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Lazard European HighYield

\| Publications \| Investment Objective \| Investment Philosophy \| Investment Strategy \| \| Performance European Fixed Income Markets \| Why Now? \| Why Lazard? \| \| Fund Facts \| Publication of NAV \| Prospectus and Information \|

Publications



Current Fund Facts* Monthly Update*	Brochure* Prospectus*	Annual Report* Semi-Annual Report*

* Available in German only.

Investment Objective

Above average total returns in Euros through diversified investments in European high yield bonds

Investment Philosophy

Investment in corporate bonds with a rating below investment grade
The fund mainly (51% or more) invests in fixed income securities with a minimum rating of B+ (Standard & Poor’s) or B1 (Moody’s)
Investment in corporate bonds with sufficient liquidity

Investment Strategy

The Lazard European HighYield invests in high yields of issuers domiciled in the European Union or another state party to the Convention on the European Economic Area.

Performance European Fixed Income Markets







Past performance is not a guarantee of future results.

Why Now?

European government bonds are losing importance
Corporate bonds are the future investment
Market liquidity is increasing
The introduction of the Euro has redefined the bond market
Moderate inflation levels may not offer opportunities for returns
Increasing numbers of mergers and takeovers
Attractive yield outlook
Additional diversification instrument
Lack of investment alternatives

Why Lazard?

Long standing experience in the management of high yield bonds. Lazard has been an active player in the European high yield market since its inception
Professional and experienced team
Global network of internal research resources
Over 100 investment experts
Local fund management
Independent, private ownership structure

Fund Facts

WKN (sec.identification no.): 531 901

Launch date: 02. November 2000

Investment Manager: Lazard Asset Management
(Deutschland) GmbH

Custodian: Vereins- und Westbank AG,
Neuer Wall 64,
20354 Hamburg

Investment horizon: medium-term to long-term

Fund currency: Euro

Issuing subscription price: 50 Euro

Initial charge: 3 %

Annual charge: 1,25 % p. a.

Recommended minimum investment: 2,500 Euro

Fiscal year end: March 31st

Distribution policy: distributing

Dividend payment date: May

Publication of NAV

Daily fund prices are published in the following publications: FAZ, Handelsblatt, Börsen-Zeitung, Welt am Sonntag
Internet: www.LazardNet.com
Reuters (LAMD01)
Videotext ARD (p. 772/3) and ZDF (p. 768/8)
Vereins- und Westbank AG

Prospectus and Information

Lazard Asset Management (Deutschland) GmbH
Alte Mainzer Gasse 37
D-60311 Frankfurt am Main
Tel. +49-(0)69-50606-181
Fax +49-(0)69-50606-206

Internet	www.LazardNet.com
E-mail	fondsmarketing@lazard.com

Source: Lazard Asset Management (Deutschland) GmbH. This publication is for information only and is not intended to constitute investment advice.

Investors are reminded that the value of shares and the income from them can go down as well as up and that they may not get back the full amount invested especially over the short term. Past performance is not necessarily a guide to future returns.