Lazard Baylight US Small Cap Equity Fund - A EUR ACC H Fonds

The Fund aims to achieve capital appreciation over the medium to long term. The Fund is actively managed and will invest in well diversified long-only portfolio comprised primarily of equities (i.e. shares) and equity- related securities (i.e. shares including common and preferred stock, warrants and rights) of or relating to US smaller companies, being companies that are domiciled, incorporated or listed in the United States of America with a market capitalisation range between USD250 million and USD 10 billion (at cost). The securities in which the Fund will invest will primarily be quoted or traded on Regulated Markets in the United States. The Fund may also invest in equities and equity-related securities of companies that are non-US domiciled, incorporated or listed. Such investments will be limited to 10% of the NAV of the Fund.