y The investment strategy of the Fund is to provide investors with access to investments, (including equity and equity like securities, such as American and global depository receipts and securities convertible into equity  securities), in emerging markets but, excludes manufacturers of cigarettes and other tobacco products as identified by a third party service provider in the Global Industry Classification Standard (“GICS”) industry.

The Fund seeks to achieve total returns (including income and capital appreciation and before the deduction of 
fees and taxes) that exceed those of the MSCI Emerging Markets Index (“the benchmark”) by 3% per annum 
over rolling five-year periods.

Benefits of investing in the Lazard Emerging Markets Equity Fund

Lazard believes some of the significant benefits of investing in the Fund are:

1. Investment Return - the Fund aims to achieve a return for investors that meets or exceeds the Fund's stated investment return objective.
2. Expertise - the Fund is managed by a team of investment professionals who have many years of experience managing emerging markets equity strategies. They also have access to LAM's global investment professionals.
3. Liquidity - investors have timely access to their investment and are normally provided with daily Fund valuations (daily unit prices).
4. Systems - the investment professionals have access to investment and risk management systems and processes to which ordinary investors usually do not have access.
5. Access to investments - multiple investors are pooled into a relatively large Fund which provides investors with access to investment opportunities, markets and diversity which they usually can't achieve by investing on their own.
6. Reporting - regular reporting is provided to investors including balances, fact sheets and annual tax statements.

Risk level

Very high

Investor suitability

Investors seeking an investment return objective similar to the Fund and are comfort- able with the risks of investing.

About the Fund

The Lazard Emerging Markets Equity Fund is an actively managed portfolio that typically invests in companies that we believe exhibit strong, sustainable financial productivity at attractive valuations. The Fund offers access to an attractive asset class with low correlation to global equities over the long term through one of the world's largest and most experienced EM investment team. The Fund's objective is to achieve total returns (including income and capital appreciation and before the deduction of fees and taxes) that exceed those of the MSCI Emerging Markets Index by 3% per annum over rolling five-year periods.

The significant features of the Fund are that it has a professionally managed active investment strategy and it gives investors access to the returns available from emerging markets equities.

Investment strategy

The investment strategy of the Fund is to provide investors with access to investments, (including equity and equity like securities, such as American and global depository receipts and securities convertible into equity securities), in emerging markets but, excludes companies engaged in manufacturing tobacco related products as identified in the Global Industry Classification Standard (GICS) industry sector. LAM considers emerging markets to be countries not included in the MSCI World Index. Companies that are not domiciled in emerging markets but that derive a significant portion of their net assets and/or sales from emerging markets may also be included in the Fund. The number of securities will generally range from 70 to 90 which means LAM makes active investment decisions as to which securities the Fund holds.

How we invest your money

Asset classes and range

• Emerging markets equity and equity like securities and securities convertible into equity securities: 90% to 100%

• Cash: 0% to 10%

The Fund may invest up to 15% in the frontier markets. Frontier markets are a subset of emerging markets and are characterised by factors such as lower capitalisation companies, market regulation and liquidity. The Fund cannot invest:

• more than 5% of its assets in the equity, or equity like securities (including securities convertible into equity securities) of any one issuer at the time of purchase, and
• more than 10% of the outstanding equity, or equity like securities (including securities convertible into equity securities) of any one issuer.

The Fund may also invest in initial public offerings, which are expected to be listed within 3 months from the date of purchase.