Lazard Global Investment Funds plc

For Sub-Funds Registered in Switzerland Extract of the Annual Report and Audited Financial Statements For the financial year ended 31 March 2019

also information concerning the Sub-Funds which are not authorised for public distribution in or from Switzerland. concerning theSub-Funds inorfrom also information publicdistribution are for which notauthorised contained isexpressed information intheannualreport onto thefact aconsolidated thatcertain basisand, asaconsequence, contains Therefore, inrelation noinformation totheseSub-Funds ismentioned inthisannualreport. However, theinvestors’ attention isdrawn Switzerland. Sub-Funds GlobalInvestmentSome oftheLazard Funds inorfrom publicdistribution plcare for notauthorised Report forinvestorsin Switzerland Appendix 1:Additionalinformationforthe InvestorinSwitzerland(unaudited)...... UCITS VRemunerationDisclosure (unaudited)...... Statements ofMajorChangesinInvestments(unaudited). Portfolios ofInvestments...... Notes totheFinancialStatements...... Participating Shareholders...... Statement ofChangesinNetAssetsAttributabletoRedeemable Statement ofFinancialPosition...... Statement ofComprehensive Income...... Depositary’s Report...... Investment Manager’s Report...... Directors’ Report...... Directors andOtherInformation...... Contents Lazard Global InvestmentFundsplc Financial year ended31March 2019 ...... 131 140 139 87 37 33 29 25 24 13 6 4

3 LAZARD GLOBAL INVESTMENT FUNDS PLC 4 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Ireland D02 HD32 2 Dublin John Rogerson’s78 Sir Quay (Ireland) Fund Limited Street State Services Administrator, Registrar andTransfer Agent Ireland D02 HD32 2 Dublin John Rogerson’s78 Sir Quay (Ireland) Limited CustodialServices Street State Depositary Germany 60311 Frankfurt amMain 75 Strasse Neue Mainzer AssetManagement GmbH (Deutschland) Lazard USA NY 10112-6300 New York Plaza 30 Rockefeller AssetManagement LLCLazard Investment Managers Ireland D02 A342 2 Dublin CanalSquare 2 Grand 6th Floor FundLazard Managers (Ireland) Limited Manager Number: 467074 Registration Ireland D02 A342 2 Dublin CanalSquare 2 Grand 6th Floor Registered Office Directors andOtherInformation Lazard Scandinavian High Quality BondFund High Scandinavian Quality Lazard Markets Emerging CorporateLazard Fund Debt Alternative Fund Rathmore Lazard European AlternativeLazard Fund Global Hexagon FundLazard Equity Fund Opportunities Lazard Fund Return Diversified Lazard Markets BlendFund Emerging Debt Lazard Markets Emerging Lazard Total Fund Debt Return Markets Emerging Local Fund Debt Lazard Markets Emerging BondFundLazard Netherlands 1096 BCAmsterdam 26th Floor Amstelplein 54 TowerMondriaan FundLazard Managers (Ireland) Limited, Branch Dutch Belgium 1050 Brussels Avenue 326 Louise FundLazard Managers (Ireland) LimitedBelgianBranch Spain 28046 Madrid Paseo 140 delaCastellana FundLazard Managers (Ireland) Branch LimitedSpanish France 75008 Paris deCourcelles 25 Rue FrèresLazard Gestion Hong Kong Street, 1 Harbour View Central, Unit 7, 20 Level AssetManagement (HongLazard Kong) Limited 048616 Singapore #15-02, Place OneRaffles Tower 1 Place 1 Raffles AssetManagement Pte. (Singapore) Lazard Limited Switzerland CH-8001 Zurich 9 Usteristrasse AG AssetManagement Schweiz Lazard USA NY 10112-6300 Plaza 30 Rockefeller LLC AssetManagement Securities Lazard Germany 60311 Frankfurt amMain 75 Strasse Neue Mainzer AssetManagement GmbH (Deutschland) Lazard United Kingdom 8LL W1J London Street 50 Stratton AssetManagement Limited Lazard Distributors Switzerland CH-8022 Zürich P.O. Box Limmatquai 1/amBellevue NeueNPB Privat BankAG Paying AgentinSwitzerland Financial year ended31March 2019 Ireland D01 X9R7 1 Dublin WallNorth Quay Dock One Spencer AccountantsChartered andRegistered Auditors PricewaterhouseCoopers Independent Auditors Ireland D02 A342 2 Dublin CanalSquare 2 Grand 6th Floor Limited Secretarial Wilton Secretary Manager. DirectorsAll oftheCompany are alsoDirectors ofthe DirectorsAll are Non-Executive. Committee. theAudit ** Members of * Independent Directors. Jeremy Taylor (Appointed 2018) 30April (British)** 2018) (Resigned30April (British) Smith William (Irish)*/** Daniel Morrissey Andreas Hübner (German) Gavin Caldwell (Irish)*/** (Resigned25June2019) (British)** Michael Allen Directors Directors andOtherInformation Lazard Global InvestmentFundsplc with thelawsofIreland. and Accounts,the Report andAccounts, regardless ofthelanguage oftheReport begoverned by shall inaccordance andconstrued than English, andAccounts action the language onsuch prevail. ofthe Report which isbasedshall Any of disputesastotheterms law ofany where jurisdiction theshares are sold, andAccounts thatinanaction inalanguage ina Report other basedupon disclosure language, andAccounts prevail, theEnglishlanguage will Report totheextent)thatitisrequired except tothe extent(andonly by andAccounts andAccountsthe extentthatthere betweeninanother theEnglishlanguage andtheReport isany Report inconsistency andAccounts. containandhave thesameinformation thesamemeaningasEnglishlanguage only Report translation shall such To andAuditedThis Annual Report Financial andAccounts") may intootherlanguages. (the"Reports betranslated Statements Any United Kingdom E145HJ London 20 Churchill Place BankEurope Street Limited State Currency Manager Switzerland CH -8050Zürich 50 Leutschenbachstrasse ACOLIN AG Fund Services Authorised Representative inSwitzerland United Kingdom EC4A1LTLondon 20 CursitorStreet MacFarlanes LLP Legal AdvisersastoEnglishLaw Ireland D02 A342 2 Dublin CanalSquare 2 Grand Fry William Legal AdvisersastoIrishLaw Financial year ended31March 2019 (continued)

5 LAZARD GLOBAL INVESTMENT FUNDS PLC 6 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc legislation inotherjurisdictions. dissemination of financial statements mayfrom differ accessible withdifferent inmany legalrequirements. countries intheRepublicofIreland Legislation governing thepreparation and ofthefinancial statementspublishedon thiswebsite. themaintenanceandintegrity for publishedon is Information theinternet Audited are reports available on and unaudited interim annual reports www.lazardassetmanagement.com. The Directors are responsible BankofIreland oftheCentral (the and underthesupervision Bank”).“Central (Ireland) Limited, CustodialServices Street to State (the"Depositary"). are regulated by BoththeAdministrator andtheDepositary safe-keeping. for out this duty,the Company to a depositary In carrying the Company has delegated custody of theCompany’s assets Regulations 2015(as amended),UCITS Regulations"), Bank UCITS (the "Central the Directors are required the assetsof toentrust 2011 (as amended), Regulations") Bank’s and theCentral (the "UCITS and Enforcement) Act 2013 (section 48(1)) (Supervision Administrator. UndertheEuropean Collective Investment Communities for in (Undertakings Transferable Regulations, Securities) and through appointment, such andprocedures. theuseofappropriate systems The accounting records are heldattheoffice ofthe are through administrator, theappointmentofanexperienced (Ireland) Fund Limited, Street State Services (the "Administrator"), The measures taken by the Directors toensure compliance withtheCompany’s obligation tokeepadequate accounting records andotherirregularities. and detection offraud The Directors are alsoresponsible safeguarding for theassetsofCompany takingreasonable andhencefor theprevention stepsfor The Directors are responsible keepingadequate for accounting records thatare sufficient to: In preparing thesefinancial statements, theDirectors are required to: the financial year. of theCompany’s assets, liabilitiesandfinancial position asattheendoffinancial year andtheprofit orlossoftheCompany for Under Irishlaw, theDirectors notapprove shall thefinancial are statementsunlessthey andfairview satisfied give thatthey atrue intheUnitedKingdom applicable andRepublicofIreland” Standard Reporting (“FRS102”). Ireland (accounting standards issuedby theFinancial Financial Financial Councilincluding 102 Standard Reporting Reporting “The Under that law the Directors have prepared the financial Accepted statements in accordance Accounting with PracticeGenerally in assets, liabilitiesandfinancial position asattheendoffinancial year andoftheprofit orlossoftheCompany thefinancial for year. Irish lawrequires theDirectors toprepare financial eachfinancial statementsfor oftheCompany’s year andfairview thatgives atrue The Directors are responsible preparing theDirectors’ for andthefinancial report statementsinaccordance withIrishlaw. Statement ofDirectors’ Responsibilities asthe collectively “Funds”), attheyear-end which had 15Funds (31March 2018: 8Funds) inexistence. referred toasthe asanumbrella between sub-funds(individually structured fundwithsegregated capital liability variable “Fund” and year ended31March 2019. GlobalInvestment Lazard Funds isanopenendedinvestment plc(the company with “Company”) The Board ofDirectors (the “Directors”) present together their annual report with theaudited financial thefinancial statementsfor Directors’ Report • • • • • • • financial statements tobeaudited. enable theDirectors toensure thatthefinancial withtheIrishCompanies Act statementscomply 2014andenablethose and accuracy; enable, atany time, theassets, liabilities, financial position andprofit orlossoftheCompany withreasonable tobedetermined recordcorrectly andexplain the transactions oftheCompany; in business. prepare thefinancial statementson thegoing concerntopresume basisunlessitisinappropriate thattheCompany continue will financial statements; and standards inquestion, andexplainedinthenotesto thosestandards beingdisclosed from departures subjecttoany material state whetherthefinancial statementshave beenprepared inaccordance accounting standards withapplicable andidentifythe make judgements andestimatesthatare reasonable and prudent; themconsistently; select suitableaccounting policiesandthenapply Financial year ended31March 2019 Section 33ofFRSSection 102. However, shareholders shouldunderstandthatnotall “connected persons” are latterexpression assuch related isdefined parties by connected persons are and certain paidto relatedDetails offees setoutinNote parties 3andNote 12tothefinancial statements. launched on 7 January 2019. onlaunched 7January on 18August 2017. Bond Fund Rathmore Alternative Fund HighQuality Lazard Scandinavian on launched 1May 2018andLazard Lazard future. Debt Fund Emerging Markets Corporate Lazard has been approved by Bank, the Central but this Fund has not yet Directors donotanticipateany oftheCompany changesinthestructure orinvestment objectives ofany oftheFunds intheimmediate thefinancial for year. totheperformance ofthefactorscontributed The Investment contain which areview Managers' Reports The Review ofBusinessandFuture Developments Regulations. Regulations BankUCITS andtheCentral pursuanttotheUCITS Bank asaUCITS The investment objectives of eachFund withintheCompany are setoutintheProspectus. The Companyby isauthorised theCentral Principal Activities are satisfied that: Therefore, theCompany’s havingregard toconfirmations management anditsrelevantdelegates, from theDirectors oftheCompany connectedof all person transactions. shouldalsorefer Shareholders totheprovisions oftheProspectus dealingwithconflicts ofinterest. person transactions and thegeneral nature connected ofthecontractual persons arrangementswiththeprincipal butitisnotexhaustive oftheBoard. supervision to theoverall Further, shareholders should refer totheProspectus identifies which many oftheconnected section ofthisDirectors’ Statement Governance andtheroles andresponsibilities Report oftheCompany’s respective delegatessubject in theCorporate described shouldhaveShareholders regard oftheCompany tothegovernance structure asmore particularly them out on a similar basis. out those transactions do carry its delegates that the connected persons carrying upon from rely assurances connected persons on behalfoftheCompany theDirectors towhich have nodirect access andinrespect theDirectors ofwhich must transactions must beinthebestinterests oftheshareholders. Inaddition tothosetransactions, there outby are alsotransactions carried company, depositary, delegate or sub-delegate (“connected outasif negotiated persons”) atarm’s must be carried length. Such any non-group company sub-custodiansappointed by adepositary), andany associatedorgroup company amanagement ofsuch its management company or depositary, (excluding amanagement andthedelegates or sub-delegates ofsuch company ordepositary In accordance with the requirements Regulations 41(1), Bank UCITS of the Central out with the Company any by transaction carried Connected PersonTransactions requirements theCompany towhich ofitsregulationregulatory issubjectby virtue by Bank. theCentral andadditional tothelegaland 225oftheCompaniesThese relevantobligationsAct assetoutinSection 2014are from separate advisers whotheDirectors have this. believe therequisite knowledge toundertake andexperience compliance withthoserelevant obligations,material theDirectors have relied upon advice, guidanceandassistanceofemployees and In formulating andputtinginplace designedtoprovide thosearrangements andstructures theDirectors withreasonable of assurance The Directors confirm that: 225oftheCompanies Actin Section taxlawwithintheRepublicofIreland 2014andall (the “relevant obligations”). The Directors acknowledge are thatthey responsible theCompany's securing compliance for withtherelevantobligations assetout Statement ofDirectors' Compliance Directors’ Report Lazard Global InvestmentFundsplc (ii) (i) 3.  2. 1. During thefinancial year,During referred thearrangementsorstructures toin(2)have beenreviewed. with theCompany's relevantobligations; and Appropriate are arrangements orstructures in place that, intheDirectors' opinion, are designedtosecurecompliance material Company, respecting compliance by the Company withitsrelevantobligations. up that sets out policies, statement has been drawn A compliance policy in the Directors’ which opinion are appropriate to the “Manager”)) inplace toensure above are thattheobligations transactions described appliedtoall withconnected“Manager”)) persons; and there procedures are by arrangements (asevidenced written documentedby Fund Lazard Managers (Ireland) Limited(the Manager andwhere relevanttheDepositary, through regular updatestotheDirectors. transactions withconnected persons entered thefinancial intoduring year complied withtheseobligations, asattestedby the Opportunities FundOpportunities redeemed on Fund 7November GlobalHexagon wasfully 2016andLazard Equity redeemed wasfully (continued) Financial year ended31March 2019 launched.

7 LAZARD GLOBAL INVESTMENT FUNDS PLC 8 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc into between theCompany andeach oftheDirectors, three months notice. after terminable all Codeissuedby Governance As contemplated by Irish Funds theCorporate (seebelow), ofAppointment have beenentered Letters Transactions InvolvingDirectors Directors’ payable fees by theCompany inNote are 3tothefinancial disclosed statements. 31 March 2018. through employee intheCompany benefit amountofShares anon at thefinancial schemes material year ended31March 2019and theCompany. wasnotentitledtoany Directors' from Smith fees William oftheDirectors Some oftheCompany holdindirectly theCompany. from fees timeexecutive Group wasafull oftheLazard andresigned Smith asaDirector on2018. 30April William groupLazard aswell asDirectors oftheCompany. MichaelAllen, Andreas Hübner andJeremy Taylor are notentitledtoany Directors’ Andreas Hübner andJeremy Taylor are timeexecutives, full and upto28June2019, timeexecutive, wasafull MichaelAllen ofthe Directors’ andSecretary’s Interests DirectorsAll oftheCompany are alsoDirectors oftheManager. DirectorsAll are Non-Executive. ** MembersoftheAudit Committee. * IndependentDirectors. The namesofthepersons whowere Directors oftheCompany thefinancial during year ended31March 2019are setoutbelow: Directors thefinancial seeNotes details ofany during year 15and16for significant events andsincethefinancialPlease year end. Significant EventsDuringtheFinancialYear andSincetheFinancialYear End seeNotes thefinancial details ofany paidandpayable 14and16for distributions during year ended31MarchPlease 2019. The results thefinancial for anddistributions year ofComprehensive are setoutintheStatement Income on pages 25, 26, 27and28 . Results andDividends inrelationInformation totheCompany’s management inNote objectives risk andpoliciesare9tothefinancial included statements. Risk ManagementObjectivesandPolicies eventualities. been madecertain for clearer, theprecise impact itmay have itisnotyet on withcertainty theCompany possibletodetermine althoughpreparations have UK, may inturn have which anegative impact elsewhere intheEUandmore widely. theEUare oftheUKexitfrom Untiltheterms remain uncertain, couldhave which anegative impact volatility there on term generaleconomic couldbesome short conditions inthe impact thatthisdecisionhave will on itsbusiness. themediumtolong-termconsequences ofthedecision toleave theEU Whilst Following the referendum the UK's decision to leave held on the EU after 23 June 2016, the Company the has been considering Potential ImplicationofBrexit Directors’ Report Jeremy Taylor (Appointed 2018) 30April (British)** 2018) (Resigned30 April (British) Smith William (Irish)*/** Daniel Morrissey Andreas Hübner (German) Gavin Caldwell (Irish)*/** (Resigned25June2019) (British)** Michael Allen (continued) Financial year ended31March 2019 Transactions InvolvingDirectors (continued) delegated functions, anddirection ofthe Directors. subjecttothesupervision are which always without abrogating the Directors’ responsibility. overall The Directors theexercise have monitoring inplace for mechanisms ofsuch investment management),(including administration, functions ofassetsanddistribution tothird parties depositary/safekeeping management andemployees), theCompany, consequently, underthedelegatedmodelwhereby operates ithasdelegatedmanagement to investment fund companies as the Company such companies time executive operating with a full (and in contrast to normal The Company hasnoemployees andtheDirectors are non-executive. all applicable framework Consistent withtheregulatory structure, including: ofgovernance withintheinvestmentDirectors pillars Codehavingregard otherkey fundgovernance adopted theIF certain for funds. by investment www.irishfunds.ie. Irish authorised Codemay beinspectedon/obtainedThe IF from InDecember2012, the governance code(the wasissuedby Code”) Irish Funds basis A corporate “IF beadopted on inDecember2011thatcan avoluntary governance practicesimposedby: corporate toIrish investment governance codeapplicable funds, corporate Although there isnospecific statutory theCompany issubjectto Statement Corporate Governance is relevanttoUKtaxpayers only. An hasbeensubmitted application andapproved status. fundreporting offshore by for HerMajesty’s andCustoms Revenue (“HMRC”) This UK ReportingStatus above intheDirectors’other thanwhatisdisclosed Interests section. andSecretary’s The Directors are not aware of any other contracts or arrangements of any significance in relation to thebusiness of theCompany, oftheDirectorsAll are alsodirectors oftheManager andhave aninterest paidby infees theCompany totheManager. thefinancialUSD 9,727respectively for year ended31March 2019(31March 2018: USD2,045and9,953respectively). There andMLRO directors ofUSDNil Limitedfor were support and made GlobalFinancial payments toCarne services Services Limitedwhoprovided andMLRO directors totheManager GlobalFinancial andtheCompany. support Carne services Services John Donohoe wasaDirector oftheCompany untilhisresignation effective 5August andgroup 2017andisafounder CEOof March 2018: USD396,491). andamountsofUSD267,706were thefinancial paidfor year ended31March 2019(31 Fry andtheSecretary paidto fees William (the Accordingly,“Secretary”). hasabeneficial interest DanielMorrissey undertheIrishCompanies Act 2014inlegalandsecretarial who alsoprovide totheCompany). GlobalForeign RegistrationServices Limited Secretarial Fry own of Wilton The partners William Fry (theCompany’s isaDirector of oftheCompany and Daniel Morrissey legaladvisers andisalsoapartner William astoIrish Law Directors’ Report Lazard Global InvestmentFundsplc • • • • • suitably qualified regulated third party entities which are subject to regulatory supervision. are qualified entitieswhich subjecttoregulatory regulatedsuitably third party segregationsuch ofduties/functions through beingachieved delegation ofrespective responsibilities toand appointmentof safeguardingresponsibility for theassetsofCompany andoverseeing how theCompany ismanaged, amongst other duties), ofthenetassetvalue, thecalculation responsibility for (with amongst otherduties)andtheindependentDepositary the uniquenessofindependentsegregation ofdutiesbetween theInvestment Managers, theAdministrator (with governance culture oftheCompany; thecorporate and supporting a related company is, ofwhich theinvestment manager oftheinvestment normally fund), asrecognised by Bank, theCentral in the role AssetManagement Limited(the"Promoter") oftheLazard uniquewithintheinvestment is, (which fundstructure or www.centralbank.ie are andwhich inspection availablefor attheregistered office oftheCompany. Bank’s the Central beobtainedfrom Regulations can which BankUCITS BankintheirCentral The Central website at: Office inIreland. registered office oftheCompany CanalSquare, at2Grand 2, Dublin D02A342, Ireland andattheCompanies Registration inspection ofassociation) isavailablefor atthe which known andarticles asthememorandum The Constitution (formerly obtained atwww.irishstatutebook.ie. The Irish Companies Act inspection is available for at the registered 2014 which office of the Company and may also be (continued) Financial year ended31March 2019

9 LAZARD GLOBAL INVESTMENT FUNDS PLC 10 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc issues astheneedarises. statements, andpresentations on andreports theauditprocess. The Directorsanddiscusssignificantaccounting andreporting evaluate consideration ofIrish accounting standards including andtheirimpact on theannualfinancial relevant parties presentations from the independent auditor’s performance, qualifications andindependence. procedures, oftheirreview Aspart theDirectors receive tothe Directorsbe auditedby annually independentauditorswhoreport on theirfindings. The Directors monitor andevaluate of Directors’financial statements as set outinthe Statement Responsibilities. financial statements are requiredThe statutory to the financial year of these financial statements,During the Directors were responsible and approval of theannual thereview for of theCompany. may orirregularitieswhich impact thefinancial statements the Company offraud isintendedtomitigatethoughnoteliminatetherisk reporting. isregulatedThe appointmentofanadministrator(which by Bank)independentoftheinvestment theCentral managers to on thatprocesses matterswithapotentialeffect financial identification andexternal ensuring are ofinternal inplacethetimely for The Directors orerror infinancial andfor reporting are by responsibleofirregularitieswhethercaused fraud assessingtherisk for misstatementorloss. againstmaterial assurance offailure theCompany’seliminate therisk toachieve provide financial reasonable only objectives reporting andcan andnotabsolute oftheDirectors andtheManager, tothesupervision Subject theappointmentofAdministrator isintendedtomanagethan rather records maintainedandare readily are available, properly financial production statements. ofannualandhalfyearly including andthrough thisappointmenttheDirectorsManagers andtheDepositary have procedures inplace toensure relevantaccounting thatall The Manager has appointedtheAdministrator tomaintaintheaccounting records oftheInvestment oftheCompany independently Company’s financial statements, have beenoutsourced totheAdministrator. inanon-executive capacity,serve functions all relating totheCompany’s financial process, reporting thepreparation ofthe including oftheCompanymanagement systems inrelation tothefinancial process. reporting AstheCompany hasnoemployees directors andall The Directors are responsible overseeing theestablishmentandmaintenanceofadequatecontrol ultimately for internal andrisk Financial ReportingProcess –descriptionofmainfeatures may be). (asthecase providers andtheDepositary ofthedelegateservice enablethemtoassesstheperformance which providers andtheDepositary The Directors eachofitsdelegateservice basisfrom receive on reports aregular (andatleastquarterly) 5. 4. 3. 2. 1. summary, are: they These delegations entitiesare offunctions andtheappointmentofregulated detailedintheCompany’s third party Prospectus. In Statement(continued) Corporate Governance Directors’ Report Securities andExchangetheBundesanstaltfürFinanzdienstleistungsaufsicht Commission (BaFin); oftheUnitedStates Securities Investment Managers oftheregulator are oftheirrespective regulated by jurisdiction, operating andunderthesupervision the namely Funds are identified, monitored ismade andmanagedtimesappropriatereporting totheDirectors atall on aregular basis. The controls to the managementinternal management of the processes pertaining and risk in place risks to ensure applicable that all and are accountable totheDirectors ofthe Funds. oftheCompany theinvestment for performance The Investment Managers have Investment Managers have direct the decisions responsibility for relating of the to Fundsthe day-to-day running manage they which AssetManagement LLCto Lazard AssetManagement GmbH(“theInvestment (Deutschland) andtoLazard Managers”). The oftheinvestment managementThe Manager functions hasdelegatedtheperformance inrespect oftheCompany andofitsFunds Depositary is regulated by and under the supervision of the Central Bank. oftheCentral isregulated by andunderthesupervision Depositary assets inaccordance Regulationsexercising andfor withtheUCITS independentoversight over how theCompany ismanaged. The ofitsassets. asdepositary The Company also hasappointedtheDepositary ofsuch thesafekeeping hasresponsibility for This entity Bank; oftheCentral Administrator isregulated by andunderthesupervision theday-to-dayresponsibility for administration oftheCompany andtheFunds ofthenetassetvalues. thecalculation including The The Manager has delegated its responsibility as Administrator, and Registrar Transfer Agent to the Administrator. has This entity oftheFunds. oftheShares distribution Bank; oftheCentral The Manager isregulated by andunderthesupervision Management Agreement, theManager themanagement hasresponsibility for andadministration oftheCompany’s affairsandthe The Company hasappointedtheManager asitsManager pursuanttotheManagement Agreement. ofthe Undertheterms respective jurisdictions. operating intheProspectus.to theentitiesdescribed oftheregulatorsThese entitiesare oftheir regulated by andsubjecttothesupervision In addition to the Manager’s own activities, distribution the Manager of the Funds has delegated the distribution of the Company (continued) Financial year ended31March 2019 The Directors meetatleastquarterly. thantheAudit Other Committee, there are sub-committees nopermanent oftheDirectors. financial statements. requirementswhich are metby GavinCaldwell. thefinancial transactions year during are related All detailedinthenotesto party does notmeettherequirements requirements Codewhich 4.1oftheIF ofparagraph are required tobemetby one Director and the Company. hasaninterest isinreceiptfirm DanielMorrissey in which ofprofessional from fees Consequently, DanielMorrissey regarded asindependentdirectors havingregard Codeon IndependenceandIndependentDirectors oftheIF totheterms althougha Andreas Hübner and Jeremy Taylor are time executives Group. full of the Lazard are Each of Gavin Caldwell and Daniel Morrissey directors four currently (refer topagedetails), 8for ofwhom all are non-executive. (until28June2019), EachofMichael Allen The Directors are responsible managingthebusinessaffairsofCompany for inaccordance withtheConstitution. There are theCompany ofAppointment between himandtheCompany. inaccordance withtheLetter removed upon noticefrom resolutionby inaccordance ordinary withtheprocedures establishedundertheIrishCompanies Act 2014. ADirector may alsobe The Constitution does notprovide retirement for ofDirectors by rotation. However, theDirectors may beremoved by theshareholders Companies Acttoinvestment 2014asapplicable funds. The Constitution may beamendedby specialresolution oftheshareholders. For theappointmentandreplacement ofDirectors, theCompany isgoverned by itsConstitution theIrish andIrishstatutecomprising Composition oftheBoard ofDirectors The auditedannual financial statements of the Company are required to beapproved by the Directors and filed Bank. with the Central Company's management, theCompany's financial process including reporting asoutlinedabove. obligations investmentto secure imposedon UCITS companies compliance inrelation withtheextensive legalandregulatory tothe governanceAudit regime inplace andtheexistingarrangementsstructures designed Committee ofthecorporate andby virtue 167areof anauditcommittee underSection already fulfilled oftheBoard's by beingcompetently existing and long virtue established requirements 167, ofSection therequirements inparticular at(iii)above, asintheDirectors' opinion, atthistime, theresponsibilities Having given thematterdueconsideration, theDirectors have decidednottoestablishanauditcommittee meetsthespecific which of companies andtherefore andapproving iswell seasoned thefinancial inreviewing statementsofcompanies. from Trinity College, Dublin, Ireland hassignificantandlengthyinadirectorship andalong experience capacity withDanielMorrissey process andofdecisions related tothevaluation oftheassets heldby theCompany. degree GavinCaldwell holdsaBusinessStudies environment oftheCompany. independentofthefinancial andGavinCaldwell are statementproduction fully DanielMorrissey here,particular themanagement andfinancial function ofcapital control) andthat, accordingly, enhancesthecontrol thisconnectivity responsibility tomanage requirements theCompany regime inaccordance oftheUCITS (including, legalandregulatory withall in timeexecutive Groupfull oftheLazard creates anadditionalbetween theDirectorsgroup hasthe connectivity andtheLazard which Directors thatMichael Allen, believe timeexecutive group, beingafull oftheLazard upto28June2019 andJeremy Taylor beinga of theseDirectors 167. may prescribedinSection beconsidered asnotmeetingtherelevantindependencecriteria However, the totheCompany.services wasupto28June 2019 andJeremy MichaelAllen Taylor timeexecutive group. isafull oftheLazard All As notedunder the heading "Transactions Directors", Involving Fry who provide legal in is a partner William DanielMorrissey an audit committee shall include atleastone independentdirector,an auditcommitteeinclude shall meaningaperson whois audit committee meetstherequirements which ofthatSection. 167requires, Section amongst otherthings, thatthemembersofsuch The Directors acknowledge are that they required, 167oftheCompanies Act underSection 2014, toconsider theestablishmentofan of theCompany's auditandfinancial control functions. June 2019Jeremy Taylor, whoare non-executive all directors, quitesome for years hasbeenformed now anditischarged with oversight An Audit Committee, consisting currently ofDanielMorrissey, GavinCaldwell and, upto25June2019, MichaelAllen, andasof25 Audit Committee Directors’ Report Lazard Global InvestmentFundsplc Corporate Governance Statement(continued) Corporate Governance (iii)  (ii) (i)  is aperson whohascompetence inaccounting orauditing. have, businessrelationship amaterial withthecompany); and (being adirector whohasnot, ofthethree orintheperiod years preceding hisorherappointmenttothecommittee, didnot possesses therequired degree tothecommittee's functions ofindependencesoastoenablethedirector effectively tocontribute a non-executive director; (continued) Financial year ended31March 2019

11 LAZARD GLOBAL INVESTMENT FUNDS PLC 12 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Date: 3July2019 Director: On behalfontheBoard ofDirectors 383 oftheIrish Companies Act 2014. The independent auditors, to remain their willingness have in office PricewaterhouseCoopers indicated in accordance with Section Independent Auditors totheauditors. andtoensureinformation thatitisdisclosed Director are thestepsthatthey hastakenall obliged totakeasaDirector inorder aware tomakethemselves ofany relevant audit neededbyinformation theauditorsinconnection withpreparing theirreport, totheauditors. have they notdisclosed which Each faraseachperson whowasaDirectorSo atthedateofapproving isaware, thisreport there isnorelevantauditinformation, being Disclosure ofInformationtotheAuditors Statement(continued) Corporate Governance Directors’ Report (continued) Director: Financial year ended31March 2019 Lazard AssetManagementLLC corporates,off-index short-dated look sovereigns. which attractive compared tosimilarmaturity that provide attractive valuations, market pipeline. issuancemoves through asnew theprimary especially We remain positive on certain credits, highyield to certain where profile therisk-return hasbecome lessfavourable. We continue tolookbottom-up for opportunities are profile withtherisk-return more comfortable ofinvestment gradecredits ingeneral. Asmarkets rally, we look will toreduce exposure Panama, thePhilippines, Peru, Chile, andHungary. theFed’s With capitulation, we and, arerates lessconcernedaboutrising accordingly, credits inourview, which provide lesscompensation therisks. for Meanwhile, we have added exposure tomore defensive credits, as such asmarkets andvaluations have have risk rallied approached overall ourtargets.strategy’s We have reduced highyield exposure tocertain exceptions,few fundamentalsare solidacross theinvestment universe. we seevalueintheassetclass, still While we have reduced the alternatives. Hard debtcontinues currency toprovide anattractive source ofreturns andahealthy cushion againstfuture volatility. With 2019, poisedtodeliver isstill attractive returns bothon anabsolutebasisandrelative we theassetclass believe tootherfixed income of thepostglobalfinancialhighsatstart crisis hard for emergingmarkets currency debthave from yields easedsomewhat While Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review theperiod. 2.5% during environment ofspreads wideningandlower US Treasury yields, by countries over high yield investment outperformed gradecountries (the Fed) interest lowered raising in 2019. rates its inflation expectations, from Consistent with the market it would refrain and indicated inUS boosted by therally Treasuries, on the10-year35bpslower roughly withtheyield astheUSFederal endingtheperiod Reserve gainsince2010. registeredclass itslargest quarterly Credit spreads 48basispoints(bps)widerat351bps. endedtheperiod were Returns Hard emergingmarket currency credit spreads 2018, widened during of2019, inthefirst quarter significantly andrallied astheasset Market Review terms,dollar againsttheJ.P. MorganEMBI GlobalDiversified Index, returned which 4.21% ending31March 2019, thetwelve-monthperiod Over EmergingMarkets Bond the Lazard Fund (the returned“Fund”) 2.30%inUS Investment Review Lazard EmergingMarketsBondFund Investment Manager’s Report Lazard Global InvestmentFundsplc Figures refer topast performancewhichisnotareliable indicatoroffuture results. Fund Manager:DeniseSimon,ArifJoshiandteam. 2019. Indexreturnsshownona total returnbasis. 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted. •  • • • • • Source: Lazard. NAV to NAV Price, Net Income Reinvested in US dollars. ‘A’ accumulation share class Net of fees, to 31 March period period The portfolio’s credit alsohelped, tocorporate off-indexallocation sovereign creditthe credit during outperformed ascorporate the backdrop ofalessfavourable globaleconomic environment, highdomestic inflation, missteps andpolicy countries, tohighyield allocation against relative performance theoverweight Argentina wasthelargest detractor from Within Saad Hariri’s weakened mandate following parliamentary elections during the second quarter of2018 thesecond elections quarter during Hariri’sSaad weakened parliamentary mandatefollowing alsodetracted,on Prime intheperiod Minister underperformed early position inLebanon asthecountry overweight A tactical environment, and, weakness inoilprices cases, incertain developments negative idiosyncratic Egypt, othertopactive positions –including risk Kenya,Several and Venezuela –alsolagged amidthegeneral risk-off process restructuring country’s position wasalsobeneficial, inthestressed debtofMozambique A modestoverweight duetopositive developments inthat Funddiscussions withtheInternational Monetary position inAngolan asPresident sovereignAn credit overweight pursuedreformsandinitiated outperformed João Lourenço Financial year ended31March 2019 1 .

13 LAZARD GLOBAL INVESTMENT FUNDS PLC 14 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Lazard AssetManagementLLC peso,Philippine againstthe primarily Taiwan dollar. Bank’s lead. thatismore hawkish, toapolicy Ithasshifted inrecognition core ofrising inflation. InAsia, the we remain overweight accommodative itshighly stance, away bankismoving from central that Hungary’s followed theEuropean Central iteffectively inwhich the highyielders. Europe, Within forint, intheHungarian against the euro, we holdanoverweight heldprimarily based on our view In currencies, countries. inbothhighandlow-yielding we seeopportunities realamong The Brazilian remains our top active overweight in theseregions are among thelowest inourinvestment universe, andare infact negative inHungary. Europe, continueandEastern tobeinCentral andPoland,duration underweights Hungary including andinAsia, Thailand. Realrates curve, asteepyield benefits low inflation, from duration position asthecountry overweight andafavourable fiscaloutlook. primary Our countries, asBrazil, such Indonesia, andMexico. We inPeru, alsosee attractive opportunities theportfolio’s iscurrently which largest across most emerging markets. From a bottom-up perspective, in select higher yielding see the best duration opportunities we generally low inflation, countries, policies, inthehigheryielding monetary particularly countercyclical shouldallow for andlower real yields We continue todeploy relatively low ofbetarisk, levels andare insteadmore focusing on bottom-up alpha opportunities. Ingeneral, Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review countries, Argentina and namely Turkey, largefinancing credibility. external needsandweak policy suffered which from drawdown sinceinception in2002.largest quarterly strength USdollar andtighterfinancial conditions incertain exposedvulnerabilities the 10-year US Treasury yield. occurredThe entire of 2018, the period in the second loss for quarter when the index posted its second- spot basis. Meanwhile, 16basispoints(bps)higherat6.16%, endedtheperiod yields local for 35bpsdecline incontrasttotheroughly by driven spotdepreciationmainly inemergingmarkets currencies, almost11%lower endedtheperiod versus on which theUSdollar a theperiod, 7.58%,During emergingmarkets currency debtfell local asmeasured terms. inUSdollar was intheassetclass The decline Market Review terms,in USdollar againsttheJ.P. MorganGBI-EM GlobalDiversified Index, returned which -7.58% ending31March 2019, thetwelve-monthperiod DebtFundOver EmergingMarkets (the Local theLazard returned“Fund”) -8.86% Investment Review Lazard EmergingMarketsLocalDebtFund Investment Manager’s Report 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenotedasat31March 2019. •  • • •  •  • Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:DeniseSimon,ArifJoshiandteam. 2019. Indexreturnsshownonatotalreturnbasis. Source: Lazard. NAV toNAV Price,NetIncomeReinvested inUSdollars.‘A’ accumulationshare class,Netoffees,to31March The portfolio’s duration positioning inindividualcountries Modest tactical exposureModest tactical totheArgentine pesodetracted, of2018 thesecond quarter during primarily presidential election inthelead-up to the October 2018 due to the uncertainty underperformed position Real which in the Brazilian An overweight by rouble ofadditional position wasdragged down intheRussian which mainly theheightenedrisk USsanctions An overweight rates,In local positions inselectmarkets as Peru such overweight andMexicohelped rates,In local duration positioning inEurope wasbeneficial underweight Financial year ended31March 2019 (continued) 1 . room spread for tightening. 130 bps, CDSposition asarelatively inexpensive theMexican we source view ofprotection aswe withlimited downside seelittle risk electedpopulistgovernment andtroubled state-owned entities, thenewly from to risks asPemex. such spreads atapproximately With ease. Incontrast, over themedium term, we Mexicoon are deteriorate thecredit short sideaswe expectfundamentalsto gradually due have adjusted to reflect theincreased risks. political We easingaswe expectgrowth toslow andinflation seeroom to monetary for rates,In local we continue toemphasise MexicoandBrazil. InMexico, asrealare we rates favour yields attractive local andvaluations withrelatively low creditof yield andinterest risk. rate fundamentals over themediumterm. We continue 20%exposure toholdaroughly todefensive corporates, provide which amodicum our view, on thesepositions. given thelow carry Moreover, deteriorating toexperience are likely Africa we MexicoandSouth believe CDS. African andSouth are positions All hedgesourlong inRussian relatively cheap for credit risk positions,and builtashort in and attractive yields, asPanama such andChile. We credit position inMexican defaultswaps(CDS) risk have maintainedourshort sovereign come inhighyield credit.mainly Meanwhile, we have increased exposure toinvestment grade credits withsolidfundamentals volatility, butwe have reduced sincethebeginningofyear risk asvaluations have converged withourtargets. This decrease has We continue emergingmarkets tobelieve debtprovides anattractive healthy source cushion ofreturns againstfuture andapotentially Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review creditexternal spreads 48basispoints(bps)widerat351bps. endedtheperiod versus on theUSdollar aspotbasis. Meanwhile, debtpostedapositive theperiod, external return during by driven carry, primarily as by driven spotdepreciation debtwasmainly currency inemergingmarketslocal currencies, almost11%lower endedtheperiod which countries, Argentina and namely Turkey, large financing credibility. external needsand weak policy suffered which from in The decline of-7%. drawdown inits15-year history quarterly strength USdollar andtighterfinancial conditions incertain exposedvulnerabilities debtreturnedand external 4.21%. of2018, inthesecond quarter came The entire theperiod lossfor whentheindexpostedlargest GBI-EM 7.58% theperiod; GlobalDiversified debtdeclined 1.78%asmeasured during currency terms Indexfell inUSdollar local For comparisonpurposes, emergingmarkets debt, asmeasured by the50%J.P. MorganEMBI GlobalDiversified/50% J.P. Morgan Market Review terms -5.31% inUSdollar ending31March 2019, thetwelve-month period Over EmergingMarkets theLazard Total DebtFund Return (the returned“Fund”) Investment Review Lazard EmergingMarketsTotal DebtFund Return Investment Manager’s Report Lazard Global InvestmentFundsplc • •  • •  • • The fund’s long position outright inemergingmarket currencies, of2018 thesecond quarter during particularly period creditthe added generatedabsolutegainsof4.6%during toabsolutereturns ascorporate todefensive corporates The allocation The fund’s positions toabsolutereturns, rates contributed local andMexico idiosyncratic inBrazil particularly favourable globaleconomic environment, highdomestic inflation, missteps andpolicy long sovereign positions inselecthigher yielding credit, from Losses Argentina, mostnotably soldoffamidaless which were rand among positions real, themostnotabledetractors intheBrazilian Long African rouble Russian andSouth sovereignGains inkey credit long positions, Angola andBrazil including 1 . Financial year ended31March 2019 (continued)

15 LAZARD GLOBAL INVESTMENT FUNDS PLC 16 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Lazard AssetManagement LLC over themediumterm, whileprotecting againstfuture boutsofvolatility. conviction intheportfolio’s iswell positionedattractive returns toearn current risk-adjusted positioning thattheportfolio andbelieve 5%, nearly yields The fundcurrently providing more thanadequate compensation therisks, for inourview. We have ahighdegree of In currencies, againsttheeuro, we are forint long currently theHungarian bankhastakenamore central hawkishstance. asHungary’s Outlook (continued) Lazard EmergingMarketsTotal DebtFund (continued) Return Investment Manager’s Report Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:DeniseSimon,ArifJoshiandteam. 2019. Indexreturnsshownonatotalreturnbasis. 1 All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenoted. Source: Lazard. NAV toNAV Price,NetIncomeReinvestedinUSdollars.‘A’ accumulationshare class,Netoffees,to31March Financial year ended31March 2019 (continued) Philippines, Peru, Chile, andHungary. grade alternatives, as Panama; such stable countries, to some of the most fundamentally we also pared our underweights as the such investment grade, we relative have we possesssolidfundamentalsandattractive added believe yields tocountries toother investment as reducing such exposurecountries tohighyield Turkey, Argentina, andBrazil, whileincreasing investment grade exposure. Within returns over thenext12months. equity-like to earn We have brought down theportfolio’s profile risk overall inrecent months by From a top-down perspective, as we project asset allocation debt maintained a neutral bothhard currency we have and local generally Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review by driven carry,primarily credit asexternal spreads 48basispoints(bps)widerat351bps. endedtheperiod down almost11%onthe period aspotbasisversus theUSdollar. Meanwhile, debtpostedapositive theperiod, external return during credibility. by driven spotdepreciation debtwasmainly currency inemergingmarkets inlocal currencies,The decline ended which countries, incertain vulnerabilities Argentina and primarily Turkey, largefinancing external needsandweak policy suffered which from a return of-7%, drawdown inits15-year history. thelargest quarterly strength USdollar andtighterfinancial conditions exposed market debtreturned 4.21%. of2018, wasgeneratedinthesecondThe entirequarter theperiod lossfor whenthebenchmark posted theyear underreview,During terms, -7.58%inUSdollar emergingmarket currency debtdeclined local emerging whileexternal Market Review Index, returned which -1.58% terms,in USdollar againstthe50%J.P. MorganEMBI GlobalDiversified ex-CCC/50% J.P. MorganGBI-EM GlobalDiversified ending31March 2019, thetwelve-monthperiod Over EmergingMarkets DebtBlendFund theLazard (the returned“Fund”) -4.48% Investment Review Lazard EmergingMarketsDebtBlendFund Investment Manager’s Report Lazard Global InvestmentFundsplc • • • • • • The portfolio’s off-index allocation to corporate credit outperformed the overall asset class during the period theperiod during The portfolio’s assetclass theoverall credit outperformed tocorporate off-indexallocation modest tactical exposuremodest tactical totheArgentine peso currencies, positions inselecthigheryielding rouble real theRussian andtheBrazilian detracted,Overweight including asdid and,weakness in oilprices cases, incertain developments negative idiosyncratic andKenyaenvironment, –alsolagged amidthegeneralrisk-off Egypt othertopactive positions –including risk Several the amidalessfavourable globaleconomic environment,underperformed highdomestic inflation, missteps andpolicy ofunderperformance. driver Bottom-up sovereign credit Amongcountries, selection wastheprimary highyield Argentina countries, positioning inanumberofselect markets, andoverweight Peru including andMexico debt, currency In local bottom-up duration positioning was beneficial. andEuropean in Central underweights This included Funddiscussions withtheInternational Monetary position inAngolan asPresident sovereignAn credit overweight pursuedreforms, outperformed João Lourenço andinitiated 1 . Financial year ended31March 2019 (continued)

17 LAZARD GLOBAL INVESTMENT FUNDS PLC 18 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Lazard AssetManagement LLC as valuations have approached ourtargets. We alsoseeattractive relative incurrencies withinAsiaandEurope. valueopportunities European and Eastern Central countries. We real, upside potential intheBrazilian also see further although we have pared our position of countries. We inPeru, continue to favour duration overweights Mexico, andBrazil, Asianand inlow-yielding againstunderweights debt,In local appreciation and/orspotcurrency yields among falling aselectgroup for opportunities we continue toseeidiosyncratic Outlook (continued) Lazard EmergingMarketsDebtBlendFund(continued) Investment Manager’s Report Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:DeniseSimon,ArifJoshiandteam. 2019. Indexreturnsshownonatotalreturnbasis. 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted. Source: Lazard, NAV toNAV Price,Gross IncomeReinvestedinUSdollars,‘A’ accumulationshare classNetoffees,to31March Financial year ended31March 2019 (continued) What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review other majorcurrencies. theseassetclasses. for theperiod,performance Over all market thecurrency were by strength USdollar characterised againstvirtually returns. Together withequities, strongly of2019, inthefirst bonds rallied quarter and highyield globalcorporate leading toapositive oftheyear. part intheearly thedecline to offset Inthisenvironment, theglobalfixed negative income markettotal endedwithslightly bonds JapaneseandGerman endedtheyear below zero, withyields maturity Similar inrecent months was insufficient asthebond rally In fixed income, US 10-year the bellwether Treasury at 2.41%, the period November. closed yield peaking near 3.25% in early after Emerging markets equitieswere underpressure much for oftheyear, retreating almost7%. major regions the year, during outpacing Europe, comfortably the United Kingdom, and Japan, posted negative of which returns. all 2019, marketsin US-Chinatradenegotiations surge inearly helpedequity helpingtorecover some losses. ledamong USstocks of 2018. quarter steep drawdown in the fourth particularly A pause in USFederal (the Fed) Reserve hikesand some rate progress underreview. the period equities rose during Global developed term 4% inUS dollar ofvolatility,This masked a period witha Market Review terms dollar ending31March 2019, thetwelve-monthperiod Over Diversified theLazard Fund Return (the returned“Fund”) -1.09%inUS Investment Review Lazard Fund DiversifiedReturn Investment Manager’s Report Lazard Global InvestmentFundsplc • •  •  • • • • •  Within theDiversifiers allocation,Within themaindetractorwasquantitative basket emergingmarkets long/short theDiversifiers allocation,Within theEuropean basket, long/short included contributors the USbasket, andconvertibles Currency managementCurrency withinfixed income: exposure totheJapaneseyen, overweight peso, Mexican andAustralian dollar Fixed exposure tobonds allocation: incore Europe, underweight income country Korea JapanandSouth andtheUnitedStates. exposureSingapore toJapaneseequities exposure toUSequitiesandoverweight Underweight selection intheconsumer discretionary,Stock industrials, sectors, andmaterials technology information andinCanada, Japan, exposure ringgit, totheMalaysian rouble, Russian krona andSwedish managementCurrency withinfixed income: exposure pound; totheCanadianandBritish dollar underweight overweight the UnitedStates Fixed exposure tobonds allocation: inAustralia, overweight income country Canada, NewZealand, Poland, Hungary, Chileand selection intheconsumer staplesandhealthcaresectors,Stock andinAustralia, Hong Kong andNorway 1 . Financial year ended31March 2019 (continued)

19 LAZARD GLOBAL INVESTMENT FUNDS PLC 20 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Lazard AssetManagementLLC despiteitsrecent strength.be supported United States, impact coulddirectly Europe, which Japan, Korea. andSouth Inthisenvironment, continue to likely will theUSdollar aswe move pastnegotiations carefully withChina,be watched on intothe automotive andon topotentialreciprocal imports tariffs process,this tortured negative consequences theregion have for further period. likely over ourforecast will which will UStradepolicy byany caused theUnitedKingdom potentialdislocation leavingtheEuropean Union. Confidence andinvestment hasbeensappedby could beaheadwind markets for asexpectations moderate. Euroeconomies weak zone are ornegative growth, suffering before even highgrowth. ofcyclically off aperiod So, profits whilecorporate are healthy, ofgrowth therate hasdiminishedsignificantly, which United States, economic stresses inEurope, China, have andJapanwill animpact on globalgrowth. The USeconomy isalsocoming the pause in the Fed’s inthe has increased of extending the economic the chances While cycle in January normalisation policy rate Outlook (continued) Lazard Fund(continued) DiversifiedReturn Investment Manager’s Report Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:JaiJacobandteam. 2019. Indexreturnsshownonatotalreturnbasis. 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted. Source: Lazard. NAV toNAV Price,NetIncomeReinvestedinUSdollars.‘EA’ accumulationshare class,Netoffees,to31March Financial year ended31March 2019 (continued) Lazard AssetManagementLLC inby market. consensual andseemspriced thestock very high level.a very us, As for we admit that the been outlookmore has rarely uncertain, but we notice that expecting a recession is now impending recession. Chinais balanced atthisstage by signsthattheUSeconomy isslowing from economic from Reassuring news around is hovering inversion, curve negative as the US yield is abad which omen, of an as it isone of the most accurateindicators withtheir2018results. weekscompanies previously provided guidancejustafew thebond market appearsmore The message from than expected, withahigherthanusualnumber ofprofit across warnings anumberofsectors, anddespitethefact thatmany ofthese that thefirst besoft, half of2019will butthesecondbebetter. halfwill far, So it seemsthatthefirst halfisproving abitweaker There are many conflicting messages inthemarket atthisstage. companies remains positive,The message from reflecting theview Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review Bank (ECB)President Draghi’s Mario comments that the ECB would seektomaintainahealthy environment earnings thesector. for Marchthefirst for during timeinover two years,slipping intonegative territory financials reacted toEuropean Central favourably were helpedby thecontinuingenjoyed strengthwhich inalmost10years. intheoilprice itsbestquarter bundyields DespiteGerman supportive. Technology rose stocks strongly, insectorvaluations andperformance. theUS-ledrise benefitting from Oil&gasstocks years, helped by progress remain bankswill themajorcentral on theUS-China talks, from policy and expectations that monetary Global markets, thoseinEurope recovered including four of2019, for inthefirst quarter performance theirbestquarterly delivering concerning theItalianbudget,particularly inEurope, some affected stocks infinancials. especially Reserve’s rise. Decemberrate For Europe, regional concernsremained over European political heightenedandworries Union stability, theUSFederal following conditions intheUnitedStates concerns about thedirection tradeand tighter monetary offuture world economic supportive data,spite of broadly of 2018, quarter the fourth in global markets sell-off there during was a sharp reflecting emerging markets, economicinChina, faltering activity andinparticular endmarket European for exports. isanimportant which In end ofquantitative easingovershadowed underreview. much ofthe period AmajorheadwindEurope for wastheweakening in Worries and China, about the consequences of a trade war between the United States the downturn in emerging markets and the Market Review terms ending31March 2019, thetwelve-monthperiod Over European theLazard Alternative Fund (the returned“Fund”) -1.51%ineuro Investment Review Lazard European Fund Alternative Investment Manager’s Report Lazard Global InvestmentFundsplc Figures refer topast performancewhichisnotareliable indicatoroffuture results. Fund Manager:LeopoldArminjonandteam. Accumulation share classto31March 2019.Indexreturnsshownonatotalreturnbasis. 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted. company Post Deutsche delivery • German • Exposure toPortugal detractedthemostby country •  •  •  •  Financials sector wastheworst performing company Lonza andbiotechnology Chemical By country, France wasthelargest contributor sector Notable gainswere technology intheinformation Source: Lazard AssetManagement.Performancedataare onaNAV toNAV Price,NetIncomeReinvestedineuro terms.‘C’ 1 . Financial year ended31March 2019 (continued)

21 LAZARD GLOBAL INVESTMENT FUNDS PLC 22 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Lazard Asset ManagementLLC oftheconvertible assetclass, supportive broadly inourview. inthenearterm. elevated keep volatility That said, credit markets markets fluid, andcapital remain well supported are both ofwhich questions lingering relatedbelieve toUStrade policy, events, geopolitical should earnings asitrelates to2019corporate and uncertainty Interest alsoremain rates infocus, andmore volatility. we recently inbothinterest have andequity beguntoseeanuptick rate We the numberofissueswithbalancedprofiles. of2018, quarter the fourth set, issuance have broadened ofnew andthesignificant levels theopportunity increased andsignificantly time. Given theconvex nature oftheconvertible product, thisshouldbenefit theassetclass, inourview. The repricingofequitiesin We believe, ofreasons, avariety for some tobesustainedfor witnessedsincethelows of2017islikely involatility themarked uptick Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review remained high, inselectsectors, particularly technology, including healthcareandmany cyclicals. convertible valuations broadly.supported noting, It is worth across the board, declined that while volatility single-namevolatility in mostsectors. globaleconomic constructive The still landscape, fundamentals, reasonably good corporate andfluidcredit markets, accommodativeincreasingly European Bank. Central The S&P500rose of2019, 13.6%inthefirst quarter withbroad-based gains expectations, andstableeconomic growth trends. were Alsocontributing improved prospects aUS/Chinatradedealandan for improvedEquities steadily throughout of2019, thefirst quarter helpedby achangeintheUSFederal Reserve’s on inflation view billion globally, well above lastyear’s total. ofvolatility.drivers European, volatile. JapaneseandUSsovereign were yields particularly issuance exceeded $74 Convertible new prospects, bankpolicies, central recession andthepathofglobalinterest fears rates, among otherconsiderations, were significant constructive, of2018. quarter inthefourth butweakened markedly events, Geopolitical deliberations, tradetariff Chinesegrowth throughoutunderreview,Risk appetitevaried theperiod andmirrored globalgrowth expectations, were very initially which draw-down ofgreater than-10%on theyear. three during occasions numerous,Risk assetsexperienced significantre-pricings throughout 2018, a andtheS&P500Index(the500)experienced Market Review sinceinception on theperiod 1May 2018-31March 2019,Over RathmoreAlternative Fund theLazard (the returned“Fund”) 2.78% Investment Review Lazard Rathmore Fund Alternative Investment Manager’s Report 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted. • Portfolio hedges, level amodestinterest-rate hedge including •  •  • • • Figures refer topast performance,whichisnotareliable indicatoroffuture results. Fund Manager:SeanReynoldsandteam. ‘EA’ accshare classNetoffees,to31March 2019.Indexreturnsshownona totalreturn basis. higher on a dollar-neutral basis,higher on adollar-neutral on thefirst day oftrading market remained active,The primary favoured inmostcases investors and pricing (versus issuers). Inmostinstances, bonds traded Source: Lazard AssetManagementLimited.Performance dataare onaNAV toNAV Price,NetIncome ReinvestedinUSdollars, reflected inthe VIX Index, remained single-namevolatility quitehighthroughout theperiod Volatility of2018, quarter increased inthefourth broadly of2019. over intothefirst quarter carried which notnecessarily While Mark-to-market on selectedhedges Mark-to-market on selectedcredit trades & acquisitions Portfolio hedges, monetisation, volatility numerous developments, specialsituation tradesandidiosyncratic mergers including Financial year ended31March 2019 (continued) 1 . What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review moderately. Onthecredit side, spreads tightenedhelpedby aneasingofglobaltrade tensions. result ofhigherdomestic inflation. environment, yield Inthatoverall prepayment covered expectations on bonds Danishcallable rose basis points(bps). decoupledsomewhat, rates hawkishstance, Norwegian bankadopted central asurprising astheNorwegian asa Denmark, andtoalesserextendinNorway, andconverge rates, saw10year decline withshort-term yields by approximately 20-30 (TLTROs) a tiered that it was considering system. deposit and rate indicated Bunds, In line with German and in Sweden curves yield interest in2019. rates Similarly, theEuropean Bankannouncedanotherround Central oftargeted longer-term refinancing operations raising of2019, from In thefirst quarter trended lower itwould refrain astheUSFederal indicated inScandinavia yields Reserve Market Review returned -1.15%inEuro terms Bond Fund 2019-31March 2019, sinceinception (the on theperiod 8January HighQuality “Fund”) Over Scandinavian theLazard Investment Review Lazard ScandinavianHighQualityBondFund Lazard AssetManagement(Deutschland)GmbH investment strategy. diversified,Maintaining ahighly combined withalow durationapproach portfolio remains thecornerstoneofour highquality bonds.Danish callable todiverge banksare Ascentral withinScandinavia, likely accordingly. we adjust allocation will thegeographical potentialthan"regular" premium, bonds duetotheir substantialyield a higherperformance to andsowe maintain ourallocation will monthsenvironment persistfor tocome. likely will interest rising rates, constant orslightly With covered mortgage bonds offer callable The current macro outlook thatthecurrent andtheongoing andChinaon tradeindicate yield tensions between theUnitedStates Outlook Investment Manager’s Report Lazard Global InvestmentFundsplc Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:MichaelA.Weidener andteam. share classNetoffees,to31March 2019.Indexreturnsshownonatotalreturnbasis. 1 All datacontainedherein issourced byLazard AssetManagementunlessotherwisenoted. • • • • • Source: Lazard AssetManagement.Performancedataare onaNAV toNAV Price,NetIncomeReinvestedinEuro, ‘EA’ distribution costs as yields fell inmostmarkets fell costs asyields approach towards duration, inducedaconservative The strategy i.e. positioning interestledtoopportunity risk rate ourshort US-China tradetalks The portfolio’s tocredit allocation alsohelped, ascredit spreads of2019on thefirst progress tightenedduring quarter inthe overcompensated by thepremiumoffered thesesecurities of2019, inthefirst bonds theprepayment rose quarter expectations ofDanishcallable moderately While investors were rates amidhigherinflationrates that it would continue bank indicated to raise central it would amid higher inflation continue rates as the Norwegian to raise returns, that detracted from bankindicated central Positioning as theNorwegian curve yield end oftheNorwegian atthe short would banksaround remain ofmajorcentral theworld supportive policy monetary Positioning in Danish, in those regions, and Finnish yields Swedish falling bonds benefited from amid expectations that the 1 . Financial year ended31March 2019 (continued)

23 LAZARD GLOBAL INVESTMENT FUNDS PLC 24 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Date: 3July2019 Ireland Dublin 2 78 SirJohnRogerson’s Quay State Street CustodialServices(Ireland) Limited In ouropinion, theCompany thefinancial hasbeenmanaged during year, respects: material inall Opinion appropriate regulations. inaccordance withtheCompany’sConstitution Regulations and(ii)otherwise andthe UCITS constitution documentation andthe managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of the Company’s in Regulation 34, (1), (3)and(4)inPart Regulations and toensure 5oftheUCITS that, respects, material inall theCompany hasbeen as it, conducts reviews such The Depositary in its reasonable opinion, in order with its duties as outlined to comply considers necessary Basis ofDepositaryOpinion rectify thesituation. If theCompany hasnotsocomplied, must we statewhyandoutlinethestepswhich have takento thisisthecase we asDepositary Company’s Constitution Regulations. andtheUCITS responsibilityoftheCompany with theseprovisions. Itistheoverall tocomply statewhether, shall report Our inouropinion, theCompany inaccordance hasbeenmanaged inthatperiod withtheprovisions ofthe is toenquire intotheconduct oftheCompany thereon andreport ineachannualaccounting period totheshareholders. duties andresponsibilities are outlinedinRegulation 34,Our (1), (3)and(4)inPart Regulations. 5oftheUCITS Oneofthoseduties Responsibilities oftheDepositary ortoany otherperson anytowhom isshown.assume responsibilityfor otherpurpose thisreport Regulations 2011, asamended, Regulations’), (‘the UCITS nootherpurpose. andfor We donot, ingivingthisopinion, accept or 34, (1), (3)and(4)inPart 5oftheEuropean Collective Investment Communities for in (Undertakings Transferable Securities) theopinion theshareholders hasbeenprepared for intheCompany including andsolely This report inaccordance for withRegulation 2019, totheCompany. asDepositary inourcapacity We have enquired GlobalInvestment intotheconduct ofLazard thefinancial Funds for year ended31March plc(“theCompany”) Report oftheDepositarytoShareholders Depositary’s Report (ii) (i) Regulations. inaccordance withtheprovisions oftheConstitution,otherwise RegulationsBankUCITS andtheCentral theUCITS Collective Investment in Transferable Regulations’); Regulations BankUCITS 2015(asamended)(‘theCentral Securities) and for andEnforcement) Act 48(1))(Undertakings 2013(Section RegulationsBank(Supervision andtheCentral the UCITS in accordance withthelimitations imposedon theinvestment andborrowing powers oftheCompany by theConstitution, Financial year ended31March 2019 The accompanying notes are an integral part ofthefinancialThe accompanying notesare statements. part an integral of Comprehensive Income. continuing operations. from Gains andlossesarose solely There were nogainsorlossesotherthanthosedealtwithintheStatement Financial Statements Lazard Global InvestmentFundsplc Bond Income Investment Income Statement ofComprehensive Income Profit/(loss) Profit/(loss) forthefinancialyearbeforetax operations holders ofredeemableparticipatingsharesfrom innetassetsattributableto Net movement Withholding Tax Dividend Income Capital gainstax Capital Bank Interest foreign currency Net realisedgains/(losses)oninvestmentsand investments andforeigncurrency Net movementinunrealisedgains/(losses)on Total InvestmentIncome/(Expense) Management FeesManagement Expenses Performance Fees Administration, Transfer Agency Fees andDepositary Legal Fees Directors’ Fees Organisational FeesOrganisational Currency Fees Manager's Tax ReportingFees Dividend Expense Other Expenses Total Expenses Reimbursement fromManager Net InvestmentIncome/(Expense) Distributions Finance Costs Interest Expense Bank Interest Total FinanceCosts forthefinancialyearaftertax Note 14 2 4 2 2 2 3 3 3 2 31/03/2019 (1,334,320) (1,333,160) (1,334,320) (1,097,233) (1,333,160) (2,609,895) 1,617,369 (271,632) (105,933) (156,577) (59,159) (10,705) (30,383) (1,160) (7,252) (6,945) 35,705 1,226 (611) USD Markets BondFund – – – – – – – – – Lazard Emerging 31/03/2018 2,855,232 2,861,613 1,994,081 2,855,232 1,841,050 3,199,586 2,861,613 (396,784) (635,734) (225,699) (89,171) (37,275) (28,469) (5,645) (9,413) (1,050) (5,707) 58,811 (736) USD 189 – – – – – – – – (71,327,001) (69,127,224) (71,327,001) (58,398,776) (64,663,883) (48,606,716) (53,138,594) 31/03/2019 (6,265,107) (4,463,341) (1,809,516) 43,249,651 (4,815,861) (1,190,957) (4,463,341) (390,261) (72,573) (20,918) (36,832) (33,442) (94,524) Markets LocalDebtFund 96,883 USD Financial year ended31March 2019 – – – – – – – Lazard Emerging 31/03/2018 (3,988,242) (2,635,887) (1,699,027) 47,862,575 50,656,180 (1,094,578) 30,786,905 47,862,575 14,776,916 11,716,488 (2,848,811) 57,280,309 (2,554,884) 53,292,067 (924,262) (59,423) (12,742) (19,079) (60,493) (63,432) (81,003) USD – – – – – – – (67,220,745) (66,940,079) (67,220,745) (54,722,389) (58,795,721) (70,041,245) 31/03/2019 (4,073,332) (8,144,358) 18,226,770 (2,967,041) (3,277,168) (8,144,358) (202,069) (544,935) (140,706) Lazard EmergingMarkets (78,597) (12,650) (39,396) (50,708) 59,127 (7,769) Total ReturnDebtFund USD – – – – – – – 31/03/2018 (5,694,302) (6,347,911) 41,734,810 42,046,170 19,884,897 41,734,810 (9,110,623) 43,314,109 (4,310,411) 54,088,383 (6,271,279) 48,394,081 (132,710) (178,650) (161,107) (809,854) (177,312) (59,385) (12,963) (96,036) (67,234) (76,632) USD – – – – – –

25 LAZARD GLOBAL INVESTMENT FUNDS PLC 26 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Fund Opportunities redeemed* Lazard on 7November wasfully 2016. ofthefinancialThe accompanying notesare statements. part an integral of Comprehensive Income. continuing operations. from Gains andlossesarose solely There were nogainsorlossesotherthanthosedealtwithintheStatement Financial Statements Bond Income Investment Income Profit/(loss) Profit/(loss) forthefinancialyearbeforetax Statement ofComprehensive Income from operations holders ofredeemableparticipatingshares innetassetsattributableto Net movement Capital gainstax Capital Withholding Tax Bank Interest Dividend Income foreign currency Net realisedgains/(losses)oninvestmentsand investments andforeigncurrency Net movementinunrealisedgains/(losses)on Total InvestmentIncome/(Expense) Management FeesManagement Expenses Performance Fees Administration, Transfer Agency Fees and Depositary Legal Fees Directors’ Fees Organisational FeesOrganisational Tax ReportingFees Currency Fees Manager's Dividend Expense Other Expenses Total Expenses Net InvestmentIncome/(Expense) Reimbursement fromManager Distributions Finance Costs Interest Expense Total FinanceCosts Bank Interest forthefinancialyearaftertax Note 14 2 4 2 2 2 3 3 3 2 (172,569,612) (171,318,145) (172,569,612) (131,337,344) (139,472,163) (167,887,584) (31,845,982) (17,401,788) (31,845,982) 31/03/2019 (8,134,819) 53,808,497 (6,652,510) (1,158,097) (754,968) (496,499) (177,891) 143,531 (33,557) (21,471) (14,030) (77,263) Markets DebtBlendFund USD – – – – – – – Lazard Emerging (continued) (10,346,326) (16,118,673) 103,397,573 129,862,572 (15,983,793) 119,516,246 31/03/2018 (2,219,497) (1,924,197) 99,253,879 69,810,222 99,253,879 56,371,091 (8,140,863) (1,702,969) 3,681,259 (138,230) (152,103) (113,578) (134,880) (31,922) (10,001) (56,660) USD – – – – – – (1,240,289) 31/03/2019 (1,824,405) (1,722,650) (1,824,405) (1,708,107) (1,898,761) (604,329) (101,755) (848,599) (184,290) (229,063) (114,102) (14,543) 623,068 866,770 (11,935) (15,885) (37,007) 136,511 (14,543) 17,233 (8,208) (1,633) (2,206) Diversified ReturnFund USD Financial year ended31March 2019 – – – – 31/03/2018 3,031,967 3,104,629 3,031,967 2,084,029 3,375,934 3,104,629 (333,751) (105,535) (121,540) (72,662) 439,128 647,217 200,404 (32,622) (12,001) (29,871) (23,592) Lazard (1,447) (1,386) (5,757) 62,446 5,156 USD – – – – – – 31/03/2019 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – Opportunities Fund* 31/03/2018 Lazard (3,338) (3,338) 1,712 1,395 3,338 GBP 231 – – – – – – – – – – – – – – – – – – – – – – Lazard Scandinavian High Quality Bond 2019, Fund on launched 7January HighQuality therefore Scandinavian **** Lazard there are nocomparatives thisFund. for RathmoreAlternative Fund*** Lazard on launched 1May 2018, therefore there are nocomparatives thisFund. for Fund GlobalHexagon**Lazard Equity redeemed on 18August was fully 2017. ofthefinancialThe accompanying notesare statements. part an integral ofComprehensivelosses otherthanthosedealtwithintheStatement Income. FundHexagon Equity redeemed were which on 7November fully 2016and18August 2017respectively. There were nogainsor Fund continuing operations withtheexception Opportunities ofLazard Global andLazard from Gains andlossesarose solely Financial Statements Lazard Global InvestmentFundsplc Profit/(loss) Profit/(loss) forthefinancialyearbeforetax Statement ofComprehensive Income Bond Income Investment Income Withholding Tax Dividend Income from operations holders ofredeemableparticipatingshares innetassetsattributableto Net movement Capital gainstax Capital Bank Interest foreign currency Net realisedgains/(losses)oninvestmentsand investments andforeigncurrency Net movementinunrealisedgains/(losses)on Total InvestmentIncome/(Expense) Management FeesManagement Expenses Performance Fees Administration, Transfer Agency Fees and Depositary Legal Fees Directors’ Fees Organisational FeesOrganisational Currency Fees Manager's Tax ReportingFees Dividend Expense Other Expenses Total Expenses Reimbursement fromManager Net InvestmentIncome/(Expense) Distributions Finance Costs Interest Expense Bank Interest Total FinanceCosts forthefinancialyearaftertax Note 14 2 4 2 2 2 3 3 3 2 31/03/2019 (17,907) 17,907 Hexagon EquityFund** USD – – – – – – – – – – – – – – – – – – – – – – – – – – (continued) Lazard Global 31/03/2018 (212,250) (16,949) 820,895 (39,913) 780,982 148,221 780,982 657,478 192,696 998,395 (55,937) (29,367) (19,130) (81,872) (16,157) 837,844 (16,949) (3,304) (2,125) (4,167) 51,699 USD (191) – – – – – – (13,507,484) 31/03/2019 (1,905,481) 18,076,992 (5,808,264) (1,300,623) (5,551,029) (1,401,133) 1,743,284 2,664,027 2,246,979 7,005,084 2,246,979 3,047,270 6,281,354 4,569,508 (417,048) (684,409) (504,348) (39,968) (15,680) (19,889) (28,406) (53,917) European AlternativeFund (5,299) EUR Financial year ended31March 2019 – – – – (12,680,569) 31/03/2018 (3,703,956) 14,130,701 (5,272,231) (1,201,215) (5,099,760) 1,630,394 6,288,613 9,915,650 1,450,132 (599,579) (399,926) (823,160) (599,579) 850,553 450,627 450,627 (76,623) (14,153) (19,998) (11,837) (79,736) (81,856) Lazard EUR – – – – – 31/03/2019 Alternative Rathmore 1,486,124 2,084,045 1,144,761 (941,866) (432,195) (585,842) (347,567) (174,460) (100,000) (171,505) (431,780) Fund*** 712,566 612,729 710,293 567,484 710,293 (74,016) (21,574) (18,783) (24,156) Lazard (2,273) (8,272) (1,533) 3,550 2,582 USD (415) – – Bond Fund**** Scandinavian ih Quality High 31/03/2019 (75,026) 305,608 305,608 305,608 (63,643) 344,515 362,679 (14,706) (10,178) (25,000) (17,910) 308,994 (3,386) Lazard 81,807 (4,421) (2,188) 21,341 (3,386) (623) EUR – – – – – – – – –

27 LAZARD GLOBAL INVESTMENT FUNDS PLC 28 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Financial Statements The accompanying notes are an integral part ofthefinancialThe accompanying notesare statements. part an integral of Comprehensive Income. continuing operations. from Gains andlossesarose solely There were nogainsorlossesotherthanthosedealtwithintheStatement from operations holders ofredeemableparticipatingshares innetassetsattributableto Net movement Capital gainstax Capital Withholding Tax Profit/(loss) Profit/(loss) forthefinancialyearbeforetax Bond Income Investment Income Statement ofComprehensive Income Dividend Income Bank Interest foreign currency Net realisedgains/(losses)oninvestmentsand investments andforeigncurrency Net movementinunrealisedlosses/(gains)on Performance Fees FeesManagement Expenses Total InvestmentIncome/(Expense) Administration, Transfer Agency Fees andDepositary Legal Fees Directors’ Fees Organisational FeesOrganisational Tax ReportingFees Currency Fees Manager's Dividend Expense Other Expenses Reimbursement fromManager Total Expenses Interest Expense Distributions Finance Costs Net InvestmentIncome/(Expense) Total FinanceCosts Bank Interest forthefinancialyearaftertax Note 14 4 2 2 2 2 3 3 3 2 (372,607,316) (372,607,316) (366,813,720) (276,679,479) (319,613,676) (364,247,997) (110,607,404) (43,285,308) (47,200,044) 188,179,218 (27,691,099) (44,463,558) 31/03/2019 (4,402,127) (1,391,469) (1,680,509) (5,393,599) (6,762,317) (2,068,757) 9,490,203 (237,362) (101,122) (264,073) (440,523) (217,217) (497,487) (667,729) 506,501 351,111 USD Global Investment Funds plcTotal (continued) (43,552,464) (25,980,577) 304,112,249 304,112,249 316,560,213 201,832,370 (27,162,633) 176,749,717 385,871,564 (24,809,956) 342,540,790 31/03/2018 (6,632,871) (5,815,093) (1,567,145) (6,397,608) (6,207,530) (1,170,621) 8,078,754 (794,922) (545,974) (109,052) (141,986) (451,449) (418,269) (550,818) 221,690 Lazard 5,645 USD – Financial year ended31March 2019 The accompanying notes are an integral part ofthefinancialThe accompanying notesare statements. part anintegral Financial Statements Lazard Global InvestmentFundsplc Margin Cash Statement ofFinancialPosition Bank Overdraft Financial fairvaluethroughprofitorloss liabilitiesat Redemptions Payable Financial fairvaluethroughprofitorloss assetsat Assets derivative instruments derivative Broker Cashduetocounterpartiesforfinancial Investments PurchasedPayable Cash at Bank Cash at Expenses Payable derivative instruments derivative forfinancial Broker Cashheldascollateral Total Liabilities Margin Cash participating shareholders Net Assetattributabletoredeemable Subscriptions Receivable Investments SoldReceivable Investment IncomeReceivable Other Assets Total Assets Liabilities Note 8 2 2 8 8 8 12,087,185 31/03/2019 11,919,130 12,378,172 (290,987) (166,549) (48,496) (75,942) 287,014 158,674 13,354 USD – – – – – – – – Markets BondFund Lazard Emerging (continued) 31/03/2018 31,113,057 31,636,006 31,792,527 (156,521) (62,952) (93,569) 202,624 476,308 USD 538 – – – – – – – – – 1,316,835,330 1,279,395,074 1,371,049,613 (54,214,283) (12,655,771) (32,148,344) 31/03/2019 (6,711,047) (1,280,000) (1,419,121) 11,145,194 23,447,269 32,148,345 21,031,043 3,880,124 Markets LocalDebtFund 2,564 USD Financial year ended31March 2019 – – – Lazard Emerging 725,149,849 759,625,985 768,283,754 31/03/2018 (8,657,769) (3,999,418) (3,032,755) 11,063,719 10,780,000 10,863,736 2,543,506 7,748,044 (620,000) (990,405) (15,191) 125,211 9,689 USD – – 195,573,182 (27,058,252) (10,436,870) (12,200,000) 178,963,735 222,631,434 31/03/2019 (2,441,313) 19,082,179 17,114,014 5,426,306 2,028,415 (730,630) (570,000) (679,439) Lazard EmergingMarkets 15,316 1,469 Total ReturnDebtFund USD – – 367,670,120 435,516,935 442,165,044 31/03/2018 (6,648,109) (3,236,901) (2,118,792) 66,635,674 3,040,000 4,674,147 (330,000) (863,504) (98,912) 138,745 6,358 USD – – – –

29 LAZARD GLOBAL INVESTMENT FUNDS PLC 30 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Financial Statements * Lazard Opportunities Fund Opportunities redeemed* Lazard on 7November wasfully 2016. ofthefinancialThe accompanying notesare statements. part anintegral Liabilities Total Assets Other Assets Investment IncomeReceivable Investments SoldReceivable Subscriptions Receivable Margin Cash derivative instruments derivative forfinancial Broker Cashheldascollateral Cash at Bank Cash at derivative instruments derivative Broker Cashduetocounterpartiesforfinancial participating shareholders Net Assetattributabletoredeemable Total Liabilities Expenses Payable Investments PurchasedPayable Redemptions Payable Financial fairvaluethroughprofitorloss assetsat Assets Statement ofFinancialPosition Margin Cash Bank Overdraft Financial fairvaluethroughprofitorloss liabilitiesat Note 8 8 8 2 8 2 372,899,959 346,643,304 365,122,892 31/03/2019 (7,777,067) (1,680,000) (3,445,596) 13,412,421 6,228,934 2,170,236 3,670,000 (856,650) (907,344) (887,477) 771,269 Markets DebtBlendFund 3,795 USD – – – Lazard Emerging (continued) 1,134,819,280 1,016,047,521 1,125,544,675 31/03/2018 (9,274,605) 16,941,627 (5,065,556) (1,668,367) (1,326,551) 88,807,043 2,897,160 9,510,000 (930,000) (284,131) 599,528 16,401 USD – – – 31/03/2019 (5,187,165) 49,791,794 (3,019,017) 39,798,325 44,604,629 4,619,000 4,143,285 (943,008) (125,884) (312,016) (787,240) 179,288 981,635 70,261 Diversified ReturnFund USD Financial year ended31March 2019 – – – – 31/03/2018 (1,610,903) 76,175,260 (1,322,735) 66,093,282 74,564,357 3,819,000 5,716,880 (141,212) (109,166) 377,292 (37,790) Lazard 81,588 41,795 35,529 9,894 USD

– – – 31/03/2019 GBP Opportunities Fund* – – – – – – – – – – – – – – – – – – 31/03/2018 (27,322) (19,646) Lazard (7,676) 27,322 27,322 GBP – – – – – – – – – – – – – Financial Statements Lazard Global InvestmentFundsplc Lazard Scandinavian High Quality Bond 2019, Fund on launched 7January HighQuality therefore Scandinavian **** Lazard there are nocomparatives thisFund. for RathmoreAlternative Fund*** Lazard on launched 1May 2018, therefore there are nocomparatives thisFund. for Fund GlobalHexagon**Lazard Equity redeemed on 18August wasfully 2017. ofthefinancialThe accompanying notesare statements. part anintegral Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Assets Statement ofFinancialPosition Bank Overdraft Cash at Bank Cash at derivative instruments derivative Broker Cashduetocounterpartiesforfinancial Margin Cash derivative instruments derivative forfinancial Broker Cashheldascollateral Margin Cash Redemptions Payable Investments PurchasedPayable Subscriptions Receivable Expenses Payable Investments SoldReceivable Investment IncomeReceivable Total Liabilities Other Assets participating shareholders Net Assetattributabletoredeemable Total Assets Liabilities Note 2 2 8 8 8 8 31/03/2019 Hexagon EquityFund** USD – – – – – – – – – – – – – – – – – – Lazard Global (continued) 31/03/2018 (32,201) (32,201) 32,201 32,201 USD – – – – – – – – – – – – – – 612,407,417 660,479,840 669,658,818 31/03/2019 (9,178,978) (5,383,750) 20,274,876 (2,200,366) 29,264,691 (1,313,760) 6,826,760 (281,102) 418,550 429,526 European AlternativeFund 36,998 EUR Financial year ended31March 2019 – – – – (15,746,799) 435,366,872 507,723,342 523,470,141 31/03/2018 (7,007,504) (6,000,000) 50,764,814 17,000,000 15,732,121 (1,337,604) 1,409,136 2,210,971 (750,312) (651,379) 923,465 Lazard 62,762 EUR – – (19,314,483) (11,188,925) 123,679,574 114,703,167 134,017,650 31/03/2019 Alternative (7,410,979) Rathmore 4,031,449 5,080,494 (122,552) (592,027) Fund*** 725,129 428,717 Lazard 34,548 37,739 USD – – – – High Quality Scandinavian 31/03/2019 (1,883,937) 42,560,466 (1,755,796) 45,765,408 47,649,345 4,708,219 Fund**** (83,858) 137,078 (44,283) 226,614 Lazard 16,968 Bond Bond EUR – – – – – – –

31 LAZARD GLOBAL INVESTMENT FUNDS PLC 32 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Director: On behalfoftheBoard ofDirectors ofthefinancialThe accompanying notesare statements. part anintegral Financial Statements Liabilities Total Assets Other Assets Investment IncomeReceivable Investments SoldReceivable Subscriptions Receivable Margin Cash instruments derivative forfinancial Broker Cashheldascollateral Bank Cash at Financial fairvaluethroughprofitorloss assetsat Assets Bank Overdraft Financial fairvaluethroughprofitorloss liabilitiesat Statement ofFinancialPosition participating shareholders Net Assetattributabletoredeemable Total Liabilities Expenses Payable Investments PurchasedPayable Redemptions Payable Margin Cash instruments derivative Broker Cashduetocounterpartiesforfinancial Note 8 8 2 8 8 2 4,095,876,620 3,745,550,468 3,928,691,749 (167,184,871) (83,462,249) (23,877,290) (43,988,941) 138,705,776 31/03/2019 (6,761,935) (1,517,907) (7,410,000) 48,151,029 66,396,966 12,439,598 33,738,902 50,692,575 (166,549) 201,305 USD Global Investment Director: Funds plcTotal 4,275,528,020 3,796,856,296 4,220,665,669 (54,862,351) (27,124,662) 331,406,864 31/03/2018 (6,943,451) (9,219,293) (1,430,172) (9,839,871) 52,844,691 15,334,181 19,508,896 54,931,457 4,427,397 (continued) (304,902) 218,238 Lazard USD – Financial year ended31March 2019 Date: 3July2019 The accompanying notes are an integral part ofthefinancialThe accompanying notesare statements. part anintegral Financial Statements Lazard Global InvestmentFundsplc financial year participating shareholdersatendof Net assetsattributabletoredeemable Foreign currency adjustment translation from operations shares holders ofredeemableparticipating to Net movementinnetassetattributable Anti-Dilution Levy shares redeemed Payments forredeemableparticipating shares issued Proceeds fromredeemableparticipating of financialyear participating shareholdersatbeginning Net assetsattributabletoredeemable Participating Shareholders Statement ofChangesinNetAssetsAttributabletoRedeemable Note 2 5 5 (22,728,573) 31/03/2019 (1,334,320) 12,087,185 31,636,006 4,440,163 73,909 USD – Markets BondFund Lazard Emerging (11,361,230) (continued) 31/03/2018 31,636,006 32,269,715 7,872,289 2,855,232 USD – – 1,316,835,330 (291,629,070) (71,327,001) 920,165,416 759,625,985 31/03/2019 Markets LocalDebtFund USD – – Financial year ended31March 2019 Lazard Emerging (27,401,399) 476,952,898 262,211,911 759,625,985 31/03/2018 47,862,575 USD – – (205,239,187) (67,220,745) 435,516,935 195,573,182 31/03/2019 32,406,399 109,780 Lazard EmergingMarkets USD Total ReturnDebtFund – (79,788,119) 432,458,978 435,516,935 31/03/2018 41,111,266 41,734,810 USD – –

33 LAZARD GLOBAL INVESTMENT FUNDS PLC 34 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Fund Opportunities redeemed* Lazard on 7November wasfully 2016. ofthefinancialThe accompanying notesare statements. part anintegral Financial Statements of financialyear participating shareholdersatbeginning Net assetsattributabletoredeemable shares redeemed Payments forredeemableparticipating shares issued Proceeds fromredeemableparticipating financial year participating shareholdersatendof Net assetsattributabletoredeemable Foreign currency adjustment translation from operations shares holders ofredeemableparticipating to Net movementinnetassetattributable Anti-Dilution Levy Participating Shareholders Statement ofChangesinNetAssetsAttributabletoRedeemable Note 5 5 2 1,125,544,675 (172,569,612) (873,513,013) 365,122,892 285,190,433 31/03/2019 470,409 Markets DebtBlendFund USD – Lazard Emerging 1,125,544,675 1,022,136,064 (959,506,755) 963,661,487 (continued) 31/03/2018 99,253,879 USD – – (35,178,164) 31/03/2019 (1,824,405) 44,604,629 74,564,357 7,034,605 8,236 USD Diversified ReturnFund – Financial year ended31March 2019 (16,626,112) 31/03/2018 48,284,299 74,564,357 39,874,203 3,031,967 Lazard USD – – 31/03/2019 GBP – – – – – – – Opportunities Fund* 31/03/2018 Lazard GBP – – – – – – – Financial Statements Lazard Global InvestmentFundsplc Lazard Scandinavian High Quality Bond 2019, Fund on launched 7January HighQuality therefore Scandinavian **** Lazard there are nocomparatives thisFund. for RathmoreAlternative Fund*** Lazard on launched 1May 2018, therefore there are nocomparatives thisFund. for Fund GlobalHexagon**Lazard Equity redeemed on 18August wasfully 2017. ofthefinancialThe accompanying notesare statements. part anintegral Participating Shareholders Statement ofChangesinNetAssetsAttributabletoRedeemable of financialyear participating shareholdersatbeginning Net assetsattributabletoredeemable shares redeemed Payments forredeemableparticipating shares issued Proceeds fromredeemableparticipating Anti-Dilution Levy Foreign currency adjustment translation from operations shares holders ofredeemableparticipating to Net movementinnetassetattributable financial year participating shareholdersatendof Net assetsattributabletoredeemable Note 5 5 2 31/03/2019 Hexagon EquityFund** USD – – – – – – – Lazard Global (28,112,989) 31/03/2018 26,728,524 (continued) 603,483 780,982 USD – – – (346,502,834) 507,723,342 497,012,353 660,479,840 31/03/2019 2,246,979 European AlternativeFund EUR – – Financial year ended31March 2019 (227,356,700) 436,037,209 298,592,206 507,723,342 31/03/2018 450,627 Lazard EUR – – (13,102,961) 127,095,835 114,703,167 31/03/2019 Alternative Rathmore Fund*** 710,293 Lazard USD – – – High Quality Scandinavian 31/03/2019 45,459,800 45,765,408 Fund 305,608 Lazard Bond Bond EUR **** – – – –

35 LAZARD GLOBAL INVESTMENT FUNDS PLC 36 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Financial Statements The accompanying notes are an integral part ofthefinancialThe accompanying notesare statements. part anintegral of financialyear participating shareholdersatbeginning Net assetsattributabletoredeemable Participating Shareholders Statement ofChangesinNetAssetsAttributabletoRedeemable shares issued Proceeds fromredeemableparticipating Anti-Dilution Levy shares redeemed Payments forredeemableparticipating Foreign currency adjustment translation from operations shares holders ofredeemableparticipating to Net movementinnetassetattributable financial year participating shareholdersatendof Net assetsattributabletoredeemable Note 5 2 5 (1,969,027,080) 2,110,291,847 4,220,665,669 3,928,691,749 (372,607,316) (61,293,705) 31/03/2019 662,334 USD Global Investment Funds plcTotal (1,629,272,541) 2,134,934,717 3,336,740,491 4,220,665,669 304,112,249 31/03/2018 74,150,753 Lazard (continued) USD – Financial year ended31March 2019 on the net asset value per Share attributable totheindividualFund.on attributable thenetassetvalueperShare inNote exchange are 7. All rates disclosed thefinancial have toUSD usinganaverage for Shareholders beentranslated rate year asanapproximation actual. for This hasnoeffect ofComprehensive ofChangesthe Statement inNet Income toRedeemableParticipating andintheStatement AssetsAttributable financial liabilitiesinthefinancial statementshave toUSDattheexchange at31March beentranslated rate 2019. The amountsin For ofcombining thefinancial thepurpose statementsofeachFund attheconsolidated toarrive figures, thefinancial assetsand hasbeenadoptedcurrency asthepresentation atFund currency andatCompany level level, USDisthepresentational currency. Company hasadopted the functional ofeachFund currency asthepresentation thesefinancial for currency statements. The functional Bond Fund isEUR. which European Lazard Alternative HighQuality Fund isGBPandfor which Scandinavian andLazard The economic environment (the itoperates inwhich primary “functional currency”). Fund Opportunities This isUSDexceptLazard for (a) Functional in the Company’s and presentation Items included currency: financial statements are measured of the using thecurrency Foreign ExchangeTranslation at fairvalue, andtheCompany shareholders. toredeemable provides astatementofchanges innetassetsattributable participating Flows” oftheCompany’s nottoprepare all flow statementon thebasisthatsubstantially acash investments liquidandcarried are highly The Company has availedoftheexemption availabletoopen-endedinvestment fundsunderFRS 102, 7 Section ofCash “Statement 2018 respectively. prepared on a non going concern basis of accounting as these Funds on 7 November 2016, closed 18 August 2017 and 13 September Council.Reporting FundThe financial Opportunities Fund statementsofLazard GlobalHexagon andLazard Equity have been in Ireland, inpreparing financial andfairview statements, thatgive atrue are thoseaccounting standards issuedby theFinancial in Ireland andtheprovisions oftheIrishCompanies Act, Regulations. 2014andtheUCITS Accounting accepted standards generally The financial statements have beenprepared on agoing concernbasisand inaccordance accepted withaccounting standards generally financial liabilities heldatfairvaluethrough profit orloss. The financial statements are prepared costconvention underthehistorical asmodified by therevaluation offinancial assetsand Basis ofpreparation theCompaniescomprising ActRegulations. 2014andtheUCITS Financial 102 intheUKandRepublicofIreland”Standard applicable Standard “The Reporting (“FRS 102”)" and Irish statute The financial thefinancial statements for year ended31March 2019have beenprepared inaccordanceReporting withFinancial Statement ofcompliance stated. Redeemable Participating unlessotherwise Shares are setoutbelow. references All tonetassetsthroughout thefinancial toholdersof statementsrefer tonetassetsattributable The significantaccounting policies andestimation adopted techniques by theCompany inthepreparation ofthefinancial statements 2. SignificantAccountingPolicies has notyet launched. redeemed on 18 Augustfully theFunds. for Supplements Fund Opportunities redeemed Lazard on 7November fully 2016, Fund GlobalHexagon Lazard Equity 2019,January were funded. The investment objectives ofeachFund withintheCompany are setoutintheProspectus andrelevant Alternative Fund, Bond Fund, HighQuality onScandinavian launched 1May which 2018andLazard on launched 7 which EmergingMarkets Debt Blend Fund,Lazard Diversified Lazard Fund, Return European Lazard Alternative Fund, Rathmore Lazard Emerging Markets Bond Fund, DebtFund, EmergingMarkets Local Lazard EmergingMarkets Lazard Total DebtFund, Return FundsThe Company hasfifteen currently inexistence, are ofwhich eleven registered inSwitzerland. representing withonethe Company ofShares ormore Fund mayclasses aseparate bedividedintodifferent classes oftheCompany. (as amended), Regulations"). BankUCITS (the"Central of The Company asanumbrellacapital isstructured fundinthattheShare Regulations") Bank’s andtheCentral "UCITS andEnforcement) Act Regulations 2013(section2015 48(1))UCITS (Supervision European Collective Investment Communities for in (Undertakings Transferable Regulations, Securities) 2011(asamended)(the BankofIrelandthe Central (the Bank”) Collective Investment“Central for in asanUndertaking Transferable underthe Securities the “Fund” the andcollectively “Funds”) organisedunderthelawsofIreland. The Company qualifiesinIreland andisauthorised by referred toas asanumbrella between itssub-funds(individually structured fundandwithsegregated capital liability with variable GlobalInvestmentLazard Funds 2009asanopen-endedin Lazard Global InvestmentFundsplc 2017. Debt Fund Emerging Markets Corporate Lazard hasbeen approved by Bank, the Central but it Financial year ended31March 2019 Asat31March 2019, Lazard

37 LAZARD GLOBAL INVESTMENT FUNDS PLC 38 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc ofComprehensivepresented intheStatement Income inthefinancial year arise. they inwhich changes in the fair value of the financial assets or financial are liabilities at fair value through profit from arising or loss category recognition, financial all assetsandfinancial liabilitiesatfairvaluethrough profit orlossare measured atfairvalue. Gainsandlosses Financial assets and financial liabilitiesatfair value through profit recognised orlossare atfairvalue. initially toinitial Subsequent (iii) Measurement andrewards risks of ownership.expired all ortheCompany hastransferred substantially profit orlossare expensedimmediately. 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–theonCompany which commits topurchase or (ii) RecognitionandDerecognition liabilities on afairvaluebasistogether withotherrelated financial information. The Company’s theInvestment isfor Managers aboutthesefinancial andtheDirectorsinformation policy assets and toevaluate on afairvaluebasisinaccordance evaluated withtheCompany’smanaged andtheirperformance documentedinvestment strategy. loss atinception. Financial assetsandfinancial liabilitiesdesignatedatfairvaluethrough profit orlossatinception are thosethatare financial assets and financial tradingordesignatedby liabilitiesare asheldfor theDirectors classified atfairvaluethrough profit or asfinancialThe Company itsfinancial assetsorfinancial classifies instruments liabilitiesatfairvaluethrough profit orloss. These (i) Classification Financial instruments 7 November 2016and18August 2017respectively Fund GlobalHexagonand Lazard Equity have beenprepared on anon going concernbasisofaccounting astheseFunds on closed the financial statements continue tobeprepared on agoing concernbasis. FundThe financial Opportunities statementsofLazard significantdoubtupon thatmay theCompany’s cast uncertainties tocontinueany asagoing material concern. ability Therefore, the Company hasthe resources tocontinue theforeseeable inbusinessfor future. Furthermore, themanagement isnotaware of The Company’s management hasmade anassessmentoftheCompany’s tocontinue asagoing concernandissatisfied ability that Going concern thoseestimates.Actual results from coulddiffer assets andliabilitiesatthedateoffinancial thefinancial amountsofincome statementsandthereported andexpensesduring year. ofcontingentmanagement amountsofassetsandliabilitiesdisclosure tomakeestimatesandassumptions thereported thataffect The preparation ofthefinancial statements, inaccordance accepted withaccounting inIreland, standards generally requires Accounting estimatesandjudgements foreign exchange innetrealised currency contracts are gainsandlosseson investments/currency. included the transaction andsettlementdatesondenominated purchasesinthenon-base orsalesofsecurities currencies andon settledforward innetmovement inunrealised gainsandlosseson investments/currency.or lossisincluded between Realisedgainsandlossesarising contracts are which outstandingatthefinancial year rates. endare valuedatfinancial year endforward The resulting unrealised gain innetmovement inunrealised gainsandlosseson investments/currency.and otherassetsliabilitiesisincluded Forward currency at the dates of the transactions. at the exchange ruling currency rates The resulting on translation of securities gain or loss arising atthefinancial year attheexchange ruling currency rate end. Transactions inforeign currencies are intothefunctional translated (b) Assets and liabilities other than those denominated in the functional of each Fund currency are into the functional translated financial year. This isanotionalhasnoimpact amountwhich on theresults oftheindividualFunds. of Changes inNet toRedeemableParticipating AssetsAttributable Shareholders” reflects the themovement inexchangefor rates The foreign translation adjustment currency ofUSD(61,293,705)(31March 2018: inthe USD74,150,753)included “Statement Foreign ExchangeTranslation (continued) 2. SignificantAccountingPolicies(continued) Notes totheFinancialStatements . Financial year ended31March 2019

(continued)

are made upon entering into CFDs and are generally made in cash or cash equivalents. orcash are made incash made intoCFDsandare upon entering generally interest on thecontract value. security.The contracts are valuedbasedon themarket valueoftheunderlying Initialmargindeposits interest to the third party. the CFDs are sold short, When and receive the Funds equity pay the dividends relating to theunderlying Comprehensive Income. theFunds andpays equity holdlongreceiveWhen CFDsthey thedividendsrelating totheunderlying ofFinancialat fairvalueon theStatement Position. Realisedandunrealised gainsandlossesare of recognised intheStatement changes infair valueofthenotional equities, unrealised gainsandlossesfrom including andare recorded assets/liabilities asderivative oftheagreement, undertheterms thecounterparty atthenetamountdueto/from Open Contracts Difference for (“CFDs”)are carried Contracts forDifference ofComprehensiveRealised gainsandlossesare otherforeign gains andlossesintheStatement withall currency Income. reported ofFinancial contracts intheStatement isreported depreciation Position on forward ofComprehensive andtheStatement Income. outthecontract asatthefinancial year toclose rate end.between thecontracted andtheforward rate Unrealised appreciation or The unrealised appreciation foreign exchange by contracts ordepreciation iscalculated reference on tothedifference openforward Forward foreign currency exchangecontracts as financial assets orliabilitiesatfairvaluethrough profit orloss. contracts are shown inthePortfolio ofInvestments ofeachrelevant Fund andasappropriate, ofFinancial on theStatement Position contracts are terminated, timerealised atwhich gainsandlossesare recognised. For eachrelevantFund, gainsorlosseson openfutures Position date. Changes inthevalueofopenfutures contracts are recognised asunrealised gainsor losseson futures contracts untilthe of futures contracts of Financialon is based upon the relevant exchange their settlement currentprices as of the Statement quoted daily Initial margindepositsare equivalents. madeintofutures orcash upon made entering contracts incash andare generally The fairvalue Futures Contracts subjecttotheconditionsinvestment andwithinthelimitslaiddown purposes by theProspectus Bankandtheseare andtheCentral asfollows: Each oftheFunds may management employ and/or efficient for investment portfolio andfinancial techniques instruments derivative (loss) on ofComprehensive investments andforeign intheStatement currency Income. therelevantAdministrator.or unitsobtainedfrom Net Asset The change inthedaily Value isrecognised oftheseShares asnetgain/ Investments inopen-endedinvestment fundsare valuedatfairvaluethelatestavailableunauditedNet Asset Value theShares for (31 March 2018: USD1,457,000). refer toNote 9. Please were thefinancial 3during year valuedatlevel ended31March 2019. wereThese securities fairvaluedatNil asat31 March 2019 EmergingMarketsmanner asat31March heldon 2019withtheexception Lazard securities offour Total DebtFund Return which the Depositary, relevantbrokers, including third parties based on quotations received from were however nosecurities valuedinthis are traded securities valuedingood faithbythinly thecompetent person whohasbeenappointedby theDirectors andapproved by flow analysis, usedby modelsandothervaluationcommonly option techniques pricing market participants. and Unlistedsecurities Financial Position date. Valuation theuseofcomparablerecent arm’s usedinclude techniques lengthtransactions, discountedcash ofmethodsandmakesassumptions thatareCompany basedon market of usesavariety conditions existing ateachStatement The that fair arevalue of financial not traded in instruments an active market by is determined using valuation techniques. The with care andingood faithby thecompetent person whohasbeenappointedby theDirectors andapproved by theDepositary. not, intheopinion oftheDirectors, reflect theirfairvalueorare notavailable, betheprobable thevalueshall realisable valueestimated securities. market such market constitutes for which theprincipal does specificormid-market Iffor price assetsthelasttradedprice andwhere theinvestment isafixed security investment income isanequity security, exchange onor atthemid-market thestock price listed on a recognised exchange or traded on stock anySecurities other organised market are where valued at the last traded price the fixed income security. where andmid-market price theinvestment isa financial where security liabilitiesisthelasttraded price theinvestment isanequity requirementsdisclosure 11and12ofFRS of Sections 102. Accordingly, thefairvaluationbothfinancial inpututilisedfor assetsand Accounting 39 Standards “Financial Instruments: Recognition andMeasurement” asadoptedu Lazard Global InvestmentFundsplc Financial year ended31March 2019 (continued)

39 LAZARD GLOBAL INVESTMENT FUNDS PLC 40 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc futures contracts andcontracts difference. for relevant businessday. Cashisalsodepositedby oron behalfoftheFunds withbrokers options, initialmargin purposes for for open are valuedatfaceCash atbankandoverdrafts value, withinterest whereat the relevantvaluation pointon accrued applicable the Cash atBank,BankOverdrafts andMarginCash (provided itisinlinewiththecounterparty). isoutlinedinthePSA. sourceThe pricing hierarchy instrument eachderivative for Source). (theSecondary thecounterparty The Bloomberg andvalidatedagainstquotations valuationSource) received isapplied from profit orlossandforeign currencies. Total return swaps are marked-to basedupon aBloomberg market valuation daily (thePrimary ofComprehensive ofnetgain/(loss)onin theStatement financial Income aspart assetsandfinancial liabilitiesatfairvaluethrough ofFinancial asappropriate on theStatement asanassetorliability is reported Position andmovements inthefairvalueare recorded indices, usedwithequity most commonly singlestocks, ofloansandmortgages. bonds anddefined portfolios The fairvalueoftheswap asset. based on makes payments the return of an underlying party asset but is The total return swap may be applied to any underlying basedon makespayments asetrate,A totalreturn swap isanagreement one inwhich party eitherfixed orvariable, whiletheother Total returnswaps received ormade are recorded asrealised gainsorlosses. tobeapplied. theprice are outlinedinthePSAtodetermine The differences againstthetolerances intheprices reviewed Payments Source), andtheInvestment (thePrimary Source) Manager (the "PSA"): thevendor thecounterparty (theSecondary Tertiary Source). ofbusinessdaily.close The valuation isbasedoffacomparisonofthree sources agreedinthePrice Agreement withLazard Source (the interest swapsare rate discounted to theirpresent valueusingtheappropriate interest rate. Interest swapcontracts rate are valued at The using fair standardvalue of interest swaps is calculated net present rate value methodologies whereby future flows all of the cash Interest rateswaps payment,net ofaproportional amountoftheupfront asrealised gainsorlosses. tobeapplied. theprice determine Payments received ormade asaresult ofacredit orterminationofthecontract event are recognised, the Investment Manager (the Tertiary Source). are outlinedinthePSAto The differences againstthetolerances intheprices reviewed Source), in the Price and (the AgreementPrimary Lazard Source) Source (the "PSA"): the vendorthe counterparty (the Secondary Credit of business default daily.swap contracts are valued at close The valuation is based off a comparison of three sources agreed with among otherfactors. of defaulttothepayer. rate, byThis costisdetermined therecovery notional amountofthecontract, anddefault probability interest andwhereby rate future all ofthedefaultsideswapare cashflows discountedtotheirpresent valuebasedon thecost methodologies whereby future all ofthefixed cashflows sideoftheswapare discountedtotheirpresent valueusingtheappropriate subject to credit are risk muchpotentially smaller. The fair values of credit default swaps are using standard calculated netpresent value point intime. Notional amountsare principal usedtoexpress theextentofinvolvement inthesetransactions, buttheamounts ofFinancialStatement Position. Valuation ofthecredit defaultswapisanestimateofacredit happeningataparticular default event Credit defaultswapsinvolve, degrees, inexcess oftheamountrecognised tovarying risk inthe elementsofcredit andcounterparty Credit defaultswaps tobeapplied. theprice outlinedinthePSAtodetermine the tolerances Exchange tradedoptions are valuedatsettlementprice. andtheInvestment Source) Manager (the the vendor (theSecondary Tertiary Source). are The differences against intheprices reviewed Source),comparison ofthree sources inthePrice agreed (thePrimary Agreement Source withLazard (the"PSA"): thecounterparty treated asrealised gains. The over-the-counter ("OTC") ofbusinessdaily. options are valuedatclose The valuation isbasedoffa orforeign currenciesinitial fairvalueofsecurities purchased. optionsexpire which unexercised Premiums written are received from therealisedor foreignindetermining currency gainorloss. putoptions indetermining The premiumexercised on written isincluded treated asrealised losses. security thesaleofunderlying options exercised call The premiumisadded totheproceeds on written from or foreign purchased. currency fair value of the securities the purchase of options expire which Premiums unexercised are paid from therealised indetermining currency gainorloss. The premium initial options indetermining onexercised purchased call isincluded orforeign security theproceedsThe premium ofthesaleunderlying on purchased putopti Financial year ended31March 2019

(continued) during thefinancialduring year ended31March 2019and31March 2018. be reflected intheNet Asset Value oftherelevantaccumulating class. Share seeNote detailsofanypaid 14 for distributions Please beaccumulated, will an accumulating class Share reinvested intherelevantFund andwill on ofthatclass behalfoftheShareholders isanaccumulating which ofShare notbepaidinrespect class.Dividends will ofany class Income andprofits, ifany, to attributable thefinancial ofComprehensive withanexdateduring year asafinanceDistributions arecostintheStatement Income. included Distributions, ifdeclared, bepaidoutofaFund’s only will netinvestment income return. Distributions simultaneously.the liability therecognised amountsandthere tooffset enforceable isanintention right tosettleon anetbasisorrealiselegally theassetandsettle Financial of Financial assets and financial in the and Statement the liabilities net amount arereported offset Position where there isa Offsetting financialinstruments Expenses are basis. accounted on for anaccruals Expenses withholding taxes, ofComprehensive intheStatement Income. separately are which disclosed Dividend income isrecognised through profit and losson anex-dividendbasis. Dividend income isshown gross of any non-recoverable Dividend income the financial instrument, where period appropriate, orashorter amountofthefinancial assetorfinancial liability. tothenetcarrying orreceipts discountsestimatedfuture payments throughoutThe effective interest thatexactly cash of istherate theexpectedlife rate irrecoverable withholding tax, ofComprehensive intheStatement Income, separately isdisclosed which andnetofany taxcredits. the interest incomeand of allocating or interest expense over the relevant financial year. Bond interest income gross is reported of interest method. costofafinancial assetorfinancialThe effective interest theamortised liability methodisaofcalculating Interest income andexpenseare ofComprehensive usingtheeffective recognised intheStatement debtinstruments Incomeall for Interest incomeandexpense Comprehensive Income inthefinancial year arise. they inwhich of the fairvalueoffinancial intheStatement assetsandfinancial are liabilitiesatfairvaluethrough included profit or losscategory basis.Realised gainsandlossesarebasedon aFIFO calculated changesin Realisedandunrealisedfrom gainsandlossesarising Realised andunrealised gainsandlossesoninvestments cost. measuredThese amountsare atamortised atfairvalueandsubsequently recognised initially incomeofinvestmentsAccrued andexpensescomprise income receivable, otherassets, payable distribution andexpensespayable. Accrued incomeandexpenses cost. at amortised not yet ofFinancial settledon theStatement Position. measuredThese amountsare atfairvalueandsubsequently recognised initially andredemptionsReceivables andpayablessubscriptions for represent orredeemed subscribed thathave Shares beencontractedbut for Receivables andpayablesinvestments for soldandpurchased awaitingsettlementrepresent soldandpurchased. receivables securities for Receivables andpayables transactions”. financialfor instrument derivative Cash pledged by aFund isrecognisedofFinancial ascollateral on theStatement Position within duetocounterparties “Broker cash transactions”. financial within for instrument derivative to repay is disclosed liability due to the counterparties collateral “Broker cash ofFinancialStatement Position within transactions” financial for instrument derivative heldascollateral “Broker cash andarelated received cash by aFund transactions isrecorded financialCounterparty for instrument derivative as collateral as anasseton the Broker Cash 2. SignificantAccountingPolicies(continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Financial year ended31March 2019 (continued)

41 LAZARD GLOBAL INVESTMENT FUNDS PLC 42 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc by theFunds itsreasonable for expenses. out-of-pocket inarrears. andbepayable monthly daily asdetailedbelow accrue fees shall Such The Manageralsobeentitledto reimbursed shall The Manager isentitledtoachargeperannumoftheNet Asset Value classes. Share respectively toeachofthefollowing attributable andcontrol oftheDirectors. supervision subject totheoverall The Manager themanagement hasresponsibilityfor andadministration oftheCompany’s oftheShares, affairsandthedistribution Management Fees 3. Fees incurred by eachFund thefinancial during year inNote are3. disclosed inNote 3. asdisclosed fees indepositary costs are included identifiableThese costsare transaction costsandthetotal costs separately identifiable brokeragecosts include charges, commissions, transaction related taxes and other market charges. transaction Depositary andthesub-custodian. transaction costspaidtothedepositary transaction costsinclude andsalestransaction Purchases Depositary at fairvaluethrough profit ofComprehensive orlossintheStatement IncomeeachFund. for and salesofequities, futures contracts, options contracts andinvestment innetgains/(losses)on financial fundsare instruments included oftheinvestment identifiable. inthepurchase andsaleprice andareswaps are notseparately included Transaction costson purchases costs on thepurchase andsaleoffixed income securities, moneymarket instruments, foreign exchangecontracts currency and forward loss plustransaction totheacquisition coststhatare attributable orissueofthefinancial directly assetorfinancial liability. Transaction instrument. afinancial isrecognised assetorfinancial initially, liability When measure shall itatitsfairvaluethrough anentity profit or liability. An incremental costisone thatwould nothave had beenincurrednotacquired, iftheentity issuedordisposedofthefinancial Transaction costs are incremental tothe acquisition, costs thatare attributable directly issue or disposal of a financial assetor financial Transaction costs ofChanges inNettransactions toRedeemableParticipating intheStatement AssetsAttributable Shareholders. the Funds asaresult ofshareholder transactions. Share inthemovement innetassetsresulting Anti-dilution are from levies included the cost related within to the associated purchase or sale of is securities paid to the FundsThe anti-dilution levy and is used to defray Anti-Dilution Levy netincome.undistributed arrangements have on noeffect theNet Asset Value ofanyclass. Share ofequalisationThe calculation isbasedon totalaccumulated the byperiod. is not affected in respect in issueduring changesin the number of period Shares distributed of the distribution The Incometo each Fund. equalisation arrangements apply The arrangements are intended to ensure is that the income which per Share Equalisation 2. SignificantAccountingPolicies(continued) Notes totheFinancialStatements A Acc CHFHedged A Acc EUR A Acc A Acc EURHedged A Acc GBPHedged A Acc USD A Acc A DistEUR A DistEURHedged A DistGBP A DistGBPHedged A DistUSD AP Acc EUR AP Acc AP Acc EURHedged AP Acc GBPHedged AP Acc USD AP Acc Emerging Markets Lazard Bond Fund 0.65 0.65 % ------Emerging Markets Lazard Local Fund Debt 0.75 0.75 0.75 0.75 0.75 0.75 0.75 % ------Emerging Markets Lazard Return Fund Total Debt 0.75 0.75 0.75 % ------Emerging Markets Lazard Blend Fund Debt 0.80 0.80 0.80 0.80 0.80 0.80 0.80 % ------Diversified Lazard Return Fund 1.00 1.00 % ------Opportunities Lazard Fund Fund %* Financial year ended31March 2019 ------Hexagon Lazard Global Equity Fund 1.50 %** ------

(continued) Alternative European Lazard Fund 1.25 1.25 % ------Alternative Rathmore Lazard Fund %*** 1.25 1.25 1.25 1.25 ------Scandinavian High Quality Lazard %**** Bond Fund 0.40 ------Management Fees(continued) 3. Fees(continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc AP Acc USDHedged K DistEUR AP DistEUR L Acc EURHedged B Acc EUR B Acc L Acc USD L Acc B Acc EURHedged M Acc EUR M Acc B Acc GBPHedged M Acc USD M Acc B Acc USD B Acc M Acc USDHedged B DistEUR M Dist AUD Hedged BP Acc EUR BP Acc P Acc USD P Acc BP Acc EURHedged P DistUSD BP Acc USD BP Acc X Acc EURHedged C Acc CHFHedged X Acc USD X Acc C Acc EUR C Acc X DistGBPHedged C Acc EURHedged C Acc GBP C Acc C Acc GBPHedged C Acc USD C Acc C Acc USDHedged C DistEUR C DistGBPHedged C DistUSDHedged D Acc USD D Acc D DistEURHedged EA Acc CHFHedged EA Acc EUR EA Acc EA Acc EURHedged EA Acc GBPHedged EA Acc USD EA Acc EA Acc USDHedged EA DistEUR EA DistEURHedged EA DistGBP EA DistGBPHedged EA DistUSD F DistGBP I Acc CHF I Acc K Acc EUR K Acc K Acc GBP K Acc Emerging Markets Lazard Bond Fund % ------up to1.00 up to1.00 up to1.00 Emerging Markets Lazard Local Fund Debt 1.25 1.25 % ------Emerging Markets Lazard Return Fund Total Debt 1.25 1.25 1.25 1.50 0.70 1.75 1.75 % ------up to0.75 Emerging up to0.75 Markets Lazard Blend Fund Debt 1.50 1.50 % ------Diversified Lazard Return Fund 2.00 2.00 0.75 0.20 0.20 % ------Opportunities Lazard Fund Fund %* Financial year ended31March 2019 ------Hexagon Lazard Global Equity Fund 0.50 0.50 1.00 1.00 %** ------(continued) Alternative European Lazard Fund 1.25 1.25 1.75 1.75 1.75 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.75 0.75 % ------Alternative Rathmore Lazard Fund %*** 0.75 0.75 0.75 0.75 0.75 0.75 0.75 ------Scandinavian High Quality Lazard %**** Bond Fund 0.25 ------

43 LAZARD GLOBAL INVESTMENT FUNDS PLC 44 LAZARD GLOBAL INVESTMENT FUNDS PLC 27,162,633) were USD4,197,594(31March chargedofwhich 2018: USD2,648,591)remained payable atthefinancial year end. outofitsfee.Distributor For thefinancial year ended31March 2019, managementofUSD27,691,099(31March fees 2018: USD Managers. The Managerberesponsible andexpensesofthe will thefees discharging for Investment Managers, thePromoter andthe oftheinvestment managementThe Manager function hasdelegatedtheperformance inrespect oftheFunds tothe Investment timetotime. the Manager may from determine Affiliate.Lazard intheMClassesare tootherFunds Shares availableonly managed oradvised by anaffiliate otherpersons ortosuch as their investment intheFund basedon theInvestment Management Agreement andtheInvestment between themselves Managers ora on theirbehalf. services outinvestment withregard besubjecttoafee management will oradvisory to intheclass Shareholders to carry where oranAffiliate Lazard areInvestors class appointedastheInvestment toholdunitsintheXShare are permitted Managers only classes. Noteonandterminationdatesoftheabove Share information thelaunch 15for See Bond 2019. Fund on launched 7January HighQuality Scandinavian **** Lazard RathmoreAlternative Fund*** Lazard on launched 1May 2018. Fund GlobalHexagon** Lazard Equity redeemed on 18August wasfully 2017. Fund Opportunities redeemed* Lazard on 7November wasfully 2016. conditions below are met: A Performance Fee thatbothofthe andbecome intheevent dueandpayable accrue only shall inrespect class ofeachrelevantShare Period (the “Performance Fee”). No Performance Fee becharged totheassetsofDClasses, shall theXClassesorMClasses. Fund, theDClasses, excluding theXClassesandMClasses, equalto20%oftheNet Gain, ifany, therelevantPerformance during The Manager fee, isentitledtoreceive aperformance andpayable monthly, daily accrued in the inrespect classes ofeachtheShare Lazard EmergingMarketsTotal Debt Fund Return this Fund redeemed on 18August wasfully 2017. eachFund. for Below ofhowiscalculated isadescription thisfee Fund,respect Opportunities ofLazard thisFund redeemed on Fund, 7November GlobalHexagon wasfully 2016andLazard Equity European Alternative Fund RathmoreAlternative Fund. andLazard inThe Manager fee wasentitledtoreceive aperformance inrespect EmergingMarketsThe Manager fee isentitledtoreceive ofLazard aperformance Total DebtFund, Return Lazard Performance Fees Lazard Global InvestmentFundsplc Class Accumulating Institutional EUR Hedged Management Fees(continued) 3. Fees(continued) Notes totheFinancialStatements Class EA Accumulating Institutional EUR Hedged Class EA Accumulating Institutional GBP Hedged Accumulating Class Accumulating GBP Institutional Accumulating Class Accumulating Institutional JPY Hedged Class EA Accumulating Institutional USD Hedged • theEndingNAV Performance theapplicable for perShare Period exceeds theHigh Water Mark. • theEndingNAV any for Performance perShare Period the year NAV during hasexceeded theHurdle perShare; and Emerging Markets Lazard Bond Fund % ------Emerging Markets Lazard Local Fund Debt % ------Emerging Markets Lazard Return Fund Total Debt % ------Emerging Markets Lazard Blend Fund Debt % ------Diversified Lazard Return Fund % ------Opportunities Lazard Fund Fund 1.50 0.50 0.50 1.50 1.50 0.50 %* Financial year ended31March 2019 Hexagon Lazard Global Equity Fund %** ------

(continued) Alternative European Lazard Fund % ------Alternative Rathmore Lazard Fund %*** ------Scandinavian High Quality Lazard %**** Bond Fund ------number of Shares of the relevant class in issue for therelevant Performance inissuefor oftherelevant class Period.number ofShares NAVhigher of(1)theHurdle and(2) the High perShare Water Mark. “Net Gain” istheNet multiplied GainperShare by theclosing respect class, toeach relevantShare With the “Net GainperShare” isthedifference between theEndingNAV andthe perShare Net Gain is denominated andtheFund BaseCurrency. "Prevailing therelevantUnhedged Class inwhich Share meanstheexchangeprevailing asbetween thecurrency Exchangerate Rate" The High Water Mark beadjusted any will for appropriate dividendpaid. usingthePrevailingBase Currency on Exchange therelevant date. Rate respect toeachUnhedged Class, Share With theHigh Water Mark isthegreater of(i)or(ii)above each asexpressed intheFund Price class. oftherelevant Share perShare on thelast Valuation Point any for previousPerformance Period aPerformance which for Fee waspayable; or(ii)theInitialOffer Net Asset Value deductionPerformance ofany applicable (after Fee class oftherelevantShare perShare dividend) andany applicable theUnhedged Classes, Share from apart ofShares theHigh respect toeachclass WaterWith Mark isthegreater of: (i)thehighest High Water Mark converted intotheFund usingthePrevailing BaseCurrency ineachinstanceon Exchange therelevantdate. Rate the Net Asset Value may be)are, asthecase oftherelevant class perShare NAV theHurdle ofcalculating thepurpose for perShare, preceding exceptvalues(i.e. paragraph thatall the samemannerassetoutinimmediately Price theInitialOffer or for perShare ineachinstanceonExchange therelevantdate. Rate For Unhedged Classes, all Share NAV theHurdle in iscalculated perShare may be)are,case NAV theHurdle ofcalculating thepurpose for perShare, converted intotheFund usingthePrevailing BaseCurrency exceptvalues(i.e.paragraph thatall Price theInitialOffer ortheNet for perShare Asset Value asthe oftherelevantclass perShare For UnhedgedClasses, all Share NAV theHurdle preceding inthesamemannerassetoutimmediately iscalculated perShare per Share. Ineachcase, NAV theHurdle year. therelevantcalendar beadjustedany will for dividendspaidduring perShare Valuation Point year (i.e. calendar by Rate oftheprior theHurdle 5%asdefined above) andadding theresult Net tosuch Asset Value by theNet Asset multiplying withrespect class Value becalculated tothatShare will Share on thelast oftherelevant class perShare of therelevant class. For first issued, eachsubsequentyear theyear class following therelevantShare inwhich NAV theHurdle per year)Period untiltheendofrelevantcalendar andadding theresult Price to theInitialOffer class perShare therelevantShare for theremainderfor oftheyear (i.e., 5%dividedby 365andmultiplied oftheInitialOffer by theclosure following thenumberofdays Rate by ofHurdle a pro Price portion by theInitialOffer ofthatclass rata perShare becalculated multiplying Classes)will Share For isfirst issued, year class aShare thecalendar inwhich NAV theHurdle theUnhedged from (apart oftherelevantclass perShare NAVThe Hurdle of5%(the rate Rate”). usinganannualisedhurdle withrespect“Hurdle class iscalculated toeach Share perShare Hurdle NAV perShare the relevant date. intheprecedingdescribed paragraph, butexpressed intheFund usingthePrevailing ascalculated BaseCurrency on Exchange Rate respect toeach Unhedged class, Share With theEndingNAV istheNet perShare Asset Value as oftherelevantclass perShare last Valuation Point thecurrent for Performance Period. oftherelevantclass,Share Performance ofany applicable totheaccrual prior Fee anddeductiondividend, ofany applicable asatthe theUnhedgedclasses, Share from theEndingNAV apart ofShares respect toeachclass With istheNet perShare Asset Value per Ending NAV perShare Performance Period, class’ thefirst ofthatShare BusinessDay closure following Period. InitialOffer last BusinessDay ofthepreviousmonth or(ii)thelastBusinessDay thataPerformance Fee waspayable or, class’ aShare for initial A Performance Period of (i) the end of the end on month begin on will the last Business Day and will the earlier of each calendar Performance Period Lazard EmergingMarketsTotal DebtFund(continued) Return Performance Fees(continued) 3. Fees(continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Financial year ended31March 2019 (continued)

45 LAZARD GLOBAL INVESTMENT FUNDS PLC 46 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc the relevant date. inthe precedingdescribed paragraph, butexpressed intheFund usingthePrevailing ascalculated BaseCurrency on Exchange Rate respect toeach Unhedged Class, Share With theEnding NAV isthe Net perShare Asset Value as oftherelevantclass perShare areShares redeemed iscalculated). last Valuation Point therelevant Performance for on Period thedateby therelevant referenceatwhich theprice towhich (orotherwise oftherelevantclass,Share Performance of any applicable totheaccrual prior Fee anddeduction dividend, ofany applicable asatthe theUnhedged Classes, Share from apart ofShares theEnding NAV respect toeachclass With isthe Net perShare Asset Value per Ending NAV perShare on thedateby reference year thelastNet towhich calendar Asset (orotherwise following Value iscalculated). class therelevantShare for Period Performance on the end oftheprior commence shall immediately Period andendon thelast Valuation Point ofthenext PeriodInitial Offer andendon thelast Valuation thatclass for Point ofthethencurrentyear. calendar EachsubsequentPerformance The first "Performance Period" commence shall asofthefirst BusinessDaytheclosure following class eachrelevantShare for Performance Period Lazard European Fund andLazard Alternative Rathmore Fund Alternative thatbothoftheconditions intheevent below only are met: relevant class the assetsofMClassandXClass. APerformance Fee andbecome dueandpayable accrue inrespect shall ofany ofShares EA Classesequalto15%oftheNet Gain, ifany, therelevantPerformance during Period. No Performance Fee bechargedto shall a Performance Fee, on redemption oftherelevantShares), (orotherwise andpayable annually daily accrued inrespect ofeach ofthe the XClass), equalto20%oftheNet Gain, ifany, therelevantPerformance during Period. The Manager isalsoentitledtoreceive redemption oftherelevantShares), intheFund inrespect theEAClasses, classes ofeachtheShare (excluding theMClassesand (the The Manager fee isentitledtoreceive aperformance “Performance Fee”), on (orotherwise andpayable annually daily accrued Lazard Rathmore Fund Alternative thatbothoftheconditions intheevent below only are met: relevant class the assetsofMClassandXClass. APerformance Fee andbecome dueandpayable accrue inrespect shall ofany ofShares EA Classesequalto10%oftheNet Gain, ifany, therelevantPerformance during Period. No Performance Fee bechargedto shall a Performance Fee, on redemption oftherelevantShares), (orotherwise andpayable annually daily accrued inrespect ofeach ofthe the XClass), equalto20%oftheNet Gain, ifany, therelevantPerformance during Period. The Manager is alsoentitledtoreceive redemption oftherelevantShares), intheFund inrespect theEAClasses, classes ofeachtheShare (excluding theMClassand (the The Manager fee isentitledtoreceive aperformance “Performance Fee”), on (orotherwise andpayable annually daily accrued Lazard European Fund Alternative 2018: USD161,107)were chargedandUSDNil (31March 2018: USDNil) were payable atthefinancial year end. and the timetotime. Investment Managers from For thefinancial year ended31March 2019, ofUSDNil fees (31March performance Fee bedividedbetween theManager will andthe Investment beagreed Managers proportions asshall insuch between theManager Period. The Performance Fee by independently theAdministrator andverified becalculated by shall theDepositary. The Performance payable atthepointofredemption. The Performance Fee andpayable asoftheendrelevantPerformance daily beaccrued will figure by 20%. Any Performance Fee inrespect redeemedaPerformance accrued ofShares during Period andbecome berealized shall Performance Period, theresultant inissueandmultiplying oftherelevantclass numberofShares thisby andmultiplying theclosing For class, eachShare thePerformance Fee theapplicable for by becalculated takingtheNet will oftherelevantclass GainperShare General Lazard EmergingMarketsTotal DebtFund(continued) Return Performance Fees(continued) 3. Fees(continued) Notes totheFinancialStatements • • theEndingNAV any for Performance perShare Period NAV hasexceeded theHurdle perShare; and • • theEndingNAV any for Performance perShare Period NAV hasexceeded theHurdle perShare; and the High Water Mark. the EndingNAV Performance theapplicable for perShare Period are (orasatthedaterelevant Shares redeemed) exceeds the High Water Mark. the EndingNAV Performance theapplicable for perShare Period are (orasatthedaterelevant Shares redeemed) exceeds Financial year ended31March 2019

(continued) financial year end. thefinancialfor year ended31March 2019, ofUSD174,460were fees chargedandUSD166,385 were performance payable atthe and EUR1,736(31March 2018: EUR350,475)were payable atthefinancial year end. For Rathmore Alternative Fund, Lazard thefinancialfor year ended31March 2019, ofEUR1,300,623 (31March fees 2018: performance EUR1,201,215)were charged Fee by independently theAdministrator andverified becalculated by shall theDepositary. For European Lazard Alternative Fund, redeemed aPerformanceShares during Period berealised shall andbecome payable atthepoint ofredemption. The Performance not been redeemed, be payable will as of the end of the relevant Performance Period. Any Performance Fee in respect accrued of Fee, ifany, payable inrespect oftherelevantclass. The Performance Fee and, daily beaccrued will providedhave therelevantShares Alternative Fund RathmoreAlternative Fund andLazard respectively. bearitspro-rata shall Share EachShare ofthePerformance Performance theapplicable relevant EAClassfor Period theresultant figure andmultiplying European by Lazard 10%and15%for Rathmore Alternative Fund. For eachoftheEAClassesPerformance Fee by becalculated takingtheNet will the Gainfor theresultant figure inissueandmultiplying European bythe relevant class Lazard Alternative Fund 20%andfor andLazard Performance theapplicable for PeriodNet class therelevantShare Gainfor thisby andmultiplying theaverage of numberofShares For theEAClasses, (excluding class each Share theMClasses and theXClass)Performance Fee by becalculated takingthe will General the relevant period. Period date. beganandendingon theaccrual The average may numberofShares beadjusted totakeaccount ofredemptions during commencing on theperiod thedateonthencurrent which inissueduring Performance oftherelevantclass number ofShares NAVhigher of(1)theHurdle and(2)theHigh perShare Water Mark. “Net Gain” istheNet multiplied GainperShare by theaverage respect ofeachrelevantclass, totheShares With theNet isthedifference GainperShare between theEndingNAV andthe perShare Net Gain is denominated andtheFund BaseCurrency. "Prevailing therelevantUnhedged Class inwhich Share meanstheexchangeprevailing asbetween thecurrency Exchangerate Rate" The High Water Mark beadjusted any will for appropriate dividendpaid. (ii) above eachasexpressed intheFund usingthePrevailing BaseCurrency on Exchangetherelevantdate. Rate Price class. of the relevant Share per Share respect to each Unhedged Class, Share With the High Water Mark is the greater of (i) or on thelast Valuation Point any for previousPerformance Period aPerformance which for Fee waspayable; or(ii)theInitialOffer Net Asset Value deductionPerformance ofany applicable (after Fee class oftherelevantShare perShare dividend) andany applicable theUnhedged Classes, Share from apart ofShares theHigh respect toeachclass WaterWith Mark isthegreater of: (i)thehighest High Water Mark beprorated Performance will for Rate The Hurdle Periods lessthanone year. (using thePrevailing on Exchange therelevant date). Rate question isanUnhedgedClass, Share asexpressed intheFund Price theInitialOffer of therelevantclass perShare BaseCurrency may be, betheOpeningNAV being, price (such Pricetherelevant class ortheInitialOffer for perShare in where theclass prevailing at the relevant time is a negativerate the 3 month number, Euribor Where NAV the Hurdle shall, per Share as the case and subject to a cap of 5%) as at the date of accrual ofthePerformance of5%)asatthedateaccrual and subjecttoacap Fee to: (the Rate”) “Hurdle EuropeanLazard Alternative Fund Rathmore Alternative Fund andLazard isnotanegative respectively (providedrate number such NAVThe Hurdle for and3month Liborrate rate USDollar theprevailing3month Euribor by iscalculated applying perShare Hurdle NAV perShare Lazard European FundandLazard Alternative Rathmore Fund(continued) Alternative Performance Fees(continued) 3. Fees(continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc (ii) (i) per Share”), or Period as expressed in the Fund (using the Prevailing Base Currency on Exchange the relevant date) (the Rate “Opening NAV is anUnhedgedClass, Share totheopeningNet Asset Value thethencurrent for Performance oftherelevantclass perShare the openingNet Asset Value thethencurrent for Performance oftherelevant class perShare Period or, where therelevantclass relevant Shares asexpressedrelevant Shares intheFund (usingthePrevailing BaseCurrency on Exchangetherelevantdate). Rate or, therelevant Shares for isanUnhedged Class, Share where therelevantclass Pricethe totheInitialOffer for perShare where the current Performance Period is thefirst Performance Period therelevant class, for Price to theInitialOffer perShare Financial year ended31March 2019 (continued)

47 LAZARD GLOBAL INVESTMENT FUNDS PLC 48 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc thiscap,from expenses, asare relevant outofpocket all whetherpayable totheDepositary, Administrator orotherthird party. of18.5basispoints. besubjecttoacap shall services related Custodialfees andrelated tosafekeeping transaction costsare excluded ofeach Fund, thedateoflaunch For months twelve from provision for Street ofAdministration payable andDepositary fees toState USD 6,397,608)were USD1,204,175(31March charged ofwhich 2018: USD2,712,479)remained payable atthefinancial year end. For thefinancial year ended31 March 2019, administration, ofUSD5,393,599(31March fees 2018: anddepositary agency transfer its reasonable, expenses. out-of-pocket the Funds commercial andtransactions alsobeatnormal thefees charges ofany shall for sub-custodian(which rates), together with isalsoentitledtocharge theFunds transactionDepositary costs, commercial beatnormal shall which rates, and to bereimbursed by functions ofupto0.04%theFunds’trustee NAV. andbepaidby daily theFunds accrue shall fees inarrears. monthly Such The Asset Value. Uptothe30June2018, wasentitledtobepaidby theFunds ofits theDepositary theperformance for anannualfee payable 2018, fee byEffective 1July theFund isentitledtoanannualdepositary ofupto0.02%theFunds' theDepositary Net commercial beatnormal shall which rates). thathasissuedintheFunds class each Share oftransaction ofUSD750for charges, subjecttoaminimum (exclusive fee rates monthly commercialcommercial becharged atnormal shall which rates). fees services agency andtransfer Uptothe30June2018Shareholder that has issued in the Funds class each Share of transaction ofUSD 4,000 for charges,annual fee (exclusive beatnormal shall which be charged at commercial will 2018, which subjectto a minimum fees Effective rates 1 July services agency and transfer Shareholder theFundsbe entitledtorecoveritsreasonable expenses. from out-of-pocket to 0.09%oftheFunds’ Net Asset Value. inarrears. andbepayable monthly daily accrue shall fees Such The Administratoralso shall Net Asset Value. Uptothe30June2018, theAdministrator wasentitledtoanannualadministration payable fee by theFunds ofup 2018,Effective 1July theAdministrator isentitledtoanannualadministrationpayable fee by theFunds ofupto0.065%theFunds' Administration, Transfer AgencyandDepositaryFees (31 March 2018: USD 102,007(31March USD221,690)ofwhich 2018: USD26,349)remained receivable atthefinancial year end. class. totherelevantShare exclusively For thefinancial year ended31March 2019, theManager wasUSD351,111 reimbursement from oftheFund, exposure class thecostsofhedgingcurrency thebenefit Share for for ofany particular be attributable costsshall which inthecap.custodial andsub-custodialtransactions chargesare included For theavoidance ofdoubt, theManagernotberesponsible will charges, stampdutiesandotherrelevanttaxes). For European theLazard Alternative Fund Diversified andLazard Fund, Return the brokerage and disposing of Investmentsof the expenses of acquiring expenses, (including custodial and sub-custodial transaction Bond Fund. HighQuality Scandinavian The Manager beresponsible will anyexpensesinexcess for such ofthislimitwiththeexception expenses are on oftheFunds ineffect all Diversified exceptLazard Fund, for Return Rathmore Alternative Fund Lazard andLazard European Alternative Fund RathmoreAlternative Fund, andLazard is0.30%. thecap As atthe31March 2019, on theabove caps Bond Fund. High Quality Scandinavian Lazard Diversified ofLazard Fund, Return Inthecase is0.25%, thecap ofLazard inthecase Debt Fund,Markets Local Emerging Markets Lazard Total DebtFund, Return Emerging Markets DebtBlendFund Lazard and of 0.23% per annum of the Net Asset Value of the Funds with respect Emerging Markets Bond to Lazard Fund, Emerging Lazard the heading Expenses”“Other inthesection oftheProspectus entitled “Fees andExpenses”), on expenses cap subjecttoanoverall ofeachFund ofShares oftheotherexpensesCompany, portion Each class bearitsattributable shall (assetoutindetailunder Reimbursement from Manager Bond Fund. Debt Fund, EmergingMarkets DebtBlendFund, Lazard Diversified Lazard HighQuality Fund Return Scandinavian andLazard chargedinrelation fee EmergingMarketsThere toany Bond ofLazard Fund, isnoperformance EmergingMarkets Local Lazard General (continued) Lazard European FundandLazard Alternative Rathmore Fund(continued) Alternative Performance Fees(continued) 3. Fees(continued) Notes totheFinancialStatements Financial year ended31March 2019

(continued)

** Lazard Scandinavian High Quality Bond 2019. Fund on launched 7January HighQuality Scandinavian ** Lazard Rathmore Alternative Fund* Lazard on launched 1May 2018. Purchases andsalestransactioncosts transactioncosts Custody 31 March2019 tablesshowThe following thetransaction thefinancial costsfor year ended31March 2019and31March 2018: investment, inthisnote. separately andtherefore notdisclosed swaps, identified. beseparately cannot transaction costson theseinstruments ofthe inthepurchase andsaleprice areThey included sale offixed income securities, moneymarket instruments, contractsdifference, for foreign exchangecontracts currency and forward and salesofequities, futures contracts, options contracts andinvestment funds. Commission/brokerage costson thepurchase and financial assetor financial liability. Underpurchases andsalestransaction costsdetailedbelow are thetransaction costson thepurchase inNote 2,As disclosed transaction costs are incremental totheacquisition, costs that are attributable directly issueordisposalofthe Transaction Costs at 31March 2019(31March 2018: USD102,330). auditexpensesandare of outofpocket exclusive VAT. include These fees Auditors’ remuneration the financial for year was USD 112,747 (31 March 2018: USD 102,330), USD 112,747 was outstanding of which provided by thefinancial theauditorsfor yearsor non-audit ended31March services 2019or31March 2018. the auditoffinancial statementsoftheCompany. There were andexpensespaidinrespect nofees ofotherassurance, taxadvisory Fees auditors, andexpensespaidtothestatutory (Ireland), PricewaterhouseCoopers inrespect ofthefinancial year, relate entirely to Auditors’ Fees John for Donohoe. fees Limitedinrespect service ofDirectorFinancial support Services USD 28,719) were outstanding at 31 March 2019. The Company the year paid USD 2,045 for ended 31 March Global 2018 to Carne Directors’ chargedover thefinancial fees year were USD101,122(31March 2018: USD109,052), USD26,978(31March ofwhich 2018: Directors’ Fees payable atthefinancial year end. of USD440,523(31March 2018: USD451,449)were USD208,029(31March chargedofwhich 2018: USD113,253)remained in issue per Fund. relevant hedged classes to all Share rata For the financial year ended 31 March 2019, Manager's Currency fees fee, inarrears,entitled toaminimum annualservice andpayable quarterly daily andaccrued calculated ofUSD75,000chargedpro inrespect itisincurred. ofwhich tothehedgedclass Share solely accrue The foregoing Manager issubjecttotheCurrency being fee in arrears,payable quarterly notin excess of 0.06%per annum of theNet Asset Value in issue, of eachhedged class Share to fee such The Funds BankEurope Street Manager") Limited(the"Currency anannualfee, pay shall State and daily andaccrued calculated Currency Manager’s Fees 3. Fees(continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Markets Bond Emerging Lazard 20,787 Fund USD -

Emerging Markets 190,922 Lazard Local Fund Debt USD 67

Emerging Markets 116,761 Lazard Return Fund Total Debt USD 155

Debt Blend Emerging Markets 189,578 Lazard Fund USD 224

Diversified Diversified 101,004 36,324 Lazard Lazard Return Return Fund USD Financial year ended31March 2019 Alternative 1,154,189 European Lazard 14,346 Fund EUR (continued) Alternative Rathmore 42,337 38,926 Lazard Fund* USD Scandinavian High Quality Fund** Lazard 1,850 Bond EUR - 1,427,545 866,490 Total USD

49 LAZARD GLOBAL INVESTMENT FUNDS PLC 50 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc held by theManager andthePromoter. ofthenetassetvalueCompany. part donotform Shares The subscriber ofparvalue£1.00each. Shares shareoftheCompanyThe authorised capital wastwo Subscriber are Shares The two Subscriber Management Shares The Companyshare hasavariable capital. 5.  not berecoverable by aFund oritsshareholders. Capital gains, dividends and interest taxes receivedand such may of origin may be subject to withholding taxes imposed by the country underreview.were theperiod during nochargeable events In the absence of an appropriate declaration, the Company be liableto Irish will Tax on the occurrence of a chargeable event. There tothateffect. provided theCompany witharelevantdeclaration notoccurinrespect will A chargeable event ofshareholders whoare resident neitherresident inIreland norordinarily andwhohave doesnotinclude: A chargeableevent relevant period. theprecedingacquisition by oftheShares theshareholders ofeightyears after andeachsubsequentperiod beginningimmediately cancellation, oron ofShares theendingofa transfer ‘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 lawandpractice, theCompany qualifies asdefined 739Bofthe asaninvestment inSection undertaking Taxes 4. Taxation Fund GlobalHexagon** Lazard Equity redeemed on 18August wasfully 2017. Fund Opportunities redeemed* Lazard on 7November wasfully 2016. 31 March2018 Transaction Costs(continued) 3. Fees(continued) Notes totheFinancialStatements Purchases andsalestransactioncosts transactioncosts Custody d) certain exchanges of Shares between spouses and former spouses. exchangesbetween spousesandformer ofShares d) certain c)  b)  a) Capital andReserves an exchange of Shares arising on a qualifying amalgamation on orreconstruction aqualifying ofaFundan exchange arising ofShares withanotherFund: or of Ireland: or asdesignatedbyany system order transactions Commissioners inrelation oftheRevenue heldinarecognised toShares clearing an exchange representing ofShares aFund anotherFund: for or Markets Bond Emerging Lazard 25,917 Fund USD -

Emerging Markets 174,513 Lazard Local Fund Debt USD 138

Emerging Markets 137,805 Lazard Return Fund Total Debt USD 271

Emerging Markets 174,493 Lazard Blend 8,265 Fund Debt USD

Diversified Diversified 34,377 95,902 Lazard Lazard Return Return Fund USD Financial year ended31March 2019 Opportunities Lazard Fund* GBP - -

(continued) Hexagon Fund** Lazard 26,209 Global Equity 9,518 USD Alternative 2,350,101 European Lazard 19,760 Fund EUR 2,829,222 820,846 Total USD The activity on redeemable participating Shares for thefinancial for on Shares year redeemableThe activity ended31March participating 2019and31March 2018isasfollows: totheFund. back the Share attheredemption ofFinancial amountthatispayablecarried attheStatement Position dateiftheholderexercises toput theright to the Fund of equal the to Fund’sa proportionate Share at any cash time for net asset value. is Share The redeemable participating arewhich redeemable attheholder’s option andare asfinancial classified liabilities. beputback can Shares Redeemableparticipating Changes inNet toRedeemableParticipating AssetsAttributable Shareholders. EachFund Shares, issuesredeemable participating at therequest oftheshareholder. issuedandredeemedthefinancialThe valueofShares of during year issetoutintheStatement Participating ineach oftheCompany’s Shares Funds Participating (“Redeemable Shares”). may They beredeemed by theCompany paid are ofnoparvaluewhich issueasfully The Companyshareof5,000,000,000,000Shares availablefor alsohasanauthorised capital Redeemable ParticipatingShares 5.  Notes totheFinancialStatements Lazard Global InvestmentFundsplc End offinancialyear - PDistUSD - P Acc USD - A DistGBPHedged - A DistEURHedged - I Acc CHF - A DistUSD USD - AAcc Hedged EUR - AAcc EUR - AAcc Hedged CHF - AAcc Redemptions duringthefinancialyear - PDistUSD - P Acc USD - I Acc CHF - B Acc USD - B Acc EURHedged - A DistUSD - A DistGBPHedged - A DistEURHedged USD - AAcc Hedged EUR - AAcc EUR - AAcc - A Acc CHF Hedged CHF - AAcc Subscriptions duringthefinancialyear Beginning offinancialyear Lazard EmergingMarketsLocalDebtFund End offinancialyear USD - AAcc Hedged EUR - AAcc Redemptions duringthefinancialyear - A Acc USD - AAcc Hedged EUR - AAcc Subscriptions duringthefinancialyear Beginning offinancialyear Lazard EmergingMarketsBondFund Capital andReserves(continued) (3,001,000) (1,309,820) 13,076,094 9,100,564 1,378,339 6,686,669 6,976,530 (150,294) (224,056) (171,900) (668,529) (475,485) (49,627) (55,870) (35,447) (55,045) (95,249) 188,950 218,763 181,572 290,313 200,879 Shares Shares (2,766) (7,500) 34,940 57,539 12,780 48,284 79,559 28,974 28,974 2,415 - - Value ofShare Value ofShare (291,629,070) (144,180,655) Transactions Transactions (22,728,573) (22,222,735) (17,866,620) (47,448,974) (44,242,902) (14,837,194) 920,165,416 138,204,777 674,900,963 31/03/2019 31/03/2019 (4,868,919) (6,616,131) (3,110,863) (7,891,379) 20,258,750 19,947,833 20,705,250 32,441,075 2,569,091 5,269,439 1,421,773 4,179,364 4,440,163 4,440,163 (259,872) (811,399) 267,101 USD USD - - 6,976,530 4,519,650 1,333,059 1,770,476 2,771,190 (314,310) (211,196) (76,719) (66,650) (19,733) (11,090) (65,099) (11,620) 100,350 898,425 364,846 200,879 228,573 Shares Shares (5,340) 42,744 49,025 42,081 3,950 5,700 6,944 (301) 100 Financial year ended31March 2019 ------Value ofShare Value ofShare Transactions Transactions (27,401,399) (11,361,230) (15,871,519) 476,952,898 129,833,747 213,563,196 31/03/2018 31/03/2018 (7,501,552) (1,944,621) (1,366,642) (9,541,792) (1,819,438) 11,092,742 72,435,472 44,338,167 4,576,179 7,872,289 1,005,034 6,867,255 (683,027) (34,038) 404,333 699,062 10,000 USD USD (continued) ------

51 LAZARD GLOBAL INVESTMENT FUNDS PLC 52 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Notes totheFinancialStatements - K Acc EUR - B Acc USD - B Acc EURHedged - A DistUSD - A DistGBPHedged - A DistGBP USD - AAcc Hedged GBP - AAcc Hedged EUR - AAcc Hedged CHF - AAcc Subscriptions duringthefinancialyear Beginning offinancialyear Lazard EmergingMarketsDebtBlendFund End offinancialyear - MDist AUD Hedged - M Acc USD - D Acc USD - C Acc EURHedged - B Acc USD - B Acc GBPHedged - B Acc EURHedged - A DistEURHedged USD - AAcc Hedged JPY - AAcc Hedged GBP - AAcc Hedged EUR - AAcc Redemptions duringthefinancialyear - XDistGBPHedged - MDist AUD Hedged - M Acc USD - DDistEURHedged - D Acc USD - C Acc EURHedged - BP Acc EURHedged - B Acc USD - B Acc GBPHedged - B Acc EURHedged - A DistEURHedged USD - AAcc - A Acc EUR Hedged EUR - AAcc Subscriptions duringthefinancialyear Beginning offinancialyear Lazard EmergingMarketsTotal ReturnDebt Fund Redeemable ParticipatingShares (continued) 5.  Capital andReserves(continued) (2,035,116) 10,301,458 2,821,749 1,623,707 2,079,829 3,820,788 (117,310) (722,531) (476,714) (473,150) (47,631) (88,287) (19,606) (78,560) 980,237 152,420 294,157 118,024 Shares Shares (7,351) (3,612) 28,790 26,799 35,186 27,061 87,000 11,767 4,506 4,654 7,483 5,872 (364) 636 579 144 959 82 - - - - - Value ofShare Value ofShare (205,239,187) Transactions Transactions (64,140,411) (53,967,232) (53,682,808) 285,190,433 174,030,414 31/03/2019 31/03/2019 (7,387,438) (4,956,725) (8,713,579) (2,021,723) (9,017,632) 90,314,833 13,726,375 32,406,399 14,210,550 3,049,600 2,662,636 4,627,636 1,763,450 8,786,157 1,348,081 (782,554) (521,502) (47,499) 114,667 681,034 636,673 896,683 571,728 12,567 88,868 59,715 15,165 USD USD (84) - - - - 10,665,830 6,145,985 1,094,182 3,820,788 8,962,710 1,621,508 4,226,819 (788,510) (109,260) (347,447) (125,000) (122,245) (32,630) (11,107) (19,563) (21,242) 382,479 153,832 Shares Shares 18,518 25,191 30,907 15,113 53,945 40,490 17,231 15,944 78,742 4,372 7,860 8,662 9,418 2,209 (16) 376 500 204 Financial year ended31March 2019 - - - - - Value ofShare Value ofShare Transactions Transactions (79,788,119) (34,680,258) (11,266,122) (16,195,278) 665,167,288 107,160,643 963,661,487 179,062,823 31/03/2018 31/03/2018 (8,065,990) (3,785,025) (1,200,000) (2,141,689) (2,451,643) 41,111,266 16,905,012 1,857,058 1,789,641 2,565,168 3,976,293 3,285,655 4,185,180 1,181,417 1,032,390 2,619,667 2,204,668 9,955,084 546,515 898,368 239,521 (2,114) 53,114 58,816 28,432 USD USD

(continued) - - - - - Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements Lazard Global InvestmentFundsplc - A Acc USD - AAcc Subscriptions duringthefinancialyear Beginning offinancialyear Lazard GlobalHexagon EquityFund* End offinancialyear - M Acc USD - EA Acc USD - EA Acc EURHedged - C Acc USD - BP Acc USD - BP Acc EURHedged USD - APAcc Hedged EUR - APAcc Redemptions duringthefinancialyear - EA Acc USD - EA Acc EURHedged - C Acc USD - BP Acc USD - BP Acc EURHedged - AP Acc USD - APAcc - AP Acc EUR Hedged EUR - APAcc Subscriptions duringthefinancialyear Beginning offinancialyear Lazard DiversifiedReturnFund End offinancialyear - X Acc EURHedged - KDistEUR - K Acc EUR - B Acc USD - B Acc EURHedged - A DistUSD - A DistGBP - A Acc USD - AAcc Hedged GBP - AAcc - A Acc EUR Hedged EUR - AAcc Hedged CHF - AAcc Redemptions duringthefinancialyear (continued) Lazard EmergingMarketsDebtBlendFund Capital andReserves(continued) (9,431,845) (6,249,921) (1,284,741) (1,261,520) 3,691,362 (331,823) (117,220) (499,859) (46,773) (66,192) (88,962) (12,350) (87,801) (24,505) 416,862 683,818 Shares Shares Shares (6,970) (4,921) (2,083) (9,065) 64,867 52,218 7,625 2,319 2,000 (600) (185) 705 ------Value ofShare Value ofShare Value ofShare (873,513,013) (565,112,045) (119,529,236) (125,893,246) Transactions Transactions Transactions (35,178,164) (12,526,371) (12,764,523) (44,606,302) 31/03/2019 31/03/2019 31/03/2019 (5,000,000) (7,725,483) (8,597,383) (1,024,061) (1,199,825) (3,094,114) 7,034,605 5,597,000 (739,965) (511,669) (287,654) (56,858) (20,435) 911,302 251,478 196,639 (2,007) 78,186 USD USD USD - - - - - (9,327,082) (7,300,786) (1,374,387) 10,301,458 (145,749) (588,739) (91,450) (52,882) (12,509) (24,023) (17,023) 266,145 683,818 437,513 199,672 392,054 Shares Shares Shares (1,113) (3,650) (3,729) 11,225 71,602 88,962 53,084 6,413 6,413 6,998 5,970 (304) (560) (877) (799) Financial year ended31March 2019 - - - - Value ofShare Value ofShare Value ofShare (959,506,755) (731,064,823) (146,793,459) Transactions Transactions Transactions (16,626,112) (73,732,494) 31/03/2018 31/03/2018 31/03/2018 (9,883,922) (6,567,700) (1,750,298) (2,522,200) (2,605,138) 48,284,299 21,399,500 1,380,388 8,903,196 8,896,190 6,356,336 (138,191) (107,578) (376,750) (115,815) (375,268) (36,299) (62,932) 603,483 603,483 754,435 594,254 USD USD USD (continued) - - - -

53 LAZARD GLOBAL INVESTMENT FUNDS PLC 54 LAZARD GLOBAL INVESTMENT FUNDS PLC End offinancialyear - M Acc USDHedged - EA Acc EUR - CDistUSDHedged - CDistGBPHedged - CDistEUR - C Acc USDHedged - C Acc USD - C Acc GBPHedged - C Acc GBP - C Acc EUR - C Acc CHFHedged - BPDistEUR - BP Acc EUR - B Acc EUR - AP DistEUR Hedged USD - APAcc Hedged GBP - APAcc EUR - APAcc Redemptions duringthefinancialyear - M Acc USDHedged - M Acc EUR - CDistUSDHedged - CDistGBPHedged - CDistEUR - C Acc USDHedged - C Acc USD - C Acc GBPHedged - C Acc GBP - C Acc EUR - C Acc CHFHedged - BP Acc EUR - BDistEUR - B Acc EUR - AP DistEUR - AP Acc USD Hedged USD - APAcc Lazard Global InvestmentFundsplc Hedged GBP - APAcc EUR - APAcc Subscriptions duringthefinancialyear Beginning offinancialyear Lazard EuropeanAlternativeFund End offinancialyear - EA Acc USD - EA Acc EURHedged USD - AAcc Redemptions duringthefinancialyear Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements Lazard GlobalHexagon EquityFund*(continued) Capital andReserves(continued) (3,378,267) (2,097,246) 6,437,005 4,837,113 3,830,426 4,978,159 (218,342) (127,735) (696,084) (10,164) (11,968) (73,656) (22,036) (61,092) (11,981) (31,488) 110,036 230,948 579,551 Shares Shares (3,931) (8,850) (3,467) 36,891 36,939 1,200 5,749 3,413 1,384 (227) 230 214 132 ------Value ofShare Value ofShare (346,502,834) (215,532,358) Transactions Transactions (23,205,148) (13,044,056) (72,451,794) 497,012,353 393,577,198 31/03/2019 31/03/2019 (1,411,529) (6,576,162) (1,986,374) (5,187,846) (1,185,462) (3,266,946) 10,911,913 23,765,211 60,371,924 3,334,791 3,813,582 (999,611) (348,253) (891,181) (389,297) (26,817) 121,378 549,952 389,297 118,382 20,577 24,925 13,223 USD EUR ------(2,226,179) (1,103,661) 4,978,159 2,926,934 1,405,409 4,277,404 (272,558) (180,972) (478,723) (116,445) (180,185) (234,089) (64,226) (10,273) (29,112) (15,266) (25,046) (37,967) 229,183 179,336 865,347 Shares Shares (2,971) (4,741) (4,805) (3,380) (3,500) (2,255) 19,285 21,409 10,159 33,680 72,581 32,965 10,450 29,693 4,481 3,433 6,967 1,606 (450) (168) (502) 950 Financial year ended31March 2019 - - Value ofShare Value ofShare (227,356,700) (112,763,908) Transactions Transactions (28,112,989) (18,885,959) (49,518,419) (11,449,512) (18,503,954) (24,487,565) 298,592,206 143,780,039 31/03/2018 31/03/2018 (6,595,373) (1,172,234) (2,566,196) (1,382,160) (2,194,873) (3,576,398) 23,511,443 18,419,099 89,327,384 1,740,664 2,139,650 1,162,070 3,364,904 6,566,430 2,954,301 1,052,325 2,728,680 (335,591) (550,346) (422,404) (338,289) (390,894) (226,412) (45,184) (14,992) (49,026) 396,007 390,894 786,236 187,423 84,657 USD EUR

(continued) - See Note 15 for information on the launch and termination dates of the above Share classes. Note onandtermination datesoftheabove Share information thelaunch 15for See Bond 2019. Fund on launched 7January HighQuality Scandinavian *** Lazard RathmoreAlternative Fund** Lazard on launched 1May 2018. Fund GlobalHexagon* Lazard Equity redeemed on 18August wasfully 2017. Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements Lazard Global InvestmentFundsplc End offinancialyear - EADistEUR - A DistEUR Subscriptions duringthefinancialyear Beginning offinancialyear Lazard ScandinavianHighQualityBondFund*** End offinancialyear - M Acc USD - EADistUSD - EADistGBPHedged - EADistEURHedged - EA Acc USD - EA Acc EURHedged - EA Acc CHFHedged Redemptions duringthefinancialyear - M Acc USD - EADistUSD - EADistGBPHedged - EADistEURHedged - EA Acc USD - EA Acc GBPHedged - EA Acc EURHedged - EA Acc CHFHedged USD - AAcc Hedged GBP - AAcc Hedged EUR - AAcc Hedged CHF - AAcc Subscriptions duringthefinancialyear Beginning offinancialyear Lazard RathmoreAlternativeFund** Capital andReserves(continued) 1,072,950 (125,447) 452,694 452,694 452,519 (44,611) (30,335) (13,887) (22,932) 947,503 118,683 356,410 146,444 248,073 Shares Shares (4,829) (7,908) 76,042 47,763 24,234 53,499 (945) 175 505 371 422 504 - - Value ofShare Value ofShare Transactions Transactions (13,102,961) 127,095,835 45,459,800 45,442,327 31/03/2019 31/03/2019 (4,500,007) (3,054,162) (1,401,558) (2,613,810) 11,910,746 46,099,478 18,878,884 29,150,547 7,610,886 5,428,860 2,443,784 5,370,538 (107,098) (638,865) (787,461) 17,473 50,472 50,444 50,595 50,601 USD EUR Financial year ended31March 2019 (continued)

55 LAZARD GLOBAL INVESTMENT FUNDS PLC 56 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc and netassetvaluepershare tablesare inthefollowing ofrelevantclass. statedinthecurrency total number of Redeemable Participating in issue at 31 March Shares 2019, 31 March 2018 and 31 March 2017. The net asset value by isdetermined dividingthevalueofnetassetsFund inaportfolio ofShares The netassetvaluepershare ofany by class the 6. NetAssetValue Notes totheFinancialStatements - B Acc EURHedged - A Acc EUR Hedged EUR - AAcc Lazard EmergingMarketsBondFund - B Acc USD - A Acc USD - AAcc - K Acc EUR - A Acc CHF Hedged CHF - AAcc Lazard EmergingMarketsLocalDebtFund - KDistEUR - A Acc EUR - AAcc - X Acc EURHedged - A Acc EUR Hedged EUR - AAcc - A Acc USD - AAcc - A DistEURHedged - A DistGBPHedged - A DistUSD - B Acc EURHedged - B Acc USD - I Acc CHF - P Acc USD - PDistUSD - A Acc EUR Hedged EUR - AAcc Lazard EmergingMarketsTotal ReturnDebtFund - A Acc GBP Hedged GBP - AAcc - A Acc JPY Hedged JPY - AAcc - A Acc USD - AAcc - A DistEURHedged - B Acc EURHedged - B Acc GBPHedged - B Acc USD - BP Acc EURHedged - C Acc EURHedged - D Acc USD - DDistEURHedged - M Acc USD - MDist AUD Hedged - XDistGBPHedged - A Acc CHF Hedged CHF - AAcc Lazard EmergingMarketsDebtBlendFund - A Acc EUR Hedged EUR - AAcc - A Acc GBP Hedged GBP - AAcc - A Acc USD - AAcc - A DistGBP - A DistGBPHedged - A DistUSD AUD20,391,880 CHF122,824,693 CHF122,824,693 CHF16,379,130 CHF16,379,130 CHF4,824,046 $190,277,401 $662,269,516 $134,681,379 €203,913,844 $110,818,579 €74,254,196 €57,274,048 $46,846,047 €25,909,839 €27,576,500 $32,753,226 €67,307,308 March 2019 Value at31 €3,176,904 €2,084,023 $9,747,140 €1,072,492 £4,167,499 $6,824,094 $1,102,131 £3,302,673 £1,242,239 $1,059,169 Net Asset $246,382 €996,898 €228,333 €334,031 £837,921 £133,067 €15,198 £24,560 €45,397 €12,145 $9,167 - - - - Participating Redeemable March 2019 issue at31 Number of 2,014,036 6,462,613 1,328,712 2,303,620 1,133,223 shares in 1,147,888 1,147,888 739,879 594,277 660,890 253,873 349,501 316,281 810,142 238,673 178,159 178,159 33,961 15,050 64,509 55,581 10,980 58,723 61,246 10,594 35,186 11,292 10,838 2,518 7,874 2,415 3,456 8,340 1,376 161 100 245 500 132 - - - - March 2019 Share at31 Net Asset Value per CHF107.00 CHF107.00 AUD85.44 CHF86.79 CHF91.94 €138.47 $151.10 €126.60 €100.36 $102.48 $101.36 €102.06 $111.42 £100.24 $104.03 $103.56 £100.47 £110.01 $97.73 €93.55 $97.85 €94.40 €96.38 $94.48 €97.68 £70.97 $70.88 €94.55 $91.67 €78.90 €96.66 €90.81 €91.83 €83.08 £93.86 €88.52 $97.79 £96.74 - - - - CHF127,099,763 AUD31,928,598 CHF52,369,027 CHF4,217,243 $671,152,971 €176,882,662 $235,388,606 $105,338,766 €185,725,363 $147,184,248 €11,364,901 $17,658,878 €51,241,586 €67,786,319 $61,914,411 €95,539,295 $44,623,693 €68,154,722 £10,649,672 March 2018 Value at31 €1,449,394 $1,533,596 €1,123,052 €8,593,781 $3,318,784 $5,195,884 £3,022,620 Net Asset €599,891 £328,378 £410,995 £149,444 €15,285 $10,104 £57,162 €49,878 ------Participating Redeemable March 2018 issue at31 Number of 6,233,960 1,759,386 2,270,758 1,294,479 1,066,160 1,941,433 1,437,727 shares in 1,130,838 119,554 468,575 609,000 526,193 403,989 723,141 328,922 525,598 14,236 81,325 14,868 42,744 81,057 30,056 47,631 28,191 94,587 9,321 5,700 3,950 3,612 1,376 161 100 527 500 Financial year ended31March 2019 ------March 2018 Share at31 CHF112.39 Net Asset Value per AUD97.07 CHF98.66 CHF99.64 $107.66 €101.81 €139.75 $103.15 $147.71 €120.49 €100.54 €109.36 $103.66 €105.24 $101.04 €111.31 $117.66 €106.02 £108.47 $110.42 $110.46 $109.09 £107.22 $102.37 £112.59 £108.64 €94.94 £83.13 $81.38 £113.8 €89.61 €99.78 €94.25 €95.66 ------CHF115,136,864 ¥1,255,335,791

AUD36,944,186 CHF47,446,183 (continued) €114,532,721 €152,443,321 $718,443,082 $11,595,059 $24,890,988 €59,548,105 €10,974,407 $89,009,772 $46,407,053 €71,370,560 $62,456,968 €10,258,742 $43,499,128 €65,355,850 £11,464,492 March 2017 Value at31 €6,899,109 €1,668,368 $5,061,650 $1,740,133 £1,302,812 Net Asset £400,802 £104,918 €75,688 £23,852 £36,007 ------Participating Redeemable March 2017 issue at31 Number of 1,097,138 1,259,775 1,694,313 7,644,331 shares in 111,998 177,709 588,739 109,069 957,432 607,250 652,503 125,000 550,963 405,678 682,651 384,237 504,136 50,864 13,168 97,927 47,410 16,724 13,046 94,378 3,612 1,000 721 301 339 ------March 2017 Share at31 ¥10,042.68 CHF104.94 Net Asset Value per AUD96.15 CHF94.11 $103.53 €135.64 $140.07 €126.70 €104.98 €101.15 €100.62 €109.38 £110.98 $113.36 €104.76 £106.36 $106.76 $107.23 $104.05 £121.47 £104.92 $92.97 £79.24 $76.42 €90.92 €95.74 €89.97 £99.87 $93.98 ------EADistEURHedged - AP Acc EUR Hedged EUR - APAcc Lazard DiversifiedReturnFund Notes totheFinancialStatements Lazard Global InvestmentFundsplc - EADistGBPHedged - AP Acc USD - APAcc - EADistUSD - BP Acc EURHedged - M Acc USD - BP Acc USD - A DistEUR Lazard ScandinavianHighQualityBondFund*** - C Acc USD - EADistEUR - EA Acc EURHedged - EA Acc USD - M Acc USD - A Acc USD - AAcc Lazard GlobalHexagon EquityFund* - EA Acc EURHedged - EA Acc USD - AP Acc EUR - APAcc Lazard EuropeanAlternativeFund - AP Acc GBP Hedged GBP - APAcc - AP Acc USD Hedged USD - APAcc - AP DistEUR - B Acc EUR - BDistEUR - BP Acc EUR - BPDistEUR - C Acc CHFHedged 6. NetAssetValue (continued) - C Acc EUR - C Acc GBP - C Acc GBPHedged - C Acc USD - C Acc USDHedged - CDistEUR - CDistGBPHedged - CDistUSDHedged - EA Acc EUR - EA Acc USDHedged - M Acc EUR - M Acc USDHedged - A Acc CHF Hedged CHF - AAcc Lazard RathmoreAlternativeFund** - A Acc EUR Hedged EUR - AAcc - A Acc GBP Hedged GBP - AAcc - A Acc USD - AAcc - EA Acc CHFHedged - EA Acc EURHedged - EA Acc GBPHedged - EA Acc USD CHF4,566,525 €103,161,228 €380,619,188 £35,681,152 €45,771,635 $24,932,086 $16,619,955 €26,595,427 €28,899,287 €10,442,579 €94,388,570 €22,621,132 £14,896,508 March 2019 Value at31 €4,703,814 $9,082,162 $3,268,624 €1,146,050 $4,289,315 $1,707,116 €2,273,504 $3,698,117 €2,183,316 $2,732,341 $1,063,437 CHF50,259 Net Asset €617,630 $701,290 $369,185 $359,612 £397,081 €17,669 €13,088 $59,947 €42,241 £37,465 $51,614 €1,574 £1,651 ------Participating Redeemable March 2019 issue at31 Number of 1,000,118 3,721,701 shares in 351,581 452,519 230,791 156,596 259,215 284,950 106,250 897,798 225,141 146,444 46,818 88,348 31,431 11,922 42,393 15,739 22,650 33,028 21,409 23,846 45,591 10,347 6,705 7,370 3,461 3,315 3,875 175 132 570 504 422 371 505 17 16 ------March 2019 Share at31 CHF100.16 Net Asset Value per CHF99.73 €100.47 £101.49 $102.80 $103.99 €101.12 $106.68 €101.15 $108.03 $106.13 €103.15 £104.28 $108.49 €102.60 €101.42 €102.27 £102.47 $101.18 $108.47 €100.38 $105.17 €105.13 $111.97 €101.98 $114.58 €100.05 £100.92 $102.27 €100.48 £101.72 $102.78 €94.80 €92.12 $95.15 €96.13 €98.98 €98.28 ------CHF5,984,451 €114,978,195 €202,738,248 €116,419,478 $32,306,914 $21,779,003 €25,977,416 €18,489,609 March 2018 Value at31 $8,983,316 €1,068,551 €7,067,352 $3,040,131 $8,818,994 €3,027,208 £1,191,246 $3,577,556 €2,147,206 $3,724,807 Net Asset $584,720 $879,678 $350,594 €812,529 £342,591 $436,867 €20,150 £25,035 £46,711 ------Participating Redeemable March 2018 issue at31 Number of 1,116,651 1,988,521 1,116,140 shares in 295,793 203,369 253,764 181,737 88,962 10,921 70,489 59,708 27,538 83,646 30,300 11,754 33,028 21,409 34,010 5,970 8,112 3,315 8,195 3,467 4,271 202 243 462 Financial year ended31March 2019 ------March 2018 Share at31 CHF100.23 Net Asset Value per $100.98 $108.45 €100.26 $109.22 $107.09 €102.97 £102.93 $105.77 €102.37 €101.74 €101.95 £101.01 $110.40 $105.43 £101.35 $102.29 €104.31 $108.32 €100.29 $109.52 €99.74 €97.84 $97.94 €99.15 £98.83 €99.91 ------(continued) CHF5,500,225 €170,998,763 €133,925,048 $19,291,938 $20,467,867 €22,160,063 €74,891,921 €25,961,787 $13,800,167 March 2017 Value at31 $2,978,210 €1,711,942 $4,143,729 £1,186,533 $3,472,205 Net Asset $114,398 £343,688 $261,900 $939,529 $458,835 $49,028 €45,252 ------Participating Redeemable March 2017 issue at31 Number of 1,686,772 1,297,112 shares in 187,571 203,369 234,089 730,027 254,613 131,170 31,554 16,780 55,062 40,177 11,868 33,028 1,114 3,378 2,533 9,839 4,595 502 450 ------March 2017 Share at31 Net Asset Value per CHF99.89 $102.68 $102.85 $100.64 €102.59 £101.73 $103.38 €101.97 €102.03 €100.56 €101.38 $103.14 €103.25 $105.13 $105.21 $94.38 €94.67 $97.71 $95.49 £99.98 $99.86 ------

57 LAZARD GLOBAL INVESTMENT FUNDS PLC 58 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc yearfollowing endexchange have assetsandliabilitiesinothercurrencies rates beenusedtotranslate toU.S. Dollars: in GBP, Bond Fund are European which prepared Lazard Alternative HighQuality Fund inEUR). Scandinavian and Lazard The The financial statementsare prepared inU.S. Fund (exceptfinancial Opportunities Dollars for statementsofLazard isprepared which 7.  Fund above inrespect GlobalHexagon ofLazard Equity disclosed The information isasat31March 2017. Note on andtermination datesoftheabove share information thelaunch 15for classes. See Bond 2019, Fund on launched 7January HighQuality therefore Scandinavian *** Lazard there are nocomparatives thisFund. for RathmoreAlternative Fund** Lazard on launched 1May 2018, therefore there are nocomparatives thisFund. for Fund GlobalHexagon* Lazard Equity redeemed on 18August wasfully 2017. 6. NetAssetValue (continued) Notes totheFinancialStatements Exchange Rates Exchange RatesagainstUSDollar Argentine Peso Australian Dollar Brazilian Real British Pound Canadian Dollar Chilean Peso Chinese Renminbi Chinese Yuan Colombian Peso Czech Koruna Danish Krone Dominican Peso Egyptian PoundEgyptian Euro Ghanaian Cedi Hong Kong Dollar Hungarian Forint Indian Rupee Indonesian Rupiah Israeli Shekel Japanese YenJapanese Kenyan Shilling Kenyan Malaysian Ringgit Mexican Peso New RomanianLeu New RussianRuble New TaiwanDollar New ZealandDollar Nigerian Naira Norwegian Krone Peruvian NuevoSol Philippine Peso Polish Zloty Qatari Riyal Qatari Serbian Dinar Singapore Dollar Singapore South African Rand South African South Korean WonSouth Swedish Krona Swiss Franc Thailand Baht Turkish Lira Uruguayan PesoUruguayan 31 March2019 14,240.0000 3,185.4800 1,135.1000 680.4750 286.4408 110.6850 100.7500 361.0000 105.0250 43.4090 23.0049 50.6300 19.3975 65.6975 30.8205 52.5100 14.4213 31.7350 33.4850 1.4078 3.8917 0.7674 1.3360 6.7207 6.7202 6.6487 0.8906 5.2400 7.8500 3.6294 4.0825 4.2566 1.4663 8.6116 3.3200 3.8339 3.6408 1.3545 9.2753 0.9959 5.6496 - - Financial year ended31March 2019 31 March2018 13,767.5000 2,793.1000

603.5650 253.8359 106.3500 101.0000 359.9500 (continued) 20.1320 20.6407 49.9050 17.6300 65.2217 18.2535 57.5000 52.1775 96.2400 11.8488 31.2700 28.3400 1.3037 3.3236 0.7129 1.2893 6.2841 6.2917 6.0609 0.8131 4.4126 7.8483 3.5109 3.8680 3.7907 1.3862 7.8510 3.2270 3.4253 1.3113 8.3748 0.9576 3.9614 - - - Company ofFinancial are deemedassetsoftheCompany intheStatement andare included Position. accounts,These cash collection ofsubscriptions, for heldwithBankofAmerica ofredemptions payment the anddividendsfor Regulations’). Providersand Enforcement) Act48(i))Investor 2013 (Section MoneyRegulationsFund 2015for (the Service ‘Investor Money requirements relating and redemption tothesubscription collection accounts BankofIreland pursuantto theCentral (Supervision Cash account arrangements are inplace inrespect of the Company and the Funds as a consequence of the introduction of the 2016. 1July Investor MoneyRegulations ("IMR")took from effect Note 9,(See RiskandCredit Risk). Counterparty/Issuer Lynch, Merrill Bank ofAmerica BNPParibas, MorganStanley, andUBSAG Plc Royal BankofScotland atthefinancial year end. Funds withbrokers options, initialmarginpurposes for for openfutures contracts andcontracts difference, for isheldwith thiscash ofthoseentities. risk BankandUBSAGChartered andissubjecttothecounterparty Cashisalsodepositedby oron behalfofthe CIBC World Markets, CitibankNA, GoldmanSachs, HSBCBankPlc, JPMorganChaseandCompany, MorganStanley, Standard sub-custodian, Bankand Street State Trust Company. Lynch, Merrill isheldwithBankofAmerica Cashcollateral BankPlc, Barclays oftheFunds. holdingcash sub-custodians for global are heldwiththeDepositary’s andbankoverdrafts ofthecash all Substantially atbank. equivalentsasat31March 2019and31March cash Cash andcash 2018comprises may utilise one ormore The Depositary 8. CashandEquivalents Changes inNet toRedeemableParticipating AssetsAttributable balancesinothercurrencies Shareholders toEUR: ofComprehensive average of The following exchange have theStatement rates beenusedtotranslate Income andStatement in Net toRedeemableParticipating AssetsAttributable balancesinothercurrencies Shareholders toGBP: ofComprehensive average ofChangesThe following exchange have Statement rates beenusedtotranslate Income and Statement yearThe following endexchange have assetsandliabilitiesinothercurrencies rates beenusedtotranslate toEUR: yearThe following endexchange have assetsandliabilitiesinothercurrencies rates beenusedtotranslate toGBP: 7.  Notes totheFinancialStatements Lazard Global InvestmentFundsplc Exchange Rates(continued) Exchange RatesagainstGBPPound against EUR Average ExchangeRates against GBPPound Average ExchangeRates Exchange RatesagainstEUR US Dollar US Dollar US Dollar British Pound Danish Krone Norwegian Krone Swedish Krona Swiss Franc US Dollar 31 March2019 31 March2019 31 March2019 31 March2019 10.4148 1.3031 1.1579 1.3132 0.8617 7.4654 9.6695 1.1182 1.1228 Financial year ended31March 2019 31 March2018 31 March2018 31 March2018 31 March2018 (continued) 10.2998 1.4028 1.1705 1.3267 0.8767 7.4540 9.6555 1.1777 1.2299

59 LAZARD GLOBAL INVESTMENT FUNDS PLC 60 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc may ignore possiblediversification benefits, VaR provide andwill aconservative theportfolio. for level Management Team assessthe will VaR thatfigure impact ofthoseholdingsandincorporate asanadd-on tothe VaR. This approach the In case VaR by duetodataerrors holdingsdoes notget limitation, calculated thesystem ormodelling certain for theRisk absolute 1-day 99% VaR =4.47%. limitis20%/sqrt(20) and 1 day holding period,based on 99% confidence interval down the 20% 20-day according limit isscaled to appropriate factors. The the volatilities andcorrelations by explicitly usingthereal market returns. Asthe VaR generatedby reports Bloomberg Alpha are that thismethodisone ofthemore reliable methodsasitrequires making theminimum numberofassumptions. Italsoincorporates return isagood distribution representation assumesthathistorical method which offuture returns. The Investment Managers believes Simulation.Monte Carlo The investment management teamusesthesimpleyet simulation powerful approach ofthehistorical There are three popularapproaches calculating for VaR, Simulation, Historical namely Variance-Covariance analytical methodand also usedinBloomberg Alpha. The VaR quantitative usethefollowing standards: modelwill for Investment system VaR ManagersalsobeusingAlgorithmics will are Algorithmics analyses. andrisk calculations from Analytics valueorapercentage portfolio. oftheoverall themaximum lossinasinglemonetary a usefulmeasuresummarize inthatitcan The sourcesall ofmarket risk. VaR withagiven ofconfidence. themaximum level expectedlossover atarget horizon summarizes VaR is measures which, astheGreeks, such metrics unlikemarket risk duration andconvexity, cover andcan assettypes beappliedtoall can and Riskapplication. Bloomberg therequired Alphaall isusedfor for andreporting calculations VaR. VaR ofrisk isacategory Each Fund’s by daily way globalexposure ofanabsolute becalculated will VaR modelusingtheBloomberg Alpha Portfolio Analytics contracts. VaR theremaining for Funds. therisk monitoring isusedfor global exposure. Bond Fund foreign exchange currency contracts andfutures holdsforward HighQuality Scandinavian The Lazard market ("VaR")value-at-risk oftheirongoing andcommitment andmanagement approach monitoring oftheFunds' part asanintegral measurement usinganadvancedThe globalexposurerisk approach. becalculated will The investment management teamuse market movements. interest movements. rate Itrepresents thepotentiallossFunds through mightsuffer holdingmarket positions intheface of price, from aboutfuture heldspecifically and valuesoffinancial currency instruments uncertainty from mainly arises Market risk Market Risk 31 March 2018. thatexistedat31Marchconsistent 2018. withtherisks managementThere process updatesintherisk have since beennomaterial outlineprocedures paragraphs tomanageThe following themarket, undertaken oftheFunds. risks credit andliquidity These are legal andconstitutional regulations. ofproductterms characteristics, andrisk, performance meaningthattheFunds expectations areandtheir managed inlinewithclient investment platform. andmonitors Funds all Itreviews toensure remain thatthey consistent withtheirstatedgoals andobjectives in Risk, Committee. intotheOversight reports Committee managementtheInvestment isthecentral bodyfor Managers’The Oversight There isaRiskManagement Team responsible management process overseeing therisk for oftheInvestment Managers. The Head of theFunds. for andmanagingofrisk Managers themonitoring responsibilityfor own investment internal guidelinesandlimits. The Directors delegatetotheManager delegatestotheInvestment whointurn of the Funds’terms investment guidelines and limits set out in the Prospectus’ aswell as the Investment Managers’ and Supplements Funds’ profile. andrisk performance The Investment Managers are alsoresponsiblethattheFunds ensuring for are managed withinthe asrequired inrelation tothe basisandmore frequently theInvestment Managers on aquarterly from The Directorsreports review should refer totheProspectus amore for inherent detaileddiscussion oftherisks ininvesting andSupplements intheFunds. invest.markets they inwhich andinvestors risks ofall isnotintendedtobeacomprehensive information The following summary The Funds’ are which and associatedwiththefinancial ofrisk instruments investment types activities exposethemtothevarious 9. RiskManagementPoliciesandProcedures Notes totheFinancialStatements • • shouldbe1trading day; and The holdingperiod • The confidence shouldbe99%; level for example,for asaresult ofsignificant recent volatility. changes inprice shouldnot be lessthan1year; period however, observation The historical may beusedifjustified, period observation ashorter risk. Bond Fund, For HighQuality Scandinavian Lazard theCompany alsousesthecommitment approach tomeasure Financial year ended31March 2019

(continued) Lazard European Fund Alternative Lazard Global Hexagon EquityFund Lazard GlobalHexagon Lazard DiversifiedReturnFund Lazard EmergingMarketsDebtBlendFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarketsLocalDebtFund Fund Portfolio For thefinancialyearended31March2018 Lazard EmergingMarketsBondFund Lazard Rathmore Alternative Rathmore Lazard Lazard European Fund Alternative Lazard DiversifiedReturnFund Lazard EmergingMarketsDebtBlendFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarketsLocalDebtFund Fund Portfolio For thefinancialyearended31March2019 asthe limit iscalculated VaR dividedby thedaily VaR limit. of the VaR thefinancial during year limitcalculated ofthedaily VaR limit(4.47%)ofeachtheFunds. ofthe The utilization VaR The tablesbelow 31March for 2019and31March 2018detailthelowest, thehighestandaverage VaR andalsotheutilization limitations of Some VaR are: interest rates, FXandcredit spreads gives mightreact abetterpicture ofhow tosuddenmarket theportfolio moves. market circumstances.given atypical andon anad testingisutilisedmonthly hocbasis. Stress ofthesensitivitiesto monitoring Daily VaRSince possiblescenarios, all incorporate cannot stress changesintheportfolio’s testinghelpscapturesuddenanddramatic value to assesstheimpact oflarger market moves. Valuation withintheFund security andspreads orthesensitivitiestorates are Methodology” used valueevery isusedtotheoretically marketis generated by value, aprojected calculating portfolio basedon achange inRiskFactors. To generatethemarket value, a “Full usedin stress tests is similar to the one used in calculating VaR. methodology risk Profit (P&L) or%returnThe portfolio andLoss underabnormal market conditions.Bloomberg inherent Alphastress themarket isusedfor risk intheportfolio testingtoevaluate The The datainthe VaR basisandcontains one modelisupdatedon year’s adaily market data. andasrequired on amonthly basis. beperformed testingwill Stress monthly. testingresults Back berecorded will andanalysed daily Market Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Lazard EmergingMarketsBondFund measure oftheFunds’ actual position. leverage netting andhedgingarrangements, iftakenintoaccount, may reduce ofleverage, thelevel may thiscalculation notprovide anaccurate may have inplace reduction atany though these nettingandhedgingarrangements are timeeven risk usedfor purposes. Asthese as isrequired by Regulations. theUCITS This figure doesnottakeintoaccount any nettingandhedgingarrangements thattheFunds figuresThe average ofleverage level provided below are asthesumofabsolutevaluenotionals used ofthederivatives calculated • future market conditions could vary significantly from those experienced inthepast. thoseexperienced from significantly • future market conditions couldvary • isarelative thanaprecise information rather andaccuratenumber; risk estimateofrisk • themarket price • the confidence interval chosen);the confidence and interval based methods, as such VaR, dependingon profits toexceed amount withafrequency andlossesare thereported almostcertain represents information the market outcome price andisnotintendedtobepredictive ahypothetical ofprobability- (inthecase inconditionsbetween markets ofmarket ofmarket andlevels liquidity stress maypatterns; bearnorelation tohistorical takeaccount ofthefact dataandcannot thatfuturethe modelsare movements, market basedon price historical correlations VaR (%) VaR (%) Lowest Lowest 0.43 0.59 0.43 0.80 0.49 1.06 0.50 0.06 0.20 0.71 0.91 0.63 1.17 0.67 VaR Limit(%) VaR Limit(%) utilisation of utilisation of Lowest Lowest 13.20 17.90 10.96 23.71 11.19 15.88 20.36 14.09 26.17 14.99 9.62 9.62 1.34 4.47 VaR (%) VaR (%) Highest Highest 1.70 2.14 1.16 1.94 1.62 2.59 1.32 1.30 1.01 1.05 2.98 1.46 1.96 1.17 Financial year ended31March 2019 VaR Limit(%) VaR Limit(%) utilisation of utilisation of Highest Highest (continued) 38.03 47.87 25.95 43.40 36.24 57.94 29.53 29.08 22.60 23.49 66.67 32.66 43.85 26.17 Average Average VaR (%) VaR (%) 0.75 1.20 0.80 1.45 0.99 1.87 0.98 0.89 0.53 0.85 1.29 0.94 1.55 0.90 VaR Limit(%) VaR Limit(%) utilisation of utilisation of Average Average 16.78 26.85 17.90 32.44 22.15 41.83 21.92 19.91 11.86 19.02 28.86 21.03 34.68 20.13

61 LAZARD GLOBAL INVESTMENT FUNDS PLC 62 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Market Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Rathmore Alternative Rathmore Lazard Lazard European Fund Alternative Lazard Global Hexagon EquityFund Lazard GlobalHexagon Lazard DiversifiedReturnFund Lazard EmergingMarketsDebtBlendFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsBondFund below provide theexposureThe tablesimmediately todifferent currencies asat31March 2019and31March 2018: management policy. source ofreturn, exposures are managed relative benchmark. totheappropriate For otherportfolios, there isnoexplicitcurrency- exposure. currency tozero) exchange contracts(orclose tomaintainzero For exposure currency which isacritical for thoseportfolios For ishedged out, risk currency inwhich portfolios ismanaged foreign by currency risk the currency regular rebalancing oftheforward foreign exchange currency contracts. denominated incurrencies otherthanitsown currency. Currencies forward losseson may awaycurrency alsomove insuch astocause relative toothercurrencies may changeinamannerthathasanadverse ofaFund's on effect thevalueofportion assetsthatare investment aswell ashedging. views Consequently, theFunds currency are thattheexchange ofitsreporting rate exposedtorisks investor). Furthermore, theFunds ofimplementing foreign exchange currency contractsthepurpose for may invest inforward The Funds may invest denominated in currencies in securities other than its functional (or, currency indeed, of the the currency (ii) Foreign Currency Risk tothePortfolioRefer ofInvestments heldon on eachFund. pagesdetailsofthefairvaluesecurities 87to130for were derivatives) designatedatfairvaluethrough (excluding at 31March profit 2019and31March ofthesecurities 2018all orloss. are limited. where ofdiversifiedthe construction market orindustry) exposures featuresascapitalisation portfolios (such tocertain As measurement entailstheactiveperformance management ofreturn, andcost. risk iscontrolled Relative-to-benchmark risk through basisinaccordanceon adaily withtherespective Fund’s investment objective, policiesandcore philosophy. The core philosophy oftotal investment impact have on will amaterial theFundsparticular isminimised. The Investment Managers manage theFunds’ market risk itsinvestments insecurities. from arising risk theportfolio,exposed tomarket Bydiversifying price changeofa thataprice therisk oritsissuer,the individualfinancial instrument tradedinthemarket. orfactorssimilarfinancial affecting instruments The Funds are risk), orcurrency interest risk rate from whetherthosechanges areby (otherthanthosearising market caused factors prices specific to ofchangesin fluctuatebecause thatthefairvalueorfutureflows will ofafinancial istherisk cash instrument risk Market price (i) MarketPriceRisk Lazard EmergingMarketsBondFund Fund Name Level ofLeverage eachFund for average ofleverage level Below isthedaily theone year ending31March during 2019and31March period 2018. South African Rand South African Polish Zloty Nigerian Naira New RussianRuble Mexican Peso Malaysian Ringgit Indonesian Rupiah Hungarian Forint Euro Czech Koruna Colombian Peso Brazilian Real 2019 Net Monetary Assets 2019 NetMonetary Average Levelof 31 March2019 Leverage (%) 2,310,216 175 145 173 200 183 97 99 72,085 - USD 31 ------Average Levelof 31 March2018 Indonesian Rupiah Lazard EmergingMarketsBondFund South African Rand South African Polish Zloty Nigerian Naira New RussianRuble Mexican Peso Malaysian Ringgit Hungarian Forint Euro Czech Koruna Colombian Peso Brazilian Real Leverage (%) 123 160 127 162 283 179 99 - Financial year ended31March 2019

(continued) 2018 Net Monetary Assets 2018 NetMonetary (62,288) 139,052 112,623 111,110 87,978 94,690 76,356 95,320 91,773 70,882 56,841 91,896 USD Turkish Lira Thai Baht Lazard EmergingMarketsLocalDebtFund Mexican Peso YenJapanese Indonesian Rupiah Indian Rupee Hungarian Forint Ghanaian Cedi Euro PoundEgyptian Czech Koruna British Pound Lazard EmergingMarketsTotal ReturnDebtFund PesoUruguayan Turkish Lira Thailand Baht Swiss Franc Rand South African Dollar Singapore Polish Zloty Philippine Peso Peruvian NuevoSol Nigerian Naira New TaiwanDollar New RussianRuble New RomanianLeu Mexican Peso Malaysian Ringgit Indonesian Rupiah Indian Rupee Hungarian Forint Ghanaian Cedi Euro PoundEgyptian Dominican Peso Czech Koruna Colombian Peso Chinese Yuan Chinese Renminbi Chilean Peso British Pound Brazilian Real Argentine Peso Brazilian Real Australian Dollar Argentine Peso (continued) Lazard EmergingMarketsBondFund (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc 2019 Net Monetary Assets 2019 NetMonetary 2019 Net Monetary Assets 2019 NetMonetary 2019 Net Monetary Assets 2019 NetMonetary 1,436,787,940 (12,959,586) 128,667,778 112,261,848 109,203,246 128,409,995 135,447,833 129,773,635 105,469,416 153,285,619 57,579,479 17,309,682 45,185,781 98,890,030 33,604,799 79,404,364 22,863,211 55,147,987 95,992,590 42,997,271 10,666,370 14,791,005 2,382,332 6,798,383 4,357,260 2,934,076 4,894,082 3,853,474 5,476,403 9,686,908 (31,310) 461,163 50,075 25,720 USD USD USD ------Turkish Lira Thai Baht Turkish Lira Philippine Peso Peruvian NuevoSol New TaiwanDollar New RussianRuble New RomanianLeu Malaysian Ringgit Euro Czech Koruna Colombian Peso Chilean Peso Lazard EmergingMarketsLocalDebtFund Japanese YenJapanese Indonesian Rupiah Indian Rupee Hungarian Forint Ghanaian Cedi Euro PoundEgyptian Czech Koruna British Pound PesoUruguayan Thailand Baht Swiss Franc Rand South African Dollar Singapore Polish Zloty Nigerian Naira Mexican Peso Indonesian Rupiah Indian Rupee Hungarian Forint Ghanaian Cedi PoundEgyptian Dominican Peso Chinese Yuan Chinese Renminbi British Pound Brazilian Real Argentine Peso Mexican Peso Brazilian Real Australian Dollar Lazard EmergingMarketsTotal ReturnDebtFund Argentine Peso (continued) Lazard EmergingMarketsBondFund Financial year ended31March 2019 (continued) 2018 Net Monetary Assets 2018 NetMonetary 2018 Net Monetary Assets 2018 NetMonetary 2018 Net Monetary Assets 2018 NetMonetary 661,687,841 117,684,104 (1,016,334) 47,492,172 20,368,249 65,494,689 34,927,935 15,341,700 58,541,799 11,481,630 43,605,224 34,611,187 77,781,041 64,501,275 12,124,554 10,038,674 17,629,378 12,832,740 1,141,663 1,520,231 4,999,105 5,538,189 4,232,730 6,218,542 5,672,366 2,225,506 4,824,447 2,622,100 3,827,491 3,242,949 8,087,727 (359,291) (84,139) (17,378) (50,328) (23,311) 235,127 972,586 (9,970) 84,883 90,547 82,110 8,510 5,931 1,600 USD USD USD - -

63 LAZARD GLOBAL INVESTMENT FUNDS PLC 64 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc (continued) Lazard EmergingMarketsTotal ReturnDebt Fund (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Turkish Lira Swiss Franc Korean WonSouth Rand South African Dollar Singapore Serbian Dinar Polish Zloty Philippine Peso Nigerian Naira Peruvian NuevoSol New TaiwanDollar New RussianRuble New RomanianLeu Lazard EmergingMarketsDebtBlendFund PesoUruguayan Uruguayan PesoUruguayan Turkish Lira Thailand Baht Swiss Franc Korean WonSouth Rand South African Dollar Singapore Polish Zloty Philippine Peso Peruvian NuevoSol Nigerian Naira New TaiwanDollar New RussianRuble New RomanianLeu Mexican Peso Malaysian Ringgit Ghanaian Cedi Euro PoundEgyptian Dominican Peso Czech Koruna Colombian Peso Chilean Peso Canadian Dollar British Pound Brazilian Real Argentine Peso Indonesian Rupiah Indian Rupee Hungarian Forint 2019 Net Monetary Assets 2019 NetMonetary 2019 Net Monetary Assets 2019 NetMonetary 178,588,862 450,835,791 221,071,576 (4,208,653) 10,500,048 15,689,906 16,574,035 15,518,684 19,556,541 14,007,778 19,145,969 11,206,272 13,512,088 26,693,127 18,503,088 20,163,219 1,122,884 1,205,733 8,571,715 5,107,989 6,449,316 4,260,452 1,217,191 7,800,343 6,102,754 1,267,601 1,826,068 (11,219) 573,420 225,311 56,973 1,394 2,175 USD USD 199 15 – – – – – – 6 4 - - - (continued) Lazard EmergingMarketsTotal ReturnDebt Fund Serbian Dinar Polish Zloty Philippine Peso Nigerian Naira Turkish Lira Swiss Franc Korean WonSouth Rand South African Dollar Singapore Peruvian NuevoSol New TaiwanDollar New RussianRuble New RomanianLeu Uruguayan PesoUruguayan Thailand Baht Swiss Franc Rand South African Polish Zloty New RussianRuble Mexican Peso Malaysian Ringgit Colombian Peso Brazilian Real Lazard EmergingMarketsDebtBlendFund Turkish Lira Korean WonSouth Dollar Singapore Philippine Peso Peruvian NuevoSol Nigerian Naira New TaiwanDollar New RomanianLeu Euro PoundEgyptian Dominican Peso Czech Koruna Chilean Peso Canadian Dollar British Pound Argentine Peso Uruguayan PesoUruguayan Indonesian Rupiah Hungarian Forint Ghanaian Cedi Indian Rupee Financial year ended31March 2019

(continued) 2018 Net Monetary Assets 2018 NetMonetary 2018 Net Monetary Assets 2018 NetMonetary 111,999,101 120,631,848 526,262,367 40,074,213 31,468,758 22,463,560 58,802,390 57,510,120 26,866,157 44,574,255 12,019,838 41,329,631 14,270,834 11,168,416 23,822,341 51,157,921 2,533,204 2,110,987 8,591,784 1,012,943 3,284,065 5,873,178 9,499,384 7,503,071 3,199,605 4,195,382 (625,607) (121,456) (750,387) (68,454) (18,069) (34,597) (39,459) 325,294 46,505 57,150 1,521 USD USD (94) 224 – – – – 6 - - Fund Lazard EuropeanAlternative Turkish Lira Thailand Baht Swiss Franc Swedish Krona South Korean WonSouth South African Rand South African Singapore Dollar Singapore Qatari Riyal Qatari Polish Zloty Philippine Peso Norwegian Krone New ZealandDollar New TaiwanDollar New RomanianLeu Mexican Peso Malaysian Ringgit Japanese YenJapanese Israeli Shekel Indonesian Rupiah Hungarian Forint Hong Kong Dollar Euro Fund* Lazard RathmoreAlternative Swiss Franc YenJapanese Euro Canadian Dollar British Pound Danish Krone Czech Koruna US Dollar Chinese Renminbi Swiss Franc Chilean Peso Swedish Krona Canadian Dollar Norwegian Krone British Pound Danish Krone Brazilian Real British Pound Australian Dollar Fund Lazard DiversifiedReturn (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Monetary Assets Monetary Monetary Assets Monetary 10,240,972 2,747,907 5,312,419 9,810,743 8,616,666 1,223,948 (162,473) 2019 Net 2019 Net (19,243) 109,289 (10,777) 334,542 451,495 811,647 125,282 229,577 (9,093) 59,595 42,665 19,843 41,059 73,082 15,302 14,531 1,402 6,103 1,897 1,336 2,746 7,291 3,386 (673) USD EUR 299 464 172 29 - - - Monetary Assets Monetary Monetary Assets Monetary 2019 2019 61,886,008 43,165,593 6,060,248 1,067,692 1,686,371 9,088,827 9,631,588 2019 Net Monetary Assets 2019 NetMonetary NetNon- NetNon- 156,748 225,691 114,382 141,737 260,738 117,718 461,996 641,657 147,776 348,459 31,086 60,556 90,546 55,037 34,950 31,191 81,449 38,743 88,741 25,271 14,454 93,405 36,467 7,387 USD EUR ------100,647,777 16,301,220 71,696,751 30,967,156 65,438,419 43,172,884 3,815,599 6,998,790 4,582,534 8,616,666 9,088,856 1,453,304 9,756,870 1,223,948 (492,669) (162,473) 2019 2019 266,037 231,794 173,977 161,580 260,738 154,531 106,941 152,337 334,542 913,491 162,307 578,036 11,843 61,958 90,546 (9,093) 97,702 35,249 72,250 39,207 88,913 25,271 29,756 94,741 39,853 Assets Assets 6,714 1,897 2,746 USD USD EUR Net Net Turkish Lira Thailand Baht Swiss Franc Swedish Krona South Korean WonSouth South African Rand South African Singapore Dollar Singapore Qatari Riyal Qatari Polish Zloty Philippine Peso Norwegian Krone New ZealandDollar New TaiwanDollar New RomanianLeu Mexican Peso Malaysian Ringgit Japanese YenJapanese Israeli Shekel Indonesian Rupiah Hungarian Forint Hong Kong Dollar Euro Danish Krone Czech Koruna US Dollar Chinese Renminbi Swiss Franc Chilean Peso Swedish Krona Canadian Dollar Norwegian Krone British Pound Danish Krone Brazilian Real British Pound Australian Dollar Fund Lazard EuropeanAlternative Fund Lazard DiversifiedReturn Financial year ended31March 2019 Monetary Assets Monetary Monetary Assets Monetary 14,172,601 20,169,721 13,685,811 1,345,507 2,022,689 5,068,589 2,568,634 1,509,249 1,800,247 2018 Net 2018 Net (15,013) 921,560 943,890 906,280 284,464 619,660 331,771 908,267 957,053 365,893 (continued) (6,919) (5,020) 26,672 92,376 9,369 1,623 (707) USD EUR (11) 389 (1) ------Monetary Assets Monetary Monetary Assets Monetary 2018 2018 14,108,994 63,512,392 19,761,429 31,307,775 3,673,029 3,146,459 3,283,663 1,377,374 9,159,525 1,787,665 NetNon- NetNon- 314,559 262,226 273,805 565,109 493,355 112,807 802,818 153,547 973,366 90,735 82,140 USD EUR ------28,281,595 83,682,113 13,685,811 24,830,018 31,400,151 1,486,669 1,399,635 1,436,242 3,699,701 5,169,148 4,240,716 3,946,008 9,159,524 3,296,914 2,773,613 2019 2019 323,928 255,307 258,792 943,890 284,464 619,660 112,807 331,771 802,111 153,936 908,267 365,893 (5,020) 82,140 Assets Assets 1,623 USD EUR Net Net (11) ------

65 LAZARD GLOBAL INVESTMENT FUNDS PLC 66 LAZARD GLOBAL INVESTMENT FUNDS PLC Total NetAssets Other netreceivables Cash at Bank Cash at Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethrough profitorloss assetsat Lazard EmergingMarketsDebtBlendFund Total NetAssets Other netpayables Cash at Bank Cash at Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard EmergingMarketsTotal ReturnDebtFund Total NetAssets Other netreceivables Cash at Bank Cash at Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard EmergingMarketsLocalDebtFund Total NetAssets Other netreceivables Cash at Bank Cash at Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard EmergingMarketsBondFund 2019 The interest profile rate ofthefinancial assetsandliabilitiesoftheFunds at31March 2019and31March 2018wasasfollows: basisinaccordancea daily withtherespective Fund’s investment objective, policiesandcore philosophy. interest, heldwithinthe Funds andtheir respective balances. cash The Investment Managers manages theFunds’ on interest risk rate prevailing interest rates. The Funds are through exposedtointerest risk investments withfixed rate insecurities of andfloatingrates of changes in that the fair value or fluctuate futurebecause flows will is of afinancialthe risk Interest cash risk instrument rate (iii) Interest RateRisk Bond 2019. Fund on launched 7January HighQuality Scandinavian ** Lazard Rathmore Alternative Fund* Lazard on launched 1May 2018. Swedish Krona Norwegian Krone Danish Krone Quality BondFund** Lazard ScandinavianHigh Lazard Global InvestmentFundsplc (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements 2019 Net Monetary Assets 2019 NetMonetary Up to1year Up to1year 197,198,050 Up to1year 186,052,856 Up to1year 19,243,721 13,412,421 52,240,141 19,082,179 33,157,962 11,145,194 5,831,300 106,174 106,174 291,815 170,991 USD USD USD USD 75,322 45,502 - - - - EUR - - - - - 248,883,418 248,946,986 70,078,618 70,078,618 48,256,488 48,256,488 1 -5years 1 -5years 1 -5years 1 -5years 2,413,278 2,413,278 (63,568) USD USD USD USD ------Financial year ended31March 2019 Over 5years Over 5years Over 5years Over 5years 269,274,014 269,274,014 841,626,348 841,626,348 95,702,816 96,200,419 9,246,376 9,246,376 (497,603) USD USD USD USD ------

(continued) Non-Interest Non-Interest Non-Interest Non-Interest (12,592,203) (3,445,596) (1,943,710) 29,127,514 38,950,833 6,526,539 8,512,763 1,459,372 1,348,866 2,768,884 (626,263) (31,419) 321,357 216,551 (48,496) 153,302 Bearing Bearing Bearing Bearing USD USD USD USD - - - - 1,316,835,330 1,279,395,074 365,122,892 346,643,304 195,573,182 178,963,735 (12,655,771) (3,445,596) 13,412,421 (2,441,313) 19,082,179 38,950,833 11,145,194 12,087,185 11,919,130 8,512,763 (31,419) 216,551 (48,496) Total Total Total Total USD USD USD USD - Total NetAssets Other netpayables Cash at Bank Cash at Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard ScandinavianHighQualityBondFund** Total NetAssets Other netpayables Cash at Bank Cash at Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard RathmoreAlternativeFund* Total NetAssets Other netreceivables Cash at Bank Cash at Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard EuropeanAlternativeFund Total NetAssets Other netreceivables Total NetAssets Cash at Bank Cash at Other netreceivables Cash at Bank Cash at Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Financial fairvaluethroughprofitorloss assetsat Lazard DiversifiedReturnFund Lazard EmergingMarketsBondFund 2019 (continued) (iii) Interest RateRisk(continued) Market Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc 2018 Bond 2019, Fund on launched 7January HighQuality therefore Scandinavian **Lazard there are nocomparatives thisFund for . Rathmore Alternative Fund*Lazard on launched 1May 2018, therefore there are nocomparatives thisFund. for Up to1year Up to1year 456,300,458 Up to1year 436,025,582 Up to1year Up to1year 69,993,552 65,962,103 20,274,876 6,707,788 4,708,219 1,999,569 4,031,449 4,726,349 4,143,285 278,865 202,624 583,064 76,241 USD USD USD EUR EUR ------27,439,271 27,439,271 1 -5years 1 -5years 1 -5years 1 -5years 1 -5years 9,096,829 9,096,829 6,968,445 8,629,711 6,968,445 8,629,711 USD USD USD EUR EUR ------Financial year ended31March 2019 Over 5years Over 5years Over 5years Over 5years Over 5years 31,453,500 31,453,500 18,868,088 18,868,088 22,407,105 22,407,105 8,405,036 8,405,036 USD USD USD EUR EUR ------(continued) Non-Interest Non-Interest Non-Interest Non-Interest Non-Interest (11,188,925) 204,179,382 176,381,835 (1,492,709) (1,597,744) (1,419,419) (1,818,931) 11,410,112 (5,383,750) 33,181,297 24,504,799 23,841,780 1,606,027 (943,008) (83,858) 320,325 (62,952) 383,277 Bearing Bearing Bearing Bearing Bearing 10,568 USD USD USD EUR EUR ------114,703,167 (11,188,925) 123,679,574 660,479,840 612,407,417 (1,419,419) 45,765,408 42,560,466 (1,818,931) (5,383,750) 33,181,297 20,274,876 44,604,629 31,636,006 39,798,325 31,113,057 4,708,219 4,031,449 1,606,027 4,143,285 (943,008) (83,858) (62,952) 383,277 202,624 Total Total Total Total Total USD USD USD EUR EUR

67 LAZARD GLOBAL INVESTMENT FUNDS PLC 68 LAZARD GLOBAL INVESTMENT FUNDS PLC Total NetAssets Other netreceivables Cash at Bank Cash at Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard EuropeanAlternativeFund Total NetAssets Other netreceivables Cash at Bank Cash at Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard DiversifiedReturnFund Total NetAssets Other netreceivables Cash at Bank Cash at Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard EmergingMarketsDebtBlendFund Total NetAssets Other netreceivables Cash at Bank Cash at Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard EmergingMarketsTotal ReturnDebt Fund Total NetAssets Other netreceivables Cash at Bank Cash at Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard EmergingMarketsLocalDebtFund Lazard Global InvestmentFundsplc (iii) Interest RateRisk(continued) Market Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements 2018 (continued) Investments on pages 87 to 130 for details of the monetary valuesrelating totheabove.Investments on pagesdetailsofthemonetary 87to130for ("FDIs")inadditionbalancesheldatthe Depositary.funds andfinancial tocash instruments derivative tothePortfolio Refer of it hasentered intowithaFund. The Funds’ anddebtsecurities, tradingequity investment from maincredit concentrations arise risk failto dischargeanobligation will orcommitment orissuertoafinancial that instrument that thecounterparty Credit istherisk risk Credit Risk 343,327,406 Up to1year 292,562,592 Up to1year 156,826,209 Up to1year 142,157,418 Up to1year 130,299,211 Up to1year 119,235,492 50,764,814 88,807,043 68,019,166 66,635,674 75,521,744 11,063,719 7,189,581 5,716,880 1,472,701 USD USD USD USD EUR ------251,894,446 251,894,446 183,756,081 183,756,081 11,472,521 11,472,521 68,954,884 68,954,884 1 -5years 1 -5years 1 -5years 1 -5years 1 -5years USD USD USD USD EUR ------Financial year ended31March 2019 Over 5years Over 5years Over 5years Over 5years Over 5years 694,719,991 694,719,991 221,154,035 221,351,854 420,258,249 420,258,249 15,036,154 15,036,154 (197,819) USD USD USD USD EUR ------

(continued) Non-Interest Non-Interest Non-Interest Non-Interest Non-Interest 164,395,936 142,804,280 (7,007,504) 28,599,160 40,866,101 (1,322,735) 38,111,906 22,104,029 (5,065,556) 25,755,667 (3,039,082) 25,312,444 (3,999,418) 27,411,835 4,076,930 1,413,918 3,250,598 4,448,042 1,841,638 1,900,027 Bearing Bearing Bearing Bearing Bearing USD USD USD USD EUR - - - - - 1,125,544,675 1,016,047,521 507,723,342 435,366,872 435,516,935 367,670,120 759,625,985 725,149,849 (7,007,504) 28,599,160 50,764,814 74,564,357 (1,322,735) 66,093,282 (5,065,556) 25,755,667 88,807,043 (3,236,901) 66,635,674 (3,999,418) 27,411,835 11,063,719 4,076,930 5,716,880 4,448,042 Total Total Total Total Total USD USD USD USD EUR 2018 No rating C rating B rating A rating Portfolio byratingcategory* 2019 (continued) No rating C rating B rating A rating Portfolio byratingcategory* No rating No rating C rating C rating B rating B rating A rating A rating Portfolio byratingcategory* Portfolio byratingcategory* the Depositary. on thePortfolio asdisclosed ofInvestments.counterparties Bankand Street State Trust Company for act astheGlobalSub-Custodian heldby and securities theFunds ofthecash excepttheFDI thatare all for held with are heldviatheDepositary Substantially Bond 2019, Fund on launched 7January HighQuality therefore Scandinavian *** Lazard there are nocomparatives thisFund. for RathmoreAlternative Fund** Lazard on launched 1May 2018, therefore there are nocomparatives thisFund. for * Moody’s credit rating. 2019 asat31March 2019and31Marchmoney market 2018: instruments The tablesbelow detailthePortfolio theFunds for ofInvestments invest which by infixed-income category rating and securities have beenreceivedsecurities by thebroker. failstomeettheirobligations. failifeitherparty 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 ofdefaultisconsideredThe risk Credit Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Lazard EmergingMarkets Lazard EmergingMarkets As at31March2019 As at31March2018 As at31March2018 As at31March2019 Lazard Diversified Lazard Diversified % ofInvestments % ofInvestments % ofInvestments % ofInvestments Return Fund Return Fund Bond Fund Bond Fund 100.00 100.00 100.00 100.00 20.38 79.62 13.42 86.58 85.67 78.59 5.79 2.61 7.16 9.59 1.38 9.21 - - - -

Lazard EmergingMarkets Lazard EmergingMarkets As at31March2019 As at31March2018 As at31March2018 As at31March2019 % ofInvestments % ofInvestments % ofInvestments % ofInvestments Lazard European Lazard European Alternative Fund Alternative Fund Local DebtFund Local DebtFund 100.00 100.00 100.00 100.00 43.46 56.54 47.82 52.18 64.85 49.16 35.15 50.84 ------

Lazard EmergingMarkets Lazard EmergingMarkets Total ReturnDebtFund Total ReturnDebtFund As at31March2019 As at31March2018 As at31March2019 Alternative Fund** % ofInvestments % ofInvestments % ofInvestments Lazard Rathmore 100.00 100.00 100.00 53.66 43.44 Financial year ended31March 2019 10.23 63.67 67.64 23.45 26.86 0.95 1.95 2.65 5.50 -

Lazard ScandinavianHigh Lazard EmergingMarkets Lazard EmergingMarkets As at31March2019 As at31March2018 As at31March2019 Quality BondFund** % ofInvestments % ofInvestments % ofInvestments Debt BlendFund Debt BlendFund (continued) 100.00 100.00 100.00 90.72 84.15 71.28 12.82 26.85 1.67 7.61 3.03 1.87 - - -

69 LAZARD GLOBAL INVESTMENT FUNDS PLC 70 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc of(ii)above. the case are limitedto10%ofNetExposures Asset toindividualcounterparties Value of(i)above and5%ofNet inthecase Asset Value in Regulations namely: assetoutintheUCITS criteria theirobligations andthatsettlementoftransactions may notoccur.not perform must meetthefollowing OTC All counterparties A Fund withwhom it trades, isexposedtoacrediton counterparties theover thecounter(“OTC”) risk may thatthesecounterparties manner: in thefollowing sectors. ongoingThe Investment ofthislist. monitoring Managers perform ismonitored risk on anongoing basis Counterparty/issuer The Investment Managers’ andrecognised rated dealersintheir limitedtothemosthighly isgenerally approved listofcounterparties or issuer exposure management is monitoredprogram within the Investmentrisk and managed Managers. by counterparty a formal The Funds ofsettlementdefault. beartherisk withwhomtrade andwill are they exposedtoacreditparties risk Counterparty/issuer Counterparty/Issuer Risk 31 March 2018. ofFinancialthe Statement Position on pages 29, 30, 31and32. There were nopastdueorimpaired assetsasof31March 2019and The extent of the Funds’ value as recorded exposure to credit in respect in risk of the financial statementsapproximates thecarrying course ofbusinessover theassetsofFunds. Corporation,Street isA1(31March 2018: Agency. A1)basedon theMoody'sRating hasageneral lieninthenormal The Depositary thattheFunds use.Depositary andGlobalSub-Custodian,The longcredit term oftheparent rating company oftheDepositary State tobe delayed orlimited.Depositary The Funds by andfinancial monitor thecredit theirrisk monitoring position quality ofthe the Funds’ may cause by theDepositary or insolvency Bankruptcy held by with respectandthe securities the rights tothecash risk. assets are segregated reduces andprotected counterparty andthisfurther the rights, with respect to those securities, are preserved. of the Depositary, orbankruptcy ofinsolvency Thus in the event the Funds’ The Funds’ identified on theaccounting separately records Bankand are Street securities always ofState Trust Company, therefore markets. behigherthaninorganisedsecurities and holdinginvestments markets generally insuch will sub-custodian, orimproper registration oftitle. retroactive oflegislation application andfraud byThe costsborne aFund ininvesting to recover some of its assets. any circumstances acts or omissions may include or the liquidation,Such of a orinsolvency bankruptcy developed, there involved markets. isatransaction indealingsuch andcustodyrisk circumstances, Incertain aFund may notbeable againstthirdtheir rights parties. Inaddition, astheFunds may invest inmarkets where are custodialand/orsettlementsystems notfully cases,all be able to establish title to investments made and may losses as a result. suffer The Funds may find it impossible to enforce ofasub-custodianorregistrar,In circumstances astheinsolvency such orretro-active oflegislation, application theFunds may not, in betreatedwill asageneralcreditor ofthefinancial institution inrelation holdingsoftheFunds. tocash to thecredit ofthefinancial risk institution where isdeposited. cash ofthefinancial institution, ofinsolvency Intheevent theFunds isidentifiable asbelonging totheFunds, heldby cash theglobalsub-custodianandDepositary While theFunds beexposed will Credit Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements (ii) (i) Acredit institution inaccordance Regulations, Bank UCITS withCentral or •  • • Measurement and monitoring of counterparty or issuer trade exposure - a daily review ofoutstandingpositions isperformed. review orissuertradeexposure -adaily Measurement ofcounterparty and monitoring financial statements. ofongoing activities, throughBroker avariety filings -performed and monitoring regulatory theassessmentofcertain including enforceable arrangementsandstandinginthefinancial community. ofthebroker’s areview process review thatincludes a formal creditworthiness, financial strength, toenterintolegally ability Approved tradingwithapproved broker permits brokers. only selection -thetradingsystem Newbrokers are added, subjectto rating ofA2orequivalent. rating Have aminimum credit ofA2or equivalent, rating orintheopinion oftheInvestment Managers, animpliedcredit minimum Financial year ended31March 2019

(continued) Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsLocalDebtFund Fund name 2018 Lazard Rathmore Lazard Rathmore Fund*** Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard DiversifiedReturnFund Lazard EmergingMarketsDebtBlendFund Lazard EmergingMarketsDebtBlendFund Lazard EmergingMarketsDebtBlendFund Lazard EmergingMarketsDebtBlendFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsLocalDebtFund Fund name 2019 exposure theFunds for asat31March 2019and31March 2018. investments are referenced accordingly atthebaseofPortfolio ofInvestments. detailsofOTC for thefollowing counterparty See Investments pledged by theFunds are ascollateral recognised atfairvalueintherelevantFund’s Portfolio ofInvestments andsuch andUBSAG Plc Royal BankofScotland respectively. and UBSAG Lynch, atthefinancial Merrill year endandissubjecttothecreditofBankAmerica risk BNPParibas, MorganStanley, contracts difference, for Lynch, Merrill isheldwithBankofAmerica thiscash BNPParibas, MorganStanley, Plc Royal BankofScotland Cash isalsodepositedby oron behalfoftheFunds withbrokers options, initialmarginpurposes for for openfutures contracts and European Alternative Fund Rathmore Alternative Fund andLazard respectively). Portfolio (pleaserefer ofInvestments topages reference only 143and151on for thePortfolio purposes ofInvestments Lazard for transactions”. of the Net Asset part does not form NonValue collateral cash of the Fund and is recorded at the base of each relevant isrecognised ofFinancialcollateral on theStatement Position within financial for instrument derivative heldascollateral “Broker cash in theownership oftherelevantFund andare recorded ofFinancial asanasseton theStatement Position. Cashpledged by aFund as heldon theFund. financial for instruments derivative behalf ofaFund with counterparties purposes collateral for assets remain Such transactions”. financial for instrument within derivative duetocounterparties “Broker cash AFund’s assetsmay bedepositedby oron transactions” financial for instrument derivative heldascollateral “Broker cash torepay andarelated isdisclosed liability thecollateral by aFund transactions is recorded financial for instrument ofFinancial derivative as collateral as anasseton the Statement Position within HSBC BankPlc, JPMorganChaseandCompany, MorganStanley, BankandUBSAG. Chartered Standard received cash Counterparty Lynch, Merrill isheldwithBankofAmerica Cash collateral BankPlc, Barclays CIBC World Markets, CitibankNA, GoldmanSachs, Counterparty/Issuer Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Client cashheld Client cashheld Client cashheld at brokerUSD at brokerUSD at brokerEUR (1,680,000) 13,840,000 1,110,000 9,120,000 4,619,000 2,760,000 2,546,306 2,880,000 1,940,000 2,490,000 2,970,000 (270,000) (350,000) (390,000) (180,000) (620,000) (660,000) 290,000 260,000 330,000 580,000 822,269 740,000 645,000 - - - collateral USD collateral USD collateral EUR 29,331,511 53,209,410 32,593,521 Non-cash Non-cash Non-cash ------Net exposure Net exposure Net exposure (1,055,426) (1,465,192) (1,784,428) (2,221,750) (2,509,952) 1,863,858 2,341,637 2,793,179 (246,497) (551,454) (442,932) (418,419) (493,465) (475,015) (972,577) (664,589) (42,912) 884,548 473,692 250,626 292,576 (92,349) 217,908 440,212 231,324 989,278 USD** USD** EUR** Financial year ended31March 2019 - UBS AG Standard CharteredBank JP MorganChaseandCompany HSBC BankPlc Goldman Sachs Bank of America MerrillLynch Counterparty BNP Paribas Morgan Stanley Bank of America MerrillLynch Counterparty Morgan Stanley UBS AG JP MorganChaseandCompany Barclays BankPlc Bank of America Merrill Lynch Morgan Stanley JP MorganChaseandCompany Goldman Sachs Bank of America Merrill Lynch UBS AG Standard CharteredBank Morgan Stanley JP MorganChaseandCompany HSBC BankPlc Goldman Sachs Citibank NA Barclays BankPlc Bank of America Merrill Lynch Counterparty (continued) Credit Rating* Credit Rating* Credit Rating* Aa3 Aa3 Aa3 Aa2 Aa2 Aa2 Aa2 Aa2 Aa2 Aa3 Aa2 A1 A3 A1 A3 A3 A3 A2 A2 A3 A2 A1 A1 A3 A2 A1 A2

71 LAZARD GLOBAL INVESTMENT FUNDS PLC 72 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard European Fund Alternative Lazard European Fund Alternative Lazard DiversifiedReturnFund Lazard EmergingMarketsDebtBlendFund Lazard EmergingMarketsDebtBlendFund Lazard EmergingMarketsDebtBlendFund Lazard EmergingMarketsDebtBlendFund Lazard EmergingMarketsDebtBlendFund Lazard EmergingMarketsDebtBlendFund Lazard EmergingMarketsDebtBlendFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard Global InvestmentFundsplc on andvolume information anongoing toprovide pricing basis. with sufficient frequency access atthevaluation date. occur An isamarket transactionstheassetorliability active inwhich for market theassetorliability for to hastheability 1inputsare entity inactive assetsorliabilitiesthatthereporting unadjusted quotedprices markets identical for Level The Company isrequiredfinancial assetsandfinancial toclassify liabilitiesatfair valuethrough profit orlossasfollows: Fair Value Measurement seeNote 12. Please The Funds may whenashareholder oftheissuedshareFunds. beexposedtoconcentration risk holdsasignificantportion capital Concentration Risk areFDIs which outlinedon thePortfolios ofInvestments at31March 2019orat31March 2018. relevant, ofFinancial intheStatement befound can Position. There are nofinancial dueover 3months liabilitiesthatfall exceptthe for redemptions interest. shares ofredeemable ofexpensesandbankoverdraft andpayment participating Detailsoftheseamountswhere The Funds’ financial within one payment month liabilities due for relate in the most part, purchases awaiting settlements, to security ended 31March 2019and31March 2018. The Funds toensure toborrow term settlement. have theability inshort No borrowings thefinancial such during years have arisen tothenextdealingday tosubsequentredemption andeffected requests orswitching ondealingday(s). thefollowing forward carried that dealingdaynotexceed shall 10%oftheNet Asset Value ofthatFund. Any redemption request orswitching soreduced be shall at thediscretion oftheDirectors, bereduced Fund pro ofsuch sothatthetotalnumberofShares rata redemption for on orswitching any Fund exceed 10%oftheNet Asset Value ofthatFund, eachredemption request orswitching inrespect Fund insuch ofShares may, business day subjecttorestrictions setoutintheprospectus. Iftotalrequests redemption for on and/orswitching any dealingday for of anythatinvestors Shares wishtosell. torequire have Shareholders theright theFunds toredeem intheFunds theirShares on any The Funds’ bereadily sold. can realisable which securities mainly assetscomprise oftheFundsThe mainliability istheredemption Liquidity Risk end. year as atthefinancial foreign exchange currency contracts andthecounterparties detailsoftheopenforward includes The Funds have anISDA Annex inplace thecounterparties. agreement withall and/orCredit Support The Portfolio ofInvestments RathmoreAlternative Fund*** Lazard on launched 1May 2018, therefore there are nocomparatives thisFund. for ** The netexposure asatfinancial represents year theunrealised end. ofthemark-to-market valuewiththecounterparty * Moody’s credit rating. Lazard EmergingMarkets Total ReturnDebtFund Fund name 2018 (continued) Counterparty/Issuer Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Client cashheld Client cashheld at brokerUSD at brokerEUR (6,000,000) 17,000,000 3,819,000 8,160,000 2,580,000 (550,000) (380,000) (330,000) 630,000 560,000 240,000 220,000 80,000 80,000 collateral USD collateral EUR 54,619,665 Non-cash Non-cash ------Net exposure Net exposure (1,042,811) 1,549,389 1,832,462 1,001,720 (148,066) (387,256) (401,637) (700,486) (144,920) (179,045) (203,502) 588,990 790,626 47,977 USD** EUR** Financial year ended31March 2019 Morgan Stanley Bank of America Merrill Lynch Counterparty Morgan Stanley UBS AG Standard CharteredBank JP MorganChaseandCompany Goldman Sachs Citibank NA Barclays BankPlc Bank of America MerrillLynch Standard CharteredBank JP MorganChaseandCompany Barclays BankPlc Counterparty Bank of America MerrillLynch

(continued) Credit Rating* Credit Rating* Aa3 A3 A3 A3 A1 A3 A1 A1 A1 A3 A1 A3 A1 A3 Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsBondFund 2018 Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsBondFund 2019 31 March 2018: tables provideThe following a breakdown of of each Fundthe financial instruments at 31 March 2019 and by valuation category inputtothefairvalue measurement 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 thefollowing: inputs include liability, orindirectly. either directly Fair through value is determined the use of modelsorother valuation methodologies. 2 Level the asset or for 2 inputs 1 arethat are within level in active inputs other observable than quoted prices markets included Level Fair Value Measurement (continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Unrealised lossonforwardforeigncurrency exchangecontracts Investments at fairvalue: Investments at Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised gainonforwardforeigncurrency exchangecontracts fairvalue: Investments at d) Inputs that are derived principally from or corroborated by observable market databy correlation orcorroborated by orothermeans. observable from d) Inputsthatare principally derived c) b) similarassetsorliabilitiesinactive for markets. prices a) Quoted Transferable Securities Transferable Securities 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 Level 1 Level 1 USD USD ------Financial year ended31March 2019 31,113,057 31,113,057 11,919,130 11,765,828 (62,952) (48,496) (62,952) (48,496) 153,302 Level 2 Level 2 USD USD (continued) 31,113,057 31,113,057 11,919,130 11,765,828 (62,952) (48,496) (62,952) (48,496) 153,302 Total Total USD USD

73 LAZARD GLOBAL INVESTMENT FUNDS PLC 74 LAZARD GLOBAL INVESTMENT FUNDS PLC Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsTotal ReturnDebtFund 2019 Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsLocalDebtFund 2018 Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard Global InvestmentFundsplc Lazard EmergingMarketsLocalDebtFund 2019 Fair Value Measurement (continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Unrealised gainonforwardforeigncurrency exchangecontracts Unrealised gainonopenfuturecontracts Options purchased at fairvalue Options purchasedat Interest Rate Swaps at positivefairvalue at Swaps Interest Rate Credit Default Swaps at positivefairvalue at Credit DefaultSwaps Investments at fairvalue: Investments at Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised lossonopenfuturecontracts Unrealised gainonforwardforeigncurrency exchangecontracts Options purchased at fairvalue Options purchasedat Interest Rate Swaps at positivefair value at Swaps Interest Rate fairvalue: Investments at Unrealised lossonforwardforeigncurrency exchangecontracts Options written at fairvalue Options writtenat Interest Rate Swaps at negative fairvalue negative at Swaps Interest Rate Unrealised gainonforwardforeigncurrency exchangecontracts Options purchased at fairvalue Options purchasedat Interest Rate Swaps at positivefairvalue at Swaps Interest Rate fairvalue: Investments at Transferable Securities Transferable Securities Transferable Securities (72,263) 139,500 139,500 (72,263) Level 1 Level 1 Level 1 USD USD USD ------Financial year ended31March 2019 1,279,395,074 1,271,714,967 (12,655,771) 178,824,235 175,807,198 725,149,849 720,842,750 (12,219,256) (3,927,155) (3,927,155) 1,075,108 2,407,072 1,940,166 4,911,223 (372,947) 781,244 428,122 924,440 883,231 824,919 (63,568) 828,718 Level 2 Level 2 Level 2 USD USD USD - -

(continued) 1,279,395,074 1,271,714,967 (12,655,771) 725,149,849 720,842,750 (12,219,256) (3,999,418) (3,927,155) 1,075,108 2,407,072 1,940,166 4,911,223 (372,947) (72,263) 824,919 (63,568) 828,718 Level 3 Total Total USD USD USD • ------178,963,735 175,807,198 781,244 139,500 428,122 924,440 883,231 Total USD Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsDebtBlendFund 2019 Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Total liabilities Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsTotal ReturnDebt Fund 2018 • Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Lazard EmergingMarketsTotal ReturnDebt Fund(continued) 2019 Fair Value Measurement (continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Islands, G3Exploration Ltd, had which afairvalueofUSDNil asat31March 2019. 3asat31MarchThe Fund 2019, thatare asLevel holdssecurities classified intheCayman bonds incorporated are they corporate Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised gainonforwardforeigncurrency exchangecontracts Interest Rate Swaps at positivefairvalue at Swaps Interest Rate fairvalue: Investments at Unrealised lossonforwardforeigncurrency exchangecontracts Credit Default Swaps at negative fairvalue negative at Credit DefaultSwaps Unrealised gainonforwardforeigncurrency exchangecontracts Options purchased at fairvalue Options purchasedat Interest Rate Swaps at positivefair value at Swaps Interest Rate Unrealised lossonforwardforeigncurrency exchangecontracts Credit Default Swaps at positivefairvalue at Credit DefaultSwaps Options written at fairvalue Options writtenat Investments at fairvalue: Investments at Credit Default Swaps at negative fairvalue negative at Credit DefaultSwaps Transferable Securities Transferable Securities Level 1 Level 1 Level 1 USD USD USD ------Financial year ended31March 2019 346,643,304 342,784,256 366,213,120 363,410,463 (3,445,596) (3,236,901) (2,441,313) (3,445,596) (3,039,082) (1,797,102) 1,459,372 2,399,676 (197,819) (146,608) (497,603) 913,927 927,711 816,257 144,762 Level 2 Level 2 Level 2 USD USD USD (continued) 346,643,304 342,784,256 (3,445,596) (3,445,596) 1,459,372 2,399,676 1,457,000 1,457,000 Level 3 Level 3 Total USD USD USD ------367,670,120 364,867,463 (3,236,901) (2,441,313) (3,039,082) (1,797,102) (197,819) (146,608) (497,603) 913,927 927,711 816,257 144,762 Total Total USD USD

75 LAZARD GLOBAL INVESTMENT FUNDS PLC 76 LAZARD GLOBAL INVESTMENT FUNDS PLC Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard DiversifiedReturnFund 2018 Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard DiversifiedReturnFund 2019 Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard Global InvestmentFundsplc Lazard EmergingMarketsDebtBlendFund 2018 Fair Value Measurement (continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised lossoncontractsfordifference Total fairvalue negative at ReturnSwaps Unrealised gainonforwardforeigncurrency exchangecontracts Unrealised gainoncontractsfordifference Investment Funds fairvalue: Investments at Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised lossoncontractsfordifference Total fairvalue negative at ReturnSwaps Unrealised gainonforwardforeigncurrency exchangecontracts Unrealised gainonopenfuturecontracts Unrealised gainoncontractsfordifference Investment Funds fairvalue: Investments at Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised gainonforwardforeigncurrency exchangecontracts Interest Rate Swaps at positivefairvalue at Swaps Interest Rate fairvalue: Investments at Transferable Securities Transferable Securities Transferable Securities 27,317,964 27,317,964 17,417,212 17,412,978 Level 1 Level 1 Level 1 4,234 USD USD USD ------Financial year ended31March 2019 1,016,047,521 1,012,023,653 (1,322,735) (5,065,556) (1,088,159) 38,775,318 10,432,231 27,981,376 22,381,113 15,956,545 (5,065,556) 6,131,292 1,413,918 2,609,950 (943,008) (109,442) (125,134) (180,347) (233,633) (529,028) 191,228 170,483 206,973 Level 2 Level 2 Level 2 86,303 USD USD USD -

(continued) 1,016,047,521 1,012,023,653 (1,322,735) (5,065,556) (1,088,159) 66,093,282 10,432,231 55,299,340 39,798,325 33,369,523 (5,065,556) 6,131,292 1,413,918 2,609,950 (943,008) (109,442) (125,134) (180,347) (233,633) (529,028) 191,228 170,483 206,973 86,303 4,234 Total Total Total USD USD USD Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard RathmoreAlternativeFund* 2019 Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EuropeanAlternativeFund 2018 Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EuropeanAlternativeFund 2019 Fair Value Measurement (continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Unrealised gainonforwardforeigncurrency exchangecontracts Options purchased at fairvalue Options purchasedat Unrealised gainoncontractsfordifference fairvalue: Investments at Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised lossonopenfuturecontracts Unrealised lossoncontractsfordifference Unrealised gainonforwardforeigncurrency exchangecontracts Unrealised gainoncontractsfordifference fairvalue: Investments at Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised lossonopenfuturecontracts Unrealised lossoncontractsfordifference Unrealised gainonforwardforeigncurrency exchangecontracts Unrealised gainonopenfuturecontracts Unrealised gainoncontractsfordifference fairvalue: Investments at Transferable Securities Transferable Securities Transferable Securities 134,337,532 134,337,532 170,952,375 170,427,140 (1,115,714) (1,115,714) 1,701,424 (138,935) (138,935) 702,825 998,599 525,235 Level 1 Level 1 Level 1 USD EUR EUR ------Financial year ended31March 2019 121,978,150 112,269,462 301,029,340 292,562,594 441,455,042 436,025,583 (6,868,569) (4,268,036) (6,823,120) (4,267,759) 9,497,153 8,363,378 5,401,440 132,455 (45,449) 103,368 Level 2 Level 2 Level 2 79,080 28,019 (277) USD EUR EUR - - - (continued) 123,679,574 113,268,061 435,366,872 426,900,126 612,407,417 606,452,723 (7,007,504) (5,383,750) (6,823,120) (1,115,714) (4,267,759) 9,497,153 8,363,378 5,401,440 (138,935) 132,455 781,905 (45,449) 103,368 525,235 28,019 (277) Total Total Total USD EUR EUR

77 LAZARD GLOBAL INVESTMENT FUNDS PLC 78 LAZARD GLOBAL INVESTMENT FUNDS PLC Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard ScandinavianHighQualityBondFund** 2019 Total liabilities Lazard Global InvestmentFundsplc 2, inputsare withinlevel classified by sources observable pricing supported bonds and over-the-counter derivatives. theseinclude Financial thatdonothave butare quotedmarket prices valuedbasedon instruments market prices, dealerquotations oralternative listed equitiesandexchange traded derivatives. The Funds theseinstruments. for donotadjust thequotedprice Investments, whosevalues are basedon inactive quotedmarket prices markets, andtherefore 1, withinlevel classified active include as at31March 2018. Islands, intheCayman bond incorporated isacorporate 3security level 3GExplorationLtd, had which afair valueofUSD1,457,000 inputs. usingunobservable itwaspriced 3because asLevel 3asat31March 2018 wasclassified The asLevel classified The security Nil asat31March 2019. Islands, in the Cayman bonds incorporated are 3 securities corporate The level G3 Exploration Ltd, had which a fair value of USD inputs. were they usingunobservable 3because priced 3asat31March 2019were asLevel classified asLevel classified The securities EmergingMarketsheld on Lazard Total DebtFund Return thefinancial during year ended31March 2018. Debt Fund thefinancial during year heldon theFunds ended31March 3securities 2019andnolevel withtheexception ofasecurity There were heldon theFunds 3securities nolevel EmergingMarkets withtheexceptionheldon Lazard ofsecurities Total Return Bond 2019, Fund on launched 7January HighQuality therefore Scandinavian ** Lazard nocomparatives thisFund. for Rathmore Alternative Fund* Lazard on launched 1May 2018, therefore there are nocomparatives thisFund. for Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Lazard RathmoreAlternativeFund*(continued) 2019 Fair Value Measurement (continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised lossonopenfuturecontracts Unrealised gainonforwardforeigncurrency exchangecontracts fairvalue: Investments at Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised lossonopenfuturecontracts Options written at fairvalue Options writtenat Unrealised lossoncontractsfordifference Transferable Securities (60,210) (98,550) (60,210) (13,550) (85,000) Level 1 Level 1 USD EUR ------Financial year ended31March 2019 (11,090,375) (10,962,345) 42,560,466 42,549,898 (128,030) (23,648) (23,648) Level 2 Level 2 10,568 USD EUR - - -

(continued) (11,188,925) (10,962,345) 42,560,466 42,549,898 (128,030) (83,858) (23,648) (60,210) (13,550) (85,000) 10,568 Total Total USD EUR Lazard Rathmore Lazard Rathmore Fund* Alternative Lazard European Fund Alternative Lazard DiversifiedReturnFund Fund Lazard European Fund Alternative The following table provides an analysis ofthecurrency, tableprovidesThe following ananalysis asat31March 2019and31March ofcollateral 2018. andquality type Fund tenorofthecontracts difference for andtotalreturn swapsasat31March 2018. ofmaturity tableprovidesThe following ananalysis Fund tenorofthecontracts difference for andtotalreturn swapsasat31March 2019. ofmaturity tableprovidesThe following ananalysis and 31March 2018. of contracts difference for and total return swap as at 31 March 2019 each type used for table details the counterparties The following respectively.tri-party arewhich financing engaged in securities transactions at this date are contracts difference for andtotalreturn swaps, are which settled Below isthemarket financing valueofassetsengaged insecurities transactions asat31March 2019and31March 2018. The assets inthenotestofinancial statements. included 2017 detailing the Fund's financing use of securities transactions and total return swaps. As aresult, additional have been disclosures amongst otherrequirements, requirements introduces disclosure new 13January intheCompany's financial statementspublishedafter FinancingSecurities 2016and,Transactions intoforce on came 12January Regulation (Regulation (EU)2015/2365)(“SFTR”) Regulation (EU)No 648/2012, requires investment UCITS companies on toprovide information theusemade thefollowing ofSFTs. financing 13ofRegulation ofsecurities transactions (EU)2015/2365on ("SFTs") transparency andofreuseArticle andamending 10. SecuritiesFinancingTransactions Regulation Notes totheFinancialStatements Lazard Global InvestmentFundsplc Lazard Rathmore Lazard Rathmore Fund* Alternative Fund Lazard DiversifiedReturnFund Fund Lazard DiversifiedReturnFund Lazard DiversifiedReturnFund Lazard European Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard Rathmore Lazard Rathmore Fund** Alternative Lazard Rathmore Lazard Rathmore Fund* Alternative Currency Currency Currency Currency USD USD USD EUR EUR USD USD USD EUR EUR EUR Less than1day Less than1day Government Government Bank of America Bank Morgan Stanley Morgan Stanley Collateral Counterparty Merrill Lynch BNP Paribas Bonds Bonds Type Name Currency - - - - - Collateral Quality/Rating 1 daytoweek 1 daytoweek Investment 86,686,452 29,471,925 USD USD EUR 31 March2019 31 March2019 grade United Kingdom United Kingdom United Kingdom Establishment Country of Country and Wales and Wales and Wales (1,465,191) Fair Value - - - - - (554,261) France 1,133,681 investment 31 March2019 Below grade 1 weekto 1 weekto

- - month month % ofNetAssets (1,449,953) Fair Value (554,261) - - - - - 841,105 292,576 rated 1 to3months 1 to3months Not (1.28) (1.25) Value Financial year ended31March 2019 0.17 - - Government Bank of America Bank Collateral Morgan Stanley Counterparty - - - - - Merrill Lynch Bonds Type (1,042,810) 3 monthsto1 3 monthsto1 Fair Value 1,540,258 - Name 31 March2018 (continued) Collateral Quality/Rating Investment 54,619,665 - - year year - 31 March2018 31 March2018 grade - - - - - United Kingdom United Kingdom Establishment % ofNetAssets Greater than1 Greater than1 - Country of Country and Wales and Wales investment (1.41) Value 0.31 year year Below - - grade

------(1,042,810) (1,465,191) (1,042,810) Maturity** Maturity** Fair Value 1,540,258 1,133,681 1,540,258 (554,261) rated Open Open Not - - - -

79 LAZARD GLOBAL INVESTMENT FUNDS PLC 80 LAZARD GLOBAL INVESTMENT FUNDS PLC The following table lists the ten largest collateral issuersasat31March tableliststhetenlargest 2019and31MarchThe following collateral 2018. 2019 (31March 2018: USD396,491). andamountsofUSD267,706were thefinancial paidfor year ended31March Fry andtheSecretary paidto secretarial fees William Limited (the Accordingly,“Secretary”). hasabeneficial interest DanielMorrissey undertheIrish Companies Act 2014inlegaland and whoalsoprovide totheCompany). GlobalForeign Registration Services Secretarial Fry own of Wilton The partners William Fry (theCompany’s isaDirector of oftheCompany Daniel Morrissey legaladvisers andisalsoapartner William astoIrish Law fees. These Company's Directors are alsoDirectors oftheManager. groupLazard aswell asDirectors oftheCompany. MichaelAllen, Andreas Hübner andJeremy Taylor are notentitledtoany Directors' Andreas Hübner andJeremy Taylor are timeexecutives, full andupto28June2019, timeexecutive, wasafull MichaelAllen ofthe 3 tothefinancial statements. held by theManager andthe Promoter. transactions withtheManager andDirectorsinNote related are material party included All ofparvalue£1.00 each. Shares shareoftheCompanyThe authorised capital wastwo Subscriber are Shares The two Subscriber 12. RelatedPartyTransactions For theotherFunds, there commission thefinancial were arrangementsduring year nosoft ended31March 2019or31March 2018. these Funds, including execution clients on transactions all all for and is satisfied that these arrangements are of benefit to these Funds. Diversified Fund Return European andLazard AlternativeFund. The Investment Managersendeavour timestoobtainbest will at all transactions relating totheinvestments including ofLazard The Investment Managers places businesswiththesecounterparties third parties. may beeithermarket research orberelated totheexecutionThese services oftradeson behalfofclients. suppliedtothembythe dealingcommissions thebroker paidtothemisuseddischarge thecostofinvestment orby related services accordance withcommon market investment practice for managers, entered intodealingarrangementswithbrokers whereby of part In relation Diversified toLazard Fund Return European andLazard Alternative Fund, the Investment ManagerstheCompany, for in 11. SoftCommissionArrangements innetgain/(loss)on financial assetsatfair valuethroughincluded profit ofComprehensive orlossintheStatement Income. The returns andcostsofthecontractsdifference for andtotalreturn swapsheldby theFunds identified andare beseparately cannot datesubjecttoInvestment Managers' discretion. datethanthematurity ** outatanearlier beclosed These contracts can Rathmore Alternative Fund* Lazard on launched 1May 2018. Fund asat31March 2018. tenorofthecollateral ofthematurity tableprovidesThe following ananalysis Lazard Global InvestmentFundsplc Fund asat31March 2019. tenorofthecollateral ofthematurity tableprovidesThe following ananalysis 10. SecuritiesFinancingTransactions Regulation(continued) Notes totheFinancialStatements BNP Paribas Morgan Stanley Bank of America MerrillLynch Collateral Issuers Lazard European Fund Alternative Lazard European Fund Alternative Lazard Rathmore Lazard Rathmore Fund* Alternative Currency Currency USD EUR EUR 54,197,702 32,488,750 31 March Lazard European Alternative Fund Less than1day Less than1day 2019 EUR - - - - 26,148,973 1 daytoweek 1 daytoweek 31 March 2018 - - - - - 29,471,925 31 March Alternative Fund** Lazard Rathmore 1 weekto 1 weekto 24,501,324 2019 USD month month - - - - 1 to3months 1 to3months 31 March 32,488,750 10,910,058 Financial year ended31March 2019 1,647,649 2018 - - - 3 monthsto1 3 monthsto1 54,197,702 18,561,867

(continued) year year - Greater than1 Greater than1 year year - - - Open Maturity Open Maturity - - - Lazard DiversifiedReturnFund Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard LLC Asset Management Lazard LLC Asset Management Lazard DiversifiedReturnFund Limited Lazard &CoServices Lazard Limited Asset Management Lazard GroupLLC Lazard PacificAsset Management Co Lazard LLC Asset Management Lazard LLC Asset Management Lazard LLC Asset Management Investor Name 2018 Lazard LLC Asset Management Lazard DiversifiedReturnFund Lazard LLC Asset Management Lazard LLC Asset Management Lazard LLC Asset Management Lazard LLC Asset Management Lazard DiversifiedReturnFund Lazard GroupLLC Lazard LLC Asset Management Lazard Limited Asset Management Limited Lazard &CoServices Flexible Lazard Strategie Lazard LLC Asset Management Lazard PacificAsset Management Co Lazard GroupLLC Lazard LLC Asset Management Lazard Limited Asset Management Limited Lazard &CoServices Lazard LLC Asset Management Lazard LLC Asset Management Lazard LLC Asset Management Lazard LLC Asset Management Investor Name 2019 As at31March 2019, entitiesheldinvestments thefollowing intheCompany: thefinancialrespectively for year ended31March 2019(31March 2018: USD2,045and9,953respectively). andMLRO directors ofUSDNil Limitedfor support andUSD9,727 madeGlobalFinancialpayments toCarne services Services Limitedwhoprovided andMLRO directors totheManagerGlobal Financial andtheCompany. support services Services There were John Donohoe wasaDirector oftheCompany untilhisresignation effective 5August andgroup 2017andisafounder CEOofCarne 12. RelatedPartyTransactions (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Lazard European Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard DiversifiedReturnFund Lazard DiversifiedReturnFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsBondFund Lazard EmergingMarketsBondFund Fund Name HighQualityBondFund Lazard Scandinavian Lazard Rathmore Fund Alternative Lazard Rathmore Fund Alternative Lazard Rathmore Fund Alternative Lazard Rathmore Fund Alternative Lazard Rathmore Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard DiversifiedReturnFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsBondFund Lazard EmergingMarketsBondFund Fund Name Financial year ended31March 2019 21,778,994 31,928,579 16,740,585 20,391,880 3,724,808 2,571,838 5,195,885 5,114,697 1,690,763 1,629,474 2,732,341 3,840,568 5,232,123 353,850 121,644 722,438 225,720 180,974 119,953 389,146 785,403 124,485 46,170 56,740 10,104 27,949 17,669 37,465 42,241 50,259 13,088 12,144 11,962 27,695 Value Value 9,167 (continued) 103 Currency Currency USD USD USD USD USD USD USD USD USD USD AUD USD USD USD USD USD USD USD USD USD AUD USD USD USD USD USD GBP EUR EUR EUR CHF EUR EUR EUR EUR EUR % ofNAV % ofNAV of each of each 29.21 16.17 37.71 10.99 44.22 Fund Fund 0.09 0.04 0.04 0.05 0.00 0.01 0.00 0.23 0.73 0.01 0.51 0.07 0.16 1.19 0.01 0.17 0.05 7.33 0.00 1.76 1.69 0.04 0.41 0.03 0.58 0.02 0.21 0.42 0.07 0.00 0.00

81 LAZARD GLOBAL INVESTMENT FUNDS PLC 82 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Opening cost 31 March2019 2018: Issues andredemptions andtherelated ofShares realised thefinancial gainsandlossesfor year ended31March 2019and31March Redeemable Participating Shareholders. ofComprehensiveStatement Income, ofFinancial Statement Position ofChanges inNet to andStatement AssetsAttributable theumbrella thetotalcolumnfor fundin The impact ofthebelow cross-investment transactions hasbeeneliminated from totheseclasses.attributable Rathmore Alternative FundUSD Classon Lazard thatwasbeinginvested into, sotherefore there were chargedtotheassets nofees Fund intothethree respective Funds, itwastheMAcc European USDHedged Classon Alternative Lazard Fund MAcc and shares Rathmore Alternative Fund inLazard atthefinancial year end. Asaresult ofthecrossinvestment by Diversified Lazard Return 47,631 shares), hold23,846shares EmergingEuropean inLazard Alternative Fund (31March 2018: 34,010shares) hold16,259 and DiversifiedLazard Fund Return didnotholdany shares EmergingMarkets inLazard Total DebtFund Return (31March 2018: 13. Cross-Investments Notes totheFinancialStatements Redemption ofshares Issue ofshares Prior unrealisedgain/(loss)onfinancialassetsandliabilitiesthroughtheprofitlossaccount (fair valueofinvestmentslessclosing costs) Current unrealisedgainonfinancialassetsandliabilitiesthroughtheprofitlossaccount Fair valueofinvestments Closing cost Net realisedgain/(loss)infinancialassetsandliabilitiesthroughtheprofitlossaccount Opening cost 31 March2018 (movement inunrealisedgain/(loss)plusnetrealisedgain/(loss)) Net increaseinnetassetsfromoperations (current unrealisedlesspriorunrealised) Movement inunrealisedgain/(loss)onfinancialassetsandliabilitiesthroughtheprofitlossaccount (movement inunrealisedgain/(loss)plusnetrealisedgain/(loss)) Net increaseinnetassetsfromoperations (current unrealisedlesspriorunrealised) Movement inunrealisedgain/(loss)onfinancialassetsandliabilitiesthroughtheprofit lossaccount Prior unrealisedgain/(loss)onfinancialassetsandliabilitiesthroughtheprofitlossaccount (fair valueofinvestmentslessclosing costs) Current unrealisedgainonfinancialassetsandliabilitiesthroughtheprofitlossaccount Fair valueofinvestments Closing cost Net realisedgain/(loss)infinancialassetsandliabilitiesthroughtheprofitlossaccount Redemption ofshares Issue ofshares Markets Total Return Markets Total Return Financial year ended31March 2019 (4,956,725) Debt Fund Debt Fund 4,992,221 1,706,567 5,186,844 4,992,221 3,285,654 Emerging Emerging (230,119) (194,623) (35,496) 194,623 153,403 153,403 194,623 Lazard Lazard 41,220 USD USD ------

(continued) (1,145,000) Alternative Alternative 3,588,334 2,726,091 2,553,025 1,500,000 3,725,841 3,588,334 2,088,334 European European 109,691 173,066 137,507 145,250 137,507 Lazard Lazard 35,559 50,362 87,145 87,145 Fund Fund EUR EUR - - - (1,200,000) Alternative Rathmore 2,811,274 1,690,027 1,629,915 Lazard 18,641 60,113 60,113 78,754 Fund USD - - During thefinancial year ended31March 2019,During ofShares. were distributions paidonclass thefollowing 14. Distributions Notes totheFinancialStatements Lazard Global InvestmentFundsplc The above distributions were paid to the Shareholders of that class intherelevantFund wereThe above distributions ofthatclass paid totheShareholders on 2018. 9April 2019. Debt Fund per share ofUSD368,920withDistribution ofUSD1.5798, on waspaidtotheShareholders 28March thisdistribution On 22March 2019, on there MDistAUD declared wasadistribution EmergingMarkets on Hedged Lazard share class Total Return intherelevantFund wereThe above distributions ofthatclass paidtotheShareholders on 5October2018. 3 April2018 Ex Date: 1 October2018 Ex Date: M DistAUDHedged M DistAUDHedged X DistGBPHedged EA DistEURHedged A DistGBPHedged A DistGBPHedged D DistEURHedged D DistEURHedged A DistEURHedged A DistEURHedged EA DistGBP P DistUSD K DistEUR F DistGBP A DistGBP A DistUSD A DistGBP A DistUSD K DistEUR Fund Fund 1,137,252 2,285,242 1,013,927 Amount Amount 11,109 9,660 1,923 4,228 USD USD Lazard Emerging Lazard Emerging Markets Local Markets Local ------Distribution Distribution Debt Fund Debt Fund per Share per Share 2.4454 1.9489 1.0586 1.0681 1.7654 2.1246 1.5917 ------1,946,267 1,469,752 2,276,878 981,694 513,679 499,872 Amount Amount 87,296 Return DebtFund Return DebtFund USD USD Lazard Emerging Lazard Emerging ------Markets Total Markets Total Distribution Distribution per Share per Share 1.3575 1.5617 1.8255 1.8142 1.7655 2.7976 2.2045 ------16,110,308 15,296,149 368,565 Amount Amount 59,613 4,849 4,569 Lazard Emerging Lazard Emerging USD USD 489 473 Markets Debt Markets Debt ------Blend Fund Blend Fund Distribution Distribution per Share per Share 3.8217 3.0362 3.5255 3.6591 2.9404 2.5843 3.3218 2.5117 ------Amount Financial year ended31March 2019 Lazard Rathmore Alternative Fund USD 415 ------Distribution per Share 0.0307 (continued) ------

83 LAZARD GLOBAL INVESTMENT FUNDS PLC 84 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc thefinancial year ended31March 2018,During ofShares. were distributions paidonclass thefollowing 14. Distributions(continued) Notes totheFinancialStatements The above distributions were paid to the Shareholders of that class intherelevantFund wereThe above distributions ofthatclass paid totheShareholders on 2017. 7April 3 April2017 Ex Date: Fund Name thefinancial year ended31March 2019,During were launched. classes thefollowing 15. SignificantEventsDuringTheFinancialYear intherelevantFund wereThe above distributions ofthatclass paidtotheShareholders on 7October2017. 2 October2017 Ex Date: Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard European Fund Alternative Lazard Rathmore Lazard Rathmore Fund Alternative M DistAUDHedged M DistAUDHedged A DistGBPHedged A DistGBPHedged D DistEURHedged D DistEURHedged A DistEURHedged A DistEURHedged A DistGBP A DistUSD A DistGBP A DistUSD K DistEUR K DistEUR Fund Fund 1,011,698 1,541,788 Amount Amount USD USD Lazard Emerging Lazard Emerging 644 754 Markets Local Markets Local ------Distribution Distribution Debt Fund Debt Fund per Share per Share 1.7154 1.6660 1.8881 1.8848 ------2,047,921 1,506,603 826,333 564,178 790,527 535,717 Share Class P DistUSD USD P Acc B Acc EURHedged X DistGBPHedged C Acc EURHedged B DistEUR EA Acc GBPHedged USD M Acc EA DistGBPHedged EA DistUSD EA DistEURHedged EA Acc EURHedged EA Acc CHFHedged USD EA Acc A Acc EURHedged A Acc GBPHedged A Acc CHFHedged USD A Acc Amount Amount Return DebtFund Return DebtFund USD USD Lazard Emerging Lazard Emerging ------Markets Total Markets Total Distribution Distribution per Share per Share 1.5260 1.1363 1.9321 1.3201 1.7993 0.9315 ------15,028,308 329,970 263,680 354,212 Amount Amount 1,719 2,008 3,251 Lazard Emerging Lazard Emerging USD USD 645 Markets Debt Markets Debt ------Blend Fund Blend Fund Distribution Distribution per Share per Share 2.8017 1.3778 2.6138 2.3543 2.7608 2.4495 2.4850 2.4872 Launch Date 5 July2018 5 July2018 8 May2018 1 May2018 2018 4 April 14 December2018 12 November2018 1 May2018 1 May2018 1 May2018 1 May2018 1 May2018 1 May2018 1 May2018 1 May2018 1 May2018 1 May2018 1 May2018 ------Financial year ended31March 2019

(continued) There were thefinancial during year. noothersignificant events Effective 30 January 2019,Effective 30January Company’s Prospectus were thefollowing: andSupplements amendedfor Bond 2019. Fund on launched 7January HighQuality Scandinavian Lazard Effective 15June2018, DebtFund theCompany’s EmergingMarkets wasamended. Local Lazard for Supplement RathmoreAlternative FundLazard on launched 1May 2018. resigned asaDirector Smith oftheCompany andJeremy William Taylor wasappointedasaDirector oftheCompany on2018. 30April Effective 26March 2018, theCompany’s Rathmore Alternative Fund Lazard for Supplement wasamended. Fund Name thefinancial year ended31March 2019,During redeemed. were fully classes Share thefollowing HighQualityBondFund Lazard Scandinavian Fund Name 15. SignificantEventsDuringTheFinancialYear (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Lazard EmergingMarkets Total ReturnDebtFund Lazard DiversifiedReturnFund Lazard European Fund Alternative xi) x) ix) viii) vii) vi) v) iv) iii) ii) i) the addition of a concentration risk factor to the Supplement for Lazard Scandinavian High Quality Bond Fund. HighQuality Scandinavian Lazard for the addition factor ofaconcentration totheSupplement risk amendments tothePerformance Fee European Lazard Alternative Fund; for section oftheSupplement invest listedortraded on theRegulatedMarkets insecurities ofRussia; Debt Fund EmergingMarketsEmerging Markets andLazard Local Total DebtFund Return to toprovideflexibility for an amendmenttotheInvestment Policy EmergingMarkets Bond Lazard Fund, for section oftheSupplement Lazard class intheShare disclosure Typesamendments totheXclass Supplements; section ofcertain of M classes; to reflect price Price the initial offer Initial Supplements Offer section of certain class amendments to the Share share new classes; theaddition ofcertain have beenupdatedtoinclude Supplements various Connect; inChinaviaStock dealing insecurities Diversified Lazard Fund for Return theadditionfactor,Supplements ofarisk hasbeenamendedtoinclude inrespect of Appendix IVoftheCompany’s Prospectus hasbeenamendedtoreflect listofsub-delegatestheDepositary; oftheCompany’sAppendix III Prospectus hasbeenamendedtoreflectInvestment new andBorrowing Restrictions; Appendix IoftheCompany’s Prospectus Exchanges andRegulatedMarkets; hasbeenamendedtoreflect Stock new Connect; inChinaviaStock dealing insecurities Protection Regulation, Political Risk, Risk, Securities Rated Downgrading orLow Market RiskandRiskslinkedwith Equity factors totheRiskFactors risk new ofthefollowing the inclusion section: Risksrelating totheEuropean Data General Share Class EA DistEUR A DistEUR Share Class M Acc USD M Acc A Acc GBPHedged AP Acc USD AP Acc EA Acc EURHedged GBP C Acc C DistGBPHedged C Acc CHFHedged Termination Date 2019 7 January 2019 7 January Launch Date 16 July2018 5 June2018 07 January 2019 07 January 29 August 2018 29 August 2019 14 January 2018 21 August 2018 16 August Financial year ended31March 2019 (continued)

85 LAZARD GLOBAL INVESTMENT FUNDS PLC 86 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc intherelevant Fundwere ofthatclass paidtotheShareholders are on2019anddetailsofthesedistributions 9April asfollows: Blend DebtFund, EmergingMarketson Local Lazard EmergingMarkets Lazard Total DebtFund, Return EmergingMarkets Debt Lazard bereflectedwill intheNet Asset Value oftherelevant accumulating class. Share were Distributions on thebelow declared share classes beaccumulated will an accumulatingandreinvested class Share intherelevantFund and onofthatclass behalf oftheShareholders isanaccumulating which ofShare notbepaidinrespectclass. will Distributions ofany class Income andprofits, ifany, to attributable 16. SignificantEventsSinceTheFinancialYear End Notes totheFinancialStatements Published NAV (inaccordancewiththeProspectus) feeswrittenoff Organisational NAV perfinancialstatements Lazard ScandinavianHighQualityBondFundat31March2019 Published NAV (inaccordancewiththeProspectus) feeswrittenoff Organisational NAV perfinancialstatements Lazard RathmoreAlternativeFundat31March2019 are inlinewith the NAV inaccordance ascalculated with theProspectus (publishedNAV). (published NAV). The NAV Funds perthefinancialofotherLazard all statementsfor asat31March 2019and31March 2018 these fees, there isadifference intheNAV perthefinancial statementsandtheNAV inaccordance ascalculated withtheProspectus organisational have fees beenexpensedtotheFund inlinewithFRS intheirentirety 102. tothedifference inthetreatment of Due over the first and 60 amortised months of the Funds. of the lifetime However, of these financial statements, the purpose for the oftheprofessionalas thefees advisers totheFunds (establishmentexpenses)notexceeding USD100,000are by borne theFund Bond Fund, Rathmore Alternative HighQuality Fund andexpensesofestablishingLazard fees All Scandinavian andLazard aswell 17. ReconciliationOfFinancialStatementsNAV To PublishedNAV There were since thefinancial noothersignificant events year end. was appointedtotheAudit Committee on 25June2019. theAudit resignedMichael Allen asaDirectorCommittee on oftheCompany 25June2019. andalsoresigned from Jeremy Taylor The financial statementswere approved by theDirectors 2019. on 3July 18. Approval OfTheFinancialStatements 1 April2019 Ex Date: A DistGBPHedged X DistGBPHedged D DistEURHedged A DistEURHedged Scandinavian High Quality Bond Fund 2018 to 31 March 1 April 2019. in respectFund High Quality of the year from Scandinavian and Lazard These EA DistEUR A DistUSD A DistGBP P DistUSD K DistEUR F DistGBP A DistEUR Fund 2,985,256 986,877 113,205 25,695 Amount USD Lazard Emerging ------Markets Local Distribution Debt Fund per Share 2.3401 2.2467 1.9278 1.4933 ------1,357,605 707,002 110,709 Amount Return DebtFund USD Lazard Emerging ------Markets Total Distribution per Share 1.6758 3.1464 114,784,932 114,703,167 2.0229 45,789,304 45,765,408 ------23,896 81,765 Total Total USD EUR 45,957 Amount 6,025 4,877 Lazard Emerging 519 USD ------Markets Debt Blend Fund Distribution per Share 0.5559 3.2233 3.5458 4.0700 ------Lazard Scandinavian 93,560 Amount Financial year ended31March 2019 EUR 31 ------High Quality Bond Fund Distribution per Share 0.2068 0.1777

------(continued) Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsBondFund Portfolios ofInvestments Fixed IncomeSecurities97.34%(2018:98.35%) Transferable Securities97.34%(2018:98.35%) Amount Principal Angola 1.89%(2018:2.15%) Cayman Islands0.82%(2018:2.05%) Canada 1.59%(2018:0.63%) British VirginIslandsNil(2018:0.10%) Brazil 3.02%(2018:4.77%) Bolivia Nil(2018:0.27%) Belize 0.06%(2018:0.08%) Belarus Nil(2018:0.63%) Azerbaijan 1.71%(2018:1.30%) Armenia Nil(2018:0.18%) Argentina 5.12%(2018:8.46%) 200,000 140,000 150,000 200,000 105,000 140,000 150,000 200,000 88,000 42,061 45,000 45,000 65,000 25,000 48,000 35,000 69,000 95,000 12,000 7,010 01/04/2025 First QuantumMineralsLtd7.500% Brazil Government5.000%27/01/2045 Brazil Government4.625%13/01/2028 Bonds Government Caixa EconomicaFederal 3.500%07/11/2022 Azerbaijan Republic4.750%18/03/2024 Argentina Government8.280%31/12/2033 Argentina Government8.280%31/12/2033 Argentina Government7.625%22/04/2046 Argentina Government7.500%22/04/2026 Argentina Government7.125%28/06/2117 Argentina Government7.125%06/07/2036 Argentina Government6.875%26/01/2027 Argentina Government6.625%06/07/2028 Argentina Government5.625%26/01/2022 Argentina Government4.625%11/01/2023 Argentina Government2.500%31/12/2038 Bonds Government 27/07/2023 Generacion MediterraneaSA9.625% Angola Government9.500%12/11/2025 Bonds Government SA 6.875%06/02/2024 Comcel TrustCelulares Comunicaciones Via Corporate Bonds Corporate Bonds Corporate Bonds Belize Government4.938%20/02/2034 Bonds Government Bonds Government Corporate Bonds Fair Value 191,681 365,743 129,500 147,418 207,000 619,890 113,471 128,452 228,250 88,825 34,192 35,487 89,116 33,264 50,066 19,723 41,472 28,752 40,054 99,036 5,841 7,080 USD %of NAV 1.59 3.02 1.07 0.73 1.22 1.71 5.12 0.28 0.05 0.29 0.74 0.28 0.41 0.94 0.16 0.34 0.24 0.33 1.06 1.89 0.82 0.06

Fixed IncomeSecurities97.34%(2018:98.35%)(continued) Transferable Securities97.34%(2018:98.35%) (continued) Ghana 1.11%(2018:0.74%) Gabon Nil(2018:0.63%) El Salvador 0.98%(2018:2.54%) 3.90%(2018:5.03%) Egypt Ecuador 3.47%(2018:2.56%) Dominican Republic3.51%(2018:3.48%) Czech RepublicNil(2018:0.18%) Croatia Nil(2018:0.10%) Costa Rica2.12%(2018:2.57%) Colombia 2.90%(2018:2.09%) Chile 1.90%(2018:0.92%) Amount Principal 130,000 295,000 170,000 200,000 200,000 245,000 210,000 100,000 110,000 105,000 120,000 10,000 30,000 23,000 15,000 18,000 17,000 70,000 90,000 70,000 35,000 20,000 45,000 Ghana Government8.125%18/01/2026 Bonds Government El SalvadorGovernment8.625%28/02/2029 El SalvadorGovernment8.250%10/04/2032 El SalvadorGovernment7.650%15/06/2035 El SalvadorGovernment7.625%01/02/2041 El SalvadorGovernment6.375%18/01/2027 El SalvadorGovernment5.875%30/01/2025 Bonds Government Government8.500%31/01/2047 Egypt Government5.875%11/06/2025 Egypt Bonds Government Ecuador Government9.650%13/12/2026 Ecuador Government9.625%02/06/2027 Bonds Government Dominican Republic6.500%15/02/2048 Dominican Republic6.000%19/07/2028 Dominican Republic5.950%25/01/2027 Bonds Government Costa RicaGovernment5.520%23/08/2023 Costa RicaGovernment5.520%10/11/2021 Bonds Government Colombia Government7.375%18/09/2037 Colombia Government6.125%18/01/2041 Colombia Government5.625%26/02/2044 Colombia Government5.000%15/06/2045 Colombia Government4.500%28/01/2026 Bonds Government Chile Government3.860%21/06/2047 Chile Government3.240%06/02/2028 Bonds Government Financial year ended31March 2019 Fair Value 133,900 117,480 471,100 302,375 168,725 419,910 210,460 209,450 425,889 257,862 257,131 194,932 350,010 118,110 116,160 229,804 107,284 122,520 11,145 32,475 24,035 15,431 17,766 16,628 72,937 95,090 62,199 45,842 22,580 47,318 USD %of NAV 1.11 0.98 0.09 0.27 0.20 0.13 0.15 0.14 3.90 2.50 1.40 3.47 1.74 1.73 3.51 0.60 0.79 2.12 2.12 0.51 1.61 2.90 0.38 0.98 0.19 0.39 0.96 1.90 0.89 1.01

87 LAZARD GLOBAL INVESTMENT FUNDS PLC 88 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsBondFund(continued) Portfolios ofInvestments Indonesia 4.77%(2018:1.91%) 1.05%(2018:0.22%) Hungary Honduras 0.45%(2018:0.64%) Guatemala 0.44%(2018:0.54%) Kenya 1.68%(2018:2.02%) Kazakhstan Nil(2018:0.63%) Jordan Nil(2018:0.93%) Jamaica 0.96%(2018:1.16%) Coast0.81%(2018:0.78%) Ivory Israel 0.30%(2018:0.11%) Ireland Nil(2018:2.26%) Iraq 1.35%(2018:0.64%) Fixed IncomeSecurities97.34%(2018:98.35%)(continued) Transferable Securities97.34%(2018:98.35%) (continued) Amount Principal 200,000 165,000 200,000 100,000 160,000 28,000 28,000 50,000 50,000 55,000 85,000 50,000 60,000 10,000 30,000 35,000 25,000 35,000 15/05/2027 Perusahaan ListrikNegaraPT4.125% Corporate Bonds Government7.625%29/03/2041 Hungary Government5.750%22/11/2023 Hungary Government5.375%21/02/2023 Hungary Bonds Government Honduras Government7.500%15/03/2024 Bonds Government Government4.375%05/06/2027 Guatemala Bonds Government Indonesia Government5.125%15/01/2045 Indonesia Government4.750%11/02/2029 Indonesia Government4.750%08/01/2026 Indonesia Government4.125%15/01/2025 Bonds Government Kenya Government 8.250%28/02/2048 Kenya Bonds Government Jamaica Government8.000%15/03/2039 Jamaica Government7.875%28/07/2045 Jamaica Government7.625%09/07/2025 Jamaica Government6.750%28/04/2028 Bonds Government CoastGovernment6.375%03/03/2028 Ivory Bonds Government 30/12/2025 Delek & Avner Tamar BondLtd5.412% Corporate Bonds Iraq Republic6.752%09/03/2023 Bonds Government Fair Value 126,640 576,709 174,535 196,520 116,276 202,979 163,200 41,572 31,004 54,064 54,927 53,433 90,568 53,497 61,589 12,060 36,202 40,070 27,944 97,875 35,788 USD %of NAV 1.05 0.34 0.26 0.45 0.45 0.44 4.77 0.75 0.44 1.44 0.51 1.63 0.96 0.10 0.30 0.33 0.23 0.81 0.30 1.68 1.35

Fixed IncomeSecurities97.34%(2018:98.35%)(continued) Transferable Securities97.34%(2018:98.35%) (continued) Amount Principal Lebanon 2.12%(2018:4.46%) Mexico 2.04%(2018:4.21%) Malaysia Nil(2018:0.29%) Nigeria 2.63%(2018:1.65%) Netherlands 0.04%(2018:3.40%) Namibia 0.44%(2018:0.17%) Mozambique 1.44%(2018:0.51%) Morocco 1.77%(2018:Nil) Mongolia 0.66%(2018:0.67%) Oman 1.55%(2018:1.20%) 26,000,000 (continued) 122,000 200,000 200,000 200,000 200,000 60,000 70,000 30,000 13,000 50,000 12,000 30,000 55,000 80,000 30,000 95,000 30,000 50,000 4,375 Lebanon Government6.000%27/01/2023 Bonds Government Lebanon Government6.100%04/10/2022 Lebanon Government6.200%26/02/2025 Lebanon Government6.600%27/11/2026 Lebanon Government6.375%09/03/2020 3.800% 11/08/2026 Banco NacionaldeComercioExteriorSNC Corporate Bonds Lebanon Government6.650%03/11/2028 Petroleos Mexicanos6.500%02/06/2041 Nigeria Government7.625%21/11/2025 Bonds Government 7.000% 17/08/2019 Republic of Angola Via NorthernLightsIIIBV Bonds Government Namibia Government5.250%29/10/2025 Bonds Government 18/01/2023 Mozambique Government10.500% Bonds Government Morocco Government5.500%11/12/2042 Bonds Government Mongolia Government5.125%05/12/2022 Bonds Government Mexico Government4.350%15/01/2047 Bonds Government Petroleos Mexicanos6.625%15/06/2035 Nigeria Government7.875%16/02/2032 Mexico Government5.750%12/10/2110 Oman Government5.375%08/03/2027 Bonds Government 04/04/2019 Nigeria Treasury Bill-Zerocoupon Financial year ended31March 2019 Fair Value 257,131 213,750 174,543 214,000 246,106 316,995 186,750 51,375 60,960 24,675 98,087 12,579 49,188 27,268 52,938 80,170 28,200 90,012 31,275 51,438 71,970 9,455 4,367 USD %of NAV 0.43 0.50 0.20 0.81 0.10 0.41 2.12 0.08 0.23 0.44 0.66 0.23 0.74 1.77 1.44 1.77 0.04 0.26 2.04 0.43 2.63 0.60 1.55

Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsBondFund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments Pakistan 1.06%(2018:0.66%) Senegal 0.78%(2018:0.30%) Saudi Arabia1.61%(2018:Nil) Russia 1.66%(2018:1.95%) Qatar 1.71%(2018:Nil) Poland 0.46%(2018:0.29%) Philippines 2.11%(2018:Nil) Peru 3.08%(2018:0.88%) Paraguay 1.82%(2018:1.21%) Panama 3.02%(2018:1.30%) Fixed IncomeSecurities97.34%(2018:98.35%)(continued) Transferable Securities97.34%(2018:98.35%) (continued) Amount Principal 200,000 200,000 200,000 125,000 110,000 215,000 120,000 10,000 25,000 80,000 45,000 45,000 62,000 50,000 55,000 30,000 90,000 55,000 53,000 50,000 35,000 30,000 90,000 Saudi Government3.250%26/10/2026 Russian Federation 5.250%23/06/2047 Government4.000%14/03/2029 Qatar Philippines Government7.750%14/01/2031 Philippines Government6.375%23/10/2034 Philippines Government3.750%14/01/2029 Philippines Government3.000%01/02/2028 Peru Government7.350%21/07/2025 Peru Government6.550%14/03/2037 Peru Government5.625%18/11/2050 Peru Government4.125%25/08/2027 Panama Government4.500%16/04/2050 Panama Government4.500%15/05/2047 Panama Government4.000%22/09/2024 Panama Government3.875%17/03/2028 Pakistan Government8.250%15/04/2024 Bonds Government Senegal Government6.250%30/07/2024 Bonds Government Bonds Government Bonds Government Bonds Government Poland Government3.000%17/03/2023 Bonds Government Bonds Government Bonds Government 30/10/2021 Union Andina deCementos SA5.875% Corporate Bonds Paraguay Republic6.100%11/08/2044 Paraguay Republic5.600%13/03/2048 Paraguay Republic5.400%30/03/2050 Paraguay Republic4.700%27/03/2027 Bonds Government Bonds Government Fair Value 194,625 200,825 206,549 254,913 123,750 371,613 120,285 365,824 223,893 128,228 219,662 14,115 33,345 83,703 56,655 60,768 79,918 52,347 58,219 31,365 93,712 55,428 53,987 56,750 37,605 31,350 93,957 USD %of NAV 1.61 1.66 1.71 2.11 0.12 0.28 0.69 1.02 3.08 0.47 0.50 0.66 1.00 3.02 0.43 0.48 0.26 1.85 1.06 0.78 0.46 0.45 1.82 0.47 0.31 0.26 0.78

Fixed IncomeSecurities97.34%(2018:98.35%)(continued) Transferable Securities97.34%(2018:98.35%) (continued) Amount Principal Ukraine 3.43%(2018:4.64%) Turkey 3.55%(2018:4.06%) Trinidad andTobago Nil(2018:0.33%) Thailand Nil(2018:0.28%) Suriname 0.08%(2018:0.10%) Sri Lanka2.70%(2018:2.31%) Spain 2.16%(2018:Nil) South Africa2.51%(2018:3.95%) Uruguay 1.79%(2018:1.36%) United Kingdom1.34%(2018:1.21%) (continued) 200,000 165,000 135,000 125,000 250,000 110,000 150,000 160,000 100,625 74,750 75,000 60,000 10,000 25,000 10,000 45,000 15,000 50,000 20,000 70,000 50,000 88,422 25,145 55,000 9,625 Ukraine Government7.750%01/09/2020 Ukraine Government7.375%25/09/2032 Bonds Government Turkey Government7.250%23/12/2023 Turkey Government6.625%17/02/2045 Turkey Government6.125%24/10/2028 Turkey Government6.000%25/03/2027 Turkey Government5.750%11/05/2047 Turkey Government5.625%30/03/2021 Bonds Government Suriname Republic9.250%26/10/2026 Bonds Government Sri LankaGovernment6.850%03/11/2025 Sri LankaGovernment6.750%18/04/2028 Sri LankaGovernment6.250%27/07/2021 Sri LankaGovernment6.250%04/10/2020 Sri LankaGovernment5.875%25/07/2022 Sri LankaGovernment5.750%18/01/2022 Bonds Government AI CandelariaSpainSLU7.500%15/12/2028 Corporate Bonds South Africa Government5.650%27/09/2047 South Africa Government4.875%14/04/2026 Bonds Government Eskom HoldingsSOCLtd5.750%26/01/2021 Corporate Bonds Uruguay Government4.375%23/01/2031 Uruguay Government4.375%27/10/2027 Bonds Government 22/01/2025 Ukreximbank Via BizFinance Plc9.750% Corporate Bonds Ukraine Government7.750%01/09/2027 Ukraine Government7.750%01/09/2022 Ukraine Government7.750%01/09/2021 Financial year ended31March 2019 Fair Value 178,800 429,751 142,973 123,891 325,406 123,673 261,250 303,287 105,080 148,500 162,400 413,555 74,668 75,640 54,562 24,719 45,575 15,263 50,790 20,045 70,060 49,707 92,733 26,553 51,425 99,090 7,966 9,880 9,572 USD %of NAV 0.62 1.48 3.55 0.63 1.18 0.45 1.02 0.20 2.70 0.38 1.02 0.13 0.42 0.17 0.58 2.16 2.51 0.87 0.41 1.23 0.07 0.08 0.77 0.22 1.34 3.43 0.43 0.82 0.08

89 LAZARD GLOBAL INVESTMENT FUNDS PLC 90 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsBondFund(continued) Portfolios ofInvestments 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 Fixed IncomeSecurities97.34%(2018:98.35%)(continued) Transferable Securities97.34%(2018:98.35%) (continued) Amount Principal Open ForwardForeignCurrency ExchangeContracts0.87%(2018:(0.20)%) Financial Derivative Instruments0.87%(2018:(0.20)%) Date Maturity Derivative Instruments Total Value ofInvestmentsexcluding Financial Total Transferable Securities Total FixedIncomeSecurities Zambia Nil(2018:1.93%) Venezuela 3.87%(2018:1.73%) Uruguay 1.79%(2018:1.36%)(continued) 131,000 102,000 120,000 183,800 103,301 103,000 94,000 79,000 69,000 77,000 59,000 87,000 65,000 41,000 44,000 60,000 40,000 25,500 16,000 50,000 90,000 Venezuela Government12.750%23/08/2022 Venezuela Government11.950%05/08/2031 Venezuela Government11.750%21/10/2026 Venezuela Government9.375%13/01/2034 Venezuela Government9.250%07/05/2028 Venezuela Government9.250%15/09/2027 Venezuela Government9.000%07/05/2023 Venezuela Government8.250%13/10/2024 Venezuela Government7.750%13/10/2019 Venezuela Government7.650%21/04/2025 Venezuela Government7.000%31/03/2038 Venezuela Government6.000%09/12/2020 Bonds Government 17/02/2022 Petroleos de Venezuela SA12.750% 17/05/2035 Petroleos de Venezuela SA9.750% 17/11/2021 Petroleos de Venezuela SA9.000% 27/10/2020 Petroleos de Venezuela SA8.500% 15/11/2026 Petroleos de Venezuela SA6.000% 16/05/2024 Petroleos de Venezuela SA6.000% 12/04/2037 Petroleos de Venezuela SA5.500% 12/04/2027 Petroleos de Venezuela SA5.375% Corporate Bonds Uruguay Government5.100%18/06/2050 Bonds(continued) Government USD 13,081,778 USD 457,384 USD 114,434 USD 49,035 USD 156,461 USD 8,953 EUR 249,144 EUR 14,006,152 Bought Amount EUR 11,503,892 EUR 406,021 EUR 101,014 EUR 43,134 EUR 138,869 EUR 7,873 USD 285,277 USD 15,787,385 Sold Amount 11,765,828 11,765,828 11,765,828 Gain/(Loss) Fair Value Unrealised 468,491 215,698 (43,277) 150,424 41,265 29,140 32,640 26,662 20,872 24,832 36,450 55,600 17,258 25,882 18,850 12,198 12,375 16,950 10,900 22,822 24,147 24,076 11,812 96,412 (5,219) 3,760 USD 982 885 548 360 103 USD %of (0.36) (0.04) 97.34 97.34 97.34 NAV % of 1.25 0.01 0.01 0.00 0.00 0.00 3.87 0.34 0.24 0.27 0.22 0.17 0.21 0.30 0.46 0.14 0.21 0.16 0.10 0.10 0.14 0.09 0.19 0.20 0.20 0.03 0.10 1.79 0.80 NAV

Total FinancialDerivative Instruments exchange contracts Net unrealisedgainonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange fixed incomesecurities. ofissuerforgovernmenttype fixedincomesecuritiesandcountry issuer forcorporate Fixed ofthe incomesecuritiesareprimarilyclassified ofincorporation bythecountry Bank and Trust Company. The counterpartyfortheopenforwardforeigncurrency Street exchangecontractsisState Total Assets Other assets instruments Over thecounterfinancialderivative Transferable market securitiesotherthanthosedealtinonanotherregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets(unaudited) NetAssets OtherNetAssets(2018:1.85%) Total Investments(2018:98.15%) Date Maturity Open ForwardForeignCurrency ExchangeContracts0.87%(2018:(0.20)%)(continued) Financial Derivative Instruments0.87%(2018:(0.20)%)(continued) (continued) Bought Amount Financial year ended31March 2019 Sold Amount 12,087,185 11,870,634 Gain/(Loss) Unrealised Fair Value (48,496) 104,806 104,806 153,302 216,551 % ofTotal assets USD USD 100.00 100.00 (0.40) 90.86 98.21 % of % of 0.87 0.87 1.27 3.71 1.24 4.19 1.79 NAV NAV Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsLocalDebtFund Portfolios ofInvestments Fixed IncomeSecurities96.57%(2018:94.89%) Transferable Securities96.57%(2018:94.89%) Amount Principal Hungary 1.09% (2018:1.56%) Hungary Ghana 0.00%(2018:0.32%) Nil(2018:0.50%) Egypt Dominican Republic0.28%(2018:0.41%) Czech Republic2.88%(2018:2.00%) Colombia 6.04%(2018:7.38%) China 0.07%(2018:0.12%) Chile 2.77%(2018:1.51%) Brazil 0.17%(2018:1.19%) Argentina 0.07%(2018:2.62%) 2,015,730,000 2,015,730,000 1,660,530,000 7,905,000,000 7,905,000,000 12,970,000,000 12,970,000,000 109,819,000,000 109,819,000,000 56,915,000,000 56,915,000,000 47,660,000,000 26,685,000,000 215,450,000 107,340,000 466,740,000 12,200,000 18,600,000 75,600,000 76,900,000 56,650,000 6,000,000 2,225,000 170,000 70,000 Ghana Government24.500%22/04/2019 Ghana Government19.950%06/05/2019 Hungary Government6.000%24/11/2023 Hungary Government2.500%24/10/2024 Hungary Bonds Government Bonds Government Dominican Republic16.950%04/02/2022 Dominican Republic15.950%04/06/2021 Dominican Republic10.500%07/04/2023 Dominican Republic8.900%15/02/2023 Bonds Government Czech Republic4.200%04/12/2036 Czech Republic3.750%12/09/2020 Czech Republic2.500%25/08/2028 Bonds Government Colombia Government10.000%24/07/2024 Colombia Government7.500%26/08/2026 Colombia Government7.000%30/06/2032 Colombia Government6.000%28/04/2028 6.000% 01/01/2043 Bonos dela Tesoreria delaRepublica Government Bonds Government China Government3.250%22/05/2019 Bonds Government 5.000% 01/03/2035 Bonos dela Tesoreria delaRepublica Bonds Government 6.000% 15/08/2050 Brazil Notasdo Tesouro NacionalSerieB Government Bonds 17/10/2026 Argentine Bonosdel Tesoro 15.500% Bonds Government 14,466,508 37,995,931 11,683,685 21,506,294 79,449,695 21,262,813 16,136,576 33,519,052 36,419,899 23,792,975 12,626,924 Fair Value 8,482,988 5,983,520 3,737,944 1,543,036 1,494,406 4,805,952 8,531,254 2,277,882 284,410 416,092 894,125 984,871 46,073 13,446 32,627 USD %of NAV 0.00 0.00 0.00 1.09 0.64 0.45 0.28 0.02 0.03 0.12 0.11 2.88 0.89 0.36 1.63 6.04 1.61 1.23 0.65 2.55 2.77 1.81 0.07 0.96 0.17 0.07

Indonesia 12.87%(2018:8.48%) India Nil(2018:0.63%) Malaysia 5.29%(2018:4.55%) Coast0.25%(2018:Nil) Ivory Peru 6.54%(2018:2.65%) Nigeria Nil(2018:0.29%) Netherlands Nil(2018:0.23%) Mexico 12.69%(2018:9.93%) Fixed IncomeSecurities96.57%(2018:94.89%)(continued) Transferable Securities96.57%(2018:94.89%) (continued) Amount Principal 1,182,731,000 1,182,731,000 262,973,000,000 262,973,000,000 126,538,000,000 291,678,000,000 213,287,000,000 114,998,000,000 758,271,000,000 150,015,000,000 350,290,000,000 132,510,000 194,400,000 324,728,000 160,715,000 723,370,000 419,761,000 80,550,000,000 80,550,000,000 24,050,000 59,950,000 19,600,000 41,510,000 44,167,000 22,050,000 52,070,000 77,340,000 12,350,000 (continued) 2,810,000 8,250,000 9,490,000 6,400,000 6,641,000 Government Bonds Government Malaysia Government3.795%30/09/2022 Malaysia Government3.418%15/08/2022 Bonds Government 31/10/2019 African DevelopmentBank25.000% Corporate Bonds Indonesia Government9.000%15/03/2029 Indonesia Government8.750%15/05/2031 Indonesia Government8.375%15/03/2034 Indonesia Government8.375%15/09/2026 Indonesia Government8.375%15/03/2024 Indonesia Government8.125%15/05/2024 Indonesia Government7.500%15/08/2032 Indonesia Government7.000%15/05/2022 Indonesia Government5.625%15/05/2023 Malaysia Government3.844%15/04/2033 Peru Government6.350%12/08/2028 Peru Government5.700%12/08/2024 Bonds Government Fondo MiviviendaSA7.000%14/02/2024 30/10/2020 Banco deCreditodelPeru 4.850% Corporate Bonds Mexico Government10.000%20/11/2036 Mexico Government10.000%05/12/2024 Mexico Government8.500%31/05/2029 Mexico Government7.750%13/11/2042 Mexico Government7.750%29/05/2031 Mexico Government7.250%09/12/2021 Mexico Government6.500%09/06/2022 Malaysia Government4.642%07/11/2033 Malaysia Government4.254%31/05/2035 Malaysia Government3.955%15/09/2025 Malaysia Government3.882%10/03/2022 Government Bonds Government Petroleos Mexicanos7.470%12/11/2026 America MovilSABdeCV6.000%09/06/2019 Corporate Bonds Financial year ended31March 2019 169,518,402 167,197,879 14,650,121 20,055,385 21,102,617 15,681,987 55,565,714 10,113,371 23,381,366 14,415,404 66,938,305 10,300,740 15,556,317 36,784,991 20,851,684 12,920,247 19,205,705 69,711,138 Fair Value 5,946,079 3,310,813 9,481,464 8,471,412 5,665,086 9,923,762 2,675,025 2,862,007 7,862,962 7,994,827 1,666,822 5,398,402 897,932 274,684 633,369 USD %of 12.87 12.69 NAV 1.11 1.52 1.60 1.19 4.22 0.77 1.78 0.45 0.25 0.72 0.64 0.43 0.75 1.09 0.07 5.08 0.78 1.18 2.79 1.58 0.98 1.46 0.20 0.22 0.60 0.61 0.13 0.41 5.29 0.02 0.05

91 LAZARD GLOBAL INVESTMENT FUNDS PLC 92 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsLocalDebtFund(continued) Portfolios ofInvestments Fixed IncomeSecurities96.57%(2018:94.89%)(continued) Transferable Securities96.57%(2018:94.89%) (continued) Amount Principal Thailand 5.75%(2018:5.69%) South Korea0.45%(2018:Nil) South Africa9.26%(2018:15.25%) Russia 6.85%(2018:8.42%) Romania 1.66%(2018:0.65%) Poland 4.38%(2018:4.45%) Philippines 0.55%(2018:0.20%) Peru 6.54%(2018:2.65%)(continued) 1,032,450,000 1,244,070,000 1,502,140,000 1,401,421,000 85,100,000,000 85,100,000,000 175,070,000 304,940,000 289,815,000 194,730,000 496,110,000 436,660,000 363,210,000 370,600,000 333,400,000 206,130,000 253,800,000 180,760,000 101,470,000 56,550,000 69,000,000 50,000,000 52,860,000 21,340,000 31,430,000 77,820,000 8,310,000 8,630,000 8,770,000 Thailand Government3.580%17/12/2027 Thailand Government3.400%17/06/2036 21/12/2026 South Africa Government10.500% South Africa Government8.750%28/02/2048 South Africa Government8.500%31/01/2037 South Africa Government8.250%31/03/2032 South Africa Government8.000%31/01/2030 South Africa Government7.750%28/02/2023 Government Bonds Government Bonds Government Bonds Government 30/11/2021 Export-Import BankofKorea 8.400% Russian Federation 8.500%17/09/2031 Russian Federation 7.750%16/09/2026 Russian Federation 7.600%14/04/2021 Russian Federation 7.050%19/01/2028 Russian Federation 7.000%16/08/2023 Russian Federation 7.000%25/01/2023 Russian Federation 6.900%23/05/2029 Philippines Government6.250%14/01/2036 Philippines Government4.950%15/01/2021 Bonds Government Asian DevelopmentBank5.250%09/03/2023 Government Bonds Government Romania Government5.850%26/04/2023 Romania Government3.250%29/04/2024 Bonds Government Bonds Government Corporate Bonds Peru Government6.950%12/08/2031 Romania Government4.850%22/04/2026 Romania Government4.250%28/06/2023 Poland Government3.250%25/07/2025 Poland Government2.500%25/07/2027 Peru Government8.200%12/08/2026 Peru Government6.900%12/08/2037 Government Bonds(continued) Government 122,045,138 10,283,376 22,225,481 12,250,522 31,006,955 27,748,944 25,198,206 90,098,256 15,982,368 18,622,373 21,412,596 20,648,815 21,790,678 12,708,952 57,664,844 49,564,785 86,143,797 28,193,647 34,118,905 Fair Value 6,037,529 3,615,030 5,984,426 5,643,827 4,936,233 2,852,044 7,229,731 1,428,343 4,849,557 2,083,718 5,049,061 1,948,947 8,100,059 2,980,877 951,831 USD %of NAV 0.46 0.78 9.26 1.69 0.93 2.35 2.11 0.27 1.91 0.45 6.85 1.21 1.41 0.43 1.64 1.57 0.37 0.22 0.55 0.11 0.07 0.37 1.66 0.16 0.97 0.38 0.15 4.38 3.76 0.62 6.54 2.14 0.23 2.59

Turkey 2.65%(2018:6.19%) Thailand 5.75%(2018:5.69%)(continued) United Kingdom0.29%(2018:Nil) United States13.56%(2018:8.94%) Uruguay 0.16%(2018:0.73%) Derivative Instruments Total Value ofInvestmentsexcluding Financial Total Transferable Securities Total FixedIncomeSecurities Fixed IncomeSecurities96.57%(2018:94.89%)(continued) Transferable Securities96.57%(2018:94.89%) (continued) Amount Principal 7,090,000,000 126,780,000 252,460,000 681,840,000 188,180,000 560,660,000 20,400,000 65,580,000 68,785,000 14,250,000 50,000,000 11,900,000 38,000,000 65,000,000 25,000,000 29,770,000 29,230,000 (continued) 7,200,000 Turkey Government8.000%12/03/2025 Thailand Government4.875%22/06/2029 Thailand Government3.850%12/12/2025 Thailand Government3.775%25/06/2032 Thailand Government3.650%20/06/2031 Turkey Government10.600%11/02/2026 Bonds Government Bonds(continued) Government Development 27.500%02/10/2019 European BankforReconstruction& Corporate Bonds Turkey Government11.000%24/02/2027 Turkey Government10.700%17/02/2021 Corporate Bonds Development 27.500%18/09/2020 European BankforReconstruction& 02/04/2019 United States Treasury Bill-Zerocoupon Bonds Government Development 7.450%20/08/2021 BankforReconstruction& International 26/07/2019 Uruguay Treasury Bill-Zerocoupon Bonds Government 23/04/2019 United States Treasury Bill-Zerocoupon 16/04/2019 United States Treasury Bill-Zerocoupon 09/04/2019 United States Treasury Bill-Zerocoupon 16/08/2019 Uruguay Treasury Bill-Zerocoupon 23/08/2019 Uruguay Treasury Bill-Zerocoupon Financial year ended31March 2019 1,271,714,967 1,271,714,967 1,271,714,967 178,361,996 13,913,127 23,609,043 19,510,540 75,650,713 10,166,291 34,891,838 49,996,712 37,944,631 64,936,014 24,986,820 Fair Value 9,606,607 6,603,618 2,599,830 1,254,807 8,212,590 3,792,899 2,538,092 2,049,491 497,819 345,292 858,986 845,213 USD %of 13.56 96.57 96.57 96.57 NAV 1.06 1.80 1.48 5.75 0.73 0.50 0.20 0.77 0.10 2.65 0.62 0.29 0.19 3.80 0.04 2.88 4.94 1.90 0.03 0.07 0.06 0.16

Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsLocalDebtFund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments Open ForwardForeignCurrency ExchangeContracts(0.78)%(2018:(0.38)%) Open FuturesContractsNil(2018:(0.01)%) Financial Derivative Instruments(0.38)%(2018:0.04%) Date Maturity 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 15/04/2019 08/04/2019 08/04/2019 08/04/2019 03/05/2019 03/05/2019 03/05/2019 15/04/2019 15/04/2019 03/05/2019 15/04/2019 03/04/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 25/04/2019 25/04/2019 25/04/2019 25/04/2019 25/04/2019 25/04/2019 25/04/2019 25/04/2019 25/04/2019 04/06/2019 04/06/2019 04/06/2019 15/04/2019 Bought Amount BRL9,945,600 BRL12,354,870 BRL4,547,228 BRL7,189,240 BRL8,105,384 BRL57,493,250 BRL55,828,040 BRL36,704,979 BRL41,283,863 BRL41,247,297 BRL42,832,744 BRL43,696,966 BRL51,441,462 BRL51,441,462 BRL51,441,463 BRL51,441,462 296,631,000 ARS 16,359,000 ARS 18,812,747 ARS 51,375,000 ARS BRL1,883,866 BRL1,722,927 BRL2,597,815 CHF217,803 CHF70,873 BRL3,775,189 EUR58,441,857 EUR29,770 EUR4,630,000 EUR1,158,620 EUR1,158,620 EUR4,630,000 CZK13,955,092 CZK14,799,590 CZK14,313,663 CZK36,181,520 CZK30,330,788 CZK76,966,275 CZK76,966,274 CZK76,966,274 CZK17,982,760 CZK53,785,603 COP1,384,020,000 COP2,925,547,500 COP4,928,040,000 COP2,780,805,000 COP11,986,831,660 COP3,628,170,000 COP23,238,033,605 CLP338,895,000 CLP419,958,000 CLP3,716,597,394 CHF4,615,820 Sold Amount USD 2,560,000 USD 3,190,000 USD 1,190,000 USD 1,910,000 USD 2,170,000 USD 15,100,000 USD 14,680,000 USD 9,810,755 USD 11,037,581 USD 11,029,426 USD 11,455,056 USD 11,685,868 USD 13,687,793 USD 13,704,019 USD 13,704,019 USD 13,706,027 USD 6,900,000 USD 410,000 USD 472,445 USD 1,250,000 USD 477,811 USD 434,885 USD 657,633 USD 216,053 USD 71,182 USD 950,211 USD 65,874,200 USD 33,446 HUF 1,476,061,131 HUF 363,216,942 HUF 363,216,942 HUF 1,476,061,131 USD 610,000 USD 650,000 USD 630,000 USD 1,600,000 USD 1,350,000 USD 3,396,634 USD 3,396,982 USD 3,398,220 USD 800,000 USD 2,394,404 USD 440,000 USD 930,000 USD 1,560,000 USD 890,000 USD 3,777,760 USD 1,170,000 USD 7,353,506 USD 510,000 USD 630,000 USD 5,669,434 USD 4,598,351 Gain/(Loss) Unrealised (353,556) (360,666) (396,295) (448,683) (449,907) (468,885) (478,033) (493,572) (509,799) (509,799) (511,807) (179,921) (180,576) (207,315) (21,099) (23,682) (66,032) (91,050) (35,772) (42,085) (74,747) (22,544) (25,140) (29,803) (46,551) (46,899) (48,136) (17,801) (54,884) (12,896) (15,153) (18,270) (20,115) (32,638) (68,823) (11,941) (12,806) (9,053) (9,059) (2,582) (5,824) (6,974) (6,136) 18,087 70,816 42,705 42,220 5,382 7,029 8,681 2,918 (17) USD 70 (0.00) (0.00) (0.01) (0.01) (0.03) (0.03) (0.03) (0.03) (0.03) (0.04) (0.04) (0.04) (0.04) (0.04) (0.04) (0.01) (0.00) (0.00) (0.01) (0.00) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.00) (0.00) (0.02) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) 0.00 0.00 0.00 0.00 0.00 0.00 0.01 % of 0.01 0.01 NAV Date Maturity Open ForwardForeignCurrency ExchangeContracts(0.78)%(2018:(0.38)%)(continued) Financial Derivative Instruments(0.38)%(2018:0.04%)(continued) 15/04/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 15/04/2019 15/04/2019 15/04/2019 20/05/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 20/05/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 01/04/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 10/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 (continued) Bought Amount EUR1,090,830 HUF56,991,893 HUF56,991,893 HUF627,818,954 HUF1,367,205,840 HUF627,818,954 HUF1,367,205,840 HUF486,002,716 HUF693,222,600 HUF3,497,396,799 HUF692,061,900 HUF1,457,708,436 HUF2,046,863,840 HUF3,497,396,799 GBP4,182,021 GBP13,307 GBP13,186 EUR2,202,744 EUR24,074 EUR102,436 EUR29,120 EUR60,378 EUR43,440 EUR232,475 EUR55,081 HUF486,002,716 IDR25,177,250,000 IDR16,842,765,576 IDR16,842,765,577 IDR16,842,765,577 IDR9,365,400,000 IDR51,704,000,000 IDR231,056,465,131 IDR254,457,564,095 HUF342,301,805 HUF147,714,816 HUF232,333,102 HUF165,495,180 HUF447,723,791 HUF603,169,308 HUF852,818,814 HUF746,817,572 HUF1,243,333,161 HUF966,343,104 HUF1,147,597,029 HUF1,867,586,079 HUF4,026,287,759 HUF4,026,287,759 HUF342,301,805 HUF2,046,863,840 HUF692,061,900 HUF693,222,600 HUF1,457,708,436 Financial year ended31March 2019 Sold Amount USD 1,229,556 EUR 178,965 EUR 1,971,035 EUR 4,290,000 EUR 1,971,035 EUR 4,290,000 EUR 1,541,300 EUR 2,190,000 EUR 11,084,900 EUR 2,190,000 EUR 4,623,800 EUR 6,440,000 EUR 11,084,900 USD 5,446,978 USD 17,456 USD 17,423 USD 2,500,000 USD 27,118 USD 115,394 USD 32,989 USD 68,195 USD 49,436 USD 262,040 USD 62,637 EUR 1,541,300 EUR 178,965 USD 1,750,000 USD 1,177,864 USD 1,178,228 USD 1,178,582 USD 660,000 USD 3,680,000 USD 16,346,407 USD 18,008,320 USD 1,205,674 USD 530,000 USD 830,000 USD 600,000 USD 1,600,185 USD 2,160,000 USD 3,049,452 USD 2,690,000 USD 4,445,795 USD 3,480,000 USD 4,140,000 USD 6,770,000 USD 14,382,167 USD 14,398,111 USD 1,230,000 EUR 6,440,000 EUR 2,190,000 EUR 2,190,000 EUR 4,623,800 Gain/(Loss) Unrealised (108,415) (126,017) (178,617) (124,519) (139,109) (119,299) (226,757) (275,735) (291,678) (12,795) (15,407) (33,551) (36,146) (56,276) (64,869) (66,731) (16,668) (49,993) (12,469) (16,002) (20,174) (31,548) (46,746) (61,530) (73,463) (89,674) (94,337) (31,587) (3,370) (1,399) (7,085) (2,479) (6,391) 17,631 37,040 22,463 16,074 6,007 1,264 4,624 4,260 3,906 2,833 (105) (230) (248) (255) (325) (606) (718) (721) (688) (57) USD (0.00) (0.01) (0.01) (0.01) (0.00) (0.00) (0.00) (0.00) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.01) (0.01) (0.02) (0.02) (0.02) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.01) (0.01) (0.00) (0.00) (0.00) (0.01) (0.01) (0.01) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 % of NAV 0.01

93 LAZARD GLOBAL INVESTMENT FUNDS PLC 94 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsLocalDebtFund(continued) Portfolios ofInvestments Open ForwardForeignCurrency ExchangeContracts(0.78)%(2018:(0.38)%)(continued) Financial Derivative Instruments(0.38)%(2018:0.04%)(continued) Date Maturity 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 04/04/2019 29/05/2019 22/04/2019 22/04/2019 04/04/2019 04/04/2019 04/04/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 31/07/2019 22/04/2019 22/04/2019 22/04/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 Bought Amount PHP50,131,500 PHP215,196,251 PHP21,479,900 PHP215,196,249 PHP215,196,251 PHP215,196,251 PHP15,540,000 PEN24,704,020 MYR37,550,953 MXN67,586,424 MXN78,380,892 IDR44,476,721,172 IDR44,476,721,172 IDR44,476,721,172 PHP80,747,817 PHP77,071,000 PHP170,234,300 PHP210,383,000 RUB 85,992,744 RUB 940,105,730 RUB RON16,204,750 RON30,295,048 PLN4,400,682 PLN4,399,785 PLN6,025,968 PLN10,842,609 PLN5,629,809 PLN4,588,078 PLN5,802,866 PLN8,873,205 PLN12,532,783 PLN7,740,976 PLN7,952,105 PLN13,907,282 PLN17,516,579 PLN21,872,872 PLN21,307,676 PLN25,886,777 PLN505,287 PLN4,519,295 PLN6,069,269 PLN9,247,417 PLN9,014,480 PLN12,996,428 PLN18,698,147 PLN18,660,212 PLN14,511,591 PHP67,017,900 PHP51,665,600 PHP80,057,400 PHP104,688,032 PHP80,747,817 PHP80,747,817 Sold Amount USD 950,000 USD 4,093,129 USD 410,000 USD 4,093,908 USD 4,093,915 USD 4,094,687 USD 300,000 USD 7,472,480 USD 9,200,282 USD 3,485,184 USD 4,041,919 USD 3,086,304 USD 3,088,018 USD 3,088,661 USD 1,538,933 USD 1,480,000 USD 3,268,018 USD 4,040,000 USD 1,272,788 USD 14,548,554 USD 3,863,149 USD 7,220,000 USD 1,150,000 USD 1,150,000 USD 1,580,000 USD 2,840,000 USD 1,480,000 USD 1,210,000 USD 1,535,454 USD 2,340,000 USD 3,300,000 USD 2,048,336 USD 2,110,000 USD 3,670,000 USD 4,636,101 USD 5,787,592 USD 5,650,000 USD 6,849,622 USD 134,952 USD 1,215,984 USD 1,630,742 USD 2,469,468 USD 2,425,529 USD 3,495,966 USD 4,992,496 USD 4,983,831 USD 3,904,534 USD 1,270,000 USD 980,000 USD 1,518,972 USD 1,987,244 USD 1,538,174 USD 1,538,200 Gain/(Loss) Unrealised (285,619) (107,860) (101,474) (108,792) (110,036) (114,302) (32,535) (13,835) (11,994) (14,014) (18,544) (39,957) (50,621) (58,882) (11,465) (19,582) (22,069) (26,084) (26,175) (32,686) (37,026) (60,276) (73,781) (83,834) (87,266) (35,605) (45,531) (54,167) (71,069) (1,532) (1,672) (1,680) (2,451) (4,487) (7,756) (5,847) (7,605) (9,335) (2,978) (2,102) (6,997) (7,023) 36,294 34,580 33,937 14,273 3,315 (893) (418) (652) (293) (887) 824 USD (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.02) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.01) (0.01) (0.00) (0.00) (0.01) (0.01) (0.01) (0.01) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.01) (0.01) (0.01) 0.00 0.00 0.00 0.00 0.00 % of 0.01 NAV Open ForwardForeignCurrency ExchangeContracts(0.78)%(2018:(0.38)%)(continued) Financial Derivative Instruments(0.38)%(2018:0.04%)(continued) Date Maturity 25/04/2019 24/05/2019 15/04/2019 01/04/2019 01/04/2019 01/04/2019 01/04/2019 01/04/2019 01/04/2019 10/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 02/04/2019 02/04/2019 01/04/2019 20/05/2019 25/04/2019 18/04/2019 18/04/2019 18/04/2019 18/04/2019 18/04/2019 18/04/2019 18/04/2019 03/05/2019 03/05/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 17/07/2019 17/07/2019 17/07/2019 17/07/2019 17/07/2019 17/07/2019 07/06/2019 15/04/2019 18/04/2019 18/04/2019 18/04/2019 (continued) Bought Amount USD1,653,215 USD862,379 USD36,352 USD579,410 USD833,964 USD1,666,608 USD1,663,876 USD3,827,848 USD3,827,848 USD1,204,743 USD3,310,000 USD2,467,618 USD1,330,000 USD3,230,000 USD1,000,000 USD970,000 USD590,000 USD830,000 USD186,510 USD409,809 USD676,526 USD12,984 USD33,480 USD2,707 USD43,524 USD27,088 USD68,109 USD1,324,437 USD1,721,269 THB 37,896,000 THB 211,295,748 THB 127,034,970 THB 127,034,970 THB 158,931,485 THB 170,951,400 THB 254,069,940 THB USD1,059,796 USD720,204 334,070,795 TWD 201,193,450 TWD 20,229,000 TWD 64,564,500 TWD 2,339,809 TRY 2,524,698 TRY 13,168,470 TRY 6,648,527 TRY 9,214,244 TRY 15,721,192 TRY 13,223,037 TRY 16,830,363 TRY 131,645,790 THB 47,185,508 THB 24,511,410 THB Financial year ended31March 2019 Sold Amount COP 5,287,808,525 CNY 6,000,000 CHF 36,516 IDR 8,333,648,160 IDR 11,990,735,040 IDR 23,960,817,600 IDR 23,943,178,600 IDR 54,814,784,824 IDR 54,814,784,824 HUF 342,301,805 EUR 2,888,332 EUR 2,155,874 EUR 1,168,070 EUR 2,855,240 EUR 877,884 EUR 852,725 EUR 520,383 EUR 734,539 EUR 163,887 EUR 362,610 EUR 600,459 EUR 11,524 EUR 29,770 EUR 2,403 EUR 38,683 EUR 24,074 EUR 60,378 CZK 30,154,122 COP 5,502,896,875 USD 1,200,000 USD 6,680,000 USD 4,057,977 USD 4,059,274 USD 5,069,908 USD 5,461,706 USD 8,116,213 BRL 3,967,878 BRL 2,696,442 USD 10,828,945 USD 6,521,055 USD 660,000 USD 2,100,000 USD 410,000 USD 440,000 USD 2,194,891 USD 1,151,659 USD 1,580,000 USD 2,720,000 USD 2,324,705 USD 3,031,318 USD 4,140,000 USD 1,480,000 USD 770,000 Gain/(Loss) Unrealised (106,990) (170,842) (122,331) (107,893) (30,352) (16,034) (17,527) (21,505) (21,505) (19,177) (53,365) (54,662) (59,801) (72,686) (30,605) (30,626) (59,651) (73,614) (85,930) (4,413) (5,819) (8,082) (3,785) (5,378) (3,122) (3,454) 53,749 37,126 13,140 11,057 10,291 11,929 42,075 28,593 19,040 12,122 6,330 8,654 3,330 1,894 2,287 2,205 1,559 9,962 7,462 2,690 (360) 314 USD 30 16 89 57 6 (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.00) (0.01) (0.00) (0.01) (0.01) (0.01) (0.00) (0.00) (0.01) (0.01) (0.00) (0.00) (0.01) (0.01) (0.01) (0.01) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 % of NAV 0.01 0.01 0.01 Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsLocalDebtFund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments Open ForwardForeignCurrency ExchangeContracts(0.78)%(2018:(0.38)%)(continued) Financial Derivative Instruments(0.38)%(2018:0.04%)(continued) Date Maturity 01/04/2019 01/04/2019 01/04/2019 01/04/2019 01/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 02/05/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 02/05/2019 02/05/2019 02/05/2019 02/05/2019 10/06/2019 10/06/2019 02/05/2019 02/05/2019 02/05/2019 10/06/2019 10/06/2019 22/04/2019 22/04/2019 22/04/2019 22/04/2019 22/04/2019 04/04/2019 04/04/2019 04/04/2019 22/04/2019 22/04/2019 22/04/2019 22/04/2019 22/04/2019 Bought Amount USD359,330 USD44,336 USD3,911,902 USD414,078 USD666,895 USD617,217 USD1,228,815 USD491,435 USD11,142 USD1,292,619 USD1,244,673 USD1,244,498 USD944,597 USD1,253,049 USD1,462,990 USD1,265,836 USD1,938,690 USD1,234,849 USD477,919 USD6,260,885 USD5,197,788 USD2,400,000 USD1,163,544 USD920,000 USD1,837,375 USD1,208,179 USD1,496,377 USD756,456 USD518,142 USD3,519,160 USD2,514,678 USD2,519,082 USD355,932 USD43,931 USD17,941,025 USD16,289,937 USD3,770,805 USD410,245 USD661,052 USD7,735,843 USD6,039,143 USD4,214,238 USD3,547,807 USD5,670,063 USD1,605,747 USD1,710,000 USD2,701,798 USD4,682,528 USD4,243,276 USD3,325,176 USD2,313,355 USD1,848,699 Sold Amount IDR 5,080,927,695 IDR 623,945,092 IDR 55,666,360,434 IDR 5,850,509,018 IDR 9,377,872,808 IDR 8,878,659,550 IDR 17,476,207,680 IDR 6,990,669,465 IDR 156,683,052 IDR 18,409,475,028 IDR 17,767,701,100 IDR 17,767,701,100 IDR 13,422,719,472 IDR 17,799,563,100 IDR 20,778,851,592 IDR 17,969,801,982 IDR 27,504,201,560 IDR 17,462,001,743 IDR 6,812,741,002 IDR 87,906,650,297 IDR 73,268,026,551 IDR 33,768,000,000 IDR 16,345,470,326 IDR 12,884,600,000 IDR 25,956,597,520 IDR 17,005,121,301 IDR 21,110,888,094 IDR 10,631,984,864 IDR 7,387,146,276 IDR 50,228,969,637 IDR 35,854,276,784 IDR 35,909,512,784 IDR 5,080,927,695 IDR 623,945,092 IDR 254,457,564,095 IDR 231,056,465,131 IDR 53,752,824,010 IDR 5,850,509,018 IDR 9,380,989,337 MXN 150,504,689 MXN 117,484,279 MXN 81,969,027 MXN 68,987,813 MXN 110,285,559 PEN 5,392,420 PEN 5,751,585 PEN 9,103,709 MXN 90,437,417 MXN 81,933,408 MXN 64,222,442 MXN 44,670,881 MXN 35,707,813 Gain/(Loss) Unrealised (18,252) (22,167) (39,905) 139,944 125,925 (6,132) (2,753) (2,927) 89,183 53,826 29,234 15,970 15,405 15,028 14,293 14,235 10,011 10,420 35,052 32,810 24,857 17,769 13,715 2,523 2,747 3,228 8,336 1,855 2,222 3,387 4,160 4,221 7,690 8,886 1,321 1,359 5,293 6,421 6,961 2,382 3,145 8,288 1,577 1,759 1,942 2,601 2,613 520 638 142 136 514 USD (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 % of NAV Date Maturity Open ForwardForeignCurrency ExchangeContracts(0.78)%(2018:(0.38)%)(continued) Financial Derivative Instruments(0.38)%(2018:0.04%)(continued) exchange contracts Net unrealisedlossonopenforwardforeign currency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 13/06/2019 23/04/2019 23/04/2019 23/04/2019 23/04/2019 16/05/2019 16/05/2019 16/05/2019 16/05/2019 16/05/2019 16/05/2019 16/05/2019 16/05/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 04/04/2019 15/04/2019 15/04/2019 17/07/2019 18/04/2019 18/04/2019 22/04/2019 22/04/2019 22/04/2019 15/05/2019 15/05/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 06/05/2019 06/05/2019 06/05/2019 06/05/2019 06/05/2019 06/05/2019 06/05/2019 06/05/2019 06/05/2019 17/04/2019 04/04/2019 (continued) Bought Amount UYU29,966,033 USD3,829,197 USD3,828,364 USD3,827,900 USD3,827,854 USD3,865,958 USD1,497,331 USD1,258,508 USD1,258,386 USD1,258,304 USD1,030,000 USD1,090,000 USD3,200,000 USD3,284,411 USD3,284,357 USD3,284,089 USD3,284,022 USD1,650,000 USD1,320,000 USD1,104,923 USD1,130,000 USD1,486,059 USD200,000 USD3,061,800 USD1,798,200 USD4,655,000 USD2,403,890 USD2,242,787 USD1,890,000 USD3,500,000 USD5,989,167 USD3,117,155 USD3,972,845 USD10,320,833 USD7,460,069 USD4,492,639 USD1,907,127 USD2,065,013 USD400,000 USD1,954,574 USD4,588,404 USD8,845,424 USD5,128,572 USD4,920,696 USD230,210 Financial year ended31March 2019 Sold Amount TWD 34,785,511 USD 896,247 ZAR 55,669,249 ZAR 55,669,251 ZAR 55,669,251 ZAR 55,669,251 TWD 118,309,912 TWD 45,822,830 TWD 38,690,323 TWD 38,690,323 TWD 38,690,322 TWD 31,698,250 TWD 33,550,200 TWD 98,464,000 TWD 100,657,337 TWD 100,657,338 TWD 100,657,337 TWD 100,657,337 TWD 50,666,550 TWD 40,510,800 PEN 3,688,565 TWD 45,804,804 TRY 1,167,696 THB 95,871,082 THB 56,287,256 299,674,935 RUB 155,091,741 RUB 144,923,992 RUB PLN 7,194,739 PHP 185,587,500 PHP 315,838,741 PHP 165,255,981 PHP 210,600,504 PHP 544,484,815 PEN 24,704,020 PEN 14,881,868 PEN 6,322,890 PEN 6,861,004 PEN 1,325,200 PEN 6,500,326 PEN 15,265,620 PEN 29,426,957 PEN 17,064,296 PEN 16,301,775 PEN 767,741 (10,279,090) (12,219,256) Gain/(Loss) Unrealised 1,940,166 (11,901) (21,282) (22,112) (22,575) (22,622) (19,195) (16,916) (25,401) (31,996) (33,251) 108,443 (1,265) (1,516) (3,410) (5,937) (1,320) (1,330) (1,005) 16,885 15,854 15,800 15,533 15,465 10,661 39,589 23,818 50,895 44,054 10,831 33,500 18,824 15,149 6,540 4,750 4,529 6,328 2,444 1,616 (235) (358) (440) (776) (964) 441 433 USD (0.78) (0.93) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 % of 0.15 NAV

95 LAZARD GLOBAL INVESTMENT FUNDS PLC 96 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsLocalDebtFund(continued) Portfolios ofInvestments Options written(0.03%)(2018:Nil) Options purchasedatfair value Options Purchased0.06%(2018:0.11%) Financial Derivative Instruments(0.38)%(2018:0.04%)(continued) Amount Notional Options writtenatfair value Interest RateSwaps0.37%(2018:0.32%) (12,070,000) (29,083,000) 12,070,000 29,083,000 BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL BRL CCY 23,530,251 46,448,568 49,034,799 21,078,453 67,609,271 76,776,093 11,169,259 37,005,603 25,470,346 51,778,281 12,704,218 19,292,999 26,069,356 13,626,362 13,587,088 7,331,208 7,594,355 3,494,587 6,677,851 4,770,047 Notional Amount 2019 14.25USDCallZARExpiringJune Put at 2019 14.25USDCallZARExpiringJune Put at 2019 13.80USDCallZARExpiringJune Put at 2019 13.80USDCallZARExpiringJune Put at Month BRCDI Month BRCDI Month BRCDI Month BRCDI Month BRCDI Month BRCDI Month BRCDI Month BRCDI Month BRCDI Month BRCDI Month BRCDI Month BRCDI Month BRCDI Month BRCDI Month CETIP Month CETIP Month CETIP Month CETIP Month CETIP Month CETIP Less than1 Less than1 Less than1 Less than1 Less than1 Less than1 Less than1 Less than1 Less than1 Less than1 Less than1 Less than1 Less than1 Less than1 Less than1 Less than1 Less than1 Less than1 Less than1 Less than1 Fund Pays Fixed 10.64% Fixed 8.69% Fixed 7.28% Fixed 7.35% Fixed 7.46% Fixed 7.55% ie 8.61% Fixed Fixed 7.95% Fixed 8.19% Fixed 8.37% Fixed 8.21% Fixed 8.94% ie 9.45% Fixed Fixed 9.78% Fixed 9.56% Fixed 9.79% Fixed 9.03% Fixed 9.77% Fixed 9.62% Fixed 9.87% Receives Fund Termination 04/01/2021 01/07/2021 01/07/2021 01/07/2021 01/07/2021 03/01/2022 02/01/2023 02/01/2023 02/01/2023 02/01/2023 02/01/2023 02/01/2023 02/01/2023 02/01/2025 02/01/2025 02/01/2025 04/01/2027 04/01/2027 04/01/2027 04/01/2027 Date (372,947) Fair Value (118,877) (254,070) 254,387 574,331 828,718 (30,788) 334,549 (17,625) (14,897) 932,297 101,260 125,249 450,284 793,218 226,217 323,741 424,397 109,810 129,207 161,023 75,142 60,551 46,288 USD 6,204 Value (258) USD Fair %of (0.03) (0.00) (0.00) (0.00) (0.00) (0.01) (0.02) 0.02 0.04 0.06 % of NAV 0.03 0.00 0.01 0.07 0.00 0.01 0.01 0.03 0.06 0.02 0.02 0.03 0.00 0.01 0.01 0.01 NAV

Interest RateSwaps0.37%(2018:0.32%)(continued) Financial Derivative Instruments(0.38)%(2018:0.04%)(continued) Interest Rate Swaps at negative fairvalue negative at Swaps Interest Rate positivefairvalue at Swaps Interest Rate fixed incomesecurities. ofissuerforgovernmenttype fixedincomesecuritiesandcountry issuer forcorporate Fixed ofthe incomesecuritiesareprimarily classified ofincorporation bythecountry JP MorganChaseandCompany Goldman Sachs Barclays BankPlc Bank of America MerrillLynch are: swaps The counterpartiesfortheinterestrate JP MorganChaseandCompany Goldman Sachs The counterpartiesfortheoptionsare: UBS AG StreetBankand State Trust Company Standard CharteredBank JP MorganChaseandCompany HSBC BankPlc Goldman Sachs Citibank NA Barclays BankPlc Bank of America Merrill Lynch The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: Total Assets Other assets instruments Over thecounterfinancialderivative Transferable market securitiesdealtinonanotherregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets(unaudited) Net Assets Other NetAssets(2018:5.07%) Total Investments(2018:94.93%) Total FinancialDerivative Instruments Interest RateSwapsatfair value MXN BRL BRL CCY (continued) 46,920,000 7,872,857 6,725,999 Notional Amount Month BRCDI Month BRCDI Financial year ended31March 2019 1 Month TIE 1 Less than1 Less than1 Fund Pays Fixed 10.33% Fixed 9.93% ie 9.01% Fixed Receives Fund Termination 04/01/2027 04/01/2027 06/12/2028 Date 1,316,835,330 1,266,739,303 (4,975,664) 50,096,027 4,911,223 4,847,655 209,360 240,057 162,369 (63,568) % ofTotal assets Value USD Fair 100.00 100.00 (0.38) (0.00) 87.62 96.20 % of 0.02 0.02 0.01 NAV 6.42 0.56 5.40 3.80 0.37 0.37 Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsTotal DebtFund Return Lazard Global InvestmentFundsplc Portfolios ofInvestments Fixed IncomeSecurities89.89%(2018:83.78%) Transferable Securities89.89%(2018:83.78%) Amount Principal Angola 1.00%(2018:2.34%) Argentina 4.63%(2018:10.90%) Azerbaijan 2.45%(2018:Nil) Bangladesh 0.65%(2018:0.30%) British VirginIslands0.54%(2018:Nil) Brazil 1.58%(2018:3.56%) Bermuda 0.30%(2018:0.10%) Canada 0.89%(2018:0.57%) 1,472,000 2,150,000 1,900,000 3,474,000 1,025,000 1,400,000 4,625,000 1,275,000 1,056,725 1,500,000 260,000 545,000 605,000 600,000 875,000 600,000 300,000 650,000 800,000 30,000 Angola Government8.250%09/05/2028 Angola Government9.500%12/11/2025 Bonds Government Argentina Government4.625%11/01/2023 Bonds Government Genneia SA8.750%20/01/2022 27/07/2023 Generacion MediterraneaSA9.625% Corporate Bonds Argentina Government5.875%11/01/2028 Argentina Government6.625%06/07/2028 Argentina Government6.875%26/01/2027 Argentina Government7.500%22/04/2026 Azerbaijan Republic4.750%18/03/2024 Bonds Government 12/12/2022 Itau UnibancoHoldingSA6.125% 05/12/2024 Cemig Geracaoe Transmissao SA9.250% Ltd5.875%09/11/2027 Inkia Energy 8.625% 06/05/2019 Ltd Banglalink DigitalCommunications Corporate Bonds 6.750% 24/04/2033 Geothermal Star Energy Wayang Windu Ltd Corporate Bonds 6.000% 15/08/2050 Brazil Notasdo Tesouro NacionalSerieB Bonds Government 03/05/2023 deEletricidadeSA7.250% Light Servicos Corporate Bonds Corporate Bonds 01/04/2025 First QuantumMineralsLtd7.500% 01/04/2023 First QuantumMineralsLtd7.250% 15/05/2022 First QuantumMineralsLtd7.250% Corporate Bonds 1,951,620 1,679,920 1,766,225 1,627,065 2,672,758 9,052,816 1,188,215 4,786,875 1,270,219 3,081,846 1,060,651 1,508,692 1,730,150 Fair Value 271,700 490,500 477,291 830,762 589,785 952,656 588,045 287,522 637,812 804,816 30,713 USD %of 0.14 1.00 0.86 0.90 0.25 0.83 1.38 0.24 0.42 4.63 0.61 2.45 0.30 0.49 0.30 0.65 1.58 0.02 0.54 0.77 0.89 0.15 0.33 0.41 NAV

Fixed IncomeSecurities89.89%(2018:83.78%)(continued) Transferable Securities89.89%(2018:83.78%) (continued) Amount Principal Egypt 4.42%(2018:4.67%) Egypt Dominican Republic1.07%(2018:1.86%) Costa Rica1.78%(2018:0.98%) Congo Nil(2018:1.28%) Colombia 3.24%(2018:0.44%) Chile 3.62%(2018:0.60%) Cayman Islands2.93%(2018:1.56%) (continued) 4,080,000 2,025,000 2,190,000 1,405,000 1,065,000 2,030,000 2,265,000 3,120,000 5,280,000 1,550,000 3,100,000 2,555,000 200,000 560,000 675,000 750,000 600,000 639,100 500,000 525,000 445,000 365,313 200,000 155,000 155,000 155,000 Egypt Government8.700% 01/03/2049 Egypt Government7.600% 01/03/2029 Egypt Government6.588% 21/02/2028 Egypt Government6.200% 01/03/2024 Egypt Bonds Government Dominican Republic7.450%30/04/2044 Dominican Republic6.500%15/02/2048 Bonds Government Costa RicaGovernment7.158%12/03/2045 Costa RicaGovernment7.000%04/04/2044 Costa RicaGovernment5.520%23/08/2023 Bonds Government Colombia Government5.000%15/06/2045 Colombia Government3.875%25/04/2027 Bonds Government 8.500% 29/12/2049 Colombia Telecomunicaciones SAESP Corporate Bonds 30/04/2025 Empresa ElectricaGuacoldaSA4.560% 25/05/2029 Empresa Electrica Angamos SA4.875% 05/02/2049 Corp NacionaldelCobredeChile4.375% AES GenerSA7.125%26/03/2079 Corporate Bonds 30/01/2029 Termocandelaria Power Ltd7.875% 01/08/2022 FinanceSable International Ltd6.875% Guanay Finance Ltd6.000%15/12/2020 6.250% 15/02/2025 Gran HoldingsLtd Tierra International Energy Series 144A6.250%15/02/2025 Gran HoldingsLtd,Tierra International Energy Ltd-Zerocoupon31/12/2099 G3 Exploration Ltd-Zerocoupon31/12/2099 G3 Exploration Ltd-Zerocoupon31/12/2099 G3 Exploration Ltd-Zerocoupon31/12/2099 G3 Exploration Trust 6.875%06/02/2024 Comunicaciones CelularesSA Via Comcel Corporate Bonds Financial year ended31March 2019 8,625,350 4,197,300 1,999,688 2,220,112 2,099,274 1,463,954 3,501,178 1,042,901 1,803,763 6,338,283 2,381,648 3,174,616 7,091,315 5,357,220 5,732,994 1,486,062 2,663,549 Fair Value 208,250 635,320 654,514 782,019 573,102 648,431 512,562 556,828 464,469 370,336 191,750 USD - - - - %of 0.11 0.32 0.33 0.40 0.29 0.33 0.26 0.28 0.24 0.19 4.42 2.15 1.02 1.14 1.07 0.75 1.78 0.53 0.92 3.24 1.22 1.62 3.62 2.74 2.93 1.36 NAV 0.10 0.76 0.00 0.00 0.00 0.00

97 LAZARD GLOBAL INVESTMENT FUNDS PLC 98 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsTotal DebtFund (continued) Return Portfolios ofInvestments Luxembourg 1.32%(2018:2.18%) Lebanon Nil(2018:4.24%) Kenya Nil (2018: 1.64%) Jordan Nil(2018:0.66%) Ireland 0.30%(2018:0.65%) Iraq 2.13%(2018:Nil) Indonesia 3.64%(2018:Nil) India 0.19%(2018:1.46%) 3.13%(2018:Hungary Nil) Ghana 1.69%(2018:0.91%) Georgia 0.40%(2018:0.18%) El Salvador Nil(2018:1.21%) Fixed IncomeSecurities89.89%(2018:83.78%)(continued) Transferable Securities89.89%(2018:83.78%) (continued) Amount Principal 1,300,000 2,230,000 1,970,000 1,840,000 1,360,000 1,400,000 2,320,000 3,284,000 2,780,000 400,000 575,000 500,000 575,000 385,000 490,000 830,000 570,000 375,000 520,000 775,000 03/04/2020 TMK OAO Via SA6.750% TMK Capital 06/10/2024 FinancingPuma International SA5.125% 24/01/2026 FinancingPuma International SA5.000% Altice Financing SA7.500%15/05/2026 Corporate Bonds 30/10/2022 Eurotorg LLC Via BonitronDAC8.750% Corporate Bonds Iraq Republic6.752%09/03/2023 Iraq Republic5.800%15/01/2028 Bonds Government Indonesia Government5.875%15/01/2024 Indonesia Government5.375%17/10/2023 Indonesia Government4.750%08/01/2026 Indonesia Government4.125%15/01/2025 Indonesia Government4.100%24/04/2028 Indonesia Government3.850%18/07/2027 Indonesia Government2.950%11/01/2023 Bonds Government JSW SteelLtd4.750%12/11/2019 Corporate Bonds Government5.750%22/11/2023 Hungary Government5.375%21/02/2023 Hungary Bonds Government Ghana Government8.950%26/03/2051 Ghana Government8.125%26/03/2032 Bonds Government Bank ofGeorgiaJSC6.000%26/07/2023 Corporate Bonds 2,585,625 1,179,750 4,175,650 2,274,600 1,901,050 7,110,347 1,946,324 1,396,013 1,402,583 6,119,785 2,568,878 3,550,907 3,299,188 2,776,219 Fair Value 408,000 503,125 494,750 594,334 425,352 531,236 844,006 564,833 375,709 522,969 775,969 USD %of 1.32 0.21 0.60 0.26 0.25 0.30 2.13 1.16 0.97 3.64 0.22 0.27 1.00 0.71 0.43 0.72 0.29 0.19 3.13 1.31 1.82 1.69 0.27 1.42 0.40 NAV

Romania 2.17%(2018:Nil) Qatar 2.58%(2018:Nil) Peru 0.81%(2018:0.50%) Paraguay 2.91%(2018:Nil) Panama 3.54%(2018:Nil) Nigeria Nil(2018:2.01%) Netherlands 2.72%(2018:3.91%) Morocco 0.30%(2018:Nil) Mexico 0.49%(2018:Nil) Mauritius 0.68%(2018:0.34%) Amount Principal Fixed IncomeSecurities89.89%(2018:83.78%)(continued) Transferable Securities89.89%(2018:83.78%) (continued) (continued) 2,810,000 1,200,000 4,600,000 1,475,000 1,145,000 3,665,000 1,225,000 2,980,000 2,150,000 2,480,000 550,000 410,000 950,000 815,000 965,000 875,000 575,000 675,000 550,000 800,000 400,000 900,000 Romanian Government4.875%22/01/2024 Romanian Government4.375%22/08/2023 Bonds Government Government5.103%23/04/2048 Qatar Bonds Government 6.375% 01/06/2028 Hunt OilCoofPeru LLCSucursal DelPeru Corporate Bonds Paraguay Republic6.100%11/08/2044 Paraguay Republic5.600%13/03/2048 Paraguay Republic4.700%27/03/2027 Bonds Government Panama Government8.875%30/09/2027 Panama Government7.125%29/01/2026 Panama Government4.000%22/09/2024 Panama Government3.875%17/03/2028 Panama Government3.750%16/03/2025 Bonds Government VTR Finance BV6.875%15/01/2024 BV4.625%10/08/2030 Minejesa Capital 27/10/2021 IHS NetherlandsHoldcoBV9.500% GTH Finance BV7.250%26/04/2023 Greenko DutchBV5.250%24/07/2024 Corporate Bonds OCP SA5.625%25/04/2024 Corporate Bonds Mexico Government10.000%05/12/2024 Bonds Government BBVA BancomerSA7.250%22/04/2020 Corporate Bonds Ltd6.000%13/02/2022 Neerg Energy HTA GroupLtd9.125%08/03/2022 Corporate Bonds Financial year ended31March 2019 4,235,464 2,989,138 1,246,326 5,052,272 1,589,895 5,680,599 1,230,217 3,826,132 6,935,491 1,162,501 1,275,666 3,076,105 5,342,057 2,237,580 1,337,500 Fair Value 624,250 569,137 852,082 986,100 849,721 616,458 652,198 579,562 968,439 140,359 828,080 397,000 940,500 USD %of 0.32 0.29 0.44 0.50 0.43 0.32 0.33 0.30 0.49 0.07 0.42 0.20 0.48 2.17 1.53 0.64 2.58 0.81 2.91 0.63 1.96 3.54 0.59 0.65 1.57 2.72 1.14 0.68 NAV

Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsTotal DebtFund (continued) Return Lazard Global InvestmentFundsplc Portfolios ofInvestments Saudi Arabia3.43%(2018:Nil) Russia Nil(2018:6.97%) South Africa3.11%(2018:9.01%) South Korea0.65%(2018:0.28%) Spain 0.75%(2018:Nil) Ukraine 4.00%(2018:2.74%) Turkey 1.28%(2018:0.91%) Thailand 0.18%(2018:0.08%) United ArabEmirates0.89%(2018:0.36%) Fixed IncomeSecurities89.89%(2018:83.78%)(continued) Transferable Securities89.89%(2018:83.78%) (continued) Amount Principal 51,150,000 22,570,000 11,270,000 6,205,000 1,085,000 1,400,000 1,650,000 2,195,000 1,460,000 1,725,000 380,000 200,000 360,000 730,000 496,000 865,000 625,000 575,000 348,000 775,000 835,000 Saudi Government3.625%04/03/2028 Bonds Government Saudi Government4.000%17/04/2025 09/11/2047 Heungkuk LifeInsuranceCoLtd4.475% 21/12/2026 South Africa Government10.500% South Africa Government8.250%31/03/2032 South Africa Government8.000%31/01/2030 Bonds Government SK E&SCoLtd4.875%26/11/2019 Corporate Bonds Ukraine Government7.750%01/09/2022 Ukraine Government7.750%01/09/2021 Turkey Government7.250%23/12/2023 Bonds Government Turkiye IsBankasi AS 5.000%30/04/2020 Turkiye HalkBankasi AS 4.750%04/06/2019 26/01/2023 Petkim Petrokimya Holding AS 5.875% 18/06/2019 &ProductionPCL4.875% PTT Exploration AI CandelariaSpainSLU7.500%15/12/2028 Corporate Bonds Ukraine Government7.750%01/09/2024 Bonds Government Corporate Bonds Corporate Bonds Ukraine Government7.750%01/09/2025 Ukraine Government7.750%01/09/2026 Ukraine Government9.750%01/11/2028 Ukraine Government8.994%01/02/2024 One Ltd5.950%15/12/2039 Acwa Power Management And Investments Corporate Bonds 6,715,907 6,339,990 6,077,348 3,922,617 1,434,282 1,270,370 1,081,620 2,487,409 1,463,000 1,595,756 2,069,885 7,821,255 1,472,417 1,745,484 Fair Value 375,917 188,750 720,449 354,510 725,989 500,231 842,834 621,094 523,250 347,906 740,222 862,476 USD %of 0.19 3.43 3.24 0.10 3.11 2.01 0.73 0.37 0.65 0.55 0.18 0.37 1.28 0.26 0.43 0.32 0.27 0.18 0.75 0.82 0.38 1.06 4.00 0.44 0.75 0.89 NAV

Net unrealisedgainonopenfuturescontracts Open FuturesContracts0.07%(2018:Nil) Financial Derivative Instruments0.37%(2018:(0.10)%) 03/05/2019 03/05/2019 15/04/2019 15/04/2019 02/04/2019 01/04/2019 Fixed IncomeSecurities89.89%(2018:83.78%)(continued) Transferable Securities89.89%(2018:83.78%) (continued) Amount Principal Amount Notional Date Maturity Open ForwardForeignCurrency ExchangeContracts(0.52)%(2018:(0.49)%) Derivative Instruments Total Value ofInvestmentsexcluding Financial Total Transferable Securities Total FixedIncomeSecurities Zambia Nil(2018:1.05%) Virgin IslandsNil(2018:0.22%) Uruguay 0.48%(2018:0.48%) United States15.70%(2018:11.91%) United Kingdom1.32%(2018:0.72%) 14,970,000 15,540,000 30,000,000 3,892,500 (continued) 1,840,000 1,375,000 750,000 425,000 825,000 Average 23/08/2019 Uruguay Treasury Bill-Zerocoupon 16/08/2019 Uruguay Treasury Bill-Zerocoupon 26/07/2019 Uruguay Treasury Bill-Zerocoupon Bonds Government 23/04/2019 United States Treasury Bill-Zerocoupon Bonds Government 01/03/2026 Terraform LLC6.125% GlobalOperating Corporate Bonds Vedanta ResourcesPlc6.375%30/07/2022 Vedanta ResourcesPlc6.125%09/08/2024 8.500% 13/07/2022 Liquid Telecommunications Financing Plc Corporate Bonds BRL 5,788,521 BRL 5,788,521 AUD 21,026,342 AUD 518,615 AUD 40,000 AUD 40,300 Bought Amount Price Cost 162 Financial year ended31March 2019 Expiring 19/06/2019 Long FuturesContracts 24 ofUSUltraBondCBT USD 1,542,064 USD 1,542,290 USD 14,824,812 USD 367,882 USD 28,280 USD 28,776 Sold Amount 175,807,198 175,807,198 175,807,198 30,689,413 29,956,288 Gain/(Loss) Gain/(Loss) 2,585,949 1,421,406 Fair Value Unrealised Unrealised 934,655 432,872 448,393 733,125 411,904 752,639 139,500 139,500 53,390 (57,366) (57,592) 115,260 USD (149) USD USD 615 134 %of (0.03) (0.03) (0.00) 15.70 15.33 89.89 89.89 89.89 0.07 0.07 0.00 0.00 0.48 0.22 0.23 0.03 0.37 0.21 0.38 1.32 0.73 NAV % of % of 0.07 NAV NAV

99 LAZARD GLOBAL INVESTMENT FUNDS PLC 100 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsTotal DebtFund (continued) Return Portfolios ofInvestments Open ForwardForeignCurrency ExchangeContracts(0.52)%(2018:(0.49)%)(continued) Financial Derivative Instruments0.37%(2018:(0.10)%)(continued) Date Maturity 03/05/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 05/04/2019 03/04/2019 02/04/2019 01/04/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 05/04/2019 05/04/2019 05/04/2019 05/04/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 Bought Amount BRL 5,788,520 GBP 69,994 EUR 193 EUR 1,000 EUR 456 EUR 500 EUR 6,103 EUR 7,923 EUR 2,116 EUR 5,396 EUR 3,357 EUR 12,067 EUR 4,184 EUR 5,068 EUR 4,603 EUR 30,966 EUR 11,033 EUR 45,672 EUR 34,694 EUR 335,837 EUR 852,785 EUR 2,571,718 EUR 32,838,405 EUR 52,769,967 EUR 67,741,127 EUR 43,786 EUR 1,313 EUR 9,210,969 EUR 29,885 EUR 1,120,000 EUR 380,000 EUR 680,000 EUR 181,280 EUR 190,000 EUR 680,000 EUR 190,000 EUR 380,000 EUR 181,280 EUR 1,120,000 EUR 2,933,443 EUR 2,422,771 EUR 2,422,771 EUR 2,933,443 BRL 505,953 BRL 348,960 BRL 234,945 BRL 235,483 BRL 4,130,278 BRL 4,645,523 BRL 4,641,408 BRL 4,819,813 BRL 4,917,061 BRL 5,788,521 Sold Amount USD 1,542,063 USD 92,528 USD 219 USD 1,127 USD 515 USD 565 USD 6,864 USD 8,916 USD 2,390 USD 6,078 USD 3,807 USD 13,602 USD 4,743 USD 5,752 USD 5,238 USD 34,881 USD 12,498 USD 51,480 USD 39,437 USD 378,547 USD 966,517 USD 2,924,494 USD 37,014,629 USD 59,480,988 USD 76,356,105 USD 49,179 USD 1,475 USD 10,364,183 USD 33,712 HUF 357,060,144 HUF 119,528,810 HUF 214,891,492 HUF 56,829,648 HUF 59,759,085 HUF 214,891,492 HUF 59,759,085 HUF 119,528,810 HUF 56,829,648 HUF 357,060,144 HUF 940,608,477 HUF 776,812,923 HUF 776,812,923 HUF 940,608,477 USD 127,348 USD 88,339 USD 59,303 USD 59,726 USD 1,103,969 USD 1,242,019 USD 1,241,101 USD 1,288,996 USD 1,314,968 USD 1,540,238 Gain/(Loss) Unrealised (101,465) (163,050) (209,308) (57,366) (33,663) (21,647) (44,594) (50,489) (50,626) (52,762) (53,791) (55,540) (1,263) (1,038) (7,914) (1,166) (1,417) (5,454) (6,052) 17,130 10,792 10,342 16,187 6,682 5,823 3,387 9,419 2,424 1,166 (141) (438) (155) (992) (879) USD (10) (11) (13) (33) (37) (39) (55) (64) (73) (97) 958 673 (2) (2) (3) (3) (3) (1) (1) (0.03) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.02) (0.05) (0.09) (0.12) (0.00) (0.00) (0.01) (0.02) (0.03) (0.03) (0.03) (0.03) (0.03) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 % of 0.01 0.01 0.01 0.01 NAV Date Maturity Open ForwardForeignCurrency ExchangeContracts(0.52)%(2018:(0.49)%)(continued) Financial Derivative Instruments0.37%(2018:(0.10)%)(continued) 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 16/05/2019 16/05/2019 15/04/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 15/04/2019 15/04/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 22/04/2019 22/04/2019 04/04/2019 04/04/2019 04/04/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 05/04/2019 05/04/2019 15/04/2019 (continued) Bought Amount PLN 92,654 PLN 828,698 PLN 1,112,915 PLN 1,695,688 PLN 1,652,974 USD 291,742 USD 470,000 USD 700,000 USD 198,258 USD 210,000 USD 220,000 USD 28,786 USD 29,998 USD 209,622 USD 28,286 USD 34,877 USD 40,657 USD 37,025 USD 367,882 USD 106,450 TWD 34,170,754 TWD 32,379,136 TRY 19,928,938 PLN 2,386,393 PLN 3,183,429 PLN 7,203,585 PLN 8,995,084 PLN 10,645,777 GBP 24,357 GBP 12,685 PLN 2,383,139 PLN 3,428,656 PLN 3,421,700 PLN 2,660,973 PHP 38,481,118 PHP 38,481,117 PHP 38,481,117 MXN 26,679,743 MXN 30,934,476 IDR 34,258,822,543 IDR 34,258,822,543 IDR 34,258,822,543 HUF 515,096,300 HUF 515,960,200 HUF 940,608,477 HUF 776,812,923 HUF 776,812,923 HUF 940,608,477 HUF 515,960,200 HUF 515,096,300 HUF 1,717,421,400 HUF 1,717,421,400 GBP 3,230,604 Financial year ended31March 2019 Sold Amount USD 24,746 USD 222,974 USD 299,027 USD 452,823 USD 444,766 USD 641,051 BRL 1,092,281 BRL 1,795,964 BRL 2,696,750 BRL 742,279 BRL 803,250 BRL 846,472 AUD 40,300 AUD 42,181 AUD 295,089 AUD 40,000 AUD 49,381 AUD 57,600 AUD 52,573 AUD 518,615 AUD 151,146 USD 1,108,900 USD 1,051,100 USD 3,589,403 USD 631,446 USD 842,366 USD 1,906,568 USD 2,380,112 USD 2,816,865 USD 31,725 USD 16,541 USD 915,468 USD 913,879 USD 715,970 USD 733,031 USD 733,043 USD 733,393 USD 1,375,776 USD 1,595,218 USD 2,377,269 USD 2,378,589 USD 2,379,085 EUR 1,630,000 EUR 1,630,000 EUR 2,932,391 EUR 2,421,849 EUR 2,421,849 EUR 2,932,391 EUR 1,630,000 EUR 1,630,000 EUR 5,400,000 EUR 5,400,000 USD 4,207,781 Gain/(Loss) Unrealised (127,756) (203,744) (13,032) (18,607) (10,764) (24,788) (30,342) (35,888) (19,949) (20,177) (20,959) (11,398) (41,886) (49,667) 135,891 (6,529) (8,349) (9,933) (8,053) (3,334) (3,347) (3,696) (4,735) (5,531) (7,728) 11,583 27,956 26,636 26,140 16,719 11,964 9,353 8,311 7,871 3,974 2,888 2,805 2,317 4,640 (546) (135) (211) (270) (330) (615) (945) (991) USD (50) 151 975 (1) 27 35 (0.01) (0.01) (0.00) (0.00) (0.01) (0.00) (0.00) (0.01) (0.01) (0.02) (0.02) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.08) (0.00) (0.01) (0.01) (0.01) (0.01) (0.02) (0.03) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.11) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 % of NAV 0.01 0.08 0.01 0.01 0.01 0.01 0.01 Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsTotal DebtFund (continued) Return Lazard Global InvestmentFundsplc Portfolios ofInvestments 03/04/2019 02/04/2019 02/04/2019 01/04/2019 Open ForwardForeignCurrency ExchangeContracts(0.52)%(2018:(0.49)%)(continued) Financial Derivative Instruments0.37%(2018:(0.10)%)(continued) Date Maturity 15/04/2019 15/04/2019 15/04/2019 15/04/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 15/05/2019 15/05/2019 15/05/2019 22/04/2019 22/04/2019 22/04/2019 22/04/2019 22/04/2019 22/04/2019 22/04/2019 22/04/2019 22/04/2019 22/04/2019 22/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 USD 6,857 USD 34,843 USD 6,071 USD 2,387 Bought Amount USD 1,477 USD 532 USD 3,918 USD 669,234 USD 270,000 USD 370,000 USD 220,000 USD 520,000 USD 600,000 USD 510,000 USD 1,139,910 USD 1,052,200 USD 1,300,000 USD 118,450 USD 107,339 USD 84,114 USD 58,519 USD 46,765 USD 297,238 USD 185,985 USD 220,920 USD 316,586 USD 405,531 USD 1,869,997 USD 660,554 USD 429,446 USD 1,640,000 USD 2,668,000 USD 5,693,241 USD 5,663,508 USD 5,650,150 USD 10,375,678 USD 11,035,143 USD 974,499 USD 789,084 USD 676,952 USD 382,958 USD 99,044 USD 23,926 USD 33,754 USD 16,269 USD 12,108 USD 7,112 USD 10,248 USD 22,223 USD 3,100 USD 3,144 USD 16,860 USD 2,135 EUR 6,103 EUR 30,966 EUR 5,396 EUR 2,116 Sold Amount EUR 1,313 EUR 472 EUR 3,477 TRY 3,901,632 PLN 1,023,349 PLN 1,406,296 PLN 836,864 PLN 1,988,458 PLN 2,295,540 PLN 1,943,789 PHP 59,856,674 PHP 55,471,984 MXN 25,028,679 MXN 2,287,723 MXN 2,072,604 MXN 1,624,584 MXN 1,130,003 MXN 903,272 MXN 5,781,432 MXN 3,616,506 MXN 4,297,012 MXN 6,158,806 MXN 7,889,814 IDR 26,359,483,632 IDR 9,279,459,782 IDR 6,035,866,341 IDR 23,409,360,000 IDR 38,138,259,600 EUR 5,016,589 EUR 4,999,345 EUR 5,000,000 EUR 9,210,969 EUR 9,805,879 EUR 856,948 EUR 700,362 EUR 600,838 EUR 339,899 EUR 87,637 EUR 21,049 EUR 29,885 EUR 14,346 EUR 10,669 EUR 6,249 EUR 9,069 EUR 19,727 EUR 2,726 EUR 2,773 EUR 14,982 EUR 1,885 Gain/(Loss) Unrealised (8,478) (3,512) (9,590) 13,805 19,365 54,168 43,818 29,724 21,764 12,501 11,217 2,672 2,636 1,388 2,309 4,880 9,066 5,683 1,818 1,560 USD 559 340 315 887 830 629 449 347 137 136 102 882 533 266 161 143 115 73 13 11 92 83 87 54 48 36 26 19 17 3 1 1 9 (0.00) (0.00) (0.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 % of 0.01 0.01 0.04 0.02 0.02 0.01 0.01 0.01 NAV Options Written(0.07)%(2018:Nil) Options purchasedatfair value Options writtenatfair value Options Purchased0.22%(2018:0.21%) Date Maturity Amount Notional Open ForwardForeignCurrency ExchangeContracts(0.52)%(2018:(0.49)%)(continued) Financial Derivative Instruments0.37%(2018:(0.10)%)(continued) Interest rateswapsatfair value Interest RateSwaps0.47%(2018:0.19%) 15/04/2019 exchange contracts Net unrealisedlossonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 13/06/2019 13/06/2019 23/04/2019 23/04/2019 23/04/2019 23/04/2019 16/05/2019 16/05/2019 16/05/2019 17/07/2019 17/07/2019 15/04/2019 15/04/2019 MXN MXN (11,224,000) CCY BRL BRL BRL (4,930,000) 12,210,000 12,200,000 11,224,000 12,570,000 (continued) 4,930,000 262,845,000 87,615,000 20,758,417 24,595,428 12,676,738 Notional Amount Put at 14.250USDCallZARExpiringJune2019 Put at Put at 13.800USDCallZARExpiringJune2019 Put at 6.890USDPutCNHExpiringJuly2019 Call at 6.872USDPutCNHExpiringJuly2019 Call at 14.250USDCallZARExpiringJune2019 Put at 6.904USDPutCNHExpiringJune2019 Call at Put at 13.800USDCallZARExpiringJune2019 Put at Bought Amount USD 400,766 UYU 1,690,000 UYU 7,465,885 USD 1,544,044 USD 1,543,708 USD 1,543,521 USD 1,543,503 USD 725,311 USD 725,241 USD 725,193 USD 240,000 USD 170,000 USD 427,600 USD 452,400 Month BRCDI Month BRCDI Month BRCDI 1 Month TIIE 1 1 Month TIIE 1 Less than1 Less than1 Less than1 Financial year ended31March 2019 Fund Pays Fixed 8.430% Fixed 8.420% Fixed 8.690% Fixed 8.700% Fixed 7.545% Sold Amount TRY 2,333,277 USD 50,538 USD 223,296 ZAR 22,447,465 ZAR 22,447,466 ZAR 22,447,466 ZAR 22,447,466 TWD 22,298,248 TWD 22,298,248 TWD 22,298,247 TRY 1,403,964 TRY 991,270 TRY 2,391,360 TRY 2,602,205 Receives Fund Termination 01/01/2024 29/12/2023 03/01/2022 03/01/2022 01/07/2021 Date Gain/(Loss) (146,608) (1,015,858) Fair Value (1,797,102) Unrealised (98,052) (48,556) 103,905 428,122 221,651 781,244 35,214 38,479 28,873 924,440 366,580 112,080 196,696 234,995 (4,523) (2,965) (8,581) (8,917) (9,104) (9,122) 12,350 12,222 14,089 9,268 USD (664) (136) (206) (254) Value USD 398 USD Fair (0.07) %of (0.52) (0.05) (0.02) (0.00) (0.92) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 0.00 0.00 NAV % of % of 0.05 0.22 0.02 0.02 0.12 0.01 0.47 0.18 0.06 0.10 0.12 0.01 NAV 0.40 0.01 0.01 NAV

101 LAZARD GLOBAL INVESTMENT FUNDS PLC 102 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsTotal DebtFund (continued) Return Portfolios ofInvestments Credit Default Swaps0.20%(2018:(0.01)%) Financial Derivative Instruments0.37%(2018:(0.10)%)(continued) JP MorganChaseandCompany Goldman Sachs Barclays BankPlc The counterpartiesfortheoptionsare: UBS AG StreetBank& State Trust Company Standard CharteredBank JP MorganChaseandCompany HSBC BankPlc Goldman Sachs Citibank NA Barclays BankPlc Bank of America MerrillLynch The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: MarketsPlc. The counterpartyfortheopenfuturescontractsisNatwest Total Assets Other assets instruments Over thecounterfinancialderivative Transferable market securitiesdealtinonanotherregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets(unaudited) Net Assets Other NetAssets(2018:16.32%) Total Investments(2018:83.68%) Total FinancialDerivative Instruments Credit Default Swapsatfair value fairvalue negative at Credit DefaultSwaps positivefairvalue at Credit DefaultSwaps CCY USD USD USD USD USD (13,650,000) 10,450,000 23,558,000 6,310,000 3,170,000 Notional Amount South Africa Government Government 31/03/2030 09/03/2020 28/03/2027 31/03/2030 Markit CDX 31 Series" Federation Federation Security 7.500% 5.500% 4.150% 7.500% Russian Russian Mexico Name EM 1.00% 1.00% 1.00% 1.00% 1.00% Fund Pays Receives Fund * * * * * Termination 20/06/2024 20/06/2024 20/06/2024 20/06/2024 20/06/2024 Date 195,573,182 176,522,422 19,050,760 (497,603) 103,558 483,385 244,263 (497,603) 715,224 52,025 % ofTotal assets 385,628 883,231 Value USD Fair 100.00 100.00 (0.25) 19.62 18.12 60.84 90.26 (0.25) % of 1.42 9.74 0.37 0.05 0.25 0.12 0.03 NAV 0.20 0.45 fixed incomesecurities. ofissuerforgovernmenttype fixedincomesecuritiesandcountry issuer forcorporate Fixed ofthe incomesecuritiesareprimarilyclassified ofincorporation bythecountry notional amounttothecounterparty. * Intheeventofbankruptcy ormodifiedrestructuring, theFundwillpay/receive Morgan Stanley Goldman Sachs are: The counterpartiesforthecreditdefaultswaps JP MorganChaseandCompany Goldman Sachs Barclays BankPlc Bank of America MerillLynch are: swaps The counterpartiesfortheinterestrate (continued) Financial year ended31March 2019 Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsDebtBlendFund Lazard Global InvestmentFundsplc Portfolios ofInvestments Fixed IncomeSecurities93.88%(2018:89.91%) Transferable Securities93.88%(2018:89.91%) Amount Principal Angola 1.31%(2018:1.92%) Brazil 1.92%(2018:2.61%) Bermuda Nil(2018:0.14%) Belize 0.05%(2018:0.04%) Belarus 0.27%(2018:0.33%) Bahrain 0.32%(2018:Nil) Azerbaijan 0.25%(2018:0.35%) Argentina 3.34%(2018:7.65%) 12,295,000 3,101,000 2,431,000 1,203,000 1,994,000 2,541,000 1,113,000 2,365,000 1,691,000 1,307,000 1,372,000 1,142,000 890,000 639,000 303,300 915,000 866,000 460,000 655,000 964,000 997,000 920,000 362,000 770,000 549,000 40,000 Brazil Government6.000%07/04/2026 Brazil Government5.000%27/01/2045 Brazil Government4.625%13/01/2028 6.000% 15/08/2050 Brazil Notasdo Tesouro NacionalSerieB Bonds Government 03/05/2023 deEletricidadeSA7.250% Light Servicos Belize Government4.938%20/02/2034 Belarus Government7.625%29/06/2027 Azerbaijan Republic4.750%18/03/2024 15/06/2027 Provincia deBuenos Aires 7.875% Argentina Government7.625%22/04/2046 Argentina Government7.500%22/04/2026 Argentina Government7.125%28/06/2117 Argentina Government7.125%06/07/2036 Argentina Government6.875%11/01/2048 Argentina Government6.875%26/01/2027 Argentina Government6.625%06/07/2028 Argentina Government5.625%26/01/2022 Argentina Government4.625%11/01/2023 17/10/2026 Argentine Bonosdel Tesoro 15.500% Bonds Government Genneia SA8.750%20/01/2022 27/07/2023 Generacion MediterraneaSA9.625% 02/02/2024 AES Argentina GeneracionSA7.750% Angola Government9.500%12/11/2025 Angola Government9.375%08/05/2048 Angola Government8.250%09/05/2028 Bonds Government Corporate Bonds Bonds Government Bonds Government Bahrain Government6.125%05/07/2022 Bonds Government Bonds Government Corporate Bonds 12,221,029 Fair Value 6,994,664 2,868,425 2,453,791 1,692,358 1,878,294 2,043,360 4,778,781 1,929,854 1,415,187 1,433,740 1,185,682 988,794 642,703 178,947 988,200 896,310 337,366 948,692 504,514 709,822 808,068 878,057 755,780 213,751 325,800 659,390 465,777 40,951 USD %of NAV 1.92 0.27 0.79 0.67 0.01 0.18 0.05 0.27 0.25 3.34 0.09 0.26 0.46 0.51 0.14 0.19 0.22 0.24 0.56 0.21 0.06 0.09 0.18 0.13 1.31 0.53 0.39 0.39 0.32

Czech Republic1.30%(2018:0.98%) Costa Rica1.82%(2018:0.58%) Colombia 4.60%(2018:4.78%) Chile 2.31%(2018:1.09%) Cayman Islands0.99%(2018:0.64%) Canada 0.34%(2018:0.36%) Fixed IncomeSecurities93.88%(2018:89.91%)(continued) Transferable Securities93.88%(2018:89.91%) (continued) Amount Principal 2,505,000,000 2,505,000,000 9,788,000,000 2,012,000,000 1,919,000,000 5,163,000,000 11,064,000,000 11,064,000,000 690,000,000 6,250,000,000 6,250,000,000 52,350,000 31,180,000 14,690,000 (continued) 2,132,000 2,330,000 1,873,000 1,050,000 1,000,000 1,525,000 915,000 928,000 881,000 960,000 620,000 733,000 910,000 790,000 850,000 490,000 766,000 82,421 Czech Republic2.500%25/08/2028 Bonds Government Costa RicaGovernment7.158%12/03/2045 Costa RicaGovernment7.000%04/04/2044 Costa RicaGovernment5.625%30/04/2043 Costa RicaGovernment5.520%23/08/2023 Costa RicaGovernment4.375%30/04/2025 Bonds Government Colombia Government10.000%24/07/2024 Colombia Government9.850%28/06/2027 Colombia Government7.750%14/04/2021 Colombia Government7.500%26/08/2026 Colombia Government7.375%18/09/2037 Colombia Government7.000%30/06/2032 Colombia Government6.000%28/04/2028 Czech Republic4.200%04/12/2036 Czech Republic3.750%12/09/2020 01/03/2035 Bonos dela Tesoreria delaRepublica5.000% Colombia Government5.000%15/06/2045 Colombia Government4.500%15/03/2029 Colombia Government4.500%28/01/2026 Bonds Government Chile Government3.240%06/02/2028 01/01/2043 Bonos dela Tesoreria delaRepublica6.000% Bonds Government 30/04/2025 Empresa ElectricaGuacoldaSA4.560% 05/02/2049 Corp NacionaldelCobredeChile4.375% Corporate Bonds 30/01/2029 Termocandelaria Power Ltd7.875% 01/08/2022 FinanceSable International Ltd6.875% I Ltd8.443%24/09/2019 EP PetroEcuador viaNobleSovereignFunding Trust 6.875%06/02/2024 Comunicaciones CelularesSA Via Comcel Corporate Bonds 01/04/2023 First QuantumMineralsLtd7.250% 15/05/2022 First QuantumMineralsLtd7.250% Corporate Bonds Financial year ended31March 2019 16,846,899 Fair Value 2,412,166 6,664,815 2,087,761 2,070,329 3,656,688 1,748,073 1,257,370 1,998,139 3,376,964 4,760,751 1,690,867 1,102,160 8,431,080 1,251,423 1,969,460 4,595,328 1,002,928 3,620,588 1,060,625 1,589,790 887,230 801,328 818,167 779,793 629,784 657,718 656,580 774,048 929,110 801,554 887,188 480,812 770,611 82,985 USD %of NAV 0.24 0.22 0.22 0.21 0.17 0.66 1.82 0.57 0.57 1.00 0.48 0.34 0.55 0.92 4.60 0.18 1.30 0.46 0.30 2.31 0.34 0.18 0.21 0.25 0.22 0.24 0.02 0.13 0.21 0.54 1.26 0.28 0.99 0.29 0.44

103 LAZARD GLOBAL INVESTMENT FUNDS PLC 104 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsDebtBlendFund(continued) Portfolios ofInvestments Dominican Republic2.73%(2018:2.14%) Ghana 1.22%(2018:0.65%) Gabon Nil(2018:0.23%) El Salvador 0.54%(2018:1.63%) 3.15%(2018:4.21%) Egypt Ecuador 1.36%(2018:1.45%) Fixed IncomeSecurities93.88%(2018:89.91%)(continued) Transferable Securities93.88%(2018:89.91%) (continued) Amount Principal 61,950,000 1,440,000 1,998,000 2,344,000 1,782,000 1,130,000 1,030,000 1,522,000 1,030,000 3,035,000 1,410,000 1,451,000 1,278,000 1,534,000 671,000 674,000 330,000 988,000 561,000 770,000 310,000 987,000 469,000 750,000 247,000 250,000 325,000 400,000 280,000 325,000 802,000 200,000 200,000 936,000 282,000 Dominican Republic6.875%29/01/2026 Dominican Republic6.850%27/01/2045 Dominican Republic5.950%25/01/2027 Dominican Republic5.500%27/01/2025 Bonds Government Dominican Republic8.900%15/02/2023 Dominican Republic6.000%19/07/2028 Ghana Government8.125%26/03/2032 Ghana Government7.625%16/05/2029 Bonds Government El SalvadorGovernment5.875%30/01/2025 Bonds Government Government8.700%01/03/2049 Egypt Government8.500%31/01/2047 Egypt Government7.600%01/03/2029 Egypt Government6.588%21/02/2028 Egypt Government6.200%01/03/2024 Egypt Government5.875%11/06/2025 Egypt Government5.577%21/02/2023 Egypt Bonds Government Ecuador Government9.650%13/12/2026 Ecuador Government9.625%02/06/2027 Ecuador Government7.950%20/06/2024 Bonds Government Ghana Treasury Note19.950%06/05/2019 Ghana Government24.500%22/04/2019 Ghana Government8.627%16/06/2049 Ghana Government8.125%18/01/2026 Ghana Government7.875%26/03/2027 Ghana Government7.875%07/08/2023 El SalvadorGovernment8.625%28/02/2029 El SalvadorGovernment7.750%24/01/2023 El SalvadorGovernment7.650%15/06/2035 El SalvadorGovernment7.625%01/02/2041 El SalvadorGovernment6.375%18/01/2027 Government7.903%21/02/2048 Egypt Government7.500%31/01/2027 Egypt Ecuador Government10.750%28/03/2022 Ecuador Government8.875%23/10/2027 Ecuador Government8.750%02/06/2023 11,528,393 Fair Value 9,960,783 1,203,881 1,586,881 2,154,094 2,467,060 1,839,915 4,462,947 1,128,463 1,971,921 1,072,488 1,560,050 1,059,612 2,997,062 1,429,388 1,440,118 4,976,761 1,344,839 1,606,482 708,952 147,780 963,559 483,070 758,438 259,041 663,048 278,625 343,688 418,000 288,050 320,775 322,783 779,945 210,375 979,355 224,139 940,177 297,016 564,108 59,548 USD %of NAV 2.73 0.33 0.44 0.59 0.19 0.68 0.50 1.22 0.04 0.02 0.26 0.31 0.13 0.21 0.07 0.18 0.54 0.08 0.09 0.11 0.08 0.09 0.09 3.15 0.29 0.43 0.21 0.29 0.06 0.82 0.39 0.39 0.27 1.36 0.06 0.37 0.44 0.26 0.08 0.15

Fixed IncomeSecurities93.88%(2018:89.91%)(continued) Transferable Securities93.88%(2018:89.91%) (continued) Amount Principal Jordan Nil(2018:0.43%) Jamaica Nil(2018:0.22%) Coast0.51%(2018:0.53%) Ivory Iraq 0.74%(2018:0.47%) Hungary 1.32%(2018:0.29%) Hungary Honduras 0.23%(2018:0.19%) Guatemala 0.10%(2018:Nil) Indonesia 8.99%(2018:5.42%) 52,569,000,000 52,569,000,000 14,160,000,000 36,136,000,000 15,959,000,000 30,199,000,000 35,120,000,000 27,188,000,000 37,772,000,000 56,613,000,000 278,040,000 336,680,000 8,612,000,000 8,612,000,000 7,297,000,000 (continued) 1,247,995 1,095,000 1,645,000 1,783,000 1,200,000 1,937,000 1,683,000 2,513,000 700,000 640,000 640,000 765,000 355,000 680,000 525,000 Ivory CoastGovernment6.125%15/06/2033 Ivory CoastGovernment5.750%31/12/2032 Ivory Bonds Government Iraq Republic6.752%09/03/2023 Iraq Republic5.800%15/01/2028 Bonds Government Indonesia Government8.750%15/05/2031 Indonesia Government8.375%15/03/2034 Indonesia Government8.375%15/09/2026 Indonesia Government8.375%15/03/2024 Indonesia Government8.250%15/05/2036 Indonesia Government8.250%15/05/2029 Indonesia Government8.125%15/05/2024 Indonesia Government7.500%15/08/2032 Indonesia Government7.000%15/05/2027 Indonesia Government7.000%15/05/2022 Indonesia Government5.625%15/05/2023 Indonesia Government5.250%08/01/2047 Indonesia Government4.750%11/02/2029 Indonesia Government4.750%08/01/2026 Indonesia Government4.350%11/01/2048 Indonesia Government4.100%24/04/2028 Indonesia Government3.500%11/01/2028 Hungary Government2.500%24/10/2024 Hungary Hungary Government5.750%22/11/2023 Hungary Government5.375%21/02/2023 Hungary Bonds Government Honduras Government7.500%15/03/2024 Bonds Government Government4.875%13/02/2028 Guatemala Bonds Government Hungary Government6.000%24/11/2023 Hungary Government Bonds Government Government7.625%29/03/2041 Hungary Financial year ended31March 2019 32,821,369 Fair Value 1,839,525 1,190,275 2,704,325 1,116,900 1,587,425 3,938,984 1,041,118 2,661,985 1,143,131 2,216,350 2,573,576 1,832,899 2,558,363 3,778,838 1,931,658 1,283,916 2,048,930 1,711,401 2,446,066 1,001,884 1,416,882 4,829,051 1,009,613 649,250 623,070 513,198 517,886 708,656 692,016 840,387 355,600 USD %of NAV 0.18 0.17 0.14 0.14 0.51 0.33 0.74 0.31 0.43 8.99 1.08 0.29 0.73 0.31 0.61 0.70 0.50 0.70 1.04 0.53 0.35 0.56 0.47 0.67 0.27 0.19 0.19 0.23 0.10 0.39 1.32 0.28

Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsDebtBlendFund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments Netherlands 0.09%(2018:1.40%) Namibia 0.20%(2018:0.12%) Morocco 0.37%(2018:Nil) Mongolia 0.29%(2018:Nil) Mexico 8.85%(2018:5.67%) Mauritius Nil(2018:0.38%) Malaysia 1.99%(2018:2.37%) Luxemburg Nil(2018:0.35%) Lebanon Nil(2018:2.86%) Kenya 0.48%(2018:1.65%) Fixed IncomeSecurities93.88%(2018:89.91%)(continued) Transferable Securities93.88%(2018:89.91%) (continued) Amount Principal 210,577,000 218,380,000 14,117,000 50,706,000 47,110,000 10,540,000 1,462,000 1,050,000 1,126,000 2,300,000 1,608,000 2,500,000 4,152,000 2,970,000 5,400,000 300,000 740,000 618,000 684,000 746,000 345,000 616,000 300,000 831,000 27/10/2021 IHS NetherlandsHoldcoBV9.500% Namibia Government5.250%29/10/2025 Morocco Government5.500%11/12/2042 Morocco Government4.250%11/12/2022 Mexico Government10.000%20/11/2036 Mexico Government10.000%05/12/2024 Mexico Government7.750%13/11/2042 Mexico Government7.750%29/05/2031 Mexico Government7.250%09/12/2021 Mexico Government5.750%12/10/2110 Mexico Government4.150%28/03/2027 Bonds Government Petroleos Mexicanos6.750%21/09/2047 Government8.250%28/02/2048 Kenya Government7.250%28/02/2028 Kenya Government6.875%24/06/2024 Kenya Corporate Bonds Bonds Government Bonds Government Mongolia Government5.625%01/05/2023 Bonds Government Petroleos Mexicanos6.500%13/03/2027 Corporate Bonds Malaysia Government4.642%07/11/2033 Malaysia Government4.254%31/05/2035 Malaysia Government3.955%15/09/2025 Malaysia Government3.882%10/03/2022 Malaysia Government3.844%15/04/2033 Malaysia Government3.795%30/09/2022 Malaysia Government3.418%15/08/2022 Bonds Government Bonds Government 32,350,145 11,917,899 11,105,114 Fair Value 1,358,085 2,429,106 2,343,504 1,504,032 1,784,191 1,061,382 1,134,265 7,276,927 2,617,380 1,319,611 312,220 712,250 661,260 696,825 837,683 758,868 319,674 625,175 304,125 854,891 599,014 393,679 620,331 992,615 734,297 USD %of NAV 0.09 0.20 0.37 0.18 0.19 8.85 0.23 3.26 0.66 0.64 3.04 0.41 0.21 0.09 0.48 0.17 0.08 0.23 0.29 0.31 1.99 0.16 0.11 0.17 0.72 0.27 0.20 0.36

Peru 6.83%(2018:1.26%) Paraguay 1.28%(2018:1.02%) Panama 1.70%(2018:Nil) Pakistan 0.90%(2018:Nil) Oman 0.62%(2018:Nil) Nigeria 1.42%(2018:1.09%) Fixed IncomeSecurities93.88%(2018:89.91%)(continued) Transferable Securities93.88%(2018:89.91%) (continued) Amount Principal 18,296,000 20,640,000 (continued) 5,373,000 1,155,000 1,550,000 2,114,000 3,852,000 1,446,000 1,105,000 1,615,000 1,480,000 1,355,000 1,445,000 1,285,000 1,205,000 1,413,000 1,826,000 1,470,000 4,750,000 400,000 843,000 634,000 430,000 750,000 275,000 505,000 450,000 880,000 850,000 964,000 917,000 85,000 Peru Government6.350%12/08/2028 Peru Government5.700%12/08/2024 Peru Government5.625%18/11/2050 Peru Government4.125%25/08/2027 Bonds Government 6.375% 01/06/2028 Hunt OilCoofPeru LLCSucursal DelPeru Fondo MiviviendaSA7.000%14/02/2024 30/10/2020 Banco deCreditodelPeru 4.850% Corporate Bonds Paraguay Republic6.100%11/08/2044 Paraguay Republic5.600%13/03/2048 Paraguay Republic5.400%30/03/2050 Paraguay Republic5.000%15/04/2026 Paraguay Republic4.700%27/03/2027 Bonds Government Panama Government9.375%01/04/2029 Panama Government8.875%30/09/2027 Panama Government7.125%29/01/2026 Panama Government4.500%16/04/2050 Panama Government4.300%29/04/2053 Panama Government3.875%17/03/2028 Panama Government3.750%16/03/2025 Bonds Government Pakistan Government8.250%30/09/2025 Pakistan Government8.250%15/04/2024 Pakistan Government6.875%05/12/2027 Bonds Government Oman Government6.750%17/01/2048 Oman Government5.625%17/01/2028 Bonds Government Nigeria Government7.875%16/02/2032 Nigeria Government7.625%28/11/2047 Nigeria Government6.500%28/11/2027 Nigeria Government6.375%12/07/2023 Bonds Government Peru Government7.350%21/07/2025 Peru Government6.950%12/08/2031 Peru Government6.900%12/08/2037 Peru Government8.200%12/08/2026 Financial year ended31March 2019 24,915,932 Fair Value 4,663,483 6,230,342 3,279,800 1,753,661 1,488,795 1,694,925 1,161,691 1,553,619 1,154,725 1,690,800 1,541,213 1,398,699 1,428,028 2,281,068 1,146,862 1,134,206 5,141,151 1,004,970 1,378,558 1,808,881 1,850,730 1,614,500 6,151,961 7,477,729 127,820 908,665 685,455 719,590 452,575 782,974 401,822 117,992 617,961 461,855 943,488 908,284 948,742 USD %of NAV 1.28 1.70 0.90 0.04 0.25 0.19 0.20 0.12 0.21 0.11 0.03 0.17 0.13 0.26 0.25 0.26 0.48 0.41 0.46 0.32 0.43 0.32 0.46 0.42 0.38 0.39 0.62 0.31 0.31 1.42 0.28 0.38 0.50 0.51 0.44 1.68 2.05 6.83

105 LAZARD GLOBAL INVESTMENT FUNDS PLC 106 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsDebtBlendFund(continued) Portfolios ofInvestments Philippines 1.65%(2018:0.09%) South Africa5.66%(2018:11.87%) Singapore 0.18%(2018:Nil) Senegal 0.56%(2018:Nil) Saudi Arabia0.52%(2018:Nil) Russia 4.12%(2018:5.77%) Romania 0.63%(2018:Nil) Qatar 0.98%(2018:Nil) Poland 1.78%(2018:1.96%) Fixed IncomeSecurities93.88%(2018:89.91%)(continued) Transferable Securities93.88%(2018:89.91%) (continued) Amount Principal 103,788,000 227,655,000 207,444,000 192,532,000 27,731,000 21,830,000 28,470,000 22,301,000 2,675,000 1,439,000 2,662,000 1,785,000 1,830,000 3,800,000 2,840,000 6,610,000 1,149,000 2,265,000 1,520,000 910,000 645,000 680,000 150,000 600,000 518,000 338,000 Philippines Government3.750%14/01/2029 Philippines Government3.000%01/02/2028 Bonds Government Philippines Government7.750%14/01/2031 Philippines Government6.375%23/10/2034 Philippines Government3.625%09/09/2025 South Africa Government6.300%22/06/2048 South Africa Government5.650%27/09/2047 South Africa Government5.375%24/07/2044 Bonds Government PteLtd6.875%04/02/2039 LLPL Capital Corporate Bonds Senegal Government6.250%23/05/2033 Bonds Government Saudi Government4.375%16/04/2029 Bonds Government Russian Federation 5.250%23/06/2047 Bonds Government Romania Government5.850%26/04/2023 Romania Government4.250%28/06/2023 Bonds Government Government4.500%23/04/2028 Qatar Government4.000%14/03/2029 Qatar Bonds Government 25/07/2020 Poland Government-Zerocoupon Bonds Government South Africa Government8.000%31/01/2030 South Africa Government5.875%16/09/2025 Senegal Government6.750%13/03/2048 Russian Federation 8.500%17/09/2031 Russian Federation 7.750%16/09/2026 Russian Federation 7.050%19/01/2028 Russian Federation 7.000%16/08/2023 23/05/2029 Russian Federal Bond-OFZ6.900% Poland Government3.250%25/07/2025 15,017,843 Fair Value 5,988,420 2,798,813 1,395,510 1,468,643 2,542,942 2,033,084 1,720,294 1,905,488 1,606,643 3,407,747 2,957,058 2,836,805 3,815,675 2,276,056 1,563,931 3,572,906 1,233,739 2,339,167 6,503,621 6,114,983 910,430 906,977 471,300 900,900 547,785 140,021 649,875 312,790 393,915 712,125 388,638 USD %of NAV 1.65 0.25 0.25 0.77 0.13 0.25 0.38 0.40 0.15 0.70 0.04 0.18 0.56 0.09 0.47 0.52 4.12 0.44 0.93 0.81 0.78 1.05 0.11 0.63 0.20 0.43 0.98 0.34 0.64 1.78 1.67 0.11

Fixed IncomeSecurities93.88%(2018:89.91%)(continued) Transferable Securities93.88%(2018:89.91%) (continued) Amount Principal South Africa5.66%(2018:11.87%)(continued) Thailand 2.03%(2018:0.76%) Tajikistan 0.18%(2018:0.06%) Suriname 0.15%(2018:0.05%) Sri Lanka1.95%(2018:1.20%) Spain 0.27%(2018:Nil) Turkey 4.02%(2018:5.31%) Tunisia 0.17%(2018:0.11%) 83,757,000 67,161,000 28,333,000 14,370,000 42,561,000 72,889,000 11,771,000 43,760,000 59,151,000 13,217,000 (continued) 2,603,000 1,083,000 1,073,000 1,064,000 700,000 570,000 966,000 520,000 966,000 801,000 437,000 899,000 945,000 596,000 792,000 572,000 721,000 South Africa Government8.250%31/03/2032 Bonds(continued)Government South Africa Government8.500%31/01/2037 South Africa Government8.750%28/02/2048 Thailand Government3.300%17/06/2038 Bonds Government Tajikistan Government7.125%14/09/2027 Bonds Government Suriname Republic9.250%26/10/2026 Bonds Government Sri LankaGovernment6.850%03/11/2025 Sri LankaGovernment6.825%18/07/2026 Sri LankaGovernment6.750%18/04/2028 Sri LankaGovernment6.200%11/05/2027 Sri LankaGovernment6.125%03/06/2025 Sri LankaGovernment5.875%25/07/2022 Sri LankaGovernment5.750%18/01/2022 Bonds Government AI CandelariaSpainSLU7.500%15/12/2028 Corporate Bonds 21/12/2026 South Africa Government10.500% Thailand Government3.400%17/06/2036 Thailand Government3.625%16/06/2023 Thailand Government3.650%20/06/2031 Thailand Government3.775%25/06/2032 Turkey Government6.000%14/01/2041 Turkey Government4.875%16/04/2043 Turkey Government4.875%09/10/2026 Turkey Government4.250%14/04/2026 Bonds Government Turkiye IsBankasi AS 5.500%21/04/2019 08/02/2021 Export CreditBankof Turkey 5.375% Corporate Bonds 5.750% 30/01/2025 Banque Centralede Tunisie Bond International Corporate Bonds Thailand Government3.850%12/12/2025 Financial year ended31March 2019 20,661,455 Fair Value 5,322,604 4,197,573 1,782,437 7,128,339 2,575,343 3,263,940 2,458,008 1,522,815 2,075,729 1,060,281 7,382,177 473,303 658,875 563,160 978,350 522,098 930,804 783,979 437,992 899,773 987,525 394,677 893,139 442,083 685,329 901,320 551,468 628,171 457,645 USD %of NAV 1.46 1.15 0.49 0.13 0.18 0.15 0.27 0.14 0.25 0.21 0.12 0.25 0.27 1.95 0.71 5.66 0.89 0.67 0.11 0.42 0.57 0.24 0.12 0.19 0.25 0.15 0.17 0.13 0.29 2.03

Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsDebtBlendFund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments Derivative Instruments Total Value ofInvestmentsexcluding Financial Total Transferable Securities Total FixedIncomeSecurities Zambia 0.04%(2018:0.19%) Uruguay 0.66%(2018:1.20%) Fixed IncomeSecurities93.88%(2018:89.91%)(continued) Transferable Securities93.88%(2018:89.91%) (continued) United States0.55%(2018:Nil) United Kingdom1.23%(2018:0.44%) United ArabEmirates0.29%(2018:Nil) Ukraine 1.53%(2018:2.40%) Turkey 4.02%(2018:5.31%)(continued) Amount Principal 28,785,200,000 28,785,200,000 10,703,000 16,617,000 25,710,000 1,070,000 1,685,000 1,670,000 7,378,000 8,332,000 1,320,000 1,994,000 185,000 352,000 869,000 990,000 660,000 345,000 480,000 910,000 749,000 980,000 Zambia Government8.500%14/04/2024 Uruguay Government5.100%18/06/2050 Uruguay Government4.975%20/04/2055 Government Bonds Government Uruguay Government4.375%23/01/2031 Bonds Government Development 7.450%20/08/2021 BankforReconstruction& International 30/01/2043 ofDubaiGovernment5.250% Emirate Ukraine Government9.750%01/11/2028 Ukraine Government8.994%01/02/2024 Ukraine Government7.750%01/09/2026 Ukraine Government7.750%01/09/2025 Ukraine Government7.750%01/09/2022 Ukraine Government7.375%25/09/2032 Turkey Government10.700%17/02/2021 Turkey Government10.600%11/02/2026 Turkey Government10.400%20/03/2024 Turkey Government8.000%12/03/2025 Turkey Government7.250%23/12/2023 Turkey Government6.625%17/02/2045 Turkey Government6.250%26/09/2022 Turkey Government6.125%24/10/2028 Corporate Bonds Development 27.500%02/10/2019 European BankforReconstruction& Corporate Bonds Bonds Government Bonds Government Bonds(continued)Government 342,784,256 342,784,256 342,784,256 14,719,184 Fair Value 2,412,778 1,122,162 2,021,129 1,044,450 5,535,138 1,588,955 1,644,532 1,581,883 1,076,600 1,823,588 1,143,780 1,972,864 4,480,706 136,669 377,080 913,536 681,717 347,934 458,460 813,540 940,272 755,389 891,188 USD %of 93.88 93.88 93.88 NAV 0.04 0.66 0.10 0.25 0.31 0.55 0.29 1.53 0.19 0.10 0.44 0.13 0.45 0.22 4.02 0.43 0.26 0.29 0.50 0.21 0.31 0.54 0.24 1.23

15/04/2019 15/04/2019 02/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 03/04/2019 02/04/2019 01/04/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 25/04/2019 25/04/2019 04/06/2019 04/06/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 03/04/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 Open ForwardForeignCurrency ExchangeContracts(0.54)%(2018:(0.32)%) Financial Derivative Instruments0.12%(2018:(0.09)%) Date Maturity (continued) ARS 82,110,900 GBP 3,104 GBP 22,984 EUR 7,500 EUR 2,335 EUR 7,038 EUR 12,516 EUR 37,799 EUR 28,460 EUR 41,900 EUR 49,293 EUR 67,291 EUR 658,432 EUR 3,158,829 EUR 4,243,116 EUR 241,952,391 EUR 19,974 EUR 2,472 EUR 52,042 EUR 1,610,000 EUR 2,070,000 EUR 317,240 EUR 317,240 EUR 1,610,000 EUR 2,070,000 CZK 5,406,240 CZK 22,355,631 CZK 22,355,632 CZK 22,355,632 COP 1,333,000,000 COP 4,993,050,738 CLP 52,928,000 CLP 222,827,974 CHF 16,282,375 CHF 42,586 CHF 3,640 CHF 383,361 CHF 5,490 BRL 661,631 BRL 426,507 BRL 313,260 BRL 313,978 BRL 1,097,360 BRL 1,656,160 BRL 9,680,830 BRL 10,888,497 BRL 10,878,853 BRL 11,297,011 BRL 11,524,946 BRL 13,567,535 BRL 13,567,533 BRL 13,567,535 BRL 13,567,535 Bought Amount Financial year ended31March 2019 USD 1,910,000 USD 4,107 USD 30,319 USD 8,440 USD 2,639 USD 7,954 USD 14,145 USD 42,820 USD 32,388 USD 47,551 USD 56,031 USD 77,051 USD 743,679 USD 3,560,553 USD 4,827,312 USD 272,722,686 USD 22,441 USD 2,781 USD 58,706 HUF 506,379,615 HUF 659,923,659 HUF 99,451,885 HUF 99,451,885 HUF 506,379,615 HUF 659,923,659 USD 240,000 USD 986,587 USD 986,688 USD 987,047 USD 430,000 USD 1,580,014 USD 80,000 USD 339,910 USD 16,220,752 USD 42,666 USD 3,622 USD 387,615 USD 5,517 USD 166,532 USD 107,970 USD 79,070 USD 79,635 USD 290,000 USD 440,000 USD 2,587,558 USD 2,911,129 USD 2,908,979 USD 3,021,237 USD 3,082,113 USD 3,610,115 USD 3,614,394 USD 3,614,395 USD 3,614,925 Sold Amount Gain/(Loss) Unrealised (747,593) (104,522) (118,339) (118,662) (123,667) (126,080) (130,178) (134,458) (134,458) (134,988) (49,804) (57,689) (10,079) (13,521) (13,622) (13,982) (12,130) (14,788) (12,430) (15,212) 148,930 (1,410) (3,546) (9,760) (2,481) (8,403) (4,685) (2,214) (2,199) (8,538) 49,344 31,661 11,693 3,170 1,425 1,278 (369) (331) (397) (452) (622) (271) (59) (10) (14) (43) (76) (11) 148 897 USD (6) (4) 37 (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.02) (0.20) (0.00) (0.00) (0.00) (0.00) (0.01) (0.01) (0.01) (0.00) (0.01) (0.01) (0.00) (0.01) (0.03) (0.03) (0.03) (0.03) (0.03) (0.04) (0.04) (0.04) (0.04) NAV % of 0.04 0.02 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 107 LAZARD GLOBAL INVESTMENT FUNDS PLC 108 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsDebtBlendFund(continued) Portfolios ofInvestments Open ForwardForeignCurrency ExchangeContracts(0.54)%(2018:(0.32)%)(continued) Financial Derivative Instruments0.12%(2018:(0.09)%)(continued) Date Maturity 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 04/04/2019 04/04/2019 29/05/2019 22/04/2019 22/04/2019 10/06/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 01/04/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 15/04/2019 15/04/2019 Bought Amount PLN 9,487,908 PLN 7,378,514 PHP 21,666,134 PHP 109,284,450 PHP 24,416,800 PHP 81,332,488 PHP 81,332,487 PHP 81,332,487 PHP 260,635,659 PHP 260,635,658 PHP 260,635,659 PHP 9,324,000 PHP 260,635,659 PEN 5,372,407 PEN 6,965,989 MYR 15,782,553 MXN 16,792,084 MXN 50,041,776 IDR 3,451,200,000 IDR 3,507,600,000 IDR 19,039,942,627 IDR 19,039,942,626 IDR 19,039,942,626 IDR 11,240,000,000 IDR 77,556,899,827 IDR 21,066,223,793 HUF 94,712,563 HUF 63,600,290 HUF 180,407,335 HUF 263,017,675 HUF 284,653,950 HUF 851,730,557 HUF 851,730,557 HUF 874,049,000 HUF 285,989,050 HUF 286,468,700 HUF 458,863,841 HUF 152,993,264 HUF 24,387,229 HUF 24,387,229 HUF 268,648,110 HUF 580,026,720 HUF 268,648,110 HUF 152,993,264 HUF 580,026,720 HUF 1,100,909,043 HUF 286,468,700 HUF 285,989,050 HUF 458,863,841 HUF 874,049,000 HUF 1,100,909,043 GBP 858,225 GBP 130,393 Sold Amount USD 2,534,062 USD 1,985,286 USD 411,153 USD 2,073,512 USD 468,734 USD 1,549,311 USD 1,549,338 USD 1,550,076 USD 4,957,407 USD 4,958,350 USD 4,958,359 USD 180,000 USD 4,959,293 USD 1,625,047 USD 2,111,866 USD 3,866,851 USD 865,906 USD 2,580,537 USD 240,000 USD 240,000 USD 1,331,519 USD 1,331,930 USD 1,332,331 USD 800,000 USD 5,486,869 USD 1,490,886 USD 338,507 USD 230,000 USD 645,088 USD 940,474 USD 1,020,000 USD 3,042,438 USD 3,045,811 EUR 2,750,000 EUR 905,000 EUR 905,000 EUR 1,455,500 EUR 485,200 EUR 76,580 EUR 76,580 EUR 843,420 EUR 1,820,000 EUR 843,420 EUR 485,200 EUR 1,820,000 EUR 3,489,300 EUR 905,000 EUR 905,000 EUR 1,455,500 EUR 2,750,000 EUR 3,489,300 USD 1,117,817 USD 169,834 Gain/(Loss) Unrealised (55,948) (58,118) (13,965) (10,868) (41,796) (11,517) (13,016) (18,970) (22,691) (58,330) (61,702) (11,379) (14,234) (20,419) (23,255) (27,576) (34,127) (53,812) (56,225) (1,210) (5,731) (7,047) (7,074) (7,812) (1,082) (2,025) (2,035) (2,692) (2,969) (7,075) (5,815) (2,980) (8,947) (6,674) (7,171) (3,032) (5,428) (6,593) 15,817 6,260 5,228 4,816 4,415 9,283 6,642 1,233 (310) (294) (598) 147 892 398 187 USD (0.02) (0.02) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.00) (0.00) (0.00) (0.00) (0.01) (0.01) (0.02) (0.02) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.02) % of 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV Open ForwardForeignCurrency ExchangeContracts(0.54)%(2018:(0.32)%)(continued) Financial Derivative Instruments0.12%(2018:(0.09)%)(continued) Date Maturity 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 03/05/2019 03/05/2019 03/05/2019 03/05/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 17/07/2019 17/07/2019 17/07/2019 18/04/2019 01/04/2019 20/05/2019 25/04/2019 25/04/2019 25/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 01/04/2019 15/04/2019 18/04/2019 18/04/2019 18/04/2019 18/04/2019 18/04/2019 18/04/2019 31/07/2019 31/07/2019 31/07/2019 22/04/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 20/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 (continued) Bought Amount USD 1,198 USD 10,225 USD 12,362 USD 12,876 USD 162,170 USD 2,740,000 USD 529,898 USD 360,102 USD 1,180,000 USD 270,000 TWD 117,646,833 TWD 70,852,564 TWD 7,686,250 TWD 405,916,959 TRY 1,454,572 TRY 1,271,424 TRY 1,384,384 THB 11,453,760 USD 28,454 USD 181,663 USD 510,000 USD 404,449 USD 388,830 USD 14,666 USD 5,523 USD 6,623 USD 2,784 USD 742,744 USD 22,463 THB 5,684,400 THB 7,176,838 THB 53,772,870 THB 61,961,089 THB 61,961,089 THB 123,922,178 168,390,937 RUB 13,414,052 RUB 29,494,740 RUB RON 8,074,699 PLN 262,322 PLN 349,935 PLN 791,847 PLN 716,066 PLN 988,776 PLN 1,170,227 PLN 1,398,970 PLN 256,917 PLN 2,297,865 PLN 3,085,960 PLN 4,701,910 PLN 4,583,473 PLN 6,608,120 PLN 9,507,197 Financial year ended31March 2019 Sold Amount CHF 1,199 CHF 10,206 CHF 12,428 CHF 12,980 CHF 162,903 BRL 10,480,500 BRL 1,983,939 BRL 1,348,221 BRL 4,688,140 ARS 11,137,500 USD 3,813,536 USD 2,296,464 USD 250,000 USD 13,237,142 USD 242,445 USD 220,000 USD 239,803 USD 360,000 EUR 25,226 CZK 4,136,004 COP 1,593,240,000 COP 1,293,023,540 COP 1,243,672,445 CHF 14,523 CHF 5,490 CHF 6,594 EUR 2,472 EUR 658,432 EUR 19,974 USD 180,000 USD 229,292 USD 1,700,000 USD 1,979,271 USD 1,979,904 USD 3,958,669 USD 2,494,126 USD 198,543 USD 440,000 USD 1,924,977 USD 69,411 USD 92,596 USD 209,578 USD 190,000 USD 261,631 USD 309,641 USD 370,000 USD 68,617 USD 618,275 USD 829,162 USD 1,255,617 USD 1,233,277 USD 1,777,547 USD 2,538,468 Gain/(Loss) Unrealised (22,461) (56,159) (13,841) (15,328) (26,029) (26,661) (52,184) (29,340) (18,104) (23,150) (27,542) (36,135) (51,595) (55,316) (1,607) (6,589) (1,038) (3,052) (4,880) (1,183) (2,725) (2,943) (3,335) (3,945) (4,550) (1,514) 51,857 21,038 14,297 17,684 10,549 26,195 6,705 4,269 1,065 1,636 3,424 2,226 1,450 (133) (174) (411) (889) (807) (885) (35) 129 USD (7) (7) 64 11 3 6 (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.00) (0.02) (0.00) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.01) (0.01) (0.01) (0.00) (0.00) (0.01) (0.01) (0.01) (0.01) (0.02) % of NAV 0.01 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsDebtBlendFund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments 22/04/2019 22/04/2019 22/04/2019 22/04/2019 22/04/2019 10/06/2019 10/06/2019 10/06/2019 10/06/2019 02/05/2019 02/05/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 01/04/2019 01/04/2019 01/04/2019 01/04/2019 01/04/2019 01/04/2019 20/05/2019 15/04/2019 20/05/2019 20/05/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 Open ForwardForeignCurrency ExchangeContracts(0.54)%(2018:(0.32)%)(continued) Financial Derivative Instruments0.12%(2018:(0.09)%)(continued) Date Maturity USD 1,602,882 USD 1,002,937 USD 1,191,331 USD 1,707,218 USD 2,186,861 USD 112,085 USD 69,548 USD 60,324 USD 7,445 USD 5,467,915 USD 1,485,315 USD 2,050,965 USD 1,030,000 USD 612,073 USD 397,927 USD 522,607 USD 425,599 USD 204,760 USD 209,324 USD 548,892 USD 541,866 USD 216,727 USD 569,991 USD 1,857 USD 545,222 USD 545,146 USD 270,403 USD 1,832,688 USD 113,064 USD 70,198 USD 60,900 USD 7,514 USD 611,649 USD 611,649 USD 1,100,000 USD 30,339 USD 1,100,000 USD 910,000 USD 44,892,058 USD 2,820,671 USD 555,349 USD 123,505 USD 102,516 USD 83,440 USD 45,142 USD 58,780 USD 31,556 USD 22,230 USD 14,436 USD 36,681 USD 71,981 USD 28,019 USD 36,639 Bought Amount MXN 31,176,849 MXN 19,502,305 MXN 23,171,991 MXN 33,211,870 MXN 42,546,478 IDR 1,590,591,404 IDR 991,830,651 IDR 861,125,426 IDR 105,745,296 IDR 77,556,899,827 IDR 21,066,223,793 IDR 28,910,401,248 IDR 14,492,100,000 IDR 8,598,398,413 IDR 5,592,867,077 IDR 7,382,867,680 IDR 6,004,347,956 IDR 2,881,994,121 IDR 2,960,048,864 IDR 7,797,004,149 IDR 7,706,418,585 IDR 3,082,940,220 IDR 8,117,813,996 IDR 26,113,842 IDR 7,783,047,169 IDR 7,783,047,169 IDR 3,889,745,709 IDR 26,415,171,508 IDR 1,589,900,404 IDR 991,830,651 IDR 861,125,426 IDR 105,745,296 IDR 8,758,811,008 IDR 8,758,811,008 HUF 303,885,615 GBP 22,984 EUR 959,839 EUR 800,614 EUR 39,556,551 EUR 2,503,523 EUR 491,446 EUR 108,555 EUR 90,081 EUR 73,830 EUR 39,848 EUR 52,042 EUR 27,841 EUR 19,556 EUR 12,695 EUR 32,556 EUR 63,962 EUR 24,872 EUR 32,557 Sold Amount Gain/(Loss) Unrealised (21,854) 427,124 (1,206) (1,282) (2,686) (3,436) (3,436) 42,268 11,586 21,239 12,546 35,312 17,895 1,405 8,401 5,266 4,274 4,049 2,422 1,506 1,484 1,413 7,403 6,499 2,922 1,481 1,257 739 735 549 497 446 533 404 818 281 547 428 369 449 349 280 261 247 166 USD 87 60 24 88 85 82 60 42 (0.00) (0.00) (0.00) (0.01) (0.00) (0.00) % of 0.02 0.00 0.01 0.00 0.01 0.01 0.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV Open ForwardForeignCurrency ExchangeContracts(0.54)%(2018:(0.32)%)(continued) Financial Derivative Instruments0.12%(2018:(0.09)%)(continued) Date Maturity exchange contracts Net unrealisedlossonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 13/06/2019 23/04/2019 23/04/2019 23/04/2019 23/04/2019 16/05/2019 16/05/2019 16/05/2019 16/05/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 17/07/2019 17/07/2019 18/04/2019 18/04/2019 31/07/2019 15/05/2019 15/05/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 06/05/2019 06/05/2019 06/05/2019 06/05/2019 06/05/2019 17/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 04/04/2019 22/04/2019 22/04/2019 22/04/2019 22/04/2019 22/04/2019 22/04/2019 (continued) Bought Amount UYU 19,418,200 USD 213,132 USD 213,085 USD 213,059 USD 213,057 USD 2,043,735 USD 884,053 USD 883,966 USD 883,909 USD 4,281,254 USD 4,281,184 USD 4,280,834 USD 4,280,746 USD 2,028,584 USD 1,585,204 USD 1,430,000 USD 1,297,800 USD 762,200 USD 703,510 USD 1,090,000 USD 570,000 USD 15,193,774 USD 404,483 USD 515,517 USD 2,287,708 USD 3,942,292 USD 1,622,348 USD 821,952 USD 1,929,550 USD 3,719,745 USD 2,156,706 USD 2,455,296 USD 443,373 USD 985,403 USD 540,000 USD 635,370 USD 1,074,941 USD 1,618,782 USD 1,466,930 USD 1,149,536 USD 799,743 USD 639,108 USD 306,572 Financial year ended31March 2019 Sold Amount USD 580,775 ZAR 3,098,528 ZAR 3,098,527 ZAR 3,098,527 ZAR 3,098,527 TWD 62,544,412 TWD 27,178,427 TWD 27,178,427 TWD 27,178,427 TWD 131,207,577 TWD 131,207,578 TWD 131,207,577 TWD 131,207,577 TWD 62,527,047 TRY 9,241,876 TRY 8,338,330 THB 40,636,714 THB 23,858,384 46,023,603 RUB PLN 4,149,347 PHP 30,198,600 PHP 798,812,669 PHP 21,443,654 PHP 27,327,569 PHP 120,642,266 PHP 207,979,178 PEN 5,372,407 PEN 2,733,566 PEN 6,419,614 PEN 12,374,848 PEN 7,176,009 PEN 8,134,150 PEN 1,480,113 PEN 3,286,280 PEN 1,816,290 PEN 2,133,700 PEN 3,622,013 MXN 31,264,837 MXN 28,324,943 MXN 22,202,140 MXN 15,443,030 MXN 12,344,437 MXN 5,922,755 (1,986,224) (3,445,596) Gain/(Loss) 1,459,372 Unrealised (12,701) (15,877) (7,713) (1,184) (1,231) (1,257) (1,259) (1,801) (2,640) (3,296) (4,152) (6,461) (2,383) (4,304) (7,000) (7,222) 20,666 20,596 20,247 20,159 86,652 77,956 16,781 10,096 14,671 12,118 11,343 8,926 6,247 3,316 7,285 7,559 8,593 6,143 4,741 2,208 (165) (252) (309) (326) (405) (559) 182 USD (0.54) (0.94) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 0.40 % of NAV 0.00 0.01 0.01 0.01 0.01 0.02 0.02 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 109 LAZARD GLOBAL INVESTMENT FUNDS PLC 110 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolios ofInvestments Portfolio ofInvestmentsasat31March 2019 Lazard EmergingMarketsDebtBlendFund(continued) fixed incomesecurities. ofissuerforgovernmenttype fixedincomesecuritiesandcountry issuer forcorporate Fixed ofthe incomesecuritiesareprimarily classified ofincorporation bythecountry Goldman Sachs Bank of America MerrillLynch are: swaps The counterpartiesfortheinterestrate UBS AG StreetBankand State Trust Company Standard CharteredBank JP MorganChaseandCompany HSBC BankPlc Citibank NA Barclays BankPlc Bank of America Merrill Lynch The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: Total Assets Other assets instruments Over thecounterfinancialderivative Transferable market securitiesotherthanthosedealtinonanotherregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets(unaudited) Net Assets Other NetAssets(2018:10.18%) Total Investments(2018:89.82%) Total FinancialDerivative Instruments Interest RateSwapsatfair value Interest RateSwaps0.66%(2018:0.23%) Financial Derivative Instruments0.12%(2018:(0.09)%)(continued) BRL BRL BRL BRL BRL BRL BRL CCY 17,245,150 16,143,780 18,732,764 21,973,013 33,522,064 45,096,361 4,368,234 Notional Amount Month BRCDI Month BRCDI Month CETIP Month CETIP Month CETIP Month CETIP Month CETIP Less than1 Less than1 Less than1 Less than1 Less than1 Less than1 Less than1 Fund Pays Fixed 9.770% Fixed 9.790% Fixed 9.350% Fixed 9.406% Fixed 7.545% Fixed 8.775% Fixed 8.475% Receives Fund Termination 04/01/2027 02/01/2025 02/01/2023 03/01/2022 01/07/2021 04/01/2021 01/07/2020 Date 365,122,892 343,197,708 21,925,184 2,399,676 413,452 137,263 538,658 355,699 293,470 507,996 542,169 24,421 % ofTotal assets Value USD Fair 100.00 100.00 18.88 73.05 94.00 % of 0.12 0.66 0.04 6.00 0.14 0.10 0.08 0.01 0.14 0.15 NAV 7.04 1.03 (continued) Financial year ended31March 2019 Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard Fund DiversifiedReturn Portfolios ofInvestments Australia 1.09%(2018:1.52%) Hungary 1.12% (2018:0.43%) Hungary France 0.72%(2018:1.20%) Denmark 0.55%(2018:0.36%) Czech Republic0.74%(2018:1.21%) Chile 1.32%(2018:0.26%) Cayman IslandsNil(2018:0.50%) Canada 2.68%(2018:4.95%) Bermuda 1.13%(2018:0.81%) Fixed IncomeSecurities35.77%(2018:37.51%) Transferable Securities74.81%(2018:74.17%) Amount Principal 120,000,000 48,700,000 43,740,000 7,160,000 150,000 125,000 160,000 200,000 400,000 270,000 145,000 200,000 255,000 330,000 205,000 475,000 200,000 255,000 170,000 90,000 Hungary Government6.375%29/03/2021 Hungary 25/06/2039 French RepublicGovernment1.750% Bonds Government Schneider ElectricSE2.950%27/09/2022 Carlsberg Breweries A/S 2.500%28/05/2024 Chile Government3.125%21/01/2026 20/04/2026 Province ofQuebecCanada2.500% 03/03/2022 Province ofQuebecCanada1.650% City of Vancouver 2.900%20/11/2025 Bonds Government 29/01/2021 Wells Fargo CanadaCorp3.040% 17/09/2020 John DeereCanadaFundingInc2.050% 01/09/2022 Export DevelopmentCanada1.800% 2.900% 14/09/2021 Canadian ImperialBankofCommerce Bermuda Government4.854%06/02/2024 16/10/2023 Western6.000% AustralianTreasuryCorp 22/03/2024 Queensland Treasury Corp3.000% Bonds Government Telstra CorpLtd4.000%16/09/2022 Corporate Bonds Hungary Government3.000%27/10/2027 Hungary Government3.000%26/06/2024 Hungary Bonds Government Corporate Bonds Corporate Bonds Czech Republic2.500%25/08/2028 Bonds Government 01/03/2026 Bonos dela Tesoreria delaRepublica4.500% Bonds Government Corporate Bonds Bonds Government Fair Value 1,191,479 499,677 159,837 320,729 160,020 160,709 247,143 589,998 407,000 267,308 108,227 151,841 190,580 247,655 156,053 504,801 486,281 168,072 191,364 126,845 177,286 162,554 329,916 182,998 69,815 USD %of NAV 1.12 0.36 0.72 0.36 0.36 0.55 1.32 0.91 2.68 0.60 0.24 0.16 0.34 0.43 0.56 0.35 1.13 1.09 0.38 0.43 0.28 0.40 0.36 0.74 0.41

Panama 0.70%(2018:0.69%) Norway 2.26%(2018:1.45%) New Zealand0.78%(2018:1.04%) Netherlands 1.72%(2018:0.91%) Mexico 0.36%(2018:1.61%) Luxemburg 0.35%(2018:0.27%) Japan 0.43%(2018:0.51%) Coast0.38%(2018:0.33%) Ivory Italy 0.37%(2018:0.43%) Ireland 0.74%(2018:Nil) Fixed IncomeSecurities35.77%(2018:37.51%)(continued) Transferable Securities74.81%(2018:74.17%) (continued) Amount Principal (continued) 1,000,000 1,000,000 2,000,000 3,000,000 300,000 200,000 250,000 200,000 235,000 200,000 170,000 135,000 105,000 210,000 200,000 170,000 150,000 270,000 Panama Government4.000%22/09/2024 Bonds Government City ofOsloNorway2.600%12/11/2025 City ofOsloNorway2.350%04/09/2024 City ofOsloNorway1.720%06/05/2026 City ofOsloNorway1.600%05/05/2022 Bonds Government Kommunalbanken AS 1.375%26/10/2020 Corporate Bonds 15/05/2021 New ZealandGovernment6.000% Bonds Government 26/02/2024 Fonterra GroupLtd5.500% Co-operative Corporate Bonds 05/12/2022 Nederlandse NV3.125% Waterschapsbank 21/04/2026 BV1.125% Iberdrola International BNG BankNV5.000%16/09/2020 BMW Finance NV0.875%16/08/2022 Corporate Bonds Mexico Government6.750%06/02/2024 Bonds Government 16/09/2021 European InvestmentBank1.125% Corporate Bonds 2.125% 20/10/2026 Cooperation International Japan Agency Bonds Government 23/09/2021 African DevelopmentBank2.375% Corporate Bonds Italy Government6.875%27/09/2023 Bonds Government Ireland Government1.700%15/05/2037 Bonds Government Financial year ended31March 2019 Fair Value 1,011,221 313,650 119,101 117,560 232,961 344,862 196,737 346,454 185,478 160,976 769,018 242,061 233,758 120,782 172,417 161,106 155,125 191,355 170,191 166,770 331,057 USD %of NAV 2.26 0.70 0.27 0.26 0.52 0.77 0.44 0.78 0.42 0.36 1.72 0.54 0.52 0.27 0.39 0.36 0.35 0.43 0.38 0.37 0.74

111 LAZARD GLOBAL INVESTMENT FUNDS PLC 112 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard Fund(continued) DiversifiedReturn Portfolios ofInvestments Philippines 0.65%(2018:0.95%) Fixed IncomeSecurities35.77%(2018:37.51%)(continued) Transferable Securities74.81%(2018:74.17%) (continued) Amount Principal United States13.85%(2018:13.35%) United Kingdom0.75%(2018:0.71%) Sweden Nil(2018:0.27%) Spain 0.37%(2018:0.44%) Singapore 1.31%(2018:1.23%) Romania 0.72%(2018:0.82%) Poland 0.68%(2018:1.26%) 1,165,000 125,000 125,000 136,000 122,000 140,000 250,000 135,000 165,000 140,000 180,000 185,000 110,000 340,000 125,000 120,000 170,000 170,000 200,000 270,000 130,000 510,000 705,000 40,000 78,000 85,000 80,000 Asian DevelopmentBank1.000%15/12/2022 Corporate Bonds Asian DevelopmentBank2.125%19/03/2025 ABB Finance USAInc3.375%03/04/2023 Corporate Bonds United KingdomGilt1.500%22/07/2047 Bonds Government Spain Government1.400%30/04/2028 Bonds Government Temasek Financial ILtd3.265%19/02/2020 Corporate Bonds Romania Government2.375%19/04/2027 Bonds Government Poland Government2.500%25/07/2026 Bonds Government Johnson &3.625%03/03/2037 20/05/2020 FinanceInternational Corp3.625% 15/03/2023 FinanceInternational Corp2.700% Development 3.500%22/01/2021 BankforReconstruction & International Development 2.900%26/11/2025 BankforReconstruction& International Development 2.500%03/08/2023 BankforReconstruction& International HCA Inc6.500%15/02/2020 HCA Inc5.000%15/03/2024 22/01/2023 Goldman SachsGroupInc3.625% 4.125% 15/10/2020 Fresenius MedicalCareUSFinance IIInc BrandsInc4.250%01/05/2023 Constellation Citigroup Inc3.590%04/05/2021 Bank of America Corp3.499%17/05/2022 Ball Corp4.000%15/11/2023 Inc4.125%15/08/2025 Ashtead Capital Inc3.850%04/05/2043 Apple United KingdomGilt1.750%07/09/2037 Government3.000%01/09/2024 Singapore Bonds Government Romania Government4.750%24/02/2025 Fair Value 285,964 123,062 162,902 166,968 131,959 129,920 261,202 132,669 125,787 122,472 172,045 197,500 273,136 138,266 333,711 176,806 156,905 163,774 582,975 396,516 186,459 322,696 168,822 153,874 303,173 97,444 82,018 41,171 79,388 85,760 80,800 USD %of NAV 0.65 0.28 0.37 0.37 0.22 0.30 0.29 0.18 0.58 0.09 0.30 0.18 0.19 0.28 0.27 0.39 0.18 0.44 0.61 0.31 0.75 0.40 0.35 0.37 1.31 0.89 0.42 0.72 0.38 0.34 0.68

Australia 0.78%(2018:1.29%) Bermuda 0.14%(2018:0.20%) Belgium 0.76%(2018:0.35%) Austria Nil(2018:0.13%) Total FixedIncomeSecurities United States13.85%(2018:13.35%)(continued) Equities 39.04%(2018:36.66%) Shares Number of Fixed IncomeSecurities35.77%(2018:37.51%)(continued) Transferable Securities74.81%(2018:74.17%) (continued) Amount Principal (continued) 210,000 200,000 200,000 195,000 472,000 485,000 663,000 170,000 161,199 215,000 125,000 160,000 240,000 100,000 10,092 10,504 17,240 12,305 85,000 3,444 4,643 7,016 1,775 8,879 1,284 2,248 309 402 400 620 CSL Ltd Ltd Coca-Cola Amatil Ltd AGL Energy Qantas Airways Ltd Qantas Airways Newcrest MiningLtd Evolution MiningLtd Rio Tinto Ltd Rio Tinto Regis ResourcesLtd Saracen MineralHoldingsLtd Kerry PropertiesLtd Kerry Holdings Ltd Jardine Matheson UCB SA Colruyt SA Anheuser-Busch InBevSA Shopping Centres Australasia PropertyGroup NIKE Inc2.375%01/11/2026 Morgan Stanley3.625%20/01/2027 Microsoft Corp4.450%03/11/2045 JPMorgan Chase&Co4.500%24/01/2022 Corporate Bonds(continued) 15/11/2041 United States Treasury Note3.125% 15/08/2028 United States Treasury Note2.875% 15/05/2025 United States Treasury Note2.125% 15/05/2023 United States Treasury Note1.750% 0.125% 15/04/2020 United States Treasury IndexBond Inflation ofCalifornia7.500%01/04/2034 State Bonds Government 08/02/2029 Verizon Inc3.875% Communications 15/07/2023 United RentalsNorth America Inc4.625% Corp3.250%07/03/2024 Unilever Capital Starbucks Corp3.100%01/03/2023 Sealed Air Corp4.875%01/12/2022 Financial year ended31March 2019 15,956,545 Fair Value 6,178,281 Fair Value 337,016 348,459 188,706 202,998 200,657 227,015 204,068 502,274 503,993 656,215 166,749 160,463 310,699 128,109 163,100 244,318 101,080 42,789 21,162 71,801 28,208 32,165 26,238 27,959 39,546 35,515 64,589 39,645 24,944 53,299 95,011 23,076 88,038 USD USD %of %of 35.77 13.85 NAV 0.10 0.05 0.16 0.06 0.07 0.06 0.06 0.09 0.08 0.14 0.08 0.06 0.76 0.12 0.21 0.78 0.05 0.43 0.46 0.45 0.51 0.46 0.20 1.13 1.13 1.46 0.37 0.36 0.70 0.29 0.37 0.55 0.23 NAV

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard Fund(continued) DiversifiedReturn Portfolios ofInvestments Equities 39.04%(2018:36.66%)(continued) Transferable Securities74.81%(2018:74.17%) (continued) France 0.49%(2018:1.20%) Denmark 0.21%(2018:0.21%) Chile 0.08%(2018:Nil) Cayman IslandsNil(2018:0.53%) Canada 1.04%(2018:1.85%) British VirginIslands0.07%(2018:Nil) Brazil 0.57%(2018:0.22%) Shares Number of 28,454 15,691 2,013 1,519 2,725 1,095 2,248 1,370 1,968 1,911 1,300 3,000 2,100 6,900 4,100 2,900 4,500 325 546 654 651 347 788 659 640 681 690 387 955 669 800 700 600 800 300 600 500 600 35 Cia Cervecerias UnidasSA Cia Cervecerias AES GenerSA Ipsen SA EssilorLuxottica SA Electricite deFrance SA SA Bureau Veritas Lundbeck A/S H Dfds A/S Coloplast A/S Toronto-Dominion Bank Teck ResourcesLtd Inc Rogers Communications Parex ResourcesInc BankofCanada National Inc International Magna Kirkland LakeGoldLtd Investment H&R RealEstate Trust Investment Granite RealEstate Trust SoftwareInc Constellation CGI Inc Canfor Corp BRP Inc HoldingsLtd Capri Vale SA Unipar Carbocloro SA SA SLC Agricola Petroleo BrasileiroSA Lojas RennerSA IRB BrasilRessegurosSA Gerdau SA Estacio Participacoes SA EcoRodovias InfraestruturaeLogisticaSA Cia deSaneamentodoParana Cia deSaneamentoMinasGerais CCR SA Braskem SA BR MallsParticipacoes SA Banco SantanderBrasilSA Banco doEstadoRioGrandeSulSA Fair Value 461,994 120,935 256,417 36,467 28,819 44,594 59,701 20,791 63,949 93,405 28,329 26,966 38,110 42,775 25,343 21,453 29,750 31,172 20,716 34,485 32,978 29,670 26,613 19,597 26,507 30,607 10,469 13,716 47,760 18,758 60,882 14,354 17,003 14,644 14,535 7,648 6,862 6,753 4,708 8,748 7,847 5,649 3,729 USD %of NAV 0.08 0.06 0.02 0.10 0.13 0.05 0.14 0.21 0.06 0.06 0.09 1.04 0.10 0.06 0.26 0.05 0.07 0.07 0.05 0.08 0.07 0.07 0.06 0.04 0.06 0.07 0.57 0.02 0.02 0.03 0.11 0.02 0.04 0.13 0.03 0.04 0.03 0.01 0.02 0.02 0.03 0.01 0.01

France 0.49%(2018:1.20%)(continued) Germany 0.52%(2018:0.70%) Germany Greece 0.01%(2018:Nil) Hong Kong0.18%(2018:0.51%) Hungary 0.03%(2018:Nil) Hungary Indonesia 0.06%(2018:Nil) India Nil(2018:0.10%) Ireland 1.10%(2018:1.28%) Italy 0.85%(2018:0.79%) Israel 0.20%(2018:0.15%) Japan 2.39%(2018:4.92%) Equities 39.04%(2018:36.66%)(continued) Transferable Securities74.81%(2018:74.17%) (continued) Shares Number of (continued) 168,400 31,100 13,300 16,601 11,485 14,620 3,385 1,379 1,271 6,068 1,263 1,529 4,603 5,588 4,461 4,198 4,700 1,400 3,900 5,600 2,000 1,800 556 299 811 700 400 700 700 800 100 15 TOTAL SA Allianz SE Schaeffler AG Fresenius MedicalCare AG &CoKGaA Lufthansa AG Deutsche Terna SA Energy Swire Pacific Ltd Bukit Asam Tbk PT Bukit AsamTbk IndonesiaPersero Bank Rakyat Tbk PT MOL HungarianOil&GasPlc Pakuwon Jati Tbk PT Gudang Garam Tbk PT Mizrahi Tefahot BankLtd Israel DiscountBankLtd Medtronic Plc Accenture Plc Enel SpA Atlantia SpA Terna ReteElettricaNazionaleSpA Poste ItalianeSpA Italgas SpA Bandai NamcoHoldingsInc Japan PrimeRealtyInvestment Corp Japan PostJapan HoldingsCoLtd Petroleum CoLtd Japan Exploration Japan Airlines CoLtd Hokkaido ElectricPower CoInc Gunma BankLtd/The Co Railway East Japan CoLtd Daiwa HouseIndustry Dai-ichi LifeHoldingsInc Co Railway Central Japan Financial year ended31March 2019 Fair Value 219,951 233,371 111,331 489,649 419,241 144,878 380,536 30,916 66,569 27,549 27,922 78,073 14,454 25,271 88,741 31,428 57,313 70,408 73,558 92,718 43,438 25,944 32,823 61,797 55,032 30,306 24,658 22,410 21,199 77,192 63,586 25,012 23,228 5,874 9,173 3,848 8,160 4,090 USD %of NAV 0.49 0.07 0.15 0.52 0.06 0.25 0.06 0.01 0.18 0.03 0.02 0.01 0.02 0.01 0.06 0.20 0.07 0.13 1.10 0.94 0.16 0.16 0.32 0.85 0.21 0.10 0.06 0.07 0.14 0.12 0.07 0.06 0.05 0.05 0.17 0.14 0.06 0.05

113 LAZARD GLOBAL INVESTMENT FUNDS PLC 114 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard Fund(continued) DiversifiedReturn Portfolios ofInvestments Japan 2.39%(2018:4.92%)(continued) Equities 39.04%(2018:36.66%)(continued) Transferable Securities74.81%(2018:74.17%) (continued) New Zealand0.07%(2018:0.12%) Netherlands 0.21%(2018:0.64%) Mexico 0.25%(2018: 0.10%) Malta 0.05%(2018:0.05%) Malaysia 0.09%(2018:Nil) Luxembourg 0.45%(2018:0.24%) Liberia Nil(2018:0.11%) Jersey Nil(2018:0.14%) Shares Number of 12,811 11,200 1,300 2,700 3,200 1,900 1,000 2,100 4,900 1,000 2,700 2,100 2,913 4,100 8,800 7,700 4,100 2,014 3,900 7,400 900 300 900 400 600 800 300 600 400 600 700 388 457 611 343 700 Ube IndustriesLtd Tsumura &Co Tsubakimoto ChainCo Toyo SeikanGroupHoldingsLtd Tokyo GasCoLtd Taisei Corp Sumitomo Mitsui Trust HoldingsInc IndustriesLtd Sumitomo Heavy Shizuoka BankLtd Shin-Etsu ChemicalCoLtd Sankyo CoLtd SAMTY CoLtd PackersPrima Meat Ltd ORIX Corp Okumura Corp NTT DOCOMOInc Nissan ChemicalCorp MS&AD InsuranceGroupHoldingsInc Ltd McDonald's HoldingsCoJapan Maeda Corp Kinden Corp SES SA Fisher &Paykel Healthcare CorpLtd Wolters KluwerNV Unilever NV Euronext NV Wal-Mart deMexicoSABCV Qualitas ControladoraSABdeCV Mexichem SABdeCV Fomento EconomicoMexicanoSABdeCV Bolsa Mexicanade Valores SABdeCV Alfa SABdeCV Kindred GroupPlc Petronas ChemicalsGroupBhd Nestle MalaysiaBhd AirAsia GroupBhd Fair Value 1,067,693 108,527 113,101 199,446 34,796 26,720 27,361 10,706 55,300 24,341 18,575 21,553 25,911 24,372 25,152 22,876 25,749 18,557 30,157 12,703 27,483 30,447 32,380 26,784 31,191 91,778 26,445 26,571 38,762 29,961 10,091 21,050 31,652 15,997 20,215 38,744 25,171 4,350 8,751 4,822 USD %of NAV 0.08 2.39 0.06 0.06 0.02 0.12 0.05 0.04 0.05 0.06 0.05 0.06 0.05 0.06 0.04 0.07 0.03 0.25 0.06 0.07 0.07 0.06 0.07 0.21 0.06 0.06 0.09 0.25 0.07 0.02 0.05 0.06 0.04 0.01 0.05 0.09 0.02 0.06 0.01 0.45

Philippines 0.08%(2018:Nil) Panama 0.05%(2018:0.15%) Norway 0.32%(2018:0.65%) Singapore 0.26%(2018:0.76%) Qatar 0.02%(2018:Nil) Puerto RicoNil(2018:0.05%) Portugal 0.06%(2018:0.05%) Poland 0.12%(2018:Nil) South Korea0.51%(2018:Nil) Equities 39.04%(2018:36.66%)(continued) Transferable Securities74.81%(2018:74.17%) (continued) Shares Number of (continued) 13,790 13,200 35,800 20,800 31,036 27,600 2,774 1,120 1,400 1,100 1,738 1,567 7,234 1,625 1,580 1,384 473 632 149 521 130 220 186 224 443 253 140 157 720 682 329 754 99 50 14 1 Carnival Corp Telenor ASA Salmar ASA ASA Mowi Equinor ASA Aboitiz Equity Ventures Inc Ayala LandInc Ayala DMCI HoldingsInc Jardine Cycle Ltd &Carriage BankQPSC National Qatar Galp EnergiaSGPSSA LPP SA Energa SA Enea SA Dino Polska SA Singapore Singapore Technologies EngineeringLtd Tauron Polska EnergiaSA Binggrae CoLtd Yangzijiang ShipbuildingHoldingsLtd Hanwha GeneralInsuranceCoLtd GS Engineering&ConstructionCorp Daelim IndustrialCoLtd Hyundai DepartmentStoreCoLtd Jin Air CoLtd JB Financial GroupCoLtd Hyundai Marine&Fire InsuranceCoLtd KEPCO Plant Service &EngineeringCoLtd KEPCO PlantService KCC Corp S-1 Corp Meritz Fire &MarineInsuranceCoLtd Lotte ChemicalCorp LG UplusCorp KT SkylifeCoLtd Korean Air LinesCoLtd Korea UnitedPharmInc Korea ElectricPower Corp Financial year ended31March 2019 Fair Value 141,738 114,382 23,991 55,631 30,369 25,036 30,702 15,481 11,287 26,385 27,868 16,510 16,443 34,949 57,432 55,036 16,385 30,565 15,796 14,791 14,030 12,395 18,838 19,136 19,861 8,181 7,387 2,171 3,527 7,685 7,401 8,257 8,809 4,559 7,753 7,756 3,361 3,583 7,485 7,348 USD %of NAV 0.05 0.32 0.12 0.07 0.06 0.07 0.03 0.03 0.02 0.06 0.06 0.03 0.04 0.08 0.02 0.00 0.01 0.13 0.12 0.04 0.26 0.07 0.02 0.03 0.02 0.02 0.02 0.03 0.01 0.02 0.03 0.02 0.03 0.04 0.04 0.03 0.01 0.01 0.02 0.02

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard Fund(continued) DiversifiedReturn Portfolios ofInvestments Equities 39.04%(2018:36.66%)(continued) Transferable Securities74.81%(2018:74.17%) (continued) Thailand 0.14%(2018:Nil) Taiwan 0.77%(2018:0.22%) Switzerland 0.35%(2018:0.34%) Sweden 0.16%(2018:0.32%) Spain 0.48%(2018:0.19%) South Korea0.51%(2018:Nil)(continued) Shares Number of 105,500 20,700 51,000 24,000 17,000 36,450 2,700 9,400 3,000 1,400 3,000 1,298 1,980 9,400 3,000 3,000 2,000 3,000 9,400 5,000 3,000 5,000 4,000 3,000 2,032 1,202 5,931 3,830 2,209 3,005 569 940 424 105 71 44 43 93 8 PTT Exploration &Production PCL PTT Exploration Krungthai CardPCL GFPT PCL Bumrungrad HospitalPCL Bangkok LandPCL Advanced Info Service PCL Advanced InfoService Yuanta Financial HoldingCoLtd CoLtd Services United Integrated TCI CoLtd Taiwan StyreneMonomer Taiwan SemiconductorManufacturingCoLtd Ruentex DevelopmentCoLtd Rexon IndustrialCorpLtd Radium Life Tech CoLtd Prosperity DielectricsCoLtd President ChainStoreCorp Makalot IndustrialCoLtd Hung ShengConstructionLtd ElectronicsInc Greatek Feng TAY EnterpriseCoLtd Corp Eva Airways Elan MicroelectronicsCorp Chong HongConstructionCoLtd Advantech CoLtd Holding AG Roche Loomis AB Axfood AB Red ElectricaCorpSA (Spain) Consolidated International Airlines GroupSA (England) Consolidated International Airlines GroupSA Industria deDiseno Textil SA Iberdrola SA Amadeus ITGroupSA Tokai CarbonKorea CoLtd Taekwang IndustrialCoLtd CoLtd Samwha Capacitor Samsung SDSCoLtd Samsung Electro-MechanicsCoLtd Samjin PharmaceuticalCoLtd Fair Value 341,839 156,748 216,086 225,691 60,555 10,677 10,441 16,969 29,041 10,561 17,772 18,961 81,101 14,213 19,695 21,025 21,220 17,858 14,357 11,681 24,918 70,330 32,430 37,900 25,644 39,505 25,552 64,986 26,406 33,993 11,403 9,132 5,219 8,117 8,089 8,191 7,203 9,058 6,895 4,116 5,134 9,109 3,959 3,126 USD %of NAV 0.14 0.02 0.02 0.02 0.05 0.01 0.02 0.77 0.07 0.02 0.04 0.04 0.17 0.03 0.02 0.02 0.02 0.04 0.05 0.02 0.02 0.05 0.04 0.03 0.03 0.06 0.35 0.16 0.07 0.09 0.48 0.06 0.08 0.06 0.14 0.06 0.08 0.51 0.01 0.03 0.01 0.02 0.01 0.01

Turkey 0.07%(2018:0.42%) United Kingdom2.62%(2018:3.04%) United States22.43%(2018:14.57%) Equities 39.04%(2018:36.66%)(continued) Transferable Securities74.81%(2018:74.17%) (continued) Shares Number of (continued) 21,202 14,506 35,475 10,792 14,990 2,581 8,528 8,832 6,118 2,786 7,849 2,404 1,742 1,236 2,735 1,083 2,335 3,095 517 489 934 883 993 174 421 748 627 676 649 261 174 234 607 531 251 636 334 234 449 385 233 523 284 43 97 93 48 28 Ford OtomotivSanayi AS Turk Telekomunikasyon AS TekfenHolding AS Wm MorrisonSupermarketsPlc United UtilitiesGroupPlc Tate &Lyle Plc SSP GroupPlc TechnologiesSensata Plc Nielsen HoldingsPlc GridPlc National BankingGroupPlc Lloyds Plc J Sainsbury Game International Technology Plc Imperial Tobacco GroupPlc Plc Lansdown Hargreaves easyJet Plc Aon Plc Plc Anglo American Admiral GroupPlc 3M Co Cerner Corp CenterPoint Inc Energy CDW Corp CBRE GroupInc Cadence DesignSystemsInc Cabot MicroelectronicsCorp Cable OneInc Burlington StoresInc Broadridge Financial SolutionsInc Broadcom Inc Bristol-Myers SquibbCo Booz Allen HamiltonHoldingCorp Boeing Co Biogen Inc Inc Baxter International Bank of America Corp Avnet Inc AutoZone Inc Corp Atmos Energy Armstrong World IndustriesInc Analog DevicesInc Amgen Inc American ExpressCo American ElectricPower CoInc Alphabet IncClassC Alphabet IncClass A Aflac Inc AbbVie Inc Financial year ended31March 2019 Fair Value 1,169,354 185,786 160,819 194,720 150,728 222,383 185,446 325,812 274,215 31,086 16,325 10,297 25,286 93,726 57,861 25,133 22,015 28,725 33,145 82,213 22,680 25,366 33,073 28,078 36,154 24,085 22,964 60,424 33,428 41,218 29,222 42,199 27,262 24,263 29,169 28,960 30,872 95,736 21,983 29,880 27,583 49,158 34,379 44,455 49,076 32,244 32,853 26,150 22,888 4,464 USD %of NAV 0.01 0.07 0.04 0.02 2.62 0.06 0.21 0.13 0.06 0.05 0.42 0.36 0.06 0.07 0.44 0.18 0.05 0.06 0.34 0.07 0.06 0.08 0.05 0.05 0.14 0.07 0.09 0.07 0.09 0.06 0.05 0.07 0.06 0.07 0.21 0.05 0.50 0.07 0.06 0.11 0.08 0.42 0.72 0.10 0.11 0.07 0.60 0.07 0.06 0.05

115 LAZARD GLOBAL INVESTMENT FUNDS PLC 116 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard Fund(continued) DiversifiedReturn Portfolios ofInvestments United States22.43%(2018:14.57%)(continued) Equities 39.04%(2018:36.66%)(continued) Transferable Securities74.81%(2018:74.17%) (continued) Shares Number of 1,550 1,294 1,005 1,292 8,871 1,455 3,520 1,001 1,010 6,340 7,470 374 167 279 643 373 666 648 401 660 223 143 454 293 349 104 326 196 663 597 382 630 160 333 275 421 400 762 136 595 675 281 182 595 311 142 530 279 291 664 275 386 Life Storage Inc Life Storage Lear Corp Corp Lancaster Colony Lamb Weston HoldingsInc Kohl's Corp Kimco RealtyCorp Kimberly-Clark Corp Kforce Inc Kellogg Co Johnson & JB Hunt Transport Inc Services Jabil Inc IPG PhotonicsCorp Intuit Inc Intercontinental ExchangeInc Intel Corp Insperity Inc Ingredion Inc Humana Inc Inc Honeywell International Hershey Co H&R BlockInc Graco Inc Generac HoldingsInc Foot LockerInc Fiserv Inc Facebook Inc F5 NetworksInc Exelon Corp Evercore Inc Estee LauderCosInc Encompass HealthCorp Eli Lilly&Co Edwards LifesciencesCorp Edison International Eastman ChemicalCo Dollar GeneralCorp Deckers OutdoorCorp Darden RestaurantsInc CVS HealthCorp StoreInc Cracker BarrelOldCountry Corp Costco Wholesale Continental BuildingProductsInc ConocoPhillips Comerica Inc Comcast Corp Co Columbia Sportswear Coca-Cola Co Citizens Financial GroupInc Cisco SystemsInc Cigna Corp Church &DwightCoInc Fair Value 152,539 212,372 189,834 297,092 403,305 36,379 22,664 43,717 48,186 25,651 28,675 82,517 22,758 23,009 92,261 22,588 34,407 37,382 34,568 69,380 36,232 33,047 27,664 51,808 22,507 32,832 30,584 23,149 55,616 26,670 52,258 72,939 25,025 69,697 23,360 98,877 26,021 36,842 51,219 33,523 26,752 72,275 50,261 34,384 24,815 35,372 20,456 40,380 30,316 21,580 44,226 27,495 USD %of NAV 0.08 0.05 0.10 0.11 0.06 0.06 0.18 0.05 0.05 0.21 0.05 0.08 0.34 0.08 0.08 0.16 0.08 0.07 0.06 0.12 0.05 0.48 0.07 0.07 0.05 0.12 0.06 0.12 0.16 0.06 0.16 0.05 0.22 0.06 0.08 0.11 0.08 0.06 0.16 0.43 0.11 0.08 0.06 0.08 0.05 0.09 0.07 0.67 0.05 0.90 0.10 0.06

United States22.43%(2018:14.57%)(continued) Equities 39.04%(2018:36.66%)(continued) Transferable Securities74.81%(2018:74.17%) (continued) Shares Number of (continued) 2,265 1,946 1,973 4,543 1,724 1,825 1,795 1,803 3,502 2,300 1,590 6,026 1,781 2,253 313 952 453 736 476 758 943 247 974 657 788 313 589 794 406 223 376 528 667 319 493 802 865 211 502 630 830 516 849 424 119 409 361 234 364 282 466 70 Target Corp Tapestry Inc Sysco Corp Synovus Financial Corp FinancialSynchrony Stericycle Inc Starbucks Corp Co Southwest Airlines Skyworks SolutionsInc Simon PropertyGroupInc Ryman HospitalityPropertiesInc Ross StoresInc Inc Republic Services Raytheon Co QUALCOMM Inc PulteGroup Inc Procter &GambleCo Premier Inc Pinnacle West Corp Capital Inc Philip MorrisInternational Pfizer Inc PepsiCo Inc Oracle Corp Omnicom GroupInc Occidental Petroleum Corp Northrop GrummanCorp Norfolk SouthernCorp Nordstrom Inc NIKE Inc Newmont MiningCorp Inc NetApp RetailPropertiesInc National Nasdaq Inc Motorola SolutionsInc Morningstar Inc Morgan Stanley Microsoft Corp Mettler-Toledo Inc International MetLife Inc GeneralCorp Mercury Merck &CoInc MEDNAX Inc McKesson Corp RentCorp McGrath Mastercard Inc LPL Financial HoldingsInc CosInc Lowe's Lockheed MartinCorp TJX CosInc Texas RoadhouseInc Texas InstrumentsInc TD Ameritrade HoldingCorp Financial year ended31March 2019 Fair Value 129,915 247,230 128,162 150,526 134,107 102,369 187,602 188,092 167,877 121,463 163,726 208,484 119,882 73,590 67,792 30,369 23,515 39,146 70,570 75,798 44,974 27,233 22,660 75,317 27,666 25,015 97,305 26,877 60,121 70,271 23,433 56,168 56,874 22,119 27,307 70,167 26,584 21,184 74,302 50,610 35,333 25,836 70,611 23,986 28,019 28,487 39,519 70,237 22,637 29,912 23,295 25,121 USD %of NAV 0.16 0.15 0.07 0.05 0.09 0.16 0.17 0.10 0.06 0.05 0.17 0.06 0.06 0.22 0.06 0.13 0.16 0.05 0.13 0.13 0.05 0.06 0.16 0.06 0.05 0.17 0.11 0.08 0.06 0.16 0.05 0.06 0.06 0.09 0.16 0.29 0.55 0.29 0.34 0.30 0.23 0.42 0.42 0.38 0.27 0.37 0.47 0.05 0.07 0.05 0.06 0.27

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard Fund(continued) DiversifiedReturn Portfolios ofInvestments Open FuturesContracts0.01%(2018:Nil) Financial Derivative Instruments(1.45)%(2018:(1.30)%) Equities 39.04%(2018:36.66%)(continued) Transferable Securities74.81%(2018:74.17%) (continued) Amount Notional Derivative Instruments Total Value ofInvestmentsexcluding Financial Total InvestmentFunds United States22.43%(2018:14.57%)(continued) Shares Number of Ireland 13.75%(2018:14.00%) Investment Funds13.75%(2018:14.00%) Total Transferable Securities Total Equities Virgin IslandsNil(2018:0.07%) 47,343 16,259 23,846 17,975 1,515 3,283 1,415 2,168 1,190 670 604 920 167 497 149 228 298 360 946 395 207 259 450 327 415 291 874 356 Average Lazard Rathmore Lazard Rathmore Fund Alternative Lazard European Fund Alternative Lazard CommoditiesFund Zoetis Inc Zions BancorpNA Inc Xcel Energy WW GraingerInc Bancorp Western Alliance WD-40 Co Waste Inc Management Walt DisneyCo Walgreens Boots Alliance Inc W&T OffshoreInc Vulcan Co Materials Visa Inc Virtu Financial Inc Verizon Inc Communications Varian MedicalSystemsInc USANA HealthSciencesInc Unum Group UnitedHealth GroupInc CellularCorp United States United ContinentalHoldingsInc Tyson Foods Inc Tractor SupplyCo Toro Co T-Mobile USInc Price Cost 158 25/04/2019 Long FuturesContractsExpiring GasIndustry 5 ofOil&Natural 39,500,815 33,369,523 17,412,978 10,008,896 Gain/(Loss) Fair Value 6,131,292 1,690,027 2,726,091 1,715,174 Unrealised 157,424 167,536 128,194 67,449 27,428 51,713 50,255 20,397 25,247 25,315 18,854 22,653 56,228 22,468 55,979 17,361 40,258 64,040 20,660 26,088 28,813 28,448 60,166 24,600 USD 807 USD %of 88.56 13.75 74.81 39.04 22.43 NAV % of 0.00 3.79 6.11 3.85 0.15 0.06 0.12 0.11 0.05 0.06 0.35 0.06 0.04 0.05 0.38 0.13 0.05 0.29 0.13 0.04 0.09 0.14 0.05 0.06 0.06 0.06 0.13 0.06 NAV

15/05/2019 Net unrealisedgainonopenfuturescontracts Open FuturesContracts0.01%(2018:Nil)(continued) Financial Derivative Instruments(1.45)%(2018:(1.30)%)(continued) 15/04/2019 15/04/2019 10/04/2019 10/04/2019 10/04/2019 10/04/2019 10/04/2019 10/04/2019 25/04/2019 25/04/2019 29/04/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 08/05/2018 08/05/2018 15/04/2019 15/04/2019 15/04/2019 15/04/2019 10/04/2019 10/04/2019 10/04/2019 10/04/2019 10/04/2019 10/04/2019 25/04/2019 25/04/2019 25/04/2019 29/04/2019 15/05/2019 15/05/2019 Date Maturity Amount Notional Open ForwardForeignCurrency ExchangeContracts(0.21)%(2018:0.11%) (220,766) (continued) Average (1,472) AUD 234,722 USD 10,000 USD 541 USD 1,137,500 USD 722,100 USD 291,600 USD 322,100 USD 163,279 USD 313,000 USD 274,694 USD 93,553 USD 212,577 USD 820,511 USD 63,595 USD 54,467 USD 75,081 USD 72,100 USD 109,631 USD 813,904 NZD 298,467 MXN 1,427,330 JPY 121,461,452 JPY 213,795,922 HUF 17,605,533 HUF 28,078,278 EUR 70 EUR 4,739 EUR 851,730 EUR 1,160,925 EUR 463 EUR 106,168 EUR 274,135 EUR 166,687 EUR 681,327 EUR 3,168,397 CZK 2,112,079 CZK 4,799,422 CZK 1,411,464 CLP 20,838,756 CHF 108,400 CAD 250,497 Bought Amount Price Cost Financial year ended31March 2019 29/04/2019 Short FuturesContractsExpiring Index (3) ofHangSengChinaEnterprises USD 166,418 EUR 8,876 EUR 479 EUR 986,899 EUR 624,832 EUR 257,631 EUR 285,345 EUR 144,976 EUR 278,247 CZK 6,210,886 CZK 2,112,079 CLP 143,053,843 CAD 1,088,999 CAD 84,416 CAD 72,303 CAD 100,011 CAD 96,848 AUD 155,062 AUD 1,151,257 USD 203,268 USD 73,060 USD 1,108,527 USD 1,951,432 USD 63,932 USD 101,592 USD 81 USD 5,341 USD 960,049 USD 1,308,565 USD 528 USD 122,417 USD 313,400 USD 193,622 USD 785,577 USD 3,650,278 USD 92,442 USD 210,204 USD 63,138 USD 31,971 USD 108,912 USD 186,896 Sold Amount Gain/(Loss) Unrealised Gain/(Loss) Unrealised (12,995) (20,028) (90,224) (4,562) (7,265) (2,303) (3,303) (2,632) (3,587) (3,125) (5,378) (6,330) (1,443) (1,744) (1,346) 28,606 20,029 2,122 1,483 4,538 1,684 2,340 4,475 4,234 3,427 (472) (608) (572) USD (15) 454 382 358 338 287 138 454 376 812 USD (1) (8) 23 23 3 (0.00) (0.00) (0.00) (0.01) (0.02) (0.03) (0.01) (0.01) (0.00) (0.00) (0.01) (0.01) (0.00) (0.01) (0.01) (0.01) (0.05) (0.21) (0.00) (0.00) (0.00) % of % of 0.01 0.01 0.00 0.00 0.00 0.07 0.05 0.00 0.00 0.00 0.00 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV NAV 117 LAZARD GLOBAL INVESTMENT FUNDS PLC 118 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard Fund(continued) DiversifiedReturn Portfolios ofInvestments ContractsforDifference(0.06)%(2018:0.06%) Amount Notional Open ForwardForeignCurrency ExchangeContracts(0.21)%(2018:0.11%)(continued) Financial Derivative Instruments(1.45)%(2018:(1.30)%)(continued) Date Maturity 15/04/2019 15/04/2019 15/04/2019 exchange contracts Net unrealisedlossonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 15/05/2019 28/06/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 15/05/2019 08/05/2019 08/05/2019 15/05/2019 15/04/2019 (115,000) (82,400) (95,000) (28,000) (15,000) (40,000) (3,300) (7,551) (4,000) (3,100) (5,500) (5,200) (2,000) 42,000 36,000 14,000 4,800 1,500 2,000 5,643 4,000 (257) (999) 655 214 Security BTS GroupHoldingsPCL BRF SA Attacq Ltd Astral Foods Ltd Asseco Poland SA ASM Pacific Technology Ltd ASE Technology HoldingCoLtd-Short ASE Technology HoldingCoLtd Arca ContinentalSABdeCV America MovilSABdeCV Allupar InvestimentoSA Aliansce ShoppingCentersSA Bosideng International Holdings Ltd Bosideng International Ltd BOC Aviation Bid CorpLtd BES EngineeringCorp Beijing Enterprises Water GroupLtd Beijing EnterprisesHoldingsLtd Becle SABdeCV BBMG Corp PCL Bangkok DusitMedicalServices AVI Ltd Plc Antofagasta Anhui ConchCementCoLtd Anglo Ltd American Platinum Bought Amount USD 25,101 USD 3,616 USD 13,246 USD 524,819 USD 169,542 USD 251,731 USD 189,715 USD 507,629 USD 236,141 USD 117,842 USD 93,400 USD 354,763 USD 305,100 USD 237,551 USD 262,970 USD 22,818 USD 259,677 Sold Amount EUR 22,159 EUR 3,181 EUR 11,756 SGD 710,379 RON 715,739 PLN 961,402 NZD 281,116 NZD 752,043 NOK 2,010,882 NOK 1,018,553 NOK 818,237 NOK 3,065,875 JPY 33,591,357 HUF 65,988,038 HUF 74,007,312 GBP 17,663 EUR 229,817 Gain/(Loss) Gain/(Loss) Unrealised Unrealised (180,347) (94,044) (10,191) (6,057) (1,660) (2,054) (2,364) (2,246) (9,205) (7,987) (2,223) (2,164) (5,685) (1,774) (1,848) 86,303 13,400 1,103 6,446 3,026 1,906 2,243 6,558 3,905 1,343 4,011 1,058 1,639 2,505 (415) (440) (113) (632) (247) USD USD (56) 192 247 630 177 625 535 40 31 61 33 %of (0.21) (0.00) (0.00) (0.03) (0.00) (0.01) (0.00) (0.00) (0.01) (0.01) (0.03) (0.03) (0.00) (0.00) (0.40) (0.00) (0.01) (0.00) (0.00) (0.00) (0.00) NAV % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.01 0.00 0.19 0.00 0.01 0.02 0.01 0.00 0.01 0.00 0.00 0.00 0.04 0.01 0.00 0.00 NAV

Contracts forDifference(0.06)%(2018:0.06%)(continued) Financial Derivative Instruments(1.45)%(2018:(1.30)%)(continued) Amount Notional (continued) (16,000) (15,000) (68,000) (24,000) (18,000) (14,000) (42,000) (60,000) (30,000) (14,000) (36,000) (75,776) (14,800) (18,000) (6,000) (7,000) (4,466) (8,000) (2,708) (6,000) (1,300) (1,900) (8,000) (2,240) (5,200) (2,250) (4,867) (3,700) 82,000 25,000 60,000 59,000 60,000 12,000 45,000 10,000 2,974 5,300 2,375 4,096 1,000 2,900 1,300 4,000 1,190 (221) (635) (556) (88) 219 800 Security Galaxy EntertainmentGroupLtd Foxconn Technology CoLtd GAIL IndiaLtd Foshan &Food HaitianFlavouring CoLtd Bukwang PharmaceuticalCoLtd China MerchantsPort HoldingsCoLtd Co Ltd MarineContainersGroup China International China EvergrandeGroup China DongxiangGroupCoLtd China Agri-Industries HoldingsLtd Cencosud SA SA Cementos Argos CAR Inc China National Building Material CoLtd BuildingMaterial China National China Oilfield Services Ltd China OilfieldServices China OverseasLand&InvestmentLtd China OverseasPropertyHoldingsLtd China ResourcesCementHoldingsLtd China SCEGroupHoldingsLtd China Telecom CorpLtd Kong Ltd China Travel InvestmentHong International China UnicomHongKong Ltd Cia EnergeticadeSaoPaulo China UnicomHongKong Ltd-Short Coronation Fund Managers Ltd FundManagers Coronation Ltd AmperexTechnologyContemporary Co SAE BankEgypt Commercial International CNOOC Ltd Clicks GroupLtd Sao Paulo Cia deSaneamentoBasicodoEstado Cia BrasileiradeDistribuicao Chunghwa Telecom CoLtd Chongqing DepartmentStoreCoLtd COSCO SHIPPINGPorts Ltd Country GardenHoldingsCoLtd Country CSPC PharmaceuticalGroupLtd Dongsuh CosInc DataTec Ltd Participacoes Cyrela BrazilRealtySAEmpreendimentose CTCI Corp DXB EntertainmentsPJSC GroupLtd Dongyue Dong-A SocioHoldingsCoLtd Equatorial EnergiaSA Equatorial Embraer SA EDP -EnergiasdoBrasilSA Everlight ElectronicsCoLtd Exxaro ResourcesLtd Fortress REITLtd Fibra Uno Administracion SAdeCV Famous BrandsLtd Financial year ended31March 2019 Gain/(Loss) Unrealised (10,307) (1,165) (2,372) (2,286) (8,036) (1,112) (2,457) (1,135) (4,892) (2,076) (1,224) (3,596) (2,376) (1,858) (6,019) (1,586) (2,240) (6,433) 3,260 2,350 1,654 2,846 3,201 5,478 4,538 5,479 1,634 2,555 2,436 5,090 4,320 6,792 3,233 2,116 4,089 2,531 3,251 1,775 1,403 (942) (216) (651) (733) (340) USD 304 602 781 896 188 395 174 %of (0.00) (0.01) (0.00) (0.00) (0.01) (0.03) (0.00) (0.01) (0.00) (0.01) (0.00) (0.00) (0.00) (0.01) (0.00) (0.00) (0.02) (0.02) (0.00) (0.00) (0.00) (0.01) (0.03) NAV 0.01 0.00 0.01 0.00 0.00 0.01 0.01 0.01 0.01 0.02 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.00

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard Fund(continued) DiversifiedReturn Portfolios ofInvestments Contracts forDifference(0.06)%(2018:0.06%)(continued) Financial Derivative Instruments(1.45)%(2018:(1.30)%)(continued) Amount Notional (28,000) (27,000) (14,000) (14,000) (11,200) (85,000) (1,000) (7,500) (7,000) (5,766) (6,313) (3,000) (2,400) (7,000) (9,000) (1,225) (6,000) (2,177) (9,900) (1,230) 70,000 14,000 20,000 86,000 34,000 2,000 8,000 3,500 9,100 1,300 1,800 (206) (738) (151) (201) (131) (324) (600) (428) (342) (600) (460) (50) (45) (12) (52) 586 253 749 200 700 (9) 56 Security Logan PropertyHoldingsCoLtd Localiza RentaCarSA Li NingCoLtd Lenovo GroupLtd Lee &ManPaper ManufacturingLtd KWG GroupHoldingsLtd Kolon IndustriesInc Kolmar Korea CoLtd PetroChina CoLtd Pegatron Corp Old MutualLtd Novolipetsk SteelPJSC NHN EntertainmentCorp Nan Ya PlasticsCorp Namhae ChemicalCorp Mr PriceGroupLtd MMI HoldingsLtd PCL Minor International Metropolitan Bank& Trust Co Mega Financial HoldingCoLtd mBank SA Mail.Ru GroupLtd Iron&Steel Magnitogorsk Works PJSC Maanshan Iron&SteelCoLtd LUKOIL PJSC- ADR LS Corp Lotte Corp CoLtd Lotte ChilsungBeverage Lonking HoldingsLtd Longfor GroupHoldingsLtd SA Lojas Americanas King's Town BankCoLtd Jinke PropertiesGroupCoLtd Infosys Ltd Hyundai GreenfoodCoLtd Hua NanFinancial HoldingsCoLtd CoLtd Hon HaiPrecisionIndustry TechnologiesHollysys Automation Ltd Hiwin TechnologiesCorp Hite JinroCoLtd GroupCoLtd Hengan International GoldMiningCoLtd Harmony Hanwha ChemicalCorp Hanmi PharmCoLtd Halla HoldingsCorp Haitong SecuritiesCoLtd Grupo TelevisaSAB Grupo LalaSABdeCV SA Grupo Argos Grupo Aeroportuario delSuresteSABdeCV de CV Grupo Aeroportuario delCentroNorteSAB Green CrossCorp GOME RetailHoldingsLtd Gain/(Loss) Unrealised (2,452) (1,631) (4,316) (1,745) (3,052) (3,795) (5,002) (4,625) (3,950) 3,581 7,387 1,536 2,643 2,688 1,177 3,060 1,899 1,339 8,598 5,044 1,051 (583) (557) (770) (616) (648) (762) (986) (613) (279) (103) (272) (885) (174) (447) (133) (861) USD (97) 719 157 496 347 940 138 769 129 534 693 949 919 338 209 - %of (0.01) (0.00) (0.00) (0.00) (0.00) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.01) (0.00) (0.00) (0.00) (0.00) (0.01) (0.00) (0.01) (0.01) (0.00) (0.00) NAV 0.00 0.01 0.03 0.00 0.00 0.00 0.01 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.03 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Contracts forDifference(0.06)%(2018:0.06%)(continued) Financial Derivative Instruments(1.45)%(2018:(1.30)%)(continued) Amount Notional (continued) (420,078) (86,000) (42,000) (27,000) (10,900) (10,000) (48,000) (10,000) (52,000) (13,000) (16,000) (10,000) (47,000) (10,000) (12,600) (28,000) (13,600) (10,000) (13,900) (6,000) (1,800) (7,334) (1,200) (4,098) (1,000) (2,451) (8,940) (4,889) (3,500) (9,000) (3,000) (5,100) (4,000) (3,000) 22,400 46,500 20,373 2,448 2,550 4,800 1,010 (101) (615) (688) (107) (200) (400) (300) (776) (221) 326 (2) Security WPG HoldingsLtd ParticipacoesUltrapar SA Ulker BiskuviSanayi AS Turkiye IsBankasi AS West ChinaCementLtd WEG SA Usiminas Usinas SiderurgicasdeMinasGeraisSA UPC TechnologyCorp RiseSun Real Estate DevelopmentCoLtd RiseSun RealEstate Rand MerchantInvestmentHoldingsLtd Raia DrogasilSA Quanta ComputerInc Gas Qatar Transport CoLtd Samsung Heavy IndustriesCoLtd Samsung Heavy Samsung ElectronicsCoLtd Electricity& Qatar Water CoQSC PTT PCL PSG GroupLtd Posco ICTCoLtd Samsung SDICoLtd Sands ChinaLtd Shanghai Fosun PharmaceuticalGroup CoLtd Shanghai ElectricGroupCoLtd BankLtd Shanghai Commercial&Savings Sberbank ofRussiaPJSC- ADR Santander BankPolska SA Sansiri PCL Sino BiopharmaceuticalLtd Shimao PropertyHoldingsLtd Shenzhen InvestmentLtd Shennan CircuitsCoLtd Shanghai IndustrialHoldingsLtd Ltd - ADR Ltd Taiwan SemiconductorManufacturingCo Taiwan Fertilizer CoLtd Synnex Technology Corp International Optical Sunny Technology GroupCoLtd Standard BankGroupLtd SSY GroupLtd Sino-Ocean GroupHoldingLtd Tianneng Ltd Power International Ternium SA Telesites SABdeCV Tatneft PJSC SOHO ChinaLtd SK GasLtd CoLtd SK Discovery SK ChemicalsCoLtd Sinotruk HongKong Ltd Sinopharm GroupCoLtd Turk YollariHava AO TSRC Corp PCL Tipco Asphalt Financial year ended31March 2019 Gain/(Loss) Unrealised (18,698) (2,142) (3,731) (3,435) (1,197) (5,892) (1,804) (3,210) (1,765) (1,214) (1,047) (6,550) (4,419) (2,894) (2,027) (2,021) (5,197) (4,294) 2,190 7,053 1,787 3,879 4,593 1,355 2,239 2,374 1,853 1,264 1,382 1,384 3,940 2,302 2,014 (360) (161) (910) (399) (522) (161) (360) USD 714 632 275 979 976 635 255 411 839 999 791 15 %of (0.00) (0.02) (0.04) (0.00) (0.01) (0.00) (0.01) (0.00) (0.01) (0.00) (0.00) (0.01) (0.00) (0.00) (0.00) (0.02) (0.01) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.00) NAV 0.00 0.00 0.00 0.00 0.02 0.00 0.01 0.00 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.00

119 LAZARD GLOBAL INVESTMENT FUNDS PLC 120 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard Fund(continued) DiversifiedReturn Portfolios ofInvestments Contracts forDifference(0.06)%(2018:0.06%)(continued) Financial Derivative Instruments(1.45)%(2018:(1.30)%)(continued) Amount Notional Net unrealisedlossoncontractsfordifference Unrealised lossoncontractsfordifference Unrealised gainoncontractsfordifference government typefixedincomesecurities. ofissuerfor fixedincomesecuritiesandcountry oftheissuer for corporate incorporation the Fundholdsshares. Fixed incomesecuritiesareprimarilyclassified of bythecountry oftheentityinwhich Equities areprimarilyclassified of incorporation bythecountry isMorganStanley.The counterpartyforthetotalreturnswaps The counterpartyforthecontractsdifferenceisMorganStanley. StreetBankand State Trust Company JP MorganChaseandCompany HSBC BankPlc Citibank NA The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: The counterpartyfortheopenfuturescontractisMorganStanley. Total Assets Other assets instruments Over thecounterfinancialderivative Investment Funds Transferable market securitiesdealtinonanotherregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets(unaudited) Net Assets Other NetAssets(2018:13.13%) Total Investments(2018:86.87%) Total FinancialDerivative Instruments Total ReturnSwapsatnegativefair value Total ReturnSwaps(1.19)%(2018:(1.47)%) CCY USD USD USD USD (106,000) (23,000) (22,000) (36,000) (16,000) USD S&P500 TR IndexSM USD MSCIDaily TR Gross World Index USD MSCIDaily TR Gross EuropeIndex USD MSCIDaily TR Gross EM (2,800) (300) Security Co Ltd YiChang HECChangJiangPharmaceutical Yum ChinaHoldingsInc Yulon MotorCoLtd Yuexiu Transport InfrastructureLtd Yuexiu Investment RealEstate Trust Yuexiu PropertyCoLtd Wynn MacauLtd Notional Amount Gain/(Loss) (412) (395) (143) Unrealised (56) (233,633) (26,660) 206,973 44,604,629 38,855,317 (1,021) (5,718) (3,674) 5,749,312 (529,028) 2,520 1,098 1,178 (645,498) (449) (346,269) (144,502) % ofTotal assets USD (37,027) (1,230) Value USD Fair 100.00 100.00 %of (1.45) (1.19) 12.89 87.11 (0.06) (0.00) (0.01) (0.01) (0.00) (0.52) (0.79) (0.32) (0.08) (0.00) 20.07 12.31 61.49 NAV % of 0.01 0.00 0.00 0.46 0.60 5.53 NAV

(continued) Financial year ended31March 2019 Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard European Fund Alternative Portfolios ofInvestments Equities 25.80%(2018:26.46%) Fixed IncomeSecurities66.02%(2018:57.62%) Transferable Securities91.82%(2018:84.08%) Shares Number of Amount Principal Denmark 1.46%(2018:6.17%) Belgium Nil(2018:1.92%) Austria Nil(2018:1.48%) Total FixedIncomeSecurities Spain 3.47%(2018:Nil) Portugal 1.90%(2018:Nil) Norway 1.38%(2018:Nil) Netherlands 3.37%(2018:Nil) Luxemburg Nil(2018:1.80%) Italy Nil(2018:3.84%) Greece Nil(2018:0.63%) 7.69%(2018:2.08%) Germany Finland Nil(2018:2.02%) 66.02%(2018:57.62%) Germany 83,295,000 91,665,000 14,245,000 72,800,000 90,685,000 82,165,000 1,833,193 4,578,168 200,879 191,727 128,400 400,919 880,850 456,544 251,011 78,050 62,152 Symrise AG Siemens AG Merck KGaA Beiersdorf AG Systems A/S Vestas Wind German Treasury Bill-Zerocoupon14/08/2019 19/06/2019 German Treasury Bill-Zerocoupon 10/04/2019 German Treasury Bill-Zerocoupon 13/03/2020 -Zerocoupon Bundesschatzanweisungen 13/12/2019* -Zerocoupon Bundesschatzanweisungen Cellnex TelecomSA Bankinter SA Galp EnergiaSGPSSA ASA Mowi NN GroupNV Koninklijke KPNNV 14/06/2019* -Zerocoupon Bundesschatzanweisungen Bonds Government 436,025,583 436,025,583 50,794,333 19,272,331 19,489,050 83,471,419 91,777,748 14,246,852 73,203,894 91,065,605 22,935,421 10,488,041 12,447,380 12,578,538 22,232,840 12,937,903 82,260,065 6,268,976 5,763,976 9,631,588 9,088,827 9,294,937 Fair Value Fair Value EUR EUR %of %of 66.02 66.02 12.64 13.90 11.08 13.79 12.45 NAV NAV 7.69 0.95 2.92 2.95 0.87 1.46 2.16 3.47 1.59 1.88 1.90 1.38 3.37 1.41 1.96

Equities 25.80%(2018:26.46%)(continued) Transferable Securities91.82%(2018:84.08%) (continued) Shares Number of Switzerland 6.53%(2018:3.88%) Sweden Nil(2018:0.65%) Instruments Total Investmentsexcluding FinancialDerivative Total Transferable Securities Total Equities United KingdomNil(2018:1.99%) Net unrealisedlossonopenfuturescontracts Unrealised lossonopenfuturescontracts Unrealised gainonopenfuturescontracts Open FuturesContracts(0.09)%(2018:(0.03)%) Financial Derivative Instruments0.08%(2018:0.29%) Amount Notional 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 Open ForwardForeignCurrency ExchangeContracts0.00%(2018:0.01%) Date Maturity (83,285,273) (96,126,887) (continued) 213,679 68,565 15,481 49,455 (11,608) Average Baloise Holding AG Baloise Partners GroupHolding AG Group AG Lonza LafargeHolcim Ltd (5,282) USD 3,631,357 USD 620,252 USD 2,728,313 USD 1,143,809 USD 358,792 USD 59,412 USD 37,719 USD 28,339 USD 11,881 USD 3,727 USD 635 GBP 393,532 GBP 5,642 GBP 1,615 EUR 49,248 Bought Amount Price Cost Financial year ended31March 2019 Expiring 21/06/2019 Short FuturesContracts (287) ofDaxIndexFutures Expiring 18/04/2019 Short FuturesContracts (1820) ofCac4010EuroFutures EUR 3,221,645 EUR 545,018 EUR 2,420,488 EUR 1,014,757 EUR 318,311 EUR 52,709 EUR 33,478 EUR 25,153 EUR 10,545 EUR 3,308 EUR 563 EUR 454,737 EUR 6,529 EUR 1,866 USD 55,671 Sold Amount 606,452,723 606,452,723 170,427,140 10,086,278 43,165,593 10,023,056 13,656,835 (1,115,714) Gain/(Loss) Gain/(Loss) 9,399,424 Fair Value (1,115,714) Unrealised Unrealised (590,479) 525,235 525,235 8,853 6,765 6,652 2,789 1,750 EUR (277) EUR EUR 875 145 77 58 24 15 8 1 7 %of (0.17) (0.09) 91.82 91.82 25.80 (0.17) (0.00) NAV % of % of 1.53 6.53 1.51 2.07 1.42 0.08 0.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV NAV

121 LAZARD GLOBAL INVESTMENT FUNDS PLC 122 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard European Fund(continued) Alternative Portfolios ofInvestments Contracts forDifference0.17%(2018:0.31%) Amount Nominal Date Maturity Net Assets Other NetAssets(2018:15.63%) Total Investments(2018:84.37%) exchange contracts Net unrealisedgainonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange Open ForwardForeignCurrency ExchangeContracts0.00%(2018:0.01%)(continued) Financial Derivative Instruments0.08%(2018:0.29%)(continued) Total FinancialDerivative Instruments Net unrealisedgainoncontractsfordifference Unrealised lossoncontractsfordifference Unrealised gainoncontractsfordifference (2,185,171) 1,012,906 1,188,623 1,286,859 (219,307) (123,497) (187,100) (284,728) (534,165) (371,585) (268,226) (60,827) 116,283 100,404 199,518 431,124 290,887 606,942 161,311 334,346 112,011 603,718 246,779 54,209 Security Airbus SE Atos SE CaixaBank SA Berkeley GroupHoldingsPlc Gecina SA EssilorLuxottica SA easyJet Plc Daimler AG HBC AG Coca-Cola Cie deSaint-Gobain Carrefour SA Carnival Corp Electrolux AB Hargreaves Lansdown Plc Lansdown Hargreaves GlaxoSmithKline Plc Segro Plc Legrand SA Industria deDiseno Textil SA Sanofi Thales SA SPIE SA Siemens AG Worldline SA Vivendi SA Bought Amount Sold Amount 660,479,840 607,023,667 Gain/(Loss) Gain/(Loss) (1,345,653) (1,149,018) (4,267,759) 53,456,173 Unrealised Unrealised Fair Value 1,017,506 1,017,732 1,133,681 5,401,440 (108,753) (146,827) (111,147) (640,372) (337,831) (81,489) (74,176) (89,584) (48,656) (97,223) (37,030) 131,854 458,036 185,606 327,320 497,189 561,922 719,169 174,347 310,759 570,944 27,742 28,019 EUR EUR EUR (277) 100.00 %of %of (0.00) (0.02) (0.01) (0.01) (0.20) (0.02) (0.18) (0.02) (0.10) (0.01) (0.01) (0.01) (0.05) (0.01) (0.65) 91.90 NAV NAV % of 8.10 0.00 0.00 0.02 0.07 0.03 0.05 0.14 0.08 0.09 0.11 0.03 0.15 0.05 0.08 0.17 0.82 NAV

government typefixedincomesecurities. ofissuerfor fixedincomesecuritiesandcountry oftheissuerforcorporate incorporation the Fundholdsshares. Fixed incomesecuritiesareprimarilyclassified of bythecountry oftheentityinwhich Equities areprimarilyclassified ofincorporation bythe country is pledgedEUR86,686,452. requirements forcontractsdifferenceheldbytheFund. that The amountofcollateral * inconnectionwiththecollateral A portionofthesesecuritiesispledgedascollateral Morgan Stanley Bank of America MerrillLynch The counterpartiesforthecontractsdifferenceare: Street Bankand Trust Company. The counterpartyfortheopenforwardforeigncurrency exchangecontractsisState The counterpartyfortheopenfuturescontractsisMorganStanley. Total Assets Other Assets instruments Over thecounterfinancialderivative Transferable market securitiesdealtinonanother regulated Transferable securitiesadmittedtoanofficial stockexchangelisting Analysis oftotalassets(unaudited) (continued) Financial year ended31March 2019 % ofTotal assets 100.00 64.46 25.19 9.47 0.88 Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard Rathmore Fund Alternative Portfolios ofInvestments Fixed IncomeSecurities97.87% Transferable Securities98.74% Amount Principal Bermuda 0.19% United States87.72% Netherlands 0.97% Mexico 3.05% Marshall Islands0.27% Cayman Islands3.56% Canada 2.11% 4,583,000 2,002,000 2,397,000 1,471,000 1,447,000 1,573,000 3,502,000 823,000 748,000 150,000 364,000 311,000 300,000 377,000 145,000 700,000 400,000 420,000 320,000 524,000 702,000 810,000 765,000 645,000 100,000 124,000 16,000 15,000 01/09/2019 Electronics For Inc0.750% Imaging Coupa SoftwareInc0.375%15/01/2023 CONMED Corp2.625%01/02/2024 Carbonite Inc2.500%01/04/2022 01/10/2024 Caesars EntertainmentCorp5.000% Boingo Wireless Inc1.000%01/10/2023 Benefitfocus Inc1.250%15/12/2023 01/06/2024 Atlas Air Worldwide HoldingsInc1.875% Array BioPharmaInc2.625%01/12/2024 Arconic Inc1.625%15/10/2019 01/07/2020 Allscripts HealthcareSolutionsInc1.250% 01/07/2022 Allegheny Technologies Inc4.750% 01/09/2026 Advanced MicroDevicesInc2.125% Fugro NV4.500%02/11/2024 Fugro NV4.000%26/10/2021 Teekay Corp5.000%15/01/2023 Sea Ltd2.250%01/07/2023 NIO Inc4.500%01/02/2024 iQIYI Inc3.750%01/12/2023 iQIYI Inc2.000%01/04/2025 Herbalife NutritionLtd2.625%15/03/2024 01/07/2020 Ltd1.000% Ctrip.com International SSR MiningInc2.500%01/04/2039 30/06/2019 Corp5.125% Element FleetManagement 30/06/2024 Corp4.250% Element FleetManagement 15/10/2021 Ship Finance Ltd5.750% International Golar LNGLtd2.750%15/02/2022 Convertible Bonds Convertible Bonds Convertible Bonds Cemex SABdeCV3.720%15/03/2020 Convertible Bonds Convertible Bonds Convertible Bonds Convertible Bonds Fair Value 6,525,505 3,520,309 2,356,491 2,808,152 1,116,479 4,086,638 1,512,115 2,425,274 1,180,818 3,493,809 813,025 831,789 174,924 327,991 357,432 323,177 373,139 474,108 715,256 401,223 312,679 444,207 451,153 837,582 825,694 761,653 482,803 218,388 118,621 33,473 15,887 99,767 USD %of NAV 0.71 0.03 0.73 0.15 5.70 0.29 0.31 0.28 3.07 0.33 2.05 2.45 0.41 0.97 0.62 0.35 0.27 3.56 0.39 0.39 0.73 1.32 0.01 0.72 2.11 0.66 1.03 0.42 0.19 0.09 0.10 3.05

United States87.72%(continued) Fixed IncomeSecurities97.87%(continued) Transferable Securities98.74%(continued) Amount Principal (continued) 1,103,000 1,000,000 1,069,000 3,089,000 2,470,000 500,000 373,000 571,000 553,000 546,000 336,000 208,000 519,000 910,000 352,000 215,000 307,000 423,000 336,000 496,000 134,000 515,000 722,000 623,000 750,000 120,000 543,777 500,000 500,000 469,000 201,000 463,000 461,000 208,000 233,000 637,000 469,000 222,000 612,000 606,000 179,000 477,000 182,000 403,000 15,000 12,000 21,000 30,000 Teladoc HealthInc3.000%15/12/2022 15/02/2026 Tabula RasaHealthCareInc1.750% Inc0.500%15/06/2022 Synaptics Square Inc0.375%01/03/2022 SEACOR HoldingsInc3.000%15/11/2028 Sarepta Inc1.500%15/11/2024 Therapeutics HoldingsInc5.625%15/11/2019 RWT GoldInc2.875%15/06/2019 Royal RH -Zerocoupon15/07/2020 RH -Zerocoupon15/06/2019 Retrophin Inc2.500%15/09/2025 Redwood Trust Inc4.750%15/08/2023 PRA GroupInc3.500%01/06/2023 PRA GroupInc3.000%01/08/2020 Perficient Inc2.375%15/09/2023 PDL BioPharmaInc2.750%01/12/2021 OSI SystemsInc1.250%01/09/2022 OPKO HealthInc4.500%15/02/2025 Omeros Corp6.250%15/11/2023 Okta Inc0.250%15/02/2023 Nevro Corp1.750%01/06/2021 15/05/2024 Neurocrine BiosciencesInc2.250% 15/04/2019 Corp4.750% International Navistar Medicines Co3.500%15/01/2024 LivePerson Inc0.750%01/03/2024 Liberty MediaCorp2.250%01/12/2048 Liberty InteractiveLLC4.000%15/11/2029 Liberty InteractiveLLC3.750%15/02/2030 LendingTree Inc0.625%01/06/2022 Corp3.250%01/11/2021 Knowles KBR Inc2.500%01/11/2023 15/10/2025 Karyopharm Inc3.000% Therapeutics 15/11/2021 Ionis PharmaceuticalsInc1.000% Inphi Corp1.125%01/12/2020 Inphi Corp0.750%01/09/2021 Innoviva Inc2.125%15/01/2023 Infinera Corp2.125%01/09/2024 IH MergerSubLLC3.000%01/07/2019 Green PlainsInc4.125%01/09/2022 Green PlainsInc3.250%01/10/2019 EZCORP Inc2.375%01/05/2025 EZCORP Inc2.125%15/06/2019 Evolent HealthInc2.000%01/12/2021 Everbridge Inc1.500%01/11/2022 Etsy Inc-Zerocoupon01/03/2023 Envestnet Inc1.750%15/12/2019 GroupInc3.250%15/03/2022 Encore Capital 15/11/2023 Electronics For Inc2.250% Imaging Convertible Bonds(continued) Financial year ended31March 2019 Fair Value 1,869,346 1,112,686 1,008,352 1,071,672 4,096,017 2,474,937 1,373,098 746,606 398,524 541,915 547,768 368,570 194,429 498,847 817,330 340,643 210,015 311,989 400,137 364,443 898,008 135,325 697,240 934,440 644,057 838,870 372,487 879,207 585,809 475,849 125,086 627,060 567,170 211,535 184,592 611,120 481,335 193,472 593,161 346,125 533,564 162,040 414,893 13,879 21,728 24,071 82,800 31,439 USD %of NAV 0.65 0.35 0.01 0.47 0.02 0.48 0.32 0.17 0.43 0.71 0.30 0.18 0.02 0.27 0.35 0.32 0.78 0.12 0.61 0.81 0.56 0.73 0.07 0.32 0.77 0.51 0.41 0.11 0.55 0.49 0.03 0.18 0.16 0.53 0.42 0.17 0.52 0.30 0.47 0.14 0.36 1.63 0.97 0.88 0.93 3.57 2.16 1.20

123 LAZARD GLOBAL INVESTMENT FUNDS PLC 124 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard Rathmore Fund(continued) Alternative Portfolios ofInvestments Open FuturesContracts(0.01)% Financial Derivative Instruments(0.68)% United States87.72%(continued) Fixed IncomeSecurities97.87%(continued) Transferable Securities98.74%(continued) Amount Principal Derivative Instruments Total Value ofInvestmentsexcluding Financial Total Transferable Securities Total Equities United States0.60% United Kingdom0.10% Cayman Islands0.17% Equities 0.87% Shares Number of Total FixedIncomeSecurities Amount Notional 8,150,000 8,530,000 8,020,000 8,165,000 8,150,000 8,270,000 1,018,000 (603,970) 677,000 345,000 128,000 4,519 1,215 3,220 2,185 1,026 8,039 802 Average 27/02/2020 United States Treasury Bill-Zerocoupon 07/11/2019* United States Treasury Bill-Zerocoupon 12/09/2019* United States Treasury Bill-Zerocoupon 18/07/2019* United States Treasury Bill-Zerocoupon 20/06/2019* United States Treasury Bill-Zerocoupon 23/05/2019* United States Treasury Bill-Zerocoupon Tesla Inc1.250%01/03/2021 Convertible Bonds(continued) Government Bonds Government GroupInc2.000%01/12/2021 Zillow Wayfair Inc1.125%01/11/2024 Twilio Inc0.250%01/06/2023 RH Ligand PharmaceuticalsInc Green PlainsInc Inc Boingo Wireless Inc Amicus Therapeutics Atlassian CorpPlc iQIYI Inc (1,510) Price Cost Expiring 21/06/2019 Short FuturesContracts (8) ofE-miniRussell2000 100,616,195 113,268,061 113,268,061 112,269,462 Gain/(Loss) Fair Value Fair Value 7,975,626 8,409,065 7,933,685 8,107,284 8,107,277 8,242,048 1,047,922 Unrealised 694,038 501,881 244,168 998,599 690,994 465,231 100,819 115,312 192,293 (13,550) 20,266 74,962 29,716 USD USD USD %of %of (0.01) 98.74 98.74 97.87 87.72 NAV NAV % of 6.95 7.33 6.93 7.07 7.07 7.18 0.61 0.44 0.21 0.91 0.87 0.60 0.40 0.08 0.02 0.07 0.03 0.10 0.17 NAV

Open FuturesContracts(0.01)%(continued) Financial Derivative Instruments(0.68)%(continued) Date Maturity 15/04/2019 15/04/2019 15/04/2019 19/06/2019 19/06/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 02/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 02/04/2019 19/06/2019 Open ForwardForeignCurrency ExchangeContracts0.00% Net unrealisedlossonopenfuturescontracts (continued) Bought Amount USD 10,020 USD 10,620 USD 44,725 USD 3,061,423 JPY 64,559,000 GBP 33,858,319 GBP 14,537,265 GBP 36,788 GBP 36,840 GBP 401,428 GBP 2,525 GBP 7,067 GBP 29,969 GBP 30,623 GBP 17,773 GBP 19,289 GBP 55,352 GBP 50,807 GBP 128,095 GBP 312,460 GBP 792,804 EUR 125 EUR 125 EUR 490 EUR 1,783 EUR 590 EUR 817 EUR 5,028 EUR 905 EUR 1,421 EUR 1,028 EUR 41,963 EUR 100,156 EUR 151,135 EUR 1,201,339 EUR 4,499,572 EUR 21,525,396 EUR 57,255 CHF 4,546,510 CHF 49,942 CHF 23,173 CHF 3,451 CHF 633 CHF 3,533 CHF 3,396 CHF 901 CAD 2,884,000 Financial year ended31March 2019 Sold Amount CHF 10,000 CHF 10,673 CHF 44,927 CAD 4,070,000 USD 587,157 USD 44,099,614 USD 18,934,424 USD 47,916 USD 48,038 USD 523,444 USD 3,345 USD 9,270 USD 39,218 USD 40,172 USD 23,459 USD 25,513 USD 73,138 USD 67,468 USD 169,512 USD 413,056 USD 1,046,720 USD 142 USD 141 USD 555 USD 2,009 USD 669 USD 929 USD 5,664 USD 1,030 USD 1,610 USD 1,169 USD 47,300 USD 112,721 USD 171,396 USD 1,361,898 USD 5,071,805 USD 24,262,888 USD 64,326 USD 4,529,303 USD 49,753 USD 23,167 USD 3,434 USD 632 USD 3,548 USD 3,416 USD 906 USD 2,160,534 Gain/(Loss) Gain/(Loss) Unrealised Unrealised (13,550) (12,972) (11,491) (13,903) (66,509) (1,221) (2,488) (5,636) (1,508) 48,634 20,881 41,586 8,995 2,415 (110) (443) (341) (141) (243) (285) (361) (964) (130) (137) USD USD (33) (18) (52) (55) (11) (12) (13) (13) (13) (37) 457 131 (2) (1) (1) (4) (4) (7) (3) (1) 53 36 5 4 (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.01) (0.07) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) % of % of 0.01 0.00 0.04 0.02 0.00 0.04 0.00 0.00 0.00 0.00 0.00 NAV NAV Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard Rathmore Fund(continued) Alternative Portfolios ofInvestments Options Purchased0.68% Amount Notional exchange contracts Net unrealisedgainonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 19/06/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 19/06/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 15/04/2019 Open ForwardForeignCurrency ExchangeContracts0.00%(continued) Financial Derivative Instruments(0.68)%(continued) Date Maturity 65,400 26,700 3,100 4,700 9,400 9,400 Expiring April 2019 Expiring April 6.000USDCemex SabDeCv Call at Ltd ExpiringJune2019 35.000USDCtrip.Com International Call at Inc ExpiringJuly2019 15.000USD Call at Alder Biopharmaceuticals Inc Expiring 2019 April 27.500USD Call at Allegheny Technologies 2019 Expiring April 7.000USDFirstCall at MajesticSilverCorp 2019 Expiring April 10.000USDCleveland-CliffsInc Call at USD 1,092,007 USD 151,993 USD 14,716 USD 4,828 USD 2,815 USD 677,345 USD 79,444 USD 248,714 USD 26,363 USD 33,834 USD 5,902 USD 4,827 USD 64,396 USD 15,521 USD 5,544 USD 22,532 USD 5,699 USD 738 USD 5,862 USD 635 USD 431 USD 553 USD 149 USD 55 USD 100 USD 352 USD 489 USD 3,128 USD 3,412 USD 907 USD 610 USD 496 USD 2,278 Bought Amount JPY 121,109,000 GBP 114,751 GBP 11,146 GBP 3,650 GBP 2,133 EUR 595,000 EUR 70,078 EUR 220,749 EUR 23,322 EUR 30,029 EUR 5,209 EUR 4,256 EUR 57,255 EUR 13,778 EUR 4,905 EUR 20,021 EUR 5,046 EUR 648 EUR 5,208 EUR 560 EUR 380 EUR 489 EUR 132 EUR 49 EUR 88 EUR 312 EUR 434 CHF 3,104 CHF 3,396 CHF 901 CHF 611 CHF 498 CHF 2,297 Sold Amount Gain/(Loss) Fair Value Unrealised (128,030) 28,830 132,455 6,580 2,350 3,471 3,854 (8,826) 4,425 2,368 4,850 654 USD USD (31) 182 670 573 147 (5) (5) 68 34 78 47 42 37 33 30 27 27 9 7 5 4 3 1 1 1 1 1 8 3 1 %of (0.11) (0.01) (0.00) (0.00) (0.00) NAV % of 0.00 0.03 0.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 NAV

Options writtenatfair value Options Written(0.07)% Options purchasedatfair value Options Purchased0.68%(continued) Financial Derivative Instruments(0.68)%(continued) Contracts forDifference(1.28)% Amount Notional Amount Notional (continued) (151,653) (255,689) (53,305) (2,500) 10,700 20,400 30,600 19,300 10,200 19,300 11,400 27,300 24,900 37,800 15,010 20,060 1,300 7,500 1,500 8,200 5,200 8,300 1,600 5,200 3,100 6,800 9,600 6,400 9,650 Allegheny Allegheny Technologies Inc-Short TechnologiesAllegheny Inc Alder BiopharmaceuticalsInc-Short Alder BiopharmaceuticalsInc Advanced MicroDevicesInc S&P500E-MiniExpiringJune2019 Put at E-Mini ExpiringJune2019 100 100E-MiniNASDAQ NASDAQ Put at Expiring June2019 S&P500E-Mini Put at Expiring June2019 S&P500E-Mini Put at 2019 April 14.000USDSsrMiningIncExpiring Call at 2019 6.000USDNioIncExpiringMay Call at 2019 7.000USDNioIncExpiringMay Call at June 2019 5.000USDNiiHoldingsIncExpiring Call at 2019 Expiring April 17.500USDEvolentHealthInc Call at June 2019 17.500USDInnovivaIncExpiring Call at Corp ExpiringJune2019 12.000USDCaesarsEntertainment Call at 2019 April 10.000USD Call at Transocean LtdExpiring Corp ExpiringJune2019 11.000USDCaesarsEntertainment Call at Inc Expiring 2019 April 21.000USD Put at Advanced MicroDevices June 2019 7.500USDNiiHoldingsIncExpiring Call at Expiring July2019 7.000USDCemexSabDeCv Call at June 2019 25.000USDGolarLngLtdExpiring Call at Expiring June2019 10.000USDNewparkResourcesInc Call at Plc ExpiringMay2019 1.000USD Call at Weatherford International Plc Expiring 2019 April 1.000USD Call at Weatherford International 2019 April 4.000USDCInfineraCorpExpiring Put at 2019 Expiring April 7.000USDCCleveland-CliffsInc Put at Inc Expiring 2019 April 30.000USD Call at Allegheny Technologies Advanced MicroDevicesInc-Short Financial year ended31March 2019 Fair Value Fair Value (168,487) (450,176) (85,000) (85,000) 781,905 231,075 386,250 (38,722) 214,360 415,404 85,500 40,031 5,916 4,590 2,490 2,123 2,509 1,550 7,644 1,890 749 246 780 510 456 996 136 288 320 USD USD 96 52 %of %of (0.07) (0.07) (0.15) (0.03) (0.39) NAV NAV 0.19 0.03 0.36 0.68 0.20 0.35 0.07 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00

125 LAZARD GLOBAL INVESTMENT FUNDS PLC 126 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard Rathmore Fund(continued) Alternative Portfolios ofInvestments Contracts forDifference(1.28)%(continued) Financial Derivative Instruments(0.68)%(continued) Amount Notional (110,792) (173,957) (473,346) (161,006) (24,374) (23,709) (15,745) (22,021) (16,781) (17,314) (27,629) (19,714) (33,779) (39,306) (43,500) (10,704) (58,324) (41,138) (30,710) (13,669) (14,694) (23,455) (22,706) (72,583) (24,474) (2,185) (7,592) 10,940 17,660 22,220 13,510 13,650 19,400 11,230 15,990 15,070 12,500 29,130 10,410 11,090 10,520 15,600 10,720 9,780 4,930 6,130 3,780 5,410 2,460 8,610 8,470 8,870 450 Array BioPharmaInc-Short Amicus Inc-Short Therapeutics Atlas Air Worldwide Holdings Inc Holdings Atlas AirWorldwide Allscripts HealthcareSolutionsInc-Short Atlassian CorpPlc-Short Atlas Air Worldwide HoldingsInc-Short Aurora CannabisInc Atlassian Inc Benefitfocus Inc-Short Benefitfocus Inc Aurora CannabisInc-Short Boingo Wireless Inc-Short Inc Boingo Wireless Caesars EntertainmentCorp-Short CalAmp Corp Carbonite Inc-Short Carbonite Inc Corp-Short Canopy Growth Corp Canopy Growth CalAmp Corp-Short Cowen Inc Cowen Coupa SoftwareInc-Short Coupa SoftwareInc Cleveland-Cliffs Inc Chegg Inc-Short Chegg Inc Cemex SABdeCV Cowen Inc-Short Cowen CONMED Corp-Short CONMED Corp Cleveland-Cliffs Inc-Short Ctrip.com International Ltd-Short Ctrip.com International Ltd Ctrip.com International DexCom Inc Ltd- Ctrip.com International Voting Rights First MajesticSilverCorp EZCORP Inc-Short EZCORP Inc Evolent HealthInc Everbridge Inc-Short Everbridge Inc Etsy Inc-Short Etsy Inc Envestnet Inc-Short Envestnet Inc GroupInc-Short Encore Capital GroupInc Encore Capital Electronics For Inc-Short Imaging Electronics For Inc Imaging DexCom Inc-Short First MajesticSilverCorp-Short Evolent HealthInc- Voting Rights Evolent HealthInc-Short Fair Value (231,057) (200,687) (221,713) (511,823) (342,864) (101,450) (159,826) (464,356) (22,864) (18,147) (51,868) (82,403) (79,183) (76,181) (47,903) (42,170) (14,426) (96,192) (10,900) (30,172) (10,380) (20,844) (47,459) (19,833) 210,436 190,977 281,927 115,625 304,459 347,349 562,495 (1,974) (7,128) (8,133) 31,452 76,753 53,146 35,289 27,125 44,880 12,513 28,308 67,423 71,604 20,899 5,594 8,995 1,591 9,265 1,548 (165) USD 480 492 %of (0.00) (0.20) (0.02) (0.17) (0.02) (0.00) (0.05) (0.06) (0.07) (0.07) (0.19) (0.01) (0.04) (0.04) (0.01) (0.08) (0.01) (0.03) (0.01) (0.45) (0.30) (0.09) (0.14) (0.40) (0.01) (0.02) (0.04) (0.02) NAV 0.03 0.07 0.05 0.18 0.03 0.00 0.01 0.17 0.00 0.02 0.25 0.10 0.04 0.01 0.00 0.00 0.02 0.27 0.30 0.06 0.06 0.01 0.49 0.00 0.02

Contracts forDifference(1.28)%(continued) Financial Derivative Instruments(0.68)%(continued) Amount Notional (continued) (193,551) (46,621) (17,246) (12,543) (31,462) (12,370) (25,332) (18,282) (92,139) (74,054) (43,985) (55,533) (25,445) (62,267) (15,077) (50,787) (14,729) (18,104) (16,538) (12,539) (7,984) (6,226) (6,979) (3,362) (2,800) 12,020 11,000 11,780 18,810 16,620 11,870 25,830 12,790 10,260 14,040 18,190 12,200 10,260 12,330 16,310 5,000 9,950 5,390 5,900 9,690 5,910 9,100 9,690 6,030 8,760 3,220 1,240 430 Fugro NV Fugro NV-Short Golar LNGLtd GDS HoldingsLtd-Short GDS HoldingsLtd Green PlainsInc Golar LNGLtd-Short Green PlainsInc-Short Herbalife NutritionLtd Herbalife NutritionLtd-Short II-VI Inc IH MergerSubLLC Huazhu GroupLtd-Short Huazhu GroupLtd II-VI Inc-Short PartnershipIIP Operating LP Infinera Corp Liberty InteractiveLLC LendingTree Inc-Short j2 GlobalInc-Short Innoviva Inc IndustrialPropertiesInc-Short Innovative Infinera Corp-Short Liberty MediaCorp LendingTree Inc Inc Therapeutics Karyopharm j2 GlobalInc iQIYI Inc-Short iQIYI Inc Innoviva Inc-Short Knowles Corp-Short Knowles Corp Knowles KBR Inc-Short KBR Inc Karyopharm Inc-Short Therapeutics Ionis PharmaceuticalsInc-Short Ionis PharmaceuticalsInc SA Intelsat Inphi Corp- Voting Rights Inphi Corp-Short Inphi Corp Invitation HomesInc-Short Invitation SA-Short Intelsat Insmed Inc-Short Insmed Inc Intercept PharmaceuticalsInc-Short Intercept PharmaceuticalsInc LivePerson Inc Ligand PharmaceuticalsInc-Short Live Nation Entertainment Inc -Short Live Nation Ligand PharmaceuticalsInc LivePerson Inc-Short Medicines Co Financial year ended31March 2019 Fair Value (120,027) (144,033) (385,784) (189,107) (113,318) (262,466) (165,421) (399,964) (107,902) (36,960) (58,780) (20,564) (19,765) (66,525) (19,392) (51,253) (37,523) (11,583) (94,904) (79,043) (19,873) (30,160) (30,754) (13,960) 126,970 151,940 335,727 162,685 121,475 (1,021) (6,660) 61,819 66,263 51,744 20,960 51,238 60,285 44,448 32,039 43,440 43,820 11,867 24,519 17,884 34,361 11,080 55,197 10,160 4,388 6,039 1,148 (683) USD 881 %of (0.00) (0.03) (0.05) (0.02) (0.02) (0.06) (0.10) (0.02) (0.13) (0.04) (0.34) (0.16) (0.03) (0.01) (0.08) (0.07) (0.10) (0.23) (0.14) (0.02) (0.03) (0.35) (0.00) (0.03) (0.01) (0.09) (0.00) (0.01) NAV 0.04 0.11 0.01 0.06 0.05 0.13 0.02 0.04 0.00 0.05 0.04 0.03 0.04 0.29 0.04 0.01 0.02 0.02 0.14 0.11 0.03 0.01 0.05 0.00 0.01

Lazard Global InvestmentFundsplc Portfolios ofInvestments Portfolio ofInvestmentsasat31March 2019 Lazard Rathmore Fund(continued) Alternative Contracts forDifference(1.28)%(continued) Financial Derivative Instruments(0.68)%(continued) Amount Notional (249,490) (230,834) (142,431) (152,198) (26,230) (32,310) (26,050) (23,029) (18,494) (70,242) (26,677) (15,556) (36,250) (21,327) (56,844) (35,689) (20,144) (18,806) (28,715) (21,816) (6,816) (7,317) (8,344) (5,129) (1,550) 25,610 23,860 13,400 12,610 11,880 16,920 15,280 19,810 10,640 14,320 30,010 33,190 11,260 8,710 7,290 9,430 9,750 9,110 9,510 3,800 2,870 3,090 2,960 9,940 2,600 9,180 4,940 6,850 Microchip TechnologyInc Medicines Co-Short MongoDB Inc-Short MongoDB Inc Momo Inc-Short Momo Inc Microchip Technology Inc-Short PRA GroupInc Pluralsight Inc-Short Pluralsight Inc Perficient Inc-Short Perficient Inc PDL BioPharmaInc-Short PDL BioPharmaInc Pacira PharmaceuticalsInc-Short Pacira PharmaceuticalsInc OSI SystemsInc-Short OSI SystemsInc OPKO HealthInc-Short OPKO HealthInc Omeros Corp-Short Omeros Corp Okta Inc-Short Okta Inc Nutanix Inc-Short Nutanix Inc NIO Inc-Short NIO Inc Newpark ResourcesInc-Short Newpark ResourcesInc Nevro Corp-Short Nevro Corp Neurocrine BiosciencesInc-Short Neurocrine BiosciencesInc Corp International Navistar PROS HoldingsInc-Short PROS HoldingsInc PRA GroupInc- Voting Rights PRA GroupInc-Short Sea Ltd-Short Sea Ltd Sarepta Inc-Short Therapeutics Inc Sarepta Therapeutics Holdings Inc RWT RH -Short RH Retrophin Inc-Short Retrophin Inc Redwood Trust Inc-Short Redwood TrustInc Inc-Short Rapid7 Inc Rapid7 PROS HoldingsInc- Voting Rights (1,098,204) Fair Value 1,199,540 (122,610) (214,112) (156,321) (110,201) (153,329) (670,122) (327,882) (152,565) (29,179) (52,684) (54,105) (26,145) (93,264) (15,540) (41,569) (67,256) (76,470) (88,176) (14,033) (11,365) 106,572 172,609 238,740 162,951 713,850 423,890 173,490 (3,162) (5,129) (5,065) (4,738) (3,364) (4,895) 20,567 17,575 43,097 77,054 24,695 22,314 64,711 41,022 13,960 39,259 3,066 9,403 4,147 7,915 (469) (415) (806) USD 998 %of (0.11) (0.03) (0.00) (0.96) (0.00) (0.19) (0.14) (0.00) (0.10) (0.00) (0.00) (0.00) (0.05) (0.05) (0.02) (0.08) (0.01) (0.04) (0.06) (0.07) (0.00) (0.08) (0.13) (0.58) (0.00) (0.29) (0.00) (0.13) (0.01) (0.01) NAV 1.05 0.00 0.00 0.01 0.02 0.09 0.02 0.00 0.04 0.15 0.21 0.01 0.07 0.02 0.02 0.06 0.04 0.14 0.62 0.37 0.01 0.15 0.03

Contracts forDifference(1.28)%(continued) Financial Derivative Instruments(0.68)%(continued) Amount Notional Total Assets Other assets instruments Over thecounterfinancialderivative Transferable market securitiesdealtinonanotherregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets(unaudited) Net Assets Other NetAssets Total Investments Total FinancialDerivative Instruments Net unrealisedlossoncontractsfordifference Unrealised lossoncontractsfordifference Unrealised gainoncontractsfordifference (continued) (355,841) (24,630) (21,203) (37,970) (57,705) (10,761) (11,044) (60,000) (16,821) (26,660) (31,031) (42,879) (12,708) (5,461) (6,591) (7,667) (7,596) (3,697) 12,200 13,390 18,000 22,200 28,280 12,290 10,260 10,140 13,400 9,840 9,640 3,290 7,850 6,090 8,580 1,960 4,910 (211) Ship Finance Ltd-Short International Ship Finance Ltd International SEACOR HoldingsInc-Short Silicon Laboratories Inc-Short Silicon Laboratories Inc Silicon Laboratories Inc-Short ServiceNow Inc ServiceNow Synaptics Inc-Short Synaptics Inc Synaptics SSR MiningInc-Short Square Inc-Short Square Inc Tullow OilJerseyLtd Tricon GroupInc-Short Capital Tricon GroupInc Capital Tilray Inc-Short Tilray Inc Tesla Inc-Short Tabula RasaHealthCareInc Zillow GroupInc-Short Zillow GroupInc Zillow Wayfair Inc- Voting Rights Wayfair Inc-Short Wayfair Inc Issued -Short United States Treasury Note/Bond- When Twilio Inc-Short Twilio Inc Tullow OilPlc-Short Tesla Inc Teladoc HealthInc-Short Teladoc HealthInc Teekay Corp-Short Teekay Corp Team Inc-Short Team Inc Tabula RasaHealthCareInc-Short Financial year ended31March 2019 (10,962,345) 114,703,167 112,490,649 (1,465,192) Fair Value 2,212,518 9,497,153 (777,412) (113,080) (124,175) (129,670) (112,426) (443,153) (11,665) (18,259) (54,942) (10,296) (11,493) (18,484) (74,093) (52,188) (68,025) (25,616) (10,315) 120,145 121,326 112,489 429,012 (6,583) (2,117) (5,679) 15,558 18,442 28,162 94,149 59,594 41,886 91,344 26,441 8,060 2,368 2,887 3,813 7,255 USD % ofTotal assets 100.00 100.00 %of (0.68) (1.28) (0.01) (0.10) (0.01) (0.11) (0.00) (0.02) (0.05) (0.01) (0.00) (0.10) (0.10) (0.39) (9.55) (0.01) (0.02) (0.05) (0.05) (0.06) (0.02) (0.01) 83.77 98.06 NAV 0.01 0.00 0.01 0.10 0.02 0.11 0.00 0.02 0.08 0.00 7.71 7.77 0.75 0.05 0.10 0.37 0.04 0.08 0.02 1.94 8.27 0.01

127 LAZARD GLOBAL INVESTMENT FUNDS PLC 128 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard Rathmore Fund(continued) Alternative Portfolios ofInvestments is pledgedUSD29,471,925. requirements forcontractsdifferenceheldbytheFund. that The amountofcollateral * inconnectionwiththecollateral A portionofthesesecuritiesispledgedascollateral government typefixedincomesecurities. ofissuerfor fixedincomesecuritiesandcountry oftheissuerforcorporate incorporation the Fundholdsshares. Fixed incomesecuritiesareprimarilyclassified of bythecountry oftheentityinwhich Equities areprimarilyclassified ofincorporation bythecountry The counterpartyforthecontractsdifferenceisBNPParibas. The counterpartyfortheoptionsisUBS AG. Street Bank& Trust Company. The counterpartyfortheopenforwardforeigncurrency exchangecontractsisState The counterpartyfortheopenfuturescontractsisUBS AG. (continued) Financial year ended31March 2019 Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard ScandinavianHighQualityBondFund Portfolios ofInvestments Fixed IncomeSecurities92.97% Transferable Securities92.97% Amount Principal Denmark 48.56% Netherlands 1.12% Luxembourg 4.22% 6.00% Germany France 1.58% Finland 2.49% 15,200,000 15,200,000 13,200,000 14,800,000 14,300,000 10,000,000 17,000,000 2,150,000 2,000,000 2,200,000 9,800,000 9,600,000 7,600,000 9,800,000 5,800,000 9,700,000 7,700,000 5,500,000 9,000,000 5,000,000 4,000,000 6,600,000 8,100,000 7,000,000 500,000 400,000 500,000 500,000 Nordic InvestmentBank0.375%01/02/2024 Fortum OYJ 2.250%06/09/2022 Fortum OYJ 1.625%27/02/2026 Denmark Government1.750%15/11/2025 Denmark Government0.500%15/11/2027 Bonds Government Realkredit Danmark A/S 2.500%01/10/2047 Realkredit Danmark A/S 2.000%01/10/2047 Orsted A/S 1.500%26/11/2029 Nykredit Realkredit A/S 2.500%01/10/2047 (Callable) Nykredit Realkredit A/S 2.000%01/10/2047 Nykredit Realkredit A/S 2.000%01/10/2050 Nykredit Realkredit A/S 1.500%01/10/2037 01/10/2047 (SerialRepaymentofCapital) Nordea KreditRealkreditaktieselskab2.500% 01/10/2047 Nordea KreditRealkreditaktieselskab2.500% 01/10/2047 (Callable) Nordea KreditRealkreditaktieselskab2.000% 01/10/2047 Nordea KreditRealkreditaktieselskab2.000% Jyske Realkredit A/S 2.000%01/10/2047 Jyske Realkredit A/S 1.500%01/10/2050 DLR Kredit A/S 2.000%01/10/2050 DLR Kredit A/S 1.500%01/10/2037 Carlsberg Breweries A/S 2.500%28/05/2024 Corporate Bonds BNG BankNV1.250%13/06/2022 Corporate Bonds 15/02/2024 European InvestmentBank2.770% 26/01/2024 European InvestmentBank1.500% 12/05/2025 European InvestmentBank1.250% Corporate Bonds 20/11/2028 Landwirtschaftliche Rentenbank1.230% 03/04/2024 Kreditanstalt fuer Wiederaufbau 1.625% Corporate Bonds 26/02/2024 Council OfEuropeDevelopmentBank1.625% Corporate Bonds Corporate Bonds 22,218,270 Fair Value 1,141,926 2,137,668 1,364,424 2,137,669 1,336,579 1,832,058 1,053,610 2,092,814 2,011,604 1,364,989 1,350,729 1,033,901 1,245,014 1,936,071 2,746,979 1,753,985 206,796 530,118 405,012 305,626 312,259 521,190 806,134 761,744 550,258 511,206 444,578 678,831 812,662 992,994 721,570 EUR %of 48.56 NAV 2.49 0.45 1.16 0.88 0.67 0.68 4.68 2.98 1.14 4.67 2.92 4.00 2.30 4.58 4.39 2.98 1.76 2.96 2.26 1.66 2.73 1.20 1.12 4.22 0.97 1.48 1.77 6.00 2.17 3.83 1.58

Fixed IncomeSecurities92.97%(continued) Transferable Securities92.97%(continued) Derivative Instruments Total Value ofInvestmentsexcluding Financial Total Transferable Securities Total FixedIncomeSecurities United States2.39% Sweden 15.48% Philippines 0.68% Norway 10.45% Amount Principal (continued) 6,000,000 3,900,000 7,500,000 4,000,000 4,800,000 8,000,000 4,000,000 5,000,000 3,000,000 7,900,000 4,000,000 5,000,000 6,000,000 4,000,000 3,500,000 3,000,000 7,000,000 500,000 500,000 600,000 600,000 500,000 400,000 600,000 600,000 05/04/2027 FinanceInternational Corp1.250% Autoliv Inc0.750%26/06/2023 Corporate Bonds Sweden Government1.000%12/11/2026 12/09/2022 Stockholms LansLandsting2.125% 13/11/2023 Kommuninvest ISverige AB 1.000% 21/02/2024 City ofStockholmSweden0.597% Bonds Government Telia Co AB 3.000%04/04/2078 Swedbank Hypotek AB 1.000%18/09/2024 17/06/2026 Sveriges SakerstalldaObligationer AB 2.000% Stadshypotek AB 1.660% 19/03/2024 Stadshypotek AB 1.500% 01/03/2024 SKF AB 2.375%29/10/2020 09/02/2026 EnskildaBanken Skandinaviska AB 0.375% 29/01/2026 Lansforsakringar Hypotek AB 0.625% Atlas Copco AB 2.500% 28/02/2023 Corporate Bonds Asian DevelopmentBank1.683%16/01/2024 Corporate Bonds Norway Government1.750%06/09/2029 City ofOsloNorway3.550%12/02/2021 Bonds Government 19/06/2024 1.790% Boligkreditt AS Sparebanken Vest 19/06/2024 Sparebanken OestBoligkreditt AS 1.830% 16/06/2021 SpareBank 1Boligkreditt AS 1.500% Kommunalbanken AS 1.500%19/04/2022 DNB Boligkreditt AS 1.650%16/02/2022 DNB Boligkreditt AS 0.750%31/01/2024 Avinor AS 1.250%09/02/2027 Corporate Bonds Financial year ended31March 2019 42,549,898 42,549,898 42,549,898 Fair Value 1,094,822 7,083,501 4,785,755 594,516 500,306 401,437 538,845 744,080 387,219 612,074 470,097 821,232 413,834 503,557 621,476 505,265 409,064 655,321 309,798 830,581 428,116 518,980 622,178 411,379 360,818 309,097 678,296 626,310 EUR %of 15.48 10.45 92.97 92.97 92.97 NAV 2.39 1.30 1.09 0.88 1.18 1.63 0.85 1.34 1.03 1.79 0.90 1.10 1.36 1.10 0.89 1.43 0.68 1.81 0.93 1.13 1.36 0.90 0.79 0.68 1.48 1.37

129 LAZARD GLOBAL INVESTMENT FUNDS PLC 130 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2019 Lazard ScandinavianHighQualityBondFund(continued) Portfolios ofInvestments Net unrealisedlossonopenfuturescontracts Open FuturesContracts(0.13)% Financial Derivative Instruments(0.16)% Open ForwardForeignCurrency ExchangeContracts(0.03)% Date Maturity 26/04/2019 26/04/2019 Amount Notional 21/06/2019 21/06/2019 fixed incomesecurities. ofissuerforgovernmenttype fixedincomesecuritiesandcountry issuer forcorporate Fixed ofthe incomesecuritiesareprimarily classified ofincorporation bythecountry and TrustCompany. The counterpartyfortheopenforwardforeigncurrency exchangecontractsisStreetBank The counterpartyfortheopenfuturescontractsisMorganStanley. Total Assets Other assets instruments Over thecounterfinancialderivative Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets(unaudited) Net Assets Other NetAssets Total Investments Total FinancialDerivative Instruments exchange contracts Net unrealisedlossonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 26/04/2019 26/04/2019 (2,136,170) (7,821,300) Average Bought Amount EUR 16,552,636 EUR 4,541,312 EUR 7,432,931 EUR 868,894 EUR 988,613 EUR 5,599,108 (166) (133) Price Cost Expiring06/06/2019 ShortFuturesContracts Expiring06/06/2019 ShortFuturesContracts (13) ofEuro-BundFutureIndex (59) ofEuro-BoblFutureIndex Sold Amount DKK 123,500,000 DKK 33,900,000 NOK 72,200,000 NOK 8,400,000 SEK 10,300,000 SEK 58,500,000 45,765,408 42,476,608 Gain/(Loss) Gain/(Loss) Unrealised Unrealised 3,288,800 Fair Value (60,210) (73,290) (13,080) (26,250) (33,960) (23,648) (16,619) (6,584) 10,568 7,213 3,355 (306) (139) % ofTotal assets EUR EUR EUR 100.00 100.00 (0.13) (0.16) (0.03) (0.06) (0.07) (0.00) (0.01) (0.04) (0.00) (0.03) 10.68 89.30 92.81 0.01 0.02 0.01 0.00 7.19 % of % of % of NAV NAV NAV (continued) Financial year ended31March 2019 Statements of Major Changes in Investments (unaudited)

Lazard Emerging Markets Bond Fund

In accordance with the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertaking for Collective Investment in Transferable Securities) Regulations 2015 (as amended), a statement of largest changes in the composition of the Portfolios of Investments during the reporting year is provided to ensure that shareholders can identify changes in the investments held by the Funds. These are defined as the aggregate purchases and sales of an investment (including maturities but excluding repurchase agreements, overnight discount notes and time deposits, which are employed chiefly as a means of seeking to ensure efficient portfolio management) exceeding 1.00% of the total value of purchases and sales for the financial year. At a minimum the largest 20 purchases and sales are listed.

Acquisitions Cost Disposals Proceeds

USD USD Panama Government 3.875% 17/03/2028 525,039 Brazil Government 4.625% 13/01/2028 680,406 Angola Government 8.250% 09/05/2028 486,662 Angola Government 9.500% 12/11/2025 673,054 Croatia Government 6.000% 26/01/2024 436,850 Angola Government 8.250% 09/05/2028 505,463 Turkey Government 6.000% 25/03/2027 423,615 Croatia Government 6.000% 26/01/2024 473,550 Ivory Coast Government 6.375% 03/03/2028 398,870 Russian Federation 5.875% 16/09/2043 445,520 Sri Lanka Government 6.750% 18/04/2028 362,150 Eskom Holdings SOC Ltd 6.750% 06/08/2023 416,400 Indonesia Government 4.750% 08/01/2026 338,665 Pakistan Government 8.250% 15/04/2024 416,180 Pakistan Government 8.250% 15/04/2024 321,600 Argentina Government 6.875% 26/01/2027 400,122 Philippines Government 3.750% 14/01/2029 311,115 Petroleos Mexicanos 6.251% 11/03/2022 394,605 Brazil Government 4.625% 13/01/2028 305,988 Ivory Coast Government 5.750% 31/12/2032 391,483 Turkey Government 5.625% 30/03/2021 298,400 Egypt Government 8.500% 31/01/2047 372,741 Turkey Government 6.125% 24/10/2028 292,681 Oman Government 6.500% 08/03/2047 341,200 Indonesia Government 4.100% 24/04/2028 270,431 Zambia Government 8.500% 14/04/2024 332,460 Ivory Coast Government 5.750% 31/12/2032 253,709 Argentina Government 7.500% 22/04/2026 321,897 AI Candelaria Spain SLU 7.500% 15/12/2028 245,313 Ecuador Government 10.500% 24/03/2020 315,330 Indonesia Government 5.125% 15/01/2045 238,977 Panama Government 3.875% 17/03/2028 313,388 Argentina Government 7.500% 22/04/2026 230,347 Turkey Government 6.000% 25/03/2027 308,201 Angola Government 9.500% 12/11/2025 227,220 Export Credit Bank of Turkey 5.375% 08/02/2021 304,500 Uruguay Government 4.375% 27/10/2027 224,178 Ghana Government 7.875% 07/08/2023 299,250 Armenia Republic 7.150% 26/03/2025 222,500 Turkey Government 5.625% 30/03/2021 297,637 Russian Federation 5.875% 16/09/2043 220,000 Philippine Government 3.000% 01/02/2028 219,741 Brazil Government 6.000% 07/04/2026 217,864 GTH Finance BV 7.250% 26/04/2023 212,040 Morocco Government 5.500% 11/12/2042 212,000 Qatar Government 5.103% 23/04/2048 210,298 Ecuador Government 10.500% 24/03/2020 210,260 Senegal Government 6.250% 23/05/2033 210,150 Ghana Government 7.875% 07/08/2023 210,040 Honduras Government 7.500% 15/03/2024 209,800 Nigeria Government 7.625% 21/11/2025 209,500 Banco Nacional de Costa Rica 6.250% 01/11/2023 208,000 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial year ended 31 March 2019 131 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Emerging Markets Local Debt Fund

Acquisitions Cost Disposals Proceeds

USD USD United States Treasury Bill - Zero coupon 08/09/2018 94,881,269 United States Treasury Bill - Zero coupon 03/12/2019 39,984,543 United States Treasury Bill - Zero coupon 19/03/2019 89,841,106 United States Treasury Bill - Zero coupon 19/03/2019 39,966,070 United States Treasury Bill - Zero coupon 06/09/2018 86,872,973 United States Treasury Bill - Zero coupon 11/01/2018 34,987,843 United States Treasury Bill - Zero coupon 19/02/2019 83,852,791 United States Treasury Bill - Zero coupon 02/05/2019 27,990,944 United States Treasury Bill - Zero coupon 04/10/2018 76,883,982 South Africa Government 7.750% 28/02/2023 22,897,386 United States Treasury Bill - Zero coupon 11/01/2018 64,893,075 Thailand Government 3.875% 13/06/2019 20,254,030 United States Treasury Bill - Zero coupon 16/04/2019 64,883,390 Mexico Government 6.500% 10/06/2021 19,177,183 United States Treasury Bill - Zero coupon 22/01/2019 64,684,514 Mexico Government 7.250% 09/12/2021 15,976,879 Mexico Government 10.000% 05/12/2024 64,336,426 South Africa Government 10.500% 21/12/2026 15,963,186 United States Treasury Bill - Zero coupon 29/11/2018 62,897,737 United States Treasury Bill - Zero coupon 02/01/2019 13,991,950 United States Treasury Bill - Zero coupon 26/12/2018 59,913,175 Brazil Notas do Tesouro Nacional Serie B 6.000% 15/05/2023 13,833,473 United States Treasury Bill - Zero coupon 18/12/2018 54,934,253 Romania Government 4.750% 24/02/2025 12,617,812 Indonesia Government 8.125% 15/05/2024 54,498,030 Hungary Government 5.500% 24/06/2025 11,591,506 United States Treasury Bill - Zero coupon 07/12/2018 53,925,870 Mexico Government 5.750% 05/03/2026 11,326,571 Mexico Government 7.250% 09/12/2021 52,241,657 Czech Republic 2.500% 25/08/2028 10,956,520 United States Treasury Bill - Zero coupon 23/11/2018 51,912,854 Malaysia Government 5.734% 30/07/2019 10,345,095 United States Treasury Bill - Zero coupon 26/03/2019 49,950,802 Malaysia Government 3.759% 15/03/2019 10,282,783 United States Treasury Bill - Zero coupon 02/04/2019 49,934,010 Mexico Government 10.000% 05/12/2024 10,067,796 United States Treasury Bill - Zero coupon 12/02/2019 49,911,463 United States Treasury Bill - Zero coupon 18/10/2018 9,996,570 United States Treasury Bill - Zero coupon 14/06/2018 48,860,303 Colombia Government 11.000% 24/07/2020 9,625,697 United States Treasury Bill - Zero coupon 06/12/2018 42,935,911 Russian Federation 7.750% 16/09/2026 9,618,827 United States Treasury Bill - Zero coupon 15/01/2019 42,926,006 Colombia Government 7.000% 04/05/2022 9,370,930 United States Treasury Bill - Zero coupon 03/12/2019 39,928,736 Malaysia Government 3.654% 31/10/2019 9,341,907 United States Treasury Bill - Zero coupon 23/04/2019 37,928,724 Brazil Notas do Tesouro Nacional Serie B 6.000% 15/08/2050 9,338,867 United States Treasury Bill - Zero coupon 01/08/2019 36,938,495 Colombia Government 10.000% 24/07/2024 8,702,598 United States Treasury Bill - Zero coupon 08/09/2018 28,632,137 Peru Government 5.700% 12/08/2024 7,805,057 Peru Government 6.900% 12/08/2037 28,247,669 South Africa Government 7.250% 15/01/2020 7,623,224 United States Treasury Bill - Zero coupon 02/05/2019 27,950,545 Turkey Government 10.700% 17/08/2022 7,311,094 Peru Government 8.200% 12/08/2026 27,436,243 Colombia Government 7.000% 11/09/2019 7,184,984 Poland Government 3.250% 25/07/2025 27,303,118 Mexico Government 7.500% 03/06/2027 6,587,334 Poland Government 5.250% 25/10/2020 6,437,264 Malaysia Treasury Bill - Zero coupon 18/01/2019 6,314,373 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial year ended 31 March 2019 132 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Emerging Markets Total Return Debt Fund

Acquisitions Cost Disposals Proceeds

USD USD United States Treasury Bill - Zero Coupon 03/05/2018 39,950,795 United States Treasury Bill - Zero Coupon 11/10/2018 28,982,168 United States Treasury Bill - Zero Coupon 26/03/2019 34,942,396 Russian Federation 7.750% 16/09/2026 25,623,768 United States Treasury Bill - Zero Coupon 28/02/2019 32,954,956 United States Treasury Bill - Zero Coupon 24/05/2018 19,992,825 United States Treasury Bill - Zero Coupon 26/04/2018 30,467,905 United States Treasury Bill - Zero Coupon 05/07/2018 17,997,525 United States Treasury Bill - Zero Coupon 31/05/2018 30,121,606 United States Treasury Bill - Zero Coupon 17/05/18 13,998,794 United States Treasury Bill - Zero Coupon 24/05/2018 29,964,504 Ghana Government 7.625% 16/05/2029 12,757,656 United States Treasury Bill - Zero Coupon 23/04/2019 29,944,216 South Africa Government 7.750% 28/02/2023 12,753,596 United States Treasury Bill - Zero Coupon 10/11/2018 28,956,752 South Africa Government 10.500% 21/12/2026 10,582,858 United States Treasury Bill - Zero Coupon 02/05/2019 25,954,078 Angolan Government 9.500% 12/11/2025 9,983,034 United States Treasury Bill - Zero Coupon 07/05/2018 23,968,680 Argentina Government 7.125% 28/06/2117 8,485,175 United States Treasury Bill - Zero Coupon 19/04/2018 17,877,042 Kenya Government 8.250% 28/02/2048 8,120,310 United States Treasury Bill - Zero Coupon 06/07/2018 14,377,478 Peruvian Government 5.625% 18/11/2050 7,943,642 United States Treasury Bill - Zero Coupon 17/05/2018 13,982,193 Bahrain Government 6.125% 05/07/2022 7,869,980 United States Treasury Bill - Zero Coupon 13/09/2018 13,579,789 Indonesia Government 4.750% 08/01/2026 7,847,819 Ghana Government 7.625% 16/05/2029 13,370,000 Argentina Government 5.875% 11/01/2028 7,410,004 Saudi Government 4.000% 17/04/2025 10,071,208 Ghana Government 8.627% 16/06/2049 7,073,566 United States Treasury Bill - Zero Coupon 19/03/2019 9,982,345 Dominican Republic 7.450% 30/04/2044 6,325,494 Indonesia Government 4.750% 08/01/2026 9,846,423 Turkey Government 6.125% 24/10/2028 6,285,708 United States Treasury Bill - Zero Coupon 01/08/2019 8,984,958 Egypt Government 8.500% 31/01/2047 6,191,091 Peru Government 5.625% 18/11/2050 8,537,150 Russian Federation 4.750% 27/05/2026 6,122,500 Costa Rica Government 4.250% 26/01/2023 6,032,965 Egypt Government 7.903% 21/02/2048 6,021,309 Argentina Government 7.125% 28/06/2117 6,001,206 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial year ended 31 March 2019 133 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Emerging Markets Debt Blend Fund

Acquisitions Cost Disposals Proceeds

USD USD United States Treasury Bill - Zero coupon 31/05/2018 59,923,175 United States Treasury Bill - Zero coupon 11/10/2018 43,967,068 United States Treasury Bill - Zero coupon 26/07/2018 49,932,319 United States Treasury Bill - Zero coupon 29/11/2018 38,997,716 United States Treasury Bill - Zero coupon 20/09/2018 49,925,878 South Africa Government 7.750% 28/02/2023 30,170,935 United States Treasury Bill - Zero coupon 11/10/2018 43,944,321 United States Treasury Bill - Zero coupon 13/12/2018 24,977,839 United States Treasury Bill - Zero coupon 28/06/2018 42,942,305 United States Treasury Bill - Zero coupon 26/12/2018 22,990,386 United States Treasury Bill - Zero coupon 18/10/2018 42,933,383 Colombia Government 10.000% 24/07/2024 19,318,391 United States Treasury Bill - Zero coupon 29/11/2018 38,940,790 Russian Federation 5.250% 23/06/2047 18,786,240 United States Treasury Bill - Zero coupon 15/11/2018 38,939,553 Mexico Government 5.000% 12/11/2024 17,565,338 Mexico Government 7.250% 09/12/2021 32,783,430 Argentina Government 7.500% 22/04/2026 15,867,087 United States Treasury Bill - Zero coupon 13/12/2018 24,967,862 South Africa Government 10.500% 21/12/2026 14,690,519 United States Treasury Bill - Zero coupon 26/12/2018 22,966,717 Brazil Notas do Tesouro Nacional Serie B 6.000% 15/05/2023 14,048,788 Russian Federation 5.250% 23/06/2047 21,346,798 Angola Government 9.500% 12/11/2025 13,894,658 Mexico Government 10.000% 05/12/2024 17,027,265 Russian Federation 7.750% 16/09/2026 12,127,105 Mexico Government 6.500% 10/06/2021 15,749,155 Kenya Government 8.250% 28/02/2048 11,667,555 Argentina Government 7.500% 22/04/2026 15,143,299 Brazil Notas do Tesouro Nacional Serie B 6.000% 15/08/2050 10,693,869 Brazil Notas do Tesouro Nacional Serie B 6.000% 15/05/2023 14,340,726 Argentina Government 6.875% 26/01/2027 10,656,800 Turkey Government 6.125% 24/10/2028 12,376,433 Zambia Government 8.500% 14/04/2024 10,414,146 South Africa Government 5.875% 16/09/2025 12,237,409 Egypt Government 8.500% 31/01/2047 10,239,585 Indonesia Government 3.500% 11/01/2028 12,024,491 United States Treasury Bill - Zero coupon 18/10/2018 9,994,720 Indonesia Government 4.750% 08/01/2026 11,027,634 South Africa Government 5.875% 16/09/2025 9,727,104 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial year ended 31 March 2019 134 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Diversified Return Fund

Acquisitions Cost Disposals Proceeds

USD USD Lazard Rathmore Alternative Fund 2,811,274 Lazard Emerging Markets Total Return Debt Fund 4,956,725 Lazard Commodities Fund 2,200,000 Lazard Global Active MENA Fund 1,696,680 United States Treasury Note 2.875% 15/08/2028 942,167 Lazard Rathmore Alternative Fund 1,200,000 United States Treasury Note 2.125% 15/05/2025 451,501 Lazard European Alternative Fund 1,145,000 Alibaba Group Holding Ltd 450,050 United States Treasury Note 1.750% 15/05/2023 1,111,881 United States Treasury Note 1.750% 15/05/2023 410,826 United States Treasury Note 2.125% 15/05/2025 662,586 Ireland Government 1.700% 15/05/2037 392,063 Medtronic Plc 645,688 Analog Devices Inc 358,249 Mexico Government 6.500% 09/06/2022 588,714 International Bank for Reconstruction & Development 2.500% 342,627 United States Treasury Note 1.625% 15/05/2026 563,809 03/08/2023 Province of Ontario Canada 2.450% 29/06/2022 516,647 Procter & Gamble Co 310,602 Province of Ontario Canada 1.950% 27/01/2023 515,896 Bonos de la Tesoreria de la Republica 4.500% 01/03/2026 293,269 United States Treasury Note 2.875% 15/08/2028 471,063 Anheuser-Busch InBev SA 287,213 Alibaba Group Holding Ltd 462,444 CVS Health Corp 280,149 United States Treasury Note 3.125% 15/11/2041 454,601 Skyworks Solutions Inc 278,329 PG&E Corp 447,983 BMW Finance NV 0.875% 16/08/2022 276,001 France Government 1.750% 25/06/2039 444,920 Vulcan Materials Co 264,637 Czech Republic 1.770% 18/04/2023 440,014 Baxter International Inc 264,406 Caterpillar Financial Services Corp 2.550% 29/11/2022 428,705 United Kingdom Gilt 1.750% 07/09/2037 261,905 Panama Government 4.000% 22/09/2024 408,020 Armstrong World Industries Inc 255,490 Cisco Systems Inc 394,110 Bank of America Corp 3.499% 17/05/2022 250,118 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial year ended 31 March 2019 135 Statements of Major Changes in Investments (unaudited) (continued)

Lazard European Alternative Fund

Acquisitions Cost Disposals Proceeds

EUR EUR Bundesschatzanweisungen - Zero coupon 14/06/2019 137,068,008 Bundesschatzanweisungen - Zero coupon 15/03/2019 86,493,871 German Treasury Bill - Zero coupon 19/06/2019 127,762,472 German Treasury Bill - Zero coupon 10/04/2019 82,019,648 Bundesschatzanweisungen - Zero coupon 13/12/2019 110,307,104 Bundesobligation 1.000% 12/10/2018 65,370,868 Bundesrepublik Deutschland 3.750% 04/01/2019 97,892,027 German Treasury Bill - Zero coupon 13/02/2019 55,817,034 German Treasury Bill - Zero coupon 14/08/2019 96,643,807 Deutsche Bank AG 54,773,813 German Treasury Bill - Zero coupon 10/04/2019 96,455,475 Bundesschatzanweisungen - Zero coupon 14/06/2019 54,518,060 Bundesschatzanweisungen - Zero coupon 13/03/2020 73,219,478 Covestro AG 53,981,143 German Treasury Bill - Zero coupon 14/12/2018 67,971,318 German Treasury Bill - Zero coupon 10/10/2018 52,714,091 German Treasury Bill - Zero coupon 13/02/2019 62,966,195 Bundesschatzanweisungen - Zero coupon 14/12/2018 44,900,522 German Treasury Bill - Zero coupon 10/10/2018 58,236,211 Bundesrepublik Deutschland 3.750% 04/01/2019 42,882,747 Covestro AG 53,751,666 German Treasury Bill - Zero coupon 19/06/2019 35,804,384 Deutsche Bank AG 53,303,185 Deutsche Post AG 34,627,642 Deutsche Post AG 37,808,593 Commerzbank AG 33,972,974 Commerzbank AG 35,813,989 Bundesrepublik Deutschland 4.250% 04/07/2018 33,689,542 Bundesschatzanweisungen - Zero coupon 15/03/2019 33,209,678 Novartis AG 31,082,072 Bundesobligation 1.000% 12/10/2018 28,932,354 German Treasury Bill - Zero coupon 16/05/2018 30,605,595 Koninklijke KPN NV 28,671,216 Telefonaktiebolaget LM Ericsson 29,843,480 BASF SE 28,138,991 BASF SE 28,788,576 Bankinter SA 27,925,792 Royal Dutch Shell Plc 28,178,585 Telefonaktiebolaget LM Ericsson 27,689,432 SAP SE 26,416,588 UniCredit SpA 26,773,189 Lonza Group AG 25,748,603 SAP SE 25,634,568 UniCredit SpA 25,681,837 Lonza Group AG 24,332,463 Wolters Kluwer NV 25,307,728 Henkel AG & Co KGaA 24,271,962 Henkel AG & Co KGaA 25,067,092 Wolters Kluwer NV 23,965,040 Umicore SA 24,950,693 LafargeHolcim Ltd 23,617,790 Tenaris SA 23,317,583 Galp Energia SGPS SA 23,461,120 Subsea 7 SA 23,259,670 Beiersdorf AG 22,382,610 German Treasury Bill - Zero coupon 15/08/2018 20,801,231 Bundesschatzanweisungen - Zero coupon 13/12/2019 19,102,903 Adidas AG 19,050,946 Koninklijke KPN NV 18,800,155 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial year ended 31 March 2019 136 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Rathmore Alternative Fund

Acquisitions Cost Disposals Proceeds

USD USD United States Treasury Bill - Zero coupon 28/03/2019 26,879,749 SPDR S&P 500 ETF Trust 22,801,011 United States Treasury Bill - Zero coupon 23/05/2019 26,450,580 United States Treasury Bill - Zero coupon 28/03/2019 18,982,918 SPDR S&P 500 ETF Trust 23,148,679 United States Treasury Bill - Zero coupon 23/05/2019 18,283,771 United States Treasury Bill - Zero coupon 20/06/2019 22,994,089 United States Treasury Bill - Zero coupon 20/06/2019 14,956,467 United States Treasury Bill - Zero coupon 12/09/2019 22,639,095 United States Treasury Bill - Zero coupon 12/09/2019 14,767,967 United States Treasury Bill - Zero coupon 18/07/2019 18,235,326 United States Treasury Bill - Zero coupon 18/07/2019 10,184,691 United States Treasury Bill - Zero coupon 07/11/2019 17,209,161 United States Treasury Bill - Zero coupon 07/11/2019 8,853,259 United States Treasury Bill - Zero coupon 25/10/2018 9,459,489 United States Treasury Bill - Zero coupon 25/10/2018 7,622,647 United States Treasury Bill - Zero coupon 06/12/2018 8,252,128 RH - Zero coupon 15/06/2019 4,586,860 United States Treasury Bill - Zero coupon 27/02/2019 7,973,746 United States Treasury Bill - Zero coupon 13/09/2018 4,013,821 Caesars Entertainment Corp 5.000% 01/10/2024 6,757,947 United States Treasury Bill - Zero coupon 06/12/2018 3,305,868 United States Treasury Bill - Zero coupon 13/09/2018 6,042,375 Fortive Corp 0.875% 15/02/2022 2,658,841 RH - Zero coupon 15/06/2019 5,949,877 Amicus Therapeutics Inc 3.000% 15/12/2023 2,515,835 United States Treasury Bill - Zero coupon 13/09/2018 4,449,525 Danaher Corp 2,362,700 IH Merger Sub LLC 3.000% 01/07/2019 3,870,434 TESARO Inc 3.000% 01/10/2021 2,299,226 United States Treasury Bill - Zero coupon 07/06/2018 3,794,389 Tilray Inc 5.000% 01/10/2023 2,291,520 United States Treasury Bill - Zero coupon 12/07/2018 3,787,534 Canopy Growth Corp 4.250% 15/07/2023 2,276,649 Cemex SAB de CV 3.720% 15/03/2020 3,470,107 Amicus Therapeutics Inc 2,108,054 Array BioPharma Inc 2.625% 01/12/2024 3,289,324 IIP Operating Partnership LP 3.750% 21/02/2024 2,092,694 Allegheny Technologies Inc 4.750% 01/07/2022 3,227,151 Tricon Capital Group Inc 5.750% 31/03/2022 1,855,033 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial year ended 31 March 2019 137 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Scandinavian High Quality Bond Fund

Acquisitions Cost Disposals* Proceeds

EUR EUR Nykredit Realkredit A/S 2.500% 01/10/2047 2,130,195 DLR Kredit A/S 2.500% 01/10/2047 1,931,799 Realkredit Danmark A/S 2.500% 01/10/2047 2,129,140 Jyske Realkredit A/S 2.500% 01/10/2047 1,553,354 Nordea Kredit Realkreditaktieselskab 2.500% 01/10/2047 2,085,524 Nykredit Realkredit A/S 2.500% 01/10/2050 1,388,926 Nordea Kredit Realkreditaktieselskab 2.500% 01/10/2047 (Serial 2,003,471 Norway Government 2.000% 26/04/2028 527,417 Repayment of Capital) DLR Kredit A/S 2.500% 01/10/2047 1,926,848 Nykredit Realkredit A/S 2.000% 01/10/2050 1,796,255 Kreditanstalt fuer Wiederaufbau 1.625% 03/04/2024 1,749,695 Jyske Realkredit A/S 2.500% 01/10/2047 1,550,804 Nykredit Realkredit A/S 2.500% 01/10/2050 1,381,298 Nordea Kredit Realkreditaktieselskab 2.000% 01/10/2047 1,341,601 Realkredit Danmark A/S 2.000% 01/10/2047 1,340,985 Jyske Realkredit A/S 2.000% 01/10/2047 1,327,618 Nykredit Realkredit A/S 2.000% 01/10/2047 (Callable) 1,313,338 DLR Kredit A/S 1.500% 01/10/2037 1,240,208 Kommuninvest I Sverige AB 1.000% 13/11/2023 740,506 Council Of Europe Development Bank 1.625% 26/02/2024 714,799 European Investment Bank 1.500% 26/01/2024 674,914 DNB Boligkreditt AS 0.750% 31/01/2024 662,784 Atlas Copco AB 2.500% 28/02/2023 654,750 SKF AB 2.375% 29/10/2020 621,873 Sparebanken Oest Boligkreditt AS 1.830% 19/06/2024 620,282 Avinor AS 1.250% 09/02/2027 618,279 Telia Co AB 3.000% 04/04/2078 603,953 International Finance Corp 1.250% 05/04/2027 593,069 Carlsberg Breweries A/S 2.500% 28/05/2024 544,193 Stockholms Lans Landsting 2.125% 12/09/2022 538,558 Norway Government 2.000% 26/04/2028 530,874 Fortum OYJ 2.250% 06/09/2022 527,344 Sparebanken Vest Boligkreditt AS 1.790% 19/06/2024 514,572 Orsted A/S 1.500% 26/11/2029 512,661 BNG Bank NV 1.250% 13/06/2022 511,058 Stadshypotek AB 1.500% 01/03/2024 502,833 Autoliv Inc 0.750% 26/06/2023 497,635

* There were no other disposals during the financial year ended 31 March 2019. LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial year ended 31 March 2019 138 Other codestaff/risktakers Senior Management Senior Management of which Aggregate remunerationpaidtoUCITSRemunerationCodestaff Variable remuneration Fixed remuneration of which least annually. remuneration of theapplicable The general principles policies, andtheimplementation oftheremuneration at policiesisreviewed arepolicies which regarded asequivalentare applied. investment fundshasbeendelegated. management ofUCITS Those delegatesare subjecttocontractual arrangements toensure that These remuneration entitieswithinthe LAM toall processes Group, andoversight arrangements apply those towhich including Group. andcompliance issuesinrelation risk This Committee reviews toremunerationdeferred awards)employees. all for (including LAM’s Remuneration Committee on operates aglobalbasis, across Group theLazard asawhole. totheBoard Itreports oftheLazard management issues. management framework,risk andindividualincentive outcomes are andmay reviewed bereduced inlightofany associatedrisk performance. andmeasuring associated with delivering manages risks Employee managed activities withintheLAM are carefully their businessunitand/ortheLAM Group. These incentives framework. are risk managed withinastrict The LAM Group actively Employees are anannualincentive eligiblefor basedon theirindividualperformance, anddependingon theirrole, of theperformance tobeoperated.flexible incentive policy value.success anddelivering ofremunerationThe structure thatthefixed packages issuch large elementissufficiently toenablea incentives are which designed to link reward future with long-term success haveand recognise in driving the responsibility participants financial andnon-financial objectives, adherence management practices. toeffective risk including The Manager provides long-term and long-terminterests oftheManager andLAM. The annualincentive by earned anindividualisdependenton of theachievement and long-termincentives). Annual incentives are inlinewiththebusinessstrategy, designedtoreward performance objectives, values Remuneration ismade upoffixed pay (i.e. andbenefitspay aspension(annual such contributions)andperformance-related salary The table below provides an overview ofthefollowing; The tablebelow provides anoverview AssetManagement LLC oftheLazard isasubsidiary (“LAMGroup”which ). GlobalInvestmentLazard ) ismanaged Funds by Fund Lazard plc(the“Company” Managers), (Ireland) Limited(the“Manager” activities impactprofiles have on amaterial therisk ofthefundsmanaged by Management Company). thatUCITS in relation disclosures to the remunerationmake certain of As aresult oftheimplementation oftheUCITS V Directive inMarch 2016, Management Companies UCITS must authorised all UCITS VRemunerationDisclosure Lazard Global InvestmentFundsplc Remuneration paidtostaffoftheManager 3)  2)  1) •  •  Aggregate totalremuneration activities for inrespect paidby oftheFund. CodeStaff theManager toitsUCITS Aggregate totalremuneration paidby theManager toitsstaff; and management withintheFund. than the total remunerationrather paid to those employees in the year. Remuneration is pro-rated on the basis of assets under by theseemployees relatesThe remunerationabove only totheprovision totheFund ofservices disclosed (on apro basis) rata than one LAM Group entity. note,Please of the global way LAM in which because operates, to more of these staffmembers provide services themajority ‘ in respect ofthe Fund investment management) (inparticular have beendelegated. directors and similar.including employees It also includes of other entities within the LAM Group functions to whom certain ’ whoare employed relatesCodeStaff tothetotalnumberofUCITS by theManager, RemunerationUCITS CodeStaff UISCd tf ’ defined as those staff whose professional (broadly Staff Code ‘UCITS Headcount 77 84 92 92 92 7 Total Remuneration 13,418,575 10,924,693 14,330,678 6,116,144 7,302,431 3,405,985 (unaudited) Financial year ended31March 2019 USD

139 LAZARD GLOBAL INVESTMENT FUNDS PLC 140 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc USD M Acc USD EA Acc EA Acc EURHedged USD C Acc USD BP Acc BP Acc EURHedged USD AP Acc AP Acc EURHedged Lazard DiversifiedReturnFund K DistEUR EUR K Acc B Acc USD B Acc EURHedged A DistUSD A DistGBPHedged A DistGBP USD A Acc A Acc GBPHedged A Acc EURHedged A Acc CHFHedged Lazard EmergingMarketsDebtBlendFund X DistGBPHedged M Dist AUD Hedged USD M Acc D DistEURHedged USD D Acc C Acc EURHedged BP Acc EURHedged USD B Acc B Acc GBPHedged B Acc EURHedged A DistEURHedged USD A Acc A Acc GBPHedged A Acc EURHedged Lazard EmergingMarketsTotal ReturnDebtFund P DistUSD USD P Acc CHF I Acc USD B Acc B Acc EURHedged A DistUSD A DistGBPHedged A DistEURHedged USD A Acc A Acc EURHedged EUR A Acc A Acc CHFHedged Lazard EmergingMarketsLocalDebtFund USD A Acc A Acc EURHedged Lazard EmergingMarketsBondFund The Total asat31March 2019is: ExpenseRatio Total ExpenseRatio Appendix 1:

Additional InformationfortheInvestorinSwitzerland 0.27% 0.47% 0.53% 1.02% 2.27% 2.33% 1.27% 1.36% 0.53% 0.52% 1.66% 1.63% 0.97% 1.01% 0.97% 0.94% 1.03% 1.01% 1.01% 0.21% 0.27% 0.25% 2.01% 1.96% 1.02% 1.76% 1.47% 1.53% 1.56% 1.05% 0.97% 1.06% 1.04% 0.70% 0.67% 0.50% 1.40% 1.49% 0.95% 0.96% 0.97% 0.93% 0.99% 0.95% 0.98% 0.96% 1.03% TER*1 TER* 1 Financial year ended31March 2019 (unaudited) C Acc USDHedged USD C Acc C Acc GBPHedged GBP C Acc EUR C Acc C Acc CHFHedged EUR BP Acc B DistEUR EUR B Acc AP DistEUR AP Acc USDHedged AP Acc GBPHedged EUR AP Acc Performance Fee TER M Acc USDHedged M Acc EUR EA Acc USDHedged EUR EA Acc C DistUSDHedged C DistGBPHedged C DistEUR C Acc USDHedged USD C Acc C Acc GBPHedged GBP C Acc EUR C Acc C Acc CHFHedged EUR BP Acc B DistEUR EUR B Acc AP DistEUR AP Acc USDHedged AP Acc GBPHedged EUR AP Acc Total expense minusperformancefeeTER M Acc USDHedged M Acc EUR EA Acc USDHedged EUR EA Acc C DistUSDHedged C DistGBPHedged C DistEUR C Acc USDHedged USD C Acc C Acc GBPHedged GBP C Acc EUR C Acc C Acc CHFHedged EUR BP Acc B DistEUR EUR B Acc AP DistEUR AP Acc USDHedged AP Acc GBPHedged EUR AP Acc Lazard EuropeanAlternativeFund Total ExpenseRatio(continued) Appendix 1: Lazard Global InvestmentFundsplc

Additional InformationfortheInvestorinSwitzerland 1.76% 0.22% 0.16% 0.22% 0.24% 4.27% 0.01% 0.00% 0.11% 0.21% 0.66% 0.87% 0.29% 0.23% 0.17% 0.97% 0.91% 1.24% 1.26% 1.17% 1.23% 1.16% 1.13% 1.20% 1.14% 1.26% 2.58% 1.78% 1.91% 1.41% 1.47% 1.42% 1.41% 0.23% 0.39% 1.35% 1.08% 2.85% 5.56% 1.40% 2.99% 1.38% 1.29% 1.42% 1.38% 5.53% 2.59% 1.78% 2.02% 1.62% 2.13% 2.29% 1.70% TER* 1 Financial year ended31March 2019 (unaudited) (continued) 141 LAZARD GLOBAL INVESTMENT FUNDS PLC 142 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc * 1 Note onandtermination datesoftheabove share information thelaunch 15for classes. See EA DistEUR A DistEUR Lazard ScandinavianHighQualityBondFund USD M Acc EA DISTUSD EA DistGBPHedged EA DistEURHedged USD EA Acc EA Acc GBPHedged EA Acc EURHedged EA Acc CHFHedged USD A Acc A Acc GBPHedged A Acc EURHedged A Acc CHFHedged Performance Fee TER USD M Acc EA DISTUSD EA DistGBPHedged EA DistEURHedged USD EA Acc EA Acc GBPHedged EA Acc EURHedged EA Acc CHFHedged USD A Acc A Acc GBPHedged A Acc EURHedged A Acc CHFHedged Total expense minusperformancefeeTER USD M Acc EA DISTUSD EA DistGBPHedged EA DistEURHedged USD EA Acc EA Acc GBPHedged EA Acc EURHedged EA Acc CHFHedged USD A Acc A Acc GBPHedged A Acc EURHedged A Acc CHFHedged Lazard RathmoreAlternativeFund M Acc USDHedged M Acc EUR EA Acc USDHedged EUR EA Acc C DistUSDHedged C DistGBPHedged C DistEUR Performance Fee TER(continued) Total ExpenseRatio(continued) Appendix 1: The Total according iscalculated formula: (TER) tothefollowing ExpenseRatio (Total expenses /Average Net Assets*100)

Additional InformationfortheInvestorinSwitzerland 0.48% 0.63% 0.00% 0.59% 0.84% 0.17% 0.66% 0.83% 0.10% 0.03% 0.62% 0.25% 0.01% 0.00% 0.29% 1.00% 0.73% 1.01% 0.94% 0.97% 1.05% 1.07% 1.51% 1.56% 1.56% 1.57% 0.29% 1.59% 1.57% 1.18% 1.60% 1.80% 1.15% 1.10% 2.13% 1.81% 1.57% 1.57% 0.00% 0.22% 0.38% 0.17% 1.61% 4.30% 0.23% TER* 1 Financial year ended31March 2019 (unaudited) (continued) - X Acc EURHedged - KDistEUR - K Acc EUR - B Acc USD - B Acc EURHedged - A DistUSD - A DistGBPHedged - A DistGBP - A Acc USD - AAcc - A Acc GBP Hedged GBP - AAcc - A Acc EUR Hedged EUR - AAcc - A Acc CHF Hedged CHF - AAcc Lazard EmergingMarketsDebtBlendFund - XDistGBPHedged - MDist AUD Hedged - M Acc USD - DDistEURHedged - D Acc USD - C Acc EURHedged - BP Acc EURHedged - B Acc USD - B Acc GBPHedged - B Acc EURHedged - A DistEURHedged - A Acc USD - AAcc - A Acc JPY Hedged JPY - AAcc - A Acc GBP Hedged GBP - AAcc - A Acc EUR Hedged EUR - AAcc Lazard EmergingMarketsTotal ReturnDebtFund - PDistUSD - P Acc USD - I Acc CHF - B Acc USD - B Acc EURHedged - A DistUSD - A DistGBPHedged - A DistEURHedged - A Acc USD - AAcc - A Acc EUR Hedged EUR - AAcc - A Acc EUR - AAcc - A Acc CHF Hedged CHF - AAcc Lazard EmergingMarketsLocalDebtFund - A Acc USD - AAcc The performance figuresThe performance were asfollows: Performance Figures collective investment Funds issuedby schemes" theSwiss &AssetManagement Association. Management Costs"(Edition: ofthe on anddisclosure thecalculation 23.4.2013)andthe"Guidelines Total of (TER) ExpenseRatio The Total according is calculated (TER) to the guidelines of the DirectivesExpense Ratio OAK Asset BV D-02/2013 "Reporting Total ExpenseRatio(continued) Appendix 1: Lazard Global InvestmentFundsplc - A Acc EUR Hedged EUR - AAcc Lazard EmergingMarketsBondFund

Additional InformationfortheInvestorinSwitzerland 31 December2018 1 January 2018- 1 January 11.44 12.57 14.13 10.77 11.05 10.62 14.02 16.04 10.84 12.17 13.34 10.39 12.06 13.15 16.16 12.66 10.97 11.97 13.73 10.87 15.07 8.15 2.93 8.64 7.15 8.01 9.68 9.94 1.72 0.64 6.42 7.40 6.13 7.89 3.24 6.85 9.64 n/a n/a n/a n/a 31 December2017 1 January 2017- 1 January (5.78) (0.94) (2.02) 12.39 10.89 12.48 10.22 14.50 (1.16) 11.84 10.69 1.43 0.83 7.28 6.97 9.89 9.45 3.37 7.13 0.79 5.27 0.38 5.69 4.44 3.62 0.91 4.94 4.19 9.34 7.90 1.77 8.37 n/a n/a n/a n/a n/a n/a n/a n/a n/a 31 December2016 1 January 2016- 1 January Financial year ended31March 2019 12.15 12.03 (0.10) 18.77 (4.67) 10.05 (0.49) (5.42) 10.14 7.48 0.13 8.53 6.71 6.14 1.38 5.47 7.01 7.55 6.96 5.94 6.48 8.09 6.72 7.61 6.40 8.45 7.57 8.45 8.43 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 31 December2015 1 January 2015- 1 January (unaudited) (continued) (10.21) (10.04) (10.63) (15.80) (15.91) (15.79) (16.41) (7.46) (3.77) (7.84) (7.32) (6.85) (6.84) (7.36) (6.94) (6.39) (3.23) (6.32) (6.90) 0.48 0.51 0.93 0.63 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 143 LAZARD GLOBAL INVESTMENT FUNDS PLC 144 LAZARD GLOBAL INVESTMENT FUNDS PLC - M Acc USDHedged - M Acc EUR - EA Acc USDHedged - EA Acc EUR - CDistUSDHedged - CDistGBPHedged - CDistEUR - C Acc USDHedged - C Acc USD - C Acc GBPHedged - C Acc GBP - C Acc EUR - C Acc CHFHedged - BPDistEUR - BP Acc EUR - BDistEUR - B Acc EUR - AP DistEUR - AP Acc USD Hedged USD - APAcc - AP Acc GBP Hedged GBP - APAcc - AP Acc EUR - APAcc Lazard EuropeanAlternativeFund - EA Acc USD - EA Acc EURHedged - A Acc USD - AAcc Lazard GlobalHexagon EquityFund - YEN HedgedInstitutional Class Accumulating - USDHedgedInstitutional EAClass Accumulating - USDHedgedInstitutional Class Accumulating - GBPHedgedInstitutional EAClass Accumulating - GBPInstitutional Class Accumulating - EUROHedgedInstitutional EAClass Accumulating - EUROHedgedInstitutional Class Accumulating Lazard OpportunitiesFund - M Acc USD - EA Acc USD - EA Acc EURHedged - C Acc USD - BP Acc USD - BP Acc EURHedged - AP Acc USD - APAcc Lazard Global InvestmentFundsplc Hedged EUR - APAcc Lazard DiversifiedReturnFund Performance Figures (continued) Appendix 1:

Additional InformationfortheInvestorinSwitzerland 31 December2018 1 January 2018- 1 January (2.57) (4.11) (1.63) (3.44) (1.31) (3.50) (2.13) (2.51) (1.09) (0.48) (1.03) (3.18) (2.05) (0.97) 5.38 3.68 0.04 0.36 3.51 3.70 6.23 4.23 7.48 9.74 4.47 7.46 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 31 December2017 1 January 2017- 1 January (0.33) (0.44) 15.88 (0.31) (0.85) 5.49 4.26 2.44 1.46 0.88 3.22 0.54 1.83 0.02 0.97 1.63 3.41 2.34 1.68 6.43 9.12 8.54 0.61 0.18 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 31 December2016 1 January 2016- 1 January Financial year ended31March 2019 (7.26) (0.05) (0.84) (0.29) (4.47) (3.12) (3.62) (4.93) (0.93) (0.48) (0.52) 2.24 1.47 0.18 1.33 0.64 0.55 0.84 0.10 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 31 December2015 1 January 2015- 1 January (unaudited) (continued) (0.12) (0.75) (0.27) (0.77) 0.28 1.40 1.24 0.66 1.32 0.72 1.16 0.34 0.53 0.71 0.29 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a - M Acc USD - EADistUSD - EADistGBPHedged - EADistEURHedged - EA Acc USD - EA Acc GBPHedged - EA Acc EURHedged - EA Acc CHFHedged - A Acc USD - AAcc - A Acc GBP Hedged GBP - AAcc - A Acc EUR Hedged EUR - AAcc Switzerland CH-8022 Zürich P.O. Box Limmatquai 1/amBellevue NeueNPB Privat BankAG Paying AgentinSwitzerland: E-Mail: Homepage: Tel.: +41443969696, Fax: +41443969699 Switzerland CH -8050Zürich 56 Affolternstrasse ACOLIN AG Fund Services address: thelatteratfollowing ofchargefrom beobtainedfree can report sales andtheAnnual orSemi-Annual Management Regulations, Investor (Key Documentation), Information the KIID Prospectus, the Sales the statement of purchases and ACOLIN AG, Fund Services representative information, istheauthorised inSwitzerland. Zürich necessary All asthe such datadoesnottakeaccount ofany commissions andredeemingThe performance andcostscharged whensubscribing units. of current orfuture performance. Note onandtermination datesoftheabove share information thelaunch 15for classes.See isnoindicator performance Historical Hedged CHF - AAcc Lazard RathmoreAlternativeFund Performance Figures (continued) Appendix 1: Lazard Global InvestmentFundsplc [email protected] www.acolin.ch

Additional InformationfortheInvestorinSwitzerland 31 December2018 1 January 2018- 1 January (0.96) (0.38) (0.37) (0.10) 0.71 1.54 0.30 1.50 1.77 1.05 1.85 2.10 31 December2017 1 January 2017- 1 January n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 31 December2016 1 January 2016- 1 January Financial year ended31March 2019 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 31 December2015 1 January 2015- 1 January (unaudited) (continued) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 145 LAZARD GLOBAL INVESTMENT FUNDS PLC