Lazard Global Active Funds plc

Annual Report and Audited Financial Statements For the year ended 31 March 2014

Supplemental Information Portfolios ofInvestments...... Notes totheFinancialStatements...... Financial Statements Independent Auditors’Report...... Report oftheCustodian...... Investment Managers’Reports...... Directors’ Report...... Directors andOtherInformation...... Contents Lazard Global ActiveFundsplc Statements ofMajor Changes inInvestments...... Participating Shareholders...... Statement ofChangesinNetAssetsattributabletoRedeemable Balance Sheet...... Profit andLossAccount...... Year ended31March 2014 134 96 64 52 46 40 38 37 10 5 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 NY10020 Plaza 30 Rockefeller AssetManagement LLCLazard ENGLAND 8LL W1J London Street 50 Stratton AssetManagement Limited Lazard Investment Managers IRELAND 2 Dublin Place Wilton Fitzwilton House First Floor FundLazard Managers (Ireland) Limited Manager IRELAND 2 Dublin Place Wilton Fitzwilton House First Floor Registered Office Directors andOtherInformation Lazard Global Listed Infrastructure Equity Fund Equity Global ListedLazard Infrastructure JapaneseLazard Strategic Fund Equity Japanese FundLazard Equity Global FixedIncomeFundLazard Developing FundLazard Markets Equity Fund Markets Equity Emerging Core Lazard Fund Markets Emerging Equity Lazard Emerging Lazard World Fund Lazard Thematic Global Fund Lazard Thematic Global Ex-Japan Fund Global Lazard Trend Fund IncomeFund Global Equity Lazard Select Global Fund Equity Lazard Global ManagedLazard Volatility Fund MENALazard Fund (Appointed 21March 2014) Global StrategicLazard Fund Equity PanLazard Fund European Equity Fund European Equity Lazard Fund UKEquity Lazard All DirectorsAll are Non Executive * Independent Directors (British) Smith William (Irish)* Daniel Morrissey Andreas Hübner (German) John Donohoe (Irish)* Gavin Caldwell (Irish)* (British) Michael Allen Directors IRELAND 2 Dublin CanalDock Grand John Rogerson’sSir Quay Riverside Two (International) Limited BNY MellonInvestment Servicing Administrator, RegistrarandTransfer Agent IRELAND 1 Dublin IFSC Street Guild House Guild BNY Mellon Trust Company (Ireland) Limited Custodian GERMANY 60311 Frankfurt amMain Gasse37 Alte Mainzer AssetManagement GmbH (Deutschland) Lazard Investment Managers(continued) ENGLAND EC4A 1LTLondon 20 CursitorStreet MacFarlanes LLP Legal AdvisersastoEnglish Law IRELAND 2 Dublin Place Wilton Fitzwilton House Fry William Legal AdvisersastoIrishLaw IRELAND 1 Dublin WallNorth Quay Dock One Spencer AccountantsChartered andRegistered Auditors PricewaterhouseCoopers Independent Auditors IRELAND 2 Dublin Place Wilton Fitzwilton House First Floor Limited Secretarial Wilton Secretary (Appointed BondFund Sterling HighLazard Quality 31 March 2014) Year ended31March 2014 may differ from legislation inotherjurisdiction. preparation anddissemination offinancial statements mayfrom differ is accessible withdifferentinternet in many legalrequirements. countries intheRepublicofIreland Legislation governing the The results theyear for anddistributions are setoutintheProfit Account. andLoss Results andDividends inrelationInformation totheCompany’s management inNote objectives risk andpoliciesare 15tothefinancial included statements. Risk ManagementObjectivesandPolicies not anticipateany oftheCompany changesinthestructure orinvestment objectives ofany ofthesubfundsinimmediate future. The Investment Managers’ theyear. for totheperformance ofthefactorscontributed contain which areview Reports The Directors do Review ofBusinessandFuture Developments BankofIreland Regulations.Central pursuanttotheUCITS asaUCITS The investment objectives of each sub fund within the Company are set out in the Prospectus. The Company by is authorised the Principal Activities ofthefinancial statements publishedonresponsible thiswebsite. the maintenanceandintegrity for Audited are reports available and onunaudited interim annual reports www.lazardassetmanagement.co.uk. BankofIreland. oftheCentral and underthesupervision (International) LimitedandBNYMellon of BNYMellonInvestmentTrust Servicing Company (Ireland) Limitedare regulated by out thisduty, theCompany hasdelegatedcustodyoftheCompany’s assetstoBNYMellon Trust Company (Ireland) Limited. Each Regulations,the UCITS theDirectors are required theassetsofCompany safe-keeping. totheCustodianfor toentrust Incarrying appointment, and procedures. the use of appropriate systems The books of account are held at theoffice of theAdministrator. administrator,the appointmentofanexperienced (International)Limitedandthrough such BNYMellon Investment Servicing The measures takenby theDirectors toensure compliance withtheCompany’s obligation tokeepproper books ofaccount are andotherirregularities. of fraud are alsoresponsible safeguarding for theassetsofCompany takingreasonable andhencefor theprevention stepsfor anddetection Collective Investment for in (Undertakings Transferable Regulations, Securities) Regulations”). 2011 (as amended) (“UCITS They accepted inIrelandstandards generally withtheIrishCompanies Acts, and comply 1963to2013andtheEuropean Communities position oftheCompany andtoenablethemensure thatthefinancial statementsare prepared inaccordance withaccounting The Directors are responsible withreasonable keepingproper atany for timethefinancial books accuracy ofaccountdisclose which The Directors confirm have thatthey complied withtheabove requirements inpreparingthefinancial statements. year. Inpreparing thefinancial statementstheDirectors are required to: eachfinancial ofthestateaffairsCompanystatements for year andfairview andofitsprofit give which atrue that orlossfor and promulgated by Accountants theInstituteofChartered inIreland. Irishcompany lawrequires theDirectors toprepare financial Accepted Accounting and PracticeGenerally in Ireland the accounting standards issued by including the Financial Council Reporting The Directors are responsible and the financial preparing the Annual statements in for accordance Report Irish law with applicable Statement ofDirectors’ Responsibilities in existence. asanumbrella between Funds,structured fundwithsegregated liability attheyear subfunds(2013: which endhad twenty seventeen) ended 31March 2014. GlobalActive Lazard Funds plc(the isanopenendedinvestment capital company withvariable “Company”) The Board ofDirectors (the “Directors”) present together theirannualreport withtheauditedfinancial theyear statementsfor Directors’ Report Lazard Global ActiveFundsplc • • makejudgements andestimatesthatare reasonable andprudent; and themconsistently; • selectsuitableaccounting policiesandthenapply continue inoperation. prepare thefinancial statementson thegoing concern basisunlessitisinappropriatetopresume thattheCompany will Year ended31March 2014

Information publishedonInformation the The Directors are Under

5 Lazard Global Active Funds plc 6 Lazard Global Active Funds plc Lazard Global ActiveFundsplc theyear. during were wereNew share share created closed classes classes inanumberofsubfundsandcertain Fund on 31March 2014. Bond High Quality AssetManagement GmbHwasappointedInvestment Sterling (Deutschland) Lazard ManagertheLazard for The investment strategy GlobalClassic Lazard Value Fund Fund Equity Equity effective GlobalStrategic 24March 2014. changeditsnameto Lazard Income 2014. Fund GlobalEquity The Lazard on launched 2January MENAThe Lazard Fund 2013. on launched 3July Fund Equity on launched 2May JapaneseStrategic 2013. The Lazard Fund Europeanthe Lazard Equity is12pm which (Irish time). subfundsto4pmall (New York time)on each dealingday andeachvaluation day, 2013withtheexception 1April of effective from totheProspectusSupplements were approved by Bank, theCentral the mainprovision wastochangethevaluation ofwhich pointfor Significant Events 2014 and31March 2013. anywhich Director had any beneficial interest asdefined intheCompanies Act, theyears 1990atany time during ended31March The Directors are notaware ofany othercontracts orarrangements ofany significanceinrelation tothebusinessofCompany in to theManager. oftheDirectors,All Andreas Hübner, from apart are alsodirectors oftheManager, andhave aninterest paidby infees theCompany governance andMLRO Limitedfor ofEUR83,834(2013: GlobalFinancialCarne 68,677). services Services Fundand MLRO toLazard Managers (Ireland) services Limited, andtheCompany. the(“Manager”) There were made payments to John Donohoe, whoisaDirector, Limitedwhoprovide governance isalsoCEO andPrincipal GlobalFinancial ofCarne Services the year ended31March 2014. Companies Act, amountingtoUSD86,748(2013: 92,527)for Fry andtheSecretary paidto 1990inlegalandsecretarialfees William andaccordingly, Limited(the Secretarial Fry own “Secretary”) Wilton William had abeneficial DanielMorrissey interest underthe Fry (theCompany’s isaDirector of oftheCompanyDaniel Morrissey legaladvisers). andisalsoapartner William of The partners Appointment have beenentered intobetween theCompany andeachoftheDirectors, on terminable three all months’ notice. of Codeissuedby Governance As contemplated Association by theIrishFunds (seebelow) Letters theCorporate Industry Transactions InvolvingDirectors oftheCompany holdnoshares intheCompany.The Directors andtheSecretary Directors’ payable fees by theCompany inNote are 7tothefinancial disclosed statements. Michael Allen, are notentitledtoany Smith Directors’ Andreas Hübner and William theCompany. from fees Michael Allen, are timeexecutives Group, full Andreas Smith oftheLazard Hübner and William aswell asDirectors oftheCompany. Directors’ andSecretary’s Interests theentire for year. DirectorsAll served ** MemberoftheAudit Committee below) Statement Governance * IndependentDirectors (seeCorporate The namesofthepersons whowere Directors oftheCompany theyear during ended31March 2014are setoutbelow: Directors Directors’ Report William Smith William /** Daniel Morrissey* Andreas Hübner John Donohoe* /** Gavin Caldwell* ** Michael Allen has been aligned more with Lazard’s Global Strategic Equity strategy.has beenalignedmore withLazard’s Equity GlobalStrategic (continued) Year ended31March 2014

Lazard GlobalFixed IncomeFundRetailClass Lazard SterlingHighQualityBondFundInstitutionalClass Lazard SterlingHighQualityBondFundRetailClass Lazard EmergingMarketsEquityFundUS$InstitutionalSDistributingClass Lazard EmergingMarketsEquityFundSTG£InstitutionalSDistributingClass Lazard EmergingMarketsEquityFund€InstitutionalClass Lazard EmergingMarketsEquityFundUS$InstitutionalClass Lazard Emerging World FundRetailClass Lazard GlobalFundInstitutionalSterlingClass Thematic Lazard GlobalFundUS$InstitutionalDistributingClass Thematic Lazard FundXClass GlobalEx-Japan Thematic Lazard GlobalEquityIncomeFundSTG£InstitutionalDistributingLClass Lazard GlobalListedInfrastructureEquityFund€HedgedInstitutionalDistributingClass Lazard GlobalListedInfrastructureEquityFundSTG£InstitutionalDistributingClass Lazard Pan EuropeanEquityFund€InstitutionalDistributingClass EquityFundSTG£HedgedRetailCDistributingClass Strategic Lazard Japanese EquityFundSTG£RetailCDistributingClass Lazard Japanese Lazard UKEquityFundRetailClass qualified and also regulated third party entities who are subject to regulatory supervision. qualified entities whoare andalsoregulated subject toregulatory third party segregationsuch ofduties/functions through beingachieved delegation ofrespective responsibilities toandappointmentofsuitably safeguardingindependent Custodian(withresponsibility for theassetsofCompany andoverseeing how theCompany ismanaged), Investment Managers, ofthenetassetvalue, theAdministrator thecalculation (withresponsibilityfor amongst otherduties)andthe governance culture oftheCompany;the corporate andtheuniquenessofindependentsegregation ofdutiesasbetween the is, the investment manager ofthe collective investment normally fund), asrecognised by BankofIreland, theCentral insupporting the role of the Promoterincluding unique within the collective investment is, (which fund structure or arelated company of which of governance withinthe collective investment pillars Code having regard other key fund governancethe IFIA structure, certain for transitional period. www.irishfunds.ie. Codemay beinspectedon/obtainedThe IFIA from InDecember2012, theDirectors adopted month 2012withatwelve basisby collective investment effective 1January Irishauthorised schemes be adopted on avoluntary Code)wasissuedby governance code(theIFIA Association theIrishFunds inDecember 2011thatmay A corporate Industry governance practicesimposedby: subject tocorporate toIrishcollective investment theCompany governance codeapplicable schemes is corporate Although there isnospecific statutory Statement Corporate Governance An hasbeensubmitted application andapproved status. fundreporting offshore by for theHRMC This isrelevanttoUKtaxpayers only. UK ReportingStatus Fund Equity American North had revoked itsauthorisation The Lazard by BankofIreland theCentral on 23May 2014. Lazard GlobalEquityIncomeFundSTG£InstitutionalDistributingLClass Post on year 16May wasdeclared 2014asfollows: enddividenddistribution Post year were enddividenddistributions on 2014asfollows: 1April declared Post BalanceSheetEvents Directors’ Report Lazard Global ActiveFundsplc • • • of Ireland’s website at: www.centralbank.ie are andwhich inspection availablefor attheregistered office oftheCompany. Bank theCentral BankofIrelandThe Central beobtainedfrom NoticesNotes can in theirUCITS andGuidance which Fitzwilton House, Place, 2,Wilton Dublin Ireland andattheCompanies RegistrationOffice in Ireland. ofAssociation oftheCompany are which inspection available for attheregisteredThe Articles office oftheCompany at may alsobeobtainedatwww.irishstatutebook.ie. The IrishCompanies Acts are 1963to2013which inspection availablefor attheregistered office oftheCompany and (continued) (Base Currency) 1,392,412 1,287,309 424,563 393,636 250,455 901,870 124,933 692,541 Amount 66,214 33,709 57,912 75,682 19,434 67,939 10,569 44,783 18,793 1,837 3,132 114,428,482 13,737,118 19,197,154 15,523,263 Number of 1,481,884 4,051,841 1,736,272 5,460,392 6,000,000 3,509,972 1,991,707 826,591 732,023 167,045 Shares 37,806 22,621 27,148 32,045 980 Year ended31March 2014 0.4762 1.2320 1.7514 1.4902 0.0042 0.0039 0.2865 0.3436 0.1442 0.2358 0.0080 0.0061 1.8745 0.1154 0.0032 0.4067 0.0030 0.0225 0.5865 Share Rate/ of ShareClass Currency USD USD USD USD USD USD GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP EUR EUR EUR

7 Lazard Global Active Funds plc 8 Lazard Global Active Funds plc Lazard Global ActiveFundsplc financial statementsoftheCompany. may orirregularitieswhich impact the managers totheCompany offraud isintendedtomitigatethough noteliminatetherisk reporting. on thatprocesses matters withapotentialeffect financial identification andexternal ensuring are ofinternal inplacethetimely for orerror infinancial and for reporting The Directors are by responsibleofirregularities whether caused fraud assessingtherisk for misstatementorloss. material of failure theCompany’s toachieve provide financial reasonable only objectives reporting against andcan andnotabsoluteassurance oftheDirectors, tothesupervision Subject theappointmentofAdministrator isintendedtomanagethaneliminatetherisk rather maintainedandareaccount readily are available, properly financial production statements. ofannualandhalfyearly including Managers andtheCustodianthrough thisappointmenttheDirectors have procedures inplace toensure relevant books thatall of The preparation oftheCompany’s financial statements, have beenoutsourced totheAdministrator. inanon executive capacity, Directorsand all serve functions all relating totheCompany’s financial process, reporting the including oftheCompanymanagement systems inrelation tothefinancial process. reporting AstheCompany hasnoemployees currently The Directors responsible are overseeing theestablishmentandmaintenanceofadequate control ultimately for internal andrisk Financial ReportingProcess-descriptionofmainfeatures may providersbe). andtheCustodian(ascase ofthedelegateservice enablethemtoassesstheperformance which providers andtheCustodian eachofitsdelegateservice basisfrom The Directors receive on reports aregular (andatleastquarterly) 5. 4. 3. 2. 1. entitiesare detailedintheCompany’sthird party Prospectus. anddirection oftheDirectors. subjecttothesupervision are always Directors responsibility. overall investment management),management (including administration functions withoutabrogating anddistribution tothird the parties executive management and employees), the Company, consequently, under the delegated model whereby operates it has delegated toinvestmentapplicable fundcompanies astheCompany companiestime such operating withafull (andincontrast tonormal The Company hasnoemployees currently andtheDirectors are non-executive. all framework Consistent withtheregulatory Statement(continued) Corporate Governance Directors’ Report Manager hasappointedtheAdministrator tomaintainthebooks andrecords oftheInvestment oftheCompany independently Central BankofIreland.Central independent oversight over how theCompany ismanaged. ofthe The Custodianisregulated by andunderthesupervision assetsinaccordance ofsuch Regulationsexercising thesafekeeping andfor hasresponsibility for withtheUCITS This entity The Company also hasappointedBNYMellon Trust Company (Ireland) Limited(the “Custodian”) ascustodianofitsassets. respective jurisdictions. operating intheProspectus.the entitiesdescribed oftheregulatorsThese entitiesare oftheir regulated by andsubject tothesupervision FundLazard Managers (Ireland) Limited, theManager, ofthesubfundsCompany hasdelegatedthedistribution to BankofIreland; oftheCentral is regulated by andunderthesupervision day-to-day ofthenetassetvalues. thecalculation administration oftheCompany andthesubfundsincluding The Administrator (International) Limited(the “Administrator”).Agent toBNYMellon Investment Servicing the hasresponsibilityfor This entity FundLazard Managers (Ireland) Limited, theManager, hasdelegateditsresponsibilityasAdministrator, and Registrar Transfer Managers oftheregulator are jurisdiction; oftheiroperating regulated by andunderthesupervision monitored ismade andmanagedtimesappropriatereporting totheDirectors atall on aregular basis. The Investment totheirmanagement ofthesubfundsaremanagement processes pertaining identified, inplace risks toensure applicable thatall manage. they of the sub funds which investment performance The respective Investment Managers have controls internal and risk manage are they andthey ofthesubfundswhich accountablethe day-to-day totheDirectors running oftheCompany the for page 2ofthesefinancial statements. The respective Investment Managers have direct thedecisions responsibility for relating to in respect oftheCompany andofitssub fundstotherespective Investment Managers asdetailed intheProspectus andlistedon FundLazard Managers (Ireland) Limited, the Manager, of the investment management has functionsdelegated the performance BankofIreland; oftheCentral and underthesupervision Company’s oftheshares affairsandthedistribution ofthesubfunds. Fund Lazard Managers (Ireland) Limitedisregulated by oftheManagementUnder theterms Agreement, theManager themanagement hasresponsibility for andadministration ofthe the Company Fund hasappointedLazard Managers (Ireland) LimitedasitsManager pursuanttotheManagement Agreement. of an administrator (which isregulatedThe appointmentofanadministrator (which by Bankof Ireland) theCentral independentoftheinvestment The Directors theexercise have monitoring inplace for delegatedfunctions, mechanisms ofsuch which (continued) In summary, are: they These delegations offunctions andtheappointmentofregulated Year ended31March 2014 Date: 26June2014 Director: On behalfoftheBoard ofDirectors 160(2) oftheCompanies Act, 1963. The independent auditors, to remain their willingness have in office PricewaterhouseCoopers indicated in accordance with Section Independent Auditors The Directors meet atleastquarterly. thantheAudit Other Committee, there are sub-committees. nopermanent financial statements. requirementsCode which are metby GavinCaldwell. theyear transactions during are detailedinthenotesto related All party the Company. Consequently, neitherJohn meetstherequirements Donohoe norDanielMorrissey 4.1oftheIFIA ofparagraph Directors although firms John have inwhich Donohoe aninterest andDanielMorrissey are inreceipt ofprofessional from fees are regardedMorrissey asindependentdirectors havingregard Codeon IndependenceandIndependent oftheIFIA totheterms and AndreasAllen Hübner are time executives Group. full of the Lazard Each of GavinCaldwell, John Donohoe and Daniel There are sixdirectors currently (refer topagedetails), 4for ofwhom all are non-executive. Smith, Each of William Michael The Directors are responsible ofAssociation. managing the business affairs of the Company for in accordance with the Articles of Appointment between himandtheCompany. Irish Companies Acts 1963to2013. theCompany inaccordance ADirector may withtheLetter alsoberemoved upon noticefrom the Directors may beremoved by resolution theshareholders by inaccordance ordinary withtheprocedures establishedunderthe special resolution oftheshareholders. ofAssociation donotprovideretirement for ofDirectorsThe Articles by rotation. However, the Companiescomprising Acts to investment 1963 to 2013 as applicable funds. of Association may be amended by The Articles For theappointmentandreplacement ofDirectors, ofAssociation andIrishstatute theCompany isgoverned by itsArticles Composition oftheboardDirectors of Ireland. The auditedannualfinancial statementsoftheCompany are required tobeapproved by theDirectors andfiled Bank withtheCentral andischarged withoversight oftheCompany’salso beenformed auditandfinancial control functions. An Audit Committee, consisting currently ofDanielMorrissey need arises. presentations on andreports theauditprocess. The Directorsaccounting anddiscusssignificant issuesasthe andreporting evaluate relevant parties, consideration ofIrishaccounting standards including andtheirimpact on theannualfinancial statements, and auditor’s performance, qualifications andindependence. procedures, ofitsreview Aspart theDirectors receive presentations from totheDirectors on theirfindings. annually independent auditorswhoreport The Directors theindependent monitor andevaluate ofDirectors’statements assetoutintheStatement Responsibilities. financial statementsare requiredThe statutory tobeauditedby theyear ofthesefinancial statements,During theDirectors were responsible andapproval oftheannualfinancial thereview for (continued) Financial ReportingProcess-descriptionofmainfeatures Statement(continued) Corporate Governance Directors’ Report Lazard Global ActiveFundsplc Daniel Morrissey Director: (continued) , John Donohoe andMichaelAllen, non-executive all Directors, has John Donohoe Year ended31March 2014

9 Lazard Global Active Funds plc 10 Lazard Global Active Funds plc Lazard Global ActiveFundsplc its stakeofthebank, under review. theperiod andwassoldduring underperformed Chartered butStandard wasone ofourstrongestPlc positions, discussedareduction 22013astheGovernment in inquarter duetoexceptional performance financials waspositive, overall While specific holdingsinthesectorwere among ourbestandworst performers. Lloyds BankingGroup theperiod, wasboughtduring which underpressure came duetomarket headwinds. concernsover near-term Technology the past12months. during wastheweakest sectorintheportfolio relative performing supplierIQEPlc, wafers Specialist studiosbusiness. Plc ofitsITV good performance the period, in the sector during was another strong performer improving trends advertising and the continued having benefited from program appearstobeprogressingIts restructuring well andwe thatthere shareappreciation. feel room isstill price further for Plc ITV International andIberia, Airways,owns over British theperiod. Midland British wasthestrongestholdinginportfolio performing added to returns over the period. selection in consumer services Stock Group SA (IAG), International Consolidated Airlines which rival’s weighed troubles onthe share further price. impacting movements itsinternational growth. negatively with currency Asboohoo.com isalsoembarking on overseas expansion, its maintain themomentum ofitsopeningmorning. Another online retailer intheportfolio, ASOS, alsodelivered adisappointingupdate, The well, very performed strong delivering results itsthird for quarter, withmanagement profit raising financial thefull guidancefor year. underreview. were theperiod Industrials thestrongest sectorduring performing Equipment hire businessAshtead Group Plc thepast12months. Index during All-Share theFTSE The subfundoutperformed Portfolio Review unemployment andinflation.falling accommodative policy withinterest of0.50%. rates The BankofEnglandhaskeptmonetary The UKeconomy hasgainedmomentum over thepast12months, withimproving Gross Domestic Product figures, inaddition to inMarch 2014alsosawsome shareconsolidation. andUkraine price and tensions between Russia on emerging-markets ofUStapering currencieseffects andconcernsover growth inChina. intheperiod early The conflict inSyria was apparent throughout the period. Worries of share moderator prices, over emerging markets have been the primary the specifically year. Improving macro dataintheUKandrest world, ofthedeveloped signsofstabilisation intheeuroeconomy, zone including thepast12months,UK equitiesmade significantgainsduring despitesome shareweakness atthebeginningandendof price Market Review Indexof8.81%. All-Share against theFTSE underreview, the12month period Over Fund UKEquity theLazard terms, (the “sub returned andinSterling 9.87%netoffees fund”) Lazard UKEquityFund Investment Managers’Report wasconsumer goods companymost significant detractortoperformance boohoo.com, listedinMarch, which butfailedto 1 Year ended31March 2014 scrupulous when picking thosecompanies intheUKthatexhibitacompetitive whenpicking advantage.scrupulous results are rewarded andnegative results punished, thrive, whowill pickers we itisadept believe stock asthemarket becomes more well throughit isgrowth businessesthathave therecent continued season. toperform earnings Againstabackground where positive not farofftheiraverage, toofarahead expectations oftheeconomic have notrun reality. We remains risk and theappetitefor believe strengthening, so companies that missed expectations this time round up in the coming months couldpick and given thatvaluations are March 2014 Lazard AssetManagement Limited have become more discerning, punishingandrewarding dependingupon theirearnings. stocks market. whenitcomes totheUKequity to betoobearish theexception ofthemarket’s reactionWith inCrimea, toevents investors Despite amixedseason earnings andavolatile first quarter, asaresult risks, ofgeopolitical primarily we there donotfeel isaneed Outlook Lazard UKEquityFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLimitedunlessotherwisenotedasat31March 2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:LloydWhitworthandteam. terms to31March 2014. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inSterling (continued) Year ended31March 2014

In addition, economic growth is

11 Lazard Global Active Funds plc 12 Lazard Global Active Funds plc Lazard Global ActiveFundsplc March 2014 Lazard JapanAssetManagementK.K. laterinthefiscalyear. withroom positive for surprises conservative market upside. further for and arevivalineconomic shouldbethecatalysts activity profit Corporate growth tobe estimatesare likely lived. tobeshort strength suggest any ofthebanking system dipislikely reform Bymidyear ofmovement on firm structural evidence 2014. April slowdown term consumption is to beexpected, tax from ashort While theconditions inthedomestic economy and Near headwinds themarket term for relate adjustofthe3%hikein sectorwill totheeffects toconcerns over how theprivate Outlook JX HoldingsInc, amajoroilrefiner, marginsremained alsosufferedunderpressure. asrefinery Japan RetailFund lagged Investment themarket duetoitsmore Corp defensive characteristics. CoLtd,Jafco Japan’s leading venture company, capital market. well thankstoarobustOffering InitialPublic performed auto sector. toreturns. wasatopcontributor Nidec Corp The company itsefficient motorsintothe hasbegunto see successselling electric Products andPharmaceutical. the The subfundunderperformed Topix Futures, Index, &Commodity TR inSecurities duetostrong performance primarily Metal Portfolio Review Transportation.Land and Paper. lesswell over theyearWarehousing included thatperformed Sectors &Harbor Transportation Services, Oil&CoalProducts &Communication, Information strongly over theyear included thatperformed Sectors Products, Glass&Ceramics & andPulp of2012. sincethelatterpart rise its sizeable showing positive growth. profitability hassoared themarket andthishasprovided for despite Corporate continued valuation support loandemand, mortgage from retail consumption, thistrend witheverything statistics support andsentimentindicators capex corporate move through theDiet, inflation inthecoming seerising years. will sectorisconvinced thattheprivate country itisclear Economic Japan outofdeflation extendedintoasecond year. initiatives on Abe’s While third reformare arrow beginningto only ofstructural by driven theelection ofPrimeThe market rally MinisterAbeandhisappointmentofaBankJapangovernor committed togetting Market Review the Topix Indexof18.56%. TR underreview, the12month period Over Fund JapaneseEquity theLazard (the “sub returned 15.12%, fund”) terms, inJPY against Lazard JapaneseEquityFund Investment Managers’Report 1 All datacontainedherein issourced byLazard JapanAssetManagementK.K.unlessotherwisenotedasat31March 2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:TimGriffen andteam. 2014 inJPYterms. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFeesto31March 1 (continued) Year ended31March 2014

March 2014 Lazard JapanAssetManagementK.K. laterinthefiscalyear. withroom positive for surprises conservative market upside. further for and arevivalineconomic shouldbethecatalysts activity profit Corporate growth tobe estimatesare likely lived. tobeshort strength suggest any ofthebanking system dipislikely reform Bymidyear ofmovement on firm structural evidence 2014. April slowdown term consumption is to beexpected, tax from ashort While theconditions inthedomestic economy and Near headwinds themarket term for relate adjustofthe3%hikein sectorwill totheeffects toconcerns over how theprivate Outlook Nomura on market concern theweak would HoldingsIncfell stock impact adversely earnings. Tokyu ofAbenomics. sincethestart Fudosan strong rally wasweak on profitavery HoldingsCorp takingafter benefits. andrestructuring well thankstopositive salestrendsLixil Group domestically performed auto sector. toreturns. wasatopcontributor Nidec Corp The company itsefficient motorsintothe hasbegunto see successselling electric and Banks. the The subfundunderperformed Topix & Commodities Futures Index,TR inSecurities duetopoorperformance primarily Portfolio Review Transportation.Land and Paper. lesswell over theyearWarehousing included thatperformed Sectors &Harbor Transportation Services, Oil&CoalProducts &Communication, Information strongly over theyear included thatperformed Sectors Products, Glass&Ceramics & andPulp of2012. since thelatterpart rise market despiteitssizeable showing positiveindicators growth. profitability hassoared the andthishasprovided for Corporate continued valuation support loandemand, mortgage from retail consumption, thistrend witheverything statistics support andsentiment capex andcorporate move through theDiet, inflation inthecoming seerising years. will sectorisconvinced thattheprivate country itisclear Economic Japan outofdeflation extendedintoasecond year. initiatives on Abe’s While third reformare arrow beginningto only ofstructural by driven theelection ofPrimeThe market rally MinisterAbeandhisappointmentofaBankJapangovernor committed togetting Market Review the Topix Indexof5.90%. TR inception on 2MaySince 2013, Fund Equity (the JapaneseStrategic theLazard “sub returned 0.83%, fund”) terms, inJPY against Lazard JapaneseStrategicEquityFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard JapanAssetManagementK.K.unlessotherwisenotedasat31March 2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:TimGriffen andteam. 2014 inJPYterms. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFeesto31March 1 (continued) Year ended31March 2014

13 Lazard Global Active Funds plc 14 Lazard Global Active Funds plc Lazard Global ActiveFundsplc 0.25% wasthenmaintainedthroughout theremainder oftheperiod. economic data, hasremained accommodative, policy monetary asaninterest cutby rate theEuropean BankinMay Central 2013to recession of2013. inthesecond quarter a gradual improvement indatapointssinceemergingfrom However, despiteimproving Although volatile emergingmarkets have hadon aneffect European companies andsentiment, theeurohasdemonstrated zone Marchreturns moderating toanextent. during markets currencies andUkraine andtensions between Russia period, over growth withworries inChina, of2013, thesecond quarter during especially on ofUSbondemerging- theeffects tapering waned. instability andpolitical government bond yields peripheral Confidence improved intheglobaleconomy over the hasgenerally European thepast12months, equitiesmade significant gainsduring aseurogrowth stabilisedover theperiod, zone andconcernsover Market Review Worldthe FTSE Europe exUKIndexof19.94%. underreview, the12month period Over Fund European theLazard Equity (the “sub returned 17.31%inEuro against terms fund”) Lazard European EquityFund Investment Managers’Report March 2014 Lazard AssetManagementLimited on theoutlook European for equities. signsofeconomicencouraging share appreciation, growth andtheroom price further existsfor we still believe we remain constructive In addition, high, isstill market activity stock thefirst during quarter. withasignificant increaseOfferings inInitialPublic Given average. totheirhistorical andvaluations are inEurope profit exceeds close still thatglobally further as thepotential for recovery totheyear.start outlooks Althoughearnings have notlived uptoexpectations, there we believe still isroom sharetorise, for prices the coming months, alsobereliant thoughthiswill on globalgrowth, intheemergingmarkets, particularly have which had amixed we tocontinue are andbecomeThe steady selfsustainingin increasingly economic seeingintheeuro islikely currently recovery zone Outlook Pandora A/Salsoadded valueintheconsumer goods sector. America.results ChinaandNorth throughout theyear expansion andannouncedplansfor tomeetgrowing demandfrom Jeweler theyear strongest position during wasFrench performing Our automotive components business Valeo SA, strong hasreported which inanegativewe themarket scenario. feel haspriced overall. inthesectorandportfolio stock performing Resultshave beenweak andguidancewasreduced attheendof2013. However, Conversely, relative andabsoluteperformance. theoil&gassectordetractedfrom Petroleum ASAwas thepoorest Geo-Services S.A. holdings. alsoadded valueamong consumer andMediolanumSpA services roseprice accordingly. We torealise soldtheposition attheendofperiod profits. Atresmedia deMediosComunicaion Corp among mediacompanies,particularly Deutschland. asSky such The company’s results throughout 2013were exceptional andtheshare underreview, theperiod sectorhad during a significant positive impact on performance selection intheconsumer services Stock relative performance. price. The position hassincebeensold. NotGroep holdingING NV, alsoweighed on andBancoSantander SpA IntesaSanpaolo was asignificantunderperformer, asdepreciation ofthe Turkish inthecompany’s worsened ofthedecline Lira theeffect share Financials, andbanksinparticular, performance. in detractedfrom An overweight Turkiye intheperiod HalkBankasiASearly Portfolio Review 1 All datacontainedherein are sourced byLazard AssetManagementLimitedunlessotherwisenotedasat31March 2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:Aaron Barnfather, Wilsonandteam. Barnaby terms, RetailShare Classto31March 2014. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inEuro 1 (continued) Year ended31March 2014 March 2014 Lazard AssetManagementLimited on theoutlook European for equities. signs of economicencouraging growth share appreciation;and the room price further exist for we still believe we remain constructive In addition, high, isstill market activity stock thefirst during quarter. withasignificant increaseOfferings inInitialPublic Given average. totheirhistorical andvaluations are inEurope profit exceeds close still thatglobally further as thepotential for recovery totheyear.start outlooks Althoughearnings have notlived uptoexpectations, there we believe still isroom sharetorise, for prices the coming months, alsobereliant thoughthiswill on globalgrowth, intheemergingmarkets, particularly have which had amixed we tocontinue are andbecomeThe steady selfsustainingin increasingly economic seeingintheeuro islikely currently recovery zone Outlook changes. positive regulatory selection dueto inutilitieshelpedreturns, theperiod well during Stock SAperforming Corp company RedElectrica withSpanish AG. Deutschland andSky Mediaset SpA The latter’s results throughout 2013were exceptional andtheshare rose price accordingly. among mediacompanies, thepastyear wasthestrongestsectorduring particularly Consumer discretionary performing as such thepast12months. holding for in the portfolio. stocks also among the poorest performing Plc Conversely, Finish OYJ insurer was our strongest Sampo performing holding. positioning inbanksaccounted mostofthesector’s for Our underperformance, inHSBCHoldings withanoverweight Financials theFund, wasapoorsectorfor theworst performing theperiod) wassoldduring (which Plc Chartered withStandard and we exited theposition toward theendof period, flow ofpositive wasweighing asalack news on theshare price. theperiod. during relative hurt performance selection inenergy Stock Tullow wasamong thepoorest positions intheportfolio OilPlc theMSCIEuropepast12months. Indexduring The subfundunderperformed Portfolio Review 0.25% wasthenmaintainedthroughout theremainder oftheperiod. economic data, hasremained accommodative, policy monetary asaninterest cutby rate theEuropean BankinMay Central 2013to recession of2013. inthesecond quarter a gradual improvement indatapointssinceemergingfrom However, despiteimproving Although volatile emergingmarkets have hadon aneffect European companies andsentiment, theeurohasdemonstrated zone March returns moderating toanextent. during emerging-markets currencies andUkraine andtensions between Russia over theperiod, over growth withworries inChina, of2013, thesecond quarter during especially on ofUSbond theeffects tapering waned. instability andpolitical government bond yields over peripheral Confidence improved intheglobaleconomy hasgenerally Pan European the past 12 months, equities made significant gains during as euro growth stabilised over the period, zone and concerns Market Review against theMSCIEurope Indexreturn of16.65%. underreview, the12month period Over Pan theLazard Fund European Equity (the “sub returned 15.08%inEuro terms fund”) Lazard PanEuropean EquityFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced asat31March 2014byLazard AssetManagementLimitedunlessotherwisenoted. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Wilsonandteam. Fund Manager:Barnaby terms, RetailShare Classto31March 2014. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inEuro 1 (continued) Year ended31March 2014

15 Lazard Global Active Funds plc 16 Lazard Global Active Funds plc Lazard Global ActiveFundsplc March 2014 Lazard AssetManagementLimited sector,index exposure totheenergy Australia andJapanalsoadded value. United Kingdom. Inaddition, aswell aslower-than- sectorandtoItaly; higher-than-indexexposure technology totheinformation Positive selection technology, in the information stock included contributors financials, sectors, andenergy aswell asinFrance andthe performance. Canada; aswell aslower-than-index alsodetractedfrom exposure tothehealthcaresectorandUnitedStates States, returns. hurt and the Netherlands Also, higher-than-index exposure and consumer staples sectors, to the materials China and ofdetractors,In terms selection inthematerials, stock sectors; healthcare andconsumer discretionary aswell asinCanada, theUnited theperiod,During theFund itsbenchmark, advanced butunderperformed theMSCI World Index, terms. inUSDollar calculations. positions were performance amount ofequity availablefor still Fund. endson 24March 2014corresponding tothelatestdatewhere thiscommentary for ameaningful underreview The period Value –Globalstrategy. GlobalClassic The existingLazard Value Fund Equity Equity GlobalStrategic hastransitioned totheLazard ofanongoingourbusinessandproduct review offerings,As part hasmade thedecisionClassic Lazard todiscontinue theLazard Portfolio Review towardeconomic otherregions for implications theendofperiod. alsospurred globaluncertainty outflows economies inmanydeveloped andcapital countries. created volatility currency Russia’s anditspotential annexation ofCrimea economy. ofthecountry’s withthestability more comfort Intheemergingmarkets, environment theprospectrate ofarising in by thegovernment’s announcementofeconomic andsocialreforms, whilestronger datainthelatterhalfgave manufacturing investors In China, amidconcerns ofaneconomic markets fell slowdown thefirst during halftheperiod. However, investors were encouraged growth dampenedinvestors’ excitement. tospurinflation andeconomic growth,in aneffort butcorrected Gross oflackluster astwo consecutive Domestic Product quarters inthefirstasgovernment reinforcedJapanese markets policy rallied halfoftheperiod itscommitment toaccommodative monetary on sovereignyields debtcontinued tofall. down failingbanks, seenby manystepintheestablishmentofalong-awaitedbloc, asakey bankingunionthecurrency for while had stabilised. theperiod, Alsoduring eurofinance ministersannouncedanagreement zone on acommon “backstop” created towind European markets rose astheeuroexiteditslongest zone recession inover 40years, givinginvestors hopethattheregion’s economy underscored theFed officials’ beliefofasustainableeconomic recovery. cheered theFed’sultimately December2013announcementthatitwould reduce bond purchases itsmonthly by US$10billion, asthis (the suggested BenBernanke thattheFed“Fed”)Reserve Chairman on back itsbond purchases. toscale may start However, investors thenUSFederal after declined. policy over USmonetary Markets were amiduncertainty volatile increasingly lateinthesecond quarter exceeded highslastseenin2007, continued torebound, ashouseprices rose, householdassetsandnetworth fiscaldeficits andfederal in theUnitedStates’ economic recovery, andsignsofstabilisation inEurope andChina. theperiod, During USmarkets metand policy, duetoongoing theperiod accommodative during Global markets globalmonetary rallied slow-progress encouraging-albeit Market Review againsttheMSCI terms World Indexreturn of17.51%. underreview, the12month period Over Fund Equity (the GlobalStrategic theLazard “sub returned 10.75%inUSDollar fund”) Classic Value Fund) Lazard GlobalStrategicEquityFund(Previously theLazard Global Investment Managers’Report 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:MatthewHynes. US Dollarterms,InstitutionalShare Classto31March 2014. Source: Lazard AssetManagement,CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,in 1 (continued) Year ended31March 2014 ING, profile whoserisk didnotfit withtheportfolio’s objectives. Facebook, asBancoSantander, GoogleandApple ofthemajorbankssuch Incalong withseveral Wells Fargo, and BankofAmerica Performance was also impactedadversely by companies the past year. large that it did notown higher risk during several These include growth were slow tomaterialise. base, remained weak. International salesgrowth wasflatandUSstore growth negative, finished slightly while salesincentives todrive Wal-Mart Inc– Stores throughThe company much struggled ofthepastyear asconsumer spending, among theirconsumer especially competitive review. – Plc debateasitsattemptstoincreasehaveCentrica The company beenputoffpendinga itselfinapolitical prices hasfound acquired space tothepointwhere had depressed price itwasoversold. spectrum thenewly thestock paidfor the price Rogers Communications Inc–Rogers recovered totheyear. adifficult start inMarch after Concernsover increased competition and mix andreceived anumberofanalysts’ sequester. theUSdefense upgradesfollowing of their businesses. reduced expenditures US defence are likely,While the company has shown their revenue success in diversifying – Corp Martin The company continues todeliver resultsLockheed solidoperating have asthey improved marginsinmost operating thepast12months. strongly during performed Top were linegrowth remained positive encouragedby andanalysts costcontrol efforts. Coloplast A/S–Despitesome recent weakness, UKhealthcarecompany ColoplastA/S, asignificantholdingintheportfolio, providesand still theleading treatments adiseasethatcontinuesgrowing for toaffect globalpopulation. stocks. Despitetheongoing into themarket, threat entrants ofnew Novo Nordisk A/Scontinues tobealeader inproduct innovation Novo Nordisk A/S–Novo Nordisk A/S, leading provider ofdiabetestreatment intheworld, continues tobeone ofourhighestranked influencedreturns which in thepastyear included: Stocks However, by thiswasmore thanoffset weakness inconsumer staples, financials andutilities. holdingsprovided positive returnsthestrategy. for technology and information selection asenergy tostock attributable was largely asconsumersuch staplesandutilities, tohigherquality, aswell asanorientation lower companies. risk theperiod Attributionfor themarket over thepastyear.underperformed sectors, tomore conservative wasacombination ofoverweight’s The underperformance Given the strong market and investor preferences and higher risk for Portfolio Review been effective over thepasttwo months. inthepastyear.discrimination Recently, itappearsthatthemarket measures preference asvaluation have andquality may have shifted momentum.favoured withfavorable price stocks Bycontrast, measures ourvaluation didnotprovide andquality positive sources of were dominated by largely investor preferences higherrisk, for more throughout volatile stocks much oftheperiod. This, inturn, sector.were remained the materials anaemic also off as the global economic hurting recovery measure of global factor returns Our ledthemarket over theyearstocks asthemore asconsumer defensive sectorssuch staplesandutilitieslagged. prices Commodity profitability werecorporate prevalent, increasingly an optimistic outlook stocks. for and health care fortifying technology Information expensive valuation levels, shares investor remained. equity enthusiasmfor Positive signsofglobaleconomic growth andincreasing rally. Despite the US Federal (the “Fed”) Reserve tapering, heightened tensions with Russia, slowing growth in China and relatively headwinds of2014continuing andpostedmodestgainsinthefirst the2013 markets offmeaningful fought quarter The global equity Market Review againsttheMSCI terms and inUSDollar World Indexreturn of19.07%. underreview, the12month period During Global Managed theLazard Volatility Fund (the “sub returned 13.20%, fund”) netoffees Lazard GlobalManagedVolatility Fund Investment Managers’Report Lazard Global ActiveFundsplc more volatile stocks, thatthesub fund itis not surprising 1 (continued) Year ended31March 2014

17 Lazard Global Active Funds plc 18 Lazard Global Active Funds plc Lazard Global ActiveFundsplc March 2014 Lazard AssetManagement LLC Lazard GlobalManagedVolatility Fund(continued) Investment Managers’Report 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasof31March 2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:PaulMoghtaderandteam. US Dollarterms,InstitutionalAccumulatingShare Classto31March 2014. Source: Lazard AssetManagement,CumulativeGrowth, BidPricetoprice,Gross IncomeReinvested,NetofFees,in (continued) Year ended31March 2014 March 2014 Lazard AssetManagementPacificCo. to future market movements. regulated profitable returns on capital. However, isthattherest ourview oftheUSandCanadian market looks expensive, withthegapbetween ofovercapacity, decades and networks after resulting power sustainableand induopolieswithpricing thatare toearn now starting volatility, assets. infrastructure Inthelast10years ofall exhibitone ofthelowest USrailroads risks overall have rationalised assets of future passenger growth. mature European roads, toll Similarly marginsandlow highoperating demand duetotheirvery which growth’: solidreturns on yield reasonable hasalready likely expectations and will andrunways beenpaidfor interminals excess capacity have lowered expectedreturns significantly. We areby mispriced amarket European thatputsnovalueon believe future airports ‘free In ourview, much inEurope andJapan, lievery theopportunities andCanada whereas record-low intheUnitedStates interest rates Outlook Japanese market. of2013andlate2012. part in theearly emergingdoubtsaround theimpact ofAbenomics on the The company suffered from In astrong year thesubfund, for performance. there were detractors from few Toho strong following GasCoLtd fell performance torealise toopenupcapital valueoroptimisethestructure. flexibility in Cofiroute heldby Bouygues. concession assets, SAcontrollingThis results 100%ofitsmainmotorway in Vinci leavingthemthe weakness in theFrench economy. holding by structure theminority acquiring amajorstepaswell initscorporate SAundertook Vinci same timeitsmainconcession businessinFrance had aturnaround intraffic, businessproved resilient despitethe andtheservices thegovernment. strongly asthecompany completed theacquisition SAperformed ofthePortuguese from Vinci At airports the Rhin-Rhône (“APRR”) grew fasterthanthemarket expectedandMQA dividend. announceditsmaideninterim AtlasMacquarie Roads Group (“MQA”) over stronglytheyear atanoperationallevel 2013. performed Traffic on AutoRoute’s Paris- substantialimprovement attheairport. support thatwill framework atransparent regulatory andconstructive benefits from traffic moreexposure isdriven by tohighergrowth areas internationaltrends asairport domestic thanpurely trends. Rome airport tail-risk. owner Gemina, completed themerger Atlantia withRome SpA airport through ashare deal. This increases Atlantia SpA’s pro-reform oftheeuroandnew government ofMrRenzihave helpedlower zone perception theintegrity of vouching topreserve improvement strongly as aresult intheItalianmacro ofasharp performed situation.Atlantia SpA The European Bank Central Portfolio Review the USeconomic recovery, andsignsofstabilisation intheeuro andChina. zone policy, duetoongoing theperiod accommodative during Global markets globalmonetary rallied encouraging, albeitslow progress in Market Review Fund Equity (the “sub rose 25.48%, GlobalListedInfrastructure The Lazard fund”) terms, inSterling theperiod. during Lazard GlobalListedInfrastructure EquityFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementPacificCo.unlessotherwisenotedasat31March 2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Managers:Warryn Robertson,JohnMulquiney andteam. 31 March 2014. Source:Direct, Morningstar BidtoBid,NetIncomeReinvested, Net ofFees,inSterlingterms,InstitutionalShare Classto utility allowed high, returns andlong-term bondatanhistoric utility rates andpipelinecompanies makingtradeswithoutthought (continued) Year ended31March 2014 1

19 Lazard Global Active Funds plc 20 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Countries WorldMSCI All Indexreturn of16.55%. For underreview, theperiod Fund Select GlobalEquity (the theLazard “sub returned 12.85%, fund”) terms, inUSDollar againstthe Lazard GlobalEquitySelectFund Investment Managers’Report use in their drilling operations.use intheirdrilling We approached soldourposition inOctoberasthestock ourvaluation target. peers,from aswell ascomments made by exploration andproduction several asignificantincrease companies thatindicated insand sandusedinoilandgaswells andothercommercial silica applications,specialized rose asinvestors were encouragedby strong results sector alsohelpedreturns. position in the materials selection and an underweight Stock of US Silica, Shares a company thatproduces business lines. We profile. CVS believe continued businessandanacceleratingfree-cash-flow has thepotentialfor growth initsPBM earnings,health care provider CVS Caremark thecompany solidquarterly rose reported after by driven strength across itsvarious In contrast, position intheconsumer toperformance. staplessectorcontributed selection andanunderweight stock ofpharmacy Shares space. energy concerns aboutglobalcoalpricing. We elsewhereinthe aswe soldourposition sawbetterrisk/rewardopportunities inFebruary had betterrisk-reward profiles. returns. sectoralsohurt selection intheenergy Stock ofcoalminerPeabody Shares amidinvestor fell by aggressivematerially western economic sanctions againstRussia. We soldourposition inMarch aswe otheropportunities felt oftheNew in thefirst quarter Year, amidongoing turmoil. geopolitical state-owned bank, Asapartially would beimpacted Sberbank performance. soldoffsharply stocks asRussian selection fell inthefinancials Russia sectordetracted from ofSberbank Stock Shares Portfolio Review towardother regions theendofperiod. alsospurred globaluncertainty emerging-market governments andcompanies withcapital. Russia’s anditspotentialeconomic annexation for ofCrimea implications relative offer they markets, todeveloped ofthehighyields andgovernment bonds because to emerging-market corporate providing environmentrate outflows economies inmany indeveloped andcapital countries. created volatility currency Investors had beendrawn economy. ofthecountry’s latter halfgave investors withthestability more comfort Intheemergingmarkets, theprospect ofarising- economicthe government’s andsocialreforms, announcementthatitplanstoundertake whilestronger datainthe manufacturing In China, amidconcerns ofaneconomic markets fell slowdown thefirst during halftheyear. However, investors were encouraged by growth dampenedinvestor excitement over apotentialrecovery. tospurinflation andeconomic growth,in aneffort butcorrected oflacklustre astwo consecutive Gross quarters Domestic Product inthefirstasgovernment reinforcedJapanese markets policy rallied halfoftheperiod itscommitment toaccommodative monetary on sovereignyields debtcontinued tofall. down failingbanks, seenby manystepintheestablishmentofalong-awaitedbloc, asakey bankingunionthecurrency for while had stabilised. theperiod, Alsoduring eurofinance ministersannouncedanagreement zone on acommon “backstop” created towind European markets rose astheeuroexiteditslongest zone recession inover 40years, givinginvestors hopethattheregion’s economy wassustainable. economic recovery country’s announcement thatitwould reduce bond purchases itsmonthly by $10billion, asthedecision underscored Fed officials’ beliefthatthe suggested thattheFed on back itsbond purchases. toscale may start However, cheered investors theFed’s ultimately December US Treasury then US Federal (the after Ben Bernanke “Fed”) globally Reserve Chairman markets rose declined yields and equity fiscaldeficitsfederal declined. policy. over USmonetary Markets were amiduncertainty volatile increasingly lateinthesecond quarter last seen in 2007despite ongoing uncertainty, political continued to rebound, as house prices rose, householdassetsandnet worth and the USeconomic recovery, andsignsofstabilisation inEurope andChina. theperiod, During USmarkets metandexceeded highs policy, duetoongoing theperiod accommodative during Global markets globalmonetary rallied encouraging, albeitslow progress in Market Review 1 (continued) Year ended31March 2014

March 2014 Lazard AssetManagementLLC areinexpensive not. butactually improve theirprofitability. substantially well asthosethatcan At thesametime, losersthatappear we seektoavoid thestructural compoundshould create ustodeploy incompaniestheiralready-high for thatcan more capital returns opportunities on capital, as gives usconfidence thatacompany’s itsvaluation. drives financial ultimately productivity The economic differentiation we seeglobally conditionsand operating invest. todiverge are thecompanies we for inwhich can research around likely theworld proprietary Our economic strengthening. revenue growth. andearnings apositive corporate for This isultimately Asimportantly, we economic believe tobe stimulus islikely ofany driver decision totaperandendmonetary thattheunderlying torecognize we itisimportant believe end ofquantitative easingandthepaththatFederal OpenMarket Committeetotakeinthemonths chooses andyears ahead, manyThe sixyears unprecedented since thebeginningofglobalfinancialhave situations. included crisis Aswe contemplate the Outlook Lazard GlobalEquitySelectFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:Andrew Laceyandteam. terms, RetailShare Classto31March 2014. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar (continued) Year ended31March 2014

21 Lazard Global Active Funds plc 22 Lazard Global Active Funds plc Lazard Global ActiveFundsplc World Country against theMSCIAll Indexreturn of1.08%. 2014, inception on 2January Since Income Fund GlobalEquity theLazard (the “sub returned -0.12%, fund”) terms, inUSDollar Lazard GlobalEquityIncomeFund Investment Managers’Report is attractive atcurrent levels. returns on itsprojects. We continue thatthecompany’s tobelieve issecure dividendyield andhaspotentialtogrow, andthatvaluation regulation management expectedanew saidthatthey to allow thecompany SArose satisfactory toachieve after Corp Electrica position intheutilitiessectoralsohelpedreturns. selection andanoverweight provider Red Stock electricity ofSpanish Shares continues toimprove. were encouraged by thereports, traffic growth astheItalianeconomy positioned aswe tobenefit Atlantia believe isfavourably from economy showeda report had thecountry’s exitedrecession, Moody’s agency whileratings upgradeditsoutlookthecountry. for We In contrast, toperformance. sectorcontributed selection intheindustrials stock road ofItaliantoll Shares Atlantia operator rose after revenue growth. increasing mobiledatauseby customers, thecompanybelieve shouldbenefit from tocontinue todrive andwe expectdataservices amidongoing turmoil. geopolitical soldoffsharply stocks as Russian However, we continue tolikeMobile Telesystems OJSCaswe returns. sectoralsohurt position inthetelecom services selection ofMobile andanoverweight Shares Stock Telesystems OJSCfell investors.worry withbetterrisk/reward profiles. management teamsawopportunities The position wassoldinMarch astheportfolio continued to Africa Healthcare concerns Groupin South as macroeconomic Life operator Holdings Ltd fell facility and inflationary healthcare performance. African position inthehealthcaresectordetractedfrom ofSouth Shares selection andanunderweight Stock Portfolio Review anextendedperiod.persist for discount of over 30% to the United States,trade at a price-to-earnings seen, nearthe widest discounts ever we this rotation feel could markets,global equity companies, andChineseinternet asUSbiotech such sharply. fell theemergingmarkets continuing to With theUnitedStates,the globalmarkets; of parts of outperformed parts strong- emergingmarkets materially and certain performing government, whileemergingmarkets continued tolag. However, there rotation wasadramatic lateinthequarter intoless-expensive in 2013, inthequarter, theUSmarket demonstrated continued strength early amidconcernsover yet even anothershut down ofthe Many trends thatwere inplace throughout 2013continued through thefirst two months of2014. outperforming dramatically After the Portuguese 10-year bond’s tobelow falling 4%, yield compared toapeakofover 17%, 6months of7.5%merely ago. andalevel the economy have inthepast,which hurt loomed. European well assovereign plunged, markets bond continued yields toperform with Abe’s inconsumptionPrime rise taxes, MinisterShinzō fadedandasharp asreformsstalled quantitative easingandreform policy Gross Domestic Product amid lacklustre by fourth-quarter driven growth asexcitement over apotentialrecovery underperformed bondfalling yields, butothers, asconsumer such staplesandtelecom services, lagged thebroad market. The Japanesemarket materially Europe. mixed, was somewhat performance Sector as some defensive groups, as healthcare and utilities, such well amid performed by driven tensions sell-off geopolitical inEastern anearlier recovered flatasthey were from Global stocks lateintheperiod broadly Market Review 1 (continued) Year ended31March 2014 March 2014 Lazard AssetManagement LLC anenvironment. thatremain such valuediswell suitedfor attractively oftheworld totheparts that isskewed world. integrated are unsustainableinaglobally We afundthatisinvested feel usingasystematic, valuation-driven investment process outsideoftheregions valuedstocks perceived currently attractively wideregional assuch tobesafe valuation exist gapsascurrently as well. intheglobaleconomy boostinvestor will confidence Acontinuedlead recovery investors andlikely tolook tothemore in sentimenton Europethepasttwo years during gives turn usconfidence thatsentimenton theemergingmarkets inevitably will flow andpay robust inamore dividendseven adverse environment. continue togeneratestrongcan free-cash shift The dramatic The current environment hasledustoward emergingmarket companies withstrong higher-quality competitive positions we feel Outlook Lazard GlobalEquityIncomeFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:PatRyanandteam. terms, RetailShare Classto31March 2014. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar (continued) Year ended31March 2014

23 Lazard Global Active Funds plc 24 Lazard Global Active Funds plc Lazard Global ActiveFundsplc behemothGoogleInc,internet whose Androidmanaged togainmarket system share operating atthecostofApple Incandothers. the exploration ofshalegas, markets withstrong production surprise andcontinued topositively figures. Another was strong performer market exposure. Incontrast, USoilproducer Resources EOG Incadded themosttoperformance. The company hasbeenpioneering America,In Latin Peruvian finance andBrazilian bankCredicorp group Itausawere large detractorswithintheportfolio’s emerging- detractor wastheportfolio’s intheemergingmarkets, overweight by were theFed’s disproportionally which hurt suggestion oftapering. trendstwo highest-contributing were InnovationinMedicineandMedical Technology Change. for Push andStakeholder The subfundproduced apositive theperiod,World absolutereturn during Country theMSCIAll butunderperformed Index. Portfolio Review benefited markets, mostdeveloped showed which throughout strong theperiod. performances thatwere assetsandcountries perceived thanaverage, asriskier from waswithdrawn and capital astheemergingmarkets. such This programs in the near future. support bond-buying Bernanke’s triggered speech an increase aversion in risk among global investors, given by USFederal (the former BenBernanke,“Fed”) Chairman Reserve suggested which thattheFed themonthly back would scale markets differed significantly, by awidemargin. withemergingmarkets underperforming by speech This wasexacerbated thetapering markets ending31March endedhigherinthe12-month2014. period Global equity Performances andemerging between developed Market Review WorldCountry Indexreturn of17.17%. thepast12months,Over Global theLazard Trend Fund (the “sub returned 14.04%, fund”) terms, inUSDollar againsttheMSCIAll Lazard GlobalTrend Fund Investment Managers’Report April 2013 Lazard AssetManagementLLC the of “Internet Things” innovation. andmedical on enhancement-relatedmaintain ourpositive productivity view trends, computing, thatare stocks exposedtocloud including robotics, well,expect some toperform emergingmarkets stocks thoseexposedtoemerging-market consumer spendingtrends. specifically We emerging markets. Onthebasisofthisbroader gap, inaselection ofemergingcountries, aswell astherenewed reform efforts we The valuation andemergingmarkets gapbetween developed haswidenedtosubstantiallevels, duetosignificant outflows from Outlook 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2014. Figures refer topastperformanceandisnotareliable indicatorof future results. Fund Manager:Tycho vanWijkandteam. US Dollarterms,InstitutionalShare Classto31March 2014. Source: Lazard AssetManagement,CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvestedNetofFees,in 1 (continued) Year ended31March 2014 The main The in the portfolio hasconvinced usthatgreaterdisciplineisbeingapplied,in theportfolio capital andthethemeremains inplace. combined todepressuse ofcapital holdings. all ofmeetingswiththemanagement teamsofthegold Aseries miningcompanies held holdings declined. Under Gold &Precious Metals, andmarket skepticism about gold bullion price mining companies’ the declining andEmergingMarkets RealEstate,Under National Platforms weak emergingmarkets equitieswere thereason poorreturns. for All Giants,Internet Inc, rose strongly.Visa Corp Schwab GoogleIncandCharles Inc rose. oftheUnitedKingdom alsorose asinvestors Plc begantoappreciate thepotentialinitsR&Dpipeline. AstraZeneca Under on slightly. disappointingresults asrevenues declined declined Machines Corp Structure, UnderSimplifying Amgen IncandCovance Ltd rose CEO, on theappointmentofanew rose HoldingAG on andRoche good results. ofSwitzerland InternationalBusiness Managing Complexity, were Corp ofnote. andMicrosoft Corp Oracle company Israelipharmaceutical Teva Industries Pharmaceutical Under US Renaissance, holdings rose. all Co and EIThe Dow Chemical du Pont de Nemours & Co were most notable. Under publishingtoasimilarposition itspositioneducational indigitalpublishing.translate inphysical We arethisholdingclosely. studying beaconsolidatorwe itwill initsindustry. believe Pearson asresults to disappointedandinvestors alsodeclined doubteditsability Plc declined. spunoutandlistedbusinessithasyet Asarecently withinvestors. toestablishitselfmore widely Resultswere reasonable, and Inc, CVS Caremark Corp, andUnitedHealthGroup were ofnote, all strongly. rising Animal health sciences companyInc Zoetis element,expansion wasamajority therefore explainmuch ofthereturns. over Capital, UnderInformation McKesson Corp, Viacom prices. markets, US equity low energy and the US economy benefitting Strong returns from from Price of which multiple Earning the most hadThe themes that contributed a strong US focus, adapting to digital technology, in the frontline with US corporations returns were Gold&Preciousfrom Metals, andEmergingMarkets RealEstate. theemergingmarkets themesNational Platforms were over Capital, Information USRenaissance, ManagingComplexity, Structure, Simplifying Giants. andInternet Themes detracting The subfundproduced positive absolutereturns, theMSCI World butunderperformed Ex-JapanIndex. Themes adding toreturns Portfolio Review have peaked, advantages, hasreal structural we thattheUnitedStates believe prices. notleastwithrespect tolow energy and Europecompetition thatprice ison therise, intheconsumer sector. especially Althoughthere are signsfinancial perhaps markets loans andafirst exampleofbond defaultwere evident. These markets continued tofall. TherebothintheUnitedStates isevidence In theemergingeconomies, slowing economic growth, andsignsofstress non-performing intheChinesefinancial withrising system off thesedevelopments. tensions are in Asia, evident East, the Middle Europe. in Central and especially For the time being, financial markets are shrugging on anditseffects financial markets intheUnitedStates around theworld. policy easymonetary anddomestic Risinggeopolitical very intheS&P500IndexhasbeenoneThe continuousofthelongest rise on record, butnow investors are now looking totheendof five for As hasbeenthecase years, andthepronouncements bankers. policy ofthecentral monetary markets hangon extraordinary Market Review againsttheMSCI terms World Ex-JapanIndexreturn of20.90%. under review, the 12 month period Over the Lazard Thematic Global Ex-Japan Fund (the “sub returned 12.11% in US Dollar fund”) Lazard ThematicGlobalEx-JapanFund Investment Managers’Report Lazard Global ActiveFundsplc 1 (continued) Year ended31March 2014

25 Lazard Global Active Funds plc 26 Lazard Global Active Funds plc Lazard Global ActiveFundsplc March 2014 Lazard AssetManagement LLC investment withoutcapital sincethefinancial along period crisis.are bevaluableafter will scarce andwhich thecurrentnot optimisticfor market conjuncture, optimisticabouttheprospects wealth for creative we are investments, very which the impact of significant secular change on society.be seen as an attempt to soften However, be avoided. change cannot we are While Many long-held assumptions abouthow theglobaleconomy works are underpressure. can countries inthedeveloped policy Monetary Outlook Lazard ThematicGlobalEx-JapanFund(continued) Investment Managers’Report 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Managers:NicholasBratt,Irene ChengandAndrew Norris. Share ClassinUSDollartermsto31March 2014. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,Institutional (continued) Year ended31March 2014 convinced usthatgreaterdisciplineisbeingapplied, capital andthethemeremains inplace. to depress holdings. all has ofmeetingswiththemanagement teamsofthegold Aseries miningcompanies heldintheportfolio Gold & Precious Metals, and market skepticism about goldbullion price mining companies’ the declining combined use of capital &IHoldingsCoLtdrose on goodSeven results, asdidFanuc andLixil. Corp thisthemeisintact. investment for case Our Under holdings declined. UnderJapan, markets explainreturns. weak equity most. Realestatecompanies andbanksdeclined However retailer andEmergingMarkets RealEstate,Under National Platforms weak emergingmarkets equitieswere thereason poorreturns. for All a weak Japanese market. pipeline. Giants, UnderInternet Inc, rose strongly.Visa Corp Schwab Google IncandCharles in ofJapandeclined Corp SoftBank Incrose.and Covance oftheUnitedKingdom alsorose asinvestors Plc begantoappreciate thepotentialinitsR&D AstraZeneca on slightly. disappointingresults asrevenues declined declined Business MachinesCorp Structure, UnderSimplifying Amgen Inc Ltdrose CEO,Industries on theappointmentofanew rose HoldingAG on andRoche good results. ofSwitzerland International Managing Complexity, were Corp ofnote. andMicrosoft Corp Oracle company Israeli pharmaceutical Teva Pharmaceutical Under USRenaissance, holdingsrose. all CoandEIThe Dow Chemical duPont deNemours &Cowere mostnotable. Under publishingtoasimilarposition itspositioneducational indigitalpublishing.translate inphysical We arethisholdingclosely. studying beaconsolidator itwill initsindustry.believe Pearson asresults to disappointedandinvestors alsodeclined doubteditsability Plc spun out and As listed a recently business it has yet to establish with itself investors.more widely Resultswere reasonable, and we Inc, CVS Caremark andUnitedHealthGroup were Corp ofnote, all strongly. rising Animal healthsciencescompany declined. Zoetis element,expansion wasamajority therefore explain much ofthemereturns. over Capital, UnderInformation McKesson Corp, Viacom prices. markets, US equity low energy and the US economy benefitting Strong returns from from Price of which multiple Earning the most hadThe themes that contributed a strong US focus, adapting to digital technology, in the frontline with US corporations and Japan. returns were Gold&Preciousfrom Metals, andEmergingMarkets RealEstate, theemergingmarkets themesNational Platforms over Capital,Information USRenaissance, ManagingComplexity, Structure, Simplifying Giants. andInternet Themes detracting The sub fund Portfolio Review have peaked, advantages, hasreal structural we thattheUnitedStates believe prices. notleastwithrespect tolow energy and Europecompetition thatprice ison therise, intheconsumer sector. especially Althoughthere are signsfinancial perhaps markets loans andafirst exampleofbond defaultwere evident. These markets continued tofall. TherebothintheUnitedStates isevidence In theemergingeconomies, slowing economic growth, andsignsofstress non-performing intheChinesefinancial withrising system off thesedevelopments. tensions are in Asia, evident East, the Middle Europe. in Central and especially For the time being, financial markets are shrugging on anditseffects financial markets intheUnitedStates around theworld. policy easy monetary anddomestic Risinggeopolitical intheS&P500IndexhasbeenoneThe continuousofthelongest rise on record, butnow investors now looking very totheendof five for As hasbeenthecase years, andthepronouncements bankers. policy ofthecentral monetary markets hangon extraordinary Market Review against theMSCI World Indexreturn of19.72%. underreview, the12month period Over theLazard Thematic GlobalFund (the “sub returned terms, 11.34%inUSDollar fund”) Lazard ThematicGlobalFund Investment Managers’Report Lazard Global ActiveFundsplc produced positive absolute returns, the MSCI World but underperformed Index. Themes adding to returns were 1 (continued) Year ended31March 2014

27 Lazard Global Active Funds plc 28 Lazard Global Active Funds plc Lazard Global ActiveFundsplc March 2014 Lazard AssetManagement LLC investment withoutcapital sincethefinancial along period crisis.are bevaluableafter will scarce andwhich thecurrentnot optimisticfor market conjuncture, optimisticabouttheprospects wealth for creative we are investments, very which the impact of significant secular change on society.be seen as an attempt to soften However, be avoided. change cannot we are While Many long-held assumptions abouthow theglobaleconomy works are underpressure. can countries inthedeveloped policy Monetary Outlook Lazard ThematicGlobalFund(continued) Investment Managers’Report 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Managers:NicholasBratt,Irene Cheng,WilliamHolzer, andAndrew Norris. terms, InstitutionalShare Classto31March 2014. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar (continued) Year ended31March 2014 March 2014 Lazard AssetManagementLLC We remain on bullish theoutlook emerging-market for equitiesover theshort, mediumandlong term. Outlook well. AlsohelpingreturnsFund wasaselectinvestment Property Opportunities inMacau Ltd, over theperiod. rose which significantly rallied, whileinvestments inAdvance Frontier Fund Markets Fund Opportunity Ltdalsoperformed Vietnam Ltdand VinaCapital Fund Opportunity Ltd markets helpedreturns over theperiod. andamong thefrontier ofAfrica Shares investmentsKey inAfrica on Turkey, Haci OmerSabanci. including Europe regional investments underperformed, Europe, Central including and Russia Turkey Fund as did specific investments focused poorly, investments performed financials industry CoLtd. Securities LtdandCITIC China Everbright Inemerging-market including returns.Investments inemerging-market Asiadetractedfrom First Pacific asitsdiscountwidenedmaterially. Codeclined InChina, returns. hurting returns, in Asia. from reason particularly underperformance for The Fund’s by average 20 basis points, discount widened marginally performance. selection wastheprimary detracted from Stock helpedreturns,America exposure toAfrica whileanunderweight theMSCIEmergingMarkets the12month Indexfor period.The subfundunderperformed exposure toLatin An underweight Portfolio Review theentire period, thoseinAsia,Over European andEastern markets underperformed American Latin finished higher. actually which India, Furthermore, Africa. andSouth andMarch of2014, inFebruary equitieswere by inCrimea. Russian affected severely thecrisis stretches oftremendous pressure on currencies withcurrent ofemergingmarkets countries account deficits asBrazil, such Indonesia, admitted to the tacitly likelihood of,Reserve and then commenced, its US bond purchases. tapering several included This period Emerging markets equitieswere dominated by heightenedinvestordirection concernsover thelikely ofinterest astheUSFederal rates Market Review terms,Dollar againsttheMSCIEmergingMarkets Indexreturn of-0.37%. underreview, the12month period Over Emerging theLazard World Fund (the “sub returned -2.43%, fund”) andinUS netoffees Lazard EmergingWorld Fund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasof31March 2014. Figures refer topastperformanceandisnotareliable indicatorof future results. Fund Manager:KunDengandteam. Source:Direct, Morningstar BidtoPrice,Gross IncomeReinvested,Netoffees,inUSDollarterms,RetailShare Class. 1

(continued) Year ended31March 2014

29 Lazard Global Active Funds plc 30 Lazard Global Active Funds plc Lazard Global ActiveFundsplc March 2014 Lazard AssetManagementLLC We remain on bullish theoutlook emergingmarkets for equitiesover theshort, mediumandlong term. Outlook slower economic growth loans. andanincrease innon-performing SA, ofBancodoBrasil Shares company, financial aBrazilian services amidconcernsthathigherinterest couldlead rates to declined probe ministers,corruption ofgovernment cabinet intheLira. andthesubsequentdecline Turkiye IsBankasiandAkbank TAS, both Turkish banks, asaresult ofmacroeconomic declined concernsrelated totherecent weakening ruble. ofRussia, ofSberbank Shares bank, aRussian were resulted crisis inincreasedconcerns anda weak astheCrimea political debt issues. coming toanagreement withRepsolover compensation theexpropriation for on SAaswell asprogressYPF on outstanding resolving of Shares SA,YPF company, anArgentine energy were strong due to improved macroeconomic sentimentwiththegovernment ofCieloSA,Shares credit aBrazilian cardprocessor, well amidgood results andcontinued performed growth inthemarket. ofBaiduInc,Shares search aChineseinternet enginecompany, rose continues asthecompany’s togainmomentum. mobilestrategy than-benchmark exposure to Turkey. performance, hurt Higher-than-benchmark exposure toIndonesia alsoadded value. asdidhigher- Africa selection inSouth Stock helpedperformance. thepast12months, sectorsandinBrazil technology andinformation During selection intheenergy stock Portfolio Review Index decreased by approximately 1.43%, asmeasured terms, inUSDollar ended31March 2014. the12-month period during admitted tothelikelihoodof, tacitly Reserve andthencommenced, itsUSbond purchases. tapering The MSCIEmergingMarkets Emerging markets equitieswere dominated by heightenedinvestordirection concernsover thelikely ofinterest astheUSFederal rates Market Review terms, againsttheMSCIEmergingMarkets Indexreturn of-1.43%. underreview, the12month period Over Fund EmergingMarkets Equity theLazard (the “sub returned -1.86%, fund”) inUSDollar Lazard EmergingMarketsEquityFund Investment Managers’Report 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:JamesDonaldandteam. terms, RetailShare Classto31March 2014. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar 1 (continued) Year ended31March 2014 March 2014 Lazard AssetManagementLLC markets equities atreasonable valuations. We themedium-tolong-terminvestor for continue that2014represents tobelieve toacquire emerging anattractive opportunity Outlook over theperiod. performance. selection inAsia,from Stock China, particularly asdidholdings in Korea helpedperformance IndiaandSouth Turkey selectionandPoland inBrazil andstock holdingsinIndonesia, positions andstock detracted overweight Africa Our MexicoandSouth performance.detracted from toperformance, sectorcontributed the materials selection inthefinancials, whilestock sectors andindustrial technology information suffered themost. The portfolio’s position in andhealthcaresectorsanunderweight holdingsintheconsumer discretionary stock andtheeconomy-sensitive were markets marketsReturns andresource asall declined volatile American andnegative sectors inLatin Portfolio Review equities were by inCrimea. affected severely thecrisis with current account deficits asBrazil, such Indonesia, Furthermore, Africa. IndiaandSouth andMarch of2014, inFebruary Russian its USbond purchases. stretches oftremendous several pressure included onThis period currencies ofemergingmarkets countries directionthe likely of interest admitted as the US Federal tothe likelihood rates of,tacitly Reserve and then commenced, tapering For ended31March month 2014, thetwelve period emergingmarkets equitieswere dominated by heightenedinvestor concernsover Market Review terms,Dollar againsttheMSCIEmergingMarkets Indexreturn of-1.43%. underreview, the12month period Over EmergingMarkets Fund Core theLazard Equity (the “sub returned -2.43%, fund”) inUS Lazard EmergingMarketsCore EquityFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2014. Figures refer topastperformanceandisnotareliable indicatorof future results. Fund Manager:StephenRussellandteam. terms, RetailShare Classto31March 2014. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar 1 (continued) Year ended31March 2014

31 Lazard Global Active Funds plc 32 Lazard Global Active Funds plc Lazard Global ActiveFundsplc March 2014 Lazard AssetManagementLLC We remain on bullish theoutlook emergingmarkets for equitiesover theshort, mediumandlong term. Outlook would be a year ofstrong studentenrollment growth new andmarginexpansion. Estacio Participacoes SA, company, education private aBrazilian well on solidresults in2013andexpectations performed that2014 drove growth inthebusiness. Catcher Technology CoLtd, a Taiwanese manufacturer mobileproducts, for ofmetalcasings customer wins asnew outperformed penetration inthemobileplatform. Baidu Inc, search aChineseinternet company, and Yandex NV, search internet company, aRussian bothrose on solidresults andrapid ChinaLtd,Sands inMacau, ofcasinos andoperator adeveloper well on strong performed resultsproperty. onofitsnew theback Lastly, Marcopolo SA, busbodymanufacturer, aBrazilian busorders. inintercity duetoconcernsaboutdelays underperformed market. stock Russian along withtheoverall crisis wake oftheCrimean Bank, logisticscompany; Investment and Globaltrans Plc,VTB bank, freight rail aRussian aRussian inthe bothunderperformed International Holdings, aChinesewomen’s retailer, footwear on weak same-store-sales. alsounderperformed TPK, a Taiwanese panelmanufacturer, touch adoption innotebooks. on continuedtechnology fell concernsabouttouch Daphne as higher-than-indexexposure and toRussia Turkey performance. alsodetractedfrom in Brazil, Russia, returns. andKorea hurt China, Korea Africa, and exposure toSouth Lower-than-index Africa South Taiwan, aswell Conversely, selection intheindustrials, stock technology, information energy, sectors, financials andconsumer discretionary aswell as sectorandtoIndiaalso addedexposure value. totheconsumer discretionary exposure andconsumer staplessectorsandtoChile tothematerials Lower-than-index Thailand, aswell ashigher-than-index theperiod,During andutilitiessectors, selection inthematerials stock aswell asinColombia, MexicoandIndonesia helpedreturns. Portfolio Review theindex. sectorsunderperformed andmaterials telecom services By sector, technology, theinformation relatively well whiletheenergy; sectorsperformed healthcareandconsumer discretionary theentire period, thoseinAsia,Over European andeastern markets underperformed American Latin finished higher. actually which India, Furthermore, Africa. andSouth andMarch of2014, inFebruary equitieswere by inCrimea. Russian affected severely thecrisis stretches oftremendous pressure on currencies withcurrent ofemergingmarkets countries account deficits asBrazil, such Indonesia, admitted to the tacitly likelihood of,Reserve and then commenced, its US bond tapering Emerging markets equitieswere dominated by heightenedinvestordirection concernsover thelikely ofinterest astheUSFederal rates Market Review againsttheMSCIEmergingMarketsterms Indexof-1.43%. underreview, the12month period Over Fund Markets Developing Equity theLazard (the “sub returned -6.05%inUSDollar fund”) Lazard DevelopingMarketsEquityFund Investment Managers’Report 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:KevinO’Hare, PeterGillespieandteam. terms, RetailShare Classto31March 2014. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUS Dollar 1 (continued) purchases. several included This period Year ended31March 2014 shining star with 62.64% return over the period followed by Egypt which returned which 37.17%, followed byshining starwith62.64%return over theperiod Egypt 26.5%andQatar24.49%. Saudi returned 26.18%. thatperiod, During regional all markets except recorded Bahrain positive returns butUAE continued tobethe March 2014 Lazard AssetManagementLimited come, selection critical. isincreasingly stock Overall, MENA markets are now tradingatapremium shouldtradeat. we they toglobalequitieswhich believe Inthemonths to Outlook Additionally, inseedstage) (still meansthattransaction costsare subfundsize quitelarge thesmall inpercentage terms. by retail thansoundfundamentals. rather investorsThe market primarily withsignificantliquidity appearstobedriven currently bywas driven ourdiscipline, basedon ourprocess, andUAE shares offered of2013. lessattractive relative therally valuefollowing duetoourdecision to reduce exposure totheUAEprimarily (theregion’s –ourdecision thequarter market) during bestperforming as it returned 11.12% versus the index. 1 2014 the 11.58% for sub fund recorded quarter slight underperformance During This is Portfolio Review MarketsThe MSCI Arabian ex Saudi Market Review Indexreturn Arabia of27.99%. MarketsArabian exSaudi 2013, inception on 3July Since MENA theLazard Fund (the “sub returned 30.35%, fund”) terms, inUSDollar against theMSCI Lazard MENAFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLimitedunlessotherwisenotedasat31March 2014. Figures refer topastperformanceandisnotareliable indicatorof future results. Fund Manager:MostafaHassanandteam. US Dollarterms,RetailShare Classto31March 2014. Source: Lazard AssetManagement,CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,in Arabia Arabia Index has returned 1 % over the same period whiletheS&PPan27.99% over thesameperiod Index Arab (continued) Year ended31March 2014

33 Lazard Global Active Funds plc 34 Lazard Global Active Funds plc Lazard Global ActiveFundsplc markets, we went toamore back position neutral ininterest duration. rate durationonce again, 2014weIn thefirst shortened quarter around andsome emerging uncertainties crisis butduetotheCrimea to1year.duration wasshortened reduced of2013by credit inthefinal ourholdingsof The portfolio selling risk quarter Telecom Italia2019bonds. Interest rate returns. detractedfrom marginally ofunderperformance In terms 32013. quarter debt andGlencore bonds. Xstrata well, Mae (US studentloans)issueperformed holdingsofaSallie Our andwe soldthebond in performance.portfolio Performance otherhigher-betaholdings, wasalsohelpedby certain hybrid corporate Electric asGeneral such level,At theallocation UKgovernment, credit outperformed bonds waspositive for corporate soourdecision tobeoverweight Portfolio Review are crisis notyetmarkets as well astheCrimea resolved. incredit continuedSentiment tobebuoyed in2013. by risks thediminishedevent However, around emerging theuncertainties sectors thatwere perceived versus thosethatwere tobehigherrisk lower risk, toportfolios. andadd yield asinvestors continued totry bonds had a Corporate policy.surrounding ofunconventional withdrawal the eventual monetary changes were made tothe£375billionassetpurchase programme, upward pressure duetomarket speculation wasalsoexerted on yields picture bright of the UK economy.Indices painting a particularly unchanged at 0.5%, was left Although the bank base rate and no by supported other macroeconomic of optimism was generally This feeling data points released, Managers with the UK Purchasing by driven in government in the the debt UK.strengthin the The secondsell-off half of the year of the economic was primarily recovery £375billion),reduced (from below 7%. untilunemployment fell more inJuly, formal 0.5%), (from would statedthatthebankbaserate notrise whenMark Carney andassetpurchases would notbe an for “unwarranted” increase ininterest expectations. rate upwithsomething guidancewasbacked altogether This implicitforward In July, oftheBankEngland, took Governor Mark uphisposition Carney asnew financial andwastednotimeinberating markets bond space, withcredit, globalequities, commodities andemergingmarket takingsignificantlosses. debtall reflect thoseseenintheUS,closely bundslaggingalittlebehind. withGerman wasbyThe sell-off nomeanslimitedtothegovernment tothisdevelopment,Markets reacted poorly surginghigherglobally. withbond yields moves on UKgovernment bonds tendedto Yield policy. reduce theamountofstimulus ofexistingmonetary looking togradually provided tapering totheUSeconomy; theso-called respective curves. yield by thismovement wastheindication for theUSFederal (the The catalyst would“Fed”) Reserve thatthey be government bond yields,that ofrising withUKGilts, US Treasuries Bonds seeingasignificantre-pricingoftheir andGerman all May of 1.63%,of 2013 and a low point in early at 2.74%. and ending the period One of the dominant market themes was undoubtedly period, turbulent anextremely UK government bonds experienced a high pointof3.02% at the end with the UK10-year touching yield Market Review terms, Indexreturn of-1.28%. Overall againsttheMarkit iBoxx Sterling Bond Fund (the High Quality “sub returned -2.31%, Sterling the Lazard fund”) under review the 12 month period Over in Sterling Lazard SterlingHighQualityBondFund Investment Managers’Report positive year in 2013 and a good start , longer datedexposure BundesbahnFinance toDeutsche BVWater andSouthern Finance Ltd Services to 2014. There wasalso a notable compression in spread between 1 (continued) Year ended31March 2014 March 2014 Lazard AssetManagement (Deutschland)GmbH relaxation ofthatcrisis, duration position. we toagainopenashort are likely andRussia, issuesinUkraine ofinterest interms tothe political duration. underweight weDue are slightly only Assumingany Outlook Lazard SterlingHighQualityBondFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLimitedunlessotherwisenotedasat31March 2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:UlrichTeutsch andteam. terms, RetailShare Classto31March 2014. Source:Direct. Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inSterling (continued) Year ended31March 2014

35 Lazard Global Active Funds plc 36 Lazard Global Active Funds plc Lazard Global ActiveFundsplc March 2014 Lazard AssetManagementLimited banksbegininterest central normalisation. rate as certain adjustments andcorresponding exposures, currency curve yield tactical plan toemphasize beabiggerin ourstrategy will focus which Presently, bond exposures toAustralia, NewZealand, Canada, Israel, andselectemergingmarkets appearmore compelling. In 2014, we We thatvaluations believe ofbonds incore Europe are tooexpensive more banks. central dovish positioning as appropriate.curve In this scenario, has the potential to strengthen the US dollar compared to other currencies with USgovernment bonds aswell.underweight We adjust andwill ouryield higherintheUnitedStates totrend expectrates slightly year, aFed andthepotentialfor hikein2015. fundsrate We remain defensive on thesubfund’s interest exposure overall rate and influencedby onpositioning beheavily ourpositive theUSeconomy will view andexpectationquantitative for easingtoendthis theglobalelection cycle, include risks inChina, economic andsocialstability Japan’s for andchallenges Abenomics. The subfund’s andUnitedKingdom mayin theUnitedStates provide incremental globalfixed demandfor income assetsaswell. Inourview, market inflation should limit interest increases. rate declining Heightened interest in “de-risking” well-funded pension plans, from especially We year tobeacomplicated financial for that2014islikely markets. believe Mixed globalgrowth butstill-subdued combined with Outlook modest exposure tobondsandPeru. inBrazil exposures toSpain, totheEuro andunderweight andJapan, amodestunderweight Italy returns included Detractors from aswell as Shekel, Pound, British andPolish Zloty. were alsohelpedby exposure, currency position intheJapanese Yen anunderweight including positions intheIsraeli andoverweight additive, bonds, positions in high yield overweight specifically debt, investment-grade corporate andsovereign debt. external Returns allocations, exposures toIreland andIsrael. overweight andtheUnitedKingdom including selectionwas intheUnitedStates Security months thetwelve were fundreturns during andcore helpedbySub Europe defensive durationintheUnitedStates aswell ascountry Portfolio Review cycles, countries. indeveloped mostly official raised duetoastronger rates Zealand economy ofmulti-year androbust housingmarket couldbethestart hike which rate economic conditions, towards butthenrose reflecting slightly more theendofquarter upbeateconomic data. Mostnotably, New US tapering. inCanada andAustralia, rallied Bonds initially where government officials were paintingapessimisticpicture of markets. The 10-year US Treasury beginningtheyear above 3%, at2.7%after endedthequarter yield despitetheprospect ofcontinued In January, interest inmany rates core rallied, countries fueledby inequitiesandemerging andasell-off macroeconomic uncertainty European Bank. Central ofUSandUKbonds rose modestly,Yields cutby rate the lower inflation andasurprise whileEuropean bonds benefited from end of the year, bond markets were relatively calm, despite the “surprise” USgovernment shutdown. and a partial of US tapering start basedon better-than-expectedeconomic September datainmany core markets. developed higherinAugust andearly drift Toward the plans. itstapering theUSFederal (“Fed”) clarified upafter andlaterbacking Reserve easing policy Globalinterest continued rates to toJune2013, April duetotheBankofJapan’s assetswereGlobal bonds andrisk volatile from rallying initially massive quantitative Market Review GlobalAggregate Bondagainst theBarclays Indexreturn of1.88%. For under review, the 12 month period Global Fixed the Lazard Income Fund (the “sub returned -1.37%, fund”) terms, in US Dollar Lazard GlobalFixedIncomeFund Investment Managers’Report 1 All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2014. Figures refer topast performanceandpastisnotareliable indicatoroffuture results. Fund Manager:Yvette Klevanandteam. terms, RetailShare Class,to31March 2014. Source:Direct. Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,netoffees,inUS Dollar 1 , low considering inflation even andpotentialECBeasing. (continued) Year ended31March 2014 Date: 26June2014 BNY MellonTrust Company(Ireland) Limited In ouropinion, theCompany theperiod, hasbeenmanaged during respects: material inall Opinion Notice 4andtoensurein UCITS that, respects, material inall theCompany hasbeenmanaged: asit,The Custodianconductsreviews such initsreasonable opinion, inorder withitsdutiesasoutlined tocomply considers necessary Basis ofCustodianOpinion we have takentorectify thesituation. with theseprovisions. IftheCompany hasnotsocomplied, we asCustodianmust statewhyandoutlinethestepswhich thisisthecase Transferable Regulations, Securities) 2011(asamended)(the “Regulations”). responsibility oftheCompany Itistheoverall tocomply ofAssociation andtheEuropeanthe Company’s Collective Investment Communities for in (Undertakings andArticles Memorandum statewhether, shall report Our inouropinion, theCompany hasbeenmanaged inthatperiod, inaccordance withtheprovisions of the conduct oftheCompany thereon andreport ineachannualaccounting period totheshareholders. duties andresponsibilities are BankofIreland’s outlinedintheCentral Our Notice UCITS 4. Oneofthoseduties istoenquire into Responsibilities oftheCustodian ortoany otherperson anytowhom is shown.for otherpurpose thisreport BankofIrelandCentral Notice UCITS 4, nootherpurpose. andfor We donot, ingivingthisopinion, accept orassumeresponsibility This report, theopinion theshareholders hasbeenprepared for in theCompany, including andsolely for inaccordance withthe asCustodiantotheCompany.capacity We have enquired Global Active intothe conduct of Lazard Funds the year plc (the for ended31March 2014,“Company”) inour Report oftheCustodiantoShareholders Report oftheCustodian Lazard Global ActiveFundsplc ii) otherwise in accordance with the provisions of the Memorandum and Articles ofAssociation andtheRegulations. inaccordance withtheprovisions andArticles oftheMemorandum ii) otherwise i) inaccordance withtheCompany’sii) otherwise constitutional documentation andtheappropriateregulations. i) Articles ofAssociation;Articles and in accordance withthelimitations imposedon theinvestment andborrowing powers oftheCompany by and theMemorandum documentation andtheappropriate regulations; and in accordance withthelimitations imposedon itsinvestment andborrowing powers by theprovisions ofitsconstitutional Year ended31March 2014

37 Lazard Global Active Funds plc 38 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Matters onwhichweare required toreport bytheCompaniesActs1963to2013 In ouropinion thefinancial statements: Opinion onfinancialstatements misstatementsorinconsistencies we ourreport. material consider for theimplications inconsistent with,materially theknowledge acquired theaudit. by usinthecourseof performing Ifwe become aware ofany apparent incorrect basedon,inconsistencies withtheauditedfinancial materially statementsandtoidentifyany thatisapparently information or the financial statements. Inaddition, we read thefinancial all andnon-financial toidentifymaterial intheannualreport information disclosed;and adequately thereasonableness ofsignificantaccounting estimatesmade by thedirectors; presentation andtheoverall of assessment of: whethertheaccounting policiesare appropriatetothecompany’s circumstances applied andhave beenconsistently misstatement, orerror. material from by whethercaused fraud thatthefinancialassurance statementsare free an This includes inthefinancialAn abouttheamountsanddisclosures statementssufficient auditinvolves obtainingevidence togive reasonable Scope oftheauditfinancialstatements by consent inwriting. ourprior ortoany otherpersonany towhom isshown otherpurpose thisreport orintowhosehandsitmay come save where agreed expressly 193 oftheCompanies Act, nootherpurpose. 1990andfor We donot, ingivingtheseopinions, accept orassumeresponsibility for This report, theopinions, including hasbeenprepared thecompany’s for andonly for membersasabodyinaccordance withSection withtheAuditingcomply Practices Board’s Auditors. for Standards Ethical statements inaccordance on withIrish lawandInternational Standards Auditing (UKandIreland). Those standards require usto preparation andfairview. ofthefinancial statements givingatrue responsibilityistoauditandexpress anopinion on thefinancial Our ofDirectors’ intheStatement As explainedmore fully Responsibilities setouton page 5, thedirectors are responsible the for Respective responsibilities ofDirectors andAuditors Practice inIreland). Financial Councilandpromulgated Reporting by Accountants theInstitute of Chartered Accepted inIreland Accounting (Generally funds. thathasbeenappliedintheirpreparation isIrishlawandaccounting standards issuedby the The financial framework reporting andtherelatedShareholders thecompany notesfor eachofitssubfunds andthePortfolio andfor ofInvestments eachofthesub for the Profit Account, andLoss theBalanceSheet, ofChanges inNet toRedeemableParticipating theStatement Assetsattributable We have auditedthefinancialGlobalActive statementsofLazard Funds theyear plcfor ended31Marchcomprise 2014which Active Fundsplc Independent Auditors’ReporttotheMembersofLazard Global Independent Auditors’Report • Inouropinion given theinformation intheDirectors’ isconsistent withthefinancial Report statements. • The financial statementsare inagreement withthebooks ofaccount. • Inouropinion proper books ofaccount have beenkept by thecompany. • We ofouraudit. thepurposes for andexplanations we have theinformation which consider obtainedall necessary • • Communities (Undertakings for Collective InvestmentCommunities for in (Undertakings Transferable Regulations 2011 (asamended). Securities) preparedhave inaccordance been properly withtherequirements oftheCompanies Acts 1963to 2013 andtheEuropean sub funds’ affairsasat31 March 2014andoftheirresults theyear for thenended; and Accepted in accordance Accounting and fair view Practicegive with Generally a true inIreland ofthestatecompany’s and Year ended31March 2014 26 June2014 Dublin Chartered AccountantsandStatutoryAuditFirm for andonbehalfofPricewaterhouseCoopers Siobhán Collier our opinion, ofdirectors’ thedisclosures remuneration andtransactions specified by laware notmade. We have in respect nothing to report of the provisions in the Companies Acts require 1963 to 2013 which to you us to report if, in Matters onwhichweare required toreport byexception Active Fundsplc(continued) Independent Auditors’ReporttotheMembersofLazard Global Independent Auditors’Report Lazard Global ActiveFundsplc

(continued) Year ended31March 2014

39 Lazard Global Active Funds plc 40 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements ** LazardGlobalClassic Value EquityFundeffective24March2014. EquityFundchangedits nametoLazardGlobalStrategic EquityFundlaunchedon2May2013. Strategic * LazardJapanese areanintegralpartofthesefinancialstatements. The notestothefinancialstatements fortheyearasdisclosed exchangerate The EUR, inNote13. theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated There werenogainsorlossesotherthanthosedealtwithintheProfitandLoss Account. . Gains andlossesarosesolelyfromcontinuingoperations shares fromoperations netassetsattributabletoholdersofRedeemableParticipatingIncrease/(decrease) in Adjustment for write-off of organisation costs Adjustment forwrite-offoforganisation Movement inadjustmentfrombidmarketvaluetomid thefinancialyearaftertax Profit/(loss) for Withholding taxesondividendsandotherinvestmentincome thefinancialyearbeforetax Profit/(loss) for Interest paid Distributions toRedeemableParticipating shareholders Finance costs Net investmentincome/(deficit) Reimbursement fromManager Total expenses expenses Other operating Sub-Custodian fee Administration, Transfer Agency &Custodian fee fee Management Expenses Total investmentincome and foreigncurrencies Net gainonfinancialassetsandliabilitiesatfair value throughprofitorloss oninvestments/currency Net movementinunrealised (loss)/gain Net realisedgainoninvestments/currency Total income Bank interest Dividend incomeandbondinterest Income Profit andLossAccount Notes 12 6 5 4 3 31/03/2014 1,239,510 (730,151) (17,932) (45,856) (14,320) 557,739 557,739 575,671 621,531 116,579 723,790 509,359 214,431 214,364 18,301 11,141 81,598 5,539 GBP (4) 67 Lazard UKEquityFund – – 31/03/2013 1,010,101 1,133,447 1,299,580 1,051,028 (123,330) (24,382) (19,494) 985,719 985,719 605,510 185,627 115,221 445,518 248,552 248,547 29,618 26,589 14,199 Year ended31March 2014 (16) GBP – – 5 3,356,150,232 3,460,761,632 3,509,934,733 3,514,120,047 3,794,693,943 3,361,221,033 3,417,187,965 (104,611,400) (49,173,101) (55,966,932) 280,573,896 234,765,902 433,472,910 433,472,910 (4,172,163) 14,500,686 23,803,197 31/03/2014 7,504,111 Lazard JapaneseEquityFund (13,151) JPY – – – 4,012,910,112 3,908,298,712 3,933,748,401 3,937,773,227 3,758,065,087 4,134,847,182 3,775,465,927 (25,449,689) 104,611,400 197,073,955 150,324,102 359,381,255 359,381,255 (4,009,467) 12,943,830 27,677,892 17,400,840 31/03/2013 6,128,131 (15,359) JPY – – – Lazard Japanese (10,369,708) 623,992,908 643,279,835 682,996,439 608,337,635 174,105,567 434,232,068 Equity Fund* (8,872,916) 39,778,851 28,533,669 74,658,804 74,658,804 623,992,908 632,865,824 31/03/2014 2,822,570 4,900,219 3,522,393 (44,303) (62,247) Strategic JPY – – – 11,081,295 31/03/2014 9,359,032 9,359,032 9,422,188 1,093,536 9,987,759 9,447,379 1,201,087 8,246,292 1,633,916 1,633,700 (565,571) Lazard EuropeanEquityFund (63,156) 891,106 63,485 66,829 72,116 216 EUR – – – – (1,318,035) 12,476,001 12,476,001 12,997,339 14,315,374 15,940,312 12,366,242 31/03/2013 1,624,938 1,338,298 5,555,788 6,810,454 3,574,070 3,573,160 (521,338) 166,039 44,704 75,897 910 EUR – – – – Lazard Pan EuropeanEquityFund 31/03/2014 (14,254) (57,506) 264,591 264,591 231,225 288,731 359,896 237,623 138,913 122,273 122,233 33,366 85,419 52,365 16,563 98,710 9,274 7,217 EUR 40 – – – 31/03/2013 (20,728) (16,064) 225,009 225,009 245,737 247,734 307,773 226,133 222,154 (1,997) 76,103 30,046 29,328 13,015 81,640 80,158 1,482 3,714 3,979 EUR – – – (14,618,419) (1,042,771) 13,575,648 Global StrategicEquityFund** (432,443) 31/03/2014 1,155,982 1,155,090 (646,581) (646,581) (325,088) (214,138) (107,355) 444,683 359,460 113,211 (6,384) 32,298 16,175 36,750 892 USD – – – (1,123,492) 31/03/2013 5,219,659 5,219,659 5,706,174 1,463,808 1,148,367 6,829,666 8,293,474 5,380,525 1,968,914 3,411,611 2,912,949 2,908,937 (486,515) 212,420 59,008 44,013 4,012 Lazard USD – – – – 31/03/2014 4,841,044 4,835,845 5,023,926 5,024,259 5,392,567 4,272,654 3,031,886 1,240,768 1,119,913 1,119,913 (182,882) 368,355 254,270 (5,199) 29,912 43,517 40,656 (333) Managed Volatility Fund (47) USD – – – Lazard Global 31/03/2013 (14,088) (30,810) 383,082 377,895 397,170 397,170 431,919 343,810 162,726 181,084 (5,187) 65,559 29,559 20,471 10,939 88,109 88,041 4,590 USD 68 – – – ** LazardGlobalClassic Value EquityFundeffective24March2014. EquityFundchangedits nametoLazardGlobalStrategic EquityFundlaunchedon2May2013. Strategic * LazardJapanese areanintegralpartofthesefinancialstatements. The notestothefinancialstatements fortheyearasdisclosed exchangerate The EUR, inNote13. theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated There werenogainsorlossesotherthanthosedealtwithintheProfitandLoss Account. . Gains andlossesarosesolelyfromcontinuingoperations shares fromoperations netassetsattributabletoholdersofRedeemableParticipatingIncrease/(decrease) in costs Adjustment forwrite-offoforganisation Movement inadjustmentfrombidmarketvaluetomid thefinancialyearaftertax Profit/(loss) for Withholding taxesondividendsandotherinvestmentincome thefinancialyearbeforetax Profit/(loss) for Interest paid Distributions toRedeemableParticipating shareholders Finance costs Net investmentincome/(deficit) Reimbursement fromManager Total expenses expenses Other operating Sub-Custodian fee Administration, Transfer Agency &Custodian fee fee Management Expenses Total investmentincome and foreigncurrencies Net gainonfinancialassetsandliabilitiesatfair value throughprofitorloss oninvestments/currency Net movementinunrealised (loss)/gain Net realisedgainoninvestments/currency Total income Bank interest Dividend incomeandbondinterest Income Profit andLossAccount Notes 12 6 5 4 3 31/03/2014 1,239,510 (730,151) (17,932) (45,856) (14,320) 214,364 557,739 557,739 575,671 621,531 116,579 723,790 509,359 214,431 11,141 81,598 18,301 5,539 GBP (4) 67 Lazard UKEquityFund – – 31/03/2013 1,010,101 1,133,447 1,299,580 1,051,028 (123,330) (24,382) (19,494) 115,221 445,518 248,547 985,719 985,719 185,627 605,510 248,552 26,589 14,199 29,618 (16) GBP – – 5 3,417,187,965 3,356,150,232 3,460,761,632 3,509,934,733 3,514,120,047 3,794,693,943 3,361,221,033 (104,611,400) (49,173,101) (55,966,932) 234,765,902 433,472,910 280,573,896 433,472,910 (4,172,163) 14,500,686 23,803,197 31/03/2014 7,504,111 Lazard JapaneseEquityFund (13,151) JPY – – – 3,758,065,087 4,012,910,112 3,908,298,712 3,933,748,401 3,937,773,227 4,134,847,182 3,775,465,927 (25,449,689) 150,324,102 104,611,400 359,381,255 197,073,955 359,381,255 (4,009,467) 12,943,830 27,677,892 17,400,840 31/03/2013 6,128,131 (15,359) JPY – – – Financial Statements Lazard Global ActiveFundsplc Lazard Japanese (10,369,708) 623,992,908 643,279,835 682,996,439 608,337,635 174,105,567 434,232,068 Equity Fund* (8,872,916) 39,778,851 28,533,669 74,658,804 74,658,804 623,992,908 632,865,824 31/03/2014 2,822,570 4,900,219 3,522,393 (44,303) (62,247) Strategic JPY – – – 11,081,295 31/03/2014 9,359,032 9,422,188 1,093,536 1,633,916 1,633,700 9,359,032 9,987,759 9,447,379 1,201,087 8,246,292 (565,571) Lazard EuropeanEquityFund (63,156) 891,106 63,485 66,829 72,116 216 EUR – – – – (1,318,035) 12,476,001 12,997,339 15,940,312 12,476,001 14,315,374 12,366,242 31/03/2013 1,624,938 1,338,298 3,574,070 3,573,160 5,555,788 6,810,454 (521,338) 166,039 44,704 75,897 910 EUR – – – – Lazard Pan EuropeanEquityFund 31/03/2014 (14,254) (57,506) 264,591 231,225 122,273 122,233 359,896 264,591 288,731 237,623 138,913 85,419 52,365 16,563 33,366 98,710 9,274 7,217 EUR 40 – – – (continued) 31/03/2013 (16,064) (20,728) 225,009 245,737 307,773 225,009 247,734 226,133 222,154 (1,997) 76,103 30,046 81,640 80,158 29,328 13,015 1,482 3,714 3,979 EUR – – – (14,618,419) (1,042,771) 13,575,648 Global StrategicEquityFund** 31/03/2014 (432,443) 1,155,982 1,155,090 (646,581) (646,581) (325,088) (107,355) (214,138) 444,683 359,460 113,211 (6,384) 32,298 16,175 36,750 892 USD – – – (1,123,492) 31/03/2013 5,706,174 5,219,659 1,463,808 1,148,367 2,912,949 2,908,937 8,293,474 5,219,659 6,829,666 5,380,525 1,968,914 3,411,611 (486,515) 212,420 59,008 44,013 Year ended31March 2014 4,012 Lazard USD – – – – 31/03/2014 5,023,926 4,841,044 1,119,913 1,119,913 5,392,567 4,835,845 5,024,259 4,272,654 3,031,886 1,240,768 (182,882) 368,355 254,270 (5,199) 29,912 40,656 43,517 (333) Managed Volatility Fund (47) USD – – – Lazard Global 31/03/2013 (30,810) (14,088) 397,170 383,082 431,919 377,895 397,170 343,810 162,726 181,084 (5,187) 65,559 10,939 88,109 88,041 29,559 20,471 4,590 USD 68 – – –

41 Lazard Global Active Funds plc 42 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements *** Lazard Global Equity Income Fund launched on 2 January 2014. *** LazardGlobalEquityIncomeFundlaunchedon2January areanintegralpartofthesefinancialstatements. The notestothefinancialstatements fortheyearasdisclosed exchangerate The EUR, inNote13. theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated There werenogainsorlossesotherthanthosedealtwithintheProfitandLoss Account. . Gains andlossesarosesolelyfromcontinuingoperations shares fromoperations netassetsattributabletoholdersofRedeemableParticipatingIncrease/(decrease) in costs Adjustment forwrite-offoforganisation thefinancialyearbeforetax Profit/(loss) for Movement inadjustmentfrombidmarketvaluetomid thefinancialyearaftertax Profit/(loss) for Withholding taxesondividendsandotherinvestmentincome Interest paid Distributions toRedeemableParticipating shareholders Finance costs Net investmentincome/(deficit) Bank interest Dividend incomeandbondinterest Income Profit andLossAccount(continued) Total income Reimbursement fromManager Total expenses expenses Other operating Sub-Custodian fee Administration, Transfer Agency &Custodian fee fee Management Expenses Total investmentincome/(deficit) or lossandforeigncurrencies Net gain/(loss)onfinancialassetsandliabilitiesatfair value throughprofit /(loss) Net movementinunrealised gain Net realisedgain/(loss)oninvestments/currency on investments/currency (continued) Notes 12 3 6 5 4 (3,566,625) 35,214,061 36,210,093 35,214,061 39,776,718 41,609,731 34,752,353 22,771,001 11,981,352 31/03/2014 6,854,962 6,857,378 1,833,013 1,506,769 (996,032) 223,389 54,115 48,740 Infrastructure EquityFund 2,416 USD – – – – Lazard GlobalListed (2,211,465) 16,421,869 17,274,452 16,851,251 19,486,220 20,529,050 16,900,229 16,045,970 31/03/2013 3,628,821 3,628,821 1,042,830 (429,382) (423,201) 854,259 145,359 829,915 23,916 43,640 Year ended31March 2014 (303) USD – – – Lazard GlobalEquitySelectFund 31/03/2014 (23,718) (17,129) 716,918 747,635 723,917 747,677 111,891 111,892 235,854 841,870 729,978 111,322 494,124 (6,999) 57,841 19,597 27,270 6,614 (42) USD – – 1 31/03/2013 (13,629) 100,569 100,569 109,986 100,042 (1,885) (2,480) (3,909) 96,204 98,089 13,833 13,853 96,133 23,046 12,600 7,603 1,303 1,540 USD 20 – – – Income Fund*** Global Equity 31/03/2014 (12,630) 103,148 124,213 (5,798) (8,710) 51,127 51,164 73,049 81,759 6,600 1,590 7,430 Lazard 26,588 76,560 82,358 82,358 54,485 38,865 USD 37 – – – 31/03/2014 1,689,871 1,737,608 1,737,608 1,689,871 1,699,099 1,926,054 1,950,597 (226,955) (47,737) (12,456) 251,185 251,498 225,445 142,665 37,541 29,627 15,612 Lazard GlobalTrend Fund 313 USD – – – – 31/03/2013 (42,298) (16,991) (59,669) 420,105 462,403 462,403 420,105 253,810 254,125 171,505 110,712 362,792 422,461 616,917 33,325 20,486 6,982 315 USD – – – – (54,857,750) (5,777,734) (1,323,081) 25,548,947 26,872,028 32,649,762 25,548,947 26,153,009 81,010,759 33,266,643 31/03/2014 7,108,291 7,113,634 616,881 104,596 227,663 284,622 5,343 USD Global Ex-JapanFund – – – – – Lazard Thematic (14,626,375) (3,776,427) 52,763,384 56,539,811 71,166,186 52,763,384 19,118,565 19,131,952 53,358,272 12,180,465 41,177,807 72,490,224 31/03/2013 1,324,038 138,420 260,481 925,137 13,387 USD – – – – – (10,688,337) (53,951,375) 174,351,325 181,212,992 191,901,329 174,351,325 175,176,236 229,127,611 211,893,039 (6,861,667) 36,696,109 19,991,710 36,716,803 17,258,887 31/03/2014 Lazard ThematicGlobalFund 1,695,170 358,463 679,190 20,694 USD – – – – (20,243,472) (10,076,572) 177,908,651 187,985,223 208,228,695 177,908,651 179,257,288 179,065,698 233,484,282 54,201,086 25,255,587 54,226,994 22,285,603 31/03/2013 2,083,355 380,806 505,823 191,590 25,908 USD – – – – (2,101,814) (2,024,858) (1,974,299) (2,101,814) (2,561,251) (1,481,072) (3,227,082) Lazard EmergingWorld Fund 31/03/2014 1,076,639 1,080,179 (50,559) (76,956) 495,959 389,286 665,831 (2,732) 48,620 24,317 33,736 3,540 USD – – – 31/03/2013 2,260,958 2,355,165 2,355,165 2,260,958 2,157,602 1,174,791 2,943,434 (94,207) (23,155) 785,804 611,424 785,832 469,968 982,811 65,673 12,749 63,034 USD 28 – – – – *** Lazard Global Equity Income Fund launched on 2 January 2014. *** LazardGlobalEquityIncomeFundlaunchedon2January areanintegralpartofthesefinancialstatements. The notestothefinancialstatements fortheyearasdisclosed exchangerate The EUR, inNote13. theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated There werenogainsorlossesotherthanthosedealtwithintheProfitandLoss Account. . Gains andlossesarosesolelyfromcontinuingoperations shares fromoperations netassetsattributabletoholdersofRedeemableParticipatingIncrease/(decrease) in costs Adjustment forwrite-offoforganisation Movement inadjustmentfrombidmarketvaluetomid thefinancialyearaftertax Profit/(loss) for Withholding taxesondividendsandotherinvestmentincome thefinancialyearbeforetax Profit/(loss) for Interest paid Distributions toRedeemableParticipating shareholders Finance costs Net investmentincome/(deficit) Reimbursement fromManager Total expenses expenses Other operating Sub-Custodian fee Administration, Transfer Agency &Custodian fee fee Management Expenses Total investmentincome/(deficit) or lossandforeigncurrencies Net gain/(loss)onfinancialassetsandliabilitiesatfair value throughprofit /(loss) Net movementinunrealised gain Net realisedgain/(loss)oninvestments/currency Total income Bank interest Dividend incomeandbondinterest Income Profit andLossAccount(continued) on investments/currency Notes 12 6 5 4 3 (3,566,625) 35,214,061 35,214,061 36,210,093 39,776,718 41,609,731 34,752,353 11,981,352 22,771,001 31/03/2014 1,833,013 1,506,769 6,857,378 6,854,962 (996,032) 223,389 54,115 48,740 Infrastructure EquityFund 2,416 USD – – – – Lazard GlobalListed (2,211,465) 16,421,869 16,851,251 17,274,452 19,486,220 20,529,050 16,900,229 16,045,970 31/03/2013 1,042,830 3,628,821 3,628,821 (429,382) (423,201) 145,359 829,915 854,259 23,916 43,640 (303) USD – – – Lazard GlobalEquitySelectFund 31/03/2014 (17,129) (23,718) 716,918 723,917 747,635 747,677 111,322 841,870 729,978 494,124 235,854 111,892 111,891 (6,999) 57,841 19,597 27,270 6,614 (42) USD – – 1 31/03/2013 (13,629) 100,569 100,569 109,986 100,042 (1,885) (2,480) (3,909) 96,204 98,089 23,046 96,133 13,853 13,833 12,600 1,303 7,603 1,540 USD 20 – – – Financial Statements Lazard Global ActiveFundsplc Income Fund*** Global Equity 31/03/2014 (12,630) 103,148 124,213 (5,798) (8,710) 73,049 81,759 51,164 51,127 6,600 1,590 7,430 Lazard 26,588 76,560 82,358 82,358 54,485 38,865 USD 37 – – – 31/03/2014 1,689,871 1,737,608 1,737,608 1,699,099 1,926,054 1,689,871 1,950,597 (226,955) (47,737) (12,456) 225,445 251,498 251,185 142,665 37,541 29,627 15,612 Lazard GlobalTrend Fund 313 USD – – – – 31/03/2013 (59,669) (42,298) (16,991) 420,105 462,403 462,403 171,505 362,792 422,461 254,125 253,810 110,712 420,105 616,917 33,325 20,486 6,982 315 USD – – – – (54,857,750) (5,777,734) (1,323,081) 25,548,947 26,872,028 32,649,762 26,153,009 81,010,759 25,548,947 33,266,643 31/03/2014 7,113,634 7,108,291 104,596 616,881 227,663 284,622 5,343 USD Global Ex-JapanFund – – – – – Lazard Thematic (continued) (14,626,375) (3,776,427) 52,763,384 56,539,811 71,166,186 12,180,465 19,131,952 19,118,565 53,358,272 41,177,807 52,763,384 72,490,224 31/03/2013 1,324,038 138,420 260,481 925,137 13,387 USD – – – – – (10,688,337) (53,951,375) 174,351,325 181,212,992 191,901,329 175,176,236 229,127,611 174,351,325 211,893,039 (6,861,667) 19,991,710 36,716,803 36,696,109 17,258,887 31/03/2014 Lazard ThematicGlobalFund 1,695,170 358,463 679,190 20,694 USD – – – – (20,243,472) (10,076,572) 177,908,651 187,985,223 208,228,695 179,065,698 179,257,288 177,908,651 233,484,282 25,255,587 54,226,994 54,201,086 22,285,603 31/03/2013 2,083,355 380,806 505,823 191,590 25,908 Year ended31March 2014 USD – – – – (2,101,814) (2,024,858) (1,974,299) (2,561,251) (2,101,814) (1,481,072) (3,227,082) Lazard EmergingWorld Fund 31/03/2014 1,080,179 1,076,639 (50,559) (76,956) 495,959 665,831 389,286 (2,732) 48,620 24,317 33,736 3,540 USD – – – 31/03/2013 2,260,958 2,355,165 2,355,165 1,174,791 2,157,602 2,260,958 2,943,434 (94,207) (23,155) 611,424 785,832 785,804 982,811 469,968 65,673 12,749 63,034 USD 28 – – – –

43 Lazard Global Active Funds plc 44 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements Net realisedgain/(loss)oninvestments/currency Total income Bank interest Dividend incomeandbondinterest Income Profit andLossAccount(continued) ^ LazardNorth American EquityFundclosed on15March2013. **** LazardMENAFundlaunchedon3July2013. areanintegralpartofthesefinancialstatements. The notestothefinancialstatements fortheyearasdisclosed exchangerate The EUR, inNote13. theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated There werenogainsorlossesotherthanthosedealtwithintheProfitandLoss Account. exceptforLazardNorth Gains andlossesarosesolelyfromcontinuingoperations American EquityFundwhichceasedtrading15March2013. shares fromoperations netassetsattributabletoholders ofRedeemableParticipating Decrease/increase in costs Adjustment forwrite-offoforganisation Movement inadjustmentfrombidmarketvaluetomid thefinancialyearaftertax Loss/profit for Withholding taxesondividendsandotherinvestmentincome thefinancialyearbeforetax Loss/profit for Interest paid Distributions toRedeemableParticipating shareholders Finance costs Net investment(deficit)/income Reimbursement fromManager Total expenses expenses Other operating Sub-Custodian fee Administration, Transfer Agency &Custodian fee fee Management Expenses Total investmentincome/(deficit) or lossandforeigncurrencies Net oninvestments/currency Net movementinunrealised (loss)/gain (loss)/gain onfinancialassetsandliabilitiesatfair value throughprofit (continued) Notes 12 3 6 5 4 (26,225,286) (27,189,061) (27,189,061) (23,757,020) (44,003,408) (14,984,443) (8,772,577) (3,432,041) 17,778,122 28,362,746 28,353,215 10,922,061 31/03/2014 1,293,105 8,559,643 2,137,460 (12,024) 200,220 869,093 9,531 USD – – – Markets EquityFund Lazard Emerging (11,327,507) (2,726,429) 47,824,351 18,822,360 23,074,653 23,061,237 24,749,698 24,545,164 24,545,164 27,271,593 38,599,100 31/03/2013 7,235,260 5,927,338 9,225,251 165,063 915,855 909,073 13,416 Year ended31March 2014

USD – – – – 31/03/2014 1,355,686 1,481,231 1,152,258 1,189,522 1,197,522 1,224,910 1,224,943 (328,973) (20,604) (27,388) 203,428 203,428 151,347 (8,000) 22,007 12,134 38,830 78,376 Markets CoreEquityFund (33) USD – – – Lazard Emerging 31/03/2013 (14,690) (11,250) (2,132) (1,765) 12,714 86,804 85,113 12,941 12,941 24,514 73,863 73,068 75,200 76,965 76,980 1,361 2,328 8,111 (15) USD – – – On behalfoftheBoardDirectors (25,090,900) (25,090,900) (24,280,113) (23,257,907) (18,559,489) (26,393,761) (18,820,600) (1,022,206) (7,573,161) 31/03/2014 4,698,418 3,472,226 7,834,272 7,827,476 (810,787) 100,112 769,794 356,286 6,796 Markets EquityFund USD – – – – Lazard Developing (11,484,956) (11,484,956) (11,008,097) (10,223,991) (11,732,844) (7,410,534) (2,690,173) (9,042,671) 31/03/2013 2,813,457 2,110,155 4,322,310 4,319,039 (476,859) (784,106) 242,700 382,329 78,273 3,271 USD – – – – Lazard MENA 31/03/2014 (26,116) 456,651 148,505 606,899 606,899 607,481 607,481 649,357 605,156 Fund**** 22,361 26,312 67,992 16,906 44,201 44,201 2,413 (582) USD – – – – – Director: DanielMorrissey 31/03/2014 (126,418) (126,418) (126,418) (127,593) (185,168) (46,581) (22,395) (79,252) 121,502 121,502 (6,091) 17,235 13,128 62,885 29,332 57,575 High QualityBondFund 3,190 (585) GBP – – – – Lazard Sterling 31/03/2013 (222,192) (273,930) (13,603) (13,603) (13,603) (13,431) 163,012 163,012 373,462 261,562 314,282 151,270 (1,235) 21,803 66,151 36,349 7,999 GBP – – – – – 31/03/2014 26 June2014 (281,911) (120,382) 236,817 165,002 763,238 762,644 354,728 491,288 491,288 486,506 606,888 836,055 (7,650) 39,689 24,476 72,817 7,650 4,782 594 USD Fixed IncomeFund – – – Lazard Global 31/03/2013 (330,124) (330,124) (291,732) (469,537) (221,959) (458,735) (69,773) (39,860) (38,392) (10,802) 248,066 140,021 607,970 607,615 138,433 57,154 22,173 28,718 355 USD – – – Director: JohnDonohoe Equity Fund^ Lazard North 31/03/2013 (431,809) American (22,323) (18,704) 109,070 813,848 339,613 339,613 358,317 358,317 445,064 382,039 33,805 26,202 43,680 63,025 62,841 5,383 184 USD – – – – (152,695,819) (15,231,897) (39,595,159) 103,659,968 103,607,940 414,813,026 263,746,943 365,777,175 262,117,207 (1,044,126) 37,223,790 264,784,680 280,016,577 319,613,653 31/03/2014 3,576,949 4,151,581 46,359,334 (195,812) 1,407,014 (1,917) 52,028 6,389 USD Active Fundsplc Lazard Global (19,468,426) (54,199,126) 288,989,233 120,939,849 120,875,796 344,618,201 465,433,889 344,494,040 344,039,808 363,508,234 417,710,017 26 June2014 47,958,063 38,703,816 55,504,807 31/03/2013 1,355,012 2,436,741 5,462,494 (234,191) 587,597 (9,204) (2,657) 64,053 USD ^ LazardNorth American EquityFundclosed on15March2013. **** LazardMENAFundlaunchedon3July2013. areanintegralpartofthesefinancialstatements. The notestothefinancialstatements fortheyearasdisclosed exchangerate The EUR, inNote13. theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated There werenogainsorlossesotherthanthosedealtwithintheProfitandLoss Account. exceptforLazardNorth Gains andlossesarosesolelyfromcontinuingoperations American EquityFundwhichceasedtrading15March2013. shares fromoperations netassetsattributabletoholders ofRedeemableParticipatingDecrease/increase in costs Adjustment forwrite-offoforganisation Movement inadjustmentfrombidmarketvaluetomid thefinancialyearaftertax Loss/profit for Withholding taxesondividendsandotherinvestmentincome thefinancialyearbeforetax Loss/profit for Interest paid Distributions toRedeemableParticipating shareholders Finance costs Net investment(deficit)/income Reimbursement fromManager Total expenses expenses Other operating Sub-Custodian fee Administration, Transfer Agency &Custodian fee fee Management Expenses Total investmentincome/(deficit) or lossandforeigncurrencies Net oninvestments/currency Net movementinunrealised (loss)/gain Net realisedgain/(loss)oninvestments/currency Total income Bank interest Dividend incomeandbondinterest Income Profit andLossAccount(continued) (loss)/gain onfinancialassetsandliabilitiesatfair value throughprofit Notes 12 6 5 4 3 (27,189,061) (27,189,061) (23,757,020) (26,225,286) (14,984,443) (44,003,408) (8,772,577) (3,432,041) 10,922,061 17,778,122 28,362,746 28,353,215 31/03/2014 1,293,105 8,559,643 2,137,460 (12,024) 200,220 869,093 9,531 USD – – – Markets EquityFund Lazard Emerging (11,327,507) (2,726,429) 47,824,351 23,074,653 23,061,237 18,822,360 24,545,164 24,545,164 27,271,593 38,599,100 24,749,698 31/03/2013 7,235,260 9,225,251 5,927,338 165,063 915,855 909,073 13,416

USD – – – – 31/03/2014 1,355,686 1,481,231 1,189,522 1,197,522 1,224,910 1,224,943 1,152,258 (328,973) (20,604) (27,388) 203,428 203,428 151,347 (8,000) 22,007 12,134 78,376 38,830 Markets CoreEquityFund (33) USD – – – Lazard Emerging 31/03/2013 (14,690) (11,250) (2,132) (1,765) 12,714 86,804 12,941 12,941 24,514 85,113 73,068 75,200 76,965 76,980 73,863 1,361 8,111 2,328 (15) USD – – – Financial Statements Lazard Global ActiveFundsplc On behalfoftheBoardDirectors (25,090,900) (25,090,900) (24,280,113) (23,257,907) (18,559,489) (26,393,761) (18,820,600) (1,022,206) (7,573,161) 31/03/2014 4,698,418 3,472,226 7,834,272 7,827,476 (810,787) 100,112 769,794 356,286 6,796 Markets EquityFund USD – – – – Lazard Developing (11,484,956) (11,484,956) (11,008,097) (10,223,991) (11,732,844) (7,410,534) (2,690,173) (9,042,671) 31/03/2013 2,813,457 2,110,155 4,322,310 4,319,039 (476,859) (784,106) 242,700 382,329 78,273 3,271 USD – – – – Lazard MENA 31/03/2014 (26,116) 456,651 148,505 606,899 606,899 607,481 607,481 605,156 649,357 Fund**** 22,361 26,312 67,992 16,906 44,201 44,201 2,413 (582) USD – – – – – Director: 31/03/2014 (126,418) (126,418) (126,418) (127,593) (185,168) (46,581) (22,395) (79,252) 121,502 121,502 (6,091) 17,235 13,128 62,885 29,332 57,575 High QualityBondFund 3,190 (585) GBP Daniel Morrissey – – – – Lazard Sterling 31/03/2013 (273,930) (222,192) (13,603) (13,603) (13,603) (13,431) 373,462 163,012 163,012 261,562 151,270 314,282 (1,235) 21,803 66,151 36,349 7,999 (continued) GBP – – – – – 31/03/2014 26 June2014 (120,382) (281,911) 236,817 165,002 354,728 763,238 762,644 491,288 491,288 486,506 606,888 836,055 (7,650) 39,689 24,476 72,817 7,650 4,782 594 USD Fixed IncomeFund – – – Lazard Global 31/03/2013 (330,124) (330,124) (291,732) (469,537) (221,959) (458,735) (69,773) (39,860) (38,392) (10,802) 248,066 140,021 607,970 607,615 138,433 57,154 28,718 22,173 355 USD – – – Director: JohnDonohoe Equity Fund^ Lazard North 31/03/2013 Year ended31March 2014 (431,809) American (22,323) (18,704) 109,070 813,848 339,613 339,613 358,317 358,317 382,039 445,064 33,805 26,202 43,680 63,025 62,841 5,383 184 USD – – – – (152,695,819) (15,231,897) (39,595,159) 103,659,968 103,607,940 414,813,026 263,746,943 262,117,207 365,777,175 (1,044,126) 37,223,790 264,784,680 280,016,577 319,613,653 31/03/2014 4,151,581 3,576,949 46,359,334 (195,812) 1,407,014 (1,917) 52,028 6,389 USD Active Fundsplc Lazard Global (19,468,426) (54,199,126) 120,939,849 120,875,796 288,989,233 344,618,201 344,039,808 363,508,234 417,710,017 344,494,040 465,433,889 26 June2014 38,703,816 47,958,063 55,504,807 31/03/2013 5,462,494 1,355,012 2,436,741 (234,191) 587,597 (9,204) (2,657) 64,053 USD

45 Lazard Global Active Funds plc 46 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements Subscriptions receivable Receivable forinvestmentssold Interest anddividendsreceivable bank Cash at Current Assets Balance Financial fairvaluethroughprofitorloss assetsat Other assets ** LazardGlobalClassic Value EquityFundeffective24March2014. EquityFundchangeditsnametoLazardGlobalStrategic EquityFundlaunchedon2May2013. Strategic * LazardJapanese areanintegralpartofthesefinancialstatements. The notestothefinancialstatements The EUR, asdisclosed theBalanceSheetexchangerate inthetotalcolumnat inNote13. GBPandJPY subfundsaretranslated Net assetsattributabletoRedeemableParticipating shareholders costs Adjustment forwrite-offoforganisational Adjustment frombidmarketvaluetomid Net assetsattributabletoRedeemableParticipating shareholdersatbidvalue Total liabilities Financial fairvaluethroughprofitorloss liabilitiesat Expenses payable Payable forshares redeemed Payable forinvestments purchased Current Liabilities-amountsfalling duewithinoneyear Total currentassets (excluding netassetsattributabletoRedeemableParticipating shareholders) sheet (continued) Notes 14 3 3 31/03/2014 4,438,272 4,476,538 4,476,538 4,684,886 208,348 136,458 161,642 90,580 18,538 46,706 1,038 GBP Lazard UKEquityFund – – – – – 31/03/2013 8,349,877 8,491,405 8,491,405 8,634,979 143,574 231,496 Year ended31March 2014 53,261 31,741 77,982 33,851 GBP 345 – – – – – 22,234,842,100 22,505,693,200 22,505,693,200 22,906,900,835 401,207,635 121,834,526 297,447,814 178,564,931 322,322,807 31/03/2014 73,890,290 28,151,902 50,732,926 Lazard JapaneseEquityFund 321,174 JPY – – – 19,173,563,600 19,119,534,375 19,014,922,975 19,426,037,294 411,114,319 179,834,195 373,924,900 104,611,400 31/03/2013 72,496,732 37,189,419 142,767 JPY – – – – – Lazard Japanese 4,184,405,028 4,231,215,516 4,231,215,516 4,359,068,288 Equity Fund* 100,160,139 127,852,772 103,613,766 31/03/2014 26,606,776 34,599,467 13,291,636 11,888,148 3,991,679 8,359,179 Strategic 5,242 JPY – – 31/03/2014 59,822,460 61,472,281 61,472,281 62,141,766 Lazard EuropeanEquityFund 940,134 734,682 164,133 479,122 126,575 669,485 542,910 1,235 EUR – – – – 31/03/2013 61,406,942 62,637,373 62,637,373 67,229,289 4,056,657 4,430,700 4,591,916 918,691 845,768 161,216 EUR 642 589 – – – – Lazard Pan EuropeanEquityFund 31/03/2014 12,075,720 12,425,507 12,425,507 12,818,695 442,681 241,442 393,188 361,171 56,069 32,017 2,783 EUR – – – – – 31/03/2013 1,909,901 1,896,340 1,896,340 1,975,195 38,075 24,255 73,344 78,855 1,000 1,141 5,511 EUR 823 – – – – Global StrategicEquityFund** 31/03/2014 3,626,674 3,864,173 3,864,173 3,948,868 233,589 76,342 10,762 11,336 40,048 84,695 33,311 1,501 USD – – – – 110,196,057 113,076,029 113,076,029 115,498,084 31/03/2013 2,257,743 2,681,232 2,422,055 2,236,896 363,052 185,159 Lazard USD – – – – – – 31/03/2014 40,470,190 40,650,843 40,631,581 40,687,150 125,544 19,262 90,470 54,921 55,569 Managed Volatility Fund USD 300 646 648 – – – – Lazard Global 31/03/2013 2,801,965 2,794,805 2,770,344 2,877,602 107,258 24,461 13,958 53,965 50,352 56,906 6,186 1,528 USD – – – – ** LazardGlobalClassic Value EquityFundeffective24March2014. EquityFundchangeditsnametoLazardGlobalStrategic EquityFundlaunchedon2May2013. Strategic * LazardJapanese areanintegralpartofthesefinancialstatements. The notestothefinancialstatements The EUR, asdisclosed theBalanceSheetexchangerate inthetotalcolumnat inNote13. GBPandJPY subfundsaretranslated Net assetsattributabletoRedeemableParticipating shareholders costs Adjustment forwrite-offoforganisational Adjustment frombidmarketvaluetomid Net assetsattributabletoRedeemableParticipating shareholdersatbidvalue Total liabilities Financial fairvaluethroughprofitorloss liabilitiesat Expenses payable Payable forshares redeemed Payable forinvestments purchased Current Liabilities-amountsfalling duewithinoneyear Total currentassets Financial fairvaluethroughprofitorloss assetsat Other assets Subscriptions receivable Receivable forinvestmentssold Interest anddividendsreceivable bank Cash at Current Assets Balance (excluding netassetsattributabletoRedeemableParticipating shareholders) sheet Notes 14 3 3 31/03/2014 4,438,272 4,476,538 4,476,538 4,684,886 208,348 161,642 136,458 46,706 90,580 18,538 1,038 GBP Lazard UKEquityFund – – – – – 31/03/2013 8,349,877 8,491,405 8,491,405 8,634,979 143,574 231,496 33,851 31,741 77,982 53,261 GBP 345 – – – – – 22,234,842,100 22,505,693,200 22,505,693,200 22,906,900,835 401,207,635 322,322,807 297,447,814 121,834,526 178,564,931 31/03/2014 50,732,926 73,890,290 28,151,902 Lazard JapaneseEquityFund 321,174 JPY – – – 19,173,563,600 19,119,534,375 19,014,922,975 19,426,037,294 411,114,319 373,924,900 104,611,400 179,834,195 31/03/2013 72,496,732 37,189,419 142,767 JPY – – – – – Financial Statements Lazard Global ActiveFundsplc Lazard Japanese 4,231,215,516 4,231,215,516 4,359,068,288 4,184,405,028 Equity Fund* 127,852,772 103,613,766 100,160,139 31/03/2014 11,888,148 13,291,636 34,599,467 26,606,776 3,991,679 8,359,179 Strategic 5,242 JPY – – 31/03/2014 61,472,281 61,472,281 62,141,766 59,822,460 Lazard EuropeanEquityFund 126,575 164,133 734,682 940,134 669,485 542,910 479,122 1,235 EUR – – – – 31/03/2013 62,637,373 62,637,373 67,229,289 61,406,942 4,591,916 4,430,700 4,056,657 161,216 845,768 918,691 EUR 642 589 – – – – Lazard Pan EuropeanEquityFund 31/03/2014 12,425,507 12,425,507 12,818,695 12,075,720 442,681 393,188 361,171 241,442 32,017 56,069 2,783 EUR – – – – – (continued) 31/03/2013 1,896,340 1,896,340 1,975,195 1,909,901 73,344 24,255 38,075 78,855 1,000 5,511 1,141 EUR 823 – – – – Global StrategicEquityFund** 31/03/2014 3,864,173 3,864,173 3,948,868 3,626,674 233,589 11,336 40,048 76,342 84,695 33,311 10,762 1,501 USD – – – – 113,076,029 113,076,029 115,498,084 110,196,057 31/03/2013 2,257,743 2,422,055 2,236,896 2,681,232 185,159 363,052 Year ended31March 2014 Lazard USD – – – – – – 31/03/2014 40,650,843 40,631,581 40,687,150 40,470,190 125,544 19,262 54,921 90,470 55,569 Managed Volatility Fund USD 300 648 646 – – – – Lazard Global 31/03/2013 2,794,805 2,770,344 2,877,602 2,801,965 107,258 24,461 50,352 13,958 56,906 53,965 6,186 1,528 USD – – – –

47 Lazard Global Active Funds plc 48 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements Receivable forinvestmentssold Interest anddividendsreceivable bank Cash at Current Assets *** Lazard Global Equity Income Fund launched on 2 January 2014. *** LazardGlobalEquityIncomeFundlaunchedon2January areanintegralpartofthesefinancialstatements. The notestothefinancialstatements The EUR, asdisclosed theBalanceSheetexchangerate inthetotalcolumnat inNote13. GBPandJPY subfundsaretranslated Net assetsattributabletoRedeemableParticipating shareholders costs Adjustment forwrite-offoforganisational Adjustment frombidmarketvaluetomid Net assetsattributabletoRedeemableParticipating shareholdersatbidvalue Total liabilities Financial fairvaluethroughprofitorloss liabilitiesat Expenses payable Payable forshares redeemed Payable forinvestments purchased Current Liabilities-amountsfalling duewithinoneyear Total currentassets Financial fairvaluethroughprofitorloss assetsat Other assets Subscriptions receivable Balance (excluding netassetsattributabletoRedeemableParticipating shareholders) sheet (continued) (continued) Notes 14 3 3 238,316,239 238,316,239 304,971,508 230,881,233 31/03/2014 66,655,269 60,482,756 61,261,377 3,439,440 8,580,356 1,179,473 4,745,471 807,093 247,569 Infrastructure EquityFund 2,009 USD Lazard GlobalListed – – 116,206,372 116,206,372 116,915,547 114,805,493 31/03/2013 1,513,080 709,175 396,838 458,502 195,425 199,692 Year ended31March 2014 55,248 USD 444 – – – – Lazard GlobalEquitySelectFund 31/03/2014 5,302,010 5,281,431 5,317,108 5,267,056 35,677 43,023 18,391 17,286 20,579 6,834 USD 195 – – – – – 31/03/2013 5,896,204 5,868,626 5,973,706 5,805,691 105,080 138,215 15,524 14,331 90,749 27,578 7,807 6,469 USD – – – – Income Fund*** Global Equity 31/03/2014 6,463,565 6,436,977 6,461,074 6,279,372 Lazard 72,493 26,588 13,856 10,241 88,678 24,097 11,023 9,508 USD – – – – 31/03/2014 9,016,205 9,016,205 9,351,403 8,963,185 306,281 314,050 335,198 Lazard GlobalTrend Fund 43,435 28,917 18,711 12,022 USD – – – – – 31/03/2013 15,874,009 15,874,009 15,977,152 15,421,994 447,204 103,143 34,435 23,141 68,461 34,682 30,854 19,524 USD – – – – 145,976,295 145,976,295 146,124,694 139,978,452 31/03/2014 5,456,212 613,621 148,399 148,399 70,646 5,763 USD Global Ex-JapanFund – – – – – – Lazard Thematic 542,074,261 542,074,261 572,268,547 527,894,304 31/03/2013 25,637,638 27,050,550 17,411,592 30,194,286 1,324,213 2,758,377 385,359 USD 800 – – – – 1,303,308,480 1,303,308,480 1,304,851,345 1,256,844,029 31/03/2014 Lazard ThematicGlobalFund 43,608,959 1,541,202 3,836,855 1,542,865 544,824 16,678 1,663 USD – – – – – 2,201,749,288 2,201,749,288 2,214,610,232 2,150,530,862 31/03/2013 53,002,437 12,860,944 4,143,601 6,413,502 2,559,434 9,726,658 519,615 574,852 USD 215 – – – 31/03/2014 Lazard EmergingWorld Fund 25,045,664 25,045,664 25,127,825 24,834,435 266,849 17,047 82,161 70,267 7,520 9,626 2,268 1,974 USD – – – – 31/03/2013 31,893,712 31,893,712 32,032,317 30,387,982 1,577,010 138,605 124,955 27,591 38,359 13,650 1,375 USD – – – – – *** Lazard Global Equity Income Fund launched on 2 January 2014. *** LazardGlobalEquityIncomeFundlaunchedon2January areanintegralpartofthesefinancialstatements. The notestothefinancialstatements The EUR, asdisclosed theBalanceSheetexchangerate inthetotalcolumnat inNote13. GBPandJPY subfundsaretranslated Net assetsattributabletoRedeemableParticipating shareholders costs Adjustment forwrite-offoforganisational Adjustment frombidmarketvaluetomid Net assetsattributabletoRedeemableParticipating shareholdersatbidvalue Total liabilities Financial fairvaluethroughprofitorloss liabilitiesat Expenses payable Payable forshares redeemed Payable forinvestments purchased Current Liabilities-amountsfalling duewithinoneyear Total currentassets Financial fairvaluethroughprofitorloss assetsat Other assets Subscriptions receivable Receivable forinvestmentssold Interest anddividendsreceivable bank Cash at Current Assets Balance (excluding netassetsattributabletoRedeemableParticipating shareholders) sheet (continued) Notes 14 3 3 238,316,239 238,316,239 304,971,508 230,881,233 31/03/2014 66,655,269 60,482,756 61,261,377 1,179,473 4,745,471 3,439,440 8,580,356 247,569 807,093 Infrastructure EquityFund 2,009 USD Lazard GlobalListed – – 116,206,372 116,206,372 116,915,547 114,805,493 31/03/2013 1,513,080 709,175 458,502 195,425 199,692 396,838 55,248 USD 444 – – – – Lazard GlobalEquitySelectFund 31/03/2014 5,302,010 5,281,431 5,317,108 5,267,056 35,677 20,579 18,391 17,286 43,023 6,834 USD 195 – – – – – 31/03/2013 5,896,204 5,868,626 5,973,706 5,805,691 105,080 138,215 15,524 27,578 14,331 90,749 6,469 7,807 USD – – – – Financial Statements Lazard Global ActiveFundsplc Income Fund*** Global Equity 31/03/2014 6,463,565 6,436,977 6,461,074 6,279,372 Lazard 26,588 24,097 13,856 10,241 11,023 72,493 88,678 9,508 USD – – – – 31/03/2014 9,016,205 9,016,205 9,351,403 8,963,185 335,198 306,281 314,050 Lazard GlobalTrend Fund 18,711 28,917 12,022 43,435 USD – – – – – 31/03/2013 15,874,009 15,874,009 15,977,152 15,421,994 103,143 447,204 34,435 68,461 34,682 19,524 23,141 30,854 USD – – – – 145,976,295 145,976,295 146,124,694 139,978,452 31/03/2014 5,456,212 148,399 148,399 613,621 70,646 5,763 USD Global Ex-JapanFund – – – – – – Lazard Thematic (continued) 542,074,261 572,268,547 527,894,304 542,074,261 31/03/2013 30,194,286 27,050,550 25,637,638 17,411,592 2,758,377 1,324,213 385,359 USD 800 – – – – 1,303,308,480 1,304,851,345 1,256,844,029 1,303,308,480 31/03/2014 Lazard ThematicGlobalFund 43,608,959 1,542,865 1,541,202 3,836,855 544,824 16,678 1,663 USD – – – – – 2,201,749,288 2,214,610,232 2,150,530,862 2,201,749,288 31/03/2013 12,860,944 53,002,437 2,559,434 9,726,658 4,143,601 6,413,502 519,615 574,852 Year ended31March 2014 USD 215 – – – 31/03/2014 Lazard EmergingWorld Fund 25,045,664 25,127,825 24,834,435 25,045,664 266,849 82,161 70,267 17,047 9,626 2,268 1,974 7,520 USD – – – – 31/03/2013 31,893,712 32,032,317 30,387,982 31,893,712 1,577,010 138,605 124,955 27,591 13,650 38,359 1,375 USD – – – – –

49 Lazard Global Active Funds plc 50 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements ^ LazardNorth American EquityFundclosed on15March2013. **** LazardMENAFundlaunchedon3July2013. Financial fairvaluethroughprofitorloss assetsat Other assets Subscriptions receivable Receivable forinvestmentssold Interest anddividendsreceivable bank Cash at Current Assets Balance areanintegralpartofthesefinancialstatements. The notestothefinancialstatements The EUR, asdisclosed theBalanceSheetexchangerate inthetotalcolumnat inNote13. GBPandJPY subfundsaretranslated Net assetsattributabletoRedeemableParticipating shareholders costs Adjustment forwrite-offoforganisational Adjustment frombidmarketvaluetomid Net assetsattributabletoRedeemableParticipating shareholdersatbidvalue Total liabilities Financial fairvaluethroughprofitorloss liabilitiesat Expenses payable Payable forshares redeemed Payable forinvestments purchased Current Liabilities-amountsfalling duewithinoneyear Total currentassets (excluding netassetsattributabletoRedeemableParticipating shareholders) sheet (continued) (continued) Notes 14 3 3 769,522,346 772,154,476 741,263,415 769,522,346 31/03/2014 12,471,067 14,401,002 2,632,130 3,203,600 949,161 708,588 974,381 807,615 7,777 USD Markets EquityFund – – – Lazard Emerging 826,203,019 830,521,359 812,190,755 826,203,019 31/03/2013 10,259,773 4,596,917 4,318,340 1,832,055 2,415,562 2,556,745 916,226 Year ended31March 2014 70,723 USD 943 – – – 31/03/2014 53,516,449 53,584,358 52,987,354 53,533,023 127,019 401,640 Markets CoreEquityFund 16,574 67,909 67,909 66,971 1,374 USD – – – – – Lazard Emerging 31/03/2013 3,073,068 3,048,494 3,109,714 3,006,906 24,574 61,220 13,550 47,670 90,203 7,021 5,584 USD – – – – – On behalfoftheBoardDirectors 369,152,473 369,152,473 389,529,593 357,225,393 31/03/2014 20,377,120 19,936,741 17,156,794 5,066,468 9,815,585 436,852 262,925 3,527 2,428 Markets EquityFund USD Lazard Developing – – – 297,071,035 297,071,035 298,244,014 283,313,090 31/03/2013 12,597,442 1,172,979 1,899,104 470,532 702,378 359,500 74,878 USD 69 – – – – Lazard MENA 31/03/2014 2,606,899 2,606,899 2,732,406 2,393,377 Fund**** 125,507 225,391 28,027 97,480 97,225 13,571 2,842 USD – – – – – Director: DanielMorrissey 31/03/2014 2,702,242 2,702,242 2,725,930 2,624,961 High QualityBondFund 23,688 44,877 23,688 55,812 GBP 216 64 – – – – – – Lazard Sterling 31/03/2013 3,439,135 3,439,135 3,477,254 3,384,505 38,119 38,119 56,460 35,481 GBP 808 – – – – – – – 31/03/2014 26 June2014 19,054,966 19,054,966 19,594,001 18,919,852 539,035 236,399 256,210 216,303 304,738 152,441 46,426 USD 667 Fixed IncomeFund – – – – Lazard Global 31/03/2013 19,903,187 19,903,187 20,322,395 19,118,500 419,208 333,591 311,627 891,812 85,467 USD 150 456 – – – – – Director: Equity Fund^ Lazard North 31/03/2013 American 75,679 75,679 74,069 75,679 JohnDonohoe 1,314 USD 296 – – – – – – – – – – 3,524,240,155 3,524,157,152 3,668,320,507 3,411,367,607 122,913,045 144,163,355 102,163,618 31/03/2014 35,199,312 20,847,843 13,324,473 99,788,848 2,252,853 4,547,572 83,003 78,691 USD – Active Fundsplc Lazard Global 4,538,768,268 4,537,582,460 4,601,250,651 4,436,426,799 26 June2014 103,435,114 31/03/2013 63,668,191 39,746,400 15,863,643 40,568,401 15,213,800 1,109,195 5,558,960 1,026,938 7,031,210 76,613 47,577 USD ^ LazardNorth American EquityFundclosed on15March2013. **** LazardMENAFundlaunchedon3July2013. areanintegralpartofthesefinancialstatements. The notestothefinancialstatements The EUR, asdisclosed theBalanceSheetexchangerate inthetotalcolumnat inNote13. GBPandJPY subfundsaretranslated Net assetsattributabletoRedeemableParticipating shareholders costs Adjustment forwrite-offoforganisational Adjustment frombidmarketvaluetomid Net assetsattributabletoRedeemableParticipating shareholdersatbidvalue Total liabilities Financial fairvaluethroughprofitorloss liabilitiesat Expenses payable Payable forshares redeemed Payable forinvestments purchased Current Liabilities-amountsfalling duewithinoneyear Total currentassets Financial fairvaluethroughprofitorloss assetsat Other assets Subscriptions receivable Receivable forinvestmentssold Interest anddividendsreceivable bank Cash at Current Assets Balance (excluding netassetsattributabletoRedeemableParticipating shareholders) sheet (continued) Notes 14 3 3 769,522,346 769,522,346 772,154,476 741,263,415 31/03/2014 12,471,067 14,401,002 2,632,130 3,203,600 949,161 708,588 974,381 807,615 7,777 USD Markets EquityFund – – – Lazard Emerging 826,203,019 826,203,019 830,521,359 812,190,755 31/03/2013 10,259,773 4,596,917 4,318,340 1,832,055 2,415,562 2,556,745 916,226 70,723 USD 943 – – – 31/03/2014 53,533,023 53,516,449 53,584,358 52,987,354 127,019 401,640 Markets CoreEquityFund 16,574 67,909 67,909 66,971 1,374 USD – – – – – Lazard Emerging 31/03/2013 3,073,068 3,048,494 3,109,714 3,006,906 24,574 61,220 13,550 47,670 90,203 7,021 5,584 USD – – – – – Financial Statements Lazard Global ActiveFundsplc On behalfoftheBoardDirectors 369,152,473 369,152,473 389,529,593 357,225,393 31/03/2014 20,377,120 19,936,741 17,156,794 5,066,468 9,815,585 436,852 262,925 3,527 2,428 Markets EquityFund USD Lazard Developing – – – 297,071,035 297,071,035 298,244,014 283,313,090 31/03/2013 12,597,442 1,172,979 1,899,104 359,500 470,532 702,378 74,878 USD 69 – – – – Lazard MENA 31/03/2014 2,606,899 2,606,899 2,732,406 2,393,377 Fund**** 125,507 225,391 28,027 97,480 97,225 13,571 2,842 USD – – – – – Director: 31/03/2014 2,702,242 2,702,242 2,725,930 2,624,961 High QualityBondFund 23,688 44,877 23,688 55,812 GBP Daniel Morrissey 216 64 – – – – – – Lazard Sterling 31/03/2013 3,439,135 3,477,254 3,384,505 3,439,135 (continued) 38,119 38,119 56,460 35,481 GBP 808 – – – – – – – 31/03/2014 26 June2014 19,054,966 19,594,001 18,919,852 19,054,966 539,035 236,399 256,210 216,303 304,738 152,441 46,426 USD 667 Fixed IncomeFund – – – – Lazard Global 31/03/2013 19,903,187 20,322,395 19,118,500 19,903,187 419,208 333,591 311,627 891,812 85,467 USD 150 456 – – – – – Director: Equity Fund^ Lazard North 31/03/2013 Year ended31March 2014 American 75,679 75,679 74,069 75,679 JohnDonohoe 1,314 USD 296 – – – – – – – – – – 3,524,157,152 3,668,320,507 3,411,367,607 3,524,240,155 122,913,045 144,163,355 102,163,618 31/03/2014 35,199,312 20,847,843 13,324,473 99,788,848 2,252,853 4,547,572 83,003 78,691 USD – Active Fundsplc Lazard Global 4,537,582,460 4,601,250,651 4,436,426,799 4,538,768,268 26 June2014 103,435,114 31/03/2013 63,668,191 39,746,400 15,863,643 40,568,401 15,213,800 1,109,195 5,558,960 1,026,938 7,031,210 76,613 47,577 USD

51 Lazard Global Active Funds plc 52 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements Net assetsattributabletoRedeemableParticipating shareholdersasat31March 2014 toholdersofRedeemableParticipating sharesfromoperations Increase/(decrease) innetassetsattributable Anti-dilution levy - US$RetailDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Proceeds fromRedeemableParticipating sharesissued Currency Adjustment toRedeemableParticipating shareholders Opening netassetsattributable Statement ofChangesinNetAssetsattributabletoRedeemableParticipating The notes to the financial statements areanintegral partofthesefinancialstatements. The notestothefinancial statements thepreviousyearendclosing at of theopeningnetassetswhicharetranslated exchangerate. forthe year asdisclosed exchangerate The EUR, inNote13with theexception theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Payment forRedeemableParticipating sharesredeemed - US$RetailDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass (continued) (4,878,829) 31/03/2014 4,476,538 8,491,405 557,739 306,223 GBP Lazard UKEquityFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,442,381) 31/03/2013 8,491,405 1,301,221 7,646,846 985,719 Year ended31March 2014 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (15,823,973,935) (1,149,473,527) 22,505,693,200 14,894,800,214 19,119,534,375 3,356,150,232 1,739,670,865 (392,915,410) 170,661,539 328,201,042 249,882,906 (3,411,497) 16,957,824 31/03/2014 Lazard JapaneseEquityFund (391,428) JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (7,845,637,462) 19,119,534,375 15,780,316,837 4,012,910,112 7,929,149,248 (381,928,863) (567,055,459) (13,397,556) 110,586,496 94,590,922 31/03/2013 100 JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – ** LazardGlobalClassic Value EquityFundeffective24March2014. EquityFundchangeditsnametoLazardGlobalStrategic EquityFundlaunchedon2May2013. Strategic * LazardJapanese Shareholders Lazard Japanese 1,017,406,226 4,231,215,516 2,681,420,020 (91,603,638) 623,992,908 Equity Fund* 31/03/2014 Strategic JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (27,433,584) 11,141,683 62,637,373 61,472,281 31/03/2014 1,893,436 3,957,955 1,000,000 9,359,032 (872,142) (211,472) Lazard EuropeanEquityFund EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (79,823,801) 104,848,473 24,254,677 12,476,001 62,637,373 31/03/2013 1,039,941 (157,918) EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Pan EuropeanEquityFund 12,425,507 31/03/2014 4,403,597 6,000,000 1,896,340 (202,008) 264,591 62,987 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,312,436) 31/03/2013 2,964,846 1,896,340 225,009 18,921 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (137,627,772) 113,076,029 (1,565,422) (8,010,454) 36,772,469 Global StrategicEquityFund** 31/03/2014 1,522,585 3,864,173 (646,581) 343,319 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (11,126,776) 113,974,961 113,076,029 (7,788,249) 31/03/2013 2,813,345 6,812,450 3,455,325 5,219,659 (284,686) Lazard USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (5,232,731) 38,252,924 40,650,843 31/03/2014 2,794,805 4,835,845 Managed Volatility Fund USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Global 31/03/2013 2,416,910 2,794,805 377,895 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – The notes to the financial statements areanintegral partofthesefinancialstatements. The notestothefinancial statements thepreviousyearendclosing at exchangerate. of theopeningnetassetswhicharetranslated forthe year asdisclosed exchangerate The EUR, inNote13with theexception theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated Net assetsattributabletoRedeemableParticipating shareholdersasat31March 2014 toholdersofRedeemableParticipating sharesfromoperations Increase/(decrease) innetassetsattributable Anti-dilution levy - US$RetailDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Payment forRedeemableParticipating sharesredeemed - US$RetailDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Proceeds fromRedeemableParticipating sharesissued Currency Adjustment toRedeemableParticipating shareholders Opening netassetsattributable Statement ofChangesinNetAssetsattributabletoRedeemableParticipating (4,878,829) 31/03/2014 4,476,538 8,491,405 557,739 306,223 GBP Lazard UKEquityFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,442,381) 31/03/2013 8,491,405 7,646,846 1,301,221 985,719 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (15,823,973,935) (1,149,473,527) 22,505,693,200 19,119,534,375 14,894,800,214 3,356,150,232 1,739,670,865 (392,915,410) 170,661,539 328,201,042 249,882,906 (3,411,497) 16,957,824 31/03/2014 Lazard JapaneseEquityFund (391,428) JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (7,845,637,462) 19,119,534,375 15,780,316,837 4,012,910,112 7,929,149,248 (381,928,863) (567,055,459) (13,397,556) 110,586,496 94,590,922 31/03/2013 100 JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – ** LazardGlobalClassic Value EquityFundeffective24March2014. EquityFundchangeditsnametoLazardGlobalStrategic EquityFundlaunchedon2May2013. Strategic * LazardJapanese Shareholders Financial Statements Lazard Global ActiveFundsplc Lazard Japanese 4,231,215,516 2,681,420,020 1,017,406,226 (91,603,638) 623,992,908 Equity Fund* 31/03/2014 Strategic JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (27,433,584) 11,141,683 62,637,373 61,472,281 31/03/2014 1,893,436 3,957,955 1,000,000 9,359,032 (872,142) (211,472) Lazard EuropeanEquityFund EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (79,823,801) 104,848,473 24,254,677 12,476,001 62,637,373 31/03/2013 1,039,941 (157,918) EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Pan EuropeanEquityFund 12,425,507 31/03/2014 6,000,000 4,403,597 1,896,340 (202,008) 264,591 62,987 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (continued) (1,312,436) 31/03/2013 2,964,846 1,896,340 225,009 18,921 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (137,627,772) 113,076,029 (8,010,454) (1,565,422) 36,772,469 Global StrategicEquityFund** 31/03/2014 1,522,585 3,864,173 (646,581) 343,319 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (11,126,776) 113,974,961 113,076,029 (7,788,249) 31/03/2013 3,455,325 6,812,450 2,813,345 5,219,659 (284,686) Year ended31March 2014 Lazard USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (5,232,731) 38,252,924 40,650,843 31/03/2014 2,794,805 4,835,845 Managed Volatility Fund USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Global 31/03/2013 2,416,910 2,794,805 377,895 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

53 Lazard Global Active Funds plc 54 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements - US$RetailDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares redeemedduringtheyear - US$RetailDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares issuedduringtheyear The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements thepreviousyearendclosing at of theopeningnetassetswhicharetranslated exchangerate. forthe year asdisclosed exchangerate The EUR, inNote13with theexception theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated Shares inissueasat31March2014/2013 Shares in issue as at 31March2013/2012 Shares inissueasat Redeemable Participating sharetransactions Statement ofChangesinNetAssetsattributabletoRedeemableParticipating (continued) (2,234,990) 31/03/2014 1,991,707 4,079,932 146,765 GBP Lazard UKEquityFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2013 4,079,932 4,137,888 (767,107) 709,151 Year ended31March 2014 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (189,104,802) (12,623,849) 182,535,438 254,569,291 247,899,877 19,410,972 31/03/2014 3,549,797 2,903,555 Lazard JapaneseEquityFund (320,549) (39,825) 150,017 213,150 (4,490) JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (129,269,058) (10,540,736) 134,793,145 247,899,877 257,832,785 (6,661,799) 31/03/2013 1,630,955 (14,107) 128,692 JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) ** LazardGlobalClassic Value EquityFundeffective24March2014. EquityFundchangeditsnametoLazardGlobalStrategic EquityFundlaunchedon2May2013. Strategic * LazardJapanese Lazard Japanese Equity Fund* 10,212,171 10,044,786 31/03/2014 172,181 Strategic (4,796) JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (12,649,777) 31,619,035 27,784,391 31/03/2014 1,781,090 5,218,470 2,350,349 (944,338) Lazard EuropeanEquityFund (89,181) 498,743 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (42,860,668) 13,576,692 59,558,371 31,619,035 31/03/2013 1,550,725 (206,085) EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Pan EuropeanEquityFund 11,821,940 31/03/2014 6,000,000 4,320,057 1,615,871 (164,773) 50,785 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,395,332) 31/03/2013 2,993,098 1,615,871 18,105 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (13,852,187) 10,984,680 Global StrategicEquityFund** 31/03/2014 3,642,195 (138,664) (443,744) 153,005 345,285 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 11,373,424 10,984,680 31/03/2013 (796,640) (625,639) (28,451) 403,157 366,052 292,777 Lazard USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 (38,954) 305,558 289,104 22,500 Managed Volatility Fund USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Global 31/03/2013 22,500 22,500 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements thepreviousyearendclosing at exchangerate. of theopeningnetassetswhicharetranslated forthe year asdisclosed exchangerate The EUR, inNote13with theexception theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated Shares inissueasat31March2014/2013 - US$RetailDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares redeemedduringtheyear - US$RetailDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares issuedduringtheyear 31March2013/2012 Shares inissueasat Redeemable Participating sharetransactions Statement ofChangesinNetAssetsattributabletoRedeemableParticipating (2,234,990) 31/03/2014 1,991,707 4,079,932 146,765 GBP Lazard UKEquityFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2013 4,079,932 4,137,888 (767,107) 709,151 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (189,104,802) (12,623,849) 254,569,291 247,899,877 182,535,438 19,410,972 31/03/2014 3,549,797 2,903,555 Lazard JapaneseEquityFund (320,549) (39,825) 150,017 213,150 (4,490) JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (129,269,058) (10,540,736) 247,899,877 257,832,785 134,793,145 (6,661,799) 31/03/2013 1,630,955 (14,107) 128,692 JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) ** LazardGlobalClassic Value EquityFundeffective24March2014. EquityFundchangeditsnametoLazardGlobalStrategic EquityFundlaunchedon2May2013. Strategic * LazardJapanese Financial Statements Lazard Global ActiveFundsplc Lazard Japanese Equity Fund* 10,212,171 10,044,786 31/03/2014 172,181 Strategic (4,796) JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (12,649,777) 31,619,035 27,784,391 31/03/2014 2,350,349 1,781,090 5,218,470 (944,338) Lazard EuropeanEquityFund (89,181) 498,743 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (42,860,668) 59,558,371 13,576,692 31,619,035 31/03/2013 1,550,725 (206,085) EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Pan EuropeanEquityFund 11,821,940 31/03/2014 6,000,000 1,615,871 4,320,057 (164,773) 50,785 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (continued) (1,395,332) 31/03/2013 2,993,098 1,615,871 18,105 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (13,852,187) 10,984,680 Global StrategicEquityFund** 31/03/2014 3,642,195 (443,744) (138,664) 153,005 345,285 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 11,373,424 10,984,680 31/03/2013 (796,640) (625,639) (28,451) 403,157 366,052 292,777 Year ended31March 2014 Lazard USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 (38,954) 305,558 289,104 22,500 Managed Volatility Fund USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Global 31/03/2013 22,500 22,500 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

55 Lazard Global Active Funds plc 56 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements Opening net assets attributable toRedeemableParticipating shareholders Opening netassetsattributable Statement ofChangesinNetAssetsattributabletoRedeemableParticipating The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements thepreviousyearendclosing at of theopeningnetassetswhicharetranslated exchangerate. forthe year asdisclosed exchangerate The EUR, inNote13with theexception theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated Net assetsattributabletoRedeemableParticipating shareholdersasat31March 2014 toholdersofRedeemableParticipating sharesfromoperations Increase/(decrease) innetassetsattributable Anti-dilution levy - US$RetailDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Payment forRedeemableParticipating sharesredeemed - US$RetailDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Proceeds fromRedeemableParticipating sharesissued Currency Adjustment (continued) (95,438,772) 116,206,372 238,316,239 (3,696,421) 35,214,061 85,433,004 68,142,905 16,951,580 31/03/2014 7,118,503 8,916,191 (149,796) (421,596) (2,173) 42,381 Infrastructure EquityFund USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalListed (17,279,822) 116,206,372 16,421,869 82,314,757 31,080,732 31/03/2013 3,731,959 (86,003) 22,880 Year ended31March 2014 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalEquitySelectFund (1,344,650) 31/03/2014 5,896,204 5,302,010 716,918 33,538 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2013 5,800,000 5,896,204 96,204 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – *** Lazard Global Equity Income Fund launched on 2 January 2014. *** LazardGlobalEquityIncomeFundlaunched on2January Shareholders (continued) Income Fund*** Global Equity 31/03/2014 6,463,565 1,006,600 4,465,284 1,000,000 (111,467) 103,148 Lazard USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (8,931,603) 15,874,009 31/03/2014 1,689,871 9,016,205 383,928 Lazard GlobalTrend Fund USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 11,517,819 15,874,009 31/03/2013 3,936,085 420,105 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (428,694,253) 542,074,261 145,976,295 25,548,947 31/03/2014 6,714,554 332,786 USD Global Ex-JapanFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Thematic (362,690,824) 816,752,382 542,074,261 35,249,319 52,763,384 31/03/2013 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 2,201,749,288 1,303,308,480 (607,992,199) (506,604,701) 174,351,325 (1,728,772) 25,614,759 14,489,284 31/03/2014 Lazard ThematicGlobalFund 3,429,496 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 2,341,672,376 2,201,749,288 (303,403,981) (100,723,723) 177,908,651 (6,178,343) 58,380,860 25,698,928 31/03/2013 8,394,520 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (4,765,997) (2,101,814) 31,893,712 25,045,664 Lazard EmergingWorld Fund 31/03/2014 (658,146) 609,492 68,417 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (2,015,579) (6,133,505) 35,968,872 31,893,712 31/03/2013 1,281,117 2,260,958 531,849 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements thepreviousyearendclosing at exchangerate. of theopeningnetassetswhicharetranslated forthe year asdisclosed exchangerate The EUR, inNote13with theexception theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated Net assetsattributabletoRedeemableParticipating shareholdersasat31March 2014 toholdersofRedeemableParticipating sharesfromoperations Increase/(decrease) innetassetsattributable Anti-dilution levy - US$RetailDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Payment forRedeemableParticipating sharesredeemed - US$RetailDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Proceeds fromRedeemableParticipating sharesissued Currency Adjustment toRedeemableParticipating shareholders Opening netassetsattributable Statement ofChangesinNetAssetsattributabletoRedeemableParticipating (95,438,772) 238,316,239 116,206,372 (3,696,421) 35,214,061 85,433,004 68,142,905 16,951,580 31/03/2014 7,118,503 8,916,191 (149,796) (421,596) (2,173) 42,381 Infrastructure EquityFund USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalListed (17,279,822) 116,206,372 16,421,869 31,080,732 82,314,757 31/03/2013 3,731,959 (86,003) 22,880 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalEquitySelectFund (1,344,650) 31/03/2014 5,302,010 5,896,204 716,918 33,538 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2013 5,800,000 5,896,204 96,204 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – *** Lazard Global Equity Income Fund launched on 2 January 2014. *** LazardGlobalEquityIncomeFundlaunched on2January Shareholders (continued) Financial Statements Lazard Global ActiveFundsplc Income Fund*** Global Equity 31/03/2014 6,463,565 1,006,600 4,465,284 1,000,000 (111,467) 103,148 Lazard USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (8,931,603) 15,874,009 31/03/2014 1,689,871 9,016,205 383,928 Lazard GlobalTrend Fund USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 11,517,819 15,874,009 31/03/2013 3,936,085 420,105 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (428,694,253) 542,074,261 145,976,295 25,548,947 31/03/2014 6,714,554 332,786 USD Global Ex-JapanFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Thematic (continued) (362,690,824) 816,752,382 542,074,261 35,249,319 52,763,384 31/03/2013 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 2,201,749,288 1,303,308,480 (607,992,199) (506,604,701) 174,351,325 (1,728,772) 25,614,759 14,489,284 31/03/2014 Lazard ThematicGlobalFund 3,429,496 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 2,341,672,376 2,201,749,288 (303,403,981) (100,723,723) 177,908,651 (6,178,343) 58,380,860 25,698,928 31/03/2013 8,394,520 Year ended31March 2014 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (4,765,997) (2,101,814) 31,893,712 25,045,664 Lazard EmergingWorld Fund 31/03/2014 (658,146) 609,492 68,417 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (6,133,505) (2,015,579) 35,968,872 31,893,712 31/03/2013 1,281,117 2,260,958 531,849 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

57 Lazard Global Active Funds plc 58 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements - US$RetailDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares redeemedduringtheyear - US$RetailDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares issuedduringtheyear The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements thepreviousyearendclosing at of theopeningnetassetswhicharetranslated exchangerate. forthe year asdisclosed exchangerate The EUR, inNote13with theexception theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated Shares inissueasat31March2014/2013 Shares in issue as at 31March2013/2012 Shares inissueasat Redeemable Participating sharetransactions Statement ofChangesinNetAssetsattributabletoRedeemableParticipating (continued) (85,518,924) 204,715,504 122,297,757 (3,341,246) 82,322,109 58,738,646 15,273,241 31/03/2014 7,142,184 8,325,149 (152,090) (369,521) (1,801) Infrastructure EquityFund USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalListed (21,596,613) 122,297,757 103,506,968 35,670,508 31/03/2013 4,802,408 (85,514) Year ended31March 2014 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalEquitySelectFund 31/03/2014 (11,683) 44,604 55,977 310 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2013 55,977 55,977 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) *** Lazard Global Equity Income Fund launched on 2 January 2014. *** LazardGlobalEquityIncomeFundlaunched on2January Income Fund*** Global Equity 31/03/2014 43,254 10,068 27,833 Lazard 6,038 (685) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 (70,005) 132,990 66,235 Lazard GlobalTrend Fund 3,250 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2013 100,000 132,990 32,990 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (2,352,758) 31/03/2014 3,047,630 732,023 37,151 USD Global Ex-JapanFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Thematic (2,098,368) 31/03/2013 4,931,341 3,047,630 214,657 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (3,583,724) (3,050,221) 13,688,355 31/03/2014 Lazard ThematicGlobalFund 7,306,330 154,064 (9,694) 86,243 21,307 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,980,842) 15,765,123 13,688,355 31/03/2013 (687,320) (42,369) 400,194 173,306 60,263 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard EmergingWorld Fund 31/03/2014 1,160,056 (179,794) (25,529) 979,927 22,555 2,639 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2013 1,388,944 1,160,056 (222,499) (75,868) 48,690 20,789 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements thepreviousyearendclosing at exchangerate. of theopeningnetassetswhicharetranslated forthe year asdisclosed exchangerate The EUR, inNote13with theexception theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated Shares inissueasat31March2014/2013 - US$RetailDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares redeemedduringtheyear - US$RetailDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares issuedduringtheyear 31March2013/2012 Shares inissueasat Redeemable Participating sharetransactions Statement ofChangesinNetAssetsattributabletoRedeemableParticipating (85,518,924) 204,715,504 122,297,757 (3,341,246) 82,322,109 58,738,646 15,273,241 31/03/2014 7,142,184 8,325,149 (152,090) (369,521) (1,801) Infrastructure EquityFund USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalListed (21,596,613) 122,297,757 103,506,968 35,670,508 31/03/2013 4,802,408 (85,514) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalEquitySelectFund 31/03/2014 (11,683) 44,604 55,977 310 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2013 55,977 55,977 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) *** Lazard Global Equity Income Fund launched on 2 January 2014. *** LazardGlobalEquityIncomeFundlaunched on2January Financial Statements Lazard Global ActiveFundsplc Income Fund*** Global Equity 31/03/2014 43,254 10,068 27,833 Lazard 6,038 (685) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 (70,005) 132,990 66,235 Lazard GlobalTrend Fund 3,250 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2013 100,000 132,990 32,990 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (2,352,758) 31/03/2014 3,047,630 732,023 37,151 USD Global Ex-JapanFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Thematic (continued) (2,098,368) 31/03/2013 4,931,341 3,047,630 214,657 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (3,583,724) (3,050,221) 13,688,355 31/03/2014 Lazard ThematicGlobalFund 7,306,330 154,064 (9,694) 86,243 21,307 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,980,842) 15,765,123 13,688,355 31/03/2013 (687,320) (42,369) 173,306 400,194 60,263 Year ended31March 2014 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard EmergingWorld Fund 31/03/2014 1,160,056 (179,794) (25,529) 979,927 22,555 2,639 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2013 1,388,944 1,160,056 (222,499) (75,868) 20,789 48,690 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

59 Lazard Global Active Funds plc 60 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements Statement ofChangesinNetAssetsattributabletoRedeemableParticipating The notes to the financial statements areanintegral partofthesefinancialstatements. The notestothefinancial statements thepreviousyearendclosing at of theopeningnetassetswhicharetranslated exchangerate. forthe year asdisclosed exchangerate The EUR, inNote13with theexception theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated Net assetsattributabletoRedeemableParticipating shareholdersasat31March 2014 Decrease/increase Anti-dilution levy - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Payment forRedeemableParticipating sharesredeemed - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Proceeds fromRedeemableParticipating sharesissued Currency Adjustment toRedeemableParticipating shareholders Opening netassetsattributable in net assets attributable toholdersofRedeemableParticipating sharesfromoperations in netassetsattributable (continued) (469,515,541) (27,189,061) (26,999,581) 769,522,346 214,474,937 158,537,087 826,203,019 (6,176,642) 14,689,546 54,435,088 30,837,039 31/03/2014 1,280,118 (584,231) (469,432) USD Markets EquityFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Emerging (144,440,007) 826,203,019 330,078,621 603,923,194 24,545,164 12,329,088 31/03/2013 (233,041) Year ended31March 2014 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 53,533,023 48,034,119 31/03/2014 1,189,522 1,236,314 3,073,068 Markets CoreEquityFund USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Emerging 31/03/2013 3,073,068 3,000,000 73,068 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) ^LazardNorth American EquityFundclosed on15March2013. **** LazardMENAFundlaunchedon3July 2013. (25,090,900) (22,521,165) (39,004,015) 369,152,473 297,071,035 (4,626,493) (1,797,106) (8,089,426) 58,580,065 14,496,368 75,652,170 11,385,739 31/03/2014 6,480,593 7,271,843 (646,610) (62,911) 53,286 Markets EquityFund USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Developing (11,484,956) (33,178,293) (78,360,817) 105,438,582 297,071,035 177,081,054 44,337,563 28,574,216 62,361,114 31/03/2013 2,371,297 (753,022) 596,148 88,149 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard MENA 31/03/2014 2,000,000 2,606,899 Fund**** 606,899 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 3,439,135 2,702,242 (155,481) (522,566) (126,418) 67,572 High QualityBondFund GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Sterling (10,096,198) 14,226,159 31/03/2013 3,439,135 (762,960) (13,603) 85,737 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (2,407,161) 19,903,187 19,054,966 31/03/2014 1,914,346 (360,873) (818,687) 290,146 491,288 42,720 USD Fixed IncomeFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Global (4,205,852) 11,713,340 19,903,187 31/03/2013 9,103,566 4,464,189 (330,124) (895,437) 53,505 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Equity Fund^ Lazard North (5,964,221) 31/03/2013 2,430,255 3,194,353 American 339,613 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 4,538,768,268 3,524,240,155 (2,677,324,406) 1,381,715,825 263,746,943 16,590,100 31/03/2014 743,425 USD Active Fundsplc (1,326,591,375) 4,621,017,020 4,538,768,268 Lazard Global (46,179,953) 344,618,201 945,780,060 31/03/2013 124,315 USD The notes to the financial statements areanintegral partofthesefinancialstatements. The notestothefinancial statements thepreviousyearendclosing at exchangerate. of theopeningnetassetswhicharetranslated forthe year asdisclosed exchangerate The EUR, inNote13with theexception theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated Net assetsattributabletoRedeemableParticipating shareholdersasat31March 2014 Decrease/increase Anti-dilution levy - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Payment forRedeemableParticipating sharesredeemed - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Proceeds fromRedeemableParticipating sharesissued Currency Adjustment toRedeemableParticipating shareholders Opening netassetsattributable Statement ofChangesinNetAssetsattributabletoRedeemableParticipating in net assets attributable toholdersofRedeemableParticipating sharesfromoperations in netassetsattributable (469,515,541) (27,189,061) (26,999,581) 769,522,346 214,474,937 158,537,087 826,203,019 (6,176,642) 14,689,546 54,435,088 30,837,039 31/03/2014 1,280,118 (584,231) (469,432) USD Markets EquityFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Emerging (144,440,007) 826,203,019 330,078,621 603,923,194 24,545,164 12,329,088 31/03/2013 (233,041) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 48,034,119 53,533,023 31/03/2014 1,189,522 1,236,314 3,073,068 Markets CoreEquityFund USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Emerging 31/03/2013 3,073,068 3,000,000 73,068 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) ^LazardNorth American EquityFundclosed on15March2013. **** LazardMENAFundlaunchedon3July 2013. Financial Statements Lazard Global ActiveFundsplc (25,090,900) (22,521,165) (39,004,015) 369,152,473 297,071,035 (4,626,493) (1,797,106) (8,089,426) 58,580,065 14,496,368 75,652,170 11,385,739 31/03/2014 6,480,593 7,271,843 (646,610) (62,911) 53,286 Markets EquityFund USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Developing (11,484,956) (33,178,293) (78,360,817) 105,438,582 297,071,035 177,081,054 44,337,563 28,574,216 62,361,114 31/03/2013 2,371,297 (753,022) 596,148 88,149 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard MENA 31/03/2014 2,000,000 2,606,899 Fund**** 606,899 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 3,439,135 2,702,242 (155,481) (522,566) (126,418) 67,572 High QualityBondFund GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Sterling (10,096,198) 14,226,159 31/03/2013 3,439,135 (762,960) (13,603) 85,737 (continued) GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (2,407,161) 19,903,187 19,054,966 31/03/2014 1,914,346 (818,687) (360,873) 290,146 491,288 42,720 USD Fixed IncomeFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Global (4,205,852) 11,713,340 19,903,187 31/03/2013 9,103,566 4,464,189 (330,124) (895,437) 53,505 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Equity Fund^ Lazard North (5,964,221) 31/03/2013 Year ended31March 2014 2,430,255 3,194,353 American 339,613 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 4,538,768,268 3,524,240,155 (2,677,324,406) 1,381,715,825 263,746,943 16,590,100 31/03/2014 743,425 USD Active Fundsplc (1,326,591,375) 4,621,017,020 4,538,768,268 Lazard Global (46,179,953) 344,618,201 945,780,060 31/03/2013 124,315 USD

61 Lazard Global Active Funds plc 62 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements Shares in issue as at 31March2013/2012 Shares inissueasat Redeemable Participating sharetransactions Statement ofChangesinNetAssetsattributabletoRedeemableParticipating The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements thepreviousyearendclosing at of theopeningnetassetswhicharetranslated exchangerate. The EUR, GBP and JPY sub funds are translated in the total column at the average exchange rate forthe year asdisclosed exchangerate The EUR, inNote13with theexception theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated Shares inissueasat31March2014/2013 - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares redeemedduringtheyear - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares issuedduringtheyear (continued) (6,213,868) (4,039,980) 85,218,883 14,196,251 52,304,759 19,427,802 31/03/2014 6,672,010 1,843,455 1,277,283 (563,488) (298,824) (219,843) 833,326 USD Markets EquityFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Emerging (1,221,980) 31/03/2013 4,939,553 6,672,010 2,860,960 (1,714) 95,191 Year ended31March 2014 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 349,750 391,922 Markets CoreEquityFund 30,000 12,172 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Emerging 31/03/2013 30,000 30,000 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) ^ LazardNorth American EquityFundclosed on15March2013. **** LazardMENAFundlaunchedon3July 2013. (2,822,291) (3,391,386) 32,948,520 25,831,257 31/03/2014 5,967,920 1,857,358 4,938,721 (511,311) (121,079) (715,208) (43,536) 418,027 645,272 895,340 (4,211) 3,647 Markets EquityFund USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Developing (3,916,050) (6,348,150) 25,831,257 15,626,412 31/03/2013 8,534,236 4,783,125 5,162,491 1,852,381 (47,162) 144,085 39,889 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard MENA 31/03/2014 Fund**** 20,000 20,000 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 (1,360) (4,574) 23,601 28,950 High QualityBondFund 585 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Sterling 31/03/2013 (88,771) 123,525 (6,551) 28,950 747 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 (17,568) 139,430 149,258 (6,107) (2,684) 13,958 2,254 319 USD Fixed IncomeFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Global 31/03/2013 (30,585) 149,258 (6,432) 69,989 32,068 83,836 382 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Equity Fund^ Lazard North (3,833,579) 31/03/2013 1,654,614 2,178,965 American USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements thepreviousyearendclosing at exchangerate. of theopeningnetassetswhicharetranslated forthe year asdisclosed exchangerate The EUR, inNote13with theexception theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated Shares inissueasat31March2014/2013 - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares redeemedduringtheyear - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares issuedduringtheyear 31March2013/2012 Shares inissueasat Redeemable Participating sharetransactions Statement ofChangesinNetAssetsattributabletoRedeemableParticipating (6,213,868) (4,039,980) 85,218,883 14,196,251 52,304,759 19,427,802 31/03/2014 1,843,455 1,277,283 6,672,010 (563,488) (298,824) (219,843) 833,326 USD Markets EquityFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Emerging (1,221,980) 31/03/2013 6,672,010 2,860,960 4,939,553 (1,714) 95,191 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 391,922 349,750 Markets CoreEquityFund 12,172 30,000 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Emerging 31/03/2013 30,000 30,000 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) Financial Statements Lazard Global ActiveFundsplc ^ LazardNorth American EquityFundclosed on15March2013. **** LazardMENAFundlaunchedon3July 2013. (2,822,291) (3,391,386) 25,831,257 32,948,520 31/03/2014 5,967,920 1,857,358 4,938,721 (511,311) (121,079) (715,208) (43,536) 418,027 645,272 895,340 (4,211) 3,647 Markets EquityFund USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Developing (3,916,050) (6,348,150) 15,626,412 25,831,257 31/03/2013 8,534,236 4,783,125 5,162,491 1,852,381 (47,162) 144,085 39,889 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard MENA 31/03/2014 Fund**** 20,000 20,000 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 (1,360) (4,574) 28,950 23,601 High QualityBondFund 585 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Sterling 31/03/2013 (88,771) 123,525 (6,551) 28,950 (continued) 747 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 (17,568) 149,258 139,430 (6,107) (2,684) 13,958 2,254 319 USD Fixed IncomeFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Global 31/03/2013 (30,585) 149,258 (6,432) 69,989 83,836 32,068 382 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Equity Fund^ Lazard North (3,833,579) 31/03/2013 Year ended31March 2014 1,654,614 2,178,965 American USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

63 Lazard Global Active Funds plc 64 Lazard Global Active Funds plc Lazard Global ActiveFundsplc presented,periods stated, unlessotherwise asaresult financial ofany standards. changes toapplicable reporting applied inthepreparation ofthesefinancial statementsare setoutbelow. reporting appliedtoall These policieshave beenconsistently Financial Councilandpromulgated Reporting by Accountants theInstituteofChartered inIreland. accounting policies The principal Accounting accepted in standardsIreland generally are in and preparing fair financialview those issued by statements giving a true the Regulations. theCompaniescomprising Acts, 1963to2013, asone Regulations withthoseActs, andall tobeasconstrued theUCITS including The financial statementshave beenprepared inaccordance accepted withaccounting inIreland standards generally andIrishstatute Basis ofPreparation ofsignificantaccounting policiesadopted by theCompany: isasummary The following stated. unlessotherwise Shares referencesAll tonetassets throughout thefinancial toholdersofRedeemableParticipating statements refer tonetassetsattributable 3. SignificantAccountingPolicies Regulations. regulations theUCITS asone withthoseActs tobeconstrued including In theopinion oftheDirectors, thefinancial statementsgive required theinformation by theCompanies Acts, 1963to2013andall prepare flow statement. acash The Company has availedoftheexemption availabletoopen-endedinvestment notto fundsunderFRS 1:Statements CashFlow statement, asrequired by FRS 3, isnotconsidered necessary. continuing operations. The results from ofoperationsarose solely thanassetoutintheProfitOther Account, andLoss there are nootherrecognised theyear, gainsorlossesfor andthusaseparate Directors, reflect more they thenature appropriately oftheCompany’s businessasaninvestment company. Act 1986andFinancial (“FRS”) 3: Standard Financial Reporting Reporting Performance (“FRS3”)sothat, intheopinion ofthe thosecontained intheCompanies wording (Amendment) andcertain ofthefinancialThe format statementshave beenadapted from financial liabilities heldatfairvaluethrough profit orloss. The financial statementsare prepared costconvention underthehistorical asmodified by therevaluation offinancial assetsand 2. Presentation ofFinancialStatements thePortfolio tothesubfundwhich objective applicable relates. poolofassets(a A separate “Portfolio”) eachsubfund, ismaintainedfor eachbeinginvested inaccordance withtheinvestment Fixed Income Fund. Fund, Markets Developing Equity Lazard MENA Lazard Fund, Bond Fund Global andLazard HighQuality Sterling Lazard Fund, Emerging Lazard World Fund, Fund, EmergingMarkets Equity Lazard EmergingMarkets Fund, Core Lazard Equity Income Fund, GlobalEquity Lazard Global Lazard Trend Fund, Lazard Thematic GlobalEx-JapanFund, Lazard Thematic Global GlobalManaged Lazard Volatility Fund, Fund, Equity Fund, Select Global ListedInfrastructure Lazard GlobalEquity Lazard Fund, Equity Strategic Fund, European Lazard Equity Pan Lazard Fund, European Equity Fund, Equity GlobalStrategic Lazard As at31March 2014, there were active subfunds: twenty Fund, UKEquity Lazard Fund, JapaneseEquity Lazard Japanese Lazard Regulations 2011(asamended)(the Regulations”).“UCITS Bank ofIreland inaccordance withtheEuropean Collective Investment Communities for in (Undertakings Transferable Securities) asanumbrella between subfunds. structured fundwithsegregated capital liability variable The Companyby isauthorised theCentral as apubliclimitedcompany undertheCompanies Acts, 1963to2013. The Company isanopen-endedinvestment company with GlobalActiveLazard Funds on1996underthelawsofRepublicIreland 10April plc (the was incorporated “Company”) 1. General Notes totheFinancialStatements Year ended31March 2014 movements inthevalueofaforeign relative currency ofthesubfund. tothebasecurrency of the contract to meet the terms and unanticipated of the counterparty the potential inability contracts currency include to forward Realised gainsandlossesare otherforeign gainsandlosses intheProfit withall currency reported Account. andLoss Risksrelating andProfitUnrealised contracts intheBalanceSheet Account. appreciation currency isreported ordepreciation andLoss on forward denominated in a foreign currency. transaction. or settlement of theforward realiseThe sub fund will a gain or loss upon the closing risk. currency portfolio shift Forward entered contracts currency are intoasahedge upon generally thepurchase orsaleofasecurity at afuture date, atanegotiated rate. Forward contracts currency are andtotactically usedtoseekmanage foreignrisks currency isacommitment topurchase aforeign or sell currency contract”) currency foreign exchange contract currency (“forward A forward Forward Foreign ExchangeCurrency Contracts The computation ofrealised gainsandlosseson sales ofinvestments ismade on thebasisofaverage cost. Realised GainsandLossesonSalesofInvestments Fundwith theexception European oftheLazard Equity is12pm which (Irishtime). subfundsis4pmThe valuation all (New pointfor York time)on eachdealingday andeach valuation day, 2013 1April effective from istovalueits investments on financial atrelevantbidmarket thebalancesheetdate.for purposes prices reporting However, ofcompliance withFRS oftheCompany thepurpose 26: theaccounting for policy Financial Measurement and Instruments market the net asset value per share. of determining are at the relevant valued at valuationmid market the purpose point for price In accordance withtheprovisions oftheProspectus, investments listedon arecognisedexchange ortraded on stock any otherregulated by Directors inthePortfolio asat31March 2014are disclosed ofInvestments. relevant brokers.valued in good faith by including third the Directors parties based on quotations received from Valuations undertaken usedbymodels andothervaluation commonly techniques market participants. are tradedsecurities andthinly Unlistedsecurities Valuation theuseof comparable recent arm’s usedinclude techniques lengthtransactions, flow analysis, discounted cash option pricing of methods and makes assumptions that areCompany based on uses a variety market conditions existing at each balance sheet date. thatareThe fairvalueoffinancial nottraded inanactive instruments market by isdetermined usingvaluation techniques. The securities, itsinvestmentsThe Company classifies indebtandequity andrelated derivatives, andrewards risks ofownership.expired all ortheCompany hastransferred substantially profit orlossare expensedasincurred. theinvestments have Investments are derecognisedtoreceive flows whentherights from cash theasset.sell Investments recognised are atfairvalue, initially atfairvaluethrough financial andtransaction all costsfor assetscarried Regular-way purchases andsalesofinvestments are recognised on trade date–the ontheCompany which commits topurchase or are presentedprofit intheProfit Account orlosscategory intheyear arise. they inwhich andLoss profit or loss. changes inthe fair value of the financial assetsorfinancial liabilities at fair value through from Gainsand losses arising financial assets and financial liabilities at fair value through profit or loss are measured at fair valuewithtransaction costs recognised in financial liabilitiesatfairvaluethrough theprofit recognised orlossare atfairvalue. initially toinitialrecognition, Subsequent all about these financialinformation assets on a fair value basis together with other related financial information. Financial assets and Company’s documentedinvestment strategy. The Company’s the Investment isfor Manager and theDirectors policy toevaluate profit orlossatinception on are afairvaluebasisinaccordance evaluated thosethatare withthe managed andtheirperformance the Directors atfairvaluethrough profit orlossatinception. Financial assetsandfinancial liabilitiesdesignatedatfairvaluethrough at fair value through profit or loss. These financial assets and financial trading or designated by liabilities are as held for classified securities,The Company itsinvestments classifies indebtandequity andrelated derivatives, asfinancial assetsorfinancial liabilities Investments atFairValue equal therelated actual results. Management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom the Company’s activities are limitedtoone mainbusinesssegment. The Company isorganisedintoone mainbusinesssegment. inrelation No tosegmentreporting, additionalisincluded disclosure as Basis ofPrepar Lazard Global ActiveFundsplc asfinancial trading. assets orliabilitiesheldfor Year ended31March 2014 (continued)

65 Lazard Global Active Funds plc 66 Lazard Global Active Funds plc Lazard Global ActiveFundsplc simultaneously. therecognised amountsandthere tooffset isanintentionright tosettleon anetbasisorrealise theassetand settletheliability Financial where enforceable assetsandfinancialthere intheBalanceSheet andthenetamountreported liabilitiesareisalegally offset Offsetting FinancialInstruments Fund.Equity purposes distribution for There theyear were for ended31March andexpenseschargedtocapital 2013. nofees For theyear ended 31March 2014, andexpensesofGBP869,296were GlobalListedInfrastructure fees on theLazard chargedtocapital Expenses are basis. accounted on for anaccruals Expenses inrealised contracts currency are gainsandlosseson investments/currency. included in thenon-base currencies andon settledforward currency. between thetransaction andsettlementdateson denominated Realisedgainsandlossesarising purchases orsalesofsecurities rates.the year end are valued at forward The resulting in unrealised unrealised gainsand losses on investments/ gain or loss is included inunrealised gainsandlosseson investments/currency.and liabilitiesisincluded Forward contractsare currency which outstandingat atthedatesoftransactions.the exchangeruling rates andotherassets The resultingon translation ofsecurities gainorlossarising attheyear end. attheexchangeruling currency rate Transactions inforeign currencies are intothefunctionalat translated currency (b) Assetsandliabilitiesotherthanthosedenominated inthefunctional ofeachsubfundare currency intothefunctional translated hasnoimpactwhich on theindividualsubfunds. toRedeemableParticipatingattributable Shareholders” reflects theyear. themovement inexchange for rates This isanotional amount adjustmentThe currency of USD16,590,100 (2013: in the of Changes USD (46,179,953)) included in Net“Statement Assets per share totheindividualsubfunds. attributable innote13. exchange are All rates disclosed the Profit Account theyear. have toUSD usinganaverage for beentranslated rate andLoss onThis hasnoeffect thenetassetvalue financial liabilities inthefinancial statementshave toUSDattheexchange at31March beentranslated rate 2014. The amountsin For ofcombining thefinancial attheconsolidated thepurpose statementsofeachsubfundtoarrive figures, thefinancial assetsand thesefinancialfor statements. Bond Fund are which GBP.Quality The Company hasadopted thefunctionalofeachsubfundaspresentation currency currency Fund Fund, High Fund are UKEquity which EURandLazard Equity Sterling andLazard GlobalListedInfrastructure Lazard FundFund Equity are which JapaneseStrategic JPY, andLazard Fund European Lazard Equity Pan andLazard European Equity economic environment (the itoperates inwhich primary “functional currency”). JapaneseEquity This istheUSDexceptLazard for (a) Functional in the Company’s and presentation Items included currency: financial statements are measured of the using thecurrency Foreign ExchangeTranslation the financial instrument, where period appropriate, orashorter amountofthefinancial assetorfinancial liability. tothenetcarrying orreceipts discountsestimatedfuture payments throughoutThe effective interest thatexactly cash of istherate theexpectedlife rate the interest income orinterest expenseover therelevantperiod. costofafinancial andofallocating assetorfinancialThe effective interesttheamortised liability methodisaofcalculating Interest income andexpenseare recognised intheProfit usingtheeffective interest method. Accountdebtinstruments all for and Loss Interest IncomeandExpense gross ofirrecoverable withholdingtax, intheProfit Account, separately isdisclosed andLoss which andnetofany taxcredits. thereon isreasonably available. Inaccordance withFRS 16: Current Tax dividendincome andbond interest income istobereported areDividends on securities recognised asincomeare on thedatethatthesesecurities first quotedex-dividendtotheextentinformation Dividend Income 3. SignificantAccountingPolicies(continued) Notes totheFinancialStatements Year ended31March 2014

(continued) Lazard GlobalFixed IncomeFund Lazard GlobalFixed IncomeFund Lazard SterlingHighQualityBondFund Lazard SterlingHighQualityBondFund Lazard DevelopingMarketsEquityFund Lazard EmergingMarketsEquityFund Lazard GlobalEquityIncomeFund Lazard GlobalListedInfrastructureEquityFund Lazard GlobalManaged Volatility Fund Lazard Japanese Strategic EquityFund Strategic Lazard Japanese the Manager. Manager at31March 2014are USD2,827,012(2013: USD3,254,731). oftheInvestmentThe fees Manager are by settleddirectly charged netofreimbursementstheyearThe fees during were USD37,027,978(2013: USD38,469,625). owingThe fees tothe totheother. by eitherparty writing notice.giving notlessthan180days circumstances, Incertain by theManagement Agreement notice in may forthwith beterminated The Management Agreement provides thattheappointmentofManagercontinue will inforce by unlessterminated eitherparty tothe XClassofeachsubfund. management chargedtotheassetsattributable fee The Managerberesponsible andexpensesofthe relevant Investment will thefees discharging Manager, for outofitsfee. There isno Net based on Asset the daily daily be accrued Value will These fees in arrears. be paid monthly and will to each class attributable Sub Fund with theexception ofthebelow. to the Retail Class of each sub fund and 0.75% per annum of the value of Net attributable to the Retail C Class Assets attributable of thevalueNet totheInstitutional Class of eachsubfund, Assetsattributable 1.50%perannumofthevalueNet Assets to theCompany theday-to-day for management ofinvestments, isentitledtoreceive of1.00%perannum attherate anannualfee The Company has appointed as Manager, Fund Lazard Managers (Ireland) Limited (the “Manager”). The Manager, is responsible 4. ManagementFee outon commercial transactions normal All are terms, carried negotiatedlengthandthebestinterest atarms ofshareholders. verified ordisclosed. beseparately and cannot standard fixed income market price. gathered or reliably are as they embedded in the cost of investment be practically cannot They Transaction oftheinvestment inthepurchase contracts andsaleprices asper currency are included costson bonds andforward innote17. foreign currencies intheProfitseparately Account eachsubfundanddisclosed for andLoss Transaction inthenetgain/(loss)on costson financial equitiesare assetsandliabilitiesatfairvaluethrough included profit orlossand or loss. ascommissions fees such paidtoagents, include They brokers anddealers. Transaction costs are costs incurred in connection with the purchase and sale of financial assets or liabilities at fair value through profit Transaction Costs toRedeemableParticipatingDistributions shareholders are asfinance classified costsintheProfit Account. andLoss ofshare notbepaidinrespect isanaccumulatingDividends will which ofany class class. the accounting period). investment income return (i.e. dividends, income from interest or otherwise, less that subfund’s for expensestobe certified accrued growththanasignificantincome rather return.aim toseekcapital Dividends, ifdeclared, bepaidoutofasubfund’s only will net The Directors are empowered intheCompany. ofShares andpay dividendson todeclare any class Eachofthecurrent subfunds Distribution Policy 3. SignificantAccountingPolicies(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Institutional SClass Institutional LClass Institutional Class Institutional Class Institutional Class Institutional Class Retail CClass Retail CClass Retail Class Retail Class Class 1.00% 1.00% 0.75% 0.30% 0.85% 0.85% 0.50% 0.85% 0.65% 0.85% Rate Year ended31March 2014 (continued)

67 Lazard Global Active Funds plc 68 Lazard Global Active Funds plc Lazard Global ActiveFundsplc declarations. signedstatutory provided theCompany withthenecessary on exemptedNo theCompany Irish taxresident arise Irish taxwill inrespect certain shareholders for ofchargeableevents whohave not berecoverable by asubfundoritsshareholders. Capital gains, dividends and interest taxes receivedand such may of origin may be subject to withholding taxes imposed by the country underreview.were theperiod during 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 with arelevantdeclaration notoccurinrespect will A chargeable event ofshareholders whoare resident neitherresident inIreland norordinarily andwhohave doesnotinclude: A chargeableevent relevant period. acquisition oftheshares thepreceding by theshareholders ofeightyearsafter andeach subsequentperiod beginningimmediately cancellation, ofshares transfer oron theendingof a ‘relevant period’, a ‘relevant period’ beinganeightyear beginningwiththe period other thanon theoccurrence ofachargeable event. on any arises distribution, achargeableevent Generally redemption, repurchase, Consolidation Act, 1997, as amended. On that basis the Company not be liable to taxation will in respect of its income and gains, Under current law andpractice, theCompany qualifies asdefined 739Bofthe asaninvestment inSection undertaking Taxes 9. Taxation (2013: USD175,174). Auditors’ remuneration theyear for wasUSD213,631(2013: USD213,631wasoutstandingat31March USD175,174)ofwhich 2014 provided by theyears theauditors for ended31March 2014or31March 2013. services the financial statements oftheCompany. There were andexpensespaidinrespect nofees ofotherassurance, ornon-audit taxadvisory Fees auditors, andexpensespaidtothestatutory PricewaterhouseCoopers, inrespect ofthefinancial year, relate entirely totheauditof 8. Auditors’Remuneration outstanding at31March 2014. Directors’ charged over the year fees were USD286,764 (2013: USD202,661), USD4,179 (2013: of which USD121,771) were 7. Directors’ Fees theyearthe Manager during amountedtoUSD195,812(2013: USD234,191). taxation liabilities). from fund (apart The Manager beresponsible will any for expensesinexcess ofthislimit. reimbursedThe fees by anddisposingofinvestments)in acquiring oftheCompany0.30%perannumaverage netassetsofthesub subjecttoacap ofmanagement andbrokerage proportion oftheotherexpenses(exclusive andotherfees bearitsattributable fees Each subfundshall 6. Reimbursementfrom Manager USD355,679). (2013: expenses) owing at31March out ofpocket 2014amountstoUSD634,169(2013: (excluding USD5,462,494) and the fees ofUSD8,333permonthwith aminimum fee persubfund. monthly theyear chargedduring amounttoUSD4,151,581 The fees expenses on outofpocket theaverage netassetsofthesubfundsandareat0.185%perannumaverage netassetsexcluding capped Total Administration, for fees each subfundarebased for Transfer sub-custodianfees) scaled (excluding andCustodyServices Agency 5. Administration,Transfer AgencyandCustodyFees Notes totheFinancialStatements d) c) b) a)  certain exchanges ofshares spouses. certain between spousesandformer an exchange amalgamation of shares on orreconstruction aqualifying ofasubfundwithanother fund: arising or an exchange ofshares representing anothersub fund: asubfundfor or Commissioners ofIreland: or any transactions asdesignatedby inrelation system order toshares oftheRevenue heldinarecognised clearing These fees are of These fees exclusive VAT. Year ended31March 2014

(continued) Retail CDistributingClass EquityFund-STG£Hedged Strategic Lazard Japanese Class EquityFund-Institutional Strategic Lazard Japanese Class EquityFund-STG£RetailCDistributing Lazard Japanese Class EquityFund-¥RetailC Lazard Japanese Accumulating Accumulating Class Accumulating EquityFund-STG£RetailC Lazard Japanese Accumulating Class Accumulating EquityFund-US$Institutional Lazard Japanese Lazard Japanese EquityFund-InstitutionalClass Lazard Japanese Lazard Japanese EquityFund-XClass Lazard Japanese Lazard Japanese EquityFund-RetailClass Lazard Japanese Lazard UKEquityFund-RetailClass the totalnumberofRedeemableParticipating inissueattheyear Shares end. by is determined The of net sharesasset value per share dividing the value of net assets of the sub fund by in a portfolio of any class 11. NetAssetValue -Historicalinformation as “adjustment bidmarket valuetomidmarket value” from on theBalanceSheet, ifany. year to year is recognised movementin the Profitin the adjustment from Account. and Loss The cumulative differences are included shareholders toredeemable andthe amountofthenetassetsattributable participating its investments adjust thecarrying atbidprice between theprovisions oftheProspectus tovalueinvestments oftheCompany andtherequirements atmidprice ofFRS 26tovalue date iftheshareholders exercised toputtheshares totheCompany. theirrights back Consequently, where material, thedifferences thepresent for toafinancial valueoftheredemption give rise liability amountthatwouldinstruments bepayable atthebalancesheet the valueproportionate totheinvestors share ineachsubfund’s netassetsattheredemption date. Inaccordance withFRS 25such RedeemableParticipatingAll issuedby Shares theCompany provide theinvestors torequire withtheright redemptionat cash for asfinancialclassified liabilities. andPresentationDisclosure (“FRS 25”), theRedeemableParticipating are Shares redeemable attheshareholder’s option andare Net Assetsthatmay bedeclared. The holderoftheshare isentitledtoone vote eachon apoll. UnderFRS 25: Financial Instruments: toaproportionate share theright intheassetsofCompany andtoanyin distributions Redeemable Participating carry Shares of Changes inNet toRedeemableParticipating Assetsattributable Shareholders. the Company attherequest oftheshareholder. The numberofshares issuedandredeemedtheyear during issetoutintheStatement paidParticipating ineachoftheCompany’sfully Shares Participating subfunds(“Redeemable Shares”). may beredeemedThey by shares areThe Company shareof500,000,000,000unclassified noparvaluewhich issueas availablefor hasanauthorised capital Redeemable ParticipatingShares ofthenetassetvalueCompany. sharespart The subscriber donotform shareThere 1subscriber inissueandthatisheldby iscurrently theManager. GBP1 each, shares”) were redeemed. 39,999ofwhich subsequently (“Equity ofparvalue Shares shareoftheCompany theauthorised capital wasGBP40,000dividedin40,000Subscriber On incorporation Management Shares The Companyshare hasavariable capital. 10. CapitalandReserves Notes totheFinancialStatements Lazard Global ActiveFundsplc Net AssetValue ¥20,919,315,483 ¥1,012,810,873 ¥735,867,327 £18,745,282 ¥17,687,127 at 31March £1,747,934 £1,445,061 $2,763,640 £4,476,538 2014 – 238,934,693 Participating Redeemable March 2014 10,044,786 issue at31 Number of 3,509,972 2,899,065 8,783,222 1,991,707 shares in 167,385 213,150 229,189 – £111.9891 ¥100.8295 Net Asset Value per 31 March ¥82.9796 $12.0583 ¥87.5524 ¥83.7810 Share at £0.4980 £0.4985 £2.2476 2014 – Net AssetValue ¥17,568,864,190 ¥1,121,593,158 at 31March $4,549,644 £8,491,405 2013 – – – – – – 232,147,570 Participating Redeemable March 2013 15,352,586 issue at31 Number of 4,079,932 shares in 399,721 Year ended31March 2014 (continued) – – – – – – Net Asset Value per 31 March $11.3820 ¥75.6797 ¥73.0556 Share at £2.0813 2013 – – – – – – Net AssetValue ¥14,308,679,453 ¥648,106,092 ¥579,541,666 at 31March $2,972,402 £7,646,846 2012 – – – – – Net Asset Value per 31 March $10.4245 ¥60.3288 ¥61.4859 ¥58.9654 Share at £1.8480 2012 – – – – –

69 Lazard Global Active Funds plc 70 Lazard Global Active Funds plc S Accumulating Class S Accumulating Lazard EmergingMarketsEquityFund-US$ Institutional Class Lazard EmergingMarketsEquityFund-US$ Institutional Class Lazard EmergingMarketsEquityFund-€Institutional Lazard Emerging World Fund-InstitutionalClass Lazard Emerging World Fund-RetailClass Distributing Class Lazard GlobalFund-US$Institutional Thematic Accumulating Class Accumulating Lazard GlobalFund-US$Institutional Thematic Lazard GlobalFund-InstitutionalSterlingClass Thematic Lazard Fund-XClass GlobalEx-Japan Thematic Class Lazard Global Trend Fund-US$Institutional Accumulating Distributing LClass Lazard GlobalEquityIncomeFund-STG£Institutional Accumulating Class Accumulating Lazard GlobalEquityIncomeFund-STG£Institutional Accumulating Class Accumulating Lazard GlobalEquityIncomeFund-US$Institutional Accumulating Class Accumulating Lazard GlobalEquitySelectFund-US$Institutional Hedged InstitutionalDistributingClass Lazard GlobalListedInfrastructureEquityFund-€ Institutional Accumulating Class Institutional Accumulating Lazard GlobalListedInfrastructureEquityFund-STG£ Hedged Institutional Class Accumulating Lazard GlobalListedInfrastructureEquityFund-US$ Hedged Institutional Class Accumulating Lazard GlobalListedInfrastructureEquityFund-€ Institutional DistributingClass Lazard GlobalListedInfrastructureEquityFund-STG£ Accumulating Class Accumulating Lazard GlobalManaged Volatility Fund-US$Institutional Distributing Class EquityFund-STG£Institutional Lazard GlobalStrategic Distributing Class EquityFund-US$Institutional Lazard GlobalStrategic Accumulating Class Accumulating EquityFund-US$Institutional Lazard GlobalStrategic Distributing Class Lazard Pan EuropeanEquityFund-€Institutional Accumulating Class Accumulating Lazard Pan EuropeanEquityFund-€Institutional Lazard Pan EuropeanEquityFund-RetailClass Accumulating Class Accumulating Lazard EuropeanEquityFund-€Institutional Class Lazard EuropeanEquityFund-STG£RetailCDistributing Accumulating Class Accumulating Lazard EuropeanEquityFund-US$Institutional Lazard Global ActiveFundsplc Lazard EuropeanEquityFund-RetailClass 11. NetAssetValue -Historicalinformation(continued) Notes totheFinancialStatements Net AssetValue $483,401,131 €138,329,754 $974,132,726 £193,707,918 $145,976,295 $48,344,447 $21,028,831 £131,793,586 $4,016,833 $9,016,205 €22,479,402 £68,548,347 $12,499,541 €14,385,282 $40,650,843 €53,305,793 at 31March $6,235,598 $6,235,598 £2,674,757 $1,005,555 $5,302,010 $3,864,173 €5,977,831 €4,479,705 €1,967,972 €1,047,114 £3,405,934 $4,154,855 £599,100 2014 – – 114,384,048 Participating Redeemable March 2014 46,090,891 15,271,440 58,369,125 22,369,071 issue at31 Number of 4,051,041 1,481,884 5,460,392 1,811,063 6,990,094 9,700,797 6,000,000 4,320,057 1,501,883 1,691,909 3,224,668 shares in 153,336 826,591 732,023 289,104 345,285 498,743 34,875 66,235 27,148 10,068 44,604 6,038 – – $119.3276 $178.3998 $178.8009 £106.9582 $199.4149 $136.1245 €93.3472 $26.1962 $25.4404 $118.8680 $140.6099 Net Asset Value per 31 March $1.0489 £98.5257 £99.2259 $99.8789 $11.1913 Share at €1.4720 £1.1744 $1.7882 €1.4829 £1.1522 €0.9963 €1.0370 €1.3103 €2.0995 £2.0131 $1.2885 €2.3830 2014 – – $1,430,188,599 Net AssetValue $769,814,950 £507,758,072 $542,074,261 €44,019,386 $23,216,361 $15,874,009 £111,436,613 $101,593,127 $8,677,351 €61,197,101 at 31March $3,728,932 $3,728,932 $5,896,204 €5,630,701 $2,794,805 £5,369,217 $3,363,572 €1,896,340 $1,844,963 2013 – – – – – – – – – – – 117,580,863 Participating Redeemable March 2013 10,209,992 29,800,378 issue at31 Number of 6,247,566 8,890,052 4,775,041 3,047,630 4,716,894 1,615,871 1,818,657 shares in 424,444 310,575 849,481 132,990 443,744 330,944 23,262 55,977 22,500 Year ended31March 2014

– – – – (continued) – – – – – – – $123.2184 €103.7108 $160.8752 $160.3035 £106.3359 $177.8675 $119.3624 $27.9396 $27.3300 $105.3317 $124.2136 Net Asset Value per 31 March £12.0998 $10.1636 Share at €1.1937 £0.9477 $9.9504 €1.1736 $1.0145 €2.0536 2013 – – – – – – – – – – – $1,555,511,992 Net AssetValue $560,575,963 £490,536,100 $816,752,382 €32,509,408 $27,108,567 $11,517,819 $101,745,896 €104,530,872 $8,860,305 £82,314,757 at 31March $2,416,910 £7,236,246 €2,964,846 $787,561 $787,561 $643,473 $423,482 2012 – – – – – – – – – – – – – $121.6373 $148.5585 $146.7385 $165.6248 $115.1782 €98.2255 $26.2331 $25.7884 £92.7455 $107.4182 Net Asset Value per 31 March £10.8615 Share at £0.7953 $9.5621 $9.6591 €0.9906 $0.8934 €1.7692 2012 – – – – – – – – – – – – – Lazard North American EquityFund-RetailClass Accumulating Class Accumulating Lazard GlobalFixed IncomeFund-€HedgedInstitutional Accumulating Class Accumulating Lazard GlobalFixed IncomeFund-US$Institutional Lazard GlobalFixed IncomeFund-RetailClass Class Lazard SterlingHighQualityBondFund-Institutional Lazard SterlingHighQualityBondFund-RetailClass Lazard MENAFund-US$ Institutional Class Accumulatiing Accumulating Class Accumulating Lazard DevelopingMarketsEquityFund-US$Institutional Institutional DistributingClass Lazard DevelopingMarketsEquityFund-STG£ Institutional Accumulating Class Institutional Accumulating Lazard DevelopingMarketsEquityFund-STG£ Distributing Class Lazard DevelopingMarketsEquityFund-€Institutional Accumulating Class Accumulating Lazard DevelopingMarketsEquityFund-€Institutional Distributing Class Lazard DevelopingMarketsEquityFund-US$RetailC Accumulating Class Accumulating Lazard DevelopingMarketsEquityFund-STG£RetailC Institutional Accumulating Class Institutional Accumulating Lazard EmergingMarketsCoreEquityFund-€ Institutional Accumulating Class Institutional Accumulating Lazard EmergingMarketsCoreEquityFund-US$ Lazard Fund-XClass GlobalEx-Japan Thematic Lazard GlobalListedInfrastructureEquityFund -€HedgedInstitutionalDistributingClass Lazard GlobalListedInfrastructureEquityFund -STG£InstitutionalDistributingClass Lazard GlobalListedInfrastructureEquityFund -STG£InstitutionalDistributingClass S DistributingClass Lazard EmergingMarketsEquityFund-STG£Institutional Lazard Global Strategic EquityFund-US$InstitutionalDistributingClass Lazard GlobalStrategic S Accumulating Class S Accumulating Lazard EmergingMarketsEquityFund-STG£Institutional Class theyear ended31March 2014,During ofshare: were distributions paidon class thefollowing 12. DistributionstoRedeemableParticipatingshareholders Lazard UKEquityFund-RetailClass Lazard UKEquityFund-RetailClass Lazard Global Strategic EquityFund-US$InstitutionalDistributingClass Lazard GlobalStrategic Lazard Pan EuropeanEquityFund -RetailClass EquityFund-STG£Hedged RetailCDistributingClass Strategic Lazard Japanese EquityFund-RetailClass Lazard Japanese EquityFund-RetailClass Lazard Japanese S DistributingClass Lazard EmergingMarketsEquityFund-US$Institutional 11. NetAssetValue -Historicalinformation(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Net AssetValue $59,476,329 £71,241,613 €52,594,812 €43,063,531 $50,505,479 €35,786,054 £18,861,528 $14,338,736 €6,585,352 $4,914,877 $5,063,725 £2,588,997 $2,606,899 £5,133,079 $4,210,338 at 31March £113,245 £802,509 2014 – – Participating Redeemable March 2014 19,128,978 13,632,763 issue at31 Number of 7,472,587 8,047,071 6,451,095 4,963,257 5,456,609 shares in 557,901 349,750 833,326 66,136 35,488 37,806 22,621 20,000 42,172 980 – – $138.4956 $133.9401 £115.5566 £114.4505 $130.3450 €102.3190 €99.5726 $99.8373 Net Asset 1-Oct-13 1-Oct-13 1-Oct-13 1-Oct-13 1-Oct-13 1-Oct-13 1-Oct-13 2-Apr-13 2-Apr-13 2-Apr-13 2-Apr-13 2-Apr-13 Value per 31 March $7.9593 £9.2007 £8.8531 €8.1529 €8.6765 $9.2558 £0.9860 £0.9630 $1.0518 Share at Date 2014 – – Net AssetValue Share Class Currency of $71,478,154 £33,548,557 €86,674,866 €47,517,938 €6,997,165 $5,418,732 $5,521,208 £3,158,632 £1,570,419 $3,073,068 at 31March £280,502 £388,384 USD USD USD GBP GBP GBP GBP GBP EUR EUR JPY JPY 2013 – – – – – – – Participating Redeemable March 2013 issue at31 Number of 8,437,520 3,229,429 9,197,209 4,783,125 Amount (Class shares in 144,085 69,989 39,098 40,171 26,610 39,889 30,000 2,340 3,410,990 2,724,386 1,539,148 2,633,015 Currency) Year ended31March 2014 784,317 106,936 (continued) – – – – – – – 69,390 11,750 34,106 57,506 65,236 $138.5941 $137.4416 £119.8728 £118.6989 $102.4356 419 €99.9753 £10.8992 £10.3884 Net Asset Value per 31 March $8.4715 €9.4240 €9.9345 £9.7365 Share at 2013 – – – – – – – 137,345,092 118,476,400 10,209,992 17,070,839 13,729,408 Net AssetValue 3,047,630 7,516,982 4,110,362 2,142,766 1,513,436 of Shares 152,196 £10,520,103 $63,988,334 £14,678,061 €67,192,209 Number $3,194,353 $1,854,954 $9,858,386 £3,706,056 at 31March 7,881 2012 – – – – – – – – – – – $137.7913 $140.0857 £115.4651 £114.3367 £10.3061 Net Asset Value per 31 March $1.4660 $8.8983 €9.5837 Share at 1.1192 0.0531 0.0198 0.0066 0.0092 0.0105 0.0029 0.0159 0.0902 0.1918 0.4286 0.0380 Share Rate/ 2012 – – – – – – – – – – –

71 Lazard Global Active Funds plc 72 Lazard Global Active Funds plc Lazard GlobalFixed IncomeBondFund-RetailClass Lazard GlobalFixed IncomeBondFund-RetailClass Lazard GlobalFixed IncomeBondFund-RetailClass Lazard SterlingHighQualityBondFund-InstitutionalClass Lazard SterlingHighQualityBondFund-InstitutionalClass Lazard SterlingHighQualityBondFund-RetailClass Lazard SterlingHighQualityBondFund-RetailClass Lazard SterlingHighQualityBondFund-RetailClass Lazard SterlingHighQualityBondFund-RetailClass Lazard DevelopingMarketsEquityFund-€InstitutionalClass Lazard EmergingMarketsEquityFund-€InstitutionalClass Lazard EmergingMarketsEquityFund-€InstitutionalClass Lazard GlobalFixed IncomeBondFund-RetailClass Lazard SterlingHighQualityBondFund-InstitutionalClass Lazard SterlingHighQualityBondFund-InstitutionalClass Lazard DevelopingMarketsEquityFund-US$RetailCDistributingClass Lazard DevelopingMarketsEquityFund-STG£InstitutionalDistributingClass Lazard DevelopingMarketsEquityFund-€InstitutionalDistributingClass Lazard EmergingMarketsEquityFund-US$InstitutionalClass Lazard EmergingMarketsEquityFund-US$InstitutionalSDistributingClass Lazard EmergingMarketsEquityFund-STG£InstitutionalSDistributingClass Lazard EmergingMarketsEquityFund-€InstitutionalClass Lazard EmergingMarketsEquityFund-€InstitutionalClass Lazard EmergingMarketsEquityFund-US$InstitutionalClass Lazard GlobalFund-InstitutionalSterlingClass Thematic Lazard GlobalFund-InstitutionalSterlingClass Thematic Lazard EmergingMarketsEquityFund-US$InstitutionalClass Lazard GlobalFund-US$InstitutionalDistributingClass Thematic Lazard EmergingMarketsEquityFund-US$InstitutionalClass Lazard GlobalFund-US$InstitutionalDistributingClass Thematic Lazard Emerging World Fund-RetailClass Lazard GlobalFund-InstitutionalSterlingClass Thematic Lazard GlobalFund-InstitutionalSterlingClass Thematic Lazard Fund-XClass GlobalEx-Japan Thematic Lazard GlobalFund-US$InstitutionalDistributingClass Thematic Lazard Fund-XClass GlobalEx-Japan Thematic Lazard GlobalListedInfrastructureEquityFund-STG£InstitutionalDistributionClass Lazard GlobalListedInfrastructureEquityFund-STG£InstitutionalDistributionClass Lazard GlobalFund-US$InstitutionalDistributingClass Thematic Lazard GlobalClassic Value EquityFund-US$InstitutionalDistributingClass Lazard Global ActiveFundsplc Class theyear ended31March 2013,During ofshare: were distributions paidon class thefollowing Lazard Fund-XClass GlobalEx-Japan Thematic Class 12. DistributionstoRedeemableParticipatingshareholders (continued) Notes totheFinancialStatements Lazard GlobalClassic Value EquityFund-US$InstitutionalDistributingClass Lazard Pan EuropeanEquityFund-RetailClass Lazard EuropeanEquityFund-RetailClass EquityFund-RetailClass Lazard Japanese EquityFund-RetailClass Lazard Japanese Lazard UKEquityFund-RetailClass Lazard UKEquityFund-RetailClass 1-Oct-13 1-Oct-12 1-Oct-13 1-Oct-13 1-Oct-12 1-Oct-12 1-Oct-12 1-Oct-12 1-Oct-13 1-Oct-13 1-Oct-13 1-Oct-12 1-Oct-13 1-Oct-13 1-Oct-13 1-Oct-12 1-Oct-13 1-Oct-12 1-Oct-13 1-Oct-12 1-Oct-13 1-Oct-12 1-Oct-12 1-Oct-13 1-Oct-12 1-Oct-12 1-Oct-12 1-Oct-12 2-Apr-13 2-Apr-13 2-Apr-13 1-Apr-12 1-Apr-12 1-Apr-12 1-Apr-12 2-Apr-13 1-Apr-12 1-Apr-12 2-Apr-13 1-Apr-12 2-Apr-13 2-Apr-13 1-Apr-12 1-Apr-12 2-Apr-13 1-Apr-12 1-Apr-12 1-Apr-12 Date Date Share Class Share Class Currency of Currency of USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP EUR EUR EUR EUR EUR EUR EUR EUR JPY JPY Amount (Class Amount (Class 8,744,238 1,885,410 9,742,305 1,888,591 9,730,039 1,199,270 2,974,956 2,465,030 3,790,275 9,268,556 4,975,315 1,056,183 5,357,820 2,603,077 1,374,352 2,366,744 1,318,035 3,026,214 Currency) Currency) Year ended31March 2014 115,842 106,117 259,717 607,931 473,107 177,080 524,265 140,906 924,454 737,416 837,113 386,076 983,253

61,018 59,364 35,977 34,637 49,714 41,923 65,734 32,954 20,076 50,559 77,808 45,522 (continued) 4,141 4,497 5,213 9,265 1,997 103,506,968 10,324,133 10,470,701 10,692,215 96,295,194 10,640,579 53,789,427 4,609,871 5,884,491 8,524,917 3,934,310 6,570,528 4,608,586 6,021,209 8,833,642 1,468,998 5,290,945 5,114,262 6,245,166 4,934,497 7,281,123 2,436,873 4,771,826 4,931,341 8,890,052 1,390,046 4,137,823 1,696,153 8,874,698 9,828,500 4,077,013 of Shares of Shares 381,226 330,967 357,136 424,444 849,481 Number Number 38,272 70,308 40,171 70,374 26,610 23,193 32,414 29,230 91,111 2,340 2,340 2,810 1.5943 1.6476 1.4778 1.5079 1.7695 0.0563 1.3520 1.9219 1.4934 1.4860 1.5337 1.2410 0.1986 0.0713 1.4342 1.9436 1.8551 0.0024 0.0923 0.0798 0.4091 1.6180 0.3320 0.0023 1.2856 0.9425 0.2267 0.5817 0.3947 0.3620 0.0595 1.8783 0.6833 0.4334 0.1937 1.0865 0.2928 0.0690 0.0081 0.0143 1.7026 0.0363 0.0188 0.0012 0.0245 0.1108 0.3079 0.0112 Share Share Rate/ Rate/ The following yearThe following endexchange have assetsandliabilitiesinothercurrencies rates beenusedtotranslate toEuro: assets andliabilitiesinothercurrencies toU.S. Dollars: The aggregate financial statementsare prepared inU.S. Dollars. yearThe following endexchangehave rates beenusedtotranslate 13. ExchangeRates Notes totheFinancialStatements Lazard Global ActiveFundsplc South African Rand South African Dollar Singapore Riyal Qatari Pound Sterling Polish Zloty Philippine Peso Peruvian NuevoSol Omani Rial Norwegian Krone New ZealandDollar Moroccan Dirham Mexican Peso Malaysian Ringgit Kuwaiti Dinar Jordanian Dinar YenJapanese Israeli Shekel Indonesian Rupiah Czech Koruna Colombian Peso Chinese Yuan US Dollar Turkish Lira Swiss Franc Swedish Krona Pound Sterling Polish Zloty Norwegian Krone Danish Krone Czech Koruna Korean WonSouth Indian Rupee Hungarian Forint Hong Kong Dollar Euro PoundEgyptian Danish Krone Chilean Peso Canadian Dollar Brazilian Real Australian Dollar Exchange RatesagainstEuro UAE Dirham Turkish Lira Thai Baht Taiwan Dollar Swiss Franc Swedish Krona Exchange RatesagainstU.S. Dollar 31 March2014 31 March2014 11,360.00075 1,968.40005 1,064.45008 102.98500 223.05464 10.51792 44.84500 13.04874 59.72249 19.90352 32.44000 30.45251 1.25754 3.64124 0.59983 3.02141 2.80851 0.38500 5.98704 1.15242 8.14969 3.26551 0.28162 0.70848 3.49015 6.21801 1.37827 2.96663 1.21747 8.93605 0.82672 8.25174 7.46610 7.75704 0.72555 6.96746 5.41703 1.10374 2.25649 1.07894 3.67300 2.13919 0.88333 6.48355 - - - 31 March2013 31 March2013 1,825.00017 9,717.50033 1,112.60005 471.85002 237.60885 94.01999 40.81000 12.35085 54.34999 25.76778 29.28498 29.90249 1.24183 0.66129 3.26580 5.86169 1.19458 3.09648 3.64819 6.21429 1.28098 1.21995 8.35116 0.84710 4.18344 7.50873 7.45443 9.19624 7.76445 0.78065 6.80304 5.80553 1.01680 2.01094 0.96075 1.81378 0.95235 6.51934 Year ended31March 2014 (continued) ------

73 Lazard Global Active Funds plc 74 Lazard Global Active Funds plc Lazard Global ActiveFundsplc thatexisted at31Marchconsistent 2013. withtherisks outline procedures paragraphs tomanageThe following themarket, undertaken oftheCompany. risks credit andliquidity These are legal andconstitutional regulations. ofproductterms characteristics, expectations meaningthatsubfundsareandtheir andrisk managed inlinewithclient performance investment platform. andmonitorssubfundstoensure all remain Itreviews they consistent withtheirstatedgoals andobjectives in Risk, Committee. intotheOversight reports Committee managementtheInvestment isthecentral bodyfor Managers’The Oversight ofoperation oftherelevantInvestment Manager. totherespectivedelegated themonitoring Head ofRiskinthecountry The Head of There isaRiskManagement Unitresponsible management process overseeing therisk for oftheInvestment Managers. The Unithas thesubfunds. for andoversight ofrisk themonitoring responsibility for investmentinternal guidelinesandlimits. The Directors delegate totheManagerdelegatesInvestment whointurn Managers sub fund’s investment guidelines and limits set out in theProspectus as well aseachInvestment Manager’s and Supplements own profile.and risk The Investment Managers are alsoresponsiblethat thesubfundsare ensuring managedofeach for withintheterms asrequired inrelation tothesubfunds’ basisandmoreGmbH (the frequently “Investment Managers”) on aquarterly performance LLC, Japan Asset Management Lazard AssetManagement Limited, Lazard The Board ofDirectors (the from reporting AssetManagement“Directors”) review Lazard refer totheProspectus amore for inherent detaileddiscussion oftherisks ininvesting andSupplements intheCompany. markets itinvests. in which andinvestors risks should ofall isnotintendedtobeacomprehensive information The following summary areThe Company’s which and associatedwiththefinancial ofrisk instruments investment types activities exposeittothevarious 15. RiskManagementPoliciesandProcedures global sub-custodian, theBankofNew York Mellon SA/NV. Company. Asat31March 2014and31March 2013, heldby cash theCompany isdepositedwiththenetwork oftheCustodian’s BNY Mellon Trust Company (Ireland) Limited (the “Custodian”) may utilise one of the or more holding cash sub-custodians for 14. Cash averageThe following exchange have Profit rates beenusedtotranslate Account balancesinothercurrencies toU.S. andLoss Dollar: yearThe following endexchange have assetsandliabilitiesinothercurrencies rates beenusedtotranslate toJPY: yearThe following endexchange have assetsandliabilitiesinothercurrencies rates beenusedtotranslate toGBP: 13. ExchangeRates(continued) Notes totheFinancialStatements Pound Sterling Japanese YenJapanese Euro US Dollar Pound Sterling Euro US Dollar Swiss Franc Korean WonSouth YenJapanese Euro Australian Dollar Exchange RatesagainstGBP Average ExchangeRatesagainstUSDollar Exchange RatesagainstJPY K.K., Lazard Asset Management Pacific Lazard co. 31 March2014 31 March2014 31 March2014 1,774.59795 100.19366 171.69145 0.62955 0.74631 1.66715 1.47265 1.20960 1.79875 0.0058 0.0070 - and Lazard Asset Management (Deutschland) and Lazard 31 March2013 31 March2013 31 March2013 82.61049 0.63263 0.77646 1.51220 Year ended31March 2014 0.0106 0.0083

(continued) ------# Estimation based on BETA only, otherfactors. all ignoring returns.years price ofweekly * BETA Emerging ofLazard World BETA’s weighted average ofhistorical Fund from derived fundholdings, ofunderlying using2 31 March2014 Market risesby30% Fund) andfundvaluations at31March 2014, changesare provided: estimatedmonetary fund ismanaged. Basedon theBETA values(predicted by Axioma’s models, risk withtheexception Emerging oftheLazard World The tablebelow presentsanalysis, ascenario eachsub a+30%change isappliedtoeachofthebenchmarks againstwhich inwhich designated atfairvaluethrough profit orlossattheyear end. otherfactors). all (ignoring thanoutperform were derivatives) (excluding ofthesecurities tounderperform All ismore likely portfolio market, withaBETA aportfolio thanunderperform, ofgreater tooutperform than1.0ismore market, whileinafalling likely a such comparison tothatofthebenchmark. withaBETA Aportfolio thanitsbenchmark. of1.5has50%more risk market price Inarising portfolio’sA factor that is used to assess an equity is BETA, risk market price expresses which the portfolio’s in risk market price are limited. market orindustry) features ascapitalisation (such andcost.risk iscontrolled Relative-to-benchmark risk through where ofdiversified theconstruction exposures portfolios tocertain objective, policiesandcore philosophy. The core philosophy measurement entailstheactive oftotalperformance management ofreturn, minimised. The Investment Managers manage thesubfund’s basisinaccordance on market adaily withthesubfund’s risk investment theportfolio,By diversifying investment impact have on will amaterial theCompany changeofaparticular is thataprice therisk itsinvestments insecurities. from arising risk exposed tomarket price oritsissuer,individual financial instrument traded inthemarket. orfactorssimilarfinancial affecting instruments The subfundsare risk), orcurrency interest risk rate from whetherthosechangesareby (otherthanthosearising caused factorsprices specific tothe ofchangesinmarket fluctuatebecause thatthefairvalueorfuture flows will ofafinancial istherisk cash instrument risk Market price (i) MarketPriceRisk market movements. interest movements. rate Itrepresents thepotentiallossCompany through mightsuffer holdingmarket positions intheface of price, from aboutfuture heldspecifically and valuesoffinancial currency instruments uncertainty from mainly arises Market risk Market Risk 15. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard MENAFund Lazard DevelopingMarketsEquityFund Lazard EmergingMarketsCoreEquityFund Lazard EmergingMarketsEquityFund Lazard Emerging World Fund* Lazard GlobalFund Thematic Lazard Fund GlobalEx-Japan Thematic Lazard Global Trend Fund Lazard GlobalEquityIncomeFund Lazard GlobalEquitySelectFund Lazard GlobalListedInfrastructureEquityFund Lazard GlobalManaged Volatility Fund EquityFund Lazard GlobalStrategic Lazard Pan EuropeanEquityFund Lazard EuropeanEquityFund EquityFund Strategic Lazard Japanese EquityFund Lazard Japanese Lazard UKEquityFund Currency USD USD USD USD USD USD USD USD USD USD USD USD GBP GBP EUR EUR JPY JPY Beta 0.82 1.03 0.97 0.99 0.84 0.94 0.97 1.01 0.93 1.00 0.85 0.97 0.72 0.95 0.97 1.12 1.09 0.98 Initial Value 22,505,693 1,303,308 4,231,216 369,152 769,522 145,976 238,316 53,533 25,046 40,651 12,426 61,472 2,607 9,016 6,464 5,302 4,477 (‘000) 3,864 29,869,863 New Value 1,672,363 5,655,795 483,542 998,467 188,625 289,961 69,066 31,353 51,071 11,740 15,978 79,307 3,248 8,263 6,887 5,796 (‘000) 4,986 Year ended31March 2014 (continued) # Gain/Loss 1,424,579 7,364,170 114,390 228,945 369,055 15,533 42,649 10,420 51,645 17,835 6,307 2,724 1,799 1,585 3,552 1,319 (‘000) 1,122 641 #

75 Lazard Global Active Funds plc 76 Lazard Global Active Funds plc Derivative liabilitiesheldfortrading Derivative assetsheldfortrading Derivative fairvaluethroughprofitorloss Securities heldat Lazard GlobalFixedIncomeFund fairvaluethroughprofitorloss Securities heldat Lazard SterlingHighQualityBondFund Lazard Global ActiveFundsplc exposures are managed relative to theappropriate benchmark. For otherportfolios, there isnoexplicitcurrency-management policy. exposure. currency tozero) (orclose to maintainzero source For exposureof return, currency which isacritical for thoseportfolios For is hedged out, risk currency in which portfolios is managed contracts by currency risk the currency regular rebalancing of the forward contracts.currency are denominated incurrencies otherthan itsown currency. Currencies losseson may awayforward alsomove insuch astocause relative toothercurrencies may change inamannerthat hasanadverse ofthesubfund’s on effect thevalueofportion assetsthat investment aswell ashedging. views Consequently, currency thesubfundsarethatexchangeofitsreporting rate exposedtorisks the investor). Furthermore, ofimplementing contracts currency incurrencies thepurpose for thesubfunds may invest inforward The sub funds may invest denominated in currencies insecurities otherthan its functional(or, currency indeed, of the currency (ii) Foreign Currency Risk As at31March market 2014and31March exposures 2013theoverall ofthefixed income subfundswere asfollows: A -30%change would have anequalbutoppositeeffect. # Estimation basedon BETA only, otherfactors. all ignoring returns.2 years price ofweekly * BETA Emerging ofLazard World BETA’s weighted average ofhistorical Fund from derived fundholdings, ofunderlying using 31 March2013 Market risesby30% For ofcomparison, thepurpose usingvaluations andBETA thetablebelow shows anequivalentanalysis estimatesasat31March 2013: (i) MarketPriceRisk(continued) Market Risk(continued) 15. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard DevelopingMarketsEquityFund Lazard EmergingMarketsCoreEquityFund Lazard EmergingMarketsEquityFund Lazard Emerging World Fund* Lazard GlobalFund Thematic Lazard Fund GlobalEx-Japan Thematic Lazard Global Trend Fund Lazard GlobalEquitySelectFund Lazard GlobalListedInfrastructureEquityFund Lazard GlobalManaged Volatility Fund EquityFund Lazard GlobalStrategic Lazard Pan EuropeanEquityFund Lazard EuropeanEquityFund EquityFund Lazard Japanese Lazard UKEquityFund Currency USD USD USD USD USD USD USD USD USD USD GBP GBP EUR EUR JPY 31 March2014 31 March2014 Beta 1.03 0.95 0.96 0.79 0.92 0.91 1.00 0.97 0.78 0.95 0.72 0.91 0.95 1.10 1.00 18,683,453 18,893,056 Fair Value Fair Value 2,624,961 2,624,961 (236,399) 26,796 GBP GBP Initial Value 19,119,534 2,201,749 297,071 826,203 542,074 113,076 116,206 31,894 15,874 62,637 (‘000) 3,073 5,896 2,795 1,896 8,491 31 March2013 31 March2013 18,784,909 18,964,112 Fair Value Fair Value 3,384,505 3,384,505 (333,591) 154,388 New Value 25,421,814 1,063,364 2,809,938 GBP GBP 388,483 689,982 145,247 141,472 39,445 20,640 80,501 11,037 (‘000) 3,953 7,615 3,453 2,416 Year ended31March 2014

(continued) # Gain/Loss 6,302,280 237,161 608,189 147,908 91,412 32,171 17,864 25,266 (‘000) 7,551 4,766 1,719 2,546 880 658 520 #

Norwegian Krone Japanese YenJapanese Indonesian Rupiah Hong Kong Dollar Euro Danish Krone Brazilian Real Australian Dollar Equity Fund Lazard GlobalStrategic 31 March2014 US Dollar Swiss Franc Swedish Krona Pound Sterling Norwegian Krone Danish Krone Equity Fund Lazard Pan European 31 March2014

US Dollar Turkish Lira Swiss Franc Swedish Krona Pound Sterling Polish Zloty Norwegian Krone Danish Krone Equity Fund Lazard European 31 March2014 Pound Sterling Euro Equity Fund Lazard JapaneseStrategic 31 March2014 (relative othercurrencies) toall asat31March 2014and31March 2013: to different currencies, thatshows by theimpactstrengthening scenario ofthebasecurrency instantaneously 5% andacurrency-shock The denominatedoftheportfolio, inthebasecurrency insecurities only risk. sobearnosignificantcurrency Fund,Three UKEquity Bond Fund) ofthesubfunds(Lazard invest HighQuality Fund JapaneseEquity Sterling Lazard andLazard (ii) Foreign Currency Risk(continued) Market Risk(continued) 15. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc tables below contain monetary and non-monetary assets, andnon-monetary tables below assetsconsisting contain ofequities. monetary withnon monetary provide theexposureThey Investments Investments Investments Investments 20,822,279 10,287,150 6,919,543 1,395,145 4,368,286 1,168,418 2,490,255 2,419,186 4,457,270 256,116 368,498 393,728 350,127 412,257 36,174 80,648 34,829 65,792 90,983 USD EUR EUR JPY – – – – – – – – Contracts andSpots Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward owr Currency Forward 3,159,439,712 3,159,439,712 (341,794) (10,762) 120,179 (90,942) 196,645 429,007 14,476 87,213 5,381 USD EUR EUR JPY – – – – – – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Net Other Net Other Net Other Net Other (165,724) (422,141) (72,021) 113,049 111,631 (13,816) 141,223 122,421 443,130 12,250 (5,381) 93,684 (3,530) 84,069 84,069 5,881 7,954 1,342 USD EUR EUR JPY – – – – – – – – 1 3,159,523,781 3,159,439,712 21,050,715 10,287,150 6,967,701 1,395,145 4,399,207 1,168,418 2,612,676 2,520,522 4,464,136 Year ended31March 2014 113,049 257,604 480,129 401,682 352,869 412,917 (continued) 36,174 80,648 34,829 65,792 90,983 (3,530) 84,069 5,881 1,342 Total Total Total Total USD EUR EUR JPY 1 Movement Movement Movement Movement Sensitivity Sensitivity Sensitivity Sensitivity USD EUR EUR JPY 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 157,971,986 219,960 514,358 130,634 126,026 223,207 Impact Impact Impact Impact 12,880 24,006 69,757 20,084 17,643 20,646 58,421 5,652 1,809 4,032 1,741 3,290 4,549 4,203 (177) USD EUR EUR JPY 294 67 –

77 Lazard Global Active Funds plc 78 Lazard Global Active Funds plc Danish Krone Canadian Dollar Brazilian Real Select Fund Lazard GlobalEquity 31 March2014 US Dollar Swiss Franc South Korean WonSouth Japanese YenJapanese Euro Australian Dollar Infrastructure EquityFund Lazard GlobalListed 31 March2014 Swiss Franc Swedish Krona Singapore Dollar Singapore Pound Sterling Norwegian Krone New ZealandDollar Japanese YenJapanese Israeli Shekel Hong Kong Dollar Euro Danish Krone Canadian Dollar Australian Dollar Volatility Fund Lazard GlobalManaged 31 March2014 Turkish Lira Thai Baht Swiss Franc South Korean WonSouth South African Rand South African Pound Sterling Equity Fund(continued) Lazard GlobalStrategic Lazard Global ActiveFundsplc Philippine Peso 31 March2014 (ii) Foreign Currency Risk(continued) Market Risk(continued) 15. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Investments Investments Investments Investments 219,834,048 39,929,362 28,342,517 97,234,619 42,171,259 25,723,942 8,747,605 3,408,686 1,090,702 5,120,129 2,394,147 1,471,831 2,277,694 1,390,547 4,868,288 3,486,999 1,998,563 175,639 554,456 907,346 627,409 844,776 689,618 149,382 186,646 598,620 21,538 39,874 20,838 35,616 74,421 USD GBP USD USD – Contracts andSpots Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward owr Currency Forward (177,613,917) (25,539,556) (28,498,672) (66,690,438) (43,941,972) (9,507,211) (3,436,068) (28,859) (19,621) (3,754) (2,326) (3,158) 22,549 19,206 6,195 8,724 (120) USD GBP USD USD – – – – – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) (2,366,116) Net Other Net Other Net Other Net Other (618,037) 755,434 190,418 413,909 322,037 135,377 209,502 (17,584) (5,898) 66,281 23,241 26,555 11,539 17,609 42,906 (8,724) 3,322 1,289 1,857 5,082 1,616 4,261 USD GBP USD USD 121 361 – – – – – – – 41,602,094 12,023,690 (1,704,432) 30,866,218 25,830,460 1,094,024 5,139,616 2,418,376 1,471,831 2,289,233 1,392,163 4,882,739 3,510,284 2,230,614 Year ended31March 2014 175,936 163,036 257,754 555,745 907,346 629,266 849,858 689,979 149,382 186,646 600,242

21,539 39,874 (4,172) 20,838 35,616 74,421 (continued) 4,261 Total Total Total Total USD GBP USD USD Movement Movement Movement Sensitivity Movement Sensitivity Sensitivity Sensitivity USD GBP USD USD 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 1,543,311 601,185 (85,222) 256,981 120,919 114,462 244,137 175,514 Impact Impact Impact Impact 12,888 54,701 27,787 45,367 31,463 42,493 34,499 73,592 69,608 30,012 8,797 1,077 1,994 8,152 1,042 1,781 7,469 9,332 3,721 (209) USD GBP USD USD 213 South Korean WonSouth South African Rand South African Pound Sterling Philippine Peso Mexican Peso Japanese YenJapanese Indonesian Rupiah Hong Kong Dollar Euro Danish Krone Canadian Dollar Brazilian Real Lazard GlobalTrend Fund 31 March2014 Turkish Lira Thai Baht Swiss Franc Swedish Krona South African Rand South African Pound Sterling Mexican Peso Japanese YenJapanese Israeli Shekel Indonesian Rupiah Hong Kong Dollar Euro Canadian Dollar Brazilian Real Australian Dollar Income Fund Lazard GlobalEquity 31 March2014 Thai Baht Swiss Franc Swedish Krona South Korean WonSouth South African Rand South African Pound Sterling Philippine Peso Japanese YenJapanese Select Fund(continued) Lazard GlobalEquity Euro 31 March2014 (ii) Foreign Currency Risk(continued) Market Risk(continued) 15. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Investments Investments Investments 1,139,909 3,855,849 1,455,193 1,817,533 198,011 615,427 186,122 662,433 134,406 740,220 154,613 176,810 266,751 102,522 220,375 144,178 269,603 103,342 686,465 387,533 145,046 154,055 112,907 351,897 285,721 407,826 79,615 63,726 52,310 88,382 74,347 46,492 44,903 35,158 45,456 99,636 62,645 60,339 USD USD USD Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward (62,217) (43,435) 123,588 (72,016) 74,145 6,989 2,810 6,075 (645) USD USD USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Net Other Net Other Net Other (119,940) (66,074) 43,435 69,563 (4,014) 72,412 (2,546) 2,478 1,710 1,831 2,117 1,088 1,762 3,083 1,909 1,748 USD USD USD 529 645 400 106 799 – – – – – – – – – – – – – – – – – 1,147,980 3,863,195 1,455,457 1,825,370 Year ended31March 2014 200,489 617,137 187,953 666,081 134,406 740,220 155,142 176,810 266,751 102,522 220,375 144,574 272,578 103,342 686,465 388,621 145,046 154,055 112,907 100,435 351,897 287,630 409,574 (continued) 79,615 63,726 52,710 90,499 74,347 46,492 44,903 35,264 45,456 62,645 63,422 Total Total Total USD USD USD Movement Movement Sensitivity Movement Sensitivity Sensitivity USD USD USD 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% Impact Impact Impact 10,024 30,857 33,304 37,011 57,399 13,338 11,019 13,629 34,323 72,773 19,431 17,595 14,382 20,479 3,981 9,398 3,186 6,720 7,757 8,841 5,126 2,636 4,525 7,229 3,717 2,325 5,167 2,245 1,763 7,252 2,273 7,703 5,645 5,022 3,132 3,171 USD USD USD

79 Lazard Global Active Funds plc 80 Lazard Global Active Funds plc Turkish Lira Swedish Krona Pound Sterling Hong Kong Dollar Canadian Dollar Lazard EmergingWorld Fund 31 March2014 Swiss Franc Swedish Krona South African Rand South African Singapore Dollar Singapore Pound Sterling Japanese YenJapanese Hong Kong Dollar Euro Canadian Dollar Brazilian Real Australian Dollar Lazard ThematicGlobalFund 31 March2014 Swiss Franc Swedish Krona South African Rand South African Singapore Dollar Singapore Pound Sterling Hong Kong Dollar Euro Canadian Dollar Brazilian Real Australian Dollar Ex-Japan Fund Lazard ThematicGlobal 31 March2014 Swiss Franc (continued) Lazard GlobalTrend Fund Lazard Global ActiveFundsplc Swedish Krona 31 March2014 (ii) Foreign Currency Risk(continued) Market Risk(continued) 15. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Investments Investments Investments Investments 545,387,968 143,523,840 18,059,169 13,430,659 57,287,817 15,540,678 24,532,779 81,190,986 82,421,708 82,462,602 48,090,627 51,554,371 10,261,915 10,293,798 11,481,630 4,021,659 1,783,000 8,553,931 7,071,960 1,924,607 3,006,770 6,219,307 1,105,095 4,827,112 309,290 234,426 189,289 409,069 63,135 USD USD USD USD – – – Contracts andSpots Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward owr Currency Forward (545,518) (543,164) (70,646) (70,646) 153,653 (5,253) (5,253) (2,354) USD USD USD USD – – – – – – – – – – – – – – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) 3,558,860 1,007,549 1,083,870 Net Other Net Other Net Other Net Other (133,720) 656,587 257,247 456,859 (37,975) 132,883 567,115 326,142 21,936 19,653 86,141 83,297 58,345 19,395 (6,392) 1,599 1,840 1,305 USD USD USD USD 684 187 361 – – – – – – – – 548,401,310 144,531,389 18,075,852 13,445,059 57,401,240 15,797,925 24,532,779 81,645,491 82,554,591 83,546,472 48,052,652 52,050,840 10,320,260 10,313,193 11,807,772 4,021,659 1,783,000 8,553,931 7,087,455 2,007,904 3,006,770 6,212,915 1,105,095 4,847,045 Year ended31March 2014 309,290 235,110 189,289 410,374

64,734 (continued) 1,840 Total Total Total Total USD USD USD USD 187 361 Movement Movement Movement Sensitivity Movement Sensitivity Sensitivity Sensitivity USD USD USD USD 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 2,870,062 1,226,639 4,082,275 7,226,569 4,127,730 4,177,324 2,402,633 672,253 201,083 789,896 427,697 354,373 100,395 150,339 516,013 515,660 590,389 310,646 Impact Impact Impact Impact 15,465 11,756 89,150 55,255 20,519 3,237 9,464 USD USD USD USD 92 18 9 Hong Kong Dollar Euro Colombian Peso Canadian Dollar Brazilian Real Equity Fund Lazard DevelopingMarkets 31 March2014 Turkish Lira Thai Baht Taiwan Dollar Swiss Franc South Korean WonSouth South African Rand South African Pound Sterling Polish Zloty Philippine Peso Mexican Peso Malaysian Ringgit Indonesian Rupiah Hong Kong Dollar Euro Canadian Dollar Brazilian Real Equity Fund Lazard EmergingMarketsCore 31 March2014 Turkish Lira Thai Baht Swedish Krona South Korean WonSouth South African Rand South African Pound Sterling Mexican Peso Malaysian Ringgit Indonesian Rupiah Indian Rupee Hungarian Forint Hong Kong Dollar Euro Canadian Dollar Brazilian Real Equity Fund Lazard EmergingMarkets 31 March2014 (ii) Foreign Currency Risk(continued) Market Risk(continued) 15. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Investments Investments Investments 520,414,507 104,189,257 78,057,339 10,075,818 33,565,436 36,017,613 33,078,147 19,735,228 80,947,661 10,503,735 34,287,313 48,923,456 10,161,456 48,382,347 21,835,701 91,773,855 7,040,572 1,755,138 1,257,321 3,353,394 4,741,762 2,335,858 1,443,107 1,555,394 2,821,165 1,008,736 1,650,567 8,710,117 1,456,773 2,291,274 2,860,252 5,105,833 8,630,266 676,134 504,491 456,382 USD USD USD – – Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward (1,819,240) 1,334,440 (119,059) (139,198) (82,201) 342,618 94,343 14,433 12,273 USD USD USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) (1,334,438) 1,819,240 3,668,317 1,573,015 Net Other Net Other Net Other (331,175) (454,106) 114,901 425,858 154,964 295,964 102,643 814,074 94,934 59,488 13,392 10,223 88,440 93,108 53,015 67,168 1,696 2,955 1,556 5,624 USD USD USD 68 – – – – – – – – – – – – – 524,097,257 105,643,213 78,057,341 33,774,680 36,112,547 33,166,587 19,840,609 81,373,519 10,556,750 34,583,277 48,990,624 10,161,456 48,382,415 21,835,701 92,930,547 6,709,397 9,621,712 1,814,626 1,257,321 3,355,090 4,744,717 2,337,414 1,443,107 1,555,394 2,821,165 1,014,360 1,663,959 8,710,117 1,456,773 2,301,497 2,860,252 5,105,833 8,650,708 Year ended31March 2014 676,134 504,491 456,382 (continued) 15,766 Total Total Total USD USD USD – Movement Movement Sensitivity Movement Sensitivity Sensitivity USD USD USD 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 3,902,867 1,688,734 1,658,329 5,282,161 4,068,676 1,729,164 2,449,531 2,419,121 1,091,785 4,646,527 335,470 481,086 167,755 237,236 116,871 141,058 435,506 115,075 992,030 143,013 527,838 255,292 508,073 432,535 Impact Impact Impact 90,731 62,866 33,807 72,155 25,225 77,770 50,718 83,198 22,819 72,839 USD USD USD 788 –

81 Lazard Global Active Funds plc 82 Lazard Global Active Funds plc Pound Sterling Polish Zloty Philippine Peso Peru NuevoSol Norwegian Krone New ZealandDollar Mexican Peso Japanese YenJapanese Israeli Shekel Euro Danish Krone Czech Koruna Colombian Peso Chinese Yuan Canadian Dollar Brazilian Real Australian Dollar Income Fund Lazard GlobalFixed 31 March2014 UAE Dirham Qatari Riyal Qatari Pound Sterling Omani Rial Moroccan Dirham Kuwait Dollar Jordanian Dinar Euro Egyptian PoundEgyptian Lazard MENAFund 31 March2014 Turkish Lira Taiwan Dollar South Korean WonSouth South African Rand South African Qatari Riyal Qatari Pound Sterling Polish Zloty Philippine Peso Mexican Peso Equity Fund(continued) Lazard DevelopingMarkets Lazard Global ActiveFundsplc Indonesian Rupiah 31 March2014 (ii) Foreign Currency Risk(continued) Market Risk(continued) 15. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Investments Investments Investments 228,057,479 14,260,325 21,967,492 22,947,132 15,213,016 1,778,450 3,367,608 1,129,755 1,161,482 2,259,057 7,822,672 3,623,346 2,731,877 2,892,938 7,859,516 437,760 424,789 384,019 847,380 856,438 742,634 425,967 207,349 239,983 556,670 203,117 470,329 709,804 225,186 131,386 108,617 385,792 129,979 50,052 47,912 USD USD USD – – – Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward (4,869,247) 10,494,443 (4,825,299) 2,314,836 (364,112) (290,432) (419,261) (244,991) (822,474) (550,674) (399,960) (597,596) (116,396) (627,041) (96,459) 111,153 (96,459) 346,509 60,272 USD USD USD – – – – – – – – – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) 4,885,047 2,335,369 3,713,150 Net Other Net Other Net Other (105,659) (421,311) (696,632) 166,597 129,449 34,249 31,154 10,832 10,306 14,303 54,529 19,425 21,183 54,329 96,459 10,600 6,054 3,594 3,198 4,635 8,134 4,001 7,734 4,074 USD USD USD – – – – – – – – – – – 228,073,279 13,916,580 14,389,774 24,302,861 22,872,330 (1,112,149) 14,516,384 1,448,587 2,314,836 2,329,195 7,833,272 3,623,346 2,731,877 2,892,938 7,859,516 Year ended31March 2014 178,482 142,622 316,070 356,977 425,967 210,547 245,477 561,305 551,584 555,624 474,330 717,538 225,186 135,460 108,617 440,121 129,979

11,582 35,738 60,272 94,855 50,052 47,912 (continued) Total Total Total USD USD USD Movement Movement Movement Sensitivity Sensitivity Sensitivity USD USD USD 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 1,215,143 1,143,617 115,742 695,829 719,489 391,664 (55,607) 181,167 136,594 144,647 725,819 392,976 Impact Impact Impact 72,429 15,804 17,849 21,298 10,527 12,274 28,065 27,579 27,781 23,717 35,877 11,259 22,006 8,924 7,131 1,787 3,014 4,743 6,773 5,431 2,503 2,396 6,499 USD USD USD 579 Pound Sterling Norwegian Krone Japanese YenJapanese Hong Kong Dollar Euro Canadian Dollar Equity Fund Lazard GlobalStrategic 31 March2013 US Dollar Swiss Franc Swedish Krona Pound Sterling Polish Zloty Norwegian Krone Danish Krone Equity Fund Lazard Pan European 31 March2013 US Dollar Swiss Franc Swedish Krona Pound Sterling Polish Zloty Norwegian Krone Danish Krone Lazard EuropeanEquityFund Swiss Franc Fund (continued) Lazard GlobalFixedIncome 31 March2013 The tablesbelow detailthecomparative asat31March information 2013: hypothetical, through movements. potentiallossesthatcouldbecaused currency toillustrate andprovided only numbers shown in the previous tables, remain on other variables constant. the basis that all used in this section areThe scenarios A 5%weakening (againsttheothercurrencies) ofthebasecurrency would beexpectedtohave anequalandoppositeimpact on the Dollar Singapore 31 March2014 (ii) Foreign Currency Risk(continued) Market Risk(continued) 15. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Investments Investments Investments Investments 10,564,182 14,355,979 18,768,661 23,705,863 11,984,846 12,972,377 6,293,291 1,932,457 6,674,512 1,177,712 5,937,509 4,043,339 1,208,328 153,427 800,753 531,841 208,976 84,340 16,975 92,498 29,719 USD USD EUR EUR – – – – Contracts andSpots Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward Currency Forward (1,400,893) (2,784,536) (8,486,227) (8,891,514) (8,608,458) 8,533,300 (879,571) (412,903) (193,559) (19,515) (88,904) 179,092 5,511 5,511 USD USD EUR EUR – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) (1,143,259) 1,662,820 Net Other Net Other Net Other Net Other (83,171) 425,210 879,542 551,155 116,666 90,365 (1,160) 21,133 39,545 75,932 95,512 7,326 4,087 2,377 1,946 USD USD EUR EUR 729 76 – – – – – 1 10,160,203 23,967,790 11,984,817 21,622,343 3,425,584 2,022,822 2,503,165 6,674,512 4,321,206 1,190,549 6,075,761 4,119,271 1,214,936 Year ended31March 2014 153,427 805,104 571,386 179,092 (continued) 86,717 16,975 94,444 29,795 16,146 4,087 1,618 Total Total Total Total USD USD EUR EUR 1 Movement Movement Movement Movement Sensitivity Sensitivity Sensitivity Sensitivity USD USD EUR EUR 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 171,279 101,141 125,158 333,726 216,060 508,010 599,241 303,788 205,964 60,747 Impact Impact Impact Impact 40,255 28,569 7,671 4,336 4,722 1,490 8,955 USD USD EUR EUR 204 849 807 81 –

83 Lazard Global Active Funds plc 84 Lazard Global Active Funds plc South Korean WonSouth South African Rand South African Pound Sterling Philippine Peso Japanese YenJapanese Indonesian Rupiah Euro Canadian Dollar Brazilian Real Select Fund Lazard GlobalEquity 31 March2013 US Dollar Swiss Franc South Korean WonSouth Japanese YenJapanese Euro Australian Dollar Infrastructure EquityFund Lazard GlobalListed 31 March2013 Swiss Franc Swedish Krona Singapore Dollar Singapore Pound Sterling Norwegian Krone New ZealandDollar Japanese YenJapanese Hong Kong Dollar Euro Danish Krone Canadian Dollar Australian Dollar Volatility Fund Lazard GlobalManaged 31 March2013 Swiss Franc Fund (continued) Lazard GlobalStrategicEquity Lazard Global ActiveFundsplc Korean WonSouth 31 March2013 (ii) Foreign Currency Risk(continued) Market Risk(continued) 15. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Investments Investments Investments Investments 113,123,616 16,873,401 17,228,596 57,217,650 16,685,440 67,107,231 2,868,354 2,250,175 2,019,065 5,714,162 2,803,987 140,638 607,301 100,214 432,146 410,765 272,490 517,234 221,961 384,873 310,281 29,845 94,599 29,587 58,252 94,601 26,139 10,466 69,350 97,355 6,807 7,508 USD GBP USD USD Contracts andSpots Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward owr Currency Forward (108,301,986) (28,770,735) (18,023,766) (16,731,349) (51,933,411) (16,700,936) (2,834,268) (2,078,256) 11,483 (1,021) 20,553 (8,524) (1,912) 7,210 1,078 2,287 6,758 3,229 (208) (760) USD GBP USD USD – – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) Net Other Net Other Net Other Net Other (612,119) (16,903) 336,915 139,967 173,345 (9,588) (7,211) 23,603 11,587 (2,078) (6,758) 13,524 (3,012) 98,736 1,033 1,973 2,694 1,519 3,477 USD GBP USD USD 198 208 248 – – – – – – – – – – (1,126,762) 37,724,377 5,158,545 5,457,584 2,031,730 5,714,162 2,902,723 Year ended31March 2014 140,836 609,196 100,214 435,796 410,777 171,919 (15,496) 637,214 274,463 522,234 224,655 385,632 311,846

29,845 94,599 29,587 58,251 34,086 94,601 26,348 10,466 69,350 97,572 (continued) 6,807 7,756 Total Total Total Total USD GBP USD USD Movement Movement Movement Movement Sensitivity Sensitivity Sensitivity Sensitivity USD GBP USD USD 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% (56,338) 272,879 285,708 145,136 Impact Impact Impact Impact 30,460 21,790 20,539 31,861 13,723 26,112 11,233 19,282 15,592 7,042 1,492 5,011 4,730 1,479 2,913 1,704 8,596 4,730 1,317 3,468 4,879 (775) USD GBP USD USD 340 523 388 Taiwan Dollar Swiss Franc Swedish Krona South African Rand South African Singapore Dollar Singapore Pound Sterling Hong Kong Dollar Euro Canadian Dollar Brazilian Real Australian Dollar Ex-Japan Fund Lazard ThematicGlobal 31 March2013 Thai Baht Taiwan Dollar Swiss Franc Swedish Krona South Korean WonSouth Singapore Dollar Singapore Pound Sterling Philippine Peso Mexican Peso Malaysian Ringgit Japanese YenJapanese Indonesian Rupiah Hong Kong Dollar Euro Danish Krone Canadian Dollar Brazilian Real Australian Dollar Lazard GlobalTrend Fund 31 March2013 Turkish Lira Thai Baht Swiss Franc Fund (continued) Lazard GlobalEquitySelect Swedish Krona 31 March2013 (ii) Foreign Currency Risk(continued) Market Risk(continued) 15. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Investments Investments Investments 241,254,770 23,325,477 11,705,231 14,016,018 49,986,924 55,082,766 41,261,220 25,984,267 6,206,221 6,863,574 6,823,072 8,531,351 1,158,697 1,096,376 1,949,665 2,306,096 157,917 124,981 611,369 278,393 661,644 262,577 398,983 421,049 136,118 378,345 110,821 224,228 378,683 100,234 196,938 81,271 54,804 93,939 57,068 USD USD USD – Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward (8,368,562) (1,210,615) (1,948,931) (2,859,095) (1,331,058) (731,166) (368,325) (375,126) (21,116) 455,754 (19,030) (1,159) 38,017 (255) (672) USD USD USD – – – – – – – – – – – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) 9,956,769 1,210,543 1,995,223 2,930,537 1,324,402 Net Other Net Other Net Other (126,806) (32,263) 327,460 731,165 811,670 356,768 395,593 56,024 19,039 3,711 4,102 2,041 3,299 1,373 3,860 7,934 5,783 1,862 2,348 USD USD USD 214 672 – – – – – – – – – – 242,842,977 23,325,405 11,751,523 14,016,017 50,315,872 55,154,208 41,704,565 25,977,611 6,533,681 7,220,342 6,843,539 8,566,259 1,166,376 1,096,376 1,955,448 2,311,850 Year ended31March 2014 157,917 128,692 615,471 280,434 664,943 262,577 400,356 421,049 136,127 378,345 111,524 224,228 381,031 100,234 196,938 (continued) 85,131 54,804 93,939 57,068 Total Total Total USD USD USD 214 Movement Movement Movement Sensitivity Sensitivity Sensitivity USD USD USD 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 1,166,270 2,515,794 2,757,710 2,085,228 1,298,881 326,684 587,576 700,801 361,017 342,177 Impact Impact Impact 30,774 14,022 33,247 13,129 20,018 21,052 58,319 18,917 54,819 97,772 11,211 19,052 7,896 6,435 6,806 4,257 5,576 5,012 2,740 4,697 9,847 2,853 USD USD USD 11

85 Lazard Global Active Funds plc 86 Lazard Global Active Funds plc Turkish Lira Thai Baht Taiwan Dollar Swedish Krona South Korean WonSouth South African Rand South African Mexican Peso Malaysian Ringgit Indonesian Rupiah Indian Rupee Hungarian Forint Hong Kong Dollar Euro Egyptian PoundEgyptian Canadian Dollar Brazilian Real Equity Fund Lazard EmergingMarkets 31 March2013 Turkish Lira Taiwan Dollar Swedish Krona Pound Sterling Hong Kong Dollar Euro Canadian Dollar Lazard EmergingWorld Fund 31 March2013 Taiwan Dollar Swiss Franc Swedish Krona South African Rand South African Singapore Dollar Singapore Pound Sterling Japanese YenJapanese Hong Kong Dollar Euro Canadian Dollar Brazilian Real Australian Dollar Lazard ThematicGlobalFund Lazard Global ActiveFundsplc 31 March2013 (ii) Foreign Currency Risk(continued) Market Risk(continued) 15. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements 1,142,082,386 Investments Investments Investments 568,743,522 119,582,857 179,462,502 280,870,708 200,456,182 126,910,870 55,546,035 23,318,044 93,190,448 17,576,906 32,164,979 38,761,660 10,777,223 55,326,073 10,545,780 86,610,135 22,171,162 16,203,229 27,176,246 85,917,958 43,003,825 51,574,804 94,979,399 25,728,792 22,191,753 6,594,817 4,510,011 6,461,186 7,777,368 4,891,544 3,809,347 484,653 238,924 311,552 41,260 USD USD USD – – Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward (4,143,108) 5,711,282 9,854,390 (455,843) (234,092) (221,751) USD USD USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) (8,808,189) 3,849,614 1,258,451 1,229,502 4,256,731 2,300,890 1,277,262 Net Other Net Other Net Other (712,013) 175,663 724,705 347,771 (20,968) 218,057 15,839 73,808 23,875 31,075 21,912 55,539 8,266 2,105 6,560 USD USD USD 680 217 – – – – – – – – – – – – – – 1,147,081,655 572,137,293 120,841,308 180,508,703 283,171,598 200,674,239 128,188,132 55,546,035 23,493,707 93,681,061 17,576,906 32,164,979 38,835,468 10,777,223 55,326,073 10,671,800 87,839,637 22,202,237 16,225,141 27,176,246 85,917,958 43,117,448 51,574,804 94,958,431 25,735,352 22,247,292 6,610,656 4,510,011 6,461,186 7,777,368 4,891,544 3,811,452 Year ended31March 2014 484,653 239,604 319,818

23,875 41,260 (continued) Total Total Total USD USD USD 217 Movement Movement Movement Sensitivity Sensitivity Sensitivity USD USD USD 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 14,158,580 10,033,712 2,777,302 1,174,685 6,042,065 4,684,053 1,608,249 1,941,773 2,766,304 4,391,982 1,358,812 4,295,898 2,155,872 2,578,740 9,025,435 6,409,407 4,747,922 1,286,768 1,112,365 330,533 225,501 878,845 323,059 538,861 388,868 533,590 811,257 244,577 190,573 Impact Impact Impact 24,233 11,980 15,991 1,194 2,063 USD USD USD 11 Euro Danish Krone Chinese Yuan Chilean Peso Canadian Dollar Brazilian Real Australian Dollar Fund Lazard GlobalFixedIncome 31 March2013 Turkish Lira Taiwan Dollar Swedish Krona South Korean WonSouth South African Rand South African Qatari Riyal Qatari Pound Sterling Philippine Peso Mexican Peso Indonesian Rupiah Hong Kong Dollar Euro Canadian Dollar Brazilian Real Equity Fund Lazard DevelopingMarkets 31 March2013 Turkish Lira Thai Baht South Korean WonSouth South African Rand South African Philippine Peso Mexican Peso Malaysian Ringgit Indonesian Rupiah Hong Kong Dollar Euro Chilean Peso Canadian Dollar Brazilian Real Equity Fund Lazard EmergingMarketsCore 31 March2013 (ii) Foreign Currency Risk(continued) Market Risk(continued) 15. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Investments Investments Investments 177,723,048 12,117,652 17,430,320 13,221,884 68,377,189 22,977,840 2,595,601 1,152,432 1,022,872 9,745,591 2,962,885 8,663,029 2,281,598 3,084,040 9,150,617 7,710,403 2,035,413 118,099 720,805 310,095 212,152 113,740 116,283 374,654 170,901 176,788 145,315 514,429 139,419 69,209 52,315 85,355 77,005 USD USD USD – – – Contracts andSpots Contracts andSpots Contracts andSpots owr Currency Forward owr Currency Forward owr Currency Forward 10,392,788 (589,343) (435,583) (527,664) (64,845) 174,328 575,680 126,312 83,239 USD USD USD – – – – – – – – – – – – – – – – – – – – – – – – – – – Assets/(Liabilities) Assets/(Liabilities) Assets/(Liabilities) 2,515,503 1,182,360 Net Other Net Other Net Other (572,456) (126,308) (42,466) 137,226 446,432 835,938 131,432 400,253 (24,417) (23,016) 50,500 20,208 20,511 80,626 6,992 2,162 5,750 2,985 1,103 USD USD USD 541 861 18 – – – – – – – – – – – – 180,412,879 13,038,889 12,254,878 17,510,946 13,530,158 68,377,193 24,160,200 9,745,591 2,962,885 8,666,253 2,281,598 3,084,040 9,282,049 7,710,403 1,992,947 Year ended31March 2014 727,797 312,257 583,297 301,141 607,800 446,432 400,253 113,740 117,144 377,639 172,004 176,788 145,315 514,429 116,403 (continued) 53,795 69,209 27,898 85,355 77,005 Total Total Total USD USD USD 18 Movement Movement Sensitivity Movement Sensitivity Sensitivity USD USD USD 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 3,418,860 1,208,010 651,944 487,280 612,744 148,144 875,547 433,313 114,080 154,202 676,508 464,102 385,520 Impact Impact Impact 36,390 15,613 29,165 15,057 30,390 22,322 20,013 18,882 25,721 2,690 5,687 5,857 8,600 3,460 8,839 1,395 7,266 4,268 3,850 5,820 USD USD USD 1

87 Lazard Global Active Funds plc 88 Lazard Global Active Funds plc Turkish Lira Swedish Krona Singapore Dollar Singapore Russian Rouble Pound Sterling Polish Zloty Peru NuevoSol Norwegian Krone New ZealandDollar Mexican Peso Fund (continued) Lazard GlobalFixedIncome 31 March2013 31 March2014 Lazard GlobalFixed IncomeFund Lazard SterlingHighQualityBondFund Lazard GlobalFixed IncomeFund Lazard SterlingHighQualityBondFund Lazard Global ActiveFundsplc YenJapanese 31 March2013 (ii) Foreign Currency Risk(continued) Market Risk(continued) 15. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements movements inbond yields. andnotintendedtobepredictive. ishypothetical analysis This sensitivity havewill additional impacts on assetprices. Furthermore, tobeusedestimatetheimpact ofsmall isintendedonly thisanalysis This isasimplisticapproximation factor, ofanimportant alsolikely, curve withchangesinsteepnesstheyield andtwists which A 1%decrease would have anequalbut opposite effect. inunison).interest moving rates. (interestmaturities ofall rates curve oftheyield shift isbasedonparallel asmall analysis The sensitivity interest risk. rate ofa1basispoint (0.01of1percent)increase Alsoshown inthetableisestimatedimpact in on theportfolio The tablebelow provides modified durationnumbersasat31March 2014 and at31March eachofthesubfundsthatbear 2013for value, theminussign)inportfolio (excluding associatedwitha1%increase ininterest rates. A bond’s beexpressed tointerest ofmodified can interms rates duration, sensitivity gives which theestimatedpercentage change with thesubfund’s investment objective, policiesandcore philosophy. of interest, heldwithinbond funds. The Investment Managers manage thesubfund’s basisinaccordance on interestadaily risk rate prevailing interest rates. The subfundsare through exposedtointerest risk itsinvestments withfixed rate insecurities andfloatingrates of changes in that the fair value or fluctuate futurebecause flows will is of afinancialthe risk Interest cash risk instrument rate (iii) Interest RateRisk Investments 13,029,844 1,321,065 1,085,901 1,112,726 313,793 424,171 222,511 343,774 608,650 472,733 992,464 Currency Currency USD – USD USD GBP GBP Contracts andSpots owr Currency Forward Portfolio Value Portfolio Value 7,571,146 2,348,384 19,903 19,055 (212,044) (300,190) (196,018) (251,356) (580,145) (266,549) (994,292) (934,105) (741,393) (‘000) (‘000) 3,439 2,702 312,598 USD Assets/(Liabilities) Modified Modified Duration Duration 8.54 8.93 4.97 5.71 Net Other

139,944 (74,788) 23,487 31,549 17,851 20,868 1,530 7,132 1,313 3,654 USD 684 – (0.085%) (0.089%) (0.050%) (0.057%) Rates Riseby1BasisPoint Rates Riseby1BasisPoint Return expected ifInterest Return expected if Interest (%) (%) 20,740,934 1,657,150 2,348,384 Year ended31March 2014 103,279 131,113 209,838 196,472 271,939

27,177 93,731 60,054 16,821 (continued) Total USD Monetary Monetary (10,880) (2,938) (2,413) (9,892)

Movement Sensitivity USD 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 117,419 Impact 82,858 10,492 13,597 5,164 6,556 1,359 4,687 3,003 9,824 USD 841 shareholders Net assetsattributabletoRedeemableParticipating Other netreceivables Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard GlobalFixedIncomeBondFund shareholders Net assetsattributabletoRedeemableParticipating Other netreceivables Financial fairvaluethroughprofitorloss assetsat Lazard SterlingHighQualityBondFund shareholders Net assetsattributabletoRedeemableParticipating Other netreceivables Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard GlobalFixedIncomeBondFund shareholders Net assetsattributabletoRedeemableParticipating Other netreceivables Financial fairvaluethroughprofitorloss assetsat Lazard SterlingHighQualityBondFund securities 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 settledupon delivery transactions transferable All involving ofdefault isconsideredThe risk monitored on anongoing manner: basisinthefollowing recognised dealersintheirsectors. ongoingThe Investment ofthislist. monitoring Managers perform is risk Counterparty/issuer Investment Managers. The Investment Managers’ and rated limitedtothemosthighly isgenerally approved list ofcounterparties orissuerexposure management program withinthe ismonitored risk andmanaged by counterparty aformal Counterparty/issuer Furthermore, ofsettlementdefault. bearthe risk withwhomtradeandwill thesubfundsare they exposedtoacreditparties risk it hasentered into witheachsubfund. The subfundsare exposedtocreditviathesubfundsthatinvest risk infixed-income securities. failtodischargeanobligation will orcommitment orissuertoafinancial that instrument thatthecounterparty Credit istherisk risk Counterparty/Issuer RiskandCredit Risk For inmarket risk, thetablesincluded information. sensitivitiesare all basedon historical 31 March2013 thesubfunds’The tablebelow summarises exposure theyear for tointerest ended31March risks 2013: rate 31 March2014 values, dates. ofcontractual re-pricing ormaturity by theearlier categorised thesubfunds’The tablebelow summarises exposure tointerest risks. rate thesubfunds’ Itincludes assetsandtradingliabilitiesatfair (iii) Interest RateRisk Market Risk(continued) 15. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc • • • Measurement and monitoring of counterparty or issuer trade exposure - a daily review ofoutstandingpositions is performed. review orissuer tradeexposure -a daily Measurement ofcounterparty andmonitoring financial statements. ofongoing activities, throughBroker avariety filings -performed and monitoring regulatory theassessmentofcertain including enforceable arrangements andstandinginthefinancial community. ofthebroker’s areview process review thatincludes a formal creditworthiness, financial strength, toenterintolegally ability Approved broker trading with approved permits only brokers. selection - the trading system New brokers are added, subject to Less than1year Less than1year 152,441 252,702 252,702 239,611 239,611 312,228 159,787 55,812 74,383 18,571 USD GBP USD GBP - - - - 1 to5years 1 to5years 8,188,237 8,188,237 5,392,493 5,392,493 549,067 549,067 434,240 434,240 USD GBP USD GBP ------5 to10years 5 to10years 10,523,173 10,523,173 10,648,932 10,648,932 2,595,827 2,595,827 484,015 484,015 USD GBP USD GBP ------Greater than Greater than 2,691,844 2,691,844 1,688,135 1,688,135 10 years 10 years Year ended31March 2014 (continued) USD GBP USD GBP ------

Non interest Non interest 1,118,278 (333,591) (236,399) 219,072 939,075 154,388 bearing bearing 54,630 21,469 54,630 26,796 21,469 9,469 USD GBP USD GBP - - 19,903,187 19,118,500 18,919,852 19,054,966 (333,591) (236,399) 3,439,135 1,118,278 3,384,505 2,624,961 2,702,242 371,513 54,630 77,281 Total Total USD GBP USD GBP

89 Lazard Global Active Funds plc 90 Lazard Global Active Funds plc State StreetGlobalMarkets State Markets RBC Capital JP Morgan HSBC BankUSA Credit Suisse Citigroup GlobalMarkets Markets CIBC World BNY Mellon Capital Markets BNY MellonCapital BNP Paribas Barclays Inc Capital Counterparty Lazard Global ActiveFundsplc in theCompany’s BalanceSheet. There were nopastdueorimpaired assetsasof31March 2014or31March 2013. The extentoftheCompany’s valueasrecorded exposure tocreditinrespect risk ofthefinancial statementsapproximates thecarrying contracts currency are listedbelow. holdingforward counterparties for The ratings deposits. term had andPoor’s aStandard andPoor’s credit longdepositsandaStandard ofAA-for term rating creditshort ofA-1+for rating As at31March 2014theultimateparent company ofboththeCustodianandsub-Custodian, The BankofNew York Mellon, betreatedwill asageneralcreditor ofthefinancial institution inrelation holdingsofthesubfunds. tocash the credit ofthefinancial risk institution whereisdeposited. cash ofthefinancial institution, of insolvency Intheevent thesubfunds heldby cash thesub-custodianandCustodianisidentifiable asbelonging tothesubfunds,While beexposedto thesubfundswill sub-custodiansisnecessary,such incircumstances may beexposedtorisk whereby have thesubfundswill noliability. tosub-custodians, aresub fundswhich markets have traded insuch andwhich beenentrusted inthecircumstances where theuseof In addition, asthesubfundsmay invest developed, inmarkets where are custodialand/orsettlementsystems notfully theassetsof againstthirdto enforce itsrights parties. not, cases, inall beabletoestablishtitleinvestments made andmay lossesasaresult. suffer The subfundsmay find itimpossible ofasub-custodianorregistrar,In circumstances astheinsolvency such orretro-active oflegislation, application thesubfundsmay Custodian thesubfunds’ assetsare segregated andprotected, risk. reduces counterparty and thisfurther funds’ are securities maintainedby theCustodianinsegregated accounts. Thus, ofthe orbankruptcy ofinsolvency intheevent andassetsheldby ofthecash theCompany all are heldby BNYMellon Substantially Trust Company (Ireland) Limited. The sub intherelevantPortfolio contracts currency are disclosed ofInvestments. totheforward counterparties All of(ii)above. in thecase are limitedto10%/5%ofNetExposures Asset toindividualcounterparties Value of(i)above and5%ofNet inthecase Asset Value Regulations namely: assetoutintheUCITS criteria theirobligations andthatsettlementoftransactions maymay notoccur. notperform must meetthefollowing OTC All counterparties withwhom ittrades,The subfundsare exposedtoacrediton counterparties theover thecounter(“OTC”) risk thatthesecounterparties Counterparty/Issuer RiskandCredit Risk(continued) 15. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements (ii)  (i) Acredit institution inaccordance Notices, withtheUCITS or minimum ofA2orequivalent. rating Have aminimum credit ofA2orequivalent, rating orintheopinion oftheInvestment Manager, animpliedcredit S&P LongTerm Rating 2014 AA- AA- A+ A+ A+ A A A A A 2013 AA- AA- A+ A+ A+ A+ A+ A A A Year ended31March 2014

(continued) Rating 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 itsfair value: on thesignificanceofinputsusedinmeasuring risk. inone fairvaluehierarchy Investments ofthefollowing based levels measured atfairvalueare anddisclosed andreported classified FRS 29Financial Instruments: Disclosures, atfairvalueandliquidity requires carried aboutfinancial enhanceddisclosures instruments Fair Value Measurement contracts. currency holdforward funds which inthePortfolioare included ofInvestments. The Company usesthecommitment approach tomeasure globalexposure thesub for hedging purposes. contracts portfolio contracts currency for currency held as at 31 March 2014 funds use forward Details of forward management purposes. efficientThe Company for portfolio does notusefinancial instruments derivative However, ofthesub four 2013: 12months). as at 31 March 2014 were financial in the All Balance Sheet liabilities of the Company due within 12 months (31 March as disclosed No borrowings theyear. such during have arisen requestsswitching on dealing day(s). the following The Company to to ensureborrow term have settlement. the ability in the short tosubsequentredemption or tothenextdealingdayinpriority andeffected forward requestor switching soreduced becarried shall redemptionfund for on orswitching thatdealingdaynotexceed shall 10%oftheNet Asset Value ofthatsubfund. Any redemption subfundmay, insuch of Shares atthediscretion oftheDirectors, be reduced sub pro ofsuch sothatthetotalnumberofShares rata any dealingdayany for subfundexceed 10%oftheNet Asset Value ofthatsubfund, each redemption request orswitching inrespect sub fundson any business day subjecttorestrictions setoutintheProspectus. Iftotalrequests redemption for on and/orswitching redemption ofany shares thatinvestors wishtosell. torequire have Shareholders theright thesubfundstoredeem theirshares inthe bereadily sold. can ofrealisablewhich securities mainly The subfundsassetscomprise ofthesubfundsis The mainliability Liquidity Risk rating, BBB. withinvestment above (andincluding) grade beingratings Regarding the sub funds’ credit risks, investment in bonds that carry thetablebelow provides a breakdown of each sub fundby credit Counterparty/Issuer RiskandCredit Risk(continued) 15. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc AAA AA A BBB BB B Total d) Inputs that are derived principally from or corroborated by observable market databy correlation orcorroborated by orother means. observable from d) Inputsthatare principally derived c) b) similarassetsorliabilitiesinactive for markets. prices a) Quoted commonly quotedintervals,commonly volatilities, prepayment speeds, lossseverities, credit anddefaultrates). risks (e.g. at theassetorliability for thatare observable Inputs otherthanquotedprices observable curves interest andyield rate market makers, isreleased littleinformation orinwhich publicly. transactions theassetor liability, for are theprices notcurrent, eitherover timeoramong substantially quotations vary orprice orsimilarassetsliabilitiesinmarkets thatare identical for notactive, prices Quoted thatis, markets there inwhich are few Lazard SterlingHigh Quality BondFund 31 March2014 100.0% 40.8% 14.6% 35.1% 9.5% - - Lazard GlobalFixed Income Fund 100.0% 10.8% 28.9% 22.7% 26.0% 9.8% 1.8% Lazard SterlingHigh Quality BondFund 31 March2013 100.0% 17.5% 46.3% 14.8% 21.4% - - Lazard GlobalFixed Income Fund 100.0% 24.3% 22.3% 23.7% 22.9% 4.0% 2.8% Year ended31March 2014 (continued)

91 Lazard Global Active Funds plc 92 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Total Bonds Financial assetsatfair value throughprofit orloss 31 March2014 Lazard SterlingHighQualityBondFund Total Forward Currency Contracts Financial liabilitiesatfair value throughprofitorloss Total Forward Currency Contracts Financial assetsatfair value throughprofitorloss 31 March2014 Lazard GlobalListedInfrastructureEquityFund Total Forward Currency Contracts Financial liabilitiesatfair value throughprofitorloss Total Forward Currency Contracts Financial assetsatfair value throughprofitorloss 31 March2014 Lazard GlobalStrategicEquityFund Total Forward Currency Contracts Financial liabilitiesatfair value throughprofitorloss Total Forward Currency Contracts Financial assetsatfair value throughprofitorloss 31 March2014 Lazard JapaneseStrategicEquityFund 31 March 2014: each subfundare for 1, financial level All listedbeloware instruments thefinancial which 2at level instruments from apart inputtothefairvaluemeasurement requiressignificance ofaparticular judgmentandisspecific totheinvestment. the fairvaluehierarchy isbasedon thelowest ofinputthatissignificanttothefairvaluemeasurement. level The assessmentofthe use anumberofdifferentinto ofthefairvaluehierarchy. inputsthatfall levels cases, Insuch aninvestment’s within level 1, aslevel categorised An investment isalways 2or3initsentirety. cases, Incertain 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 Fair valueMeasurement (continued) 15. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements (1,179,473) (3,991,679) (1,179,473) (3,991,679) 2,624,961 2,624,961 2,326,706 2,326,706 (11,336) (11,336) 897,878 897,878 Level 2 Level 2 Level 2 Level 2 9,894 9,894 GBP GBP GBP USD USD JPY JPY Year ended31March 2014

(continued)

Total Forward Currency Contracts Financial liabilitiesatfair value throughprofitorloss Total Forward Currency Contracts Bonds Financial assetsatfair value throughprofit orloss 31 March2013 Lazard GlobalFixedIncomeFund Total Bonds Financial assetsatfair value throughprofitorloss 31 March2013 Lazard SterlingHighQualityBondFund Total Forward Currency Contracts Financial liabilitiesatfair value throughprofitorloss Total Forward Currency Contracts Financial assetsatfair value throughprofitorloss 31 March2013 Lazard GlobalListedInfrastructureEquityFund Total Forward Currency Contracts Financial assetsatfair value throughprofitorloss 31 March2013 Lazard GlobalStrategicEquityFund each subfundare for 1, financial level All listedbeloware instruments thefinancial which 2at31March level 2013: instruments from apart theyear were ended31March 2014none ofthesubfundsinstruments transferredbetween levels.During There heldbutfairvaluedatzero. are 3securities level Total Forward Currency Contracts Financial liabilitiesatfair value throughprofitorloss Total Forward Currency Contracts Bonds Financial assetsatfair value throughprofitorloss 31 March2014 Lazard GlobalFixedIncomeFund Fair valueMeasurement (continued) 15. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc 19,118,500 18,964,112 18,919,852 18,893,056 3,384,505 3,384,505 (333,591) (458,502) (236,399) (333,591) (458,502) (236,399) 154,388 614,446 614,446 849,674 849,674 Level 2 Level 2 Level 2 Level 2 Level 2 26,796 USD USD GBP GBP GBP USD USD USD Year ended31March 2014 (continued)

93 Lazard Global Active Funds plc 94 Lazard Global Active Funds plc Lazard North American EquityFund Lazard GlobalFixed IncomeFund* Lazard SterlingHighQualityBondFund* Lazard MENAFund Lazard DevelopingMarketsEquityFund Lazard EmergingMarketsCoreEquityFund Lazard EmergingMarketsEquityFund Lazard Emerging World Fund Lazard GlobalFund Thematic Lazard Fund GlobalEx-Japan Thematic Lazard Global Trend Fund Lazard GlobalEquityIncomeFund Lazard GlobalEquitySelectFund Lazard GlobalListedInfrastructureEquityFund Lazard Global Managed Lazard GlobalManaged Volatility Fund Lazard Global Strategic EquityFund Lazard GlobalStrategic Lazard Pan EuropeanEquityFund Lazard EuropeanEquityFund Lazard Japanese Strategic EquityFund Strategic Lazard Japanese Lazard Japanese EquityFund Lazard Japanese Lazard UKEquityFund Lazard Global ActiveFundsplc the year ended31March 2014. Companies Act, amountingtoUSD86,748(2013: 92,527)for Fry andtheSecretary paidto 1990inlegaland secretarialfees William andaccordingly, Limited(the Secretarial Fry own “Secretary”) Wilton William had abeneficial DanielMorrissey interest underthe Fry (theCompany’s isaDirector of of theCompanyDaniel Morrissey legaladvisers). andisalsoapartner William of The partners Andreas Hübner, are alsoDirectors oftheManager. Michael Allen, are notentitledtoany AndreasSmith Directors’ Hübner and William fees. Directors All oftheCompany, except Michael Allen, are time executives Group full Smith Andreas oftheLazard aswell asDirectors oftheCompany. Hübner and William transactions with theManager andDirectors inNotes related are4, material party included All 6and7tothefinancial statements. 18. RelatedPartyTransactions *Transaction costson oftheinvestment. purchase inthepurchase andsalesofbonds andsaleprice are included tableshowsThe following thetransaction theyear costsfor ended31March 2014and31March 2013: 17. Transaction Costs are satisfied thatthesearrangements are ofbenefit tothesubfunds. thesubfunds, including Investment Managersendeavour timestoobtainbestexecution will atall clients ontransactionsall all for and transactions relating tothesubfundsinvestments. including The Investment Managers place businesswiththesecounterparties The execution oftrades on behalfofclients. suppliedtothemby thebroker orbyrelated services third parties. may beeithermarket research orberelated tothe These services dealing arrangements with brokers whereby of the dealing commissions paidto them are part used to discharge the cost of investment- The Investment ManagerstheCompany, for inaccordance withcommon market investment practice for managers entered into 16. SoftCommissionArrangements There heldbutfairvaluedatzero. are 3securities level theyear were ended31March 2013none ofthesubfundsinstruments transferredbetween levels. During Fair valueMeasurement (continued) 15. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Currency USD USD USD USD USD USD USD USD USD USD USD USD USD USD GBP GBP GBP EUR EUR JPY JPY 31 March14 19,749,684 1,386,948 3,028,718 782,294 885,928 290,749 432,521 106,359 147,110 102,971 90,872 40,797 10,849 10,016 27,933 29,589 8,427 9,485 - - - 31 March13 1,012,627 9,971,009 521,223 721,050 272,930 106,754 192,240 16,033 94,501 43,262 3,146 4,844 7,571 3,397 1,914 5,066 - - - - - Year ended31March 2014

(continued) The financial statementswere approved by theBoard ofDirectors on 26June2014. 19. Approval oftheFinancialStatements Michael Allen, Smith, William DanielMorrissey, John Donohoe andGavinCaldwell are directors all oftheManager. governance andMLRO Limitedfor ofEUR83,834(2013: GlobalFinancialCarne 68,677). services Services and MLRO to services John Donohoe, whoisaDirector, Limitedwhoprovide governance isalsoCEOandPrincipal GlobalFinancial ofCarne Services 18. RelatedPartyTransactions (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard FundLazard Managers (Ireland) Limited, the (“Manager” ) and the Company. There were made payments to Year ended31March 2014 (continued)

95 Lazard Global Active Funds plc 96 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard UKEquityFund Portfolios ofInvestments Common Stock-99.15% Machinery-Diversified -1.63% Machinery-Diversified Insurance -4.64% -1.01% Healthcare-Services Forest Products&Paper -1.20% Food -6.97% -1.18% Diversified FinancialServices Construction Materials-0.99% Beverages -3.01% Banks -10.95% Auto Parts &Equipment-1.42% Apparel -0.22% Airlines -2.40% Agriculture -1.72% Aerospace/Defense -1.03% Commercial Services -6.20% Commercial Services Shares 227,004 27,820 11,017 16,560 12,705 10,360 51,744 40,422 16,230 18,862 25,743 11,230 55,471 8,220 7,643 2,875 8,991 7,250 2,306 2,314 4,290 4,801 8,937 HSBC HoldingsPlc St James'sPlacePlc Prudential Plc DS SmithPlc Unilever Plc Compass GroupPlc PersonalInternational Finance Plc &BonarPlc Low BankingGroupPlc Lloyds Barclays Plc GKN Plc boohoo.com plc Consolidated International Airlines GroupSA The Weir GroupPlc NMC HealthPlc Serco GroupPlc Plc Diageo Bank ofGeorgiaHoldingsPlc British AmericanTobaccoPlc HoldingsPlc Rolls-Royce Hays Plc Babcock International GroupPlc Babcock International Ashtead GroupPlc Fair Value 207,621 139,806 312,058 195,775 116,283 490,226 169,402 168,992 107,413 277,407 134,904 67,815 53,729 53,017 44,177 94,355 63,362 45,292 47,284 57,477 77,178 46,118 80,461 64,693 84,969 9,950 72,924 GBP

% ofNet Asset 10.95 Value 4.64 1.52 3.12 1.20 6.97 4.37 2.60 1.18 0.99 3.78 3.78 2.11 1.42 2.40 1.01 6.20 1.06 1.28 0.22 1.72 1.03 1.80 3.01 1.44 1.90 1.63 Media -3.73% Common Stock-99.15%(continued) Mining -6.82% Oil &Gas-8.69% Retail -7.67% REITS -4.53% Real Estate-0.37% Pharmaceuticals -9.40% Packaging &Containers-1.29% Telecommunications -5.59% Software -2.36% Semiconductors -2.49% Water -1.64% Shares 104,514 143,097 10,937 34,776 51,202 33,343 30,767 44,742 14,296 12,126 21,705 10,820 51,718 35,936 17,352 4,413 9,561 4,633 4,598 8,048 4,054 9,146 5,644 1,557 7,856 3,160 4,023 Reed ElsevierPlc ITV Plc Rio Tinto Plc Rio Tinto Plc Glencore Xstrata Royal DutchShellPlc Royal Lekoil Ltd BP Plc Foxtons GroupPlc Shire Plc GlaxoSmithKline Plc AstraZeneca Plc RPC GroupPlc Travis Perkins Plc Spirit PubCoPlc Next Plc Dixons RetailPlc Carphone Warehouse GroupPlc Workspace GroupPlc Segro Plc Big Yellow GroupPlc IQE Plc ARM HoldingsPlc Vodafone GroupPlc BT GroupPlc WANdisco Plc GroupPlc The Sage Severn TrentPlc Year ended31March 2014 Fair Value 166,841 100,210 305,397 147,273 158,124 389,142 223,823 147,689 420,595 135,388 128,064 157,143 202,889 343,174 106,361 102,801 111,514 105,430 250,317 113,922 136,395 66,631 17,630 16,595 57,643 36,241 51,395 46,376 71,816 72,050 59,023 33,091 78,423 32,864 72,566 73,359 GBP

% ofNet Asset Value 1.49 3.73 2.24 6.82 3.29 3.53 0.39 8.69 5.00 3.30 0.37 1.29 9.40 3.03 2.86 3.51 0.81 1.15 1.04 4.53 1.60 1.61 1.32 7.67 2.37 2.30 2.49 0.74 1.75 2.36 0.74 1.62 5.59 2.54 3.05 1.64 Portfolio ofInvestmentsasat31March 2014 Lazard UKEquityFund(continued) Lazard Global ActiveFundsplc Portfolios ofInvestments Common Stock-99.15%(continued) Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets MARKET ORLISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostGBP3,908,114) Total CommonStock-(CostGBP3,908,114) Shares 4,476,538 4,438,272 4,438,272 Fair Value 38,266 % ofTotal Assets GBP

100.00% % ofNet 94.74% 100.00 Asset 5.26% 99.15 99.15 Value 0.85 (continued) Year ended31March 2014

97 Lazard Global Active Funds plc 98 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard JapaneseEquityFund Portfolios ofInvestments Common Stock-98.80% Electronics -7.22% Electrical Components&Equipment-4.05% -2.79% Diversified FinancialServices Distribution/Wholesale -3.02% Cosmetics/Personal Care-1.09% Computers -0.56% Chemicals -4.82% Building Materials-7.76% Banks -16.80% Shares Food -1.07% Entertainment -1.00% Engineering andConstruction-1.02% 1,194,000 1,707,000 4,272,800 1,596,000 432,200 355,000 831,000 770,000 142,100 534,000 335,000 220,500 535,000 136,400 913,800 108,800 496,000 410,000 260,000 130,200 43,400 66,800 45,600 25,000 75,400 56,800 38,200 61,100 8,600 Rinnai Corp Hitachi Ltd ORIX Corp Mitsubishi Corp Kao Corp SCSK Corp Ube IndustriesLtd DenkoKK Showa Nitto DenkoCorp Nissan ChemicalIndustriesLtd Hitachi ChemicalCoLtd Asahi KaseiCorp Nice HoldingsInc JS GroupCorp Daikin IndustriesLtd Asahi GlassCoLtd Sumitomo Mitsui Trust HoldingsInc Sumitomo MitsuiFinancial GroupInc Nomura HoldingsInc Mizuho Financial GroupInc Mitsubishi UFJFinancial GroupInc Kyocera Corp Keyence Corp Seven &IHoldingsCoLtd Toho CoLtd Taisei Corp Toshiba Corp Nippon Chemi-ConCorp Nidec Corp 1,745,840,950 1,084,814,850 3,781,118,600 1,624,753,800 393,855,000 911,022,000 628,418,800 680,357,500 244,488,000 126,882,000 157,474,500 112,035,000 123,587,500 116,719,200 199,863,650 375,135,000 627,212,250 328,531,200 320,197,500 795,462,000 602,001,400 604,935,600 873,787,600 904,932,000 177,610,900 366,596,500 241,161,700 225,270,400 229,152,000 179,170,000 817,916,400 76,045,000 83,460,000 Fair Value JPY

% ofNet Asset 16.80 Value 7.76 1.75 0.34 4.05 2.79 3.02 1.09 0.56 4.82 0.70 0.50 0.55 0.52 0.89 1.66 2.79 1.46 1.42 3.53 2.68 2.69 3.88 4.02 0.37 0.79 1.63 1.07 1.00 1.02 7.22 0.80 3.63 Common Stock-98.80%(continued) Office Furnishings-0.39% Miscellaneous Manufacturing -1.68% -2.19% Machinery-Diversified &Mining-2.55% Machinery-Construction Iron/Steel -2.43% Internet -1.15% Insurance -2.97% Home Furnishings-1.18% Home Builders-2.32% Hand/Machine Tools -2.17% Software -1.00% Retail -3.38% Real Estate-4.19% Pharmaceuticals -1.77% Oil &Gas-2.84% Office/Business Equipment-4.32% Shares (continued) 1,934,000 136,400 247,000 268,100 188,000 446,100 135,000 298,000 106,300 788,300 458,000 803,700 300,300 192,400 284,000 231,800 17,200 98,000 86,100 92,100 87,800 1,652 Fuji Film Holdings Corp Fanuc Corp Amada CoLtd Komatsu Ltd Nippon SteelCorp Rakuten Inc The Dai-ichiLifeInsuranceCoLtd Corp Sony CoLtd Daiwa HouseIndustry Okamura Corp Makita Corp Square EnixHoldingsCoLtd Tokyu FudosanHoldingsCorp RetailFundInvestmentCorp Japan Tokyo GasCoLtd JX HoldingsInc Ricoh CoLtd Canon Inc Takashimaya CoLtd Marui GroupCoLtd Izumi CoLtd Miraca HoldingsInc Year ended31March 2014 378,032,600 492,953,000 313,384,000 179,569,000 573,197,800 546,355,000 258,782,000 668,703,900 266,287,500 522,394,000 488,187,000 225,462,300 943,052,700 607,779,300 335,273,400 639,487,050 240,450,000 399,037,050 971,647,950 357,507,150 614,140,800 761,012,200 275,196,000 204,911,200 280,905,000 397,295,000 88,739,000 Fair Value JPY

% ofNet Asset Value 1.68 2.19 1.39 0.80 2.55 2.43 1.15 2.97 1.18 2.32 2.17 0.39 1.00 4.19 2.70 1.49 2.84 1.07 1.77 4.32 1.59 2.73 3.38 1.22 0.91 1.25 1.77 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard JapaneseEquityFund(continued) Portfolios ofInvestments Common Stock-98.80% Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets MARKET ORLISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostJPY19,135,842,504) Total CommonStock-(CostJPY19,135,842,504) Venture Capital-3.85% Transportation -1.92% Toys/Games/Hobbies -3.70% Telecommunications -1.60% Shares 187,300 723,000 28,200 52,200 79,000 64,000 Jafco CoLtd Nippon Yusen KabushikiKaisha Co Railway East Japan Nintendo CoLtd Namco BandaiHoldingsInc Nippon Telegraph& Telephone Corp 22,505,693,200 22,234,842,100 22,234,842,100 866,262,500 431,070,000 216,538,500 214,531,500 833,728,000 640,494,000 193,234,000 358,912,000 270,851,100 Fair Value % ofTotal Assets JPY

100.00% % ofNet 97.07% 100.00 Asset 2.93% 98.80 98.80 Value 3.85 1.92 0.96 0.96 3.70 2.84 0.86 1.60 1.20 (continued) Year ended31March 2014

99 Lazard Global Active Funds plc 100 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard JapaneseStrategicEquityFund Portfolios ofInvestments Common Stock-98.87% Pharmaceuticals -2.45% Oil &Gas-2.90% Office/Business Equipment-6.12% -1.31% Machinery-Diversified &Mining -3.70% Machinery-Construction Iron/Steel -3.32% Insurance -4.10% Home Builders-1.99% Hand/Machine Tools -3.30% Electronics -6.21% Electrical Components&Equipment-3.62% -4.38% Diversified FinancialServices Distribution/Wholesale -3.70% Chemicals -2.01% Building Materials-8.81% Banks -20.71% Shares 1,196,400 247,300 498,000 115,600 201,000 127,500 121,000 152,000 484,000 277,200 392,600 13,200 56,900 22,900 89,800 47,700 76,000 73,300 48,000 24,600 41,800 81,600 Rinnai Corp JS GroupCorp Miraca HoldingsInc JX HoldingsInc Ricoh CoLtd Canon Inc Amada CoLtd Komatsu Ltd Nippon SteelCorp The Dai-ichiLifeInsuranceCoLtd CoLtd Daiwa HouseIndustry Makita Corp Nidec Corp Hitachi Ltd ORIX Corp Mitsubishi Corp Asahi KaseiCorp Asahi GlassCoLtd Sumitomo Mitsui Trust HoldingsInc Nomura HoldingsInc Mizuho Financial GroupInc Mitsubishi UFJFinancial GroupInc 372,614,050 119,790,000 161,852,050 103,622,500 122,784,450 259,165,300 106,906,900 152,258,400 156,715,400 140,685,000 173,284,400 139,482,000 262,587,600 153,363,000 185,385,000 156,386,400 876,318,400 225,544,000 183,506,400 244,663,800 222,604,200 55,252,000 84,144,000 85,002,500 90,972,000 Fair Value JPY

% ofNet Asset 20.71 Value 1.31 1.99 2.01 8.81 2.83 3.83 2.15 2.45 2.90 6.12 2.52 3.60 3.70 3.32 4.10 3.30 6.21 3.62 4.38 3.70 5.33 4.34 5.78 5.26 Other assetsinexcessofliabilities Financial fairvalue assetsandfinancialliabilitiesat (total netunrealisedresult) Total forwardcurrency contracts Total Investments-(CostJPY4,006,320,344) Total CommonStock-(CostJPY4,006,320,344) Venture Capital-5.56% Toys/Games/Hobbies -4.80% Retail -4.50% Real Estate-5.38% Total Assets Current assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets CONTRACTS WHICHAREFINANCIALDERIVATIVE INSTRUMENTS. MARKET OR LISTEDON A RECOGNISEDEXCHANGEEXCEPT FOR FORWARD CURRENCY ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED Total NetAssets Forward currency contracts Common Stock-98.87%(continued) Shares Buy Buy Buy Buy (continued) 288,044,460 JPY 19,512,952 GBP 205,000 135,000 50,900 12,800 18,800 19,600 1,390,437 JPY 607,031 GBP 343 Tokyu FudosanHoldingsCorp RetailFundInvestmentCorp Japan Jafco CoLtd Nintendo CoLtd Namco BandaiHoldingsInc Takashimaya CoLtd Izumi CoLtd Sell Sell Sell Sell 3,350,066,235 JPY 103,305,662 JPY 1,698,296 GBP 8,090 GBP Year ended31March 2014 Counterparty BNY Mellon BNY Mellon BNY Mellon BNY Mellon 4,180,413,349 4,183,507,150 4,183,507,150 4,231,215,516 04/15/14 04/15/14 04/15/14 04/15/14 Maturity 227,666,850 158,055,000 235,412,500 203,040,800 157,056,000 190,595,000 130,815,000 50,802,167 (3,093,801) 69,611,850 45,984,800 59,780,000 Fair Value (3,481,934) % ofTotal Assets JPY 896,133 (509,745)

1,745 100.00% % ofNet 95.97% 100.00 Asset 4.01% 0.02% 98.87 98.87 (0.07) Value 98.80 (0.01) (0.07) 5.38 3.74 1.64 5.56 4.80 3.71 4.50 3.09 1.20 1.09 1.41 0.01 – Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard European EquityFund Portfolios ofInvestments Common Stock-95.31% Denmark -7.25% Belgium -3.53% Austria -1.83% Finland -3.93% Netherlands -6.04% Italy -4.83% Ireland -2.17% Greece -1.17% -19.63% Germany France -12.51% Shares 170,836 154,475 222,098 368,356 28,155 63,932 20,859 30,110 17,070 58,742 24,760 60,428 62,139 36,397 56,217 57,916 16,164 18,190 23,932 13,560 38,668 13,961 26,458 11,645 26,526 29,546 12,187 44,665 16,437 39,994 6,478 9,704 5,742 8,254 Anheuser-Busch InBevNV UNIQA InsuranceGroup AG Erste GroupBank AG Topdanmark A/S Pandora A/S Nordisk A/S Novo ISS A/S Carlsberg A/S Unilever NV Reed ElsevierNV Koninklijke PhilipsNV Mediolanum SpA Mediaset SpA ENI SpA HoldingsPlc Ryanair GroupPlc Kerry Piraeus BankSA Siemens AG SAP AG HeidelbergCement AG Fresenius SE&CoKGaA Deutsche Wohnen AG Continental AG Motoren Werke AG Bayerische Bayer AG Allianz SE Valeo SA Sanofi-Aventis SA Plastic OmniumSA GeminiSA Cap BNP Paribas SA Airbus GroupNV Sampo OYJ Nokia OYJ 12,067,619 2,167,372 1,125,157 4,457,270 1,934,044 3,715,284 1,807,704 2,967,049 1,053,519 1,017,809 1,334,293 1,788,259 1,407,560 1,101,647 1,275,267 2,621,591 1,432,626 7,691,315 2,017,302 2,495,880 2,417,446 1,498,775 Fair Value 619,118 506,039 635,627 819,135 602,285 466,179 975,271 932,309 895,721 435,413 898,880 716,452 843,229 597,614 999,826 840,464 803,651 669,432 864,586 918,671 EUR

% ofNet Asset 19.63 12.51 Value 3.53 1.83 1.01 0.82 7.25 1.03 1.33 3.15 0.98 0.76 6.04 2.94 1.58 1.52 4.83 1.71 1.46 1.66 2.17 0.71 1.46 1.17 2.91 2.29 1.37 1.79 0.97 1.63 2.07 4.27 2.33 1.37 3.28 1.31 1.09 4.06 1.40 3.93 2.44 1.49 Common Stock-95.31%(continued) Switzerland -16.74% Sweden -4.05% Spain -4.81% Portugal -0.98% Norway -3.94% Germany -1.99% Germany Preferred Stock-1.99% Total CommonStock- Turkey -1.90% Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostEUR47,215,476) Total Right-(CostEUR–) Spain -0.02% Right -0.02% Total PreferredStock- Shares (continued) 366,354 185,621 228,910 144,112 60,738 12,390 51,335 12,808 50,232 37,017 25,665 18,338 83,662 36,412 11,450 48,247 35,023 68,310 45,177 77,097 12,404 83,662 8,530 8,840 3,589 1,433 6,469 Novartis AG Julius BaerGroupLtd Holding AG GAM Cie Financiere RichemontSA Swedbank AB SKF AB Group AB Modern Times Red ElectricaCorpSA SA Argentaria Bilbao Vizcaya Banco Atresmedia CorpdeMediosComunicaionS.A. Acciona SA Galp EnergiaSGPSSA Yara ASA International Telenor ASA Polarcus Ltd ASA Geo-Services Petroleum Forsikring ASA Gjensidige Panalpina Welttransport Holding AG Panalpina Welttransport Group AS Dolphin Turkiye GarantiBankasi AS Turkcell IletisimHizmetleri AS UBS AG Syngenta AG Re AG Swiss Group The Swatch AG Banco Bilbao Vizcaya Argentaria SA Argentaria Bilbao Vizcaya Banco AG Volkswagen (Cost EUR45,991,811) (Cost EUR1,223,665) Year ended31March 2014 10,287,150 58,586,926 61,472,281 59,822,460 2,490,255 2,419,186 3,727,623 2,959,331 1,080,475 1,168,418 1,149,309 1,649,821 1,221,186 1,221,186 Fair Value 399,484 666,319 887,956 962,986 677,172 850,097 733,674 420,741 724,441 603,329 272,412 562,952 202,867 586,827 666,290 987,176 127,838 589,129 579,289 988,652 830,951 649,680 14,348 14,348 EUR

% ofNet 100.00 Asset 95.31 16.74 97.32 Value 4.05 3.94 0.65 1.08 1.45 1.57 1.10 1.38 1.19 0.68 1.18 0.98 0.44 0.92 0.33 0.96 1.08 6.06 4.81 1.76 1.61 0.21 1.90 0.96 0.94 1.61 1.35 1.06 1.87 0.02 2.68 1.99 1.99 0.02 101 Lazard Global Active Funds plc 102 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard European EquityFund(continued) Portfolios ofInvestments Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets MARKET ORLISTEDONARECOGNISABLEEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED % ofTotal Assets 100.00% 96.27% 3.73% (continued) Year ended31March 2014 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard PanEuropean EquityFund Portfolios ofInvestments Belgium -2.09% Austria -1.00% Denmark -3.32% Finland -1.89% France -8.83% Germany -11.99% Germany Ireland -2.04% Greece -1.25% Netherlands -5.74% Italy -2.53% Spain -3.67% Norway -2.82% Common Stock-95.33% Shares 12,893 77,665 20,676 42,545 16,531 11,466 10,584 14,350 34,420 3,413 7,059 1,169 6,233 4,478 3,972 5,596 5,134 5,871 4,265 2,125 4,831 2,671 1,620 4,932 9,293 7,058 7,622 6,778 6,966 3,473 944 UNIQA InsuranceGroup AG Anheuser-Busch InBevNV Novo Nordisk A/S Novo Carlsberg A/S Sampo OYJ Topdanmark A/S Airbus GroupNV Sanofi-Aventis SA Plastic OmniumSA BNP Paribas SA Bayer AG Bayerische Motoren Werke AG Bayerische Continental AG Piraeus BankSA SAP AG HeidelbergCement AG Fresenius SE&CoKGaA Deutsche Wohnen AG Mediolanum SpA Mediaset SpA HoldingsPlc Ryanair Kingspan GroupPlc Telenor ASA ASA Geo-Services Petroleum Forsikring ASA Gjensidige Unilever NV Reed ElsevierNV Koninklijke PhilipsNV International Consolidated Consolidated International Airlines GroupSA Atresmedia CorpdeMediosComunicaionS.A. Red ElectricaCorpSA 1,097,465 1,490,199 Fair Value 123,811 259,712 233,248 412,257 234,641 206,544 423,617 138,528 328,776 419,655 194,820 164,279 154,942 284,256 166,457 184,113 314,184 141,579 172,605 254,045 126,057 127,988 350,127 113,546 169,314 713,943 315,853 225,116 172,974 173,719 456,454 204,820 84,394 94,615 76,619 67,267 77,915 EUR

% ofNet Asset 11.99 Value 1.00 2.09 0.68 1.88 3.32 0.76 1.89 1.66 8.83 3.41 1.11 2.65 3.38 1.57 1.32 0.61 1.25 2.29 1.34 1.48 2.53 1.14 1.39 2.04 1.01 1.03 0.54 2.82 0.92 1.36 5.74 2.54 1.81 1.39 0.62 1.40 3.67 1.65 Sweden -3.17% Switzerland -11.23% Germany -1.85% Germany Preferred Stock-1.85% Total CommonStock-(CostEUR11,286,589) United Kingdom-33.76% Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostEUR11,522,514) Total PreferredStock-(CostEUR235,925) Common Stock-95.33%(continued) Shares (continued) 251,829 15,240 90,447 13,605 11,350 19,387 20,801 34,152 27,848 44,787 68,491 44,246 10,898 11,852 9,399 5,338 3,315 2,091 1,222 3,799 7,528 2,575 3,919 4,201 9,201 6,460 9,622 3,415 7,969 3,927 5,826 2,793 1,075 8,787 8,427 565 298 Swedbank AB SKF AB Group AB Modern Times Cie Financiere RichemontSA Volkswagen AG Volkswagen Telecity GroupPlc TaylorPlc Wimpey GroupPlc Stagecoach Spectris Plc Shire Plc Schroders Plc SABmiller Plc HoldingsPlc Rolls-Royce Plc Rio Tinto Rexam Plc Prudential Plc BankingGroupPlc Lloyds Ladbrokes Plc Plc Infinis Energy Hunting Plc HSBC HoldingsPlc Plc Glencore Xstrata Experian Plc Direct LineInsuranceGroupPlc Plc Diageo Plc Croda International GroupPlc The Capita British AmericanTobaccoPlc BG GroupPlc Berkeley GroupHoldingsPlc BritishFoodsAssociated Plc Syngenta AG Re AG Swiss Group The Swatch AG Holding AG Panalpina Welttransport Novartis AG Holding AG GAM Year ended31March 2014 11,845,220 12,425,507 12,075,720 4,194,567 1,395,145 Fair Value 393,728 182,646 112,070 144,914 349,787 230,500 128,579 128,824 106,496 268,122 141,988 147,586 169,583 114,204 319,292 227,317 329,082 255,851 127,083 216,569 105,149 144,543 321,495 160,171 124,476 196,016 155,164 187,944 135,542 119,864 541,488 110,229 230,500 99,012 64,938 80,936 55,707 80,187 95,825 84,548 EUR

% ofNet 100.00 Asset 95.33 33.76 11.23 97.18 Value 3.17 1.47 0.80 0.90 1.17 2.82 1.85 1.85 1.03 1.04 0.52 0.86 2.16 0.65 1.14 1.19 1.36 0.92 2.57 1.83 0.45 0.65 0.77 2.65 2.06 0.68 1.02 1.74 0.85 1.16 2.59 1.29 1.00 1.58 1.25 1.51 1.09 0.96 4.36 0.89 103 Lazard Global Active Funds plc 104 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard PanEuropean EquityFund(continued) Portfolios ofInvestments Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets MARKET ORLISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED % ofTotal Assets 100.00% 94.20% 5.80% (continued) Year ended31March 2014 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard GlobalStrategicEquityFund Portfolios ofInvestments Common Stock-91.61% Thailand -0.92% Switzerland -3.87% Spain -2.71% South Africa-4.83% Philippines -1.93% Japan -6.63% Italy -1.27% Indonesia -0.94% Greece -1.17% Finland -2.56% Denmark -0.90% China -2.09% Brazil -1.70% Belgium -1.92% Australia -2.35% Shares 117,000 156,400 11,595 25,721 13,927 16,518 10,800 6,500 2,059 3,179 1,300 1,100 3,200 2,300 8,795 1,905 1,196 6,500 2,742 2,064 563 465 709 Kasikornbank PCL Holding AG GAM Cie Financiere RichemontSA Holding AG Baloise Consolidated International Airlines GroupSA Banco Popular EspanolSA Nampak Ltd Mediclinic Ltd International Alliance GlobalGroupInc Makita Corp Don QuijoteHoldingsCoLtd Asics Corp Asahi GroupHoldingsLtd Mediaset SpA Media NusantaraCitra Tbk PT Piraeus BankSA Sampo OYJ Topdanmark A/S Sands ChinaLtd Estacio Participacoes SA Anheuser-Busch InBevNV Ltd Caltex Australia Ansell Ltd Fair Value 149,382 104,665 186,646 256,116 35,616 37,120 53,777 58,485 80,657 24,008 87,767 98,879 74,421 71,574 56,984 63,015 64,543 49,178 36,174 45,419 98,841 34,829 80,648 65,793 74,359 90,983 55,784 35,199 USD

% ofNet Asset Value 0.92 3.87 0.96 1.39 1.52 2.71 2.09 0.62 4.83 2.27 2.56 1.93 6.63 1.85 1.48 1.63 1.67 1.27 0.94 1.17 2.56 0.90 2.09 1.70 1.92 2.35 1.44 0.91 Turkey -0.54% United Kingdom-13.40% United States-41.88% Germany -1.99% Germany Preferred Stock-1.99% Total CommonStock-(CostUSD3,526,550) Total PreferredStock-(CostUSD75,476) Total Investments-(CostUSD3,602,026) Common Stock-91.61%(continued) Shares (continued) 21,824 55,590 10,072 3,358 3,301 8,910 3,595 1,138 1,444 1,237 1,685 1,768 1,274 1,179 1,145 2,651 1,458 2,263 1,355 2,478 1,289 2,164 898 295 326 930 577 990 283 637 610 850 Turkiye HalkBankasi AS Telecity GroupPlc Rexam Plc Rentokil InitialPlc Prudential Plc BankingGroupPlc Lloyds Informa Plc Plc Croda International British AmericanTobaccoPlc Advance Auto Parts Inc Volkswagen AG Volkswagen Visa Inc Viacom Inc Tyco Ltd International Sysco Corp QUALCOMM Inc Molson CoorsBrewingCo McKesson Corp Mastercard Inc Kellogg Co JC Penney CoInc Hasbro Inc Hartford FinancialGroupInc Services EOG ResourcesInc EMC Corp Eastman ChemicalCo Citigroup Inc CareFusion Corp Inc Baxter International Ameriprise Financial Inc American ExpressCo American Airlines Group Inc Year ended31March 2014 1,618,216 3,540,087 3,616,780 Fair Value 517,963 113,575 105,139 101,884 20,838 38,385 72,341 44,734 76,056 69,160 88,701 48,294 80,292 76,693 70,323 71,436 63,904 73,344 74,981 88,077 71,797 22,865 55,054 51,431 55,520 62,052 54,925 64,491 99,653 94,858 67,188 76,538 79,181 76,693 USD

% ofNet Asset 13.40 91.61 41.88 93.60 Value 0.54 0.99 1.87 1.16 1.97 1.79 2.29 1.25 2.08 2.94 1.99 1.82 2.72 1.85 1.65 1.90 1.94 2.64 2.28 1.86 0.59 1.42 1.33 1.44 1.61 1.42 1.67 2.58 2.45 1.74 1.98 2.05 1.99 105 Lazard Global Active Funds plc 106 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard GlobalStrategicEquityFund(continued) Portfolios ofInvestments Forward currency contracts Total Assets Current assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets CONTRACTS WHICHAREFINANCIALDERIVATIVE INSTRUMENTS. MARKET OR LISTEDON A RECOGNISEDEXCHANGEEXCEPT FOR FORWARD CURRENCY ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED Total NetAssets Other assetsinexcessofliabilities Financial fairvalue assetsandfinancialliabilitiesat (total netunrealisedresult) Total forwardcurrency contracts Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy 24,722,081 JPY 475,100 CAD 433,208 USD 161,740 USD 581,895 USD 192,844 USD 242,935 USD 115,451 GBP 116,183 EUR 424,338 EUR Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell 24,722,081 JPY 429,178 USD 159,593 USD 590,734 USD 191,941 USD 242,618 USD 475,100 CAD 115,451 GBP 116,183 EUR 424,338 EUR Counterparty Markets CIBC World Markets Capital BNY Mellon Markets CIBC World Markets Capital BNY Mellon Markets Capital BNY Mellon Markets CIBC World Markets Capital BNY Mellon Markets CIBC World Markets Capital BNY Mellon Markets Capital BNY Mellon Maturity 05/21/14 05/21/14 05/21/14 05/21/14 05/21/14 05/21/14 05/21/14 05/21/14 05/21/14 05/21/14 Date 3,615,338 3,864,173 248,835 (1,442) (5,942) (2,497) (2,897) 3,292 1,625 2,813 Value 739 522 459 444 % ofTotal Assets USD Fair

100.00% % ofNet 91.59% 100.00 Asset 8.16% 0.25% (0.04) (0.15) (0.06) (0.08) Value 93.56 6.44 0.02 0.01 0.01 0.09 0.04 0.01 0.07

(continued) Year ended31March 2014 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard GlobalManagedVolatility Fund Portfolios ofInvestments Common Stock-99.56% Belgium -1.16% Austria -0.22% Australia -8.58% Bermuda -0.40% Denmark -3.42% Canada -11.98% China -0.24% Shares 128,635 280,478 15,649 16,168 64,519 33,815 16,130 54,603 43,884 26,986 14,909 10,300 13,358 12,800 26,200 29,400 11,073 9,256 7,175 1,939 2,416 4,343 1,578 3,139 7,960 8,687 4,800 7,800 7,400 5,100 5,300 9,800 3,635 1,600 1,207 6,529 2,900 4,760 3,700 3,131 2,100 Platinum Platinum Ltd Asset Management Woolworths Ltd Retail TrustWestfield Westfield Group Telstra CorpLtd Insurance Australia GroupLtd GPT Group CSL Ltd Commonwealth PropertyOfficeFund CFS RetailProperty Trust Amcor Ltd Ltd AGL Energy Belgacom SA OMV AG Telenet GroupHoldingNV bpost SA CI Financial Corp PartnerRe Ltd Novozymes A/S Nordisk A/S Novo Coloplast A/S Sands ChinaLtd Tim HortonsInc Inc Communications Shaw SEMAFO Inc Inc Saputo BankofCanada Royal Inc Rogers Communications Progressive Waste SolutionsLtd Parkland FuelCorp Pacific Corp RubialesEnergy Open TextCorp Metro Inc Methanex Corp Inc International Magna Imperial OilLtd +HendersonCorp Davis Cineplex Inc Power Corp Capital Inc Bell Aliant Atco Ltd/Canada 3,486,999 1,390,547 4,868,288 Fair Value 108,056 536,842 178,200 321,872 605,061 185,479 597,386 323,647 259,871 210,313 225,223 471,580 149,013 325,310 163,323 138,000 608,344 644,203 481,557 626,551 104,150 242,122 515,458 459,527 187,524 468,939 213,689 102,285 116,207 304,433 181,410 100,820 83,196 77,076 88,198 97,344 95,583 98,651 95,581 81,096 86,287 76,691 USD

% ofNet Asset 11.98 Value 0.26 0.20 0.19 8.58 1.32 0.44 0.79 1.49 0.46 1.47 0.80 0.64 0.52 0.22 0.55 0.24 1.16 0.37 0.80 0.40 0.24 0.24 0.23 0.20 0.21 0.19 3.42 0.34 1.50 1.58 1.18 1.54 0.26 0.60 1.27 1.13 0.46 1.15 0.53 0.25 0.29 0.75 0.45 0.25 Common Stock-99.56%(continued) Finland -0.62% France -1.96% Germany -0.48% Germany Netherlands -0.29% Japan -5.89% Israel -1.70% Ireland -0.60% Hong Kong-3.39% Shares (continued) 144,243 19,300 18,400 39,000 91,000 83,657 17,503 27,655 45,000 16,000 31,000 24,500 68,000 32,000 6,026 3,646 2,410 1,565 2,278 3,867 9,900 6,600 5,200 1,900 1,600 2,900 2,100 5,600 1,700 1,000 4,800 7,100 1,021 1,700 2,169 685 411 722 Kone OYJ Bureau Veritas SA Bureau Veritas Total SA Safran SA Orpea L'Oreal SA Electricite deFrance SA Continental AG West Japan Railway Co West Railway Japan Tokyo SeimitsuCoLtd Taikisha Ltd SKY Perfect JSAT HoldingsInc Secom CoLtd PharmaceuticalCoLtd Sawai Obic CoLtd Japan Airlines CoLtd Idemitsu Kosan CoLtd Co Railway East Japan DCM HoldingsCoLtd Daito Trust ConstructionCo CoLtd Coca-Cola EastJapan Asahi KaseiCorp AOKI HoldingsInc ANA HoldingsInc Israel DiscountBankLtd Bank LeumiLe-IsraelBM BM Bank Hapoalim Greencore GroupPlc Yue Yuen IndustrialHoldingsLtd Swire Pacific Ltd SJM HoldingsLtd MTR CorpLtd The LinkREIT Cheung Kong HoldingsLtd Boss AG Hugo Gemalto NV Alfresa HoldingsCorp DCC Plc Year ended31March 2014 2,394,147 1,376,248 Fair Value 252,734 111,847 795,705 158,184 108,464 151,105 113,034 153,071 405,190 116,542 113,078 103,261 109,672 103,588 115,333 125,579 123,459 120,810 266,034 101,035 196,606 689,618 264,069 325,625 244,725 126,950 146,480 186,463 335,089 530,512 194,478 119,001 111,094 117,775 98,579 98,344 91,800 92,722 99,924 86,821 90,883 95,899 USD

% ofNet Asset Value 0.62 0.27 1.96 0.39 0.27 0.37 0.28 0.38 0.24 5.89 3.39 1.00 0.29 0.28 0.25 0.27 0.24 0.23 0.26 0.28 0.31 0.30 0.23 0.30 0.65 0.25 0.48 1.70 0.65 0.80 0.25 0.60 0.31 0.36 0.46 0.21 0.22 0.83 1.31 0.48 0.24 0.29 0.27 0.29 107 Lazard Global Active Funds plc 108 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard GlobalManagedVolatility Fund(continued) Portfolios ofInvestments Common Stock-99.56%(continued) Spain -0.48% Singapore -2.23% Portugal -0.40% Norway -1.54% New Zealand-2.08% Shares Sweden -1.36% Switzerland -2.68% United Kingdom-11.99% 174,000 119,940 107,510 57,000 37,000 11,469 47,928 86,217 28,207 11,533 27,038 31,863 17,360 29,838 34,717 24,629 28,661 13,696 5,093 9,301 3,075 1,111 3,051 7,527 4,590 4,953 1,623 9,509 8,829 6,382 3,910 3,412 9,843 2,309 8,462 983 M1 Ltd/Singapore DBS GroupHoldingsLtd Telenor ASA Telecom CorpofNewZealandLtd ComfortDelGro CorpLtd Sonae ASA Statoil Software ASA Opera ASA International DNO Sky Network Television Ltd Fletcher BuildingLtd Amadeus ITHoldingSA Corp Financiera Alba SA Betsson AB Meda AB Loomis AB Hennes &Mauritz AB SSE Plc ITV Plc GlaxoSmithKline Plc BT GroupPlc British SkyBroadcastingGroupPlc BP Plc African BarrickGoldPlc Holding AG Roche WH SmithPlc Shire Plc HoldingsPlc Rolls-Royce Rightmove Plc Next Plc Centrica Plc Britvic Plc British AmericanTobaccoPlc BG GroupPlc Admiral GroupPlc Swisscom AG 4,875,404 1,090,702 Fair Value 907,346 156,831 476,205 274,310 162,025 627,408 254,301 143,806 121,718 107,583 844,776 101,374 647,879 193,974 127,770 554,456 115,426 117,519 210,808 110,703 190,631 662,398 433,409 114,377 171,927 375,571 101,779 460,535 590,849 188,805 121,678 528,286 128,389 197,099 157,615 125,882 326,174 603,710 486,992 95,523 66,204 USD

% ofNet Asset 11.99 Value 2.23 0.39 1.17 0.67 0.40 1.54 0.63 0.35 0.30 0.26 2.08 0.25 1.59 0.24 0.48 0.16 0.32 1.36 0.28 0.29 0.52 0.27 0.47 1.63 1.07 0.28 0.42 0.92 0.25 1.13 1.45 0.46 0.30 1.30 0.32 0.49 0.39 0.31 0.80 2.68 1.48 1.20 Common Stock-99.56%(continued) United States-35.87% Shares (continued) 12,893 15,735 12,190 18,221 1,149 7,626 9,710 3,885 3,939 3,598 4,140 2,060 1,531 3,888 1,406 2,629 6,062 2,010 4,426 5,804 1,882 5,307 2,244 3,150 5,494 2,914 1,430 3,383 3,532 2,940 1,840 3,770 1,268 4,059 3,562 2,936 2,642 2,426 5,800 1,377 9,251 3,761 812 787 418 745 650 446 859 180 165 Viacom Inc Verizon Inc Communications Tyson Foods Inc TJX CosInc Time Warner CableInc Thermo Fisher ScientificInc Sherwin-Williams Co/The Ross StoresInc Inc Reynolds American Raytheon Co Praxair Inc PG&E Corp PetSmart Inc Inc O'Reilly Automotive Northrop GrummanCorp Newmont MiningCorp Corp Monster Beverage Microsoft Corp Merck &CoInc McKesson Corp McDonald's Corp Mastercard Inc Lockheed MartinCorp Kroger Co/The Kimberly-Clark Corp Kellogg Co Johnson & Jack intheBoxInc Intuit Inc The HersheyCo General MillsInc Exxon MobilCorp Exelon Corp Everest ReGroupLtd Eli Lilly&Co Dr Pepper GroupInc Snapple Dollar TreeInc Corp Credit Acceptance CR BardInc Corp CMS Energy CBOE HoldingsInc Cabot Oil&GasCorp Broadridge Financial SolutionsInc Inc Baxter International Ball Corp TechnologiesAvago Ltd AutoZone Inc AT&T Inc Inc Apple Abbott Laboratories 3M Co Year ended31March 2014 Fair Value 613,191 335,582 588,960 111,406 278,030 210,481 355,500 178,869 141,944 188,948 645,135 149,327 594,349 150,157 722,478 532,276 639,920 118,011 521,333 132,250 244,834 573,464 151,018 139,690 113,551 540,467 173,063 100,188 196,775 121,931 187,613 118,868 201,627 178,529 318,101 639,102 356,395 510,274 97,659 94,637 82,377 97,584 96,460 91,115 97,654 78,753 99,486 98,098 88,665 96,649 88,549 USD

% ofNet Asset Value 0.24 0.23 0.20 0.24 0.24 0.22 0.24 0.19 0.24 0.24 0.22 0.24 0.22 1.51 0.83 1.45 0.27 0.68 0.52 0.87 0.44 0.35 0.47 1.59 0.37 1.46 0.37 1.78 1.31 1.57 0.29 1.28 0.33 0.60 1.41 0.37 0.34 0.28 1.33 0.43 0.25 0.48 0.30 0.46 0.29 0.50 0.44 0.78 1.57 0.88 1.26 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard GlobalManagedVolatility Fund(continued) Portfolios ofInvestments United States-35.87%(continued) Common Stock-99.56%(continued) Shares Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets MARKET ORLISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostUSD37,123,984) Total CommonStock-(CostUSD37,123,984) 20,486 5,840 5,010 Wal-Mart StoresInc Xcel Energy Inc Xcel Energy Corp Wisconsin Energy 14,582,925 40,650,843 40,470,190 40,470,190 Fair Value 446,380 180,653 622,057 233,165 % ofTotal Assets USD

100.00% % ofNet 99.47% 100.00 Asset 0.53% 35.87 99.56 99.56 Value 1.10 0.44 1.53 0.57 (continued) Year ended31March 2014 109 Lazard Global Active Funds plc 110 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard GlobalListedInfrastructure EquityFund Portfolios ofInvestments Shares Common Stock-94.47% South Korea-1.43% Investment inExchangeTraded CollectiveInvestmentFunds-1.43% Total CommonStock-(CostGBP199,230,186) United States-16.75% United Kingdom-3.66% Switzerland -3.67% Luxembourg -4.05% Japan -11.89% Italy -19.48% -5.65% Germany France -10.69% Austria -0.93% Australia -17.70% 14,363,296 1,173,685 6,390,529 2,073,900 2,339,200 2,789,132 1,239,194 2,519,369 7,219,850 2,694,155 8,757,576 936,385 127,424 449,370 183,663 692,400 228,900 430,564 880,131 969,681 679,804 541,704 300,426 241,384 296,462 116,070 22,640 37,258 Macquarie Korea InfrastructureFund SJW Corp PG&E Corp Norfolk SouthernCorp CSX Corp California Group Water Service Pennon GroupPlc Zuerich AG Flughafen SES SA Tokyo GasCoLtd Toho GasCoLtd Osaka GasCoLtd Terna ReteElettricaNazionaleSpA Societa Iniziative SpA Autostradali EServizi Snam SpA Hera SpA Autostrada Torino-MilanoSpA Atlantia SpA WorldwideServices Frankfurt Airport Fraport AG Vinci SA SA Communications Eutelsat Aeroports deParis Flughafen WienAG Transurban Group Spark InfrastructureGroup SP AusNet Macquarie Atlas RoadsGroup DUET Group 225,145,841 39,929,362 46,417,467 11,645,641 10,705,367 12,033,884 28,342,516 19,541,030 19,121,657 13,472,725 25,487,871 10,760,107 42,171,259 10,182,523 10,540,403 10,151,242 3,408,686 2,258,190 3,286,280 8,720,479 8,747,605 9,647,289 6,794,565 2,006,921 7,524,659 7,008,462 2,386,283 4,881,442 5,494,964 6,040,266 8,687,498 2,209,268 6,863,624 4,433,467 Fair Value GBP

% ofNet Asset 16.75 19.48 94.47 11.89 10.69 17.70 Value 1.43 0.95 1.38 3.66 3.67 4.05 2.85 0.84 3.16 2.94 1.00 2.05 2.31 2.53 3.65 0.93 2.88 4.88 4.49 5.05 8.20 8.02 5.65 4.51 4.27 4.43 1.86 4.26 Shares Investment Funds-(CostGBP3,357,919) Total InvestmentinExchangeTraded Collective Investment inExchangeTraded Collective InvestmentFunds-1.43%(continued) Buy Buy Buy Buy Total Investments-(CostGBP202,588,105) Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Forward currency contracts (continued) 14,226,075 EUR 628,627,933 KRW 628,627,933 KRW 12,539,843 USD 781,469,868 KRW 781,469,868 KRW 22,683,973 EUR 2,176,301 USD 1,231,861 USD 1,270,278 USD 870,308 USD 872,310 USD 572,715 USD 582,602 USD 732,000 USD 869,417 GBP 523,275 GBP 315,517 GBP 774,044 GBP 349,010 GBP 91,561 GBP 81,383 GBP 8,362 USD Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell 1,363,516,735 KRW 615,153,432 KRW 935,145,845 KRW 1,323,326,744 KRW 2,337,564,365 KRW 937,122,203 KRW 11,877,777 GBP 18,940,883 GBP 1,434,138 USD 1,276,701 USD 7,542,824 GBP 152,381 USD 870,308 USD 134,249 USD 575,717 USD 582,602 USD 732,056 USD 352,339 GBP 439,954 GBP 377,122 EUR 5,069 GBP Year ended31March 2014 Counterparty USA HSBC Bank Suisse Credit BNP Paribas Markets Global Street State Markets RBC Capital Markets Capital BNY Mellon Markets Capital BNY Mellon Markets Global Street State Markets RBC Capital USA HSBC Bank Markets Capital BNY Mellon Markets Capital BNY Mellon Markets Capital BNY Mellon BNP Paribas Inc Capital Barclays Markets RBC Capital Capital Inc Capital Barclays Suisse Credit BNP Paribas Markets RBC Capital BNP Paribas 06/20/14 06/20/14 06/20/14 06/20/14 06/20/14 04/15/14 04/15/14 06/20/14 06/20/14 06/20/14 04/15/14 04/15/14 04/15/14 06/20/14 06/20/14 06/20/14 06/20/14 06/20/14 06/20/14 06/20/14 06/20/14 Maturity 228,554,527 3,408,686 Fair Value (115,927) (186,202) (10,147) (20,265) (4,165) (5,422) (5,848) (4,254) (2,663) (2,670) 8,654 3,720 7,774 3,468 4,324 (611) GBP (50) 148 921 807 692

% ofNet Asset 95.90 Value (0.05) (0.07) (0.01) 1.43 – – – – – – – – – – – – – – – – – – Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard GlobalListedInfrastructure EquityFund(continued) Portfolios ofInvestments Shares Forward currency contracts(continued) Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy 10,848,393 GBP 35,061,428 GBP 25,333,943 GBP 23,370,118 GBP 17,742,720 GBP 2,309,129 GBP 6,357,252 GBP 1,066,122 GBP 1,331,974 GBP 4,280,708 GBP 7,391,344 GBP 7,414,625 GBP 3,695,398 GBP 4,026,646 GBP 5,607,243 GBP 3,017,191 GBP 3,332,659 GBP 1,589,579 GBP 3,793,914 GBP 4,073,780 GBP 9,069,044 EUR 1,748,079 CHF 1,497,761 CHF Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell 507,898,856 JPY 560,911,792 JPY 267,619,966 JPY 638,788,922 JPY 19,926,436 AUD 13,574,610 AUD 13,620,518 AUD 10,299,103 AUD 41,983,766 EUR 30,266,397 EUR 27,906,518 EUR 21,191,891 EUR 7,863,490 AUD 6,787,578 AUD 7,396,265 AUD 7,576,279 GBP 1,194,027 GBP 1,017,307 GBP 4,865,667 EUR 3,363,546 CHF 9,259,579 CHF 1,553,137 CHF 1,939,953 CHF Counterparty Capital Inc Capital Barclays JP Morgan Suisse Credit Markets CIBC World Inc Capital Barclays Markets Global Street State USA HSBC Bank Suisse Credit Markets CIBC World Markets Capital BNY Mellon BNP Paribas Markets CIBC World Capital Inc Capital Barclays Capital Inc Capital Barclays Markets CIBC World Markets Capital BNY Mellon BNP Paribas Inc Capital Barclays Markets Global Street State Suisse Credit Markets CIBC World Markets Capital BNY Mellon Inc Capital Barclays 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 Maturity Fair Value (169,966) (114,761) (116,865) (67,422) (57,805) (63,131) (87,665) (74,702) 334,013 298,701 286,881 213,573 (5,344) 21,938 60,794 12,817 55,619 61,967 29,080 69,119 49,080 9,998 1,161 GBP

% ofNet Asset (0.03) (0.02) (0.03) (0.04) (0.07) (0.03) (0.05) (0.05) Value 0.01 0.03 0.01 0.01 0.02 0.03 0.01 0.03 0.14 0.02 0.12 0.12 0.09 – – Total Assets Current assets Financial instruments derivative Other collectiveinvestmentschemes market on aregulated Transferable securitiesadmittedtoanofficialstockexchangelistingortraded Analysis ofTotal Assets INVESTMENT SCHEMES. CONTRACTS WHICHAREFINANCIALDERIVATIVE ANDCOLLECTIVE INSTRUMENTS MARKET OR LISTEDON A RECOGNISEDEXCHANGEEXCEPT FOR FORWARD ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED Total NetAssets Other assetsinexcessofliabilities Financial fairvalue assetsandfinancialliabilitiesat (total netunrealisedresult) Total forwardcurrency contracts Shares Forward currency contracts(continued) Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy (continued) 694,191,280 JPY 13,110,294 GBP 3,398,383 GBP 5,818,830 GBP 4,343,178 GBP 7,670,296 GBP 7,740,936 GBP 5,992,480 GBP 3,780,905 GBP 6,790,236 GBP Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell 1,291,440,007 JPY 571,952,348 JPY 979,634,977 JPY 731,104,580 JPY 12,757,527 USD 11,190,988 USD 21,609,854 USD 9,875,846 USD 6,231,121 USD 4,111,436 GBP Year ended31March 2014 Counterparty Markets RBC Capital USA HSBC Bank Suisse Credit Markets Inc Global Citigroup JP Morgan USA HSBC Bank Suisse Credit Markets CIBC World Capital Inc Capital Barclays Markets Inc Global Citigroup 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 06/27/14 Maturity 229,701,760 238,316,239 1,147,233 8,614,479 Fair Value (63,588) 106,552 139,874 139,469 % ofTotal Assets 63,314 80,088 83,519 64,726 40,816 73,099 GBP CURRENCY

100.00% % ofNet 24.29% 73.83% 100.00 0.76% 1.12% Asset (0.03) 96.39 Value 3.61 0.03 0.04 0.03 0.06 0.49 0.03 0.03 0.02 0.03 0.06 111 Lazard Global Active Funds plc 112 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard GlobalEquitySelectFund Portfolios ofInvestments Common Stock-98.38% Belgium -2.71% Denmark -3.31% Cayman Islands-0.75% Canada -0.41% Brazil -0.75% Russia -1.69% -2.66% Germany Georgia -0.53% Finland -1.36% Philippines -1.14% Peru -1.08% Netherlands -1.06% Japan -5.39% Ireland -1.37% Indonesia -0.37% Shares 13,486 44,770 14,780 1,369 2,980 3,285 1,371 2,600 1,387 1,300 4,030 5,680 260 273 804 476 670 544 419 955 965 500 40 Anheuser-Busch InBevNV Novo Nordisk A/S Novo Inc,Baidu ADR MacDonald Dettwiler& Ltd Associates Cia Hering Topdanmark A/S Mobile TelesystemsOJSC, ADR OJSC,Magnit GDR Security BankCorp Continental AG Bank ofGeorgiaHoldingsPlc Sampo OYJ Alliance GlobalGroupInc Sumitomo Mitsui Trust HoldingsInc Sumitomo MitsuiFinancial GroupInc Symrise AG Credicorp Ltd NXP SemiconductorNV Park24 CoLtd CoLtd Mitsubishi Estate CoLtd Daiwa HouseIndustry CorpPlc Eaton Telekomunikasi IndonesiaPersero Tbk PT, ADR Fair Value 143,580 175,639 135,714 285,721 141,327 114,170 39,616 21,538 39,874 39,925 89,480 45,461 44,019 60,339 31,862 27,841 71,964 28,477 66,879 27,157 57,583 56,178 24,786 95,658 96,684 72,476 19,690 1,714 USD

% ofNet Asset Value 2.71 0.75 0.41 0.75 3.31 0.75 2.56 1.69 0.86 0.83 1.14 0.60 0.53 1.36 0.54 5.39 1.26 2.66 0.51 2.15 1.08 1.06 0.03 0.47 1.81 1.82 1.37 0.37 Common Stock-98.38%(continued) Taiwan -0.97% Switzerland -2.90% Sweden -2.13% Spain -1.58% South Korea-1.88% South Africa-1.18% United States-57.77% United Kingdom-4.53% Thailand -0.86% Shares (continued) 12,033 17,103 40,400 2,570 1,347 2,124 3,630 1,470 1,385 1,030 1,110 2,800 1,305 2,930 2,920 2,830 1,505 2,585 1,215 1,210 1,999 7,071 2,623 7,960 258 570 505 885 980 356 100 671 700 109 250 79 Taiwan Semiconductor Manufacturing Co Ltd, ADR Panalpina Welttransport Holding AG Panalpina Welttransport Novartis AG AB Assa Abloy International Consolidated Consolidated International Airlines GroupSA Samsung ElectronicsCoLtd Life HealthcareGroupHoldingsLtd Pfizer Inc Monsanto Co Molson CoorsBrewingCo Microsoft Corp McKesson Corp Mastercard Inc Macy's Inc Kellogg Co GlobalInc Joy IntercontinentalExchange GroupInc Intel Corp Inc Honeywell International Hartford FinancialGroupInc Services Google Inc EMC Corp Eastman ChemicalCo CVS CaremarkCorp Inc Consol Energy Comcast Corp Citigroup Inc Bristol-Myers SquibbCo AutoZone Inc Inc Apple American ExpressCo Unilever Plc Rexam Plc BankingGroupPlc Lloyds Experian Plc Kasikornbank PCL Year ended31March 2014 Fair Value 154,055 114,406 112,907 240,352 116,614 121,058 103,356 111,452 113,044 123,033 134,165 108,954 39,649 83,704 99,636 62,645 64,852 86,517 56,785 89,170 76,946 65,829 55,494 56,845 70,426 72,282 80,066 57,857 52,420 73,406 63,113 58,526 85,365 57,410 50,262 47,315 45,456 51,439 USD

% ofNet Asset Value 2.90 0.75 2.15 2.13 1.58 1.88 1.18 1.22 1.63 1.07 1.68 1.45 1.24 1.05 1.07 1.33 1.36 1.51 1.09 0.99 1.39 1.19 1.10 4.53 1.61 1.08 0.95 0.89 0.86 0.97 2.20 2.28 1.95 2.10 2.13 2.32 2.53 2.06 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard GlobalEquitySelectFund(continued) Portfolios ofInvestments United States-57.77%(continued) Common Stock-98.38%(continued) Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets MARKET ORLISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostUSD4,672,933) Total PreferredStock-(CostUSD54,226) -0.96% Germany Preferred Stock-0.96% Total CommonStock-(CostUSD4,618,707) Shares 1,440 1,095 1,590 1,060 5,075 1,020 1,065 1,652 3,700 341 955 865 900 635 525 196

Viacom Inc Vertex PharmaceuticalsInc UnitedHealth GroupInc United TechnologiesCorp Tyco Ltd International Schlumberger Ltd Ross StoresInc Regions Financial Corp Inc Red Hat HoldingsCorp Realogy Quintiles Transnational HoldingsInc QUALCOMM Inc Visa Inc Volkswagen AG Volkswagen Zoetis Inc Xerox Corp 3,063,061 5,302,010 5,267,056 5,216,101 Fair Value 122,393 111,577 103,366 113,250 24,110 89,785 67,408 61,904 56,358 47,678 27,584 51,801 83,991 34,954 50,955 47,817 41,829 50,955 % ofTotal Assets USD

100.00% % ofNet 99.06% 100.00 Asset 0.94% 99.34 98.38 57.77 Value 0.46 1.69 1.27 1.17 1.06 0.90 0.52 0.98 1.58 2.31 2.11 1.95 2.14 0.66 0.96 0.96 0.90 0.79 (continued) Year ended31March 2014 113 Lazard Global Active Funds plc 114 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard GlobalEquityIncomeFund Portfolios ofInvestments Common Stock-94.79% France -8.08% Finland -1.02% Cyprus -1.27% Hong Kong-1.00% -2.42% Germany China -7.17% Cayman Islands-2.45% Canada -0.54% Belgium -2.35% Austria -0.82% Australia -2.25% Brazil -6.00% Shares 143,000 286,000 18,400 56,000 23,000 36,000 11,500 38,400 42,320 10,100 10,800 4,313 1,274 7,098 2,544 1,877 1,278 3,281 9,389 1,300 3,200 7,600 6,761 4,000 2,600 8,600 614 466 Sands ChinaLtd AXA SA Sampo OYJ Globaltrans InvestmentPlc, GDR Industrial &CommercialBankofChinaLtd SJM HoldingsLtd Total SA Rexel SA Gaztransport Et Technigaz SA SA Communications Eutelsat Inc Huaneng Power International Bayerische Motoren Werke AG Bayerische Allianz SE CoLtd China ShenhuaEnergy China ConstructionBankCorp Agricultural BankofChinaLtd Wynn MacauLtd Transurban Group DUET Group Alaris Royalty Corp Alaris Royalty CosmeticosSA Natura Grendene SA Direcional EngenhariaSA bpost SA UNIQA InsuranceGroup AG Cia Hering BB SeguridadeParticipacoes SA Banco doBrasilSA Fair Value 463,514 137,400 522,677 166,979 111,447 112,202 156,503 100,009 124,251 158,535 145,046 387,534 109,006 151,541 66,101 82,124 34,400 64,416 49,315 82,734 34,320 77,584 78,919 33,134 63,264 81,782 35,158 54,003 52,559 44,782 52,942 31,560 95,624 USD

% ofNet Asset Value 7.17 2.13 1.02 1.27 0.53 1.00 8.08 2.58 0.76 1.28 1.72 1.74 0.53 2.42 1.20 1.22 0.51 1.55 1.92 2.45 2.25 0.98 1.27 0.54 6.00 0.84 0.81 0.69 0.82 0.49 1.48 1.69 2.35 Israel -1.60% Indonesia -0.69% Taiwan -1.82% Switzerland -4.82% Sweden -1.37% Spain -1.54% South Africa-2.23% Russia -4.13% Norway -1.03% Mexico -1.15% Luxembourg -0.95% Japan -0.72% Italy -3.79% Common Stock-94.79%(continued) Shares (continued) 489,300 58,010 17,640 57,559 23,000 2,206 1,323 1,887 1,737 1,226 7,017 6,105 3,725 1,895 1,500 5,529 4,132 3,773 7,018 1,715 150 757 539 Banten Tbk PT Banten Tbk Dan Bank Pembangunan Barat DaerahJawa Bezeq The Israeli Telecommunication CorpLtd Zurich InsuranceGroup AG Transocean Ltd Re AG Swiss Cembra MoneyBank AG Swedbank AB Electrolux AB Red ElectricaCorpSA Woolworths HoldingsLtd Vodacom GroupLtd AVI Ltd Seadrill Ltd RTL Group Canon Inc ENI SpA Atlantia SpA Siliconware PrecisionIndustriesCo, ADR Sberbank ofRussia Mobile TelesystemsOJSC, ADR MegaFon OAO, GDR Alrosa AO Fibra Uno Administracion SAdeCV Year ended31March 2014 Fair Value 103,342 311,561 144,178 122,702 245,103 138,806 106,297 266,676 117,394 122,710 44,903 46,062 91,185 51,612 88,382 50,540 37,842 99,653 49,045 75,173 19,960 66,619 61,188 46,492 36,654 48,226 59,086 74,347 USD

% ofNet Asset Value 0.69 1.60 4.82 0.71 1.41 0.80 1.37 0.78 0.59 1.54 2.23 0.76 1.16 0.31 1.03 0.95 0.72 1.90 3.79 2.15 1.64 4.13 0.57 0.75 0.91 1.15 1.82 1.90 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard GlobalEquityIncomeFund(continued) Portfolios ofInvestments Common Stock-94.79%(continued) United States-24.33% United States-2.36% Preferred Stock-2.36% Total CommonStock-(CostUSD6,050,821) United Kingdom-5.71% Turkey -1.59% Thailand -1.95% Shares 26,637 13,632 20,427 32,400 2,722 4,535 1,426 2,025 3,147 1,447 1,379 1,210 2,529 6,411 1,961 1,602 1,412 2,886 1,249 6,169 1,068 4,384 6,818 3,671 3,686 1,282 2,355 9,256 6,260 205 795 899 909 852 Apple Inc Apple Vodafone GroupPlc DutchShellPlc Royal Rexam Plc Plc Infinis Energy Direct LineInsuranceGroupPlc Regions Financial Corp JPMorgan Chase&Co OneFinancialCapital Corp United BanksharesInc/WV Sysco Corp Inc Republic Services Pfizer Inc People's UnitedFinancial Inc GroupInc Pattern Energy Microsoft Corp ProductsInc Maxim Integrated Realty TrustLexington Paper Co International Intel Corp Hasbro Inc Hartford FinancialGroupInc Services Federated InvestorsInc Diamond OffshoreDrillingInc ConocoPhillips Cisco SystemsInc Inc CenturyLink CBL & PropertiesInc Associates Blackstone Mortgage Trust Inc Aviv REITInc Tupras TurkiyeRafinerileri AS Petrol Tofas TurkFabrikasi AS Otomobil PCL,Bank ADR Krung Thai Dynasty CeramicPCL 1,573,310 6,126,964 Fair Value 369,087 110,015 152,408 102,523 126,115 159,253 224,005 105,899 97,819 99,484 36,820 54,101 80,863 34,395 44,216 73,797 44,300 49,844 41,328 81,244 95,300 53,231 65,682 46,765 31,501 57,310 44,210 31,712 32,622 44,309 59,934 98,267 65,215 31,364 49,843 52,680 73,805 52,310 USD

% ofNet Asset 94.79 24.33 Value 5.71 1.51 1.54 0.57 0.84 1.25 1.70 2.36 0.53 0.69 1.14 0.69 0.77 0.64 1.26 1.47 0.82 1.02 0.72 0.49 0.89 0.68 0.49 0.50 0.68 0.93 1.52 1.01 0.48 1.59 0.77 0.82 1.95 1.14 0.81 2.46 3.47 1.64 Preferred Stock-2.36%(continued) Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets MARKET ORLISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostUSD6,197,709) Total PreferredStock-(CostUSD146,888) Shares (continued) Year ended31March 2014 6,463,565 6,279,372 Fair Value 184,193 152,408 % ofTotal Assets USD

100.00% % ofNet 97.19% 100.00 Asset 2.81% 97.15 Value 2.85 2.36 115 Lazard Global Active Funds plc 116 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard GlobalTrend Fund Portfolios ofInvestments Common Stock-98.43% Denmark -1.71% Canada -1.96% Brazil -1.98% France -1.49% China -9.02% Germany -6.13% Germany Ireland -1.20% Indonesia -1.49% Hong Kong-0.69% Japan -7.34% Shares 1,044,000 112,000 152,000 101,000 133,000 175,000 14,000 41,000 11,900 23,000 10,000 12,000 8,000 2,941 3,395 5,600 6,300 7,200 3,100 1,284 1,010 1,302 1,306 1,449 1,937 3,700 1,439 3,800 5,000 7,900 961 959 293 900 600 Sands ChinaLtd & New OrientalEducation Technology GroupInc, ADR Lenovo GroupLtd Industrial &CommercialBankofChinaLtd Novo Nordisk A/S Novo Great Wall MotorCoLtd CoLtd China ShenhuaEnergy Pacific Corp RubialesEnergy MacDonald Dettwiler& Ltd Associates Grupo BTGPactual Grendene SA Cosan SAIndustriaeComercio Ctrip.com International Ltd,Ctrip.com International ADR Chongqing RuralCommercialBank China ConstructionBankCorp Agricultural BankofChinaLtd Sanofi-Aventis SA Fresenius SE&CoKGaA Bank AG Deutsche Continental AG Yahoo Corp Japan Kalbe Farma Tbk PT Haier ElectronicsGroupCo SAP AG KUKA AG Group AG GEA THK CoLtd Takashimaya CoLtd CorpPlc Eaton Nabtesco Corp Jafco CoLtd Hitachi Ltd Daiwa House Industry CoLtd Daiwa HouseIndustry Daikin IndustriesLtd Anritsu Corp Fair Value 812,817 123,305 178,664 154,613 118,131 176,809 100,991 133,966 662,435 134,406 552,290 105,913 158,206 108,076 59,739 86,304 93,371 70,252 75,818 80,576 49,792 48,296 48,338 44,334 93,015 76,028 58,442 70,277 58,527 62,044 70,778 88,674 83,244 94,092 87,653 40,419 88,906 85,109 33,698 90,787 USD

% ofNet Asset Value 9.02 0.66 0.96 1.37 1.04 0.78 0.84 1.98 0.89 0.55 0.54 1.71 0.53 0.49 1.31 1.03 0.85 1.96 1.12 1.49 0.65 0.78 7.34 0.65 1.49 0.69 6.13 1.17 0.79 0.98 1.76 0.92 1.04 0.97 0.45 0.99 1.20 0.94 0.37 1.01 Common Stock-98.43%(continued) United States-43.17% United Kingdom-6.83% Switzerland -4.54% South Korea-2.20% South Africa-0.88% Philippines -2.06% Netherlands -5.03% Mexico -0.71% Shares (continued) 159,100 107,700 14,485 24,473 23,624 23,332 24,800 2,838 2,959 1,915 2,813 1,151 1,025 1,000 6,316 2,504 1,318 2,238 9,910 1,534 2,406 1,671 3,274 4,807 3,330 4,449 3,488 5,613 3,166 1,623 147 802 996 694 747 345 744 472 895 157 Kellogg Co JPMorgan Chase&Co Johnson & Paper Co International Inc Honeywell International Hess Corp Google Inc Gilead SciencesInc F5 NetworksInc Expedia Inc EOG ResourcesInc EMC Corp Citrix SystemsInc Inc Caterpillar Corp Cameron International Brookdale SeniorLivingInc Bank of America Corp Inc Apple American ExpressCo Amazon.com Inc The Weir GroupPlc Spectris Plc BankofScotlandGroupPlc Royal Pearson Plc Plc Glencore Xstrata Experian Plc Plc Diageo UBS AG Holding AG Roche Cie Financiere RichemontSA ABB Ltd Samsung ElectronicsCoLtd Security BankCorp LT GroupInc Alliance GlobalGroupInc Unilever NV Koninklijke PhilipsNV Koninklijke DSMNV Nampak Ltd Genomma LabInternacionalSABdeCV Year ended31March 2014 Fair Value 409,069 186,122 177,957 179,656 188,120 129,075 106,772 163,834 136,153 173,185 143,817 170,601 185,147 138,129 250,311 615,426 101,743 126,001 103,302 141,627 198,011 453,654 230,868 111,359 111,427 84,957 70,850 85,529 72,215 74,241 81,406 75,007 64,561 75,114 57,994 86,711 91,943 85,489 90,010 55,814 61,802 68,506 79,615 63,726 USD

% ofNet Asset Value 0.94 0.78 0.95 0.80 0.82 0.91 0.83 0.72 0.83 0.64 0.96 4.54 1.02 0.95 1.00 2.06 0.62 0.68 0.76 1.97 1.99 2.09 1.43 1.19 1.82 1.51 1.92 1.60 1.89 2.05 1.53 2.78 6.83 1.13 1.40 1.15 1.57 2.20 5.03 2.56 1.23 1.24 0.88 0.71 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard GlobalTrend Fund(continued) Portfolios ofInvestments United States-43.17%(continued) Common Stock-98.43%(continued) Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets MARKET ORLISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED ADR - Receipt American Depositary Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostUSD8,107,410) Total PreferredStock-(CostUSD128,186) Brazil -0.98% Preferred Stock-0.98% Total CommonStock-(CostUSD7,979,224) Shares 12,600 1,508 1,828 1,802 2,853 2,006 1,082 1,813 767 981 941

SPX Corp Inc Rockwell Automation The MosaicCo Monsanto Co Microsoft Corp MetLife Inc McDonald's Corp Petroleo BrasileiroSA Thermo Fisher ScientificInc Vertex PharmaceuticalsInc UnitedHealth GroupInc 3,893,356 9,016,205 8,963,185 8,875,099 Fair Value 148,267 111,613 150,681 196,678 113,155 148,657 95,549 91,409 73,882 53,020 88,086 76,503 88,086 % ofTotal Assets USD

100.00% % ofNet 95.85% 100.00 Asset 4.15% 99.41 98.43 43.17 Value 1.06 1.01 0.82 1.64 1.24 1.67 2.18 0.59 0.98 0.98 1.25 0.85 1.65 (continued) Year ended31March 2014 117 Lazard Global Active Funds plc 118 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard ThematicGlobalEx-JapanFund Portfolios ofInvestments Common Stock-95.89% France -3.13% China -0.78% Canada -4.59% Brazil -0.13% Australia -0.76% Germany -3.70% Germany Switzerland -6.16% Singapore -2.06% Israel -1.69% India -0.60% Hong Kong-6.27% Shares 396,330 116,010 126,000 378,910 368,980 126,940 974,149 165,390 787,160 178,040 388,400 53,256 38,410 97,500 57,030 20,324 60,317 14,800 40,455 17,647 20,176 20,942 19,619 12,646 27,776 74,564 46,730 21,250 2,036 7,177 4,288 7,059 9,940 Yamana GoldInc Goldcorp Inc EnCana Corp Inc Cenovus Energy Woodside Petroleum Ltd China Shenhua Energy CoLtd China ShenhuaEnergy Kinross GoldCorp Barrick GoldCorp Grupo BTGPactual Newcrest MiningLtd Schneider ElectricSA Air LiquideSA(PrimeFidelite) Air LiquideSA Novartis AG Actelion Ltd Siemens AG SAP AG Linde AG Zurich InsuranceGroup AG Holding AG Roche ABB Ltd DBS GroupHoldingsLtd Ltd Asia CapitaMalls Ltd CapitaLand Teva PharmaceuticalIndustriesLtd, ADR HDFC BankLtd, ADR Hong Kong ExchangesandClearing Ltd Hong Kong &ChinaGasCoLtd Hang LungPropertiesLtd Hang LungGroupLtd China OverseasLand&InvestmentLtd Bank ofEast Asia Ltd AIA GroupLtd 1,141,927 6,699,009 2,086,055 1,648,783 1,076,563 1,105,095 4,575,964 1,565,380 2,734,627 8,996,567 1,316,739 2,118,098 1,778,686 1,858,437 1,924,607 3,006,770 1,621,672 2,468,512 9,151,871 1,924,464 2,122,345 2,042,222 1,841,348 5,394,545 1,704,958 2,252,554 1,437,033 Fair Value 467,789 479,701 940,118 189,289 733,892 371,203 275,957 538,595 846,503 871,781 475,464 696,021 50,007 USD

% ofNet Asset Value 0.78 4.59 0.32 0.33 0.64 1.43 1.13 0.74 0.13 0.76 0.50 0.26 3.13 1.07 1.87 0.19 6.16 0.90 1.45 1.22 1.27 1.32 2.06 1.11 0.37 0.58 1.69 0.60 6.27 1.32 1.45 0.33 0.03 1.40 0.48 1.26 3.70 1.17 1.54 0.99 Common Stock-95.89%(continued) Taiwan -1.19% United Kingdom-8.06% United States-56.77% Shares (continued) 146,798 86,923 70,125 95,732 29,810 38,270 49,798 41,346 35,662 67,140 16,280 14,600 10,510 24,910 19,320 56,310 32,360 19,874 12,190 11,770 23,760 19,600 21,400 13,300 19,510 45,580 10,500 88,330 28,200 24,900 18,353 38,000 37,408 16,700 42,500 57,120 14,207 65,630 12,160 34,500 17,670 16,720 17,260 22,808 8,534 2,280 8,400 8,300 3,040 5,000 Taiwan SemiconductorManufacturingCoLtd, ADR Pearson Plc GridPlc National AstraZeneca Plc Prudential Plc Unilever Plc Standard CharteredPlc DutchShellPlc Royal Pfizer Inc Oracle Corp Occidental Petroleum Corp Inc Noble Energy Inc NextEra Energy Newmont MiningCorp Monsanto Co Microsoft Corp Merck &CoInc Mead JohnsonNutritionCo McKesson Corp Mastercard Inc OilCorp Marathon Johnson & BusinessMachinesCorp International Intel Corp Inc Honeywell International Google Inc Exxon MobilCorp Exelon Corp EOG ResourcesInc EMC Corp Eli Lilly&Co EI duPont deNemours&Co Eastman ChemicalCo ChemicalCo The Dow Corp Devon Energy CVS CaremarkCorp Covance Inc Corp Costco Wholesale Comcast Corp Cisco SystemsInc Chevron Corp Charles SchwabCorp/The Bunge Ltd Bristol-Myers SquibbCo Inc Apple Corp Apache Anadarko Petroleum Corp Amgen Inc Amazon.com Inc Abbott Laboratories Year ended31March 2014 11,773,036 1,739,764 1,242,157 1,312,308 1,926,409 3,105,678 1,634,284 1,041,080 1,511,120 1,145,642 2,754,754 1,551,484 1,037,111 1,005,176 2,198,133 2,308,710 1,838,048 1,652,424 2,152,449 1,925,406 1,644,630 1,233,775 2,541,094 1,905,834 1,529,893 2,059,943 2,422,009 1,659,993 1,670,915 1,582,487 1,846,610 2,801,298 1,735,047 2,126,062 1,280,345 1,689,283 1,793,340 1,792,102 1,631,446 1,465,638 1,417,354 2,129,366 1,682,200 Fair Value 583,766 879,278 844,074 552,441 562,170 926,903 966,598 878,678 USD

% ofNet Asset Value 1.19 0.85 0.90 1.32 2.13 1.12 0.71 1.03 8.06 0.40 0.60 0.58 0.38 0.38 0.63 0.66 0.60 0.78 1.89 1.06 0.71 0.69 1.51 1.58 1.26 1.13 1.47 1.32 1.13 0.85 1.74 1.31 1.05 1.41 1.66 1.14 1.14 1.08 1.26 1.92 1.19 1.46 0.88 1.16 1.23 1.23 1.12 1.00 0.97 1.46 1.15 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard ThematicGlobalEx-JapanFund(continued) Portfolios ofInvestments United States-56.77%(continued) Common Stock-95.89%(continued) Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets MARKET ORLISTEDONARECOGNISEDEXCHANGE ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED ADR - Receipt American Depositary Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostUSD106,360,927) Total CommonStock-(CostUSD106,360,927) Shares 26,200 16,699 10,550 25,200 19,100 22,050 40,650 38,800 9,254 8,400

Quintiles Transnational HoldingsInc Zoetis Inc Visa Inc Viacom Inc Vertex PharmaceuticalsInc UnitedHealth GroupInc Union Pacific Corp Corp Spectra Energy Co Southwestern Energy Inc Rockwell Automation 145,976,295 139,978,452 139,978,452 82,864,322 1,330,567 5,997,843 2,275,793 2,141,874 1,350,466 1,807,990 1,736,744 1,501,814 1,785,382 1,046,430 Fair Value 483,353 % ofTotal Assets USD

100.00% % ofNet 95.79% 100.00 Asset 4.21% 56.77 95.89 95.89 Value 0.91 4.11 0.33 1.56 1.47 0.93 1.24 1.19 1.03 1.22 0.72 (continued) Year ended31March 2014 119 Lazard Global Active Funds plc 120 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard ThematicGlobalFund Portfolios ofInvestments Australia -0.66% Common Stock-96.43% Japan -11.01% Israel -1.37% India -0.55% Hong Kong-5.65% -2.80% Germany France -2.51% China -0.68% Canada -4.00% Brazil -0.14% Shares 1,186,400 1,544,000 1,048,260 7,182,495 1,060,610 6,503,100 1,344,050 3,303,200 3,065,670 337,900 597,000 460,000 440,610 166,700 575,000 648,200 337,580 175,962 241,160 135,955 146,992 145,512 238,948 988,576 281,323 687,330 408,780 704,951 139,408 170,423 261,563 79,700 83,700 96,278 62,753 Fanuc Corp SoftBank Corp Seven &IHoldingsCoLtd Nomura HoldingsInc Mitsui FudosanCoLtd Mitsubishi UFJFinancial GroupInc IndustriesLtd Mitsubishi Heavy CoLtd Mitsubishi Estate JS GroupCorp CoLtd Daiwa HouseIndustry The Dai-ichiLifeInsuranceCoLtd Teva PharmaceuticalIndustriesLtd, ADR HDFC BankLtd, ADR Hong Kong ExchangesandClearing Ltd Hong Kong &ChinaGasCoLtd Hang LungPropertiesLtd Hang LungGroupLtd China OverseasLand&InvestmentLtd Bank ofEast Asia Ltd AIA GroupLtd Siemens AG SAP AG Linde AG Schneider ElectricSA Air LiquideSA(PrimeFidelite) CoLtd China ShenhuaEnergy Yamana GoldInc Kinross GoldCorp Goldcorp Inc EnCana Corp Inc Cenovus Energy Barrick GoldCorp Grupo BTGPactual Woodside Petroleum Ltd Newcrest MiningLtd 14,100,441 52,178,388 12,950,345 14,049,910 10,458,524 17,832,664 73,588,735 15,892,063 15,648,257 16,871,755 15,659,991 36,570,827 12,980,387 11,025,562 12,564,878 32,761,448 13,038,950 19,722,498 14,705,727 11,818,155 12,582,253 6,334,087 3,837,588 6,531,910 8,950,507 4,604,342 9,787,590 9,434,886 7,218,841 3,049,050 1,213,255 5,254,364 8,832,972 2,098,865 4,087,762 6,885,626 1,783,001 8,553,931 6,153,908 2,400,023 Fair Value USD

% ofNet Asset Value 0.49 0.30 0.50 0.69 0.35 1.08 0.75 0.72 0.55 0.24 0.09 0.40 0.68 4.00 0.16 0.31 0.53 0.14 0.66 0.47 0.19 0.99 1.08 0.80 1.37 5.65 1.22 1.20 1.30 1.20 2.80 0.99 0.85 0.96 2.51 1.00 1.51 1.13 0.91 0.96 United States-51.20% United Kingdom-7.24% Taiwan -1.15% Switzerland -5.59% Singapore -1.88% Japan -11.01%(continued) Common Stock-96.43%(continued) Shares (continued) 1,127,841 1,024,500 3,470,090 2,796,020 1,683,540 153,200 193,165 298,059 385,600 359,261 570,601 809,026 237,423 752,131 178,370 160,399 602,084 181,400 519,000 698,600 321,000 275,144 151,061 141,549 143,704 230,800 208,220 149,336 316,691 264,303 108,079 340,948 470,728 109,360 542,018 29,793 59,307 92,798 26,439 41,052 72,491 67,800 Sumitomo MitsuiFinancial GroupInc Abbott Laboratories Unilever Plc Standard CharteredPlc DutchShellPlc Royal Prudential Plc Pearson Plc GridPlc National AstraZeneca Plc Ltd, ADR Taiwan SemiconductorManufacturingCo Zurich InsuranceGroup AG Holding AG Roche Novartis AG Actelion Ltd ABB Ltd DBS GroupHoldingsLtd Ltd Asia CapitaMalls Ltd CapitaLand Yamato HoldingsCoLtd Toray IndustriesInc T&D HoldingsInc Sumitomo Realty&DevelopmentCoLtd Sumitomo Mitsui Trust HoldingsInc Bunge Ltd Bristol-Myers SquibbCo Inc Apple Corp Apache Anadarko Petroleum Corp Amgen Inc Amazon.com Inc Eli Lilly&Co EI duPont deNemours&Co Eastman ChemicalCo ChemicalCo The Dow Corp Devon Energy CVS CaremarkCorp Covance Inc Corp Costco Wholesale Comcast Corp Cisco SystemsInc Chevron Corp Charles SchwabCorp/The Year ended31March 2014 143,523,840 94,321,313 12,728,326 13,130,327 23,860,755 10,107,323 11,090,242 15,342,963 15,053,902 17,795,447 15,149,662 15,194,014 15,540,678 24,532,779 13,185,739 12,615,890 72,828,495 14,292,355 14,188,754 12,529,755 11,999,109 17,728,762 13,811,535 13,586,042 13,972,603 12,876,497 15,389,599 19,792,330 11,228,868 17,055,924 10,551,368 13,003,451 14,810,642 6,565,501 7,441,682 8,061,377 9,148,694 4,932,494 6,414,546 3,914,759 3,439,506 8,330,152 7,617,902 7,376,513 4,851,460 7,571,565 Fair Value USD

% ofNet Asset 11.01 Value 0.50 7.24 0.98 1.01 1.83 0.77 0.85 1.18 1.15 1.37 1.16 1.17 1.19 1.88 1.01 0.97 0.57 0.62 0.70 0.38 0.49 0.30 0.26 0.64 0.59 5.59 1.10 1.09 0.96 0.92 1.36 1.06 0.56 1.04 1.07 0.99 1.18 1.52 0.86 1.31 0.81 1.00 1.14 0.37 0.58 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard ThematicGlobalFund(continued) Portfolios ofInvestments United States-51.20%(continued) Common Stock-96.43%(continued) Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets MARKET ORLISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED ADR - Receipt American Depositary Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostUSD975,075,868) Total CommonStock-(CostUSD975,075,868) Shares 721,622 149,646 210,449 158,762 179,750 333,946 316,500 225,267 291,897 546,454 139,599 120,800 207,070 155,751 469,567 240,738 163,119 100,378 183,959 144,898 109,512 161,725 373,238 86,210 75,637 67,382 71,930 99,510 69,658 99,649 16,818 86,297

Zoetis Inc Visa Inc Viacom Inc Vertex PharmaceuticalsInc UnitedHealth GroupInc Union Pacific Corp Corp Spectra Energy Co Southwestern Energy Inc Rockwell Automation Quintiles Transnational HoldingsInc Pfizer Inc Oracle Corp Occidental Petroleum Corp Inc Noble Energy Inc NextEra Energy Newmont MiningCorp Monsanto Co Microsoft Corp Merck &CoInc Mead JohnsonNutritionCo McKesson Corp Mastercard Inc OilCorp Marathon Johnson & BusinessMachinesCorp International Intel Corp Inc Honeywell International Google Inc Exxon MobilCorp Exelon Corp EOG ResourcesInc EMC Corp 1,303,308,480 1,256,844,029 1,256,844,029 667,262,893 18,596,790 17,887,113 11,225,267 14,738,601 14,195,174 12,337,635 14,563,748 11,440,185 22,421,008 13,303,785 17,720,570 19,252,247 13,673,918 13,562,529 17,724,245 14,234,055 13,424,141 10,158,881 18,743,913 15,798,107 12,527,733 16,930,177 19,786,875 46,464,451 4,331,503 8,394,113 9,377,191 8,581,028 6,879,385 4,852,685 7,433,895 6,535,143 2,572,439 Fair Value % ofTotal Assets USD

100.00% % ofNet 96.32% 100.00 Asset 3.68% 51.20 96.43 96.43 Value 0.33 1.43 1.37 0.86 1.13 1.09 0.95 1.12 0.64 0.88 0.72 1.72 1.02 0.66 0.53 0.37 1.36 1.48 1.05 1.04 1.36 0.57 0.50 1.09 1.03 0.20 0.78 1.44 1.21 0.96 1.30 1.52 3.57 (continued) Year ended31March 2014 121 Lazard Global Active Funds plc 122 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard EmergingWorld Fund Portfolios ofInvestments Investment inExchangeTraded Collective InvestmentFunds-99.16% United Kingdom-51.32% Turkey -1.24% Sweden -0.94% Hong Kong-18.37% Cayman Islands-1.71% Canada -0.25% British VirginIslands-2.61% Shares 1,937,600 153,269 262,570 208,808 131,247 277,360 245,700 240,795 182,792 176,708 100,905 100,746 307,836 106,822 642,500 254,888 344,000 129,943 161,619 86,436 58,856 27,788 25,300 74,644 85,143 29,245 58,523 34,053 43,050 18,647 68,695 29,047 30,170 79,907 30,172 77,885 18,100 2,428 8,001 Utilico EmergingMarketsLtd Plc Fidelity AsianValues (Subscription Shares) Mining TrustBlackRock World Plc BlackRock EmergingEuropePlc Edinburgh Dragon Edinburgh Dragon Trust Plc BlackRock Latin American Investment Trust Plc Trans BalkanInvestmentsLtd Templeton EmergingMarketsInvestment Trust Plc Tau Plc Capital Schroder AsiaPacific FundPlc Prosperity Voskhod FundLtd JPMorgan RussianSecuritiesPlc JPMorgan IndianInvestment Trust Plc Investment TrustJPMorgan AsianPlc Pacific AssetsTrustPlc New IndiaInvestment Trust Plc JPMorgan EmergingMarketsInvestment Trust Plc INVESCO AsiaTrustPlc Infrastructure IndiaPlc India Capital Growth FundLtd Growth India Capital Genesis EmergingMarketsFundLtd Fidelity Plc ChinaSpecialSituations Baring EmergingEurope Trust Baring EmergingEuropePlc Aberdeen New Thai Investment Trust Plc The ChinaFundInc Advance Frontier MarketsFundLtd (Warrant) Advance DevelopingMarketsFundLtd Investment Aberdeen NewDawn Trust Plc Haci OmerSabanciHolding AS Explorer East Capital AB First Pacific Co Citic SecuritiesCoLtd China MerchantsDirectInvestmentsLtd China EverbrightLtd VinaCapital Vietnam OpportunityFundLtd Africa OpportunityFundLtd DPF IndiaOpportunitiesFund Macau PropertyOpportunitiesFundLtd ~ + + ~ 12,853,446 1,068,641 1,834,562 2,159,755 4,599,839 1,927,099 1,340,985 Fair Value 456,108 452,587 109,794 520,217 686,665 920,618 611,256 181,676 193,792 481,492 828,250 174,173 295,949 198,726 293,812 717,251 431,759 309,290 234,426 312,324 578,180 441,251 428,901 326,482 102,419 654,410 17,107 76,137 38,298 21,147 82,614 63,135 1,060 USD – –

% ofNet Asset 51.32 18.37 Value 1.82 4.27 1.81 0.07 0.44 7.33 2.08 0.30 2.74 3.68 2.44 0.73 8.62 0.77 1.92 0.15 0.09 3.31 0.70 1.18 0.79 1.17 2.86 1.72 0.33 1.24 0.94 7.70 5.35 1.25 2.31 1.76 1.71 1.30 0.41 0.25 2.61 – – – United States-22.72% Investment inExchangeTraded Collective InvestmentFunds-99.16%(continued) Total Assets Current assets Other collectiveinvestmentschemes UCITS collectiveinvestmentschemes Analysis ofTotal Assets COLLECTIVE INVESTMENTSCHEMES. ALL SECURITIES ARE UCITS COLLECTIVE INVESTMENT SCHEMES OR OTHER ~ -UCITScollectiveinvestmentschemes zero + -Securityisvaluedat Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostUSD23,303,546) Investment Funds-(CostUSD23,303,546) Total InvestmentinExchangeTraded Collective Shares (continued) 11,146 37,207 22,652 10,144 11,282 19,210 24,392 14,534 11,482 46,324 13,446 38,255 24,284 38,577 7,447 7,502

Malaysia FundInc Latin FundInc American Discovery The Korea FundInc Korea EquityFundInc JPMorgan ChinaRegionFundInc The IndiaFundInc First Trust Aberdeen EmergingOpportunityFund The Central Europe Russia and Turkey Fund Inc ASA GoldandPreciousMetalsLtd FundInc Aberdeen Singapore Aberdeen Latin America EquityFundInc OpportunitiesFundInc Company Aberdeen EmergingMarketsSmaller The Thai FundInc Templeton FundInc Dragon The Taiwan FundInc Morgan StanleyEmergingMarketsFundInc + Year ended31March 2014 25,045,664 24,834,435 24,834,435 5,690,988 Fair Value 447,122 306,400 322,451 233,413 203,245 504,551 326,731 181,021 323,276 615,878 211,229 145,553 937,439 458,603 588,492 96,813 % ofTotal Assets USD –

100.00% % ofNet 96.96% 100.00 Asset 1.17% 1.87% 22.72 99.16 99.16 Value 0.39 1.79 1.22 1.29 0.93 0.81 2.01 1.31 0.72 1.29 2.46 0.84 0.58 3.74 1.83 2.35 – Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard EmergingMarketsEquityFund Portfolios ofInvestments Common Stock-96.33% Bermuda -0.37% Argentina -1.33% Brazil -14.90% Canada -2.84% Cayman Islands-2.79% China -7.71% Egypt -0.94% Egypt India -6.36% -1.32% Hungary Indonesia -6.71% Shares 32,594,526 17,505,932 10,131,800 6,124,700 1,350,400 2,631,812 1,289,000 1,066,832 1,210,798 2,470,000 5,130,000 1,283,800 1,489,806 2,177,880 1,215,534 4,098,500 3,870,238 328,761 720,200 580,900 578,000 794,900 389,300 326,900 559,663 321,230 138,100 814,091 346,936 530,686 408,701 777,872 440,637 458,700 73,800 YPF SA,YPF ADR Huabao International HoldingsLtd Huabao International AMBEV SA,AMBEV ADR Banco doBrasilSA BB SeguridadeParticipacoes SA CCR SA Via Varejo SA Via Varejo SA,Vale ADR Souza CruzSA CosmeticosSA Natura Localiza RentaCarSA Cielo SA Cia EnergeticadeMinasGerais, ADR Baidu Inc,Baidu ADR Pacific Corp RubialesEnergy Wynn MacauLtd China ConstructionBankCorp China MobileLtd, ADR CNOOC Ltd NetEase Inc,NetEase ADR Weichai Power CoLtd Bank ofIndia Axis BankLtd OTP BankPlc SAE, BankEgypt Commercial International GDR Bharat Heavy ElectricalsLtd Heavy Bharat Tata Consultancy Ltd Services Bank Punjab National Jindal Steel&Power Ltd Bank MandiriPersero Tbk PT Astra International Tbk PT Telekomunikasi IndonesiaPersero Tbk PT, ADR Tambang Bukit Batubara Asam Persero Tbk PT Semen IndonesiaPersero Tbk PT United TractorsPT Tbk 114,684,662 10,239,261 10,013,216 26,563,218 14,332,469 17,933,388 11,244,906 21,835,701 21,442,320 10,197,414 22,795,460 14,640,057 59,294,544 10,161,456 48,923,456 14,626,773 14,581,855 17,352,285 51,639,598 2,826,649 8,228,819 6,097,365 7,996,630 7,242,742 6,569,749 4,806,105 4,900,961 7,717,776 9,296,201 4,845,050 3,116,099 8,478,432 7,270,998 7,114,646 9,634,752 5,952,754 6,588,791 5,695,868 7,043,765 Fair Value 377,034 USD

% ofNet Asset 14.90 Value 1.33 0.37 1.30 3.45 1.86 1.07 0.79 1.04 0.94 0.85 0.63 2.33 0.64 1.46 2.84 2.79 1.33 2.96 1.90 1.01 1.21 7.71 0.63 0.41 1.10 1.32 0.94 0.93 6.36 1.90 1.25 0.77 1.89 0.86 2.25 0.05 0.74 6.71 0.92 Common Stock-96.33%(continued) Taiwan -4.58% South Korea-13.91% South Africa-10.52% Russia -10.25% Philippines -1.53% Pakistan -0.27% Netherlands -1.12% Mexico -1.36% Malaysia -0.66% Shares (continued) 1,285,060 1,646,314 1,365,611 1,388,535 1,539,442 9,911,237 2,091,953 5,689,662 1,976,500 1,650,755 198,310 408,115 118,156 124,729 363,250 818,061 662,255 700,292 223,475 473,724 780,935 382,592 344,374 449,724 845,150 298,848 192,600 190,036 280,693 20,246 54,489 97,129 92,323 92,046 83,731 Taiwan SemiconductorManufacturingCoLtd, ADR CoLtd,Hon HaiPrecisionIndustry GDR SK HynixInc Shinhan Financial GroupCoLtd Samsung ElectronicsCoLtd Oriflame CosmeticsSA KT&G Corp KB Financial GroupInc Hyundai MobisCoLtd Hanwha LifeInsuranceCoLtd CoLtd Coway Woolworths HoldingsLtd Vodacom GroupLtd Truworths Ltd International Tiger BrandsLtd Standard BankGroupLtd Shoprite HoldingsLtd Sanlam Ltd PPC Ltd Nedbank GroupLtd Imperial HoldingsLtd Bidvest GroupLtd Sberbank ofRussia Mobile TelesystemsOJSC, ADR MegaFon OAO, GDR OJSC,Magnit GDR OAO,Lukoil ADR OAO,Gazprom ADR Alrosa AO Philippine LongDistance Telephone Co, ADR Oil &GasDevelopmentCoLtd, GDR OCI Kimberly-Clark deMexicoSABCV Grupo MexicoSABdeCV British AmericanTobaccoBhd Malaysia Year ended31March 2014 107,049,509 35,207,360 25,720,476 17,991,258 25,534,551 12,703,256 16,111,994 80,947,660 11,816,577 11,898,878 78,885,312 23,583,273 14,777,448 16,111,176 11,745,711 10,503,735 9,486,884 6,711,557 2,860,252 9,368,296 8,961,240 6,807,105 5,717,837 8,154,526 5,145,035 5,785,684 6,252,637 7,585,646 4,273,821 8,144,237 6,172,782 8,403,606 5,054,684 5,114,536 5,840,589 2,056,009 8,630,266 5,280,265 5,223,470 5,105,833 Fair Value USD

% ofNet Asset 13.91 10.52 10.25 Value 1.24 0.87 0.37 1.22 1.16 0.89 0.74 1.06 0.67 0.75 0.81 0.99 0.55 1.06 0.80 1.09 0.66 0.66 0.76 0.27 1.12 0.68 0.68 0.66 4.58 3.34 2.34 3.32 1.65 2.09 1.54 1.55 3.07 1.92 2.09 1.53 1.36 123 Lazard Global Active Funds plc 124 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard EmergingMarketsEquityFund(continued) Portfolios ofInvestments Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets MARKET ORLISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostUSD729,369,974) Total CommonStock-(CostUSD729,369,974) Turkey -4.30% Thailand -2.56% Common Stock-96.33%(continued) Shares 3,827,487 1,446,717 2,490,860 1,907,251 1,255,442 5,412,400 502,000

Turkiye IsBankasi Turkcell IletisimHizmetleri AS Holding AS KOC Akbank TAS Siam CementPCL &ProductionPCL PTT Exploration PCL CP ALL 769,522,346 741,263,415 741,263,415 33,078,147 19,735,228 28,258,931 10,456,262 8,507,755 8,064,783 6,049,347 6,452,959 6,066,292 7,215,977 Fair Value % ofTotal Assets USD

100.00% % ofNet 96.00% 100.00 Asset 4.00% 96.33 96.33 Value 4.30 1.10 1.05 0.79 2.56 0.84 0.79 0.93 3.67 1.36 (continued) Year ended31March 2014 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard EmergingMarketsCore EquityFund Portfolios ofInvestments Common Stock-97.15% Cayman Islands-3.00% Canada -2.72% Brazil -6.72% China -14.04% Mexico -7.45% Malaysia -1.89% Indonesia -3.08% India -6.54% Hong Kong-4.15% Shares 3,212,000 137,951 588,000 678,000 447,500 601,000 564,000 147,500 410,000 197,865 129,700 450,400 177,800 422,200 318,600 812,500 295,000 496,890 112,800 23,325 40,900 24,410 98,200 89,181 25,390 89,500 76,000 92,321 31,130 24,409 19,200 12,360 17,175 4,775 5,200 5,200 Pacific Corp RubialesEnergy Gran Tierra Inc Energy SA Via Varejo Meios dePagamento eIdentificacaoS.A Valid deSegurancaem SolucoeseServicos Klabin SA Itau UnibancoHoldingSA, ADR Cosan Ltd SA,AMBEV ADR Baidu Inc,Baidu ADR ENN Energy HoldingsLtd ENN Energy CSR CorpLtd China Petroleum &ChemicalCorp, ADR China MinshengBankingCorpLtd China LessoGroupHoldingsLtd International Beijing Capital Airport CoLtd Anhui ConchCementCoLtd Want Want ChinaHoldingsLtd Industrial &CommercialBankofChinaLtd Fibra Uno Administracion SAdeCV Cemex SABdeCV, ADR Alsea SABdeCV PetroleumSapurakencana Bhd CIMB GroupHoldingsBhd Semen IndonesiaPersero Tbk PT DepartmentStore Matahari Tbk PT Bank MandiriPersero Tbk PT Tata MotorsLtd, ADR ICICI BankLtd, ADR HDFC BankLtd, ADR Ltd, Laboratories Dr Reddy's ADR EntertainmentLtd,Melco Crown ADR Haier ElectronicsGroupCo Brilliance China Automotive HoldingsLtd Vipshop HoldingsLtd, ADR Sands ChinaLtd PICC Property&CasualtyCoLtd 1,456,772 1,036,126 3,592,742 1,325,676 1,604,597 1,973,070 1,165,553 1,008,736 1,650,567 3,501,558 1,102,158 1,068,992 2,219,857 7,518,095 Fair Value 420,646 429,303 378,457 506,344 289,319 663,643 727,567 528,823 569,440 465,270 448,248 335,092 386,444 632,724 877,030 639,598 471,239 619,979 388,757 586,750 387,032 676,785 787,680 542,728 663,728 795,777 760,352 775,866 842,324 560,794 USD

% ofNet Asset 14.04 Value 2.72 0.79 1.93 6.72 0.80 0.71 0.95 2.48 0.54 1.24 1.36 0.99 1.07 0.87 0.84 0.62 0.72 1.18 3.00 1.64 3.68 1.19 2.18 0.88 1.89 1.16 0.73 3.08 1.10 0.72 1.26 6.54 2.06 2.00 1.47 1.01 4.15 1.24 1.49 1.42 1.45 1.57 1.05 Common Stock-97.15%(continued) Switzerland -1.27% Taiwan -12.09% South Korea-10.62% South Africa-4.36% Russia -4.35% Portugal -0.85% Poland -0.94% Peru -0.95% Philippines -2.90% Mexico -7.45%(continued) Shares (continued) 1,064,400 170,740 141,000 105,750 158,969 189,886 104,681 218,800 77,570 64,000 90,000 13,000 11,000 33,000 42,095 24,310 53,480 25,307 23,324 19,133 17,362 12,257 27,175 35,878 28,205 24,820 53,600 3,928 2,035 2,559 5,553 2,124 3,693 Taiwan SemiconductorManufacturingCoLtd, ADR President ChainStoreCorp CoLtd Merida Industry Largan PrecisionCoLtd CoLtd,Hon HaiPrecisionIndustry GDR Hermes MicrovisionInc Eclat Textile CoLtd Delta ElectronicsInc Advanced SemiconductorEngineeringInc, ADR AG Dufry SK TelecomLtd,Co ADR SK HynixInc Samsung ElectronicsCoLtd Hyundai GlovisCoLtd DGB Financial GroupInc Naspers Ltd MTN GroupLtd Life HealthcareGroupHoldingsLtd Aspen PharmacareHoldingsLtd Sberbank ofRussia MegaFon OAO, GDR Mail.ru GroupLtd, GDR OJSC,Magnit GDR Jeronimo MartinsSGPSSA Powszechna Kasa OszczednosciBankPolski SA SM InvestmentsCorp HoldingsInc GT Capital Grupo Financiero BanorteSABdeCV Gruma SABdeCV Eurasia DrillingCoLtd, GDR Alliance GlobalGroupInc Credicorp Ltd Genomma LabInternacionalSABdeCV Year ended31March 2014 5,691,425 2,335,858 2,330,085 1,555,394 3,986,718 6,476,229 1,552,563 2,566,572 Fair Value 450,800 596,256 615,795 983,889 439,783 381,446 869,313 586,384 676,134 949,663 822,742 579,979 772,469 611,463 518,571 582,271 623,553 451,824 538,020 614,615 671,071 456,381 504,491 442,777 435,574 704,840 443,260 677,043 507,529 562,228 54,555 USD

% ofNet Asset 10.62 12.09 Value 4.36 4.35 2.90 7.45 0.84 1.11 1.15 1.84 0.82 0.71 1.62 1.10 1.27 1.77 1.54 1.08 1.44 1.14 0.97 1.09 1.16 0.84 1.01 1.15 1.25 0.85 0.94 0.83 0.81 1.32 0.83 2.90 4.79 0.10 1.26 0.95 1.05 125 Lazard Global Active Funds plc 126 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard EmergingMarketsCore EquityFund(continued) Portfolios ofInvestments Common Stock-97.15%(continued) United States-0.90% United Kingdom-2.70% Turkey -3.28% Thailand -2.35% Shares Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets MARKET ORLISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostUSD51,422,084) Total PreferredStock-(CostUSD949,926) Brazil -1.83% Preferred Stock-1.83% Total CommonStock-(CostUSD50,472,158) 113,767 123,234 153,500 117,810 37,974 14,624 28,160 69,100 96,870 9,545 Mondi Plc Turk Traktor Makineleri veZiraat AS Hikma PharmaceuticalsPlc Turkiye GarantiBankasi AS TAV Holding Havalimanlari AS Kasikornbank PCL Bangkok BankPCL First CashFinancialInc Services Suzano Papel eCeluloseSA SA Alpargatas 53,533,023 52,987,354 52,010,184 1,443,107 1,755,138 1,257,321 Fair Value 663,788 779,319 389,560 376,164 989,414 876,568 380,753 545,669 977,170 436,472 540,698 481,450 977,170 % ofTotal Assets USD

100.00% % ofNet 98.89% 100.00 Asset 1.11% 98.98 97.15 Value 2.70 1.24 1.46 3.28 0.73 0.70 1.85 2.35 1.64 0.71 1.02 1.83 0.82 1.01 0.90 1.83 (continued) Year ended31March 2014 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard DevelopingMarketsEquityFund Portfolios ofInvestments Common Stock-94.69% Brazil -14.38% Cayman Islands-6.89% Canada -2.73% China -17.19% Hong Kong-2.72% Colombia -3.74% India -8.06% Indonesia -2.13% Shares 15,982,000 10,275,000 1,051,500 1,039,900 1,054,200 4,688,700 1,748,500 5,558,000 3,788,667 2,795,163 1,798,000 2,128,000 4,682,360 3,614,000 9,336,900 465,365 564,800 802,500 558,708 304,000 410,400 605,200 220,574 817,951 902,600 849,500 256,100 865,085 119,800 141,800 221,800 185,091 236,098 25,580 Banco BradescoSA, ADR Cyrela BrazilRealtySA EDP -EnergiasdoBrasilSA Estacio Participacoes SA Baidu Inc,Baidu ADR AAC Technologies HoldingsInc Pacific Corp RubialesEnergy SA Via Varejo SA,Vale ADR Petroleo BrasileiroSA, ADR Localiza RentaCarSA SA,Gerdau ADR Holdings Ltd ConstructionInternational China State Globaltrans InvestmentPlc, GDR Agricultural BankofChinaLtd Anhui ConchCementCoLtd Anton Oilfield Services Group Anton OilfieldServices China ConstructionBankCorp China National Materials CoLtd Materials China National China MerchantsBankCoLtd Sands ChinaLtd Ping An InsuranceGroup Co Inc, ADR & New OrientalEducation Technology Group Ltd China OilfieldServices Zhuzhou CSR Times ElectricCoLtd Cemex Latam HoldingsSA Cemex Latam SA,BanColombia ADR Technology CoLtd Scienceand Industry Zoomlion Heavy Techtronic IndustriesCo Tata MotorsLtd, ADR Reliance IndustriesLtd, GDR ICICI BankLtd, ADR HDFC BankLtd, ADR Bank Rakyat IndonesiaPersero Bank Rakyat Tbk PT 10,525,800 10,075,818 53,077,034 25,447,038 13,796,094 63,435,095 10,051,778 29,736,801 10,339,912 6,363,866 6,363,095 2,569,337 3,897,625 4,161,453 3,190,909 5,677,884 8,391,098 3,242,894 6,752,151 7,924,267 9,463,693 6,943,285 7,500,456 3,518,066 2,649,660 1,847,821 5,059,157 6,740,084 7,030,761 7,515,255 4,213,932 7,160,050 7,040,572 6,755,522 3,256,568 7,852,829 5,726,715 5,817,345 7,859,516 Fair Value USD

% ofNet Asset 14.38 17.19 Value 1.72 1.72 0.70 2.85 1.05 1.13 2.73 0.87 1.54 2.27 0.88 1.83 2.15 6.89 2.56 1.88 2.03 0.95 0.72 0.50 1.37 1.83 1.91 2.04 1.14 1.94 3.74 1.91 1.83 0.88 2.72 8.06 2.13 1.55 2.80 1.58 2.13 Common Stock-94.69%(continued) Russia -5.18% Qatar -0.98% Poland -0.74% Philippines -0.78% Peru -1.75% Netherlands -3.16% Mexico -4.12% United States-1.99% Turkey -3.86% Taiwan -5.95% South Korea-6.22% South Africa-2.12% Shares (continued) 3,870,300 2,478,257 4,138,834 1,149,490 1,603,000 206,715 184,281 212,800 335,664 782,375 120,400 479,182 593,509 550,000 515,150 365,000 293,876 296,716 76,595 47,100 11,023 82,375 80,008 80,000 93,000 13,720 9,554 1 Qatar Electricity& Qatar Water Co Eurocash SA SM InvestmentsCorp Credicorp Ltd Yandex NV X5 RetailGroupNV, GDR Grupo Financiero BanorteSABdeCV Genomma LabInternacionalSABdeCV Samsung ElectronicsCoLtd Korea Aerospace IndustriesLtd Kia MotorsCorp TMK OAO, GDR Sberbank ofRussia NovaTek OAO, GDR Eurasia DrillingCoLtd, GDR Freeport-McMoRan Copper&GoldInc First CashFinancialInc Services TAV Holding Havalimanlari AS Emlak Konut Gayrimenkul Yatirim Ortakligi AS Sanayi Ve Ticaret AS Elektronik Aselsan Wistron Corp Taiwan SemiconductorManufacturingCoLtd MediaTek Inc Hiwin TechnologiesCorp Catcher Technology CoLtd Halla ControlCorp Visteon Climate Standard BankGroupLtd Exxaro ResourcesLtd Year ended31March 2014 11,678,188 15,213,016 22,947,132 13,902,369 19,126,759 21,967,492 14,260,325 3,623,346 2,731,877 2,892,938 6,472,953 6,423,368 5,254,820 5,267,902 9,945,114 3,834,431 4,585,202 4,215,604 5,896,884 8,768,877 7,336,120 2,645,200 4,690,920 4,765,130 4,865,939 4,629,256 6,224,602 8,113,863 4,986,140 2,642,886 7,822,671 3,878,840 3,943,831 Fair Value 245,394 625,130 USD 1

% ofNet Asset Value 0.98 0.74 0.78 1.75 1.74 1.42 1.43 2.69 3.16 4.12 0.07 1.04 1.24 1.14 1.60 2.37 6.22 3.77 5.18 5.95 0.17 1.99 0.72 1.27 1.29 1.32 1.25 1.69 2.20 1.35 0.71 2.12 1.05 1.07 3.86 – 127 Lazard Global Active Funds plc 128 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard DevelopingMarketsEquityFund(continued) Portfolios ofInvestments Common Stock-94.69%(continued) Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets MARKET ORLISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostUSD368,307,902) Total PreferredStock-(CostUSD10,181,395) Brazil -2.08% Preferred Stock-2.08% Total CommonStock-(CostUSD358,126,507) Shares 3,801,300

Marcopolo SA 369,152,473 357,225,393 349,551,991 11,927,080 7,673,402 7,673,402 Fair Value % ofTotal Assets USD

100.00% % ofNet 91.71% 100.00 Asset 8.29% 96.77 94.69 Value 2.08 3.23 2.08 (continued) Year ended31March 2014 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard MENAFund Portfolios ofInvestments Common Stock-91.81% Qatar -27.23% Oman -5.04% Netherlands -1.84% Morocco -4.17% Lebanon -1.65% Kuwait -14.81% Jordan -1.92% Jersey -2.78% Egypt -7.23% Egypt Shares 11,690 25,200 52,200 15,000 30,000 66,000 20,000 35,000 40,000 85,930 97,400 38,472 12,030 2,000 1,800 4,487 1,474 2,400 1,380 3,110 2,484 1,070 1,055 7,610 1,340 4,680 7,500 5,580 754 Qatar Navigation Qatar BankSAQ National Qatar InsuranceCo Qatar Gas Qatar Transport CoNakilat FuelCo Qatar Electricity& Qatar Water Co Ooredoo QSC QSC Industries Qatar Doha BankQSC QSC Commercial BankofQatar Al MeeraConsumerGoodsCo SAOG Renaissance Services BankMuscat SAOG BankMuscat OCI Douja PromotionGroupe Addoha SA Attijariwafa Bank Blom Bank, GDR Mabanee CoSAKC Kuwait ProjectsCoHoldingKSC FoodsKuwait Americana KGL LogisticsCoKSCC Jazeera Airways Burgan BankSAK ALAFCO LeaseandFinanceAviation CoKSCC Jordan Phosphate Mines Jordan Phosphate Centamin Plc Global TelecomHolding FinancialEgyptian Group-HermesHolding Commercial International Bank Egypt SAE, BankEgypt Commercial International GDR Fair Value 709,803 131,387 108,617 385,792 188,693 49,488 92,490 80,098 64,674 51,033 69,728 90,694 70,587 52,826 43,592 44,593 45,426 85,961 47,912 57,054 51,563 43,009 60,188 76,167 67,379 42,419 33,556 70,219 35,864 50,052 72,488 61,649 68,331 58,713 USD

% ofNet Asset 27.23 14.81 Value 1.90 3.55 3.07 2.48 1.96 2.67 3.48 2.71 2.03 1.67 1.71 5.04 1.74 3.30 1.84 4.17 2.19 1.98 1.65 2.31 2.92 2.59 1.63 1.29 2.69 1.38 1.92 2.78 7.23 2.36 2.62 2.25 United Kingdom-2.92% United ArabEmirates-22.22% Oman -0.00% Convertible Bond-0.00% Total CommonStock-(CostUSD1,936,505) Total ConvertibleBond-(CostUSD–) Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets MARKET ORLISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED Receipt GDR -GlobalDepositary zero + -Securityisvaluedat Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostUSD1,936,505) Common Stock-91.81%(continued) Shares (continued) 29,240 10,686 43,017 61,990 49,020 57,080 47,100 89,330 43,930 9,120 2,750 7,752

Union National BankPJSC Union National NMC HealthPlc First GulfBankPJSC Emaar PropertiesPJSC Dubai InvestmentsPJSC Depa Ltd Aramex PJSC Aldar PropertiesPJSC PJSC Air Arabia Agthia GroupPJSC Hikma PharmaceuticalsPlc BankMuscat 4.500%03/20/2017+ BankMuscat Year ended31March 2014 2,393,377 2,606,899 2,393,377 Fair Value 579,519 116,648 213,522 55,129 76,592 47,349 63,880 32,598 51,439 44,304 34,171 57,409 76,105 % ofTotal Assets USD – –

100.00% % ofNet 12.41% 87.59% 100.00 Asset 22.22 91.81 91.81 Value 2.11 2.94 1.82 4.47 2.45 1.25 1.97 1.70 1.31 2.20 2.92 8.19 – – 129 Lazard Global Active Funds plc 130 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard SterlingHighQualityBondFund Portfolios ofInvestments United Kingdom-71.67% Netherlands -7.35% United States-4.94% Bonds -97.14% Multi-National -3.61% -6.77% Germany France -2.80% 100,000 150,000 200,000 200,000 100,000 104,000 100,000 129,000 75,000 35,000 80,000 77,000 23,000 74,000 39,000 50,000 36,000 64,000 60,000 30,000 34,000 18,000 54,000 74,000 50,000 40,000 79,000 89,000 75,000 69,000 Barclays BankPlc Bank ofScotlandPlc Aviva Plc NV Siemens Financieringsmaatschappij Finance BV RWE Finance BV Deutsche Telekom International Wessex FinanceWater Services Plc Finance International Volkswagen NV United KingdomGilt United KingdomGilt United KingdomGilt United KingdomGilt United KingdomGilt Southern FinanceWater Services Ltd MarketsPlc Land SecuritiesCapital FundingSterling1LP HSBC BankCapital Plc BMW UKCapital United KingdomGilt Segro Plc Pearson Plc Northern GasNetworksFinance Plc Network RailInfrastructure Finance Plc Glencore Finance EuropeSA Dignity Finance Plc GE Capital TrustCapital GE V European InvestmentBank Tesco Plc Kreditanstalt fuer Wiederaufbau Kreditanstalt Deutsche BahnFinance BV Orange SA Coupon Coupon 10.000 5.500 4.875 6.125 6.125 6.250 6.500 8.750 5.750 1.250 4.250 4.250 4.250 5.000 8.000 5.000 6.640 7.000 7.000 4.875 4.750 5.425 5.844 6.500 8.151 5.000 5.500 5.000 2.750 5.625 Rate Rate % 12/13/2019 12/20/2024 09/14/2066 06/03/2030 04/08/2022 08/25/2017 05/21/2021 10/14/2033 08/20/2015 12/07/2055 03/07/2036 06/07/2032 03/07/2025 06/07/2021 03/07/2018 03/31/2026 03/14/2022 10/27/2014 11/15/2035 11/29/2035 03/31/2022 02/27/2019 12/31/2030 10/02/2017 09/15/2066 06/09/2036 06/20/2022 01/23/2034 Perpetual Perpetual Maturity Date 1,936,832 1,936,832 198,643 100,235 176,385 225,780 225,680 113,330 128,513 103,250 133,457 182,902 108,838 40,112 39,234 83,650 83,247 27,029 88,367 97,513 98,264 45,430 36,051 68,800 41,508 18,571 55,587 85,300 72,900 56,721 55,090 66,441 74,064 75,614 Value GBP Fair

Asset 71.67 Value 1.48 1.45 3.09 7.35 3.08 1.00 3.27 3.61 3.71 6.53 8.35 8.35 4.19 4.75 3.82 3.64 1.68 1.33 2.55 1.54 0.69 2.06 3.16 2.70 2.10 2.04 2.46 4.94 6.77 4.03 2.74 2.80 % of Net

Total Assets Current assets market or tradedonaregulated Transferable securitiesadmittedtoanofficial stockexchangelisting Analysis ofTotal Assets MARKET ORLISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED Total NetAssets Assets inexcessofotherliabilities Total Investments-(CostGBP2,486,413) Total Bonds-(CostGBP2,486,413) Bonds -97.14%(continued) (continued) Year ended31March 2014 2,702,242 2,624,961 2,624,961 % ofTotal Assets 77,281 Value GBP Fair 100.00%

96.30% 100.00 Asset 3.70% 97.14 97.14 Value 2.86 % of Net

Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard GlobalFixedIncomeFund Portfolios ofInvestments Canada -8.39% Brazil -1.22% Bermuda -1.46% Belgium -3.80% Bahamas, The-1.55% Czech Republic-1.09% Germany -1.97% Germany France -3.98% Croatia -1.38% Chile -1.07% Colombia -2.48% Bonds -99.15% Australia -6.09% 240,000,000 230,000,000 4,260,000 1,570,000 180,000 430,000 400,000 170,000 130,000 345,000 450,000 165,000 165,000 100,000 200,000 125,000 250,000 100,000 271,000 400,000 170,000 630,000 342,000 200,000 175,000 200,000 198,000 Shaw Communications Inc Communications Shaw Province ofOntarioCanada Province ofOntarioCanada Province ofBritishColumbia Ontario ElectricityFinancial Corp Hydro-Quebec Bombardier Inc Bond Bermuda GovernmentInternational Belgium GovernmentBond NV CallebautServices Barry Commonwealth oftheBahamas Western AustralianTreasuryCorp Telstra CorpLtd Queensland TreasuryCorp Orange SA France GovernmentBondOAT Czech RepublicGovernmentBond Kreditanstalt fuer Wiederaufbau Kreditanstalt Bond Colombia GovernmentInternational Croatia Government International Bond GovernmentInternational Croatia Bond Colombia GovernmentInternational Bond Colombia GovernmentInternational Bond Brazilian GovernmentInternational Anheuser-Busch InBev Worldwide Inc Mercedes-Benz Australia/Pacific Pty Ltd Wuerttemberg Foerderbank Landeskreditbank Baden- Corp NacionaldelCobredeChile Coupon Coupon 10.125 12.000 5.650 2.850 6.250 3.700 9.625 7.500 5.603 4.250 5.625 6.950 3.000 6.250 5.500 2.625 9.750 4.500 3.000 5.875 5.375 4.250 2.500 2.875 7.375 4.375 3.750 Rate Rate % 10/01/2019 06/02/2023 06/16/2015 12/18/2020 07/15/2022 03/15/2018 07/20/2020 09/28/2022 06/15/2021 11/20/2029 06/08/2016 04/15/2015 06/21/2021 10/15/2021 01/05/2023 11/17/2015 05/18/2015 05/22/2017 07/09/2018 07/08/2019 10/25/2023 08/25/2028 10/12/2016 01/27/2017 03/21/2023 10/22/2015 11/04/2020 Maturity Date 1,161,482 1,161,482 1,598,852 1,598,852 184,163 380,607 355,847 160,878 174,434 113,250 277,747 723,657 565,979 157,678 294,906 416,893 158,164 400,281 229,673 232,619 177,500 186,144 374,907 107,432 263,898 758,649 191,665 566,984 207,349 267,475 232,000 471,983 109,640 130,343 203,308 55,119 Value USD Fair

Asset Value 0.97 2.00 1.87 0.84 0.92 0.59 1.46 3.80 2.97 0.83 1.55 6.09 2.19 0.83 2.10 1.20 1.22 0.93 0.97 1.97 0.57 1.38 0.29 3.98 1.01 2.97 1.09 1.40 1.22 2.48 0.58 0.68 8.39 1.07 % of Net

Luxembourg -0.51% Italy -0.70% Israel -2.23% Ireland -3.89% Mexico -5.18% Panama -1.16% Norway -3.27% New Zealand-2.63% Netherlands -2.26% Namibia -1.10% Multi-National -3.20% Philippines -2.23% Peru -2.01% Bonds -99.15%(continued) 20,000,000 1,250,000 4,900,000 2,440,000 2,000,000 1,000,000 1,500,000 (continued) 225,000 235,000 120,000 200,000 160,000 870,000 910,000 105,000 245,000 200,000 310,000 200,000 375,000 182,000 971,000 70,000 90,000 15,000 Atlantia SpA Israel GovernmentBond Ireland GovernmentBond Ireland GovernmentBond Mexican Bonos Mexican Bonos America MovilSABdeCV Statoil ASA Statoil Nestle HoldingsInc City ofOsloNorway LLC BMW USCapital Inter-American Development Bank Corp General ElectricCapital Corp General ElectricCapital Auckland Council Netherlands GovernmentBond Bonds Namibia International Inter-American Development Bank Corp Andina deFomento Asian DevelopmentBank Peru GovernmentBond Mexico Government International Bond Mexico GovernmentInternational Luxembourg SA HeidelbergCement Finance Bond Philippine GovernmentInternational Panama Bond GovernmentInternational Year ended31March 2014 Coupon Coupon 3.375 5.500 5.400 4.400 6.500 7.750 6.450 6.750 3.250 2.450 2.500 3.550 2.375 6.000 5.500 6.500 4.620 2.500 5.500 5.250 8.125 2.850 3.900 5.200 7.840 Rate Rate % 09/18/2017 01/31/2022 03/13/2025 06/18/2019 06/10/2021 12/14/2017 12/05/2022 02/06/2024 10/21/2021 01/17/2023 07/10/2017 02/12/2021 12/04/2015 12/15/2017 02/01/2017 09/28/2015 03/29/2016 01/15/2033 11/03/2021 07/19/2016 06/04/2019 10/21/2020 11/26/2022 01/30/2020 08/12/2020 Maturity Date 132,652 425,967 740,670 372,404 368,266 391,736 206,509 144,388 987,004 244,371 500,592 622,759 150,286 147,295 172,213 152,965 217,386 174,570 430,480 209,373 609,653 147,998 227,439 234,216 424,789 221,203 384,019 97,005 95,231 13,405 Value USD Fair

Asset Value 0.70 2.23 3.89 1.96 1.93 2.06 1.08 0.76 0.51 5.18 1.28 2.63 0.50 0.07 3.27 0.79 0.77 0.91 0.80 1.14 0.92 2.26 1.10 3.20 0.78 1.19 1.23 2.23 1.16 2.01 % of Net

131 Lazard Global Active Funds plc 132 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard GlobalFixedIncomeFund(continued) Portfolios ofInvestments United States-16.19% Bonds -99.15%(continued) Poland -3.78% Portugal -1.02% Singapore -1.10% Slovakia -1.11% Sri Lanka-0.69% United Kingdom-9.68% 1,000,000 1,000,000 1,310,000 100,000 115,000 110,000 135,000 215,000 110,000 145,000 160,000 160,000 105,000 100,000 100,000 120,000 240,000 125,000 250,000 200,000 125,000 100,000 60,000 55,000 70,000 55,000 95,000 55,000 85,000 45,000 85,000 75,000 65,000 90,000 93,000 85,000 90,000 65,000 50,000 United KingdomGilt United KingdomGilt Tesco Plc Tesco Plc SSE Plc Plc Rolls-Royce GKN HoldingsPlc Centrica Plc BMW Finance NV Plc Capital BG Energy Barclays BankPlc Abbey National Abbey National Treasury Plc Services ArcelorMittal Inc Apple Cargill Inc The GoldmanSachsGroupInc of Washington State ofUtah State of Alaska State Masco Corp OilCorp Marathon Huntington IngallsIndustriesInc HCA Inc Energizer HoldingsInc DISH DBSCorp BrandsInc Constellation Commonwealth ofPennsylvania Coca-Cola EnterprisesInc City ofSeattle WA Financial Corp Caterpillar Services Sealed Air Corp Sealed Air Corp Peabody Energy JPMorgan Chase&Co Bond Poland GovernmentInternational Poland GovernmentBond Portugal Obrigacoesdo Tesouro OT Temasek Financial ILtd Bond Slovakia GovernmentInternational Bond Sri LankaGovernmentInternational Coupon Coupon 4.250 4.250 6.125 1.750 5.000 6.750 6.750 7.000 3.375 5.125 5.125 5.125 6.000 5.000 3.850 6.250 4.636 3.539 5.342 8.125 7.375 6.125 2.800 3.875 6.875 6.500 4.700 7.125 7.250 5.850 2.000 4.680 3.250 6.375 3.750 5.650 3.265 4.375 6.250 Rate Rate % 06/07/2032 12/07/2027 02/24/2022 09/01/2014 10/01/2018 04/30/2019 10/28/2019 09/19/2018 12/14/2018 12/01/2025 01/08/2020 04/14/2021 11/27/2017 02/25/2017 05/04/2043 09/01/2017 08/01/2022 07/01/2025 08/01/2027 09/15/2019 11/01/2016 10/03/2016 11/01/2022 09/23/2020 03/15/2018 02/15/2020 05/19/2021 02/01/2016 05/15/2017 07/15/2030 12/05/2019 08/01/2024 06/26/2015 07/15/2019 04/25/2018 02/15/2024 02/19/2020 05/21/2022 10/04/2020 Maturity Date 1,845,182 188,121 216,569 209,031 159,787 111,242 109,112 136,197 108,893 165,904 100,094 151,316 188,916 191,459 125,715 147,107 101,025 150,065 104,393 167,898 122,325 110,280 140,309 131,960 162,666 720,810 283,050 437,760 194,410 208,976 212,625 131,719 51,468 90,631 93,989 86,069 73,125 71,663 77,543 97,200 93,075 Value USD Fair

Asset Value 0.99 1.14 1.10 0.84 0.58 0.57 0.71 0.57 0.87 0.53 0.79 0.99 9.68 1.00 0.27 0.48 0.66 0.77 0.53 0.79 0.55 0.88 0.64 0.58 0.74 0.69 0.85 0.49 0.45 0.38 0.38 0.41 0.51 0.49 3.78 1.48 2.30 1.02 1.10 1.11 0.69 % of Net

Total Bonds-(CostUSD18,702,357) United States-16.19%(continued) Forward currency contracts Total Investments-(CostUSD18,702,357) Vietnam -0.73% Bonds -99.15%(continued) Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy (continued) 120,000 130,000 100,000 195,000 125,000 289,173,998 JPY 90,000 48,772,800 CLP 32,963,040 KZT 6,562,064 EUR 1,168,418 EUR 240,959 USD 106,881 USD 219,202 USD 209,688 USD 326,375 DKK 158,132 CHF 615,756 PHP 88,258 USD 86,400 USD 86,900 USD 72,170 GBP 84,164 EUR Yum! BrandsInc Valero Corp Energy Wynn Las Vegas LLC University of Texas System/The Bond Vietnam GovernmentInternational Valeant PharmaceuticalsInternational Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell 10,000,000 PHP 48,772,800 CLP 16,617,150 KZT 16,345,890 KZT 9,106,924 USD 2,840,958 USD 1,600,631 USD 9,389,811 PHP 208,100 USD 120,000 USD 116,752 USD 177,457 USD 691,192 PEN 264,701 BRL 84,822 USD 13,800 USD 60,205 USD Year ended31March 2014 Counterparty Markets Inc Global Citigroup USA HSBC Bank BNP Paribas BNP Paribas JP Morgan Markets CIBC World Markets Inc Global Citigroup USA HSBC Bank Markets Capital BNY Mellon Markets Inc Global Citigroup USA HSBC Bank Markets Inc Global Citigroup Markets Inc Global Citigroup Markets Inc Global Citigroup Markets Inc Global Citigroup Suisse Credit USA HSBC Bank Coupon Coupon 3.750 6.125 6.750 7.750 6.750 6.276 Rate Rate % 11/01/2021 02/01/2020 01/29/2020 08/15/2020 10/01/2017 08/15/2041 Maturity 05/12/14 04/22/14 05/07/14 05/07/14 04/30/14 04/30/14 04/22/14 04/22/14 04/15/14 05/21/14 05/21/14 05/21/14 05/21/14 05/12/14 05/21/14 05/21/14 05/12/14 Maturity Date 18,893,056 18,893,056 18,893,056 3,084,675 121,698 151,141 139,136 100,575 106,250 215,046 (29,646) (62,988) (32,248) (4,117) (1,823) (4,031) (9,515) (1,703) (1,592) Value 3,401 1,635 9,599 USD (764) Fair (49) 273 (5) 67

Asset 99.15 99.15 16.19 Value (0.16) (0.02) (0.01) (0.02) (0.05) (0.33) (0.17) (0.01) (0.01) 0.64 0.79 0.73 0.53 0.56 1.13 % of 0.02 0.01 0.05 Net – – – – –

Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat31March 2014 Lazard GlobalFixedIncomeFund(continued) Portfolios ofInvestments Forward currency contracts(continued) Total NetAssets Assets inexcessofotherliabilities or loss Financial fairvaluethroughprofit assetsandliabilitiesat (total netunrealisedresult) Total forwardcurrency contracts Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy 3,475,326 MXN 1,380,488 NOK 1,039,623 USD 193,307 USD 289,931 USD 883,453 USD 653,148 USD 398,400 USD 191,404 USD 293,253 USD 214,301 USD 354,967 USD 238,137 USD 609,458 USD 114,901 NZD 318,727 NZD 95,600 USD 61,163 USD Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell 41,053,924 JPY 8,714,892 MXN 6,314,512 NOK 1,070,865 NZD 9,793,455 JPY 243,406 SGD 393,505 CAD 261,807 CAD 268,068 USD 229,873 USD 263,900 USD 678,924 AUD 115,071 GBP 175,587 GBP 156,032 EUR 880,418 PLN 99,300 USD 44,030 EUR Counterparty Markets CIBC World USA HSBC Bank Markets Global Street State USA HSBC Bank USA HSBC Bank Markets Inc Global Citigroup Markets Inc Global Citigroup USA HSBC Bank USA HSBC Bank Markets Inc Global Citigroup Markets Inc Global Citigroup Markets RBC Capital Markets RBC Capital Markets CIBC World Markets CIBC World Markets CIBC World USA HSBC Bank USA HSBC Bank 05/21/14 05/21/14 05/21/14 05/21/14 05/21/14 05/21/14 05/21/14 05/21/14 05/21/14 05/21/14 05/21/14 05/21/14 05/21/14 05/21/14 05/21/14 05/21/14 05/21/14 05/21/14 Maturity (209,603) 19,054,966 18,683,453 371,513 (41,944) (12,099) (12,971) (17,583) (1,115) Value 1,229 7,362 1,388 (252) (502) (352) (362) (731) USD Fair 477 634 484 247 (7) 100.00

Asset 98.05 (1.10) Value (0.22) (0.07) (0.07) (0.01) (0.09) 1.95 % of 0.01 0.04 0.01 Net – – – – – – – – – –

Total Assets Current assets Financial instruments derivative market or tradedonaregulated Transferable securitiesadmittedtoanofficial stockexchangelisting Analysis ofTotal Assets CONTRACTS WHICHAREFINANCIALDERIVATIVE INSTRUMENTS. MARKET OR LISTEDON A RECOGNISEDEXCHANGEEXCEPTFORFORWARD CURRENCY ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED (continued) Year ended31March 2014 % ofTotal Assets 100.00% 96.42% 3.44% 0.14% 133 Lazard Global Active Funds plc Supplemental Information

In accordance with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) 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 sub 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 year. At a minimum the largest 20 purchases and sales are listed. If a fund entered into less than 20 purchases or sales during the reporting year, then all transactions are presented. Statements of Major Changes in Investments Lazard UK Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

GBP GBP Vodafone Group Plc 232,185 Diageo Plc 328,590 AstraZeneca Plc 226,678 Royal Dutch Shell Plc 310,120 Shire Plc 188,652 Vodafone Group Plc 307,561 GlaxoSmithKline Plc 182,145 HSBC Holdings Plc 302,406 Barclays Plc 164,930 Rolls-Royce Holdings Plc 263,088 ARM Holdings Plc 148,675 Experian Plc 249,769 Diageo Plc 136,235 BG Group Plc 247,545 United Utilities Group Plc 121,598 Standard Chartered Plc 247,091 Burberry Group Plc 119,019 Centrica Plc 227,909 Thomas Cook Group Plc 113,995 GlaxoSmithKline Plc 222,805 Lloyds Banking Group Plc 109,584 Tesco Plc 219,795 Travis Perkins Plc 102,966 Lloyds Banking Group Plc 199,143 Hays Plc 102,505 easyJet Plc 194,019 Next Plc 99,777 Glencore Xstrata Plc 193,103 Keller Group Plc 92,237 Taylor Wimpey Plc 193,067 Unilever Plc 92,172 Rio Tinto Plc 171,201 Xstrata Plc 91,872 Anglo American Plc 170,380 Dixons Retail Plc 80,660 International Consolidated Airlines Group SA SA 168,683 The Sage Group Plc 76,329 British American Tobacco Plc 160,816 St James's Place Plc 72,271 Resolution Ltd 154,070 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Year ended 31 March 2014 134 Supplemental Information (continued)

Statements of Major Changes in Investments (continued) Lazard Japanese Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

JPY JPY Sumitomo Mitsui Financial Group Inc 855,144,226 Jafco Co Ltd 793,835,583 Mitsubishi UFJ Financial Group Inc 650,801,127 Sumitomo Mitsui Trust Holdings Inc 711,264,019 Mizuho Financial Group Inc 639,301,140 Mitsubishi UFJ Financial Group Inc 601,698,712 Komatsu Ltd 624,840,452 Mizuho Financial Group Inc 525,444,078 Canon Inc 603,666,063 Hitachi Ltd 517,101,150 Jafco Co Ltd 567,614,381 Nippon Steel Corp 486,475,903 The Dai-ichi Life Insurance Co Ltd 518,656,898 Nippon Yusen Kabushiki Kaisha 439,550,531 Sumitomo Mitsui Trust Holdings Inc 503,023,710 Nomura Holdings Inc 429,440,830 Hitachi Ltd 499,362,301 Izumi Co Ltd 429,183,515 Nidec Corp 455,582,352 Mitsubishi Corp 409,527,911 Nintendo Co Ltd 452,532,218 ORIX Corp 408,517,651 Nippon Steel Corp 430,614,630 The Dai-ichi Life Insurance Co Ltd 401,022,212 ORIX Corp 423,993,374 Canon Inc 399,049,618 Nomura Holdings Inc 420,291,985 JX Holdings Inc 389,508,893 Mitsubishi Corp 400,521,972 Daikin Industries Ltd 386,061,309 Daiwa House Industry Co Ltd 358,528,997 Seven & I Holdings Co Ltd 372,057,404 JS Group Corp 319,771,533 Tokyu Land Corp 371,849,377 East Japan Railway Co 296,756,701 Nintendo Co Ltd 370,727,930 JX Holdings Inc 293,440,484 Makita Corp 359,985,899 Makita Corp 291,083,458 Taisei Corp 359,771,163

Lazard Japanese Strategic Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

JPY JPY Mitsubishi UFJ Financial Group Inc 250,953,476 Nippon Yusen Kabushiki Kaisha 152,198,158 Mizuho Financial Group Inc 248,483,583 Izumi Co Ltd 50,337,013 Jafco Co Ltd 247,488,694 Japan Retail Fund Investment Corp 44,873,566 Sumitomo Mitsui Trust Holdings Inc 227,920,241 Jafco Co Ltd 44,233,078 Nomura Holdings Inc 217,944,556 Showa Denko KK 38,119,782 ORIX Corp 183,868,412 Makita Corp 32,949,700 Makita Corp 169,926,030 JX Holdings Inc 25,171,610 Komatsu Ltd 168,312,696 Takamatsu Construction Group Co Ltd 17,815,912 The Dai-ichi Life Insurance Co Ltd 162,427,408 Miraca Holdings Inc 11,667,413 Tokyu Land Corp 161,575,135 Mizuho Financial Group Inc 8,840,177 Canon Inc 159,213,304 Nidec Corp 8,473,760 Nidec Corp 155,458,987 Mitsubishi UFJ Financial Group Inc 8,125,435 Mitsubishi Corp 151,114,895 Sumitomo Mitsui Trust Holdings Inc 7,835,080 JX Holdings Inc 150,193,955 Nomura Holdings Inc 6,872,063 Nintendo Co Ltd 145,948,655 ORIX Corp 6,777,208 JS Group Corp 139,924,511 The Dai-ichi Life Insurance Co Ltd 6,067,864 Takashimaya Co Ltd 138,494,112 Hitachi Ltd 5,688,154 Hitachi Ltd 138,401,249 Mitsubishi Corp 5,497,550 Nippon Steel Corp 137,969,184 JS Group Corp 5,165,816 Nippon Yusen Kabushiki Kaisha 134,675,056 Nintendo Co Ltd 4,896,051 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Year ended 31 March 2014 135 Supplemental Information (continued)

Statements of Major Changes in Investments (continued) Lazard European Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

EUR EUR Novo Nordisk A/S 1,736,183 Nestle SA 3,004,068 Volkswagen AG 1,280,083 Sanofi-Aventis SA 2,094,610 Unilever NV 1,265,669 Merck KGaA 1,639,854 Panalpina Welttransport Holding AG 1,147,749 Valeo SA 1,584,424 Fresenius SE & Co KGaA 1,023,305 Banco Bilbao Vizcaya Argentaria SA 1,515,014 Siemens AG 1,014,538 Sky Deutschland AG 1,474,443 Cie Financiere Richemont SA 1,011,210 Technip SA 1,322,976 Turkcell Iletisim Hizmetleri AS 1,000,541 ENI SpA 1,248,443 Koninklijke Philips NV 991,817 Pegasus Hava Tasimaciligi AS 1,177,463 Deutsche Bank AG 977,818 Volvo AB 1,092,129 Nokia OYJ 923,664 Ryanair Holdings Plc 1,084,005 Banco Bilbao Vizcaya Argentaria SA 889,054 Bayerische Motoren Werke AG 1,064,110 Cap Gemini SA 874,706 Unilever NV 1,019,667 HeidelbergCement AG 814,257 Novartis AG 1,019,208 Continental AG 801,474 Electrolux AB 1,006,646 Mediaset SpA 721,923 PostNL NV 974,921 Pegasus Hava Tasimaciligi AS 675,106 Deutsche Bank AG 958,258 Turkiye Halk Bankasi AS 674,628 Siemens AG 917,793 Atresmedia Corp de Medios de Comunicaion S.A. 655,178 Algeta ASA 827,872 Plastic Omnium SA 650,688 Koninklijke KPN NV 822,568

Lazard Pan European Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

EUR EUR Novartis AG 449,644 Pearson Plc 150,860 Bayer AG 364,370 Sky Deutschland AG 135,133 HSBC Holdings Plc 360,754 Volvo AB 101,280 Sanofi-Aventis SA 354,125 Yara International ASA 91,824 BNP Paribas SA 290,432 HSBC Holdings Plc 87,912 Prudential Plc 276,645 Standard Chartered Plc 76,764 British American Tobacco Plc 270,859 Associated British Foods Plc 76,421 Glencore Xstrata Plc 269,425 Tullow Oil Plc 69,505 Unilever NV 258,437 Ophir Energy Plc 57,893 Volkswagen AG 235,926 Merck KGaA 42,176 SAP AG 233,530 Technip SA 39,442 Shire Plc 226,080 Signet Jewelers Ltd 37,525 Lloyds Banking Group Plc 217,692 ISS A/S 34,051 Anheuser-Busch InBev NV 212,943 Algeta ASA 33,107 Associated British Foods Plc 206,279 Centrica Plc 28,957 European Aeronautic Defence and Space Co NV 202,504 Ryanair Holdings Plc 28,857 Reed Elsevier NV 193,865 Valeo SA 24,560 Diageo Plc 189,816 Rio Tinto Plc 23,500 Sampo OYJ 185,986 Wolseley Plc 22,564 Swiss Re AG 182,634 Intertek Group Plc 20,952 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Year ended 31 March 2014 136 Supplemental Information (continued)

Statements of Major Changes in Investments (continued) Lazard Global Strategic Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Apple Inc 1,583,402 Berkshire Hathaway Inc 8,300,568 Birchcliff Energy Ltd 1,142,264 Pfizer Inc 6,003,181 Check Point Software Technologies Ltd 1,096,043 Tokio Marine Holdings Inc 5,590,576 Ivanhoe Mines Ltd 928,778 Nestle SA 5,309,424 Activision Blizzard Inc 863,085 Newell Rubbermaid Inc 5,124,279 Athabasca Oil Corp 613,513 Microsoft Corp 4,819,946 Detour Gold Corp 582,610 Vodafone Group Plc 4,654,115 Vivendi SA 553,429 China Mobile Ltd 4,392,196 New Gold Inc 284,698 Apple Inc 4,218,176 Advance Auto Parts Inc 113,095 Oracle Corp 3,934,544 Viacom Inc 109,567 Avon Products Inc 3,848,465 Aker Solutions ASA 107,032 Activision Blizzard Inc 3,832,415 McKesson Corp 105,865 Dr Pepper Snapple Group Inc 3,677,558 CareFusion Corp 102,298 Total SA 3,186,547 QUALCOMM Inc 97,430 Heineken Holding NV 2,913,309 Sampo OYJ 96,843 Teck Resources Ltd 2,824,215 Telecom Italia SpA 96,547 New Gold Inc 2,822,581 Mastercard Inc 93,075 Vivendi SA 2,822,411 Mediclinic International Ltd 92,930 Meitec Corp 2,801,032 Baxter International Inc 86,949 KT&G Corp 2,800,006

Lazard Global Managed Volatility Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD West Japan Railway Co 1,018,956 Central Japan Railway Co 732,567 The Hershey Co 954,293 Osaka Gas Co Ltd 642,331 Roche Holding AG 861,175 Hang Seng Bank Ltd 617,301 Amcor Ltd 746,348 Synopsys Inc 609,790 Woolworths Ltd 745,952 Otsuka Holdings Co Ltd 607,866 Central Japan Railway Co 693,936 West Japan Railway Co 601,635 SSE Plc 685,738 Canadian National Railway Co 566,857 Rogers Communications Inc 681,401 Southern Co/The 555,135 Royal Bank of Canada 670,651 Nestle SA 527,638 Centrica Plc 662,212 Roche Holding AG 513,331 Xcel Energy Inc 650,439 Amcor Ltd 506,429 AT&T Inc 649,365 Lawson Inc 496,094 Shaw Communications Inc 641,728 Intact Financial Corp 494,002 Sky Network Television Ltd 637,530 CR Bard Inc 493,967 Hang Seng Bank Ltd 630,631 General Mills Inc 465,605 McDonald's Corp 624,902 The Hershey Co 465,178 Kimberly-Clark Corp 623,320 Colgate-Palmolive Co 445,252 Southern Co/The 613,877 Campbell Soup Co 444,842 Verizon Communications Inc 612,463 CGI Group Inc 444,170 Osaka Gas Co Ltd 610,069 International Business Machines Corp 428,842 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Year ended 31 March 2014 137 Supplemental Information (continued)

Statements of Major Changes in Investments (continued) Lazard Global Listed Infrastructure Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

GBP GBP Tokyo Gas Co Ltd 16,936,640 Osaka Gas Co Ltd 9,651,435 SES SA 13,141,791 Vinci SA 7,834,395 Vinci SA 12,386,443 Red Electrica Corp SA 7,070,979 Norfolk Southern Corp 10,955,678 SES SA 6,344,642 PG&E Corp 10,626,242 Fraport AG Frankfurt Airport Services Worldwide 5,903,014 Atlantia SpA 10,143,189 Norfolk Southern Corp 5,792,675 SP AusNet 9,889,279 Aeroports de Paris 5,560,532 Pennon Group Plc 9,591,036 Abertis Infraestructuras SA 5,146,040 DUET Group 8,578,756 Atlantia SpA 4,763,573 Fraport AG Frankfurt Airport Services Worldwide 8,261,544 Toho Gas Co Ltd 4,171,587 Flughafen Zuerich AG 7,599,700 Flughafen Zuerich AG 3,601,321 Osaka Gas Co Ltd 7,257,613 Snam SpA 3,469,465 CSX Corp 6,922,904 Enagas SA 3,072,610 Transurban Group 6,437,147 Pennon Group Plc 2,960,007 Toho Gas Co Ltd 6,278,873 Tokyo Gas Co Ltd 2,422,899 Aeroports de Paris 5,963,992 Flughafen Wien AG 2,336,302 Eutelsat Communications SA 5,839,314 Spark Infrastructure Group 2,160,844 Spark Infrastructure Group 5,203,892 Macquarie Korea Infrastructure Fund 1,970,916 Terna Rete Elettrica Nazionale SpA 3,705,961 Union Pacific Corp 1,894,610 Macquarie Korea Infrastructure Fund 3,367,311 Hera SpA 1,877,727

Lazard Global Equity Select Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Sumitomo Mitsui Trust Holdings Inc 137,354 Cisco Systems Inc 183,162 Daiwa House Industry Co Ltd 133,057 Chevron Corp 180,288 Novo Nordisk A/S 115,956 Johnson & Johnson 137,857 Hartford Financial Services Group Inc 102,995 Sumitomo Mitsui Financial Group Inc 135,147 Continental AG 98,890 Oracle Corp 124,919 Molson Coors Brewing Co 91,880 Apple Inc 123,319 Apple Inc 90,883 Wal-Mart Stores Inc 117,629 Consol Energy Inc 85,048 McKesson Corp 112,483 Eaton Corp Plc 81,777 The Swatch Group AG 109,257 Intel Corp 80,068 QUALCOMM Inc 104,578 Unilever Plc 79,602 Sky Deutschland AG 101,924 Credicorp Ltd 72,448 Microsoft Corp 99,055 Monsanto Co 70,863 ENI SpA 93,468 Ross Stores Inc 70,793 Standard Chartered Plc 83,007 International Consolidated Airlines Group SA 68,270 Experian Plc 81,728 Peabody Energy Corp 67,479 Intertek Group Plc 78,777 Tyco International Ltd 65,228 Vodafone Group Plc 75,110 China Shenhua Energy Co Ltd 63,783 British American Tobacco Plc 74,136 Dover Corp 63,201 Bank of America Corp 71,572 Bristol-Myers Squibb Co 62,101 Dover Corp 70,461 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Year ended 31 March 2014 138 Supplemental Information (continued)

Statements of Major Changes in Investments (continued) Lazard Global Equity Income Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD CenturyLink Inc 213,711 Banco do Brasil SA, ADR 100,081 Atlantia SpA 181,648 Atlantia SpA 89,736 Wynn Macau Ltd 180,200 Life Healthcare Group Holdings Ltd 72,532 Intel Corp 160,201 Resolution Ltd 60,866 Total SA 158,478 Wynn Resorts Ltd 49,971 ENI SpA 153,655 Red Electrica Corp SA 47,733 Sands China Ltd 152,215 Veolia Environnement 45,952 Mobile Telesystems OJSC, ADR 150,528 STAG Industrial Inc 43,628 bpost SA 139,989 Verizon Communications Inc 42,669 Vodafone Group Plc 136,370 Cyrela Brazil Realty-Spo, ADR 35,640 Red Electrica Corp SA 134,255 Orkla ASA 33,574 Agricultural Bank of China Ltd 131,350 Bezeq The Israeli Telecommunication Corp Ltd 33,176 Swiss Re AG 121,806 Hasbro Inc 31,070 AXA SA 118,362 National CineMedia Inc 30,845 Banco do Brasil SA, ADR 114,890 Direct Line Insurance Group Plc 30,477 Direct Line Insurance Group Plc 114,195 Mizuho Financial Group Inc 28,484 Apple Inc 113,987 NRG Yield Inc 26,776 Siliconware Precision Industries Co, ADR 112,369 ENI SpA 22,910 Eutelsat Communications SA 106,564 Harsco Corp 19,956 Blackstone Mortgage Trust Inc 105,305 Tofas Turk Otomobil Fabrikasi AS 19,335

Lazard Global Trend Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Johnson & Johnson 423,084 Johnson & Johnson 435,966 Unilever NV 390,931 EMC Corp 347,944 EMC Corp 293,694 Apple Inc 293,557 Kellogg Co 246,786 Pfizer Inc 266,234 Bank of America Corp 246,465 Anheuser-Busch InBev NV 263,103 Industrial & Commercial Bank of China Ltd 243,166 Halliburton Co 260,661 Glencore Xstrata Plc 242,933 Google Inc 255,562 Sumitomo Mitsui Trust Holdings Inc 242,482 Hess Corp 234,537 LT Group Inc 229,840 SAP AG 229,038 Deutsche Bank AG 229,666 Sumitomo Mitsui Trust Holdings Inc 224,983 Citrix Systems Inc 227,143 EOG Resources Inc 222,470 Roche Holding AG 224,347 Commerzbank AG 221,301 Pacific Rubiales Energy Corp 216,616 Siemens AG 219,957 BB Seguridade Participacoes SA 213,436 PepsiCo Inc 214,845 Yahoo Japan Corp 212,592 Ping An Insurance Group Co 206,914 Amazon.com Inc 212,482 Sysco Corp 204,073 Spectris Plc 211,996 Olam International Ltd 203,634 International Paper Co 210,675 Makita Corp 203,281 Rockwell Automation Inc 209,515 ABB Ltd 195,842 Daiwa House Industry Co Ltd 208,034 Bilfinger SE 192,317 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Year ended 31 March 2014 139 Supplemental Information (continued)

Statements of Major Changes in Investments (continued) Lazard Thematic Global Ex-Japan Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Air Liquide SA 5,188,161 Visa Inc 11,870,787 Charles Schwab Corp/The 4,272,737 China Overseas Land & Investment Ltd 8,935,363 Southwestern Energy Co 3,077,553 Air Liquide SA 8,862,373 Noble Energy Inc 2,609,345 Oracle Corp 8,742,793 EnCana Corp 2,323,219 Prudential Plc 8,637,231 Quintiles Transnational Holdings Inc 2,181,237 International Business Machines Corp 8,418,761 Anadarko Petroleum Corp 2,134,372 Amgen Inc 8,418,185 Apple Inc 1,976,276 Hong Kong Exchanges and Clearing Ltd 8,131,119 Eli Lilly & Co 1,890,619 Wal-Mart Stores Inc 7,905,336 Barrick Gold Corp 1,569,071 CVS Caremark Corp 7,373,018 Bristol-Myers Squibb Co 1,569,069 Hong Kong & China Gas Co Ltd 7,201,087 Amazon.com Inc 1,547,705 EMC Corp 7,150,892 Schneider Electric SA 1,436,435 Google Inc 6,890,563 McKesson Corp 1,409,699 SAP AG 6,853,852 Costco Wholesale Corp 1,207,063 Pfizer Inc 6,808,654 Union Pacific Corp 991,904 Monsanto Co 6,510,769 Exelon Corp 940,645 Microsoft Corp 6,368,078 Teva Pharmaceutical Industries Ltd, ADR 892,682 Uni-President Enterprises Corp 6,244,258 EOG Resources Inc 875,574 HDFC Bank Ltd, ADR 6,232,007 Eastman Chemical Co 852,361 Viacom Inc 6,068,677

Lazard Thematic Global Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Charles Schwab Corp/The 17,481,783 Visa Inc 30,472,789 EnCana Corp 17,407,103 Uni-President Enterprises Corp 27,024,350 Southwestern Energy Co 16,538,722 Wal-Mart Stores Inc 25,253,830 Apple Inc 15,081,078 Hong Kong Exchanges and Clearing Ltd 22,711,306 Eli Lilly & Co 14,687,219 Amgen Inc 22,365,536 Quintiles Transnational Holdings Inc 13,705,164 China Overseas Land & Investment Ltd 22,105,455 Barrick Gold Corp 12,734,451 Oracle Corp 21,852,403 Noble Energy Inc 10,953,812 International Business Machines Corp 21,235,099 Costco Wholesale Corp 9,507,306 Sumitomo Mitsui Financial Group Inc 20,726,806 Air Liquide SA 9,104,655 SABmiller Plc 19,769,043 SoftBank Corp 8,209,668 HDFC Bank Ltd, ADR 19,028,558 Anadarko Petroleum Corp 7,966,341 Prudential Plc 18,786,338 Amazon.com Inc 7,267,663 Pfizer Inc 17,946,648 Exelon Corp 7,176,691 AbbVie Inc 16,843,364 Union Pacific Corp 6,758,889 CVS Caremark Corp 16,667,200 Royal Dutch Shell Plc 6,405,677 Mitsubishi UFJ Financial Group Inc 16,375,573 Bristol-Myers Squibb Co 6,351,694 Telefonaktiebolaget LM Ericsson 15,931,145 Eastman Chemical Co 6,279,617 EMC Corp 15,884,523 Schneider Electric SA 6,126,541 UnitedHealth Group Inc 15,582,331 McKesson Corp 6,031,950 Vodafone Group Plc 15,301,060 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Year ended 31 March 2014 140 Supplemental Information (continued)

Statements of Major Changes in Investments (continued) Lazard Emerging World Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Citic Securities Co Ltd 529,956 Schroder Asian Total Return Investment Company Plc 534,914 The Thai Fund Inc 266,489 Pacific Assets Trust Plc 446,926 Fidelity China Special Situations Plc 158,315 Advance Developing Markets Fund Ltd 402,982 The India Fund Inc 150,110 The Central Europe Russia and Turkey Fund Inc 337,801 JPMorgan Indian Investment Trust Plc 147,416 Templeton Emerging Markets Investment Trust Plc 310,117 Fidelity Asian Values Plc 141,654 JPMorgan Russian Securities Plc 302,478 Templeton Dragon Fund Inc 114,699 China Everbright Ltd 255,075 Aberdeen Emerging Markets Smaller Company Oppor- 67,924 BlackRock World Mining Trust Plc (Subscription Shares) 235,156 tunities Fund Inc DPF India Opportunities Fund 232,089 Macau Property Opportunities Fund Ltd 31,057 INVESCO Asia Trust Plc 216,805 Prosperity Voskhod Fund Ltd 18,827 Utilico Emerging Markets Ltd 150,901 India Capital Growth Fund Ltd 18,243 BlackRock Latin American Investment Trust Plc 147,746 JPMorgan Asian Investment Trust Plc 18,198 ASA Gold and Precious Metals Ltd 135,348 First Trust Aberdeen Emerging Opportunity Fund 7,963 First Pacific Co 111,480 The Singapore Fund Inc 7,945 Aberdeen Latin America Equity Fund Inc 101,568 Schroder AsiaPacific Fund Plc 73,794 The Thai Fund Inc 72,348 JPMorgan China Region Fund Inc 59,866 Citic Securities Co Ltd 59,804 The India Fund Inc 53,434

Lazard Emerging Markets Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Pacific Rubiales Energy Corp 19,018,019 Cielo SA 18,596,137 BB Seguridade Participacoes SA 15,882,313 NAVER Corp 15,542,313 Sberbank of Russia 15,035,380 Baidu Inc, ADR 13,975,344 Banco do Brasil SA 14,448,719 Shinhan Financial Group Co Ltd 11,690,180 Gazprom OAO, ADR 13,771,571 China Construction Bank Corp 11,295,250 Samsung Electronics Co Ltd 13,008,881 Samsung Electronics Co Ltd 11,196,528 Taiwan Semiconductor Manufacturing Co Ltd, ADR 9,349,916 Telekomunikasi Indonesia Persero Tbk PT, ADR 11,000,080 Telekomunikasi Indonesia Persero Tbk PT, ADR 8,620,842 Banco do Brasil SA 10,940,528 China Construction Bank Corp 8,605,383 Sberbank of Russia 10,410,135 Axis Bank Ltd 8,538,364 America Movil SAB de CV, ADR 9,477,430 SK Hynix Inc 8,417,681 Taiwan Semiconductor Manufacturing Co Ltd, ADR 9,475,250 Alrosa AO 8,295,043 Turkcell Iletisim Hizmetleri AS 9,396,066 Astra International Tbk PT 8,003,248 Vale SA, ADR 8,826,302 Via Varejo SA 7,238,991 MediaTek Inc 8,507,643 Bank Mandiri Persero Tbk PT 7,092,150 Coway Co Ltd 8,089,299 KOC Holding AS 6,639,755 Grupo Televisa SAB, ADR 8,000,284 Imperial Holdings Ltd 6,537,974 Wynn Macau Ltd 7,939,025 Cielo SA 6,152,522 Hyundai Mobis Co Ltd 7,272,203 China Mobile Ltd, ADR 5,908,006 KT&G Corp 7,251,559 CNOOC Ltd 5,833,448 Philippine Long Distance Telephone Co, ADR 7,078,692 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Year ended 31 March 2014 141 Supplemental Information (continued)

Statements of Major Changes in Investments (continued) Lazard Emerging Markets Core Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Samsung Electronics Co Ltd 2,413,809 PTT PCL 559,674 Industrial & Commercial Bank of China Ltd 1,810,725 China Overseas Land & Investment Ltd 498,351 Taiwan Semiconductor Manufacturing Co Ltd, ADR 1,294,409 Lukoil OAO, ADR 495,095 Itau Unibanco Holding SA, ADR 1,292,625 Aguas Andinas SA 462,943 Cemex SAB de CV, ADR 1,141,271 Sberbank of Russia 446,417 Gran Tierra Energy Inc 1,134,489 MegaFon OAO, GDR 405,797 Tata Motors Ltd, ADR 1,012,849 Eurocash SA 308,954 MegaFon OAO. GDR 1,011,091 Eurasia Drilling Co Ltd, GDR 242,495 Sberbank of Russia 974,939 China Overseas Grand Oceans Group Ltd 231,494 Hon Hai Precision Industry Co Ltd, GDR 898,217 Itau Unibanco Holding SA, ADR 184,566 SK Telecom Co Ltd, ADR 891,515 Gran Tierra Energy Inc 145,283 Sands China Ltd 866,894 Hyundai Motor Co 70,043 TAV Havalimanlari Holding AS 858,660 Dongbu Insurance Co Ltd 68,143 SK Hynix Inc 845,483 LG Household & Health Care Ltd 43,104 Want Want China Holdings Ltd 841,601 Sands China Ltd 40,473 Haier Electronics Group Ltd 811,333 Fomento Economico Mexicano SAB de CV, ADR 33,909 ICICI Bank Ltd, ADR 799,701 iShares MSCI Taiwan Index Fund 31,333 DGB Financial Group Inc 775,982 Ford Otomotiv Sanayi AS 30,896 Kasikornbank PCL 766,561 Hotel Shilla Co Ltd 29,567 Baidu Inc, ADR 764,830 Banco Santander Chile 29,212

Lazard Developing Markets Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD MediaTek Inc 8,530,963 AAC Technologies Holdings Inc 8,130,330 Estacio Participacoes SA 8,114,497 Sands China Ltd 8,055,868 Tata Motors Ltd, ADR 7,125,547 Catcher Technology Co Ltd 7,871,472 New Oriental Education & Technology Group Inc, ADR 7,068,343 Baidu Inc, ADR 7,257,099 Techtronic Industries Co 6,970,145 Yandex NV 6,315,690 Anhui Conch Cement Co Ltd 6,832,065 Vinda International Holdings Ltd 6,261,409 Samsung Electronics Co Ltd 6,780,535 Hengdeli Holdings Ltd 6,125,868 Marcopolo SA 6,740,540 Uralkali OJSC, GDR 5,337,484 Petroleo Brasileiro SA, ADR 6,234,806 VTB Bank OJSC, GDR 4,998,634 Cemex Latam Holdings SA 6,166,438 Eurasia Drilling Co Ltd, GDR 4,930,815 Taiwan Semiconductor Manufacturing Co Ltd 5,892,704 Ping An Insurance Group Co 4,721,537 ICICI Bank Ltd, ADR 5,663,902 Zhuzhou CSR Times Electric Co Ltd 4,120,099 Pacific Rubiales Energy Corp 5,557,459 ICICI Bank Ltd, ADR 4,012,761 NovaTek OAO, GDR 5,552,467 NovaTek OAO, GDR 4,007,097 Reliance Industries Ltd, GDR 5,403,929 Totvs SA 3,825,426 Globaltrans Investment Plc, GDR 5,262,956 Alliance Oil Co Ltd 3,587,380 Cyrela Brazil Realty SA 5,025,688 Barloworld Ltd 3,567,504 China Oilfield Services Ltd 4,974,111 Synnex Technology International Corp 3,510,864 Zhuzhou CSR Times Electric Co Ltd 4,885,092 Kia Motors Corp 3,425,997 Ping An Insurance Group Co 4,873,445 Sberbank of Russia 3,362,904 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Year ended 31 March 2014 142 Supplemental Information (continued)

Statements of Major Changes in Investments (continued) Lazard MENA Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Emaar Properties PJSC 96,933 Oriental Weavers 77,636 First Gulf Bank PJSC 86,587 OCI 76,098 Ooredoo QSC 80,055 First Gulf Bank PJSC 65,337 OCI 79,826 Al Noor Hospitals Group plc 56,311 Qatar National Bank SAQ 79,548 Palm Hill Developments SAE 48,170 BankMuscat SAOG 79,539 Emaar Properties PJSC 41,531 Jordan Phosphate Mines 72,487 Centamin Plc 30,669 Burgan Bank SAK 71,887 Solidere, GDR 29,952 Centamin Plc 69,983 Commercial International Bank Egypt SAE, GDR 27,428 Commercial International Bank Egypt SAE, GDR 61,961 NMC Health Plc 27,394 Global Telecom Holding 61,880 NMC Health Plc 61,510 Qatar Gas Transport Co Nakilat 60,219 Qatar Insurance Co 60,139 Industries Qatar QSC 60,020 Qatar Electricity & Water Co 59,812 Mabanee Co SAKC 59,066 Kuwait Projects Co Holding KSC 57,683 Kuwait Foods Americana 55,585 Attijariwafa Bank 50,221

Lazard Sterling High Quality Bond Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

GBP GBP United Kingdom Gilt, 2.000% due 01/22/2016 256,670 United Kingdom Gilt, 4.750% due 09/07/2015 342,030 United Kingdom Gilt, 4.250% due 03/07/2036 226,138 United Kingdom Gilt, 2.000% due 01/22/2016 256,333 United Kingdom Gilt, 4.250% due 06/07/2032 226,026 SLM Student Loan Trust, 5.150% due 12/15/2039 187,000 United Kingdom Gilt, 4.750% due 09/07/2015 213,276 United Kingdom Gilt, 4.750% due 12/07/2030 173,701 United Kingdom Gilt, 4.250% due 12/07/2055 176,900 United Kingdom Gilt, 6.000% due 12/07/2028 151,726 International Bank for Reconstruction & Development, United Kingdom Gilt, 5.000% due 03/07/2018 114,180 131,000 5.375% due 01/15/2014 HSBC Bank Funding, 5.844% due 11/29/2049 97,000 United Kingdom Gilt, 4.250% due 03/07/2036 115,075 Barclays Bank PLC, 10.000% due 05/21/2021 93,231 United Kingdom Gilt, 5.000% due 03/07/2018 113,902 Glencore Finance Europe SA, 6.500% due 02/27/2019 59,429 United Kingdom Gilt, 4.250% due 06/07/2032 111,824 United Kingdom Gilt, 4.250% due 12/07/2046 57,352 United Kingdom Gilt, 5.000% due 03/07/2025 106,664 Tesco Plc, 5.000% due 02/24/2014 102,971 United Kingdom Gilt, 4.750% due 03/07/2020 96,905 United Kingdom Gilt, 4.250% due 12/07/2046 91,844 United Kingdom Gilt, 4.250% due 12/07/2055 70,504 Telecom Italia SpA, 6.375% due 06/24/2019 51,199 United Kingdom Gilt, 8.000% due 06/07/2021 29,358 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Year ended 31 March 2014 143 Supplemental Information (continued)

Statements of Major Changes in Investments (continued) Lazard Global Fixed Income Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Ireland Government Bond, 4.400% due 06/18/2019 592,496 Poland Government Bond, 5.750% due 04/25/2014 597,059 United Kingdom Gilt, 4.250% due 12/07/2027 585,302 United Kingdom Gilt, 4.250% due 12/07/2027 585,937 Philippine Government International Bond, 3.900% due 11/26/2022 480,869 Kommuninvest I Sverige AB, 2.750% due 08/12/2015 433,608 Israel Government Bond - Fixed, 5.500% due 01/31/2022 407,094 Mexican Bonos, 9.500% due 12/18/2014 403,062 Queensland Treasury Corp, 5.500% due 06/21/2021 399,499 Netherlands Government Bond, 3.750% due 01/15/2023 388,586 Poland Government Bond, 3.750% due 04/25/2018 394,964 China Government Bond, 2.560% due 06/29/2017 326,988 Mexican Bonos, 6.500% due 06/10/2021 394,011 Petrobras International Finance Co, 7.875% due 03/15/2019 323,464 Belgium Government Bond, 4.250% due 09/28/2022 385,128 Export-Import Bank of Korea, 5.000% due 04/11/2022 313,500 Province of Ontario Canada, 2.850% due 06/02/2023 378,439 Network Rail Infrastructure Finance Plc, 4.400% due 03/06/2016 308,785 Ireland Government Bond, 5.400% due 03/13/2025 362,332 Russian Foreign Bond - Eurobond, 7.850% due 03/10/2018 298,401 Croatia Government International Bond, 5.875% due 07/09/2018 262,389 Ireland Government Bond, 4.400% due 06/18/2019 288,973 Poland Government Bond, 6.375% due 07/15/2019 252,506 Temasek Financial I Ltd, 4.300% due 10/25/2019 285,390 Colombia Government International Bond, 7.375% due 01/27/2017 232,240 Kommunekredit, 2.000% due 01/01/2018 281,518 Panama Government International Bond, 5.200% due 01/30/2020 221,500 Svensk Exportkredit AB, 7.625% due 06/30/2014 266,508 JPMorgan Chase & Co, 1.625% due 05/15/2018 218,626 Turkey Government Bond, 8.000% due 06/04/2014 265,666 Province of Quebec Canada, 4.500% due 12/01/2017 206,152 International Bank for Reconstruction & Development, 4.250% due 264,813 South African Government Bond, 6.750% due 03/31/2021 203,072 01/28/2015 Czech Republic Government Bond, 2.500% due 08/25/2028 201,437 Brazilian Government International Bond, 11.000% due 06/26/2017 255,450 Apple Inc, 2.400% due 05/03/2023 198,406 Asian Development Bank, 2.850% due 10/21/2020 238,973 Kreditanstalt fuer Wiederaufbau, 0.000% due 04/18/2036 195,530 Qatar Government International Bond, 5.250% due 01/20/2020 224,125 Asian Development Bank, 3.375% due 05/20/2014 223,639 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Year ended 31 March 2014 144