Lazard Defensive Global Dividend Fund Series F (CAD)

MONTHLY PROFILE SHEET for Series F (CAD)

As of May 31, 2020

Distribution Frequency: Monthly
Number of Holdings: 163
Total Net Assets: C$63 M

REASONS TO OWN

The Lazard Defensive Global Dividend Fund seeks to deliver, steady, above market returns while generating an attractive level of dividend income. The Fund invests in developed global markets and is fully diversified across sectors, industries, capitalizations, and geographies. Through the use of portfolio construction techniques and extensive risk management the Fund seeks to reduce the draw down potential that is typical of long only equity portfolios.

Features

Invests in financially stable stocks with historically consistent earnings
Uses a mosaic of investment factors: value, sentiment, growth, quality, dividend stability & yield
Fully diversified with extensive risk management
Only invests in developed markets
5% targeted annual distribution, paid monthly

Benefits

Can participate in normal and up markets while protecting in down markets
Provides a lower volatility pattern of returns
Suitable as a core global equity allocation
Minimizes exposure to macro-economic risks
Provides a monthly income stream

Fund performance is not available for funds with a history of less than one year.

Portfolio Sub-Advisors

Lazard Asset Management
Lazard Equity Advantage Team

Fundserv : BIP

		Fund Number
Series	Sales Option	C$	US$
A	SC	430	440
A	DSC	431	446
A	LL	432	442
AH	SC	450	-
AH	DSC	474	-
AH	LL	452	-
F	-	433	443
FH	-	453	-

TOP 10 COUNTRIES

Country
United States	56.9 %
Japan	13.1 %
Australia	6.2 %
Switzerland	4.6 %
United Kingdom	3.7 %
Netherlands	2.4 %
Denmark	2.3 %
Canada	2.2 %
Norway	1.2 %
Ireland	1.1 %
Total	93.7 %
Total # of Countries	19

TOP 10 POSITIONS

Security
Cash & Cash Equivalent	25.7 %
Roche Holing AG Genusschein	2.0 %
Johnson & Johnson Inc.	1.8 %
Procter & Gamble Co.	1.7 %
Kimberly-Clark Corp.	1.6 %
Clorox Company	1.6 %
Novartis AG	1.6 %
Verizon Communications Inc.	1.6 %
Lockheed Martin Corp.	1.5 %
General Mills Inc.	1.5 %
Top 10 Total	40.6 %
Total # of Securities	163

SECTOR EXPOSURE

Sector
Consumer Staples	25.4 %
Health Care	19.0 %
Communication Services	10.6 %
Information Technology	9.8 %
Industrials	8.2 %
Utilities	8.0 %
Financials	7.3 %
Real Estate	4.1 %
Consumer Discretionary	3.3 %
Materials	3.0 %
Other	1.4 %
Total	100.0 %

ASSET MIX

Asset breakdown
Global Equity	97.4 %
Canadian Equity	2.2 %
Other	0.4 %
Total	100.0 %

REGIONAL MIX

Region
North America	59.1 %
Asia	21.5 %
Europe	19.0 %
Other	0.4 %
Total	100.0 %

FUND FACTS

NI 81-101 Fund Facts - Lazard Defensive Global Dividend Fund Series A

NI 81-101 Fund Facts - Lazard Defensive Global Dividend Fund Series F

The Fund is relying on Ontario Instrument 81-503 Extension of Certain Filing, Delivery and Prospectus Renewal Requirements of Investment Funds in order to

extend the prospectus renewal timing requirements set out in section 62 of the Securities Act (Ontario) by up to 45 days. The current lapse date of the Fund

is May 13, 2020.

Performance is shown for the class selected. The foregoing reflects the thoughts and opinions of Brandes Investment Partners & Co., operating as Bridgehouse Asset Managers™ exclusively and is subject to change without notice. Bridgehouse has taken reasonable steps to provide current, accurate information from sources believed to be reliable however Bridgehouse is not responsible for any errors or omissions contained herein. As manager of the Bridgehouse Funds, Bridgehouse has hired Brandes Investment Partners, L.P., Sionna Investment Managers Inc., TD Asset Management Inc., and Lazard Asset Management, Inc. as portfolio sub-advisors in respect of the Bridgehouse Funds. Units of the Bridgehouse Funds are available through registered dealers only. Indexes are unmanaged and cannot be directly invested into. Securities mentioned herein are not to be construed as a recommendation to buy or sell. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Performance is net of fees.

Bridgehouse Asset Managers