Lazard Emerging Markets S Acc

The Fund aims to achieve long term capital growth through investment in shares of companies which are based or have significant business interests in developing and emerging market countries. The Fund has discretion as to which shares it will hold and aims to generate returns that are better than the returns of the MSCI Emerging Markets Index. The Fund will seek to acquire shares of companies which are selling for low prices relative to the financial strength of the companies (i.e. shares which are undervalued). Portfolio transactions costs are higher for the type of securities that the Fund invests in. Income and profits, if any, attributable to your shares will not be paid out as a dividend, but will be accumulated in the Fund on your behalf and reflected in an increase in the value of your shares. You can sell your shares back to the Fund on any day normally treated as a business day in United Kingdom."