Lazard Capital Fi SRI PVC F EUR/  FR00140053H5  /

The investment objective is to achieve, by applying a Socially Responsible Investment (SRI) management approach, over the recommended investment horizon of 5 years, a return (net of charges) above the following simple benchmark: Barclays Global Contingent Capital Hedged USD. The benchmark is expressed in USD. The index is hedged against foreign exchange risk with the USD as its base currency. Nets dividends or coupons are reinvested. To achieve this investment objective, the strategy is based on active management of the portfolio invested mainly in subordinated debt or any securities not considered as ordinary shares issued by financial institutions. The investment process combines a top-down approach (strategic and geographical allocation approach) and a bottom-up approach (selection of investment vehicles on a fundamental basis after analysing the credit quality of issuers and the characteristics of the securities). The Fund invests only in bonds or securities issued by issuers whose registered office is in an OECD member country and/or in issues or securities listed on a stock exchange in one of these countries. To build his portfolio, the portfolio manager conducts his own analysis of the securities. He also refers to agency ratings but does not rely on them solely and mechanically. The Fund's portfolio comprises: - up to 100% of the net assets in bonds or securities not considered ordinary shares, traded in Euro, US Dollar, Pound Sterling or any OECD currency, including contingent convertible bonds ("CoCos"). Exchange rate risk will be hedged so that the currency exposure does not exceed 10% of the assets. - up to a maximum of 10% of the net assets in ordinary shares arising from a conversion or exchange of debt. - up to a maximum of 10% of the net assets in French or European money market or bond UCITS, provided that these funds themselves invest less than 10% of their assets in other UCIs. These UCIs may be managed by Lazard Frères Gestion, - up to 100% of the net assets in securities with embedded derivatives, - up to 100% of the net assets in contingent convertible bonds ("CoCos"), - up to 100% of the net assets in interest-rate and currency futures, interest-rate and currency options, interest-rate and currency swaps, credit derivatives (with CDS limited to a maximum of 40% of the net assets) and forward exchange contracts traded on regulated, over-the-counter or organised markets to hedge and/or expose the portfolio to interest rate and foreign exchange risk. Up to a maximum of 10%, the Fund may use equity futures and options. The modified duration is managed within a range of 0-8.

The investment objective is to achieve, by applying a Socially Responsible Investment (SRI) management approach, over the recommended investment horizon of 5 years, a return (net of charges) above the following simple benchmark: Barclays Global Contingent Capital Hedged USD. The benchmark is expressed in USD. The index is hedged against foreign exchange risk with the USD as its base currency. Nets dividends or coupons are reinvested.