SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
Under the Securities Exchange Act of 1934
Emerging Markets Telecommunications Fund
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(Name of Issuer)
Capital Stock
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(Title of Class of Securities)
290890102
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(CUSIP Number)
Lazard Asset Management LLC
Attn: Brian D. Simon
30 Rockefeller Plaza, New York, NY 10112
(212) 632-1890
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 30, 2006
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(Date of Event which Requires
Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box. [X]
NOTE: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7 for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 7 Pages)
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* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
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CUSIP NO. 290890102 SCHEDULE 13D PAGE 2 OF 7 PAGES
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deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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CUSIP NO. 290890102 SCHEDULE 13D PAGE 3 OF 7 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Lazard Asset Management LLC 05-0530199
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
1,825,645
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY N/A
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 1,825,645
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10 SHARED DISPOSITIVE POWER
N/A
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,825,645
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
21.15%
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14 TYPE OF REPORTING PERSON*
IA
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 290890102 SCHEDULE 13D PAGE 4 OF 7 PAGES
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Item 1. SECURITY AND ISSUER
This statement relates to the shares of Emerging Markets
Telecommunications Fund (the "Company"), par value $0.01. The Company's
principal executive office of the Issuer is located at 466 Lexington Avenue, New
York, NY 10017.
ITEM 2. IDENTITY AND BACKGROUND
(a) This statement is filed by Lazard Asset Management LLC ("LAM").
(b) The principal business address of LAM is 30 Rockefeller Plaza, New
York, NY 10112.
(c) LAM and its affiliates provide investment management services to
institutional and private client accounts with assets totaling $77.6 billion as
of December 31, 2005
(d) During the last five years, neither Lazard Asset Management LLC, nor
any of its respective officers or directors has been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors).
(e) During the last five years, neither Lazard Asset Management LLC, nor
any of its respective officers or directors has been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and,
as a result of such proceeding, was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities
subject to, Federal or State securities laws or finding and violation with
respect to such laws.
(f) All the executive officers and directors of Lazard Asset Management
LCC are citizens of the United States of America.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
All shares were purchased in the open market using client assets under
management. No leverage or loans were used in the acquisitions.
ITEM 4. PURPOSE OF TRANSACTION.
The acquisition of the securities referred to herein is for investment
purposes. Lazard Asset Management LLC is filing this Schedule 13D because it
holds more than 20% of the Emerging Markets Telecommunications Fund. Lazard
Asset Management LLC may make further purchases of shares of stock from time to
time and may dispose of any or all of the shares of stock held by it at any
time.
Lazard Asset Management LLC has no present plans or intentions which
relate to or would result in any of the matters set forth in subparagraphs
(b)-(j) of Item 4 of Schedule 13D.
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CUSIP NO. 629519109 SCHEDULE 13D PAGE 5 OF 7 PAGES
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ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Lazard Asset Management LLC owns an aggregate of 1,825,645 shares, or
approximately 21.15% of the total and outstanding shares of the issuer. The
aggregate percentage of shares reported is based upon 8,629,001 shares
outstanding.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Except as otherwise set forth herein, no contract, arrangement,
understanding or relationship with any person with respect to the securities of
the Company between LAM and any person or entity.
Item 7. MATERIAL TO BE FILED AS EXHIBITS
None
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CUSIP NO. 290890102 SCHEDULE 13D PAGE 6 OF 7 PAGES
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SIGNATURES
After reasonable inquiry and to the best of his or its knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated:
By: /s/ Brian D. Simon
______________________________
Name:
Title: Director of Legal Affairs
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CUSIP NO. 629519109 SCHEDULE 13D PAGE 7 OF 7 PAGES
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SCHEDULE A
TRANSACTIONS IN THE SHARES BY THE REPORTING PERSON DURING THE
PAST 60 DAYS
Date of Transaction Shares Purchased (Sold) Price Per Share
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04/03/06 9,300 12.88
04/04/06 11,700 13.01
04/05/06 11,500 13.15
04/06/06 15,800 13.16
04/06/06 (4,100) 13.09
04/07/06 16,600 13.10
04/10/06 14,400 13.13
05/02/06 171,200 14.29
05/03/06 50,000 14.53
05/04/06 (2,300) 14.55
05/22/06 6,700 12.28
05/24/06 13,700 12.53
05/30/06 22,100 12.53