Lazard Global Active Funds plc
Interim Report and Unaudited Financial Statements For the financial period ended 30 September 2020
Statement ofMajorChangesinInvestments...... Portfolios ofInvestments...... Notes totheFinancialStatements...... Participating Shareholders...... Statement ofChangesinNetAssetsAttributabletoRedeemable Statement ofFinancialPosition...... Statement ofComprehensive Income...... Investment Managers’Reports...... Directors andOtherInformation...... Contents Lazard Global ActiveFundsplc Financial period ended30September 2020 122 89 53 46 39 32 6 4
3 LAZARD GLOBAL ACTIVE FUNDS PLC 4 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc AUSTRALIA NSW2000 Sydney Place 1 Macquarie 39,Level Building Gateway AssetManagement PacificLazard Co. JAPAN Tokyo, 107-0052 Minato –Ku 7,Level 2-11-7Akasaka Akasaka Twin Tower(ATT) Annex JapanAssetManagement K.K. Lazard UNITED STATES OFAMERICA New York NY10112-6300 Plaza 30 Rockefeller AssetManagement LLCLazard UNITED KINGDOM 8LL W1J London Street 50 Stratton AssetManagement Limited Lazard Investment Managers IRELAND D02 A342 2 Dublin CanalSquare 2 Grand 6th Floor FundLazard Managers (Ireland) Limited Manager Registration Number: 247292 IRELAND D02 A342 2 Dublin CanalSquare 2 Grand 6th Floor Registered Office Directors andOtherInformation Lazard Global Equity IncomeFund Global Equity Lazard Global FixedIncomeFundLazard Developing FundLazard Markets Equity Markets Emerging Managed Lazard Volatility Fund Advantage Markets Emerging Equity Lazard Fund Fund Markets Equity Emerging Core Lazard Fund Markets Emerging Equity Lazard Emerging Lazard World Fund Concentrated USEquity Lazard Fund Pan-EuropeanLazard SmallCap Fund Global Lazard Thematic Focus Fund Global Lazard Thematic Fund Global ManagedLazard Volatility Fund UKOmegaLazard Fund Equity Lazard Global Equity Franchise Global Equity Lazard Fund Fund Equity Global ListedLazard Infrastructure JapaneseLazard Strategic Fund Equity Global SustainableLazard Fund Equity PanLazard Fund European Equity Fund European Equity Lazard Global StrategicLazard Fund Equity 5 3 5 7 IRELAND D02 KV60 2 Dublin CanalDock Grand John Rogerson'sSir Quay Riverside II The BankofNew York Mellon SA/NV, Branch Dublin Depositary UNITED STATES OFAMERICA New York NY10112-6300 Plaza 30 Rockefeller AssetManagement LLCLazard Sub-Investment Manager UNITED ARAB EMIRATES P.O. Box 506644 International FinancialDubai Centre 2,Level Office 206 1 Gate Village Limited Gulf Lazard GERMANY 60311 Frankfurt amMain 75 Strasse Neue Mainzer AssetManagement GmbH (Deutschland) Lazard Investment Managers(continued) 7 6 5 4 3 2 1 Directors Non-Executive.All are UNITED KINGDOM 8LL W1J London Street 50 Stratton AssetManagement Limited Lazard Promoter Jeremy Taylor (British) (Irish) Daniel Morrissey Andreas Hübner (German) Gavin Caldwell (Irish) Directors IRELAND D01 E4X0 1 Dublin IFSC Street Guild Central One Dockland (Ireland) CompanyBNY MellonFund DesignatedActivity Services Administrator, RegistrarandTransfer Agent Fund on25November fullyredeemed 2019. Fund on14October fullyredeemed 2019. Fund on19February 2019. fullyredeemed Committee theAudit Member of Independent Directors Equity Fund.Equity Sustainable Select Fund Equity to Global Sustainable Lazard Effective 23June2020, Global Lazard Fund namechanged from Fund on 28May2020. fullyredeemed Lazard JapaneseLazard Strategic Fund Equity MENALazard Fund BondFund Sterling HighLazard Quality Financial period ended30September 2020 1 2 / 1 / 2 6 2 4 of the language of the Report andAccounts,of thelanguage oftheReport begoverned by shall inaccordance andconstrued with thelawsofIreland. andAccounts action on such prevail.of theReport which isbasedshall andAccounts, Any oftheReport disputesasto theterms regardless where theshares are sold, andAccounts thatinanaction inalanguage inaReport otherthanEnglish, basedupon disclosure thelanguage andAccounts prevail,English language will Report totheextent)thatitisrequired except totheextent(andonly by law ofany jurisdiction andAccounts andAccountsthat there between inanotherlanguage, theEnglishlanguage andtheReport isany Report inconsistency the andAccounts. andhave contain thesameinformation thesamemeaningas Englishlanguage only Report translation shall To theextent andUnauditedFinancial andAccounts") Report mayintootherlanguages.This Interim (the"Report betranslated Statements Any such UNITED ARAB EMIRATES P.O. Box 506644 Dubai International FinancialDubai Centre 2,Level Office 206 1 Gate Village Limited Gulf Lazard NETHERLANDS 1096 BCAmsterdam Amstelplein 54 TowerMondrian The Office Operators FundLazard Managers (Ireland) Limited, Branch Dutch BELGIUM 1050 Brussels Avenue 326 Louise FundLazard Managers (Ireland) Limited, BelgianBranch SPAIN 28046 Madrid 10 Piso Paseo 140 Castellana DeLa FundLazard Managers (Ireland) Limited, Branch Spanish HONG KONG Street, 1 Harbour View Central 20 Level AssetManagement (HongLazard Kong) Limited SINGAPORE 048616 #25-01, Place OneRaffles Tower 1 Place 1 Raffles AssetManagement Pte. (Singapore) Lazard Limited FRANCE 75008 Paris deCourcelles 25 rue FrèresLazard Gestion SWITZERLAND CH-8001 Zürich 9 Usteristrasse AG AssetManagement Schweiz Lazard GERMANY 60311 Frankfurt amMain 75 Strasse Neue Mainzer AssetManagement GmbH (Deutschland) Lazard UNITED KINGDOM 8LL W1J London Street 50 Stratton AssetManagement Limited Lazard Distributors Directors andOtherInformation Lazard Global ActiveFundsplc IRELAND D01 X9R7 1 Dublin WallNorth Quay Dock One Spencer AccountantsChartered andRegistered Auditors PricewaterhouseCoopers Independent Auditors IRELAND D02 A342 2 Dublin CanalSquare 2 Grand 6th Floor Limited Secretarial Wilton Secretary UNITED KINGDOM EC4A1LTLondon 20 CursitorStreet MacFarlanes LLP Legal AdvisersastoEnglishLaw IRELAND D02 A342 2 Dublin CanalSquare 2 Grand Fry William Legal AdvisersastoIrishLaw BELGIUM B-1000 Brussels Montoyerstraat46 Rue The BankofNew York Mellon Currency Manager SWITZERLAND 8050 Zürich 56 Affolternstrasse ACOLIN AG Fund Services Authorised Representative inSwitzerland SWITZERLAND CH-8022 Zürich P.O. Box Limmatquai 1/amBellevue NeueNPB Privat BankAG Paying AgentinSwitzerland Financial period ended30September 2020 (continued)
5 LAZARD GLOBAL ACTIVE FUNDS PLC 6 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc market may beto some extenttoocomplacent. of potential economic that may result, scenarios we remainaboutourexpectations ofthefuture. cautious At this stage, we the believe over thenext 2-3 years.recovery That said, the COVID-19 given situation thewiderange ofpotentialoutcomes andtheraft from meant we have had torevisedown ourcompany further. even forecasts Currently, in aneconomicofCOVID-19 butthereality dislocation amarginofsafety assumptions would afford has ourportfolio conservative were rates greater thangross domestic product ("GDP") growth. premiums risk thatmeantrisk-free country We expectedthese rebound.remain astoany quick cautious Inaddition intoourassumptions, tohavingrecessions incorporated we had alsoincorporated once theseepidemicspassed.tended torebound quickly However, given thanregional theglobalrather nature ofCOVID-19, we COVID-19 pandemic. Previous episodesofavianflu, SARS, andMERS impacted passenger traffic atairports, buthistorically, traffic assets, proven as relatively such resilient toevents invests over thelong have run ininfrastructure which historically strategy Our Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review volatility. global shutdown drove down sharply. oilprices Potential destabilisation theNovember following 2020USelections alsoadded to COVID-19 infectionsdescendedupon2020, Europe inSeptember pandemicprotocols. forcing areturn toearlier Fear ofanother levels. Improved treatments andprogress avaccineinvestor indeveloping alsohelpedraise confidence. However, coronavirus (“COVID-19”) related restrictions alsoadded toinvestor optimismthatglobalgrowth couldberestored topre-pandemic put inplace measuresinvestor by banksalong helped calm fears. globalcentral withothergovernment policy The process ofeasing markets roseGlobal equity over the last six months. 2020 sell-off, February/March the sharp After the coordinated stimulus measures Market Review ,total return terms of11.79%inUSDollar againsttheMSCI World, Index returned which 28.82% Fund Equity 2020, (the"Fund") ended30September thesix-month period deliveredOver GlobalListedInfrastructure a theLazard Investment Review Lazard GlobalListedInfrastructure EquityFund Investment Managers’Report • • • • • • recover, we expectalong-lasting impact on theprofitability ofitsairports operations as a result of COVID-19airport across lockdowns its areas of operations. to traffic has been quick motorway While Vinci, French concessions company, andconstruction and intraffic thefall atitsmotorway from theperiod suffered during Global toll roadGlobal toll operator, oftheCOVID-19 atthestart pandemic, sharply companies fell butby 30June2020had recovered mostofthedecline networks, rail US freight confirmed theresilience oftheirbusiness, aswell asimproved prospects increased for investment business,Snam, thecompany strong infrastructure rosereported after results thefirst for halfof2020that anItalianenergy consensus expectationsyear andreiteratingthefull itsupgradedguidancefor ending30June2020 operator, satellite geostationary Leading Eutelsat, downswas tobeexpectedgiven imposedby thelock COVID-19 releases relating toFerrovial’s assets. key We onroads toll invehicles andpassenger numberatairports thedeterioration believe infrastructure Global owner, Ferrovial, data reflected on had which focus thequarterly avolatile themarket’s period short-term Norfolk Southern andCSX, Southern Norfolk TransurbanGroup ("TCL"), fell in spite of reporting a solid third quarter result asolidthird inspiteofreporting withrevenues quarter fell 2%ahead of performed strongly over theperiod. performed rail The shareofthesefreight prices contributed to performance after astrong half-year after result toperformance contributed Financial period ended30September 2020 we are economic notexpectingany meaningful 1 . asecond wave of Lazard AssetManagement PacificCo. positions where trade-off hasimproved. ourassessmentofrisk/return we have added tounderperforming changed. We weighting aconcentration isthecorrect believe ofnamesandhighercash positioning inthecurrent environment, and producethat we will believe anabsolutepositive return, are US-listedutilities, remain we asacohort relatively which believe unattractive. numberofinvestment tothesmall opportunities Due stocks inEurope, particularly we ofattractive seesome valueopportunities pockets ofgloballistedinfrastructure Whilst themajority Outlook (continued) Lazard GlobalListedInfrastructure EquityFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted,asat30September2020. Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager:Warryn Robertson,JohnMulquineyandteam. Net offees,to30September2020.Indexreturns shownonatotalreturnbasis. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,'A'accumulationshare class we have strategically increasedweighting. ourcash we have strategically This broad hasnot view Financial period ended30September 2020 (continued)
7 LAZARD GLOBAL ACTIVE FUNDS PLC 8 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc high orimproving returns tradingatattractive valuations, thestrong record long-termtrack oftheFund continue. will Overall, teamremains confident theportfolio that, by selection, continuingon tofocus stock andseekingtofind withsustainably stocks bemore will they dependenton theshapeandstrength oftheeconomic rebound. growth companies hasbecome more even stretched inthesell-off.whose valuation dispersion from areThese stocks more difficult as toprevious normality. back goes mostly is inmore traditional The final category ‘value’ asautos, such categories andfinancials, energy also toconsumer spendingmore broadly, andtocommercial services. There here may ifwe that life becompellingopportunities believe returns and market positions, this crisis. impact from short-term are but which seeing a sharp These may be related to aviation, but fast. have beenclosing –thoughtheseopportunities general market downdraft companies withstrongThe second isinhigh-quality ofideaemerging. seenthree types teamhasbroadly The portfolio The first isinresilient upinthe andgrowth businessescaught hemisphere.northern now, Butfor highervaluations. toever growth stocks anddriving all isconquering inrates thecollapse is being met with a restrictive response,cases any jump in virus mount of a tougher environment will and fears as winter approaches the have jobs to go toastheeconomy back reopens. Inthecontinuing slow absenceofavaccine progress andonly on treatment options, going forward.performance Millions of people are on government today support, relying how many and it remains of them will unclear The shape of the economic rebound, of how great the economic and an analysis damage has been in the meantime, to market be key will Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review In thisenvironment, andEmergingAsialed, theregions America ofNorth assets, apositive outlook risk for underpinned names. andfiscalpolicy longer durationtechnology monetary especially supportive lockdown, toemerge from started toanormalisationofeconomicAs countries investors activity. appeared tolook forward Ultra- thesix-month period, during Global equitiesstaged astrong thelows recovery reached towards theendofMarch. rebounding from Market Review terms,Dollar World Country againsttheMSCIAll Index, returned which 28.91% 2020, ended30September thesix-month period Fund Equity Over (the GlobalStrategic theLazard returned“Fund”) 29.11%inUS Investment Review Lazard GlobalStrategicEquityFund Investment Managers’Report and • • • • • • information change theexecutive compensation comparative peergroupconsternation caused Tesco, theUKsupermarket chain, traded flat. sales outpaced low costrival, While Informa, relative performance detractor from detracted. andconsumer discretionary selection technology ininformation NotStock owning Apple orAmazon Genmab, firm, the Danish biotech had its multiple myeloma selection infinancials,Stock healthcare, utilities, Europe andJapanwashelpful backlog growth in the higher margin Offshore and Services division growth andServices backlog inthehighermarginOffshore Energy, GamesaRenewable Siemens services, manufacturer thewindturbine andprovider strong ofrenewableenergy reported its applications theorganiserofinternationalbusiness-to-businessevents, thecurrent remained during market challenged environment andutilitieswere theweakest. ledwhile energy technology drug, Darzalex, theUKandJapanlagged. Bysector, consumer Financial period ended30September 2020 approved home for injection, expanding potentially 1 . Aldi, aremuneration committee proposal to (continued) wasasignificant discretionary Lazard AssetManagement Limited Lazard GlobalStrategicEquityFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted,asat30September2020. Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Wilson,JohnReinsbergFund Manager:RobinJones,MarkLittle,Barney andteam. Net offees,to30September2020.Indexreturns shownonatotalreturnbasis. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,'A'accumulationshare class Financial period ended30September 2020 (continued)
9 LAZARD GLOBAL ACTIVE FUNDS PLC 10 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc occurs. when itultimately the economic environment intherecovery remain andparticipate strained businesses with solid financial andstrong productivity high quality we balance sheets which expecttodemonstrate resilience should market strength andarotation toward businessesthathave impacted by beenmostnegatively thepandemic. We continue toseekout lockdowns, profitability. weighing on growth andcorporate Incontrast, betterthanexpected progress toward avaccine couldtrigger positive developments towardand generally avaccine, additional trigger cases increase invirus shouldasharp butcouldbederailed and Brexit negotiations remain unclear. Markets have beenresilient sincethespring, andfiscal stimulus helpedby aggressive monetary forward,Looking theenvironment andtheoutcome astheprogression oftheUSelection globally uncertain remains highly ofthevirus Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review markets totheirfirst losssinceMarch. equity monthly leading world and reliable earnings. However, investor arose confidence thatundercut sentiment, uncertainties risk wavered asnew inSeptember theperiod, sectorduring best performing asshares companies perceived rose USmega-cap inseveral tohave resilient businessmodels remain whilemany have indiceshighereven stocks well belowof largewhich driven theirhighs. growth stocks Technology wasthe economy. theworld for asabackstop served Inaddition, weighted ofmarket indicesare cap by skewed group theperformance asmall banksandgovernments worldwide, central andfiscal stimulus from this optimismhasbeenthemassive which amounts of monetary recover COVID-19 will for earnings andavaccinebefound will on themonths ahead hopedthatcorporate whenthey . Buttressing intothethird quarter,markets continued theirrally asinvestors appeared tolook andinstead willing beyond focused news discouraging unprecedented, response tonotethatthe policy tothemacro itisimportant weakness andtimely. wasbothdramatic Globalstock a50-year low toan80-year highinjusttwo months. withUSunemployment rose from globally theeconomic weakness was While and fiscal response hotspots. andaslowdown inthespread inmany oftheearly ofthevirus Economic weak datahasbeenextremely thesecond quarter, during ever rebounded rallies global stocks inone ofthesharpest by driven aggressive theextremely monetary anunprecedented ascoronavirus (“COVID-19”) inthefirst collapse quarter After theglobaleconomy, related crushed lockdowns Market Review US 2020, ended30September thesix-month period Fund Equity Over GlobalSustainable returned (the“Fund”) 33.72%in theLazard Investment Review Lazard GlobalSustainableEquityFund* Investment Managers’Report Lazard Asset ManagementLLC * Effective 23June2020,Fundnamechangedfrom Lazard GlobalSustainableEquitySelectFundtoLazard GlobalSustainableEquityFund. terms,Dollar World Country All againsttheMSCI Index, returned 28.91% which 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted,asat30September2020. • • • • • • Figures refer topast performance,whichisnotareliable indicatoroffuture results. Fund Manager:LouisFlorentin-Lee andteam. Net offees,to30September2020.Indexreturns shown onatotalreturnbasis. Source: COVID-19 andvaccines testingaswell ascontract oftherapies againstthevirus manufacturing Fisher,Thermo provisioner ofscientific anAmerican instrumentation, exposure to well asithasbenefitted from performed behaviour duetoCOVID-19 impacted theirbusinessandtheexpectedimprovement is takinglonger have thananticipated materially Compass, tooffices, services aglobalprovider ofcatering factories, venues, andsports schools alsounderperformed. Changes in Lack ofexposure toAmazon,Lack Tesla performance andApple detractedfrom performance sectorsdetractedfrom technology andinformation selection intheconsumer discretionary Stock attractive levels,the costofcredit tovery amidtheuncertainty whilecompanies ofliquidity soughtahigherlevel well asbond robust issuancehasbeenextremely asstepstakenby ofS&PGlobalperformed Shares theFederal reduce Reserve selection inthehealthcareandfinancials toperformance sectorscontributed Stock Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,'A'accumulationshare class Financial period ended30September 2020 1 . (continued) Lazard AssetManagementLLC and enjoy acompetitive market return. capital compelling alternative toequities. We expectthatadiversified, multi-factor approach beabletotake advantage will ofthe mispricings toreratethat are inthecoming months. likely Inshort, otherassetclasses, fixed income andcash, particularly a donotoffer simply Still, acknowledgingthatthere we prices aremarket remain on areas constructive ouroutlookequity inthe for ofdislocation ongoing trade wars, Brexit, government deficits, soaring disputes and isolationism add geopolitical that will to market uncertainty. by theUSelections andthe investment ofthePresidential implications races. andSenatorial areas are Other thatbear watching the environment are chains themselves. beginning to manifest to supply weeksThe global markets bepreoccupied will in the next few appears tobegetting closer. have Many shown indealingwith the industries resiliency (see current surge intheUSandEurope) andactual globalinoculationtakelonger, will areturn toa “normal” businessclimate banks. the central together with stimulus from there to be aresome to recovery challenges likely vaccine front and therapeutic While byfavourable economicpromising supported on the pandemicislargely news. the news from Investor aglobal recovery optimismfor hasfaroutpaced any overly prices usastheresilience inequity continues tosurprise inglobalstocks The strength oftherally Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review six-month period. Bycontrast, aredisparities significant. Consumer discretionary, have appreciated all stocks over 40%inthe andmaterial technology information hasenjoyed apositive energy) return inthepastsix months althoughreturn a potentialvaccine. from andsector(apart country Every home environment andoptimismover improved and tosustainoperations inawork therapeutics ofselectindustries from the ability coronavirus (“COVID-19”) pandemic. stimulusThe markets weremeasures by offered extraordinary by supported banks, thecentral markets have reboundedGlobal equity the global economic strongly since bottoming shutdown out in March precipitated after by the Market Review US the six-month period Over Investment Review Lazard GlobalManagedVolatility Fund Investment Managers’Report Lazard Global ActiveFundsplc terms,Dollar againsttheMSCI World Index, returned which 28.82% • 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted,asat30September2020. • • • • • Figures refer topast performancewhichisnotareliable indicatoroffuture results. Fund Manager:SusanneWillumsenandteam. Net offees,to30September2020.Indexreturns shown onatotalreturnbasis. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,'A'accumulationshare class spike, inits58-year-history Target salesgrowth, Corporation, thelargest reporting quarterly anonline sales after including continued which tooutperform dropped precipitously in the wake of softer demandbrought ondropped by inthewakeofsofter precipitously theglobalshutdown PowerElectric Development, theJapaneseutility, aswholesalepower in Japanhave the6month period prices 28%during fell aggressively to curb costsandattempttoprovide a aggressively tocurb East and West traffic. with companieslower have passengerstruggled Japan Railway and freight Both managements have moved Japan selection in industrials,Stock technology, information to consumer staples. health care and underweight in the US and Selection iron ore shipments andasurge inore2020 prices Fortescue MetalsGroup record reported profit year itsfinal thefull record for endinginJuneandquadrupled dividendfollowing andfinancials, toenergy Underweights selection inmaterials. and stock toUKandFrance Underweights 30 September 2020,ended 30 September Global Managed the Lazard Volatility Fund (the returned“Fund”) 13.83% in energy stocks lagged andhave by stocks fallen 46%in2020andnow represent energy 2.5%inmarket indices. “safe” travel experience for passengers for travel experience 1 . Financial period ended30September 2020 (continued) pandemic and the implications from work from pandemic andtheimplications
11 LAZARD GLOBAL ACTIVE FUNDS PLC 12 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc relations continue todeteriorate. fiscal policiesare evolving; theoutcomes oftheUSPresidential andCongressional elections inNovember are unknown; andUS-China as do government responses; aroundvaries theworld is uncertain; the pace bankpoliciesand government ofeconomic central recovery by andlonger an unusualamountofuncertainty. ischaracterised term The outlook boththe short for The progression of Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review the by caused sectoron aboutthe future worries oilamidheightenedglobaleconomic demandfor was theworst uncertainty performing sectorinthequarter, wasthebestperforming Consumer discretionary asshares ofe-commerce giantsmade significantgains. Energy investors.unnerved thattheUKmightleave theEUwithoutatradeagreementthe renewed possibility inplace were among thelatestdevelopments that of asecond wave ofCOVID-19 intheUSandEurope, cases growing concernsaboutacontested USpresidential election result, and Market confidence wavered inSeptember, however, five markets receding withglobalstock consecutive after months ofgains. Fears rebound thesecond quarter, during sell-off. recovering over 75%ofthelossesincurredfirst-quarter during befound. will recover will earnings andavaccine thevirus for corporate Consequently, markets staged asignificant equity world regions oftheworld, investors appeared tolook willing beyond andinstead on thebadfocus months news ahead, hope whenthey theglobaleconomy.for economic Despitestiffening headwinds, and severe economic countries downturnsinseveral included which thecoronavirus (“COVID-19”) tocontain pandemicandprovide theeconomic abackstop measures theperiod from fallout during policymakers,, mostprominently intheEuropean Union (“EU”) Japan, andChina, andfiscalstimulus reached aggressive for monetary thatdestroyedquarter market value. instock US$12trillion theUSFederal (“Fed”) takingthelead, With Reserve banksand central thefirst ofamassive market during sell-off markets intheaftermath equity wasmarked by ofworld The period strong recovery macroa challenging climate. 2020, ended30September six-monthIn thetrailing period markets surged, globalequity asinvestor optimismstayed resilient despite Market Review terms, againsttheMSCI World Index, returned which 28.82% 2020, ended30September thesix-month period Over Global theLazard Thematic Fund returned (the “Fund”) 30.94%inUS Dollar Investment Review Lazard GlobalThematicFund Investment Managers’Report COVID-19 pandemic. • • • • • • and in anticipation of a next generation hematology analyzer and inanticipation ofanextgeneration hematology 19 pandemic. rose on the prospects commercialisation platform, Sysmex for ofarobotic surgery anAlzheimer’s diseasetoolkit First World Health: Fisher,Thermo Danaher, rose andZoetis on strong throughout demandandlimiteddisruption theCOVID- endmarkets some cyclical SAP rose on strong businesses. results by driven cloud Autodesk delivered home relatively and strong results despitework from commerce, subscriptions). rose Salesforce on strong products results acceleratedatrecord asgrowth incloud margins. Adobe and asaStandard: rose Microsoft strongly onSoftware continued strength inresultspaidbenefits anddigitaltransformation (cloud, ine-commerce uptick of apermanent demand. Alibabaalsorose inChineseactivity on astrong recovery of 5G-related demand. gamecompanies Nexon andActivisionVideo rose on high demand. rose Amazon strongly on expectations Empowered Consumer: Apple rose on strong results by andinanticipation driven devices services, work-from-home demandfor Stock selection and underweight to the consumer discretionary sector totheconsumer discretionary selection andunderweight Stock exposure toenergy selection andoverweight Stock returns In thisstrong themesdetractedfrom market bull nooverall 1 . Financial period ended30September 2020 (continued) COVID-19 Lazard AssetManagementLLC changes ofthenextdecade. structural key represented by thatwe selectedtopopulatethem. ourthemesandthestocks We iswell-placed tocapture thattheportfolio believe We thanmakeabeton rather any seektomanage ofthem. theserisks We are enthusiasticaboutthelong-termopportunities the evolution oftheUS-Chinarelationship theforeseeable affairsfor future bethedominant will factor andbeyond. inworld ambitionsgeo-political andgoals. surrounding theUSelections, duration oftheuncertainties Incontrast totheimminenceandshort On China: We Chinapresents believe many attractive long-term opportunities, butthesehave tobeseeninthecontext ofthecountry’s ofdomesticboth interms andforeign policy. changeswould belimitedtoexecutive orders.and on thedomestic front sweep lead ADemocratic tosignificantchanges would likely On USelections: A Trump lead gridlock tocontinued would political likely Senate withRepublican oraBidenpresidency victory the long term. Goingforward, policy: On monetary On COVID-19: Policymakers have had towrestlewiththedifficult decision ofhow toweigh theeconomic costoflockdowns. Outlook (continued) Lazard GlobalThematicFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted,asat30September2020. Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager:SteveWreford andteam. Net offees,to30September2020.Indexreturns shownonatotalreturnbasis. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,'A'accumulationshare class theFed look ofinflation thatitwill topastlevels andaimtoreduce hasindicated itto2%over Financial period ended30September 2020 (continued)
13 LAZARD GLOBAL ACTIVE FUNDS PLC 14 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc relations continue todeteriorate. fiscal policiesare evolving; theoutcomes oftheUSPresidential andCongressional elections inNovember are unknown; andUS-China as do government responses; aroundvaries theworld is uncertain; the pace bankpoliciesand government ofeconomic central recovery by andlonger anunusualamountofuncertainty. ischaracterised term The outlook boththe short for The progression of Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review the by caused sectoron aboutthe future worries oilamidheightenedglobaleconomic demandfor was theworst uncertainty performing sectorinthequarter, wasthebestperforming Consumer discretionary asshares ofe-commerce giantsmade significantgains. Energy investors.unnerved thattheUKmightleave theEUwithoutatradeagreementthe renewed possibility inplace were among thelatestdevelopments that of asecond wave ofCOVID-19 intheUSandEurope, cases growing concernsaboutacontested USpresidential election result, and Market confidence wavered inSeptember, however, five markets receding withglobalstock consecutive after months ofgains. Fears rebound thesecond quarter, during sell-off. recovering over 75%ofthelossesincurredfirst-quarter during befound. will recover will earnings andavaccine thevirus for corporate Consequently, markets staged asignificant equity world regions oftheworld, investors appeared tolook willing beyond andinstead on thebadfocus months news ahead, hope whenthey theglobaleconomy.for economic Despitestiffening headwinds, and severe economic countries downturnsinseveral included which thecoronavirus (“COVID-19”) tocontain pandemicandprovide theeconomic abackstop measures theperiod from fallout during policymakers,, mostprominently intheEuropean Union (“EU”) Japan, andChina, andfiscalstimulus reached aggressive for monetary thatdestroyedquarter market value. instock US$12trillion theUSFederal (“Fed”) takingthelead, With Reserve banksand central thefirst market during sell-off ofasharp markets intheaftermath equity wasmarked by ofworld The period strong recovery macroa challenging climate. 2020, ended30September six-monthIn thetrailing period markets surged, globalequity asinvestor optimismstayed resilient despite Market Review terms,Dollar World Country All againsttheMSCI Index, returned which 28.91% 2020, ended30September thesix-month period Over Global theLazard Thematic Focus Fund returned (the “Fund”) 34.85%inUS Investment Review Lazard GlobalThematicFocusFund Investment Managers’Report COVID-19 pandemic. • • • • • • The underweight exposures to US technology companies asApple, such exposures toUStechnology The underweight andFacebook Amazon Stock selection within the consumer discretionary sector and the lack ofexposuresector sectorandthelack tothematerials selection withintheconsumer discretionary Stock In thisstrong market, bull themedetractedover theperiod nooverall strong precision products demandfor agricultural Hexagon, well. perform all andSchneider Deere rose on strong results showing marginresilience through thepandemicand activity, upinindustrial Apick Asset Efficiency: inAsia, particularly alongsawRockwell, withexpectations ofreshoringactivity endmarkets some cyclical SAP rose on strong businesses. results by driven cloud Autodesk delivered home relatively and strong results despitework from commerce, subscriptions). rose Salesforce on strong products results acceleratedatrecord asgrowth incloud margins. Adobe and asaStandard: rose Microsoft strongly onSoftware continued strength inresultspaidbenefits anddigitaltransformation (cloud, inChineseactivity recovery Empowered Consumer: gamecompanies Nexon andActivisionVideo rose on highdemand. Alibabaalsorose on astrong Financial period ended30September 2020 1 . (continued) COVID-19 Lazard AssetManagementLLC changes ofthenextdecade. structural key represented by thatwe selectedtopopulatethem. ourthemesandthestocks We iswell-placed tocapture thattheportfolio believe We thanmakeabeton rather any seektomanage ofthem. theserisks We are enthusiastic aboutthelong-termopportunities the evolution oftheUS-Chinarelationship theforeseeable affairsfor future bethedominant will factor andbeyond. inworld ambitionsgeopolitical andgoals. surrounding theUSelections, durationoftheuncertainties Incontrasttotheimminence andshort On China: We Chinapresents believe many attractive long-term opportunities, butthesehave tobeseeninthecontext ofthecountry’s ofdomesticboth interms andforeign policy. changeswould belimitedtoexecutive orders.and on thedomestic front sweep lead ADemocratic tosignificantchanges would likely On USelections: A Trump lead gridlock tocontinued would political likely Senate withRepublican oraBidenpresidency victory the long term. theFed look ofinflation thatitwill topastlevels andaimtoreduce Goingforward hasindicated itto2%over policy: On monetary On COVID-19: Policymakers have had towrestlewiththedifficult decision ofhow toweigh theeconomic costoflockdowns. Outlook (continued) Lazard GlobalThematicFocusFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager: 30 September2020.Indexreturns shownonatotalreturnbasis. 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted,asat30September2020. Source: Morningstar Direct,Morningstar NAV to NAV Price, Net Income Reinvested in US Dollars, Steve Wreford andteam. Financial period ended30September 2020 (continued) 'A' accumulation share class Net of fees, to
15 LAZARD GLOBAL ACTIVE FUNDS PLC 16 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Lazard AssetManagementPacificCo. ourinvestors well over thelong run. ourinvestments we all continue seekfor will toserve characteristics at reasonable valuations. valueandwe theeconomic isnow believe tradingatamodestdiscounttointrinsic franchise The portfolio companies withhigherfinancial thanthemarket productivity andthatare trading franchise holdshigh-quality currently The portfolio Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review shutdown drove down sharply. oilprices Potential destabilisationtheNovember following 2020USelections alsoadded tovolatility. COVID-19 infectionsdescendedupon2020, Europe inSeptember pandemicprotocols. forcing areturn toearlier Fear ofanotherglobal levels. Improved treatments andprogress investor avaccine indeveloping alsohelpedraise confidence. However asecond wave of coronavirus (“COVID-19”) related restrictions alsoadded to investor optimismthatglobalgrowth couldberestored topre-pandemic put inplace measuresinvestor by banksalong helped calm fears. globalcentral withothergovernment policy The process ofeasing markets roseGlobal equity over thelastsixmonths. 2020sell-off, February/March thesharp After thecoordinated stimulus measures Market Review terms,Dollar againsttheMSCI World Index, returned which 28.82% the six-month period Over Investment Review Lazard GlobalEquityFranchiseFund Investment Managers’Report • 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted,asat30September2020. • • • • • Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager:Warryn Robertson,JohnMulquiney andteam. Net offees,to30September2020.Indexreturns shown onatotalreturnbasis. Source: release inAugust 2020results 2020ofitssecond quarter andgamingbusiness, lottery The world-leading International Gaming Technology, (“IGT”) strongly, performed the following the company has benefitted from a meaningful tailwind in its health insurance division initshealthinsurance tailwind ameaningful the company has benefitted from CVS Health’s despitearecent share fell businessupdatethatshowed retail price thatthepharmacy businessisstabilising, and regulator theUKenergy initialproposal achallenging from following theperiod during performance National detractedfrom Grid andfieldas events marketing beenshutdown have through largely theCOVID-19 pandemic results second below reporting quarter market expectations, after Omnicom fell on revenue, particularly almost25% fell which operator satellite Leading Cognizant, andconsulting outsourcing well on isanIT littlenews which businesstofinance andhealthcareperformed Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,'A'accumulationshare class (“Ofgem”) 30 September ended 30 September contributed positively as it reported 2019results asitreported positively in-linewith market contributed expectations , SES, 2020, the Lazard Global Equity Franchise Global Equity the Lazard Fund (the returned“Fund”) 23.87% in US 1 . Financial period ended30September 2020 (continued) Lazard AssetManagementLimited and companies, andactive management. ofrigorous analysis highlightingtheimportance Fundamentals environment, in this challenging remain crucial with a wide dispersion of returns between different countries, sectors in markets. Brexit approaches, drama eyes remain all will fixed on thenegotiations. volatility further hasthepotentialtocause The uncertainty tocontain it.unknowns thanknowns outbreak andgovernment aboutthefutureresponses pathofvirus totry Asthefinal act inthe A question precedent mark to compare as there with which remains is no historical overand more the pace and shape of the recovery Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review theglobaleconomy,for anddemand, aswell asweak oilprices theoil&gassectorlagged thebroader index. At thesectorlevel, sectors were industrials, thebestperforming andtechnology. basicmaterials Linkedtothemoreoutlook challenging trend thesummermonths, seenduring were many countries alsoforced toreintroduce theresurgence restrictions tocurb ofthevirus. France and Spain), Brexit and stalled negotiations was faltering. questions raised over whether the economic recovery In a reversal of the However, towards theendofperiod, mixed economic data, coronavirus (“COVID-19”) in rising across cases Europe (particularly efforts. would packagewhich see€750bn infundingbecome availabletoaidpost-pandemicrecovery a landmark coronavirus recovery in the euro helped stimulate zone. economicfiscal support recovery for a deal on 20th July leaders also struck European Union (“EU”) restrictions oflockdown andgovernment asthelifting European underreview markets strongly inthesix-month bouncedback period Market Review Worldagainst theFTSE Europe ex-UKIndex, returned which 17.60% 2020, ended30September thesix-month period Over Fund European theLazard Equity returned (the“Fund”) 18.77%inEuro terms, Investment Review Lazard European EquityFund Investment Managers’Report Lazard Global ActiveFundsplc Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager:Aaron Barnfather, PaulSelvey-Clintonandteam. of fees,to30September2020.Indexreturns shownona totalreturn basis. • • • • • 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted,asat30September2020. • Source: The underweight exposure to industrials and stock selection withinconsumer exposure andstock services, toindustrials andtelecommunicationsThe underweight industrials provisions detracted, BancoSantander Being overweight withasignificantincrease earnings inloanloss second-quarter asitreported withintheoilmarket anddemanddynamics around thesupply continued uncertainty Oil &gasbusiness, GalpEnergia, manufacturerDanish-listed windturbine selection inoil&gas,Stock andtechnology exposure selection inbothbasicmaterials andstock aswell astheoverweight business toCovestro business, chemicals Dutch Royal DSM, andAugust inbothJuly news Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinEuros, 'A'accumulationshare classNet underperformed. InJuly, delivered steady share growth over thethird price quarter, boostedby thesaleofitsresins , VestasSystems, Wind it announced the suspension of their interim dividend, itannouncedthesuspension oftheirinterim given the was the largest contributor to returns after reporting positive reporting wasthelargest toreturns contributor after 1 . Financial period ended30September 2020 (continued)
17 LAZARD GLOBAL ACTIVE FUNDS PLC 18 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc elections, aswell asUS-Chinatraderelations, may will alsobeasource inthenearterm. ofvolatility impairconfidence.and disagreements further will theUSPresidential developments including Geopolitical andCongressional intheregion.investor uncertainty orresolution ofremaining Clarity Brexit helpUKequities, issueswould likely delays whilefurther In addition COVID-19 torising cases, year theUK’s theEUatendofcalendar hasadded to separation from scheduled the coming periods, may ofa alsobesusceptibletodrawdowns prices inthecase stock “second wave” ofthevirus. rates, andmassive fiscal stimulus investor continues sentiment. tosupport markets higherin may equity drive thesedynamics While COVID-19 vaccine progression, business “re-opening” efforts, insome andinfectionrates geographies, mortality falling lower interest Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review as pandemicweighed on demand. index, asdidfinancials, reacted which totheincreasedofbusinessdefaultandoutlookinterest for risk rates. sharply fell Oilprices over the At thesectorlevel, consumer discretionary, outperformed communication significantly services, technology healthcareandinformation trend thesummermonths, seenduring were many countries alsoforced toreintroduce theresurgence restrictions tocurb ofthevirus. France and Spain), Brexit and stalled negotiations was faltering. questions raised over whether the economic recovery In a reversal of the However, towards theendofperiod, mixed economic data, coronavirus (“COVID-19”) in rising across cases Europe (particularly efforts. would package which see€750bn infundingbecome availabletoaidpost-pandemicrecovery a landmark coronavirus recovery intheeuro helpedstimulate zone. economicfiscal support recovery for adealon 20July leaders alsostruck European Union (“EU”) restrictions oflockdown andgovernment asthelifting European underreview markets strongly inthesix-month bouncedback period Market Review Euro terms, CapIndex, againsttheMSCIEurope Small returned which 26.06% 2020, ended30September thesix-month period Over Pan-European theLazard CapFund Small returned (the “Fund”) 24.71%in Investment Review Lazard Pan-European SmallCapFund Investment Managers’Report • • • • • • from the release of strong quarterly results and a reassuring outlook from management intheperiod results andareassuringoutlook from therelease ofstrong quarterly share benefitted price from Tinexta, provider ofdocumentdigitalisation solutions anItaly-listed tobusinesses, toperformance. positively contributed The the timebeing. Not surprisingly, resultstheperiod during thecompany releasedsetofquarterly achallenging the COVID-19 winner, the company believe pandemic as an industry emerge will from depressed demand remains for highly Kinepolis, theatre a Belgium-listed movie with businesses in Europe, operator Canada and the US, also detracted. Although we underperform andgiventhe first thestablenature quarter ofthebusiness, unchangedinthesecond quarter, waslargely thestock itto causing Group, Metering Smart usage, gasandelectricity aUKsupplierofmetersfor underperformed. in strong performance After sectors technology andinformation selection inconsumer discretionary Stock German-domiciled Flatex contributed positively, contributed German-domiciled Flatex company acquisition asbenefitsofDutch oftheearlier-announced selection infinancials,Stock andreal industrials estate well asoperationsin18EuropeantoFlatex’s countries market-leading positions inGermanyandAustria evident.became now hasbecome Europe’s Flatex leading online broker, asDeGiro adds market as leadership intheNetherlands .period Linked to the more outlook the global economy, for challenging and real estate sectors lagged thebroader theenergy Financial period ended30September 2020 1 . (continued) , DeGiro,
Lazard AssetManagement LLC trade-off between financial andvaluation productivity iswell suitedtothistask. investments emerge inbusinessesthatwill stronger passes. whenthecrisis We thatourbottom-up believe approach on focused the current environment, companies we andcontinue tosearch are andfinancial for mindfulofoperating withinportfolio ever leverage market advancesinpotentialretracements. whiledefending balanced–abletoparticipate aimstoremain evenly The portfolio Inthe Outlook (continued) Lazard Pan-European SmallCapFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted,asat30September2020. Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager:EdRosenfeldandteam. of fees,to30September2020.Indexreturnsshownonatotalreturn basis. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinEuros, 'B'accumulationshare classNet Financial period ended30September 2020 (continued)
19 LAZARD GLOBAL ACTIVE FUNDS PLC 20 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc valuations thatare notextended, deliver strong can relative returns through amarket cycle. election result. out, that plays of the scenario Regardless we that companies believe withhigh, sustainablereturns on capital, tradingat College,Electoral process thehugethatmoststateswill numberofmail-inballots on Election Day, of adisputed andthepossibility economic andearnings. activity surround theelection, Multiplesources ofuncertainty advantage theRepublican inthe including children attainmentandhealthcarefor inthesehouseholds, educational as well as longer-term for implications potential affects which on economicwe befocused thenear-term ofthepandemicgoing will challenges forward, foreclosures, andmortgage asevictions such trials,clinical more testing, and the effectiveness of therapeutics. The labourmarket hasrecovered stronger than we had anticipated, but and USelections. Asthebattleagainstpandemiccontinues, investors look will totheresults ofninevaccines inlatestage currently multiple perspectives, from tobeeventful islikely thepandemic, quarter including The fourth theimprovement ofthejobmarket, Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review theFed shifted toamore posture. dovish thatdecidedly policy monetary therapies, vaccines, anddiagnostictestsindevelopment. Fed of32.9%.rate figures, Despitethosesobering inresponse markets rallied progress toencouraging inmultiple potentialCOVID-19 70years inthesecond quarter, sawitssteepestdrop innearly asUSgrosscame domestic product (“GDP”) atan annualised falling additionalto waitfor fiscalstimulus, remained which tiedupincongressional end. negotiations atquarter stimulus further Hopesfor results reinforced largely investor corporate confidenceSecond-quarter intheresilience ofUScompanies, whileinvestors continued lows first-quarter toreach record new highs,stunning rebound from in Washington despitecontinued gridlock stimulus. over further the Paycheck for flexibility Protection Programannounced in March. that was originally In the third quarter, US equities extended a measuresUS government announcedseveral tostimulate theeconomy thequarter, during additional fundingandadded including nationwide lockdowns. thanexpected from began to emerge more quickly the economy acting while the country to support The strongest inover 20years, quarter asinvestors remained optimisticthatCongress andtheFederal (“Fed”) would continue Reserve In thesecond quarter, thefirst quarter’s continued torecover coronavirus stocks (“COVID-19”) from inducedselloff, recording their Market Review US 2020, ended30September thesix-month period FundOver USConcentratedEquity theLazard (the returned“Fund”) 26.40%in Investment Review Lazard USEquityConcentratedFund Investment Managers’Report terms,Dollar Index, againsttheS&P500(NTR) returned which 30.95% • • • • • • company's much-improved, business, less-cyclical andwe expecttoseedemandimprove asoffice spacebecomes repurposing afocus 19 andsecularheadwinds facing construction. We tothepandemic, thatprior believe themarket wasbeginningtoappreciate the maker A position materials inconstruction due toexposure businesses, tosmall have higherfees impacted by andtypically have which beenespecially thecrisis thanexpected,would be taking place earlier inthemerchantbusinessmay acquiring beslower andamidconcernsthatarecovery A position processor inpayments tothereal estatesector sectorsandanoverweight andindustrials selection technology ininformation Stock improving trends inChinaandexpectedcontent increases in5G withstablemarginsdespiteadifficult earnings and third demandenvironment. quarter onThe company slowly hassome visibility A position inchipmaker improves itsoperationalefficiencies as increased home demand for improvement products ledtostrong same-store sales. We continue toseeupside asthecompany A position inhome improvement retailer selection withinthefinancials sector,Stock toconsumer staples, aswell asunderweights utilities, sectors andenergy , Skyworks, , Fiserv, also contributed toperformance, alsocontributed strong second thecompany asshares avery reported rose after contributed toperformance, contributed asthecompany above expectations earnings reported , Lowe’s, also detracted from performance, thecompany alsodetractedfrom announcedthatitsCEOtransition after , Armstrong, detracted from returns, detracted from asshares remained underpressure amidCOVID- Chair , Jerome Powell, Financial period ended30September 2020 1 . announcedtheculmination ofatwo-year of review (continued) Lazard AssetManagement LLC Lazard USEquityConcentratedFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager:ChristopherBlake,MartinFloodandteam. class Netoffees,to30September2020.Indexreturnsshownonatotalreturn basis. 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted,asat30September2020. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,'EA'accumulationshare Financial period ended30September 2020 (continued)
21 LAZARD GLOBAL ACTIVE FUNDS PLC 22 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Lazard AssetManagementLLC Lazard JapanAssetManagementK.K. tohave thepandemic well inhand, claim markets thatcan boastlow valuations, compelling dividendyields, andbelevered torecovery. We asaplus. Japanremains stability believe withrare attractive political andlevered toaglobaleconomic recovery There equity are few other than Warren Buffet, invested whorecently billionsinJapan, toreassess theirexistingallocations. seen elsewhere intheworld. remain Japanese stocks inexpensive on many measures. We valuations investors such shoulddrive believe Despite losingaleader whohasbeeninpower since2012, Japan’s politicsremain stable, whileunrest, dissatisfaction, andchaos are Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review leadership. Market hasbeenencouragedby ofAbe’s acontinuity policies inaddition reform. toexpectations ofgreater structural market concerns wereYoshihide metwithrelief asChiefCabinetSecretary LDP waselectedasthenew Suga president andassumed inJapan, stability ofpolitical along period After resignation Prime duetohealthissues. MinisterAbeannouncedhissurprise Initial Japan.including transportation. ofgrowth relative tovalueequitiesaroundThis environment theoutperformance exacerbated theworld, hasfurther ascompared have which beenharder asreal such toindustries hitduetolockdowns estateand seeing significantoutperformance However, markets have withperceived beenuneven inequity coronavirus (“COVID-19”) therecovery astechnology winnerssuch around theworld. ismorethanofadeeprecession. disasterrather akintoanatural thatwe pattern have observed The recovery markets have responses around been able to enjoy the world by recoveries thanks to unprecedented governments fiscalandmonetary to pre-pandemic levels. have continued Althoughglobalcases togrow andhave showed ofre-acceleration, over theperiod periods equity Following anaggressive duetotheglobalpandemic, offintheMarch sell quarter market hasrecovered theJapaneseequity close tolevels Market Review Japanese 2020, ended30September thesix-month period Fund Equity Over (the JapaneseStrategic theLazard returned“Fund”) 19.47%in Investment Review Lazard JapaneseStrategicEquityFund Investment Managers’Report 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted,asat30September2020. • • • • • • Figures refer topast performancewhichisnotareliable indicatoroffuture results. Fund Manager:TimGriffen andteam. of fees,to30September2020.Indexreturns shownona totalreturn basis. Source: pandemic’s longer-term impact on commercial office andretail demand Tokyu Fudosan HoldingsandHulic, bothmid-tierreal estatedevelopers, were weak duetoon-going concernsaboutthe returns toreal estatedetracted from The overweight inmachinery,The overweight futures, &commodity securities andotherproducts drove performance schedule Power, Electric Kansai amajorutility, plantre-start itsnuclear affect couldpotentially scandal lagged asconcerns thatabribery program toaddress amajorbuyback massive undervaluation sales andstarted Group,SoftBank investment holding company, atechnology strongly as the company significantassets undertook performed market by thanks tostrong the performance TSE MothersIndex JAFCO Group, aleading venture company, capital (“IPO”) on animproving outlook theinitialpublicoffering for outperformed Yen terms, againstthe TOPIX Total Index, Return returned which 19.69% Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinYen, 'A'accumulativeshare classNet Financial period ended30September 2020 1 . (continued) Lazard AssetManagementLLC national vaccine themore planningfor development all important. of anotherwave oftheCOVID-19 inemergingmarkets, virus somehave ofwhich notyet tamedtheirfirst wave, of makesthelevel isthebeginningofatrend sell-off global tech reversal, butitissomething we continueclosely. will towatch Furthermore, thethreat narrow indeed, isvery the rise support. beggingthequestion growth ofhow itcan much further Itistoosoonwhetherarecent totell selection continue will tobeparamount. are Emergingmarkets' on stocks currently theirwayup, back butthefoundationsupporting We theemergingmarkets believe are valued, attractively peers. tradingatasubstantialdiscounttotheirdeveloped Careful stock Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review including Turkey, astheirreturns lagged by thebroad more market than20%. recovery Thailand andHungary differences are heavy with the tech also noteworthy Country Taiwan market upover 40%. Political unrest markets plagued several period. Bycontrast, stocks, real estateandutility oftheslowdown reflecting thebrunt have 7%and5%respectively. returned only significant. Consumer discretionary, have appreciated all andhealthcarestocks over 40%inthesixmonth technology information and apotentialvaccine. andsectorhasenjoyed apositive return country inthepastsixmonthsare althoughreturn disparities Every banks, home environment andoptimismover improved tosustainoperations inawork therapeutics ofselectindustries from theability by thecoronavirus (“COVID-19”) pandemic. stimulusThe markets weremeasures by offered extraordinary by supported thecentral markets have reboundedEmerging equity the global economic strongly since bottoming shutdown out in March precipitated after Market Review terms, againsttheMSCIEmergingMarkets Index, returned which 29.37% 2020, ended30September thesix-month period Over Emerging theLazard World Fund (the returned“Fund”) 32.42%inUS Dollar Investment Review Lazard EmergingWorld Fund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted,asat30September2020. • • • • • • Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:KunDengandteam. Net offees,to30September2020.Indexreturns shown onatotalreturnbasis. Source: The portfolio’s position weighed cash on relative returns inthestrong market rally indexes The Middle East focused investments Eastfocused wereMiddle alsoweak relative performers investments focused were America poorestLatin relative performers China, India, and Philippines Taiwan thestrongest investments focused performed investmentsAsia focused were the largest toreturn, contributors 37.3%on average rising Fund's GlobalEmergingMarket (“GEM”) andFrontier theirrespective Market investments global focused outperformed Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,'A'accumulationshare class 1 Financial period ended30September 2020 . (continued)
23 LAZARD GLOBAL ACTIVE FUNDS PLC 24 LAZARD GLOBAL ACTIVE FUNDS PLC markets including markets including Turkey, astheirreturns lagged by thebroad more market than20%. recovery Thailand andHungary respectively. differences heavy are withthetech alsonoteworthy Country Taiwan market upover 40%. Political unrest plaguedseveral six month period. Bycontrast, stocks, real estateandutility oftheslowdown reflecting thebrunt have 7%and5% returned only Lazard Global ActiveFundsplc Lazard AssetManagementLLC themoreall important. in emergingmarkets, somehave ofwhich notyet tamedtheirfirst wave, ofnationalvaccine makesthelevel planningfor development a trend reversal, butitissomething we continue closely. will to watch Furthermore, thethreat ofanotherwave oftheCOVID-19 virus support.question growth ofhow itcan much further isthebeginningof sell-off Itistoosoon whetherarecent totell globaltechnology Emerging Outlook What ContributedtoReturns: Portfolio Review are significant. Consumer discretionary, technology information and apotentialvaccine. andsectorhasenjoyed apositive return country inthepastsixmonths althoughreturn disparities Every banks, home environment andoptimismover improved tosustainoperations inawork therapeutics ofselectindustries from theability by thecoronavirus (“COVID-19”) pandemic. stimulusThe markets weremeasures by offered extraordinary by supported thecentral markets have reboundedEmerging equity the global economic strongly since bottoming shutdown out in March precipitated after Market Review US 2020, ended30September thesix-month period Over Fund EmergingMarkets Equity theLazard (the returned“Fund”) 15.45%in Investment Review Lazard EmergingMarketsEquityFund Investment Managers’Report What Detractedfrom Returns: terms,Dollar againsttheMSCIEmergingMarkets Index, returned which 29.37% 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted,asat30September2020. • • • • • • Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager:JamesDonaldandteam. Net offees,to30September2020.Indexreturns shown onatotalreturnbasis. Source: The overweight to information technology and underweight toreal estate andunderweight technology toinformation The overweight prospects for value unlocking postAntprospects Group’s valueunlocking for (“IPO”) initialpublicoffering of holding in Alibaba,A lack a leading Chinese e-commerce company with an online ecosystem, on the outperformed which Bank,China Construction aChinesebank, guidelineson provisions policy profitonofnew theback experienced declines selection technology, withininformation Stock energy, andfinancials communication services in thesecond halfofthe2021fiscalyear Infosys, remain demandwill robust growing services, anotherIndianproviders ofIT confidence service thatIT benefitted from up revenues thecurrent andmarginsfor quarter ofHCL Shares Technologies, services, anIndianprovider ofIT gainedon strong management guided demandtrends andafter stocks aremarkets' on stocks currently their way up, back narrow indeed, is very therise but the foundationsupporting beggingthe Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,'A'accumulationshare class (“IT”) (“IT”) and health care stocks have appreciated all and health care stocks over 40% in the Financial period ended30September 2020 1 . (continued) Lazard AssetManagementLLC themoreall important. in emergingmarkets, somehave ofwhich notyet tamedtheirfirst wave, ofnationalvaccine makesthelevel planningfor development a trend reversal, butit’s something we continueclosely. will towatch Furthermore, thethreat ofanotherwave oftheCOVID-19 virus support.question growth ofhow itcan much further isthebeginningof sell-off It’s toosoonwhetherarecent to tell globaltechnology Emerging Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review including Turkey, astheirreturns lagged by thebroad more market than20%. recovery Thailand andHungary differences are heavy with the tech also noteworthy Country Taiwan market upover 40%. Political unrest markets plagued several period. Bycontrast, stocks, real estateandutility oftheslowdown reflecting thebrunt have 7%and5%respectively. returned only significant. Consumer discretionary, have appreciated all andhealthcarestocks over 40%inthesixmonth technology information and apotentialvaccine. andsectorhasenjoyed apositive return country inthepastsixmonthsare althoughreturn disparities Every banks, home environment andoptimismover improved tosustainoperations inawork therapeutics ofselectindustries from theability by thecoronavirus (“COVID-19”) pandemic. stimulusThe markets weremeasures by offered extraordinary by supported thecentral markets have reboundedEmerging equity the global economic strongly since bottoming shutdown out in March precipitated after Market Review terms,in USDollar againsttheMSCIEmergingMarkets Index, returned which 29.37% 2020, ended30September thesix-month period Over EmergingMarkets Fund Core theLazard Equity returned (the“Fund”) 29.26% Investment Review Lazard EmergingMarketsCore EquityFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted,asat30September2020. • • • • • • Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager:StephenRussellandteam. Net offees,to30September2020.Indexreturns shown onatotalreturnbasis. Source: the successful distribution throughthe successfuldistribution e-commerce channels Ryobi, Hoover, Devil, andDirt stronger reported thefirst for earnings halfoftheyear, aidedby product new development and Techtronic Industries, aChinesemanufacturer ofpower equipment andfloorcareproducts, asMilwaukee, such brands including Intel that thecompany couldreceive orders new from Taiwan), Company Manufacturing (“TSMC” Semiconductor a Taiwanese semiconductor foundry, jumpedhigheron expectations After rallying sharply sincelateMarch, sharply company rallying energy Russian After to anincrease lossesamidtheCOVID-19 inimpairment pandemic andCommercialIndustrial BankofChina, aleading Chinesebank, weaker reported netprofit thefirst for halfoftheyear due sectors, technology andinformation selection withinconsumer discretionary as well asinKoreaStock andBrazil selection inconsumer staples, technology toinformation Security andtheoverweight industrials stocks aremarkets' on stocks currently their way up, back narrow indeed, is very therise but the foundationsupporting beggingthe Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,'A'accumulationshare class , Lukoil, Financial period ended30September 2020 gave some back gainsover therecent period (continued) 1 .
25 LAZARD GLOBAL ACTIVE FUNDS PLC 26 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Lazard AssetManagementLLC What ContributedtoReturns: Portfolio Review including Turkey, astheirreturns lagged by thebroad more market than20%. recovery Thailand andHungary differences are heavy with the tech also noteworthy Country Taiwan market upover 40%. Political unrest markets plagued several period. Bycontrast, stocks, real estateandutility oftheslowdown reflecting thebrunt have 7%and5%respectively. returned only significant. Consumer discretionary, have appreciated all andhealthcarestocks over 40%inthesixmonth technology information and apotentialvaccine. andsectorhasenjoyed apositive return country inthepastsixmonthsare althoughreturn disparities Every banks, home environment andoptimismover improved tosustainoperations inawork therapeutics ofselectindustries from theability by thecoronavirus (“COVID-19”) pandemic. stimulusThe markets weremeasures by offered extraordinary by supported thecentral markets have reboundedThe emergingequity theglobaleconomic strongly sincebottoming shutdown outinMarch precipitated after Market Review terms,29.90% inUSDollar againsttheMSCIEmergingMarkets Index, returned which 29.37% 2020, ended30September thesix-month period Over Advantage EmergingMarkets Equity Fund theLazard (the returned“Fund”) Investment Review Lazard EmergingMarketsEquityAdvantageFund Investment Managers’Report advantage andenjoy ofthemispricings acompetitive market return. capital cash, acompellingalternative toequities. do not offer simply We expectthatadiversified, multi-factor approach beabletotake will market torerate thatare inthecoming months. intheequity likely of dislocation assetclasses, fixed Other income and particularly disputesandisolationism.geopolitical We acknowledgingthatthere prices are remain onareas constructive ouroutlookequity for weeks byin thenextfew theUSelections andwe the continueongoing watching trade wars, Brexit, government deficits, soaring take longer, areturn toa “normal” appearstobegetting closer. businessclimate bepreoccupied The globalmarkets undoubtedly will economic news. there to be aresome hiccups (see current likely surge in the While US and Europe) and actual global inoculation will favourable hasfaroutpaced any overly prices usastheresilience inequity continues tosurprise inglobalstocks The strength of therally Outlook What Detractedfrom Returns: Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager:PaulMoghtaderandteam. class Netoffees,to30September2020.Indexreturnsshownon atotalreturn basis. 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted,asat30September2020. • • • • • • Source: shutdown andstimulus program. alsoputpressure interest on andhigherloanlossreserves bothstocks rates Low BanksdetractedasbothwereThe positionsimpacted adversely inChinaMinshengandCITIC by theeconomic some oftheportfolio’s alsocaused The residualintheportfolio cash underperformance to Two latex glove manufacturer, Malaysian soared Holdingsalsohelpedasdemandandprices due andHartalega KossanRubber phone manufacturers. gamingandsmart strong demandfrom atamajorcompetitor alsohelpedthestock disruption Asupply its positions in has benefitted from TaiwanThe strategy is seeing ) which Company Manufacturing (“TSMC” Semiconductor Stock selection wasweak inconsumer staples,Stock andmaterials, energy aswell asinChina and in Malaysia Taiwan alsohelpedtheportfolio’s return infinancials, andunderweight totechnology selection whilestock astheoverweight positioning benefittedSector theportfolio COVID-19 Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,'EA'accumulationshare Financial period ended30September 2020 (continued) 1 . Lazard Asset ManagementLLC advantage andenjoy ofthemispricings acompetitive market return. capital cash, acompellingalternative toequities. do not offer simply We expectthatadiversified, multi-factor approach beabletotake will market torerate thatare inthecoming months. intheequity likely of dislocation assetclasses, fixed Other income and particularly disputesandisolationism.geopolitical We acknowledgingthatthere prices are remain on areas constructive ouroutlookequity for weeks byin the next few the US elections and we continue are watching the ongoing tradewars, Brexit, government deficits, soaring take longer, areturn toa “normal” appearstobegetting closer. businessclimate bepreoccupied The globalmarkets undoubtedly will economic news. there to be aresome hiccups (see current likely surge in the While US and Europe) and actual global inoculation will favourable hasfaroutpaced any overly prices usastheresilience inequity continues tosurprise inglobalstocks The strength oftherally Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review including Turkey, astheirreturns lagged by thebroad more market than20%. recovery Thailand andHungary differences are heavy with the tech also noteworthy Country Taiwan market upover 40%. Political unrest markets plagued several period. Bycontrast, stocks, real estateandutility oftheslowdown reflecting thebrunt have 7%and5%respectively. returned only significant. Consumer discretionary, have appreciated all andhealthcarestocks over 40%inthesixmonth technology information and apotentialvaccine. andsectorhasenjoyed apositive return country inthepastsixmonthsare althoughreturn disparities Every banks, home environment andoptimismover improved tosustainoperations inawork therapeutics ofselectindustries from theability by thecoronavirus (“COVID-19”) pandemic. stimulusThe markets weremeasures by offered extraordinary by supported thecentral markets have reboundedThe emergingequity theglobaleconomic strongly sincebottoming shutdown outinMarch precipitated after Market Review terms,29.73% inUSDollar againsttheMSCIEmergingMarkets Index, returned which 29.37% 2020, ended 30 September the six-month period Over Emerging Markets Managed the Lazard Volatility Fund (the returned“Fund”) Investment Review Lazard EmergingMarketsManagedVolatility Fund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted,asat30September2020. • • • • • • Figures refer topast performance,whichisnotareliable indicatoroffuture results. Fund Manager:PaulMoghtaderandteam. Net offees,to30September2020. Indexreturns shownonatotalreturnbasis. Source: points inrelative return our process. LikeAlibaba, and, we toa2%weight have intheportfolio limitedthestock with a40%return, itcostus70basis Taiwan favoured largest semiconductor supplierandhighly in istheworld Company Manufacturing (“TSMC”) Semiconductor promote diversification andreducespecific stock risk return intheperiod. we favour thecompany, While to inaneffort we limitexposure toindividualnames2%oftheportfolio exposure toAlibaba,The underweight giantnow theChineseinternet constitutes over 7%oftheindex composition withits25% in consumer staplesandmaterials. inChina Selection toconsumer staples. along withoverweight selection technology andinformation Stock toconsumer discretionary Underweights brought prices on bydemand andrising theglobalpandemic Industries,Kossan Rubber one ofthelarge manufacturers Malaysian oflatexgloves, anexplosion in have they benefitted from manufacturers continued tobestrong phone gamingandsmart increased inthepostCOVID-19actually asdemandfrom along withtheaverage price period selling United Microelectronics results second thatwere reported quarter well ahead ofreduced expectations. Wafer shipments selection inMalaysia Stock to Overweight Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars, 'A'accumulationshare class health care , selection technology. inhealthcare andinformation andstock to Taiwan Overweight andChina. Financial period ended30September 2020 (continued) 1 .
27 LAZARD GLOBAL ACTIVE FUNDS PLC 28 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Lazard AssetManagementLLC themoreall important. in emergingmarkets, somehave ofwhich notyet tamedtheirfirst wave, ofnational vaccine makesthelevel planningfor development a trend reversal, butitissomething we continue closely. will to watch Furthermore, thethreat ofanotherwave oftheCOVID-19 virus support.question growth ofhow itcan much further isthebeginningof sell-off Itistoosoon whetherarecent totell globaltechnology Emerging Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review including Turkey, astheirreturns lagged by thebroad more market than20%. recovery Thailand andHungary differences are heavy with the tech also noteworthy Country Taiwan market upover 40%. Political unrest markets plagued several period. Bycontrast, stocks, real estateandutility oftheslowdown reflecting thebrunt have 7%and5%respectively. returned only significant. Consumer discretionary, have appreciated all andhealthcarestocks over 40%inthesixmonth technology information and apotentialvaccine. andsectorhasenjoyed apositive return country inthepastsixmonthsare althoughreturn disparities Every banks, home environment andoptimismover improved tosustainoperations inawork therapeutics ofselectindustries from theability by thecoronavirus (“COVID-19”) pandemic. stimulusThe markets weremeasures by offered extraordinary by supported thecentral markets have reboundedEmerging equity the global economic strongly since bottoming shutdown out in March precipitated after Market Review US 2020, ended30September thesix-month period FundOver Markets Developing Equity theLazard (the returned“Fund”) 36.99%in Investment Review Lazard DevelopingMarketsEquityFund Investment Managers’Report terms,Dollar againsttheMSCIEmergingMarkets Index, returned which 29.37% 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted,asat30September2020. • • • • • • Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager:KevinO’Hare andteam. Net offees,to30September2020.Indexreturns shown onatotalreturnbasis. Source: and astrong mobilegamesoffering Tencent, aChinesegamingandsocialmediacompany, continued to dowell on highuserengagement, arebound inadvertising China GasHoldings, gasdistributor, aChinesenatural flows weak reporting cash after underperformed and continued weakening theirdatingapp ofengagement for levels MOMO, inChina, asocialnetworking platform oftheircore on business theannouncementofarestructuring underperformed detracted value. performance sectoralsohurt exposure totheconsumer discretionary The underweight andutilities sectorsaswell asinBrazil, selection technology withintheinformation Stock Peru, andPhilippines Africa South post Ant Group’s (“IPO”) initialpublicoffering Alibaba, aleading Chinesee-commerce company withanonline ecosystem, on theprospects valueunlocking for outperformed China andIndiahelpedperformance selection withinthecommunication services,Stock consumer staples, energy, sectorsaswell asinRussia, andmaterials industrials stocks aremarkets' on stocks currently their way up, back narrow indeed, is very therise but the foundationsupporting beggingthe Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,'A'accumulationshare class Financial period ended30September 2020 1 . (continued) Lazard GulfLimited * Fundfullyredeemed on28May2020. What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review review. thefirst off during half witnessing asell After (“MENA”) Africa EastandNorth Opening upofMiddle economies under helpedthesemarkets rebound theperiod strongly during Market Review against theS&PPan Composite Net Arab LargeMidCap Total Index, Return returned which 9.29% 31March 2020to28May 2020, from theperiod MENA theLazard Over Fund returnedterms, (the“Fund”) -1.18%inUSDollar Investment Review Lazard MENAFund* Investment Managers’Report Lazard Global ActiveFundsplc Egypt postingmutedtheperiod. gainsduring Egypt this year helpedthe market rebound. Weakness of2020resulted ofthird in alarger quarter tensionspart duetogeopolitical during in the year, the market off earlier sell weak during footing into the MSCI Emerging Markets anticipationIndex later of the inclusion 2020. to30September thesix-month period first during sixmonths of2020wasone ofthebetterperformers Kuwait wason a While of2020.resumed thethird during quarter Similarly, (“UAE”) Emirates UnitedArab , lostfavour which among investors the during 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted, • • • • • • Figures refer topastperformance,whichisnotareliable indicatoroffuture results. Fund Manager:Walid Mouradandteam. Net offees,to28May2020.Indexreturnsshownonatotalreturn basis. Source: The overweight to and stock selection withinhealthcaredetracted, toandstock The overweight selection withinmaterials asdid stock selection withinfinancials toandstock The underweight relative returns By country, selection in stock negatively contributed allocation Sector By country, added Arabia value selection withinSaudi thestock selection by bothsectorandregionStock Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,'A'accumulationshare class Egypt detracted the most from regional performance. alsohurt Arabia detracted themostfrom toSaudi An underweight Egypt of 2020, witnessedthestrongest Arabia Saudi rebound aseconomic activity Financial period ended30September 2020 (continued) as at28May2020. 1 .
29 LAZARD GLOBAL ACTIVE FUNDS PLC 30 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc increasing beataxon future debtcan growth prospects—at some point, present bankswill central challenges. for exitstrategy the eventual continue19 pandemicwill tobuoy sentiment, risk butinthemediumtolong term, we are concernedaboutthefiscalcost, andhow We theCOVID- totakeaction tomitigatetheeconomic from fallout banksandpolicymakers ofcentral thatthewillingness believe thetimebeing,lower rangesfor yield andinaddition totheongoing pandemic, we areatthisstage given cautious thecomplex globalenvironment. We bankstoremain expectinterest majorcentral for incurrent rates surge inmany financialThe sharp assetsover recent markets witheconomic andriskier months seemsabitoutofsync fundamentals, thus impactful on markets inthenearterm. andpotentially watched be closely The Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review .Lira theperiod. for improved Incontrast, slightly actually Rand Peso othercurrencies astheMexican such African andtheSouth in domestic fundamentals, thecoronavirus (“COVID-19”) pandemic, from aswell asshocks Realandthe theBrazilian hurt Turkish Higher expectations ofeconomic toroll re-openings through started Europe, moves inAsia/China. similarprior following Deterioration withbigger fiscaldeficits asaresult. beleft andwill insupport US Dollars deliver, can what mostothercountries negative USDollar on themargin. may which beslightly The UShasdeployed trillion several stimulus differential” markets, impactcurrency for magnitudeoftheUSresponse overshadows meaningthattheoutsized tocrisis V-shaped inthe S&P 500Index. recovery Fundamentals factors were and idiosyncratic alsoatplay andwe tosensea are starting “fiscal risk,for markets, inenergy abounce-back reduction/and an increase perhaps markets inflows thathave tonon-US lagged equity the A weaker environment USDollar thesixmonth period, prevailedduring withhigherappetite asmany currencies inconcert rallied maturities. debtortoroll outshorter advantage new for oflow yields weigh on positive momentum, markets. thoughmostissuesare andtradingwell insecondary even oversubscribed Borrowers are taking other bonds.individual corporate debtandindirectly, corporate provide for Investors will abackstop continue thisactivity tobelieve for thesecond quarter, during launched in mid/lateMarch wasfinally exchange tradedfunds and purchases withsmall ofcorporate andemergingmarkets investment butalsofor high yield grade corporates. The Federal program announced buying Reserve’s corporate thesixmonth period,During credit markets rallied, for markets—not andspreads only equity tightenedaggressively along withrising Market Review terms,Dollar GlobalAggregate Bond againsttheBarclays , Index returned which 6.07% 2020, ended30September thesix-month period Over GlobalFixed theLazard Income Fund (the returned“Fund”) 7.02%inUS Investment Review Lazard GlobalFixedIncomeFund Investment Managers’Report • • • • • • COVID-19 theforeseeable continuefor future, pandemicwill todominate thenews buttheUSelection andBrexit obviously will The tobonds incore allocation Europe The underweight The Overweight exposure Real andthe totheBrazilian TurkishOverweight performance detracted from Lira and Philippines where bond we currency exposureand Philippines have local and emerging markets smaller produced aroundOther strong the world returns too, Chile, including Peru, Colombia, Indonesia, EuropeanEastern markets were strong performers, andtheFund’s exposure theperiod added valueduring overweight -based spreadUS Dollar product forward. moving However, towards theendofperiod, to thesurge inissuancehasstarted Fund’s exposure totheChineseRenminbi/Euro proxy underweight positioning Fund’s alsoadded Dollar value totheSingapore modestoverweight Financial period ended30September 2020 we will be vigilant about monitoring other key factors. otherkey we be vigilantaboutmonitoring will (continued) 1 . Lazard AssetManagement LLC ofsome curves. government bond yield otherparts for stay anchored theforeseeable atlow for future, likely levels sinceofficial will bankrates central quarters reducing volatility potentially andcreditrate markets. We positioning expect currency andhedge management source toremain ofalpha animportant incoming some more exposure incoming months. We manageexposures alsoactively currency will tocomplement ourrotation through global We are also mindfulthatsome credit spreads topre- tomove back arepandemic levels, starting andwe may reduce look toselectively Outlook (continued) Lazard GlobalFixedIncomeFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted,asat30September2020. Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:Yvette Klevanandteam. Net offees,to30September2020.Indexreturns shownonatotalreturnbasis. Source: Lazard AssetManagementLimited,NAV toNAV Price,NetIncomeReinvestedinUSDollars,'A'accumulationshare class Financial period ended30September 2020 (continued)
31 LAZARD GLOBAL ACTIVE FUNDS PLC 32 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements ** Effective23June2020, FundnamechangedfromLazardGlobalSustainable EquitySelectFundtoLazardGlobalSustainableFund. * Fundfullyredeemedon19February 2019. notes areanintegralpartofthefinancialstatements. The accompanying forthefinancialperiodasdisclosed exchangerate The EUR, inNote7. theaverage in thetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement Gains andlossesarosesolelyfromcontinuingoperations, exceptforLazardGlobalEquityIncomeFundwhicharosefromdiscontinuedoperations. operations holders ofredeemableparticipatingsharesfrom netassetsattributableto Net movement in costs Adjustment forwrite-offoforganisational thefinancialperiodafter tax Profit/(loss) for Withholding tax securities Foreign gainstaxonappreciated capital thefinancialperiodbeforetax Profit/(loss) for Total financecosts Bank interest Distributions Finance costs Net investmentincome/(expenses) Reimbursement fromManager Total expenses Other expenses Tax adviceandprofessionalfees Directors' fees Audit fees Legal fees Administration, fees transferagency &depositary fees Management Expenses Total investmentincome/(expenses) investments andforeigncurrency on Net movementinunrealised gain/(loss) currency Net realisedgain/(loss)oninvestmentsandforeign Other income Bank interest Dividend income Bond income Investment income Statement ofComprehensive Income Notes 13 4 3 3 3 3 4 Infrastructure EquityFund 30/09/2020 (6,566,001) (6,565,431) (2,825,383) 84,903,457 91,469,458 98,599,961 30,286,751 40,347,735 27,951,628 82,078,074 82,078,074 5,947,189 7,130,503 941,261 101,712 23,679 98,401 13,847 13,505 Lazard GlobalListed 4,756 (570) GBP – – – – – 114,175,126 114,175,126 119,364,072 127,948,001 134,898,289 30/09/2019 (8,583,929) (8,581,540) (5,188,946) 56,281,137 41,866,930 36,714,501 (Unaudited) 5,909,673 6,950,288 856,484 (2,389) 20,941 67,159 32,509 15,190 76,291 3,212 4,550 GBP – – – – 30/09/2020 2,175,132 2,672,498 2,672,498 2,688,748 2,688,849 2,725,977 Strategic EquityFund (16,204) 471,141 (8,493) 12,840 12,911 45,621 79,688 8,459 4,853 5,770 (101) (101) Financial period ended30September 2020 USD (46) 161 627 16 – – – – Lazard Global 30/09/2019 (15,206) 169,488 171,443 374,104 374,104 389,310 389,310 428,305 (9,449) 14,059 16,958 48,444 86,467 6,917 4,860 5,032 USD 146 472 907 – – – – – – –
30/09/2020 5,220,236 5,422,011 5,422,011 5,446,153 5,446,153 5,540,595 (24,142) 200,314 120,001 (4,328) 21,922 55,214 98,770 Global Sustainable 3,783 7,885 4,853 4,834 USD 279 44 – – – – – – – Equity Fund** 30/09/2019 (143,634) (25,504) 776,265 162,462 688,482 688,482 713,986 713,991 797,342 Lazard (2,651) 18,837 51,122 86,002 2,427 2,249 4,482 4,860 4,068 USD 206 (5) (5) – – – – –
30/09/2020 Equity (4,283) (4,283) (4,283) (4,283) 2,766 2,342 5,195 USD 909 912 87 Lazard Global – – – – – – – – – – – – – – – 3 Income Fund* 30/09/2019 (325) (325) (319) (435) USD 859 119 534 534 (3) – – – – – – – – – – – – – – – 6 6
Financial Statements Lazard Global ActiveFundsplc operations holders ofredeemableparticipatingsharesfrom netassetsattributableto Net movement in Bond income Investment income Statement ofComprehensive Income(continued) * Fundlaunchedon19December2019, thereforetherearenocomparatives. notes areanintegralpartofthefinancialstatements. The accompanying forthefinancialperiodasdisclosed exchangerate The EUR, inNote7. theaverage in thetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement Gains andlossesarosesolelyfromcontinuingoperations. costs Adjustment forwrite-offoforganisational Profit forthefinancialperiodaftertax Withholding tax securities Foreign gainstaxonappreciated capital Profit forthefinancialperiodbeforetax Total financecosts Bank interest Distributions Finance costs Net investmentincome Reimbursement fromManager Total expenses Other expenses Tax adviceandprofessionalfees Directors' fees Audit fees Legal fees Administration, fees transferagency &depositary fees Management Expenses Total investmentincome investments andforeigncurrency on Net movementinunrealised gain/(loss) currency Net realised(loss)/gainoninvestmentsandforeign Other income Bank interest Dividend income Notes 13 4 3 3 3 3 4 30/09/2020 (8,181,564) 22,704,711 22,790,708 23,456,282 29,501,918 22,288,440 22,288,440 2,135,711 Managed Volatility Fund (416,271) (85,997) (79,517) 102,333 512,149 665,574 (6,480) 17,760 10,543 14,879 2,979 4,931 USD 217 – – – – – Lazard Global (Unaudited)(continued) 30/09/2019 6,541,558 6,673,399 7,614,815 3,426,618 5,946,576 5,946,576 4,151,724 (131,841) (131,806) (594,982) 148,353 745,128 941,416 20,396 14,411 18,075 11,925 1,666 3,103 4,940 9,892 USD (35) – – – –
30/09/2020 5,305,509 6,021,687 6,054,744 6,177,627 5,986,906 5,986,906 Financial period ended30September 2020 (33,057) (32,795) (34,781) 125,068 194,652 677,380 Global ThematicFund (2,185) 24,961 76,001 4,949 7,221 9,649 1,853 (262) USD 434 86 – – – – 30/09/2019 1,858,470 3,793,149 3,793,149 4,162,902 3,704,810 3,704,810 1,679,254 (88,339) 300,841 369,753 607,749 Lazard 40,280 10,747 10,226 6,682 4,888 9,416 3,189 USD 913 – – – – – – –
Lazard Global Focus Fund* 30/09/2020 12,687,503 13,654,306 13,661,454 13,805,742 13,617,850 13,599,029 Thematic (55,277) 144,288 342,109 775,985 (7,148) (7,052) 73,166 36,852 18,821 23,232 4,073 4,802 1,741 USD (96) 422 145 – – – –
(28,937,927) 30/09/2020 96,215,278 69,456,154 69,901,100 71,238,893 68,701,780 68,701,780 1,069,373 1,337,793 3,960,316 (444,946) (444,918) (754,374) 172,966 Equity FranchiseFund 45,479 14,771 24,817 5,414 1,226 4,973 USD (28) – – – – – Lazard Global 30/09/2019 (1,308,630) 18,753,456 19,191,881 20,352,380 17,981,992 17,982,068 15,999,950 1,160,499 5,613,477 (438,425) (438,314) (771,388) 931,358 158,661 47,583 34,581 11,702 15,210 4,053 4,934 (111) USD (76) – – – –
33 LAZARD GLOBAL ACTIVE FUNDS PLC 34 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements Statement ofComprehensive Income(continued) Bond income Investment income * notes areanintegralpartofthefinancialstatements. The accompanying forthefinancialperiodasdisclosed exchangerate The EUR, inNote 7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement Gains andlossesarosesolelyfromcontinuingoperations, exceptforLazardPan EuropeanEquityFundandLazardUKOmega EquityFundwhicharosefromdiscontinuedoperations. operations holders ofredeemableparticipatingsharesfrom netassetsattributableto Net movement in costs Adjustment forwrite-offoforganisational thefinancialperiodaftertax Profit for Withholding tax securities Foreign gainstaxonappreciated capital Profit/(loss) Total financecosts Bank interest Distributions Finance costs Net investmentincome/(expenses) Reimbursement fromManager Total expenses Other expenses Tax adviceandprofessionalfees Directors' fees Audit fees Legal fees Administration, fees transferagency &depositary fees Management Expenses Total investmentincome/(expenses) investments andforeigncurrency on Net movementinunrealised gain/(loss) currency Net realisedgain/(loss)oninvestmentsandforeign Other income Bank interest Dividend income Fund fullyredeemedon25November2019. for thefinancialperiodbeforetax Notes 13 4 3 3 3 3 4 30/09/2020 5,770,918 5,810,255 5,811,779 6,057,890 4,510,755 1,179,732 5,770,918 (39,337) 255,928 367,401 192,322 (1,524) (1,317) (9,817) 13,897 14,669 25,538 4,404 4,571 (207) EUR Lazard European 527 – – – – 2 Equity Fund 30/09/2019 2,428,066 2,488,004 2,492,159 2,828,567 1,747,788 2,428,066 (132,522) (Unaudited)(continued) (59,938) 336,408 841,433 272,241 371,868 (4,155) (4,056) 13,391 10,580 31,179 4,365 4,059 EUR (99) 593 – – – – –
30/09/2020 European EquityFund* EUR 654 654 663 (9) (9) (9) Financial period ended30September 2020 (9) – – – – – – – – – – – – – – – – – – – Lazard Pan 30/09/2019 (46,464) (22,959) 165,381 168,955 169,892 196,786 132,876 165,381 (3,574) 49,853 59,756 12,525 12,925 50,618 4,331 2,012 8,467 9,549 (937) (887) EUR (50) 44 – – – –
30/09/2020 (1,186,359) 14,385,491 14,454,367 14,464,385 14,911,288 15,430,155 14,385,491 Lazard Pan-European (10,018) (10,018) (32,905) (68,876) 479,808 667,492 376,901 22,058 59,403 4,432 6,694 9,280 1,040 EUR Small CapFund – – – – – – 30/09/2019 1,318,378 1,091,518 1,098,345 1,477,500 (121,531) (15,984) (27,000) 406,155 969,987 175,027 965,811 326,148 (6,827) (4,176) (6,827) 14,257 47,889 4,391 4,806 7,582 1,082 EUR 79 – – – –
30/09/2020 UK OmegaEquityFund* GBP 180 180 179 (2) – – – – – – – – – – – – – – – – – – 3 1 1 1 30/09/2019 (16,616) (36,667) (17,079) (16,616) Lazard 40,241 75,463 32,605 49,221 72,383 33,550 32,605 32,605 14,291 3,868 1,797 5,732 7,288 7,218 GBP 37 47 – – – – – –
Financial Statements Lazard Global ActiveFundsplc Bond income Investment income Statement ofComprehensive Income(continued) The accompanying notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialperiodasdisclosed exchangerate The EUR, inNote 7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement Gains andlossesarosesolelyfromcontinuingoperations. redeemable participatingsharesfromoperations netassetsattributabletoholdersof Net movement in costs Adjustment forwrite-offoforganisational thefinancialperiodafter tax Profit/(loss) for Withholding tax securities Foreign gainstaxonappreciated capital thefinancialperiodbeforetax Profit/(loss) for Total financecosts Bank interest Distributions Finance costs Net investmentincome/(expenses) Reimbursement fromManager Total expenses Other expenses Tax adviceandprofessionalfees Directors' fees Audit fees Legal fees Administration, fees transferagency &depositary fees Management Expenses Total investmentincome/(expenses) foreign currency oninvestmentsand Net movementinunrealised gain/(loss) Net realisedgain/(loss)oninvestmentsandforeigncurrency Other income Bank interest Dividend income Notes 13 4 3 3 3 4 3 101,909,041 30/09/2020 98,799,862 99,696,131 99,705,994 91,590,830 98,799,862 6,919,404 3,397,892 2,203,047 1,868,451 (896,269) 233,661 (Unaudited)(continued) (9,863) (9,863) 28,306 47,287 13,908 5,097 6,337 USD 915 Concentrated Fund – – – – – – Lazard USEquity 30/09/2019 25,470,798 26,078,187 26,079,537 23,770,438 25,470,854 27,838,888 1,587,010 2,402,799 1,759,351 1,484,165 (607,333) 193,142 (1,350) (1,350) 78,641 21,804 33,138 15,275 5,108 6,719 Financial period ended30September 2020 USD (56) – – – – –
170,442,778 172,288,576 172,366,470 157,506,354 170,442,778 177,847,791 30/09/2020 (1,845,798) 12,300,497 8,040,935 6,392,796 1,129,475 3,437,057 (911,475) (77,894) (40,479) (37,415) 440,124 302,111 449,582 624,318 10,129 Strategic EquityFund JPY – – – – 5 Lazard Japanese (26,511,114) 105,650,924 113,128,402 30/09/2019 (5,098,223) 33,988,194 93,263,726 98,361,949 98,420,887 14,707,515 93,263,726 10,682,203 1,873,566 (58,938) (27,674) (31,264) 526,019 329,269 598,414 655,667 42,377 JPY 398 – – – – –
Lazard EmergingWorld Fund 30/09/2020 4,844,321 4,843,731 4,864,744 4,199,411 4,844,321 4,981,612 (21,013) (11,954) (21,013) 555,074 227,094 128,822 13,033 15,508 85,401 4,858 1,179 8,554 USD 590 289 33 – – – – – 30/09/2019 (384,266) (374,545) (303,503) (384,266) (116,607) (432,854) (71,042) (71,042) 289,462 192,894 151,719 (5,998) (9,721) 11,328 25,044 16,098 1,741 4,864 7,644 USD 942 299 – – – – –
35 LAZARD GLOBAL ACTIVE FUNDS PLC 36 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements The accompanying notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialperiodasdisclosed exchangerate The EUR, inNote 7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement Gains andlossesarosesolelyfromcontinuingoperations. redeemable participatingsharesfromoperations netassetsattributabletoholdersof Net movement in costs Adjustment forwrite-offoforganisational thefinancialperiodafter tax Profit/(loss) for Withholding tax securities Foreign gainstaxonappreciated capital thefinancialperiodbeforetax Profit/(loss) for Total financecosts Bank interest Distributions Finance costs Net investmentincome/(expenses) Reimbursement fromManager Total expenses Other expenses Tax adviceandprofessionalfees Directors' fees Audit fees Legal fees Administration, fees transferagency &depositary fees Management Expenses Total investmentincome/(expenses) foreign currency oninvestmentsand Net movementinunrealised gain/(loss) Net realised(loss)/gainoninvestmentsandforeigncurrency Other income Bank interest Dividend income Bond income Investment income Statement ofComprehensive Income(continued) Notes 13 4 3 3 3 3 4 (133,063,170) 208,785,337 30/09/2020 (1,965,696) (1,965,007) (1,154,368) 80,274,958 80,274,958 81,217,728 83,183,424 85,977,670 10,253,666 2,795,146 2,157,175 211,598 476,414 (Unaudited)(continued) 60,637 36,208 47,734 11,466 5,512 1,837 (689) (900) Markets EquityFund USD – – – Lazard Emerging (10,805,134) (10,805,134) (10,163,181) (18,595,623) (10,893,455) 30/09/2019 (7,252,046) (2,911,135) (2,911,135) (3,632,686) 29,717,584 2,990,733 7,669,164 6,629,948 188,612 417,118 840,782 70,150 42,386 61,352 19,067 5,479 Financial period ended30September 2020 USD – – – – –
30/09/2020 (1,260,301) 19,336,421 19,336,421 19,346,708 19,347,033 19,636,389 19,690,547 Markets CoreEquityFund 1,206,044 (143,732) 133,445 289,356 191,918 12,611 11,792 59,387 4,883 7,562 1,203 (325) (313) USD (12) 99 – – – – Lazard Emerging 30/09/2019 (1,644,391) (1,644,391) (1,403,171) (1,403,157) (1,118,329) (2,017,102) 1,590,819 (223,328) (697,664) (17,892) 284,828 191,620 10,250 60,996 4,892 5,618 9,744 6,227 1,099 USD (14) (13) (1) – – – –
30/09/2020 40,939,032 40,939,032 41,258,157 41,258,597 41,807,453 35,131,793 Lazard EmergingMarkets 2,630,692 4,044,518 (319,125) 548,881 362,128 136,395 Equity Advantage Fund 22,023 11,491 4,807 9,772 2,265 (440) (440) USD (25) 450 – – – – – 30/09/2019 (2,506,356) (2,506,356) (2,451,976) (2,447,956) (2,308,431) (1,744,637) (1,013,976) (55,192) 148,310 448,525 (4,020) (4,020) (8,785) 87,273 41,337 9,011 4,282 1,657 3,296 2,834 USD 812 277 – – – –
Financial Statements Lazard Global ActiveFundsplc Bond income Investment income Statement ofComprehensive Income(continued) ** Fundfullyredeemedon28May2020. * Fundlaunchedon19February 2020, thereforethere arenocomparatives. notes areanintegralpartofthefinancialstatements. The accompanying forthefinancialperiodasdisclosed exchangerate The EUR, inNote 7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement Gains andlossesarosesolelyfromcontinuingoperations, exceptforLazardMENAFundwhicharosefromdiscontinuedoperations. participating sharesfromoperations netassetsattributabletoholdersofredeemable Net movement in costs Adjustment forwrite-offoforganisational thefinancialperiodafter tax Profit/(loss) for Withholding tax securities Foreign gainstaxonappreciated capital thefinancialperiodbeforetax Profit/(loss) for Total financecosts Bank interest Distributions Finance costs Net investmentincome/(expenses) Reimbursement fromManager Total expenses Other expenses Tax adviceandprofessionalfees Directors' fees Audit fees Legal fees Administration, fees transferagency &depositary fees Management Expenses Total investmentincome/(expenses) currency oninvestmentsandforeign Net movementinunrealised gain/(loss) Net realisedgain/(loss)oninvestmentsandforeigncurrency Other income Bank interest Dividend income Notes 13 3 3 4 4 3 3 (Unaudited)(continued) Markets Managed Lazard Emerging Volatility Fund* 30/09/2020 40,164,073 30,331,141 39,225,752 39,177,644 39,685,602 39,694,284 5,796,332 4,030,532 (507,958) 469,789 116,327 273,668 (8,682) (8,682) 48,108 61,730 3,704 8,052 6,068 4,262 2,046 USD – – – – – Financial period ended30September 2020 30/09/2020 7,873,566 6,405,885 1,174,229 7,699,352 7,699,352 7,695,713 7,695,715 (21,816) (13,264) 191,115 293,391 118,326 25,455 18,182 35,276 4,876 4,186 9,876 USD Markets EquityFund 393 (2) (2) 61 – – – – Developing 30/09/2019 (2,166,284) 1,439,089 (275,220) (572,278) (572,278) (477,814) (477,800) (48,713) (45,751) (10,092) 212,672 446,842 135,479 Lazard 10,113 14,492 43,239 4,892 3,758 2,605 2,528 USD (14) (14) 699 – – –
30/09/2020 (1,567,821) 1,654,081 (19,069) 109,357 30,016 23,074 98,026 98,026 98,408 98,410 19,379 5,106 3,018 1,103 (382) USD Lazard MENAFund** 897 265 248 (2) (2) 23 – – – – – 30/09/2019 (1,666,683) (513,129) (734,376) (734,376) (716,531) (716,203) (17,845) (17,935) 221,009 662,700 489,333 135,107 65,286 4,861 3,870 1,521 6,634 4,889 (328) (328) USD 362 – – – – –
37 LAZARD GLOBAL ACTIVE FUNDS PLC 38 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements * Fundfullyredeemedon14October2019. notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialperiodasdisclosed exchangerate The EUR, inNote 7. theaverage inthetotalcolumnat GBPandJPYFundsaretranslated ofComprehensiveIncome. There werenogainsorlossesotherthanthosedealtwithintheStatement Gains andlossesarosesolelyfromcontinuingoperations, exceptforLazardSterlingHighQualityBondFundwhicharosefromdiscontinuedoperations. redeemable participatingsharesfromoperations netassetsattributabletoholdersof Net movement in Adjustment for write-off of organisational costs Adjustment forwrite-offoforganisational Profit/(loss) forthefinancialperiodaftertax Withholding tax securities Foreign gainstaxonappreciated capital Profit/(loss) forthefinancialperiodbeforetax Total financecosts Bank interest Distributions Finance costs Net investmentincome/(expenses) Reimbursement fromManager Total expenses Other expenses Tax adviceandprofessionalfees Directors' fees Audit fees Legal fees Administration, fees transferagency &depositary fees Management Expenses Total investmentincome/(expenses) foreign currency oninvestmentsand Net movementinunrealised gain/(loss) Net realisedgain/(loss)oninvestmentsandforeigncurrency Other income Bank interest Dividend income Bond income Investment income Statement ofComprehensive Income(continued) Notes 13 3 3 3 4 4 3 30/09/2020 3,379,459 2,221,887 3,211,747 3,211,747 3,217,114 3,240,803 (23,689) (23,150) 735,566 421,911 138,656 (Unaudited)(continued) (5,367) 10,384 36,833 74,092 4,860 5,167 6,692 (539) USD 628 Fixed IncomeFund 95 – – – – – Lazard Global 30/09/2019 (29,766) (53,527) (29,681) 409,554 128,161 768,927 410,783 610,130 610,130 613,795 643,561 (2,795) (3,665) 32,307 71,221 2,117 4,864 3,395 7,553 8,438 Financial period ended30September 2020 USD (85) 383 – – – –
30/09/2020 High QualityBondFund* (245) (245) (245) (245) GBP 245 245 – – – – – – – – – – – – – – – – – – – – Lazard Sterling 30/09/2019 134,665 113,758 113,758 113,758 121,310 (7,552) (9,452) (7,552) 27,121 19,539 22,807 87,972 3,867 2,708 2,195 6,080 7,792 GBP 138 33 27 – – – – – –
(100,531,518) (10,924,298) (10,885,757) 613,528,616 579,004,995 541,435,832 541,368,903 549,062,540 559,986,838 30/09/2020 (8,064,089) 65,557,138 19,135,342 15,134,156 2,801,895 (117,185) Global ActiveFundsplc (38,541) 370,452 304,745 221,148 421,911 514,505 66,929 28,848 92,491 66,402 USD – (14,437,410) (12,875,519) (14,417,334) 234,189,273 186,871,676 186,876,475 196,827,054 211,264,464 30/09/2019 94,385,886 65,354,264 23,071,750 73,109,482 19,180,255 2,924,940 2,887,852 (146,941) (20,076) 399,630 239,567 218,125 434,149 381,204 505,862 Lazard (4,799) 98,657 66,090 USD
Financial fairvaluethroughprofitorloss assetsat Current Assets Financial Statements Lazard Global ActiveFundsplc Financial fairvaluethroughprofitorloss liabilitiesat Current liabilities Other assets Investments incomereceivable Investments soldreceivable Subscriptions receivable bank Cash at Redemptions payable Total assets Distributions payable Investments purchasedpayable Adjustment for write-off of organisational costs Adjustment forwrite-offoforganisational shareholders Net assetsattributabletoredeemableparticipating Total liabilities Expenses payable securities gainstaxonappreciated Accrued foreigncapital shareholders Net assetsattributabletoredeemableparticipating Statement ofFinancialPosition * notesareanintegralpartofthefinancialstatements. The accompanying The EUR, asdisclosed thefinancialperiodendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated ** Effective23June2020, FundnamechangedfromtoLazardGlobalSustainableEquitySelectFund. Fund fullyredeemedon19February 2019. Note 0 0 0 0 0 0 8 0 0 0 0 0 0 0 0 0 0 0 0 0 1,301,906,193 1,448,747,120 1,442,901,370 1,442,901,370 145,287,162 Infrastructure EquityFund 30/09/2020 1,464,750 1,717,935 5,845,750 1,746,276 857,278 654,058 916,789 42,429 Lazard GlobalListed GBP – – – – 1,170,012,325 1,318,486,643 1,293,822,227 1,293,822,227 139,984,173 (Unaudited)(continued) 31/03/2020 24,664,416 10,577,451 5,579,275 1,880,913 1,011,287 7,143,305 4,181,315 2,762,345 18,670 GBP – – – 30/09/2020 11,515,114 11,632,783 11,579,456 11,579,456 Strategic EquityFund 103,788 12,832 53,327 53,281 Financial period ended30September 2020 1,049 USD 46 – – – – – – – Lazard Global 31/03/2020 8,460,827 9,036,553 8,986,994 8,986,994 475,357 77,436 17,100 49,559 49,559 5,833 USD – – – – – – –
30/09/2020 21,578,662 22,435,705 22,360,002 22,360,002 841,601 75,703 75,703 Global 6,383 9,059 USD – – – – – – – – Equity Fund** Sustainable 31/03/2020 14,708,306 15,253,951 15,183,082 15,183,082 520,932 Lazard 15,018 70,869 70,869 8,851 USD 844 – – – – – – –
30/09/2020 Equity 30,802 41,567 41,567 35,432 7,998 2,767 6,135 USD Lazard Global – – – – – – – – – – Income Fund* 31/03/2020 30,893 46,358 10,419 46,358 35,939 7,148 8,317 USD – – – – – – – – – –
39 LAZARD GLOBAL ACTIVE FUNDS PLC 40 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements Financial fairvaluethroughprofitorloss assetsat Current Assets shareholders Net assetsattributabletoredeemableparticipating costs Adjustment forwrite-offoforganisational shareholders Net assetsattributabletoredeemableparticipating Total liabilities Expenses payable securities gainstaxonappreciated Accrued foreigncapital Distributions payable Investments purchasedpayable Redemptions payable Financial fairvaluethroughprofitorloss liabilitiesat Current liabilities Total assets Other assets Investments incomereceivable Investments soldreceivable Subscriptions receivable bank Cash at Statement ofFinancialPosition(continued) * Fundlaunchedon19December2019. notesareanintegralpartofthefinancialstatements. The accompanying The EUR, asdisclosed thefinancialperiodendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated Note 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8 141,578,702 144,175,724 144,175,724 144,479,936 Managed Volatility Fund 30/09/2020 2,260,380 304,212 212,005 640,778 92,207 USD 76 – – – – – – – Lazard Global 168,533,782 174,369,399 174,369,399 175,238,134 31/03/2020 5,898,541 (Unaudited)(continued) 516,358 868,735 352,377 805,030 USD 705 76 – – – – – –
30/09/2020 23,306,835 24,274,701 24,274,701 24,365,146 1,010,793 Global ThematicFund 90,445 90,445 47,518 USD Financial period ended30September 2020 – – – – – – – – – 31/03/2020 18,310,898 19,121,403 19,121,403 19,585,586 546,521 588,101 464,183 277,786 Lazard 92,900 93,497 45,957 91,477 2,632 USD – – – –
30/09/2020 80,201,919 84,137,138 84,117,553 85,262,158 4,801,250 1,144,605 1,053,339 Thematic FocusFund* 215,423 63,767 40,949 19,585 27,499 2,617 – – – – Lazard Global 31/03/2020 15,719,155 16,372,748 16,371,984 16,650,083 681,862 278,099 249,580 233,639 28,519 10,761 4,666 USD 764 – – – – –
273,549,349 292,548,873 292,548,873 293,121,727 30/09/2020 18,438,521 Equity FranchiseFund 389,266 539,518 572,854 181,842 593,608 1,693 USD 678 53 53 – – – Lazard Global 327,393,903 336,118,529 336,118,529 350,666,106 31/03/2020 13,091,479 14,547,577 13,514,635 7,838,875 1,747,614 707,326 555,958 276,149 49,467 38,277 USD – – –
shareholders Net assetsattributabletoredeemableparticipating costs Adjustment forwrite-offoforganisational shareholders Net assetsattributabletoredeemableparticipating Total liabilities Expenses payable securities gainstaxonappreciated Accrued foreigncapital Distributions payable Investments purchasedpayable Redemptions payable Financial fairvaluethroughprofitorloss liabilitiesat Current liabilities Total assets Other assets Investments incomereceivable Subscriptions receivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Current Assets Financial Statements Lazard Global ActiveFundsplc Investments soldreceivable Statement ofFinancialPosition(continued) * notesareanintegralpartofthefinancialstatements. The accompanying The EUR, asdisclosed thefinancialperiodendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated Fund fullyredeemedon25November2019. Note 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8 0 30/09/2020 22,498,471 22,498,471 22,739,647 22,269,936 241,176 120,103 119,139 376,694 87,649 1,934 5,368 EUR Lazard European – – – – – – Equity Fund 31/03/2020 30,790,288 30,790,288 30,972,137 30,377,918 (Unaudited)(continued) 181,849 160,337 112,526 101,632 373,382 19,578 1,934 6,679 EUR – – – – –
30/09/2020 European EquityFund* 66,896 36,148 62,687 30,748 66,896 4,209 EUR Financial period ended30September 2020 – – – – – – – – – – – Lazard Pan 31/03/2020 85,889 38,551 81,716 47,338 85,889 4,173 EUR – – – – – – – – – – –
30/09/2020 76,334,601 76,334,601 78,350,813 73,967,473 2,016,212 1,767,281 3,705,737 Lazard Pan-European 207,817 152,778 430,121 91,961 41,114 2,743 EUR Small CapFund – – – – 31/03/2020 55,031,589 55,031,589 55,295,275 52,904,244 1,791,875 263,686 233,470 106,400 374,815 18,352 88,450 29,491 11,864 EUR – – – –
30/09/2020 UK OmegaEquityFund* 68,449 23,047 65,078 45,200 68,449 3,371 GBP 202 – – – – – – – – – – 31/03/2020 Lazard 77,413 24,744 74,001 52,468 77,413 3,341 GBP 201 71 – – – – – – – – –
41 LAZARD GLOBAL ACTIVE FUNDS PLC 42 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc shareholders Net assetsattributabletoredeemableparticipating costs Adjustment forwrite-offoforganisational shareholders Net assetsattributabletoredeemableparticipating Total liabilities Expenses payable securities gainstaxonappreciated Accrued foreigncapital Distributions payable Investments purchasedpayable Redemptions payable Financial fairvaluethroughprofitorloss liabilitiesat Current liabilities Total assets Investments incomereceivable Investments soldreceivable Subscriptions receivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Current Assets Financial Statements Other assets The accompanying notesareanintegralpartofthefinancialstatements. The accompanying The EUR, asdisclosed thefinancialperiodendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated Statement ofFinancialPosition(continued) Note 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8 0 0 527,193,844 527,193,844 528,709,477 515,053,318 30/09/2020 13,181,872 1,515,633 445,044 662,034 408,555 342,878 131,409 (Unaudited)(continued) USD Concentrated Fund – – – – – – Lazard USEquity 338,659,916 338,659,916 341,547,817 330,046,187 31/03/2020 1,977,624 2,887,901 1,532,654 8,681,338 907,847 767,456 142,821 378,460 1,331 Financial period ended30September 2020 USD – – – –
1,049,230,387 1,049,230,387 1,079,862,878 1,034,631,160 30/09/2020 20,627,394 21,750,347 10,175,086 30,632,491 14,188,656 6,752,774 1,756,707 372,663 240,582 Strategic EquityFund JPY – – – – Lazard Japanese 852,118,246 852,118,246 865,120,794 764,510,311 31/03/2020 13,360,441 13,002,548 86,969,074 8,543,038 4,027,473 432,037 280,968 JPY – – – – – –
Lazard EmergingWorld Fund 30/09/2020 18,002,390 18,002,390 18,318,879 17,707,015 223,498 316,489 597,680 92,991 6,207 5,650 2,327 USD – – – – – – 31/03/2020 15,796,413 15,796,413 15,885,475 15,599,295 245,147 35,377 89,062 89,062 5,656 USD – – – – – – – – shareholders Net assetsattributabletoredeemableparticipating costs Adjustment forwrite-offoforganisational shareholders Net assetsattributabletoredeemableparticipating Total liabilities Expenses payable securities gainstaxonappreciated Accrued foreigncapital Distributions payable Investments purchasedpayable Redemptions payable Financial fairvaluethroughprofitorloss liabilitiesat Current liabilities Total assets Other assets Investments incomereceivable Investments soldreceivable Subscriptions receivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Current Assets Financial Statements Lazard Global ActiveFundsplc Statement ofFinancialPosition(continued) The accompanying notesareanintegralpartofthefinancialstatements. The accompanying The EUR, asdisclosed thefinancialperiodendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated Note 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8 0 391,251,758 391,251,758 392,684,354 380,748,294 30/09/2020 1,432,596 1,064,633 1,533,177 9,338,190 228,715 865,625 295,272 (Unaudited)(continued) 42,100 Markets EquityFund USD 884 58 – – 2 Lazard Emerging 699,055,485 699,055,485 708,312,704 670,819,345 31/03/2020 30,043,213 1,775,085 9,257,219 2,031,230 4,950,296 3,273,330 1,458,288 2,716,986 440,313 60,295 1,542 Financial period ended30September 2020 USD – –
30/09/2020 84,660,450 84,660,450 84,785,243 83,483,523 Markets CoreEquityFund 1,084,735 124,793 123,925 122,303 94,682 USD 397 471 – – – – – – Lazard Emerging 31/03/2020 65,343,975 65,343,975 66,376,882 64,487,279 1,032,907 133,842 147,925 131,085 854,805 751,140 856,828 43,541 3,344 USD – – – –
114,461,019 114,461,019 114,879,959 112,678,749 30/09/2020 Lazard EmergingMarkets 1,869,506 418,940 164,193 193,976 145,309 113,933 Equity Advantage Fund 60,464 11,552 60,910 USD 307 – – – 144,928,335 144,928,335 151,199,966 139,149,496 31/03/2020 5,943,801 4,286,384 6,271,631 7,091,959 257,802 361,753 269,067 68,023 41,307 2,005 USD – – –
43 LAZARD GLOBAL ACTIVE FUNDS PLC 44 LAZARD GLOBAL ACTIVE FUNDS PLC shareholders Net assetsattributabletoredeemableparticipating costs Adjustment forwrite-offoforganisational shareholders Net assetsattributabletoredeemableparticipating Total liabilities Distributions payable Financial fairvaluethroughprofitorloss liabilitiesat Current liabilities Expenses payable securities gainstaxonappreciated Accrued foreigncapital Investments purchasedpayable Redemptions payable Total assets Other assets Investments incomereceivable Lazard Global ActiveFundsplc Investments soldreceivable Subscriptions receivable bank Cash at Financial Statements Financial fairvaluethroughprofitorloss assetsat Current Assets ** Fundfullyredeemedon28May2020. * Fundlaunchedon19February 2020. notesareanintegralpartofthefinancialstatements. The accompanying The EUR, asdisclosed thefinancialperiodendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated Statement ofFinancialPosition(continued) Note 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8 0 167,463,305 167,410,308 167,655,285 163,898,147 30/09/2020 Lazard EmergingMarkets 3,589,408 Managed Volatility Fund* 244,977 140,121 104,856 164,937 (Unaudited)(continued) 52,997 2,793 USD – – – – – – 130,971,573 130,966,684 146,015,252 126,891,381 31/03/2020 15,048,568 14,982,267 10,659,780 8,128,142 246,033 66,301 89,916 4,889 Financial period ended30September 2020 USD – – – – – 30/09/2020 29,145,018 29,145,018 29,321,347 28,252,657 176,329 136,123 962,636 40,206 51,264 53,133 1,657 Markets EquityFund USD Lazard Developing – – – – – – 31/03/2020 20,738,467 20,738,467 20,913,445 20,301,633 174,978 132,184 546,630 30,680 12,114 42,090 14,858 8,234 USD – – – – –
30/09/2020 52,159 52,159 49,831 10,336 41,823 2,328 Lazard MENAFund** USD – – – – – – – – – – – 31/03/2020 3,599,152 3,599,152 3,685,960 3,484,945 141,946 86,808 82,731 23,767 34,923 4,077 USD 373 – – – – – 6 shareholders Net assetsattributabletoredeemableparticipating costs Adjustment forwrite-offoforganisational shareholders Net assetsattributabletoredeemableparticipating Total liabilities Expenses payable securities gainstaxonappreciated Accrued foreigncapital Distributions payable Investments purchasedpayable Redemptions payable Financial fairvaluethroughprofitorloss liabilitiesat Current liabilities Total assets Other assets Investments incomereceivable Investments soldreceivable Subscriptions receivable bank Cash at Financial fairvaluethroughprofitorloss assetsat Current Assets Financial Statements Lazard Global ActiveFundsplc Statement ofFinancialPosition(continued) * Fundfullyredeemedon14October2019. notesareanintegralpartofthefinancialstatements. The accompanying The EUR, asdisclosed thefinancialperiodendexchangerate inthetotalcolumnat inNote7. GBPandJPY Fundsaretranslated Note 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8 0 30/09/2020 36,527,145 36,527,145 37,945,439 35,779,552 1,418,294 1,110,054 1,836,705 209,055 329,040 (Unaudited)(continued) 99,185 USD 142 Fixed IncomeFund – – – – – – Lazard Global 31/03/2020 38,241,711 38,241,711 40,535,329 36,750,535 2,293,618 1,319,337 2,758,072 878,705 727,922 296,432 95,576 2,368 Financial period ended30September 2020 USD – – – – –
30/09/2020 High QualityBondFund* 912,949 903,658 912,949 909,061 9,291 3,888 GBP – – – – – – – – – – – Lazard Sterling 31/03/2020 974,111 964,689 974,111 970,338 9,422 3,773 GBP – – – – – – – – – – –
Lazard GlobalActiveFundsplc 3,955,190,296 3,935,454,965 3,935,382,383 3,691,891,115 253,712,476 30/09/2020 19,807,913 1,935,702 4,246,080 6,942,593 4,675,693 6,039,845 4,660,354 229,158 116,837 548,095 72,582 USD 261 3,823,233,853 3,737,122,625 3,737,116,972 3,512,892,279 250,178,794 31/03/2020 16,719,624 10,359,908 46,715,428 13,038,540 41,865,166 86,116,881 7,702,371 9,038,204 604,835 235,335 5,653 USD 250
45 LAZARD GLOBAL ACTIVE FUNDS PLC 46 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating shareholders atbeginningoffinancialperiod Net assetsattributabletoredeemableparticipating shareholders atendoffinancialperiod Net assetsattributabletoredeemableparticipating Foreign currency adjustment translation shareholdersfromoperations redeemable participating to Net movementinnetassetsattributable The EUR, GBP and JPY Funds are translated in the total column at the average exchange rate forthefinancialperiodasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPY Fundsaretranslated Participating Shareholders Statement ofChangesinNetAssetsAttributabletoRedeemable * ** Effective23June2020, FundnamechangedfromLazardGlobalSustainableEquitySelecttoFund. Fund fullyredeemedon19February 2019. Notes 5 5 1,293,822,227 1,442,901,370 (208,216,102) 275,217,171 Infrastructure EquityFund 30/09/2020 82,078,074 Lazard GlobalListed GBP – – 1,308,153,004 1,416,895,377 (234,245,951) 228,813,198 114,175,126 (Unaudited)(continued) 30/09/2019 GBP – – 30/09/2020 (1,008,558) 11,579,456 2,672,498 8,986,994 Strategic EquityFund 928,522 Financial period ended30September 2020 USD – – Lazard Global 30/09/2019 (4,516,847) 5,767,411 7,305,423 8,930,091 374,104 USD – –
30/09/2020 (1,806,358) 15,183,082 22,360,002 3,559,893 5,422,011 Global 1,374 USD – Equity Fund** Sustainable 30/09/2019 (3,133,070) 13,306,506 15,645,607 4,783,689 688,482 Lazard USD – –
30/09/2020 Equity (4,283) 4,283 USD Lazard Global – – – – – Income Fund* 30/09/2019 (534) USD 534 – – – – –
shareholders atendoffinancialperiod Net assetsattributabletoredeemableparticipating Foreign currency adjustment translation shareholdersfromoperations redeemable participating to Net movementinnetassetsattributable Anti-dilution levy redeemed Payments shares forredeemableparticipating sharesissued Proceeds fromredeemableparticipating shareholders atbeginningoffinancialperiod Net assetsattributabletoredeemableparticipating Financial Statements Lazard Global ActiveFundsplc Participating Shareholders (continued) Statement ofChangesinNetAssetsAttributabletoRedeemable * Fundlaunchedon19December2019, thereforetherearenocomparatives. notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialperiodasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPY Fundsaretranslated Notes 5 5 (56,773,719) 144,175,724 174,369,399 30/09/2020 22,288,440 4,266,977 Managed Volatility Fund 24,627 USD – Lazard Global (33,092,546) 212,795,661 232,566,015 (Unaudited)(continued) 30/09/2019 7,372,060 5,946,576 3,556 USD –
30/09/2020 (2,178,855) 24,274,701 19,121,403 1,345,247 5,986,906 Financial period ended30September 2020 Global ThematicFund USD – – 30/09/2019 (4,528,758) 63,913,552 56,526,868 8,210,632 3,704,810 Lazard USD – –
Lazard Global Focus Fund* 30/09/2020 (8,263,197) 62,402,315 13,617,850 84,137,138 16,372,748 Thematic 7,422 –
(178,364,544) 292,548,873 336,118,529 30/09/2020 66,022,818 68,701,780 Equity FranchiseFund 70,290 USD – Lazard Global (55,448,316) 327,576,332 295,592,495 30/09/2019 69,450,161 17,981,992 USD – –
47 LAZARD GLOBAL ACTIVE FUNDS PLC 48 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Financial Statements shareholders atendoffinancialperiod Net assetsattributabletoredeemableparticipating Foreign currency adjustment translation shareholdersfromoperations redeemable participating to Net movementinnetassetsattributable Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating shareholders atbeginningoffinancialperiod Net assetsattributabletoredeemableparticipating Participating Shareholders (continued) Statement ofChangesinNetAssetsAttributabletoRedeemable * notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialperiodasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPY Fundsaretranslated Fund fullyredeemedon25November2019. Notes 5 5 (14,836,053) 30/09/2020 22,498,471 30,790,288 5,770,918 753,013 20,305 EUR Lazard European – Equity Fund 30/09/2019 (3,060,935) 38,163,551 36,917,101 2,428,066 1,879,319 (Unaudited)(continued) EUR – –
30/09/2020 European EquityFund* (654) EUR 654 Financial period ended30September 2020 – – – – – Lazard Pan 30/09/2019 3,009,666 2,465,084 1,274,280 (895,079) 165,381 EUR – –
30/09/2020 (1,274,863) 14,385,491 76,334,601 55,031,589 8,192,384 Lazard Pan-European EUR Small CapFund – – (33,311,926) 30/09/2019 41,645,426 70,181,650 3,802,882 965,811 7,009 EUR –
30/09/2020 UK OmegaEquityFund* (180) GBP 180 – – – – – 30/09/2019 2,844,548 2,532,642 1,087,020 (807,719) Lazard 32,605 GBP – –
shareholders atendoffinancialperiod Net assetsattributabletoredeemableparticipating Foreign currency adjustment translation shareholdersfromoperations participating toredeemable Net movementinnetassetsattributable Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating shareholders atbeginningoffinancialperiod Net assetsattributabletoredeemableparticipating Financial Statements Lazard Global ActiveFundsplc Participating Shareholders (continued) Statement ofChangesinNetAssetsAttributabletoRedeemable The accompanying notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialperiodasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPY Fundsaretranslated Notes 5 5 (50,734,488) 527,193,844 338,659,916 140,468,554 30/09/2020 98,799,862 (Unaudited)(continued) USD Concentrated Fund – – Lazard USEquity (53,838,103) 354,256,640 334,654,550 30/09/2019 25,470,798 47,969,395 Financial period ended30September 2020 USD – –
1,049,230,387 (34,644,903) 170,442,778 852,118,246 30/09/2020 61,314,266 Strategic EquityFund JPY – – Lazard Japanese 2,627,914,967 2,623,055,554 (290,340,425) 201,936,112 30/09/2019 93,263,726 JPY – –
Lazard EmergingWorld Fund 30/09/2020 (2,667,616) 18,002,390 15,796,413 4,844,321 14,194 15,078 USD – 30/09/2019 19,713,659 20,348,811 (384,266) (304,827) 53,941 USD – –
49 LAZARD GLOBAL ACTIVE FUNDS PLC 50 LAZARD GLOBAL ACTIVE FUNDS PLC shareholders atendoffinancialperiod Net assetsattributabletoredeemableparticipating Foreign currency adjustment translation shareholdersfromoperations participating toredeemable Net movementinnetassetsattributable Lazard Global ActiveFundsplc Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating Financial Statements shareholders atbeginningoffinancialperiod Net assetsattributabletoredeemableparticipating The accompanying notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialperiodasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPY Fundsaretranslated Participating Shareholders (continued) Statement ofChangesinNetAssetsAttributabletoRedeemable Notes 5 5 (505,208,005) 391,251,758 699,055,485 116,759,750 30/09/2020 80,274,958 369,570 (Unaudited)(continued) Markets EquityFund USD – Lazard Emerging 1,371,475,924 (447,781,435) (10,805,134) 991,412,220 30/09/2019 78,522,865 Financial period ended30September 2020 USD – –
30/09/2020 (4,257,988) 19,336,421 84,660,450 65,343,975 Markets CoreEquityFund 4,238,042 USD – – Lazard Emerging 30/09/2019 (1,644,391) (6,184,262) 75,619,502 75,864,491 7,583,664 USD – –
(82,461,420) 114,461,019 144,928,335 30/09/2020 40,939,032 10,939,046 Lazard EmergingMarkets 116,026 Equity Advantage Fund USD – 30/09/2019 (2,506,356) (4,496,412) 86,831,273 90,092,935 3,741,106 USD – –
end offinancialperiod Net assetsattributabletoredeemableparticipatingshareholdersat Foreign currency adjustment translation shareholders fromoperations toredeemableparticipating Net movementinnetassetsattributable Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating beginning offinancialperiod Net assetsattributabletoredeemableparticipatingshareholdersat Financial Statements Lazard Global ActiveFundsplc Participating Shareholders (continued) Statement ofChangesinNetAssetsAttributabletoRedeemable ** Fundfullyredeemedon28May2020. * Fundlaunchedon19February 2020, thereforetherearenocomparatives. notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialperiodasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPY Fundsaretranslated Notes 5 5 (Unaudited)(continued) Markets Managed Lazard Emerging Volatility Fund* 167,463,305 130,971,573 30/09/2020 (4,870,111) 39,225,752 2,136,091 – – Financial period ended30September 2020 30/09/2020 29,145,018 20,738,467 1,498,382 7,699,352 (791,183) USD Markets EquityFund Lazard Developing – – 30/09/2019 (8,520,047) 23,952,306 31,202,046 1,839,075 (572,278) 3,510 USD –
30/09/2020 (3,697,178) 3,599,152 98,026 USD Lazard MENAFund** – – – – 30/09/2019 (1,269,059) 26,414,668 26,719,142 1,698,961 (734,376) USD – –
51 LAZARD GLOBAL ACTIVE FUNDS PLC 52 LAZARD GLOBAL ACTIVE FUNDS PLC shareholders atendoffinancialperiod Net assetsattributabletoredeemableparticipating Foreign currency adjustment translation sharesfromoperations redeemable participating toholdersof Net movementinnetassetsattributable Lazard Global ActiveFundsplc Anti-dilution levy Payments sharesredeemed forredeemableparticipating sharesissued Proceeds fromredeemableparticipating shareholders atbeginningoffinancialperiod Net assetsattributabletoredeemableparticipating Financial Statements * Fundfullyredeemedon14October2019. notesareanintegralpartofthefinancialstatements. The accompanying forthefinancialperiodasdisclosed exchangerate The EUR, inNote7. theaverage inthetotalcolumnat GBPandJPY Fundsaretranslated Participating Shareholders (continued) Statement ofChangesinNetAssetsAttributabletoRedeemable Notes 5 5 30/09/2020 (7,418,521) 36,527,145 38,241,711 2,487,308 3,211,747 (Unaudited)(continued) 4,900 USD Fixed IncomeFund – Lazard Global 30/09/2019 (7,687,431) 16,837,621 30,301,822 20,541,502 610,130 USD Financial period ended30September 2020 – –
30/09/2020 High QualityBondFund* (245) GBP 245 – – – – – Lazard Sterling 30/09/2019 1,799,933 1,763,899 (109,405) 113,758 31,681 GBP – –
(1,192,593,488) Lazard GlobalActiveFundsplc 3,935,454,965 3,737,122,625 776,081,455 541,435,832 30/09/2020 72,777,117 631,424 USD 4,103,730,895 4,346,752,747 (971,144,721) (98,011,406) 639,247,699 186,871,676 30/09/2019 14,900 USD audited financial thefinancial statementsfor year ended31March 2020wasunqualified. financialThese interim statementsare unaudited. We auditor’s notethatthestatutory intheCompany’s report and annualreport financial year ended31March 2020. financial statementsaswere appliedinthepreparation oftheCompany’s andauditedfinancial annualreport the statementsfor The sameaccounting policies, presentation andmethodsofcomputation andunaudited report have beenfollowed intheseinterim the Companies Act 2014, Regulations. Regulations BankUCITS andtheCentral theUCITS Financial intheUnitedKingdom applicable andtheRepublicofIreland’’ Standard Reporting (“FRS 102”)andIrishstatutecomprising financial thefinancial statements for year ended31March 2020, have which beenprepared inaccordance withFRS 102: “The Regulations.Bank UCITS andunauditedfinancial report statementsshouldbereadThe interim inconjunction withtheaudited accordance with Financial (“FRS”) 104: Standard Reporting Financial“Interim Reporting”, Regulations and the Central the UCITS 2020have beenprepared andunauditedfinancial report thefinancial ended30September statementsfor The interim period in Statement ofCompliance stated. shareholders unlessotherwise participating are setoutbelow. references All tonetassetsthroughout thefinancial toredeemable statementsrefer tonetassets attributable The significantaccounting policies andestimation adopted techniques by theCompany inthepreparation ofthefinancial statements 2. SignificantAccountingPolicies Banktorevoke totheCentral application Funds’. authorisation PanLazard Fund European Fund Equity UKOmegaEquity andLazard redeemed were on 25November fully 2019andare pending revoke Fund’s. authorisation Bond Fund redeemed Bankto on totheCentral 14October2019andispendingapplication wasfully HighQuality Sterling Lazard Fund’s Income Fund GlobalEquity Banktorevoke redeemed totheCentral Lazard 2019andispendingapplication on 19February wasfully MENALazard Fund redeemed on Banktorevoke 28May totheCentral wasfully 2020andispendingapplication Fund's. authorisation Fund withintheCompany are setoutintheProspectus theFunds. for andrelevantSupplements Volatility Fund, Fund Markets Developing Equity Lazard GlobalFixed andLazard Income Fund. The investment objectives ofeach Emerging Markets Fund, Core Equity Advantage EmergingMarkets Equity Fund, Lazard EmergingMarkets Managed Lazard Fund, Fund, Equity JapaneseStrategic Lazard Emerging Lazard World Fund, Fund, EmergingMarkets Equity Lazard Lazard FranchiseEquity Fund, Fund, European Lazard Equity Pan-European Lazard CapFund, Small Concentrated USEquity Lazard Fund), GlobalManaged Lazard Volatility Fund, Global Lazard Thematic Fund, Global Lazard Thematic Focus Fund, Global Lazard Fund, Equity Select Equity GlobalStrategic Lazard GlobalSustainable Lazard Fund Equity GlobalSustainable (formerly Lazard Fund, Equity The Company haseighteenFunds 2020asfollows: inexistenceasat30September GlobalListedInfrastructure Lazard representing Fund aseparate oftheCompany. an umbrella fundinthattheshare oftheCompany ofshares capital maywithone bedividedintodifferentormore classes classes Investment in Transferable Regulations 2019(the Regulations”). Securities) BankUCITS “Central The Company as isstructured Collective for andEnforcement) Act48(1))(Undertakings 2013(Section Regulations”) Bank(Supervision andtheCentral “UCITS the European Collective CommunitiesInvestment for in (Undertakings Transferable Regulations, Securities) 2011 (asamended) (the Bank of Ireland (the Bank”) “Central Collective Investment for in as an Undertaking Transferable pursuant to (“UCITS”) Securities the and collectively “Funds”) organisedunderthelawsofIreland. The Company qualifies inIreland andisauthorised by theCentral referred toasthe asanumbrella between itssubfunds(individually structured fundandwithsegregated capital liability variable “Fund” GlobalActiveLazard Funds on 1996asanopen-endedinvestment 10April company plc(the wasincorporated with “Company”) 1. General Notes totheFinancialStatements Lazard Global ActiveFundsplc . authorisation Financial period ended30September 2020
(Unaudited)
53 LAZARD GLOBAL ACTIVE FUNDS PLC 54 LAZARD GLOBAL ACTIVE FUNDS PLC B Acc EURHedged B Acc CHFHedged A DistUSDHedged A DistUSD A DistGBP A DistEURHedged A DistEUR A Acc USDHedged A Acc USD A Acc A Acc GBPHedged A Acc GBP A Acc A Acc EURHedged A Acc EUR A Acc A Acc CHFHedged Lazard Global ActiveFundsplc Class The Manager isentitledtoacharge perannumoftheNet Asset Value shares respectively toeach ofthe following classes: attributable oftheshares,affairs andthedistribution andcontrol oftheBoard ofDirectors supervision (“Directors”). subjecttotheoverall FundLazard Managers (Ireland) Limited (the the management has responsibility for and administration of the Company’s“Manager”) Management Fees 3. Fees financial period. This isanotional hasnoimpact amount which on theresults oftheindividualFunds. of Changes inNet toRedeemableParticipating AssetsAttributable reflects Shareholders the themovement inexchangefor rates 2019:The foreigntranslation adjustmentintheStatement currency ofUSD72,777,117(30September USD(98,011,406))included onno effect thenetassetvaluepershare totheindividualFunds. attributable inNote exchangeare7. All rates disclosed thefinancialasanapproximation have toUSDusinganaverage for Shareholders beentranslated rate period actual for rates. This has of Comprehensivethe Statement of Changes in Net Income and to the Redeemable Statement Participating Assets Attributable liabilities inthefinancial statementshave toUSDattheexchange atthefinancialend. beentranslated rate period The amountsin For ofcombining thefinancial thepurpose statementsofeachFund attheaggregated toarrive figures, thefinancial assetsandfinancial presentation currency. the presentation eachFund, for currency andtheCompany financial level statementsare presented inUSD, istheCompany’s which Bond Fund are which PoundHigh Quality (“GBP”). Sterling The Company has adopted thefunctional of each Fund currency as Fund, Equity Fund are GlobalListedInfrastructure which Euro andLazard UKOmegaEquity (“EUR”) Sterling Lazard andLazard Japanese Yen Fund, European Lazard Equity (“JPY”), Pan Lazard Fund European Equity Pan-European andLazard CapFund Small (the itoperates which “functional currency”). Fund Equity is which JapaneseStrategic except Lazard for (“USD”) This isUSDollar intheCompany’s economicItems included environment financial statementsare in measured oftheprimary usingthecurrency at fairvalue, andtheCompany shareholders. toredeemable provides astatementofchanges innetassetsattributable participating Flows” oftheCompany’s nottoprepare all flow statementon thebasisthatsubstantially acash investments liquidandcarried are highly The Company hasavailedoftheexemption availabletoopen-endedinvestment fundsunderFRS 102, 7 Section ofCash “Statement going concern basis. FundEquity in previous financial were year. closed As a result, the financial statementsof these Funds have been prepared on a non- Income Fund, BondGlobal Equity Fund, HighQuality Sterling Lazard Pan Lazard Fund European Equity UKOmega andLazard Accepted Accounting Practice(Generally in Ireland). MENA Lazard Fund redeemed thefinancialend. during period wasfully Lazard are andfairview those accountingpreparing financial standards statementsgivingatrue issuedby theFinancial Council Reporting Ireland, Regulations. Regulations BankUCITS andtheCentral the UCITS Accounting accepted inIreland standards generally in Funds andinaccordance theclosed ofthisparagraph for accepted withaccounting discussedinthelatterpart in standards generally financial liabilitiesheldatfairvaluethrough profit orloss. The financial statementshave beenprepared on agoing concern basisexcept The financial statementsare prepared costconvention underthehistorical asmodified by therevaluation offinancial assetsand Basis ofPreparation 2. SignificantAccountingPolicies(continued) Notes totheFinancialStatements Infrastructure Global Listed Equity Fund Lazard 1.75% 1.75% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% - - - Lazard Global Equity Fund Strategic 0.85% 0.85% ------
Lazard Global Equity Fund** Sustainable 0.85% 0.85% ------Volatility Fund Lazard Global Managed 0.65% 0.65% 0.65% 0.65% 0.65% 0.65% ------Financial period ended30September 2020 Thematic Fund Lazard Global 0.85% 0.85% 0.85% ------Lazard Global Focus Fund Thematic
0.85% (Unaudited) ------
(continued) EA DistGBP EA Acc USD EA Acc EA Acc GBP EA Acc EA Acc EUR EA Acc E DistUSD C DistGBP E DistGBP USD E Acc C Acc USD C Acc C Acc JPY C Acc E Acc GBP E Acc C Acc GBP C Acc C Acc EURHedged C DistUSDHedged C Acc EUR C Acc BP DistUSDHedged C DistGBP BP DistUSD BP Acc USDHedged C DistEURHedged BP Acc USD BP Acc B DistUSD C Acc GBP C Acc B DistEUR B Acc USD B Acc C Acc EURHedged B Acc GBP B Acc B Acc EURHedged BP DistUSDHedged B Acc EUR B Acc AP DistEUR BP DistUSD AP Acc EUR AP Acc A DistUSDHedged BP Acc USDHedged A DistUSD A DistEURHedged BP Acc USD BP Acc A DistEUR A Acc USDHedged B DistUSDHedged A Acc USD A Acc A Acc JPY A Acc B Acc USDHedged A Acc GBP A Acc A Acc EURHedged Class ** Effective23June2020, FundnamechangedfromLazardGlobalSustainableEquitySelecttoFund. feeisupto1%. * Management GBP B Acc Class Management Fees(continued) 3. Fees(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc A Acc EUR A Acc Equity Franchise Infrastructure Lazard Global Global Listed Equity Fund Lazard 0.75% 0.75% 0.85% 0.75% 0.85% 0.85% 1.75% 0.85% 1.50% 1.50% 2.00% 2.00% 2.00% 0.85% 2.00% 1.75% 0.85% 1.75% 0.85% 0.85% 1.75% 0.85% Fund ------Lazard Global Equity Fund Equity Fund European Strategic Lazard 0.50% 0.50% 0.75% 0.75% 1.75% 1.75% 1.50% 1.00% 1.00% 1.00% 1.00% ------
Lazard Global Equity Fund** Lazard Pan- Sustainable Small Cap European 0.50% 0.50% 0.50% 0.75% 0.75% 0.75% 0.75% 1.50% 1.00% 1.75% 1.00% 1.75% 1.00% Fund ------
Volatility Fund Lazard Global Concentrated US Equity Managed Lazard 0.75% 0.75% 0.75% 0.75% 0.75% 2.00% 2.00% 1.50% 1.50% 0.55% 1.50% 1.00% 0.75% 0.75% 0.75% Fund ------
Financial period ended30September 2020 Thematic Fund Lazard Global Equity Fund Japanese Strategic Lazard 1.75% 1.75% 1.75% 1.75% 0.75% 0.85% 0.85% 0.85% 0.85% 0.85% ------
Lazard Global Focus Fund Thematic
1.00%* 1.00%* 1.00%* 1.00%* 0.50% 0.50% (Unaudited) ------
(continued)
55 LAZARD GLOBAL ACTIVE FUNDS PLC 56 LAZARD GLOBAL ACTIVE FUNDS PLC SA Acc EUR SA Acc S DistUSD S DistGBP S DistEUR S Acc USD S Acc S Acc GBP S Acc S Acc EUR S Acc I Acc CHF I Acc EA Acc USD EA Acc EA Acc GBP EA Acc EA Acc EURHedged EA Acc EUR EA Acc C DistUSD C DistGBP C Acc USD C Acc C Acc GBP C Acc C Acc EUR C Acc BP DistUSD BP Acc USD BP Acc BP Acc EURHedged B DistUSD B Acc USD B Acc EA DistGBP B Acc EURHedged EA DistEUR A DistUSD EA Acc USD EA Acc A DistEURHedged EA Acc GBP EA Acc A DistEUR EA Acc EUR EA Acc A Acc USD A Acc E Acc GBP E Acc A Acc GBP A Acc C DistUSD A Acc EURHedged Lazard Global ActiveFundsplc Class feeisupto1%. * Management C DistGBPHedged Class Management Fees(continued) 3. Fees(continued) Notes totheFinancialStatements * Management feeisupto1%. * Management A Acc EUR A Acc Equity Franchise Lazard Global World Fund Emerging Lazard 0.75% 0.75% 1.50% 0.50% 0.50% 0.50% 0.50% 1.00% Fund ------
Equity Fund Equity Fund Emerging European Markets 1.00%* Lazard Lazard 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 1.00% 1.00% 1.75% 1.75% 1.50% 1.50% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% ------
Markets Core Lazard Pan- Equity Fund Small Cap Emerging European Lazard 0.50% 0.50% 0.75% 1.75% 1.75% 1.00% 1.00% 1.00% 1.00% Fund ------
Lazard Emerging Advantage Fund Markets Equity Concentrated US Equity 1.00%* Lazard 0.40% 0.40% 0.40% 0.40% 0.60% 0.60% 1.65% 0.50% 0.50% 0.50% 0.75% Fund ------
Financial period ended30September 2020 Volatility Fund Equity Fund Japanese Emerging Managed Strategic Markets 1.00%* Lazard Lazard 0.70% 0.85% ------
(Unaudited) (continued) EA DistEURHedged EA Acc USD EA Acc C DistUSD C DistGBP C Acc GBP C Acc BP DistUSD BP Acc USD BP Acc B DistUSD B Acc EURHedged A DistUSD A DistEUR A Acc USD A Acc A Acc GBP A Acc A Acc EURHedged A Acc EUR A Acc 2019: USD146,941), USD31,678(31March ofwhich 2020: USD213,568)remained receivable atthefinancialend. period reimbursed 2020amounted toUSD117,185(30September The fees by thefinancial ended30September theManager during period totherelevantshare class. exclusively be attributable responsible oftheFunds, exposure thecostsofhedgingcurrency thebenefit share for for ofany class particular costsshall which Fund, inthecap. custodialandsub-custodialtransactions chargesare included For theavoidance ofdoubt, theManager notbe will Fund, Pan-European Lazard Cap Fund, Small Concentrated Fund US Equity Lazard Emerging Markets Core and Lazard Equity expenses, custodialandsub-custodialtransaction charges, stampdutiesandotherrelevanttaxes). For Franchise GlobalEquity Lazard expensesinexcess brokeragesuch ofthislimitwiththeexception anddisposingofinvestments oftheexpensesacquiring (including Concentrated Fund USEquity EmergingMarketsLazard Fund. Core andLazard Equity The Managerberesponsible will any for expenseswerethe above cap Funds usedinall GlobalManaged except Lazard for Volatility Fund, Franchise, GlobalEquity Lazard Pan-European CapFund 2019, Small is0.20%. the cap 2020and30September thefinancialended30September periods During AdvantageEmerging Markets Equity Fund, Franchise GlobalEquity of Lazard Fund is0.23%andinthecase thecap andLazard of 0.30%perannumtheNet Asset Value oftheFunds. GlobalManaged ofLazard Inthecase Volatility Fund andLazard the heading Expenses”“Other inthesection oftheProspectus entitled “Fees andExpenses”), on expenses cap subjecttoanoverall ofshares ofeach FundEach class oftheotherexpensesCompany portion (assetoutindetailunder bearitsattributable shall Reimbursement from Manager 19,180,255) were charged, USD2,529,927(31March ofwhich 2020: USD5,646,159)remained payable atthefinancialend. period of itsfee. For 2020, thefinancialended30September period 2019: management ofUSD15,134,156(30September fees USD Managers. The Manager isresponsibleandexpensesoftheInvestment thefees out discharging Managers for andtheDistributors oftheinvestment managementThe Manager function hasdelegatedtheperformance inrespect oftheFunds totheInvestment hastherefore inthepreceding disclosure. rate fee Class (Management beenexcluded Class)isnilandthisclass time to time. Affiliate other personsa Lazard or to such as the Manager may from determine The annual management on fee the M Affiliate.Manager oraLazard intheMClass(Management Shares Class)are tootherFunds availableonly managed oradvised by regard totheirinvestment intheFunds basedon theInvestment Management Agreement andtheInvestment between themselves outan to carry whereoran AffiliateInvestors toholdunitsintheXshareLazard are are permitted class appointedastheInvestment only Manager Funds itsreasonable for expenses. out-of-pocket inarrears. bepayable andshall monthly daily accrue shall The above fees The Manageralsobeentitledtoreimbursed shall by the * Fundfullyredeemedon28May2020. Class Management Fees(continued) 3. Fees(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc investment management or advisory services on theirbehalf. services investment with besubjecttoafee management will oradvisory intheclass Shareholders EquityFund Developing Markets Lazard 0.85% 0.85% 0.85% 1.75% 1.75% 1.00% 1.00% 1.00% 1.00% ------
MENA Lazard 0.85% 0.85% 1.00% Fund* ------Lazard Global Fixed Income 1.50% 1.50% 1.00% 1.00% 0.75% 0.75% 0.75% 0.75% Fund ------Financial period ended30September 2020
(Unaudited) (continued)
57 LAZARD GLOBAL ACTIVE FUNDS PLC 58 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc ofComprehensiveStatement Income. 2019, ended30September thefinancial period During anumberofFunds received inthe withholdingtaxrefunds asdisclosed 2020, thefinancial ended 30September period During none of theFunds received withholdingtaxrefunds. of theFunds received which them. ofComprehensiveStatement Income as Income”.“Other haveThese refunds apositive would impact generally on theperformance recoverability. Upon receipt oftheserefunds, intheNet theseamountsareAsset included Value oftheFunds andare recorded inthe From timetotime, theFunds receive around withholding tax refunds their were recognised which duetouncertainty notpreviously Withholding Tax Refunds not berecoverable by aFund oritsshareholders. Capital gains, dividends and interest taxes receivedand such may of origin may be subject to withholding taxes imposed by the country were thefinancialunderreview. during period nochargeable events In the absence of an appropriate declaration, the Company be liable to Irish will Tax on the occurrence of a chargeable event. There tothateffect. provided theCompany witharelevantdeclaration notoccurinrespect will A chargeable event ofshareholders whoare resident neitherresident inIreland norordinarily andwhohave doesnotinclude: A chargeableevent shares thepreceding by relevantperiod. theshareholders ofeightyearsafter andeachsubsequentperiod beginningimmediately ofsharestransfer oron theendingofa ‘relevant period’, a ‘relevant period’ beinganeightyear beginningwiththeacquisition period ofthe than on theoccurrence ofachargeableevent. Generally, on any arises distribution, achargeable event redemption, repurchase, cancellation, Consolidation Act, 1997, asamended. OnthatbasistheCompany notbeliabletotaxation will inrespect ofitsincome andgains, other Under current Irishlaw andpractice, theCompany qualifies asdefined739Bofthe asaninvestment inSection undertaking Taxes 4. Taxation USD42,916(31Marchof which 2020: USD 20,685) remained payable atthefinancialend. period Directors’ 2020were 2019: thefinancialended30September USD66,402(30September charged during period fees USD66,090), Directors’ Fees USD 1,633,524)remained payable atthefinancialend. period 2019: expenses)amountedtoUSD2,801,895(30September of-pocket USD2,887,852), USD1,499,758(31March ofwhich 2020: out- 2020 (including The administration, the financial ended 30 September charged during period fees and depositary agency transfer commercial alsobeatnormal charges ofanyshall sub-custodian(which rates), together withitsreasonable expenses. out-of-pocket the Funds transaction fees, commercial beatnormal shall which rates, andtobereimbursed by theFunds andtransactions thefees for Funds’ Net Asset Value. inarrears. bepayable andshall monthly daily accrue shall fees Such isalsoentitledtocharge The Depositary is entitledtobepaidby functions ofupto0.0225%the theFunds ofitstrustee The Depositary theperformance for anannualfee transaction charges, commercial beatnormal shall which rates). be charged at USD 20 perinvestor will holding at Fund of services per annum (exclusive level agency and transfer Shareholder theFundsAdministrator alsobeentitledtorecoveritsreasonable shall expenses. from out-of-pocket the Funds ofupto0.07%theFunds’ Net Asset Value. inarrears. bepayable andshall monthly daily accrue shall fees Such The (Ireland) CompanyBNY MellonFund DesignatedActivity (the Services “Administrator”) payable isentitledtoanannualfee by Administration, Transfer AgencyandDepositaryFees 3. Fees(continued) Notes totheFinancialStatements d) c) b) a) an exchange amalgamation ofshares on orreconstruction aqualifying ofaFund arising withanotherFund; or of Ireland; or any transactions asdesignatedby inrelation system order Commissioners toshares oftheRevenue heldinarecognised clearing an exchange ofshares representing aFund anotherFund; for or certain exchanges ofshares spouses. certain between spousesandformer Financial period ended30September 2020
(Unaudited) (continued) Redeemable participatingsharesinissueatbeginningoffinancialperiod respectively. The RedeemableParticipating inissueatthebeginningoffinancialare Shares periods asat31March 2020and31March 2019, detailed inthetablebelow andonpages. thefollowing 2019are The activities 2020and30September on RedeemableParticipating thefinancialended30September for Shares periods of Financial Position dateiftheshareholders exercised toputtheshares totheCompany. their rights back thepresent for toafinancial valueoftheredemption give rise liability amountthatwould instruments bepayablesuch attheStatement value proportionate to the investors share in each Fund’s net assets at the redemption date. In accordance 22 of FRS with Section 102, RedeemableParticipatingAll issuedby Shares theCompany provide theinvestors torequire withtheright redemptionatthe cash for of FRS 102, theRedeemableParticipating are Shares redeemable attheshareholder’s option asfinancial andare liabilities. classified assets thatmay bedeclared. The holderoftheshare isentitledtoone vote eachon apoll. 22 UnderSection andEquity”“Liabilities to a proportionate share the right inthe assets of the FundsRedeemable Participating and toany innet distributions carry Shares ofChanges inNet toRedeemableParticipatingin theStatement AssetsAttributable Shareholders. as outlinedintheFunds’ totheProspectus. Supplement The valueofshares issuedandredeemedissetout thefinancial during period at therequest oftheshareholder. RedeemableParticipating are andredemption Shares subscription availablefor on eachdealingday Participating ineach oftheCompany’s Shares Funds Participating (“Redeemable Shares”). may They beredeemed by theCompany paid The Company share of500,000,000,000shares are hasanauthorised capital ofnoparvaluewhich issueasfully availablefor Redeemable ParticipatingShares ofthenetassetvalueCompany. sharepart The subscriber doesnotform shareThere 1subscriber inissueandthatisheldby iscurrently theManager. shares”),GBP 1each(“Equity were redeemed. which subsequently On incorporation, shareoftheCompanyshares theauthorised capital wasGBP40,000dividedinsubscriber ofparvalue Management Shares The Companyshare hasavariable capital. 5. CapitalandReserves Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard GlobalListedInfrastructureEquityFund - X Acc JPYHedged sharesissuedduringthefinancialperiod Redeemable participating - B Acc EURHedged - A Acc EUR Hedged EUR - AAcc - B Acc GBP - BDistUSDHedged - B Acc USDHedged - A DistEURHedged - A Acc CHF Hedged CHF - AAcc - A Acc GBP - AAcc - A DistGBP - A Acc USD Hedged USD - AAcc - A DistUSDHedged - B Acc CHFHedged - A DistUSD - A Acc USD - AAcc - BP Acc USDHedged - BPDistUSD - BPDistUSDHedged - M Acc USD - C Acc EURHedged 764,094,381 21,297,350 40,884,348 48,145,385 6,256,206 9,146,741 225,095 141,951 142,027 605,863 414,024 812,076 195,909 199,478 Shares 38,098 13,280 28,854 27,723 4,566 5,000 30 September2020 815 Financial period ended30September 2020 Value ofShare Transactions 118,174,899 12,953,081 15,616,953 39,899,492 63,304,229 1,572,555 1,595,868 5,908,233 6,509,028 1,475,264 1,634,587 242,198 396,181 893,365 220,117 196,768 602,007 40,401 39,569 88,084 GBP 718,042,353 11,455,964 22,991,935 53,451,400 16,312,836 4,400,306 6,607,503
140,474 197,684 Shares (Unaudited) 32,858 16,471 55,016 15,240 12,284 68,688 7,825 5,220 30 September2019 – – 4 4 Value ofShare Transactions 23,602,484 45,270,316 88,032,968 41,013,786 14,766,080 8,072,751 1,938,351 4,035,189 153,725 385,903 184,644 443,368 114,442 613,600 87,126 98,399 GBP (continued) 33 33 – –
59 LAZARD GLOBAL ACTIVE FUNDS PLC 60 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Redeemable participatingsharesinissueatbeginningoffinancialperiod - CDistGBP Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard GlobalListedInfrastructureEquityFund(continued) - EA Acc GBP sharesissuedduringthefinancialperiod Redeemable participating - CDistEURHedged Redeemable participating sharesissuedduringthefinancialperiod(continued) Redeemable participating - EADistGBP - CDistUSDHedged - A Acc USD - AAcc - X Acc JPYHedged sharesredeemedduringthefinancialperiod Redeemable participating - M Acc USD - B Acc EURHedged - EA Acc GBP sharesredeemedduringthefinancialperiod Redeemable participating - A Acc EUR Hedged EUR - AAcc - EADistGBP - B Acc GBP - A Acc USD - AAcc - BDistUSDHedged - M Acc USD - B Acc USDHedged Redeemable participatingsharesinissueatendoffinancialperiod - A DistEURHedged
- A Acc CHF Hedged CHF - AAcc - A Acc GBP - AAcc - A DistGBP - A Acc USD Hedged USD - AAcc - A DistUSDHedged - B Acc CHFHedged - A DistUSD - A Acc USD - AAcc - BP Acc USDHedged - BPDistUSDHedged - M Acc USD - C Acc EURHedged - CDistGBP Redeemable participatingsharesinissueatendoffinancialperiod
Lazard GlobalStrategicEquityFund (107,988,788) 129,011,749 (14,506,690) (43,629,142) (28,228,195) (15,607,306) 785,117,342 (4,340,408) (232,333) (202,190) (401,287) (172,106) (422,412) (14,459) 209,443 250,346 (33,308) 158,949 (24,581) (25,809) (82,881) 196,856 (17,673) (44,781) Shares Shares 17,665 (8,740) (3,545) (1,482) (6,141) (5,201) (1,880) (4,464) 1,000 1,872 30 September2020 30 September2020 (692) 872 – –
Financial period ended30September 2020 Value ofShare Value ofShare (208,216,102) Transactions Transactions 275,217,171 (24,761,531) (81,996,056) (43,133,070) (37,714,614) (1,008,558) (8,829,869) (1,960,995) (1,413,422) (1,415,351) (3,548,401) 2,484,211 1,214,697 (245,190) (357,454) (185,997) (270,494) (236,082) (719,168) (843,220) (879,308) (130,187) (354,425) 155,384 (78,265) 928,522 906,584 (25,128) (45,000) (37,628) (43,805) 21,938 GBP USD – –
(117,892,622) 115,771,712 (18,710,611) (19,247,672) (50,482,172) (23,523,264) 715,921,443 (3,624,150) (2,077,290) (270,201) (255,731)
475,192 (39,368) (26,496) (13,226) (22,767) (96,134) 219,181 (17,847) Shares (Unaudited) Shares (9,428) (9,219) (4,790) 14,190 (1,449) 8,348 5,597 (461) (748) 30 September2019 30 September2019 175 70 – – –
– – – –
– Value ofShare Value ofShare (234,245,951) Transactions Transactions 228,813,198 (39,490,723) (37,639,291) (84,684,681) (58,435,768) (4,516,847) (3,765,218) (6,626,320) (4,820,980) 5,767,411 5,640,985 (102,946) (178,230) (312,519) (133,842) (474,600) (252,875) (942,006) (144,583) (601,977) (44,479) 121,664 (98,799) (12,961) 3,339 1,423 GBP USD (continued) – – –
– – – –
– Redeemable participatingsharesinissueatbeginningoffinancialperiod * Effective23June2020, FundnamechangedfromLazardGlobalSustainableEquitySelecttoFund. Redeemable participatingsharesinissueatbeginningoffinancialperiod Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard GlobalManagedVolatility Fund Lazard GlobalSustainableEquityFund* - A Acc USD - AAcc sharesissuedduringthefinancialperiod Redeemable participating - A Acc EUR - AAcc sharesissuedduringthefinancialperiod Redeemable participating - EA Acc USD - A DistEUR - BP Acc USD - A Acc USD - AAcc - M Acc USD - A DistUSD - EA Acc GBP - A Acc GBP - AAcc - EADistGBP - C Acc EURHedged - CDistGBP - M Acc USD - C Acc GBP - A Acc EUR - AAcc sharesredeemedduringthefinancialperiod Redeemable participating - A Acc USD - AAcc sharesredeemedduringthefinancialperiod Redeemable participating - A DistEUR - EA Acc USD - A Acc USD - AAcc - BP Acc USD - A DistUSD - M Acc USD - C Acc EURHedged Redeemable participatingsharesinissueatendoffinancialperiod - M Acc USD Redeemable participatingsharesinissueatendoffinancialperiod
1,119,998 (331,079) (228,687) (97,960) 810,309 (9,575) Shares Shares 84,612 17,114 21,159 (3,880) (7,698) 21,390 (1,689) 21,046 96,083 1,713 1,191 30 September2020 30 September2020 (161) (552) 398 160 157 156 216 157 (27) 15 – – – – –
– Financial period ended30September 2020 Value ofShare Value ofShare Transactions Transactions (56,773,719) (12,315,843) (43,424,102) (1,806,358) (1,397,869) 1,938,776 4,057,616 1,202,853 4,266,977 3,559,893 (527,459) (244,322) (161,370) (506,315) 278,203 201,185 59,671 20,438 19,984 19,984 19,984 (2,797) 8,176 USD USD – – – – –
– 1,416,612 1,204,260 (244,648) (136,044)
(18,987) (13,754) (32,724) (62,000) Shares Shares (Unaudited) 90,127 18,000 (9,557) 32,296 (9,178) 13,468 84,608 8,855 4,750 1,215 1,266 3,086 4,418 3,742 (252) (126) 30 September2019 30 September2019 312 120 – – – – – – –
Value ofShare Value ofShare Transactions Transactions (33,092,546) (16,807,980) (3,133,070) (1,969,693) (1,631,880) (1,239,259) (6,773,704) (7,410,682) 1,503,634 3,110,189 2,123,709 7,372,060 3,740,764 4,783,689 (261,931) (130,487) 683,425 127,307 259,240 547,589 42,559 17,333 USD USD (continued) – – – – – – –
61 LAZARD GLOBAL ACTIVE FUNDS PLC 62 LAZARD GLOBAL ACTIVE FUNDS PLC Redeemable participatingsharesinissueatendoffinancialperiod - EA Acc EUR - E Acc GBP - EDistGBP - M Acc USD sharesredeemedduringthefinancialperiod Redeemable participating - E Acc USD - EA Acc EUR - E Acc GBP - EA Acc GBP - EDistGBP sharesissuedduringthefinancialperiod Redeemable participating Lazard Global ActiveFundsplc Redeemable participatingsharesinissueatbeginningoffinancialperiod * Fundlaunchedon19December2019, thereforetherearenocomparatives. Redeemable participatingsharesinissueatbeginningoffinancialperiod * Effective14February 2020, FundnamechangedfromLazard GlobalFundtoLazard Thematic Fund. Thematic Redeemable participatingsharesinissueatbeginningoffinancialperiod Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard GlobalEquityFranchiseFund Lazard GlobalThematicFocusFund* Lazard GlobalThematicFund* - A DistGBP sharesissuedduringthefinancialperiod Redeemable participating - A Acc GBP - AAcc sharesissuedduringthefinancialperiod Redeemable participating - A Acc USD - AAcc - A Acc USD - AAcc - A DistUSD - EA Acc GBP - M Acc USD - EA Acc USD - A DistGBP sharesredeemedduringthefinancialperiod Redeemable participating - EADistGBP - A Acc USD - AAcc - B Acc GBP - A DistUSD - C Acc GBP - M Acc USD - CDistGBP - C Acc EURHedged Redeemable participatingsharesinissueatendoffinancialperiod 3,252,577 (47,655) (10,502) (38,220) 566,569 124,789 520,300 356,018 273,037 128,687 Shares Shares Shares (1,223) (5,308) (2,904) 39,113 79,109 93,924 31,818 (1,941) (2,423) (5,739) 17,081 71,884 5,764 2,323 3,277 1,364 2,796 30 September2020 30 September2020 30 September2020 (315) 315 164 (84) 744 366 65 46 Financial period ended30September 2020 Value ofShare Value ofShare Value ofShare Transactions Transactions Transactions (8,263,197) (2,178,855) (4,816,872) (2,600,000) 15,150,976 62,402,315 42,900,809 31,867,720 15,743,732 4,299,220 1,051,630 4,283,789 1,345,247 2,173,171 (153,472) (692,853) (555,329) (665,837) (317,912) (616,560) (23,217) 533,086 765,437 176,933 331,813 44,810 35,172 11,552 41,737 6,500 USD USD USD 2,095,458
(18,533) 244,119 119,732 (10,776) 132,548 246,439 Shares Shares (Unaudited) 12,000 23,144 (7,689) 20,853 78,544 26,164 8,166 4,445 4,025 1,093 7,971 30 September2019 30 September2019 383 (37) (31) – Value ofShare Value ofShare Transactions Transactions (4,528,758) 17,370,815 (2,586,331) (1,900,232) 19,424,344 11,107,685 1,795,514 2,926,099 1,084,027 3,740,801 8,210,632 4,107,234 3,873,253 1,142,666 (32,936) 158,420 93,272 (9,259) USD USD (continued) – Redeemable participatingsharesinissueatbeginningoffinancialperiod - EADistEUR Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard GlobalEquityFranchiseFund(continued) - A Acc EUR - AAcc sharesissuedduringthefinancialperiod Redeemable participating - A Acc EUR Hedged EUR - AAcc Redeemable participating sharesissuedduringthefinancialperiod(continued) Redeemable participating - BDistEUR - C Acc EUR - C Acc GBP - A Acc EUR - AAcc - CDistGBP - M Acc USD - A Acc USD - AAcc - BP Acc USD - BP Acc USD - A Acc GBP - AAcc sharesredeemedduringthefinancialperiod Redeemable participating - BPDistUSD - A Acc USD - AAcc - M Acc USD - EA Acc GBP - A Acc EUR - AAcc sharesredeemedduringthefinancialperiod Redeemable participating - EA Acc USD - BDistEUR - EADistGBP - C Acc GBP - B Acc GBP - CDistGBP - C Acc GBP - A Acc USD - AAcc - CDistGBP - A DistEUR - EADistEUR - BP Acc USD - A Acc EUR Hedged EUR - AAcc - BPDistUSD - B Acc EURHedged - M Acc USD - C Acc EUR Redeemable participatingsharesinissue atendoffinancialperiod - M Acc USD
- BP Acc USD Redeemable participatingsharesinissueatendoffinancialperiod
Lazard EuropeanEquityFund (5,039,439) (1,490,570) 12,432,370 (4,843,688) 7,409,165 2,344,590 (655,230) (187,056) (525,952) (128,877) (15,574) 582,583 (41,137) (71,720) (13,407) (14,542) Shares Shares 14,536 26,914 92,633 16,234 (9,867) (2,222) (5,274) (4,270) (6,880) (2,620) 1,480 30 September2020 30 September2020 (879) (320) (483) 874 619 824 (11) 24 – – – – – – – – –
Financial period ended30September 2020 Value ofShare Value ofShare (178,364,544) Transactions Transactions (14,836,053) (75,635,923) (64,210,507) (14,066,467) (14,449,613) (3,036,571) 66,022,818 (5,419,590) (1,289,114) (9,572,458) (1,645,018) (1,459,014) 2,665,741 7,016,971 (477,909) (424,142) (609,663) (275,908) (416,247) (195,729) 163,829 503,369 753,013 711,036 39,281 (2,998) (6,007) (6,764) 2,696 2,383 (955) USD EUR – – – – – – – – –
(1,557,167) 14,048,006 12,677,651 2,191,581 (379,375) (224,807) (580,485) (870,670) (101,024)
475,498 (15,146) (35,426) 186,812 (27,040) (30,074) (19,759) Shares (Unaudited) Shares 93,270 25,241 49,222 (8,392) 87,302 (4,648) (6,396) (2,224) (9,310) 1,031 2,676 1,383 2,142 1,657 (108) (342) (182) (386) 30 September2019 30 September2019 500 366 108 (50) (73) 50 – – –
– Value ofShare Value ofShare Transactions Transactions (55,448,316) (32,868,836) (3,060,935) (1,830,063) 69,450,161 (2,447,274) (5,169,627) (1,676,357) (3,829,385) (4,398,722) (1,101,697) (1,194,051) (2,313,996) 2,963,928 5,518,082 2,170,524 1,879,319 1,497,059 (921,029) (316,202) (102,863) (164,819) 128,176 259,893 108,841 (15,072) (37,324) (46,397) (75,410) 55,953 7,727 4,535 1,135 USD EUR (continued) (40) (87) 40 89 – – –
–
63 LAZARD GLOBAL ACTIVE FUNDS PLC 64 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc * Fundfullyredeemedon25November2019. Redeemable participatingsharesinissueatbeginningoffinancialperiod Redeemable participatingsharesinissueatbeginningoffinancialperiod * Fundfullyredeemedon25November2019. Redeemable participatingsharesinissueatbeginningoffinancialperiod Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard Pan EuropeanEquityFund* Redeemable participatingsharesinissueatendoffinancialperiod - M Acc USD USD - AAcc - BDistEUR sharesredeemedduringthefinancialperiod Redeemable participating - M Acc USD - A DistUSD - CDistEUR USD - AAcc - BDistEUR sharesissuedduringthefinancialperiod Redeemable participating Redeemable participatingsharesinissue atendoffinancialperiod - M Acc USD USD - AAcc - BDistGBP sharesredeemedduringthefinancialperiod Redeemable participating - M Acc USD USD - AAcc - BDistGBP sharesissuedduringthefinancialperiod Redeemable participating - AP DistEUR sharesissuedduringthefinancialperiod Redeemable participating Lazard Pan-European SmallCapFund - AP Acc EUR - APAcc - B Acc EUR - A Acc EUR - AAcc - AP DistEUR sharesredeemedduringthefinancialperiod Redeemable participating - AP Acc EUR - APAcc - B Acc EUR - A Acc EUR - AAcc Redeemable participatingsharesinissueatendoffinancialperiod
Lazard UKOmegaEquityFund* (11,846) 638,656 710,207 Shares 83,397 79,831 (7,166) (4,564) 3,439 30 September2020 (116) 127
– –
Financial period ended30September 2020 Value ofShare Transactions (1,274,863) 8,192,384 7,815,121 (770,827) (490,959) 364,915 (13,077) 12,348 EUR
– –
1,365,544 2,125,695 1,156,575 1,726,476 (925,951) (754,262) (297,040) (915,199) (690,364) (214,399)
(10,734) (63,869) 165,800 148,742 184,361 175,145 627,467 (70,400) (12,241) 366,817 Shares Shares (Unaudited) Shares 15,000 36,390 31,737 1,131 1,175 8,041 4,064 30 September2019 30 September2019 30 September2019 (18) (29) 896 271 318 31
– Value ofShare Value ofShare Value ofShare Transactions Transactions Transactions (33,311,926) (23,851,673) (8,075,573) (1,384,680) 1,274,280 1,023,297 1,087,020 3,802,882 3,274,686 (895,079) (807,719) (861,741) (625,800) (159,139) (16,969) (16,369) (22,780) 236,621 911,625 155,381 460,867 13,475 20,014 31,129 36,200 GBP EUR EUR (continued) 862 25
– Redeemable participatingsharesinissueatbeginningoffinancialperiod Redeemable participatingsharesinissueatbeginningoffinancialperiod Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard USEquityConcentratedFund - A Acc JPY - AAcc sharesissuedduringthefinancialperiod Redeemable participating - C Acc USD sharesissuedduringthefinancialperiod Redeemable participating - A Acc USD Hedged USD - AAcc - BDistUSD - A DistUSD - C Acc GBP - BPDistUSD - CDistUSD - A DistUSDHedged - B Acc USD - BPDistUSDHedged - C Acc EURHedged - M Acc USD - B Acc EURHedged - BP Acc USD - BPDistUSD - A Acc USD - AAcc - A DistUSD - C Acc EUR - A Acc EUR - AAcc - E Acc GBP - AP Acc EUR - APAcc - C Acc USD sharesredeemedduringthefinancialperiod Redeemable participating - EA Acc EUR - BDistUSD - C Acc GBP - EA Acc GBP - EA Acc USD - CDistUSD - B Acc USD - C Acc EURHedged - B Acc EURHedged - BPDistUSD - A Acc USD - AAcc - A DistUSD - C Acc EUR - A Acc EUR - AAcc - E Acc GBP Redeemable participatingsharesinissueatendoffinancialperiod
Lazard JapaneseStrategicEquityFund 5,834,675 2,809,612 3,400,345 (363,752) 123,988 442,752 184,867 (65,839) 954,485 (71,627) (26,567) (62,295) (39,059) (56,852) (19,143) Shares Shares 12,557 12,614 59,957 11,391 76,852 (5,961) (6,301) (8,186) 4,388 4,870 8,760 4,974 2,698 6,240 6,630 30 September2020 30 September2020 (703) (588) (622) 300 581 (9) – – – 2 1 1 1 9
Financial period ended30September 2020 Value ofShare Value ofShare Transactions Transactions (50,734,488) (10,258,498) 140,468,554 (10,808,569) 17,219,797 76,130,141 61,314,266 60,734,830 23,300,356 (9,576,015) (3,729,777) (4,609,245) (6,845,549) (2,102,943) (1,025,416) 1,623,916 1,205,337 1,350,197 6,512,885 1,514,431 9,115,647 (734,995) (800,220) 545,481 566,677 324,696 738,251 823,622 (90,000) (69,852) (82,524) 41,728 11,987 11,816 5,265 4,887 (885) USD JPY 873 – – –
19,473,606 2,505,745 2,470,968 (398,721) (246,794)
143,084 119,638 (36,302) 363,944 (91,783) Shares (Unaudited) Shares 30,742 27,627 20,882 33,544 21,070 (9,545) (2,770) (4,050) (1,735) (5,225) 1,145 9,505 8,024 1,215 1,654 2,229 4,331 6,339 (490) 30 September2019 30 September2019 (11) (16) – – – – – – 1 1 1 – –
– – Value ofShare Value ofShare Transactions Transactions (53,838,103) 201,936,112 184,544,426 (15,349,609) (30,352,640) 19,561,921 13,574,037 14,833,541 (4,950,319) (1,328,293) 47,969,395 3,786,385 1,249,935 4,590,897 1,000,000 2,612,217 2,430,000 (372,922) (562,991) (202,942) (649,965) 140,880 249,699 500,000 800,305 (64,472) 11,136 10,992 (2,137) (1,813) 9,136 USD (continued) JPY – – – – – – – –
– –
65 LAZARD GLOBAL ACTIVE FUNDS PLC 66 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Redeemable participatingsharesinissueatbeginningoffinancialperiod Redeemable participatingsharesinissueatbeginningoffinancialperiod JPY - AAcc sharesredeemedduringthefinancialperiod Redeemable participating Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard JapaneseStrategicEquityFund(continued) - A Acc USD - AAcc sharesissuedduringthefinancialperiod Redeemable participating - A DistEUR sharesissuedduringthefinancialperiod Redeemable participating - CDistGBPHedged - BDistUSD - A Acc USD - AAcc - A Acc USD Hedged USD - AAcc - CDistUSD - A Acc GBP - AAcc - M Acc USD - C Acc GBP sharesredeemedduringthefinancialperiod Redeemable participating - S Acc GBP Redeemable participatingsharesinissueatendoffinancialperiod - A Acc USD - AAcc - SDistGBP
- BDistUSD - A DistUSD Lazard EmergingWorld Fund Redeemable participatingsharesinissueatendoffinancialperiod - S Acc USD
- SDistUSD Lazard EmergingMarketsEquityFund - B Acc USD - A Acc EUR - AAcc - SDistEUR - BPDistUSD - A DistEURHedged - S Acc EUR - C Acc EUR - A Acc EUR Hedged EUR - AAcc - SA Acc EUR - A DistEUR shares redeemedduringthefinancialperiod Redeemable participating - A Acc USD - AAcc - A Acc GBP - AAcc - S Acc GBP - SDistGBP (452,671,758) 619,076,377 116,514,932 135,994,920 16,359,896 (1,842,950) 5,837,487 2,202,566 (883,754) (915,183) (88,268) 789,630 (85,000) 183,614 703,365 120,507 539,647 (2,162) Shares Shares Shares (2,056) 19,852 (3,268) 27,226 24,070 (2,665) 2,003 1,384 1,960 30 September2020 30 September2020 30 September2020 (104) 619 531 117 (2) – –
– – – – – 2 Financial period ended30September 2020 Value ofShare Value ofShare Value ofShare (362,885,987) Transactions Transactions Transactions (34,644,903) (24,014,878) (10,588,464) (95,324,212) 116,759,750 (2,667,616) (2,579,916) 94,510,385 14,968,941 (1,380,946) (2,424,999) 2,024,034 2,200,378 2,097,476 (330,460) (41,561) (87,700) 234,324 524,523 14,055 15,078 61,311 41,610 94,722 1,023 1,887 USD USD JPY 144 15 – –
– – – – – (107,606,867) 826,784,749 18,513,434 11,410,763 37,797,342 62,345,226 (1,927,707) 2,952,503 1,315,317 1,548,140 2,782,015 2,713,248 (993,716) (980,938) (347,286)
(10,079) 841,921 (12,571) 105,370 839,182 232,799 348,765 996,041 (37,498) (10,102) Shares (Unaudited) Shares Shares 45,614 (8,654) (1,425) 95,745 7,340 5,715 1,493 (199) 30 September2019 30 September2019 30 September2019 641 984 (8) 15 56
– – Value ofShare Value ofShare Value ofShare (290,340,425) (119,324,570) (149,690,069) (108,783,805) Transactions Transactions Transactions (21,188,715) 11,768,435 11,828,506 34,522,107 (4,638,129) 78,522,865 (1,560,084) (3,028,191) 5,716,409 2,852,241 2,074,973 1,544,438 3,120,077 2,957,576 1,111,013 (304,827) (137,071) (263,719) (566,301) 227,049 (41,108) 162,723 244,098 393,151 20,000 28,406 53,941 5,535 USD USD JPY (continued) 13 56
– – Redeemable participatingsharesinissueatbeginningoffinancialperiod Redeemable participatingsharesinissueatbeginningoffinancialperiod - A DistUSD Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard EmergingMarketsEquityFund(continued) - EA Acc GBP sharesissuedduringthefinancialperiod Redeemable participating - C Acc GBP sharesissuedduringthefinancialperiod Redeemable participating - S Acc USD Redeemable participating sharesredeemedduringthefinancialperiod (continued) Redeemable participating - A Acc USD - AAcc - CDistGBP - SDistUSD - EA Acc USD - EA Acc GBP - B Acc USD - M Acc USD - X Acc EUR - A Acc EUR - AAcc - EA Acc GBP sharesredeemedduringthefinancialperiod Redeemable participating - EA Acc EURHedged sharesredeemedduringthefinancialperiod Redeemable participating - SDistEUR - A Acc USD - AAcc - EA Acc EUR - S Acc EUR - EA Acc USD - EA Acc USD - C Acc EUR - CDistGBP - BP Acc EURHedged - SA Acc EUR - M Acc USD - C Acc GBP Redeemable participatingsharesinissueatendoffinancialperiod Redeemable participatingsharesinissueatendoffinancialperiod - CDistGBP
- EA Acc GBP Lazard EmergingMarketsCoreEquityFund Lazard EmergingMarketsEquityAdvantage Fund Redeemable participatingsharesinissue atendoffinancialperiod
(475,454,636) 279,616,661 (2,016,311) (1,638,387) (6,628,106) (2,383,505) (5,455,819) 1,394,964 (628,854) (263,462) (210,194) (171,562) (370,980) (344,784) (283,799) (32,440) 585,764 (24,873) 580,055 857,453 Shares Shares Shares 66,765 (1,884) 18,883 (5,343) 26,731 91,343 18,380 6,586 6,198 30 September2020 30 September2020 30 September2020 (271) (326) 580 682 (14) – – –
–
– Financial period ended30September 2020 Value ofShare Value ofShare Value ofShare (505,208,005) Transactions Transactions Transactions (82,461,420) (25,076,432) (46,417,659) (36,013,761) (4,257,988) (1,856,299) (1,399,454) (6,562,347) 10,939,046 (3,013,569) (2,077,586) (5,229,497) 1,327,625 8,108,403 2,237,460 4,238,042 2,144,796 (149,995) (375,426) (153,086) (584,964) (356,705) (282,066) 685,847 609,805 (30,000) 63,152 (1,963) USD USD USD – – –
–
– (189,899,032) (30,328,252) (29,148,085) 699,230,943 (2,156,832) (8,987,811) (7,455,591) (1,664,578) (108,628) (119,795)
(46,487) (41,261) 558,823 377,928 341,040 (14,784) 719,183 (29,809) 556,506 712,381 Shares (Unaudited) Shares Shares 34,459 (1,585) 33,008 (8,555) 44,170 (8,554) (7,168) (8,555) (8,214) 6,552 2,852 1,758 (309) (215) 30 September2019 30 September2019 30 September2019 215 –
– –
– Value ofShare Value ofShare Value ofShare (447,781,435) (253,229,857) Transactions Transactions Transactions (29,761,969) (26,055,616) (6,184,262) (4,496,412) (9,790,428) 47,446,955 (8,378,975) 42,617,801 (1,742,123) (1,717,660) 90,092,935 (3,840,353) 1,320,904 4,178,283 7,583,664 1,756,907 (323,471) (894,845) (986,250) (116,577) (706,994) (129,380) (881,315) (302,778) (999,930) 327,570 (27,078) 28,179 USD USD USD (continued) –
– –
–
67 LAZARD GLOBAL ACTIVE FUNDS PLC 68 LAZARD GLOBAL ACTIVE FUNDS PLC Redeemable participatingsharesinissueatendoffinancialperiod - I Acc CHF sharesredeemedduringthefinancialperiod Redeemable participating - I Acc CHF sharesissuedduringthefinancialperiod Redeemable participating Lazard Global ActiveFundsplc * Fundfullyredeemedon28May2020. Redeemable participatingsharesinissueatbeginningoffinancialperiod Redeemable participatingsharesinissueatbeginningoffinancialperiod * Fundlaunchedon19February 2020, thereforetherearenocomparatives. Redeemable participatingsharesinissueatbeginningoffinancialperiod Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard DevelopingMarketsEquityFund Lazard EmergingMarketsManagedVolatility Fund* - A Acc USD - AAcc sharesissuedduringthefinancialperiod Redeemable participating - A Acc GBP - AAcc sharesissuedduringthefinancialperiod Redeemable participating - EADistEURHedged - A Acc USD - AAcc - A Acc USD - AAcc sharesredeemedduringthefinancialperiod Redeemable participating - M Acc USD - EA Acc USD - A DistEUR sharesredeemedduringthefinancialperiod Redeemable participating - EADistEURHedged - A Acc USD - AAcc Redeemable participatingsharesinissueatendoffinancialperiod - CDistUSD - CDistGBP - M Acc USD Redeemable participatingsharesinissueatendoffinancialperiod
Lazard MENAFund* 1,997,796 1,696,145 1,723,921 2,078,015 (49,200) (44,291) (35,241) (49,200) (10,948) (33,343) 114,878 (33,012) 115,460 Shares Shares Shares 44,291 21,424 21,424 (1,745) 30 September2020 30 September2020 30 September2020 (484) 201 381 – – – – – – – Financial period ended30September 2020 Value ofShare Value ofShare Value ofShare Transactions Transactions Transactions (4,870,111) (3,697,178) (4,870,111) (1,345,882) (2,351,296) 2,136,091 2,136,091 1,146,720 1,498,382 (791,183) (313,286) (453,818) 348,225 (24,079) 3,437 USD USD USD – – – – – – 2,681,556 1,990,818 (695,520) (548,800) (142,882)
(11,455) 167,047 (10,936) 170,438 Shares (Unaudited) Shares 14,846 14,403 (3,580) 2,794 4,782 1,802 (519) (258) 30 September2019 30 September2019 443 186 –
– Value ofShare Value ofShare Transactions Transactions (1,269,059) (8,520,047) (6,869,144) (1,180,142) (1,357,489) 1,698,961 1,620,942 1,839,075 1,810,441 (255,674) (88,917) (37,740) 78,019 25,402 3,232 USD USD (continued) –
– See Note onandtermination datesoftheabove share information thelaunch 14for classes. See * Fundfullyredeemedon14October2019. Redeemable participatingsharesinissueatbeginningoffinancialperiod Redeemable participatingsharesinissueatbeginningoffinancialperiod Redeemable ParticipatingShares (continued) 5. CapitalandReserves(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Redeemable participatingsharesinissueatendoffinancialperiod - BDistGBP - A DistGBP sharesredeemedduringthefinancialperiod Redeemable participating - BDistGBP - A DistGBP sharesissuedduringthefinancialperiod Redeemable participating Lazard GlobalFixedIncomeFund - A Acc EUR Hedged EUR - AAcc sharesissuedduringthefinancialperiod Redeemable participating - A Acc USD - AAcc - BDistUSD - A DistUSD - BP Acc USD - BPDistUSD - B Acc EURHedged - M Acc USD - A Acc EUR - AAcc - A Acc EUR Hedged EUR - AAcc sharesredeemedduringthefinancialperiod Redeemable participating - A Acc USD - AAcc - BDistUSD - M Acc USD - A Acc EUR - AAcc Redeemable participatingsharesinissueatendoffinancialperiod
Lazard SterlingHighQualityBondFund* (37,480) 197,094 (22,089) (11,754) 167,147 Shares (3,419) 6,019 1,507 7,533 30 September2020 (192) (26) – – – –
5 1 1 Financial period ended30September 2020 Value ofShare Transactions (7,418,521) (2,337,661) (3,665,925) (1,386,724) 1,626,541 2,487,308 860,000 (24,149) (4,062) USD 581 123 63 – – – –
(51,683) 177,840 (51,048) 175,973 Shares (Unaudited) Shares 13,145 12,581 16,841 12,865 49,816 18,820 (797) (784) (635) 30 September2019 30 September2019 (13) 233 148 884 399 85 – – – – 5 1 1 Value ofShare Value ofShare Transactions Transactions (7,687,431) 12,871,882 16,837,621 (7,028,338) 1,695,452 2,102,919 (109,405) (107,503) (659,093) 121,664 (1,902) 31,681 20,049 11,632 44,828 USD GBP (continued) 636 148 92 – – – –
69 LAZARD GLOBAL ACTIVE FUNDS PLC 70 LAZARD GLOBAL ACTIVE FUNDS PLC - A Acc EUR - AAcc Lazard GlobalManagedVolatility Fund - C Acc GBP - CDistGBP - EADistGBP - EA Acc GBP - A Acc USD - AAcc Lazard GlobalSustainableEquityFund**** - EA Acc GBP Lazard GlobalStrategicEquityFund - CDistUSDHedged - CDistEURHedged - CDistGBP - C Acc EURHedged - A DistUSD USD - AAcc - A DistEUR - M Acc USD - M Acc USD GBP - AAcc USD - AAcc - EADistGBP - M Acc USD - BPDistUSD - A DistEURHedged - B Acc USDHedged - BDistUSDHedged Hedged EUR - AAcc - BPDistUSDHedged - BP Acc USDHedged - BP Acc USD USD - AAcc - B Acc CHFHedged - A DistUSDHedged Hedged USD - AAcc - A DistGBP Hedged CHF - AAcc - B Acc GBP - BPDistUSD - BP Acc USD - A DistUSD - EA Acc USD - B Acc EURHedged - A DistUSD GBP - AAcc Lazard Global ActiveFundsplc value andnetassetpershare tablesare inthefollowing oftherelevant class. statedinthecurrency 2020,total numberofRedeemableParticipating inissueasat30September Shares 31March 2020and31March 2019. The netasset by isdetermined dividingthevalueofnetassetsFund ofsharesThe netassetvaluepershare inaportfolio ofany class by the 6. NetAssetValue Notes totheFinancialStatements - X Acc JPYHedged Lazard GlobalListedInfrastructureEquityFund Net AssetValue ¥3,742,672,047 CHF46,662,226 30 September CHF3,642,728 €112,185,322 $345,283,263 £574,625,866 £307,504,103 €24,271,068 $99,394,671 €64,064,332 $29,523,069 $6,647,271 $1,544,376 £2,389,019 €6,286,548 $7,501,681 $7,999,038 $2,398,329 $7,777,117 $7,349,461 $1,828,275 $2,204,514 $9,990,503 £3,590,546 $2,773,286 $5,311,229 €3,631,543 £338,525 €171,151 €259,245 £563,369 $710,383 $610,725 $459,512 £17,224 £17,224 £17,237 £17,587 £14,205 $14,149 $18,404 $18,746 2020 at –
30 September Participating Redeemable 114,231,230 374,666,943 163,795,144 28,195,249 59,489,441 10,639,834 25,834,251 ubr of Number 4,035,237 Shares in issue at 389,839 201,915 158,949 245,882 674,896 502,753 139,118 560,964 155,444 224,115 975,396 323,285 302,302 32,983 19,542 17,665 30,425 78,671 63,069 22,604 33,365 50,091 2,302 6,201 6,662 1,109 7,945 1,500 2020 156 157 157 160 150 150 –
30 September $1,209.7030 $1,200.5806 CHF11.5637 CHF9.3442 €120.2043 £110.0325 £110.0325 £110.1166 £110.1163 $201.5377 $197.7009 €112.5879 $978.8850 $122.6943 $122.6894 $124.6044 $159.1875 ¥144.8725 Net Asset Value per £17.3229 £12.8130 $17.2395 £18.5168 $13.1015 $11.7616 $10.2425 £11.1065 €12.0130 Share at €9.6888 $9.7162 £9.7161 €9.3148 $9.0298 €2.2722 €1.8858 $9.6835 $2.7748 $9.8365 $9.4330 $3.0227 £1.5337 $9.1735 £1.8774 2020 –
¥3,460,707,972 CHF39,122,517 CHF3,418,946 $123,359,339 $228,467,973 £521,220,743 £324,534,233 €115,045,522 €10,617,319 €23,102,029 $27,554,009 €55,609,456 $4,656,892 $7,375,721 $1,950,672 £2,132,824 €2,176,284 $4,116,957 $5,873,070 $5,998,346 $1,877,306 €7,788,973 $7,852,933 $3,197,129 Net Asset Financial period ended30September 2020 31 March $348,317 $508,324 £490,011 £393,288 $674,766 $418,267 $449,479 Value at $13,820 $14,019 £11,429 $12,723 2020 – – – – – – – –
Participating Redeemable 362,010,790 186,126,936 10,627,097 81,693,151 64,849,390 26,279,450 25,841,489 ubr of Number 3,631,564 Shares in 31 March issue at 710,281 100,248 205,795 390,980 605,747 176,687 205,839 193,659 140,600 897,831 335,426 42,012 34,656 38,968 32,970 28,282 72,988 50,948 51,887 5,171 5,517 6,483 1,108 9,010 1,500 2020 150 150 – – – – – – – –
CHF10.7729 (Unaudited) CHF8.7446 $900.5130 $925.2270 $871.6205 $173.6768 €105.9107 €112.2572 $118.7968 $150.7156 ¥133.9206 Net Asset Value per 31 March $92.1361 $93.1812 $92.1327 £10.3091 $12.1762 $11.0402 £10.3616 €11.2377 $13.3521 £14.8624 £13.9059 Share at $8.4821 $8.2909 €8.6753 $9.5315 $9.2449 $8.2097 $8.6626 £1.4398 £1.7436 $2.5928 $2.7967 €1.7740 €2.1161 2020 – – – – – – – –
¥3,738,159,686 CHF29,648,848 CHF4,514,357 $219,637,957 £551,050,323 £321,604,352 $137,460,957 €136,713,180 $16,287,345 €11,986,642 €26,431,027 $17,508,556 €80,338,652 $9,296,661 $2,032,763 £2,935,624 €2,888,194 $5,831,459 $7,272,555 $5,396,594 Net Asset 31 March $171,558 £771,874 £681,290 Value at $15,415 $15,519 $65,960 £11,729 $15,563 $14,766 $15,564 $14,767 $14,919 2019 (continued) – – – – – – – – – – –
CHF11.9141 CHF9.7597 $123.7397 $201.7279 €122.3626 €128.0877 $102.7656 $102.7655 $103.3886 $130.8452 $166.8414 ¥145.2722 Net Asset Value per 31 March £10.5797 $14.3753 £15.2211 £14.2036 $10.2947 $10.3759 $13.2141 $12.3951 £11.4347 €12.4965 Share at $9.7616 $9.8443 $9.9457 $9.8150 $2.8849 $3.0076 £1.6293 £1.9068 €2.0234 €2.3316 2019 – – – – – – – – – – –
- A Acc EUR - AAcc Lazard EuropeanEquityFund - BP Acc USD - M Acc USD - A Acc EUR - AAcc GBP - AAcc Lazard GlobalEquityFranchiseFund - E Acc USD - EA Acc EUR - E Acc GBP - EA Acc GBP - M Acc USD - BPDistUSD - BP Acc USD - A DistUSD - A DistEUR USD - AAcc - CDistGBP - C Acc GBP - BDistEUR - EDistUSD - EDistGBP - M Acc USD - A Acc USD - AAcc Lazard GlobalThematicFocusFund*** - C Acc EURHedged - A DistGBP Lazard GlobalThematicFund - C Acc EUR - A DistEURHedged - B Acc EURHedged Hedged EUR - AAcc - EADistEUR - CDistGBP - C Acc GBP - B Acc GBP - EADistGBP - EA Acc USD - EA Acc GBP USD - AAcc - M Acc USD - A DistUSD USD - AAcc - M Acc USD - C Acc EURHedged - A Acc GBP - AAcc Lazard GlobalManagedVolatility Fund(continued) 6. NetAssetValue (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Net AssetValue 30 September $29,146,788 £14,521,029 €17,918,938 £44,503,322 £11,295,800 €12,307,535 £16,034,918 £36,924,480 $95,933,961 £24,447,599 $37,661,083 $3,737,358 £5,320,779 $2,697,988 $7,439,206 £2,261,969 $5,843,591 $3,833,447 $4,431,089 €9,871,380 €964,811 €105,111 £131,515 €282,325 $606,568 £409,474 $218,469 €167,066 €447,828 £911,469 €55,719 $14,534 $14,531 $14,799 £23,494 $17,582 $22,127 £11,922 $6,872 €9,128 2020 at – –
30 September Participating Redeemable ubr of Number 6,219,001 Shares in issue at 347,904 334,926 139,668 415,791 285,722 404,404 150,218 139,135 154,300 381,763 742,453 216,293 285,276 34,512 53,006 22,261 13,907 98,727 4,045 1,237 2,474 1,535 1,500 1,546 7,839 6,765 2,000 1,990 4,649 9,280 4,894 4,501 2020 893 630 150 111 65 99 77 – –
30 September $1,090.4666 $1,099.6223 $1,194.0376 €117.7058 $923.8909 £154.1699 $105.7197 £103.9686 £106.3301 $117.2163 £107.0329 $109.2344 £213.1059 £103.9207 £101.6133 $129.2121 £113.0302 $132.0165 $275.6451 $286.1981 $984.4975 £107.5317 Net Asset Value per $83.7784 €88.3961 €88.4572 €83.9526 €91.9844 €96.3207 £98.2221 £96.7208 €99.9867 Share at €2.8807 €2.8813 $9.4644 $9.6874 $9.5731 €0.9881 $1.4999 £2.7259 £2.9972 2020 – –
$132,039,577 €26,871,113 $17,520,279 £18,203,232 £31,291,229 £21,352,148 $71,135,170 $1,694,010 €1,266,084 $2,902,744 €9,619,473 £1,656,990 £2,630,481 £5,731,391 £1,287,744 £5,356,482 $7,851,280 $4,053,905 $2,955,189 £8,970,719 $4,168,896 €8,738,828 Net Asset Financial period ended30September 2020 31 March €237,720 $486,709 £341,674 €137,977 €525,482 €621,143 $162,009 €488,405 $431,112 Value at $11,555 $11,553 $11,722 £19,322 €45,981 £75,406 $13,004 £10,880 2020 €731 – –
Participating Redeemable 11,048,153 ubr of Number 1,268,039 Shares in 31 March issue at 285,722 409,678 152,439 521,982 257,891 126,764 208,939 381,954 225,612 667,468 19,891 30,763 44,322 16,102 65,081 14,007 52,926 98,727 1,970 1,536 1,500 1,546 7,844 3,909 1,990 6,979 7,439 9,669 2,000 5,739 4,465 1,972 4,836 2020 606 922 150 111 11 – –
(Unaudited) $859.7299 $742.6892 £129.3120 $106.5747 $812.0008 $104.1290 $908.0266 $218.5693 $210.9777 £169.4965 $862.0654 Net Asset Value per 31 March €75.8611 €69.8423 €69.3349 €75.2904 €83.4988 £83.3034 £85.5071 $67.9368 £81.7866 $86.6923 €75.8851 £87.1221 £81.9240 £94.6409 £79.9742 $81.0045 £98.1340 €85.1066 £82.3048 €88.5151 Share at $7.5245 $7.7017 $7.5825 £2.4635 €0.8320 $1.1880 £2.2414 €2.4255 €2.4322 2020 – –
$136,143,256 €33,606,171 £21,725,697 £32,582,197 £24,366,845 $35,976,026 $39,033,126 £11,652,217 €31,710,700 $1,421,336 €1,168,845 €2,825,076 €1,432,760 £1,575,404 £3,906,802 £6,777,649 $2,310,321 Net Asset 31 March €370,169 £377,796 €144,352 Value at $13,323 $13,323 $13,412 £25,520 €33,808 £57,654 2019 (continued) – – – – – – – – – – – – – – – –
€102.7448 €110.7444 £107.4013 £109.6517 £108.4402 £105.3245 $137.1208 £118.8138 $140.8384 £162.9466 $231.3721 $239.1290 £177.2084 €106.1528 £108.6825 Net Asset Value per 31 March €96.2349 €95.8326 Share at $0.8846 $0.8882 $0.8879 €0.9571 $1.3590 £2.4843 £2.6646 €2.8052 €2.7264 2019 – – – – – – – – – – – – – – – –
71 LAZARD GLOBAL ACTIVE FUNDS PLC 72 LAZARD GLOBAL ACTIVE FUNDS PLC - A Acc JPY - AAcc Lazard JapaneseStrategicEquityFund EUR - APAcc - E Acc GBP - C Acc GBP Lazard UKOmegaEquityFund** - M Acc USD - BPDistUSDHedged - BP Acc USDHedged - A DistUSDHedged - BPDistUSD - BP Acc USD - A DistUSD - C Acc USD Lazard USEquityConcentratedFund - CDistGBP USD - AAcc - BDistGBP - C Acc EUR Lazard Pan-European SmallCapFund - BPDistUSD - BP Acc USD - A DistUSD - CDistEUR USD - AAcc - A Acc USD - AAcc Hedged USD - AAcc - CDistGBPHedged EUR - AAcc - C Acc EUR - A DistUSD USD - AAcc - BPDistUSD - BP Acc USD - B Acc EURHedged - C Acc EURHedged - X Acc USD - B Acc USD - CDistUSD - EA Acc USD - EA Acc GBP - C Acc GBP - BDistUSD - EA Acc EUR EUR - AAcc - B Acc EUR EUR - APAcc - AP DistEUR Lazard Global ActiveFundsplc - BDistEUR Lazard Pan EuropeanEquityFund** 6. NetAssetValue (continued) Notes totheFinancialStatements Net AssetValue 30 September ¥785,100,248 $257,863,771 £101,880,006 €52,802,794 €11,895,354 $16,667,946 €62,354,450 €13,846,985 €7,918,767 £1,126,172 $1,973,562 €5,782,110 €2,362,771 $4,367,044 $1,521,493 $3,249,290 $3,962,614 £5,736,814 $3,735,889 $430,020 $287,247 $532,119 €122,794 $13,781 $13,780 $14,081 $13,679 $13,678 $13,978 €10,372 $13,976 £3,022 2020 at – – – – – – – – – – – – –
30 September Participating Redeemable ubr of Number 5,830,813 1,712,184 Shares in issue at 448,414 102,057 587,168 121,850 713,341 76,852 10,769 51,771 19,521 35,324 12,230 97,794 24,887 28,803 33,673 25,939 1,780 3,811 2,379 4,407 1,089 2020 151 150 154 152 150 154 100 150 22 – – – – – – – – – – – – –
30 September $1,108.6856 €103.0392 £104.5720 ¥134.6468 €103.7237 $150.6052 £139.5783 $112.8356 €111.6867 €121.0360 $123.6298 $124.4127 $120.7302 $120.7385 €117.7546 €121.6365 $130.5607 $137.5783 $163.3200 £170.3688 $144.0242 €106.1952 €113.6396 €112.8206 £142.8209 Net Asset Value per $91.0658 $91.8667 $91.4037 $90.2919 $91.1867 $90.6266 $93.1747 Share at 2020 – – – – – – – – – – – – –
¥656,673,932 $197,319,826 €43,482,790 €11,443,304 €28,551,296 $13,186,424 £39,141,757 $1,181,684 €1,956,537 $4,105,844 $6,192,956 €9,224,342 $2,138,860 $1,850,198 £4,714,837 $5,978,225 €8,340,392 Net Asset Financial period ended30September 2020 31 March $552,108 $228,953 $164,522 Value at €97,209 $11,546 $11,546 $11,745 $11,280 $11,280 $11,474 $11,475 €8,286 £2,838 2020 – – – – – – – – – – – – – – –
Participating Redeemable ubr of Number 5,826,425 1,654,035 Shares in 31 March issue at 511,902 125,577 302,606 102,057 332,884 19,192 41,853 62,841 94,995 20,604 16,949 33,673 52,207 71,627 1,303 1,077 5,866 2,379 1,710 2020 100 151 150 152 151 150 153 150 24 – – – – – – – – – – – – – – –
(Unaudited) £118.1385 $907.0004 €101.9465 $103.8059 $109.1642 £140.0187 $114.5104 €116.4425 $129.2065 £117.5838 ¥112.7062 $119.2960 Net Asset Value per 31 March €82.8618 $76.6131 $76.9748 $76.9823 $74.7949 $75.2031 $75.1471 $76.4977 €90.2430 $94.1114 $96.2294 $96.2360 €84.9436 €91.1257 $98.1010 $98.5487 €97.1036 €94.3514 Share at 2020 – – – – – – – – – – – – – – –
¥2,438,095,895 $151,262,127 €16,274,710 €23,565,364 €30,331,538 €56,282,555 $16,156,691 £48,929,412 €11,228,382 $1,578,087 $1,018,329 £1,559,279 €1,333,832 €7,995,570 $2,681,705 £8,202,080 $4,103,235 Net Asset 31 March €268,752 $927,367 €328,664 $791,388 £188,459 Value at $12,673 $12,673 $12,774 $12,295 $12,295 $12,393 $12,393 €10,038 $13,667 $13,667 $13,746 $16,044 $16,044 $15,865 $15,866 £3,408 £4,192 2019 (continued) $13 – – – – –
$102.4648 £132.2250 ¥125.3061 €108.7982 $106.7624 $106.9575 $105.7669 $105.7750 €105.8365 €108.0703 $115.3211 $113.5188 $118.7923 $139.8771 £144.5404 £121.6847 $125.2250 €123.8393 $129.4745 €111.2259 €109.5937 €114.0192 €100.3782 Net Asset Value per 31 March $84.3961 $84.4855 $84.7923 $81.8710 $81.9638 $82.2473 $82.6215 Share at £0.9741 $1.1347 £2.4583 £2.7407 $0.9111 $0.9111 $0.9164 €0.9526 $1.0133 €1.5099 2019 – – – – –
- A DistEUR Lazard DevelopingMarketsEquityFund USD - AAcc - I Acc CHF Lazard EmergingMarketsManagedVolatility Fund***** - X Acc EUR - EA Acc GBP - EA Acc EURHedged Lazard EmergingMarketsEquityAdvantage Fund - EA Acc GBP Lazard EmergingMarketsCoreEquityFund - SA Acc EUR - SDistEUR - A Acc USD - AAcc GBP - AAcc - C Acc GBP - BP Acc EURHedged - EA Acc EUR - M Acc USD GBP - AAcc - BPDistUSD - CDistGBP - EA Acc USD - BP Acc USD - A DistUSD - EA Acc USD USD - AAcc - C Acc EUR - S Acc EUR - A DistEURHedged - BPDistUSD - BP Acc USD - B Acc EURHedged EUR - AAcc - B Acc USD - SDistUSD - A DistUSD - SDistGBP GBP - AAcc - A DistEUR Lazard EmergingMarketsEquityFund - CDistUSD - BDistUSD USD - AAcc - S Acc USD - S Acc GBP USD - AAcc - C Acc GBP Lazard EmergingWorld Fund 6. NetAssetValue (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc CHF154,193,908 Net AssetValue 30 September $113,901,299 £37,075,462 €79,507,840 $11,702,452 £42,775,499 $69,651,501 €14,233,796 €20,882,761 $70,299,316 €50,375,077 €7,674,133 €1,871,917 £9,287,504 £4,028,624 $2,297,933 $9,170,685 $3,124,393 £2,461,001 £2,093,293 $5,617,939 $2,319,851 £9,401,057 $667,543 €133,513 $668,553 $151,087 $102,709 £990,420 $48,513 €51,089 €45,913 £11,118 $14,105 $14,105 $14,361 €70,105 $11,921 $12,791 £1,878 €9,631 2020 at – –
30 September Participating Redeemable 129,419,768 96,506,544 17,035,328 24,942,675 ubr of Number 1,695,645 1,116,084 3,626,098 2,362,799 2,396,324 Shares in issue at 634,600 355,618 267,561 398,837 515,140 718,593 560,309 160,680 842,797 150,230 183,145 864,535 366,984 18,380 56,393 58,698 84,120 85,438 13,216 19,819 2,266 5,673 1,540 1,500 3,006 2020 500 498 111 152 150 153 17 – –
30 September $1,014.1192 CHF90.9353 €101.8453 £104.2563 €102.5678 £164.6938 £107.2506 £107.2075 £100.2841 $109.0193 $135.2090 $117.6780 £105.6206 Net Asset Value per €12.0929 $97.0253 $10.4853 £15.0569 $92.7333 $94.0315 $93.6800 $97.8291 €89.9060 $30.6749 $34.1653 £25.6171 Share at €0.8239 €0.7822 €0.8205 €0.8355 €0.7287 €0.8372 $7.7388 $8.5274 €0.8309 $0.7933 $0.8616 £1.0416 $1.0057 $0.9681 £1.1456 $0.8801 2020 – –
CHF126,021,907 $354,898,552 €118,994,318 £52,810,584 £58,132,373 $54,377,102 €22,643,098 $81,927,041 €64,780,531 €12,966,273 $7,915,899 £3,052,740 €5,955,168 $7,082,368 $3,966,494 $3,697,272 £3,806,311 £1,805,774 £2,086,371 $4,335,153 £9,073,107 $1,491,309 £6,825,451 €1,864,525 Net Asset Financial period ended30September 2020 31 March €167,537 €116,624 $642,296 $113,990 $950,169 Value at $37,394 €39,641 $77,564 $10,953 $10,953 $11,110 $10,364 $11,120 £8,936 £2,726 €8,392 2020 – – –
Participating Redeemable 465,576,595 29,368,215 85,602,467 16,866,661 ubr of Number 1,034,218 1,723,421 5,264,485 4,412,635 4,022,135 1,752,492 1,424,212 2,466,982 Shares in 31 March issue at 267,360 634,600 633,219 676,856 230,260 160,681 932,484 957,985 148,846 185,794 451,984 521,129 84,391 10,437 51,690 21,952 13,098 1,910 3,006 1,538 1,500 2020 500 498 111 152 150 153 32 – – –
CHF73.1231 (Unaudited) $780.6793 £132.0448 $104.3448 Net Asset Value per 31 March $74.7881 £86.2463 £11.4181 €79.5839 £80.5984 $72.0114 $73.0195 $72.5079 £83.4002 £85.8859 $83.9234 $91.0422 $85.5202 $23.3332 £20.0740 £95.0403 $25.8009 €83.5510 Share at €9.3841 $7.6540 €0.7276 €0.7258 $0.6888 $0.7658 €0.6407 $6.7383 $7.4137 €0.7710 $0.7534 $0.8379 £0.9463 £1.0304 €0.7568 €0.7558 €0.7688 $0.7623 2020 – – –
$315,311,216 $379,841,598 $354,854,871 €158,607,142 $10,800,604 €13,323,659 $65,364,939 €35,912,363 $42,034,809 $16,241,633 £12,415,435 $19,669,147 €13,121,788 £3,525,074 €2,193,801 £2,357,799 £6,362,202 $2,311,252 £6,237,723 Net Asset 31 March €824,765 $828,696 €888,093 €880,942 $134,151 $544,520 Value at £10,754 $13,934 $13,934 $14,027 €11,284 $13,704 $14,705 £3,321 2019 (continued) £761 – – – – – – – – –
€103.8201 £105.0636 $131.0776 $114.9458 £158.1278 $114.7103 £118.9519 €110.0691 Net Asset Value per 31 March £13.2040 €11.2626 €96.4128 $99.8692 €97.3135 £96.9984 $92.3804 $92.8915 $92.7168 $28.8120 $31.4387 £23.2622 Share at $9.2855 €0.9592 €0.9942 $0.9085 $1.0105 $1.0980 £1.2096 £1.2874 $1.0004 $0.9454 €0.9895 €0.8806 $0.9036 $0.9804 2019 – – – – – – – – –
73 LAZARD GLOBAL ACTIVE FUNDS PLC 74 LAZARD GLOBAL ACTIVE FUNDS PLC - A DistGBP Lazard SterlingHighQualityBondFund* EUR - AAcc - A Acc USD - AAcc Lazard MENAFund****** - BDistGBP - M Acc USD - B Acc EURHedged - M Acc USD - BPDistUSD - BP Acc USD - A DistUSD - BPDistUSD - BP Acc USD - A DistUSD - BDistUSD USD - AAcc Hedged EUR - AAcc Lazard GlobalFixedIncomeFund - EA Acc USD - CDistGBP used to translate financialused totranslate assetsandfinancial liabilitiesinothercurrencies toUSD: Bond Fund are which prepared HighQuality inGBP).Sterling financialThe following period/year endexchange have rates been Fund, Equity arewhich prepared Fund GlobalListedInfrastructure inEURandLazard UKOmegaEquity Lazard andLazard is prepared inJPY, Fund, European Lazard Equity Pan Lazard Fund European Equity Pan-European andLazard CapFund Small The financial Fund statements are prepared Equity in Japanese USD Strategic which (except the financial for Lazard statements for 7. ExchangeRates ****** Fundfullyredeemedon28May2020. ***** Fundlaunchedon19February 2020. **** Effective23June2020, FundnamechangedfromLazardGlobalSustainableEquitySelecttoFund. *** Fundlaunchedon19December2019. ** Fundfullyredeemedon25November2019. * Fundfullyredeemedon14October2019. Lazard Global ActiveFundsplc - CDistUSD 6. NetAssetValue (continued) Notes totheFinancialStatements Lazard DevelopingMarketsEquityFund(continued) Hong Kong Dollar Euro Egyptian PoundEgyptian Danish Krone Czech Koruna Colombian Peso Chinese Yuan Chilean Peso Canadian Dollar Brazilian Real Australian Dollar Exchange RatesagainstUSD Net AssetValue 30 September $18,686,687 €10,527,657 $2,440,389 $1,177,095 $3,676,958 €158,156 $424,513 £580,687 $15,563 $15,563 $15,845 $16,456 $16,755 $9,973 2020 at – – – – –
30 September Participating Redeemable ubr of Number Shares in issue at 109,256 16,664 28,474 52,211 1,481 2,178 1,511 1,500 1,521 8,254 2,781 2020 118 119 849 – – – – –
30 September2020 30 September $1,121.3866 $1,120.6119 €106.7747 $139.7736 $142.6153 $140.3008 $129.1356 $152.6342 Net Asset Value per $10.3007 $10.3755 $10.4147 €96.3575 £11.1219 $11.7468 Share at 3,827.00035 785.06506 15.76502 23.07944 2020 7.75003 0.85291 6.34991 6.81063 1.33154 5.61592 1.39617 – – – – –
$19,390,711 €11,900,776 €1,219,769 $3,485,590 $2,321,672 $1,277,480 $1,856,251 Net Asset Financial period ended30September 2020 31 March $298,867 €148,901 $400,418 £454,738 Value at $15,434 $15,655 $11,404 $11,404 $11,567 $7,275 2020 31 March2020 – –
4,062.00048 855.90013 15.74000 Participating 24.85673 Redeemable 7.75276 0.90669 6.76906 7.09311 1.40729 5.19608 1.62575 ubr of Number Shares in 31 March issue at 131,345 11,754 18,576 28,661 33,343 10,948 53,956 1,481 2,234 2,808 2,281 1,511 1,500 1,521 2020 117 118 849 – –
30 September2019
$1,043.8717 (Unaudited) $131.6308 $132.1293 €103.7747 €100.5262 $133.7560 $142.6169 $813.9439 $121.6151 $116.6869 Net Asset Value per 31 March $69.6305 €90.6071 Share at $8.5684 $7.5476 $7.6024 $7.6027 £8.4279 3,478.45537 2020 728.20502 16.26625 23.68007 7.83941 0.91727 6.84854 7.13840 1.32403 4.16542 1.48267 – –
$23,262,661 £1,723,367 $3,439,052 $7,149,956 €8,750,775 $3,456,481 Net Asset 31 March £582,937 Value at $15,071 £40,532 €40,368 $51,249 $15,172 $13,940 $13,940 $14,033 $46,317 2019 (continued) – – –
£134.1581 £135.5296 €100.9195 $129.9239 $130.6124 $130.4051 $120.0326 $138.2160 $103.6651 $173.9859 Net Asset Value per 31 March €90.7436 $10.4576 Share at $9.2528 $9.2932 $9.2857 £9.8021 2019 – – –
currencies toGBP: financialThe following period/year end exchange have financial rates been used to translate assets and financial liabilities in other currencies toEUR: financialThe following period/year end exchange have financial rates been used to translate assets and financial liabilities in other 7. ExchangeRates(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc UAE Dirham Turkish Lira Thai Baht Taiwan Dollar Swiss Franc Swedish Krona South Korean WonSouth South African Rand South African Singapore Dollar Singapore Saudi Arabian Riyal Saudi Arabian Russian Ruble Romanian Leu Qatari Riyal Qatari Pound Sterling Polish Zloty Philippine Peso Peruvian Sol Pakistan Rupee Omani Rial Norwegian Krone US Dollar New ZealandDollar US Dollar Turkish Lira Mexican Peso Swiss Franc Swiss Franc Malaysian Ringgit Japanese YenJapanese Swedish Krona Kuwaiti Dinar Hong Kong Dollar Pound Sterling YenJapanese Euro Norwegian Krone Israeli Shekel Indonesian Rupiah Canadian Dollar Danish Krone Indian Rupee Australian Dollar Canadian Dollar Hungarian Forint Exchange RatesagainstUSD Exchange RatesagainstGBP Exchange RatesagainstEUR 30 September2020 30 September2020 30 September2020 14,880.00775 1,169.50002 165.75003 105.46499 310.01329 136.08675 31.68749 28.96199 16.74999 77.70500 48.47999 22.11148 73.77998 10.50034 10.00025 10.93612 3.67315 7.72279 0.92103 8.95583 1.36506 3.75088 4.15686 3.64176 0.77498 3.86539 3.60360 0.38505 9.32751 1.51161 4.15550 0.30643 3.42570 1.17246 1.29035 9.05465 1.18845 1.07987 0.90864 1.10055 1.71815 7.44500 1.80155 1.56117 Financial period ended30September 2020 31 March2020 31 March2020 31 March2020 16,310.00242 1,217.35005 166.10003 107.52500 327.09267 133.55680 32.81753 30.24149 17.88552 78.54001 50.86000 10.39647 23.72249 75.65124 10.91063 11.46639 3.67317 6.61328 0.96248 9.89256 1.42134 3.75698 3.64101 0.80588 4.13662 3.43205 0.38523 1.67587 4.32002 0.31298 3.54150 1.10291 1.24210 7.29386 1.19550 1.06153 9.62970 0.88794 1.12620 1.74800 7.46568 2.01935 1.55212 n/a 30 September2019 30 September2019 30 September2019
(Unaudited) 14,195.00081 1,196.15004 156.32500 108.07498 307.25095 133.18080 30.58500 31.02447 15.16250 64.88250 51.82999 19.74397 70.86878 10.71894 3.67317 5.64651 0.99716 9.83214 1.38290 3.75120 4.35040 0.81149 4.00913 3.38412 0.38505 9.08598 1.59474 4.18697 0.30435 3.47582 1.09019 1.23230 1.22880 1.08710 9.66050 0.88468 1.13035 9.90547 1.63160 7.46623 1.82710 n/a n/a n/a (continued)
75 LAZARD GLOBAL ACTIVE FUNDS PLC 76 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc that existedasat31March 2020.with therisks The management processin therisk since31March 2020. Funds expectations are andtheirlegalconstitutional managed regulations. inlinewithclient There updates have beennomaterial remain consistent with theirstatedgoals andobjectives ofproduct interms characteristics, meaningthatthe andrisk performance management theInvestmentis thecentral bodyfor Managers’ investment platform. and monitorsFunds all Itreviews toensure they not available, AssetManagement LLC. Lazard Committee.The Head intotheOversight ofRiskreports Committee The Oversight ofoperationtherelevantInvestment Manager orwhereManagement isdelegatedtotherespective teamineitherthecountry risk There isaRiskManagement Team responsible management process overseeing therisk for oftheInvestment Managers. Risk theFunds. for andoversight ofrisk monitoring guidelines andlimits. The Directors delegatetotheManager delegatestotheInvestment whointurn Managersthe responsibilityfor guidelines andlimitssetoutintheProspectus aswell aseachInvestment Manager’s andSupplements own investment internal The Investment Managers are alsoresponsible thattheFunds ensuring for are managedof eachFund’s withintheterms investment asrequired inrelation to theFunds’and more frequently profile. andrisk performance Management K.K., AssetManagement Pacific Lazard Co., basis Limited(the Gulf andLazard “Investment Managers”) on aquarterly AssetManagement Limited, Lazard from The Directorsreporting AssetManagement review LLC, Lazard JapanAsset Lazard should refer totheProspectus amore for inherent detaileddiscussion oftherisks ininvesting andSupplements intheFunds. invest.markets they in which andinvestors risks ofall isnotintended tobeacomprehensive information The following summary The Funds’ are which and associatedwiththefinancial ofrisk instruments investment types activities exposethemtothevarious 9. RiskManagementPoliciesandProcedures of therelevant Funds 2020and31March 2020. asat30September Company, are deemedassetsoftheCompany. accountsThe balancesonare thesecash reflectedofFinancial on theStatement Position accounts,These cash ofredemptions andpayment collection ofsubscriptions the for anddividendsfor heldwiththe Depositary Regulations”), 2016. 1July tookfrom which effect Providersand Enforcement) Act 48(i))Investor 2013(Section MoneyRegulationsFund 2015for (“Investor Money Service the requirements relating andredemption tothesubscription collection accountsBankofIreland pursuanttotheCentral (Supervision Cash account arrangements have beenputinplace inrespect oftheCompany andtheFunds asaconsequence oftheintroduction of with banks. 2020and31March 2020, Asat30September heldby cash the Funds isdepositedwiththeDepositary. 2020and31March ofcurrent 2020comprise (ifany) depositsandoverdrafts asat30September Cash atbankandoverdrafts 8. CashatBank Net toRedeemableParticipating AssetsAttributable balancesinothercurrencies Shareholders toUSD: ofComprehensive average ofChangesThe following exchangehave Statement in rates beenusedtotranslate Income andStatement currencies toJPY: financialThe following period/year end exchange have financial rates been used to translate assets and financial liabilities in other 7. ExchangeRates(continued) Notes totheFinancialStatements paragraphs outlineproceduresnext paragraphs tomanage the market, undertaken of theFunds. risks credit andliquidity These are consistent US Dollar Pound Sterling Euro Exchange RatesagainstJPY Pound Sterling YenJapanese Euro Average ExchangeRatesagainstUSD 30 September2020 0.00948 0.00735 0.00809 30 September2020 106.84561 Financial period ended30September 2020 0.79018 0.88203 31 March2020 0.00930 0.00749 0.00843 30 September2019 108.63311 0.79443 0.89469 30 September2019
(Unaudited) 0.00925 0.00751 n/a (continued) which are held with the counterparties as disclosed inthePortfolio asdisclosed ofInvestments. arewhich heldwiththecounterparties held in theFunds andsecurities ofthecash all are heldvia the Depositary,Substantially exceptthefinancial for instruments derivative have beenreceivedsecurities by thebroker. failstomeettheir obligations. failifeither party The tradewill minimal, made sold onceis only the broker of securities has received as delivery payment. Payment is made on a purchase once the usingapproved brokers. are securities settled upon delivery transactions transferable All involving ofdefaultisconsideredThe risk it hasentered intowitheach Fund. The Company isexposedtocredit viatheFunds risk thatinvest infixed income securities. failtodischargeanobligation will orcommitment orissuertoafinancial that instrument thatthecounterparty Credit istherisk risk Credit Risk the Funds’ investment objectives, policiesandcore philosophy. interest heldwithinbond Funds. The Investment Managers manage theFunds’ basisinaccordance on interest adaily with risk rate prevailing interest rates. The Funds are through exposedtointerest risk investments withfixed rate insecurities of andfloatingrates of changes in that the fair value or fluctuate because future flows will is of afinancialthe risk Interest cash risk instrument rate (iii) Interest RateRisk risk. bear nosignificantcurrency Bond Fund) denominated oftheportfolio, inthebasecurrency invest insecurities HighQuality only Fund Sterling andLazard so 2019, oftheFunds four Fund, UKOmegaEquity (Lazard ConcentratedFund, USEquity Lazard Equity JapaneseStrategic Lazard denominatedoftheportfolio, inthebasecurrency invest insecurities only risk. sobearnosignificantcurrency Asat30September 2020,As at30September Fund ConcentratedFund) two oftheFunds Equity USEquity andLazard JapaneseStrategic (Lazard management policy. source ofreturn, exposures are managed relative totheappropriate benchmark. For otherportfolios, there isnoexplicitcurrency exposure. currency tozero) exchange contracts(orclose to maintain zero For exposure currency which isacritical for thoseportfolios For ishedged out, risk currency inwhich portfolios ismanaged foreign by currency risk thecurrency regular rebalancing oftheforward foreign exchange currency contracts. on forward Fund’s assetsthatare denominated incurrencies otherthanitsown currency. Currencies losses may away alsomove insuch astocause relative currency reporting to other currencies may change in a manner that has an adverse onof the effect the value of the portion hedgingpurposes.investment and/orshare views class Consequently, theFunds arethattheexchange ofits rate exposedtorisks investor). Furthermore, theFunds ofimplementing foreign exchange currency contractsthepurpose for may invest inforward The Funds may invest denominated in currencies in securities other than its functional (or, currency indeed, of the the currency (ii) Foreign Currency Risk uses thecommitment approach tomeasure globalexposure foreignexchange theFunds currency contracts. for holdforward which inthePortfolio 2020are foreign exchange currency contracts included heldasat30September ofInvestments.forward The Company hedgingandinvestment andshare purposes. class of theFunds foreign exchange currency contracts portfolio for useforward Detailsof management purposes.The Company efficient for use does financial not portfolio currently instruments derivative However, a number were derivatives) designatedatfairvaluethrough (excluding profitthe securities orlossatthefinancialend. period are limited. where ofdiversifiedconstruction market orindustry) exposures featuresascapitalisation portfolios (such tocertain of All measurement entailstheactiveperformance management ofreturn, andcost. risk iscontrolled Relative-to-benchmark risk through the basisinaccordance on adaily withtheFund’srisk investment objective, policiesandcore philosophy. The core philosophy oftotal investment impact have on will amaterial theCompanyparticular iscontrolled. The Investment Managers manage theFunds’ market itsinvestments in securities. from arising risk theportfolio,exposed tomarket Bydiversifying price change ofa thataprice therisk oritsissuer,the individualfinancial instrument tradedinthemarket. orfactorssimilarfinancial affecting instruments The Funds are risk), orcurrency interest risk rate from whetherthosechangesareby (otherthanthosearising market caused factors prices specific to ofchangesin fluctuatebecause thatthefairvalueorfutureflows will ofafinancial istherisk cash instrument risk Market price (i) MarketPriceRisk movements.rate Itrepresents thepotentiallossFunds through mightsuffer holdingmarket positions intheface ofmarket movements. price Lazard Global ActiveFundsplc Financial period ended30September 2020
(Unaudited) (continued)
77 LAZARD GLOBAL ACTIVE FUNDS PLC 78 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc foreign exchange intherelevantPortfolio currency contracts are disclosed ofInvestments. totheforward counterparties All of(ii)above. the case are limitedto10%ofNetExposures Asset toindividualcounterparties Value of(i)above and5%ofNet inthecase Asset Value in Regulations namely: BankUCITS assetoutintheCentral criteria theirobligations andthatsettlementoftransactions may not occur.not perform must meetthefollowing OTC All counterparties A Fund withwhom it trades, is exposed to a credit on counterparties the over-the-counter (“OTC”) risk may thatthese counterparties manner: in thefollowing sectors. ongoingThe Investment ofthislist. monitoring Managers perform ismonitored risk on anongoing basis Counterparty/issuer The Investment Managers’ andrecognised rated dealersintheir limitedtothemosthighly isgenerally approved listofcounterparties orissuerexposure management program withintheInvestment ismonitoredrisk Managers. andmanaged by counterparty aformal The Funds ofsettlementdefault. beartherisk withwhomtrade andwill are they exposedtoacreditparties risk Counterparty/issuer Counterparty/Issuer Risk deposits (31March 2020: deposits(31March term 2020: short AA-)andA-1+for A-1+). thattheFunds use.Depositary &Poor’sThe Standard long 2020wasAa2for term asat30September credit oftheDepositary rating tobe delayed orlimited.Depositary The Funds by andfinancial monitor thecredit theirrisk monitoring position quality ofthe the Funds’ may cause by theDepositary or insolvency Bankruptcy held by with respectandthe securities the rights tothecash risk. reducesand protected counterparty andthisfurther to those securities, are preserved. of the Depositary, or bankruptcy of insolvency Thus in the event the Funds’ are securities segregated The Funds’ identified on theaccounting separately records are securities always oftheDepositary, therefore therights, withrespect markets. behigherthaninorganisedsecurities investments markets generally insuch will orimproper registration oftitle.retroactive oflegislation application andfraud byThe costsborne aFund ininvesting andholding some ofitsassets. any circumstancesacts oromissions may include ortheliquidation, Such oftheDepositary, orinsolvency bankruptcy there involvedmarkets. isatransaction indealingsuch andcustodyrisk circumstances, Incertain aFund may notbeabletorecover against third parties. In addition, as the Funds may invest in markets developed, where are custodial and/or settlementsystems not fully able to establish title to investments made and may losses as a result. suffer The Funds may find it impossible to enforce its rights orretroactive oflegislation, application oftheDepositary In circumstances astheinsolvency such theFunds may not, cases, inall be of thefinancial institution inrelation holdingsoftheFunds. tocash institution where isdeposited. cash ofthefinancial institution, ofinsolvency Intheevent theFunds betreated will asageneralcreditor is identifiable as belonging to the Funds, held by cash the Depositary While theFunds beexposed to the credit of the financial will risk Credit Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements (ii) (i) Acredit institution inaccordance Regulations, BankUCITS withtheCentral or • • • Measurement and monitoring of counterparty or issuer trade exposure - a daily review ofoutstandingpositions isperformed. review orissuertradeexposure -adaily Measurement ofcounterparty andmonitoring financial statements. ofongoing activities, throughBroker avariety filings -performed and monitoring regulatory theassessmentofcertain including enforceable arrangementsandstandinginthefinancial community. ofthebroker’s areview process review thatincludes a formal creditworthiness, financial strength, toenterintolegally ability Approved tradingwithapproved broker permits brokers. only selection -thetradingsystem Newbrokers are added, subjectto rating ofA2orequivalent. rating Have aminimum credit ofA2or equivalent, rating orintheopinion oftheInvestment Managers, animpliedcredit minimum Financial period ended30September 2020
(Unaudited) (continued) the following points: the following orindirectly.either directly Fair through valueisdetermined theuseofmodelsorothervaluation methodologies. 2inputsinclude Level theassetorliability, for 1thatare withinlevel 2inputsareinactive observable inputsotherthanquotedprices markets included Level on andvolume information anongoing toprovide pricing basis. with sufficient frequency access at thevaluation date. occur An isamarket transactionstheassetorliability active inwhich for market theassetorliability for to hastheability 1inputsare entity inactive assetsorliabilitiesthatthereporting unadjusted quotedprices markets identical for Level making themeasurements. The fairvalue hierarchy levels: hasthe following The Companyfairvaluemeasurements hasclassified usingafairvaluehierarchy thatreflects thesignificanceof inputsusedin Fair Value Measurement The Funds may when a shareholder be exposed to concentration of the issued share of the risk Fund. holds a significant portion capital Concentration Risk orforeign oremergingmarketsecurities securities, ofilliquidity, periods have experienced which all risks. subjecttoliquidity maybe thatismostbeneficialprice tothatFund. Funds company small thatinvest securities, incertain bonds, high-yield mortgage-backed atthetimeand asecurity sell gainsifitcannot capital thataFund earning is thepossibility may losemoney orbeprevented from would like. AFund may longer have toholdthesesecurities thanitwould likeandmay forego otherinvestment opportunities. There heldby securities aFundCertain may therelevant Investment bedifficult atthetimeandprice Manager (orimpossible) tosell 2020. gainstaxon appreciated capital for securities.There isnofinal maturity foreignexchange currency contracts are which outlinedinthePortfoliosexcept theforward for ofInvestments asat30September relevant, ofFinancial intheStatement befound can Position. There are nootherfinancial duewithinthree liabilitiesthatfall months redemptions payable, interest. payable ofexpensesandbankoverdraft distributions andpayment Detailsoftheseamountswhere The Funds’ financialwithinthree payment liabilitiesduefor months relate, inthemostpart, toinvestments purchased payable, period. toensure toborrow term settlement.have theability intheshort No borrowings thecurrentfinancial such during orprior have arisen tothenextdealingdayinaccordance andeffected withtheConstitution on dealingday(s). thefollowing forward carried The Funds that dealingdaynotexceed shall 10%oftheNet Asset Value ofthatFund. Any redemption request orswitching soreduced be shall at thediscretion oftheDirectors, bereduced pro sothatthetotalnumberofshares rata Fund ofsuch redemption for on orswitching any Fund exceed 10% of the Net Asset Value of that Fund, each redemption request orswitching in respect of shares Fund in such may, business day subjecttorestrictions setoutintheProspectus. Iftotalrequests redemption for on and/orswitching any dealingday for of any shares that investors wish to sell. to require have Shareholders the right the Funds to redeem their shares in the Funds on any The Funds’ bereadily sold. can ofrealisable which securities mainly assets comprise oftheFundsThe mainliability istheredemption Liquidity Risk security.underlying 2020, At 30September none oftheFunds heldP-Notes. security.the underlying However, doesnotreceive asitwould voting owned ifitdirectly the rights theholderofaP-Note typically isincreased totheextentofany dividendspaidinconnection generally with security underlying P-Note thatislinkedtoaparticular ormarket. security equity underlying ofaparticular notesthatare designedtoreplicate theperformance The returnpromissory on a Regulations exposure BankUCITS Central limitsasdetailedabove. are P-Notes issuedby generally banksorbroker-dealers andare defaultresult market inthelossoffull valueoftheequity.of counterparty ismanaged tothe This exposure tocounterparties default, ofcounterparty butalsototherisk may equity which intheevent tomovements inthevalueofunderlying not only not allowed. Investment inP-Notes may involve anOTC transaction withathird party. Investing inP-Notes may exposetheFunds thatmay beusedbyinstruments theFunds investment market toobtainexposure where inalocal toanequity direct ownership is A numberoftheFunds Notes bealsoexposedtocreditviatheirinvestment (“P-Notes”). can risk inParticipatory P-Notes are financial Counterparty/Issuer Risk(continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc b) similarassetsorliabilitiesinactive for markets. prices a) Quoted market makers, isreleased littleinformation orinwhich publicly. transactions theassetor liability, for are theprices notcurrent, eitherover time oramong substantially quotations vary orprice orsimilarassetsliabilitiesinmarkets thatare identical for notactive, prices Quoted thatis, markets there inwhich are few Financial period ended30September 2020
(Unaudited) (continued)
79 LAZARD GLOBAL ACTIVE FUNDS PLC 80 LAZARD GLOBAL ACTIVE FUNDS PLC Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Financial assetsatfair value throughprofit orloss Lazard GlobalEquityFranchiseFund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Financial assetsatfair value throughprofitorloss Lazard GlobalThematicFund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Financial assetsatfair value throughprofitorloss Lazard GlobalManagedVolatility Fund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Common Stock Financial assetsatfair value throughprofitorloss Lazard GlobalListedInfrastructureEquityFund identified zero valued securities or otherwise classified as level 3 as at 30 September 2020and31March 2020: 3asat30September aslevel classified orotherwise identified valuedsecurities zero eachFund for financialAll instruments are 1, level listedbeloware thefinancial which 2andany level instruments from apart inputtothefairvaluemeasurement requiressignificance ofaparticular judgement andisspecific totheinvestment. the fairvaluehierarchy isbasedon thelowest ofinputthatissignificanttothefairvaluemeasurement. level The assessmentofthe use anumberofdifferent intodifferent ofthefairvaluehierarchy. inputsthatfall levels cases, Insuch aninvestment’s within level 1, aslevel categorised An investment isalways 2or3initsentirety. cases, In certain thefairvaluemeasurement aninvestment for may Company’s own data. available inthecircumstances, sourcesthe independentoftheCompany andmightinclude otherthanmarket dataobtainedfrom would beexpectedtovaluetheassetorliability.market participants inputsare based on developed thebestinformation Unobservable the asset or liability. inputs for 3 inputs are unobservable Level inputs reflect the Company’s Unobservable own assumptions about how Lazard Global ActiveFundsplc Fair Value Measurement (continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements d) Inputs that are derived principally from or corroborated by observable market databy correlation orcorroborated by orothermeans. observable from d) Inputsthatare principally derived c) commonly quotedintervals,commonly volatilities, prepayment speeds, lossseverities, creditanddefaultrates). risks (e.g. at theassetorliability for thatare observable Inputs otherthanquotedprices observable curves interest andyield rate 30 September2020 30 September2020 30 September2020 30 September2020 6,971,571 6,971,571 (916,789) (916,789) (92,207) (92,207) Level 2 Level 2 Level 2 Level 2 (1,693) (1,693) 1,399 1,399 USD USD USD USD USD USD GBP GBP 20 20 – – – – – Financial period ended30September 2020 % ofNAV % ofNAV % ofNAV % ofNAV (0.06) (0.06) (0.06) (0.06) 0.48 0.48 – – – – – – – – – – –
(Unaudited) 31 March2020 31 March2020 31 March2020 31 March2020 (10,577,451) (10,577,451) 66,040,390 48,306,472 17,733,918 (516,358) (516,358) (49,467) (92,900) (49,467) (92,900) Level 2 Level 2 Level 2 Level 2 25,387 25,387 50,504 50,504 6,089 6,089 USD USD USD USD USD USD GBP GBP (continued) % ofNAV % ofNAV % ofNAV % ofNAV (0.01) (0.48) (0.30) (0.82) (0.01) (0.48) (0.30) (0.82) 0.13 0.13 0.03 0.03 5.11 3.74 1.37 – – * Fundfullyredeemedon28May2020. Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Bonds Financial assetsatfair value throughprofit orloss Lazard GlobalFixedIncomeFund Total P-Notes Common Stock Financial assetsatfair value throughprofit orloss Lazard MENAFund* Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Financial assetsatfair value throughprofitorloss Lazard EmergingMarketsEquityAdvantage Fund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Financial assetsatfair value throughprofitorloss Lazard EmergingMarketsEquityFund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Financial assetsatfair value throughprofitorloss Lazard JapaneseStrategicEquityFund Total Forward Foreign Currency ExchangeContracts Financial liabilitiesatfair value throughprofitorloss Total Forward Foreign Currency ExchangeContracts Financial assetsatfair value throughprofitorloss Lazard USEquityConcentratedFund Fair Value Measurement (continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc 30 September2020 30 September2020 30 September2020 30 September2020 30 September2020 31 March2020 35,779,552 35,653,724 (209,055) (372,663) (445,044) (209,055) (372,663) (445,044) 125,828 431,621 287,246 144,375 Level 2 Level 2 Level 2 Level 2 Level 2 Level 2 37,246 37,246 4,300 4,300 (307) (884) (307) (884) USD USD USD USD USD USD USD USD USD JPY JPY 10 10 31 31 Financial period ended30September 2020 % ofNAV % ofNAV % ofNAV % ofNAV % ofNAV % ofNAV (0.57) (0.04) (0.09) (0.57) 97.95 97.61 (0.04) (0.09) 0.34 7.99 4.01 0.01 0.01 12 – – – – – – – – – –
(Unaudited) 31 March2020 31 March2020 31 March2020 31 March2020 31 March2020 31 March2020 (1,977,624) 36,750,535 35,933,688 (1,977,624) 2,573,291 2,573,291 (878,705) (432,037) (878,705) (432,037) (60,295) 816,847 (60,295) 474,297 474,297 Level 2 Level 3 Level 2 Level 2 Level 2 Level 2 (2,005) (2,005) 36,113 36,113 USD USD USD USD USD USD USD USD USD JPY JPY 993 993 406 406 – (continued) % ofNAV % ofNAV % ofNAV % ofNAV % ofNAV % ofNAV (2.30) (0.01) (0.05) (0.58) (2.30) 93.96 (0.01) (0.05) (0.58) 96.1 2.14 0.03 0.03 0.01 0.01 0.30 0.30 0.14 0.14 – – – – –
81 LAZARD GLOBAL ACTIVE FUNDS PLC 82 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Equity Fund Lazard GlobalStrategic Lazard GlobalListedInfrastructureEquityFund Fund investors by tabledetailstherelatedThe following Fund party 2020and31March 2020: asat30September shareThere 1subscriber inissueandthatisheldby iscurrently theManager. refer toNote 3tothefinancial details ofarrangements between theFundsPlease statementsfor andtheInvestment Managers. In theopinion oftheDirectors, theInvestment Managers are underFRS related 102, parties 33 Section ”Related Party Transaction”. 2019: 2020. amounting toUSD358,791(30September thefinancial ended30September USD68,984)for period under the Companies Act 2014 in legal, Fry and the Secretary paid to and secretarial fees William global fund registration services and accordingly, Limited (the Secretarial Fry own “Secretary”) of Wilton partners William had a beneficial Daniel Morrissey interest Fry (theCompany’s isaDirector of oftheCompanyDaniel Morrissey legaladvisers andisalsoapartner William astoIrishlaw). The DirectorsAll oftheCompany are alsoDirectors oftheManager. and Jeremy Taylor are notentitledtoany Directors’ theCompany. from fees Andreas Hubner andJeremy Taylor are timeexecutives Group full oftheLazard aswell asDirectors oftheCompany. Andreas Hubner transactions withtheManager andDirectors inNote related are 3tothefinancial material party included statements. All 11. RelatedPartyTransactions are satisfied thatthesearrangements are ofbenefit totheFunds. theFunds, including Investment Managersendeavour timestoobtainbestexecution will clients atall transactionsall on all for and transactions relating totheFunds’ including The Investment Managers place businesswiththesecounterparties investments. The execution oftrades on behalfofclients. suppliedtothemby thebroker orbyrelated services third parties. may beeithermarket research orberelated tothe These services dealing arrangementswithbrokers whereby ofthedealingcommissions paidtothemare part usedtodischargethecostofinvestment The Investment ManagerstheCompany, for inaccordance withcommon market investment practice for managers entered into 10. SoftCommissionArrangements financial year ended31March 2020. Transfers are deemedtooccurattheendof thefinancial period. 1. 2toLevel Level Fund Equity transferred from There the were during between levels notransfers Global ListedInfrastructure 2020, thefinancial ended30September period During investment inREN Nacionais -RedesEnergeticas SGPSSAheldby Lazard MENAheld on Lazard Fund asat31March 2020. MENALazard Fund 2020. redeemed on at30September 28May fully 2020andheldnosecurities There wasone 3security level Emerging There on heldbutfairvaluedatzero Lazard areWorld 3securities level Fund 2020and31March 2020. asat30September exchangecurrency contracts. 2, inputsare withinlevel classified by observable common stock, theseinclude bonds, P-Notes, foreign andforward unlistedrights do nothave butare quotedmarket prices valuedbasedon market prices, sources dealerquotations oralternative pricing supported listed equitiesandinvestment funds. The Funds theseinstruments. for donotadjust thequotedprice Financial that instruments Investments, whosevalues are basedon inactive quotedmarket prices markets, andtherefore 1, withinlevel classified active include Fair Value Measurement (continued) 9. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard LLC Asset Management Lazard GroupLLC Lazard Limited Asset Management Limited Lazard &CoServices Lazard LLC Asset Management Lazard GroupLLC Lazard Limited Asset Management Limited Lazard &CoServices Investor Name Currency USD USD USD USD GBP GBP GBP GBP Financial period ended30September 2020 30 September2020 4,415,901 1,127,580 2,988,049 4,053,695 1,264,845 793,145 68,259 18,330
% ofNAV (Unaudited) 25.80% 35.01% 10.92% 0.00% 0.16% 0.31% 0.05% 0.08% 31 March2020 4,751,532 1,078,052 1,989,434 3,368,678 1,007,453 794,480 64,428 14,196 (continued) % ofNAV 22.14% 37.48% 11.21% 0.00% 0.37% 0.08% 0.06% 0.16% out on a similarbasis. them theCompany’s delegatesthattheConnected outthosetransactions Persons docarry must uponfrom rely assurances carrying by Connected Persons on behalfoftheCompany theDirectors towhich have no direct access andinrespect theDirectors ofwhich transactions must beinthebest interests ofthe shareholders. Inaddition tothosetransactions, there out are alsotransactions carried company, depositary, delegateorsub-delegate(“Connected Persons”) outasifnegotiated atarm’s must becarried length. Such any non-group company sub-custodiansappointedby adepositary), andany associatedorgroup company amanagement ofsuch its management company or depositary, (excluding amanagement andthedelegates or sub-delegates ofsuch company ordepositary In accordance with the requirements Regulations 43(1), Bank UCITS of the Central out with the Company any by transaction carried 12. ConnectedPersonsTransactions * Effective23June2020, FundnamechangedfromLazardGlobalSustainableEquitySelecttoFund. Lazard GlobalSustainableEquityFund* Fund 11. RelatedPartyTransactions (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard GlobalManaged Volatility Fund Lazard Global Fund Thematic Lazard GlobalEquityFranchise Fund Lazard Global FocusThematic Fund Lazard EuropeanEquityFund Lazard EmergingMarketsCoreEquityFund Lazard EmergingMarketsEquityFund EquityFund Strategic Lazard Japanese Fund Lazard USEquityConcentrated Lazard DevelopingMarketsEquityFund Lazard EmergingMarketsManaged Volatility Fund Lazard GlobalFixed IncomeFund Lazard & Co Services Limited Lazard &CoServices Investor Name Lazard LLC Asset Management Lazard GroupLLC Lazard Limited Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard LLC Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard LLC Asset Management Lazard GroupLLC Lazard Limited Asset Management Lazard GroupLLC Lazard LLC Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard LLC Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard LLC Asset Management Lazard LLC Asset Management Lazard GroupLLC Lazard Limited Asset Management Limited Lazard &CoServices Lazard LLC Asset Management Lazard Limited Asset Management Lazard GroupLLC Lazard LLC Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard LLC Asset Management Lazard Limited Asset Management Lazard GroupLLC Lazard LLC Asset Management Lazard Limited Asset Management Limited Lazard &CoServices Lazard LLC Asset Management Lazard GroupLLC Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD EUR EUR EUR EUR JPY JPY JPY JPY Financial period ended30September 2020 30 September2020 132,018,632 10,225,180 92,264,288 29,210,831 2,942,587 2,959,191 3,860,460 1,217,626 2,767,652 1,329,166 6,613,511 3,675,368 2,332,658 2,767,536 1,104,221 1,145,000 1,031,887 1,420,631 1,067,346 3,059,552 6,276,074 9,742,610 682,031 843,255 674,795 225,304 312,916 242,702 578,120 771,777 15,383 16,756 37,412 36,004 94,900 56,917 48,513 46,972 49,667
% ofNAV (Unaudited) 13.16% 13.23% 17.27% 15.14% 12.58% 17.18% 26.67% 3.05% 0.58% 0.84% 1.92% 0.01% 5.48% 2.78% 0.08% 7.86% 0.80% 0.95% 0.01% 1.39% 4.91% 5.09% 0.17% 0.97% 8.79% 2.78% 0.29% 0.01% 0.02% 1.22% 1.68% 0.07% 1.98% 0.03% 2.65% 3.66% 0.16% 8.38% 0.14% 31 March2020 2,132,992 1,700,712 2,490,798 1,234,447 2,583,217 1,163,357 7,242,242 2,579,485 1,895,613 1,820,940 6,283,196 1,080,473 3,817,876 6,026,828 9,942,659 465,382 704,654 311,063 143,608 371,745 764,241 717,737 762,734 539,753 237,858 188,838 546,121 404,275 695,314 756,662 13,514 12,320 31,580 80,347 30,741 44,115 37,394 34,374 46,522 (continued) % ofNAV 14.05% 11.20% 16.41% 44.23% 13.49% 15.76% 26.00% 3.07% 0.40% 0.71% 1.48% 0.01% 6.08% 1.63% 0.04% 0.56% 0.54% 0.00% 1.21% 2.48% 2.33% 0.10% 0.09% 0.06% 0.03% 0.01% 0.00% 1.86% 0.29% 0.84% 1.65% 0.07% 0.03% 1.95% 3.35% 3.65% 0.17% 9.98% 0.12%
83 LAZARD GLOBAL ACTIVE FUNDS PLC 84 LAZARD GLOBAL ACTIVE FUNDS PLC Class Lazard Global ActiveFundsplc shares: 2019, 2020 and 30 September the financial ended 30 September periods of wereDuring distributions paid on class the following 13. Distributions of FRS 102. shareholders shouldunderstandthatnotall “Connected Persons” are latterexpression assuch related isdefined parties by 33 Section Connected Persons andcertain paidtorelatedDetails offees parties are setoutinNotes 3and11ofthefinancial statements. However, are satisfied that: Therefore, theCompany’s havingregard toconfirmations management anditsrelevantdelegates, from theDirectors oftheCompany shouldalsoreferShareholders totheprovisions oftheProspectus dealingwithconflicts ofinterest. Connectedthe contractualPersons arrangementswiththeprincipal butitisnotexhaustive Connected ofall Persons transactions. shareholders shouldrefer totheProspectus identifies which many oftheConnected Persons transactions andthegeneralnature of and the roles and responsibilities of the Company’s of the Directors. respective supervision delegates subject to the overall Further, section oftheDirectors’ Statement Governance oftheaudited financial thefinancial statementsfor Report year ended31March 2020 intheCorporate described shouldhaveShareholders regard oftheCompany tothegovernance structure asmore particularly 12. ConnectedPersonsTransactions (continued) Notes totheFinancialStatements Lazard GlobalThematicFocusFund*** Lazard GlobalThematicFund Lazard GlobalManagedVolatility Fund Lazard GlobalSustainableEquityFund**** Lazard GlobalListedInfrastructureEquityFund Lazard GlobalEquityFranchiseFund E DistGBP A DistGBP A DistUSD A DistUSD A DistEUR A DistUSD BP DistUSDHedged BP DistUSD A DistUSD A DistUSDHedged A DistGBP A DistEURHedged B DistUSDHedged EA DistEUR A DistEURHedged C DistGBP EA DistGBP E DistUSD (ii) (i) the Manager through regular updatestotheDirectors. transactions withConnected Persons entered thefinancialcomplied withtheseobligations, intoduring period asattestedby described above are transactionsdescribed appliedtoall withConnected Persons; there procedures are by arrangements (asevidenced written documentedby theManager) inplace toensure thattheobligations Share Class Currency of USD USD USD USD USD USD USD USD USD GBP GBP GBP GBP GBP EUR EUR EUR EUR 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 Date 30 September2020 Financial period ended30September 2020 - - and Currency) 5,362,253 1,092,295 262,242 334,163 Amount 21,417 72,615 18,576 17,607 (Class 6,245 6,434 4,319 3,831 6,638 1,440 76 2 - - Distribution per Share 0.0012 0.4047 0.4459 0.7244 0.0881 0.0848 0.0854 0.0246 0.0148 0.0170 0.1051 0.8924 0.7239 0.8909 0.8757 0.0155
- - (Unaudited) 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 Date 30 September2019 - - - - Currency) 6,917,395 1,733,187 216,878 305,811 Amount 53,126 25,241 72,196 14,500 14,923 (Class (continued) 564 392 43 44 5 - - - - Distribution per Share 0.5423 0.0287 0.0289 0.1539 0.0357 0.0839 0.0205 0.0257 0.5485 0.0364 1.0403 0.2613 1.0091 0.9886 - - - - Class Lazard JapaneseStrategicEquityFund Lazard USEquityConcentratedFund Lazard UKOmegaEquityFund** Lazard Pan EuropeanEquityFund** **** Effective23June2020, FundnamechangedfromLazard GlobalSustainableEquitySelectFundtoLazardFund. *** Fundlaunchedon19December2019, thereforetherearenocomparatives. ** Fundfullyredeemedon25November2019. * Fundfullyredeemedon14October2019. Lazard EuropeanEquityFund 13. Distributions(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard SterlingHighQualityBondFund* Lazard GlobalFixedIncomeFund Lazard EmergingMarketsCoreEquityFund Lazard EmergingMarketsEquityFund Lazard EmergingWorld Fund C DistGBPHedged A DistUSD C DistUSD C DistGBP B DistGBP A DistUSD C DistEUR C DistGBP B DistGBP A DistGBP BP DistUSD A DistUSD B DistUSD C DistGBP A DistUSD A DistEURHedged BP DistUSD S DistEUR S DistUSD A DistUSD S DistGBP A DistEUR C DistUSD B DistUSD BP DistUSDHedged A DistUSDHedged BP DistUSD A DistUSD Share Class Currency of USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD GBP GBP GBP GBP GBP GBP GBP GBP EUR EUR EUR EUR EUR 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 01-Apr-20 Date 30 September2020 Financial period ended30September 2020 ------Currency) 1,052,726 724,928 Amount 22,964 39,017 37,412 19,956 (Class 6,855 3,008 1,648 1,056 182 123 110 112 63 63 72 15 46 49 5 5 ------Distribution per Share 2.6254 0.1638 0.1775 0.0012 0.5377 1.0364 0.8012 0.1674 0.0314 0.0055 0.0098 0.0072 0.0074 0.7567 0.0093 0.7392 0.0071 0.1074 0.3027 0.7230 0.3259 0.7329
------(Unaudited) 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 01-Apr-19 Date 30 September2019 - Currency) 1,760,583 225,334 734,627 Amount 14,198 29,441 11,806 66,643 70,100 (Class (continued) 1,322 2,417 7,246 862 148 943 306 100 28 28 84 92 50 13 40 99 43 5 6 - Distribution per Share 0.1864 0.1985 0.0224 0.0019 0.0125 0.0031 0.0006 0.7968 1.0276 0.0039 0.0009 0.0052 0.0054 0.0065 0.5098 0.1027 0.2641 0.6562 1.2749 0.1668 0.0408 0.5317 0.0066 0.5640 1.0231 0.2831 0.6646 -
85 LAZARD GLOBAL ACTIVE FUNDS PLC 86 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc ofcompanies involvedto thesecurities inthemanufacture orproduction ofweapons orlandmines. ofmassdestruction was inrelation that theFund section totheinvestment beingupdatedwithwording policy notinvest toclarify will inorseekexposure Fund inrelation EmergingMarketsAn Equity updated Supplement toLazard 2020. wasissuedon 24September The mainupdate appears inthemainProspectus initsplace. oftheCompany wasinserted statemententitled Market therisk Risk”.of theSupplement “Equity Across-reference factor statement towhererisk thatidentical the mainProspectus inrespect associatedwithinvestment wasdeleted. ofrisks inRussia (iii)deletion withintheRiskFactors section Securities”).or traded on the Moscow Exchange (“Russian Also, in the cross-reference included to the disclosures in the Supplement Fund’s NAV. toinvest toremove (ii)updatetotheinvestment upto5%oftheFund’s theflexibility policy NAV listed insecurities was inrelation ofinvestment to(i)achange intheanticipatedlevel by notexceeding theFund 30% ofthe inasingleindustry/sector inrelation GlobalManagedAn updated Supplement toLazard Volatility Fund 2020. wasissuedon 1September The main update 1.00%to0.85%. ofAAccand thechange inthemanagementrate fee USDandADistfrom Fund Fund Equity Select GlobalSustainable Equity toLazard GlobalSustainable Lazard amendments were thechangeinnamefrom Fund Equity inrelation GlobalSustainable wasissuedonAn 23June2020. updatedSupplement totheLazard The mostsignificant MENALazard Fund redeemed on 28May wasfully 2020. launched. relation share tonew classes Concentrated Fund inrelation USEquity An updatedSupplement toLazard wasissuedon 22May 2020. The mainupdateswere in C AP A Share Class around thereduction share ofthefollowing oftheannualmanagement rates classes. fee Fund Equity inrelation wasissuedon GlobalStrategic 13MayAn 2020. updatedSupplement toLazard The mainchanges were Fund Lazard USEquityConcentrated Lazard Global Fund Thematic Lazard GlobalEquityFranchise Fund Lazard GlobalFixed IncomeFund Fund Name 2020, thefinancial ended30September period redeemed: wereDuring share thefollowing fully classes Lazard EmergingMarketsEquity Fund Advantage Fund Lazard USEquityConcentrated Lazard GlobalListedInfrastructureEquityFund Fund Lazard USEquityConcentrated Lazard Global FocusThematic Fund Lazard GlobalListedInfrastructureEquityFund Lazard GlobalSustainableEquityFund Lazard GlobalSustainableEquityFund Lazard GlobalSustainableEquityFund Lazard GlobalSustainableEquityFund Lazard GlobalListedInfrastructureEquityFund Fund Lazard USEquityConcentrated Lazard Global FocusThematic Fund Fund Name 2020, thefinancial ended30September period wereDuring share thefollowing launched: classes 14. SignificantEventsDuringtheFinancialPeriod Notes totheFinancialStatements 0.85% 1.25% 1.00% Previous Rates EUR EA Acc C Acc EURHedged B Acc EURHedged EUR A Acc Share Class EUR X Acc EUR AP Acc C DistUSDHedged GBP E Acc USD E Acc C DistEURHedged GBP C Acc C DistGBP EA DistGBP GBP EA Acc C DistGBP EUR A Acc EUR EA Acc Share Class Termination Date Current Rates Launch Date 10-Aug-20 14-Sep-20 24-Sep-20 11-Sep-20 17-Jun-20 22-Jun-20 10-Jun-20 10-Jun-20 10-Jun-20 10-Jun-20 01-Jun-20 21-Apr-20 14-Apr-20 02-Jul-20 21-Jul-20 13-Jul-20 10-Jul-20 0.75% 1.00% 0.85% Financial period ended30September 2020
(Unaudited) (continued) Lazard EmergingWorld Fund Lazard JapaneseStrategicEquityFund Lazard USEquityConcentratedFund Lazard EuropeanEquityFund Lazard GlobalEquityFranchiseFund Lazard GlobalThematicFocusFund Lazard GlobalThematicFund Lazard GlobalManagedVolatility Fund Lazard GlobalStrategicEquityFund Lazard GlobalListedInfrastructureEquityFund Class Post were financialenddividenddistributions on 1October2020asfollows: period declared 15. SignificantEventsSincetheFinancialPeriodEnd providedassurances totheCompany where required. infrastructure. technology information There providers hasbeenconsistent and ongoing oversight oftheCompany’s service material The impact ofCOVID-19 on Company operationsisminimalwithstrong operationalresilience procedures inplace andstrong COVID-19 on thefinancial economy, markets andtheoverall bepredicted. andcannot uncertain are ofwhich all highly on future developments, theduration andspread oftheoutbreak and related including andrestrictions advisories andtheimpact of The extentoftheimpact ofthecoronavirus (“COVID-19”) oftheCompany outbreak on depend thefinancialwill performance 14. SignificantEventsDuringtheFinancialPeriod(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc C DistUSD B DistUSD A DistUSDHedged A DistUSD C DistGBPHedged A DistUSD C DistUSD A DistUSD A DistEUR C DistGBP B DistEUR EA DistEUR A DistEURHedged C DistGBP EA DistGBP E DistUSD E DistGBP A DistGBP A DistUSD A DistEUR EA DistGBP C DistUSDHedged C DistGBP C DistEURHedged BP DistUSDHedged BP DistUSD A DistUSD A DistUSDHedged A DistGBP A DistEURHedged B DistUSDHedged Share Class Currency of USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD GBP GBP GBP GBP GBP GBP GBP GBP GBP EUR EUR EUR EUR EUR EUR EUR 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 Date Financial period ended30September 2020 Amount (Class Currency) 9,830,146 1,870,126 328,954 125,886 513,645 16,532 12,192 30,639 38,242 12,196 31,884 4,248 4,248 1,764 3,990 1,390 8,127 6,473 2,202 1,646 4,002 1,415 7,866 963 875 625 52 56 10 46 50 Distribution per Share
0.0064 0.0903 0.3358 0.3645 0.4624 0.1203 0.1475 0.0296 0.0031 0.0117 0.0020 0.8582 0.6983 0.8785 0.8616 0.3014 0.3309 0.1221 0.1583 0.7148 0.0206 0.0252 0.1231 0.0801 0.1718 0.1550 0.1570 0.0483 0.0262 0.0314 0.2051 (Unaudited)
(continued)
87 LAZARD GLOBAL ACTIVE FUNDS PLC 88 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard GlobalFixedIncomeFund Lazard DevelopingMarketsEquityFund Lazard EmergingMarketsCoreEquityFund Lazard Global ActiveFundsplc The financial statements were approved by theDirectors on 24November 2020. 16. Approval oftheFinancial Statements Lazard EmergingMarketsEquityFund 15. SignificantEventsSincetheFinancialPeriodEnd(continued) Notes totheFinancialStatements BP DistUSD A DistUSD B DistUSD A DistUSD C DistGBP C DistUSD A DistEUR BP DistUSD C DistGBP A DistUSD A DistEURHedged BP DistUSD S DistEUR S DistUSD A DistUSD S DistGBP A DistEUR USD USD USD USD USD USD USD USD USD USD GBP GBP GBP EUR EUR EUR EUR 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 01-Oct-20 Financial period ended30September 2020 921,958 660,617 17,005 21,919 43,252 34,069 2,054 163 119 113 636 36 98 45 35 47 15
0.3039 0.8228 0.5972 0.0295 0.0393 0.0415 0.0345 0.3101 0.8457 0.6357 0.0090 0.0733 0.0108 0.0119 1.2830 0.0144 1.1790 (Unaudited) (continued) Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard GlobalListedInfrastructure EquityFund Portfolios ofInvestments Italy -24.35%(31March2020:24.24%) Hong Kong-2.45%(31March2020:3.85%) Luxembourg -1.83%(31March2020:1.76%) United Kingdom-19.53%(31March2020:18.90%) Spain -7.35%(31March2020:5.48%) Portugal -1.28%(31March2020:1.37%) United States-15.31%(31March2020:16.94%) Total Investments-(CostGBP1,340,044,554) Total CommonStock-(CostGBP1,340,044,554) Common Stock-89.75%(31March2020:86.70%) Germany -1.47%(31March2020:1.75%) Germany France -6.34%(31March2020:6.09%) Canada -0.38%(31March2020:0.42%) Australia -9.46%(31March2020:5.90%) Shares 17,008,243 23,965,233 11,046,809 13,838,998 28,980,977 12,284,609 8,821,356 5,721,250 1,175,512 8,681,000 4,820,435 7,480,721 1,605,470 5,348,613 5,639,641 8,625,138 1,677,899 1,045,355 3,170,374 7,834,929 803,000 605,900 252,608 692,620 241,900 Fraport AG Frankfurt Airport Services WorldwideServices Frankfurt Airport Fraport AG Terna ReteElettricaNazionaleSpA Snam SpA Italgas SpA Hera SpA Atlantia SpA ASTM SpA Power Assets HoldingsLtd SES SAReceipt-Class A United UtilitiesGroupPlc Severn TrentPlc Pennon GroupPlc GridPlc National Ferrovial SA REN -RedesEnergeticasNacionaisSGPSSA Southwest GasHoldingsInc Norfolk SouthernCorp CSX Corp EdisonInc Consolidated Atco Ltd/Canada Vinci SA SA Communications Eutelsat Transurban Group Spark InfrastructureGroup Ltd Atlas Arteria 1,294,934,622 1,294,934,622 351,276,401 281,782,926 123,463,126 106,029,417 220,935,166 100,997,726 136,436,243 21,255,826 92,350,641 95,497,605 43,173,322 31,647,544 69,530,662 19,076,627 35,383,756 26,429,479 64,107,782 39,121,309 55,090,709 18,539,301 29,629,395 41,892,189 48,415,856 91,447,063 67,574,428 23,872,635 61,535,255 33,040,791 41,860,197 Fair Value 5,419,044 GBP
24.35 19.53 89.75 89.75 15.31 % of 1.47 6.40 6.62 2.99 2.20 4.82 1.32 2.45 1.83 4.44 2.71 3.82 8.56 7.35 1.28 2.05 2.90 7.00 3.36 0.38 6.34 4.68 1.66 9.46 4.27 2.29 2.90 NAV
15/10/20 Open forwardforeigncurrency exchange contracts-0.42%(31March2020:2.92%) Date Maturity Net Assets Net Assets Other Financial assetsandfinancialliabilitiesat fair value contracts Net unrealisedgainonforwardforeigncurrency exchange contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 23/12/20 15/10/20 15/10/20 15/10/20 15/10/20 15/10/20 15/10/20 15/10/20 15/10/20 15/10/20 15/10/20 15/10/20 15/10/20 15/10/20 15/10/20 (Unaudited)
Financial period ended30September 2020 CHF 48,269,570 Amount GBP 24,724,081 GBP 28,700,930 GBP 43,216,772 GBP 41,708,232 GBP 31,561,028 GBP 17,344,646 GBP 42,308,150 GBP 6,980,964 GBP 4,860,441 GBP 11,226,298 GBP 12,854,388 GBP 81,651,968 GBP 98,752,353 GBP 81,041,447 GBP 95,773,730 GBP 83,719,786 GBP 81,296,860 GBP 97,199,670 GBP 2,789,361 GBP 2,940,050 GBP 27,614,020 GBP 13,485,574 GBP 15,627,661 GBP 32,147,751 GBP 33,595,961 GBP 21,805,944 USD 19,632,452 USD 403,611,894 JPY 97,533,776 JPY 3,816,960,953 GBP 964,022 GBP 16,905,735 GBP 1,095,479 GBP 1,147,793 GBP 7,031,568 GBP 8,267 GBP 1,710,293 EUR 196,328,110 EUR 162,833 CHF 4,383,972 Bought
Sold GBP 40,596,541 USD 31,975,654 USD 37,108,006 USD 55,891,474 USD 53,940,005 USD 40,809,703 USD 22,431,936 USD 54,705,707 HKD 70,228,277 HKD 48,583,212 HKD 112,922,296 HKD 129,247,406 EUR 89,323,713 EUR 107,976,812 EUR 88,650,011 EUR 104,736,332 EUR 91,579,305 EUR 88,949,155 EUR 106,277,931 CAD 4,762,592 CAD 5,020,347 AUD 48,986,720 AUD 24,617,106 AUD 27,730,207 AUD 57,026,896 AUD 59,597,890 AUD 38,680,365 GBP 15,304,384 GBP 311,357,550 GBP 722,437 GBP 27,807,341 USD 1,248,570 USD 21,678,554 JPY 147,507,395 EUR 1,263,663 EUR 7,645,737 CHF 9,849 CHF 2,001,966 GBP 178,549,178 GBP 147,865 GBP 3,713,257 Amount
1,442,901,370 1,300,989,404 141,911,966 Gain/(Loss) Unrealised 6,054,782 6,971,571 1,410,176 (916,789) (173,689) (116,516) (41,017) (39,168) (71,094) (68,225) (46,029) (28,857) (61,342) (34,873) (54,691) (57,486) (90,766) (23,136) 373,812 501,218 376,311 471,199 389,204 359,524 494,395 432,820 241,036 505,308 526,953 343,418 243,215 106,551 (5,669) (3,523) 33,389 17,941 18,638 11,459 82,744 25,178 6,956 (686) GBP (22) 126
100.00 (0.06) (0.00) (0.00) (0.01) (0.01) (0.00) (0.00) (0.01) (0.00) (0.01) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.00) (0.00) 90.17 % of 0.00 9.83 0.42 0.48 0.00 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.00 0.00 0.03 0.02 0.04 0.04 0.02 0.10 0.02 0.00 0.00 0.00 0.00 0.00 NAV
89 LAZARD GLOBAL ACTIVE FUNDS PLC 90 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard GlobalListedInfrastructure EquityFund(continued) Portfolios ofInvestments Total Assets Other assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets - The BankofNew York Mellon StreetGlobalMarketsCorp. - State MarketsLLC - RBCCapital - JPMorganChaseBankN.A. - HSBCBankUSA - CitigroupGlobalMarketsInc - BNPParibas SecuritiesCorp The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: % ofTotal Assets 100.00 10.14 89.38 0.48 (Unaudited)(continued) Financial period ended30September 2020 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard GlobalStrategicEquityFund Portfolios ofInvestments Common Stock-98.13%(31March2020:94.15%) Switzerland -4.85%(31March2020:3.84%) Spain -1.84%(31March2020:1.07%) Portugal -1.91%(31March2020:2.21%) Netherlands -2.40%(31March2020:2.28%) Japan -5.13%(31March2020:3.41%) Italy -1.41%(31March2020:1.54%) India -1.09%(31March2020:1.11%) Hong Kong-1.56%(31March2020:1.94%) -2.57%(31March2020:3.18%) Germany France -2.65%(31March2020:3.36%) Denmark -1.95%(31March2020:1.48%) China -4.56%(31March2020:3.74%) Canada -3.14%(31March2020:3.25%) Brazil -0.84%(31March2020:0.00%) Australia -0.80%(31March2020:0.84%) Shares 45,021 18,804 18,397 13,737 18,800 1,729 6,208 7,893 1,155 2,100 2,962 2,533 3,367 4,656 7,564 2,900 1,140 2,542 1,363 4,889 1,537 236 400 976 623 EDP -EnergiasdePortugal SA Enel SpA AIA GroupLtd Lojas RennerSA Idorsia Ltd ABB Ltd SA Siemens GamesaRenewableEnergy Koninklijke DSMNV ASML HoldingNV Z HoldingsCorp Nintendo CoLtd Menicon CoLtd Inc Digital Garage HDFC BankLtd ADR TeamViewer'144A' AG Infineon Technologies AG Vivendi SA Safran SA Genmab A/S Tencent HoldingsLtd Alibaba GroupHoldingLtd ADR Toromont IndustriesLtd TMX GroupLtd CAE Inc Plc Rio Tinto Fair Value 221,283 163,279 181,233 157,345 212,747 277,363 190,341 593,505 125,606 227,392 139,752 100,755 126,549 297,970 166,266 131,704 306,870 210,827 226,219 528,258 193,121 335,137 363,815 152,115 140,176 96,987 46,423 87,022 96,043 71,524 92,740 USD
% of 1.91 1.41 1.56 0.84 0.40 1.36 1.84 2.40 1.65 0.75 5.13 1.09 1.96 1.21 0.87 1.09 2.57 1.43 1.14 2.65 1.82 0.83 1.95 4.56 1.67 2.89 3.14 1.31 1.21 0.62 0.80 NAV
Switzerland -4.85%(31March2020:3.84%) Common Stock-98.13%(31March2020:94.15%)(continued) Shares United Kingdom-10.26%(31March2020:8.62%) ADR - Receipt American Depositary -1.31%(31March2020:0.00%) Germany Preferred Stock-1.31%(31March2020:0.00%) Total CommonStock-(CostUSD8,759,081) United States-51.17%(31March2020:50.62%) Net Assets Net Assets Other Total Investments-(CostUSD8,915,965) Total PreferredStock-(CostUSD156,884) (Unaudited)(continued) 18,016 40,547 36,290 2,247 6,731 1,688 2,419 2,679 1,749 1,752 3,405 2,087 1,134 1,075 4,639 1,756 5,563 1,268 1,138 1,091 7,655 2,956 2,836 177 942 960 829 605 706 957 694 370 960 989 265 408 752 624 Financial period ended30September 2020 Novartis AG Partners GroupHolding AG Clarivate Plc Clarivate Volkswagen Volkswagen AG -Preference Visa Inc-Class A UnitedHealth GroupInc Thermo Fisher ScientificInc Synopsys Inc Starbucks Corp S&P GlobalInc Progressive Corp/The Palo Alto NetworksInc Microsoft Corp Medtronic Plc IQVIA HoldingsInc IPG PhotonicsCorp Intercontinental ExchangeInc Inc Services Fidelity Information National Inc Electronic Arts Dollar GeneralCorp Danaher Corp CyberArk SoftwareLtd Coca-Cola Co/The Inc Baxter International Bank of America Corp Aon Plc Analog DevicesInc American ExpressCo Alphabet Inc-Class A Adobe Inc Accenture Plc-Class A THG HoldingsLtd Tesco Plc RELX Plc Linde Plc Informa Plc Dechra PharmaceuticalsPlc Coca-Cola EuropeanPartners Plc (continued) 11,363,509 11,579,456 11,515,114 Fair Value 5,925,220 1,187,557 195,272 561,914 162,874 208,594 151,605 151,605 191,971 258,457 267,120 151,070 145,033 345,094 229,007 169,856 563,474 181,756 276,168 340,670 141,322 272,166 207,314 244,184 111,177 229,027 141,218 134,013 261,588 132,850 109,373 388,384 200,095 169,944 139,063 111,163 170,723 147,691 175,953 122,835 111,535 64,342 62,889 USD
100.00 98.13 51.17 10.26 99.44 % of 1.68 4.85 1.41 1.80 0.56 1.31 1.31 1.66 2.23 2.31 1.30 1.25 2.98 1.98 1.47 4.87 1.57 2.38 0.54 2.94 1.22 2.35 1.79 2.11 0.96 1.98 1.22 1.16 2.26 1.15 0.94 3.35 1.73 1.47 1.20 0.96 1.48 1.28 1.52 1.06 0.96 NAV
91 LAZARD GLOBAL ACTIVE FUNDS PLC 92 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard GlobalStrategicEquityFund(continued) Portfolios ofInvestments Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets % ofTotal Assets 100.00 98.99 1.01 (Unaudited)(continued) Financial period ended30September 2020 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard GlobalSustainableEquityFund* Portfolios ofInvestments Common Stock-96.51%(31March2020:96.87%) Taiwan -2.69%(31March2020:2.00%) Switzerland -4.55%(31March2020:6.42%) Sweden -3.29%(31March2020:3.09%) Spain -2.02%(31March2020:0.00%) South Africa-2.40%(31March2020:3.37%) Netherlands -1.96%(31March2020:2.23%) Japan -3.51%(31March2020:5.00%) Italy -0.85%(31March2020:0.00%) Israel -1.89%(31March2020:2.16%) India -1.62%(31March2020:1.70%) Hong Kong-1.53%(31March2020:1.97%) -4.76%(31March2020:4.18%) Germany France -1.44%(31March2020:0.00%) Denmark -2.73%(31March2020:0.00%) Canada -0.97%(31March2020:0.97%) Shares 40,000 16,774 55,617 27,476 22,216 34,790 10,946 2,954 2,365 6,261 9,692 5,852 6,275 5,131 8,000 2,800 3,511 7,236 4,029 3,776 2,033 465 Taiwan SemiconductorManufacturingCoLtd SA Siemens GamesaRenewableEnergy Sanlam Ltd Clicks GroupLtd Technogym SpA'144A' AIA GroupLtd Class A - Symrise AG Merck KGaA Infineon Technologies AG EMS-Chemie Holding AG EMS-Chemie Alcon Inc ABB Ltd MIPS AB AB Hexagon Wolters KluwerNV SMS CoLtd Shimano Inc Check Point Software Technologies Ltd HDFC BankLtd ADR Legrand SA Systems A/S Vestas Wind Co Railway Canadian National Fair Value 1,063,641 1,018,359 600,743 452,125 536,429 172,277 364,152 190,151 342,724 408,665 345,347 309,629 417,240 355,470 245,649 735,179 260,939 474,240 438,068 784,157 232,884 551,273 422,514 361,511 321,652 610,981 216,516 USD
% of 2.69 2.02 2.40 0.77 1.63 0.85 1.53 4.76 1.83 1.54 1.39 4.55 1.86 1.59 1.10 3.29 1.17 2.12 1.96 3.51 1.04 2.47 1.89 1.62 1.44 2.73 0.97 NAV
United Kingdom-3.89%(31March2020:4.80%) United ArabEmirates-0.41%(31March2020:0.78%) United States-56.00%(31March2020:58.20%) ADR - Receipt American Depositary Net Assets Net Assets Other Total Investments-(CostUSD16,820,808) Total CommonStock-(CostUSD16,820,808) Common Stock-96.51%(31March2020:96.87%)(continued) * Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets Shares Fund toLazardGlobalSustainableEquityFund. Effective 23June2020, FundnamechangedfromLazardGlobalSustainableEquitySelect (Unaudited)(continued) 26,230 15,572 53,937 13,033 7,400 2,814 5,421 2,174 3,058 1,635 1,825 1,124 2,616 2,877 2,893 4,883 2,697 4,400 5,802 4,798 3,052 2,553 1,916 2,121 2,916 4,186 2,617 3,085 Financial period ended30September 2020 Network International HoldingsPlc'144A' Network International RELX Plc Polypipe Groupplc Halma Plc Accenture Plc-Class A Microsoft Corp Corpof Laboratory America Holdings IQVIA HoldingsInc Intuit Inc Ecolab Inc Deere &Co Danaher Corp Boston ScientificCorp Ball Corp Aon Plc Agilent TechnologiesInc Motorola SolutionsInc Zoetis Inc Xylem Inc/NY Class A Watts Water Technologies- Inc Visa Inc-Class A Trane TechnologiesPlc Thermo Fisher ScientificInc S&P GlobalInc Inc Rockwell Automation PTC Inc Prologis Inc(REIT) MSA SafetyInc 22,360,002 21,578,662 21,578,662 12,521,565 Fair Value 1,140,199 869,686 347,288 299,359 223,039 635,936 409,299 482,033 533,353 364,708 249,112 563,303 497,991 239,136 596,826 492,890 422,917 781,340 727,628 488,064 480,520 610,308 309,551 845,952 764,833 643,503 346,266 263,323 413,914 92,661 % ofTotal Assets USD
100.00 100.00 96.51 96.51 56.00 96.18 % of 0.41 3.89 1.55 1.34 1.00 2.84 1.83 2.16 2.39 1.63 1.11 2.52 2.23 1.07 2.67 2.20 5.10 1.89 3.49 3.25 2.18 2.15 2.73 1.39 3.78 3.42 2.88 1.55 1.18 1.85 3.82 NAV
93 LAZARD GLOBAL ACTIVE FUNDS PLC 94 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard GlobalManagedVolatility Fund Portfolios ofInvestments Common Stock-98.20%(31March2020:96.62%) Australia -2.99%(31March2020:4.86%) Shares Japan -19.16%(31March2020:14.32%) Italy -0.32%(31March2020:0.49%) Hong Kong-0.86%(31March2020:0.26%) France -0.51%(31March2020:0.32%) Finland -0.50%(31March2020:0.00%) Denmark -2.25%(31March2020:1.51%) Canada -0.69%(31March2020:11.50%) Belgium -0.57%(31March2020:0.72%) 102,546 123,028 102,000 172,200 90,436 29,294 19,457 41,200 39,580 31,300 12,500 29,800 12,700 68,700 78,300 81,600 34,000 26,200 67,200 18,900 62,200 49,300 80,400 73,000 33,726 12,539 25,092 9,375 4,848 6,300 4,200 1,165 6,918 9,527 8,700 7,388 AGL Energy Ltd AGL Energy Rio Tinto Ltd Rio Tinto Fortescue MetalsGroupLtd CSL Ltd Aurizon HoldingsLtd ASX Ltd Ajinomoto CoInc Hera SpA Hysan DevelopmentCoLtd Quebecor Inc McDonald's Holdings Co Japan Ltd McDonald's HoldingsCoJapan Kyudenko Corp KDDI Corp Kao Corp Kansai ElectricPower CoInc/The Kaken PharmaceuticalCoLtd PostJapan HoldingsCoLtd Hachijuni BankLtd/The Gunma BankLtd/The Fuji MediaHoldingsInc Electric Power DevelopmentCoLtd Co Railway East Japan DCM HoldingsCoLtd Daiwa SecuritiesGroupInc Daito Trust ConstructionCoLtd Chubu ElectricPower CoInc Chiba BankLtd/The Sun HungKaiPropertiesLtd Orange SA L'Oreal SA Valmet Oyj Elisa Oyj Nordisk A/S Novo Coloplast A/S Telenet GroupHoldingNV Colruyt SA Fair Value 4,312,872 1,139,639 1,522,605 1,037,006 1,164,579 1,241,050 3,249,609 1,742,933 1,506,676 634,717 342,908 998,883 312,914 883,811 360,803 753,820 953,010 665,947 289,281 534,080 321,031 113,393 252,881 861,263 722,760 372,377 599,650 443,690 846,972 454,794 935,856 305,194 730,036 350,940 379,096 718,212 310,448 407,764 990,141 816,650 337,245 479,405 USD
% of 2.99 0.44 0.24 0.69 0.22 0.79 0.61 1.06 0.25 0.52 0.66 0.46 0.20 0.37 0.22 0.08 0.17 0.72 0.81 0.60 0.50 0.26 0.42 0.31 0.59 0.32 0.86 0.65 0.21 0.51 0.25 0.26 0.50 0.22 0.28 2.25 1.21 1.04 0.69 0.57 0.24 0.33 NAV
Japan -19.16%(31March2020:14.32%) Common Stock-98.20%(31March2020:96.62%)(continued) Shares Netherlands -1.63%(31March2020:0.95%) New Zealand-0.57%(31March2020:0.38%) Norway -2.04%(31March2020:1.06%) Singapore -0.26%(31March2020:0.93%) Spain -0.69%(31March2020:0.41%) Sweden -1.00%(31March2020:1.09%) Switzerland -4.27%(31March2020:5.62%) (Unaudited)(continued) 161,040 110,800 216,324 15,000 27,500 69,600 44,500 17,300 37,200 40,400 28,700 12,900 10,700 51,800 12,100 10,300 15,335 58,886 37,141 25,938 55,600 48,962 34,146 31,348 21,774 1,200 8,000 8,300 9,400 9,900 7,100 5,800 7,300 8,404 2,782 4,116 8,096 4,666 Financial period ended30September 2020 Mizuho Financial GroupInc IndustriesLtd Mitsubishi Heavy Nintendo CoLtd MS&AD InsuranceGroupHoldingsInc NTT DOCOMOInc Obayashi Corp Obayashi Ono PharmaceuticalCoLtd Osaka GasCoLtd Seria CoLtd Secom CoLtd Rengo CoLtd Seven &iHoldingsCoLtd Shimachu CoLtd Ship HealthcareHoldingsInc Shizuoka BankLtd/The Sugi HoldingsCoLtd Tohoku ElectricPower CoInc Sundrug CoLtd Sumitomo OsakaCementCoLtd Sumitomo Mitsui Trust HoldingsInc Flow TradersFlow '144A' Yaoko CoLtd Co West Railway Japan Trend MicroInc/Japan Koninklijke Ahold DelhaizeNV Fisher &Paykel HealthcareCorpLtd Orkla ASA Yara ASA International Telenor ASA Singapore ExchangeLtd Singapore Corp Financiera Alba SA Viscofan SA Iberdrola SA Swedish Match AB Match Swedish Axfood AB Galenica AG '144A' Galenica AG Credit SuisseGroup AG Novartis AG (continued) 27,625,306 Fair Value 2,011,639 2,581,083 1,110,263 2,355,880 1,742,782 2,189,229 2,947,407 1,442,991 1,892,231 333,168 682,176 744,842 403,306 543,118 724,765 340,871 758,403 305,025 887,204 437,736 523,624 358,265 855,501 353,908 320,042 274,078 613,098 529,041 286,670 445,430 817,539 323,587 434,591 374,151 116,244 993,446 274,581 602,621 660,538 782,453 325,226 313,762 USD
19.16 % of 0.23 1.39 0.47 0.52 1.79 0.28 0.38 0.50 0.24 0.53 0.21 0.61 0.30 0.36 0.25 0.59 0.25 0.22 0.19 0.77 0.42 0.37 0.20 0.31 1.63 1.21 0.57 1.52 0.22 0.30 2.04 0.26 0.08 0.69 0.19 0.42 0.46 0.54 1.00 0.23 0.22 1.31 NAV
Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard GlobalManagedVolatility Fund(continued) Portfolios ofInvestments Common Stock-98.20%(31March2020:96.62%)(continued) United States-57.68%(31March2020:49.19%) United Kingdom-2.21%(31March2020:1.30%) Switzerland -4.27%(31March2020:5.62%) Shares 410,794 353,445 183,557 17,560 44,780 24,678 29,897 10,206 15,626 14,902 16,049 30,718 13,110 15,517 19,828 16,406 22,372 10,844 4,516 2,671 8,199 6,032 1,990 2,206 9,185 1,756 4,319 7,634 3,838 9,878 3,539 8,603 8,021 7,022 1,402 7,678 8,067 3,537 1,150 4,160 5,096 8,941 8,705 1,393 7,371 165 563 730 Wm MorrisonSupermarketsPlc Vodafone GroupPlc RELX Plc GridPlc National Plc J Sainsbury GlaxoSmithKline Plc Edwards LifesciencesCorp Easterly GovernmentPropertiesInc(REIT) Domino's PizzaInc Dollar GeneralCorp Inc-Class Dolby Laboratories A DaVita Inc CVS HealthCorp Cummins Inc Corp Costco Wholesale Comcast Corp Colgate-Palmolive Co Clorox Co/The Cisco SystemsInc Church &DwightCoInc Inc Charter Communications CH Robinson Worldwide Inc Campbell SoupCo Cadence DesignSystemsInc Bristol-Myers SquibbCo Booz Allen HamiltonHolding Corp-Class A Best BuyCoInc Bank ofNew York Mellon Corp/The Corp Atmos Energy AT&T Inc Inc AptarGroup Inc Apple AmerisourceBergen Corp-Class A American Tower Corp(REIT) Amdocs Ltd Amazon.com Inc Altria GroupInc Alphabet Inc Akamai TechnologiesInc Agilent TechnologiesInc Adobe Inc Activision BlizzardInc Accenture Plc-Class A AbbVie Inc 3M Co TecanGroup AG Swisscom AG Holding AG Roche (continued) Fair Value 3,188,371 1,135,923 1,718,674 1,238,180 1,930,411 1,209,982 1,228,538 1,096,341 1,195,430 1,361,370 1,151,645 1,394,367 6,155,085 2,521,877 901,765 468,909 388,689 515,495 451,247 462,266 360,467 669,992 676,454 516,641 912,558 420,208 783,130 689,367 441,359 750,557 814,013 427,131 339,211 338,293 637,826 973,860 928,912 680,572 338,905 440,794 519,540 419,012 827,385 891,726 357,025 563,994 336,752 783,142 363,053 738,936 USD
% of 2.21 0.63 0.32 0.27 0.36 0.31 0.32 0.25 0.46 0.79 1.19 0.47 0.36 0.63 0.29 0.54 0.48 0.86 1.34 0.84 0.85 0.76 0.31 0.52 0.56 0.83 0.94 0.30 0.23 0.23 0.44 0.68 0.64 0.47 0.23 0.31 0.36 0.29 0.57 0.62 0.25 0.39 0.23 0.80 0.54 0.97 4.27 0.25 0.51 1.75 NAV
United States-57.68%(31March2020:49.19%) Common Stock-98.20%(31March2020:96.62%)(continued) Shares (Unaudited)(continued) 15,053 32,881 13,992 35,133 21,103 13,892 17,037 14,610 14,356 24,708 28,176 15,867 13,500 11,873 13,035 66,981 55,654 36,266 2,931 7,860 5,865 6,129 8,930 3,862 2,459 9,521 1,703 6,681 1,911 5,385 6,597 5,036 3,261 1,095 2,474 3,653 4,396 9,967 2,199 5,125 8,433 1,083 5,967 5,045 2,928 8,959 2,534 6,576 1,186 1,249 361 585 Financial period ended30September 2020 Walmart Inc Waste Inc Management Werner EnterprisesInc Weis MarketsInc Electronic Arts Inc Electronic Arts Eli LillyandCo F5 NetworksInc General MillsInc FoodsFlowers Inc Facebook Inc-Class A Gilead SciencesInc Hormel Foods Corp Home DepotInc/The Hershey Co/The IDEXX Laboratories Inc IDEXX Laboratories Lockheed MartinCorp Kroger Co/The Kimberly-Clark Corp Kellogg Co Juniper NetworksInc Johnson & JB Hunt Transport Inc Services & Jack Henry Inc Associates J MSmuckerCo/The Intuit Inc Merck &CoInc McKesson Corp Northrop GrummanCorp Microsoft Corp Mettler-Toledo Inc International Pfizer Inc PepsiCo Inc Procter &GambleCo/The Pool Corp Progressive Corp/The Republic Services Inc-Class Republic Services A Regeneron PharmaceuticalsInc QUALCOMM Inc S&P GlobalInc Target Corp Synopsys Inc Sprouts Farmers MarketInc Southwest GasHoldingsInc Sirius XMHoldingsInc Silgan HoldingsInc Sempra Energy TD Ameritrade HoldingCorp Thermo Fisher ScientificInc Tractor SupplyCo Verizon Inc Communications UnitedHealth GroupInc Vertex PharmaceuticalsInc (continued) Fair Value 2,106,065 1,321,819 2,028,100 1,717,652 2,063,963 2,051,293 1,100,420 2,137,321 2,049,529 1,152,485 1,034,059 1,381,426 2,205,354 1,260,225 1,869,048 1,276,819 2,046,398 1,118,812 2,157,464 339,878 331,701 330,041 281,520 799,283 474,138 340,425 644,012 601,632 472,940 957,655 751,233 715,603 314,115 833,729 818,803 376,711 357,200 368,453 924,611 348,636 735,653 485,184 327,471 992,395 390,530 272,823 318,339 359,018 346,558 350,745 942,604 369,759 USD
% of 0.24 1.46 0.23 0.23 0.19 0.55 0.92 0.33 0.24 0.45 1.41 0.42 0.33 0.66 1.19 0.52 0.50 0.22 0.58 0.57 0.26 0.25 1.43 1.42 0.76 1.48 0.26 1.42 0.64 0.24 0.80 0.72 0.96 0.51 1.53 0.34 0.23 0.69 0.87 0.27 0.19 0.22 0.25 0.24 1.30 0.89 1.42 0.24 0.78 0.65 0.26 1.50 NAV
95 LAZARD GLOBAL ACTIVE FUNDS PLC 96 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard GlobalManagedVolatility Fund(continued) Portfolios ofInvestments Common Stock-98.20%(31March2020:96.62%)(continued) Shares United States-57.68%(31March2020:49.19%) Total Investments-(CostUSD131,628,361) Total CommonStock-(CostUSD131,628,361) 18,657 2,162 2,734 5,882 1,290 West Inc PharmaceuticalServices Zoetis Inc Inc Xcel Energy WW GraingerInc Western UnionCo/The (continued) 141,577,303 141,577,303 83,163,763 Fair Value 452,122 405,917 460,233 399,820 594,334 USD
98.20 98.20 57.68 % of 0.31 0.28 0.32 0.28 0.41 NAV
Total Assets Other assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets - The BankofNew York Mellon The counterpartyfortheopenforwardforeigncurrency exchangecontractsis: Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value contracts Net unrealisedlossonforwardforeigncurrency exchange contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 15/10/20 15/10/20 15/10/20 15/10/20 Open forwardforeigncurrency exchange contracts-(0.06)%(31March2020:(0.27)%) Date Maturity (Unaudited)(continued)
Financial period ended30September 2020 USD 193,340 USD 144,415 EUR 10,025,751 EUR 125,700 Amount Bought
Sold EUR 165,159 EUR 122,005 USD 11,850,314 USD 147,350 Amount
144,175,724 141,486,495 Gain/(Loss) Unrealised 2,689,229 (90,808) (92,207) (91,843) 1,399 1,325 % ofTotal Assets (364) USD 74
100.00 100.00 (0.06) (0.06) (0.06) (0.00) 98.14 97.99 % of 0.00 1.86 0.00 0.00 NAV 2.01 0.00
Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard GlobalThematicFund Portfolios ofInvestments Common Stock-96.01%(31March2020:95.63%) Netherlands -2.36%(31March2020:3.08%) Japan -6.20%(31March2020:7.17%) Indonesia -0.24%(31March2020:0.28%) India -1.22%(31March2020:1.26%) Hong Kong-0.91%(31March2020:1.08%) -4.13%(31March2020:4.19%) Germany France -5.34%(31March2020:4.95%) Denmark -1.29%(31March2020:0.67%) China -3.25%(31March2020:3.33%) Canada -4.35%(31March2020:4.15%) Shares 285,200 22,400 22,000 2,952 8,155 3,200 3,000 4,300 7,200 2,200 9,800 1,300 6,617 4,618 5,547 1,967 6,565 2,311 2,276 1,737 1,180 1,015 1,652 1,938 4,300 5,538 5,145 9,615 3,841 590 517 934 132 Bank Rakyat IndonesiaPersero Bank Rakyat Tbk PT AIA GroupLtd Wolters KluwerNV Dutch ShellPlc Royal ASML HoldingNV Sysmex Corp Corp Sony Seven &iHoldingsCoLtd Nexon CoLtd Kao Corp Kansai Paint CoLtd FANUC Corp ICICI BankLtd ADR HDFC BankLtd ADR Siemens Healthineers AG '144A' SAP SE Infineon Technologies AG Beiersdorf AG Schneider ElectricSE Safran SA Remy CointreauSA Pernod RicardSA LVMH MoetHennessyLouis Vuitton SE EssilorLuxottica SA Systems A/S Vestas Wind Tencent HoldingsLtd Ping An InsuranceGroupCoofChinaLtd'H' Alibaba GroupHoldingLtd ADR Nutrien Ltd Kirkland LakeGoldLtd Barrick GoldCorp MinesLtd(Units) Agnico Eagle MinesLtd Agnico Eagle Fair Value 1,504,471 1,003,901 1,297,140 1,054,981 220,667 572,370 252,032 102,783 217,555 305,389 229,455 132,926 178,811 165,088 243,414 249,388 295,760 230,715 249,083 306,310 185,704 262,804 282,488 170,929 215,391 161,985 241,697 224,650 313,581 787,887 286,352 226,958 274,577 217,256 251,157 270,278 305,782 58,506 65,045 10,508 USD
% of 0.24 0.91 2.36 1.04 0.42 0.90 6.20 1.26 0.94 0.55 0.74 0.68 1.00 1.03 1.22 0.27 0.95 4.13 1.03 1.26 0.76 1.08 5.34 1.16 0.70 0.89 0.67 1.00 0.92 1.29 3.25 1.18 0.94 1.13 4.35 0.90 1.04 1.11 1.26 0.04 NAV
United Kingdom-8.42%(31March2020:9.59%) Peru -0.22%(31March2020:0.33%) Norway -0.69%(31March2020:0.80%) United States-49.39%(31March2020:47.75%) Singapore -0.31%(31March2020:0.86%) Spain -3.41%(31March2020:2.76%) Switzerland -1.02%(31March2020:1.16%) Sweden -2.15%(31March2020:2.22%) Taiwan -1.11%(31March2020:0.00%) Common Stock-96.01%(31March2020:95.63%)(continued) Shares (Unaudited)(continued) 36,498 11,810 44,744 10,728 13,807 22,526 10,940 11,908 4,356 2,873 1,247 6,556 8,444 1,162 5,206 2,368 4,711 1,956 6,300 5,858 1,537 2,408 4,436 1,283 2,162 3,009 3,535 8,268 2,095 3,316 435 950 137 139 503 82 Financial period ended30September 2020 Taiwan SemiconductorManufacturingCoLtd ADR BP Plc Equinor ASA Unilever Plc Rentokil InitialPlc RELX Plc Reckitt BenckiserGroupPlc Prudential Plc Linde Plc Plc Diageo Compass GroupPlc Credicorp Ltd Accenture Plc-Class A Iberdrola SA DBS GroupHoldingsLtd Colgate-Palmolive Co Coca-Cola Co/The Chevron Corp Boston ScientificCorp Bank of America Corp Autodesk Inc Plc Aptiv Inc Materials Applied Inc Apple Aon Plc Analog DevicesInc Amazon.com Inc Alphabet Inc-Class A Alphabet Inc Adobe Inc Activision BlizzardInc AB Hexagon AB Assa Abloy SA Siemens GamesaRenewableEnergy Industria deDiseno Textil SA Nestle SA Fair Value 2,043,493 105,968 166,670 268,828 268,408 307,939 237,464 280,098 197,119 295,146 224,597 126,754 262,600 277,248 182,691 232,582 140,832 240,723 141,119 219,459 140,912 143,156 513,733 264,683 252,392 258,196 200,787 204,274 246,686 243,579 522,514 267,162 255,352 828,090 320,967 229,875 248,555 53,936 76,571 USD
% of 0.44 0.69 1.11 8.42 1.11 1.27 0.98 1.15 0.81 1.22 0.92 0.52 0.22 1.08 1.14 0.31 0.75 0.96 0.58 0.99 0.58 0.90 0.58 0.59 2.12 1.09 1.04 1.06 0.83 0.84 1.02 1.00 2.15 1.10 1.05 3.41 1.32 0.95 1.02 NAV
97 LAZARD GLOBAL ACTIVE FUNDS PLC 98 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard GlobalThematicFund(continued) Portfolios ofInvestments Common Stock-96.01%(31March2020:95.63%)(continued) Shares Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets United States-49.39%(31March2020:47.75%) Other Net Assets Other Total Investments-(CostUSD16,731,728) Total CommonStock-(CostUSD16,731,728) ADR - Receipt American Depositary Net Assets 1,385 1,954 2,230 1,998 1,106 4,633 2,696 2,051 1,952 1,218 1,272 1,085 3,425 2,071 1,676 4,106 2,349 2,221 2,470 1,369 6,189 1,750 1,667 2,402 1,374 1,674 1,482 1,175 1,122 698 911 808 768 839 374 Danaher Corp Zoetis Inc Waste Inc Management Walt DisneyCo/The Visa Inc-Class A US Bancorp Truist Financial Corp Thermo Fisher ScientificInc Texas InstrumentsInc TE ConnectivityLtd Corp Stryker salesforce.com Inc Inc Rockwell Automation PTC Inc PPG IndustriesInc PNC FinancialGroupInc/The Services ResourcesCo Pioneer Natural Oracle Corp Inc NextEra Energy Newmont Corp Microsoft Corp Medtronic Plc Mastercard Inc M&T BankCorp Corpof Laboratory America Holdings plc Johnson ControlsInternational Johnson & IQVIA HoldingsInc Intuit Inc Intercontinental ExchangeInc Inc Honeywell International Inc Services Fidelity Information National EOG ResourcesInc Ecolab Inc Deere &Co (continued) 23,306,835 23,306,835 11,988,914 24,274,701 Fair Value 323,133 252,369 247,912 221,167 166,093 102,583 308,181 292,862 190,788 253,795 319,679 239,438 283,316 252,828 184,209 245,128 224,268 149,845 467,143 256,682 259,715 257,742 252,821 260,540 262,769 122,003 240,320 226,174 246,430 234,812 248,669 298,232 967,866 78,337 77,264 53,263 % ofTotal Assets USD
100.00 100.00 95.66 96.01 96.01 49.39 % of 4.34 1.33 1.04 1.02 0.91 0.68 0.42 1.27 1.21 0.79 1.05 1.32 0.99 1.17 1.04 0.76 0.32 1.01 0.92 0.62 1.93 1.06 1.07 0.32 1.06 1.04 1.07 1.08 0.50 0.99 0.93 1.02 0.22 0.97 1.02 1.23 3.99 NAV
(Unaudited)(continued) Financial period ended30September 2020 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard GlobalThematicFocusFund Portfolios ofInvestments United Kingdom-3.32%(31March2020: 4.13%) Common Stock-95.32%(31March2020:96.01%) Taiwan -2.09%(31March2020:0.00%) Sweden -3.99%(31March2020:4.36%) Spain -1.77%(31March2020:2.11%) Singapore -0.60%(31March2020:1.53%) Peru -0.44%(31March2020:0.66%) Netherlands -3.71%(31March2020:4.61%) Japan -5.49%(31March2020:6.32%) Indonesia -0.47%(31March2020:0.56%) India -2.17%(31March2020:2.32%) Hong Kong-1.77%(31March2020:2.14%) -3.86%(31March2020:3.38%) Germany France -5.91%(31March2020:5.68%) China -6.36%(31March2020:6.46%) Shares 1,915,700 151,269 141,500 67,241 91,301 21,726 21,843 73,090 53,591 34,115 21,324 45,700 96,254 43,458 28,051 12,849 44,157 15,301 11,104 29,600 19,838 3,352 2,991 3,881 6,518 Taiwan SemiconductorManufacturingCoLtd ADR RELX Plc Prudential Plc Hexagon AB Hexagon AB Assa Abloy Industria deDiseno Textil SA DBS GroupHoldingsLtd Corp ADR Sony Nexon CoLtd FANUCCorp ADR ICICI BankLtd ADR HDFC BankLtd ADR AIA GroupLtd SAP SE Infineon Technologies AG Schneider ElectricSE LVMH MoetHennessyLouis Vuitton SE EssilorLuxottica SA Tencent HoldingsLtd Ping An InsuranceGroupCoofChinaLtd'H' Credicorp Ltd Wolters KluwerNV ASML HoldingNV IndonesiaPersero Bank Rakyat Tbk PT Alibaba GroupHoldingLtd ADR Fair Value 2,791,857 1,488,375 1,303,482 1,761,327 3,356,813 1,650,810 1,706,003 1,489,987 4,615,795 1,636,617 1,134,952 1,844,226 1,828,620 1,401,428 1,490,182 3,249,974 2,000,906 1,249,068 4,976,152 1,899,099 1,567,059 1,509,994 5,347,082 1,971,169 1,459,751 3,124,772 1,693,702 1,431,070 1,916,162 501,772 427,192 370,854 392,987 USD
% of 3.32 1.77 1.55 2.09 3.99 1.96 2.03 1.77 0.60 5.49 1.95 1.35 2.19 2.17 0.51 1.66 1.77 3.86 2.38 1.48 5.91 2.26 1.86 1.79 6.36 2.34 1.74 0.44 3.71 2.01 1.70 0.47 2.28 NAV
United States-53.37%(31March2020:51.75%) ADR - Receipt American Depositary Net Assets Net Assets Other Total Investments-(CostUSD70,778,531) Total CommonStock-(CostUSD70,778,531) Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets Common Stock-95.32%(31March2020:96.01%)(continued) Shares (Unaudited)(continued) 19,400 14,804 10,225 15,184 26,692 16,180 11,385 42,460 23,420 26,437 13,531 13,075 12,693 13,216 7,616 3,304 1,787 6,277 9,140 7,391 2,466 5,231 7,335 8,799 7,520 538 Financial period ended30September 2020 Activision BlizzardInc Accenture Plc-Class A Adobe Inc Alphabet Inc-Class A Analog DevicesInc Amazon.com Inc Autodesk Inc Plc Aptiv Inc Materials Applied Inc Apple Aon Plc Intercontinental ExchangeInc Inc Services Fidelity Information National Deere &Co Johnson Controls International plc Johnson ControlsInternational Intuit Inc PTC Inc Oracle Corp Microsoft Corp Mastercard Inc Rockwell Automation Inc Rockwell Automation Texas InstrumentsInc TE ConnectivityLtd salesforce.com Inc Walt DisneyCo/The Visa Inc-Class A 84,137,138 80,201,919 80,201,919 44,903,745 Fair Value 1,570,430 1,721,140 1,620,381 2,619,027 1,728,219 1,694,017 1,450,050 3,091,201 1,885,582 1,618,809 1,675,986 1,638,067 1,734,491 1,937,302 1,578,289 2,845,975 1,768,967 1,618,688 1,866,979 1,240,614 2,211,365 3,935,219 1,639,841 1,503,774 937,428 902,689 804,434 % ofTotal Assets USD
100.00 100.00 95.32 95.32 53.37 94.07 % of 1.87 2.05 1.93 3.11 2.05 2.01 1.12 1.07 1.72 3.67 2.24 1.92 1.99 1.95 0.96 2.06 2.30 1.88 3.38 2.10 1.92 2.22 1.48 2.63 4.68 1.95 1.79 5.93 NAV
99 LAZARD GLOBAL ACTIVE FUNDS PLC 100 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard GlobalEquityFranchiseFund Portfolios ofInvestments Common Stock-93.51%(31March2020:97.40%) Total Investments-(CostUSD316,250,359) Total CommonStock-(CostUSD316,250,359) Belgium -2.76%(31March2020:2.83%) Shares United States-60.88%(31March2020:74.39%) United Kingdom-6.03%(31March2020:0.00%) Spain -2.67%(31March2020:4.34%) Luxembourg -5.04%(31March2020:5.70%) Italy -4.98%(31March2020:1.80%) -4.01%(31March2020:6.28%) Germany France -7.14%(31March2020:2.06%) 1,045,981 1,220,704 1,029,615 2,084,104 1,693,736 878,396 251,438 142,973 290,585 498,773 724,665 173,513 132,848 149,420 253,959 126,989 524,184 292,422 322,444 372,820 138,851 530,124 80,509 96,551 65,958 Tapestry Inc Stericycle Inc Oracle Corp Omnicom GroupInc Nielsen HoldingsPlc Medtronic Plc MEDNAX Inc McKesson Corp Game International Technology Plc Intel Corp ScheinInc Henry H&R BlockInc Anheuser-Busch InBevSA/NV CVS HealthCorp Cognizant Technology SolutionsCorp United UtilitiesGroupPlc EssilorLuxottica SA Cisco SystemsInc GridPlc National Ferrovial SA SES SAReceipt-Class A Snam SpA Atlantia SpA Fresenius MedicalCare AG &CoKGaA SA Bureau Veritas 178,111,709 273,549,329 273,549,329 13,729,330 15,855,680 14,383,958 14,832,011 14,379,340 19,885,268 14,831,206 11,518,503 17,649,041 11,852,638 14,744,474 11,724,380 20,876,623 11,907,223 14,555,364 Fair Value 8,535,488 8,366,495 8,120,024 8,065,522 8,984,503 7,808,805 8,815,576 5,796,403 8,969,400 8,065,397 7,822,341 8,708,915 5,846,449 USD
93.51 93.51 60.88 % of 4.69 5.42 2.92 4.92 5.07 2.86 2.77 4.91 2.76 3.07 2.67 6.80 5.07 3.01 3.94 6.03 1.98 4.05 5.04 4.01 7.14 3.07 4.07 2.76 2.67 4.98 2.98 2.00 NAV
Total Assets Other assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets - The BankofNew York Mellon The counterpartyfortheopenforwardforeigncurrency exchangecontractsis: Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value contracts Net unrealisedlossonforwardforeigncurrency exchange contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 15/10/20 15/10/20 15/10/20 15/10/20 Open forwardforeigncurrency exchange contracts-(0.00)%(31March2020:(0.01)%) Date Maturity (Unaudited)(continued) Financial period ended30September 2020 USD 9,323 USD 3,803 EUR 182,656 EUR 5,091 Bought Amount EUR 7,973 EUR 3,236 USD 215,889 USD 5,956 Sold Amount 292,548,873 273,547,656 Gain/(Loss) 19,001,217 Unrealised (1,673) (1,693) (1,664) % ofTotal Assets USD (29) 20 15 5 100.00 100.00 (0.00) (0.00) (0.00) (0.00) 93.51 93.32 % of 6.49 0.00 0.00 0.00 NAV 6.68 0.00 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard European EquityFund Portfolios ofInvestments Common Stock-96.61%(31March2020:97.05%) Italy -5.36%(31March2020:5.16%) Ireland -2.49%(31March2020:0.79%) -18.87%(31March2020:19.24%) Germany France -20.40%(31March2020:22.55%) Finland -0.65%(31March2020:1.93%) Denmark -6.27%(31March2020:5.35%) China -1.74%(31March2020:2.13%) Austria -1.41%(31March2020:1.16%) Shares 34,288 90,241 20,114 36,455 22,546 10,326 16,636 26,610 13,787 21,034 51,322 10,744 25,825 3,397 7,994 4,755 3,536 7,768 2,672 1,340 1,930 7,882 1,366 6,188 2,657 2,561 9,357 3,569 1,695 2,975 2,331 4,316 4,470 1,055 4,063 4,970 767 UniCredit SpA Enel SpA Group SpA Cerved Banca Farmafactoring SpA'144A' Bank Abp Nordea BAWAG Group AG '144A' Ryanair HoldingsPlc Ryanair GroupPlc Kerry Vonovia SE Class A - Symrise AG '144A' Scout24 AG SAP SE Puma SE Knorr-Bremse AG Group AG KION SE Deutsche Wohnen HeroSE'144A' Delivery '144A' Covestro AG Continental AG Beiersdorf AG adidas AG Vivendi SA SPIE SA Sanofi Safran SA Orange SA LVMH MoetHennessyLouis Vuitton SE Eurazeo SE Engie SA BNP Paribas SA AXA SA Amundi SA'144A' Alstom SA Systems A/S Vestas Wind Genmab A/S Carlsberg AS Prosus NV Fair Value 1,206,810 4,244,545 1,031,736 4,589,773 1,410,233 241,172 668,324 122,543 174,771 146,480 317,428 560,615 188,673 371,942 468,537 561,061 263,239 205,341 135,007 141,371 336,380 134,020 262,054 245,667 248,396 211,736 632,589 210,485 800,220 299,546 186,678 675,854 137,328 585,051 331,965 406,617 140,163 183,277 616,887 326,735 466,611 390,911 EUR
18.87 20.40 % of 5.36 1.07 2.97 0.54 0.78 0.65 1.41 2.49 0.84 1.65 2.08 2.49 1.17 4.59 0.91 0.60 0.63 1.50 0.60 1.17 1.09 1.10 0.94 2.81 0.94 3.56 1.33 0.83 3.00 0.61 2.60 1.48 1.81 0.62 0.81 6.27 2.74 1.45 2.08 1.74 NAV
Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets Netherlands -7.22%(31March2020:6.80%) Sweden -3.07%(31March2020:1.51%) Spain -2.97%(31March2020:3.57%) Portugal -2.01%(31March2020:2.59%) Norway -0.57%(31March2020:0.89%) Switzerland -15.44%(31March2020:14.99%) United Kingdom-8.14%(31March2020:7.70%) Net Assets Net Assets Other Total Investments-(CostEUR21,043,762) Total PreferredStock-(CostEUR679,820) -2.37%(31March2020:1.61%) Germany Preferred Stock-2.37%(31March2020:1.61%) Total CommonStock-(CostEUR20,363,942) Common Stock-96.61%(31March2020:97.05%)(continued) Shares (Unaudited)(continued) 193,665 15,228 33,349 44,959 10,647 31,111 19,791 16,700 10,465 14,902 14,319 2,434 5,899 5,478 1,071 5,606 2,584 6,435 2,232 2,579 8,105 999 545 57 Financial period ended30September 2020 Industria deDiseno Textil SA Banco SantanderSA Galp EnergiaSGPSSA EDP -EnergiasdePortugal SA Equinor ASA Wolters KluwerNV Koninklijke DSMNV JDE Peet's BV Euronext NV'144A' ASML HoldingNV ABB Ltd Sandvik AB AB Hexagon Novartis AG Givaudan SA Zurich AG Flughafen Alcon Inc Roche Holding AG Roche Porsche Automobil HoldingSE-Preference Unilever NV RELX Plc Linde Plc Coca-Cola EuropeanPartners Plc VAT Group AG '144A' 22,498,471 22,269,936 21,737,026 Fair Value 1,624,826 1,237,812 1,832,177 3,473,481 668,830 361,107 307,723 452,123 263,649 188,474 128,155 177,240 829,145 190,074 114,183 314,184 672,540 690,639 329,279 361,360 209,540 301,794 311,609 651,319 228,535 532,910 532,910 767,314 272,371 520,623 271,869 88,867 % ofTotal Assets EUR
100.00 100.00 15.44 98.98 96.61 97.93 % of 7.22 2.97 1.60 1.37 2.01 1.17 0.84 0.57 0.79 3.68 0.84 0.51 1.40 2.99 3.07 1.46 1.61 0.93 1.34 1.39 5.50 2.89 8.14 1.02 2.37 2.37 3.41 1.21 2.31 1.21 0.40 NAV 2.07
101 LAZARD GLOBAL ACTIVE FUNDS PLC 102 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard Pan-European SmallCapFund Portfolios ofInvestments Common Stock-96.90%(31March2020:96.13%) Austria -1.33%(31March2020:1.33%) Shares Germany -15.51%(31March2020:15.49%) Germany France -2.02%(31March2020:3.48%) Finland -3.25%(31March2020:2.85%) Denmark -3.20%(31March2020:2.79%) Belgium -5.26%(31March2020:6.23%) Ireland -1.00%(31March2020:1.84%) Jersey -1.94%(31March2020:2.50%) Italy -7.63%(31March2020:6.33%) 220,421 308,027 276,750 211,208 33,141 24,525 84,790 37,293 26,533 18,800 45,747 39,949 40,990 28,402 35,358 17,663 20,831 53,732 62,095 17,383 33,687 32,194 52,096 36,288 74,244 87,899 42,051 30,457 8,510 9,805 1,333 6,804 6,344 BAWAG Group AG '144A' Aroundtown SA Aroundtown Kaufman &BroadSA Altia Oyj Barco NV TeamViewer'144A' AG Stabilus SA PATRIZIA AG Immobilien AG LEG '144A' JOST Werke AG AG Flatex AG Encavis HoldingSE Dermapharm '144A' Covestro AG CompuGroup MedicalSE&CoKgaA Rubis SCA Kojamo Oyj Kemira Oyj Unibrew A/S Royal A/S International ROCKWOOL Group Netcompany A/S '144A' SA Shurgard SelfStorage Kinepolis GroupNV Fagron Dalata HotelGroupPlc Dalata JTC Plc'144A' Banca GeneraliSpA Tinexta Spa Reply SpA Italgas SpA Illimity BankSpA El.En. SpA GroupSpA Cerved 11,837,454 Fair Value 1,018,776 1,117,501 1,064,254 1,036,139 1,374,024 1,747,688 1,612,223 1,541,447 2,481,748 2,444,051 1,527,854 4,013,738 1,253,121 1,120,337 1,480,340 5,823,968 1,230,486 1,137,628 943,370 475,258 748,005 774,008 944,984 712,576 828,871 984,044 674,605 823,099 435,807 480,390 973,972 666,308 761,803 622,702 794,629 912,584 185,557 940,382 EUR
15.51 % of 1.33 1.46 1.24 1.40 1.36 1.80 2.29 0.62 2.11 0.98 1.01 1.24 2.02 0.93 1.09 3.25 1.29 0.88 1.08 3.20 2.00 0.57 0.63 5.26 1.64 1.28 1.47 0.87 1.00 1.94 7.63 1.61 0.82 1.49 1.04 1.20 0.24 1.23 NAV
Netherlands -7.78%(31March2020:5.96%) Norway -1.34%(31March2020:0.50%) Portugal -1.22%(31March2020:1.27%) Spain -1.48%(31March2020:3.80%) Sweden -13.86%(31March2020:12.96%) Switzerland -3.85%(31March2020:2.72%) United Kingdom-26.23%(31March2020:26.08%) Common Stock-96.90%(31March2020:96.13%)(continued) Shares (Unaudited)(continued) 128,347 145,762 289,121 155,459 172,483 302,629 126,151 316,727 38,874 57,253 10,851 61,545 17,564 68,619 88,459 92,535 24,904 41,223 89,505 87,367 18,718 71,461 11,139 12,551 78,428 27,370 64,095 93,480 24,419 49,729 37,173 64,696 52,395 3,476 8,186 7,114 7,633 1,474 8,246 7,523 Financial period ended30September 2020 Aalberts NV Arcadis NV Shop EuropeNV'144A' Apotheke Euronext NV'144A' NV ASM International Van LanschotKempenNVDutchCert Crayon GroupHolding ASA '144A' Entra ASA '144A' Entra ASA Corticeira Amorim SGPSSA Bankinter SA Merlin PropertiesSocimiSA(REIT) Arjo AB Fastighets AB Balder-ClassB Granges AB Getinge AB Karnov Group AB Karnov Hexpol AB Lifco AB Nobina AB '144A' Nobina AB AB International Lindab Nordic EntertainmentGroup AB Siegfried Holding AG Siegfried SA Logitech International Cembra MoneyBank AG Recipharm AB Swissquote GroupHoldingSA Group AB Stillfront Auto Trader GroupPlc'144A' Ascential Plc'144A' 3i GroupPlc Bellway Plc Bellway Big Yellow GroupPlc(REIT) Britvic Plc Electrocomponents Plc Dechra PharmaceuticalsPlc Future Plc Gamma Communications Plc Gamma Communications GB GroupPlc Hunting Plc Greggs Plc 10,585,165 Fair Value 1,197,372 1,057,714 1,326,605 5,940,866 1,020,610 1,128,256 1,078,824 1,486,671 1,298,791 1,058,533 2,937,963 1,337,635 1,064,134 1,058,439 519,260 872,736 967,179 196,056 824,554 929,375 471,000 657,256 769,759 764,700 683,210 503,420 872,905 676,436 859,999 544,257 762,070 771,637 974,789 858,662 705,827 732,781 844,430 984,177 865,465 675,418 498,360 448,874 674,742 54,281 EUR
13.86 % of 1.57 1.38 0.68 1.14 1.74 1.27 7.78 0.26 1.08 1.34 1.22 0.62 0.86 1.48 1.01 1.41 0.07 1.00 0.89 1.95 0.66 1.14 1.70 0.89 1.13 0.71 1.00 1.39 1.01 3.85 1.75 1.28 1.13 1.39 0.92 0.96 1.11 1.29 1.13 1.39 0.88 0.65 0.59 0.88 NAV
Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard Pan-European SmallCapFund(continued) Portfolios ofInvestments Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets Common Stock-96.90%(31March2020:96.13%)(continued) United Kingdom-26.23%(31March2020:26.08%) Shares Net Assets Net Assets Other Total Investments-(CostEUR74,182,052) Total CommonStock-(CostEUR74,182,052) 706,142 310,378 171,715 140,697 190,405 106,106 295,686 67,473 85,035 90,396 Weir GroupPlc/The Volution GroupPlc Synthomer Plc Smart MeteringSystemsPlc Sabre InsuranceGroupPlc'144A' Polypipe Groupplc Pennon GroupPlc On theBeachGroupPlc'144A' JD SportsFashion Plc IMI Plc (continued) 76,334,601 73,967,473 73,967,473 20,021,913 Fair Value 1,312,129 1,079,742 1,229,809 1,202,782 2,367,128 1,038,837 927,558 393,172 901,335 791,425 759,026 % ofTotal Assets EUR
100.00 100.00 94.41 96.90 96.90 26.23 % of 5.59 1.22 1.72 1.41 1.61 0.52 1.18 1.58 1.04 3.10 0.99 1.36 NAV
(Unaudited)(continued) Financial period ended30September 2020 103 LAZARD GLOBAL ACTIVE FUNDS PLC 104 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard USEquityConcentratedFund Portfolios ofInvestments Common Stock-97.69%(31March2020:97.32%) Telecommunications -1.08%(31March2020:3.62%) Software -7.89%(31March2020:8.35%) Semiconductors -9.53%(31March2020:9.26%) Retail -15.85%(31March2020:12.03%) REITS -12.34%(31March2020:11.89%) Office/Business Equipment-1.45%(31March2020:1.50%) Leisure Time -1.73%(31March2020:1.48%) Internet -7.36%(31March2020:6.06%) Healthcare-Products -11.60%(31March2020:12.14%) Environmental Control-3.77%(31March2020:2.68%) -8.12%(31March2020:9.30%) Diversified FinancialServices Computers -4.11%(31March2020:3.21%) -4.58%(31March2020:4.42%) Commercial Services Building Materials-6.49%(31March2020:8.42%) Shares 165,393 201,329 122,596 134,022 124,571 142,151 391,647 224,587 187,006 138,343 155,175 254,211 175,737 263,850 187,116 349,786 133,502 234,494 69,958 81,825 36,361 42,420 30,227 20,768 66,980 Skyworks SolutionsInc Starbucks Corp McDonald's Corp CosInc Lowe's (REIT) Public Storage Prologis Inc(REIT) CDW Corp/DE Medtronic Plc Visa Inc-Class A Motorola SolutionsInc Inc Electronic Arts Analog DevicesInc Dollar TreeInc Corp(REIT) CastleInternational Crown Zebra TechnologiesCorp Corp/DE Brunswick Alphabet Inc-Class A Inc Baxter International Waste Inc Management Intercontinental ExchangeInc Inc Apple S&P GlobalInc Fiserv Inc Vulcan Co Materials Armstrong World IndustriesInc 50,282,968 24,064,682 26,218,286 83,516,801 17,298,188 26,908,596 22,228,889 17,081,128 65,081,797 27,744,453 14,303,234 23,034,110 38,799,661 30,437,581 61,143,605 40,699,956 20,443,649 19,888,156 42,760,737 16,362,545 26,398,192 21,669,904 24,152,988 41,577,439 36,045,447 34,230,393 18,094,861 16,135,532 Fair Value 8,362,080 5,701,768 5,531,992 7,631,109 9,141,359 USD
15.85 12.34 11.60 % of 9.53 4.56 4.97 3.28 5.11 4.22 3.24 5.26 2.71 4.37 7.36 1.59 5.77 7.72 3.88 3.77 8.12 3.11 5.01 4.11 4.58 1.08 7.89 6.84 1.05 1.45 1.73 6.49 3.43 3.06 NAV
Total Assets Other assets Financial instruments derivative market or tradedonaregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis ofTotal Assets Common Stock-97.69%(31March2020:97.32%)(continued) Shares - The BankofNew York Mellon The counterpartyfortheopenforwardforeigncurrency exchangecontractsis: Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value contracts Net unrealisedlossonforwardforeigncurrency exchange contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 15/10/20 15/10/20 15/10/20 15/10/20 Open forwardforeigncurrency exchange contracts-(0.08)%(31March2020:(0.44)%) Date Maturity Transportation -1.79%(31March2020: 2.57%) Total Investments-(CostUSD411,869,776) Total CommonStock-(CostUSD411,869,776) (Unaudited)(continued) 44,102
Financial period ended30September 2020 Norfolk SouthernCorp USD 1,807,773 USD 3,295,430 EUR 65,916,519 EUR 3,028,064 Amount Bought
Sold EUR 1,549,812 EUR 2,794,956 USD 77,743,818 USD 3,531,579 Amount
515,016,072 515,016,072 527,193,844 514,608,274 Gain/(Loss) Fair Value 12,585,570 9,437,387 Unrealised (407,798) (445,044) (435,154) (9,890) 37,246 17,431 19,815 % ofTotal Assets USD USD
100.00 100.00 (0.08) (0.09) (0.00) (0.09) 97.41 97.61 97.69 97.69 % of % of 2.58 0.01 2.39 0.01 0.00 0.01 1.79 NAV NAV
Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard JapaneseStrategicEquityFund Portfolios ofInvestments Common Stock-98.61%(31March2020:89.42%) Private Equity-5.39%(31March2020:3.63%) Pharmaceuticals -2.96%(31March2020: 2.76%) Packaging &Containers-2.03%(31March2020:2.28%) -4.03%(31 March2020:3.10%) Machinery-Diversified &Mining -8.51%(31March2020:7.89%) Machinery-Construction Insurance -3.21%(31March2020:2.98%) Home Furnishings-4.75%(31March2020:4.37%) Home Builders-3.08%(31March2020:2.73%) Hand/Machine Tools -7.75%(31March2020:9.13%) Electric -2.04%(31March2020:2.56%) -5.20%(31March2020:5.42%) Diversified FinancialServices Distribution/Wholesale -3.88%(31March2020:3.74%) Chemicals -7.94%(31March2020:5.09%) Banks -8.97%(31March2020:10.03%) Auto Parts &Equipment-2.06%(31March 2020:0.00%) Auto Manufacturers -3.89%(31March2020:0.00%) Shares 12,800 26,800 18,700 13,000 22,800 12,000 21,000 27,300 39,500 16,200 22,040 92,400 14,600 9,600 8,300 2,100 6,200 7,600 1,700 2,300 3,800 4,700 9,100 JAFCO GroupColtd Rengo CoLtd Komatsu Ltd Hitachi Ltd Dai-ichi LifeHoldingsInc CoLtd Daiwa HouseIndustry Kansai ElectricPower CoInc/The ORIX Corp Nomura HoldingsInc Mitsubishi Corp Sumitomo Mitsui Trust HoldingsInc Mizuho Financial GroupInc Mitsubishi UFJFinancial GroupInc Takeda PharmaceuticalCoLtd FANUC Corp Corp Sony Makita Corp Disco Corp Ube IndustriesLtd Shin-Etsu ChemicalCoLtd Nitto DenkoCorp Denso Corp Suzuki MotorCorp 56,512,000 21,279,200 89,256,000 43,197,000 46,059,000 33,675,600 32,370,000 21,420,000 54,531,200 35,626,500 18,904,700 40,702,500 94,139,060 26,808,000 28,883,420 38,447,640 31,075,200 42,252,000 49,798,400 81,349,000 38,152,000 43,197,000 83,324,100 25,856,600 31,475,500 25,992,000 21,605,900 40,795,300 Fair Value JPY
% of 5.39 2.03 8.51 4.12 4.39 3.21 3.08 2.04 5.20 3.40 1.80 3.88 8.97 2.56 2.75 3.66 2.96 4.03 4.75 7.75 3.63 4.12 7.94 2.46 3.00 2.48 2.06 3.89 NAV
Total Assets Other assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets Retail -2.19%(31March2020:3.29%) Real Estate-5.92%(31March2020:7.11%) Semiconductors -3.13%(31March2020:2.63%) Software -1.26%(31March2020:0.00%) Telecommunications -5.30%(31March 2020:3.60%) Toys/Games/Hobbies -5.12%(31March2020:5.37%) Total Investments-(CostJPY985,844,326) Total CommonStock-(CostJPY985,844,326) Common Stock-98.61%(31March2020:89.42%)(continued) Shares - The BankofNew York Mellon The counterpartyfortheopenforwardforeigncurrency exchangecontractsis: Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value contracts Net unrealisedgainonforwardforeigncurrency exchange contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 15/10/20 15/10/20 15/10/20 15/10/20 15/10/20 15/10/20 15/10/20 Open forwardforeigncurrency exchange contracts-(0.04)%(31March2020:0.25%) Date Maturity (Unaudited)(continued) 62,200 34,700 5,800 1,200 1,900 8,600
900 Financial period ended30September 2020 Tokyu FudosanHoldingsCorp Hulic CoLtd Sundrug CoLtd Tokyo ElectronLtd Square EnixHoldingsCoLtd SoftBank GroupCorp Nintendo CoLtd USD 496,824 JPY 530,507 JPY 1,148,917 JPY 8,947 JPY 4,842 GBP 3,029 GBP 154 Amount Bought
Sold JPY 52,754,197 USD 5,034 USD 10,855 GBP 67 GBP 36 JPY 418,707 JPY 20,931 Amount
1,034,626,860 1,034,626,860 1,049,230,387 1,034,258,497 62,197,000 28,052,200 34,144,800 22,997,000 32,796,000 13,224,000 55,633,400 53,694,000 Gain/(Loss) Fair Value 14,971,890 Unrealised (368,363) (372,663) (365,655) (6,527) 4,300 4,245 % ofTotal Assets (353) (128) JPY JPY 46 9
100.00 100.00 (0.04) (0.04) (0.00) (0.04) (0.00) (0.00) 98.61 98.61 98.57 95.81 % of % of 5.92 2.67 3.25 2.19 3.13 1.26 5.30 5.12 0.00 1.43 0.00 0.00 0.00 NAV NAV 4.19 0.00
105 LAZARD GLOBAL ACTIVE FUNDS PLC 106 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingWorld Fund Portfolios ofInvestments Common Stock-22.41%(31March2020:25.24%) Shares United Kingdom-54.89%(31March2020:53.60%) Hong Kong-0.19%(31March2020:0.18%) Investment inExchangeTraded InvestmentFunds-69.17%(31March2020:67.75%)* United States-0.00%(31March2020:0.00%) Sweden -0.95%(31March2020:1.11%) South Korea-1.91%(31March2020:2.25%) South Africa-4.55%(31March2020:6.29%) Romania -2.78%(31March2020:3.06%) Indonesia -1.36%(31March2020:1.22%) China -9.75%(31March2020:10.03%) Brazil -0.86%(31March2020:0.94%) Bermuda -0.25%(31March2020:0.34%) Total CommonStock-(CostUSD3,917,113) 901,600 400,000 161,588 196,098 387,591 42,912 34,052 76,537 55,260 92,346 49,237 21,021 13,772 32,352 19,183 18,928 80,621 66,915 63,042 33,303 75,537 89,397 50,080 9,130 5,360 6,922 2,023 4,635 7,480 7,798 5,632 Africa OpportunityFundLtd Aberdeen New Thai Investment Trust Plc Aberdeen NewIndiaInvestment Trust Plc Investment Aberdeen NewDawn Trust Plc Aberdeen Frontier MarketsInvestmentCoLtd+ Aberdeen EmergingMarketsInvestmentCoLtd Fund HSBC ChinaDragon Eastnine AB Fondul SAGDR Proprietatea First Pacific CoLtd CITIC SecuritiesCoLtd'H' China MerchantsDirectInvestmentsLtd JPMorgan China Growth &Income JPMorgan ChinaGrowth JPMorgan &Income Plc Asia Growth INVESCO AsiaTrustPlc FundLtd Growth India Capital Gulf InvestmentFundPlc Genesis EmergingMarketsFundLtd Fidelity Plc ChinaSpecialSituations Plc Fidelity AsianValues Mining TrustBlackRock World Plc BlackRock Latin American Investment Trust Plc Baring EmergingEuropePlc Asia Dragon Trust Plc Latin FundInc/The+ Escrow American Discovery SK HoldingsCoLtd Naspers Ltd Prosus NV GP InvestmentsLtdBDR-ClassB Cosan Ltd Ocean Wilsons HoldingsLtd Fair Value 1,660,425 1,754,735 4,034,869 177,514 429,604 188,601 362,138 171,923 501,456 244,304 888,771 175,765 136,635 103,557 302,205 176,112 617,418 172,535 300,692 483,331 343,365 819,081 690,199 154,948 115,800 84,982 40,939 40,599 21,027 35,207 39,148 45,057 USD
– – 22.41 % of 0.99 2.39 1.05 0.00 2.01 0.95 2.78 1.36 4.94 0.98 0.76 0.57 1.68 0.98 0.47 3.43 9.22 0.23 0.96 1.67 0.23 2.68 0.12 0.19 1.91 4.55 9.75 3.83 0.86 0.22 0.64 0.25 0.00 NAV
Brazil -0.94%(31March2020:1.13%) Preferred Stock-6.78%(31March2020:5.76%) (Cost USD9,645,666) Total InvestmentinExchangeTraded InvestmentFunds- * Classified based on country of primary exchangelisting ofprimary * Classifiedbasedoncountry Receipt BDR -BrazilDepositary Receipt GDR -GlobalDepositary zero + -Securityisvaluedat Net Assets Net Assets Other Total Investments-(CostUSD14,637,760) Total PreferredStock-(CostUSD1,074,981) South Korea-5.84%(31March2020:4.63%) United Kingdom-54.89%(31March2020:53.60%) Common Stock-22.41%(31March2020:25.24%)(continued) Total Assets Other assets Investment funds market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets Shares United States-14.09%(31March2020:13.97%) (Unaudited)(continued) 156,289 104,612 126,848 12,362 12,050 11,308 30,915 63,100 24,327 90,095 67,508 84,187 61,264 45,360 27,633 6,414 6,379 8,522 7,365 7,131 9,496 3,940 8,800 8,677 Financial period ended30September 2020 First Trust Aberdeen EmergingOpportunityFund China FundInc/The Central andEasternEuropeFundInc ASA GoldandPreciousMetalsLtd India FundInc/The Mexico FundInc/The Korea FundInc/The Morgan StanleyChina A ShareFundInc Taiwan FundInc/The/MD Morgan StanleyIndiaInvestmentFundInc Templeton FundInc Dragon Bradespar SA-Preference Itausa SA-Preference Samsung ElectronicsCoLtd-Preference Aberdeen EmergingMarketsEquityIncomeFundInc JPMorgan IndianInvestment Trust Plc/Fund JPMorgan EmergingMarketsInvestment Trust plc JPMorgan RussianSecuritiesplc Macau PropertyOpportunitiesFundLtd Utilico EmergingMarkets Trust Plc/TheFund Templeton EmergingMarketsInvestment Trust Plc Schroder AsiaPacific FundPlc Vietnam EnterpriseInvestmentsLtd VinaCapital VinaCapital Vietnam OpportunityFundLtd (continued) Fair Value 12,452,468 18,002,390 17,707,015 2,536,215 1,219,678 1,050,460 1,257,869 1,117,685 9,881,046 178,233 160,623 167,372 263,063 198,825 211,434 238,825 218,693 677,966 169,218 295,375 522,654 350,901 403,165 263,386 527,044 77,257 75,565 68,359 70,342 98,876 63,987 76,041 % ofTotal Assets USD
100.00 100.00 14.09 69.17 98.36 67.98 28.68 54.89 % of 0.99 0.43 0.89 0.93 1.46 1.10 0.42 1.17 1.33 0.38 1.22 3.77 0.39 0.94 0.55 1.64 6.78 5.84 3.34 6.99 0.35 2.90 0.42 6.21 1.95 2.24 1.46 2.93 NAV
Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsEquityFund Portfolios ofInvestments Common Stock-92.28%(31March2020:95.96%) Mexico -4.80%(31March2020:4.17%) Indonesia -3.80%(31March2020:3.66%) India -14.31%(31March2020:10.71%) -1.68%(31March2020:1.80%) Hungary Hong Kong-1.15%(31March2020:1.29%) -1.21%(31March2020:1.26%) Egypt China -20.50%(31March2020:25.83%) Brazil -3.94%(31March2020:5.60%) Shares 11,166,000 20,050,419 19,680,064 10,428,100 1,928,655 1,374,347 3,359,165 1,186,589 1,189,438 2,154,844 1,725,853 4,635,874 1,081,300 2,758,151 1,476,000 1,063,247 1,105,241 1,759,772 1,074,500 1,293,276 628,618 294,524 665,832 201,472 690,633 819,395 601,336 862,433 218,124 440,700 424,000 655,000 227,500 230,075 584,046 87,396 88,754 42,114 Grupo MexicoSABdeCV America MovilSABdeCV ADR Telekomunikasi IndonesiaPersero Tbk PT ADR UPL Ltd Tata Consultancy Ltd Services Power GridCorpofIndiaLtd GasCorpLtd Oil &Natural Ltd ADR Infosys Hero MotoCorpLtd HCL TechnologiesLtd Coal IndiaLtd Ltd Bharti Infratel PetroleumBharat CorpLtd Ltd Bajaj Auto Axis BankLtd OTP BankNyrt ASM Pacific Technology Ltd Weichai Power CoLtd'H' Sinopharm GroupCoLtd'H' Ping An InsuranceGroup CoofChinaLtd'H' GroupCoLtd Hengan International HoldingsLtd ENN Energy CRRC CorpLtd'H' CNOOC Ltd China Vanke CoLtd'H' CoLtd'H' China ShenhuaEnergy China MobileLtd ADR China MerchantsBankCoLtd'H' China ConstructionBankCorp'H' Inc ADR Baidu Anhui ConchCementCoLtd'H' AAC Technologies HoldingsInc Bank MandiriPersero Tbk PT Astra International Tbk PT SAEGDR BankEgypt Commercial International CCR SA BB SeguridadeParticipacoes SA Banco doBrasilSA 14,857,158 55,980,452 80,209,697 13,057,112 15,434,922 Fair Value 4,906,358 7,851,439 5,115,882 4,563,586 6,833,198 3,035,087 3,169,779 9,537,642 3,742,387 9,020,492 1,870,803 2,842,504 2,890,969 3,467,737 5,006,268 6,560,530 4,504,593 4,344,395 3,663,183 4,374,095 4,761,683 2,481,947 4,471,027 4,487,394 3,317,234 4,970,331 7,399,212 7,028,703 5,331,211 7,351,306 3,170,864 6,603,911 3,137,365 4,743,383 3,970,199 4,643,606 6,821,117 USD
14.31 20.50 % of 1.25 2.01 3.80 1.31 1.17 1.75 0.77 0.81 2.44 0.96 2.30 0.48 0.73 0.74 0.88 1.28 1.68 1.15 1.11 0.93 1.12 1.22 0.63 1.14 1.15 0.85 1.27 1.89 1.80 3.34 1.36 1.88 0.81 1.69 0.80 1.21 3.94 1.01 1.19 1.74 NAV
Mexico -4.80%(31March2020:4.17%) Common Stock-92.28%(31March2020:95.96%)(continued) Shares Total CommonStock-(CostUSD418,311,462) United Kingdom-3.01%(31March2020:2.34%) Thailand -1.22%(31March2020:1.45%) Taiwan -6.70%(31March2020:5.03%) South Korea-15.03%(31March2020:14.88%) South Africa-5.83%(31March2020:5.34%) Russia -8.20%(31March2020:8.34%) Portugal -0.90%(31March2020:0.80%) (Unaudited)(continued) 2,002,540 2,425,599 3,697,450 4,876,077 1,802,000 137,530 165,185 235,550 980,600 773,132 440,000 209,000 383,000 192,120 244,328 364,462 198,995 386,627 478,437 430,673 790,889 472,870 340,329 116,277 689,311 216,868 107,734 379,789 167,162 45,351 29,736 80,644 50,587 Financial period ended30September 2020 Unilever NV Mondi Plc Siam CementPCL/The(Foreign Market) Kasikornbank PCL(Foreign Market) Taiwan SemiconductorManufacturingCoLtd MicroelectronicsCorp Novatek CoLtd Hon HaiPrecisionIndustry CoLtd Globalwafers Catcher Technology CoLtd SK HynixInc Shinhan Financial GroupCoLtd Samsung ElectronicsCoLtd KT&G Corp KB Financial GroupInc Hyundai MobisCoLtd CoLtd Coway Vodacom GroupLtd Standard BankGroupLtd Shoprite HoldingsLtd(Units) Sanlam Ltd Nedbank GroupLtd Life HealthcareGroupHoldingsLtd Bidvest GroupLtd/The Plc Anglo American Sberbank ofRussiaPJSC Novolipetsk SteelPJSCGDR Mobile TeleSystemsPJSC ADR PJSCGDR Magnit PJSC ADR LUKOIL Alrosa PJSC Galp EnergiaSGPSSA TerniumSA ADR Kimberly-Clark deMexicoSABCV (continued) 361,056,883 26,222,675 11,611,347 58,824,449 13,784,942 18,363,663 32,066,507 10,839,896 11,779,165 22,804,239 18,765,971 Fair Value 8,302,785 3,476,380 4,782,814 2,393,598 2,389,216 4,056,574 5,361,048 2,782,378 2,411,328 5,681,920 3,201,653 6,417,526 5,841,061 5,533,684 2,841,954 3,081,060 3,510,016 2,449,828 2,839,481 2,472,639 2,801,332 2,807,929 1,118,952 6,017,685 3,235,628 6,229,065 4,625,281 3,520,328 3,147,660 2,860,514 USD
15.03 92.28 % of 6.70 2.97 3.52 4.69 8.20 2.77 2.12 0.89 1.22 0.61 0.61 1.04 1.37 0.71 0.61 1.45 0.82 1.64 1.49 1.42 0.73 0.79 0.90 0.63 0.72 0.63 0.71 0.72 0.29 1.54 0.83 1.59 1.18 0.90 0.81 0.73 3.01 5.83 4.80 NAV
107 LAZARD GLOBAL ACTIVE FUNDS PLC 108 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsEquityFund(continued) Portfolios ofInvestments United Kingdom-5.04%(31March2020:0.00%) Investment inExchangeTraded Investment Funds-5.04%(31March2020:0.00%)* Shares Total Investments-(CostUSD433,691,257) Total Rights-(CostUSD–) Thailand -0.00%(31March2020:0.00%) Rights -0.00%(31March2020:0.00%) - (CostUSD15,379,795) Total InvestmentinExchangeTraded InvestmentFunds Total Assets Other assets Financial instruments derivative Investment funds market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets(Unaudited) - The BankofNew York Mellon The counterpartyfortheopenforwardforeigncurrency exchangecontractsis: exchangelisting ofprimary * Classifiedbasedoncountry Receipt GDR -GlobalDepositary ADR - Receipt American Depositary zero + -Securityisvaluedat Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value contracts Net unrealisedlossonforwardforeigncurrency exchange contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 15/10/20 15/10/20 15/10/20 Open forwardforeigncurrency exchange contracts-(0.00)%(31March2020:(0.00)%) Date Maturity 331,784 166,231 33,199
iShares CoreMSCIEMIMIUCITSETF- ETF - Vanguard FTSEEmergingMarketsUCITS Siam CementPCL/TheRights11/10/2020+ USD 4,032 USD 5,114 EUR 150,121 Amount Bought
Sold EUR 3,457 EUR 4,334 USD 176,928 Amount
380,748,263 391,251,758 380,747,410 Gain/(Loss) 19,691,380 19,691,380 10,504,348 Unrealised Fair Value 9,761,085 9,930,295 (853) (884) (862) % ofTotal Assets USD USD (22) 31 31 – –
100.00 100.00 (0.00) (0.00) (0.00) (0.00) 97.32 97.32 91.95 % of % of 5.04 5.04 2.50 2.54 0.00 0.00 2.68 0.00 0.00 NAV NAV 3.04 0.00 5.01
(Unaudited)(continued) Financial period ended30September 2020 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsCore EquityFund Portfolios ofInvestments Hong Kong-1.97%(31March2020:1.29%) India -10.14%(31March2020:7.58%) Common Stock-98.61%(31March2020:98.27%) China -39.89%(31March2020:39.35%) Canada -0.65%(31March2020:0.69%) Brazil -6.39%(31March2020:6.25%) Argentina -1.00%(31March2020:0.00%) Shares 4,357,772 1,218,000 126,500 252,909 357,930 102,000 206,500 784,610 278,000 199,000 285,800 213,736 330,874 156,800 201,900 158,600 54,394 93,025 49,140 14,943 34,000 37,500 79,828 89,800 24,900 53,700 19,608 22,730 22,100 49,653 52,077 71,949 41,400 71,572 62,400 22,584 8,716 4,759 9,091 2,184 9,916 783 Reliance IndustriesLtd Motherson SumiSystemsLtd Maruti SuzukiIndiaLtd Ltd ADR Infosys Hindalco IndustriesLtd HDFC BankLtd ADR Techtronic IndustriesCoLtd Yum ChinaHoldings Inc Wuxi BiologicsCaymanInc'144A' Wuliangye Yibin CoLtd'A' Tencent HoldingsLtd GroupHoldingsLtd Shenzhou International CoLtd'A' Shenzhen SunwayCommunication Prosus NV Ping An InsuranceGroup CoofChinaLtd'H' PICC Property&CasualtyCoLtd'H' New Oriental Education & New OrientalEducation Technology GroupInc ADR NetEase Inc ADR NetEase NetEase Inc Midea GroupCoLtd'A' Kingsoft CloudHoldingsLtd ADR Industrial &CommercialBankofChinaLtd'H' China OverseasLand&InvestmentLtd CoLtd'H' BuildingMaterial China National China GasHoldingsLtd Budweiser BrewingCo APAC Ltd'144A' Inc ADR Bilibili Alibaba GroupHoldingLtd ADR Alibaba GroupHoldingLtd 21Vianet GroupInc ADR Parex ResourcesInc Telefonica BrasilSA ADR Rumo SA Pet CenterComercioeParticipacoes SA Lojas RennerSA Itau UnibancoHoldingSA ADR CCR SA C&A ModasLtda Banco doBrasilSA Banco BTGPactual SA(Units) SA ADR Azul MercadoLibre Inc Fair Value 33,774,274 1,656,691 1,284,675 2,455,034 1,663,436 1,225,550 6,792,542 1,355,506 2,130,308 1,359,104 2,271,861 1,542,339 6,682,165 1,149,963 5,407,999 396,235 800,771 856,127 791,232 834,378 726,709 438,869 549,004 992,999 443,058 576,432 579,024 701,117 567,495 834,882 412,506 817,231 548,719 551,849 725,404 842,515 292,296 284,857 353,754 414,160 836,503 809,456 297,205 847,582 USD
39.89 % of 1.96 0.47 0.94 1.52 1.01 2.90 1.97 0.93 0.99 1.45 8.02 1.60 0.86 0.52 2.52 0.65 1.61 1.17 0.52 0.68 0.68 2.68 0.83 1.82 0.67 0.99 0.49 7.89 0.96 1.36 0.65 6.39 0.65 0.86 0.99 0.34 0.34 0.42 0.49 0.99 0.96 0.35 1.00 NAV
India -10.14%(31March2020:7.58%) Common Stock-98.61%(31March2020:98.27%)(continued) Shares Mexico -3.37%(31March2020:2.58%) Indonesia -1.28%(31March2020:1.63%) Peru -0.59%(31March2020:0.91%) Poland -0.94%(31March2020:1.11%) Philippines -0.91%(31March2020:1.97%) South Africa-1.46%(31March2020:1.97%) Russia -3.95%(31March2020:5.03%) Portugal -0.53%(31March2020:0.87%) Taiwan -11.90%(31March2020:10.81%) South Korea-10.52%(31March2020:10.53%) United Kingdom-3.12%(31March2020: 3.61%) (Unaudited)(continued) 1,967,400 126,390 131,881 165,479 430,080 126,796 135,000 181,000 62,097 24,409 38,931 52,789 32,289 48,231 70,000 12,354 26,790 48,475 72,200 20,993 97,221 5,339 4,051 7,388 4,521 7,000 5,020 2,115 Financial period ended30September 2020 Gruma SABdeCV Arca ContinentalSABdeCV Telekomunikasi IndonesiaPersero Tbk PT ADR Bank MandiriPersero Tbk PT TerniumSA ADR Grupo Financiero BanorteSABdeCV Grupo Aeroportuario delPacifico SABdeCV ADR UPL Ltd BDO UnibankInc Credicorp Ltd Bidvest GroupLtd/The Sberbank ofRussiaPJSC ADR PJSC ADR LUKOIL Galp EnergiaSGPSSA CD ProjektSA Naspers Ltd Accton TechnologyCorp DB InsuranceCoLtd Unilever NVNYRegShrs Mondi Plc Taiwan SemiconductorManufacturingCoLtd ADR Taiwan SemiconductorManufacturingCoLtd CoLtd Micro-Star International Largan PrecisionCoLtd SK HynixInc Samsung ElectronicsCoLtd Orion Corp/RepublicofKorea NCSoft Corp (continued) Fair Value 10,075,690 1,084,172 8,583,720 1,134,187 2,856,211 3,346,207 1,479,291 1,866,916 1,231,918 2,638,296 1,618,116 1,020,180 5,853,254 2,027,509 8,909,616 1,506,284 4,898,545 1,456,629 688,188 547,425 423,984 660,188 733,071 456,990 430,537 767,655 502,283 434,519 447,061 798,684 797,399 540,790 481,670 836,275 817,862 566,488 USD
10.14 10.52 11.90 % of 0.81 0.65 0.50 0.78 1.28 1.34 0.86 0.54 0.51 3.37 0.91 0.59 3.95 1.75 2.20 0.52 0.53 0.94 0.94 1.46 0.64 0.57 3.12 1.91 1.21 6.91 2.39 1.78 5.78 1.72 0.99 0.97 0.67 NAV
109 LAZARD GLOBAL ACTIVE FUNDS PLC 110 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsCore EquityFund(continued) Portfolios ofInvestments Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets Common Stock-98.61%(31March2020:98.27%)(continued) Shares ADR - Receipt American Depositary Net Assets Net Assets Other Total Investments-(CostUSD66,232,342) Total CommonStock-(CostUSD66,232,342) Fair Value 84,660,450 83,483,523 83,483,523 1,176,927 % ofTotal Assets USD
100.00 100.00 98.61 98.61 98.46 % of 1.39 NAV 1.54
(Unaudited)(continued) Financial period ended30September 2020 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsEquityAdvantageFund Portfolios ofInvestments China -42.42%(31March2020:40.86%) Chile -0.16%(31March2020:0.42%) Common Stock-98.08%(31March2020:95.70%) Brazil -2.68%(31March2020:2.80%) Shares 1,424,000 1,857,700 1,859,000 1,065,000 1,428,000 537,000 310,000 422,400 260,000 639,000 478,000 252,000 326,000 330,000 141,500 212,000 234,000 463,000 123,000 865,000 687,000 445,700 225,000 197,700 143,500 111,000 143,052 135,200 102,600 20,462 13,200 94,200 12,300 77,200 28,500 51,000 76,000 53,500 68,800 79,000 33,500 34,641 39,800 93,300 10,800 74,100 4,600 6,711 JD.com Inc ADR JD.com Guangzhou Wondfo BiotechCoLtd'A' Guangdong Tapai GroupCoLtd'A' Guangdong SouthNewMediaCoLtd'A' Great Great Wall MotorCoLtd'H' G-bits Network Technology XiamenCoLtd'A' Gansu ShangfengCementCoLtd'A' HoldingsLtd ENN Energy Dali Foods GroupCoLtd'144A' CSPC PharmaceuticalGroupLtd CSC Financial CoLtd'H''144A' Country Garden Services HoldingsCoLtd GardenServices Country CNOOC Ltd China Yuhua CorpLtd'144A' Education China Telecom CorpLtd'H' CoLtd'H' China ShenhuaEnergy China ResourcesLandLtd China ResourcesCementHoldingsLtd China Pacific InsuranceGroupCoLtd'A' China OverseasPropertyHoldingsLtd China MobileLtd China MinshengBankingCorpLtd'A' China MerchantsBankCoLtd'H' China MedicalSystemHoldingsLtd China LessoGroupHoldingsLtd China Feihe Ltd'144A' China EverbrightBankCoLtd'H' China ConstructionBankCorp'H' China CITICBankCorpLtd'H' C&S Paper CoLtd'A' Beijing EnterprisesHoldingsLtd Bank ofJiangsuCoLtd'A' CoLtd'H' Bank ofCommunications Bank ofBeijingCoLtd'A' Anhui Guangxin Agrochemical CoLtd'A' Anhui ConchCementCoLtd'H' A-Living Services CoLtd'H''144A' A-Living Services Alibaba GroupHoldingLtd ADR Agricultural BankofChinaLtd'H' AECC Aero-Engine ControlCoLtd'A' Engie EnergiaChileSA WEG SA Vale SA TOTVS SA Pagseguro Digital Ltd-Class A SA/Brazil Minerva Cia deSaneamentoBasicodoEstadoSaoPaulo Ambev SA 10,183,761 Fair Value 1,588,056 1,451,756 1,009,543 1,210,607 3,061,898 1,423,039 162,538 193,237 169,839 684,305 422,754 274,754 310,925 189,576 819,632 367,440 330,011 618,534 410,376 427,141 454,117 345,635 447,179 246,502 270,552 909,656 259,721 837,299 286,674 273,180 266,707 218,419 237,950 399,694 512,153 155,271 526,378 992,161 170,583 447,118 323,670 178,026 465,616 450,225 253,072 214,484 165,461 90,001 USD
% of 1.39 0.14 0.17 0.15 0.60 0.37 0.24 0.27 0.17 0.72 0.32 0.29 0.54 0.36 0.37 0.40 0.30 0.39 0.21 0.24 0.79 1.27 0.88 0.23 0.73 0.25 0.24 1.06 0.23 0.19 0.21 0.35 0.45 0.14 0.46 0.87 0.15 8.90 0.39 0.28 0.16 2.68 0.41 1.24 0.39 0.22 0.19 0.08 0.15 NAV
China -42.42%(31March2020:40.86%) India -9.13%(31March2020:8.32%) -0.69%(31March2020:0.62%) Hungary Greece -0.80%(31March2020:0.89%) -0.15%(31March2020:0.17%) Egypt Colombia -0.20%(31March2020:0.21%) Common Stock-98.08%(31March2020:95.70%)(continued) Shares (Unaudited)(continued) 518,407 115,000 584,600 103,000 149,000 103,000 687,000 246,500 177,600 148,500 392,000 170,300 68,366 10,459 17,798 17,518 33,162 19,866 15,756 39,127 63,249 37,311 63,597 39,699 23,482 37,000 66,500 27,785 44,814 40,400 53,700 54,900 38,038 81,700 22,480 3,560 9,357 3,978 8,400 4,025 1,490 1,221 Financial period ended30September 2020 Hindustan ZincLtd Hindustan UnileverLtd Hero MotoCorpLtd HDFC BankLtd ADR HCL TechnologiesLtd Escorts Ltd Ltd Laboratories Dr Reddy's ADR Ltd Coromandel International Container CorpOfIndiaLtd ElectronicsLtd Bharat Ltd Bajaj Auto Ambuja CementsLtd Richter GedeonNyrt Hellenic Telecommunications SA Organization SAEGDR BankEgypt Commercial International SA ADR Ecopetrol Zhongsheng GroupHoldingsLtd Yum ChinaHoldingsInc Xiaomi Corp'144A' Technology GroupCoLtd'A' Wuhu SanqiInteractiveEntertainmentNetwork Vipshop HoldingsLtd ADR Tian DiScience& Technology CoLtd'A' Tencent MusicEntertainmentGroup ADR Tencent HoldingsLtd Sinotruk HongKong Ltd Shimao GroupHoldingsLtd Postal BankofChinaCoLtd'H''144A' Savings Ping An InsuranceGroup CoofChinaLtd'H' Inc ADR Pinduoduo Pharmaron BeijingCoLtd'H''144A' Ourpalm CoLtd'A' Shenzhen MindrayBio-MedicalElectronicsCoLtd'A' & New OrientalEducation Technology GroupInc ADR New ChinaLifeInsuranceCoLtd'H' Inc ADR NetEase Meituan Dianping CoLtd'A' Luxshare PrecisionIndustry Liaoning Wellhope Agri-Tech JSCLtd'A' Li NingCoLtd Kunlun CoLtd Energy Jiangzhong PharmaceuticalCoLtd'A' Jiangsu HengruiMedicineCoLtd'A' (continued) 48,557,996 Fair Value 6,859,136 2,542,958 1,726,570 195,358 293,804 762,129 875,199 365,071 354,142 247,634 165,950 194,545 673,754 365,590 186,733 787,653 918,110 170,377 231,063 232,556 210,635 307,150 389,915 434,557 261,941 661,903 431,294 222,755 383,128 428,033 289,037 298,454 505,121 179,241 202,568 555,152 322,536 161,647 696,820 258,357 292,370 298,758 USD
42.42 % of 0.17 0.26 0.67 0.76 0.32 0.31 0.22 0.14 0.17 0.59 0.32 0.16 0.69 0.80 0.15 0.20 0.20 0.18 0.27 0.34 0.38 0.23 0.58 0.38 0.19 5.99 2.22 0.33 0.37 0.25 0.26 0.44 0.16 1.51 0.18 0.48 0.28 0.14 0.61 0.23 0.25 0.26 NAV
111 LAZARD GLOBAL ACTIVE FUNDS PLC 112 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsEquityAdvantageFund(continued) Portfolios ofInvestments Common Stock-98.08%(31March2020:95.70%)(continued) Shares India -9.13%(31March2020:8.32%) Singapore -0.14%(31March2020:0.00%) Russia -3.28%(31March2020:3.97%) Poland -1.21%(31March2020:0.98%) Philippines -0.62%(31March2020:0.47%) Mexico -2.20%(31March2020:2.16%) Malaysia -2.55%(31March2020:1.00%) Indonesia -1.70%(31March2020:1.80%) 1,646,400 1,923,000 1,871,200 284,500 229,190 276,800 129,800 190,700 195,000 213,800 172,800 178,700 644,900 155,025 106,010 269,900 214,300 542,295 260,533 24,000 11,124 88,413 18,920 15,623 90,000 68,100 42,826 33,266 65,722 14,643 17,274 98,033 4,533 9,300 3,511 9,507 6,554 625 BOC Ltd'144A' Aviation Yandex NV-Class A TatneftPJSC ADR Sberbank ofRussiaPJSC ADR MMC NorilskNickelPJSC ADR PJSC ADR LUKOIL Puregold PriceClubInc Metropolitan Bank& Trust Co Wal-Mart deMexicoSABCV Qualitas ControladoraSABdeCV Arca ContinentalSABdeCV Top GloveCorpBhd Petronas ChemicalsGroupBhd MISC Bhd Kossan RubberIndustries Hong LeongFinancial GroupBhd Hartalega HoldingsBhd Telekomunikasi IndonesiaPersero Tbk PT Kalbe Farma Tbk PT Indofood CBPSuksesMakmur Tbk PT Bank MandiriPersero Tbk PT Gazprom PJSC ADR Gazprom Container International Terminal Inc Services America MovilSABdeCV ADR Nestle MalaysiaBhd Frontken CorpBhd PT Central AsiaTbk Bank Powszechna KasaOszczednosciBankPolski SA SA Polskie iGazownictwo GornictwoNaftowe Dino Polska SA'144A' Tata Consultancy Ltd Services Reliance IndustriesLtdGDR'144A' NMDC Ltd Muthoot Finance Ltd KGHM Polska MiedzSA Nestle IndiaLtd Maruti SuzukiIndiaLtd Ltd ADR Infosys (continued) 10,448,739 Fair Value 3,757,317 1,031,488 2,514,484 2,917,101 1,940,870 2,229,051 1,384,817 1,353,836 163,493 295,779 397,427 454,874 903,305 674,444 708,804 287,564 180,608 240,632 664,100 489,521 825,966 534,897 393,905 290,035 316,518 162,387 576,447 234,979 705,762 237,068 284,034 200,850 436,988 627,906 391,092 182,198 706,438 289,556 206,625 889,762 292,265 134,912 266,864 602,140 USD
% of 0.14 3.28 0.26 0.34 0.90 0.40 0.79 0.59 0.62 0.25 0.16 0.21 2.20 0.58 0.43 0.72 0.47 2.55 0.34 0.25 0.28 0.14 0.50 0.21 0.62 0.21 1.70 0.25 0.18 0.38 0.55 0.34 9.13 1.95 1.21 0.16 0.62 0.25 0.18 0.78 0.25 0.12 0.23 0.53 1.18 NAV
Common Stock-98.08%(31March2020:95.70%)(continued) Shares South Africa-2.02%(31March2020:2.76%) Taiwan -13.34%(31March2020:12.49%) South Korea-12.76%(31March2020:12.01%) (Unaudited)(continued) 134,000 331,383 173,000 157,000 110,900 135,000 108,000 469,000 164,000 503,280 422,000 21,236 54,116 12,148 18,974 14,000 13,808 81,048 33,129 22,276 26,958 29,771 49,020 17,875 58,840 72,000 23,000 23,000 43,000 19,950 86,672 6,000 6,028 3,233 1,500 1,703 1,880 3,578 8,001 1,713 1,319 5,444 2,000 8,000 683 400 749 Financial period ended30September 2020 ASMedia TechnologyInc Ltd Northam Platinum Ninety OneLtd Naspers Ltd Kumba IronOreLtd Anglo Ltd American Platinum Elan MicroelectronicsCorp E.Sun Financial HoldingCoLtd Delta ElectronicsInc Asia CementCorp Samsung EngineeringCoLtd Samsung ElectronicsCoLtdGDR Hyundai MobisCoLtd Ltd Stillwater Sibanye eMemory TechnologyeMemory Inc Shinhan Financial GroupCoLtd Samsung ElectronicsCoLtd Orion Corp/RepublicofKorea NCSoft Corp Mirae Asset DaewooCo Ltd LOTTE Fine ChemicalCoLtd LG Household&HealthCareLtd Korea ZincCoLtd Kia MotorsCorp KB Financial GroupInc Hana Financial GroupInc DoubleUGames CoLtd DongKook PharmaceuticalCoLtd CoLtd Coway Celltrion Inc BNK Financial GroupInc BGF retailCoLtd Gigabyte Technology CoLtd Makalot IndustrialCoLtd Lotes CoLtd GamesSystemCoLtd International Micro-Star International CoLtd Micro-Star International Sensortek TechnologyCorp CoLtd International Poya Parade TechnologiesLtd Nien MadeEnterpriseCoLtd United MicroelectronicsCorp Standard Foods Corp Voltronic Power Technology Corp Taiwan SemiconductorManufacturingCoLtd ADR Yuanta Financial HoldingCoLtd Wan HaiLinesLtd 14,606,173 15,274,400 Fair Value 1,063,199 1,134,441 1,899,333 4,083,658 1,098,632 1,166,671 2,312,621 7,026,499 304,347 215,471 141,998 359,059 224,273 677,987 293,161 225,660 170,975 334,521 308,621 248,226 321,109 212,151 470,391 244,253 940,994 496,586 243,798 960,105 227,748 417,778 549,018 376,889 252,827 138,736 353,515 427,945 368,301 614,608 498,993 150,321 292,810 512,217 459,705 345,070 680,892 310,585 310,887 38,230 USD
12.76 13.34 % of 0.93 0.27 0.19 0.12 0.31 0.20 0.99 1.66 0.59 0.26 0.20 0.15 0.29 0.27 3.57 0.96 1.02 2.02 0.22 0.28 0.19 0.41 0.21 0.82 0.43 0.21 0.84 0.20 0.37 0.48 0.33 0.22 0.12 0.31 0.37 0.32 0.54 0.44 0.13 0.25 0.45 0.03 0.40 0.30 6.14 0.59 0.27 0.27 NAV
Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsEquityAdvantageFund(continued) Portfolios ofInvestments Total Investments-(CostUSD100,844,691) Total PreferredStock-(CostUSD430,396) South Korea-0.17%(31March2020:0.00%) Brazil -0.19%(31March2020:0.31%) Preferred Stock-0.36%(31March2020:0.31%) Total CommonStock-(CostUSD100,414,295) United ArabEmirates-0.17%(31March2020:0.00%) Turkey -0.55%(31March2020:1.36%) - The BankofNew York Mellon The counterpartyfortheopenforwardforeign currency exchangecontractsis: Receipt NVDR -Non-votingDepositary Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value contracts Net unrealisedlossonforwardforeigncurrency exchange contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 15/10/20 15/10/20 15/10/20 Common Stock-98.08%(31March2020:95.70%)(continued) Open forwardforeigncurrency exchange contracts-(0.00)%(31March2020:(0.00)%) Date Maturity Thailand -1.31%(31March2020:1.58%) Shares 200,450 494,000 19,200 67,477 58,903 13,156 22,279 88,700 79,600 56,700 328 Cia Paranaense deEnergia-Preference NBDBankPJSC Emirates LG Household&HealthCareLtd-Preference Turkcell IletisimHizmetleri AS Turk Telekomunikasyon AS Koza Altin Isletmeleri AS Koza Altin BIM Birlesik Magazalar BIM BirlesikMagazalar AS PTT Exploration &ProductionPCL(ForeignPTT Exploration Market) Hana MicroelectronicsPCLNVDR Delta Electronics Thailand PCLNVDR Carabao GroupPCL(Foreign Market) USD 1,049 USD 1,442 EUR 52,377 Bought Amount EUR 899 EUR 1,222 USD 61,730 Sold Amount 114,461,019 112,678,442 Gain/(Loss) 112,678,739 112,267,950 Unrealised 1,782,577 Fair Value 1,503,313 212,003 196,426 410,789 198,786 634,269 115,791 185,153 132,661 200,664 221,138 679,202 393,619 209,354 (297) (307) (301) USD USD (6) 10 10
100.00 (0.00) (0.00) (0.00) (0.00) 98.44 98.08 98.44 % of % of 0.19 0.17 0.36 0.17 0.55 0.10 0.16 0.12 0.17 1.31 0.19 1.56 0.00 0.00 0.59 0.35 0.18 NAV NAV
Total Assets Other assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets (Unaudited)(continued) Financial period ended30September 2020 % ofTotal Assets 100.00 98.08 1.92 0.00 113 LAZARD GLOBAL ACTIVE FUNDS PLC 114 LAZARD GLOBAL ACTIVE FUNDS PLC Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsManagedVolatility Fund Lazard Global ActiveFundsplc Portfolios ofInvestments Common Stock-96.97%(31March2020:96.65%) Shares China -47.16%(31March2020:35.13%) Brazil -0.35%(31March2020:1.04%) 1,964,000 1,017,000 1,088,000 2,426,200 5,002,000 1,548,000 1,434,500 4,004,000 1,633,335 1,257,518 2,688,480 3,064,000 2,415,200 310,700 355,867 141,000 183,120 230,860 686,000 360,700 413,471 112,000 409,469 177,000 424,000 812,720 621,500 114,000 702,550 335,700 699,960 290,000 231,400 574,000 227,600 942,400 482,500 154,500 256,924 253,700 948,700 114,500 47,570 15,217 80,400 13,900 12,138 82,500 2,808 4,897 NARI Technology CoLtd'A' Lao Feng XiangCoLtd'A' Jiangxi Wannianqing CementCoLtd'A' Jiangsu KanionPharmaceuticalCoLtd'A' Jiangsu HengruiMedicineCoLtd'A' Jiangsu HengliHydraulicCoLtd'A' CoLtd'H' Jiangsu Expressway Inc ADR JD.com Huafa IndustrialCoLtdZhuhai'A' CorpLtd'H' Huadian Power International Hengli Petrochemical CoLtd'A' Hansoh PharmaceuticalGroupCoLtd'144A' Guangzhou Wondfo BiotechCoLtd'A' Guangdong Tapai GroupCoLtd'A' G-bits Network Technology XiamenCoLtd'A' Gansu ShangfengCementCoLtd'A' Far EastHorizonLtd CoLtd'A' Daqin Railway Dali Foods GroupCoLtd'144A' HoldingsCoLtd GardenServices Country COSCO SHIPPINGHoldingsCoLtd'H' China Yuhua CorpLtd'144A' Education China Yangtze Power CoLtd'A' China Vanke CoLtd'H' Ltd'A' China UnitedNetworkCommunications China Telecom CorpLtd'H' China SouthPublishing&MediaGroupCoLtd'A' China ResourcesPower HoldingsCoLtd Co Ltd'A' China ResourcesDoubleCranePharmaceutical China ResourcesCementHoldingsLtd GroupLtd'H' China Railway ConstructionCorpLtd'H' China Railway China Pacific InsuranceGroupCoLtd'H' NuclearChina National Power CoLtd'A' China MobileLtd China MinshengBankingCorpLtd'H' China MerchantsBankCoLtd'H' China DesignGroupCoLtd'A' C&S Paper Co Ltd 'A' CoLtd'A' Beijing-Shanghai HighSpeedRailway Baoshan Iron&SteelCoLtd'A' Bank ofNanjingCoLtd'A' Bank ofJiangsuCoLtd'A' Bank ofChinaLtd'H' Bank ofBeijingCoLtd'A' Anhui ConchCementCoLtd'H' NetEase Inc ADR NetEase MoutaiCoLtd'A' Kweichow Alibaba GroupHoldingLtd ADR Engie BrasilEnergiaSA Fair Value 2,475,855 3,068,113 1,180,991 1,137,713 1,277,453 1,986,682 1,029,867 1,740,189 1,500,392 1,123,519 3,101,832 2,100,533 1,202,225 1,463,657 2,410,972 1,666,710 1,276,713 1,208,623 3,568,329 904,142 317,763 330,528 501,174 690,763 350,640 505,975 548,499 990,005 839,964 629,941 345,054 763,590 380,068 737,672 498,216 934,077 320,984 432,808 787,364 729,518 987,900 650,264 611,702 735,728 464,170 805,420 817,591 953,956 791,655 592,757 USD
% of 1.48 1.83 0.70 0.68 0.76 1.19 0.61 1.04 0.90 0.67 1.85 1.25 0.72 0.87 1.44 1.00 0.76 0.54 0.72 0.19 0.20 0.30 0.41 0.21 0.30 0.33 0.59 0.50 0.38 0.21 0.46 0.23 0.44 0.30 0.56 0.19 0.26 0.47 0.44 0.59 0.39 0.37 0.44 0.28 0.48 0.49 0.57 0.47 2.13 0.35 NAV
Luxembourg -0.31%(31March2020:0.68%) Indonesia -0.82%(31March2020:2.24%) India -2.54%(31March2020:3.20%) -1.21%(31March2020:2.00%) Hungary Hong Kong-0.79%(31March2020:0.74%) Greece -0.91%(31March2020:1.30%) -0.26%(31March2020:0.19%) Egypt China -47.16%(31March2020:35.13%) Common Stock-96.97%(31March2020:96.65%)(continued) Shares 1,042,900 1,257,000 2,479,600 2,812,404 5,643,358 (Unaudited)(continued) 579,000 600,000 844,400 291,500 139,000 307,100 320,530 224,000 179,000 139,937 202,600 934,500 632,500 174,112 142,976 173,940 400,000 105,879 102,048 214,200 892,000 175,800 385,100 91,400 27,700 29,650 20,993 50,992 68,000 48,400 9,996 4,512 Financial period ended30September 2020 Shenzhen International HoldingsLtd Shenzhen International CoLtd'H' Shenzhen Expressway Shanghai PudongDevelopmentBankCoLtd'A' Shanghai PharmaceuticalsHoldingCoLtd'H' Shandong Nanshan Aluminum CoLtd'A' Shandong Linglong Tyre CoLtd'A' CoLtd'A' Shaanxi CoalIndustry Seazen HoldingsCoLtd'A' CoLtd'A' Industry Heavy Sany Postal BankofChinaCoLtd'H''144A' Savings Poly DevelopmentsandHoldingsGroupCoLtd'A' Ping An InsuranceGroupCoofChinaLtd'H' Perfect World CoLtd/China'A' Ningbo Orient Wires &CablesCoLtd'A' Unilever Indonesia Tbk PT Telekomunikasi IndonesiaPersero Tbk PT Indofood CBPSuksesMakmur Tbk PT Ltd ADR Wipro Ltd ADR Infosys MOL HungarianOil&GasPlc Reinet InvestmentsSCA Ltd Laboratories Dr Reddy's ADR Richter GedeonNyrt Vinda International HoldingsLtd Vinda International Hellenic Telecommunications SA Organization SAEGDR BankEgypt Commercial International Zhongsheng GroupHoldingsLtd Yum ChinaHoldingsInc Youngor GroupCoLtd'A' Technology GroupCoLtd'A' Wuhu SanqiInteractiveEntertainmentNetwork Tian DiScience& Technology CoLtd'A' Tencent HoldingsLtd TangShan Port GroupCoLtd'A' PharmaceuticalGroupCoLtd'A' Sunflower Shenzhen MindrayBio-MedicalElectronicsCoLtd'A' & New OrientalEducation Technology GroupInc ADR New ChinaLifeInsuranceCoLtd'H' (continued) 78,969,231 Fair Value 1,168,899 1,174,612 1,846,611 1,974,499 1,366,163 4,253,098 1,460,273 2,024,414 1,076,466 1,318,546 1,528,509 2,830,587 1,255,935 3,223,128 2,075,718 1,422,243 1,452,678 674,544 922,886 521,803 489,120 351,486 600,342 381,128 472,425 528,849 525,113 689,984 720,915 509,802 427,776 428,585 818,326 947,948 513,883 437,961 427,400 529,288 399,677 406,361 USD
47.16 % of 0.40 0.70 0.70 1.10 0.55 0.31 0.29 0.21 0.36 0.23 0.28 0.32 0.31 0.41 0.43 1.18 0.30 0.26 0.26 0.49 0.57 0.82 2.54 0.87 1.21 0.64 0.31 0.79 0.91 0.26 0.25 0.32 1.69 0.75 1.92 1.24 0.85 0.24 0.24 0.87 NAV
Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsManagedVolatility Fund(continued) Portfolios ofInvestments Common Stock-96.97%(31March2020:96.65%)(continued) South Korea-8.81%(31March2020:12.38%) South Africa-0.55%(31March2020:0.59%) Singapore -0.22%(31March2020:0.26%) Saudi Arabia-1.70%(31March2020:0.00%) Russia -2.35%(31March2020:2.80%) Philippines -0.21%(31March2020:0.50%) Mexico -3.92%(31March2020:5.33%) Malaysia -3.45%(31March2020:7.14%) Shares 5,445,672 1,019,900 2,346,000 153,643 146,532 187,300 237,412 408,400 146,500 629,900 545,200 487,200 152,600 355,600 230,100 483,200 43,336 13,004 17,994 38,691 14,635 16,544 11,224 13,461 21,591 37,257 54,200 21,690 45,372 23,943 74,100 6,159 1,147 1,048 8,618 3,834 4,872 8,265 S-1 Corp NCSoft Corp LG UplusCorp LG ElectronicsInc KT&G Corp Korea ElectricPower Corp Kia MotorsCorp &EngineeringCoLtd KEPCO PlantService KB Financial GroupInc Kakao Corp Hana Financial GroupInc GS RetailCoLtd Coway CoLtd Coway CJ LogisticsCorp Pick nPay StoresLtd Clicks GroupLtd BOC Ltd'144A' Aviation Saudi TelecomCo Jarir MarketingCo Sberbank ofRussiaPJSC ADR Polyus PJSCGDR PhosAgro PJSCGDR Inter RAOUESPJSC PJSC ADR Gazprom Globe TelecomInc Wal-Mart deMexicoSABCV Qualitas ControladoraSABdeCV Kimberly-Clark deMexicoSABCV Coca-Cola Femsa SABdeCV(Units) Arca ContinentalSABdeCV Top GloveCorpBhd Tenaga NasionalBhd RHB BankBhd MISC Bhd Hong LeongBankBhd Hartalega HoldingsBhd Dialog GroupBhd America MovilSABdeCV Fair Value 1,031,786 1,270,326 2,848,981 2,267,594 3,936,100 1,709,545 1,032,873 6,573,134 2,446,950 5,770,202 1,592,425 1,404,415 1,472,650 460,678 789,954 425,901 674,434 596,427 382,452 361,971 326,234 320,370 623,342 591,356 578,445 923,521 429,737 493,784 369,222 581,387 512,001 287,997 393,684 354,612 706,373 648,299 302,245 996,617 295,934 599,767 879,052 554,186 444,423 USD
% of 0.27 0.47 0.25 0.62 0.76 0.40 0.36 0.23 0.22 0.19 0.19 0.37 0.35 0.35 0.55 0.26 0.29 0.22 1.70 0.35 1.35 2.35 1.02 0.31 0.17 0.23 0.62 0.21 3.92 1.46 0.42 0.39 0.18 0.59 3.45 0.18 0.95 0.36 0.52 0.33 0.84 0.27 0.88 NAV
South Korea-8.81%(31March2020:12.38%) Common Stock-96.97%(31March2020:96.65%)(continued) Shares Net Assets Net Assets Other Total Investments-(CostUSD155,587,199) Total PreferredStock-(CostUSD1,737,331) Russia -0.68%(31March2020:0.00%) Brazil -0.22%(31March2020:0.23%) Preferred Stock-0.90%(31March2020:0.23%) Total CommonStock-(CostUSD153,849,868) Turkey -0.49%(31March2020:3.43%) Thailand -1.15%(31March2020:2.37%) Taiwan -19.77%(31March2020:12.64%) 2,181,920 3,674,000 3,519,000 1,063,000 1,923,000 1,052,000 (Unaudited)(continued) 169,414 726,500 100,300 730,000 308,000 277,000 431,556 918,000 541,000 266,000 203,000 111,000 459,000 144,000 132,000 192,000 459,000 996,000 211,000 49,000 53,369 16,800 77,000 39,595 15,609 53,819 3,040 596 Financial period ended30September 2020 Telefonica BrasilSA-Preference Turkcell IletisimHizmetleri AS BIM BirlesikMagazalar AS CP ALL PCL(Foreign Market) PCL(ForeignAdvanced InfoService Market) Yuanta Financial HoldingCoLtd Wan HaiLinesLtd Voltronic Power Technology Corp Transneft PJSC-Preference United MicroelectronicsCorp Uni-President EnterprisesCorp Taiwan SemiconductorManufacturingCoLtd Taiwan CementCorp Synnex Technology Corp International Standard Foods Corp SinoPac Financial HoldingsCoLtd President ChainStoreCorp CoLtd Micro-Star International Makalot IndustrialCoLtd Lite-On TechnologyCorp Fubon Financial HoldingCoLtd Formosa PlasticsCorp Feng TAY EnterpriseCoLtd Elan MicroelectronicsCorp Delta ElectronicsInc ElectronicsCoLtd Chicony Cheng LoongCorp FinancialCathay HoldingCoLtd Asustek ComputerInc Asia CementCorp Advantech CoLtd SK Telecom CoLtd Samsung SDSCoLtd Samsung ElectronicsCoLtd (continued) 167,463,305 163,898,147 162,384,920 33,108,038 14,760,212 Fair Value 1,922,618 1,381,354 1,346,509 3,565,158 1,513,227 1,134,379 3,601,187 4,160,147 1,309,966 1,138,309 1,322,472 2,418,018 1,543,222 1,259,033 1,338,546 1,089,163 2,569,710 1,854,402 1,512,063 3,174,625 2,711,707 378,848 813,718 333,031 480,687 541,264 537,791 573,383 665,915 618,750 937,922 659,748 730,856 391,184 463,711 667,868 398,163 440,204 USD
100.00 97.87 96.97 19.77 % of 1.15 0.83 0.80 0.22 0.49 0.20 0.29 0.32 0.32 0.34 2.13 0.90 0.68 2.15 2.49 0.78 0.68 0.79 1.44 0.92 0.75 0.80 0.65 1.54 0.40 0.37 0.56 0.39 0.44 0.23 0.28 0.40 1.11 0.90 8.81 1.90 1.62 0.24 0.26 NAV
115 LAZARD GLOBAL ACTIVE FUNDS PLC 116 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard EmergingMarketsManagedVolatility Fund(continued) Portfolios ofInvestments Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets Receipt GDR -GlobalDepositary ADR - Receipt American Depositary % ofTotal Assets 100.00 97.76 2.24 (Unaudited)(continued) Financial period ended30September 2020 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard DevelopingMarketsEquityFund Portfolios ofInvestments Common Stock-95.74%(31March2020:97.22%) Macau -1.57%(31March2020:1.01%) Kazakhstan -0.95%(31March2020:1.57%) Indonesia -2.57%(31March2020:1.59%) India -9.73%(31March2020:8.28%) Hong Kong-1.20%(31March2020:1.26%) Colombia -0.93%(31March2020:1.19%) China -37.73%(31March2020:37.96%) Brazil -4.80%(31March2020:5.79%) Shares 1,924,165 267,000 387,000 194,400 191,898 110,652 138,695 162,000 277,305 355,624 652,000 35,000 13,400 12,393 29,427 31,832 31,400 28,700 54,413 40,787 78,393 18,161 14,936 16,217 49,451 11,969 26,694 10,582 98,216 69,700 91,600 61,500 22,239 9,649 6,821 6,200 2,491 1,094 7,652 ZTO ExpressCaymanInc ADR Zhongsheng GroupHoldingsLtd Co Ltd'144A' ChinaHoldings Management Xiabuxiabu Catering Wuliangye Wuliangye Yibin CoLtd'A' Corp ADR Weibo Trip.com GroupLtd ADR Tencent MusicEntertainmentGroup ADR Tencent HoldingsLtd CoLtd'A' Shenzhen SunwayCommunication Shenzhen Inovance Technology CoLtd'A' Ping An InsuranceGroup CoofChinaLtd'H' New Oriental Education & New OrientalEducation Technology GroupInc ADR SJM HoldingsLtd KAZ MineralsPlc IndonesiaPersero Bank Rakyat Tbk PT PT Central AsiaTbk Bank UPL Ltd Shriram Transport Finance Co Ltd Reliance IndustriesLtd Mphasis Ltd Motherson SumiSystemsLtd ICICI BankLtd ADR HDFC BankLtd ADR Techtronic IndustriesCoLtd SA ADR Bancolombia Rumo SA Pagseguro Digital Ltd-Class A SA Duratex Banco BradescoSA ADR NetEase Inc ADR NetEase Minth GroupLtd CNOOC Ltd Chow Chow Tai CoLtd'A' SengJewellery China State Construction International HoldingsLtd ConstructionInternational China State China GasHoldingsLtd Beijing Thunisoft CorpLtd'A' Beijing Enterprises Water GroupLtd Anhui ConchCementCoLtd'H' Alibaba GroupHoldingLtd ADR Fair Value 10,996,457 2,119,806 2,835,025 1,398,646 2,249,535 288,698 219,985 329,761 437,930 248,489 385,918 434,637 254,105 245,648 561,339 372,405 457,037 275,433 749,498 394,723 354,775 537,303 153,676 454,909 304,414 300,649 486,103 597,971 351,018 270,370 375,545 233,802 313,575 475,724 497,409 708,855 268,423 256,177 232,853 261,219 216,738 252,766 153,761 USD
37.73 % of 0.99 0.76 1.13 1.50 0.85 1.32 1.49 7.27 0.87 0.84 1.93 1.28 1.57 0.95 2.57 1.35 1.22 9.73 1.84 0.53 1.56 1.05 1.03 1.67 2.05 1.20 0.93 4.80 1.29 0.80 1.08 1.63 1.71 2.43 0.92 0.88 0.80 0.90 0.74 0.87 0.53 7.72 NAV
Peru -1.40%(31March2020:1.69%) Mexico -1.29%(31March2020:1.04%) South Africa-2.53%(31March2020:2.76%) Russia -4.95%(31March2020:4.34%) Philippines -1.87%(31March2020:2.32%) South Korea-10.78%(31March2020:11.83%) Taiwan -12.17%(31March2020:13.46%) Common Stock-95.74%(31March2020:97.22%)(continued) Shares GDR - Global Depositary Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Net Assets Net Assets Other Total Investments-(CostUSD24,129,411) Total PreferredStock-(CostUSD486,641) Brazil -1.20%(31March2020:0.67%) Preferred Stock-1.20%(31March2020:0.67%) Total CommonStock-(CostUSD23,642,770) Zambia -1.27%(31March2020:1.13%) (Unaudited)(continued) 108,556 131,868 182,125 140,769 18,308 12,474 97,269 44,425 17,699 31,131 99,856 41,422 58,527 40,750 78,000 51,000 19,000 3,302 1,327 3,298 7,309 6,387 6,264 9,000 2,639 627 302 Financial period ended30September 2020 Grupo Financiero BanorteSABdeCV Yandex NV-Class A Sberbank ofRussiaPJSC plc ADR QIWI PJSCGDR Novatek Mail.Ru GroupLtdGDR Container International Terminal Inc Services BDO UnibankInc Credicorp Ltd Standard BankGroupLtd BankHoldingsLtd Capitec NCSoft Corp WONIK IPSCoLtd SK HynixInc Samsung ElectronicsCoLtd Samsung BiologicsCoLtd'144A' Petroleo BrasileiroSA-Preference First QuantumMineralsLtd Taiwan SemiconductorManufacturingCoLtd Motion TechnologyCorp ADR Silicon MediaTek Inc Largan PrecisionCoLtd Hiwin TechnologiesCorp Chroma ATEInc Bizlink HoldingInc ASE Technology HoldingCoLtd Group Airtac International Fair Value 29,145,018 28,252,657 27,903,974 1,443,064 1,568,557 3,140,685 3,548,038 376,165 215,455 387,441 317,644 181,573 340,951 545,868 220,791 325,077 408,919 738,495 286,090 452,405 431,823 503,988 458,278 178,039 348,683 369,256 892,361 348,683 878,979 236,654 189,782 308,334 401,789 414,120 399,553 289,254 429,573 USD
100.00 10.78 96.94 95.74 12.17 % of 1.29 0.74 1.33 1.09 0.62 1.17 1.87 0.76 1.11 1.40 4.95 2.53 0.98 1.55 1.48 5.38 1.73 1.58 0.61 1.20 1.27 3.06 1.20 3.02 0.81 0.65 1.06 1.38 1.42 1.37 0.99 1.47 NAV
117 LAZARD GLOBAL ACTIVE FUNDS PLC 118 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard DevelopingMarketsEquityFund(continued) Portfolios ofInvestments Total Assets Other assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets % ofTotal Assets 100.00 96.36 3.64 (Unaudited)(continued) Financial period ended30September 2020 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard GlobalFixedIncomeFund Portfolios ofInvestments Hungary -3.35% (31March2020:3.44%) Hungary -1.89%(31March2020:1.12%) Germany France -2.97%(31March2020:3.18%) Czech Republic-2.95%(31March2020:2.55%) Croatia -1.21%(31March2020:1.09%) Colombia -0.67%(31March2020:0.52%) Chile -2.18%(31March2020:1.31%) Canada -7.88%(31March2020:6.20%) Bermuda -2.44%(31March2020:1.99%) Bahamas -1.20%(31March2020:1.17%) Australia -2.97%(31March2020:1.29%) Amount Principal Bonds -97.61%(31March2020:93.96%) 731,000,000 100,170,000 280,000,000 80,860,000 99,400,000 22,120,000 236,000 300,000 265,000 335,000 479,000 400,000 325,000 480,000 235,000 365,000 480,000 510,000 475,000 255,000 520,000 880,000 482,000 300,000 200,000 256,000 240,000 395,000
Bond Colombia GovernmentInternational Bond GovernmentInternational Hungary GovernmentBond Hungary GovernmentBond Hungary GovernmentBond Hungary Daimler AG 'EMTN'FRN BMW Finance NV'EMTN' Schneider ElectricSE'REGS' OAT '144A' French RepublicGovernmentBond Czech RepublicGovernmentBond Bond 'REGS' GovernmentInternational Croatia Bond Chile GovernmentInternational Republica enpesos Bonos dela Tesoreria dela Rogers Communications Inc Rogers Communications Province ofQuebecCanada Province ofQuebecCanada Province ofQuebecCanada Province ofBritishColumbiaCanada Export DevelopmentCanada of Vancouver City Canadian ImperialBankofCommerce Bond 'REGS' Bermuda GovernmentInternational Bond 'REGS' Bahamas GovernmentInternational Telstra CorpLtd'MTN' Telstra CorpLtd'MTN' Queensland Treasury Corp'144A' South Wales TreasuryNew Corp South Wales TreasuryNew Corp Coupon Coupon 9.850 5.750 3.000 2.750 2.500 0.000 0.875 2.950 1.750 2.000 5.500 0.830 4.500 3.250 1.850 2.500 1.650 4.700 1.800 2.900 2.900 2.375 6.950 4.000 2.900 3.000 2.000 3.000 Rate Rate % 28/06/27 22/11/23 27/10/27 22/12/26 24/10/24 03/07/24 16/08/22 27/09/22 25/06/39 13/10/33 04/04/23 02/07/31 01/03/26 01/05/29 13/02/27 20/04/26 03/03/22 18/06/37 01/09/22 20/11/25 14/09/21 20/08/30 20/11/29 16/09/22 19/04/21 22/03/24 08/03/33 20/02/30 Maturity Date 1,225,759 1,084,767 1,078,808 2,878,212 1,086,272 246,124 271,103 280,381 340,695 333,580 689,509 345,632 343,877 351,223 733,544 442,932 792,622 381,867 410,755 397,594 187,377 399,736 367,747 548,224 366,808 210,672 400,054 892,100 439,227 228,252 145,114 200,453 182,198 330,255 Value USD Fair
% of 0.67 3.35 0.74 0.77 0.93 0.91 1.89 0.95 0.94 2.97 0.96 2.01 2.95 1.21 2.18 1.05 1.13 7.88 1.09 0.51 1.09 1.01 1.50 1.00 0.58 1.10 2.97 2.44 1.20 0.62 0.40 0.55 0.50 0.90 NAV 5,190,000,000 Multi-National -8.95%(31March2020:10.66%) Morocco -1.55%(31March2020:1.17%) Mexico -0.63%(31March2020:1.69%) Japan -1.14%(31March2020:0.56%) Italy -0.77%(31March2020:0.72%) Amount Principal Bonds -97.61%(31March2020:93.96%)(continued) Philippines -1.03%(31March2020:0.92%) Peru -1.03%(31March2020:0.96%) Panama -2.17%(31March2020:1.96%) Norway -3.01%(31March2020:3.35%) New Zealand-1.77%(31March2020:0.89%) Netherlands -1.22%(31March2020:2.03%) 8,000,000 1,177,000 2,000,000 6,000,000 (Unaudited)(continued) 255,000 195,000 313,000 275,000 275,000 250,000 153,000 200,000 200,000 240,000 240,000 630,000 725,000 200,000 780,000 420,000 500,000 415,000 455,000
Financial period ended30September 2020 European InvestmentBank'REGS' & Development European BankforReconstruction Asian DevelopmentBank'GMTN' African DevelopmentBank Bond 'REGS' Morocco GovernmentInternational Bond 'REGS' Morocco GovernmentInternational Bond 'GMTN' Mexico GovernmentInternational Agency Cooperation International Japan Cooperation BankforInternational Japan Bond International Republic ofItalyGovernment & Development'MTN' BankforReconstruction International Reconstruction &Development Bankfor International Reconstruction &Development Bankfor International Inter-American Development Bank Bond Philippine GovernmentInternational Peru GovernmentBond Bond Panama GovernmentInternational 'REGS' Kommunalbanken AS City ofOsloNorwayFRN City ofOsloNorway Bond Funding Agency New ZealandLocalGovernment 'REGS' NV Nederlandse Waterschapsbank FinanceInternational Corp'MTN' FinanceInternational Corp'GMTN' Coupon Coupon 1.125 1.625 2.125 0.750 1.500 4.250 6.750 2.125 0.625 6.875 1.900 2.500 7.875 4.950 6.150 4.000 1.375 0.750 2.350 4.500 3.125 2.700 2.125 Rate Rate 2.900 % 16/09/21 27/09/24 19/03/25 03/04/23 27/11/31 11/12/22 06/02/24 20/10/26 22/05/23 27/09/23 16/01/25 03/08/23 14/03/23 15/01/21 12/08/32 22/09/24 26/10/20 06/05/26 04/09/24 15/04/27 05/12/22 15/03/23 07/04/26 26/11/25 Maturity Date 1,098,302 3,266,878 193,095 204,908 337,376 278,473 567,027 303,980 263,047 228,484 417,022 215,745 201,277 280,562 190,198 500,721 366,371 166,079 375,388 793,875 200,066 215,803 682,433 647,523 446,088 378,732 452,736 364,268 Value USD Fair
% of 0.53 0.56 0.92 0.76 1.55 0.83 0.72 0.63 1.14 0.59 0.55 0.77 0.52 1.37 1.01 0.45 1.03 2.17 3.01 0.55 0.59 1.87 1.77 1.22 8.95 1.04 1.24 NAV 1.00 119 LAZARD GLOBAL ACTIVE FUNDS PLC 120 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard GlobalFixedIncomeFund(continued) Portfolios ofInvestments United States-32.62%(31March2020:34.74%) United Kingdom-3.16%(31March2020:3.46%) Switzerland -0.70%(31March2020:0.65%) Spain -0.97%(31March2020:0.00%) Romania -3.63%(31March2020:3.18%) Philippines -1.03%(31March2020:0.92%) Amount Principal Bonds -97.61%(31March2020:93.96%)(continued) Poland -2.94%(31March2020:2.65%) 10,000,000 1,425,000 1,230,000 2,140,000 1,670,000 1,220,000 180,000 162,000 280,000 475,000 335,000 295,000 480,000 135,000 165,000 400,000 310,000 440,000 260,000 160,000 360,000 225,000 260,000 480,000 180,000 400,000 405,000 375,000 345,000 370,000 365,000 118,000 260,000 340,000 200,000 240,000 282,000 300,000
Prologis LP Bond FRN Republic ofPoland Government Procter &GambleCo/The Pfizer Inc PepsiCo Inc Morgan Stanley Microsoft Corp McDonald's Corp CosInc Lowe's Kimberly-Clark Corp JPMorgan Chase&CoFRN Johnson & John DeereFinancial Inc Home DepotInc/The HCA Inc Goldman SachsGroupInc/The 'REGS' LLC/EMCCorp Dell International BrandsInc Constellation Citigroup IncFRN Bank of America Corp 'MTN'FRN Bank of America Corp 'MTN'FRN Inc Apple American ExpressCo Amazon.com Inc Alphabet Inc Adobe Inc United KingdomGilt United KingdomGilt Corp Unilever Capital Inc'REGS' Ashtead Capital ABB Finance USAInc Spain GovernmentBond'144A' Bond 'REGS' Romanian GovernmentInternational Romania GovernmentBond Romania GovernmentBond Republic ofPoland GovernmentBond Republic ofPoland GovernmentBond Bond Philippine GovernmentInternational (continued) Coupon Coupon 2.450 1.250 0.690 2.750 2.500 2.625 2.875 3.625 3.500 3.125 5.000 3.200 3.540 3.625 2.410 5.875 5.000 3.625 5.300 4.250 1.650 1.486 3.499 3.850 3.000 3.150 1.100 2.300 1.500 1.750 3.250 4.125 3.375 1.200 2.375 4.750 4.000 3.900 Rate Rate % 25/03/25 15/10/30 25/05/28 25/10/29 25/07/27 01/04/30 15/10/49 20/01/27 15/11/42 04/03/25 15/04/40 25/04/29 01/05/28 03/03/37 14/01/25 16/12/36 15/03/24 22/01/23 01/10/29 01/05/23 04/05/21 19/05/24 17/05/22 04/05/43 30/10/24 22/08/27 15/08/30 01/02/30 22/07/47 07/09/37 07/03/24 15/08/25 03/04/23 31/10/40 19/04/27 24/02/25 27/10/21 26/11/22 Maturity Date 1,070,264 1,151,862 1,326,219 175,635 176,427 363,237 359,640 347,387 313,711 512,663 380,183 363,716 389,977 177,666 189,017 451,362 380,030 349,185 392,657 179,395 385,038 258,421 283,679 345,779 183,212 407,563 506,516 407,247 393,851 369,225 393,479 179,486 396,282 370,327 205,767 257,007 354,542 373,343 545,885 406,991 377,260 211,181 Value USD Fair
% of 0.48 0.48 2.94 1.00 0.99 0.95 0.86 1.40 1.04 1.00 1.07 0.49 0.52 1.23 1.04 0.96 1.07 0.49 1.05 0.71 0.78 0.95 0.50 1.11 1.39 1.11 1.08 1.01 1.08 3.16 0.49 1.09 1.02 0.56 0.70 0.97 3.63 1.02 1.50 1.11 1.03 0.58 NAV Total Bonds-(CostUSD34,177,868) Vietnam -0.61%(31March2020:0.51%) Total Investments-(CostUSD34,177,868) United States-32.62%(31March2020:34.74%) Amount Principal 19/10/20 16/10/20 15/10/20 Open forwardforeigncurrency exchange contracts-(0.23)%(31March2020:(0.16)%) Date Maturity 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 30/11/20 22/10/20 22/10/20 22/10/20 22/10/20 22/10/20 22/10/20 22/10/20 22/10/20 22/10/20 19/10/20 19/10/20 Bonds -97.61%(31March2020:93.96%)(continued) (Unaudited)(continued) 200,000 385,000 583,000 315,000 185,000 345,000 130,000 225,000 425,000 185,000 180,000 65,000
Financial period ended30September 2020 Bond 'REGS' Vietnam GovernmentInternational Verizon Inc Communications United States Treasury Note/Bond United States Treasury Note/Bond United RentalsNorth America Inc Toyota MotorCreditCorp'MTN' ofCalifornia State ofCalifornia State ofCalifornia State Starbucks Corp CorpInternational/US Service Sealed Air Corp'REGS' IDR 1,345,319,400 USD 180,555 EUR 10,711,047 Amount JPY 3,804,839 JPY 165,656,743 JPY 231,177,708 JPY 193,572,707 GBP 200,823 GBP 138,570 GBP 84,651 EUR 447,670 EUR 2,377,100 EUR 936,138 CNH 5,674,153 CHF 372,726 CHF 159,810 CAD 537,929 476,532,720 KRW USD 243,262 USD 361,021 USD 482,862 USD 481,732 USD 453,314 USD 263,521 NOK 1,001,833 HUF 53,129,239 CZK 731,724 USD 368,906 USD 359,719 Bought
Sold USD 90,600 PHP 8,978,982 USD 12,658,594 USD 36,314 USD 1,581,031 USD 2,206,715 USD 1,847,191 USD 261,058 USD 176,405 USD 110,074 USD 529,775 USD 2,812,775 USD 1,108,266 USD 832,488 USD 412,059 USD 176,673 USD 401,590 USD 401,233 NOK 2,257,719 NOK 3,349,424 HUF 147,997,300 HUF 147,555,785 CZK 10,540,328 CZK 6,136,774 USD 107,869 EUR 153,267 USD 31,744 PEN 1,303,752 CLP 282,894,097 Amount Coupon Coupon
(continued) 4.800 3.875 2.875 2.125 4.875 2.150 7.550 7.500 4.500 4.450 4.625 4.875 Rate Rate % 19/11/24 08/02/29 15/08/28 15/05/25 15/01/28 13/02/30 01/04/39 01/04/34 01/04/33 15/08/49 15/12/27 01/12/22 Maturity Gain/(Loss) Unrealised Date (96,391) (10,888) (18,125) 11,914,955 35,653,724 35,653,724 (4,625) (7,550) (8,553) (1,719) (3,470) (7,691) (2,525) (5,886) (2,523) (3,426) (2,402) (8,466) 2,542 2,616 7,477 1,204 1,919 5,644 5,938 7,114 (263) (174) (757) (460) (685) USD 224,134 456,426 688,350 342,058 194,481 364,378 227,728 108,132 269,136 513,976 196,488 188,168 (36) Value USD
Fair
(0.01) (0.26) (0.00) (0.02) (0.03) (0.02) (0.01) (0.01) (0.05) (0.02) (0.01) (0.02) (0.01) (0.01) (0.01) (0.02) (0.00) (0.00) (0.00) (0.00) (0.00) 32.62 97.61 97.61 % of % of 0.61 0.01 0.01 0.02 0.00 0.00 0.02 0.02 0.02 1.25 1.88 0.94 0.53 1.00 0.62 0.30 0.74 1.41 0.54 0.51 NAV NAV
Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2020 Lazard GlobalFixedIncomeFund(continued) Portfolios ofInvestments Total Assets Other assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets - The BankofNew York Mellon - MorganStanley - JPMorganChaseBankN.A. - HSBCBankUSA - CitigroupGlobalMarketsInc The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: Net Assets Net Assets Other Financial assetsandfinancialliabilitiesatfair value contracts Net unrealisedlossonforwardforeigncurrency exchange contracts Unrealised lossonforwardforeigncurrency exchange contracts Unrealised gainonforwardforeigncurrency exchange 04/03/21 16/02/21 22/01/21 22/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 20/01/21 (continued) Open forwardforeigncurrency exchange contracts-(0.23)%(31March2020:(0.16)%) Date Maturity
CNH 5,674,152 USD 256,616 USD 198,319 EUR 334,992 USD 341,600 USD 11,035 USD 3,694 USD 648,308 USD 449,760 USD 414,631 USD 443,322 USD 435,162 USD 152,032 USD 928,460 USD 806,489 USD 1,023,091 USD 180,121 USD 816,615 USD 322,573 USD 229,519 THB 3,981,000 SGD 575,397 SEK 1,203,732 4,617,567 RUB NZD 383,766 MXN 2,192,354 Amount Bought
Sold USD 829,470 COP 961,361,458 RON 850,519 RON 1,644,771 SGD 467,923 PLN 43,008 PLN 13,892 PLN 2,451,243 NZD 670,445 NZD 617,928 EUR 374,655 CAD 574,192 CAD 202,863 CAD 1,224,850 CAD 1,064,017 CAD 1,350,222 AUD 253,238 AUD 1,117,785 AUD 441,518 AUD 314,275 USD 127,136 USD 424,166 USD 136,285 USD 59,732 USD 257,507 USD 100,387 Amount
Gain/(Loss) 36,527,145 35,570,497 Unrealised (209,055) (83,227) 956,648 125,828 (1,807) (4,628) (1,258) (1,319) (1,519) (2,559) (1,666) (1,004) (3,655) (2,529) 13,938 15,748 7,301 1,386 6,275 5,885 2,857 3,709 8,095 6,976 8,520 6,236 4,349 % ofTotal Assets (401) USD (95) 99
100.00 100.00 (0.23) (0.57) (0.00) (0.01) (0.01) (0.00) (0.00) (0.00) (0.00) (0.01) (0.01) (0.00) (0.01) (0.01) 97.38 93.96 % of 2.62 0.34 0.03 0.04 0.02 0.00 0.00 0.02 0.02 0.01 0.01 0.02 0.02 0.02 0.02 0.01 NAV 5.71 0.33
(Unaudited)(continued) Financial period ended30September 2020 121 LAZARD GLOBAL ACTIVE FUNDS PLC Statement of Major Changes in Investments (Unaudited)
In accordance with the Central Bank UCITS Regulations, a statement of largest changes in the composition of the Portfolios of Investments during the reporting period is provided to ensure that shareholders can identify changes in the investments held by the Funds. These are defined as the aggregate purchases and sales of an investment (including maturities but excluding repurchase agreements, overnight discount notes and time deposits, which are employed chiefly as a means of seeking to ensure efficient portfolio management) exceeding 1.00% of the total value of purchases and sales for the financial period. At a minimum, the largest 20 purchases and sales are listed. If the Fund entered into less than 20 purchases or sales during the reporting period, then all transactions are presented. Lazard Global Listed Infrastructure Equity Fund
ALL ACQUISITIONS COST ALL DISPOSALS PROCEEDS
GBP GBP CSX Corp 50,911,530 Norfolk Southern Corp 91,571,315 Consolidated Edison Inc 45,546,835 Union Pacific Corp 68,671,305 Ferrovial SA 42,142,996 CSX Corp 28,609,820 Transurban Group 35,622,012 Power Assets Holdings Ltd 17,401,231 National Grid Plc 34,797,468 Terna Rete Elettrica Nazionale SpA 16,268,644 Southwest Gas Holdings Inc 33,250,429 Kansas City Southern 15,853,473 Vinci SA 19,905,799 Atlantia SpA 10,759,192 Snam SpA 19,660,856 Transurban Group 7,582,061 Severn Trent Plc 14,959,075 Southwest Gas Holdings Inc 5,402,011 Atlantia SpA 11,211,530 National Grid Plc 4,579,358 Norfolk Southern Corp 11,160,241 United Utilities Group Plc 4,359,918 United Utilities Group Plc 10,132,663 Severn Trent Plc 3,736,400 Atlas Arteria Ltd 8,537,548 Vinci SA 2,614,820 Power Assets Holdings Ltd 7,041,774 Union Pacific Corp 5,719,128 Terna Rete Elettrica Nazionale SpA 4,117,618 Italgas SpA 3,297,585 Spark Infrastructure Group 284,981 SES SA Receipt - Class A 57,426 LAZARD GLOBAL ACTIVE FUNDS PLC
Lazard Global Active Funds plc Financial period ended 30 September 2020 122 Statement of Major Changes in Investments (Unaudited) (continued)
Lazard Global Strategic Equity Fund
ACQUISITIONS COST DISPOSALS PROCEEDS
USD USD Thermo Fisher Scientific Inc 228,620 Alphabet Inc - Class A 285,029 Alphabet Inc - Class A 202,772 QIAGEN NV 223,419 Clarivate Plc 169,325 Discover Financial Services 188,996 Microsoft Corp 165,965 Microsoft Corp 179,652 Volkswagen AG - Preference 163,950 Mastercard Inc 137,635 THG Holdings Ltd 139,005 Raytheon Technologies Corp 136,084 Analog Devices Inc 138,475 Beiersdorf AG 118,232 Discover Financial Services 137,948 Diageo Plc 111,792 ABB Ltd 133,158 Bank Leumi Le-Israel BM 107,651 Informa Plc 132,688 Adobe Inc 85,521 CyberArk Software Ltd 121,954 Electronic Arts Inc 79,907 Z Holdings Corp 119,947 Tesco Plc 76,543 Lojas Renner SA 116,805 Eurazeo SE 74,142 American Express Co 116,576 Suzuki Motor Corp 70,611 Dechra Pharmaceuticals Plc 110,809 EDP - Energias de Portugal SA 57,810 Menicon Co Ltd 109,651 Rentokil Initial Plc 52,070 UnitedHealth Group Inc 106,946 S&P Global Inc 48,626 Electronic Arts Inc 86,796 Intercontinental Exchange Inc 47,099 Alibaba Group Holding Ltd ADR 77,769 Mainfreight Ltd 46,793 Starbucks Corp 65,855 IQVIA Holdings Inc 37,083 Idorsia Ltd 57,356 Aon Plc 35,634 Visa Inc - Class A 56,515 Alibaba Group Holding Ltd ADR 33,302 Fidelity National Information Services Inc 51,963 UnitedHealth Group Inc 32,702 TeamViewer AG '144A' 47,572 Coca-Cola Co/The 32,448 Siemens Gamesa Renewable Energy SA 42,384 Linde Plc 38,463 LAZARD GLOBAL ACTIVE FUNDS PLC
Lazard Global Active Funds plc Financial period ended 30 September 2020 123 Statement of Major Changes in Investments (Unaudited) (continued)
Lazard Global Sustainable Equity Fund*
ACQUISITIONS COST DISPOSALS PROCEEDS
USD USD Vestas Wind Systems A/S 425,968 Cisco Systems Inc 446,980 Siemens Gamesa Renewable Energy SA 311,098 Fidelity National Information Services Inc 382,237 Legrand SA 291,793 Yamaha Corp 334,568 Halma Plc 221,776 Geberit AG 308,934 Technogym SpA '144A' 196,316 Assa Abloy AB 278,896 MIPS AB 179,273 Compass Group Plc 249,697 PTC Inc 140,485 Microsoft Corp 60,969 Microsoft Corp 138,251 S&P Global Inc 39,639 Trane Technologies Plc 130,514 Thermo Fisher Scientific Inc 38,886 Xylem Inc/NY 115,397 Shimano Inc 38,869 Polypipe Group plc 114,327 Ingersoll Rand Inc 37,027 Watts Water Technologies Inc - Class A 105,946 Rockwell Automation Inc 36,333 S&P Global Inc 96,564 Zoetis Inc 34,873 Thermo Fisher Scientific Inc 88,237 Visa Inc - Class A 34,330 Taiwan Semiconductor Manufacturing Co Ltd 87,103 Accenture Plc - Class A 33,314 Zoetis Inc 79,007 Aon Plc 31,265 Accenture Plc - Class A 75,909 Boston Scientific Corp 27,662 Visa Inc - Class A 75,185 Intuit Inc 27,125 Prologis Inc (REIT) 74,616 Danaher Corp 26,407 Aon Plc 74,413 IQVIA Holdings Inc 25,102 Rockwell Automation Inc 71,628 Boston Scientific Corp 66,009 Intuit Inc 64,915 Danaher Corp 63,664 Agilent Technologies Inc 57,172 Motorola Solutions Inc 56,015 IQVIA Holdings Inc 55,937 Laboratory Corp of America Holdings 53,411 Shimano Inc 53,284 Wolters Kluwer NV 51,381 Clicks Group Ltd 50,413 Check Point Software Technologies Ltd 49,912 Ecolab Inc 48,493 Alcon Inc 48,362 RELX Plc 47,465 MSA Safety Inc 46,912 Hexagon AB 46,899
* Effective 23 June 2020, Fund name changed from Lazard Global Sustainable Equity Select Fund to Lazard Global Sustainable Equity Fund. LAZARD GLOBAL ACTIVE FUNDS PLC
Lazard Global Active Funds plc Financial period ended 30 September 2020 124 Statement of Major Changes in Investments (Unaudited) (continued)
Lazard Global Managed Volatility Fund
ACQUISITIONS COST DISPOSALS PROCEEDS
USD USD General Mills Inc 2,664,098 TJX Cos Inc/The 2,863,275 Silgan Holdings Inc 2,514,462 Fortis Inc/Canada 2,782,497 ASX Ltd 2,461,055 Aon Plc 2,509,933 Hormel Foods Corp 2,355,062 Rogers Communications Inc 2,360,872 RELX Plc 2,304,266 NIKE Inc 2,340,821 Mizuho Financial Group Inc 2,184,483 Citrix Systems Inc 2,139,684 Kellogg Co 2,162,945 Hershey Co/The 2,107,336 Accenture Plc - Class A 1,960,428 RELX Plc 2,105,444 Dollar General Corp 1,909,590 Procter & Gamble Co/The 1,840,291 Citrix Systems Inc 1,884,744 Comcast Corp 1,834,752 3M Co 1,834,036 Public Service Enterprise Group Inc 1,763,070 Cisco Systems Inc 1,818,826 ASX Ltd 1,724,080 Orkla ASA 1,800,778 Roche Holding AG 1,720,787 Campbell Soup Co 1,684,816 Premier Inc - Class A 1,680,038 Ameren Corp 1,682,175 WEC Energy Group Inc 1,652,342 Comcast Corp 1,586,245 Northland Power Inc 1,593,338 Tohoku Electric Power Co Inc 1,528,157 Motorola Solutions Inc 1,591,896 WEC Energy Group Inc 1,515,756 Mellanox Technologies Ltd 1,582,250 Coloplast A/S 1,486,073 National Fuel Gas Co 1,581,440 Gilead Sciences Inc 1,452,637 Ameren Corp 1,566,243 Republic Services Inc - Class A 1,389,908 Motorola Solutions Inc 1,375,635 LAZARD GLOBAL ACTIVE FUNDS PLC
Lazard Global Active Funds plc Financial period ended 30 September 2020 125 Statement of Major Changes in Investments (Unaudited) (continued)
Lazard Global Thematic Fund
ACQUISITIONS COST DISPOSALS PROCEEDS
USD USD Waste Management Inc 245,997 Nexon Co Ltd 127,168 NextEra Energy Inc 196,450 Hexagon AB 113,029 Taiwan Semiconductor Manufacturing Co Ltd ADR 185,653 Barrick Gold Corp 110,746 Applied Materials Inc 135,267 Adobe Inc 102,412 Intuit Inc 99,001 Autodesk Inc 97,589 Siemens Gamesa Renewable Energy SA 58,861 Thermo Fisher Scientific Inc 95,267 TE Connectivity Ltd 56,080 DBS Group Holdings Ltd 95,200 Pernod Ricard SA 50,545 Deere & Co 88,709 Vestas Wind Systems A/S 47,483 Agnico Eagle Mines Ltd (Units) 88,153 Iberdrola SA 46,413 ASML Holding NV 85,926 LVMH Moet Hennessy Louis Vuitton SE 44,019 Truist Financial Corp 76,662 Walt Disney Co/The 42,876 Bank of America Corp 75,574 Coca-Cola Co/The 41,832 Microsoft Corp 64,465 Industria de Diseno Textil SA 23,806 Danaher Corp 63,781 Microsoft Corp 10,965 Sony Corp 63,157 Barrick Gold Corp 8,890 M&T Bank Corp 60,932 Kao Corp 8,159 Rockwell Automation Inc 56,653 Apple Inc 7,930 Accenture Plc - Class A 46,499 Thermo Fisher Scientific Inc 7,910 Amazon.com Inc 44,654 Agnico Eagle Mines Ltd (Units) 7,399 Ecolab Inc 44,589 Honeywell International Inc 37,944 Alibaba Group Holding Ltd ADR 33,190 Apple Inc 28,403 Activision Blizzard Inc 26,803 LAZARD GLOBAL ACTIVE FUNDS PLC
Lazard Global Active Funds plc Financial period ended 30 September 2020 126 Statement of Major Changes in Investments (Unaudited) (continued)
Lazard Global Thematic Focus Fund
ACQUISITIONS COST DISPOSALS PROCEEDS
USD USD Microsoft Corp 2,357,334 Hexagon AB 929,038 Alphabet Inc - Class A 2,066,180 Nexon Co Ltd 636,453 Apple Inc 1,912,230 Microsoft Corp 553,507 Hexagon AB 1,479,166 Deere & Co 538,036 Tencent Holdings Ltd 1,475,624 Autodesk Inc 500,984 Aon Plc 1,472,540 Adobe Inc 430,730 SAP SE 1,462,140 ASML Holding NV 423,890 PTC Inc 1,453,039 DBS Group Holdings Ltd 347,612 Analog Devices Inc 1,360,238 Amazon.com Inc 300,728 Taiwan Semiconductor Manufacturing Co Ltd ADR 1,334,457 Rockwell Automation Inc 274,040 Texas Instruments Inc 1,330,675 Alphabet Inc - Class A 234,368 FANUC Corp ADR 1,322,126 Sony Corp ADR 206,170 salesforce.com Inc 1,320,467 Accenture Plc - Class A 199,466 Schneider Electric SE 1,311,088 Apple Inc 199,326 Walt Disney Co/The 1,290,939 PTC Inc 171,554 Amazon.com Inc 1,286,076 Aon Plc 164,809 RELX Plc 1,284,999 Analog Devices Inc 164,322 Fidelity National Information Services Inc 1,279,590 FANUC Corp ADR 156,955 Autodesk Inc 1,273,834 SAP SE 156,911 Mastercard Inc 1,270,191 Tencent Holdings Ltd 154,536 Wolters Kluwer NV 1,263,429 Texas Instruments Inc 151,599 Rockwell Automation Inc 1,259,239 RELX Plc 151,438 Assa Abloy AB 1,258,762 Schneider Electric SE 146,969 Accenture Plc - Class A 1,255,606 Fidelity National Information Services Inc 145,916 Intercontinental Exchange Inc 1,253,077 Mastercard Inc 145,151 Ping An Insurance Group Co of China Ltd 'H' 1,239,476 Intercontinental Exchange Inc 144,470 Sony Corp ADR 1,238,805 Assa Abloy AB 143,881 Adobe Inc 1,233,180 Wolters Kluwer NV 141,177 Industria de Diseno Textil SA 1,228,261 salesforce.com Inc 140,767 LVMH Moet Hennessy Louis Vuitton SE 1,223,368 EssilorLuxottica SA 140,195 ASML Holding NV 1,211,065 Industria de Diseno Textil SA 138,642 Alibaba Group Holding Ltd ADR 1,206,565 Visa Inc - Class A 135,404 Oracle Corp 1,205,973 Alibaba Group Holding Ltd ADR 134,426 AIA Group Ltd 1,197,122 Activision Blizzard Inc 132,594 Johnson Controls International plc 1,184,450 Prudential Plc 132,234 Deere & Co 1,173,188 Oracle Corp 131,421 EssilorLuxottica SA 1,172,795 Johnson Controls International plc 130,793 Activision Blizzard Inc 1,168,552 AIA Group Ltd 130,575 Visa Inc - Class A 1,151,828 Ping An Insurance Group Co of China Ltd 'H' 130,345 Nexon Co Ltd 1,102,559 Walt Disney Co/The 121,763 Prudential Plc 1,086,726 LVMH Moet Hennessy Louis Vuitton SE 116,984 HDFC Bank Ltd ADR 1,019,511 HDFC Bank Ltd ADR 116,780 TE Connectivity Ltd 925,634 Applied Materials Inc 853,943 Infineon Technologies AG 795,664 Intuit Inc 732,892 Aptiv Plc 618,932 LAZARD GLOBAL ACTIVE FUNDS PLC
Lazard Global Active Funds plc Financial period ended 30 September 2020 127 Statement of Major Changes in Investments (Unaudited) (continued)
Lazard Global Equity Franchise Fund
ACQUISITIONS COST DISPOSALS PROCEEDS
USD USD McKesson Corp 14,851,716 Fresenius Medical Care AG & Co KGaA 16,882,521 National Grid Plc 12,012,563 Cognizant Technology Solutions Corp 16,281,203 EssilorLuxottica SA 8,918,013 Booking Holdings Inc 15,592,820 Snam SpA 8,909,325 International Game Technology Plc 14,529,446 Intel Corp 8,435,803 IPG Photonics Corp 13,907,499 Bureau Veritas SA 7,579,933 Norfolk Southern Corp 13,610,189 United Utilities Group Plc 7,109,771 Lowe's Cos Inc 12,967,582 Omnicom Group Inc 6,455,472 CSX Corp 12,883,229 Cisco Systems Inc 5,921,034 SES SA Receipt - Class A 12,308,846 CVS Health Corp 5,468,687 Union Pacific Corp 12,264,055 Medtronic Plc 4,726,762 Stericycle Inc 11,990,216 Stericycle Inc 4,596,018 Ferrovial SA 11,423,652 H&R Block Inc 4,513,139 Oracle Corp 10,176,953 Ferrovial SA 4,181,216 MEDNAX Inc 9,381,940 Tapestry Inc 3,362,325 Medtronic Plc 8,950,936 SES SA Receipt - Class A 3,028,272 Cisco Systems Inc 7,489,254 Atlantia SpA 2,788,487 Nielsen Holdings Plc 6,240,944 Oracle Corp 2,746,733 H&R Block Inc 5,647,727 Fresenius Medical Care AG & Co KGaA 2,561,462 Omnicom Group Inc 5,356,253 Nielsen Holdings Plc 2,508,144 Anheuser-Busch InBev SA/NV 5,227,845 MEDNAX Inc 2,407,585 Alphabet Inc 4,706,830 Cognizant Technology Solutions Corp 1,965,199 CVS Health Corp 4,691,988 Anheuser-Busch InBev SA/NV 1,661,253 Bureau Veritas SA 4,570,107 Henry Schein Inc 4,447,515 Atlantia SpA 3,909,175 Tapestry Inc 2,550,879 LAZARD GLOBAL ACTIVE FUNDS PLC
Lazard Global Active Funds plc Financial period ended 30 September 2020 128 Statement of Major Changes in Investments (Unaudited) (continued)
Lazard European Equity Fund
ACQUISITIONS COST DISPOSALS PROCEEDS
EUR EUR Kerry Group Plc 593,164 ASML Holding NV 886,302 AXA SA 393,066 Vonovia SE 838,945 Sandvik AB 366,770 Novartis AG 813,535 Roche Holding AG 313,361 Atos SE 795,872 JDE Peet's BV 301,580 Sanofi 751,834 Coca-Cola European Partners Plc 292,126 SAP SE 724,055 Alstom SA 291,427 LVMH Moet Hennessy Louis Vuitton SE 681,933 Givaudan SA 291,218 Prosus NV 636,162 Amundi SA '144A' 289,147 Scout24 AG '144A' 550,976 UniCredit SpA 273,504 Enel SpA 544,523 Covestro AG '144A' 256,872 Sampo Oyj - Class A 541,939 Deutsche Boerse AG 253,463 Linde Plc 510,277 Safran SA 252,322 Unilever NV 494,464 Continental AG 239,270 ABB Ltd 493,822 Euronext NV '144A' 234,036 Koninklijke DSM NV 484,208 Anheuser-Busch InBev SA/NV 220,765 Deutsche Post AG 477,459 Unilever NV 195,204 Genmab A/S 431,027 Puma SE 185,583 Roche Holding AG 427,286 EDP - Energias de Portugal SA 162,691 Symrise AG - Class A 390,216 Sampo Oyj - Class A 158,232 Vivendi SA 382,534 Prosus NV 155,264 Cie de Saint-Gobain 379,534 Industria de Diseno Textil SA 152,102 Engie SA 367,785 Eurazeo SE 138,405 RELX Plc 354,643 Porsche Automobil Holding SE - Preference 137,796 ArcelorMittal SA 333,275 Banco Santander SA 122,700 Faurecia SE 323,578 KION Group AG 122,254 Alcon Inc 311,183 Engie SA 119,376 AXA SA 306,931 Vonovia SE 108,920 Galp Energia SGPS SA 297,664 Flughafen Zurich AG 99,406 Carlsberg AS 296,882 ABB Ltd 92,118 Knorr-Bremse AG 280,182 Banca Farmafactoring SpA '144A' 90,295 Porsche Automobil Holding SE - Preference 261,656 Banco Santander SA 260,766 Deutsche Boerse AG 258,253 Vestas Wind Systems A/S 251,798 Safran SA 251,362 BNP Paribas SA 237,594 Epiroc AB 234,158 adidas AG 228,809 Kerry Group Plc 218,304 LAZARD GLOBAL ACTIVE FUNDS PLC
Lazard Global Active Funds plc Financial period ended 30 September 2020 129 Statement of Major Changes in Investments (Unaudited) (continued)
Lazard Pan-European Small Cap Fund
ACQUISITIONS COST DISPOSALS PROCEEDS
EUR EUR Greggs Plc 976,854 Kardex Holding AG 1,122,642 Swissquote Group Holding SA 776,846 Chargeurs SA 872,535 Britvic Plc 767,345 Granges AB 827,138 Future Plc 755,681 Rentokil Initial Plc 726,484 Entra ASA '144A' 755,625 Indra Sistemas SA 696,522 3i Group Plc 755,273 Rightmove Plc 623,451 Covestro AG '144A' 739,408 Netcompany Group A/S '144A' 547,896 Kemira Oyj 722,424 Glenveagh Properties Plc '144A' 531,415 Getinge AB 709,709 Lifco AB 521,042 Siegfried Holding AG 668,029 Construcciones y Auxiliar de Ferrocarriles SA 515,204 JD Sports Fashion Plc 612,907 Applus Services SA 496,653 Bankinter SA 570,781 Cerved Group SpA 463,792 Shop Apotheke Europe NV '144A' 527,793 Secure Income REIT Plc (REIT) 440,213 Reply SpA 477,990 TGS NOPEC Geophysical Co ASA 358,072 Logitech International SA 452,048 ASM International NV 296,137 Gamma Communications Plc 445,715 Flatex AG 279,918 Netcompany Group A/S '144A' 444,213 THG Holdings Ltd 277,601 Dalata Hotel Group Plc 429,775 CompuGroup Medical SE 273,614 ROCKWOOL International A/S 382,166 Sabre Insurance Group Plc '144A' 257,386 Encavis AG 370,528 Nordic Entertainment Group AB 252,987 Aalberts NV 366,981 Arjo AB 250,144 Hunting Plc 323,928 Stillfront Group AB 248,475 Italgas SpA 322,729 Big Yellow Group Plc (REIT) 219,184 ASM International NV 271,862 Tinexta Spa 213,642 Arcadis NV 268,509 Clinigen Group Plc 195,656 TeamViewer AG '144A' 247,738 PATRIZIA AG 189,926 Lifco AB 247,377 TeamViewer AG '144A' 182,607 THG Holdings Ltd 240,731 LEG Immobilien AG 175,538 Illimity Bank SpA 231,602 GVS SpA '144A' 165,888 Pennon Group Plc 215,142 Smart Metering Systems Plc 157,737 Synthomer Plc 208,967 Kojamo Oyj 148,216 JTC Plc '144A' 138,244 LAZARD GLOBAL ACTIVE FUNDS PLC
Lazard Global Active Funds plc Financial period ended 30 September 2020 130 Statement of Major Changes in Investments (Unaudited) (continued)
Lazard US Equity Concentrated Fund
ACQUISITIONS COST DISPOSALS PROCEEDS
USD USD Dollar Tree Inc 17,759,035 Motorola Solutions Inc 8,718,211 Medtronic Plc 10,462,904 Lowe's Cos Inc 5,427,534 Fiserv Inc 9,722,788 Norfolk Southern Corp 3,255,168 Public Storage (REIT) 9,711,365 Prologis Inc (REIT) 2,770,159 Crown Castle International Corp (REIT) 8,540,485 Medtronic Plc 1,855,871 Waste Management Inc 8,466,276 Aptiv Plc 1,310,686 Baxter International Inc 7,469,992 Fiserv Inc 437,927 CDW Corp/DE 7,420,015 Alphabet Inc - Class A 384,060 Starbucks Corp 5,918,658 Skyworks Solutions Inc 358,279 Alphabet Inc - Class A 4,902,198 Public Storage (REIT) 342,355 Analog Devices Inc 3,791,789 McDonald's Corp 337,417 Armstrong World Industries Inc 3,288,111 Intercontinental Exchange Inc 325,900 Intercontinental Exchange Inc 2,443,954 Analog Devices Inc 317,755 McDonald's Corp 2,371,145 S&P Global Inc 293,168 S&P Global Inc 2,180,704 Crown Castle International Corp (REIT) 281,469 Lowe's Cos Inc 2,086,125 Apple Inc 256,861 Apple Inc 1,809,190 Baxter International Inc 254,151 Skyworks Solutions Inc 1,663,500 Waste Management Inc 251,434 Vulcan Materials Co 1,597,507 Vulcan Materials Co 217,908 Visa Inc - Class A 1,574,852 Starbucks Corp 217,827 Prologis Inc (REIT) 1,307,780 LAZARD GLOBAL ACTIVE FUNDS PLC
Lazard Global Active Funds plc Financial period ended 30 September 2020 131 Statement of Major Changes in Investments (Unaudited) (continued)
Lazard Japanese Strategic Equity Fund
ACQUISITIONS COST DISPOSALS PROCEEDS
JPY JPY Suzuki Motor Corp 36,020,887 Amada Co Ltd 20,122,425 Shin-Etsu Chemical Co Ltd 26,354,924 Izumi Co Ltd 16,836,099 Denso Corp 21,750,347 Makita Corp 16,193,397 Square Enix Holdings Co Ltd 9,661,517 Nidec Corp 14,827,681 Mizuho Financial Group Inc 8,771,106 Nintendo Co Ltd 14,194,080 Daiwa House Industry Co Ltd 8,701,928 Nitto Denko Corp 11,407,313 Sony Corp 8,121,467 Shizuoka Bank Ltd/The 8,878,559 Disco Corp 7,128,943 Sony Corp 7,001,068 SoftBank Group Corp 7,128,346 SoftBank Group Corp 6,823,487 Hitachi Ltd 6,728,862 Komatsu Ltd 5,919,710 JAFCO Group Co ltd 6,546,355 Disco Corp 2,620,689 Mitsubishi UFJ Financial Group Inc 6,274,736 FANUC Corp 1,916,542 FANUC Corp 6,261,061 JAFCO Group Co ltd 1,238,881 Komatsu Ltd 6,246,557 Hitachi Ltd 1,051,774 Makita Corp 6,234,212 Mitsubishi UFJ Financial Group Inc 974,922 Hulic Co Ltd 5,982,877 Dai-ichi Life Holdings Inc 895,453 Mitsubishi Corp 5,828,195 ORIX Corp 889,305 ORIX Corp 5,799,176 Sumitomo Mitsui Trust Holdings Inc 879,461 Tokyu Fudosan Holdings Corp 5,025,596 Hulic Co Ltd 861,470 Dai-ichi Life Holdings Inc 5,002,367 Takeda Pharmaceutical Co Ltd 795,802 Sumitomo Mitsui Trust Holdings Inc 4,951,272 Takeda Pharmaceutical Co Ltd 4,913,470 Nitto Denko Corp 4,588,190 Ube Industries Ltd 4,255,295 Nintendo Co Ltd 4,250,233 Kansai Electric Power Co Inc/The 3,902,150 Rengo Co Ltd 3,697,040 Sundrug Co Ltd 3,157,667 Nomura Holdings Inc 2,865,369 LAZARD GLOBAL ACTIVE FUNDS PLC
Lazard Global Active Funds plc Financial period ended 30 September 2020 132 Statement of Major Changes in Investments (Unaudited) (continued)
Lazard Emerging World Fund
ALL ACQUISITIONS COST DISPOSALS PROCEEDS
USD USD Samsung Electronics Co Ltd - Preference 220,396 Naspers Ltd 370,647 CITIC Securities Co Ltd 'H' 212,588 Prosus NV 310,163 Aberdeen New Dawn Investment Trust Plc 111,379 JPMorgan Emerging Markets Investment Trust plc 242,251 Prosus NV 76,902 JPMorgan Asia Growth & Income Plc 201,299 Aberdeen Emerging Markets Investment Co Ltd 40,988 Fidelity China Special Situations Plc 195,780 SK Holdings Co Ltd 35,634 SK Holdings Co Ltd 185,791 Fidelity Asian Values Plc 34,890 Templeton Dragon Fund Inc 171,724 JPMorgan China Growth & Income 31,282 Templeton Emerging Markets Investment Trust Plc 153,980 Aberdeen Emerging Markets Equity Income Fund Inc 24,756 CITIC Securities Co Ltd 'H' 123,810 India Capital Growth Fund Ltd 7,254 Samsung Electronics Co Ltd - Preference 113,255 Asia Dragon Trust Plc 2,848 Fondul Proprietatea SA GDR 112,988 Genesis Emerging Markets Fund Ltd 85,464 JPMorgan Russian Securities plc 80,560 VinaCapital Vietnam Opportunity Fund Ltd 80,322 Asia Dragon Trust Plc 66,811 Aberdeen New India Investment Trust Plc 57,182 Aberdeen Frontier Markets Investment Co Ltd 56,321 Schroder AsiaPacific Fund Plc 54,443 Utilico Emerging Markets Trust Plc/The Fund 53,074 BlackRock Latin American Investment Trust Plc 47,559 Aberdeen Emerging Markets Investment Co Ltd 44,143 INVESCO Asia Trust Plc 41,575 Vietnam Enterprise Investments Ltd 37,270 LAZARD GLOBAL ACTIVE FUNDS PLC
Lazard Global Active Funds plc Financial period ended 30 September 2020 133 Statement of Major Changes in Investments (Unaudited) (continued)
Lazard Emerging Markets Equity Fund
ACQUISITIONS COST DISPOSALS PROCEEDS
USD USD iShares Core MSCI EM IMI UCITS ETF - ETF 17,502,677 Samsung Electronics Co Ltd 18,119,396 Vanguard FTSE Emerging Markets UCITS ETF - ETF 17,469,861 China Construction Bank Corp 'H' 17,994,396 CRRC Corp Ltd 'H' 6,216,799 China Mobile Ltd ADR 17,475,898 China Vanke Co Ltd 'H' 3,874,353 NetEase Inc ADR 16,501,919 Novatek Microelectronics Corp 3,378,402 SK Hynix Inc 15,858,622 Power Grid Corp of India Ltd 3,278,918 Taiwan Semiconductor Manufacturing Co Ltd 13,373,369 LUKOIL PJSC ADR 3,140,815 Weichai Power Co Ltd 'H' 12,323,417 Globalwafers Co Ltd 3,104,112 Sberbank of Russia PJSC 11,417,767 Unilever NV 2,754,220 iShares Core MSCI EM IMI UCITS ETF - ETF 11,002,871 Ping An Insurance Group Co of China Ltd 'H' 2,629,634 Vanguard FTSE Emerging Markets UCITS ETF - ETF 10,771,897 Anglo American Plc 2,623,481 CNOOC Ltd 9,746,854 China Shenhua Energy Co Ltd 'H' 2,454,362 Anhui Conch Cement Co Ltd 'H' 9,305,361 Galp Energia SGPS SA 2,076,983 America Movil SAB de CV ADR 9,287,332 Sinopharm Group Co Ltd 'H' 2,033,643 Tata Consultancy Services Ltd 8,943,534 IRB Brasil Resseguros S/A 2,002,792 Banco do Brasil SA 7,931,745 Nedbank Group Ltd 1,758,459 Tupras Turkiye Petrol Rafinerileri AS 7,852,783 Axis Bank Ltd 1,742,367 LUKOIL PJSC ADR 7,691,284 Infosys Ltd ADR 1,706,337 KOC Holding AS 7,441,645 Bank Mandiri Persero Tbk PT 1,491,473 OTP Bank Nyrt 6,942,274 BB Seguridade Participacoes SA 1,366,558 HCL Technologies Ltd 6,610,309 Telekomunikasi Indonesia Persero Tbk PT ADR 1,303,875 China Merchants Bank Co Ltd 'H' 6,514,686 Banco do Brasil SA 1,182,829 Hengan International Group Co Ltd 6,393,574 Novolipetsk Steel PJSC GDR 1,103,900 Gazprom PJSC ADR 6,334,646 Coway Co Ltd 1,037,342 Shinhan Financial Group Co Ltd 6,298,120 Telekomunikasi Indonesia Persero Tbk PT ADR 6,206,376 Hon Hai Precision Industry Co Ltd 6,014,114 Unilever NV 6,006,390 Infosys Ltd ADR 5,871,523 Hero MotoCorp Ltd 5,753,564 Bank Mandiri Persero Tbk PT 5,730,028 KB Financial Group Inc 5,634,640 Vodacom Group Ltd 5,388,806 ASM Pacific Technology Ltd 5,388,663 Hyundai Mobis Co Ltd 5,383,284 CCR SA 5,195,608 BB Seguridade Participacoes SA 5,178,226 Alrosa PJSC 5,079,827 Baidu Inc ADR 5,028,781 Commercial International Bank Egypt SAE GDR 5,023,129 Mobile TeleSystems PJSC ADR 4,957,025 Grupo Mexico SAB de CV 4,868,478 ENN Energy Holdings Ltd 4,618,879 LAZARD GLOBAL ACTIVE FUNDS PLC
Lazard Global Active Funds plc Financial period ended 30 September 2020 134 Statement of Major Changes in Investments (Unaudited) (continued)
Lazard Emerging Markets Core Equity Fund
ALL ACQUISITIONS COST DISPOSALS PROCEEDS
USD USD Taiwan Semiconductor Manufacturing Co Ltd 1,997,736 Taiwan Semiconductor Manufacturing Co Ltd ADR 1,787,138 21Vianet Group Inc ADR 1,150,131 Baidu Inc ADR 684,337 Reliance Industries Ltd 1,075,619 Far EasTone Telecommunications Co Ltd 660,032 Pet Center Comercio e Participacoes SA 855,577 New Oriental Education & Technology Group Inc ADR 627,705 Yum China Holdings Inc 753,952 NetEase Inc ADR 596,440 Shenzhen Sunway Communication Co Ltd 'A' 723,386 Bancolombia SA ADR 523,161 Wuliangye Yibin Co Ltd 'A' 713,950 Hindustan Zinc Ltd 476,661 Orion Corp/Republic of Korea 620,183 MOL Hungarian Oil & Gas Plc 444,949 Kingsoft Cloud Holdings Ltd ADR 607,848 Ayala Land Inc 372,363 MercadoLibre Inc 607,199 Braskem SA - Preference 331,466 NetEase Inc 407,183 CD Projekt SA 288,955 Bilibili Inc ADR 330,249 Sinopharm Group Co Ltd 285,565 Lojas Renner SA 318,784 China National Building Material Co Ltd 'H' 236,460 UPL Ltd 165,344 Unilever NV NY Reg Shrs 235,490 Rumo SA 139,069 Tencent Holdings Ltd 211,304 Alibaba Group Holding Ltd ADR 172,921 Barloworld Ltd 169,091 Samsung Electronics Co Ltd 141,399 IRB Brasil Resseguros S/A 138,899 Sberbank of Russia PJSC ADR 127,007 LAZARD GLOBAL ACTIVE FUNDS PLC
Lazard Global Active Funds plc Financial period ended 30 September 2020 135 Statement of Major Changes in Investments (Unaudited) (continued)
Lazard Emerging Markets Equity Advantage Fund
ACQUISITIONS COST DISPOSALS PROCEEDS
USD USD Meituan Dianping 1,915,954 Taiwan Semiconductor Manufacturing Co Ltd ADR 6,058,334 China Mobile Ltd 1,472,757 Tencent Holdings Ltd 5,638,696 China Minsheng Banking Corp Ltd 'A' 1,370,398 Alibaba Group Holding Ltd ADR 5,463,865 Delta Electronics Inc 1,231,224 Samsung Electronics Co Ltd GDR 3,989,537 Bank of Nanjing Co Ltd 1,154,356 Ping An Insurance Group Co of China Ltd 'H' 1,972,631 LOTTE Fine Chemical Co Ltd 1,093,240 Yuanta Financial Holding Co Ltd 1,878,953 Arca Continental SAB de CV 1,047,307 Hindustan Unilever Ltd 1,679,046 Bank of Jiangsu Co Ltd 'A' 1,026,721 United Integrated Services Co Ltd 1,492,887 United Integrated Services Co Ltd 987,606 JD.com Inc ADR 1,400,167 Tencent Music Entertainment Group ADR 768,300 Petroleo Brasileiro SA - Preference 1,386,151 Hero MotoCorp Ltd 757,779 Tata Consultancy Services Ltd 1,386,019 Polskie Gornictwo Naftowe i Gazownictwo SA 740,157 Feng TAY Enterprise Co Ltd 1,305,637 Carlsberg Brewery Malaysia Bhd 730,298 Anglo American Platinum Ltd 1,277,698 Elan Microelectronics Corp 721,672 Bank of Nanjing Co Ltd 1,211,338 Petroleo Brasileiro SA - Preference 715,973 China Merchants Bank Co Ltd 'H' 1,194,485 Voltronic Power Technology Corp 690,499 Bank of Guiyang Co Ltd 1,168,265 Great Wall Motor Co Ltd 'H' 685,027 Foshan Haitian Flavouring & Food Co Ltd 1,077,540 Alibaba Group Holding Ltd ADR 676,887 Changchun High & New Technology Industry Group Inc 1,070,908 Tencent Holdings Ltd 672,899 China CITIC Bank Corp Ltd 'H' 1,047,266 Hana Microelectronics PCL NVDR 663,684 Advantech Co Ltd 1,025,412 Agricultural Bank of China Ltd 'H' 653,793 Richter Gedeon Nyrt 630,211 Hana Financial Group Inc 615,341 LAZARD GLOBAL ACTIVE FUNDS PLC
Lazard Global Active Funds plc Financial period ended 30 September 2020 136 Statement of Major Changes in Investments (Unaudited) (continued)
Lazard Emerging Markets Managed Volatility Fund
ACQUISITIONS COST DISPOSALS PROCEEDS
USD USD China Mobile Ltd 3,426,532 Top Glove Corp Bhd 4,528,309 China Minsheng Banking Corp Ltd 'H' 2,830,792 Luxshare Precision Industry Co Ltd 3,203,934 Lao Feng Xiang Co Ltd 'A' 2,569,340 Hartalega Holdings Bhd 3,018,133 Bank of Jiangsu Co Ltd 'A' 2,367,974 International Games System Co Ltd 2,604,238 Cathay Financial Holding Co Ltd 2,186,683 Kossan Rubber Industries 2,402,532 Jiangsu Hengrui Medicine Co Ltd 'A' 2,132,783 Autohome Inc ADR 2,165,995 TangShan Port Group Co Ltd 'A' 2,107,378 Shinhan Financial Group Co Ltd 2,152,684 Tencent Holdings Ltd 2,087,285 Shenzhen Goodix Technology Co Ltd 1,968,100 Chicony Electronics Co Ltd 2,062,050 Seegene Inc 1,797,535 Bank of Nanjing Co Ltd 'A' 1,995,564 Koza Altin Isletmeleri AS 1,734,266 President Chain Store Corp 1,860,596 Shanghai Baosight Software Co Ltd 1,733,416 Jarir Marketing Co 1,859,858 Huaxin Cement Co Ltd 1,717,173 China United Network Communications Ltd 'A' 1,831,326 An Hui Wenergy Co Ltd 1,671,282 China Railway Construction Corp Ltd 'H' 1,827,981 BIM Birlesik Magazalar AS 1,607,558 China Yangtze Power Co Ltd 'A' 1,770,119 Bank of Guiyang Co Ltd 1,560,080 Samsung Electronics Co Ltd 1,760,276 Avary Holding Shenzhen Co Ltd 1,508,668 Bank of Guiyang Co Ltd 1,698,553 Tangshan Jidong Cement Co Ltd 1,488,144 Bank of Beijing Co Ltd 'A' 1,659,397 Country Garden Services Holdings Co Ltd 1,485,630 Synnex Technology International Corp 1,653,044 Suzhou TFC Optical Communication Co Ltd 1,446,791 New China Life Insurance Co Ltd 'H' 1,583,284 Synnex Technology International Corp 1,436,210 Asustek Computer Inc 1,563,875 Kia Motors Corp 1,414,261 Fubon Financial Holding Co Ltd 1,557,200 United Microelectronics Corp 1,397,121 China Telecom Corp Ltd 'H' 1,530,614 Hansoh Pharmaceutical Group Co Ltd '144A' 1,352,075 Transneft PJSC 1,529,175 HDFC Bank Ltd ADR 1,333,991 Beijing-Shanghai High Speed Railway Co Ltd 'A' 1,526,485 PLAY Communications SA '144A' 1,263,662 Tangshan Jidong Cement Co Ltd 1,518,048 CITIC Ltd 1,262,761 An Hui Wenergy Co Ltd 1,475,098 CD Projekt SA 1,218,108 Taiwan Semiconductor Manufacturing Co Ltd 1,424,820 Yealink Network Technology Corp Ltd 1,134,858 Youngor Group Co Ltd 'A' 1,415,690 Gansu Shangfeng Cement Co Ltd 'A' 1,132,325 Sberbank of Russia PJSC ADR 1,377,590 KT&G Corp 1,108,539 United Microelectronics Corp 1,340,348 Ping An Insurance Group Co of China Ltd 'H' 1,281,522 Alibaba Group Holding Ltd ADR 1,204,664 Shenzhen International Holdings Ltd 1,174,687 China Vanke Co Ltd 'H' 1,165,146 Delta Electronics Inc 1,162,552 Kweichow Moutai Co Ltd 'A' 1,158,576 China South Publishing & Media Group Co Ltd 'A' 1,123,169 LAZARD GLOBAL ACTIVE FUNDS PLC
Lazard Global Active Funds plc Financial period ended 30 September 2020 137 Statement of Major Changes in Investments (Unaudited) (continued)
Lazard Developing Markets Equity Fund
ACQUISITIONS COST DISPOSALS PROCEEDS
USD USD Minth Group Ltd 494,884 Samsung Biologics Co Ltd '144A' 421,643 SK Hynix Inc 450,290 Yandex NV - Class A 421,123 Tencent Music Entertainment Group ADR 406,861 StoneCo Ltd - Class A 394,543 Bank Central Asia Tbk PT 403,422 Wuliangye Yibin Co Ltd 'A' 349,577 QIWI plc ADR 337,439 New Oriental Education & Technology Group Inc ADR 322,332 Banco Bradesco SA ADR 336,698 Momo Inc ADR 310,735 Xiabuxiabu Catering Management China Holdings Co Ltd '144A' 253,647 Notre Dame Intermedica Participacoes SA 310,483 SJM Holdings Ltd 249,593 ZTO Express Cayman Inc ADR 298,551 ASE Technology Holding Co Ltd 240,045 NetEase Inc ADR 293,697 CNOOC Ltd 221,091 Airtac International Group 293,079 Beijing Thunisoft Corp Ltd 'A' 217,339 Catcher Technology Co Ltd 273,627 Chow Tai Seng Jewellery Co Ltd 'A' 189,956 NCSoft Corp 270,367 Shenzhen Sunway Communication Co Ltd 'A' 187,076 Mail.Ru Group Ltd GDR 262,833 Hiwin Technologies Corp 183,745 Silicon Motion Technology Corp ADR 232,914 Petroleo Brasileiro SA - Preference 175,019 Reliance Industries Ltd 228,304 Sberbank of Russia PJSC 152,079 S-Oil Corp 227,221 UPL Ltd 138,015 KAZ Minerals Plc 226,936 HDFC Bank Ltd ADR 137,113 MediaTek Inc 201,040 Mail.Ru Group Ltd GDR 131,505 Focused Photonics Hangzhou Inc 188,093 NCSoft Corp 128,714 Zhongsheng Group Holdings Ltd 175,905 Largan Precision Co Ltd 127,736 ASE Technology Holding Co Ltd 173,484 Weibo Corp ADR 121,919 Shenzhen Inovance Technology Co Ltd 'A' 166,153 Duratex SA 121,139 Techtronic Industries Co Ltd 123,105 Ping An Insurance Group Co of China Ltd 'H' 121,069 Rumo SA 104,423 Trip.com Group Ltd ADR 119,014 CNOOC Ltd 103,148 ZTO Express Cayman Inc ADR 115,493 Bizlink Holding Inc 100,172 Credicorp Ltd 114,413 First Quantum Minerals Ltd 83,469 Catcher Technology Co Ltd 112,106 SJM Holdings Ltd 82,838 Rumo SA 105,282 Anhui Conch Cement Co Ltd 'H' 70,677 China Gas Holdings Ltd 104,754 Grupo Financiero Banorte SAB de CV 103,884 ICICI Bank Ltd ADR 100,118 Samsung Electronics Co Ltd 82,770 StoneCo Ltd - Class A 80,923 Chroma ATE Inc 76,938 Beijing Enterprises Water Group Ltd 73,812 LAZARD GLOBAL ACTIVE FUNDS PLC
Lazard Global Active Funds plc Financial period ended 30 September 2020 138 Statement of Major Changes in Investments (Unaudited) (continued)
Lazard MENA Fund*
ALL ACQUISITIONS COST DISPOSALS PROCEEDS
USD USD Emaar Malls PJSC 11,581 CI Capital Holding for Financial Investments 262,276 National Agriculture Development Co/The 2,760 Ibnsina Pharma SAE 252,372 Tenth of Ramadan Pharmaceuticals and Diagnostic Reagents Co 240,205 Malath Cooperative Insurance Co 237,042 Alujain Holding 225,785 Raya Contact Center SAE 177,341 DP World Plc 172,791 Humansoft Holding Co KSC 164,826 National Agriculture Development Co/The 158,387 ADES International Holding Plc '144A' 144,999 Abu Dhabi Commercial Bank PJSC 133,386 Agthia Group PJSC 125,476 Saudi Kayan Petrochemical Co 120,391 Emirates NBD PJSC P-Note Merrill Lynch International 117,678 National Petrochemical Co 116,898 Aramex PJSC P-Note Merrill Lynch International 116,615 Emaar Properties PJSC 109,619 Middle East Healthcare Co 93,413 Credit Agricole Egypt SAE 90,449 National Bank of Ras Al-Khaimah PSC/The 88,311 Emaar Malls PJSC 84,829 ALAFCO Aviation Lease & Finance Co KSCP 84,317 Fawaz Abdulaziz Al Hokair & Co 84,066 Samba Financial Group 80,656 Ooredoo 64,872 OCI NV 57,582 Emaar Development PJSC 53,005 Abdul Mohsen Al-Hokair Tourism and Development Co 45,408 United International Transportation Co 43,694
* Fund fully redeemed on 28 May 2020. LAZARD GLOBAL ACTIVE FUNDS PLC
Lazard Global Active Funds plc Financial period ended 30 September 2020 139 Statement of Major Changes in Investments (Unaudited) (continued)
Lazard Global Fixed Income Fund
ACQUISITIONS COST DISPOSALS PROCEEDS
USD USD Czech Republic Government Bond, 2.000% due 13/10/2033 1,031,216 United States Treasury Note/Bond, 1.750% due 15/05/2023 1,813,587 Bermuda Government International Bond 'REGS', 2.375% due 20/08/2030 888,666 Czech Republic Government Bond FRN, 0.270% due 19/11/2027 1,055,000 Province of British Columbia Canada, 4.700% due 18/06/2037 520,980 Bermuda Government International Bond 'REGS', 4.854% due 06/02/2024 826,541 JPMorgan Chase & Co FRN, 3.540% due 01/05/2028 449,976 Republic of Poland Government Bond FRN, 0.690% due 25/05/2028 734,003 New Zealand Local Government Funding Agency Bond, 4.500% due 396,362 Microsoft Corp, 4.450% due 03/11/2045 533,639 15/04/2027 Microsoft Corp, 2.525% due 01/06/2050 445,777 New South Wales Treasury Corp, 3.000% due 20/02/2030 370,471 Mexico Cetes (Zero Coupon), due 23/04/2020 414,816 Alphabet Inc, 1.100% due 15/08/2030 368,962 United States Treasury Note/Bond, 1.750% due 15/11/2029 400,245 Microsoft Corp, 2.525% due 01/06/2050 368,488 United States Treasury Note/Bond, 2.125% due 15/05/2025 385,841 Microsoft Corp, 3.500% due 15/11/2042 366,884 United States Treasury Note/Bond, 3.125% due 15/11/2041 376,803 Toyota Motor Credit Corp 'MTN', 2.150% due 13/02/2030 359,487 John Deere Canada Funding Inc 'MTN', 2.050% due 17/09/2020 376,656 Republic of Poland Government Bond, 2.750% due 25/10/2029 356,993 JPMorgan Chase & Co, 4.500% due 24/01/2022 365,010 Chile Government International Bond, 0.830% due 02/07/2031 351,496 Asian Development Bank 'GMTN', 1.000% due 15/12/2022 355,133 Republic of Poland Government Bond, 2.500% due 25/07/2027 336,142 BNG Bank NV 'EMTN', 5.000% due 16/09/2020 354,570 Spain Government Bond '144A', 1.200% due 31/10/2040 333,133 Hungary Government International Bond, 6.375% due 29/03/2021 329,280 John Deere Financial Inc, 2.410% due 14/01/2025 327,270 International Finance Corp 'MTN', 3.625% due 20/05/2020 306,202 Daimler AG 'EMTN' FRN, 0.107% due 03/07/2024 324,949 African Development Bank, 0.750% due 03/04/2023 303,193 Morocco Government International Bond 'REGS', 1.500% due 27/11/2031 294,026 Hungary Government International Bond, 5.750% due 22/11/2023 271,872 United States Treasury Note/Bond, 2.875% due 15/08/2028 283,069 Dell International LLC / EMC Corp 'REGS', 5.300% due 01/10/202901/10/2029 258,190 United Kingdom Gilt, 1.500% due 22/07/2047 244,362 International Bank for Reconstruction & Development 'MTN', 2.900% Morocco Government International Bond 'REGS', 4.250% due 11/12/2022 209,200 208,513 due 26/11/2025 Export Development Canada, 1.800% due 01/09/2022 203,478 Japan Bank for International Cooperation, 0.625% due 22/05/2023 199,704 Kommunalbanken AS 'REGS', 1.375% due 26/10/2020 200,751 Province of Quebec Canada, 1.850% due 13/02/2027 187,553 Province of Quebec Canada, 1.650% due 03/03/2022 198,158 Kimberly-Clark Corp, 3.200% due 25/04/2029 183,386 International Bank for Reconstruction & Development 'GMTN', 3.500% 195,456 Lowe's Cos Inc, 5.000% due 15/04/2040 181,625 due 22/01/2021 New Zealand Local Government Funding Agency Bond, 4.500% due New South Wales Treasury Corp, 2.000% due 08/03/2033 181,537 182,393 15/04/2027 Bank of America Corp 'MTN' FRN, 1.486% due 19/05/2024 181,255 DaVita Inc, 5.125% due 15/07/2024 177,989 Prologis LP, 1.250% due 15/10/2030 179,338 Procter & Gamble Co/The, 2.450% due 25/03/2025 156,941 Morgan Stanley, 3.625% due 20/01/2027 169,496 Bonos de la Tesoreria de la Republica en pesos, 0.000% due 01/03/2026 146,531 Johnson & Johnson, 3.625% due 03/03/2037 159,579 Schneider Electric SE 'REGS', 2.950% due 27/09/2022 145,984 Inter-American Development Bank, 7.875% due 14/03/2023 112,835 LAZARD GLOBAL ACTIVE FUNDS PLC
Lazard Global Active Funds plc Financial period ended 30 September 2020 140