Fund Description

The fund invests primarily in equity securities, predominantly common stocks, of non-US companies with principal business activities located in emerging market countries deemed undervalued by Lazard Asset Management LLC. These countries are represented by the MSCI Emerging Markets Index, which includes nations such as Brazil, China, India, and South Africa, among others. Under normal circumstances, the fund allocates at least 80% of its assets to equity securities of these companies. In addition to common stocks, the fund may invest in American Depositary Receipts (ADRs), Global Depositary Receipts, and European Depositary Receipts. The investment strategy may also lead to a significant concentration in specific market sectors at times.