Lazard Global Active Funds plc

Interim Report and Unaudited Financial Statements For the period ended 30 September 2014

Supplemental Information Portfolios ofInvestments...... Notes totheFinancialStatements...... Financial Statements Investment Managers’Reports...... Directors andOtherInformation...... Contents Lazard Global ActiveFundsplc Statements ofMajorChangesinInvestments...... Participating Shareholders...... Statement ofChangesinNetAssetsattributabletoRedeemable Balance Sheet...... Profit andLossAccount...... Period ended 30September2014 115 80 67 50 44 36 5 4

3 Lazard Global Active Funds plc 4 Lazard Global Active Funds plc Lazard Global ActiveFundsplc GERMANY 60311 Frankfurt amMain Gasse 37 Alte Mainzer AssetManagement GmbH (Deutschland) Lazard AUSTRALIA NSW2000 Sydney Place 1 Macquarie 39,Level Building Gateway AssetManagement PacificLazard co. JAPAN Tokyo, 107-0052 Minato –Ku 7,Level 2-11-7Akasaka Akasaka Twin Tower(ATT) Annex JapanAssetManagement K.K. Lazard UNITED STATES OFAMERICA New York NY10020 Plaza 30 Rockefeller AssetManagement LLCLazard ENGLAND 8LL W1J London Street 50 Stratton AssetManagement Limited Lazard Investment Managers IRELAND 2 Dublin Place Wilton Fitzwilton House First Floor FundLazard Managers (Ireland) Limited Manager IRELAND 2 Dublin Place Wilton Fitzwilton House First Floor Registered Office Directors andOtherInformation Lazard Sterling High Quality BondFund Sterling HighLazard Quality Fund Equity Global ListedLazard Infrastructure JapaneseLazard Strategic Fund Equity Japanese FundLazard Equity Global FixedIncomeFundLazard Developing FundLazard Markets Equity Fund Markets Equity Emerging Core Lazard Fund Markets Emerging Equity Lazard Emerging Lazard World Fund Lazard Thematic Global Fund Lazard Thematic Global Ex-Japan Fund Global Lazard Trend Fund IncomeFund Global Equity Lazard Select Global Fund Equity Lazard Global ManagedLazard Volatility Fund Global StrategicLazard Fund Equity PanLazard Fund European Equity Fund European Equity Lazard Fund UKEquity Lazard Directors IRELAND 2 Dublin CanalDock Grand John Rogerson’sSir Quay Riverside Two (International) Limited BNY MellonInvestment Servicing Administrator, RegistrarandTransfer Agent IRELAND 1 Dublin IFSC Street Guild House Guild BNY Mellon Trust Company (Ireland) Limited Custodian DUBAI P.O. Box 506644 Zayed Road Street Sheikh 2,Level 1 Gate Village International FinancialDubai Centre Limited Gulf Lazard Investment Managers(continued) ENGLAND EC4A 1LTLondon 20 CursitorStreet MacFarlanes LLP Legal AdvisersastoEnglish Law IRELAND 2 Dublin Place Wilton Fitzwilton House Fry William Legal AdvisersastoIrishLaw IRELAND 1 Dublin WallNorth Quay Dock One Spencer AccountantsChartered andRegistered Auditors PricewaterhouseCoopers Independent Auditors IRELAND 2 Dublin Place Wilton Fitzwilton House First Floor Limited Secretarial Wilton Secretary DirectorsAll are Non Executive * Independent Directors (British) Smith William (Irish)* Daniel Morrissey Andreas Hübner (German) John Donohoe (Irish)* Gavin Caldwell (Irish)* (British) Michael Allen Lazard MENALazard Fund (Appointed 1June2014) Period ended 30September2014 the euro zone also held back equity prices and led to talk of further Quantitative Easing(“QE”)by. theEuropean Bank(“ECB”) Central Quantitative andledtotalkoffurther prices equity the euroalsoheldback zone andRussia,increasing tensions between Ukraine inIraq (“ISIS”) andSyria. ofIslamicState andtherise poormacro Increasingly datain gainsmadeThe small by by thepastsixmonths pressures theUKmarket obscured caused geopolitical during of thevolatility intheform wider-than-expected winningmarginoftheNo vote. over Scotland’s membership in the wake of a EuropeanYesand uncertainty Union (“EU”) vote. However, followed the a relief rally narrowed day. topolling intherun-up Investors’ concernswere thenheightenedby financial institutions threatening toleave Scotland wasSeptember’sgrowth atrisk independencereferendum. Scottish 2014asopinion polls inSeptember someThe vote volatility caused UK’s wasbecoming self-sustaining. increasingly recovery Onefactor toward thatmany thoughtcouldputfuture theendofperiod Gross Domestic Product (“GDP”) underreview,UK equitiesappreciatedtheperiod during astheUKeconomy continued toshow signsofmomentum. quarter Second Market Review Lastly, intheportfolio. stocks wasamong thebestperforming miningcompany Glencore Plc Xstrata thecompany positive reported half-yearadded valueafter results. giant’s sinceMay businessCompass 2013. share hashalved also price and thegrocery services andsupport Holdingglobalcatering of first-half results, ofprofit aseries warnings, 2012, beginninginJanuary have brought dividend, on asubstantialcutintheinterim wasadditive toreturns, selection inconsumer services Stock asaresult inlarge ofnotholding part Tesco. Inaddition totheoverstating positions. performing Takeover benefitted thecompany’s by activity AbbVie share throughout price theperiod. wasalsoamong ourstrongest AstraZeneca selection inhealthcarewaspositive,Stock ofShire, theperformance benefitting from thesubfund’s strongest toreturns. contributor power ofpricing across concernsandlack Europe duetocapacity respectively.performance Conversely, also in consumer services, Group SA and International Consolidated Airlines detracted from Thomas Cook Group Plc than-expected progress inthecompany’s Gas. withBritish trial company WANdisco wastechnology intheportfolio stock The worst performing Plc, asaresult ofslower- underperformed which aprofit wasanothermajordetractorinthesectorfollowing warning. &Bonar manufacturer Plc materials Low Speciality among ourpoorest individualholdings.Plc The company’s share sufferedpoorfirst-half following price resultsAugust during 2014. theperiod, on during sectorwasamajordrag relativeThe industrials performance company Group Serco withoutsourcing services During Portfolio Review Indexof1.24%. All-Share FTSE underreview, thesixmonth period Over Fund UKEquity theLazard (the terms,“sub returned -2.00%inSterling fund”) againstthe Lazard UKEquityFund Investment Managers’Report Lazard Global ActiveFundsplc six month period underreview,the sixmonth period Index. All-Share theFTSE thesubfundunderperformed 1 growth of0.80%andunemployment reaching asix-year low added totheimpression thatthe Period ended 30September2014

5 Lazard Global Active Funds plc 6 Lazard Global Active Funds plc Lazard Global ActiveFundsplc September 2014 Lazard AssetManagement Limited weakening poundaidingupcoming earnings. partner,Europe. However,remains, risk we theappetitefor believe withUKgrowth gainingmomentum, ofa possibility the and dependon whattheECBdoestostimulate inpart growth of2014will intheUK’s thelastquarter during performance largest trading market findsThe UKequity itselfatsomething ofacrossroads over thesummer. subduedperformance following We equity believe Outlook Lazard UKEquityFund(continued) Investment Managers’Report 1 All datacontainedherein are sourced byLazard AssetManagementLimitedunlessotherwisenotedasat30September2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:LloydWhitworthandteam. terms to30September2014. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inSterling (continued) Period ended 30September2014 September 2014 Lazard JapanAssetManagementK.K. Fund on JapaneseEquity 6October2014. The Lazard closed of Japan(BOJ)governor Kuroda are intheircommitment wavering tohelpingJapanoutofdeflation. valuations atrecord highsandfinancial company valuations atrecord lows. There thatPrime islittleevidence MinisterAbeorBank policies. sectordispersionThe internal inthemarket suggests aconcern over renewed financial slowdown withdefensive company market suggest levels arelativelyThe overall positive outlooktheeconomy for ofPrime andtheeffects MinisterAbe’s economic Outlook plan,restructuring staffcuts. including motors byused in automobiles. driven earnings its electric demand for announcing a after also rallied of Hitachi Chemical Shares housingdemanddeclines. businessgainsoffset roseAsahi Kasei asitschemical motorsmanufacturer Electric Nidec strong reported on concernover thecompany’s alsodeclined group reliance earnings. Orix on assetsalestosupport of financial services some headwinds. producer Buildingmaterials LIXIL infirst Group halfearnings. wassoldasinvestors aboutashortfall worried Shares environment (“IPO”) wasfacing company Private CoLtdwassolddown Jafco on Offering equity concerns thedomestic InitialPublic appliances,electric metalproducts andsecurities. underreview, thesixmonth period During thesubfundunderperformed Topix index,TR in duetoweak performance primarily Portfolio Review pulp&paper, included theperiod during underperformed andsecurities. transportation marine construction, included the six month strongly period during and chemicals. that performed Sectors machinery that Sectors insectorpreference, shift to atechnical despitealready stretched valuations. sectors failed to keep up. toward betamanagers led asgovernment pension smart were shifts Defensive stocks notable out performers profits. corporate for Despitethestrong inthemarket overall, rise andbasicindustry companies inthefinancial services pro-cyclical Following thattheconsumption evidence taximpact would belimited, on apositive themarket outlook managed tostage arally Market Review against the Topix Indexof11.27%. TR terms, Yen underreview, thesixmonth period Over Fund returned 5.77%inJapanese JapaneseEquity theLazard fund”) (the“sub Lazard JapaneseEquityFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein issourced byLazard JapanAssetManagementK.K.unlessotherwisenotedasat30September2014. Figures refer topastperformanceandisnotareliable indicatorof future results. Fund Manager: Yen termsto30September 2014. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inJapanese Tim Griffen andteam. 1 (continued) Period ended 30September2014

7 Lazard Global Active Funds plc 8 Lazard Global Active Funds plc Lazard Global ActiveFundsplc companies. ofpro-cyclical intheperformance recovery governor Kuroda are in their commitment wavering to helping Japan out of deflation. As such, we expecta significant mean reversion valuations atrecord highsandfinancial company valuations atrecord lows. There thatPrime islittleevidence MinisterAbeorBOJ policies. sectordispersionThe internal inthemarket suggests aconcern over renewed financial slowdown withdefensive company market suggest levels arelativelyThe overall sanguineoutlooktheeconomy for ofPrime andtheeffects Minister Abe’s economic Outlook was supportive. businesses were company rose its chemical strong weak Asahi Kasei as evidence housing demand ofchemical enough to offset Shares returns. motorsmanufacturer Electric Nidecmotorsolutions intheautomotive continuedgrowthitselectric toseerapid for space. Amada toperformance, CoLtd was atopcontributor asthecompany committed toanaggressive toenhanceinvestor dividendpolicy on concernover thecompany’s declined reliance earnings. Orix on assetsalestosupport producermaterials LIXIL infirst Group halfearnings. wassoldasinvestors aboutashortfall worried group offinancial Shares services companyPrivate wassolddown Jafco onenvironment equity concernsthedomestic IPO wasfacing some headwinds. Building Securities, MetalProducts andBanks. underreview, thesixmonth period During the thesubfundunderperformed Topix index,TR in duetoweak performance primarily Portfolio Review &Paper, Pulp included theperiod during underperformed Marine Transportation andSecurities. Construction, included the six month strongly period during and Chemicals. that performed Sectors Machinery that Sectors insectorpreference, shift managers ledtoatechnical despitealready stretched valuations. sectors failed to keep up.industry toward beta as government pensionwere smart shifts Defensive stocks notable out performers profits.outlook corporate for Despitethestrong inthemarket overall, rise andbasic companies inthefinancial services pro-cyclical Following thattheconsumption evidence taximpact would belimitedtoone quarter, on apositive themarket managed tostage arally Market Review terms, againstthe Topix Indexof11.27%. TR underreview, thesixmonths period Over Lazard JapaneseStrategicEquityFund Investment Managers’Report September 2014 Lazard JapanAssetManagementK.K. 1 All datacontainedherein issourced byLazard JapanAssetManagementK.K.unlessotherwisenotedasat30September2014. Figures refer topastperformanceandisnotareliable indicatorof future results. Fund Manager:TimGriffen and team. Yen termsto30September 2014. Source:Direct, CumulativeGrowth, Morningstar BidPricetoPrice,Gross IncomeReinvested, Equity Fund returned 4.38%, Equity fund”) (the “sub JapaneseStrategic theLazard inJapanese Yen 1

(continued) Period ended 30September2014 Net ofFees, in Japanese in Japanese weakness of the Norwegian Krone.weakness of theNorwegian Oil &gashasbeenaweaker thesubfund, sectorfor returns, inPetroleum hurt andouroverweight duetothe Geo-Services inpart fund’s strongest performers. thatBayer Recentnews AG received listitsplasticsdivision wasfavourably by would separately themarket. sector was also additive selection in the basic materials to returns,Stock company Bayer chemical withGerman AG among thesub prospects, drug. heart-failure anexperimental for tosuccessfultrials dueinpart position.performing The company’s atarecord share endedtheperiod price high, asthemarket duetoitsgrowth re-rated thestock company AG pharmaceutical addedNovartis themostvalueinpastsixmonthsHealth carestocks andSwiss wasourstrongest- inthesecond quarter.early businessGAGFAH residentialGerman property SA , one ofthestrongest positions in thesubfund, wasadded which totheportfolio been weak ahead oftheECB’s laterthisyear. review assetquality However, detractorswasourholdingin such offsetting partially wasGreek BankSA, among relative banksandoverall bankPiraeus performance largest detractor from whosesharehas price Our We had mixed results inthe financials sectorthroughout theperiod, selection among duetopoorstock theregion’s primarily banks. ofexpectations. short in the sector.underweight HeidelbergCement AG profits due to second-quarter stocks that fell was one of our weakest performing sectorwasthegreatest selection on intheindustrials drag relative performance,Stock by though thiswasmitigatedsomewhat our underreview, thesixmonth period During thesubfund Portfolio Review whohad factored inafasterrecovery.analysts economies andsentiment. results showed Corporate modestsalesandprofit growth throughout theperiod, disappointing mildly East.well asunrest intheMiddle Tough sanctions placed on companies state-owned alsohad Russian anadverse on effect European tensions alsoweighedGeopolitical on European markets throughout theperiod, continued, andRussia astensions between Ukraine as thefirst ofitstargetedlaunched longer-term tranche refinancing operation andcutinterest once rates again. concern among GDPgrowth investors. of-0.2%caused second quarter ofQE, Inaddition todiscussingthepossibility theECBalso growth towardzone theendofperiod. Many intheeuroare lead showing growth indicators zone now moderate andGerman only stimulus intheface thattheECBmayofweakening increase andreacted euro tonews monetary beginning oftheperiod favourably Continental European terms. equitiesappreciatedcurrency inlocal Investors took on apositive globalgrowth view prospects atthe Market Review Worldthe FTSE Europe exUKIndexof3.69%. underreview, thesixmonth period Over Fund European returned 1.82%inEuro theLazard Equity against terms (the“subfund”) Lazard European EquityFund Investment Managers’Report Lazard Global ActiveFundsplc 1 underperformed the FTSE World theFTSE Europe exUKIndex.underperformed (continued) Period ended 30September2014

9 Lazard Global Active Funds plc 10 Lazard Global Active Funds plc Lazard Global ActiveFundsplc September 2014 Lazard AssetManagement Limited European equities. recover, donotbecome more providing macro pronounced. globally risks thisinmind, With we remain positive inouroutlook for Europeanfor economiesdirection. tocontinueintheright moving At amore micro level, theweaker euro shouldhelpearnings coming years. is Europe’s to this scenario risk to global growth rates, sensitivity The primary need to be relatively which robust addition, company profits have significantroom togrow inEurope andwe thisshouldhelppushequitieshigherover the believe rebounded inthepastthree months, andquickly sharply Equities fell availableinthemarket. isasignofthevaluestill which In Outlook Lazard European EquityFund(continued) Investment Managers’Report 1 All datacontainedherein are sourced byLazard AssetManagementLimitedunlessotherwisenotedasat30September2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:Aaron Barnfather, Wilsonandteam. Barnaby terms, RetailShare Classto30September2014. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inEuro (continued) Period ended 30September2014 has delivered strong sharegainsover thepastsixmonths. price Lastly, intheyear, changes announcedearlier by SAcontinues theregulatory tobesupported Corp RedElectrica utility Spanish and remainder ofthe year. was Mediaset, ofexpectations andthecompany where resultsshort saiditwasdifficult first fell toprovidethe quarter guidancefor sector. by selection intheconsumer stock discretionary wasalsohurt Relative performance holdings Among ourworse performing BankSA,bank Piraeus asthesharehasbeenweak ahead price oftheECB’s laterthisyear. review assetquality companies selection ininsurance andpositive inthereal stock estateindustry.overweight position wasGreek poorest performing Our inthefinancialsThe subfundsuffered sector, mixed fortunes withthenegative selection impactinbanksbalancedoutby ofstock an costsinAsia. the impact material ofheightenedraw the portfolio. However, ofexpectations profits dueto second-quarter short shares fell ofHeidelbergCement AG after underperformed wasalsoastrongMaterials thesubfund, sectorfor in stocks among thebestperforming withminingcompany Glencore Plc Xstrata added themostvalueamong insurers. GAGFAH SA, overhang. theremoval following ofastock outperformed which andPrudential Plc Direct Group LineInsurance Plc One ofourstrongest positions among thesubfund’s business residential wasGerman real property theperiod estateholdingsandfor andBayer Healthcare Group AGSpire Plc were alsoamong thesubfund’s holdings. bestperforming period, whilethelatter’s drug. heart-failure atarecord anexperimental for share endedtheperiod successfultrials price highfollowing stocks,performing AG. andNovartis Plc Shire throughout the asaresult by oftakeover activity AbbVie outperformed The former position inhealthcareadded considerablevalue. selection andanoverweight Stock dueto ourtwo best This wasinlarge part underreview, thesixmonth period During Portfolio Review relief, had aspolls beennarrowing andquestions were beingaskedofanindependentScotland’s future intheEuropean Union. economies andsentiment. Toward theendofperiod, theNo vote inSeptember’s independencereferendum Scottish wasmetwith East.well asunrest intheMiddle Tough sanctions placed on companies state-owned alsohad Russian anadverse on effect European tensions alsoweighedGeopolitical on European markets throughout theperiod, continued, andRussia astensions between Ukraine as thefirst ofitstargetedlaunched longer-term tranche refinancing operation andcutinterest once rates again. concern among GDPgrowth investors. of-0.20%caused second quarter ofQE, Inaddition todiscussingthepossibility theECBalso growth toward the end of the period. Many in the euro are lead indicators zone showing nowgrowth moderate only and German stimulus intheface thattheECBmay ofweakening increase andreacted euro tonews monetary of theperiod zone favourably Pan European terms. equitiesappreciated currency inlocal Investors took on apositive globalgrowth view prospects atthebeginning Market Review the MSCIEurope Indexreturn of4.81%. underreview, thesixmonth period Over Pan theLazard Fund European returned 5.05%inEuro Equity against terms (the“subfund”) Lazard PanEuropean EquityFund Investment Managers’Report Lazard Global ActiveFundsplc 1 the sub fund outperformed the MSCI Europe Index. thesubfundoutperformed (continued) Period ended 30September2014

11 Lazard Global Active Funds plc 12 Lazard Global Active Funds plc Lazard Global ActiveFundsplc September 2014 Lazard AssetManagement Limited European equities. recover, donotbecome more providing macro pronounced. globally risks thisinmind, With we remain positive inouroutlook for Europeanfor economiesdirection. tocontinueintheright moving At amore micro level, theweaker euro shouldhelpearnings coming years. is Europe’s to this scenario risk to global growth rates, sensitivity The primary need to be relatively which robust addition, company profits have significantroom togrow inEurope andwe thisshouldhelppushequitieshigherover the believe rebounded inthepastthree months, andquickly sharply Equities fell availableinthemarket. isasignofthevaluestill which In Outlook Lazard PanEuropean EquityFund(continued) Investment Managers’Report 1 All datacontainedherein are sourced byLazard AssetManagementLimitedunlessotherwisenotedasat30September2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Wilson,AaronFund Manager:Barnaby Barnfather, PaulSelvey-Clintonandteam. Retail Share Classto30September2014. Source:Direct, Morningstar CumultiveGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inEuro terms, (continued) Period ended 30September2014 private hospital Mediclinic International Ltd and US drug distributor McKesson Corp were McKesson Corp encouraging. distributor International LtdandUSdrug hospitalMediclinic private strongreported results, prompting arevaluation, UKhospitalcompany HealthcareGroup Spire Plc, whileprofits from African South toseesome recognition started itsimprovedCo finally for return profile. Australian oil-products company CaltexAustralia Ltd company was Japanese sportswear Asics Corp,Helping performance results, encouraging reported which while Molson Coors Brewing itslow ofexposure level tolarge stocks. UStech alsosuffered from strategy by over thefuture fears hurt ofsome ofits channels.TV position. onover itscapital fears Greek BankSAfell bankPiraeus Lastly, the Richemont. Volkswagen AG sawprofit hitby market forecasts conditions challenging inRussia, andEurope, Brazil was while Viacom Conversely, Compagnie brand Financiere luxury ChinaLtdandfor continuesSands ChinaandMacau tobeofconcernfor datafrom underreview, thesixmonth period During Portfolio Review totakeadditionalgovernment would stimulus likely beincreasingly measures. economy the second quarter, contracted of -6.8% during at anannual rate as the disappointing data spurred speculation that the mightnotreach itsgrowth targetstheyear. for concerns thatthecountry showed areport Japanesemarkets thatthecountry’s rose after China’safter topursueany financial additional ministerannouncedthatthegovernment wasunlikely economic stimulus, heightening China. positive and inflationfollowing manufacturing data from However, volatile increasingly markets in September became too-low inflation. andUkraine, tensions between Russia concerns ofescalating appreciated Emerging markets stocks despite earlier Europe, theECBannouncedabroad package ofmeasures designedtostimulate growth intheregion, remained butconcernsstill about However, USFederal officials provided reassurance would thatrates remain low a Reserve for comments from “considerable time”. In expected, interest sooner rates thanoriginally markets. short-term many thattheUSFederal mightraise tobelieve worrying Reserve positive,largely autosalescontinued merger-and-acquisition tobestrong gainedmomentum. activity andcorporate The soliddataled annualised GDPgrowth of4.6%. The market cheered additional USeconomic encouraging data, asemployment numberswere cold winter,historically than the beginning of another economic rather recession. This stance was reinforced by strong second-quarter interest rates. IntheUS, investorscontraction offafirst-quarter inUSGDPgrowth, shrugged toa thedecline withmany attributing aboutthefuture ofUSshort-term despiteongoing anduncertainty Global markets turmoil rosetheperiod geopolitical during Market Review World Country against theMSCIAll Indexreturn of2.62%. underreview, thesixmonth period Over Fund returnedterms 0.89%inUSDollar Equity (the“subfund”) GlobalStrategic theLazard Lazard GlobalStrategicEquityFund Investment Managers’Report Lazard Global ActiveFundsplc the sub fund underperformed the MSCI All Country World Country theMSCIAll Index. thesubfundunderperformed 1 (continued) Period ended 30September2014 2014

13 Lazard Global Active Funds plc 14 Lazard Global Active Funds plc Lazard Global ActiveFundsplc September 2014 Lazard AssetManagementLimited to benegative. However, withnosignsofinflation andgrowth anaemic, still any moves maythanfeared. besmaller easing, USyields, andrising theimpact on anumberofrelated bond, equity, islikely markets andcurrency outsideoftheUnitesStates sustainable endtodeflation. reforms are tolonger-term key prospects here. Structural ofquantitative toseeawithdrawal Aswe start anddepressing assetprices the itsinitialaimoflifting has achieved fixed-asset investment. modelbasedon low-costits historic labourandvery-high experiment The aggressive Japanesemonetary In China, despitethelateststimulus, lower inthefuture tothelimitsof astheeconomy isclose tobestructurally growth islikely economies stabiliseandreturn togrowth. IntheUnitedStates, tolow-cost allied gasandlabourisencouraging. ahousingrecovery In theeuro zone, are reformsbeingimplementedinGreece encouraging, andSpain thestructural andwe toseethese are starting presents some dangers, areas andinsome emergingmarkets thoughrecent may inmore-cyclical present falls opportunities. in otherassetmarkets. interest sharetoday Inmanyappeardependenton rates, cases prices acontinuation ofthesevery-low which improving developed-marketof gently growth, attractive thenequitiesmayoffer valuations still compared tothelow returns available profitability andbalancesheetsare good inextremely shape, still Corporate besustainedinanenvironment andifthisprofitability can Outlook Lazard GlobalStrategicEquityFund(continued) Investment Managers’Report 1 All datacontainedherein are sourced byLazard AssetManagementLimitedunlessotherwisenotedasat30September2014. Figures refer topastperformanceandisnotareliable indicatorof future results. Fund Manager:RobinJones,MarkLittleandteam. terms, InstitutionalShare Classto30September2014. Source: Morningstar DirectMorningstar , CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar Yen , butnowintowage needstofeed growth ifwe are toseea (continued) Period ended 30September2014 September 2014 Lazard AssetManagementLLC global economy tensions andgeopolitical continued toescalate. also added value throughout most of the regions, in the third quarter, particularly over the direction of the as investor nervous became different points. asitworked wasthemostconsistent andpowerful factortheperiod well across for Sentiment regions. all Quality The globalfactor effective familieswere throughout theperiod, generally aseacharea provided asource ofpositive at discrimination to Apple Inc, wasupover 35%intheperiod, which returns. alsohurt to decline. the stock and cocoa caused dairy global sales and higher input costs for We have since sold the position. of exposure A lack an increasing flow andremains cash attractive on ourvaluation metrics. Cowasalsoadetractorintheperiod,The Hershey asslowing programming based haveproviders internet and placedtheir sports pressure on the stock.from The company continues to generate the Detractors during itsacquisition improvement ofHarris after Teeter. also prove beneficial sales. totheirdefense Kroger Co’s alsorecovered asitbegantoshow earnings price theperiod stock during continue asthey todeliver above expectations. earnings also benefitted the portfolio environment Amore should favorable budgetary Burger Kinginanothertaxinversion motivatedtransaction, upover 40%intheprocess. sendingthestock Corp Martin Lockheed a strong thestock, for period increased had revenues margins. which significantly andoperating Incwaspurchased by Hortons Tim plc, Shire included theperiod had which thegreatest during impact capped on theportfolio Stocks whosependingpurchase by AbbVie inconsumer discretionary. andoverweight technology the portfolio. andfinancials were beneficial toenergy toinformation butwere by more Underweights thanoffset ourunderweight by entirely selection wasdriven assectormisweightings Excess stock inlower return segmentsofthemarket thisquarter hurt volatility underreview, thesixmonth period During theMSCI World thesubfundoutperformed Index. Portfolio Review have alsoenjoyed stocks ofstrongcapitalization aperiod relative performance. dominated investor preferences. beta, Low provided with better financial the market and stocks leadership. quality low volatility Large been areas ofcomparative weakness, over theglobaleconomic recovery. reflecting thegeneraluncertainty Riskaversion certainly leadership withbothproducing positive returns thepastsixmonths. for Industrials, have stocks andconsumer discretionary materials . lower theperiod the markets during modestly Onasectorbasis, provided themarket stocks technology healthcareandinformation intheUkraine,increasing risks geopolitical andHong Kong andtheprospect ofhigherUSinterestconspired all rates Syria tosend markets retreated 2014,Global equity inSeptember finishing inover two years. theirworst quarter Weak economicinEurope, news Market Review againsttheMSCI terms World Indexreturn of2.59%. underreview, thesixmonth period Over GlobalManaged theLazard Volatility Fund returned 3.67%, (the“subfund”) inUSDollar Lazard GlobalManagedVolatility Fund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat30September2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:SusanneWillumsenandteam. terms, Source: Institutional AccumulatingShare Classto30September2014. Morningstar DirectMorningstar , CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar included Sky Network Sky included period Television Ltd, provider the dominant in New Zealand. cable Competitive threats 1

(continued) Period ended 30September2014

15 Lazard Global Active Funds plc 16 Lazard Global Active Funds plc Lazard Global ActiveFundsplc lower. theircostbasesstructurally anddriving levels service The networks have continued tofind toimprove oftheirassets, ways andefficiency theproductivity thereby improving customer continue increases will topassabove-inflation price onto customers. thattherailways customersproportion ofcaptive meaninourview goods), butalsogrowth incrude, andsome coalrestocking. thermal andahigh hydraulic sandfor fracturing toentry Highbarriers cost discipline. Overall, recent volumes rail were strong harvest, duetothebumpergrain theimproving economy (e.g. containerised 2014,announced inJuly showing strong volume growth, andcontinued prices) increases coalfreight price above inflation (excluding financial intheirsecond-quarter results. evident operational performance resultsThe second ofbothcompanies quarter were reflected thestrong Corp Southern and Norfolk networks rail CSX Corp freight strength American price of the North Share a row thatthecompany hasretired over 2.00%ofitsoutstandingstock. tofairvalue.stock wasacommandingThe share first appointedCEOandmakesitthe second buyback decision year by in thenewly inMay andJune. thestock bought back We thattheimproved believe return toshareholders factor isakey inthere-rating ofthe thecompany announceditsdecision toretire2014 after 70.77million Yen 2014 , or2.80%ofitsoutstandingshares inmid-July having was oftheperiod One ofthetopperformers Tokyo Gas, Japan’s largestutility. natural-gas strongly inJune The company performed belower will thanexpected that wintercapacity term.this target intheshort-medium To add tothis, attheendof thesecond quarter, issuedaprofit andannounced warning Lufthansa 2013 result. The company had beenguidingtowards €4pershare, butdidn’t toreach would they beunlikely thisandindicated achieve Services’Frankfurt disappointingthemarket retail withitsreported Airport revenue perpassenger after figure share fell price inits company, transport The German theperiod. during performance Fraport detractedfrom Fraport AG AG Services Frankfurt Airport improving Portuguese business. airport businessaswell asitsrapidly core valueofthecompany concessionthan 90%ofourintrinsic isinitsstrongly performing motorway deteriorating. theseare negative elements, While SA, division of Vinci alow we valueto theservices ascribe aswe thatmore believe duetotheNottingham contract,business largely tram andconfirmation thatitsprospects theFrench operationswere for services positions. The release ofthecompany’s first halfyear 2014revealed results alossof€200millioninitsUKservices attheendofJuly roadtoll concession owner, SA. Vinci flow little or no negative on news thesestocks, With toincrease our we took the opportunity inourEuropean were roads, toll over theperiod sharedeclines price reasonsThe key ourunderperformance for French inparticular Utilities 50/50Index. theUBSGlobalInfrastructure the subfundunderperformed underreview thesixmonth period During Portfolio Review totakeadditionalwould stimulus likely be increasingly measures. thesecond quarter,contracted of-6.80%during atanannualrate asthedisappointingdataspurred speculation thatthegovernment might notreach itsgrowth targets theyear. for the country economy showed areport Japanesemarkets thatthecountry’s rose after topursueanyfinancial additional ministerannouncedthatthegovernment wasunlikely economic stimulus, heighteningconcernsthat China.positive andinflation manufacturing datafrom However, China’s 2014after volatile increasingly markets inSeptember became inflation. andUkraine, tensions between Russia concernsofescalating appreciated Emergingmarkets stocks despiteearlier following ECB announcedabroad packageofmeasures designedtostimulate growth intheregion, remained butconcernsstill abouttoo-low USFederal officials provided reassurance would thatrates remain low a Reserve for comments from “considerable time”. InEurope, the that theFederal (theFed) expected, interest sooner rates thanoriginally markets. Reserve short-term mightraise worrying However, auto salescontinued merger-and-acquisition tobestrong gainedmomentum. activity andcorporate The soliddataledmany tobelieve GDP growth of 4.60%. The market cheered additional US economic encouraging data, as employment numbers were positive, largely cold winter, thanthebeginningofanothereconomic rather recession. This stancewasreinforced by strong annualized second-quarter rates. In the US, investors contraction off a first-quarter shrugged in US interest aboutthefuture ofUSshort-term despiteongoing anduncertainty Global markets turmoil rosetheperiod geopolitical during Market Review Utilities 50/50Indexreturn of7.57%.against theUBSGlobalInfrastructure Fund rose terms, 4.54%inUSDollar GDP growth, to a historically the decline with many attributing 1 (continued) Period ended 30September2014 September 2014 Lazard AssetManagementPacificco. indices,compared toapassive investment ininfrastructure bonds orinbroader markets. equity We thesubfundtoday look relatively attractive, thereturns alsobelieve availablefrom versus on expectedreturn arisk trade-offwhen +5% per annum over rolling five-year periods. However, come withgreater specificthan in therecent likely stock risk past. this will Having saidthat, deliver still aninvestment we we believe can return inlinewiththesubfund’s objective ofinflation performance in as recentit has been able to achieve Investors times. should not expect the sub fund to deliver of outperformance the same level investments today thesubfundissmaller thanithasbeenover thepastfive priced for setofattractively years.The current opportunity allowed high. returns andlong-term bondatanhistoric rates on capital. However, isthattherest ourview oftheUSandCanadian market looks expensive, withthegapbetween regulated utility ofovercapacity, decades after resulting power sustainableandprofitable induopolies with pricing thatare toearn now starting returns assets. infrastructure Inthepasttenyears, ofall exhibit one ofthelowest risks overall USrailroads have rationalisedassetsandnetworks of future passenger growth. mature European roads toll marginsandlow (duetotheirhighoperating demandvolatility) Similarly solidreturns on yield reasonablegrowth: hasalready likely expectations andwill andrunways beenpaidfor interminals excess capacity loweredsignificantly expectedreturns. We areby mispriced amarket European thatassignsnovalueon believe future airports free In ourview, lieinEurope andJapan, theopportunities andCanada whereasrecord-low intheUnitedStates interest have rates Outlook Lazard GlobalListedInfrastructure EquityFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementPacificco.unlessotherwisenotedasat30September2014. Figures refer topastperformanceandisnotareliable indicatorof future results. Fund Managers:Warryn Robertson,JohnMulquineyandteam. terms, InstitutionalShare Classto30September2014. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,NetIncomeReinvested,ofFees,inUSDollar (continued) Period ended 30September2014

17 Lazard Global Active Funds plc 18 Lazard Global Active Funds plc Lazard Global ActiveFundsplc World Country against theMSCIAll Indexreturn of2.62%. under review, thesixmonth period Over Fund returned 1.17%, Select GlobalEquity (the“subfund”) theLazard terms, inUSDollar Lazard GlobalEquitySelectFund Investment Managers’Report profile are attractive atcurrent levels. improvement innon-US beer markets,Co iswell-positioned flow tobenefit generation andrisk-reward from andthatitsfree-cash might buytheremaining jointventure stakeinitsMillerCoors withSABMiller. We continue thatMolson to believe CoorsBrewing thecompany ofMolson strongShares CoorsBrewingCorose reported after results. There wasalsospeculation thatthecompany phone and tablet marketsthe smart continue growth. will to drive selection in the consumer staples sector also helped returns. Stock returns,Inc aswe thecompany believe capital hasastrong further balancesheetwithpotentialfor in andthatitsleading platform earnings, thecompany strong reported Apple Incafter quarterly whileinvestors product anticipated new launches. We holdApple toperformance. positively sectorcontributed position technology intheinformation of Shares selection andanoverweight Stock reward profile isattractive atcurrent levels. We continue tolikeContinental AG, aswe ithasstrong believe positioning toentry, inamarket withhighbarriers andthatitsrisk- manufacturerauto parts Continental AG management reduced theyear, itsrevenue for after forecast fell headwinds. citingcurrency that valuation isattractive at current levels. returns. sectoralsohurt selection intheconsumer discretionary Stock ofGerman Shares Group SAispoisedtoincreaseConsolidated Airlines returns improvements, through andcoststructure fleetefficiency newer and loss. Airlines, thecompany aquarterly SA, reported andIberia after fell We Airways ofBritish theoperator thatInternational believe In contrast, performance. Group sectordetractedfrom selection ofInternationalConsolidated intheindustrials Shares Airlines stock underreview, thesixmonth period During Portfolio Review totakeadditionalwould stimulus likely be increasingly measures. thesecond quarter,contracted of-6.8%during atanannualrate asthedisappointingdataspurred speculation thatthegovernment might notreach itsgrowth targets theyear. for the country economy showed areport Japanesemarkets thatthecountry’s rose after topursueanyfinance additional ministerannouncedthatthegovernment wasunlikely economic stimulus, heighteningconcernsthat China.positive andinflation manufacturing datafrom However, China’s 2014after volatile increasingly markets inSeptember became inflation. andUkraine, tensions between Russia concernsofescalating appreciated Emergingmarkets stocks despiteearlier following ECB announcedabroad packageofmeasures designedtostimulate growth intheregion, remained butconcernsstill abouttoo-low USFederal officials provided reassurance would thatrates remain low a Reserve for comments from “considerable time”. InEurope, the expected, interest sooner rates thanoriginally markets. that the Federalshort-term to believe might raise Reserve worrying However, positive, auto sales continued merger-and-acquisition to be strong gained momentum. activity and corporate The solid data ledmany annualised GDPgrowth of4.6%. The market cheered additional USeconomic encouraging data, asemployment numberswere largely cold winter,historically than the beginning of another economic rather recession. This stance was reinforced by strong second-quarter interest rates. IntheUS, investorscontraction offafirst-quarter inUSGDPgrowth, shrugged toa thedecline withmany attributing aboutthefuture ofUSshort-term despiteongoing anduncertainty Global markets turmoil rosetheperiod geopolitical during Market Review the sub fund underperformed the MSCI All Country World Country theMSCIAll Index. thesubfundunderperformed 1 (continued) Period ended 30September2014 September 2014 Lazard AssetManagementLLC growth. robust growth, organiccash-flow neededtoendure stronger andtheresulting economic operational flexibility weakness andprofit from Against thisbackdrop, we continue incompanies toseekidentifyexcellentinvestment withstrong opportunities balancesheets, boththeJapaneseeconomy andculture,s attemptingtotransform iftheprogram andeven succeeds, bealong, itwill difficult process. Primefor MinisterAbe’s economic policies, butthattheupsideissubstantialifitdoeswork. Prime MinisterAbe’s economic policiesi markets butactionshave supported have beenrelatively limited. Asitrelates toJapan, itshouldbenoted thatsuccessisnotguaranteed growth remains elusive. Europeyears advance risks ofstagnation fiscalandeconomic unlessitcan integrationfurther. ECBstatements create awidedispersion likely ofwinnersandlosersintheemergingmarkets. will growth trajectory The eurohasstabilised, zone but substantially. leverage, Elevated tothefinancial andgrowth. anddeflation poserisks system excess capacity Importantly, China’s future intotheeconomy already.incorporated Asitrelates toChina, todecelerate, likely we itsgrowthishighly believe rate potentially future growth rates, anddecreaseofadebtcrisis. risks We re-regulation hasbeen much alsobelieve oftheheadwind togrowth from is absorbed. as excess labour supply policy monetary normalise We see ongoing progress in deleveraging, should increase which Overall, market positively. we theequity continue toview IntheUS, we low believe inflation shouldallowtheFederal to Reserve Outlook Lazard GlobalEquitySelectFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat30September2014. Figures refer topastperformanceandisnotareliable indicatorof future results. Fund Managers:Andrew Laceyandteam. terms, Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar Institutional AccumulatingShare Classto30September2014. (continued) Period ended 30September2014

19 Lazard Global Active Funds plc 20 Lazard Global Active Funds plc Lazard Global ActiveFundsplc World Country against theMSCIAll Indexreturn of2.62%. underreview, thesixmonth period Over Income Fund returned GlobalEquity -0.88%, theLazard (the“subfund”) terms, inUSDollar Lazard GlobalEquityIncomeFund Investment Managers’Report strength initsconsumer andbusinesssegments. thatexceeded earnings expectations,returns. thecompany quarterly Incrosereported after by driven ofCenturyLink broad Shares should give itfavourable positioning innetworking, andtablets. smartphones sectoralsohelped selection inthetelecom services Stock thecompanybelieve property, hassubstantialintellectual economies andtheresources ofscale costreductions, neededtodrive which the current quarter, by driven strong revenues initspersonal computer anddatacentre segments. We continue toholdIntelaswe results andmanagementguidancefor issuedencouraging thecompany better-than-expectedquarterly rose reported after Intel Corp toperformance. positively sector contributed selection technology intheinformation ofsemiconductor Shares manufacturerStock elsewhere. were rejected. Plc to acquire AstraZeneca We soldourposition inJune2014, withbetterrisk-reward profiles aswe sawopportunities returns.health caresectoralsohurt made ofoffers by aseries thecompany company ofpharmaceutical Inclagged Shares Pfizer after market growth ChinaLtdiswell positioned isrobust inthisarea. andthatSands position inthe selection andanunderweight Stock three years. We theresults donotview asbeingreflective ofalonger-term trend, andwe continue thattheoutlookmass- tobelieve for Wynn revenue Ltdgrowthmonthly Macau figures disappointed investors, 2014marking theslowest withJuly growth in over rate performance. ChinaLtd Sands operator sectordetracted from ofcasino selection Shares intheconsumer discretionary Stock underreview, thesixmonth period During Portfolio Review totakeadditionalgovernment would stimulus likely beincreasingly measures. economy thesecond quarter, contractedof-6.80%during atanannualrate asthedisappointingdataspurred speculation thatthe mightnotreach itsgrowth targetstheyear. for concerns thatthecountry showed areport Japanese markets thatthecountry’s rose after China’safter topursueany financial additional ministerannouncedthatthegovernment wasunlikely economic stimulus, heightening China. positive and inflationfollowing manufacturing data from However, 2014 volatile increasingly markets in September became too-low inflation. andUkraine, tensions between Russia concerns ofescalating appreciated Emerging markets stocks despite earlier Europe, theECBannouncedabroad package ofmeasures designedtostimulate growth intheregion, remained butconcernsstill about However, USFederal officials provided reassurance would thatrates remain low a Reserve for comments from “considerable time”. In expected, interest sooner rates thanoriginally markets. short-term led many thattheFederal mightraise tobelieve worrying Reserve positive,largely auto sales continued merger-and-acquisition to be strong gained momentum. activity and corporate The solid data annualised GDPgrowth of4.60%. The market cheered additional USeconomic encouraging data, asemployment numberswere cold winter,historically than the beginning of another economic rather recession. This stance was reinforced by strong second-quarter interest rates. IntheUS, investorscontraction offafirst-quarter inUSGDPgrowth, shrugged toa thedecline withmany attributing aboutthefuture ofUSshort-term despiteongoing anduncertainty Global markets turmoil rosetheperiod geopolitical during Market Review the sub fund underperformed the MSCI All Country World Country theMSCIAll Index. thesubfundunderperformed 1 (continued) Period ended 30September2014 fell after after fell September 2014 Lazard AssetManagement LLC quality, setremains income-generative anattractive businessesacross option. anunconstrainedglobalopportunity sentiment on themacroeconomic markets, outlook andequity we asystematic, feel on focused identifying valuation-driven strategy are confident increasingly ofthesubfund’s modestexposure withintheUnitedStates. anddefensive skew market Amid ever-shifting bond marketyield showing inrecent signsofstrain months, UScompanies beginningtofade, from buybacks ofstock andthelevel we wheregrow anddividends will earnings fastestover thelonger clear term. attractive sinceitisfairly theUShigh- look particularly With accelerates. The vast gap in valuation between the US market and emerging markets remains in place, making the emerging markets dividends tendtogrow inflation sinceequity fasterwheninflation income stream arising potential for aswell assome protection from ofincomeEquities continue levels generation tooffer thatcompare well withotheralternatives, the offer sincethey particularly Outlook Lazard GlobalEquityIncomeFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat30September2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:PatRyanandteam. terms, InstitutionalShare Classto30September2014. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar (continued) Period ended 30September2014

21 Lazard Global Active Funds plc 22 Lazard Global Active Funds plc Lazard Global ActiveFundsplc September 2014 Lazard AssetManagementLLC World Country the MSCIAll Indexreturn of2.62%. underreview, thesixmonth period Over Lazard GlobalTrend Fund Investment Managers’Report will continue to support globalstocks. continuewill tosupport of as theInternet Things, automation, industrial innovation andadvances technology, ininformation medical computing, ascloud such couldleadcommodities tolower prices inputcostsinmany industries, benefit can profit which margins. Multipleseculartrends such many companies andindustries, adjust tothischangeinoutlook. butwe expectthatmostcompaniesbeabletoquickly will Lower A stronger combined US Dollar with an apparent slowdown of economic growth in Europe for changes the growth dynamic Outlook bottoming inMarch. strongly after performed computing environment. acloud from Onaregional basis, inBrazil, itsoverweight market whosestock thefundbenefited mostfrom Inc. Systems Citrix business, Thecompany strong reported ofdesktops growth initsdesktop-as-a-service allowstheserving which margin businesses, ittook over IBM’s after PCbusinessin2005. companyThe second-highest positive wasUSsoftware contributor its intent to acquire IBM’s business and Google’s server operations, Motorola Mobility in an attempt tomove intonon-PC, higher- The biggest positive wasChinesecomputer-hardware contributor Group manufacturer Ltd. Lenovo Group Ltdannounced Lenovo disappointed withlower-than-forecast andorder earnings growth. multiple headwinds, growth. earnings hurting Corp, Another makerAnritsu detractorwasJapanesemeasurement-instrument which sector, selection intheconsumerThe maindetractor wasstock discretionary where car-manufacturer German Volkswagen AG into ran underreview, thesixmonth period During World Country theMSCIAll Index. thesubfundunderperformed Portfolio Review totakeadditionalthat thegovernment would stimulus likely beincreasingly measures. economy thesecond quarter, contracted of-6.80%during the country’s atanannualrate asthedisappointingdataspurred speculation might not reach its growth targets the year. for heightening concerns that the country showed a report Japanese markets rose that after China’s2014 after topursueany financial additional ministerannouncedthatthegovernment wasunlikely economic stimulus, Ukraine, China. positive andinflation following manufacturing datafrom However, volatile increasingly markets inSeptember became about too-low inflation. and tensions between Russia concernsofescalating appreciated Emergingmarkets stocks despiteearlier In Europe, theECBannouncedabroad packageofmeasures designedtostimulate growth intheregion, remained butconcerns still However, theUSFederal officials provided reassurance would thatrates remain lowa Reserve for comments from “considerable time”. expected, interest sooner rates thanoriginally markets. short-term many thattheUSFederal mightraise tobelieve worrying Reserve positive,largely autosalescontinued merger-and-acquisition tobestrong gainedmomentum. activity andcorporate The soliddataled annualised GDPgrowth of4.60%. The market cheered additional USeconomic encouraging data, asemployment numberswere cold winter,historically than the beginning of another economic rather recession. This stance was reinforced by strong second-quarter interest rates. IntheUS, investorscontraction offafirst-quarter inUSGDPgrowth, shrugged toa thedecline withmany attributing aboutthefuture ofUSshort-term despiteongoing anduncertainty Global markets turmoil rosetheperiod geopolitical during Market Review 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat30September2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:Tycho vanWijk,TjeertKeijzerandteam. terms, InstitutionalShare Classto30September2014. Source:Direct, Morningstar CumultiveGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar the Lazard Global theLazard Trend Fund against returnedterms 0.92%inUSDollar (the“subfund”) 1 (continued) Period ended 30September2014 Holdings such as Barrick GoldCorp, asBarrick Holdings such Kinross GoldCorp, Inc, Goldcorp Resources Randgold Ltdand Yamana GoldIncwere ofnote. Factors were holdingsofgold theportfolio producers hindering under theGold&Precious Metalstheme. declined.The bullionprice Ltd and Vertex Incon positive pipelinedevelopments. Pharmaceuticals Positions –R&DProductivity theme. companies inSystems in pharmaceutical underthe Information Holdings of notewere Actelion SA, Electric Schneider AG Siemens andSAPAG intheweak markets. European fell equity exposure toEurope,Underweight European financials. inparticular Portfolio positions inEuropean companiesasABBLtd, such well asmarkets rose on BankLtdalsoperformed theelection ofNarendraHDFC Modi. wereBank ofSingapore ofnote. well on control thebidfor CapitalLand. for Asiaperformed CapitalMalls bank Indianmortgage renewed stimulus in China. Hong Kong & China Gas Co Ltd, Hong & Exchanges, Kong Clearing AIA Group Ltd, Development Factors helpingreturns were theme, positions inHong Kong undertheNational andSingapore Platforms on asthesemarkets rallied underreview, thesixmonth period During theMSCI World thesubfundoutperformed Ex-JapanIndex. Portfolio Review totakeadditionalgovernment would stimulus likely beincreasingly measures. economy the second quarter, contracted of -6.8% during at an annual rate as the disappointing data spurred speculation that the mightnotreach itsgrowth targetstheyear. for concerns thatthecountry showed areport Japanese markets thatthecountry’s rose after China’safter topursueany financial additional ministerannouncedthatthegovernment wasunlikely economic stimulus, heightening China. positive and inflationfollowing manufacturing data from However, 2014 volatile increasingly markets in September became too-low inflation. andUkraine, tensions between Russia concerns ofescalating appreciated Emerging markets stocks despite earlier Europe the ECB announced a broad package of measures designed to stimulate growth in the region, remained but concerns still about However, USFederal officials provided reassurance would thatrates remain lowa Reserve for comments from “considerable time”. In expected, interest sooner rates thanoriginally markets. short-term many thattheUSFederal mightraise tobelieve worrying Reserve positive,largely autosalescontinued merger-and-acquisition tobestrong gainedmomentum. activity andcorporate The soliddataled annualised GDPgrowth of4.6%. The market cheered additional USeconomic encouraging data, asemployment numberswere cold winter,historically than the beginning of another economic rather recession. This stance was reinforced by strong second-quarter interest rates. IntheUS, investorscontraction offafirst-quarter inUSGDPgrowth, shrugged toa thedecline withmany attributing aboutthefuture ofUSshort-term despiteongoing anduncertainty Global markets turmoil rosetheperiod geopolitical during Market Review againsttheMSCI terms World Ex-JapanIndexreturn of2.45%. underreview, thesixmonth period Over theLazard Thematic GlobalEx-JapanFund returned 3.37%inUSDollar fund”) (the“sub Lazard ThematicGlobalEx-JapanFund Investment Managers’Report Lazard Global ActiveFundsplc 1 (continued) Period ended 30September2014

23 Lazard Global Active Funds plc 24 Lazard Global Active Funds plc Lazard Global ActiveFundsplc September 2014 Lazard AssetManagementLLC than through inalow-growth thetraditional pursuitofscale world. representof the third quarter the latest refinements of our thinking on this topic. We be created thatwealth believe can here rather advantagesinformation intraditional systems. themesdiscussedinthelastinvestment andintroducedThe new review atthebeginning without globalgrowth asaprerequisite. We focus, ofourthemes, withthemajority related on tothe exploitation opportunities of In pursuitofwealth creation, we continue onshares, tofocus efficiency prosper we can through which believe gains productivity eithertradeorthemovement ofcapital. for about theassumption frictions ofglobalisation withoutnew We and through through also reflect oiland gas producers caution risks the presence geopolitical inthe portfolio American of North positioned to be robust of credit-related in the event problems through theavoidance of western financials investments. and leveraged must beconscious. theportfolio ofwhich ofdebtcontain andhighlevels absoluterisks policy we thatextreme believe monetary Itis limitations on adding more leverage. countries. anddeveloping appliestoboththedeveloped This observation respect torisk, With risk. We windsofstrong assumetheabsenceoffollowing economic activity, ofdeleveraging, given thenecessity oratleastthe long-term approach attemptstoidentifyandexploitwealth creation toproduceOur investment returns. We on alsofocus absolute Outlook Lazard ThematicGlobalEx-JapanFund(continued) Investment Managers’Report 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat30September2014. Figures refer topastperformanceandisnotareliable indicatorof future results. Fund Manager:NicholasBratt,Irene Cheng,Andrew Norris,SteveWreford andteam. terms, InstitutionalShare Classto30September2014. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,USDollar (continued) Period ended 30September2014 Corp, Kinross, Inc, GoldCorp Resources Randgold Ltdand Yamana GoldIncwere ofnote. Holdings ofgold producers undertheGold&Precious Metalstheme. declined.The bullionprice Gold asBarrick Holdingssuch Ltd, MitsubishiEstateCoLtdandMitsuiFudosan CoLtd. Japanese Yen weakened againsttheUSDollar. Holdingsofnotewere &Development Co real Reality estate companies Sumitomo Factors were market wasweak, positions theportfolio inJapanunderthethemeasJapaneseequity hindering andthe Ltd and Vertex Incon positive pipelinedevelopments. Pharmaceuticals Positions –R&D Productivity theme. companies inSystems in pharmaceutical underthe Information Holdings of notewere Actelion SA, Electric Schneider AG Siemens andSAPAG intheweak markets. European fell equity exposure toEurope,Underweight European financials. inparticular Portfolio positions inEuropean companiesasABBLtd, such well asmarkets rose onBank Ltdalsoperformed theelection ofNarendra Modi. wereSingapore ofnote. well on control thebidfor CapitalLand. for AsiaLtdperformed CapitalMalls bankHDFC Indianmortgage renewed stimulus inChina. Hong Kong &ChinaGas, Hong &Exchanges, Kong Clearing AIAGroup Ltd, Development Bankof Factors helpingreturns were theme, positions inHong Kong undertheNational andSingapore Platforms on asthesemarkets rallied underreview, thesixmonth period During theMSCI World thesubfundoutperformed Index. Portfolio Review totakeadditionalgovernment would stimulus likely beincreasingly measures. economy the second quarter, contracted of -6.8% during at an annual rate as the disappointing data spurred speculation that the mightnotreach itsgrowth targetstheyear. for concerns thatthecountry showed areport Japanese markets thatthecountry’s rose after China’safter topursueany financial additional ministerannouncedthatthegovernment wasunlikely economic stimulus, heightening China. positive and inflationfollowing manufacturing data from However, 2014 volatile increasingly markets in September became too-low inflation. andUkraine, tensions between Russia concerns ofescalating appreciated Emerging markets stocks despite earlier Europe, theECBannouncedabroad package ofmeasures designedtostimulate growth intheregion, remained butconcernsstill about However, USFederal officials provided reassurance would thatrates remain lowa Reserve for comments from “considerable time”. In expected, interest sooner rates thanoriginally markets. short-term many thattheUSFederal mightraise tobelieve worrying Reserve positive,largely autosalescontinued merger-and-acquisition tobestrong gainedmomentum. activity andcorporate The soliddataled annualised GDPgrowth of4.60%. The market cheered additional USeconomic encouraging data, asemployment numberswere cold winter,historically than the beginning of another economic rather recession. This stance was reinforced by strong second-quarter interest rates. IntheUS, investorscontraction offafirst-quarter inUSGDPgrowth, shrugged toa thedecline withmany attributing aboutthefuture ofUSshort-term despiteongoing anduncertainty Global markets turmoil rosetheperiod geopolitical during Market Review against theMSCI World Indexreturn of2.59%. underreview, thesixmonth period Over theLazard Thematic GlobalFund returnedterms 3.27%inUSDollar (the“subfund”) Lazard ThematicGlobalFund Investment Managers’Report Lazard Global ActiveFundsplc 1 (continued) Period ended 30September2014

25 Lazard Global Active Funds plc 26 Lazard Global Active Funds plc Lazard Global ActiveFundsplc September 2014 Lazard AssetManagementLLC than through inalow-growth thetraditional pursuitofscale world. representof the third quarter the latest refinements of our thinking on this topic. We be created thatwealth believe can here rather advantagesinformation intraditional systems. themesdiscussedinthelastinvestment andintroducedThe new review atthebeginning without globalgrowth asaprerequisite. We focus, ofourthemes, withthemajority related on tothe exploitation opportunities of In pursuitofwealth creation, we continue onshares, tofocus efficiency prosper we can through which believe gains productivity eithertradeorthemovement ofcapital. for about theassumption frictions ofglobalisation withoutnew We and through through also reflect oiland gas producers caution risks the presence geopolitical inthe portfolio American of North positioned to be robust of credit-related in the event problems through theavoidance of western financials investments. and leveraged must beconscious. theportfolio ofwhich ofdebtcontain andhighlevels absoluterisks policy we thatextreme believe monetary Itis limitations on adding more leverage. countries. anddeveloping appliestoboththedeveloped This observation respect torisk, With risk. We windsofstrong assumetheabsenceoffollowing economic activity, ofdeleveraging, given thenecessity oratleastthe long-term approach attemptstoidentifyandexploitwealth creation toproduceOur investment returns. We on alsofocus absolute Outlook Lazard ThematicGlobalFund(continued) Investment Managers’Report 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasat30September2014. Figures refer topastperformanceandisnotareliable indicatorof future results. Fund Manager:NicholasBratt,Irene Cheng,Andrew Norris,SteveWreford andteam. terms, InstitutionalShare Classto30September2014. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar (continued) Period ended 30September2014 than 10%duetoavolatile globalcommodities market. initiatives hasproven quite valuableinthisvolatile market. by more companies Investments declined inmining/commodity-focused attractive,valuations remain very discountscompelling, toadd shareholdergovernance andourability valuethrough ourcorporate by more than5%. We have notadded toourpositions in theregion withtheinvestments andremain astheunderlying comfortable addition, asshares back pulled fell Emerging Europe Plc andBlackRock Emerging Europe regional Baring Plc investments including by andEastCapitalExplorer moremost, ABeachdeclining than10%. Plc Securities JPMorganRussian withcompanies including In amidcontinued tensions geopolitical intheregion.Investments considerably inEurope declined investments the fell Russia-focused investments inNewIndiaInvestment Trust andIndiaCapitalGrowth Fund Plc Ltd. to investors outsideofmainlandChina. Also, well, investments India-focused performed 20%on average, by rising nearly ledby companies bedirect will beneficiaries oftheimpendingHong Kong-Shanghai “through train”, market opensuptheA-Share which more than30%. Continued governmental deregulation inthefinancial markets isseenasapositive Chinesefinancials, for andthese and ChinaMerchants ChinaDirect Investments, withconsiderableexposure all tothefinancials sectorinChina, rose on average by investments,focused inthefinancials thosefocused sector, particular added toreturns. Ltd., ChinaEverbright CoLtd CiticSecurities heldsignificant investments inAsiaover theperiod,The portfolio andon average theseinvestments 12%. rose by nearly China- performance. related companies detractedfrom Investments emerging markets Asia added the most value over the period, while investments in Europe and in mining/commodity- returns. East. exposure toEurope andMiddle detractedfrom Eastandanoverweight exposure totheMiddle An underweight Africa over theperiod, selection ofoutperformance wasthemaindriver America, positions inLatin Stock inaddition tounderweight helpedreturns. exposuresAmerica toLatin Hong Kong andunderweight exposureandSingapore) toAsia(including An overweight underreview, thesixmonth period During theMSCI EmergingMarkets Indexover theperiod. thesubfundoutperformed Portfolio Review Silva,Marina appeared over toleadcurrent decisively President DilmaRousseffinthepolls. andhissuccessor, Party leadercrash Eduardo Socialist Camposdiedinanairplane after volatility dramatic experienced in Brazil market rise. However, had anegative on effect shares over thequarter inColombia, prices weak commodity ChileandBrazil. Equities markets were American theperiod. mixedLatin during InMexico, theslow butpositive progress ofreformlegislation helpedthe rates. alsomade gains. shares Africa, inEgypt InNorth Republic. Turkish equities have been pressured by the strong bank’s and concerns over the central US dollar decision to lower interest large European eastern operations, hasfared poorly. However, there have beenresilient regional markets asthoseintheCzech such unrest andpro-Russian forces inUkraine. andfighting between Ukrainian market,The Hungarian where some listedcompanies have region Europe theperiod.Eastern emergingmarkets wastheworst-performing for equitiesduring The majorreason wastheongoing strong aswell asgovernment stimulus currency on spendingfocused thereal estatesector. election winofBJPleader Narendra increased themajority Modi. prices following stock were Chinesestocks aidedby arelatively minister. asprime Shinawatra Yingluck Taiwanese equities, shares, technology especially rose duetoupward revisions. earnings Indian Most Asianmarkets rosetheperiod. during Thai shares rallied, lessuncertainty, indicating ousted coupwhich amilitary following 2014resultedinequitiesemergingmarkets. inarise ended 30September East,Despite USFederal (theFed) andtheMiddle conflicts inUkraine Reserve andserious bond tapering thesemi-annualperiod Market Review against theMSCIEmergingMarkets Indexreturn of2.87%. underreview, thesixmonth period Over Emerging theLazard World Fund returned 4.43%,fund”) (the“sub terms inUSDollar Lazard Investment Managers’Report Lazard Global ActiveFundsplc Emerging World Fund 1 (continued) Period ended 30September2014

27 Lazard Global Active Funds plc 28 Lazard Global Active Funds plc Lazard Global ActiveFundsplc September 2014 Lazard AssetManagement LLC aglobalrecession. otherthanfor not excessive scenarios inall We remain on bullish theoutlookemerging-market for equitiesover theshort, mediumandlong term. We thatvaluations believe are Outlook Lazard Investment Managers’Report 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasof30September2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:KunDengandteam. Retail Share Classto30September2014. Source: Direct, Morningstar CumulativeGrowth, BidtoPrice,Gross IncomeReinvested,Netoffees,inUSDollarterms, Emerging World Fund(continued) (continued) Period ended 30September2014 September 2014 Lazard AssetManagementLLC not excessive ofaglobalrecession. otherthan inthecase We remain on bullish theoutlookemerging-market for equitiesover theshort, mediumandlong term. We thatvaluations believe are Outlook per unit. Persero Tbk PT, anIndonesian telecom company, well amid good executioninaverage revenues andexpectationsarise performed for morefocus on cost cuttingthrough lower subsidiesandtheset-upofatower company inChina. of Shares Telekomunikasi Indonesia spending. ofChinaMobileLtd, Shares company, aChinesetelecommunication services alsoappreciated asthecompany stateditwill andmore ofBaiduwere mutedShares investment strong smartphone-related services amidimproving confidence initsprofits from performance. sectordetractedfrom discretionary sector andinChinahelpedreturns. selection technology intheinformation Stock Conversely, selection intheconsumer stock CoLtdatahigher-than-expectedvaluation &Engineering KEPCO Service Plant manufacturer andequipment, ofautomotive parts theHyundaigroup by wasaffected purchased negative landfrom sentimentafter asmanagement lowered sales. smartphone also declined itsoutlook second-quarter for HyundaiMobisCoLtd, Korean aSouth andtheEuropean Union.United States Electronics of Samsung CoLtd, Shares Korean manufacturer aSouth ofelectronic goods, ofRussia, ofSberbank Shares bank, aRussian sanctions by Russian increased the andledtofurther astension inUkraine declined underreview, thesixmonth period During theMSCIEmergingMarkets Index. thesubfundunderperformed Portfolio Review Silva,Marina appeared over toleadcurrent decisively President DilmaRousseffinthepolls. andhissuccessor, Party leadercrash Eduardo Socialist Camposdiedinanairplane after volatility dramatic experienced in Brazil market rise. However, had anegative on effect shares over thequarter inColombia, prices weak commodity ChileandBrazil. Equities markets were American theperiod. mixedLatin during InMexico, theslow butpositive progress ofreformlegislation helpedthe rates. alsomade gains. shares Africa, inEgypt InNorth Republic. Turkish equitieshave beenpressured by thestrong bank’s andconcernsover thecentral USDollar decision tolower interest large European eastern operations, hasfared poorly. However, there have beenresilient regional markets asthoseintheCzech such unrest andpro-Russian forces inUkraine. andfighting between Ukrainian market,The Hungarian where some listedcompanies have region Europe theperiod.Eastern emergingmarkets wastheworst-performing for equitiesduring The majorreason wastheongoing strong aswell asgovernment stimulus currency on spendingfocused thereal estatesector. election winofBJPleader Narendra increased themajority Modi. prices following stock were Chinesestocks aidedby arelatively minister. asprime Shinawatra Yingluck Taiwanese equities, shares, technology especially rose duetoupward revisions. earnings Indian Most Asianmarkets rosetheperiod. during Thai shares rallied, lessuncertainty, indicating ousted coupwhich amilitary following 2014resultedinequitiesemergingmarkets. inarise September East, andtheMiddle conflicts inUkraine andserious Despite USFederal bond tapering ended30 thesemi-annualperiod Reserve Market Review terms, againsttheMSCIEmergingMarkets Indexreturn of2.87%. underreview, thesixmonth period Over Fund returned EmergingMarkets 2.78%, Equity theLazard fund”) (the“sub inUSDollar Lazard EmergingMarketsEquityFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasof30September2014. Figures refer topast performanceandpastisnotareliable indicatoroffuture results. Fund Manager:JamesDonaldandteam. terms, RetailShare Classto30September2014. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUS Dollar 1 (continued) Period ended 30September2014

29 Lazard Global Active Funds plc 30 Lazard Global Active Funds plc Lazard Global ActiveFundsplc aglobalrecession. otherthanfor not excessive scenarios inall We remain on bullish theoutlookemerging-market for equitiesover theshort, mediumandlong term. We thatvaluations believe are Outlook ofhandsetsubsidiesbythe level telecommunication operators. profitability improvement Korea’s following asmarketing costsare expectedtodecline Act, Handset Distribution new regulates which spending. ofSK Shares Telecom CoLtd, Korea, aleading wireless inSouth operator duetotheexpectation of helpedperformance and more ofBaidu Inc were mutedShares investment strong smartphone-related services amid improving confidence in its profits from performance. detracted from andhealth caresectorsaswell asinBrazil selection intheenergy Korea, selection inSouth Stock andfinancials sectorsadded value. technology andintheinformation Taiwan Stock Africa andSouth asmassgross-gaming more revenue fell thanexpected, poorly performed duetoChina’s campaign. anti-corruption oil prices, andrecent Petrobras. enthusiasmfor MelcoCrown Ltd, Entertainment inMacau, ofcasinos andoperator adeveloper Inc, Gran Energy oilandgasexploration andproductionTierra American company, aLatin crude duetodeclining underperformed underreview, thesixmonth period During theMSCI EmergingMarkets Index. thesubfundoutperformed Portfolio Review Silva,Marina appeared over toleadcurrent decisively President DilmaRousseffinthepolls. andhissuccessor, Party leadercrash Eduardo Socialist Camposdiedinanairplane after volatility dramatic experienced in Brazil market rise. However, had anegative on effect shares over thequarter inColombia, prices weak commodity ChileandBrazil. Equities markets were American theperiod. mixedLatin during InMexico, theslow butpositive progress ofreformlegislation helpedthe rates. alsomade gains. shares Africa, inEgypt InNorth Republic. Turkish equitieshave beenpressured by thestrong bank’s andconcernsover thecentral USDollar decision tolower interest large European eastern operations, hasfared poorly. However, there have beenresilient regional markets asthoseintheCzech such unrest andpro-Russian forces inUkraine. andfighting between Ukrainian market,The Hungarian where some listedcompanies have region Europe theperiod.Eastern emergingmarkets wastheworst-performing for equitiesduring The majorreason wastheongoing strong aswell asgovernment stimulus currency on spendingfocused thereal estatesector. election winofBJPleader Narendra increased themajority Modi. prices following stock were Chinesestocks aidedby arelatively minister. asprime Shinawatra Yingluck Taiwanese equities, shares, technology especially rose duetoupward revisions. earnings Indian Most Asianmarkets rosetheperiod. during Thai shares rallied, lessuncertainty, indicating ousted coupwhich amilitary following 2014resultedinequitiesemergingmarkets. inarise ended 30September East,Despite USFederal (theFed) andtheMiddle conflicts inUkraine Reserve andserious bond tapering thesemi-annualperiod Market Review terms,Dollar againsttheMSCIEmergingMarkets Indexreturn of2.87%. underreview, thesixmonth period Over EmergingMarkets Fund Core returned theLazard 3.31%, Equity (the“subfund”) inUS Lazard EmergingMarketsCore EquityFund Investment Managers’Report September 2014 Lazard AssetManagementLLC 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasof30September2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:StephenRussellandteam. terms, InstitutionalShare Classto30September2014. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUS Dollar 1 (continued) Period ended 30September2014 September 2014 Lazard AssetManagementLLC aglobalrecession. otherthanfor not excessive scenarios inall We remain on bullish theoutlookemerging-market for equitiesover theshort, mediumandlong term. We thatvaluations believe are Outlook expectations thatgrowthcontinue. will offiscalyearin thefirst 2015. quarter Baidu, search aChineseinternet company, strong reporting results went higherafter andon Tata Motors, amanufacturer Rover vehicles, ofJaguarandLand well on robust toplinegrowth performed andmarginexpansion performance. alsodetractedfrom sectorandtoRussia discretionary sectorandto than-index exposure tothetelecommunication services Thailand, aswell ashigher-than-indexexposure totheconsumer selection in energy, financials, health care, and industrials, materials as well as in Brazil, Mexico, Poland returns. and China hurt Lower- selection inKorea andPeru,Stock added value. aswell aslower-than-index exposure Africa Conversely, toKorea andSouth stock of weaker-than-expected offiscalyear toplinegrowth thethird for 2014anddespitestronger-than-expected quarter marginexpansion. & Education New Oriental Technology Group, provider, service a Chinese educational on theback performance alsodetractedfrom Anhui Conch Cement, aChinesecementproducer, couldslow construction. prices on concernsthatweaker property underperformed underreview, thesixmonth period During theMSCIEmergingMarkets Index. thesubfundunderperformed Portfolio Review Silva,Marina appeared over toleadcurrent decisively President DilmaRousseffinthepolls. andhissuccessor, Party leadercrash Eduardo Socialist Camposdiedinanairplane after volatility dramatic experienced in Brazil market rise. However, had anegative on effect shares over thequarter inColombia, prices weak commodity ChileandBrazil. Equities markets were American theperiod. mixedLatin during InMexico, theslow butpositive progress ofreformlegislation helpedthe rates. alsomade gains. shares Africa, inEgypt InNorth Republic. Turkish equities have been pressured by the strong bank’s and concerns over the central US dollar decision to lower interest large European eastern operations, hasfared poorly. However, there have beenresilient regional markets asthoseintheCzech such unrest andpro-Russian forces inUkraine. andfighting between Ukrainian market,The Hungarian where some listedcompanies have region Europe theperiod.Eastern emergingmarkets wastheworst-performing for equitiesduring The majorreason wastheongoing strong aswell asgovernment stimulus currency on spendingfocused thereal estatesector. election winofBJPleader Narendra increased themajority Modi. prices following stock were Chinesestocks aidedby arelatively minister. asprime Shinawatra Yingluck Taiwanese equities, shares, technology especially rose duetoupward revisions. earnings Indian Most Asianmarkets rosetheperiod. during Thai shares rallied, lessuncertainty, indicating ousted coupwhich amilitary following 2014resultedinequitiesemergingmarkets. inarise September East, andtheMiddle conflicts inUkraine andserious Despite USFederal bond tapering ended30 thesemi-annualperiod Reserve Market Review againsttheMSCIEmergingMarketsterms Indexof2.87%. underreview, thesixmonth period Over Fund Markets Developing Equity theLazard fund”) (the“sub Lazard DevelopingMarketsEquityFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasof30September2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:KevinO’Hare, PeterGillespie,MarkLien,George Benesandteam. terms, RetailShare Classto30September2014. Source:Direct, Morningstar CumultiveGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUS Dollar 1 (continued) Period ended 30September2014 returned -2.20%inUSDollar

31 Lazard Global Active Funds plc 32 Lazard Global Active Funds plc Lazard Global ActiveFundsplc andlessthan robust shortage macro theliquidity situation. considering especially seemsfragile recovery hasallowed itsmainEuropean themarket toregain tradepartners some ofthepastthree years’demand from lostground, butthe backdropreforms. andeconomicpolitical policy Morocco, Asfor expectations ofyear-on-year improvement ineconomicand activity countries. We inlendingactivity, ofapick-up sawthestart isareflection which ofgreater businessconfidence, stabilisation ofthe the banking sector,and specifically where optimism seemed to return alongside being providedthe financial by support the GCC markets, andMorocco gained13.3%and6.5%respectively. Egypt African In North The subfundincreasedtoEgypt itsallocation well on itsdebut, andperformed 2014 inDubai up59%. closing range.was listedatthehighendofoffer Another regional greenfield retail IPO, Marka, alsotook place attheendofSeptember Emaar Properties dominated Group businessofthelistedentity PJSC), bylargely ofEmaarMalls operating (themall theIPO which The UAE, Kuwait butendedmore andQatarsawafairamountofvolatility orlessflatover theperiod. toandwas Attention drifted positive results, withinthebankingandtelecoms sectors. especially names, andquality high dividendyield investors theperiod. during sawaninfluxofflows from Inaddition, namesexhibited large cap ofinterest along period margincompression. interestof USDollar hikesafter rate Oman, haven asasafe asaresult beingviewed ofits positioning,and capital andattractive valuation. intoaninternationalcontext, Put bedirect will beneficiaries banksinparticular Saudi Arabia,in Saudi position inthebankingsectorduetosector’s thesubfundhad anoverweight strong fundamentals, balancesheet position.post theannouncement, toanunderweight trimmed wasconsequently Arabia toSaudi Prior andourallocation totherally opening upthemarket todirect foreign investment by mid-2015. Arabia inSaudi The subfundwaswell positioned ahead oftherally exhibitedstrong theperiod. andOmaninparticular gainsduring Arabia Saudi Saudi’s wastriggered by theannouncementof rally themacrowell for backdrop. Emirates in some cases, record-high activity. that attracted investors’ event The primary attentionoftheUnitedArab wastheofficial inclusion fiscal spendingplans. Additionally, purchasing managers’ robust GCC and, indices(PMI)data in several ispointingtohighly countries Council(“GCC”)remained intact Corporation encouraged bythe Gulf continued positive economic data, andbold ampleliquidity MENA over the exhibitedpositive performance markets generally Market Review CapIndexreturnLarge/Mid of12.60%. under review, the six month period Over the sub fund returned 13.33%, terms, in US Dollar against the S&P Pan Composite Arab the Index, effective 1June2014, toreflect thesubfund’s through Arabia viaP-Notes. exposure theuseofderivatives toSaudi Therefore, IndextoS&PPan Arabia Markets MSCIArabian exSaudi CompositeCap Arab Large/Mid The benchmark alsochangedfrom effective 1June2014. The Fund MostafaHassanandteamtoFadi MENA Manager oftheLazard andteam, AlSaid Fund changedfrom (the“subfund”) Lazard MENAFund Investment Managers’Report Egypt Kuwait Holding Co SAE faced short-term production Kuwait toourperformance. negatively Holding CoSAEfaced issuesandthuscontributed short-term Egypt alpha, andgrowth potential, bankswithhighliquidity oftheSaudi isthecheapest basedon ourestimatesandvaluation. andattractive earnings valuation,given itshighquality peers. compared toitsEgyptian especially Samba, to anothertopcontributor was the largest to our outperformance. contributor Credit Egypt Agricole We as an overweight in our portfolio have held the stock added relativestocks value. helpedreturns over theperiod. andEgypt Arabia regards selection inSaudi sectorperformance,Stock With financial andconsumer underreview, thesixmonth period During theS+PPan thesubfundoutperformed CompositeCapIndex. Arab Large/Mid Portfolio Review sub fund’s to1June2014, prior performance undercircumstances hasbeenachieved thatnolonger apply. (“UAE”) andQatarintotheemerging-market space, wasaccompanied which withanincrease inmarket liquidity, boding 1 period. Notwithstanding stellar performance in 2013,Notwithstanding performance stellar optimism in (continued) Period ended 30September2014 September 2014 Lazard GulfLimited ofhighconvictiongiven thescarcity namestoinvest in. markets, ofthestock the strong performance togenerating excess bekey returns will withinadiversified we selectivity portfolio believe spendingofgovernments,increasing intopositive shouldtranslate financial infrastructure which results ofregional companies. Given We remain on bullish theoutlookMENA for region over themediumandlong term. We expectgrowth by tobedriven the Outlook Lazard MENAFund(continued) Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard GulfLimitedunlessotherwisenotedasof30September2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:FadiAlSaidandteam. terms, Source:Direct, Morningstar CumultiveGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar Institutional AccumulatingShare Classto30September2014. (continued) Period ended 30September2014

33 Lazard Global Active Funds plc 34 Lazard Global Active Funds plc Lazard Global ActiveFundsplc September 2014 Lazard AssetManagement(Deutschland)GmbH sovereigns bonds, ascredits good offer valuewhenmeasured on aspread basis. in thesecond halfof2015. inthefirst rates raise halfofnextyear. presumably The BoEwill We bonds over favour still corporate we see a change in the policy. For of 2014 and a probable hike quarter rate we expect the end of QE in the fourth the United States expansionary. For Europe we ofquantitative seeahigherprobability easing(“QE”), andUnitedKingdom whileintheUnitedStates Fund. Furthermore, tensions geopolitical are on still theagenda. respect banks, tothecentral With toremain we expectpolicy themarkets for are themainrisks theweakerCurrently growth numbersandoutlooks, ashighlightedby theInternational Monetary Outlook issues. innew participation government bonds, thesecond bondsquarter. during corporate asgiltsunderperformed Performance helpedby our wasfurther thesecond quarter,During credit attheexpenseof wasthedecision tooverweight themainpositive toperformance contributor large production inRussia. ofinterest Interms duration positioning rate we stayed neutral. andUkraine, inRussia theautomotivethe uncertainties makerRenault, thesubfundsoldrecentissuefrom new asRenaulthasa issues, insome new The subfundparticipated SA, Orange including theFrench telecommunication company, among others. to Due bonds.Sovereign The sub fund’s towards credit European hasbeenshifted focus issuersinSterling. performance. portfolio for independencereferendum, Inconjunction withtheScottish against heavily UKcredits underperformed In the third quarter, UK government bonds, UK credit bondsunderperformed was negative corporate so the decision to be overweight underreview, thesixmonth period benchmark.During Overall theMarkit iBoxx Sterling thesubfundunderperformed Portfolio Review repeat vote theforeseeable for future. independence.for in UK creditsThe volatility and sovereigns has ceased, andthedecisive about a marginshouldreduce uncertainties intheunion decidingmarginofapproximately staying versus 55%for 45% clear Independencevote waslostwithafairly The Scottish of2014. of2015; quarter quarter inthefourth previousexpectations had arise beenfor in2014. rates raising preventing theBoEfrom ofUKeconomists now expectthefirst hiketocome rate inthefirstThe majority in the May 2014 report. placed emphasis onThe Report low wage growth in the UK economy. It appears that this is the main factor creation. theBoE, August’s from 2014InflationWithin Report projected Consumer lower Price than Indexinflation wasmarginally in particular. Private sector GDP growth remained lacklustre, somewhat has seen while recordthe third sector quarter job private UK growth hasbeensolidsince2013. From perspective, anoutput sectorhasseenthefastestexpansion, theservice real estateservices by prices supermarkets.discounting offood House speech, soundingmore confident intherecovery. However, aggressive inflation numbersdisappointedduetothesurprisingly strongly.pointed outthattheUKeconomy continues toperform hikeinhisMansion themarket arate for primed InJune2014Carney but exposedthefact thattheexpectations were toohigh, houseprices. onofrising theback possibly Mark BoEGovernor Carney inMay’s theBankofEngland(“BoE”) wasmore thanthemarket 2014Inflation dovish had Report anticipated,The message from Market Review terms, Indexreturn of5.08%. Overall againsttheMarkit iBoxx Sterling underreview, thesixmonth period Over Bond Fund returned 3.29%,fund”) (the“sub HighQuality Sterling inSterling theLazard Lazard SterlingHighQualityBondFund Investment Managers’Report 1 September 2014. All datacontainedherein are sourced byLazard AssetManagement(Deutschland)GmbHunlessotherwisenotedasof30 Figures refer topast performanceandpastisnotareliable indicatoroffuture results. Fund Manager:UlrichTeutsch andteam. terms, RetailShare Classto30September2014. Source:Direct, Morningstar CumulativeGrowth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inSterling 1 (continued) Period ended 30September2014 September 2014 Lazard AssetManagementLLC torevive theireconomies despitecountlessattemptsatmonetary,trying stimulus. fiscalandstructural elections. given game-changing broadupswing especially reform potentialafter Germany) andJapanare still The euro (excluding zone USstrength.Europe andSwitzerland. benefit from MexicoandCanada likely will countries, Other asIndia, such are already on the on overseas growth, andeconomic inplaces asBrazil, such expectations appeartobedeteriorating Argentina, Eastern Africa, South lacklustre growth elsewhere. helptooffset economic itwill momentum because isencouraging However, are alsodependent USexports production to lower has contributed prices, responsible boostingUS growth for andcreatingjobs. and is also partly new Stronger US revenue losses, thepainfrom feel asthebreak-even tobalancetheirbudgets rate isestimatedatover US$100. RobustUSenergy 2014nearUS$94. September countries,US$17 perbarrel toclose inthethird quarter Energy-export-oriented asRussia, such will isworrisome. prices andcommodity weakness in energy volatility, Despitegeopolitical oildropped ofBrent by theprice crude over (projectedon sub-pargrowth atlessthan3%in2014on in mostoftheworld average). pressures remain Deflationary andrecent on changed. fixed-income view overall markets has not materially Our We expectglobalinterest tostay rates inrecent rangesbased Outlook to Spain andItaly,to Spain andUSdollar–denominated bonds aswell asmodestexposure currency inColombia. tolocal exposures position intheChineseRenminbi. amodestexposurebonds andunderweight tohighyield returns included Detractors from were alsohelpedby active management, currency positions intheeuro andJapanese Yen, underweight including andanoverweight sovereign debt.performance, external debtandhighquality positions ininvestment-grade corporate overweight specifically Returns Kingdom, Australia, NewZealand, Poland, RepublicandIsrael. theCzech wasadditive selection to intheUnitedStates Security allocations, thepastsixmonths fundreturns were exposures during totheUnited Sub helpedby country overweight including underreview, thesixmonth period During GlobalAggregate Bond theBarclays Index. thesubfundunderperformed Portfolio Review roubleRussian depreciated by over 14%. third quarter, reflecting strong USgrowth prospects inaslowing world. Many currencies depreciated between 7%and10%, andthe andemerging-market sectors. high-yield thehigher-risk outperformed bonds generally corporate strengthenedThe USdollar inthe markets, Argentina’s duetoprofit-taking possibly indebtandequitiescontagion concernsfrom bond default. Higherquality thistime.0.89% during hikeplanswere well asUKrate delayed very again. UKgiltsperformed intensified inselectemerging Selling euro zone, growth andinflation prospects alsoledtolower rates. fragile Notably, Germany’s 10-year bundreachedlow of ahistoric ofUSquantitativegrowth easing, andtapering on the10-year theyield US Treasury lower at2.43%. noteendedthequarter Inthe added to marketvolatility uncertainty. In the third quarter, were rates volatile somewhat withinrecent ranges. Despite solid US job investors. by andde-risking liability-driven asaresultbuying ofbankcapital-raising Newconflict inIraq andsubsequentoilprice second despiteaneventful quarter. declined Interest globally rates were depressed byYields theECBaccommodative andbond- focus Market Review GlobalAggregate Bondagainst theBarclays Indexreturn of-0.75%. under review, the six month period Over Global Fixed the Lazard Income Fund returned Lazard GlobalFixedIncomeFund Investment Managers’Report Lazard Global ActiveFundsplc 1 All datacontainedherein are sourced byLazard AssetManagementLLCunlessotherwisenotedasof30September2014. Figures refer topastperformanceandisnotareliable indicatoroffuture results. Fund Manager:Yvette Klevanandteam. terms, RetailShare Classto30September2014. Source:Direct, Morningstar Cumulative Growth, BidPricetoPrice,Gross IncomeReinvested,NetofFees,inUSDollar 1 (continued) -2.35%,(the “subfund”) terms, in US Dollar Period ended 30September2014

35 Lazard Global Active Funds plc 36 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements fortheyearasdisclosed exchangerate The EUR, inNote11. theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated There werenogainsorlossesotherthanthosedealtwithintheProfitandLoss Account. . Gains andlossesarosesolelyfromcontinuingoperations Redeemable Participating sharesfromoperations netassetsattributable toholdersof (Decrease)/increase in costs Adjustment forwrite-offoforganisational Movement inadjustmentfrombidmarketvaluetomid thefinancialperiodaftertax (Loss)/profit for Withholding taxesondividendsandotherinvestmentincome thefinancialperiodbeforetax (Loss)/profit for Interest paid Distributions toRedeemableParticipating shareholders Finance costs Net investment(deficit)/income Reimbursement fromManager Total expenses expenses Other operating Sub-Custodian fee Administration, Transfer Agency &Custodian fee fee Management Expenses Total investmentincome/(deficit) value throughprofitorlossandforeigncurrencies Net (loss)/gainonfinancialassetsandliabilitiesatfair oninvestments/currency Net movementinunrealised (loss)/gain Net realisedgainoninvestments/currency Total income PaymentEx-Gratia Bank interest Dividend incomeandbondinterest Income Profit andLossAccount Notes 10 16 6 5 4 30/09/2014 (172,592) (83,635) (83,635) (77,254) (29,110) (56,451) (44,783) 116,141 (5,303) (6,381) (3,361) 44,246 32,461 66,284 66,265 3,738 8,047 9,833 GBP 19 – – – – 31/03/2014 1,239,510 (730,151) (14,320) (17,932) (45,856) 116,579 214,431 214,364 557,739 557,739 575,671 621,531 509,359 723,790 11,141 81,598 18,301 5,539 Lazard UKEquityFund GBP (4) 67 – – – 30/09/2013 (632,212) (10,966) (11,750) 120,804 120,761 401,085 401,085 412,051 423,801 363,757 995,969 484,561 Period ended 30September2014 (9,434) 70,194 46,743 11,825 6,091 5,535 GBP 43 – – – – (3,098,999,593) 3,186,528,860 226,417,761 206,864,584 206,864,584 212,473,546 214,303,346 189,024,681 313,947,028 (5,608,962) (1,821,105) 99,643,682 37,393,080 81,123,332 87,529,267 30/09/2014 7,745,869 3,401,626 7,372,855 (8,695) JPY – – – – 3,361,221,033 3,356,150,232 3,460,761,632 3,509,934,733 3,514,120,047 3,417,187,965 3,794,693,943 (104,611,400) (49,173,101) (55,966,932) Lazard JapaneseEquityFund 280,573,896 433,472,910 433,472,910 234,765,902 (4,172,163) 23,803,197 14,500,686 31/03/2014 7,504,111 (13,151) JPY – – – – 3,199,560,495 3,139,732,849 3,244,344,249 3,258,468,920 3,264,457,863 1,778,401,158 3,397,130,958 1,421,159,337 (104,611,400) (14,124,671) 132,673,095 197,570,463 197,570,463 114,333,416 (2,633,015) (3,355,928) 12,122,483 30/09/2013 3,139,712 3,077,484 JPY – – – – (11,706,050) 260,125,812 260,125,812 265,543,704 277,250,259 296,428,063 261,961,118 217,806,321 (5,417,892) 19,177,804 15,737,513 44,154,797 34,466,945 34,466,945 30/09/2014 1,224,565 1,837,785 Lazard JapaneseStrategicEquityFund 377,941 (505) JPY – – – – – (10,369,708) 434,232,068 623,992,908 623,992,908 632,865,824 643,279,835 682,996,439 608,337,635 174,105,567 (8,872,916) 39,778,851 28,533,669 74,658,804 74,658,804 31/03/2014 4,900,219 2,822,570 3,522,393 (62,247) (44,303) JPY – – – – 120,055,353 382,148,156 382,148,156 384,016,296 384,019,447 399,269,907 370,498,349 250,442,996 (1,868,140) 15,837,503 10,245,157 28,771,558 28,771,558 30/09/2013 3,057,832 1,251,270 1,283,244 (587,043) (3,151) JPY – – – – – (1,267,003) 30/09/2014 1,988,429 1,184,809 1,184,724 1,134,012 1,134,012 1,400,210 1,400,210 1,906,235 (266,198) 506,025 434,849 721,426 22,209 19,490 29,477 EUR 85 – – – – – – Lazard EuropeanEquityFund 11,081,295 31/03/2014 1,093,536 8,246,292 1,633,916 1,633,700 1,201,087 9,359,032 9,359,032 9,422,188 9,987,759 9,447,379 (565,571) (63,156) 891,106 66,829 63,485 72,116 216 EUR – – – – – (1,237,421) 30/09/2013 4,214,956 1,218,762 1,218,686 4,196,297 3,704,104 3,704,104 3,628,035 3,632,704 2,977,535 563,593 455,617 (4,669) 48,116 23,316 36,544 76,069 EUR 76 – – – – – 30/09/2014 (36,121) (19,433) 117,912 274,850 257,946 257,898 882,590 709,124 709,124 745,245 764,678 624,644 349,794 26,757 74,363 9,661 7,131 Lazard Pan EuropeanEquityFund EUR 48 – – – – – 31/03/2014 (14,254) (57,506) 138,913 122,273 122,233 359,896 264,591 264,591 231,225 288,731 237,623 85,419 52,365 16,563 33,366 98,710 9,274 7,217 EUR 40 – – – – 30/09/2013 (33,611) 114,471 116,218 140,880 140,880 (9,733) 34,655 14,518 35,358 35,319 10,316 49,584 91,296 91,296 80,860 8,026 1,795 EUR 39 – – – – – 30/09/2014 158,810 Lazard GlobalStrategicEquityFund (4,821) (8,639) 13,274 66,384 37,225 39,496 79,374 79,070 11,936 88,608 88,608 97,247 97,247 79,436 39,940 3,949 304 USD – – – – – (14,618,419) (1,042,771) 13,575,648 31/03/2014 1,155,982 1,155,090 (646,581) (646,581) (432,443) (325,088) (214,138) (107,355) 444,683 359,460 113,211 (6,384) 16,175 32,298 36,750 892 USD – – – – (13,983,097) (1,023,792) (1,023,792) (1,395,192) 12,587,905 1,109,638 1,109,347 30/09/2013 (285,554) (816,567) (695,129) (207,225) (106,936) (14,502) 409,575 335,026 16,171 21,386 36,992 291 USD – – – – The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements fortheyearasdisclosed exchangerate The EUR, inNote11. theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated There werenogainsorlossesotherthanthosedealtwithintheProfitandLoss Account. . Gains andlossesarosesolelyfromcontinuingoperations Redeemable Participating sharesfromoperations netassetsattributable toholdersof (Decrease)/increase in costs Adjustment forwrite-offoforganisational Movement inadjustmentfrombidmarketvaluetomid thefinancialperiodaftertax (Loss)/profit for Withholding taxesondividendsandotherinvestmentincome thefinancialperiodbeforetax (Loss)/profit for Interest paid Distributions toRedeemableParticipating shareholders Finance costs Net investment(deficit)/income Reimbursement fromManager Total expenses expenses Other operating Sub-Custodian fee Administration, Transfer Agency &Custodian fee fee Management Expenses Total investmentincome/(deficit) value throughprofitorlossandforeigncurrencies Net (loss)/gainonfinancialassetsandliabilitiesatfair oninvestments/currency Net movementinunrealised (loss)/gain Net realisedgainoninvestments/currency Total income PaymentEx-Gratia Bank interest Dividend incomeandbondinterest Income Profit andLossAccount Notes 10 16 6 5 4 30/09/2014 (172,592) (83,635) (83,635) (77,254) (29,110) (56,451) (44,783) 116,141 (6,381) (3,361) (5,303) 44,246 32,461 66,284 66,265 8,047 3,738 9,833 GBP 19 – – – – 31/03/2014 1,239,510 (730,151) (17,932) (45,856) (14,320) 557,739 557,739 575,671 621,531 116,579 509,359 214,431 214,364 723,790 81,598 18,301 11,141 5,539 Lazard UKEquityFund GBP (4) 67 – – – 30/09/2013 (632,212) (10,966) (11,750) 401,085 401,085 412,051 423,801 363,757 120,804 120,761 484,561 995,969 (9,434) 46,743 70,194 11,825 5,535 6,091 GBP 43 – – – – (3,098,999,593) 3,186,528,860 206,864,584 206,864,584 212,473,546 214,303,346 226,417,761 189,024,681 313,947,028 (5,608,962) (1,821,105) 81,123,332 87,529,267 37,393,080 99,643,682 30/09/2014 3,401,626 7,372,855 7,745,869 (8,695) JPY – – – – 3,356,150,232 3,460,761,632 3,509,934,733 3,514,120,047 3,361,221,033 3,794,693,943 3,417,187,965 (104,611,400) (49,173,101) (55,966,932) Lazard JapaneseEquityFund 234,765,902 433,472,910 433,472,910 280,573,896 (4,172,163) 14,500,686 23,803,197 31/03/2014 7,504,111 (13,151) JPY – – – – 3,139,732,849 3,244,344,249 3,258,468,920 3,264,457,863 3,199,560,495 3,397,130,958 1,778,401,158 1,421,159,337 (104,611,400) (14,124,671) 114,333,416 197,570,463 197,570,463 132,673,095 (2,633,015) (3,355,928) 12,122,483 30/09/2013 3,139,712 3,077,484 JPY – – – – Financial Statements Lazard Global ActiveFundsplc (11,706,050) 260,125,812 260,125,812 265,543,704 277,250,259 296,428,063 261,961,118 217,806,321 (5,417,892) 19,177,804 15,737,513 44,154,797 34,466,945 34,466,945 30/09/2014 1,224,565 1,837,785 Lazard JapaneseStrategicEquityFund 377,941 (505) JPY – – – – – (10,369,708) 434,232,068 623,992,908 623,992,908 632,865,824 643,279,835 682,996,439 608,337,635 174,105,567 (8,872,916) 39,778,851 28,533,669 74,658,804 74,658,804 31/03/2014 4,900,219 2,822,570 3,522,393 (62,247) (44,303) JPY – – – – 120,055,353 382,148,156 382,148,156 384,016,296 384,019,447 399,269,907 370,498,349 250,442,996 (1,868,140) 15,837,503 10,245,157 28,771,558 28,771,558 30/09/2013 3,057,832 1,251,270 1,283,244 (587,043) (3,151) JPY – – – – – (1,267,003) 30/09/2014 1,988,429 1,184,809 1,184,724 1,134,012 1,134,012 1,400,210 1,400,210 1,906,235 (266,198) 506,025 434,849 721,426 22,209 19,490 29,477 EUR 85 – – – – – – Lazard EuropeanEquityFund 11,081,295 31/03/2014 8,246,292 1,093,536 1,633,916 1,633,700 9,359,032 9,359,032 9,422,188 9,987,759 9,447,379 1,201,087 (565,571) (63,156) 891,106 66,829 63,485 72,116 216 EUR – – – – – (1,237,421) 30/09/2013 4,214,956 1,218,762 1,218,686 3,704,104 3,704,104 3,628,035 3,632,704 4,196,297 2,977,535 563,593 455,617 (4,669) 48,116 23,316 36,544 76,069 (continued) EUR 76 – – – – – 30/09/2014 (36,121) (19,433) 274,850 117,912 257,946 257,898 709,124 709,124 745,245 764,678 882,590 624,644 349,794 26,757 74,363 9,661 7,131 Lazard Pan EuropeanEquityFund EUR 48 – – – – – 31/03/2014 (14,254) (57,506) 138,913 122,273 122,233 264,591 264,591 231,225 288,731 359,896 237,623 85,419 52,365 16,563 33,366 98,710 9,274 7,217 EUR 40 – – – – Period ended 30September2014 30/09/2013 (33,611) 114,471 140,880 140,880 116,218 (9,733) 34,655 35,358 35,319 14,518 10,316 49,584 91,296 91,296 80,860 8,026 1,795 EUR 39 – – – – – 30/09/2014 158,810 Lazard GlobalStrategicEquityFund (4,821) (8,639) 13,274 39,496 66,384 79,374 79,070 37,225 11,936 97,247 97,247 79,436 88,608 88,608 39,940 3,949 304 USD – – – – – (14,618,419) (1,042,771) 13,575,648 31/03/2014 1,155,982 1,155,090 (432,443) (325,088) (646,581) (646,581) (214,138) (107,355) 444,683 359,460 113,211 (6,384) 16,175 32,298 36,750 892 USD – – – – (13,983,097) (1,395,192) (1,023,792) (1,023,792) 12,587,905 1,109,638 1,109,347 30/09/2013 (816,567) (695,129) (285,554) (207,225) (106,936) (14,502) 409,575 335,026 16,171 21,386 36,992 291 USD – – – –

37 Lazard Global Active Funds plc 38 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements * Lazard Global Equity Income Fund launched on 2 January 2014. * LazardGlobalEquityIncomeFundlaunchedon2January areanintegralpartofthesefinancialstatements. The notestothefinancialstatements fortheyearasdisclosed exchangerate The EUR, inNote11. theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated There werenogainsorlossesotherthanthosedealtwithintheProfitandLoss Account. . Gains andlossesarosesolelyfromcontinuingoperations Redeemable Participating sharesfromoperations netassetsattributabletoholdersof Increase/(decrease) in costs Adjustment forwrite-offoforganisational Movement inadjustmentfrombidmarketvaluetomid thefinancialperiodaftertax Profit/(loss) for Withholding taxesondividendsandotherinvestmentincome thefinancialperiodbeforetax Profit/(loss) for Interest paid Distributions toRedeemableParticipating shareholders Finance costs Net investmentincome/(deficit) Reimbursement fromManager Total expenses expenses Other operating Sub-Custodian fee Administration, Transfer Agency &Custodian fee fee Management Expenses Total investmentincome/(deficit) value throughprofitorlossandforeigncurrencies Net oninvestments/currency Net movementinunrealised (loss)/gain Net realisedgain/(loss)oninvestments/currency Total income PaymentEx-Gratia Bank interest Dividend incomeandbondinterest Income Profit andLossAccount(continued) gain/(loss) on financialassetsandliabilitiesatfair Notes 10 16 6 5 4 30/09/2014 (continued) 1,493,544 1,498,192 1,624,350 1,624,462 1,817,105 1,128,879 1,540,535 (126,158) (411,656) 192,683 136,906 688,226 688,226 (4,648) 14,519 21,917 19,341 Lazard GlobalManagedVolatility Fund (112) (40) USD – – – – 31/03/2014 3,031,886 4,835,845 4,841,044 5,023,926 5,024,259 5,392,567 4,272,654 1,240,768 1,119,913 1,119,913 (182,882) 368,355 254,270 (5,199) 29,912 43,517 40,656 (333) (47) USD – – – – 30/09/2013 1,014,580 1,017,208 1,111,726 1,111,726 1,275,836 (94,518) (98,816) 806,758 164,157 117,054 707,942 567,894 567,894 Period ended 30September2014 (2,628) 14,169 13,822 19,112 (47) USD – – – – – 10,444,319 11,240,605 12,765,104 10,966,573 (4,093,014) 30/09/2014 9,481,256 9,481,256 1,524,499 1,241,723 6,873,559 5,891,545 5,891,545 (963,063) (796,139) 184,906 39,616 58,254 (147) GBP – – – – – Listed InfrastructureEquityFund (3,566,625) 36,210,093 39,776,718 41,609,731 22,771,001 35,214,061 35,214,061 34,752,353 11,981,352 31/03/2014 1,833,013 1,506,769 6,857,378 6,854,962 (996,032) 223,389 54,115 48,740 2,416 GBP – – – – – Lazard Global (1,518,903) 11,914,089 12,715,733 13,477,507 10,785,011 11,314,172 11,314,172 30/09/2013 9,266,108 4,211,399 4,211,399 (599,917) (784,317) (17,327) 761,774 633,756 86,135 21,640 20,243 GBP – – – – – 30/09/2014 (14,501) 131,456 (3,508) (6,919) (7,724) 61,352 64,860 79,361 79,375 59,000 14,759 31,788 69,646 77,370 61,810 61,798 9,414 3,039 (14) USD 12 – – – Lazard GlobalEquitySelectFund 31/03/2014 (17,129) (23,718) 494,124 716,918 723,917 747,635 747,677 111,322 729,978 235,854 111,892 111,891 841,870 (6,999) 19,597 27,270 57,841 6,614 (42) USD – – – 1 30/09/2013 (13,135) 270,932 381,076 384,614 397,749 397,749 367,889 436,438 (3,538) (5,059) 43,748 30,397 96,957 68,549 68,549 7,219 3,307 2,825 USD – – – – – 30/09/2014 (229,383) (226,473) (176,800) (139,964) (503,693) (370,087) (67,456) (36,836) (49,673) 133,606 302,631 302,125 (2,910) (7,404) 11,945 79,912 25,817 37,761 4,389 Equity IncomeFund* 506 USD – – – Lazard Global 31/03/2014 (12,630) 103,148 124,213 (8,710) (5,798) 38,865 26,588 81,759 76,560 82,358 82,358 54,485 73,049 51,164 51,127 1,590 6,600 7,430 USD 37 – – – – 30/09/2014 (244,118) (20,346) 300,987 110,769 110,677 167,638 (8,742) 16,880 72,859 72,859 93,205 93,205 83,175 18,223 44,287 56,869 3,785 USD 92 – – – – – 31/03/2014 1,689,871 1,926,054 1,689,871 1,737,608 1,737,608 1,950,597 1,699,099 (226,955) Lazard GlobalTrend Fund (12,456) (47,737) 251,498 251,185 225,445 142,665 37,541 15,612 29,627 313 USD – – – – – 30/09/2013 (101,600) (31,628) 536,800 536,800 568,428 568,428 109,098 675,705 503,188 604,788 172,517 172,344 (1,821) 15,000 75,138 10,896 8,064 173 USD – – – – – (17,519,960) 22,278,943 30/09/2014 4,632,609 4,632,609 4,918,713 5,820,583 5,887,198 4,758,983 1,128,215 1,127,108 (901,870) (286,104) Lazard ThematicGlobalEx-JapanFund 21,003 38,083 66,615 1,107 7,529 USD – – – – – – (54,857,750) (5,777,734) (1,323,081) 25,548,947 25,548,947 26,872,028 32,649,762 33,266,643 26,153,009 81,010,759 31/03/2014 7,113,634 7,108,291 104,596 284,622 616,881 227,663 5,343 USD – – – – – – (40,014,758) (3,410,990) 10,497,474 13,977,809 14,440,148 48,988,002 5,466,904 5,466,888 9,557,840 9,557,840 8,973,244 30/09/2013 (939,634) (69,345) 220,591 462,339 182,105 59,643 16 USD – – – – – * Lazard Global Equity Income Fund launched on 2 January 2014. * LazardGlobalEquityIncomeFundlaunchedon2January areanintegralpartofthesefinancialstatements. The notestothefinancialstatements fortheyearasdisclosed exchangerate The EUR, inNote11. theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated There werenogainsorlossesotherthanthosedealtwithintheProfitandLoss Account. . Gains andlossesarosesolelyfromcontinuingoperations Redeemable Participating sharesfromoperations netassetsattributabletoholdersof Increase/(decrease) in costs Adjustment forwrite-offoforganisational Movement inadjustmentfrombidmarketvaluetomid thefinancialperiodaftertax Profit/(loss) for Withholding taxesondividendsandotherinvestmentincome thefinancialperiodbeforetax Profit/(loss) for Interest paid Distributions toRedeemableParticipating shareholders Finance costs Net investmentincome/(deficit) Reimbursement fromManager Total expenses expenses Other operating Sub-Custodian fee Administration, Transfer Agency &Custodian fee fee Management Expenses Total investmentincome/(deficit) value throughprofitorlossandforeigncurrencies Net oninvestments/currency Net movementinunrealised (loss)/gain Net realisedgain/(loss)oninvestments/currency Total income PaymentEx-Gratia Bank interest Dividend incomeandbondinterest Income Profit andLossAccount(continued) gain/(loss) on financialassetsandliabilitiesatfair Notes 10 16 6 5 4 30/09/2014 1,493,544 1,498,192 1,624,350 1,624,462 1,817,105 1,128,879 1,540,535 (126,158) (411,656) 192,683 136,906 688,226 688,226 (4,648) 14,519 21,917 19,341 Lazard GlobalManagedVolatility Fund (112) (40) USD – – – – 31/03/2014 4,835,845 4,841,044 5,023,926 5,024,259 5,392,567 4,272,654 3,031,886 1,240,768 1,119,913 1,119,913 (182,882) 368,355 254,270 (5,199) 29,912 43,517 40,656 (333) (47) USD – – – – 30/09/2013 1,014,580 1,017,208 1,111,726 1,111,726 1,275,836 (94,518) (98,816) 164,157 117,054 707,942 806,758 567,894 567,894 (2,628) 14,169 13,822 19,112 (47) USD – – – – – 10,444,319 11,240,605 12,765,104 10,966,573 (4,093,014) 30/09/2014 9,481,256 9,481,256 1,524,499 1,241,723 6,873,559 5,891,545 5,891,545 (963,063) (796,139) 184,906 39,616 58,254 (147) GBP – – – – – Listed InfrastructureEquityFund (3,566,625) 35,214,061 35,214,061 36,210,093 39,776,718 41,609,731 34,752,353 22,771,001 11,981,352 31/03/2014 1,833,013 1,506,769 6,857,378 6,854,962 (996,032) 223,389 54,115 48,740 2,416 GBP – – – – – Lazard Global (1,518,903) 11,314,172 11,314,172 11,914,089 12,715,733 13,477,507 10,785,011 30/09/2013 9,266,108 4,211,399 4,211,399 (599,917) (784,317) (17,327) 761,774 633,756 21,640 20,243 86,135 GBP – – – – – Financial Statements Lazard Global ActiveFundsplc 30/09/2014 (14,501) 131,456 (3,508) (6,919) (7,724) 61,352 64,860 79,361 79,375 59,000 14,759 31,788 69,646 77,370 61,810 61,798 9,414 3,039 (14) USD 12 – – – Lazard GlobalEquitySelectFund 31/03/2014 (17,129) (23,718) 716,918 723,917 747,635 747,677 111,322 729,978 235,854 111,892 111,891 494,124 841,870 (6,999) 19,597 27,270 57,841 6,614 (42) USD – – – 1 30/09/2013 (13,135) 381,076 384,614 397,749 397,749 367,889 270,932 436,438 (5,059) (3,538) 43,748 96,957 68,549 68,549 30,397 7,219 2,825 3,307 USD – – – – – 30/09/2014 (229,383) (226,473) (176,800) (139,964) (370,087) (503,693) (67,456) (36,836) (49,673) 133,606 302,631 302,125 (7,404) (2,910) 79,912 11,945 37,761 25,817 4,389 Equity IncomeFund* 506 USD – – – Lazard Global 31/03/2014 (12,630) 103,148 124,213 (8,710) (5,798) 76,560 82,358 82,358 54,485 38,865 73,049 51,164 51,127 26,588 81,759 6,600 1,590 7,430 USD 37 – – – – (continued) 30/09/2014 (244,118) (20,346) 300,987 110,769 110,677 167,638 (8,742) 72,859 72,859 93,205 93,205 83,175 16,880 18,223 56,869 44,287 3,785 USD 92 – – – – – 31/03/2014 1,689,871 1,926,054 1,689,871 1,737,608 1,737,608 1,699,099 1,950,597 (226,955) Lazard GlobalTrend Fund (12,456) (47,737) 251,498 251,185 225,445 142,665 37,541 29,627 15,612 313 USD – – – – – 30/09/2013 Period ended 30September2014 (101,600) (31,628) 536,800 604,788 172,517 172,344 536,800 568,428 568,428 109,098 503,188 675,705 (1,821) 15,000 10,896 75,138 8,064 173 USD – – – – – (17,519,960) 22,278,943 30/09/2014 4,632,609 1,128,215 1,127,108 4,632,609 4,918,713 5,820,583 4,758,983 5,887,198 (901,870) (286,104) Lazard ThematicGlobalEx-JapanFund 66,615 21,003 38,083 1,107 7,529 USD – – – – – – (54,857,750) (5,777,734) (1,323,081) 81,010,759 25,548,947 25,548,947 26,872,028 32,649,762 26,153,009 33,266,643 31/03/2014 7,113,634 7,108,291 616,881 104,596 227,663 284,622 5,343 USD – – – – – – (40,014,758) (3,410,990) 48,988,002 10,497,474 13,977,809 14,440,148 5,466,904 5,466,888 9,557,840 9,557,840 8,973,244 30/09/2013 (939,634) (69,345) 462,339 182,105 220,591 59,643 16 USD – – – – –

39 Lazard Global Active Funds plc 40 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements fortheyearasdisclosed exchangerate The EUR, inNote11. theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated There werenogainsorlossesotherthanthosedealtwithintheProfitandLoss Account. . Gains andlossesarosesolelyfromcontinuingoperations Redeemable Participating sharesfromoperations netassetsattributabletoholdersof Increase/(decrease) in costs Adjustment forwrite-offoforganisational Movement inadjustmentfrombidmarketvaluetomid thefinancialperiodaftertax Profit/(loss) for Withholding taxesondividendsandotherinvestmentincome thefinancialperiodbeforetax Profit/(loss) for Interest paid Distributions toRedeemableParticipating shareholders Finance costs Net investmentincome/(deficit) Reimbursement fromManager Total expenses expenses Other operating Sub-Custodian fee Administration, Transfer Agency &Custodian fee fee Management Expenses Total investmentincome/(deficit) value throughprofitorlossandforeigncurrencies Net Net movementinunrealised Net realisedgain/(loss)oninvestments/currency Total income PaymentEx-Gratia Bank interest Dividend incomeandbondinterest Income Profit andLossAccount(continued) gain/(loss) onfinancialassetsandliabilitiesatfair gain/(loss) oninvestments/currency Notes 10 16 6 5 4 (32,733,437) (2,643,348) (1,703,954) 36,137,652 36,137,652 38,781,000 40,484,954 46,973,221 34,325,989 67,059,426 12,647,232 12,638,585 30/09/2014 (continued) 6,488,267 5,657,362 121,969 195,518 513,418 8,647 USD – – – – – (10,688,337) (53,951,375) 174,351,325 174,351,325 181,212,992 191,901,329 211,893,039 175,176,236 229,127,611 Lazard ThematicGlobalFund (6,861,667) 19,991,710 17,258,887 36,716,803 36,696,109 31/03/2014 1,695,170 358,463 679,190 20,694 USD – – – – – (21,819,351) (4,001,637) (3,914,864) 77,659,202 77,659,202 81,574,066 85,931,253 97,200,465 73,591,541 95,410,892 11,269,212 23,608,924 23,608,924 30/09/2013 9,644,376 1,029,759 (355,550) 204,730 390,347 Period ended 30September2014 USD – – – – – 30/09/2014 1,196,333 1,196,333 1,216,466 1,610,103 1,832,399 1,605,297 1,479,608 1,479,608 (393,637) (20,133) 125,689 181,293 222,326 227,102 226,988 17,191 14,019 9,823 (30) 114 USD – – – – Lazard EmergingWorld Fund (2,101,814) (2,101,814) (2,024,858) (1,974,299) (1,481,072) (2,561,251) (3,227,082) 31/03/2014 1,080,179 1,076,639 (50,559) (76,956) 665,831 389,286 495,959 (2,732) 48,620 24,317 33,736 3,540 USD – – – – (1,840,071) (1,840,071) (1,799,449) (1,748,890) (1,486,669) (1,794,442) (2,250,261) 30/09/2013 (50,559) (40,622) 455,819 203,287 268,940 307,773 304,308 (6,719) 30,330 16,616 18,707 3,465 USD – – – – (3,151,466) (2,161,887) (4,351,695) 12,400,828 12,400,828 15,552,294 17,714,181 23,894,605 22,023,004 21,738,649 30/09/2014 6,180,424 4,930,057 1,871,601 6,223,296 Lazard EmergingMarketsEquityFund 126,639 632,807 490,921 284,355 USD – – – – – (26,225,286) (27,189,061) (27,189,061) (23,757,020) (14,984,443) (44,003,408) (8,772,577) (3,432,041) 10,922,061 17,778,122 28,362,746 28,353,215 31/03/2014 1,293,105 8,559,643 2,137,460 (12,024) 200,220 869,093 9,531 USD – – – – (24,884,500) (16,001,928) (16,001,928) (14,033,350) (11,329,971) (33,027,882) (5,915,554) (1,968,578) (2,645,936) 18,968,946 18,968,946 30/09/2013 5,414,417 4,264,289 8,143,382 (57,443) 456,910 595,653 97,565 USD – – – – – 30/09/2014 1,241,059 1,518,219 1,522,228 1,636,120 1,638,364 2,025,439 (113,892) 387,075 296,143 674,781 566,278 784,380 784,364 (4,009) (2,244) 16,501 27,069 47,362 USD 16 – – – – Markets CoreEquityFund 31/03/2014 1,152,258 1,481,231 1,189,522 1,197,522 1,224,910 1,224,943 1,355,686 (328,973) (20,604) (27,388) 151,347 203,428 203,428 (8,000) 22,007 38,830 12,134 78,376 (33) USD Lazard Emerging – – – – 30/09/2013 (152,696) (131,311) (127,267) (120,496) (120,490) (101,863) (132,149) (20,547) (4,044) (8,523) (6,771) 27,150 15,008 50,833 50,833 6,982 3,545 1,615 USD (6) – – – – (13,559,206) (14,169,390) (9,853,843) (9,853,843) (9,055,305) (9,055,305) (6,558,359) Lazard DevelopingMarketsEquityFund 30/09/2014 2,496,946 2,016,957 7,000,847 6,999,065 (798,538) 234,643 193,417 610,184 51,929 1,782 USD – – – – – – (26,393,761) (25,090,900) (25,090,900) (24,280,113) (23,257,907) (18,559,489) (18,820,600) (1,022,206) (7,573,161) 31/03/2014 4,698,418 3,472,226 7,834,272 7,827,476 (810,787) 100,112 769,794 356,286 6,796 USD – – – – – (23,475,388) (20,307,266) (20,307,266) (19,729,082) (19,729,082) (17,556,927) (14,376,433) (9,098,955) 30/09/2013 2,172,155 1,714,452 5,918,461 5,913,327 (578,184) 228,757 187,928 41,018 5,134 USD – – – – – – 30/09/2014 (198,299) 342,617 540,916 347,459 347,459 349,119 349,119 376,111 (8,738) (1,660) 14,530 35,730 13,972 33,494 33,448 1,304 5,924 USD 46 – – – – – 31/03/2014 (26,116) 605,156 148,505 456,651 606,899 606,899 607,481 607,481 649,357 22,361 26,312 67,992 16,906 44,201 44,201 2,413 (582) Lazard MENAFund USD – – – – – – 30/09/2013 148,267 141,965 141,965 142,240 142,240 150,208 (7,091) 15,059 50,472 97,795 6,206 1,628 2,152 5,073 1,941 1,941 (275) USD – – – – – – The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements fortheyearasdisclosed exchangerate The EUR, inNote11. theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated There werenogainsorlossesotherthanthosedealtwithintheProfitandLoss Account. . Gains andlossesarosesolelyfromcontinuingoperations Redeemable Participating sharesfromoperations netassetsattributabletoholdersof Increase/(decrease) in costs Adjustment forwrite-offoforganisational Movement inadjustmentfrombidmarketvaluetomid thefinancialperiodaftertax Profit/(loss) for Withholding taxesondividendsandotherinvestmentincome thefinancialperiodbeforetax Profit/(loss) for Interest paid Distributions toRedeemableParticipating shareholders Finance costs Net investmentincome/(deficit) Reimbursement fromManager Total expenses expenses Other operating Sub-Custodian fee Administration, Transfer Agency &Custodian fee fee Management Expenses Total investmentincome/(deficit) value throughprofitorlossandforeigncurrencies Net Net movementinunrealised Net realisedgain/(loss)oninvestments/currency Total income PaymentEx-Gratia Bank interest Dividend incomeandbondinterest Income Profit andLossAccount(continued) gain/(loss) onfinancialassetsandliabilitiesatfair gain/(loss) oninvestments/currency Notes 10 16 6 5 4 (32,733,437) (2,643,348) (1,703,954) 36,137,652 36,137,652 38,781,000 40,484,954 46,973,221 34,325,989 67,059,426 12,647,232 12,638,585 30/09/2014 6,488,267 5,657,362 121,969 195,518 513,418 8,647 USD – – – – – (53,951,375) (10,688,337) 174,351,325 174,351,325 181,212,992 191,901,329 211,893,039 175,176,236 229,127,611 Lazard ThematicGlobalFund (6,861,667) 36,716,803 36,696,109 19,991,710 17,258,887 31/03/2014 1,695,170 358,463 679,190 20,694 USD – – – – – (21,819,351) (3,914,864) (4,001,637) 23,608,924 23,608,924 77,659,202 77,659,202 81,574,066 85,931,253 11,269,212 97,200,465 73,591,541 95,410,892 30/09/2013 1,029,759 9,644,376 (355,550) 204,730 390,347 USD – – – – – 30/09/2014 1,196,333 1,196,333 1,216,466 1,610,103 1,832,399 1,605,297 1,479,608 1,479,608 (393,637) (20,133) 227,102 226,988 222,326 125,689 181,293 17,191 14,019 9,823 (30) 114 USD – – – – Lazard EmergingWorld Fund (2,101,814) (2,101,814) (2,024,858) (1,974,299) (1,481,072) (2,561,251) (3,227,082) 31/03/2014 1,080,179 1,076,639 (76,956) (50,559) 495,959 665,831 389,286 (2,732) 48,620 24,317 33,736 3,540 USD – – – – (1,840,071) (1,840,071) (1,799,449) (1,748,890) (1,486,669) (1,794,442) (2,250,261) 30/09/2013 (40,622) (50,559) 307,773 304,308 268,940 455,819 203,287 (6,719) 30,330 16,616 18,707 3,465 USD – – – – Financial Statements Lazard Global ActiveFundsplc (3,151,466) (2,161,887) (4,351,695) 17,714,181 23,894,605 22,023,004 21,738,649 12,400,828 12,400,828 15,552,294 30/09/2014 6,180,424 4,930,057 1,871,601 6,223,296 Lazard EmergingMarketsEquityFund 126,639 632,807 490,921 284,355 USD – – – – – (26,225,286) (27,189,061) (27,189,061) (23,757,020) (14,984,443) (44,003,408) (8,772,577) (3,432,041) 28,362,746 28,353,215 10,922,061 17,778,122 31/03/2014 1,293,105 2,137,460 8,559,643 (12,024) 200,220 869,093 9,531 USD – – – – (11,329,971) (24,884,500) (16,001,928) (16,001,928) (14,033,350) (33,027,882) (5,915,554) (1,968,578) (2,645,936) 18,968,946 18,968,946 30/09/2013 5,414,417 4,264,289 8,143,382 (57,443) 595,653 456,910 97,565 USD – – – – – 30/09/2014 1,638,364 2,025,439 1,241,059 1,518,219 1,522,228 1,636,120 (113,892) 784,380 784,364 387,075 296,143 674,781 566,278 (4,009) (2,244) 16,501 47,362 27,069 USD 16 – – – – Markets CoreEquityFund 31/03/2014 1,224,943 1,355,686 1,152,258 1,189,522 1,197,522 1,224,910 1,481,231 (328,973) (20,604) (27,388) 203,428 203,428 151,347 (8,000) 22,007 38,830 12,134 78,376 (33) USD Lazard Emerging – – – – 30/09/2013 (120,490) (101,863) (152,696) (131,311) (127,267) (120,496) (132,149) (20,547) (8,523) (4,044) (6,771) 50,833 50,833 27,150 15,008 (continued) 6,982 3,545 1,615 USD (6) – – – – (13,559,206) (14,169,390) (9,055,305) (6,558,359) (9,853,843) (9,853,843) (9,055,305) Lazard DevelopingMarketsEquityFund 30/09/2014 7,000,847 6,999,065 2,496,946 2,016,957 (798,538) 234,643 193,417 610,184 51,929 1,782 USD – – – – – – (23,257,907) (18,559,489) (26,393,761) (25,090,900) (25,090,900) (24,280,113) (18,820,600) (1,022,206) (7,573,161) 31/03/2014 7,834,272 7,827,476 4,698,418 3,472,226 (810,787) 100,112 769,794 356,286 6,796 USD – – – – – Period ended 30September2014 (19,729,082) (17,556,927) (23,475,388) (20,307,266) (20,307,266) (19,729,082) (14,376,433) (9,098,955) 30/09/2013 5,918,461 5,913,327 2,172,155 1,714,452 (578,184) 228,757 187,928 41,018 5,134 USD – – – – – – 30/09/2014 (198,299) 349,119 376,111 342,617 540,916 347,459 347,459 349,119 (8,738) (1,660) 14,530 33,494 33,448 35,730 13,972 5,924 1,304 USD 46 – – – – – 31/03/2014 (26,116) 607,481 649,357 605,156 606,899 606,899 607,481 148,505 456,651 22,361 26,312 44,201 44,201 67,992 16,906 2,413 (582) Lazard MENAFund USD – – – – – – 30/09/2013 142,240 150,208 148,267 141,965 141,965 142,240 (7,091) 50,472 15,059 97,795 6,206 1,628 2,152 1,941 1,941 5,073 (275) USD – – – – – –

41 Lazard Global Active Funds plc 42 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements Total income PaymentEx-Gratia Bank interest Dividend incomeandbondinterest Income Profit andLossAccount(continued) The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements fortheyearasdisclosed exchangerate The EUR, inNote11. theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated There werenogainsorlossesotherthanthosedealtwithintheProfitandLoss Account. . Gains andlossesarosesolelyfromcontinuingoperations Redeemable Participating sharesfromoperations netassetsattributabletoholdersof Increase/(decrease) in costs Adjustment forwrite-offoforganisational Movement inadjustmentfrombidmarketvaluetomid thefinancialperiodaftertax Profit/(loss) for Withholding taxesondividendsandotherinvestmentincome thefinancialperiodbeforetax Profit/(loss) for Interest paid Distributions toRedeemableParticipating shareholders Finance costs Net investmentincome/(deficit) Reimbursement fromManager Total expenses expenses Other operating Sub-Custodian fee Administration, Transfer Agency &Custodian fee fee Management Expenses Total investmentincome/(deficit) value throughprofitorlossandforeigncurrencies Net Net movementinunrealised Net realisedgain/(loss)oninvestments/currency gain/(loss) onfinancialassetsandliabilitiesatfair gain/(loss) oninvestments/currency Notes 16 10 6 5 4 30/09/2014 (continued) (35,545) 119,296 136,272 (7,767) 52,464 52,456 83,751 83,751 83,751 24,743 12,903 83,808 28,314 55,494 Lazard SterlingHighQualityBondFund 5,255 6,425 160 GBP – – – – – 8 31/03/2014 (126,418) (126,418) (126,418) (127,593) (185,168) (46,581) (22,395) (79,252) 121,502 121,502 (6,091) 62,885 13,128 29,332 57,575 17,235 3,190 (585) GBP – – – – – 30/09/2013 (121,484) (121,484) (121,484) (124,467) (138,454) (81,097) (58,442) (11,617) (40,118) Period ended 30September2014 66,025 66,025 34,272 15,680 13,987 6,573 9,794 2,225 (269) GBP – – – – – (1,062,307) (1,062,307) (1,059,849) (1,249,665) 30/09/2014 (993,635) (862,380) (539,140) (710,525) (66,214) 387,285 386,979 131,346 (2,458) 11,389 89,747 19,859 10,351 (91) 306 USD – – – – Lazard GlobalFixedIncomeFund 31/03/2014 (281,911) (120,382) 763,238 762,644 236,817 354,728 491,288 491,288 486,506 165,002 606,888 836,055 (7,650) 24,476 72,817 39,689 4,782 7,650 594 USD – – – – 30/09/2013 (104,745) (166,717) (59,364) 372,030 371,823 124,749 147,842 267,285 (5,306) 61,972 93,469 93,469 88,478 12,050 83,254 21,799 4,991 7,646 207 USD – – – – 107,106,745 151,988,045 (104,909,641) (9,376,759) (6,891,232) 86,009,254 21,156,186 47,078,404 60,028,341 57,895,400 69,717,848 69,732,923 79,109,682 17,246,291 30/09/2014 1,497,703 1,791,586 1,835,430 (58,695) (15,075) 297,511 620,606 (8,340) USD – Lazard GlobalActiveFundsplc (15,231,897) (39,595,159) 319,613,653 262,117,207 103,659,968 103,607,940 365,777,175 263,746,943 264,784,680 280,016,577 414,813,026 (152,695,819) (1,044,126) 46,359,334 37,223,790 31/03/2014 1,407,014 3,576,949 4,151,581 (195,812) (1,917) 52,028 6,389 USD – (11,592,479) 130,662,219 154,685,064 108,705,766 109,775,689 118,505,572 200,309,445 (112,968,425) (1,059,713) (8,729,883) 24,108,645 87,341,020 67,344,044 67,334,540 19,442,028 30/09/2013 1,649,218 2,335,879 (564,168) (85,800) (10,210) 681,520 9,504 USD – The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements fortheyearasdisclosed exchangerate The EUR, inNote11. theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated There werenogainsorlossesotherthanthosedealtwithintheProfitandLoss Account. . Gains andlossesarosesolelyfromcontinuingoperations Redeemable Participating sharesfromoperations netassetsattributabletoholdersof Increase/(decrease) in costs Adjustment forwrite-offoforganisational Movement inadjustmentfrombidmarketvaluetomid thefinancialperiodaftertax Profit/(loss) for Withholding taxesondividendsandotherinvestmentincome thefinancialperiodbeforetax Profit/(loss) for Interest paid Distributions toRedeemableParticipating shareholders Finance costs Net investmentincome/(deficit) Reimbursement fromManager Total expenses expenses Other operating Sub-Custodian fee Administration, Transfer Agency &Custodian fee fee Management Expenses Total investmentincome/(deficit) value throughprofitorlossandforeigncurrencies Net Net movementinunrealised Net realisedgain/(loss)oninvestments/currency Total income PaymentEx-Gratia Bank interest Dividend incomeandbondinterest Income Profit andLossAccount(continued) gain/(loss) onfinancialassetsandliabilitiesatfair gain/(loss) oninvestments/currency Notes 10 16 6 5 4 30/09/2014 (35,545) 119,296 136,272 (7,767) 83,751 83,751 83,751 24,743 12,903 83,808 28,314 55,494 52,464 52,456 Lazard SterlingHighQualityBondFund 6,425 5,255 160 GBP – – – – – 8 31/03/2014 (126,418) (126,418) (126,418) (127,593) (185,168) (46,581) (79,252) (22,395) 121,502 121,502 (6,091) 62,885 29,332 57,575 17,235 13,128 3,190 (585) GBP – – – – – 30/09/2013 (121,484) (121,484) (121,484) (124,467) (138,454) (81,097) (58,442) (40,118) (11,617) 34,272 15,680 13,987 66,025 66,025 2,225 9,794 6,573 (269) GBP – – – – – (1,062,307) (1,062,307) (1,059,849) (1,249,665) 30/09/2014 (993,635) (862,380) (539,140) (710,525) (66,214) 131,346 387,285 386,979 (2,458) 89,747 10,351 19,859 11,389 (91) 306 USD – – – – Lazard GlobalFixedIncomeFund 31/03/2014 (281,911) (120,382) 236,817 165,002 354,728 491,288 491,288 486,506 606,888 763,238 762,644 836,055 (7,650) 72,817 39,689 24,476 4,782 7,650 594 USD – – – – 30/09/2013 (104,745) (166,717) (59,364) 124,749 147,842 372,030 371,823 267,285 (5,306) 83,254 61,972 93,469 93,469 88,478 21,799 12,050 4,991 7,646 207 USD – – – – Financial Statements Lazard Global ActiveFundsplc 107,106,745 151,988,045 (104,909,641) (9,376,759) (6,891,232) 69,717,848 69,732,923 79,109,682 86,009,254 21,156,186 17,246,291 47,078,404 60,028,341 57,895,400 30/09/2014 1,497,703 1,791,586 1,835,430 (15,075) (58,695) 620,606 297,511 (8,340) USD – Lazard GlobalActiveFundsplc (15,231,897) (39,595,159) 263,746,943 264,784,680 280,016,577 319,613,653 262,117,207 103,659,968 103,607,940 365,777,175 414,813,026 (152,695,819) (1,044,126) 46,359,334 37,223,790 31/03/2014 1,407,014 3,576,949 4,151,581 (195,812) (1,917) 52,028 6,389 USD – (11,592,479) 108,705,766 109,775,689 118,505,572 130,662,219 154,685,064 200,309,445 (112,968,425) (1,059,713) (8,729,883) 24,108,645 19,442,028 87,341,020 67,344,044 67,334,540 30/09/2013 1,649,218 2,335,879 (564,168) (10,210) (85,800) 681,520 9,504 USD – (continued) Period ended 30September2014

43 Lazard Global Active Funds plc 44 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements Balance The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements The EUR, asdisclosed theBalanceSheetexchangerate inthetotalcolumnat in Note 11. GBPandJPY subfundsaretranslated Net assetsattributabletoRedeemableParticipating shareholders costs Adjustment forwrite-offoforganisational Adjustment frombidmarketvaluetomid Net assetsattributabletoRedeemableParticipating shareholdersatbidvalue Total liabilities Expenses payable Payable forshares redeemed Payable forinvestments purchased Current Liabilities-amountsfalling duewithinoneyear Total currentassets Financial fairvaluethroughprofitorloss assetsat Other assets Subscriptions receivable Receivable forinvestmentssold Interest anddividendsreceivable bank Cash at Current Assets Financial fairvaluethroughprofitorloss liabilitiesat (excluding netassetsattributabletoRedeemableParticipating shareholders) sheet (continued) Notes 12 30/09/2014 4,092,623 4,092,623 4,130,530 3,985,762 37,907 11,267 38,148 90,026 37,907 4,860 Lazard UKEquityFund GBP 467 Period ended 30September2014 – – – – – 31/03/2014 4,476,538 4,476,538 4,684,886 4,438,272 161,642 136,458 208,348 46,706 90,580 18,538 1,038 GBP – – – – – 399,089,471 399,089,471 842,673,939 437,475,537 841,583,523 443,584,468 Lazard JapaneseEquityFund 30/09/2014 6,108,931 797,591 292,825 JPY – – – – – – – 22,505,693,200 22,505,693,200 22,906,900,835 22,234,842,100 121,834,526 322,322,807 297,447,814 178,564,931 401,207,635 31/03/2014 28,151,902 50,732,926 73,890,290 321,174 JPY – – – 3,658,397,811 3,658,397,811 3,663,630,090 3,607,633,906 30/09/2014 22,368,162 30,131,985 5,232,279 4,817,878 3,471,584 414,401 24,453 Strategic EquityFund JPY – – – – – Lazard Japanese 4,231,215,516 4,231,215,516 4,359,068,288 4,184,405,028 103,613,766 100,160,139 127,852,772 31/03/2014 11,888,148 13,291,636 34,599,467 26,606,776 3,991,679 8,359,179 5,242 JPY – – Lazard EuropeanEquityFund 30/09/2014 59,730,221 59,730,221 61,924,735 58,166,379 2,090,667 1,026,419 2,194,514 2,013,761 103,847 714,643 2,038 1,495 EUR – – – – 31/03/2014 61,472,281 61,472,281 62,141,766 59,822,460 479,122 542,910 669,485 126,575 164,133 734,682 940,134 1,235 EUR – – – – 30/09/2014 13,694,329 13,694,329 13,818,808 13,326,639 124,479 403,485 92,573 50,612 31,906 37,450 European EquityFund EUR 622 – – – – – 31/03/2014 Lazard Pan 12,425,507 12,425,507 12,818,695 12,075,720 361,171 241,442 393,188 442,681 32,017 56,069 2,783 EUR – – – – – 30/09/2014 7,755,035 7,755,035 7,819,164 7,489,287 220,859 31,073 21,748 64,129 33,056 86,677 Strategic EquityFund USD 593 – – – – – Lazard Global 31/03/2014 3,864,173 3,864,173 3,948,868 3,626,674 233,589 33,311 10,762 84,695 11,336 40,048 76,342 1,501 USD – – – – 30/09/2014 42,194,413 42,179,799 42,238,789 41,990,226 129,280 Managed Volatility Fund 14,614 15,251 23,720 58,990 43,739 94,624 USD 939 – – – – Lazard Global 31/03/2014 40,650,843 40,631,581 40,687,150 40,470,190 125,544 19,262 55,569 54,921 90,470 USD 648 646 300 – – – – The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements The EUR, asdisclosed theBalanceSheetexchangerate inthetotalcolumnat in Note 11. GBPandJPY subfundsaretranslated Net assetsattributabletoRedeemableParticipating shareholders costs Adjustment forwrite-offoforganisational Adjustment frombidmarketvaluetomid Net assetsattributabletoRedeemableParticipating shareholdersatbidvalue Total liabilities Financial fairvaluethroughprofitorloss liabilitiesat Expenses payable Payable forshares redeemed Payable forinvestments purchased Current Liabilities-amountsfalling duewithinoneyear Total currentassets Financial fairvaluethroughprofitorloss assetsat Other assets Subscriptions receivable Receivable forinvestmentssold Interest anddividendsreceivable bank Cash at Current Assets Balance (excluding netassetsattributabletoRedeemableParticipating shareholders) sheet Notes 12 30/09/2014 4,092,623 4,092,623 4,130,530 3,985,762 37,907 11,267 38,148 90,026 37,907 4,860 Lazard UKEquityFund GBP 467 – – – – – 31/03/2014 4,476,538 4,476,538 4,684,886 4,438,272 136,458 161,642 208,348 46,706 90,580 18,538 1,038 GBP – – – – – 399,089,471 399,089,471 842,673,939 437,475,537 841,583,523 443,584,468 Lazard JapaneseEquityFund 30/09/2014 6,108,931 292,825 797,591 JPY – – – – – – – 22,234,842,100 22,505,693,200 22,505,693,200 22,906,900,835 297,447,814 121,834,526 178,564,931 322,322,807 401,207,635 31/03/2014 28,151,902 50,732,926 73,890,290 321,174 JPY – – – Financial Statements Lazard Global ActiveFundsplc 3,658,397,811 3,658,397,811 3,663,630,090 3,607,633,906 30/09/2014 22,368,162 30,131,985 5,232,279 4,817,878 3,471,584 414,401 24,453 Strategic EquityFund JPY – – – – – Lazard Japanese 4,231,215,516 4,231,215,516 4,359,068,288 4,184,405,028 103,613,766 100,160,139 127,852,772 31/03/2014 11,888,148 13,291,636 34,599,467 26,606,776 3,991,679 8,359,179 5,242 JPY – – Lazard EuropeanEquityFund 30/09/2014 59,730,221 59,730,221 61,924,735 58,166,379 1,026,419 2,090,667 2,194,514 2,013,761 103,847 714,643 2,038 1,495 EUR – – – – 31/03/2014 61,472,281 61,472,281 62,141,766 59,822,460 542,910 479,122 669,485 126,575 164,133 734,682 940,134 1,235 EUR – – – – 30/09/2014 13,694,329 13,694,329 13,818,808 13,326,639 124,479 403,485 (continued) 92,573 50,612 31,906 37,450 European EquityFund EUR 622 – – – – – 31/03/2014 Lazard Pan 12,425,507 12,425,507 12,818,695 12,075,720 361,171 241,442 393,188 442,681 32,017 56,069 2,783 EUR – – – – – 30/09/2014 7,755,035 7,755,035 7,819,164 7,489,287 220,859 31,073 21,748 64,129 33,056 86,677 Period ended 30September2014 Strategic EquityFund USD 593 – – – – – Lazard Global 31/03/2014 3,864,173 3,864,173 3,948,868 3,626,674 233,589 33,311 10,762 11,336 84,695 40,048 76,342 1,501 USD – – – – 30/09/2014 42,194,413 42,179,799 42,238,789 41,990,226 129,280 Managed Volatility Fund 14,614 15,251 23,720 58,990 43,739 94,624 USD 939 – – – – Lazard Global 31/03/2014 40,650,843 40,631,581 40,687,150 40,470,190 125,544 19,262 55,569 54,921 90,470 USD 648 646 300 – – – –

45 Lazard Global Active Funds plc 46 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements Balance The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements The EUR, asdisclosed theBalanceSheetexchangerate inthetotalcolumnat in Note 11. GBPandJPY subfundsaretranslated Net assetsattributabletoRedeemableParticipating shareholders costs Adjustment forwrite-offoforganisational Adjustment frombidmarketvaluetomid Net assetsattributabletoRedeemableParticipating shareholdersatbidvalue Total liabilities Financial fairvaluethroughprofitorloss liabilitiesat Expenses payable Payable forshares redeemed Payable forinvestments purchased Current Liabilities-amountsfalling duewithinoneyear Total currentassets Financial fairvaluethroughprofitorloss assetsat Other assets Subscriptions receivable Receivable forinvestmentssold Interest anddividendsreceivable bank Cash at Current Assets (excluding netassetsattributabletoRedeemableParticipating shareholders) sheet (continued) (continued) Notes 12 339,911,081 339,911,081 346,216,904 338,021,794 30/09/2014 2,271,519 2,926,337 2,034,156 5,056,398 6,305,823 Infrastructure EquityFund 278,046 829,921 106,405 988,186 9,965 GBP Period ended 30September2014 Lazard GlobalListed – – 238,316,239 238,316,239 304,971,508 230,881,233 31/03/2014 61,261,377 60,482,756 66,655,269 1,179,473 4,745,471 3,439,440 8,580,356 247,569 807,093 2,009 GBP – – Lazard GlobalEquitySelectFund 30/09/2014 6,653,361 6,636,290 6,791,344 6,532,102 139,990 221,069 155,054 17,071 15,064 30,404 7,601 USD 168 – – – – 31/03/2014 5,302,010 5,281,431 5,317,108 5,267,056 17,286 20,579 18,391 43,023 35,677 6,834 USD 195 – – – – – 30/09/2014 9,145,594 9,121,916 9,135,332 8,703,211 305,504 23,678 13,416 11,688 75,000 13,772 33,341 1,728 4,504 USD Equity IncomeFund – – – Lazard Global 31/03/2014 6,463,565 6,436,977 6,461,074 6,279,372 10,241 11,023 26,588 24,097 13,856 72,493 88,678 9,508 USD – – – – 30/09/2014 8,622,618 8,622,618 8,764,431 8,313,741 Lazard GlobalTrend Fund 112,329 141,813 364,324 29,484 63,116 15,008 8,242 USD – – – – – 31/03/2014 9,016,205 9,016,205 9,351,403 8,963,185 306,281 335,198 314,050 12,022 28,917 43,435 18,711 USD – – – – – 30/09/2014 64,321,316 64,321,316 64,600,004 62,528,218 1,346,051 189,604 364,553 358,332 278,688 89,084 2,850 Global Ex-JapanFund USD – – – – – Lazard Thematic 145,976,295 145,976,295 146,124,694 139,978,452 31/03/2014 5,456,212 148,399 613,621 148,399 70,646 5,763 USD – – – – – – 1,056,579,277 1,056,579,277 1,060,059,328 1,036,520,978 Lazard ThematicGlobalFund 30/09/2014 16,823,833 2,397,066 1,082,985 4,413,508 2,246,995 3,480,051 54,014 USD – – – – – 1,303,308,480 1,303,308,480 1,304,851,345 1,256,844,029 31/03/2014 43,608,959 1,541,202 3,836,855 1,542,865 544,824 16,678 1,663 USD – – – – – Lazard EmergingWorld Fund 30/09/2014 24,640,739 24,640,739 24,726,910 24,299,539 411,549 19,784 10,096 56,291 86,171 3,345 7,711 4,766 USD – – – – 31/03/2014 25,045,664 25,045,664 25,127,825 24,834,435 266,849 17,047 70,267 82,161 9,626 2,268 1,974 7,520 USD – – – – The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements The EUR, asdisclosed theBalanceSheetexchangerate inthetotalcolumnat in Note 11. GBPandJPY subfundsaretranslated Net assetsattributabletoRedeemableParticipating shareholders costs Adjustment forwrite-offoforganisational Adjustment frombidmarketvaluetomid Net assetsattributabletoRedeemableParticipating shareholdersatbidvalue Total liabilities Financial fairvaluethroughprofitorloss liabilitiesat Expenses payable Payable forshares redeemed Payable forinvestments purchased Current Liabilities-amountsfalling duewithinoneyear Total currentassets Financial fairvaluethroughprofitorloss assetsat Other assets Subscriptions receivable Receivable forinvestmentssold Interest anddividendsreceivable bank Cash at Current Assets Balance (excluding netassetsattributabletoRedeemableParticipating shareholders) sheet (continued) Notes 12 339,911,081 339,911,081 346,216,904 338,021,794 30/09/2014 2,271,519 2,926,337 2,034,156 5,056,398 6,305,823 Infrastructure EquityFund 278,046 829,921 106,405 988,186 9,965 GBP Lazard GlobalListed – – 238,316,239 238,316,239 304,971,508 230,881,233 31/03/2014 61,261,377 60,482,756 66,655,269 1,179,473 4,745,471 3,439,440 8,580,356 247,569 807,093 2,009 GBP – – Lazard GlobalEquitySelectFund 30/09/2014 6,653,361 6,636,290 6,791,344 6,532,102 139,990 221,069 155,054 17,071 15,064 30,404 7,601 USD 168 – – – – 31/03/2014 5,302,010 5,281,431 5,317,108 5,267,056 17,286 20,579 18,391 43,023 35,677 6,834 USD 195 – – – – – Financial Statements Lazard Global ActiveFundsplc 30/09/2014 9,145,594 9,121,916 9,135,332 8,703,211 305,504 23,678 13,416 11,688 75,000 13,772 33,341 4,504 1,728 USD Equity IncomeFund – – – Lazard Global 31/03/2014 6,463,565 6,436,977 6,461,074 6,279,372 11,023 26,588 24,097 13,856 72,493 10,241 88,678 9,508 USD – – – – 30/09/2014 8,622,618 8,622,618 8,764,431 8,313,741 Lazard GlobalTrend Fund 141,813 112,329 364,324 29,484 63,116 15,008 8,242 USD – – – – – 31/03/2014 9,016,205 9,016,205 9,351,403 8,963,185 335,198 306,281 314,050 12,022 28,917 43,435 18,711 USD – – – – – 30/09/2014 64,321,316 64,321,316 64,600,004 62,528,218 1,346,051 278,688 364,553 358,332 189,604 (continued) 89,084 2,850 Global Ex-JapanFund USD – – – – – Lazard Thematic 145,976,295 145,976,295 146,124,694 139,978,452 31/03/2014 5,456,212 148,399 148,399 613,621 70,646 5,763 USD – – – – – – 1,056,579,277 1,056,579,277 1,060,059,328 1,036,520,978 Lazard ThematicGlobalFund 30/09/2014 16,823,833 3,480,051 1,082,985 4,413,508 2,246,995 2,397,066 54,014 Period ended 30September2014 USD – – – – – 1,303,308,480 1,303,308,480 1,304,851,345 1,256,844,029 31/03/2014 43,608,959 1,542,865 1,541,202 3,836,855 544,824 16,678 1,663 USD – – – – – Lazard EmergingWorld Fund 30/09/2014 24,640,739 24,640,739 24,726,910 24,299,539 411,549 19,784 86,171 56,291 10,096 3,345 7,711 4,766 USD – – – – 31/03/2014 25,045,664 25,045,664 25,127,825 24,834,435 266,849 17,047 82,161 70,267 9,626 1,974 7,520 2,268 USD – – – –

47 Lazard Global Active Funds plc 48 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements Balance The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements The EUR, asdisclosed theBalanceSheetexchangerate inthetotalcolumnat in Note 11. GBPandJPY subfundsaretranslated Net assetsattributabletoRedeemableParticipating shareholders costs Adjustment forwrite-offoforganisational Adjustment frombidmarketvaluetomid Net assetsattributabletoRedeemableParticipating shareholdersatbidvalue Total liabilities Financial fairvaluethroughprofitorloss liabilitiesat Expenses payable Payable forshares redeemed Payable forinvestments purchased Current Liabilities-amountsfalling duewithinoneyear Total currentassets Financial fairvaluethroughprofitorloss assetsat Other assets Subscriptions receivable Receivable forinvestmentssold Interest anddividendsreceivable bank Cash at Current Assets (excluding netassetsattributabletoRedeemableParticipating shareholders) sheet (continued) (continued) Notes 12 1,023,362,740 1,023,362,740 1,049,424,606 983,381,894 30/09/2014 25,018,702 54,197,155 26,061,866 1,019,436 3,597,529 5,373,748 2,838,904 23,728 35,376 USD Markets EquityFund Period ended 30September2014 – – – Lazard Emerging 741,263,415 769,522,346 769,522,346 772,154,476 31/03/2014 12,471,067 14,401,002 3,203,600 2,632,130 949,161 708,588 807,615 974,381 7,777 USD – – – 30/09/2014 64,956,177 65,692,970 65,680,405 65,749,109 Markets CoreEquityFund 728,549 55,747 12,565 68,704 68,704 8,636 USD – – – – – – Lazard Emerging 31/03/2014 52,987,354 53,533,023 53,516,449 53,584,358 127,019 401,640 66,971 16,574 67,909 67,909 1,374 USD – – – – – 388,654,221 388,654,221 389,118,872 371,887,048 30/09/2014 16,241,196 464,651 419,738 495,984 483,234 44,913 8,658 2,752 USD Markets EquityFund Lazard Developing – – – – 369,152,473 369,152,473 389,529,593 357,225,393 31/03/2014 19,936,741 20,377,120 17,156,794 5,066,468 9,815,585 436,852 262,925 3,527 2,428 USD – – – 30/09/2014 2,954,358 2,954,358 2,965,961 2,835,650 130,158 11,603 11,603 USD 60 93 Lazard MENAFund – – – – – – – 31/03/2014 2,606,899 2,606,899 2,732,406 2,393,377 125,507 225,391 97,480 13,571 28,027 97,225 2,842 USD – – – – – 30/09/2014 2,645,499 2,645,499 2,761,250 2,553,436 115,751 171,833 99,222 35,220 16,529 High QualityBondFund GBP 761 – – – – – – Lazard Sterling 31/03/2014 2,702,242 2,702,242 2,725,930 2,624,961 44,877 23,688 23,688 55,812 GBP 216 64 – – – – – – 30/09/2014 21,294,461 21,294,461 22,456,937 21,632,895 1,162,476 697,899 427,009 264,281 421,806 137,336 37,568 USD 619 Fixed IncomeFund – – – – Lazard Global 31/03/2014 19,054,966 19,054,966 19,594,001 18,919,852 236,399 256,210 304,738 539,035 216,303 152,441 46,426 USD 667 – – – – 3,413,580,652 3,413,512,724 3,463,052,929 3,322,854,405 110,744,438 30/09/2014 33,409,586 49,540,205 12,817,225 4,384,150 8,017,932 7,029,520 9,450,338 3,728,537 157,003 67,928 USD – Active Fundsplc 3,524,240,155 3,524,157,152 3,668,320,507 3,411,367,607 Lazard Global 102,163,618 122,913,045 144,163,355 31/03/2014 35,199,312 13,324,473 20,847,843 99,788,848 2,252,853 4,547,572 83,003 78,691 USD – The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements The EUR, asdisclosed theBalanceSheetexchangerate inthetotalcolumnat in Note 11. GBPandJPY subfundsaretranslated Net assetsattributabletoRedeemableParticipating shareholders costs Adjustment forwrite-offoforganisational Adjustment frombidmarketvaluetomid Net assetsattributabletoRedeemableParticipating shareholdersatbidvalue Total liabilities Financial fairvaluethroughprofitorloss liabilitiesat Expenses payable Payable forshares redeemed Payable forinvestments purchased Current Liabilities-amountsfalling duewithinoneyear Total currentassets Financial fairvaluethroughprofitorloss assetsat Other assets Subscriptions receivable Receivable forinvestmentssold Interest anddividendsreceivable bank Cash at Current Assets Balance (excluding netassetsattributabletoRedeemableParticipating shareholders) sheet (continued) Notes 12 1,023,362,740 1,023,362,740 1,049,424,606 983,381,894 30/09/2014 54,197,155 25,018,702 26,061,866 1,019,436 3,597,529 5,373,748 2,838,904 23,728 35,376 USD Markets EquityFund – – – Lazard Emerging 769,522,346 769,522,346 772,154,476 741,263,415 31/03/2014 12,471,067 14,401,002 3,203,600 2,632,130 949,161 807,615 708,588 974,381 7,777 USD – – – 30/09/2014 65,692,970 65,680,405 65,749,109 64,956,177 Markets CoreEquityFund 728,549 68,704 55,747 12,565 68,704 8,636 USD – – – – – – Lazard Emerging 31/03/2014 53,533,023 53,516,449 53,584,358 52,987,354 127,019 401,640 67,909 66,971 16,574 67,909 1,374 USD – – – – – Financial Statements Lazard Global ActiveFundsplc 388,654,221 388,654,221 389,118,872 371,887,048 30/09/2014 16,241,196 464,651 419,738 495,984 483,234 44,913 8,658 2,752 USD Markets EquityFund Lazard Developing – – – – 369,152,473 369,152,473 389,529,593 357,225,393 31/03/2014 19,936,741 20,377,120 17,156,794 5,066,468 9,815,585 436,852 262,925 3,527 2,428 USD – – – 30/09/2014 2,954,358 2,954,358 2,965,961 2,835,650 130,158 11,603 11,603 USD 60 93 Lazard MENAFund – – – – – – – 31/03/2014 2,606,899 2,606,899 2,732,406 2,393,377 125,507 225,391 97,480 13,571 28,027 97,225 2,842 USD – – – – – 30/09/2014 2,645,499 2,645,499 2,761,250 2,553,436 115,751 171,833 (continued) 99,222 35,220 16,529 High QualityBondFund GBP 761 – – – – – – Lazard Sterling 31/03/2014 2,702,242 2,702,242 2,725,930 2,624,961 23,688 44,877 23,688 55,812 GBP 216 64 – – – – – – 30/09/2014 21,294,461 21,294,461 22,456,937 21,632,895 1,162,476 697,899 427,009 264,281 421,806 137,336 37,568 Period ended 30September2014 USD 619 Fixed IncomeFund – – – – Lazard Global 31/03/2014 19,054,966 19,054,966 19,594,001 18,919,852 236,399 256,210 539,035 304,738 216,303 152,441 46,426 USD 667 – – – – 3,413,580,652 3,413,512,724 3,463,052,929 3,322,854,405 110,744,438 30/09/2014 33,409,586 49,540,205 12,817,225 8,017,932 4,384,150 7,029,520 9,450,338 3,728,537 157,003 67,928 USD – Active Fundsplc 3,524,240,155 3,524,157,152 3,668,320,507 3,411,367,607 Lazard Global 102,163,618 122,913,045 144,163,355 31/03/2014 35,199,312 13,324,473 20,847,843 99,788,848 2,252,853 4,547,572 83,003 78,691 USD –

49 Lazard Global Active Funds plc 50 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements Participating shareholders Closing netassetsattributabletoRedeemable Redeemable Participating sharesfromoperations toholdersof netassetsattributable (Decrease)/Increase in Anti-dilution levy - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Payment forRedeemableParticipating sharesredeemed - US$RetailCDistributingClass - US$Retail Class Accumulating - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingLClass - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional LClass Accumulating - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailCDistributingClass - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Proceeds fromRedeemableParticipating sharesissued Currency adjustment Participating shareholders toRedeemable Opening netassetsattributable Statement ofChangesinNetAssetsattributabletoRedeemableParticipating 30/09/2014 4,092,623 4,476,538 (328,625) (83,635) 26,739 1,606 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (continued) (4,878,829) 31/03/2014 4,476,538 8,491,405 557,739 306,223 Lazard UKEquityFund GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (4,465,126) 30/09/2013 4,660,810 8,491,405 401,085 233,446 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Period ended 30September2014 (21,676,962,440) (1,233,437,248) 22,505,693,200 (334,596,123) (207,472,622) (88,942,634) (14,795,674) 206,864,584 494,369,366 539,888,053 399,089,471 62,351,800 52,135,551 84,701,336 30/09/2014 8,588,516 695,023 8,783 JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (15,823,973,935) (1,149,473,527) 14,894,800,214 19,119,534,375 22,505,693,200 3,356,150,232 1,739,670,865 (392,915,410) 170,661,539 328,201,042 249,882,906 (3,411,497) 16,957,824 Lazard JapaneseEquityFund 31/03/2014 (391,428) JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (9,100,901,996) 19,119,534,375 22,552,434,626 3,139,732,849 9,038,678,970 (17,148,360) 170,661,539 201,877,249 30/09/2013 JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders 3,658,397,811 4,231,215,516 (568,564,767) (967,154,682) 260,125,812 699,978,875 30/09/2014 1,644,163 1,152,894 JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard JapaneseStrategicEquityFund 1,017,406,226 2,681,420,020 4,231,215,516 (91,603,638) 623,992,908 31/03/2014 JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 1,013,422,792 2,316,088,977 3,698,563,400 (13,096,525) 382,148,156 30/09/2013 JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (5,694,677) 59,730,221 61,472,281 30/09/2014 1,961,477 1,504,327 1,134,012 (459,163) (188,786) 750 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (27,433,584) 11,141,683 61,472,281 62,637,373 31/03/2014 1,893,436 3,957,955 1,000,000 9,359,032 (872,142) (211,472) Lazard EuropeanEquityFund EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (20,882,681) 58,641,847 62,637,373 30/09/2013 7,830,873 1,578,622 3,805,276 3,704,104 (24,812) (6,908) EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 13,694,329 12,425,507 30/09/2014 1,051,033 (733,392) (92,480) 206,756 109,485 709,124 18,296 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Pan EuropeanEquityFund 12,425,507 31/03/2014 4,403,597 6,000,000 1,896,340 (202,008) 264,591 62,987 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 1,913,971 1,896,340 (127,718) 140,880 4,469 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Participating shareholders Closing netassetsattributabletoRedeemable Redeemable Participating sharesfromoperations toholdersof netassetsattributable (Decrease)/Increase in Anti-dilution levy - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Payment forRedeemableParticipating sharesredeemed - US$RetailCDistributingClass - US$Retail Class Accumulating - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingLClass - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional LClass Accumulating - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailCDistributingClass - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Proceeds fromRedeemableParticipating sharesissued Currency adjustment Participating shareholders toRedeemable Opening netassetsattributable Statement ofChangesinNetAssetsattributabletoRedeemableParticipating 30/09/2014 4,092,623 4,476,538 (328,625) (83,635) 26,739 1,606 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (4,878,829) 31/03/2014 4,476,538 8,491,405 557,739 306,223 Lazard UKEquityFund GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (4,465,126) 30/09/2013 4,660,810 8,491,405 401,085 233,446 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (21,676,962,440) (1,233,437,248) 22,505,693,200 (334,596,123) (207,472,622) (88,942,634) (14,795,674) 206,864,584 494,369,366 399,089,471 539,888,053 62,351,800 52,135,551 84,701,336 30/09/2014 8,588,516 695,023 8,783 JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (15,823,973,935) (1,149,473,527) 19,119,534,375 22,505,693,200 14,894,800,214 3,356,150,232 1,739,670,865 (392,915,410) 170,661,539 328,201,042 249,882,906 (3,411,497) 16,957,824 Lazard JapaneseEquityFund 31/03/2014 (391,428) JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (9,100,901,996) 19,119,534,375 22,552,434,626 3,139,732,849 9,038,678,970 (17,148,360) 170,661,539 201,877,249 30/09/2013 JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders Financial Statements Lazard Global ActiveFundsplc 3,658,397,811 4,231,215,516 (967,154,682) (568,564,767) 260,125,812 699,978,875 30/09/2014 1,152,894 1,644,163 JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard JapaneseStrategicEquityFund 1,017,406,226 2,681,420,020 4,231,215,516 (91,603,638) 623,992,908 31/03/2014 JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 1,013,422,792 2,316,088,977 3,698,563,400 (13,096,525) 382,148,156 30/09/2013 JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (5,694,677) 61,472,281 59,730,221 30/09/2014 1,504,327 1,961,477 1,134,012 (459,163) (188,786) 750 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (continued) (27,433,584) 11,141,683 62,637,373 61,472,281 31/03/2014 1,893,436 3,957,955 1,000,000 9,359,032 (872,142) (211,472) Lazard EuropeanEquityFund EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (20,882,681) 62,637,373 58,641,847 30/09/2013 7,830,873 1,578,622 3,805,276 3,704,104 (24,812) (6,908) EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Period ended 30September2014 12,425,507 13,694,329 30/09/2014 1,051,033 (733,392) (92,480) 109,485 206,756 709,124 18,296 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Pan EuropeanEquityFund 12,425,507 31/03/2014 4,403,597 6,000,000 1,896,340 (202,008) 264,591 62,987 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 1,896,340 1,913,971 (127,718) 140,880 4,469 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

51 Lazard Global Active Funds plc 52 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements thepreviousyearendclosing at which aretranslated exchangerate. asdisclosed exchangerate The EUR, inNote11withtheexceptionofopeningnetassets theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated Closing sharesinissue - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares redeemedduringtheperiod - US$RetailCDistributingClass - US$Retail Class Accumulating - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingLClass - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional LClass Accumulating - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailCDistributingClass - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares issuedduringtheperiod Opening sharesinissue Redeemable Participating sharetransactions Statement ofChangesinNetAssetsattributabletoRedeemableParticipating 30/09/2014 1,858,075 1,991,707 (146,361) 12,010 719 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (continued) (2,234,990) 31/03/2014 1,991,707 4,079,932 146,765 Lazard UKEquityFund GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (2,051,055) 30/09/2013 2,142,766 4,079,932 113,889 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Period ended 30September2014 (243,845,992) (14,937,180) 254,569,291 (4,521,501) (2,899,065) 30/09/2014 1,702,426 1,011,529 5,693,723 6,763,296 (211,802) (73,592) 101,259 43,808 8,652 JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (189,104,802) (12,623,849) 254,569,291 182,535,438 247,899,877 19,410,972 Lazard JapaneseEquityFund 31/03/2014 3,549,797 2,903,555 (320,549) (39,825) 213,150 150,017 (4,490) JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (112,252,338) 252,186,996 113,970,592 247,899,877 30/09/2013 2,432,779 (13,931) 150,017 JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) (10,041,235) 10,212,171 30/09/2014 (27,948) 192,060 36,854 12,218 JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard JapaneseStrategicEquityFund 10,044,786 10,212,171 31/03/2014 172,181 (4,796) JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 10,007,283 10,159,479 30/09/2013 152,983 (787) JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (2,371,261) 27,575,859 27,784,391 30/09/2014 2,104,667 (491,533) (77,559) 626,840 314 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (12,649,777) 27,784,391 31,619,035 31/03/2014 2,350,349 1,781,090 5,218,470 (944,338) Lazard EuropeanEquityFund (89,181) 498,743 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (9,820,017) 29,210,907 31,619,035 30/09/2013 1,987,885 1,714,477 3,743,693 (31,086) (3,080) EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 12,839,816 11,821,940 30/09/2014 1,459,660 (671,702) (69,154) 198,860 81,963 18,249 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Pan EuropeanEquityFund 11,821,940 31/03/2014 4,320,057 6,000,000 1,615,871 (164,773) 50,785 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 1,512,652 1,615,871 (106,887) 3,668 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements thepreviousyearendclosing at which aretranslated exchangerate. asdisclosed exchangerate The EUR, inNote11withtheexceptionofopeningnetassets theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated Closing sharesinissue - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares redeemedduringtheperiod - US$RetailCDistributingClass - US$Retail Class Accumulating - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingLClass - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional LClass Accumulating - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailCDistributingClass - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares issuedduringtheperiod Opening sharesinissue Redeemable Participating sharetransactions Statement ofChangesinNetAssetsattributabletoRedeemableParticipating 30/09/2014 1,858,075 1,991,707 (146,361) 12,010 719 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (2,234,990) 31/03/2014 1,991,707 4,079,932 146,765 Lazard UKEquityFund GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (2,051,055) 30/09/2013 2,142,766 4,079,932 113,889 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (243,845,992) (14,937,180) 254,569,291 (4,521,501) (2,899,065) 30/09/2014 1,011,529 5,693,723 1,702,426 6,763,296 (211,802) (73,592) 101,259 43,808 8,652 JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (189,104,802) (12,623,849) 254,569,291 182,535,438 247,899,877 19,410,972 Lazard JapaneseEquityFund 31/03/2014 3,549,797 2,903,555 (320,549) (39,825) 150,017 213,150 (4,490) JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (112,252,338) 252,186,996 113,970,592 247,899,877 30/09/2013 2,432,779 (13,931) 150,017 JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) Financial Statements Lazard Global ActiveFundsplc (10,041,235) 10,212,171 30/09/2014 (27,948) 192,060 36,854 12,218 JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard JapaneseStrategicEquityFund 10,044,786 10,212,171 31/03/2014 172,181 (4,796) JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 10,007,283 10,159,479 30/09/2013 152,983 (787) JPY – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (2,371,261) 27,575,859 27,784,391 30/09/2014 2,104,667 (491,533) (77,559) 626,840 314 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (continued) (12,649,777) 27,784,391 31,619,035 31/03/2014 5,218,470 2,350,349 1,781,090 (944,338) Lazard EuropeanEquityFund (89,181) 498,743 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (9,820,017) 29,210,907 31,619,035 30/09/2013 3,743,693 1,987,885 1,714,477 (31,086) (3,080) EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Period ended 30September2014 12,839,816 11,821,940 30/09/2014 1,459,660 (671,702) (69,154) 198,860 81,963 18,249 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard Pan EuropeanEquityFund 11,821,940 31/03/2014 4,320,057 6,000,000 1,615,871 (164,773) 50,785 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 1,512,652 1,615,871 (106,887) 3,668 EUR – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

53 Lazard Global Active Funds plc 54 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements Redeemable Participating sharesfromoperations toholdersof netassetsattributable Increase/(Decrease) in Participating shareholders Closing netassetsattributabletoRedeemable Anti-dilution levy - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Payment forRedeemableParticipating sharesredeemed - US$RetailCDistributingClass - US$Retail Class Accumulating - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingLClass - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional LClass Accumulating - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailCDistributingClass - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Proceeds fromRedeemableParticipating sharesissued Currency adjustment Participating shareholders toRedeemable Opening netassetsattributable Statement ofChangesinNetAssetsattributabletoRedeemableParticipating 30/09/2014 7,755,035 4,291,125 3,864,173 (488,871) 88,608 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (continued) Lazard GlobalStrategicEquityFund (137,627,772) 113,076,029 (1,565,422) (8,010,454) 36,772,469 31/03/2014 3,864,173 1,522,585 (646,581) 343,319 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (137,545,611) 113,076,029 (1,023,792) (8,010,454) 36,772,050 30/09/2013 5,121,512 1,522,585 (12,614) 343,319 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Period ended 30September2014 42,194,413 40,650,843 30/09/2014 1,493,544 50,026 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalManagedVolatility Fund (5,232,731) 40,650,843 38,252,924 31/03/2014 4,835,845 2,794,805 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 41,372,964 38,204,186 30/09/2013 1,014,580 2,794,805 (640,607) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) (14,418,500) 339,911,081 238,316,239 (7,845,150) (3,388,690) (2,459,463) 13,590,276 43,688,388 26,842,263 19,630,969 30/09/2014 9,481,256 6,906,318 9,602,214 (35,039) Lazard GlobalListedInfrastructureEquityFund GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (95,438,772) 238,316,239 116,206,372 (3,696,421) 35,214,061 85,433,004 68,142,905 16,951,580 31/03/2014 7,118,503 8,916,191 (149,796) (421,596) (2,173) 42,381 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (16,927,823) 164,434,359 116,206,372 11,314,172 36,053,981 30/09/2013 4,395,244 8,145,717 5,622,711 (134,672) (766,148) 482,424 42,381 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2014 6,653,361 1,289,999 5,302,010 61,352 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,344,650) Lazard GlobalEquitySelectFund 31/03/2014 5,302,010 5,896,204 716,918 33,538 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 5,913,828 5,896,204 (396,990) 381,076 33,538 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalEquityIncomeFund 30/09/2014 9,145,594 2,427,550 6,463,565 (229,383) (94,664) (49,230) (29,071) 339,042 153,675 30,000 76,407 57,703 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 6,463,565 1,006,600 4,465,284 1,000,000 (111,467) 103,148 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Participating shareholders Closing netassetsattributabletoRedeemable Redeemable Participating sharesfromoperations toholdersof netassetsattributable Increase/(Decrease) in Anti-dilution levy - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Payment forRedeemableParticipating sharesredeemed - US$RetailCDistributingClass - US$Retail Class Accumulating - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingLClass - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional LClass Accumulating - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailCDistributingClass - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Proceeds fromRedeemableParticipating sharesissued Currency adjustment Participating shareholders toRedeemable Opening netassetsattributable Statement ofChangesinNetAssetsattributabletoRedeemableParticipating 30/09/2014 7,755,035 4,291,125 3,864,173 (488,871) 88,608 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalStrategicEquityFund (137,627,772) 113,076,029 (1,565,422) (8,010,454) 36,772,469 31/03/2014 3,864,173 1,522,585 (646,581) 343,319 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (137,545,611) 113,076,029 (1,023,792) (8,010,454) 36,772,050 30/09/2013 5,121,512 1,522,585 (12,614) 343,319 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 42,194,413 40,650,843 30/09/2014 1,493,544 50,026 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalManagedVolatility Fund (5,232,731) 40,650,843 38,252,924 31/03/2014 4,835,845 2,794,805 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 41,372,964 38,204,186 30/09/2013 1,014,580 2,794,805 (640,607) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) Financial Statements Lazard Global ActiveFundsplc (14,418,500) 238,316,239 339,911,081 (7,845,150) (3,388,690) (2,459,463) 13,590,276 43,688,388 26,842,263 19,630,969 30/09/2014 9,481,256 6,906,318 9,602,214 (35,039) Lazard GlobalListedInfrastructureEquityFund GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (95,438,772) 116,206,372 238,316,239 (3,696,421) 35,214,061 85,433,004 68,142,905 16,951,580 31/03/2014 8,916,191 7,118,503 (149,796) (421,596) (2,173) 42,381 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (16,927,823) 116,206,372 164,434,359 11,314,172 36,053,981 30/09/2013 5,622,711 4,395,244 8,145,717 (134,672) (766,148) 482,424 42,381 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2014 1,289,999 5,302,010 6,653,361 61,352 (continued) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,344,650) Lazard GlobalEquitySelectFund 31/03/2014 5,896,204 5,302,010 716,918 33,538 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Period ended 30September2014 30/09/2013 5,896,204 5,913,828 (396,990) 381,076 33,538 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalEquityIncomeFund 30/09/2014 2,427,550 6,463,565 9,145,594 (229,383) (94,664) (49,230) (29,071) 339,042 153,675 30,000 76,407 57,703 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 1,006,600 4,465,284 1,000,000 6,463,565 (111,467) 103,148 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

55 Lazard Global Active Funds plc 56 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements January 2014. * LazardGlobalEquityIncomeFundlaunched on2January areanintegralpartofthesefinancialstatements. The notestothefinancialstatements thepreviousyearendclosing at which aretranslated exchangerate. asdisclosed exchangerate The EUR, inNote11withtheexceptionofopeningnetassets theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated Closing sharesinissue - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares redeemedduringtheperiod - US$RetailCDistributingClass - US$Retail Class Accumulating - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingLClass - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional LClass Accumulating - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailCDistributingClass - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares issuedduringtheperiod Statement ofChangesinNetAssetsattributabletoRedeemableParticipating Opening sharesinissue Redeemable Participating sharetransactions 30/09/2014 (43,404) 686,831 384,950 345,285 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (continued) Lazard GlobalStrategicEquityFund (13,852,187) 10,984,680 31/03/2014 3,642,195 (138,664) (443,744) 345,285 153,005 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (13,844,264) 10,984,680 30/09/2013 3,642,153 (443,744) 490,588 153,005 (1,242) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Period ended 30September2014 30/09/2014 289,453 289,104 349 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalManagedVolatility Fund 31/03/2014 (38,954) 289,104 305,558 22,500 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 322,333 305,188 (5,355) 22,500 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) (12,145,934) 281,583,287 204,715,504 (7,242,185) (2,795,226) (2,061,000) 12,257,300 36,978,006 22,261,460 16,047,613 30/09/2014 5,846,469 7,749,404 (28,124) Lazard GlobalListedInfrastructureEquityFund GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (85,518,924) 204,715,504 122,297,757 (3,341,246) 82,322,109 58,738,646 15,273,241 31/03/2014 7,142,184 8,325,149 (152,090) (369,521) (1,801) GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (16,678,414) 158,888,914 122,297,757 36,285,613 30/09/2013 4,452,105 7,516,982 5,404,781 (137,920) (737,496) 485,506 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2014 55,325 10,721 44,604 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalEquitySelectFund 31/03/2014 (11,683) 44,604 55,977 310 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 (3,604) 52,683 55,977 310 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalEquityIncomeFund* 30/09/2014 61,959 14,192 43,254 3,416 1,135 (551) (380) (173) 294 445 327 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 43,254 10,068 27,833 6,038 (685) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – January 2014. * LazardGlobalEquityIncomeFundlaunched on2January areanintegralpartofthesefinancialstatements. The notestothefinancialstatements thepreviousyearendclosing at which aretranslated exchangerate. asdisclosed exchangerate The EUR, inNote11withtheexceptionofopeningnetassets theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated Closing sharesinissue - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares redeemedduringtheperiod - US$RetailCDistributingClass - US$Retail Class Accumulating - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingLClass - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional LClass Accumulating - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailCDistributingClass - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares issuedduringtheperiod Opening sharesinissue Redeemable Participating sharetransactions Statement ofChangesinNetAssetsattributabletoRedeemableParticipating 30/09/2014 (43,404) 686,831 384,950 345,285 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalStrategicEquityFund (13,852,187) 10,984,680 31/03/2014 3,642,195 (138,664) (443,744) 345,285 153,005 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (13,844,264) 10,984,680 30/09/2013 3,642,153 (443,744) 490,588 153,005 (1,242) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2014 289,453 289,104 349 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalManagedVolatility Fund 31/03/2014 (38,954) 289,104 305,558 22,500 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 322,333 305,188 (5,355) 22,500 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) Financial Statements Lazard Global ActiveFundsplc (12,145,934) 204,715,504 281,583,287 (7,242,185) (2,795,226) (2,061,000) 12,257,300 36,978,006 22,261,460 16,047,613 30/09/2014 5,846,469 7,749,404 (28,124) Lazard GlobalListedInfrastructureEquityFund GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (85,518,924) 122,297,757 204,715,504 (3,341,246) 82,322,109 58,738,646 15,273,241 31/03/2014 8,325,149 7,142,184 (152,090) (369,521) (1,801) GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (16,678,414) 122,297,757 158,888,914 36,285,613 30/09/2013 5,404,781 4,452,105 7,516,982 (137,920) (737,496) 485,506 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2014 10,721 44,604 55,325 (continued) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalEquitySelectFund 31/03/2014 (11,683) 55,977 44,604 310 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Period ended 30September2014 30/09/2013 (3,604) 55,977 52,683 310 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalEquityIncomeFund* 30/09/2014 14,192 43,254 61,959 3,416 1,135 (551) (380) (173) 445 294 327 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 10,068 27,833 43,254 6,038 (685) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

57 Lazard Global Active Funds plc 58 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Payment forRedeemableParticipating sharesredeemed - US$RetailCDistributingClass - US$Retail Class Accumulating - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingLClass - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional LClass Accumulating - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailCDistributingClass - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Proceeds fromRedeemableParticipating sharesissued Currency adjustment Participating shareholders toRedeemable Opening netassetsattributable Participating shareholders Closing netassetsattributabletoRedeemable Redeemable Participating sharesfromoperations toholdersof netassetsattributable Increase/(Decrease) in Anti-dilution levy - US$RetailCDistributingClass Statement ofChangesinNetAssetsattributabletoRedeemableParticipating 30/09/2014 9,016,205 8,622,618 (466,446) 72,859 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (continued) (8,931,603) 15,874,009 31/03/2014 1,689,871 9,016,205 383,928 Lazard GlobalTrend Fund USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (3,922,237) 15,874,009 12,872,500 30/09/2013 536,800 383,928 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Period ended 30September2014 (87,020,754) 145,976,295 64,321,316 30/09/2014 4,632,609 650,600 82,566 USD Lazard ThematicGlobalEx-JapanFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (428,694,253) 542,074,261 145,976,295 25,548,947 31/03/2014 6,714,554 332,786 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (300,766,367) 542,074,261 255,494,662 30/09/2013 9,557,840 4,417,619 211,309 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) 1,056,579,277 1,303,308,480 (180,237,961) (113,317,993) (1,162,189) 36,137,652 30/09/2014 7,866,881 2,601,851 1,382,556 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 1,303,308,480 2,201,749,288 (607,992,199) (506,604,701) 174,351,325 (1,728,772) 25,614,759 14,489,284 31/03/2014 3,429,496 Lazard ThematicGlobalFund USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 1,661,071,640 2,201,749,288 (254,325,038) (389,307,555) 14,472,478 77,659,202 30/09/2013 7,407,012 3,429,496 (13,243) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,785,313) 24,640,739 25,045,664 30/09/2014 1,196,333 (659,352) 478,077 358,708 (4,280) 6,192 4,710 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (4,765,997) (2,101,814) 25,045,664 31,893,712 31/03/2014 (658,146) Lazard EmergingWorld Fund 609,492 68,417 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (2,608,484) (1,840,071) 27,392,718 31,893,712 30/09/2013 (354,008) 264,165 37,404 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 1,023,362,740 (23,462,020) (65,941,417) (20,266,652) 249,524,881 769,522,346 (1,621,503) (1,482,543) 12,069,907 25,172,312 52,962,207 12,400,828 30/09/2014 8,079,772 6,037,837 (25,243) 380,000 12,028 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard EmergingMarketsEquityFund (469,515,541) (26,999,581) (27,189,061) 158,537,087 214,474,937 769,522,346 826,203,019 (6,176,642) 14,689,546 54,435,088 30,837,039 31/03/2014 1,280,118 (584,231) (469,432) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (134,093,888) (16,001,928) 133,043,332 109,417,810 955,177,529 826,203,019 (2,483,791) 21,601,009 13,685,743 30/09/2013 3,829,216 (30,671) (95,664) 103,342 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Participating shareholders Closing netassetsattributabletoRedeemable Redeemable Participating sharesfromoperations toholdersof netassetsattributable Increase/(Decrease) in Anti-dilution levy - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Payment forRedeemableParticipating sharesredeemed - US$RetailCDistributingClass - US$Retail Class Accumulating - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingLClass - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional LClass Accumulating - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailCDistributingClass - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Proceeds fromRedeemableParticipating sharesissued Currency adjustment Participating shareholders toRedeemable Opening netassetsattributable Statement ofChangesinNetAssetsattributabletoRedeemableParticipating 30/09/2014 8,622,618 9,016,205 (466,446) 72,859 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (8,931,603) 15,874,009 31/03/2014 1,689,871 9,016,205 383,928 Lazard GlobalTrend Fund USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (3,922,237) 12,872,500 15,874,009 30/09/2013 536,800 383,928 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (87,020,754) 145,976,295 64,321,316 30/09/2014 4,632,609 650,600 82,566 USD Lazard ThematicGlobalEx-JapanFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (428,694,253) 145,976,295 542,074,261 25,548,947 31/03/2014 6,714,554 332,786 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (300,766,367) 255,494,662 542,074,261 30/09/2013 9,557,840 4,417,619 211,309 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) Financial Statements Lazard Global ActiveFundsplc 1,056,579,277 1,303,308,480 (180,237,961) (113,317,993) (1,162,189) 36,137,652 30/09/2014 7,866,881 2,601,851 1,382,556 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 1,303,308,480 2,201,749,288 (607,992,199) (506,604,701) 174,351,325 (1,728,772) 25,614,759 14,489,284 31/03/2014 3,429,496 Lazard ThematicGlobalFund USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 1,661,071,640 2,201,749,288 (254,325,038) (389,307,555) 77,659,202 14,472,478 30/09/2013 3,429,496 7,407,012 (13,243) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,785,313) 24,640,739 25,045,664 30/09/2014 1,196,333 (659,352) 478,077 358,708 (4,280) 6,192 4,710 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (continued) (4,765,997) (2,101,814) 25,045,664 31,893,712 31/03/2014 (658,146) Lazard EmergingWorld Fund 609,492 68,417 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (2,608,484) (1,840,071) 27,392,718 31,893,712 30/09/2013 (354,008) 264,165 37,404 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Period ended 30September2014 1,023,362,740 (23,462,020) (65,941,417) (20,266,652) 249,524,881 769,522,346 (1,621,503) (1,482,543) 52,962,207 12,069,907 25,172,312 12,400,828 30/09/2014 8,079,772 6,037,837 (25,243) 380,000 12,028 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard EmergingMarketsEquityFund (469,515,541) (26,999,581) (27,189,061) 214,474,937 158,537,087 769,522,346 826,203,019 (6,176,642) 14,689,546 54,435,088 30,837,039 31/03/2014 1,280,118 (584,231) (469,432) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (134,093,888) (16,001,928) 109,417,810 133,043,332 955,177,529 826,203,019 (2,483,791) 21,601,009 13,685,743 30/09/2013 3,829,216 (95,664) (30,671) 103,342 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

59 Lazard Global Active Funds plc 60 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements Statement ofChangesinNetAssetsattributabletoRedeemableParticipating The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements thepreviousyearendclosing at which aretranslated exchangerate. asdisclosed exchangerate The EUR, inNote11withtheexceptionofopeningnetassets theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated Closing sharesinissue - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares redeemedduringtheperiod - US$RetailCDistributingClass - US$Retail Class Accumulating - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingLClass - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional LClass Accumulating - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailCDistributingClass - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares issuedduringtheperiod Opening sharesinissue Redeemable Participating sharetransactions 30/09/2014 (3,470) 62,765 66,235 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (continued) 31/03/2014 (70,005) 132,990 66,235 Lazard GlobalTrend Fund 3,250 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 (32,700) 132,990 103,540 3,250 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Period ended 30September2014 30/09/2014 (423,247) 732,023 312,047 3,271 USD Lazard ThematicGlobalEx-JapanFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (2,352,758) 31/03/2014 3,047,630 732,023 37,151 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,682,222) 30/09/2013 3,047,630 1,390,046 24,638 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) 30/09/2014 5,743,647 7,306,330 (991,508) (629,176) (6,435) 42,551 14,231 7,654 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (3,583,724) (3,050,221) 13,688,355 31/03/2014 7,306,330 Lazard ThematicGlobalFund 154,064 (9,694) 21,307 86,243 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,565,320) (2,382,190) 13,688,355 30/09/2013 9,896,171 88,658 21,307 45,443 (82) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2014 (23,622) (66,546) 979,927 920,071 16,790 13,507 (164) 179 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 1,160,056 (179,794) Lazard EmergingWorld Fund (25,529) 979,927 22,555 2,639 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 1,160,056 1,059,399 (97,986) (13,856) 9,706 1,479 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (20,619,770) (1,447,212) 10,728,402 14,135,579 85,218,883 99,671,957 30/09/2014 7,014,962 3,399,199 1,956,885 (827,864) (500,479) (144,448) (14,970) 380,000 392,717 USD 73 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard EmergingMarketsEquityFund (4,039,980) (6,213,868) 14,196,251 52,304,759 19,427,802 85,218,883 31/03/2014 1,843,455 1,277,283 6,672,010 (563,488) (298,824) (219,843) 833,326 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,162,095) 20,532,946 40,525,754 30/09/2013 3,823,131 8,733,642 1,064,518 6,672,010 (28,745) (19,382) (89,766) 935,138 64,357 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements thepreviousyearendclosing at which aretranslated exchangerate. asdisclosed exchangerate The EUR, inNote11withtheexceptionofopeningnetassets theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated Closing sharesinissue - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares redeemedduringtheperiod - US$RetailCDistributingClass - US$Retail Class Accumulating - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingLClass - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional LClass Accumulating - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailCDistributingClass - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares issuedduringtheperiod Opening sharesinissue Redeemable Participating sharetransactions Statement ofChangesinNetAssetsattributabletoRedeemableParticipating 30/09/2014 (3,470) 62,765 66,235 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 (70,005) 132,990 66,235 Lazard GlobalTrend Fund 3,250 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 (32,700) 103,540 132,990 3,250 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2014 (423,247) 312,047 732,023 3,271 USD Lazard ThematicGlobalEx-JapanFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (2,352,758) 31/03/2014 3,047,630 732,023 37,151 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,682,222) 30/09/2013 1,390,046 3,047,630 24,638 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) Financial Statements Lazard Global ActiveFundsplc 30/09/2014 7,306,330 5,743,647 (991,508) (629,176) (6,435) 42,551 14,231 7,654 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (3,583,724) (3,050,221) 13,688,355 31/03/2014 7,306,330 Lazard ThematicGlobalFund 154,064 (9,694) 21,307 86,243 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,565,320) (2,382,190) 13,688,355 30/09/2013 9,896,171 88,658 21,307 45,443 (82) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2014 (23,622) (66,546) 979,927 920,071 16,790 13,507 (164) 179 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (continued) 31/03/2014 1,160,056 (179,794) Lazard EmergingWorld Fund (25,529) 979,927 22,555 2,639 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 1,160,056 1,059,399 (97,986) (13,856) 9,706 1,479 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Period ended 30September2014 (20,619,770) (1,447,212) 10,728,402 14,135,579 85,218,883 99,671,957 30/09/2014 1,956,885 7,014,962 3,399,199 (827,864) (500,479) (144,448) (14,970) 392,717 380,000 USD 73 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard EmergingMarketsEquityFund (6,213,868) (4,039,980) 14,196,251 52,304,759 19,427,802 85,218,883 31/03/2014 1,843,455 1,277,283 6,672,010 (563,488) (298,824) (219,843) 833,326 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,162,095) 20,532,946 40,525,754 30/09/2013 1,064,518 3,823,131 8,733,642 6,672,010 (89,766) (28,745) (19,382) 935,138 64,357 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

61 Lazard Global Active Funds plc 62 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Payment forRedeemableParticipating sharesredeemed - US$RetailCDistributingClass - US$Retail Class Accumulating - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingLClass - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional LClass Accumulating - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailCDistributingClass - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Proceeds fromRedeemableParticipating sharesissued Currency adjustment Participating shareholders toRedeemable Opening netassetsattributable Participating shareholders Closing netassetsattributabletoRedeemable Redeemable Participating sharesfromoperations toholdersof netassetsattributable Increase/(Decrease) in Anti-dilution levy - US$RetailCDistributingClass Statement ofChangesinNetAssetsattributabletoRedeemableParticipating (3,188,415) 13,300,000 53,533,023 65,692,970 30/09/2014 1,518,219 521,534 Lazard EmergingMarketsCoreEquityFund 8,609 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (continued) 48,034,119 53,533,023 31/03/2014 1,189,522 3,073,068 1,236,314 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 3,073,068 2,941,757 (131,311) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Period ended 30September2014 (13,801,243) 369,152,473 388,654,221 (9,853,843) (2,271,610) (5,958,772) 10,316,770 27,694,306 12,114,070 30/09/2014 1,778,930 (334,648) (904,160) (25,764) 669,036 78,676 USD Lazard DevelopingMarketsEquityFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (25,090,900) (39,004,015) (22,521,165) 297,071,035 369,152,473 (1,797,106) (8,089,426) (4,626,493) 58,580,065 75,652,170 11,385,739 14,496,368 31/03/2014 6,480,593 7,271,843 (646,610) (62,911) 53,286 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (20,307,266) (33,997,672) (10,597,039) 297,071,035 360,672,280 (8,089,426) (2,974,790) 48,796,019 59,305,326 11,305,103 13,410,126 30/09/2013 3,289,092 3,670,526 (250,522) (11,518) 53,286 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) 30/09/2014 2,954,358 2,606,899 347,459 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 2,000,000 2,606,899 606,899 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard MENAFund 30/09/2013 2,000,000 2,141,965 141,965 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2014 2,702,242 2,645,499 (114,283) (52,803) 26,592 83,751 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard SterlingHighQualityBondFund 31/03/2014 3,439,135 2,702,242 (155,481) (522,566) (126,418) 67,572 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 3,439,135 2,928,139 (424,731) (121,484) 35,219 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,095,623) (1,062,307) 19,054,966 21,294,461 30/09/2014 4,456,585 (60,735) 1,575 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalFixedIncomeFund (2,407,161) 19,903,187 19,054,966 31/03/2014 1,914,346 (360,873) (818,687) 290,146 491,288 42,720 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,368,824) 19,903,187 20,167,081 30/09/2013 1,505,551 (277,161) 290,146 20,713 93,469 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Participating shareholders Closing netassetsattributabletoRedeemable Redeemable Participating sharesfromoperations toholdersof netassetsattributable Increase/(Decrease) in Anti-dilution levy - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Payment forRedeemableParticipating sharesredeemed - US$RetailCDistributingClass - US$Retail Class Accumulating - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingLClass - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional LClass Accumulating - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailCDistributingClass - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Proceeds fromRedeemableParticipating sharesissued Currency adjustment Participating shareholders toRedeemable Opening netassetsattributable Statement ofChangesinNetAssetsattributabletoRedeemableParticipating (3,188,415) 65,692,970 13,300,000 53,533,023 30/09/2014 1,518,219 521,534 Lazard EmergingMarketsCoreEquityFund 8,609 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 53,533,023 48,034,119 31/03/2014 1,189,522 1,236,314 3,073,068 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 2,941,757 3,073,068 (131,311) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (13,801,243) 388,654,221 369,152,473 (9,853,843) (5,958,772) (2,271,610) 10,316,770 27,694,306 12,114,070 30/09/2014 1,778,930 (334,648) (904,160) (25,764) 669,036 78,676 USD Lazard DevelopingMarketsEquityFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (25,090,900) (39,004,015) (22,521,165) 369,152,473 297,071,035 (4,626,493) (1,797,106) (8,089,426) 58,580,065 75,652,170 14,496,368 11,385,739 31/03/2014 6,480,593 7,271,843 (646,610) (62,911) 53,286 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (20,307,266) (33,997,672) (10,597,039) 360,672,280 297,071,035 (2,974,790) (8,089,426) 48,796,019 59,305,326 13,410,126 11,305,103 30/09/2013 3,289,092 3,670,526 (250,522) (11,518) 53,286 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) Financial Statements Lazard Global ActiveFundsplc 30/09/2014 2,606,899 2,954,358 347,459 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 2,000,000 2,606,899 606,899 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard MENAFund 30/09/2013 2,000,000 2,141,965 141,965 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2014 2,702,242 2,645,499 (114,283) (52,803) 26,592 83,751 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard SterlingHighQualityBondFund (continued) 31/03/2014 3,439,135 2,702,242 (155,481) (522,566) (126,418) 67,572 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 3,439,135 2,928,139 (424,731) (121,484) 35,219 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Period ended 30September2014 (1,095,623) (1,062,307) 19,054,966 21,294,461 30/09/2014 4,456,585 (60,735) 1,575 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalFixedIncomeFund (2,407,161) 19,903,187 19,054,966 31/03/2014 1,914,346 (360,873) (818,687) 290,146 491,288 42,720 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,368,824) 19,903,187 20,167,081 30/09/2013 1,505,551 (277,161) 290,146 20,713 93,469 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

63 Lazard Global Active Funds plc 64 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements Statement ofChangesinNetAssetsattributabletoRedeemableParticipating The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements thepreviousyearendclosing at which aretranslated exchangerate. asdisclosed exchangerate The EUR, inNote11withtheexceptionofopeningnetassets theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated Closing sharesinissue - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares redeemedduringtheperiod - US$RetailCDistributingClass - US$Retail Class Accumulating - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingLClass - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional LClass Accumulating - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailCDistributingClass - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares issuedduringtheperiod Opening sharesinissue Redeemable Participating sharetransactions 30/09/2014 (30,000) 499,828 133,000 391,922 Lazard EmergingMarketsCoreEquityFund 4,906 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (continued) 31/03/2014 349,750 391,922 12,172 30,000 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 30,000 30,000 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Period ended 30September2014 (1,199,477) 32,948,520 34,969,621 30/09/2014 1,075,514 1,841,375 1,024,557 (273,881) (624,578) (20,814) (71,616) 222,721 (1,677) 42,689 6,288 USD Lazard DevelopingMarketsEquityFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (2,822,291) (3,391,386) 25,831,257 32,948,520 31/03/2014 5,967,920 1,857,358 4,938,721 (511,311) (715,208) (121,079) (43,536) 645,272 418,027 895,340 (4,211) 3,647 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,324,759) (2,956,453) 25,831,257 32,378,548 30/09/2013 4,939,472 1,727,357 3,789,977 (331,776) (715,208) (15,860) 213,051 329,772 888,863 3,647 (792) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) 30/09/2014 20,000 20,000 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 20,000 20,000 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard MENAFund 30/09/2013 20,000 20,000 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2014 22,374 23,601 (465) (998) 236 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard SterlingHighQualityBondFund 31/03/2014 (1,360) (4,574) 23,601 28,950 585 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 (3,717) 25,533 28,950 300 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2014 163,087 139,430 (7,817) 31,922 (460) USD 12 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalFixedIncomeFund 31/03/2014 (17,568) 139,430 149,258 (6,107) (2,684) 13,958 2,254 319 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 (10,052) 150,519 149,258 (2,052) 10,958 2,254 153 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – The notes to the financial statements areanintegralpartofthesefinancialstatements. The notestothefinancialstatements thepreviousyearendclosing at which aretranslated exchangerate. asdisclosed exchangerate The EUR, inNote11withtheexceptionofopeningnetassets theaverage inthetotalcolumnat GBPandJPYsubfundsaretranslated Closing sharesinissue - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares redeemedduringtheperiod - US$RetailCDistributingClass - US$Retail Class Accumulating - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingLClass - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional LClass Accumulating - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailCDistributingClass - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Shares issuedduringtheperiod Opening sharesinissue Redeemable Participating sharetransactions Statement ofChangesinNetAssetsattributabletoRedeemableParticipating 30/09/2014 (30,000) 499,828 133,000 391,922 Lazard EmergingMarketsCoreEquityFund 4,906 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 391,922 349,750 12,172 30,000 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 30,000 30,000 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (1,199,477) 34,969,621 32,948,520 30/09/2014 1,075,514 1,841,375 1,024,557 (624,578) (273,881) (20,814) (71,616) 222,721 (1,677) 42,689 6,288 USD Lazard DevelopingMarketsEquityFund – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (3,391,386) (2,822,291) 32,948,520 25,831,257 31/03/2014 5,967,920 4,938,721 1,857,358 (511,311) (121,079) (715,208) (43,536) 645,272 418,027 895,340 (4,211) 3,647 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – (2,956,453) (1,324,759) 32,378,548 25,831,257 30/09/2013 4,939,472 3,789,977 1,727,357 (331,776) (715,208) (15,860) 329,772 213,051 888,863 3,647 (792) USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Shareholders (continued) Financial Statements Lazard Global ActiveFundsplc 30/09/2014 20,000 20,000 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 31/03/2014 20,000 20,000 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard MENAFund 30/09/2013 20,000 20,000 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2014 23,601 22,374 (465) (998) 236 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard SterlingHighQualityBondFund (continued) 31/03/2014 (1,360) (4,574) 28,950 23,601 585 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 (3,717) 28,950 25,533 300 GBP – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Period ended 30September2014 30/09/2014 139,430 163,087 (7,817) 31,922 (460) USD 12 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Lazard GlobalFixedIncomeFund 31/03/2014 (17,568) 149,258 139,430 (6,107) (2,684) 13,958 2,254 319 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 30/09/2013 (10,052) 149,258 150,519 (2,052) 10,958 2,254 153 USD – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

65 Lazard Global Active Funds plc 66 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Financial Statements Anti-dilution levy - US$RetailCDistributingClass - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Payment forRedeemableParticipating sharesredeemed - US$RetailCDistributingClass - US$Retail Class Accumulating - US$InstitutionalSDistributingClass - US$InstitutionalS Class Accumulating - US$InstitutionalDistributingLClass - US$InstitutionalDistributingClass - US$Institutional Class Accumulating - US$HedgedInstitutionalDistributingClass - US$HedgedInstitutional Class Accumulating - STG£RetailCDistributingClass - STG£RetailC Class Accumulating - STG£InstitutionalSDistributingClass - STG£InstitutionalS Class Accumulating - STG£InstitutionalDistributingLClass - STG£InstitutionalDistributingClass - STG£Institutional LClass Accumulating - STG£Institutional Class Accumulating - STG£HedgedRetailCDistributingClass - InstitutionalSterlingClass - €InstitutionalDistributingLClass - €InstitutionalDistributingClass - €Institutional Class Accumulating - €HedgedInstitutionalDistributingClass - €HedgedInstitutional Class Accumulating - ¥RetailCDistributingClass - ¥RetailC Class Accumulating - US$InstitutionalClass - InstitutionalClass - €InstitutionalClass - XClass - RetailClass Proceeds fromRedeemableParticipating sharesissued Currency adjustment Participating shareholders toRedeemable Opening netassetsattributable Participating Statement ofChangesinNetAssetsattributabletoRedeemable in net assets attributable toholdersofRedeemableParticipating sharesfromoperations netassetsattributable Increase in Participating shareholders Closing netassetsattributabletoRedeemable Shareholders (continued) (continued) 3,524,240,155 3,413,580,652 (827,080,078) (27,750,345) 673,734,304 69,717,848 30/09/2014 718,768 USD Period ended 30September2014 (2,677,324,406) 1,381,715,825 4,538,768,268 3,524,240,155 263,746,943 16,590,100 31/03/2014 743,425 Lazard GlobalActiveFundsplc USD (1,447,407,915) 4,538,768,268 3,978,347,254 763,548,188 108,705,766 14,112,917 30/09/2013 620,030 USD Lazard GlobalEquityIncomeFund Lazard GlobalListedInfrastructureEquityFund Lazard GlobalManaged Volatility Fund Lazard Japanese Strategic EquityFund Strategic Lazard Japanese Sub Fund each subfundwiththeexception ofthebelow. totheRetailClassofeachsubfundand0.75% perannumofthevalueNettoRetailCClass attributable Assetsattributable of thevalueNet totheInstitutional Class of each subfund, Assetsattributable 1.50%perannumofthevalueNet Assets to theCompany theday-to-day for management ofinvestments, isentitledtoreceive of1.00%perannum attherate anannualfee The Company hasappointedasManager, Fund Lazard Managers (Ireland) Limited(the “Manager”). The Manager whoisresponsible 4. ManagementFee accounting policiessetoutintheauditedfinancial theyear statementsfor ended31March 2014. theCompanies comprising Acts, andIrishStatute Reports 1963to2013. The financial statementsare prepared usingthesame The financial statements have beenprepared inaccordance withtheFinancial CouncilStatement: Reporting Half-Yearly Financial stated. unlessotherwise Shares referencesAll tonetassets throughout thefinancial toholdersofRedeemableParticipating statements refer tonetassetsattributable 3. SignificantAccountingPolicies Regulations. regulations theUCITS asone withthoseActs tobeconstrued including In theopinion oftheDirectors, thefinancial statementsgive required theinformation by theCompanies Acts, 1963to2013andall prepare flow statement. acash The Company has availedoftheexemption availabletoopen-endedinvestment notto fundsunderFRS 1:Statements CashFlow statement, asrequired by FRS 3, isnotconsidered necessary. continuing operations. The results from ofoperationsarose solely thanassetoutintheProfitOther Account, andLoss there are nootherrecognised theperiod, gainsorlossesfor andthusaseparate Directors, reflect more they thenature appropriately oftheCompany’s businessasaninvestment company. Act 1986andFinancial (“FRS”) 3: Standard Financial Reporting Reporting Performance (“FRS3”)sothat, intheopinion ofthe thosecontained intheCompanies wording (Amendment) andcertain ofthefinancialThe format statementshave beenadapted from financial liabilities heldatfairvaluethrough profit orloss. The financial statementsare prepared costconvention underthehistorical asmodified by therevaluation offinancial assetsand 2. Presentation ofFinancialStatements thePortfolio tothesubfundwhich objective applicable relates. poolofassets(a A separate “Portfolio”) eachsubfund, ismaintainedfor eachbeinginvested inaccordance withtheinvestment GlobalFixedLazard Income Fund. Fund,Equity Fund, Markets Developing Equity Lazard MENA Lazard Fund, Bond Fund and HighQuality Sterling Lazard Thematic GlobalFund, Emerging Lazard World Fund, Fund, EmergingMarkets Equity Lazard EmergingMarkets Core Lazard Fund,Select Income Fund, Global Equity Lazard Global Lazard Trend Fund, Lazard Thematic Global Ex-Japan Fund, Lazard Fund,Equity Global Managed Lazard Volatility Fund, Fund, Equity Global Listed Infrastructure Lazard Global Equity Lazard Fund, Equity Japanese Strategic Fund, European Lazard Equity Pan Lazard Fund, European Equity Global Strategic Lazard 2014,As at30September there were active subfunds: twenty Fund, UKEquity Lazard Fund, JapaneseEquity Lazard Lazard Regulations 2011(asamended)(the Regulations”).Securities) “UCITS Ireland (the Bank”)“Central inaccordance withthe European Collective Investment Communities for in (Undertakings Transferable asanumbrella between subfunds. structured fundwithsegregatedcapital liability byThe Company Bankof isauthorised theCentral public limitedcompany undertheCompanies Acts, 1963to2013. The Company isanopen-endedinvestment company withvariable GlobalActiveLazard Funds on 1996underthelawsofRepublicIreland 10April plc(the wasincorporated asa “Company”) 1. General Notes totheFinancialStatements Lazard Global ActiveFundsplc Institutional LClass Institutional Class Institutional Class Retail CClass Class 0.50% 0.85% 0.65% 0.85% Rate Period ended 30September2014

67 Lazard Global Active Funds plc 68 Lazard Global Active Funds plc Lazard GlobalFixed IncomeFund Lazard GlobalFixed IncomeFund Lazard SterlingHighQualityBondFund Lazard SterlingHighQualityBondFund Lazard Global ActiveFundsplc doesnotinclude: A chargeableevent relevant period. acquisition oftheshares thepreceding by theshareholders ofeightyearsafter andeach subsequentperiod beginningimmediately cancellation, of shares transfer or on the ending of a other thanon theoccurrence of achargeable 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 8. Taxation USD32,488 were 2014(31March 2014: outstandingat30September USD4,179). Directors’ were chargedover theperiod fees USD183,901 (31March 2014: USD286,764; 2013: 30September USD128,454), ofwhich 7. Directors’ Fees amountedtoUSD58,695(31March 2014: theperiod the Manager during USD195,812; 2013: 30September USD85,800). taxation liabilities). from fund (apart The Manager beresponsible will any for expenses inexcess ofthislimit. reimbursedThe fees by anddisposingofinvestments)in acquiring oftheCompany0.30%perannumaverage netassetsofthesub subjecttoacap ofmanagement andbrokerage proportion ofthe otherexpenses(exclusive andotherfees bearitsattributable fees Each subfundshall 6. Reimbursementfrom Manager amounts toUSD283,876(31March 2014: USD634,169). USD4,151,581; 2014 2013: expenses) owing at30September outofpocket 30September (excluding USD2,335,879)andthefees based on theaverage net assets of thesub funds. amount to USD1,791,586 (31 March 2014: the period charged during The fees Total Administration, for fees each sub fund are Transfer for sub-custodian fees) scaled (excluding and Custody Services Agency 5. Administration,Transfer AgencyandCustodyFees oftheInvestmentThe fees Manager are by settleddirectly theManager. 2013: USD19,356,228). 2014are owingThe fees tothe Manager USD2,764,464(31March at30September 2014: USD2,827,012). were charged net of reimbursements the period The fees USD17,187,596 (31 March during 2014: USD37,027,978; 30 September totheother. by eitherparty writing notice.giving notlessthan180days circumstances, Incertain by theManagement Agreement noticein may forthwith beterminated The Management Agreement provides thattheappointmentofManagercontinue will inforce by unlessterminated eitherparty totheXClassofeachsubfund. management chargedtotheassetsattributable fee The Managerberesponsible andexpensesoftherelevantInvestment will thefees discharging Manager, for out ofitsfee. There isno Net based on Asset the daily daily be accrued Value will These fees in arrears. be paid monthly and will to each class attributable Lazard DevelopingMarketsEquityFund Lazard EmergingMarketsEquityFund Sub Fund 4. ManagementFee(continued) Notes totheFinancialStatements d) c) b) a)  certain exchanges ofshares spouses. certain between spousesandformer an exchange amalgamation ofshares on orreconstruction aqualifying ofasubfundwithanotherfund: arising or an exchange ofshares representing anothersubfund: a subfundfor or of Ireland: or any transactions asdesignatedby inrelation system order Commissioners toshares oftheRevenue heldinarecognised clearing Institutional SClass Institutional Class Institutional Class Retail CClass Retail Class Retail Class Class relevant period, a 1.00% 1.00% 0.75% 0.30% 0.85% 0.85% Rate relevant period relevant period being an eight year beginning with the period Period ended 30September2014

(continued) Class 2014, ended30September theperiod ofshare: wereDuring distributions paidon class thefollowing 10. DistributionstoRedeemableParticipating shareholders on theBalance Sheet, ifany. in theProfit Account. andLoss The cumulative as differences are included “adjustment bidmarket valuetomidmarket value” from is recognised to period period shareholders to redeemable assets and attributable the movement participating in the adjustment from amountofthenet Instruments: Recognition andMeasurement (“FRS 26”)tovalueitsinvestments adjust thecarrying atbidprice between theprovisions oftheProspectus tovalueinvestments oftheCompany andtherequirements atmidprice ofFRS 26: Financial date iftheshareholders exercised toputtheshares totheCompany. theirrights back Consequently, where material, thedifferences thepresent for toafinancial valueoftheredemption give rise liability amountthatwouldinstruments bepayable atthebalancesheet the valueproportionate totheinvestor’s share ineachsubfund’s netassetsattheredemption date. Inaccordance withFRS 25such RedeemableParticipatingAll issuedby Shares theCompany provide theinvestors torequire withtheright redemptionat cash for asfinancialclassified liabilities. andPresentationDisclosure (“FRS 25”), theRedeemableParticipating are Shares redeemable attheshareholder’s option andare Net Assetsthat may bedeclared. The holderoftheshare isentitledtoone vote eachon apoll. UnderFRS 25: Financial Instruments: toaproportionate share theright intheassetsofCompany andtoanyin distributions Redeemable Participating carry Shares of Changes inNet toRedeemableParticipating Assetsattributable Shareholders. Company atthe request oftheshareholder. The numberofsharesissetoutintheStatement issuedandredeemedtheperiod during paidParticipating ineachoftheCompany’sfully Shares Participating subfunds(“Redeemable Shares”). mayThey beredeemed by the shares areThe Company shareof500,000,000,000unclassified noparvaluewhich issueas availablefor has anauthorised capital Redeemable ParticipatingShares ofthenetassetvalueCompany. sharespart The subscriber donotform shareThere 1subscriber inissueandthatisheldby iscurrently theManager. GBP1 each, shares”) were redeemed. which subsequently (“Equity shareoftheCompany shares theauthorised capital wasGBP40,000dividedin40,000subscriber ofparvalue On incorporation Management Shares The Companyshare hasavariable capital. 9. CapitalandReserves declarations. signedstatutory provided theCompany withthenecessary on exemptedNo theCompany Irish taxresident arise Irish taxwill inrespect certain shareholders for ofchargeableevents whohave not berecoverable by asubfundoritsshareholders. Capital gains, dividends and interest taxes receivedand such may of origin may be subject to withholding taxes imposed by the country underreview.were theperiod during nochargeable events In the absence of an appropriate declaration, the Company be 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 8. Taxation (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Lazard GlobalEquityIncomeFundSTG£Institutional DistributingLClass Lazard GlobalListedInfrastructureEquityFund €HedgedInstitutionalDistributingClass Lazard GlobalListedInfrastructureEquityFund STG£InstitutionalDistributingClass Lazard Pan EuropeanEquityFund€InstitutionalDistributingClass EquityFundSTG£HedgedRetailCDistributingClass Strategic Lazard Japanese EquityFund STG£RetailCDistributingClass Lazard Japanese Lazard UKEquityFundRetailClass 1-Apr-14 1-Apr-14 1-Apr-14 1-Apr-14 1-Apr-14 1-Apr-14 1-Apr-14 Date Share Class Currency of GBP GBP GBP GBP GBP EUR EUR Period ended 30September2014 Amount (Class Currency) 692,541 124,933 (continued) 19,433 67,939 10,569 44,783 3,132 114,428,482 15,523,263 6,000,000 3,509,972 1,991,707 of Shares Number 167,045 27,148 0.1154 0.0061 0.4067 0.0080 0.0032 0.0030 0.0225 Share Rate/

69 Lazard Global Active Funds plc 70 Lazard Global Active Funds plc Lazard GlobalFixed IncomeBond Fund-RetailClass Lazard GlobalFixed IncomeBond Fund-RetailClass Lazard SterlingHighQualityBondFund-InstitutionalClass Lazard SterlingHighQualityBondFund-InstitutionalClass Lazard SterlingHighQualityBondFund-RetailClass Lazard SterlingHighQualityBondFund-RetailClass Lazard DevelopingMarketsEquityFund-US$RetailCDistributingClass Lazard DevelopingMarketsEquityFund-STG£InstitutionalDistributingClass Lazard DevelopingMarketsEquityFund-€InstitutionalDistributingClass Lazard EmergingMarketsEquityFund-US$InstitutionalSDistributingClass Lazard EmergingMarketsEquityFund-STG£InstitutionalSDistributingClass Lazard EmergingMarketsEquityFund-€InstitutionalClass Lazard EmergingMarketsEquityFund-€InstitutionalClass Lazard EmergingMarketsEquityFund-US$InstitutionalClass Lazard EmergingMarketsEquityFund-US$InstitutionalClass Lazard GlobalFixed IncomeFundRetailClass Lazard SterlingHighQualityBondFundInstitutionalClass Lazard SterlingHighQualityBondFundRetailClass Lazard Emerging World Fund-RetailClass Lazard GlobalFund-InstitutionalSterlingClass Thematic Lazard GlobalFund-InstitutionalSterlingClass Thematic Lazard EmergingMarketsEquityFundUS$InstitutionalSDistributingClass Lazard EmergingMarketsEquityFundSTG£InstitutionalSDistributingClass Lazard EmergingMarketsEquityFund€InstitutionalClass Lazard GlobalFund-US$InstitutionalDistributingClass Thematic Lazard GlobalListedInfrastructureEquityFund-STG£InstitutionalDistributingClass Lazard GlobalListedInfrastructureEquityFund-STG£InstitutionalDistributingClass Lazard EmergingMarketsEquityFundUS$InstitutionalClass Lazard GlobalFund-US$InstitutionalDistributingClass Thematic Lazard Global Strategic EquityFund-US$InstitutionalDistributingClass Lazard GlobalStrategic Lazard Emerging World FundRetailClass Lazard GlobalFundInstitutionalSterlingClass Thematic Lazard Fund-XClass GlobalEx-Japan Thematic Lazard Global Strategic EquityFund-US$InstitutionalDistributingClass Lazard GlobalStrategic Lazard GlobalFundUS$InstitutionalDistributingClass Thematic Dividend distributions with declaration date of 2 April 2013 were paid during the period ended 30 September 2013. ended30September 2013were dateof2April theperiod paidduring withdeclaration Dividend distributions Lazard GlobalListedInfrastructureEquityFund-€HedgedInstitutionalDistributingClass Lazard Fund-XClass GlobalEx-Japan Thematic Class theyear ended31March 2014,During ofshare: were distributions paidon class thefollowing Lazard Pan EuropeanEquityFund-RetailClass EquityFund-STG£HedgedRetailCDistributingClass Strategic Lazard Japanese EquityFund-RetailClass Lazard Japanese EquityFund-RetailClass Lazard Japanese Lazard UKEquityFund-RetailClass Lazard UKEquityFund-RetailClass Lazard Global ActiveFundsplc Lazard FundXClass GlobalEx-Japan Thematic Lazard GlobalEquityIncomeFundSTG£InstitutionalDistributingLClass Class 10. DistributionstoRedeemableParticipatingshareholders (continued) Notes totheFinancialStatements 16-May-14 1-Oct-13 1-Oct-13 1-Oct-13 1-Oct-13 1-Oct-13 1-Oct-13 1-Oct-13 1-Oct-13 1-Oct-13 1-Oct-13 1-Oct-13 1-Oct-13 1-Oct-13 1-Oct-13 1-Oct-13 1-Oct-13 2-Apr-13 2-Apr-13 2-Apr-13 1-Oct-13 1-Oct-13 1-Oct-13 1-Oct-13 2-Apr-13 2-Apr-13 1-Apr-14 1-Apr-14 1-Apr-14 2-Apr-13 2-Apr-13 1-Apr-14 1-Apr-14 1-Apr-14 2-Apr-13 1-Apr-14 2-Apr-13 1-Apr-14 1-Apr-14 2-Apr-13 1-Apr-14 2-Apr-13 2-Apr-13 2-Apr-13 1-Apr-14 Date Date Share Class Share Class Currency of Currency of USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP EUR EUR EUR EUR EUR EUR JPY JPY Period ended 30September2014 Amount (Class Amount (Class Currency) Currency) 9,742,305 1,888,591 2,465,030 4,975,315 1,056,183 1,392,412 2,603,077 2,724,386 2,366,744 1,287,309 3,410,990 1,539,148 2,633,015 259,717 524,265 140,906 924,454 424,563 784,317 393,637 106,936 250,455 901,870

61,018 59,364 35,977 34,637 32,954 20,076 66,214 50,559 57,912 33,708 75,682 57,506 69,390 11,750 65,236 34,106 18,793 (continued) 4,141 4,497 9,265 1,837 419 118,476,400 137,345,092 13,737,118 19,197,154 10,209,992 17,070,839 13,729,408 4,609,871 3,934,310 6,570,528 6,021,209 8,833,642 1,468,998 6,245,166 4,771,826 7,281,123 2,436,873 4,051,841 1,481,884 8,890,052 1,390,046 1,736,272 5,460,392 3,047,630 1,513,436 7,516,982 4,110,362 2,142,766 of Shares of Shares 357,136 Number Number 424,444 849,481 826,591 732,023 152,196 38,272 40,171 26,610 23,193 37,806 22,621 32,045 2,340 2,340 7,881 980 1.5943 1.4778 1.7695 0.0563 1.3520 1.9219 1.4934 0.0024 0.0923 0.0798 1.6180 0.3320 0.0023 1.2856 0.3947 1.7514 0.0595 0.0042 1.8745 1.4902 0.1937 0.6833 0.4334 0.0039 0.3436 0.2865 0.2928 0.0066 0.0531 0.0198 0.4762 1.7026 0.0105 0.1442 0.2358 1.1192 0.0380 1.2320 0.0092 0.0902 0.1918 0.0029 0.4286 0.0159 0.5865 Share Share Rate/ Rate/ UAE Dirham Turkish Lira Tunisian Dinar Thai Baht Taiwan Dollar Swiss Franc Swedish Krona South Korean WonSouth South African Rand South African Singapore Dollar Singapore Russian Ruble Qatari Riyal Qatari Pound Sterling Polish Zloty Philippine Peso Peruvian NuevoSol Omani Rial Norwegian Krone New ZealandDollar Moroccan Dirham Mexican Peso Malaysian Ringgit Kuwaiti Dinar Jordanian Dinar Japanese YenJapanese Israeli Shekel Indonesian Rupiah Indian Rupee Hungarian Forint Hong Kong Dollar Euro Egyptian PoundEgyptian U.S. Dollar Danish Krone Turkish Lira Czech Koruna Swiss Franc Colombian Peso Swedish Krona Chinese Yuan Pound Sterling Chilean Peso Polish Zloty Canadian Dollar Norwegian Krone Brazilian Real Danish Krone Australian Dollar Exchange RatesagainstEuro endexchange have assets andliabilitiesinothercurrencies rates beenusedtotranslate period toEuro:The following Exchange RatesagainstU.S. Dollar assets andliabilitiesinothercurrencies toU.S. Dollar: The aggregate financial statementsare prepared inU.S. Dollar. endexchangehave rates beenusedtotranslate period The following 11. ExchangeRates Notes totheFinancialStatements Lazard Global ActiveFundsplc 30 September2014 30 September2014 12,185.00077 1,055.25004 2,018.65006 109.69500 245.89356 32.42501 30.41949 11.29825 39.55500 44.87749 13.43025 61.76002 21.77479 3.67295 2.28079 1.80313 0.95549 7.20843 1.27530 3.64192 0.61685 3.30589 2.89298 0.38497 6.42272 1.28298 8.75428 3.28048 0.28825 0.70910 3.68451 7.76511 0.79163 7.15005 5.89267 2.87307 1.20700 9.10582 6.13950 0.77921 4.17747 1.11754 8.11330 2.44962 7.44372 1.14277 - - 31 March2014 31 March2014 11,360.00075 1,064.45008 1,968.40005 102.98500 223.05464 32.44000 30.45251 10.51792 44.84500 13.04874 59.72249 19.90352 3.67300 2.13919 0.88333 6.48355 1.25754 3.64124 0.59983 3.02141 2.80851 0.38500 5.98704 1.15242 8.14969 3.26551 0.28162 0.70848 3.49015 7.75704 0.72555 6.96746 1.37827 5.41703 2.96663 1.21747 8.93605 6.21801 0.82672 1.10374 8.25174 2.25649 7.46610 1.07894 - - - - 30 September2013 30 September2013 11,580.00124 1,074.67503 1,906.30005 219.73926 503.32500 31.28001 29.56700 10.06373 32.38851 43.54001 13.16376 98.12498 62.60501 3.67297 2.02285 0.90425 6.42309 1.25475 3.64113 0.61751 3.12150 2.78072 0.38499 6.01426 1.20063 8.28189 3.25951 0.28288 0.70838 3.52600 7.75513 0.73873 6.89153 1.35367 5.50963 2.75140 1.22407 8.69477 6.12199 0.83591 1.02791 8.14135 2.22607 7.45825 1.06947 Period ended 30September2014 - - - (continued)

71 Lazard Global Active Funds plc 72 Lazard Global Active Funds plc U.S. Dollar Swiss Franc South Korean WonSouth Pound Sterling U.S. Dollar YenJapanese Japanese YenJapanese Pound Sterling Euro Euro Australian Dollar Euro Lazard Global ActiveFundsplc the totalnumberofRedeemableParticipating end. inissueattheperiod Shares by is determined The of net sharesasset value per share dividing the value of net assets of the sub fund by in a portfolio of any class 13. NetAssetValue –Historicalinformation global sub-custodian, theBankofNew York Mellon SA/NV. Company. 2014 and 31 March 2014, As at 30 September held by cash the Company is deposited with the network of the Custodian’s BNY Mellon Trust Company (Ireland) Limited (the “Custodian”) may utilise one of the or more holding cash sub-custodians for 12. Cash Average ExchangeRatesagainstU.S. Dollar averageThe following exchange have Profit rates beenusedtotranslate Account balancesinothercurrencies toU.S. andLoss Dollar: Exchange RatesagainstJapaneseYen endexchange have assetsandliabilitiesinothercurrencies rates beenusedtotranslate period toJapanese The following Yen: Exchange RatesagainstPound Sterling endexchange have assetsandliabilitiesinothercurrencies rates beenusedtotranslate period toPoundThe following Sterling: 11. ExchangeRates(continued) Notes totheFinancialStatements Lazard UKEquityFund-RetailClass Class Lazard UKEquityFund-STG£RetailC Accumulating Lazard Japanese EquityFund-RetailClass Lazard Japanese Lazard Japanese EquityFund-InstitutionalClass Lazard Japanese Class EquityFund-¥RetailC Lazard Japanese Accumulating Class EquityFund-¥RetailCDistributing Lazard Japanese Accumulating Class Accumulating EquityFund-STG£RetailC Lazard Japanese Class EquityFund -STG£RetailCDistributing Lazard Japanese Accumulating Class Accumulating EquityFund -US$Institutional Lazard Japanese 30September2014 30 September2014 30 September2014 1,710.71860 177.83205 102.98661 30 September 1.62115 1.54900 ¥53,996,673 0.59653 0.00912 0.00562 1.28335 0.00722 1.85260 0.74166 ¥72,635,534 £4,091,034 ¥9,006,088 $2,393,639 Net Asset ¥880,952 Value at £1,589 2014 - - at 30September Shares inissue 31March2014 31 March2014 31 March2014 Participating Redeemable 1,774.59795 Number of 1,857,356 171.69145 100.19366 609,338 101,259 199,405 782,424 10,000 1.66715 1.47265 0.62955 0.00580 1.20960 0.00700 1.79875 0.74631 2014 719 - - - Net AssetValue 30 September 30September2013 per Shareat 30 September2013 30 September2013 ¥88.6153 ¥88.0979 ¥88.9411 $12.0039 ¥92.8340 £2.2026 £2.2099 2014 1,740.32875 158.90360 0.648013 98.71668 - - 1.61940 1.46435 0.01019 1.19630 0.00753 1.73190 0.76029 Period ended 30September2014 ¥20,919,315,483 ¥20,919,315,483 ¥735,867,327 ¥17,687,127 - £4,476,538 £1,445,061 £1,747,934 $2,763,640 Net Asset 31 March Value at

2014 (continued) - - Shares inissue Participating Redeemable 238,934,693 238,934,693 at 31March Number of 1,991,707 8,783,222 2,899,065 3,509,972 213,150 229,189 2014 - - Net AssetValue per Shareat ¥83.7810 ¥82.9796 $12.0583 ¥87.5524 ¥87.5524 31 March £2.2476 £0.4985 £0.4980 2014 - - Class EquityFund-Institutional Strategic Lazard Japanese 13. NetAssetValue –Historicalinformation(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Retail CDistributingClass EquityFund-STG£Hedged Strategic Lazard Japanese Lazard EuropeanEquityFund-RetailClass Accumulating Class Accumulating Lazard EuropeanEquityFund-€Institutional Accumulating Class Accumulating Lazard EuropeanEquityFund-STG£RetailC Class Lazard EuropeanEquityFund-STG£RetailCDistributing Accumulating Class Accumulating Lazard EuropeanEquityFund-US$Institutional Lazard Pan EuropeanEquityFund-RetailClass Accumulating Class Accumulating Lazard Pan EuropeanEquityFund-€Institutional Distributing Class Lazard Pan EuropeanEquityFund-€Institutional Accumulating Class Accumulating Lazard Pan EuropeanEquityFund-US$Institutional Accumulating Class Accumulating EquityFund-US$Institutional Lazard GlobalStrategic Accumulating Class Accumulating Lazard GlobalManaged Volatility Fund-US$Institutional Hedged Institutional Class Accumulating Lazard GlobalListedInfrastructureEquityFund-€ Hedged InstitutionalDistributingClass Lazard GlobalListedInfrastructureEquityFund-€ Institutional Accumulating Class Institutional Accumulating Lazard GlobalListedInfrastructureEquityFund-STG£ Institutional DistributingClass Lazard GlobalListedInfrastructureEquityFund-STG£ Hedged Institutional Class Accumulating Lazard GlobalListedInfrastructureEquityFund-US$ Hedged InstitutionalDistributingClass Lazard GlobalListedInfrastructureEquityFund-US$ Accumulating Class Accumulating Lazard GlobalEquitySelectFund-US$Institutional Distributing LClass Lazard GlobalEquityIncomeFund-€Institutional Accumulating Class Accumulating Lazard GlobalEquityIncomeFund-STG£Institutional Accumulating LClass Accumulating Lazard GlobalEquityIncomeFund-STG£Institutional Distributing LClass Lazard GlobalEquityIncomeFund-STG£Institutional Accumulating Class Accumulating Lazard GlobalEquityIncomeFund-US$Institutional Distributing LClass Lazard GlobalEquityIncomeFund-US$Institutional Class Lazard Global Trend Fund-US$Institutional Accumulating Lazard Fund-XClass GlobalEx-Japan Thematic Lazard GlobalFund-InstitutionalSterling Class Thematic Accumulating Class Accumulating Lazard GlobalFund-US$Institutional Thematic Distributing Class Lazard GlobalFund-US$Institutional Thematic 30 September £167,128,323 £134,886,091 $830,029,993 £20,562,874 €50,043,183 $42,194,413 €23,868,353 €47,957,731 £95,744,098 $22,441,877 $11,717,392 $64,321,316 ¥1,659,608 €1,068,843 £3,117,721 $5,806,294 €2,084,931 €4,201,263 €6,294,032 $1,407,355 $7,755,035 $6,653,361 £4,077,924 $1,025,876 $8,622,618 $7,878,698 Net Asset £626,261 $324,924 Value at €76,653 £44,275 2014 £594 at 30September Shares inissue Participating Redeemable 139,216,120 20,624,650 15,389,201 31,319,053 77,835,359 12,005,209 Number of 1,614,350 4,837,802 1,514,692 3,847,215 6,018,249 1,459,660 5,818,345 1,189,541 4,511,435 176,291 498,743 686,831 289,453 312,047 15,769 55,325 40,789 10,362 62,765 42,671 6,192 3,416 2014 314 755 445 Net AssetValue 30 September per Shareat ¥105.2468 £116.6419 $145.7729 $120.2604 €101.4714 £101.1433 $137.3794 $206.1271 £113.3934 $184.6401 $183.9836 $11.2910 £99.5173 £99.9767 $98.9999 $95.1161 €2.4264 €2.1431 £1.8901 £1.9313 $1.2002 €1.3765 €1.0920 €1.0458 $0.9642 €1.5510 €1.5313 £1.2301 £1.2005 $1.8693 $2.0139 2014 Period ended 30September2014 ¥1,012,810,873 £131,793,586 $145,976,295 £193,707,918 $974,132,726 £18,745,282 €53,305,793 $40,650,843 €14,385,282 €22,479,402 £68,548,347 $12,499,541 €1,047,114 £3,405,934 $4,154,855 €1,967,972 €4,479,705 €5,977,831 $3,864,173 $5,302,010 £2,674,757 $1,005,555 $9,016,205 $6,235,598 £599,100 Net Asset 31 March Value at (continued) 2014 ------Shares inissue Participating 114,384,048 Redeemable at 31March 10,044,786 22,369,071 15,271,440 58,369,125 Number of 1,691,909 3,224,668 1,501,883 4,320,057 6,000,000 9,700,797 6,990,094 1,811,063 5,460,392 167,385 498,743 345,285 289,104 732,023 44,604 27,148 10,068 66,235 34,875 6,038 2014 ------Net AssetValue per Shareat ¥100.8295 £111.9891 $140.6099 $118.8680 $136.1245 $199.4149 £106.9582 $178.8009 $178.3998 $11.1913 £99.2259 £98.5257 $99.8789 31 March €2.3830 €2.0995 £2.0131 $1.2885 €1.3103 €1.0370 €0.9963 €1.4829 €1.4720 £1.1744 £1.1522 $1.7882 2014 ------

73 Lazard Global Active Funds plc 74 Lazard Global Active Funds plc Lazard Global ActiveFundsplc refer totheProspectus amore for inherent detaileddiscussion oftherisks in investing andSupplements inthe Company. markets itinvests. inwhich andinvestors risks should ofall isnotintended tobeacomprehensive information The following summary areThe Company’s which and associatedwiththefinancial ofrisk instruments investment types activities expose ittothevarious 14. RiskManagementPoliciesandProcedures Lazard Emerging World Fund-RetailClass 13. NetAssetValue –Historicalinformation(continued) Notes totheFinancialStatements Lazard Emerging World Fund-InstitutionalClass Accumulating Class Accumulating Lazard Emerging World Fund-STG£RetailC Class Lazard EmergingMarketsEquityFund-€Institutional Class Lazard EmergingMarketsEquityFund-US$Institutional Distributing Class Lazard EmergingMarketsEquityFund-STG£Institutional S Accumulating Class S Accumulating Lazard EmergingMarketsEquityFund-STG£Institutional S DistributingClass Lazard EmergingMarketsEquityFund-STG£Institutional S Accumulating Class S Accumulating Lazard EmergingMarketsEquityFund-US$Institutional S DistributingClass Lazard EmergingMarketsEquityFund-US$Institutional Accumulating Class Accumulating Lazard EmergingMarketsEquityFund-US$Retail Institutional Accumulating Class Institutional Accumulating Lazard EmergingMarketsCoreEquityFund-€ Institutional Accumulating Class Institutional Accumulating Lazard EmergingMarketsCoreEquityFund-US$ Institutional DistributingClass Lazard EmergingMarketsCoreEquityFund-US$ Accumulating Class Accumulating Lazard DevelopingMarketsEquityFund-€Institutional Distributing Class Lazard DevelopingMarketsEquityFund-€Institutional Institutional Accumulating Class Institutional Accumulating Lazard DevelopingMarketsEquityFund-STG£ Institutional DistributingClass Lazard DevelopingMarketsEquityFund-STG£ Accumulating Class Accumulating Lazard DevelopingMarketsEquityFund-US$Institutional Distributing Class Lazard DevelopingMarketsEquityFund-US$RetailC Lazard MENAFund-US$Institutional Class Accumulating Lazard SterlingHighQualityBondFund-RetailClass Class Lazard SterlingHighQualityBondFund-Institutional Lazard GlobalFixed IncomeFund -RetailClass Accumulating Class Accumulating Lazard GlobalFixed IncomeFund -€HedgedInstitutional Accumulating Class Accumulating Lazard GlobalFixed IncomeFund-US$Institutional 30 September €180,569,366 $673,561,919 $20,547,260 £33,698,281 $39,055,651 $20,690,279 €40,337,593 $12,976,397 €45,312,275 €54,558,836 £87,964,491 $57,725,321 $53,475,512 $4,093,071 £4,296,414 $1,761,425 £5,360,906 $2,954,358 £2,584,013 $4,885,892 €6,516,937 $8,176,261 Net Asset $349,220 Value at £61,486 £7,533 2014 £252 at 30September Shares inissue Participating Redeemable 32,436,693 36,199,523 19,200,513 Number of 1,730,153 5,507,447 4,217,555 4,897,929 6,276,175 9,886,769 7,421,427 5,907,545 773,552 146,504 380,000 349,750 133,000 579,776 17,078 20,000 21,859 37,358 66,136 59,593 2014 515 15 73 Net AssetValue 30 September per Shareat €104.3661 $122.3002 £103.9041 €115.3326 $103.1417 $147.7179 £118.2153 £119.3897 $130.7865 $137.2006 $26.5622 $27.9384 £16.4493 $97.5669 €98.5381 £1.0187 £1.0389 $1.0789 $1.0776 $0.9190 €9.2513 €8.6930 £8.8972 £9.2465 $7.7782 $9.0521 2014 Period ended 30September2014 €138,329,754 $483,401,131 $21,028,831 £18,861,528 $48,344,447 $14,338,736 €35,786,054 €43,063,531 €52,594,812 £71,241,613 $59,476,329 $50,505,479 $4,016,833 $4,210,338 £5,133,079 $2,606,899 £2,588,997 $5,063,725 €6,585,352 $4,914,877 £802,509 £113,245 Net Asset 31 March Value at

2014 (continued) - - - - Shares inissue Participating Redeemable at 31March 19,128,978 46,090,891 13,632,763 Number of 1,481,884 4,051,041 4,963,257 6,451,095 8,047,071 7,472,587 5,456,609 826,591 153,336 833,326 349,750 557,901 42,172 20,000 22,621 37,806 66,136 35,488 2014 980 - - - - Net AssetValue per Shareat $119.3276 €102.3190 $130.3450 £114.4505 £115.5566 $133.9401 $138.4956 $25.4404 $26.1962 €93.3472 $99.8373 €99.5726 31 March £0.9630 £0.9860 $1.0489 $1.0518 €8.6765 €8.1529 £8.8531 £9.2007 $7.9593 $9.2558 2014 - - - - policy. return, exposures are managed relative totheappropriatebenchmark. For otherportfolios, there isnoexplicitcurrency-management exposure. currency tozero) contracts (orclose tomaintain zero source For exposure of currency which isacritical for thoseportfolios For ishedged out, risk currency inwhich portfolios ismanaged currency by risk thecurrency regular rebalancing oftheforward in currencies otherthanitsown currency. contracts. currency Currencies losseson may awayforward alsomove insuch astocause currencies may change in amannerthathasanadverse ofthe subfund’s on effect thevalueofportion assetsthatare denominated as well ashedging. Consequently, relative currency thesubfundsare thattheexchange ofitsreporting rate toother exposedtorisks investor). Furthermore, ofimplementinginvestment views contractsthepurpose currency for thesubfundsmay invest inforward The subfundsmay invest denominated incurrencies insecurities otherthanitsfunctional(or, currency indeed, ofthe thecurrency (ii) Foreign Currency Risk designated atfairvaluethrough profit end. orlossat theperiod otherfactors). all (ignoring thanoutperform were derivatives) (excluding ofthesecurities tounderperform All ismore likely portfolio market, withaBETA aportfolio thanunderperform, ofgreater tooutperform than1.0ismore market, whileinafalling likely a such comparison tothatofthebenchmark. withaBETA Aportfolio thanitsbenchmark. of1.5has50%more risk market price Inarising portfolio’sA factor that is used to assess an equity is BETA, risk market price expresses which the portfolio’s in risk market price are limited. market orindustry) features ascapitalisation (such andcost.risk iscontrolled Relative-to-benchmark risk through where ofdiversified theconstruction exposures portfolios tocertain objective, policiesandcore philosophy. The core philosophy measurement entailstheactive oftotalperformance management ofreturn, minimised. The Investment Managers manage thesubfund’s basisinaccordance on market adaily withthesubfund’s risk investment theportfolio,By diversifying investment impact have on will amaterial theCompany changeofaparticular is thataprice therisk itsinvestments insecurities. from arising risk exposed tomarket price oritsissuer,individual financial instrument traded inthemarket. orfactorssimilarfinancial affecting instruments The subfundsare risk), orcurrency interest risk rate from whetherthosechangesareby (otherthanthosearising caused factorsprices specific tothe ofchangesinmarket fluctuatebecause thatthefairvalueorfuture flows will ofafinancial istherisk cash instrument risk Market price (i) MarketPriceRisk market movements. interest movements. rate Itrepresents thepotentiallossCompany through mightsuffer holdingmarket positions intheface of price, from aboutfuture heldspecifically and valuesoffinancial currency instruments uncertainty from mainly arises Market risk Market Risk thatexistedat31Marchconsistent 2014. withtherisks outlineprocedures paragraphs tomanageThe following themarket, undertaken oftheCompany. risks credit andliquidity These are legal andconstitutional regulations. ofproductterms characteristics, expectations meaningthatsubfundsare andtheir andrisk managed inlinewithclient performance investment platform. andmonitorssubfundstoensure all remain Itreviews they consistent withtheirstatedgoals andobjectives in Risk, Committee. intotheOversight reports Committee managementtheInvestment isthecentral bodyfor Managers’The Oversight ofoperation oftherelevantInvestment Manager. totherespectivedelegated themonitoring Head ofRiskinthecountry The Head of There isaRiskManagement Unitresponsible management process overseeing therisk for oftheInvestment Managers. The Unithas thesubfunds. for Investment andoversight ofrisk Managers themonitoring responsibility for Manager’s own investment internal guidelinesandlimits. The Directors delegatetotheManagerdelegates whointurn ofeachsubfund’sthe terms investment guidelinesandlimitssetout in theProspectus aswell aseachInvestment andSupplements profiles andrisk .performance The Investment Managers are alsoresponsible thatthesubfundsare ensuring managed for within as required in relation to the sub funds’ basis Limited and (the more Gulf frequently Lazard “Investment Managers”) on a quarterly JapanAssetManagement K.K.,Lazard AssetManagement Pacific Lazard co., AssetManagementGmbHand (Deutschland) Lazard AssetManagement Limited, Lazard The Board ofDirectors (the from reporting AssetManagement“Directors”) review LLC, Lazard 14. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Period ended 30September2014 (continued)

75 Lazard Global Active Funds plc 76 Lazard Global Active Funds plc Lazard Global ActiveFundsplc a generalcreditor ofthefinancial institution inrelation holdingsofthesubfunds. tocash the financial institution whereisdeposited. cash ofthefinancial institution, ofinsolvency Intheevent betreated thesubfundswill as heldby cash thesub-custodianisidentifiable asbelonging tothesubfunds,While beexposedtothecredit of thesubfundswill risk sub-custodiansisnecessary,such incircumstances may beexposedtorisk whereby have thesubfundswill noliability. tosub-custodians, aresub fundswhich markets have traded insuch andwhich beenentrusted inthecircumstances where theuseof In addition, asthesubfundsmay invest developed, inmarkets where are custodialand/orsettlementsystems notfully theassetsof againstthirdto enforce itsrights parties. not, cases, inall beabletoestablishtitleinvestments made andmay lossesasaresult. suffer The subfundsmay find itimpossible ofasub-custodianorregistrar,In circumstances astheinsolvency such orretro-active of legislation, application thesubfundsmay the subfunds’ assetsare segregated andprotected, risk. reduces counterparty andthisfurther aresecurities maintainedby theCustodianinsegregated accounts. Thus, oftheCustodian orbankruptcy ofinsolvency intheevent oftheassetsheldby all theCompany are heldbySubstantially BNYMellon Trust Company (Ireland) Limited. The subfunds’ intherelevantPortfolio contracts currency are disclosed ofInvestments. to theforward counterparties All of(ii)above. in thecase are limitedto10%/5%ofNetExposures Asset toindividual counterparties Value of(i)above and5% ofNet inthecase Asset Value Regulations namely: assetoutintheUCITS criteria theirobligations andthatsettlementoftransactions maymay notoccur. notperform must meetthefollowing OTC All counterparties withwhom ittrades,The subfundsare exposed toacrediton counterparties theover thecounter(“OTC”) risk thatthesecounterparties 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 using approved brokers. are securities settledupon delivery transactions transferable All involving ofdefaultisconsideredThe risk monitored on anongoing manner: basisinthefollowing recognised dealersintheirsectors. ongoingThe Investment ofthislist. monitoring Managers perform is risk Counterparty/issuer Investment Managers. The Investment Managers’ and rated limitedtothemosthighly isgenerally approved listofcounterparties orissuerexposure management program withinthe ismonitored risk andmanaged by counterparty aformal Counterparty/issuer Furthermore, ofsettlementdefault. beartherisk withwhomtradeandwill thesubfundsare they exposedtoacreditparties risk it hasentered intowitheachsubfund. The subfundsare exposedtocreditviathesubfundsthatinvest risk infixed-income securities. failtodischargeanobligation will orcommitment orissuertoafinancial that instrument thatthecounterparty Credit istherisk risk Counterparty/Issuer RiskandCredit Risk with thesubfund’s investment objective, policiesandcore philosophy. of interest, heldwithinbond funds. The Investment Managers manage thesubfund’s basisinaccordance on interestadaily risk rate prevailing interest rates. The subfundsare through exposedtointerest risk itsinvestments withfixed rate insecurities andfloatingrates of changes in that the fair value or fluctuate because future flows will is of afinancialthe risk Interest cash risk instrument rate (iii) Interest RateRisk Market Risk(continued) 14. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements (ii) (i) Acredit institution inaccordance Notices, withthe UCITS or • • • Measurement and monitoring of counterparty or issuer trade exposure - a daily review ofoutstandingpositions isperformed. review orissuertrade exposure -adaily Measurement ofcounterparty andmonitoring financial statements. ofongoing activities, throughBroker avariety filings -performed and monitoring regulatory theassessmentofcertain including enforceable arrangementsandstandinginthefinancial community. ofthebroker’s areview process review thatincludes a formal creditworthiness, financial strength, toenterintolegally ability Approved broker trading with approved permits only brokers. selection - the trading system New brokers are added, subject to rating ofA2orequivalent. rating Have aminimum credit ofA2orequivalent, rating orintheopinion oftheInvestment Manager, animpliedcredit minimum Period ended 30September2014

(continued) Michael Allen, Smith, William Daniel Morrissey, John Donohoe andGavinCaldwell are directors all oftheManager. March 2014: EUR83,834). 2014(31 ended30September governance andMLRO theperiod Limitedfor ofEUR42,674for Global Financial services Services tothe Manager andtheCompany.and MLRO Officer) services Reporting (MoneyLaundering There were made payments toCarne John Donohoe, whoisaDirector, Limited who provide governance isalsoaCEOandPrincipal GlobalFinancial ofCarne Services 2014(31March 2014:ended 30September USD86,748). Companies Act, theperiod amountingtoUSD47,313for Fry andtheSecretary paidto 1990inlegalandsecretarial fees William andaccordingly, Limited(the Secretarial Fry own “Secretary”) Wilton William had abeneficial DanielMorrissey interest underthe Fry (theCompany’s isaDirector of oftheCompanyDaniel Morrissey legaladvisers). andisalsoapartner William of The partners Michael Allen, are notentitledtoany Smith Directors’ Andreas Hübner and William fees. Michael Allen, are time executives Group full Smith Andreas oftheLazard aswell asDirectors oftheCompany. Hübner and William transactions withtheManager andDirectors inNotes related are 4, material party included All 6and7tothefinancial statements. 16. RelatedPartyTransactions are satisfied thatthesearrangements are ofbenefit tothesubfunds. thesubfunds, including Investment Managersendeavour timestoobtainbestexecution will atall clients ontransactionsall all for and transactions relating tothesubfundsinvestments. including The Investment Managers place businesswiththesecounterparties The execution oftrades on behalfofclients. suppliedtothemby thebroker orbyrelated services third parties. may beeithermarket research orberelated tothe These services dealing arrangements with brokers whereby of the dealing commissions paidto them are part used to discharge the cost of investment- The Investment ManagerstheCompany, for inaccordance withcommon market investment practice for managers entered into 15. SoftCommissionArrangements contracts. currency holdforward sub fundswhich in the Portfolio2014 are included of Investments. The Company uses the commitment approach to measure global exposure the for hedging purposes. contracts contractsportfolio heldasat30September currency currency for Details offorward funds useforward management purposes. efficientThe Company for portfolio does notusefinancial instruments derivative However, three ofthesub 2014were asat30September duewithin12months. financial intheBalance Sheet All liabilitiesoftheCompany asdisclosed No borrowings theperiod. such during have arisen requestsswitching on dealing day(s). the following The Company to to ensureborrow term have settlement. the ability in the short tosubsequentredemption or tothenextdealingdayinpriority andeffected forward requestor switching soreduced becarried shall redemptionfund for on orswitching thatdealingdaynotexceed shall 10%oftheNet Asset Value ofthatsubfund. Any redemption subfundmay, insuch of Shares atthediscretion oftheDirectors, bereduced sub pro ofsuch sothatthetotalnumberofShares rata any dealingdayany for subfundexceed 10%oftheNet Asset Value ofthatsubfund, eachredemption request orswitching inrespect sub fundson any businessday subjecttorestrictions setoutintheProspectus. Iftotalrequests redemption for on and/orswitching redemption ofany shares thatinvestors wishtosell. torequire have Shareholders theright thesubfundstoredeem theirshares inthe bereadily sold. can ofrealisablewhich securities mainly The subfundsassetscomprise ofthesubfundsis The mainliability Liquidity Risk in theCompany’s BalanceSheet. There were 2014. nopastdueorimpaired assetsasof30September The extentoftheCompany’s valueasrecorded exposure tocreditinrespect risk ofthefinancial statementsapproximates thecarrying deposits. had &Poor’s aStandard &Poor’s credit longdepositsandaStandard ofAA-for term rating term creditshort ofA-1+for rating 2014theultimateparent companyAs at30September ofboththeCustodian andthesub-Custodian, The BankofNew York Mellon, Counterparty/Issuer RiskandCredit Risk(continued) 14. RiskManagementPoliciesandProcedures (continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Period ended 30September2014 (continued)

77 Lazard Global Active Funds plc 78 Lazard Global Active Funds plc Lazard EmergingMarketsEquityFund-€Institutional Class Lazard GlobalFund-US$Institutional Distributing Class Thematic Lazard GlobalFund-InstitutionalSterling Class Thematic Lazard Fund-XClass GlobalEx-Japan Thematic Lazard GlobalEquityIncomeFund-US$Institutional DistributingLClass Lazard GlobalEquityIncomeFund-STG£Institutional L Class Accumulating Lazard Pan EuropeanEquityFund -€InstitutionalDistributingClass Lazard GlobalEquityIncomeFund-€InstitutionalDistributingLClass Lazard GlobalListedInfrastructureEquityFund-STG£InstitutionalDistributingClass Lazard Global ActiveFundsplc Lazard GlobalListedInfrastructureEquityFund-US$HedgedInstitutionalDistributingClass Lazard GlobalListedInfrastructureEquityFund-€HedgedInstitutionalDistributingClass Lazard Pan EuropeanEquityFund -RetailClass EquityFund-STG£Hedged RetailCDistributingClass Strategic Lazard Japanese Lazard UKEquityFund-RetailClass Class Post were enddividenddistributions on 1October2014asfollows: period declared 19. PostBalanceSheetEvents Fund Equity American North had revoked itsauthorisation The Lazard by BankofIreland theCentral on 23May 2014. 18. SignificantEvents are connected setoutinNotes parties 4-7andNote andcertain paid torelated 16. parties should understand that not all “connected parties” are latter expression as such related is parties defined by those FRS 8. Details of fees as required transactions intheperiod Note by 16details related FRS party 8: Party Disclosures”.“Related However, shareholders through thesefinancialthan thosedisclosed statements. 2014,The Board ofDirectors ended30September isnotaware theperiod ofany during transactions withconnected parties other Company issatisfied that: Therefore, theCompany’s havingregard toconfirmations management anditsrelevant delegates, from theBoard ofDirectors ofthe shouldalsoreferShareholders totheprovisions oftheProspectus dealingwithconflicts ofinterest. transactions. butitisnotexhaustive connectednature ofall party connected ofthecontractual parties arrangements withtheprincipal Board. Further, shareholders shouldrefer totheProspectus transactions andthegeneral identifies which many oftheconnected party 31 March 2014andthe roles and responsibilities of theCompany’s ofthe respective supervision delegatessubjectto the overall section oftheDirectors’ Statement Governance andAudited oftheAnnual Report Financial Report theyear for ended Statements intheCorporate described shouldhaveShareholders regard oftheCompany tothegovernance structure asmore particularly themouton asimilarbasis. transactions docarry outthose carrying itsdelegatesthattheconnected parties and inrespect theDirectors ofwhich must uponfrom rely assurances there out by are on behalf of the connectedalso Companytransactions parties carried the Directors to which have no direct access as if negotiated at arm’s length. transactions must be in the best interests Such of the shareholders. In addition to those transactions, manager, custodian, investment adviser and/orassociatedorgroup companies oftheseentities(“connected out must becarried parties”) In accordance Bank’s withtheCentral 14.5, Regulation UCITS outwiththeCompany anyby transaction carried itspromoter, 17. ConnectedPartyTransactions JPY189,024,681. wasmadeThis payment inrecognition ofalarge redemption on 7August 2014. AssetManagement LLC Lazard 16. RelatedPartyTransactions (continued) Notes totheFinancialStatements (ii) (i) described above are transactionsdescribed appliedtoall withconnected parties; and there procedures are by arrangements (as evidenced written documentedby the Manager) in place to ensure thatthe obligations through regular updatestotheDirectors. complied withtheseobligations, enteredtheperiod transactions withconnected intoduring parties asattestedby theManager made an ex-gratia payment to the Lazard Japanese Equity Fund JapaneseEquity 2014of totheLazard made payment on anex-gratia 8September Share Class Currency of USD USD USD USD GBP GBP GBP GBP GBP EUR EUR EUR EUR EUR Period ended 30September2014 Amount (Class Currency) 2,363,144 2,644,611 2,733,742 427,990 532,410 812,299 48,324 95,434 10,942 25,015 59,842 17,121 2,811

667 (continued) 139,725,828 31,340,211 1,732,028 6,018,249 1,189,750 4,511,435 1,515,422 5,818,345 1,857,356 of Shares Number 312,047 176,256 40,789 3,416 755 1.3644 0.0080 0.3597 2.3397 0.8229 0.8834 1.7062 0.5862 0.0072 0.0043 0.0196 0.0259 0.0092 0.3395 Share Rate/ Lazard GlobalFixed IncomeFund-RetailClass Lazard SterlingHighQualityBondFund-InstitutionalClass Lazard SterlingHighQualityBondFund-RetailClass Lazard DevelopingMarketsEquityFund-US$RetailCDistributingClass Lazard DevelopingMarketsEquityFund-STG£InstitutionalDistributingClass The financial statements were approved by theBoard ofDirectors on 26November 2014. 21. Approval oftheFinancial Statements months 2013(unaudited). twelve ended31March 2014(audited)andthesixmonths ended30September of Changes Account in Net to Redeemable Participating and the Statement Assets attributable areand Loss Shareholders the for are asat31March comparatives theBalance Sheet 2014(audited). for period The prior comparatives theProfit for period The prior 20. PriorPeriodComparatives Fund on JapaneseEquity 6October2014. The Lazard closed Lazard DevelopingMarketsEquityFund-€InstitutionalDistributingClass Lazard EmergingMarketsCoreEquity-US$InstitutionalDistributingClass Lazard EmergingMarketsEquityFund-US$InstitutionalSDistributingClass Lazard EmergingMarketsEquityFund-STG£InstitutionalSDistributingClass Lazard EmergingMarketsEquityFund-STG£InstitutionalDistributingClass Lazard EmergingMarketsEquityFund-US$InstitutionalClass Class 19. PostBalanceSheetEvents(continued) Notes totheFinancialStatements Lazard Global ActiveFundsplc Share Class Currency of USD USD USD USD USD GBP GBP GBP GBP GBP EUR Period ended 30September2014 Amount (Class Currency) 8,791,745 530,078 562,872 467,354 287,028 34,032 52,668 52,461 1,019 6,893 (continued) 96 32,470,479 19,225,845 6,276,175 5,912,374 5,498,881 of Shares Number 586,265 133,000 21,859 37,358 515 73 1.9786 0.0898 1.5569 0.0845 1.4043 0.0952 0.0144 1.3151 0.0518 0.0149 1.5988 Share Rate/

79 Lazard Global Active Funds plc 80 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard UKEquityFund Portfolios ofInvestments Common Stock-97.39% Media -4.76% -1.86% Machinery-Diversified Insurance -4.79% -1.07% Healthcare-Services Healthcare-Products -1.66% Forest Products&Paper -1.36% Food -3.02% Engineering &Construction-1.30% -3.33% Diversified FinancialServices Construction Materials-1.00% -4.43% Commercial Services Beverages -3.53% Banks -12.82% Auto Parts &Equipment-1.45% Agriculture -2.08% Shares 200,942 11,567 32,213 38,670 10,081 20,941 12,408 51,833 67,881 54,523 55,486 18,547 3,500 3,040 7,860 9,164 6,539 6,050 5,232 4,095 2,700 2,900 1,718 2,449 Reed ElsevierPlc HSBC HoldingsPlc ITV Plc Prudential Plc DS SmithPlc Compass GroupPlc Provident Financial Plc Man GroupPlc &BonarPlc Low Hays Plc BankingGroupPlc Lloyds Barclays Plc GKN Plc The Weir GroupPlc Phoenix GroupHoldings NMC HealthPlc Smith &NephewPlc Keller GroupPlc Ashtead GroupPlc Aggreko Plc SABmiller Plc Plc Diageo Bank ofGeorgiaHoldingsPlc British AmericanTobaccoPlc Fair Value 194,629 114,253 196,000 138,740 123,677 136,346 181,392 524,607 154,494 201,670 126,189 144,327 80,376 55,787 74,742 61,604 40,813 63,437 59,211 76,046 57,260 43,740 67,973 53,285 54,544 63,411 92,569 51,758 42,254 85,286 GBP

% ofNet Asset 12.82 Value 4.76 2.79 1.97 4.79 3.39 1.36 3.02 3.33 1.83 1.50 1.00 4.43 1.55 3.78 4.93 3.08 1.45 1.86 1.40 1.07 1.66 1.30 1.33 1.55 3.53 2.26 1.27 1.03 2.08 Telecommunications -4.08% Software -0.21% Semiconductors -2.15% Retail -6.49% REITS -3.17% Pharmaceuticals -8.60% Packaging &Containers-0.68% Oil &Gas-12.76% Mining -8.36% Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostGBP3,628,153) Total CommonStock-(CostGBP3,628,153) Water -2.43% Common Stock-97.39%(continued) Shares Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets OR LISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED MARKET 21,084 11,936 35,255 27,548 36,083 44,026 32,251 20,566 22,953 2,766 9,303 1,605 5,830 4,140 4,968 7,220 3,250 8,659 3,368 1,565 7,329 5,289 WANdisco Plc IQE Plc ARM HoldingsPlc Shire Plc GlaxoSmithKline Plc AstraZeneca Plc RPC GroupPlc DutchShellPlc Royal Lekoil Ltd BP Plc BG GroupPlc Plc Rio Tinto Plc Glencore Xstrata Plc Anglo American BT GroupPlc Travis Perkins Plc Spirit PubCoPlc Next Plc Carphone Warehouse GroupPlc Workspace GroupPlc Segro Plc Severn TrentPlc Period ended 30September2014 4,092,623 3,985,762 3,985,762 Fair Value 352,043 342,197 183,889 522,288 290,850 124,910 123,846 119,819 265,791 129,845 167,101 103,329 106,861 84,262 85,747 82,407 27,821 24,238 82,290 98,532 87,820 56,077 31,042 75,343 46,411 83,434 99,301 8,436 3,558 % ofTotal Assets GBP

% ofNet 100.00% 100.00 96.50% Asset 12.76 97.39 97.39 3.50% Value 2.06 8.60 2.10 2.01 0.68 0.59 2.01 8.36 2.41 0.21 2.15 0.09 4.49 7.11 3.05 3.02 2.93 6.49 1.37 0.76 1.84 3.17 1.13 2.04 4.08 2.52 2.43 2.61 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard JapaneseStrategicEquityFund Portfolios ofInvestments Common Stock-94.37% Banks -19.69% Pharmaceuticals -1.83% Oil &Gas-2.71% Office/Business Equipment-5.98% -1.73% Machinery-Diversified &Mining -4.03% Machinery-Construction Iron/Steel -3.71% Insurance -4.17% Home Builders-2.03% Hand/Machine Tools -3.56% Electronics -5.92% Electrical Components&Equipment-3.64% -4.18% Diversified FinancialServices Distribution/Wholesale -3.96% Chemicals -2.33% Building Materials-6.98% Shares 316,800 196,000 477,000 159,000 101,000 120,000 383,000 245,500 963,600 14,800 71,200 37,800 60,500 58,100 93,800 37,700 21,000 29,200 64,600 96,000 45,100 8,600 Miraca HoldingsInc JX HoldingsInc Ricoh CoLtd Canon Inc Amada CoLtd Komatsu Ltd Nippon SteelCorp The Dai-ichiLifeInsuranceCoLtd CoLtd Daiwa HouseIndustry Makita Corp Nidec Corp Hitachi Ltd ORIX Corp Mitsubishi Corp Asahi KaseiCorp Rinnai Corp JS GroupCorp Asahi GlassCoLtd Sumitomo Mitsui Trust HoldingsInc Nomura HoldingsInc Mizuho Financial GroupInc Mitsubishi UFJFinancial GroupInc 218,672,800 134,870,400 147,283,500 135,611,100 152,589,150 130,305,000 216,518,000 133,106,850 152,888,750 145,059,300 255,351,400 105,714,400 720,449,770 174,877,800 160,434,250 188,769,240 196,368,480 67,155,000 99,087,800 83,802,400 63,162,000 74,137,050 85,425,600 78,303,000 71,334,000 Fair Value JPY

% ofNet Asset 19.69 Value 1.83 2.71 5.98 2.29 3.69 1.73 4.03 3.71 4.17 2.03 3.56 5.92 3.64 4.18 3.96 2.33 6.98 2.14 2.89 1.95 4.78 4.38 5.16 5.37 Total Assets Current assets Financial instruments derivative market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets CURRENCY CONTRACTSWHICHAREFINANCIALDERIVATIVE INSTRUMENTS. MARKET ORLISTEDONARECOGNISEDEXCHANGEEXCEPTFORFORWARD ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED Total NetAssets Other assetsinexcessofliabilities Financial fairvalue assetsandfinancialliabilitiesat (total netunrealisedresult) Total forwardcurrency contracts Forward currency contracts Total Investments-(CostJPY3,215,314,944) Total CommonStock-(CostJPY3,215,314,944) Venture Capital-4.63% Toys/Games/Hobbies -4.22% Retail -5.73% Real Estate-3.34% Common Stock-94.37%(continued) Shares Buy Buy Buy Buy (continued) 20,888,440 GBP 53,947,811 JPY 14,088,020 JPY 107,000 162,400 42,800 10,100 12,100 80,500 10,300 244,752 GBP Jafco CoLtd Nintendo CoLtd Namco BandaiHoldingsInc Takashimaya CoLtd Marui GroupCoLtd Izumi CoLtd Tokyu FudosanHoldingsCorp Sell Sell Sell Sell 3,558,568,886 JPY 43,552,928 JPY Period ended 30September2014 303,249 GBP 81,352 GBP Counterparty Markets Capital BNY Mellon Markets Capital BNY Mellon Markets Capital BNY Mellon Markets Capital BNY Mellon 10/15/14 10/15/14 10/15/14 10/15/14 Maturity 3,658,397,811 3,607,219,505 3,452,452,020 3,452,452,020 169,488,000 154,567,650 120,518,250 122,124,800 209,468,500 34,049,400 98,226,000 72,772,000 38,470,500 154,767,485 51,178,306 Fair Value 155,148,142 155,148,142 (375,470) % ofTotal Assets JPY (38,931) 33,744

100.00% % ofNet 94.24% 100.00 Asset 1.52% 4.24% (0.01) 94.37 94.37 Value 98.60 1.40 4.63 4.22 3.29 3.34 0.93 5.73 2.69 1.99 1.05 4.24 4.23 – –

81 Lazard Global Active Funds plc 82 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard European EquityFund Portfolios ofInvestments Common Stock-95.08% Netherlands -6.64% Luxembourg -1.34% Italy -4.25% Ireland -2.95% Greece -0.93% Denmark -5.49% Belgium -5.07% Austria -1.71% Germany -18.16% Germany France -12.89% Finland -2.97% Shares 148,735 180,318 424,269 63,466 60,170 99,583 22,900 63,401 35,138 54,589 62,343 18,393 30,683 25,199 12,960 19,208 14,912 32,394 13,496 25,454 21,557 31,670 15,514 45,285 29,965 29,315 56,293 14,460 29,748 91,576 6,478 4,264 6,464 Unilever NV Reed ElsevierNV HoldingsPlc Ryanair Mobistar SA UNIQA InsuranceGroup AG Koninklijke PhilipsNV GAGFAH SA Mediolanum SpA Mediaset SpA ENI SpA GroupPlc Kerry Piraeus BankSA Anheuser-Busch InBevNV Erste GroupBank AG Siemens AG SAP AG HeidelbergCement AG Fresenius SE&CoKGaA Motoren Werke AG Bayerische Bayer AG Sanofi-Aventis SA Rexel SA GeminiSA Cap BNP Paribas SA Sampo OYJ Topdanmark A/S Nordisk A/S Novo Carlsberg A/S Continental AG Allianz SE Valeo SA Airbus GroupNV Nokia OYJ 10,844,669 3,963,826 1,991,880 1,087,874 2,540,218 1,166,438 1,764,447 1,019,616 3,029,437 2,686,910 1,020,099 1,226,146 1,104,076 1,270,088 1,145,810 2,816,485 1,863,532 7,701,671 1,926,657 2,383,123 1,474,832 1,770,521 1,152,154 3,281,658 2,126,032 Fair Value 884,072 801,776 829,941 543,839 744,831 553,671 342,527 566,076 454,023 774,455 644,077 571,191 468,241 877,627 618,367 698,908 456,718 EUR

% ofNet Asset 18.16 12.89 Value 6.64 3.34 1.82 1.48 1.34 4.25 1.39 0.91 1.95 2.95 1.24 1.71 0.93 5.07 0.57 4.50 1.71 0.95 0.76 2.05 1.85 1.30 2.13 1.08 1.92 4.71 3.12 0.96 3.22 0.78 1.47 3.99 2.47 2.97 1.93 1.04 5.49 1.17 3.56 0.76 Norway -2.82% Spain -6.20% Portugal -2.24% Common Stock-95.08%(continued) Spain -0.01% Right -0.01% Total PreferredStock-(CostEUR1,590,986) -2.29% Germany Preferred Stock-2.29% Total CommonStock-(CostEUR45,235,901) Turkey -2.09% Switzerland -16.05% Sweden -3.28% Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostEUR46,826,887) Total Right-(CostEUR–) Shares (continued) 207,063 222,011 151,612 35,023 68,310 43,984 47,707 30,492 23,490 10,671 17,663 50,430 81,451 67,270 37,017 81,451 74,466 12,076 58,522 12,390 14,213 12,370 8,347 3,464 1,406 5,840 916 Atresmedia CorpdeMediosComunicacionSA Telenor ASA ASA Geo-Services Petroleum Forsikring ASA Gjensidige Galp EnergiaSGPSSA EDP -EnergiasdePortugal SA Applus Services SA Services Applus Acciona SA Red ElectricaCorpSA Mediaset EspanaComunicacionSA SA Argentaria Bilbao Vizcaya Banco Volkswagen AG Volkswagen Turkiye GarantiBankasi AS Turkcell IletisimHizmetleri AS Swedbank AB SKF AB Group AB Modern Times Banco Bilbao Vizcaya Argentaria SA Argentaria Bilbao Vizcaya Banco UBS AG Syngenta AG Re AG Swiss Group The Swatch AG Holding AG Panalpina Welttransport Novartis AG Julius BaerGroupLtd Holding AG GAM Cie Financiere RichemontSA Period ended 30September2014 56,792,456 59,730,221 58,166,379 1,684,309 1,339,616 3,701,254 1,193,401 1,367,447 1,248,945 1,959,713 1,327,608 9,586,626 1,028,026 4,371,856 1,563,842 1,367,447 Fair Value 607,427 336,245 740,637 620,072 719,544 244,413 622,599 496,912 774,518 369,411 617,025 631,920 609,567 874,599 762,495 529,747 582,586 438,429 195,272 803,616 22,538 6,476 6,476 EUR

% ofNet 100.00 Asset 95.08 16.05 97.38 Value 1.02 0.56 1.24 2.82 1.04 1.20 2.24 0.41 1.04 0.83 1.30 0.62 6.20 2.00 0.04 1.03 1.06 1.02 2.29 2.29 2.09 3.28 2.22 0.01 1.46 1.28 0.89 0.97 0.73 0.33 1.35 1.72 7.32 2.62 0.01 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard European EquityFund(continued) Portfolios ofInvestments Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets OR LISTEDONARECOGNISABLEEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED MARKET % ofTotal Assets 100.00% 93.93% 6.07% (continued) Period ended 30September2014

83 Lazard Global Active Funds plc 84 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard PanEuropean EquityFund Portfolios ofInvestments Common Stock-95.34% Austria -1.68% Belgium -2.74% Denmark -2.66% Finland -1.32% France -8.99% Germany -13.93% Germany Ireland -2.35% Greece -0.93% Netherlands -6.07% Italy -1.75% Portugal -1.10% Norway -2.65% Shares 13,183 95,565 21,416 26,531 39,360 12,246 11,420 43,570 11,786 6,110 4,253 7,409 1,199 4,693 6,062 2,606 7,010 2,550 8,510 2,280 3,691 3,501 9,250 6,510 2,215 4,685 9,493 9,521 7,228 7,922 794 UNIQA InsuranceGroup AG Erste GroupBank AG Anheuser-Busch InBevNV Novo Nordisk A/S Novo Carlsberg A/S Sampo OYJ Airbus GroupNV Sanofi-Aventis SA Rexel SA GeminiSA Cap BNP Paribas SA Allianz SE Piraeus BankSA SAP AG HeidelbergCement AG GAGFAH SA Fresenius SE&CoKGaA Continental AG Motoren Werke AG Bayerische Bayer AG Mediolanum SpA HoldingsPlc Ryanair Kingspan GroupPlc Mediaset SpA Unilever NV Reed ElsevierNV Koninklijke PhilipsNV EDP -EnergiasdePortugal SA Telenor ASA ASA Geo-Services Petroleum Forsikring ASA Gjensidige 1,230,798 1,907,144 Fair Value 229,862 119,332 110,530 374,796 364,958 280,635 180,141 233,432 103,573 144,942 446,903 301,948 127,579 211,107 183,558 136,322 255,143 119,755 188,463 520,386 292,410 240,026 120,411 119,615 321,165 200,177 120,988 150,556 362,515 125,525 197,274 831,904 386,086 205,246 240,572 84,323 39,716 EUR

% ofNet Asset 13.93 Value 1.68 0.87 0.81 2.74 0.61 2.66 2.05 1.32 8.99 1.70 0.76 1.06 3.26 2.21 0.93 1.54 1.34 1.00 1.86 0.87 1.38 3.80 2.14 1.75 0.88 0.87 2.35 1.46 0.89 1.10 2.65 0.92 0.29 1.44 6.07 2.82 1.50 1.75 Common Stock-95.34%(continued) Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostEUR12,423,218) Total PreferredStock-(CostEUR315,989) -1.98% Germany Preferred Stock-1.98% Total CommonStock-(CostEUR12,107,229) United Kingdom-31.31% Switzerland -11.34% Sweden -2.44% Spain -4.08% Shares (continued) 113,097 303,339 24,400 15,560 28,086 34,090 18,544 13,060 21,761 24,430 59,002 14,768 12,432 10,777 12,259 11,100 21,360 1,642 2,278 4,059 5,403 6,141 8,102 6,889 3,730 6,106 2,923 1,302 2,417 2,151 5,438 3,143 6,703 5,070 955 575 308 Volkswagen AG Volkswagen William HillPlc Telecity GroupPlc TaylorPlc Wimpey GroupPlc Stagecoach Spire HealthcareGroupPlc Shire Plc SABmiller Plc DutchShellPlc Royal Rexam Plc Prudential Plc Plc Michael Page International London StockExchangeGroupPlc BankingGroupPlc Lloyds Hunting Plc Plc Glencore Xstrata Plc Diageo GroupPlc The Capita British AmericanTobaccoPlc BG GroupPlc Berkeley GroupHoldingsPlc AstraZeneca Plc BritishFoodsAssociated Plc Syngenta AG Re AG Swiss Group The Swatch AG Holding AG Panalpina Welttransport Novartis AG Holding AG GAM Cie Financiere RichemontSA Swedbank AB SKF AB Red ElectricaCorpSA Mediaset EspanaComunicacionSA Consolidated International Airlines GroupSA Atresmedia CorpdeMediosComunicaionS.A. SA Services Applus Period ended 30September2014 13,694,329 13,326,639 13,056,407 4,288,392 1,552,617 Fair Value 367,690 270,232 115,767 149,318 163,866 132,949 126,370 156,186 178,594 562,254 384,345 131,146 129,491 299,306 259,891 185,573 220,702 307,888 181,843 212,622 209,891 145,013 184,353 115,864 129,661 805,152 139,583 334,715 244,687 559,239 215,453 109,368 100,644 270,232 82,462 70,358 27,570 32,991 90,028 80,805 52,969 EUR

% ofNet 100.00 Asset 31.31 11.34 97.32 95.34 Value 0.60 0.51 0.20 0.24 0.66 0.59 0.39 2.68 1.98 1.98 0.84 1.09 1.20 0.97 0.92 1.14 1.30 4.11 2.81 0.96 0.95 2.19 1.90 1.35 1.61 2.25 1.33 1.55 1.53 1.06 1.35 0.84 0.95 5.88 1.02 2.44 1.78 4.08 1.57 0.80 0.73 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard PanEuropean EquityFund(continued) Portfolios ofInvestments Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficial stockexchangelistingor Analysis ofTotal Assets OR LISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED MARKET % ofTotal Assets 100.00% 96.44% 3.56% (continued) Period ended 30September2014

85 Lazard Global Active Funds plc 86 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard GlobalStrategicEquityFund Portfolios ofInvestments Common Stock-94.98% Australia -3.24% Belgium -1.75% Denmark -1.33% China -0.59% Canada -0.77% Brazil -2.31% Finland -2.90% Israel -2.00% Indonesia -1.08% Greece -1.41% Italy -0.12% Japan -8.77% South Africa-5.77% Russia -1.06% Philippines -1.75% Shares 318,300 232,200 17,400 64,778 39,177 28,770 7,401 4,114 1,218 6,300 3,399 8,800 4,634 2,880 2,455 6,500 6,682 2,100 2,600 2,300 6,000 7,710 800 Caltex Australia Ltd Caltex Australia Ansell Ltd Anheuser-Busch InBevNV Estacio Participacoes SA AMBEV SA Topdanmark A/S Sands ChinaLtd MacDonald Dettwiler& Ltd Associates Sampo OYJ Media NusantaraCitra Tbk PT Piraeus BankSA Teva PharmaceuticalIndustriesLtd, ADR Mediaset SpA Nampak Ltd Asics Corp Sun International Ltd Sun International Mediclinic Ltd International Alliance GlobalGroupInc SoftBank Corp Makita Corp Don QuijoteHoldingsCoLtd CoLtd Daiwa HouseIndustry Lenta Ltd, GDR Fair Value 251,399 181,306 179,307 113,970 135,589 103,049 109,241 224,696 154,757 447,228 142,706 233,812 136,078 680,182 147,141 147,071 131,989 107,562 146,419 70,093 65,337 45,869 59,846 83,395 70,710 82,381 9,425 USD

% ofNet Asset Value 0.90 3.24 2.34 2.31 0.84 1.47 1.75 0.59 0.77 1.33 1.08 1.41 2.90 2.00 0.12 5.77 0.91 1.84 3.02 1.75 8.77 1.90 1.89 1.70 1.39 1.89 1.06 Common Stock-94.98%(continued) Spain -3.19% Taiwan -1.43% Switzerland -4.44% Total CommonStock-(CostUSD7,262,078) United States-40.83% United Kingdom-9.71% Turkey -0.53% Shares (continued) 113,140 22,966 28,000 11,460 15,353 21,500 15,651 18,940 8,880 1,880 1,111 2,483 2,635 4,072 1,010 2,174 2,356 5,351 3,278 1,166 1,857 4,409 1,579 1,660 1,784 2,046 5,685 1,944 6,828 595 629 600 745 890 456 928 Mediaset EspanaComunicacionSA Consolidated International Airlines GroupSA Novartis AG Cie Financiere RichemontSA Holding AG Baloise Taiwan SemiconductorManufacturingCoLtd Xerox Corp Visa Inc Viacom Inc Corp United Therapeutics Tyco Ltd International Sysco Corp ResMed Inc Parker-Hannifin Corp Molson CoorsBrewingCo McKesson Corp MasterCard Inc Kellogg Co JC Penney CoInc Hartford FinancialGroupInc Services Google Inc, Class A EOG ResourcesInc Eastman ChemicalCo CareFusion Corp Inc Baxter International Ameriprise Financial Inc American ExpressCo American Airlines Group Inc Advance Auto Parts Inc Spire HealthcareGroupPlc Rexam Plc Prudential Plc BankingGroupPlc Lloyds Informa Plc British AmericanTobaccoPlc Turkiye HalkBankasi AS Period ended 30September2014 3,166,272 7,365,590 Fair Value 247,220 110,525 136,695 344,718 177,426 110,686 151,788 134,235 191,067 117,429 154,594 115,297 161,778 145,040 174,309 122,056 268,418 115,475 150,231 199,529 113,285 114,487 145,308 266,563 753,313 100,678 124,833 126,839 141,020 150,191 109,752 91,072 76,220 77,193 76,377 54,820 53,697 63,296 40,939 USD

% ofNet Asset 94.98 40.83 Value 3.19 1.43 1.76 1.17 0.98 4.44 2.29 1.43 1.00 0.98 0.71 0.69 0.82 0.53 1.96 1.73 2.46 1.51 1.99 1.49 2.09 1.87 2.25 1.57 3.46 1.49 1.94 2.57 1.46 1.48 1.87 3.44 9.71 1.30 1.61 1.63 1.82 1.94 1.41 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard GlobalStrategicEquityFund(continued) Portfolios ofInvestments Germany -1.59% Germany Preferred Stock GDR - Global Depositary Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostUSD7,418,595) Total PreferredStock-(CostUSD156,517) Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets OR LISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED MARKET Shares 595

Volkswagen AG Volkswagen - 1.59% 7,755,035 7,489,287 Fair Value 265,748 123,697 123,697 % ofTotal Assets USD

100.00% % ofNet 95.78% 100.00 Asset 4.22% 96.57 Value 3.43 1.59 1.59 (continued) Period ended 30September2014

87 Lazard Global Active Funds plc 88 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard GlobalManagedVolatility Fund Portfolios ofInvestments Common Stock-99.52% Belgium -1.09% Bermuda -0.41% Australia -6.77% Finland -0.79% Denmark -1.61% Canada -13.33% Shares 133,124 162,130 101,895 33,815 41,901 26,986 14,909 24,414 10,631 3,281 4,343 1,169 4,356 9,256 1,578 2,958 5,149 3,077 2,000 6,170 2,151 4,962 3,700 5,300 3,635 2,207 8,705 8,733 4,089 4,440 6,563 2,043 3,216 6,260 8,900 9,678 3,415 3,435 4,163 8,273 900 44 Westfield Corp Woolworths Ltd Telstra CorpLtd bpost SA Metcash Ltd Amcor Ltd UCB SA Telenet GroupHoldingNV GPT Group Federation Centres CSL Ltd Ltd AGL Energy Shaw Communications Inc Communications Shaw PartnerRe Ltd Novo Nordisk A/S Novo Coloplast A/S AP Moeller-Maersk AS Tim HortonsInc Ltd ShawCor Inc Saputo BankofCanada Royal Inc Rogers Communications Progressive Waste SolutionsLtd Pacific Corp RubialesEnergy Metro Inc Inc International Magna Jean CoutuGroupPJCInc Intact Financial Corp Imperial OilLtd Genworth MICanadaInc EnCana Corp Empire CoLtd SoftwareInc Constellation Cogeco CableInc Cineplex Inc CI Financial Corp Power Corp Capital ResourcesLtd Canadian Natural Co Railway Canadian National Canadian ImperialBankofCommerce Inc Bell Aliant Kone OYJ 2,854,507 5,626,310 Fair Value 220,597 617,993 460,493 106,094 250,725 103,674 548,346 228,708 600,749 267,553 176,387 677,208 141,533 431,176 104,499 242,847 101,240 598,477 173,554 154,068 185,885 243,463 209,830 183,013 566,667 193,521 140,664 139,653 142,073 226,325 164,363 231,794 269,698 231,571 132,989 244,591 374,843 290,856 173,264 332,590 98,292 95,882 95,236 89,089 USD

% ofNet Asset 13.33 Value 6.77 0.23 0.52 1.47 0.23 1.09 0.25 0.59 0.25 1.30 0.54 1.42 0.64 0.42 1.61 0.34 1.02 0.25 0.57 0.24 1.42 0.41 0.36 0.44 0.23 0.21 0.58 0.50 0.43 1.34 0.46 0.33 0.33 0.34 0.54 0.39 0.55 0.64 0.55 0.31 0.58 0.89 0.69 0.41 0.79 Common Stock-99.52%(continued) Hong Kong-2.12% -0.85% Germany France -0.81% Israel -0.82% New Zealand-1.96% Netherlands -1.19% Japan -6.43% Norway -0.71% Portugal -0.30% Singapore -1.58% Shares (continued) 144,243 141,000 119,940 174,000 16,000 68,000 18,000 17,503 10,523 10,200 19,300 36,000 11,100 18,400 29,000 47,928 82,437 10,953 86,217 1,163 6,369 2,410 1,320 1,008 5,147 9,900 5,200 2,900 2,200 9,000 1,700 1,300 4,800 3,600 411 Hugo Boss AG Hugo Deutsche Wohnen AG Continental AG Total SA Orpea Ingenico Swire Pacific Ltd The LinkREIT Cheung Kong HoldingsLtd Israel DiscountBankLtd BM Bank Hapoalim Unilever NV NV Koninklijke Ahold Co West Railway Japan Taikisha Ltd Sumitomo RubberIndustriesLtd SKY Perfect JSAT HoldingsInc Obic CoLtd Mitsui Mining&SmeltingCoLtd Miraca HoldingsInc Kaken PharmaceuticalCoLtd Heiwa Corp Co Railway East Japan DCM HoldingsCoLtd Daito Trust ConstructionCo CoLtd Coca-Cola EastJapan Bridgestone Corp Asahi KaseiCorp ANA HoldingsInc Telecom CorpofNewZealandLtd Sky Network Television Ltd Air NewZealandLtd Statoil ASA Statoil Sonae ComfortDelGro CorpLtd Period ended 30September2014 2,714,769 Fair Value 359,886 145,311 136,269 341,524 156,617 102,840 893,716 206,256 391,443 296,017 346,968 248,397 502,410 419,090 442,858 116,330 144,917 113,395 103,765 203,063 219,481 127,304 125,971 153,471 118,786 235,249 327,901 826,833 111,043 591,297 124,493 298,863 125,084 329,499 78,306 82,067 98,571 83,320 95,994 91,002 95,282 USD

% ofNet Asset Value 0.19 0.20 0.85 0.34 0.32 0.81 0.37 0.24 2.12 0.49 0.93 0.70 0.23 0.82 0.59 0.20 0.23 0.21 0.23 1.19 0.99 1.05 0.27 0.34 0.27 0.25 0.48 0.52 0.30 0.30 0.36 0.28 0.56 0.78 6.43 1.96 0.26 1.40 0.30 0.71 0.30 0.78 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard GlobalManagedVolatility Fund(continued) Portfolios ofInvestments Singapore -1.58%(continued) Sweden -1.43% Spain -0.14% Switzerland -3.53% United Kingdom-7.20% United States-46.45% Common Stock-99.52%(continued) Shares 126,000 57,000 30,836 19,859 15,042 57,583 10,714 48,633 22,849 17,503 10,109 6,192 1,111 7,527 4,590 3,309 6,781 9,509 4,313 3,116 8,512 7,910 3,412 9,843 5,756 4,172 9,034 2,426 7,419 4,408 2,080 2,425 2,322 1,873 3,188 3,691 1,869 9,251 3,562 2,936 983 989 301 M1 Ltd Singapore PostSingapore Ltd Hennes &Mauritz AB Corp Financiera Alba SA Meda AB Loomis AB Gruppen AB ICA African BarrickGoldPlc Swisscom AG Holding AG Roche Novartis AG WH SmithPlc TalkTalk Telecom GroupPlc SSE Plc Shire Plc DutchShellPlc Royal HoldingsPlc Rolls-Royce Rentokil InitialPlc Provident Financial Plc Next Plc Halma Plc Centrica Plc Britvic Plc British SkyBroadcastingGroupPlc Plc Anglo American 3M Co Berry Plastics GroupInc Berry Inc Baxter International Ball Corp AT&T Inc ARRIS GroupInc Inc Apple AmTrust Financial Inc Services American ExpressCo American ElectricPower CoInc Ameren Corp Amdocs Ltd Accenture Plc Abbott Laboratories Brocade Communications SystemsInc Brocade Communications Biogen IdecInc CBOE HoldingsInc Cabot Oil&GasCorp 1,490,793 3,036,140 Fair Value 159,786 666,879 177,594 257,226 602,651 105,829 131,330 108,266 109,353 557,860 292,975 639,958 166,873 377,363 373,549 119,345 133,128 109,920 273,842 365,208 106,342 242,634 106,633 326,615 129,122 591,172 227,973 174,053 469,437 616,893 124,989 209,560 203,256 122,244 169,361 152,034 384,795 109,935 190,656 59,127 96,213 96,539 97,799 99,575 96,022 USD

% ofNet Asset Value 0.38 1.58 0.42 0.14 0.61 1.43 0.25 0.31 0.26 0.26 3.53 1.32 0.69 1.52 0.23 7.20 0.40 0.89 0.89 0.28 0.32 0.26 0.65 0.87 0.25 0.57 0.25 0.77 0.31 1.40 0.23 0.23 0.54 0.41 1.11 1.46 0.30 0.50 0.48 0.29 0.40 0.36 0.91 0.24 0.26 0.23 0.45 United States-46.45%(continued) Common Stock-99.52%(continued) Shares (continued) 10,473 10,199 11,359 12,242 12,190 12,893 5,545 1,931 7,626 2,263 3,042 1,253 2,336 1,183 3,106 3,885 3,939 1,667 4,894 4,971 1,531 3,888 2,629 6,159 2,010 3,867 1,787 6,041 5,850 2,244 1,788 3,150 9,682 1,120 2,798 2,914 4,711 3,043 2,294 1,377 2,829 2,940 1,746 1,725 3,157 1,771 2,420 4,059 6,376 745 650 859 807 Verisk Analytics Inc Verisk Analytics Union Pacific Corp Tyson Foods Inc Travelers CosInc TJX CosInc Team HealthHoldingsInc Spectrum BrandsHoldingsInc Southern Co Skyworks SolutionsInc Sherwin-Williams Co Sanderson Farms Inc Ross StoresInc Inc Reynolds American Raytheon Co EnterpriseGroupInc Public Service Praxair Inc Portland GeneralElectricCo PG&E Corp Inc O'Reilly Automotive Northrop GrummanCorp Newmont MiningCorp Microsoft Corp Merck &CoInc McDonald's Corp Mastercard Inc Lockheed MartinCorp Leidos HoldingsInc Kroger Co Kimberly-Clark Corp Johnson & Jack intheBoxInc & Jack Henry Inc Associates Intuit Inc Intel Corp Home DepotInc The HersheyCo General MillsInc Exelon Corp Everest ReGroupLtd Estee LauderCosInc EOG ResourcesInc Corp Entergy Eli Lilly&Co Edwards LifesciencesCorp Edison International Dr Pepper GroupInc Snapple Dollar TreeInc Corp Credit Acceptance CR BardInc Cooper CosInc Corp CMS Energy Verizon Inc Communications Wal-Mart StoresInc Period ended 30September2014 Fair Value 337,580 209,388 300,274 212,654 619,740 176,421 113,415 445,237 135,593 259,089 273,188 293,648 232,421 169,409 182,277 159,693 511,780 201,763 567,600 155,860 583,904 148,710 707,004 633,941 649,861 623,698 153,030 276,160 337,224 102,777 267,055 146,997 160,622 492,875 171,408 136,371 218,809 190,732 178,398 203,106 108,238 345,382 125,702 120,430 644,586 487,668 96,120 97,757 89,560 61,366 99,529 96,453 99,309 USD

% ofNet Asset Value 0.80 0.50 0.71 0.50 1.47 0.42 0.27 1.05 0.32 0.61 0.65 0.70 0.55 0.40 0.43 0.23 0.38 1.21 0.23 0.48 0.21 1.34 0.37 1.38 0.35 1.68 0.15 1.50 1.54 1.48 0.36 0.24 0.65 0.80 0.24 0.63 0.35 0.38 1.17 0.41 0.32 0.52 0.45 0.42 0.23 0.48 0.24 0.26 0.82 0.30 0.29 1.53 1.16

89 Lazard Global Active Funds plc 90 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard GlobalManagedVolatility Fund(continued) Portfolios ofInvestments Common Stock-99.52%(continued) United States-46.45%(continued) Shares Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets OR LISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED MARKET Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostUSD39,052,371) Total CommonStock-(CostUSD39,052,371) 1,431 8,947 5,010 4,175 6,077 Walt DisneyCo Xcel Energy Inc Xcel Energy Corp Wisconsin Energy Westar Inc Energy Waste ConnectionsInc 19,600,211 42,194,413 41,990,226 41,990,226 Fair Value 204,187 271,944 215,455 142,472 294,826 127,409 % ofTotal Assets USD

100.00% % ofNet 99.41% 100.00 Asset 0.59% 46.45 99.52 99.52 Value 0.48 0.64 0.51 0.34 0.70 0.30 (continued) Period ended 30September2014 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard GlobalListedInfrastructure EquityFund Portfolios ofInvestments Shares Common Stock-98.09% Japan -6.75% Italy -22.87% -2.50% Germany France -14.35% Austria -0.51% Luxembourg -4.77% Australia -16.03% United Kingdom-3.56% Switzerland -1.96% United States-24.79% South Korea-0.63% Investment inExchangeTraded CollectiveInvestmentFunds-0.63% Total CommonStock-(CostGBP310,896,572) 10,461,276 10,691,338 5,245,200 4,793,004 5,282,395 4,692,529 1,920,900 1,788,394 5,133,857 8,401,650 2,053,610 1,529,620 1,337,400 768,810 500,755 209,190 749,684 766,482 759,364 445,900 499,805 869,070 243,409 360,800 89,931 33,550 17,240 81,324 Terna ReteElettricaNazionaleSpA Societa Iniziative SpA Autostradali EServizi Snam SpA Hera SpA Autostrada Torino-MilanoSpA Worldwide Services Frankfurt Airport Fraport AG Vinci SA SA Communications Eutelsat Aeroports deParis Flughafen WienAG Tokyo GasCoLtd Toho GasCoLtd Atlantia SpA Transurban Group Spark InfrastructureGroup Macquarie Atlas RoadsGroup DUET Group AusNet Services Flughafen Zuerich AG Flughafen SES SA Pennon GroupPlc Macquarie Korea InfrastructureFund SJW Corp PG&E Corp Norfolk SouthernCorp CSX Corp California Group Water Service Ameren Corp 333,427,470 77,722,555 16,278,982 16,350,779 48,795,481 26,880,204 15,273,200 22,956,776 16,270,483 27,236,655 54,484,135 21,393,380 13,665,275 16,208,266 12,103,118 84,253,726 24,153,193 16,757,031 26,452,661 10,546,856 5,089,057 8,623,226 4,143,856 8,499,796 6,642,077 1,728,543 6,686,293 8,344,508 3,203,569 7,877,403 6,675,074 2,118,166 1,348,669 4,995,316 Fair Value GBP

% ofNet Asset 22.87 14.35 16.03 24.79 98.09 Value 4.79 1.50 4.81 2.54 1.22 2.50 7.91 4.49 1.95 0.51 6.75 4.78 1.97 8.01 6.29 2.46 0.94 4.02 2.32 1.96 4.77 3.56 0.63 0.40 7.11 4.93 7.78 1.47 3.10 Forward currency contracts Shares Investment inExchangeTraded Collective InvestmentFunds-0.63%(continued) Total Investments-(CostGBP312,694,671) Investment Funds-(CostGBP1,798,099) Total InvestmentinExchangeTraded Collective Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy (continued) 34,980,595 USD 27,410,878 GBP 21,987,462 GBP 17,885,157 GBP 74,606,056 EUR 1,942,546 GBP 2,196,934 GBP 7,677,204 GBP 7,669,410 GBP 4,286,717 GBP 6,615,833 GBP 3,080,749 GBP 4,034,514 GBP 9,325,773 GBP 7,407,013 GBP 7,427,767 GBP 765,671 GBP 775,636 GBP 318,298 GBP 617,876 GBP 545,780 GBP 109,684 USD Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell 13,574,610 AUD 13,620,518 AUD 59,792,004 GBP 14,065,037 AUD 14,058,719 AUD 21,659,690 GBP 12,123,315 AUD 17,086,681 AUD 34,794,650 EUR 1,245,526 USD 7,863,490 AUD 7,396,265 AUD 2,450,637 EUR 3,363,546 CHF 27,906,518 EUR 22,709,004 EUR 4,715,333 CHF Period ended 30September2014 995,880 EUR 945,783 CHF 835,278 CHF 67,447 GBP 487,232 CHF Counterparty Markets Capital BNY Mellon BNP Paribas Inc Capital Barclays Markets RBC Capital JP Morgan Suisse Credit Markets Capital BNY Mellon Markets Capital BNY Mellon Markets Capital BNY Mellon Markets Capital BNY Mellon Markets Capital BNY Mellon USA HSBC Bank Suisse Credit Markets Capital BNY Mellon Markets RBC Capital Capital Inc Capital Barclays Markets Global Street State BNP Paribas Markets CIBC World Inc Capital Barclays Markets Capital BNY Mellon Markets CIBC World 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 10/15/14 10/15/14 10/15/14 10/15/14 10/15/14 12/24/14 12/24/14 10/15/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 Maturity 335,545,636 (1,643,553) 2,118,166 Fair Value (79,117) 211,919 165,251 260,504 119,541 115,649 126,448 122,046 107,482 152,860 (2,730) 21,909 31,595 32,504 65,236 63,860 3,231 6,289 5,650 (559) 221 GBP

% ofNet Asset (0.49) (0.02) 98.72 Value 0.06 0.05 0.08 0.01 0.01 0.63 0.04 0.03 0.04 0.04 0.02 0.03 0.02 0.05 – – – – – – –

91 Lazard Global Active Funds plc 92 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard GlobalListedInfrastructure EquityFund(continued) Portfolios ofInvestments Shares Forward currency contracts(continued) Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy 20,815,004 GBP 10,263,469 GBP 20,009,319 GBP 33,062,635 GBP 24,921,075 GBP 16,695,035 GBP 3,821,016 GBP 4,122,824 GBP 1,919,790 GBP 2,863,015 GBP 3,163,128 GBP 8,891,273 GBP 7,825,297 GBP 6,056,498 GBP 2,040,336 GBP 8,887,138 GBP 1,135,481 GBP 8,657,753 GBP 3,832,199 GBP 7,711,828 GBP 118,849 USD 324,524 USD 282,526,892 213,470,236 KRW KRW JPY Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell 1,820,431,304 JPY 731,104,580 JPY 340,359,629 JPY 507,898,856 JPY 560,911,792 JPY 201,379,764 JPY 12,572,134 USD 14,494,998 USD 12,757,527 USD 32,619,192 USD 14,485,591 USD 33,923,339 USD 41,983,766 EUR 31,630,025 EUR 10,988,251 EUR 21,197,353 EUR 9,875,846 USD 6,231,121 USD 3,326,564 USD 1,203,531 GBP 4,865,667 EUR 268,945 USD 199,139 GBP 72,912 GBP JP Morgan USA HSBC Bank Suisse Credit Markets Inc Global Citigroup Markets CIBC World BNP Paribas Inc Capital Barclays USA HSBC Bank Suisse Credit Markets Inc Global Citigroup Markets CIBC World Markets Capital BNY Mellon Inc Capital Barclays Markets Global Street State Markets RBC Capital USA HSBC Bank Suisse Credit Markets CIBC World USA HSBC Bank Suisse Credit Markets RBC Capital USA HSBC Bank Markets Global Street State Markets RBC Capital Counterparty 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 Maturity (126,938) (126,321) Fair Value (50,092) (39,992) (25,538) (13,196) (55,007) (49,116) (56,680) 302,573 240,069 154,675 (1,586) (1,094) 83,587 35,504 1,194 9,329 4,653 2,610 2,119 3,620 1,147 455 GBP

% ofNet Asset (0.01) (0.01) (0.01) (0.04) (0.02) (0.04) (0.01) (0.02) Value 0.09 0.07 0.03 0.01 0.05 – – – – – – – – – – – Buy Buy Buy Buy Buy Total Assets Current assets Financial instruments derivative Collective investmentschemes market on aregulated Transferable securitiesadmittedtoanofficialstockexchangelistingortraded Analysis ofTotal Assets CURRENCY CONTRACTSWHICHAREFINANCIALDERIVATIVE INSTRUMENTS. MARKET ORLISTEDONARECOGNISEDEXCHANGEEXCEPTFORFORWARD ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED Total NetAssets Other assetsinexcessofliabilities Financial fairvalue assetsandfinancialliabilitiesat (total netunrealisedresult) Total forwardcurrency contracts Shares Forward currency contracts(continued) (continued) 1,905,242 USD 507,644 USD 551,357 USD 619,272 USD 270,102 USD Sell Sell Sell Sell Sell 533,228,823 KRW 579,007,487 KRW 650,483,516 KRW Period ended 30September2014 2,001,265,817 165,733 GBP KRW USA HSBC Bank Suisse Credit Inc Capital Barclays Markets RBC Capital Markets Global Street State Counterparty 12/24/14 12/24/14 12/24/14 12/24/14 12/24/14 Maturity 335,750,275 339,911,081 4,160,806 Fair Value 204,639 11,348 % ofTotal Assets 3,364 3,688 1,004 3,024 GBP

100.00% % ofNet 96.31% 100.00 Asset 2.36% 0.72% 0.61% Value 98.78 1.22 0.06 – – – – – Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard GlobalEquitySelectFund Portfolios ofInvestments Common Stock-97.39% Russia -1.59% Japan -6.26% Ireland -1.10% Belgium -2.82% Philippines -0.47% Peru -1.17% Netherlands -2.11% Greece -0.96% -3.06% Germany Georgia -0.67% Finland -1.22% Denmark -3.24% Cayman Islands-1.13% Canada -0.23% Brazil -1.57% Shares 53,870 38,062 17,780 3,145 1,016 6,680 1,150 1,683 1,140 1,585 3,800 3,030 1,690 1,126 1,673 2,416 2,980 3,985 6,200 509 596 345 200 Mobile TelesystemsOJSC, ADR OJSC,Magnit GDR Alliance GlobalGroupInc CoLtd Daiwa HouseIndustry CorpPlc Eaton Piraeus BankSA Anheuser-Busch InBevNV Credicorp Ltd Yandex NV NXP SemiconductorNV Sumitomo Mitsui Trust HoldingsInc Sumitomo MitsuiFinancial GroupInc CoLtd Mitsubishi Estate Symrise AG Continental AG Bank ofGeorgiaHoldingsPlc Sampo OYJ Topdanmark A/S Nordisk A/S Novo Inc,Baidu ADR MacDonald Dettwiler& Ltd Associates Cia Hering Banco doBrasilSA Fair Value 105,854 119,752 187,353 140,156 416,660 203,686 215,833 104,315 108,470 154,770 113,553 142,586 47,002 58,852 31,570 72,881 64,188 78,037 31,686 74,008 68,130 90,133 44,896 81,121 73,247 75,286 14,961 40,230 64,085 USD

% ofNet Asset Value 1.59 0.71 0.88 0.47 1.10 0.96 1.80 2.82 1.17 2.11 0.48 6.26 1.11 1.02 3.06 1.35 0.67 1.22 3.24 1.10 1.13 0.23 1.57 0.61 0.96 1.63 2.33 1.71 2.14 Sweden -2.05% Spain -1.62% South Korea-0.91% Switzerland -3.74% Common Stock-97.39%(continued) Taiwan -1.50% Thailand -1.08% United States-55.93% United Kingdom-2.96% Shares (continued) 14,579 50,813 2,632 1,615 1,876 4,960 3,185 9,860 1,700 1,075 1,350 1,450 1,300 1,105 4,600 1,505 1,180 3,500 1,700 2,845 3,465 4,005 1,550 2,310 571 840 695 405 790 466 510 135 135 460 786 875 124 54 International Consolidated Consolidated International Airlines GroupSA Samsung ElectronicsCoLtd Assa Abloy AB Assa Abloy S.A. Services Applus Panalpina Welttransport Holding AG Panalpina Welttransport Novartis AG Ltd, ADR Taiwan SemiconductorManufacturingCo Unilever Plc BankingGroupPlc Lloyds Kasikornbank PCL American ExpressCo Ross StoresInc Inc Red Hat HoldingsCorp Realogy Quintiles Transnational Holdings Inc QUALCOMM Inc Monsanto Co Molson CoorsBrewingCo Microsoft Corp McKesson Corp Mastercard Inc Macy's Inc GlobalInc Joy IntercontinentalExchange GroupInc Intel Corp Inc Honeywell International Hartford FinancialGroupInc Services Halliburton Co Google Inc, ClassC Google Inc, Class A EOG ResourcesInc EMC Corp Eastman ChemicalCo CVS CaremarkCorp Citigroup Inc Bristol-Myers SquibbCo AutoZone Inc Inc Apple Period ended 30September2014 Fair Value 108,089 136,065 248,879 177,048 196,782 133,447 148,809 213,279 111,347 121,905 158,330 105,934 101,403 207,559 232,732 86,775 60,563 21,314 71,831 99,994 63,335 71,612 81,254 75,796 53,940 72,482 62,811 78,205 82,229 78,847 45,958 64,375 90,900 32,898 77,943 79,466 45,556 63,587 69,646 79,337 63,203 USD

% ofNet Asset Value 1.62 1.30 0.91 2.05 0.32 3.74 1.08 2.66 1.50 2.96 2.01 0.95 1.08 2.24 1.22 1.14 0.81 1.09 0.94 1.18 1.24 3.21 1.18 1.67 0.69 0.97 1.37 1.83 2.38 1.59 0.49 1.17 1.19 0.68 1.52 0.96 1.05 3.12 1.19 0.95 3.50

93 Lazard Global Active Funds plc 94 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard GlobalEquitySelectFund(continued) Portfolios ofInvestments Common Stock-97.39%(continued) United States-55.93%(continued) Shares Total Assets Current assets market another regulated Transferable securitiesadmittedtoanofficialexchangelistingordealton Analysis ofTotal Assets OR LISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED MARKET Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostUSD5,945,664) Total PreferredStock-(CostUSD69,221) -0.79% Germany Preferred Stock-0.79% Total CommonStock-(CostUSD5,876,443) 1,335 1,967 6,015 1,800 1,370 1,185 1,920 520 776 555 252

Schlumberger Ltd Zoetis Inc Xerox Corp Visa Inc Viacom Inc Vertex PharmaceuticalsInc UnitedHealth GroupInc United TechnologiesCorp Tyco Ltd International Thermo Fisher ScientificInc Volkswagen AG Volkswagen 3,720,932 6,653,361 6,532,102 6,479,713 Fair Value 121,259 110,973 138,510 118,169 125,130 135,790 72,690 79,669 87,156 85,565 67,549 52,389 52,389 % ofTotal Assets USD

100.00% % ofNet 96.18% 100.00 Asset 3.82% 98.18 97.39 55.93 Value 1.82 1.09 1.20 1.67 2.08 1.31 1.78 1.88 1.29 1.02 2.04 0.79 0.79 (continued) Period ended 30September2014 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard GlobalEquityIncomeFund Portfolios ofInvestments Common Stock-92.11% Canada -1.18% Belgium -1.47% Austria -1.07% France -9.96% Finland -0.94% Cyprus -0.87% China -6.74% Cayman Islands-1.98% Brazil -4.57% Israel -3.16% -1.14% Germany Australia -2.04% Hong Kong-1.29% Shares 396,000 107,965 199,000 10,405 34,800 76,000 57,200 10,400 14,000 15,000 13,035 26,000 46,762 62,000 25,200 3,890 6,400 5,612 8,523 1,910 4,399 3,111 2,280 5,429 1,767 9,511 3,600 646 AXA SA Sands ChinaLtd Industrial &CommercialBankofChinaLtd Wynn MacauLtd Corp Alaris Royalty CosmeticosSA Natura Grendene SA Direcional EngenhariaSA Banco doBrasilSA bpost SA UNIQA InsuranceGroup AG Transurban Group Teva PharmaceuticalIndustriesLtd, ADR Bezeq The Israeli Telecommunication CorpLtd Total SA Rexel SA Gaztransport Et Technigaz SA SA Communications Eutelsat Sampo OYJ Globaltrans InvestmentPlc, GDR CoLtd China ShenhuaEnergy China ConstructionBankCorp Agricultural BankofChinaLtd Cia Hering DUET Group NagaCorp Ltd NagaCorp MGM ChinaHoldingsLtd Allianz SE Fair Value 417,108 187,084 256,402 616,675 181,392 181,211 107,489 155,045 133,968 289,158 102,634 186,524 910,276 285,874 134,560 175,376 139,798 175,686 117,249 104,657 47,224 96,642 71,983 57,094 97,458 88,058 58,064 85,679 79,654 72,575 36,344 99,026 44,473 72,776 USD

% ofNet Asset Value 0.52 4.57 1.06 0.79 0.63 1.07 2.04 0.96 2.80 6.74 1.98 1.98 1.18 1.69 1.47 0.64 0.94 0.87 0.79 0.40 1.08 3.16 1.12 2.04 9.96 3.13 1.47 1.92 1.53 1.92 1.29 0.49 0.80 1.14 Italy -1.53% Japan -1.56% Luxembourg -1.19% Common Stock-92.11%(continued) Sweden -1.99% South Africa-1.54% Russia -3.43% Mexico -1.11% Switzerland -3.58% United States-27.34% United Kingdom-7.82% Turkey -1.25% Thailand -1.30% Taiwan -2.06% Shares (continued) 12,256 76,277 31,000 36,978 11,699 42,305 12,113 10,818 36,300 27,624 5,860 4,400 4,982 9,746 2,381 1,274 7,225 4,795 2,706 3,679 2,756 1,838 1,643 1,855 2,112 6,714 5,118 9,415 1,842 ENI SpA Canon Inc Vodacom GroupLtd Sberbank ofRussia Mobile TelesystemsOJSC, ADR MegaFon OAO, GDR Alrosa AO Fibra Uno Administracion SAdeCV RTL Group Swedbank AB Vodafone GroupPlc St James'sPlacePlc DutchShellPlc Royal Plc Infinis Energy Foxtons GroupPlc Tupras TurkiyeRafinerileri AS Petrol Tofas TurkFabrikasi AS Otomobil PCL, Bank ADR Krung Thai Dynasty CeramicPCL Siliconware PrecisionIndustriesCo, ADR Transocean Ltd Re AG Swiss Cembra MoneyBank AG Artisan Partners Inc Asset Management Berkeley GroupHoldingsPlc CenturyLink Inc CenturyLink CBL & PropertiesInc Associates Blackstone Mortgage Trust Inc Aviv REITInc Period ended 30September2014 Fair Value 139,648 143,117 141,058 314,004 145,654 101,931 109,161 182,168 715,274 122,517 138,356 183,652 151,568 114,961 118,457 188,258 328,358 146,435 274,502 255,052 39,482 60,454 68,414 42,161 54,368 60,593 53,805 64,652 88,123 93,800 96,562 77,020 91,638 48,546 USD

% ofNet Asset Value 1.53 1.56 1.54 3.43 0.43 1.59 0.66 0.75 1.11 1.19 1.99 7.82 1.34 1.51 2.01 1.66 0.46 1.25 0.59 0.66 1.30 0.59 0.71 2.06 3.58 0.96 1.60 1.02 1.06 0.84 3.00 1.00 2.79 0.53

95 Lazard Global Active Funds plc 96 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard GlobalEquityIncomeFund(continued) Portfolios ofInvestments Common Stock-92.11%(continued) United States-2.42% Brazil -0.63% Preferred Stock-3.05% Total CommonStock-(CostUSD8,843,168) United States-27.34%(continued) Shares Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets OR LISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED MARKET Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostUSD9,124,637) Total PreferredStock-(CostUSD281,469) 11,669 3,019 2,832 1,112 8,920 5,157 2,231 7,054 4,798 4,075 1,390 1,719 2,425 4,035 2,052 1,625 4,384 6,000 2,134 2,913

United BanksharesInc Tronox Ltd TAL GroupInc International People's UnitedFinancial Inc GroupInc Pattern Energy Microsoft Corp Medical Properties Trust Inc ProductsInc Maxim Integrated Realty TrustLexington Koppers HoldingsInc Kinder MorganInc Paper Co International Intel Corp Diamond OffshoreDrillingInc ConocoPhillips Cisco SystemsInc Capital OneFinancialCapital Corp Vale SA Regions Financial Corp JPMorgan Chase&Co 2,499,790 8,423,851 9,145,594 8,703,211 Fair Value 129,117 159,480 103,440 145,115 115,782 140,539 124,386 293,825 442,383 221,102 102,586 279,360 93,332 73,802 45,876 86,517 39,915 46,120 65,932 70,312 58,258 52,304 66,212 % ofTotal Assets USD

100.00% % ofNet 95.27% 100.00 Asset 4.73% 92.11 27.34 95.16 Value 1.02 0.81 0.50 1.41 1.74 1.13 0.95 1.59 0.44 0.50 0.72 1.27 1.53 0.77 1.36 3.22 0.63 4.84 2.42 0.57 0.73 1.12 3.05 (continued) Period ended 30September2014 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard GlobalTrend Fund Portfolios ofInvestments Common Stock-94.62% Denmark -1.77% Netherlands -4.64% France -2.25% Philippines -1.88% Mexico -0.65% Japan -6.04% Ireland -0.99% -6.05% Germany Hong Kong-0.67% China -5.40% Canada -0.78% Shares 158,800 101,300 144,000 125,000 165,000 48,000 23,300 11,200 11,000 22,000 22,000 3,185 2,761 5,273 1,400 1,523 1,204 3,500 3,600 5,000 1,200 7,500 1,349 2,850 2,428 1,226 1,127 1,971 273 520 200 901 Novo Nordisk A/S Novo Inc, ADR & New OrientalEducation Technology Group Lenovo GroupLtd LT GroupInc Alliance GlobalGroupInc Unilever NV NXP SemiconductorNV Koninklijke DSMNV Genomma LabInternacionalSABdeCV Sanofi-Aventis SA Industrial &CommercialBankofChinaLtd Yahoo Corp Japan THK CoLtd Nabtesco Corp Hitachi Ltd CoLtd Daiwa HouseIndustry Daikin IndustriesLtd Anritsu Corp CorpPlc Eaton Haier ElectronicsGroupCo Fresenius SE&CoKGaA Bank AG Deutsche Continental AG Valeo SA CoLtd China ShenhuaEnergy SAP AG KUKA AG Group AG GEA China ConstructionBankCorp Alibaba GroupHoldingLtd, ADR Agricultural BankofChinaLtd MacDonald Dettwiler& Ltd Associates Fair Value 465,186 152,395 399,760 210,003 136,236 521,092 194,126 141,100 521,377 64,041 71,520 55,059 59,366 95,809 93,948 55,933 89,477 42,576 87,153 86,214 83,948 89,635 74,339 57,227 85,493 58,010 85,258 52,013 57,890 61,409 88,578 68,349 86,079 87,813 17,723 73,203 67,401 USD

% ofNet Asset Value 5.40 0.74 0.83 1.77 0.64 0.69 1.11 1.09 0.65 1.04 4.64 2.44 1.58 6.04 0.49 1.01 1.00 0.97 1.04 0.86 0.67 0.99 0.67 0.99 0.60 2.25 0.67 0.71 1.64 6.05 1.03 0.79 1.00 1.02 0.21 0.85 0.78 Switzerland -2.37% South Korea-1.21% South Africa-0.93% Philippines -1.88%(continued) United Kingdom-8.02% United States-50.97% Common Stock-94.62%(continued) Shares (continued) 21,922 14,654 13,605 11,597 14,667 4,179 3,130 1,485 2,773 4,936 3,074 4,517 1,718 2,683 1,886 2,442 2,779 1,795 2,700 4,500 2,643 3,100 1,676 1,760 5,936 1,800 1,690 1,134 1,238 3,233 9,310 1,902 1,108 1,444 442 685 540 965 137 230 752 697 93 Samsung ElectronicsCoLtd Nampak Ltd Security BankCorp Roche Holding AG Roche UBS AG Diageo Plc Diageo The Weir GroupPlc Spectris Plc BankofScotlandGroupPlc Royal HoldingsPlc Rolls-Royce Pearson Plc Meggitt Plc Plc Glencore Xstrata Experian Plc Amazon.com Inc The MosaicCo Monsanto Co MetLife Inc McDonald's Corp Kellogg Co JPMorgan Chase&Co Johnson & InvenSense Inc Interpublic GroupofCosInc Paper Co International Intel Corp Inc Honeywell International Hess Corp Google Google F5 NetworksInc EOG ResourcesInc EMC Corp eBay Inc Comcast Corp Citrix SystemsInc Inc Caterpillar Corp Cameron International Brookdale SeniorLivingInc Bank of America Corp Inc Apple Corp Apache American ExpressCo Inc, ClassC Inc, ClassA Period ended 30September2014 Fair Value 104,303 162,066 130,935 203,778 690,770 220,875 135,386 144,117 178,802 150,415 167,421 191,374 126,190 107,973 156,094 174,301 173,717 101,943 104,183 158,875 191,627 104,013 126,401 79,853 47,641 72,843 90,562 60,221 81,323 81,198 77,199 61,819 84,837 81,610 72,001 76,305 60,763 53,284 82,463 91,024 79,098 89,277 90,914 80,894 69,028 82,185 USD

% ofNet Asset Value 1.21 0.93 1.88 0.55 1.52 2.37 0.85 1.05 8.02 0.70 0.94 0.94 0.90 0.72 0.98 0.95 0.84 2.56 1.57 0.89 0.70 1.67 2.07 1.74 1.94 2.22 0.62 0.96 1.46 1.25 1.81 1.06 0.92 1.03 2.02 2.02 1.18 1.05 0.94 0.80 0.95 1.21 1.84 2.22 1.21 1.47

97 Lazard Global Active Funds plc 98 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard GlobalTrend Fund(continued) Portfolios ofInvestments Common Stock-94.62%(continued) Germany -1.17% Germany Brazil -0.63% Preferred Stock-1.80% Total CommonStock-(CostUSD7,491,648) United States-50.97%(continued) Shares Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets OR LISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED MARKET ADR - Receipt American Depositary Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostUSD7,701,264) Total PreferredStock-(CostUSD209,616) 1,030 1,703 2,690 7,400 881 842 985 485 776 55

Viacom Inc UnitedHealth GroupInc Thermo Fisher ScientificInc SPX Corp salesforce.com Inc Rockwell Automation Priceline GroupInc Volkswagen AG Volkswagen Petroleo BrasileiroSA Parker-Hannifin Corp Inc 4,396,707 8,158,250 8,622,618 8,313,741 Fair Value 146,892 107,227 154,742 108,232 308,877 100,828 155,491 79,258 79,097 63,733 54,663 88,584 % ofTotal Assets USD

100.00% % ofNet 94.86% 100.00 Asset 5.14% 94.62 50.97 96.42 Value 0.92 1.70 1.24 0.92 1.79 1.25 0.74 0.63 1.03 3.58 1.17 1.80 (continued) Period ended 30September2014 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard ThematicGlobalEx-JapanFund Portfolios ofInvestments Common Stock-97.21% France -2.56% China -0.73% Canada -3.77% Brazil -0.13% Germany -4.08% Germany India -0.66% Hong Kong-6.86% Israel -2.70% Jersey -0.47% Singapore -1.80% Switzerland -5.01% Shares 169,330 458,263 337,160 166,000 157,980 22,756 49,610 16,410 33,400 24,330 25,817 70,390 11,878 13,512 54,240 76,040 20,030 31,887 53,000 1,146 6,300 7,546 7,624 3,070 3,940 5,408 9,050 9,500 4,463 3,019 8,956 6,532 China Shenhua Energy CoLtd China ShenhuaEnergy Yamana GoldInc Kinross GoldCorp Goldcorp Inc EnCana Corp Inc Cenovus Energy Barrick GoldCorp Air LiquideSA Grupo BTGPactual Schneider ElectricSA Air LiquideSA(PrimeFidelite) Hang LungPropertiesLtd SAP AG AG RWE Linde AG Hong Kong ExchangesandClearing Ltd Hong Kong &ChinaGasCoLtd Hang LungGroupLtd China OverseasLand&InvestmentLtd Bank ofEast Asia Ltd AIA GroupLtd Siemens AG HDFC BankLtd, ADR Teva PharmaceuticalIndustriesLtd, ADR Check Point Software Technologies Ltd Randgold ResourcesLtd Roche Holding AG Roche Novartis AG Actelion Ltd ABB Ltd DBS GroupHoldingsLtd Ltd CapitaLand 2,425,303 1,649,410 4,414,637 1,167,908 2,621,780 1,734,140 1,076,312 3,225,332 1,160,886 Fair Value 472,657 136,836 163,961 378,481 710,715 655,635 379,675 139,806 579,512 930,092 200,561 858,182 526,652 590,825 992,054 867,529 307,730 859,383 646,121 421,594 657,828 304,493 894,331 845,224 768,053 717,724 765,099 395,787 82,594 19,472 USD

% ofNet Asset Value 0.73 3.77 0.21 0.25 0.59 1.11 1.02 0.59 0.13 0.22 2.56 0.90 1.44 0.31 1.33 0.82 0.92 0.03 6.86 1.81 1.54 1.35 0.48 1.34 4.08 1.01 0.66 2.70 1.68 1.02 0.47 5.01 1.39 1.31 1.19 1.12 1.80 1.19 0.61 Common Stock-97.21%(continued) United Kingdom-8.65% Taiwan -1.17% United States-58.62% Shares (continued) 37,223 16,366 21,296 17,681 62,778 18,052 40,939 12,748 10,500 24,110 13,860 18,260 18,000 19,580 37,830 12,000 10,600 18,200 24,420 28,130 14,800 6,100 9,808 7,360 2,200 7,220 5,190 5,070 8,400 3,634 9,200 5,700 8,410 6,300 7,853 3,600 9,608 7,200 6,012 6,007 2,560 9,080 7,570 8,320 8,474 9,000 980 980 Ltd, ADR Taiwan SemiconductorManufacturingCo Unilever Plc Standard CharteredPlc DutchShellPlc Royal Prudential Plc Pearson Plc GridPlc National AstraZeneca Plc Aon Plc Abbott Laboratories Amgen Inc Amazon.com Inc Anadarko Petroleum Corp Mylan Inc Microsoft Corp Merck &CoInc McKesson Corp Mastercard Inc OilCorp Marathon Kinder MorganInc Johnson & BusinessMachinesCorp International Intel Corp Inc Honeywell International Google Inc, Class A Google Inc, ClassC Exxon MobilCorp Exelon Corp EMC Corp Eli Lilly&Co EI duPont deNemours&Co Edison International Eastman ChemicalCo Corp Devon Energy CVS CaremarkCorp Covance Inc Corp Costco Wholesale Comcast Corp Cisco SystemsInc Chevron Corp Charles SchwabCorp Bunge Ltd Bristol-Myers SquibbCo Inc Apple Corp Apache Monsanto Co Mead JohnsonNutritionCo EOG ResourcesInc Period ended 30September2014 5,562,320 1,400,645 1,034,043 1,117,860 1,010,415 1,107,095 Fair Value 750,416 685,713 393,660 677,196 363,032 589,184 917,951 534,939 407,964 709,379 732,505 477,697 821,690 375,104 686,667 690,390 895,566 690,097 320,436 530,869 576,862 565,808 791,171 667,580 778,500 760,709 352,264 635,308 245,502 764,749 566,496 753,454 979,069 614,896 716,725 826,600 215,603 757,538 914,810 710,634 936,208 815,453 891,315 USD

% ofNet Asset Value 1.17 8.65 1.07 0.61 1.05 0.56 0.92 1.43 0.83 2.18 0.63 1.10 1.61 1.14 0.74 1.28 0.58 1.07 1.07 1.39 1.07 0.50 0.83 0.90 0.88 1.23 1.04 1.21 1.18 0.55 0.99 0.38 1.19 0.88 1.17 1.52 0.96 1.11 1.29 0.34 1.18 1.42 1.10 1.74 1.57 1.72 1.46 1.27 1.39

99 Lazard Global Active Funds plc 100 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard ThematicGlobalEx-JapanFund(continued) Portfolios ofInvestments Common Stock-97.21%(continued) United States-58.62%(continued) Shares Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets OR LISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED MARKET ADR - Receipt American Depositary Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostUSD46,395,808) Total CommonStock-(CostUSD46,395,808) 13,599 10,800 17,450 16,500 11,200 15,262 28,740 4,510 4,550 8,200 9,450 7,908 3,600 6,980 6,300

Zoetis Inc Viacom Inc Corp Spectra Energy Co Southwestern Energy Quintiles Transnational HoldingsInc Pfizer Inc Oracle Corp Inc NextEra Energy Visa Inc Vertex PharmaceuticalsInc UnitedHealth GroupInc Union Pacific Corp Inc Rockwell Automation Occidental Petroleum Corp Inc Noble Energy 37,702,656 64,321,316 62,528,218 62,528,218 1,793,098 1,100,598 Fair Value 502,551 971,016 831,060 920,983 815,110 857,504 685,174 576,758 395,568 624,456 451,374 671,267 430,762 423,444 % ofTotal Assets USD

100.00% % ofNet 96.79% 100.00 Asset 3.21% 58.62 97.21 97.21 Value 2.79 0.78 1.51 1.29 1.43 1.27 1.33 1.07 0.90 0.61 0.97 0.70 1.71 1.04 0.67 0.66 (continued) Period ended 30September2014 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard ThematicGlobalFund Portfolios ofInvestments Common Stock-98.10% China -0.64% Canada -3.33% Brazil -0.14% France -2.36% Hong Kong-6.21% -2.99% Germany Japan -10.82% Israel -2.28% India -0.61% Shares 2,417,670 2,605,400 1,060,050 5,131,100 6,231,044 1,218,000 188,448 779,776 221,923 446,230 322,480 556,051 110,008 106,462 107,231 134,411 115,935 190,160 835,610 826,760 347,610 131,600 453,100 511,200 266,280 142,200 138,762 935,700 120,800 137,900 266,500 470,900 379,000 24,711 75,937 49,494 62,800 Yamana GoldInc Kinross GoldCorp Goldcorp Inc EnCana Corp Inc Cenovus Energy Barrick GoldCorp Grupo BTGPactual Air LiquideSA CoLtd China ShenhuaEnergy Siemens AG SAP AG AG RWE Linde AG Schneider ElectricSA Air LiquideSA(PrimeFidelite) AIA GroupLtd Bank ofEast Asia Ltd China OverseasLand&InvestmentLtd Hang LungPropertiesLtd Hang LungGroupLtd Hong Kong &ChinaGasCoLtd Mitsubishi Estate CoLtd Mitsubishi Estate JS GroupCorp Fanuc Corp CoLtd Daiwa HouseIndustry The Dai-ichiLifeInsuranceCoLtd Teva PharmaceuticalIndustriesLtd, ADR Check Point Software Technologies Ltd HDFC BankLtd, ADR Hong Kong ExchangesandClearing Ltd Mitsubishi Heavy IndustriesLtd Mitsubishi Heavy Sumitomo MitsuiFinancial GroupInc SoftBank Corp Seven &IHoldingsCoLtd Nomura HoldingsInc Mitsui FudosanCoLtd Mitsubishi UFJFinancial GroupInc 35,191,624 31,584,048 24,905,973 12,987,854 13,488,173 13,202,575 13,489,045 11,332,567 24,155,195 14,308,556 65,592,405 17,801,984 10,328,864 11,599,414 1,133,177 2,577,160 5,118,443 9,495,275 8,690,056 8,177,513 1,442,227 3,014,624 6,748,524 9,072,581 7,747,409 5,238,880 9,525,178 8,903,495 4,289,970 2,380,891 7,816,036 2,812,073 8,122,714 7,580,971 9,846,639 6,464,228 7,831,309 4,920,044 9,662,240 2,805,353 5,287,330 Fair Value 939,767 USD

% ofNet Asset Value 3.33 0.11 0.24 0.49 0.90 0.82 0.77 0.14 0.29 0.64 2.99 0.86 0.73 0.50 0.90 2.36 0.84 1.23 1.28 0.41 1.25 0.22 0.09 1.28 0.74 0.27 1.07 0.77 0.72 2.28 1.35 0.93 0.61 6.21 1.68 0.74 0.47 0.91 0.98 0.26 1.10 0.50 Common Stock-98.10%(continued) United States-53.09% United Kingdom-7.78% Taiwan -1.13% Switzerland -4.66% Singapore -1.63% Jersey -0.43% Japan -10.82%(continued) Shares (continued) 2,204,020 1,328,540 182,100 164,320 117,736 143,103 268,848 371,328 427,518 217,044 138,073 119,161 111,649 113,304 152,365 235,085 304,132 283,357 889,554 271,547 638,097 187,261 593,131 140,684 474,877 808,500 143,100 550,900 253,000 95,500 57,091 85,279 91,030 86,260 34,498 32,352 90,000 46,777 97,013 67,017 Eli Lilly&Co EI duPont deNemours&Co Edison International Eastman ChemicalCo Corp Devon Energy CVS CaremarkCorp Covance Inc Corp Costco Wholesale Comcast Corp Cisco SystemsInc Chevron Corp Charles SchwabCorp Bunge Ltd Bristol-Myers SquibbCo Inc Apple Corp Apache Anadarko Petroleum Corp Amgen Inc Amazon.com Inc Abbott Laboratories Unilever Plc Standard CharteredPlc DutchShellPlc Royal Prudential Plc Pearson Plc GridPlc National AstraZeneca Plc AON Plc Ltd, ADR Taiwan SemiconductorManufacturingCo Holding AG Roche Novartis AG Actelion Ltd ABB Ltd DBS GroupHoldingsLtd Ltd CapitaLand Randgold ResourcesLtd Yamato HoldingsCoLtd T&D HoldingsInc Sumitomo Realty&DevelopmentCoLtd Sumitomo Mitsui Trust HoldingsInc Period ended 30September2014 114,352,309 11,813,738 11,792,425 11,390,283 11,408,335 14,462,678 10,292,112 12,562,616 11,109,397 13,910,855 11,186,239 11,327,349 15,918,645 10,431,741 82,192,342 10,852,786 19,846,908 13,484,183 11,957,521 49,229,812 13,856,939 13,277,082 11,407,088 10,688,703 17,193,097 11,671,374 5,339,883 9,524,842 3,893,321 6,709,752 9,350,039 2,905,422 6,337,622 9,849,738 5,621,930 5,460,909 9,183,338 7,892,550 5,521,723 4,572,308 2,660,907 7,069,871 8,992,634 5,529,982 Fair Value USD

% ofNet Asset 10.82 Value 0.51 0.90 0.37 0.63 0.88 0.27 0.60 0.93 0.53 0.52 0.87 0.75 0.52 0.43 0.25 0.67 0.85 0.52 1.12 1.12 1.08 1.08 1.37 0.97 1.19 1.05 1.32 1.06 1.07 1.51 0.99 7.78 1.03 1.88 1.27 1.13 4.66 1.31 1.26 1.08 1.01 1.63 1.11 101 Lazard Global Active Funds plc 102 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard ThematicGlobalFund(continued) Portfolios ofInvestments Common Stock-98.10%(continued) ADR - Receipt American Depositary Total NetAssets Other assetsinexcessofliabilities Total Total CommonStock-(CostUSD787,368,359) United States-53.09%(continued) Shares Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets OR LISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED MARKET 213,746 166,049 125,362 141,750 119,374 263,446 236,002 177,767 230,197 431,154 110,199 155,400 122,851 370,267 189,838 128,719 271,959 272,800 114,398 127,525 294,438 135,994 569,122 Investments -(CostUSD787,368,359) 53,082 95,200 56,730 79,278 54,958 78,549 86,412 13,318 68,010 78,510 13,318 Rockwell Automation Inc Rockwell Automation Inc Noble Energy Inc NextEra Energy McKesson Corp BusinessMachinesCorp International Intel Corp Inc Honeywell International Google Inc, Class A Zoetis Inc Visa Inc Viacom Inc Vertex PharmaceuticalsInc UnitedHealth GroupInc Union Pacific Corp Corp Spectra Energy Co Southwestern Energy Quintiles Transnational HoldingsInc Pfizer Inc Oracle Corp Occidental Petroleum Corp Mylan Inc Monsanto Co Microsoft Corp Merck &CoInc Mead JohnsonNutritionCo Mastercard Inc OilCorp Marathon Kinder MorganInc Johnson & Google Inc, ClassC Exxon MobilCorp Exelon Corp EOG ResourcesInc EMC Corp 1,056,579,277 1,036,520,978 1,036,520,978 560,939,365 20,058,299 15,434,237 10,436,524 14,514,014 12,777,471 14,080,033 12,226,646 12,944,320 10,344,207 16,511,042 10,597,838 13,823,809 17,167,429 11,254,546 12,386,629 10,227,018 10,463,244 12,196,543 11,996,914 10,038,864 13,468,166 16,655,355 7,898,983 8,249,450 5,832,650 9,911,399 6,808,076 6,509,300 5,326,380 7,069,923 5,808,562 2,735,862 8,047,982 7,839,441 7,689,214 Fair Value % ofTotal Assets USD

100.00% % ofNet 97.78% 100.00 Asset 2.22% 98.10 98.10 53.09 Value 1.90 0.75 0.78 0.55 0.94 0.64 0.62 0.50 0.67 1.46 0.55 0.99 0.26 0.76 0.74 0.73 1.37 1.21 1.33 1.16 1.23 0.98 1.56 1.00 1.31 1.62 1.07 1.17 0.97 0.99 1.15 1.14 0.95 1.27 1.58 (continued) Period ended 30September2014 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard EmergingWorld Fund Portfolios ofInvestments Common Stock-18.75% Hong Kong-16.72% United Kingdom-52.38% Bermuda -0.18% Isle ofMan-0.31% British VirginIslands-2.38% Investment inExchangeTraded CollectiveInvestmentFunds-79.87% Total CommonStock-(CostUSD4,101,038) Turkey -1.11% Sweden -0.74% Hong Kong-2.51% Cayman Islands-1.63% Shares 1,831,600 172,792 248,220 295,677 284,000 207,745 128,942 203,962 140,307 607,500 176,888 122,843 152,794 43,761 10,728 88,818 60,388 71,602 75,537 95,380 79,479 25,028 43,050 11,828 28,520 22,500 55,473 65,462 28,182 52,000 27,472 68,551 (Subscription Shares) Mining TrustBlackRock World Plc BlackRock Latin American Investment Trust Plc Advance DevelopingMarketsFundLtd Aberdeen New Thai Investment Trust Plc Trust Plc JPMorgan EmergingMarketsInvestment Investment TrustJPMorgan AsianPlc INVESCO AsiaTrustPlc Infrastructure IndiaPlc FundLtd(NewShares) Growth India Capital FundLtd Growth India Capital Genesis EmergingMarketsFundLtd Fidelity Plc ChinaSpecialSituations Plc Fidelity AsianValues Edinburgh Dragon Trust Plc BlackRock EmergingEuropePlc Baring EmergingEurope Trust+ Baring EmergingEuropePlc Advance Frontier MarketsFundLtd (Warrant) Investment Aberdeen NewDawn Trust Plc Citic SecuritiesCoLtd China MerchantsDirectInvestmentsLtd China EverbrightLtd GP InvestmentsLtd, BDR Qatar InvestmentFundPlc Qatar Haci OmerSabanciHolding AS Explorer East Capital AB First Pacific Co HSBC China Dragon Fund HSBC ChinaDragon The ChinaFundInc VinaCapital Vietnam OpportunityFundLtd Africa OpportunityFundLtd Macau PropertyOpportunitiesFundLtd 1,911,259 1,094,030 1,404,311 4,119,064 1,897,620 4,620,082 Fair Value 303,849 631,384 428,304 245,069 505,970 173,180 864,742 267,037 304,402 117,830 304,379 283,154 533,979 274,386 182,773 617,856 572,654 403,098 333,519 585,815 77,306 24,039 93,574 81,779 43,859 75,859 45,202 69,579 4,898 USD –

% ofNet Asset 18.75 16.72 Value 0.31 1.23 2.56 1.74 0.10 0.38 0.33 0.18 7.76 0.99 2.05 0.02 0.70 3.51 1.08 1.24 4.44 0.48 1.24 5.70 1.15 2.17 0.31 1.11 0.74 7.70 2.51 0.18 0.28 2.33 1.63 1.35 2.38 – BDR - Brazil Depositary Receipt BDR -BrazilDepositary zero + -Securityisvaluedat Total NetAssets Other assetsinexcessofliabilities Total Investments-(CostUSD21,289,011) Investment Funds-(CostUSD17,187,973) Total InvestmentinExchangeTraded Collective United States-20.66% United Kingdom-52.38%(continued) Investment inExchangeTraded Collective InvestmentFunds-79.87%(continued) Total Assets Current assets Collective investmentschemes market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets MARKET ORLISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED Shares (continued) 160,294 197,408 124,072 262,210 221,257 12,046 36,155 19,659 34,377 32,707 17,077 10,657 16,828 23,067 13,734 10,857 39,999 25,300 36,639 80,493 31,224 3,100 7,447 7,102 8,846 5,277 4,741 800 The Thai FundInc Templeton FundInc Dragon The Taiwan FundInc Morgan StanleyEmergingMarketsFundInc Morgan Stanley Asia-Pacific FundInc Mexico Equity&IncomeFundInc Malaysia FundInc+ Latin FundInc American Discovery The Korea FundInc Korea EquityFundInc JPMorgan ChinaRegionFundInc The IndiaFundInc First Trust Aberdeen EmergingOpportunityFund The Central Europe Russia and Turkey Fund Inc ASA GoldandPreciousMetalsLtd FundInc Aberdeen Singapore Aberdeen Latin America EquityFundInc OpportunitiesFundInc Company Aberdeen EmergingMarketsSmaller Utilico EmergingMarketsLtd Trans BalkanInvestmentsLtd+ Trust Plc Templeton EmergingMarketsInvestment Tau Plc Capital Schroder AsiaPacific FundPlc Prosperity Voskhod FundLtd Pacific AssetsTrustPlc New IndiaInvestment Trust Plc JPMorgan RussianSecuritiesPlc JPMorgan IndianInvestment Trust Plc Period ended 30September2014 12,905,978 24,640,739 24,299,539 19,679,457 5,090,851 1,861,763 1,013,301 Fair Value 341,200 147,925 932,438 370,474 532,672 366,755 270,814 259,485 142,980 189,801 417,671 270,807 170,576 304,810 556,186 491,786 532,768 782,682 525,390 225,697 13,064 51,073 93,320 38,837 723 % ofTotal Assets USD – –

100.00% % ofNet 79.59% 18.68% 100.00 Asset 1.73% 98.62 79.87 20.66 52.38 Value 1.38 0.60 3.78 1.50 2.16 0.05 0.21 0.38 1.49 1.10 1.05 0.58 0.77 1.70 1.10 0.69 1.24 2.26 2.00 2.16 0.16 3.18 2.13 7.56 4.11 0.92 – – – 103 Lazard Global Active Funds plc 104 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard EmergingMarketsEquityFund Portfolios ofInvestments Common Stock-96.09% Indonesia -6.16% India -6.76% -0.87% Hungary -1.14% Egypt China -10.57% Cayman Islands-3.15% Canada -2.69% Brazil -14.68% Bermuda -0.57% Argentina -1.29% Shares 15,357,732 17,319,300 45,430,526 1,080,120 1,770,126 2,263,117 1,695,107 3,335,600 1,635,798 1,733,800 8,910,000 3,023,500 1,073,900 1,366,126 1,141,800 1,532,132 1,724,300 3,530,312 1,824,600 7,533,700 552,222 313,291 132,490 513,961 525,667 243,200 433,930 784,900 781,000 525,900 430,200 356,461 10,849 74,244 99,500 Hero MotoCorpLtd Tata Consultancy Ltd Services Bank Punjab National Jindal Steel&Power Ltd HCL TechnologiesLtd ElectricalsLtd Heavy Bharat Bank ofIndia Ltd Bajaj Auto Axis BankLtd OTP BankPlc SAE, BankEgypt Commercial International GDR Wynn MacauLtd Inc,Baidu ADR Pacific Corp RubialesEnergy Bank MandiriPersero Tbk PT Astra International Tbk PT China ConstructionBankCorp Weichai Power CoLtd Inc,NetEase ADR CNOOC Ltd CoLtd China ShenhuaEnergy China MobileLtd, ADR SA Via Varejo SA,Vale ADR Souza CruzSA CosmeticosSA Natura Localiza RentaCarSA Cielo SA Cia EnergeticadeMinasGerais, ADR CCR SA BB SeguridadeParticipacoes SA Banco doBrasilSA SA,AMBEV ADR HoldingsLtd Huabao International SA,YPF ADR 150,264,895 69,223,514 24,434,655 15,408,670 13,873,314 32,280,134 10,567,244 21,712,890 27,496,524 12,714,084 10,038,371 31,915,025 20,821,568 15,272,440 25,491,218 22,299,201 10,507,682 22,700,948 36,490,367 11,960,253 13,181,928 108,208,461 3,678,602 5,701,461 1,923,608 2,822,017 8,879,280 6,268,612 8,439,598 7,810,168 8,594,905 8,636,375 7,941,251 6,216,040 7,107,705 5,806,643 11,666,574 Fair Value 883,540 497,647 USD

% ofNet Asset 10.57 14.68 Value 0.09 0.05 0.36 0.56 0.19 0.27 0.87 1.14 6.76 2.39 1.50 1.35 3.15 1.03 2.12 2.69 1.24 0.98 0.61 0.83 3.12 0.76 0.84 0.84 0.78 0.61 0.69 0.57 2.03 1.49 2.49 2.18 1.03 2.22 3.56 1.17 1.29 Common Stock-96.09%(continued) Pakistan -0.19% Mexico -1.42% Malaysia -0.79% Indonesia -6.16%(continued) South Korea-13.76% South Africa-7.97% Russia -9.38% Philippines -1.73% Taiwan -4.91% Shares 14,421,201 (continued) 3,001,600 2,230,455 5,229,238 5,863,700 1,343,272 1,055,171 1,370,846 2,644,468 1,123,050 2,779,920 7,560,786 1,736,260 2,448,408 1,896,233 379,493 505,637 622,502 301,951 640,075 370,419 465,305 316,116 397,128 135,498 142,631 256,300 157,013 154,403 490,812 383,182 551,432 79,723 93,267 48,177 28,492 Kimberly-Clark deMexicoSABCV Grupo MexicoSABdeCV British AmericanTobaccoBhd Malaysia United TractorsPT Tbk Telekomunikasi IndonesiaPersero Tbk PT, ADR Semen IndonesiaPersero Tbk PT Oil &GasDevelopmentCoLtd, GDR Woolworths HoldingsLtd Vodacom GroupLtd Tiger BrandsLtd Standard BankGroupLtd Shoprite HoldingsLtd Sanlam Ltd PPC Ltd Nedbank GroupLtd Imperial HoldingsLtd Bidvest GroupLtd Sberbank ofRussia Mobile TelesystemsOJSC, ADR MegaFon OAO, GDR OJSC,Magnit GDR OAO,Lukoil ADR OAO,Gazprom ADR Alrosa AO Philippine LongDistance Telephone Co, ADR Coway CoLtd Coway Ltd, ADR Taiwan SemiconductorManufacturingCo CoLtd,Hon HaiPrecisionIndustry GDR Oriflame CosmeticsSA KT&G Corp KB Financial GroupInc Hyundai MobisCoLtd Hanwha LifeInsuranceCoLtd SK HynixInc Shinhan Financial GroupCoLtd Samsung ElectronicsCoLtd Period ended 30September2014 140,766,947 24,318,611 14,577,779 63,045,466 13,070,276 96,009,147 27,672,078 16,783,982 10,083,080 19,567,857 17,684,700 81,513,613 50,250,462 35,003,001 15,247,461 13,834,450 17,941,788 11,721,814 12,722,416 17,003,076 25,409,505 31,954,779 7,099,334 7,478,445 8,122,044 8,545,523 7,428,877 1,924,589 8,309,963 7,164,568 8,434,160 7,404,779 7,917,562 6,904,772 7,177,901 7,144,365 7,985,267 7,848,722 7,272,042 6,781,386 7,464,011 2,715,108 Fair Value USD

% ofNet Asset 13.76 Value 2.38 0.69 0.73 0.79 0.83 0.73 1.42 6.16 0.19 1.28 9.38 2.70 1.64 0.99 1.91 1.73 0.81 0.70 0.83 0.72 0.77 0.68 0.70 0.70 0.78 0.77 0.71 0.66 7.97 0.73 4.91 3.42 1.49 1.35 1.76 1.15 1.24 0.27 1.66 2.48 3.12 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard EmergingMarketsEquityFund(continued) Portfolios ofInvestments Thailand -2.79% Common Stock-96.09%(continued) Turkey -4.46% GDR - Global Depositary Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Total NetAssets Other assetsinexcessofliabilities Total Total United Kingdom-0.81% Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets LISTED ONARECOGNISEDEXCHANGEEXCEPTFORCOLLECTIVEINVESTMENTSCHEMES. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED MARKETOR Shares 7,748,800 1,696,242 2,577,006 3,365,556 1,954,750 5,171,558 678,200 293,799 Investments -(CostUSD975,788,352) Common

Stock -(CostUSD975,788,352) CP ALL PCL CP ALL PTT Exploration &ProductionPCL PTT Exploration Siam CementPCL Akbank TAS KOC Holding AS KOC Turkcell IletisimHizmetleri AS Eurasia DrillingCoLtd, GDR Turkiye IsBankasi 1,023,362,740 983,381,894 983,381,894 10,724,050 28,540,268 15,530,806 10,220,323 45,602,379 11,461,926 39,980,846 8,383,122 9,433,096 8,389,324 8,336,547 Fair Value % ofTotal Assets USD

100.00% % ofNet 93.71% 100.00 Asset 6.29% 96.09 96.09 Value 1.05 0.82 2.79 0.92 0.82 1.52 1.00 0.81 4.46 1.12 3.91 (continued) Period ended 30September2014 105 Lazard Global Active Funds plc 106 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard EmergingMarketsCore EquityFund Portfolios ofInvestments Common Stock-98.08% Cayman Islands-2.08% Canada -2.09% Brazil -6.43% Shares Mexico -9.28% Malaysia -1.02% Indonesia -3.60% India -7.36% Hong Kong-3.98% Greece -0.73% China -13.58% 3,788,000 162,651 125,600 115,800 106,335 153,000 531,100 656,700 672,800 768,500 348,000 194,000 364,890 285,609 831,000 482,000 578,000 799,000 708,000 664,000 265,500 27,625 48,200 28,810 44,190 36,730 28,809 22,600 20,175 90,000 14,660 6,275 3,000 7,800 Pacific Corp RubialesEnergy SA Via Varejo Meios dePagamento eIdentificacaoS.A Valid deSegurancaem SolucoeseServicos Gran Tierra Inc Energy Kroton EducacionalSA Klabin SA Itau UnibancoHoldingSA, ADR Cosan Ltd Tata MotorsLtd, ADR ICICI BankLtd, ADR HDFC BankLtd, ADR EntertainmentLtd,Melco Crown ADR HoldingsLtd ENN Energy Inc,Baidu ADR Alsea SABdeCV PetroleumSapurakencana Bhd Semen IndonesiaPersero Tbk PT DepartmentStore Matahari Tbk PT Bank MandiriPersero Tbk PT Ltd, Laboratories Dr Reddy's ADR Haier ElectronicsGroupCoLtd China ResourcesPower HoldingsCoLtd Brilliance China Automotive HoldingsLtd Piraeus BankSA Vipshop HoldingsLtd, ADR Sinotrans Ltd PICC Property&CasualtyCoLtd Lenovo GroupLtd Industrial &CommercialBankofChinaLtd CSR CorpLtd China Petroleum &ChemicalCorp, ADR China LessoGroupHoldingsLtd International Beijing Capital Airport CoLtd Anhui ConchCementCoLtd 1,375,459 4,225,164 1,474,335 2,364,764 4,842,573 1,605,284 1,414,378 1,052,821 2,610,275 8,920,699 2,353,748 1,369,331 Fair Value 464,355 911,104 479,615 448,447 787,558 559,945 475,264 483,542 668,635 831,991 896,561 636,212 770,090 530,502 917,605 524,030 638,138 481,649 566,715 606,788 852,877 861,219 589,078 703,810 681,603 352,400 505,369 847,092 USD

% ofNet Asset 13.58 Value 2.09 0.70 1.39 6.43 0.73 0.68 1.20 0.85 2.25 0.72 0.74 1.02 3.60 1.27 1.36 0.97 7.36 2.44 2.15 1.60 1.17 3.98 0.81 1.40 0.80 0.97 0.73 0.86 0.92 1.30 1.31 3.58 0.90 1.07 1.04 0.54 0.77 1.29 2.08 Common Stock-98.08%(continued) Poland -0.77% Philippines -1.95% Peru -1.03% Mexico -9.28%(continued) Portugal -0.54% Russia -3.53% South Africa-5.21% Taiwan -15.13% Switzerland -1.07% South Korea-10.20% Shares (continued) 1,010,700 123,381 258,100 233,365 137,313 179,119 187,440 167,000 124,650 111,300 816,000 216,891 29,260 28,700 63,300 42,303 32,043 22,328 20,472 14,304 54,015 27,503 75,000 40,000 15,000 12,000 88,400 30,295 35,649 12,841 83,352 4,393 6,547 4,633 1,659 GT Capital HoldingsInc GT Capital Alliance GlobalGroupInc Credicorp Ltd Grupo TelevisaSAB, ADR Grupo Financiero BanorteSABdeCV Gruma SABdeCV Genomma LabInternacionalSABdeCV Fibra Uno Administracion SAdeCV Cemex SABdeCV, ADR Powszechna KasaOszczednosciBankPolski SA Jeronimo MartinsSGPSSA Sberbank ofRussia MegaFon OAO, GDR Mail.ru GroupLtd, GDR OJSC,Magnit GDR Naspers Ltd MTN GroupLtd Life HealthcareGroupHoldingsLtd Aspen PharmacareHoldingsLtd Delta ElectronicsInc Advanced SemiconductorEngineeringInc, ADR AG Dufry President ChainStoreCorp CoLtd Merida Industry Mega Financial HoldingCoLtd MediaTek Inc Largan PrecisionCoLtd CoLtd,Hon HaiPrecisionIndustry GDR Hermes MicrovisionInc Eclat Textile CoLtd SK TelecomLtd,Co ADR SK HynixInc Samsung ElectronicsCoLtd &EngineeringCoLtd KEPCO PlantService DGB Financial GroupInc Period ended 30September2014 1,281,471 6,098,460 1,789,875 2,314,739 3,417,487 1,138,507 1,052,689 1,076,202 1,350,689 6,703,053 1,581,866 1,860,627 1,016,085 1,325,022 Fair Value 689,161 592,310 673,513 972,213 789,100 676,821 619,582 767,327 507,691 353,549 343,702 566,908 575,570 828,559 721,151 739,342 818,487 737,305 705,500 538,101 776,588 668,611 592,055 500,994 802,791 919,453 USD

% ofNet Asset 10.20 Value 1.05 0.90 1.03 1.48 1.20 1.03 0.94 1.17 1.95 9.28 2.72 0.77 0.54 0.53 0.86 0.88 1.26 3.53 1.10 1.12 1.25 5.21 1.74 1.12 1.07 1.60 0.82 1.18 1.02 0.90 0.76 1.22 1.40 1.64 2.06 2.41 2.83 1.55 2.01 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard EmergingMarketsCore EquityFund(continued) Portfolios ofInvestments Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets OR LISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED MARKET Thailand -2.80% Taiwan -15.13%(continued) GDR - Global Depositary Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Total NetAssets Other assetsinexcessofliabilities Total Total Brazil -0.80% Preferred Stock-0.80% Total United States-0.96% United Kingdom-2.15% Turkey -2.59% Common Stock-98.08%(continued) Shares 181,000 125,657 145,305 Investments -(CostUSD62,822,989) Preferred Common 81,400 91,370 11,245 46,131 23,237 17,243

Stock Bangkok BankPCL Ltd, ADR Taiwan SemiconductorManufacturingCo Alpargatas SA Alpargatas First CashFinancialInc Services Mondi Plc Hikma PharmaceuticalsPlc Turk Traktor Makineleri veZiraat AS TAV Holding Havalimanlari AS Kasikornbank PCL Stock -(CostUSD592,385) - (CostUSD62,230,604) 65,692,970 64,956,177 64,432,696 9,938,044 1,842,019 1,408,349 1,702,223 1,169,046 1,840,517 1,314,587 Fair Value 525,930 736,793 523,481 629,551 755,705 652,644 533,177 523,481 % ofTotal Assets USD

100.00% % ofNet 98.79% 100.00 Asset 1.21% 15.13 98.88 98.08 Value 0.80 2.81 1.12 0.80 0.96 2.15 1.15 1.00 2.59 0.81 1.78 2.80 2.00 0.80 (continued) Period ended 30September2014 107 Lazard Global Active Funds plc 108 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard DevelopingMarketsEquityFund Portfolios ofInvestments Common Stock-94.44% India -8.06% Hong Kong-2.28% Greece -1.52% Colombia -4.27% China -16.23% Cayman Islands-6.10% Canada -1.88% Brazil -12.72% Shares 10,813,000 19,095,000 3,062,000 3,499,164 6,620,700 5,594,960 2,017,000 1,298,500 2,674,000 3,340,163 4,526,667 3,784,000 2,089,000 1,201,900 175,800 221,152 190,498 161,600 986,255 136,500 417,829 506,500 435,608 542,600 206,500 346,600 492,700 455,700 251,474 628,000 692,300 753,200 524,100 530,465 34,080 Baidu Inc,Baidu ADR Tata MotorsLtd, ADR Reliance IndustriesLtd, GDR ICICI BankLtd, ADR HDFC BankLtd, ADR Techtronic IndustriesCo Piraeus BankSA HoldingsSA Cemex Latam SA,BanColombia ADR Globaltrans InvestmentPlc, GDR Holdings Ltd ConstructionInternational China State AAC Technologies HoldingsInc Pacific Corp RubialesEnergy China National Materials CoLtd Materials China National Agricultural BankofChinaLtd Technology CoLtd Scienceand Industry Zoomlion Heavy Zhuzhou CSR Times ElectricCoLtd Sands ChinaLtd Ping An InsuranceGroup Co Inc, ADR & New OrientalEducation Technology Group Ltd China OilfieldServices China MerchantsBankCoLtd China ConstructionBankCorp Group Anton OilfieldServices Anhui ConchCementCoLtd SA Via Varejo SA,Vale ADR Petroleo BrasileiroSA, ADR Localiza RentaCarSA Kroton EducacionalSA SA,Gerdau ADR Estacio Participacoes SA EDP -EnergiasdoBrasilSA Cyrela BrazilRealtySA Banco BradescoSA, ADR 31,314,639 16,605,650 23,690,075 63,086,382 49,445,831 7,683,339 6,750,665 9,352,499 7,528,136 8,852,668 5,900,973 8,862,688 7,742,962 3,499,318 9,813,680 7,436,938 2,940,139 7,322,240 3,253,175 7,773,073 2,828,260 9,761,611 4,789,767 7,042,184 2,499,559 5,703,794 3,179,992 1,118,372 6,665,071 8,471,524 3,448,853 5,422,164 6,792,208 3,633,594 3,937,788 5,775,129 7,179,843 3,053,240 2,641,233 7,561,779 Fair Value USD

% ofNet Asset 16.23 12.72 Value 8.06 1.98 1.74 2.40 1.94 2.28 1.52 4.27 2.28 1.99 6.10 0.90 2.53 1.91 0.76 1.88 0.84 2.00 0.73 2.51 1.23 1.81 0.64 1.47 0.82 0.29 1.71 2.18 0.89 1.39 1.75 0.93 1.01 1.49 1.85 0.78 0.68 1.95 Common Stock-94.44%(continued) Peru -2.12% Netherlands -3.76% Mexico -3.84% Indonesia -1.66% Russia -4.78% Poland -0.88% South Korea-6.69% South Africa-2.00% Total United States-2.77% Turkey -5.35% Taiwan -7.53% Shares (continued) 1,116,475 3,245,500 7,509,800 2,961,098 3,362,019 1,373,446 2,429,000 172,900 531,654 351,933 116,523 324,358 354,525 643,847 199,213 147,800 106,000 979,691 337,378 504,000 789,604 553,000 Common 53,700 66,952 90,438 7,169 1 Stock -(CostUSD389,434,806) Yandex NV X5 RetailGroupNV, GDR Grupo Financiero BanorteSABdeCV Genomma LabInternacionalSABdeCV IndonesiaPersero Bank Rakyat Tbk PT Credicorp Ltd Eurocash SA NovaTek OAO, GDR Halla ControlCorp Visteon Climate Standard BankGroupLtd Exxaro ResourcesLtd TMK OAO, GDR Sberbank ofRussia Kia MotorsCorp Korea Aerospace IndustriesLtd Samsung ElectronicsCoLtd Freeport-McMoRan Copper&GoldInc First CashFinancialInc Services TAV Holding Havalimanlari AS Ford OtomotivSanayi AS Emlak Konut Gayrimenkul Yatirim Ortakligi AS Sanayi Ve Ticaret AS Elektronik Aselsan Wistron Corp Taiwan SemiconductorManufacturingCoLtd MediaTek Inc Hiwin TechnologiesCorp Catcher Technology CoLtd Period ended 30September2014 367,037,192 14,612,114 14,931,557 18,564,038 29,259,772 25,999,719 10,760,819 20,806,600 4,805,756 9,806,358 7,140,569 7,790,988 6,432,789 8,233,015 3,438,004 7,019,917 5,659,136 7,780,307 3,752,372 4,027,935 5,862,227 5,681,894 4,597,961 7,702,336 8,040,286 4,826,409 5,934,410 7,882,069 3,871,850 3,515,633 5,537,048 9,601,979 7,459,889 7,066,842 5,131,061 Fair Value USD 1

% ofNet Asset 94.44 Value 1.24 2.52 1.84 2.00 1.66 3.76 3.84 2.12 0.88 1.81 1.46 2.00 0.96 1.04 1.51 1.46 4.78 1.18 1.98 2.07 7.53 6.69 1.24 1.53 2.03 1.00 0.90 1.42 2.47 1.92 1.82 1.32 2.77 5.35 – Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard DevelopingMarketsEquityFund(continued) Portfolios ofInvestments Total Assets Current assets market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets OR LISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED MARKET Brazil -1.25% Preferred GDR - Global Depositary Receipt GDR -GlobalDepositary ADR - Receipt American Depositary Total NetAssets Other assetsinexcessofliabilities Total Total Shares 2,985,000 Investments -(CostUSD397,115,475) Preferred Stock -1.25%

Marcopolo SA Stock -(CostUSD7,680,669) 388,654,221 371,887,048 16,767,173 4,849,856 4,849,856 Fair Value % ofTotal Assets USD

100.00% % ofNet 95.57% 100.00 Asset 4.43% 95.69 Value 1.25 4.31 1.25 (continued) Period ended 30September2014 109 Lazard Global Active Funds plc 110 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard MENAFund Portfolios ofInvestments Common Stock-58.01% Saudi Arabia-37.97% Participatory Notes-37.97% Total United Kingdom-1.21% United ArabEmirates-18.28% Tunisia -1.07% Qatar -3.73% Oman -7.80% Morocco -0.74% Kuwait -10.16% Jordan -3.39% Egypt -11.63% Egypt Shares 152,581 164,580 Common 14,029 31,254 24,000 37,644 11,215 72,861 57,080 26,668 10,790 50,072 18,826 38,820 23,827 26,400 18,110 74,423 19,770 61,893 47,175 3,606 3,290 6,760 3,752 6,914 5,580 541 556 644 536 Stock -(CostUSD1,543,340) Gulf Marine Services Plc Gulf MarineServices BankPJSC Union National International Al RajhiBankP-NoteGoldmanSachs Morgan Stanley Al IndustrialInvestment CoP-Note Abdullatif BankofRas National Al-Khaimah PSC Emirates REITCEICLtd Emirates Emirates NBDPJSC Emirates Emaar PropertiesPJSC Aramex PJSC Abu DhabiCommercialBankPJSC Poulina Group SAOG Renaissance Services Qatar National BankSAQ National Qatar Electricity& Qatar Water Co Ooredoo QSC QSC Industries Qatar Omani Qatari Telecommunications CoSAOG Oman Telecommunications CoSAOG SAOG BankMuscat Douja PromotionGroupe Addoha SA Mobile Telecommunications CoKSC Mabanee CoSAKC Jazeera Airways Burgan BankSAK ALAFCO LeaseandFinanceAviation CoKSCC Mines Jordan Phosphate Al-Tajamouat for Touristic ProjectsCoPlc Misr DutyFree Shops Housing &DevelopmentBank Egypt KuwaitEgypt HoldingCoSAE Credit SAE Agricole Egypt 1,713,956 Fair Value 540,058 228,624 230,601 110,196 300,103 144,243 100,374 343,465 135,751 35,593 56,587 68,611 41,966 59,495 54,565 29,984 49,342 61,461 31,775 89,485 30,103 29,068 23,518 27,507 33,156 29,105 78,855 21,791 54,969 25,665 40,985 34,241 47,372 53,002 76,305 74,158 57,251 USD

% ofNet Asset 18.28 58.01 10.16 11.63 Value 1.21 1.92 2.32 1.42 2.01 1.85 1.01 7.74 1.67 2.08 1.07 7.80 3.03 3.73 1.02 0.98 0.80 0.93 1.12 0.98 2.67 0.74 1.86 0.87 1.39 1.16 4.88 3.39 1.60 1.79 2.58 2.51 1.94 4.60 Participatory Notes-37.97%(continued) Total NetAssets Other assetsinexcessofliabilities Total Total Saudi Arabia-37.97%(continued) Shares Total Assets Current assets market exchange listingortradedonaregulated Transferable securitiesotherthanthoseadmittedtoanofficialstock market traded onaregulated Transferable securitiesadmittedtoanofficialstockexchangelistingor Analysis ofTotal Assets OR LISTEDONARECOGNISEDEXCHANGEEXCEPTFORPARTICIPATORY NOTES. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED MARKET (continued) Investments -(CostUSD2,577,297) Participatory 3,566 3,615 3,720 3,746 1,632 4,947 8,777 6,432 3,841 1,347 3,645 4,597 2,512 1,310 964 440 Stanley Yanbu Petrochemical National P-NoteMorgan Bank Plc Yanbu Petrochemical National P-NoteHSBC Yanbu CementP-NoteHSBCBankPlc P-NoteDeutscheBank Savola AG Saudi Telecom CoP-NoteHSBCBankPlc Stanley Saudi BasicIndustriesCorpP-NoteMorgan Morgan Saudi BasicIndustriesCorpP-NoteJP Sachs International Samba Financial GroupP-NoteGoldman Bank AG Samba Financial GroupP-NoteDeutsche P-Note MorganStanley Rabigh RefiningandPetrochemicals Co CoP-NoteJPMorgan Ethihad Etisalat BankP-NoteHSBCPlc Arab National International BankP-NoteGoldmanSachs Arab National BankP-NoteDeutsche Arab National AG Stanley Al-Hassan GIShakerCoP-NoteMorgan Al Tayyar P-NoteHSBCBankPlc Notes -(CostUSD1,033,957) Period ended 30September2014 1,121,694 2,954,358 2,835,650 1,121,694 Fair Value 118,708 173,252 112,191 18,471 68,325 74,565 82,433 74,271 57,156 56,668 92,281 12,191 32,989 41,604 58,678 50,418 5,624 % ofTotal Assets USD

100.00% % ofNet 37.82% 57.79% 100.00 Asset 4.39% 95.98 37.97 37.97 Value 4.02 0.62 2.31 2.52 2.79 2.52 1.93 1.92 3.12 0.41 1.12 1.41 1.99 1.71 5.87 0.19 3.80 Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard SterlingHighQualityBondFund Portfolios ofInvestments Total Total NetAssets Assets inexcessofotherliabilities Total United States-5.17% United Kingdom-48.11% Netherlands -17.92% Multi-National -3.60% -11.02% Germany Bonds -96.52% Total Assets Current assets market or tradedonaregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis ofTotal Assets OR LISTEDONARECOGNISEDEXCHANGE. ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED MARKET France -10.70% 150,000 200,000 140,000 100,000 100,000 100,000 100,000 129,000 100,000 100,000 100,000 40,000 64,000 74,000 69,000 50,000 54,000 74,000 75,000 80,000 77,000 79,000 89,000 75,000 50,000 Bonds -(CostGBP2,386,576) Investments -(CostGBP2,386,576) GE Capital TrustCapital GE V United KingdomGilt United KingdomGilt United KingdomGilt United KingdomGilt Southern FinanceWater Services Ltd Northern GasNetworksFinance Plc Network RailInfrastructureFinance Plc MarketsPlc Land SecuritiesCapital 1 LP FundingSterling HSBC BankCapital Glencore Finance EuropeSA Barclays BankPlc Aviva Plc FinancialNV Volkswagen Services NV Siemens Financieringsmaatschappij Finance BV Deutsche TelekomInternational Boerenleenbank BA CentraleRaiffeisen- Cooperatieve ABN AMRO BankNV European InvestmentBank fuer Wiederaufbau Kreditanstalt Deutsche BahnFinance BV Daimler AG Orange SA Orange SA BPCE SA Coupon Coupon 10.000 5.500 4.250 4.250 4.250 5.000 6.640 4.875 4.750 5.425 5.844 6.500 6.125 2.375 6.125 6.500 4.625 2.500 8.750 5.000 2.750 2.750 5.750 5.625 5.250 Rate Rate % 09/15/2066 12/07/2055 12/07/2046 03/07/2036 03/07/2018 03/31/2026 11/15/2035 11/29/2035 03/31/2022 02/27/2019 11/13/2018 09/14/2066 04/08/2022 05/23/2029 12/18/2018 08/25/2017 06/09/2036 06/20/2022 12/04/2020 01/23/2034 04/16/2029 05/21/2021 Perpetual Perpetual Perpetual Maturity Date 2,553,436 1,272,738 2,645,499 2,553,436 % ofTotal Assets 136,821 193,920 240,800 156,912 104,522 474,106 100,591 100,764 100,716 291,416 115,717 103,894 283,028 49,940 63,574 59,151 91,743 72,845 57,110 83,409 81,923 90,112 95,327 75,719 99,980 99,301 79,833 98,812 92,063 Value GBP Fair 100.00%

92.47% 100.00 Asset 7.53% 96.52 48.11 17.92 11.02 10.70 96.52 Value 5.17 7.33 9.10 5.93 3.95 3.80 3.81 3.81 4.38 3.93 1.89 2.40 2.24 3.47 2.75 2.16 3.15 3.10 3.40 3.60 2.86 3.78 3.75 3.02 3.48 3.74 % of Net

(continued) Period ended 30September2014 111 Lazard Global Active Funds plc 112 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard GlobalFixedIncomeFund Portfolios ofInvestments Bonds -99.49% Australia -5.78% Bahamas -1.71% Belgium -3.53% Bermuda -2.07% Brazil -0.85% Canada -15.55% Chile -0.99% Czech Republic-1.08% Colombia -2.58% France -4.03% 240,000,000 230,000,000 4,590,000 470,000 100,000 460,000 228,000 321,000 380,000 100,000 400,000 200,000 250,000 130,000 200,000 425,000 490,000 400,000 195,000 150,000 170,000 220,000 480,000 245,000 350,000 200,000 180,000 407,000 90,000 Western AustralianTreasuryCorp Toyota Finance Australia Ltd Telstra CorpLtd Queensland TreasuryCorp Pty Ltd Mercedes-Benz Australia/Pacific Commonwealth oftheBahamas Belgium GovernmentBond NV CallebautServices Barry Bond Bermuda GovernmentInternational Bond Brazilian GovernmentInternational Toronto-Dominion Bank Inc Suncor Energy Inc Communications Shaw Province ofQuebecCanada Province ofOntarioCanada Province ofOntarioCanada Province ofBritishColumbia Province of Alberta Canada Ontario ElectricityFinancial Corp Hydro-Quebec Canada Housing Trust No1 Bank ofNovaScotia Bond Colombia GovernmentInternational Bond Colombia GovernmentInternational Bond Colombia GovernmentInternational Corp NacionaldelCobredeChile Czech RepublicGovernmentBond Orange SA France GovernmentBondOAT Coupon Coupon 10.125 12.000 3.000 4.250 4.000 5.500 4.500 6.950 4.250 5.625 5.603 2.625 1.824 6.100 5.650 3.500 2.850 6.250 3.700 4.000 9.625 1.950 2.125 4.375 2.625 4.500 2.500 5.375 4.250 Rate Rate % 06/08/2016 05/15/2019 11/15/2017 06/21/2021 05/18/2015 11/20/2029 09/28/2022 06/15/2021 07/20/2020 01/05/2023 04/03/2017 06/01/2018 10/01/2019 07/29/2020 06/02/2023 06/16/2015 12/18/2020 12/01/2019 10/15/2021 07/15/2022 06/15/2019 09/11/2019 03/21/2023 03/15/2023 10/22/2015 08/13/2023 08/25/2028 07/08/2019 10/25/2023 Maturity Date 1,231,071 3,310,624 413,219 447,301 201,149 364,027 752,657 604,701 147,956 440,536 180,600 223,966 148,708 201,327 451,649 438,286 316,822 189,363 147,578 226,059 291,624 431,302 243,940 548,957 102,820 324,319 121,818 211,129 229,173 859,058 202,815 656,243 89,228 80,174 Value USD Fair

Asset 15.55 Value 5.78 1.94 2.10 0.94 0.42 0.38 1.71 3.53 2.84 0.69 2.07 0.85 1.05 0.70 0.95 2.12 2.06 1.49 0.89 0.69 1.06 1.37 2.02 1.15 2.58 0.48 1.53 0.57 0.99 1.08 4.03 0.95 3.08 % of Net

Luxembourg -0.53% Italy -1.11% Israel -1.05% Ireland -2.00% -1.65% Germany Panama -1.03% Norway -1.98% New Zealand-3.12% Netherlands -0.76% Multi-National -5.64% Mexico -5.36% Malaysia -3.10% Bonds -99.49%(continued) 1,570,000 1,000,000 1,000,000 1,600,000 2,850,000 5,870,000 2,000,000 1,440,000 (continued) 150,000 640,000 285,000 630,000 200,000 640,000 910,000 280,000 245,000 100,000 200,000 105,000 321,000 500,000 150,000 175,000 730,000 85,000 15,000 Atlantia SpA Israel GovernmentBond Ireland GovernmentBond Wuerttemberg Foerderbank Landeskreditbank Baden- fuer Wiederaufbau Kreditanstalt Luxembourg SA HeidelbergCement Finance Bond Panama GovernmentInternational Norway GovernmentBond City ofOsloNorway LLC BMW USCapital New ZealandGovernmentBond Corp General ElectricCapital Corp General ElectricCapital Fonterra GroupLtd Co-operative Auckland Council Finance International Volkswagen NV Reconstruction &Development Bankfor International Reconstruction &Development Bankfor International Inter-American Development Bank Corp Andina deFomento Asian DevelopmentBank Petroleos Mexicanos Bond Mexico GovernmentInternational Mexican Bonos America MovilSABdeCV Malaysia GovernmentBond Malaysia GovernmentBond Period ended 30September2014 Coupon Coupon 4.375 5.500 4.400 3.000 2.875 3.250 5.200 4.500 3.550 2.375 3.000 5.500 6.500 5.500 4.620 2.150 1.375 2.375 6.000 4.375 2.850 3.750 6.750 4.750 6.450 3.654 3.394 Rate Rate % 09/16/2025 01/31/2022 06/18/2019 05/22/2017 10/12/2016 10/21/2021 01/30/2020 05/22/2019 02/12/2021 12/04/2015 04/15/2020 02/01/2017 09/28/2015 02/26/2024 03/29/2016 05/23/2016 06/23/2019 09/26/2016 12/15/2017 06/15/2022 10/21/2020 04/16/2026 02/06/2024 06/14/2018 12/05/2022 10/31/2019 03/15/2017 Maturity Date 1,200,847 1,140,558 237,145 222,883 426,489 351,959 101,229 250,730 112,939 220,113 420,845 111,986 166,064 142,795 665,228 207,134 195,957 156,990 161,464 226,716 464,550 344,192 208,479 350,548 434,673 146,858 660,487 222,251 438,236 11,965 93,182 86,271 79,118 Value USD Fair

Asset Value 1.11 1.05 2.00 1.65 0.47 1.18 0.53 0.05 0.44 0.41 0.37 1.03 1.98 0.53 0.78 0.67 3.12 0.97 0.92 0.74 0.76 5.64 1.06 2.18 1.62 5.36 0.98 1.65 2.04 0.69 3.10 1.04 2.06 % of Net

Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard GlobalFixedIncomeFund(continued) Portfolios ofInvestments Bonds -99.49%(continued) United States-12.14% Philippines -2.65% Peru -1.80% Poland -1.46% United Kingdom-11.04% Sweden -0.99% Slovakia -1.00% Singapore -0.97% Qatar -1.28% 20,000,000 1,180,000 1,000,000 5,000,000 145,000 870,000 100,000 105,000 100,000 120,000 115,000 210,000 275,000 105,000 110,000 105,000 160,000 971,000 135,000 320,000 100,000 130,000 200,000 250,000 250,000 85,000 75,000 90,000 90,000 93,000 45,000 55,000 70,000 55,000 State of Washington State State ofUtah State State of Alaska State Corp Sealed Air Nestle HoldingsInc Nestle HoldingsInc JPMorgan Chase&Co Huntington IngallsIndustriesInc HCA Inc Cargill Inc Constellation BrandsInc Constellation Commonwealth ofPennsylvania City ofSeattle Financial Corp Caterpillar Services ArcelorMittal United KingdomGilt United KingdomGilt United KingdomGilt Tesco Plc Rolls-Royce Plc Rolls-Royce GKN HoldingsPlc Centrica Plc BMW Finance NV Peru GovernmentBond BG Energy Capital Plc Capital BG Energy Bond Philippine GovernmentInternational Bond Philippine GovernmentInternational Barclays BankPlc Abbey National Treasury Plc Services Exportkredit AB Svensk Bond Slovakia GovernmentInternational Temasek Financial ILtd Bond GovernmentInternational Qatar Bond Poland GovernmentInternational Coupon Coupon 4.636 3.539 5.342 8.125 2.750 2.500 3.875 6.875 6.500 6.000 7.250 5.850 4.680 3.250 5.000 4.250 2.250 1.750 6.125 6.750 6.750 7.000 3.375 7.840 5.125 3.900 4.950 5.125 5.125 1.875 4.375 3.265 4.500 3.000 Rate Rate % 08/01/2022 07/01/2025 08/01/2027 09/15/2019 04/15/2020 07/10/2017 09/23/2020 03/15/2018 02/15/2020 11/27/2017 05/15/2017 07/15/2030 08/01/2024 06/26/2015 02/25/2017 12/07/2027 09/07/2023 07/22/2019 02/24/2022 04/30/2019 10/28/2019 09/19/2018 12/14/2018 08/12/2020 12/01/2025 11/26/2022 01/15/2021 01/08/2020 04/14/2021 12/21/2018 05/21/2022 02/19/2020 01/20/2022 03/17/2023 Maturity Date 2,350,442 151,322 188,944 138,732 147,286 101,835 117,009 111,674 134,602 163,109 108,927 220,027 338,808 445,326 195,696 106,116 131,383 200,237 272,340 382,707 101,382 563,365 445,384 117,981 151,659 187,468 210,857 213,750 207,425 271,988 310,534 95,679 88,409 97,650 94,388 50,867 Value USD Fair

Asset 11.04 Value 0.45 0.71 0.42 0.46 0.89 0.65 0.69 0.48 0.44 0.24 0.55 0.52 0.63 0.77 0.51 1.03 1.59 2.09 0.92 0.50 0.62 0.94 1.28 1.80 0.48 2.65 2.09 0.56 0.71 0.88 0.99 1.00 0.97 1.28 1.46 % of Net

Forward currency contracts Total Total Vietnam -0.66% United States-12.14%(continued) Bonds -99.49%(continued) Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy (continued) 125,000 120,000 110,000 140,000 195,000 170,000 Investments -(CostUSD21,467,544) Bonds -(CostUSD21,467,544) 6,662,518 EUR 2,811,310 EUR 5,894,448 INR 7,681,184 INR 122,544 CAD 177,733 USD 126,267 USD 116,250 USD 326,375 DKK 413,072 AUD 280,510 GBP 127,876 GBP 264,701 BRL 496,552 CZK 120,301,170 158,016,660 92,479 USD Bond Vietnam GovernmentInternational Yum! BrandsInc Wynn Las Vegas LLC Valero Corp Energy University of Texas System The GoldmanSachsGroupInc KRW KRW KRW Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell 235,457,000 COP Period ended 30September2014 8,630,972 USD 3,727,736 USD 372,109 USD 114,372 USD 124,857 USD 117,700 USD 154,600 USD 462,880 USD 207,600 USD 111,418 USD 507,883 PEN 264,701 BRL 95,821 USD 58,687 USD 23,644 USD 71,470 EUR Counterparty Markets CIBC World Markets CIBC World BNP Paribas JP Morgan USA HSBC Bank Markets Capital BNY Mellon Markets Inc Global Citigroup Markets Inc Global Citigroup Markets CIBC World USA HSBC Bank Markets Capital BNY Mellon USA HSBC Bank Markets Inc Global Citigroup Suisse Credit Markets RBC Capital Markets Inc Global Citigroup JP Morgan Coupon Coupon 6.750 3.750 7.750 6.125 6.276 3.625 Rate Rate % 01/29/2020 11/01/2021 08/15/2020 02/01/2020 08/15/2041 01/22/2023 Maturity 11/20/14 10/28/14 10/21/14 10/16/14 10/16/14 10/15/14 10/31/14 10/31/14 10/28/14 10/21/14 10/15/14 11/20/14 11/20/14 11/20/14 11/20/14 11/20/14 11/20/14 Maturity Date 21,185,825 21,185,825 2,585,380 140,588 123,036 117,288 162,544 223,023 169,056 (213,790) (175,082) (11,991) (7,182) (1,198) (3,864) (5,075) (8,336) (3,285) (1,899) Value 2,187 3,307 9,996 9,060 USD (927) (388) (827) Fair

Asset (0.05) (0.04) (0.01) (0.02) (0.02) (1.00) (0.04) (0.02) (0.01) (0.82) 99.49 99.49 12.14 Value 0.66 0.58 0.55 0.76 1.05 0.79 0.01 0.02 0.05 0.04 % of Net – – –

113 Lazard Global Active Funds plc 114 Lazard Global Active Funds plc Lazard Global ActiveFundsplc Portfolio ofInvestmentsasat30September2014 Lazard GlobalFixedIncomeFund(continued) Portfolios ofInvestments Forward currency contracts(continued) Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy 412,818,745 JPY 23,970,198 JPY 2,831,284 MXN 1,117,471 USD 1,078,315 USD 1,102,800 USD 1,043,586 USD 1,024,537 USD 1,102,253 PLN 227,597 USD 375,123 USD 377,071 USD 973,800 USD 188,536 USD 222,000 USD 400,177 USD 111,573 USD 688,804 USD 212,772 USD 150,940 USD 99,099 USD 66,861 NZD Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell Sell 102,841,392 JPY 4,944,328 MXN 4,956,399 MXN 6,881,108 NOK 1,140,420 CAD 3,992,329 USD 1,106,411 AUD 2,391,069 CZK 2,122,344 CZK 270,421 NZD 751,370 CAD 348,969 USD 209,480 USD 234,070 USD 229,654 AUD 163,055 AUD 647,403 GBP 137,604 GBP 239,904 GBP 854,601 EUR 645,040 ILS 55,340 USD Counterparty Capital Inc Capital Barclays JP Morgan USA HSBC Bank Markets Inc Global Citigroup BNP Paribas USA HSBC Bank USA HSBC Bank Markets Inc Global Citigroup Markets Inc Global Citigroup Markets Inc Global Citigroup USA HSBC Bank Markets Inc Global Citigroup Markets RBC Capital Markets Inc Global Citigroup Markets RBC Capital Markets Inc Global Citigroup Markets CIBC World USA HSBC Bank Markets CIBC World USA HSBC Bank USA HSBC Bank Markets Inc Global Citigroup 11/20/14 11/20/14 11/20/14 11/20/14 11/20/14 11/20/14 11/20/14 11/20/14 11/20/14 11/20/14 11/20/14 11/20/14 11/20/14 11/20/14 11/20/14 11/20/14 11/20/14 11/20/14 11/20/14 11/20/14 11/20/14 11/20/14 Maturity (227,654) (16,456) (15,475) (3,495) 17,907 35,944 13,397 48,054 29,252 11,434 22,840 24,385 17,300 12,558 59,964 Value 8,301 9,354 1,701 1,575 8,788 USD (975) Fair 574

Asset (0.08) (0.02) (0.07) (1.07) Value 0.04 0.04 0.08 0.17 0.06 0.23 0.14 0.05 0.11 0.01 0.01 0.11 0.08 0.06 0.04 0.28 % of Net – –

Forward currency contracts(continued) Total Assets Current assets Financial instruments derivative market on aregulated Transferable securitiesadmittedtoanofficialstockexchangelistingortraded Analysis ofTotal Assets CURRENCY CONTRACTSWHICHAREFINANCIALDERIVATIVE INSTRUMENTS. MARKET ORLISTEDONARECOGNISEDEXCHANGEEXCEPTFORFORWARD ALL SECURITIESARETRANSFERABLEDEALT INONAREGULATED Total NetAssets Other assetsinexcessofotherliabilities or loss Financial fairvaluethroughprofit assetsandliabilitiesat (total netunrealisedresult) Total forwardcurrency contracts Buy Buy Buy Buy Buy Buy Buy (continued) 344,909 USD 758,740 USD 109,200 USD 211,595 USD 327,353 USD 422,400 USD 195,510 USD Sell Sell Sell Sell Sell Sell Sell Period ended 30September2014 14,529,548 PHP 1,359,072 MYR 9,384,244 PHP 1,102,253 PLN 243,406 SGD 901,465 NZD 755,702 SEK Counterparty Markets CIBC World USA HSBC Bank Markets Inc Global Citigroup Markets Inc Global Citigroup USA HSBC Bank Bank Chartered Standard Markets Global Street State 11/20/14 11/20/14 11/20/14 12/22/14 12/22/14 12/11/14 11/20/14 Maturity 21,294,461 20,934,996 (250,829) % ofTotal Assets 359,465 59,725 12,395 10,363 Value 4,382 4,556 3,109 4,662 USD Fair 100.00%

94.34% 100.00 Asset 3.67% 1.99% (1.18) Value 98.31 0.28 0.06 0.02 0.02 0.05 0.01 0.02 % of 1.69 Net

Supplemental Information

In accordance with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) a statement of largest changes in the composition of the Portfolios of Investments during the reporting period is provided to ensure that shareholders can identify changes in the investments held by the sub funds. These are defined as the aggregate purchases and sales of an investment (including maturities but excluding repurchase agreements, overnight discount notes and time deposits, which are employed chiefly as a means of seeking to ensure efficient portfolio management) exceeding 1.00% of the total value of purchases and sales for the period. At a minimum the largest 20 purchases and sales are listed. If a fund entered into less than 20 purchases or sales during the reporting period, then all transactions are presented. Statements of Major Changes in Investments Lazard UK Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

GBP GBP Anglo American Plc 140,679 Unilever Plc 200,978 SABmiller Plc 91,095 Diageo Plc 155,504 BG Group Plc 90,257 Shire Plc 139,685 GlaxoSmithKline Plc 84,389 GlaxoSmithKline Plc 119,565 ITV Plc 83,291 Vodafone Group Plc 106,545 Thomas Cook Group Plc 75,314 International Consolidated Airlines Group SA 89,603 Provident Financial Plc 74,460 Babcock International Group Plc 79,024 Aggreko Plc 69,815 The Sage Group Plc 73,801 Smith & Nephew Plc 69,520 Rio Tinto Plc 72,227 Diageo Plc 69,159 Rolls-Royce Holdings Plc 70,089 Royal Dutch Shell Plc 65,216 ITV Plc 67,210 AstraZeneca Plc 64,487 AstraZeneca Plc 65,122 Man Group Plc 61,834 St James's Place Plc 59,161 Phoenix Group Holdings 57,482 Glencore Xstrata Plc 58,537 Keller Group Plc 57,449 Big Yellow Group Plc 58,226 HSBC Holdings Plc 51,129 Thomas Cook Group Plc 57,155 Barclays Plc 40,483 International Personal Finance Plc 53,832 Rio Tinto Plc 38,528 Carphone Warehouse Group Plc 44,998 BT Group Plc 33,496 Travis Perkins Plc 42,552 Rolls-Royce Holdings Plc 31,706 Serco Group Plc 41,425 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Period ended 30 September 2014 115 Supplemental Information (continued)

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

ACQUISITIONS COST DISPOSALS PROCEEDS

JPY JPY Marui Group Co Ltd 222,227,628 Mitsubishi UFJ Financial Group Inc 965,475,219 Shin-Etsu Chemical Co Ltd 186,754,886 Hitachi Ltd 910,091,246 Nomura Holdings Inc 170,568,744 Mizuho Financial Group Inc 870,369,944 Jafco Co Ltd 86,796,257 Nidec Corp 855,450,367 Sumitomo Mitsui Financial Group Inc 57,226,102 Jafco Co Ltd 801,069,512 Nippon Steel Corp 55,411,897 Mitsubishi Corp 750,105,452 Tokyu Fudosan Holdings Corp 48,183,701 Nomura Holdings Inc 746,155,372 Mitsubishi UFJ Financial Group Inc 40,875,226 Sumitomo Mitsui Trust Holdings Inc 731,474,957 Mizuho Financial Group Inc 39,353,361 ORIX Corp 675,392,090 The Dai-ichi Life Insurance Co Ltd 34,489,568 The Dai-ichi Life Insurance Co Ltd 663,006,754 Hitachi Ltd 19,492,741 Canon Inc 656,752,959 Nidec Corp 16,444,917 Tokyu Fudosan Holdings Corp 623,520,294 Sumitomo Mitsui Trust Holdings Inc 15,905,949 Komatsu Ltd 620,399,804 Mitsubishi Corp 14,689,840 Nippon Steel Corp 619,344,851 ORIX Corp 13,366,778 Sumitomo Mitsui Financial Group Inc 607,064,220 Daiwa House Industry Co Ltd 13,169,581 Daiwa House Industry Co Ltd 593,247,933 Canon Inc 13,013,903 Nintendo Co Ltd 583,255,231 Komatsu Ltd 12,606,199 JS Group Corp 518,106,536 JS Group Corp 12,025,409 Makita Corp 488,764,307 Nintendo Co Ltd 11,561,277 Asahi Kasei Corp 439,481,567

Lazard Japanese Strategic Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

JPY JPY Marui Group Co Ltd 81,663,272 Nidec Corp 112,406,418 Nippon Steel Corp 44,118,484 Mizuho Financial Group Inc 83,217,911 Nomura Holdings Inc 41,740,579 Japan Retail Fund Investment Corp 79,780,269 Jafco Co Ltd 37,700,134 Mitsubishi UFJ Financial Group Inc 77,281,309 Mizuho Financial Group Inc 36,172,833 Jafco Co Ltd 71,850,557 Mitsubishi UFJ Financial Group Inc 34,250,133 Sumitomo Mitsui Trust Holdings Inc 71,517,619 Nidec Corp 33,085,003 ORIX Corp 67,690,327 Sumitomo Mitsui Trust Holdings Inc 27,555,569 Nomura Holdings Inc 61,865,410 ORIX Corp 27,328,925 The Dai-ichi Life Insurance Co Ltd 57,915,479 Makita Corp 26,984,167 Rinnai Corp 57,318,550 The Dai-ichi Life Insurance Co Ltd 26,917,149 Komatsu Ltd 57,011,872 Komatsu Ltd 22,258,472 Mitsubishi Corp 54,174,460 Tokyu Fudosan Holdings Corp 21,965,173 Tokyu Fudosan Holdings Corp 53,597,998 Mitsubishi Corp 21,875,781 Canon Inc 53,420,929 Canon Inc 21,489,690 JS Group Corp 52,412,631 JS Group Corp 19,437,547 Miraca Holdings Inc 51,868,256 Nintendo Co Ltd 19,219,104 Hitachi Ltd 51,342,319 Hitachi Ltd 19,175,382 Nippon Steel Corp 49,588,493 Takashimaya Co Ltd 17,683,736 Nintendo Co Ltd 49,269,352 JX Holdings Inc 17,455,273 Makita Corp 47,642,667 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Period ended 30 September 2014 116 Supplemental Information (continued)

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

ACQUISITIONS COST DISPOSALS PROCEEDS

EUR EUR GAGFAH SA 957,951 Nokia OYJ 1,146,444 Airbus Group NV 737,808 Pandora A/S 851,913 EDP - Energias de Portugal SA 703,256 Plastic Omnium SA 796,165 Applus Services SA 616,677 Modern Times Group AB 745,026 Nokia OYJ 603,716 ISS A/S 630,115 Rexel SA 508,563 Deutsche Wohnen AG 609,932 Allianz SE 480,792 Siemens AG 557,132 Volkswagen AG 467,015 GAM Holding AG 537,619 Mediaset Espana Comunicacion SA 427,363 Panalpina Welttransport Holding AG 533,684 Swedbank AB 403,982 GAGFAH SA 445,223 Anheuser-Busch InBev NV 363,122 Sanofi-Aventis SA 444,124 Mobistar SA 351,772 Sampo OYJ 417,377 Ryanair Holdings Plc 337,582 Mediaset SpA 336,555 Panalpina Welttransport Holding AG 242,287 SAP AG 315,427 BNP Paribas SA 208,037 Applus Services SA 284,112 Mediaset SpA 205,706 Yara International ASA 271,567 Turkcell Iletisim Hizmetleri AS 199,564 Novartis AG 267,819 Cap Gemini SA 194,865 Continental AG 265,161 Unilever NV 194,464 Atresmedia Corp de Medios de Comunicaion SA 225,192 Atresmedia Corp de Medios de Comunicaion SA 192,187 Bayer AG 185,380

Lazard Pan European Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

EUR EUR Royal Dutch Shell Plc 589,560 Shire Plc 366,504 Allianz SE 311,875 HSBC Holdings Plc 332,793 AstraZeneca Plc 211,204 Sanofi-Aventis SA 265,688 GAGFAH SA 185,753 Direct Line Insurance Group Plc 182,333 Novartis AG 165,435 Rio Tinto Plc 174,896 BNP Paribas SA 163,290 Rolls-Royce Holdings Plc 157,734 EDP - Energias de Portugal SA 149,003 Plastic Omnium SA 151,810 Michael Page International Plc 147,933 Topdanmark A/S 148,694 Cap Gemini SA 139,322 Croda International Plc 146,844 Applus Services SA 139,173 GAGFAH SA 101,394 London Stock Exchange Group Plc 134,001 Spectris Plc 101,209 Erste Group Bank AG 124,655 Modern Times Group AB 98,558 Panalpina Welttransport Holding AG 119,019 Berkeley Group Holdings Plc 97,119 Airbus Group NV 118,660 GAM Holding AG 96,110 Rexel SA 118,510 SAP AG 94,061 William Hill Plc 110,604 Experian Plc 87,856 Taylor Wimpey Plc 104,921 Infinis Energy Plc 86,466 Mediaset Espana Comunicacion SA 99,066 Schroders Plc 86,289 Volkswagen AG 97,383 British American Tobacco Plc 85,158 Spire Healthcare Group Plc 95,240 Panalpina Welttransport Holding AG 83,835 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Period ended 30 September 2014 117 Supplemental Information (continued)

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

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Google Inc 249,823 Apple Inc 227,312 Apple Inc 198,935 Asahi Group Holdings Ltd 130,335 Novartis AG 177,134 QUALCOMM Inc 123,182 SoftBank Corp 164,385 Sands China Ltd 119,682 Xerox Corp 151,558 Croda International Plc 111,676 Teva Pharmaceutical Industries Ltd, ADR 149,382 American Airlines Group Inc 101,264 Advance Auto Parts Inc 143,937 Telecity Group Plc 83,832 Sampo OYJ 140,720 Estacio Participacoes SA 82,922 Sands China Ltd 123,757 Kasikornbank PCL 77,927 Parker-Hannifin Corp 117,413 Kellogg Co 75,943 Daiwa House Industry Co Ltd 117,377 Baloise Holding AG 74,801 AMBEV SA 116,753 Rentokil Initial Plc 74,610 Taiwan Semiconductor Manufacturing Co Ltd 111,215 Baxter International Inc 74,285 Viacom Inc 109,817 Citigroup Inc 64,686 Piraeus Bank SA 108,968 Sky Deutschland AG 59,842 Mediclinic International Ltd 106,467 Mediaset SpA 59,260 Eastman Chemical Co 105,032 EMC Corp 58,247 Mediaset Espana Comunicacion SA 101,208 Hasbro Inc 54,697 Caltex Australia Ltd 100,664 Nampak Ltd 50,301 CareFusion Corp 98,000 British American Tobacco Plc 44,563

Lazard Global Managed Volatility Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Novartis AG 603,727 Woolworths Ltd 570,895 Intact Financial Corp 573,229 Royal Bank of Canada 524,659 Southern Co 450,579 DBS Group Holdings Ltd 515,392 Unilever NV 446,233 GlaxoSmithKline Plc 481,292 Union Pacific Corp 429,899 Novo Nordisk A/S 478,014 GPT Group 405,765 Kellogg Co 465,572 Canadian Imperial Bank of Commerce 372,369 Open Text Corp 464,571 Kellogg Co 348,441 Tim Hortons Inc 382,196 Verisk Analytics Inc 346,187 Xcel Energy Inc 368,758 Intel Corp 337,604 Admiral Group Plc 352,359 PG&E Corp 327,667 Shire Plc 345,322 Sanderson Farms Inc 302,827 The Hershey Co 327,846 Provident Financial Plc 273,624 Bank Leumi Le-Israel BM 324,742 Waste Connections Inc 271,490 Scentre Group 320,662 Heiwa Corp 248,279 SSE Plc 311,769 Federation Centres 234,017 Centrica Plc 307,503 Berry Plastics Group Inc 217,549 Cheung Kong Holdings Ltd 277,325 Constellation Software Inc 216,225 Telenor ASA 271,846 Entergy Corp 216,207 Union Pacific Corp 248,470 EnCana Corp 215,435 Rogers Communications Inc 246,853 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Period ended 30 September 2014 118 Supplemental Information (continued)

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

ACQUISITIONS COST ALL DISPOSALS PROCEEDS

GBP GBP Vinci SA 21,865,894 Tokyo Gas Co Ltd 10,747,345 Snam SpA 14,503,393 Fraport AG Frankfurt Airport Services Worldwide 5,013,157 CSX Corp 11,306,426 SP AusNet 3,554,908 PG&E Corp 11,287,801 Aeroports de Paris 2,990,443 Ameren Corp 10,340,914 Flughafen Zuerich AG 2,937,226 Atlantia SpA 9,542,104 Macquarie Atlas Roads Group 2,215,386 Eutelsat Communications SA 9,501,099 Osaka Gas Co Ltd 1,955,875 Terna Rete Elettrica Nazionale SpA 9,237,274 Macquarie Korea Infrastructure Fund 1,881,981 Transurban Group 8,709,560 Toho Gas Co Ltd 1,675,019 SES SA 7,468,520 Societa Iniziative Autostradali E Servizi SpA 1,499,505 Tokyo Gas Co Ltd 4,854,287 Pennon Group Plc 1,337,804 Hera SpA 4,153,950 Spark Infrastructure Group 1,200,452 Norfolk Southern Corp 4,075,332 Atlantia SpA 1,162,779 Pennon Group Plc 4,013,963 SJW Corp 897,409 DUET Group 2,271,697 Flughafen Wien AG 874,101 Transurban Group 2,170,596 Norfolk Southern Corp 625,122 California Water Service Group 1,851,118 Autostrada Torino-Milano SpA 397,407 Spark Infrastructure Group 1,724,396 Vinci SA 354,648 Toho Gas Co Ltd 1,366,195 SES SA 218,331 Aeroports de Paris 1,081,626

Lazard Global Equity Select Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Sumitomo Mitsui Financial Group Inc 154,101 Consol Energy Inc 141,246 Microsoft Corp 136,468 Pfizer Inc 120,296 Banco do Brasil SA 97,197 Life Healthcare Group Holdings Ltd 85,821 Piraeus Bank SA 85,156 Kellogg Co 73,093 Novo Nordisk A/S 70,300 Comcast Corp 72,035 Citigroup Inc 69,477 Novo Nordisk A/S 70,160 Thermo Fisher Scientific Inc 68,844 Regions Financial Corp 65,295 Symrise AG 60,486 Rexam Plc 61,995 Unilever Plc 51,908 Samsung Electronics Co Ltd 57,577 Apple Inc 50,077 Experian Plc 51,008 Taiwan Semiconductor Manufacturing Co Ltd, ADR 48,923 Mitsubishi Estate Co Ltd 46,878 Novartis AG 47,149 EMC Corp 36,111 Panalpina Welttransport Holding AG 46,607 QUALCOMM Inc 34,674 EOG Resources Inc 46,572 Molson Coors Brewing Co 34,411 EMC Corp 45,806 McKesson Corp 33,893 American Express Co 44,581 Security Bank Corp 32,996 NXP Semiconductor NV 39,723 Macy's Inc 29,517 Vertex Pharmaceuticals Inc 37,050 Sands China Ltd 29,020 Honeywell International Inc 36,812 Park24 Co Ltd 27,757 Mastercard Inc 36,561 Telekomunikasi Indonesia Persero Tbk PT, ADR 26,188 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Period ended 30 September 2014 119 Supplemental Information (continued)

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

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Bezeq The Israeli Telecommunication Corp Ltd 187,677 Direct Line Insurance Group Plc 226,877 Cisco Systems Inc 181,717 Seadrill Ltd 177,853 Blackstone Mortgage Trust Inc 163,600 Apple Inc 149,606 St James's Place Plc 153,078 BB Seguridade Participacoes SA 138,452 AXA SA 148,905 Intel Corp 133,633 Berkeley Group Holdings Plc 143,846 Atlantia SpA 126,295 Diamond Offshore Drilling Inc 143,213 Kumba Iron Ore 123,235 Swedbank AB 140,689 Red Electrica Corp SA 120,884 Kumba Iron Ore 135,473 Transocean Ltd 98,606 Direct Line Insurance Group Plc 133,612 Bezeq The Israeli Telecommunication Corp Ltd 87,599 Total SA 129,423 Bayerische Motoren Werke AG 85,614 Transocean Ltd 126,008 Diamond Offshore Drilling Inc 84,157 Seadrill Ltd 120,986 Pfizer Inc 82,220 Sands China Ltd 119,104 bpost SA 80,908 Infinis Energy Plc 107,088 CenturyLink Inc 79,567 Maxim Integrated Products Inc 106,700 ENI SpA 75,445 Artisan Partners Asset Management Inc 101,401 Janus Capital Group Inc 66,483 Teva Pharmaceutical Industries Ltd, ADR 100,397 SJM Holdings Ltd 64,882 Siliconware Precision Industries Co, ADR 97,342 Sysco Corp 63,786 Medical Properties Trust Inc 96,197 Zurich Insurance Group AG 60,367

Lazard Global Trend Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Salesforce.com inc 149,081 Kalbe Farma Tbk PT 142,885 Volkswagen AG 142,641 Pacific Rubiales Energy Corp 110,279 Apache Corp 110,377 Koninklijke Philips NV 107,568 NXP Semiconductor NV 93,374 Vertex Pharmaceuticals Inc 103,025 Viacom Inc 93,285 Grupo BTG Pactual 99,520 Comcast Corp 92,556 Takashimaya Co Ltd 91,743 Rolls-Royce Holdings Plc 90,679 Cie Financiere Richemont SA 84,861 Meggitt Plc 90,377 ABB Ltd 84,187 Interpublic Group of Cos Inc 90,045 Samsung Electronics Co Ltd 83,832 Parker-Hannifin Corp 89,909 Lenovo Group Ltd 82,647 Intel Corp 88,374 Citrix Systems Inc 82,326 eBay Inc 87,912 Microsoft Corp 79,581 InvenSense Inc 67,984 Gilead Sciences Inc 72,816 Valeo SA 64,594 Expedia Inc 72,062 Priceline Group Inc 64,181 SPX Corp 66,277 Google Inc Class A 55,219 Amazon.com Inc 65,356 Honeywell International Inc 54,856 Kellogg Co 63,679 Rockwell Automation Inc 54,254 Sands China Ltd 62,924 EOG Resources Inc 46,205 Glencore Xstrata Plc 60,574 Deutsche Bank AG 44,182 Cosan SA Industria e Comercio 57,278 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Period ended 30 September 2014 120 Supplemental Information (continued)

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

ALL ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Air Liquide SA 1,327,550 CVS Caremark Corp 2,087,712 Aon Plc 816,771 Air Liquide SA 2,019,359 Kinder Morgan Inc 735,724 The Dow Chemical Co 1,917,517 RWE AG 693,112 Prudential Plc 1,879,772 Check Point Software Technologies Ltd 647,667 Oracle Corp 1,565,070 Edison International 642,588 Actelion Ltd 1,507,013 Randgold Resources Ltd 636,068 EnCana Corp 1,437,571 Mylan Inc 617,529 Teva Pharmaceutical Industries Ltd, ADR 1,417,447 Marathon Oil Corp 385,311 EMC Corp 1,370,114 Zoetis Inc 354,085 Microsoft Corp 1,353,728 Costco Wholesale Corp 305,051 Air Liquide SA (Prime Fidelite) 1,327,550 Monsanto Co 1,325,155 EOG Resources Inc 1,303,747 Zurich Insurance Group AG 1,297,566 Hong Kong & China Gas Co Ltd 1,284,332 McKesson Corp 1,284,225 Visa Inc 1,278,519 Hong Kong Exchanges and Clearing Ltd 1,266,133 Comcast Corp 1,265,448 SAP AG 1,257,593

Lazard Thematic Global Fund

ALL ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Kinder Morgan Inc 11,151,225 The Dow Chemical Co 15,968,585 Check Point Software Technologies Ltd 9,805,217 CVS Caremark Corp 9,095,879 Mylan Inc 8,439,771 Zurich Insurance Group AG 8,914,407 Aon Plc 8,395,344 Actelion Ltd 7,142,561 Randgold Resources Ltd 6,439,661 Woodside Petroleum Ltd 6,597,527 RWE AG 6,026,157 CapitaMalls Asia Ltd 6,402,045 SoftBank Corp 5,811,523 Pearson Plc 5,601,214 Edison International 5,581,933 Air Liquide SA (Prime Fidelite) 5,563,746 Air Liquide SA 5,563,746 Prudential Plc 5,454,745 Marathon Oil Corp 5,270,942 EnCana Corp 5,350,665 Costco Wholesale Corp 4,436,138 Newmont Mining Corp 4,978,492 Zoetis Inc 3,018,562 Bunge Ltd 4,830,689 Air Liquide SA (Prime Fidelite) 622,316 Oracle Corp 4,691,921 Mitsui Fudosan Co Ltd 552,843 Air Liquide SA 4,324,094 Hong Kong Exchanges and Clearing Ltd 4,153,132 EMC Corp 4,072,017 Microsoft Corp 4,044,960 Apple Inc 3,875,720 Visa Inc 3,803,518 EOG Resources Inc 3,760,522 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Period ended 30 September 2014 121 Supplemental Information (continued)

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

ALL ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD India Capital Growth Fund Ltd 123,908 JPMorgan Emerging Markets Investment Trust Plc 303,249 Fidelity China Special Situations Plc 83,835 Advance Developing Markets Fund Ltd 140,382 Qatar Investment Fund Plc 76,732 BlackRock World Mining Trust Plc (Subscription Shares) 123,409 BlackRock Latin American Investment Trust Plc 66,556 First Pacific Co 122,248 Mexico Equity & Income Fund Inc 50,765 The India Fund Inc 116,738 GP Investments Ltd, BDR 49,678 Templeton Emerging Markets Investment Trust Plc 106,775 Utilico Emerging Markets Ltd 47,509 China Everbright Ltd 101,514 HSBC China Dragon Fund 45,015 China Merchants China Direct Investments Ltd 101,474 JPMorgan Asian Investment Trust Plc 44,215 New India Investment Trust Plc 97,665 Prosperity Voskhod Fund Ltd 40,324 The Korea Fund Inc 94,958 East Capital Explorer AB 40,246 The Taiwan Fund Inc 88,153 Aberdeen Emerging Markets Smaller Company JPMorgan Indian Investment Trust Plc 26,649 86,801 Opportunities Fund Inc Morgan Stanley Asia-Pacific Fund Inc 13,460 JPMorgan China Region Fund Inc 80,686 Advance Frontier Markets Fund Ltd (Warrant) 4,673 Citic Securities Co Ltd 75,096 Baring Emerging Europe Plc 71,624 The Central Europe Russia and Turkey Fund Inc 70,798 Morgan Stanley Emerging Markets Fund Inc 65,600 Edinburgh Dragon Trust Plc 63,228 Haci Omer Sabanci Holding AS 62,749 DPF India Opportunities Fund 62,398

Lazard Emerging Markets Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Banco do Brasil SA 13,437,234 Bidvest Group Ltd 7,560,351 Samsung Electronics Co Ltd 12,811,520 OCI 7,380,472 Sberbank of Russia 12,087,775 Truworths International Ltd 5,669,477 Taiwan Semiconductor Manufacturing Co Ltd, ADR 11,131,609 Bank Mandiri Persero Tbk PT 5,399,137 China Construction Bank Corp 11,024,990 Jindal Steel & Power Ltd 5,093,152 Pacific Rubiales Energy Corp 9,776,511 Banco do Brasil SA 4,717,312 China Shenhua Energy Co Ltd 8,905,931 OTP Bank Plc 3,878,932 NetEase Inc, ADR 8,640,157 Cielo SA 3,571,293 SK Hynix Inc 8,455,203 Telekomunikasi Indonesia Persero Tbk PT, ADR 3,145,768 Cielo SA 8,061,128 Bharat Heavy Electricals Ltd 3,121,666 Eurasia Drilling Co Ltd, GDR 7,977,799 Vodacom Group Ltd 2,830,818 Shinhan Financial Group Co Ltd 7,841,046 Hyundai Mobis Co Ltd 2,734,043 CNOOC Ltd 7,350,633 YPF SA, ADR 2,650,285 BB Seguridade Participacoes SA 6,993,828 Nedbank Group Ltd 2,427,650 China Mobile Ltd, ADR 6,798,183 Bank of India 2,275,286 Gazprom OAO, ADR 6,676,974 Alibaba Group Holding Ltd 1,975,287 Tata Consultancy Services Ltd 6,537,925 Sanlam Ltd 1,971,526 Mobile Telesystems OJSC, ADR 6,118,508 Coway Co Ltd 1,931,659 Telekomunikasi Indonesia Persero Tbk PT, ADR 5,939,792 Taiwan Semiconductor Manufacturing Co Ltd, ADR 1,814,402 Baidu Inc, ADR 5,467,941 China Construction Bank Corp 1,691,704 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Period ended 30 September 2014 122 Supplemental Information (continued)

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

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Grupo Televisa SAB, ADR 1,025,865 Samsung Electronics Co Ltd 1,035,428 KEPCO Plant Service & Engineering Co Ltd 948,832 Want Want China Holdings Ltd 951,382 Kroton Educacional SA 891,138 Sands China Ltd 815,332 Lenovo Group Ltd 867,518 AMBEV SA, ADR 782,683 Mega Financial Holding Co Ltd 710,961 Vipshop Holdings Ltd 716,295 MediaTek Inc 703,850 Hyundai Glovis Co Ltd 602,943 MTN Group Ltd 676,122 SK Telecom Co Ltd, ADR 505,903 Cemex SAB de CV, ADR 622,862 CIMB Group Holdings Bhd 486,082 Piraeus Bank SA 588,691 SM Investments Corp 472,554 SK Hynix Inc 565,391 China Minsheng Banking Corp Ltd 433,360 Sinotrans Ltd 559,289 Brilliance China Automotive Holdings Ltd 396,523 China Resources Power Holdings Co Ltd 557,211 Turkiye Garanti Bankasi AS 389,110 DGB Financial Group Inc 542,733 Suzano Papel e Celulose SA 385,658 Industrial & Commercial Bank of China Ltd 525,712 Piraeus Bank SA, ADR 385,621 Eclat Textile Co Ltd 520,633 Hikma Pharmaceuticals Plc 333,085 Anhui Conch Cement Co Ltd 511,592 Itau Unibanco Holding SA, ADR 264,251 Piraeus Bank SA, ADR 481,532 Alliance Global Group Inc 194,954 Samsung Electronics Co Ltd 475,947 Industrial & Commercial Bank of China Ltd 132,869 Matahari Department Store Tbk PT 468,511 Alibaba Group Holding Ltd 126,853 Itau Unibanco Holding SA, ADR 420,628 Taiwan Semiconductor Manufacturing Co Ltd, ADR 109,214

Lazard Developing Markets Equity Fund

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Piraeus Bank SA 7,896,961 Samsung Electronics Co Ltd 7,561,223 Halla Visteon Climate Control Corp 4,632,924 Estacio Participacoes SA 6,736,950 Ford Otomotiv Sanayi AS 4,564,081 NovaTek OAO, GDR 5,597,708 Kroton Educacional SA 4,529,090 Sands China Ltd 5,076,777 X5 Retail Group NV, GDR 3,981,996 Yandex NV 4,767,937 NovaTek OAO, GDR 3,722,266 Globaltrans Investment Plc, GDR 4,183,784 Korea Aerospace Industries Ltd 3,716,162 ICICI Bank Ltd, ADR 4,015,989 Ping An Insurance Group Co 3,696,059 Qatar Electricity & Water Co 3,868,315 China State Construction International Holdings Ltd 3,588,695 Cyrela Brazil Realty SA 3,760,607 Taiwan Semiconductor Manufacturing Co Ltd 3,531,453 SM Investments Corp 3,711,746 Sands China Ltd 3,377,378 Techtronic Industries Co 3,697,587 TAV Havalimanlari Holding AS 3,224,061 Petroleo Brasileiro SA, ADR 3,646,013 Yandex NV 3,212,208 Pacific Rubiales Energy Corp 3,601,054 Samsung Electronics Co Ltd 3,133,294 Tata Motors Ltd, ADR 2,952,646 Hiwin Technologies Corp 2,649,752 New Oriental Education & Technology Group Inc, ADR 2,942,999 Grupo Financiero Banorte SAB de CV 2,541,752 Bank Rakyat Indonesia Persero Tbk PT 2,895,620 Freeport-McMoRan Copper & Gold Inc 2,434,880 Genomma Lab Internacional SAB de CV 2,839,796 Kia Motors Corp 2,401,085 MediaTek Inc 2,838,600 New Oriental Education & Technology Group Inc, ADR 2,388,775 AAC Technologies Holdings Inc 2,817,211 China Oilfield Services Ltd 2,295,816 Marcopolo SA 2,527,031 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Period ended 30 September 2014 123 Supplemental Information (continued)

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

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD United States Treasury Bill 0.000% 06/05//2014 549,998 United States Treasury Bill 0.000% 06/05//2014 550,000 Al Rajhi Bank P-Note Goldman Sachs International 156,236 Al Rajhi Bank P-Note Goldman Sachs International 99,884 Saudi Basic Industries Corp P-Note JP Morgan 154,406 Qatar Insurance Co 93,380 Credit Agricole Egypt SAE 132,814 Centamin Plc 87,745 Samba Financial Group P-Note Deutsche Bank AG 124,501 Alinma P-Note HSBC Bank Plc 80,960 Rabigh Refining and Petrochemicals Co P-Note Morgan Stanley 111,389 Kuwait Projects Co Holding KSC 80,918 ALAFCO Aviation Lease and Finance Co KSCC 104,681 Egyptian Financial Group-Hermes Holding 76,090 Ethihad Etisalat Co P-Note JP Morgan 96,731 Qatar Gas Transport Co Nakilat 75,727 Gulf Marine Services Plc 93,136 Kuwait Foods Americana 74,853 Alinma P-Note HSBC Bank Plc 84,231 Hikma Pharmaceuticals Plc 74,079 Mobile Telecommunications Co KSC 83,904 Global Telecom Holding 73,793 Al Tayyar P-Note HSBC Bank Plc 83,434 NMC Health Plc 71,836 Renaissance Services SAOG 83,169 Ooredoo QSC 71,155 Al-Hassan GI Shaker Co P-Note Morgan Stanley 82,573 Agthia Group PJSC 64,955 Savola P-Note Deutsche Bank AG 82,259 Qatar National Bank SAQ 63,600 Misr Duty Free Shops 75,632 Savola P Note Goldman Sachs International 63,145 Yanbu Cement P-Note HSBC Bank Plc 73,175 National Bank of Oman 62,595 Saudi Telecom Co P-Note HSBC Bank Plc 73,143 Dubai Investments PJSC 62,445 Emaar Properties PJSC 72,932 Gulf Marine Services Plc 60,598 Egypt Kuwait Holding Co SAE 68,873 Commercial International Bank Egypt SAE, GDR 60,078

Lazard Sterling High Quality Bond Fund

ALL ACQUISITIONS COST ALL DISPOSALS PROCEEDS

GBP GBP ABN AMRO Bank NV, 2.500% due 12/18/2018 99,848 United Kingdom Gilt, 4.250% due 06/07/2032 228,689 BPCE SA, 5.250% due 04/16/2029 99,715 Scentre Management, 3.875% due 07/16/2026 103,617 Volkswagen International Finance NV, 1.250% due Volkswagen Financial Services NV, 2.375% due 11/13/2018 99,712 100,235 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 08/20/2015 99,422 4.625% due 05/23/2029 United Kingdom Gilt, 8.000% due 06/07/2021 68,639 Southern Water Services Finance Ltd, 6.640% due Scentre Management, 3.875% due 07/16/2026 99,397 66,917 03/31/2026 Daimler AG, 2.750% due 12/04/2020 99,272 BMW UK Capital Plc, 5.000% due 10/02/2017 65,630 Orange SA, 5.750% due 10/29/2049 99,222 Dignity Finance Plc, 8.151% due 12/31/2031 55,778 RCI Bank SA, 3.000% due 05/09/2019 49,775 RCI Bank SA, 3.000% due 05/09/2019 50,480 United Kingdom Gilt, 4.250% due 12/07/2046 48,834 Wessex Water Services Finance Plc, 5.750% due 10/14/2033 46,171 United Kingdom Gilt, 5.000% due 03/07/2018 44,790 Segro Plc, 7.000% due 03/14/2022 41,830 Tesco Plc, 5.500% due 12/13/2019 40,271 Bank of Scotland Plc, 4.875% due 12/20/2024 39,589 United Kingdom Gilt, 5.000% due 03/07/2025 35,875 RWE Finance BV, 6.250% due 06/03/2030 27,171 Pearson Plc, 7.000% due 10/27/2014 18,530 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Period ended 30 September 2014 124 Supplemental Information (continued)

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

ACQUISITIONS COST DISPOSALS PROCEEDS

USD USD Poland Government International Bond, 5.750% due 04/25/2029 689,986 Poland Government International Bond, 5.750% due 04/25/2029 716,828 International Bank for Reconstruction & Development, 2.375% due 463,910 Poland Government International Bond, 6.375% due 07/15/2019 455,282 09/26/2016 Ireland Government Bond, 5.400% due 03/13/2025 448,434 Poland Government International Bond, 3.000% due 03/17/2023 458,830 Netherlands Government Bond, 2.500% due 01/15/2033 441,566 United Kingdom Gilt, 1.750% due 07/22/2019 456,397 Poland Government Bond, 3.750% due 04/25/2018 438,820 Province of Quebec Canada, 3.500% due 07/29/2020 455,889 Mexican Bonos, 6.500% due 06/10/2021 403,442 Mexican Bonos, 4.750% due 06/14/2018 453,428 Colombia Government International Bond, 7.375% due 01/27/2017 342,900 Malaysia Government Bond, 3.394% due 03/15/2017 452,777 Morgan Stanley, 2.500% due 01/24/2019 282,696 Canada Housing Trust No 1, 1.950% due 06/15/2019 446,004 Croatia Government International Bond, 5.875% due 07/09/2018 266,010 United Kingdom Gilt, 2.250% due 09/07/2023 342,311 Israel Government Bond, 4.250% due 03/31/2023 254,567 Corp Andina de Fomento, 4.375% due 06/15/2022 341,044 Australian Government Bond, 3.250% due 04/21/2029 244,076 Colombia Government International Bond, 2.625% due 03/15/2023 333,025 Portugal Obrigacoes do Tesouro OT, 5.650% due 02/15/2024 241,315 New Zealand Government Bond, 3.000% due 04/15/2020 280,948 United Kingdom Gilt, 4.250% due 06/07/2032 237,839 Morgan Stanley, 2.500% due 01/24/2019 280,652 Asian Development Bank, 2.850% due 10/21/2020 233,022 Qatar Government International Bond, 4.500% due 01/20/2022 275,875 Corp Andina de Fomento, 8.125% due 06/04/2019 228,691 Province of Alberta Canada, 4.000% due 12/01/2019 259,608 Czech Republic Government Bond, 2.500% due 08/25/2028 222,463 Israel Government Bond, 4.250% due 03/31/2023 246,273 Apple Inc, 3.850% due 05/04/2043 221,496 Bank of Nova Scotia, 2.125% due 09/11/2019 244,396 Israel Government Bond, 5.500% due 01/31/2022 217,225 Atlantia SpA, 4.375% due 09/16/2025 242,357 Telstra Corp Ltd, 6.250% due 04/15/2015 216,799 International Bank for Reconstruction & Development, 1.375% due 239,047 06/23/2019 Namibia International Bonds, 5.500% due 11/03/2021 215,000 Czech Republic Government Bond, 2.500% due 08/25/2028 236,695 Lazard G l oba A ctive Funds p c

Lazard Global Active Funds plc Period ended 30 September 2014 125