Equity Portfolio Management, Global Head of Equity Research and Head of Australian Equities. Mr. Fry began working in the investment field in 1981.

Peter Gillespie, a Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s Developing Markets Equity team. Prior to joining the Investment Manager in 2007, he was a portfolio manager at Newgate Capital, LLP, GE Asset Management and an analyst at Sinta Capital Corp. Mr. Gillespie is a CFA Charterholder.

George Grimbilas, a Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s U.S. Fixed Income team. Prior to joining the Investment Manager in 2006, Mr. Grimbilas was a portfolio manager at Ambac Financial Group, Inc., a Managing Director at R.W. Pressprich & Co., a portfolio manager at Liberty Capital Management and an analyst at The Trepp Group. Mr. Grimbilas is a CFA Charterholder.

Jai Jacob, a Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s

Prospectus77

Global Multi-Strategy team. Mr. Jacob began working in the investment field in 1998 when he joined the Investment Manager.

Robin O. Jones, a Senior Vice President of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s International Strategic Equity team. Prior to rejoining the Investment Manager in 2007, Mr. Jones was a portfolio manager for Bluecrest Capital Management since 2006. Mr. Jones initially joined the Investment Manager in 2002, when he began working in the investment field.

Arif T. Joshi, a Managing Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s Emerging Markets Debt team. Prior to joining the Investment Manager in 2010, Mr. Joshi was a Senior Vice President and portfolio manager at HSBC Asset Management and an associate at Strategic Management Group. Mr. Joshi is a CFA Charterholder.

Christopher Komosa, a Senior Vice President of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s Capital Allocator Series team. Prior to joining the Investment Manager in 2006, Mr. Komosa was with Permal Asset Management, Pinnacle International Management, Caxton Associates and Graham Capital. Mr. Komosa is a CFA Charterholder.

Andrew D. Lacey, a Deputy Chairman of the Investment Manager, is responsible for oversight of U.S. and Global strategies. He also is a portfolio manager/analyst on various of the Investment Manager’s U.S. Equity and Global Equity teams. Mr. Lacey joined the Investment Manager in 1996, and has been working in the investment field since 1995.

Mark Little, a Managing Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s International Strategic Equity team. Prior to joining the Investment Manager in 1997, Mr. Little was a manager with the Coopers & Lybrand corporate finance practice. He began working in the investment field in 1992.

Kevin J. Matthews, a Director of the Investment Manager, is a portfolio manager/analyst on the International Equity Select team. Prior to joining the International Equity Select team, Mr. Matthews was a research analyst on the Global Research Platform, with a background in financial, automotive, aerospace and capital goods sectors. He began working in the investment field in 2001 when he joined the Investment Manager.

Erik McKee, a Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s Emerging Markets Equity team, focusing on the materials and industrials sectors. He began working in the investment field in 1996. Prior to joining the Investment Manager in 1999, Mr. McKee was with Bank of America and Unibanco in Sao Paulo, Brazil.

John Mulquiney is a portfolio manager/analyst on the Investment Manager’s Global Listed Infrastructure team. Prior to joining the Investment Manager in August 2005, Mr. Mulquiney worked at Tyndall Australia and in the Asset and Infrastructure Group at Macquarie Bank, where he undertook transactions and developed valuation models for airports, electricity generators, rail projects and health infrastructure. Mr. Mulquiney is a CFA Charterholder.

Kevin O’Hare, a Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s Developing Markets Equity team, focusing on the technology, health care, telecommunications and consumer discretionary sectors. He began working in the investment field in 1991. Prior to joining the Investment Manager in 2001, Mr. O’Hare was with Merrill Lynch and Moore Capital Management. Mr. O’Hare is a CFA Charterholder.

Brian Pessin, a Managing Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s Global, International and European Small Cap Equity teams. Prior to joining the Investment Manager in 1999, Mr. Pessin was associated with Dawson, Samberg Capital Management, Gabelli & Company and Auerbach, Grayson & Co. He has been working in the investment field since 1994 and is a CFA Charterholder.

Michael Powers, a Managing Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s Global Equity and International Equity teams. He began working in the investment field in 1990 when he joined the Investment Manager.

Eulogio (Joe) Ramos, a Managing Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s U.S. Fixed Income team. Prior to joining the Investment Manager in 2006, Mr. Ramos was the Chief Investment Officer of Ambac Financial Group, Inc. He also was associated with E.H. Capital Group, LLC, Lehman Management Co. and the Lehman Brothers Kuhn Loeb Fixed Income Research Department.

John R. Reinsberg, a Deputy Chairman of the Investment Manager, is responsible for oversight of International and Global strategies. He also is a portfolio manager/analyst on the Investment Manager’s Global Equity and

78Prospectus

International Equity teams. Prior to joining the Investment Manager in 1992, he served as Executive Vice President of General Electric Investment Corporation and Trustee of the General Electric Pension Trust. Mr. Reinsberg began working in the investment field in 1981.

Warryn Robertson is a portfolio manager/analyst on the Investment Manager’s Global Listed Infrastructure team. Prior to joining the Investment Manager in April 2001, Mr. Robertson spent three years with Capital Partners, an independent advisory house, where he was an associate director developing business valuations for infrastructure assets and other alternative equity investments including airports, toll roads, timber plantations, power stations and coal mines. Mr. Robertson is a member of the Securities Institute of Australia and the Institute of Chartered Accountants.

Edward Rosenfeld, a Senior Vice President of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s Global, International and European Small Cap Equity teams. He began working in the investment industry in 1996. Prior to joining the Investment Manager in 2001, Mr. Rosenfeld was an analyst with J.P. Morgan.

John R. Senesac, Jr., a Senior Vice President of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s U.S. Fixed Income team. Prior to joining the Investment Manager in 2000, Mr. Senesac was associated with Alliance Capital/Regent Investor Services and Trenwick America Reinsurance Corporation. Mr. Senesac is a CFA Charterholder.

Denise S. Simon, a Managing Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s Emerging Markets Debt team. Prior to joining the Investment Manager in 2010, Ms. Simon was a Managing Director and portfolio manager at HSBC Asset Management. She also was associated with The Atlantic Advisors, Dresdner Kleinwort Wasserstein, Bayerische Vereinsbank, Lehman Brothers, Kleinwort Benson and UBS.

Nicholas Sordoni, a Senior Vice President of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s U.S. Equity Value team. Prior to joining the Investment Manager in 2002, Mr. Sordoni was an Equity Research Associate at Credit Suisse First Boston covering the health care industry. Mr. Sordoni began working in the investment field in 1997. Mr. Sordoni is a CFA Charterholder.

Ronald Temple, a Managing Director of the Investment Manager, is a portfolio manager/analyst on various of the Investment Manager’s U.S. Equity teams and the Global Equity Select team. Mr. Temple is a Co-Director of Research and has primary research coverage of the financials sector. Mr. Temple joined the Investment Manager in 2001 and has been working in the investment field since 1991.

J. Richard Tutino, a Managing Director of the Investment Manager, is a portfolio manager/analyst on the Investment Manager’s U.S. Equity Value and U.S. Equity Select teams. Prior to joining the Investment Manager in 1997, Mr. Tutino was associated with Thorsell, Parker Partners and Dreman Value Management. He is a member of the New York Society of Security Analysts and a CFA Charterholder.

Additional information about the portfolio managers’ compensation, other accounts managed by the portfolio managers and the portfolio managers’ ownership of shares of the Portfolios is contained in the Fund’s Statement of Additional Information (“SAI”).

Administrator

State Street Bank and Trust Company (“State Street”), located at One Lincoln Street, Boston, Massachusetts 02111, serves as each Portfolio’s administrator.

Distributor

Lazard Asset Management Securities LLC (the “Distributor”) acts as distributor for the Fund’s shares.

Custodian

State Street acts as custodian of the Portfolios’ investments. State Street may enter into subcustodial arrangements on behalf of the Portfolios for the holding of non-domestic securities.

Prospectus79

Lazard Funds Shareholder Information

General

Portfolio shares are sold and redeemed, without a sales charge, on a continuous basis at the NAV next determined after an order in proper form is received by the Transfer Agent or another authorized entity.

The Fund determines the NAV of each Portfolio’s share classes as of the close of regular session trading on the New York Stock Exchange (the “NYSE”) (normally 4:00 p.m. Eastern time) on each day the NYSE is open for trading. The Fund values equity securities for which market quotations are readily available at market value. Securities and other assets for which current market quotations are not readily available are valued at fair value as determined in good faith in accordance with procedures approved by the Board of Directors (the “Board”).

Calculation of NAV may not take place contemporaneously with the determination of the prices of portfolio assets used in such calculation. If a significant event materially affecting the value of securities occurs between the close of the exchange or market on which the security is principally traded and the time when NAV is calculated, or when current market quotations otherwise are determined not to be readily available or reliable, such securities will be valued at their fair value as determined by, or in accordance with procedures approved by, the Board. Fair valuing of non-domestic securities may be determined with the assistance of a pricing service, using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant ADRs or futures contracts. The effect of using fair value pricing is that the NAV will reflect the affected securities’ values as determined in the judgment of the Board or its designee instead of being determined by the market. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ NAVs. Non-domestic securities may trade on days when a Portfolio is not open for business, thus affecting the value of the Portfolio’s assets on days when Portfolio shareholders may not be able to buy or sell Portfolio shares.

Minimum Investment

All purchases made by check should be in U.S. Dollars and made payable to “The Lazard Funds, Inc.” Third party checks will not be accepted. The Fund will not accept cash or cash equivalents (such as currency, money orders or travelers checks) for the purchase of Fund shares. Please note the following minimums in effect for initial investments:


Institutional Shares	$	100,000

Open Shares	$	2,500

IRA Rollover/Transfer (Open Shares only)	$	2,500

The subsequent investment minimum is $50.

The minimum investment requirements may be waived or lowered for investments effected through banks and other institutions that have entered into arrangements with the Fund or the Distributor and for investments effected on a group basis by certain other entities and their employees, such as pursuant to a payroll deduction plan and asset-based or wrap programs. Please consult your financial intermediary for information about minimum investment requirements. The Fund reserves the right to change or waive the minimum initial, and subsequent, investment requirements at any time.

The Fund reserves the right to close a Portfolio to investors at any time.

Lazard Emerging Markets Equity Portfolio Closed to Most New Investors

Effective as of the close of business on July 19, 2010, the Portfolio was generally closed to new investors. Those investors who did not own shares of the Portfolio on July 19, 2010 may open new accounts in the Portfolio only through certain products managed by the Investment Manager that maintain an allocation to the Portfolio, certain retirement or employee benefit plans (including 401(k) and other defined contribution plans) under the same primary tax identification number and certain other approved financial institutions or programs. Additionally, employees of the Investment Manager and members of the Board may open new accounts in the Portfolio. All current shareholders with open accounts may purchase additional shares of the Portfolio and continue, or elect, to reinvest dividends and capital gains distributions in shares of the Portfolio. The Fund may make certain exceptions

80Prospectus

or otherwise modify this policy at any time. The Fund reserves the right, at any future date, to open the Portfolio to all investors or to further close the Portfolio, including closing the Portfolio to additional investment by current shareholders or to the categories of investors who currently may open new accounts.

Investors may be required to demonstrate eligibility to purchase shares of the Portfolio before an investment is accepted. For questions about qualifying to purchase shares of the Portfolio, please call (800) 823-6300.

How to Buy Shares

Through the Transfer Agent:

Shareholders who do not execute trades through a brokerage account should submit their purchase requests to the Transfer Agent by telephone or mail, as follows:

Initial Purchase

By Mail


1.				Complete a Purchase Application. Indicate the services to be used.

2.				Send the Purchase Application and a check for $2,500 or more for Open Shares, or $100,000 or more for Institutional Shares, payable to “The Lazard Funds, Inc.” to:

regular mail
The Lazard Funds, Inc.
P.O. Box 8514
Boston, Massachusetts 02266-8514
Attention: (Name of Portfolio and Class of Shares)

overnight delivery
The Lazard Funds, Inc.
30 Dan Road
Canton, Massachusetts 02021-2809

By Wire

Your bank may charge you a fee for this service.

Call (800) 986-3455 toll-free from any state and provide the following:

•

the Portfolio(s) and Class of shares to be invested in

•

name(s) in which shares are to be registered

•

address

•

social security or tax identification number

•

dividend payment election

•

amount to be wired

•

name of the wiring bank, and

•

name and telephone number of the person to be contacted in connection with the order.

An account number will then be assigned.


2.				Instruct the wiring bank to transmit the specified amount in federal funds, giving the wiring bank the account name(s) and assigned account number, to State Street: ABA #: 011000028 State Street Bank and Trust Company Boston, Massachusetts Custody and Shareholder Services Division DDA 9905-2375 Attention: (Name of Portfolio and Class of Shares) The Lazard Funds, Inc. Shareholder’s Name and Account Number

3.				Complete a Purchase Application. Indicate the services to be used. Mail the Purchase Application to the address set forth in Item 2 under “Initial Purchase–By Mail” above.

Additional Purchases

By Mail


1.				Make a check payable to “The Lazard Funds, Inc.” Write the shareholder’s account number on the check.

2.				Mail the check and the detachable stub from the Statement of Account (or a letter providing the account number) to the address set forth in Item 2 under “Initial Purchase–By Mail” above.

By Wire

Instruct the wiring bank to transmit the specified amount in federal funds to State Street, as instructed in Item 2 under “Initial Purchase–By Wire” above.

By ACH

Shareholders may purchase additional shares of a Portfolio by automated clearing house (“ACH”). To set up the ACH purchases option, call (800) 986-3455. ACH is similar to making Automatic Investments (described below under “Shareholder Information—Investor Services—Automatic Investments”), except that shareholders may choose the date on which to make the purchase. The Fund will need a voided check or deposit slip before shareholders may purchase by ACH.

By Exchange

Shareholders may purchase additional shares of a Portfolio by exchange from another Portfolio, as described below

Prospectus81

under “Shareholder Information—Investor Services—Exchange Privilege.”

Through a Lazard Brokerage Account

Shareholders who have a brokerage account with Lazard Capital Markets LLC should contact their account representative for specific instructions on how to purchase Portfolio shares.

Purchases through the Automatic Investment Plan
(Minimum $50)

Investors may participate in the Automatic Investment Plan by making subsequent investments in Open Shares of a Portfolio at regular intervals selected by the investor. The Automatic Investment Plan enables an investor to make regularly scheduled investments and may provide investors with a convenient way to invest for long-term financial goals. To enroll in the Automatic Investment Plan, call (800) 986-3455.

Individual Retirement Accounts (Open Shares Only)

The Fund may be used as an investment for IRAs. Completion of a Lazard Funds IRA application is required. For a Direct IRA Account (an account other than an IRA rollover) a $5 establishment fee and a $15 annual maintenance and custody fee is payable to State Street for each IRA Fund account; in addition, a $10 termination fee will be charged and paid to State Street when the account is closed. For more information on IRAs, call (800) 986-3455.

Market Timing/Excessive Trading

Each Portfolio is intended to be a long-term investment vehicle and is not designed to provide investors with a means of speculating on short-term market movements. Excessive trading, market timing or other abusive trading practices may disrupt investment management strategies and harm performance and may create increased transaction and administrative costs that must be borne by the Portfolios and their shareholders, including those not engaged in such activity. In addition, such activity may dilute the value of Portfolio shares held by long-term investors. The Fund’s Board has approved policies and procedures with respect to frequent purchases and redemptions of Portfolio shares that are intended to discourage and prevent these practices, including regular monitoring of trading activity in Portfolio shares. The Fund will not knowingly accommodate excessive trading, market timing or other abusive trading practices.

The Fund routinely reviews Portfolio share transactions and seeks to identify and deter abusive trading practices. The Fund monitors for transactions that may be harmful to a Portfolio, either on an individual basis or as part of a pattern of abusive trading practices. Each Portfolio reserves the right to refuse, with or without notice, any purchase or exchange request that could adversely affect the Portfolio, its operations or its shareholders, including those requests from any individual or group who, in the Fund’s view, is likely to engage in excessive trading, market timing or other abusive trading practices, and where a particular account appears to be engaged in abusive trading practices, the Fund will seek to restrict future purchases of Portfolio shares by that account or may temporarily or permanently terminate the availability of the exchange privilege, or reject in whole or part any exchange request, with respect to such investor’s account. The Fund may deem a shareholder to be engaged in abusive trading practices without advance notice and based on information unrelated to the specific trades in the shareholder’s account. For instance, the Fund may determine that the shareholder’s account is linked to another account that was previously restricted or a third party intermediary may provide information to the Fund with respect to a particular account that is of concern to the Fund. Accounts under common ownership, control or perceived affiliation may be considered together for purposes of determining a pattern of excessive trading practices. An investor who makes more than six exchanges per Portfolio during any twelve-month period, or who makes exchanges that appear to coincide with a market timing strategy, may be deemed to be engaged in excessive trading. In certain cases, the Fund may deem a single “roundtrip” trade or exchange (redeeming or exchanging a Portfolio’s shares followed by purchasing or exchanging into shares of that Portfolio) as a violation of the Fund’s policy against abusive trading practices. The Fund’s actions may not be subject to appeal.

Each Portfolio deducts a 1.00% redemption fee on sales of shares owned for 30 days or less (not charged on shares acquired through reinvestment of dividends or distributions), except that no redemption fee will be charged with respect to shares purchased through certain omnibus account and other service arrangements established by certain brokers and other financial intermediaries and approved by the Distributor and under certain other circumstances. See “Shareholder

82Prospectus

Information—How to Sell Shares—Redemption Fee” below.

Redemption fees are only one way for the Fund to deter abusive trading practices. To discourage attempts to arbitrage pricing of international securities (among other reasons), the Board has adopted policies and procedures providing that if events materially affecting the value of securities occur between the close of the exchange or market on which the security is principally traded and the time when a Portfolio’s NAV is calculated, such securities will be valued at their fair value as determined by, or in accordance with procedures approved by, the Board. See “Shareholder Information—General.” The codes of ethics of the Fund, the Investment Manager and the Distributor in respect of personal trading contain limitations on trading in Portfolio shares.

As described below, the Fund may take up to seven days to pay redemption proceeds. This may occur when, among other circumstances, the investor redeeming shares is engaged in excessive trading or if the redemption request otherwise would be disruptive to efficient portfolio management or would otherwise adversely affect the Portfolio.

All of the policies described in this section apply uniformly to all Portfolio accounts. However, while the Fund and the Investment Manager will take reasonable steps to prevent trading practices deemed to be harmful to a Portfolio by monitoring Portfolio share trading activity, they may not be able to prevent or identify such trading. If the Fund is not able to prevent abusive trading practices, such trading may disrupt investment strategies, harm performance and increase costs to all Portfolio investors, including those not engaged in such activity. The Fund’s policy on abusive trading practices does not apply to automatic investment or automatic exchange privileges.

Securities trading in foreign markets are particularly susceptible to time zone arbitrage. As a result, Portfolios investing in securities trading in non-U.S. markets, including Lazard Capital Allocator Opportunistic Strategies Portfolio, which may invest in Underlying Funds that invest in securities trading in non- U.S. markets, may be at greater risk for market timing than funds that invest in securities trading in U.S. markets.

Distribution and Servicing Arrangements

The Fund has adopted a plan under rule 12b-1 (the “12b-1 plan”) that allows each Portfolio to pay the Distributor a fee, at the annual rate of 0.25% of the value of the average daily net assets of each Portfolio’s Open Shares, for distribution and services provided to holders of Open Shares. Because these fees are paid out of each Portfolio’s assets on an on-going basis, over time these recurring fees will increase the cost of your investment and may cost you more than paying other types of sales charges. Institutional Shares do not pay a rule 12b-1 fee. Third parties may receive payments pursuant to the 12b-1 plan.

The Investment Manager or the Distributor may provide additional cash payments out of its own resources to financial intermediaries that sell shares and/or provide marketing, shareholder servicing, account administration or other services. Such payments are in addition to any fees paid by the Fund under rule 12b-1.

The receipt of such payments pursuant to the 12b-1 plan or from the Investment Manager or Distributor could create an incentive for the third parties to offer a Portfolio instead of other mutual funds where such payments are not received. Further information is contained in the SAI, and you should consult your financial intermediary for further details.

How to Sell Shares

General

Checks for sale proceeds ordinarily will be mailed within seven days. Where the shares to be sold have been purchased by check or through the Automatic Investment Plan, the sale proceeds, net of any applicable redemption fee, will be transmitted to you promptly upon bank clearance of your purchase check, which may take up to 15 calendar days. Redemption requests also may be satisfied, in whole or in part, through a redemption-in-kind (a payment in portfolio securities instead of cash).

Redemption Fee

Each Portfolio will impose a redemption fee equal to 1.00% of the NAV of Portfolio shares acquired by purchase or exchange and redeemed or exchanged within 30 days after such shares were acquired. This fee will be calculated based on the shares’ NAV at redemption and deducted from the redemption proceeds. The fee will be retained by each Portfolio and used primarily to offset the

Prospectus83

transaction costs that short-term trading imposes on each Portfolio and its remaining shareholders. The redemption fee will not apply to shares acquired through the reinvestment of dividends or distributions. For purposes of calculating the 30-day holding period, the Fund will first redeem shares acquired through the reinvestment of dividends or distributions and then will employ the “first in, first out” method, which assumes that the shares redeemed or exchanged are the ones held the longest.

The Fund, in its discretion, may waive or reverse the redemption fee for Portfolio shares redeemed or exchanged: (1) through systematic, nondiscretionary rebalancing or asset allocation programs that have been approved by the Distributor; (2) in connection with the Fund’s Systematic Withdrawal Plan, described below; (3) by a fund-of-funds; (4) involuntarily, such as a redemption resulting from failure to maintain a minimum investment or due to a Portfolio merger or liquidation; (5) in connection with a conversion from one share class to another share class of the same Portfolio; (6) in the event of shareholder death or post-purchase disability; (7) to return an excess contribution in an IRA or qualified plan account; (8) in connection with required minimum distributions from an IRA or qualified plan account; (9) in programs with financial intermediaries that include on their platforms qualified default investment alternatives for participant-directed individual account plans (with respect to which Department of Labor regulations restrict the imposition of redemption fees and similar fees) and where adequate systems designed to deter abusive trading practices are in place; (10) by certain accounts under situations deemed appropriate by the Fund, including where the capability to charge a fee does not exist or is not practical and where adequate systems designed to deter abusive trading practices are in place; or (11) in the event of transactions documented as inadvertent or prompted by bona fide emergencies or other exigent circumstances. In certain situations, a financial intermediary, wrap sponsor or other omnibus account holder may apply the Portfolios’ redemption fees to the accounts of their underlying shareholders. If this is the case, the Portfolios will rely in part on the account holder to monitor and assess the redemption fee on the underlying shareholder accounts in accordance with this Prospectus. The redemption fee may be waived, modified or terminated at any time, or from time to time, without advance notice.

Selling Shares

Through the Transfer Agent:

Shareholders who do not execute trades through a brokerage account should submit their sale requests to the Transfer Agent by telephone or mail, as follows:

By Telephone:

A shareholder may redeem shares by calling the Transfer Agent. To redeem shares by telephone, the shareholder must have properly completed and submitted to the Transfer Agent either a Purchase Application authorizing such redemption. To place a redemption request, or to have the telephone redemption privilege added to your account, please call the Transfer Agent’s toll-free number, (800) 986-3455. In order to confirm that telephone instructions for redemptions are genuine, the Fund has established reasonable procedures to be employed by the Fund and the Transfer Agent, including the requirement that a form of personal identification be provided.

By Mail:


1.				Write a letter of instruction to the Fund. Indicate the dollar amount or number of shares to be sold, the Portfolio and Class, the shareholder’s account number, and social security or taxpayer identification number.

2.				Sign the letter in exactly the same way the account is registered. If there is more than one owner of the account, all must sign.

3.				If shares to be sold have a value of $50,000 or more, the signature(s) must be guaranteed by a domestic bank, savings and loan institution, domestic credit union, member bank of the Federal Reserve System, broker-dealer, registered securities association or clearing agency, or other participant in a signature guarantee program. Signature guarantees by a notary public are not acceptable. Further documentation may be requested to evidence the authority of the person or entity making the redemption request. In addition, all redemption requests that include instructions for redemption proceeds to be sent somewhere other than the address on file must be signature guaranteed.

84Prospectus

Send the letter to the Transfer Agent at the following address:

regular mail
The Lazard Funds, Inc.
P.O. Box 8514
Boston, Massachusetts 02266-8514
Attention: (Name of Portfolio and Class of Shares)

overnight delivery
The Lazard Funds, Inc.
30 Dan Road
Canton, Massachusetts 02021-2809

Through a Lazard Brokerage Account:

Shareholders who have a brokerage account with Lazard Capital Markets LLC should contact their account representative for specific instructions on how to sell Portfolio shares.

Investor Services

Automatic Reinvestment Plan allows your dividends and capital gain distributions to be reinvested in additional shares of your Portfolio or another Portfolio.

Automatic Investments allows you to purchase Open Shares through automatic deductions from a designated bank account.

Systematic Withdrawal Plan allows you to receive payments at regularly scheduled intervals if your account holds at least $10,000 in Portfolio shares at the time plan participation begins. The maximum regular withdrawal amount for monthly withdrawals is 1% of the value of your Portfolio shares at the time plan participation begins.

Exchange Privilege allows you to exchange shares of one Portfolio that have been held for seven days or more for shares of the same Class of another Portfolio in an identically registered account. Shares will be exchanged at the next determined NAV, subject to any applicable redemption fee. There is no other cost associated with this service. All exchanges are subject to the minimum initial investment requirements.

A shareholder may exchange shares by writing or calling the Transfer Agent. To exchange shares by telephone, the shareholder must have properly completed and submitted to the Transfer Agent either a Purchase Application authorizing such exchanges or a signed letter requesting that the exchange privilege be added to the account. The Transfer Agent’s toll-free number for exchanges is (800) 986-3455. In order to confirm that telephone instructions for exchanges are genuine, the Fund has established reasonable procedures to be employed by the Fund and the Transfer Agent, including the requirement that a form of personal identification be provided.

The Fund reserves the right to limit the number of times shares may be exchanged between Portfolios, to reject any telephone exchange order, or to otherwise modify or discontinue the exchange privilege at any time. If an exchange request is refused, the Fund will take no other action with respect to the shares until it receives further instructions from the investor. See “Shareholder Information—How to Buy Shares—Market Timing/ Excessive Trading” for more information about restrictions on exchanges.

General Policies

In addition to the policies described above, the Fund reserves the right to:

•

redeem an account, with notice, if the value of the account falls below $1,000 due to redemptions

•

convert Institutional Shares held by a shareholder whose account is less than $100,000 to Open Shares, upon written notice to the shareholder

•

suspend redemptions or postpone payments when the NYSE is closed for any reason other than its usual weekend or holiday closings or when trading is restricted by the SEC

•

change or waive the required minimum investment amounts

•

delay sending out redemption proceeds for up to seven days (this usually applies to very large redemptions received without notice, excessive trading, or during unusual market conditions)

•

make a redemption-in-kind (a payment in portfolio securities instead of in cash) if it is determined that a redemption is too large and/or may cause harm to a Portfolio and its shareholders

Prospectus85

Also in addition to the policies described above, the Fund may refuse or restrict purchase or exchange requests for Portfolio shares by any person or group if, in the judgment of the Fund’s management:

•

a Portfolio would be unable to invest the money effectively in accordance with its investment objective and policies or could otherwise be adversely affected

•

a Portfolio receives or anticipates receiving simultaneous orders that may significantly affect the Portfolio (e.g., amounts equal to 1% or more of the Portfolio’s total assets)

The Fund also reserves the right to close a Portfolio to investors at any time.

Account Policies, Dividends and Taxes

Account Statements

You will receive quarterly statements detailing your account activity. All investors will also receive an annual statement detailing the tax characteristics of any dividends and distributions that you have received in your account. You will also receive confirmations of each trade executed in your account.

To reduce expenses, only one copy of the most recent annual and semi-annual reports of the Fund may be mailed to your household, even if you have more than one account with the Fund. Call (800) 542-1061 if you need additional copies of annual or semi-annual reports. Call the Transfer Agent at the telephone number listed on the back cover if you need account information.

Dividends and Distributions

Income dividends are normally declared each business day and paid monthly for Emerging Markets Debt Portfolio, U.S. High Yield Portfolio and U.S. Municipal Portfolio. For Global Listed Infrastructure Portfolio, income dividends, if any, are anticipated to be paid quarterly. For all other Portfolios, income dividends are anticipated to be paid annually. Net capital gains, if any, are normally distributed annually, but may be distributed more frequently. Annual year end distribution estimates are expected to be available on or about November 18, 2011 at www.LazardNet.com or by calling (800) 823-6300. Estimates for any “spillback” distributions (income and/or net capital gains from the 2010 fiscal year that were not distributed by December 31, 2010) are expected to be available on or about August 5, 2011 at www.LazardNet.com or by calling (800) 823-6300.

Dividends and distributions of a Portfolio will be reinvested in additional shares of the same Class of the Portfolio at the NAV on the ex-dividend date, and credited to the shareholder’s account on the payment date or, at the shareholder’s election, paid in cash. Each share Class of the Portfolio will generate a different dividend because each has different expenses. Dividend checks and account statements will be mailed approximately two business days after the payment date.

Tax Information

Please be aware that the following tax information is general and refers to the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), which are in effect as of the date of this Prospectus. You should consult a tax adviser about the status of your distributions from your Portfolio.

All dividends and short-term capital gains distributions are generally taxable to you as ordinary income, and long-term capital gains are generally taxable as such, whether you receive the distribution in cash or reinvest it in additional shares. An exchange of a Portfolio’s shares for shares of another Portfolio will be treated as a sale of the Portfolio’s shares, and any gain on the transaction may be subject to income taxes.

U.S. Municipal Portfolio—It is anticipated that virtually all dividends paid to you will be exempt from federal income tax. However, for federal tax purposes, certain distributions, such as distributions of short-term capital gains, are taxable to you as ordinary income, while long-term capital gains are taxable to you as capital gains. Although the Portfolio seeks to provide income exempt from federal income tax, interest from some of its holdings may be subject to the AMT.

Keep in mind that distributions may be taxable to you at different rates which depend on the length of time a Portfolio held the applicable investment, not the length of time that you held your Portfolio shares. The tax status of any distribution is the same regardless of how long you have been in a Portfolio and whether you reinvest your distributions or take them in cash. High portfolio turnover and more volatile markets can result in taxable distributions to shareholders, regardless of whether their shares increased in value. When you do sell your Portfolio shares, a taxable capital gain or loss may be realized, except for IRA or other tax-deferred accounts.

86Prospectus

Federal law requires a Portfolio to withhold taxes on distributions paid to shareholders who:

•

fail to provide a social security number or taxpayer identification number

•

fail to certify that their social security number or taxpayer identification number is correct

•

fail to certify that they are exempt from withholding

Prospectus87

Lazard Funds Financial Highlights

Financial Highlights

The financial highlights tables are intended to help you understand each Portfolio’s financial performance for the past five years or, if shorter, the period of each Portfolio’s operations. Certain information reflects financial results for a single Portfolio share. The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in the Portfolio (assuming reinvestment of all dividends and distributions), if any. This information has been audited by _________________ __________, whose report, along with each Portfolio’s financial statements, is included in the annual report, which is available upon request.

88Prospectus

LAZARD U.S. EQUITY VALUE PORTFOLIO



Selected data for a share of capital stock outstanding throughout each year	Year Ended
	12/31/10			12/31/09				12/31/08				12/31/07				12/31/06

Institutional Shares
Net asset value, beginning of year		$			$	7.00			$	11.25				$11.73				$10.02

Income (loss) from investment operations:
Net investment income (a)						0.12				0.18				0.17				0.18
Net realized and unrealized gain (loss)						1.62				(4.26	)			0.05				2.33

Total from investment operations						1.74				(4.08	)			0.22				2.51

Less distributions from:
Net investment income						(0.12)				(0.17	)			(0.15	)			(0.62	)
Net realized gains						—				—				(0.55	)			(0.18	)

Total distributions						(0.12)				(0.17	)			(0.70	)			(0.80	)

Redemption fees						—				—				—	(c)			—

Net asset value, end of year		$				$8.62			$	7.00			$	11.25			$	11.73

Total Return (b)			%			24.81%		-36.18%						1.65%				25.23%
Ratios and Supplemental Data:
Net assets, end of year (in thousands)		$				$8,464			$	6,554			$	8,488			$	390
Ratios to average net assets:
Net expenses			%			1.00%				1.00%				1.00%				1.00%
Gross expenses			%			3.44%				3.21%				3.56%				112.90%
Net investment income			%			1.60%				1.90%				1.40%				1.57%
Portfolio turnover rate			%			62%				97%				83%				95%

Selected data for a share of capital stock outstanding throughout each year	Year Ended
	12/31/10			12/31/09				12/31/08				12/31/07				12/31/06


Open Shares
Net asset value, beginning of year		$				$7.04			$	11.31			$	11.77			$	10.02

Income (loss) from investment operations:
Net investment income (a)						0.09				0.15				0.13				0.12
Net realized and unrealized gain (loss)						1.64				(4.28	)			0.06				2.37

Total from investment operations						1.73				(4.13	)			0.19				2.49

Less distributions from:
Net investment income						(0.10)				(0.14	)			(0.11	)			(0.56	)
Net realized gains						—				—				(0.55	)			(0.18	)

Total distributions						(0.10)				(0.14	)			(0.66	)			(0.74	)

Redemption fees						—	(c)			—				0.01				—

Net asset value, end of year		$				$8.67			$	7.04			$	11.31			$	11.77

Total Return (b)			%			24.49%		-36.43%						1.59%				24.83%
Ratios and Supplemental Data:
Net assets, end of year (in thousands)		$				$300			$	134			$	341			$	240
Ratios to average net assets:
Net expenses			%			1.30%				1.30%				1.30%				1.30%
Gross expenses			%			5.52%				12.10%				9.40%				138.32%
Net investment income			%			1.15%				1.56%				1.02%				1.05%
Portfolio turnover rate			%			62%				97%				83%				95%

Commencement of operations.

(a)

Net investment income has been computed using the average shares method.

(b)

Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager or State Street; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

(c)

Amount is less than $0.01 per share.

Prospectus89

LAZARD U.S. STRATEGIC EQUITY PORTFOLIO



Selected data for a share of capital stock outstanding throughout each year	Year Ended
	12/31/10			12/31/09			12/31/08				12/31/07				12/31/06

Institutional Shares
Net asset value, beginning of year			$			$6.26			$10.03				$11.81				$10.38

Income (loss) from investment operations:
Net investment income (a)						0.08			0.12				0.11				0.08
Net realized and unrealized gain (loss)						1.68			(3.65	)			(0.04	)			1.73

Total from investment operations						1.76			(3.53	)			0.07				1.81

Less distributions from:
Net investment income						—			(0.12	)			(0.12	)			(0.07	)
Net realized gains						—			(0.12	)			(1.73	)			(0.31	)

Total distributions						—			(0.24	)			(1.85	)			(0.38	)

Redemption fees						—			—				—				—	(c)

Net asset value, end of year			$		$	8.02		$	6.26			$	10.03			$	11.81

Total Return (b)			%			28.12%			-35.43%				0.33%				17.44%
Ratios and Supplemental Data:
Net assets, end of year (in thousands)			$		$	66,153		$	54,749				$88,242			$	117,194
Ratios to average net assets:
Net expenses			%			1.05%	1.05%						0.98%				1.05%
Gross expenses			%			1.09%	1.06%						0.98%				1.35%
Net investment income			%			1.26%	1.45%						0.86%				0.71%
Portfolio turnover rate			%			76%	82%						58%				82%

Selected data for a share of capital stock outstanding throughout each year	Year Ended
	12/31/10			12/31/09			12/31/08				12/31/07				12/31/06


Open Shares
Net asset value, beginning of year			$			$6.28		$	10.05			$	11.83			$	10.39

Income (loss) from investment operations:
Net investment income (a)						0.07			0.10				0.06				—	(c)
Net realized and unrealized gain (loss)						1.67			(3.65	)			(0.03	)			1.79

Total from investment operations						1.74			(3.55	)			0.03				1.79

Less distributions from:
Net investment income						—			(0.10	)			(0.08	)			(0.04	)
Net realized gains						—			(0.12	)			(1.73	)			(0.31	)

Total distributions						—			(0.22	)			(1.81	)			(0.35	)

Redemption fees						—			—				—	(c)			—

Net asset value, end of year		$			$	8.02		$	6.28			$	10.05			$	11.83

Total Return (b)			%			27.71%	-35.63%				-0.07%						17.20%
Ratios and Supplemental Data:
Net assets, end of year (in thousands)			$			$8,945		$	7,218			$	11,558			$	11,836
Ratios to average net assets:
Net expenses			%			1.35%			1.35%				1.35%				1.35%
Gross expenses			%			1.39%			1.51%				1.40%				7.38%
Net investment income			%			0.96%			1.15%				0.50%				0.03%
Portfolio turnover rate			%			76%			82%				58%				82%

(a)

Net investment income has been computed using the average shares method.

(b)

Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

(c)

Amount is less than $0.01 per share.

90Prospectus

LAZARD U.S. MID CAP EQUITY PORTFOLIO



Selected data for a share of capital stock outstanding throughout each year	Year Ended
	12/31/10			12/31/09				12/31/08				12/31/07				12/31/06

Institutional Shares
Net asset value, beginning of year		$			$	7.50			$	12.46			$	14.41			$	13.23

Income (loss) from investment operations:
Net investment income (a)						0.08				0.15				0.12				0.09
Net realized and unrealized gain (loss)						2.81				(4.93	)			(0.51	)			1.88

Total from investment operations						2.89				(4.78	)			(0.39	)			1.97

Less distributions from:
Net investment income						(0.08	)			(0.18	)			(0.11	)			(0.08	)
Net realized gains						—				—				(1.45	)			(0.71	)

Total distributions						(0.08	)			(0.18	)			(1.56	)			(0.79	)

Redemption fees						—	(c)			—	(c)			—	(c)			—	(c)

Net asset value, end of year		$			$	10.31			$	7.50			$	12.46			$	14.41

Total Return (b)			%			38.49%				-38.33%		-2.93%						14.85%
Ratios and Supplemental Data:
Net assets, end of year (in thousands)		$			$	143,267				$103,650			$	277,953			$	235,367
Ratios to average net assets:
Net expenses			%			0.91%				0.89%				0.87%				0.89%
Gross expenses			%			0.91%				0.89%				0.87%				0.89%
Net investment income			%			0.90%				1.41%				0.81%				0.66%
Portfolio turnover rate			%			77%				81%				100%				76%

Selected data for a share of capital stock outstanding throughout each year	Year Ended
	12/31/10			12/31/09				12/31/08				12/31/07				12/31/06


Open Shares
Net asset value, beginning of year		$			$	7.40				$12.29				$14.23				$13.07

Income (loss) from investment operations:
Net investment income (a)						0.05				0.13				0.09				0.05
Net realized and unrealized gain (loss)						2.78				(4.87	)			(0.51	)			1.86

Total from investment operations						2.83				(4.74	)			(0.42	)			1.91

Less distributions from:
Net investment income						(0.05	)			(0.15	)			(0.07	)			(0.04	)
Net realized gains						—				—				(1.45	)			(0.71	)

Total distributions						(0.05	)			(0.15	)			(1.52	)			(0.75	)

Redemption fees						—	(c)			—	(c)			—	(c)			—	(c)

Net asset value, end of year		$			$	10.18			$	7.40			$	12.29			$	14.23

Total Return (b)			%			38.26%		-38.53%				-3.17%						14.57%
Ratios and Supplemental Data:
Net assets, end of year (in thousands)		$			$	69,737			$	64,372			$	158,062			$	80,410
Ratios to average net assets:
Net expenses			%			1.17%				1.15%				1.13%				1.18%
Gross expenses			%			1.17%				1.15%				1.13%				1.18%
Net investment income			%			0.64%				1.17%				0.58%				0.37%
Portfolio turnover rate			%			77%				81%				100%				76%

(a)

Net investment income has been computed using the average shares method.

(b)

Total returns reflect reinvestment of all dividends and distributions, if any.

(c)

Amount is less than $0.01 per share.

Prospectus91

LAZARD U.S. SMALL-MID CAP EQUITY PORTFOLIO



Selected data for a share of capital stock outstanding throughout each year	Year Ended
	12/31/10			12/31/09				12/31/08				12/31/07				12/31/06

Institutional Shares
Net asset value, beginning of year		$			$	7.59				$11.58				$14.44				$15.40

Income (loss) from investment operations:
Net investment income (loss) (a)						(0.01	)			0.01				0.04				0.02
Net realized and unrealized gain (loss)						4.22				(4.00	)			(0.87	)			2.60

Total from investment operations						4.21				(3.99	)			(0.83	)			2.62

Less distributions from:
Net investment income						—				—				(0.04	)			(0.01	)
Net realized gains						—				—				(1.99	)			(3.57	)

Total distributions						—				—				(2.03	)			(3.58	)

Redemption fees						—				—	(c)			—	(c)			—	(c)

Net asset value, end of year		$			$	11.80			$	7.59			$	11.58			$	14.44

Total Return (b)			%			55.47%				-34.46%		-6.38%						17.11%
Ratios and Supplemental Data:
Net assets, end of year (in thousands)		$			$	56,042			$	36,934			$	109,853			$	196,483
Ratios to average net assets:
Net expenses			%			1.22%				1.13%				0.93%				0.91%
Gross expenses			%			1.23%				1.13%				0.93%				0.91%
Net investment income (loss)			%			-0.12%				0.08%				0.24%				0.10%
Portfolio turnover rate			%			195%				138%				98%				86%

Selected data for a share of capital stock outstanding throughout each year	Year Ended
	12/31/10			12/31/09				12/31/08				12/31/07				12/31/06


Open Shares
Net asset value, beginning of year		$			$	7.46				$11.43				$14.27				$15.29

Income (loss) from investment operations:
Net investment loss (a)						(0.04	)			(0.03	)			(0.01	)			(0.03	)
Net realized and unrealized gain (loss)						4.14				(3.94	)			(0.84	)			2.58

Total from investment operations						4.10				(3.97	)			(0.85	)			2.55

Less distributions from:
Net investment income						—				—				—				—
Net realized gains						—				—				(1.99	)			(3.57	)

Total distributions						—				—				(1.99	)			(3.57	)

Redemption fees						—	(c)			—	(c)			—	(c)			—	(c)

Net asset value, end of year		$			$	11.56			$	7.46			$	11.43			$	14.27

Total Return (b)			%			54.96%		-34.73%				-6.60%						16.77%
Ratios and Supplemental Data:
Net assets, end of year (in thousands)		$			$	19,531				$10,500				$25,203			$	35,627
Ratios to average net assets:
Net expenses			%			1.51%				1.49%				1.25%				1.23%
Gross expenses			%			1.52%				1.49%				1.25%				1.23%
Net investment loss			%			-0.40%		-0.26%				-0.07%				-0.21%
Portfolio turnover rate			%			195%				138%				98%				86%

(a)

Net investment income (loss) has been computed using the average shares method.

(b)

Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Porffolio’s returns would have been lower.

(c)

Amount is less than $0.01 per share.

92Prospectus

LAZARD INTERNATIONAL EQUITY PORTFOLIO




Selected data for a share of capital stock outstanding throughout each year	Year Ended
	12/31/10			12/31/09				12/31/08				12/31/07				12/31/06

Institutional Shares
Net asset value, beginning of year		$			$	10.50			$	17.55			$	16.31			$	14.00

Income (loss) from investment operations:
Net investment income (a)						0.26				0.36				0.36				0.33
Net realized and unrealized gain (loss)						2.38				(7.00	)			1.42				2.83

Total from investment operations						2.64				(6.64	)			1.78				3.16

Less distributions from:
Net investment income						—	(c)			(0.41	)			(0.54	)			(0.85	)

Total distributions						—	(c)			(0.41	)			(0.54	)			(0.85	)

Redemption fees						—	(c)			—	(c)			—	(c)			—	(c)

Net asset value, end of year		$			$	13.14			$	10.50			$	17.55			$	16.31

Total Return (b)			%			25.19%				-37.75%				10.96%				22.92%
Ratios and Supplemental Data:
Net assets, end of year (in thousands)		$			$	139,070			$	119,870			$	335,323			$	701,145
Ratios to average net assets:
Net expenses			%			0.99%				0.93%				0.89%				0.84%
Gross expenses			%			0.99%				0.93%				0.89%				0.84%
Net investment income			%			2.33%				2.47%				2.08%				2.14%
Portfolio turnover rate			%			66%				44%				50%				68%




Selected data for a share of capital stock outstanding throughout each year	Year Ended
	12/31/10			12/31/09			12/31/08				12/31/07				12/31/06

Open Shares
Net asset value, beginning of year		$			$	10.60		$	17.69			$	16.40			$	14.03

Income (loss) from investment operations:
Net investment income (a)						0.22			0.31				0.32				0.25
Net realized and unrealized gain (loss)						2.42			(7.04	)			1.41				2.87

Total from investment operations						2.64			(6.73	)			1.73				3.12

Less distributions from:
Net investment income						—			(0.36	)			(0.44	)			(0.75	)

Total distributions						—			(0.36	)			(0.44	)			(0.75	)

Redemption fees						—			—	(c)			—	(c)			—	(c)

Net asset value, end of year		$			$	13.24		$	10.60			$	17.69			$	16.40

Total Return (b)			%			24.91%			-37.98%				10.57%				22.59%
Ratios and Supplemental Data:
Net assets, end of year (in thousands)		$			$	19,520		$	14,829			$	32,449			$	49,657
Ratios to average net assets:
Net expenses			%			1.27%			1.28%				1.19%				1.15%
Gross expenses			%			1.27%			1.28%				1.19%				1.15%
Net investment income			%			1.98%			2.16%				1.89%				1.63%
Portfolio turnover rate			%			66%			44%				50%				68%

(a)

Net investment income has been computed using the average shares method.

(b)

Total returns reflect reinvestment of all dividends and distributions, if any.

(c)

Amount is less than $0.01 per share.

Prospectus93

LAZARD INTERNATIONAL EQUITY SELECT PORTFOLIO



Selected data for a share of capital stock outstanding throughout each year	Year Ended
	12/31/10			12/31/09				12/31/08				12/31/07				12/31/06

Institutional Shares
Net asset value, beginning of year		$			$	6.39			$	11.78			$	13.07			$	11.73

Income (loss) from investment operations:
Net investment income (a)						0.17				0.30				0.22				0.25
Net realized and unrealized gain (loss)						1.16				(4.73	)			0.97				2.43

Total from investment operations						1.33				(4.43	)			1.19				2.68

Less distributions from:
Net investment income						(0.02)				(0.33	)			(0.25	)			(0.23	)
Net realized gains						—				(0.63	)			(2.23	)			(1.11	)

Total distributions						(0.02)				(0.96	)			(2.48	)			(1.34	)

Redemption fees						—	(c)			—	(c)			—	(c)			—	(c)

Net asset value, end of year		$			$	7.70			$	6.39			$	11.78			$	13.07

Total Return (b)			%			20.86%				-38.74%				9.25%				23.01%
Ratios and Supplemental Data:
Net assets, end of year (in thousands)		$			$	3,925			$	3,860			$	12,103			$	16,677
Ratios to average net assets:
Net expenses			%			1.15%				1.15%				1.15%				1.15%
Gross expenses			%			3.46%				2.24%				1.67%				1.85%
Net investment income			%			2.52%				3.06%				1.58%				1.90%
Portfolio turnover rate			%			67%				52%				50%				40%


Selected data for a share of capital stock outstanding throughout each year	Year Ended
	12/31/10			12/31/09				12/31/08				12/31/07				12/31/06


Open Shares
Net asset value, beginning of year		$			$	6.41			$	11.81			$	13.10			$	11.75

Income (loss) from investment operations:
Net investment income (a)						0.14				0.26				0.16				0.21
Net realized and unrealized gain (loss)						1.17				(4.73	)			0.99				2.44

Total from investment operations						1.31				(4.47	)			1.15				2.65

Less distributions from:
Net investment income						—	(c)			(0.30	)			(0.21	)			(0.19	)
Net realized gains						—				(0.63	)			(2.23	)			(1.11	)

Total distributions						—	(c)			(0.93	)			(2.44	)			(1.30	)

Redemption fees						—	(c)			—	(c)			—	(c)			—	(c)

Net asset value, end of year		$			$	7.72			$	6.41			$	11.81			$	13.10

Total Return (b)			%			20.49%				-39.00%				8.92%				22.72%
Ratios and Supplemental Data:
Net assets, end of year (in thousands)		$			$	4,530			$	5,853			$	13,916			$	12,545
Ratios to average net assets:
Net expenses			%			1.45%				1.45%				1.45%				1.45%
Gross expenses			%			3.62%				2.47%				1.95%				2.13%
Net investment income			%			2.11%				2.67%				1.21%				1.65%
Portfolio turnover rate			%			67%				52%				50%				40%

(a)

Net investment income has been computed using the average shares method.

(b)

Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

(c)

Amount is less than $0.01 per share.

94Prospectus

LAZARD INTERNATIONAL STRATEGIC EQUITY PORTFOLIO



Selected data for a share of capital stock outstanding throughout each year	Year Ended
	12/31/10			12/31/09				12/31/08				12/31/07				12/31/06

Institutional Shares
Net asset value, beginning of year		$			$	7.51			$	12.92				$12.66				$10.79

Income (loss) from investment operations:
Net investment income (a)						0.20				0.26				0.23				0.19
Net realized and unrealized gain (loss)						1.88				(5.43	)			1.36				2.64

Total from investment operations						2.08				(5.17	)			1.59				2.83

Less distributions from:
Net investment income						(0.18	)			(0.22	)			(0.25	)			(0.15)
Net realized gains						—				(0.02	)			(1.08	)			(0.81)

Total distributions						(0.18	)			(0.24	)			(1.33	)			(0.96)

Redemption fees						—	(c)			—	(c)			—	(c)			—	(c)

Net asset value, end of year		$			$	9.41			$	7.51			$	12.92			$	12.66

Total Return (b)			%			27.76%				-39.98%				12.88%				26.22%
Ratios and Supplemental Data:
Net assets, end of year (in thousands)		$			$	311,570			$	245,604			$	418,584			$	343,931
Ratios to average net assets:
Net expenses			%			0.91%				0.90%				0.88%				0.94%
Gross expenses			%			0.91%				0.90%				0.88%				0.94%
Net investment income			%			2.42%				2.48%				1.70%				1.57%
Portfolio turnover rate			%			129%				72%				84%				68%



Selected data for a share of capital stock outstanding throughout each period	Year Ended																For the Period 2/3/06* to 12/31/06
	12/31/10				12/31/09				12/31/08				12/31/07

Open Shares
Net asset value, beginning of period			$				$7.51				$12.90				$12.64				$11.49

Income (loss) from investment operations:
Net investment income (a)							0.16				0.23				0.17				0.12
Net realized and unrealized gain (loss)							1.90				(5.42	)			1.37				1.93

Total from investment operations							2.06				(5.19	)			1.54				2.05

Less distributions from:
Net investment income							(0.14	)			(0.18	)			(0.20	)			(0.09	)
Net realized gains							—				(0.02	)			(1.08	)			(0.81	)

Total distributions							(0.14	)			(0.20	)			(1.28	)			(0.90	)

Redemption fees							—	(c)			—	(c)			—				—	(c)

Net asset value, end of period		$				$	9.43			$	7.51			$	12.90			$	12.64

Total Return (b)				%			27.38%				-40.18%				12.37%				17.90%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$				$	19,446			$	13,627			$	16,342			$	10,669
Ratios to average net assets:
Net expenses (d)				%			1.21%				1.24%				1.28%				1.45%
Gross expenses (d)				%			1.21%				1.24%				1.28%				1.63%
Net investment income (d)				%			1.98%				2.23%				1.29%				1.10%
Portfolio turnover rate				%			129%				72%				84%				68%

Commencement of operations.

(a)

Beginning with the fiscal year ended 12/31/06, net investment income has been computed using the average shares method.

(b)

Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.

(c)

Amount is less than $0.01 per share.

(d)

Annualized for a period of less than one year.

Prospectus95

LAZARD INTERNATIONAL SMALL CAP EQUITY PORTFOLIO



Selected data for a share of capital stock outstanding throughout each year	Year Ended
	12/31/10			12/31/09				12/31/08				12/31/07				12/31/06

Institutional Shares
Net asset value, beginning of year		$				$4.80				$10.49				$17.80				$17.10

Income (loss) from investment operations:
Net investment income (a)						0.08				0.15				0.27				0.22
Net realized and unrealized gain (loss)						1.80				(5.19	)			(1.20	)			4.16

Total from investment operations						1.88				(5.04	)			(0.93	)			4.38

Less distributions from:
Net investment income						—				(0.14	)			(0.63	)			(0.25	)
Net realized gains						—				(0.51	)			(5.75	)			(3.43	)

Total distributions						—				(0.65	)			(6.38	)			(3.68	)

Redemption fees						—	(c)			—	(c)			—	(c)			—	(c)

Net asset value, end of year		$			$	6.68			$	4.80			$	10.49			$	17.80

Total Return (b)			%			39.17%				-49.84%				-4.61%				26.31%
Ratios and Supplemental Data:
Net assets, end of year (in thousands)		$			$	40,243			$	74,640			$	129,725			$	698,166
Ratios to average net assets:
Net expenses			%			1.17%				0.98%				0.91%				0.86%
Gross expenses			%			1.21%				0.98%				0.91%				0.86%
Net investment income			%			1.55%				1.81%				1.48%				1.20%
Portfolio turnover rate			%			51%				61%				59%				49%

Selected data for a share of capital stock outstanding throughout each year	Year Ended
	12/31/10			12/31/09				12/31/08				12/31/07				12/31/06


Open Shares
Net asset value, beginning of year		$			$	4.82			$	10.51			$	17.77			$	17.09

Income (loss) from investment operations:
Net investment income (a)						0.07				0.13				0.21				0.17
Net realized and unrealized gain (loss)						1.81				(5.20	)			(1.17	)			4.13

Total from investment operations						1.88				(5.07	)			(0.96	)			4.30

Less distributions from:
Net investment income						—				(0.11	)			(0.55	)			(0.19	)
Net realized gains						—				(0.51	)			(5.75	)			(3.43	)

Total distributions						—				(0.62	)			(6.30	)			(3.62	)

Redemption fees						—	(c)			—	(c)			—	(c)			—	(c)

Net asset value, end of year		$			$	6.70			$	4.82			$	10.51			$	17.77

Total Return (b)			%			39.00%				-50.02%				-4.79%				25.83%
Ratios and Supplemental Data:
Net assets, end of year (in thousands)		$			$	27,920			$	30,052			$	89,779			$	137,358
Ratios to average net assets:
Net expenses			%			1.43%				1.31%				1.20%				1.19%
Gross expenses			%			1.48%				1.31%				1.20%				1.19%
Net investment income			%			1.28%				1.56%				1.17%				0.89%
Portfolio turnover rate			%			51%				61%				59%				49%

(a)

Net investment income has been computed using the average shares method.

(b)

Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

(c)

Amount is less than $0.01 per share.

96Prospectus

LAZARD GLOBAL LISTED INFRASTRUCTURE PORTFOLIO



Selected data for a share of capital stock outstanding throughout each period	Year Ended 12/31/10			Period Ended 12/31/09*

Institutional Shares
Net asset value, beginning of period		$				$10.00

Income (loss) from investment operations:
Net investment income (loss) (a)						—	(c)
Net realized and unrealized loss

Total from investment operations						—	(c)

Less distributions from:
Net investment income						—

Total distributions						—

Redemption fees						—

Net asset value, end of period		$			$	10.00

Total Return (b)			%			0.00%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$			$	74
Ratios to average net assets:
Net expenses (d)			%			1.30%
Gross expenses (d)			%			1,825.00%	(e)
Net investment income (loss) (d)			%			-1.30%
Portfolio turnover rate			%			0%

Selected data for a share of capital stock outstanding throughout each period	Year Ended 12/31/10			Period Ended 12/31/09*


Open Shares
Net asset value, beginning of period		$				$10.00

Loss from investment operations:
Net investment income (loss) (a)						—	(c)
Net realized and unrealized loss

Total from investment operations						—	(c)

Less distributions from:
Net investment income						—

Total distributions						—

Net asset value, end of period		$			$	10.00

Total Return (b)			%			0.00%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$			$	50
Ratios to average net assets:
Net expenses (d)			%			1.60%
Gross expenses (d)			%			1,825.00%	(e)
Net investment income (loss) (d)			%	-1.60%
Portfolio turnover rate			%			0%

Portfolio commenced operations on December 31, 2009.

(a)

Net investment income (loss) has been computed using the average shares method.

(b)

Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement, the Portfolio’s returns would have been lower.

(c)

Amount is less than $0.01 per share.

(d)

Annualized for a period of less than one year.

(e)

Gross expense ratio was the result of the Portfolio being in existence for one day during the period ended 12/31/09.

Prospectus97

LAZARD EMERGING MARKETS EQUITY PORTFOLIO



Selected data for a share of capital stock outstanding throughout each year	Year Ended
	12/31/10			12/31/09				12/31/08				12/31/07				12/31/06

Institutional Shares
Net asset value, beginning of year			$			$10.88				$23.88				$20.60				$17.84

Income (loss) from investment operations:
Net investment income (a)						0.35				0.61				0.36				0.33
Net realized and unrealized gain (loss)						7.24				(11.78	)			6.41				4.98

Total from investment operations						7.59				(11.17	)			6.77				5.31

Less distributions from:
Net investment income						(0.46	)			(0.49	)			(0.29	)			(0.27	)
Net realized gains						—				(1.34	)			(3.20	)			(2.28	)

Total distributions						(0.46	)			(1.83	)			(3.49	)			(2.55	)

Redemption fees						—	(c)			—	(c)			—	(c)			—	(c)

Net asset value, end of year		$			$	18.01			$	10.88			$	23.88			$	20.60

Total Return (b)			%			69.82%				-47.88%				33.05%				30.32%
Ratios and Supplemental Data:
Net assets, end of year (in thousands)		$			$	8,497,341			$	3,295,983			$	5,270,497			$	2,744,753
Ratios to average net assets:
Net expenses			%			1.15%				1.17%				1.20%				1.20%
Gross expenses			%			1.15%				1.17%				1.20%				1.20%
Net investment income			%			2.40%				3.16%				1.51%				1.67%
Portfolio turnover rate			%			49%				43%				53%				46%

Selected data for a share of capital stock outstanding throughout each year	Year Ended
	12/31/10			12/31/09				12/31/08				12/31/07				12/31/06


Open Shares
Net asset value, beginning of year		$			$	11.05			$	24.17			$	20.82			$	17.99

Income (loss) from investment operations:
Net investment income (a)						0.29				0.52				0.29				0.26
Net realized and unrealized gain (loss)						7.35				(11.87	)			6.47				5.03

Total from investment operations						7.64				(11.35	)			6.76				5.29

Less distributions from:
Net investment income						(0.41	)			(0.43	)			(0.22	)			(0.18	)
Net realized gains						—				(1.34	)			(3.20	)			(2.28	)

Total distributions						(0.41	)			(1.77	)			(3.42	)			(2.46	)

Redemption fees						—	(c)			—	(c)			0.01				—	(c)

Net asset value, end of year		$			$	18.28			$	11.05			$	24.17			$	20.82

Total Return (b)			%			69.14%				-48.09%				32.71%				29.93%
Ratios and Supplemental Data:
Net assets, end of year (in thousands)		$			$	3,478,654			$	1,135,042			$	1,467,458			$	441,673
Ratios to average net assets:
Net expenses			%			1.55%				1.53%	(d)			1.47%	(d)			1.54%
Gross expenses			%			1.55%				1.54%				1.48%				1.54%
Net investment income			%			1.94%				2.72%				1.19%				1.30%
Portfolio turnover rate			%			49%				43%				53%				46%

(a)

Net investment income has been computed using the average shares method.

(b)

Total returns reflect reinvestment of all dividends and distributions, if any.

(c)

Amount is less than $0.01 per share.

(d)

The Portfolio’s excess cash in demand deposit accounts may receive credits that are available to offset custody expenses. As a result of these credits, the net expenses were reduced by 0.01%.

98Prospectus

LAZARD DEVELOPING MARKETS EQUITY PORTFOLIO



Selected data for a share of capital stock outstanding throughout each period	Year Ended							For the Period 9/30/08* to 12/31/08
	12/31/10			12/31/09

Institutional Shares
Net asset value, beginning of period		$			$	6.54				$10.00

Income (loss) from investment operations:
Net investment income (a)						0.01				0.01
Net realized and unrealized gain (loss)						7.09				(3.46	)

Total from investment operations						7.10				(3.45	)

Less distributions from:
Net investment income						(0.04	)			(0.01	)
Net realized gains						(0.42	)			—

Total distributions						(0.46	)			(0.01	)

Redemption fees						—	(c)			—

Net asset value, end of period		$			$	13.18			$	6.54

Total Return (b)			%			108.53%				-34.54%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$			$	20,002			$	6,539
Ratios to average net assets:
Net expenses (d)			%			1.30%				1.30%
Gross expenses (d)			%			2.81%				11.98%
Net investment income (d)			%			0.07%				0.34%
Portfolio turnover rate			%			96%				72%

Selected data for a share of capital stock outstanding throughout each period	Year Ended							For the Period 9/30/08* to 12/31/08
	12/31/10			12/31/09


Open Shares
Net asset value, beginning of period		$			$	6.55				$10.00

Income (loss) from investment operations:
Net investment loss (a)						(0.08	)			—	(c)
Net realized and unrealized gain (loss)						7.13				(3.45	)

Total from investment operations						7.05				(3.45	)

Less distributions from:
Net investment income						—	(c)			—
Net realized gains						(0.42	)			—

Total distributions						(0.42	)			—

Redemption fees						0.01				—

Net asset value, end of period		$			$	13.19			$	6.55

Total Return (b)			%			108.17%				-34.60%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$			$	42,975			$	357
Ratios to average net assets:
Net expenses (d)			%			1.60%				1.60%
Gross expenses (d)			%			2.54%				28.95%
Net investment loss (d)			%			-0.63%				-0.09%
Portfolio turnover rate			%			96%				72%

Commencement of operations.

(a)

Net investment income (loss) has been computed using the average shares method.

(b)

(c)

Amount is less than $0.01 per share.

(d)

Annualized for a period of less than one year.

Prospectus99

LAZARD EMERGING MARKETS EQUITY BLEND PORTFOLIO



Selected data for a share of capital stock outstanding throughout the period	For the Period 5/28/10* to 12/31/10

Institutional Shares
Net asset value, beginning of period			$10.00

Income from investment operations:
Net investment income (a)			—
Net realized and unrealized gains

Total from investment operations			—

Less distributions from:
Net realized gains			—

Total distributions			—

Net asset value, end of period		$	—

Total Return (b)			—%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	—
Ratios to average net assets:
Net expenses (c)			—%
Gross expenses (c)			—
Net investment income (c)			—%
Portfolio turnover rate			—%

Selected data for a share of capital stock outstanding throughout the period	For the Period 5/28/10* to 12/31/10


Open Shares
Net asset value, beginning of period			$10.00

Income from investment operations:
Net investment income (a)			—
Net realized and unrealized gains

Total from investment operations			—

Less distributions from:
Net realized gains			—

Total distributions			—

Net asset value, end of period		$	—

Total Return (b)			—%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	—
Ratios to average net assets:
Net expenses (c)			—%
Gross expenses (c)			—
Net investment income (c)	—%
Portfolio turnover rate			—%

Commencement of operations.

(a)

Net investment income has been computed using the average shares method.

(b)

(c)

Annualized for a period of less than one year.

100Prospectus

LAZARD U.S. HIGH YIELD PORTFOLIO



Selected data for a share of capital stock outstanding throughout each year	Year Ended
	12/31/10			12/31/09				12/31/08				12/31/07				12/31/06

Institutional Shares
Net asset value, beginning of year		$			$	3.78			$	5.15				$5.36				$5.27

Income (loss) from investment operations:
Net investment income (a)						0.34				0.38				0.40				0.40
Net realized and unrealized gain (loss)						0.92				(1.37	)			(0.21	)			0.09

Total from investment operations						1.26				(0.99	)			0.19				0.49

Less distributions from:
Net investment income						(0.34)				(0.38	)			(0.40	)			(0.40	)

Total distributions						(0.34)				(0.38	)			(0.40	)			(0.40	)

Redemption fees						—	(c)			—	(c)			—	(c)			—

Net asset value, end of year		$			$	4.70			$	3.78			$	5.15			$	5.36

Total Return (b)			%			34.66%				-20.24%				3.63%				9.71%
Ratios and Supplemental Data:
Net assets, end of year (in thousands)		$			$	87,568			$	34,262			$	56,278			$	68,452
Ratios to average net assets:
Net expenses			%			0.55%				0.55%				0.55%				0.55%
Gross expenses			%			0.89%				1.00%				0.90%				0.90%
Net investment income			%			7.96%				8.10%				7.56%				7.61%
Portfolio turnover rate			%			17%				33%				20%				29%


Selected data for a share of capital stock outstanding throughout each year	Year Ended
	12/31/10			12/31/09				12/31/08				12/31/07				12/31/06


Open Shares
Net asset value, beginning of year		$			$	3.79			$	5.17			$	5.37			$	5.29

Income (loss) from investment operations:
Net investment income (a)						0.33				0.37				0.39				0.39
Net realized and unrealized gain (loss)						0.94				(1.38	)			(0.21	)			0.08

Total from investment operations						1.27				(1.01	)			0.18				0.47

Less distributions from:
Net investment income						(0.33)				(0.37	)			(0.39	)			(0.39	)

Total distributions						(0.33)				(0.37	)			(0.39	)			(0.39	)

Redemption fees						—	(c)			—	(c)			0.01				—

Net asset value, end of year		$			$	4.73			$	3.79			$	5.17			$	5.37

Total Return (b)			%			34.40%				-20.35%				3.53%				9.18%
Ratios and Supplemental Data:
Net assets, end of year (in thousands)		$			$	6,126			$	5,220			$	1,776			$	2,179
Ratios to average net assets:
Net expenses			%			0.85%				0.85%				0.85%				0.85%
Gross expenses			%			1.21%				1.74%				2.14%				2.12%
Net investment income			%			7.74%				7.89%				7.24%				7.29%
Portfolio turnover rate			%			17%				33%				20%				29%

(a)

Net investment income has been computed using the average shares method.

(b)

Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

(c)

Amount is less than $0.01 per share.

Prospectus101

LAZARD CAPITAL ALLOCATOR OPPORTUNISTIC STRATEGIES PORTFOLIO



Selected data for a share of capital stock outstanding throughout each period	Year Ended							For the Period 3/26/08* to 12/31/08
	12/31/10			12/31/09

Institutional Shares
Net asset value, beginning of period		$			$	7.36				$10.00

Income (loss) from investment operations:
Net investment income (a)						0.14				0.21
Net realized and unrealized gain (loss)						1.42				(2.59	)

Total from investment operations						1.56				(2.38	)

Less distributions from:
Net investment income						(0.12	)			(0.26	)

Total distributions						(0.12	)			(0.26	)

Redemption fees						—	(c)			—	(c)

Net asset value, end of period		$			$	8.80			$	7.36

Total Return (b)			%			21.21%				-23.64%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$			$	195,939			$	110,757
Ratios to average net assets:
Net expenses (d)			%			1.02%				1.02%
Gross expenses (d)			%			1.16%				1.27%
Net investment income (d)			%			1.72%				3.01%
Portfolio turnover rate			%			113%				94%

Selected data for a share of capital stock outstanding throughout each period	Year Ended							For the Period 3/31/08* to 12/31/08
	12/31/10			12/31/09


Open Shares
Net asset value, beginning of period		$			$	7.37				$9.95

Income (loss) from investment operations:
Net investment income (a)						0.12				0.30
Net realized and unrealized gain (loss)						1.41				(2.64	)

Total from investment operations						1.53				(2.34	)

Less distributions from:
Net investment income						(0.10	)			(0.24	)

Total distributions						(0.10	)			(0.24	)

Redemption fees						—	(c)			—	(c)

Net asset value, end of period		$			$	8.80			$	7.37


Total Return (b)			%			20.71%				-23.44%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$			$	16,856			$	9,319
Ratios to average net assets:
Net expenses (d)			%			1.32%				1.32%
Gross expenses (d)			%			1.44%				1.93%
Net investment income (d)			%			1.44%				4.68%
Portfolio turnover rate			%			113%				94%

Commencement of operations.

(a)

Net investment income has been computed using the average shares method.

(b)

Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.

(c)

Amount is less than $0.01 per share.

(d)

Annualized for a period of less than one year.

102Prospectus

Lazard Funds Other Performance of the Investment Manager

Lazard U.S. Equity Value Composite (Prior Performance of Similar Accounts)

This is not the Portfolio’s Performance

Lazard U.S. Equity Value Portfolio’s investment objective, policies and strategies are substantially similar to those used by the Investment Manager in advising certain discretionary accounts (the “Other Accounts”). The chart below shows the historical investment performance for a composite (the “U.S. Equity Value Composite”) of the Other Accounts (consisting of all similarly managed, fully discretionary and fee paying accounts) and for the Portfolio’s benchmark index. The U.S. Equity Value Composite should not be interpreted as indicative of the Portfolio’s future performance.


Annual Total Returns for the Year Ended December 31,	2002	2003	2004	2005	2006	2007	2008	2009	2010

U.S. Equity Value Composite	-13.3%	25.5%	16.4%	4.4%	22.3%	2.5%	-35.5%	26.4%	___%

Russell 1000 Value Index*	-15.5%	30.0%	16.5%	7.1%	22.2%	-0.2%	-36.9%	19.7%	___%


Average Annual Total Returns (for the periods ended December 31, 2010)	Inception Date	One Year	Three Years	Five Years	Since Inception

U.S. Equity Value Composite	10/1/01	___%	___%	___%	___%

Russell 1000 Value Index*	N/A	___%	___%	___%	___%

The Russell 1000 Value Index measures the performance of those Russell 1000 companies (the 1,000 largest companies in the Russell 3000Ò Index, which consists of the 3,000 largest U.S. companies by capitalization) with lower price-to-book ratios and lower forecasted growth values. The index is unmanaged, has no fees or costs and is not available for investment.

Certain Other Accounts are not subject to certain investment limitations, diversification requirements and other restrictions imposed by the 1940 Act and the Code which, if applicable, may have adversely affected the performance of the U.S. Equity Value Composite. The performance results of the U.S. Equity Value Composite reflect actual fees charged to the Other Accounts, except custodian fees of separately managed accounts. However, the Portfolio bears fees and operational expenses not typically borne by managed accounts (including distribution and servicing fees of Open Shares). The U.S. Equity Value Composite performance would have been lower than that shown above if the Other Accounts had been subject to the fees and expenses of the Portfolio.

Additionally, although it is anticipated that the Portfolio and the Other Accounts will hold similar securities, their investment results are expected to differ. In particular, differences in asset size and cash flows may result in different securities selections, differences in the relative weightings of securities or differences in the prices paid for particular portfolio holdings. However, such differences do not alter the conclusion that the Portfolio and the Other Accounts have substantially similar investment objectives, policies and strategies.

The returns of the U.S. Equity Value Composite are dollar-weighted based upon beginning period market values. This calculation methodology differs from guidelines of the SEC for calculating performance of mutual funds.

Prospectus103

Lazard U.S. Strategic Equity Composite (Prior Performance of Similar Accounts)

This is not the Portfolio’s Performance

Lazard U.S. Strategic Equity Portfolio’s investment objective, policies and strategies are substantially similar to those used by the Investment Manager in advising certain Other Accounts. The chart below shows the historical investment performance for a composite (the “U.S. Strategic Equity Composite”) of the Other Accounts (consisting of all similarly managed, fully discretionary and fee paying accounts) and for the Portfolio’s benchmark index. The U.S. Strategic Equity Composite should not be interpreted as indicative of the Portfolio’s future performance.


Annual Total Returns for the Year Ended December 31,	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010

U.S. Strategic Equity Composite	-3.1%	-17.2%	29.4%	19.9%	6.3%	18.1%	1.2%	-34.5%	29.2%	___%

S&P 500 Index*	-11.9%	-22.1%	28.7%	10.9%	4.9%	15.8%	5.5%	-37.0%	26.5%	___%


Average Annual Total Returns (for the periods ended December 31, 2010)	Inception Date	One Year	Three Years	Five Years	Ten Years

U.S. Strategic Equity Composite	3/1/98	___%	___%	___%	___%

S&P 500 Index*	N/A	___%	___%	___%	___%

The S&P 500 Index is a market capitalization-weighted index of 500 common stocks, designed to measure performance of the broad domestic economy through changes in the aggregate market value of these stocks, which represent all major industries. The index is unmanaged, has no fees or costs and is not available for investment.

Certain Other Accounts are not subject to certain investment limitations, diversification requirements and other restrictions imposed by the 1940 Act and the Code, which, if applicable, may have adversely affected the performance of the U.S. Strategic Equity Composite. The performance results of the U.S. Strategic Equity Composite reflect actual fees charged to the Other Accounts, except custodian fees of separately managed accounts. However, the Portfolio bears fees and operational expenses not typically borne by managed accounts (including distribution and servicing fees of Open Shares). The U.S. Strategic Equity Composite performance would have been lower than that shown above if the Other Accounts had been subject to the fees and expenses of the Portfolio.

Additionally, although it is anticipated that the Portfolio and the Other Accounts will hold similar securities, their investment results are expected to differ. In particular, differences in asset size and cash flow may result in different securities selections, differences in the relative weightings of securities or differences in the prices paid for particular portfolio holdings. However, such differences do not alter the conclusion that the Portfolio and the Other Accounts have substantially similar investment objectives, policies and strategies.

The returns of the U.S. Strategic Equity Composite are dollar-weighted based upon beginning period market values. This calculation methodology differs from guidelines of the SEC for calculating performance of mutual funds.

104Prospectus

Lazard U.S. Small-Mid Cap Equity Composite (Prior Performance of Similar Accounts)

This is not the Portfolio’s Performance

Lazard U.S. Small-Mid Cap Equity Portfolio’s investment objective, policies and strategies are substantially similar to those used by the Investment Manager in advising certain Other Accounts. The chart below shows the historical investment performance for a composite (the “U.S. Small-Mid Cap Equity Composite”) of the Other Accounts (consisting of all similarly managed, fully discretionary and fee paying accounts) and for the Portfolio’s benchmark index. The U.S. Small-Mid Cap Equity Composite should not be interpreted as indicative of the Portfolio’s future performance.


Annual Total Returns for the Year Ended December 31,	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010

U.S. Small-Mid Cap Equity Composite	15.2%	-19.0%	33.2%	19.8%	9.0%	20.8%	0.2%	-36.2%	55.5%	___%

Russell 2500 Index*	1.3%	-17.8%	45.5%	18.3%	8.1%	16.2%	1.4%	-36.8%	34.4%	___%


Average Annual Total Returns (for the periods ended December 31, 2010)	Inception Date	One Year	Three Years	Five Years	Ten Years

U.S. Small-Mid Cap Equity Composite	5/1/00	___%	___%	___%	___%

Russell 2500 Index*	N/A	___%	___%	___%	___%

The Russell 2500 Index is comprised of the 2,500 smallest U.S. companies included in the Russell 3000 Index (which consists of the 3,000 largest U.S. companies by capitalization). The index is unmanaged, has no fees or costs and is not available for investment.

Certain Other Accounts are not subject to certain investment limitations, diversification requirements and other restrictions imposed by the 1940 Act and the Code which, if applicable, may have adversely affected the performance of the U.S. Small-Mid Cap Equity Composite. The performance results of the U.S. Small-Mid Cap Equity Composite reflect actual fees charged to the Other Accounts, except custodian fees of separately managed accounts. However, the Portfolio bears fees and operational expenses not typically borne by managed accounts (including distribution and servicing fees of Open Shares). The U.S. Small-Mid Cap Equity Composite performance would have been lower than that shown above if the Other Accounts had been subject to the fees and expenses of the Portfolio.

The returns of the U.S. Small-Mid Cap Equity Composite are dollar-weighted based upon beginning period market values. This calculation methodology differs from guidelines of the SEC for calculating performance of mutual funds.

Prospectus105

Lazard International Equity Select Composite (Prior Performance of Similar Accounts)

This is not the Portfolio’s Performance

Lazard International Equity Select Portfolio’s investment objective, policies and strategies are substantially similar to those used by the Investment Manager in advising certain Other Accounts. The chart below shows the historical investment performance for a composite (the “International Equity Select Composite”) of the Other Accounts (consisting of all similarly managed, fully discretionary and fee paying accounts) and for the Portfolio’s benchmark index. The International Equity Select Composite should not be interpreted as indicative of the Portfolio’s future performance.


Annual Total Returns for the Year Ended December 31,	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010

International Equity Select Composite	-19.2%	-11.2%	31.0%	16.5%	9.1%	23.1%	10.2%	-36.4%	22.9%	___%

MSCI EAFE Index*	-21.4%	-15.9%	38.6%	20.2%	13.5%	26.3%	11.2%	-43.4%	31.8%	___%


Average Annual Total Returns (for the periods ended December 31, 2010)	Inception Date	One Year	Three Years	Five Years	Ten Years

International Equity Select Composite	1/1/94	___%	___%	___%	___%

MSCI ACW ex US Index*	N/A	___%	___%	___%	___%

The MSCI ACW ex US Index is a market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, with the exception of the U.S. The index is unmanaged, has no fees or costs and is not available for investment.

Certain Other Accounts are not subject to certain investment limitations, diversification requirements and other restrictions imposed by the 1940 Act and the Code, which, if applicable, may have adversely affected the performance of the International Equity Select Composite. The performance results of the International Equity Select Composite reflect actual fees charged to the Other Accounts, except custodian fees of separately managed accounts. However, the Portfolio bears fees and operational expenses not typically borne by managed accounts (including distribution and servicing fees of Open Shares). The International Equity Select Composite performance would have been lower than that shown above if the Other Accounts had been subject to the fees and expenses of the Portfolio.

Additionally, although it is anticipated that the Portfolio and the Other Accounts will hold similar securities, their investment results are expected to differ. In particular, differences in asset size and cash flow may result in different securities selections, differences in the relative weightings of securities or differences in the prices paid for particular portfolio holdings. However, such differences do not alter the conclusion that the Portfolio and the Other Accounts have substantially similar investment objectives, policies and strategies.

The returns of the International Equity Select Composite are dollar-weighted based upon beginning period market values on a monthly basis. This calculation method differs from guidelines of the SEC for calculating performance of mutual funds.

106Prospectus

Lazard International Strategic Equity Composite (Prior Performance of Similar Accounts)

This is not the Portfolio’s Performance

Lazard International Strategic Equity Portfolio’s investment objective, policies and strategies are substantially similar to those used by the Investment Manager in advising certain Other Accounts. The chart below shows the historical investment performance for a composite (the “International Strategic Equity Composite”) of the Other Accounts (consisting of all similarly managed, fully discretionary and fee paying accounts) and for the Portfolio’s benchmark index. The International Strategic Equity Composite should not be interpreted as indicative of the Portfolio’s future performance.


Annual Total Returns for the Year Ended December 31,	2002	2003	2004	2005	2006	2007	2008	2009	2010

International Strategic Equity Composite	-6.7%	35.7%	25.8%	18.6%	26.1%	12.4%	-40.5%	28.9%	___%

MSCI EAFE Index*	-15.9%	38.6%	20.2%	13.5%	26.3%	11.2%	-43.4%	31.8%	___%


Average Annual Total Returns (for the periods ended December 31, 2010)	Inception Date	One Year	Three Years	Five Years	Since Inception

International Strategic Equity Composite	10/1/01	___%	___%	___%	___%

MSCI EAFE Index*	N/A	___%	___%	___%	___%

The MSCI EAFE Index is a broadly diversified international index comprised of equity securities of approximately 1,000 companies located outside the United States. The index is unmanaged, has no fees or costs and is not available for investment.

Certain Other Accounts are not subject to certain investment limitations, diversification requirements and other restrictions imposed by the 1940 Act and the Code which, if applicable, may have adversely affected the performance of the International Strategic Equity Composite. The performance results of the International Strategic Equity Composite reflect actual fees charged to the Other Accounts, except custodian fees of separately managed accounts. However, the Portfolio bears fees and operational expenses not typically borne by managed accounts (including distribution and servicing fees of Open Shares). The International Strategic Equity Composite performance would have been lower than that shown above if the Other Accounts had been subject to the fees and expenses of the Portfolio.

The returns of the International Strategic Equity Composite are dollar-weighted based upon beginning period market values. This calculation methodology differs from guidelines of the SEC for calculating performance of mutual funds.

Prospectus107

Lazard Global Listed Infrastructure Composite (Prior Performance of Similar Accounts)

This is not the Portfolio’s Performance

Lazard Global Listed Infrastructure Portfolio’s investment objective, policies and strategies are substantially similar to those used by the Investment Manager in advising certain Other Accounts. The chart below shows the historical investment performance for a composite (the “Global Listed Infrastructure Composite”) of the Other Accounts (consisting of all similarly managed, fully discretionary and fee paying accounts) and for the Portfolio’s benchmark indices. The Global Listed Infrastructure Composite should not be interpreted as indicative of the Portfolio’s future performance.


Annual Total Returns for the Year Ended December 31,	2007	2008	2009	2010

Global Listed Infrastructure Composite	4.9%	-31.5%	21.4%	___%

UBS Global 50/50 Infrastructure & Utilities Index*	13.6%	-32.6%	14.9%	___%

MSCI World Index**	4.7%	-38.7%	25.7%	___%


Average Annual Total Returns (for the periods ended December 31, 2010)	Inception Date	One Year	Three Years	Since Inception

Global Listed Infrastructure Composite	9/1/06	___%	___%	___%

UBS Global 50/50 Infrastructure & Utilities Index*	N/A	___%	___%	___%

MSCI World Index**	N/A	___%	___%	___%

The UBS Global 50/50 Infrastructure & Utilities Index tracks a 50% exposure to the global developed-market utilities sector and a 50% exposure to the global developed-market infrastructure sector. The index is unmanaged, has no fees or costs and is not available for investment.

The MSCI World Index is a market capitalization-weighted index of companies representative of the market structure of 23 developed market countries in North America, Europe and the Asia/Pacific region. The index is unmanaged, has no fees or costs and is not available for investment.

Certain Other Accounts are not subject to certain investment limitations, diversification requirements and other restrictions imposed by the 1940 Act and the Code which, if applicable, may have adversely affected the performance of the Global Listed Infrastructure Composite. The performance results of the Global Listed Infrastructure Composite reflect actual fees charged to the Other Accounts, except custodian fees of separately managed accounts. However, the Portfolio bears fees and operational expenses not typically borne by managed accounts (including distribution and servicing fees of Open Shares). The Global Listed Infrastructure Composite performance would have been lower than that shown above if the Other Accounts had been subject to the fees and expenses of the Portfolio.

The returns of the Global Listed Infrastructure Composite are dollar-weighted based upon beginning period market values. This calculation methodology differs from guidelines of the SEC for calculating performance of mutual funds.

108Prospectus

Lazard Capital Allocator Opportunistic Strategies Composite (Prior Performance of Similar Accounts)

This is not the Portfolio’s Performance

Lazard Capital Allocator Opportunistic Strategies Portfolio’s investment objective, policies and strategies are substantially similar to those used by the Investment Manager in advising certain Other Accounts. The chart below shows the historical investment performance for a composite (the “Capital Allocator Opportunistic Strategies Composite”) of the Other Accounts (consisting of all similarly managed, fully discretionary and fee paying accounts) and for the Portfolio’s benchmark indices. The Capital Allocator Opportunistic Strategies Composite should not be interpreted as indicative of the Portfolio’s future performance.


Annual Total Returns for the Year Ended December 31,	2006	2007	2008	2009	2010

Capital Allocator Opportunistic Strategies Composite	18.4%	16.6%	-27.8%	21.2%	___%

MSCI World Index*	20.1%	9.0%	-40.7%	30.0%	___%

Global Asset Allocation Blended Index**	___%	___%	___%	___%	___%


Average Annual Total Returns (for the periods ended December 31, 2010)	Inception Date	One Year	Three Years	Since Inception

Capital Allocator Opportunistic Strategies Composite	9/1/05	___%	___%	___%

MSCI World Index*	N/A	___%	___%	___%

Global Asset Allocation Blended Index**	N/A	___%	___%	___%

The Global Asset Allocation Blended Index is a blended index constructed by the Investment Manager and is comprised of 60% MSCI World (Net) Index and 40% Barclays Capital U.S. Aggregate Bond Index. The index has no fees or costs and is not available for investment.

Certain Other Accounts are not subject to certain investment limitations, diversification requirements and other restrictions imposed by the 1940 Act and the Code which, if applicable, may have adversely affected the performance of the Capital Allocator Opportunistic Strategies Composite. The performance results of the Capital Allocator Opportunistic Strategies Composite reflect actual fees charged to the Other Accounts, except custodian fees of separately managed accounts. However, the Portfolio bears fees and operational expenses not typically borne by managed accounts (including distribution and servicing fees of Open Shares). The Capital Allocator Opportunistic Strategies Composite performance would have been lower than that shown above if the Other Accounts had been subject to the fees and expenses of the Portfolio.

The returns of the Capital Allocator Opportunistic Strategies Composite are dollar-weighted based upon beginning period market values. This calculation methodology differs from guidelines of the SEC for calculating performance of mutual funds.

Prospectus109

[This Page Intentionally Left Blank]

(BACK COVER)

Wherever there’s opportunity, there’s Lazard.^SM

For more information about the Portfolios, the following documents are available, free of charge, upon request:

Annual and Semi-Annual Reports (Reports):

The Fund’s annual and semi-annual reports to shareholders contain additional information on each Portfolio’s investments. In the annual report, you will find a broad discussion of the market conditions and investment strategies that significantly affected each Portfolio’s performance during its last fiscal year.

Statement of Additional Information (SAI):

The SAI provides more detailed information about the Portfolios, including their operations and investment policies. It is incorporated by reference and is legally considered a part of this Prospectus.

Disclosure of Portfolio Holdings:

Each Portfolio will publicly disclose its portfolio holdings on a calendar quarter-end basis on its website accessible from http://www.lazardnet.com/lam/us/lazardfunds.shtml, approximately 14 days after such quarter end. The information will remain accessible until the Fund files a report on Form N-Q or Form N-CSR for the period that includes the date as of which the information was current.

A description of the Fund’s policies and procedures with respect to the disclosure of the Portfolios’ portfolio holdings is available in the Fund’s SAI.

You can get a free copy of the Reports and the SAI at http://www.LazardNet.com, or request the Reports and the SAI and other information and discuss your questions about the Portfolios, by contacting the Fund at:

The Lazard Funds, Inc.
30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: (800) 823-6300
http://www.LazardNet.com

You also can review the Reports and the SAI at the Public Reference Room of the SEC in Washington, D.C. For information, call (202) 551-8090. You can get text-only copies:

•

After paying a duplicating fee, by writing the Public Reference Branch of the SEC, 100 F Street NE, Room 1580, Washington, D.C. 20549-1520, or by e-mail request to publicinfo@sec.gov.

•

Free from the SEC’s website at http://www.sec.gov.

Investment Company Act file no. 811-06312

Investment Manager
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: (800) 823-6300

Distributor
Lazard Asset Management Securities LLC
30 Rockefeller Plaza
New York, New York 10112-6300

Custodian
State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Transfer Agent and Dividend Disbursing Agent
Boston Financial Data Services, Inc.
P.O. Box 8514
Boston, Massachusetts 02266-8514
Telephone: (800) 986-3455

Independent Registered Public Accounting Firm

Legal Counsel
Stroock & Stroock & Lavan LLP
180 Maiden Lane
New York, New York 10038-4982
http://www.stroock.com

No person has been authorized to give any information or to make any representations not contained in this Prospectus, and information or representations not contained herein must not be relied upon as having been authorized by the Fund or the Distributor. This Prospectus does not constitute an offer of any security other than the registered securities to which it relates or an offer to any person in any jurisdiction where such offer would be unlawful.

Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112-6300 • 800-823-6300 • www.LazardNet.com

3/11 LZDPS000

Lazard Funds

The information in this Statement of Additional Information (“SAI”) is not complete and may be changed. We may not sell these securities until the registration statement amendment filed with the Securities and Exchange Commission is effective. This SAI is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted. This SAI is not a prospectus.

Subject to completion, dated February 14, 2011

THE LAZARD FUNDS, INC.

30 Rockefeller Plaza

New York, New York 10112-6300

(800) 823-6300

STATEMENT OF ADDITIONAL INFORMATION

March 31, 2011

The Lazard Funds, Inc. (the “Fund”) is a no-load, open-end management investment company known as a mutual fund. This Statement of Additional Information, which is not a prospectus, supplements and should be read in conjunction with the current Prospectus of the Fund, dated March 31, 2011, as may be revised from time to time, relating to the following seventeen portfolios (individually, a “Portfolio” and collectively, the “Portfolios”):


	Institutional Shares	Open Shares
U.S. Equity
Lazard U.S. Equity Value Portfolio	LEVIX	LEVOX
(“Equity Value Portfolio”)
Lazard U.S. Strategic Equity Portfolio	LZUSX	LZUOX
(“Strategic Equity Portfolio”)
Lazard U.S. Mid Cap Equity Portfolio	LZMIX	LZMOX
(“Mid Cap Portfolio”)
Lazard U.S. Small-Mid Cap Equity Portfolio	LZSCX	LZCOX
(“Small-Mid Cap Portfolio”)

International Equity
Lazard International Equity Portfolio	LZIEX	LZIOX
(“International Equity Portfolio”)
Lazard International Equity Select Portfolio	LZSIX	LZESX
(“International Equity Select Portfolio”)
Lazard International Strategic Equity Portfolio	LISIX	LISOX
(“International Strategic Portfolio”)
Lazard International Small Cap Equity Portfolio	LZISX	LZSMX
(“International Small Cap Portfolio”)

Global Equity
Lazard Global Listed Infrastructure Portfolio	GLIFX	GLFOX
(“Global Listed Infrastructure Portfolio”)

Emerging Markets
Lazard Emerging Markets Equity Portfolio	LZEMX	LZOEX
(“Emerging Markets Portfolio”)
Lazard Developing Markets Equity Portfolio	LDMIX	LDMOX
(“Developing Markets Portfolio”)
Lazard Emerging Markets Equity Blend Portfolio	EMBIX	EMBOX
(“Emerging Markets Blend Portfolio”)
Lazard Emerging Markets Multi-Strategy Portfolio	[______]	[______]
(“Emerging Markets Multi-Strategy Portfolio”)
Lazard Emerging Markets Debt Portfolio	LEDIX	LEDOX
(“Emerging Markets Debt Portfolio”)

U.S. Fixed Income
Lazard U.S. High Yield Portfolio	LZHYX	LZHOX
(“High Yield Portfolio”)



Lazard U.S. Municipal Portfolio	UMNIX	UMNOX
(“Municipal Portfolio”)

Capital Allocator
Lazard Capital Allocator Opportunistic Strategies Portfolio	LCAIX	LCAOX
(“Capital Allocator Portfolio”)

Each Portfolio currently offers two classes of shares—Institutional Shares and Open Shares. Institutional Shares and Open Shares are identical, except as to minimum investment requirements and the services offered to, and expenses borne by, each Class.

To obtain a copy of the Fund’s Prospectus, please write or call the Fund at the address and telephone number above.

The Fund’s most recent Annual Report and Semi-Annual Report to Shareholders are separate documents supplied with this Statement of Additional Information, and the financial statements, accompanying notes and report of independent registered public accounting firm appearing in the Annual Report are incorporated by reference into this Statement of Additional Information.

(ii)

TABLE OF CONTENTS



	Page


Description of the Fund and Portfolios	1

Investment Restrictions	26

Management	29

Determination of Net Asset Value	46

Portfolio Transactions	48

How to Buy and How to Sell Shares	52

Distribution and Servicing Arrangements	53

Dividends and Distributions	55

Taxation	56

Additional Information About the Fund and Portfolios	66

Counsel and Independent Registered Public Accounting Firm	78

Appendix	79

DESCRIPTION OF THE FUND AND PORTFOLIOS

The Fund is a Maryland corporation organized on May 17, 1991. Each Portfolio is a separate series of the Fund, an open-end management investment company, known as a mutual fund. Each Portfolio, other than the Emerging Markets Debt Portfolio, is a diversified investment company, which means that, with respect to 75% of its total assets, the Portfolio will not invest more than 5% of its total assets in the securities of any single issuer nor hold more than 10% of the outstanding voting securities of any single issuer.

Lazard Asset Management LLC serves as the investment manager (the “Investment Manager”) to each of the Portfolios.

Lazard Asset Management Securities LLC (the “Distributor”) is the distributor of each Portfolio’s shares.

Certain Portfolio Securities

The following information supplements and should be read in conjunction with the Fund’s Prospectus.

Common and Preferred Stocks. Stocks represent shares of ownership in a company. Generally, preferred stock has a specified dividend and ranks after bonds and before common stocks in its claim on income for dividend payments and on assets should the company be liquidated. After other claims are satisfied, common stockholders participate in company profits on a pro-rata basis; profits may be paid out in dividends or reinvested in the company to help it grow. Increases and decreases in earnings are usually reflected in a company’s stock price, so common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

Depositary Receipts. Each Portfolio may invest in the securities of foreign issuers in the form of American Depositary Receipts and American Depositary Shares (collectively, “ADRs”) and Global Depositary Receipts and Global Depositary Shares (collectively, “GDRs”). These securities may not necessarily be denominated in the same currency as the securities into which they may be converted. ADRs are receipts typically issued by a United States bank or trust company which evidence ownership of underlying securities issued by a foreign corporation. GDRs are receipts issued outside the United States, typically by non-United States banks and trust companies, that evidence ownership of either foreign or domestic securities. Generally, ADRs in registered form are designed for use in the United States securities markets and GDRs in bearer form are designed for use outside the United States.

These securities may be purchased through “sponsored” or “unsponsored” facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary. A depositary may establish an unsponsored facility without participation by the issuer of the deposited security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities, and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts in respect of the deposited securities.

Foreign Government Obligations; Securities of Supranational Entities. Each Portfolio may invest in obligations issued or guaranteed by one or more foreign governments or any of their political subdivisions, agencies or instrumentalities that are determined by the Investment Manager to be of comparable quality to the other obligations in which the Portfolio may invest. Such securities also include debt obligations of supranational entities. Supranational entities include international

organizations designated or supported by governmental entities to promote economic reconstruction or development and international banking institutions and related government agencies. Examples include the International Bank for Reconstruction and Development (the World Bank), the European Coal and Steel Community, the Asian Development Bank and the InterAmerican Development Bank.

Foreign Securities. Each Portfolio may invest in non-U.S. securities as described in the Portfolio’s Prospectus.

Fixed-Income Securities. The Emerging Markets Multi-Strategy, Emerging Markets Debt, High Yield and Capital Allocator Portfolios may invest in fixed-income securities as described in the Prospectus. In addition, Equity Value and Strategic Equity Portfolios each may invest up to 20% of its assets in U.S. Government securities and investment grade debt obligations of U.S. corporations; Mid Cap, Small-Mid Cap and International Small Cap Portfolios may each invest up to 20% of its assets in investment grade debt securities; and International Equity, International Equity Select, International Strategic and Global Listed Infrastructure Portfolios may each invest up to 20% of its assets in investment grade fixed-income securities and short-term money market instruments.

Convertible Securities. Convertible securities may be converted at either a stated price or stated rate into underlying shares of common stock. Convertible securities have characteristics similar to both fixed-income and equity securities. Convertible securities generally are subordinated to other similar but non-convertible securities of the same issuer, although convertible bonds, as corporate debt obligations, enjoy seniority in right of payment to all equity securities, and convertible preferred stock is senior to common stock, of the same issuer. Because of the subordination feature, however, convertible securities typically have lower ratings than similar non-convertible securities.

Although to a lesser extent than with fixed-income securities, the market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying common stock. A unique feature of convertible securities is that as the market price of the underlying common stock declines, convertible securities tend to trade increasingly on a yield basis and so may not experience market value declines to the same extent as the underlying common stock. When the market price of the underlying common stock increases, the prices of the convertible securities tend to rise as a reflection of the value of the underlying common stock. While no securities investments are without risk, investments in convertible securities generally entail less risk than investments in common stock of the same issuer.

Convertible securities provide for a stable stream of income with generally higher yields than common stocks, but there can be no assurance of current income because the issuers of the convertible securities may default on their obligations. A convertible security, in addition to providing fixed income, offers the potential for capital appreciation through the conversion feature, which enables the holder to benefit from increases in the market price of the underlying common stock. There can be no assurance of capital appreciation, however, because securities prices fluctuate. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality because of the potential for capital appreciation.

Warrants. A warrant is a form of derivative that gives the holder the right to subscribe to a specified amount of the issuing corporation’s capital stock at a set price for a specified period of time. A Portfolio may invest up to 5% of its total assets in warrants, except that this limitation does not apply to warrants purchased by the Portfolio that are sold in units with, or attached to, other securities.

Participation Interests. Each Portfolio may purchase from financial institutions participation interests in securities in which the Portfolio may invest.

Each Portfolio may invest in corporate obligations denominated in U.S. or foreign currencies that are originated, negotiated and structured by a syndicate of lenders (“Co-Lenders”) consisting of commercial banks, thrift institutions, insurance companies, financial companies or other financial institutions one or more of which administers the security on behalf of the syndicate (the “Agent Bank”). Co-Lenders may sell such securities to third parties called “Participants.” Each Portfolio may invest in such securities either by participating as a Co-Lender at origination or by acquiring an interest in the security from a Co-Lender or a Participant (collectively, “participation interests”). Co-Lenders and Participants interposed between the Portfolio and the corporate borrower (the “Borrower”), together with Agent Banks, are referred to herein as “Intermediate Participants.”

Each Portfolio also may purchase a participation interest in a portion of the rights of an Intermediate Participant, which would not establish any direct relationship between the Fund, on behalf of the Portfolio, and the Borrower. A participation interest gives the Portfolio an undivided interest in the security in the proportion that the Portfolio’s participation interest bears to the total principal amount of the security. These instruments may have fixed, floating or variable rates of interest with remaining maturities of 13 months or less. If the participation interest is unrated, or has been given a rating below that which is permissible for purchase by the Portfolio, the participation interest will be collateralized by U.S. Government securities, or, in the case of unrated participation interests, the Investment Manager must have determined that the instrument is of comparable quality to those instruments in which the Portfolio may invest. The Portfolio would be required to rely on the Intermediate Participant that sold the participation interest not only for the enforcement of the Portfolio’s rights against the Borrower, but also for the receipt and processing of payments due to the Portfolio under the security. Because it may be necessary to assert through an Intermediate Participant such rights as may exist against the Borrower, if the Borrower fails to pay principal and interest when due the Portfolio may be subject to delays, expenses and risks that are greater than those that would be involved if the Portfolio were to enforce its rights directly against the Borrower. Moreover, under the terms of a participation interest, the Portfolio may be regarded as a creditor of the Intermediate Participant (rather than of the Borrower), so that the Portfolio also may be subject to the risk that the Intermediate Participant may become insolvent. Similar risks may arise with respect to the Agent Bank if, for example, assets held by the Agent Bank for the benefit of the Portfolio were determined by the appropriate regulatory authority or court to be subject to the claims of the Agent Bank’s creditors. In such case, the Portfolio might incur certain costs and delays in realizing payment in connection with the participation interest or suffer a loss of principal and/or interest. Further, in the event of the bankruptcy or insolvency of the Borrower, the obligation of the Borrower to repay the loan may be subject to certain defenses that can be asserted by such Borrower as a result of improper conduct by the Agent Bank or Intermediate Participant.

Variable and Floating Rate Securities. Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The terms of such obligations must provide that interest rates are adjusted periodically based upon an interest rate adjustment index as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event based, such as a change in the prime rate.

Each Portfolio may purchase floating rate debt instruments (“floaters”). The interest rate on a floater is a variable rate which is tied to another interest rate, such as a money-market index or Treasury bill rate. The interest rate on a floater resets periodically, typically every six months. Because of the interest rate reset feature, floaters provide the Portfolio with a certain degree of protection against rises in interest rates, although the Portfolio will participate in any declines in interest rates as well.

Each Portfolio also may purchase inverse floating rate debt instruments (“inverse floaters”). The interest rate on an inverse floater resets in the opposite direction from the market rate of interest to which the inverse floater is indexed or inversely to a multiple of the applicable index. An inverse floating rate security may exhibit greater price volatility than a fixed rate obligation of similar credit quality.

Municipal Securities. (High Yield and Municipal Portfolios only) Under normal circumstances, Municipal Portfolio invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in U.S. municipal securities, the interest on which is, in the opinion of the issuer’s counsel at the time of issuance, exempt from regular federal income tax (“Municipal Securities”). High Yield Portfolio also may invest in Municipal Securities. Municipal Securities are debt obligations issued by states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, or multi-state agencies or authorities, to obtain funds for various public purposes, and include certain industrial development bonds issued by or on behalf of public authorities. Municipal Securities are classified as general obligation bonds, revenue bonds and notes. General obligation bonds are secured by the issuer’s pledge of its full faith, credit and taxing power for the payment of principal and interest. Revenue bonds are payable from the revenue derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source, but not from the general taxing power. Industrial development bonds, in most cases, are revenue bonds and generally do not carry the pledge of the credit of the issuing municipality, but generally are guaranteed by the corporate entity on whose behalf they are issued. Notes are short-term instruments which are obligations of the issuing municipalities or agencies and are sold in anticipation of a bond sale, collection of taxes or receipt of other revenues. Municipal Securities include municipal lease/purchase agreements which are similar to installment purchase contracts for property or equipment issued by municipalities. Municipal Securities bear fixed, floating or variable rates of interest which are determined in some instances by formulas under which the Municipal Securities’ interest rate will change directly or inversely to changes in interest rates or an index, or multiples thereof, in many cases subject to a maximum and minimum.

For the purpose of diversification under the Investment Company Act of 1940, as amended (the “1940 Act”), the identification of the issuer of Municipal Securities depends on the terms and conditions of the security. When the assets and revenues of an agency, authority, instrumentality or other political subdivision are separate from those of the government creating the subdivision and the security is backed only by the assets and revenues of the subdivision, such subdivision would be deemed to be the sole issuer. Similarly, in the case of an industrial development bond, if that bond is backed only by the assets and revenues of the non-governmental user, then such non-governmental user would be deemed to be the sole issuer. If, however, in either case, the creating government or some other entity guarantees a security, such a guaranty would be considered a separate security and will be treated as an issue of such government or other entity.

The yields on Municipal Securities are dependent on a variety of factors, including general economic and monetary conditions, conditions in the Municipal Securities market, size of a particular offering, maturity of the obligation and rating of the issue and certain other factors.

Municipal Securities include certain private activity bonds (a type of revenue bond), the income from which is subject to the federal alternative minimum tax. Municipal Portfolio may invest without limitation in such Municipal Securities.

While, in general, Municipal Securities are tax exempt securities having relatively low yields as compared to taxable, non-Municipal Securities of similar quality, certain Municipal Securities are taxable obligations offering yields comparable to, and in some cases greater than, the yields available on other permissible Portfolio investments. Dividends received by High Yield Portfolio shareholders which are

attributable to interest income received by the Portfolio from Municipal Securities generally will be subject to federal income tax. High Yield Portfolio may invest in Municipal Securities, the ratings of which correspond with the ratings of other permissible investments for High Yield Portfolio. The High Yield Portfolio currently intends to invest no more than 25% of its assets in Municipal Securities. However, this percentage may be varied from time to time without shareholder approval.

Floating and Variable Rate Demand Obligations. (Municipal Portfolio only) The Portfolio may purchase floating and variable rate demand notes and bonds, which are tax exempt obligations ordinarily having stated maturities in excess of one year, but which permit the holder to demand payment of principal at any time or at specified intervals. Accordingly, where these obligations are not secured by letters of credit or other credit support arrangements, the Portfolio’s right to redeem is dependent on the ability of the borrower to pay principal and interest on demand.

Municipal Lease Obligations. (Municipal Portfolio only) Municipal lease obligations or installment purchase contract obligations (collectively, “lease obligations”) may take the form of a lease, installment purchase or a conditional sale contract and are issued by state and local governments and authorities to acquire land or a wide variety of equipment and facilities. Lease obligations have special risks not ordinarily associated with Municipal Securities. Although lease obligations do not constitute general obligations of the municipality for which the municipality’s taxing power is pledged, a lease obligation ordinarily is backed by the municipality’s covenant to budget for, appropriate and make the payments due under the lease obligation. However, certain lease obligations in which the Portfolio may invest may contain “non-appropriation” clauses, which provide that the municipality has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are secured by the leased property, disposition of the property in the event of foreclosure might prove difficult. Certain lease obligations may be illiquid. Determination as to the liquidity of such securities is made in accordance with guidelines established by the Fund’s Board of Directors (the “Board”).

Zero Coupon, Pay-In-Kind and Step Up Securities. (Emerging Markets Multi-Strategy, Emerging Markets Debt, High Yield and Municipal Portfolios only) Each of the Portfolios may invest in zero coupon securities, which are securities issued or sold at a discount from their face value that do not entitle the holder to any periodic payment of interest prior to maturity or a specified redemption date or cash payment date; pay-in-kind bonds, which are bonds that generally pay interest through the issuance of additional bonds; and step-up coupon bonds, which are debt securities that typically do not pay interest for a specified period of time and then pay interest at a series of different rates. The market prices of these securities generally are more volatile and are likely to respond to a greater degree to changes in interest rates than the market prices of securities that pay interest periodically having similar maturities and credit qualities. In addition, unlike bonds that pay interest throughout the period to maturity, a Portfolio will realize no cash until the cash payment date unless a portion of such securities are sold and, if the issuer defaults, the Portfolio may obtain no return at all on its investment. Federal income tax law requires the holder of a zero coupon security or of certain pay-in-kind or step up bonds to accrue income with respect to these securities prior to the receipt of cash payments. To maintain its qualification as a regulated investment company and avoid liability for federal income taxes, a Portfolio may be required to distribute such income accrued with respect to these securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to satisfy these distribution requirements.

Taxable Investments. (Municipal Portfolio only) From time to time, on a temporary basis other than for temporary defensive purposes (but not to exceed 20% of the value of Municipal Portfolio’s net assets) or for temporary defensive purposes, Municipal Portfolio may invest in taxable short-term investments consisting of: notes and commercial paper of corporate issuers; obligations of the U.S.

Government, its agencies or instrumentalities; certificates of deposit of U.S. domestic banks, including foreign branches of domestic banks; time deposits; bankers’ acceptances and other short-term bank obligations; and repurchase agreements in respect of any of the foregoing. Dividends paid by the Portfolio that are attributable to income earned by the Portfolio from taxable investments will be taxable to investors. See “Dividends and Distributions.”

Mortgage-Related Securities. (High Yield Portfolio and, to a limited extent, Equity Value, Strategic Equity, Mid Cap, Small-Mid Cap, Emerging Markets Multi-Strategy, Emerging Markets Debt and Capital Allocator Portfolios only) Mortgage-related securities are a form of derivative collateralized by pools of commercial or residential mortgages. Pools of mortgage loans are assembled as securities for sale to investors by various governmental, government-related and private organizations. These securities may include complex instruments such as those described below and including pass-through securities, adjustable rate mortgages, real estate investment trusts or other kinds of mortgage-backed securities, including those with fixed, floating and variable interest rates, those with interest rates based on multiples of changes in a specified index of interest rates and those with interest rates that change inversely to changes in interest rates, as well as those that do not bear interest.

Residential Mortgage-Related Securities. Each of these Portfolios may invest in mortgage-related securities representing participation interests in pools of one- to four-family residential mortgage loans issued by governmental agencies or instrumentalities, such as the Government National Mortgage Association (“GNMA”), the Federal National Mortgage Association (“FNMA”) and the Federal Home Loan Mortgage Corporation (“FHLMC”), or issued by private entities. Similar to commercial mortgage-related securities, residential mortgage-related securities have been issued using a variety of structures, including multi-class structures featuring senior and subordinated classes.

Mortgage-related securities issued by GNMA include GNMA Mortgage Pass-Through Certificates (also known as “Ginnie Maes”) which are guaranteed as to the timely payment of principal and interest by GNMA and such guarantee is backed by the full faith and credit of the United States. GNMA certificates also are supported by the authority of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mortgage-related securities issued by FNMA include FNMA Guaranteed Mortgage Pass-Through Certificates (also known as “Fannie Maes”) which are solely the obligations of FNMA and are not backed by or entitled to the full faith and credit of the United States. Fannie Maes are guaranteed as to timely payment of principal and interest by FNMA. Mortgage-related securities issued by FHLMC include FHLMC Mortgage Participation Certificates (also known as “Freddie Macs” or “PCs”). Freddie Macs are not guaranteed by the United States or by any Federal Home Loan Bank and do not constitute a debt or obligation of the United States or of any Federal Home Loan Bank. Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by FHLMC. FHLMC guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans. When FHLMC does not guarantee timely payment of principal, FHLMC may remit the amount due on account of its guarantee of ultimate payment of principal at any time after default on an underlying mortgage, but in no event later than one year after it becomes payable.

Commercial Mortgage-Related Securities. Each of these Portfolios may invest in commercial mortgage-related securities which generally are multi-class debt or pass-through certificates secured by mortgage loans on commercial properties. Similar to residential mortgage-related securities, commercial mortgage-related securities have been issued using a variety of structures, including multi-class structures featuring senior and subordinated classes. These mortgage-related securities generally are constructed to provide protection to the senior classes of investors against potential losses on the underlying mortgage loans. This protection is generally provided by having the holders of the subordinated class of securities (“Subordinated Securities”) take the first loss if there are defaults on the underlying commercial mortgage loans. Other protection, which may benefit all of the classes or particular classes, may include issuer

guarantees, reserve funds, additional Subordinated Securities, cross-collateralization and over-collateralization.

Subordinated Securities. Each of these Portfolios may invest in Subordinated Securities issued or sponsored by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other non-governmental issuers. Subordinated Securities have no governmental guarantee, and are subordinated in some manner as to the payment of principal and/or interest to the holders of more senior mortgage-related securities arising out of the same pool of mortgages. The holders of Subordinated Securities typically are compensated with a higher stated yield than are the holders of more senior mortgage-related securities. On the other hand, Subordinated Securities typically subject the holder to greater risk than senior mortgage-related securities and tend to be rated in a lower rating category, and frequently a substantially lower rating category, than the senior mortgage-related securities issued in respect of the same pool of mortgages. Subordinated Securities generally are likely to be more sensitive to changes in prepayment and interest rates and the market for such securities may be less liquid than is the case for traditional fixed-income securities and senior mortgage-related securities.

Collateralized Mortgage Obligations (“CMOs”) and Multi-Class Pass-Through Securities. Each of these Portfolios may invest in CMOs, which are multi-class bonds backed by pools of mortgage pass-through certificates or mortgage loans. CMOs may be collateralized by (a) GNMA, Fannie Mae or FHLMC pass-through certificates, (b) unsecuritized mortgage loans insured by the Federal Housing Administration or guaranteed by the Department of Veterans’ Affairs, (c) unsecuritized conventional mortgages, (d) other mortgage-related securities or (e) any combination thereof.

Each class of CMOs, often referred to as a “tranche,” is issued at a specific coupon rate and has a stated maturity or final distribution date. Principal prepayments on collateral underlying a CMO may cause it to be retired substantially earlier than the stated maturities or final distribution dates. The principal and interest on the underlying mortgages may be allocated among the several classes of a series of a CMO in many ways. One or more tranches of a CMO may have coupon rates which reset periodically at a specified increment over an index, such as the London Interbank Offered Rate (“LIBOR”) (or sometimes more than one index). These floating rate CMOs typically are issued with lifetime caps on the coupon rate thereon. Each of these Portfolios also may invest in inverse floating rate CMOs. Inverse floating rate CMOs constitute a tranche of a CMO with a coupon rate that moves in the reverse direction to an applicable index such as the LIBOR. Accordingly, the coupon rate thereon will increase as interest rates decrease. Inverse floating rate CMOs are typically more volatile than fixed or floating rate tranches of CMOs. High Yield Portfolio may invest, to a limited extent, in residual interests in real estate mortgage investment conduits (“REMICs”). See “Taxation.”

Many inverse floating rate CMOs have coupons that move inversely to a multiple of the applicable indexes. The coupon varying inversely to a multiple of an applicable index creates a leverage factor. Inverse floaters based on multiples of a stated index are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and loss of principal. The markets for inverse floating rate CMOs with highly leveraged characteristics may at times be very thin. Each Portfolio’s ability to dispose of its positions in such securities will depend on the degree of liquidity in the markets for such securities. It is impossible to predict the amount of trading interest that may exist in such securities, and therefore the future degree of liquidity.

Stripped Mortgage-Backed Securities. Each of these Portfolios also may invest in stripped mortgage-backed securities which are created by segregating the cash flows from underlying mortgage loans or mortgage securities to create two or more new securities, each with a specified percentage of the underlying security’s principal or interest payments. Mortgage securities may be partially stripped so that each investor class received some interest and some principal. When securities are completely stripped,

however, all of the interest is distributed to holders of one type of security, known as an interest-only security, or IO, and all of the principal is distributed to holders of another type of security known as a principal-only security, or PO. Strips can be created in a pass-through structure or as tranches of a CMO. The yields to maturity on IOs and POs are very sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Portfolio may not fully recoup its initial investment in IOs. Conversely, if the underlying mortgage assets experience less than anticipated prepayments of principal, the yield on POs could be materially and adversely affected.

Private Entity Securities. Each of these Portfolios may invest in mortgage-related securities issued by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other non-governmental issuers. Timely payment of principal and interest on mortgage-related securities backed by pools created by non-governmental issuers often is supported partially by various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance. The insurance and guarantees are issued by government entities, private insurers and the mortgage poolers. There can be no assurance that the private insurers or mortgage poolers can meet their obligations under the policies, so that if the issuers default on their obligations the holders of the security could sustain a loss. No insurance or guarantee covers the Portfolio or the price of the Portfolio’s shares. Mortgage-related securities issued by non-governmental issuers generally offer a higher rate of interest than government-agency and government-related securities because there are no direct or indirect government guarantees of payment.

CMO Residuals. CMO Residuals are derivative mortgage securities issued by agencies or instrumentalities of the U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose subsidiaries of the foregoing.

The cash flow generated by the mortgage assets underlying series of CMOs is applied first to make required payments of principal of and interest on the CMOs and second to pay the related administrative expenses of the issuer. The residual in a CMO structure generally represents the interest in any excess cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the related CMO Residual represents dividend or interest income and/or a return of capital. The amount of residual cash flow resulting from a CMO will depend on, among other things, the characteristics of the mortgage assets, the coupon rate of each class of CMOs, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the mortgage assets. In particular, the yield to maturity on CMO Residuals is extremely sensitive to prepayments on the related underlying mortgage assets in the same manner as an IO class of stripped mortgage-back securities. See “Stripped Mortgage-Backed Securities” above. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to maturity on the related CMO residual will also be extremely sensitive to the level of the index upon which interest rate adjustments are based. As described above with respect to stripped mortgage-back securities, in certain circumstances, the Portfolio may fail to fully recoup its initial investment in a CMO Residual.

CMO Residuals generally are purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers. CMO Residuals may not have the liquidity of other more established securities trading in other markets. Transactions in CMO Residuals are generally completed only after careful review of the characteristics of the securities in question. In addition, whether or not registered under the Securities Act of 1933, as amended (the “Securities Act”), CMO Residuals may be subject to certain restrictions of transferability. Ownership of certain CMO Residuals imposes liability for certain of the expenses of the related CMO issuer on the purchaser. The Investment Manager will not purchase any CMO Residual that imposes such liability on the Portfolio.

Other Mortgage-Related Securities. Other mortgage-related securities in which a Portfolio may invest include securities other than those described above that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Other mortgage-related securities may be equity or debt securities issued by agencies or instrumentalities of the U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks, partnerships, trusts and special purpose entities of the foregoing.

Real Estate Investment Trusts. Each Portfolio may invest in Real Estate Investment Trusts (“REITs”). A REIT is a corporation, or a business trust that would otherwise be taxed as a corporation, which meets the definitional requirements of the Internal Revenue Code of 1986, as amended (the “Code”). The Code permits a qualifying REIT to deduct dividends paid, thereby effectively eliminating corporate level federal income tax and making the REIT a pass-through vehicle for federal income tax purposes. To meet the definitional requirements of the Code, a REIT must, among other things, invest substantially all of its assets in interests in real estate (including mortgages and other REITs) or cash and government securities, derive most of its income from rents from real property or interest on loans secured by mortgages on real property, and distribute to shareholders annually a substantial portion of its otherwise taxable income.

REITs are characterized as equity REITs, mortgage REITs and hybrid REITs. Equity REITs, which may include operating or finance companies, own real estate directly and the value of, and income earned by, the REITs depends upon the income of the underlying properties and the rental income they earn. Equity REITs also can realize capital gains (or losses) by selling properties that have appreciated (or depreciated) in value. Mortgage REITs can make construction, development or long-term mortgage loans and are sensitive to the credit quality of the borrower. Mortgage REITs derive their income from interest payments on such loans. Hybrid REITs combine the characteristics of both equity and mortgage REITs, generally by holding both ownership interests and mortgage interests in real estate. The values of securities issued by REITs are affected by tax and regulatory requirements and by perceptions of management skill. They also are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation and the possibility of failing to qualify for tax-free status under the Code or to maintain exemption from the 1940 Act.

Asset-Backed Securities. (Emerging Markets Multi-Strategy, Emerging Markets Debt, High Yield and Municipal Portfolios only) The securitization techniques used for asset-backed securities are similar to those used for mortgage-related securities. These securities include debt securities and securities with debt-like characteristics. The collateral for these securities has included credit card and automobile receivables, home equity loans, boat loans, computer leases, airplane leases, mobile home loans, recreational vehicle loans and hospital account receivables. Each of these Portfolios may invest in these and other types of asset-backed securities that may be developed in the future.

Asset-backed securities present certain risks that are not presented by mortgage-backed securities. Primarily, these securities may provide a Portfolio with a less effective security interest in the related collateral than do mortgage-backed securities. Therefore, there is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities.

Credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. Most organizations that issue asset-backed securities relating to motor vehicle installment purchase obligations perfect their interests in their respective obligations only by filing a financing statement and by having the servicer of the obligations, which is usually the originator, take custody thereof. In such circumstances, if the

servicer were to sell the same obligations to another party, in violation of its duty not to so do, there is a risk that such party could acquire an interest in the obligations superior to that of the holders of the securities. Also, although most such obligations grant a security interest in the motor vehicle being financed, in most states the security interest in a motor vehicle must be noted on the certificate of title to perfect such security interest against competing claims of other parties. Due to the large number of vehicles involved, however, the certificate of title to each vehicle financed, pursuant to the obligations underlying the securities, usually is not amended to reflect the assignment of the seller’s security interest for the benefit of the holders of the securities. Therefore, there is the possibility that recoveries on repossessed collateral may not, in some cases, be available to support payments on those securities. In addition, various state and federal laws give the motor vehicle owner the right to assert against the holder of the owner’s obligation certain defenses such owner would have against the seller of the motor vehicle. The assertion of such defenses could reduce payments on the related securities.

Investment Companies. Each Portfolio, except Small-Mid Cap and International Equity Portfolios, may invest, to the extent permitted under the 1940 Act, in securities issued by investment companies which principally invest in securities of the type in which the Portfolio invests. Under the 1940 Act, a Portfolio’s investment in such securities, subject to certain exceptions, currently is limited to (i) 3% of the total voting stock of any one investment company, (ii) 5% of the Portfolio’s total assets with respect to any one investment company and (iii) 10% of the Portfolio’s total assets in the aggregate. Small-Mid Cap and International Equity Portfolios may not purchase securities of other investment companies except in connection with a merger, consolidation, acquisition or reorganization, and may purchase securities of any one closed-end fund in an amount up to 5% of the Portfolio’s total assets and may purchase securities of closed-end funds in the aggregate in an amount of up to 10% of the Portfolio’s total assets. Investments in the securities of investment companies may involve duplication of advisory fees and certain other expenses. The Portfolios do not intend to invest in investment companies affiliated with the Fund or the Investment Manager.

For purposes of considering a Portfolio’s status as a “diversified company” under Section 5(b)(1) of the 1940 Act, investments in other investment companies are excluded from the diversification test, in accordance with the language in Section 5(b)(1). As a result, the Capital Allocator Portfolio (which invests primarily in Underlying Funds (as defined in the Prospectus)) may hold fewer securities than other diversified mutual funds not focusing on investments in other investment companies, although the Portfolio will gain additional diversification through the Underlying Funds’ portfolios of investments. However, the Capital Allocator Portfolio does not intend to limit its investments to Underlying Funds that are “diversified companies” or to otherwise monitor the diversification of the Underlying Funds’ investments. It is currently intended that the Capital Allocator Portfolio will investment in approximately 10 to 30 Underlying Funds.

With respect to the Capital Allocator Portfolio’s investments in ETFs (defined below), the Fund may enter into an agreement with certain ETFs pursuant to Securities and Exchange Commission (“SEC”) exemptive orders obtained by the ETFs and on which the Capital Allocator Portfolio may rely. These agreements and orders also may require the Investment Manager to vote the Portfolio’s Underlying Fund shares in proportion to votes cast by other ETF stockholders. The Capital Allocator Portfolio also may invest in an Underlying Fund in excess of the limits in (i)-(iii) above if it complies with Section 12(d)(1)(F) of the 1940 Act, which limits the amount the Portfolio, the other Portfolios and other affiliated persons of the Portfolio can invest in any one Underlying Fund to 3% of the Underlying Fund’s total outstanding stock. In this case, to comply with provisions of the 1940 Act, on any matter upon which Underlying Fund stockholders are solicited to vote the Investment Manager will vote Underlying Fund shares in the same general proportion as shares held by other stockholders of the Underlying Fund.

Exchange-Traded Funds. Investments in investment companies may include shares of exchange-traded funds (collectively, “ETFs”), which are designed to provide investment results generally corresponding to a securities index. ETFs usually are units of beneficial interest in an investment trust or represent undivided ownership interests in a portfolio of securities, in each case with respect to a portfolio of all or substantially all of the component securities of, and in substantially the same weighting as, the relevant benchmark index. ETFs are listed on an exchange and trade in the secondary market on a per-share basis.

The values of ETFs are subject to change as the values of their respective component securities fluctuate according to market volatility. Investments in ETFs that are designed to correspond to an equity index, for example, involve certain inherent risks generally associated with investments in a broadly based portfolio of common stocks, including the risk that the general level of stock prices may decline, thereby adversely affecting the value of ETFs invested in by each Portfolio. Moreover, a Portfolio’s investments in ETFs may not exactly match the performance of a direct investment in the respective indices to which they are intended to correspond due to the temporary unavailability of certain index securities in the secondary market or other extraordinary circumstances, such as discrepancies with respect to the weighting of securities.

Most ETFs are open-end investment companies, and, as a result, investments in such ETFs may not be purchased by the Small-Mid Cap or International Equity Portfolios except in connection with a merger, consolidation, acquisition or reorganization.

Exchange-Traded Notes. Exchange-traded notes (“ETNs”) are debt securities that combine certain aspects of ETFs and bonds. ETNs are not investment companies and thus are not regulated under the 1940 Act. ETNs, like ETFs, are listed on exchanges and generally track specified market indexes, and their value depends on the performance of the underlying index and the credit rating of the issuer. ETNs may be held to maturity, but unlike bonds there are no periodic interest payments and principal is not protected.

Master Limited Partnerships. (Global Listed Infrastructure and Capital Allocator Portfolios only) Each of these Portfolios may invest in equity securities of master limited partnerships (“MLPs”). An MLP generally has two classes of partners, the general partner and the limited partners. The general partner normally controls the MLP through an equity interest plus units that are subordinated to the common (publicly traded) units for an initial period and then only converting to common if certain financial tests are met. As a motivation for the general partner to successfully manage the MLP and increase cash flows, the terms of most MLPs typically provide that the general partner receives a larger portion of the net income as distributions reach higher target levels. As cash flow grows, the general partner receives a greater interest in the incremental income compared to the interest of limited partners. The general partner’s incentive compensation typically increases up to 50% of incremental income. Nevertheless, the aggregate amount distributed to limited partners will increase as MLP distributions reach higher target levels. Given this incentive structure, the general partner has an incentive to streamline operations and undertake acquisitions and growth projects in order to increase distributions to all partners.

MLP common units represent an equity ownership interest in a partnership, providing limited voting rights and entitling the holder to a share of the company’s success through distributions and/or capital appreciation. Unlike stockholders of a corporation, common unit holders do not elect directors annually and generally have the right to vote only on certain significant events, such as mergers, a sale of substantially all of the assets, removal of the general partner or material amendments to the partnership agreement. MLPs are required by their partnership agreements to distribute a large percentage of their current operating earnings. Common unit holders generally have first right to a minimum quarterly distribution prior to distributions to the convertible subordinated unit holders or the general partner

(including incentive distributions). Common unit holders typically have arrearage rights if the minimum quarterly distribution is not met. In the event of liquidation, MLP common unit holders have first right to the partnership’s remaining assets after bondholders, other debt holders, and preferred unit holders have been paid in full. MLP common units trade on a national securities exchange or over-the-counter. Some limited liability companies (“LLCs”) may be treated as MLPs for federal income tax purposes. Similar to MLPs, LLCs typically do not pay federal income tax at the entity level and are required by their operating agreements to distribute a large percentage of their current operating earnings. In contrast to MLPs, LLCs have no general partner and there are no incentives that entitle management or other unit holders to increased percentages of cash distributions as distributions reach higher target levels. In addition, LLC common unit holders typically have voting rights with respect to the LLC, whereas MLP common units have limited voting rights. MLP common units and other equity securities can be affected by macro economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards MLPs or its business sector, changes in a particular issuer’s financial condition, or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs and other equity securities can also be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios.

MLP convertible subordinated units are typically issued by MLPs to founders, corporate general partners of MLPs, entities that sell assets to the MLP, and institutional investors, and may be purchased in direct placements from such persons. The purpose of the convertible subordinated units is to increase the likelihood that during the subordination period there will be available cash to be distributed to common unit holders. Convertible subordinated units generally are not entitled to distributions until holders of common units have received specified minimum quarterly distributions, plus any arrearages, and may receive less in distributions upon liquidation. Convertible subordinated unit holders generally are entitled to a minimum quarterly distribution prior to the payment of incentive distributions to the general partner, but are not entitled to arrearage rights. Therefore, they generally entail greater risk than MLP common units. They are generally convertible automatically into the senior common units of the same issuer at a one-to-one ratio upon the passage of time or the satisfaction of certain financial tests. These units do not trade on a national exchange or over-the-counter, and there is no active market for convertible subordinated units. The value of a convertible security is a function of its worth if converted into the underlying common units. Convertible subordinated units generally have similar voting rights to MLP common units. Because convertible subordinated units generally convert to common units on a one-to-one ratio, the price that the Portfolio could be expected to pay upon purchase or to realize upon resale is generally tied to the common unit price less a discount. The size of the discount varies depending on a variety of factors including the likelihood of conversion, and the length of time remaining to conversion, and the size of the block purchased.

MLP I-Shares represent an indirect investment in MLP I-units. I-units are equity securities issued to affiliates of MLPs, typically a limited liability company, that own an interest in and manage the MLP. The issuer has management rights but is not entitled to incentive distributions. The I-Share issuer’s assets consist exclusively of MLP I-units. Distributions by MLPs to I-unit holders are made in the form of additional I-units, generally equal in amount to the cash received by common unit holders of MLPs. Distributions to I-Share holders are made in the form of additional I-Shares, generally equal in amount to the I-units received by the I-Share issuer. The issuer of the I-Share is taxed as a corporation for federal income tax purposes; however, the MLP does not allocate income or loss to the I-Share issuer. Accordingly, investors receive a Form 1099, are not allocated their proportionate share of income of the MLPs and are not subject to state income tax filing obligations. The price of I-Shares and their volatility tend to be correlated to the price of common units, although the price correlation is not precise.

Illiquid Securities. Each Portfolio may invest up to 15% (10% in the case of Small-Mid Cap, International Equity, International Small Cap and Emerging Markets Portfolios) of the value of its net assets in securities as to which a liquid trading market does not exist, provided such investments are consistent with the Portfolio’s investment objective. These securities may include securities that are not readily marketable, such as securities that are subject to legal or contractual restrictions on resale (such as private placements and certain restricted securities), repurchase agreements providing for settlement in more than seven days after notice, certain mortgage-related securities, and certain privately negotiated, non-exchange traded options and securities used to cover such options. Illiquid securities may be difficult to value accurately, and a Portfolio is subject to the risk that should the Portfolio desire to sell them when a ready buyer is not available at a price that is deemed to be representative of their value, the value of the Portfolio’s net assets could be adversely affected.

Money Market Instruments; Temporary Defensive Positions. When the Investment Manager determines that adverse market conditions exist, a Portfolio may adopt a temporary defensive position and invest some or all of its assets in money market instruments, including U.S. Government securities, repurchase agreements, bank obligations and commercial paper and other short-term obligations (“Money Market Instruments”). Each Portfolio also may purchase Money Market Instruments when it has cash reserves or in anticipation of taking a market position.

Investment Techniques

The following information supplements and should be read in conjunction with the Fund’s Prospectus.

Borrowing Money. Each Portfolio may borrow to the extent permitted under the 1940 Act, which permits an investment company to borrow in an amount up to 33⅓% of the value of its total assets (including the amount borrowed) valued at the lesser of cost or market, less liabilities (including the amount borrowed) at the time the borrowing is made. While such borrowings exceed 5% of a Portfolio’s total assets, the Portfolio will not make any additional investments. Money borrowed will be subject to interest costs. In addition, each Portfolio other than Small-Mid Cap and International Equity Portfolios may borrow for investment purposes to the extent permitted under the 1940 Act. See “Leverage” below.

Leverage. (All Portfolios, except Small-Mid Cap and International Equity Portfolios) Leveraging (buying securities using borrowed money) exaggerates the effect on net asset value of any increase or decrease in the market value of the Portfolio’s investment. Money borrowed for leveraging is limited to 33⅓% of the value of the Portfolio’s total assets. Interest costs may or may not be recovered by appreciation of the securities purchased; in certain cases, interest costs may exceed the return received on the securities purchased. For borrowings for investment purposes, the 1940 Act requires the Portfolio to maintain continuous asset coverage (total assets including borrowings, less liabilities exclusive of borrowings) of 300% of the amount borrowed. If the required coverage should decline as a result of market fluctuations or other reasons, the Portfolio may be required to sell some of its portfolio holdings within three days to reduce the amount of its borrowings and restore the 300% asset coverage, even though it may be disadvantageous from an investment standpoint to sell securities at that time. The Portfolio also may be required to maintain minimum average balances in connection with such borrowing or pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate.

Each Portfolio may enter into reverse repurchase agreements with banks, brokers or dealers. This form of borrowing involves the transfer by the Portfolio of an underlying debt instrument in return for cash proceeds based on a percentage of the value of the security. Each Portfolio retains the right to receive interest and principal payments on the security. As a result of these transactions, the Portfolio is

exposed to greater potential fluctuation in the value of its assets and its net asset value per share. At an agreed upon future date, the Portfolio repurchases the security at principal plus accrued interest. To the extent a Portfolio enters into a reverse repurchase agreement, the Portfolio will maintain in a segregated custodial account permissible liquid assets at least equal to the aggregate amount of its reverse repurchase obligations, plus accrued interest, in certain cases, in accordance with releases promulgated by the SEC. The SEC views reverse repurchase transactions as collateralized borrowing by a Portfolio. Except for these transactions, each Portfolio’s borrowings generally will be unsecured.

Lending Portfolio Securities. Each Portfolio may lend securities from its portfolio to brokers, dealers and other financial institutions needing to borrow securities to complete certain transactions. In connection with such loans, the Portfolio remains the owner of the loaned securities and continues to be entitled to payments in amounts equal to the interest, dividends or other distributions payable on the loaned securities. The Portfolio also has the right to terminate a loan at any time. The Portfolio may call the loan to vote proxies if a material issue affecting the Portfolio’s investment is to be voted upon. Loans of portfolio securities may not exceed 33⅓% of the value of the Portfolio’s total assets. The Portfolio will receive collateral consisting of cash, U.S. Government securities or irrevocable letters of credit which will be maintained at all times in an amount equal to at least 100% of the current market value of the loaned securities. If the collateral consists of a letter of credit or securities, the borrower will pay the Portfolio a loan premium fee. If the collateral consists of cash, the Portfolio will reinvest the cash and pay the borrower a pre-negotiated fee or “rebate” from any return earned on the investment. Should the borrower of the securities fail financially, the Portfolio may experience delays in recovering the loaned securities or exercising its rights in the collateral. Loans are made only to borrowers that are deemed by the Investment Manager to be of good financial standing. In a loan transaction, the Portfolio will also bear the risk of any decline in value of securities acquired with cash collateral.

Derivatives. (All Portfolios, except Small-Mid Cap Portfolio) Each Portfolio may invest in, or enter into, derivatives, such as options, futures contracts, options on futures contracts and swap agreements, for a variety of reasons, including to hedge certain market risks, to provide a substitute for purchasing or selling particular securities or to increase potential income gain. Derivatives may provide a less expensive, quicker or more specifically focused way for the Portfolio to invest than “traditional” securities would.

Derivatives can be volatile and involve various types and degrees of risk, depending upon the characteristics of the particular derivative and the portfolio as a whole. Derivatives permit a Portfolio to increase or decrease the level of risk, or change the character of the risk, to which its portfolio is exposed in much the same way as the Portfolio can increase or decrease the level of risk, or change the character of the risk, of its portfolio by making investments in specific securities. However, derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in derivatives could have a large potential impact on a Portfolio’s performance.

If a Portfolio invests in derivatives at inopportune times or judges market conditions incorrectly, such investments may lower the Portfolio’s return or result in a loss. A Portfolio also could experience losses if its derivatives were poorly correlated with its other investments, or if the Portfolio were unable to liquidate its position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.

The Fund will not be a commodity pool (i.e., a pooled investment vehicle which trades in commodity futures contracts and options thereon and the operator of which is registered with the Commodity Futures Trading Commission (the “CFTC”)). In addition, the Fund has claimed an exclusion

from the definition of commodity pool operator and, therefore, is not subject to registration or regulation as a pool operator under the Commodity Exchange Act.

Derivatives may be purchased on established exchanges or through privately negotiated transactions referred to as over-the-counter derivatives. Exchange-traded derivatives generally are guaranteed by the clearing agency which is the issuer or counterparty to such derivatives. This guarantee usually is supported by a daily variation margin system operated by the clearing agency in order to reduce overall credit risk. As a result, unless the clearing agency defaults, there is relatively little counterparty credit risk associated with derivatives purchased on an exchange. In contrast, no clearing agency guarantees over-the-counter derivatives. Therefore, each party to an over-the-counter derivative bears the risk that the counterparty will default. Accordingly, the Investment Manager will consider the creditworthiness of counterparties to over-the-counter derivatives in the same manner as it would review the credit quality of a security to be purchased by the Portfolio. Over-the-counter derivatives are less liquid than exchange-traded derivatives since the other party to the transaction may be the only investor with sufficient understanding of the derivative to be interested in bidding for it.

Successful use of derivatives by a Portfolio also is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant market and to the extent the transaction is entered into for hedging purposes, to ascertain the appropriate correlation between the transaction being hedged and the price movements of the futures contract. For example, if a Portfolio uses futures to hedge against the possibility of a decline in the market value of securities held in its portfolio and the prices of such securities instead increase, the Portfolio will lose part or all of the benefit of the increased value of securities which it has hedged because it will have offsetting losses in its futures positions. Furthermore, if in such circumstances the Portfolio has insufficient cash, it may have to sell securities to meet daily variation margin requirements. The Portfolio may have to sell such securities at a time when it may be disadvantageous to do so.

Pursuant to regulations and/or published positions of the SEC, a Portfolio may be required to segregate permissible liquid assets to cover its obligations relating to its transactions in derivatives. To maintain this required cover, the Portfolio may have to sell securities at disadvantageous prices or times since it may not be possible to liquidate a derivative position at a reasonable price. The segregation of such assets will have the effect of limiting the Portfolio’s ability to otherwise invest those assets.

Futures Transactions—In General. (All Portfolios, except Small-Mid Cap and International Equity Portfolios) Each Portfolio may enter into futures contracts in U.S. domestic markets, or on exchanges located outside the United States. Foreign markets may offer advantages such as trading opportunities or arbitrage possibilities not available in the United States. Foreign markets, however, may have greater risk potential than domestic markets. For example, some foreign exchanges are principal markets so that no common clearing facility exists and an investor may look only to the broker for performance of the contract. In addition, any profits a Portfolio might realize in trading could be eliminated by adverse changes in the currency exchange rate, or the Portfolio could incur losses as a result of those changes. Transactions on foreign exchanges may include both commodities which are traded on domestic exchanges and those which are not. Unlike trading on domestic commodity exchanges, trading on foreign commodity exchanges is not regulated by the CFTC.

Engaging in these transactions involves risk of loss to the Portfolio which could adversely affect the value of the Portfolio’s net assets. Although each of these Portfolios intends to purchase or sell futures contracts only if there is an active market for such contracts, no assurance can be given that a liquid market will exist for any particular contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price

beyond that limit or trading may be suspended for specified periods during the trading day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting the Portfolio to substantial losses.

Specific Futures Transactions. Each Portfolio other than Small-Mid Cap, International Equity, Emerging Markets Debt, High Yield and Municipal Portfolios may purchase and sell stock index futures contracts. A stock index future obligates the Portfolio to pay or receive an amount of cash equal to a fixed dollar amount specified in the futures contract multiplied by the difference between the settlement price of the contract on the contract’s last trading day and the value of the index based on the stock prices of the securities that comprise it at the opening of trading in such securities on the next business day.

Each Portfolio other than Mid Cap, Small-Mid Cap and International Equity Portfolios may purchase and sell interest rate futures contracts. An interest rate future obligates the Portfolio to purchase or sell an amount of a specific debt security at a future date at a specific price.

Each Portfolio, except Small-Mid Cap, International Equity and Municipal Portfolios, may buy and sell foreign currency futures. A currency future obligates the Portfolio to purchase or sell an amount of a specific currency at a future date at a specific price.

Options—In General. (All Portfolios, except Small-Mid Cap and International Equity Portfolios) Each of these Portfolios may buy and sell (write) covered call and put options. A call option gives the purchaser of the option the right to buy, and obligates the writer to sell, the underlying security or securities at the exercise price at any time during the option period, or at a specific date. Conversely, a put option gives the purchaser of the option the right to sell, and obligates the writer to buy, the underlying security or securities at the exercise price at any time during the option period, or at a specific date.

A covered call option written by a Portfolio is a call option with respect to which the Portfolio owns the underlying security or otherwise covers the transaction by segregating permissible liquid assets. A put option written by a Portfolio is covered when, among other things, the Portfolio segregates permissible liquid assets having a value equal to or greater than the exercise price of the option to fulfill the obligation undertaken. The principal reason for writing covered call and put options is to realize, through the receipt of premiums, a greater return than would be realized on the underlying securities alone. A Portfolio receives a premium from writing covered call or put options which it retains whether or not the option is exercised.

There is no assurance that sufficient trading interest to create a liquid secondary market on a securities exchange will exist for any particular option or at any particular time, and for some options no such secondary market may exist. A liquid secondary market in an option may cease to exist for a variety of reasons. In the past, for example, higher than anticipated trading activity or order flow, or other unforeseen events, at times have rendered certain of the clearing facilities inadequate and resulted in the institution of special procedures, such as trading rotations, restrictions on certain types of orders or trading halts or suspensions in one or more options. There can be no assurance that similar events, or events that may otherwise interfere with the timely execution of customers’ orders, will not recur. In such event, it might not be possible to effect closing transactions in particular options. If, as a covered call option writer, a Portfolio is unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the underlying security until the option expires or it delivers the underlying security upon exercise or it otherwise covers its position.

Specific Options Transactions. Each Portfolio other than Small-Mid Cap and International Equity Portfolios may buy and sell call and put options in respect of specific securities (or groups or “baskets” of specific securities) or indices listed on national securities exchanges or traded in the over-the-counter market. An option on an index is similar to an option in respect of specific securities, except that settlement does not occur by delivery of the securities comprising the index. Instead, the option holder receives an amount of cash if the closing level of the index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. Thus, the effectiveness of purchasing or writing index options will depend upon price movements in the level of the index rather than the price of a particular security.

As the writer (seller) of a call option, a Portfolio would receive cash (the premium) from the purchaser of the option, and the purchaser has the right to receive from the Portfolio the cash value of the underlying index or any appreciation in the underlying security over the exercise price on the expiration date or otherwise upon exercise. In effect, the Portfolio forgoes, during the life of the option, the opportunity to profit from increases in the market value of the underlying security or securities held by the Portfolio with respect to which the option was written above the sum of the premium and the exercise price. For index options, this will depend, in part, on the extent of correlation of the performance of the Portfolio’s portfolio securities with the performance of the relevant index. Covered call option writing will generally limit the Portfolio’s ability to benefit from the full appreciation potential of its stock investments underlying the options, and the Portfolio retains the risk of loss (less premiums received) if the value of these stock investments declines. The Portfolio’s written call options on individual stocks will be “covered” because the Portfolio will hold the underlying stock in its portfolio throughout the term of the option. The Portfolio also will “cover” its written index call option positions by either segregating liquid assets in an amount equal to the contract value of the index or by entering into offsetting positions.

A Portfolio may write call options that are “at-the-money” (the exercise price of the option is equal to the value of the underlying index or stock when the option is written), “close-to-the-money” (with an exercise price close to the current cash value of the underlying index or the market value of the underlying security when the option is written), “out-of-the-money” (with an exercise price above the current cash value of the underlying index or the market value of the underlying security when the option is written) or “in-the-money” (with an exercise price below the current cash value of the underlying index or market value of the underlying security when the option is written), based on market conditions and other factors.

Each Portfolio other than Small-Mid Cap and International Equity Portfolios may buy and sell call and put options on foreign currency. These options convey the right to buy or sell the underlying currency at a price which is expected to be lower or higher than the spot price of the currency at the time the option is exercised or expires.

Each Portfolio other than Small-Mid Cap and International Equity Portfolios may purchase cash-settled options on interest rate swaps, interest rate swaps denominated in foreign currency and equity index swaps in pursuit of its investment objective. Interest rate swaps involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest (for example, an exchange of floating-rate payments for fixed-rate payments) denominated in U.S. dollars or foreign currency. Equity index swaps involve the exchange by the Portfolio with another party of cash flows based upon the performance of an index or a portion of an index of securities which usually includes dividends. A cash-settled option on a swap gives the purchaser the right, but not the obligation, in return for the premium paid, to receive an amount of cash equal to the value of the underlying swap as of the exercise date. These options typically are purchased in privately negotiated transactions from financial institutions, including securities brokerage firms.

Successful use by a Portfolio of options will be subject to the Investment Manager’s ability to predict correctly movements in the prices of individual stocks, the stock market generally, foreign currencies or interest rates. To the extent the Investment Manager’s predictions are incorrect, the Portfolio may incur losses.

Swap Agreements. To the extent consistent with the Portfolio’s investment objective and management policies as set forth herein, each Portfolio other than Small-Mid Cap and International Equity Portfolios may enter into equity, interest rate, index, total return and currency rate swap agreements. These transactions are entered into in an attempt to obtain a particular return when it is considered desirable to do so, possibly at a lower cost to the Portfolio than if the Portfolio had invested directly in the asset that yielded the desired return. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than a year. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount,” i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index. Forms of swap agreements include interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent interest rates exceed a specified rate or “cap”; interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent interest rates fall below a specified level or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

Most swap agreements entered into by a Portfolio would calculate the obligations of the parties to the agreement on a “net basis.” Consequently, the Portfolio’s current obligations (or rights) under a swap agreement generally will be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the “net amount”). The risk of loss with respect to swaps is limited to the net amount of payments that the Portfolio is contractually obligated to make. If the other party to a swap defaults, the Portfolio’s risk of loss consists of the net amount of payments that the Portfolio contractually is entitled to receive.

Future Developments. A Portfolio may take advantage of opportunities in options and futures contracts and options on futures contracts and any other derivatives which are not presently contemplated for use by the Portfolio or which are not currently available but which may be developed, to the extent such opportunities are both consistent with the Portfolio’s investment objective and legally permissible for the Portfolio. Before entering into such transactions or making any such investment, the Portfolio will provide appropriate disclosure in its Prospectus or this Statement of Additional Information.

Foreign Currency Transactions. (All Portfolios, except Small-Mid Cap Portfolio) Foreign currency transactions may be entered into for a variety of purposes, including: to fix in U.S. dollars, between trade and settlement date, the value of a security the Portfolio has agreed to buy or sell; to hedge the U.S. dollar value of securities the Portfolio already owns, particularly if it expects a decrease in the value of the currency in which the foreign security is denominated; or to gain exposure to the foreign currency in an attempt to realize gains.

Foreign currency transactions may involve, for example, the Portfolio’s purchase of foreign currencies for U.S. dollars or the maintenance of short positions in foreign currencies. A short position would involve the Portfolio agreeing to exchange an amount of a currency it did not currently own for another currency at a future date in anticipation of a decline in the value of the currency sold relative to the currency the Portfolio contracted to receive. The Portfolio’s success in these transactions will depend

principally on the Investment Manager’s ability to predict accurately the future exchange rates between foreign currencies and the U.S. dollar.

Short-Selling. (All Portfolios, except Small-Mid Cap, International Equity, International Small Cap and Emerging Markets Portfolios) Each of these Portfolios may engage in short sales of securities, although the Fund has no current intention of engaging in short sales and will not do so without prior approval of the Fund’s Board. In these transactions, the Portfolio sells a security it does not own in anticipation of a decline in the market value of the security. To complete the transaction, the Portfolio must borrow the security to make delivery to the buyer. The Portfolio is obligated to replace the security borrowed by purchasing it subsequently at the market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Portfolio, which would result in a loss or gain, respectively. The Portfolio also may make short sales “against the box,” in which the Portfolio enters into a short sale of a security it owns. Securities will not be sold short if, after effect is given to any such short sale, the total market value of all securities sold short would exceed 25% of the value of the Portfolio’s net assets. A Portfolio may not make a short-sale which results in the Portfolio having sold short in the aggregate more than 5% of the outstanding securities of any class of issuer.

Until the Portfolio closes its short position or replaces the borrowed security, it will: (a) segregate permissible liquid assets in an amount that, together with the amount deposited as collateral, always equals the current value of the security sold short; or (b) otherwise cover its short position.

Forward Commitments. A Portfolio may purchase or sell securities on a forward commitment, when-issued or delayed delivery basis, which means that delivery and payment take place a number of days after the date of the commitment to purchase or sell. The payment obligation and the interest rate receivable on a forward commitment, when-issued or delayed-delivery security are fixed when the Portfolio enters into the commitment, but the Portfolio does not make a payment until it receives delivery from the counterparty. The Portfolio will segregate permissible liquid assets at least equal to the full notional value of its forward commitment contracts or, with respect to forward commitments that include a contractual cash settlement requirement, will segregate such assets at least equal at all times to the amount of the Portfolio’s purchase commitment. The Portfolio intends to engage in forward commitments to increase the Portfolio’s financial exposure to the types of securities in which it invests, which will increase the Portfolio’s exposure to changes in interest rates and will increase the volatility of its returns. If the Portfolio is fully or almost fully invested when forward commitment purchases are outstanding, such purchases may result in a form of leverage. At no time will the Portfolio have more than 33⅓% of its total assets committed to purchase securities on a forward commitment basis.

Securities purchased on a forward commitment, when-issued or delayed-delivery basis are subject to changes in value (generally changing in the same way, i.e., appreciating when interest rates decline and depreciating when interest rates rise) based upon the public’s perception of the creditworthiness of the issuer and changes, real or anticipated, in the level of interest rates. Securities purchased on a forward commitment, when-issued or delayed-delivery basis may expose a Portfolio to risks because they may experience such fluctuations prior to their actual delivery. Purchasing securities on a forward commitment, when-issued or delayed-delivery basis can involve the additional risk that the yield available in the market when the delivery takes place actually may be higher than that obtained in the transaction itself. Purchasing securities on a forward commitment, when-issued or delayed-delivery basis when the Portfolio is fully or almost fully invested may result in greater potential fluctuation in the value of the Portfolio’s net assets and its net asset value per share.

Certain Investment Considerations and Risks

Equity Securities. Equity securities, including common stock, preferred stock, convertible securities and warrants, fluctuate in value, often based on factors unrelated to the value of the issuer of the securities, and such fluctuations can be pronounced. Changes in the value of a Portfolio’s investments will result in changes in the value of its shares and thus the Portfolio’s total return to investors.

Initial Public Offerings. (All Portfolios, except Emerging Markets Debt, High Yield and Municipal Portfolios) Each of these Portfolios may purchase securities of companies in initial public offerings (“IPOs”) or shortly thereafter. An IPO is a corporation’s first offering of stock to the public. Shares are given a market value reflecting expectations for the corporation’s future growth. Special rules of the Financial Industry Regulatory Authority (“FINRA”) apply to the distribution of IPOs. Corporations offering stock in IPOs generally have limited operating histories and may involve greater investment risk. The prices of these companies’ securities may be very volatile, rising and falling rapidly, sometimes based solely on investor perceptions rather than economic reasons. IPO securities will be sold when the Investment Manager believes the price has reached full value. IPO securities may be sold by a Portfolio on the same day the Portfolio receives an allocation.

Smaller Company Securities. Each Portfolio other than International Equity, International Equity Select, High Yield and Municipal Portfolios may purchase securities of smaller capitalization companies, the prices of which may be subject to more abrupt or erratic market movements than securities of larger, more established companies, because securities of smaller companies typically are traded in lower volume and the issuers typically are subject to greater changes in earnings and prospects. Smaller capitalization companies often have limited product lines, markets or financial resources. They may be dependent on management for one or a few key persons, and can be more susceptible to losses and the risk of bankruptcy. In addition, securities of the small capitalization sector may be thinly traded (and therefore may have to be sold at a discount from current market prices or sold in small lots over an extended period of time), may be followed by fewer investment research analysts and may pose a greater chance of loss than investments in securities of larger capitalization companies.

Fixed-Income Securities. Even though interest-bearing securities are investments which promise a stable stream of income, the prices of such securities generally are inversely affected by changes in interest rates and, therefore, are subject to the risk of market price fluctuations. Certain portfolio securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal.

The values of fixed-income securities also may be affected by changes in the credit rating or financial condition of the issuer. Certain securities, such as those rated below investment grade by Standard & Poor’s Ratings Group (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s” and together with S&P, the “Rating Agencies”), may be subject to such risk with respect to the issuing entity and to greater market fluctuations than certain lower yielding, higher rated fixed-income securities. Once the rating of a portfolio security has been changed, the Portfolio will consider all circumstances deemed relevant in determining whether to continue to hold the security.

Investing In Municipal Securities. (Municipal Portfolio only) The Portfolio may invest more than 25% of the value of its total assets in Municipal Securities which are related in such a way that an economic, business or political development or change affecting one such security also would affect the other securities, such as securities whose issuers are located in the same state and securities the interest upon which is paid from revenues of similar types of projects. These investments may make the Portfolio more susceptible than another fund that does not follow this practice to funding issues of the relevant state

or states; federal or state legislation, or proposed legislation, involving the financing of such projects; pending court decisions relating to the validity of the projects or their financing; predicted or foreseeable shortages or price increases of materials needed or the projects; and declining markets or needs for the projects. As the similarity in issuers increases, the potential for fluctuations in the Portfolio’s net asset value also may increase.

Certain provisions in the Code relating to the issuance of Municipal Securities may reduce the volume of Municipal Securities qualifying for federal tax exemption. One effect of these provisions could be to increase the cost of the Municipal Securities available for purchase by the Portfolio and thus reduce available yield. Shareholders should consult their tax advisers concerning the effect of these provisions on an investment in the Portfolio. Proposals that may restrict or eliminate the income tax exemption for interest on Municipal Securities may be introduced in the future. If any such proposal were enacted that would reduce the availability of Municipal Securities for investment by the Portfolio so as to adversely affect Portfolio shareholders, the Portfolio would reevaluate its investment objective and policies and submit possible changes in the Portfolio’s structure to shareholders for their consideration.

Mortgage-Related Securities. (High Yield Portfolio and, to a limited extent, Equity Value, Strategic Equity, Mid Cap, Small-Mid Cap, Emerging Markets Multi-Strategy and Capital Allocator Portfolios only) Mortgage-related securities are complex derivative instruments, subject to both credit and prepayment risk, and may be more volatile and less liquid, and more difficult to price accurately, than more traditional debt securities. Although certain mortgage-related securities are guaranteed by a third party (such as a U.S. Government agency or instrumentality with respect to government-related mortgage-backed securities) or otherwise similarly secured, the market value of the security, which may fluctuate, is not secured. Mortgage-related securities generally are subject to credit risks associated with the performance of the underlying mortgage properties and to prepayment risk. In certain instances, the credit risk associated with mortgage-related securities can be reduced by third party guarantees or other forms of credit support. Improved credit risk does not reduce prepayment risk which is unrelated to the rating assigned to the mortgage-related security. Prepayment risk can lead to fluctuations in value of the mortgage-related security which may be pronounced. If a mortgage-related security is purchased at a premium, all or part of the premium may be lost if the market value of the security declines, whether resulting from changes in interest rates or prepayments on the underlying mortgage collateral. Certain mortgage-related securities, such as inverse floating rate collateralized mortgage obligations, have coupons that move inversely to a multiple of a specific index which may result in increased price volatility.

As with other interest-bearing securities, the prices of certain mortgage-related securities are inversely affected by changes in interest rates. However, although the value of a mortgage-related security may decline when interest rates rise, the converse is not necessarily true, since during periods of declining interest rates the mortgages underlying the security are more likely to be prepaid. For this and other reasons, a mortgage-related security’s stated maturity may be shortened by unscheduled prepayments on the underlying mortgages, and, therefore, it is not possible to predict accurately the security’s return to the Portfolio. Moreover, with respect to certain stripped mortgage-backed securities, if the underlying mortgage securities experience greater than anticipated prepayments of principal, the Portfolio may fail to fully recoup its initial investment even if the securities are rated in the highest rating category by a nationally recognized statistical rating organization. During periods of rapidly rising interest rates, prepayments of mortgage-related securities may occur at slower than expected rates. Slower prepayments effectively may lengthen a mortgage-related security’s expected maturity, which generally would cause the value of such security to fluctuate more widely in response to changes in interest rates. Were the prepayments on the Portfolio’s mortgage-related securities to decrease broadly, the Portfolio’s effective duration, and thus sensitivity to interest rate fluctuations, would increase. Commercial real property loans, however, often contain provisions that substantially reduce the

likelihood that such securities will be prepaid. The provisions generally impose significant prepayment penalties on loans and in some cases there may be prohibitions on principal prepayments for several years following origination.

Foreign Securities. Foreign securities markets generally are not as developed or efficient as those in the United States. Securities of some foreign issuers, including depositary receipts, foreign government obligations and securities of supranational entities, are less liquid and more volatile than securities of comparable U.S. issuers. Similarly, volume and liquidity in most foreign securities markets are less than in the United States and, at times, volatility of price can be greater than in the United States.

Because evidences of ownership of such securities usually are held outside the United States, a Portfolio will be subject to additional risks which include possible adverse political and economic developments, seizure or nationalization of foreign deposits and adoption of governmental restrictions, which might adversely affect or restrict the payment of principal and interest on the foreign securities to investors located outside the country of the issuer, whether from currency blockage or otherwise. Moreover, foreign securities held by a Portfolio may trade on days when the Portfolio does not calculate its net asset value and thus affect the Portfolio’s net asset value on days when investors have no access to the Portfolio. Because foreign securities often are purchased with and payable in currencies of foreign countries, the value of these assets as measured in U.S. dollars may be affected favorably or unfavorably by changes in currency rates and exchange control regulations.

Emerging Markets. Investments in, or economically tied to, emerging market countries may be subject to potentially higher risks than investments in companies in developed countries. Risks of investing in emerging markets and emerging market securities include (in addition to those described above): less social, political and economic stability; less diverse and mature economic structures; the lack of publicly available information, including reports of payments of dividends or interest on outstanding securities; certain national policies that may restrict a Portfolio’s investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to national interests; local taxation; the absence of developed structures governing private or foreign investment or allowing for judicial redress for injury to private property; the absence until recently, in certain countries, of a capital structure or market-oriented economy; the possibility that recent favorable economic developments in certain countries may be slowed or reversed by unanticipated political or social events in these countries; restrictions that may make it difficult or impossible for a Portfolio to vote proxies, exercise shareholder rights, pursue legal remedies, and obtain judgments in foreign courts; the risk of uninsured loss due to lost, stolen, or counterfeit stock certificates; possible losses through the holding of securities in domestic and foreign custodial banks and depositories; heightened opportunities for governmental corruption; large amounts of foreign debt to finance basic governmental duties that could lead to restructuring or default; and heavy reliance on exports that may be severely affected by global economic downturns.

In addition, some countries in which a Portfolio may invest have experienced substantial, and in some periods, extremely high rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may continue to have negative effects on the economies and securities markets of certain countries. Further, the economies of emerging market countries generally are heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade.

The Portfolios consider emerging market countries to include all countries represented by the Morgan Stanley Capital International (“MSCI^®”) Emerging Markets Index and other countries not considered developed countries by MSCI, and investments in emerging markets may include those companies included in the MSCI Emerging Markets Index and companies with their principal business

activities located in, or that have 50% or more of their assets in or revenue or net income from, emerging market countries. The MSCI Emerging Markets Index currently includes the following countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. For purposes of each of Emerging Markets Portfolio’s, Developing Markets Portfolio’s and Emerging Markets Blend Portfolio’s policy to invest at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies whose principal business activities are located in emerging market countries, only countries included in the MSCI Emerging Markets Index are considered to be “emerging markets” (although a Portfolio may invest in other countries with its remaining assets). For purposes of Emerging Markets Multi-Strategy Portfolio’s policy to invest at least 80% of its net assets in securities and other investments that are economically tied to emerging market countries and Emerging Markets Debt Portfolio’s policy to invest at least 80% of its net assets in debt securities that are economically tied to emerging market countries, emerging market countries include all countries not represented by the MSCI World Index.

Foreign Currency Transactions. (All Portfolios, except Small-Mid Cap Portfolio) Currency exchange rates may fluctuate significantly over short periods of time. They generally are determined by the forces of supply and demand in the foreign exchange markets and the relative merits of investments in different countries, actual or perceived changes in interest rates and other complex factors, as seen from an international perspective. Currency exchange rates also can be affected unpredictably by intervention of U.S. or foreign governments or central banks, or the failure to intervene, or by currency controls or political developments in the United States or abroad.

Lower-Rated Securities. (Emerging Markets Multi-Strategy, Emerging Markets Debt, High Yield and Municipal Portfolios only) High Yield Portfolio invests at least 80% of its assets, and Emerging Markets Multi-Strategy and Emerging Markets Debt Portfolios may invest significantly, in higher yielding (and, therefore, higher risk) debt securities rated as low as the lowest rating assigned by a Rating Agency (commonly known as junk bonds). Municipal Portfolio also may invest in lower-rated securities.

Bond prices are inversely related to interest rate changes; however, bond price volatility also may be inversely related to coupon. Accordingly, below investment grade securities may be relatively less sensitive to interest rate changes than higher quality securities of comparable maturity, because of their higher coupon. This higher coupon is what the investor receives in return for bearing greater credit risk. The higher credit risk associated with below investment grade securities potentially can have a greater effect on the value of such securities than may be the case with higher quality issues of comparable maturity, and will be a substantial factor in a Portfolio’s relative share price volatility. The ratings of the Rating Agencies represent their opinions as to the quality of the obligations which they undertake to rate. Although ratings may be useful in evaluating the safety of interest and principal payments, they do not evaluate the market value risk of these securities. See “Appendix” for a general description of the Rating Agencies’ ratings. The Portfolio will rely on the judgment, analysis and experience of the Investment Manager in evaluating the creditworthiness of an issuer.

Companies that issue certain of these securities often are highly leveraged and may not have available to them more traditional methods of financing. Therefore, the risk associated with acquiring the securities of such issuers generally is greater than is the case with higher rated securities and will fluctuate over time. For example, during an economic downturn or a sustained period of rising interest rates, highly leveraged issuers of these securities may not have sufficient revenues to meet their interest payment obligations. The issuer’s ability to service its debt obligations also may be affected adversely by specific corporate developments, forecasts, or the unavailability of additional financing. The risk of loss

because of default by the issuer is significantly greater for the holders of these securities because such securities generally are unsecured and often are subordinated to other creditors of the issuer.

Because there is no established retail secondary market for many of these securities, the Portfolios anticipate that such securities could be sold only to a limited number of dealers or institutional investors. To the extent a secondary trading market for these securities does exist, it generally is not as liquid as the secondary market for higher rated securities. The lack of a liquid secondary market may have an adverse impact on market price and yield and the Portfolio’s ability to dispose of particular issues when necessary to meet a Portfolio’s liquidity needs or in response to a specific economic event such as a deterioration in the creditworthiness of the issuer. The lack of a liquid secondary market for certain securities also may make it more difficult for the Portfolio to obtain accurate market quotations for purposes of valuing its portfolio and calculating its net asset value and could result in the Portfolio selling such securities at lower prices than those used in calculating the Portfolio’s net asset value. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of these securities. In such cases, judgment may play a greater role in valuation because less reliable, objective data may be available.

These securities may be particularly susceptible to economic downturns. An economic recession could adversely affect the ability of the issuers of lower rated bonds to repay principal and pay interest thereon and increase the incidence of default for such securities. It is likely that an economic recession could disrupt severely the market for such securities and may have an adverse impact on their value.

A Portfolio may acquire these securities during an initial offering. Such securities may involve special risks because they are new issues. The Portfolios do not have an arrangement with any persons concerning the acquisition of such securities, and the Investment Manager will review carefully the credit and other characteristics pertinent to such new issues.

The credit risk factors pertaining to lower rated securities also apply to lower rated zero coupon, pay-in-kind and step up securities. In addition to the risks associated with the credit rating of the issuers, the market prices of these securities may be very volatile during the period no interest is paid.

Simultaneous Investments; Overlapping Positions. Investment decisions for each Portfolio are made independently from those of the other Portfolios and other accounts managed by the Investment Manager. If, however, such other Portfolios or accounts desire to invest in, or dispose of, the same securities as a Portfolio, available investments or opportunities for sales will be allocated equitably to each. In some cases, this procedure may adversely affect the size of the position obtained for or disposed of by a Portfolio or the price paid or received by a Portfolio. In some cases, the Investment Manager may seek to limit the number of overlapping investments by similar Portfolios (securities of an issuer held in more than one Portfolio) so that shareholders invested in such Portfolios may achieve a more diverse investment experience. In such cases, a Portfolio may be disadvantaged by the Investment Manager’s decision to purchase or maintain an investment in one Portfolio to the exclusion of one or more other Portfolios (including a decision to sell the investment in one Portfolio so that it may be purchased by another Portfolio).

Disclosure of Portfolio Holdings

It is the policy of the Fund to protect the confidentiality of the Portfolios’ holdings and prevent the selective disclosure of non-public information about such holdings. The Fund will publicly disclose the Portfolios’ holdings on a calendar quarter-end basis on its website accessible from http://www.lazardnet.com/lam/us/lazardfunds.shtml, approximately 14 days after such quarter end. The

information will remain accessible until the Fund files a report on Form N-Q or Form N-CSR for the period that includes the date as of which the information was current.

In order to avoid conflicts of interest between the Fund, on the one hand, and the Investment Manager or any affiliated person of the Fund or the Investment Manager, on the other (1) disclosure of portfolio holdings information is made only when such disclosure is in the best interest of Portfolio shareholders and the Fund has a legitimate business purpose for doing so and (2) none of the Fund or the Investment Manager or their affiliates may receive any compensation in connection with an arrangement to make portfolio holdings information available.

In accordance with the foregoing, the Fund provides portfolio holdings information to ratings services or third party service providers who provide necessary or beneficial services when such service providers need access to this information in the performance of their services and are subject to duties of confidentiality (1) imposed by law, including a duty not to trade on non-public information, and/or (2) pursuant to an agreement that confidential information is not to be disclosed or used (including trading on such information) other than as required by law. From time to time, the Fund will communicate with these service providers to confirm that they understand the Fund’s policies and procedures regarding such disclosure. Such service providers currently include the Fund’s investment manager, administrator, custodian, auditors and legal counsel and each of their respective affiliates and advisors, as well as Institutional Shareholder Services, Inc., Lipper Inc., Morningstar, Inc., Bloomberg, BNY Mellon Analytical Services, LLC, Canterbury Consulting Incorporated and Thomson Vestek, Inc. The Fund also provides portfolio holdings information to Market Street Trust Company and Mercer Global Investments pursuant to confidentiality agreements. Service providers receive holdings information at a frequency appropriate to their services, which may be as frequently as daily.

The Investment Manager currently manages certain “Multi-Strat” investment strategies. Using these strategies, the Investment Manager’s Multi-Strat portfolio management team may allocate assets managed in separate accounts, mutual funds, private investment funds or other available vehicles among various strategies and vehicles managed by other portfolio management teams, including allocating assets to a Portfolio or a Portfolio’s strategy or a similar strategy managed by a Portfolio’s portfolio management team. For example, the emerging market Multi-Strat strategy may allocate assets to the Emerging Markets Portfolio and the Developing Markets Portfolio, as well as certain other emerging market-related strategies managed by these Portfolios’ portfolio management teams. The Investment Manager’s Multi-Strat portfolio management team will allocate assets to a Portfolio or a related strategy in its discretion, consistent with the investment objectives and guidelines associated with the relevant client’s account. In making these allocation decisions, the Multi-Strat portfolio management team will have access to detailed information related to the underlying strategies that may not be available to other investors or clients. This includes, but is not limited to, Portfolio holdings information, transaction detail and performance information and access to the Portfolios’ portfolio management teams. The Investment Manager has implemented procedures designed to ensure that the Multi-Strat portfolio management team does not trade in a way that disadvantages other Portfolio shareholders.

Disclosure of portfolio holdings information may be authorized only by the Fund’s Chief Compliance Officer or the General Counsel of the Investment Manager, each of whom evaluates such disclosure in light of the best interests of Portfolio shareholders and any potential conflicts of interest. The service providers that receive portfolio holdings information from the Fund as described above, and any additions to this list of service providers, are reported to the Fund’s Board for its review. Any exceptions to the Fund’s portfolio holdings disclosure policy are reported to the Board.

INVESTMENT RESTRICTIONS

Each Portfolio’s investment objective is a fundamental policy, which cannot be changed without approval by the holders of a majority of the Portfolio’s outstanding voting securities (as defined in the 1940 Act). In addition, each Portfolio (except as noted) has adopted investment restrictions numbered 1 through 9 as fundamental policies. However, the amendment of these restrictions to add an additional Portfolio, which amendment does not substantively affect the restrictions with respect to an existing Portfolio, will not require approval as described in the first sentence. Investment restrictions numbered 10 through 15 are not fundamental policies and may be changed, as to a Portfolio, by vote of a majority of the Fund’s Board at any time.

Under normal circumstances, each of the following Portfolios will invest at least 80% of its net assets, plus any borrowings for investment purposes, as follows (or other investments with similar economic characteristics): (i) Equity Value and Strategic Equity—equity securities of U.S. companies; (ii) Mid Cap Portfolio—equity securities of medium-size U.S. companies; (iii) Small-Mid Cap Portfolio—equity securities of small-mid cap U.S. companies; (iv) International Equity, International Equity Select and International Strategic Portfolios—equity securities; (v) International Small Cap Portfolio—equity securities of small cap companies; (vi) Global Listed Infrastructure Portfolio—equity securities of infrastructure companies; (vii) Emerging Markets, Developing Markets and Emerging Markets Blend Portfolios—equity securities of companies whose principal business activities are located in emerging market countries as defined in the Prospectus; (viii) Emerging Markets Multi-Strategy Portfolio—securities and other investments that are economically tied to emerging market countries; (ix) Emerging Markets Debt Portfolio—debt securities that are economically tied to emerging market countries; (x) High Yield Portfolio—bonds and other fixed-income securities of U.S. companies rated, at the time of purchase, below investment grade by S&P or Moody’s and as low as the lowest rating assigned by S&P or Moody’s, or the unrated equivalent as determined by the Investment Manager; and (xi) Municipal Portfolio— municipal securities, the interest on which is, in the opinion of issuer’s counsel at the time of issuance, exempt from regular federal income taxes. Municipal Portfolio’s policy in (xi) is a fundamental policy which cannot be changed without approval by the holders of a majority of the Portfolio’s outstanding voting securities (as defined in the 1940 Act); each other Portfolio has adopted a policy to provide its shareholders with at least 60 days’ prior notice of any change with respect to its 80% policy.

For purposes of the Emerging Markets Multi-Strategy Portfolio’s policy in (viii) and the Emerging Markets Debt Portfolio’s policy in (ix) in the preceding paragraph, the Investment Manager generally considers an instrument to be economically tied to an emerging market country if the issuer or guarantor is a government of an emerging market country (or any political subdivision, agency, authority or instrumentality of such government), if the issuer or guarantor is organized under the laws of an emerging market country, or if the currency of settlement of the security is a currency of an emerging market country. With respect to derivative instruments, the Investment Manager generally considers such instruments to be economically tied to emerging market countries if the underlying assets are currencies of emerging market countries (or baskets or indexes of such currencies), or instruments or securities that are issued or guaranteed by governments of emerging market countries or by entities organized under the laws of emerging market countries.

None of the Portfolios may:



1.	issue senior securities, borrow money or pledge or mortgage its assets, except that (A) each Portfolio may borrow from banks for temporary purposes, including the meeting of redemption requests which might require the untimely disposition of securities, as described in the Prospectus and (B) each of Equity Value, Strategic Equity, Mid Cap, International Equity Select,



	International Strategic, International Small Cap, Global Listed Infrastructure, Emerging Markets, Developing Markets, Emerging Markets Blend, Emerging Markets Multi-Strategy, Emerging Markets Debt, High Yield, Municipal and Capital Allocator Portfolios also may borrow money to the extent permitted under the 1940 Act; provided, however, that the Portfolio will not make new investments to the extent borrowings exceed 5% of its total assets, except for borrowings covered within the interpretations of Sections 18(f) of the 1940 Act. For purposes of this investment restriction, a Portfolio’s entry into options, forward contracts, futures contracts, including those related to indexes, shall not constitute borrowing;


2.	make loans, except loans of portfolio securities not having a value in excess of 33⅓% of a Portfolio’s total assets and except that each Portfolio may purchase debt obligations in accordance with its investment objectives and policies;


3.	for all Portfolios except Equity Value, Strategic Equity, Mid Cap, International Equity Select, International Strategic, Global Listed Infrastructure, Developing Markets, Emerging Markets Blend, Emerging Markets Multi-Strategy, Emerging Markets Debt, High Yield, Municipal and Capital Allocator Portfolios, invest in illiquid securities as defined in “Certain Portfolio Securities—Illiquid Securities” if immediately after such investment more than 10% of the value of the Portfolio’s net assets, taken at market value, would be invested in such securities;


4.	for Small-Mid Cap and International Equity Portfolios, (A) purchase securities of other investment companies, except in connection with a merger, consolidation, acquisition or reorganization; and (B) Small-Mid Cap and International Equity Portfolios may purchase securities in an amount up to 5% of the value of the Portfolio’s total assets in any one closed-end fund and may purchase in the aggregate securities of closed-end funds in an amount of up to 10% of the value of the Portfolio’s total assets;

5.	purchase the securities of issuers conducting their principal business activity in the same industry if, immediately after the purchase and as a result thereof, the value of the Portfolio’s investments in that industry would exceed 25% of the current value of such Portfolio’s total assets (except that the Global Listed Infrastructure Portfolio will invest over 25% of its assets in industries represented by infrastructure companies), provided that there is no limitation with respect to investments in obligations of the U.S. Government, its agencies or instrumentalities;


6.	(A) purchase or sell real estate or real estate limited partnerships, except that a Portfolio may purchase and sell securities of companies which deal in real estate or interests therein and Equity Value, Strategic Equity, Mid Cap, International Equity Select, International Strategic, International Small Cap, Global Listed Infrastructure, Emerging Markets, Developing Markets, Emerging Markets Blend, Emerging Markets Multi-Strategy, Emerging Markets Debt, High Yield, Municipal and Capital Allocator Portfolios also may purchase and sell securities that are secured by real estate; (B) purchase or sell commodities or commodity contracts (except that Equity Value, Strategic Equity, Mid Cap, International Equity Select, International Strategic, International Small Cap, Global Listed Infrastructure, Emerging Markets, Developing Markets, Emerging Markets Blend, Emerging Markets Multi-Strategy, Emerging Markets Debt, High Yield, Municipal and Capital Allocator Portfolios may purchase and sell swaps, options, forward contracts, futures contracts, including those relating to indices, and options on futures contracts or indices, and Equity Value, Strategic Equity, Mid Cap, International Equity, International Equity Select, International Strategic, Emerging Markets Multi-Strategy, Emerging Markets Debt, High Yield and Capital Allocator Portfolios may purchase or sell foreign currency forward exchange contracts); and (C) for all Portfolios except Equity Value, Strategic Equity, Mid Cap, International Equity Select, International Strategic, Global Listed Infrastructure, Developing



	Markets, Emerging Markets Blend, Emerging Markets Multi-Strategy, Emerging Markets Debt, High Yield, Municipal and Capital Allocator Portfolios, invest in interests in or leases relating to oil, gas, or other mineral exploration or development programs;

7.	purchase securities on margin (except for short-term credits necessary for the clearance of transactions) or, except for Equity Value, Strategic Equity, Mid Cap, International Equity Select, International Strategic, Global Listed Infrastructure, Developing Markets, Emerging Markets Blend, Emerging Markets Multi-Strategy, Emerging Markets Debt, High Yield, Municipal and Capital Allocator Portfolios, make short sales of securities;


8.	underwrite securities of other issuers, except to the extent that the purchase of municipal obligations or other permitted investments directly from the issuer thereof or from an underwriter for an issuer and the later disposition of such securities in accordance with the Portfolio’s investment program may be deemed to be an underwriting;

9.	for Small-Mid Cap and International Equity Portfolios, make investments for the purpose of exercising control or management;

* * *

10.	for all Portfolios other than Small-Mid Cap and International Equity Portfolios, pledge, hypothecate, mortgage or otherwise encumber its assets other than to secure permitted borrowings;


11.	for Equity Value, Strategic Equity, Mid Cap, International Equity Select, International Strategic, Global Listed Infrastructure, Developing Markets, Emerging Markets Blend, Emerging Markets Multi-Strategy, Emerging Markets Debt, High Yield, Municipal and Capital Allocator Portfolios, invest in illiquid securities as defined in “Certain Portfolio Securities—Illiquid Securities” if immediately after such investment more than 15% of the value of the Portfolio’s net assets would be invested in such securities;


12.	for all Portfolios other than Small-Mid Cap and International Equity Portfolios, purchase securities of other investment companies, except to the extent permitted under the 1940 Act;


13.	for Equity Value, Strategic Equity, Mid Cap, International Equity Select, International Strategic, Global Listed Infrastructure, Developing Markets, Emerging Markets Blend, Emerging Markets Multi-Strategy, Emerging Markets Debt, High Yield, Municipal and Capital Allocator Portfolios, invest in interests in or leases relating to oil, gas, or other mineral exploration or development programs;


14.	for International Equity Select Portfolio, make short sales of securities; or

15.	for International Small Cap and Emerging Markets Portfolios, make investments for the purpose of exercising control or management.

* * *

If a percentage restriction is adhered to at the time of investment, a later change in percentage resulting from a change in values or assets will not constitute a violation of such restriction. With respect to Investment Restriction No. 1, however, if borrowings exceed 33⅓% of the value of a Portfolio’s total assets as a result of a change in values or assets, the Portfolio must take steps to reduce such borrowings at least to the extent of such excess within three business days. For purposes of Investment Restriction

No. 5, Municipal Securities issued by states, municipalities and other political subdivisions, agencies, authorities and instrumentalities of states and multistate agencies and authorities are not subject to industry concentration restrictions.

MANAGEMENT

Board’s Oversight Role; Board Composition and Structure

The Board’s role in management of the Fund is oversight. As is the case with virtually all investment companies (as distinguished from operating companies), service providers to the Fund, primarily the Investment Manager and its affiliates, have responsibility for the day-to-day management of the Portfolios, which includes responsibility for risk management (including management of investment performance and investment risk, valuation risk, issuer and counterparty credit risk, compliance risk and operational risk). As part of its oversight, the Board, or its committees or delegates, interacts with and receives reports from senior personnel of service providers, including senior investment personnel of the Investment Manager, the Fund’s and the Investment Manager’s Chief Compliance Officer and portfolio management personnel with responsibility for management of the Portfolios. The Board’s Audit Committee (which consists of all of the Independent Directors, except Mr. Davidson) meets during its scheduled meetings with, and between meetings have access to, the Fund’s independent registered public accounting firm and the Fund’s Treasurer. The Board also receives periodic presentations from senior personnel of the Investment Manager or its affiliates regarding risk management generally, as well as periodic presentations regarding specific operational, compliance or investment areas such as trading and brokerage allocation and execution, investment research and internal audit. The Board also receives reports from counsel regarding regulatory compliance and governance matters. The Board has adopted policies and procedures designed to address certain risks to the Portfolios. In addition, the Investment Manager and other service providers to the Fund have adopted a variety of policies, procedures and controls designed to address particular risks to the Portfolios. However, it is not possible to eliminate all of the risks applicable to the Portfolios. The Board’s oversight role does not make the Board a guarantor of the Portfolios’ investments or activities.

The 1940 Act requires that at least 40% of the Fund’s Directors be Independent Directors and as such are not affiliated with the Investment Manager. To rely on certain exemptive rules under the 1940 Act, a majority of the Fund’s Directors must be Independent Directors, and for certain important matters, such as the approval of investment advisory agreements or transactions with affiliates, the 1940 Act or the rules thereunder require the approval of a majority of the Independent Directors. Currently, 75% of the Fund’s Directors are Independent Directors. The Board does not have a Chairman, but the Independent Directors have designated a lead Independent Director who chairs meetings or executive sessions of the Independent Directors, reviews and comments on Board meeting agendas and facilitates communication among the Independent Directors, their counsel and management. The Board has determined that its leadership structure, in which the Independent Directors have designated a lead Independent Director to function as described above, is appropriate in light of the services that the Investment Manager and its affiliates provide to the Fund and potential conflicts of interest that could arise from these relationships.

Directors and Officers

Set forth in the chart below are the names and certain biographical and other information for each Director. Following the chart is additional information about the Directors’ experience, qualifications, attributes or skills.



Name (Age) Address⁽¹⁾	Position(s) with the Fund (Since) and Term⁽²⁾	Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years⁽²⁾


Non-Interested Directors:

Kenneth S. Davidson (65)⁽³⁾	Director (August 1995)	Davidson Capital Management Corporation, an investment manager, President (1978 – present)

		Aquiline Holdings LLC, an investment manager, Partner (2006 – present)

Nancy A. Eckl (48)	Director (April 2007)	American Beacon Advisors, Inc. (“American Beacon”) and certain funds advised by American Beacon, Vice President (1990 – 2006)

		College Retirement Equities Fund (eight accounts), Trustee (2007 – present)

		TIAA-CREF Funds (49 funds) and TIAA-CREF Life Funds (10 funds), Trustee (2007 – present)

		TIAA Separate Account VA-1, Member of the Management Committee (2007 – present)

Lester Z. Lieberman (80)	Director (October 1991)	Private Investor

Leon M. Pollack (70)	Director (August 2006)	Private Investor

Richard Reiss, Jr. (67)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present)

		O’Charley’s, Inc., a restaurant chain, Director (1984 – present)

Robert M. Solmson (63)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, President (2008 – present)

		RFS Hotel Investors, Inc., Former Chief Executive Officer and Chairman

Interested Directors⁽⁴⁾:

Charles L. Carroll (50)	Chief Executive Officer, President and Director (June 2004)	Investment Manager, Deputy Chairman and Head of Global Marketing (2004 – present)


Name (Age) Address⁽¹⁾	Position(s) with the Fund (Since) and Term⁽²⁾	Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years⁽²⁾


Ashish Bhutani (50)	Director (July 2005)	Investment Manager, Chief Executive Officer (2004 – present)

		Lazard Ltd, Vice Chairman and Director (2010 – present)



(1)	The address of each Director is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.

(2)	Each Director also serves as a Director of Lazard Retirement Series, Inc., an open-end registered management investment company, and Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc., closed-end registered management investment companies (collectively with the Fund, the “Lazard Funds,” in total comprised of 23 investment portfolios). Each Director serves an indefinite term, until his or her successor is elected, and each Director serves in the same capacity for the other Lazard Funds. All of the Independent Directors, except Mr. Lieberman, are also board members of Lazard Alternative Strategies Fund, L.L.C., a privately-offered fund registered under the 1940 Act and advised by an affiliate of the Investment Manager.

(3)	It is possible that Mr. Davidson could be deemed to be an affiliate of a company that has an indirect ownership interest in a broker-dealer that the Investment Manager may use to execute portfolio transactions for clients other than the Portfolios, and thus an “interested person” (as defined in the 1940 Act) of the Fund. However, due to the structure of Mr. Davidson’s relationship with the company and the remote nature of any deemed affiliation with the broker-dealer, Mr. Davidson is not identified as an “interested person” (as defined in the 1940 Act) of the Fund. Mr. Davidson participates in Fund Board meetings as if his status were that of an “interested person” (as defined in the 1940 Act).

(4)	Messrs. Bhutani and Carroll are “interested persons” (as defined in the 1940 Act) of the Fund because of their positions with the Investment Manager.

Additional information about each Director follows (supplementing the information provided in the chart above), which describes some of the specific experiences, qualifications, attributes or skills that each Director possesses which the Board believes has prepared them to be effective Directors. The Board believes that the significance of each Director’s experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one Director may not have the same value for another) and that these factors are best evaluated at the Board level, with no single Director, or particular factor, being indicative of Board effectiveness. However, the Board believes that Directors need to have the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with Fund management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties; the Board believes that its members satisfy this standard. Experience relevant to having this ability may be achieved through a Director’s educational background; business, professional training or practice (e.g., accounting or law), public service or academic positions; experience from service as a board member (including the Board of the Fund) or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations; and/or other life experiences. The charter for the Board’s Nominating Committee contains certain other factors considered by the Committee in identifying potential Director nominees. To assist them in evaluating matters under federal and state law, the Independent Directors are counseled by their own independent legal counsel, who participates in Board meetings and interacts with the Investment Manager; Fund and independent legal counsel to the Independent Directors has significant experience advising funds and fund board members. The Board and its committees have the ability to engage other experts as appropriate. The Board evaluates its performance on an annual basis.


	•	Charles L. Carroll is Deputy Chairman of the Investment Manager and Head of Global Marketing, responsible for oversight of the Investment Manager’s global marketing efforts in


		the Institutional, Financial Institutions, and Private Client arenas. Additionally, he serves as Chief Executive Officer, President and Director of the other Lazard Funds. Mr. Carroll joined Lazard in 1993 as Senior Vice President responsible for marketing Lazard investment solutions to financial institutions worldwide. Mr. Carroll is a member of the firm’s Global Management and Investment Oversight Committees. He entered the investment field in 1987, joining Shearson Asset Management in New York City as Vice President and National Product Manager. Mr. Carroll later served as First Vice President and Consulting Services Director with Shearson Lehman Brothers. Mr. Carroll attended the University of Utah and currently sits on the Board of Trustees for the Williston Northampton School.

	•	Ashish Bhutani is the Chief Executive Officer of the Investment Manager, where from June 2003 to March 2004 he served as Head of New Products and Strategic Planning. Mr. Bhutani also serves as a Vice Chairman of Lazard Ltd and is a member of its Board of Directors. Prior to joining Lazard in 2003, he was Co-Chief Executive Officer North America of Dresdner Kleinwort Wasserstein from 2001 through 2002, and was a member of its Global Corporate and Markets Board, and its Global Executive Committee. Prior to that, Mr. Bhutani was with Wasserstein Perella Group (the predecessor firm) from 1989 to 2001, where he was Deputy Chairman of Wasserstein Perella Group and Chief Executive Officer of Wasserstein Perella Securities. Mr. Bhutani began his career at Salomon Brothers in 1985 as a Vice President in the fixed income group.

	•	Kenneth S. Davidson is a founding member of Aquiline Holdings LLC, a New York-based global investment firm. From 1977 through 1995, Mr. Davidson was the founder and managing partner of Davidson Weil Associates, and was previously a vice president and senior portfolio manager at Oppenheimer Capital Corporation. He also serves on the boards of several prominent non-profit organizations. Mr. Davidson is a graduate of Colgate University.

	•	Nancy A. Eckl has over 20 years of experience working in the mutual fund/investment management field in a wide range of capacities, including investment manager selection/oversight, accounting, compliance and operations. From 1990 to 2006, Ms. Eckl was Vice President of American Beacon Advisors, Inc., an investment management firm, and of the American Beacon Funds (open-end mutual funds). Ms. Eckl also served as Vice President of certain other funds advised by American Beacon Advisors. Ms. Eckl graduated from the University of Notre Dame and is a Certified Public Accountant in the State of Texas.

	•	Lester Z. Lieberman is Chairman of the Healthcare Foundation of New Jersey, an independent, endowed grant-making organization. He retired as the chief executive at Clarkson Industries, Inc., a publicly-held manufacturing company. Prior to joining Clarkson Industries, he founded Atmos Engineering Co., which was later sold to Clarkson Industries. Mr. Lieberman serves on the boards of a number of established non-profit organizations. He is a graduate of the Newark College of Engineering, and he has received honorary degrees from Clarkson University and the University of Medicine and Dentistry of New Jersey.

	•	Leon M. Pollack spent 33 years in the financial community, the last 13 as a managing director of the investment firm of Donaldson, Lufkin & Jenrette. Mr. Pollack also is a board member of non-profit organizations. Mr. Pollack received his bachelor’s degree in history from Adelphi University’s College of Arts and Sciences and earned an MA in education from New York University.

	•	Richard Reiss, Jr. is the founder and Chairman of Georgica Advisors LLC and its affiliated entities, Reiss Capital Management and Value Insight Partners. Previously, Mr. Reiss was Managing Partner of Cumberland Associates and its three investment funds and a Senior Vice


		President and Director of Research at Shearson Lehman Brothers. Mr. Reiss has served on the boards of a number of companies and non-profit organizations. He received an AB, cum laude, from Dartmouth College and a JD from New York University School of Law.


	•	Robert M. Solmson is the President of Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments. Previously, Mr. Solmson was the former Chairman and Chief Executive Officer of RFS Hotel Investors, a real estate investment trust which he formed in 1993. He also served as its President. Mr. Solmson has served on the boards of a number of corporations and non-profit organizations. He graduated from Washington and Lee University.

Set forth below is the name and certain biographical and other information for the Fund’s officers (in addition to Mr. Carroll).



Name (Age) Address⁽¹⁾	Position(s) with the Fund (Since) and Term⁽²⁾	Principal Occupation(s) During the Past Five Years


Nathan A. Paul (38)	Vice President and Secretary (April 2002)	Managing Director and General Counsel of the Investment Manager

Stephen St. Clair (52)	Treasurer (May 2003)	Vice President of the Investment Manager

Brian D. Simon (48)	Chief Compliance Officer (January 2009) and Assistant Secretary (November 2002)	Director and Chief Compliance Officer (since January 2009) of the Fund and the Investment Manager

Tamar Goldstein (35)	Assistant Secretary (February 2009)	Vice President (since March 2009) and previously Counsel (November 2006 to February 2009) of the Investment Manager; Associate at Schulte Roth & Zabel LLP, a law firm, from May 2004 to October 2006

Cesar A. Trelles (36)	Assistant Treasurer (December 2004)	Fund Administration Manager of the Investment Manager



(1)	The address of each officer is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.

(2)	Each officer serves for an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation or removal. Each officer serves in the same capacity for the other Lazard Funds.

Board Committees, Share Ownership and Compensation

The Fund has standing audit and nominating committees, each comprised of its Directors who are not “interested persons” of the Fund, as defined in the 1940 Act (“Independent Directors”), other than Mr. Davidson.

The function of the audit committee is to (1) oversee the Fund’s accounting and financial reporting processes and the audits of the Fund’s financial statements, (2) assist in Board oversight of the quality and integrity of the Fund’s financial statements and the Fund’s compliance with legal and regulatory requirements relating to accounting, financial reporting, internal control over financial reporting and independent audits, (3) approve engagement of the independent registered public

accounting firm and review and evaluate the qualifications, independence and performance of the independent registered public accounting firm and (4) act as a liaison between the Fund’s independent registered public accounting firm and the Board.

Nominations may be submitted only by a shareholder or group of shareholders that, individually or as a group, has beneficially owned the lesser of (a) 1% of the Fund’s outstanding shares or (b) $500,000 of the Fund’s shares for at least one year prior to the date such shareholder or group submits a candidate for nomination. Not more than one nominee for Director may be submitted by such a shareholder or group each calendar year. In evaluating potential nominees, including any nominees recommended by shareholders, the nominating committee takes into consideration the factors listed in the nominating committee charter, including character and integrity, business and professional experience, and whether the committee believes that the person has the ability to apply sound and independent business judgment and would act in the interest of the Fund and its shareholders. A nomination submission must include all information relating to the recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Directors, as well as information sufficient to evaluate the factors listed above. Nomination submissions must be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the nominating committee.

The audit committee met [____] times and the nominating committee did not meet during the fiscal year ended December 31, 2010.

The table below indicates the dollar range of each Director’s ownership of Portfolio shares and aggregate holdings of all of the Lazard Funds, in each case as of December 31, 2010. [**UPDATE CHART**]

Portfolio

Ashish
Bhutani

Charles L.
Carroll

Kenneth S.
Davidson

Nancy A.
Eckl

Lester Z.
Lieberman

Leon M.
Pollack

Richard
Reiss, Jr.

Robert M.
Solmson

Equity Value Portfolio

[None

None

$1 - $10,000

None

Strategic Equity Portfolio

None

$1 - $10,000

None

Mid Cap Portfolio

None

$1 - $10,000

None

Small-Mid Cap Portfolio

None

International Equity Portfolio

None

$10,001-$50,000

None

International Equity Select Portfolio

None

International Strategic Portfolio

None

International Small Cap Portfolio

None

$10,001-$50,000

None

Global Listed Infrastructure Portfolio

None

Emerging Markets Portfolio

None

Over $100,000

None

$10,001-$50,000

None

Developing Markets Portfolio

None

$50,001-$100,000

None

Portfolio

Ashish
Bhutani

Charles L.
Carroll

Kenneth S.
Davidson

Nancy A.
Eckl

Lester Z.
Lieberman

Leon M.
Pollack

Richard
Reiss, Jr.

Robert M.
Solmson

Emerging Markets Blend Portfolio

[____]

High Yield Portfolio

None

Over $100,000

None

Capital Allocator Portfolio

None

Over $100,000

None

Aggregate Holdings of all Lazard Funds

Over $100,000

None

$10,001-$50,000

None

None]

Emerging Markets Multi-Strategy Portfolio has not yet commenced operations and Emerging Markets Debt Portfolio and Municipal Portfolio had not yet commenced operations in 2010, so no holdings information is provided for these Portfolios.

As of December 31, 2010, none of the Directors or his or her immediate family members owned securities of the Investment Manager or the Distributor or any person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with the Investment Manager or the Distributor.

Each Director who is not an affiliated person of the Investment Manager or any of its affiliates is paid by all of the Lazard Funds: (1) an annual retainer of $80,000, (2) a per meeting in person regular or special meeting fee of $5,000 ($1,500 for telephonic participation), including Board, committee, subcommittee or other special meetings specifically authorized by the Board and held in connection with delegated Fund business, and (3) a telephone Audit Committee or special Board meeting fee of $1,500, with an additional annual fee for the Audit Committee Chairman, Lester Z. Lieberman, of $5,000. (Prior to July 1, 2010, the compensation consisted of: (1) an annual retainer of $60,000, (2) $4,000 per meeting attended in person ($1,500 per meeting attended by telephone) and (3) $1,000 for each committee, subcommittee or other special meetings specifically authorized by the Board and held in connection with delegated Fund business.) The Independent Directors also are reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings. No additional compensation is provided in respect of committee meetings held in conjunction with a meeting of the Board. Compensation is divided among the Lazard Funds based on relative net assets. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. The aggregate amount of compensation paid to each Director for the year ended December 31, 2010, was as follows:


Director	Aggregate Compensation from the Fund	Total Compensation from the Lazard Funds


Ashish Bhutani	None	None
Charles L. Carroll	None	None
Kenneth S. Davidson	$89,491	$97,500
Nancy A. Eckl	$89,491	$97,500
Lester Z. Lieberman	$90,868	$99,000
Leon M. Pollack	$89,491	$97,500
Richard Reiss, Jr.	$89,491	$97,500
Robert M. Solmson	$84,907	$92,500

The Fund does not compensate officers or Directors who are employees or affiliated persons of the Investment Manager. As of the date of this Statement of Additional Information, the Fund’s officers and Directors, as a group, owned less than 1% of the shares of each Portfolio.

Portfolio Managers

Team Management. Portfolio managers at the Investment Manager manage multiple accounts for a diverse client base, including private clients, institutions and investment funds. The Investment Manager manages all portfolios on a team basis. The team is involved at all levels of the investment process. This team approach allows for every portfolio manager to benefit from his/her peers, and for clients to receive the firm’s best thinking, not that of a single portfolio manager. The Investment Manager manages all like investment mandates against a model portfolio. Specific client objectives, guidelines or limitations then are applied against the model, and any necessary adjustments are made.

Material Conflicts Related to Management of Similar Accounts. Although the potential for conflicts of interest exist when an investment adviser and portfolio managers manage other accounts that invest in securities in which a Portfolio may invest or that may pursue a strategy similar to one of the Portfolio’s component strategies (collectively, “Similar Accounts”), the Investment Manager has procedures in place that are designed to ensure that all accounts are treated fairly and that the Portfolio is not disadvantaged, including procedures regarding trade allocations and “conflicting trades” (e.g., long and short positions in the same security, as described below). In addition, each Portfolio, as a series of a registered investment company, is subject to different regulations than certain of the Similar Accounts, and, consequently, may not be permitted to engage in all the investment techniques or transactions, or to engage in such techniques or transactions to the same degree, as the Similar Accounts.

Potential conflicts of interest may arise because of the Investment Manager’s management of a Portfolio and Similar Accounts, including the following:

1. Conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of limited investment opportunities, as the Investment Manager may be perceived as causing accounts it manages to participate in an offering to increase the Investment Manager’s overall allocation of securities in that offering, or to increase the Investment Manager’s ability to participate in future offerings by the same underwriter or issuer. Allocations of bunched trades, particularly trade orders that were only partially filled due to limited availability, and allocation of investment opportunities generally, could raise a potential conflict of interest, as the Investment Manager may have an incentive to allocate securities that are expected to increase in value to preferred accounts. Initial public offerings, in particular, are frequently of very limited availability. A potential conflict of interest may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by the other account, or when a sale in one account lowers the sale price received in a sale by a second account. These potential allocation and trading conflicts are relevant primarily for all portfolio managers of the Portfolios focusing on small capitalization companies, whose shares tend to have more limited and volatile trading than those of companies with larger market capitalizations (Small-Mid Cap and International Small Cap Portfolios).

2. Portfolio managers may be perceived to have a conflict of interest because of the large number of Similar Accounts, in addition to the Portfolios, that they are managing on behalf of the Investment Manager. Although the Investment Manager does not track each individual portfolio manager’s time dedicated to each account, the Investment Manager periodically reviews each portfolio manager’s overall responsibilities to ensure that he or she is able to allocate the necessary time and resources to effectively manage a Portfolio. As illustrated in the table below, all of the portfolio managers of the Portfolios except Messrs. [Charlton, Dzwil, Gillespie and O’Hare] manage a significant number of Similar Accounts (10 or more) in addition to the Portfolio(s) managed by them.

3. Generally, the Investment Manager and/or some or all of a Portfolio’s portfolio managers have investments in Similar Accounts. This could be viewed as creating a potential conflict of interest, since certain of the portfolio managers do not invest in the Portfolios.

4. The portfolio managers noted in footnote (#) to the table below manage Similar Accounts with respect to which the advisory fee is based on the performance of the account, which could give the portfolio managers and the Investment Manger an incentive to favor such Similar Accounts over the corresponding Portfolios. In addition, certain hedge funds managed by the Investment Manager (but not the Portfolios’ portfolio managers) may also be permitted to sell securities short. When the Investment Manager engages in short sales of securities of the type in which a Portfolio invests, the Investment Manager could be seen as harming the performance of the Portfolio for the benefit of the account engaging in short sales if the short sales cause the market value of the securities to fall. As described above, the Investment Manager has procedures in place to address these conflicts.

Accounts Managed by the Portfolio Managers. The chart below includes information regarding the members of the portfolio management teams responsible for managing the Portfolios. Specifically, it shows the number of portfolios and assets managed by management teams of which each Portfolio’s portfolio manager is a member. Regardless of the number of accounts, the portfolio management team still manages each account based on a model portfolio as described above. [**UPDATE CHART**]



Portfolio Manager	Registered Investment Companies ($*)	Other Pooled Investment Vehicles ($*)	Other Accounts ($*)##


Michael A. Bennett#	[5 (2.6 billion)	none	264 (9.6 billion)
Christopher H. Blake#	7 (9.5 billion)	3 (565.9 million)	68 (1.9 billion)
Daniel Breslin	7 (3.4 billion)	1 (8.8 million)	26 (744.7 million)
J. William Charlton and Thomas M. Dzwil	none	2 (36.5 million)	5 (211.2 million)
Rohit Chopra#	5 (1.7 billion)	94 (7 billion)	13 (4.2 billion)
David R. Cleary
David R. Cleary and Christopher Komosa	2 (2.7 million)	2 (8.9 million)	330 (425.8 million)
Michael DeBernardis	2 (348.2 million)	6 (478 million)	23 (549 million)
James M. Donald#	7 (5.3 billion)	14 (4.2 billion)	347 (13.2 billion)
Robert A. Failla#	11 (9.9 billion)	4 (601.2 million)	86 (2.5 billion)
Martin Flood**
Michael G. Fry#	5 (2.6 billion)	3 (158.7 million)	239 (9.5 billion)
Peter Gillespie	none	2 (63.4 million)	2 (1.1 million)
George Grimbilas
Jai Jacob	none	4 (158.2 million)	9 (11.1 million)
Robin O. Jones	none	none	35 (1.7 billion)
Arif Joshi
Andrew D. Lacey#	7 (9.5 billion)	7 (697.7 million)	237 (4.7 billion)
Mark Little	none	none	35 (1.7 billion)
Kevin J. Matthews#	1 (1.8 billion)	none	205 (5.2 billion)
Erik McKee#	5 (1.7 billion)	13 (4.2 billion)	94 (7 billion)
John Mulquiney	none	7 (601.8 million)	8 (1.5 billion)
Kevin O’Hare	none	2 (63.4 million)	2 (1.1 million)
Brian Pessin#	none	6 (734.6 million)	47 (2.2 billion)
Michael Powers#	5 (2.6 billion)	1 (12.7 million)	271 (9.7 billion)
Eulogio Ramos



Portfolio Manager	Registered Investment Companies ($*)	Other Pooled Investment Vehicles ($*)	Other Accounts ($*)##

John R. Reinsberg#	4 (816 million)	4 (102.6 million)	59 (4.3 billion)
Warryn Robertson	none	7 (601.8 million)	8 (1.5 billion)
Edward Rosenfeld#	none	6 (734.6 million)	12 (553.8 million)
John R. Senesac Jr.
Denise Simon
Nicholas Sordoni	none	1 (26.5 million)	16 (713.5 million)
Ronald Temple#	3 (6.8 billion)	4 (592.5 million)	185 (2.6 billion)
J. Richard Tutino	none	1 (26.5 million)	158 (1.2 billion)]


*	Total assets in accounts as of December 31, 2010, unless otherwise indicated.
**	As of ____________, 2011.
#	None of the portfolio managers, except as follows, manage any accounts with respect to which the advisory fee is based on the performance of the account:
		(1)	Messrs. Bennett, Fry, Matthews and Powers manage one registered investment company with assets under management of approximately $1.8 billion.
		(2)	Mr. DeBernardis manages one other pooled investment vehicle with assets under management of approximately $43.5 million.
		(3)	Mr. Donald manages one registered investment company and four other accounts with assets under management of approximately $1.8 billion and $1.2 billion, respectively.
		(4)	Messrs. Blake, Failla and Lacey manage one registered investment company with assets under management of approximately $6 billion.
		(5)	Messrs. Chopra, Donald and McKee manage four other accounts with assets under management of approximately $1.2 billion.
		(6)	Mr. Pessin manages one other pooled investment vehicle and one other account with assets under management of approximately $69.6 million and $218.4 million, respectively.
		(7)	Mr. Reinsberg manages four other pooled investment vehicles with assets under management of approximately $102.6 million.
		(8)	Mr. Rosenfeld manages one other pooled investment vehicle and one other account with assets under management of approximately $69.6 million and $218.4 million, respectively.
		(9)	Mr. Temple manages one registered investment company with assets under management of approximately $6.3 billion.
##	Includes an aggregation of any Similar Accounts within managed account programs where the third party program sponsor is responsible for applying specific client objectives, guidelines and limitations against the model portfolio managed by the portfolio management team.

Compensation for Portfolio Managers. The Investment Manager’s portfolio managers are generally responsible for managing multiple types of accounts that may, or may not, invest in securities in which the Fund may invest or pursue a strategy similar to a Portfolio’s strategies. Portfolio managers responsible for managing the Portfolios may also manage sub-advised registered investment companies, collective investment trusts, unregistered funds and/or other pooled investment vehicles, separate accounts, separately managed account programs (often referred to as “wrap accounts”) and model portfolios.

The Investment Manager compensates portfolio managers by a competitive salary and bonus structure, which is determined both quantitatively and qualitatively. Salary and bonus are paid in cash and stock. Portfolio managers are compensated on the performance of the aggregate group of portfolios managed by the teams of which they are a member rather than for a specific fund or account. Various factors are considered in the determination of a portfolio manager’s compensation. All of the portfolios managed by a portfolio manager are comprehensively evaluated to determine his or her positive and consistent performance contribution over time. Further factors include the amount of assets in the portfolios as well as qualitative aspects that reinforce the Investment Manager’s investment philosophy.

Total compensation is generally not fixed, but rather is based on the following factors: (i) leadership, teamwork and commitment, (ii) maintenance of current knowledge and opinions on companies owned in the portfolio; (iii) generation and development of new investment ideas, including the quality of security analysis and identification of appreciation catalysts; (iv) ability and willingness to develop and share ideas on a team basis; and (v) the performance results of the portfolios managed by the investment teams of which the portfolio manager is a member.

Variable bonus is based on the portfolio manager’s quantitative performance as measured by his or her ability to make investment decisions that contribute to the pre-tax absolute and relative returns of the accounts managed by the teams of which the portfolio manager is a member, by comparison of each account to a predetermined benchmark (as set forth in the prospectus or other governing document) over the current fiscal year and the longer-term performance (3-, 5- or 10-year, if applicable) of such account, as well as performance of the account relative to peers. The variable bonus for each Portfolio’s portfolio management team in respect of its management of the Portfolio is determined by reference to the corresponding indices listed below. The portfolio manager’s bonus also can be influenced by subjective measurement of the manager’s ability to help others make investment decisions.



Portfolio		Index

Equity Value Portfolio		Russell 1000^® Value Index
Strategic Equity Portfolio		S&P 500^® Index
Mid Cap Portfolio		Russell Midcap^® Index
Small-Mid Cap Portfolio		Russell 2500^® Index
International Equity Portfolio		MSCI Europe, Australasia and Far East (EAFE^®) Index
International Equity Select Portfolio		MSCI AC World ex US Index
International Strategic Portfolio		MSCI EAFE Index
International Small Cap Portfolio		MSCI EAFE Small Cap Index
Global Listed Infrastructure Portfolio		UBS Global 50/50 Infrastructure & Utilities^® Index
Emerging Markets Portfolio		MSCI Emerging Markets Index
Developing Markets Portfolio		MSCI Emerging Markets Index
Emerging Markets Blend Portfolio		MSCI Emerging Markets Index
Emerging Markets Multi-Strategy Portfolio		MSCI Emerging Markets Index
Emerging Markets Debt Portfolio		50% JPMorgan EMBI Global Diversified Index/
		50% JPMorgan GBI-EM Global Diversified Index
High Yield Portfolio		Merrill Lynch High Yield Master II^® Index
Municipal Portfolio		Bank of America Merrill Lynch 1-10 Year Municipal Bond
		Index
Capital Allocator Portfolio		MSCI World Index

In addition, effective May 4, 2005, the Lazard Ltd 2005 Equity Incentive Plan was adopted and approved by the Board of Directors of Lazard Ltd. The purpose of this plan is to give the company a competitive advantage in attracting, retaining and motivating officers, employees, directors, advisors and/or consultants and to provide the company and its subsidiaries and affiliates with a stock plan providing incentives directly linked to shareholder value.

Ownership of Securities. As of December 31, 2010, except as noted, the portfolio managers owned the following shares of the Portfolios: [**UPDATE CHART**]


Portfolio/Portfolio Manager		Market Value of Shares


Equity Value Portfolio
	Andrew D. Lacey	[$100,001-$500,000
	Martin Flood*	[____________]
	Nicholas Sordoni	$10,001-$50,000


Portfolio/Portfolio Manager		Market Value of Shares


	Ronald Temple	$10,001-$50,000
	J. Richard Tutino	$10,001-$50,000

Strategic Equity Portfolio
	Christopher H. Blake	$10,001-$50,000
	Robert A. Failla	$50,001-$100,000
	Martin Flood*	[___________]
	Andrew D. Lacey	$100,001-$500,000
	Ronald Temple	$50,001-$100,000

Mid Cap Portfolio
	Christopher H. Blake**	None
	Daniel Breslin	None
	Robert A. Failla***	$10,001-$50,000
	Martin Flood*	[___________]
	Andrew D. Lacey**	$100,001-$500,000

Small-Mid Cap Portfolio
	Daniel Breslin**	$10,001-$50,000
	Michael DeBernardis**	$10,001-$50,000
	Robert A. Failla***	None
	Andrew D. Lacey**	$100,001-$500,000

International Equity Portfolio
	Michael A. Bennett	$100,001-$500,000
	Michael G. Fry	None
	Michael Powers	$50,001-$100,000
	John R. Reinsberg	$100,001-$500,000

International Equity Select Portfolio
	Michael A. Bennett	$100,001-$500,000
	James M. Donald	None
	Michael G. Fry	None
	Kevin J. Matthews	None
	Michael Powers	$50,001-$100,000
	John R. Reinsberg	None

International Strategic Portfolio
	Michael A. Bennett	$10,001-$50,000
	Robin O. Jones	None
	Mark Little	None
	Brian Pessin	None
	John R. Reinsberg	None

International Small Cap Portfolio
	Brian Pessin	$100,001-$500,000
	John R. Reinsberg	$100,001-$500,000
	Edward Rosenfeld	$1-$10,000

Global Listed Infrastructure Portfolio
	John Mulquiney	None
	Warryn Robertson	None


Portfolio/Portfolio Manager			Market Value of Shares


Emerging Markets Portfolio
		Rohit Chopra	$10,001-$50,000
		James M. Donald	$500,001-$1,000,000
		Erik McKee	$50,001-$100,000
		John R. Reinsberg	$500,001-$1,000,000

Developing Markets Portfolio
		James M. Donald	$500,001-$1,000,000
		Peter Gillespie	$10,001-$50,000
		Kevin O’Hare	$100,001-$500,000
		John R. Reinsberg	$100,001-$500,000

Emerging Markets Blend Portfolio
		James M. Donald	[_____________]
		Jai Jacob	[_____________]
		Kevin O’Hare	[_____________]

High Yield Portfolio
		J. William Charlton	$100,001-$500,000
		Thomas M. Dzwil	None

Capital Allocator Portfolio
		David R. Cleary	$500,001-$1,000,000
		Christopher Komosa	$10,001-$50,000]



*	As of____________, 2011.
**	As of June 30, 2010.
**	As of September 28, 2010.

Emerging Markets Multi-Strategy Portfolio has not yet commenced operations and Emerging Markets Debt Portfolio and Municipal Portfolio had not yet commenced operations in 2010, so no ownership information is provided for these Portfolios.

Investment Manager and Investment Management Agreements

The Investment Manager, located at 30 Rockefeller Plaza, New York, NY 10112-6300, has entered into an investment management agreement (the “Management Agreement”) with the Fund on behalf of the Portfolios. Pursuant to the Management Agreement, the Investment Manager regularly provides each Portfolio with investment research, advice and supervision and furnishes continuously an investment program for each Portfolio consistent with its investment objective and policies, including the purchase, retention and disposition of securities.

The Investment Manager, a wholly-owned subsidiary of Lazard, is registered as an investment adviser with the SEC. The Investment Manager provides day-to-day management of the Portfolios’ investments and assists in the overall management of the Fund’s affairs. Its clients are both individuals and institutions, some of whose accounts have investment policies similar to those of several of the Portfolios.

The Fund, the Investment Manager and the Distributor each have adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act that permits its personnel, subject to such Code of Ethics, to invest in securities, including securities that may be purchased or held by a Portfolio. The Codes of

Ethics restrict the personal securities transactions of employees and require portfolio managers and other investment personnel to comply with the preclearance and disclosure procedures. The primary purpose of the Codes of Ethics is to ensure that personal trading by employees does not disadvantage any Portfolio.

Under the terms of the Management Agreement, the Investment Manager will pay the compensation of all personnel of the Fund, except the fees of Directors of the Fund who are not employees or affiliated persons of the Investment Manager. The Investment Manager will make available to the Portfolios such of the Investment Manager’s members, officers and employees as are reasonably necessary for the operations of each Portfolio, or as may be duly elected officers or directors of the Fund. Under the Management Agreement, the Investment Manager also pays each Portfolio’s office rent and provides investment advisory research and statistical facilities and all clerical services relating to research, statistical and investment work. The Investment Manager, including its employees who serve the Portfolios, may render investment advice, management and other services to other clients.

As compensation for its services, the Fund has agreed to pay the Investment Manager an investment management fee, accrued daily and payable monthly, at the annual rates set forth below as a percentage of the average daily net asset value of the relevant Portfolio:



Portfolio	Management Fee Rate

Equity Value Portfolio	.70	%
Strategic Equity Portfolio	.70
Mid Cap Portfolio	.75
Small-Mid Cap Portfolio	.75
International Equity Portfolio	.75
International Equity Select Portfolio	.85
International Strategic Portfolio	.75
International Small Cap Portfolio	.75
Global Listed Infrastructure Portfolio	.90
Emerging Markets Portfolio	1.00
Developing Markets Portfolio	1.00
Emerging Markets Blend Portfolio	1.05
Emerging Markets Multi-Strategy Portfolio	1.00
Emerging Markets Debt Portfolio	.80
High Yield Portfolio	.55
Municipal Portfolio	.25
Capital Allocator Portfolio	1.00

Through April 30, 2012 (except as noted), the Investment Manager has agreed to waive its management fees and, if necessary, reimburse the Portfolio, to the extent Total Annual Portfolio Operating Expenses exceed the percentage of the value of the Portfolio’s average daily net assets set forth opposite the Portfolio’s name, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” (investments in other investment companies) and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees:


	Maximum Total Portfolio Operating Expenses


Portfolio	Institutional Shares		Open Shares

Equity Value Portfolio*	.75	%	1.05	%
Strategic Equity Portfolio	.75		1.05
Mid Cap Portfolio	1.05		1.35
Small-Mid Cap Portfolio	1.15		1.45
International Equity Portfolio	1.05		1.35
International Equity Select Portfolio	1.15		1.45



	Maximum Total Portfolio Operating Expenses


Portfolio	Institutional Shares	Open Shares

International Strategic Portfolio	1.15	1.45
International Small Cap Portfolio	1.13	1.43
Global Listed Infrastructure Portfolio	1.30	1.60
Emerging Markets Portfolio	1.30	1.60
Developing Markets Portfolio	1.30	1.60
Emerging Markets Blend Portfolio	1.35	1.65
Emerging Markets Multi-Strategy Portfolio	1.30	1.60
Emerging Markets Debt Portfolio	1.10	1.40
High Yield Portfolio	.55	.85
Municipal Portfolio	.40	.70
Capital Allocator Portfolio**	1.02	1.32



*	This agreement continues in effect from May 1, 2012 through April 30, 2021, at levels of 1.10% and 1.40% of the average daily net assets of the Portfolio’s Institutional Shares and Open Shares, respectively.
**	The addition of Acquired Fund Fees and Expenses will cause Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement to exceed the maximum amounts of 1.02% and 1.32% for Institutional Shares and Open Shares, respectively.

For the fiscal years ended December 31, 2008, 2009 and 2010, the management fees payable by each Portfolio, the amounts waived (and reimbursed), by the Investment Manager and the net fees paid to the Investment Manager were as follows:


Portfolio	Fee Payable For Fiscal Year Ended December 31, 2008		Fee Payable For Fiscal Year Ended December 31, 2009		Fee Payable For Fiscal Year Ended December 31, 2010


Equity Value Portfolio	$	64,432	$	54,555	$	82,276
Strategic Equity Portfolio		611,937		491,605		556,433
Mid Cap Portfolio		2,137,519		1,352,713		1,490,077
Small-Mid Cap Portfolio		637,288		408,402		933,932
International Equity Portfolio		1,679,042		1,031,583		1,106,469
International Equity Select Portfolio		154,613		75,359		55,433
International Strategic Portfolio		2,682,287		2,060,777		2,735,062
International Small Cap Portfolio		1,275,372		541,008		503,229
Global Listed Infrastructure Portfolio		—		—		820,223
Emerging Markets Portfolio		64,375,771		76,191,090		148,785,989
Developing Markets Portfolio		13,948		244,566		779,690
Emerging Markets Blend Portfolio		—		—		88,717
High Yield Portfolio		278,680		391,385		603,838
Capital Allocator Portfolio		1,156,510		1,649,073		2,159,816

Portfolio	Reduction in Fee For Fiscal Year Ended December 31, 2008		Reduction in Fee For Fiscal Year Ended December 31, 2009		Reduction in Fee For Fiscal Year Ended December 31, 2010


Equity Value Portfolio	$	191,470	$	162,664	$	192,613
Strategic Equity Portfolio		18,725		25,105		45,899


Portfolio	Reduction in Fee For Fiscal Year Ended December 31, 2008			Reduction in Fee For Fiscal Year Ended December 31, 2009			Reduction in Fee For Fiscal Year Ended December 31, 2010

Mid Cap Portfolio		—			—			—
Small-Mid Cap Portfolio		—			8,032			—
International Equity Portfolio		—			—			—
International Equity Select Portfolio		191,531			197,383			254,387
International Strategic Portfolio		—			—			—
International Small Cap Portfolio		—			34,170			50,665
Global Listed Infrastructure Portfolio		—			4,996			41,263
Emerging Markets Portfolio		—			—			—
Developing Markets Portfolio		150,953			284,576			237,373
Emerging Markets Blend Portfolio		—			—			400,494
High Yield Portfolio		247,532			243,692			283,787
Capital Allocator Portfolio		254,999			234,202			250,976

Portfolio	Net Fee Paid For Fiscal Year Ended December 31, 2008			Net Fee Paid For Fiscal Year Ended December 31, 2009			Net Fee Paid For Fiscal Year Ended December 31, 2010


Equity Value Portfolio	$	(127,038	)	$	(108,109	)	$	(110,337	)
Strategic Equity Portfolio		593,212			466,500			510,534
Mid Cap Portfolio		2,137,519			1,352,713			1,490,077
Small-Mid Cap Portfolio		637,288			400,370			933,932
International Equity Portfolio		1,679,042			1,031,583			1,106,469
International Equity Select Portfolio		(36,918	)		(122,024	)		(198,954	)
International Strategic Portfolio		2,682,287			2,060,777			2,735,062
International Small Cap Portfolio		1,275,372			506,838			452,564
Global Listed Infrastructure Portfolio		—			(4,996	)		778,960
Emerging Markets Portfolio		64,375,771			76,191,090			148,785,989
Developing Markets Portfolio		(137,005	)		(40,010	)		542,317
Emerging Markets Blend Portfolio		—			—			(311,777	)
High Yield Portfolio		31,148			147,693			320,051
Capital Allocator Portfolio		901,511			1,414,871			1,908,840

The Management Agreement provides that each Portfolio pays all of its expenses that are not specifically assumed by the Investment Manager. Expenses attributable to each Portfolio will be charged against the assets of that Portfolio. Other expenses of the Fund will be allocated among the Portfolios in a manner which may, but need not, be proportionate in relation to the net assets of each Portfolio. Expenses payable by each of the Portfolios include, but are not limited to, brokerage and other expenses of executing portfolio transactions; legal, auditing or accounting expenses; trade association dues; taxes or governmental fees; the fees and expenses of any person providing administrative services to the Fund; the fees and expenses of the custodian and transfer agent of the Fund; clerical expenses of issue,

redemption or repurchase of shares of the Portfolio; the expenses and fees for registering and qualifying securities for sale; the fees of Directors of the Fund who are not employees or affiliated persons of the Investment Manager or its affiliates; travel expenses of all Directors, officers and employees; insurance premiums; and the cost of preparing and distributing reports and notices to shareholders. In addition, Open Shares of each Portfolio are subject to an annual distribution and servicing fee. See “Distribution and Servicing Arrangements.”

As to each Portfolio, the Management Agreement is subject to annual approval by (i) the Fund’s Board or (ii) vote of a majority (as defined in the 1940 Act) of the outstanding voting securities of the relevant Portfolio, provided that in either event the continuance also is approved by a majority of the Independent Directors of the Fund or the Investment Manager, by vote cast in person at a meeting called for the purpose of voting on such approval. As to each Portfolio, the Management Agreement is terminable without penalty, on 60 days’ notice, by the Fund’s Board or by vote of the holders of a majority of the shares of such Portfolio, or, upon not less than 90 days’ notice, by the Investment Manager. The Management Agreement will terminate automatically, as to the relevant Portfolio, in the event of its assignment (as defined in the 1940 Act). The Management Agreement provides that in the absence of willful misfeasance, bad faith or gross negligence on the part of the Investment Manager, or of reckless disregard of its obligations thereunder, the Investment Manager shall not be liable for any action or failure to act in accordance with its duties thereunder.

Proxy Voting

The Fund has delegated voting of proxies in respect of portfolio holdings to the Investment Manager, to vote the Fund’s proxies in accordance with the Investment Manager’s proxy voting policy and guidelines (the “Voting Guidelines”) that provide as follows:


	•	The Investment Manager votes proxies in the best interests of its clients.

	•	Unless the Investment Manager’s Proxy Committee otherwise determines, the Investment Manager votes proxies in a manner consistent with the Voting Guidelines.

	•	To avoid conflicts of interest, the Investment Manager votes proxies where a material conflict has been deemed to exist in accordance with specific proxy voting guidelines regarding various standard proxy proposals (“Approved Guidelines”) or, if the Approved Guideline is to vote case-by-case, in accordance with the recommendation of an independent source.

	•	The Investment Manager also may determine not to vote proxies in respect of securities of any issuer if it determines that it would be in the client’s overall best interests not to vote.

The Voting Guidelines address how it will vote proxies on particular types of matters such as the election for directors, adoption of option plans and anti-takeover proposals. For example, the Investment Manager generally will:

	•	vote as recommended by management in routine election or re-election of directors;

	•	favor programs intended to reward management and employees for positive, long-term performance, evaluating whether the Investment Manager believes, under the circumstances, that the level of compensation is appropriate or excessive; and


	•	vote against anti-takeover measures, such as adopting supermajority voting requirements, shareholder rights plans and fair price provisions.

The Fund’s proxy voting record for the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the SEC’s website at http://www.sec.gov. Information as of June 30 each year will generally be available by the following August 31.

Administrator, Custodian and Transfer Agent

The Fund has entered into an administrative agreement with State Street Bank and Trust Company (“State Street”), One Lincoln Street, Boston, Massachusetts 02111, to provide certain administrative services to the Portfolios. Each Portfolio bears the cost of such services at a fixed annual rate of $42,500, plus $7,500 per additional class, and 0.02% of average daily net assets up to $1 billion and 0.01% of average daily net assets over $1 billion. State Street has agreed to waive $18,750 of the $42,500 annual fee for the Equity Value Portfolio until the Portfolio’s net assets reach $25 million.

State Street also acts as the Fund’s custodian. As the Fund’s custodian, State Street, among other things, maintains a custody account or accounts in the name of each Portfolio; receives and delivers all assets for each Portfolio upon purchase and upon sale or maturity; collects and receives all income and other payments and distributions on account of the assets of each Portfolio and disburses the Portfolio’s assets in payment of its expenses. The custodian does not determine the investment policies of any Portfolio or decide which securities any Portfolio will buy or sell.

Boston Financial Data Services, Inc. (“BFDS”), P.O. Box 8154, Boston, Massachusetts 02266-8154, is the Fund’s transfer and dividend disbursing agent. Under a transfer agency agreement with the Fund, BFDS arranges for the maintenance of shareholder account records for each Portfolio, the handling of certain communications between shareholders and the Fund and the payment of dividends and distributions payable by the Fund. For these services, BFDS receives a monthly fee computed on the basis of the number of shareholder accounts it maintains for the Fund during the month, subject to a minimum fee amount per share class in each Portfolio, and is reimbursed for certain out-of-pocket expenses. BFDS has agreed to waive the monthly minimum fee for six months after a new Portfolio has commenced operations.

Distributor

Lazard Asset Management Securities LLC, 30 Rockefeller Plaza, New York, New York 10112-6300, serves as the distributor of each Portfolio’s shares and conducts a continuous offering pursuant to a “best efforts” arrangement. As the distributor, it accepts purchase and redemption orders for Portfolio shares. In addition, the distribution agreement obligates the Distributor to pay certain expenses in connection with the offering of Portfolio shares. After the Prospectus and periodic reports have been prepared, set in type and mailed to shareholders, the Distributor also will pay for any printing and distribution of copies thereof used in connection with the offering to prospective investors.

DETERMINATION OF NET ASSET VALUE

Net asset value per share for each Class of each Portfolio is determined by State Street for the Fund on each day the New York Stock Exchange (the “NYSE”) is open for business. The NYSE is ordinarily closed on the following national holidays: New Year’s Day, Martin Luther King, Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. Net asset value per share is determined by dividing the value of the total assets of the

Portfolio represented by such Class, less all liabilities, by the total number of Portfolio shares of such Class outstanding.

Market values for securities listed on the NYSE, NASDAQ national market or other U.S. exchanges or markets are generally based on the last reported sales price on the principal exchange or market on which the security is traded, generally as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time) on each valuation date; securities not traded on the valuation date are valued at the closing bid price. The Fund values NASDAQ-traded securities at the NASDAQ Official Closing Price, which may not be the last reported sales price in certain instances. Options on stock and stock indices traded on national securities exchanges are valued as of the close of options trading on such exchanges (which is normally 4:10 p.m., Eastern time). Any securities not listed, for which current over-the-counter market quotations or bids are readily available, are valued at the last quoted bid price or, if available, the mean of two such prices. Except as described below, securities listed on foreign exchanges are valued at the last reported sales price; securities listed on foreign exchanges not traded on the valuation date are valued at the last quoted bid price.

Bonds and other debt securities that are not exchange-traded are valued on the basis of prices provided by pricing services which are based primarily on institutional trading in similar groups of securities, or by using brokers’ quotations. Mortgage-backed securities issued by certain government-related organizations are valued using pricing services or brokers’ quotations based on a matrix system which considers such factors as other security prices, yields and maturities. Debt securities maturing in 60 days or less are valued at amortized cost, except where to do so would not accurately reflect their fair value, in which case such securities are valued at fair value as determined by, or in accordance with procedures approved by, the Board.

Calculation of a Portfolio’s net asset value may not take place contemporaneously with the determination of the prices of portfolio assets used in such calculation. Trading on Europe, Latin and South America and Far East securities exchanges and in over-the-counter markets ordinarily is completed well before the close of business on each business day in New York (i.e., a day on which the NYSE is open). In addition, European or Far Eastern securities trading generally or in a particular country or countries may not take place on all business days in New York and on which the net asset value of a Portfolio is calculated. If a significant event materially affecting the value of securities occurs between the close of the exchange or market on which the security is principally traded and the time when a Portfolio’s net asset value is calculated, or when current market quotations otherwise are determined not to be readily available or reliable (including restricted or other illiquid securities such as certain derivative instruments), such securities will be valued at their fair value as determined by, or in accordance with procedures approved by, the Board. The Valuation Committee of the Investment Manager may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Investment Manager’s analysts also will be considered. The fair value of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant ADRs or futures contracts. The effect of using fair value pricing is that the net asset value of a Portfolio will reflect the affected securities’ values as determined in the judgment of the Board or its designee instead of being determined by the market. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ net asset values. Foreign securities may trade on days when a Portfolio is not open for business, thus affecting the value of the Portfolio’s assets on days when Portfolio shareholders may not be able to buy or sell Portfolio shares.

PORTFOLIO TRANSACTIONS

General

Subject to the supervision of the Board, the Investment Manager is primarily responsible for the investment decisions and the placing of portfolio transactions for each Portfolio. In arranging for the Portfolios’ securities transactions, the Investment Manager is primarily concerned with seeking best execution, which is considered to be the most favorable combination of price and quantity that can be traded at a point in time given, among other factors, the liquidity, market conditions, and required urgency of execution. In choosing broker-dealers, the Investment Manager considers all relevant factors, including but not limited to: the ability of a broker-dealer to provide a prompt and efficient agency execution; the ability and willingness of a broker-dealer to facilitate the transactions by acting as principal and going at risk for its own accounts; the ability of a broker-dealer to provide accurate and timely settlement of the transaction; the Investment Manager’s knowledge of the negotiated commission rates currently available and other current transactions costs; the clearance and settlement capabilities of the broker; the Investment Manager’s knowledge of the financial condition of the broker or dealer selected; and any other matter relevant to the selection of a broker-dealer.

In the over-the-counter market, securities are generally traded on a “net” basis with dealers acting as principal for their own accounts without a stated commission, although the price of the security usually includes a profit to the dealer. In underwritten offerings, securities are purchased at a fixed price that includes an amount of compensation to the underwriter, generally referred to as the underwriter’s concession or discount.

To the extent consistent with applicable provisions of the 1940 Act and the rules adopted by the SEC thereunder, the Fund’s Board has determined that securities transactions for a Portfolio may be executed through a broker-dealer that may be deemed to be an affiliate of the Investment Manager if, in the judgment of the Investment Manager, the use of the broker-dealer is likely to result in price and execution at least as favorable as those of other qualified brokers or dealers, and if, in the transaction, the broker-dealer charges the Portfolio a rate consistent with that charged to comparable unaffiliated customers in similar transactions.

Purchase and sale orders for securities held by a Portfolio may be combined with those for other Portfolios in the interest of the most favorable net results for all. In some cases, this policy may adversely affect the price paid or received by an account, or the size of the position obtained or liquidated. When the Investment Manager determines that a particular security should be bought for or sold by more than one Portfolio, the Investment Manager undertakes to allocate those transactions between the participants equitably.

[**UPDATE** - Disclose any significant variation in portfolio turnover rates over the two most recently completed fiscal years or any anticipated variation in the portfolio turnover rate from that reported for the last fiscal year.]

IPO Allocations. (All Portfolios, except Emerging Markets Debt, High Yield and Municipal Portfolios) Under the Investment Manager’s trade allocation procedures applicable to domestic and foreign initial and secondary public offerings and Rule 144A transactions (collectively herein “IPO”), the Investment Manager will generally allocate IPO shares among client accounts, including the Portfolios, pro rata based upon the aggregate asset size (excluding leverage) of the account. The Investment Manager may also allocate IPO shares on a random basis, as selected electronically, or other basis. It is often difficult for the Investment Manager to obtain a sufficient number of IPO shares to provide a full

allocation to each account. The Investment Manager’s allocation procedures are designed to allocate IPO securities in a fair and equitable manner.

The Portfolios listed below held securities of their regular brokers or dealers during the fiscal year ended December 31, 2010: [**UPDATE CHART**]


Portfolio	Broker/Dealer	Value on December 31, 2010 (in $000s)


Equity Value Portfolio	State Street Bank & Trust Company Bank of America Corp. The Goldman Sachs Group, Inc. JPMorgan Chase & Co. Morgan Stanley		$

Strategic Equity Portfolio	State Street Bank & Trust Company Bank of America Corp. JP Morgan Chase & Co. Morgan Stanley

Mid Cap Portfolio	State Street Bank & Trust Company

Small-Mid Cap Portfolio	State Street Bank & Trust Company

International Equity Portfolio	Banco Santander SA
	Credit Suisse Group AG
	State Street Bank & Trust Company
	UBS AG

International Equity Select Portfolio	Credit Suisse Group AG State Street Bank & Trust Company UBS AG

International Strategic Portfolio	Credit Suisse Group AG State Street Bank & Trust Company UBS AG

International Small Cap Portfolio	State Street Bank & Trust Company

Global Listed Infrastructure Portfolio	State Street Bank & Trust Company

Emerging Markets Portfolio	State Street Bank & Trust Company

Developing Markets Portfolio	State Street Bank & Trust Company

Emerging Markets Blend Portfolio	[_____________________]

High Yield Portfolio	State Street Bank & Trust Company

Capital Allocator Portfolio	State Street Bank & Trust Company

Research and Statistical Information

Consistent with the requirements of best execution, brokerage commissions on a Portfolio’s transactions may be paid to brokers in recognition of investment research and information furnished as well as for brokerage and execution services provided by such brokers. The Investment Manager may in its discretion cause accounts to pay such broker-dealers a commission for effecting a portfolio transaction in excess of the amount of commission another broker or dealer adequately qualified to effect such transaction would have charged for effecting that transaction. This may be done where the Investment Manager has determined in good faith that such commission is reasonable in relation to the value of the brokerage and/or research to that particular transaction or to the Investment Manager’s overall responsibilities with respect to the accounts as to which it exercises investment discretion.

The Investment Manager receives a wide range of research (including proprietary research) and brokerage services from brokers. These services include information on the economy, industries, groups of securities, and individual companies; statistical information; technical market action, pricing and appraisal services; portfolio management computer services (including trading and settlement systems); risk management analysis; and performance analysis. Broker-dealers may also supply market quotations to the Fund’s custodian for valuation purposes.

Any research received in respect of a Portfolio’s brokerage commission may be useful to the Portfolio, but also may be useful in the management of the account of another client of the Investment Manager. Similarly, the research received for the commissions of such other client may be useful for the Portfolio.

Brokerage Commissions

In connection with its portfolio securities transactions for the fiscal years ended December 31, 2008, 2009 and 2010, each Portfolio indicated below paid brokerage commissions as follows: [**UPDATE CHART**]

Year Ended December 31, 2008


Portfolio	Total Brokerage Commissions Paid		Amount of Brokerage Commissions Paid to Lazard	Percentage of Total Brokerage Commissions Paid to Lazard	Percentage of Total Brokerage Transactions Effected Through Lazard


Equity Value Portfolio	$	17,596	—	—	—
Strategic Equity Portfolio		159,107	—	—	—
Mid Cap Portfolio		666,151	—	—	—
Small-Mid Cap Portfolio		386,200	—	—	—
International Equity Portfolio		307,710	—	—	—
International Equity Select Portfolio		16,980	—	—	—
International Strategic Portfolio		752,798	—	—	—
International Small Cap Portfolio		218,042	—	—	—
Emerging Markets Portfolio		15,501,407	—	—	—
Developing Markets Portfolio		11,593	—	—	—
Capital Allocator Portfolio		225,699	—	—	—

Year Ended December 31, 2009


Portfolio	Total Brokerage Commissions Paid		Amount of Brokerage Commissions Paid to Lazard	Percentage of Total Brokerage Commissions Paid to Lazard	Percentage of Total Brokerage Transactions Effected Through Lazard


Equity Value Portfolio	$	9,939	—	—	—
Strategic Equity Portfolio		99,229	—	—	—
Mid Cap Portfolio		340,706	—	—	—
Small-Mid Cap Portfolio		226,204	—	—	—
International Equity Portfolio		232,045	—	—	—
International Equity Select Portfolio		11,889	—	—	—
International Strategic Portfolio		948,485	—	—	—
International Small Cap Portfolio		109,089	—	—	—
Global Listed Infrastructure Portfolio		—	—	—	—
Emerging Markets Portfolio		19,728,544	—	—	—
Developing Markets Portfolio		91,637	—	—	—
Capital Allocator Portfolio		298,625	—	—	—

Year Ended December 31, 2010


Portfolio	Total Brokerage Commissions Paid	Amount of Brokerage Commissions Paid to Lazard	Percentage of Total Brokerage Commissions Paid to Lazard	Percentage of Total Brokerage Transactions Effected Through Lazard


Equity Value Portfolio	$	—	—	—
Strategic Equity Portfolio		—	—	—
Mid Cap Portfolio		—	—	—
Small-Mid Cap Portfolio		—	—	—
International Equity Portfolio		—	—	—
International Equity Select Portfolio		—	—	—
International Strategic Portfolio		—	—	—
International Small Cap Portfolio		—	—	—
Global Listed Infrastructure Portfolio		—	—	—
Emerging Markets Portfolio		—	—	—
Developing Markets Portfolio		—	—	—
Emerging Markets Blend Portfolio		—	—	—
Capital Allocator Portfolio		—	—	—

The aggregate amount of transactions during the fiscal year ended December 31, 2010 in securities effected on an agency basis through a broker for, among other things, research services, and the commissions and concessions related to such transactions were as follows: [**UPDATE CHART**]


Portfolio	Transaction Amount		Commissions and Concessions

Equity Value Portfolio	[$	9,300,074	$	9,939
Strategic Equity Portfolio		97,558,329		99,229
Mid Cap Portfolio		280,496,128		340,706


Portfolio	Transaction Amount		Commissions and Concessions

Small-Mid Cap Portfolio		200,880,491		226,204
International Equity Portfolio		173,578,409		232,045
International Equity Select Portfolio		10,853,480		11,889
International Strategic Portfolio		692,223,371		948,485
International Small Cap Portfolio		118,498,626		109,089
Global Listed Infrastructure Portfolio		—		—
Emerging Markets Portfolio		10,122,307,424		19,728,544
Developing Markets Portfolio		83,402,813		91,637
Emerging Markets Blend Portfolio		[_________]		[_________]
Capital Allocator Portfolio		413,021,907		298,625]

Emerging Markets Multi-Strategy Portfolio has not yet commenced operations and Emerging Markets Debt Portfolio and Municipal Portfolio had not yet commenced operations in 2010, so no transactional information is provided for these Portfolios.

HOW TO BUY AND HOW TO SELL SHARES

General. The minimum initial investment for each Portfolio is $2,500 for Open Shares, unless the investor is a client of a securities dealer or other institution which has made an aggregate minimum initial purchase for its clients of at least $2,500 for Open Shares, and $100,000 for Institutional Shares. The minimum investment requirements may be waived or lowered for investments effected through banks and other institutions that have entered into special arrangements with the Fund or the Distributor and for investments effected on a group basis by certain other entities and their employees, such as pursuant to a payroll deduction plan. The Fund reserves the right to change or waive the minimum initial, and subsequent, investment requirements at any time.

Securities dealers and other institutions effecting transactions in Portfolio shares for the accounts of their clients may charge their clients direct fees in connection with such transactions. The Fund and the Distributor reserve the right to reject any purchase order. All funds will be invested in full and fractional shares. Stock certificates will not be issued.

Each Portfolio may, in its discretion, accept securities in payment for shares of the Portfolio. Securities may be accepted in payment for shares only if the securities are, in the judgment of the Investment Manager, appropriate investments for the Portfolio. In addition, securities accepted in payment for Portfolio shares must: (i) meet the Portfolio’s investment objective and policies; (ii) be acquired by the Portfolio for investment and not for resale; and (iii) be liquid securities with readily available market prices on the NYSE, The NASDAQ Stock Market, a recognized non-U.S. exchange or non-NASDAQ listing with at least two market makers. These securities are valued by the same method used to value the Portfolio’s portfolio holdings. The contribution of securities to the Portfolio may be a taxable transaction to the shareholder.

Purchases through the Transfer Agent. Orders for Portfolio shares will become effective at the net asset value per share next determined after receipt by the Transfer Agent or other agent of a check drawn on any member of the Federal Reserve System or after receipt by the Custodian or other agent of a bank wire or Federal Reserve Wire. Checks must be payable in United States dollars and will be accepted subject to collection at full face value.

By investing in a Portfolio, a shareholder appoints the Transfer Agent, as agent, to establish an account to which all shares purchased will be credited, together with any dividends and capital gain distributions that are paid in additional shares.

Service Agents. The Fund has authorized one or more brokers and other financial intermediaries (“Service Agents”) to accept on its behalf purchase and redemption orders. Service Agents are authorized to designate other intermediaries to accept purchase and redemption orders on the Fund’s behalf. The Fund will be deemed to have received a purchase or redemption order when a Service Agent or, if applicable, a Service Agent’s authorized designee, accepts the order. Customer orders will be priced at the respective Portfolio’s net asset value next computed after such orders are accepted by a Service Agent or its authorized designee. Service Agents may charge their clients fees which would not apply to shares purchased through the Distributor.

Exchange Privileges and Conversion Features. The Fund may, in its discretion, accept requests by a shareholder or Service Agent to exchange or convert holdings of one class of Portfolio shares for a different class of shares of the same Portfolio, or to exchange shares of one class of a Portfolio into shares of the same class of another Portfolio. Exchange or conversion requests from one class of Portfolio shares for a different class of the same Portfolio may include situations when a shareholder becomes a client of a Service Agent that is not authorized to accept on the Fund’s behalf purchase and redemption orders in the class of shares held by the shareholder. For federal income tax purposes, a same-Portfolio share class exchange is not expected to result in the realization by the investor of a capital gain or loss; however, shareholders are advised to consult with their own tax advisers with respect to the particular tax consequences to shareholders of an investment in a Portfolio.

Redemption Fee. Each Portfolio will impose a redemption fee equal to 1.00% of the net asset value of shares acquired by purchase or exchange and redeemed or exchanged within 30 days after such shares were acquired, calculated as described in the Prospectus. The fee will be retained by the Portfolio and used primarily to offset the transaction costs that short-term trading imposes on the Portfolio and its remaining shareholders. The redemption fee may be waived, modified or terminated at any time, or from time to time.

Redemption Commitment. The Fund has committed to pay in cash all redemption requests by any shareholder of record, limited in amount during any 90-day period to the lesser of $250,000 or 1% of the value of a Portfolio’s net assets at the beginning of such period. Such commitment is irrevocable without the prior approval of the SEC. In the case of requests for redemption in excess of such amount, the Fund’s Board reserves the right to make payments, in whole or in part in portfolio securities or other assets of the Portfolio in cases of emergency or at any time that the Investment Manager believes a cash distribution would impair the liquidity of the Portfolio to the detriment of the existing shareholders. In such event, the securities would be valued in the same manner as the Portfolio’s investments are valued. If the recipient sold such securities, brokerage charges might be incurred.

Suspension of Redemptions. The right of redemption may be suspended, or the date of payment postponed: (a) during any period when the NYSE is closed (other than customary weekend and holiday closings); (b) when trading in the markets the Portfolio ordinarily utilizes is restricted, or when an emergency exists as determined by the SEC so that disposal of the Portfolio’s investments or determination of its net asset value is not reasonably practicable; or (c) for such other periods as the SEC by order may permit to protect the Portfolio’s shareholders.

DISTRIBUTION AND SERVICING ARRANGEMENTS

Distribution and Servicing Plan for Open Shares

Open Shares are subject to a Distribution and Servicing Plan adopted by the Fund’s Board pursuant to Rule 12b-1 (the “Rule”) adopted by the SEC under the 1940 Act which provides, among other things, that an investment company may bear expenses of distributing its shares only pursuant to a plan

adopted in accordance with the Rule. Pursuant to the Distribution and Servicing Plan, the Fund pays the Distributor for advertising, marketing and distributing each Portfolio’s Open Shares, and for the provision of certain services to the holders of Open Shares, a fee at the annual rate of 0.25% of the average daily net assets of the Portfolio’s Open Shares. The Distributor may make payments to Service Agents for providing these services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the Fund and providing reports and other information, and services related to the maintenance of shareholder accounts. The fee payable for such services is intended to be a “service fee” as defined in Conduct Rules of FINRA. From time to time, the Distributor may defer or waive receipt of fees under the Distribution and Servicing Plan while retaining the ability to be paid by the Fund under the Distribution and Servicing Plan thereafter. The fees payable under the Distribution and Servicing Plan are payable without regard to actual expenses incurred. The Fund’s Board believes there is a reasonable likelihood that the Distribution and Servicing Plan will benefit each Portfolio and holders of its Open Shares.

A quarterly report of the amounts expended under the Distribution and Servicing Plan, and the purposes for which such expenditures were incurred, must be made to the Board for its review. The Distribution and Servicing Plan provides that it may not be amended to increase materially the costs which holders of Open Shares of a Portfolio may bear without such shareholders’ approval and that other material amendments of the Distribution and Servicing Plan must be approved by the Board and by the Independent Directors of the Fund who have no direct or indirect financial interest in the operation of the Distribution and Servicing Plan or in any agreements entered into in connection with the Distribution and Servicing Plan, by vote cast in person at a meeting called for the purpose of considering such amendments. The Distribution and Servicing Plan is subject to annual approval by such vote cast in person at a meeting called for the purpose of voting on the Distribution and Servicing Plan. As to each Portfolio, the Distribution and Servicing Plan may be terminated at any time by vote of a majority of the Independent Directors who have no direct or indirect financial interest in the operation of the Distribution and Servicing Plan or in any agreements entered into in connection with the Distribution and Servicing Plan, or by vote of the holders of a majority of such Portfolio’s Open Shares.

For the fiscal year ended December 31, 2010, the Portfolios paid the Distributor the amounts set forth below with respect to their Open Shares under the Distribution and Servicing Plan:


Portfolio	Amount Paid Under Distribution and Servicing Plan For Fiscal Year Ended December 31, 2010


Equity Value Portfolio	$	740
Strategic Equity Portfolio		23,256
Mid Cap Portfolio		169,410
Small-Mid Cap Portfolio		52,110
International Equity Portfolio		53,780
International Equity Select Portfolio		8,900
International Strategic Portfolio		71,179
International Small Cap Portfolio		61,102
Global Listed Infrastructure Portfolio		211
Emerging Markets Portfolio		9,881,756
Developing Markets Portfolio		110,878
Emerging Markets Blend Portfolio		3,707
High Yield Portfolio		51,508
Capital Allocator Portfolio		24,185

Emerging Markets Multi-Strategy Portfolio has not yet commenced operations and Emerging Markets Debt Portfolio and Municipal Portfolio had yet not commenced operations in 2010, so no distribution fee information is provided for these Portfolios.

Payments by the Investment Manager or Distributor

The Investment Manager or the Distributor may provide additional cash payments out of its own resources to financial intermediaries that sell shares and/or provide other services. Such payments are in addition to any fees paid by the Fund under Rule 12b-1. These additional payments may be paid to intermediaries that provide shareholder servicing and administration and/or marketing and related administrative support; opportunities to participate in conferences and educational workshops, meetings and events; and/or access to and information about sales meetings and conferences and sales representatives, financial advisors or management personnel of the intermediary. Cash compensation also may be paid to financial intermediaries in connection with consideration or inclusion of the Fund for or on a “recommended” or similar list, including a preferred or select sales list, or in other programs. In some cases, these payments may create an incentive for a financial intermediary or its representatives to recommend or sell Fund shares. Shareholders or potential shareholders should contact their financial intermediary representative for details about any payments the representative or the financial intermediary may receive in connection with the sale of Fund shares or the provision of services to the Fund.

From time to time, the Investment Manager or the Distributor also may provide cash or non-cash compensation to financial intermediaries or their representatives in the form of occasional gifts or meals, event tickets or other entertainment; support for due diligence trips; educational conference sponsorship; support for recognition programs; and other forms of cash or non-cash compensation permissible under applicable broker-dealer regulations.

DIVIDENDS AND DISTRIBUTIONS

The Fund intends to declare as a dividend on the outstanding shares of Emerging Markets Debt Portfolio, High Yield Portfolio and Municipal Portfolio substantially all of each Portfolio’s net investment income at the close of each business day to shareholders of record as of the close of regular trading on the NYSE. Net investment income for a Saturday, Sunday or holiday will be included in the dividend declared on the previous business day. Dividends declared on the shares of Emerging Markets Debt Portfolio, High Yield Portfolio and Municipal Portfolio ordinarily will be paid on the last business day of each month. Shareholders who redeem all their shares of a Portfolio prior to a dividend payment date will receive, in addition to the redemption proceeds, any dividends that are declared but unpaid through the date of their redemption. Shareholders who redeem only a portion of their shares will receive all dividends declared but unpaid on those shares on the next dividend payment date.

For Global Listed Infrastructure Portfolio, dividends from net investment income, if any, are paid quarterly. Dividends from net investment income, if any, on all Portfolios except Global Listed Infrastructure Portfolio, Emerging Markets Debt Portfolio, High Yield Portfolio and Municipal Portfolio generally will be declared and paid at least annually, and may be declared and paid more frequently.

Dividends for each Class of a Portfolio will be calculated at the same time and in the same manner and will be of the same amount, except that certain expenses will be borne exclusively by one Class and not by the other, such as fees payable under the Distribution and Servicing Plan. Open Shares will receive lower per share dividends than Institutional Shares because of the higher expenses borne by Open Shares.

Investment income for a Portfolio includes, among other things, dividends and interest income, accretion of market and original issue discount and amortization of premium and, in the case of each Portfolio except Emerging Markets Debt Portfolio, High Yield Portfolio and Municipal Portfolio, would include dividends.

With respect to all of the Portfolios, net realized capital gains, if any, will be distributed at least annually, and may be declared and paid more frequently. If a dividend check mailed to a shareholder who elected to receive dividends and/or capital gain distributions in cash is returned as undeliverable by the postal or other delivery service, such shareholder’s distribution option automatically will be converted to all dividends and other distributions reinvested in additional shares. No interest will accrue on amounts represented by uncashed distribution or redemption checks.

TAXATION

The following is only a general summary of some of the important federal income tax considerations generally affecting each Portfolio and its shareholders. No attempt is made to present a complete explanation of the federal tax treatment of each Portfolio’s activities or to discuss state and local tax matters affecting a Portfolio. Shareholders are urged to consult their own tax advisors for more detailed information concerning the tax implications of investing in a particular Portfolio.

Taxation of the Portfolios

Each Portfolio intends to qualify for treatment as a regulated investment company (“RIC”) under the Code and intends to continue to so qualify if such qualification is in the best interests of its shareholders. To qualify as a RIC, a Portfolio must, among other things: (a) derive in each taxable year (the “gross income test”) at least 90% of its gross income from (i) dividends, interest, payments with respect to securities loans and gains from the sale or other disposition of stocks, securities or foreign currencies or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to its business of investing in such stocks, securities or currencies, and (ii) net income from interests in “qualified publicly traded partnerships” (“QPTPs”) (as defined in the Code); (b) diversify its holdings (the “asset diversification test”) so that, at the end of each quarter of the taxable year, (i) at least 50% of the market value of the Portfolio’s assets is represented by cash and cash items (including receivables), U.S. Government securities, the securities of other RICs and other securities, with such other securities of any one issuer limited for the purposes of this calculation to an amount not greater than 5% of the value of the Portfolio’s total assets and not greater than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Portfolio’s total assets is invested in the securities (other than U.S. Government securities or the securities of other RICs) of a single issuer, two or more issuers that the Portfolio controls and that are engaged in the same, similar or related trades or businesses or one or more QPTPs; and (c) distribute with respect to each taxable year at least 90% of the sum of the Portfolio’s investment company taxable income (determined without regard to the dividends paid deduction) and net tax-exempt interest income, if any, for such year.

Pursuant to the recently enacted Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), a RIC that fails the gross income test for a taxable year shall nevertheless be considered to have satisfied the test for such year if (i) the RIC satisfies certain procedural requirements, and (ii) the RIC’s failure to satisfy the gross income test is due to reasonable cause and not due to willful neglect. However, in such case, a tax is imposed on the RIC for the taxable year in which, absent the application of the above cure provision, it would have failed the gross income test equal to the amount by which (x) the RIC’s non-qualifying gross income exceeds (y) one-ninth of the RIC’s qualifying gross income, each as determined for purposes of applying the gross income test for such year.

Also pursuant to the Modernization Act, a RIC that fails the asset diversification test as of the end of a quarter shall nevertheless be considered to have satisfied the test as of the end of such quarter in the following circumstances. If the RIC’s failure to satisfy the asset diversification test at the end of the quarter is due to the ownership of assets the total value of which does not exceed the lesser of (i) one percent of the total value of the RIC’s assets at the end of such quarter and (ii) $10,000,000 (a “de minimis failure”), the RIC shall be considered to have satisfied the asset diversification test as of the end of such quarter if, within six months of the last day of the quarter in which the RIC identifies that it failed the asset diversification test (or such other prescribed time period), the RIC either disposes of assets in order to satisfy the asset diversification test, or otherwise satisfies the asset diversification test.

In the case of a failure to satisfy the asset diversification test at the end of a quarter under circumstances that do not constitute a de minimis failure, a RIC shall nevertheless be considered to have satisfied the asset diversification test as of the end of such quarter if (i) the RIC satisfies certain procedural requirements; (ii) the RIC’s failure to satisfy the asset diversification test is due to reasonable cause and not due to willful neglect; and (iii) within six months of the last day of the quarter in which the RIC identifies that it failed the asset diversification test (or such other prescribed time period), the RIC either disposes of the assets that caused the asset diversification failure, or otherwise satisfies the asset diversification test. However, in such case, a tax is imposed on the RIC, at the current rate of 35 percent, on the net income generated by the assets that caused the RIC to fail the asset diversification test during the period for which the asset diversification test was not met. In all events, however, such tax will not be less than $50,000.

As a RIC, a Portfolio will pay no federal income tax on its net investment income and net realized capital gains to the extent that such income and gains are distributed to shareholders in accordance with applicable provisions of the Code. If a Portfolio were to fail to qualify as a RIC in any taxable year, the Portfolio would be subject to tax on its taxable income at corporate rates, and all distributions from current or accumulated earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to shareholders as ordinary income. Some portions of such distributions may be eligible for the dividends received deduction in the case of corporate shareholders and, for taxable years beginning before January 1, 2013 (unless such date is extended by future legislation), may be eligible for a 15% preferential maximum tax rate in the case of shareholders taxed as individuals, provided in both cases, the shareholder meets certain holding period and other requirements in respect of the Portfolio’s shares (as described below). In addition, a Portfolio could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying as a RIC that is accorded special tax treatment.

A nondeductible excise tax at a rate of 4% will be imposed on the excess, if any, of a Portfolio’s “required distribution” over its actual distributions in any calendar year. Generally, the required distribution is 98% of a Portfolio’s ordinary income for the calendar year plus 98% (98.2% for calendar years after 2010) of its capital gain net income, determined under prescribed rules for this purpose, recognized during the one-year period ending on October 31st of such year (or December 31st of that year if the Portfolio is permitted to so elect and so elects) plus undistributed amounts from prior years. Each Portfolio generally intends to make distributions sufficient to avoid imposition of the excise tax, although there can be no assurance that it will be able to do so.

Each Portfolio may in certain years use “equalization accounting” in determining the portion of its net investment income and net realized capital gains that has been distributed. A Portfolio that elects to use equalization accounting in a year will allocate a portion of its investment income and capital gain to redemptions of Portfolio shares and will reduce the amount of such income and/or gain that it distributes in cash. The IRS has not published any guidance concerning the methods to be used in allocating investment income and capital gain to redemptions of shares. In the event that the IRS

determines that a Portfolio is using an improper method of allocation and has under distributed its net investment income or net realized capital gains for any taxable year, such Portfolio may be liable for additional federal income or excise tax or may jeopardize its treatment as a RIC.

Although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a QPTP. A Portfolio’s investments in partnerships, including in QPTPs, may result in a Portfolio being subject to state, local or foreign income, franchise or withholding tax liabilities.

Taxation of Portfolio Distributions

For federal income tax purposes, distributions of investment income generally are taxable as ordinary income to the extent of the distributing Portfolio’s earnings and profits. Taxes on distributions of capital gains are determined by how long the Portfolio owned the investments that generated them, rather than how long a shareholder has owned his or her shares. In general, a Portfolio will recognize long-term capital gain or loss on assets it has owned (or is deemed to have owned) for more than one year, and short-term capital gain or loss on investments it has owned (or is deemed to have owned) for one year or less. Distributions of “net capital gains,” that is, the excess of net long-term capital gains over net short-term capital losses, that are properly characterized by the Portfolio as capital gain dividends (“capital gain dividends”) will generally be taxable to a shareholder receiving such distributions as long-term capital gain. Long-term capital gain rates applicable to individuals have been temporarily reduced, in general to 15%, with lower rates applying to taxpayers in the 10% and 15% rate brackets, for taxable years beginning before January 1, 2013. Distributions of net short-term capital gains that exceed net long-term capital losses will generally be taxable as ordinary income. The determination of whether a distribution is from capital gains is generally made taking into account available net capital loss carryforwards, if any. Under the Modernization Act, if a RIC has a “net capital loss” (that is, capital losses in excess of capital gains) for a taxable year, that portion of the RIC’s net capital loss consisting of the excess (if any) of the RIC’s net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the RIC’s next taxable year, and that portion of the RIC’s net capital loss consisting of the excess (if any) of the RIC’s net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the RIC’s next taxable year. Any such capital losses of a RIC may be carried forward to succeeding taxable years of the RIC without limitation. Net capital loss carryforwards of a RIC arising in taxable years of the RIC beginning on or before December 22, 2010 (the date of enactment of the Modernization Act) may be applied against any net realized capital gains of the RIC in each succeeding year, or until their respective expiration dates, whichever is first.

Distributions are taxable to shareholders even if they are paid from income or gains earned by a Portfolio before a shareholder’s investment (and thus were included in the price the shareholder paid for his or her shares). Distributions are taxable regardless of whether shareholders receive them in cash or in additional shares. Distributions declared and payable by a Portfolio during October, November or December to shareholders of record on a date in any such month and paid by the Portfolio during the following January generally will be treated for federal tax purposes as paid by the Portfolio and received by shareholders on December 31st of the year in which the distributions are declared rather than the calendar year in which they are received.

A Portfolio may elect to retain its net capital gain or a portion thereof for investment and be taxed at corporate rates on the amount retained. In such case, the Portfolio may designate its retained amount as undistributed capital gains in a notice to its shareholders who will be treated as if each received a distribution of his or her pro rata share of such gain, with the result that each shareholder in the Portfolio will (i) be required to report his or her pro rata share of such gain on his or her tax return as long-term

capital gain, (ii) receive a refundable tax credit for his or her pro rata share of the tax paid by the Portfolio on the gain and (iii) increase the tax basis for his or her shares in the Portfolio by an amount equal to the deemed distribution less the tax credit.

In general, dividends (other than capital gain dividends) paid by a Portfolio to U.S. individual shareholders may be eligible for the 15% preferential maximum tax rate to the extent that the Portfolio’s income consists of dividends paid by U.S. corporations and certain “qualified foreign corporations” on shares that have been held by the Portfolio for at least 61 days during the 121-day period commencing 60 days before the shares become ex-dividend. Dividends paid on shares held by a Portfolio will not be taken into account in determining the applicability of the preferential maximum tax rate to the extent that the Portfolio is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Dividends paid by REITs are not generally eligible for the preferential maximum tax rate. Further, a “qualified foreign corporation” does not include any foreign corporation, which for its taxable year in which its dividend was paid, or the preceding taxable year, is a passive foreign investment company. Unless extended, this favorable provision will expire on December 31, 2012, and ordinary dividends will again be taxed at tax rates applicable to ordinary income. In order to be eligible for the preferential rate, the shareholder in the Portfolio must have held his or her shares in the Portfolio for at least 61 days during the 121-day period commencing 60 days before the Portfolio shares become ex-dividend. Additional restrictions on a shareholder’s qualification for the preferential rate may apply.

In general, dividends (other than capital gain dividends) paid by a Portfolio to U.S. corporate shareholders may be eligible for the dividends received deduction to the extent the Portfolio’s income consists of dividends paid by U.S. corporations (other than REITs) on shares that have been held by the Portfolio for at least 46 days during the 91-day period commencing 45 days before the shares become ex-dividend. Dividends paid on shares held by a Portfolio will not be taken into account for this purpose if the stock on which the dividend is paid is considered to be “debt-financed” (generally, acquired with borrowed funds), or to the extent that the Portfolio is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Moreover, the dividend received deduction may be disallowed or reduced if the corporate shareholder fails to satisfy the foregoing holding period and other requirements with respect to its shares of the Portfolio or by application of the Code. It is anticipated that dividends (other than capital gain dividends) paid by the Equity Value, Strategic Equity, Mid Cap, Small-Mid Cap, Global Listed Infrastructure and Capital Allocator Portfolios may be eligible for the dividends-received deduction, but that dividends paid by the other Portfolios will not be eligible for the dividends-received deduction.

If a Portfolio makes a distribution that is or is considered to be in excess of its current and accumulated “earnings and profits” for the relevant period, the excess distribution will be treated as a return of capital to the extent of a shareholder’s tax basis in his or her shares, and thereafter as capital gain. A return of capital is not taxable, but it reduces a shareholder’s basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of such shares.

Sale, Exchange or Redemption of Shares

A sale, exchange or redemption of shares in a Portfolio will give rise to a gain or loss. Any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shares have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Portfolio shares of a Portfolio will be treated as short-term capital gain or loss.

However, any loss realized upon a taxable disposition of shares held for six months or less will be

treated as long-term, rather than short-term, to the extent of any capital gain dividends received (or deemed received) by the shareholder with respect to the shares. Further, all or a portion of any loss realized upon a taxable disposition of shares of a Portfolio will be disallowed if other substantially identical shares of the Portfolio are purchased (including by means of a dividend reinvestment plan) within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

If a shareholder recognizes a loss with respect to shares of a Portfolio of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

Passive Foreign Investment Companies

Certain Portfolios that invest in foreign securities may own shares in certain foreign entities that are treated as “passive foreign investment companies” (“PFICs”) for U.S. federal income tax purposes. A Portfolio that owns shares of a PFIC may be subject to U.S. federal income tax (including interest charges) on distributions received from the PFIC or gains from a disposition of shares in the PFIC. To avoid this treatment, a Portfolio owning PFIC shares may make an election to mark the gains (and to a limited extent losses) in a PFIC “to market” as though it had sold and repurchased its holdings in the PFIC on the last day of the Portfolio’s taxable year. Such gains and losses are treated as ordinary income and loss. Alternatively, a Portfolio may in certain cases elect to treat a PFIC as a “qualified electing fund” (a “QEF”), in which case the Portfolio will be required to include in its income annually its share of the QEF’s income and net capital gains, regardless of whether the Portfolio receives any distribution from the QEF. If the QEF incurs losses for a taxable year, these losses will not pass through to the Portfolio and, accordingly, cannot offset other income and/or gains of the Portfolio. A Portfolio may not be able to make the QEF election with respect to many PFICs because of certain requirements that the PFICS would have to satisfy.

The mark-to-market and QEF elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed by a Portfolio to avoid taxation. Making either of these elections therefore may require a Portfolio to liquidate investments (including when it is not advantageous to do so) to meet its distribution requirements, which also may accelerate the recognition of gain and affect the Portfolio’s total return. Dividends paid by PFICs generally will not be eligible to be treated as qualified dividend income.

Non-U.S. Taxes

Investment income that may be received by a Portfolio from sources within foreign countries may be subject to foreign taxes withheld at the source. Tax treaties between the United States and certain countries may reduce or eliminate such taxes.

If more than 50% of the value of a Portfolio’s total assets at the close of its taxable year consists of stock or securities of foreign corporations, or, as provided in the Modernization Act, if at least 50% of the value of a Portfolio’s total assets at the close of each quarter of its taxable year is represented by interests in other RICs, that Portfolio may elect to “pass through” to its shareholders the amount of foreign

taxes paid or deemed paid by that Portfolio. If that Portfolio so elects, each of its shareholders would be required to include in gross income, even though not actually received, his or her pro rata share of the foreign taxes paid or deemed paid by that Portfolio, but would be treated as having paid his or her pro rata share of such foreign taxes and would therefore be allowed to either deduct such amount in computing taxable income or use such amount (subject to various Code limitations) as a foreign tax credit against federal income tax (but not both). For purposes of the foreign tax credit limitation rules of the Code, each shareholder would treat as foreign source income his or her pro rata share of such foreign taxes plus the portion of dividends received from the Portfolio representing income derived from foreign sources. No deduction for foreign taxes could be claimed by an individual shareholder who does not itemize deductions. In certain circumstances, a shareholder that (i) has held shares of the Portfolio for less than a specified minimum period during which it is not protected from risk of loss or (ii) is obligated to make payments related to the dividends will not be allowed a foreign tax credit for foreign taxes deemed imposed on dividends paid on such shares. Additionally, the Portfolio must also meet this holding period requirement with respect to its foreign stocks and securities in order for “creditable” taxes to flow-through.

It is anticipated that each of International Equity, International Equity Select, International Strategic, International Small Cap, Global Listed Infrastructure, Emerging Markets, Emerging Markets Select, Developing Markets, Emerging Markets Blend and Emerging Markets Debt Portfolios will be operated so as to meet the requirements of the Code to “pass through” to shareholders credits for foreign taxes paid, although there can be no assurance that these requirements will be met. Each shareholder should consult his or her own tax advisor regarding the potential application of foreign tax credits.

Foreign Currency Transactions

Gains or losses attributable to fluctuations in exchange rates between the time a Portfolio accrues income or receivables or expenses or other liabilities denominated in a foreign currency and the time that Portfolio actually collects such income or receivables or pays such liabilities are generally treated as ordinary income or loss. Similarly, gains or losses on foreign currency forward contracts and the disposition of debt securities denominated in a foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, also are treated as ordinary income or loss.

Financial Products

A Portfolio’s investments in options, futures contracts, forward contracts, swaps and derivatives, as well as any of its other hedging, short sale or similar transactions, may be subject to one or more special tax rules (including notional principal contract, constructive sale, straddle, wash sale, short sale and other rules), the effect of which may be to accelerate income to the Portfolio (including, potentially, without a corresponding receipt of cash with which to make required distributions), defer Portfolio losses, cause adjustments in the holding periods of Portfolio securities, convert capital gains into ordinary income, render dividends that would otherwise be eligible for the dividends received deduction or a preferential rate of taxation ineligible for such treatment, convert long-term capital gains into short-term capital gains and convert short-term capital losses into long-term capital losses. These rules could therefore affect the amount, timing and character of distributions to shareholders of a Portfolio. In addition, because the tax rules applicable to derivative financial instruments are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether a Portfolio has made sufficient distributions, and otherwise satisfied the applicable requirements, to maintain its qualification as a RIC and avoid Portfolio-level taxation.

Securities Issued or Purchased at a Discount and Payment-in-Kind Securities

A Portfolio’s investments, if any, in securities issued or purchased at a discount, as well as certain other securities (including zero coupon obligations and certain redeemable preferred stock), may require the Portfolio to accrue and distribute income not yet received. Similarly, a Portfolio’s investment in payment-in-kind securities will give rise to income which is required to be distributed even though the Portfolio receives no payment in cash on the security during the year. In order to generate sufficient cash to make its requisite distributions, a Portfolio may be required to borrow money or sell securities in its portfolio that it otherwise would have continued to hold.

Certain Higher-Risk and High Yield Securities

A Portfolio may invest in lower-quality fixed income securities, including debt obligations of issuers not currently paying interest or that are in default. Investments in debt obligations that are at risk of or are in default present special tax issues for a Portfolio. Tax rules are not entirely clear on the treatment of such debt obligations, including as to whether and to what extent a Portfolio should recognize market discount on such a debt obligation, when a Portfolio may cease to accrue interest, original issue discount or market discount, when and to what extent a Portfolio may take deductions for bad debts or worthless securities and how a Portfolio shall allocate payments received on obligations in default between principal and interest. These and other related issues will be addressed by each Portfolio if it invests in such securities as part of the Portfolio’s efforts to ensure that it distributes sufficient income to preserve its status as a RIC and does not become subject to U.S. federal income or excise tax.

Portfolios Investing in Municipal Securities

If, as expected, the Municipal Portfolio invests substantially all of its assets in U.S. municipal securities, virtually all of the dividends to be paid by the Municipal Portfolio will constitute “exempt-interest dividends.” Such exempt-interest dividends will be exempt from federal income taxes. It is possible, however, that a portion of the dividends paid by the Municipal Portfolio will not be exempt from federal income taxes. Social Security recipients who receive income dividends from the Portfolio may have to pay taxes on a portion of their Social Security benefits. Shareholders will receive a Form 1040-DIV, Form 1099-INT or other IRS forms, as required, reporting the taxability of all dividends. The Portfolio will also advise shareholders of the percentage of dividends, if any, which should be included in the computation of the alternative minimum tax.

Assuming the Municipal Portfolio pays exempt-interest dividends, any interest on money a shareholder of the Portfolio borrows that is directly or indirectly used to purchase shares in the Portfolio will not be deductible.

As a general rule, any loss realized upon a taxable disposition of shares in a tax-exempt bond fund that have been held for six months or less will be disallowed to the extent of any exempt-interest dividends received (or deemed received) by the shareholder with respect to the shares. Under the Modernization Act, this loss disallowance rule, however, does not apply with respect to a regular dividend paid by a RIC which declares exempt-interest dividends on a daily basis in an amount equal to at least 90% of its net tax-exempt interest and distributes such dividends on a monthly or more frequent basis. The Municipal Portfolio expects to satisfy these distribution requirements, with the result that any loss realized by a shareholder upon a sale, exchange or redemption of Portfolio shares should not be subject to this loss disallowance rule.

Investing in Mortgage Entities

Special tax rules may apply to the investments by a Portfolio in entities which invest in or finance mortgage debt. Such investments include residual interests in REMICs and interests in a REIT which qualifies as a taxable mortgage pool under the Code or has a qualified REIT subsidiary that is a taxable mortgage pool under the Code. Although it is the practice of each Portfolio, other than the High Yield Portfolio which may hold residual interests in REMICs, not to make such investments, there is no guarantee that a Portfolio will be able to avoid an inadvertent investment in REMIC residual interests or a taxable mortgage pool.

Such investments may result in a Portfolio receiving excess inclusion income (“EII”) in which case a portion of its distributions will be characterized as EII and shareholders receiving such distributions, including shares held through nominee accounts, will be deemed to have received EII. This can result in the Portfolio being required to pay tax on the portion of its EII that is allocated to disqualified organizations, including certain cooperatives, agencies or instrumentalities of a government or international organization, and tax-exempt organizations that are not subject to tax on unrelated business taxable income (“UBTI”). In addition, such amounts generally cannot be offset by net operating losses, will be treated as UBTI to tax-exempt organizations that are not disqualified organizations, and will be subject to a 30% withholding tax for shareholders who are not U.S. persons, notwithstanding any otherwise applicable exemptions or rate reductions in any relevant tax treaties.

Special tax consequences also apply where charitable remainder trusts invest in RICs that invest directly or indirectly in residual interests in REMICs or in taxable mortgage pools. Furthermore, any investment in residual interests of a REMIC can create complex tax consequences to both a Portfolio and its shareholders, especially if a Portfolio has state or local governments or other tax-exempt organizations as shareholders.

Tax-Exempt Shareholders

Under current law, each Portfolio serves to “block” (that is, prevent the attribution to shareholders of) UBTI from being realized by its tax-exempt shareholders (including, among others, individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities). Notwithstanding the foregoing, a tax-exempt shareholder could realize UBTI by virtue of its investment in a Portfolio if shares in the Portfolio constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Section 514(b) of the Code. As noted above, a tax-exempt shareholder may also recognize UBTI if a Portfolio recognizes EII derived from direct or indirect investments in residual interests in REMICs or taxable mortgage pools. If a charitable remainder annuity trust or a charitable remainder unitrust (each as defined in Section 664 of the Code) has UBTI for a taxable year, a 100% excise tax on the UBTI is imposed on the trust.

Backup Withholding

Each Portfolio generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to certain shareholders who fails to properly furnish the Portfolio with a correct taxpayer identification number (“TIN”), who has under-reported dividend or interest income, or who fails to certify to the applicable Portfolio that he or she is not subject to such withholding. Corporate shareholders, certain foreign persons and other shareholders specified in the Code and applicable regulations are generally exempt from backup withholding, but may need to provide documentation to the Portfolio to establish such exemption.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the

shareholder’s U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

Foreign (Non-U.S.) Shareholders

U.S. taxation of a shareholder of a Portfolio who, as to the United States, is a nonresident alien individual, a foreign trust or estate, or a foreign corporation (a “foreign shareholder”) as defined in the Code, depends on whether the income of the Portfolio is “effectively connected” with a U.S. trade or business carried on by the shareholder.

Income Not Effectively Connected. Subject to the discussion below, if the income from a Portfolio is not “effectively connected” with a U.S. trade or business carried on by the foreign shareholder, distributions of investment company taxable income will generally be subject to U.S. tax at the rate of 30% (or lower treaty rate, except in the case of any EII allocated to the shareholders), which tax is generally withheld from such distributions. Capital gain dividends and any amounts retained by a Portfolio which are properly reported by the Portfolio as undistributed capital gains will not be subject to U.S. tax, except in very limited circumstances. In the case of a foreign shareholder, a Portfolio may be required to withhold U.S. income tax on distributions of net capital gain unless the foreign shareholder certifies his or her non-U.S. status under penalties of perjury or otherwise establishes an exemption (generally by providing a U.S. Tax Form W-8BEN).

For taxable years of a Portfolio beginning before January 1, 2012, properly-reported dividends are generally exempt from U.S. withholding tax where they (i) are paid in respect of the Portfolio’s “qualified net interest income” (generally, the Portfolio’s U.S. source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the Portfolio is at least a 10% shareholder, reduced by expenses that are allocable to such income) or (ii) are paid in respect of the Portfolio’s “qualified short-term capital gains” (generally, the excess of the Portfolio’s net short-term capital gain over the Portfolio’s long-term capital loss for such taxable year). However, depending on its circumstances, the Portfolio may report all, some or none of its potentially eligible dividends as such qualified net interest income or as qualified short-term capital gains and/or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for this exemption from withholding, a foreign shareholder will need to comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN or other applicable form). In the case of shares of a Portfolio held through an intermediary, the intermediary may withhold even if the Portfolio designates the payment as qualified net interest income or qualified short-term capital gain. Foreign shareholders should contact their intermediaries with respect to the application of these rules to their accounts.

If the Portfolio is a “U.S. real property holding corporation,” or would be but for the operation of certain exclusions, distributions by the Portfolio that are realized on account of certain capital gain dividends from REITs and, for calendar years before 2012, gains from the sales or exchanges of “United States real property interests,” will generally cause the foreign shareholder to be treated as recognizing such gain as income effectively connected with a U.S. trade or business (subject to the rules described below for effectively connected income). Generally, the Portfolio is required to withhold at a 35% rate on a distribution to a foreign shareholder attributable to such gains, and such a distribution may subject a foreign shareholder to a U.S. tax filing obligation and may create a branch profits tax liability for foreign corporate shareholders. Under a de minimis exception to the rule described above, if a foreign shareholder has not held more than 5% of the Portfolio’s shares at any time during the one-year period ending on the date of the distribution, the foreign shareholder is not treated as receiving a distribution attributable to gains from U.S. real property interests or capital gain dividends from REITs, but is, instead, treated as receiving an ordinary distribution subject to U.S. tax at the rate of 30% (or lower treaty

rate).

Any gain that a foreign shareholder realizes upon the sale or exchange of shares of a Portfolio will ordinarily be exempt from U.S. tax unless at any time during the shorter of the period during which the foreign shareholder held such shares and the five-year period ending on the date of the disposition of those shares, the Portfolio was a U.S. real property holding corporation and the foreign shareholder actually or constructively held more than 5% of the Portfolio’s shares. In the latter event the gain would be subject to withholding tax and otherwise taxed in the same manner as for a U.S. shareholder. A corporation is a “U.S. real property holding corporation” if the fair market value of its U.S. real property interests equals or exceeds 50% of the fair market value of such interests plus its interests in real property located outside the United States plus any other assets used or held for use in a business. Notwithstanding the foregoing, gains recognized in calendar years before 2012 upon a disposition of shares of a Portfolio will not be subject to U.S. income or withholding taxes if the Portfolio is “domestically controlled” (as such term is defined in the Code).

Foreign shareholders that engage in certain “wash sale” and/or substitute dividend payment transactions the effect of which is to avoid the receipt of distributions from a Portfolio that would be treated as gain effectively connected with a United States trade or business may be treated as having received such distributions. Foreign shareholders of a Portfolio should consult their tax advisors regarding the application of the foregoing rule.

Income Effectively Connected. If the income from a Portfolio is “effectively connected” with a U.S. trade or business carried on by a foreign shareholder, then distributions of investment company taxable income and capital gain dividends, any amounts retained by the Portfolio which are reported by the Portfolio as undistributed capital gains, and any gains realized upon the sale or exchange of shares of the Portfolio will be subject to U.S. income tax at the graduated rates applicable to U.S. citizens, residents and domestic corporations. Foreign corporate shareholders may also be subject to the branch profits tax imposed by the Code.

The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may differ from those described herein.

Foreign shareholders are advised to consult their own tax advisers with respect to the particular tax consequences to them of an investment in a Portfolio.

The Hiring Incentives to Restore Employment Act

Under legislation that is generally effective in respect of payments made after December 31, 2012, certain payments of U.S. source interest, dividends, and other fixed or determinable annual or periodical gains, profits and income, as well as gross proceeds from the sale or disposition of property of a type that can produce U.S. source dividends or interest (all such payments, “withholdable payments”), which are made to a “foreign financial institution,” which term may include certain foreign shareholders, may be subject to a 30% withholding tax, if the foreign financial institution does not, among other things, comply, under an agreement with the Secretary of the U.S. Treasury or his/her delegate, with prescribed due diligence requirements necessary to determine which of its accounts (including equity interests in the foreign financial institution) are held by specified United States persons or United States owned foreign entities (such accounts, “United States accounts”), and prescribed reporting requirements in respect of its United States accounts. Further, a 30% withholding tax may apply in respect of payments by a foreign financial institution to certain account holders that do not comply with reasonable information requests aimed at enabling the foreign financial institution to identify its United States accounts and meet applicable reporting obligations. The legislation further imposes a 30% withholding tax on certain

payments to non-financial foreign entities. The scope of this legislation is not entirely clear and no assurance can be given that some or all of the income of a Portfolio, and/or certain of the Portfolio’s shareholders will not be subject to any of the new withholding taxes or that information will not be required to be reported to the IRS in respect of a shareholder’s interest in the Portfolio. To comply with the requirements of the new legislation, a Portfolio may, in appropriate circumstances, require shareholders to provide information and tax documentation regarding their direct and indirect owners.

The legislation also imposes information reporting requirements on individuals (and, to the extent provided in future regulations, certain domestic entities) that hold any interest in a “specified foreign financial asset” if the aggregate value of all such assets held by such individual exceeds $50,000. Significant penalties can apply upon a failure to make the required disclosure and in respect of understatements of tax attributable to undisclosed foreign financial assets. This information reporting requirement is generally applicable for taxable years beginning after March 18, 2010. The scope of this reporting requirement is not entirely clear and all shareholders should consult their own tax advisers as to whether reporting may be required in respect of their indirect interests in certain investments of a Portfolio.

Possible Legislative Changes

The tax consequences described herein may be affected (possibly with retroactive effect) by various legislative bills and proposals that may be initiated in Congress. Several provisions of the Code relating to the taxation of RICs and their foreign shareholders will expire at the end of 2011, and it is possible that those provisions could be legislatively extended. Similarly, several preferential tax provisions discussed herein (including the taxation to individuals of qualified dividend income at capital gains rates, as well as certain preferential tax rates) are set to expire at the end of 2012, but may, through legislative action, be extended or otherwise modified. Prospective investors should consult their own tax advisers regarding the status of any proposed legislation and the effect, if any, on their investment in a Portfolio.

Other Taxation

Portfolio shareholders should consult their own tax advisers regarding the state, local and foreign tax consequences of an investment in shares and the particular tax consequences to them of an investment in a Portfolio.

ADDITIONAL INFORMATION ABOUT THE FUND AND PORTFOLIOS

As of [____________, 2011], no person owned of record or was known by the Fund to own beneficially 5% or more of a Class of the indicated Portfolio’s outstanding voting securities except the following: [**UPDATE CHART**]


Name and Address		Percentage of Total Institutional Shares Outstanding


Equity Value Portfolio

[Lazard Capital Markets LLC Lazard Frères & Co. LLC 30 Rockefeller Plaza New York, NY 10112		83%


Mitra & Co FBO 79 11270 West Park Place, Suite 400 Milwaukee, WI 53224		8%

Strategic Equity Portfolio

Charles Schwab & Co., Inc. FBO Its Customers 101 Montgomery Street San Francisco, CA 94104		34%

Lazard Capital Markets LLC Iron Workers Local 40361 30 Rockefeller Plaza, 60th Floor New York, NY 10112		14%

National Financial Services Corp. FBO Its Customers One World Financial Center 200 Liberty Street New York, NY 10281		12%

Lazard Capital Markets LLC Lazard Frères & Co. LLC 30 Rockefeller Plaza, 60th Floor New York, NY 10112		9%

Mid Cap Portfolio

Merrill Lynch FBO Its Customers 4800 Deer Lake Drive East, 2nd Floor Jacksonville, FL 32246		35%

City of Los Angeles 8515 E. Orchard Road Greenwood Village, CO 80111		17%

Citistreet Core Market State Street Bank as Trustee 1 Heritage Drive North Quincy, MA 02171		13%

State Street Bank as Trustee for Olin Corporation Contribution Employee Ownership Plan 105 Rosemont Avenue Westwood, MA 02090		6%


Small-Mid Cap Portfolio

National Financial Services Corp. FBO Its Customers One World Financial Center 200 Liberty Street New York, NY 10281		26%

Charles Schwab & Co., Inc. FBO Its Customers 101 Montgomery Street San Francisco, CA 94104		11%

Lazard Capital Markets LLC International Union of Operating Engineers Local 57 Pension Fund 141 Gano Street Providence, RI 02906		8%

IBEW 7th District Retirement Benefit Trust Fund 418 South Polk Street, Suite 200 Amarillo, TX 79101		6%

Lazard Capital Markets LLC Milbank Winthrop & Co. 654 Madison Avenue, Suite 1550 New York, NY 10065		6%

International Equity Portfolio

Oprah Winfrey, Trustee Phoenix Investment Trust C/O Harpo Inc.- Sophie Lee P.O. Box 617666 Chicago, IL 60661		21%

Lazard Capital Markets LLC The McConnell Foundation Redding, CA		17%

Charles Schwab & Co., Inc. FBO Its Customers 101 Montgomery Street San Francisco, CA 94104		9%

Lazard Capital Markets LLC Somerville Retirement System 50 Evergreen Avenue Somerville, MA 02145		6%


Citigroup Global Markets Inc. 388 Greenwich Street New York, NY 10013		6%

National Financial Services Corp. FBO Its Customers One World Financial Center 200 Liberty Street New York, NY 10281		5%

Agnes Neill Williams Potomac, MD		5%

Lazard Capital Markets LLC The Baycrest Centre Foundation 3560 Bathurst Street North York, Ontario		5%

International Equity Select Portfolio

Merrill Lynch FBO Its Customers 4800 Deer Lake Drive East, 2nd Floor Jacksonville, FL 32246		22%

Charles Schwab & Co., Inc. FBO Its Customers 101 Montgomery Street San Francisco, CA 94104		21%

Lazard Capital Markets LLC Kenneth Blackman, Esq. 30 Rockefeller Plaza, 60th Floor New York, NY 10112		7%

First Clearing, LLC FBO Its Customers 2801 Market Street St. Louis, MO 63103		6%

International Strategic Portfolio

Lazard Capital Markets LLC Market Street International 30 Rockefeller Plaza, 60th Floor New York, NY 10112		17%


Lazard Capital Markets LLC The Board of Public Utilities 30 Rockefeller Plaza New York, NY 10112		12%

First Union National Bank Omnibus Reinvest 1525 West Wt. Harris Blvd. Charlotte, NC 28288		9%

Wendel & Company c/o The Bank of New York Mutual Funds P.O. Box 1066 Wall Street Station New York, NY 10268		8%

Lazard Capital Markets LLC The Steamfitters Industry 30 Rockefeller Plaza, 60th Floor New York, NY 10112		7%

Mac & Co. P.O. Box 3198 525 William Penn Place Pittsburgh, PA 15230		6%

Wendel & Company c/o The Bank of New York Mutual Funds P.O. Box 1066 Wall Street Station New York, NY 10268		5%

International Small Cap Portfolio

Wells Fargo Bank P.O. Box 1533 Minneapolis, MN 55480		50%

National Financial Services Corp. FBO Its Customers One World Financial Center 200 Liberty Street New York, NY 10281		18%

Lazard Capital Markets LLC Pension Plan for the Employees of Marine Atlantic Inc. 10 Marine Drive Marine Atlantic Port Aux Basques NL AOM ICO		14%


Global Listed Infrastructure Portfolio

Genworth Financial Trust Company 3200 North Central Avenue, Floor 7 Phoenix, AZ 85012		99%

Emerging Markets Portfolio

National Financial Services Corp. FBO Its Customers One World Financial Center 200 Liberty Street New York, NY 10281		21%

Citigroup Global Markets Inc. 388 Greenwich Street New York, NY 10013		17%

Charles Schwab & Co., Inc. FBO Its Customers 101 Montgomery Street San Francisco, CA 94104		7%

Developing Markets Portfolio

Lazard Capital Markets, LLC 30 Rockefeller Plaza, 60th Floor New York, NY 10112		40%

Lazard Capital Markets LLC Bireleys Orange Japan Emerging 30 Rockefeller Plaza, 60th Floor New York, NY 10112		11%

Charles Schwab & Co., Inc. FBO Its Customers 101 Montgomery Street San Francisco, CA 94104		10%

National Financial Services, LLC FBO Its Customers One World Financial Center 200 Liberty Street, 5th Floor New York, NY 10281		8%

Lazard Group LLC 30 Rockefeller Plaza New York, NY 10112		7%


High Yield Portfolio

Merrill Lynch FBO Its Customers 4800 Deer Lake Drive East Jacksonville, FL 32246		15%

Mac & Co. Mutual Funds Operations P.O. Box 3198 Pittsburgh, PA 15230		13%

SEI Private Trust Co. FBO Harlysville Bank One Freedom Valley Drive Oaks, PA 19456		8%

The Bernard Heller Foundation Westlake Village, CA		7%

Capital Allocator Portfolio

National Financial Services Corp. FBO Its Customers One World Financial Center 200 Liberty Street New York, NY 10281		15%

Charles Schwab & Co., Inc. FBO Its Customers 101 Montgomery Street San Francisco, CA 94104		13%

Name and Address		Percentage of Total Open Shares Outstanding

Equity Value Portfolio

Charles Schwab & Co., Inc. FBO Its Customers 101 Montgomery Street San Francisco, CA 94104		32%

Pershing LLC P.O. Box 2052 Jersey City, NJ 07303		13%

National Financial Services LLC FEBO Marjorie L. Brown Bedford, OH		9%


Ameritrade Inc. FBO Its Customers P.O. Box 2226 Omaha, NE 68103		7%

National Financial Services LLC FEBO Wegmans 401K Plan Camillus, NY		7%

Pershing LLC P.O. Box 2052 Jersey City, NJ 07303		5%

Strategic Equity Portfolio

Priac as Trustee/Custodian FBO Various Retirement Plans 280 Trumbull Street One Commercial Plaza Hartford, CT 06103		66%

Merrill Lynch FBO Its Customers 4800 Deer Lake Drive East, 2nd Floor Jacksonville, FL 32246		9%

Mid Cap Portfolio

Charles Schwab & Co., Inc. FBO 24000996 101 Montgomery Street San Francisco, CA 94104		30%

National Financial Services LLC FEBO Various Retirement Plans 4 Manhattanville Road Purchase, NY 10577		15%

Citistreet Core Market State Street Bank as Trustee 1 Heritage Drive North Quincy, MA 02171		8%

JPMorgan Chase Elkay Manufacturing Co. Ret. Svgs. Plan 9300 Ward Parkway Kansas City, MO 64114		6%


ING Life Insurance and Annuity Company 151 Farmington Avenue, TN41 Hartford, CT 06156		5%

Merrill Lynch FBO Its Customers 4800 Deer Lake Drive East, 2nd Floor Jacksonville, FL 32246		5%

Nationwide Trust Company, Custodian FBO IPO Portfolio Accounting P.O. Box 182029 Columbus, OH 43218		5%

Small-Mid Cap Portfolio

Nationwide Life Insurance, QVPA C/O IPO Portfolio Accounting P.O. Box 182029 Columbus, OH 43218		18%

Prudential Retirement Insurance & Annuity Co. FBO Various Retirement Plans 280 Trumbull Street One Commercial Plaza Hartford, CT 06103		11%

Mercer Trust FBO Savings Plan For Employees of Furniture Brands Intl. 1 Investors Way #2 Norwood, MA 02062		10%

Nationwide Life Insurance, NWVA C/O IPO Portfolio Accounting P.O. Box 182029 Columbus, OH 43218		9%

Charles Schwab & Co., Inc. FBO Its Customers 101 Montgomery Street San Francisco, CA 94104		9%

Nationwide Trust Co. FBO IPO Portfolio Accounting P.O. Box 182029 Columbus, OH 43218		5%


International Equity Portfolio

Charles Atwood Company 136 E. Michigan Avenue, Suite 1201 Kalamazoo, MI 49007		22%

Prudential Retirement Insurance & Annuity Co. FBO Various Retirement Plans 280 Trumbull Street One Commercial Plaza Hartford, CT 06103		19%

Charles Schwab & Co., Inc. Special Custody Account FBO Its Customers 101 Montgomery Street San Francisco, CA 94104		9%

ING National Trust 151 Farmington Avenue Hartford, CT 06156		5%

International Equity Select Portfolio

First Clearing, LLC FBO Its Customers 10750 Wheat First Drive Glen Allen, VA 23060		14%

Nationwide Trust Co. FBO IPO Portfolio Accounting P.O. Box 182029 Columbus, OH 43218		12%

Charles Schwab & Co., Inc. FBO Its Customers 101 Montgomery Street San Francisco, CA 94104		11%

National Financial Services LLC FEBO American Trust and Savings P.O. Box 938 Dubuque, IA 52004		9%

National Financial Services LLC FEBO Bernhardt-Reese Unit Trust 60 Macbain Avenue Atherton, CA 94027		8%


International Strategic Portfolio

Genworth Financial Trust Co. 3200 North Central Avenue Phoenix, AZ 85012		37%

Ameritrade Inc. FBO Its Customers P.O. Box 2226 Omaha, NE 68103		30%

Charles Schwab & Co., Inc. Special Custody Account FBO Its Customers 101 Montgomery Street San Francisco, CA 94104		21%

International Small Cap Portfolio

Charles Schwab & Co., Inc. Special Custody Account FBO Its Customers 101 Montgomery Street San Francisco, CA 94104		64%

Ameritrade Inc. FBO Its Customers P.O. Box 2226 Omaha, NE 68103		5%

Emerging Markets Portfolio

Charles Schwab & Co., Inc. Special Custody Account FBO Its Customers 101 Montgomery Street San Francisco, CA 94104		24%

Developing Markets Portfolio

Charles Schwab & Co., Inc. Special Custody Account FBO Its Customers 101 Montgomery Street San Francisco, CA 94104		71%

Ameritrade Inc. FBO Its Customers P.O. Box 2226 Omaha, NE 68103		6%


Capital Allocator Portfolio

Charles Schwab & Co., Inc. FBO Its Customers 101 Montgomery Street San Francisco, CA 94104		14%]

Under the 1940 Act, a shareholder that beneficially owns, directly or indirectly, more than 25% of a Portfolio’s total outstanding shares may be deemed a “control person” (as defined in the 1940 Act) of the Portfolio.

Certain of the shareholders are investment management clients of the Investment Manager that have entered into agreements with the Investment Manager pursuant to which the Investment Manager has investment discretion and voting power over any assets held in the clients’ accounts, including shares of the Portfolios. For purposes of the list above, the Fund considers the Investment Manager to be a beneficial owner of Portfolio shares held in management accounts on behalf of its investment management clients.

Generally, all shares have equal voting rights and will be voted in the aggregate, and not by class, except where voting by Class is required by law or where the matter involved affects only one Class. As used in this Statement of Additional Information, the vote of a majority of the outstanding voting securities means, with respect to the Fund or a Portfolio, the vote of the lesser of (i) 67% of the shares represented at a meeting if the holders of more than 50% of the outstanding shares of the Fund or Portfolio, as the case may be, are present in person or by proxy, or (ii) more than 50% of the outstanding shares of the Fund or Portfolio, as the case may be. Shareholders are entitled to one vote for each full share held, and fractional votes for fractional shares held.

Shareholders are not entitled to any preemptive, subscription or conversion rights and are freely transferable. All shares, when issued and paid for in accordance with the terms of the offering, will be fully paid and non-assessable by the Fund. Each share of the applicable Class of a Portfolio is entitled to such dividends and distributions out of the income earned on the assets belonging to that Portfolio as are declared in the discretion of the Fund’s Board. In the event of the liquidation of a Portfolio, shares of each Class of the Portfolio are entitled to receive the assets attributable to such Class of that Portfolio that are available for distribution based on the relative net assets of the applicable Class.

Unless otherwise required by the 1940 Act, ordinarily it will not be necessary for the Fund to hold annual meetings of shareholders. As a result, shareholders may not consider each year the election of Directors or the appointment of independent auditors. However, the holders of at least 10% of the shares outstanding and entitled to vote may require the Fund to hold a special meeting of shareholders for purposes of removing a Director from office. Shareholders may remove a Director by the affirmative vote of two-thirds of the Fund’s outstanding voting shares. In addition, the Board will call a meeting of shareholders for the purpose of electing Directors if, at any time, less than a majority of the Directors then holding office have been elected by shareholders.

The Fund is a “series fund,” which is a mutual fund divided into separate portfolios, each of which is treated as a separate entity for certain matters under the 1940 Act and for other purposes. A shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. For certain matters shareholders vote together as a group; as to others they vote separately by portfolio.

All consideration received by the Fund for shares of one of the Portfolios, and all assets in which such consideration is invested, will belong to that Portfolio (subject only to the rights of creditors of the Fund) and will be subject to the liabilities related thereto. The income attributable to, and the expenses

of, one Portfolio would be treated separately from those of the other Portfolios. The Fund has the ability to create, from time to time, new series without shareholder approval.

Rule 18f-2 under the 1940 Act provides that any matter required to be submitted under the provisions of the 1940 Act or applicable state law or otherwise to the holders of the outstanding voting securities of an investment company, such as the Fund, will not be deemed to have been effectively acted upon unless approved by the holders of a majority of the outstanding shares of each portfolio affected by such matter. Rule 18f-2 further provides that a portfolio shall be deemed to be affected by a matter unless it is clear that the interests of each portfolio in the matter are identical or that the matter does not affect any interest of such portfolio. The Rule exempts the selection of independent auditors and the election of Directors from the separate voting requirements of the rule.

Each Portfolio will send annual and semi-annual financial statements to its shareholders.

The Fund’s Registration Statement, including the Prospectus, the Statement of Additional Information and the exhibits filed therewith, may be examined at the office of the SEC in Washington, D.C. Statements contained in the Prospectus or this Statement of Additional Information as to the content of any contract or other document referred to herein or in the Prospectus are not necessarily complete, and, in each instance, reference is made to the copy of such contract or other document filed as an exhibit to the Registration Statement, each such statement being qualified in all respects by such reference.

A special service is available to banks, brokers, investment advisers, trust companies and others who have a number of accounts in the Fund. In addition to the regular Statement of Account furnished to the registered holder after each transaction, a monthly summary of accounts can be provided. The monthly summary will show for each account the account number, the month-end share balance and the dividends and distributions paid during the month. For information on the special monthly summary of accounts, contact the Fund.

COUNSEL AND INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Legal matters in connection with the issuance of the shares of the Fund offered hereby have been passed upon by Stroock & Stroock & Lavan LLP, 180 Maiden Lane, New York, New York 10038-4982.

___________________________, is the independent registered public accounting firm for the Fund.

APPENDIX

RATING CATEGORIES

The following is a description of certain ratings assigned by S&P and Moody’s.

S&P

An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P’s view of the obligor’s capacity and willingness to meet its financial commitments as they come due, and may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Issue credit ratings can be either long term or short term. Short-term ratings are generally assigned to those obligations considered short-term in the relevant market. In the U.S., for example, that means obligations with an original maturity of no more than 365 days¾including commercial paper. Short-term ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. The result is a dual rating, in which the short-term rating addresses the put feature, in addition to the usual long-term rating. Medium-term notes are assigned long-term ratings.

Long-Term Issue Credit Ratings

Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:


•	likelihood of payment¾capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the terms of the obligation;
•	nature of and provisions of the obligation; and
•	protection afforded by, and relative position of, the obligation in the event of bankruptcy, reorganization or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.

Issue ratings are an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

An obligation rated “AAA” has the highest rating assigned by S&P. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong.

An obligation rated “AA” differs from the highest-rated obligations only to a small degree. The obligor’s capacity to meet its financial commitment on the obligation is very strong.

An obligation rated “A” is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor’s capacity to meet its financial commitment on the obligation is still strong.

An obligation rated “BBB” exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

Obligations rated “BB,” “B,” “CCC,” “CC,” and “C” are regarded as having significant speculative characteristics. “BB” indicates the least degree of speculation and “C” the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

An obligation rated “BB” is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial commitment on the obligation.

An obligation rated “B” is more vulnerable to nonpayment than obligations rated “BB,” but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its financial commitment on the obligation.

An obligation rated “CCC” is currently vulnerable to nonpayment, and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

An obligation rated “CC” is currently highly vulnerable to nonpayment.

A “C” rating is assigned to obligations that are currently highly vulnerable to nonpayment, obligations that have payment arrearages allowed by the terms of the documents, or obligations of an issuer that is the subject of a bankruptcy petition or similar action which have not experienced a payment default. Among others, the “C” rating may be assigned to subordinated debt, preferred stock or other obligations on which cash payments have been suspended in accordance with the instrument’s terms or when preferred stock is the subject of a distressed exchange offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by other instruments having a total value that is less than par.

An obligation rated “D” is in payment default. The “D” rating category is used when payments on an obligation, including a regulatory capital instrument, are not made on the date due even if the applicable grace period has not expired, unless S&P believes that such payments will be made during such grace period. The “D” rating also will be used upon the filing of a bankruptcy petition or the taking of similar action if payments on an obligation are jeopardized. An obligation’s rating is lowered to “D” upon completion of a distressed exchange offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by other instruments having a total value that is less than par.

Note: The ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

An “NR” indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that S&P does not rate a particular obligation as a matter of policy.

Short-Term Issue Credit Ratings

A short-term obligation rated “A-1” is rated in the highest category by S&P. The obligor’s capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial commitment on these obligations is extremely strong.

A short-term obligation rated “A-2” is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor’s capacity to meet its financial commitment on the obligation is satisfactory.

A short-term obligation rated “A-3” exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

A short-term obligation rated “B” is regarded as having significant speculative characteristics. Ratings of “B-1,” “B-2,” and “B-3” may be assigned to indicate finer distinctions within the “B” category. The obligor currently has the capacity to meet its financial commitment on the obligation; however, it faces major ongoing uncertainties which could lead to the obligor’s inadequate capacity to meet its financial commitment on the obligation.

A short-term obligation rated “B-1” is regarded as having significant speculative characteristics, but the obligor has a relatively stronger capacity to meet its financial commitments over the short-term compared to other speculative-grade obligors.

A short-term obligation rated “B-2” is regarded as having significant speculative characteristics, and the obligor has an average speculative-grade capacity to meet its financial commitments over the short-term compared to other speculative-grade obligors.

A short-term obligation rated “B-3” is regarded as having significant speculative characteristics, and the obligor has a relatively weaker capacity to meet its financial commitments over the short-term compared to other speculative-grade obligors.

A short-term obligation rated “C” is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation.

A short-term obligation rated “D” is in payment default. The “D” rating category is used when payments on an obligation, including a regulatory capital instrument, are not made on the date due even if the applicable grace period has not expired, unless S&P believes that such payments will be made during such grace period. The “D” rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action if payments on an obligation are jeopardized.

Municipal Short-Term Note Ratings Definitions

An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P analysis will review the following considerations:


•	amortization schedule¾the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and
•	source of payment¾the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

Note rating symbols are as follows:

SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

SP-3 Speculative capacity to pay principal and interest.

Moody’s

Long-Term Obligations Ratings and Definitions

Moody’s long-term obligation ratings are opinions of the relative credit risk of fixed-income obligations with an original maturity of one year or more. They address the possibility that a financial obligation will not be honored as promised. Such ratings reflect both the likelihood of default and any financial loss suffered in the event of default.

Obligations rated “Aaa” are judged to be of the highest quality, with minimal credit risk.

Obligations rated “Aa” are judged to be of high quality and are subject to very low credit risk.

Obligations rated “A” are considered upper-medium grade and are subject to low credit risk.

Obligations rated “Baa” are subject to moderate credit risk. They are considered medium-grade and as such may possess certain speculative characteristics.

Obligations rated “Ba” are judged to have speculative elements and are subject to substantial credit risk.

Obligations rated “B” are considered speculative and are subject to high credit risk.

Obligations rated “Caa” are judged to be of poor standing and are subject to very high credit risk.

Obligations rated “Ca” are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

Obligations rated “C” are the lowest rated class of bonds and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

Short-Term Ratings

Moody’s short-term ratings are opinions of the ability of issuers to honor short-term financial obligations. Ratings may be assigned to issuers, short-term programs or to individual short-term debt instruments. Such obligations generally have an original maturity not exceeding thirteen months, unless explicitly noted.

Moody’s employs the following designations to indicate the relative repayment ability of rated issuers:

P-1 Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

P-2 Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

P-3 Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

THE LAZARD FUNDS, INC.
PART C. OTHER INFORMATION


ITEM 28.	EXHIBITS.

(a)	Articles of Incorporation, Articles of Amendment and Articles Supplementary(1), (2), (3), (6), (7), (8), (9), (10), (11), (12), (13)*

(b)	By-Laws(9)

(d)	Investment Management Agreement, as revised*

(e)	Distribution Agreement, as revised(7)

(g)	Amended and Restated Custodian Contract(1)

(h)(1)	Revised Transfer Agency and Service Agreement(1)
(h)(2)	Amendment to Revised Transfer Agency and Service Agreement(1)
(h)(3)	Administration Agreement(4)

(i)	Opinion and Consent of Counsel(5)

(j)	Consent of Independent Registered Public Accounting Firm*

(m)(1)	Distribution and Servicing Plan, as revised*
(m)(2)	Form of Servicing Agreement, as revised*

(n)	18f-3 Plan, as revised*

(p)	Code of Ethics(8)

Other Exhibits:


(s)	Powers of Attorney of Board Members(9)


*	To be filed by amendment.

1.	Incorporated by reference from Registrant’s Post-Effective Amendment No. 28 filed with the Securities and Exchange Commission (the “SEC”) on April 29, 2003.
2.	Incorporated by reference from Registrant’s Post-Effective Amendment No. 22 filed with the SEC on December 29, 2000.
3.	Incorporated by reference from Registrant’s Post-Effective Amendment No. 25 filed with the SEC on April 30, 2001.
4.	Incorporated by reference from Registrant’s Post-Effective Amendment No. 8 filed with the SEC on October 13, 1995.
5.	Incorporated by reference from Registrant’s Post-Effective Amendment No. 9 filed with the SEC on December 27, 1995.
6.	Incorporated by reference from Registrant’s Post-Effective Amendment No. 31 filed with the SEC on December 3, 2004.
7.	Incorporated by reference from Registrant’s Post-Effective Amendment No. 34 filed with the SEC on July 20, 2005.
8.	Incorporated by reference from Registrant’s Post-Effective Amendment No. 38 filed with the SEC on February 27, 2006.
9.	Incorporated by reference from Registrant’s Post-Effective Amendment No. 42 filed with the SEC on February 13, 2008.


10.	Incorporated by reference from Registrant’s Post-Effective Amendment No. 44 filed with the SEC on April 29, 2008.
11.	Incorporated by reference from Registrant’s Post-Effective Amendment No. 48 filed with the SEC on September 24, 2008.
12.	Incorporated by reference from Registrant’s Post-Effective Amendment No. 51 filed with the SEC on December 22, 2009.
13.	Incorporated by reference from Registrant’s Post-Effective Amendment No. 53 filed with the SEC on April 9, 2010.


ITEM 29.	PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT.

	None.

ITEM 30.	INDEMNIFICATION.

Reference is made to Article NINTH of Registrant’s Articles of Incorporation filed as Exhibit (a) and to Section 2-418 of the Maryland General Corporation Law. The application of these provisions is limited by Article VIII of Registrant’s By-Laws filed as Exhibit (b) and by the following undertaking set forth in the rules promulgated by the SEC:

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to directors, officers and controlling persons of Registrant pursuant to the foregoing provisions, or otherwise, Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in such Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Registrant of expenses incurred or paid by a director, officer or controlling person of Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, Registrant will unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in such Act and will be governed by the final adjudication of such issue.

Reference also is made to the Investment Management Agreement and the Distribution Agreement filed as Exhibits (d) and (e), respectively.


ITEM 31.	BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER.

The descriptions of personnel of Lazard Asset Management LLC (“LAM”) under the Captions “Fund Management” in the Prospectus and “Management” in the Statement of Additional Information constituting Parts A and B, respectively, of this Registration Statement are incorporated by reference herein. The following is a list of the directors and senior officers of the Investment Manager. None of the persons listed below has had other business connections of a substantial nature during the past two fiscal years.

Title / Name

Directors

Kenneth M. Jacobs

Alexander F. Stern

Chief Executive Officer and Director

Ashish Bhutani

Deputy Chairmen

Charles Carroll

Andrew Lacey

John Reinsberg

Chairman USA

Robert P. DeConcini

Senior Managing Directors

Andreas Huebner

Robert Prugue

Bill Smith

Managing Directors

Jennifer Abate

Ardra Belitz

Michael Bennett

Maureen Beshar

Christopher Blake

Nicholas Bratt

Charles Burgdorf

Irene Cheng

Henry Choon

David Cleary

Kenneth Colton

Robert Connin

Alan Custis

Kun Deng

James Donald

Anthony Dote, Jr.

Yury Dubrovsky

Michael Fry

Jeffrey Gould

Timothy Griffen

William Holzer

Peter Hunsberger

Arif Joshi

Matthias Kruse

John Lee

Mark Little

Carmine Lizza

Gerald B. Mazzari

Keiichi Miki

Andrew Norris

Nathan A. Paul

Brian Pessin

David Pizzimenti

Michael Powers

Ganesh Ramachandran

Eulogio (Joe) Ramos

Sean Reynolds

Susan Roberts

Nina Saglimbeni

James Schachtel

Ulrich Schweiger

Denise Simon

Darrin Sokol

Jeremy Taylor

Ronald Temple

Richard Tutino

Merida Welles

Markus van de Weyer


ITEM 32.		PRINCIPAL UNDERWRITERS.

(a)		Lazard Asset Management Securities LLC, a Delaware limited liability company, is the principal underwriter of the Registrant and also serves as the principal underwriter of Lazard Retirement Series, Inc.

(b)		The following information is given regarding directors and officers of Lazard Asset Management Securities LLC, whose principal business address is 30 Rockefeller Plaza, New York, New York 10112.


Name	Position and Offices with Underwriter	Position and Offices with Registrant

Charles L. Carroll	Chief Executive Officer	President and Director
Lorelei B. Martin	Chief Compliance Officer	None
Gerald B. Mazzari	Chief Financial Officer and Chief Operating Officer	None
Nathan A. Paul	Chief Legal Officer	Secretary


(c)		Not applicable.


ITEM 33.	LOCATION OF ACCOUNTS AND RECORDS.

The majority of the accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder are maintained as follows: journals, ledgers, securities records and other original records are maintained primarily at the offices of Registrant’s custodian, State Street Bank and Trust Company. All other records so required to be maintained are maintained at the offices of LAM, 30 Rockefeller Plaza, New York, New York 10112.


ITEM 34.	MANAGEMENT SERVICES.

	Not applicable.

ITEM 35.	UNDERTAKINGS.

	None.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and State of New York, on the 14th day of February, 2011.


	THE LAZARD FUNDS, INC.

	By:	/s/ Charles Carroll

		Charles Carroll, Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this Amendment to Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.


/s/ Charles Carroll	President and Director	February 14, 2011

Charles Carroll

/s/ Stephen St. Clair	Treasurer and Chief Financial Officer	February 14, 2011

Stephen St. Clair

/s/ Ashish Bhutani	Director	February 14, 2011

Ashish Bhutani

/s/ Kenneth S. Davidson*	Director	February 14, 2011

Kenneth S. Davidson

/s/ Nancy A. Eckl*	Director	February 14, 2011

Nancy A. Eckl

/s/ Lester Z. Lieberman*	Director	February 14, 2011

Lester Z. Lieberman

/s/ Leon M. Pollack*	Director	February 14, 2011

Leon M. Pollack

/s/ Richard Reiss, Jr.*	Director	February 14, 2011

Richard Reiss, Jr.

/s/ Robert M. Solmson*	Director	February 14, 2011

Robert M. Solmson


*By:	/s/ Nathan A. Paul

	Attorney-in-fact, Nathan A. Paul

GRAPHIC 4 c63583001_v1.jpg GRAPHIC begin 644 c63583001_v1.jpg M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````/```_^X`#D%D M;V)E`&3``````?_;`(0`!@0$!`4$!@4%!@D&!08)"P@&!@@+#`H*"PH*#!`, M#`P,#`P0#`X/$`\.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-#`T8$!`8 M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\? M'Q\?'Q\?'Q\?_\``$0@##P)8`P$1``(1`0,1`?_$`)D``0`#`0$!`0$!```` M```````"`P0%`08'"`D!`0$!`0$!```````````````"`0,$!1```@$#`@(' M`PD(`0,$`@,!``$"$0,$(3%!$E%A<9$B!0:Q,B.!T5)RDM(35!>A0C.3%"0T M!V+!4PA#8W.#X17Q@D06$0$!`0`#`0$``P$``P$``````0(1,0,A01(B!%%A M0A,R_]H`#`,!``(1`Q$`/P#Y2_=G^)+Q/=\>L\L>6*X79O\`??>S:VKHW)T] MY]Y%14+MZ:3\3[S8V,5V_87;C=.=Z];.F5Y9W;N.W52E7M97*N5<18BQO=R?*O$^\YH1LSG^/'Q/?I&NB].NKD^5>)][/'7DI&Y/Z3[V M92IQG.GO/O9-34OQ)_2?>2EQ\N[<_&?B?>>_SZ>['3'._<7[S[V=9%L\[USZ M3[V4IY"YS&)\]SZ;[P*;]ZY3W MWWLV-BB$[KE[[[V4U>I7*TYGIUDL6J5S;F?>S.6*[]VY3WGWFQL<^Y/;6UT;-RY3WGWG*N=:8W M9T]Y][(J$)W9_2?>;&Q4[MSZ3[RE)0NW/I/O9E94W>N4]Y][,8]MNY.57)T7 M6]6-7@MX7*=RM.9];JSFA-3GPD^K4FIJG(R;C?X49O\`Y.K[B\9_5XS^JU;&JI7+GTGWLI0KERGO/O8$7P(.Y<7[[[V:U3*=QR M]Y][*:M@[C?O/O9EK.6F$KG-%2UY*Y.GO/O-C8PY-V=/>?>>K#TX8+EVY])]YWCJE;NW/I M/O,I5CG<^D^\QB,KMSZ3[P*9W;C_`'WWLJ*(W+GTGWL"^-RXE[S[R4K;4[E/ M>?>R=)K3"=RGO/O9RKG4TKLOWGWD?SX3_+A1D2E']Y]YUQ>73%Y9;;NWKM%* M7*M]6=+>(NWB.@K+C'=]YY__`*\N'_TY479R7[S7RG7-=,LL\F2VDV^TZ2.D MBM7KDGK*7>:TA.:N1DY.B:XOI-:GE2I.7:_:9&1&U+344JUW[4%XI$?QJ.%, M\JV]HU+F5S*N>;:A!U@FVA_&G\7*KS3?6^!V=73P[5-SEJN>JV3TB1$1RFYN:2JXVG!IF\M7QRN#)_BSAHPI<^3%(G?R(W MT[,E0\4>6/8["LJ<=B*BO6S(1P\R:_&DCZ&)\>[$^,(5M:K<>)-34]M3&,=]NA<5%$8.4BE-V/9I5 MG.U%J.5"OR&Y;%=B-*&TK?91SJ*O>Q"%4V5%14Y.I2DHLQBR$7)I&6\,M:4E M!)(Y=N?;U;^T"-^]^'#3WI;(9SR9G++#<[5UJW@2E"1L:JDC5/.!HBWH!&2- M:C&-31?:A6B(M3:L;?-*F[T2,8Z.+9_"M4_>>K/)Z:YKR^FN:T7>WGUI:Z153G/KG/KE9MY.5$>[SS\>SSS\78$%"-9;[LCV MO*/7ZGD9:BGJ3Y^3,>;EWLFG.>'HF>%<:E-60Z]C*Q",W>R;<(^[S* MO>;/C>EF9/XDNU^TR$97>DE1,KAO"5NQ_0>B.S=9:4:D5%5W;B2>C-A M'`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`D!."U1E96B[%JQRK>5%WG.7ZB7ZVXME6[<8=&YYO7?->;TUS6@ M\SSO3`#'IG#.'R'JKU4[3E@X%RDUI?OQW3^C%^UGTO\`-_E_]M/H_P";_-_[ M:?+XCE.7,ZMUUKK6I[WNKZCRR[*6.[PDEH>7TV\V]M222HCSVN%>3ERQJ;FK)]1[O//$> MS&>&."K+F9UKHFE63>Y@C/H-@K3U-:JR,E0\,=S9&R*L6W*]&V\.]B MP49076CA:X6N'FW/CR^L_:>B1WC1A2T(TG31=EX28F,5Z6ATBXAC6W*=1:6N MOC6J''5B.4%G?#MAR7[QU=%L$V8-,(J$:O36>"[I"78,]F>WS>1/XTNT^A.GNB#DZ&M66HLRLJV>BHC(QY%4 M[0U?!*A*4VC!GNOI+C8S+WRE-=J*(J:N:T)2SW-="HJ%J%6;:5MLP.6JYZJ^ M2T(B8YU]UN4.V76/;4=12M,=%0A*,Y&R$BMO4I3Q)R:2W8&ZW%0@CC;S7*WF MO=NUZL,*J,')\#.QS>=W+DI/BSOQP[=+8K4QE3`BV!Y4",F:U$":V`],%EB# ME-(G5XB=7XVQMJ4DWLF<+KB.%UQ&N*H>;3SZ2XD)`PJ9P M5,F\O%);PA\[/;_E\.?[7IZ_\WAS>:_/VI3N4[SZ3Z3J8-KP]AE37?\`+8TG M)[)QV^4Y[-CT6QYO3;AO;:DDJ'EM>:UZ!DR[RC%G MH\LN_GER9UG(]<>F/9*D:&",71&M0G*IL&>]>5N#?%E2*D<].=^Y2.M2E.]A M8T;-M+CQ9QUKEQU6^UI./:CDA\ME3K?GK^\_:>MZ6W#EX41I.E]V9DB8QW*R ME1;E1<;\2S1(C51JNE:A15.&JX6EQTB,DS?-+E3[0-V+848ILY:TYZTE>V,R9:L"/PJG'VOUQ];]7S@I*C.-5JZFB4=S&-$5H2Q[)T1@S7&7&Q3;C61M;6VU$BIJY MGM.]S*B[%PFXRW1TEYBY>8J3536M./;J^9D:J-5H;J^I'-`NOB:,^==2BH+= MZOL+\Y^KQ&2TCI72KTB4O6!!LUKQ,#R0'BW`FC!:H:59G*>6C&C2K.>ZY[K7 M;5$CSZKCJK4<:Y5Z8DJ.#A1FY=O%QKE^XZ1@J]KX(Z>?G_*\.GGC^5X?FOF. M1>R\F=^ZZRN.K^8^QG,DXCZV9Q.%-FS6:-:ZN':I"O694UVL1-3:_P".IRTY MZ::59*6S%QTDM-3CO;EO3H0@HH\FKR\MO+VIC$9SHBLY5F.5EW:M]"/;C/#V M8G"FW'2I=55=Z5#8V(1GIU&\"N[.D7)[&QLQZ6S$E1$5-779NID(\Q[;E-\+Q MKAQ[]J5B[S1^4]N;S'KS>8V0R$\=OJ.5Q]<[GZX%]_$EUMGJCT1.Q&FK,K*N MG/2BXF,>QT`LM[F5E:(D)>7'H;&QFN%14+$?%7H%*V06A%17D@15RILUK1:B M3:FUJ@J(XVN5>7554-RV*7"B.G*^4)/0V-:/+9?%EV''_1/CC[SXK\SC2YS= M)7A?ZK\;\8[:YI)=)VKK6^%(0[=D<;]KE?KWA3O#"J2;?`-)JH'LM@/("B^W&I-J;5]$D0E?9AX$N+9RW?KEJ M_6C]ZAQ_'+\3.=0]J9PSAXW1%2-D?*>K,]W)1Q(/PQI*YV\$?1_S>?$Y>_\` MSXXG+YJ46Y'J>E?CVM:]!C*Z>-"EJ/6R:FM]EMMB+DJ0,8QWG5EQ4 M>VK;DNA<6+2UA\QO<\E8L_*5F*S'F-9C:BN,N)MK:Z6+'2O2<](K?'1'*N5( M/XD>U>T1KY6XJW9_6?M/6]#3CNB)K*M;YG1<3&-^)9HD<]5&JZ5N-$<+7&O9 MNB,C(PY$]SOF.V8P23DSHM9&*BJF,9;MVL^6I4BI'2P8Z(Y;KGMNGI$Y1SCG M9$O$EUG?+K':L*EB*/#N_P!GCW?JU(YU!34#+F8ZDFZ'?RV[>6W)DY6JPX/8 M]?;U=LEVVJ\W`N54KR,Z;`>QU?6!+F,&BSP)J:T11*4)[&M9Y[E1JVQ%4J96 M5I2T(2A(V->1CJ!IM1(M15\=CE45Y-:T-A%5S38N+BB;T+BXO\M_B3?R'+WZ M*C"MU3FUU(Z>E=-UHEOKLB(@X4Z0UGR[G+#E6\O87B*S&1 M'1T76D965;P)2KN,V-BER*4)]`'M6&++<:F4K5;A34Y6N=J3X+I,8U6EXE_Q M53AOIQWTG%ZMDU-6+;M.=>.:Z^>.:^$R)RO79 M7)^]-N3^4^G)P^C/C/&'B-4UVK;"73LP2C!=52*FMF'97>E^QQ<7C9LC8JN3HF=,Y=,QS8].8JLPJZLJU5JVYL3$ MQCN.*JYNB.D7&>[G.?PL=?*;,_\`53*N-E6U7>3W;-Y.4HZM+I8'3QXT2.6G M.M#T1"'D'XX=J-BGS3C\6?UG[3TNZV&B,8OQX\TT965V<>VDD>?5<=5I.3FI MOSHCIF*S'.O3K([2.TB,(\3:(95U1BS> MGLQI@FJQ.SJS4:>IJDTZ+KXACV/BE4#7:1%36A+0E*N:-:HD4UHLKPHFLJ[@ M0E"52FO8K4RLK3;1SJ*NCL"4NLX>[C[)Y<> M>W1<3/+Y6>?RH02A!17!%W[5WZ]IP^5ACRM%5[AKGW9NY<;X<#M)Q'63A%*A MHMM5)K*N9C&>\RHJ*6RFBD!*.K,&JS`C51:U)41RK4.@[=.O3I6+$+,$HK7BR+46H7'J;&Q+'A67892NI9CH$\VW#2.5+1FX, MN=COFS;?4ZG773IKI]-P1\Q\][$5E.)@/808\U)692/3Y7Z]'E?KA6I(O,9(QT.CHEPZC&+["5"=)TG=HM#(R,=Z6ITCI%, MF4UXI=(&BS&K3)J:WVHT1QU7*U.;T,C(6?=9>>3FW;O[J=(_56Q]#$XG#VYG$97']I2DK4 M*M,#?BVZWE5:1[B-7XFM5N#N7X0^E+]B)MXB+>(^@A%)'SM7EX;>7K>@C(K; M*D7(KG*B.DBY&#(N59Z,QWS%5F-95-JJOO35NVY-TH3F-AKR#^)'M M7M*:XEU)79?6?M.SJ@M9)&M=C!MZ(X;KCNNBM$<'%7>E1%9BLQR;3SZ9LR6C+Q%YC)Y M>ZYL7T,OT_\`RK?3Z;=+L/F/GO8[&5E`/'L;&QA\R?\`:R^4]/CV]'EVX&/. ME*GLKU5KI6-42EAO)\]"XN--F.A-36RS'0YU-7/8E*F1:E*59Z&M;+:HCG7. MIM:&,0H:I9!$U-71(J*M:I"O&ISE^HE^J;DJ(ZYCI&1NK.KH\:J:UOQ52RCS M>G;S^G:%R59/]A>9PO,12TU-:-^'K8&"_+GNTX+0[9GQUG0DP#J!=:6A-37M MUU8A&.\]6=(N,[EJ4I['5HP=#'M['/5<]5MBJ(XUR57773C+V%Y5%T%HETG. MHJUZW'U:+Y#G.D3I9IHNC5D(0G)U+S%2,'FN3^#B3H_'/PQ^7<[^6>:[>>>: M^>A&D&^G0];U(SCK2FVB`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`:I2 M\*70GIZ>W% MH^Y"$4T\=.)K6RU;JXQZ63:BU=>V:7#1$QD=BS!6[4(?12/%J\WEX]7FDF;( MV1!LJ+C+DW*)H[8CIF.=LI:N;T-$L=5H*5TK2T.5F[EU)'>.T=/&M/;OY=N`U1'L>IY8TN" ME=.WJJ'.HIRT9@MAL94TF(13YEM-5.OC>8S5.SJ]56TD8QJ:TIQ.;FDMNW8P>3X+@(1 MCNOFDV=8Z1Y%&M>L`@+8KPDI0NFQL8+[.D7%5B/-,VMKKX\*)''5(ZK9Y)'EBMLN+0G*B;*D5(YN5>IQW/1F.^8YMZY5'6.D7^6XE M9_BS781O2=Z=:6VFQQCC%1(N+C$Y:G1;R3J!JQH[?L)J:W+2)S0\J M!X!%R^)'M7M*C8X]Q?&G]9^TZNK=A<#GI&G5BZ0.-<:Y?F%^B:.V(ZYC'@VG M.YS,O57:ZTZ0@O3GZ=/I#Y[P)Q]TFLKQ`1N;%9;EB\Q_P`=]AZ/'MW\NW#G ML>MZGD%XJ@;;,B*BM#58U(2E;V%*C(057=NTJ*C38C2)SU4:JZA*$6:UX@+( MDUB2,8DGJ34U7G0Y\=2XP?[&/*\:X;Y7C7#G.1ZGH6X\7)\W!$Z3IH2JZ_(0 MA);]AC$+DJ)OIT14BI&22.CH]0!F`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`\DZ(T9%*M^':O:7%QFOOXLOK/VE-:<1\2 M=)JS*NTA0S,9(Y2GP[>CQ[?/*6IZWJ6P9C%]MTHS*RM]F1RTBKTM&2A5+=E1 M2O\`?2-:VVUX3C7*I&,0EN5%1X!-&,>LQCVNI@]A*DDS-3XRQ@>/3S"?T5XE M\IWFOZNLU_5HI65"4I.JHNDQA)B$99.LVSK'6(2`]2`)5D!*2T$(0V%*KOO4 MV-B%J%95-M+6VW&B.5KG:U6URPYN,O8<=?:Y:^U1D/PTXLZ8=,HVHZ%:K:G. M7+"4NA>TF1,8X/Q4X(ZUUKUSJZC@X3U5ARXS=%V(G]9^JX1="JVO+M>67<;& MQ3".JTV-K6BU"MR/0M2;?B;4KJYYJ*_>:1D^1D^-VR27`X.*+>AK6>_/P]1T MS'3,<7-O5G1'HS';,5X\.>2;U-K:ZD=$H(Y.;5%4BCG45%FBJ[I$J*CF932. ML=(R1*4W8T=JD5-;HJB(0]``579:&QL9+_1;'#TZWST$>QZE\%L2E+V.KHD MO%*BXZ(QB[)TE&VMHJGRD8_ZG'_44J)E-57-DNG4J*>6XBE7V4U&4R-(T]LK MFOUX05?E&NC732SDYH3D5(V,&=?4(-';&77,<;6<]=V=G9T,>"A&O$YU%:,> MLI.3VV1.DUKX'-S>2-C5%[8J*CEY;.N76,\%5HIKHX\=CG45KV1*7GL``9K\ MM-RHJ*,76]'ZR]I5;5&0_C3^LRE)0E1&,4S?--(UKI8EOEC4YZJ+4;\O%0V$ M>):`6VV91Z]PQ5.=-S6BGH!7.#D:U?;@H0J365N\K\3E+@G2B>:O/ M5G`A#P-1FRHV.9YVZ8S1Z?#MZ?%PX+4]3T+H5,8FO>1@UQT42$-4'H145&6[ M-C8JMNMXV]-O3?'8XURKUF,5LM0C!8B6/)[&PCTQB+=#6O+BT?:<_2_B/2_BMRY[KD7QQ%V*BHY.7N=HZQ5859FUM=2Q'0Y5SJUF,>(#R;H MA!AR)G2+B>%'XL.U>T4K'?\`XL_K/VE*1YM`)X\.:=3*RNM&/+;.3FPW'6Z= M(N)J=%H8/83U#%E3&*[RUJ;&Q&%6T@VM$;9/*>4DX>_;E M[.C'8\]>>IUT(2("$RLJRY?G;^`EV'J\'H\7'@CTO0M6B,8E#WC!L_<1"%]M MZ$U->RU,A%%C^*R]=-O3H1V.%M.D M:*]XT`2X(R#)8N*H(NJJ^*.=16*;Y[LI_(C MM)Q'6=(IVU;'"N-2J8EZ8(3+BHY?G;?X:[4>GP>CQ, M0>\`(RV-C8A%T?RE5JVGBJ0E"Y*D92Z$;(V1CA5O7B=G53?=&;&QF4JS+4UV MEL145LALI*5=R M=(ME2-D.T9WK*AK70QXV*BHY M>2JR.L=(LL1V,K*V15(D5*+`]`S9$Z(N*CG3=;B+6Z6"O'#M7M(J*YV1_$GV MOVEK5QU:-'7PH>&IRU4:3R9)1,RR,'2SHM7S:.@:JE-HT3M7FGN.#AKA-274 M2EHLQ52:FI7Y41D(YUQMRH=(N/IL%4QHKJ1X?7MX_7MI6QRE M7IK6QQKDC(V-B!34HF5B9+$9%1KV+,I49;&QL5/1_M*4N33BF0A1ERI:IQ9> M.UX[4VUL755GS-&RLJRQVWXRZIT+*V.=16I:(A"$S8J%E5E3I&F5MJHQHCAQ MS7'A9;T4IO@J+M(U^1.O^*92I4ZR.D9VVY'1:U<"4HY#HHKY1AN5,(.:?2Z+L16E58WH2QERKG+%G3,7F.8WNSJZ/+<>:X!THIJVDOL`BKE'N:-6/>,I72L331SJ*\R'54$(QI>)=I:GT^'I8CV'A] M.WC].VC@BM"K0YH>2-A$#6IQ,K*D2Q"94;'L-4NPRE>-F MBJ6Y<7$H/PTZ&3653ER3E3H+PK*%K@;6UGS]&5A66*PO&75UU+"V.=$RLJ9C`"B_LRHJ.<];C:.KHTV M434U:V2QX:(S=(L1LELXURK+>=9%Q49[[I`J*C'%O4IK-=D^8-5J6H:OM3:=0QT,:_P)L3 M8T2ES(QBAKQKAJC6OI\?2S$\.^WCWVO.3D]9C`"#W+BXY'G+\<4>KQZ>GQZ< MR1W=D7!TJ!HQ8^(G2:Z27PV1?*-=E[):H,53*BX0?`VE992YI2+6MM+0RLK+YC[R?45A6& M2PO&755T[!RTYUIE[ISB%,E5T+BXFM%1&)7X\:T72Z'/=1NIY$ZS=-EHB?.? M$^<^,UQG:.L>VT96591JVY<9:1[.+([O"?TC:Y*-^\^'0/YNURX'-S>LQ@&JW[Q?XK\<;SE_ M'B>OQZ>KRZ8()N9U=%T[=(FX%>RT$9%4RXN(QTGH*VL\X\MR:+ MG2HMM;(RLK+YEO$K"L,N.M4RZJNG9.5.2` MRY<_"7E48.++6G#7V`;\=41SJ*U17A(J*+<"2,'H8]>U0,64]#IETRR65652 MZJM:T1"7C8'M>(&3*G1%Q4-'8FLKIV?>AVHYH<_(2YYOK?M.BT, M7^(*5OG+P$(4I:U-:Q9LN!45%%G62ZS6K+]IO4#)*VU_U-:10%\`QIMNE#*Q MKQW6[$BLKN69U21Y=1YM1I3.%<:D8EXPU#]XO\7^.'YS+^X2/9Y3X]7ETSV( MU9=75US1&1,2L;F4K;^ZL2L*PSXVY=5 M71M/0Y5SJ[>A*7LM$9"(%-:HRY;#?2Z=QQLYTY6?V4-U.CHC%5DV;2KGL0DB MO$*4ENQ`J!5K*=>DM2^"T;.=14+CT_:5&Q4EJ4I9-\L:=")C(QI[OI.KH\E* MB`P9,JLZ1<4T-:NM):*E3*RMT/#`BH:HKP(YH0?O%*3)85`D]@Q@RF=,NF5% ME:U*K:T[(ECQ`).B8'.RYZO]ITBXQK62-:W8RU1E971MT4X=J]IS0YV7+QS[ M6=(N(XOO"E;)O0F)1JU$#F94JRHRXN(6'JC1OC;YR6*YXKZ!R\XE_=I' MM\I_5[//I'&VJ56U.\ZF0B6-K(:96_\`<.3FRK2X6MICL34K(DU-2X$L0EN5 M&O5N!9$BI>L"N;*BHIQY>.:["M*TT2]TB(BJ==RHJ*Y/B5&HWM;=>AFSML+; M%*P^92\<5U%X7E5C;E5M=&ULJO>QW%94&]35/7L&(P6O8;6U=3PT(2JNO73@7E4>6U5JH MI4;TO"WTLW,;EEE+4M:B]+5@:K,=FB:RM$Y4BJ$Q+9%_# MB<_US_4&]2E)5T,8+<"5-#&,>3!LZ9=(ILJA5;5KZ"6"`A>E2)L(Y63=(:"-CCY$JW M#HM[9>H'7Q/$NHYZ16N5N+1/*.7.RK.NAQC$%N6M\YYJZYE.H]WGT]F.GN.WR&TI>8A M%V+N9IE;9>ZP MP5%J)-Z"$2MK3M,K*M;U["$L[2;.CHE!-)]QE9560TM.@K*LL3EJ=5LN1/6A M45%*>IK7MM5D!MM+4BIKR_)\R0A'0@_A1?4<[VY_J#W-:FMC&/%N!;%53)J: MINV]"Y5RLW+RLKE0V``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`!?XV)4JCDYH-:,UJJ2U92D5N:(W M??KTFQL9[]'=*BHMLQ,J:V.D8'+M"K=U+4A<8A%,&Y7.5=K*4W8ULY;KEJK) MOXG8B9TR=/8(5E32)8C>=(=K-SVW/:F)TJZ]BJM&5E7122(J:A))=IVRZY9;TJ1947&).LNI%J6HQBZRC*RM6T&2EBC+FO?*6MV M'_#78<')74IJ7`QCV!E*OB145Y<9L(QW75G2.D01K4+FJITFPCGY=-N@N+CG MR:J4IJQTC&5T[.D2*BIU^)'M7M$(YDX_%FWTOVEK76Z(RL62DTJF,<_*N:/4 MJ*C)O1&J=7`L[,G51:Z^T:')S4RU937O+X3!@RXZ]ATBXIW1K2@$XIF,61,& MS$N.,M2=1&HZ]FY6)YMY>?46-^%]A'ZG]?,WM[VDUBK>9 M36ZPJ:G.HJ61+PF99ECMNLNLZ5=;K6QSJ*NB144D(1"IJDHF5E6K8E*$MS8V M*Y]!4;&;)T<7T-%Y7&Y.JJ;[$9NLTZ=J%('GU?KAJJMY M29:UL2:FI<"4JLG111?FO"J'27559!:OJ)J:L>B)8KFZR["HV(QUU-K:]NZ1 MIQ,R1S+\JW'U'>.T8LBY1%Q49[.KJ:UHH8QHM1V)K*MOR4;9D3&&PZW5VEU= M=I_PUV'%R0#7J88G!&4J^.Q%14+NQN6QCN;G6.B($+C48MFPCC9M_5KB=)'2 M1D@V]>)K6_'1C*Z5MTA0BH>*2_$CVKVFQL8YI?B3[7[2E/8RU1C"[*D!!S+\ MVWN4J%B/-)`KNX-ND3GJN>JUST1$2JI5E-6OW26,&2J_*=(N,T:E*(Q-:FCRXZ(V-C#=G5G21?3ICI&*-K:MBM.TFIKV3U M,C%+KJRU)06R,I4IT='E0,.;?2B MT7(J1P[LW*X6Z)PX`=#'X5,J:W*5(DI04OB1[4:U1>=+D^U^TUJN,O$![D2\ M`A'+FZR-4VX5JK1E37=QX\MLY5SJ5QB,CR*XAKV;T$8PY!<7&:A2FKRZRYRE M)[<"=U.J\OVW";Z&)2/(AJQ=08TV)T:(L371C<^#)]1QL^N-GUP5K?F^EGI_ M'H::^$ECRVJ2ZC:5NM'*HK/D/5EY5%-OWC:VMULBHJZ.Q"$9&QL0U;-:L@36 M59LC$JS6HKWJFM9\CW67%Q?A35S%MOHJNXC?RHU\JE"I%2,;K*5.+=#HMWK<.2,8_121 MX[>7EMY2O.D&9CMF>U*6BH=%K(DUE3IL0EDONMY]QWQTZYZ>P,I5T>!%149. MM38V*W315*4LAI5_(B:FLF9.D6=<1TS'*O3276=HZQSIRK(I3395$96-,-]" M4M5I(FIK+YA/A4K*LJ\-5N1-TVNQ+9'%R0J:U*(%D=B:E:GH2E5.LM%N5%1E MG%J5'N7%Q7.5%4V-$#`ES3-4ZV#;V)J*ZL=$2DV:,E\J M*C/TE*=?RFVG8;.'K7'TKS-L53Z3<:;FL"K6CX'1T61#%D:U3J8QK=ZF-+L. M?'U''US+=>:IU=6FOA,2\M;U[A2MUO9LYU%9;[JW0N*BNR_$;6UMM;'.HJY$ M)1D5&Q%`6P)J:E)Z&1D5ME*(^ZQ2L^1_#9>5Q7Y//6'I&R>VY$ M1%X4/Q,F"X5KW& M;O$9N\1W'[QY/QY?Q7??AITE85A`I2R!-35BW(2P-UNR?6>F=.\Z6P1%35E: M1;)2KD]BHJ(K5U*:L?ABN\A+FYT]$OE.^';+DY$W5G6.D98ZR-:V6D94M-I: M]1-8TVZ:LFIKG9TJW*%Q<3PJ_B1&BNM-Z')S0`G$"Z*)J4GHC&%GWG)F:-,F M5*MULZ9Z7GICOSTH=(N.7DO7VEK9DN(%D%J@-N.C*RK;TJ1H9&1GA+XD?K+V MFM>9$OBS^L_::*[3K(P,C8UL9K$:S!7;PXTH1I%;*T1"7B`AO;S^G;1>M)Q9.=)S7%R(.%Q]!Z)7HCQ&BR)C$YS M?X;1G`SP6Y35K=(F,+36@I6Y.EMLYH8[CU9<7$;7O&TK=:V.=15JV)2C(V-> M1%%T2*FO)O0V$5R>A44DM(+K,8SY3\$B\JRQ^43:R;T>#297I/BMSXZKI0XN M:J6Q:D'TAKU1JD&+4J(E@]@QGO3X%R+C))U+4V>4P3ORE]%'+VOQS];\=2/2 M>>N%57_?2+QTO/3PUJR")J:DW1-]")2P6]6WTGHKO5\-$145)MT2,%6E62#6VVB:FM%K0RLK2G2+9*7) MR76ZSI'2-&%_$53-,TZ&\,E]UF^DN+ MC!ES2.D7'+O3J^LI3R`%D%X@-UE41-34,B>K-C8S1E\2/UE[36OY2GT7EJIC1[#R^O;S>G;6XU@P%<-VC6O;E>0R$>6.`I6^4J6B)VADEM4M3RR]12M]O8YU%6<"4H2W-:1%*M M3T)2\DS8V*Y,V*62X)$Q,9,M^`Z97ED\G7QKDNG0KTZ5OIUMT<7%6]F4I%K0 MUJ<5H965)+4QB%R5$;&QCG*K9TBU,MC5.EY1&EJY/I=#A[?CCZM\=CC7&J)N MMWL.DZ=)T+2='V"$5M\.DI2R MWQ?034U5?G1/JW*S%9CA94ZMOBST1WC`UJRE)65X@QN@J$L7V]C*RK[FEILF M)CCS=;C?[#HZ-F&OB(G2:Z$Y5(B'D-Q6KT2E;`FII)\>@$9^=RN-E\+47GJV M5&QRG;S;[:E[IQO;C>V/+MUBSOBNV*XS5)-=#/0[IQZ#!8 M8Q"GBT-$KL/AU[Q"*[.ZI\HK:UWW2$4B8B,\W1%*>V:"E;;>QSJ*LX$I19JB M(K*M6Q*4'N:I&.MQ(V]%62?B)C(Q9K\$NPZY=,J?+5R0C)\6;MNG3X-'%R5/ M=HM3R/0!:EH2DV0&;(G1%R+C-7PEJ539K79\OCRX<7]+4\WI?[//Z=M2=$Q6J%95RV.:%64_@I?296)]5CM5!%U56/V$L0DRHV(4U-4NC MI']I*&'.GRVGTLZXCKF.'=FW([.JJFC-'MCWF8-T=$8Q?;7<365+(;5HR,CD MK63[3HMMP_?)TFMLV1$I6Q2KB4KH:(FIJK)N"7TE[36KFJWY?6?M#&M1Y M8$L8*O%<+(C2Z^L]<>F/(FM6+ M4QAQ`L:K:EU$_K&>QK/Y2JJM.1+Q4Z"8F,]UZ%142QQ65OM['.HJ9+$&4U*) ME8G70QB#-:6_XCZA>B])/=F,837=> M;7:QND63$QGALWTG2NE2M[]AE95Q"%&1JX+HU+PO+R)5;7LGX7UF05LII!58 MI5LO=9,3''\SN:J/RG?$=\1RJ[LZK1DZ1`EBZLRE;NHE+1;,K*KSI4@QEN7, MAN6IMQOXAE96QZLA"ZTM":RK*=)C%T?=)J6+*G6XE78Z9CIDMZ18I63+E1,N M*CB94M2UQ3:MMZAKH6;'@3,2FU25`/)R`@V:)XUNMV#_`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`CD3Y;;-D)&*UJJ\ M2ZNKIND'V&1+EWIUX^ M`:LQXU8'2LZ2AVHE*=%'F[6965ANNLBE)V858HZMJGX?R'.N=(Z*O[0,.==7 M`K,7(YL9/2+`R3E69:FO&X$:36V)%0-@>(":V,8-@0F]&;&Q*OPT9^L$Z M(-9KDE^)0N144W2HV+<14FUU5)TS3;%:'.N=>R>AD(HG(N*BJ+K,IKGTI:O+AYD>6X>K M+T951;X&M61DP)QEJ8Q-4[S!&YI$V$8F_&4INQJD:36V.Q"'C`\0$UL8QY74 MUKR71T@3EI%(R,B,GH:USW)RR'T(Z?B_P;YKB70!MQH4;ETG/51JM)"%KJKB>>N%47'6XD M=,]+G3R6XC8MCL34U[%ZUZ#*RLS=9'5T>-@0D].TV*668ZU,U4ZJ=UTT,RR/ MG_-+W-=:Z-#T8GQWS&3'C652E+[^D3(R(6+;;J;6UJM0)K*E3X@8T[6V2EQ\ MQUN'2.D5PV`Z&,OAF5E;;6R1%16G]TA*#T-:Q77S7>PN+BR"H96,^=/2A66Y MU>T0B[S"=+DTNEF1D12GO[RZ@QCRE2_)]*1>>EQEF]2E.[Y3'EQ(Z:O4\WKV\ M_IVW<&<7)16MQG3\=/P>LD:+5LKW-:T M6TU$YU%4Y$W&$I="J7F*S'S&3<<[LF]VST1WB['5(5`]O2322U$%V.DHF5E7 MP6B]IC"E9@77&E:)G:7$R76XSJZ0@_"!T;"I;7614ULLK5$5-:?W24JKTJ19 M45&2VJRJRE+5H8QSLRY5LN*C):7,Z<2E.K:C&,$^A$5%8LJ[65$RHJ*XNK2- M$KKT,&6WK,UKH6](F)52E\2-?I+VAKWS&Y\6=?I/VB$9+3=36NKC+PJA%16N MVR:FL.==W1,UKE^81T9Z,5WPYJ9U=$D^\QB8%MN72965')?AU$(QVW MXBJMTK&R(KG6E$)>,UHC&/6]*`>`>Q7C`]>X%&1*D&5&QFM+P=;*JJW6+=$C MG:BUH5$B$(3EH5%1EN2UH7%(K>H:]_>]H&7-_BI]**RK+%+WD6I]-B04,>W' MJ1X]WZ\NK]7NG*1$QGCK-LZU=>KWS!;P)2C>TM/K-SV9[9ELCHZ#`\@JR%;6 MAT4*])#FYOFMY0L-+]X[><=<1\]7FG7K.SLV)\MLQBGFK(#3"=(F,:;+JC*R MI4\9@GD.EL1D<2\ZS9T='L'L@QU+"\*(J:V6MJD5-7K6-"4L^0^!6515!)%5 MKR[+E@V(1R.]4"NQC>Z145H@Z-DU-<;.N:R.D=(P M1W-4T6A6.WYG:ALCSUPI>]P9,L^*J2D^EE[7IJCN$V-C-:UD56NE8V1SJ*T<"$O&S M6E3`;-#@![;W,K*];>H&;*=(4*RJ(X\>9K31:FTK?".ARM<[4VS&*+DM2XN, MLG\0M3WFU0'K?B,&;/:K%]16599+2YK\(]+1=;7U%N-(I=1XK7EKV;I$R,BB MW35G2NE2BZR,K*M6Q*5>2Z142L-PH5"W1XWI7I-$[*)TS2=W3Y#,ICA><7JR MY>$3T8COB.5:59%K:+DJ1H8Q3;;J:U?S:&,;L35>TFIJY[F,0RY^"FVAN6QQ M;C\3+6LM:R0'5M)45-B*BM4'HB*EH3I$E++=UD7%1%*@:HR)Z4*C8Y&3+4M< M:,".E3*RK\J[P3VT,C(R;FM:,:/AJ*55E5K00AC1%*ON-`8IR;O1[5[36Q1E MSKD3^L_:&K,35BLKM8^D2*BK5+6;Z$8QP.O"V5I6ET-R*BK&3$HLUH]@,V3&L6=,.F7#R%RW'4], M=X\3`L3T,8E&34NP"&1JA&Q39]XVE=*QLB*BM!"7C-:`>5U`EPT,"'%AE&P, MV5K1%Y5%^+;I&M-R=5FJU+0YN:$V;&QFN2U+BXH?\34I3WH#'LGK4#/GOP0: M-RK*CR^#GFP3X:F[OQNNGTT3R5Y:C>=(LW+1583W-:7Y< M.((6UL!8]$&-V$_`1I-7U\5.!C%&9+PE142=$&L&5/1EQ4A]95[S6L5Z=;\_K/VFJ;,/ES7)=I;I$([@:L>+;2%97?P5RP1QTY:=*WLCC7&O;GNF0CRT MO`;INDX;DU-3>Y+'DF;"#>@%-U53.F5QQ,Y4N(]&7?*A,UJ<7H!)&,>7M5H; M&Q596IM*Z-A:'.HK02QX`J!&+K)]P$VM.@QA':H'O`"B<>:X5%-EN-$D<[46 MIMF)47941<7&7FYG7@6I7/2:-C7OS@2EQ,8HSOX,2LJR\\ECS9;D^",]>F>G M3Z!'EKSJ\AZ4*PK*"]TT66S*RK%OV$)9+LJR9VS'61&NAK7BUD!>M($(8O,+ MO+9E3CH=,1TS'S=Z5;AW=EENB1C%4W69K5UNU<_#=U+P)\KEUFR.-<:G->$R,CR'NH5M>QW,K*F]S&(R-C8\X M`1>I37$\R_BL]&.G?+(GH6M9%F,23TT,'DZLT1MKQ"CH6=D145=70E@!XWH! MY!U^5BBHP>&A;C65>!E96F.A"$9LV-C#F7E"VWTG3,=)%5B581?2 M56UYR/5V5L>=Q47GXDB\KR/1` M3M\#-)JR;I"3^0F=LG;%+WCLZCVJ!*VE4RLJV;5*=!,3''\VNK2"[6=\1VQ' M#WDSHZ+DZ0J&*55R;#75N1=KRNW#C.7,R)VC]8)O8M;=AOPHFIJY/4QC)FO< MJ*CF3>YJF[RY:=IE370;2B2E9CNIE96K9$)5R935-UTB;&QQ\R6ITCI%&.OB M5?`-KH?@J>%=NMNL&E%=+;U)M^HY^L:CJ4IIQXMR[#*QON:6E0E+#2LRE+); M`43`8Z^+%_\`)>TT<:7\>?UG[35NEA<#*FNIS4M/4E*$=+7:F!QYJEUE+3LP M;E7H#*ZF-;IJR:FNA8E6:1%173M\#A7&IS]TR,CS@@U[#`WVMCG45;70QAJ!Y+1`+>PI4 MI@>P]U5`DC&)VXT,K*M>Q*5%V6K+BXXGFF1KRIU.V8ZYC5BU_!CV$U->7'2? M4C8V/>:K,%G#_J8Q1Y@_@+M-RW+;Y%&F*W])G/U[<_5TUL<7)FN:W#I.ESI) MHPBVTB=)J.1*D$NDW$^F69'1T);I`3MHRLI=EH)"1\]YC=YKLG71'?,^.T<^ M+JRE+6Z1`EAV?Q+L8\-V9:RUT/-9I.W;7!5)RG+FRU9:V[$T@34U=%[F,8LV M6I45'/EN4IT\!4A4FIK5<=(DQC1B0\-2=)K2U1$I4RW*:S9,D5%1Q\AMS9:X M]LQI&O2"M\WR^7QC3WFI/Y?_`."?U/ZR.)K6C%C5BE;+^D28F,L5XF4IY/8" MF1HGC_Q8?67M,''E#XT_K/VE+;L0RIK;>GX*&1BU:0@NE&,<>_I?:ZREQJQK M>PK*Z45R0ZR$+\259F:975AP//7&IRV,C'C`E#<5E>MZF",F;`;T#44S1QO- M9J/:ST8=\,$74M::`LKH8QZZ4`6EXD*-UM:$5%6DL&!&>U#8U*VM$96/9?L` M]0$H]1C%\51$5%>3>@C8QY%Q1BV=9%R/FLN[^)>^4[1VCLXM?P(D5%>7=T(1 MZG55`L;HD8Q5G_X\>TW/;8Z?E<>7"M]+1Q].W+T[;:^$Y.;-O<.GXZ?B3U9C M%MO8FHJG)E6=.@O$^+Q/BI%*>4\3`MBO"V34J,J?+"3Z$7F+R^:R[F_2=W:, M]IZAJV;J@QTO++'+#F>\]NPG53JL^==Y\F?5HOD$Z;(S+ITBHY\Z MN7::I;RND8I:NB[PQLRFE&,5M6B__JB8R,T]BFM.&M4365IO&1D9Z;FM0GTF MM4R6H$['\6'UE[31R+LTKTZ?2?M-6V8;Z3*FK\B3;208VS5(PJN")8Y>3;_N MGVE14;\:VJ*IE35MV9D%^`ZS)TG3KP.%<:L)8\8$H[BLHWJ!"3-C8-Z`><&& MOF?,[_/F.*>D=$>K,^/1F?%<-D:U:G_^0)F,2W0%EI4,K&N&Q-35A+'H%4S8 MV+X&5B,]P)+@!;!$U-6\"4J+LZ%2*CE>8Y'+!I,[9CKF."FW-/I9;H[^,_@) M$5SJ-[= M^V772I<0Q?#37H.=16*X^:;9VCK".S8"(%E=B4N=YE=I;:3W9UQ'7,?/9,JM MG5TBNVPU?:@[EV,%Q88[4'&W"4EM".ASJ*XS;E)RZ3HLIT;`;,=T@_V&5BR# M=#&,64US,J*C+^^EUAKKXR^&NLFHJ<5S70.E;5$D-*][$(J>Z-&_$C15:(J:]O2W$;%5=# M1";H:U1)ZT`E&7+*/:O:!Q):WI_6?M*6Z&(Z(RIJQRK?@M]0.GD:*),3&/(@ MOQN;I2-C8U0I&V8Q36[D;3IV8'"N-3)25-'L3*4X@1D;"/'L&HSE2 MW)]1L[;'Q^1.N7/M/6]/XU6U6)C$VJ`23,$HAC1;6QC*T0(J5J,8]:T`JG[R M76;&K8UIUF,>-ZT`FET&,705":FO9/0R$9+\SI(N1\_YE>YI-)\3M(ZYC`G1 MKM*4^@Q_X,:G.N=1OTJGWB-CU:H"V37*C&/+T>>-I=,A".U;5()=1YZ\]>W' MX!.R*;:T;*JJ]6X*MD^6U)].A$[3.V*IV=4GI&BXF,2@M12O9R5&S)&1Q?,; ME9AK4;C`IWD:)27CAVKVAKC2_C3^L_::ILLND3&59COFRXH5E=; M)V1,3%7)I12$&:<]:&M=+RLC:=.Q;.%<:L,2\8:]B964-$6]36O& M!"\_A2[#9VV=OC;[IDR[3U/4W6/<1B5DM@/(L"R.YC&BV965IBB$K(F,2`JD MOB+O-:M6QC$=V!;!59E95VR(0JNR*D5'.S+W+%G7,=,QP,F59G1TC+[ MJ;55*.XK*9O?3@!..U3*Q"]-*&HD(X.5/FG)]9WCM'-O/ M5FJ+$7)I+=[`KLQ@H*%M?NK7M)0I\TG\*W!<=6;&Y9X*D#6DMD&)PEX6!=;? MA,&*_K.IK5=A5O(-KL0V45T4)0V8\::D:35\G1$I9KTZ)HN*C#<9<4HGT?L# M4X12M-]($[:I&W';]Z7M,8P*KTV-CF2_BR^L_::IHB]`Q=Y=XLM=1E977RGHB8F$*.W MV`8[]QU[#6LZG69K7:\K2H<]N>G7@<:Y5,E+RH:]3##B!&6YL;'C#5>0_@S[ M&5GMN>WQMVLLJ2ZSTO2Z5I4@D8E-F""T-$XO4QC5;H8QHB]"$KHZF,3:T,8I MWN=21K5FP'BW`NMHFIJF=)%R./GW:NB.LCI(Y5RO,RELMQ_'@NM& MM?367\*/10YUR5W]C8V/5P`M=&C&-F)&K@^@C2-.@CBY*[[V1659>+2(:E;5 M9(S3*IS)5GIP*Q/C<3XA'5%*>QU;8$^!C&3.N4@Z=A>8K+B77N=71BN)MA37 MY99K-W&M(*ORF5E;H:OFJ94LGF,JWXQ^BD;&Q!;4`A<>B-:E"7@`T6_=,8S7 MEJV:U7AKFNUZQ2NS9C5D5%;K<:)$5%+KHA!FDJU;*4Q7MRXJ*$JM&M7W8TMQ MCTZ&,>.7\1]$73V!K*HT@:+,9:F%=!ND5KP)2Q9'O%12I/4#V;U`+2)HYN5* M3O07_)>TU<4R_C3^L_:!:G1!C7Y1&N0WT&5FG5RF3$Q&UK!BE<[)G23[2HJ* MK+K(%=_RQ>$Y[<].K`XURJRI+$31[$RE&P(LIKRH%.6Z8\^PK/:L]ODK,>;+ MEVGH=W3I2AC$I+0QBK8UJ4'J!JM/2B)J:TP)J5\.HAB4M@Q5'63-:FP/81U, MK%Z5$2E7P]U"B2>E3&.7GW4W3@]3KF.F8YEQ[]!:V>4:M4X@=2W;_!Q8 MPVE+61/ZE[;T6H&#)?-DR?"I45'G,!7=EH@)1?@`V6?/I0#;)Z$I9+VK*BE#=&:(2NT=`U.,JQ8&"]_'C7Z2]IJH MK:^+/ZS]H'K=$!T?)XI.3Z2=)TWY+,B8\L/04KEYKI>:*5$;#\0;7T/EWN(Y M[`>/NBUJ2E)J MJ`HGHS6O8[@:;.I-36RVB*FM$":FD]A"*X?O&UM>R?`"VTM":FK&]"6,U^=$ M=)%R.;DW*PFUU*ITD7',NNB;+4RW-(MFJ8;='>B_^04^IM/X:74B*Y*\C1"$ M>Q?AKQZ`+HNB,8ZF''X$7TG'=^N6NVE$(43UN)%SI<3D9&1ZWRV7_P`C/T_6 M*M9'5T2ELETF,337=+;IQ$(XF7D5I>B)2RW+FIYK6B$J6ZF,8KMR M/X\%_P`E[351)KXL_K/V@5R=9`=?RN-(U)J-->09&1&R_D-I7*S:K)=38N&/ M[Z!7T6`O`CEIRTZ%LYUSJRI+'C9H],"IHBV&@&3S.5,29>.U8[<'RV.LGTL[ M5UK:UJ8Q.GAJ8QGN(J*1@!KLHFIK;;1%36B*)J:\N;:"$56WI+M-K:]WEH!H M@J(BHI.5$(V,.3X(0@GRKI`OTY=]3&.QC+EL0Z*'#7;CKM:ZT)8S_P#J=A?X MM)NK88\RGRQC'H0P99H[Z%U:5:SUX&,2BZL"G+N45.@K,;F.'=E69T=%,WH: MUOQK?X5A5]Z>K[":FO%JVS6HY$J6GTT$(Y\GHS6JM:FM>3>J`DFJ(#H6:JTR M4L62S51O\OC2W4RIKLXZI$Y5SJ5Z:C!L1DX=.'3A*][HA&%[FM:\9J, M.;I,K*SWY5>G%FM5YDE%VH]"J(15*=:&M:,=F,:)MTU,8SW?=-:P7MF4J,T& MW(-;6Z6Z=1B6#(LW;=^TYQ<5/EE&O%-[FJE77=+D^U^T"I)N?:!W/+H2C!-Q M:72345?D:F1D5VF;6K)^GLK,^-:E"CX-D7UF>T7UD[5Q]/\`F5F57;4ETQ=1 M/7-_6_\`US72Q;=RW'EE%IK=,S53:VP>ASJ:G4Q+P#VN@!`1>YK0#'YLZ8DB M\=JQVY/ET4K;ZSK76M6E4#=9AL145KM$5-7Q1-8C<-A M&>RZP;Z9,JJJVTG4RLK1I0A"F]*B*BHYF95(UL48ZK?AI6C#:^FC3E37%:D.:J_I$V$2M^[$RBZ.K73 M4P=NUI:CV'GO;A>TI;-ABF#\39554HJLUVU,HHR9UF^**S&YBN'255)1>[,8 ME%TJWN@.=YAU^+$6\///W M&7]&TO=DX+ZJ:H,MPQWU6Y/ZS]I36WRO%M.XI37,^">Q-J=5W.YM;6FTB:FIR9,2QY$T=(Z1@OQYW M;CPE)5^0N*B&0T[LNA&QL"/8>>N%>3?A$;%<*495;4H.BE+HT,I62Y*LG0Z1<$VHU` M]37+KQ,8]DTH,#C9]WQ4.L=8Y\Y>&O24UT,"/)9YVM9>PFLJ5RG>:$:+4##E MSK)]"1K8QRD:I6Y`'%MI]P%D-UVACH0E2TS$L=SQ78KK"G:PUX8]!-1737NG M)S1+FRKE.# MH%1=:6B#*V6(5D96-3CIH8QCR5RU-;'+NRU*4MQK;DTHJLGHD85UTE8MJS%U M>]R2XRZ/D)0Y?G-RN3C65^Y24NV3*B\J[R:N3^L_::+<;*E;:4-^DSAECJ6; MMV[&LVV38GA"^M/^IL;%4-P(Y+DH*46T^E:`B6%GYD9)*[*CX/4RYC+F.W9R MIS5949SN7.Y71ES$L3J8P`\J!ZM@/.(#B!@\VUM)'3"\,EA4C$NKJZX]#(QY M'W0,][B;&Q''DU<-K:Z]E^&KV1RKE7U_D/\`K'UKYYY=<\QP/+I?TL(\UN5V M2M.]U65.G-V[=8F;6S-KY_*Q,K#R+F+EV9X^3:?+=L78N$XOKB]2*BL=YB0$G2BZ>(8KR94C0W+8X.5=YIUZ M6=8ZQ1R.=R$%Q>H'6:48J"V2H2E4W5FM2EI"JX@5317JV&KV^ M6/\`U#'EIZH#!,QC.FJFBRX_A]I@A86[?$T<_WIRETMLU3591C'1Q8+B34UJ<="6.?G M*D67%1R*.4RE.MA6E:L_BOWY+P=2Z2:FK(:RU^4#@Y%_\7.=S@YJG96B*BY& M_)P\]W9I8E_WG_Z4^GL#"QY=YAS+^TO_`,J?S&%=K%P,Y0H\6]_+G\Q-17F3 MY?G4TQ;W\J?S"$9U@Y]?\6__`"I_,4TO8'F#MO\`M;^G_M3^8P4X^!GJXO[2 M_P#RI_,;6UV,7#S_`,.O]->_ES^8YZK"S:?XU[^7/YC&(_T>;7_&O?RY M_,:UZL+-_+7OY<_F`P^9X6=*,4L:]_+G\Q>%X9K6!G:+^EO?RI_,755.]A9V MB_I;W\N?S&1D1AA9U/\`%O?RY_,&J;^#GNO]K>_ES^8J-CJ^D?07JWU-YA_2 M>5>7790*WE^;N/F_FD:23G&F- M;E_PMOWJ?2GW(3+9E^F))))*B6R*4X/JOT-Z;]48WX7FN*I78JEG+M^"_;^K M-<.IU743`GYMY7&K=VU'X]N/_N6E5NGTHU^0YW' M#E<_BYJ7^->_ES^8N14C(L'.; MK_2WOY4_F+6M>)FQQY_VUZK=/X<_F)_6?KF7,+S!0?\`:WOY4_F.BV2>#YA1 MTQ+_`/*G\QK7*GY?YC*Z_P"TOT_^*Y\QJEV-@>8/(A_:7]/_`&I_,"N^L+.Y M?\6]_+G\Q#FHO8.?SN[+$O M::17X4]^XRIK5/"SW+_%O?RI_,!7'!SG+_$OT_\`BG\P'F3A9\85_I;^W_:G M\P@Y5S!\P?\`_DO_`,J?S%*52P/,.&)?_E7/F#4;7E_F#G_B7_Y5SY@+;_E_ MF"VQ+_\`*G\P"QY?YCS*N)?_`)4_F#&RY@Y_(E_2W_Y4_F,8IQO+_,'D?XE^ MB_\`:G\P;7T&-@9R:_MKVW_;G\QSKG5N5BYRMO\`MKW\N?S&9C)'&G@^82;? M]+?_`)4_F.BU4<'/5S_$O_RI_,:U=?_U3^8N+C%B^4Y]R]26+?45K)_A3V[C:VUOGB9\G_B7J+9?A3^8SABK+ MQ<^UB7)1Q;_,URJEJ>[^0$?/6_+_`#)WH?V=_P!Y?^EPIT?Z,!@`````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M````````````````````````````````````````````X/J_USZ5](>7//\` M4'F%O#M.OX5MOFNW9+]VU:C6'[7AYN'FXMK+P[]O)Q;T5.S?M24[IO\`Q1]#9'D-NSY'E9'EGFN+!_W] MZ3R(7WNW?MZ=]OEIT,'+YW_QF]0>2XWJW+]*^02S,GR_^CNY65YAFW)05V]: MN6X)X^%&3MV(?$>LG*B_1UKS[R*]9C?CE6L:Y9R+7XL M)QO5UTE!IQY01]]Y7_4__KL9Y5[\?(=N+NWE%04I-5;Y5H@Q\+_N/_9?FGHC MR["R_+<%9ZA?M7O.=V['E_XL;99OF'I>7F'IB5G) MRLW&C<\JNW7\!N\E^'/YSZP M\S<99D9XD88V/9:=;DXPFYQV2^F[N9-+.\QL68PLVH MK\/^IRY)0M6XIDHK>E0Q\W_IW_`&)=];^E'E9]N&/Y]Y??N8?G.'!. M*MW[;=&HMMJ,H]/&JX`<"]ZW]7S_`-S^8^B%YICXGE5GRW_]C8RIXT';J8:ZW^H?\`8'G7K7R;SA^86;5G)\KS+N!9\TQ(R6+E*"\-^S&X MY=K7,T&.#_JKUG_L'UM#U-&]YKBXE_R3S">!B..&I6YJ%?%=C^(I.M/W9(-? M1?ZP_P!F9/JC,\[\A\YQ+>!ZF].9#Q_,;-B3G8NQYI1C>LN7B46X>Z]M-=0Q M]^`````````````````````````````````````````````````````````` M````````````!_#7E7G'J?\`U/\`[1N^:^9>3R63"YDQ_I,FMN-['OS=9VKL M>:+TVDJKI"G[CZT_\G_)\'TEY7G>3^5WK_F/GV-=O8]G*:A:L1MW96)N[*#D MYM7(.BCNM:H,X?#?^)GISS[_`/['+]0RP;L/)7@7L>.?./+:G>G=M24;;=.? M2#KRU2!7Z_\`^0GI3U+ZL]$6O)/3WE\LW-GF6I,3U'>\^MYOED?-E/&GY6EY??4\*W&4+$+<_CTDU)S=9JDY.G2!Q? M]28/^S_2'HGS'R#S/R*YEW?+?QI^FI/)Q:7KQ(V;<*UA:C>E>I&,FES-)TBDDM`/ MM,S#]8>:^;^28>=8OXF/@65E9?FV+_22LS\Q=OE459O2N7/PK:G.CY*\W+T5 M#'R'E/HSUQZ3_P!QYWGODV!D>9^F?/+:7GLYW,*S-Y-6U?M6HSM)J+U=8I^* M6X:GG_Z]\W\V_P!W>9>>>;>0/)])>8^5ORF=RY/%D^9\J=W\-W'-0HG227-U M`=+_`$]Y'Z_]&6O,O2GG.%/.]/8-V[/TYYM;O6)2E8JY*S.W*Y&<:_NZ43;6 MU`.7_I_T[ZX]%V_5=SS'TYD7KWG'F5S.\OM6G?R69]FU]\!^M7IW\EF?9M??`?K5Z=_)9GV;7 MWP'ZU>G?R69]FU]\!^M7IW\EF?9M??`?K5Z=_)9GV;7WP'ZU>G?R69]FU]\! M^M7IW\EF?9M??`?K5Z=_)9GV;7WP'ZU>G?R69]FU]\!^M7IW\EF?9M??`?K5 MZ=_)9GV;7WP'ZU>G?R69]FU]\!^M7IW\EF?9M??`?K5Z=_)9GV;7WP'ZU>G? MR69]FU]\!^M7IW\EF?9M??`?K5Z=_)9GV;7WP'ZU>G?R69]FU]\!^M7IW\EF M?9M??`?K5Z=_)9GV;7WP'ZU>G?R69]FU]\!^M7IW\EF?9M??`?K5Z=_)9GV; M7WP'ZU>G?R69]FU]\!^M7IW\EF?9M??`?K5Z=_)9GV;7WP'ZU>G?R69]FU]\ M!^M7IW\EF?9M??`?K5Z=_)9GV;7WP'ZU>G?R69]FU]\!^M7IW\EF?9M??`?K M5Z=_)9GV;7WP'ZU>G?R69]FU]\!^M7IW\EF?9M??`?K5Z=_)9GV;7WP'ZU>G M?R69]FU]\!^M7IW\EF?9M??`?K5Z=_)9GV;7WP'ZU>G?R69]FU]\!^M7IW\E MF?9M??`?K5Z=_)9GV;7WP'ZU>G?R69]FU]\!^M7IW\EF?9M??`?K5Z=_)9GV M;7WP'ZU>G?R69]FU]\!^M7IW\EF?9M??`?K5Z=_)9GV;7WP'ZU>G?R69]FU] M\!^M7IW\EF?9M??`?K5Z=_)9GV;7WP'ZU>G?R69]FU]\!^M7IW\EF?9M??`? MK5Z=_)9GV;7WP'ZU>G?R69]FU]\!^M7IW\EF?9M??`?K5Z=_)9GV;7WP'ZU> MG?R69]FU]\!^M7IW\EF?9M??`?K5Z=_)9GV;7WP'ZU>G?R69]FU]\!^M7IW\ MEF?9M??`?K5Z=_)9GV;7WP'ZU>G?R69]FU]\!^M7IW\EF?9M??`?K5Z=_)9G MV;7WP'ZU>G?R69]FU]\!^M7IW\EF?9M??`?K5Z=_)9GV;7WP'ZU>G?R69]FU M]\!^M7IW\EF?9M??`?K5Z=_)9GV;7WP"_P!T^G6TOZ+,U_XVOO@?CD_?EVLU MKP`````````````````````````````````````````````````````````` M``````````````````````````#V'OQ[4!*<'SRVW?%`1Y'U=Z`@'(^KO0#D?5WH!R/J[T`Y'U=Z`@'(^KO0#D?5WH!R/J[T`Y M'U=Z`@'(^KO0#D?5WH!R/J[T`Y'U=Z`@'(^KO0 M#D?5WH!R/J[T`Y'U=Z`@'(^KO0#D?5WH!R/J[T`Y'U=Z`@'(^KO0#D?5WH!R/J[T`Y'U=Z`@'(^KO0#D?5WH!R/ MJ[T`Y'U=Z`@'(^KO0#D?5WH!R/J[T`Y'U=Z`@' M(^KO0#D?5WH!R/J[T`Y'U=Z`@'(^KO0#D?5WH!R/J[T`Y'U=Z M`@'(^KO0#D?5WH!R/J[T`Y'U=Z`@'(^KO0#D?5 5WH!R/J[T`Y'U=Z`E"#YX[;KB@/_9 ` end GRAPHIC 5 c63583002_v1.jpg GRAPHIC begin 644 c63583002_v1.jpg M_]C_X``02D9)1@`!`@$`2`!(``#_X0VX17AI9@``34T`*@````@`!P$2``,` M```!``$```$:``4````!````8@$;``4````!````:@$H``,````!``(```$Q M``(````;````<@$R``(````4````C8=I``0````!````I````-````!(```` M`0```$@````!061O8F4@4&AO=&]S:&]P($-3(%=I;F1O=W,`,C`Q,#HQ,3HS M,"`Q-CHP-SHQ,0```````Z`!``,````!__\``*`"``0````!```"6*`#``0` M```!```##P`````````&`0,``P````$`!@```1H`!0````$```$>`1L`!0`` M``$```$F`2@``P````$``@```@$`!`````$```$N`@(`!`````$```R"```` M`````$@````!````2`````'_V/_@`!!*1DE&``$"`0!(`$@``/_M``Q!9&]B M95]#30`"_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)#!$+"@L1%0\, M#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P, M#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,#!$,#`P,#`P, M#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`H`![`P$B``(1`0,1`?_=``0` M"/_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$``04!`0$!`0$` M`````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!``(1`P0A$C$% M05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$DU1D M1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F M]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#(3$2!$%187$B M$P4R@9$4H;%"(\%2T?`S)&+A7U5F9VAI:FML;6YO8G-T=7 M9W>'EZ>WQ__:``P#`0`"$0,1`#\`P[-]V1Z9C1Q+B)['A0MVNM>.X(`(T@!6 M*@&-?<[EQ)_%`J`-X8=2?>__`+Z%&#OX,=[^#8Q7N$MLD%SO:[L8'']9#S"3 M=M'@%8K:VVGW<.)/XZ'\%3O+Q<2_Z4`$_#O_`&DV-&9/4+8T9'P7;(:3X)@" M*M.7*4?HOBBM8):.P3K76C;4&/8!V$GYHHEUD3IW4W`>JWO)`/P40/2:XGF3 M_P"8A-NUMVIS]=HX;S\?!"=J=$I(KD\DJ50W>[L$=D[)<:J/<>.?FA9U]5%M M37.+K+.*P)(;_I'&?HJT"UC"3HUHD_`+'8U^3ENO0^BQO]E,@#*9D3 M0"R-RD9$Z!NU->^PCPY*+=8&O:T#=MU/Q_-")[::SY:D^)5.U\.#=2\^]W@) MXW(CU&^@V2/4;Z!0>ZVW83).KHX`_P#,E>W#[-_9CY>OPJ6*T,K)[N,D]RB> MI^K?Z_Z=/H7X!?6K_]#&R7#U!4/HLES_`(!`H.TV7.Y+24[B7NL):YC>7`#Y*,#2F,#2F]B?T:OS;/WDJK<-V38P_G01\0`K=``I8!P&B%3M M)^UO/@0!]P3(?/+ZK(?-)+$AC?-%:/BLJZPU;`]WNYU/`]Q0\/U`X.+W:2>3\!_U23P2->> M/OU4VEM;'./`_@EM&AU5M&AU6R2=223)/ MB4L>7.=8[EVOP"A:-V2!X"4X"M.P7`5IV;#G$55[B20TZG7\YR'N_5/[,_\` MLPE>[V5M'+I'_2=RG;'$#ALC[M5&J_?6X_GQ`2R# M.2UG,DS\RHOJ]&R`9:4U:ZU8BM@\&C\BHV:Y;O-^JMX]HMK'[PT(54&;W>=C MOP44!1DQ0%&38K['PD*?8E#K/)\RI?F%([J.ZGNV[OAI\4/'!^VM'8%JD\[F MCS"A2XC)-A&C=ICX)PV*1L4M4"N2E$QNXY*336?;#H'.H_\`(J3O3XAVOF/_ M`"*:CJPY@GO+BJ^2\EK:QR[4JS8:PUQAV@@:C_R*IAU;["XAT-_E#M_93HCJ MNB.K8K9M^X#[D,QZSCX"$=KJ]-':@=QX?U4-XK:]TAVNO(_\BD-U#=#8=UU+ M>S6DG_.Y=X-_>1=WZG_P!;GY_:4^EU/__2 MYJGWY=EAX82!]Z)>)V@?,IFY6[H,NS93YDRJS?;0X]XC[T^ M>\&P,[,`^\IK-*FCQ=^12Q&@9!L&XWZ7W(6786!SAR1[42LQ+CQ_D.9U5CV_9/[&WY?:4]<__3 MYO)=LIV#0N<1^,E6L>MOH5:>Z=T_BJ&82ZYK1V)C[UIU#]$P=@%'/0!CEL%9 M8FDG]T@JKN]CO(*[:-U;AX@K-!EA'B$(;(ALVJOYMJF70"[P"&PPP?!2(W#; MXZ)%154-K"\]T)PW7U#]XB?D=R)<\`BL=A/RX35#=DU^0,\CEWM'S30/X+0&I(M>7D_3<7?(?14K^:F^9 M/\$%@B'=@0T?E*)8=V36/#7^*D9&V[^;`_>T55[@;'V'4,@-^*L.=^C#CQ$A M4F!S@P=GN)*00%Q[7/=^Z(^]%VG[%QKZ&_\`]FD.P3(_>=^"L^HS[+\MGR^T M(I?_U.8)$BX\@.(^+B2M"@_H&?`+/?CW6316V;&Q[9`^C.[E:%8+:VM(@@00 MHY[,R@/:P?%1R'[*MHY/*6Z-VHV[U,BYW8-`'PE7,;Z1?^ZV/OC_`,BLW'/Z M2X]@T!:6-_-./B81ELNELD<8:!XF?N5+J3SM96/C]ZMN,OCPT_BJ+W>I>YW9 MAT^/#4(A$0P?[2QO[@D_$G5.V79`C]W3YH%UGO,>,??_BKZ8\D_M#+$^'I?'_0H[?\ M6W3P(^W9)\SZ7_I%=@DA010>.?\`XM.G/:6G.R0#Y5?^D4,_XKNFD@_M#*T, M\5?^D5VJ25!5!X\_XMNG&/UW)TUXJ_\`22A9_BQZ;9,Y^4)\JO\`TBNS22H* MH/#,_P`4_2F%Y'4,OW\Z4_\`I!6*_P#%ITVMFP9V41,R?2_](KL4DJ"B`7CC M_BTZ<9/V_*D^57_I%!9_BJZ6T1^T,LZR3%/_`*17;I)4%4'@S_BCZ423^T%/^*;I1K-?[0RP'&2?T.O_@*E_P"-1TGT MO2^WY4;/3G]%QZGVC=_,_2WKN$DE/__6]522224I))))2DDDDE*22224I))) M)2DDDDE*22224I))))3_`/_7]52257%SQDY%U`HOJ]`QZEM98Q_G2\_SB2FT MDDDDI22222E))))*4DDDDI22222E))))*4DDDDI__]#U5)9*E/4I+EO^=_4O_*FS[[/_`'F2_P"=_4O_`"IL M^^S_`-YDJ4]2DN6_YW]2_P#*FS[[/_>9+_G?U+_RIL^^S_WF2I3U*2Y;_G?U M+_RIL^^S_P!YDO\`G?U+_P`J;/OL_P#>9*E/4I+EO^=_4O\`RIL^^S_WF2_Y MW]2_\J;/OL_]YDJ4]2J?4^IT=,QVW6LLM?8]M5%%(W666.^C54UQ8W=M:Y_O M>RNNO])8L+_G?U+_`,J;/OL_]YE7SNOW=0H^SYG1'VUAP>W6T.:]IW5VU6,Q MVV4VU_F6U/\`48E2GH<7KW2LG%&4R\,KVL>_U06%GJ/?BL;<'QZ3_M--U#F. M_P`+4I6]>6AI^K[2UL[1L=`GF/U5*E/4X^;BY+ MK&46![Z26V-'+2'/KU:?^$JM9N_X-Z.N3J^L^92"*>BNK#C+@P/;)/<[<9%_ MYV=1]/=^RK)B8FS]_P!./Z/^[[TJ4__9_^T2>E!H;W1O7!E`````$YO;F4````)=&]P M3W5T)E\K.$P]-UX_-& M)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$``@(! M`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D8N%R M@I)#4Q5C+RLX3#TW7C\T:4I(6T ME<34Y/2EM<75Y?569G:&EJ:VQM;F]B7I[?'_]H`#`,!``(1`Q$` M/P##LWW9'IF-'$N(GL>%"W:ZUX[@@`C2`%8J`8U]SN7$G\4"H`WAAU)][_\` MOH48._@QWOX-C%>X2VR07.]KNQ@`5BMK;:?=PXD_CH?P5.\O% MQ+_I0`3\._\`:38T9D]0MC1D?!=LAI/@F`(JTY\D`_!1`])KB>9/_`)B$V[6W:G/UVCAO/Q\$)VIT M2DBN3R2I5#=[NP1V3LEQJH]QXY^:%G7U46U-`GCZQQ_PKC_`)H*9XEKF-Y<`/DHP-*8P-*;V)_1 MJ_-L_>2JMPW9-C#^=!'Q`"MT`"E@'`:(5.TG[6\^!`'W!,A\\OJLA\TDL2&- M\T5H]RBV"]OPE3')2)46)/Z;X)U*$QFXL'8:HEA@.(\FA$G8*)Z*RKK#5 ML#W>[G4\#W%#P_4#@XO=I)Y/P'_5)/!(UYX^_53:6UL;OZJ#=8]OM]1Y)U)),D^)2QY[]4_LS_P"S"5[O96T[;N^&GQ0\<'[:T=@6J3SN:/,*%+B,DV$:-VF/@G#8I&Q2U0 M*Y*43&[CDI--9]L.@\N*KY+R6MK'+M2K M-AK#7&':"!J/_(JF'5OL+B'0W^4.W]E.B.JZ(ZMBMFW[@/N0S'K./@(1VNKT MT=J!W'A_50WBMKW2':Z\C_R*0W4-T-AW74M[-:2?\YR-N_5?E_[L*K6\66.< M`0&@@29[EW@W]Y%W?J?_`%N?G]I3Z74__]+FJ??EV6'AA('WHEXG:!R3'S*; M'&UKWG0.\U$]WC\J:=UB3')INVGL=KDJH-F[S<[\43+;%C7C\X0? MB$)OM,^1_*FC47W"!J+[I:3^C)^*)^:`A5?S7Q1)U'DFG=:=V(,UM\M/F#"B MWVM4;=^I_ M]:G_`-F57<"1Z0YG56/;]D_L;?E]I3US_]/F\EVRG8-"YQ'XR5:QZV^A5I[I MW3^*H9A+KFM'8F/O6G4/T3!V`4<]`&.6P5EB:2?W2"JN[V.\@KMHW5N'B"LT M&6$>(0ALB&S:J_FVJ9=`+O`(;##!\%(C<-OCHD5%50VL+SW0G#=?4/WB)^1W M(ESP"*QV$_+A-4-V37Y!Q_`#_OR/0E/2A@R9/`U*E/MT?--`_@M`:DBUY>3]-Q=\A]%2OYJ;YD_P06"(=V!#1^4HEAW9-8\-?XJ M1D;;OYL#][157N!L?8=0R`WXJPYWZ,./$2%28'.#!V>XDI!`7'M<]W[HC[T7 M:?L7&OH;_P#V:0[!,C]YWX*SZC/LORV?+[0BE__4Y@D2+CR`XCXN)*T*#^@9 M\`L]^/=9-%;9L;'MD#Z,[N5H5@MK:TB"!!"CGLQR7O>6TV.'+6.(^Y9U?T6S MW`5W*,X]OFTC[]%4Q%;`EQ[*`]K!\5'(?LJVCD\I;HW: MC;O4R+G=@T`?"5\QXQ]RM8@F\N/YK0GKNB3)/M%8^"#7I8!V:)3OMWN:_M!,*% M;B7NCL(0Z*Z*LL`;NX@$H?J?J?\`UN?_`&:^DH/WN9='#1.ODE)^Q?\`6O\` MW:12_P#_U=Y_^*OICR3^T,L3X>E\?]"CM_Q;=/`C[=DGS/I?^D5V"2%!%!XY M_P#BTZ<]I:<[)`/E5_Z10S_BNZ:2#^T,K0SQ5_Z17:I)4%4'CS_BVZ<8_7./^+3IQD_;\J3Y5?^D4%G^*KI;1 M'[0RSK),4_\`I%=NDE050>#/^*/I1)/[1S)/E3_Z01J_\5G3*P^.H94O$$Q5 MIV_T*[9)%+PX_P`5/2P(_:&7`$<4_P#I!/5_BKZ7621U#*.[Q%/_`*17;I)* MIX4_XINE&LU_M#+`<9)_0Z_^`J7_`(U'2?2]+[?E1L].?T7'J?:-W\S]+>NX M224__];U5))))2DDDDE*22224I))))2DDDDE*22224I))))2DDDDE/\`_]?U M5))5<7/&3D74"B^KT#'J6UEC'^=+S_.)*;22222E))))*4DDDDI22222E))) M)*4DDDDI22222G__T/54ER__`#NZE/\`R39]]G_O,F_YW]2_\J;/OL_]YDJ4 M]2DN6_YW]2_\J;/OL_\`>9+_`)W]2_\`*FS[[/\`WF2I3U*2Y;_G?U+_`,J; M/OL_]YDO^=_4O_*FS[[/_>9*E/4I+EO^=_4O_*FS[[/_`'F2_P"=_4O_`"IL M^^S_`-YDJ4]2DN6_YW]2_P#*FS[[/_>9+_G?U+_RIL^^S_WF2I3U*I]3ZG1T MS';=:RRU]CVU444C=998[Z-537%C=VUKG^][*ZZ_TEBPO^=_4O\`RIL^^S_W MF5?.Z_=U"C[/F=$?;6'![=;0YKVG=7;58S';93;7^9;4_P!1B5*>AQ>O=*R< M493+PRO:Q[_5!86>H]^*QMP?'I/^TTW4.8[_``M2E;USI-+'66Y3*VL+PXN, M?S=C,2[G\VK)MKHL=_I5S5/6110S'I^KS64UL])C`QT!GN_1_P!%^C^DL_[< ML4SUYY:&GZOM+6SM&QT">8_54J4]3CYN+DNL918'OI);8T&UL;G,Z M>#TG861O8F4Z;G,Z;65T82\G('@Z>&UP=&L])UA-4"!T;V]L:VET(#,N,"TR M."P@9G)A;65W;W)K(#$N-B<^"CQR9&8Z4D1&('AM;&YS.G)D9CTG:'1T<#HO M+W=W=RYW,RYO&UL;G,Z M:5@])VAT='`Z+R]N&UL;G,Z=&EF9CTG:'1T<#HO+VYS+F%D;V)E+F-O;2]T:69F+S$N M,"\G/@H@(#QT:69F.D]R:65N=&%T:6]N/C$\+W1I9F8Z3W)I96YT871I;VX^ M"B`@/'1I9F8Z6%)E&UL;G,Z>&%P/2=H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O M)SX*("`\>&%P.D-R96%T941A=&4^,C`Q,"TQ,2TS,%0Q-3HT.3HR-"LP-3HS M,#PO>&%P.D-R96%T941A=&4^"B`@/'AA<#I-;V1I9GE$871E/C(P,3`M,3$M M,S!4,38Z,#&%P.D-R96%T;W)4;V]L/@H@/"]R9&8Z1&5S8W)I<'1I M;VX^"@H@/')D9CI$97-C&%P34TZ M1&]C=6UE;G1)1#YA9&]B93ID;V-I9#IP:&]T;W-H;W`Z8V$X,C7I[?'U^?W.$A8:'B(F*BXR-CH^"DY M25EI>8F9J;G)V>GY*CI*6FIZBIJJNLK:ZOH1``("`0(#!04$!08$"`,#;0$` M`A$#!"$2,4$%41-A(@9Q@9$RH;'P%,'1X2-"%5)B)$@Q=4DP@)"A@9)C9%&B=D=%4W\J.SPR@IT^/SA)2DM,34Y/1E=865 MI;7%U>7U1E9F=H:6IK;&UN;V1U=G=X>7I[?'U^?W.$A8:'B(F*BXR-CH^#E) M66EYB9FIN23R3<2/0 M?$?OS#+B%PD?^8_?@*E<'?\`F/WY$L2WZC_S'[\"I5>2R>L?B/WYG8^3EPY( M)YW'[1^_+0V(=YG_`)C]YR;)R224KS/WG%51'D)V8_>OVC]YP(7B6 M3LQ^\X%70M]L_>E.1^_"$A+Y'D9OM'[SDVQ6MA*7!+&@]S@)8DJ]Q(X4#D?O.`("V MWDDI]H_?B5*8PR24^T?ORHM91"RO3[1^\Y`L%CRO_,?OPAD%(RR?S'[\FE>D MLE/M'[SD2@KC*_\`,?OQ5=$9&;D6-!TW/7(R-()5@[UIR/ON<@P7AWK]H^V^ M1+$H>>Y=F]-7-!]HUZG+(1ZMD8]5OJ24^T?OR;)8TC_S'[\(2HM))O\`$?O. M%+O4DI]H_><56F23^8_?A2IF23^8_><*J1>0M7D?O.29*L9D)KR/WG(DH14; M2"0#D:*-]SD"=F!*M!ZD\_(L?33WZG*YRX0PG+A"8GVC] M^$)"#N97_F/WYDP22OVC]YRX-JK%(]/M'[\!05W.3^8_?@0L:9_YC]^ M%*B\DAWYG[\D$KEDD_F/WG`55A))Q^T?OR+%7B>3^8_>Z8;!B3\\L`;`%@DD:M6;[\*5K2.@Y,Q]MSA5% M6ID*@P\!7A2DMSD/:IZ#+6 MY,;*+H'E*!ET6V*M"M5&`H*RZMD;IUPQ*05(1%*8;2B M%NOV2Y4#YY">P8SV"*@)RLE@2IW25^C#%(66XZ8E)3"$96 M6LJQ.V08*3G)AF%(L:X4KU.*E412YIV[Y$FF)-(G90`!E7-K;7K^O$JLN)O3 M3B/MMT]AAA&TQC:%0;Y:6PJO;`A8V(528;Y)DUVQ5:3A2L8=L*M*F-I1$$=: M9"18$KQ4DA?M.=L53&&(1QA!].8P2RZI>L=E^L3?\G&RDFFDFE&0!!0 M=L0@(&X?KDPR#5JA9L2I3NUBH!E$BTR*I/LIR,412.8UF)^[,@-X1L!`6OMD M"Q*R60&V0RBPQR#9D`D5NF87#3B< M-+\BAL8"P<>^(2$AO&_?O\\V$.3FQY()24;$*#*RUE4;`$!18Y(,@I;UKDF2]<"$9$ M@1*]SE,C9:B;7#K7[L"'%@BECT&^-6J`,AED+GOT'@,O`H-P%!47`4%?7`A: M<54WR09!;48JMIOA2U2IQ5?I:#%S;QR^BTR>KTXA@=_F,R.8MOYBU9COO@50D.2" M5,&K84JRY%"(@B+M7MD)&F$C28Q1T&8LY.-*2KE36A;N;BI'?,C%!OQQ2L/R MES*K9R:1,EV%7BO7("#`00,L]<)*2G%K#3*)EID461094UI??M\!R^#=! M)R/BKES M0THWME6K+UR>/(RA-2L[IHV]-^N2G&V4XVF\;AAF'*-.)*--O]D_+&/-8L;N M''K/\\V`Y.<%A8TR252)31)O(H=@0W7&EIBOG#76B4Z?;M1V'^D.. MH!_9^G]K,_2X/XBYNFP_Q%A2J7>G;,]SDVL8_A&W0X"Q+(-.7BLG@:$95-JD MB&7(H;AA+M[=\2:02FEO"%&8N2;CSDB:4RAI=BJ#NY>*T\?_+P\;^'_`(EEL!NV0YO_U(?K;_[D[S_F M(E_Y.'*`&@)1*2QIW.3#)'6<%`*Y"182*9Q)Q&8\BTDMR&@QB@)5?/M3QS(B M&^(2_C4Y8S1<,=!4Y`E!+G)8\0?GB%1]I```3ES5C8^V8 MX&[0!NQFX/[U_P#6.;`.<%J;[#"J*0`#(%B6JU-:XJO7K@5$*-LBQ;8T&*H6 M7[\F&04HUJV$I*-A3*R6!7O@"`H,*G)ADJPIOD24$HV)0%7*GJ,L!MF%('),D5;1[\CE< MRUR*O6IKV&0I@X>_TXJA;Z781CYG+,8ZMD!U0\0R99E7`VR+%Q.*K&.%+0/A MBK3?[>%+0&^*JBC`A5";5R-L;1%NM%)\&7AO"E&E6PE)5Y&X+@#$-VYR@[EJ+?;]>*&N052Q[8TE+96+NS'OEX%-P%*D(P%!5@,BQ6 M/A"0IL=\DEI2"<4N;IBK:#OB55XTR!+`E6(`&08HF)/A5K5(J@ZY4>36 MO'ZL@6)=7!2*:)R0#(!A_F>^-Q="!#^[AV/NW?-E@APAS\$*"0E*ME[>B8(Z M"OAB@IK`E$3(%@4;"2%-.K'(EB4RM8#U/7*)R:9R1Z@`9B$N,2NP(6DX0$H2 MZEH*9D8XM^.*7?:?,AO5V%%ID0Q04IJV6!F%\<=5Y'91UP$J2E=Z[7,WIQ_8 M'7+`*9C97@C6-0%Z]S@*"F5JM%&52:Y(W8#*VM83DF2E(=CA"0F'Y?-7\QO+ M0_[6$'_$LNBVQ?_6@NKFNJWH_P"7B8?\E#D&I?9PT`RJ182*9QK09CR+02N< MT&`("`N'ZY?$-T0@&!8Y:V*BKQ%3@0A)I:OQKD@&0"96";#*IEKF4P?9F M9@W@R#%KV^_%4->24 M4(._7+(!G`(498S5HAD2@JW;(L5&0Y(,@HDY)+8/ABK=:X%58U)P%!1<:T&5 M$M1+=*L!@5$IU)\!E$FF3:G`4%>.F5E@7$X0%`0FHW8MK22;NH^$>+'IE^*% MENQPLL'EJ[%F^T=R?4AH!VRQFAI;N2X_=PCBG=L(C20*:$:QBB[>)R25T0Y.!D2I32!:` M95)JDK,<@&`6, M]_YB9O\`DXV5%J*/MXZ*,HD6B1165-:C,]!DXAE$);,_(TR\!N`6JM<4K+F4 M*IP@*`EL1+S?3DVQD-DM%&8\W'FKS&BY"+&*6.W*X1>M2,O')NZ)^HH@&:\G M=P2=UPP%#>!#1%1A!2$KOH*U(S,QR_?(JY:L MV*HN(=,B6!1(&V08K'&$)"';),D3"/A&1+$JV18K&KA"6T&`H*)C&5E@54=, MK+`M'))0\I^++(LXJ$AVR89A%:*U/S.*4ND!3OAC+DLN2N-HR?$Y4>;6>:]?#(R8E M=7(4QI8S98`R`8[YCNB\T=L.B_&_S/3,W!&A;F88T+21EJ3E[`S#G-Q9R1.4M2TG"`JTG)`,@$+6O^VC!_Q++0V!__T(9/'75;T_\`+Q-_R<;*9EHD4=&M%S&D7')7DT&1"$#= M2@`Y?$-T0@`_)LL;%:H5<#%*[V>IIV&6`-@"VQ%9`<2I9):CX!F--QY-7+?" M?#&`6*6P'E>QCP-4$+-X#+\1W;L9W2* M)N0W[YFERRU(GAB%"B[4R252$;5[G(E!1L(R!8E$4VR#!2?QR09!0;=ADF2+ MB&PR!8%4IM@0L(Q5>@P%!1"C*RP*IVR#!:VPR09!"2';1DYKI3VP16*E7?+&;?78_,X$(:[EHE!U;]660#9`*,%O/,>,,3RL!4J MBES3Y*#DV:O^C-2I_O'F:B!_O)/_P`BG_IE):BW M)8:C_P`L<_\`R*?^F("`%T6G:B$K]4GJ?^*G_ID9#=!"L=/U'X1]4GZ?[Z?^ MF5@'=@`5PT_4*5^J3[_\5/\`TR)!8$%QT_4/^62?_D4_],1$KPE3DLK]5+&T MGH!4_NG[?1DXQ+.,2Q*73]7GGEG:RN:L21^YDZ=OVD__`"*?^F8)!<,@N.GZA_RR M3_\`(I_Z8B)6BM.GZA_RR3_\BG_IDA$LJ*F]CJ('^\D__(I_Z99&+,10%Q8: MD3_O'*X_Y M$R?\TXJH_HS5"?\`>*X_Y$R?\TY)*,MM*U)1O9W'N3%)_3*Y,2K#896U%:3B ME83OA2AKC?)Q9!-/RX'_`"$?RW[:A!_Q++`V!__1B]Q%34KS_F(F_P"3AS%F M7%F58"F4-*G*U%R40RB$HO9^PS)B&^(66Z]SB4E=/\)R4`RB$%8&MZA\#ED_I9SY,E[#-:X#ATP%!;Q5H M],(2@]1-+5\OP\V[%S2"W>@`.9IV8T^;CSYJ;M4G\,L`9@-`4'RQ2XFB^YQ M5+YFYRGP&PR\;!M')-=(EGATO6'AD:)_1@'-&*FGUE.XH<4A"?I/5/\`EMN/ M^1TG_-6-K:O%J6IT'^FW'_(V3^N0)8DNDU/4Z_[VW'_(V3_FK"%""FU35`?] M[;C_`)'2?\U98&84#JVJU_WNN?\`D=)_S5DV2Y-4U4L/].N/^1TG_-610F-O MJ&IT'^F7'_(V3_FK*I%KD46-2U(#_>R?_D;)_7*;+5949-3U,L%%Y<;[G][) M_7+`68*(34=2V'UR?_D;)_7*I%K)7C4M2+,?KD_7;]Z_]J:H6_WNN?^1TG_-622GWEO4=2;6]-#7EPP-U` M"#+(01ZJ^^5WNPM"3FDLG^NWZSE;!2)PJLZ#%*&F.3#()O\`EKO^8OEP_P#: MPA_XEE@;`__2(+M*:C>'_B^7_DX*>V5E@4OO9:M3)Q#,!02/OA9(RT7XQD9,"G4>R9CGFTGF@+Y^N70#9%1 MTS>[7')R3/DR3L,US@-CI@*'5Q2X],*H/4?]YFS(P\V[%S8XM1F:Y:-MW#+3 M(%B5*:+XZX04@JL0VP%!1D0H,K+`KVZ8$*+TR09!9"*R82DHU1ME1:BV1BJR MF^29*B9`L"K+D"Q*\_8/MOD.K#JA)GR^(;HA0&^39MXJC0>,(S'JRT5NI#K\ MLL9KAX??@0I3N`K-X=,E$,HA!(*FN6EM373A_N)UC_C%!_U$IBJ6]\"%:/9< MB6):EPA(04IW.6!F$*Q^+)LD1:H2U)##%DBXP>%`.NV1+`HN0!55?`5R`8A,M/B].U0' MJWQ'Z`W@(>6Z2&K-U M\,D(VR`0!GN;^7@I(B'7WR=`,J`3BVMT@CXKU[G*B;:B;62DX0R"%;)LE-SM M3))=`*G(E!9!Y;'^YS3/^8N#_DZN5]6'50G/[Z3_`%V_7D6*E7?"E8QVPI0L MS;$Y,,@G7Y:?^3#\M_\`;0A_XEDPS'-__],EOQ34+O\`XSR_\3.:^7-P#S0D MK47#$*`DU_/U%J4W\F^7Q#=%?I&]PN1R\F.3DR3-$3 M/W`K].61%EF!921$+/R/;&T(S1O]Z%^65Y>3#)R9)FO<%L=,!5O%5IZ8 M0H0FH?[S-\CE^+FWXN:0$4&9KE-0[28"I3./<4RHM9;X\3BJJF1+$M/B%"C+ M]G)!D%6U%%R,V,D5E;!:V$*T*5PI5%R)8KQUR*%RFF0(8E!WR<9J]GWR[";B MVXC80]`PA0@I3R8G+0VAI1BJ9Z?_`,B^.3BRBJ(*+D2@MN351_GOB$!<&H?ED2$4M9Q3YY(!(""OWJ@ M3^8U/R'3+8!M@$+&E$).6%F5)^P\!7[\(2Z**IKX]\25)1MN".;GH.F5R825 M;-`]T#V05^DY#(:BPR&@F1.8P<<+2*5F*J$K9()"#<_%EC-D7Y; M-_R$/RW_`-M"'_B6(2'_U23532_O/^,\O_$SFO`W<#JQ_4)Z`YDP#?$("RB, MDG(_1DY%F2F[42/*FM*+IN3Y:&P*ENM-\2I5),`0%6UI7!)!1-PU(SD(L0D- MPU9/N<"%A.]/H&39H.X/.8TW"[#Z,G' MDRCR)R'5AU1&G+\+RG]HT'R&59C MT:LIZ(DG*P&`"UCMD@&005U,`#ET`VQ"52/R-3EP;5EK%ZL]>PZ82:"24ZC4 M`4';,<3IXC!R(*.1!26I+<>]:9F.6F"+P4#*2;:CNJ# M;Z,BQ;.RXH0\QJP7PRR+9%189)DV,53'3_\`CDZQ_P`8K?\`ZB4PA(2_I@0N M3[.`H*E-A"0A0M7]LFR1]O'TRN1:Y%&1K5O8;G*9&FJ1=,U%)QB$Q"'A6IKE MDFXJ`1_**9&+&*-@01PHO@-\QY&RT2-E<3BJ ME*U!DXAF`E%[,:TS(B&^(0#,3\(RQL3*RB]..IZG*Y%JD4(<:(8Y5GDV.6MR80&2"0JPT&1*"IWK_``'#%,4K@0M*3VRPLRR'24XDYCY>31EY M)MF&XRX=,BP<,5<<(2$!JII:M\LR,/-OQ,D4.1*"CX&R MJ37)7`V.08*3=3DF2S_=@&22C4^SE!:BN.!"FW7)!DX857C(E#CBA=7?`K:, M*X)!!"`6#C?R?RKN/IR_BN(;N+TH@"K>PR#!<>PP(C_EXE_P"3ARN(:@$# M9PU.XQ)4E'RT5:9`,0A>!;Z;B MF2#(+;.#N1B2I*YR!YL#S;MA65G[+L,$^2SY(FN5M:F[9(!D$LU"YHI4=< MOA%N@$J12[[]3EK:F42B-,@6LHBU!(Y'JV0DQDBCE;6M;)!DA[CIDHL@E-T= MZ9:&P*<0JPPEDF<"C;*RUE$;`9%BC=`_X[VF?\Q<'_)U<(2$)<'][)_K-^O` MA`7#;'?+`S"G`*X2DHHK\.08)W^7`_Y"%Y=_[:$/_$LF&8?_T>=:TQ?6+T?\ MO,W_`"<;(,%>SCXBIR$BUR+5PWQ4Q"0THH,*JD9P%!7'K@52=Z;80EP?;#2J M;H6Q57C0(E28+TR M@M)<<`0IG)LFQBJ\9%#38A0N.!"TFGTY)*V0%HQ3J#C'FDX M._'PR<6R*A7K;GZ<$^:)7 MJ<]8OC_R\S?\G&R!:RC47C'E1:T#,:RY,,@O#4&*MJ^^*JG+`A3F&]<(2%J5 MJ!BJ(5,C;%;<.%6F(2$?HX_<G)2Y,I< MDQ&4%I,#%IL(2V3@"K&PA(;C-=O'$H+N],5^6EL*]^OR&`("C3H,FS58 M@2X'89"7)B6ISS<+_,?P&,=@L414`4&08+&;;"%"67\^_$'+X!NB$M?PRQM1 MMHE$KD),"J5IOW.*$9`-LKDP*J3@0UBJ'N.AR4602FXKRRX-@5+9-Q@*E,4% M%RLL&J[XJC]`I^GM,_YB[?\`Y.KB%"77K?O9?]=OUX0D)7(U7IEC8C;4;9"3 M641+TR(0$X_+G_R8?ES_`+:$'_$LL#.+_]."W$?^Y6]/_+S-_P`G&RJ1:9*L MIHE,@&`2TFKFN6MCBW6F*K1)3!2JZ2`^^"D4O<@KB%6Q`\AB5*+Z+D&*`NI* MY,!F$\TI:6B_+,7,=W&R\T8.F4-2[`P=BJUL(9!+-;/[H#W&96!R,*4J*#,E MO;KMBJK#NV1*"C6'[K*^K!=`:C!)!5J8$*-N/WK?/#+DF7)'+TRDM338A0LR M26UP%2OP(:.$*WVP*L;IA"0L4D$?/)%)5:;DY!BLE?BC-[9(!("#CKW[Y:6T MJ$YHR"GTG)'DD\E8MD:8J,TE%)R40R`2:5N3DY M>&X*0^)P,+),HEXQ96>;65A'Q#"J.BZ#*RP*I@0UWQ50GZ9(,@EV18HB%17(EB5\[ M4&(0$MD)+4\;A9>:)[94U.P*WBA:V2#()7K6ZK\QF3@< MC"E1J,R6];SQ57MS\0R)04P(_=95U:^JV`X9)**RMK4HA24Y(\F1Y(L=,J+6 MTQPA0LPI7+@*"NP*M;"%;!P%5K';"$J9V.6,U8$%0-2,+XG)PYLX*4 M8R19%"WGPDY.+.*$A/QY,LBF,(K3*RUE.]/_`..1J_\`QB@_ZB4R`8I4^$)# M<`JP&"2)(VM``,HIII>NR,WCL,B=S3$[FE%FVRT!L"AU;+&Q4'7(,%EPVZK_ M`)[X8)BLBCYM0]._RR4C3(FD9T%!E+4@G;G,3]WT9(&5L&I$^R<05"(BZ9`L"J8JUBJA/T.2#():PK)\LN;$5" M,K+$JS';`A9WQ5'Z$1^GM,_YB[?_`).KA"0D6HN/7E'^6WZSDPR"$MZEL)24 MVMP*966!72G$("K34+P]_K$W_)QLQR MXQ2VZ:N2BR"%?93DV2%!.^%DHN]#BJF)*'KBJ+MYL!""F4$@(R!#`NN&!%,0 MH07[7TY-L9/9[6Z_+,'+S<+)S1&5-3>!6L5:/7)!(2O6/V?GF5@Y.3AY)2QV MS(;E,[8LD3:GXLC)@4S`_=G*NK7U4830Y(I*+'3(,6D'QX#R040.F5L%K80H M6X4KUP%"_(H4WR09!M-P/EB4%HG%*B:5RQFO0_#3P.0+$H>[8%Z>&60&S.(: MBKMB5*$U#9_GDX,XH6W'QY,LBFD`Z95)K*F"(4!"1+N2>N6EL) M1+"B\>^5A@%!QN?NRP,PN5=PN`E!+5VWPD>.PQ@%@&AL`/#"E:[4&$!("4W< MI9Z5VRV(;`%(FN22B+-*FN1D@HX"IRM@OD6J#VP`H"^,;#`4%?BKL50MR=CD MXL@@%^V3VRUL1<0VRLL"N)K@5V*HS1#37M+\?KEO_P`G5R02&/:@_P#I$O\` MKM^LY,,PMM5.V)4IK%]G*RUEJ0[8A(3?\N?_`"8OES_MH0?\2RP,P__6BVIT M&H7G_&>7_DXV8W5QNJ43FK98&80\^R80D()6W.29(>5CRPI4^6^*JT;D$'%4 MPMIZ4!R)#$A$EN0]LBQ4&'QCYY)+)[84A7Y9@9.;ASYJV5L6\#%K%6CUR09) M1K)^-!F5@Y.1AY)8VYS(;FBAI7%5>U7XAD9(*9@?N\IZM7502O+)EDBEZ#*R MP+:_:P%!5ATR#%:V$)"W"E>N`L5V!5C],(2&XOL`XRYJ>;3;C%5)\F&0*VQBJE<,>('CDX!E$+8EZ89%,BJO6 MM>PR(8A0_:R;-5C^T2>PR)8E#RDM*H\-SDQR9CDV3WQ50GDHN2`9`)7(:M7+ M6;@*XJC[5:+E8-+_YC+?\`Y.KDXL@QZ]:MS+_KM_Q(Y-FKVJ]/#`6) M3)1\.5L%.4['"$A./RW-?S%\M_\`;0@_XEDPS#__UXKJYIJ%Y_QGE_Y.',9Q MDH;=LL9H>Z-%IA"0@HQ5LDR4KB/?"H4.-#BE42HQ5$Q,1@0C8FKD2Q5%6LJ? M/`K(X?[M1F%+FXVJS1T7( MVA4MUHPP%!3`?8RGJU=4*M>>6-B*7IE9:RO7`4%4'3(L5K80D+1A2J+D2Q*[ MM@53DZ9()#+H,B6)0>I? M:'RR<&4$/;C<')%D4SARJ364WL3_`+B=7_XQ0?\`42F1#$)8HVQ*EW?"E%P[ M(3X#*)\VF?-09M\L`;`IG=_EDNB>BM0![9'JQZH4&KLQ^66-CBU, M505V^V3B&00?3;)MBI&*G%BCX1\-LM_I"C,S#RN1+$J@Z9%BL8Y(,FAU MQ547(EBN.!5-\D$A9;-]H>!PS3)5<9$("B^3#(+":-DDJ5P*/R_F&&+**I'T MP%!06I'XUR<&<%&V.^2*2F,1VRHM93?3]]*U?_C%!_U$I@')`Y)>VPI@"`L\ M,*426I`/?*J]356ZA6N6MK2#>OO@*"K'ID6+D'Q8"I<<*M$T%<54E!+5^G)% MD40NRURLL"IR5V'AD@R"F!X=2>*+TC.W M!24F1R.5#OQ&18J;:-4_\=&P_P"DC_FW"`D!9^AC7_CHV'_21_S;AI-*TND? M97](V&P_Y:/^;K;:C8?\`21_S;DP&0#<>B[U.HV&V_P#?_P#-N)"D*<^CDK_Q MT;`5\;C_`)MR40RB$,=&W_XZ6G_])'_-N3IG2A-H]!3])Z?O_P`O'_-N2`2` MA&T.K?\`'3T[_I)_YMR3-RZ%4_\`'3T[_I)_YMQ5%1:%_P!K+3_^DC_FW(E@ M59M&^)?]R6G_`/21_P`VY$!%(PZ-\(_W(V'_`$D?\VY7372G^AM_^.C8?])' M_-N2IE2_]#&G_'1L/^DC_FW!2*<-%_[6-A_TD?\`-N-+3;:+\/\`QT;#_I(_ MYMP`(`05QH)/_2RT_P#Z2/\`FW+8M@6Q:%0?\=+3_P#I(_YMQ*2O.B=OTEI_ M_21_S;@I%.&B?]K+3_\`I(_YMQI:4I]%HO\`QT]/'_1Q_P`VY(!("'TS38K; M6K"ZFU;3A#;W,,LI%Q4A(Y%9J`+OL,F&82&H:>1QN&=BI]B<5*86R[;9`L"K M-@0A)6J:9(,@R7\L?_)@^7?^8^'_`(EAZI'-_]*&:QOJE[_S$2_\G#E(:$#* M0(\(2$GN&J^3#,-0GXL53>SW`\,A)@4:8U*Y"V-I?=0U.V6`LP4#(E#DF3:' M%5>-L"HNVF*MD2&!"<6DH;,;)%HF$8#49CD-!#>*%O?)LF.:L2;RGMF;CY.9 MCY-VY/'?"4ETQQ"A6M!OD9(DCF^S]&5!K"#K^\RQFBEZ9`L"JKD2Q7GI@0IG MKDV;:](R.!"]1D"P*^F!#CL&Q53R3)IB:C$)"I&-A]^"3 M$KV/7V&1"$.0"K4R09!2!ZX62^(? M%@+$HV(=\B6)6.Q]4#WQ"4R)^`?+*FI3[X4K^V!#EZXE54"JY%BAY8]LF"S! M0X7CDV31.*M]L50-Y+L:9,!F$L9B6KDF2M;8E2FEN-JY`L"ODZ8`@(*0_%DV M3)_RQ(_Y6%Y<][^#_B6(2.;_`/_3A6J_\=6]_P"8B;_DXAH3E4PPD$WAD!&8TXN/(*V5-2T=\FR8UJ1K?'Y9FPY.;#DOBV7]6$J5DA^ M+PQ"A%6@WR,F,D9(:(3,\D6IJ,J:RL.39*9I4_AA2M3K\]L2I4 MS4,1DDH6Z%9/HR4687P+B4%,85HN4R:I+)&J<("0%K&@&%*FK`,3]'WX:2J0 M*2V"11(HAQ\2C*PP"]0:8"@KL"%LFR'WPCFHYJ0WRQL:.YQ573*BUE:YV^9P MA(4Z;Y)FO!H-^PP,$%F1+$K)1A"0A)-BO?),D39Q\F' MO@*"G]NG%,JDU%N5L`4*5.^22@+P;Y,,@I4-!BRAR2L:O3ROG]LSH\G-CR5D'PC`5*BP^/"E&VHWR$F M$D1-LAR(8A!*:N,GN&2"0M`WPI M7-]GW.`("6W#5DIX=N$)"#D.^29LD_+(_\ MA$\MC_M80?\`$L*A_]6#:TU-2OC_`,O$W_)QLJ#2D5S+4'?)AF$)UH,*4UT^ M&M#D9%B2FXV6F5-2DVYPADV%^'%"!NQDPS"AU&%DU3%511BJH,6*+M9"K;Y" M08R";P257,6<7'E%6)^$_+(=6'5B\^][)\\SQR3BSBC@:Y2TK3N37"S4FZY,)6@[G"E9,/LGZ,0H07*LS M'WIEC-,+9=N1RJ1:Y+I#4XA`=T%<4H:9J5R89!?8I5&<]S0?1D9E$BF<:\4S M'D=V@G=1%"2??+&:HN0+$K^V18J%T=U'MEF-G!8O3)%D51!U/T#(EB50[9$( M4F/Q'VR89!I?'$J73&@IC%8I5*U7)R\-P0-U)3;)AF%.#$I5Z8L43"O0Y$H* MZ[8*E/;!%`0MF:R@^^2+(IS)T&4AJ"GMA2N!J,4+T&1*"KKTR#!2EZ9*+((- MNN6MC6*J4[A$)[G"$A([N>K$`[Y8&P!2CZC"E,+;(EB4Q!HN08*+MDV2%D.^ M+)DGY8_^3$\M_P#;0@_XEA4/_]:`:X_^Y&^_YB)O^3C96&IC\S5.39AT*\CB MJ?6,=`,KD6N2+K#),D+=]SX9.+**-2A12.X!RHM96M]K"$A3('TY)DLK5L*5LV\3'PW MQ'-0E]L3)+].6%F4W4<4`REJ:IOBJR4T7"$A`2O4Y:&P)K9Q<8(Q3V1+$JP. MV08*,QVR<6<4&3OEC-HG%*6W]QL1E@#,!)BQ9\DS5XQN,4)A;]1D2Q*,+;9% MBH.VQR24.QJ:863)ORO_`/)B^6_^VA!_Q+%0_P#_U^=Z^W^Y&^_YB)O^3C9` M-82!S5LDS1EE'4C\52:BND.`*&E'?"JYSM@"H&XRP,PA:862+T MV`N[,>G;(S+"1=V(*@K5R2509%"(@>C#(D(*9+)^Y8GPR@C=H(W2'K M.Y\3F5T!Q"A#:9%0YQ8HJ*F5EB4!?M\=,G%D%]@/WHQDLDUV]0=L,))B4N`(-/#+FQ>N10JKU M!P(19F(MF^60K=C6Z6(#6N7-B(K\.08NBZUQ*E'1_9)RLL"A)S5CDPS"G%]K M"4E'Q?9RLM95A@0L8XA0M&%*LF0+`MMTP!0L)R;)I?LX"J'N=HSDXLHJ>CR5 M@D3^5S^..4;KD"-?ID`P"DYVR09!:YIA2T:'KW&*KK:/A'3N<$BB15<"%.5J M+A"0@96ZG+`S"KIL?.Z4G]G?(Y#46.0T$Y'VLQ''4YST'BK)3(%B5Y-%^>!BIN`R`8!*KY_B`\ M-SE\0WQ2FX?&6!F$3IXI(, M$D23-SOE0:PL'7"E53`4%549%BVVPP!`;A^%6)ZG!)$D!,?WC'QRX-H0=RXI M3)AF$JG()/AD@R"D%PI58Q\6*$=;C;(E!=9:_P#\=6^_YB)O^3C9$,`ED"U?"DIW9K0#(%@496@R M#!PQ59*].^$)"U#4'$JHW`R09!"DBOMA9)]I`I;C,;-S&`L2Z8[8 MQ6*1WDOQL:YD1#>`E6_^VA!_Q+$*'__2YCKW_'4OO^8B;_DXV18!!6B5;QPE)3JW7X[4ARL&BY9%G%"Z,OQR-_-MAR,LB;;\$"5ZX4JMN-\5*-0;8&*(C&V1*"J7!XQ'`$!)^KD^^6-B8V M(H]2;G+`V!+^9)PLD3$*C%"(C%,"$36B_+`J%F.^%4*YKA2B;9>F`H++?RT/\` MR$7RR/\`M80?\2Q"A__3YAKQ'Z6OO^8F;_DXV18*%DNXQ*E.(ME`RLM95!N< M"ND-%_AB%"72O5Z98&Q%0;C(E@5TPJ,`4(!@>639LDL12W7Y9B9.;BSYHL?9 MRD\VH\T)=QU4Y?`ML"DK`*Q'2AS(OABA>,"%M/BPI72I6.OWX`@*0>V M)Y*>2]C\1P!`0-\WP-\LL@V14].'!$/B=_IPS3),^QRMK4>Y&%+2C[L5*L!M M@0X[#%4'<2=LG$,P%`_9R25%SDV2>6:\+2,>(KF',^IQIGU(CH,K8(=:DLV6 MMA7(-QB4%5[96P4;L_`B^)R>/F6<.:U,D4E<3W\,"%C')!D%M*G"E5Z+D&"7 M:C)QCI7KET`W0"22,6).7-JG3;%5]MU.)4HU:TI@8HB,9$H*V\:D?T8Q4)6G M7)LTPLC\1R$F!13$UR*%2,8"@JPZY%BK+L,B6)0UU)T4=\G$,XA8FR$X2E!W M+44Y,,@DET_7+&P(1*UQ2CH1MBQ1"8%7LU,"J$@KA50$9+[=,*4;"@"UR*&2 M?EJW_(2/+([?I&#_`(EA"A__U.6Z[_QU[[_F)F_Y.-@8MV$;$!J;>.1+$IHH MVR#!>HP*I7#[80D)<6JU60Y-D>32UIA*EMC\/SQ"A3/CDF3<8JP M_'`4%?(?A^>1"`DFIRCF1X#,F`;XA+:Y-FLD/PXJJV@Z8E!1HZTP(1,>V0+$ MH;4&HIPQ910,77VR;)'6GVCD2Q**ZG(L5>(;;9$L2J4WZ9%"K6@P(2^9^4Q] MLM`V;`O79,"$!>-L1DPS"2W+5)&39AJ&$[8JF$<%%!P6QML;'%*UFWQ58V*K MXX^^*JYHJ8%3S\L37\RO+/\`VT8/^)9()#__U>7ZVM=6OO\`F)F_Y.-@8IE8 M*HLU%-\JES:IG3*RP*X],"%G?"E> MN`H+9Q5:<5=$3Q)Q*EO%4#>;T'BBQ?+`Q07+J<+)1=R#A540 M\Z8%1B+1<#%1G;MB$A/ORO-?S)\L_P#;1@_XEDF0?__6YIJZ5U>^_P"8F;_D MXV18(^UV@4>`Z95+FUGFV,567#\4PA0E,LA9Z98V+D_VL53.TC+#*Y%@2B)8 M/AR(+$%`",BZ0'QKEE[,^C(8OL*/;,23C%6[96UN/3%"77T=5.9$"Y$"E8.Y M&9#V3BS"E(=LD$A6LS M\+#P.1DB2*`R#!?TQ53=L0H0[FO(>QR89I;":5KEA9E`_RBN5 MY3Z6&3DGHZYB%QBIW!V`R<&4%A(XTPI5(_LC(R05]=\"%"39SE@Y,PT/LXJL M8X0R6=6R240OPK\LK+64%?R$6/<[9;`-L`QV0\GR]N7A?AQ51;=P,51=H*8 M"@HD?:Q0BH^EN1+$HQ!6AR)8HE?LY!BX'X MM\54KR3C'3QPQ"8A#1#89,LBOG;C&<`0$IF:H/SRQF$(%JQ/AA9(VT2K`Y$L M2JWC;<1].(4(4[+A2AW.],*41;+7`4%&$T7?`Q0'*=OUXJN%<558S@*"U'MS]SB M5+CLIQ5!LU7R;)&6PZ9"3$HU>F5E@6R<56@X4KQTR+%Q/]N*K)#$IA"0NWX M`8H<*A1BE#2./5R8#(*$G7"&05[0'F1VID9,9(U1ME9:RYCMB%"A(W7)AF%) M*EL)2EZBCL/`G+6:QZXJF6AI\2'D-7/N):O7"J,MUIVI@*"KC[6*$2-HRFL MF6AF%B=,4IA:U"9$L2C(NV0+$HG]G(,%HZX4H.[?E(`.F3BRBV@Z8E5*\>B4 MPQ2$KD;;)LW1QDJ!W8XJC[>,(I)R)8E0E;DQ.%DIRBBC"J#?[>%*-MEVP%B5 M65J#;`$H*0[X593^52G_`)6-Y;/_`&L(/^)84O\`_]"`7XKJM]X_6)O^3C9` MM15(O#*RQ+F-%.*I/?RFIWRT-@0L7XX4IA:+5QD2Q+)+5:(,Q9EQIJS$`5R` M8A`WB5N(Y!VV;^&6PY4V0Y(U>V5%K*J>F08-'IB%"G**JX:BY.+((>(#KDBR*H3Q4G`A*KQZDY8&84[=>3C$I*:#BL M9/MD&"6SR??+I_P"7^'_B61ZL>K__TH-?#__\`,1-_R<;*RU%;&<@6)0%_+U&3 MB&0"3LU7.39JT6*IMIP^(97)KDG\7V1F-)QRZ7[.,5"A:'XF'@=LG-G-%+UR MHM:HV18K+@TB M^>&'-,>:'%*#+&;1PI;C%3@*"K,0%^?7(!B$HUF?C&$'?PKD"Q*N-QD6*$N#5J9.+,+%%!A596!L"7CKA9*\6*$ZTT=,KFUR3R+H,QBXY;E^QC%8H>V%&8^ M.3FSDB5ZY66LJAR`8N.%+CBJ!O5JIRZ!;8)(WPN1[YD-RY<57C%52,[Y$H*V MZ;X<0H0L.[UR19IG!T&5EK*)[9%BM)Q5NN*M5WQ5OMBKH^M<2@MFN^!4+=FB MTR<6<76R%B*]L9%2F"+E1+42VQVP)0\K;Y8$A"D_O#DV:X-N,"NK\6*$-?GX MU/MDHLHH:V7G=1K[C)'DD\F4J`!F$7%+4AHN,5"C&:"N3+(KDW.)4JO;(,%& MZ)V7)09P41TRQFTQH/GBJK",C)C)N7O[8(K%CFKSO\)&&*0E!/Q9-FK6XK(/#`4%-HP, M@6!1*'ID"Q5R:)D6*$?=CE@9M4^C%4)`H*$N/M4PA(5[=:#$H+^6 M!L"%'MA9(F'%">Z8OPBN53:I)PG09CEH+%BG"JHIVQ5^*H;4.B$88IBLTI. M5ZI/[(KC,[+/DR1R[Y`L"H7,G"-F\!7)Q#*(8O=R%Y">M>^9`<@.A'?%2LF:I`Q M5=&,57MBJ8VE>'\,B6)50?BP(0E\VQR02$L)WR3-$66[UP%!36.@&^08%7C- M6R)0561ML`0%'))6N:#%4NNWVR89A+3\3C),DQC/"'(H0C-R?"JHBU(&*HY5 MI'@8H&05?"R1$8HF!5&8[;85"%"U<84IG:)05R)8EDGY=/\`\A(\M"O_`$L8 M/^)8A8O_U85J1_W*7G_,1-_R<.4M*!Y_%)\L*I%.W*5OGEC8%,=<4HJ!:D#` MQ*?V(XH,JDUR3./H,H+25TGV<`0%L0^##))5$ZY$L2O.!"TX0KB=L:2HR"JG M)AD$DOQ209D1;XH<'),U12:8L5RXJMFW&`*IPC?"628P=,K+6417(L6JXJZI MQ5:IJ3A2J'IO@0Y1\->^*N[8JH%>4F2M*-1:`942UDKB<"$/,]!7)@,P$,#R M->V39J;&D@R26QV^>!"YN^*H;4-HTPQ3%4T%*SR/X"F1R\F.3DGPS&+0HSGI MDXLHM?LXJJ1X"@JGB?#(,4%(:MEX;@XGQ[8JM3=L2I1!V09!@ENJ2\82/'+H M!M@&.N:NF*IC:G]WD2Q*H.N M!""OFR09!+6.YR3)&ZYH,"&P?A] ML5;Q5J%?BKB2I1(VRMK6.=LD&02Z^GX1GQ.61#9$+8"2BGQ&$I+3_P!YA"K] MCM@0VU.F*H;4:^FF&*8HOR^E(7?Q.5YF&5-^V4-*'E-7`RR/)F.3CMA4*L>0 M+$MRFD9]\$>:!S09^U7+FUQZ8JOB`J,B4%>Y_#`$!(]6FJ_'L,O@&Z(2@;DY M8V*I-$P(4D!9OGMD4*9/;"E0N#13D@D)+= M-5LL#8&K8;DXJ4=/"@L$E/\`>,]!_J@9$'=B#N@PN^22B[5:FN1*"B[C[``\ M,`0$(BU;"R7/BJ'?"K<8I3%45(X6,#`J8_EI)7\T/*X_[65O_P`2R09!_]>" M:PU-0OO^8B;_`).-D&I`1[1_.N*I1**2G),VXD):N*IK;1TWR)8E'P-5P,@6 M!32/MF.6DKW^S@#$.[#%+DZXE!7'K@5HG"K1Z8JM&%*3:D/C;,B')OBEX.3; M%13BJI7%BYNF*M1_:Q5'Q;#*RQ*KVVP(=BJUC08JW%6F)4KG_#`$!M/LBN*K MATP(5(UH,!050T&18H>5NN3`9@)%JEQ5^(.7Q#=$(VWKZ*^%,B6)6N:/7[L5 M7M5SA#(((CXL*4VLA2,9$L2K3'8#N<`0$9;)1!D),2JL-L"%$G?) M)0=R_7)!D$IEJ6.39KXQQ48$(^[V@AC_`)?Z;_KR(8A!D4.29(VS7`4%6N,` M0$.@ZX62Q\546ITPJOCZC%6[E]L0@)E^5[5_-'RN?^UE!_Q+"S#_`/_0Y[K\ ME-2O1_R\3?\`)QL@&L(==HD\#UQ0E%T*3D#QR3,(FVCZ8"@IFH")@8JMJU9! MD)(*;IVR@M!5#TR*&CBK:]<2@MGK@"M,<(2&B=L5:!PJDFK2!33NI-7WRYN"=V_]RM?#*RUEJ0@, M-_?"$AL'`JH3L,4*&H_W*8Q6*<:>O"TC'>@RC)S:9\T431<@P0R[N3EAY-A7 M'KBJNF5EK*%N'K(UVC&1+$KW^*0#L,4)C&**,J+`N:> M87)U:]`_Y:91_P`E#D0P"YAQCC^0P,4MNXZW/XX0R"-MD`45P%!597^X8`A6 ML#5\$D23J/MF.6@JF10[%7+UQ*"XG?%5K80D.)VQ5KH#A2Q;4Y_4O2*[+L,R MHC9R8C9:G084J@.!50?[>*KL6*I$*;X"I1:=,@6*K@0XXJI/7"%"NF1*"M?K MA"KAN1@5609$L2J'ID6*A,^3`9@)-J=Q1"`BJ1KXD80D)[`.,2CP`S&ES<>7->Y^#(CF@*$=* MDY8697#KBJN#12?`946M`L:L3E[G;R.-MJ#Z<@P2<>/WY8V-@;^V* MHR$_NSXY%"HI^'%4ON&^,Y)0HIO(!BE.(11!OD"P70KREKB5*9*-LK8+'PA4 M'<-UR09!+I\F&84HD^(GMBJ(MA^]=_Y5H/F13?`JX'%5ZG%BB(QTR*"B$&1+%4&!5Q&V!"D_ MVP/?)!*JM:>^10T?M855``>F!"L@ID"Q+F.V(4(*XDIOE@#8`Q[49>;D>)RX M-H08:C+\\+)D,!_=+WVR!:BLG(J#]^(2&QOMA558T`\,BATB:"!RUM7-V4=\57H-\!06I M&^$G$!0D6H28[P=:7,_\`R<;`Q*/N?L#(!@%,J&"G M"R6R/10,50LC[TPJF>E](4+QVPJJ,=LBA$0)REB]JY&7)!Y)H.F4-" MR*JP/PX%0,GVB1MBA1']Y7VPLE3I@0TO7%5>,;9$L2N8TP!`0D[Y8`V`)+?2EFH,M`;`EK M]3DF2%)KPHOSR)8E%Q^/MRNR!VH,(9! M;VQ59(>F%*\-\`P(1"_8/RQ5"3;5.%(;L!5ZX"I3B!*G(%K*-1:9`L5LIIA" MA"N*"O?),D%-2OAD@S4D6K@855Y1\:+]/W8%4W/[F0_S4&*H=EHN%41:CI@* M"C)#MBA`3?;PLEBG%7,=\5<=DQ5*+PL7.%F%!:@;X59?^4__`),[RK_VTK?_ M`(EBK__5Y2%KYBU$^%S/_P`G6R)8R1UUTR(8!9"?A(PE)2^Z:CL,(2%&(U;" ME/\`3!\(.5S:Y)M'E!:2J5R*&L*N7;$JXD8JM.29-'%5*[-+9S[88\TQYL1B M'*[;YYDN0F5*;9%"]AMBQ43MMBR7(=\5141VVP%BBDR!8E$)D2Q*YJ4P(44W M8Y(LE[8$-QBIQ*E7`H,BQ4Y6H,(2$ON9:!O898`V`)/,U23EC-!OXX4H.-B; MI?GBR90A_=BOATR+4I7!.Q]\0D+DQ0J@5&*IG9#X!E,VJ2+&5-:A*?W@\,F. M3,*,W@*9$\V)0+M5\M#:%Q(X?/;%"Y>@P*N+44DXH2B^E!:GTY; M$-H"6R'KDF2EP+.`.IVPI31T$<20CL-_GD6#:;4)Z8JEKM69F\20[Y,,@AYGV MR09!+WY.1#$+8#A*2EE^:3$9(,@LAKRQ4LAT[[ M&53:Y)I'E1:BJ9%B[%6ABK>*K#DF3L50]^:6K_+)0YLH\V,6"UG<^^7EN*8G MK@5<1MBQ4'V.V+)RG?%45#O@+$HR,9`L"B(^F0+$MOTQ"A2C_:^>2+(MMUP( M5HEVR)8E>QVP!`0MP^V61#,)9&`H*C,VQIW.%*G<&GIKX"N(4*3'H,515OVI@*"K2M\.*$+,VV M%D$%))0X4J*O5COOBE%%N,>*$KN)1SQ9!:K@X59;^4Y_Y"=Y5_[:5O\`\2Q5 M_]?FC+35=0/C=3_\G6R)82;N,`8A9"=\2R2S4`1<9()"V#=L5+(M/'P#*I-4 MDRCRHM95*XJT3BKNV*NKBJTG?%78JA=3-+1\E#FRAS2#35^)CXG+RW%&GK@8 MKZ?#7%4-*,632=<*HN$9$L2C8QE98%$J,B6):DZ8A0H1'X6^>2+(KANV*$2@ M`&5E@6I&H,("0E]S)12N+%.X12)*>&8TN;0>:\],"%!: M^H3X9,\F9Y-[DT\3@0MNV`HH[#&`6"'0;[986:Y35B2,"KD-<"$+?2TKOT&3 MB&40DKM5JY8V*35.PZX4IBB"*!4[TJ?GD4+5\?'%5.[:D=,(0$`YVPLE/OBE M:Q^+%513N,4(]=H<"$!.:L,*0FEDM(QD2Q*<0BBY46LK+J0+&?'#$)`2Z*0N M](ZG%"6ZA:S6UPT4HHXI4=>NXQ!MD#: MDG3"EF'Y2C_D)_E;_MI0?\2Q0__0YW=`,4A2M03<)WH<4EDHI0;4VWR+4HW'3;IB$A4BZ#%*JGV@ M.]<6*>(*(ORS%/-QRVQ^'$*%&,]3DBR*]/MBO;?$J4-.Q+G)Q#(!8GCB4MJ? MA\,57`T4G`A*]0D[=:Y;%LBEC$;Y-FK6<7.3D?LKN?G@*"BI3X=,"M+T`Q5" MWK?$!A"A!,U3A9+"PKBJQC\>*JJ;LN*H\?W.!B@I-Y5'OA2G-FM%4>.0+`IH MFRC*RP0&IRD+3)Q#**!LVR99%6N.F`*$*.OSPI5FZ`#%5*,\IJXJA+A^5R_L M:84A>@KBJ*A&^!!5V4X%0LW?"H2^?H<+)NV3%2F=C;!C]8D_NT/PCQ;M]V1) M8$I?YC/.\C;N8Q4_2<,64.26(#3),F9?E**?F9Y7V_Z64'_$L5?_T8IYE?\` MTZ['?UY?^3AS&QC=QH!CTYVWRX-RDG7"J0QKP=PI\":91E@2TY(VFHF1 MA\+`CV.4<--'#2C(Q:I'RRQDHSGE M*Y^>(2$`^['),DONV^,#%(760'K*<5+(17A]&1:T/<4(KB&2^,_"/?%41$*R M+@+$IZ.@^68SCK9#\.$)"FFRY(LBN4T1F^C`>:"@W)+'PRP,PV:A<5;J`*8% M=*P6/PQ"A([Z2LE/#+@V!!.=A[X629VJ^E;CQ;42W[TW5*(/HR0;(\D(.M,*69?E*I_Y67Y7/;])0?\2Q0__]+G M^HM(^J7Q9B:7,W4_\6-E9:D%.*#VPADHKUPJMNA6.N(4*=I+*C#BY7Y'$A2G M]O0[8`@-*?AR24//W['$)"RW8\\2I3F#<946LJU,BQ7CI@0HS+RH,D&0 M6H-\2J(7ID2Q4Y6H,("0E\C>>_P#J7[[_`)$MD>$HX2[_`)5[ MY\_ZE^^_Y$MCPE>$N_Y5]Y[_`.I?O_\`D2V'A*\)7#\OO/5/^4?OO^1+8.$K MPE;_`,J\\^5_Y1^^_P"1+8>$IX2[_E7GGO\`ZE^^_P"1+8.$HX2@]1_+CS_( MJA?+M^U/"!LL@"SC$H:/\M/S"%*^7-0_Y$-DJ94OE_+;\P=J>7-0/_/!L`"` M"TOY;?F&!_RCFH?\B&PTFE&;\L_S$:M/+>H?\B&Q`6E.'\LOS%#[^6M1`_XP M-A(32;0?EWY_"_%Y>OQ_SQ;*S$M9B42/R]\]?]6"^_Y$MD.$L>$N_P"5?^>O M^K!??\B6P<)1PE3?\N_/A.WE^^_Y$MDA$LA$MI^7?GL=?+]]_P`B6Q,2IB5_ M_*O_`#U_U+]]_P`B6P<)1PE#S_EYY^(^'R]?G_G@V2$2R$2AA^6WY@UK_AV_ M_P"1#9.F5%4?\NOS`%LRCR[?\F/3T&P<)M'";2Z3\L_S&X$#RWJ)_P">#9.F M=(5_RO\`S)H:>6=1K_S#MA327-^5'YG&0G_"VIT_YAWPLE:U_*O\S!.I;ROJ M0`[FW?`@IT/RU_,2G_*-ZA_R(;(TPI0E_+'\Q2-O+6HG_G@V%-+X_P`L_P`Q M`!7RUJ/_`"(;&EI%6WY:_F"LBEO+E^`#_OALB06)!3;_`)5]YZ_ZL%]_R);* M.`]S3P'N4Y/R]\]FE-`OO^1+9(1+(1+O^5=^>J`?H"^_Y$MCPE>$J=Q^7WGU MF/'R]?D#_BEL,8E,8E1'Y<^?Z_\`*/7_`/R(;)467"6Q^77GZO\`RCU__P`B M&QX2O"5P_+KS\*G_``]?_P#(EL'"4<)0-[^7'YB,#Q\N:@U?"!LF`R`2AORN M_,II/^48U*GC]7?)ME(VR_*[\Q(ZNWEO4`QVH8&V&`L2JM^6GYB$D_X;U'_D M0V-+2Q/RR_,7E4^6M0I[P-C2TMNORR_,8J>/EK422.T#8@*`ES_E9^99_P"F M7U+_`*1WPLE-ORK_`#-[>5M3_P"D=\*M0_E3^9G*I\K:D/\`HW?`E=-^57YF M$_#Y7U+_`*1WQ0O@_*S\RP?B\KZD/^C=\51$OY7_`)D%=O+&H_\`2.^**6V? MY6?F0)B7\L:BH\3;OB5*>0?EMY_4[^7;\?\`/!LK(+`@NO/R[_,$H0GES4"? M:!CC&*!$I2WY8?F.1_RC.H_\B&R;92V/\K_S(#;^6=1I_P`P[X5I4E_+'\QR M!3RSJ/\`R(?!2*61?E?^9%17RSJ(\28&PII?+^6'YCL=O+6H_P#(AL"*6R_E MA^8_HE1Y9U$D]O0;%-(8?E9^9('_`"C&I?\`2.^%*O#^5_YC@[^6=1'_`$;O MBBDR@_+7\PE7?RYJ`_YX-D"&)!53^6_Y@4_Y1V__`.1#8TBBEM[^6/YC.?A\ MM:BWRMVR0#(!3LORL_,57,DGEG41Q^R#`VYPE)1!_+3\QBU?\-:C_P`B&P4B MD-J?Y9?F0UL(XO+.I,6/Q4MWZ#$)`28?E+^:!/\`RBNI@?\`,.^29HZS_*?\ MRE8%_+&I`>]NV!B67^0/R]\]V7GWR[=W7E^^@M+>_ADGGDA8(B*V[,>P&(0' M_]3U3BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5= MBKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5= MBKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5= MBKL5=BKL5=BK_]7U3BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL M5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL M5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL M5=BKL5=BKL5=BKL5=BKL5=BK_];U3BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=B MKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=B MKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=B MKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK_]?U3BKL5=BKL5=BKL5=BKL5 M=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5 M=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5 M=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK_]#U3BKL5=BK ML5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK ML5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK ML5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK M_]'U3BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5= MBKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5= MBKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5= MBKL5=BKL5=BK_]+U3BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL M5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL M5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL M5=BKL5=BKL5=BKL5=BKL5=BK_]/U3BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=B MKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=B MKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=B MKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK_]3U3BKL5=BKL5=BKL5=BKL5 M=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5 M=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5 M=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK_]7U3BKL5=BK ML5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK ML5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK ML5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK M_];U3BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5= MBKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5= MBKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5= MBKL5=BKL5=BK_]?U3BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL M5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL M5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL M5=BKL5=BKL5=BKL5=BKL5=BK_]#U3BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=B MKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=B MKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=B MKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK_]'U3BKL5=BKL5=BKL5=BKL5 M=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5 M=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5 M=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK_]+U3BKL5=BK ML5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK ML5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK ML5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK M_]/U3BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5= MBKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5= MBKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5= MBKL5=BKL5=BK_]3U3BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL M5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL M5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL M5=BKL5=BKL5=BKL5=BKL5=BK_]7U3BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=B MKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=B MKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=B MKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK_];U3BKL5=BKL5=BKL5=BKL5 M=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5 M=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5 M=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK_]?U3BKL5=BK ML5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK ML5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK ML5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK M_]#U3BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5= MBKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5= MBKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5= MBKL5=BKL5=BK_]'U3BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL M5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL M5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL M5=BKL5=BKL5=BKL5=BKL5=BK_]+U3BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=B MKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=B MKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=B MKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK_]/U3BKL5=BKL5=BKL5=BKL5 M=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5 M=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5 M=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BK_]3U3BKL5=BK ML5=BKJ@8J[;%75&*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V M*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V M*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V M*NQ5_]7U3BKL5=BKL5=BK'/,7GKR[Y?>&"_NE%WU4@N75>7Q=HUI3XG MX_:Q5@Q_/>V,EN([&(?62H@C-PI+A@2Q5D5CR6GV>'Q?S8IIF_E[SWY?UN>6 MSMKA5U&W5#<6;,.:LZ!Z(>DH6O%FCY?%BADN*NQ5V*NQ5V*NQ5V*NQ5V*NQ5 MV*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5 MV*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5 MV*NQ5V*NQ5V*NQ5V*NQ5V*O_UO5.*NQ5V*NQ5V*L-\Q?EIH&L7RZHD?U+51( M97NHZ@3\HA%QG`*ETXI'MR7^[7%6$2?D7??O?3U"5!,1SA%S,(/@V0[`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`7EF>LUQ*0%Y2RO\`ZB(F*EDG_.06J:QI M=UY-DTO4KS3S?ZO#8WBVMQ+"LL#D%E948"N_V_M8J'L$40BC2-:E4``+$L:` M4W9B2<4/)/SC\[^;O+NHV&OZ.SOY:\NWD,?F>W0?WWUI:<:T^S#&Z-U_OY[? M^3%+T+5K;_$OEZ!=+U66SL[_`-"?](63%)FMB1+2&0?W9E%$Y_LHS?M8H>0) M?ZQYV_-A?+_E'5]1LO*?EFG^(-4BO;F0W4P:GHJ[R/U*^GR7_EXE_DQ2]0_, MBZ\P'R[-I/EB;T/,NII)%ITVW[L1H7EEJ0>-$'IH_P"S/+%BA+?R6\^MYR\E M6UU>$KK>GDV.LPMLZW,(H68=1ZJ\7_UN2_L8J7E]KYN2Q\X_F9;>8O,&K6^B MZ+P72S##B7MY6>W("2$4;X&^S]K]K%#&_R1M-;\X_E6FHZAY@U5-;EN+E(]46 M\F9XS&U(_P!TS-`Z+^TCQ?%BDLA_(G\P]8\Y>6KS]-\&U?1KM[&[N(EX)/Q` M*R<1LK']I5^'_@L5+T_%#L5=BKL5?__4]4XJ[%78J[%75&*NQ5U1BKL5=48J M[%75&*NQ5V*NJ,5=BKL5=BKJC%75'CBKJXJZHQ5U1BKJC%78J[%78J[%78J[ M%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[ M%78J[%78J@]4M&O--N[16"-VUE#HEZFH?OTDD:62,[)\! M4*E/VOM8H3?4-/\`S#O-1M)4O["SL;5FEEM(5G+W$G!A$DDI*\8!(5=U1.4G M'ARQ5*%_*];ORI?Z=K:V]]K&H>L;N=9;N.VFDF;DTK0^H>)J?LK\*\4Q5+?+ MOY<_F-H?Y9W7DNW\Q6AN.)ATW5A!*)(()6)D3CSZ@%O0?E^[Y?Y"8I5?*?Y9 M^9/*7DN/RQH%[8V,TK M:;B_UIX9].C@%MI44$EU%/"@;D_-U=5D,QX>K_QBBQ0QSRE^5FO>5OS"U;S# MI5[:0:#K147FB<9W(*[B9978_OB>9;DO']Z^*5OEW\HM0M?-7F_5-:N+2^TO MSBACOK"-)%:-0&`"NQ(>O+^5>/[.*HOR!^7OF_REY3O_`"O)J]KJED!*NBR2 MQRI)`DI/[N6C-S059_@X_%\/V?LJ$'Y"_+;SWY.\D?X5T[6+!6,DSKJI@F:2 M/US4E(2X0NG['Q\?YEQ2RS\O?(6C^1O+Z:+IC/+5VGNKN8@RSSO3G(]*>'V? MV5Q0RO%78J[%78J__]7U3BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5 M=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5 M=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5=BJ&O+.TOK66TO(8[FUF M4I-!*H>-U/4,K`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`,:5%3C2V_P#_UQ-]_O=<_P#&:3_B M9R2%'%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[ M%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[ M%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[ M%78J[%4Y\E_\I=H__,7'^O%7_]"3W?D^Y:ZN&_2NDCE*YH;Z($58FA'CDD*7 M^#+K_J[:1_TGQ8J[_!EU_P!7;2/^D^+%7?X,NO\`J[:1_P!)\6*N_P`&77_5 MVTC_`*3XL5=_@RZ_ZNVD?])\6*N_P9=?]7;2/^D^+%7?X,NO^KMI'_2?%BKO M\&77_5VTC_I/BQ5W^#+K_J[:1_TGQ8J[_!EU_P!7;2/^D^+%7?X,NO\`J[:1 M_P!)\6*N_P`&77_5VTC_`*3XL5=_@RZ_ZNVD?])\6*N_P9=?]7;2/^D^+%7? MX,NO^KMI'_2?%BKO\&77_5VTC_I/BQ5W^#+K_J[:1_TGQ8J[_!EU_P!7;2/^ MD^+%7?X,NO\`J[:1_P!)\6*N_P`&77_5VTC_`*3XL5=_@RZ_ZNVD?])\6*N_ MP9=?]7;2/^D^+%7?X,NO^KMI'_2?%BKO\&77_5VTC_I/BQ5W^#+K_J[:1_TG MQ8J[_!EU_P!7;2/^D^+%7?X,NO\`J[:1_P!)\6*N_P`&77_5VTC_`*3XL5=_ M@RZ_ZNVD?])\6*N_P9=?]7;2/^D^+%7?X,NO^KMI'_2?%BKO\&77_5VTC_I/ MBQ5W^#+K_J[:1_TGQ8J[_!EU_P!7;2/^D^+%7?X,NO\`J[:1_P!)\6*N_P`& M77_5VTC_`*3XL5=_@RZ_ZNVD?])\6*N_P9=?]7;2/^D^+%7?X,NO^KMI'_2? M%BKO\&77_5VTC_I/BQ5W^#+K_J[:1_TGQ8J[_!EU_P!7;2/^D^+%7?X,NO\` MJ[:1_P!)\6*N_P`&77_5VTC_`*3XL5=_@RZ_ZNVD?])\6*N_P9=?]7;2/^D^ M+%7?X,NO^KMI'_2?%BKO\&77_5VTC_I/BQ5W^#+K_J[:1_TGQ8J[_!EU_P!7 M;2/^D^+%7?X,NO\`J[:1_P!)\6*N_P`&77_5VTC_`*3XL5=_@RZ_ZNVD?])\ M6*N_P9=?]7;2/^D^+%7?X,NO^KMI'_2?%BKO\&77_5VTC_I/BQ5W^#+K_J[: M1_TGQ8J[_!EU_P!7;2/^D^+%7?X,NO\`J[:1_P!)\6*N_P`&77_5VTC_`*3X ML5=_@RZ_ZNVD?])\6*N_P9=?]7;2/^D^+%7?X,NO^KMI'_2?%BKO\&77_5VT MC_I/BQ5W^#+K_J[:1_TGQ8J[_!EU_P!7;2/^D^+%7?X,NO\`J[:1_P!)\6*N M_P`&77_5VTC_`*3XL5=_@RZ_ZNVD?])\6*N_P9=?]7;2/^D^+%7?X,NO^KMI M'_2?%BKO\&77_5VTC_I/BQ5W^#+K_J[:1_TGQ8JFOE?RI<6_F72[A]2TR417 2$;F.*]C>1J'HB#=C_DX%?__9 ` end GRAPHIC 6 c63583usequityvalue.jpg GRAPHIC begin 644 c63583usequityvalue.jpg M_]C_X``02D9)1@`!`0$`9`!D``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W6_:Z6%/L MC0(Y;YFF5GPN"3A5P6/'3([GM@\Q'XJU&6QU*?RK:.32[9KBXBDC8,XWR[5Q MN_=DI$&YW??'X]5=V<%]&J3H2%8.K*Y1E;U#*00<$C@]"1WJ@?#>E'<3;.3( M,2DS2$S#TD.[]X/9LC''2@#/OM>O[/4'MYHA''(S)&RV[L4^=0K9!._(8\!> M&VJ>N:Z&VN8KNW6>%BT;=,J5(P<$$'D$'@@\BH;G3;6\9VG1F+JJY#LI4*VX M8(((.<'(]!Z"IK:VBM+=8(5*QKTRQ8G)R22>22>23R:`):***`"BBB@`HHHH M`***YWQ/<:BCV\.EW\D-V\4ABMHH5=II,KM+EE(6(9.X_*>1@YP"`=%17+V6 MHZFOB9EO92;*YN);>TCBEB=5*+GY@$W@D*QSO."<%1Q4MR:L]ZMPDT\84$')(:) M\Y[YQ\N*`-^BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"BL;Q'<306MN(+^:T=YMN+:)9)IOD8 MA(U96&<[221@*&R1U&)'XGN1KVB:3<7]G':7.X8*G;\RYZ-4JW M6OB#4DFO5G>TU';++:0QPE8/LZ2`*)691AG&2S'C8W7C/2EOKXOX5LI)9P\ M%Q*S+NF0\%7.SY@0!D'-0#QCHJW$MPO@_3Q--O\`-D&S<^_.[)\O)SDYSUR: MY6__`.0A<_\`75OYFJ]?)RS/%)MW:'#IUYH%G+ M!IEM:V[D3I;QHH1'!R#@`#.1G..M:<5I;02RRPV\47GY!L' M0<,1QV)%:E<[XZ_Y$V__`.V?_HQ:RKS<*4I+=)_D8XB;A2E..Z3?X'.1^,O" M\4UO-'X>5);:,10.MO$&B0#`53_"`.`!5ZW\;:+J=T+`Z7+B_E5)=Z)ME_\`7W%_Z&*^B_(****V-@HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH` M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"N=\=?\B;?_`/;/_P!&+715 MSOCK_D3;_P#[9_\`HQ:Y\5_`GZ/\CGQ?^[S]'^1XU6CH'_(QZ7_U]Q?^ABLZ MM'0/^1CTO_K[B_\`0Q7QU+^)'U1\91_B1]4>[4445]R?=A1110`4444`%%%% M`!14%Y>VNG6DEW?7,-M;1#+S3.$11TY)X%9\OB?2(8;:9KES'<0K<(ZP2,%B M;H[D+\BGU;'0^AH`UZ*S[_6]/TRXC@NYF1W&[Y8G<(N<;G*@A%R>K8'7T-0' MQ-I`GGA-R^^`D-^XDPQ#A"$.W#D.RJ0N<$@'F@#7HJE:ZM97LB1V\Q=W1WV[ M&!4*VQMP(^4[LC!P<@^AQ=H`****`"BBB@`HHHH`**AN[J.SMGN)5F9$&2(8 M6E8_15!)_`5D_P#"4V9L8[Q;>Z:`V<=]*P5?W$+@D,WS<\*W"[C\I]L@&Y16 M.OB&W>[%JL$WFO*T40;;B4JY1R,$D!<$\@<`XSBMB@`HHHH`****`"BBB@`H MHHH`\`O_`/D(7/\`UU;^9JO5B_\`^0A<_P#75OYFJ]?"2^)GP4OB9[;X2_Y% M33O^N7]36U6+X2_Y%33O^N7]36U7VN'_`(,/1?D?;X?^##T7Y!1116QL%%%% M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444` M%%%%`!1110`5SOCK_D3;_P#[9_\`HQ:Z*N=\=?\`(FW_`/VS_P#1BUSXK^!/ MT?Y'/B_]WGZ/\CQJM'0/^1CTO_K[B_\`0Q6=6CH'_(QZ7_U]Q?\`H8KXZE_$ MCZH^,H_Q(^J/=J***^Y/NPHHHH`****`"BBB@`KD/[!UI++2M.\NQFL+>QA@ MND^U-$T[H,%6(B8M&.H&5SD@\<'KZYSQKJEYI&A"YL9O*F,RKNVAN"#V(/I6 M=6HJ4'.6R,ZM54H.MZEXEM+2[O?,@DW[D\I!G",1R!GJ!7GT\VHU)J"3 MNW;I_F>=3S>A4FH).[=NG^9O:1X7U#3-6MKQ;M1&_P"\NXUF?!8B7*@'.\9= M#ECG*$]7:NNHHKU#U0HHHH`****`"BBB@`KFAX4=-+6P2_`CDTV+3;EC!DO& M@8;E^;Y2=[==PY'ISTM%`&'J'AR&^O'NL6PD)7"R6X=&`Z^8,C?GCJ>-B^^= M2PM?L6G6UIOW^1$D>\C&[:`,_I5BB@`HHHH`****`"BBB@`HHHH`\`O_`/D( M7/\`UU;^9JO5B_\`^0A<_P#75OYFJ]?"2^)GP4OB9[;X2_Y%33O^N7]36U6+ MX2_Y%33O^N7]36U7VN'_`(,/1?D?;X?^##T7Y!1116QL%%%%`!1110`4444` M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`5 MSOCK_D3;_P#[9_\`HQ:Z*N=\=?\`(FW_`/VS_P#1BUSXK^!/T?Y'/B_]WGZ/ M\CQJM'0/^1CTO_K[B_\`0Q6=6CH'_(QZ7_U]Q?\`H8KXZE_$CZH^,H_Q(^J/ M=J***^Y/NPHHHH`****`"BBB@`KD?B/_`,BPO_7PG\FKKJY'XC_\BPO_`%\) M_)JY<=_NT_0Y,=_NT_0\FKHO`O\`R.5A_P!M/_1;5SM=%X%_Y'*P_P"VG_HM MJ^4PO\>'JOS/D\)_O$/5?F>RT445]J?;A1110`4444`%%%%`!117-:]J=[:R MZL]O=>2-.TU;Q(PBD3.3+\K9!./W:CC!^8\]*`.EHKD[C4-7MM96SD\^9)92 MVV/RL[-Y9`AXQE%(.\]FVG@9Z:TN4O;*"ZB#".>-9%##G!&1G\Z`)J*S;R[U M:*Y9+32HKB$`8D:[V$_AM-0?;]?_`.@%;_\`@>/_`(B@#9HK&^WZ_P#]`*W_ M`/`\?_$4?;]?_P"@%;_^!X_^(H`V:*QOM^O_`/0"M_\`P/'_`,11]OU__H!6 M_P#X'C_XB@#9HK&^WZ__`-`*W_\``\?_`!%'V_7_`/H!6_\`X'C_`.(H`\9O M_P#D(7/_`%U;^9JO767'@3Q!-/_B*/M^O_P#0"M__``/'_P`1 M0!LUAZOIWGZ_H%\JW+/!=N&VROY:J;>8;F0';G)`W$9YQGFG_;]?_P"@%;_^ M!X_^(IDEYK\D3I_8=N-P(S]O'_Q%`&!XCMY[OQ"-1@ANWD@AC73T_L]W5KA) MI-X9RN8D;$8W`J&7G+*,5!8Z0&EO8@DZI,CW-[<76E>61(LZR+'D`&9&&\,- MSY`X(R!6)_PKW7O^><'_`']%'_"O=>_YYP?]_17F_6\3_P`^7]__``#S/KF* M_P"?#^__`(!TN@1:Q8ZQIL5Q:N\#6<4"R2P-NAB"2<%@=JL3'$6'))D`R0@K MN*P;>ZU^WMHH?[$MV\M`F?MP&<#']RI?M^O_`/0"M_\`P/'_`,17HK8]);&S M16-]OU__`*`5O_X'C_XBC[?K_P#T`K?_`,#Q_P#$4QFS16-]OU__`*`5O_X' MC_XBC[?K_P#T`K?_`,#Q_P#$4`;-%8WV_7_^@%;_`/@>/_B*/M^O_P#0"M__ M``/'_P`10!LT5C?;]?\`^@%;_P#@>/\`XBH;K5];L[2:YET.`1PQM(^+X$X` MR?X*3:2NQ-I*[-^BO._^%I?]0;_R:_\`L*/_B*[#M-FBL;[ M?K__`$`K?_P/'_Q%'V_7_P#H!6__`('C_P"(H`V:*QOM^O\`_0"M_P#P/'_Q M%'V_7_\`H!6__@>/_B*`-FBL;[?K_P#T`K?_`,#Q_P#$4?;]?_Z`5O\`^!X_ M^(H`V:YWQU_R)M__`-L__1BU9^WZ_P#]`*W_`/`\?_$5G:[%K^M:-<:?_9%O M#YVW]Y]L#8PP;IM'I6.(BY49Q6[3_(QQ,7*C.,=VG^1Y%6CH'_(QZ7_U]Q?^ MABMG_A7NO?\`/.#_`+^BK.G^!]>L=2M;OR('\B9)=GG`;MI!QG''2OF*>`Q* MFFX=3Y:GE^)4TW#J>J45C?;]?_Z`5O\`^!X_^(H^WZ__`-`*W_\``\?_`!%? M6GUYLT5C?;]?_P"@%;_^!X_^(H^WZ_\`]`*W_P#`\?\`Q%`&S16-]OU__H!6 M_P#X'C_XBC[?K_\`T`K?_P`#Q_\`$4`;-%8WV_7_`/H!6_\`X'C_`.(H^WZ_ M_P!`*W_\#Q_\10!LUR/Q'_Y%A?\`KX3^35J_;]?_`.@%;_\`@>/_`(BL?Q'9 M:_X@TL67]EV]OB0/O^V!^F>,;1ZUSXN$IT)1CNTE16\)!S(MWO(_#:*`-*H)[&TNI(Y+BU@F MDB.8VDC#%#[$]*GHH`KS6-I@XP5YYSD=/6DFLA>I<0:BEK=VDF`L#P9&.X;<2&[=A7)KH6IQ^'S8_8M M\UUH5OIQ(D3$$J+(&+9/3,@Y7/W3[9`.M&I6):5%NX&>)@DBK("48G:`0.02 M>,>M6JY:_P!$NAJBW5I]J,4$A941HRV9"6IQC:M=#8?:?[.MO MMG_'UY2>=C'W\#=TXZYZ4`6****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*SM?_`.1DO_H!K.K_ M``Y>C,ZO\.7HSPFI+?\`X^8O]\?SJ.I+?_CYB_WQ_.OB%N?"QW/H.BBBONS[ MX****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@` MHHHH`****`"BBB@`HHHH`KWDUQ#&GV:W$\CMMP\FQ5&"26."0.,<`\D?48"> M+GDL;F[CL$:.S@:YN2+CCRUDD3,9V_/GR689V@@KZ\:>HZ#::C"\?S6WFR+) M.T"(#/C.%DRI#+ST/\L@Q3^'(+F-TEO+HB6`6UQC8OG1`L0K`+@`;V'R[3@] M:`*LGBI(KY[6:."`B5D#O/PBJ^TM)D#9D?,O)SD?!VMAI(@!D9P M,#=R0>,9'))IEVNCW44]E$U);_\`'S%_OC^=1U);_P#' MS%_OC^=?$+<^%CN?0=%%%?=GWP4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`45%QPP//8CUKL/"^EZEHC0*]E?%([2*UN#+/&_G2!P!)& M-_R1J#(Q7Y>",*6R"EWX=N+:UU*WTVP^SVT^KQ7FRR$2.RK%$=R!OD#>;&,[ MNH!]17E_V/A_/[_^`>6LFP_G]_\`P#J8M2L)F@6*]MI&N$WPA95)E7KE>>1[ MBIXIHITWPR)(F2NY&!&02"..X((_"N*MO#%[Y.FLWVJ"^,DOG3>9'E(]TQ#M MMX\TK.X^3"AG)Z*!6WX2M]4M-&6VU1/+>+8D2?)\J")`0-G&-^_'?&,UZIZI MNT444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110!0N=&L[QMTQN2?-$HVW,NSHH<94EOE)\Q^NX#C`XKJ**`,/4/#D-]>/= M8MA(2N%DMPZ,!U\P9&_/'4\;%]\ZEA:_8M.MK3?O\B)(]Y&-VT`9_2K%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%<7\3[[2-/\*QSZT\K6GVN,"T1PBWC\XB^-3#<22 MZ6DNH30I*C0W6\9CGW,0\IRQW8!&".F*]AHHH`****`"BBB@`HHHH`*\Y^+% M_HME!I*ZN$N7E>5;;3[B816TS[0/,F8]%3.1WRPP,XQZ-10!\_7\<<-BT4NJ M#5-4CTJQC\-WD3,WFS+(XD,1'4[@H/?:.>*UO#]C::EXIL;&YA\[5I[G4X_$ M4;;LM;DOY0?MM_U6W\<=Z]KHH`\_^%6@Z;9:9J.O:=;1VT6LW)>&&+[D=O&S M)$![D98GN6]J]`HHH`****`"BBB@`HHHH`*\J^+-WH::E86>HRQ37TUK*EK; MWEP(;6W+$#[2[==RXPH&3UQCK7JM%`'@4:2I?1):WS7WBT:G:"QNP26GT_[/ M'F13T\MAO)[9//-41-!#X;F.DM.BOH=LFMR*SJ([TW$>6F/7IYN_'.STX-?1 M=%`'G_PJD7[%KEO`;=[2+43Y$MB2;,J8TR(,\[00<\D9S@\UZ!2*JHH50%4# M``&`!2T`%%%%`!1110`4444`%>.?$RZT23Q>-.FU**#5I((62\O+@11:5&KD MEX^[2OZ>@&2!U]CHH`\&LVNGO"VD&1O%A76#J9C+%RNV3[/N[;=WD[/T[U3> M/3VM2^C2VZ^'XH-.DU."X:1+>YN@9?,CE<*Q4D%2Q(QE1NZU]"T4`<9\+OMA M\%1O6%+`,5Q]W(!VXKLZ**`"BBB@`HHHH`****`"O M&M5O-"G^+"6T6IPQ:E;ZE#-"-^=V,@_+TXJOIZ6$?A+P>GB*5Y? M#ZW&JB[DN&)5IO.?RBY'5C^\QG^+WQ7NE%`'.>`?M_\`P@.A?VIO^V?8X_,\ :S[W3C/OC&:Z.BB@`HHHH`****`"BBB@#_]D_ ` end GRAPHIC 7 c63583usstrategicequity.jpg GRAPHIC begin 644 c63583usstrategicequity.jpg M_]C_X``02D9)1@`!`0$`9`!D``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W+4FD\N&. M*\-M))(0H15+RX1FV)N^4'Y[\J?3;%[@Q[$/F2+ M+.A20XYQY*J2FT$DD<$8[6YM;>\A,-U!%/$2"4E0,N1TX-0G2]/80!K&V(M_ M]2#"O[O_`'>..G:@#GKC4-7MM96SD\^9)92VV/RL[-Y9`AXQE%(.\]FVG@9Z M:TN4O;*"ZB#".>-9%##G!&1G\Z;-8VERLB3VT,JR$%UD0,&(Z9!]*F1$BC6. M-%1%`5548``Z`"@!U%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!39)$AB>61@D:*69CT`'4TZB@#R^'4T?21<66MO<63S6T;F MYU9U)^60M++(K,UNKG;A1W0`@;B!L/>SW7PTOC#J\]OJ$%C-/YD$JO*J9D"$ M,X8E#L(60X9@N<@YKM+B7R+:68C/EH6QZX&:X3_A:$'_`$"I/^_P_P`*YZV* MI4+*H[7.>OBJ-!I5':Y?UF^M7\8VME%K#07JFW)A:]\J-%\PDCR]P\UY!\F- MIP`#D'&<:YU+5]#D<3SR75M;&,73I=R8DG1'DVAF7Y-^%RB\9V+_`!MBU_PM M"#_H%2?]_A_A7=6TBS6T!2 MT`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110!6U'_D&7?_7%_P#T$UX#7OVH_P#(,N_^N+_^@FO`:^?SOXH?,^=SSXH? M,*]^T[_D&6G_`%Q3_P!!%>`U[]IW_(,M/^N*?^@BC)/BG\@R/XI_(LT445]` M?1!1110`4444`%%%%`!1110`4444`%%%%`!1110!C>)&B6RM_,TZ2_)G`2$1 ML\8;:WS2!58[0,]CSM[XKEXM*:WTW4(#:W%QJ$F#IEP+-T$.0-H7(_U7S((WC$C_96?F=KQ/JL^BZ%-?6R1O*C*`)`2O)`[$5P?_"R]9_Y]K#_`+]O M_P#%5QXC'4:$N2>YQ8C'T)!J%O:&Y\L(UI,BW&ZWD?< MQ*XP#M`4G((8D<`C&MM7U;2)4BO+@W=O;&1O,^UL/M,T:1HT:,5RYW%V"<`L M2N0(^7:/X_U74-8L[.6WLECFE5&*(P(!/;YJ]&`"C```]!6F'Q-/$)RI]#7# M8JGB(N5/H+11170=`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110!6U'_D&7?_7%_P#T$UX#7OVH_P#(,N_^N+_^@FO` M:^?SOXH?,^=SSXH?,*]^T[_D&6G_`%Q3_P!!%>`U[]IW_(,M/^N*?^@BC)/B MG\@R/XI_(LT445]`?1!1110`4444`%%8<>OW,UIJTBZ6\,MA="W$=S.BA@4C M;S&9=P50),GJ<+TSQ4MAKUE1O,PQ7*.Y12IQN!../?B M@#7HKF)?%DD5EHUZ]E#';:BML6:6Z"LK3$`*@V_.5SD_=X&>>E1_\)M"MS>6 M\D$4O06%Z?JSY;.O]X7HOS9J^ M&?\`D9],_P"OA/YU[E7AOAG_`)&?3/\`KX3^=>Y5W9+_``I>IW9)_"EZA111 M7LGMA1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`%;4?^09=_P#7%_\`T$UX#7OVH_\`(,N_^N+_`/H)KP&OG\[^*'S/ MG<\^*'S"O?M._P"09:?]<4_]!%>`U[]IW_(,M/\`KBG_`*"*,D^*?R#(_BG\ MBS1117T!]$%%%%`!1110!FRZ-&YNGBN[JWFN+A;DRQ,N4<1K'P"I!&U.C`]3 M[8ATN.PTJ$Q1ZMYT9RQ666/F1G=W?Y0/F9G.1T&!@#G.Q7SQ7GX_&O"\MHWO M?\+'G8_'/"\MHWO?\+'K\FBZ2]C!8C6YDM([6.SDA6XC*S1ID`-E3@D$Y*;2 M<^PQI76AVVHR37,ES,7E,30R(5_\5)Q<;6)P&8/%2<7&UBU96D6GV%O90`B&WB6*,$Y.U0`.?H M*GHHKTCTPHHHH`****`*>K6/]J:/?:?YGE?:K>2#S-N[;N4KG'&<9JA?:#)= M-J$<=XL=IJ./M41BW,WRA&VMN&W**HY!QC-;=%`&'?>'(;RXEG'V='9PRJT` M:-ACYMZY&XDX.<_P)Z^,]_%EG'+-&UI>?*[1 MPMM3%RZRK"P3YN,2.J_-M'.>F345CX??0;Z>]CUR5HYHXHO+O8XRHQ*\CGQ\R82"$%,B/?*DK9'F8)W1KRFP]\EOFI M.26[$Y);LTH?&5A*\,9MKM)GN&MI(F5-T#K)'&=^&(QNEC^Z6X;-;.GW\6I6 MQN8%<0EBL;L`!(`<;E_V3V/?J."">8M?"VE?V:NGBZLIY)KMKBXD"@NVX#<$ MW,S*6VJ"Q)8\G.3D;&BZ`NC75_,DX=;IRPC6/8$&^1^>3D_O-N>/E11CBA-/ M8$T]C9HHHIC"BBB@`HHHH`YGQ]_R*-S_`+\?_H0KQZO8?'W_`"*-S_OQ_P#H M0KQZOF,Y_P!X7I^K/ELZ_P!X7HOS9J^&?^1GTS_KX3^=>Y5X;X9_Y&?3/^OA M/YU[E7=DO\*7J=V2?PI>H4445[)[84444`%%%%`!1110`4444`%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!1110!6U'_D&7?_7%_P#T$UX#7OVH_P#( M,N_^N+_^@FO`:^?SOXH?,^=SSXH?,*]^T[_D&6G_`%Q3_P!!%>`U[]IW_(,M M/^N*?^@BC)/BG\@R/XI_(LT445]`?1!1110`4444`%?/%?0]?/%>#G?_`"[^ M?Z'S^>_\N_G^@5[MH'_(N:7_`->D7_H`KPFO=M`_Y%S2_P#KTB_]`%9Y+_$E MZ&>1_P`2?H:-%%%?1'T@4444`%%%%`!117,:GJ5]$-35ZKXICU;Q!I`LK?0;Z%Q*K[IY;<+@`_W92<\^E<9_P`( M+XD_Z!W_`)'C_P#BJ^#/^1NT_P#W MV_\`037M5>5Z%X7U_2-;MK^;299(X6)9(IHMQX(XRX'?UKO?[9OO^A:U7_OY M:_\`QZN[*:OHC7HK(_MF^_Z%K5?^_EK_`/'J M/[9OO^A:U7_OY:__`!ZO5/6->BLC^V;[_H6M5_[^6O\`\>H_MF^_Z%K5?^_E MK_\`'J`->BLC^V;[_H6M5_[^6O\`\>H_MF^_Z%K5?^_EK_\`'J`*'C[_`)%& MY_WX_P#T(5X]7K/B5M5US1);"W\/W\4CLI#2RVX48(/:4G]*X;_A!_$O_0+; M_O\`Q?\`Q5?/9KAZM2NG"+:MV]3YS-L/5J5TX1;5NWJ5/#/_`",^F?\`7PG\ MZ]RKR72/"GB'3M7M+R72)7C@E5V5)X=Q`/;+@?K7H?\`;-]_T+6J_P#?RU_^ M/5UY32G3IR4U;7J=F44ITZBLC^V;[_H6M5_[^6O\`\>H_MF^_Z%K5?^_EK_\`'J`- M>BLC^V;[_H6M5_[^6O\`\>H_MF^_Z%K5?^_EK_\`'J`,VZU&_35KJ9+]EBMM M2MK);+8FV5)%B+,3C?N'FL>#C$?3J:BUK6+W3=7:==1`L$F\B?2):M% M*\S_`&596A991O0X$80LBX#?,`&)Z@59\*^(KK5;LP7X=9S`I51&HC)18R[9 MSNRWG(P!&`I7^+=4\,:VUK-:P>#&BMYCF6*+[,JR?4!P#^-6!?3+=M=+X2U` M7++L:8&TWE?0GSLXHC)2V",E+8W:*R/[9OO^A:U7_OY:_P#QZC^V;[_H6M5_ M[^6O_P`>JBC7HK(_MF^_Z%K5?^_EK_\`'J/[9OO^A:U7_OY:_P#QZ@#7HK(_ MMF^_Z%K5?^_EK_\`'J/[9OO^A:U7_OY:_P#QZ@#7HK$GU^ZM;>6XF\.:JD42 M%W;?;'"@9)XFS6'_`,+0TG_H':G_`-\1?_'*RJ5Z=-VG)+U,JE>E3=IR2]3M MZ*XC_A:&D_\`0.U/_OB+_P".5T']LWW_`$+6J_\`?RU_^/4Z=:G4OR23MV'3 MK4ZE^22=NQKT5D?VS??]"UJO_?RU_P#CU']LWW_0M:K_`-_+7_X]6AH:]%9' M]LWW_0M:K_W\M?\`X]1_;-]_T+6J_P#?RU_^/4`:]%9']LWW_0M:K_W\M?\` MX]1_;-]_T+6J_P#?RU_^/4`7M1_Y!EW_`-<7_P#037@->U76IZA/:30KX;U, M-)&R@F2VP"1C_GM7FO\`P@_B7_H%M_W_`(O_`(JO#S>C4J2AR1;WV/"SBA4J M2AR1;WV.?KW[3O\`D&6G_7%/_017D/\`P@_B7_H%M_W_`(O_`(JO2K74]0@M M(86\-ZF6CC521);8)`Q_SVHRBC4IRGSQ:VW#)Z-2G*?/%K;KW#W37HK(_MF^_Z%K5?^_EK_\`'J/[ M9OO^A:U7_OY:_P#QZ@#7HK(_MF^_Z%K5?^_EK_\`'J/[9OO^A:U7_OY:_P#Q MZ@#7KYXKW#^V;[_H6M5_[^6O_P`>KR__`(0?Q+_T"V_[_P`7_P`57BYO1J5. M3DBW:^WR/$SFC4J\G)%NU]OD<_7NV@?\BYI?_7I%_P"@"O*?^$'\2_\`0+;_ M`+_Q?_%5Z-IM]J-CI5G:2>'-29X($B9DEML$JH!(S,#CBHRBA4ISDYQ:TZF> M3T*M.H_MF^_P"A:U7_`+^6O_QZO=/? M->BLC^V;[_H6M5_[^6O_`,>H_MF^_P"A:U7_`+^6O_QZ@#7HK(_MF^_Z%K5? M^_EK_P#'JL65_DO_ M`*`:\)KW;7_^1?Q(>@5]#U\\5]#UIDG_+ MSY?J7D7_`"\^7ZA1117O'T`4444`%%%%`!1110`4444`%%%%`!1110`4444` M%%%%`!1110`4444`%%%%`!1110`V22.&)Y975(T4LSLYC MMIKNWCGDQLB>0!FR<#`)R&=8L9H[:\:>WE6VB\H+ABI"@EF( M)R1SQ^%4]3TV^E&N6L5H9?[3V^5]:`-U=2L9-XC MNX',;K&X20,59C@`XZ$GBK56OF[/N[L1?\O/E^H4445[Q]`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110!G:__`,BYJG_7I+_Z`:\) MKW;7_P#D7-4_Z])?_0#7A-?.YU_$CZ'SF>?Q(>@5]#U\\5]#UIDG_+SY?J7D M7_+SY?J%%%%>\?0!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%% M%%`!1110`4444`%%%%`%6]GN8(X_LMLL[N^T[Y/+1!@DLQP3CC'`/)'UK!MO M%TEUIUUJ,5@AL[+BZD^T>@W,T8V_.NPJX)*Y#"M/4?#]GJ$'D@M:JTXGF^SH M@\\X/$@92&&3GD=0*CD\.0RB99+V[,=P%%S'^["SXX^;"\94!3MQD`4`58O% M2O*8YHH;;YD^:2;A%R=XDR!M90`,<\NG/.:Z($$`@Y!Z$5GW6CQ7<[7#3S). M&5HY$VYB`4C`!!&#N;.0?O>PQ.TM8;:$8BA18T!.<`#`H`EHHHH`**** M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH` M****`"BBB@`HHHH`****`"BBB@#.U_\`Y%S5/^O27_T`UX37NVO_`/(N:I_U MZ2_^@&O":^=SK^)'T/G,\_B0]`KZ'KYXKZ'K3)/^7GR_4O(O^7GR_4****]X M^@"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH M`****`"BBB@`HI&95&6(`R!R>YX%+0`4444`%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%% M`!1110!G:_\`\BYJG_7I+_Z`:\)KW;7_`/D7-4_Z])?_`$`UX37SN=?Q(^A\ MYGG\2'H%?0]?/%?0]:9)_P`O/E^I>1?\O/E^H4445[Q]`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`8VK`RP*M_IZ MS1"X5?D?:\D8`)'0;>>2#GC(Y*RTRYCTG4H;FPNI-3=S_9=P;=OW:Y MQ&P(&(1OW/M.-JL!SBO1J*`.,DTNYTR]=[5?,@C>,2/]E9]S`.RLRJ=TK#<, ML.I*'^!L]=:R2RVD,D\7E3/&K/'G.QB.1GO@U+10`4444`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110 M`4444`%%%%`!1110!G:__P`BYJG_`%Z2_P#H!KPFO=M?_P"1?Q(>@5]#U\\5]#UIDG_+SY?J7D7_+SY?J%%%%>\?0!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!14-U>%X@QZ`LI&?UKSW_A6-[_T$+?_`+X:M*_M9Y_$ MT=U;V$\%\5F%S(EH[,O[AE5DG.$=,A,1&@^C:==V^GV%Q+%M7[ M)YFGFT>:<1LS(_R@!?D4"1P!EMNYCC/+7P=*NTZBV.7$8.CB&G46QC_\*QO? M^@A;_P#?#5Z97G26DSV&JV^JZ3?@R7WGI-=67VM&E-O&I)AB=MRYWXYVJ0HS MD8"3Z-JT-G8SV4C45F>'FE.AVZRVZV_EEXDC6)HAY:.50A&)*Y4*<'UK3KI.D*** M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH M`S[C1;.Z8&4W1*RF92+N5=K8(XPW`P3P./:L>S\(/8Z,VDPZCFSG@CAN@\19 MY-L:QL58M\NY%`P=V.U=110!AWWAR&\N)9Q]G1V<,JM`&C88^;>N1N).#G/\ M">G.O:P?9K2&W\QY/*C5-[G+-@8R?>I:*`"BBB@`HHHH`****`"BBB@`HHHH M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@` MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`\P\ M2W&H3>/&L]*UR]?4DFM72WBE,5I8P`@R>>,[9&<;L+RV",8`R>0G\4:Y::#8 M:A;:U>RWNJV4\FIHUP7%B1 M,P8W$MG&TA8=#N(SD8'Y58CT/289;J6+2[))+P$7+K;H#.#UWG'S?C0!Y/>7 M.JRWUSX?T[77DL;?6`(+B[UF2WDF3[(':$3KEV"NX)`R>*]&\#:G'K'@S3;Z M-)T5T92L]PT[Y5V4_O&Y<94X8]1BKK>&]";3!IC:+IQT]6WBU-JGE!O79C&? MPK1AABMX4A@C2**-0J(BA54#H`!T%`#Z***`"BBB@`HHHH`\P\=7&H/XG:ST MK7+T:LT,)LK.VE,4%H-YWS7)SM=2.`IR>.!SFN5U3Q/K]AIG]K6>JWLFJW;: MM'>6;3%TM4A+[&6,\(5VIR!SNYS7L5_X5\.ZI=M=ZCH&EWERP`::XLXY'(`P M,L035E-&TN*\N+R/3;-+JY7;/.L"AY5]&;&6'UH`\DU/5M5L9;_1-(UFZO-/ MDU#3X5O)]08,@FCD:1?/Y9`2D?(R1YG'45W_`,/-0FU#PFAN);B6:WN9[9WF MG\_<4D9?EDP/,7C`8C)QSD\ULQZ!HT.FRZ;%I%@EA*29+5;9!$Y/4E,8/Y5< MMK6WLK:.VM((H((QM2*)`JJ/0`<`4`2T444`%%%%`!1110!YK\1KF[_MB*RL M-9U!-2ELC]@T^QF,.R7Y^TZGH>F7MP%"^;L-X.N*]1U+PYH>LS M)-JFC:=?2HNU7NK5)65>N`6!P*?#H6CV]W!=PZ58QW,$0AAF2W0/'&!@(I`R M%`XP.,4`>'W7BC6K70]-O+?7KY]0UBTF:^B:XW"VE%S$B!`3B'.YH\\8ZX)% M>E?#J]O)4UW3K^6X,]A?^6(;BX-RT*&-&"^=_P`M.I//(S@]*Z0^'M$8WA.C MZ>3>_P#'T3;)^_[_`#\?-^.:GTW2]/T>S6STRRM[.V4Y$5O&$7/;N0<2$[G!;G[G&*]>U/0M'UO MRO[6TJQO_)SY?VNW279G&<;@<9P.GH*9#XM`'D%QKGB`6\=Y8Z]+'J]^^K175O=70$%HL._RR%8[8MNU!NX^_ MS78?#75+R\U'7[.3^T?L-K]F,`U&[6YE5W1C(ID5FR.%(&>-W;.*[1=%TI+N MXNTTRR6YN5*3S"!0\JGJ&;&6'L:DL--L-*MOLVG65M9V^XMY5O$L:Y/4X4`9 MH`M4444`%%%%`!1110!R'Q!O([+3+*2YU6\L[4W.UX+`LMU>,5.R*)E(*G=@ MD^@Z@5YQ-JOB6STO4)-5UN[BU;2-/M9[&".[^6X>2:0$28XF.`D9ZC.<<\U[ M1J>BZ5K4<<>JZ997Z1GR2W%P9C%<.7#`,3P&`!V]!CC%=\;.U:\%X;: M$W0C,0G*#>$)!*[NNTD`XZ<"H;#2=.TI)$T[3[6S61M\@MX5C#MZG:!DT`7* ..***`"BBB@`HHHH`__]D_ ` end GRAPHIC 8 c63583usmidcapequity.jpg GRAPHIC begin 644 c63583usmidcapequity.jpg M_]C_X``02D9)1@`!`0$`9`!D``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W^LM/$.ER M6L5Q%<-+'*TBQ^5$[EO+8JY"@$[01C=C'(YY%6]0LQJ%A-:--+"LJ[6>+&[' M<<@CD<=.]8.GZ!J>E/#/%<17MSGO(P+H M&5UB*CYDP-N[/R\G(!SCI73US]YX2MM0EW7-_?R1I,UQ!$70K!*3NW*=NXX) M.`Q*C.,8`P`6-$UZ+5M-N+US;)'!(R/+!<>;"P4`EE?"Y`S@Y`P01VS65/XU ME72%O8=,4.8[R9HKJY\G;';2;&R=I^)+VUN]8O;E;IW M-VLD>WSGPBAB412"JQ@#;@/;4S2#[-^Z^S":`F4!Y24B=5*D M84'SNI./DG6@MXW=QO>1GDQN9G8NQ.`!RS$\ M`"MH3C-@"6BN&E\5ZI$S1M>Z4+;#;=5^RRFV,@',(4/EFST8-@X*@;AB MM8:Y>W^A>'[JQ2&VN-8$9_TF-I!"&@>8@J&4D_)MZCKGMB@#HZ*Y*R\3:A-< M:--67A#@M+G8"9"$"$9((.><57L_&5VHBCU:%+.7S%:=G MMI5$<9A#D;>3NW"5=WW<1,QXP"`=K1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`'@%__P`A"Y_ZZM_,U7JQ?_\`(0N?^NK?S-5Z^$E\3/@I?$SN_AC_`,A. M^_ZXK_Z%7IE>9_#'_D)WW_7%?_0J],KZK*O]UC\_S/J\I_W6/S_,****]$]( M****`"BBB@`HHHH`IZJD4FFRK-;27,65WPQYRR[AG@'D8Y*]QD8.<5QUK8K% MK4INM.FN-&;S9%46#JBS,(@JK#C(`6-COQ@EVY!SGO:*`.%FT748],T^;]Y) MJ:V*O/N3?(&2#8R>8#G#$XVCG<2P/!KJM'GGGLV\Z,($O=#T73=,>>FT'?G:>,KT.! MQP*PY_$OA"XMA;N+T1K(LD8C>1#$0@0>658%!MXPN`)5X^8XZKAZBC"VJ/&S+'U<-4486U1Z-%KO@J"YCGA@ND,90K&ID$644* MA,>[82`J@$C(VCT%=!8VFA>(],>:.!Y8);EYG,C,K-(5*G)!R1M8KCIMXQBO M&:]<^'G_`"*J?]=G_I4Y?F%7$5>2=K6)R_,*V(KN:? MHYC%],T9D5G&V)Y,(N-SMM!VJ-PRQP!D9-3G4+4:FNFF8?;&A,XBP<^6&"EO M3J0/_P!1K)\1Z=J6I/;PVL-I+9%'6Z26Y:%Y`=N$W+&YV'!W`8)P!G&0:@TC M4['Q))JJWVG7`,-SMBE1H79G,9C0N&8;0(PNX+P!]TDD@`U7\1Z8EZ]IYLS3 M+O&$MI75F49958*0S`?PJ2>#QP:9_P`)1I"VSW$D\T4:2^2_G6LL;*X3S""K M*"`$!8G&`.:QXM!F_P"$HM[Z6\A6PM+N:[AA2Z+`O(CH3Y97Y3^\8D[V& M.&3>T#^7)@'"M@'&>A.".G2IZYW0-!O='O'#73/:`38#7#R&4O(&5F4C"LHW M`D9W%B3S714QA1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`>`7__`"$+G_KJW\S5>K%__P`A"Y_ZZM_, MU7KX27Q,^"E\3.[^&/\`R$[[_KBO_H5>F5YG\,?^0G??]<5_]"KTROJLJ_W6 M/S_,^KRG_=8_/\PHHK+\1W$%IX?O)[F]DLH$0>9/$<.HR,A3V)Z`]BWL?]A;X?$"P/*UPUD)-7;RXB`F`\ZEO,=A^;&%R_L]:MHYC))I[7ACA`O M'<,^8X64.R[I`I=FP<`D/_SS7(!Z#1110`454U.1H=-GE6ZCM-B[FGD`(C4? M>;GC.,XSQFN?M+O5;C4([26^N;>VF%Q-!/+#&LS1H(0-RE<`%GD.-H.`N<V^+?^14U'_KE_45XE7S>=?QH^GZGS.=_QH^GZA7K MGP\_Y%5/^NS_`-*\CKUSX>?\BJG_`%V?^E9Y/_O'R9GDW^\_)_H=71117U!] M4%>3?$?_`)&=?^O=/YM7K->3?$?_`)&=?^O=/YM7EYO_`+M\T>5G'^[?-'(U MJ^&?^1GTS_KX3^=95:OAG_D9],_Z^$_G7S=#^+'U1\U0_BQ]4>Y4445]P?=! M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%% M%%`!1110`4444`>`7_\`R$+G_KJW\S5>K%__`,A"Y_ZZM_,U7KX27Q,^"E\3 M.[^&/_(3OO\`KBO_`*%7IE>9_#'_`)"=]_UQ7_T*O3*^JRK_`'6/S_,^KRG_ M`'6/S_,****]$](PO%'B%O#MC#<+;"E7<(2LM.Q\[F..KT:[A"5EIV/0 M/^%H2_\`0)3_`+_G_P")KT"RF%Q86\X0()8E?:.@R,XKY_KWO2/^0+8?]>\? M_H(K?*\56KRDJCO8Z,JQ=:O*2J2O8N4445[)[1%<6\%W`T%S#'-"WWHY%#*> M_(-5O[%TKR/(_LRS\K=O\OR%V[L8SC'7%7J*`(GMH)3^\AC?Y#'\R@_*<97Z M'`R/846]M;VD(AMH(X8@20D:!5&>O`J6B@`K$B\3VUS;S26MEJ$SQW7V00&W M,4COL#Y"R;<+M.)/,[Q,?D$21^7E'5A MDHIW`@]1[TFTE=B;25V7V\0P?V9;7D=K8"P9268*""C?Q8. M.,Y&:T'B^PN;^SLHH9C<7*[RC/$IB&]DYR_SZ$DXA>", MJNZ6.3=M<88X7",QS@@#ID@'=KC+GPA8:]!/>6EQ;Q"X9O)>&W&Q8RC(>`1E MMQW[O[R)_=KLZU335T:IIJZ"BBBF,****`"BBB@`HHHH`Q?%O_(J:C_UR_J* M\2KVWQ;_`,BIJ/\`UR_J*\2KYO.OXT?3]3YG._XT?3]0KUSX>?\`(JI_UV?^ ME>1UZY\//^153_KL_P#2L\G_`-X^3,\F_P!Y^3_0ZNBBBOJ#ZH*\F^(__(SK M_P!>Z?S:O6:\F^(__(SK_P!>Z?S:O+S?_=OFCRLX_P!V^:.1K5\,_P#(SZ9_ MU\)_.LJM7PS_`,C/IG_7PG\Z^;H?Q8^J/FJ'\6/JCW*BBBON#[H****`"BBB M@`HHHH`*Q/$U@;VSLV5;AY(-0M)56&1U&!<1EBRJ<,``3\P(&,]JVZ*`./,N MHQ>._P"T;W2]0%I%97422Q!98UC#0L"%5BY=BK92YDV3PV3-((S9%0RS9"%?,.!#UW?-FIOB!K.HZ9?V:65W+`KQ$L$/4YK MC_\`A+->_P"@I!FTL0RS2O$\179A,X+HRR$<'J3M)KH-`_M6#7[^&_ME;S1YLETL;`%ML6 MU58\%1OD4`8(\LD\O7G]GXIUQ[ZW1M3N"K2*"">HS7M%;X3&0Q*;BK6.C"8V M&*3<5:P4445V'8%%%%`!1110`4444`%%%%`!1110`4444`%%%%`'@%__`,A" MY_ZZM_,U7JQ?_P#(0N?^NK?S-5Z^$E\3/@I?$SN_AC_R$[[_`*XK_P"A5Z97 MF?PQ_P"0G??]<5_]"KTROJLJ_P!UC\_S/J\I_P!UC\_S"BBBO1/2.(^)O_(% ML_\`KX_]E->7UZA\3?\`D"V?_7Q_[*:\OKY3-O\`>7Z(^3S?_>GZ(*][TC_D M"V'_`%[Q_P#H(KP2O>](_P"0+8?]>\?_`*"*ZLD^.?HCJR/XY^B+E%%%?0GT M0V0N(W,:JT@!VJS;03V!.#@?@:YVRUG5-0^RVZI9V]U*;PR$AI4403B(*.5) MSN!W<=#QS@=)6>^AZ>Z*GDNFUY7#1S.C`R,7?Y@0<%CDC..GH*`,%O%5\ME9 MZ@UHB6MS;I,%,;-PT)?=Y@.`%;@KM)V@MTZ=)874=W:ADD9V3Y)"\31MN`&< MJP!'K]"*;)I=E+`D#0+Y,<+0)&.%5"`"`!TX&,]AG'4U+:6<-E$T<(?#,69G MD9V8^I9B2>@')Z`4`3US/C[_`)%&Y_WX_P#T(5TU?H_R.;&?[O/T?Y'CU%%%?&'Q)[5X,_Y%'3_`/<;_P!"-;M87@S_`)%' M3_\`<;_T(UNU]KAOX,/1?D?<87^!#T7Y!1116YN%%%%`!1110`4444`8OBW_ M`)%34?\`KE_45XE7MOBW_D5-1_ZY?U%>)5\WG7\:/I^I\SG?\:/I^H5ZY\// M^153_KL_]*\CKUSX>?\`(JI_UV?^E9Y/_O'R9GDW^\_)_H=71117U!]4%>3? M$?\`Y&=?^O=/YM7K->3?$?\`Y&=?^O=/YM7EYO\`[M\T>5G'^[?-'(UJ^&?^ M1GTS_KX3^=95:OAG_D9],_Z^$_G7S=#^+'U1\U0_BQ]4>Y4445]P?=!7":E8 M73^.//%F6_TJV:.3[$S/Y8`WE;G[L:#G,9Y.&_OUW=4-;D>+0-1DC=DD2UE9 M64X*D*<$&IE+EBWV)E+EBY=CC[NWGO/&$5]%92%);BUEA>33I!,(MHW$3D#R M5'.Z)AN.&'&^J6D:+<"PNI)[006]K%;L8GL';[7.BS+(SQ-MWNV^,Y!(+*OS M-BN5_M_6?^@O?_\`@2_^-']OZS_T%[__`,"7_P`:\?\`MJG_`"L\7^W*?\C/ M1?"EOJ]AJKVFH6[,/LJJ;EE9B%18_+3S,[3]^4$#G"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@#P"_P#^0A<_]=6_F:KU8O\`_D(7 M/_75OYFJ]?"2^)GP4OB9W?PQ_P"0G??]<5_]"KTRO,_AC_R$[[_KBO\`Z%7I ME?595_NL?G^9]7E/^ZQ^?YA1117HGI'$?$W_`)`MG_U\?^RFO+Z]0^)O_(%L M_P#KX_\`937E]?*9M_O+]$?)YO\`[T_1!7O>D?\`(%L/^O>/_P!!%>"5[WI' M_(%L/^O>/_T$5U9)\<_1'5D?QS]$7****^A/H@HHJE>ZDMG/#;K;3W,\JNZQ MPA<[5V[CEB!P64=<\T`7:*Q!XJT]A$Z+,\$JJ4F"C!+1F15P3N)*CC`Z\=>* MT;C4(+&R6ZOW6V0@;MYR%8]LB@"U7,^/O^11N?\`?C_]"%7?^$MT#_H*6_YF MN?\`&?B#2;_PU/;VE_%+,S(0BGDX85SXM7H3MV9S8Q7P\[=F>8T445\;[.?9 MGQGLY]F>U>#/^11T_P#W&_\`0C6[7'>%O$>CV7AJRM[G4(8YD4AD8\CYC6Q_ MPEN@?]!2W_,U]IAOX,/1?D?:X;2C#T7Y&S16-_PEN@?]!2W_`#-'_"6Z!_T% M+?\`,UL;FS16-_PEN@?]!2#\S1_PEN@_]!2#\S4\T>Y//'N;-%8W_"6Z!_T% M(/S-'_"6Z!_T%+?\S333V&FGL;-%8W_"6Z!_T%+?\S1_PEN@?]!2W_,TQB>+ M?^14U'_KE_45XE7K'B7Q)HUWXWU"&25X\*BGDG(KR>OG1UZ7X)U_2M.\.K!=WT4,HE8[6/.#6>40 MDL1JNC,\GA)8B[71G>45C?\`"6Z!_P!!2W_,T?\`"6Z!_P!!2W_,U],?4&S7 MDWQ'_P"1G7_KW3^;5Z!_PEN@?]!2W_,UYMXYO[34?$"SV0J[EZ9R:\S M-DWA[+NCR\W3>'LNZ.:K5\,_\C/IG_7PG\ZRJT=`GBMO$%A/,X2*.=69CT`S MUKYVC3G[2.G5'SE"G/VL=.J/=J*QO^$MT#_H*6_YFC_A+=`_Z"EO^9K[4^W- MFL[7_P#D7-4_Z])?_0#5?_A+=`_Z"EO^9JCK/B?1+C0M0ABU*!Y)+:1$4$Y) M*D`5G5_AR]&9U?XQ02-3_#_5++3+^\>]N4@5X@%+]SFN__`.$MT#_H M*6_YFOJ,K36&2?G^9]5E2:PJ3\_S-FBL;_A+=`_Z"EO^9H_X2W0/^@I;_F:] M`]$P?B;_`,@6S_Z^/_937E]>@^/];TW4]*M8K*\BG=9]S*AZ#::\^KY;-82> M);2['RN:PD\2VEV"O>](_P"0+8?]>\?_`*"*\$KV/3/%.APZ59Q2:E`KI`BL MI)X(49%=631:G.Z['3DD9*<[KL=)16-_PEN@?]!2W_,UK0S1W$$V][:W*07$,KU%`!1110`4444`%%%%`!1110!XUXZ_Y'*__P"V?_HM:YVN MB\=?\CE?_P#;/_T6M<[7Q6*_CS]7^9\1B_\`>)^K_,Z+P+_R.5A_VT_]%M7L MM>->!?\`DN>P%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`$ M`JBAS@=# MD5PO(M1TZUO8-WE7$23)N&#M8`C/O@U8KTSTPK@/BA_Q[ M:;_OR?R6N_K@/BA_Q[:;_OR?R6N',O\`=9_+\T<&9_[I/Y?FCS>BBBOD3X\^ M@[?_`(]HO]P?RJ2H[?\`X]HO]P?RJ2ONUL??1V"BBBF,****`"BBB@`HHHH` M****`"BBB@`HHHH`;)(D4;R2.J1H"S,QP%`ZDGTK.7Q#I,+FZ$PN)0@7:80%V$^O3=G\<>U8=OH^H6,T-S M!]FEFCDO)%1C'C9O^^!M MSL&[&>F<=!0!>HHHH`** M**`"BBB@`HHHH`\:\=?\CE?_`/;/_P!%K7.UT7CK_DRU M[V3?P'Z_HCW\E_W=^OZ(****]<]@****`"BBB@`HHHH`****`"BBB@`HHHH` M****`"BBB@`HHHH`****`"BBB@`HHHH`****`(+NSM=0MFMKVVAN;=R"T4R! MU;!!&0>."`?J*K1Z%H\4)ACTJQ2(H\91;=`NU]N]<8Z-M7([[1GH*T**`,\Z M#H[0V\3:38F*V):!#;IB(DY)48^7GGCO5B2PM)C.9;:&3SU59=Z!MX&<`YZ@ M9/'N:L44`-CC2*-(XT5(T`5548"@=`!Z4ZBB@`K@/BA_Q[:;_OR?R6N_K@/B MA_Q[:;_OR?R6N',O]UG\OS1P9G_ND_E^:/-Z***^1/CSZ#M_^/:+_<'\JDJ. MW_X]HO\`<'\JDK[M;'WT=@HHHIC"BBB@`HHHH`****`"BBB@`HHHH`****`" MBFR21PQ-+*ZI&@+,['`4>I-5/[8TS[.+C^TK/R"VP2^>NTMZ9SC/M0!=HJNU M_9I<+;M=P"=EWB,R#<5ZYQUQP:FCD2:))8SN1U#*?4'I0`ZBBB@`HHHH`*** M*`"@G`R:*H7.GMJ#7-OJ*V5WIHY9=^# MUW`'I@9&AZ-K>G:W;W+AC!Y#-&QB#>03BY0F%"7<0A2J[R`@6$+][/?G)-=910!QLGABZCT.QM(2YN8;-?-V MN/+>9(?+'4<[L[3GY=H.1G!KI-*^V_9G^V^;N\P^7YVSS-G'WO+^7.<].V,\ MYJ]10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!7`?%#_CVTW_`'Y/Y+7?UP'Q0_X]M-_WY/Y+7#F7^ZS^7YHX,S_W M2?R_-'F]%%%?(GQY]!V__'M%_N#^525';_\`'M%_N#^525]VMC[Z.P4444QA M1110`4444`%%%%`!1110`4444`%%%%`!16;JP=[>2.6Q^U6153*L8WS#( MV`?,,?#75:////9MYT80(Y2,B!H`R`#!\MN5[CGTST-`&A1110`4444`%%%%`! M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%% M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%;T445\B?'GT';_\` M'M%_N#^525';_P#'M%_N#^525]VMC[Z.P4444QA1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`5P'Q0_X]M-_WY/Y+7?UPGQ+MYI[;3A##)(0[ MYV*3C@>E<.9*^%G;R_-'#F2OA9V\OS1YG15G^SKW_GSN/^_3?X4?V=>_\^=Q M_P!^F_PKY/DEV/D.278]ZM_^/:+_`'!_*I*CMQBVB!Z[!_*I*^Y6Q]XM@HHH MIC"BBB@`HHHH`****`"BBB@`HHHH`****`*.HW=[!%*MEI\MS-Y>8V#($W9P M`>>Y$;/(MP!&"Z-V4N`N0/EX!`%=W M10!PTTNM0Z5I]_)7$MM&KQ64]VQ8*4A* M`J/[QWLHQ]#GGI7G-[JSI)="QU26>%H(FFD;4)`R,;B$-YPQ_HHP[CY.=HG44`<;::I;GP2GV_5&A:224K(EVS,8EN=F5E^^8@&13+C(5@QP36$-;= M;2%_[4=[RSN5,2+J,ACNH?.+%83C_26*XBPW((SP3D^GT4`<#J5SJVG7VI0_ M;?.A>6$RN+ET^SQO.P`W8Q$2KHIVYPL3-P6%=IIEY_:.E6=]Y1B^TP)-Y;') M3EH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`*YKQ1XGN]"=4LM':_9;:6[G=YO(BBBCQGYRI!8YX7V/(KI:Y'Q MGX/O_%<]@(]7@M[&V8O)97%F9XKA_P"$N!(F0O93D9ZYH`H-\2XVE2>#29'T MJ,67VR[>8(UN;H*8QY>#NP'3=R,9XS3]+^)"WLL,EQHUS%97MO-W\DUQK*?9KQ[6;4K:.S"BXDM]NTH=Y,:G8 MN1\W3@BI_#O@,Z%J=G/)JANK3389H--MS`$,"2L&;*_#5MK*VDEHL[RJ()#EEV2LG/`P3MSCMG'.,UMUC^%M!_X1KP_#I?VG[3 MY3&,GIOQUYQ6Q0`4444`>?3?%`6'FS:IHMM0_M>*2.[G_`+.*7!!!V!7,K!54X(4+C@?6K/\` MPKR^:_\`[;?Q`K>(EG22.^^Q`1A$B>((8M_((=B3NZGMTH`@E^*3_P!D#5X/ M#\[Z?!$CWTLDXC\EC(T92/Y2)6#(<@$=NYQ7HE>;?\*POX9]+-MXAMWM]-0F M"WO=.,R"=G+O/@2J-Y9CC(.T=/6O2%#!%#$%L5X_E&T^9_JV;J,CD>E='XT\,W_BK3[>QM=86PMEDWW,36[2+[B>%]8MX8+RWAM=2@M=/$<<\<3LR",;SY7RML/WLCL*`+,O MQ#,6JRQG1IGTT7LVG1744H:26YC1F*"(#."490<\D=!6CX3\6R^([G4[2YTU M;*YT]HQ(L=R)URX)VE@!AUP0RXX..367=_#A[J_G*Z[/!I[7LVHPP0Q!98;J M1&4R"7/(!=F`V]3U(K5\/^%;C2M;OM9U'4H[V_NX8X&:"T%LFU"Q!*ACNU/4-2URVO8M066!DET]O,AMW!7R8G,I"#!ZA339) M-12>:V;35EY62%BLI+X^XN,[L=U&,FD'PTN7:&]N=?\`.U:S%LMA=_8PJP)! MOVADW?/GS&W'(Z\8J._^$6GZAH-S;2:G=+JMRLPFOXV=%D:64R,6B5P&7C45%;0+:VD-NCR.L2*@:5R[L`,99CRQ]2>34M`!65K^K7&D6<+V>G M2:A=W$ZV\,*ML7F1WH`YQ/B=-=6L:V&@_:;]([J6[M_M@5(DMW".5DVD29)&W M@`^HJ:T^)D-_>6\UMIC-HDUW!9?V@TX#+-+&KJ/+QROSJ"=W4]*:_P`/+[[' M:K;:W:65S!:3:?OM=-V1FUDVDH(S(<,"N0V3R>0:(/AA#:3PV]KJLD.BQW,- MY]A$`+^?%&L:L)">!\BL1M/(ZXXH`N^!_'7_``F8ED6#3H8UC614@U$3S*"> M/,CV+LX]SZ5V-W- M=90`4444`<5JOC^32-7:.YT65-(6^2P-\\VUFE90V4B*Y9!G!8'L>,"J47Q1 MV:=)=W^B26WF:?'J%@BW(:`A89!<+GG\*K1?"[?ITEI?ZW)<^7I\>GV#K;!#; M1)(LB$\G>P:./G@87IS0!%J/Q5&E>98WVEVUMK45RT,MM/J*I"JB-9-_G%>A M$B`#;DDX]Z[S2[X:GI-I?B(Q"XA67RRZOMW#.-RD@_4'%<6WPYNFOCK/]N1' MQ"T\DCWCV`:)D>)8BGE%^`%1<'=UZY'%=;X?T6#P[X?L-'MG>2&SA6)7D/S- MCN?K0!I4444`9VO:H^BZ+T6_!AVI&LC,)=G)PZC;MSDX.*ZOQ)IM_K&@76GZ;JK:7< MSJ%%VD>]HQD9P-RX)&1G/&324^R+>W;3A6MWN-NT!-IWA=R[CD= M>,UI:?XNUJ?QLOAV]\.PVX,+W#W$.HB8Q1@X0NNP8W'@#.>OI6;;_"J"R2.R MM-5>/27^R->VC0!FN'M]NTA]PV!MJ[A@].,5U>D:%_9NK:UJ4MS]HGU.X23. MS;Y4:($2/JWM[B\:;RSOF( M"B)"O[W&X9P1CGK@X["N*U?P7JVI>,X]?37;7R[<*+.TNM.,RVQQ\S*1*HWD MY^8KD<`=*`*-Q\58+*.2]N])>/29/M:V5TLX9KA[?=N!3`V@[6PXUV"ZUD3I(7N-/#6T MBI&T:HT._D@.QW;NIR,4`==X;UM/$7A^TU9('@6X4GRW.<88KP1U!QD'N"#6 MK6-X5\/CPQX>@TH7)N?+9W,FP(,NY8A5'"J"W`["MF@`JEJ^HC2-'N]0:WFN M!;Q-)Y,"%GD('"J!W-7:IZM:W=[I%U:V%]]ANI8RD5UY?F&(G^(+D9(^M`'% MCXC7W]IMH3^'E'B#SXXDLQ?`Q$-$\NXR[.,*AR-IZCJ#FFR_%'?IT=W8:))< M^7I\FH7Z-P:.3C@87KS4>F_#34-,M;,0:[9I>6-P;FWNDTP M[FD9&20S;IB9"P;KD$8_"I)?A=LTZ.TL-;DMO,T^33[]VM@YN8GD:1R.1L8M M))SR,-TXH`M6'Q&AO];A@2P"Z7<7[Z=!>FX&]YU0LOI\5[YF9&N$0N5\D+D`[64').1TJ?Q5X,U+Q)KEG>IK5M'96B#R]/NK%IX MC+G/FL!*H9L8`!!`[.ZT+4=1BT>Z26#5ETJVM+@F*2>5O+VE@1F/)DZ$$@#/?%;_ M`(:U]M?L[IIK3[)>65T]I=0"7S`DBX/RM@;@0RD'`Z]*R9_`@FL-7A&HE)[S M6%U>WG$/_'M*OE[1C=\X!CYZ9#=NM:WAK0&T"SNEFN_M=Y>W3W=U.(O+#R-@ 2?*N3M`"J`,GIUH`VJ***`/_9 ` end GRAPHIC 9 c63583ussmallcapequity.jpg GRAPHIC begin 644 c63583ussmallcapequity.jpg M_]C_X``02D9)1@`!`0$`9`!D``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V[5]572H8 M#L$DMQ+Y,2$D`MM9OX0QZ*>`"?YUF)XIDELKN]CL8VM;$#[6ZW.2I`#/L&WY MMJD'G:><8!!K:OK%;X0DRR0RP2>;%+&%+(VTJ<;@1RK,.G>LN+PG9PPSP)=7 M8ANF,EW'N3%RY8EF?Y<@MG!V[1CB@"*3Q4D5\]K-'!`1*R!WGX15?:6DR!LR M/F7DYR.1D9Z%'26-9(W5T8!E93D$'H0:HW>DQW=S]I,\T^MENMN_R&E4/MZYVYSC@\U:KCM4T6]GUB_-I:WRQW:R?:91>(L4 MZ&V\M453DHX<)@[<#!.3G;0!T]EJ5CJ<;26%[;74:G:S02JX!]"0>M1W.M:5 M9!C=:G90!7\LF6=5P^`=O)ZX(./0BL72X=7L[>[CM;.[BCD4):1ZA<)+Y$@C M1CG-3PS17$*302)+%( MH9'1@RL#T((ZBN1\1>&;F[E=-+\R,.KW#!F41"00^2J@8W?,ORGG`7=T8@UT M.B+>II4:WX99P\@`8(&";V\O.SY<[-N<<9H`T****`"BBB@`HHHH`****`"B ML?Q$P%K;!]06QC:?#2N753\C8!9&4@9QU8`D`,=7877VW3K:[V;//B2383G;N`./UH`L4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%% M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444` M%%%%`!1110!Y9XA\7Z[8^(+VUMK[9#%*51?)0X'U*YK-_P"$Z\2?]!'_`,@1 M_P#Q-5O%G_(U:E_UV-8U?'U\575624WN^K/C:^*KJK)*;W?5GH/@[Q1K.J^( M$M;V\\V$QLQ7RD7D#CD`&O1J\B^'O_(UQ_\`7)_Y5Z[7O954G.A>;N[]3W\I MJ3J4+S=W?J%%%%>D>F%%%%`!1110`4444`%%,EEC@A>:5PD<:EG8]`!R36=_ MPD6E?9X+C[2?*F@6Y5Q$^%B;[KOQ\@//+8Z'T-`&F`!G`Z]:6L_^V[`S-"LC MF02>6%\MAO8/L.TD`-AN"1D#O6A0`4444`%%%%`!1110`4444`%%%%`!1110 M`4A(52S$``9)/:EJOJ"/+IMU''!'<.T+JL,C860D'"D]@>E`%<:]HYL/MXU: MQ-GOV?:!<)Y>[TW9QGVJ>YU&QLK,7EU>V\%L<8FEE54.>GS$XYKBYM)UMY); MJ&WU&%6U%+O`>U^UH?(>)O+Y\K;CRE`;G&_O@U?DL-5B\-:+!!82+>Z6T*[8 MS$RMBW*,5#.,J"Y7YF4Y!/(`W`'1MJFGI>QV3W]JMW*NZ.`S*'<<\ANUY% M\/?^1KC_`.N3_P`J]=KZ+)_]W^;_`$/H\F_W=^K_`$"BBBO5/6"BBB@`HHHH M`****`*>I:?_`&E#%&;J>W$P."R@+AAB0@`[3\HR>37844`.)%D?).Y@`"H_\@R[_`.N+_P#H)KP&O&S7$U:,HJF[7N>+FV)JT915.5KW.[_X M6=>_]`^W_P"^VKJO"7B.;Q%;7,LT$<)B<*`A)SD>]>-5Z7\,/^0??_\`75?Y M5S9?C*]7$*$Y76IRY=C:]7$*$Y76OY'>4445]$?2!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`>(^+/^1JU+_KL:QJV?%G_`"-6I?\`78UC5\1B/XLO5_F?#8C^ M-/U?YG5?#W_D:X_^N3_RKUVO(OA[_P`C7'_UR?\`E7KM?19/_N_S?Z'T>3?[ MN_5_H%%%%>J>L%%%%`!1110`4444`4M2:3RX8XKPVTDDA"A%4O+A&;8F[Y0? MESD@\`].HY*/7M6DTG4;E[ORI]-L7N#'L0^9(LLZ%)#CG'DJI*;0221P1CM; MFUM[R$PW4$4\1()25`RY'3@U"=+T]A`&L;8BW_U(,*_N_P#=XXZ=J`,"[O\` M5[._DAF::2*23G9Y>51I0L83&,9#!3O(.`U\_G?Q0^9\[GGQ0^85Z7\,/\`D'W_`/UU7^5>:5Z7\,/^ M0??_`/75?Y5QY5_O4?G^1R93_O4?G^1WE%%%?6'UH4444`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110 M`4444`%%%%`'B/BS_D:M2_Z[&L:MGQ9_R-6I?]=C6-7Q&(_BR]7^9\-B/XT_ M5_F=5\/?^1KC_P"N3_RKUVO(OA[_`,C7'_UR?^5>NU]%D_\`N_S?Z'T>3?[N M_5_H%%%%>J>L9_\`;NCA;ACJMCBV.)S]H3]TW^]NZ8]ZXZTLM3F:F?!QTR2VNA<)*ER7\V,22K]I,A3<&P)=BC)X7(= M$0PAM8T]3.H>+-R@\Q22`5YY&01QZ58&IV!%P1?6V+8XG_>K^Z/3#<_+T/6L M+3=+OV@TNVO(G2UBEN+J5'=68MYF84D()W'#[B03\T8))SDT+WPW>IJ-Y?L^ M[YF!NQ[9S5B@"*XN8+2$S7,T<,2XR\CA5&3@1M2L&M]\SQ!HYFDG9W?#8"DS;ALSC&,#B@#J_P"TK$F8+=P,T!Q*JR`E M#G&"!R#GC'K5JN8U#1+@7K7%E]H(A82(H9#\SRAI`@;C@9;YLC<5QC;BM^P^ MT_V=;?;/^/KRD\[&/OX&[IQUSTH`L5R\_C![>RN9[C3EL7AOQ9;;^[2-%S&L M@=W3>%!W``#=R5SC)QU%8>J:191Q7.H2WES:LES]O,\6UC$XA$)P"I!&P'@@ M\D^V$VDKL3:2NQ?[?:?1=)O;*U66?5!'Y$,DNQ06C,AW.`<856Z`\C'>LJT\ M="[U5;(:?L\N=;2Z=I3B*"7\Q@005QT`YS%!>^$;9E$>N7WDF9+F>$QG;<3JP82N?+W M;BP4G:0#M'&.*P^MX?\`G7WHP^MX?^=?>C6M?'5O.\4>709YR.MKEAI.C^+;:YO$O+B832%/.7Y2B^6T9C4,O"[9'[9R MY.-YD0JIW`*<,>2&]L'FJ%OJ&I+XH/VN9CI]S=26M MK'%+$RADC+'N,@'?45SOA[7I=3N94NH;B%YFF>".1$"HD3B-ER"3N#$9W8Y)`R!FN MBH`****`"BBB@`HHHH`*IW^JV&E_9Q?7<4!N9D@@5VP9)&8*JJ.I.2.G3J>* MN50U>RDO[*.&)D#+=6\Q+D@;8YD<_CA3CWH`1]:LH]3CT]_M*W$C[$W6DH1F MVEL"3;M/`)Z]C2_VUIG]J2Z9]N@-[#"9Y80X+11C'S/_`'1\PQG&>W0U%5#:SPL"WS M%G:(C'M^[;/U%*Z%=$1\4:+_`&5'JBWZ26,DDD:3Q*TBL4W[\;0<@>6YSTPI M.<5H0W<%Q//!$^Y[=@LN%.%)&<9Z9P0<=LCU%8%SH:W'AZ>QE^RS3M=W$T1: M5E1!++)R<8)Q'*-)I[*=B/*S,[D1Y9@1@'NU]%D_^[_-_H?1Y-_N[]7^@4445ZIZQB^*] M3N=(\/S7EH5$R,H!9S7$5:==1A)I6_S/G^?0A14-VUTEL[6<4,LX'R)-*8U)]V"L1^1KF%\3:C)HG] MH)':@V^CPZG.A1CYA=78HIW?+_JSR=W4>G(!UM%*XA;=%*@=&QC*D9!H`DK*\3?\BQJ? M_7N_\JU:RO$W_(L:G_U[O_*LJ_\`"EZ,RK_PI>C/#:***^(/A3UGXE_##_D'W__`%U7^5>:5Z7\,/\`D'W_`/UU7^5<>5?[U'Y_D4445]8?6C)8HYD"2QI(H96`=00&4@@_4$`CW%<7XQO[#0KQ)%T M/3KF6_BDCN))85W2)P"K''S`C@@^E=O7F_Q0_P"/G3?]R3^:UQ9A5G2P\IP= MGI^9Q9A5G2P\IP=GI^9EIXRMH[R2\3PUI2W4A8O,L0#MN^]EL9.>_K4EIXS@ MA5+2W\/:;!`TJ.8XH]J[P00V`,9!`/X5R%26_P#Q\Q?[X_G7SJS'%7^/\CYM M9CBK_'^1[Y%96D%Q+<0VL,<\O^LD2,!G^I')J>BBOKS[$***CGGAMH'GGE2* M&,;GDD8*JCU)/04`2456N]1LM/\`+^VWEO;>:VR/SI53>WH,GDU(]S;Q2^5) M/&DFPR;&<`[!C+8]!D9/N*`):*K0ZC8W$<E_$__D'V'_75OY5YI7R>:_[U+Y?D M?(YM_O4OE^05[]IW_(,M/^N*?^@BO`:]^T[_`)!EI_UQ3_T$5V9)\4_D=F1_ M%/Y%FBBBOH#Z(****`"BBB@`HHHH`****`"BBB@`HHHH`****`/$?%G_`"-6 MI?\`78UC5L^+/^1JU+_KL:QJ^(Q'\67J_P`SX;$?QI^K_,ZKX>_\C7'_`-1?#W_D:X_^N3_RKUVOHLG_`-W^;_0^CR;_`'=^K_0****]4]8YGQ]_ MR*-S_OQ_^A"O'J]A\??\BC<_[\?_`*$*\>KYC.?]X7I^K/ELZ_WA>B_-A7M7 M@S_D4=/_`-QO_0C7BM>U>#/^11T__<;_`-"-5DO\:7I^J+R3^/+T_5&[1117 MTI],%99\/:68(8/LQ$4,"VZH)7`:)?NH_/SJ.>&SU/J:U*@GOK2UDCCN+J"& M24XC620*7/L#UH`CN--M;LRF9&8R!`2'92`C;EP001@\Y%3P01VMO%;PKMBB M0(BYSA0,`5#_`&E8DS!;N!F@.)560$H&T445\0?"GK/PX_Y%AO M^OA_Y+775R/PX_Y%AO\`KX?^2UUU?98'_=H>A]I@?]VAZ!11174=84444`%% M%%`!1110!6U'_D&7?_7%_P#T$UX#7OVH_P#(,N_^N+_^@FO`:^?SOXH?,^=S MSXH?,*]+^&'_`"#[_P#ZZK_*O-*]+^&'_(/O_P#KJO\`*N/*O]ZC\_R.3*?] MZC\_R.\HHHKZP^M"O-_BA_Q\Z;_N2?S6O2*\W^*'_'SIO^Y)_-:\_-/]UE\O MS/.S7_=)?+\TVN(3;S;H9;@Q%Y2N(S]T@@$DX)'S!3D8KJ**`.7\2VU M[J=L]L-(NV5X9;>2:UE@WX=4)"^8<&-CN4D[6R@P,'-*WAM;G4X;B[LK99;O M2I[74[BV4(9'8PX&?O$<28)Z>V:\\_X3/Q#_`-!.3_OA?\*/^$S\0_\`03D_ M[X7_``KQ_P"VJ/\`*_P_S/&_MNA_*_P_S.RAT778-O&O352.S"BBBMC8X/XG_\@^P_ZZM_*O-*]+^)_P#R#[#_`*ZM M_*O-*^3S7_>I?+\CY'-O]ZE\OR"O?M._Y!EI_P!<4_\`017@->_:=_R#+3_K MBG_H(KLR3XI_([,C^*?R+-%%%?0'T04444`%%%%`!1110`4444`%%%%`!111 M0`4444`>(^+/^1JU+_KL:QJV?%G_`"-6I?\`78UC5\1B/XLO5_F?#8C^-/U? MYG5?#W_D:X_^N3_RKUVO(OA[_P`C7'_UR?\`E7KM?19/_N_S?Z'T>3?[N_5_ MH%%%%>J>L2?QY>GZHW:***^E/I@KFM>TR]NI=62WM?.&HZ:MFD@=0(7!E^9LD''[Q3Q MD_*>.E=+10!S&H:)<"]:XLOM!$+"1%#(?F>4-($#<<#+?-D;BN,;<5MP17N>Q%7**`,C^QK[_`*&75?\`OW:__&:BN?#U MQ=VTEO<>(=4DAD4JZ%+89![9$.:W**32:LQ-)JS.)_X5AI'_`#_:E_WW'_\` M$4?\*PTC_G^U+_ON/_XBNVHKF^I8?^1?<B_P#H M;UQE?+8S%UX5Y1C)I7/E<;C*\,1.,9M),Z?3/%?B2]U:SM)-:F5)YTC8K!!D M!F`./W?7FO2?[&OO^AEU7_OW:_\`QFO(-`_Y&/2_^ON+_P!#%>[5Z>4UJE6$ MG-WU/3RBM4JPDZCOJ9']C7W_`$,NJ_\`?NU_^,T?V-??]#+JO_?NU_\`C-:] M%>L>N8TFAWDL;1OXDU5D<%6'EVW(/_;&L+_A6&D?\_VI?]]Q_P#Q%=M1652A M3J_'%,RJ4*56WM(IG$_\*PTC_G^U+_ON/_XBM'3?!ZZ/&\>G:WJ=NDARP`@; M)_X%$:Z6BIAAJ-.7-"*3)AA:-.7-"*3,C^QK[_H9=5_[]VO_`,9H_L:^_P"A MEU7_`+]VO_QFM>BMS6:NCB?^%8:1_P`_VI?]]Q__`!%*OPRT ME&#+?ZD"#D'?'_\`$5VM%8_4L/\`R+[C#ZEA_P"1?<9']C7W_0RZK_W[M?\` MXS1_8U]_T,NJ_P#?NU_^,UKT5TG49']C7W_0RZK_`-^[7_XS1_8U]_T,NJ_] M^[7_`.,UKT4`<3_PK#2/^?[4O^^X_P#XBC_A6&D?\_VI?]]Q_P#Q%=M17+]2 MP_\`(ON.7ZEAOY%]QS.F^"X]'\W^SM:U.W\W'F8$#;L9Q]Z(^IZ5?_L:^_Z& M75?^_=K_`/&:UZ*Z(0C"/+%61O"$:<>6"LC(_L:^_P"AEU7_`+]VO_QFC^QK M[_H9=5_[]VO_`,9K7HJBSFM2\'KK$:1ZCK>IW"1G*@B!<'_@,0K._P"%8:1_ MS_:E_P!]Q_\`Q%=M16$\-1J2YIQ39A/"T:DN:<4V<3_PK#2/^?[4O^^X_P#X MBMV/0[R*-8T\2:JJ(`JCR[;@#_MC6S154Z%.E\$4BJ="E2O[.*1D?V-??]#+ MJO\`W[M?_C-']C7W_0RZK_W[M?\`XS6O16IJ9']C7W_0RZK_`-^[7_XS7FM] MXO\`$=K?W-NFL2%8I60%H(&:M97;:Q?$6LQ!N)""(SS\QKR1F]6K3C'V;:]"W_PF_B7_`*"S_P#?B+_XBNA\(ZMKGB*_GM[K M7+J)8XMX,,,`).0. M=@L1B)8B*E)V/-P.(Q$L1&,Y.QVG]C7W_0RZK_W[M?\`XS1_8U]_T,NJ_P#? MNU_^,UKT5].?4F1_8U]_T,NJ_P#?NU_^,U@>+9=7\/:5%=VNOWTKO.(BLT5N M1@JQSQ$.>*[:N,^)?_(N6_\`U]K_`.@/7+C92AAY2B[.QRXV4H8>>S:98:C?:59W>!)65(K;`+*"0,P].:M?V-??]#+JO\`W[M?_C-3 M:!_R+FE_]>D7_H`K1K["FVX)OL?94FW!-]C(_L:^_P"AEU7_`+]VO_QFC^QK M[_H9=5_[]VO_`,9K7HJRSC[KX=:?>W,ES#H-W<%]QS/!X=N[@ON.3L/`-GI=T+FQU74X)P"` MX,+<'KPT9%:O]C7W_0RZK_W[M?\`XS6O16U.G"FN6"LC:G2A37+!61D?V-?? M]#+JO_?NU_\`C-']C7W_`$,NJ_\`?NU_^,UKT599S]]X7DU.U:UO=?U2:!B" M4*VZYQR.5B!K)_X5AI'_`#_:E_WW'_\`$5VU%8U,/2J/FG%-F-3#4:CYIQ39 MQ/\`PK#2/^?[4O\`ON/_`.(K8M/#HHIX M>E3=X1284\/2I.\(I,R/[&OO^AEU7_OW:_\`QFM&UADM[9(I;F6Y=W`'2IJ*V-BG->-)'<1Z&SU/J:`,VXUZ_MKU[>XB$:O(RHZV[YC42!0>I\PLK+C:.&901R< M=%!/'=6\5Q"VZ*5`Z-C&5(R#4%QIMK=F4S(S&0("0[*0$;"". MUMXK>%=L42!$7.<*!@"@"2BBB@`HHHH`****`"BBB@#ROXE_\C';_P#7HO\` MZ&]<97175B+:6T7RY);R*,2?,QRNYAD88>P2'S;R%?,8]`N6Y/L*^4QN&K2Q$W&#:OV9\ECL-6EB)RC!M7[,@T#_D M8]+_`.ON+_T,5[M7C&C:/=6_B:SCDDLA+;7"O-$+V$NBHP+$J'SP`2>*]?BO MK.=(7BNH)$G)6%DD!$A`)(7UP`>GH:]3**4Z<)*::UZGJY/2G3A)3BUKU+%% M%%>N>P%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`&)XB\0P:+9R+%)!+J;!!;V9D&^0NX13M'S$9/;T-1Z9J> MJ7NDW@DCMTU.WN/LY65#&JDA2"RAF_A<'`I,C\*,CRP.2ZBM@^%M)*`>53"5BP4-NDW;F M!"(,$D85?05/)H.FRX#6_"Q)#&%8KY2(P90F#\O(4Y&#\J^@P`6K*[BO;1)X M9-ZDE2=A3YE)5@5/((((P>1BK%0VEI!8VRV]NFR-22`6+$DDDDD\DDDDD]D7_`*`*T:^XI?PX M^B/NZ/\`#CZ(****T-`HHHH`****`"BBB@`HHHH`****`"BBB@""[O(+*-7G M9@&8(JHC.S-UP%4$DX!/`Z`GM5$^(]*$8D-RVW!9CY+_`+L!BI+\?(`RL/FQ M]T^AHU.UU5H6_LZZ5I9)%_X^"JB%,'/ED(?F/`^;('Z')D\-7@L;VUMTMHDO M[+[)-NG=S&2TI,@8K^\9O.8G.WGOS0!M_P!MV&^1!(Y=&*;?+8;V#["%)`#? M,0#C@$\UH5SVH>'C/=R7-HJQ.I5H_P!^Z98ONDY&2F5W#Y>I=B<\&MFPBF@T MZVAN)/-GCB19'R3N8``G)]30!8HHHH`****`"BBB@`JE/9R7DL\-Y]CN-,EC MVFUDMB23Q]YBQ5AUXVCMSQS=HH`YNUTF[3PIX?T>2`)&D4$-\@9<)&D62O7! M!950@9R&/:JGC#3=4U=7BTZUF1VM[BQ,Q\IE*2K&=X!<$`$8SRP*GY&!!KKZ M*`,6?23JFH:D=01OLKV_V.!0PY1US(XQT))"\\_N_?G!M='UVUU&RO+;SMC2 MR[TE,1:.-[A'8 M?[M/T/*Z***^./C#W;0/^18?[M/T/*Z***^./C#W;0/^1&]*4_+;,`2&=1,X60ABV7&<.=Q));).>:U&941G=@JJ,DDX`%5?[5T[?` MGV^UW7"JT(\YNKO+^STZ#S[Z[@M8<[?,GD"+GTR>]<]=:X] MKKC6NL):G3VBEDAQ;.2'1@%3>25D=EWG:H!&,DU/5M/L[5XI;A942,,$$GI6'+K-^]G9B MVT&T-],UZ\D*VPEVI!-Y>W[R\GRN)6CMHSIC6Y>QE\EU5P(XG#%NFW#2D@#($1ZD M@5U-A=)>V4<\A'EBH]CZ"$>6*CV+-%%% M44%%%%`!1110`4444`%%%%`!1110`4444`9>H6&HWH\M;ZU2#S0QC:U9MRC/ MRL?,&1G:>,<`@@@US.G:%J]KX7GTF>R\RYO+2",7",@6V80I&0V6S\A4N"N< MD\8KNJ*`.6O]$NAJBW5I]J,4$A941HRV9"6VL!:1[Y)#]DD>`DN2%6(]54#[N>`<==J^@JQ:6D%C;+;VZ%8P6;!8L26)8DDY)))))/ MWQ_<6D84L7<3A;8QXD8=-X=&#`=<$=:`.,_X61K]WHZ7EG86$4EMH\FKWBW"R8EB61T M41<@KN$;."V>"O%7+'XA:G>W]M>QV=L^B7>J2:5!$H87/FK&S!BQ;9@LA&,# M'!S6O??#RRU.*,7FL:O++]G:TGF\V-6N8&;=Y4FU`-H.<;0#@GGFK-MX$TJU MUY-3BENPD=PUW'8[U^SQSLFPR*NW.[!/?`))`H`/!?B/4/$<.LOJ6GK82V6I M/9K;AP[*JQQL-S`D%LN>G'3ZGIZS=(T2VT:74I+=Y6.H7C7LOF$':[*JD+@# MC"#KD]>:TJ`"BBB@#@-1\:ZSI7BB*VN[.R%E-/-&EFFYKOR(T9OM)(;:(R5Q M@@'DN6MMM:J9;Z;S+F%S`T'X8:+':O`UWJ4 MI6*.&UDDF4O9)&XD18CMXPP!RVGDNO-$D+&6=\;I7#QE=^``"`,`<8KL[2!K6SA@>XFN6C M4*9IMN]\=VV@#/T`H`FHHHH`R?$=YJECI)DT>TBN+QI$C4SMB.)2P#2/R"54 M9)`.3BN`M/B-XAU/SK/3X=(DN;6*[N7O"DAMKJ&`HH,0#9&YG(SE@-IZUWGB MCPW;^*]$?2KJ[N[:WD=6D-JRAG`.=IW*P*DXR,&-_(<*&A^2,+L^0$<9!)P10!BM\2=1N`^J6EI:+HUH-/^UI*&,[?:A& MV4((4;1*G!!SSTK6\/\`BK6KKQI/H&M6UE;R?8S=I'%N#Q?.`$+$E93M8$LG M"G@U9N?AWHES>QRAKN*U`MQ+8QR`03^1@1%U().T`#@C.!G.*L:-X)L=&U&V MO!?:C>-9PM;V4=Y,'6UC;&53"@]%498L<#K0!TM%%%`!7"^)?%FO:)KR1QVE MB+!KFWMH()=S7-^9"/,:':V%"!N=P/W3TXKNJY.X\"03^+9O$D>MZM!>RJB% M8S`41%_@7=$653U(!Y))H`Y*7XIZO::7::I&28;;-7<2'R<*"IW*I!).,`=.*G_P"%<>'Y M["YM]2A?59[B1I9+R^"23;R@3<"%`&%50,#'%`&SX:U*;6?"ND:I<+&L][90 MW$BQ@A0SH&(&23C)]36I6=H.B67AS0K+1]/0K:VD0C3=C7R@"&%FVJ6)`R3Z#.3WP#BM"LW7]&C\0Z%=Z3-=7 M5K%=)L>6U<+(%R"0"01R!@\=":`.%L_'NNWUS'I%J-)GU"?4GLH-1CCD-G(J M0>:[!=^XE2"N`V,]ZI1?%/6+O2[O5+>QL$MM'MXI=4CDWEI&::2-EA((V@>4 MQ!8'.0/>NIB^'MK%IEM9#6M6S9RB6RF4P(]J0K*1'MB"X(8@@@YJ-OAAH7EP M0Q37\-NL,<-Q#',-MXJ.9!YV5)8[F8D@C.2.G%`%?0/&=_J7C&XTR]EMK:W- MQ\.W2[GM MW^T>792R`P0&?/FE%`!&[)').,G&,T`_$O7=($-AJ-KI[:G?Q6DUD]M!, M\:+-YF0Z`EW9?+.`N-Q(Z5W/A#7)?$/AR"_G:W,Y>2.3[.KJH96*GY7`9#QR MIZ'N>M9,7PUTJ.!@VH:I+=+Y/V>]DF4S6PAW>6L9VXP-S=0:6:=MTDLCL69V.!DDGT%`&E1110!7OYYK;3KFXMK9KF>*)WC@ M5@IE8`D*">`2>/QKS5?B#XCCU'^Q98='FU*:>UMDN+=9#!:S2B1GBE&XEG58 MR?E(SD=*])U&S_M'3;FR^T3VXN(FB,UNP61`1C*D@X/H<5R5E\,M/L='BTN/ M6=6-O;R)-:_-`K6TJG(D0K$,LI0VMGIHN]#M;FYU, M2!RDODRO'MBPWRY$;'+9QP,'K6S)XC\4OXQTBQLSI$^GZB/M1C^SRB>"T`&7 M=]^W=DA1QR3[58F^&&BR6J0+=ZE$6BDANI(YE#WJ2.9'64[>";?Q!KUEK#ZOJ= MIQMH]$MM3BTN:%PWVD2 MO&K%@<[1?)GG1`@E=0HRV`"<$`GG%4E^%FC+;B M/[?JC20K$EE,TZE[)8WWHL7RXP&`^\&Z#TH`T_!'B.?Q-H]S/0BNEK'\/^'H/#\-WLN;F[N;RA\;>(;V\AT&UATQ=<%[=VTTTB2&W(@2-\JH;<"PE0K$YR<@U:;X>:;]CA2/4-3AO8IY;@ZC', MHN)'E&)-QV[<,`HP%&-HQC%`''P?&*>X>UNF33K6U*V?F6Z2LNGJMSJ`L;%81'I_G@V[&+!0LI&>H#$`@,0"0:ZR M@`HHHH`YKQ?K&K:1#;OIPT^WM\227>H:B28;=5`P"JLK%F)P,'C!Z\"N1M?B M7K=U:G5&TRUMK"R-A'J$$JN9RUSLYC.0`%$BG!!)]JZ_Q3X-M?%=QI\UUJ-_ M;&P=I(4MC$4+GC_CO+G4=3N&+0R7,,@_.>&;;P^UW*EW>7MU=E/.N;R0/(P 30;47Y0!@#/;N GRAPHIC 10 c63583intlequity.jpg GRAPHIC begin 644 c63583intlequity.jpg M_]C_X``02D9)1@`!`0$`9`!D``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#WJXN;>TA, MUS/'#$"`7D<*HSTY-0G5=.`A)O[4"?\`U1\Y?WG./EYYY]*345D\N&2*S%RT M/CT#58K/6[9;*1X]1M6M[=Y98_,B+-*S/,0<< MO,6^3/`'&:`.R_M*Q)F"W<#-`<2JL@)0YQ@@<@YXQZU:KF-0T2X%ZUQ9?:"( M6$B*&0_,\H:0(&XX&6^;(W%<8VXK?L/M/]G6WVS_`(^O*3SL8^_@;NG'7/2@ M"Q1110`4444`%%%%`!1110`4444`%%%%`!6+XJO;2QT&22]O);6%I8EWPR^6 M[G>/D#97;NP5SD8!)R,9K:HH`\OU/4[RUTZU^SZHUU<2Q;M/%OJ18>:9VPA. M*-;ET#21>10I*QE5-KD@<@_X5QO_``LZ]_Z!]O\`]]M7)7QU&A+D MF]3CKX^A0GR5'KZ'1SVVHOK&MVL6JW#AH+2XC6:41K$IEEWHI105!5,;N6YR M2<"L[P_K-]_;EG;7GF20W"O]D/VAB#$QED$' M3K<@]06->@Z3>-J&D6EXR!&FB5RJ]!D=*=#&4:[:IO8K#XVCB&XTWL7****Z MCJ"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH M`****`"BBB@`HHHH`****`"BBB@`HJ"]O+?3[.6[NI!'!$NYV()Q]`.2?81HQ$MG,90R@$@QA-XP"#R.A'J*`->BJ-]K&G:9]F^W7D5N MUU*D,"2'#2.S!555ZDY8?3J<"H'\1Z3'=S6SW>QX5D=V:-PF$&7P^-I*]P"2 M.?0T`:M%4;?5[&Z^SB&8LUP9%C4QL&S&2'R",K@C!SCD@=2*O4`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M'(_$?_D6%_Z^$_DU>35ZS\1_^187_KX3^35Y-7RV;_[S\D?*YQ_O/R05[EX9 M_P"18TS_`*]T_E7AM>Y>&?\`D6-,_P"O=/Y5MDO\67H:Y)_%EZ&K1117T9]* M%%%%`!1110`4444`%%%%`!1110`4444`%%M*GDO7D2[_`-.W?:46^G5)-R;#E0^W[O'` MXP,=*`(=-UB^GT34;UTBOGMF?[,]K$T:786,,"@8MP6+*""0=N1UK#A\7:C< M/=11WVDF.V$39.O23LY+[T2WOBS4]+*37^GB*(A0T/EOU,&\GS<[,!\H1 MC("ECP*Z72[P7VFPS^8LCD%)&2-HQO4E7&UOF7#`C!YXK*CN_#>L745LMU'= MRF![=(W=GRC#Y^O4D#DGG&>>36U9V<%A;"WMD*QAF;#.6)+,68DDDDDDG)]: MN,XS5XNY<)QFKQ=R>BBBJ*"BBB@`HHHH`****`"BBB@`HHHH`****`*6KQWD MNESIIRVQO"!Y/VG/EALCDX!Z=1QU`KFY_#-S<6L+7&DZ7>70,QD-W>R,2SA/ MWF\1#GY`,!1@!=I7&*[&L[7_`/D7-4_Z])?_`$`U,YPFECDDMY[1A@7<17DU%>'_;?_3O\?\`@'@_V[_T[_'_`(!Z MK#X4U""^L[RWN!`WFEIXQK[:E&I:UPHHHK8V"BBB@`HHHH`****`*]Y-<0Q MI]EMOM$KN%"L^Q5'4EC@X''8'DBL!/%SR6-S=QV"-'9P--G5=,35K(VDL\T498,_E;?G`YVD,""I[C'/3IFJDWAN"XC>. M6\NBLL`MIP/+431`MA"`@``WL/EP<'K0!6D\4".ZFMY888661HU=YN$P^W=) MD`)D?.!DY'?)&>@1TEC62-U=&`964Y!!Z$&J5YI4=](\DDTJOA!&R8S%M?DCY7./]Y^2"O62#Y8V$:HD3&3`^8[?WV0>"3&!C.:`.RHJGI=XE]IZ3+YN59XG\X*'W MHQ1L[?ESN4]./3BKE`!1110`4444`%%%%`!1110!XUXZ_P"1RO\`_MG_`.BU MKG:Z+QU_R.5__P!L_P#T6M<[7Q6*_CS]7^9\1B_]XGZO\SHO`O\`R.5A_P!M M/_1;5[+7C7@7_DR;^`_7]$>_DO\`N[]?T04445ZY[`44 M44`%%%%`!1110`4444`%%%%`!1110`5G:_\`\BYJG_7I+_Z`:T:SM?\`^1$T445\.?"'JGPT_P"1?DCY7./]Y^2"OY]:\JU;7IM#UJZL=.L=.MX+K.E2BX.VI-;^+K^TM M%M+:VT^&V5Q(L,=HBH&!#!@H&,@@'/J*Z'PIXBO-<\1-!?QVTB36[1R'R1EE M&2%/J/F/'O7G]=5\/?\`D:X_^N3_`,J\G"8NO*O",INUUU/(PF+KRKPC*;M= M=3UF""&VA6&")(HD&%2-0JJ/8"I***^K/K1"0JEF(``R2>U1+=VSI;NMQ$R7 M./(8.")BGC#HWU!X-<[9^'VCMO" M$TUA#]NTU$CGE(0O$OV:1"H;J1O91@$^M`'03:E8VUW#:3WMM%Z$ MRW*-`6E,4S-&&S)E8P<2<`L0^/E((-2RT6\!EADMM3MK-$::0/=1S&2X6998 MVA&2``5;@J@.5R#S@`Z]+JWD:-8YXF:6/S8PK@ETX^8>HY'/N*EKC-#T;6M) MU>Q^]]C-O%%,"T;"-$24+'G[Q*GR>5X),A[UV=`!1110!XUXZ_Y'*_\`^V?_ M`*+6N=KHO'7_`".5_P#]L_\`T6M<[7Q6*_CS]7^9\1B_]XGZO\SHO`O_`".5 MA_VT_P#1;5[+7C7@7_D/`9@H38N,#D;AQUQ!JFC:L=%L;*WM+B6XMM/DTV28>2RR*\<6Y@'< M$`E<;CR"I^1@0:`.N_M33Q>/9F^MOM4:>8\/G+O5.NXKG('O3H=1L;B..2"] MMY4EUU"ROFF6TN[> MX:%MDHBD#E&]&P>#[&FVNIV%])-':7UML_$?_D6%_P"O MA/Y-7DU?+9O_`+S\D?*YQ_O/R05[EX9_Y%C3/^O=/Y5X;7N7AG_D6-,_Z]T_ ME6V2_P`67H:Y)_%EZ&K1117T9]*%>(^+/^1JU+_KL:]NKQ'Q9_R-6I?]=C7C M9U_"CZ_H>+G?\&/K^AC5U7P]_P"1KC_ZY/\`RKE:ZKX>_P#(UQ_](>J/$P7^\0]4>NT445]F?:A7->/&9/"=RRL5.].0GLQ))1N2?]HUN5A>#/^11T_P#W&_\`0C6[7VN&_@P]%^1]OAOX M$/1?D%%%%;&YXUXZ_P"1RO\`_MG_`.BUKG:Z+QU_R.5__P!L_P#T6M<[7Q6* M_CS]7^9\1B_]XGZO\SHO`O\`R.5A_P!M/_1;5[+7C7@7_DR;^`_7]$>_DO\`N[]?T04445ZY[!B^+)Y;;PO?302O%*J#:Z,58?,.A%>1 M_P!OZS_T%[__`,"7_P`:]9\9_P#(HZA_N+_Z$*\5KYW.)RC6BD[:?JSYO.9R MC6BHNVGZLT?[?UG_`*"]_P#^!+_XUZKX(N9[OPO;S7,TDTI=\O(Y9C\Q[FO& M:]A\`_\`(HVW^_)_Z$:G*)RE7:;Z?Y$Y/.4L0TW?3_(Z:BBBOI#Z8****`"B MBB@`HHHH`*SM?_Y%S5/^O27_`-`-:-9VO_\`(N:I_P!>DO\`Z`:SJ_PY>C,Z MO\.7HSPFBBBOASX0]4^&G_(N7'_7VW_H"5V=<9\-/^196NK2[=?LD-K*KO`0I5_E\G:0? M*422$[_GP!C)X,$6BZY+::=:IIT<`LK`6-R;BX5!>+E-VQH]Y`_=GE@#B0X` M/-1>/]:U+3-5M8[*\E@1H-S*AZG<>:Y+_A+->_Z"EQ_WU7EU\UIT:CIN+T/* MKYK2HU'3<7=';6?AJ^.F>'EECDL]0AM8K>X:"96CA6.-TSG`)?$K@;>`6)^; M:,[?A*WU2TT9;;5$\MXMB1)\GRH(D!`V<8W[\=\8S7G&F>*-;FU6SCDU*=D> M=%92>H+#(KV2NG"8R.)3<5:QTX3&0Q2;BK6"BBBNL[`HHJC>:O8V$OEW,Q1@ MGF/B-F$:9(W.0"%7@\G`X/H:`+U%9_\`;=AOD02.71BFWRV&]@^PA20`WS$` MXX!/-:%`!1110`4444`%%%%`!1110`4444`%%%%`!1110!R/Q'_Y%A?^OA/Y M-7DU>L_$?_D6%_Z^$_DU>35\MF_^\_)'RNY>&?\`D6-,_P"O=/Y5 MX;7N7AG_`)%C3/\`KW3^5;9+_%EZ&N2?Q9>AJT445]&?2A7B/BS_`)&K4O\` MKL:]NKQ'Q9_R-6I?]=C7C9U_"CZ_H>+G?\&/K^AC5U7P]_Y&N/\`ZY/_`"KE M:ZKX>_\`(UQ_]/4445\8?$GM7 M@S_D4=/_`-QO_0C6[6%X,_Y%'3_]QO\`T(UNU]KAOX,/1?D?<87^!#T7Y!11 M16YN>->.O^1RO_\`MG_Z+6N=KHO'7_(Y7_\`VS_]%K7.U\5BOX\_5_F?$8O_ M`'B?J_S.B\"_\CE8?]M/_1;5[+7C7@7_`)'*P_[:?^BVKV6O>R;^`_7]$>_D MO^[OU_1!1117KGL&%XS_`.11U#_<7_T(5XK7M7C/_D4=0_W%_P#0A7BM?-9U M_&CZ?JSYG._X\?3]6%>P^`?^11MO]^3_`-"->/5[#X!_Y%&V_P!^3_T(U.3? M[P_3]43DO^\/T?YHZ:BBBOISZ@****`"BBB@`HHHH`*SM?\`^1DO_`*`:SJ_PY>C,ZO\`#EZ,\)HHHKX<^$/5/AI_R+EQ M_P!?;?\`H"5V=<9\-/\`D7+C_K[;_P!`2NSK['`?[M#T/L\O_P!VAZ!11176 M=AY?\3?^0U9_]>__`+,:XBNW^)O_`"&K/_KW_P#9C7$5\?F'^\S]3XW,?]ZG MZES2/^0U8?\`7Q'_`.A"O>Z\$TC_`)#5A_U\1_\`H0KWNO5R3X)^J/5R/X)^ MJ"BBBO;/="L#6=&O+Z345MF@\O4;%;*0R,P,0!D^8``[N)3QQ]T<\\;]%`'/ M:AX>,]W)J?]?>[ZG M4^`M.L]3UV>&]MTGC6V9PK]`=RC/ZFO1?^$2T#_H%V_Y&N$^&G_(QW'_`%Z- M_P"AI7JE?1Y5)RPZ;?5GTN4R0K;5Z9R:]BKR;XC_ M`/(SK_U[I_-J\S-FUA[KNCR\W;6'NNZ.1K1T""*Y\06$$R!XI)U5E/0C/2LZ MM7PS_P`C/IG_`%\)_.OG:-2?M(Z]4?.4*D_:QUZH]9_X1+0/^@7;_D:/^$2T M#_H%V_Y&MFBOM3[1E1UMWS&HD"@]3YA967&T<,R@CDXZ*"> M.ZMXKB%MT4J!T;&,J1D&@"2N#^)__(/L/^NK?RKO*X/XG_\`(/L/^NK?RKBS M'_=9_P!=3AS+_=9_UU/-****^0/CCW[3O^09:?\`7%/_`$$59JMIW_(,M/\` MKBG_`*"*LU]U#X4?>P^%!1115%'A.O\`_(QZI_U]R_\`H9K.K8UVRNG\0ZFR MVTQ4WJ5YA\.+:>'Q#<-+!(BFT899"!G>E>GU]+E*:PROW9]-E":PROW844 M45Z1Z84444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%>3?$?_D9U_Z]T_FU>LUY-\1_^1G7 M_KW3^;5Y>;_[M\T>5G'^[?-'(UJ^&?\`D9],_P"OA/YUE5J^&?\`D9],_P"O MA/YU\W0_BQ]4?-4/XL?5'N5%%%?<'W04444`%%%%`!1110`4444`%%%%`!11 M10`4444`%99\/:68(8/LQ$4,"VZH)7`:)?NH_/SJ.>&SU/J:U**`*EQIMK=F M4S(S&0("0[*0$;"".UMXK>%=L42!$7.<*!@"I**`"N#^)_P#R M#[#_`*ZM_*N\K@_B?_R#[#_KJW\JXLQ_W6?]=3AS+_=9_P!=3S2BBBOD#XX] M^T[_`)!EI_UQ3_T$59JMIW_(,M/^N*?^@BK-?=0^%'WL/A05SFM3WL^G6MPI MO]+:+4K5&B+1?OT:>-2"5+_*0Q'!4]<\=>CHJBCB(=4AM]>66XU5X[M+ZZ^W M6\MT1'!:(DA1S&3M1<+"=^!RQYY(J2\\17-OXT=&M]3:"&QN1':1VDI6=U,+ M;P0NTYRRCGC_`('BNSHH`\Z-SJ=_H>LN-4N89K:_W.\JSV^W?:J%2,%0Q`E= M2J8^;`S][)WM`U>[GU^_L;^%DN2/-*B;Z?S:O6: M\F^(_P#R,Z_]>Z?S:O+S?_=OFCRLX_W;YHY&M7PS_P`C/IG_`%\)_.LJM7PS M_P`C/IG_`%\)_.OFZ'\6/JCYJA_%CZH]RHHHK[@^Z"BBB@`HHHH`****`"BB MB@`HHHH`****`"BBB@`HK$U]W%LWVC3#>P+(GE11,[^8W_31`AP@Y/\`%T'& M<"N9DTN2/3;R(6MQ/-)8,-/=;21%@N6DF8A`1F(`O$`3CY5'/%`'H#,J*68A M5`R23@`4M@D$LN+8MO+S!L,%.9-G+<8("J.=QKJ+"6:?3K M::XC\J>2)&D3!&UB`2,'T-`%BN#^)_\`R#[#_KJW\J[RN#^)_P#R#[#_`*ZM M_*N+,?\`=9_UU.',O]UG_74\THHHKY`^./?M._Y!EI_UQ3_T$59JMIW_`"#+ M3_KBG_H(JS7W4/A1][#X4%%%%44%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!7DWQ'_Y&=?^O=/YM7K->3?$?_D9U_Z]T_FU>7F_^[?-'E9Q_NWS M1R-:OAG_`)&?3/\`KX3^=95:OAG_`)&?3/\`KX3^=?-T/XL?5'S5#^+'U1[E M1117W!]T%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%<'\ M3_\`D'V'_75OY5WE045Z[<7VDV_A&TUZ32;",7,=NPCEV(B&4J M!N?;P!NR3CH#Q5&TU[2[NZT^)=$TY8[E5+SMS$"TCHHC<1D/N*$KN*9!7N<5 MXO\`8D_YU]QXO]AS_G7W'7Z=_P`@RT_ZXI_Z"*LUR@\;6L5U/9R0PP/'<>1' MON`JE1(Z,S$@;,"/=CGAXQU85U2LKHKHP96&00<@BOH(JRL?0Q5DD+1113&% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!7DWQ'_Y&=?^O=/YM7K- M>3?$?_D9U_Z]T_FU>7F_^[?-'E9Q_NWS1R-:OAG_`)&?3/\`KX3^=95:OAG_ M`)&?3/\`KX3^=?-T/XL?5'S5#^+'U1[E1117W!]T%%%%`!1110`4444`%%%% M`!1110`4444`%%%%`%>\NC:1HRVT]P[N$6.%03GDY))``P#R2/3J0*R1XLLF MMI+A+>Z:*"-I+EE5?W"*[H2WS*9B-PD+2Q,, M8*F,L!C![8.0/?.*OA!UCU"-+^../48?(N8X[;"+'\PQ$-W[OAVSG<,DG%`& MB/$-NUPUNL$WG%WCA!VXF*N4;&"2`""3D#@$\X-;%8VH^'X;^:>7%NCOY>-T M`8$JX8EQD;LA0O)X&>>36C86OV+3K:TW[_(B2/>1C=M`&?TH`2ZT^TO7A>YM MH99(&WPO)&K-$W]Y20<'@<^U9%EX1M+:PCLYKV_NHXI!-&SRB&19,,"^^%48 MLP8Y+$YKH**`,*/PO!#IMC8PW]\D5@D8M6+H[1L@9=^64Y+*^"#E0`-H7N1^ M%X(EMXQ?WQ@BE$\D)=-DT@E,V]OEX.]L_+M!P`1@`5NT4`9%UX?AN[XWSW-P MEVL@>&9-N80$9=J@J1@[W)R"B@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"O)OB/_R,Z_\` M7NG\VKUFO)OB/_R,Z_\`7NG\VKR\W_W;YH\K./\`=OFCD:U?#/\`R,^F?]?" M?SK*K5\,_P#(SZ9_U\)_.OFZ'\6/JCYJA_%CZH]RHHHK[@^Z"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*\F^(_P#R,Z_]>Z?S:O6: M\Y\;^'M6U37UN+*S>:+R57<&`Y!/J:\W-82GA[15W='F9M"4\/:*N[H\^K5\ M,_\`(SZ9_P!?"?SJQ_PAGB'_`*!DG_?:_P"-:.@^%-ZZ,^>HX:LJD6X/==&>LT445]D?:!1110`4444`%%%%`! M1110`4444`%%%%`!1110!EZIJIM(I(X(+F2XW*@*VDKJN[^+*KA@!DD`]L<$ MUS-OXAU*Y\-F_%[(DMIH<%^0T"K]HE99-VX%<[28Q]W;][@]*[JJK:98,MNK M6-L1;@+`#$O[H#&`O'&,#IZ4`<_=W^KV=_)#,TTD4DG.SR\JC2A8PF,8R&"G M>0-9%##G!&1G\Z26SMK@2K-;Q2B4`2"1`P8#D`Y M["I41(HUCC1410%55&``.@`H`=1110`4444`%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%% M`!1110`4444`%%%%`!1110`4444`<9XKU!GL%,ES-HMWMF%LEW>BW1V`7$A> M(L&(S\L;'YOFR"!D6;.6"XUB;6))[VQM+.W6:Y6YO)!&LCQ[RKHS;%"(5)XZ MMGC;SU5%`'):A;R2:GJ]U97MW;FQM7RS74SQ&=XR1F/)`"*5;"KU<8Z-T$:[F-Y_#EQ. M%^1@#NZCH*(?B.\5G>R:IH%W!?-&R.WF;ON_.S!<<$]35W2/!$]E'?O?ZO]NN M[C3DTR*86PB$4"!L#:&.YLN23D9QT%`'0:%J?]M^'M,U;R?)^W6D5SY6[=LW MH&VYP,XSC.!6A6?H6F?V)X>TS2?.\[[#:16WF[=N_8@7=C)QG&<9-:%`!5>_ MNUL-.N;QXY95MXGE,<2[G8*"<*.Y..!5BJVHP7-SIMS!9W0M+F2)DBN#'O\` M*8C`;;D9QUQF@#A?^%EWD-RNFW?AWR=8G^S?9+07H97\[?@2/L_=L`C$C!]L MT]OB7-+`D=CH1N-2BCNI;VT:Z""W6W<))A]IW$DC;P,]R*BL/AI?V>G)`VO6 MKW4%U'?0W@TX^:UPN07F9I6,N59AC(QG@BIF^<4"26.NFWU*6.ZCO;MK4. M+E;AP\F$W`*0P&WDX[YH`DB^([7%Y82Q:),-%O;J"SAOI9=CO),BNI6(K\R# M<`6#>O&!7=UP.F_#R_TSQ';:E'KEM/;6BQP6MO9&MK=`%\N-O-`5BHY?; MDD^G%=]0`4444`1 M6?+\2H8K]G_LQ_[%CO([&6_:8!DG>,.!Y6,D#;.?,8"1-Q`P`""!R>]5Y_AT;S47>[U82:;/>1ZC=62VV MWS;E8U7<'W$JI*ABN#R.M`$%I\2+RZA3_BFI_M%W9QW^GPQW(?SH'<+ND.T> M5MW*QZ@`]>U=%X3\1GQ/ID]TUJMN\%R]LWE3B:)RN,M'(`-Z\XS@<@CM7.V? MPXO[..)H_%$ZW5E:1V6G31VP7R8$<-MD7=^]SM4'[H('2NC\*^&U\-6%U$;E M;BXO+I[RXD2$1(9&`!V("=HPHXR>;KC75Q;2V1O`J(8%5G(EV\C#QX^49W3?6NN^5KBW5Q M$:2;*_O[5[*>"68I<2`3^5$8P M0H8!&.0=PY'([F@#T2BBB@`K!\1Z]>Z1)9V^G:0=0N+@2.2\_D0Q)&H+,\A4 MA3R`!CGGI@UO5RGC3PG?^*ULH8-8CM+*!R\]I+:M-'='C:'`D3*CD[>A/7.* M`,:T^*L5]%%?6^CR'2T^R+>W,DX5K=[C;M`3:=X&Y"^(FG2..Q^V@QE& MB:0.9=G``1@1MZCOUJO:_#*^9-8CU?7K;4/[7BDCNY_[.*7!!!V!7,K!54X( M4+C@?6K/_"O+YK_^VW\0*WB)9TDCOOL0$81(GB"&+?R"'8D[NI[=*`*0^+]E M-/816UA&TDRH;F.>^CA>)VD:/RXPW$K`HYZJ,`E5YN?A)!'9FRMM7:. MVNX(X=3W6JL]SME:0LC9'E,6=N@(QCN,UZ10`4444`8OB'6KS2A90Z=I3ZC> M7DIC1/,\J-`%+%I)-K;1@<<(TGCB=F01C>?*.UMI^]D=A0!8L_B!<7] M^D-OHFZ"]:[BTN9KL#[5+;[LJPV_NPVQL-ENG(J[X3\5:GX@U+5K._T..P&G M.L3317HN$>4C+(#L7E1C/7KBH-(\!G2]PLO("F%YR2^7R= MP&Y@!@?>YS6UX8T+_A'="AT]K@7,P>26:X\O89I'R"V5F=FB*@JI"G:"V:PM M/M@99TGW[2S[?DQY;;A@].,U!>?%E+6V#'1@+B)+AKN*:\6,(T,GEO'$Q7][ M)GD*,9!'3-3CX:7+M#>W.O\`G:M9BV6PN_L858$@W[0R;OGSYC;CD=>,54N? MA-)()7BUBW>>\MYH+Z2[T\3;FEE:1Y8AO'EOEL=Q@#TH`]*AE$T$YXJ>@`K(\0ZO,?#]_XFT9=.L=8.F*TH:=A"S^=& M,YC.UT(!XS@YP,=Z`.8'Q6>6UG>VT%IIK"WGN=207BA8(XI&C8QMMQ+DHQ'W M1@=:O3_$J&*_=UTUI-$CO(["34%F^83/&'`$6W)7YE&E5[CX;7D]J(4U MNUM#+8-IER+331'&]J6+!47S#L8;G^;)SN/%6S\.T75P\&IF'2/MT6HG3Q`" M?M$:*JD2$\+\BDC:>1UQ0!8\*>.&\1WT5K<::+)KJP74;0K=+-YD!8+E@`-C M`E;:S2LH;*1%E_ M$9KN,R7N@WD(FT]=2LX[0FZEN(&<*/D500V60D<@!LYX-+<>!=2N_%\^MW>M MVEU#(VQ+:XT]G-O`>&CB;S0$+#.7"YR?PJUX6\%2^'[^&ZNM5-^;2P73;(?9 MQ%Y5N&!PQR=[?*HSQ]WI0!5A^($]_HGA^ZTW1?M&H:U'+-#9O=!`B1C+DOM/ M/*@#');MUKI]`UFW\0Z!8:O:AEAO(5E56ZKD<@^X.1^%%(.[@COTKJ-`T:W\/:!8:1:EFALX5B5FZM /@ GRAPHIC 11 c63583intlequityselect.jpg GRAPHIC begin 644 c63583intlequityselect.jpg M_]C_X``02D9)1@`!`0$`9`!D``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W^BLS6T@> MVA%S:/;T6)I50[6PS1KRZYP,8/)!XQD<HL)9I].MIKB/RIY(D:1,$;6(!(P?0T`6****` M"BBB@`HHHH`****`*]_((M.N9&N/LP2)V,Y&?+P#\V.^.OX5Y]'J=N=*%Y!K M$\FE&XB62%M7S.R^5)R92_[HLVP[-ZCY.Q8K7I-5[^Z%CI]S=E"X@B:4J#C. MT$X_2DVDKL3:2NS@EU:]'@G1(KZ^C%ZTJ_:C)?M;CR")O+>291O16$8P^!N8 M8[FH]*U::Y6U:[U.X&L)6&(R,M&S%!QND1,XW"O1ZRO#VL)KF MEB]CMS`I=EV%L\CO^M:M=D)QG%2CLSMA.,XJ4=F%%%%44%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!6=K__`"+FJ?\`7I+_`.@&M&L[7_\` MD7-4_P"O27_T`UG5_AR]&9U?X'HC[7!?[M#T04445U'4%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`$%Y=1V-C<7.E9(\3`Q28TG43 MRDM;2ZO9+V(S0PP*H?RP`2QWLH`&Y1USE@*6S\0V-_?VUG;BY9[FT- MY'(UNZQF/Y.CD8)_>+P"<*Q^R>(;)9[&$VT,L\?F[HBD88./,&Y MR\8;<"..,'DFW96FG6,NEF+4H3'I]B]DJLZY<'RL,3GMY7IW]JGGCW)YX]Q^ MF^*;'5?LXMHKCS)VXC91N5/+23><'`7;)'WSEP,9XK;KD)_`UM6=E-9)&GERF2.(R-G&[(,K$8.,1].IH`[*BN"\2^)- M6TK4=1GMCC5+:WWB-$FMKN[>26%8+ MF=X6M]RPNLN2K,JH/GC'#`X`/S-D8`.XHKE/"OB*ZU6Z-O?K(EP8%*H(PJ91 M8R[?WLMYR,`1@*5_B#5U=`!1110`4444`%%%%`!1110!7N[V"QB62=F`9@BJ MB%V9CV"J"2<`G@=`3VJD?$>E",2&Y;;@LQ\E_P!V`Q4E^/D`96'S8^Z?0U+J M\6HRVB)IC0),9!NDE;!1,')0[6&[L,@CDGGH<23PU>"QO;6W2VB2_LOLDVZ= MW,9+2DR!BO[QF\YB<[>>_-`&VFM6,DDT<; M/'$BR/DGN?#S_D54_Z[ M/_2NKKE/AY_R*J?]=G_I75U]E@O]WAZ(^UP7^[0]$%%%%=1U!16+J]B9M=T" M\07+&&[:YOPG9S:5J:37$5Z\\ENR:A*]BZ_ MZ2TJ!<,%_>J27.\[@H7.44XH`[ZBO/IX-2O;_7AJFFZK;P74-J&DB1)T$:3R M91%#$ME""P"D\L<5T445\.Q$J%%U( M;FVGB/P1%-;S1VULDMO&(H'6QPT2`8"J=O``X`%6-,UGPA-_Q*=/MK>-+ML- M!':>6DAQ_$``#P.]>2UL^$_^1JTW_KL*\>EFU>=2,6EJU_6YXU+-Z\ZD8M+5 MK^MSV@6ELMVUTMO$+EEV-,$&\KZ$]<5-117T9]*%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!6=K_P#R+FJ?]>DO_H!K1K.U_P#Y M%S5/^O27_P!`-9U?XN?#S_`)%5/^NS_P!*ZNN4 M^'G_`"*J?]=G_I75U]E@O]WAZ(^UP7^[0]$%%%%=1U!7ENK>.M;M-8OK:*2$ M1PW$D:`Q`G`8@5ZE7A.O_P#(QZI_U]R_^AFO)S:M4IPBX.VIY&;UJE*$7!VU M-G_A86O_`//6#_OT*ZCP3XEU'7;VZBO7C98XPR[4V\YKRVN[^&/_`"$[[_KB MO_H5>;@<56GB(QE)M'F8#%5YXF,93;7KY'IE%%%?4'U04444`%%9T6N6$VH& MQ220S;VC#&"01LRYW*LA78S#!R`2?E/H<12^)=(ANI;>6Z*-$)"[M$XC^0;G M`DQM)49)`.1@\<&@#6HK(_X2?2!9&[>YDCB$IA826\B.CA-Y#(5#+A!NR0!C MGI6A!=P7,L\<,F]H'\N3`.%;`.,]"<$=.E`$]%%%`!7&?$O_`)%RW_Z^U_\` M0'KLZXSXE_\`(N6__7VO_H#UR8__`':?H<>8?[M/T/*Z***^./C#W[3O^09: M?]<4_P#015FJVG?\@RT_ZXI_Z"*LU]U#X4?>P^%!1115%!16%J?B/^SM8CLC M;QM#_HXEE:?:P,\IBC"+CYOF'/(P#QGI4FJ:U5 MR@5%VG>5QN;D87D9H`V:*Y.U\:BYM+NX^RPHL;)Y*O,ZLZ-+Y8D;=&`$'4LI M<#G/(J]I'BBUU>Y@@3RXI)+6.=D>8;P[J&\M5ZM@9+'C''7G:`;U%%%`!111 M0`4444`%%%%`!1110`5Y?\3?^0U9_P#7O_[,:]0KR_XF_P#(:L_^O?\`]F-> M;FW^[/U1YF;_`.ZOU1Q%;/A/_D:M-_Z["L:MGPG_`,C5IO\`UV%?-8?^+'U7 MYGS.'_C0]5^9[=1117VY]R%%%%`!16?:ZU87M_)903.T\>_(,3JK;&"OM8@* MVUB`=I."<&EN]:TVPN'M[F[1)DA\\QX);9N"YP.N6(`'4D\9H`OT5DQ^)=)D M6`BY8&>4PHK0NK!PRH0RD93YG4?,!RR^HK0M[N"[\TP/O$4C1,0#C&SU/J:`,Z37KZWOY+6[C$>^<+"8[9RWEAVW'`SO.P)@J."YX^5L=#!/' M=6\5Q"VZ*5`Z-C&5(R#5>XTNUNG>25',CE3O21D9=N<892"/O-T_O'UJQ!!' M:V\5O"NV*)`B+G.%`P!0!)1110`4444`%%%%`!1110`5G:__`,BYJG_7I+_Z M`:T:SM?_`.1N?#S_D54_P"N MS_TKJZY3X>?\BJG_`%V?^E=77V6"_P!WAZ(^UP7^[0]$%%%%=1U!7A.O_P#( MQZI_U]R_^AFO=J\)U_\`Y&/5/^ON7_T,UXN=?PX^IX>>?PX>IG5W?PQ_Y"=] M_P!<5_\`0JX2N[^&/_(3OO\`KBO_`*%7E9=_O4/ZZ'E9;_O4/ZZ'IE%%%?7G MV(4444`/?>2`2EU(5#'L*18.W,BY8X)P=QJKJ?@ MR_U.\N%-S'#9AKJ6W03LRB2:*2,L8]@P?WK$_.PSG`7<<8OQ)ED3Q%;A)'4? M9%X!Q_&]<=]HG_Y[2?\`?1KQZ^;*E4=/DO;S_P"`>-B,W5&JZ?)>WG_P#UJ? MP]>:AIFH"^AM!>7EV)D6.9V2`&%(2\<-=,]H M!-@-;>%9Y6\4Z<&E<@S#(+&O:Z[,%B_K,'* MUK';@L9]:@Y6M9A11178=@5QGQ+_`.1NSKC/B7_`,BY;_\` M7VO_`*`]RVT6FVUQ)<'Q$T\_ MDM#`]Q<1-Y"L02%P!NY5>6W'Y1SUS)8^'M+%Y::A9W,DGV<`#9(K+(P$HWL< M9+?OY"3GDMDUXM7KGP\_Y%5/^NS_`-*C!9E+$U.1QMH9X',I8FKR.-M#JZ** M*]8]<****`"BBB@`HHHH`****`"O+_B;_P`AJS_Z]_\`V8UZA7E_Q-_Y#5G_ M`->__LQKS^$]6FU&:Z^W64X=)F&Z)XI=[20O'\X9 M@-HA`#!>-H.ULFKOCJ_NM.\/K/9SO#+YZKN0\XP>*\W_`.$LU[_H*7'_`'U7 MG8G,:>'GR239YV*S*GAZGLY)L[R#PA<_V<_VF17U*XO3<-<^>Q,`)3)!"J'/ M[I&`*A0P'&%%:?AS1;O1IKR.6_P"@IC/":***^'/A#USX>?\BJG_79_P"E M=77*?#S_`)%5/^NS_P!*ZNOLL%_N\/1'VN"_W:'H@HHHKJ.H*\)U_P#Y&/5/ M^ON7_P!#->[5X3K_`/R,>J?]?SDG\ M&7K^@4445[)[05QGQ+_Y%RW_`.OM?_0'KLZXSXE_\BY;_P#7VO\`Z`]?Q(>@5ZY\//\`D54_Z[/_`$KR.O7/AY_R*J?]=G_I6.3_ M`.\?)F&3?[S\G^AU=%%%?4'U04444`%%%%`!1110`4444`%>7_$W_D-6?_7O M_P"S&O4*\O\`B;_R&K/_`*]__9C7FYM_NS]4>9F_^ZOU1Q%;/A/_`)&K3?\` MKL*QJV?"?_(U:;_UV%?-8?\`BQ]5^9\SA_XT/5?F>W4445]N?_:=_ MR#+3_KBG_H(KP&O?M._Y!EI_UQ3_`-!%=.2?%/Y'1D?Q3^19HHHKZ`^B"N:U M[3+VZEU9+>U\X:CIJV:2!U`A<&7YFR0HO<60 MN?*64.RQF,NQ)=CLW_+A6D)^;/WVQRJUN6\5S/H\,5W*\5V\"B9XR`ROM&XC MMUS[5<1D2NI&"K'LHYX%<5_PEFO?]!2X_,5W?Q+_`.1O*Z^;S2O5AB&H2:5ELV?,YIB*L,0XPDTK+9LV?\`A+->_P"@IU?_`+^Q_P#Q%;-%>X>Z M8W]@2_\`0>U?_O['_P#$5'-X:-Q!)#+K>K/'(I1U,J8((P1]RMVBDTFK,32: MLSC/^%::-_S\W_\`W\3_`.)H_P"%::-_S\W_`/W\3_XFNSHKF^I8?^1?<U?\`[^Q__$4?V!+_`-![5_\`O['_`/$5 MLT511C?V!+_T'M7_`._L?_Q%9$WPYTJXGDFEO-0>21B[L9$R23DG[E=A143I M0J:32?J1.E"II.*?J<9_PK31O^?J_P#^_B?_`!%6[#P/9Z9([V6I:E`SC#%) M$Y'_`'Q7445$U?_`+^Q_P#Q%']@ M2_\`0>U?_O['_P#$5LT5L;&-_8$O_0>U?_O['_\`$4?V!+_T'M7_`._L?_Q% M;-%`'+7W@2QU.=9KW4=2GD5=@9Y$R!DG'W/"]U&.5#E661,@_]\5J_P!@ M2_\`0>U?_O['_P#$5LT5<*<*:M!)>A<*<*:M!)>AC?V!+_T'M7_[^Q__`!%' M]@2_]![5_P#O['_\16S15EF-_8$O_0>U?_O['_\`$55OO!\.IP+#>ZMJD\:M MO"O(F`<$9^Y[FNCHI2BI*TE="E%27+)71QG_``K31O\`GZO_`/OXG_Q%'_"M M-&_Y^K__`+^)_P#$5V=%8?5:'\B^Y&'U3#_R+[D8B>'7CC5$US5@J@``2Q\# M_OBG?V!+_P!![5_^_L?_`,16S170=!C?V!+_`-![5_\`O['_`/$4?V!+_P!! M[5_^_L?_`,16S10!A3>&C<020RZWJSQR*4=3*F"",$?$4GY(4*%*F[PBD_)(QO[`E_Z#VK M_P#?V/\`^(H_L"7_`*#VK_\`?V/_`.(K9HK4U,;^P)?^@]J__?V/_P"(H_L" M7_H/:O\`]_8__B*V:*`/'-3\1ZW9:M>6D>JW)C@G>-2S#)"L0,\=>*J?\)9K MW_04N/S%5]?_`.1CU3_K[E_]#-9U?&U<574VE-[]V?%U<574Y)3>_=G?>#KS M4_$-YL7R+%&&4Q.H.6SE/#J4G=Z_F?299.4\,I2=WK^9C?V!+_P!![5_^_L?_`,11 M_8$O_0>U?_O['_\`$5LT5WGH&-_8$O\`T'M7_P"_L?\`\15"^\#66IRK+>ZE MJ4[JNU6>1.!_WQ7445,X1FK25T3.$9KEFKKS.,_X5IHW_/U?_P#?Q/\`XBI; M?X>:7:7"3P7NHQRH<4WYHRG0I3=YQ3?FD<9_P`*TT;_`)^K_P#[^)_\ M16PGAUXXU1-I**T-`HJ&[GDM[9Y8K66Z=1Q#$ M4#-]"S`?F:P!XK=]+6_2P!CCTV+4KE3/@I&X8[5^7YB-C==HX'KP`=+17/'Q M0J7-Q!/'!;F.<1J\D_&W>RLS9`VX"AL9.?,09^85OHZ2QK)&ZNC`,K*<@@]" M#0`ZBBB@#C/B7_R+EO\`]?:_^@/7E=>J?$O_`)%RW_Z^U_\`0'KRNOE`U[]IW_(,M/\`KBG_`*"*ZLD^*?R. MG(_BG\BS1117T!]$%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`'A. MO_\`(QZI_P!?B>D%%%%`!1110`4444`%%%%`!1110`4444`%%%%`$45K;PRRRQ01 M1R2D&1T0`N1TR>_6LC_A%K,6,=FMQ=+`+..QE4,O[^%`0%;Y>.&;E=I^8^V- MRB@#/N])CN[G[29YHYU*^5(FW,6`0#F&7UJ];GAL>5U M[]IW_(,M/^N*?^@BN5_X5IHW_/S?_P#?Q/\`XFNPAB6"".%22L:A03UP!BM\ MMP=7#N3J=;&^68.KAW)U.MA]%%%>L>N%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`'A.O_P#(QZI_U]R_^AFLZM'7_P#D8]4_Z^Y?_0S6=7PU7^)+ MU9\)5_B2]6=W\,?^0G??]<5_]"KTRO,_AC_R$[[_`*XK_P"A5Z97U&5?[K'Y M_F?4Y3_NL?G^84445Z)Z04444`%%%%`!1110`4444`%%%%`!1110`4444`%% M86O:E!:VN;XW=K")U1#'*D9NF(.$5@P*CC))*\#DXS7.2W=S#IUX9-5=KA;! MIM-\F[9P\QDF(C#9_?%0(4.2=))&GNF6., M;Y'168@A`?E7`!!"*#_K..IL+K[;IUM=[-GGQ))L)SMW`''ZT`6*KWCWB1J; M*"":0L`RS3&(!>Y!"MD].,#ZU8HH`Y>>TOM.U;79],M[N>6XMK9DWS%QYADF M#E/-;:-JE6V`@=.F:7PU"S:`=+O;74[1GFN]HE=ED\L3G!,L;':2'7'S`M@D M9`S73T4`>=`Q+7C"U8F2.:924;!S+M`/`QA`5ZOD=_10!5TR:XN=)LY[N'R M+F2!'EBQCRW*@E<'T.15JBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`\)U_\`Y&/5/^ON7_T,UG5HZ_\`\C'JG_7W+_Z&:SJ^&J_Q)>K/A*O\ M27JSN_AC_P`A.^_ZXK_Z%7IE>9_#'_D)WW_7%?\`T*O3*^HRK_=8_/\`,^IR MG_=8_/\`,****]$](****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@! M``,X'7K2T44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444` M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`!1110!X3K__`",>J?\`7W+_`.AFLZM'7_\`D8]4_P"ON7_T,UG5 M\-5_B2]6?"5?XDO5G=_#'_D)WW_7%?\`T*O3*\S^&/\`R$[[_KBO_H5>F5]1 ME7^ZQ^?YGU.4_P"ZQ^?YA1117HGI!1110`4444`%%%%`!1110`4444`%%%%` M!1110!7N[HVL:%;:>X=VV*D*@GH3DDD`#CJ2.PZD5E#Q79-;/<)!=/%%$9KA ME5<0(&=26^;GF-_N[LA4Y.<'"]*UJQ-0\.Q7UT]QBV5]RE4DMPZ-_>WKD M;R?E[\;%]\Z=A:_8M.MK3?O\B)(]Y&-VT`9_2@"Q1110`4444`%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`>$Z_\`\C'JG_7W+_Z& M:SJT=?\`^1CU3_K[E_\`0S6=7PU7^)+U9\)5_B2]6=W\,?\`D)WW_7%?_0J] M,KS/X8_\A.^_ZXK_`.A5Z97U&5?[K'Y_F?4Y3_NL?G^84445Z)Z04444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`'A.O\`_(QZI_U]R_\` MH9K.K1U__D8]4_Z^Y?\`T,UG5\-5_B2]6?"5?XDO5G=_#'_D)WW_`%Q7_P!" MKTRO,_AC_P`A.^_ZXK_Z%7IE?495_NL?G^9]3E/^ZQ^?YA1117HGI!1110`4 M444`%%%%`!1110`4444`%%%%`!1110!E:GJQMH'2W@NGG\Q8@RVNDMKH4%^0T*K]HE82;MP*Y"DQC[NW[W!Z5 MW556TRP9;=6L;8BW`6`&)?W0&,!>.,8'3TH`Y^6_U6UU5[28SS":<&)(O+!5 M`\C84\8W*%'S'/R28Z#/26ERE[9074081SQK(H8VAE6 M0@NLB!@Q'3(/I4R(D4:QQHJ(H"JJC``'0`4`.HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`*K7NHV6F0B:_O+>UB)VAYY5C4G MTR3UX-6:YW6+;56$A$37)<.D,^G)'%<6JDC@>+[*NVV6&4G)\W?@R!4``R"1^\;!-8/"T'JX+[D8/"T'JX+[D)8Z?X>\ M/&>XMFM[7YA#*[W!P&P"%.YN#@@XZ\BME9HFF>%9$,J`,R!AN4'."1V!P?R- M<+!X8OSH^LV^HV/[R2Z\^`VEX'>X=[=89"Q9`%!R^3CC)P!M4G6T+3];L->N M_M`H0"M80C!36\0:.T1V*JTA+`C)!Z`G`S4&66W M:_>,"W,L:%WC#9SN"J>V,@@'-9WB[PWXDUWQ!"\,>E7&A1(K&QN+N6#[1*#D M&79$V]5XPN<9Y.>E9VH?#?4]6:ZTNZNK--$GU"YU+?&SF<2S1.I3!&W:K2,< MYR1@8%`&U%\2])D@);3]4BNF,/V>RDA437(FW>68QNP0=C=2,8.<5T&@Z[:^ M(=-^VVJ31;97@EAG4+)%(C%61@"0"".Q-<%/X,\:F&2[M[S1X-5^R6VFQR1R MR*$MXR[.ZL8R5E8L`."%!/).*[/PCI,^B>'XK">SL[5HW8A;6X>F['`SWH`RI/BCHJ6_FK M9:G(T22R7D20+OLDC:XEG-'I\6C6)OM,DTJ[C^TS2A8V=F\Y7*`O( M?,?(8#DCFK$/P[UBTFCL+2_LX=*M=1EU2TG(9KA9VC=5#*1M*JSELYY`Q@4` M=5X?\7V?B&\EM$LK^RN4@2Y6*]B"&2%R0KKACP2#P<'VKH:X[PGX8U;3-?U+ M6=5>PBGO88HI(;!G,WB:65ST5%&2?P`-1QOP"=N>O%>;6G@+Q,(XKV]_LJ;7+>\AO M1>O>2R?:70,OEL/*411[7;:$!P<<'K0!O3?$_18[5)UM-2E*Q2374<<*E[)( MW,;M*-W&&!&!D\$]*V'\7:4OBNS\.1N\U]=6[7*M&`8T0`'YCGJ0<@`'CKC( MSPS?#77X8]2FM;S33=ZY:W-MJ9D+A(O.E>3=%A?FP)&&&QG@Y'2M&Q^&EWI/ MC+3-6L-[.[("M_#C((S4,?Q+TI[=F;3]4B MNF,'V>RDA437(FW>6T8W8P=K=2,8YQ61?>"?$FNZWJ4FMKI4]A<">"T"7<@^ MQ12(R%UB\H*TI#>?_HL*Q"6`PNJ.)`\B@$,P'!.:ZZ) MS)"CF-HRR@E'QE?8XR,UY;>?#35)[!@]IX=U"[NS=R7)ODDQ!+/(7W0L`>%R M!@@'C.17I.DV3Z;HUC827#W,EM;QPM._WI"J@%C[G&:`+E%%%`!7->(O&VG^ M&[LVTUI?WE`%O_A8^A?;WA872V:O)$-1:,"V: M1(S(R!L[LA0?X<<$`YIL/Q(TB2PNKF:TU&UD@CAE2VGA437"S-MB,:ACG72VOK>WLK:TBC:1H)%MY"Y\W*@C?N((&<>IH`]`T368M&ZCV.K#Z$@CT*D@^M:5X%K&US>270MK//D6P;&( MX\@':,9Z#ECQ72T`%%%%`&5K^OVWAZRAGN(;B>2XG6WM[>V0-)-(V<*H)`Z` MGD@8!KG9/BCHJ6_FK9:G(T22R7D20+OLDC(=2T9 M+7PY<6EM#N\M@C[7/3=C@9[UQS_#S7$LYH]/BT:Q-]IDFE7< M?VF:4+&SLWG*Y0%Y#YCY#`VBNTC7R)IT0N8 MD;=DM@'J`"1C-/T#QK#KVMW6D?V-J^GW=M`L\@OHD4!6.%&5=L$\D`XX!K"T MSX?ZCI^JV=J+BT.@V>K/JT3;F^T-(R,H1AC;M#.3G/(P,"NE\*Z'<:/;ZA-? MM#)J.H7LMU/)$21@MB-02`<+&$'3KGZD`WZ***`"H+V\@T^QN+VZD$=O;Q-+ M*YZ*BC)/X`&IZJZFMX^EW::>MNUXT3"`7)/E[R.-^`3MSUXH`Y2/XFZ4T>V3 M3=6@NW$+6UE+`@FNEE+!#&-^,':WWB,8.<43?$_18[5)UM-2E*Q2374<<*E[ M)(W,;M*-W&&!&!D\$]*P;3P%XF$<5[>_V5-KEO>0WHO7O)9/M+H&7RV'E*(H M]KMM"`X..#UIC?#77X8]2FM;S33=ZY:W-MJ9D+A(O.E>3=%A?FP)&&&QG@Y' M2@#KD\>:1)K0TZ..[>,W:V(O5B!@^T%`XCW9SG!'.,>]=17E\'PYU2V\5P7D M;67E0ZC'=IJ+3R&Y$"($^S^7MV8(&W=GH3QFO4*`"BBB@`KD9_B-HMMJQ6L5Q):MJ+1#[-YT:%WCW9W9`5OX<9!&:ZZO-+[P3XDUW6]2DUM=*GL+@3 MP6@2[D'V**1&0NL7E!6E(;EF;O@8%`&O'\2]*>W9FT_5(KIC!]GLI(5$UR)M MWEM&-V,':W4C&.<4^3XDZ2+6"6"RU*YFD2:26U@A4RVR0MLE:0%@!M;C`))[ M`U@-\/\`Q%3(D/F9\QBN5+>:>@.,=Z9J'PTU: MXTN,1OIK:E<37DUY/]HN(=AN'W%4,9&]!W1@-V!R.10!Z;:74-]9P7=M()() MXUEC<=&5AD'\C4U4M'TV/1]$L-+A8O%9VT=NC-U(10H)_*KM`!1110!S7B+Q MMI_AN[-M-:7]W)':F\N/LD0<6\`.#(^6'&0W3)^4\<5##\0M%GU46:K="V:5 M[=-19`+9Y50NR!LYR%![8X(S5'QIX=\2:_JT"6JZ;+H2Q#S[.>[D@:YDR3B1 MDB8F,#'R@C)SG/2JUAX&U:'6;99I=/31X-7DUE5A9_-\YT8>7@J%V!G8@YR1 M@8%`&M;_`!%T&]T*_P!8LWGN;2TOA8*8D!-Q,=F!$,\@F0`$XZ'MS6QH.NVW MB"QDN+>*>!X9GMY[>X4+)#(O56`)&>0>"1@BN7N/!&HR6&LB.XM5NYO$":S8 MEF8H-GE;5DXR,^6P.,XR#STK<\):)>:-:ZC+J+P->ZC?27LZVY)CC+!5"J6` 0)`5%Y('.>*`.@HHHH`__V3\_ ` end GRAPHIC 12 c63583intlstrategicequity.jpg GRAPHIC begin 644 c63583intlstrategicequity.jpg M_]C_X``02D9)1@`!`0$`9`!D``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V_5'EVQPV MUTT-PVYQ'&$,DRJ.57?\HY*\D'CZY',6NNZGVCC79/,J M*9`QB.[MH9XP=P65`P!]<'OR:B.EZ>TD,AL+4O` M`L3&%>.ZMHKB(YCE0.I(QD$9%13Z=972.EQ:03([^8RR1A@S8QDY[X`'TJP` M```,`=`*`%HHHH`****`"BBB@`HHHH`BN;JWLK9[BZGB@@C&7EE<*JCW)X%5 MEUG2V:U5=2LR;L9M@)U_??[G/S?A4/B'[5_91%EIPO[CS8V2(E0%*Nž! MVD!L;AD@#(ZUR4WAS4-XG@LM1,\L*&-GFA58;E;B64RS*K[64M(&`4/@`X`. M*`.WNM3L+&:&&[OK:WEF.(DEE5#(>!A03SU'3UJ--:TIVN534[-C:_\`'P!. MI\GG'S\_+R".?2L'6X;_`%"_:!="NOL<\7DW4Z-`9)$$C@(-THV*1\V[!.'` M^5A\L6GZ1/>B0:AI5UIJP1[;1(FA*Q*LJR#!#L70-#PXL(TA)Y[R<+JSEK6.>]D=A&5)149V+ M;C&I:99;R_G*!5`$"[S(&&]2TF`P'UVX,UW>Z[:VMG M?Q2SM7+3>HOA^\%]HD$J@X M4O""9C-OV.4W;R`6!VYR>N:TZ**ZSK"BBB@`HHHH`****`"BBB@`HHHH`*** M*`"BBB@`HHHH`**@NKZTL(UDO+J"W1C@--($!/7&33?[1LC/'`+RW\Z50TUP'Q0_X]M-_WY/Y+7#F7^ZS^7YHX M,S_W6?R_-'G?VB?_`)[2?]]&NQ^&TLC^(K@/([#[(W!.?XTKBJ[/X:?\C'C?^AI7SN`;^LP]3YS`-_68>IZI1117V!]D%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%>&^ M)O\`D9]3_P"OA_YU[E7AOB;_`)&?4_\`KX?^=>-G7\*/J>)G?\*/J95>R^!? M^1-L/^VG_HQJ\:KV7P+_`,B;8?\`;3_T8U<63?QWZ?JCCR7_`'A^GZHZ*BBB MOICZ<****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#'UO^T!+;'3K( MR2D.CW2^66@0[< MG=77T44`%%%%`!1110`4444`%%%%`!7`?%#_`(]M-_WY/Y+7?UP'Q0_X]M-_ MWY/Y+7#F7^ZS^7YHX,S_`-TG\OS1YO79_#3_`)&.X_Z]&_\`0TKC*[/X:?\` M(QW'_7HW_H:5\Y@/]YAZGS>7_P"\P]3U2BBBOL3[,****`"BBB@`HHK'D\26 MBW6HVRVU\\U@L3.OV9E\TR,RJL9;`?E.H^7D<]<`&Q165'KUN=+O[^>"XMA8 M;_M,,BJ73:@<_=)!^4@C!/6J,_C*UMHV,NGWPEC$K3Q8C+1)&$9V)#[6&)$. M%+'GID$``Z.BL6X\46-K?W=G(D_F6X[*#YK8B^1.&^)O^1GU/_KX?^=>-G7\*/J>)G?\`"CZF57LO M@7_D3;#_`+:?^C&KQJO9?`O_`")MA_VT_P#1C5Q9-_'?I^J./)?]X?I^J.BH MHHKZ8^G"BBB@`HHHH`0D*I9B``,DGM4/VRU^SQ7'VF'R9BHBDWC:^[&W:>AS MD8QUS27MC9ZE:O:WUK!=6[_>BGC#HWU!X-<9+H.O-I?A^$6=K*MA%8_NGNBC M12))&96P$*MA5P"&X!;&<@4`=O+/#;JK32I&K,J*78#+$X`&>Y)``JJNLZ6[ M7*KJ5FS6O_'P!.I\GG'S\_+R#UK`U_3];U6]M9X;"![>VN86BBGNMCH4N`7E MP%92"B_+\P(5FR,G:*\6C7MUJ!DN;&ZM+6WL]J0QO"RQRI)'(GV?;R03'D^8 M.3M&,9%`'8)=6\C1K'/$S2Q^;&%<$NG'S#U'(Y]Q4M<9H>C:WI6K6)PWV-K: M**<%HV$:(DH$>?O$J?)Y7@DR'OBNSH`****`"BBB@`HHHH`**S=>U631=&N= M0CL9;SR(VD:.-T7``)))8CCCMD^@-07&NO#>3(+0-;074-I++YN&$DFS;A<< MC]ZF3D'KQQR`;-%+(YVB2X2"U9BK,SS_`"1J1DJQ(7$@.%*]B>^#CI*` M"BBB@`HHHH`****`"BBB@`K@/BA_Q[:;_OR?R6N_K@/BA_Q[:;_OR?R6N',O M]UG\OS1P9G_ND_E^:/-Z[/X:?\C'> MUAA,S1%Q$L;R,QX8'E9"."",9YK8B-+`B*$R+&NZ%-_[N0>7D/DX+N<``*NT5]&?2A1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`5X;XF_Y&?4_P#KX?\`G7N5>&^) MO^1GU/\`Z^'_`)UXV=?PH^IXF=_PH^IE5[+X%_Y$VP_[:?\`HQJ\:KV7P+_R M)MA_VT_]&-7%DW\=^GZHX\E_WA^GZHZ*BBBOICZ<****`"BBB@`KC/'NNZEH MO]G_`-GW/D^=YF_Y%;.-N.H/J:[.O//BE_S"O^VW_LE<68SE##2E%V>GYHX< MRG*&%E*+L]/S1SO_``G7B3_H(_\`D"/_`.)KIO`WB35M8UJ:WO[OSHEMV<+Y M:+\VY1G@#U->;UV?PT_Y&.X_Z]&_]#2O!P6)K2Q$%*;:OW9X&!Q-:6(@I3;5 M^[/5****^K/K0HHHH`****`"BBB@"MJ%E'J6FW5A,SK%_- M59M#MY[QYVFG"23QW$D`8;'D3;M8\;AC8G`('RCCKG3HH`RK_0;?41+YT\ZO M(V2Z%8>I\WE_^\P]3U2BBBOL3[,****` M"BBB@`K*\3?\BQJ?_7N_\JU:RO$W_(L:G_U[O_*LJ_\`"EZ,RK_PI>C/#:DM M_P#CYB_WQ_.HZDM_^/F+_?'\Z^)6Y\-'<^@Z***^[/O@HHHH`****`"BBB@` MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*\-\3?\C/J?_7P_\Z]RKPWQ M-_R,^I_]?#_SKQLZ_A1]3Q,[_A1]3*KV7P+_`,B;8?\`;3_T8U>-5[+X%_Y$ MVP_[:?\`HQJXLF_COT_5''DO^\/T_5'14445],?3A1110`4444`%>>?%+_F% M?]MO_9*]#KSSXI?\PK_MM_[)7!F?^ZS^7YH\_-/]TG\OS1YW79_#3_D8[C_K MT;_T-*XRNS^&G_(QW'_7HW_H:5\[@/\`>8>I\YE_^\P]3U2BBBOL3[,****` M"BBB@`HHHH`***Y*^NY4UBZ47(8X$NKO3D$))7RHW7KCKDGTKD MQU.57#RA!7;_`,SDQ].57#RA!7;_`,SRJNS^&G_(QW'_`%Z-_P"AI4W_``K' M4/\`G_M?R;_"M30O!NL:!?/=6UY8L[QF,B1'88)![$>E>)A,!B*=>,I1T3\C MP\'@,33KQG*.B?D=U16-L\3?\_&D?]^)/_BZ-GB;_GXTC_OQ)_\`%U],?3FS M16-L\3?\_&D?]^)/_BZ-GB;_`)^-(_[\2?\`Q=`&S16-L\3?\_&D?]^)/_BZ M-GB;_GXTC_OQ)_\`%T`;-97B;_D6-3_Z]W_E4>SQ-_S\:1_WXD_^+JO?6'B+ M4+">SEN=+6.9"C%(9`0#Z?-6=6+E3DEV9G5BY4Y)=4SQFI+?_CYB_P!\?SKM M_P#A6-[_`-!&W_[X-.3X9WR2*XU&WRI!&4:OEEEF*O\`!^*_S/E%E>+O\'XK M_,]*HK&V>)O^?C2/^_$G_P`71L\3?\_&D?\`?B3_`.+KZT^O-FBL;9XF_P"? MC2/^_$G_`,71L\3?\_&D?]^)/_BZ`-FBL;9XF_Y^-(_[\2?_`!=&SQ-_S\:1 M_P!^)/\`XN@#9HK&V>)O^?C2/^_$G_Q=&SQ-_P`_&D?]^)/_`(N@#9HK&V>) MO^?C2/\`OQ)_\75#6=0\1Z-I,^H2/I4B1;&DTE+?R9PQS/"R:BI;^3/2Z*QMGB;_`)^-(_[\2?\`Q=&SQ-_S\:1_ MWXD_^+KO/0-FBL;9XF_Y^-(_[\2?_%T;/$W_`#\:1_WXD_\`BZ`-FBL;9XF_ MY^-(_P"_$G_Q=&SQ-_S\:1_WXD_^+H`V:*QMGB;_`)^-(_[\2?\`Q=&SQ-_S M\:1_WXD_^+H`V:*QMGB;_GXTC_OQ)_\`%T;/$W_/QI'_`'XD_P#BZ`-FO#?$ MW_(SZG_U\/\`SKUG9XF_Y^-(_P"_$G_Q=I7IQ5-7LSR\TPU6O3BJ:O9GGE>R^!?^1-L/\`MI_Z,:N5_P"%8WO_ M`$$;?_O@UTVDZ3X@T?3(;"WNM,:*+=M,D,A;DD\X8>M)O^?C2/\`OQ)_\70!LT5C;/$W_/QI'_?B M3_XNC9XF_P"?C2/^_$G_`,70!LUYY\4O^85_VV_]DKJMGB;_`)^-(_[\2?\` MQ=8NO^%M9\1?9_MEY8)Y&[;Y,3C.[&/I3JX>4 M(*[=OS1Y779_#3_D8[C_`*]&_P#0TJQ_PK&]_P"@C;_]\&M/0_!NK>'[U[NT MO;)Y'C,9$L;D8)![$<\"O%PF7XFG7C.4=$^Z_P`SQ,'E^)IUXSE'1/NO\SN: M*QMGB;_GXTC_`+\2?_%T;/$W_/QI'_?B3_XNOI3Z?H_ MR/&JU?#/_(SZ9_U\)_.LJM7PS_R,^F?]?"?SKX^A_%CZH^-H?Q8^J/K6&C6;7>I7<5M`O\`%(V,GT`ZD^PY--DU M>QBO/LCS$2AUC)\MBJNV-JEL;0QR,`G)R/45#JFF7%YX>U/3TNFEFN[>6.-Y M]H"%D*@?*HX!/H3]:J7.C7DMY5\H7&#GR1SD8W'@X MY`+]OK=A=^7Y$CNTC*$4QLI8,"0P#`?+A6.>G!K0KEKWPS/F633&6VDSY<6+ MATVQ[".HR1\Y4[!\N$4<?H_R/&JU?#/_`",^ MF?\`7PG\ZRJU?#/_`",^F?\`7PG\Z^/H?Q8^J/C:'\6/JCW*BBBON#[H**** M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH` M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`KG?'7_(FW_P#V MS_\`1BUT5<[XZ_Y$V_\`^V?_`*,6N?%?P)^C_(Y\7_N\_1_D>-5J^&?^1GTS M_KX3^=95:OAG_D9],_Z^$_G7Q]#^+'U1\;0_BQ]4>Y4445]P?=!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`&/J&K!+?S[34+!+>-F6:=P9L.,8C"JP)8YZ9SP!@YXS[?7]4>W M6YN+:"`17%I:W%LRL7#S+#N(;.!M,P&,'.T\\\;=]I5IJ,]O-<++YMON\IHY MWC*[A@_=([#'Y^IIG]B6!N%G,+LZE&.Z9R&9``K,"<,PP/F.3P.>!0!BQ>); MN&1(]406^`LDSK;.-GRL60+EB>5/S_=(5SQ@9ZJJ%UHUC>I(EQ$SB23S&(D9 M23MV=01QM)&.F"?6K]`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!7.^.O^1-O_\`MG_Z,6NB MKG?'7_(FW_\`VS_]&+7/BOX$_1_D<^+_`-WGZ/\`(\:K5\,_\C/IG_7PG\ZR MJU?#/_(SZ9_U\)_.OCZ'\6/JCXVA_%CZH]RHHHK[@^Z"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BH+J^M+%`]Y=06Z,G'?O].:M4`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%<[XZ_Y M$V__`.V?_HQ:Z*N=\=?\B;?_`/;/_P!&+7/BOX$_1_D<^+_W>?H_R/&JU?#/ M_(SZ9_U\)_.LJM7PS_R,^F?]?"?SKX^A_%CZH^-H?Q8^J/3NZPL!P?O#DD7%Z(3<2QQN\<`;;OVJ6/.#@``DG^9(!B MN-=>&\F06@:V@NH;267S<,))-FW"XY'[U,G(/7CCD`V:*YNT\61SM$EPD%JS M%69GG^2-2,E6)"XD!PI7L3WP<=)0`4444`%%%%`!1110`4444`%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`5SOCK_D3;__ M`+9_^C%KHJY[QPK/X/OU52Q/E\`9_P"6BUABOX$_1_D<^+_W>?H_R/&:U?#/ M_(SZ9_U\)_.L[[//_P`\9/\`ODUJ^&H)E\3::3$X`N$R2I]:^/H)^UCZH^.H M)^UCZH]NHHHK[<^Y"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`,G4?#.C:G8SVDVG6RK-'(F]( M4#IY@`9E)'#'"\_[(]*&\/VAN"Z/+'`98IFMDVB-GC"A#C&1C8G`('RCCK6M M10!E7^@V^HB7SIYU>1LET*Y"[&38,@_+AW_%B>*U:**`"BBB@`HHHH`****` M"BBJNH:G8:3;?:=2OK:S@W!?-N95C7)Z#+$#-`%JBJ,VM:5;SVL$VIV4H:OINDI& M^I:A:62RMLC:YF6,.WH-Q&30!EMYZ^:R];2]2L M[Z)&VL]K.LJJW7!*DX-7:`"BBB@`HHHH`****`*E[J5MIYC^T^<%<$[T@=T4 M#J6900@]V([^E>PZ$(?O$<=C0!F6^MZE=>$-+NY M)9XII[AH;B:&%7GV*9!O2/!!8[%)`#8!8@<5E6/BC6[J73F>2X"`6RSE8X0A M\R[DAW2@_-EU0;?+X#9)^7%=61X6NYKG33_8\TL$*+<6I\IFCBC)*!T[*I8D M9&!DXZTQ;KPE-9PZNL^B/:V'[J*\#Q%+?'&U7Z)CT!%`'/2>)M8TJX$&IF03@#GVJ]0`4444`%%%%`!1110`4452?6-,CU-=,?4K-=0==RVK3J)2/4) MG./PH`NT50M]VU2RF6TS]H,=PC"'']_!^7H>M1'Q)H2Z:FHMK6G"Q M=_+6Y-TGE,W]T-G!/MF@#4HI%97171@RL,@@Y!%+0`4444`%%%%`!1110`44 M5176M*>^GL4U.R:[MUW30"=3)&OJRYR!]:`+U%4[/5]-U&S>\L=0M+FU0D/- M!,KHI'7+`X&*CFUW1[>*TEGU6QBCO`#:N]PBB<$`C82?FR"#QGK0!H4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`5P?Q(FEMSI,MGHESJ- M_NFCAF%I+K7GV_2K M&TTJZGLG5K=XI'W^9N'[GDA^<<8QFHM2\,:_>Z;_`&38Z7>1:M:-JSW=ZT)1 M+I)M^Q5D/#E]R<9XV\XKWBB@#@OAQ9W=M=:U(UK=QV$C0"VEOK%+6=V5"'4H MJK\B_*%)'J,D#-=[110`4444`%%%%`!1110`5YM\207U6TAM]$O+FYN+.:V? M41837<-I"Y&[;&@(:4XXSC`')P<5Z310!X?'X9U!471K#3M2^UR:K:7EIJEQ M;,H2T2WC7$DA`V.`K*4.#ENE:?A33KBU\JYE\-7:1:7X9%I>6T]F1]KND97` M08_>\HQ!`/+C'->NT4`?Z7?,$V$S.,L,=@OW0.P6NF MHHH`****`"BBB@`HHHH`*\G\>VT=_P"*+O3QHFIK#=P0+?:M%IT]T2B,66*W MV*51N>6SQGH2./6**`/!M4\+:]?Z9_9%GI5Y'JEFVK27=XT!1+I)B_EJLAX< MON3@=-O.*MZKI]Y=W]QJUIHNH:=I#ZC8NI.G,TML8890\OV?&67+(F2I'&0# M@&O;J*`.1^&MK>67@R*"\M);9QWM77444`% M%%%`!1110`4444`%>/:U8G5?&=W86^CZGI\(U%+K^T3IT\KW5R%"(1+MVQ0* M<9.3D`]`37L-%`'A*^'=6OM`$-GH-[:M8^'[>RO8I+#:QI%UKLFJ6>G:)JNFBV6]73P^G3[[V64-YDDL[+M"L"P5<]QD\`5 M[S10!Y;;^'HO$%OXPN'T:_LM,N[>!;2T=)+5WEBA<,=BD,1\RKSPVWOQ6-J& MBZC'X?L(Y]"OKM[KP;%IEO&EJ7-M=XY#\?N^J\G'W/:O:Z*`*]A%-!IUM#<2 ?>9-'$BR/G.Y@`"?SJQ110`4444`%%%%`!1110!__V3\_ ` end GRAPHIC 13 c63583intlsmallcapequity.jpg GRAPHIC begin 644 c63583intlsmallcapequity.jpg M_]C_X``02D9)1@`!`0$`9`!D``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W#5I[^""' M^SX/-E>7:WR!MJ[6.<%U'4`^8'G%=)>6%O?I&MPC'RG\R-D=D9&P1D,I!'!(X/0D=ZJ#PYI2 M[=ML54!=R+*X63:<@NH.'.3U;.>]`&6OB"^BNUM[Z(0LS(?DMW)4`L70#),G M"J`R@`AF/\)QTL4L<\*2Q.'C=0RLIR"#R"*K3Z7:7+2-*C%W96WK(RLI`P-K M`@@8)Z'^)O4U9BBC@A2*)`D:*%55&``.`!0`^BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HK`A\137\5XVG:>9F@O?LJ&67RT9?+63S2P!PF&XX.>/7B M6'6KJ[T2UOK33TEFG<@`ZVBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`$9E1&=V"JHR23@`55_M73M\"?;[7=<*K M0CSES(K?=*\\@]L=:CU6RN;Z&**WN8H4$@:5983()5'\)PRX&<$^H&.A-([N!S& MZQN$D#%68X`..A)XJU7*W&B7=M>":P^T^5`4C15:,N%"OCR]_P`N%WX&[G#/ MZ+72VOG_`&2'[5L^T>6OF[/N[L1WE MQ,)I"GG*-K(OEM&8U#+]W;(_;JY.!S&KB*O)- M*UNG_#F>`S*KB*W)-*UNE_\`,ZZBBBO9/:"BJU[J-EID(FO[RWM8B=H>>58U M)],D]>#2#4[!KX6*WUL;PIO%N)5\PKZ[1J#R3?:5BGLC=.K>6T> M!L@QM=06$C2=1M(SP0.PHH`X?P1JKS3S0W-XTBM%;HKS7GG>==XE:8)DDK\J M*WE\%0#E5YJPQFM]+\017=]?7\EM?*ELS7!@=W>&'9'NA"84O)C@=\G)YK/G M^)OD7$L7]D;MCE<_:<9PY$- M4_M70DD*2@QE5+RS>:7)17)+8'(+X(Q@,I`X%5O#'BT>)+N>/[`+>#NCKI5H5H<]-W04445H:!1110`4444`%%%%`!1534) M+J.!6M7A0[B7:5&D(4*3\J+@LV0.,CC)YQ@\S:>*-3N](U+4_*M8XM,9EGA9 M&WR[!N;'S?(=I`VD,0V0>E`'8T5RZ^(+Z*[6WOHA"S,A^2W-U#*RG((/((H`?1110`4444`%%%%`!1110`4444 M`%%%%`!1110!G:__`,BYJG_7I+_Z`:\)KW;7_P#D7-4_Z])?_0#7A-?.YU_$ MCZ'SF>?Q(>@5ZS\./^18;_KX?^2UY-7K/PX_Y%AO^OA_Y+6&4?[S\F89/_O/ MR9UU%%%?4GU1B^(8;F2%#:V=S+*4>,7%F\*SP9V_=$ORX.,$YR.,#N,;1-+U M"'4[&*]TAK:&S6-Q+;M$8I9Q;")I&)??@#,:J%[`DG/'9UP?CKQ%JNC:G;0V M%UY,;P[F'EJV3N([@UAB*\:%/VDMC#$8B.'I^TGMY%QX-6O-9EN8]$GLBF;F MV:1H"KW)MO+#3%9"W`/E[5!'&?'.:#=K/\/\SM="T_6[#7KO[7(9K28-*\V$ M`DE*P@$#[XP1*,'@*$`KIZ**]8]<****`"BBB@`HHHH`***IZE=75K;H;.S^ MU3O($"M)Y:*.I9FP<``'L><#O0!F5]5E7^ZQ^?Y MGU>4_P"ZQ^?YA1117HGI!1110`4444`%%%%`%:\L+>_6-;A7/E/YD;)(R,C8 M*Y#*01PQ'T)JF/#>E*?EMF`)#.HF<+(0Q;+C.'.XDDMDG/-:M%`%.?2[2Y:1 MI48N[*V]9&5E(&!M8$$#!/0_Q-ZFK,44<$*11($C10JJHP`!P`*$U[MK_`/R+FJ?]>DO_`*`:\)KYW.OXD?0^_\`[,:\W-O]V?JCS,W_`-U?JCB*N:1_ MR&K#_KXC_P#0A5.KFD?\AJP_Z^(__0A7R]/XUZGRU/XUZGO=%%%?='W@4444 M`%%%%`!1110`5G:UI":W8BTEN9X(_,5V,.P[\?PL'5@5]01SBM&B@#D]8BT? M2[JRDU76+Q),1Y'EKBX$,F^/?LCXVLV1MVY[YJA?:QX;U`R+<>)]1:"52DT` MB_=RIO9@I'E?+@-MRN&(`R21FJ7Q0_X^=-_W)/YK7`5X6+S.M1K2IQ2LO7MZ MG@XS-*U"O*G%*R]>WJ>MP^*/#<QM=0M;R)YP]NH`4L")&`E&]N,ECY\A)SR6R:\7M_^/F+_?'\Z^@ZZ\NQ ME3$J7.EI;8Z\MQM3%*7.EI;8****](],****`"BBB@`HHHH`****`"BBB@`H MHHH`****`/`+_P#Y"%S_`-=6_F:KU8O_`/D(7/\`UU;^9JO7PDOB9\%+XF=W M\,?^0G??]<5_]"KTRO,_AC_R$[[_`*XK_P"A5Z97U65?[K'Y_F?5Y3_NL?G^ M85E>)+NVL=`NKB[O)+.W7:'FB;:^"P&U3D8+9V@Y&-V:YM]<9Y]QDL[7^UG8QKW574D7$V0/W3,0-P&<$%MSQAJ(1+6ZMM5@6*%;@B MV6XDC-W,C*OE*\;#YP0Z[U< MI_PM"?\`Z!4?_?X_X5R5L=0HRY)NS]&<=;'T*,^2;L_1FC:R7EUK&M6%MJJ3 M7=Q!=[72>7_06#A8E9"Q520P((52=C$;@@V,PN+"VG"!!)$K[1T M7(!Q54,72KMJF[V+H8RCB&U3=[$]%%%=)TF-XD>-+*#S-.DOR9P$A$;/'G:W MS2!5;Y`,GH?FV]\5R\6E-;Z;J$!M;BXU"3!TRX%FZ"'(&T+D?N527><$C"XZ MUZ#10!QDFEW.F7KO:KYD$;QB1_LK/N8!V5F53NE8;AEAU)0_P-GKK6266TAD MGB\J9XU9X\YV,1R,]\&I:*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M#.U__D7-4_Z])?\`T`UX37NVO_\`(N:I_P!>DO\`Z`:\)KYW.OXD?0^7_`!-_Y#5G_P!>_P#[,:\W-O\` M=GZH\S-_]U?JCB*N:1_R&K#_`*^(_P#T(53JYI'_`"&K#_KXC_\`0A7R]/XU MZGRU/XUZGO=%%%?='W@5C1>(`+S5(;VRFL8K"))O-F=&\U&+C#R? M0=]FLK4='L+EKN[O/.97BB#A)63:(6=U92I#`Y`?3WK._X2/5GTJSOH=)LG^UOLAC^WN#+DG:5 M_<\@J"_.,+R>]8,.O>&;;2I]-AU#5EM9UN0X8[V)F;<6WMELKE@._//RLIY)`KIXY$EC22-U>-P&5E.0P M/0@^EYO(;BZ+QM$L;%54P;'60;,@CED4G.I_+\D?'YG_O<_E^2)+?_`(^8O]\?SKZ# MKY\M_P#CYB_WQ_.OH.O1R3:?R_4]+(]I_+]0HHHKW3W@HHHH`****`"BBB@` MHHHH`****`"BBB@`HHHH`\`O_P#D(7/_`%U;^9JO5B__`.0A<_\`75OYFJ]? M"2^)GP4OB9W?PQ_Y"=]_UQ7_`-"KTRO,_AC_`,A.^_ZXK_Z%7IE?595_NL?G M^9]7E/\`NL?G^84445Z)Z1Q'Q-_Y`MG_`-?'_LIKR^O4/B;_`,@6S_Z^/_93 M7E]?*9M_O+]$?)YO_O3]$%>]Z1_R!;#_`*]X_P#T$5X)7O>D?\@6P_Z]X_\` MT$5U9)\<_1'5D?QS]$7****^A/HC/UO4VT;1+S45M)+K[-"\IBC95)"J3U8@ M=O\`ZQJI?:]):MJ$D=FLEIIV/M4IEVLORAVVKM.[",IY(SG%:6H64>I:;=6$ MS.L5S"\+E"`P5@0<9[\U3N]!@O)KAFN+B.*ZV_:8$*[)L#'S9!(RH"G!&0!0 M!1B\5*\ICFBAMOF3YI)N$7)WB3(&UE``QSRZ<\YKH@00"#D'H16?=:/%=SM< M-/,DX96CD3;F(!2,`$$8.YLY!^][#%RVMX[2UAMH1B*%%C0$YP`,"@"6BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@#.U__D7-4_Z])?\`T`UX37NVO_\` M(N:I_P!>DO\`Z`:\)KYW.OXD?0^7_`!-_Y#5G_P!>_P#[,:\W-O\`=GZH\S-_]U?JCB*N:1_R&K#_`*^( M_P#T(53JYI'_`"&K#_KXC_\`0A7R]/XUZGRU/XUZGO=%%%?='W@56U'_`)!E MW_UQ?_T$U9JMJ/\`R#+O_KB__H)J9_"R9_"SP&BBBOA3X(]+^&'_`"#[_P#Z MZK_*N\K@_AA_R#[_`/ZZK_*N\KZ_+O\`=8?UU/LB>D<1\3?^0+9_P#7Q_[*:\OKU#XF_P#( M%L_^OC_V4UY?7RF;?[R_1'R>;_[T_1!7O>D?\@6P_P"O>/\`]!%>"5[WI'_( M%L/^O>/_`-!%=62?'/T1U9'\<_1%RBBBOH3Z(***Y#6;-Y+C6-UE--J,NS^S M+A8681?(H7#@83;('8Y(X/>@#KF95&6(`R!R>YX%+7&2:7N]JOF01O&) M'^RL^Y@'9695.Z5AN&6'4E#_``-GJ0UY/IB.GEVMX\:L1*AD6-B!D$!ESCD= M10!:HK(^S>(_^@KI7_@MD_\`C]4=8N?$.D:5<7[7^ES"$`F,6$B[LD#KYQQU M]*FR.EHKRG_A9>N?\`/OIW_?I__BZ/^%EZY_S[Z=_WZ?\` M^+KS_P"UL-W_``/._M;"]W]QZM17+:%?^(==TJ._6]TNW#EAY9L)'Q@XZ^(_^@KI7_@MD M_P#C]'V;Q'_T%=*_\%LG_P`?JRS7HKSSQ%XN\0^']3%D9-+N,QA]XM)$ZYXQ MYI]*R?\`A97B#_GEIG_?B3_XY7%4S'#TY.$I:KR9PU,QPU.3A*6J\F>LT5YE MI7COQ#JFJVUB/[+B\Y]F_P"S2-M_#S1FNV^S>(_^@KI7_@MD_P#C];4,13KI MRINZ-Z&)IUXN5-W2->BLC[-XC_Z"NE?^"V3_`./T?9O$?_05TK_P6R?_`!^M MS$U[5=Z;K][9SVLNK:8(YXVC M:Y;_`(59)_T&T_\``,__`!RO&S/!U:\XNFKV/%S3!UL1.+IJ]D>?5ZS\./\` MD6&_Z^'_`)+6/_PJR3_H-I_X!G_XY6_HWAW6="L39V>KV#1%R^9M/=FR<>DP M]*SR[`UZ-;GFM+&678"O0K<]1:6[G3T5D?9O$?\`T%=*_P#!;)_\?H^S>(_^ M@KI7_@MD_P#C]>Z>^:]>7_$W_D-6?_7O_P"S&NY^S>(_^@KI7_@MD_\`C]8> MM^"]1\07,=Q>ZS:J\:;%\FP91C.>MQEXG#KN MLB1D'(S^\KPH97B5)-Q_%'@PRK%*2;C^*/0J*R/LWB/_`*"NE?\`@MD_^/T? M9O$?_05TK_P6R?\`Q^OJCZLUZK:C_P`@R[_ZXO\`^@FJ/V;Q'_T%=*_\%LG_ M`,?J.:Q\0SP20OJNE[74J<:;)G!&/^>]*2NFB9*Z:/$Z*]!_X59)_P!!M/\` MP#/_`,%[[6+13""%\BP9>N.N M93Z5E?\`"K)/^@VG_@&?_CE?/8W+Z]6O*<%H_/R/G,=EV(JXB4X+1^:['!6_ M_'S%_OC^=?0=>=)\+Y4=7&MIE3D9LS_\%J MX=2]HK7M^IVY7A:N'4O:*U[?J:]%9'V;Q'_T%=*_\%LG_P`?H^S>(_\`H*Z5 M_P""V3_X_7JGK&O161]F\1_]!72O_!;)_P#'ZX#_`(67KG_/OIW_`'Z?_P"+ MKFQ&+I8>WM'NN?\^^G?\`?I__`(NM_P`,^(=? M\3?:MD^F6OV?9G=9R2;MV?\`IJ,?=_6LZ.84*TU"#U?D94(_^@KI7_@MD_P#C]'V;Q'_T%=*_\%LG_P`?KM.XUZ*R/LWB/_H*Z5_X M+9/_`(_6#XEU[Q!X:CMW>XTRZ\\L`%LY(]N,?]-3GK6=6K&E!SGLC.M5C1@Y MSV1VM%>4_P#"R]<_Y]]._P"_3_\`Q='_``LO7/\`GWT[_OT__P`77#_:V&[_ M`('!_:V%[O[CU:BL:.'Q')&K_P!J:4-P!Q_9LG'_`)'IWV;Q'_T%=*_\%LG_ M`,?KTCTS7HK(^S>(_P#H*Z5_X+9/_C]'V;Q'_P!!72O_``6R?_'Z`/%[_P#Y M"%S_`-=6_F:KUZ'+\,9IIGE?6X]SL6.+,XR?^VE-_P"%62?]!M/_``#/_P`< MKY665XEMOE_%'R^I[^7T9T:"A M/?4UZ*R/LWB/_H*Z5_X+9/\`X_1]F\1_]!72O_!;)_\`'Z[#M.?^)O\`R!;/ M_KX_]E->7UZYK?AC5O$%M';WNL62I&^]?)T]U.<8YS,?6L3_`(59)_T&T_\` M`,__`!RO`S#`5ZU=S@M/4^?S#`5ZU=S@M-.IY]7O>D?\@6P_Z]X__017"_\` M"K)/^@VG_@&?_CE=5;V'B"VMHK>/5M,*1($7=ILA.`,#/[^M\LPE6A*3J*US M?*\'6P\I.HK7-RBLC[-XC_Z"NE?^"V3_`./UJ1"184$SH\H4!V12JENY`).! M[9/U->P>R/HK/UO4VT;1+S45M)+K[-"\IBC95)"J3U8@=O\`ZQJI?:]):MJ$ MD=FLEIIV/M4IEVLORAVVKM.[",IY(SG%`&W17.1>*E>4QS10VWS)\TDW"+D[ MQ)D#:R@`8YY=.>2("[55B$>4"B1$#$RHC7!\1V>GW-EX?D5+2.XU**"P=3#N1E&R5I/FW2H^!LX16W$';O\#^Q:O\` M,CY[^Q*O\R-?P#_R*-M_OR?^A&NFKRG0?B%-IFDK!K=BFE21S1R3;=)N8EAA M:'S6`B.YV;='=)O&$`A9ST57]6KWJ%-TZ48/HK'T%"FZ=*,'T204457O+**^ M@\F9YU7.[,$[PM_WTA!Q[9K4U.=N+30_$&OO!?:3=?:!')Y?1+N.UB\\+=&1C'*T(8R*H$F[(V/U`SL.*WCX= MO#K+ZG]OM/M""7[/)]AQ)\P(5)65QYD:YX7"D[5^;()-:_\`!\VH1M;2ZE&+ M%;F6[AA^S9822,S,)&WX=/GD&W"Y#8)XS6,L-1D[R@F_1&$L-1D[R@F_1%"S M3PO87]JZ:-=VUZ+CRMC2;C$VZ-021(5(S/'T+?>Z<''86-_%J,+S0!_)$C(D MA`Q)C@LOJN<@'OC(X()P8?!T4>F/9,UF!+=^>WD6@B6%2JAEA73P#/#8_;I=8TU+3:'^T-(1'M/0[L8 MPG"#@GG/-8BZ1J4OA/0-/N M],G633%MI)X;2Y0>9M1TV(Y9<,IV.>@_NL2,CFQ&$I8BWM%L.-S%+_ M`*I@6&UL]"2P&*DT_P`.O$V@7DNGQK>VMW.9)G"&:.W=9RJ,X^\P^U#3K;[<4-WY2>>4^[OP-V/;.:L5VG<%GKFK%%` M&'J?A#0]8LI+2^M))(I+A[F0K<2H[R.C1L6=6#$;&*;2BBBOD3X\^@[?_`(]H MO]P?RJ2H[?\`X]HO]P?RJ2ONUL??1V"BBBF,****`"BBB@`HHHH`****`"BB MB@`HHHH`R-5U!$BVK=SVGERJKLMLQ>3(.%BW*0Q)`Z!N`>G48,>IZVFE:K=W M=V\-SIN"EJ4C)G7:'7S,#[S!@AV$#''E-Y*YCP*`.?_M'5K74%M;PS2L[1DK% MY>21O8A.F%8*,;SG"..NW/3VUQ'=VL-S"++)K>6=;>Z:.!'DN2%7]PJNZ$ MM\W/,;_=W<+GN,W[O3WE=I;:Y>*9B-PD+2Q,,8*F,L!C![8.0/?.*OA!UCU" M-+^../48?(N8X[;"+'\PQ$-W[OAVSG<,DG%`&B/$-NUPUNL$WG%WCA!VXF*N M4;&"2`""3D#@$\X-;%8VH^'X;^:>7%NCOY>-T`8$JX8EQD;LA0O)X&>>36C8 M6OV+3K:TW[_(B2/>1C=M`&?TH`L4444`%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!7`?%#_`(]M-_WY/Y+7?UP'Q0_X]M-_ MWY/Y+7#F7^ZS^7YHX,S_`-TG\OS1YO1117R)\>?0=O\`\>T7^X/Y5)4=O_Q[ M1?[@_E4E?=K8^^CL%%%%,84444`%%%%`!1110`4444`%%%%`!1110`45EZI= M:@(I(;+3[EW+*OG(T0`4_>9=SCD#(&1UQU%<=#J=V_AJ&:>ZO(+L:#;RV*O< M'=/"?-)(BX.?O<@9-`'HM%<=J)OM/O;@OBBBOD3X\^@[?_`(]H MO]P?RJ2H[?\`X]HO]P?RJ2ONUL??1V"BBBF,****`"BBB@`HHHH`****`"BB MB@`HHHH`**@N[N&QMS/.6$895^5&?0=O_P`>T7^X/Y5)4=O_`,>T7^X/Y5)7W:V/OH[! M1113&%%%%`!1110`4444`%%%%`!1110`4444`9>IZ=/=`E?)NXS(K&TNP!%@ M#L0I(.<'G<.HP,Y&*/"]_'I]]9Q/:[+^T:U<%V`ME,DS`(,?,%6;:!\OW!TZ M#KJ*`.>U#P\9[N2YM%6)U*M'^_=,L7W2#6S8130:=;0W$G MFSQQ(LCY)W,``3D^IJQ10`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`%6[U.PT]HUO;ZVMFESY8FE5"^.N,GG&1^=::VLK6%-1%NEQ>1&1((3;K*LDBY7!8D+C*XWKGD8/8R1I+&\H(]*R(_">AP+,MKI\=GYTJS.UFS6[%U7:"&C((^7(P..3ZG(U?< M35]SGHM=6Y\(:3JBZ;:PW5[.;=Q]A>;8R[\E85P[W1L"#T`Y'(K>?P[ICP10^5,D<(01".YD3RR MNX!E*L"K$.P+#E@<$G`J-?"F@)/:W`TFU-Q:R>;%,T>Z0/@_,6/+'YB>2>>> MH!J>2/87)'L84/C.YMUCBU6W6SF\T&7-O)B*$1!V^7DDY$JAOND1L_08/:UE MW/A[3+R*:.YMVE$TK32$R,"S%"AY!SC82N.F.*U*HH****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`*\_P#BK?Z)8Z?I9UO=<(UR?)TYI5BA MNGV$#SF;@(N0WUQP:]`HH`^=GA2WTN6*;4H]2U1;"V'ANYMI&=#-]HE\Q86Z MDJVU#GG:O/%=%X8B\WQAI\44LT7B%[K4UUV2//F)$2XA+9!&`?*V9!'IWKV> MB@#A?AI:-8KXKMGN[B[:/7Y@9[E@TC_N8>6(`'Y`5W5%%`!1110!X/'>:?>> M*-5;PWJ<:ZI;1:@GVF:Y'VO5+EXWV1K&/^6<9QM)_NC`ZDTT_LWS+3^S?^12 MQIO]N_>\OS?WWF>9GOGRM_X;J^A**`/G34+G1VTZ'3;FZ027)NUT8W]QY5OI M]H;A_+N@3\Q?`P@'.$[#K]!V#*^G6KI<_:4:)"L__/48'S?CU_&K%%`!1110 M!Q'Q2O\`1K#PU;/K;RO;->QA;-)%1;Q@"1%(6X$>?F8GCY1UZ'RR:*QBTJ9; MV_M[N$Z1U?15%`'A=Y)/!XAEEO5N7\7IK M-NR+;`F8V`@0R",=-N/,]MV,\UO?#?\`L^+QIJ$>A2_:-*DTV)FDC+C9,KD$ M7`;(-PP;)(QPAX%>K44`%%%%`!7B=Q=Z5=_$NYBTC4X8M7M;V8RWMU<`3W$I M1D6SB3O&I(&3QE>,G)/ME%`'SI!Y/V*P_L[S?[/^P67_``E6W?GS?M,?F^9_ MM[?-SWV]>*?XDFU-_A_KEII=G='PE]LN9K:XMBOE^4-@C3YF!$6_S&^4'.%` M&,U]$44`0VD[75G#.]O-;-(H8PS;=Z9[-M)&?H34U%%`!7(?$N[TJR\'22ZU M/<)9>?$&A@8*UR=P/DDG@*V/F.1QGFNOHH`^>(ETD6OF:I=V4NARV]_)96UG M.9H+*\/E&.!6'5PN2,8Y8[:OW1NQ?*=5\W_A+@-'_LK?N\S&V/[1M[8W>=O_ M``SVKWBB@#QOX8M;6?BJ*WL_[,U&:YM)WOKNWL7@N;1_,!V3,QYW$G@A3\O3 M`R?9***`"BBB@#QK5;S0I_BPEM%J<,6I6^I0S7-_=W(1T4*`+.!!RP;^+L-Q MZG&.7?[1_8\?]F>?_;'V&X_X2CR]_F?\?,6=_?=M\W&.=O3BOHVB@#YZU-+: M:^DBL;JRMO`AOY3;RW43R68E%M%@;59^Z>G#'D=:\DL/[">>RN-1GT^/PI<75S+-IMK<>=;V,ODH(59E MXWMB1L#C<>*^@:*`/GF;[=_8\?\`;GG?\)%_8VG_`/"/[]WF>=O;=MQ_']S= MWQUXKO?#/A717^)FKZQINGPVD.DM]C0P@CSKB1`\KL<\X#JH'J6KTFB@`HHH MH`*\;\:WFA2_$?["=3AM]5CEM9I+^\N!&-.C7#>5`O5FD')[8?D]`/9**`/G MG41?>1<#2/._X2S_`(FW]M>7N\SR?;_5[/TJ2^ETL7\EOHSVT7A.74+4 MQR7;,-/$HMY#*)?7)\OC(&_KT-?05(RJZE6`*GJ".#0!R7PQGEG^'VF&7S&9 M?-0.Y)#J)&"LA/.S&-N>=N.O6NNHHH`*PO&<]I;^#-6EO[ZXL;06S"6XMO\` M6(#Q\G^T7Y&.^,^]?0M%`'A^ MD)J4?Q+LH=UK:^NEDE%PML83NBD0H%$:DJ%8,03MV]Z]PHHH`****` M/(/BO=:%+XAATV[NX1JDU@4@:]N!%;:<"Y_T@'J9>@`&3\O89S1TI!+XNM4A MNY9/$S:[.)[D?ZQM-,+['.]>VT4`>)?919:-JUMJ%WE1^,P MNJ3W;;B]OY$?,I4`;=_EYX`Q[5WWPUW_`/"*/MW?8/M]U_9^[.?LOFMY?7G& -.GMBNOHH`****`/_V3\_ ` end GRAPHIC 14 c63583globallistedinfras.jpg GRAPHIC begin 644 c63583globallistedinfras.jpg M_]C_X``02D9)1@`!`0$`9`!D``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W^BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBN2U.:\M=3U=/[0NFA M\NPXD67;M`P-@.6//&<\#`!UM%<4YNYH;V>QOYI+2"Z,5H?M+DON2 M':5;)\S$GF*`QV_,VLRH9[>0F619=VYB[J>,#;]S@9/RE> M:`-VBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`0@'&1TZ4M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`5FZ]//;Z-,]JY2X8I'&1C)9G M"@`G(!.<`G@9R>E:5,FABN(7AFC22)QAD=00P]"#UH`X\7VN1VUTX>>/[+,Z M-$[Q2.I*Q-&&./F4Y?A?F^90/4;FAZDUZ;F*9)5N(V+2;]NT9=TPN#T!C9:!XE#2!,[=JNSL3MS^[/S`#::E]J\O_"237D.M*8&DC6UMK:9 MI'FMI(%)FCC!*NJLS/D(2?+/S8&T]EJ.NZ9I,B1WUVL+N-R@@G(_`53_`.$S M\/?]!./_`+X;_"LI5Z47:4DGZHRE7I1=I22?JCE#/7/B2^LKZ!HYF4R!/.SY**L15=F,`G MSN6RC\6Z!<2I"FH1N[L`J[&Y.>.WK6W50J0G\#3]"H5(3^!I^@44 M45984444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4450UF_;3-+DN47<^Y(T!4M\SN$'`Y/+#@U6*WDD:.%C;O(LX^S,"A"QLJ-AR$RK,=^67`'*`-.BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#S/X MG?\`(3L?^N+?^A5PE=W\3O\`D)V/_7%O_0JX2OD,Q_WJ?]=#X[,O]ZG_`%T+ MFD?\AJP_Z^(__0A7O=>":1_R&K#_`*^(_P#T(5[W7J9)\$_5'J9'\$_5!111 M7MGNA1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!45S;17=N\$Z[HW'(!(/L01R"#R".14M%`%* M/2;.*!H5CIZ*!TXI]KIUK93SS01E9)SND)=FSRS M<`G`&68X&.2:M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`'F?Q._Y"=C_`-<6_P#0 MJX2N[^)W_(3L?^N+?^A5PE?(9C_O4_ZZ'QV9?[U/^NAI_UT/CLR_P!ZG_70N:1_R&K# M_KXC_P#0A7O=>":1_P`AJP_Z^(__`$(5[W7J9)\$_5'J9'\$_5!1117MGNA1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!39)$BC>21U2-`69F.`H'4D^E.JO>V4&HVCVMR':%R M"P21D)P01RI!Z@=^>AXH`RD\56CVD5R+:[$;F?(9%5D6*3RW9@6SU(P!EN>F M>*UK.Z6\@\]%(B9B(V/\:C^(>QZCU&#WK)@\,P0:2UAYAE#W.%%`&K1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110!YG\3O^0G8_\`7%O_`$*N$KN_B=_R$['_`*XM_P"A M5PE?(9C_`+U/^NA\=F7^]3_KH7-(_P"0U8?]?$?_`*$*][KP32/^0U8?]?$? M_H0KWNO4R3X)^J/4R/X)^J"BBBO;/="BBB@`HHHH`****`"BBB@`HHHH`*** M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@` MHHHH`****`"BBB@`HHHH`****`/,_B=_R$['_KBW_H5<)7=_$[_D)V/_`%Q; M_P!"KA*^0S'_`'J?]=#X[,O]ZG_70N:1_P`AJP_Z^(__`$(5[W7@FD?\AJP_ MZ^(__0A7O=>IDGP3]4>ID?P3]4%%%%>V>Z%%%%`!1110`4444`%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%17- MS#9V[3SOMC7&3@DDDX``')))``'))Q0!+167_P`)%IG.9I5*LRNK6\BF/:%) M+@KE0`Z')P,,#5^WN([E7:(DJKLF['!*G!Q^.1^%`$M%%%`!1110`4444`%% M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444 M4`%%%%`'F?Q._P"0G8_]<6_]"KA*[OXG?\A.Q_ZXM_Z%7"5\AF/^]3_KH?'9 ME_O4_P"NAOI\JZ>+?[6<>6;C.P'(Y.`> M@R1[@5;HH`YQ?#S2:<\<\2"]EE+27'VEI&8-M#,QVJ"<(H";=OR)Q@<7-%TR MZTZ>[664&V8@6\8F9PBAG(X887"E%P./DS6O10`4444`%%%%`!1110`4444` M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4 M444`>9_$[_D)V/\`UQ;_`-"KA*[OXG?\A.Q_ZXM_Z%7"5\AF/^]3_KH?'9E_ MO4_ZZ%S2/^0U8?\`7Q'_`.A"O>Z\$TC_`)#5A_U\1_\`H0KWNO4R3X)^J/4R M/X)^J"BBBO;/="BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**** M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH` M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H MHHH`****`/,_B=_R$['_`*XM_P"A5PE=W\3O^0G8_P#7%O\`T*N$KY#,?]ZG M_70^.S+_`'J?]="YI'_(:L/^OB/_`-"%>]UX)I'_`"&K#_KXC_\`0A7O=>ID MGP3]4>ID?P3]4%%%%>V>Z%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%,EEC@B:6618XT&6=S@ M`>I-/K.URUFO-,\N",22)/!-L)`WB.5'*C/&2%(Y_2@"8:KIQ2%Q?VNV9BL3 M>9C(QF+=@')`QD9(K1T*WU"TENX+H2?94;%N7*'/SOSE>3E=A);DL6H`T+V M^BL(1+,EPREMH$%O),V>?X44G''7&*H_\)+8_P#/#5?_``4W7_QNM>B@#(_X M26Q_YX:K_P""FZ_^-T?\)+8_\\-5_P#!3=?_`!NM>B@#(_X26Q_YX:K_`."F MZ_\`C='_``DMC_SPU7_P4W7_`,;K7HH`R/\`A);'_GAJO_@INO\`XW1_PDMC M_P`\-5_\%-U_\;K7HH`R/^$EL?\`GAJO_@INO_C='_"2V/\`SPU7_P`%-U_\ M;K7HH`R/^$EL?^>&J_\`@INO_C='_"2V/_/#5?\`P4W7_P`;K7HH`R/^$EL? M^>&J_P#@INO_`(W1_P`)+8_\\-5_\%-U_P#&ZUZ*`,C_`(26Q_YX:K_X*;K_ M`.-T?\)+8_\`/#5?_!3=?_&ZUZ*`,C_A);'_`)X:K_X*;K_XW1_PDMC_`,\- M5_\`!3=?_&ZUZ*`,C_A);'_GAJO_`(*;K_XW1_PDMC_SPU7_`,%-U_\`&ZUZ M*`,C_A);'_GAJO\`X*;K_P"-T?\`"2V/_/#5?_!3=?\`QNM>B@#(_P"$EL?^ M>&J_^"FZ_P#C='_"2V/_`#PU7_P4W7_QNM>B@#(_X26Q_P">&J_^"FZ_^-T? M\)+8_P#/#5?_``4W7_QNM>B@#(_X26Q_YX:K_P""FZ_^-T?\)+8_\\-5_P#! M3=?_`!NM>B@#(_X26Q_YX:K_`."FZ_\`C='_``DMC_SPU7_P4W7_`,;K7HH` MR/\`A);'_GAJO_@INO\`XW1_PDMC_P`\-5_\%-U_\;K7HH`\P\)-?1A%F@9 MM@D3!.06(&#@_,..:\ROE=.M4=1R>IY=?*J=:HZCD[L\^T[2M4M]3M)Y=)U) M8XYD=C]BE.`"">`M>L_\)+8_\\-5_P#!3=?_`!NLH_$#3'T32=2MK+4;LZJK MO:VL$2F9E099B"P``'OW'>NATO4K76=*M=2LI/,M;J)98FZ94C(SZ&NC"8.. M&347>YT83!PPJ:B[W*?_``DMC_SPU7_P4W7_`,;H_P"$EL?^>&J_^"FZ_P#C M=:]%=9V&1_PDMC_SPU7_`,%-U_\`&Z/^$EL?^>&J_P#@INO_`(W6O10!D?\` M"2V/_/#5?_!3=?\`QNC_`(26Q_YX:K_X*;K_`.-UKT4`9'_"2V/_`#PU7_P4 MW7_QNC_A);'_`)X:K_X*;K_XW6O10!D?\)+8_P#/#5?_``4W7_QNC_A);'_G MAJO_`(*;K_XW6O10!D?\)+8_\\-5_P#!3=?_`!NC_A);'_GAJO\`X*;K_P"- MUKT4`9'_``DMC_SPU7_P4W7_`,;H_P"$EL?^>&J_^"FZ_P#C=:]%`&1_PDMC M_P`\-5_\%-U_\;H_X26Q_P">&J_^"FZ_^-UKT4`9'_"2V/\`SPU7_P`%-U_\ M;H_X26Q_YX:K_P""FZ_^-UKT4`9'_"2V/_/#5?\`P4W7_P`;H_X26Q_YX:K_ M`."FZ_\`C=:]%`&1_P`)+8_\\-5_\%-U_P#&Z/\`A);'_GAJO_@INO\`XW6O M10!D?\)+8_\`/#5?_!3=?_&Z/^$EL?\`GAJO_@INO_C=:]%`&1_PDMC_`,\- M5_\`!3=?_&Z/^$EL?^>&J_\`@INO_C=:]%`&1_PDMC_SPU7_`,%-U_\`&Z/^ M$EL?^>&J_P#@INO_`(W6O10!D?\`"2V/_/#5?_!3=?\`QNC_`(26Q_YX:K_X M*;K_`.-UKT4`9UIK5K>W"P117ZN02#-83Q+Q_M.@`_.M&BB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@#SS4O"?B/6?%DMSJ<>EW.C";_18!>21F!2-I ME,8BP\V"2"S8'08ZU;\(>$=7TC4[.ZU:>R==-TE=)M/LI GRAPHIC 15 c63583emergingmarkets.jpg GRAPHIC begin 644 c63583emergingmarkets.jpg M_]C_X``02D9)1@`!`0$`9`!D``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#WJXN(K2VE MN9WV0Q(9';&<*!DGCVJB->L0K>;]HAD#*HBD@<2,6!*[5`RV0K=,_=.>AJSJ M5M)>:5>6L3JDDT#QHS#(!*D`G\ZYVT\.7EIMYEN;> M.=`P210R[A@X/3CM7-R^%FGT]8)#$L\DLTTTJDD#?(\BIMZ.`TG5ATW<#=6M MHUI=V=O,MVV2\NY%^TO/L7:HQO<`GD,?QH`TJ***`"BBB@`HHHH`****`"BB MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**** M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHIDL ML<$+S2N$CC4L['H`.2:`'T5C2>*=)BM3<233JH9E*&TE\Q=JAF)CV[@`"#DC M&".>15J\UJQL8X'DDED$ZEXA;P/.S*`"6"QJ3MY'/3D>HH`OT5C_`/"4Z,)S M%]LZ+O\`-\I_*_U?FX\S&W/E_-C.<GW,D<<;)(8A$\3JX8*'.5 M(!4;2#D@#YE]1D`T****`"BBB@`HHHH`****`"BBB@!LC%(W=4:1E!(1<9;V M&2!GZFLA/$,;[E^P7@D^T?9DC_=DR2;2S!2'*_*%.22,8(ZC%;-8R:$\6F:9 M!%=*+JP<2B=HMRR2%&5V9YZ]3U-`#/^$JL!\SQSI$O^ND8*!"=[Q[6& M[.=T;CY01QG..:V+>1IK>.5XFB9U#&-NJY['WK%;PS#+90VTLH9EDFF>81@/ MOD9G.T]5`=LXS_"H.>:/=!^]E\S;;P>4B_*JX"Y./NYZ]2:`-* MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`*IZM9-J6C7U@LIB:YMY(1(/X2RD9_#-7**`.'D\*ZL MMD_V-+*TF>27;#!=NJ0QO'&I17\LY!:/<1M4Y;(8$9-C4/"]]-8:;9PK#)#I MT)MH_P#39;=I5,2+O9HURI!#C9RI&"3G@)\27=/#MN49E/VM>09K#U/9\M_G_`,`\K%YFL-5]GRW^?_`/5K'P_J37<<.KPV%U MI\47DIY7?:)_^>TG_`'T:]ST$D^'=,)))-I%DG_<%:8+'K%2< M>6UO,TP68+%2<>6UO,T****]`]$****`"BBB@`HHHH`****`*]_>1:=IUS>S M_P"JMHGF?&/NJ"3U]A6/%XCGE9(19PFZEG6&)!<,%.4=\L60,!B-L$*0>,'K MC:N[6*]LY[2==T,\;1R+ZJPP1^1K,/AV-[@W4E_>27H9"ER3&&38'```0+C$ MLG4'[WL,`%)O%ZQ%&EL]J!BC@2Y0<,O&2!6WIU['J%E'/ M'-;RD@;_`")!(JMC)7(ZXS5;^P;1K!+)VD>W#2.ZLW,CN6+,V.^68\8`)!'0 M59L+`6"3#[1-.\TGF/)+MR3M5?X0!T4=J`+=%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`%.^U6TTZ2".X:4R3DB-(H'E9L=3A`3@9&3TYIYU"U&IKIIF' MVQH3.(L'/EA@I;TZD#_]1K'\4Z%-K4<8M[>S>8120K<3R.DEL7VD21[0@&3_`#]#59_$6F1:?'?32S0V\CE%::VE M0DA2Q.UE!VA5)W8Q@'GBL>?POJ,VKW=S+=6%S;7-M=PO'+;NK-YOE[$9@^"H M$84D`<#IEB0?\(O-+H=Y:RVMG%+/=&:&"*9VAM0T8C;!PNX8\QBN`"7(/!)H M`Z:"[@N99XX9-[0/Y\<-=,]H!-@-O*Z]4^)?_`"+EO_U]K_Z`]>5U\KFW^\OT1\IF_P#O+]$%>[:! M_P`BYI?_`%Z1?^@"O":]VT#_`)%S2_\`KTB_]`%=&2_Q)>AOD?\`$GZ&C111 M7T1](%%%%`!1110`4444`%%%%`$%[<_8[&XNMAD\F)I-B]6P,X'Y5CQ>(II" MD`M(OMLEP(%A,LB`$QM)EM\:L!M1L$*]#HRW1*!UVJZ@`!=N,22<%?XC[8`*+>+UB*-+9[4#% M'`ERY=97B81KM^<`ID\@X9>,D"MO3KV/4+*.>.:WE)`W^1()%5L9*Y'7&:K? MV#:-8)9.TCVX:1W5FYD=RQ9FQWRS'C`!((Z"K-A8"P28?:)IWFD\QY)=N2=J MK_"`.BCM0!;HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*\I^(DLB>)E" M2.H^SIP&([FO5J\F^(__`",Z_P#7NG\VKR\W_P!W^:/+SC_=OFCE?M$__/:3 M_OHUJ^&IYF\3::#*Y!N$R"Q]:QJU?#/_`",^F?\`7PG\Z^>""2>000R7#A8U<@ MG+$\8`!..^,#DB@#4HKD=,U;5+VW$WPU*VEL[^-4N42`%Y)/L\CD[PV``R? M="CGOCBIM7\3Q6?BW2-)6_M8%>;%TDKJ&<-%*45<_P"THR1W*CN10!U%%8^O6K'A[Q+=7E[9P:AYB MO/:Q"/8B;))"LA:0D'.&\F3;CY=JYS\P``.PHHHH`****`"BBB@`HHHH`*** M*`"BBB@`HHHH`****`"BBB@`HHHH`****`.,^)?_`"+EO_U]K_Z`]>5UZI\2 M_P#D7+?_`*^U_P#0'KRNOE[:!_R+FE_]>D7_H`KHR7^)+T-\C_B3]#1HHHKZ(^D"BBB@`HHHH`****` M"BBB@"*XN(;2VEN;B18H(4,DDC'`50,DGV`KE]/\57&J2R06SV0D?41;1$'S M/*B-MYP+@-RW#+P0`>.<<];5&72+&8RL$W2S"X9UD96$@0(&!!RIVJ!QCC/ MJ:`,"3Q/J,$`N9+:,PQR/"^V-L2.DTD3$/NQ&/D5@&SG=C/!(Z#2[U;VS#>8 MSRQX2;="T6'V@GY6`(&""/8BA=)L5@B@$`,,6_:A)(RX(8G/4G?F/K4E MG8V]A&Z6XDP[;V,DK2,QP!DEB3T`'X4`6:***`"BBB@`HHHH`****`"BBB@` MHHHH`****`"O)OB/_P`C.O\`U[I_-J]9KR;XC_\`(SK_`->Z?S:O+S?_`';Y MH\K./]V^:.1K5\,_\C/IG_7PG\ZRJU?#/_(SZ9_U\)_.OFZ'\6/JCYJA_%CZ MH]RHHHK[@^Z"BBN5C\77,FH2Z:-.MO[1WQ+%!]MSC>)&Q*0GR,J1,Q`#=5`) MS0!U5%9=KJ5W>Z-]KM[2`72R21/#+<%45HW9'^<(21E3@[>>.E<_<^.YK/3Q M>W&F0)#'%%<3G[8J5E=%=&#*PR"#D$4`+1110!S6O>(=, M\-265M+8%PB[K<1(H$6`4^7TX)''8D5C1_$#0H8;:&+2)4BM0!;HL:!8@%*C M:,_+\I(X['%4?B=_R$['_KBW_H5<)7SV,S&O2KRA%Z+R/G,;F6(I5Y0@]%Y' MHUKXP\->9-!!H/D_;CLN-D,:^;NR#OQU^\>OJ:[K[':_:4N?LT/GHFQ)=@W* MOH#U`]J\'L/^0A;?]=5_F*]_KMRS%5,0I.H]K'=E>+JXA2=1[6"BBBO4/5"B MN0U/Q)JFFZN;1UM2MUF*S)@D"I*94C0-)G:Y(9W*K@@(1SUK6LK[49;3589? MLLM_93&&-E5HHI6,:.F02Q7_`%@4\GIGOB@#9HKB)/$^M"QGDB:Q:6WGEAVR M6DL.42`Y5F$93YE)5AM;E<,",'D8Q5F@ M`HK+\0)#+I+Q7-K)<0.RAU2%IL8.06C7YG7<`"HZ@G/&:X?[!,FDZ=C2I_[1 MMI!+:N=/D*NJW+L$3!_T7<`F=W`1@O.TX`/3**XGQ)"+^\NY/[/N[B9K/R=+ MD^R2'[/=+)(&;./W?/E$.<`JN02.L$6B&;6-3B'G!)S+-=7%UIP&&6='CC#X M'FQL@8%0Q^51]TG%`'>T5PGAZ#5K/6[(S6;&UF1_*+6[+]GB^#7-'7=4BUM-'D^S>?,Z+#.UN MZ*?DE>0A"V7"[$&00,R#TYZ:6*.>%XI45XW4JZ,,A@>""/2LW_A'=,+*S13/ M(F/+D>YE9X_]QBV4]]I&>]`&4/$6IA4F:T1XEE:!A'$Q\UUG>)MK;L)]U2`V M..+:ENQ>-= MQ/S'.6/J?F;D]R3UI;#3K73(##:1E(R0Q!=FZ`*.6).`%`QZ"@"U1110`444 M4`%%%%`!1110`4444`%%%%`!1110`5Y-\1_^1G7_`*]T_FU>LUY-\1_^1G7_ M`*]T_FU>7F_^[?-'E9Q_NWS1R-:OAG_D9],_Z^$_G656KX9_Y&?3/^OA/YU\ MW0_BQ]4?-4/XL?5'N5%%%?<'W05S-QX6MK>-;V;5-3>6PB/V:? M]?'_`+**[>OH<)5E5HQG+=GT.$JRJT(SENPHHHKH.D\S^)W_`"$['_KBW_H5 M<)7=_$[_`)"=C_UQ;_T*N$KY#,?]ZG_70^.S+_>I_P!="Q8?\A"V_P"NJ_S% M>_UX!8?\A"V_ZZK_`#%>_P!>GDGPS^7ZGIY'\,_E^H4445[A[QCR^%M'GDE> M6U=_-+L4,\FQ6?)9D7=M1B23N4`\GGDU@IK/@J.!X1?3LCAM^][EBY8J=S$\ MEAL7:QY7&%(YKMJ^>*\S,<;4PW+R):WW^1Y>98VIA>7D2UOOY6/2OMG@3S4E M%_>+,A<^:MS>+(Q?:&W,#EN$0B?"W_F*_P#;'_V>N;!YG6KUXTY)6=^_;U.7!9I6KUXT MY)6=^_;U.\M+2"QMEM[="L8+-@L6)+$L22SY3 MZS7_`)W][/H.!BT$;,.0>OI6'J=M>7?B2-#I,YL,V[27431$RM' M(70-N<,J(QW<*2V>.F##H,-_'<+=7FA75J\40MK>WC:#9!$SKD;A*2Y&`S$X MX4[1D_,`=#:ZKIU]--#:7]K<2P'$J13*[1G)'S`'CD'KZ4O]IV!>W3[=;;KE M0T`\UA7GYA]*Y+0?#=V\HMM]//AJ\?1-%ME:XM[S[+:6]TR.A2(0_.&/!RRMG&TX)(SD"@#L8IHIU+12 M)(H9D)1@0&4D$?4$$'W%/K"\)VNI66D&VU*,1M$RK$HV8"^6F[&WMO\`,QGY ML8SS6[0`4444`,F:18)&A0/*%)16;`8XX!/:N:BUW4I+];%)+*;S)D@6[CA? MRED\N5Y$QO\`G*B)1D$M+8:=:Z9`8;2,I&2&(+LW0!1RQ)P`H&/04`6J M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"O)OB/\`\C.O_7NG\VKUFO)O MB/\`\C.O_7NG\VKR\W_W;YH\K./]V^:.1K5\,_\`(SZ9_P!?"?SK*K5\,_\` M(SZ9_P!?"?SKYNA_%CZH^:H?Q8^J/H?#+_`)`MY_U\?^RB MNWKB/AE_R!;S_KX_]E%=O7V&7_[M#T/LLN_W6'H%%%%=AVGF?Q._Y"=C_P!< M6_\`0JX2N[^)W_(3L?\`KBW_`*%7"5\AF/\`O4_ZZ'QV9?[U/^NA8L/^0A;? M]=5_F*]_KP"P_P"0A;?]=5_F*]_KT\D^&?R_4]/(_AG\OU"BBBO"OGBOH M>OGBO!SO_EW\_P!#Y_/?^7?S_0*]$^%O_,5_[8_^SUYW7HGPM_YBO_;'_P!G MK@RS_>H?/\F<&5_[W#Y_DST.BBBOK3Z\*X#XH?\`'MIO^_)_):[^N`^*'_'M MIO\`OR?R6N',O]UG\OS1P9G_`+I/Y?FCS>BBBOD3X\^@[?\`X]HO]P?RJ2H[ M?_CVB_W!_*I*^[6Q]]'8****8PHHHH`****`"BBB@#C/B7_R+EO_`-?:_P#H M#UY77JGQ+_Y%RW_Z^U_]`>O*Z^5S;_>7Z(^4S?\`WE^B"O=M`_Y%S2_^O2+_ M`-`%>$U[MH'_`"+FE_\`7I%_Z`*Z,E_B2]#?(_XD_0T:***^B/I`KR;7O%>N M6FOW]O!J#I%',RHH5>`#]*]9KPWQ-_R,^I_]?#_SKR,WJ3A3BX.VO0\?.*DX M4XN#:UZ%C_A,_$/_`$$Y/^^%_P`*Z3P1XAU;5-?:WO;QYHO)9MI4#D$>@KSZ MNN^''_(SM_U[O_-:\G!XBK+$03D[7[L\C!8BM+$03F[7[L]9HHHKZT^O"BBB M@`KE4U#53>R6$]]&';5A:^=!`$V1_9!,`H8MSNXR<]3TXQU55Y;&SG25);6" M1)F#RJ\8(=@``3ZG"@9/H/2@#F(]3UMHXKB.3ST%P]LB_(JRLD\D9+\;LE50 M@KP,,2`!SN:#J"ZCIJN/.+IM#M,%!3?$?_`)&=?^O=/YM7K->3?$?_`)&=?^O=/YM7 MEYO_`+M\T>5G'^[?-'(UJ^&?^1GTS_KX3^=95:OAG_D9],_Z^$_G7S=#^+'U M1\U0_BQ]4>Y4445]P?=!5/5_^0+?_P#7O)_Z":N53U?_`)`M_P#]>\G_`*": MBI\#]"*GP/T/!****^&/@SU#X9?\@6\_Z^/_`&45V]<1\,O^0+>?]?'_`+** M[>OL,O\`]VAZ'V67?[K#T"BBBNP[3S/XG?\`(3L?^N+?^A5PE=W\3O\`D)V/ M_7%O_0JX2OD,Q_WJ?]=#X[,O]ZG_`%T+%A_R$+;_`*ZK_,5[_7@%A_R$+;_K MJO\`,5[_`%Z>2?#/Y?J>GD?PS^7ZA1117N'O!7SQ7T/7SQ7@YW_R[^?Z'S^> M_P#+OY_H%>B?"W_F*_\`;'_V>O.Z]$^%O_,5_P"V/_L]<&6?[U#Y_DS@RO\` MWN'S_)GH=%%%?6GUX5P'Q0_X]M-_WY/Y+7?UP'Q0_P"/;3?]^3^2UPYE_NL_ ME^:.#,_]TG\OS1YO1117R)\>?0=O_P`>T7^X/Y5)4=O_`,>T7^X/Y5)7W:V/ MOH[!1113&%%%%`!1110`4444`<9\2_\`D7+?_K[7_P!`>O*Z]4^)?_(N6_\` MU]K_`.@/7E=?*YM_O+]$?*9O_O+]$%>[:!_R+FE_]>D7_H`KPFO=M`_Y%S2_ M^O2+_P!`%=&2_P`27H;Y'_$GZ&C1117T1](%>&^)O^1GU/\`Z^'_`)U[E7AO MB;_D9]3_`.OA_P"=>-G7\*/J>)G?\*/J95==\./^1G;_`*]W_FM-@?]YAZGC8'_>8>IZS1117V1]H%%%%`!69K%Q/'+IMM!.8/M=U MY+RJJEE412/QN!&24`Y!ZFM.HKBV@NX3#%4$L?8`D]J`.7O?'UEIMTUK>Z9J4$Z@$H M1$V,\CE9"/UJO_PLW1_^?/4?^^(__BZE33-&\3ZK=G4=)OK+4XHXWD@N95W> M6VY4<&)V3!,;C&<_*<@`@GG+E_`]MIMS>_V9JS""]%B(7CDAD>0Q+,3B4KL1 M8R6+2;``C'.,$^?46.YGR.-NFYYU18_G?(XVZ;G26GQ"T^_NH[6TTW499Y#A M$"Q#/?J9`/UK7_MF^_Z%K5?^_EK_`/'JXS3=0\(6&N:8\.GWUN9H!U_(H?VS??\`0M:K_P!_+7_X]1_;-]_T+6J_ M]_+7_P"/5KTV1BD;NJ-(R@D(N,M[#)`S]36YT&3_`&S?#D^&]5`]=]L?Y34? MVY=?]"]JWY0__'*Y_P`0ZE+Y\[SS7FFW2V(DTRU:X"&:YWN"I$;%93Q#\I)X M?IR-&)0LQ$J(J_+-(=AC*'[IQT)YEIO9DM-[ M,W?[U;\H?_`(Y0-:O3ROAO52/7?;#^0/%`UJAE MO)707#H'W[68A0H:/&T#&6]L9.CZ[?QZI;IH_MF^_Z%K5?^_EK_\`'JUZ M*HHR/[9OO^A:U7_OY:__`!ZN)\5:'KVOZN+RVT2YBC$2IMFF@#9!/I(1WKTV MBL,1AX5X&(AR3V/%_P#A"/$O_0)?_O\`Q?\`Q=7=(\*^(M.U>TO) M='F:."5794GAW$`]LN!7K=%<<K7HKTSU#(_MF^_Z%K5?^_EK_P#'JKWV MHZC=6%S;IX;U,-+$R`M+;8!((Y_?5OT4FKJPFKJQXO\`\(1XE_Z!+_\`?^+_ M`.+H_P"$(\2_]`E_^_\`%_\`%U[117E_V/A_/[_^`>5_8V'\_O\`^`RM)+O!AFMR`,`C1I1I0 M4([(]*C2C2@J<=D9']LWW_0M:K_W\M?_`(]1_;-]_P!"UJO_`'\M?_CU:]%: M&AYUXOTO7/$5W;36NA7<2Q1E2)IH`2T M45Y];+*-:;J2O=GG5LKH5JCJ2O=GC=MX-\20W4,K:1(51PQ`GASP<_WZ]-_M MF^_Z%K5?^_EK_P#'JUZ*VPV$IX9-0ZF^%P=/#)J%]3(_MF^_Z%K5?^_EK_\` M'J/[9OO^A:U7_OY:_P#QZM>BNHZC(_MF^_Z%K5?^_EK_`/'J\N_X0CQ+_P!` ME_\`O_%_\77M%%2_:-FWR)KZ,C^V;[_`*%K5?\`OY:__'J/[9OO^A:U7_OY:_\`QZM>BO0/0,C^V;[_ M`*%K5?\`OY:__'JYGQA9ZSXCAM$M=!O(C"S%O/FMQG..FV4^E=[165:C&M!T MY;,RKT8UJ;IRV9XO_P`(1XE_Z!+_`/?^+_XNC_A"/$O_`$"7_P"_\7_Q=>T4 M5Y_]CX?S^_\`X!YW]C8?S^__`(!BQ:M?QPHA\-:H2J@'$EK_`/'J?_;-]_T+ M6J_]_+7_`./5KT5ZIZR,C^V;[_H6M5_[^6O_`,>H_MF^_P"A:U7_`+^6O_QZ MM>B@#C'^)6DQR,CV.HJZDAALCX(_X'2?\+-T?_GSU'_OB/\`^+KS2_\`^0A< M_P#75OYFJ]?,2S;$)M:?OZ=XV@U>1X].TC4KAT&Y@ODK@?\ M"D%:/]LWW_0M:K_W\M?_`(]7%?#'_D)WW_7%?_0J],KW,#7E7HJ<]SW)?\`H$O_`-_XO_BZ]HHKAQ&7 MT:\^>=[G!B,NHXB?/.]SQ?\`X0CQ+_T"7_[_`,7_`,77H^F7^HV.E6=I)XBNP[#(_MF^_Z%K5?^_EK_P#'J\[U?PKX MBU'5[N\BT>98YY6=5>>'<`3WPY%>MT5S8G"PQ$5&?0YL3A*>)BHSZ'B__"$> M)?\`H$O_`-_XO_BZV_"NAZ]H&KF\N=$N98S$R;89H"V21ZR`=J]-HKGI970I MS4XWNCFI950I34XWNC(_MF^_Z%K5?^_EK_\`'JGM-1NKFX$:1%=W@O!=7UO=+$T4;PW3A$R"-WE$F)F&XD%D;H/05H44 M`<_HV@7FE2WUR;NQ%U>2QO*MK8F"`X8EW\OS&)F<,P,A;G;'D';AJ^H>$/M= MS<7<=U!]J.JQZK;?:;7S8HI%MDMP&3<"V`I<$,I#;3SMYZBB@#DT\!:;(;-K MZ.TN9(WGEN93:*))VED>1HPY)9(-TLN8\G<"%9BN\/)X$\(?\(7HLVG?:H+C MS)5DW06OD+\L,<7*[FRQ\K6>*.17OV>2-1',=[ON)B#MY0QD?=YP217=,RHI9B%4#)).`!51=6TU[ M9[E=0M&@0A6E$RE5)[$YP*`.7@&JRP6MU!>NQDN'@MO,E?E%FEVL5Z2!HMI+ M-SA.H-7QJ%@\T,:WEL99EW M1*)5W.I[J,\CCMZ5/#-'<0I-$X>-P&5AT8'H1[4`/HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#P"__P"0A<_] M=6_F:KU8O_\`D(7/_75OYFJ]?"2^)GP4OB9W?PQ_Y"=]_P!<5_\`0J],KS/X M8_\`(3OO^N*_^A5Z97U65?[K'Y_F?5Y3_NL?G^84445Z)Z04444`%%%%`!11 M10`4444`%%%%`!1110`4444`4=2BNI;:988[:XC,+JUK/'D3$J<*6S@`G`.5 M/%8!TW46UW^UOL5PZ+/%)Y4TD7G$".="JX.P(OFH1D@YWY)XSUM5GU&RCCFD M>\MUCA?RY6,J@1OQ\K'/!Y'!]10!R\GAN[FTSRU5XKB>6:61/,&Q5\Z26-6Q MSD&3'RD=2OA)?$SX*7Q,[OX8_\`(3OO^N*_^A5Z97F? MPQ_Y"=]_UQ7_`-"KTROJLJ_W6/S_`#/J\I_W6/S_`#"BBBO1/2"BBB@`HHHH M`****`"BBB@`HHHH`****`"BBB@"I>Q7\J,ME=P6^8V`9[GW3S-#'&[N;3/+57BN)Y9I9$\P; M%7SI)8U;'.09,?*1U)R=HK>T1;U+65;T3+B0"$3B(.$V+U\OY?O;L>V*M+J- MBTL,2WMN9)EW1()5S(OJHSR.#TJ:&:.XA2:)P\;@,K#HP/0CVH`?1110`444 M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`' M@%__`,A"Y_ZZM_,U7JQ?_P#(0N?^NK?S-5Z^$E\3/@I?$SN_AC_R$[[_`*XK M_P"A5Z97F?PQ_P"0G??]<5_]"KTROJLJ_P!UC\_S/J\I_P!UC\_S"BBBO1/2 M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@"AJEO+:79M+>Z29;2XN5DESY4J.58N0!EXR%W?PL>_/ M544`<=)X;NYM,\M5>*XGEFED3S!L5?.DEC5LS"&VA7=)(03@?0IQ MZ>_VE;B1]B;K24(S;2V!)MVG@$]>QIDWB'2[>^DLYKDQRQ9WLT3B-2$\PJ7Q MMW;/FVYSCG%.CL;@ZR+VYDCD6.U6*+8"N'+$RG'.`=L>.2>#^/-W/A;5;W6) M[Z1K6!K@%V*W+RK&QM?)V"(H$?#G=YAPQ'RX`XH`W&\5:0EO)/+/-"L9&Y9K M66-P"K-G8RAMNU'.<8^5N>#6E%=P374]M')NEM]HE`!PI89`STSC!QU`(/<9 MY&V\(3II=]#<6UN[RI&D$3WTTX5E1D+-*P#[2KD;!Q@$?Q&M+1M`OM)UN>8W MK2V,BL=K2L6>1A%\Q3&T'07GC3Q3I(UFX%]#J;6-A/+?110 M+]GT^XW`11I(`#(<$[@23QGCI5EO$/B:+Q@G@LZZ7EEN(B-6^RQ!U1K>60H% MV["=T7!(Z-WZUUVG?#SPSI221VEE<+#(DB/#)?W$D3!P0^49RISD]N]/7P#X M933FL5TYA"TRSEOM,OF^8J[5(DW;QA>!@\#B@#E+3Q?XHNK'P;=,UDMG?ZB; M&]E4'SIG5IE.$*[50B(-D'.3@`#KZA64/#>D"STRT6R1+?2Y5GLXT9E$3JK* M#P>>&;KG.\,:3XFCMDU6WDF%K+YT)CN)(2CXQN!1@)=(U[4'M[^&_:T-S//I4$"M%; M6B1.T;R2XW+*S*IVD\[N!QFO5:YJW\!>';749[Z&UN5FN)GGF'V^J:;H$FL^?/JZ6,JWXM8@UH)O-+J%`VG_5#;N!Z\YJ6 MZ\3^+)_#5[/9:FKWFCR7D4RVUO$\UVT4I2.1HVX6(A6W%><]*[6'X?\`AB#3 MY[&/3,03M&S9GE+@Q_&+BTMK5],Q%;(T\.Z7XFLHK/5K=YX(IEG14GDB(=<0>)O M%U_;V]FVHOI\JZ=>ZDEW+9QB2ZBCD58=\;#";E;G?$#6[VWMO$L M]XMOIW]IVEA-IOD*0$EAC=Y"V-^09,C!QA>AKNI_`/ARZLHK2YLYYXHF=D,M M[.[C>`&7>7W%2%&5)P<=*LGP=X?.LQZM_9L8O(]I4AV"`JNQ6\O.S<%X!QD" M@#E?A_X]D\6>*==BFO[,VOE6\^G6<:63;N1LAMHS@\#!SQC'QQXFT[1H[B;48[R;4]$@U&% MFMD5;.26>*+:-H&Y0)@?FR:]`;P+X?;6Y]8%O=)?7$JRS21W]P@D9>FY0 MX4@8QC&,4MKX$\,V5M>V\.E1^3>1>3,CR.X,>2=B[B=BY).%P`>:`.(O-=\9 M+JEWH%G=W]])I]\1->V=O;":2$VRR*NV0",$._)`R0,`9KT7PWJ<.L^&M-U& MWN);F*XMT<33(J.YQR65>`V^%Y+&.T;36V)*\HD%U,)=S`*Q M,N_><@`$$\@#TKH+*RMM.L8+*SA2&V@01Q1H,!5`P`*`)Z***`,GQ-/?VWAR M]FTVYM+6Z1`5N+M@(H5R-SG/'RKN(SP2!FO.M.\2>*-5U*STBWUN9+&]GN9+ M/6IK&-)9X8HHS_JRNW:7EZWHFG^(M)FTO58&GLYBIDC$KQ[L$ M$H'>LE_`'AR2S%K+:74L:R>8IEU"X=T.-IVN7+*""00"`>X-`'GR?$+Q M'J6@W&N0W2VBZ5I=E>36@@1A>O*S!P21E5PG&TCD]ZV/"OC+6]5\6VQOY+F' M3=2GO(;2![:+RCY+,`%<-YF\!"26&T\@8Q7877@GPY>364L^F1DV<<<,*J[J MH1#E%900'`/(#`X-2VGA/0['6Y-8MK!4OI"[&3S'*JS_`'V5"=JENY`!/>@# M:HHHH`*\[\;ZWXBTW6Q#I>IQ),Z1?V=I4,"S2WKECYAERN8XU&/F!`ZDGM7H ME<[J/@?0-5U>75;JWNA?2HL;RP7]Q#N5>@PC@8_"@#SK4OB%XCTK24U_[6D\ M.H-J,4-@T"!;0P%_+;G48K* M!I)8Y(W)BV%=GWE&"!GD#-=])!X)\/6VDW.EQV!^R74B23JT\C-(4(*Y'[-:ZS)=V5[JUM86>MM9QH2&1VF*+M"LH*!58@@[CUQFJ9\;>*+F/6K> M/54@E\/65W'(=/DL%M+E[9]GR2 MW]Q)Y90Y4H6%[BUM+:32E,5JK)&HED7*LVYE$*,#B(`#+#&-QR>!G(7QIXBM[I-6NIU:V;6;C2GTE(DP MGEQ.=X?&XG='D\XP1QWKMM6\%:%K>K+JM[;W)OEA$`FAOIX2(P2=O[MU&,G- M26W@[0;361J\-AB]&2)#,[#<5V%MI;;N*\%L9/;CQ?XPALK'9?/?-JND MP:H\D%DCO8(TJ+)Y:*/WF$DR`V3E2>>E=O\`#_7KO7M)U`W+X?>%H+6ZMX]*417(57!FD)4*VY0A+9C`;D! M,`&MG2=(L=#T]+'3K<06ZDMMW%BS$Y+,S$EB2>222:`+M%%%`#)C*()#`JM* M%.Q6.`6QP">PS7CR^+_%<4HMHM:CU".XDM;.?48[5!!97%]1>WNK29M+UH:?THF>,RN6>0.)`S/G>$]#O] E:BUBYL0]]$482>8X!*'*%E!VL5)X)!([4`;-%%%`!1110!__V3\_ ` end GRAPHIC 16 c63583developingmarkets.jpg GRAPHIC begin 644 c63583developingmarkets.jpg M_]C_X``02D9)1@`!`0$`9`!D``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V^37-+BOI M;)[Z`7,,#7$L>[)CC7&6;^Z.1UZ\XZ&F#7].PV9)E=65?*>VD60E@2,(5W'( M5N@_A;T--U&QO)=1COK06[/%8W,*).2%:1S$4S@'Y?W9SWYX!K.AT34D>"]E M%O)J,5PLSR/<,PF'ER1[0Q_&@#2HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`89 MHA.L!D02LI=8RPW%00"0/0$C\QZU')>VD-NUQ+=0I"K%6D:0!0P.T@GIG((^ MM9LFD1#Q7!J4=E"%>RGAN9@BAG)>$H&[MPK^H'/K5"UT>XT_3]/6&P7;9ZK= M7/V:(HN8W:<+MY"])5;&1W[\4`;ZZC8M+#$M[;F29=T2"5I:RK>B9<2`0B<1!PFQ>OE_+][=CVQ0!IT444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!7+ZZ^I6VM/+8WER[MH] MX\-GA3&)D,.Q@`,ELL1R3UXQDUU%%`'FMWJ4,?[O2M8DNM*:2V$EQ<:I*J!R MDYH$BA]R,I"R/& M2K%E#`$9SQ5CQ'XWET+5VL5L4F"HK;S(1U]L5D_\+0G_`.@5'_W^/^%<,\QP MT).$I:KR9PU,RPU.3A*6J\F.AU@RSZ2\5[(+LW4,+6YOY;&LA4=BPR?YUK0Q=*NVJ;O8UH8RCB& MU3=[$]%%%=)TA1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`45RVO: M70ACP M\4*S2O&%8_ZO*,JX(/\`""``:Z70)9Y+!HY8@B0L(H<6SP!D"+_`Y)&"2/PH M`U:***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`\B^(7_`"-9 M^K"O>](_Y`MA_P!>\?\`Z"*\$KWO2/\`D"V'_7O'_P"@BO2R3XY^B/3R/XY^ MB+E%%%?0GT04444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%4]7B:? M1;^%'F1Y+>15:`9D!*D949'S>G(YKD8K.1[E)WTP1Z3]HB\ZT@M'5&Q%,"WE ME0S?,T/\/\(Z[2:`.ZI%977&QAGMTD2[:2;R$,>'BA6:5XPK M'_5Y1E7!!_A!``-=+H$L\E@T1?$ M+_D:Y/\`KDG\JY6NJ^(7_(UR?]D?\` M(%L/^O>/_P!!%>"5[WI'_(%L/^O>/_T$5Z62?'/T1Z>1_'/T1X-<,^BWAL89[=)$NVDF\A#'AXH5FE>,*Q_U>49 M5P0?X00`#72Z!+/)8-'+$$2%A%#BV>`,@1?X')(P21^%`&K1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`'D7Q"_Y&N3 M_KDG\JY6NJ^(7_(UR?\`7)/Y5RM?&8W_`'B?JSXK&_[S/U85[WI'_(%L/^O> M/_T$5X)7O>D?\@6P_P"O>/\`]!%>EDGQS]$>GD?QS]$7****^A/H@HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`**;(I>-T5VC9@0'7&5]QD$9^HK ME[>\U&6"PD_M*?R=3O#'#(\<6](1%(ZL,*!ER@/(.`P&,\T`=517%RZSK,%F M+X2^;$DLL"\(%D,1?$+_D:Y/\`KDG\JY6NJ^(7_(UR?]D?\`(%L/^O>/_P!!%>"5[WI'_(%L/^O>/_T$5Z62?'/T M1Z>1_'/T11?$+_`)&N3_KDG\JY6NJ^(7_(UR?]] MZ1_R!;#_`*]X_P#T$5X)7O>D?\@6P_Z]X_\`T$5Z62?'/T1Z>1_'/T1]4T MT?3([9[9-.M%@D(9XE@4*Q'0D8P3P*FO;G['8W%UL,GDQ-)L7JV!G`_*L>+Q M%-(4@%I%]MDN!`L)ED0`F-I,MOC5@-J-@A3DCZX`-E;2W18U6"-5B4K&H4`* M#V`[46MG:V47E6EM#;QYSLB0(,^N!7/MXO6(HTMGM0,4<"7+EUE>)A&NWYP" MF3R#AEXR0*V].O8]0LHYXYK>4D#?Y$@D56QDKD=<9H`MT444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110!Y%\0O^1KD_ZY M)_*N5KJOB%_R-]Z1_R!;#_KWC_] M!%>"5[WI'_(%L/\`KWC_`/017I9)\<_1'IY'\<_1%RBBBOH3Z(****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`(YX1<6\L+/(@D0H6CB>7[3)>W;WH=&6Z)0.NU74``+MQB23@K_$?;&NS*BEF(50,DDX`%8$'B M9[HND%C^\:^%I;B27:)!Y`G#M\I*@KGC!/3.,G`!<_L&T:P2R=I'MPTCNK-S M([EBS-COEF/&`"01T%6;"P%@DP^T33O-)YCR2[0<,O&2!6WIU['J%E'/'-;RD@;_(D$BJV,E](_Y`MA_U[Q_^@BO2R3XY^B/3R/XY^B+E M%%%?0GT04444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`,FABN8)()XD MEAE4I)&ZAE=2,$$'@@CM61'X6TVWEFELT-I+)*;$D%HYDC&!+(^T+"V]X\-\V>&C<$@$<9SCF MM:VF:>VCF:)XBXW;'&&`[9'8XZCM0!+1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`'D7Q"_Y&N3_KDG\JY6NJ^(7_(U MR?\`7)/Y5RM?&8W_`'B?JSXK&_[S/U85[WI'_(%L/^O>/_T$5X)7O>D?\@6P M_P"O>/\`]!%>EDGQS]$>GD?QS]$7****^A/H@HHHH`****`"BBB@`HHHH`** M\WU6V^UWFJ&QTR\MKD&>(W)LIS-<;\HS;]H4QHI+(H8EMB8QWTM*BNX?#&N6 M-K;/'Q\NQDM8F_=(!MC;_5?.V-I(+$,PXS@`[:BO+9=-MFLOL)TN\,, MDLXMKIM*E40(R0[I?)2/Y9=P8(<)T9LG)W;.OZ/?+K6IW>G%Y9)[.6295B*D MKLC"Q!P!@YR:ET'1_[$LGMO-273MR3W)-/37=-DDB1+@DR`8/EOM M7+%0&.,*=RLN#@Y&.M7+:X2[MH[B+/ER#9^K"O>](_Y`MA_U M[Q_^@BO!*][TC_D"V'_7O'_Z"*]+)/CGZ(]/(_CGZ(N4445]"?1!1110`444 M4`%%%%`!1110!2UB\DT_1[R\B"M)#$SJ'&02!WKSC_A9>L_\^UA_W[?_`.*K MO_$W_(L:G_U[O_*O#:\/-<35I5(JG*VAX.;8FK1J15.5M#L_^%EZS_S[6'_? MM_\`XJM_PAXOU#Q!JTMI=PVR1I`9`8E8'(91W8^IKRVNS^&G_(QW'_7HW_H: M5QX/&5YUXQE)M-G'@L;B)XB,93;39ZI1117U!]4%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`,F#F"01HCN5.U7.%) MQP#P>/PKF;?1-6$\%_6J^:Q`PW.&5>UACN4B>1[B6:Y96;!5Y'E MV`=&P7*@D<`L1@FK^@V5]8V3Q7\_G2EP0WG-)QL4'E@#RP9L=!NQ5M=1L6EA MB6]MS),NZ)!*N9%]5&>1P>E3131SQ"6)PZ-T8=#]/:@!]%%%`!1110`4444` M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`>1?$+_D:Y/\` MKDG\JY6NJ^(7_(UR?]D?\`(%L/^O>/ M_P!!%>"5[WI'_(%L/^O>/_T$5Z62?'/T1Z>1_'/T1C?^AI7&5V?PT_Y&.X_Z]&_]#2N'`?[S#U.'+_] MYAZGJE%%%?8GV84444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`5RJ:)-87LLUGIR"VBU87<<$&Q-Z&T$1*C(`.\D\XZ$ M^F>JHH`Y2+P[,]I$L@FAEGN9))ECD&$C,\DR9(_B7?@;3U.>0HK5\/)J,6G& M/4D*2*RJBD1C"A%R`$XQNW8[XQFM:B@`HHHH`****`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#R+XA?\C7)_UR3^59^K"O>](_Y`MA_U[Q_^@BO!*][TC_D"V'_ M`%[Q_P#H(KTLD^.?HCT\C^.?HBY1117T)]$%%%%`!1110`4444`%%%%`&5XF M_P"18U/_`*]W_E7AM>Y>)O\`D6-3_P"O=_Y5X;7SF=?Q8^A\UG?\6/H%=G\- M/^1CN/\`KT;_`-#2N,KL_AI_R,=Q_P!>C?\`H:5PX#_>8>IPY?\`[S#U/5** M**^Q/LPHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH` M****`"BBB@`K'\03>4-.$MP]O:/=;;J19#'M3RY",N,%1O"#.1UQWK8HH`XN M`:K+!:W4%Z[&2X>"V\R5^46:7:Q7I(&BVDLW.%R,DBMOPQJ*ZCI(94VB)@F? M.\PL2BN2S8'S9;!XZ@UL8&Y=K34-/B@.-J2V+R,..B@#(^S>(_^@KI7_@M MD_\`C]'V;Q'_`-!72O\`P6R?_'ZUZ*`,C[-XC_Z"NE?^"V3_`./T?9O$?_05 MTK_P6R?_`!^M>B@#(^S>(_\`H*Z5_P""V3_X_1]F\1_]!72O_!;)_P#'ZUZ* M`,C[-XC_`.@KI7_@MD_^/T?9O$?_`$%=*_\`!;)_\?K7HH`R/LWB/_H*Z5_X M+9/_`(_1]F\1_P#05TK_`,%LG_Q^M>B@#(^S>(_^@KI7_@MD_P#C]'V;Q'_T M%=*_\%LG_P`?K7HH`R/LWB/_`*"NE?\`@MD_^/T?9O$?_05TK_P6R?\`Q^M> MB@#(^S>(_P#H*Z5_X+9/_C]'V;Q'_P!!72O_``6R?_'ZUZ*`.'U?P'?:W?M> MW>LVZRE0I$5BRK@>QE/\ZH_\*LD_Z#:?^`9_^.5Z-17)/`8>(_^@KI7_@MD_\`C]'V;Q'_`-!72O\`P6R?_'ZUZ*`, MC[-XC_Z"NE?^"V3_`./T?9O$?_05TK_P6R?_`!^M>B@#(^S>(_\`H*Z5_P"" MV3_X_1]F\1_]!72O_!;)_P#'ZUZ*`,C[-XC_`.@KI7_@MD_^/T?9O$?_`$%= M*_\`!;)_\?K7HH`P+W2]>U"QFLYM6TT13(48IISAL'TS.:YC_A5DG_0;3_P# M/_QRO1J*YZV%HUG>I&YSUL+1K-.I&YYS_P`*LD_Z#:?^`9_^.5HZ+X(U#0+Q M[JRUFV:1XS&1-8LPP2#VE'/`KM:*B&!P\)*48ZKU(A@,/3DI1C9KU,C[-XC_ M`.@KI7_@MD_^/T?9O$?_`$%=*_\`!;)_\?K7HKK.LR/LWB/_`*"NE?\`@MD_ M^/T?9O$?_05TK_P6R?\`Q^M>B@#(^S>(_P#H*Z5_X+9/_C]'V;Q'_P!!72O_ M``6R?_'ZUZ*`,C[-XC_Z"NE?^"V3_P"/T?9O$?\`T%=*_P#!;)_\?K7HH`R/ MLWB/_H*Z5_X+9/\`X_1]F\1_]!72O_!;)_\`'ZUZ*`,C[-XC_P"@KI7_`(+9 M/_C]'V;Q'_T%=*_\%LG_`,?K7HH`R/LWB/\`Z"NE?^"V3_X_1]F\1_\`05TK M_P`%LG_Q^M>B@#(^S>(_^@KI7_@MD_\`C]'V;Q'_`-!72O\`P6R?_'ZUZ*`, MC[-XC_Z"NE?^"V3_`./T?9O$?_05TK_P6R?_`!^M>B@#(^S>(_\`H*Z5_P"" MV3_X_1]F\1_]!72O_!;)_P#'ZUZ*`,C[-XC_`.@KI7_@MD_^/T?9O$?_`$%= M*_\`!;)_\?K7HH`R/LWB/_H*Z5_X+9/_`(_4]I#K"7`-[?V,T.#E(;)XVSV^ M8RL/TK0HH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`\]U/6_$,'CVVL+?48Y3+>QC^R8(%D" M6.!OGFDVY1L[L#.#@#!SQRT_Q!\36.BZ=JK7R3G7K662&!K=`+!Q/%&I&!E@ M%EYW$\K^%>D-X&T!M;GU@6]TE]/*LTLD=_<()&7[N5#A2!C&,8Q2Q^!/#,37 MI72HR+V-XIE:1V78S;F55)P@+<_*!SS0!PU]XF\4V6KW>AOJ=Z]M8WACGUBT MTQ9YL-`DD2&)4*C+,P+!1T`XSFN_\&ZS/XA\&Z1JUU&([BZMEDD"C`W8Y(]C MU_&JK_#_`,,/IZV+:- M8H8D$<<:#`50,``>@%`$E%%%`!1110`4444`%%%%`!1110!D^)I[^V\.7LVF MW-I:W2("MQ=L!%"N1N"0,UYUIWB3Q1JNI6>D6^MS)8WL]S)9ZU- M8QI+/#%%&?\`5E=NTNYPVT95>,=:]+UO1-/\1:3-I>JP-/9S%3)&)7CW8((Y M4@]0.]9+^`/#DEF+66TNI8UD\Q3+J%P[H<;3M*= GRAPHIC 17 c63583ushighyield.jpg GRAPHIC begin 644 c63583ushighyield.jpg M_]C_X``02D9)1@`!`0$`9`!D``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W#5]5@TBS M66:6)'E<10B5PBLYS@$GH``2?8'K7.P>*[VZT`:G#]B86^D1:C^TF>WFC\C[")(EGW0/(VUGP[%E.(U M58\%HIMV)=UN4MR00_P`X#."00G8`D98`';T5QTGBK4[>VM99 MK55\F5X]2)MG_<[9(_[K,$S%(9,Y8?+@$YS6UH.LC5XI]Y5)XY#N@V,K1+N9 M0&)X8Y1@2O&01SC)`->BBB@`HHHH`****`"BBB@`HJO=WL%C&CSLPWML141G M9FP3@*H))P">!T!JF?$6E+&KFZ.TJ78B)SY:ABI+\?(`RL#NQ@J?0T`:E%9_ M]MV!F:%9',@D\L+Y;#>P?8=I(`;#<$C('>M"@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"LV^ MT+3M2N?M%U"[.4$;[9G19$!)"NJD!UR3PP(Y/J:TJ*`/-+O7?#^B:]>BV\.) M!=*ZQ23VLGDEQ&^\#Y0."W4?Q#ALCBJS^+-#>:XE;0Y]]P"&(O7`7+!B4'2, MEE#$K@D@'K6#XF_Y&?4_^OA_YUE5\M5S/$QG)*6S[(^4JYGBHU)14MF^B/3/ M#6L:7K5U'ID6F31)&YO"TMRTIDD&,%RW+D$@C).-J^@KK[/2[.PGN)K:'9)< M,6D;<3D[F;C)X&YV.!QEB>]>9?#C_D9V_P"O=_YK7K->UEU>=:CSU'=W/=X4444`%%%%`!1110!4OUO'A06?E,=W[Q)'9-Z$$8#J"5 M.2#G!Z8XSDU\N^LVM'S(_^CJ9)F&TX_>$+-C)VDE,GKQV% M%`'.7_AUIM1-Y;(JE&RL?VB2+>6R7.Y$3(JR6CQR3EYE+2N\BJC;>3&FX_+GD9P);6"3_A!;K2I[ M/5;1WEN_E:W\^0P_:"23M)!)5^F6:MIMY+I<,-MIS-;1+>) M:,=*8.Y81%#Y:!?)D+>8%F*@*%SCYJU-7T6]BU2Y^QCSH6):\86K$R1S3*2C M$-F7:`>`!A`5ZOD`'?T55TR:XN=)LY[N'R+F2!'EBQCRW*@E<'T.15J@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`/#?$W_(SZG_U\/_.LJM7Q-_R,^I_]?#_S MK*KX>O\`Q9>K/A:_\67JSKOAQ_R,[?\`7N_\UKUFO)OAQ_R,[?\`7N_\UKUF MOI,H_P!V^;/I+GDL;F[CL$:.S@:YN2+CCRUDD3,9V_/GR689 MV@@KZ\`'3T5SDGBI(KY[6:."`B5D#O/PBJ^TM)D#9D?,O)SD-_\)9KW_04N/^^J]BU?_D"W_P#U[R?^@FO!*\'.*DX2 MARMK<\#.:DX3ARMK@^`-2O-3TJZDO;AYW6?:K.>@VCB MO):]0^&7_(%O/^OC_P!E%_4YLKK5)8E*4FUKU.WHHHKZ<^H" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`\-\3?\C/J?_7P_\ZRJU?$W_(SZG_U\ M/_.LJOAZ_P#%EZL^%K_Q9>K.N^''_(SM_P!>[_S6O6:\F^''_(SM_P!>[_S6 MO6:^DRC_`';YL^ER?_=OFPHHHKU#U0HHHH`****`"BBB@"AJVEIJ]HMM+<31 M1AP["+;^\`S\K!@05[D8YQZ9%59_#D%S&Z2WET1+`+:XQL7SH@6(5@%P`-[# MY=IP>M;-%`&?=Z3'=W/VDSS1SJ5\J1-N8L`@X#`CG<<`8&?RJ:B@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`IZO M_P`@6_\`^O>3_P!!->"5[WJ__(%O_P#KWD_]!->"5\]G?QP]&?.YY\&^)O^1GU/\`Z^'_`)UE5J^) MO^1GU/\`Z^'_`)UE5\/7_BR]6?"U_P"++U9UWPX_Y&=O^O=_YK7K->3?#C_D M9V_Z]W_FM>LU])E'^[?-GTN3_P"[?-A1117J'JA161'XCLY+G481!?@V"HTN M;*7+ABP'EKMW./D/*@CT)P<3VVJB]T&VU:TL[F=+F".>.`;%E*N`0#N8*"`> MM`&A17.-XPM4LX;E]/OE6599"N(R5CB95>3A\,N6&-I);J`:G?Q591RR M1M!VSV\K2JCC! M,4SQ-^#*01^!KA/[.N1X=ABEL+EKO^P+:&Q_9,XM&?+.YD&Y4.Z7:0,8QMRO7#9ZJP MEFGTZVFN(_*GDB1I$P1M8@$C!]#0!8HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`IZO\`\@6__P"O>3_T$UX)7O>K_P#(%O\`_KWD_P#037@E?/9W\?'#T85ZA\,O^0+>?]?'_`+**\OKU#X9?\@6\_P"OC_V45RY3_O*]&^GDM=/N;B&!KB6*)G2%>LC`$A1[GI6%X9\12:QJ&H6; MW-I=BVB@F%Q:0O&G[S>"A#,V64Q\\_Q`$`@UT4L4<\+PRH'CD4JZGH0>"*XW M7-0LO!MQ:>18W-P\I,ADDU"4L=JE0&+%BZX8LK$+$&W3J/*&)$(4@LW135]?%U^! MI=R]AFTN;>,S+'"[,)V64-&&S@,)$C3:PSE^V#7)1^)=&BB\N/P_,F"A1EU2 M4/&$#!0C=44!W`52!AB,M?&UC'+8I'H)46S-Y(-X6"L_WG.5Y;D_,>?F; MGDUR?VGA?Y_P?^1Q_P!J83^?\'_D=]H6J)J^EQW(FBEDP/,\I&55)`8`!N2- MK*0>X(/`-:54]-TNSTFV-O8P^5$2"1N+=%"CDDGA54#T``[5WS,<-M+[I.`I&2%ZL/0U0UN32/"0@F%I= MR-,V%VWDG[L(ROM7+?*A(&57"D#!!'%9EM\1--LT=(-*G17D>5OW@.69BS') M]R?IT'%)]1@T70-3EM8S%=VL<]ZT<3NL9 M8Q9"D'Y>'D89SG8%')%:_A_6EUFS\UL),5$IB$;*4C_LW>Q?HHHKH7>L7=TL<,L$,!##A=C2'.??S,=.W MO6!%JVE6_AZ#2+?Q';1K%IYM/.$+;_,"*JR#YL`##$KSG(Y&.;GC[_D4;G_? MC_\`0A7CU>1C\QJ8:JH12>ESQ\?F-3#55"*3TN>B:U#X9U4Q+#J^GPPQVJVL M:RVQE-NH/#PG(\MQQ\W/W5]*V[KPY8>()FU."2UV2!&A9+<$,P?+-)T+[@-F M,CY2P_B->05[5X,_Y%'3_P#<;_T(T\!F$\34<))*RN/+\PJ8FHX225E=[A$1CE-@"_.",?.6/&?DZCFN=M=N\%,DL=N,CJ0``=[17$6GB:^AUM+&\-T;=;G9YC)"7;/E1A'*';A9)03MY M^9!V?';T`%%%%`!1110`4444`%%%%`%/5_\`D"W_`/U[R?\`H)KP2O>]7_Y` MM_\`]>\G_H)KP2OGL[^.'HSYW//CAZ,*]0^&7_(%O/\`KX_]E%>7UZA\,O\` MD"WG_7Q_[**YC.7*/]Z7HSMZ***^K/K`KS?XH?\?.F_P"Y)_-:](KS M?XH?\?.F_P"Y)_-:\_-/]UE\OS/.S7_=)?+\T,"NGIDL4-<)=P7<5H=L/DI=)]R- MRG8[-N9AF/@EOF)[GFI(O'V MGPWTE]%X8MH[N08>X211(P]VV9/0?E7!_:>%_G_!_P"1Y_\`:F$_G_!_Y&UI MWB6\2_M;?4#<>4)IH?,"Q$RMYZQKN*\`+YL2G9UI?+\CY'-?][E\OR05]!V M_P#Q[1?[@_E7SY7T';_\>T7^X/Y5VY)O/Y?J=N1[S^7ZDE%%%>^?0A163KUY M?V5IYMD8E"*SR,UM)I&RT;^R[-);K4+8W3;4 M\Y4154G`WH#DNH!W#\3@$`ZJBN6A\1WKZAI4DGV;^SM0\L*R02G;OBW!C*<* M"7(0(0"00<]JIV'C6Y,T5OJD"VDR`S73&WEQ'$(T)^7D@AV(+'Y<)NX#+D`[ M6BBB@`HHHH`****`"BBB@`HHHH`\-\3?\C/J?_7P_P#.LJM7Q-_R,^I_]?#_ M`,ZRJ^'K_P`67JSX6O\`Q9>K.N^''_(SM_U[O_-:]9KR;XKV'Q]_R*-S_ M`+\?_H0KQZOF,Y_WA>GZL^6SK_>%Z+\V%>U>#/\`D4=/_P!QO_0C7BM>U>#/ M^11T_P#W&_\`0C59+_&EZ?JB\D_CR]/U1NT445]*?3!5&\U>QL)?+N9BC!/, M?$;,(TR1N<@$*O!Y.!P?0U>K`UG1KR^DU%;9H/+U&Q6RD,C,#$`9/F``.[B4 M\LA`&2<]< MGGF@"Y6)XGLK"72;F^NM-L;N>U@=HFNK=9-O<@9'`.!^52?\(IX<_P"@!I7_ M`(!Q_P"%`\*^'5(*Z#I8(Z$6N`!3D\9WD5^U_'IVE)>,-K7"VH$A'H6SGL/RKU'_ M`(1W0_\`H#:=_P"`J?X4?\([H?\`T!M._P#`5/\`"O*^I8O_`)_'D_4L9_S^ M,KPA-%K>AQW-W96F^"YG2C*,%&3N^YZE*,H049.[[FO161_PBGAS_H`:5_X! MQ_X4?\(IX<_Z`&E?^`T?\(IX<_Z`&E?^`,CBHN45 M:QKT5D?\(IX<_P"@!I7_`(!Q_P"%'_"*>'/^@!I7_@''_A78=A;U?_D"W_\` MU[R?^@FO!*]P'A7PZ""-`TL$?].* ME%J5K'F8_`2Q4HM2M8\+KU#X9?\`(%O/^OC_`-E%=)_PCNA_]`;3O_`5/\*: M_A?P_(TC/]*RP>62P]55'*YE@\KEAZJJ.5S5HK(_X13PY_T`-*_\ M`X_\*/\`A%/#G_0`TK_P#C_PKUSV#7KS?XH?\?.F_P"Y)_-:['_A%/#G_0`T MK_P#C_PIR>&-`CSLT/3%SUVVD8_I7-BZ#KTG33M(HNFG:YX;4EO_Q\ MQ?[X_G7N'_".Z'_T!M._\!4_PH_X1S0_^@-IW_@*G^%>0LEFG\?X'C+))I_& MON-.BLC_`(13PY_T`-*_\`X_\*/^$4\.?]`#2O\`P#C_`,*^@/HC7HK(_P"$ M4\.?]`#2O_`./_"C_A%/#G_0`TK_`,`X_P#"@#P^BO=/^$=T/_H#:=_X"I_A M1_PCNA_]`;3O_`5/\*^>_L2?\_X'SO\`8<_YU]QQ_P`+?^8K_P!L?_9Z]#K* M?PQH$F-^AZ8V.FZTC/\`2F_\(IX<_P"@!I7_`(!Q_P"%>SA*#H453;O;_,]G M"4'0HJFW>W^9KT5D?\(IX<_Z`&E?^`;U[DGACP_'G9H>F+GKMM(Q_2G?\([H?\`T!M._P#`5/\` M"O'Q>5RKU744K7/&Q>5RQ%9U%*USPNOH.W_X]HO]P?RJA_PCNA_]`;3O_`5/ M\*C_`.$4\.?]`#2O_`./_"M\!@7A7*[O>QO@,"\*Y7E>]C7HK(_X13PY_P!` M#2O_``#C_P`*/^$4\.?]`#2O_`./_"O1/2+6H:3::GY9N5E#QY"20SO"Z@XR M-R$'!P,C/8>E>?7_`(FT:&5[#^R+M4MI2D9AOY(M@51'A"I!1=JCY1@9YQG) MKM_^$4\.?]`#2O\`P#C_`,*D'AS0P`!HNG`#_IU3_"N>O"M)+V4N7Y7.?$0K M22]E+E^5SSV/Q5H4-TEQ%H$L90H1&EVPBRBA4)C'R$J%4`D9&T>@K;\/WNC^ M*+N>V;2Y(V423/(UPQ,F]EW*V,;E.%&TY&%48P!73_\`".Z'_P!`;3O_``%3 M_"FOX9T"08?0]-8>]I&?Z5E3I8I33G437H8TJ6+4TYU$UZ&K161_PBGAS_H` M:5_X!Q_X4?\`"*>'/^@!I7_@''_A7:=QKT5D?\(IX<_Z`&E?^`QT&"6STFPMY#=*I>&V1"1M?C('3@5E7JJE3=1J]C*O55&FZC5['H=%?.?V M:#_GC'_WR*/LT'_/&/\`[Y%>3_;UB9G:TC)8E1DDXY-7_`/A%/#G_`$`-*_\``./_``KV8RYHJ7<]N$N: M*EW->BLC_A%/#G_0`TK_`,`X_P#"C_A%/#G_`$`-*_\``./_``JBCR3Q-_R, M^I_]?#_SK*KW0>&]"4`+HNG`#H!:I_A1_P`([H?_`$!M._\``5/\*\&IDTI3 M[_P`UKUFLMO#6@N,/HFFL/0VD9_I3 M/^$4\.?]`#2O_`./_"O3P6&>'I'D;5C3CLMEB:G.I6TL>%U M[5X,_P"11T__`'&_]"-6O^$=T/\`Z`VG?^`J?X4QO"WAYF+-H.EDGJ39Q_X4 M\#E\L--SH>J34444`%%%%`!1110`4444`%%%%`!111 M0!Y7\2_^1CM_^O1?_0WKC*[/XE_\C';_`/7HO_H;UQE?'8__`'F?J?&9A_O, M_4T=`_Y&/2_^ON+_`-#%>[5X3H'_`",>E_\`7W%_Z&*]VKU\E_AR]3U\C_AS M]0HHHKVCW`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*XSXE_P#(N6__`%]K_P"@/79U MQGQ+_P"1/MCMZJMIE@RVZM8VQ%N`L`, M2_N@,8"\<8P.GI0!SMQJ&KVVLK9R>?,DLI;;'Y6=F\L@0\8RBD'>>S;3P,]- M:7*7ME!=1!A'/&LBAAS@C(S^=-FL;2Y61)[:&59""ZR(&#$=,@^E3(B11K'& MBHB@*JJ,``=`!0`ZBBB@`HHHH`****`"BBHKF5X+:26.WDN'49$414,_L-Q` M_,B@#S#XE_\`(QV__7HO_H;UQE>M7E[9ZAI6AZQ=>'/M)U%;979FC(M1*R`! MB3EL&3C:#D]<#FI=8T[2-*^R%/#45RD]S%`\J+&JP[W5`S9.X\MP%!YZX'-> M'B8Z!_R,>E_]?<7_H8KW:N.NY=#TO5;F.VT M*"1[*RFO?-10O[R+8?+7C[V'4Y[9'7G%_3/%EOJ-U;VV+>.5VE63_205!5RB MA#@;RV-P``PI!/49[YW9?@Y86+C)WN=%1117>>@%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!7&?$O_D7+?_K[7_T!Z[.N,^)?_(N6_P#U]K_Z`]8?[M/T/*Z***^./C#W;0/^17R+3[/Y;9&X^2RLN3C')09X]>E2W&G+=6@M[B MXFD`N4N`YVA@4E$JKP`-HP%Z9P.23S5VB@#(@\-:?:ZTNJP&Z2=1-^[^U2-$ M3*RLYV$D#ETEDFN'F@BC(`Q@*!TX MK[:!_R+FE_P#7I%_Z M`*T:SM`_Y%S2_P#KTB_]`%:-?<4OXXFEL&&G.MHZ""X:29B$!&8@"\0!./E4@44`<;>:7<6>L M-<6O,`F\R9Q:,^6=S(-RH=TNT@8QC;E>N&SU5A+-/IUM-<1^5/)$C2)@C:Q` M)&#Z&K%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%% M`!1110`4444`%)>/!B MQG@AFS]Z>$RKCTP&7G\:X^72=1O9[R5M&FM_(E=[6'=#Y4R?:4FD!('Y9WO9_M,5I++$`" MB0HJN0^,DHS\$C"G)!(!S=7T/7-2\/7D45BLDMRL\MQ#=SI"TLY0+&5">8NU M0!A2P.54D\$GE_L["_R?FJJH&YA MG@=/SJ['(DL:21NKQN`RLIR&!Z$'TKC]<\-WE[?7EQ9B1)9;22216=3%)*R( MJQ#(!()@C+%N,#&/G;'2Z3]M_LY/[0S]HW/][;NV;SLW;?EW;=N<<9SBNQ)) M61VI)*R+M%%%,84444`%%%%`!1110`4444`%%%%`!1110`4444`%%(S*HRQ` M&0.3W/`I:`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*** M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH M`****`,;6`9(U2]T]9H!+^Z:-7N`IV/AI(@!E0<#`WC44`<9)I=SIEZ[VJ^9!&\8D M?[*S[F`=E9E4[I6&X98=24/\#9ZZUDEEM(9)XO*F>-6>/.=C$6]I;J0&EN)5C0?4D@4`6:*SY]=TBVCM9+C5;&)+LXMVDN M$43?[A)^;\*D75M-;4VTQ=0M#J"KN:U$R^:%]2F`*HOXDT*.R@O7UK3EM+AML,YND"2-Z*V<$_2@#3HJF=7TU= M2733J%H+]UWK:F9?-*^H3.2S!-RBW"$P`==XS\OXTL.M:5<:8^IP:G9RV"`L]TDZM$H'4EP<`#ZT`7J M*;'(DL:21NKQN`RLIR&!Z$'TIU`!113)98X(GEED6.-`69W.`H'4D]A0`^BL MO_A)=!_LU=1_MO3?L+/Y8N?M:>47_N[LXS[9J:?6=+MKBVMY]2LXIKK'V>.2 M=5:;/38"L:9874%K>:E9VUQ<'$,,TZH\G^Z")]`;4_[,&N:8=0W^7]E%W'YN_\`N[,YS[8H`U:***`"BBJ=_J^F:681J&HV MEF9FVQ"XG6/S&]%R1D_2@"Y15-=6TUM3;3%U"T.H*NYK43+YH7U*9SC\*CBU M[1KB*ZEAU:PDCM#BY9+E"(3_`+9!^7\:`-"BH+.^M-1M4NK&Z@NK=_NRP2!T M;Z$<&IZ`"BBB@`HK-B\0Z)/'=21:QI\B6G_'RR7*$0_[YS\OXTDGB+0XK*WO M9-9TY+2X.V"=KI`DI]%;."?I0!IT53EU?38-0AT^;4+2.]G&Z*V>91)(/55) MR1]*N4`%%%%`!15/4-6T[28XY-2U"ULTD;8C7,RQAF]`6(R:276-,@OH+&74 M;2.[N!NAMWG422#U5'M536K+2[O3KS[ M?#KT]]21/&',^W:D`+<W44`>%WMI=0_:Y(?#.HAM7O+S[//+IDTR6%I((PS>0 MBG$KLA(!QUYX.#['X?AAMO#NFV]N+D0PVL<4?VI&27:J@#>K`$-QSD5HT4`% M%%%`'*_$%HT\+[WT6[UATN8GBL[='8-(K;E+A`3L!&3PYT4`>):3X=UW3WLM* MN=*NI]935[&^_M#RCY/D1V\:NIFQ@'*.F.IW="*W?"%C,GCRVO;+0[_3K)=, MDMKF"\MC&MH^]&VQR_\`+?3ZE`EU\1OLXT35 M+6R@U.&^EOQIT\SWEPH`4)(%*QPK@`G//.,`DUZQ10!X#/X7UR[T&PT^VT6] MBO=*LIX]3=K)[C2-(FCT.^EEG M_LZ8/;3R,EJB(RQ;"3F0,VS`+%%YKW"B@#*\-"[7PQIBWUL+:Y6V17B#EMN! MCJ0#G&.,<=*U:**`"N?\;B`^#M1^T:9=ZI&$4_8K16,DY#J0N%YQG&>ORYSQ M7044`>(Z=93IK-IXBU#1-2NUDFN'U"RAT>:..)Y(42(1QNH+`"-E9\=7R<9J MI_PB^O67A^72[S2KR[U+4-'L+:QGCA,BV".VM]96UGNKV;4EOK*-((PS,T;12@98EB!PQ^7J!@5ZA110`4444` M>3>/;:._\47>GC1-36"[@@6^U:+3I[H[$8LL5N$4JK<\MGC/0D5S^J>%M>O] M,_LBSTJ\CU2S;5I+N\:`HETDQ?RU60\.7W)P.FWG%>\T4`>*ZGHU_JDM_JMA MI.IZ?I!U'3Y&MEL<3E88Y%D=(6!W89XL?*<^7D`XKT#X>6U[:>$TBOK9H#]I MG:$20+#(\1D8H\B*`%<@Y(P.OK7544`%%%%`&/XKC@E\*:I'=6=W>P-;N'M; M,,99AC[B[>VT4`>"OX?U6"WUF6?P_?SP:QI][!I5LMJ7-F\ES(Z!Q_RRR&1LG` M&WUKO[/PZ;OQ]:37M@/+T:PC<7/D;5N+R3(9]V/G*JOJ<%^QKNZ*`"BBB@`K MS#XEP_:=82QAT6^E:^L#;76IQZ?-=I;VYJS:3IZV_A MW4+9+#2K2QU`M9MN,R7$;M*B?\M]H1VXR#O[\U[]10!Q/PTM[NWTS5VN89Q' M/JX1E7YS$<;!D$#@9QG'//;444`%5[\H-.N3(DSH(GW)""9&&# MD*!SN],U"XTK4DU*.QLULF:2!Y?)V,T6,QA]C\D#&><9KW M&B@#Q"\\+>((;VQTZ"*Y>\N4THW-Q)IYD2-[=4#LER'P@&PD@C))XSN)KV^B MB@`HHHH`\X^)8=GT M&[6:XT^RTK4Y7O)-(;3+^:T<&WB@$83[3LD=YD5G)W':,;0>,@<9KK/`]O,=0\2:DMC<6&GW =]ZDEI;7$)A GRAPHIC 18 c63583capitalallocator.jpg GRAPHIC begin 644 c63583capitalallocator.jpg M_]C_X``02D9)1@`!`0$`9`!D``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#TN_U?4]/F ML2NI&>TO_+A2Z\N/899)8Q^[`Y`$9E/SD\A>O>:XO]9B-^(;IY8K"X:'S-L> MYR8X73>,641O(40L$099L#.![FN:N/%=_9:5JMS/H9EN=.A69[>TNT<`%"V&=P@5 MAM^8`$@,I&[.*Z6>(SV\L0EDB+H5$D9`9,C&1G/(K(M?#,-MH-UHS7MU-:W$ M+0DNL2L@92&(*(N6.:KG:#(WEM&2V M`!R')X`YQVXH`YZU\=6\[Q1RQ6\,DHB==UT-J(Q._P`PE1M=`!E>>709YR.M MK"U+PK9ZJ;A[J:X,LS']XK`%$\MH_+7(("[9']\L3G.,;M`!1110`4444`%% M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110!P+60N9)9[;3KJVCC*Q/$UK*);J+[1&T MKRL5`8E$;"Y)(=NYVBS)HQN(;R>W@:&+[4RV,#VY7:KI""RJ<&(B1'.['`+' M'(-=K10!A^'WO5DO+6YB(2%R5E,+(9&+ODDDX;("ME<`;\=JW***`"BBB@`H MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*XSXE_\` M(N6__7VO_H#UV=<9\2_^15T445\PXRVU?7;>"VTV:>]FU1[F+S/LS6SN\;PRN!&618U.8B2'!X!PQRIH`[ZB MO/I?$VN66FV.J2N)HKBV290JH(G3[,'=]O\`K`0^6/;8,?>(%=EHUW]MTN*0 MM,SH7AD:955R\;%&R%^7[RGIQ0!?HHHH`****`"BBB@`HHHH`****`"BBB@` MHHHH`****`"BBB@`HHHH`****`"BBB@`HK/.NZ6)+N,7L3O9[!<*AW&,L2JJ MN3'_`.[3]#CS#_=I^AY71117QQ\8>J?#3_D7+C_K[;_T!*[.N,^&G_(N M7'_7VW_H"5V=?8X#_=H>A]GE_P#NT/0****ZSL"BBB@`HHHH`****`"F&*,S M+,8T,J*55RHW!3@D`^AVKGZ#TI]%`'G&I^.(;75[J!M#M97M[IR)&(R7`,6_ M[OWBGRY]#CI6:/&&F"Q:Q'A/3!9L^]K<(OEEO4KMQG@@V]O!:0+!;0QPPK]V.-0JCOP!7AV@?\`(QZ7_P!?<7_H M8KW:O7RO$5*T).H[V9[&58BK7A)U'>S"BBBO4/5"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`PM1T6YN[^[N8I(AYD=GY08 MGEX)WE(;`X!W*,C/?CUB?P_+,3,X10SD<,,+A2BX''R9K7HHH`****`"BB MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`KC/B7_P`B MY;_]?:_^@/79UQGQ+_Y%RW_Z^U_]`>N3'_[M/T./,/\`=I^AY71117QQ\8>J M?#3_`)%RX_Z^V_\`0$KLZXSX:?\`(N7'_7VW_H"5V=?8X#_=H>A]GE_^[0]` MHHHKK.P****`"BBB@`HHHH`****`/"=?_P"1CU3_`*^Y?_0S6=6CK_\`R,>J M?]?K-'0/^1CTO_K[B_P#0Q7NU>$Z!_P`C'I?_ M`%]Q?^ABO=J]_)?XZA9:;")K^\M[6)FVAYY5 M12W)QDGKP?RH`LT5D?\`"5^'/^@_I7_@9'_C1_PE?AS_`*#^E?\`@9'_`(T` M:]%9'_"5^'/^@_I7_@9'_C1_PE?AS_H/Z5_X&1_XT`:]%9'_``E?AS_H/Z5_ MX&1_XT?\)7X<_P"@_I7_`(&1_P"-`&O161_PE?AS_H/Z5_X&1_XT?\)7X<_Z M#^E?^!D?^-`&O161_P`)7X<_Z#^E?^!D?^-'_"5^'/\`H/Z5_P"!D?\`C0!K MT5D?\)7X<_Z#^E?^!D?^-'_"5^'/^@_I7_@9'_C0!KT5D?\`"5^'/^@_I7_@ M9'_C1_PE?AS_`*#^E?\`@9'_`(T`:]%9'_"5^'/^@_I7_@9'_C1_PE?AS_H/ MZ5_X&1_XT`:]%9'_``E?AS_H/Z5_X&1_XT?\)7X<_P"@_I7_`(&1_P"-`&O1 M61_PE?AS_H/Z5_X&1_XT?\)7X<_Z#^E?^!D?^-`&O161_P`)7X<_Z#^E?^!D M?^-'_"5^'/\`H/Z5_P"!D?\`C0!KUQGQ+_Y%RW_Z^U_]`>MS_A*_#G_0?TK_ M`,#(_P#&N4^(&NZ/J&@P166JV-S(+I6*0W".0-K#.`>G(_.N3':X:?H<>/5\ M-/T/.J*9YT?_`#T3_OH4>='_`,]$_P"^A7Q_++L?'ZK8VTANF8)-<(A(VJ,X)Z<'\JZO_A*_#G_`$'] M*_\``R/_`!K[#`Z8:'H?98#3#0]#7HK(_P"$K\.?]!_2O_`R/_&C_A*_#G_0 M?TK_`,#(_P#&NLZS7HK(_P"$K\.?]!_2O_`R/_&C_A*_#G_0?TK_`,#(_P#& M@#7HK(_X2OPY_P!!_2O_``,C_P`:/^$K\.?]!_2O_`R/_&@#7HK(_P"$K\.? M]!_2O_`R/_&C_A*_#G_0?TK_`,#(_P#&@#7HK(_X2OPY_P!!_2O_``,C_P`: M/^$K\.?]!_2O_`R/_&@#R#7_`/D8]4_Z^Y?_`$,UG5;UNZMY]>U&6*>*2-[J M5D='!#`L2"#W%4?.C_YZ)_WT*^(JQE[26G5GPU6,O:2TZLU-`_Y&/2_^ON+_ M`-#%>[5X'HEU;P:]ITLL\4<:743.[N`%`8$DGL*]E_X2OPY_T']*_P#`R/\` MQKW0J0O4`#'/T!-`&[ M17G=I\58KZ**^M]'D.EI]D6]N9)PK6[W&W:`FT[P-RY.1U&,T7/Q6AL8I+ZZ MTB5=*?[6ME2/2#/:6EG;7FI M3?:`IMDF)VA5V_.0`2>5X'X5W5`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%% M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`5RWC;PI?>+;:SM(-7CL M[.*0R7-O+:F9+KIM5\2(=H.3C.#QGI110!EO\.KBXN6:XUF+[+=26TNH6L%B M(TG:W(\O9\Y\M<(@(^;[O!%+'\-V2XV_VQ_H%N;M["V-FC?9WN-V\L6)$BC> MV%*@<\YHHH`TO!?@FW\(+?2+);R7-ZR>8UM:+;1A4!"A4!/JQ)).2Q^E=511 M0`4444`%%%%`!1110`4444`%%%%`'FT7PPU&1-474_$5O>2ZD=T]U_9I6XW* MP>/#F5@$1E4A`N,#'O6Y#X+E.@^)+2]U07&HZ_'(EQ>+;[%7,(B7;'N/"@=- MW//-%%`%+4OAR;\M''JY@M+NSMK/4H1;AC COVER 19 filename19.htm
STROOCK & STROOCK & LAVAN LLP
180 MAIDEN LANE
NEW YORK, NY 10038-4982

February 14, 2011

Securities and Exchange Commission
Division of Investment Management
100 F Street, N.E.
Washington, DC 20549
Attention: Deborah O’Neal-Johnson

Re:

The Lazard Funds, Inc.

Post-Effective Amendment No. 57 to Registration Statement on Form N-1A
(Registration Nos.: 811-06312; 33-40682)

Ladies and Gentlemen:

On behalf of the above-referenced fund (the “Fund”), transmitted for filing pursuant to Rule 485(a)(1) under the Securities Act of 1933, as amended (the “1933 Act”), is Post-Effective Amendment No. 57 (the “Amendment”) to the Fund’s Registration Statement on Form N-1A. The Amendment is being filed to effect the changes in the Amendment outlined below. The prospectus and the statement of additional information (the “SAI”) included in the Amendment are marked to show changes from Amendment No. 55 to the Registration Statement, which was filed on January 14, 2011.

The changes being effected in the Amendment include:

•

adding specific disclosure regarding short selling and futures contracts in Lazard Capital Allocator Opportunistic Strategies Portfolio;

•

removing the range of the number of permissible holdings for Lazard U.S. Equity Value Portfolio, Lazard U.S. Strategic Equity Portfolio, Lazard International Equity Select Portfolio, Lazard International Strategic Equity Portfolio and Lazard Developing Markets Equity Portfolio;

•

eliminating disclosure of the Portfolios’ objectives, strategies and risks stated in response to Item 9 of Form N-1A in “Additional Information About Principal Investment Strategies and Principal Investment Risks” to the extent it duplicates disclosures made in the “Summary Section” in response to Items 2 and 4 of Form N-1A; and

•

updating disclosure in “Taxation” in the SAI for consistency with the Regulated Investment Company Modernization Act of 2010.

In the Amendment we have also included in the prospectus and SAI two portfolios, Lazard Emerging Markets Debt Portfolio and Lazard U.S. Municipal Portfolio, that became effective January 31, 2011.

The Fund intends to file a further post-effective amendment pursuant to Rule 485(b) under the 1933 Act prior to effectiveness of the Amendment in order to complete financial and other information, to respond to any comments the Staff may have on the Amendment and to file outstanding exhibits.

Also filed with this letter are the acceleration requests from the Fund and its principal underwriter, requesting acceleration of the effective date of the Amendment so that it becomes effective as soon as practicable on the morning of Thursday, March 31, 2011.

Please telephone the undersigned at 212.806.6173, or Janna Manes of this office at 212.806.6141, if you have any questions.

Very truly yours,

/s/ Linda Y. Kim

Linda Y. Kim

cc:

Janna Manes

CORRESP 20 filename20.htm
THE LAZARD FUNDS, INC.
30 Rockefeller Plaza
New York, New York 10112

February 14, 2011

Securities and Exchange Commission
Division of Investment Management
100 F Street, N.E.
Washington, D.C. 20549
Attention: Deborah O’Neal-Johnson

Re:

The Lazard Funds, Inc. (the “Fund”)

Registration Statement on Form N-1A
(Registration Nos: 811-06312, 33-40682)

Ladies and Gentlemen:

The undersigned hereby requests that the effective date for Post-Effective Amendment No. 57 to the above-referenced Registration Statement be accelerated so that it will become effective as soon as it may be practicable on March 31, 2011.

Very truly yours,

THE LAZARD FUNDS, INC.

By:

/s/ Tamar Goldstein

Tamar Goldstein

Assistant Secretary

LAZARD ASSET MANAGEMENT SECURITIES LLC
30 Rockefeller Plaza
New York, New York 10112

February 14, 2011

Securities and Exchange Commission
Division of Investment Management
100 F Street, N.E.
Washington, D.C. 20549
Attention: Deborah O’Neal-Johnson

Re:

The Lazard Funds, Inc. (the “Fund”)

Registration Statement on Form N-1A
(Registration Nos: 811-06312, 33-40682)

As principal underwriter of the Fund, we hereby join the Fund in requesting that the effective date for Post-Effective Amendment No. 57 to the Fund’s Registration Statement on Form N-1A be accelerated so that it will become effective as soon as it may be practicable on March 31, 2011.

Very truly yours,

LAZARD ASSET MANAGEMENT SECURITIES LLC

By:

/s/ Lorelei Martin

Name:

Lorelei Martin

Title:

Chief Compliance Officer

2


Re:	The Lazard Funds, Inc.
	Post-Effective Amendment No. 57 to Registration Statement on Form N-1A (Registration Nos.: 811-06312; 33-40682)


•	adding specific disclosure regarding short selling and futures contracts in Lazard Capital Allocator Opportunistic Strategies Portfolio;

•	removing the range of the number of permissible holdings for Lazard U.S. Equity Value Portfolio, Lazard U.S. Strategic Equity Portfolio, Lazard International Equity Select Portfolio, Lazard International Strategic Equity Portfolio and Lazard Developing Markets Equity Portfolio;

•	eliminating disclosure of the Portfolios’ objectives, strategies and risks stated in response to Item 9 of Form N-1A in “Additional Information About Principal Investment Strategies and Principal Investment Risks” to the extent it duplicates disclosures made in the “Summary Section” in response to Items 2 and 4 of Form N-1A; and

•	updating disclosure in “Taxation” in the SAI for consistency with the Regulated Investment Company Modernization Act of 2010.


Re:	The Lazard Funds, Inc. (the “Fund”)
	Registration Statement on Form N-1A (Registration Nos: 811-06312, 33-40682)


By:	/s/ Lorelei Martin

Name:	Lorelei Martin
Title:	Chief Compliance Officer