Lazard Global Investment Funds plc

Annual Report and Audited Financial Statements For the financial year ended 31 March 2017

UCITS VRemunerationPolicy(unaudited) ...... Statements ofMajorChangesinInvestments (unaudited). Portfolios ofInvestments...... Notes totheFinancialStatements...... Participating Shareholders...... Statement ofChangesinNetAssetsAttributabletoRedeemable Statement ofFinancialPosition...... Statement ofComprehensive Income...... Independent Auditors’Report...... Depositary’s Report...... Investment Manager’s Reports...... Directors’ Report...... Directors andOtherInformation...... Contents Lazard Global InvestmentFundsplc Financial year ended31March 2017 ...... 141 151 88 35 32 29 26 24 23 12 6 4

3 LAZARD GLOBAL INVESTMENT FUNDS PLC 4 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Switzerland CH-8001 Zurich 9 Usteristrasse AG AssetManagement Schweiz Lazard USA NY 10112-6300 Plaza 30 Rockefeller LLC AssetManagement Securities Lazard Germany 60311 Frankfurt amMain 75 Strasse Neue Mainzer AssetManagement GmbH (Deutschland) Lazard United Kingdom 8LL W1J London Street 50 Stratton AssetManagement Limited Lazard Distributors Ireland D02 HD32 2 Dublin John Rogerson’s78 Sir Quay (Ireland) Fund Limited Street State Services Administrator, RegistrarandTransfer Agent Ireland D02 HD32 2 Dublin John Rogerson’s78 Sir Quay (Ireland) Limited CustodialServices Street State Depositary USA NY 10112-6300 New York Plaza 30 Rockefeller AssetManagement LLCLazard Investment Manager Ireland D02 A342 2 Dublin CanalSquare 2 Grand 6th Floor FundLazard Managers (Ireland) Limited Manager Ireland D02 A342 2 Dublin CanalSquare 2 Grand 6th Floor Registered Office Directors andOtherInformation Directors Switzerland CH-8022 Zürich P.O. Box Limmatquai 1/amBellevue NeueNPB Privat BankAG Paying AgentinSwitzerland France 75008 Paris deCourcelles 25 rue FrèresLazard Gestion Hong Kong Street, 1 Harbour View Central, One International Finance Centre Unit 7, 20 Level AssetManagement (HongLazard Kong) Limited 048616 Singapore #15-02, Place OneRaffles Tower 1 Place 1 Raffles AssetManagement Pte. (Singapore) Lazard Limited Distributors (continued) Ireland D02 A342 2 Dublin CanalSquare 2 Grand Fry William Legal AdvisersastoIrishLaw Ireland D01 X9R7 1 Dublin WallNorth Quay Dock One Spencer AccountantsChartered andRegistered Auditors PricewaterhouseCoopers Independent Auditors Ireland D02 A342 2 Dublin CanalSquare 2 Grand 6th Floor Limited Secretarial Wilton Secretary DirectorsAll are Non-Executive Committee theAudit ** Members of * (British) Smith William (Irish)*/** Daniel Morrissey Andreas Huebner (German) John Donohoe (Irish)*/** Gavin Caldwell (Irish)* (British)** Michael Allen Independent Directors Financial year ended31March 2017 United Kingdom London 20 Churchill Place BankEurope Street Limited State Currency Manager Switzerland CH -8050Zürich 56 Affolternstrasse ACOLIN AG Fund Services Authorised Representative inSwitzerland United Kingdom EC4A1LTLondon 20 CursitorStreet MacFarlanes LLP Legal AdvisersastoEnglishLaw Directors andOtherInformation Lazard Global InvestmentFundsplc with thelawsofIreland. and Accounts,the Report andAccounts, regardless ofthelanguage oftheReport begoverned by shall inaccordance andconstrued than English, andAccounts action thelanguage onsuch prevail. ofthe Report which isbasedshall Any of disputesastotheterms law ofany where jurisdiction theshares are sold, andAccounts thatinanaction inalanguage ina Report other basedupon disclosure language, andAccounts prevail, theEnglishlanguage will Report totheextent)thatitisrequired except tothe extent (andonly by andAccounts andAccountsthe extentthatthere betweeninanother theEnglishlanguage andtheReport isany Report inconsistency andAccounts. containandhave thesameinformation thesamemeaningasEnglishlanguage only Report translation shall such To andAuditedThis Annual Report Financial andAccounts") may intootherlanguages. (the"Reports betranslated Statements Any E14 5HJ Financial year ended31March 2017 (continued)

5 LAZARD GLOBAL INVESTMENT FUNDS PLC 6 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc legislation inother jurisdictions. dissemination offinancial statementsmayfrom differ accessible withdifferent inmany legalrequirements. countries intheRepublicofIreland Legislation governing thepreparation and ofthefinancial statementspublishedon thiswebsite. themaintenanceandintegrity for publishedon is Information theinternet Audited are reports available on and unaudited interim annual reports www.lazardassetmanagement.com. The Directors are responsible BankofIreland oftheCentral (the the supervision Bank”).“Central (Ireland) Limited, CustodialServices Street (the"Depositary"). are regulated by BoththeAdminstrator andunder andtheDepositary safe-keeping. for outthis duty,to thedepositary Incarrying theCompany hasdelegatedcustodyoftheCompany’s assetstoState Regulations 2015,UCITS Regulations"), BankUCITS (the"Central theDirectors are required theassetsofCompany toentrust 2011 (as amended), Regulations") Bank’s and theCentral (the "UCITS and Enforcement) Act 2013 (section 48(1)) (Supervision Administrator. UndertheEuropean Collective Investment Communities for in (Undertakings Transferable Regulations, Securities) and through appointment, such andprocedures. theuseofappropriate systems The accounting records are heldattheoffice ofthe are through administrator, theappointmentofanexperienced (Ireland) Fund Limited, Street State Services (the "Administrator"), The measures taken by the Directors toensure compliance withtheCompany’s obligation tokeepadequate accounting records andotherirregularities. and detection offraud The Directors are alsoresponsible safeguarding for theassetsofCompany takingreasonable andhencefor theprevention stepsfor The Directors are responsible keepingadequate for accounting records thatare sufficient to: In preparing thesefinancial statements, theDirectors are required to: the financial year. of theCompany’s assets, liabilitiesandfinancial position asattheendoffinancial year andtheprofit orlossoftheCompany for Under Irishlaw, theDirectors notapprove shall thefinancial are statementsunlessthey andfairview satisfied give thatthey atrue Kingdom andRepublicofIreland” (“FRS102”). in IrelandFinancial Financial andIrishlaw)including 102 intheUnited Standard applicable Standard Reporting “The Reporting Ireland (accounting standards issuedby theFinancial Councilandpromulgated Reporting by Accountants theInstituteofChartered Under that law the Directors have prepared the financial Accepted statements in accordance Accounting with PracticeGenerally in assets, liabilitiesandfinancial position asattheendoffinancial year andoftheprofit orlossoftheCompany thefinancial for year. Irish lawrequires theDirectors toprepare financial eachfinancial statementsfor oftheCompany’s year andfairview thatgives atrue The Directors are responsible preparing theDirectors’ for andthefinancial report statementsinaccordance withIrishlaw. Statement ofDirectors’ Responsibilities asthe collectively “Funds”), attheyear-end which had 9Funds (31March 2016: 9Funds) inexistence. referred toasthe asanumbrella between sub-funds(individually structured fundwithsegregated capital liability variable “Fund” and year ended31March 2017. GlobalInvestment Lazard Funds isanopenendedinvestment plc(the company with “Company”) The Board ofDirectors (the “Directors”) present together their annual report with theaudited financial thefinancial statementsfor Directors’ Report • • • • • • • financial statements tobeaudited. enable theDirectors toensure thatthefinancial withtheIrishCompanies Act statementscomply 2014andenablethose and accuracy; enable, atany time, theassets, liabilities, financial position andprofit orlossoftheCompany withreasonable tobedetermined recordcorrectly andexplain the transactions oftheCompany; in business. prepare thefinancial statementson thegoing concerntopresume basisunlessitisinappropriate thattheCompany continue will financial statements; and standards inquestion, andexplainedinthenotesto thosestandards beingdisclosed from departures subjecttoany material state whetherthefinancial statementshave beenprepared inaccordance accounting standards withapplicable andidentifythe make judgements andestimatesthatare reasonable and prudent; themconsistently; select suitableaccounting policiesandthenapply Financial year ended31March 2017 Section 33ofFRSSection 102. However, shareholders shouldunderstandthatnotall “connected persons” are latterexpression assuch related isdefined parties by connected persons are and certain paidto relatedDetails offees setoutinNote parties 3andNote 12tothefinancial statements. 2016. Fund Opportunities redeemedLazard on was 7 fully November Diversified 2016 and Lazard Fund Return on launched 7 December future. Debt Fund EmergingMarkets Corporate The Lazard hasbeen approved by Bank, theCentral thisFund hasnotyet launched. Directors donotanticipateany oftheCompany changesinthestructure orinvestment objectives ofany oftheFunds intheimmediate The Investment thefinancial Manager’s for year totheperformance ofthefactorscontributed containwhich areview Reports Review ofBusinessandFuture Developments Regulations. Regulations BankUCITS andtheCentral pursuanttotheUCITS Bank asaUCITS The investment objectives of eachFund withintheCompany are setoutintheProspectus. The Companyby isauthorised theCentral Principal Activities are satisfied that: Therefore, theCompany’s havingregard toconfirmations management anditsrelevantdelegates, from theDirectors oftheCompany connectedof all person transactions. shouldalsorefer Shareholders totheprovisions oftheProspectus dealingwithconflicts ofinterest. person transactions andthegeneral nature connected ofthecontractual persons arrangementswiththeprincipal butitisnotexhaustive oftheBoard. supervision to theoverall Further, shareholders should refer totheProspectus identifies which many oftheconnected section ofthisDirectors’ Statement Governance andtheroles andresponsibilities Report oftheCompany’s respective delegatessubject in theCorporate described shouldhaveShareholders regard oftheCompany tothegovernance structure asmore particularly its delegates that the connected upon from rely assurances connected transactions must beinthebestinterests oftheshareholders. Inaddition tothosetransactions, there outby are alsotransactions carried company, depositary, delegate or sub-delegate (“connected outasif negotiated persons”) atarm’s must be carried length. S any non-group company sub-custodiansappointed by adepositary), andany associatedorgroup company amanagement ofsuch its management company or depositary, (excluding amanagement andthedelegates or sub-delegates ofsuch company ordepositary In accordance with the requirements Regulations 41(1), Bank UCITS of the Central out with the Company any by transaction carried Connected PersonTransactions requirements theCompany towhich ofitsregulationregulatory issubjectby virtue by Bank. theCentral andadditional tothelegaland 225oftheCompaniesThese relevantobligationsAct assetoutinSection 2014are from separate advisers whotheDirectors have this. believe therequisite knowledge toundertake andexperience compliance withthoserelevant obligations,material theDirectors have relied upon advice, guidanceandassistanceofemployees and In formulating andputtinginplace designedtoprovide thosearrangements andstructures theDirectors withreasonable of assurance The Directors confirm that: 225oftheCompanies Actin Section taxlawwithintheRepublicofIreland 2014andall (the “relevant obligations”). The Directors acknowledge are thatthey responsible theCompany's securing compliance for withtherelevantobligations assetout Statement ofDirectors' Compliance Directors’ Report Lazard Global InvestmentFundsplc (ii) (i) 3.  2. 1. During thefinancial year,During referred thearrangementsorstructures toin(2)have beenreviewed. with theCompany's relevantobligations; and Appropriate are arrangementorstructures inplace thatare, intheDirectors' opinion, designedtosecurecompliance material Company, respecting compliance by the Company withitsrelevantobligations. upthatsetsoutpolicies, statementasbeendrawn A compliance policy inDirectors which opinion are appropriatetothe “Manager”)) inplace toensure above are thattheobligations transactions described appliedtoall withconnected“Manager”)) persons; and there procedures are by arrangements (asevidenced written documentedby Fund Lazard Managers (Ireland) Limited(the Manager through regular updatestotheDirectors. transactions withconnected persons entered thefinancial intoduring year complied withtheseobligations, asattestedby the persons on behalfoftheCompany theDirectors towhich have nodirect access andinrespect theDirectors ofwhich must (continued) carrying out those transactions do carry them out on a similar basis. out those transactions do carry persons carrying Financial year ended31March 2017 . The uch uch

7 LAZARD GLOBAL INVESTMENT FUNDS PLC 8 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc above intheDirectors’other thanwhatisdisclosed Interests section. andSecretary’s The Directors are not aware of any other contracts or arrangements of any significance in relation to thebusiness of the Company, oftheDirectorsAll are alsodirectors oftheManager andhave aninterest paidby infees theCompany totheManager. thefinancial33,109 for year ended31March 2017(31March 2016: USD38,166). Company. There andMLRO directors ofUSD Limitedfor were support made GlobalFinancial payments toCarne services Services Officer ("MLRO") Reporting provide totheManager toJohn directors andthe Donohoe support andMoneyLaundering services John Donohoe isaDirector Limitedwho ofthe Company and group and is alsoafounder GlobalFinancial CEOofCarne Services were the financial paidfor year ended31March 2017(31March 2016: USD129,585). andamountsofUSD248,441 Fry andtheSecretary under theIrishCompanies Act paidto 2014inlegalandsecretarial fees William Limited(the Secretarial Fry Accordingly, own “Secretary”). of Wilton The partners William had abeneficial DanielMorrissey interest Fry (theCompany’s isaDirector of oftheCompanyDaniel Morrissey legaladvisers andisalsoapartner William astoIrish Law). into between theCompany andeachoftheDirectors, three months notice. after terminable all Codeissuedby Governance As contemplated by Irish Funds theCorporate (seebelow), ofAppointment have beenentered Letters Transactions InvolvingDirectors Directors’ payable fees by theCompany inNote are 3tothefinancial disclosed statements. year ended31March 2017and31March 2016. of theCompany through hold indirectly employee benefitamount ofshares anon schemes material intheCompany atthefinancial Michael Allen, are notentitledtoany Andreas Smith Directors’ Hübner and William theCompany. from fees oftheDirectors Some Michael Allen, are timeexecutives group, full Andreas Smith oftheLazard Hübner and William aswell asDirectors oftheCompany. Directors’ andSecretary’s Interests DirectorsAll oftheCompany are alsoDirectors oftheManager. theentire for financial year DirectorsAll served ** MemberoftheAudit Committee below) Statement Governance * IndependentDirectors (seeCorporate The namesofthepersons whowere Directors oftheCompany thefinancial during year ended31March 2017are setoutbelow: Directors thefinancial seeNotes detailsofany during year 15and16for significant events Please Significant EventsDuringtheFinancialYear andSinceTheFinancialYear End seeNotes thefinancial detailsofany paidandpayable 14and16for distributions during year ended31MarchPlease 2017. The results thefinancial for anddistributions year ofComprehensive are setoutintheStatement Income on pages 26, 27and28. Results andDividends inrelationInformation totheCompany’s management inNote objectives risk andpoliciesare9tothefinancial included statements. Risk ManagementObjectivesandPolicies Directors’ Report William Smith (British) Smith William (Irish) Daniel Morrissey*/** Andreas Huebner (German) John Donohoe*/** (Irish) Gavin Caldwell* (Irish) (British) Michael Allen** . (continued) Financial year ended31March 2017 and sincethefinancial year end. 1. summary, are: they These delegations entitiesare offunctions andtheappointmentofregulated detailedintheCompany’s third party Prospectus. In anddirection oftheDirectors. subjecttothesupervision always responsibility.overall The Directors theexercise have monitoring inplacefor delegatedfunctions, mechanisms ofsuch are which investment management),(including administration functions withoutabrogating anddistribution tothird theDirectors’ parties management andemployees), theCompany, consequently, underthedelegatedmodelwhereby operates ithasdelegatedmanagement to investment fund companies as the Company such companies time executive operating with a full (and in contrast to normal The Company has noemployees andtheDirectors are non-executive. all applicable framework Consistent withtheregulatory structure, including: ofgovernance withintheinvestmentDirectors pillars Codehavingregard otherkey fundgovernance adopted theIF certain for by investment Irish authorised . funds www.irishfunds.ie. Codemay beinspectedon/obtainedThe IF from InDecember2012, the governance code(the wasissuedby Code”) Irish Funds basis A corporate “IF beadopted on inDecember2011thatcan avoluntary governance practicesimposedby: corporate toIrish investment governance codeapplicable , funds corporate Although there isnospecific statutory theCompany issubjectto Statement Corporate Governance is relevanttoUKtaxpayers only. An hasbeensubmitted application andapproved by Her Majesty’s andCustoms Revenue (“ UK ReportingStatus Directors’ Report Lazard Global InvestmentFundsplc 5. 4. 3. 2. of theregulator jurisdiction, ofitsoperating andExchange Commission oftheUnitedStates; theSecurities namely ismadeappropriate reporting tothe Directors on a regular basis. The Investment Manager is regulated by and under thesupervision tothemanagement oftheFunds pertaining risks ensure applicable thatall are identified, monitored andmanaged timesand atall oftheFunds.investment performance The Investment Managercontrols has internal management processes andrisk inplace to relating oftheFunds totheday-to-day running itmanages which andisaccountable totheDirectors oftheCompany the for AssetManagement LLCto Lazard (the “Investment Manager”). The Investment Manager hasdirect thedecisions responsibilityfor oftheinvestment managementThe Manager functions hasdelegatedtheperformance inrespect oftheCompany andofitsFunds Depositary is regulated by and under the supervision of the Central Bank. oftheCentral isregulated by andunderthesupervision Depositary assets inaccordance Regulations exercising andfor withtheUCITS independent oversight over how theCompany ismanaged. The ofitsassets. asdepositary The Company alsohasappointedtheDepositary ofsuch thesafekeeping hasresponsibility for This entity oftheregulatorsThese entitiesare oftheirrespective regulated by jurisdictions. operating andsubjecttothesupervision theFundsThe Managerresponsibility for hasdelegatedthedistribution intheProspectus. oftheCompany totheentitiesdescribed Bank; oftheCentral Administrator is regulated by andunderthesupervision theday-to-dayresponsibility for administration oftheCompany andtheFunds ofthenetassetvalues. thecalculation including The The Manager has delegated its responsibility as Administrator, and Registrar Transfer Agent to the Administrator. has This entity ofthesharesdistribution oftheFunds. Bank; oftheCentral The Manager isregulated by andunderthesupervision Management Agreement, theManager themanagement hasresponsibility for andadministration oftheCompany’s affairsandthe The Company has appointedtheManager asitsManager pursuanttotheManagement Agreement. ofthe Undertheterms • • • • • suitably qualified regulated third party entities which are subject to regulatory supervision. are qualified entitieswhich subjecttoregulatory regulatedsuitably third party segregationsuch ofduties/functions through beingachieved delegation ofrespective responsibilities toandappointmentof safeguardingresponsibility for theassetsofCompany andoverseeing how theCompany ismanaged, amongst otherduties), ofthenetassetvalue, thecalculation responsibility for (with amongst otherduties)andtheindependentDepositary the uniquenessofindependentsegregation ofdutiesasbetween theInvestment Manager, theAdministrator (with of theCompany; and investment manager of the role ofthePromoter uniquewithintheinvestment is, (which fundstructure orarelated company is, ofwhich the normally www.centralbank.ie are andwhich inspection availablefor attheregistered office oftheCompany. Bank’s theCentral beobtainedfrom Regulations can which BankUCITS BankintheirCentral The Central website at: Ireland. registered office oftheCompany CanalSquare, at2Grand 2, Dublin Ireland andattheCompanies Registration Office in inspection ofassociation) isavailablefor atthe which known andarticles as thememorandum The Constitution (formerly obtained atwww.irishstatutebook.ie. The Irish Companies Act inspection is available for at the registered 2014 which office of the Company and may also be the investment fund), as recognised by Bank, theCentral governance culture the corporate in supporting (continued) Financial year ended31March 2017 HMRC ”) for offshore fund reporting status. fundreporting offshore ”) for This

9 LAZARD GLOBAL INVESTMENT FUNDS PLC 10 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc companies andtherefore andapproving well seasonedthefinancial inreviewing statements ofcompanies. Accountants,the InstituteofChartered Ireland hassignificantandlengthy asdirectors and along experience of with MrMorrissey statement production process andofdecisions related tothevaluation oftheassetsheldby theCompany. MrDonohoe isaFellow of enhancesthe controlconnectivity environment oftheCompany. andMrDonohoe independentofthefinancial are MrMorrissey fully regimethe UCITS (including, here, inparticular themanagement andfinancial function ofcapital control) andthat, accordingly, this group hastheresponsibilitytomanagerequirementsthe Lazard which theCompany inaccordance of legal and regulatory withall thatMrAllen,believe timeexecutive group, beingafull oftheLazard creates anadditionalbetween theDirectors connectivity and Directors 167. may prescribed in Section beconsidered asnotmeetingtherelevantindependencecriteria However, theDirectors Limited whoprovided andMRLO directors support services. timeexecutive group. isafull MrAllen oftheLazard ofthese All totheCompany and MrJohn Donohoe isaDirector andgroup andalsofounder GlobalFinancialservices CEOofCarne Services As notedundertheheading "Transactions Directors", Involving Fry whoprovides legal in isapartner William MrDanielMorrissey atleastone independentdirector,an auditcommitteeinclude shall meaningaperson whois audit committee meetstherequirements which ofthatSection. 167requires, Section amongst otherthings, thatthemembersofsuch The Directors acknowledge are that they required, 167oftheCompanies Act underSection 2014, toconsider theestablishmentofan control functions. executive directors quitesome years hasalsobeenformed now anditischargedwithoversight oftheCompany's auditandfinancial An Audit Committee, consisting currently ofMrDanielMorrissey, MrJohn Donohoe whoare andMrMichaelAllen non- all Audit Committee issues astheneedarises. statements, andpresentations on andreports theauditprocess. The Directorsanddiscusssignificantaccounting andreporting evaluate consideration ofIrish accounting standards including andtheirimpact on theannualfinancial relevantparties presentations from the independent auditor’s performance, qualifications andindependence. procedures, oftheirreview Aspart theDirectors receive totheDirectorsbe auditedby annually independentauditorswhoreport on theirfindings. The Directors monitor andevaluate of Directors’financial statements as set outinthe Statement Responsibilities. financial statements are requiredThe statutory to the During of theCompany. may orirregularitieswhich impact thefinancial statements the Companyoffraud is intendedtomitigatethoughnoteliminatetherisk reporting. isregulatedThe appointmentofanadministrator (which by Bank)independentoftheinvestment theCentral manager to on thatprocesses matterswithapotentialeffect financial identification andexternal ensuring are ofinternal inplacethetimely for The Directors orerror infinancial andfor reporting are by responsibleofirregularitieswhethercaused fraud assessingtherisk for misstatementorloss. againstmaterial assurance offailure theCompany’seliminate therisk toachieve provide financial reasonable only objectives reporting andcan andnotabsolute oftheDirectors andtheManager, tothesupervision Subject theappointmentofAdministrator isintendedtomanagethan rather records maintainedandare readily are available, properly financial production statements. ofannualandhalfyearly including andthrough this appointmenttheDirectorsManager andtheDepositary have procedures inplace toensure relevantaccounting thatall The Manager has appointed theAdministrator tomaintaintheaccounting records oftheInvestment oftheCompany independently Company’s financial statements, have beenoutsourced totheAdministrator. inanon executive capacity,serve functions all relating totheCompany’s financial process, reporting thepreparation ofthe including oftheCompanymanagement systems inrelation tothefinancial process. reporting AstheCompany hasnoemployees directors andall The Directors are responsible overseeing theestablishmentandmaintenanceofadequatecontrol ultimately for internal andrisk Financial ReportingProcess –descriptionofmainfeatures may be). (asthecase providers andtheDepositary ofthedelegateservice enablethemtoassesstheperformance which providers andtheDepositary The Directors eachofitsdelegateservice basisfrom receive on reports aregular (andatleastquarterly) Statement(continued) Corporate Governance Directors’ Report (iii)  (ii) (i)  is aperson who hascompetence inaccounting orauditing. have, businessrelationship amaterial withthecompany); and (being adirector whohasnot, ofthe three orintheperiod years preceding hisorherappointmentto thecommittee, didnot possesses therequired degree tothecommittee's functions ofindependencesoastoenablethedirector effectively tocontribute a non-executive director; financial year of these financial statements, the Directors were responsible and approval of the annual the review for (continued) Financial year ended31March 2017 Audit Committee(continued) Statement(continued) Corporate Governance Date: 29June2017 Director: GavinCaldwell On behalfontheBoard ofDirectors 383 oftheIrish Companies Act 2014. The independent auditors, to remain their willingness have in office PricewaterhouseCoopers indicated in accordance with Section Independent Auditors totheauditors. andtoensureinformation thatitisdisclosed Director are thestepsthatthey hastaken all obliged totakeasaDirector inorder aware tomakethemselves ofany relevant audit neededbyinformation theauditorsinconnection withpreparing theirreport, totheauditors. have they notdisclosed which Each faraseachperson whowasaDirectorSo atthedateofapproving isaware, thisreport there isnorelevantauditinformation, being Disclosure ofInformationto the Auditors The Directors meet atleastquarterly. thantheAudit Other Committee, there are sub-committees nopermanent oftheDirectors. in thenotestofinancial statements. one Director requirements andwhich are metby GavinCaldwell. thefinancial transactions during year are related All detailed party meettherequirements requirementsDonohoe Codewhich norDaniel Morrissey 4.1oftheIF ofparagraph are required tobemetby theCompany.John have Donohoe aninterest andDanielMorrissey are inreceipt ofprofessional from fees Consequently, neitherJohn independent directors having regard Code on Independence and Independent Directors of the IF to the terms although firms in which Huebner are timeexecutives Group. full oftheLazard EachofGavinCaldwell, John are Donohoe regarded andDanielMorrissey as sixdirectorscurrently (refer topagedetails), 8for ofwhom all are non-executive. Smith, Eachof William andAndreas MichaelAllen The Directors are responsible managingthebusinessaffairsofCompany for inaccordance withtheConstitution. There are theCompany ofAppointment between himandtheCompany. inaccordance withtheLetter removed upon noticefrom resolutionby inaccordance ordinary withtheprocedures establishedundertheIrishCompanies Act 2014. ADirector may alsobe The Constitution doesnotprovide retirement for ofDirectors by rotation. However, theDirectors may beremoved by theshareholders Companies Acttoinvestment 2014asapplicable funds. The Constitution may beamendedby specialresolution oftheshareholders. For theappointmentandreplacement ofDirectors, theCompany isgoverned by itsConstitution theIrish andIrishstatutecomprising Composition oftheBoard ofDirectors The auditedannual financial statements of the Company are required to beapproved by the Directors and filed Bank. with the Central Company's management, theCompany's financial process including reporting asoutlinedabove. obligations investmentto secure imposedon UCITS companies compliance inrelation withtheextensive legalandregulatory tothe governanceAudit regime inplace andtheexistingarrangementsstructures designed Committee ofthecorporate andby virtue 167areof anauditcommittee underSection already fulfilled oftheBoard's by beingcompetently existingandlong virtue established requirements 167, ofSection the requirements inparticular at(ii)above, Having given thematterdueconsideration, theDirectors have decidednottoestablishanauditcommitteemeetsthespecific which Directors’ Report Lazard Global InvestmentFundsplc (continued) Director: JohnDonohoe asintheDirectors' opinion, atthistime, theresponsibilities Financial year ended31March 2017

11 LAZARD GLOBAL INVESTMENT FUNDS PLC 12 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc March 2017 Lazard AssetManagementLLC bottom-up opportunities. Fund attractive theInternational Monetary thatoffer yields,from asGhanaandUkraine, such andwe continue touncover attractive thisyear toprovide asfiscalstimulus a significantboosttogrowthearlier in2017. isunlikely We receiving favour countries support bealonger-termof whatwe will recovery. believe Inaddition, we are thanwe lessconcerned aboutinterest were currently risk rate substandard years growth significantly andare over thelastfew the investment intheinitialstages universe are rebounding from On asecularbasis, we remain positive on thebottom-up fundamentalsofemergingmarkets debt. in ofcountries The vastmajority Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review Iraq, Ecuador, andGabon were alsoamong thetopperformers. andarelatively more environment. inoilprices stablepolitical the strong rally The debtofotheroil-producing countries, including were credits. the period debt index for in high the yield external Venezuela, credit in the index, the best-performing by wassupported markets, thedispersion ofreturns between investment grade andsub-investment-grade issuerswassignificant. The tentopperformers strong returns amid fundamental improvements increasing prices. that were commodity by driven largely sharply debt external Within improved ofemergingmarkets assetsoverall over theperiod.The performance Hard emergingmarkets currency debtregistered Market Review terms,dollar againsttheJ.P. MorganEMBI GlobalDiversified Index, returned which 8.92% ending31 March 2017, thetwelve-month period Over Emerging Markets Bond the Lazard Fund (the returned“Fund”) 9.08% inUS Investment Review Lazard EmergingMarketsBondFund Investment Manager’s Reports 1 All datacontainedherein issourced byLazard AssetManagementLLC • • • • • • Figures refer topastperformancewhichisnotareliable indicatoroffuture results Fund Manager:DeniseSimon,ArifJoshiandteam. share Source:Direct. Morningstar Performancedataare onaNAV toNAV basis,netincomereinvested inUSdollarsterms.‘A’Acc USD An overweight position in El Salvador detracted from relative performance. detracted from position inElSalvador An overweight Finance Minister alsodetracted, motivatedinvestigationThe portfolio’s ofthe thepolitically following Africa position inSouth overweight underperformed China, including countries anumberoflow yielding Being underweight Poland, thePhilippines, Malaysia, andLithuania creditAn helpedreturns. off-indexposition incorporate Venezuela including countries positions inhighyielding andEcuador stronglyOverweight outperformed positions investment inlow yielding gradecredits wasalsobeneficial and underweight ofrelative driver returns. selection wastheprimary Bottom-up security The Fund’s class, to31March 2017. unless otherwisenotedasat31March 2017. Financial year ended31March 2017 overweight positions in high yielding credits positions inhighyielding overweight 1 . March 2017 Lazard AssetManagementLLC continue toidentifyattractive bottom-up return opportunities. appreciation ofcurrencies, well inalessvolatile environment andshouldperform for Treasury prices. andcommodity yields We also more exposedto slower growth regions oftheworld. positive carry,This positioning isintendedtoreap benefits from thanspot rather to fall. Incurrencies, we are long higheryielding “good carry” currencies, fundingthesepositions currencies withlow yielding that are From abottom-up perspective, here remains continue Brazil aswe yields will thefund’s rates believe position inlocal largest overweight year aswe toprovide fiscalstimulus asignificantboosttogrowth believe in2017. isunlikely bealonger-termwe will recovery. believe Inaddition, we are atpresent lessconcernedaboutinterest risk thanwe this rate were earlier substandard years growth significantly andare over thelastfew investment intheinitialstages ofwhat universe are rebounding from On a secular basis, we remain positive on the bottom-up fundamentals of emerging markets debt. in the of countries The vast majority Outlook What ContributedtoReturns: What Detractedfrom Returns: Portfolio Review by andBrazil, Russia while Turkey andMexico underperformed. returns amidfundamentalimprovements thatwere increasesprices. by driven incommodity largely sharp wasled Indexperformance improved ofemergingmarkets assetsoverall over theperiod.The performance debtregistered currency Emergingmarkets local strong Market Review terms,in USdollar againsttheJ.P. MorganGBI-EM GlobalDiversified Index, returned which 5.47% ending 31 March 2017, the twelve-month period Over DebtFund EmergingMarkets (the Local the Lazard returned“Fund”) 4.71% Investment Review Lazard EmergingMarketsLocalDebtFund Investment Manager’s Reports Lazard Global InvestmentFundsplc Figures refer topastperformancewhichisnotareliable indicatoroffuture results Fund Manager:DeniseSimon,ArifJoshiandteam. share class,to31March 2017. 1 All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2017. • • The • • • • c USD Source:Direct. Morningstar Performancedataare onaNAV toNAV basis,netincomereinvested inUSdollarsterms.‘A’Acc Exposure markets toArgentine wasbeneficial. local rates, torelativeIn local performance meaningfully durationposition contributed inBrazil anoverweight US tradeandimmigration policy. Mexico underperformed, byadverse driven slowing about potentially economic growth expectations and continuing uncertainty Turkey underperformed, significantly weighed down risk by geopolitical rising Active positioning, currency peso, position intheMexican anoverweight chiefly performance detractedfrom Fund’s toperformance contributed positioning inindividualcountries Financial year ended31March 2017 (continued) 1 .

13 LAZARD GLOBAL INVESTMENT FUNDS PLC 14 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc source ofduration risk. Finally, we continue investment touncover attractive bottom-up opportunities. idiosyncratic limitedinterest andcredit rate risk.with very We added alsorecently longer-dated investment gradesovereign bonds asanattractive debt, soundcompanies amodicumofyield corporate thatoffer bonds offundamentally and/orcallable on short-dated mainly focusing long positions in anumberofemergingmarkets currencies. Inaddition. we have maintainedamodestexposure toemergingmarkets carry” currencies currencies funded in low yielding that are more exposed to slower growth regions of the world. We have added On asecularbasis, we remain positive on thebottom-up fundamentalsofemergingmarkets debt. We are long higheryielding “good Outlook What Detractedfrom Returns: 6.83%, terms inUSdollar ending31March 2017, thetwelve-month period Over EmergingMarkets theLazard Total DebtFund Return (the returned“Fund”) Investment Review Lazard Investment Manager’s Reports March 2017 Lazard AssetManagementLLC What ContributedtoReturns: Portfolio Review regard debtmarkets, currency tolocal With stoodout, andBrazil Russia but Turkey underperformed. andMexicosignificantly countries,credit intheindexandotheroil-exporting Iraq, including Ecuador, andGabon wasalsoamong theindex’s topperformers. were credits. period thereporting highyield debtindexfor intheexternal The toptenperformers Venezuela wasthebestperforming debt registered strong returns amidfundamentalimprovements thatwere increaseprices. by driven incommodity largely thesharp improved ofemergingmarkets assetsoverall over theyear.The performance emergingmarkets currency Bothhard andlocal currency Market Review • Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:DeniseSimon,ArifJoshiandteam. share class,to31March 2017 1 All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2017. • • • • The • Source:Direct. Morningstar Performancedataare onaNAV toNAV basis,netincomereinvested inUSdollarsterms.‘A’ Acc USD Net long exposure tohard toreturns. debtcontributed currency Weakness in Turkey risks. by geopolitical wasdriven rising returns A long pesodetractedfrom position inthe Mexican returns Positioning from currencies inlocal detracted slightly In absoluteterms, along position inArgentina, benefited from performance well performed which Fund’s Emerging MarketsTotal DebtFund Return net long position in emerging markets corporates wasalsobeneficialnet long position inemerging markets corporates 1 . Financial year ended31March 2017 (continued) March 2017 Lazard AssetManagementLLC inemergingmarketsidentify attractive debt. bottom-up opportunities world. well inalessvolatile environmentThis position shouldperform for Treasury prices. andcommodity yields We alsocontinue to long higher yielding “good carry” currencies currencies fundedinlow yielding thatare more exposedtoslower growth regions ofthe Fund attractive theInternational Monetary thatalsooffer yields, from with support asGhanaandUkraine. such Incurrencies, we are and as fiscal reforms are here implemented. continue as inflationyields will to fall declines In sovereign credit, we favour countries debt.position inlocal From abottom-up perspective, remains Brazil thefund’s rates. position inlocal largest overweight We believe position months, inhard mostofthelasttwelve debtfor currency maintaining anoverweight we overweight transitionedtoasmall bealonger-termwe will recovery. believe Inaddition, we are thanwe this year. lessconcerned aboutinterest were risk rate earlier After substandard years growth significantly andare over thelastfew investment intheinitialstages ofwhat universe are rebounding from On a secular basis, we remain positive on the bottom-up fundamentals of emerging markets debt. in the of countries The vast majority Outlook What ContributedtoReturns: What Detractedfrom Returns: Portfolio Review stoodout. andBrazil Russia Turkey underperformed. andMexicosignificantly countries, Iraq, including Ecuador, and Gabon was also among the index’s top performers. regard debt markets, currency to local With the index, andarelatively moreenvironment. by inoilprices stablepolitical thestrong supported rally The debtofotheroil-exporting were credits. period thereporting highyield debtindex for inthe external ten performers Venezuela credit in wasthebest-performing registered strong returns amidfundamentalimprovements thatwere increaseprices. by driven incommodity largely thesharp The top improved. ofemergingmarkets assetsoverall The performance emergingmarkets currency debt Bothhard andlocal currency Market Review returnedwhich 7.26% terms,in US dollar against the 50% J.P. Morgan EMBI Global Diversified/50% J.P. Morgan GBI-EM Global Diversified Index, ending31March 2017, thetwelve-month period Over EmergingMarkets DebtBlendFund theLazard (the returned“Fund”) 6.35% Investment Review Lazard Investment Manager’s Reports Lazard Global InvestmentFundsplc Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:DeniseSimon,ArifJoshiandteam. share class,to31March 2017. 1 All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2017. • • • • • • Source:Direct. Morningstar Performancedataare onaNAV toNAV basis,netincomereinvested inUSdollarsterms.‘A’Acc USD In the local debt portion oftheFund debtportion In thelocal , interest positioning wasbeneficial. inlocal rates beneficial investment low yielding grade credits was credits highyielding andunderweighting ofoverweighting The broad strategy debt currency local outperformed hard sovereign currency as it meaningfully to relative debt contributed performance Overweighting peso. oftheFund position debtportion intheMexican The biggest detractorinthelocal wasanoverweight oftheFund, debtportion In thelocal currencies positioning inlocal detracted relative performance detracted from position inElSalvador An overweight Emerging MarketsDebtBlendFund 1 . Financial year ended31March 2017 (continued)

15 LAZARD GLOBAL INVESTMENT FUNDS PLC 16 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc remainsBrazil theFund’s months, mostofthelasttwelve debt for debt. position inlocal we overweight transitioned toasmall From abottom-up perspective, toprovidefiscal stimulus asignificantboosttogrowth in2017. is unlikely position inhard currency maintainingan overweight After be a longer-termwe will recovery. believe In addition, we are than we this less yearconcerned about interest were risk rate as earlier substandard years growth significantly andare over thelastfew investment intheinitialstages ofwhat universe are rebounding from On a secular basis, we remain positive on the bottom-up fundamentals of emerging markets debt. in the of countries The vast majority Outlook What ContributedtoReturns: What Detractedfrom Returns: markets, stoodout. andBrazil Russia Turkey underperformed. andMexicosignificantly countries, as such Venezuela, Iraq, Ecuador, andGabon wasamong theindex’s topperformers. regard debt currency tolocal With prices. were credits. period thereporting highyield debtindexfor intheexternal The toptenperformers The debt ofoil-exporting markets debtregistered strong returns amidfundamentalimprovements thatwere increase by driven incommodity largely thesharp improved theperiod. ofemergingmarkets assetsoverall during The performance emerging currency Bothhard andlocal currency Market Review Diversified Index, returned which 7.26% returned terms, 7.24%inUSdollar against the 50%J.P. Morgan EMBI GlobalDiversified/50% J.P. MorganGBI-EM Global ending31March 2017, thetwelve-monthperiod Over EmergingMarkets DebtUnrestricted BlendFund theLazard (the “Fund”) Investment Review Lazard Investment Manager’s Reports March 2017 Lazard AssetManagementLLC Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:DeniseSimon,ArifJoshiandteam share class,to31March 2017. 1 All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2017. The • • • • • • Source:Direct. Morningstar Performancedataare onaNAV toNAV basis,netincomereinvested inUSdollarsterms.‘A’ Acc USD An overweight inhard sovereign currency torelative debtcontributed An performance overweight returns. pesodetractedfrom position intheMexican An overweight Positioning returns currencies in local detracted from relative performance credit detracted from position inElSalvador An overweight position in Brazil contributed torelativeposition contributed inBrazil performance. oftheFund debtportion In thelocal , interest positioning wasbeneficial. inlocal rates Specifically, duration anoverweight beneficial Fund’s Emerging MarketsDebtUnrestricted BlendFund broad strategy of overweighting high yielding credits and underweighting low yielding investment low yielding grade credits was credits highyielding andunderweighting ofoverweighting broad strategy largest overweight position in local rates. position inlocal largest overweight 1 . Financial year ended31March 2017 (continued) March 2017 Lazard AssetManagementLLC What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review sessions. BytheendofSeptember, mostofthishad beenrecovered. Kingdom referendum on European Union membershiphad become clear, 5.75%intwo trading by nearly theS&P500Indexdeclined In thesecond quarter, theS&P500Indextraded inarelatively tightrangeuntilthelastweek ofJune. Oncetheoutcome oftheUnited Market Review .terms The Fund on 7November 2016 closed ending7 November theseven-month period 2016,Over Fund Opportunities theLazard (the returned“Fund”) 2.75% in Investment Review Lazard OpportunitiesFund Investment Manager’s Reports Lazard Global InvestmentFundsplc Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Institutional accumulativeshare class,to7November2016. 1 All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenotedasat7November2016. • • • • Source: Direct. Morningstar Performancedataare onaNAV toNAV basis,netincomereinvested in Sterling Consumer finance wasalsoweak. pharmaceuticals, included Underperformers retail, homebuilders andRealEstateInvestment Trusts The transport, semiconductor, machinery, strongly. sectorsperformed andsoftware airlines occurred insectorslevered totheeconomic cycle Outperformance

1 . Financial year ended31March 2017 (continued) terms. Sterling GBP

17 LAZARD GLOBAL INVESTMENT FUNDS PLC 18 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review 2016trough,early withtheMSCIEmergingMarkets Indexreturning 14.5%over thelast12months. reforminitiatives inselectcountries, andmeaningful prices commodity theirlate2015and emergingmarkets have recovered from AbeandtheBankofJapan.policies implementedby Prime MinisterShinzo Meanwhile, withattractive valuations, stabilised questioned theeffectiveness offiscalandmonetary hashelpedtoquiettheskepticswhopreviously market performance positive equity theperiod. during terms currency in local Buoyed by strong governance, momentum earnings andsignsofimprovement incorporate respectively. rosy picture hasemerged inJapan, Asimilarly where the TOPIX andtheNikkei gained12.8%and12.3%respectively The MSCI World 11%, Indexrose nearly whiletheS&P500IndexandMSCIEurope Indexreturned 14.7%and13.5%, impact on thepositive prices, momentum ofstock continue which toreflect investors’ optimismabouttheglobaleconomic outlook. outcomes oftheUKBrexit referendum andtheUSpresidential electionpoints, asnotableturning yet have theseevents had nominal markets,Global equity andemerging, bothdeveloped have postedsignificantgainsover thelastyear. Many would consider the Market Review Hedge Index, Equity against theHFRX returned which 5.90%. ending31March 2017, thetwelve-month period Over Fund GlobalHexagon theLazard Equity returnedterms, 1.07% inUSdollar Investment Review Lazard GlobalHexagonEquityFund Investment Manager’s Reports • • • • • • Disproportionate stock-specific sell-offs due to short term earnings disappointments. earnings term duetoshort Disproportionate stock-specific sell-offs scandals publicized the resulting andmarket volatility from TrumpBursts ofstock andhighly administration's uncertainties ongoing policy exposureNet totheUSwherecontinue short toreach stocks recordvaluation levels highsdespite historical improving macro environment, andincreased expectations higherrates for flows intotheeuro zone. companies, exposure toEuropean an Long names, franchise financialsthatstandtobenefit andquality from particularly to USandEuropean financials after Trump’s of2016) quarter inthefourth victory Portfolio positioning (e.g., Brexit long beneficiariesfollowing exposure inmid-2016andlong exposure toweak poundsterling selection andpositiveStrong stock alpha generation inEurope, Japanandemergingmarkets 1 Financial year ended31March 2017 (continued) March 2017 Lazard AssetManagementLLC global growth prospects andinflation expectations. environment picking, stock for over the last 18 to 24 months, challenging has proved which to be very improve will alongside rising and Germany have restrained somewhat investor European optimismfor equitiesuntilrecent weeks. We are optimisticthatthe markets. We have noticedasimilartrend intheEurozone, butongoing Brexit negotiations andupcoming national elections inFrance remain asrelatively atwhatweattractive view levels. inJapanandemerging momentum accelerated significantly Earnings recently numerous signsofapotential rebound thatextendbeyond theUS, inEurope andtheemergingmarkets where valuations particularly the global financial crisis, it may up the baton. marketsnow other economies be time to for pick and their equity We have observed byinvestors creating by unpredictable surprise burstsofmarket volatility. ofeconomic theUShasbeendriver growth since While level. From the ourperspective,Trump from ofclarity thelack withrespectcouldtake toforeign policy administration on itsstrategy apersistenteconomic riding tailwind, market isseemingly The USequity despiterecord highvaluations insome instancesatthestock If economic dataandinvestor sentimentare any indication, globalequitiesappearpoisedtoenjoy anupswinginthecoming months. Outlook Lazard GlobalHexagonEquityFund(continued) Investment Manager’s Reports Lazard Global InvestmentFundsplc Fund Manager:Jean-DanielMalanandteam. share classto31March 2017. 1 All datacontainedherein issourced byLazard AssetManagementLLC Source: Direct. Morningstar Performancedataare onaNAV toNAV basis,netincomereinvested inUSdollarsterms.‘A’ Acc unless otherwisenotedasat31March 2017. Financial year ended31March 2017 (continued)

19 LAZARD GLOBAL INVESTMENT FUNDS PLC 20 LAZARD GLOBAL INVESTMENT FUNDS PLC What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review Europeanfor companies. influence on markets,important of the latest company while the conclusion results season has confirmed an improving profit outlook thesecond halfof2016. during rose significantly The European Bank(ECB)’s Central action around quantitative easingwasalsoan growthspending to drive higher. This also resulted in increased interest expectations rate in the US and Europe, and bond yields ofthemarket, parts cyclical andfinancials, asmaterials such from brought outperformance United States duetoexpectationsfiscal for across Europerecovery andaction by to0.25%. theBankofEnglandtocutrates election ofPresidentThe surprise Trump inthe hadBy theendofsummeradegree returned, ofstability helpedby reassuringeconomic datareleases pointingtoacontinued Europe. markets responded Equity tothe referendum result inavolatile fashion, andthenrecovering quickly. first dropping sharply to the United Kingdom’s Brexit referendum in June was marked across by both the United a highdegreeKingdom of uncertainty and For much oftheyear, andmacroeconomic markets fundamentalswere thanpolitical stock ofequity lessadriver factors. The lead up Market Review terms ending31March 2017, thetwelve-monthperiod Over European theLazard Alternative Fund (the returned“Fund”) 1.39%ineuro Lazard European Fund Alternative March 2017 Lazard AssetManagementLLC year, Germany, why valuations European remain equity relatively low compared totheUnitedStates. Iftheelection results inFrance andlaterthis ECB remains accommodative, unresolved issuesaround Brexit, Greek debt, andelectionsloom. still explains,This uncertainty inpart, andpotentialopportunities. mixofuncertainty the economyEurope shows remains signsofstrength acontradictory andthe While Outlook Lazard Global InvestmentFundsplc Investment Manager’s Reports Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:LeopoldArminion 31 March 2017. 1 All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2017. • The • • The • Onthelong sideoftheportfolio, toreturns; three manufacturer positions significantly contributed chemical Evonik, speciality • • Source: Lazard. Performancedataare onaNAV toNAV basis,netincome reinvested inEuro terms.‘C’AccEURshare class,to 1 shorts also hurt performance; company amanufacturing alsohurt andanairnavigation company.shorts wereCore detractors inthe long theFrench portfolio utility, Veolia RyanairHoldings. andbudget airline Two single-name underreview period were contributors sidemeaningful amediacompany operator. andasatellite On theshort investment manager Aberdeen AssetManagement andconsultant company Cap Gemini of 7.30% whentheMSCIEurope aperiod Net During indexappreciated TR 16.95%, thefund’s agross generated return long portfolio . Fund Fund’s detracted -4.25%ingross the12-month returns period. during portfolio short are favourable, Brexit negotiations are smooth, andGreece’s problems are addressed, thegapinvaluations may shrink. is typically positioned withadefensive posture inthe andthisstancehad animpact upsideparticipation on capping is typically Financial year ended31March 2017 (continued) What ContributedtoReturns: What Detractedfrom Returns: Portfolio Review interest inDecember, rates andagaininMarch. an improving employment andinflation picture toward theendofperiod, theFederal OpenMarket Committee electedtoraise expectations, buttheeconomy continued togrow unevenly, reading quarter of2.1%. culminatingwithalacklustre fourth Inlightof spending. andinfrastructure defence Economic datawere theperiod, mixed during exceeded generally asemployment reports inthefinancials,regulation- especially healthcare, sectors-andwork withCongress taxes andincrease tolower andenergy corporate US economy’s risks, towithstandglobalgeopolitical ability coupledwithoptimismthatthe Trump administration would decrease vote toleave theEuropean Union. However, toward markets rallied thelatterhalfof2016asinvestors gainedmore confidence inthe theUSelection andtheUK’s stemmingfrom uncertainty amidgeopolitical beganwithaboutofsignificantvolatility The period Market Review terms in USdollar ending31March 2017, thetwelve-month period Over USFundamental theLazard Alternative Fund (the returned“Fund”) -0.97% Investment Review Lazard Fund USFundamentalAlternative March 2017 Lazard AssetManagementLLC andthestrong ofgrowth. on theresilience underpinnings ofthis recovery intheUSgovernment,paradigm shift we thatinvestors alsobelieve have toomuch focused on legislative expectations andnotenough be asynchronised globalrecovery. we seeawiderrange ofpotentialoutcomes theeconomy for and markets asaresult of the While We finances andwhatappearsto class seeaneconomic picture inmiddle thatisimproving on ofthebroadening theback recovery active for on managers thesereturn selection tocapitalise differentials. opportunities better security sheets, andattractive valuations. Moreover, correlations inequity sincetheUSelection hasopenedthedoor to thesubstantialdecline littleinvestor thathave comparatively many drawn attention otherstocks andyet have offered strong returns on capital, solidbalance changes whereexpectations theseare -inmany thelegislation cases anticipatedpolicy hasnotyet beendrafted. However, we alsosee of thecompanieswe inwhich invest. We ahead oftheirfairvaluebasedon unrealistic run recognise have thatsome likely stocks upsanddowns inmarket psychology, upintheshort-term itiseasytoget caught While we remain on focused thefundamentals Outlook Investment Manager’s Reports Lazard Global InvestmentFundsplc Figures refer topastperformancewhichisnotareliable indicatoroffuture results. Fund Manager:MartinFlood,DimitriBatseu,JerryLuiandteam USD share class,to31March 2017. 1 All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2017. • • • • • Source: Direct. Morningstar Performance data are on a NAV to NAV basis, net income reinvested in US dollars helped returns. BankofAmerica, providers including Schwab, positions infinancial services Charles Long andIntercontinental Exchange taxes, andhigherinterest would rates boostprofitability providers helpedreturns buoyed positions infinancial by services Long investor expectations thatlessregulation, lower corporate position inU.S.The short performance, alsohurt Bancorp infinancials. asshares rose amidthe rally returns, position alsohurt inCorning A short theyear assharesmanagementguidancefor issuedencouraging rose after by itslong washurt position indiversifiedThe portfolio apparel maker VF Corp 1 . Financial year ended31March 2017 (continued) terms. ‘EA’ Acc

21 LAZARD GLOBAL INVESTMENT FUNDS PLC 22 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc macro-political scenarios. some oftherecent andpivoting strong toareas activity profits ofthemarket pricing thathave greater orclearer from valuation support China topostsolidgrowth inlinewiththemore rationalgrowth beingtargeted levels by leadership. Asinvestors, we arein locking by theUSandEuropean environments. political inJapanlooks firmer, Businessactivity sector. intheexport especially We expect continue. Meanwhile, remains market volatility low, assets. hasledtomore which risk demandfor However, thismay notbejustified We to islikely uncertainty therecent believe political co-existingwithsignificant investment themeofglobaleconomic recovery Outlook What Detractedfrom Returns: What ContributedtoReturns: Portfolio Review action. influencedprice events marketsCurrency were volatile thequarter, andmixed during asinterest differentials, rate inflation trends, politics, andidiosyncratic markets maintainedpositive momentum, well. performing withmostsectorsgenerally 0.2% to0.5%. Europeanspreads peripheral andGreece widenedversus Germanyasfiscal tension remained inItaly elevated. Credit traded in a relativeUS rates tight range in the first quarter. the same period, During on 10-year yields Bunds ranged from German as President Donald Trump took office. asastrengthening exporters. yen hurt underperformed Japanesestocks populismsubsided.concerns aboutrising concerning Brexit. lagged on UKstocks uncertainty rose USstocks along withglobalequities drop late last year. a sharp currencies began to stabilise after remained and on European as theeconomic track equities rallied recovery of2017, inthefirst rallied quarter Global stocks ledby gainsinemergingmarkets andEurope. Emergingmarkets rose astheir Market Review terms 2.85% inUSdollar 7December2016to31March 2017, from thefour-monthperiod Diversified theLazard Fund Return Over (the returned“Fund”) Investment Review Lazard Fund DiversifiedReturn Investment Manager’s Reports March 2017 Lazard AssetManagementLLC Figures refer topast performancewhichisnotareliable indicatoroffuture results Fund Manager:JaiJacobandteam USD share class,to31March 2017. 1 All datacontainedherein issourced byLazard AssetManagementLLCunlessotherwisenotedasat31March 2017. • • • • • • Source:Direct. Morningstar Performancedataare onaNAV toNAV basis,netincomereinvested inUSdollarsterms.‘EA’Acc a small positioning in the Canadian dollar also detracted from returns. positioninga small intheCanadian alsodetractedfrom dollar exposure to bonds in the United Kingdom,Underweight exposure government bonds and toHungarian a modest overweight returns sectordetractedfrom exposure technology totheinformation Underweight selection intheconsumerstock staples, sectors and consumer discretionary technology information Performance by selection inIreland stock washurt andtheUnitedKingdom, equitiesand exposure toSpanish underweight currencies. selection intheUnitedStates,Security euro zone, andAustralia contributed, positioning asdidtactical inanumberof returns, tothediversified globalcredit togovernment bonds sector andanoverweight asdidunderweights to tobonds andMexicocontributed inSingapore tobonds across theeuroandJapanoverweights zone Underweights the energy, financials, industrials, andhealthcare sectors Performance washelpedby selection inChina, stock Switzerland, Singapore, andby selection in stock andtheUnitedStates 1 . Financial year ended31March 2017 (continued) Date: 29June2017 Ireland Dublin 2 78 SirJohnRogerson’s Quay State Street CustodialServices(Ireland) Limited In ouropinion, theCompany thefinancial hasbeenmanaged during year Opinion appropriate regulations. inaccordance withtheCompany’sConstitution Regulations and(ii)otherwise andtheUCITS constitutional documentation andthe managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of the Company’s in Regulation 34, (1), (3)and(4)inPart Regulations and toensure 5oftheUCITS that, respects, material inall theCompany hasbeen as it, conducts reviews such The Depositary in its reasonable opinion, in order with its duties as outlined to comply considers necessary Basis ofDepositaryOpinion rectify thesituation. If theCompany hasnotsocomplied, must we statewhyandoutlinethestepswhich have takento thisisthecase we asDepositary Company’s Constitution Regulations. andtheUCITS responsibilityoftheCompany with theseprovisions. Itistheoverall tocomply statewhether, shall report Our inouropinion, theCompany inaccordance hasbeenmanaged inthatperiod withtheprovisions ofthe is toenquire intotheconduct oftheCompany thereon andreport ineachannualaccounting period totheshareholders. duties andresponsibilities are outlinedinRegulation 34,Our (1), (3)and(4)inPart Regulations. 5oftheUCITS Oneofthoseduties Responsibilities oftheDepositary ortoany otherperson anytowhom isshown.assume responsibilityfor otherpurpose thisreport Regulations 2011, asamended, Regulations’), (‘the UCITS nootherpurpose. andfor We donot, ingivingthisopinion, accept or 34, (1), (3)and(4)inPart 5oftheEuropean Collective Investment Communities for in (Undertakings Transferable Securities) theopinion theshareholders hasbeenprepared for intheCompany including andsolely This report inaccordance for withRegulation 2017, totheCompany. asDepositary inourcapacity We have enquired GlobalInvestment intotheconduct ofLazard thefinancial Funds for year ended31March plc(“theCompany”) Report oftheDepositarytoShareholders Depositary's Report Lazard Global InvestmentFundsplc (ii) (i) Regulations. inaccordance withtheprovisions oftheConstitution,otherwise RegulationsBankUCITS andtheCentral theUCITS Collective Investment in Transferable Regulations’); Regulations BankUCITS 2015(‘theCentral Securities) and for andEnforcement) Act 48(1))(Undertakings 2013(Section RegulationsBank(Supervision andtheCentral the UCITS in accordance withthelimitations imposedon theinvestment andborrowing powers oftheCompany by theConstitution, , respects: material inall Financial year ended31March 2017

23 LAZARD GLOBAL INVESTMENT FUNDS PLC 24 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc responsibility. transactions specified by sections 305 to 312 of that Act have not beenmade. We this have from no exceptions arising toreport Under theCompanies Act 2014we are required toyou toreport if, inouropinion, ofdirectors’ thedisclosures remuneration and Directors’ remunerationandtransactions Matter onwhichweare required toreport byexception Matters onwhichwearerequiredtoreportbytheCompaniesAct2014 significant accounting estimates. estimates, Inmakingsuch have they made assumptions andconsidered future events. thefinancial framework, reporting thedirectorsIn applying have made anumberofsubjective judgements, exampleinrespect for of of Ireland”. Accepted Accounting Practice inIreland), Financial FRS 102 intheUKandRepublic including applicable Standard “The Reporting standards issuedby theFinancial Councilandpromulgated Reporting by Accountants theInstituteofChartered inIreland (Generally that has been applied in the preparation of the financial statements is Irishlawand accounting The financial framework reporting The financial statements, andAudited withintheAnnual Report Financial included Statements, comprise: What wehaveaudited In ouropinion, GlobalInvestment Lazard Funds plc’s financial statements(the “financial statements”): Our opinion Report onthefinancialstatements Investment Fundsplc Independent auditors’report tothemembersofLazard Global Independent Auditors’Report • • audited. properly • • • • thePortfolio ofInvestments eachofthefundsasat31 March for 2017; and ofChanges inNet toRedeemable Participating• theStatement AssetsAttributable theyear for Shareholders thenended; ofComprehensive• theStatement Incometheyear for thenended; ofFinancial• theStatement Position asat31March 2017; • prepared Accepted• have inaccordance beenproperly Accounting Practice withGenerally inIreland; and • policies and other explanatory information. policies andotherexplanatory ofsignificantaccounting asummary the notestofinancial thecompany include statementsfor each ofitsfundswhich andfor Collective Investment for in (Undertakings Transferable Regulations 2011(asamended). Securities) preparedhave inaccordance beenproperly withtherequirements oftheCompanies Act 2014andtheEuropean Communities results theyear for thenended; ofthecompany’s andfairview give atrue andfunds’ assets, liabilitiesandfinancial position asat31March 2017andoftheir In ouropinion given theinformation intheDirectors’ isconsistent withthefinancial Report statements. The financial statements are inagreement withtheaccounting records. In ouropinion theaccounting records ofthe company were sufficient thefinancial topermit statementstobereadily and We ofouraudit. thepurposes for andexplanations we have theinformation which consider obtainedall necessary Financial year ended31March 2017 29 June2017 Dublin, Ireland Chartered AccountantsandStatutoryAuditFirm for andonbehalfofPricewaterhouseCoopers Jonathan O’Connell any apparent misstatementsorinconsistencies we ourreport. material considerfor theimplications based on, inconsistent with, ormaterially theknowledge acquired theaudit. by usinthecourseofperforming Ifwe become aware of incorrect inconsistencies with the audited financialmaterial statements and to identify any materially that is apparently information In addition, we read the financial all and non-financial and Audited in the Annual information Report Financial to identify Statements procedures oracombination ofboth. a reasonable conclusions. us to draw basis for We through obtain audit evidence testing the effectiveness of controls, substantive We testandexamineinformation, usingsamplingandotherauditingtechniques, toprovide totheextentwe consider necessary judgements, inthefinancial thedisclosures statements. andevaluating We our work focus inthese areas by assessing the directors’ primarily judgements against available evidence, ourown forming misstatement, orerror. material from by whethercaused fraud statements are free anassessmentof: This includes in thefinancial about the amounts and disclosures statements sufficientevidence to give reasonable thatthefinancial assurance We conducted ourauditinaccordance on withInternational Standards Auditing (UKandIreland). An auditinvolves obtaining What anauditoffinancialstatementsinvolves consent inwriting. our prior or to any other person to whomother purpose is shown this report or into whose hands it may come save where agreed expressly by 391 oftheCompanies Act nootherpurpose. 2014andfor We donot, ingivingtheseopinions, acceptany orassumeresponsibilityfor This report, theopinions, including hasbeenprepared thecompany’s for andonly for membersasabodyinaccordance withsection Auditors.for onStandards Auditing (UKandIreland). Those standards require withtheAuditing ustocomply Practices Board’s Standards Ethical responsibility is to audit and express an opinion on the financial statementsinaccordanceOur withIrish law andInternational preparation ofthefinancial andfairview. beingsatisfied statements andfor give thatthey atrue ofDirectors’ intheStatement As explainedmore fully Responsibilities setouton page 6thedirectors are responsible the for Our responsibilitiesandthoseofthedirectors Responsibilities forthefinancialstatementsandaudit Investment Fundsplc(continued) Independent auditors’report tothemembersofLazard Global Independent Auditors’Report Lazard Global InvestmentFundsplc • the overall presentation• theoverall ofthefinancial statements. • thereasonableness ofsignificant accounting estimatesmade by thedirectors; and • adequately disclosed; adequately whether theaccounting policiesare appropriate tothecompany’s circumstances appliedand andhave beenconsistently Financial year ended31March 2017 (continued)

25 LAZARD GLOBAL INVESTMENT FUNDS PLC 26 LAZARD GLOBAL INVESTMENT FUNDS PLC approval ofthe Fund wasmade BankandtheFund totheCentral wasrevoked on 10October2016. Fund EmergingMarkets Allocation * Lazard redeemed on 10November therevocation wasfully of for 2015andanapplication ofthefinancialThe accompanying notesare statements. part an integral of Comprehensive Income. continuing operations. from Gains andlossesarose solely There were nogainsorlossesotherthanthosedealtwithintheStatement Lazard Global InvestmentFundsplc Financial Statements Profit/(loss) Profit/(loss) forthefinancialyearbeforetax Bond Income Investment Income Statement ofComprehensive Income Withholding Tax Dividend Income operations holders ofredeemableparticipatingsharesfrom innetassetsattributableto Net movement Capital gainstax Capital Bank Interest foreign currency Net realisedgains/(losses)oninvestmentsand investments andforeigncurrency Net movementinunrealisedgains/(losses)on Total InvestmentIncome/(Expense) Management FeesManagement Expenses Performance Fees Administration, Transfer Agency Fees and Depositary Legal Fees Audit Fees Directors Fees Organisational FeesOrganisational Currency Fees Manager's Tax ReportingFees Dividend Expense Other Expenses Total Expenses Reimbursement fromManager Net InvestmentIncome/(Expense) Distributions Finance Costs Bank Interest Total FinanceCosts forthefinancialyearaftertax Note 14 2 4 2 2 2 3 3 3 2 31/03/2017 1,598,626 1,323,311 1,598,157 1,598,157 1,806,827 1,598,626 (276,574) (137,003) 239,950 243,566 (64,252) (11,190) (45,479) (11,405) (4,698) (1,875) 68,373 (469) (672) USD Markets BondFund – – – Lazard Emerging – – – – – – 31/03/2016 (265,343) (335,016) (105,438) 663,753 947,832 663,427 663,427 201,197 814,013 (43,131) (10,692) (13,055) (12,905) (57,243) (22,085) 115,106 663,776 (326) (452) (342) USD (23) (23) – – – – – – (23,593,130) 31/03/2017 (2,692,255) (2,079,368) 17,963,506 (1,883,533) 19,748,664 14,119,040 (2,074,479) 11,432,927 Markets LocalDebtFund 9,353,559 8,074,968 8,074,968 (585,842) (692,749) (675,319) (28,891) (12,477) (59,358) (22,186) (8,729) (1,762) (4,889) 6,142 USD – – Lazard Emerging – – – (14,045,557) (13,517,774) (14,045,557) (10,734,289) (44,854,247) 31/03/2016 Financial year ended31March 2017 (8,108,547) (2,691,190) (2,783,485) 16,332,604 (1,866,359) 20,405,098 (2,783,485) (426,091) (101,692) (620,698) (46,941) (15,575) (15,526) (72,393) (46,979) (6,166) 65,448 7,998 (553) USD – – – – (10,331,546) (10,334,712) (10,246,110) 31/03/2017 (9,146,871) (9,665,004) (9,665,004) (6,431,389) Lazard EmergingMarkets 23,983,645 (6,032,869) (5,108,077) 7,616,064 1,184,675 (135,387) (382,746) (882,063) (235,172) (100,615) Total ReturnDebtFund (41,358) (12,476) (15,142) (36,486) (85,436) USD – – – – – – (23,151,335) (23,244,401) (23,244,401) (10,517,906) (14,712,919) (44,147,196) (14,712,919) 31/03/2016 (8,438,416) 32,540,920 (8,482,605) 13,662,476 (1,254,435) 2,079,490 (155,321) (347,802) (127,587) (93,066) (15,206) (18,149) (34,331) (82,470) 23,290 USD – – – – – – 31/03/2016 (2,284,954) (2,341,195) (2,341,195) (1,905,240) (2,216,559) Allocation (3,968,617) Emerging 1,624,006 (422,080) Markets (164,529) (148,999) (68,395) (51,757) 408,873 (13,518) (13,559) (42,894) (28,420) 110,761 (67,578) Lazard Fund* (4,484) 30,498 (5,591) (3,598) USD (972) (817) – – – ** Lazard Opportunities Fund Opportunities redeemed** Lazard on 7November wasfully 2016. ofthefinancialThe accompanying notesare statements. part an integral of Comprehensive Income. continuing operations. from Gains andlossesarose solely There were nogainsorlossesotherthanthosedealtwithintheStatement Financial Statements Lazard Global InvestmentFundsplc Profit/(loss) Profit/(loss) forthefinancialyearbeforetax Bond Income Investment Income Statement ofComprehensive Income Dividend Income from operations holders ofredeemableparticipatingshares innetassetsattributableto Net movement Withholding Tax Bank Interest Capital gainstax Capital foreign currency Net realisedgains/(losses)oninvestmentsand investments andforeigncurrency Net movementinunrealisedgains/(losses)on Total InvestmentIncome/(Expense) Management FeesManagement Expenses Performance Fees Administration, Transfer Agency Fees and Depositary Legal Fees Audit Fees Directors Fees Organisational FeesOrganisational Currency Fees Manager's Tax ReportingFees Dividend Expense Other Expenses Total Expenses Reimbursement fromManager Net InvestmentIncome/(Expense) Distributions Finance Costs Bank Interest Total FinanceCosts forthefinancialyearaftertax Note 14 2 2 4 2 2 3 3 3 2 Lazard EmergingMarkets (12,772,534) (10,341,370) 31/03/2017 (1,416,597) 79,501,067 62,491,267 65,395,882 (1,488,018) (5,532,008) 62,491,267 78,538,728 (1,979,875) 65,766,194 4,569,669 (370,312) (113,655) (147,692) (318,122) (12,323) (38,974) (10,001) (64,681) (63,963) (52,190) USD Debt BlendFund – – – – – (216,658,863) (69,069,267) (67,672,516) (69,069,267) (52,160,622) (14,532,584) (66,693,206) (11,634,479) 31/03/2016 (1,253,954) 94,933,083 69,552,486 (2,205,982) (979,310) (142,797) (282,834) (168,757) (131,773) (979,310) (15,005) (38,793) (10,028) (44,933) 12,672 (continued) USD – – – – – 31/03/2017 (3,036,372) 37,037,875 25,021,521 26,478,700 25,021,521 (9,031,598) 29,546,652 (1,680,360) (1,051,682) 26,510,280 Market DebtUnrestricted 1,540,375 (884,932) (572,247) (31,580) (87,801) (21,404) (87,696) (64,309) (33,943) (31,580) (9,177) USD Lazard Emerging – – – – – – – 31/03/2016 30,211,002 30,416,685 (1,988,179) 30,211,002 24,686,418 31,144,001 30,418,470 BlendFund 8,445,762 (725,531) (191,998) (429,086) (223,746) (13,685) (10,381) (22,180) (29,460) (1,785) (9,188) (1,785) (566) (924) USD Financial year ended31March 2017 – – – – – – – 31/03/2017 1,188,613 1,192,774 1,188,613 1,379,509 1,192,774 (192,177) 845,189 364,956 (47,643) (17,255) (41,647) (12,824) (57,987) Lazard Opportunities (4,161) 73,690 95,162 (1,207) (6,135) (1,709) (5,562) 5,442 (208) GBP 512 – – – – – 31/03/2016 (3,328,590) 2,311,726 (865,054) (843,697) (865,054) (468,977) (377,772) (843,082) (182,967) (109,669) 435,106 (21,357) 112,781 (38,365) (10,407) (27,773) Fund** (8,785) (4,154) (1,004) 5,903 3,667 (615) (551) (615) GBP – – – – 31/03/2017 (3,009,445) (2,931,190) (3,009,445) (1,608,520) (1,308,308) (2,875,184) (3,330,680) Lazard GlobalHexagon (536,307) (112,872) (520,412) (56,006) (78,255) 767,158 955,002 (28,091) (12,449) (12,001) (24,934) (25,878) (34,102) (56,006) (1,262) 41,644 USD – – – – – Equity Fund 31/03/2016 (2,921,552) (1,604,893) (1,047,472) (1,105,325) 2,330,816 2,141,486 2,867,409 (789,578) (534,683) (789,578) (501,536) (254,895) (373,036) (220,951) (501,536) (33,147) (32,585) (15,777) (12,034) (52,106) (43,671) (16,079) (2,516) 20,996 USD – – – –

27 LAZARD GLOBAL INVESTMENT FUNDS PLC 28 LAZARD GLOBAL INVESTMENT FUNDS PLC *** Lazard Diversified*** Lazard Fund Return on launched 7December2016. ofthefinancialThe accompanying notesare statements. part an integral of Comprehensive Income. continuing operations. from Gains andlossesarose solely There were nogainsorlossesotherthanthosedealtwithintheStatement Lazard Global InvestmentFundsplc Financial Statements Total FinanceCosts Bank Interest Distributions Finance Costs Net InvestmentIncome/(Expense) Reimbursement fromManager Total Expenses Other Expenses Dividend Expense Tax ReportingFees Currency Fees Manager's Organisational FeesOrganisational Directors Fees Audit Fees Legal Fees Administration, Transfer Agency Fees andDepositary Performance Fees Management FeesManagement Expenses Total InvestmentIncome/(Expense) investments andforeigncurrency Net movementinunrealisedgains/(losses)on foreign currency Net realisedgains/(losses)oninvestmentsand Capital gainstax Capital Bank Interest from operations holders ofredeemableparticipatingshares innetassetsattributableto Net movement Withholding Tax Dividend Income Profit/(loss) Profit/(loss) forthefinancialyearbeforetax Bond Income Investment Income Statement ofComprehensive Income forthefinancialyearaftertax Note 14 2 3 3 3 2 2 4 2 2 31/03/2017 (8,718,339) (3,032,471) (1,175,703) (3,654,413) 16,603,651 European AlternativeFund 7,885,312 2,792,515 6,787,937 7,333,241 4,201,632 7,333,241 7,549,801 2,821,567 (335,511) (326,914) (570,321) (216,560) (99,143) (65,011) (10,184) (23,373) (14,627) (64,866) (8,597) (8,227) EUR – – – 31/03/2016 (1,688,645) 2,955,860 4,644,505 1,992,796 2,920,785 2,920,785 2,944,823 1,367,119 (569,911) (136,072) (203,651) (715,638) (continued) (11,037) (11,037) (27,320) 821,740 (24,038) 462,850 Lazard (8,619) (5,645) (7,115) (2,614) (8,130) (3,930) EUR – – – – Fundamental AlternativeFund 31/03/2017 (436,733) (284,572) (186,847) (436,733) (436,733) (436,733) (140,923) (367,925) (19,531) (20,154) (17,984) (61,859) (53,325) 234,403 34,686 (1,581) (8,344) (7,831) (6,282) USD (83) – – – – – – – – 31/03/2016 Financial year ended31March 2017 Lazard US (409,546) (81,270) (98,839) (25,977) (81,672) (81,672) (81,672) (34,334) (15,931) (18,868) (11,519) 341,156 43,546 (4,882) (4,682) (9,303) 42,413 1,769 (402) (402) (564) (525) USD – – – – – – Return Fund*** 31/03/2017 Diversified (91,256) 861,813 (11,404) (15,485) (42,075) 928,781 544,151 196,739 (22,154) 839,527 839,527 861,813 102,347 Lazard 24,288 (7,284) (9,649) (3,781) (1,257) 85,208 (321) (132) USD 336 – – – – – – (13,236,963) (36,710,958) (12,648,144) 114,162,495 (23,862,792) 150,691,207 (32,628,363) 100,925,532 163,104,134 31/03/2017 (4,064,615) (5,468,071) (1,312,635) 14,392,888 (3,135,892) (3,366,702) 94,422,938 94,422,938 Lazard GlobalInvestment 5,821,543 (588,819) (344,958) (478,221) (514,121) (102,909) (106,886) (386,336) 182,246 (69,414) 1,005 USD Funds plcTotal (316,770,801) (19,060,945) (54,794,101) (34,603,805) (20,551,660) (76,448,363) (76,448,363) (73,855,046) (18,543,292) (24,805,136) 137,322,334 155,391,158 31/03/2016 (1,769,396) (5,030,870) (2,330,659) 3,461,689 (517,653) (247,407) (592,778) (608,363) (110,908) (122,048) (589,908) (655,143) (262,658) 361,364 (71,848) 43,960 USD approval oftheFund wasmade BankandtheFund totheCentral was revoked on 10October 2016. Fund EmergingMarkets Allocation * Lazard redeemed on 10November therevocation wasfully of for 2015andanapplication ofthefinancialThe accompanying notesare statements. part anintegral Financial Statements Lazard Global InvestmentFundsplc Financial fairvaluethroughprofitorloss assetsat Assets Statement ofFinancialPosition Financial fairvaluethroughprofitorloss liabilitiesat derivative instruments derivative forfinancial Broker Cashheldascollateral Bank Cash at derivative instruments derivative Broker Cashduetocounterpartiesforfinancial Margin Cash Margin Cash Subscriptions Receivable Redemptions Payable Investments SoldReceivable Investments PurchasedPayable Other Assets Investment IncomeReceivable participating shareholders Net Assetattributabletoredeemable Total Liabilities Expenses Payable Liabilities Total Assets Note 2 2 8 8 8 32,322,030 31/03/2017 31,392,496 32,269,715 (52,315) 495,979 (51,350) 433,555 (965) USD Markets BondFund – – – – – – – – – Lazard Emerging 31/03/2016 16,430,956 16,854,628 16,915,282 (continued) (60,654) 201,944 (60,215) 250,612 31,770 (439) USD – – – – – – – – 270,850,969 (8,639,058) 255,848,222 262,211,911 31/03/2017 5,882,015 (2,356,960) (5,736,373) (232,840) Markets LocalDebtFund 2,030,000 3,013,279 4,074,831 (300,000) (12,885) 2,622 USD – – – Lazard Emerging 249,458,561 254,584,827 262,230,784 31/03/2016 (7,645,957) (2,302,672) (4,926,031) Financial year ended31March 2017 1,500,000 2,169,543 4,940,353 4,162,327 (417,254) USD – – – – – – (24,095,349) 456,554,327 46,380,950 (11,739,160) 395,326,415 432,458,978 31/03/2017 Lazard EmergingMarkets (9,690,000) 10,610,000 (2,111,115) (545,874) 4,145,395 Total ReturnDebtFund (9,200) 91,567 USD - - – – (93,905,339) (10,241,361) 616,254,331 (77,992,742) 617,311,868 711,217,207 31/03/2016 (4,722,170) 73,121,068 5,520,883 7,985,000 1,669,402 6,662,310 (949,066) 4,213 USD – – – 31/03/2016 Allocation Emerging Markets (64,870) (64,870) Lazard Fund* 64,731 64,870 USD 139 – – – – – – – – – – – –

29 LAZARD GLOBAL INVESTMENT FUNDS PLC 30 LAZARD GLOBAL INVESTMENT FUNDS PLC ** Lazard Opportunities Fund Opportunities redeemed** Lazard on 7November wasfully 2016. ofthefinancialThe accompanying notesare statements. part anintegral Lazard Global InvestmentFundsplc Financial Statements Financial fairvaluethroughprofitorloss liabilitiesat Statement ofFinancialPosition Financial fairvaluethroughprofitorloss assetsat Assets Liabilities derivative instruments derivative Broker Cashduetocounterpartiesforfinancial Cash at Bank Cash at Margin Cash derivative instruments derivative forfinancial Broker Cashheldascollateral Redemptions Payable Margin Cash Investments PurchasedPayable Subscriptions Receivable Expenses Payable Investments SoldReceivable Total Liabilities Investment IncomeReceivable participating shareholders Net Assetattributabletoredeemable Other Assets Total Assets Note 2 2 8 8 8 1,038,237,569 1,038,237,569 (16,101,505) 1,022,136,064 Lazard EmergingMarkets 63,984,341 (1,130,137) 939,466,733 31/03/2017 (9,824,054) 10,380,000 (4,972,917) 15,058,007 4,606,702 4,734,120 (174,397) 7,666 USD Debt BlendFund – – – 1,297,009,854 1,320,495,602 1,325,650,339 31/03/2016 (5,154,737) (1,723,134) (1,248,246) (1,574,214) 18,225,505 6,281,514 3,040,000 (609,143) 387,507 596,824 109,135 (continued) USD – – – 1,056,943,247 1,056,943,247 (10,105,672) 1,046,837,575 52,070,304 984,681,996 31/03/2017 (5,105,876) (4,588,967) 15,606,713 Market DebtUnrestricted (410,829) 4,584,234 USD Lazard Emerging – – – – – – – 477,741,447 486,313,087 463,749,861 31/03/2016 Blend Fund (8,571,640) (7,401,846) 11,088,176 4,289,791 6,599,528 (796,263) (346,596) (26,935) 570,664 15,067 USD Financial year ended31March 2017 – – – – 31/03/2017 (34,147) 34,147 34,147 (26,471) Lazard Opportunities (7,676) GBP – – – – – – – – – – – – 31/03/2016 (4,804,717) 17,301,548 22,106,265 16,524,955 (3,371,503) (1,224,843) 3,371,503 (136,300) 781,893 842,223 (72,071) 440,201 121,658 Fund** 23,832 GBP – – – (1,828,963) 28,557,487 31/03/2017 26,728,524 24,426,564 Lazard GlobalHexagon 3,824,305 (74,680) (874,871) (879,412) 224,507 63,131 18,980 USD – – – – – – Equity Fund 31/03/2016 (6,315,517) (3,359,119) 65,660,435 71,975,952 60,603,099 11,173,473 (2,272,921) (198,549) (325,506) (159,422) 104,485 30,873 64,022 USD – – – – Director: GavinCaldwell On behalfoftheBoard ofDirectors Diversified*** Lazard Fund Return on launched 7December2016. ofthefinancialThe accompanying notesare statements. part anintegral Financial Statements Lazard Global InvestmentFundsplc Financial fairvaluethroughprofitorloss assetsat Assets Statement ofFinancialPosition Financial fairvaluethroughprofitorloss liabilitiesat Cash at Bank Cash at derivative instruments derivative Broker Cashduetocounterpartiesforfinancial derivative instruments derivative forfinancial Broker Cashheldascollateral Margin Cash Margin Cash Redemptions Payable Subscriptions Receivable Investments PurchasedPayable Investments SoldReceivable Expenses Payable Investment IncomeReceivable Total Liabilities Other Assets participating shareholders Net Assetattributabletoredeemable Total Assets Liabilities Note 2 2 8 8 8 (15,283,057) 451,320,266 50,006,804 (1,657,331) 393,676,598 436,037,209 31/03/2017 (7,138,030) (4,000,000) (1,599,146) European AlternativeFund 4,259,409 2,265,312 (888,550) 886,784 150,204 75,155 EUR Director: JohnDonohoe – – (12,209,353) 245,278,298 287,232,315 299,441,668 31/03/2016 (3,333,078) (1,517,067) 36,008,785 (6,871,991) 6,736,125 8,385,603 2,480,403 (continued) (157,720) (329,497) 312,169 240,285 Lazard EUR – – Fundamental AlternativeFund (2,698,894) 13,857,139 31/03/2017 1,518,442 10,501,859 (1,337,216) 11,158,245 (68,614) (477,722) (815,342) 920,000 817,360 91,105 8,373 USD – – – – 31/03/2016 Financial year ended31March 2017 (1,262,943) 12,345,826 14,907,952 16,170,895 Lazard US 1,551,129 1,357,868 (655,515) (465,397) (113,511) (28,520) 750,000 152,911 13,161 USD – – – – Return Fund*** (4,480,478) 34,232,177 44,354,681 31/03/2017 Diversified 1,554,532 (4,019,580) 39,874,203 (402,793) 1,200,000 6,000,000 1,075,043 (58,105) 189,597 Lazard 10,094 93,238 USD – – – Date: 29June2017 3,421,131,410 3,093,634,962 3,336,740,491 (84,390,919) (38,416,878) (4,378,126) (14,277,797) 229,238,324 (25,355,946) 31/03/2017 (1,146,830) 25,140,000 11,649,350 14,609,194 42,002,466 Lazard GlobalInvestment 4,565,743 (815,342) 291,371 USD Funds plcTotal 3,119,739,998 (143,800,651) (103,461,754) 3,019,110,810 3,263,540,649 (23,072,618) (10,709,345) 31/03/2016 (2,392,720) 73,410,651 12,525,000 (4,164,214) 27,546,764 81,606,083 39,019,470 9,636,682 685,189 USD –

31 LAZARD GLOBAL INVESTMENT FUNDS PLC 32 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Financial Statements approval oftheFund wasmade BankandtheFund totheCentral was revoked on 10October 2016. Fund EmergingMarkets Allocation * Lazard redeemed on 10November therevocation wasfully of for 2015andanapplication ofthefinancialThe accompanying notesare statements. part anintegral financial year participating shareholdersatendof Net assetsattributabletoredeemable Foreign currency adjustment translation from operations shares holders ofredeemableparticipating to Net movementinnetassetattributable Anti-Dilution Levy shares redeemed Payments forredeemableparticipating shares issues Proceeds fromredeemableparticpating Participating Shareholders Statement ofChangesinNetAssetsAttributabletoRedeemable of financialyear participating shareholdersatbeginning Net assetsattributabletoredeemable Note 2 5 5 31/03/2017 (1,940,737) 32,269,715 15,757,667 16,854,628 1,598,157 USD Markets BondFund – – Lazard Emerging 31/03/2016 16,854,628 16,191,201 663,427 (continued) USD – – – – (251,673,502) 262,211,911 251,074,020 254,584,827 31/03/2017 8,074,968 Markets LocalDebtFund 151,598 USD – Lazard Emerging (14,045,557) 254,584,827 (94,121,140) 114,506,995 248,170,689 31/03/2016 Financial year ended31March 2017 73,840 USD – (244,764,050) 432,458,978 (9,665,004) 617,311,868 31/03/2017 69,576,164 Lazard EmergingMarkets Total ReturnDebtFund USD – – 1,041,100,901 (23,244,401) 617,311,868 (481,806,135) 31/03/2016 81,060,450 201,053 USD – (29,009,997) 31/03/2016 Allocation (2,341,195) 30,773,694 Emerging Markets 577,498 Lazard Fund* USD – – – ** Lazard Opportunities Fund Opportunities redeemed** Lazard on 7November wasfully 2016. ofthefinancialThe accompanying notesare statements. part anintegral Financial Statements Lazard Global InvestmentFundsplc Participating Shareholders Statement ofChangesinNetAssetsAttributabletoRedeemable financial year participating shareholdersatendof Net assetsattributabletoredeemable Foreign currency adjustment translation from operations shares holders ofredeemableparticipating to Net movementinnetassetattributable Anti-Dilution Levy shares redeemed Payments forredeemableparticipating shares issues Proceeds fromredeemableparticpating of financialyear participating shareholdersatbeginning Net assetsattributabletoredeemable Note 2 5 5 1,022,136,064 1,320,495,602 (493,405,853) Lazard EmergingMarkets 132,555,048 31/03/2017 62,491,267 USD Debt BlendFund – – 1,649,415,551 (894,063,698) 1,320,495,602 (69,069,267) 634,213,016 31/03/2016 USD (continued) – – (20,203,573) 564,278,180 477,741,447 1,046,837,575 31/03/2017 25,021,521 Market DebtUnrestricted USD Lazard Emerging – (226,132,286) 477,741,447 673,662,731 31/03/2016 Blend Fund 30,211,002 USD – – – Financial year ended31March 2017 (20,210,255) 31/03/2017 17,301,548 1,188,613 1,720,094 Lazard Opportunities GBP – – – (19,549,532) 31/03/2016 17,301,548 34,344,631 3,371,503 (865,054) Fund** GBP – – (38,635,482) 31/03/2017 26,728,524 65,660,435 (3,009,445) 2,713,016 Lazard GlobalHexagon USD

– – Equity Fund (90,052,572) 143,491,196 31/03/2016 65,660,435 13,011,389 (789,578) USD – –

33 LAZARD GLOBAL INVESTMENT FUNDS PLC 34 LAZARD GLOBAL INVESTMENT FUNDS PLC *** Lazard Diversified*** Lazard Fund Return on launched 7December2016. ofthefinancialThe accompanying notesare statements. part anintegral Lazard Global InvestmentFundsplc Financial Statements of financialyear participating shareholdersatbeginning Net assetsattributabletoredeemable financial year participating shareholdersatendof Net assetsattributabletoredeemable Foreign currency adjustment translation operations sharesfrom holders ofredeemableparticipating to Net movementinnetassetattributable Anti-Dilution Levy shares redeemed Payments forredeemableparticipating shares issues Proceeds fromredeemableparticpating Participating Shareholders Statement ofChangesinNetAssetsAttributabletoRedeemable Note 2 5 5 (182,732,696) 287,232,315 436,037,209 324,204,349 31/03/2017 7,333,241 European AlternativeFund EUR – – (28,027,648) 287,232,315 312,339,178 31/03/2016 2,920,785 (continued) Lazard EUR – – – Fundamental AlternativeFund (12,254,631) 31/03/2017 11,158,245 14,907,952 8,941,657 (436,733) USD – – 31/03/2016 14,907,952 14,993,964 Financial year ended31March 2017 Lazard US (81,672) (4,340) USD – – – Return Fund*** 31/03/2017 Diversified 39,874,203 39,034,676 839,527 Lazard USD – – – – 3,336,740,491 3,119,739,998 (1,293,010,603) 1,441,923,478 (26,486,918) 94,422,938 31/03/2017 Lazard GlobalInvestment 151,598 USD Funds plcTotal (1,875,445,436) 3,119,739,998 1,890,068,882 3,171,120,586 (76,448,363) 31/03/2016 10,169,436 274,893 USD This isanotional hasnoimpact amountwhich on theresults oftheindividual Funds. in Net toRedeemableParticipating AssetsAttributable Shareholders” reflects the financial themovement inexchange for rates year The foreign translation adjustment currency ofUSD(26,486,918) (2016: inthe ofChanges USD10,169,436)included “Statement on thenetassetvaluepershare totheindividual Fund. attributable inNote exchange are 7. All rates disclosed thefinancial have toUSD usinganaverage for Shareholders beentranslated rate year asanapproximation actual. for This hasnoeffect ofComprehensive ofChangesthe Statement inNet Income toRedeemableParticipating andintheStatement AssetsAttributable financial liabilitiesinthefinancial statementshave toUSDattheexchange at31March beentranslated rate 2017. The amountsin For ofcombining thefinancial thepurpose statementsofeachFund attheconsolidated toarrive figures, thefinancial assetsand Fund andatCompany level level, USDisthepresentational currency. as the presentation these financial for currency statements. The functional hasbeenadopted currency as the presentation at currency European is GBP and Lazard Alternative Fundwhich is EUR. which The Company has adopted the functionalof each Fund currency economic environment (the itoperates inwhich primary “functional currency”). Fund Opportunities This isUSDexceptLazard for (a) Functional in the Company’s and presentation Items included currency: financial statements are measured of the using thecurrency Foreign ExchangeTranslation shareholders. atfairvalue,and carried andtheCompany toredeemable provides astatement ofchangesinnetassetsattributable participating Cash Flows” oftheCompany’s nottoprepare all flow statementon acash thebasisthatsubstantially investments liquid are highly The Company has availedoftheexemption availabletoopen-endedinvestment fundsunderFRS 102, 7 Section of “Statement on 7November 2016. closed FundThe financial Opportunities statements ofLazard have beenprepared on anon going concernbasisofaccounting asthisFund Council and promulgated by Accountants the Institute of Chartered Acceptedin Ireland Accounting Practice(Generally in Ireland). in Ireland are andfairview thoseaccounting inpreparing financial standards statementsgivingatrue issuedby theFinancial Reporting in Ireland andtheprovisions oftheIrishCompanies Act, Regulations. 2014andtheUCITS Accounting accepted standards generally The financial statements have beenprepared on agoing concernbasisand inaccordance accepted withaccounting standards generally financial liabilities heldatfairvaluethrough profit orloss. The financial statements are prepared costconvention underthehistorical asmodified by therevaluation offinancial assetsand Basis ofpreparation theCompaniescomprising ActRegulations. 2014andtheUCITS Financial 102 intheUKandRepublicofIreland”Standard applicable Standard “The Reporting (“FRS 102”)"andIrishstatute The financial thefinancial statements for year ended31March 2017have beenprepared inaccordance withFinancial Reporting Statement ofcompliance stated. Redeemable Participating unlessotherwise Shares are setoutbelow. references All tonetassetsthroughout thefinancial toholdersof statementsrefer tonetassetsattributable The significantaccounting policies andestimation adopted techniques by theCompany inthepreparation ofthefinancial statements 2. SignificantAccountingPolicies Fund Opportunities on 7NovemberLazard 2016. closed The investment objectives of each Fund within the Company are set out in the Prospectus the Funds. for andrelevant Supplements Fund, USFundamental Lazard Alternative Fund Diversified andLazard Fund Return 7December 2016)were (launched funded. EmergingMarket DebtUnrestrictedBlendFund,Lazard Fund, GlobalHexagon Lazard Equity European Alternative Lazard DebtFund,Markets Local EmergingMarkets Lazard Total DebtFund, Return EmergingMarkets DebtBlendFund, Lazard The Company hasnineFunds currently inexistence. Asat31March 2017, EmergingMarkets Bond Lazard Fund, Emerging Lazard representing withone ofShares ormore Fundmay classes aseparate bedividedintodifferent classes oftheCompany. Regulations"). BankUCITS (the "Central Regulations") Bank’s andtheCentral "UCITS andEnforcement) Act Regulations 2013(section 2015, 48(1))UCITS (Supervision European Collective Investment Communities for in (Undertakings Transferable Regulations, Securities) 2011(asamended)(the BankofIrelandthe Central (the Bank”) Collective Investment“Central for in asanUndertaking Transferable underthe Securities the “Fund” the andcollectively “Funds”) organisedunderthelawsofIreland. referred toas asanumbrella between itssub-funds(individually structured fundandwithsegregated capital liability with variable GlobalInvestmentLazard Funds 2009asanopen-endedinvestment on 3February Lazard Global InvestmentFundsplc The Company asanumbrella isstructured fundinthattheshareofCompany capital The Company qualifiesinIreland andisauthorised by Financial year ended31March 2017 .

35 LAZARD GLOBAL INVESTMENT FUNDS PLC 36 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc estimate. fixed income security. year were intheprior andsothere securities mid-priced hasbeenachange inthefairvalue accounting Equity where andmid-market price theinvestment isa financial where security liabilitiesisthelasttraded price theinvestment isanequity requirementsdisclosure 11and12ofFRS of Sections 102. Accordingly, thefairvaluationbothfinancial inpututilisedfor assetsand Accounting 39 Standards “Financial Instruments: Recognition andMeasurement” asadopted useintheEuropean for Union andthe In accordance withFRS 102, therecognition theCompany haselectedtoapply andmeasurement provisions ofInternational (iv) FairValue Estimation ofComprehensivepresented intheStatement Income inthefinancial year arise. they inwhich changes in the fair value of the financial assets or financial are liabilities at fair value through profit from arising or loss category recognition, financial all assetsandfinancial liabilitiesatfairvaluethrough profit orlossare measured atfairvalue. Gainsandlosses Financial assets and financial liabilitiesatfair value through profit recognised orlossare atfairvalue. initially toinitial Subsequent (iii) Measurement andrewards risks ofownership.expired all ortheCompany hastransferred substantially profit orlossare expensedimmediately. theinvestments have Investments are derecognisedtoreceive flows whentherights from cash theasset.sell Investments recognised are atfairvalue, initially atfairvaluethrough financial andtransaction all costsfor assetscarried Regular-way purchases andsalesofinvestments are recognised on trade date–the ontheCompany which commits topurchase or (ii) RecognitionandDerecognition liabilities on afairvaluebasistogether withotherrelated financial information. The Company’s theInvestment isfor Manager aboutthesefinancial andtheDirectorsinformation policy assetsand toevaluate on afairvaluebasisinaccordance evaluated withtheCompany’smanaged andtheirperformance documentedinvestment strategy. loss atinception. Financial assetsandfinancial liabilitiesdesignatedatfairvaluethrough profit orlossatinception are thosethatare financial assets and financial tradingordesignatedby liabilitiesare asheldfor theDirectors classified atfairvaluethrough profit or asfinancialThe Company itsfinancial assetsorfinancial classifies instruments liabilitiesatfairvaluethrough profit orloss. These (i) Classification Financial instruments prepared on anon going concernbasisofaccounting asthisFund isnow closed. financial statements continue to be prepared on Fund a going concern basis.The financial Opportunities statements of Lazard has been significant doubtupon thatmay theCompany’s cast uncertainties tocontinue asagoingmaterial concern. ability Therefore, the the Company has theresources tocontinue theforeseeable inbusiness for future. Furthermore, themanagement isnotaware ofany The Company’s management hasmade anassessmentoftheCompany’s tocontinue asagoing concernandissatisfied ability that Going concern thoseestimates.Actual results from coulddiffer assets andliabilitiesatthedateoffinancial thefinancial amountsofincome statementsandthereported andexpensesduring year ofcontingentmanagement amountsofassetsandliabilitiesdisclosure tomakeestimatesandassumptions thereported thataffect The preparation ofthefinancial statements, inaccordance accepted withaccounting inIreland, standards generally requires Accounting estimatesandjudgements foreign exchange innetrealised currency contracts are gainsandlosseson investments/currency. included the transaction andsettlementdatesondenominated purchasesinthenon-base orsalesofsecurities currencies andon settledforward innetmovement inunrealised gainsandlosseson investments/currency.or lossisincluded between Realisedgainsandlossesarising contracts are which outstandingatthefinancial year rates. endare valuedatfinancial year endforward The resulting unrealised gain innetmovement inunrealised gainsandlosseson investments/currency.and otherassetsliabilitiesisincluded Forward currency at the dates of the transactions. at the exchange ruling currency rates The resulting on translation of securities gain or loss arising atthefinancial year attheexchange ruling currency rate end. Transactions inforeign currencies are intothefunctional translated (b) Assets and liabilities other than those denominated in the functional of each Fund currency are into the functional translated Foreign ExchangeTranslation (continued) 2. SignificantAccountingPolicies(continued) Notes totheFinancialStatements Financial year ended31March 2017

(continued) . Manager). Exchange traded options are valuedatsettlementprice. valuation bereceived, no counterparty Should thentheBloomberg valuation would apply, (provided it isinlinewiththeInvestment theInvestment andthisvaluation isthenvalidated by Manager. aBloomberg valuation and avaluation sourced from counterparty treated as realised gains. provided by at the price the of business daily The over-the-counter options are (“OTC”) valued at close orforeign currenciesinitial fairvalueofsecurities purchased. optionsexpire which unexercised Premiums written are received from therealisedforeign indetermining currency gainor loss. putoptionsindetermining The premium exercised on written is included as realised losses. or security thesale of the underlying options exercised call The premium is added to the proceeds on written from orforeign purchased. currency value ofthesecurities thepurchase ofoptionsexpire which Premiumsunexercised are treated paidfrom therealised indetermining currency gainorloss. The premium initialfair optionsindetermining on exercised purchased call isincluded orforeign security theproceedsThe premium ofthesaleunderlying on purchased put options exercised is subtracted from Options interest on thecontract value. security.The contracts are valuedbasedon themarket valueoftheunderlying interest to the third party. the CFDs are sold short, When and receive the Funds equity pay the dividends relating to theunderlying Comprehensive Income. theFunds andpays equity holdlongreceiveWhen CFDsthey thedividendsrelating totheunderlying ofFinancialat fairvalueon theStatement Position. Realisedandunrealised gainsandlossesare of recognised intheStatement changes infair valueofthenotional equities, unrealised gainsandlossesfrom including andare recorded assets/liabilities asderivative ofthe agreement, undertheterms thecounterparty atthenetamount dueto/from Open Contracts Difference for (“CFDs”)are carried Contracts forDifference ofComprehensiveRealised gainsandlossesare otherforeign gainsandlossesintheStatement withall currency Income. reported ofFinancial contracts intheStatement isreported depreciation Position on forward ofComprehensive andtheStatement Income. outthecontract asatthefinancial year toclose rate end.between thecontracted andtheforward rate Unrealised appreciation or The unrealised appreciation foreign exchange by contracts ordepreciation iscalculated reference on tothedifference openforward Forward foreign currency exchangecontracts as financial assets orliabilitiesatfairvaluethrough profit orloss. contracts are shown inthePortfolio ofInvestments ofeachrelevant Fund andasappropriate, ofFinancial on theStatement Position contracts are terminated, timerealised atwhich gainsandlossesare recognised. For eachrelevantFund, gainsorlosseson openfutures Position date. Changes inthevalueofopenfutures contracts are recognised asunrealised gainsor losseson futures contracts untilthe of futures contracts of Financialon is based upon the relevant exchange their settlement currentprices as of the Statement quoted daily Initial margindepositsare equivalents. madeintofutures orcash upon made entering contracts incash andare generally The fairvalue Futures Contracts are asfollows: subject to the conditionsor investment and within the limits purposes laid down by the Prospectus Bank and these and the Central Each oftheFunds may management employ and/ efficient for investment portfolio andfinancial techniques instruments derivative (loss) on ofComprehensive investments andforeign intheStatement currency Income. therelevantAdministrator.or unitsobtainedfrom Net Asset The changeinthedaily Value oftheseshares isrecognised asnetgain/ Investments inopen-endedinvestment are funds valuedatfairvaluethelatestavailableunauditedNet Asset Value theshares for March 2017and31March 2016. relevant brokers, including third parties based on quotations received from were however nosecurities valuedinthismannerasat31 aresecurities valuedingood faithby thecompetent person whohasbeenappointedby theDirectors andapproved by theDepositary, usedby modelsandothervaluation commonly option techniques pricing market participants. traded andthinly Unlistedsecurities Position date. Valuation theuseofcomparablerecent arm’s usedinclude techniques lengthtransactions, flow analysis, discountedcash ofmethodsandmakesassumptions thatareCompany basedon market ofFinancial usesavariety conditions existingateachStatement thatareThe fairvalueoffinancial nottraded inanactive instruments market by isdetermined usingvaluation techniques. The with care andingood faithby thecompetent person whohasbeenappointedby theDirectors andapproved by theDepositary. not, intheopinion oftheDirectors, reflect theirfairvalueorare notavailable, betheprobable thevalueshall realisabl Lazard Global InvestmentFundsplc Financial year ended31March 2017 (continued)

37 LAZARD GLOBAL INVESTMENT FUNDS PLC 38 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Comprehensive Income inthefinancial year arise. they inwhich of the fairvalueoffinancial intheStatement assetsandfinancial are liabilitiesatfairvalue through included profit orlosscategory basis.Realised gainsandlossesare basedon aFIFO calculated changesin Realised andunrealisedfrom gainsandlossesarising Realised andunrealised gainsandlossesoninvestments cost. measuredThese amountsare atamortised atfairvalueandsubsequently recognised initially incomeofinvestmentsAccrued andexpensescomprise income receivable, otherassets, payable distribution andexpensespayable. Accrued incomeandexpenses cost. measured atamortised subsequently contracted butnotyet ofFinancial for settledon theStatement Position. These amountsare atfairvalueand recognised initially purchased. and redemptions Receivablesandpayables subscriptions for represent sharesorredeemed subscribed thathave been Receivables andpayablesinvestments for soldandpurchased awaitingsettlementrepresent soldand receivables securities for Receivables andpayables Cash atbankisvaluedface value, withinterest where atrelevantvaluation pointon accrued applicable therelevantbusinessday. Cash atbank profit orlossandforeign currencies. ofComprehensive ofnetgain/(loss)onin theStatement financial Income aspart assetsandfinancial liabilitiesatfair value through ofFinancial asappropriateon theStatement asanassetorliability is reported Position andmovements inthefairvalueare recorded indices, usedwithequity most commonly singlestocks, ofloansandmortgages. bonds anddefined portfolios The fairvalueoftheswap asset. based on makes payments the return of an underlying party asset but is The total return swap may be applied to any underlying basedon makes payments asetrate,A totalreturn swapisanagreement one inwhich party eitherfixed orvariable, whiletheother Total returnswaps losses. valuation isapplied(provided itisinlinewiththeInvestment Manager). Payments received ormade are recorded asrealised gainsor theInvestment Manager.sourced from valuation has notbeenreceived oris notrepresentative Ifacounterparty gain orloss. are prices validatedby aBloomberg valuation,The counterparty inputs), (independentofcounterparty andavaluation is thecounterparty, basedupon quotationsmarket from daily source), (theprimary andthechange, ifany, isrecorded asanunrealised interest swapsare rate discountedtotheirpresent valueusingtheappropriateinterest rate. Interest swap contracts rate are marked-to- The using fair standardvalue of interest swaps is calculated net present rate value methodologies whereby future flows all of the cash Interest rateswaps payment, asrealised gainsorlosses. received or made asa result ofa credit or termination ofthe contract event are recognised, netofaproportional amount of theupfront or isnotrepresentative inputs), theInvestmentof thecounterparty Manager. andavaluation issourced from valuation hasnotbeenreceived Ifacounterparty change, if any, is recorded as an unrealised gain or loss. are prices validated by a Bloomberg valuation,The counterparty (independent thecounterparty,The credit defaultcontracts are marked-to-market basedupon quotations from daily source), (theprimary andthe among otherfactors. of defaulttothepayer. rate, byThis costisdetermined therecovery notional amountofthecontract, anddefaultprobability interest andwhereby rate future all ofthedefaultsideswapare cashflows discountedtotheirpresent valuebasedon thecost methodologies whereby future all ofthefixed cashflows sideoftheswapare discountedtotheirpresent valueusingtheappropriate subject to credit are risk muchpotentially smaller. The fair values of credit default swaps are using standard calculated netpresent value point intime. Notional amountsare principal usedtoexpress theextentofinvolvement inthesetransactions, buttheamounts ofFinancialStatement Position. Valuation ofthecredit defaultswapisanestimateofacredit happeningataparticular default event Credit defaultswapsinvolve, degrees, inexcess oftheamountrecognised tovarying risk inthe elementsofcredit andcounterparty Credit defaultswaps (iv) FairValue Estimation(continued) Financial instruments(continued) 2. SignificantAccountingPolicies(continued) Notes totheFinancialStatements , thentheBloomberg valuation isapplied(provided itisinlinewiththeInvestment Manager). Payments Financial year ended31March 2017

(continued) , thentheBloomberg incurred by eachFund thefinancial during year in Note are3. disclosed inNote 3. asdisclosed fees indepositary costs are included identifiableThese costsare transaction costsandthetotal separately identifiable brokeragecosts include charges, commissions, transaction related taxes and other market charges. transaction Depositary andthesub-custodian. transaction costspaidtothedepositary transaction costsinclude andsalestransaction Purchases Depositary at fairvaluethrough profit ofComprehensive orlossintheStatement Income eachFund. for and salesofequities, futures contracts, options contracts andinvestment innetgains/(losses)on financial funds are instruments included oftheinvestment identifiable. inthepurchase andsaleprice andareswaps are notseparately included Transaction costson purchases costs on thepurchase andsaleoffixed income securities, moneymarket instruments, foreign exchangecontracts currency and forward loss plustransaction totheacquisition coststhatare attributable orissueofthefinancial directly assetorfinancial liability. Transaction instrument. afinancial isrecognised assetorfinancial initially, liability When measure shall itatitsfairvaluethrough anentity profit or liability. An incremental costisone thatwould nothave had beenincurred notacquired, iftheentity issuedordisposedofthefinancial Transaction costs are incremental tothe acquisition, costs thatare attributable directly issue or disposal of a financial assetor financial Transaction costs ofChanges inNettransactions toRedeemableParticipating in theStatement AssetsAttributable Shareholders. the Funds asaresult ofshareholder transactions. share inthemovement innetassetsresulting Anti-dilutionare from levies included the cost related within to the associated purchase or sale of is securities paid to the FundsThe anti-dilution levy and is used to defray Anti-Dilution Levy netincome.undistributed arrangements have on no effect theNet Asset Value ofanyClass. Share ofequalisationThe calculation isbasedon totalaccumulated the byperiod. is not affected in respect in issueduring changesin the number of period Shares distributed of the distribution The Incometo each Fund. equalisation arrangements apply The arrangements are intended to ensure is that the income which per Share Equalisation the financial year ended31March 2017and31March 2016. reflected inthe Net Asset Value oftherelevantaccumulating share class. seeNote detailsofanypaidduring 14for distributions Please accumulating beaccumulated, will share class reinvested intherelevantFund be andwill on ofthatclass behalfoftheShareholders ofshare notbepaidinrespect isan accumulatingDividends will which ofany class class. Income andprofits, ifany, toan attributable thefinancial ofComprehensive withanexdateduring year asafinanceDistributions arecostin theStatement Income. included Distributions, ifdeclared, bepaidoutofaFund’s only will netinvestment income return. Distributions simultaneously.the liability therecognised amountsandthere tooffset enforceable isanintention right tosettleon anetbasisorrealise legally theassetandsettle Financial of Financial assets and financial in the and Statement the liabilities net amount arereported offset Position where there isa Offsetting financialinstruments Expenses are basis. accounted on for anaccruals Expenses withholding taxes, ofComprehensive intheStatement Income. separately are which disclosed Dividend income isrecognised through profit and losson an ex-dividend basis. Dividend income isshown gross of any non-recoverable Dividend income the financial instrument, where period appropriate, orashorter amountofthefinancial assetorfinancial liability. tothenetcarrying orreceipts discountsestimatedfuture payments throughoutThe effective interest thatexactly cash of istherate theexpectedlife rate irrecoverable withholdingtax, ofComprehensive intheStatement Income, separately isdisclosed which andnetofany taxcredits. the interest incomeand of allocating or interest expense over the relevant financial year. Bond interest income gross is reported of interest method. costofafinancial assetorfinancialThe effective interest theamortised liability methodisaofcalculating Interest income andexpenseare ofComprehensive usingtheeffective recognised intheStatement debtinstruments Incomeall for Interest incomeandexpense 2. SignificantAccountingPolicies(continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Financial year ended31March 2017 (continued)

39 LAZARD GLOBAL INVESTMENT FUNDS PLC 40 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc USD C Acc EUR C Acc C Acc CHFHedged BP DistEUR USD B Acc B Acc GBPHedged B Acc EURHedged EUR B Acc AP DistEUR AP Acc USDHedged AP Acc GBPHedged EUR AP Acc A DistUSD A DistGBPHedged A DistGBP A DistEURHedged USD A Acc A Acc JPYHedged A Acc GBPHedged GBP A Acc A Acc EURHedged A Acc CHFHedged by theFund itsreasonable for expenses. out-of-packet Such The Manager isentitledtoachargeperannumoftheNet Asset Value classes. Share respectively toeachofthefollowing attributable andcontrol oftheDirectors. supervision subject totheoverall The Manager themanagement hasresponsibilityfor andadministration oftheCompany’s oftheShares, affairsandthedistribution Management Fees 3. Fees Notes totheFinancialStatements D Acc USD D Acc D Acc EURHedged C DistUSDHedged C DistGBPHedged C Acc USDHedged EA Acc GBP EA Acc EA Acc EURHedged EUR EA Acc D DistEURHedged EA Acc USD EA Acc EURO HedgedInstitutional EAClass Accumulating USD X Acc X Acc EURHedged M Dist Class) AUD Hedged(Management M Class) Acc USDHedged(Management M Class) Acc USD(Management USD L Acc L Acc EURHedged K DistEUR GBP K Acc EUR K Acc CHF I Acc EA Acc USDHedged inarrears. andbepayable monthly daily asdetailedbelow accrue fees shall The Manageralsobeentitledtoreimbursed shall Emerging Markets Fund % Lazard Bond 0.65 0.65 ------Emerging Markets Fund % Lazard Local Debt 0.75 0.75 0.75 0.75 0.70 ------Emerging Markets Fund % Lazard Return Total Debt 1.25 1.25 1.25 0.75 0.75 0.75 0.75 0.75 1.75 1.75 1.75 ------Emerging Markets Fund % Lazard Blend Debt 0.80 0.80 0.80 0.80 0.80 0.80 0.80 0.75 0.75 ------Unrestricted Emerging Markets Fund % Lazard Blend Debt 0.80 0.80 0.80 0.75 0.75 ------Opportunities Financial year ended31March 2017 Fund* % Lazard 0.50 ------

Hexagon Fund % Global Equity Lazard

(continued) 1.50 1.00 1.00 0.50 0.50 ------Alternative European Fund % Lazard 1.00 1.00 1.00 2.50 1.75 1.25 1.25 1.25 1.25 1.00 1.00 1.00 0.75 0.75 ------Fundamental Alternative Lazard US Fund % 0.75 0.50 0.50 ------Diversified Fund% Lazard Return 0.75 0.20 ------the relevant date. inthe precedingdescribed paragraph, butexpressed intheFund usingthePrevailing ascalculated BaseCurrency on Exchange Rate respect toeach Unhedged Class, Share With theEnding NAV isthe Net perShare Asset Value as oftherelevantclass perShare last Valuation Point thecurrent for Performance Period. oftherelevantclass,Share Performance of any applicable totheaccrual prior Fee anddeduction dividend, ofany applicable asatthe theUnhedged Classes, Share from apart ofShares theEnding NAV respect toeachclass With isthe Net perShare Asset Value per Ending NAV perShare Performance Period, class’ thefirst ofthatShare Business Day closure following Period. InitialOffer last BusinessDay ofthepreviousmonth or(ii)thelastBusinessDay thataPerformance Fee waspayable or, class’ aShare for initial A Performance Period of (i) the end of the end on month begin on will the last Business Day and will the earlier of each calendar Performance Period conditions below are met: A Performance Fee thatbothofthe andbecome intheevent dueandpayable accrue only shall inrespect class ofeachrelevantShare Period (the “Performance Fee”). No Performance Fee becharged totheassets oftheDClasses, shall theXClassesorMClasses. Fund, theDClasses, excluding theXClassesandMClasses, equalto20%oftheNet Gain, ifany, therelevantPerformance during The Manager fee, isentitledtoreceive aperformance andpayable monthly, daily accrued inthe inrespect classes ofeachtheShare Lazard EmergingMarkets Total DebtFund Return Alternative Fund. eachFund. for Below ofhowiscalculated isadescription thisfee Fund,Opportunities Fund, GlobalHexagon Lazard Equity European Lazard Alternative Fund USFundamental andLazard inrespectEmergingMarketsThe Manager fee isentitledtoreceive ofLazard aperformance Total DebtFund, Return Lazard Performance Fees 24,805,136) were USD1,959,165(31March chargedofwhich 2016: USD1,880,464)remained payable atthefinancial year end. outofitsfee.Distributor For thefinancial year ended31March 2017, managementofUSD23,862,792(31March fees 2016: USD Manager. The Manager beresponsible andexpensesoftheInvestment will thefees discharging Manager, for thePromoter andthe oftheinvestment managementThe Manager function hasdelegatedtheperformance inrespect oftheFunds totheInvestment timetotime. the Manager may from determine Affiliate. intheMClassesare tootherFunds Shares availableonly managed oradvised by Affiliate other persons aLazard ortosuch as investment intheFund basedon theInvestment Management Agreement andtheInvestment between themselves Manager oraLazard on their behalf. services outinvestment withregard management be subjecttoa fee or advisory will totheir in theclass Shareholders carry where oranAffiliateInvestors toholdunitsintheXshare Lazard are are permitted class appointedastheInvestment only Manager to Fund Opportunities redeemed* Lazard on 7November wasfully 2016. Noteonandterminationdatesoftheabove share information thelaunch 15for classes. See YEN HedgedInstitutional Class Accumulating USD HedgedInstitutional EAClass Accumulating USD HedgedInstitutional Class Accumulating GBP Institutional Class Accumulating GBP HedgedInstitutional EAClass Accumulating EURO HedgedInstitutional Class Accumulating Management Fees(continued) 3. Fees(continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc • theEndingNAV Performance theapplicable for perShare Period exceeds theHigh Water Mark. • theEndingNAV any for Performance perShare Period theyear NAV during hasexceeded theHurdle perShare; and Emerging Markets Fund % Lazard Bond ------Emerging Markets Fund % Lazard Local Debt ------Emerging Markets Fund % Lazard Return Total Debt ------Emerging Markets Fund % Lazard Blend Debt ------Unrestricted Emerging Markets Fund % Lazard Blend Debt ------Opportunities Financial year ended31March 2017 Fund* % Lazard 1.50 0.50 1.50 1.50 0.50 1.50

Hexagon Fund % Global Equity Lazard (continued) ------Alternative European Fund % Lazard ------Fundamental Alternative Lazard US Fund % ------Diversified Fund% Lazard Return ------

41 LAZARD GLOBAL INVESTMENT FUNDS PLC 42 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Performance Period. EA Classes, equalto10%oftheNet Gain, ifany, inexcess class’ oftherelevant Share High Water thecorresponding Mark during the corresponding Performance Period. The Manager isalsoentitledtoreceive Performance amonthly Fee inrespect ofeachthe the EAClasses, in theFund equalto20%oftheNet Gain, ifany, inexcessclass’ oftherelevantShare High Water Mark during (the fee The Manager is entitled to receive performance a “Performancemonthly Fee”) in respect class, of each Share from apart Lazard OpportunitiesFund 2016: USDNil) were charged andUSDNil (31 March 2016: USDNil) were payable atthefinancial year end. timetotime.and theInvestment Manager from For thefinancial year ended31March 2017, ofUSDNil fees (31March performance Fee bedividedbetween theManager will andtheInvestment beagreed Manager proportions asshall insuch between theManager Period. The Performance Fee by independently theAdministrator andverified becalculated by shall theDepositary. The Performance payable at thepointofredemption. The Performance Fee andpayable asoftheendrelevantPerformance daily beaccrued will figure by 20%. Any Performance Fee inrespect redeemedaPerformance accrued ofShares during Period andbecome berealized shall Performance Period, theresultant inissueandmultiplying oftherelevantclass numberofShares thisby andmultiplying theclosing For class, eachShare thePerformance Fee theapplicable for by becalculated takingtheNet will oftherelevantclass GainperShare General therelevant Performance in issuefor oftherelevant class Period.number ofShares NAVhigher of(1)theHurdle and(2)theHigh perShare Water Mark. “Net Gain” istheNet multiplied GainperShare by theclosing respect class, toeach relevantShare With the “Net GainperShare” isthedifference between theEndingNAV andthe perShare Net Gain is denominated andtheFund BaseCurrency. "Prevailing therelevantUnhedged Class inwhich Share meanstheexchangeprevailing asbetween thecurrency Exchangerate Rate" The High Water Mark beadjusted any will for appropriate dividendpaid. usingthePrevailingBase Currency on Exchange therelevant date. Rate respect toeachUnhedged Class, Share With theHigh Water Mark isthegreater of(i)or(ii)above each asexpressed intheFund Price class. oftherelevant Share perShare on thelast Valuation Point any for previousPerformance Period aPerformance which for Fee waspayable; or(ii)theInitialOffer Net Asset Value deductionPerformance ofany applicable (after Fee class oftherelevantShare perShare dividend) andany applicable theUnhedged Classes, Share from apart ofShares theHigh respect toeachclass WaterWith Mark isthegreater of: (i)thehighest High Water Mark converted intotheFund usingthePrevailing BaseCurrency ineachinstanceon Exchange therelevantdate. Rate the Net Asset Value may be)are, asthecase oftherelevant class perShare NAV theHurdle ofcalculating thepurpose for perShare, preceding exceptvalues(i.e. paragraph thatall the samemannerassetoutinimmediately Price theInitialOffer or for perShare ineachinstanceonExchange therelevantdate. Rate For Unhedged Classes, all Share NAV theHurdle in iscalculated perShare may be)are,case NAV theHurdle ofcalculating thepurpose for perShare, converted intotheFund usingthePrevailing BaseCurrency exceptvalues(i.e.paragraph thatall Price theInitialOffer ortheNet for perShare Asset Value asthe oftherelevantclass perShare For UnhedgedClasses, all Share NAV theHurdle preceding inthesamemannerassetout theimmediately iscalculated perShare per Share. Ineachcase, NAV theHurdle year. therelevantcalendar beadjustedany will for dividendspaidduring perShare Valuation Point year (i.e. calendar by Rate oftheprior theHurdle 5%asdefined above) andadding theresult Net tosuch Asset Value by theNet Asset multiplying withrespect class Value becalculated tothatShare will Share on thelast oftherelevantclass perShare of therelevant class. For first issued, eachsubsequentyear theyear class following therelevantShare inwhich NAV theHurdle per year)Period untiltheendofrelevantcalendar andadding theresult Price totheInitialOffer class perShare therelevantShare for theremainderfor oftheyear (i.e., 5%dividedby 365andmultiplied oftheInitialOffer by theclosure following thenumberofdays Rate by ofHurdle apro Price portion by theInitialOffer ofthatclass rata perShare becalculated multiplying Classes)will Share For isfirst issued, year class aShare thecalendar inwhich NAV theHurdle theUnhedged from (apart oftherelevantclass perShare NAVThe Hurdle of5%(the rate Rate”). usinganannualisedhurdle withrespect“Hurdle class iscalculated toeach Share perShare Hurdle NAV perShare Lazard EmergingMarketsTotal DebtFund(continued) Return Performance Fees(continued) 3. Fees(continued) Notes totheFinancialSt Financial year ended31March 2017

(continued) relevant class only in the event thatbothoftheconditions intheevent below only are met: relevant class the assetsofMClassandXClass. APerformance Fee andbecome dueandpayable accrue inrespect shall ofany ofShares EA Classesequalto10%oftheNet Gain, ifany, therelevantPerformance during Period. No Performance Fee bechargedto shall a Performance Fee, on redemption oftherelevant Shares), (orotherwise andpayable annually daily accrued inrespect ofeachthe the XClass), equalto20%oftheNet Gain, ifany, therelevantPerformance during Period. The Manager isalsoentitledtoreceive redemption oftherelevant Shares), intheFund inrespect theEAClasses, classes ofeachtheShare (excluding theMClassand (the The Manager fee isentitledtoreceive aperformance “Performance Fee”), on (orotherwise andpayable annually daily accrued Lazard European Fund Alternative March 2016: USDNil) were payable at thefinancial year end. financial year ended 31 March 2017, of USD Nil fees (31 March 2016: performance USD 373,036) were chargedand USD Nil (31 and GBP Nil (31March 2016: GBPNil) were payable at the financial year end. For Fund, Global Hexagon Lazard Equity the for Fund, theyear for financial year ended31March 2017, ofGBP17,255(31March fees 2016: performance GBP38,365)were charged The Performance Fee by independently theAdministrator andverified becalculated by shall theDepositary. For Opportunities Lazard in respect redeemedaccrued a Performance of Shares during Period be realised shall and become payable at the point of redemption. The Performance Fee andpayable asoftheendrelevantPerformance weekly beaccrued will Period. Any Performance Fee General and redemptions. of theprevious Performance Period price, (ortheinitialoffer ofthefirst inthecase Performance Period), adjustedsubscriptions for as atthelast Valuation Point therelevantPerformance for Period class’ andtherelevantShare High Water Mark recorded attheend The “Net Gain” isthedifference between theNet Asset Value fee) (before deduction ofany performance class oftherelevant Share Net Gain The High Water Mark beadjusted any will for appropriate dividendpaid. Price (ii)theInitialOffer oftherelevant class. perShare class Share a Performance Fee waspayable; orincircumstances where aPerformance Fee beenpaid inrespect oftherelevant hasnotpreviously Performanceapplicable Fee dividend)on andany thelast applicable Valuation Point any for previous Performance Period which for The High Water Mark isthegreater of: (i)thehighest Net Asset Value deduction ofany (after class oftherelevantShare perShare Asset Value asattheendofrelevant Performance fee) (before deduction ofany performance Period exceeds theHigh Water Mark. A Performance Fee class’ totheextentthatgainsinrelevantShare only class bepayable Share will inrespect ofaparticular Net High Water Mark class’ Period. InitialOffer Performance Fee waspayable or, class’ aShare for initialPerformance Period, thefirst ofthatShare BusinessDay closure following of (i) the end of the last Business Day of the monthprevious month begin on and will or (ii) the the last earlier Business Day that a The Performance Fee eachPerformance for becalculated will Period, endon will thelastday which BusinessDay ofeach calendar Performance Period Lazard OpportunitiesFundandLazard GlobalHexagon EquityFund the corresponding Performance Period. No Performance Fee bechargedtotheassetsofXClasses. will the LClassesandEAClasses, equalto10%oftheNet Gain, ifany, inexcess class’ oftherelevantShare High Water Mark during thecorrespondingduring Performance Period. The Manager isalsoentitledtoreceive Performance amonthly Fee inrespect ofeach B (Advised) Classes, andtheCClassesequalto20%ofNet Gain, ifany, inexcessclass’ oftherelevantShare High Water Mark (the fee The Manager is entitled to receive performance “Performance a monthly Fee”) in respect of the AClasses, the AP Classes, the Lazard GlobalHexagonEquityFund Performance Fees(continued) 3. Fees(continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc • • theEndingNAV any for Performance perShare Period NAV hasexceeded theHurdle perShare; and the High Water Mark. the EndingNAV Performance theapplicable for perShare Period are (orasatthedate relevant Shares redeemed) exceeds Financial year ended31March 2017 (continued)

43 LAZARD GLOBAL INVESTMENT FUNDS PLC 44 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc (ii) above eachasexpressed intheFund usingthePrevailing Base Currency on Exchangetherelevantdate. Rate Price class. of the relevant Share per Share respect to each Unhedged Class, Share With the High Water Mark is the greater of (i) or on thelast Valuation Point any for previousPerformance Period aPerformance which for Fee waspayable; or(ii)theInitialOffer Net Asset Value deductionPerformance ofany applicable (after Fee class of therelevantShare perShare dividend) andany applicable theUnhedged Classes, Share from apart ofShares theHigh respect toeachclass WaterWith Mark isthegreater of: (i)thehighest High Water Mark beprorated Performance will for Rate The Hurdle Periods lessthanone year. (using thePrevailing on Exchange therelevant date). Rate question isanUnhedgedClass, Share asexpressed intheFund Price theInitialOffer oftherelevantclass perShare BaseCurrency may be, betheOpeningNAV being, price (such Pricethe relevant class ortheInitialOffer for perShare in where theclass prevailing at the relevant time is a negativerate the 3 month number, Euribor Where NAV the Hurdle shall, per Share as the case as expressed intheFund (usingthePrevailing BaseCurrency on Exchange therelevantdate). Rate or,the relevant Shares is an Unhedged Class, Share where the relevant class Price the relevant Shares to the Initial Offer for per Share (ii) where the current Performance Period is the first Performance Period the relevant class, for Price to theInitialOffer for per Share expressed inthe Fund (usingthePrevailing BaseCurrency on Exchange therelevantdate)(the Rate “Opening NAV perShare”), or an Unhedged Class, Share totheopeningNet Asset Value thethencurrent for Performance oftherelevant class perShare Period as (i) theopeningNet Asset Value thethencurrent for Performance oftherelevantclass perShare Period or, is where therelevantclass ofthePerformance of5%)asatthedateaccrual number andsubjecttoacap Fee to: (the Rate”) “Hurdle EuropeanLazard Alternative Fund USFundamental andLazard Alternative Fund isnotanegative respectively (provided rate such NAVThe Hurdle for and3monthLiborrate rate USDollar theprevailing3month Euribor by iscalculated applying perShare Hurdle NAV perShare the relevant date. intheprecedingdescribed paragraph, but expressed intheFund usingthePrevailing ascalculated BaseCurrency on Exchange Rate respect toeach Unhedged Class, Share With theEndingNAV istheNet per Share Asset Value as oftherelevantclass perShare areShares redeemed iscalculated). last Valuation Point therelevantPerformance for on Period thedateby therelevant reference atwhich theprice towhich (orotherwise oftherelevantclass,Share Performance ofany applicable totheaccrual prior Fee anddeductiondividend, ofany applicable asatthe theUnhedged Classes, Share from apart ofShares theEndingNAV respect toeach class With istheNet perShare Asset Value per Ending NAV perShare on thedateby reference year thelastNet towhich calendar Asset (orotherwise following Value iscalculated). class therelevantShare for Period Performance on theendofprior commence shall immediately Period andendon thelast Valuation Point ofthenext PeriodInitial Offer andendon thelast Valuation thatclass for Point ofthethencurrentyear. calendar EachsubsequentPerformance The first "Performance Period" commence shall asofthefirst BusinessDaytheclosure following class eachrelevantShare for Performance Period Lazard European FundandLazard Alternative USFundamental Alternative thatbothoftheconditions intheevent below only are met: relevant class the assetsofMClassandXClass. APerformance Fee andbecome dueandpayable accrue inrespect shall ofany ofShares EA Classesequalto10%oftheNet Gain, ifany, therelevantPerformance during Period. No Performance Fee bechargedto shall a Performance Fee, on redemption oftherelevantShares), (orotherwise andpayable annually daily accrued inrespect ofeach ofthe the XClass), equalto15%oftheNet Gain, ifany, therelevantPerformance during Period. The Manager is alsoentitledtoreceive redemption oftherelevantShares), intheFund inrespect theEAClasses, classes ofeachtheShare (excluding theMClass and The (the Manager fee entitled to receive a performance “Performance Fee”), on (or otherwise and payable annually daily accrued Lazard Fund USFundamentalAlternative Performance Fees(continued) 3. Fees(continued) Notes totheFinancialStatements • • theEndingNAV any for Performance perShare Period NAV hasexceeded theHurdle perShare; and the High Water Mark. the EndingNAV Performance theapplicable for perShare Period are (orasatthedaterelevant Shares redeemed) exceeds Financial year ended31March 2017

(continued) the financial year end. was USD182,246(31March 2016: USD41,847((31March USD361,364)ofwhich 2016: USD221,410)remained receivable at class. to the relevant Share exclusively be attributable For the of the Fund,be responsible exposure the costs of hedging the class currency the benefit for Share for of any particular costs shall which Fund, relevant taxes). For the brokerageand disposingofInvestments expenses, (including custodialandsub-custodialtransaction charges, stampdutiesandother Fund. The Manager beresponsible will any expenses in excess for such of this limitwiththeexception oftheexpenses of acquiring Fund, EmergingMarket Debt Unrestricted BlendFund, Lazard European Lazard Alternative Fund Diversified andLazard Return onoftheFundsin effect all EmergingMarkets exceptLazard for Total DebtFund, Return EmergingMarkets DebtBlend Lazard Diversified ofLazard Fund, Return is 0.55%andincase is0.25%. thecap Asatthe31March 2017, on expensesare theabove caps Alternative Fund USFundamental andLazard Alternative Fund, is0.30%, thecap Fund, Opportunities ofLazard inthecase thecap EmergingMarket DebtUnrestrictedBlendFund.Lazard Fund, GlobalHexagon ofLazard Equity Inthecase European Lazard Debt Fund,Markets Local Emerging Markets Lazard Total DebtFund, Return Emerging Markets DebtBlendFund Lazard and of 0.23% per annum of the Net Asset Value of the Funds with respect Emerging Markets Bond to Lazard Fund, Emerging Lazard the heading Expenses”“Other inthesection oftheProspectus entitled “Fees andExpenses”), on expenses cap subjecttoanoverall ofeachFund ofShares oftheotherexpensesCompany, portion Each class bearitsattributable shall (assetoutindetailunder Reimbursement from Manager Diversified Fund. Return Debt Fund, EmergingMarkets DebtBlendFund, Lazard EmergingMarket DebtUnrestrictedBlendFund Lazard and Lazard chargedinrelation fee EmergingMarketsThere toany Bond ofLazard Fund, isnoperformance EmergingMarkets Local Lazard Nil) were charged andUSDNil (31March 2016: USDNil) were payable atthefinancial year end. US Fundamental Alternative Fund, thefinancial for year ended31March 2017, ofUSDNil fees (31March 2016: performance USD EUR 203,651) were charged and EUR EuropeanLazard Alternative Fund, thefinancial for year ended31March 2017, ofEUR1,175,703(31March fees 2016: performance point ofredemption. The Performance Fee by independently theAdministrator andverified becalculated by shall theDepositary. For Any Performance Fee inrespect redeemed aPerformance accrued ofShares during Period berealised shall and become payable atthe and,daily provided have therelevantShares notbeenredeemed, bepayable will asoftheend relevantPerformance Period. bear itspro-rata share ofthePerformance Fee, ifany, payable inrespect oftherelevantclass. The Performance Fee beaccrued will Performance theapplicable therelevantEAClassfor Gain for Period theresultant figure and multiplying by 10%. shall EachShare US Fundamental Alternative Fund respectively. For eachoftheEAClassesPerformance Fee by becalculated takingtheNet will theresultant figure inissueandmultiplying European bythe relevant class Lazard Alternative Fund 20%and15%for andLazard Performance theapplicable for PeriodNet class therelevantShare Gainfor thisby andmultiplying theaverage of numberofShares For the EA Classes, (excluding class each Share the M Classes and the X Class) the Performance Fee by be calculated takingthe will General the relevant period. Period date. beganandendingon theaccrual The average may numberofShares beadjusted totakeaccount ofredemptions during commencing on theperiod thedateonthencurrent which inissueduring Performance oftherelevantclass number ofShares NAVhigher of(1)theHurdle and(2)theHigh perShare Water Mark. “Net Gain” istheNet multiplied GainperShare by theaverage respect ofeachrelevantclass, totheShares With theNet isthedifference GainperShare between theEndingNAV andthe perShare Net Gain is denominated andtheFund BaseCurrency. "Prevailing therelevantUnhedged Class inwhich Share meanstheexchangeprevailing asbetween thecurrency Exchange rate Rate" The High Water Mark beadjusted any will for appropriate dividendpaid. Lazard European FundandLazard(continued) Alternative USFundamental Alternative Performance Fees(continued) 3. Fees(continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc the custodial and sub-custodial transactions charges are included inthecap. thecustodialandsub-custodialtransactions chargesare included For theavoidance ofdoubt, theManagernot will Lazard EuropeanLazard Alternative Fund, US Fundamental Lazard Alternative Fund Diversified and Lazard Return 1,153,315 (31 March 2016: EUR 32,374) were payable at the financial year ended 31 March 2017, the Manager reimbursement from Financial year ended31March 2017 (continued) financial year end. For Lazard

45 LAZARD GLOBAL INVESTMENT FUNDS PLC 46 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc March 2017(2016: USD112,364). auditexpensesandare of outofpocket exclusive VAT. include These fees Auditors’ remuneration thefinancial for year wasUSD99,849(2016: USD91,370), USD106,976wasoutstandingat31 of which provided by thefinancial theauditorsfor yearsor non-audit ended31March services 2017or31March 2016. the auditoffinancial statementsoftheCompany. There were andexpensespaidinrespect nofees ofotherassurance, taxadvisory Fees auditors, andexpensespaidtothestatutory (Ireland), PricewaterhouseCoopers inrespect ofthefinancial year, relate entirely to Auditors’ Fees John for Donohoe. fees Limitedinrespect service ofDirector support Services were outstanding at 31 March 2017. The Company paid USD Directors’ chargedover thefinancial fees year were USD102,909(2016: USD71,848), USD22,722(2016: of which USD27,495) Directors’ Fees were USD115,877(31March chargedofwhich 2016: USD131,793) remained payable atthefinancial year end. issue perFund. For thefinancial year ended31March 2017, manager'sofUSD514,121(31March currency fees 2016: USD608,363) inarrears, andpayable quarterly daily andaccrued in calculated ofUS$75,000chargedprorelevanthedgedclasses toall Share rata respect it is incurred. of which fee,The foregoing Manager is subject to the Currency being entitled to fee a minimum annual service of 0.06%per annum of the Net Asset Value inissue, of each hedged class Share in tothehedgedclass Share solely to accrue fee such The Funds pay Manager shall theCurrency anannualfee, inarrears, andpayable quarterly daily andaccrued calculated notinexcess Currency Manager’s Fees thiscap,from expenses, asare relevant outofpocket all whetherpayable totheDepositary, Administrator orotherthird party. of18.5basispoints. besubjecttoacap shall services related Custodialfees andrelated tosafekeeping transaction costsare excluded ofeach Fund, thedateoflaunch For months twelve from provision for Street ofAdministration payable andDepositary fees toState USD 5,030,870)were USD512,989(31March chargedofwhich 2016: USD1,181,650)remained payablefinancial atthe year end. For thefinancial year ended31March 2017, administration, ofUSD5,468,071(31March fees 2016: anddepositary agency transfer commercial alsobeatnormal charges ofanyshall sub-custodian(which rates), together withitsreasonable, expenses. out-of-pocket Funds transaction costs, commercial beat normal shall which rates, andtobereimbursed by theFunds and transactions the fees for Funds’ NAV. andbepaidby daily theFunds accrue shall fees inarrears. monthly Such isalsoentitledtochargethe The Depositary is entitledtobepaidby functions ofupto0.04%the theFunds ofitstrustee The Depositary theperformance for anannualfee thathasissuedintheFunds class each Share oftransactionUSD 750for charges, (exclusive commercial be at normal shall which rates). commercial becharged atnormal of shall subjecttoaminimum fee which rates fees monthly services agency andtransfer Shareholder expenses. of-pocket inarrears. andbepayable monthly daily accrue theFundsThe Administrator alsobeentitledtorecoveritsreasonable shall from out- The Administratorpayable isentitledtoanannualfee by theFunds ofupto0.10%theFunds Net Asset Value. shall fees Such Administration, Transfer AgencyandDepositaryFees 3. Fees(continued) Notes totheFinancialStatements investment, inthisnote. separately andtherefore notdisclosed swaps, identified. beseparately cannot transaction costson theseinstruments ofthe inthepurchase andsaleprice areThey included sale offixed income securities, money market instruments, contracts difference, for foreign exchangecontracts currency and forward and salesofequities, futures contracts, options contracts andinvestment. funds Commission/brokerage costson thepurchase and financial assetorfinancial liability. Underpurchases andsalestransaction costs detailedbelow are thetransaction costs on thepurchase inNote 2,As disclosed transaction costsare incremental totheacquisition, costs that are attributable directly issueordisposalofthe Transaction Costs 19,784 (31 March 2016: USD Financial year ended31March 2017 ) to Carne Global Financial24,539) toCarne

(continued) 31 March2016 not berecoverable by aFund oritsshareholders. Capital gains, dividends and interest taxes receivedand such may of origin may be subject to withholding taxes imposed by the country underreview.were theperiod during nochargeable events In the absence of an appropriate declaration, the Company be liable to Irish will Tax on the occurrence of a chargeable event. There tothateffect. provided theCompany with arelevantdeclaration notoccurinrespect will A chargeable event ofshareholders whoare resident neitherresident inIreland norordinarily andwhohave doesnotinclude: A chargeableevent relevant period. acquisition oftheshares thepreceding by theshareholders ofeightyearsafter andeach subsequentperiod beginningimmediately cancellation, ofshares transfer oron theending of a ‘relevant period’, a ‘relevant period’ beinganeightyear beginningwiththe period other thanon theoccurrence ofachargeable event. on any arises distribution, achargeableevent Generally redemption, repurchase, Consolidation Act, 1997, as amended. On that basis the Company not be liable to taxation will in respect of its income and gains, Under current law andpractice, theCompany qualifies asdefined 739Bofthe asaninvestment inSection undertaking Taxes 4. Taxation on 10October2016. Fund EmergingMarkets Allocation *** Lazard on 10November wasrevoked 2015anditsauthorisation closed by Bank theCentral Diversified** Lazard Fund Return on launched 7December2016. Fund Opportunities redeemed* Lazard on 7November wasfully 2016. Purchases andsalestransactioncosts Purchases andsalestransactioncosts 31 March2017 tablesshowThe following thetransaction thefinancial costsfor year ended31March 2017and31March 2016: Transaction Costs(continued) 3. Fees(continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Custody transactioncosts Custody Custody transactioncosts Custody d) certain exchanges ofshares spouses. d) certain between spousesandformer c)  b)  a) an exchange amalgamation of shares on orreconstruction aqualifying ofaFund arising withanotherFund: or of Ireland: or any transactions asdesignatedby inrelation system order Commissioners toshares oftheRevenue heldinarecognised clearing an exchange of shares representing aFund another Fund: for or Emerging Emerging Markets Markets Lazard Lazard 13,666 21,695 Bond Bond Fund Fund USD USD - -

Emerging Emerging Markets Markets 153,940 167,399 Lazard Lazard Local Local Fund Fund Debt Debt USD USD 54 -

Emerging Emerging Markets Markets 171,704 107,140 Lazard Lazard Return Return Fund Fund Total Total Debt Debt USD USD 86 -

Emerging Allocation Emerging Markets Markets Fund*** 160,756 Lazard Lazard 94,647 55,124 Blend Fund Debt USD USD 479

Emerging Markets Debt Unrestricted Markets Lazard 69,204 41,431 Emerging Blend Fund 167,761 Debt USD Lazard 1,591 Blend Fund USD

Markets Debt Unrestricted Opportunities Emerging 22,577 23,501 Lazard Blend Fund USD Lazard 19,485 Fund* 3,223 GBP Opportunities Financial year ended31March 2017

Hexagon 296,992 Lazard Global Equity 40,919 33,075 Lazard 19,791 Fund Fund GBP USD

Alternative Hexagon 1,916,042 European 506,293 Global Equity Lazard 26,031 (continued) Lazard 20,257 Fund USD Fund EUR Alternative Fundamental European Alternative Alternative 549,648 Lazard 7,848 Fund EUR Lazard Lazard 2,014 3,141 Fund Fund USD US US Fundamental Alternative Alternative Diversified Diversified 16,440 18,020 Fund** Lazard Lazard Lazard Lazard Return Return Fund Fund USD USD 365 501 US US 1,282,417 2,424,314 622,238 717,400 Total Total USD USD

47 LAZARD GLOBAL INVESTMENT FUNDS PLC 48 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc on shares redeemable thefinancialThe activity for participating year ended31March 2017and31March 2016isasfollows: the share totheFund. back attheredemption ofFinancial amountthatispayablecarried attheStatement Position dateiftheholderexercises toput theright to the Fund equal to a proportionate share at any cash time for of the Fund’s net asset value. shareThe redeemable is participating arewhich redeemable attheholder’s option andareasfinancial classified liabilities. sharesbeputback can Redeemableparticipating Changes inNet toRedeemableParticipating AssetsAttributable Shareholders. EachFund shares, issuesredeemable participating at therequest oftheshareholder. The valueofshares issuedandredeemedthefinancial of during year issetoutintheStatement Participating ineach oftheCompany’s Shares Funds Participating (“Redeemable Shares”). may They beredeemed by theCompany The Company share of paid 5,000,000,000,000 shares also has an authorised arecapital of no par value which issue as fully available for Redeemable ParticipatingShares held by theManager andthePromoter. ofthenetassetvalueCompany. sharespart The subscriber donotform ofparvalue£1.00each. Shares shareoftheCompanyThe authorised capital wastwo Subscriber are Shares The two Subscriber Management Shares The Companyshare hasavariable capital. 5.  Notes totheFinancialStatements End offinancialyear - I Acc CHF - A DistGBPHedged Hedged EUR - AAcc - A DistUSD USD - AAcc Redemptions duringthefinancialyear - I Acc CHF - A DistGBPHedged Hedged EUR - AAcc - A DistUSD USD - AAcc Subscriptions duringthefinancialyear Beginning offinancialyear Lazard EmergingMarketsLocalDebtFund End offinancialyear Hedged EUR - AAcc USD - AAcc Redemptions duringthefinancialyear - A Acc EUR Hedged EUR - AAcc USD - AAcc Subscriptions duringthefinancialyear Beginning offinancialyear Lazard EmergingMarketsBondFund Capital andReserves (2,766,587) (2,724,186) 2,771,190 2,588,982 1,130,788 1,331,175 2,948,795 (13,315) (33,650) 109,169 228,573 111,203 130,685 Shares Shares (8,100) (7,600) (5,715) 17,850 53,821 57,382 (651) - - Value ofShare Value ofShare (251,673,502) (247,590,090) Transactions Transactions 251,074,020 116,404,783 122,098,786 31/03/2017 31/03/2017 (1,940,737) (1,140,737) (3,220,269) 11,184,360 15,757,667 1,386,091 7,773,203 7,984,464 (793,272) (800,000) (69,871) USD USD - - (1,150,342) 2,948,795 2,765,899 1,333,238 (337,906) (808,846) 337,906 130,685 995,332 130,685 130,685 Shares Shares (2,905) (685) Financial year ended31March 2017 ------Value ofShare Value ofShare Transactions Transactions (94,121,140) (24,428,373) (69,273,226) 114,506,995 31/03/2016 31/03/2016 27,950,000 86,556,995 (355,418) (64,123) USD USD

(continued) ------Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements Lazard Global InvestmentFundsplc End offinancialyear - GBPHedgedRetailDistributingCClass - GBPHedgedInstitutionalDistributingClass - USDInstitutionalDistributingClass - USDInstitutional Class Accumulating Redemptions duringthefinancialyear - GBPHedgedRetailDistributingCClass - GBPHedgedInstitutionalDistributingClass - USDInstitutionalDistributingClass - USDInstitutional Class Accumulating Subscriptions duringthefinancialyear Beginning offinancialyear Lazard EmergingMarketsAllocationFund End offinancialyear Hedged JPY - AAcc Hedged CHF - AAcc - MDist AUD Hedged - B Acc GBPHedged Hedged GBP - AAcc - DDistEURHedged - A DistEURHedged - D Acc EURHedged - B Acc EURHedged - A Acc EUR Hedged EUR - AAcc - M Acc USD - D Acc USD - B Acc USD USD - AAcc Redemptions duringthefinancialyear Hedged JPY - AAcc - A Acc CHF Hedged CHF - AAcc - MDist AUD Hedged - B Acc GBPHedged Hedged GBP - AAcc - DDistEURHedged - A DistEURHedged - D Acc EURHedged - B Acc EURHedged Hedged EUR - AAcc - M Acc USD - D Acc USD - B Acc USD - A Acc USD - AAcc Subscriptions duringthefinancialyear Beginning offinancialyear Lazard EmergingMarketsTotal ReturnDebt Fund Capital andReserves(continued) (2,383,458) 4,226,819 5,934,329 (265,185) (864,844) (275,072) (713,792) (208,114) (18,605) (30,756) 675,948 261,944 167,660 Shares (6,770) 55,956 96,201 23,646 16,724 44,757 8,966 (320) 94 ------Value ofShare (244,764,050) Transactions 25,567,281 18,653,202 (18,549,707) (82,658,604) (31,321,881) (83,216,605) (22,973,547) 11,213,004 31/03/2017 3,918,525 2,772,494 1,706,566 4,793,829 (2,092,939) (3,209,954) 69,576,164 938,756 (700,000) 12,507 (40,813) USD ------(4,576,380) (1,007,866) (1,241,161) 5,934,329 9,672,949 (280,338) (223,423) (141,983) (267,747) (216,514) (103,184) (797,921) (551,400) 275,976 837,760 (59,877) (39,229) (39,249) (24,656) (51,372) (87,351) 244,979 397,805 Shares Shares (1,922) (1,863) 25,097 31,250 54,410 26,285 46,919 4,362 4,216 5,071 4,924 320 700 88 58 ------Financial year ended31March 2017 Value ofShare Value ofShare (481,806,135) (101,613,859) (140,667,902) Transactions Transactions (29,009,997) (20,926,969) (13,627,573) (26,829,066) (24,688,155) (11,566,426) (84,180,935) (54,417,799) 81,060,450 31/03/2016 31/03/2016 (7,383,011) (4,810,496) (3,188,917) (1,633,914) (5,893,797) (8,825,044) 16,611,331 44,564,431 2,534,640 3,061,654 5,321,919 2,718,577 5,021,374 (281,327) (280,942) 577,498 560,328 542,136 554,046 12,190 49,811 80,531 4,980 USD USD (continued) - - - - -

49 LAZARD GLOBAL INVESTMENT FUNDS PLC 50 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Notes totheFinancialStatements End offinancialyear - X Acc USD USD - AAcc Hedged CHF - AAcc - K Acc GBP GBP - AAcc - X Acc EURHedged - K Acc EUR Subscriptions duringthefinancialyear Beginning offinancialyear Blend Fund Lazard EmergingMarketsDebtUnrestricted - A DistGBPHedged - A DistGBP Hedged GBP - AAcc GBP - AAcc Hedged CHF - AAcc - X Acc EURHedged - KDistEUR - K Acc EUR Beginning offinancialyear Lazard EmergingMarketsDebtBlendFund - A Acc EUR Hedged EUR - AAcc - A DistUSD - M Acc USD - A DistGBPHedged - A DistGBP Hedged GBP - AAcc GBP - AAcc Hedged CHF - AAcc - X Acc EURHedged - KDistEUR - K Acc EUR Hedged EUR - AAcc - A DistUSD - M Acc USD USD - AAcc Subscriptions duringthefinancialyear - A Acc USD - AAcc Redemptions duringthefinancialyear Redeemable ParticipatingShares (continued) 5.  Capital andReserves(continued) (5,165,368) (4,800,007) 10,665,830 14,483,175 4,647,351 3,420,710 3,876,098 1,348,023 (237,104) (101,540) (17,479) 563,830 655,273 101,327 222,485 129,477 854,775 Shares Shares (6,949) (1,402) 13,092 22,349 6,990 1,000 3,358 (841) (46) 472 160 76 ------Value ofShare Value ofShare (493,405,853) (450,475,531) Transactions Transactions (30,000,503) 564,278,180 392,428,611 132,555,048 31/03/2017 31/03/2017 (1,026,841) (9,897,282) (1,769,971) 89,253,369 81,768,830 15,225,531 22,027,782 13,228,418 77,818,463 1,602,706 2,071,284 (156,024) (74,288) 739,937 126,840 437,313 (5,413) 79,630 16,711 7,803 USD USD ------(8,533,612) (3,499,744) (1,177,421) (2,713,554) 14,483,175 16,527,366 4,481,296 1,311,239 6,489,421 1,298,207 3,111,874 5,956,637 (196,000) (722,500) (194,393) 196,000 432,348 (30,000) 658,978 570,000 251,768 61,098 Shares Shares 45,810 20,000 6,658 782 - - - - - Financial year ended31March 2017 ------Value ofShare Value ofShare (894,063,698) (419,695,501) (113,829,928) (236,873,235) Transactions Transactions 400,342,523 143,061,118 634,213,016 (29,794,398) (71,264,501) (19,821,034) 141,980,084 340,188,016 673,662,731 29,701,830 54,253,613 31/03/2016 31/03/2016 (2,785,101) 65,897,835 80,854,504 38,149,230 6,072,017 4,580,990 2,012,072 709,696 72,219 USD USD

(continued) ------Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements Lazard Global InvestmentFundsplc - L Acc USD - EA Acc USD - A Acc USD - AAcc - L Acc EURHedged - EA Acc EURHedged - L Acc CHFHedged Subscriptions duringthefinancialyear Beginning offinancialyear Lazard GlobalHexagon EquityFund End offinancialyear - YEN HedgedInstitutional Class Accumulating - USDHedgedInstitutional EAClass Accumulating - USDHedgedInstitutional Class Accumulating - GBPHedgedInstitutional EAClass Accumulating - GBPInstitutional Class Accumulating - EUROHedgedInstitutional EAClass Accumulating - EUROHedgedInstitutional Class Accumulating Redemptions duringthefinancialyear - YEN HedgedInstitutional Class Accumulating - USDHedgedInstitutional EAClass Accumulating - USDHedgedInstitutional Class Accumulating - GBPHedgedInstitutional EAClass Accumulating - GBPInstitutional Class Accumulating - EUROHedgedInstitutional EAClass Accumulating - EUROHedgedInstitutional Class Accumulating Subscriptions duringthefinancialyear Beginning offinancialyear Lazard OpportunitiesFund End offinancialyear - X Acc USD USD - AAcc Hedged CHF - AAcc - K Acc GBP GBP - AAcc - X Acc EURHedged - K Acc EUR Redemptions duringthefinancialyear Blend Fund(continued) Lazard EmergingMarketsDebtUnrestricted Capital andReserves(continued) (21,299,693) (10,834,508) (1,473,953) (4,768,988) (3,096,527) 19,185,325 2,114,368 2,114,368 8,377,097 (146,352) (190,671) (935,046) (62,310) (79,475) 620,165 Shares Shares Shares (4,417) 27,909 17,431 10,477 (150) 1 ------Value ofShare Value ofShare Value ofShare Transactions Transactions Transactions (20,210,255) (20,203,573) (11,463,190) (10,057,008) 31/03/2017 31/03/2017 31/03/2017 (1,158,234) (3,961,494) (2,628,263) (9,645,786) 2,713,016 1,623,917 1,088,999 1,720,094 1,720,094 (197,745) (801,329) (481,688) (19,091) USD GBP USD 100 ------(23,032,474) (10,562,034) 37,448,811 (2,080,539) (5,674,710) (5,961,736) (2,080,539) 19,185,325 1,330,907 4,768,988 4,768,988 3,876,098 (735,944) (98,050) 120,373 Shares Shares Shares 27,538 23,132 25,726 40,707 2,419 851 Financial year ended31March 2017 ------Value ofShare Value ofShare Value ofShare (226,132,286) (226,132,286) Transactions Transactions Transactions (19,549,532) (11,244,869) 31/03/2016 31/03/2016 31/03/2016 (3,371,503) (4,280,029) 13,011,389 2,800,000 2,338,896 2,877,260 4,653,833 3,371,503 3,371,503 (579,101) (74,030) 249,244 92,156 USD GBP USD (continued) ------

51 LAZARD GLOBAL INVESTMENT FUNDS PLC 52 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements Lazard GlobalHexagon EquityFund(continued) * investors. tonew areThese EA sharenow closed classes End offinancialyear - CDistUSDHedged - C Acc USD - M Acc USDHedged Hedged USD - APAcc - EA Acc USDHedged* - C Acc USDHedged - CDistGBPHedged Hedged GBP - APAcc - B Acc EUR - BPDistEUR - AP DistEUR EUR - APAcc - EA Acc EUR* - C Acc EUR - C Acc CHFHedged Redemptions duringthefinancialyear - CDistUSDHedged - C Acc USD - M Acc USDHedged Hedged USD - APAcc - EA Acc USDHedged* - C Acc USDHedged - CDistGBPHedged Hedged GBP - APAcc - B Acc EUR - BPDistEUR - AP DistEUR EUR - APAcc - EA Acc EUR* - C Acc EUR - C Acc CHFHedged Subscriptions duringthefinancialyear Beginning offinancialyear Lazard EuropeanAlternativeFund End offinancialyear - L Acc USD - EA Acc USD USD - AAcc - L Acc EURHedged - EA Acc EURHedged - L Acc CHFHedged Redemptions duringthefinancialyear Capital andReserves(continued) (1,820,157) 4,277,404 3,222,912 1,376,060 1,325,686 2,874,649 (381,929) (967,766) (161,355) (550,429) (295,440) (50,684) (29,383) (10,192) (38,968) (64,109) (21,378) 259,252 266,145 Shares Shares (6,551) (1,344) (2,560) (1,002) 16,390 14,726 10,287 40,369 12,188 16,780 83,635 57,622 4,595 1,309 3,863 (320) (485) (120) 150 - - - - Value ofShare Value ofShare (182,732,696) Transactions Transactions (38,635,482) (55,086,596) (16,453,422) (97,940,115) (30,345,923) 324,204,349 133,139,512 139,301,891 31/03/2017 31/03/2017 (4,458,648) (2,820,770) (3,930,665) (6,193,304) (1,999,330) 26,086,294 1,442,453 1,393,340 3,932,461 1,404,691 1,706,993 8,468,473 5,374,730 (577,951) (126,106) (993,548) (238,177) (37,162) (57,553) (11,983) (96,925) 940,628 430,961 118,238 448,702 14,982 USD EUR - - - - 2,874,649 1,391,032 3,154,037 (831,115) (279,388) (243,703) (273,340) (456,118) (16,200) (11,608) (78,355) (15,286) 167,128 620,165 565,436 923,123 Shares Shares (7,515) (7,876) 34,330 60,000 10,000 2,568 (501) 420 (1) Financial year ended31March 2017 ------Value ofShare Value ofShare Transactions Transactions (90,052,572) (28,027,648) (24,518,272) (30,538,956) (49,277,945) 139,179,104 312,339,178 31/03/2016 31/03/2016 (1,624,095) (1,152,144) (7,968,549) (1,418,712) 14,889,056 56,873,841 91,388,750 5,355,230 3,454,331 (799,400) (733,037) (49,010) 925,540 231,326 42,000 (100) USD EUR

(continued) ------A Acc EUR Hedged EUR - AAcc Lazard EmergingMarketsBondFund Acc USD Lazard EmergingMarketsBondFund- A and netassetvaluepershare tablesare inthefollowing ofrelevant class. statedinthecurrency total number of Redeemable Participating in issue at 31 March Shares 2017, 31 March 2016 and 31 March 2015. The net asset value by isdetermined dividingthevalueofnetassetsFund ofsharesThe netassetvaluepershare inaportfolio ofany class by the 6. NetAssetValue Note on andtermination datesoftheabove share information thelaunch 15for classes. See ** intoMAcc CAcc USDclass. USDclass The redemption amountabove isreflected from butwasaswitch assuch * intoEAAcc EAAcc USDclass. EURHedged class The redemption amountabove isreflected from butwasaswitch assuch Redeemable ParticipatingShares (continued) 5.  Notes totheFinancialStatements Lazard Global InvestmentFundsplc End offinancialyear - M Acc USD - EA Acc USD - C Acc USD** Redemptions duringthefinancialyear - M Acc USD - EA Acc USD - C Acc USD Subscriptions duringthefinancialyear Beginning offinancialyear LazardDiversifiedReturnFund End offinancialyear - M Acc USD - EA Acc USD - C Acc USD - EA Acc EURHedged* Redemptions duringthefinancialyear - M Acc USD - EA Acc USD - C Acc USD - EA Acc EURHedged Subscriptions duringthefinancialyear Beginning offinancialyear Lazard USFundamentalAlternativeFund Capital andReserves(continued) $24,890,988 March 2017 € 6,899,109 Value at31 Net Asset Participating Redeemable March 2017 issue at31 Number of shares in (199,226) (183,163) (199,226) (131,995) 177,709 (51,168) 392,054 591,280 203,369 187,571 200,340 116,638 154,500 154,500 145,301 50,864 Shares Shares ------March 2017 Share at31 Net Asset Value per € 135.64 $140.07 Value ofShare Value ofShare Transactions Transactions (20,336,867) (17,657,572) (20,336,867) (12,236,742) 31/03/2017 31/03/2017 (5,420,830) 59,371,543 20,336,867 19,000,000 20,034,676 14,344,598 14,344,598 USD USD $16,185,043 March 2016 Value at31 ------€ 587,587 Net Asset Participating Redeemable 145,301 145,346 March 2016 issue at31 Shares 29,000 61,596 53,750 Number of 1,000 shares in (45) 126,042 (45) 4,643 Financial year ended31March 2017 - - - - Value ofShare Net Asset Value per 31 March Transactions € 126.55 Share at $128.41 31/03/2016 14,993,964 2,900,000 6,113,986 5,879,978 2016 100,000 (4,340) (4,340) USD (continued) - - - $15,580,143 March 2015 Value at31 € 568,956 Net Asset Participating Redeemable March 2015 issue at31 Number of shares in 126,042 4,643 March 2015 Share at31 Net Asset Value per € 122.54 $123.61

53 LAZARD GLOBAL INVESTMENT FUNDS PLC 54 LAZARD GLOBAL INVESTMENT FUNDS PLC Fund - A Acc USD - AAcc Fund Lazard EmergingMarketsDebtBlend - Lazard EmergingMarkets Fund Allocation GBP HedgedInstitutionalDistributingClass Lazard EmergingMarkets Fund- Allocation - Lazard EmergingMarkets Fund Allocation - Lazard EmergingMarkets Fund Allocation Debt Fund- Lazard EmergingMarkets Total Return Debt Fund- A Acc JPYHedged Lazard EmergingMarkets Total Return Debt Fund-MDist AUD Hedged Lazard EmergingMarkets Total Return Debt Fund-B Acc GBP Hedged Lazard EmergingMarkets Total Return Debt Fund- A Acc GBPHedged Lazard EmergingMarkets Total Return Debt Fund-DDistEURHedged Lazard EmergingMarkets Total Return Debt Fund- A DistEUR Hedged Lazard EmergingMarkets Total Return Debt Fund-B Acc EUR Hedged Lazard EmergingMarkets Total Return Debt Fund-D Acc EUR Hedged Lazard EmergingMarkets Total Return Debt Fund- A Acc EURHedged Lazard EmergingMarkets Total Return Debt Fund-M Acc USD Lazard EmergingMarkets Total Return Debt Fund-B Acc USD Lazard EmergingMarkets Total Return Debt Fund-D Acc USD Lazard EmergingMarkets Total Return Debt Fund- A Acc USD Lazard EmergingMarkets Total Return Lazard Global InvestmentFundsplc USD - AAcc Fund Lazard EmergingMarketsLocalDebt 6. NetAssetValue (continued) Notes totheFinancialStatements Fund - A DistUSD Lazard EmergingMarketsLocalDebt Fund - A DistGBPHedged Lazard EmergingMarketsLocalDebt Fund - A Acc EURHedged Lazard EmergingMarketsLocalDebt Fund -I Acc CHF Lazard EmergingMarketsLocalDebt GBP HedgedRetailDistributingCClass USD InstitutionalDistributingClass USD Institutional Class Accumulating A Acc CHFHedged CHF115,136,864 AUD36,944,186 ¥1,255,335,791 $718,443,082 €114,532,721 €65,355,850 €10,258,742 €71,370,560 $43,499,128 $62,456,968 $89,009,772 $46,407,053 €10,974,407 March 2017 Value at31 $1,740,133 $5,061,650 Net Asset £400,802 £36,007 £23,852 ------Participating Redeemable March 2017 issue at31 Number of 7,644,331 1,097,138 1,259,775 shares in 957,432 607,250 109,069 125,000 384,237 682,651 652,503 405,678 550,963 97,927 16,724 47,410 3,612 301 339 ------March 2017 Share at31 ¥10,042.68 CHF104.94 Net Asset Value per AUD96.15 £106.36 £110.98 €104.76 €109.38 $104.05 $106.76 $107.23 $113.36 €100.62 $93.98 €95.74 €90.92 $92.97 $76.42 £79.24 ------AUD 54,772,983 $1,024,168,890 ¥1,192,927,564 €166,944,159 €139,809,112 $208,690,840 €64,444,009 €27,768,800 $37,272,343 $62,753,923 $45,002,374 March 2016 Value at31 €2,037,495 $6,949,699 Net Asset £377,425 €686,284 £56,913 £76,225 ------Participating Redeemable March 2016 issue at31 11,589,563 Number of 2,350,443 1,862,674 1,342,650 shares in 589,400 593,466 125,000 682,651 275,072 367,691 591,417 20,331 69,200 8,000 3,612 Financial year ended31March 2017 952 565 ------AUD 92.29 ¥9,543.42 Net Asset Value per 31 March Share at £100.72 £104.51 €100.22 €104.13 $100.43 $101.37 $106.11 $88.37 €89.63 €94.40 $88.79 $76.35 €85.79 £80.08 €101 2016 ------

CHF19,154,966 (continued) AUD 36,315,042 ¥1,234,934,352 $889,625,096 €203,094,550 €171,380,057 €236,050,764 $146,680,008 $198,123,998 $14,759,967 €12,377,226 €51,868,670 $13,539,324 $91,170,035 $48,715,971 March 2015 Value at31 £4,961,306 £3,491,380 $3,465,705 $6,035,432 € 775,182 Net Asset £226,105 £589,390 £335,584 - Participating Redeemable March 2015 issue at31 Number of 9,821,821 2,099,171 1,685,446 2,186,006 1,342,419 2,163,957 shares in 141,983 198,326 125,000 373,143 118,591 490,886 130,266 864,681 589,400 55,661 39,141 39,191 51,372 2,167 5,475 8,685 3,857 - March 2015 Share at31 CHF96.58 AUD 97.32 Net Asset Value per $103.96 £104.33 £107.66 €101.68 €104.37 €105.66 €107.98 $103.94 $117.49 $105.44 $109.27 € 89.25 £89.13 £89.20 $88.43 $90.58 ¥9,879 €96.75 $91.56 $82.65 £87.01 - Unrestricted BlendFund-K Acc GBP Lazard EmergingMarketDebt Lazard OpportunitiesFund- Institutional EAClass Accumulating Lazard OpportunitiesFund-EUROHedged Hedged Institutional Class Accumulating Lazard OpportunitiesFund-EURO Unrestricted BlendFund- A Acc GBP Lazard EmergingMarketDebt Hedged Unrestricted BlendFund-X Acc EUR Lazard EmergingMarketDebt Unrestricted BlendFund-K Acc EUR Lazard EmergingMarketDebt Fund -KDistEUR Lazard EmergingMarketsDebtBlend Fund -K Acc EUR Lazard EmergingMarketsDebtBlend Fund - A Acc EURHedged Lazard EmergingMarketsDebtBlend Fund - A DistUSD Lazard EmergingMarketsDebtBlend USD Fund -MAcc Lazard EmergingMarketsDebtBlend Unrestricted BlendFund-X Acc USD Lazard EmergingMarketDebt Unrestricted BlendFund- A Acc USD Lazard EmergingMarketDebt A DistGBPHedged Lazard EmergingMarketsDebtBlendFund- Fund - A Acc CHFHedged Lazard EmergingMarketsDebtBlend Fund -X Acc EURHedged Lazard EmergingMarketsDebtBlend Fund - A DistGBP Lazard EmergingMarketsDebtBlend Fund - A Acc GBPHedged Lazard EmergingMarketsDebtBlend - A Acc USD - AAcc Equity Fund Lazard GlobalHexagon Institutional Accumulating Class Institutional Accumulating Lazard OpportunitiesFund- Institutional EAClass Accumulating Lazard OpportunitiesFund-USDHedged Institutional EAClass Accumulating Lazard OpportunitiesFund-GBPHedged GBP Institutional Class Accumulating Blend Fund- A Acc CHFHedged Lazard EmergingMarketDebtUnrestricted 6. NetAssetValue (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc YEN Hedged

CHF 2,997,284 € 145,590,293 € 188,533,566 £140,401,962 €152,443,321 $395,609,093 £34,908,201 $11,595,059 $71,655,379 €59,548,105 £11,464,492 March 2017 Value at31 €1,668,368 47,446,183 £1,302,812 $2,978,210 Net Asset £104,918 €75,688 CHF ------Participating Redeemable March 2017 issue at31 Number of 1,694,313 1,071,521 1,298,057 1,607,133 3,466,520 shares in 111,998 588,739 504,136 252,240 654,636 13,168 94,378 13,046 26,990 31,554 1,000 721 ------March 2017 Share at31 CHF 111.05 CHF 94.11 Net Asset Value per € 112.16 € 117.31 £131.03 £138.39 €126.70 €104.98 $103.53 $109.46 £104.92 $114.12 €101.15 £121.47 €89.97 £99.87 $94.38 ------CHF 43,722,677 CHF 2,119,970 € 137,234,805 € 105,461,740 € 135,643,245 ¥537,226,526 € 27,541,497 € 56,597,874 £60,347,532 £28,266,289 $66,723,156 £11,187,681 March 2016 Value at31 $4,874,962 $3,316,573 $1,497,084 € 996,576 € 926,205 € 190,519 Net Asset £192,035 - - - - - Participating Redeemable March 2016 issue at31 10,834,508 Number of 1,298,207 1,031,335 1,573,368 5,674,710 1,473,953 shares in 982,159 935,046 570,000 251,768 246,914 658,978 588,739 482,628 190,671 45,810 20,000 35,501 1,963 Financial year ended31March 2017 - - - - - CHF 106.00 CHF 90.59 Net Asset Value per 31 March € 111.54 € 105.71 € 102.26 Share at £105.87 £112.27 $101.25 $106.42 € 86.21 € 97.06 € 96.13 $93.42 ¥94.67 € 1.01 € 0.99 $1.02 £1.03 £1.01 2016 - - - - - (continued) CHF 39,750,488 € 400,837,532 € 244,748,231 ¥573,008,805 € 20,974,273 £23,288,513 March 2015 € 3,392,780 € 1,094,034 Value at31 $2,980,173 $2,758,844 $7,954,816 Net Asset £204,359 ------Participating Redeemable March 2015 issue at31 21,396,542 Number of 3,156,618 1,033,096 3,314,310 2,750,007 7,435,689 5,674,710 shares in 189,698 421,530 190,671 30,000 27,655 ------March 2015 Share at31 CHF 94.30 Net Asset Value per € 120.94 € 110.57 ¥100.98 € 89.00 $99.34 $99.76 € 1.07 € 1.06 $1.07 £1.09 £1.07 ------

55 LAZARD GLOBAL INVESTMENT FUNDS PLC 56 LAZARD GLOBAL INVESTMENT FUNDS PLC - M Acc USD Lazard USFundamental Fund Alternative - EA Acc USD Lazard USFundamental Fund Alternative - C Acc USD Lazard USFundamental Fund Alternative EA Acc EURHedged Lazard USFundamental Fund- Alternative - CDistUSDHedged Lazard European Fund Alternative - C Acc USD Lazard European Fund Alternative - M Acc USDHedged Lazard European Fund Alternative Hedged USD - APAcc Lazard European Fund Alternative - EA Acc USDHedged Lazard European Fund Alternative - C Acc USDHedged Lazard European Fund Alternative - CDistGBPHedged Lazard European Fund Alternative Hedged GBP - APAcc Lazard European Fund Alternative - B Acc EUR Lazard European Fund Alternative - BPDistEUR Lazard European Fund Alternative - AP DistEUR Lazard European Fund Alternative EUR - APAcc Lazard European Fund Alternative - EA Acc EUR Lazard European Fund Alternative - C Acc EUR Lazard European Fund Alternative - C Acc CHFHedged Lazard European Fund Alternative - EquityFund Lazard GlobalHexagon - L Acc EURHedged EquityFund Lazard GlobalHexagon - EA Acc EURHedged EquityFund Lazard GlobalHexagon Lazard Global InvestmentFundsplc - L Acc USD EquityFund Lazard GlobalHexagon - EA Acc USD EquityFund Lazard GlobalHexagon 6. NetAssetValue (continued) Notes totheFinancialStatements L Acc CHFHedged * * CHF 5,500,225 €133,925,048 €170,998,763 $13,800,167 €25,961,787 €74,891,921 €22,160,063 March 2017 Value at31 $2,782,130 $8,013,629 $3,472,205 $4,143,729 £1,186,533 €1,711,942 € 250,049 Net Asset $458,835 $939,529 $261,900 £343,688 $95,047 €45,252 $49,028 - - - Participating Redeemable March 2017 issue at31 Number of 1,297,112 1,686,772 shares in 730,027 131,170 254,613 234,089 55,062 29,000 84,056 33,028 40,177 11,868 16,780 1,000 2,582 4,595 9,839 2,533 3,378 450 502 - - - March 2017 Share at31 CHF 99.89 Net Asset Value per $105.21 $103.38 $105.13 $103.14 £101.73 €102.03 €100.56 €101.97 €103.25 €102.59 €101.38 € 96.84 $95.94 $95.34 $95.05 $99.86 $95.49 £99.98 €94.67 $97.71 - - - €139,404,374 € 49,194,221 $16,860,247 €32,613,891 €91,143,089 March 2016 € 5,345,088 Value at31 $2,795,301 $5,925,437 $5,307,185 $1,005,762 €3,465,977 $6,216,260 € 291,580 Net Asset $259,199 $96,216 €42,144 $96,030 ------Participating Redeemable March 2016 issue at31 Number of 1,374,832 shares in 167,128 321,733 911,515 519,053 29,000 61,551 53,750 52,124 10,000 34,329 64,609 1,000 2,568 3,063 1,002 Financial year ended31March 2017 420 ------Net Asset Value per 31 March Share at $100.88 $100.92 $101.82 $100.58 €100.34 €100.96 €101.40 €101.37 € 99.44 € 95.18 € 94.78 $96.39 $96.27 $96.22 €99.99 $95.87 $96.21 2016 ------

(continued) € 24,999,196 € 93,855,794 CHF 697,489 March 2015 Value at31 $7,776,163 $3,828,844 Net Asset ------Participating Redeemable March 2015 issue at31 Number of shares in 247,614 929,544 76,938 37,572 6,954 ------March 2015 Share at31 CHF 100.31 Net Asset Value per € 100.96 € 100.97 $101.07 $101.91 ------M Acc USD Lazard DiversifiedReturnFund - EA Acc USD Lazard DiversifiedReturnFund - C Acc USD Lazard DiversifiedReturnFund been used to translate assetsandliabilitiesinothercurrenciesbeen usedtotranslate toU.S. Dollars: prepared European inGBPand Lazard Alternative Fund are which prepared inEUR). yearThe following endexchangehave rates The financial statements are prepared inU.S. Fund (exceptfinancialOpportunities Dollars for statementsofLazard are which 7.  Fund GlobalHexagonof Lazard Equity isasat31March 2017, 24March 2016and27March 2015, theseare dealingFunds. weekly Fund above inrespect Opportunities ofLazard disclosed isasat24MarchThe information 2016and27March 2015andinrespect Note on andtermination datesoftheabove share information thelaunch 15for classes. See * investors. tonew areThese EAsharenow closed classes 6. NetAssetValue (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Exchange Rates Exchange RatesagainstUSDollar Argentine Peso Australian Dollar Brazilian Real British Pound Canadian Dollar Chilean Peso Chinese Renminbi Chinese Yuan Colombian Peso Czech Koruna Danish Krone Euro Ghanaian Cedi Hong Kong Dollar Hungarian Forint Indian Rupee Indonesian Rupiah Israeli Shekel Japanese YenJapanese Kenyan Shilling Kenyan Korean Won Malaysian Ringgit Mexican Peso New RomanianLeu New RussianRuble New TaiwanDollar New ZealandDollar Nigerian Naira Norwegian Krone Peruvian NouveauSol Philippine Peso $20,467,867 $19,291,938 March 2017 Value at31 Net Asset $114,398 Participating Redeemable March 2017 issue at31 Number of shares in 203,369 187,571 1,114 March 2017 Share at31 Net Asset Value per $100.64 $102.85 $102.68 March 2016 Value at31 31 March2017 Net Asset 13,325.5000 2,893.8700 1,118.3000 662.1050 288.7383 111.4300 102.9500 306.0500 15.3800 25.2663 64.9350 18.8342 56.3419 30.3425 50.1750 1.3109 3.1750 0.7997 1.3337 6.8719 6.8918 6.9528 0.9350 4.3250 7.7715 3.6305 4.4255 4.2567 1.4305 8.5889 3.2505 - - - Participating Redeemable March 2016 issue at31 Number of shares in Financial year ended31March 2017 - - - Net Asset Value per 31 March Share at 31 March2016 2016 13,260.0000 3,003.2700 1,143.6000 - - - (continued) 668.8600 275.7054 112.3950 199.0200 14.5550 23.7362 66.2225 17.1378 66.8600 32.1840 46.0450 1.3000 3.5440 0.6957 1.2935 6.4676 6.5380 0.8775 3.9015 3.9220 8.2713 3.3297 March 2015 Value at31 Net Asset ------Participating Redeemable March 2015 issue at31 Number of shares in - - - March 2015 Share at31 Net Asset Value per - - -

57 LAZARD GLOBAL INVESTMENT FUNDS PLC 58 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Notes totheFinancialStatements in Net toRedeemableParticipating AssetsAttributable balancesinothercurrencies Shareholders toEUR: ofComprehensive average ofChangesThe following exchange have theStatement rates beenusedtotranslate Income andStatement yearThe following endexchange have assetsandliabilitiesinothercurrencies rates beenusedtotranslate toEUR: Net toRedeemableParticipating AssetsAttributable balancesinothercurrencies Shareholders toGBP: ofComprehensive average ofChangesThe following exchangehave Statement in rates beenusedtotranslate Income andStatement yearThe following endexchange have assetsandliabilitiesinothercurrencies rates beenusedtotranslate toGBP: 7.  Exchange Rates(continued) Polish Zloty against EUR Average ExchangeRates Exchange RatesagainstEUR against GBPPound Average ExchangeRates Exchange RatesagainstGBPPound US Dollar British Pound US Dollar Australian Dollar Serbian Dinar Singapore Dollar Singapore Danish Krone Canadian Dollar South African Rand South African Norwegian Krone Danish Krone South Korean WonSouth Swedish Krona Euro Swedish Krona Swiss Franc Hong Kong Dollar Swiss Franc Japanese YenJapanese US Dollar Thailand Baht New ZealandDollar Turkish Lira Norwegian Krone Uruguayan PesoUruguayan Singapore Dollar Singapore South African Rand South African Swedish Krona Swiss Franc US Dollar (continued) Exchange RatesagainstUSDollar 31 March2017 31 March2017 31 March2017 31 March2017 31 March2017 115.8150 139.3377 13.4088 34.3625 10.7400 28.6500 16.7670 11.1644 3.9620 1.0973 0.8553 1.3071 1.6392 1.3973 7.4363 1.6677 9.1863 8.6941 9.5493 1.1691 8.9283 1.0706 9.7179 1.0010 1.0695 1.7888 3.6417 1.7473 1.2516 1.2505 - Financial year ended31March 2017 31 March2016 31 March2016 31 March2016 31 March2016 31 March2016 1,143.6000

107.7100 161.5453 14.7080 35.1800 (continued) 11.1485 21.1398 11.6518 3.7219 1.3466 8.1067 0.9577 2.8157 1.1040 0.7928 1.5074 1.8684 7.4503 1.8591 9.4255 9.3970 9.2380 1.2613 1.0913 1.1396 1.9355 1.4373 - - - - value-at-risk (“VaR”)value-at-risk oftheirongoing andmanagement monitoring ofthe Funds' part asanintegral market risk. measurement usinganadvancedThe globalexposure risk approach. becalculated will The investment managementuse teamwill market movements. interest movements. rate Itrepresents thepotentiallossFunds through mightsuffer holding market positions intheface of price, from aboutfuture heldspecifically and valuesoffinancial currency instruments uncertainty from mainly arises Market risk Market Risk 31 March 2016. thatexistedat31Marchconsistent 2016. withtherisks managementThere process updatesintherisk have since beennomaterial outlineprocedures paragraphs tomanageThe following themarket, undertaken oftheFunds. risks credit andliquidity These are legal andconstitutional regulations. ofproductterms characteristics, andrisk, performance meaningthattheFunds expectations areandtheir managed inlinewithclient investment platform. andmonitors Funds all Itreviews toensure remain thatthey consistent withtheirstatedgoals andobjectives in Risk, Committee. into the Oversight reports Committee management the Investment is the central body for Manager’sThe Oversight There isaRisk Management Team responsible management process overseeing therisk for oftheInvestment Manager. The Head of theFunds. for andmanagingofrisk Manager themonitoring responsibilityfor own investment internal guidelinesandlimits. The Directors delegatetotheManager delegates totheInvestment whointurn of the Funds’terms investment guidelines and limits set out in the Prospectus’ as well asthe Investment Manager’s and Supplements Funds’ profile. andrisk performance The Investment Manager isalsoresponsiblethattheFunds ensuring for are managed withinthe asrequired inrelation tothe basisandmore frequently theInvestment Manager on aquarterly from The Directorsreports review should refer totheProspectus amore for inherent detaileddiscussion oftherisks ininvesting andSupplements intheFunds. invest.markets they in which andinvestors risks ofall isnotintended tobeacomprehensive information The following summary The Funds’ are which and associatedwiththefinancial ofrisk instruments investment types activities exposethemtothevarious 9. RiskManagementPoliciesandProcedures reflected ofFinancial on theStatement Position oftherelevantFund attheendoffinancial year. Company are deemedassetsoftheCompany. andis accounts The balanceonisheldwiththeGlobalSub-Custodian thesecash accounts,These cash collection ofsubscriptions, for heldwithBankofAmerica ofredemptions payment the anddividendsfor Money Regulations’). Providers andEnforcement) Act48(i))Investor 2013(Section MoneyRegulationsFund 2015for (the (Supervision Service ‘Investor requirementsof the new relating and redemption to the subscription collection accounts Bank of Ireland pursuant to the Central Cash account arrangements have beenputinplace inrespect oftheCompany andtheFunds asaconsequence oftheintroduction 2016. 1July Investor MoneyRegulations (IMR)took from effect Risk andCredit Risk). Bank Plc,Barclays at the JP Morgan Chase and Company and Morgan Stanley with brokers options, for open futures contracts and contracts difference, for Lynch, Merrill is held with Bank of America this cash ofthoseentities. risk is subjecttothecounterparty Cashisalsodepositedby oron behalfoftheFunds initialmarginpurposes for with Bank of America globalsub-custodian, depositsareovernight heldwiththeDepositary’s Bankand Street State Trust Company. isheld Cashcollateral utilise one oftheFunds. ormore holding cash sub-custodians for ofthecash, all Substantially anddeposits, bankoverdrafts including equivalents as at 31 March 2017 Cash and and 31 cash March current 2016 comprises deposits with banks. may The Depositary 8. CashandEquivalents Notes totheFinancialStatements Lazard Global InvestmentFundsplc Lynch,Merrill Bank Plc, Barclays Citibank NA, and JP Morgan Chase and Company and Morgan Stanley financial year end. Note 9, (See Counterparty/Issuer Financial year ended31March 2017 (continued)

59 LAZARD GLOBAL INVESTMENT FUNDS PLC 60 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc limitations of Some VaR are: interest rates, FXandcredit spreads gives mightreact abetterpicture ofhow tosuddenmarket theportfolio moves. market circumstances.given atypical andon anad testingisutilisedmonthly hocbasis. Stress ofthesensitivitiesto monitoring Daily VaRSince possiblescenarios, all incorporate cannot stress changesintheportfolio’s testinghelpscapturesuddenanddramatic value to assesstheimpact oflarger market moves. Valuation withintheFund security andspreads orthesensitivitiestorates are Methodology” used valueevery isusedtotheoretically marketis generated by value, aprojected calculating portfolio basedon achange inRiskFactors. To generatethemarket value, a “Full usedin stress tests is similar to the one used in calculating VaR. methodology risk Profit (P&L) or%returnThe portfolio and Loss underabnormal market conditions.Bloomberg inherent Alphastress themarket isusedfor risk intheportfolio testingtoevaluate The The datainthe VaR basis andcontains one modelisupdatedon year’s adaily market data. andasrequired on amonthly basis. beperformed testingwill Stress monthly. testingresults Back berecorded will andanalysed daily may ignore possiblediversification benefits, VaR provide andwill aconservative theportfolio. for level Management Team assessthe will VaR thatfigure impact of thoseholdingsandincorporate asanadd-on tothe VaR. This approach the In case VaR by duetodataerrors holdingsdoesnotget limitation, calculated thesystem ormodelling certain for theRisk absolute 1-day 99% VaR =4.47%. limitis20%/sqrt(20) and 1 day holding period,based on 99% confidence interval down the 20% 20-day according limitisscaled to appropriate factors. The the volatilities andcorrelations by explicitly usingthereal market returns. Asthe VaR generatedby reports Bloomberg Alpha are that thismethodisone ofthemore reliable methodsasitrequires makingtheminimum numberofassumptions. Italsoincorporates return isagood distribution representation assumesthathistorical method which offuture returns. The Investment Manager believes Simulation.Monte Carlo The investment management teamusesthesimpleyet simulation powerful approach ofthehistorical There are three popularapproaches calculating for VaR, Simulation, Historical namely Variance-Covariance analytical methodand also usedinBloomberg Alpha. The VaR quantitative usethefollowing standards: modelwill for Investment system VaR ManageralsobeusingAlgorithmics will are Algorithmics analyses. andrisk calculations from Analytics valueorapercentage portfolio. oftheoverall themaximum lossinasinglemonetary a usefulmeasuresummarize inthatitcan The sourcesall ofmarket risk. VaR withagiven ofconfidence. themaximum level expectedlossover atarget horizon summarizes VaR is measures which, astheGreeks, such metrics unlikemarket risk duration andconvexity, cover andcan assettypes beappliedtoall can and Riskapplication. Bloombergtherequired Alphaall isused for for andreporting calculations VaR. VaR ofrisk isacategory Each Fund’s by daily way globalexposure ofanabsolute becalculated will Market Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements • future market conditions could vary significantly from those experienced inthepast. thoseexperienced from significantly • future market conditions couldvary • isarelative thanaprecise information rather andaccuratenumber; risk estimateofrisk • themarket price • • • shouldbe1trading day; and The holdingperiod • The confidence shouldbe99%; level for example,for asaresult ofsignificant recent volatility. changes inprice shouldnotbelessthan1year; period however, observation The historical may beusedifjustified, period observation ashorter the confidence interval chosen);the confidence and interval based methods, as such VaR, depending on profits toexceed amountwithafrequency andlossesare thereported almostcertain represents information the market outcome price andisnotintendedtobepredictive ahypothetical ofprobability- (inthecase inconditionsbetween markets ofmarket ofmarket and levels liquidity stress may patterns; bearnorelation tohistorical takeaccount ofthefact dataandcannot thatfuturethe modelsare movements, market basedon price historical correlations VaR modelusingtheBloomberg Alpha Portfolio Analytics Financial year ended31March 2017

(continued)

Lazard EmergingMarketsDebtUnrestricted Blend Fund Lazard EmergingMarketsDebtBlendFund Lazard EmergingMarkets Fund Allocation Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsBondFund Fund Name Level ofleverage each Fund for average ofleverage level Below is thedaily theone year ending31March during 2017 and31March period 2016. measure oftheFunds’ actual position. leverage netting andhedgingarrangements, iftakenintoaccount, may reduce ofleverage, thelevel may thiscalculation notprovide anaccurate may have inplace reduction atany though these nettingandhedgingarrangements are timeeven risk usedfor purposes. Asthese as isrequired by Regulations. theUCITS This figure doesnottakeintoaccount any nettingandhedgingarrangements thattheFunds figuresThe average ofleverage level provided below are asthesumofabsolutevaluenotionals used ofthederivatives calculated Fund Portfolio For thefinancialyearended31March2017 asthe limit iscalculated VaR dividedby of the VaR thefinancial during year limitcalculated ofthedaily VaR limit(4.47%)ofeachtheFunds. ofthe The utilization VaR The tablesbelow 31March for 2017and31March 2016detailthelowest, thehighestand average VaR andalsotheutilization Market Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Lazard European Fund Alternative Equity Fund Lazard GlobalHexagon Lazard OpportunitiesFund Lazard EmergingMarketsBondFund Lazard USFundamental Fund Alternative Lazard EmergingMarketsLocalDebtFund Lazard DiversifiedReturnFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarketsDebtBlendFund Lazard EmergingMarketsDebtUnrestrictedBlendFund Lazard OpportunitiesFund(VaR until07-11-2016) Lazard Global Hexagon EquityFund Lazard GlobalHexagon Lazard European Fund Alternative Lazard USFundamental Fund Alternative Lazard DiversifiedReturnFund(VaR since07-12-2016) Fund Portfolio For thefinancialyearended31March2016 LazardEmergingMarketsBondFund LazardEmergingMarketsLocalDebtFund LazardEmergingMarkets Total ReturnDebtFund (VaR until10-11-2015) LazardEmergingMarkets Fund Allocation LazardEmergingMarketsDebtBlendFund (VaR since08-12-2015) LazardEmergingMarketsDebtUnrestrictedBlendFund LazardOpportunitiesFund Lazard Global Hexagon EquityFund LazardGlobalHexagon (VaR since28-09-2015) LazardEuropean Fund Alternative (VaR since12-01-2016) LazardUSFundamental Fund Alternative the daily thedaily VaR limit. 31 March2017 Lowest Lowest 0.56% 1.55% 0.36% 0.96% 0.95% 0.19% 0.47% 0.22% 0.69% 0.79% 0.64% 1.31% 0.21% 1.07% 0.90% 0.56% 0.55% 0.50% 0.21% 0.63% VaR VaR Average 210%* 129%* 124% 126% 167% 151% 274% 143% 98% 99% utilisation of utilisation of - VaR Limit VaR Limit 12.64% 34.68% 21.48% 21.25% 10.41% 15.44% 17.67% 14.32% 29.31% 23.92% 20.13% 12.53% 12.36% 11.23% 14.09% Lowest Lowest 8.05% 4.25% 4.85% 4.70% 4.60% 31 March2016 Average 101%* 113%* 140%* 100% 156% 133% 359% 314% 84%* 99% Highest Highest 1.24% 2.37% 0.94% 2.07% 1.75% 2.41% 2.08% 1.60% 1.49% 1.36% 1.12% 1.71% 0.99% 1.94% 1.66% 1.37% 4.01% 1.81% 0.77% 1.04% - VaR VaR utilisation of utilisation of * inception08-12-2015 * inception28-09-2015 * inception04-01-2016 * inception07-12-2016 VaR Limit VaR Limit * closed 10-11-2015 * closed 07-11-2016 Highest Highest 27.74% 53.02% 21.03% 46.31% 39.10% 53.81% 46.52% 35.69% 33.33% 30.43% 25.12% 38.35% 22.15% 43.35% 37.14% 30.57% 89.67% 40.41% 17.30% 23.27% Financial year ended31March 2017 Average Average 0.84% 1.96% 0.65% 1.29% 1.35% 0.83% 1.38% 0.77% 1.09% 1.27% 0.83% 1.59% 0.58% 1.40% 1.12% 1.15% 1.03% 1.24% 0.50% 0.83% VaR VaR (continued) utilisation of utilisation of VaR Limit VaR Limit Average Average 18.88% 43.84% 14.64% 28.78% 30.14% 18.57% 30.76% 17.22% 24.49% 28.52% 18.62% 35.64% 13.01% 31.41% 25.16% 25.78% 23.11% 27.76% 11.27% 18.51%

61 LAZARD GLOBAL INVESTMENT FUNDS PLC 62 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc below provide theexposureThe tablesimmediately todifferent currencies asat31March 2017and31March 2016: management policy. source ofreturn, exposures are managed relative benchmark. totheappropriate For otherportfolios, there isnoexplicitcurrency- exposure. currency tozero) exchange contracts(orclose tomaintainzero For exposure currency which isacritical for thoseportfolios For ishedged out, risk currency inwhich portfolios ismanaged foreign by currency risk the currency regular rebalancing oftheforward contracts. other thanitsown currency. exchange foreign currency Currencies lossesonforward may awaycurrency alsomove insuch as tocause may changeinamannerthathasanadverse ofaFund's on assetsthatare effect thevalueofportion denominated incurrencies well ashedging. Consequently, relative currency thattheexchangeofitsreporting rate toothercurrencies exposedtorisks theFunds are Furthermore, theFunds ofimplementinginvestment as foreignexchange views currency contractsthepurpose for may invest inforward The Funds may invest denominated incurrencies insecurities otherthanitsfunctional(or, currency indeed, oftheinvestor). thecurrency (ii) Foreign Currency Risk tothePortfolioRefer ofInvestments heldon on eachFund. pagesdetailsofthefairvaluesecurities 88to140for were derivatives) designatedatfairvaluethrough (excluding at 31March profit 2017and31March ofthesecurities 2016all orloss. are limited. where ofdiversifiedthe construction market orindustry) exposures featuresascapitalisation portfolios (such tocertain As measurement entailstheactiveperformance management ofreturn, andcost. risk iscontrolled Relative-to-benchmark risk through basisinaccordanceon adaily withtherespective Fund’s investment objective, policiesandcore philosophy. The core philosophy oftotal investment impact have on will amaterial theFundsparticular isminimised. The Investment Manager manages theFunds’ market risk itsinvestments in securities. from arising risk theportfolio,exposed tomarket Bydiversifying price change ofa thataprice therisk oritsissuer,the individualfinancial instrument tradedinthemarket. orfactorssimilarfinancial affecting instruments The Funds are risk), orcurrency interest risk rate from whetherthosechanges areby (otherthanthosearising market caused factors prices specific to ofchangesin fluctuatebecause thatthefairvalueorfutureflows will ofafinancial istherisk cash instrument risk Market price (i) MarketPriceRisk 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard EmergingMarketsBondFund Euro Lazard EmergingMarketsLocalDebtFund Argentine Peso Brazilian Real British Pound Canadian Dollar Chilean Peso Chinese Renminbi Chinese Yuan Colombian Peso Euro Ghanaian Cedi Hungarian Forint Indian Rupee Indonesian Rupiah Malaysian Ringgit Mexican Peso New RomanianLeu New RussianRuble New TaiwanDollar Nigerian Naira Peruvian NouveauSol Philippine Peso Polish Zloty Serbian Dinar 2017 Net Monetary Assets 2017 NetMonetary 2017 Net Monetary Assets 2017 NetMonetary 31,272,047 19,821,000 23,608,864 18,891,599 25,959,824 21,360,989 20,441,799 7,723,455 1,924,175 1,466,243 5,050,336 3,657,141 9,932,837 1,360,358 (258,943) 880,063 129,065 115,215 86,071 86,071 10,226 (6,520) USD USD 765 - - Lazard EmergingMarketsBondFund Euro Lazard EmergingMarketsLocalDebtFund Argentine Peso Brazilian Real British Pound Canadian Dollar Chilean Peso Chinese Renminbi Chinese Yuan Colombian Peso Euro Ghanaian Cedi Hungarian Forint Indian Rupee Indonesian Rupiah Malaysian Ringgit Mexican Peso New RomanianLeu New RussianRuble New TaiwanDollar Nigerian Naira Peruvian NouveauSol Philippine Peso Polish Zloty Serbian Dinar Financial year ended31March 2017

(continued) 2016 Net Monetary Assets 2016 NetMonetary 2016 Net Monetary Assets 2016 NetMonetary 33,696,460 17,224,606 16,198,986 27,785,042 20,742,868 22,887,788 18,381,030 22,432,862 2,375,746 5,536,168 3,500,096 1,513,286 958,203 945,028 20,318 20,318 54,600 49,115 10,219 79,770 1,401 USD USD 320 - - - Singapore Dollar Singapore South African Rand South African South Korean WonSouth Thailand Baht Turkish Lira Uruguayan PesoUruguayan Lazard EmergingMarketsTotal ReturnDebt Fund Argentine Peso Australian Dollar Brazilian Real British Pound Canadian Dollar Colombian Peso Euro Ghanaian Cedi Hungarian Forint Indian Rupee Indonesian Rupiah Japanese YenJapanese Mexican Peso New RomanianLeu New RussianRuble New TaiwanDollar Nigerian Naira Philippine Peso Polish Zloty Serbian Dinar Singapore Dollar Singapore South African Rand South African South Korean WonSouth Swiss Thailand Baht Taiwan NewDollar Turkish Lira Uruguayan PesoUruguayan Lazard EmergingMarketsDebtBlendFund Argentine Peso Brazilian Real British Pound Canadian Dollar Chilean Peso Colombian Peso Euro Ghanaian Cedi Hungarian Forint Indian Rupia Indonesian Rupiah Malaysian Ringgit (continued) Lazard EmergingMarketsLocalDebtFund (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Franc 2017 Net Monetary Assets 2017 NetMonetary 2017 Net Monetary Assets 2017 NetMonetary 2017 Net Monetary Assets 2017 NetMonetary 257,825,176 26,735,152 15,230,160 21,717,031 12,746,878 (2,702,044) (2,078,905) 27,422,642 12,752,786 55,674,062 37,156,130 12,162,528 53,958,555 39,131,645 1,206,597 6,487,005 3,584,518 2,270,448 1,693,664 2,037,577 1,912,662 2,808,026 2,617,555 6,562,890 (319,456) (201,201) (84,846) 314,190 172,707 261,043 318,703 223,637 300,982 (93,181) 584,877 14,161 94,517 54,584 28,946 83,564 3,617 1,264 5,593 USD USD USD 199 18 6 - - Singapore Dollar Singapore South African Rand South African South Korean WonSouth Thailand Baht Turkish Lira Uruguayan PesoUruguayan Lazard EmergingMarketsTotal ReturnDebt Fund Argentine Peso Australian Dollar Brazilian Real British Pound Canadian Dollar Colombian Peso Euro Ghanaian Cedi Hungarian Forint Indian Rupee Indonesian Rupiah Japanese YenJapanese Mexican Peso New RomanianLeu New RussianRuble New TaiwanDollar Nigerian Naira Philippine Peso Polish Zloty Serbian Dinar Singapore Dollar Singapore South African Rand South African South Korean WonSouth Swiss Thailand Baht Taiwan NewDollar Turkish Lira Uruguayan PesoUruguayan Lazard EmergingMarketsDebtBlendFund Argentine Peso Brazilian Real British Pound Canadian Dollar Chilean Peso Colombian Peso Euro Ghanaian Cedi Hungarian Forint Indian Rupia Indonesian Rupiah Malaysian Ringgit (continued) Lazard EmergingMarketsLocalDebtFund Franc Financial year ended31March 2017 (continued) 2016 Net Monetary Assets 2016 NetMonetary 2016 Net Monetary Assets 2016 NetMonetary 2016 Net Monetary Assets 2016 NetMonetary 255,910,590 23,812,679 14,849,857 22,874,460 12,361,053 12,816,328 26,946,199 57,777,375 25,435,393 36,697,185 62,522,122 45,365,362 1,378,849 6,337,515 (130,985) (391,356) 227,522 (45,912) 633,719 (50,965) 458,325 78,222 (1,123) 63,149 23,062 6,948 1,359 (831) USD USD USD 216 6 ------

63 LAZARD GLOBAL INVESTMENT FUNDS PLC 64 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Mexican Peso (continued) Lazard EmergingMarketsDebtBlendFund (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements US Dollar Canadian Dollar New RomanianLeu New RussianRuble New TaiwanDollar Peruvian NouveauSol Philippine Peso Polish Zloty Singapore Dollar Singapore South African Rand South African South Korean WonSouth Swiss Thailand Baht Turkish Lira Uruguayan PesoUruguayan Blend Fund Lazard EmergingMarketsDebtUnrestricted Argentine Peso Brazilian Real British Pound Canadian Dollar Chilean Peso Colombian Peso Euro Ghanaian Cedi Hungarian Forint Indian Rupee Indonesian Rupiah Malaysian Ringgit Mexican Peso New RomanianLeu New RussianRuble New TaiwanDollar Peruvian NouveauSol Philippine Peso Polish Zloty Singapore Dollar Singapore South African Rand South African South Korean WonSouth Swiss Thailand Baht Turkish Lira Uruguayan PesoUruguayan Lazard OpportunitiesFund* * Lazard Opportunities Fund Opportunities redeemed* Lazard on 7November wasfully 2016. Franc Franc 2017 Net Monetary Assets 2017 NetMonetary 2017 Net Monetary Assets 2017 NetMonetary 2017 Net Monetary Assets 2017 NetMonetary 477,227,754 493,586,624 54,817,684 (1,264,148) 30,759,908 21,401,982 33,520,306 (1,569,702) 45,098,533 10,493,232 51,830,586 14,483,799 60,981,236 38,590,014 13,185,319 50,858,452 40,426,908 55,708,844 30,976,589 21,763,823 34,508,823 49,990,060 10,419,829 55,626,128 2,113,930 1,798,898 4,625,203 2,862,780 1,759,403 3,134,037 2,684,002 1,928,933 4,854,967 (464,572) (574,502) (303,452) (718,012) 544,350 306,008 89,707 34,355 1,210 1,292 8,574 (82) USD USD GBP Danish Krone Mexican Peso (continued) Lazard EmergingMarketsDebtBlendFund Canadian Dollar Australian Dollar New RomanianLeu New RussianRuble New TaiwanDollar Peruvian NouveauSol Philippine Peso Polish Zloty Singapore Dollar Singapore South African Rand South African South Korean WonSouth Swiss Thailand Baht Turkish Lira Uruguayan PesoUruguayan Blend Fund Lazard EmergingMarketsDebtUnrestricted Argentine Peso Brazilian Real British Pound Canadian Dollar Chilean Peso Colombian Peso Euro Ghanaian Cedi Hungarian Forint Indian Rupee Indonesian Rupiah Malaysian Ringgit Mexican Peso New RomanianLeu New RussianRuble New TaiwanDollar Peruvian NouveauSol Philippine Peso Polish Zloty Singapore Dollar Singapore South African Rand South African South Korean WonSouth Swiss Thailand Baht Turkish Lira Uruguayan PesoUruguayan Lazard OpportunitiesFund* Franc Franc Financial year ended31March 2017 Monetary Assets Monetary 2016 Net 255,888

(continued) GBP 66 - Monetary Assets Monetary 2016 NetNon- 2016 Net Monetary Assets 2016 NetMonetary 2016 Net Monetary Assets 2016 NetMonetary GBP - - - Financial Assets 517,210,542 185,113,440 57,094,145 45,363,373 49,572,297 45,297,158 27,135,767 41,854,280 20,400,664 12,554,894 21,787,894 16,511,279 20,225,898 15,654,931 17,816,791 15,966,375 15,383,576 6,849,776 5,019,530 2,925,121 1,482,756 9,018,853 4,364,067 3,048,245 1,900,013 9,385,366 2016 Net 255,888 142,885 857,759 15,088 71,763 7,099 GBP USD USD 66 ------Fund Lazard EuropeanAlternative Taiwan NewDollar Swiss Swedish Krona South African Rand South African Singapore Dollar Singapore Norwegian Krone Malaysian Ringgit Japanese YenJapanese Alternative Fund Lazard USFundamental Israeli Shekel Equity Fund Lazard GlobalHexagon Canadian Dollar Hong Kong Dollar Euro Euro US Dollar Danish Krone Swiss Franc Czech Koruna Swedish Krona Canadian Dollar Norwegian Krone British Pound Danish Krone Brazilian Real British Pound * Lazard Opportunities Fund Opportunities redeemed* Lazard on 7November wasfully 2016. (continued) Lazard OpportunitiesFund* (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Australian Dollar Franc Monetary Assets Monetary Monetary Assets Monetary (439,199) (295,277) (216,981) (344,973) (101,400) 2017 Net 2017 Net (23,711) (78,971) 491,795 (55,016) (42,948) 311,753 189,026 654,370 (5,457) (2,169) 39,790 16,679 3,224 1,055 3,456 USD EUR 143 3 - - - Monetary Assets Monetary Monetary Assets Monetary 2017 NetNon- 2017 10,216,830 43,707,669 15,451,252 14,471,231 5,615,683 8,371,777 5,413,409 2017 Net Monetary Assets 2017 NetMonetary 2017 Net Monetary Assets 2017 NetMonetary NetNon- 128,074 969,867 253,736 553,437 279,540 488,521 665,636 266,352 995,984 USD EUR ------Monetary Assets Monetary Financial Assets 44,199,464 15,349,852 14,660,257 9,777,631 5,536,712 8,026,804 5,725,162 (216,981) 2017 Net 2017 131,298 946,156 293,526 258,160 280,595 488,521 610,620 (42,948) 283,031 999,440 654,370 (5,457) (2,169) 3,119 3,119 USD USD GBP EUR Net 143 3 - - - Taiwan NewDollar Swiss Swedish Krona South African Rand South African Singapore Dollar Singapore Norwegian Krone Malaysian Ringgit Japanese YenJapanese Israeli Shekel Alternative Fund Lazard USFundamental Hong Kong Dollar Canadian Dollar Euro South African Rand South African US Dollar Euro Danish Krone US Dollar Swiss Franc Czech Koruna Singapore Dollar Singapore Swedish Krona Canadian Dollar Swedish Krona Norwegian Krone British Pound Japanese YenJapanese Danish Krone Brazilian Real Hong Kong Dollar British Pound Australian Dollar Fund Lazard EuropeanAlternative Equity Fund Lazard GlobalHexagon Euro (continued) Lazard OpportunitiesFund* Franc Financial year ended31March 2017 Monetary Assets Monetary Monetary Assets Monetary Monetary Assets Monetary (2,544,791) (1,486,826) (1,465,994) 2,688,551 1,291,284 (821,335) (614,336) (405,565) (698,032) (253,311) (175,609) 2016 Net 2016 Net 2016 Net (46,509) (58,946) (21,386) (12,091) (18,900) (68,408) (46,905) 112,036 135,895 896,745 439,612 132,800 (continued) 13,636 86,405 (268) USD GBP EUR 162 ------Monetary Assets Monetary Monetary Assets Monetary Monetary Assets Monetary 2016 NetNon- 2016 NetNon- 2016 NetNon- 18,360,382 17,327,780 12,677,537 10,126,906 2,833,451 2,383,964 4,367,423 1,031,745 2016 Net Monetary Assets 2016 NetMonetary 676,082 986,551 604,503 234,308 150,550 83,758 USD GBP EUR ------Monetary Assets Monetary Financial Assets Financial Assets 15,815,591 15,840,954 11,856,202 (1,465,994) 10,566,518 2,922,859 2,219,115 1,978,399 1,441,834 4,453,828 (698,032) (253,311) 2016 Net 2016 Net 2016 Net (46,509) 689,718 (21,386) 927,605 (18,900) 592,412 (68,408) (46,905) 112,036 178,101 178,885 135,895 896,745 856,136 216,558 (784) (268) USD USD GBP EUR 162 ------

65 LAZARD GLOBAL INVESTMENT FUNDS PLC 66 LAZARD GLOBAL INVESTMENT FUNDS PLC Turkish Lira Total NetAssets Swiss Franc Other netreceivables Swedish Krona Financial fairvaluethroughprofitorloss liabilitiesat South Korean WonSouth South African Rand South African Financial fairvaluethroughprofitorloss assetsat Singapore Dollar Singapore Polish Zloty Lazard EmergingMarketsLocalDebtFund Norwegian Krone New ZealandDollar New RomanianLeu Mexican Peso Total NetAssets Japanese YenJapanese Hungarian Forint Other netreceivables Hong Kong Dollar Euro Financial fairvaluethroughprofitorloss liabilitiesat Danish Krone Czech Koruna Financial fairvaluethroughprofitorloss assetsat Canadian Dollar British Pound Lazard EmergingMarketsBondFund Brazilian Real Australian Dollar 2017 The interest profile rate ofthefinancial assetsandliabilitiesoftheFunds at31March 2017and31March 2016wasasfollows: basisinaccordancedaily withtherespective Fund’s investment objective, policiesandcore philosophy. interest, heldwithintheFunds andtheirrespective balances. cash The Investment Manager manages theFunds’ on interest a risk rate prevailing interest rates. The Funds are through exposedtointerest risk investments withfixed rate insecurities of andfloatingrates of changes in that the fair value fluctuate or because future flows will of afinancialis the risk Interest cash risk instrument rate (iii) Interest RateRisk Fund Lazard DiversifiedReturn Lazard Global InvestmentFundsplc (ii) Foreign Currency Risk(continued) Market Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Monetary Assets Monetary 8,282,288 1,143,197 1,718,395 1,476,694 (141,546) 2017 Net (12,816) 524,682 569,150 597,481 183,756 194,882 (45,176) 187,887 (14,337) 937,556 273,487 697,687 (9,511) (7,361) 7,226 1,123 (168) USD Monetary Assets Monetary 2017 6,024,260 1,364,100 1,603,013 NetNon- 142,648 106,282 191,880 100,886 413,405 130,900 397,779 909,199 474,494 62,692 77,367 49,615 USD ------Monetary Assets Monetary Up to1year Up to1year 19,627,905 19,627,905 14,306,548 775,972 775,972 1,143,197 1,222,554 2,540,569 2,116,174 1,606,886 1,951,188 2017 142,480 716,562 569,150 698,367 183,756 194,882 187,887 368,229 116,563 273,487 USD USD 53,181 93,466 84,593 42,254 1,123 USD - - - - Net 79,069,811 79,069,811 1 -5years 1 -5years 6,841,686 6,841,686 USD USD - - - - Financial year ended31March 2017 Over 5years Over 5years 159,198,918 159,198,918 24,184,358 24,184,358 USD USD - - - -

(continued) Non-Interest Non-Interest (2,356,960) 4,315,277 2,838,634 3,833,603 467,699 382,205 Bearing Bearing 86,459 (965) USD USD 262,211,911 261,730,237 (2,356,960) 32,269,715 31,888,475 2,838,634 382,205 (965) Total Total USD USD Total NetAssets Other netpayables Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard USFundamentalAlternativeFund Total NetAssets Other netpayables Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard EuropeanAlternativeFund Total NetAssets Other netpayables Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard GlobalHexagon EquityFund Total NetAssets Other netreceivables Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard EmergingMarketsDebtUnrestrictedBlendFund Total NetAssets Other netreceivables Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard EmergingMarketsDebtBlendFund Total NetAssets Other netreceivables Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard EmergingMarketsTotal ReturnDebt Fund 2017 (continued) (iii) Interest RateRisk(continued) Market Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Up to1year 282,795,965 Up to1year 282,795,965 Up to1year Up to1year Up to1year 158,132,656 Up to1year 158,132,656 11,269,821 11,269,821 10,759,469 10,759,469 52,072,304 52,072,304 96,553,601 96,553,601 USD USD USD USD USD EUR ------222,676,923 222,676,923 278,582,634 278,582,634 102,006,368 102,006,368 1 -5years 1 -5years 1 -5years 1 -5years 1 -5years 1 -5years USD USD USD USD USD EUR ------Financial year ended31March 2017 Over 5years Over 5years Over 5years Over 5years Over 5years Over 5years 753,458,506 753,458,506 610,818,205 610,818,205 164,000,023 164,000,023 USD USD USD USD USD EUR ------(continued) Non-Interest Non-Interest Non-Interest Non-Interest Non-Interest Non-Interest 153,241,244 160,887,437 (11,739,160) (7,138,030) 15,969,055 17,491,400 18,631,843 (5,105,876) 15,191,151 36,181,624 (9,824,054) 28,509,043 17,496,634 17,568,318 8,546,567 8,319,931 2,490,773 (111,576) (384,334) (477,722) (508,163) (647,474) (874,871) 750,480 Bearing Bearing Bearing Bearing Bearing Bearing USD USD USD USD USD EUR 1,046,837,575 1,036,752,300 1,022,136,064 1,003,451,075 436,037,209 443,683,402 432,458,978 (11,739,160) 441,707,365 11,158,245 12,020,301 (7,138,030) 26,728,524 28,250,869 (5,105,876) 15,191,151 (9,824,054) 28,509,043 2,490,773 (384,334) (477,722) (508,163) (647,474) (874,871) Total Total Total Total Total Total USD USD USD USD USD EUR

67 LAZARD GLOBAL INVESTMENT FUNDS PLC 68 LAZARD GLOBAL INVESTMENT FUNDS PLC Total NetAssets Other netreceivables Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard EmergingMarketsDebtUnrestrictedBlendFund Total NetAssets Other netreceivables Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard EmergingMarketsDebtBlendFund Total NetAssets Other netreceivables Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard EmergingMarketsTotal ReturnDebtFund Total NetAssets Other netreceivables Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard EmergingMarketsLocalDebtFund Total NetAssets Other netreceivables Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard EmergingMarketsBondFund 2016 Total NetAssets Other netreceivables Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard DiversifiedReturnFund Lazard Global InvestmentFundsplc (iii) Interest RateRisk(continued) Market Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements 2017 (continued) Up to1year Up to1year Up to1year Up to1year Up to1year Up to1year 7,193,938 7,193,938 5,005,391 5,005,391 6,299,326 6,299,326 9,817,284 9,817,284 2,182,695 2,182,695 222,107 222,107 USD USD USD USD USD USD ------100,010,824 100,010,824 302,231,818 302,231,818 53,054,917 53,054,917 92,439,446 92,439,446 1 -5years 1 -5years 1 -5years 1 -5years 1 -5years 1 -5years 2,294,586 2,294,586 7,116,444 7,116,444 USD USD USD USD USD USD ------Financial year ended31March 2017 537,528,653 543,075,074 152,050,618 152,050,618 Over 5years Over 5years Over 5years Over 5years Over 5years Over 5years 356,552,136 356,552,136 981,278,399 981,278,399 (5,546,421) 14,096,503 14,096,503 8,386,916 8,386,916 USD USD USD USD USD USD ------

(continued) Non-Interest Non-Interest Non-Interest Non-Interest Non-Interest Non-Interest 19,534,360 (4,694,940) 18,451,285 (2,302,672) 14,879,161 10,498,058 27,168,101 (1,723,134) 18,927,368 22,188,148 18,100,654 5,778,015 5,089,372 5,259,395 2,132,649 5,177,366 9,963,867 4,490,287 (796,263) (402,793) 241,432 222,167 Bearing Bearing Bearing Bearing Bearing Bearing 19,704 (439) USD USD USD USD USD USD

1,320,495,602 1,303,291,368 617,311,868 (10,241,361) 621,775,214 254,584,827 251,628,104 477,741,447 468,039,652 (2,302,672) 16,854,628 10,498,058 (1,723,134) 18,927,368 16,632,900 39,874,203 35,786,709 5,778,015 5,259,395 4,490,287 (796,263) (402,793) 222,167 (439) Total Total Total Total Total Total USD USD USD USD USD USD Total NetAssets Other netreceivables Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard USFundamentalAlternativeFund Total NetAssets Other netreceivables Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard EuropeanAlternativeFund Total NetAssets Other netpayables Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard GlobalHexagon EquityFund Total NetAssets Other netreceivables Financial fairvaluethroughprofitorloss liabilitiesat Financial fairvaluethroughprofitorloss assetsat Lazard OpportunitiesFund 2016 (continued) (iii) Interest RateRisk(continued) Market Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc securities have beenreceivedsecurities by thebroker. failstomeettheirobligations. failifeitherparty The tradewill minimal, made sold onceis only the broker of securities has received as delivery payment. Payment is made on a purchase once the usingapproved brokers. are securities settled upon delivery transactions transferable All involving ofdefaultisconsideredThe risk valuesrelating totheabove.Investments on pagesdetailsofthemonetary 88to140for ("FDIs")inadditionbalancesheldattheDepositary.funds andfinancial tocash instruments derivative tothePortfolio Refer of it hasentered into withaFund. The Funds’ anddebtsecurities, tradingequity investment from maincredit concentrations arise risk failtodischargeanobligation will orcommitment orissuertoafinancial that instrument thatthecounterparty Credit istherisk risk Credit Risk Up to1year Up to1year 210,348,699 210,348,699 Up to1year Up to1year 12,912,743 12,912,743 43,145,975 43,145,975 10,453,400 10,453,400 USD USD GBP EUR ------1 -5years 1 -5years 1 -5years 1 -5years 2,481,213 2,481,213 USD USD GBP EUR ------Financial year ended31March 2017 Over 5years Over 5years Over 5years Over 5years 1,263,049 1,263,049 USD USD GBP EUR ------(continued) Non-Interest Non-Interest Non-Interest Non-Interest (3,333,078) 76,883,616 70,938,384 (2,757,018) (3,359,119) 22,514,460 28,630,597 1,995,209 1,666,512 9,278,310 3,103,886 3,109,186 (655,515) (136,300) 984,212 131,000 Bearing Bearing Bearing Bearing USD USD GBP EUR 287,232,315 281,287,083 14,907,952 13,896,955 (3,333,078) (2,757,018) (3,359,119) 65,660,435 71,776,572 17,301,548 17,306,848 1,666,512 9,278,310 (655,515) (136,300) 131,000 Total Total Total Total USD USD GBP EUR

69 LAZARD GLOBAL INVESTMENT FUNDS PLC 70 LAZARD GLOBAL INVESTMENT FUNDS PLC 2016 *Moody’s creditrating. No rating C rating B rating A rating Portfolio byratingcategory* No rating No rating C rating C rating B rating B rating A rating A rating * Moody's creditrating * Moody's No rating C rating B rating A rating Portfolio byratingcategory* will betreatedwill asageneralcreditor ofthefinancial institution inrelation holdingsoftheFunds. tocash to thecredit ofthefinancial risk institution where isdeposited. cash ofthefinancial institution, ofinsolvency Intheevent theFunds isidentifiable asbelonging totheFunds, heldby cash theglobalsub-custodianand theDepositary While theFunds beexposed will the Depositary. on thePortfolio asdisclosed ofInvestments.counterparties Bankand Street State Trust Companyfor act astheGlobalSub-Custodian held by andsecurities theFunds ofthecash excepttheFDIthatare all for heldwith are heldviatheDepositary Substantially thatdonothave acredit ofsecurities rating. solely comprise Fund Global HexagonLazard Equity USFundamental and Lazard Alternative Fund in the above tables as those Funds are not included Lazard Global InvestmentFundsplc 2017 asat31March 2017and31Marchmoney market 2016: instruments The tablesbelow detailthePortfolio theFunds for ofInvestments invest which by infixed-income category rating and securities Credit Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Portfolio byratingcategory* Portfolio byratingcategory* Lazard EmergingMarkets Lazard EmergingMarkets As at31March2017 As at31March2016 As at31March2016 As at31March2017 Opportunities Fund % ofFixedincome % ofInvestments % ofInvestments % ofInvestments Lazard European Alternative Fund Bond Fund Bond Fund securities 100.00 Lazard 100.00 100.00 100.00 30.24 69.76 16.85 75.89 79.66 84.53 0.15 7.11 5.46 7.52 8.50 7.36 6.97 - - -

Lazard EmergingMarkets Lazard EmergingMarkets As at31March2017 As at31March2016 As at31March2017 % ofFixedincome Lazard Diversified % ofInvestments % ofInvestments Local DebtFund Local DebtFund Return Fund securities 100.00 100.00 100.00 14.88 85.12 72.42 70.36 27.58 29.64 ------

Lazard EmergingMarkets Lazard EmergingMarkets Total ReturnDebtFund Total ReturnDebtFund As at31March2016 As at31March2017 % ofInvestments % ofInvestments 100.00 100.00 73.54 25.20 Financial year ended31March 2017 63.85 30.11 0.72 0.54 0.76 5.28

Lazard EmergingMarkets Lazard EmergingMarkets As at31March2016 As at31March2017 % ofInvestments % ofInvestments Debt BlendFund Debt BlendFund

(continued) 100.00 100.00 83.37 77.70 15.09 19.02 0.50 1.04 3.28

-

Lazard EmergingMarkets Lazard EmergingMarkets As at31March2016 As at31March2017 Debt Unrestricted Debt Unrestricted % ofInvestments % ofInvestments Blend Fund Blend Fund 100.00 100.00 76.40 75.99 15.18 18.51 4.47 3.95 5.50 -

on thePortfolio USFundamental of Investments Lazard for Alternative Fund). Fund, Global Hexagon Lazard Equity for page 130on thePortfolio European ofInvestments Lazard Alternative Fund for and page 132 at thebaseofeachrelevantPortfolio (pleaserefer ofInvestments topage referenceonly 127on for thePortfolio purposes ofInvestments transactions”. financialfor instrument derivative oftheNet Asset part doesnotform Value Non collateral cash oftheFund andisrecorded Position. Cashpledged by aFund isrecognisedofFinancial ascollateral on theStatement Position within heldascollateral “Broker cash held on the Fund. assetsremain intheownership oftherelevant Fund Such andare recorded ofFinancial asanasseton theStatement Fund’s financial for instruments assetsmay derivative bedepositedby oron behalfofaFund with counterparties purposes collateral for transactions”. financial for instrument within derivative torepay isdisclosed duetocounterparties liability thecollateral “Broker cash A ofFinancialon theStatement Position within transactions” financial for instrument derivative heldascollateral “Broker cash andarelated Morgan Stanley. received cash by aFund transactions isrecorded financial for Counterparty instrument derivative ascollateral asan asset is held with Bank of America Cash collateral of(ii)above. the case are limitedto10%ofNetExposures Asset toindividualcounterparties Value of(i)above and5%ofNet inthecase Asset Value in criteria as set out in the UCITS Regulations namely: assetoutintheUCITS criteria theirobligations andthatsettlementoftransactions may not occur.not perform must meetthefollowing OTC All counterparties A Fund withwhom ittrades, isexposedtoacrediton counterparties theover thecounter(“OTC”) risk may thatthesecounterparties manner: in thefollowing sectors. ongoingThe Investment ofthislist. monitoring Manager performs ismonitored risk on anongoing basis Counterparty/issuer The Investment and recognised Manager’s rated dealersintheir limited to themosthighly is generally approved listof counterparties orissuerexposure management program withintheInvestment ismonitoredrisk Manager. andmanaged by counterparty aformal The Funds ofsettlementdefault. beartherisk withwhomtrade andwill are they exposedtoacreditparties risk Counterparty/issuer Counterparty/Issuer Risk ofFinancialStatement Position on pages 29, 30and31. There were nopastdueorimpaired assetsasof31March 2017and31March 2016. The extentoftheFunds’ valueasrecorded exposure tocreditinrespect inthe risk ofthefinancial statementsapproximates thecarrying is A1(31March 2016: A2). courseofbusinessover theassetsofFunds. hasagenerallieninthenormal The Depositary Funds use. andGlobalSub-Custodian,The longcredit term oftheparent rating company oftheDepositary Corporation, Street State to bedelayed orlimited. The Funds thatthe by andfinancial monitor thecredit theirrisk monitoring position quality oftheDepositary theFunds’ may cause by theDepositary orinsolvency Bankruptcy heldby withrespectandthesecurities theDepositary rights tothecash risk. assets are segregated reduces andprotected counterparty andthisfurther the rights, with respect to those securities, are preserved. of the Depositary, orbankruptcy ofinsolvency Thus in the event the Funds’ The Funds’ identified on theaccounting separately records Bankand are Street securities always ofState Trust Company, therefore markets. behigherthaninorganisedsecurities and holdinginvestments markets generally insuch will sub-custodian, orimproper registration oftitle. retroactive oflegislation application andfraud byThe costsborne aFund ininvesting to recover some of its assets. any circumstances acts or omissions may include or theliquidation, Such of a orinsolvency bankruptcy developed, there involved markets. isatransaction indealingsuch andcustodyrisk circumstances, Incertain aFund may notbeable againstthirdtheir rights parties. Inaddition, astheFunds may invest inmarkets where are custodialand/orsettlementsystems notfully cases,all be able to establish title to investments made and may losses as aresult. suffer The Funds may find it impossible to enforce ofasub-custodianorregistrar,In circumstances astheinsolvency such orretro-active oflegislation, application theFunds may not, in Credit Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc (ii) (i) Acredit institution inaccordance Regulations, BankUCITS withCentral or •  • • Measurement and monitoring of counterparty or issuer trade exposure - a daily review ofoutstandingpositions isperformed. review orissuertradeexposure -adaily Measurement ofcounterparty and monitoring financial statements. ofongoing activities, throughBroker avariety filings -performed and monitoring regulatory theassessmentofcertain including enforceable arrangementsandstandinginthefinancial community. ofthebroker’s areview process review thatincludes a formal creditworthiness, financial strength, toenterintolegally ability Approved tradingwithapproved broker permits brokers. only selection -thetradingsystem Newbrokers are added, subjectto rating ofA2orequivalent. rating Have aminimum credit of A2orequivalent, rating orintheopinion oftheInvestment Manager, animpliedcredit minimum Lynch,Merrill Bank Plc, Barclays Citibank NA, JP Morgan Chase and Company and Financial year ended31March 2017 (continued)

71 LAZARD GLOBAL INVESTMENT FUNDS PLC 72 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard European Fund Alternative Lazard OpportunitiesFund Lazard USFundamental Fund Alternative Lazard Global Hexagon EquityFund Lazard GlobalHexagon Lazard EmergingMarketsDebtBlendFund Lazard EmergingMarketsDebtBlendFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarketsLocalDebtFund Fund name 2016 Lazard European Fund Alternative Lazard DiversifiedReturnFund Lazard USFundamental Fund Alternative Lazard EmergingMarketsDebtBlendFund Lazard EmergingMarketsDebtBlendFund Lazard Global Hexagon EquityFund Lazard GlobalHexagon Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarketsLocalDebtFund Lazard Global InvestmentFundsplc Fund name 2017 exposure theFunds for asat31March 2017and31March 2016. investments are referenced accordingly atthebaseofPortfolio ofInvestments. detailsofOTC for thefollowing counterparty See Investments pledged by theFunds are ascollateral recognised atfairvalueintherelevantFund’s Portfolio ofInvestments andsuch Citibank NA, JPMorganChaseandCompany, respectively. andMorganStanley Company, Lynch, atthefinancial Merrill year andMorganStanley endandissubjecttothecredit ofBankAmerica risk Bank, Barclays contracts difference, for Lynch, Merrill isheldwithBankofAmerica thiscash Bank, Barclays CitibankNA, JPMorganChaseand Cash isalsodepositedby oron behalfoftheFunds withbrokers options, initialmarginpurposes for for openfutures contracts and Counterparty/Issuer Risk(continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements includes details of the open forward foreign currency exchange contracts and the counterparties asatthefinancial year foreign exchange end. currency contracts andthecounterparties detailsoftheopenforward includes The Funds have anISDA Annex inplacethecounterparties. agreement withall and/orCredit Support The Portfolio of Investments *** The netexposure asatfinancial represents year theunrealised end. ofthemark-to-market valuewiththecounterparty held on theFunds atthefinancial year end. details relating contracts ofthederivative seethebaseof relevantPortfolio to all ** Please ofInvestments thecounterparty for * Moody’s credit rating. Clientcashheld Clientcashheld Client cashheld Client cashheld Client cashheld at brokerGBP at brokerUSD at brokerUSD at brokerEUR at brokerEUR (4,000,000) (6,550,000) (2,230,000) 10,610,000 2,040,000 1,000,000 4,315,000 3,160,000 1,500,000 (910,000) (300,000) 1,200,000 8,500,000 1,880,000 2,030,000 510,000 920,000 - - - - - collateral GBP collateral USD collateral USD collateral EUR collateral EUR 52,142,604 31,031,629 Non-cash Non-cash Non-cash Non-cash Non-cash 7,625,755 3,825,745 8,543,542 3,071,897 3,081,734 ------Net exposure Net exposure Net exposure Net exposure Net exposure (2,038,150) (1,853,468) 1,322,737 1,226,906 2,284,183 6,631,851 2,271,540 (474,303) (391,889) (355,016) (293,672) (131,317) 703,685 147,804 149,813 (85,451) 643,564 333,956 269,638 369,088 78,421 15,420 GBP*** USD*** USD*** EUR*** EUR*** Financial year ended31March 2017 MerrillLynch International Counterparty DeutscheBank AG Counterparty MorganStanley JP Morgan Chase and Company JPMorganChaseandCompany JP Morgan Chase and Company JPMorganChaseandCompany Barclays BankPlc JP Morgan Chase and Company JPMorganChaseandCompany Barclays BankPlc Bankof America Corporation JP Morgan Chase and Company JPMorganChaseandCompany Counterparty Bank of America Merrill Lynch Counterparty Morgan Stanley Morgan Stanley JP MorganChaseandCompany Barclays BankPlc JP MorganChaseandCompany JP MorganChaseandCompany Citibank NA Barclays BankPlc Bank of America MerrillLynch Citibank NA JP MorganChaseandCompany Counterparty

(continued) Credit Rating* Credit Rating* A1 A2 A3 A3 A3 A2 A3 A2 A1 A3 A3 A3 A3 A1 A3 A3 A1 A1 A1 A3 A A Company’s own data. available inthecircumstances, sources the independent oftheCompany andmightinclude otherthanmarket dataobtainedfrom would beexpectedtovaluetheassetorliability.market participants inputsare basedon developed the bestinformation Unobservable the asset or liability. inputs for 3 inputs are unobservable Level inputs reflect the Company’s Unobservable own assumptions about how thefollowing: inputs include liability, orindirectly. either directly Fair through value is determined the use of modelsorother valuation methodologies. 2 Level the asset or for 2 inputs 1 arethat are within level in active inputs other observable than quoted prices markets included Level on andvolume information anongoing toprovide pricing basis. with sufficient frequency access atthevaluation date. occur An isamarket transactionstheassetorliability active inwhich for market theassetorliability for to hastheability 1inputsare entity inactive assetsorliabilitiesthatthereporting unadjusted quotedprices markets identical for Level in theEuropean Union. These amendmentsdidnothave any impact on theFunds' financial position orperformance. consistent levels withthefairvaluehierarchythe following setoutinInternationalFinancial asadopteduse Standards for Reporting 2017. 1January beginningon orafter periods These amendmentsrequire itsfairvaluemeasurements theCompany into tocategorise adopted theAmendments toFRS 102,The Company hasearly “Fair Value Hierarchy Disclosures”, are which accounting effective for Fair Value Measurement The Funds may whenashareholder oftheissuedshareFunds. beexposedtoconcentration risk holdsasignificant portion capital Concentration Risk areFDI which outlinedon thePortfolios ofInvestments at31March 2017orat31March 2016. relevant, ofFinancial intheStatement befound can Position. There are nofinancial dueover 1month liabilitiesthatfall exceptthe for redemptions interest. shares ofredeemable ofexpensesandbankoverdraft andpayment participating Detailsoftheseamountswhere The Funds’ financial within one payment month liabilities due for relate in the most part, purchases awaiting settlements, to security to ensure settlement. No borrowings thefinancial such during years have arisen ended31March 2017and31March 2016. subsequent redemption requests or switching on dealing day(s). the following The Funds to borrow term have the ability in the short Value ofthatFund. tothenextdealingday andeffected Any redemption forward request orswitching soreduced becarried shall Fund ofsuch that thetotalnumberofShares redemption for on orswitching thatdealingdaynotexceed shall 10%oftheNet Asset each redemption request orswitching inrespect Fund insuch ofShares may, atthediscretion oftheDirectors, bereduced pro so rata If totalrequests redemption for on and/or switching any dealingdayany for Fund exceed 10%oftheNet Asset Value ofthatFund, any businessday subjecttorestrictions Fund setoutintheprospectus GlobalHexagon (Lazard Equity dealingFund). isaweekly of any shares thatinvestors wishtosell. torequire have Shareholders theright theFunds toredeem their shares intheFunds on The Funds’ bereadily sold. can realisable which securities mainly assetscomprise oftheFundsThe mainliability istheredemption Liquidity Risk 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc d) Inputs that are derived principally from or corroborated by observable market databy correlation orcorroborated by orothermeans. observable from d) Inputsthatare principally derived c) b) similarassetsorliabilitiesinactive for markets. prices a) Quoted commonly quotedintervals,commonly volatilities, prepayment speeds, lossseverities, credit anddefaultrates). risks (e.g. at theassetorliability for thatare observable Inputs otherthanquotedprices observable curves interest andyield rate market makers, isreleased littleinformation orinwhich publicly. transactions theassetor liability, for are theprices notcurrent, eitherover timeoramong substantially quotations vary orprice orsimilar assetsorliabilitiesinmarkets thatare identical for notactive, prices Quoted thatis, markets there inwhich are few Financial year ended31March 2017 (continued)

73 LAZARD GLOBAL INVESTMENT FUNDS PLC 74 LAZARD GLOBAL INVESTMENT FUNDS PLC Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsLocalDebtFund 2017 Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsBondFund 2016 Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard Global InvestmentFundsplc Lazard EmergingMarketsBondFund 2017 31 March 2016: tables provideThe following a breakdown of of each Fundthe financial instruments at 31 March 2017 and by valuation category inputtothefairvaluemeasurement requiressignificance ofaparticular judgmentandisspecific totheinvestment. the fairvaluehierarchy isbasedon thelowest ofinputthatissignificanttothefairvaluemeasurement. level The assessmentofthe use anumberofdifferentinto ofthefairvaluehierarchy. inputsthatfall levels cases, Insuch aninvestment’s within level 1, aslevel categorised An investment isalways 2or3initsentirety. cases, Incertain thefairvaluemeasurement aninvestment for may Fair Value Measurement (continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Unrealised lossonforwardforeigncurrency exchangecontracts Options written at fairvalue Options writtenat Unrealised gainonforwardforeigncurrency exchangecontracts Options purchased at fairvalue Options purchasedat fairvalue: Investments at Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised gainonforwardforeigncurrency exchangecontracts fairvalue: Investments at Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised gainonforwardforeigncurrency exchangecontracts fairvalue: Investments at Transferable Securities Transferable Securities Transferable Securities Level 1 Level 1 Level 1 USD USD USD USD ------Financial year ended31March 2017 255,848,222 252,014,619 (2,356,960) (2,251,348) 16,430,956 16,411,252 31,392,496 31,306,037 (105,612) 3,401,803 431,800 Level 2 Level 2 Level 2 19,704 86,459 (439) (965) (439) (965) USD USD USD USD

(continued) 255,848,222 252,014,619 (2,356,960) (2,251,348) 16,430,956 16,411,252 31,392,496 31,306,037 (105,612) 3,401,803 431,800 19,704 86,459 (439) (965) (439) (965) Total Total Total USD USD USD USD

Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsTotal ReturnDebtFund 2016 Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsTotal ReturnDebtFund 2017 Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsLocalDebtFund 2016 Fair Value Measurement (continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Credit Default Swaps at fairvalue at Credit DefaultSwaps Unrealised lossonforwardforeigncurrency exchangecontracts Options written at fairvalue Options writtenat Credit Default Swaps at fairvalue at Credit DefaultSwaps Unrealised gainonforwardforeigncurrency exchangecontracts Options purchased at fairvalue Options purchasedat fairvalue: Investments at Unrealised lossonforwardforeigncurrency exchangecontracts fairvalue Options writtenat Credit Default Swaps at fairvalue at Credit DefaultSwaps Unrealised gainonforwardforeigncurrency exchangecontracts fairvalue Options purchasedat fairvalue: Investments at Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised gainonforwardforeigncurrency exchangecontracts fairvalue: Investments at Transferable Securities Transferable Securities Transferable Securities Level 1 Level 1 Level 1 USD USD USD USD ------Financial year ended31March 2017 (11,739,160) (11,553,814) (10,241,361) 616,254,331 592,477,541 395,326,415 370,364,076 249,458,561 247,325,912 (2,302,672) (5,546,421) (4,261,525) (2,302,672) 17,462,464 16,956,009 (433,415) (185,346) 5,325,505 7,394,021 2,132,649 988,821 612,309 Level 2 Level 2 Level 2 USD USD USD USD (continued) (10,241,361) (11,739,160) 616,254,331 592,477,541 (11,553,814) 395,326,415 370,364,076 249,458,561 247,325,912 (2,302,672) (5,546,421) (4,261,525) 17,462,464 16,956,009 (2,302,672) 5,325,505 7,394,021 (433,415) (185,346) 2,132,649 988,821 612,309 Total Total Total USD USD USD USD

75 LAZARD GLOBAL INVESTMENT FUNDS PLC 76 LAZARD GLOBAL INVESTMENT FUNDS PLC Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsDebtUnrestrictedBlendFund 2017 Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsDebtBlendFund 2016 Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard Global InvestmentFundsplc Lazard EmergingMarketsDebtBlendFund 2017 Fair Value Measurement (continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised gainonforwardforeigncurrency exchangecontracts fairvalue: Investments at Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised gainonforwardforeigncurrency exchangecontracts fairvalue: Investments at Unrealised lossonforwardforeigncurrency exchangecontracts fairvalue Options writtenat Unrealised gainonforwardforeigncurrency exchangecontracts fairvalue Options purchasedat fairvalue: Investments at Transferable Securities Transferable Securities Transferable Securities Level 1 Level 1 Level 1 USD USD USD ------Financial year ended31March 2017 1,297,009,854 1,287,045,987 984,681,996 976,135,429 939,466,733 921,970,098 (5,105,876) (1,723,134) (9,824,054) (5,105,876) (1,723,134) (9,354,926) 15,891,668 (469,128) 8,546,567 9,963,867 1,604,967 Level 2 Level 2 Level 2 USD USD USD

(continued) 1,297,009,854 1,287,045,987 984,681,996 976,135,429 939,466,733 921,970,098 (5,105,876) (1,723,134) (9,824,054) (5,105,876) (1,723,134) (9,354,926) 15,891,668 (469,128) 8,546,567 9,963,867 1,604,967 Total Total Total USD USD USD Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard GlobalHexagon EquityFund 2016 Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard GlobalHexagon EquityFund 2017 Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EmergingMarketsDebtUnrestrictedBlendFund 2016 Fair Value Measurement (continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Unrealised lossoncontractsfordifference Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised gainoncontractsfordifference Unrealised gainonforwardforeigncurrency exchangecontracts Options purchased at fairvalue Options purchasedat Investment Funds fairvalue: Investments at Unrealised lossoncontractsfordifference Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised gainoncontractsfordifference Unrealised gainonforwardforeigncurrency exchangecontracts Options purchased at fairvalue Options purchasedat fairvalue: Investments at Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised gainonforwardforeigncurrency exchangecontracts fairvalue: Investments at Transferable Securities Transferable Securities Transferable Securities 17,125,098 17,125,098 26,340,355 26,340,355 Level 1 Level 1 Level 1 USD USD USD ------Financial year ended31March 2017 463,749,861 458,572,495 (3,359,119) (2,338,569) (1,020,550) 34,262,744 31,972,502 (874,871) (796,263) (489,882) (384,989) (796,263) 1,360,026 7,301,466 6,935,164 5,177,366 258,985 629,797 182,740 170,092 41,434 Level 2 Level 2 Level 2 13,470 USD USD USD (continued) 463,749,861 458,572,495 (3,359,119) (2,338,569) (1,020,550) 60,603,099 58,312,857 24,426,564 24,060,262 (874,871) (796,263) (489,882) (384,989) (796,263) 1,360,026 5,177,366 258,985 629,797 182,740 170,092 41,434 13,470 Total Total Total USD USD USD

77 LAZARD GLOBAL INVESTMENT FUNDS PLC 78 LAZARD GLOBAL INVESTMENT FUNDS PLC Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard USFundamentalAlternativeFund 2017 Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard EuropeanAlternativeFund 2016 Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard Global InvestmentFundsplc Lazard EuropeanAlternativeFund 2017 Fair Value Measurement (continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Unrealised lossoncontractsfordifference Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised gainoncontractsfordifference Unrealised gainonforwardforeigncurrency exchangecontracts fairvalue: Investments at Unrealised lossoncontractsfordifference Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised lossonopenfuturecontracts Unrealised gainoncontractsfordifference Unrealised gainonopenfuturecontracts fairvalue: Investments at Unrealised lossoncontractsfordifference Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised lossonopenfuturecontracts Unrealised gainoncontractsfordifference Unrealised gainonopenfuturecontracts fairvalue: Investments at Transferable Securities Transferable Securities Transferable Securities 153,966,703 153,937,108 (1,564,746) (1,564,746) 67,856,512 67,515,962 (51,412) (51,412) 340,550 Level 1 Level 1 Level 1 29,595 USD EUR EUR ------Financial year ended31March 2017 177,421,786 174,339,914 239,709,895 232,789,161 (3,281,666) (5,573,284) (2,667,325) (5,340,568) 10,501,859 (477,722) (477,674) (614,341) (232,716) 9,751,379 3,081,872 6,920,734 747,312 Level 2 Level 2 Level 2 3,168 (48) USD EUR EUR - - - -

(continued) 245,278,298 241,855,876 393,676,598 386,726,269 (3,333,078) (7,138,030) (2,667,325) (5,340,568) (1,564,746) 10,501,859 (477,722) (477,674) (614,341) (232,716) 9,751,379 3,081,872 6,920,734 (51,412) 747,312 340,550 29,595 3,168 Total Total Total (48) USD EUR EUR Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets Lazard DiversifiedReturnFund 2017 Total liabilities Financial fairvaluethroughprofitorloss: liabilitiesat Liabilities Total assets Financial fairvaluethroughprofitorloss: assetsat Assets included inthenotestofinancial statements. included 2017 detailing the Fund's financing use of securities transactions and total return swaps. As a result, additional have been disclosures amongst otherrequirements, requirements introduces disclosure new 13January intheCompany's financial statements published after FinancingSecurities 2016and,Transactions intoforce on came 12January Regulation (Regulation (EU)2015/2365)(“SFTR”) Regulation (EU) No 648/2012, requires investment UCITS companies on toprovide information theusemade thefollowing ofSFTs. financing 13ofRegulationtransactions ofsecurities (EU) 2015/2365on (SFTs) transparency andofreuseArticle andamending 10. SecuritiesFinancingTransactions Regulation There were thefinancial during year betweenno movements levels of financial ended 31 March instruments 2017 or 31 March 2016. the financial year ended31March 2016. There were held on the Funds 3 securities nolevel the financial during year ended31 March 2017 and none 3 during heldatlevel 2, inputsare withinlevel classified by sources observable pricing supported bonds andover-the-counter derivatives. theseinclude Financial thatdonothave butare quotedmarket prices valuedbasedon instruments market prices, dealerquotations oralternative listed equitiesandexchange traded derivatives. The Funds theseinstruments. for donotadjust thequotedprice Investments, whosevalues are basedon inactive quotedmarket prices markets, andtherefore 1, withinlevel classified active include Lazard USFundamentalAlternativeFund 2016 Fair Value Measurement (continued) 9. RiskManagementPoliciesAndProcedures (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Unrealised lossonforwardforeigncurrency exchangecontracts Total fairvalue negative at ReturnSwaps Unrealised gainonforwardforeigncurrency exchangecontracts Investment Funds fairvalue: Investments at Unrealised lossoncontractsfordifference Unrealised lossonforwardforeigncurrency exchangecontracts Unrealised gainoncontractsfordifference Unrealised gainonforwardforeigncurrency exchangecontracts fairvalue: Investments at Transferable Securities Transferable Securities 14,700,970 14,700,970 Level 1 Level 1 USD USD ------Financial year ended31March 2017 16,131,523 19,531,207 12,345,826 11,361,614 3,298,149 (402,793) (655,515) (355,016) (651,225) (47,777) 101,535 801,038 183,174 Level 2 Level 2 (4,290) USD USD (continued) 30,832,493 34,232,177 12,345,826 11,361,614 3,298,149 (402,793) (655,515) (355,016) (651,225) (47,777) 101,535 801,038 183,174 (4,290) Total Total USD USD

79 LAZARD GLOBAL INVESTMENT FUNDS PLC 80 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard DiversifiedReturnFund Lazard USFundamental Fund Alternative Lazard European Fund Alternative Lazard Global Hexagon EquityFund Lazard GlobalHexagon Lazard OpportunitiesFund Lazard DiversifiedReturnFund Lazard USFundamental Fund Alternative Fund Lazard Global InvestmentFundsplc and 31March 2016. of each type used for table details the counterparties The following respectively.tri-party arewhich financing engaged in securities transactions at this date are contracts difference for andtotalreturn swaps, are which settled Below isthemarket financing valueofassetsengaged insecurities transactions asat31March 2017and31March 2016. The assets Notes totheFinancialStatements The following table provides an analysis ofthecurrency, tableprovidesThe following ananalysis asat31March 2017and31March ofcollateral 2016. andquality type datesubjectto theInvestment Manager's discretion. date thanthematurity * outatanearler beclosed These contracts can Fund tenorofthecontracts difference for andtotalreturn swapsasat31March 2016. ofmaturity tableprovidesThe following ananalysis Fund tenorofthecontracts difference for andtotalreturn swapsasat31March 2017. ofmaturity tableprovidesThe following ananalysis Lazard European Fund Alternative EquityFund Lazard GlobalHexagon Lazard OpportunitiesFund Fund Fund Lazard OpportunitiesFund EquityFund Lazard GlobalHexagon Lazard OpportunitiesFund Lazard Global Hexagon EquityFund Lazard GlobalHexagon Lazard European Fund Alternative Lazard USFundamental Fund Alternative Lazard European Fund Alternative Lazard Global Hexagon Equity Fund Lazard GlobalHexagon Lazard USFundamental Fund Alternative Lazard DiversifiedReturnFund 10. SecuritiesFinancingTransactions Regulation(continued) Currency Currency Currency Currency USD USD USD GBP EUR USD USD USD USD USD USD GBP GBP EUR EUR Less than1day Less than1day JP MorganChase Bank of America/ Bank Government Morgan Stanley Morgan Stanley Collateral Counterparty and Company Merrill Lynch International Bonds Type - Name Currency ------Collateral Quality/Rating - 1 daytoweek 1 daytoweek Investment USD USD USD 3,081,734 GBP EUR 31 March2017 31 March2017 grade United Kingdom United Kingdom United Kingdom United Kingdom Establishment - Country of Country and Wales and Wales and Wales ------Fair Value 1,580,166 investment (355,016) (307,142) 269,638 contracts difference for and total return swap as at 31 March 2017 31 March2017 - Below grade 1 weekto 1 weekto

- - - month month % ofNetAssets Fair Value (355,016) (307,142) 1,580,166 ------269,638 1 to3months 1 to3months rated Not Value (0.89) (1.14) - 2.42 0.37 Financial year ended31March 2017 - - - Deutsche Bank AG Deutsche JP MorganChase Bank of America/ Bank Government Government Morgan Stanley Collateral Counterparty ------and Company Merrill Lynch International Bonds Bonds Type (2,079,584) 3 monthsto1 3 monthsto1 Fair Value Name 149,813 414,547 153,496 31 March2016

(continued) Collateral Quality/Rating - Investment 7,625,755 8,543,542 year year - 31 March2016 31 March2016 ------grade United Kingdom United Kingdom United Kingdom Establishment % ofNetAssets Greater than1 Greater than1 Country of Country and Wales and Wales Germany investment Value (3.17) 1.00 0.14 0.89 - year year Below grade

------Open Maturity* Open Maturity* (2,079,584) (2,079,584) Fair Value (307,142) (355,016) 1,580,166 153,496 269,638 414,547 149,813 414,547 149,813 153,496 rated Not - - - Fund (continued) Fund asat31March 2017. tenorofthecollateral ofthematurity tableprovidesThe following ananalysis Lazard European Fund Alternative 10. SecuritiesFinancingTransactions Regulation(continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc Fund asat31March 2016. tenorofthecollateral ofthematurity tableprovidesThe following ananalysis The following table lists the ten largest collateral issuersasat31March tableliststhetenlargest 2017and31MarchThe following collateral 2016. 3 tothefinancial statements. held by theManager andthePromoter. transactions withtheManager andDirectors inNote related are material party included All ofparvalue£1.00each. Shares share oftheCompanyThe authorised capital wastwo Subscriber are Shares The two Subscriber 12. RelatedPartyTransactions thefinancialarrangements during year ended31March 2017or31March 2016. these Funds, andissatisfied thatthesearrangements are ofbenefit totheseFunds. For theotherFunds, there commission were nosoft Fund.Return Fund,Global Hexagon Equity European Lazard Alternative Fund, USFundamental Lazard Alternative Fund Diversified andLazard transactions relating totheinvestments including ofLazard The Investment Manager places businesswiththesecounterparties market research orberelated totheexecution oftradeson behalfofclients. suppliedtothemby thebrokerto discharge thecostofinvestment orby related services third parties. may beeither These services investment managers, entered intodealingarrangements withbrokers whereby ofthedealingcommissions paidtothemisused part Diversifiedand Lazard Fund, Return theInvestment Manager the Company, for inaccordance withcommon market practice for In relation Fund, GlobalHexagon toLazard Equity European Lazard Alternative Fund, USFundamental Lazard Alternative Fund 11. SoftCommissionArrangements innetgain/(loss)on financial assetsatfair valuethroughincluded profit ofComprehensive orlossintheStatement Income. The returns andcostsofthecontractsdifference for andtotalreturn swapsheldby theFunds identified andare beseparately cannot Lazard Global Hexagon EquityFund Lazard GlobalHexagon Lazard OpportunitiesFund Collateral Issuers Lazard European Fund Alternative Lazard USFundamental Fund Alternative Lazard Global Hexagon EquityFund Lazard GlobalHexagon Deutsche Bank AG Deutsche Lazard USFundamental Fund Alternative Lazard European Fund Alternative JP MorganChaseandCompany Lazard USFundamental Fund Alternative Bank of America/Merrill Lynch International Morgan Stanley including The Investment Manager endeavour timestoobtainbestexecution will atall clients ontransactions all all for Currency Currency Currency Lazard Opportunities USD USD USD USD USD GBP EUR EUR EUR 31 March Less than1day Less than1day 2017 Fund Government Government GBP - - - - Collateral Bonds Bonds Type 7,625,755 31 March ------2016 Collateral Quality/Rating 1 daytoweek 1 daytoweek 52,142,604 Investment 3,071,897 - - - 31 March2017 2,449,921 grade Lazard GlobalHexagon 3,081,734 31 March ------Equity Fund 2017 investment USD - - - Below grade 1 weekto 1 weekto 14,166,523 1,101,863 1,416,824 623,358 - - 8,543,542 month month 31 March - - - 2016 - - - 1 to3months 1 to3months rated Not 33,564,143 3,768,684 1,982,286 5,829,021 1,799,410 Financial year ended31March 2017 - - 52,142,604 513,916 31 March Lazard European Alternative Fund Government Government Collateral 2017 - EUR Bonds Bonds - - - Type 3 monthsto1 3 monthsto1 18,578,461 11,036,086 1,944,460 5,175,834 3,672,995 1,089,611 31,031,629 (continued) 609,511 31 March Collateral Quality/Rating 31,031,629 Investment 3,825,745 year year 2016 31 March2016 grade - - - Greater than1 Greater than1 Lazard USFundamental 3,071,897 investment 31 March Alternative Fund year year 2017 Below grade ------USD - - - - - Open Maturity Open Maturity 3,825,745 31 March 2016 rated Not ------

81 LAZARD GLOBAL INVESTMENT FUNDS PLC 82 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard LLC Asset Management Lazard LLC Asset Management Lazard LLC Asset Management Lazard GroupLLC Lazard & Co Services Limited Lazard &CoServices Lazard PacificAsset Management Co Lazard Limited Asset Management Lazard Japan Lazard Japan KK Asset Management Lazard GroupLLC Lazard & Co Services Limited Lazard &CoServices Lazard Limited Asset Management LLTD1 S.A.R.L LLTD1 S.A.R.L Investor Name 2016 Lazard LLC Asset Management Lazard LLC Asset Management Lazard LLC Asset Management Lazard LLC Asset Management Lazard DiversifiedReturnFund Lazard GroupLLC Lazard LLC Asset Management Lazard LLC Asset Management Lazard Limited Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard GroupLLC Lazard PacificAsset Management Co Lazard Limited Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard GroupLLC Lazard DiversifiedReturnFund Lazard Limited Asset Management Lazard & Co Services Limited Lazard &CoServices Lazard LLC Asset Management Lazard LLC Asset Management Lazard Global InvestmentFundsplc Investor Name 2017 As at31March 2017, entitiesheldinvestments thefollowing intheCompany: the and MLRO directors Limited for of support Global FinancialCarne services Services provide to John directors Donohoe support and MLRO to the Manager and the Company. services There were made payments to John Donohoe isaDirector Limitedwho ofthe Company and group and is alsoafounder Global Financial CEOofCarne Services were thefinancial paidfor year ended31March 2017(31March 2016: USD129,585). andamountsofUSD248,441 Fry andtheSecretary under theIrishCompanies Act paidto 2014inlegalandsecretarial fees William Limited(the Secretarial Fry Accordingly, own “Secretary”). of Wilton The partners William had abeneficial DanielMorrissey interest Fry (theCompany’s isaDirector of oftheCompanyDaniel Morrissey legaladvisers andisalsoapartner William astoIrishLaw). of theManager. Michael Allen, are not entitled to anyAndreas Smith Directors’ Hübner and William fees. The Company’s Directors are also Directors Michael Allen, are timeexecutives group full Smith Andreas oftheLazard aswell asDirectors oftheCompany. Hübner and William 12. RelatedPartyTransactions (continued) Notes totheFinancialStatements financial year ended31March 2017(31March 2016: USD24,539and13,627respectively). Lazard USFundamental Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard Global Hexagon EquityFund Lazard GlobalHexagon Lazard Global Hexagon EquityFund Lazard GlobalHexagon Lazard Global Hexagon EquityFund Lazard GlobalHexagon Lazard Global Hexagon EquityFund Lazard GlobalHexagon Lazard OpportunitiesFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarketsBondFund Lazard EmergingMarketsBondFund Fund Name Lazard DiversifiedReturnFund Lazard DiversifiedReturnFund Lazard USFundamental Fund Alternative Lazard USFundamental Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard European Fund Alternative Lazard Global Hexagon EquityFund Lazard GlobalHexagon Lazard Global Hexagon EquityFund Lazard GlobalHexagon Lazard Global Hexagon EquityFund Lazard GlobalHexagon Lazard Global Hexagon EquityFund Lazard GlobalHexagon Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarketsBondFund Lazard EmergingMarketsBondFund Fund Name Financial year ended31March 2017 USD 19,784 and USD 13,325 respectively for 2,891,517 15,031,493 96,991 1,214,994 31,566 93,422 1,875,093 4,768,987 1,084,441 183,724 9,183 253,106 11,454,089 Value 20,467,876 114,398 2,782,130 95,047 1,549,278 255,602 10,343,719 95,054 657,454 24,853 28,682 94,764 2,724,624 39,139 598,342 1,740,134 486,592 169,974 12,493,809 27,127 Value

(continued) USD USD EUR USD USD USD USD USD USD USD USD EUR USD Currency USD USD USD USD USD USD USD EUR USD USD USD USD USD USD USD USD USD USD USD EUR Currency 19.40 4.59 0.03 1.85 0.05 0.14 2.86 19.18 0.18 0.03 0.00 1.71 67.96 of eachFund % ofNAV 51.33 0.29 24.93 0.85 0.35 0.05 2.37 0.02 0.14 0.01 0.11 0.35 10.19 0.15 0.14 0.40 0.11 0.04 38.72 0.09 of eachFund % ofNAV During thefinancial year ended31March 2017,During ofshares. were distributions paidonclass thefollowing 14. Distributions Issue ofshares Opening cost 31 March2017 Issues andredemptions andtherelated ofShares realised thefinancial gainsandlossesfor year ended31March 2017: Redeemable Participating Shareholders. ofComprehensiveStatement Income, ofFinancial Statement Position ofChanges inNet to andStatement AssetsAttributable theumbrella thetotalcolumnfor fundin The impact ofthebelow cross-investment transactions hasbeeneliminated from totheseclasses.charged totheassetsattributable M Acc USDHedged Emerging European on Lazard Alternative Fund thatwasbeinginvested into, so therefore there were nofees FundReturn intothetwo respective Funds, EmergingMarkets on Lazard itwastheMAcc USDclass Total DebtFund Return and EmergingEuropeanLazard Alternative Fund atthefinancial year end. Asaresult ofthecross-investment by Diversified Lazard DiversifiedLazard Fund Return held16,724shares EmergingMarkets inLazard Total DebtFund Return and14,726shares in 13. Cross-Investments Notes totheFinancialStatements Lazard Global InvestmentFundsplc (movement inunrealisedgain/(loss)plusnetrealisedgain/(loss)) Net increaseinnetassetsfromoperations (current unrealisedlesspriorunrealised) Movement inunrealisedgain/(loss)onfinancialassetsandliabilitiesthroughtheprofitlossaccount Prior unrealisedgain/(loss)onfinancialassetsandliabilitiesthroughtheprofitlossaccount (fair valueofinvestmentslessclosing costs) Current unrealisedgainonfinancialassetsandliabilitiesthroughtheprofitlossaccount Fair valueofinvestments Closing cost Net realisedgain/(loss)infinancialassetsandliabilitiesthroughtheprofitlossaccount Redemption ofshares The above distributions were paid on behalf of the Shareholders of that class intherelevantFund wereThe above distributions paidonofthatclass behalf oftheShareholders on2016. 7April 1 April2016 Ex Date: M DistAUDHedged A DistGBPHedged D DistEURHedged A DistEURHedged A DistUSD K DistEUR Fund 925,338 Amount 2,280 USD Lazard Emerging - - - - Markets Local Distribution Debt Fund per Share 2.3957 1.5700 - - - - 3,093,183 788,395 850,775 Amount Return DebtFund USD Lazard Emerging - - - Markets Total Distribution per Share 1.7388 1.2463 1.6606 - - - Amount 5,557 Lazard Emerging USD - - - - - Markets Debt Blend Fund Distribution per Share 2.831 - - - - - Financial year ended31March 2017 Markets Total Return Lazard Emerging 1,747,787 1,706,567 Debt Fund 1,706,567 41,220 41,220 41,220 USD (continued) - - - - Lazard European Alternative Fund 1,500,000 1,550,362 1,500,000 50,362 50,362 50,362 USD - - - -

83 LAZARD GLOBAL INVESTMENT FUNDS PLC 84 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Notes totheFinancialStatements During thefinancial year ended31March 2016,During ofshares. were distributions paidonclass thefollowing intherelevantFund wereThe above distributions paid onofthatclass behalfoftheShareholders on 7October2016. 30 September2016 Ex Date: The above distributions were paid on behalf of the Shareholders of that class intherelevantFund wereThe above distributions paidonofthatclass behalfoftheShareholders on2015. 9April 31 March2015 Ex Date: The above distributions were paid on behalf of the Shareholders of that class intherelevantFund wereThe above distributions paidon ofthatclass behalfoftheShareholders on 14October2015. 30 September2015 Ex Date: 14. Distributions(continued) GBP HedgedInstitutional M DistAUDHedged M DistAUDHedged M DistAUDHedged A DistGBPHedged A DistGBPHedged A DistGBPHedged D DistEURHedged D DistEURHedged D DistEURHedged A DistEURHedged A DistEURHedged A DistEURHedged GBP HedgedRetail Distributing Class itiuig Class Distributing Distributing Class USD Institutional AP DistEUR A DistUSD A DistGBP A DistUSD A DistUSD K DistEUR K DistEUR K DistEUR Fund Fund Fund 1,145,797 1,175,105 1,590,971 12,596 Amount Amount Amount 1,064 4,813 USD USD USD Lazard Emerging Lazard Emerging Lazard Emerging ------Markets Local Markets Local Markets Local ------Distribution Distribution Distribution Debt Fund Debt Fund Debt Fund per Share per Share per Share 2.0673 1.8869 3.2659 1.9937 1.7157 2.7393 ------3,819,842 1,064,336 3,453,970 5,304,536 1,627,367 2,948,670 629,579 749,014 629,362 Amount Amount Amount Return DebtFund Return DebtFund Return DebtFund USD USD USD Lazard Emerging Lazard Emerging Lazard Emerging ------Markets Total Markets Total Markets Total Distribution Distribution Distribution per Share per Share per Share 2.1829 1.7730 1.3898 2.0493 2.5270 2.0096 1.0453 1.5042 1.2735 ------170,548 140,464 519,806 36,607 Amount Amount Amount Markets Allocation 13,010 17,961 1,553 Lazard Emerging Lazard Emerging Lazard Emerging USD USD USD ------Markets Debt Markets Debt ------Blend Fund Blend Fund Distribution Distribution Distribution per Share per Share per Share 1.8337 1.4707 0.3315 0.3347 0.4201 2.467 2.551 Fund ------459,504 Amount Amount Financial year ended31March 2017 8,597 Lazard Emerging Lazard European Alternative Fund USD USD ------Markets Debt - - - - Blend Fund Distribution Distribution per Share per Share 0.0715 2.710

------(continued) - - - - Fund Name 2017. on intoeffect 17February came namechanges which outlines theshare class Funds namesonoftheLazard all The share class were thefinancial changedduring year ended31March 2017. 15. SignificantEventsDuringTheFinancialYear Lazard EmergingMarketsBondFund Lazard EmergingMarketsLocalDebtFund Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarketsDebtBlendFund Lazard EmergingMarketsDebtUnrestrictedBlendFund Lazard Global Hexagon EquityFund Lazard GlobalHexagon Lazard European Fund Alternative Notes totheFinancialStatements Lazard Global InvestmentFundsplc Old shareclass name EURO HedgedInstitutional Class Accumulating USD Institutional Class Accumulating GBP HedgedInstitutionalDistributingClass EURO HedgedInstitutional Class Accumulating USD InstitutionalDistributingClass USD Institutional Class Accumulating CHF Institutional IClass Accumulating CHF HedgedInstitutional Class Accumulating YEN HedgedInstitutional Class Accumulating Class AUD HedgedManagement GBP HedgedRetail Class Accumulating GBP HedgedInstitutional Class Accumulating EURO HedgedInstitutionalDistributingBClass EURO HedgedInstitutionalDistributingClass EURO HedgedRetail Class Accumulating EURO HedgedInstitutional BClass Accumulating EURO HedgedInstitutional Class Accumulating USD XClass USD Retail Class Accumulating USD Institutional BClass Accumulating Class USD Management USD Institutional Class Accumulating GBP HedgedInstitutionalDistributingClass GBP InstitutionalDistributingClass GBP HedgedInstitutional Class Accumulating GBP Institutional Class Accumulating CHF HedgedInstitutional Class Accumulating EURO Hedged XClass Accumulating EURO InstitutionalDistributingKClass EURO Institutional KClass Accumulating EURO HedgedInstitutional Class Accumulating Class USD Management USD InstitutionalDistributingClass USD Institutional Class Accumulating USD XClass Accumulating USD Institutional Class Accumulating CHF HedgedInstitutional Class Accumulating GBP Institutional KClass Accumulating GBP Institutional Class Accumulating EURO Hedged XClass Accumulating EURO Institutional KClass Accumulating CHF HedgedInstitutional LClass Accumulating EURO HedgedInstitutional LClass Accumulating EURO HedgedInstitutional EAClass Accumulating USD Institutional LClass Accumulating USD Institutional EAClass Accumulating USD Institutional Class Accumulating GBP HedgedInstitutional LPClass Accumulating EURO RetailDistributingPClass EURO Retail Class Accumulating EURO InstitutionalDistributingLPClass EURO Institutional LPClass Accumulating EURO Institutional EAClass Accumulating EURO Institutional Class Accumulating CHF HedgedInstitutional Class Accumulating Financial year ended31March 2017 New shareclass name A Acc EURHedged USD A Acc A DistGBPHedged A Acc EURHedged A DistUSD USD A Acc CHF I Acc A Acc CHFHedged A Acc JPYHedged M Dist AUD Hedged B Acc GBPHedged A Acc GBPHedged D DistEURHedged A DistEURHedged B Acc EURHedged D Acc EURHedged A Acc EURHedged X DistUSD USD B Acc USD D Acc USD M Acc USD A Acc A DistGBPHedged A DistGBP A Acc GBPHedged GBP A Acc A Acc CHFHedged X Acc EURHedged K DistEUR EUR K Acc A Acc EURHedged USD M Acc A DistUSD USD A Acc X Acc USD X Acc USD A Acc A Acc CHFHedged GBP K Acc GBP A Acc X Acc EURHedged EUR K Acc L Acc CHFHedged L Acc EURHedged EA Acc EURHedged USD L Acc USD EA Acc USD A Acc AP Acc GBPHedged BP DistEUR EUR B Acc AP DistEUR EUR AP Acc EUR EA Acc EUR C Acc C Acc CHFHedged (continued) The following tableThe following

85 LAZARD GLOBAL INVESTMENT FUNDS PLC 86 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc 2016,On 1July ofthe Funds all for updated Supplements were approved by Bank, theCentral thesewere updatedtoreflect: Fund Name thefinancial year ended31March 2017,During redeemed. Classeswere Share thefollowing fully Fund Name thefinancial year ended31March 2017,During were launched. classes thefollowing Lazard European Fund(continued) Alternative Fund Name 15. SignificantEventsDuringTheFinancialYear (continued) Notes totheFinancialStatements Lazard EmergingMarkets Total ReturnDebtFund Lazard EmergingMarketsLocalDebtFund Lazard USFundamental Fund Alternative Lazard OpportunitiesFund Lazard EmergingMarkets Total ReturnDebtFund Lazard DiversifiedReturnFund Lazard Global Hexagon EquityFund Lazard GlobalHexagon Lazard EmergingMarketsDebtBlendFund Lazard European Fund Alternative Lazard DiversifiedReturnFund • a change to the preliminary fee on Lazard Global Hexagon Equity Fund. GlobalHexagon on fee Lazard Equity • achange tothepreliminary EmergingMarkets• achange inthebenchmark indexon DebtBlendFund Lazard and • achange inrespect investors ofinforming inregards oftheEAClasses; tothenotification oftheclosure • achange inthewebsite address; Fund; GlobalHexagon• achange inthesettlementtimeon Lazard Equity • Fund Opportunities on Fund; Lazard GlobalHexagon• achange inthedealingdeadlines andLazard Equity Fund; a change to the definition of "Business Day" European on Lazard Alternative Fund US Fundamental and Lazard Alternative USD Hedged Management Class USD HedgedManagement USD HedgedInstitutional LPClass Accumulating USD HedgedInstitutional EAClass Accumulating USD HedgedInstitutional Class Accumulating GBP HedgedInstitutionalDistributingClass Old shareclass name USD Management Class USD Management USD Institutional EAClass Accumulating USD Institutional Class Accumulating EURO HedgedInstitutional EAClass Accumulating USD Management ClassM USD Management USD Institutional EAClass Accumulating USD Institutional Class Accumulating Share Class Share Class D Acc EURHedged I Acc CHFHedged A Acc EURHedged USD HedgedInstitutional Class Accumulating YEN HedgedInstitutional Class Accumulating GBP Institutional Class Accumulating EURO HedgedInstitutional Class Accumulating EURO HedgedInstitutional EAClass Accumulating USD HedgedInstitutional EAClass Accumulating GBP HedgedInstitutional EAClass Accumulating USD M Acc L Acc USD L Acc A DistGBPHedged A Acc GBPHedged A DistUSD A DistGBP C DistGBPHedged C Acc CHFHedged EUR B Acc AP Acc GBPHedged USD C Acc M Acc USD M Acc USD EA Acc USD C Acc Financial year ended31March 2017 M Acc USDHedged AP Acc USDHedged EA Acc USDHedged C Acc USDHedged C DistGBPHedged New shareclass name M Acc USD M Acc USD EA Acc USD C Acc EA Acc EURHedged M Acc USD M Acc USD EA Acc USD C Acc Termination Date Launch Date Tuesday, 7March17 Wednesday, 2November16 Wednesday, 3 August 16 Monday, 7November16 Monday, 7November16 Monday, 7November16 Friday, 16September 16 Friday, 29July16 Friday, 22July16 Friday, 27May16 Wednesday, 7December16 Friday, 23September16 Tuesday, 13December16 Tuesday, 18October16 Monday, 13June16 Thursday, 2June16 Tuesday, 7March17 Tuesday, 7March17 Tuesday, 6December16 Wednesday, 21September16 Wednesday, 6 16 April Thursday, 2March17 Wednesday, 7December16 Wednesday, 7December16

(continued) class intherelevantFundclass are on 2017anddetailsofthesedistributions 7April asfollows: 2016to31March 1April 2017.Debt BlendFund inrespectfrom oftheperiod These were paidonofthat behalfoftheShareholders DebtFund, EmergingMarketson Local Lazard EmergingMarkets Lazard Total DebtFund Return EmergingMarkets andLazard bereflectedwill intheNet Asset Value oftherelevant accumulating class. Share were Distributions on thebelow declared share classes beaccumulated will an accumulatingandreinvested class Share intherelevantFund and onofthatclass behalfoftheShareholders isanaccumulating which ofShare notbepaidinrespectclass. will Distributions ofany class Income andprofits, ifany, to attributable 16. SignificantEventsSinceTheFinancialYear End There were thefinancial during year. noothersignificant events DiversifiedLazard Fund Return on launched 7December2016. Fund Opportunities redeemedLazard on 7November wasfully 2016. approval oftheFund wasmade BankandtheFund totheCentral wasrevoked on 10October2016. Fund EmergingMarkets Allocation Lazard redeemed on 10November therevocation was fully of for 2015andanapplication 2017,Effective 17February theCompany’s Prospectus were thefollowing: andSupplements amendedfor 15. SignificantEventsDuringTheFinancialYear (continued) Notes totheFinancialStatements Lazard Global InvestmentFundsplc The financial statementswere approved by theDirectors on 29June2017. 17. Approval OfTheFinancialStatements There were sincethefinancial noothersignificant events year end. 3 April2017 Ex Date: vi) UpdatingofRemuneration Policy. v) iv) iii)  ii)  i)  M DistAUDHedged movements in rates ofexchangemovements inrates between theFunds currency andtheshare basecurrency class wording fee European on Lazard Alternative FundUpdated performance are dueto fees accrued toensure noperformance A DistGBPHedged D DistEURHedged A DistEURHedged Amendments to valuation rules for listed equity securities from mid-market price tolasttradedprice mid-market price from securities listedequity for Amendments tovaluation rules Provision ofauditedfinancial statementstoshareholders viaawebsite redemption amounts Reduction amounts, ofinitialsubscription/holding minimum amountsandminimum subsequentsubscription subsequent Changes to all share class namesasoutlinedinthetableon pagesChanges share 85and86 toall class A DistGBP A DistUSD K DistEUR Fund 1,011,698 Amount 644 USD Lazard Emerging - - - - - Markets Local Distribution Debt Fund per Share 1.7154 1.6660 - - - - - 2,047,921 564,178 826,333 Amount Return DebtFund USD Lazard Emerging - - - - Markets Total Distribution per Share 1.9321 1.1363 1.5260 - - - - 329,970 263,680 Amount 2,008 1,719 Lazard Emerging USD - - - Markets Debt Blend Fund Distribution per Share 2.6138 2.8017 1.3778 2.3543 - - - Financial year ended31March 2017 (continued)

87 LAZARD GLOBAL INVESTMENT FUNDS PLC 88 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsBondFund Portfolios ofInvestments Fixed IncomeSecurities97.01%(2016:97.37%) Transferable Securities97.01%(2016:97.37%) Amount Principal Angola 0.64%(2016:0.27%) Argentina 5.38%(2016:5.32%) Azerbaijan 0.66%(2016:0.77%) Armenia 0.17%(2016:Nil) Bolivia 0.73%(2016:Nil) Bermuda 0.15%(2016:Nil) Belize 0.19%(2016:0.53%) Brazil 2.01%(2016:6.08%) British VirginIslands0.10%(2016:Nil) 200,000 130,000 333,000 109,000 115,000 195,000 285,000 231,116 210,000 240,000 150,000 260,000 60,000 25,000 55,000 80,000 85,000 50,000 50,000 91,000 50,000 30,000 94,000 60,000 Government Bonds Government Angola Government9.500%12/11/2025 02/02/2024 AES Argentina GeneracionSA7.750% Corporate Bonds 27/07/2023 Generacion MediterraneaSA9.625% Genneia SA8.750%20/01/2022 Argentina Government6.875%26/01/2027 Argentina Government6.875%22/04/2021 Argentina Government5.625%26/01/2022 Argentina Government2.500%31/12/2038 Government Bonds Petrobras Argentina SA7.375%21/07/2023 Argentina Government7.125%06/07/2036 Argentina Government7.500%22/04/2026 Argentina Government7.625%22/04/2046 Argentina Government8.280%31/12/2033 Government Bonds Government Armenia Republic7.150%26/03/2025 Bonds Government Azerbaijan Republic4.750%18/03/2024 Government Bonds Government 4.000% 15/08/2026 Tengizchevroil Finance Ltd CoInternational Corporate Bonds Belize Government5.000%20/02/2034 Bonds Government Bolivia Government4.500%20/03/2028 Brazil Government4.250%07/01/2025 Bonds Government Brazil Government6.000%07/04/2026 Brazil Government5.000%27/01/2045 31/01/2027 Central American BottlingCorp5.750% Corporate Bonds Brazil Government7.125%20/01/2037 Brazil Government8.875%15/04/2024 1,734,695 Fair Value 206,500 137,800 116,811 209,771 341,740 303,524 247,401 211,916 236,400 283,140 133,688 649,313 107,160 60,613 68,943 57,712 26,000 77,680 86,700 53,688 48,200 59,833 49,350 31,275 75,975 USD %of 0.64 0.19 0.43 0.21 0.18 0.08 0.36 0.65 1.06 0.24 0.94 0.27 5.38 0.77 0.17 0.66 0.15 0.19 0.73 0.15 0.88 0.41 0.10 2.01 0.24 0.33 NAV

Fixed IncomeSecurities97.01%(2016:97.37%)(continued) Transferable Securities97.01%(2016:97.37%) (continued) Ecuador 1.80%(2016:0.91%) Dominican Republic2.13%(2016:3.43%) Croatia 0.10%(2016:2.75%) Costa Rica1.15%(2016:1.02%) Colombia 3.64%(2016:3.11%) Chile 1.84%(2016:1.81%) Cayman Islands0.66%(2016:Nil) Cameroon Nil(2016:0.17%) Amount Principal 100,000 120,000 235,000 110,000 125,000 110,000 125,000 172,000 125,000 195,000 287,000 125,000 255,000 150,000 100,000 120,000 245,000 300,000 85,000 75,000 70,000 30,000 45,000 20,000 45,000 95,000 Dominican Republic7.500%06/05/2021 Dominican Republic7.450%30/04/2044 Dominican Republic6.875%29/01/2026 Dominican Republic5.500%27/01/2025 Costa RicaGovernment7.158%12/03/2045 Costa RicaGovernment4.250%26/01/2023 Government Bonds 6.950% 10/11/2021 Instituto CostarricensedeElectricidad Colombia Government7.375%18/09/2037 Colombia Government6.125%18/01/2041 Colombia Government5.000%15/06/2045 Colombia Government4.500%28/01/2026 Colombia Government4.000%26/02/2024 Colombia Government2.625%15/03/2023 Chile Government3.625%30/10/2042 Chile Government3.125%21/01/2026 Government Bonds 16/09/2025 Corp NacionaldelCobredeChile4.500% AES GenerSA8.375%18/12/2073 Lamar FundingLtd3.958%07/05/2025 Ecuador Government10.750%28/03/2022 Ecuador Government10.500%24/03/2020 Bonds Government Dominican Republic5.875%18/04/2024 Bonds Government Government6.000%26/01/2024 Croatia Bonds Government Costa RicaGovernment4.375%30/04/2025 Corporate Bonds Colombia Government5.625%26/02/2044 Bonds Government 5.700% 20/03/2022 Transportadora deGasInternacionalSAESP Corporate Bonds Corporate Bonds SA 6.875%06/02/2024 Comcel Trust viaComunicacionesCelulares Corporate Bonds Financial year ended31March 2017 1,174,630 Fair Value 688,875 110,750 133,200 258,500 112,750 369,663 127,813 116,875 161,125 196,940 125,844 206,213 296,040 120,313 591,536 251,175 158,686 105,625 213,009 114,375 583,012 262,763 320,249 82,450 76,050 73,675 33,300 42,525 21,895 46,260 98,634 USD %of 0.26 0.24 2.13 0.34 0.41 0.80 0.35 1.15 0.40 0.36 0.50 0.61 0.39 0.64 0.92 0.37 1.84 0.78 0.49 0.33 0.66 0.35 3.64 0.23 0.10 0.13 0.07 0.14 0.31 1.80 0.81 0.99 NAV

Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsBondFund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments Egypt 1.26%(2016:0.64%) Egypt El Salvador 1.82%(2016:Nil) Gabon 0.60%(2016:0.40%) Ghana 1.30%(2016:0.52%) Georgia 0.30%(2016:Nil) Hungary 1.17%(2016:4.35%) Hungary Honduras 0.52%(2016:1.26%) Indonesia 5.22%(2016:6.19%) Guatemala 0.52%(2016:0.46%) Fixed IncomeSecurities97.01%(2016:97.37%)(continued) Transferable Securities97.01%(2016:97.37%) (continued) Amount Principal 220,000 170,000 170,000 130,000 170,000 200,000 130,000 154,000 140,000 110,000 200,000 285,000 128,000 115,000 130,000 60,000 80,000 85,000 40,000 50,000 50,000 75,000 90,000 72,000 85,000 5,000 Egypt Government8.500%31/01/2047 Egypt Government5.875%11/06/2025 Egypt Bonds Government El SalvadorGovernment7.750%24/01/2023 El SalvadorGovernment7.650%15/06/2035 El SalvadorGovernment7.625%01/02/2041 El SalvadorGovernment7.375%01/12/2019 El SalvadorGovernment6.375%18/01/2027 El SalvadorGovernment5.875%30/01/2025 Bonds Government Gabon Government6.375%12/12/2024 Bonds Government Ghana Government8.125%18/01/2026 Ghana Government7.875%07/08/2023 Bonds Government Georgia Government6.875%12/04/2021 Bonds Government BGEO GroupJSC6.000%26/07/2023 Corporate Bonds Hungary Government7.625%29/03/2041 Hungary Government5.375%25/03/2024 Hungary Bonds Government Honduras Government7.500%15/03/2024 Honduras Government6.250%19/01/2027 Bonds Government Government4.875%13/02/2028 Guatemala Ghana Government9.250%15/09/2022 Pertamina Persero PT4.300%20/05/2023 Corporate Bonds Government4.500%03/05/2026 Guatemala Bonds Government Indonesia Government 4.875%05/05/2021 Indonesia Government3.750%25/04/2022 Bonds Government Pertamina Persero PT 6.450%30/05/2044 Pertamina Persero PT 5.625%20/05/2043 Pertamina Persero PT 5.250%23/05/2021 Fair Value 404,264 237,600 166,664 592,432 173,613 133,575 152,363 193,750 125,125 166,769 166,801 380,363 224,263 156,100 111,581 416,530 208,849 294,437 130,800 130,535 139,516 56,250 72,000 82,556 94,954 44,360 50,594 55,188 76,688 90,113 77,085 88,059 4,631 USD %of 1.26 0.74 0.52 0.17 0.22 1.82 0.54 0.01 0.41 0.47 0.60 0.26 0.30 0.14 0.16 0.39 0.52 0.17 0.52 0.24 1.17 0.69 0.48 0.35 1.30 0.65 0.28 0.91 0.24 0.27 0.41 0.40 0.43 NAV

Fixed IncomeSecurities97.01%(2016:97.37%)(continued) Transferable Securities97.01%(2016:97.37%) (continued) Amount Principal Indonesia 5.22%(2016:6.19%)(continued) Iraq 1.04%(2016:Nil) Lebanon 3.70%(2016:Nil) Kenya Nil (2016: 0.65%) Kazakhstan 3.43%(2016:2.71%) Jordan 0.29%(2016:1.25%) Jamaica 0.69%(2016:1.02%) Coast1.06%(2016:2.92%) Ivory Corporate Bonds Luxembourg 0.69%(2016:Nil) (continued) 147,000 149,000 200,000 205,000 190,000 225,000 260,000 335,000 120,000 150,000 250,000 200,000 115,000 360,000 380,000 200,000 52,000 95,000 95,000 70,000 30,000 55,000 90,000 80,000 80,000 Indonesia Government5.250%17/01/2042 Bonds(continued) Government Indonesia Government5.875%13/03/2020 Indonesia Government5.375%17/10/2023 Indonesia Government6.625%17/02/2037 Indonesia Government5.875%15/01/2024 Government Bonds Government Indonesia Government8.500%12/10/2035 Indonesia Government7.750%17/01/2038 Indonesia Government6.750%15/01/2044 Lebanon Government6.650%22/04/2024 Lebanon Government6.600%27/11/2026 Lebanon Government6.000%27/01/2023 Lebanon Government5.450%28/11/2019 Lebanon Government5.150%12/11/2018 Bonds Government Kazakhstan Government5.125%21/07/2025 Kazakhstan Government4.875%14/10/2044 Kazakhstan Government3.875%14/10/2024 Government Bonds 05/05/2020 CoJSC7.000% KazMunayGas National 4.125% 10/12/2022 Development BankofKazakhstanJSC Corporate Bonds Jordan Government6.125%29/01/2026 Bonds Government Jamaica Government8.000%15/03/2039 Jamaica Government6.750%28/04/2028 Bonds Government CoastGovernment5.375%23/07/2024 Ivory Bonds Government Iraq Republic5.800%15/01/2028 Lebanon Government8.250%12/04/2021 Evraz GroupSA8.250%28/01/2021 Financial year ended31March 2017 1,689,849 1,108,038 1,192,322 Fair Value 103,906 105,272 181,178 169,394 101,238 206,250 208,844 193,325 230,344 264,549 364,313 118,200 151,500 275,625 198,400 221,694 132,394 343,349 336,299 224,250 55,998 41,550 70,881 92,441 89,300 89,010 USD %of 0.17 0.32 0.33 0.56 0.52 0.31 0.13 0.22 5.22 0.64 0.65 0.60 0.71 0.82 1.13 0.37 0.47 0.85 0.61 0.29 0.69 0.41 0.28 1.06 1.04 3.43 0.28 3.70 0.69 NAV

89 LAZARD GLOBAL INVESTMENT FUNDS PLC 90 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsBondFund(continued) Portfolios ofInvestments Fixed IncomeSecurities97.01%(2016:97.37%)(continued) Transferable Securities97.01%(2016:97.37%) (continued) Amount Principal Mexico 5.60%(2016:5.86%) Malaysia 0.54%(2016:Nil) Mongolia 0.74%(2016:0.25%) Morocco 0.66%(2016:0.49%) Mozambique 0.43%(2016:Nil) Netherlands 2.81%(2016:0.54%) Namibia 0.17%(2016:0.32%) 220,000 220,000 135,000 180,000 120,000 100,000 115,000 140,000 105,000 200,000 200,000 100,000 50,000 80,000 30,000 60,000 90,000 30,000 60,000 95,000 80,000 70,000 50,000 70,000 35,000 20,000 50,000 55,000 20,000 50,000 3.800% 11/08/2026 Banco NacionaldeComercioExteriorSNC Corporate Bonds 22/04/2025 Malaysia SovereignSukukBhd3.043% Corporate Bonds Petroleos Mexicanos5.375%13/03/2022 Petroleos Mexicanos4.770%11/03/2022 Petroleos Mexicanos4.500%23/01/2026 23/02/2027 Comision Federal deElectricidad4.750% Cemex SABdeCV7.750%16/04/2026 22/04/2045 Malaysia SovereignSukukBhd4.236% Petroleos Mexicanos5.500%27/06/2044 Petroleos Mexicanos6.375%23/01/2045 Petroleos Mexicanos6.500%02/06/2041 Mexico Government4.125%21/01/2026 Mexico Government3.600%30/01/2025 Bonds Government Petroleos Mexicanos6.875%04/08/2026 Petroleos Mexicanos6.625%15/06/2035 Mexico Government4.150%28/03/2027 Mexico Government5.750%12/10/2110 Government Bonds Government Mexico Government6.050%11/01/2040 Mongolia Government4.125%05/01/2018 Mexico Government8.300%15/08/2031 Government Bonds Government Mongolia Government5.125%05/12/2022 Morocco Government5.500%11/12/2042 Mongolia Government10.875%06/04/2021 Mongolia Government8.750%09/03/2024 Government Bonds Government 18/01/2023 Mozambique Government10.500% Greenko DutchBV8.000%01/08/2019 Corporate Bonds Namibia Government5.250%29/10/2025 Bonds Government 17/03/2024 Petrobras GlobalFinance BV6.250% HoldingBV7.750%20/01/2020 Majapahit GTH Finance BV7.250%26/04/2023 1,818,270 Fair Value 172,694 230,449 145,456 210,760 175,729 118,393 120,000 111,250 139,825 105,000 233,516 213,250 138,000 103,012 30,150 67,650 49,250 93,544 79,150 26,552 98,316 59,625 81,540 73,000 80,325 40,447 21,875 66,194 22,596 55,219 52,719 55,619 USD %of 0.09 0.21 0.15 0.54 0.29 0.25 0.71 0.45 0.65 0.08 0.54 0.30 0.18 0.37 0.37 0.34 0.25 0.43 5.60 0.23 0.25 0.33 0.74 0.13 0.07 0.21 0.66 0.43 0.07 0.17 0.16 0.17 0.32 NAV

Netherlands 2.81%(2016:0.54%)(continued) Panama 2.81%(2016:4.87%) Pakistan 0.69%(2016:1.26%) Oman 2.35%(2016:Nil) Nigeria 0.65%(2016:Nil) Paraguay 1.54%(2016:1.23%) Philippines 4.23%(2016:3.42%) Peru 3.22%(2016:2.68%) Fixed IncomeSecurities97.01%(2016:97.37%)(continued) Transferable Securities97.01%(2016:97.37%) (continued) Amount Principal (continued) 200,000 200,000 200,000 340,000 200,000 510,000 135,000 185,000 140,000 315,000 190,000 115,000 142,000 193,000 125,000 110,000 220,000 80,000 21,875 15,000 70,000 65,000 49,000 85,000 30,000 90,000 65,000 80,000 Corporate Bonds(continued) Pakistan Government8.250%15/04/2024 Oman Government6.500%08/03/2047 Oman Government4.750%15/06/2026 Oman Government3.625%15/06/2021 Nigeria Government7.875%16/02/2032 23/05/2021 Petrobras GlobalFinance BV8.375% Panama Government3.750%16/03/2025 Bonds Government Bonds Government Bonds Government Bonds Government 7.000% 17/08/2019 Republic of Angola Via NorthernLightsIIIBV Panama Government8.875%30/09/2027 Panama Government6.700%26/01/2036 Panama Government4.000%22/09/2024 Panama Government3.875%17/03/2028 VTR Finance BV6.875%15/01/2024 Government Bonds Government Panama Government9.375%01/04/2029 Panama Government7.125%29/01/2026 Panama Government4.300%29/04/2053 Philippines Government3.700%01/03/2041 Peru Republic7.350%21/07/2025 Peru Republic6.550%14/03/2037 Peru Republic5.625%18/11/2050 Peru Republic4.125%25/08/2027 Bonds Government 15/07/2025 Corp Financiera deDesarrolloSA4.750% Paraguay Government5.000%15/04/2026 Paraguay Government4.625%25/01/2023 Philippines Government3.700%02/02/2042 Bonds Government Peru Republic8.750%21/11/2033 Corporate Bonds Paraguay Government6.100%11/08/2044 Paraguay Government4.700%27/03/2027 Financial year ended31March 2017 1,042,780 Fair Value 221,995 757,537 211,500 201,576 344,461 208,500 577,318 906,662 190,350 234,025 146,475 907,054 312,440 246,810 149,069 169,868 207,958 132,500 114,950 229,625 495,725 136,575 82,000 22,613 15,281 73,185 95,550 61,985 81,388 29,681 69,550 81,600 USD %of 0.69 2.35 0.66 0.62 1.07 0.65 1.79 0.25 0.07 0.05 2.81 0.23 0.59 0.73 0.45 2.81 0.30 0.19 0.25 0.97 0.76 0.46 0.53 0.64 0.41 0.36 0.71 0.09 1.54 0.22 0.25 0.42 3.22 NAV

Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsBondFund(continued) Portfolios ofInvestments Russia 3.73%(2016:4.37%) Romania 0.68%(2016:1.67%) South Africa2.79%(2016:2.08%) Nil(2016:2.91%) Slovenia Serbia Nil(2016:1.86%) Senegal 0.28%(2016:0.55%) Rwanda Nil(2016:0.46%) Philippines 4.23%(2016:3.42%)(continued) Sri Lanka2.28%(2016:1.96%) Fixed IncomeSecurities97.01%(2016:97.37%)(continued) Transferable Securities97.01%(2016:97.37%) (continued) Amount Principal 180,000 200,000 600,000 260,000 155,000 150,000 150,000 235,000 240,000 220,000 210,000 100,000 240,000 46,000 46,000 80,000 18,000 45,000 35,000 90,000 65,000 95,000 15,000 30,000 65,000 24,000 60,000 9,639 Russian Federation 12.750%24/06/2028 Russian Federation 7.500%31/03/2030 Russian Federation 5.875%16/09/2043 Russian Federation 4.875%16/09/2023 Bonds Government Romania Government6.750%07/02/2022 Romania Government6.125%22/01/2044 Romania Government4.875%22/01/2024 Romania Government4.375%22/08/2023 Bonds Government Philippines Government9.500%02/02/2030 Philippines Government7.750%14/01/2031 Philippines Government6.375%23/10/2034 Philippines Government5.500%30/03/2026 Eskom HoldingsSOCLtd5.750%26/01/2021 Corporate Bonds Senegal Government6.250%30/07/2024 Bonds Government Philippines Government5.000%13/01/2037 Philippines Government4.000%15/01/2021 Philippines Government3.950%20/01/2040 Bonds(continued) Government Sri LankaGovernment6.250%27/07/2021 Sri LankaGovernment6.250%04/10/2020 Sri LankaGovernment5.875%25/07/2022 Sri LankaGovernment5.750%18/01/2022 Bonds Government South Africa Government6.250%08/03/2041 South Africa Government5.875%16/09/2025 South Africa Government5.875%30/05/2022 South Africa Government5.375%24/07/2044 South Africa Government4.665%17/01/2024 South Africa Government4.300%12/10/2028 Bonds Government Eskom HoldingsSOCLtd6.750%06/08/2023 1,364,051 1,201,299 Fair Value 216,267 317,699 227,950 644,023 371,150 206,344 150,975 101,116 154,688 736,550 903,875 247,925 246,750 226,050 226,275 243,600 11,627 53,429 56,810 87,000 19,028 71,297 41,366 91,125 75,969 15,825 33,000 71,175 23,700 60,900 94,250 USD %of 0.04 0.68 0.17 0.18 0.27 0.06 4.23 0.22 0.13 3.73 0.98 0.71 2.00 1.15 0.64 0.28 0.24 0.47 0.31 0.48 2.28 0.05 2.79 0.10 0.22 0.07 0.19 0.29 0.77 0.76 0.70 0.70 0.75 NAV

Fixed IncomeSecurities97.01%(2016:97.37%)(continued) Transferable Securities97.01%(2016:97.37%) (continued) Amount Principal Turkey 4.01%(2016:4.45%) Tunisia 0.70%(2016:0.18%) Suriname 0.09%(2016:Nil) Ukraine 3.87%(2016:3.40%) United Kingdom0.65%(2016:Nil) Uruguay 2.74%(2016:0.99%) Venezuela 2.64%(2016:2.37%) (continued) 155,000 235,000 115,000 150,000 125,000 158,000 214,625 209,625 374,750 360,000 100,000 160,000 185,000 370,000 182,000 130,000 30,000 80,000 50,000 85,000 10,000 75,000 90,000 70,000 45,000 50,000 70,000 50,000 45,000 40,000 66,000 Turkey Government3.250%23/03/2023 Bonds Government 30/01/2025 Banque Centralede Tunisie SA5.750% Corporate Bonds Suriname Republic9.250%26/10/2026 Bonds Government Turkey Government4.250%14/04/2026 Turkey Government5.625%30/03/2021 Turkey Government5.375%08/02/2021 Turkey Government4.875%09/10/2026 Turkey Government5.875%24/04/2019 Turkey Government6.000%14/01/2041 Turkey Government7.375%05/02/2025 Turkey Government7.250%05/03/2038 Turkey Government6.875%17/03/2036 Turkey Government6.625%17/02/2045 Turkey Government6.250%26/09/2022 Ukraine Government7.750%01/09/2022 Ukraine Government7.750%01/09/2021 Ukraine Government7.750%01/09/2020 Ukraine Government7.750%01/09/2019 Bonds Government Turkey Government8.000%14/02/2034 Corporate Bonds Ukraine Government7.750%01/09/2026 Ukraine Government7.750%01/09/2024 22/01/2025 Ukreximbank Via BizFinance Plc9.750% Uruguay Government4.125%20/11/2045 Bonds Government Vedanta ResourcesPlc6.375% 30/07/2022 Uruguay Government4.375%27/10/2027 Uruguay Government4.500%14/08/2024 Uruguay Government5.100%18/06/2050 Uruguay Government7.625%21/03/2036 12/04/2017 Petroleos de Venezuela SA5.250% Corporate Bonds Uruguay Government7.875%15/01/2033 12/04/2027 Petroleos de Venezuela SA5.375% Financial year ended31March 2017 1,296,584 1,244,544 Fair Value 142,116 226,481 120,247 151,313 120,469 156,420 206,442 206,900 374,936 367,918 120,250 156,800 207,151 193,556 357,974 174,993 884,780 170,950 30,038 73,950 51,906 96,369 11,306 81,375 95,963 74,900 41,423 46,925 61,950 50,351 48,150 52,200 22,754 USD %of 0.44 0.70 0.09 0.23 0.37 0.47 0.37 0.16 0.48 0.30 0.04 0.25 0.30 0.23 0.64 0.64 1.17 1.14 0.37 4.01 0.13 0.15 3.87 0.49 0.19 0.65 0.16 0.60 0.15 1.11 0.16 0.54 2.74 0.53 0.07 NAV

91 LAZARD GLOBAL INVESTMENT FUNDS PLC 92 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsBondFund(continued) Portfolios ofInvestments Venezuela 2.64%(2016:2.37%)(continued) Fixed IncomeSecurities97.01%(2016:97.37%)(continued) Transferable Securities97.01%(2016:97.37%) (continued) Amount Principal Open ForwardForeignCurrency ExchangeContracts0.27%(2016:0.12%) Financial Derivative Instruments0.27%(2016:0.12%) Date Maturity Zambia 0.64%(2016:Nil) Vietnam 0.51%(2016:0.66%) 18/04/17 18/04/17 Derivative Instruments Total Value ofInvestmentsexcluding Financial Total Transferable Securities Total FixedIncomeSecurities 110,301 136,000 200,000 62,000 20,000 76,000 90,000 76,000 75,000 75,000 53,000 80,000 21,000 64,000 95,000 77,000 23,000 50,000 68,000 61,000 30,800 55,000 66,000 27,000 12/04/2037 Petroleos de Venezuela SA5.500% Corporate Bonds(continued) Venezuela Government6.000%09/12/2020 Bonds Government 17/02/2022 Petroleos de Venezuela SA12.750% 17/05/2035 Petroleos de Venezuela SA9.750% 17/11/2021 Petroleos de Venezuela SA9.000% 27/10/2020 Petroleos de Venezuela SA8.500% 15/11/2026 Petroleos de Venezuela SA6.000% 16/05/2024 Petroleos de Venezuela SA6.000% Government Bonds Government Vietnam Government4.800%19/11/2024 Bonds Government Venezuela Government7.000%01/12/2018 Zambia Government8.500%14/04/2024 Vietnam Government6.750%29/01/2020 Venezuela Government13.625%15/08/2018 Venezuela Government12.750%23/08/2022 Venezuela Government11.950%05/08/2031 Venezuela Government11.750%21/10/2026 Venezuela Government9.375%13/01/2034 Venezuela Government9.250%07/05/2028 Venezuela Government9.250%15/09/2027 Venezuela Government9.000%07/05/2023 Venezuela Government8.250%13/10/2024 Venezuela Government7.750%13/10/2019 Venezuela Government7.650%21/04/2025 Venezuela Government7.000%31/03/2038 Bought Amount USD 80,908 EUR 6,878,097 Sold Amount EUR 76,501 USD 7,274,551 31,306,037 31,306,037 31,306,037 Gain/(Loss) Fair Value Unrealised 164,108 851,758 205,874 43,415 39,519 37,419 55,875 38,341 50,286 21,074 87,600 76,508 17,771 37,440 49,163 40,233 10,120 21,750 32,300 28,518 13,398 31,900 28,050 10,969 36,570 86,459 9,900 (965) USD USD %of 97.01 97.01 97.01 (0.00) 0.13 0.12 0.12 0.17 0.12 0.16 0.07 0.03 0.51 0.27 0.24 2.64 0.06 0.12 0.15 0.12 0.03 0.07 0.10 0.09 0.04 0.10 0.09 0.03 0.11 0.64 0.27 NAV % of NAV

Date Maturity fixed incomesecurities. ofissuerforgovernmenttype fixedincomesecuritiesandcountry issuer forcorporate Fixed ofthe incomesecuritiesareprimarilyclassified ofincorporation bythecountry Bank and Trust Company. The counterpartyfortheopenforwardforeigncurrency Street exchangecontractsisState Total Assets Other assets instruments Over thecounterfinancialderivative Transferable market securitiesotherthanthosedealtinonanotherregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets(unaudited) Net Assets Other NetAssets(2016:2.51%) Total Investments(2016:97.49%) Total FinancialDerivative Instruments exchange contracts Net unrealisedgainonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange Open ForwardForeignCurrency ExchangeContracts0.27%(2016:0.12%)(continued) Financial Derivative Instruments0.27%(2016:0.12%)(continued) (continued) Bought Amount Financial year ended31March 2017 Sold Amount 32,269,715 31,391,531 Gain/(Loss) Fair Value Unrealised 878,184 85,494 85,494 86,459 (965) USD % oftotalassets USD 100.00 100.00 %of 20.54 76.31 97.28 (0.00) 2.72 2.88 0.27 0.27 0.27 0.27 NAV % of NAV

Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsLocalDebtFund Lazard Global InvestmentFundsplc Portfolios ofInvestments Argentina 2.84%(2016:Nil) Brazil 11.90%(2016:12.79%) 10,651,000,000 10,651,000,000 14,567,000,000 Colombia 7.17%(2016:6.47%) China 0.33%(2016:0.36%) Chile 0.74%(2016:0.37%) Cayman IslandsNil(2016:0.05%) Ghana 0.53%(2016:Nil) 10,199,000,000 10,992,000,000 Fixed IncomeSecurities96.11%(2016:97.15%) Transferable Securities96.11%(2016:97.15%) Amount Principal 1,225,000,000 4,508,000,000 27,800,000 40,650,000 25,870,000 17,300,000 14,060,000 16,500,000 15,920,000 1,480,000 8,900,000 8,980,000 6,520,000 1,300,000 2,805,000 8,980,000 3,100,000 6,000,000 3,550,000 770,000 170,000 530,000 540,000 460,000 430,000 50,000 90,000 Argentina Government1.000%01/03/2018 Bonds Government Argentina Government15.500%17/10/2026 Argentina Government21.200%19/09/2018 Argentina Government22.475%11/03/2019 Argentina Government22.750%05/03/2018 Brazil Government10.000%01/01/2021 Bonds Government Argentina Government22.965%09/10/2017 Brazil Government10.000%01/01/2023 Brazil Government10.000%01/01/2025 Brazil Government10.000%01/01/2027 Brazil Government17.830%15/05/2035 Brazil Government17.830%15/08/2050 Brazil Treasury Bill-Zerocoupon01/07/2018 Brazil Treasury Bill-Zerocoupon01/10/2018 Brazil Treasury Bill-Zerocoupon01/01/2019 Colombia Government7.000%04/05/2022 Colombia Government6.000%28/04/2028 Bonds Government China Government3.250%22/05/2019 Bonds Government Chile Government4.500%01/03/2026 Bonds Government Brazil Treasury Bill-Zerocoupon01/01/2020 Colombia Government11.000%24/07/2020 Colombia Government10.000%24/07/2024 Colombia Government7.500%26/08/2026 Ghana Government19.040%24/09/2018 Ghana Government21.000%07/01/2019 Ghana Government22.490%23/04/2018 Ghana Government22.500%10/12/2018 Ghana Government23.230%19/02/2018 Ghana Government23.470%21/05/2018 Ghana Government24.440%29/05/2017 Ghana Government25.480%24/04/2017 31,222,020 18,801,780 1,915,430 2,995,889 1,783,076 5,616,731 7,464,705 2,906,455 4,543,555 2,102,245 1,362,888 2,981,221 2,526,885 4,438,700 3,805,198 4,745,033 1,928,074 1,928,074 3,890,558 4,037,755 4,565,379 1,648,415 1,368,453 Fair Value 101,712 615,580 852,782 856,187 856,187 831,545 127,074 128,097 109,540 53,018 11,451 40,110 20,930 99,706 USD %of 11.90 NAV 0.73 1.14 0.04 0.02 0.68 2.14 2.84 0.23 1.11 1.73 0.80 0.52 1.14 0.96 0.33 1.69 1.45 1.81 0.33 0.33 0.74 0.74 1.48 7.17 1.54 1.74 0.63 0.00 0.32 0.02 0.05 0.05 0.04 0.01 0.53 0.04

Indonesia 8.68%(2016:10.85%) India Nil(2016:0.89%) 1.85%(2016:6.15%) Hungary 67,628,000,000 67,628,000,000 24,906,000,000 51,594,000,000 68,005,000,000 54,289,000,000 Malaysia 7.10%(2016:7.94%) Mexico 9.65%(2016:8.70%) Peru 3.74%(2016:1.36%) 7,119,000,000 1,189,800,000 5,960,000,000 Amount Principal Fixed IncomeSecurities96.11%(2016:97.15%)(continued) Transferable Securities96.11%(2016:97.15%) (continued) 136,112,000 (continued) 11,530,000 11,360,000 17,797,000 12,350,000 11,755,897 61,640,000 15,500,000 45,200,000 60,014,000 19,475,000 50,098,000 56,558,000 14,080,000 6,400,000 9,890,000 5,940,000 9,190,000 2,780,000 8,350,000 6,641,000 7,607,000 4,750,000 3,890,000 Indonesia Government6.125%15/05/2028 Bonds Government Government5.500%24/06/2025 Hungary Bonds Government Indonesia Government9.000%15/03/2029 Indonesia Government8.750%15/05/2031 Indonesia Government8.375%15/03/2034 Indonesia Government8.375%15/09/2026 Indonesia Government8.375%15/03/2024 Indonesia Government7.000%15/05/2027 Malaysia Government3.260%01/03/2018 Bonds Government Malaysia Government3.620%30/11/2021 Malaysia Government3.654%31/10/2019 Malaysia Government3.844%15/04/2033 Malaysia Government3.955%15/09/2025 Malaysia Government4.048%30/09/2021 Malaysia Government4.181%15/07/2024 Malaysia Government4.254%31/05/2035 Malaysia Government4.498%15/04/2030 America MovilSABdeCV6.000%09/06/2019 Corporate Bonds Mexico Government4.000%15/11/2040 Bonds Government Petroleos Mexicanos7.470%12/11/2026 Mexico Government5.000%11/12/2019 Mexico Government5.750%05/03/2026 Mexico Government6.500%10/06/2021 Mexico Government6.500%09/06/2022 Mexico Government7.500%03/06/2027 Mexico Government7.750%29/05/2031 Mexico Government7.750%13/11/2042 Mexico Government10.000%05/12/2024 Peru Republic6.350%12/08/2028 Bonds Government Fondo MiviviendaSA7.000%14/02/2024 Corporate Bonds Peru Republic6.900%12/08/2037 Peru Republic6.950%12/08/2031 Financial year ended31March 2017 22,749,094 18,635,466 25,329,250 4,851,157 4,851,157 5,690,334 2,078,774 4,109,942 5,558,900 4,378,748 1,444,935 2,211,311 2,605,303 1,232,526 2,520,737 4,055,649 2,079,716 1,887,264 6,909,251 3,000,222 2,355,486 3,277,530 1,077,621 2,753,719 3,537,850 2,430,187 1,477,827 4,604,481 9,798,940 1,286,445 Fair Value 485,612 446,784 598,025 634,813 662,275 309,673 810,810 USD %of NAV 0.19 1.85 1.85 0.17 2.17 0.79 1.57 2.12 1.67 8.68 0.55 0.84 0.99 0.47 0.96 1.55 0.79 0.23 0.72 7.10 0.24 0.25 0.12 2.63 1.14 0.31 0.90 1.25 0.41 1.05 1.35 9.65 0.93 0.56 1.76 3.74 0.49

93 LAZARD GLOBAL INVESTMENT FUNDS PLC 94 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsLocalDebtFund(continued) Portfolios ofInvestments Philippines 0.52%(2016:0.59%) Poland 7.60%(2016:8.19%) Romania 1.35%(2016:1.90%) Russia 7.95%(2016:7.05%) South Africa9.87%(2016:8.99%) Thailand 5.71%(2016:5.77%) Turkey 8.08%(2016:8.73%) Fixed IncomeSecurities96.11%(2016:97.15%)(continued) Transferable Securities96.11%(2016:97.15%) (continued) Amount Principal 389,438,000 153,020,000 173,161,000 169,950,000 205,990,000 119,240,000 136,350,000 105,995,000 235,340,000 132,530,000 50,000,000 25,260,000 15,000,000 23,800,000 19,030,000 73,580,000 24,200,000 36,870,000 51,510,000 26,180,000 20,500,000 35,090,000 10,580,000 8,055,000 4,980,000 7,720,000 2,000,000 9,500,000 3,780,000 5,368,277 7,170,000 990,000 Philippines Government4.950%15/01/2021 Bonds Government Poland Government3.250%25/07/2025 Bonds Government Philippines Government6.250%14/01/2036 Poland Government5.250%25/10/2020 Poland Government5.750%23/09/2022 Romania Government3.250%22/03/2021 Bonds Government Poland Government-Zerocoupon25/10/2018 Romania Government4.750%24/02/2025 Russian Federation 6.400%27/05/2020 Government Bonds Government Romania Government5.950%11/06/2021 Russian Federation 6.700%15/05/2019 Russian Federation 7.000%16/08/2023 Russian Federation 7.750%16/09/2026 Russian Federation 7.050%19/01/2028 Russian Federation 7.850%10/03/2018 South Africa Government 7.750%28/02/2023 Bonds Government Transnet SOCLtd9.500%13/05/2021 Corporate Bonds Russian Federation 8.500%17/09/2031 South Africa Government 8.250%31/03/2032 South Africa Government 8.500%31/01/2037 South Africa Government 8.750%28/02/2048 Thailand Government3.580%17/12/2027 Bonds Government South Africa Government10.500%21/12/2026 Thailand Government3.650%17/12/2021 Thailand Government3.850%12/12/2025 Thailand Government3.875%13/06/2019 Turkey Government6.300%14/02/2018 Bonds Government Thailand Government4.875%22/06/2029 Turkey Government7.100%08/03/2023 Turkey Government8.000%12/03/2025 Turkey Government9.500%12/01/2022 Turkey Government10.700%17/02/2021 19,929,826 20,863,243 25,862,595 14,994,044 21,166,721 1,013,951 6,368,954 1,347,065 6,573,617 2,319,755 4,667,500 1,263,365 6,606,571 3,554,952 2,052,878 2,635,799 2,941,240 2,992,274 3,438,535 5,345,356 2,213,717 9,219,629 1,633,057 1,140,447 8,730,698 7,333,246 4,231,480 1,571,798 6,926,649 1,237,535 8,253,013 1,867,490 2,882,034 Fair Value 333,114 238,709 680,954 252,901 717,073 35,107 USD %of NAV 0.39 2.43 0.52 0.13 2.51 0.88 0.09 7.60 1.78 0.48 2.52 1.35 0.78 1.01 1.12 1.14 1.31 0.01 2.04 0.26 7.95 0.84 3.52 0.10 0.62 0.43 9.87 3.33 2.80 1.61 0.60 2.65 5.71 0.27 0.47 3.15 0.71 8.08 1.10

Uruguay 0.50%(2016:Nil) Derivative Instruments Total Value ofInvestmentsexcluding Financial Total Transferable Securities Total FixedIncomeSecurities Fixed IncomeSecurities96.11%(2016:97.15%)(continued) Transferable Securities96.11%(2016:97.15%) (continued) Amount Principal Date Maturity 10/05/2017 10/05/2017 10/05/2017 10/05/2017 03/05/2017 17/04/2017 17/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 04/04/2017 05/09/2017 05/09/2017 11/07/2017 11/07/2017 11/07/2017 19/04/2017 19/04/2017 06/04/2017 Open ForwardForeignCurrency ExchangeContracts0.44%(2016:(0.06)%) Financial Derivative Instruments0.56%(2016:(0.06)%) (continued) 12,820,000 10,453,000 9,021,721 6,410,000 1,460,000 Uruguay Government4.375%15/12/2028 Government Bonds Government Uruguay Government13.250%08/04/2018 29/09/2017 Uruguay Treasury Bill-Zerocoupon 08/02/2018 Uruguay Treasury Bill-Zerocoupon 08/03/2018 Uruguay Treasury Bill-Zerocoupon Bought Amount BRL 1,314,364 BRL 1,314,363 BRL 1,314,363 BRL 1,314,363 BRL 3,495,981 BRL 2,915,727 BRL 1,554,894 BRL 2,891,624 BRL 2,702,762 BRL 2,444,494 BRL 2,430,713 BRL 1,849,841 BRL 1,811,922 BRL 1,700,006 BRL 1,181,340 BRL 1,031,717 BRL 1,028,970 BRL 752,236 BRL 682,431 BRL 614,920 BRL 449,083 BRL 160,475 BRL 8,233,954 ARS 15,803,200 ARS 14,651,030 ARS 11,669,000 ARS 7,671,328 ARS 7,671,328 ARS 24,590,000 ARS 14,910,000 ARS 5,360,000 Financial year ended31March 2017 Sold Amount USD 414,927 USD 415,872 USD 415,648 USD 415,136 USD 1,106,919 USD 934,558 USD 492,242 USD 897,797 USD 824,421 USD 746,242 USD 739,831 USD 560,191 USD 543,794 USD 510,206 USD 357,711 USD 314,169 USD 313,758 USD 229,579 USD 209,495 USD 188,742 USD 136,098 USD 49,263 USD 2,627,299 USD 952,000 USD 881,000 USD 700,000 USD 444,200 USD 443,429 USD 1,476,877 USD 895,496 USD 315,294 252,014,619 252,014,619 252,014,619 Gain/(Loss) 1,291,047 Fair Value Unrealised 290,588 224,079 401,969 326,480 (13,090) (19,052) (33,886) 112,138 47,931 (4,359) (5,304) (5,080) (4,568) (4,023) 12,734 26,639 23,494 25,566 22,297 26,754 25,101 14,276 10,703 10,250 26,702 33,542 34,313 67,994 32,924 7,289 5,392 4,888 5,312 1,268 5,738 6,912 USD USD %of (0.00) (0.01) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) 96.11 96.11 96.11 NAV % of 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.05 0.04 0.01 NAV 0.11 0.09 0.02 0.16 0.12 0.50

Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsLocalDebtFund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments 13/12/2017 13/12/2017 04/12/2017 04/12/2017 04/12/2017 04/12/2017 27/11/2017 27/11/2017 27/11/2017 27/11/2017 27/11/2017 05/06/2017 05/05/2017 05/05/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 13/06/2017 13/06/2017 13/06/2017 13/06/2017 13/06/2017 13/06/2017 13/06/2017 13/06/2017 13/06/2017 13/06/2017 13/06/2017 13/06/2017 13/06/2017 13/06/2017 13/06/2017 18/04/2017 18/04/2017 05/07/2017 05/07/2017 05/07/2017 04/04/2017 04/04/2017 09/02/2018 09/02/2018 10/05/2017 10/05/2017 10/05/2017 10/05/2017 10/05/2017 10/05/2017 10/05/2017 10/05/2017 Open ForwardForeignCurrency ExchangeContracts0.44%(2016:(0.06)%) Financial Derivative Instruments0.56%(2016:(0.06)%) Date Maturity IDR 4,883,186,210 IDR 4,165,674,450 IDR 11,398,800,000 IDR 4,952,014,480 IDR 4,152,435,816 IDR 4,152,435,816 IDR 8,253,690,768 IDR 2,794,204,496 IDR 2,794,204,496 IDR 2,790,160,496 IDR 69,489,744 IDR 4,940,009,480 HUF 91,347,700 HUF 80,127,600 HUF 1,269,840,982 HUF 1,269,840,982 GBP 24,054 GBP 557 EUR 9,815,329 EUR 1,000,000 EUR 223,036 COP 334,785,550 COP 333,410,000 COP 332,310,000 COP 331,210,000 COP 331,210,000 COP 326,865,000 COP 325,710,000 COP 325,600,000 COP 324,060,000 COP 323,840,000 COP 323,730,000 COP 322,960,000 COP 322,190,000 COP 321,640,000 COP 321,035,000 COP 2,923,393,543 CLP 404,735,000 CAD 416,670 CAD 363,321 CAD 277,790 CAD 900,296 CAD 555,580 BRL 1,982,966 BRL 844,610 BRL 1,314,364 BRL 1,314,364 BRL 1,314,364 BRL 1,314,364 BRL 1,314,364 BRL 1,314,364 BRL 1,314,364 BRL 1,314,364 Bought Amount USD 343,523 USD 292,945 USD 779,938 USD 339,179 USD 283,249 USD 282,575 USD 558,021 USD 192,108 USD 191,976 USD 191,107 USD 4,849 USD 349,241 USD 310,000 USD 280,000 USD 4,400,537 USD 4,404,888 USD 29,302 USD 696 USD 10,381,084 USD 1,080,000 USD 239,973 USD 110,000 USD 110,000 USD 110,000 USD 110,000 USD 110,000 USD 110,000 USD 110,000 USD 110,000 USD 110,000 USD 110,000 USD 110,000 USD 110,000 USD 110,000 USD 110,000 USD 110,000 USD 969,199 USD 610,000 USD 310,000 USD 280,000 USD 209,361 USD 677,832 USD 415,542 USD 589,642 USD 250,924 USD 415,800 USD 416,320 USD 415,793 USD 415,714 USD 415,780 USD 415,609 USD 414,914 USD 414,953 Sold Amount (continued) Gain/(Loss) Unrealised 123,381 (2,219) (5,067) (9,790) (1,278) (7,222) (2,759) (2,655) (5,231) (5,752) (5,225) (5,146) (5,212) (5,041) (4,345) (4,385) 13,457 11,583 53,977 23,101 20,535 21,210 46,151 12,429 12,561 13,134 18,950 38,947 6,678 4,579 4,108 3,732 3,356 3,356 1,868 1,473 1,435 2,832 1,050 (717) (127) (798) (907) 237 787 908 833 795 532 268 883 USD 80 1 (continued) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.00 0.01 0.00 0.02 0.01 0.01 0.01 0.02 0.00 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 NAV Open ForwardForeignCurrency ExchangeContracts0.44%(2016:(0.06)%) Date Maturity Financial Derivative Instruments0.56%(2016:(0.06)%) 05/01/2018 19/07/2017 19/07/2017 20/04/2017 18/04/2017 06/07/2017 06/07/2017 05/04/2017 05/04/2017 05/04/2017 16/08/2017 16/08/2017 16/08/2017 20/03/2018 08/01/2018 08/01/2018 08/01/2018 05/01/2018 05/01/2018 05/01/2018 05/01/2018 05/01/2018 05/01/2018 05/01/2018 05/01/2018 05/01/2018 05/01/2018 05/01/2018 05/01/2018 05/01/2018 27/12/2017 27/12/2017 27/12/2017 27/12/2017 27/12/2017 27/12/2017 27/12/2017 27/12/2017 27/12/2017 27/12/2017 27/12/2017 27/12/2017 27/12/2017 27/12/2017 21/12/2017 21/12/2017 21/12/2017 20/12/2017 15/12/2017 15/12/2017 15/12/2017 14/12/2017 13/12/2017 (continued) Bought Amount IDR 1,585,881,069 PEN 5,374,981 PEN 562,870 MYR 8,682,399 MXN 36,919,206 507,804,000 KRW 419,765,000 KRW 514,294,230 KRW 277,083,055 KRW 271,083,605 KRW INR 164,122,253 INR 39,513,594 INR 37,248,968 IDR 10,726,100,000 IDR 13,816,728,713 IDR 6,917,379,066 IDR 4,617,307,848 IDR 15,188,140,000 IDR 15,008,960,000 IDR 13,148,331,011 IDR 7,352,903,707 IDR 5,989,160,452 IDR 4,897,186,181 IDR 4,539,039,263 IDR 3,004,555,249 IDR 3,004,555,249 IDR 2,856,971,108 IDR 2,274,990,179 IDR 1,804,096,193 IDR 928,352,644 IDR 24,655,686,112 IDR 16,552,877,254 IDR 15,589,540,410 IDR 10,334,209,259 IDR 9,148,310,220 IDR 5,784,403,578 IDR 5,515,093,709 IDR 4,965,840,768 IDR 4,857,120,618 IDR 4,759,348,262 IDR 4,618,142,208 IDR 4,602,583,808 IDR 2,306,378,700 IDR 2,298,603,075 IDR 10,310,400,000 IDR 3,727,492,379 IDR 2,514,984,875 IDR 9,148,310,220 IDR 8,021,979,196 IDR 5,784,403,578 IDR 2,312,230,063 IDR 4,857,120,618 IDR 6,540,679,750 Financial year ended31March 2017 Sold Amount USD 111,760 USD 1,570,000 USD 170,000 USD 1,950,268 USD 1,867,984 USD 440,000 USD 370,000 USD 426,164 USD 229,556 USD 224,630 USD 2,398,396 USD 577,347 USD 544,257 USD 770,000 USD 969,867 USD 485,601 USD 324,934 USD 1,054,000 USD 1,054,000 USD 926,727 USD 518,466 USD 422,814 USD 346,179 USD 321,007 USD 211,887 USD 211,887 USD 201,550 USD 160,458 USD 127,273 USD 65,492 USD 1,715,417 USD 1,149,505 USD 1,082,682 USD 717,205 USD 635,167 USD 401,054 USD 382,329 USD 344,910 USD 337,206 USD 331,200 USD 320,038 USD 318,959 USD 160,332 USD 159,570 USD 720,000 USD 259,937 USD 175,444 USD 635,962 USD 563,935 USD 406,779 USD 162,913 USD 340,373 USD 462,076 (continued) Gain/(Loss) Unrealised 66,511 10,399 88,008 14,581 33,733 18,220 17,780 84,593 20,451 19,279 37,696 18,838 11,776 54,128 41,055 32,576 18,002 14,155 11,120 10,162 84,945 59,188 55,669 37,400 32,844 21,324 20,384 17,697 17,461 16,328 17,180 17,122 33,238 12,379 32,433 22,408 16,015 14,673 16,075 2,240 3,946 1,376 5,769 2,993 7,326 7,326 6,895 5,526 4,354 8,080 8,275 8,291 6,092 USD (continued) % of NAV 0.00 0.00 0.04 0.00 0.00 0.04 0.01 0.00 0.01 0.01 0.01 0.04 0.01 0.01 0.00 0.01 0.01 0.00 0.02 0.02 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.03 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.01

95 LAZARD GLOBAL INVESTMENT FUNDS PLC 96 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsLocalDebtFund(continued) Portfolios ofInvestments Open ForwardForeignCurrency ExchangeContracts0.44%(2016:(0.06)%) Financial Derivative Instruments0.56%(2016:(0.06)%) Date Maturity 09/02/2018 09/02/2018 03/05/2017 17/04/2017 17/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 04/04/2017 04/04/2017 11/07/2017 11/07/2017 19/04/2017 06/04/2017 06/07/2017 06/07/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 18/04/2017 17/04/2017 17/04/2017 15/05/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 19/07/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 Bought Amount USD 1,003,649 USD 462,292 USD 2,611,881 USD 1,110,540 USD 310,000 USD 893,718 USD 520,000 USD 450,000 USD 419,255 USD 418,854 USD 418,787 USD 418,721 USD 418,721 USD 418,654 USD 418,587 USD 418,587 USD 418,134 USD 417,988 USD 417,922 USD 417,922 USD 1,670,000 USD 898,020 USD 717,151 USD 193,392 USD 386,049 USD 343,700 TWD 14,505,375 TWD 9,495,300 TWD 22,552,079 TWD 22,552,079 TWD 5,891,640 TWD 5,891,640 TRY 2,035,945 THB 167,678,040 THB 57,931,740 SGD 736,762 42,123,603 RUB 38,172,370 RUB 35,932,214 RUB 29,036,145 RUB 25,844,747 RUB 24,931,213 RUB 20,695,091 RUB 12,780,740 RUB 11,425,693 RUB 11,409,845 RUB 9,595,436 RUB 8,474,177 RUB RON 8,886,289 PLN 6,555,580 PLN 6,555,580 PLN 6,555,580 PLN 6,555,579 Sold Amount BRL 3,515,784 BRL 1,619,040 BRL 8,233,954 BRL 3,495,981 BRL 974,640 BRL 2,891,624 BRL 1,646,320 BRL 1,422,225 BRL 1,314,364 BRL 1,314,363 BRL 1,314,364 BRL 1,314,364 BRL 1,314,364 BRL 1,314,364 BRL 1,314,364 BRL 1,314,363 BRL 1,314,363 BRL 1,314,364 BRL 1,314,364 BRL 1,314,364 BRL 5,342,330 BRL 2,891,624 ARS 12,084,000 ARS 3,258,656 ARS 6,254,000 ARS 5,360,000 USD 470,000 USD 310,000 USD 744,023 USD 697,991 USD 194,373 USD 182,432 USD 539,552 USD 4,781,920 USD 1,651,700 USD 520,000 USD 682,731 USD 630,940 USD 590,324 USD 478,477 USD 417,882 USD 402,118 USD 341,523 USD 209,676 USD 189,060 USD 187,469 USD 157,531 USD 137,269 USD 2,105,157 USD 1,611,103 USD 1,611,094 USD 1,610,854 USD 1,610,142 (continued) Gain/(Loss) Unrealised (37,074) (16,967) (16,813) (12,650) (12,742) (35,395) (18,086) (12,845) (9,545) (4,518) 35,627 12,841 10,064 45,260 11,739 17,125 97,165 33,994 63,833 45,595 46,508 36,135 40,169 39,742 25,260 16,839 13,439 14,749 12,531 12,920 43,302 43,312 43,552 44,263 3,974 1,598 2,162 5,381 4,980 4,913 4,846 4,846 4,780 4,713 4,713 4,260 4,114 4,048 4,048 4,253 7,442 (772) (202) USD (continued) (0.01) (0.01) (0.01) (0.00) (0.00) (0.01) (0.00) (0.01) (0.00) (0.00) (0.00) (0.00) % of 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.01 0.05 0.01 0.00 0.03 0.02 0.02 0.01 0.02 0.02 0.01 0.01 0.01 0.01 0.00 0.00 0.02 0.02 0.02 0.02 NAV Open ForwardForeignCurrency ExchangeContracts0.44%(2016:(0.06)%) Date Maturity Financial Derivative Instruments0.56%(2016:(0.06)%) 04/04/2017 09/02/2018 09/02/2018 05/05/2017 05/05/2017 05/05/2017 05/05/2017 05/05/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 05/07/2017 05/07/2017 05/07/2017 05/07/2017 05/07/2017 05/07/2017 05/07/2017 05/07/2017 05/07/2017 05/07/2017 05/07/2017 05/07/2017 04/04/2017 04/04/2017 06/07/2017 06/07/2017 05/04/2017 05/04/2017 05/04/2017 16/08/2017 05/01/2018 05/01/2018 27/12/2017 27/12/2017 27/12/2017 21/12/2017 20/12/2017 15/12/2017 15/12/2017 14/12/2017 13/12/2017 04/12/2017 27/11/2017 05/06/2017 18/04/2017 18/04/2017 18/04/2017 05/05/2017 05/05/2017 05/05/2017 (continued) Bought Amount USD 207,019 USD 1,637,029 USD 1,637,029 USD 607,707 USD 602,759 USD 602,116 USD 601,838 USD 601,493 USD 480,000 USD 871 USD 132,000 USD 894,622 USD 2,991,747 USD 753,310 USD 748,234 USD 678,567 USD 552,139 USD 538,078 USD 416,046 USD 339,922 USD 325,861 USD 198,419 USD 169,081 USD 131,766 USD 124,690 USD 670,981 USD 209,132 USD 155,557 USD 125,258 USD 425,013 USD 228,960 USD 224,027 USD 320,000 USD 590,000 USD 310,000 USD 500,000 USD 480,000 USD 4,827 USD 1,150,304 USD 635,741 USD 718,477 USD 401,695 USD 337,769 USD 1,084,716 USD 1,721,165 USD 1,170,000 USD 357,842 USD 1,407,046 USD 1,406,207 USD 1,406,102 USD 608,817 USD 608,657 USD 608,582 Financial year ended31March 2017 Sold Amount CAD 277,790 BRL 5,750,392 BRL 5,751,702 HUF 173,254,169 HUF 173,254,169 HUF 173,254,170 HUF 173,254,169 HUF 173,254,169 HUF 141,417,552 GBP 715 EUR 124,811 CNH 6,200,000 CLP 1,990,109,901 CAD 994,693 CAD 986,773 CAD 900,296 CAD 734,811 CAD 713,707 CAD 555,580 CAD 450,826 CAD 433,985 CAD 264,750 CAD 225,651 CAD 173,737 CAD 164,180 CAD 900,296 CAD 277,790 KRW 182,981,499 KRW 149,933,970 KRW 514,294,230 KRW 277,083,055 KRW 271,083,605 KRW INR 21,753,600 IDR 8,268,850,000 IDR 4,343,100,000 IDR 7,192,000,000 IDR 6,705,600,000 IDR 69,489,744 IDR 16,552,877,254 IDR 9,148,310,220 IDR 10,334,209,259 IDR 5,784,403,578 IDR 4,857,120,618 IDR 15,589,540,410 IDR 24,655,686,112 IDR 16,701,750,000 IDR 4,940,009,480 IDR 18,860,050,000 IDR 18,860,050,000 IDR 18,860,050,000 HUF 173,254,169 HUF 173,254,169 HUF 173,254,169 (continued) Gain/(Loss) Unrealised (65,172) (65,559) (12,009) (34,883) (18,815) (18,384) (13,296) (25,161) (58,985) (32,654) (36,872) (21,099) (17,277) (54,943) (82,600) (52,573) (10,348) (1,278) (9,992) (1,574) (6,520) (1,078) (4,091) (8,246) (8,961) (9,108) (6,873) (9,644) (6,198) (7,037) (7,142) 7,081 2,133 1,490 1,212 6,504 7,375 2,634 2,234 1,446 1,326 1,426 8,191 8,031 7,956 (353) (336) (247) (23) 867 450 836 USD 29 (continued) (0.03) (0.05) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.01) (0.01) (0.01) (0.01) (0.00) (0.03) (0.01) (0.01) (0.01) (0.01) (0.03) (0.05) (0.03) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsLocalDebtFund(continued) Portfolios ofInvestments 15/05/2017 15/05/2017 15/05/2017 15/05/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 10/04/2017 19/07/2017 19/07/2017 19/07/2017 18/04/2017 19/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 Open ForwardForeignCurrency ExchangeContracts0.44%(2016:(0.06)%) Financial Derivative Instruments0.56%(2016:(0.06)%) Date Maturity USD 2,687,106 USD 1,082,587 USD 991,699 USD 885,714 USD 2,650,000 USD 1,606,246 USD 904,058 USD 832,047 USD 702,071 USD 410,304 USD 317,909 USD 340,000 USD 250,000 USD 163,054 USD 146,946 USD 108,000 USD 108,000 USD 108,000 USD 108,000 USD 108,000 USD 108,000 USD 108,000 USD 108,000 USD 108,000 USD 108,000 USD 108,000 USD 108,000 USD 108,000 USD 108,000 USD 108,000 USD 92,689 USD 77,311 USD 16,374 USD 13,626 USD 969,252 USD 540,748 USD 410,000 USD 277,204 USD 1,619,946 USD 443,751 USD 442,259 USD 434,249 USD 427,630 USD 426,588 USD 416,835 USD 335,907 USD 236,555 USD 229,727 USD 224,788 USD 213,815 USD 204,443 USD 203,871 USD 203,871 Bought Amount SGD 3,803,639 SGD 1,541,030 SGD 1,411,733 SGD 1,260,726 154,626,970 RUB 95,697,745 RUB 52,419,561 RUB 47,718,731 RUB 40,417,176 RUB 23,146,499 RUB 18,200,930 RUB 20,008,796 RUB 14,969,375 RUB 9,750,879 RUB 8,785,897 RUB 6,155,244 RUB 6,169,500 RUB 6,186,618 RUB 6,181,812 RUB 6,254,442 RUB 6,297,642 RUB 6,206,490 RUB 6,236,784 RUB 6,265,620 RUB 6,289,920 RUB 6,429,780 RUB 6,475,194 RUB 6,418,710 RUB 6,397,164 RUB 6,458,130 RUB 5,499,530 RUB 4,610,157 RUB 979,414 RUB 814,648 RUB RON 4,066,498 RON 2,264,484 RON 1,758,347 PHP 13,973,858 PEN 5,374,981 531,613,962 KRW 532,395,662 KRW 520,186,614 KRW 508,708,719 KRW 514,294,230 KRW 497,909,670 KRW 401,768,887 KRW 281,419,914 KRW 277,083,055 KRW 271,083,605 KRW 254,568,175 KRW 240,486,501 KRW 245,623,251 KRW 245,235,897 KRW Sold Amount (continued) Gain/(Loss) Unrealised (35,887) (20,623) (18,949) (16,829) (85,292) (86,610) (23,224) (12,079) (12,893) (14,619) (15,305) (16,565) (32,144) (34,336) (31,417) (27,761) (33,803) (28,888) (23,753) (15,369) (18,315) (17,883) (14,072) (10,838) (16,009) (15,662) (4,058) (9,762) (8,768) (1,090) (1,343) (1,646) (1,561) (2,849) (3,614) (1,999) (2,536) (3,047) (3,477) (5,956) (6,761) (5,760) (5,378) (6,459) (4,780) (4,396) (4,010) (1,116) 11,779 7,566 (984) (812) 852 USD (continued) (0.01) (0.01) (0.01) (0.01) (0.05) (0.05) (0.01) (0.00) (0.00) (0.00) (0.01) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.00) (0.01) (0.01) % of 0.00 0.00 0.00 NAV Open ForwardForeignCurrency ExchangeContracts0.44%(2016:(0.06)%) Date Maturity Financial Derivative Instruments0.56%(2016:(0.06)%) exchange contracts Net unrealisedgainonopenforwardforeign currency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 05/07/2017 05/07/2017 05/07/2017 05/07/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 18/04/2017 05/04/2017 05/04/2017 17/04/2017 17/04/2017 18/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 05/04/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 06/07/2017 05/04/2017 05/04/2017 (continued) Bought Amount ZAR 5,161,793 ZAR 5,161,792 ZAR 5,161,792 ZAR 5,161,792 ZAR 5,746,765 ZAR 5,108,200 ZAR 4,305,281 ZAR 3,823,754 ZAR 2,889,950 ZAR 2,436,985 ZAR 2,346,680 ZAR 1,380,379 ZAR 1,250,502 ZAR 608,118 ZAR 588,837 ZAR 355,166 USD 2,453,391 USD 194,373 USD 181,841 USD 1,140,000 USD 890,000 USD 285,564 USD 398,646 USD 398,533 USD 397,979 USD 397,949 USD 210,000 USD 170,000 USD 878,000 USD 699,289 USD 612,936 USD 484,796 USD 381,244 USD 289,215 USD 207,541 USD 206,450 USD 190,443 USD 186,754 USD 182,810 USD 182,772 USD 169,557 USD 54,254 USD 744,023 USD 696,159 Financial year ended31March 2017 Sold Amount USD 392,412 USD 391,876 USD 392,517 USD 391,846 USD 410,000 USD 367,576 USD 310,458 USD 275,639 USD 208,465 USD 175,937 USD 170,000 USD 99,542 USD 90,418 USD 43,942 USD 42,424 USD 25,598 ZAR 32,358,389 TWD 5,891,640 TWD 5,891,640 THB 40,312,680 THB 31,054,325 ZAR 3,614,526 ZAR 5,161,792 ZAR 5,161,793 ZAR 5,161,792 ZAR 5,161,792 ZAR 2,760,949 ZAR 2,270,707 TWD 28,166,240 TWD 22,552,079 TWD 19,591,468 TWD 15,415,043 TWD 12,135,004 TWD 9,195,189 TWD 6,607,058 TWD 6,579,564 TWD 5,987,525 TWD 5,951,863 TWD 5,843,518 TWD 5,891,640 TWD 5,331,723 TWD 1,735,849 TWD 22,552,079 TWD 22,552,079 (continued) (2,251,348) Gain/(Loss) Unrealised 1,150,455 3,401,803 (13,497) (12,961) (13,602) (12,931) (12,330) (33,016) (13,617) (54,179) (47,085) (35,455) (25,375) (20,371) (15,105) (11,124) (11,305) (10,226) (10,585) (12,216) (47,091) (7,718) (6,899) (3,195) 18,510 13,320 10,567 45,981 16,649 13,755 13,641 13,088 13,057 9,480 7,025 5,778 4,981 3,387 2,826 1,402 1,483 4,129 885 202 684 772 USD (continued) (0.86) (0.01) (0.00) (0.01) (0.00) (0.00) (0.01) (0.01) (0.03) (0.03) (0.01) (0.01) (0.01) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.03) (0.00) (0.00) (0.00) % of NAV 0.44 1.30 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00

97 LAZARD GLOBAL INVESTMENT FUNDS PLC 98 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsLocalDebtFund(continued) Portfolios ofInvestments Total FinancialDerivative Instruments Options writtenatfair value (4,530,000) Options Written*(0.04)%(2016:Nil) Options purchasedatfair value 4,530,000 935,000 2,040,500 2,040,500 4,059,000 Options Purchased0.16%(2016:Nil) Financial Derivative Instruments0.56%(2016:(0.06)%) Amount Notional 935,000 * These writtenoptionsarecovered. fixed incomesecurities. ofissuerforgovernmenttype fixedincomesecuritiesandcountry issuer forcorporate Fixed ofthe incomesecuritiesareprimarily classified ofincorporation bythecountry JP MorganChaseandCompany Bank of America MerrillLynch The counterpartyfortheoptionsare: UBS AG StreetBankand State Trust Company Standard CharteredPlc JP MorganChaseandCompany HSBC BankPlc Citibank NA Barclays BankPlc The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: Total Assets Other assets instruments Over thecounterfinancialderivative Transferable market securitiesdealtinonanotherregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets(unaudited) Net Assets Other NetAssets(2016:2.91%) Total Investments(2016:97.09%) Put at 3.180USDCallBRLExpiringMay2017 Put at Put at 3.350USDCallBRLExpiringMay2017 Put at 2017 20.212USDCallMXNExpiring Put at August Put at 4.350USDCallMYRExpiring Put at August 2017 Put at 4.350USDCallMYRExpiring Put at August 2017 Put at 4.350USDCallMYRExpiring Put at August 2017 2017 20.212USDPutMXNExpiring Call at August (continued) 262,211,911 253,491,262 431,800 Fair Value Fair Value 1,476,643 (105,612) (105,612) 8,720,649 296,212 65,693 13,863 13,863 27,577 14,592 USD USD % oftotalassets 100.00 100.00 %of %of (0.04) (0.04) 23.97 69.07 96.67 NAV NAV 0.56 0.11 0.03 0.00 0.00 0.01 0.01 5.54 1.42 3.33 0.16

(continued) Financial year ended31March 2017 Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsTotal DebtFund Return Lazard Global InvestmentFundsplc Portfolios ofInvestments Fixed IncomeSecurities85.64%(2016:95.98%) Transferable Securities85.64%(2016:95.98%) Amount Principal British VirginIslands0.22%(2016:Nil) Cayman Islands2.15%(2016:0.40%) Canada 0.13%(2016:Nil) Brazil 4.17%(2016:8.73%) Bolivia 1.98%(2016:Nil) Bangladesh 0.26%(2016:Nil) Barbados 0.66%(2016:Nil) Argentina 5.93%(2016:Nil) 10,810,000 20,220,000 15,430,000 15,440,000 12,390,000 25,990,000 3,100,000 2,280,000 4,940,000 3,020,000 6,830,000 8,710,000 1,075,000 2,680,000 3,460,000 7,710,000 1,425,000 375,000 555,000 738,537 540,000 595,000 770,000 70,000 GTL Trade Finance Inc5.893%29/04/2024 Gerdau Trade Inc4.750%15/04/2023 Corporate Bonds 10.000% 01/01/2027 Brazil Notasdo Tesouro NacionalSerieF Guanay Finance Ltd6.000%15/12/2020 GasLtd10.000% 20/11/2017 Green Dragon SA 6.875%06/02/2024 Comcel Trust viaComunicacionesCelulares Corporate Bonds 15/02/2021 First QuantumMineralsLtd7.000% Corporate Bonds 10.000% 01/01/2023 Brazil Notasdo Tesouro NacionalSerieF 6.000% 15/08/2050 Brazil Notasdo Tesouro NacionalSerieB 6.000% 15/05/2035 Brazil Notasdo Tesouro NacionalSerieB Brazil Government5.000%27/01/2045 Bonds Government Bolivia Government4.500%20/03/2028 Bonds Government 8.625% 06/05/2019 Ltd Banglalink DigitalCommunications Corporate Bonds 30/03/2021 Columbus CableBarbadosLtd7.375% Bonds Corporate Argentina Government22.965%09/10/2017 Argentina Government22.750%05/03/2018 Argentina Government21.200%19/09/2018 Argentina Government7.500%22/04/2026 Argentina Government6.875%22/04/2021 Argentina Government1.000%11/03/2019 Argentina Government1.000%01/03/2018 Bonds Government 27/07/2023 Generacion MediterraneaSA9.625% Genneia SA8.750%20/01/2022 02/02/2024 AES Argentina GeneracionSA7.750% Corporate Bonds 18,025,000 25,669,344 13,195,350 2,821,000 2,367,210 3,498,750 5,250,350 3,166,093 6,087,237 8,579,350 1,127,836 2,867,600 1,398,543 1,063,504 1,061,106 3,722,095 1,790,720 1,510,500 Fair Value 918,451 375,938 542,513 759,770 558,900 530,864 618,800 777,862 22,570 USD %of NAV 4.17 0.01 0.22 0.09 0.13 0.18 0.65 0.55 0.13 0.81 1.21 0.73 1.41 1.98 0.26 0.66 5.93 0.32 0.25 0.25 3.05 0.86 0.12 0.41 0.35 0.14 0.18

Cayman Islands2.15%(2016:0.40%)(continued) Ecuador 2.92%(2016:Nil) El Salvador 2.92%(2016:Nil) 0.56%(2016:1.00%) Egypt Dominican Republic0.55%(2016:2.43%) Croatia Nil(2016:2.58%) Congo 1.29%(2016:1.65%) Colombia 0.87%(2016:2.96%) Chile 1.06%(2016:2.28%) Fixed IncomeSecurities85.64%(2016:95.98%)(continued) Transferable Securities85.64%(2016:95.98%) (continued) Amount Principal 1,150,000 1,655,000 5,635,000 2,130,000 1,350,000 3,037,000 1,360,000 1,295,000 6,468,000 1,340,000 2,220,000 2,470,000 2,140,000 7,404,804 1,775,000 1,125,000 2,200,000 1,300,000 1,075,000 (continued) 700,000 420,000 186,000 MCE Finance Ltd5.000%15/02/2021 29/10/2049 MAF GlobalSecuritiesLtd7.125% Corporate Bonds(continued) Ecuador Government10.750%28/03/2022 Ecuador Government10.500%24/03/2020 Ecuador Government9.650%13/12/2026 Ecuador Government7.950%20/06/2024 Bonds Government El SalvadorGovernment8.250%10/04/2032 El SalvadorGovernment7.750%24/01/2023 El SalvadorGovernment7.625%01/02/2041 El SalvadorGovernment7.375%01/12/2019 El SalvadorGovernment6.375%18/01/2027 El SalvadorGovernment5.875%30/01/2025 Bonds Government Government5.875%11/06/2025 Egypt Bonds Government Dominican Republic7.500%06/05/2021 Bonds Government Congo Republic4.000%30/06/2029 Bonds Government 5.700% 20/03/2022 Transportadora deGasInternacionalSA Ecopetrol SA5.875%18/09/2023 Banco deBogotaSA6.250%12/05/2026 Corporate Bonds Chile Government3.625%30/10/2042 Bonds Government 25/05/2029 Empresa Electrica Angamos SA4.875% AES GenerSA8.375%18/12/2073 Corporate Bonds 01/08/2022 FinanceSable International Ltd6.875% Financial year ended31March 2017 12,615,009 12,614,896 1,162,904 1,751,197 6,043,536 2,273,775 1,397,250 2,900,335 1,388,900 1,199,494 6,645,870 1,206,000 1,989,675 2,421,526 2,370,050 5,572,115 3,783,481 1,824,700 1,222,031 4,608,709 2,167,000 1,306,240 1,135,469 9,308,331 Fair Value 185,070 736,750 446,250 USD %of NAV 0.27 0.40 2.92 0.04 0.17 0.10 1.40 0.53 0.32 0.67 0.32 0.28 1.54 0.28 0.46 0.56 0.55 1.29 0.87 0.42 0.28 1.06 0.50 0.30 0.26 2.15 2.92

99 LAZARD GLOBAL INVESTMENT FUNDS PLC 100 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsTotal DebtFund (continued) Return Portfolios ofInvestments Georgia 0.27%(2016:Nil) Luxembourg 1.36%(2016:0.31%) Lithuania Nil(2016:2.68%) Lebanon 2.47%(2016:Nil) Jordan Nil(2016:0.25%) Jamaica Nil(2016:0.51%) CoastNil(2016:2.97%) Ivory Indonesia Nil(2016:3.49%) India 0.15%(2016:Nil) 1.00%(2016:6.32%) Hungary Guatemala 0.30%(2016:0.53%) Ghana 5.13%(2016:0.54%) Fixed IncomeSecurities85.64%(2016:95.98%)(continued) Transferable Securities85.64%(2016:95.98%) (continued) Amount Principal 1,175,000 1,060,000 4,035,000 1,130,000 2,485,000 1,720,000 2,960,000 1,180,000 5,080,000 7,750,000 8,630,000 3,730,000 610,000 590,000 675,000 630,000 780,000 170,000 820,000 940,000 820,000 290,000 80,000 Corporate Bonds BGEO GroupJSC6.000%26/07/2023 Corporate Bonds Bonds Government Corporate Bonds Bonds Government Bonds Government Bonds Government 23/01/2021 Gazprom OAO SA5.999% Via GazCapital Evraz GroupSA6.500%22/04/2020 Altice Financing SA6.625%15/02/2023 Lebanon Government8.250%12/04/2021 Lebanon Government6.375%09/03/2020 Lebanon Government6.100%04/10/2022 Lebanon Government5.800%14/04/2020 Lebanon Government5.450%28/11/2019 JSW SteelLtd4.750%12/11/2019 Government7.625%29/03/2041 Hungary Government5.750%06/06/2022 Guatemala Ghana Government25.480%24/04/2017 Ghana Government24.440%29/05/2017 Ghana Government23.470%21/05/2018 Ghana Government23.230%19/02/2018 Ghana Government22.500%10/12/2018 Ghana Government22.490%23/04/2018 Ghana Government21.000%07/01/2019 Ghana Government19.040%24/09/2018 Ghana Government9.250%15/09/2022 Ghana Government8.125%18/01/2026 Ghana Government7.875%07/08/2023 10,668,127 22,134,001 1,188,953 1,146,125 4,489,441 1,180,144 2,543,286 1,760,850 4,310,500 1,298,000 1,189,930 8,092,937 8,306,375 3,622,762 Fair Value 651,938 615,665 694,406 639,972 180,862 195,266 222,985 196,605 39,534 68,423 18,322 USD %of NAV 0.27 0.01 0.02 0.00 0.27 0.15 0.14 2.47 1.04 0.27 0.16 0.59 0.41 0.15 1.00 0.30 5.13 0.04 0.05 0.05 0.05 0.28 1.87 1.92 0.84

Luxembourg 1.36%(2016:0.31%)(continued) Netherlands 4.93%(2016:1.40%) Morocco 0.50%(2016:0.72%) Mongolia 0.96%(2016:Nil) Mexico 2.74%(2016:4.96%) Malaysia Nil(2016:1.46%) Mauritius 0.27%(2016:Nil) Paraguay 0.71%(2016:1.14%) Panama Nil(2016:6.43%) Pakistan Nil(2016:0.98%) Oman 1.61%(2016:Nil) Amount Principal Fixed IncomeSecurities85.64%(2016:95.98%)(continued) Transferable Securities85.64%(2016:95.98%) (continued) 10,613,000 1,675,000 2,275,000 2,020,000 2,020,000 2,640,000 1,165,000 2,100,000 4,680,000 4,390,000 1,150,000 2,150,000 2,400,000 6,565,000 2,240,000 (continued) 590,000 642,000 400,000 780,000 500,000 Corporate Bonds(continued) GTH Finance BV7.250%26/04/2023 GTH Finance BV6.250%26/04/2020 Greenko DutchBV8.000%01/08/2019 Morocco Government5.500%11/12/2042 Mongolia Government10.875%06/04/2021 Mongolia Government5.125%05/12/2022 Mexico Government5.750%12/10/2110 Mexico Government4.350%15/01/2047 Petroleos Mexicanos4.607%11/03/2022 Cemex SABdeCV7.750%16/04/2026 13/02/2022 MTN MauritiusInvestmentLtd5.373% 03/04/2020 TMK OAO Via SA6.750% TMK Capital 01/02/2021 FinancingPuma International SA6.750% 15/10/2021 CellularSA6.625% Millicom International Corporate Bonds Bonds Government Bonds Government Bonds Government Corporate Bonds Corporate Bonds IHS NetherlandsHoldcoBV9.500%27/10/2021 Paraguay Republic6.100%11/08/2044 Paraguay Republic4.700%27/03/2027 Oman Government6.500%08/03/2047 VTR Finance BV6.875%15/01/2024 Government Bonds Government Bonds Government 23/05/2021 Petrobras GlobalFinance BV8.375% Financial year ended31March 2017 11,874,385 21,347,920 12,013,915 2,512,453 2,129,838 2,153,825 4,152,503 3,050,850 1,101,653 2,097,375 4,323,150 4,730,005 1,170,413 5,884,516 2,225,250 3,078,000 2,568,000 6,942,488 2,341,920 1,727,344 Fair Value 622,450 723,855 428,000 817,538 510,000 USD %of NAV 0.14 0.17 0.10 0.19 0.58 0.49 0.50 0.96 0.71 0.25 0.48 1.00 1.09 0.27 1.36 0.51 2.74 0.12 0.71 0.59 1.61 0.54 4.93 2.78 0.40

Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsTotal DebtFund (continued) Return Lazard Global InvestmentFundsplc Portfolios ofInvestments Fixed IncomeSecurities85.64%(2016:95.98%) Transferable Securities85.64%(2016:95.98%) Amount Principal Sri Lanka0.27%(2016:1.48%) South Korea0.28%(2016:Nil) South Africa1.06%(2016:Nil) Nil(2016:7.29%) Slovenia Singapore 0.26%(2016:Nil) Serbia Nil(2016:1.67%) Senegal 0.53%(2016:0.49%) Rwanda Nil(2016:0.76%) Russia 1.00%(2016:1.44%) Romania 0.51%(2016:Nil) Philippines 0.10%(2016:Nil) Portugal 2.71%(2016:3.66%) Peru 0.88%(2016:3.40%) 12,043,000 1,125,000 1,995,000 2,515,000 1,100,000 2,004,000 3,800,000 1,790,000 1,075,000 2,500,000 630,000 610,000 450,000 Sri LankaGovernment6.250%04/10/2020 Bonds Government Woori Bank4.500%29/12/2017 SK E&SCoLtd4.875%29/11/2049 Corporate Bonds Eskom HoldingsSOCLtd6.750%06/08/2023 Eskom HoldingsSOCLtd5.750%26/01/2021 Corporate Bonds TBG GlobalPteLtd4.625%03/04/2018 Corporate Bonds Senegal Government8.750%13/05/2021 Bonds Government Russian Federation 5.875%16/09/2043 Bonds Government Romania Government6.125%22/01/2044 Bonds Government Philippines Government3.700%01/03/2041 Bonds Government Portugal Government5.125%15/10/2024 Bonds Government InRetail ShoppingMalls6.500%09/07/2021 Cia Minera Ares SAC7.750%23/01/2021 Corporate Bonds 11,698,185 1,186,875 1,228,288 4,556,273 2,024,925 2,531,348 1,106,875 2,280,803 4,331,050 2,210,650 3,837,281 1,143,531 2,693,750 Fair Value 621,338 606,950 446,344 USD %of NAV 0.27 0.28 0.14 0.14 1.06 0.47 0.59 0.26 0.53 1.00 0.51 0.10 2.71 0.88 0.26 0.62

Turkey 0.41%(2016:4.17%) Tunisia Nil(2016:0.24%) Thailand 0.24%(2016:Nil) Ukraine 3.18%(2016:Nil) United Kingdom0.59%(2016:0.32%) Total FixedIncomeSecurities Vietnam 0.56%(2016:0.97%) Uruguay 0.50%(2016:2.96%) United States24.49%(2016:10.41%) Fixed IncomeSecurities85.64%(2016:95.98%)(continued) Transferable Securities85.64%(2016:95.98%) (continued) Amount Principal 103,000,000 10,734,000 19,186,000 20,310,000 10,150,000 14,310,315 1,140,000 1,000,000 9,110,000 2,225,000 2,320,000 2,800,000 1,350,000 (continued) 640,000 520,000 425,000 620,000 Turkiye IsBankasi5.000%30/04/2020 Corporate Bonds 29/12/2049 &ProductionPclPTT Exploration 4.875% Corporate Bonds 31/05/2040 Ukraine Government-Zerocoupon Ukraine Government7.750%01/09/2020 Ukraine Government7.750%01/09/2019 Bonds Government 15/04/2018 TurkiyeBankasi TAO3.750% Vakiflar Corporate Bonds Vietnam Government6.750%29/01/2020 Bonds Government 08/03/2018 Uruguay Treasury Bill-Zerocoupon 08/02/2018 Uruguay Treasury Bill-Zerocoupon 29/09/2017 Uruguay Treasury Bill-Zerocoupon Uruguay Government13.250%08/04/2018 Uruguay Government4.375%15/12/2028 Bonds Government 11/05/2017 United States Treasury Bill-Zerocoupon Bonds Government Cemex Finance LLC9.375%12/10/2022 Corporate Bonds Vedanta ResourcesPlc8.250%07/06/2021 Vedanta ResourcesPlc6.375%30/07/2022 Vedanta ResourcesPlc6.000%31/01/2019 Financial year ended31March 2017 370,364,075 105,947,738 102,922,338 13,753,957 1,138,575 1,025,625 3,923,277 9,310,420 1,778,575 2,436,375 2,127,973 3,025,400 2,527,007 1,459,649 Fair Value 520,260 640,000 599,239 636,816 354,821 460,933 427,983 639,375 76,164 USD %of 85.64 24.49 23.79 NAV 0.26 0.24 0.12 0.15 0.91 2.15 0.41 3.18 0.14 0.15 0.02 0.08 0.11 0.10 0.15 0.56 0.50 0.70 0.59 0.34

101 LAZARD GLOBAL INVESTMENT FUNDS PLC 102 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsTotal DebtFund (continued) Return Portfolios ofInvestments Bermuda 0.00%(2016:0.00%) Warrants 0.00%(2016:0.00%) Shares Number of Open ForwardForeignCurrency ExchangeContracts1.25%(2016:2.14%) Financial Derivative Instruments3.06%(2016:2.19%) Date Maturity Derivative Instruments Total Value ofInvestmentsexcluding Financial Total Transferable Securities Total Warrants 06/04/17 06/04/17 06/04/17 06/04/17 06/04/17 06/04/17 06/04/17 06/04/17 06/04/17 06/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 04/04/17 04/04/17 04/04/17 04/04/17 18/04/17 18/04/17 18/04/17 11/07/17 11/07/17 10/07/17 10/07/17 10/07/17 06/04/17 05/04/17 1,024,000 Gulf KeystonePetroleum Ltd Bought Amount BRL575,883 BRL578,128 BRL572,792 BRL572,424 BRL565,800 BRL573,988 BRL573,381 BRL576,748 BRL583,924 BRL7,224,344 BRL7,224,344 BRL15,819,091 BRL1,267,659 BRL5,390,826 BRL4,857,523 BRL8,008,497 BRL4,177,280 BRL19,025,540 BRL5,916,541 BRL21,257,965 BRL19,025,981 BRL8,075,583 BRL10,815,870 BRL4,111,621 BRL16,936,401 BRL7,909,545 BRL7,909,546 BRL583,924 BRL838,835 129,742 AUD 116,060 AUD 36,938,535 AUD 4,849,600 ARS 24,252,000 ARS 9,132,375 ARS 23,324,000 ARS 22,859,500 ARS 23,133,600 ARS 22,943,200 ARS Sold Amount USD184,000 USD184,000 USD184,000 USD184,000 USD184,000 USD184,000 USD184,000 USD184,000 USD187,143 USD2,271,663 USD2,288,357 USD4,911,541 USD389,151 USD1,654,897 USD1,490,952 USD2,441,987 USD1,280,000 USD5,808,013 USD1,805,701 USD6,484,299 USD5,790,894 USD2,459,106 USD3,275,055 USD1,246,059 USD5,128,886 USD2,520,569 USD2,520,569 USD184,000 USD265,286 USD99,506 USD86,979 USD27,854,574 USD280,000 USD1,410,000 USD532,500 USD1,360,000 USD1,310,000 USD1,360,000 USD1,360,000 370,364,076 370,364,076 Gain/(Loss) Unrealised Fair Value (13,516) (29,334) (29,334) 182,855 209,526 200,113 130,706 204,142 316,914 100,325 114,307 142,897 131,141 (2,709) (2,002) (3,682) (3,798) (5,883) (3,305) (3,497) (2,437) (3,321) (1,082) 69,662 10,017 42,596 38,611 79,773 35,365 57,332 83,778 48,631 22,015 36,511 93,249 2,600 1,535 (557) (84) USD USD 1 1 (0.01) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 85.64 85.64 0.02 0.01 0.01 0.02 0.01 0.04 0.01 0.05 0.05 0.02 0.03 0.01 0.05 0.08 0.01 0.02 0.01 0.02 0.03 0.03 0.03 NAV % of % of 0.00 0.00 0.00 0.00 0.00 NAV 18/04/17 18/04/17 18/04/17 18/04/17 05/07/17 05/07/17 05/07/17 04/04/17 04/04/17 09/02/18 09/02/18 09/02/18 09/02/18 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 03/05/17 03/05/17 03/05/17 17/04/17 17/04/17 17/04/17 17/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 Open ForwardForeignCurrency ExchangeContracts1.25%(2016:2.14%) Financial Derivative Instruments3.06%(2016:2.19%) Date Maturity (continued) COP2,185,959,000 COP2,199,513,000 COP2,200,266,000 COP2,247,705,000 CAD876,909 CAD1,513,499 CAD2,148,286 CAD4,296,572 CAD6,962,424 BRL3,553,106 BRL1,916,825 BRL838,835 BRL3,069,549 BRL10,477,112 BRL10,477,112 BRL10,477,111 BRL10,477,112 BRL10,477,112 BRL10,477,112 BRL10,477,112 BRL10,477,112 BRL10,477,112 BRL10,477,112 BRL10,477,112 BRL10,477,112 BRL15,532,210 BRL942,900 BRL580,281 BRL5,173,068 BRL4,397,262 BRL4,539,945 BRL3,276,412 BRL3,318,591 COP2,185,959,000 COP2,199,513,000 COP2,210,808,000 COP2,220,220,500 COP4,994,199,448 COP2,198,007,000 COP869,860,552 COP2,654,992,000 COP2,674,968,000 COP2,673,152,000 COP2,688,588,000 COP2,733,988,000 COP2,752,148,000 COP2,743,068,000 COP2,733,988,000 COP2,763,502,540 COP4,736,759,104 COP4,224,200,376 COP4,919,699,045 COP2,698,122,000 Bought Amount Financial year ended31March 2017 USD753,000 USD753,000 USD753,000 USD753,000 USD660,000 USD1,130,000 USD1,619,087 USD3,213,592 USD5,242,000 USD1,064,729 USD565,936 USD249,282 USD895,565 USD3,318,587 USD3,314,440 USD3,315,017 USD3,314,388 USD3,313,235 USD3,314,283 USD3,313,759 USD3,312,921 USD3,309,154 USD3,307,482 USD3,307,691 USD3,307,378 USD4,912,613 USD300,000 USD184,000 USD1,642,817 USD1,376,855 USD1,455,157 USD1,034,547 USD1,050,586 USD753,000 USD753,000 USD753,000 USD753,000 USD753,000 USD299,642 USD1,720,358 USD908,000 USD908,000 USD908,000 USD908,000 USD908,000 USD908,000 USD908,000 USD908,000 USD908,000 USD1,628,032 USD1,447,140 USD1,684,828 USD908,000 Sold Amount (continued) Gain/(Loss) Unrealised (21,338) (12,957) (45,848) (41,701) (42,278) (41,649) (40,496) (41,544) (41,020) (40,182) (36,415) (34,743) (34,952) (34,639) (60,812) (24,259) (29,665) (1,625) (6,175) (4,984) (2,441) (5,791) (8,585) (6,892) (1,421) (1,078) 22,131 13,067 12,653 12,160 27,698 33,913 30,806 27,698 37,799 15,423 5,512 5,771 6,321 8,124 1,473 3,836 5,512 9,407 4,992 1,914 7,499 6,877 (975) 838 838 333 662 USD (continued) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 0.01 0.01 0.01 0.01 0.01 0.01 NAV % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsTotal DebtFund (continued) Return Lazard Global InvestmentFundsplc Portfolios ofInvestments 16/08/17 16/08/17 16/08/17 16/08/17 16/08/17 08/01/18 08/01/18 08/01/18 08/01/18 08/01/18 05/01/18 05/01/18 05/01/18 05/01/18 05/01/18 05/01/18 05/01/18 05/01/18 05/01/18 05/01/18 05/01/18 05/01/18 05/01/18 27/12/17 27/12/17 27/12/17 27/12/17 27/12/17 27/12/17 27/12/17 15/12/17 14/12/17 14/12/17 13/12/17 13/12/17 11/12/17 11/12/17 05/05/17 05/05/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 05/04/17 04/04/17 Open ForwardForeignCurrency ExchangeContracts1.25%(2016:2.14%) Financial Derivative Instruments3.06%(2016:2.19%) Date Maturity INR63,430,600 INR63,669,600 INR62,645,992 INR276,023,790 INR66,454,682 IDR16,294,096,797 IDR60,964,649,147 IDR14,301,756,380 IDR18,809,005,375 IDR16,370,227,523 IDR23,323,576,610 IDR7,578,832,716 IDR18,572,434,223 IDR34,188,543,369 IDR22,660,750,000 IDR12,067,140,951 IDR55,949,040,134 IDR36,886,145,549 IDR45,111,015,856 IDR39,045,802,592 IDR22,861,985,480 IDR22,861,985,480 IDR5,357,515,385 IDR41,618,259,775 IDR34,201,218,305 IDR32,274,406,186 IDR37,428,093,814 IDR30,486,854,319 IDR66,975,000,000 IDR63,270,000,000 IDR66,975,000,000 IDR63,270,000,000 IDR63,336,600,000 IDR41,618,259,775 IDR30,486,854,319 IDR32,274,406,186 IDR37,428,093,814 HUF228,056,805 HUF398,109,264 GBP36,623 GBP409,472 EUR2,005,406 EUR1,187 EUR4,682 EUR5,107 EUR291 EUR2,000,483 EUR65,916,241 EUR71,791,875 EUR10,343,439 EUR133,661,637 EUR1,245 EUR1,097 Bought Amount USD956,000 USD956,000 USD915,342 USD4,033,666 USD970,992 USD1,184,594 USD4,435,406 USD1,026,319 USD1,349,767 USD1,173,914 USD1,645,402 USD534,662 USD1,309,936 USD2,417,860 USD1,610,000 USD850,398 USD3,945,063 USD2,607,458 USD3,184,682 USD2,752,045 USD1,612,270 USD1,612,270 USD377,955 USD2,890,358 USD2,374,755 USD2,241,590 USD2,600,979 USD2,117,143 USD4,648,137 USD4,390,092 USD4,700,000 USD4,440,000 USD4,440,000 USD2,927,565 USD2,142,435 USD2,268,851 USD2,631,149 USD790,000 USD1,360,000 USD44,612 USD498,795 USD2,169,198 USD1,276 USD4,985 USD5,412 USD308 USD2,115,451 USD69,715,653 USD75,929,959 USD10,939,635 USD141,365,894 USD1,336 USD1,179 Sold Amount (continued) Gain/(Loss) Unrealised 1,680,158 (22,992) 142,270 136,982 106,621 148,614 122,624 115,093 132,026 109,012 242,389 229,894 195,343 184,917 189,785 114,901 105,448 828,583 902,441 130,019 32,423 34,394 10,344 16,614 21,850 19,859 56,287 18,290 45,110 76,538 43,330 30,022 83,757 96,739 55,742 55,742 12,929 86,279 90,928 20,139 13,398 25,487 3,635 7,251 3,627 1,198 612 USD (6) (5) (6) 26 53 (continued) 4 (0.01) (0.00) (0.00) (0.00) 0.01 0.03 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.03 0.02 0.02 0.02 0.01 0.01 0.03 0.03 0.03 0.03 0.03 0.06 0.05 0.05 0.04 0.04 0.03 0.02 0.02 0.02 0.01 0.20 0.22 0.03 0.40 NAV % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 06/07/17 06/07/17 06/07/17 05/04/17 05/04/17 05/04/17 18/04/17 16/08/17 16/08/17 16/08/17 16/08/17 16/08/17 16/08/17 16/08/17 16/08/17 16/08/17 Open ForwardForeignCurrency ExchangeContracts1.25%(2016:2.14%) Financial Derivative Instruments3.06%(2016:2.19%) Date Maturity 15/05/17 15/05/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 (continued) MXN12,214,428 MXN12,249,793 MXN12,368,427 MXN12,247,221 MXN12,335,884 MXN12,353,702 MXN12,585,118 MXN12,387,588 992,640,000 KRW 1,610,980,000 KRW 1,760,112,000 KRW 3,354,661,522 KRW 3,282,025,887 KRW 6,226,591,931 KRW JPY1,276,823,195 INR73,740,800 INR63,057,760 INR63,057,760 INR63,401,920 INR63,478,400 INR63,502,300 INR63,234,620 INR63,397,140 INR63,478,400 Bought Amount SGD16,949,355 SGD634,959 86,814,044 RUB 73,008,750 RUB 270,389,906 RUB 95,368,260 RUB 96,175,073 RUB 87,782,760 RUB 293,275,527 RUB 160,260,761 RUB 224,853,079 RUB 63,659,668 RUB 316,440,725 RUB 192,456,798 RUB 199,508,841 RUB PLN30,518,190 PLN7,330,875 PHP47,905,160 PHP48,101,140 PHP48,177,620 PHP48,072,460 PHP47,909,940 PHP47,909,940 PHP48,019,880 PHP47,890,820 PHP48,182,400 MXN59,952,942 MXN12,154,629 MXN12,133,474 Financial year ended31March 2017 USD643,000 USD643,000 USD643,000 USD643,000 USD643,000 USD643,000 USD643,000 USD643,000 USD880,000 USD1,400,000 USD1,530,000 USD2,779,246 USD2,719,610 USD5,159,589 USD11,155,182 USD1,120,000 USD956,000 USD956,000 USD956,000 USD956,000 USD956,000 USD956,000 USD956,000 USD956,000 Sold Amount USD12,147,202 USD450,000 USD1,426,396 USD1,198,604 USD4,442,190 USD1,560,000 USD1,577,810 USD1,452,535 USD4,847,465 USD2,644,720 USD3,705,280 USD1,031,193 USD5,128,807 USD3,104,155 USD3,225,845 USD7,770,000 USD1,875,000 USD956,000 USD956,000 USD956,000 USD956,000 USD956,000 USD956,000 USD956,000 USD956,000 USD956,000 USD3,170,000 USD643,000 USD643,000 (continued) Gain/(Loss) Unrealised (13,302) (68,245) (24,936) 220,586 215,269 408,405 308,874 112,223 349,975 130,227 126,717 103,254 350,305 195,608 279,828 479,524 306,789 310,083 (4,383) (2,005) (2,005) (1,862) (1,767) (1,767) (2,147) 12,283 10,559 11,503 23,764 13,299 42,133 45,634 95,342 97,058 4,125 5,998 5,862 8,601 3,201 4,358 4,720 3,129 4,358 4,562 2,042 3,565 1,470 3,660 6,327 (164) 670 423 956 USD (continued) (0.02) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 0.05 0.05 0.10 0.07 0.01 0.01 0.01 0.03 0.08 0.03 0.03 0.02 0.09 0.05 0.06 0.12 0.08 0.08 0.02 0.02 NAV % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 103 LAZARD GLOBAL INVESTMENT FUNDS PLC 104 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsTotal DebtFund (continued) Return Portfolios ofInvestments 09/02/18 10/05/17 10/05/17 17/04/17 06/04/17 06/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 04/04/17 04/04/17 04/04/17 18/04/17 18/04/17 18/04/17 06/04/17 06/04/17 06/04/17 06/04/17 05/04/17 05/04/17 05/04/17 06/07/17 06/07/17 06/07/17 05/04/17 05/04/17 05/04/17 05/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 Open ForwardForeignCurrency ExchangeContracts1.25%(2016:2.14%) Financial Derivative Instruments3.06%(2016:2.19%) Date Maturity USD914,832 USD2,501,200 USD2,501,121 USD4,937,130 USD1,651,155 USD2,287,343 USD3,341,982 USD3,337,723 USD3,337,723 USD3,338,786 USD3,336,660 USD3,338,255 USD3,337,191 USD3,336,660 USD3,333,051 USD3,331,885 USD3,331,355 USD3,331,355 USD790,000 USD1,810,000 USD700,000 USD4,889,226 USD187,275 USD265,749 USD4,912,761 USD63,092 USD30,855 USD345,110 USD574,599 USD431,784 USD287,485 USD197,720 USD211,584 USD198,509 USD1,060,000 25,489,800 TWD 40,308,700 TWD 45,702,400 TWD 36,436,909 TWD 139,473,564 TWD 36,436,909 TWD 139,473,564 TWD 3,292,380 TRY 2,008,478 TRY 1,996,576 TRY 2,011,260 TRY 2,009,883 TRY 2,014,594 TRY 2,003,326 TRY 2,017,652 TRY 2,010,544 TRY 2,026,909 TRY 2,072,283 TRY Bought Amount BRL3,203,924 BRL7,909,545 BRL7,909,546 BRL15,532,210 BRL5,173,068 BRL7,224,344 BRL10,477,112 BRL10,477,112 BRL10,477,112 BRL10,477,111 BRL10,477,112 BRL10,477,112 BRL10,477,112 BRL10,477,112 BRL10,477,112 BRL10,477,112 BRL10,477,112 BRL10,477,112 BRL2,470,725 BRL5,689,373 BRL2,206,190 BRL15,819,091 BRL583,924 BRL838,835 BRL15,819,091 82,885 AUD 40,000 AUD 457,665 AUD 8,917,775 ARS 6,688,331 ARS 4,458,887 ARS 3,068,607 ARS 3,292,244 ARS 3,093,756 ARS 16,557,200 ARS USD840,000 USD1,310,000 USD1,480,000 USD1,202,102 USD4,601,417 USD1,128,252 USD4,316,731 USD900,000 USD551,000 USD551,000 USD551,000 USD551,000 USD551,000 USD551,000 USD551,000 USD551,000 USD551,000 USD551,000 Sold Amount (continued) Gain/(Loss) Unrealised (33,577) (91,977) (69,708) (16,098) 279,910 (3,932) (4,753) (2,730) (2,191) (1,636) (2,388) (2,563) (1,248) (4,777) (1,834) (5,088) (1,073) (1,450) (3,242) (1,269) 30,493 30,414 60,188 22,644 13,080 42,890 38,632 38,632 39,695 37,569 39,164 38,100 37,569 33,960 32,794 32,264 32,264 12,004 18,499 24,040 32,548 72,602 15,612 5,303 3,359 1,544 3,600 3,206 (121) (161) 349 216 675 USD (continued) (0.01) (0.02) (0.02) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.07 NAV % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 18/04/17 18/04/17 18/04/17 18/04/17 05/07/17 05/07/17 05/07/17 05/07/17 05/07/17 05/07/17 05/07/17 05/07/17 05/07/17 05/07/17 05/07/17 05/07/17 05/07/17 05/07/17 04/04/17 04/04/17 04/04/17 09/02/18 09/02/18 09/02/18 Open ForwardForeignCurrency ExchangeContracts1.25%(2016:2.14%) Financial Derivative Instruments3.06%(2016:2.19%) Date Maturity 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 15/12/17 14/12/17 14/12/17 14/12/17 13/12/17 13/12/17 11/12/17 11/12/17 05/05/17 05/05/17 05/05/17 05/05/17 05/05/17 05/05/17 05/05/17 05/05/17 18/04/17 18/04/17 18/04/17 (continued) USD1,040,757 USD2,327,123 USD164,178 USD1,131,444 USD3,217,490 USD1,376,804 USD1,615,696 USD1,280,000 USD5,815,820 USD4,306,181 USD1,024,180 USD958,609 USD5,791,391 USD4,136,708 USD2,613,292 USD1,622,458 USD5,247,689 USD957,542 USD1,617,320 USD5,189,024 USD1,600,976 USD1,986,125 USD3,239,522 USD3,239,522 Bought Amount USD1,180 USD2,169,198 USD9,230 USD2,163,697 USD5,709 USD7,631,434 USD8,321 USD5,226 USD243 USD11,915,367 USD4,656,377 USD2,378,388 USD4,398,332 USD2,031,048 USD2,895,788 USD2,120,825 USD2,246,739 USD2,605,506 USD4,907,868 USD4,898,916 USD4,906,575 USD4,905,972 USD4,851,608 USD4,848,829 USD4,853,850 USD4,859,035 USD14,858 USD1,330 USD1,337 Financial year ended31March 2017 EUR984,075 EUR2,200,384 EUR155,237 EUR1,069,823 CAD4,296,572 CAD1,837,448 CAD2,155,824 CAD1,686,656 CAD7,669,915 CAD5,676,839 CAD1,350,412 CAD1,262,201 CAD7,647,126 CAD5,486,929 CAD3,465,918 CAD2,159,240 CAD6,962,424 CAD1,275,264 CAD2,148,286 CAD6,962,424 CAD2,148,286 BRL6,957,395 BRL11,379,468 BRL11,382,060 Sold Amount EUR1,097 EUR2,005,406 EUR8,533 EUR2,003,423 EUR5,279 EUR7,056,623 EUR7,738 EUR4,903 EUR228 EUR11,163,505 IDR66,975,000,000 IDR34,201,218,305 IDR63,270,000,000 IDR29,135,381,695 IDR41,618,259,775 IDR30,486,854,319 IDR32,274,406,186 IDR37,428,093,814 HUF1,396,656,586 HUF1,396,656,586 HUF1,396,656,586 HUF1,396,656,586 HUF1,396,656,587 HUF1,396,656,587 HUF1,396,656,587 HUF1,396,656,587 GBP12,197 GBP1,092 EUR1,245 (continued) Gain/(Loss) Unrealised (128,969) (129,736) (238,966) (121,656) (226,585) (146,678) (107,889) (113,040) (131,091) (12,410) (27,750) (13,492) (31,639) (73,367) (31,930) (98,693) (1,958) (8,334) (2,734) (2,875) (9,882) 13,675 57,323 44,066 10,304 10,961 50,003 17,175 11,115 20,369 22,992 19,613 79,364 66,030 57,079 64,737 64,134 12,013 17,197 1,322 6,462 9,770 6,991 (399) (21) (36) USD 86 98 59 39 (continued) 6 5 - (0.01) (0.01) (0.02) (0.03) (0.03) (0.01) (0.06) (0.03) (0.05) (0.02) (0.03) (0.02) (0.03) (0.03) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 0.01 0.01 0.01 0.01 0.02 0.02 0.01 0.01 0.01 NAV % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsTotal DebtFund (continued) Return Lazard Global InvestmentFundsplc Portfolios ofInvestments 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 05/04/17 05/04/17 05/04/17 18/04/17 16/08/17 08/01/18 08/01/18 08/01/18 08/01/18 08/01/18 08/01/18 08/01/18 08/01/18 08/01/18 08/01/18 05/01/18 05/01/18 05/01/18 Open ForwardForeignCurrency ExchangeContracts1.25%(2016:2.14%) Financial Derivative Instruments3.06%(2016:2.19%) Date Maturity USD894,000 USD894,000 USD894,000 USD894,000 USD894,000 USD894,000 USD894,000 USD894,000 USD894,000 USD894,000 USD950,000 USD700,000 USD691,249 USD828,751 USD136,450 USD1,260,891 USD1,399,109 USD113,550 USD1,201,244 USD1,578,756 USD3,486,041 USD1,700,000 USD1,675,685 USD1,676,384 USD962,975 USD3,204,599 USD1,606,980 USD1,606,980 USD2,582,426 USD1,556,125 USD3,112,251 USD1,721,624 USD2,781,320 USD2,721,527 USD5,164,725 USD5,145,659 USD2,772,035 USD2,712,306 USD284,844 USD320,000 USD275,000 USD275,000 USD275,000 USD275,000 USD275,000 USD275,000 USD275,000 USD275,000 USD275,000 USD275,000 USD790,000 USD1,360,000 USD1,440,000 Bought Amount RUB 52,130,481 RUB 51,375,945 RUB 51,626,712 RUB 51,865,410 RUB 52,066,560 RUB 53,224,290 RUB 53,600,217 RUB 53,132,655 RUB 52,954,302 RUB 53,458,965 RUB 55,615,375 RUB 41,398,000 RUB 41,220,228 RUB 49,172,269 RUB 8,161,779 RUB 75,388,659 RUB 83,668,831 RUB 6,788,734 RUB 1,413,023,752 KRW 1,857,090,248 KRW 4,196,530,547 KRW 2,035,750,000 KRW 2,007,721,600 KRW 2,007,721,600 KRW 1,152,681,458 KRW 3,827,893,219 KRW 1,936,089,143 KRW 1,933,035,881 KRW 3,088,769,905 KRW 1,852,722,830 KRW 3,702,333,397 KRW 2,048,147,196 KRW 3,354,661,522 KRW 3,282,025,887 KRW 6,226,591,931 KRW 6,226,591,931 KRW 3,354,661,522 KRW 3,282,025,887 KRW JPY32,603,876 INR21,705,600 IDR3,779,875,000 IDR3,778,500,000 IDR3,790,325,000 IDR3,797,750,000 IDR3,796,375,000 IDR3,786,750,000 IDR3,785,375,000 IDR3,807,375,000 IDR3,794,450,000 IDR3,837,075,000 IDR10,961,250,000 IDR18,924,400,000 IDR20,164,320,000 Sold Amount (continued) Gain/(Loss) Unrealised (270,650) (122,382) (121,607) (120,907) (222,092) (126,187) (123,454) (182,609) (102,413) (202,040) (111,856) (221,738) (216,508) (409,256) (422,334) (227,798) (222,574) (29,917) (16,544) (20,989) (25,219) (28,784) (49,303) (55,966) (47,679) (44,518) (53,462) (35,681) (33,704) (39,304) (42,738) (75,235) (83,767) (63,680) (83,692) (68,893) (20,725) (31,190) (8,202) (6,768) (7,892) (8,382) (1,403) (1,945) (1,845) (1,143) (1,042) (2,647) (1,704) (4,813) (9,733) (641) (541) USD (continued) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.02) (0.02) (0.01) (0.02) (0.02) (0.01) (0.05) (0.03) (0.03) (0.03) (0.05) (0.03) (0.03) (0.04) (0.02) (0.05) (0.03) (0.05) (0.05) (0.09) (0.10) (0.05) (0.05) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) NAV % of Open ForwardForeignCurrency ExchangeContracts1.25%(2016:2.14%) Financial Derivative Instruments3.06%(2016:2.19%) Date Maturity 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 05/04/17 05/04/17 05/04/17 05/04/17 15/05/17 15/05/17 15/05/17 15/05/17 15/05/17 15/05/17 15/05/17 10/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 18/04/17 18/04/17 18/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 (continued) Bought Amount USD3,012,630 USD1,446,389 USD4,802,537 USD425,094 USD3,754,681 USD1,598,930 USD2,239,935 USD2,952,689 USD1,607,377 USD2,220,000 USD1,130,352 USD4,324,762 USD4,601,417 USD1,202,102 USD1,124,596 USD4,305,404 USD734,000 USD734,000 USD734,000 USD734,000 USD3,459,889 USD2,830,695 USD3,169,416 USD6,258,000 ZAR19,601,680 ZAR34,104,603 ZAR34,104,604 ZAR9,141,066 ZAR4,753,785 ZAR41,239,373 ZAR16,696,090 ZAR2,746,040 ZAR22,344,246 ZAR18,842,057 ZAR4,909,440 ZAR10,095,512 ZAR30,869,816 ZAR5,353,177 USD10,330,000 USD1,662,500 USD361,000 USD3,562,100 USD3,561,082 USD3,556,140 USD3,555,866 USD750,000 USD410,000 USD700,000 USD1,507,673 USD1,342,327 USD1,432,369 USD3,013,578 USD1,510,000 Financial year ended31March 2017 Sold Amount TWD 95,816,700 TWD 46,096,432 TWD 153,504,916 TWD 13,600,887 TWD 119,387,580 TWD 50,957,896 TWD 71,215,584 TWD 93,984,084 TWD 51,170,835 TWD 71,217,600 TWD 36,436,909 TWD 139,473,564 TWD 139,473,564 TWD 36,436,909 TWD 36,436,909 TWD 139,473,564 TWD SGD1,025,031 SGD1,028,187 SGD1,028,628 SGD1,036,386 SGD4,925,048 SGD4,029,211 SGD4,511,823 364,470,926 RUB USD1,420,000 USD2,461,697 USD2,460,827 USD660,000 USD342,498 USD2,967,502 USD1,203,973 USD197,920 USD1,611,790 USD1,360,290 USD354,754 USD729,961 USD2,225,285 USD386,027 ZAR135,418,966 ZAR21,820,146 ZAR4,689,571 ZAR46,123,134 ZAR46,123,136 ZAR46,123,134 ZAR46,123,134 ZAR9,633,181 ZAR5,352,046 ZAR9,200,590 47,401,239 TWD 42,209,473 TWD 45,785,686 TWD 95,816,700 TWD 48,002,900 TWD (continued) Gain/(Loss) Unrealised (158,481) (277,800) (196,523) (116,988) (157,771) (136,989) (291,199) (291,236) (201,579) (157,533) (79,199) (25,035) (87,552) (86,153) (75,549) (76,258) (65,911) (53,783) (60,559) (61,099) (54,621) (82,935) (78,685) 107,531 255,056 122,907 121,889 116,947 116,673 (2,070) (2,386) (7,940) 41,608 81,328 82,198 21,608 11,970 40,979 54,319 44,677 11,321 22,815 76,538 13,135 39,118 12,104 31,697 10,922 13,954 4,777 1,248 6,840 189 USD (continued) (0.04) (0.02) (0.06) (0.01) (0.05) (0.02) (0.03) (0.04) (0.02) (0.03) (0.02) (0.07) (0.02) (0.07) (0.02) (0.01) (0.01) (0.05) (0.01) (0.01) (0.02) (0.04) (0.02) (0.00) (0.00) (0.00) 0.02 0.07 0.03 0.03 0.03 0.03 0.01 0.02 0.02 0.01 0.01 0.01 0.01 0.02 0.01 0.01 NAV % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 105 LAZARD GLOBAL INVESTMENT FUNDS PLC 106 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsTotal DebtFund (continued) Return Portfolios ofInvestments Options writtenatfair value (7,950,000) Options Written**(0.04)%(2016:(0.07)%) Options purchasedatfair value 6,787,000 3,411,500 3,411,500 Net Assets Other NetAssets(2016:1.83%) Total Investments(2016:98.17%) Total FinancialDerivative Instruments Credit Default Swapsatfair value positivefairvalue at Credit DefaultSwaps 7,950,000 exchange contracts Net unrealisedgainonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 05/07/17 05/07/17 05/07/17 05/07/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 Open ForwardForeignCurrency ExchangeContracts1.25%(2016:2.14%) Financial Derivative Instruments3.06%(2016:2.19%) Date Maturity Options Purchased0.14%(2016:0.16%) Amount Notional Credit Default Swaps(1.71%(2016:(0.04)%)) CCY USD USD 104,220,000 36,780,000 Notional Amount Put at 3.350USDCallBRLExpiringMay2017 Put at Put at 4.350USDCallMYRExpiring Put at August 2017 Put at 4.350USDCallMYRExpiring Put at August 2017 Put at 4.350USDCallMYRExpiring Put at August 2017 Put at 3.350USDCallBRLExpiringMay2017 Put at ZAR46,123,134 ZAR46,123,136 ZAR46,123,134 ZAR46,123,134 ZAR24,430,785 ZAR24,164,274 ZAR24,187,731 ZAR24,403,393 ZAR24,326,619 ZAR24,572,374 ZAR24,733,985 ZAR24,725,343 ZAR25,282,439 Bought Amount Markit CDXEM Markit CDXEM 27 Series 27 Series Security Name 1.00% 1.00% Fund Pays USD3,507,329 USD3,506,396 USD3,501,604 USD3,501,339 USD1,929,000 USD1,929,000 USD1,929,000 USD1,929,000 USD1,929,000 USD1,929,000 USD1,929,000 USD1,929,000 USD1,929,000 Sold Amount Receives Fund * * (continued) Termination 20/06/22 20/06/22 (11,553,814) 16,956,009 Gain/(Loss) Date Unrealised 5,402,195 Fair Value (121,536) (120,603) (115,811) (115,546) (111,390) (131,218) (129,473) (113,428) (119,140) (100,857) 432,458,978 383,587,255 (88,833) (89,476) (48,029) (185,346) (185,346) 48,871,723 13,223,179 612,309 519,842 7,394,021 7,394,021 46,111 23,178 23,178 1,937,043 5,456,978 USD USD (continued) Value

USD Fair 100.00 %of (2.67) (0.02) (0.02) (0.01) (0.03) (0.03) (0.03) (0.03) (0.03) (0.03) (0.03) (0.03) (0.03) (0.02) 11.30 88.70 (0.04) (0.04) 3.06 3.92 1.25 NAV NAV % of % of 0.14 0.01 0.01 0.01 0.11 0.45 1.26 1.71 1.71 NAV

fixed incomesecurities. ofissuerforgovernmenttype fixedincomesecuritiesandcountry issuer forcorporate Fixed ofthe incomesecuritiesareprimarilyclassified ofincorporation bythecountry ** This writtenoption is covered. notional amounttothecounterparty. * Intheeventofbankruptcy ormodified restructuring, theFundwillpay/receive Bank of America Merrill Lynch Barclays BankPlc are: The counterpartiesforthecreditdefaultswaps JP MorganChaseandCompany Bank of America MerrillLynch The counterpartiesfortheoptionsare: UBS AG StreetBankand State Trust Company Standard CharteredPlc JP MorganChaseandCompany HSBC BankPlc Citibank NA Barclays BankPlc The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: Total Assets Other assets instruments Over thecounterfinancialderivative Transferable market securitiesdealtinonanother regulated Transferable securitiesadmittedtoanofficial stockexchangelisting Analysis oftotalassets(unaudited) (continued) Financial year ended31March 2017 % ofTotal assets 100.00 13.41 39.39 41.73 5.47 Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsDebtBlendFund Lazard Global InvestmentFundsplc Portfolios ofInvestments Fixed IncomeSecurities90.20%(2016:97.47%) Transferable Securities90.20%(2016:97.47%) Argentina 4.66%(2016:Nil) Angola 0.14%(2016:0.38%) Amount Principal Brazil 6.12%(2016:9.22%) Bolivia 0.72%(2016:Nil) Barbados 0.24%(2016:Nil) Azerbaijan 0.40%(2016:0.45%) British VirginIslands0.15%(2016:Nil) 13,160,000 82,998,194 58,014,070 19,560,000 34,520,000 52,125,000 43,070,000 9,126,055 2,440,000 1,428,000 1,224,000 8,270,000 2,372,000 5,100,000 2,429,000 9,742,000 2,216,000 6,851,762 3,430,847 2,797,000 7,465,000 2,292,000 4,091,000 2,260,000 8,080,000 2,303,000 5,050,000 1,429,000 Argentina Government1.000%09/10/2017 Bonds Government 02/02/2024 AES Argentina GeneracionSA7.750% Corporate Bonds Angola Government9.500%12/11/2025 Bonds Government Petrobras Argentina SA7.375%21/07/2023 Argentina Government1.000%01/03/2018 Genneia SA8.750%20/01/2022 Argentina Government5.625%26/01/2022 Argentina Government6.875%22/04/2021 Argentina Government6.875%26/01/2027 Argentina Government7.500%22/04/2026 Argentina Government7.625%22/04/2046 17/10/2026 Argentina Government15.500% 19/09/2018 Argentina Government21.200% 11/03/2019 Argentina Government22.475% Brazil Government5.000%27/01/2045 Bonds Government Bolivia Government4.500%20/03/2028 Bonds Government 30/03/2021 Columbus CableBarbadosLtd7.375% Corporate Bonds Azerbaijan Republic4.750%18/03/2024 Bonds Government 05/03/2018 Argentina Government22.750% Brazil Government6.000%07/04/2026 Brazil Government6.000%15/08/2050 Brazil Government8.250%20/01/2034 Brazil Government10.000%01/01/2021 Brazil Government10.000%01/01/2023 Brazil Government10.000%01/01/2027 01/10/2018 Brazil Government-Zerocoupon 31/01/2027 Central American BottlingCorp5.750% Corporate Bonds 01/01/2020 Brazil Government-Zerocoupon 10,375,229 47,663,611 11,172,696 16,806,676 62,659,158 10,525,524 2,488,940 2,464,912 1,474,410 1,272,960 8,487,088 5,486,325 2,467,257 2,260,320 6,116,935 2,492,826 7,353,025 2,452,440 4,128,330 3,998,589 2,461,140 8,587,617 2,872,993 6,350,477 1,389,209 1,489,733 Fair Value 631,216 906,729 470,884 236,227 USD %of 0.24 0.06 0.24 0.14 0.09 0.12 0.83 0.54 0.24 1.02 0.22 0.60 0.05 0.02 4.66 0.24 0.72 0.24 0.40 0.39 0.24 0.84 0.28 0.62 1.09 1.64 0.14 6.12 1.03 0.15 NAV

Dominican Republic0.90%(2016:3.07%) Croatia Nil(2016:2.40%) Costa RicaNil(2016:0.52%) 13,045,000,000 13,045,000,000 Ecuador 0.80%(2016:0.39%) Cayman Islands0.56%(2016:0.10%) Cameroon 0.14%(2016:0.16%) Chile 0.87%(2016:0.75%) Colombia 5.23%(2016:3.63%) 20,286,000,000 20,286,000,000 46,316,000,000 46,316,000,000 Fixed IncomeSecurities90.20%(2016:97.47%)(continued) Transferable Securities90.20%(2016:97.47%) (continued) Amount Principal 1,565,000,000 4,176,000,000 4,378,000,000 215,226,849 (continued) 5,248,000 1,150,000 1,866,000 6,135,000 1,151,000 1,249,000 3,978,000 2,281,000 3,007,000 1,699,000 1,130,000 1,989,000 2,702,000 4,750,000 3,364,000 489,000 744,000 906,000 738,947 705,000 987,000

Dominican Republic6.850%27/01/2045 Bonds Government Colombia Government11.000%24/07/2020 Colombia Government10.000%24/07/2024 Dominican Republic6.875%29/01/2026 Dominican Republic7.450%30/04/2044 Ecuador Government7.950%20/06/2024 Bonds Government Dominican Republic7.500%06/05/2021 Ecuador Government10.500%24/03/2020 Ecuador Government10.750%28/03/2022 SA 6.875%06/02/2024 Comcel Trust viaComunicacionesCelulares Corporate Bonds Cameroon Republic9.500%19/11/2025 Bonds Government Funding ILtd6.270%24/09/2019 EP PetroEcuador viaNobleSovereign Lamar FundingLtd3.958%07/05/2025 Government Bonds Government AES GenerSA8.375%18/12/2073 Corporate Bonds Chile Government3.125%21/01/2026 Chile Government3.625%30/10/2042 Chile Government4.500%28/02/2021 Colombia Government4.000%26/02/2024 Bonds Government ESP 5.700%20/03/2022 Transportadora deGasInternacionalSA Corporate Bonds Chile Government4.500%01/03/2026 Colombia Government4.375%12/07/2021 Colombia Government4.500%28/01/2026 Colombia Government5.000%15/06/2045 Colombia Government6.125%18/01/2041 Colombia Government7.500%26/08/2026 Colombia Government7.375%18/09/2037 Colombia Government7.750%14/04/2021 Colombia Government9.850%28/06/2027 Financial year ended31March 2017 53,395,535 19,236,726 5,457,920 5,164,479 1,276,500 9,338,915 2,066,595 8,257,463 6,579,788 1,195,026 1,414,493 5,729,199 3,791,531 2,409,306 2,961,895 1,752,519 1,161,640 8,887,328 2,463,213 2,113,313 2,857,365 4,782,063 1,130,115 7,417,866 4,336,196 1,528,389 1,914,864 Fair Value 537,900 710,520 967,155 742,642 714,870 338,044 USD %of 5.23 0.53 0.51 1.88 0.05 0.12 0.07 0.90 0.20 0.09 0.80 0.64 0.12 0.14 0.07 0.56 0.37 0.24 0.07 0.29 0.03 0.17 0.11 0.87 0.24 0.21 0.28 0.47 0.11 0.73 0.42 0.15 0.19 NAV

107 LAZARD GLOBAL INVESTMENT FUNDS PLC 108 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsDebtBlendFund(continued) Portfolios ofInvestments Fixed IncomeSecurities90.20%(2016:97.47%)(continued) Transferable Securities90.20%(2016:97.47%) (continued) Amount Principal Honduras 0.35%(2016:0.23%) Egypt 0.83%(2016:0.54%) Egypt Hungary 1.54% (2016:6.26%) Hungary El Salvador 1.12%(2016:0.28%) Ghana 1.49%(2016:0.41%) Georgia 0.25%(2016:Nil) Gabon 0.24%(2016:0.34%) Guatemala 0.29%(2016:0.30%) 1,919,570,000 392,550,000 78,390,000 2,036,000 1,068,000 1,379,000 2,854,000 1,949,000 5,010,000 2,332,000 5,438,000 1,086,000 5,014,000 2,491,000 2,548,000 5,400,000 9,100,000 2,380,000 2,510,000 2,180,000 2,966,000 2,060,000 426,000 509,000 220,000 770,000 440,000 Honduras Government6.250%19/01/2027 Bonds Government Egypt Government5.750%29/04/2020 Egypt Bonds Government Guatemala Government4.500%03/05/2026 Guatemala Hungary Government3.000%26/06/2024 Hungary Bonds Government Honduras Government8.750%16/12/2020 Egypt Government5.875%11/06/2025 Egypt Hungary Government5.500%24/06/2025 Hungary Egypt Government6.125%31/01/2022 Egypt Hungary Government7.000%24/06/2022 Hungary 30/01/2025 El SalvadorGovernment5.875% Bonds Government Government8.500%31/01/2047 Egypt 18/01/2027 El SalvadorGovernment6.375% 01/12/2019 El SalvadorGovernment7.375% 24/01/2023 El SalvadorGovernment7.750% Ghana Government7.875%07/08/2023 Bonds Government BGEO GroupJSC6.000%26/07/2023 Corporate Bonds Gabon Government6.375%12/12/2024 Bonds Government 10/04/2032 El SalvadorGovernment8.250% Ghana Government9.250%15/09/2022 Ghana Government19.040%24/09/2018 Ghana Government21.000%07/01/2019 Ghana Government22.490%23/04/2018 Ghana Government22.500%10/12/2018 Ghana Government23.230%19/02/2018 Ghana Government23.470%21/05/2018 Ghana Government24.440%29/05/2017 Government Bonds Government Ghana Government25.480%24/04/2017 11,441,786 15,137,579 2,065,268 2,969,708 1,114,725 3,633,881 1,568,613 2,797,990 7,826,640 2,028,178 1,694,820 4,490,213 8,459,453 2,518,560 4,894,200 1,115,865 4,869,848 2,520,581 2,468,375 5,638,950 2,131,567 Fair Value 275,158 435,053 506,455 181,674 570,634 595,416 519,122 102,324 477,660 50,384 USD %of 0.20 0.29 0.11 0.03 0.35 0.15 0.27 0.77 0.20 0.17 0.44 0.83 0.25 0.48 0.11 0.04 1.12 0.48 0.25 0.24 0.05 0.55 0.21 0.02 0.06 0.06 0.05 0.01 1.49 0.05 NAV 0.00

Fixed IncomeSecurities90.20%(2016:97.47%)(continued) Transferable Securities90.20%(2016:97.47%) (continued) Amount Principal Hungary 1.54%(2016:6.26%)(continued) Hungary Indonesia 7.55%(2016:9.06%) 38,503,000,000 38,503,000,000 43,455,000,000 43,455,000,000 133,428,000,000 124,094,000,000 28,514,000,000 78,434,000,000 77,655,000,000 100,601,000,000 Ireland 0.40%(2016:Nil) Iraq 0.33%(2016:Nil) Ivory Coast0.45%(2016:2.46%) Ivory Jamaica 0.27%(2016:1.02%) 530,950,000 (continued) 2,714,000 2,530,000 3,805,000 1,426,000 2,411,000 2,528,400 1,751,000 1,390,000 1,390,000 1,159,000 1,159,000 2,382,000 2,382,000 2,801,000 2,801,000 2,296,000 2,296,000 1,823,000 1,823,000 2,888,000 2,888,000 3,115,000 3,115,000 3,812,000 3,812,000 2,116,000 2,116,000 601,000 427,000 427,000 Hungary Government7.625%29/03/2041 Hungary Bonds(continued) Government Pertamina Persero PT4.300%20/05/2023 Corporate Bonds 13/09/2017 Government-Zerocoupon Hungary Pertamina Persero PT4.875%03/05/2022 Pertamina Persero PT5.625%20/05/2043 Indonesia Government3.375%15/04/2023 Bonds Government Pertamina Persero PT6.000%03/05/2042 Indonesia Government4.125%15/01/2025 Indonesia Government5.875%13/03/2020 Indonesia Government6.750%15/01/2044 Indonesia Government7.000%15/05/2027 Indonesia Government9.000%15/03/2029 Indonesia Government8.750%15/05/2031 Indonesia Government8.375%15/09/2026 Indonesia Government8.375%15/03/2034 Indonesia Government8.375%15/03/2024 Indonesia Government8.250%15/05/2036 Indonesia Government7.875%15/04/2019 Indonesia Government7.750%17/01/2038 4.325% 28/05/2025 Perusahaan Penerbit SBSNIndonesiaIII 4.375% 01/03/2024 Plc viaRZDCapital Russian Railways Corporate Bonds Iraq Republic5.800%15/01/2028 Bonds Government 4.550% 29/03/2026 Perusahaan Penerbit SBSNIndonesiaIII 5.700% 05/04/2022 Plc viaRZDCapital Russian Railways 23/07/2024 CoastGovernment5.375% Ivory Bonds Government Jamaica Government6.750%28/04/2028 Bonds Government 31/12/2032 CoastGovernment5.750% Ivory Jamaica Government8.000%15/03/2039 Financial year ended31March 2017 15,587,253 11,136,538 10,143,756 77,308,873 3,952,263 1,436,023 1,838,372 1,228,540 2,467,716 2,802,751 2,440,935 1,993,906 3,721,910 2,886,331 3,656,377 2,271,405 6,326,193 6,172,831 7,743,910 4,314,275 3,926,360 2,530,000 3,367,425 2,200,640 4,063,841 1,533,841 2,299,491 4,660,701 2,361,210 2,686,705 2,015,839 Fair Value 438,476 670,866 USD %of 0.39 0.14 1.54 0.18 0.12 0.24 0.27 0.24 0.04 0.20 0.36 0.28 0.36 1.09 0.99 0.22 0.62 0.60 0.76 0.42 0.38 0.25 0.33 7.55 0.22 0.40 0.15 0.22 0.07 0.45 0.23 0.27 0.20 NAV

Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsDebtBlendFund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments Jordan 0.20%(2016:0.35%) Lebanon 1.69%(2016:0.55%) Kenya Nil(2016:0.44%) Fixed IncomeSecurities90.20%(2016:97.47%(continued) Transferable Securities90.20%(2016:97.47%) (continued) Amount Principal Kazakhstan 1.45%(2016:1.56%) Luxembourg 0.64%(2016:Nil) Malaysia 3.77%(2016:3.38%) Mexico 8.05%(2016 : 7.27%) Mauritius 0.25%(2016:Nil) 24,704,000 15,148,000 79,202,000 14,128,000 20,387,000 1,480,000 4,685,000 4,005,000 2,238,000 1,668,000 7,331,000 2,888,000 1,751,000 6,945,000 2,144,000 7,393,000 2,303,000 3,018,000 6,620,000 2,296,000 2,473,000 1,704,000 1,328,000 3,065,000 5,176,000 3,065,000 198,000 582,000

Jordan Government5.750%31/01/2027 Bonds Government Lebanon Government5.450%28/11/2019 Bonds Government Kazakhstan Government6.500%21/07/2045 Kazakhstan Government5.125%21/07/2025 Kazakhstan Government3.875%14/10/2024 02/07/2018 CoJSC9.125% KazMunayGas National Corporate Bonds Jordan Government6.125%29/01/2026 Lebanon Government6.000%27/01/2023 Government Bonds Government Lebanon Government6.650%22/04/2024 Evraz GroupSA5.375%20/03/2023 Corporate Bonds Lebanon Government8.250%12/04/2021 Evraz GroupSA8.250%28/01/2021 Malaysia Government3.260%01/03/2018 Bonds Government 5.500% 26/02/2024 Sberbank ofRussia SA Via SBCapital Malaysia Government3.620%30/11/2021 Malaysia Government3.654%31/10/2019 Malaysia Government3.795%30/09/2022 Malaysia Government3.955%15/09/2025 Malaysia Government4.048%30/09/2021 Malaysia Government4.254%31/05/2035 3.800% 11/08/2026 Banco NacionaldeComercioExteriorSNC Corporate Bonds Ltd6.000%13/02/2022 Neerg Energy Corporate Bonds Malaysia Government4.498%15/04/2030 Cemex SABdeCV7.750%16/04/2026 23/02/2027 Comision Federal deElectricidad4.750% Petroleos Mexicanos4.591%11/03/2022 Petroleos Mexicanos5.375%13/03/2012 Petroleos Mexicanos5.500%27/06/2044 14,812,573 17,198,890 18,048,856 38,482,929 1,452,065 4,760,944 2,433,825 7,404,310 4,796,269 2,049,852 1,697,190 2,978,250 1,756,691 7,727,181 2,403,960 1,669,126 6,536,196 2,375,545 5,582,082 3,392,084 1,468,950 3,039,172 2,261,560 2,510,095 4,607,863 1,921,260 1,334,640 3,302,384 4,581,019 Fair Value 3,210,588 213,494 597,787 674,796 USD %of 0.14 1.45 0.47 0.24 0.72 0.47 0.02 0.20 0.06 0.17 0.29 1.69 0.17 0.76 0.24 0.16 0.64 0.23 0.07 0.55 0.33 0.14 1.77 0.30 3.77 0.22 0.25 0.45 0.19 0.13 0.32 0.31 0.45 NAV

Netherlands 2.79%(2016:0.15%) Namibia 0.18%(2016:0.18%) Morocco 0.36%(2016:0.32%) Oman 0.50%(2016:Nil) Nigeria 0.19%(2016:0.11%) Pakistan 0.34%(2016:0.91%) Panama 1.44%(2016:3.40%) Mexico 8.05%(2016:7.27%)(continued) Mongolia 0.50%(2016:Nil) Fixed IncomeSecurities90.20%(2016:97.47%)(continued) Transferable Securities90.20%(2016:97.47%) (continued) Amount Principal 602,873,000 146,260,000 (continued) 17,373,000 21,635,426 42,736,000 95,577,000 85,707,000 2,177,000 1,809,000 3,444,000 2,736,000 1,040,625 2,418,000 1,855,000 2,364,000 1,659,000 2,483,000 1,332,000 1,541,000 7,703,000 4,036,000 3,613,000 946,000 400,000 430,000 510,000 Greenko DutchBV8.000%01/08/2019 Corporate Bonds Namibia Government5.250%29/10/2025 Bonds Government Morocco Government5.500%11/12/2042 Bonds Government Mongolia Government10.875%06/04/2021 GTH Finance BV7.250%26/04/2023 23/05/2021 Petrobras GlobalFinance BV8.375% BV 7.000%17/08/2019 Republic of Angola Via NorthernLightsIII Oman Government3.625%15/06/2021 Bonds Government Nigeria Government7.875%16/02/2032 Bonds Government VTR Finance BV6.875%15/01/2024 Pakistan Government7.250%15/04/2019 Bonds Government Oman Government6.500%08/03/2047 Panama Government3.750%16/03/2025 Bonds Government Pakistan Government8.250%15/04/2024 Panama Government3.875%17/03/2028 Mexico Government4.000%15/11/2040 Bonds Government Mexico Government4.150%28/03/2027 Mexico Government5.000%11/12/2019 Mexico Government5.750%12/10/2110 Mexico Government7.750%29/05/2031 Mexico Government7.750%13/11/2042 Mexico Government10.000%05/12/2024 Mongolia Government4.125%05/01/2018 Bonds Government Mexico Government10.000%20/11/2036 Mongolia Government5.125%05/12/2022 Mongolia Government8.750%09/03/2024 Financial year ended31March 2017 19,666,236 28,530,493 30,602,745 82,497,039 2,295,374 1,829,351 3,672,165 5,050,932 3,021,570 1,075,751 2,449,736 1,933,838 2,471,562 1,757,370 5,075,509 2,625,773 1,365,300 3,467,841 1,710,471 1,218,844 7,851,283 4,030,955 8,093,082 2,349,054 5,978,590 3,613,000 5,761,035 Fair Value 589,369 963,738 378,250 470,313 USD %of 0.06 0.22 0.18 0.36 0.50 0.30 1.92 0.11 2.79 0.24 0.19 0.24 0.17 0.50 0.26 0.13 0.34 0.17 0.09 0.12 0.77 2.99 0.39 0.79 0.23 0.58 8.05 0.35 0.56 0.04 0.05 NAV

109 LAZARD GLOBAL INVESTMENT FUNDS PLC 110 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsDebtBlendFund(continued) Portfolios ofInvestments Poland 3.19%(2016:3.68%) Panama 1.44%(2016:3.40%)(continued) Russia 3.54%(2016:6.68%) Romania 0.20%(2016:1.32%) Paraguay 1.01%(2016:1.18%) Peru 3.42%(2016:1.47%) Philippines 0.68%(2016:1.96%) Fixed IncomeSecurities90.20%(2016:97.47%)(continued) Transferable Securities90.20%(2016:97.47%) (continued) Amount Principal 559,948,000 681,181,000 415,040,000 13,540,000 38,694,000 16,543,000 60,880,000 24,395,000 41,833,000 96,941,000 17,610,000 1,307,000 1,545,000 3,072,000 3,393,000 3,043,000 2,600,000 8,080,000 1,000,000 2,200,000 5,609,000 2,520,000 6,526,000 3,299,000 1,830,000 4,492,000 2,109,000 975,000 971,000 949,000 Poland Government1.500%25/04/2020 Bonds Government Panama Government4.000%22/09/2024 Bonds(continued) Government Philippines Government6.375%23/10/2034 Philippines Government3.700%01/03/2041 Philippines Government3.625%09/09/2025 Poland Government3.250%25/07/2025 Panama Government4.300%29/04/2053 Poland Government5.250%25/10/2020 Panama Government6.700%26/01/2036 Russian Federation 4.750%27/05/2026 Bonds Government Romania Government4.750%24/02/2025 Bonds Government 25/10/2018 Poland Government-Zerocoupon Panama Government7.125%29/01/2026 Russian Federation 5.625%04/04/2042 Panama Government8.875%30/09/2027 Russian Federation 7.000%16/08/2023 Paraguay Republic4.625%25/01/2023 Bonds Government Panama Government9.375%01/04/2029 Russian Federation 7.050%19/01/2028 Paraguay Republic4.700%27/03/2027 Russian Federation 7.500%18/08/2021 Peru Republic5.625%18/11/2050 Bonds Government 15/07/2025 Corp Financiera deDesarrolloSA4.750% Corporate Bonds Paraguay Republic5.000%15/04/2026 Russian Federation 8.500%17/09/2031 Peru Republic6.350%12/08/2028 Russian Federation 12.750%24/06/2028 Peru Republic6.550%14/03/2037 Peru Republic6.900%12/08/2037 Government Bonds Government Peru Republic6.950%12/08/2031 32,591,220 14,932,076 14,861,800 11,939,005 10,337,144 36,219,449 13,680,343 34,976,576 6,899,295 2,056,781 3,047,040 1,795,474 3,333,780 1,367,449 9,756,148 3,248,798 4,569,216 3,849,395 2,719,275 2,049,797 1,265,000 2,419,450 1,374,750 5,854,394 1,427,370 9,347,060 2,570,400 7,806,728 3,496,940 1,912,350 7,705,311 1,435,046 1,674,985 2,733,791 5,823,728 Fair Value 414,363 USD %of 0.68 0.20 0.30 0.18 0.33 0.13 0.95 0.32 0.45 0.38 3.19 1.46 0.27 0.20 0.12 0.24 0.13 0.04 1.44 0.57 0.14 0.91 0.25 1.17 1.01 0.76 0.34 0.19 0.75 0.14 3.54 0.16 0.27 1.34 3.42 0.57 NAV

Fixed IncomeSecurities90.20%(2016:97.47%)(continued) Transferable Securities90.20%(2016:97.47%) (continued) Amount Principal South Africa5.77%(2016:4.24%) Nil(2016:3.31%) Slovenia Serbia Nil(2016:1.44%) Senegal Nil(2016:0.47%) Rwanda Nil(2016:0.47%) Sri Lanka1.10%(2016:1.43%) Thailand 0.98%(2016:2.03%) Tanzania Nil(2016:0.11%) Suriname 0.06%(2016:Nil) Tunisia 0.12%(2016:0.19%) 213,526,000 197,079,000 103,259,000 (continued) 14,300,000 84,927,000 10,300,000 44,218,000 46,434,000 65,580,000 75,202,000 66,331,000 4,462,000 3,498,000 4,158,000 1,343,000 1,850,000 1,971,000 1,953,000 5,487,000 1,294,000 534,000 175,000 649,000 812,000 570,000 26/01/2021 Eskom HoldingsSOCLtd5.750% Corporate Bonds 06/08/2023 Eskom HoldingsSOCLtd6.750% South Africa Government 4.300%12/10/2028 Bonds Government Transnet SOCLtd9.500%13/05/2021 South Africa Government 4.665%17/01/2024 South Africa Government 5.375%24/07/2044 South Africa Government 5.875%16/09/2025 South Africa Government 6.250%08/03/2041 South Africa Government 6.500%28/02/2041 South Africa Government 7.750%28/02/2023 South Africa Government 8.250%31/03/2032 South Africa Government 8.500%31/01/2037 South Africa Government 8.750%28/02/2048 Sri LankaGovernment5.750%18/01/2022 Bonds Government South Africa Government 10.500%21/12/2026 Sri LankaGovernment5.875%25/07/2022 Sri LankaGovernment6.125%03/06/2025 Sri LankaGovernment6.250%27/07/2021 Thailand Government3.580%17/12/2027 Bonds Government Suriname Republic9.250%26/10/2026 Bonds Government Sri LankaGovernment6.850%03/11/2025 Thailand Government3.625%16/06/2023 Thailand Government3.850%12/12/2025 30/01/2025 Banque Centralede Tunisie SA5.750% Corporate Bonds Thailand Government4.875%22/06/2029 Financial year ended31March 2017 14,438,068 58,928,290 16,233,192 11,226,723 10,003,515 4,491,003 3,550,470 3,918,915 1,025,014 1,363,145 1,826,875 4,473,603 2,958,412 3,133,445 2,025,203 2,007,928 2,028,492 5,685,904 2,357,917 3,296,902 1,247,093 2,320,204 Fair Value 575,385 192,500 748,263 651,028 856,660 570,713 USD %of 0.44 0.35 0.38 0.10 0.13 0.18 0.06 0.02 0.44 0.07 1.41 0.29 0.31 0.20 5.77 1.59 0.20 0.06 0.08 0.20 1.10 0.56 0.06 0.23 0.32 0.12 0.98 0.23 NAV

Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsDebtBlendFund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments Turkey 7.26%(2016:5.47%) Fixed IncomeSecurities90.20%(2016:97.47%)(continued) Transferable Securities90.20%(2016:97.47%) (continued) Amount Principal Ukraine 2.51%(2016:Nil) United Kingdom0.30%(2016:Nil) Uruguay 1.22%(2016:0.72%) United States0.10%(2016:Nil) 58,786,000 61,996,000 69,038,000 11,171,000 10,056,000 34,531,413 24,570,000 49,150,000 43,284,000 1,556,000 1,003,000 1,180,000 2,520,000 2,314,000 2,101,000 3,429,000 2,245,000 2,325,000 1,422,000 1,546,000 6,515,000 2,610,000 2,548,000 1,155,000 2,855,000 1,787,000 5,169,000 1,906,000 5,620,000 400,000 824,000 939,000 Akbank TAS 7.500%05/02/2018 Corporate Bonds 08/02/2021 Export CreditBankof Turkey 5.375% TC Ziraat Bankasi TC Ziraat AS 4.750%29/04/2021 17/10/2019 Turkey GarantiBankasi AS 4.750% Turkey Government4.875%09/10/2026 Bonds Government Turkey IsBankasi5.500%21/04/2019 Turkey Government5.625%30/03/2021 Turkey Government6.000%14/01/2041 Turkey Government6.250%26/09/2022 Turkey Government6.300%14/02/2018 Turkey Government6.625%17/02/2045 Turkey Government6.875%17/03/2036 Turkey Government7.000%11/03/2019 Turkey Government7.500%07/11/2019 Turkey Government8.000%12/03/2025 Turkey Government8.500%10/07/2019 Ukraine Government7.750%01/09/2019 Bonds Government Turkey Government9.000%24/07/2024 Ukraine Government7.750%01/09/2020 Ukraine Government7.750%01/09/2021 Ukraine Government7.750%01/09/2022 Vedanta ResourcesPlc6.000%31/01/2019 Corporate Bonds Ukraine Government7.750%01/09/2027 Uruguay Government4.375%27/10/2027 Bonds Government Cemex Finance LLC9.375%12/10/2022 Corporate Bonds Vedanta ResourcesPlc6.375%30/07/2022 Uruguay Government5.100%18/06/2050 Uruguay Government7.625%21/03/2036 Uruguay Government13.250%08/04/2018 08/02/2018 Uruguay Treasury Bill-Zerocoupon 08/03/2018 Uruguay Treasury Bill-Zerocoupon 29/09/2017 Uruguay Treasury Bill-Zerocoupon 15,553,475 14,581,185 18,047,911 11,416,762 74,195,983 25,590,332 12,536,987 1,569,615 1,199,175 2,428,650 2,371,561 2,196,858 3,669,030 2,393,731 2,522,625 1,523,318 1,695,769 2,534,124 6,518,258 2,576,070 2,450,858 1,191,094 2,628,384 1,112,251 1,014,590 2,990,639 1,799,545 5,001,009 2,487,330 1,541,088 1,351,896 Fair Value 105,868 987,328 815,760 858,912 184,501 USD %of 0.01 0.15 0.10 0.12 0.24 0.23 0.21 0.08 0.36 1.52 0.23 0.25 0.15 0.17 1.43 1.76 1.12 7.26 0.25 0.64 0.25 0.24 2.51 0.12 0.26 0.11 0.10 0.30 0.18 0.49 0.24 0.08 0.15 0.13 1.22 0.02 NAV

Date Maturity 05/04/17 05/04/17 05/04/17 04/04/17 05/04/17 05/04/17 03/05/17 03/05/17 17/04/17 05/04/17 05/04/17 05/04/17 10/07/17 19/06/17 19/06/17 19/06/17 05/09/17 05/09/17 05/04/17 19/06/17 11/07/17 10/07/17 10/07/17 06/04/17 05/04/17 19/06/17 19/06/17 19/06/17 19/06/17 19/06/17 19/06/17 19/06/17 Open ForwardForeignCurrency ExchangeContracts0.64%(2016:0.62%) Financial Derivative Instruments0.75%(2016:0.62%) Fixed IncomeSecurities90.20%(2016:97.47%)(continued) Transferable Securities90.20%(2016:97.47%) (continued) Amount Principal Zambia 0.35%(2016:0.12%) Vietnam Nil(2016:0.59%) Derivative Instruments Total Value ofInvestmentsexcluding Financial Total Transferable Securities Total FixedIncomeSecurities (continued) 2,765,000 751,000 Bought Amount BRL 3,418,604 BRL 3,130,034 BRL 28,105,121 BRL 28,105,121 BRL 2,820,386 BRL 2,040,898 BRL 19,551,891 BRL 13,351,611 BRL 13,351,611 BRL 12,282,950 BRL 11,461,447 BRL 11,046,600 ARS 5,187,875 ARS 39,912,525 ARS 39,763,875 ARS 39,565,675 ARS 37,748,400 ARS 35,006,150 ARS 25,002,740 ARS 20,922,000 ARS 13,932,000 ARS 13,925,100 ARS 13,685,700 ARS 13,573,980 ARS 13,462,260 ARS 1,478,750 ARS 1,471,470 ARS 1,471,470 ARS 1,469,650 ARS 1,467,830 ARS 1,464,190 ARS 1,462,370 Government Bonds Government Zambia Government5.375%20/09/2022 Zambia Government8.500%14/04/2024 Financial year ended31March 2017 Sold Amount USD 1,043,342 USD 960,870 USD 8,686,485 USD 8,728,298 USD 865,680 USD 618,510 USD 6,199,864 USD 4,227,468 USD 4,279,500 USD 3,746,658 USD 3,498,888 USD 3,362,228 USD 302,500 USD 2,477,500 USD 2,477,500 USD 2,477,500 USD 2,274,000 USD 2,105,000 USD 1,603,511 USD 1,320,000 USD 810,000 USD 798,000 USD 798,000 USD 798,000 USD 798,000 USD 91,000 USD 91,000 USD 91,000 USD 91,000 USD 91,000 USD 91,000 USD 91,000 921,970,098 921,970,098 921,970,098 Gain/(Loss) 3,532,448 2,846,222 Fair Value Unrealised 686,226 (82,434) (49,992) (87,242) 163,412 123,848 121,065 110,156 116,187 (4,427) 33,127 24,732 22,419 24,139 20,741 32,196 22,848 10,386 13,706 16,514 21,486 57,633 69,631 54,715 83,847 76,949 1,984 1,526 1,526 1,411 1,297 1,068 USD 954 USD %of 90.20 90.20 90.20 (0.01) (0.00) (0.01) (0.00) 0.07 0.35 0.28 % of NAV 0.00 0.00 0.03 0.02 0.00 0.00 0.02 0.02 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.02 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV

111 LAZARD GLOBAL INVESTMENT FUNDS PLC 112 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsDebtBlendFund(continued) Portfolios ofInvestments 05/04/17 03/05/17 18/04/17 05/04/17 18/04/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 05/07/17 04/04/17 04/04/17 05/07/17 05/04/17 05/04/17 05/04/17 04/04/17 04/04/17 04/04/17 04/04/17 04/04/17 04/04/17 04/04/17 05/04/17 05/04/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 05/04/17 Open ForwardForeignCurrency ExchangeContracts0.64%(2016:0.62%) (continued) Financial Derivative Instruments0.75%(2016:0.62%)(continued) Date Maturity BRL 4,688,732 BRL 4,003,040 EUR 1,862,709 EUR 0,508 COP 2,431,900,000 COP 1,789,580,940 COP 1,782,228,000 COP 1,776,348,000 COP 1,770,468,000 COP 1,770,468,000 COP 1,747,242,000 COP 1,741,068,000 COP 1,740,480,000 COP 1,732,248,000 COP 1,731,072,000 COP 1,719,312,000 CLP 1,005,480,000 CHF 98,772 CHF 97,857 CHF 47,389,204 CHF 45,025 CHF 194,790 CHF 169,694 CHF 11,071 CAD 6,815,365 CAD 4,093,372 CAD 2,526,056 CAD 1,263,028 BRL 8,406,773 BRL 8,234,448 BRL 736,031 BRL 724,356 BRL 714,210 BRL 710,790 BRL 710,038 BRL 709,308 BRL 709,308 BRL 700,530 BRL 7,725,832 BRL 5,368,706 BRL 5,244,415 BRL 5,244,415 BRL 5,244,415 BRL 5,244,415 BRL 5,244,415 BRL 5,244,415 BRL 5,244,415 BRL 5,244,415 BRL 5,244,415 BRL 5,244,414 BRL 5,244,414 BRL 5,244,414 BRL 4,824,512 Bought Amount USD 1,427,772 USD 1,270,000 USD 2,011,726 USD 0,546 USD 806,253 USD 588,000 USD 588,000 USD 588,000 USD 588,000 USD 588,000 USD 588,000 USD 588,000 USD 588,000 USD 588,000 USD 588,000 USD 588,000 USD 1,520,000 USD 99,224 USD 97,369 USD 46,819,180 USD 45,486 USD 198,334 USD 171,234 USD 11,002 USD 5,100,000 USD 3,081,895 USD 1,889,346 USD 951,899 USD 2,545,841 USD 2,471,323 USD 225,950 USD 228,000 USD 228,000 USD 228,000 USD 228,000 USD 228,000 USD 228,000 USD 228,000 USD 2,318,677 USD 1,625,649 USD 1,659,074 USD 1,661,149 USD 1,659,047 USD 1,658,733 USD 1,658,995 USD 1,658,313 USD 1,655,695 USD 1,655,591 USD 1,655,539 USD 1,659,362 USD 1,658,470 USD 1,656,427 USD 1,471,112 Sold Amount Gain/(Loss) Unrealised (17,522) (18,236) (12,545) (20,874) (22,950) (20,848) (20,533) (20,795) (20,113) (17,496) (17,391) (17,339) (21,163) (20,271) (18,228) 562,339 101,331 121,586 114,076 (2,387) (3,576) (1,567) (3,631) (3,048) (4,126) (4,363) (4,592) (4,592) (7,357) 48,642 32,399 24,478 21,961 19,949 17,937 17,937 16,909 64,879 48,057 9,988 7,875 7,673 4,856 4,453 4,776 5,816 (468) (469) 429 473 147 USD (2) 67 (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.08 0.00 0.00 0.01 0.02 0.00 0.00 0.02 0.01 0.00 NAV 27/12/17 27/12/17 22/12/17 08/01/18 27/12/17 27/12/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 15/12/17 20/03/18 13/12/17 13/12/17 05/01/18 05/01/18 04/12/17 04/12/17 05/01/18 27/12/17 14/12/17 15/12/17 05/01/18 13/12/17 27/12/17 18/04/17 27/12/17 04/12/17 18/04/17 18/04/17 05/05/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 03/04/17 Open ForwardForeignCurrency ExchangeContracts0.64%(2016:0.62%) (continued) Date Maturity Financial Derivative Instruments0.75%(2016:0.62%)(continued) (continued) IDR 21,239,574,736 IDR 20,920,393,809 IDR 20,920,393,809 IDR 20,825,220,252 IDR 20,607,610,680 IDR 20,538,184,180 IDR 20,096,760,000 IDR 20,051,700,000 IDR 20,036,680,000 IDR 20,029,170,000 IDR 20,006,640,000 IDR 19,999,130,000 IDR 19,999,130,000 IDR 18,239,032,625 IDR 17,273,200,000 IDR 16,246,939,940 IDR 14,866,757,220 IDR 13,654,477,572 IDR 13,654,477,572 IDR 13,233,578,832 IDR 13,233,578,832 IDR 13,048,505,237 IDR 11,043,796,050 IDR 11,043,796,050 IDR 10,775,141,201 IDR 10,390,452,092 IDR 10,347,729,840 IDR 10,296,522,840 EUR 10,951 IDR 10,261,809,590 IDR 1,124,958,856 HUF 1,690,322,870 HUF 1,690,322,869 HUF 1,577,678,300 GBP 96,221 GBP 84,528 GBP 731,226 GBP 44,280 GBP 360,666 GBP 2,630 GBP 105,287 EUR 929,156 EUR 926,503 EUR 66,687 EUR 59,785,115 EUR 47,621 EUR 47,029 EUR 37,071 EUR 21,137 EUR 2,823 EUR 149,225,881 EUR 14,174 EUR 127,296 Bought Amount Financial year ended31March 2017 USD 712,378 USD 1,478,050 USD 1,453,512 USD 1,458,375 USD 1,465,533 USD 1,428,109 USD 1,423,298 USD 1,502,000 USD 1,502,000 USD 1,502,000 USD 1,502,000 USD 1,502,000 USD 1,502,000 USD 1,502,000 USD 1,282,182 USD 1,240,000 USD 1,147,788 USD 1,045,850 USD 962,939 USD 962,939 USD 900,550 USD 902,700 USD 920,529 USD 766,717 USD 773,917 USD 759,187 USD 732,851 USD 727,688 USD 715,782 USD 11,607 USD 78,531 USD 5,857,685 USD 5,863,476 USD 5,510,000 USD 117,180 USD 105,629 USD 890,736 USD 55,344 USD 452,075 USD 3,285 USD 128,255 USD 1,005,045 USD 995,176 USD 71,705 USD 63,231,129 USD 51,788 USD 50,860 USD 39,878 USD 22,762 USD 3,013 USD 157,827,261 USD 15,341 USD 138,455 Sold Amount Gain/(Loss) Unrealised 1,875,803 (40,608) (10,653) 751,512 (1,150) (2,838) (3,401) (3,401) (6,745) (3,623) (2,305) 36,941 72,867 74,099 69,862 53,113 76,662 76,404 50,948 39,930 40,971 33,292 33,292 67,595 65,445 31,490 39,702 33,363 28,391 25,237 28,773 36,072 23,925 3,915 4,821 3,769 3,179 3,445 (587) (954) (932) (336) (823) (529) (204) (141) (172) 538 113 103 USD 45 4 8 (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.00 0.21 NAV Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsDebtBlendFund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments 19/07/17 19/07/17 20/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 06/07/17 05/04/17 05/04/17 05/04/17 16/08/17 16/08/17 16/08/17 27/11/17 27/11/17 27/11/17 04/12/17 05/06/17 05/01/18 27/12/17 27/12/17 05/01/18 05/01/18 05/01/18 08/01/18 05/01/18 08/01/18 08/01/18 27/12/17 20/12/17 21/12/17 05/01/18 08/01/18 27/11/17 05/01/18 08/01/18 27/12/17 21/12/17 05/01/18 27/12/17 15/12/17 27/11/17 27/12/17 05/01/18 27/12/17 27/12/17 05/01/18 Open ForwardForeignCurrency ExchangeContracts0.64%(2016:0.62%) (continued) Financial Derivative Instruments0.75%(2016:0.62%)(continued) Date Maturity PEN 2,085,930 PEN 10,623,960 MYR 4,928,400 MXN 6,158,432 MXN 6,030,039 MXN 6,013,544 MXN 6,012,574 MXN 6,004,921 MXN 5,964,528 MXN 5,964,520 MXN 15,322,365 MXN 15,321,555 7,393,776,000 KRW 2,338,340,078 KRW 1,259,812,677 KRW 1,232,535,028 KRW INR 797,298,446 INR 191,955,248 INR 180,953,795 IDR 8,904,972,192 IDR 8,904,972,192 IDR 8,892,084,192 IDR 8,793,383,480 IDR 8,772,065,980 IDR 8,198,881,378 IDR 75,114,000,000 IDR 71,060,874,454 IDR 7,207,182,734 IDR 69,023,900,000 IDR 68,209,600,000 IDR 62,308,866,724 IDR 59,753,800,127 IDR 51,499,586,607 IDR 44,822,143,947 IDR 42,643,643,700 IDR 42,643,643,700 IDR 42,437,699,224 IDR 4,240,020,330 IDR 39,158,611,675 IDR 382,424,288 IDR 33,415,947,859 IDR 31,193,200,584 IDR 29,014,173,826 IDR 28,623,175,230 IDR 28,077,623,753 IDR 26,963,678,529 IDR 26,963,678,529 IDR 26,304,047,136 IDR 24,617,747,345 IDR 22,958,368,258 IDR 22,396,239,474 IDR 22,389,227,000 IDR 21,279,349,064 Bought Amount USD 630,000 USD 3,240,000 USD 1,110,000 USD 313,000 USD 313,000 USD 313,000 USD 313,000 USD 313,000 USD 313,000 USD 313,000 USD 810,000 USD 810,000 USD 6,630,000 USD 1,937,637 USD 1,043,721 USD 1,021,325 USD 11,651,300 USD 2,804,723 USD 2,643,977 USD 612,236 USD 611,815 USD 609,047 USD 602,287 USD 620,153 USD 578,404 USD 5,350,000 USD 4,934,783 USD 507,906 USD 4,790,000 USD 4,790,000 USD 4,373,780 USD 4,211,596 USD 3,695,701 USD 3,214,209 USD 2,960,747 USD 2,964,452 USD 2,959,393 USD 299,120 USD 2,810,091 USD 26,687 USD 2,356,216 USD 2,189,765 USD 2,013,615 USD 1,996,734 USD 1,982,183 USD 1,869,492 USD 1,896,180 USD 1,778,382 USD 1,706,603 USD 1,622,912 USD 1,555,564 USD 1,554,915 USD 1,504,904 Sold Amount Gain/(Loss) Unrealised (11,168) 153,373 410,950 134,836 254,094 245,988 186,576 169,995 148,045 153,098 151,182 140,940 105,005 147,081 (5,342) 13,276 82,839 80,843 99,349 93,655 39,610 40,031 41,856 41,021 33,649 19,787 17,931 59,825 54,374 10,233 45,489 81,814 84,950 94,364 66,362 99,400 74,652 90,989 52,131 79,813 79,950 47,638 5,099 2,936 6,474 5,600 5,548 5,143 3,003 3,002 1,784 1,741 1,307 USD (0.00) (0.00) % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.01 0.01 0.04 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.02 0.00 0.03 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 NAV 10/04/17 10/04/17 10/04/17 10/04/17 18/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 19/07/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 19/07/17 19/07/17 19/07/17 19/07/17 19/07/17 19/07/17 19/07/17 19/07/17 19/07/17 Open ForwardForeignCurrency ExchangeContracts0.64%(2016:0.62%) (continued) Date Maturity 17/04/17 09/02/18 09/02/18 06/04/17 05/04/17 06/04/17 10/07/17 09/06/17 06/04/17 06/04/17 05/04/17 05/04/17 06/07/17 05/04/17 05/04/17 18/04/17 18/04/17 18/04/17 17/04/17 17/04/17 17/04/17 15/05/17 15/05/17 10/04/17 10/04/17 18/04/17 Financial Derivative Instruments0.75%(2016:0.62%)(continued) (continued) RUB 52,336,466 RUB 51,917,232 RUB 44,013,847 RUB 38,505,832 RUB 203,549,900 RUB 191,405,542 RUB 173,451,526 RUB 168,881,403 RUB 131,937,413 RUB 117,436,009 RUB 113,284,997 RUB RON 21,527,559 PLN 264,450 PLN 24,942,407 PLN 23,013,628 PLN 23,013,627 PLN 23,013,627 PLN 23,013,627 PEN 21,191,805 PEN 2,697,650 PEN 2,684,610 PEN 2,681,350 PEN 2,678,905 PEN 2,678,905 PEN 2,672,385 PEN 2,671,163 PEN 2,642,242 Bought Amount USD 4,241,300 USD 3,761,023 USD 3,761,023 USD 337,154 USD 2,450,000 USD 253,356 USD 1,530,858 USD 1,320,000 USD 168,686 USD 116,015 TWD 26,787,503 TWD 26,787,503 TWD 190,611,200 TWD 102,537,471 TWD 102,537,471 TRY 41,205,618 TRY 12,903,185 TRY 12,898,925 THB 74,960,665 THB 632,059,706 THB 154,179,593 SGD 10,631,146 SGD 10,630,546 94,036,471 RUB 60,069,481 RUB 55,087,277 RUB Financial year ended31March 2017 USD 859,913 USD 859,071 USD 722,587 USD 623,738 USD 3,550,000 USD 3,102,262 USD 2,866,929 USD 2,774,524 USD 2,174,153 USD 1,898,815 USD 1,827,185 USD 5,099,867 USD 67,631 USD 6,390,000 USD 5,652,471 USD 5,655,843 USD 5,655,809 USD 5,654,968 USD 6,190,000 USD 815,000 USD 815,000 USD 815,000 USD 815,000 USD 815,000 USD 815,000 USD 815,000 USD 796,456 Sold Amount BRL 13,351,611 BRL 13,214,353 BRL 13,211,344 ARS 5,232,635 ARS 38,465,000 ARS 3,924,477 ARS 25,002,740 ARS 21,291,600 ARS 2,616,318 ARS 1,800,550 USD 883,755 USD 829,463 USD 6,320,000 USD 3,382,847 USD 3,173,552 USD 10,920,024 USD 3,550,000 USD 3,550,000 USD 2,136,545 USD 18,020,234 USD 4,395,837 USD 7,600,000 USD 7,600,000 USD 1,551,847 USD 985,476 USD 924,617 Gain/(Loss) Unrealised (150,621) (149,730) (31,118) (95,384) (49,946) (26,987) (24,450) (11,609) (21,958) (23,122) 290,050 207,181 218,589 164,195 182,523 180,584 155,387 152,014 152,049 152,890 262,231 205,783 346,588 371,401 114,777 (1,344) (1,716) (2,789) (1,602) (1,286) (3,512) 67,655 61,067 57,478 58,707 50,720 49,042 53,375 44,656 90,471 10,747 10,317 79,146 49,856 6,349 2,378 1,386 8,023 (893) (960) (917) 641 641 USD (0.00) (0.00) (0.01) (0.00) (0.00) (0.01) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.01 0.01 0.01 0.01 0.00 0.04 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.02 0.03 0.00 0.00 0.05 0.01 0.00 0.00 0.01 0.01 0.00 NAV 113 LAZARD GLOBAL INVESTMENT FUNDS PLC 114 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsDebtBlendFund(continued) Portfolios ofInvestments Open ForwardForeignCurrency ExchangeContracts0.64%(2016:0.62%) (continued) Financial Derivative Instruments0.75%(2016:0.62%)(continued) Date Maturity 05/05/17 05/05/17 05/05/17 05/05/17 05/05/17 05/04/17 18/04/17 03/04/17 18/04/17 05/04/17 18/04/17 18/04/17 03/04/17 04/04/17 18/04/17 18/04/17 18/04/17 05/04/17 18/04/17 18/04/17 05/07/17 05/07/17 05/07/17 05/07/17 05/07/17 04/04/17 05/07/17 05/07/17 05/07/17 05/07/17 05/07/17 04/04/17 04/04/17 05/07/17 05/07/17 09/02/18 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 09/02/18 05/04/17 05/04/17 04/04/17 04/04/17 Bought Amount USD 2,791,051 USD 2,790,315 USD 2,785,960 USD 2,760,331 USD 2,789,972 USD 105,596 USD 3,825 USD 30,953 USD 26,452 USD 994,601 USD 10,057 USD 941,614 USD 51,753 USD 39,851 USD 2,351,293 USD 20,422 USD 5,323,470 USD 99,153 USD 1,465 USD 1,031,531 USD 603,428 USD 566,929 USD 3,425,071 USD 3,426,572 USD 3,085,240 USD 3,050,749 USD 2,510,408 USD 2,446,480 USD 1,891,638 USD 1,545,520 USD 1,481,592 USD 950,860 USD 941,251 USD 927,304 USD 790,196 USD 2,305,853 USD 1,672,860 USD 1,670,994 USD 1,670,728 USD 1,670,728 USD 1,670,462 USD 1,670,196 USD 1,667,806 USD 1,667,541 USD 1,667,541 USD 1,671,260 USD 1,670,196 USD 1,668,389 USD 1,062,102 USD 8,726,130 USD 7,440,000 USD 6,236,648 USD 4,230,000 Sold Amount HUF 794,263,278 HUF 794,263,278 HUF 794,263,278 HUF 794,263,278 HUF 794,263,277 GBP 84,528 GBP 3,140 GBP 24,700 GBP 21,715 EUR 926,503 EUR 9,353 EUR 890,332 EUR 47,621 EUR 37,071 EUR 2,223,237 EUR 18,964 CLP 3,527,065,000 CHF 98,772 CHF 1,477 CHF 1,044,132 CAD 795,637 CAD 746,475 CAD 4,522,567 CAD 4,518,971 CAD 4,093,372 CAD 4,093,372 CAD 3,340,964 CAD 3,245,011 CAD 2,526,056 CAD 2,049,770 CAD 1,973,198 CAD 1,263,028 CAD 1,263,028 CAD 1,237,302 CAD 1,054,575 BRL 8,077,402 BRL 5,244,415 BRL 5,244,415 BRL 5,244,415 BRL 5,244,415 BRL 5,244,415 BRL 5,244,415 BRL 5,244,415 BRL 5,244,415 BRL 5,244,415 BRL 5,244,414 BRL 5,244,414 BRL 5,244,414 BRL 3,719,694 BRL 28,105,121 BRL 23,252,976 BRL 19,551,891 BRL 13,531,770 Gain/(Loss) Unrealised (123,766) (11,228) (28,038) (12,432) (18,601) (85,177) (38,982) (32,042) 117,974 (4,900) (5,810) (1,650) (1,569) 37,551 36,815 32,460 36,472 29,572 33,774 11,976 10,157 21,469 19,604 19,338 19,338 19,071 18,805 16,415 16,150 16,150 19,870 18,805 16,999 78,475 6,831 3,618 6,071 6,483 2,045 6,573 3,799 (104) (103) (711) (77) (12) 819 202 127 470 133 USD 67 47 (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.00) (0.01) (0.00) % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 NAV Open ForwardForeignCurrency ExchangeContracts0.64%(2016:0.62%) (continued) Date Maturity Financial Derivative Instruments0.75%(2016:0.62%)(continued) 20/04/17 19/06/17 19/06/17 19/06/17 19/06/17 19/06/17 19/06/17 19/06/17 18/04/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 05/04/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 05/04/17 06/07/17 05/04/17 06/07/17 06/07/17 06/07/17 06/07/17 16/08/17 05/01/18 18/04/17 05/06/17 18/12/17 21/12/17 27/11/17 20/12/17 27/12/17 04/12/17 15/12/17 15/12/17 13/12/17 22/12/17 13/12/17 18/04/17 18/04/17 18/04/17 14/12/17 27/12/17 18/04/17 18/04/17 05/05/17 05/05/17 05/05/17 (continued) Bought Amount USD 1,810,000 USD 335,267 USD 334,136 USD 333,794 USD 334,019 USD 332,495 USD 331,559 USD 328,135 USD 4,848,383 USD 712,969 USD 569,511 USD 2,096,827 USD 2,017,602 USD 1,974,398 USD 1,939,565 USD 1,932,405 USD 1,944,304 USD 1,895,223 USD 1,527,266 USD 1,075,544 USD 1,044,500 USD 1,041,013 USD 1,022,045 USD 1,018,582 USD 966,586 USD 966,586 USD 972,152 USD 937,031 USD 4,050,000 USD 7,140,000 USD 6,280,000 USD 635,427 USD 5,420,000 USD 4,938,212 USD 3,740,000 USD 2,963,422 USD 26,566 USD 2,540,000 USD 2,017,185 USD 1,872,478 USD 1,557,837 USD 1,454,320 USD 1,330,000 USD 10,740,306 USD 10,739,505 USD 10,746,716 USD 767,997 USD 78,269 USD 3,240,000 USD 3,240,000 USD 2,763,280 USD 2,759,056 USD 2,757,476 Financial year ended31March 2017 Sold Amount MYR 8,074,410 MYR 1,491,537 MYR 1,487,406 MYR 1,485,585 MYR 1,484,014 MYR 1,482,595 MYR 1,477,925 MYR 1,466,433 MXN 95,824,383 838,665,176 KRW 681,704,356 KRW 2,524,181,804 KRW 2,417,087,639 KRW 2,365,130,921 KRW 2,338,340,078 KRW 2,338,340,078 KRW 2,312,944,431 KRW 2,263,844,411 KRW 1,826,721,399 KRW 1,279,531,080 KRW 1,259,812,677 KRW 1,259,812,677 KRW 1,232,535,028 KRW 1,232,535,028 KRW 1,164,543,162 KRW 1,162,706,648 KRW 1,157,444,374 KRW 1,102,229,824 KRW INR 268,960,500 IDR 98,139,300,000 IDR 83,775,200,000 IDR 8,772,065,980 IDR 75,988,400,000 IDR 71,060,874,454 IDR 53,388,500,000 IDR 42,643,643,700 IDR 382,424,288 IDR 36,385,500,000 IDR 29,014,173,826 IDR 26,963,678,529 IDR 22,389,227,000 IDR 20,920,393,809 IDR 19,072,200,000 IDR 144,048,979,129 IDR 144,048,979,129 IDR 144,048,979,128 IDR 11,043,796,050 IDR 1,124,958,856 HUF 928,564,560 HUF 928,049,400 HUF 794,263,279 HUF 794,263,279 HUF 794,263,279 Gain/(Loss) Unrealised (228,425) (162,794) (146,149) (142,843) (153,692) (158,604) (126,220) (131,347) (107,996) (132,784) (253,219) (168,053) (152,212) (121,896) (103,522) (13,371) (37,796) (40,744) (69,879) (83,272) (85,547) (81,308) (83,586) (75,901) (74,257) (63,980) (49,674) (19,077) (20,249) (18,376) (98,354) (78,908) (73,917) (64,256) (53,747) (54,548) (47,337) (39,284) (1,026) (1,583) (1,467) (2,302) (1,358) (3,876) 22,654 24,439 2,455 9,780 5,556 3,976 (826) (958) (379) USD (0.00) (0.00) (0.00) (0.00) (0.02) (0.00) (0.00) (0.02) (0.01) (0.01) (0.03) (0.03) (0.01) (0.02) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.03) (0.02) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.00) (0.00) (0.00) (0.00) % of NAV 0.00 0.00 0.00 0.00 0.00 0.00 Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsDebtBlendFund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments 06/07/17 06/07/17 05/04/17 06/07/17 05/04/17 06/07/17 06/07/17 05/04/17 06/07/17 05/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 17/04/17 17/04/17 17/04/17 17/04/17 17/04/17 17/04/17 17/04/17 17/04/17 17/04/17 15/05/17 15/05/17 15/05/17 15/05/17 15/05/17 18/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 19/07/17 19/07/17 18/04/17 18/04/17 19/07/17 Open ForwardForeignCurrency ExchangeContracts0.64%(2016:0.62%) (continued) Financial Derivative Instruments0.75%(2016:0.62%)(continued) Date Maturity USD 872,863 USD 849,116 USD 883,755 USD 831,007 USD 826,775 USD 777,137 USD 3,992,000 USD 3,382,847 USD 3,179,456 USD 3,165,225 USD 13,153 USD 10,896,178 USD 8,944,197 USD 4,462,936 USD 3,550,000 USD 5,070,000 USD 455,850 USD 450,102 USD 456,097 USD 454,122 USD 454,418 USD 449,588 USD 445,110 USD 2,960,000 USD 46,435 USD 10,006,613 USD 9,166,515 USD 8,186,873 USD 7,600,000 USD 13,950,000 USD 731,113 USD 70,954 USD 658,887 USD 579,000 USD 579,000 USD 579,000 USD 579,000 USD 579,000 USD 5,910,000 USD 579,000 USD 579,000 USD 579,000 USD 579,000 USD 579,000 USD 579,000 USD 59,046 USD 436,185 USD 363,815 USD 4,339,169 USD 2,420,831 USD 6,390,000 USD 6,390,000 USD 3,650,000 Bought Amount TWD 27,442,822 TWD 27,061,317 TWD 26,787,503 TWD 26,787,503 TWD 26,787,503 TWD 24,437,063 TWD 128,063,360 TWD 102,537,471 TWD 102,537,471 TWD 102,537,471 TRY 47,783 TRY 41,223,511 TRY 33,793,860 TRY 16,884,624 TRY 12,851,142 THB 175,141,629 THB 15,826,211 THB 15,794,076 THB 15,788,257 THB 15,784,381 THB 15,766,958 THB 15,737,361 THB 15,719,932 THB 103,281,800 SGD 64,638 SGD 14,244,113 SGD 13,048,992 SGD 11,653,194 SGD 10,566,508 813,979,710 RUB 43,721,682 RUB 4,244,125 RUB 39,394,826 RUB 34,714,235 RUB 34,622,753 RUB 34,470,765 RUB 34,411,418 RUB 34,295,907 RUB 339,038,970 RUB 33,762,359 RUB 33,720,960 RUB 33,590,685 RUB 33,530,759 RUB 33,436,092 RUB 33,273,683 RUB 3,530,142 RUB 25,880,142 RUB 21,694,857 RUB RON 18,204,984 RON 10,137,689 PLN 25,218,135 PLN 25,206,857 PEN 11,961,050 Sold Amount Gain/(Loss) Unrealised (246,333) (214,082) (214,110) (375,325) (295,861) (153,729) (190,627) (175,148) (155,550) (448,988) (35,373) (46,495) (55,542) (56,063) (31,622) (26,260) (12,308) (45,287) (43,773) (39,314) (36,246) (34,625) (31,931) (30,879) (28,832) (98,844) (19,376) (18,642) (16,333) (15,271) (13,593) (10,715) (22,493) (20,686) (4,660) (9,473) (3,309) (5,171) (4,367) (8,337) (4,265) (3,519) 36,187 35,527 52,733 33,872 25,799 28,645 3,512 8,241 917 162 USD 88 (0.00) (0.00) (0.01) (0.01) (0.00) (0.03) (0.03) (0.03) (0.05) (0.04) (0.02) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.03) (0.03) (0.03) (0.04) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 NAV Total FinancialDerivative Instruments Options writtenatfair value (21,150,000) Options Written*(0.05)%(2016:Nil) Options purchasedatfair value 9,906,000 9,906,000 19,708,000 05/04/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/07/17 05/07/17 05/07/17 05/07/17 05/04/17 21,150,000 Options purchased0.16%(2016:Nil) Open ForwardForeignCurrency ExchangeContracts0.64%(2016:0.62%) (continued) Date Maturity Amount Notional exchange contracts Net unrealisedgainonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 05/04/17 05/04/17 Financial Derivative Instruments0.75%(2016:0.62%)(continued) (continued) Put at 3.180USDCallBRL Expiring May2017 Put at Put at 4.350USDCallMYRExpiring Put at August 2017 Put at 4.350USDCallMYRExpiring Put at August 2017 Put at 4.350USDCallMYRExpiring Put at August 2017 ZAR 17,384,090 USD 2,906,039 USD 257,227 USD 2,204,218 USD 1,733,402 USD 1,314,973 USD 943,625 USD 938,666 USD 866,734 USD 1,481,706 USD 1,479,227 USD 1,479,112 ZAR 13,138,699 ZAR 11,079,367 ZAR 10,698,100 ZAR 6,275,674 ZAR 5,685,207 ZAR 2,764,712 ZAR 2,700,035 ZAR 1,614,706 ZAR 26,126,756 ZAR 23,422,967 ZAR 19,185,568 ZAR 19,185,569 ZAR 19,185,568 ZAR 19,185,568 ZAR 19,573,278 Put at 3.350USDCallBRLExpiringMay2017 Put at Bought Amount USD 3,570,000 USD 1,481,282 Financial year ended31March 2017 USD 1,253,151 TWD 92,886,609 TWD 8,229,966 TWD 70,087,532 TWD 55,174,186 TWD 41,807,737 TWD 30,040,290 TWD 29,915,282 TWD 27,705,152 ZAR 19,185,568 ZAR 19,185,568 ZAR 19,185,568 USD 947,753 USD 799,868 USD 775,000 USD 452,550 USD 411,072 USD 199,777 USD 194,531 USD 116,379 USD 1,864,000 USD 1,685,469 USD 1,458,923 USD 1,458,535 USD 1,456,542 USD 1,456,431 USD 1,411,450 Sold Amount ZAR 44,535,750 ZAR 19,185,569 1,604,967 (9,354,926) 15,891,668 Gain/(Loss) Fair Value Unrealised 7,672,581 1,336,469 6,536,742 (469,128) (469,128) (168,098) (115,370) (15,149) (92,621) (68,679) (50,577) (51,398) (50,185) (50,555) (50,167) (48,173) (48,063) 133,896 249,171 67,301 67,301 43,102 51,125 48,646 48,532 31,940 26,270 22,709 15,398 12,848 84,154 61,075 48,041 50,700 6,375 6,799 4,022 USD USD %of (0.05) (0.05) (0.90) (0.03) (0.02) (0.00) (0.01) (0.01) (0.00) (0.01) (0.00) (0.00) (0.00) (0.00) (0.00) 0.75 NAV % of 0.01 0.01 0.01 0.13 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.64 1.54 0.03 0.00 NAV 0.16

115 LAZARD GLOBAL INVESTMENT FUNDS PLC 116 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsDebtBlendFund(continued) Portfolios ofInvestments fixed incomesecurities. ofissuerforgovernmenttype fixedincomesecuritiesandcountry issuer forcorporate Fixed ofthe incomesecuritiesareprimarilyclassified ofincorporation bythecountry JP MorganChaseandCompany The counterpartyfortheoptionsare: UBS AG StreetBankand State Trust Company StandardCharteredPlc JPMorganChaseandCompany HSBCBankPlc CitibankNA Barclays BankPlc The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: * These writtenoptionsarecovered. Total Assets Other assets instruments Over thecounterfinancialderivative Transferable market securitiesotherthanthosedealt inonanotherregulated Transferable securitiesadmittedtoanofficial stockexchangelisting Analysis oftotalassets(unaudited) Net Assets Other NetAssets(2016:1.91%) Total Investments(2016:98.09%) 1,022,136,064 929,642,679 92,493,385 Fair Value USD % oftotalassets 100.00 100.00 %of 22.24 66.56 90.95 9.51 1.69 9.05 NAV

(continued) Financial year ended31March 2017 Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsDebtUnrestricted Blend Fund Lazard Global InvestmentFundsplc Portfolios ofInvestments Fixed IncomeSecurities93.25%(2016:95.98%) Transferable Securities93.25%(2016:95.98%) Amount Principal Argentina 4.78%(2016:4.23%) Angola 0.16%(2016:0.24%) Brazil 6.57%(2016:8.41%) Bolivia 0.73%(2016:Nil) Belize 0.12%(2016:0.20%) Belarus Nil(2016:0.11%) Barbados 0.24%(2016:Nil) Azerbaijan 0.42%(2016:0.40%) 36,820,000 10,988,000 82,251,806 59,605,930 18,050,000 2,483,000 1,607,000 2,530,000 1,256,000 3,559,153 8,355,000 2,535,000 2,526,000 3,029,000 7,068,238 2,928,000 7,735,000 1,935,000 2,363,000 4,314,000 9,133,945 2,350,000 8,460,000 2,347,000 5,250,000 855,000 Petrobras Argentina SA7.375%21/07/2023 Corporate Bonds Angola Government9.500%12/11/2025 Government Bonds 02/02/2024 AES Argentina GeneracionSA7.750% Argentina Government1.000%01/03/2018 Bonds Government Genneia SA8.750%20/01/2022 Argentina Government1.000%11/03/2019 Argentina Government5.625%26/01/2022 Argentina Government6.875%22/04/2021 Argentina Government6.875%26/01/2027 Argentina Government7.125%06/07/2036 Argentina Government7.500%22/04/2026 Argentina Government7.625%22/04/2046 17/10/2026 Argentina Government15.500% 19/09/2018 Argentina Government21.200% 05/03/2018 Argentina Government22.750% Brazil Government5.000%27/01/2045 Bonds Government Bolivia Government4.500%20/03/2028 Bonds Government Belize Government5.000%20/02/2034 Bonds Government 30/03/2021 Columbus CableBarbadosLtd7.375% Corporate Bonds Azerbaijan Republic4.750%18/03/2024 Bonds Government 09/10/2017 Argentina Government22.951% Brazil Government6.000%07/04/2026 Brazil Government6.000%15/08/2050 Brazil Government8.250%20/01/2034 01/10/2018 Brazil Government-Zerocoupon 01/01/2019 Brazil Government-Zerocoupon 11,702,220 50,026,347 2,605,412 1,659,228 2,555,831 2,536,911 1,306,240 8,574,319 2,727,026 2,565,785 3,089,580 6,061,926 4,108,307 2,609,580 7,618,975 1,272,263 2,528,410 4,353,365 2,559,150 8,991,490 2,927,883 1,444,227 4,855,669 Fair Value 245,062 830,205 485,761 631,762 USD %of NAV 0.25 0.16 0.24 0.24 0.12 0.02 0.82 0.26 0.25 0.08 1.12 0.30 0.58 0.05 0.39 0.25 0.73 0.12 0.24 0.42 4.78 0.06 0.24 0.86 0.28 0.14 0.46

Fixed IncomeSecurities93.25%(2016:95.98%)(continued) Transferable Securities93.25%(2016:95.98%) (continued) Amount Principal Brazil 6.57%(2016:8.41%)(continued) Cayman Islands0.53%(2016:0.08%) Cameroon 0.12%(2016:0.09%) British VirginIslands0.15%(2016:Nil) Chile 0.86%(2016:0.78%) Colombia 5.24%(2016:3.45%) 28,789,000,000 28,789,000,000 43,691,000,000 43,691,000,000 1,640,000,000 7,579,000,000 6,173,000,000 3,793,000,000 3,793,000,000 3,978,000,000 3,978,000,000 169,773,151 (continued) 55,690,000 22,580,000 21,210,000 52,195,000 3,000,000 1,199,000 1,116,000 1,481,000 2,369,000 3,817,000 2,878,000 1,445,000 1,175,000 2,161,000 2,788,000 3,550,000 1,028,000 4,246,000 603,158 740,000 01/07/2019 Brazil Government-Zerocoupon Bonds(continued) Government 01/01/2020 Brazil Government-Zerocoupon 10.000% 01/01/2021 Brazil Notasdo Tesouro NacionalSerieF 10.000% 01/01/2023 Brazil Notasdo Tesouro NacionalSerieF SA 6.875%06/02/2024 Comcel Trust viaComunicacionesCelulares Corporate Bonds Cameroon Republic9.500%19/11/2025 Bonds Government 31/01/2027 Central American BottlingCorp5.750% Corporate Bonds 10.000% 01/01/2027 Brazil Notasdo Tesouro NacionalSerieF Funding ILtd6.787%24/09/2019 EP PetroEcuador viaNobleSovereign Chile Government3.125%21/01/2026 Bonds Government AES GenerSA8.375%18/12/2073 Corporate Bonds Lamar FundingLtd3.958%07/05/2025 Chile Government3.625%30/10/2042 Chile Government4.500%28/02/2021 Colombia Government4.000%26/02/2024 Bonds Government 5.700% 20/03/2022 Transportadora deGasInternacionalSAESP Corporate Bonds Chile Government4.500%01/03/2026 Colombia Government4.375%12/07/2021 Colombia Government4.500%28/01/2026 Colombia Government5.000%15/06/2045 Colombia Government6.000%28/04/2028 Colombia Government6.125%18/01/2041 Colombia Government7.500%26/08/2026 Colombia Government7.375%18/09/2037 Colombia Government7.750%14/04/2021 Colombia Government10.000%24/07/2024 Colombia Government9.850%28/06/2027 Colombia Government11.000%24/07/2020 Financial year ended31March 2017 13,609,623 68,793,203 16,829,248 10,527,110 18,146,469 54,881,256 7,330,970 6,864,800 1,244,862 1,263,870 1,543,943 2,502,256 5,489,114 3,638,078 2,834,830 1,490,518 1,207,900 8,935,358 2,581,259 2,296,063 2,948,310 3,573,963 2,468,772 1,177,060 5,473,094 1,388,213 1,739,911 2,443,873 Fair Value 770,563 606,174 750,360 266,653 USD %of NAV 0.07 1.30 0.70 0.66 6.57 1.61 0.12 0.12 0.15 0.06 0.07 0.24 0.53 0.35 0.27 0.03 0.14 0.12 0.86 0.25 0.22 0.28 0.34 0.24 0.11 1.01 0.52 0.13 1.73 0.17 0.23 5.24

117 LAZARD GLOBAL INVESTMENT FUNDS PLC 118 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsDebtUnrestricted Blend Fund(continued) Portfolios ofInvestments Fixed IncomeSecurities93.25%(2016:95.98%)(continued) Transferable Securities93.25%(2016:95.98%) (continued) Amount Principal Dominican Republic0.82%(2016:2.64%) Croatia Nil(2016:1.90%) Costa RicaNil(2016:0.25%) Ecuador 0.81%(2016:0.33%) Egypt 0.81%(2016:0.42%) Egypt El Salvador 1.12%(2016:0.05%) Gabon 0.22%(2016:0.24%) Ghana 1.45%(2016:0.32%) Georgia 0.23% 13,850,000 3,919,000 2,411,000 1,218,000 1,554,000 5,644,000 2,741,000 2,021,000 5,130,000 2,408,000 5,075,000 1,859,000 2,192,000 3,751,000 2,334,000 1,655,000 5,300,000 1,190,000 1,180,000 443,000 781,000 987,000 164,000 471,000 200,000 100,000 360,000 (2016: Nil) Dominican Republic6.850%27/01/2045 Bonds Government Dominican Republic6.875%29/01/2026 Dominican Republic7.450%30/04/2044 Ecuador Government7.950%20/06/2024 Bonds Government Dominican Republic7.500%06/05/2021 Ecuador Government10.500%24/03/2020 Egypt Government5.750%29/04/2020 Egypt Bonds Government Ecuador Government10.750%28/03/2022 Egypt Government5.875%11/06/2025 Egypt Egypt Government6.125%31/01/2022 Egypt 30/01/2025 El SalvadorGovernment5.875% Bonds Government Government8.500%31/01/2047 Egypt 18/01/2027 El SalvadorGovernment6.375% 01/12/2019 El SalvadorGovernment7.375% 24/01/2023 El SalvadorGovernment7.750% Gabon Government6.375%12/12/2024 Bonds Government 10/04/2032 El SalvadorGovernment8.250% Ghana Government7.875%07/08/2023 Bonds Government BGEO GroupJSC6.000%26/07/2023 Corporate Bonds Gabon Government6.950%16/06/2025 Ghana Government8.125%18/01/2026 Ghana Government9.250%15/09/2022 Ghana Government19.040%24/09/2018 Ghana Government21.000%07/01/2019 Ghana Government22.490%23/04/2018 Ghana Government22.500%10/12/2018 Ghana Government23.230%19/02/2018 11,711,516 4,075,760 2,652,100 8,568,525 1,348,935 1,658,895 1,030,181 6,053,190 2,687,208 2,103,103 4,597,763 8,421,132 2,600,640 4,567,500 1,910,123 2,123,500 3,643,159 2,361,716 2,318,750 1,592,938 5,534,525 3,244,198 Fair Value 8,457,940 491,730 745,855 167,485 468,645 195,250 285,317 279,917 22,902 84,938 USD %of NAV 0.39 0.25 0.05 0.07 0.82 0.13 0.16 0.10 0.81 0.58 0.26 0.20 0.44 0.81 0.25 0.44 0.18 0.02 0.20 1.12 0.04 0.35 0.23 0.22 0.02 0.15 0.53 0.00 0.31 0.01 0.03 0.03

Amount Principal Fixed IncomeSecurities93.25%(2016:95.98%)(continued) Transferable Securities93.25%(2016:95.98%) (continued) 192,535,000,000 192,535,000,000 Ghana 1.45%(2016:0.32%)(continued) Honduras 0.34%(2016:0.14%) Guatemala 0.26%(2016:0.16%) Hungary 1.61%(2016:5.55%) Hungary Indonesia 7.25%(2016:8.79%) 1,991,000,000 55,337,000,000 55,337,000,000 80,305,000,000 39,860,000,000 42,330,000,000 75,180,000,000 73,785,000,000 40,423,000,000 457,920,000 627,970,000 (continued) 71,210,000 46,900,000 1,030,000 2,019,000 2,746,000 1,271,000 2,836,000 2,208,000 2,114,000 2,924,000 2,924,000 1,469,000 3,895,000 2,042,000 2,347,000 2,950,000 2,579,000 210,000 970,000 535,000 447,000 669,000 200,000 200,000 4.550% 29/03/2026 Perusahaan Penerbit SBSNIndonesiaIII 4.325% 28/05/2025 Perusahaan Penerbit SBSNIndonesiaIII Indonesia Government9.000%15/03/2029 Indonesia Government8.750%15/05/2031 Indonesia Government8.375%15/09/2026 Indonesia Government8.375%15/03/2034 Indonesia Government8.375%15/03/2024 Indonesia Government8.250%15/05/2036 Indonesia Government7.875%15/04/2019 Indonesia Government7.750%17/01/2038 Indonesia Government7.000%15/05/2027 Indonesia Government6.750%15/01/2044 Indonesia Government5.875%13/03/2020 Indonesia Government4.750%08/01/2026 Indonesia Government4.125%15/01/2025 Indonesia Government3.375%15/04/2023 Ghana Government23.470%21/05/2018 Bonds(continued) Government Ghana Government24.440%29/05/2017 Ghana Government25.480%24/04/2017 Honduras Government6.250%19/01/2027 Bonds Government Government4.500%03/05/2026 Guatemala Bonds Government Hungary Government3.000%26/06/2024 Hungary Bonds Government Honduras Government8.750%16/12/2020 Hungary Government5.500%24/06/2025 Hungary Hungary Government6.000%24/11/2023 Hungary Hungary Government7.000%24/06/2022 Hungary Hungary Government7.625%29/03/2041 Hungary Pertamina Persero PT4.300%20/05/2023 Corporate Bonds 13/09/2017 Government-Zerocoupon Hungary Pertamina Persero PT4.875%03/05/2022 Pertamina Persero PT5.625%20/05/2043 Pertamina Persero PT6.000%03/05/2042 Government Bonds Government 24/10/2042 Perusahaan ListrikNegaraPT5.250% Financial year ended31March 2017 75,874,758 16,069,892 15,206,921 16,845,907 3,040,960 1,513,070 4,656,148 6,564,333 3,175,220 3,414,180 5,976,092 5,679,709 5,394,575 3,030,261 2,631,628 2,567,031 3,147,281 2,580,612 2,048,023 2,749,433 3,493,786 1,445,763 8,117,880 1,977,052 4,129,925 2,174,296 2,287,455 2,247,446 Fair Value 205,375 245,273 224,918 249,956 196,798 552,714 473,820 666,956 48,836 USD %of NAV 7.25 1.54 0.29 0.14 0.44 0.63 0.30 0.33 0.57 0.54 0.52 0.29 0.25 0.25 0.30 0.25 0.02 0.02 0.00 1.45 0.02 0.20 0.26 0.34 0.14 0.02 0.78 0.02 0.19 0.39 1.61 0.21 0.05 0.05 0.22 0.21 0.06

Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsDebtUnrestricted Blend Fund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments Fixed IncomeSecurities93.25%(2016:95.98%)(continued) Transferable Securities93.25%(2016:95.98%) (continued) Amount Principal Ireland 0.31%(2016:Nil) Iraq 0.29%(2016:Nil) Ivory Coast0.44%(2016:2.24%) Ivory Jamaica 0.26%(2016:0.75%) Jordan 0.19%(2016:0.30%) Kazakhstan 1.42%(2016:1.54%) Lebanon 1.66%(2016:Nil) Kenya Nil(2016:0.33%) Luxembourg 0.66%(2016:Nil) 2,605,000 3,435,000 2,419,000 2,516,640 1,540,000 1,611,000 6,949,000 1,007,000 2,537,000 4,875,000 3,445,000 1,767,000 3,002,000 1,824,000 6,680,000 2,306,000 2,407,000 549,000 709,000 528,000 4.375% 01/03/2024 Plc viaRZDCapital Russian Railways Corporate Bonds Iraq Republic5.800%15/01/2028 Bonds Government 23/07/2024 CoastGovernment5.375% Ivory Bonds Government 5.700% 05/04/2022 Plc viaRZDCapital Russian Railways Jamaica Government6.750%28/04/2028 Bonds Government 31/12/2032 CoastGovernment5.750% Ivory Jordan Government5.750%31/01/2027 Bonds Government Jamaica Government8.000%15/03/2039 14/10/2024 Kazakhstan Government3.875% Bonds Government 02/07/2018 CoJSC9.125% KazMunayGas National Corporate Bonds Jordan Government6.125%29/01/2026 21/07/2025 Kazakhstan Government5.125% Lebanon Government5.450%28/11/2019 Bonds Government 21/07/2045 Kazakhstan Government6.500% Lebanon Government6.000%27/01/2023 Lebanon Government6.650%22/04/2024 Evraz GroupSA5.375%20/03/2023 Corporate Bonds Lebanon Government8.250%12/04/2021 Evraz GroupSA8.250%28/01/2021 5.500% 26/02/2024 Sberbank ofRussia SA Via SBCapital 14,958,520 17,316,852 2,605,000 3,039,975 2,307,121 3,195,518 4,657,348 2,350,227 1,510,933 2,646,085 1,854,664 7,018,490 1,085,798 2,053,255 2,758,988 4,990,781 4,095,244 1,797,923 3,095,813 1,829,928 7,432,335 2,585,603 6,898,352 2,482,821 Fair Value 590,518 791,421 542,322 USD %of NAV 0.25 0.29 0.22 0.31 0.06 0.08 0.44 0.22 0.14 0.26 0.18 0.67 0.10 0.19 0.05 0.26 0.48 1.42 0.39 0.17 0.30 0.17 1.66 0.71 0.25 0.66 0.24

Fixed IncomeSecurities93.25%(2016:95.98%)(continued) Transferable Securities93.25%(2016:95.98%) (continued) Amount Principal Malaysia 3.81%(2016:3.40%) Mexico 8.26%(2016:7.11%) Mauritius 0.25%(2016:Nil) Mongolia 0.61%(2016:Nil) Mozambique 0.32%(2016:Nil) Morocco 0.36%(2016:0.31%) 570,010,000 142,640,000 116,990,000 109,050,000 (continued) 11,717,000 18,331,000 30,630,000 78,478,000 13,052,000 12,533,000 19,564,558 38,820,000 2,852,000 9,402,000 2,114,000 2,552,000 1,776,000 1,412,000 1,600,000 3,005,000 3,005,000 2,470,000 5,374,000 4,577,000 4,214,000 1,860,000 4,536,000 1,065,000 4,877,000 3,576,000 200,000 505,000 Malaysia Government3.260%01/03/2018 Bonds Government Malaysia Government3.620%30/11/2021 Malaysia Government3.654%31/10/2019 Malaysia Government3.795%30/09/2022 Malaysia Government3.955%15/09/2025 Malaysia Government4.048%30/09/2021 Malaysia Government4.254%31/05/2035 Malaysia Government4.498%15/04/2030 3.800% 11/08/2026 Banco NacionaldeComercioExteriorSNC Corporate Bonds Ltd6.000%13/02/2022 Neerg Energy Corporate Bonds Cemex SABdeCV7.750%16/04/2026 23/02/2027 Comision Federal deElectricidad4.750% Petroleos Mexicanos4.250%15/01/2025 Petroleos Mexicanos4.770%11/03/2022 Petroleos Mexicanos5.375%13/03/2022 Mexico Government3.625%15/03/2022 Bonds Government Petroleos Mexicanos5.500%27/06/2044 Mexico Government4.000%15/11/2040 Mexico Government4.150%28/03/2027 Mexico Government5.000%11/12/2019 Mexico Government5.750%12/10/2110 Mexico Government6.050%11/01/2040 Mexico Government7.750%13/11/2042 Mexico Government7.750%29/05/2031 Mexico Government10.000%05/12/2024 Mongolia Government4.125%05/01/2018 Bonds Government Mexico Government10.000%20/11/2036 Mongolia Government5.125%05/12/2022 Mongolia Government8.750%09/03/2024 18/01/2023 Mozambique Government10.500% Bonds Government Morocco Government5.500%11/12/2042 Bonds Government Mongolia Government10.875%06/04/2021 Financial year ended31March 2017 17,883,869 39,851,421 28,934,572 86,457,163 2,645,360 4,142,048 2,105,385 6,796,669 2,807,706 2,832,704 2,082,290 2,590,280 2,002,440 1,419,060 1,544,800 3,237,737 3,147,738 2,547,188 4,756,259 1,102,181 4,665,107 4,208,733 2,134,350 2,133,805 7,892,775 7,318,028 4,536,000 7,330,100 1,007,091 3,365,130 3,812,910 6,345,432 Fair Value 637,680 218,750 583,591 USD %of NAV 0.25 0.06 0.40 0.20 0.65 1.71 0.27 0.27 3.81 0.20 0.25 0.19 0.14 0.15 0.31 0.30 0.24 0.45 0.11 0.45 2.77 0.40 0.20 0.20 0.75 0.70 0.43 0.70 8.26 0.10 0.02 0.06 0.32 0.36 0.61

119 LAZARD GLOBAL INVESTMENT FUNDS PLC 120 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsDebtUnrestricted Blend Fund(continued) Portfolios ofInvestments Netherlands 2.89%(2016:0.13%) Namibia 0.16%(2016:0.19%) Oman 0.55%(2016:Nil) Nigeria 0.21%(2016:Nil) Pakistan 0.31%(2016:0.71%) Panama 1.44%(2016:3.38%) Paraguay 1.01%(2016:1.03%) Peru 3.38%(2016:1.47%) Fixed IncomeSecurities93.25%(2016:95.98%)(continued) Transferable Securities93.25%(2016:95.98%) (continued) Amount Principal 18,723,000 2,278,000 1,616,000 2,934,000 2,182,000 2,155,000 2,456,000 2,587,000 2,079,000 1,388,000 1,358,000 3,552,000 2,742,000 1,040,000 1,015,000 5,191,000 1,009,000 2,610,000 6,759,000 2,931,000 2,415,000 2,045,000 2,181,000 850,000 840,000 639,000 261,000 984,000 Greenko DutchBV8.000%01/08/2019 Corporate Bonds Namibia Government5.250%29/10/2025 Bonds Government GTH Finance BV7.250%26/04/2023 23/05/2021 Petrobras GlobalFinance BV8.375% 7.000% 17/08/2019 Republic of Angola Via NorthernLightsIIIBV Oman Government3.625%15/06/2021 Bonds Government Nigeria Government7.875%16/02/2032 Bonds Government VTR Finance BV6.875%15/01/2024 Oman Government4.750%15/06/2026 Pakistan Government7.250%15/04/2019 Bonds Government Oman Government6.500%08/03/2047 Pakistan Government8.250%15/04/2024 Panama Government3.750%16/03/2025 Bonds Government Pakistan Government8.250%30/09/2025 Panama Government3.875%17/03/2028 Panama Government4.000%22/09/2024 Panama Government4.300%29/04/2053 Panama Government6.700%26/01/2036 Panama Government7.125%29/01/2026 Panama Government8.875%30/09/2027 Paraguay Republic4.625%25/01/2023 Bonds Government Panama Government9.375%01/04/2029 Paraguay Republic4.700%27/03/2027 Peru Republic5.625%18/11/2050 Bonds Government 15/07/2025 Corp Financiera deDesarrolloSA4.750% Corporate Bonds Paraguay Republic5.000%15/04/2026 Peru Republic6.350%12/08/2028 Peru Republic6.550%14/03/2037 21,194,416 30,282,958 14,945,608 10,603,981 2,401,866 1,634,180 3,240,236 2,210,639 2,246,588 2,567,748 5,793,011 2,735,753 2,307,638 1,422,700 3,277,174 1,002,450 1,420,808 3,401,040 3,468,630 1,315,600 1,431,150 5,418,106 1,483,230 2,662,200 8,085,454 3,106,860 2,523,675 2,827,121 Fair Value 878,692 846,619 676,890 292,646 653,310 USD %of NAV 0.23 0.16 0.31 2.02 0.08 0.21 0.21 2.89 0.25 0.08 0.06 0.55 0.26 0.22 0.14 0.31 0.03 0.10 0.14 0.32 0.33 0.13 0.14 0.52 1.44 0.14 0.25 0.77 0.30 1.01 0.24 0.06 0.27

Peru 3.38%(2016:1.47%)(continued) Philippines 0.70%(2016:1.92%) Poland 3.22%(2016:3.65%) Russia 3.57%(2016:5.67%) Romania 0.25%(2016:1.42%) South Africa6.12%(2016:4.05%) Nil(2016:3.23%) Slovenia Serbia Nil(2016:1.15%) Senegal Nil(2016:0.38%) Rwanda Nil(2016:0.48%) Amount Principal Fixed IncomeSecurities93.25%(2016:95.98%)(continued) Transferable Securities93.25%(2016:95.98%) (continued) 103,899,000 256,515,000 613,262,000 287,729,000 144,265,000 420,400,000 (continued) 44,587,000 18,830,000 13,170,000 37,436,000 24,677,000 10,355,000 58,240,000 11,700,000 3,203,000 1,765,000 2,600,000 2,200,000 4,618,000 1,261,000 3,352,000 3,721,000 617,000 Peru Republic6.900%12/08/2037 Bonds(continued) Government 09/09/2025 Philippines Government3.625% Bonds Government Peru Republic6.950%12/08/2031 01/03/2041 Philippines Government3.700% Poland Government1.500%25/04/2020 Bonds Government 23/10/2034 Philippines Government6.375% Poland Government3.250%25/07/2025 Poland Government5.250%25/10/2020 Russian Federation 4.750%27/05/2026 Bonds Government Romania Government4.750%24/02/2025 Bonds Government 25/10/2018 Poland Government-Zerocoupon Russian Federation 5.625%04/04/2042 Russian Federation 7.000%16/08/2023 Russian Federation 7.050%19/01/2028 Russian Federation 7.500%18/08/2021 Russian Federation 7.600%14/04/2021 Russian Federation 8.500%17/09/2031 26/01/2021 Eskom HoldingsSOCLtd5.750% Corporate Bonds Russian Federation 12.750%24/06/2028 06/08/2023 Eskom HoldingsSOCLtd6.750% 12/10/2028 South Africa Government4.300% Bonds Government Transnet SOCLtd9.500%13/05/2021 17/01/2024 South Africa Government4.665% Financial year ended31March 2017 14,580,964 35,480,898 33,782,049 14,284,562 10,237,016 37,342,489 1,924,346 6,227,189 3,176,976 3,242,680 7,450,978 2,349,656 9,438,961 6,815,846 2,719,275 2,626,937 2,419,450 4,357,057 5,043,003 2,536,203 7,804,820 4,648,017 2,225,665 3,402,280 3,507,043 Fair Value 838,648 626,255 USD %of NAV 1.39 3.38 0.18 0.59 0.30 0.31 0.70 0.22 0.90 0.65 3.22 1.36 0.26 0.25 0.23 0.42 0.98 0.48 0.24 0.75 3.57 0.44 0.21 0.33 0.34 0.08 0.06

Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsDebtUnrestricted Blend Fund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments Fixed IncomeSecurities93.25%(2016:95.98%)(continued) Transferable Securities93.25%(2016:95.98%) (continued) Amount Principal Sri Lanka1.07%(2016:1.05%) South Africa6.12%(2016:4.05%)(continued) Thailand 0.96%(2016:1.94%) Tanzania Nil(2016:0.06%) Suriname 0.06%(2016:Nil) Turkey 7.48%(2016:5.26%) Tunisia 0.12%(2016:0.10%) 181,811,000 241,754,000 110,417,000 91,333,000 17,032,000 40,776,000 66,820,000 70,188,000 82,807,000 90,779,000 67,894,000 1,864,000 1,475,000 2,277,000 1,381,000 2,281,000 3,698,000 1,759,000 1,261,000 1,225,000 2,630,000 2,411,000 2,184,000 4,211,000 2,165,000 2,929,000 140,000 843,000 630,000 387,000 736,000 Sri LankaGovernment5.750%18/01/2022 Bonds Government Government Bonds(continued) Government 21/12/2026 South Africa Government10.500% South Africa Government8.750%28/02/2048 South Africa Government8.500%31/01/2037 South Africa Government8.250%31/03/2032 South Africa Government7.750%28/02/2023 South Africa Government6.500%28/02/2041 South Africa Government6.250%08/03/2041 South Africa Government5.875%16/09/2025 South Africa Government5.375%24/07/2044 Sri LankaGovernment5.875%25/07/2022 Sri LankaGovernment6.125%03/06/2025 Sri LankaGovernment6.250%27/07/2021 Thailand Government3.580%17/12/2027 Bonds Government Suriname Republic9.250%26/10/2026 Bonds Government Sri LankaGovernment6.850%03/11/2025 Thailand Government3.625%16/06/2023 Thailand Government3.850%12/12/2025 08/02/2021 Export CreditBankof Turkey 5.375% Corporate Bonds 30/01/2025 Banque Centralede Tunisie SA5.750% Corporate Bonds Thailand Government4.875%22/06/2029 TC Ziraat Bankasi TC Ziraat AS 4.750%29/04/2021 17/10/2019 Turkey GarantiBankasi AS 4.750% Turkey Government4.875%09/10/2026 Bonds Government Turkey IsBankasi5.500%21/04/2019 Turkey Government5.625%30/03/2021 Turkey Government6.000%14/01/2041 Turkey Government6.250%26/09/2022 Turkey Government6.300%14/02/2018 Turkey Government6.625%17/02/2045 Turkey Government6.875%17/03/2036 64,166,842 14,975,582 16,346,771 11,265,847 10,086,829 17,963,250 1,915,260 2,751,634 1,139,528 8,021,448 4,811,045 1,488,028 1,456,563 2,341,041 2,288,128 2,066,847 3,832,053 2,200,706 2,643,901 1,774,391 1,215,289 3,175,375 1,244,906 2,534,663 2,470,974 2,283,645 4,505,770 2,308,431 3,177,965 Fair Value 154,000 889,365 630,788 380,953 728,640 USD %of NAV 0.01 0.18 6.12 1.43 1.55 0.26 0.11 0.77 0.46 0.14 0.14 0.22 0.22 0.08 0.20 0.06 1.07 0.37 0.21 0.25 0.17 0.12 0.96 0.30 0.04 0.12 0.24 0.24 0.22 0.07 0.43 1.71 0.22 0.30

Fixed IncomeSecurities93.25%(2016:95.98%)(continued) Transferable Securities93.25%(2016:95.98%) (continued) Amount Principal Turkey 7.48%(2016:5.26%)(continued) Ukraine 2.23%(2016:1.17%) United Kingdom0.63%(2016:Nil) Uruguay 1.21%(2016:0.71%) United States0.12%(2016:Nil) Venezuela 1.54%(2016:1.55%) (continued) 60,704,000 75,222,000 10,247,000 10,324,000 36,242,429 25,800,000 51,600,000 42,089,000 1,830,000 1,500,000 2,146,000 1,590,000 7,605,000 2,865,000 1,378,000 1,100,000 3,495,000 1,200,000 1,161,000 1,863,000 4,949,000 1,974,000 5,900,000 5,062,000 210,000 450,000 713,000 863,000 450,000 596,000 27/10/2020 Petroleos de Venezuela SA8.500% 15/11/2026 Petroleos de Venezuela SA6.000% 16/05/2024 Petroleos de Venezuela SA6.000% 12/04/2037 Petroleos de Venezuela SA5.500% 12/04/2027 Petroleos de Venezuela SA5.375% 12/04/2017 Petroleos de Venezuela SA5.250% 17/11/2021 Petroleos de Venezuela SA9.000% Government Bonds(continued) Government Turkey Government7.000%11/03/2019 Turkey Government7.100%08/03/2023 Turkey Government7.375%05/02/2025 Turkey Government7.500%07/11/2019 Turkey Government8.000%12/03/2025 Turkey Government8.500%10/07/2019 Ukraine Government7.750%01/09/2019 Bonds Government Turkey Government9.000%24/07/2024 Ukraine Government7.750%01/09/2020 Ukraine Government7.750%01/09/2021 Ukraine Government7.750%01/09/2022 Ukraine Government7.750%01/09/2027 22/01/2025 Ukreximbank Via BizFinance Plc9.750% Corporate Bonds Vedanta ResourcesPlc6.000%31/01/2019 Uruguay Government4.375%15/12/2028 Bonds Government Cemex Finance LLC9.375%12/10/2022 Corporate Bonds Vedanta ResourcesPlc6.375%30/07/2022 Uruguay Government5.100%18/06/2050 Uruguay Government7.625%21/03/2036 Uruguay Government13.250%08/04/2018 29/09/2017 Uruguay Treasury Bill-Zerocoupon 08/02/2018 Uruguay Treasury Bill-Zerocoupon Corporate Bonds 08/03/2018 Uruguay Treasury Bill-Zerocoupon Financial year ended31March 2017 14,277,313 19,664,532 10,472,434 78,372,047 23,247,144 12,559,675 1,117,500 4,867,113 2,601,660 7,608,803 2,827,755 1,325,464 1,012,688 3,425,100 1,237,500 1,167,363 1,254,461 6,538,678 1,876,078 4,788,158 2,576,070 1,617,908 1,314,572 Fair Value 745,950 676,643 245,807 221,558 924,489 366,539 510,188 653,738 901,910 193,694 71,379 USD %of NAV 0.01 0.07 0.06 0.02 0.11 0.46 0.02 0.09 0.04 0.05 0.06 1.36 1.87 1.00 0.25 7.48 0.73 0.27 0.13 0.10 2.23 0.33 0.12 0.11 0.12 0.63 0.18 0.46 0.25 0.09 0.02 0.15 0.13 1.21

121 LAZARD GLOBAL INVESTMENT FUNDS PLC 122 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsDebtUnrestricted Blend Fund(continued) Portfolios ofInvestments Fixed IncomeSecurities93.25%(2016:95.98%)(continued) Transferable Securities93.25%(2016:95.98%) (continued) Amount Principal Open ForwardForeignCurrency ExchangeContracts0.32%(2016:0.92%) Financial Derivative Instruments0.32%(2016:0.92%) Date Maturity 19/06/17 19/06/17 19/06/17 19/06/17 19/06/17 19/06/17 05/04/17 09/06/17 10/07/17 05/09/17 05/09/17 Venezuela 1.54%(2016:1.55%)(continued) Zambia 0.34%(2016:Nil) Vietnam Nil(2016:0.52%) Derivative Instruments Total Value ofInvestmentsexcluding Financial Total Transferable Securities Total FixedIncomeSecurities 1,370,000 1,595,000 1,655,000 1,265,000 1,304,000 1,000,000 2,015,000 1,326,000 1,042,000 2,805,000 725,000 419,000 710,000 695,000 655,000 770,000 699,000 145,000 Bought Amount ARS 595,330 ARS 594,590 ARS 51,995,025 ARS 51,801,375 ARS 51,543,175 ARS 34,870,000 ARS 26,219,000 ARS 21,775,500 ARS 2,443,875 ARS 17,795,200 ARS 16,496,960 17/05/2035 Petroleos de Venezuela SA9.750% Corporate Bonds(continued) Venezuela Government6.000%09/12/2020 Bonds Government 17/02/2022 Petroleos de Venezuela SA12.750% Venezuela Government7.000%01/12/2018 Venezuela Government7.000%31/03/2038 Venezuela Government7.650%21/04/2025 Venezuela Government7.750%13/10/2019 Venezuela Government8.250%13/10/2024 Venezuela Government9.000%07/05/2023 Venezuela Government9.250%07/05/2028 Venezuela Government9.250%15/09/2027 Venezuela Government9.375%13/01/2034 Venezuela Government11.750%21/10/2026 Venezuela Government11.950%05/08/2031 Venezuela Government12.750%23/08/2022 Zambia Government5.375%20/09/2022 Bonds Government Venezuela Government13.625%15/08/2018 Zambia Government8.500%14/04/2024 Sold Amount USD 37,000 USD 37,000 USD 3,227,500 USD 3,227,500 USD 3,227,500 USD 2,200,000 USD 1,670,000 USD 1,350,000 USD 142,500 USD 1,072,000 USD 992,000 976,135,429 976,135,429 976,135,429 Gain/(Loss) 16,240,913 Unrealised 3,526,108 2,887,397 Fair Value 601,567 358,875 911,144 289,110 288,438 295,375 959,900 550,275 306,213 567,240 475,000 886,600 692,835 539,235 450,450 638,711 122,706 (7,378) 41,942 29,765 13,530 34,045 25,005 9,771 6,461 7,782 434 388 USD USD %of (0.00) 93.25 93.25 93.25 NAV % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV 0.06 0.03 0.09 0.03 0.03 0.03 0.09 0.05 0.03 0.05 0.05 0.08 0.07 0.05 0.04 0.06 1.54 0.01 0.34 0.28

Open ForwardForeignCurrency ExchangeContracts0.32%(2016:0.92%)(continued) Financial Derivative Instruments0.32%(2016:0.92%)(continued) Date Maturity 19/06/17 19/06/17 19/06/17 19/06/17 19/06/17 11/07/17 10/07/17 10/07/17 06/04/17 05/04/17 13/06/17 18/04/17 18/04/17 13/06/17 18/04/17 18/04/17 05/07/17 04/04/17 04/04/17 05/04/17 04/04/17 17/04/17 05/04/17 05/04/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 10/05/17 03/05/17 05/04/17 05/04/17 05/04/17 05/04/17 04/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 03/05/17 05/04/17 05/04/17 09/02/18 05/04/17 (continued) Bought Amount ARS 596,810 ARS 597,550 ARS 598,290 ARS 598,290 ARS 601,250 ARS 6,536,000 ARS 6,491,400 ARS 6,379,800 ARS 6,327,720 ARS 6,275,640 COP 807,024,000 COP 5,094,000,000 COP 3,020,160,000 COP 10,980,000,000 CHF 61,298 CHF 2,980,695 CAD 589,118 CAD 1,909,283 CAD 1,178,236 BRL 951,851 BRL 8,850,756 BRL 6,367,844 BRL 5,728,624 BRL 5,350,213 BRL 5,312,610 BRL 5,312,610 BRL 5,312,610 BRL 5,312,610 BRL 5,312,610 BRL 5,312,610 BRL 5,312,610 BRL 5,312,609 BRL 5,312,609 BRL 5,312,609 BRL 5,312,608 BRL 5,312,608 BRL 5,204,564 BRL 5,152,005 BRL 358,602 BRL 3,920,821 BRL 3,893,954 BRL 3,893,954 BRL 3,840,450 BRL 3,603,238 BRL 23,409,246 BRL 2,503,902 BRL 2,252,086 BRL 2,186,770 BRL 11,756,960 BRL 1,594,397 BRL 1,524,986 BRL 1,486,513 BRL 1,374,122 Financial year ended31March 2017 Sold Amount USD 37,000 USD 37,000 USD 37,000 USD 37,000 USD 37,000 USD 380,000 USD 372,000 USD 372,000 USD 372,000 USD 372,000 USD 276,000 USD 1,688,824 USD 1,040,000 USD 3,750,000 USD 61,511 USD 2,944,841 USD 443,997 USD 1,437,497 USD 881,254 USD 288,466 USD 2,824,108 USD 2,041,041 USD 1,747,397 USD 1,633,284 USD 1,680,940 USD 1,680,302 USD 1,680,568 USD 1,679,877 USD 1,677,225 USD 1,677,119 USD 1,677,066 USD 1,680,647 USD 1,682,750 USD 1,680,620 USD 1,680,035 USD 1,677,966 USD 1,647,900 USD 1,568,104 USD 110,085 USD 1,187,350 USD 1,203,509 USD 1,209,302 USD 1,152,596 USD 1,081,404 USD 7,490,000 USD 758,184 USD 686,716 USD 665,896 USD 3,730,000 USD 486,603 USD 468,146 USD 441,626 USD 421,769 Gain/(Loss) Unrealised (118,767) (36,425) (41,609) (21,438) (20,800) (21,066) (20,375) (17,723) (17,617) (17,564) (21,145) (23,248) (21,119) (20,534) (18,465) (19,487) (51,462) (1,693) (5,851) (1,596) 27,038 32,460 25,506 39,087 35,871 67,864 35,370 11,258 56,463 51,421 54,188 47,259 22,641 17,159 56,706 53,204 30,259 22,433 22,686 15,450 12,050 10,923 1,516 7,867 2,228 2,834 (223) 527 574 620 620 807 201 USD (0.02) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.02 0.00 0.00 0.00 0.00 0.02 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsDebtUnrestricted Blend Fund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments 05/01/18 05/01/18 13/12/17 05/01/18 27/11/17 27/11/17 27/11/17 08/01/18 05/01/18 27/12/17 08/01/18 21/12/17 27/12/17 20/12/17 08/01/18 13/12/17 27/12/17 14/12/17 13/12/17 05/01/18 08/01/18 05/01/18 21/12/17 08/01/18 27/12/17 15/12/17 05/01/18 04/12/17 18/04/17 27/12/17 05/01/18 27/12/17 22/12/17 05/01/18 27/12/17 27/12/17 27/12/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 13/06/17 Open ForwardForeignCurrency ExchangeContracts0.32%(2016:0.92%)(continued) Financial Derivative Instruments0.32%(2016:0.92%)(continued) Date Maturity IDR 31,812,160,000 IDR 3,823,862,458 IDR 3,812,592,080 IDR 3,361,345,789 IDR 3,041,910,310 IDR 3,041,910,310 IDR 3,037,507,810 IDR 29,443,571,004 IDR 27,868,473,759 IDR 26,754,240,000 IDR 24,160,299,828 IDR 23,095,836,564 IDR 21,204,860,040 IDR 21,204,860,040 IDR 21,027,672,473 IDR 2,845,193,470 IDR 2,831,081,148 IDR 2,831,081,148 IDR 2,428,085,730 IDR 2,068,434,995 IDR 18,370,706,705 IDR 15,584,807,417 IDR 15,577,022,110 IDR 14,739,313,680 IDR 13,408,814,634 IDR 13,408,814,634 IDR 13,077,249,394 IDR 12,600,337,066 IDR 110,988,800,000 IDR 11,630,182,290 IDR 104,462,000,000 IDR 10,744,853,355 IDR 10,744,853,355 IDR 10,692,938,676 IDR 10,583,235,558 IDR 10,035,231,418 IDR 10,032,799,260 HUF 805,329,140 HUF 804,882,350 HUF 768,428,030 HUF 768,428,030 EUR 2,889,988 EUR 145,532,749 COP 840,007,380 COP 836,556,000 COP 833,796,000 COP 831,036,000 COP 831,036,000 COP 820,134,000 COP 817,236,000 COP 816,960,000 COP 813,096,000 COP 812,544,000 Bought Amount USD 2,234,000 USD 269,761 USD 269,346 USD 236,881 USD 208,994 USD 209,138 USD 208,048 USD 2,066,796 USD 1,964,239 USD 1,860,000 USD 1,733,785 USD 1,610,588 USD 1,472,253 USD 1,474,095 USD 1,507,901 USD 200,154 USD 196,548 USD 198,394 USD 170,751 USD 145,921 USD 1,318,314 USD 1,098,912 USD 1,086,643 USD 1,034,701 USD 929,683 USD 942,955 USD 923,209 USD 862,151 USD 8,320,000 USD 806,252 USD 7,600,000 USD 746,533 USD 749,031 USD 755,877 USD 735,075 USD 698,346 USD 696,287 USD 2,810,000 USD 2,810,000 USD 2,662,929 USD 2,665,561 USD 3,145,292 USD 153,921,257 USD 276,000 USD 276,000 USD 276,000 USD 276,000 USD 276,000 USD 276,000 USD 276,000 USD 276,000 USD 276,000 USD 276,000 Sold Amount Gain/(Loss) Unrealised 1,829,379 (19,648) (21,196) (52,398) (3,253) (3,066) 87,017 13,674 13,531 14,298 80,330 69,046 93,599 28,066 76,704 76,129 75,177 25,509 10,178 21,340 38,157 51,354 40,140 49,431 37,124 30,908 59,667 42,986 21,553 38,058 35,882 24,280 37,715 34,428 36,310 11,490 10,308 9,228 9,370 8,363 7,841 8,553 6,752 4,992 9,364 8,419 8,419 4,688 3,696 3,602 2,279 2,090 (434) USD (0.02) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.02 0.00 0.00 0.00 0.02 0.02 0.02 0.00 0.02 0.02 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.21 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV 27/12/17 05/01/18 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 27/11/17 13/12/17 05/01/18 05/01/18 05/01/18 04/12/17 05/06/17 04/12/17 20/03/18 15/12/17 05/01/18 27/12/17 27/12/17 27/12/17 15/12/17 04/12/17 04/12/17 27/12/17 Date Maturity 19/07/17 19/07/17 19/07/17 19/07/17 19/07/17 19/07/17 19/07/17 19/07/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 05/04/17 05/04/17 05/04/17 16/08/17 16/08/17 16/08/17 16/08/17 05/01/18 08/01/18 27/12/17 27/12/17 Open ForwardForeignCurrency ExchangeContracts0.32%(2016:0.92%)(continued) Financial Derivative Instruments0.32%(2016:0.92%)(continued) (continued) IDR 37,767,600,000 IDR 32,191,940,000 IDR 9,285,720,000 IDR 9,264,900,000 IDR 9,257,960,000 IDR 9,254,490,000 IDR 9,244,080,000 IDR 9,240,610,000 IDR 9,240,610,000 IDR 8,984,358,744 IDR 7,835,328,720 IDR 6,368,288,764 IDR 6,368,288,764 IDR 6,365,532,096 IDR 6,041,003,920 IDR 6,025,330,180 IDR 538,838,558 IDR 5,432,700,000 IDR 5,358,281,643 IDR 5,068,837,774 IDR 404,687,174 IDR 4,865,133,552 IDR 4,847,674,623 IDR 4,674,517,617 IDR 4,520,035,228 IDR 4,520,035,228 IDR 38,672,858,674 Bought Amount PEN 1,456,840 PEN 1,218,080 PEN 1,212,192 PEN 1,210,720 PEN 1,209,616 PEN 1,209,616 PEN 1,206,672 PEN 1,206,120 MXN 3,541,590 MXN 3,467,754 MXN 3,458,268 MXN 3,457,710 MXN 3,453,309 MXN 3,430,080 MXN 3,430,075 587,618,038 KRW 574,894,840 KRW 1,090,678,656 KRW INR 90,252,642 INR 85,080,030 INR 374,870,147 INR 310,798,800 IDR 9,910,929,757 IDR 9,840,287,718 IDR 9,737,149,104 IDR 9,703,288,575 Financial year ended31March 2017 USD 2,690,000 USD 2,234,000 USD 694,000 USD 694,000 USD 694,000 USD 694,000 USD 694,000 USD 694,000 USD 694,000 USD 607,421 USD 545,180 USD 449,104 USD 449,104 USD 449,068 USD 413,767 USD 425,969 USD 37,615 USD 390,000 USD 377,530 USD 357,511 USD 28,113 USD 338,209 USD 336,527 USD 328,613 USD 307,590 USD 308,324 USD 2,685,615 Sold Amount USD 440,000 USD 368,000 USD 368,000 USD 368,000 USD 368,000 USD 368,000 USD 368,000 USD 368,000 USD 180,000 USD 180,000 USD 180,000 USD 180,000 USD 180,000 USD 180,000 USD 180,000 USD 486,826 USD 476,380 USD 903,777 USD 1,318,712 USD 1,243,133 USD 5,478,155 USD 4,680,000 USD 700,914 USD 692,490 USD 674,785 USD 672,439 Gain/(Loss) Unrealised 114,726 138,283 193,218 (1,311) (1,571) (1,571) 67,796 50,237 27,615 15,527 15,527 15,362 28,181 23,113 14,118 12,312 17,044 17,451 13,057 23,087 22,353 38,639 37,708 71,538 46,711 44,034 22,044 22,188 25,097 36,223 36,097 1,809 1,805 1,516 1,437 3,561 2,867 1,074 7,635 3,723 3,220 3,191 2,957 1,727 1,727 (271) (531) (607) (775) 249 626 290 290 USD (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV 123 LAZARD GLOBAL INVESTMENT FUNDS PLC 124 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsDebtUnrestricted Blend Fund(continued) Portfolios ofInvestments 19/07/17 05/04/17 04/04/17 17/04/17 09/02/18 05/04/17 09/02/18 17/04/17 06/04/17 06/04/17 05/04/17 05/04/17 06/04/17 06/04/17 05/04/17 05/04/17 05/04/17 05/04/17 18/04/17 18/04/17 18/04/17 17/04/17 17/04/17 17/04/17 17/04/17 17/04/17 17/04/17 15/05/17 15/05/17 10/04/17 10/04/17 10/04/17 10/04/17 18/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 19/07/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 19/07/17 19/07/17 19/07/17 Open ForwardForeignCurrency ExchangeContracts0.32%(2016:0.92%)(continued) Financial Derivative Instruments0.32%(2016:0.92%)(continued) Date Maturity PEN 1,989,087 USD 1,690,083 USD 1,650,000 USD 1,653,292 USD 1,194,216 USD 1,209,002 USD 550,069 USD 370,000 USD 54,082 USD 157,170 USD 1,076,627 USD 1,010,095 USD 118,106 USD 78,636 TWD 47,826,846 TWD 47,826,846 TWD 12,494,572 TWD 12,494,572 TRY 65,819 TRY 17,701,996 TRY 14,722,239 THB 95,767,502 THB 50,240,988 THB 271,603,699 THB 180,139,440 THB 179,632,440 THB 175,635,954 SGD 66,339 SGD 10,844,574 89,281,490 RUB 80,906,804 RUB 79,050,870 RUB 61,542,465 RUB 54,883,824 RUB 54,778,257 RUB 52,842,009 RUB 47,614,610 RUB 43,863,496 RUB 28,117,629 RUB 25,134,732 RUB 24,216,895 RUB 21,137,772 RUB 17,961,121 RUB RON 7,769,481 PLN 25,060,275 PLN 25,049,067 PLN 10,848,583 PLN 10,848,582 PLN 10,848,582 PLN 10,848,582 PEN 9,928,310 PEN 12,616,450 PEN 11,017,440 Bought Amount USD 599,574 BRL 5,312,608 BRL 5,278,350 BRL 5,204,564 BRL 4,183,338 BRL 3,893,954 BRL 1,926,453 BRL 1,163,280 ARS 839,354 ARS 2,439,274 ARS 16,752,317 ARS 15,742,323 ARS 1,829,455 ARS 1,219,637 USD 1,577,871 USD 1,480,249 USD 412,212 USD 386,889 USD 18,065 USD 4,890,000 USD 3,901,585 USD 2,730,441 USD 1,431,979 USD 7,743,512 USD 5,200,000 USD 5,200,000 USD 5,110,450 USD 47,635 USD 7,800,000 USD 1,447,056 USD 1,337,285 USD 1,298,713 USD 1,014,138 USD 921,202 USD 885,706 USD 852,294 USD 830,000 USD 723,862 USD 461,287 USD 412,976 USD 400,715 USD 347,024 USD 290,944 USD 1,840,586 USD 6,350,000 USD 6,350,000 USD 2,664,565 USD 2,666,154 USD 2,666,138 USD 2,665,742 USD 2,900,000 USD 3,850,000 USD 3,360,000 Sold Amount Gain/(Loss) Unrealised (12,499) (44,114) (17,148) (20,189) (12,152) (13,042) (49,847) (36,461) (11,231) (25,638) (28,466) 123,831 159,597 135,294 102,318 122,854 (1,300) (1,638) (8,692) (5,540) 17,220 19,117 95,984 24,896 56,195 29,930 41,686 26,934 96,640 76,589 49,672 85,138 84,234 13,882 53,538 37,047 32,491 28,485 27,604 27,384 73,249 71,659 71,676 72,072 6,040 4,743 (447) (747) (599) (428) (143) (68) 194 USD (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.00 0.00 0.00 0.02 0.00 0.01 0.02 0.00 0.03 0.00 0.00 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.02 0.01 0.01 0.00 0.00 NAV 05/07/17 05/07/17 05/07/17 03/05/17 04/04/17 09/02/18 09/02/18 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 04/04/17 04/04/17 05/07/17 05/07/17 05/07/17 05/07/17 05/07/17 05/07/17 04/04/17 18/04/17 18/04/17 05/05/17 18/04/17 18/04/17 18/04/17 18/04/17 05/07/17 05/07/17 05/07/17 05/07/17 18/04/17 18/04/17 18/04/17 18/04/17 15/12/17 22/12/17 15/12/17 05/05/17 05/05/17 05/05/17 05/05/17 05/05/17 05/05/17 05/05/17 05/05/17 Open ForwardForeignCurrency ExchangeContracts0.32%(2016:0.92%)(continued) Financial Derivative Instruments0.32%(2016:0.92%)(continued) Date Maturity (continued) USD 1,170,937 USD 1,141,118 USD 882,323 USD 2,807,536 USD 2,390,000 USD 1,947,857 USD 1,947,857 USD 1,692,992 USD 1,692,723 USD 1,692,183 USD 1,691,914 USD 1,689,493 USD 1,689,224 USD 1,689,224 USD 1,694,612 USD 1,692,453 USD 1,692,453 USD 1,691,913 USD 443,512 USD 439,031 USD 386,471 USD 281,500 USD 264,434 USD 1,597,566 USD 1,598,500 USD 1,439,057 USD 1,422,969 USD 82,077 USD 80,688 USD 6,450,000 USD 2,301,481 USD 1,460,000 USD 2,426,009 USD 65,793 USD 720,882 USD 691,063 USD 6,770,000 USD 453,529 USD 82,383 USD 82,813 USD 83,373 USD 81,811 USD 931,168 USD 746,948 USD 697,521 USD 1,293,706 USD 1,291,728 USD 1,290,988 USD 1,306,708 USD 1,306,363 USD 1,306,203 USD 1,304,324 USD 1,292,326 Bought Amount Financial year ended31March 2017 CAD 1,558,335 CAD 1,513,580 CAD 1,178,236 BRL 8,850,756 BRL 7,466,360 BRL 6,843,797 BRL 6,842,239 BRL 5,312,610 BRL 5,312,610 BRL 5,312,610 BRL 5,312,610 BRL 5,312,610 BRL 5,312,610 BRL 5,312,610 BRL 5,312,609 BRL 5,312,609 BRL 5,312,609 BRL 5,312,608 CAD 589,118 CAD 589,118 CAD 515,775 CAD 371,166 CAD 348,180 CAD 2,109,474 CAD 2,108,105 CAD 1,909,283 CAD 1,909,283 HUF 23,581,301 HUF 23,564,980 HUF 1,846,828,500 EUR 2,176,138 CLP 965,790,000 CLP 1,607,352,500 CHF 66,597 CAD 956,080 CAD 920,365 CAD 9,047,062 CAD 605,143 HUF 23,600,357 HUF 23,587,170 HUF 23,859,694 HUF 23,608,348 IDR 13,408,814,634 IDR 10,744,853,355 IDR 10,032,799,260 HUF 371,856,324 HUF 371,856,324 HUF 371,856,324 HUF 371,856,323 HUF 371,856,323 HUF 371,856,323 HUF 371,856,323 HUF 371,856,323 Sold Amount Gain/(Loss) Unrealised (78,007) (77,546) (27,444) (22,446) (48,911) (37,964) (35,797) (2,285) (2,710) (8,676) 38,296 38,354 20,128 19,859 19,319 19,050 16,629 16,360 16,360 21,748 19,589 19,589 19,050 13,794 15,755 47,536 17,580 17,236 17,076 15,197 4,738 1,772 2,832 3,024 5,586 2,293 3,066 1,086 4,579 2,601 1,861 3,198 (767) (961) (793) (807) (35) 954 371 611 703 USD 62 11 (0.02) (0.02) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsDebtUnrestricted Blend Fund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments 10/04/17 10/04/17 10/04/17 19/07/17 19/07/17 19/07/17 19/07/17 18/04/17 18/04/17 19/06/17 19/06/17 19/06/17 19/06/17 19/06/17 19/06/17 19/06/17 20/04/17 20/04/17 18/04/17 06/07/17 06/07/17 06/07/17 06/07/17 05/04/17 06/07/17 05/04/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 05/04/17 06/07/17 06/07/17 27/12/17 05/06/17 27/12/17 18/04/17 18/04/17 18/04/17 27/11/17 21/12/17 18/12/17 04/12/17 20/12/17 14/12/17 27/11/17 13/12/17 Open ForwardForeignCurrency ExchangeContracts0.32%(2016:0.92%)(continued) Financial Derivative Instruments0.32%(2016:0.92%)(continued) Date Maturity USD 190,831 USD 32,748 USD 27,252 USD 2,021,950 USD 1,128,050 USD 830,000 USD 830,000 USD 67,162 USD 6,350,000 USD 153,855 USD 153,336 USD 153,180 USD 153,283 USD 152,154 USD 150,582 USD 150,308 USD 1,140,000 USD 920,000 USD 1,227,491 USD 712,367 USD 6,040,000 USD 501,669 USD 487,189 USD 485,563 USD 476,715 USD 475,100 USD 450,914 USD 450,914 USD 453,444 USD 450,059 USD 342,441 USD 265,639 USD 978,173 USD 941,076 USD 920,924 USD 904,677 USD 901,337 USD 906,887 USD 883,995 USD 544,158 USD 436,460 USD 37,490 USD 4,006,100 USD 4,003,710 USD 4,003,411 USD 28,241 USD 2,687,481 USD 2,720,000 USD 1,970,000 USD 1,473,583 USD 196,876 USD 1,240,000 USD 1,180,000 Bought Amount RUB 11,322,562 RUB 1,958,827 RUB 1,629,296 RUB RON 8,483,092 RON 4,723,923 RON 3,489,577 RON 3,489,030 PLN 262,795 PLN 24,786,273 MYR 684,472 MYR 682,577 MYR 681,741 MYR 681,020 MYR 678,226 MYR 672,952 MYR 670,224 MYR 5,061,600 MYR 4,104,120 MXN 24,260,365 852,042,899 KRW 6,735,808,000 KRW 596,815,352 KRW 587,618,038 KRW 587,618,038 KRW 574,894,840 KRW 574,894,840 KRW 543,260,838 KRW 542,404,102 KRW 539,870,093 KRW 529,404,319 KRW 402,813,431 KRW 317,969,320 KRW 1,177,533,946 KRW 1,127,409,120 KRW 1,103,174,788 KRW 1,090,678,656 KRW 1,090,678,656 KRW 1,078,833,299 KRW 1,055,931,430 KRW IDR 7,835,328,720 IDR 6,025,330,180 IDR 538,838,558 IDR 53,697,758,015 IDR 53,697,758,014 IDR 53,697,758,014 IDR 404,687,174 IDR 38,672,858,674 IDR 38,134,400,000 IDR 28,220,250,000 IDR 21,204,860,040 IDR 2,831,081,148 IDR 17,701,000,000 IDR 16,921,200,000 Sold Amount Gain/(Loss) Unrealised (137,807) (57,832) (50,373) (32,594) (38,841) (39,902) (37,925) (38,987) (35,408) (34,641) (29,842) (23,858) (18,153) (19,004) (75,944) (68,169) (66,627) (71,687) (73,978) (58,873) (61,264) (27,979) (12,622) (17,646) (20,036) (20,334) (66,637) (94,542) (75,689) (10,070) (55,718) (57,009) (9,841) (1,969) (1,624) (1,056) (3,015) (6,796) (1,856) (1,383) 24,572 15,783 94,787 10,174 8,365 8,494 (379) (471) (440) (174) (673) (716) 841 USD (0.01) (0.02) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.02) (0.01) (0.01) (0.01) (0.02) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.00 0.00 0.02 0.00 0.00 0.00 0.00 NAV 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 17/04/17 17/04/17 17/04/17 17/04/17 17/04/17 17/04/17 15/05/17 15/05/17 15/05/17 15/05/17 15/05/17 10/04/17 18/04/17 18/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 10/04/17 Date Maturity 05/04/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 06/07/17 05/04/17 06/07/17 05/04/17 06/07/17 18/04/17 18/04/17 18/04/17 18/04/17 18/04/17 17/04/17 17/04/17 17/04/17 17/04/17 17/04/17 Open ForwardForeignCurrency ExchangeContracts0.32%(2016:0.92%)(continued) Financial Derivative Instruments0.32%(2016:0.92%)(continued) (continued) USD 272,000 USD 272,000 USD 272,000 USD 272,000 USD 272,000 USD 272,000 USD 272,000 USD 218,968 USD 216,622 USD 1,390,000 USD 5,200,000 USD 5,070,000 USD 41,471 USD 4,707,058 USD 4,311,880 USD 3,851,062 USD 7,800,000 USD 7,800,000 USD 159,169 USD 6,580,000 USD 3,330,000 USD 326,108 USD 293,892 USD 272,000 USD 272,000 USD 272,000 USD 272,000 Bought Amount USD 1,476,365 USD 1,355,671 USD 1,028,120 USD 119,997 USD 808,516 USD 613,347 USD 6,140,000 USD 440,138 USD 437,825 USD 427,174 USD 404,332 USD 396,055 USD 412,212 USD 387,609 USD 385,635 USD 380,326 USD 2,269,547 USD 5,540,817 USD 4,890,000 USD 4,890,000 USD 4,548,414 USD 221,849 USD 219,052 USD 221,970 USD 221,008 USD 221,153 Financial year ended31March 2017 RUB 16,111,376 RUB 15,860,728 RUB 15,841,280 RUB 15,780,080 RUB 15,751,928 RUB 15,707,456 RUB 15,631,160 RUB THB 7,664,767 THB 7,650,447 THB 48,500,575 THB 178,713,600 THB 175,635,954 THB 1,425,840 SGD 6,700,356 SGD 6,138,177 SGD 5,481,601 SGD 10,910,913 SGD 10,910,297 9,491,500 RUB 383,941,684 RUB 190,935,540 RUB 19,501,758 RUB 17,571,793 RUB 16,307,896 RUB 16,264,920 RUB 16,193,520 RUB 16,165,640 RUB Sold Amount TWD 47,826,846 TWD 43,331,718 TWD 32,691,128 TWD 3,839,289 TWD 25,735,054 TWD 19,500,503 TWD 185,182,400 TWD 14,011,779 TWD 13,953,471 TWD 13,430,351 TWD 12,924,488 TWD 12,622,288 TWD 12,494,572 TWD 12,494,572 TWD 12,494,572 TWD 11,959,351 TRY 8,586,379 TRY 20,962,574 TRY 17,773,683 TRY 17,767,815 TRY 17,185,274 THB 7,702,170 THB 7,686,531 THB 7,683,699 THB 7,681,812 THB 7,673,333 Gain/(Loss) Unrealised (211,782) (190,857) (150,455) (13,545) (21,267) (40,644) (89,670) (82,389) (73,170) (11,030) (10,589) (47,577) (19,525) (17,536) (17,028) (16,266) (15,000) (14,506) (99,868) (78,418) (53,812) (43,201) (32,034) (23,591) (23,974) (17,311) (23,411) (21,687) (25,906) (26,150) (15,476) (78,176) (9,102) (8,758) (7,673) (7,174) (6,386) (5,034) (4,061) (5,990) (9,050) (7,067) (2,268) (4,610) (1,610) (2,516) (2,126) 11,278 30,246 31,850 (197) (18) 428 USD (0.01) (0.01) (0.01) (0.03) (0.02) (0.01) (0.01) (0.02) (0.03) (0.02) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.00 0.00 0.00 0.00 NAV 125 LAZARD GLOBAL INVESTMENT FUNDS PLC 126 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard EmergingMarketsDebtUnrestricted Blend Fund(continued) Portfolios ofInvestments Total Assets Other assets instruments Over thecounterfinancialderivative Transferable market securitiesotherthanthosedealtinonanotherregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets(unaudited) Net Assets Other NetAssets(2016:3.10%) Total Investments(2016:96.90%) Total FinancialDerivative Instruments exchange contracts Net unrealisedgainonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 18/04/17 05/04/17 05/04/17 05/04/17 05/04/17 18/04/17 18/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/04/17 05/07/17 05/07/17 05/07/17 05/07/17 06/07/17 05/04/17 06/07/17 Open ForwardForeignCurrency ExchangeContracts0.32%(2016:0.92%)(continued) Financial Derivative Instruments0.32%(2016:0.92%)(continued) Date Maturity USD 2,498,793 USD 1,496,657 USD 1,497,085 USD 1,494,580 USD 1,494,465 USD 1,250,000 USD 1,250,000 ZAR 1,287,430 ZAR 1,263,846 ZAR 12,166,322 ZAR 10,963,942 ZAR 9,114,595 ZAR 8,095,166 ZAR 751,913 ZAR 6,118,235 ZAR 5,245,520 ZAR 5,159,276 ZAR 2,922,363 ZAR 31,187,500 ZAR 2,647,403 ZAR 19,384,702 ZAR 19,384,703 ZAR 19,384,702 ZAR 19,384,702 USD 1,862,000 USD 1,577,871 USD 1,483,003 Bought Amount ZAR 32,957,209 ZAR 19,384,703 ZAR 19,384,702 ZAR 19,384,702 ZAR 19,384,702 ZAR 15,598,313 ZAR 15,586,531 USD 93,029 USD 91,057 USD 868,000 USD 788,943 USD 657,263 USD 583,549 USD 54,194 USD 441,336 USD 380,000 USD 372,471 USD 210,737 USD 2,500,000 USD 191,422 USD 1,474,066 USD 1,473,674 USD 1,471,660 USD 1,471,548 TWD 59,732,960 TWD 47,826,846 TWD 47,826,846 Sold Amount 1,046,837,575 979,576,120 (5,105,876) 67,261,455 Gain/(Loss) Unrealised 3,440,691 3,440,691 8,546,567 Fair Value (174,492) (114,898) (51,079) (50,687) (48,673) (48,562) (99,855) 46,832 51,228 51,655 49,151 49,035 89,512 90,390 39,187 28,588 22,371 20,071 14,873 11,135 12,233 2,969 3,182 1,873 7,170 5,983 1,638 USD USD % oftotalassets 100.00 100.00 %of (0.02) (0.50) (0.04) (0.02) 20.55 71.80 93.57 (0.00) (0.00) (0.00) (0.00) 6.84 0.81 6.43 NAV % of 0.32 0.32 0.82 0.00 0.00 0.00 0.00 0.00 0.02 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV

fixed incomesecurities. ofissuerforgovernmenttype fixedincomesecuritiesandcountry issuer forcorporate Fixed ofthe incomesecuritiesareprimarilyclassified ofincorporation bythecountry UBS AG StreetBankand State Trust Company Standard CharteredPlc JP MorganChaseandCompany HSBC BankPlc Citibank NA Barclays BankPlc The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: (continued) Financial year ended31March 2017 Portfolio ofInvestmentsasat31March 2017 Lazard GlobalHexagonEquityFund Lazard Global InvestmentFundsplc Portfolios ofInvestments United States25.94%(2016:48.71%) Austria 1.59%(2016:Nil) Australia Nil(2016:1.57%) Total FixedIncomeSecurities Belgium 1.03%(2016:4.49%) Brazil 3.73%(2016:Nil) Bermuda Nil(2016:1.07%) Canada 3.00%(2016:Nil) China 1.82%(2016:Nil) Curacao 2.02%(2016:Nil) Denmark 2.49%(2016:3.63%) Finland Nil(2016:0.48%) Fixed IncomeSecurities25.94%(2016:48.71%) Transferable Securities90.01%(2016:88.82%) Amount Principal Equities Transferable Securities90.01%(2016:88.82%)(continued) Shares Number of 1,085,000 1,023,000 913,000 409,000 942,000 740,000 916,000 928,000 124,000 390,000 12,982 44,500 65,800 64.07% (2016:40.11%) 2,495 5,600 8,700 6,900 400 27/04/2017* United States Treasury Bill-Zerocoupon Bonds Government 25/05/2017 United States Treasury Bill-Zerocoupon 22/06/2017* United States Treasury Bill-Zerocoupon 20/07/2017 United States Treasury Bill-Zerocoupon 17/08/2017* United States Treasury Bill-Zerocoupon 14/09/2017* United States Treasury Bill-Zerocoupon 12/10/2017* United States Treasury Bill-Zerocoupon 09/11/2017* United States Treasury Bill-Zerocoupon Erste GroupBank AG Anheuser-Busch InBevSA Bb SeguridadeParticipacoes Cielo SA Agrium Inc Suncor Energy Inc Suncor Energy China Communications ConstructionCoLtd China Communications China ConstructionBankCorp Schlumberger Ltd AP Moller-Maersk A/S Fair Value Fair Value 1,081,796 6,935,164 6,935,164 1,017,448 912,559 408,580 940,435 738,296 912,442 923,608 423,836 274,591 409,266 995,983 586,717 535,080 801,432 266,352 174,875 488,521 313,646 538,890 665,636 USD USD %of %of 25.94 25.94 NAV NAV 3.41 1.53 3.52 2.76 4.04 3.41 3.46 3.81 1.59 1.03 1.53 3.73 2.20 2.00 3.00 1.00 0.65 1.82 1.17 2.02 2.49

Germany Germany Ireland 3.28%(2016:1.59%) Israel 2.97%(2016:2.22%) Italy 5.22%(2016:4.31%) Japan 2.07%(2016:Nil) Luxemburg 1.45%(2016:Nil) Netherlands 6.49%(2016:6.07%) Norway 0.95%(2016:0.92%) South Africa3.63%(2016:1.50%) Sweden 0.48%(2016:Nil) United Kingdom2.00%(2016:Nil) Switzerland Nil(2016:1.03%) United States13.61%(2016:7.27%) Equities Transferable Securities90.01%(2016:88.82%) (continued) Shares Number of (continued) 119,256 294,721 196,066 65,360 16,014 19,594 31,428 10,000 45,979 17,470 17,777 23,691 51,673 64,626 32,238 64.07% (2016:40.11%)(continued) 6,386 6.24% (2016:3.96%) 6,409 1,752 5,700 2,600 7,100 2,586 6,592 1,696 4,500 2,952 325 560 Commerzbank AG Deutsche Boerse AG Deutsche Salzgitter AG Volkswagen AG Volkswagen Accenture Plc Eaton CorpPlc Eaton Israel DiscountBankLtd Teva PharmaceuticalIndustriesLtd- ADR Beni StabiliSpA Cerved Information SolutionsSpA Information Cerved Intesa SanpaoloSpA UniCredit SpA CyberAgent Inc Sumitomo MitsuiFinancial GroupInc ArcelorMittal ABN AMRO GroupNV ING GroepNV NN GroupNV NXP SemiconductorsNV Yara ASA International Naspers Ltd Sanlam Ltd Truworths Ltd International SSAB AB Aon Plc Alphabet Inc AutoZone Inc BioMarin PharmaceuticalInc Financial year ended31March 2017 Fair Value 1,668,023 1,394,470 1,734,605 592,661 586,778 232,616 255,968 683,316 876,106 192,790 279,540 793,429 513,889 184,876 189,973 533,902 485,719 295,701 553,437 257,736 387,808 425,084 269,420 772,450 267,651 253,736 292,812 259,622 969,867 417,433 128,074 534,105 269,607 404,908 259,127 USD %of NAV 2.22 2.20 0.87 6.24 0.95 2.56 3.28 0.72 1.05 2.97 1.92 0.69 0.71 2.00 5.22 1.82 1.11 2.07 0.96 1.45 1.59 1.01 2.89 6.49 1.00 0.95 1.10 0.97 3.63 1.56 0.48 2.00 1.01 1.51 0.97

127 LAZARD GLOBAL INVESTMENT FUNDS PLC 128 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard GlobalHexagonEquityFund(continued) Portfolios ofInvestments United States13.61%(2016:7.27%)(continued) Instruments Total Investmentsexcluding FinancialDerivative Investment FundsNil(2016:0.96%) Total Transferable Securities Total Equities Equities Transferable Securities90.01%(2016:88.82%)(continued) Shares Number of Open ForwardForeignCurrency ExchangeContracts(0.80)%(2016:0.52%) Financial Derivative Instruments(1.90)%(2016:(2.59)%) Date Maturity 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 28/04/17 24/05/17 28/04/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 11,300 64.07% (2016:40.11%)(continued) 9,300 8,000 6,323 3,100 4,900 5,400 3,454 5,079 Bottomline Technologies deInc Cypress SemiconductorCorp eBay Inc Five Below Neurocrine BiosciencesInc NIKE Inc Raytheon Co Wabtec Corp Zoetis Inc Bought Amount USD 271,013 USD 270,507 USD 269,843 USD 259,971 USD 209,209 USD 2,770,366 USD 10,323,274 USD 1,918,762 USD 1,536,910 TWD 6,460,386 SEK 3,582,589 SEK 2,349,334 NOK 1,363,910 JPY 88,369,277 JPY 64,745,713 JPY 118,326,131 GBP 262,778 EUR 737,929 EUR 546,277 EUR 3,779,931 EUR 21,814,536 EUR 1,554,465 EUR 1,554,111 EUR 1,538,362 DKK 3,114,996 CHF 654,997 CAD 1,067,085 Sold Amount JPY 30,061,921 CAD 361,198 ILS 974,323 ZAR 3,407,606 TWD 6,460,386 JPY 309,359,827 EUR 9,622,380 EUR 1,770,219 EUR 1,451,005 USD 214,666 USD 398,778 USD 268,373 USD 160,435 USD 790,593 USD 571,063 USD 1,074,210 USD 329,722 USD 803,279 USD 591,237 USD 4,016,177 USD 23,610,025 USD 1,669,226 USD 1,654,329 USD 1,637,211 USD 455,945 USD 655,592 USD 797,828 Gain/(Loss) 24,060,262 24,060,262 17,125,098 Unrealised Fair Value (253,263) 3,642,549 (10,961) (18,542) (10,388) (12,232) 267,245 127,968 268,560 273,849 134,230 273,077 823,500 269,412 271,066 (4,155) (1,302) (4,621) (1,556) (6,339) (2,867) (6,816) 21,117 11,039 35,845 11,651 11,887 1,055 8,028 8,248 3,428 3,898 2,845 (513) (751) 739 662 USD USD %of (0.02) (0.04) (0.07) (0.02) (0.01) (0.04) (0.05) (0.02) (0.01) (0.03) (0.95) (0.00) (0.00) (0.00) 90.01 90.01 64.07 13.61 0.03 0.03 0.09 0.01 0.01 0.04 0.14 0.04 0.04 0.01 NAV % of 0.00 0.00 0.00 NAV 1.00 0.48 1.00 1.02 0.50 1.02 3.08 1.01 1.01

Contracts forDifference(1.15)% Amount Nominal 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 exchange contracts Net unrealisedlossonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 24/05/17 24/05/17 24/05/17 Open ForwardForeignCurrency ExchangeContracts(0.80)%(2016:0.52%)(continued) Financial Derivative Instruments(1.90)%(2016:(2.59)%)(continued) Date Maturity (1,918,354) (continued) (10,000) (20,831) (13,560) (34,360) (14,300) (33,065) (4,276) (6,227) (7,551) (3,112) (9,900) (7,231) (2,185) (5,445) (3,100) (8,562) (2,974) (2,268) 10,210 6,133 2,595 3,100 8,376 4,977 6,877 6,945 9,099 (248) (318) (652) Security Euronext NV British AmericanTobaccoPlc Inc Baxter International Bank ofIreland Great Plains Energy Inc PlainsEnergy Great Elior Group easyJet Plc CRH Plc SA Argentaria Bilbao Vizcaya Banco International Paper Co International Industria deDiseno Textil SA Amundi SA Air LiquideSA iShares USUtilitiesETF London StockExchangeGroupPlc Legrand SA Kone OYJ KDDI Corp NASDAQ Index NASDAQ ASA Harvest Marine National GridPlc National Nestle SA Neste Oyj Persimmon Plc Red ElectricaCorpSA Publicis GroupeSA Procter &GambleCo S&P 500(SPTR) Shire Plc Sanofi SMC Corp USD 699,712 USD 637,088 USD 613,888 USD 579,498 USD 430,963 USD 415,564 USD 408,054 USD 805,519 ZAR 16,143,830 USD 961,232 USD 815,004 Bought Amount Financial year ended31March 2017 (2016: (3.17)%) DKK 4,847,476 CHF 630,934 ZAR 8,223,145 ZAR 7,920,685 EUR 400,318 NOK 3,457,189 DKK 2,844,970 SEK 7,094,795 USD 1,225,133 EUR 906,845 CAD 1,067,085 Sold Amount Gain/(Loss) Gain/(Loss) Unrealised Unrealised (214,897) (384,989) (20,100) (51,832) (11,951) (28,021) (18,399) (82,483) (23,365) (28,759) (10,354) (18,682) (22,488) (21,796) (31,529) (10,890) 170,092 (1,083) (2,495) (3,861) (3,083) (8,627) (8,704) (9,015) (2,170) 47,363 21,858 19,197 22,455 (6,122) (2,142) 12,844 14,332 4,737 2,554 5,035 6,446 4,943 5,905 1,829 9,008 (544) (301) 165 789 USD USD (0.80) (0.08) (0.20) (0.04) (0.10) (0.01) (0.01) (0.07) (0.01) (0.31) (0.09) (0.11) (0.03) (0.03) (0.04) (0.07) (0.03) (0.01) (0.08) (0.08) (0.02) (0.01) (1.44) (0.11) (0.04) %of (0.00) (0.00) (0.00) 0.02 0.19 0.08 0.01 0.07 0.02 0.08 0.02 0.06 0.02 0.02 0.01 0.03 0.64 0.06 % of 0.00 0.00 NAV NAV

Portfolio ofInvestmentsasat31March 2017 Lazard GlobalHexagonEquityFund(continued) Lazard Global InvestmentFundsplc Portfolios ofInvestments Contracts forDifference(1.15)%(2016:(3.17)%)(continued) Financial Derivative Instruments(1.90)%(2016:(2.59)%)(continued) Amount Nominal Net unrealisedlossoncontractsfordifference Unrealised lossoncontractsfordifference Unrealised gainoncontractsfordifference government typefixedincomesecurities. ofissuerfor fixedincomesecuritiesandcountry oftheissuer forcorporate incorporation the Fundholdsshares. Fixed incomesecuritiesareprimarilyclassified of bythecountry oftheentityinwhich Equities areprimarilyclassified of incorporation bythecountry ADR - Receipt American Depositary Abbreviations used ispledgedUSD3,081,734. that The amountofcollateral requirements fortheoptionandcontractsdifferenceheldbyFund. * inconnectionwiththecollateral A portionofthesesecuritiesispledgedascollateral The counterpartyfortheoptionsisJPMorganChaseandCompany. The counterpartyforthecontractsdifferenceisJPMorganChaseandCompany. Street Bankand Trust Company. The counterpartyfortheopenforwardforeigncurrency exchangecontractsisState Total Assets Other assets instruments Over thecounterfinancialderivative market regulated Transferable securitiesotherthanthosedealtinonanother Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets(unaudited) Net Assets Other Assets(2016:12.81%) Total Investments(2016:87.19%) Total FinancialDerivative Instruments Option Purchasedatfair value Option Purchased0.05%(2016:0.06%) Amount Nominal (62,994) (3,900) (3,915) (4,999) (4,300) 6,688 3,301 8,456 600 600 Security Security Yoox Net-A-Porter GroupSpA Wal-Mart StoresInc Vinci SA Systems A/S Vestas Wind Valeo SA TaylorPlc Wimpey AB Match Swedish Inc Snyder's-Lance Expiring May2017 SPDR S&P500ETF Trust 2,300 -Putat 2017 Expiring April SPDR S&P500ETF Trust 2,300 -Putat Gain/(Loss) 26,728,524 23,551,693 Unrealised (307,142) (508,569) Fair Value (489,882) 3,176,831 (16,624) (58,939) (18,483) (12,798) 182,740 (4,925) 27,907 24,889 13,470 10,320 3,150 134 USD USD % oftotalassets

100.00 100.00 (1.15) (1.90) (0.06) (0.07) (0.02) (0.05) 88.11 11.89 %of (0.23) (1.83) 14.47 24.28 59.97 Fund 0.10 0.09 0.05 0.04 0.01 0.00 0.68 1.28 NAV %

(continued) Financial year ended31March 2017 129 LAZARD GLOBAL INVESTMENT FUNDS PLC 130 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard European Fund Alternative Portfolios ofInvestments Equities 35.30%(2016:23.50%) Transferable Securities88.70%(2016:84.20%)(continued) 53.40%(2016:60.70%) Germany Fixed IncomeSecurities53.40%(2016:60.70%) Transferable Securities88.70%(2016:84.20%) Amount Principal Shares Number of Austria 3.02%(2016:Nil) Total FixedIncomeSecurities Denmark 3.32%(2016:3.53%) Bermuda Nil(2016:0.99%) Belgium Nil(2016:1.95%) Germany 7.43%(2016:7.04%) Germany Italy 5.59%(2016:1.99%) Luxemburg 4.04%(2016:Nil) Netherlands 6.43%(2016:6.49%) 30,710,000 49,990,000 42,925,000 43,730,000 26,380,000 36,145,000 2,581,663 223,572 171,820 435,422 107,914 217,283 193,434 185,811 106,625 361,799 835,504 374,465 349,926 286,225 413,914 192,034 70,789 63,703 9,301 Bundesobligation 0.50%13/10/2017 Bundesobligation Bonds Government 04/01/2018* Bundesrepublik Deutschland4.00% 04/07/2017* Bundesrepublik Deutschland4.25% German Treasury Bill0.00%23/08/2017 German Treasury Bill0.00%27/09/2017* German Treasury Bill0.00%28/06/2017* Erste GroupBank AG Voestalpine AG AP Moller-Maersk A/S Deutsche Bank AG Deutsche LANXESS AG RWE AG RWE SAP SE Volkswagen AG Volkswagen Amplifon SpA Buzzi UnicemSpA Intesa SanpaoloSpA Moncler Spa Prysmian SpA Prysmian ArcelorMittal Subsea 7SA Tenaris SA ABN AMRO GroupNV NN GroupNV Unilever NV 232,789,161 232,789,161 30,916,678 51,793,392 43,463,923 43,892,676 26,499,238 36,223,254 13,164,693 14,471,230 32,407,269 24,372,572 17,625,505 12,618,168 28,072,810 Fair Value Fair Value 6,824,535 6,340,158 7,032,065 6,786,711 3,375,491 6,511,172 8,701,830 2,185,804 4,459,464 6,572,914 2,189,011 8,965,379 6,588,785 5,413,409 5,623,311 6,511,619 8,943,023 EUR EUR %of %of 11.88 10.07 53.40 53.40 NAV NAV 7.09 9.97 6.08 8.31 1.57 3.02 1.45 3.32 1.61 1.56 0.77 1.49 7.43 2.00 0.50 1.02 1.51 0.50 5.59 2.06 1.51 1.24 4.04 1.29 1.49 2.89 6.43 2.05

Sweden 3.55%(2016:1.51%) Switzerland 1.92%(2016:Nil) Instruments Total Investmentsexcluding FinancialDerivative Total Transferable Securities Total Equities Net unrealisedlossonopenfuturescontracts Open FuturesContracts(0.36)%(2016:0.10%) Financial Derivative Instruments(0.04)%(2016:0.03%) Equities 35.30%(2016:23.50%)(continued) Transferable Securities88.70%(2016:84.20%) (continued) EUR Amount Notional Shares Number of Date Maturity 18/04/2017 Open ForwardForeignCurrency ExchangeContracts(0.05)%(2016:(0.21)%) 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 (22,051,186) (21,784,675) (21,997,638) (22,040,185) (continued) 158,071 655,338 15,234 43,946 Average 19,804 12,054 Saab AB Sandvik AB Swatch Group AG Swatch TemenosGroup AG Bought Amount CHF 5,278,548 CHF 6,356 EUR 199,782 EUR 6,042 EUR 8,724 EUR 7,034 EUR 12,492 EUR 2,824 EUR 1,308 CHF 475,657 2,194 4,964 Price Cost Financial year ended31March 2017 Expiring 16/06/2017 Short FuturesContracts (201) ofS&P500EminiIndexFutures Expiring 21/04/2017 Short FuturesContracts (444) ofCac4010EuroIndexFutures Expiring 16/16/2017 Short FuturesContracts (220) ofFTSEMIBIndexFutures Expiring 16/06/2017 Short FuturesContracts (73) ofDaxIndexFutures Sold Amount EUR 4,930,896 EUR 5,937 CHF 214,115 CHF 6,466 CHF 9,337 CHF 7,536 CHF 13,385 CHF 3,017 CHF 1,402 EUR 444,324 386,726,269 386,726,269 153,937,108 Gain/(Loss) 15,451,252 Unrealised Gain/(Loss) (1,564,746) Fair Value Unrealised 6,262,083 9,189,169 5,104,251 8,371,777 3,267,526 (116,986) (672,635) (271,425) (503,700) (253) (13) 559 EUR EUR (7) (2) 56 EUR 1 2 1 5 %of (0.03) (0.15) (0.06) (0.12) (0.36) (0.00) (0.00) (0.00) (0.00) 88.70 88.70 35.30 NAV % of % of 0.00 0.00 0.00 0.00 0.00 0.00 NAV NAV 1.44 3.55 2.11 1.17 1.92 0.75

Portfolio ofInvestmentsasat31March 2017 Lazard European Fund(continued) Alternative Lazard Global InvestmentFundsplc Portfolios ofInvestments Contracts forDifference0.37%(2016:0.14%) Amount Nominal Open ForwardForeignCurrency Exchangecontracts(0.05)%(2016:(0.21)%)(continued) Financial Derivative Instruments(0.04)%(2016:0.03%)(continued) Date Maturity 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 exchange contracts Net unrealisedlossonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 18/04/2017 1,283,304 (490,246) (809,231) (512,870) (75,466) (45,841) (42,749) (47,214) 598,306 207,208 252,934 114,976 430,305 33,564 Security Bayerische Motoren Werke AG Bayerische Air France-KLM Aena SA ACS SA Actividades deConstruccionyServicios Acerinox SA CRH Plc Continental AG AG Brenntag DS SmithPlc Distribuidora Internacionalde Alimentacion SA Commerzbank AG Kuehne International +Nagel AG Iliad SA SA Communications Eutelsat Bought Amount GBP 329,128 GBP 1,089,161 EUR 669 EUR 17,830 EUR 37,140 EUR 15,354 EUR 5,589 USD 9,975 USD 186,158 USD 72,292 USD 30,136 USD 419,500 USD 684,200 USD 304,598 USD 206,691 USD 3,884 USD 51,903 USD 20,004 USD 13,439,834 USD 3,374,925 USD 2,962,615 USD 259,502 GBP 9,992 GBP 10,059 GBP 17,649 GBP 20,030 GBP 34,800 GBP 72,791 GBP 202 Sold Amount EUR 379,068 EUR 1,254,425 USD 724 USD 19,202 GBP 32,004 GBP 13,230 GBP 4,852 EUR 9,224 EUR 173,055 EUR 67,157 EUR 28,027 EUR 393,029 EUR 641,027 EUR 288,044 EUR 195,434 EUR 3,673 EUR 49,077 EUR 18,914 EUR 12,707,380 EUR 3,190,996 EUR 2,801,157 EUR 245,359 EUR 11,534 EUR 11,582 EUR 20,223 EUR 22,854 EUR 39,933 EUR 83,847 EUR 233 (1,090,451) Gain/(Loss) Gain/(Loss) Unrealised Unrealised 1,291,517 (203,121) (179,147) (570,989) (255,856) (216,520) (232,716) (149,258) (19,096) (37,481) (32,902) 160,832 933,163 272,201 182,054 988,894 (5,558) (1,051) (1,713) (3,429) (2,303) (2,882) 18,584 29,595 2,411 5,616 1,232 (111) (266) (110) (578) (223) (83) (43) 891 392 132 144 175 406 557 742 EUR EUR (8) 97 3 (0.25) (0.04) (0.13) (0.06) (0.05) (0.01) (0.01) (0.03) %of (0.05) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.05) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 0.04 0.21 0.06 0.04 0.23 0.30 % of 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NAV NAV

Contracts forDifference0.37%(2016:0.14%)(continued) Financial Derivative Instruments(0.04)%(2016:0.03%)(continued) Amount Nominal government typefixedincomesecurities. ofissuerfor fixedincome securitiesandcountry oftheissuerforcorporate incorporation the Fundholdsshares. Fixed incomesecuritiesareprimarily classified of bythecountry oftheentity inwhich Equities areprimarilyclassified ofincorporation bythecountry is pledgedEUR52,142,604. requirements forcontractsdifferenceheldbytheFund. that The amountofcollateral * inconnectionwiththecollateral A portionofthesesecuritiesispledgedascollateral Street Bankand Trust Company. The counterpartyfortheopenforwardforeigncurrency exchangecontractsisState The counterpartyfortheopenfuturescontractsisBankof America MerrillLynch. The counterpartyforthecontractsdifferenceisBankof America MerrillLynch. Total Assets Other Assets instruments Over thecounterfinancialderivative Transferable market securitiesdealtinonanotherregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets(unaudited) Net Assets Other NetAssets(2016:15.77%) Total Investments(2016:84.23%) Total FinancialDerivative Instruments Net unrealisedgainoncontractsfordifference Unrealised lossoncontractsfordifference Unrealised gainoncontractsfordifference (8,139,749) (1,142,913) (continued) (122,882) (520,324) (120,537) (144,272) (360,696) (104,279) (93,709) (76,744) 138,572 478,338 128,674 568,183 341,213 301,612 186,804 89,756 Security Umicore SA Thales SA Telecom ItaliaSpA/Milano HoldingsPlc Ryanair RSA InsuranceGroupPlc LafargeHolcim Ltd Valeo SA AB Match Swedish SPIE SA SKF AB SES SA Sanofi Safran SA Publicis GroupeSA Peugeot SA SA Melia HotelsInternational ASA Harvest Marine Legrand SA Financial year ended31March 2017 436,037,209 386,538,568 (5,340,568) Gain/(Loss) 49,498,641 Unrealised 1,580,166 (187,701) (552,107) (488,126) (189,714) (128,205) (734,318) (667,477) 6,920,734 (86,854) (31,156) (70,265) (54,729) 139,731 542,963 468,330 233,584 416,262 371,576 309,763 607,453 EUR % oftotalassets 100.00 100.00 (0.04) (0.13) (0.11) (0.04) (0.02) (0.03) (0.01) (0.02) (0.01) (0.17) (0.15) (1.22) 11.34 88.66 %of 12.77 51.58 34.11 0.03 0.12 0.11 0.05 0.10 0.09 0.07 0.14 0.37 1.54 1.59 NAV

131 LAZARD GLOBAL INVESTMENT FUNDS PLC 132 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard Fund USFundamentalAlternative Portfolios ofInvestments Contracts forDifference2.42%(2016:1.00%) United States87.39% Fixed IncomeSecurities87.39%(2016:76.21%) Transferable Securities87.39%(2016:76.21%) Amount Principal Amount Nominal exchange contracts Net unrealisedgainonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 18/04/17 18/04/17 Open ForwardForeignCurrency ExchangeContracts0.03%(2016:1.20%) Financial Derivative Instruments2.45%(2016:2.20%) Date Maturity Instruments Total Investmentsexcluding FinancialDerivative Total Transferable Securities Total FixedIncomeSecurities 1,108,000 1,505,000 1,007,000 1,404,000 1,372,000 1,361,000 1,300,000 (3,501) (2,247) 6,675 6,255 1,327 1,707 1,076 721,000 (771) (395) 827 616 748 Security AutoZone Inc Athenahealth Inc AT&T Inc Inc Materials Applied AON Plc Amgen Inc Amdocs Ltd Ambarella Inc Alphabet Inc SystemsCorp Alliance Data Allergan Plc Aflac Inc 27/04/2017 United States Treasury Bill-Zerocoupon Bonds Government USD 4,051 EUR 252,006 Bought Amount 25/05/2017* United States Treasury Bill-Zerocoupon 22/06/2017* United States Treasury Bill-Zerocoupon 20/07/2017 United States Treasury Bill-Zerocoupon 17/08/2017 United States Treasury Bill-Zerocoupon 14/09/2017* United States Treasury Bill-Zerocoupon 12/10/2017 United States Treasury Bill-Zerocoupon 09/11/2017 United States Treasury Bill-Zerocoupon EUR 3,830 USD 266,531 Sold Amount Gain/(Loss) Unrealised Fair Value 1,107,465 1,503,452 1,005,327 1,400,767 1,367,947 1,355,714 9,751,379 1,293,119 9,751,379 9,751,379 9,751,379 (19,563) (11,586) 717,588 (7,502) (5,048) 12,952 42,227 25,943 24,290 3,120 3,168 Value 3,168 2,820 6,804 9,527 (48) (48) USD USD Fair 275 %of %of (0.00) (0.00) (0.07) (0.05) (0.18) (0.10) 13.47 12.55 12.26 12.15 87.39 11.59 87.39 87.39 87.39 0.03 NAV % of 0.03 0.03 0.03 0.12 0.38 0.06 0.09 0.00 0.23 0.22 NAV NAV 9.93 9.01 6.43

Contracts forDifference2.42%(2016:1.00%)(continued) Financial Derivative Instruments2.45%(2016:2.20%)(continued) Amount Nominal (continued) (18,678) (11,765) (1,081) (7,901) (1,589) (1,579) (3,117) (2,153) (3,244) (1,902) (4,263) (2,499) (1,438) (1,766) (1,042) (2,150) 15,298 17,153 12,679 10,560 5,965 1,081 9,962 2,275 4,893 1,677 3,675 1,675 1,631 1,548 2,564 4,498 4,400 3,235 1,275 7,973 1,548 2,508 1,337 5,834 1,137 4,471 7,734 2,298 (931) (871) (402) (863) 619 702 746 485 Security LendingClub Corp Intuit Inc Ligand PharmaceuticalsInc Plc Johnson ControlsInternational JELD-WEN HoldingInc Paper Co International BusinessMachinesCorp International Intercontinental ExchangeInc Macerich Co Lockheed MartinCorp Medtronic Plc McDonald's Corp CosInc Lowe's Intel Corp Incyte Corp INC ResearchHoldingsInc Humana Inc Inc Gap Honeywell International Inc Honeywell International Halliburton Co Glacier BancorpInc Gilead SciencesInc Gentherm Inc Genpact Ltd GameStop Corp Fresenius MedicalCare AG &CoKGaA Franklin ResourcesInc Bancorp Fifth Third Federated InvestorsInc Expedia Inc Facebook Inc Express ScriptsHoldingCo eBay Inc CorpPlc Eaton Dover Corp BioMarin PharmaceuticalInc Dollar TreeInc Cypress SemiconductorCorp Community HealthSystemsInc Casey's GeneralStoresInc Carlisle CosInc CalAtlantic GroupInc Boeing Co Bemis CoInc Inc Baxter International Bank of America Corp Comerica Inc CBL & PropertiesInc Associates Comcast Corp Cisco SystemsInc Charles SchwabCorp Celgene Corp Financial year ended31March 2017 (14,245) (34,079) (16,492) (19,342) (12,406) (20,777) (44,150) (5,648) (4,850) (3,566) (1,401) (6,542) (6,222) (3,791) (5,115) (1,392) (6,030) (6,822) (1,998) 32,502 12,091 44,823 18,169 16,081 39,626 12,952 12,708 21,220 37,430 32,127 Value 1,440 9,615 9,620 3,415 1,903 9,850 4,488 1,247 4,648 4,050 2,460 2,777 4,375 3,082 8,440 6,479 (388) Fair 177 189 471 847 402 %of (0.05) (0.04) (0.13) (0.31) (0.03) (0.01) (0.06) (0.15) (0.06) (0.17) (0.11) (0.19) (0.03) (0.05) (0.40) (0.01) (0.05) (0.06) (0.02) NAV 0.29 0.11 0.01 0.00 0.40 0.09 0.09 0.00 0.03 0.16 0.00 0.02 0.09 0.04 0.01 0.04 0.14 0.36 0.04 0.02 0.12 0.02 0.11 0.19 0.00 0.01 0.00 0.04 0.03 0.34 0.29 0.08 0.06

Portfolio ofInvestmentsasat31March 2017 Lazard Fund(continued) USFundamentalAlternative Lazard Global InvestmentFundsplc Portfolios ofInvestments Unrealised lossoncontractsfordifference Unrealised gainoncontractsfordifference Total FinancialDerivative Instruments Net unrealisedgainoncontractsfordifference Contracts forDifference2.42%(2016:1.00%)(continued) Financial Derivative Instruments2.45%(2016:2.20%)(continued) Amount Nominal (10,692) (12,473) (4,259) (5,973) (2,775) (1,081) (8,198) (1,941) (1,814) (2,139) (3,729) (1,436) (7,162) (1,920) (3,202) (2,716) (2,126) (5,223) (4,301) 13,033 11,502 1,100 4,462 1,537 1,197 1,594 2,116 1,613 4,358 2,891 2,286 6,543 8,785 1,536 3,111 1,147 4,262 (736) (856) (236) (663) (988) (886) Security Zimmer BiometHoldingsInc WestRock Co Wal-Mart StoresInc Walgreens Boots Alliance Inc Waddell &ReedFinancial Inc FinancialVoya Inc Visa Inc United Parcel Inc Service Umpqua HoldingsCorp Travelers CosInc Thermo Fisher ScientificInc Teva PharmaceuticalIndustriesLtd Teradata Corp TCF Financial Corp Taubman CentersInc Target Corp PriceGroupInc T Rowe Starbucks Corp Co Southwestern Energy Inc Snyder's-Lance Inc Snap Skyworks SolutionsInc Schlumberger Ltd Sanofi Inc Rockwell Automation Regeneron PharmaceuticalsInc Inc Red Hat Range ResourcesCorp Progressive Corp Polaris IndustriesInc Pfizer Inc People's UnitedFinancial Inc PayPal HoldingsInc Paychex Inc Parker-Hannifin Corp PAREXEL Corp International Owens &MinorInc Oracle Corp Newell BrandsInc New York CommunityBancorpInc Murphy USAInc Motorola SolutionsInc Molson CoorsBrewingCo (477,674) 747,312 272,758 269,638 (30,580) (17,483) (24,312) (15,660) (15,844) (14,582) (16,014) (18,799) (4,159) (4,018) (6,848) (3,371) (1,621) (6,824) (5,971) (5,038) (3,462) (5,306) (9,334) (8,078) 13,437 16,576 10,999 15,513 11,185 33,893 34,875 30,177 25,750 21,230 16,799 Value 5,848 4,395 8,876 5,204 6,326 1,325 (336) (336) (357) (368) Fair (18) 362 (4.28) %of (0.04) (0.04) (0.06) (0.00) (0.03) (0.01) (0.06) (0.05) (0.05) (0.03) (0.05) (0.00) (0.00) (0.00) (0.08) (0.28) (0.16) (0.22) (0.14) (0.14) (0.13) (0.14) (0.17) (0.07) (0.00) 6.70 2.45 2.42 0.00 0.12 0.15 0.10 0.05 0.14 0.04 0.10 0.30 0.30 0.27 0.08 0.05 0.23 0.06 0.01 0.19 0.15 NAV

fixed incomesecurities. ofissuerforgovernmenttype fixedincomesecuritiesandcountry issuer forcorporate Fixed ofthe incomesecuritiesareprimarilyclassified ofincorporation bythecountry ispledgedUSD3,071,897. that requirements forthecontractsdifferenceheldbyFund. The amountofcollateral * inconnectionwiththecollateral A portionofthesesecuritiesispledgedascollateral The counterpartyforthecontractsdifferenceisMorganStanley. Street Bankand Trust Company. The counterpartyfortheopenforwardforeigncurrency exchangecontractsisState Total Assets Other assets instruments Over thecounterfinancialderivative Transferable market securitiesdealtinonanother regulated Analysis oftotalassets(unaudited) Net Assets Other NetAssets(2016:21.59%) Total Investments(2016:78.41%) (continued) Financial year ended31March 2017 11,158,245 10,024,137 1,134,108 Fair Value USD % oftotalassets 100.00 100.00 %of 89.84 10.16 24.21 70.37 NAV 5.42

133 LAZARD GLOBAL INVESTMENT FUNDS PLC 134 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard Fund DiversifiedReturn Portfolios ofInvestments Australia 2.54% Fixed IncomeSecurities40.44% Transferable Securities77.32% Amount Principal Canada 5.78% Bermuda 0.60% Denmark 0.29% Czech Republic0.69% Chile 1.03% Cayman Islands0.27% 6,810,000 225,000 145,000 490,000 260,000 490,000 225,000 150,000 170,000 185,000 235,000 460,000 180,000 125,000 470,000 100,000 200,000 200,000 100,000 295,000 80,000 80,000 Telstra CorpLtd4.000%16/09/2022 Corporate Bonds Queensland Treasury 3.000%22/03/2024 Bonds Government 15/05/2019 Toyota Finance Australia Ltd4.250% Queensland Treasury 5.500%21/06/2021 16/10/2023 Western AustralianTreasury6.000% Hydro-Quebec 1.084%01/12/2019 Corporate Bonds Bermuda Government4.854%06/02/2024 Bonds Government 17/09/2020 John DeereCanadaFundingInc2.050% 17/01/2018 John DeereCanadaFundingInc2.300% 01/10/2019 Inc5.650% Communications Shaw 05/11/2019 Toronto-Dominion Bank2.250% 22/12/2021 Toronto-Dominion Bank2.621% 01/12/2019 Province of Alberta Canada 4.000% Bonds Government 29/01/2021 Wells Fargo CanadaCorp3.040% 03/03/2022 Province ofQuebecCanada1.650% 27/01/2023 Province ofOntarioCanada1.950% Carlsberg A/S 2.500%28/05/2024 Corporate Bonds 09/12/2020 Czech RepublicGovernment0.060% Bonds Government Chile Government3.125%21/01/2026 Bonds Government 04/11/2020 Corp NacionaldelCobredeChile3.750% Corporate Bonds 24/11/2019 Cayman IslandsGovernment5.950% Bonds Government 29/06/2022 Province ofOntarioCanada2.450% Fair Value 1,008,216 2,306,354 173,668 114,400 420,870 235,872 368,717 237,567 114,034 139,189 186,301 182,227 370,325 141,245 353,939 117,072 273,170 411,515 202,800 208,715 109,625 296,099 63,406 60,581 93,697 USD %of NAV 2.54 1.03 5.78 0.16 0.44 0.29 1.06 0.59 0.92 0.60 0.29 0.15 0.35 0.47 0.46 0.93 0.35 0.23 0.89 0.29 0.69 0.51 0.52 0.27 0.74

Ireland 0.96% 0.46% Hungary France 0.46% Mexico 1.17% Luxemburg 0.31% Netherlands 1.09% Norway 2.42% New Zealand0.87% Poland 1.44% Philippines 0.46% Fixed IncomeSecurities40.44%(continued) Transferable Securities77.32%(continued) Amount Principal (continued) 44,500,000 3,790,000 4,000,000 2,300,000 1,000,000 155,000 170,000 155,000 165,000 175,000 240,000 120,000 200,000 230,000 200,000 100,000 177,000 190,000 Ireland Government2.400%15/05/2030 Bonds Government Government5.500%24/06/2025 Hungary Bonds Government Orange SA5.375%08/07/2019 Corporate Bonds Ireland Government3.400%18/03/2024 Mexico Government6.500%09/06/2022 Bonds Government 16/09/2021 European InvestmentBank1.125% Corporate Bonds Mexico Government6.750%06/02/2024 16/09/2020 Bank NederlandseGemeentenNV5.000% Corporate Bonds BMW Finance NV3.375%14/12/2018 Kommunalbanken AS 1.375%26/10/2020 Corporate Bonds 15/05/2021 New ZealandGovernment6.000% Bonds Government 26/02/2024 Fonterra GroupLtd5.500% Co-operative Corporate Bonds 21/04/2026 BV1.125% Iberdrola International Norway Government1.600%05/05/2022 Bonds Government Statoil ASA 3.700%01/03/2024 Poland Government1.810%25/01/2021 Bonds Government 19/03/2025 Asian DevelopmentBank2.125% Corporate Bonds Norway Government4.900%04/11/2019 Financial year ended31March 2017 Fair Value 185,041 181,439 182,025 383,678 198,637 197,506 121,930 465,298 267,792 176,728 156,520 196,053 346,365 178,948 167,417 438,868 105,620 460,275 184,343 574,166 185,007 967,332 126,661 USD %of NAV 0.96 1.17 0.87 1.09 2.42 0.46 0.46 0.46 0.50 0.50 0.31 0.67 0.44 0.39 0.49 0.45 0.42 0.26 1.15 0.46 1.44 0.46 0.32

Portfolio ofInvestmentsasat31March 2017 Lazard Fund DiversifiedReturn Lazard Global InvestmentFundsplc Portfolios ofInvestments Romania 0.81% Spain 0.92% Singapore 1.39% United Kingdom0.93% Sweden 0.50% United States14.67% Fixed IncomeSecurities40.44%(continued) Transferable Securities77.32%(continued) Amount Principal 125,000 170,000 730,000 710,000 200,000 170,000 130,000 100,000 177,000 245,000 183,000 290,000 250,000 105,000 165,000 188,000 165,000 130,000 183,000 370,000 255,000 170,000 265,000 360,000 50,000 50,000 77,000 95,000 69,000 Romania Government2.875%28/10/2024 Bonds Government Spain Government1.600%30/04/2025 Bonds Government 01/09/2024 Government3.000% Singapore Bonds Government Romania Government4.750%24/02/2025 Centrica Plc7.000%19/09/2018 Corporate Bonds 23/04/2019 Kommuninvest ISverige AB 1.500% Corporate Bonds Spain Government1.950%30/07/2030 Rolls-Royce Plc6.750%30/04/2019 Rolls-Royce Alphabet Inc3.625%19/05/2021 Corporate Bonds United KingdomGilt1.750%22/07/2019 Bonds Government SSE Plc5.000%01/10/2018 Amazon.com Inc3.800%05/12/2024 25/01/2018 Anheuser-Busch InBevFinance Inc2.375% 01/02/2021 Anheuser-Busch InBevFinance Inc2.650% Apple Inc3.850%04/05/2043 Apple Citigroup Inc3.320%04/05/2021 01/05/2023 BrandsInc4.250% Constellation General ElectricCo4.250%17/01/2018 22/01/2023 Goldman SachsGroupInc3.625% 17/12/2019 Goldman SachsGroupInc5.200% HCA Inc6.500%15/02/2020 Home DepotInc2.625%01/06/2022 15/12/2017 Inter-American DevelopmentBank6.000% Development 3.500%22/01/2021 BankforReconstruction& International 20/05/2020 FinanceInternational Corp3.625% 16/09/2019 Corp2.300% John DeereCapital JP MorganChase&Co4.500%24/01/2022 Microsoft Corp4.450%03/11/2045 Morgan Stanley2.500%24/01/2019 Fair Value 143,888 186,309 555,036 324,006 180,118 199,194 366,669 180,360 370,949 138,113 132,799 187,718 185,505 184,539 278,507 193,263 110,879 116,764 192,977 119,725 142,594 184,624 265,314 181,860 183,327 280,366 363,711 68,052 70,164 99,934 67,434 69,766 USD %of NAV 0.36 0.47 1.39 0.81 0.45 0.17 0.50 0.92 0.45 0.18 0.93 0.25 0.35 0.33 0.47 0.47 0.46 0.70 0.48 0.28 0.29 0.48 0.30 0.36 0.46 0.67 0.17 0.46 0.17 0.46 0.70 0.91

United States14.67%(continued) Australia 1.20% Total FixedIncomeSecurities Venezuela 0.38% Equities 36.88% Transferable Securities77.32%(continued) Shares Number of Austria 0.06% Belgium 0.26% Bermuda 0.26% Brazil 0.12% Fixed IncomeSecurities40.44%(continued) Transferable Securities77.32%(continued) Amount Principal (continued) 130,000 171,000 140,000 124,000 150,000 185,000 282,000 186,000 843,000 140,000 205,000 17,133 17,784 3,115 4,058 1,452 2,120 1,065 8,890 9,926 649 843 579 932 480 367 NIKE Inc2.375%01/11/2026 Corporate Bonds(continued) Union Pacific Corp4.163%15/07/2022 15/07/2023 United RentalsNorth America Inc4.625% Valero Corp 6.125%01/02/2020 Energy State ofCalifornia7.500%01/04/2034 State Government Bonds Wells Fargo &Co3.090%27/07/2021 15/05/2026 United States Treasury Note1.625% 31/12/2021 United States Treasury Note2.000% 15/05/2025 United States Treasury Note2.125% 15/06/2022 Corp Andina deFomento 4.375% Corporate Bonds 15/05/2046 United States Treasury Note2.500% Aristocrat LeisureLtd Aristocrat Computershare Ltd CSL Ltd Fortescue MetalsGroupLtd JB Hi-Fi Ltd Mineral ResourcesLtd Newcrest MiningLtd Stockland Whitehaven CoalLtd Whitehaven Woodside Petroleum Ltd OMV AG Anheuser-Busch InBevSA Essent GroupLtd Everest ReGroupLtd Estacio Participacoes SA Financial year ended31March 2017 16,131,523 Fair Value 5,855,993 Fair Value 121,826 184,760 144,725 136,616 212,667 143,068 264,568 186,737 830,437 150,049 183,603 183,763 474,494 102,573 103,170 42,702 62,050 19,286 27,359 17,385 18,093 62,949 20,277 20,630 22,842 17,362 85,808 49,615 USD USD %of %of 14.67 40.44 NAV NAV 0.31 0.46 0.36 0.34 0.53 0.36 0.66 0.47 2.08 0.38 0.46 0.11 0.46 0.16 0.05 0.07 0.04 0.05 0.16 0.05 1.20 0.05 0.06 0.26 0.04 0.26 0.22 0.12

135 LAZARD GLOBAL INVESTMENT FUNDS PLC 136 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard Fund DiversifiedReturn Portfolios ofInvestments Canada 0.99% Cayman Islands0.59% Denmark 0.33% Finland 0.07% France 1.36% Germany 0.40% Germany Equities 36.88%(continued) Transferable Securities77.32%(continued) Shares Number of 33,500 34,000 2,211 1,089 1,029 3,052 1,164 1,224 2,700 1,073 2,100 3,500 3,500 2,625 1,225 2,289 1,896 1,220 1,221 420 745 718 749 491 437 607 511 710 331 701 624 576 238 139 515 282 293 420 499 21 Algonquin Power &UtilitiesCorp Alimentation Couche-TardAlimentation Inc CI Financial Corp Inter PipelineLtd Kirkland LakeGoldLtd Magna International Inc International Magna Metro Inc National BankofCanada National Saputo Inc Saputo Suncor Energy Inc Suncor Energy TFI International Inc TFI International Toronto-Dominion Bank Tourmaline OilCorp ASM Pacific Technology Ltd Cheung Kong PropertyHoldingsLtd Fresh DelMonteProduceInc Tencent HoldingsLtd WH GroupLtd Xinyi GlassHoldingsLtd Xinyi AP Moller-Maersk A/S Danske Bank A/S Danske H Lundbeck A/S H Novo Nordisk A/S Novo Vestas Wind Systems A/S Vestas Wind Neste Oyj Bureau Veritas SA Bureau Veritas Capgemini SA Capgemini Faurecia Fonciere DesRegions L'Oreal SA Peugeot SA Societe GeneraleSA Valeo SA Vinci SA Covestro AG Deutsche Lufthansa AG Deutsche Worldwide Services Frankfurt Airport Fraport AG Infineon Technologies AG KION Group AG KION SAP SE Fair Value 397,780 100,341 237,170 130,900 152,841 541,905 150,670 163,981 21,055 18,921 21,582 21,627 22,450 32,059 35,654 51,249 24,706 82,661 17,438 24,523 23,855 28,562 23,577 25,884 28,881 29,925 34,946 20,735 23,769 24,457 26,993 27,411 55,520 57,770 27,467 19,934 26,782 24,730 26,191 21,764 19,834 20,786 25,002 27,505 49,090 USD %of NAV 0.05 0.05 0.05 0.05 0.06 0.08 0.09 0.13 0.06 0.21 0.04 0.06 0.99 0.06 0.07 0.06 0.06 0.25 0.07 0.59 0.08 0.09 0.05 0.06 0.06 0.33 0.07 0.07 0.14 0.14 0.07 0.05 0.07 0.06 0.07 0.38 1.36 0.38 0.05 0.05 0.05 0.06 0.07 0.40 0.12

Hong Kong0.45% Ireland 1.18% Italy 0.79% Japan 3.45% Equities 36.88%(continued) Transferable Securities77.32%(continued) Shares Number of (continued) 35,000 13,000 12,156 14,025 6,000 1,026 4,044 5,005 1,320 1,000 7,000 2,700 1,900 4,000 1,900 2,800 1,100 1,000 4,200 3,200 2,100 1,500 9,400 4,000 6,000 8,700 9,000 2,000 2,200 1,800 1,000 3,900 3,900 235 334 200 400 700 700 800 800 400 800 700 900 900 PCCW Ltd Wharf HoldingsLtd Wheelock &CoLtd Accenture Plc Medtronic Plc Ryanair HoldingsPlc Ryanair Atlantia SpA Brembo SpA Recordati SpA Recordati Snam SpA Terna ReteElettricaNazionaleSpA ABC-Mart Inc Asahi GlassCoLtd Astellas PharmaInc Central Japan Railway Co Railway Central Japan Daito Trust ConstructionCoLtd Daiwa House Industry CoLtd Daiwa HouseIndustry East Japan Railway Co Railway East Japan GS YuasaCorp Haseko Corp Hazama Ando Corp Hazama Ando Hitachi Construction Machinery CoLtd Hitachi ConstructionMachinery Hitachi High-Technologies Corp Idemitsu Kosan CoLtd Isuzu MotorsLtd Itochu Techno-SolutionsCorp Japan Petroleum CoLtd Japan Exploration Kaken PharmaceuticalCoLtd KDDI Corp Keisei Electric Railway CoLtd Keisei ElectricRailway Kuraray CoLtd Maruha NichiroCorp Mitsubishi ElectricCorp Mitsubishi UFJFinancial GroupInc Mitsui ChemicalsInc Mitsui Mining&SmeltingCoLtd Nippon LightMetalHoldingsCoLtd Nippon Telegraph& Telephone Corp Nippon YusenKK Nissan MotorCoLtd NTT DOCOMOInc Obayashi Corp Obayashi ORIX Corp OSG Corp Penta-Ocean ConstructionCoLtd Rengo CoLtd Financial year ended31March 2017 Fair Value 111,574 179,644 122,997 325,785 468,282 129,545 321,632 20,627 47,443 19,500 24,774 44,853 52,708 69,752 58,422 56,663 35,522 32,559 54,904 54,495 60,897 18,631 20,529 18,821 27,394 40,698 24,311 55,501 23,477 18,300 22,579 83,913 18,544 31,812 21,170 21,498 59,025 19,743 20,407 19,129 38,381 18,981 19,268 20,939 20,553 26,613 20,434 18,830 22,505 USD %of NAV 0.05 0.28 0.45 0.12 0.31 0.82 1.18 0.05 0.32 0.06 0.11 0.13 0.79 0.17 0.15 0.14 0.09 0.08 0.14 0.14 0.15 0.05 0.05 0.05 0.07 0.10 0.06 0.14 0.06 0.05 0.06 0.21 0.05 0.08 0.05 0.05 0.15 0.05 0.05 0.05 0.10 0.05 0.05 0.05 0.05 0.07 0.05 0.05 0.06

Portfolio ofInvestmentsasat31March 2017 Lazard Fund DiversifiedReturn Lazard Global InvestmentFundsplc Portfolios ofInvestments Japan 3.45%(continued) Jersey 0.46% Liberia 0.07% Luxembourg 0.48% Netherlands 0.41% Norway 0.20% Panama 0.17% Portugal 0.05% Singapore 0.48% South Korea0.19% Spain 0.24% Equities 36.88%(continued) Transferable Securities77.32%(continued) Shares Number of 26,000 15,300 21,200 1,800 2,000 2,600 1,600 3,100 2,000 6,530 2,166 3,106 6,183 1,521 6,134 1,900 1,209 1,135 1,319 3,300 6,900 4,022 4,821 301 774 748 387 921 702 42 Showa DenkoKK Showa Showa ShellSekiyuKK Showa Sumitomo MitsuiFinancial GroupInc Teijin Ltd Tokyu FudosanHoldingsCorp TonenGeneral SekiyuKK Unitika Ltd IWG Plc Shire Plc UBM Plc Royal CaribbeanCruisesLtd Royal Samsonite International SA Samsonite International Subsea 7SA SES SA Airbus SE NN GroupNV Wolters KluwerNV Aker BP ASA Aker Leroy SeafoodGroup Leroy ASA Marine Harvest ASA Harvest Marine Yara ASA International Carnival Corp Galp EnergiaSGPSSA CapitaLand Commercial Trust CapitaLand CapitaLand Ltd CapitaLand City DevelopmentsLtd DBS GroupHoldingsLtd Samsung ElectronicsCoLtd Abertis InfraestructurasSA International Consolidated Consolidated International Airlines GroupSA 1,364,098 Fair Value 126,242 181,982 189,047 143,054 162,621 191,880 32,065 20,228 94,382 30,139 16,803 23,333 21,700 26,048 29,692 29,531 22,476 23,517 59,049 24,389 79,183 19,369 16,942 14,037 77,369 27,021 66,863 20,068 16,917 55,075 24,089 95,799 77,367 64,956 96,925 31,969 USD %of NAV 0.08 0.05 0.24 0.08 0.04 0.06 3.45 0.05 0.07 0.32 0.46 0.07 0.07 0.06 0.06 0.48 0.36 0.15 0.06 0.41 0.20 0.05 0.04 0.04 0.20 0.07 0.17 0.05 0.04 0.14 0.06 0.48 0.24 0.19 0.16 0.24 0.08

Sweden 0.26% Switzerland 0.36% Taiwan 0.24% Turkey 0.16% United Kingdom2.38% United States19.22% Equities 36.88%(continued) Transferable Securities77.32%(continued) Shares Number of (continued) 19,073 15,042 11,245 12,920 1,544 1,117 2,863 2,600 1,061 2,374 2,067 4,671 3,470 6,548 1,158 2,309 5,603 1,549 1,432 4,173 1,306 1,766 2,567 1,670 1,164 3,283 674 699 288 790 499 467 707 351 366 225 280 130 337 371 980 87 Electrolux AB Intrum Justitia AB Intrum JM AB Logitech International SA Logitech International Partners GroupHolding AG Roche Holding AG Roche Taiwan SemiconductorManufacturingCoLtd Turkcell IletisimHizmetleri AS Aon Plc Barratt DevelopmentsPlc Barratt British AmericanTobaccoPlc BT GroupPlc Centrica Plc Compass GroupPlc Dixons CarphonePlc Electrocomponents Plc G4S Plc GlaxoSmithKline Plc Howden Joinery GroupPlc Joinery Howden Informa Plc International Game International Technology Plc Johnson Matthey Plc Johnson Matthey Ladbrokes Plc Land SecuritiesGroupPlc Provident Financial Plc Prudential Plc Reckitt BenckiserGroupPlc Rio Tinto Plc Rio Tinto RPC GroupPlc Sage GroupPlc Sage Vedanta ResourcesPlc Persimmon Plc 3M Co Advanced Energy IndustriesInc Advanced Energy AES Corp Akamai TechnologiesInc Alaska Air GroupInc Alphabet IncClass A Alphabet IncClassC AMC NetworksInc Ameren Corp American Axle &ManufacturingHoldingsInc Financial year ended31March 2017 Fair Value 106,283 142,647 132,791 953,773 135,270 237,385 107,843 43,078 41,849 21,356 22,242 46,805 73,600 94,021 62,692 93,765 17,768 70,317 40,816 38,925 18,551 20,541 24,916 24,030 60,984 18,825 19,218 20,873 20,512 53,666 87,978 42,547 52,414 17,258 20,238 16,915 30,479 24,065 36,704 21,850 20,750 19,775 20,253 18,404 9,446 USD %of NAV 0.11 0.10 0.26 0.05 0.06 0.12 0.36 0.18 0.24 0.16 0.24 0.04 0.18 0.02 0.10 0.10 0.05 0.05 0.06 0.06 0.15 0.05 0.33 0.05 0.05 0.05 0.13 0.22 0.11 0.13 0.04 0.05 0.04 2.38 0.08 0.34 0.06 0.09 0.05 0.05 0.60 0.27 0.05 0.05 0.05

137 LAZARD GLOBAL INVESTMENT FUNDS PLC 138 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard Fund DiversifiedReturn Portfolios ofInvestments United States19.22%(continued) Equities 36.88%(continued) Transferable Securities77.32%(continued) Shares Number of 10,402 1,708 1,535 1,326 3,253 4,315 1,399 2,999 2,705 4,990 1,510 1,642 1,970 4,554 5,792 275 913 235 927 354 508 815 385 454 189 746 243 894 582 351 618 255 803 319 499 392 474 200 458 527 227 360 334 163 578 503 755 589 585 549 360 267 American ExpressCo American OutdoorBrandsCorp Amgen Inc Applied Materials Inc Materials Applied AT&T Inc Atkore International GroupInc Atkore International Avery DennisonCorp Avery Baker HughesInc Bank of America Corp Berry PlasticsGroupInc Berry Best BuyCoInc Boeing Co Cadence DesignSystemsInc Cardinal HealthInc CBOE HoldingsInc Cinemark HoldingsInc Cirrus LogicInc Cisco SystemsInc Citigroup Inc Citizens Financial GroupInc Citrix SystemsInc Coach Inc Coca-Cola Co Comcast Corp Consolidated EdisonInc Consolidated Copart Inc CR BardInc Crown HoldingsInc Crown Darden RestaurantsInc Delta Air LinesInc Dick's SportingGoodsInc DTE Energy Co DTE Energy Eastman ChemicalCo eBay Inc EchoStar Corp Edwards LifesciencesCorp Empire State Realty Empire State Trust Inc Emerson ElectricCo Express ScriptsHoldingCo F5 NetworksInc Facebook Inc Fifth Third Bancorp Fifth Third Finisar Corp Fiserv Inc Gap Inc Gap Generac HoldingsInc General MotorsCo GoDaddy Inc GoDaddy Great Plains Energy Inc PlainsEnergy Great H&R BlockInc Hawaiian HoldingsInc Hawaiian HCA HoldingsInc Fair Value 351,588 134,446 183,129 185,728 143,230 167,514 108,224 133,068 134,664 21,755 18,087 38,556 36,060 70,967 40,340 28,532 30,389 19,226 18,699 22,314 33,427 23,424 19,817 72,477 25,806 21,302 36,969 45,813 21,264 52,588 62,361 79,284 41,751 18,016 23,065 20,422 37,006 30,013 21,354 31,166 21,550 47,618 23,154 50,038 15,803 58,001 18,339 21,958 20,686 20,807 16,722 23,760 USD %of NAV 0.05 0.05 0.10 0.09 0.18 0.10 0.07 0.08 0.05 0.05 0.06 0.08 0.06 0.05 0.18 0.06 0.05 0.88 0.09 0.11 0.05 0.34 0.46 0.13 0.16 0.47 0.20 0.36 0.10 0.05 0.06 0.05 0.09 0.42 0.08 0.05 0.08 0.05 0.27 0.12 0.06 0.13 0.04 0.15 0.05 0.06 0.05 0.05 0.33 0.34 0.04 0.06

United States19.22%(continued) Equities 36.88%(continued) Transferable Securities77.32%(continued) Shares Number of (continued) 2,249 1,456 2,421 1,183 1,325 1,631 1,166 2,585 2,978 1,119 2,320 2,477 1,162 1,299 5,799 1,884 1,002 1,641 106 473 216 140 246 222 742 451 776 588 710 180 285 520 597 288 767 157 727 654 429 176 255 155 388 948 346 171 391 508 337 351 749 44 SunTrust BanksInc Synopsys Inc Sysco Corp Tesoro Corp Huntington IngallsIndustriesInc IDEXX Laboratories Inc IDEXX Laboratories Ingredion Inc Intel Corp Interpublic GroupofCosInc Intuit Inc JB Hunt Transport Inc Services Johnson & Juniper NetworksInc Kroger Co LCI Industries Lear Corp Lincoln National Corp Lincoln National LogMeIn Inc Masco Corp Masimo Corp Mastercard Inc McKesson Corp MetLife Inc Mettler-Toledo Inc International Microsoft Corp Monsanto Co Motorola SolutionsInc MSCI Inc NextEra Energy PartnersNextEra Energy LP Nordstrom Inc Northrop GrummanCorp Omnicom GroupInc Oracle Corp O'Reilly Automotive Inc O'Reilly Automotive Paychex Inc PepsiCo Inc Planet Fitness Inc PNC Financial GroupInc Services QUALCOMM Inc Quest Diagnostics Inc Quest Diagnostics Regions Financial Corp Rice Energy Inc Rice Energy Rockwell Automation Inc Rockwell Automation Ross StoresInc Scotts Miracle-Gro Co Sirius XMHoldingsInc Six Flags EntertainmentCorp Six Flags Skyworks SolutionsInc Southwest Airlines Co Southwest Airlines Spirit AeroSystems HoldingsInc Starbucks Corp Stericycle Inc Financial year ended31March 2017 Fair Value 136,022 116,768 133,052 113,715 107,418 131,991 222,880 132,849 125,171 133,029 184,595 34,117 17,509 28,034 38,034 26,735 26,764 35,774 52,311 71,190 73,235 19,759 71,395 17,964 40,350 34,034 20,292 26,859 69,987 75,189 70,657 21,667 19,979 41,860 21,984 41,825 22,853 18,268 41,603 16,790 35,991 27,539 60,883 85,565 47,442 29,865 20,048 18,870 43,382 58,507 5,862 4,290 USD %of NAV 0.34 0.01 0.09 0.29 0.04 0.07 0.10 0.07 0.07 0.09 0.13 0.18 0.18 0.05 0.18 0.05 0.10 0.09 0.01 0.05 0.07 0.33 0.29 0.18 0.19 0.27 0.33 0.56 0.18 0.05 0.05 0.10 0.06 0.33 0.10 0.06 0.31 0.05 0.10 0.33 0.04 0.09 0.07 0.15 0.21 0.12 0.07 0.05 0.46 0.05 0.11 0.15

Portfolio ofInvestmentsasat31March 2017 Lazard Fund DiversifiedReturn Lazard Global InvestmentFundsplc Portfolios ofInvestments Equities 36.88%(continued) Transferable Securities77.32%(continued) 24/05/17 24/05/17 24/05/17 04/04/17 24/05/17 24/05/17 04/04/17 24/05/17 24/05/17 24/05/17 24/05/17 04/04/17 24/05/17 24/05/17 Open ForwardForeignCurrency ExchangeContracts0.13% Financial Derivative Instruments(0.76)% Date Maturity Shares Number of United States19.22%(continued) Ireland 8.28% Investment Funds8.28% Total Transferable Securities Total Equities Derivative Instruments Total Value ofInvestmentsexcluding Financial Total InvestmentFunds 14,726 16,724 1,058 1,186 1,772 2,185 1,303 2,276 375 207 861 993 178 333 151 597 316 EUR165,701 EUR1,496,944 EUR114,503 EUR72,738 DKK486,969 DKK1,073,475 DKK34,134 CHF33,229 CHF81,555 CAD89,581 CAD107,733 CAD24,490 46,121 AUD 48,962 AUD Bought Amount Texas InstrumentsInc Thermo Fisher ScientificInc Time Warner Inc Time Warner TJX CosInc Toro Co Tyson Foods Inc United RentalsInc UnitedHealth GroupInc Universal Health Services Inc Universal HealthServices Unum Group Visa Inc VMware Inc Walgreens Boots Alliance Inc Waste Inc Management Xcel Energy Inc Xcel Energy Lazard European Fund Alternative Debt Fund Lazard EmergingMarkets Total Return USD177,800 USD1,596,253 USD122,099 USD78,201 USD70,600 USD154,025 USD4,932 USD33,500 USD81,606 USD67,000 USD80,600 USD18,319 USD35,300 USD37,300 Sold Amount Gain/(Loss) 30,832,493 14,700,970 34,130,642 Unrealised Fair Value 7,662,404 1,550,362 3,298,149 3,298,149 1,747,787 181,465 101,168 85,232 57,600 20,226 68,088 74,078 61,278 22,259 54,615 18,792 83,089 53,055 29,116 95,015 8,445 (172) (404) (387) (207) (148) (23) 646 752 106 216 236 USD USD 45 17 %of (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 36.88 77.32 19.22 85.60 NAV % of 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.89 8.28 8.28 4.39 NAV 0.21 0.14 0.05 0.17 0.19 0.15 0.06 0.14 0.05 0.21 0.13 0.07 0.46 0.24 0.25

Date Maturity 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 11/07/17 11/07/17 11/07/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 04/04/17 24/05/17 24/05/17 24/05/17 24/05/17 20/04/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 04/04/17 05/04/17 24/05/17 24/05/17 24/05/17 04/04/17 24/05/17 24/05/17 24/05/17 Open ForwardForeignCurrency ExchangeContracts0.13%(continued) Financial Derivative Instruments(0.76)%(continued) (continued) Bought Amount USD754,756 USD130,908 USD452,422 USD38,982 USD29,743 USD56,600 USD86,888 USD163,600 USD41,700 USD36,622 USD28,378 USD120,503 USD19,431 USD87,008 USD15,740 USD126,194 USD181,754 USD237,200 USD118,784 USD23,624 USD54,276 USD42,113 USD181,753 USD400,505 USD294,409 USD61,045 USD1,109,809 USD215,992 USD202,960 USD62,600 USD31,873 USD111,155 USD736,157 34,689 TRY SEK907,092 SEK2,110,644 NZD40,179 MXN1,174,824 165,213,180 KRW JPY49,979,629 JPY57,080,244 JPY14,460,369 JPY6,393,600 JPY229,803,299 JPY4,036,320 HKD115,204 GBP146,066 GBP115,821 GBP82,315 GBP54,107 EUR556,645 EUR641,080 EUR149,997 Financial year ended31March 2017 Sold Amount NZD1,056,017 NOK1,109,002 NOK3,789,969 MXN736,886 MXN568,239 MXN1,093,110 MXN1,793,072 JPY18,150,438 JPY4,705,344 HUF10,524,886 HUF8,127,034 HUF34,838,607 GBP15,605 GBP69,784 GBP12,482 GBP101,029 EUR168,963 EUR218,895 EUR108,832 EUR21,826 CZK1,350,544 CZK1,044,506 CZK4,540,357 CAD532,792 CAD393,254 CAD79,916 CAD1,452,018 281,893 AUD 266,576 AUD 81,394 AUD 41,455 AUD 144,751 AUD 961,153 AUD USD9,508 USD102,400 USD237,771 USD28,200 USD59,700 USD141,099 USD452,000 USD515,300 USD129,800 USD57,287 USD2,058,625 USD36,397 USD14,830 USD181,800 USD144,800 USD102,943 USD67,159 USD600,300 USD694,500 USD159,900 Gain/(Loss) Unrealised (7,592) (2,654) (2,115) (3,586) (7,272) 17,495 10,937 20,307 1,723 2,548 2,119 1,081 1,144 3,602 2,204 6,670 7,442 1,059 (199) (998) (604) (352) (105) (354) (284) (161) (664) (214) (564) (815) (149) (174) 154 417 112 185 114 628 227 165 264 732 565 278 832 207 195 196 107 499 894 USD (6) 15 (0.02) (0.01) (0.01) (0.01) (0.02) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) % of 0.05 0.00 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.06 0.00 0.00 0.00 0.00 0.01 0.00 0.01 0.02 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 NAV 139 LAZARD GLOBAL INVESTMENT FUNDS PLC 140 LAZARD GLOBAL INVESTMENT FUNDS PLC Lazard Global InvestmentFundsplc Portfolio ofInvestmentsasat31March 2017 Lazard Fund DiversifiedReturn Portfolios ofInvestments exchange contracts Net unrealisedgainonopenforwardforeigncurrency contracts Unrealised lossonopenforwardforeigncurrency exchange contracts Unrealised gainonopenforwardforeigncurrency exchange 19/04/17 19/04/17 24/05/17 27/04/17 27/04/17 24/05/17 24/05/17 24/05/17 24/05/17 24/05/17 Open ForwardForeignCurrency ExchangeContracts0.13%(continued) Financial Derivative Instruments(0.76)%(continued) Date Maturity Total Assets Other assets instruments Over thecounterfinancialderivative Investment Funds Transferable market securitiesdealtinonanotherregulated Transferable securitiesadmittedtoanofficialstockexchangelisting Analysis oftotalassets(unaudited) Net Assets Other NetAssets Total Investments Total FinancialDerivative Instruments Total ReturnSwapsatnegativefair value Total ReturnSwaps(0.89)% CCY USD USD USD USD S&P 500 TR IndexSM MSCI Daily TR Gross World Index MSCI Daily TR GrossEurope Index MSCI Daily TR Gross AF Far EastIndex ZAR752,404 USD55,923 USD520,943 USD66,564 USD122,089 USD113,515 USD87,718 USD365,821 USD171,480 USD134,179 Bought Amount USD54,800 ZAR752,404 SGD741,140 RON281,181 RON509,180 PLN446,589 PLN347,288 PLN1,481,235 NZD244,866 NZD191,582 Sold Amount Notional Amount Gain/(Loss) (381) (327) (243) Unrealised (26) (47,777) 101,535 39,874,203 33,829,384 (9,670) (7,859) 53,758 6,044,819 1,168 2,406 (301,258) (355,016) (125,356) (117,510) (45) 472 851 106 526 426 % ofTotal assets USD (91,666) (20,484) Value USD Fair 100.00 100.00 (0.32) (0.29) (0.23) (0.05) (0.76) (0.89) (0.12) 84.84 15.16 (0.00) (0.03) (0.02) 22.81 59.72 0.13 0.25 % of % of 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.23 7.44 9.80 NAV NAV fixed incomesecurities. ofissuerforgovernmenttype fixedincomesecuritiesandcountry issuer forcorporate Fixed ofthe incomesecuritiesareprimarilyclassified ofincorporation bythecountry notional amounttothecounterparty. * Intheeventofbankruptcy ormodifiedrestructuring, theFundwillpay/receive isMorganStanley.The counterpartyforthetotalreturnswap StreetBankand State Trust Company HSBC BankPlc Citibank NA The counterpartiesfortheopenforwardforeigncurrency exchangecontractsare: (continued) Financial year ended31March 2017 Statements of Major Changes in Investments (unaudited)

Lazard Emerging Markets Bond Fund

In accordance with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, a statement of largest changes in the composition of the Portfolios of Investments during the reporting year is provided to ensure that shareholders can identify changes in the investments held by the Funds. These are defined as the aggregate purchases and sales of an investment (including maturities but excluding repurchase agreements, overnight discount notes and time deposits, which are employed chiefly as a means of seeking to ensure efficient portfolio management) exceeding 1.00% of the total value of purchases and sales for the financial year. At a minimum the largest 20 purchases and sales are listed.

Acquisitions Cost Disposals Proceeds

USD USD Serbia Republic 7.250% 28/09/2021 1,364,227 Serbia Republic 7.250% 15/06/2021 1,367,112 Ghana Government 8.125% 18/01/2026 998,725 Slovenia Government 5.250% 18/02/2024 1,090,885 Slovenia Government 5.250% 18/02/2024 870,990 Ghana Government 8.125% 18/01/2026 891,545 Ghana Government 7.875% 07/08/2023 825,495 Ivory Coast Government 5.750% 31/12/2032 886,003 Ecuador Government 7.950% 20/06/2024 803,015 Ecuador Government 7.950% 20/06/2024 865,880 Ukraine Government 9.750% 22/01/2025 744,663 Croatia Government 6.000% 26/01/2024 831,745 Zambia Government 8.500% 14/04/2024 729,469 Ghana Government 7.875% 07/08/2023 756,175 Cameroon Republic 9.500% 19/11/2025 692,640 Cameroon Republic 9.500% 19/11/2025 723,973 Petrobras Global Finance BV 8.375% 23/05/2021 676,706 Ukraine Government 9.625% 27/04/2022 618,175 Azerbaijan Republic 4.750% 18/03/2024 670,415 Croatia Government 6.625% 14/07/2020 594,925 Ukraine Government 7.750% 01/09/2019 648,589 Azerbaijan Republic 4.750% 18/03/2024 593,740 Ukraine Government 9.625% 27/04/2022 619,020 Honduras Government 7.500% 15/03/2024 588,825 Argentina Government 7.500% 22/04/2026 588,416 Ukraine Government 9.750% 22/01/2025 587,710 Turkey Government 5.375% 08/02/2021 572,260 Kenya Government 6.875% 24/06/2024 562,188 Eskom Holdings SOC Ltd 5.750% 26/01/2021 564,873 Zambia Government 8.500% 14/04/2024 528,344 Croatia Government 6.625% 14/07/2020 550,692 Senegal Government 8.750% 13/05/2021 499,400 Oman Government 3.625% 15/06/2021 540,261 Rwanda Republic 6.625% 02/05/2023 475,775 Iraq Republic 5.800% 15/01/2028 522,535 Pakistan Government 8.250% 15/04/2024 474,335 Senegal Government 8.750% 13/05/2021 499,665 Nigeria Government 6.375% 12/07/2023 469,344 Pakistan Government 8.250% 15/04/2024 474,583 Turkey Government 5.000% 30/04/2020 458,978 Gabon Government 6.950% 16/06/2025 452,200 Ukraine Government 7.750% 01/09/2023 438,993 MTN Mauritius Investment Ltd 4.755% 11/11/2024 437,535 Ethiopia International Bond 6.625% 11/12/2024 435,105 Senegal Government 6.250% 30/07/2024 430,563 Export Credit Bank of Turkey 5.375% 08/02/2021 416,603 Argentina Government 7.500% 22/04/2026 412,775 Eskom Holdings SOC Ltd 5.750% 26/01/2021 410,560 Russian Federation 7.500% 31/03/2030 392,371 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial year ended 31 March 2017 141 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Emerging Markets Local Debt Fund

Acquisitions Cost Disposals Proceeds

USD USD South Africa Government 7.750% 28/02/2023 16,362,172 Brazil Treasury Bill - Zero coupon 01/01/2019 25,641,844 Indonesia Government 8.375% 15/09/2026 13,641,081 Turkey Government 10.400% 27/03/2019 12,063,681 Turkey Government 6.300% 14/02/2018 9,276,351 South Africa Government 7.750% 28/02/2023 11,657,789 Turkey Government 8.000% 12/03/2025 8,996,707 Indonesia Government 8.375% 15/09/2026 11,027,176 Brazil Treasury Bill - Zero coupon 01/01/2019 8,487,839 Hungary Government 6.500% 24/06/2019 7,817,657 Mexico Government 5.000% 11/12/2019 6,836,340 Malaysia Government 3.654% 31/10/2019 7,608,143 Turkey Government 10.700% 17/02/2021 6,773,206 South Africa Government 8.250% 31/03/2032 7,591,755 Brazil Treasury Bill - Zero coupon 01/01/2020 6,572,175 Mexico Government 5.000% 11/12/2019 7,124,797 Brazil Treasury Bill - Zero coupon 01/01/2018 6,468,233 Poland Government 5.750% 23/09/2022 7,096,443 Poland Government 3.250% 25/07/2025 6,260,325 South Africa Government 10.500% 21/12/2026 6,867,873 South Africa Government 8.250% 31/03/2032 6,244,589 Brazil Treasury Bill - Zero coupon 01/01/2018 6,563,552 Indonesia Government 8.750% 15/05/2031 6,111,768 South Africa Government 7.250% 15/01/2020 6,515,931 Malaysia Government 3.814% 15/02/2017 6,068,883 Brazil Government 10.000% 01/01/2025 6,401,583 Hungary Government 5.500% 24/06/2025 5,854,975 Russian Federation 7.500% 18/08/2021 6,331,596 Malaysia Government 3.955% 15/09/2025 5,686,160 Mexico Government 10.000% 05/12/2024 6,288,196 South Africa Government 10.500% 21/12/2026 5,655,044 Colombia Government 5.000% 21/11/2018 6,030,605 Brazil Government - Zero coupon 01/07/2018 5,651,095 Indonesia Government 8.375% 15/03/2024 5,937,546 Colombia Government 7.000% 04/05/2022 5,624,777 Malaysia Government 3.814% 15/02/2017 5,795,666 Poland Government - Zero coupon 25/10/2018 5,321,875 Malaysia Government 3.955% 15/09/2025 5,735,642 Poland Government 5.250% 25/10/2020 5,293,118 Hungary Government 5.500% 24/06/2025 5,575,066 Russian Federation 7.500% 18/08/2021 4,931,213 Russian Federation 7.500% 27/02/2019 5,536,883 Brazil Government 10.000% 01/01/2027 4,757,497 Indonesia Government 8.750% 15/05/2031 5,180,975 Mexico Government 5.750% 05/03/2026 4,688,293 Poland Government 5.250% 25/10/2020 4,635,926 Brazil Government 10.000% 01/01/2025 4,608,567 Malaysia Government 4.048% 30/09/2021 4,401,922 Poland Government 5.750% 23/09/2022 4,504,016 Colombia Government 10.000% 24/07/2024 4,325,560 Mexican Bonos 7.500% 03/06/2027 4,421,467 Russian Federation 7.000% 25/01/2023 4,308,308 Russian Federation 7.000% 16/08/2023 4,219,619 Colombia Government 6.000% 28/04/2028 4,252,014 Malaysia Treasury Bill - Zero coupon 10/03/2017 3,913,846 Brazil Treasury Bill - Zero coupon 01/07/2018 3,856,491 Malaysia Government 3.654% 31/10/2019 3,876,628 Turkey Government 9.400% 08/07/2020 3,646,952 Mexico Government 10.000% 05/12/2024 3,838,992 Malaysia Treasury Bill - Zero coupon 10/03/2017 3,634,699 Colombia Government 11.000% 24/07/2020 3,814,489 Thailand Government 3.875% 13/06/2019 3,601,223 Thailand Government 3.650% 17/12/2021 3,711,204 Turkey Government 8.000% 12/03/2025 3,593,630 Brazil Government 10.000% 01/01/2023 3,672,034 Poland Government 3.250% 25/07/2025 3,481,890 Thailand Government 3.875% 13/06/2019 3,640,990 Brazil Treasury Bill - Zero coupon 01/01/2020 3,480,586 Peru Republic 6.350% 12/08/2028 3,611,027 Argentina Treasury Bill - Zero coupon 18/01/2017 3,419,854 Turkey Government 10.400% 27/03/2019 3,601,487 Malaysia Government 4.048% 30/09/2021 3,584,300 Brazil Government 10.000% 01/01/2021 3,481,366 Argentina Treasury Bill - Zero coupon 18/01/2017 3,364,288 Malaysia Government 3.620% 30/11/2021 3,349,922 Peru Republic 6.900% 12/08/2037 3,280,984 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial year ended 31 March 2017 142 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Emerging Markets Total Return Debt Fund

Acquisitions Cost Disposals Proceeds

USD USD United States Treasury Bill - Zero coupon 01/12/2016 159,936,714 United States Treasury Bill - Zero coupon 01/12/2016 109,954,922 United States Treasury Bill - Zero coupon 11/05/2017 146,815,489 United States Treasury Bill - Zero coupon 14/07/2016 79,996,500 United States Treasury Bill - Zero coupon 14/07/2016 79,987,682 United States Treasury Bill - Zero coupon 18/08/2016 79,987,120 United States Treasury Bill - Zero coupon 18/08/2016 79,978,020 United States Treasury Bill - Zero coupon 09/02/2017 64,992,363 United States Treasury Bill - Zero coupon 09/02/2017 64,950,354 United States Treasury Bill - Zero coupon 11/05/2017 43,954,724 Argentina Government 7.500% 22/04/2026 49,986,510 Argentina Government 7.500% 22/04/2026 38,529,647 United States Treasury Note 1.125% 31/08/2021 36,566,726 United States Treasury Note 1.125% 31/08/2021 36,616,012 United States Treasury Note 1.500% 15/08/2026 36,372,760 United States Treasury Note 1.500% 15/08/2026 36,266,630 Petrobras Global Finance BV 8.375% 23/05/2021 31,197,560 Brazil Government 6.000% 07/04/2026 34,335,155 Russian Federation 4.750% 27/05/2026 27,762,500 United States Treasury Note 1.250% 31/03/2021 32,328,466 United States Treasury Note 1.625% 15/05/2026 21,984,463 United States Treasury Note 1.625% 15/02/2026 31,850,974 United States Treasury Note 1.125% 30/06/2021 21,802,412 Russian Federation 4.750% 27/05/2026 26,525,140 Ecuador Government 10.750% 28/03/2022 18,777,189 Peru Republic 8.750% 21/11/2033 21,823,410 Ghana Government 8.125% 18/01/2026 14,795,045 United States Treasury Note 1.625% 15/05/2026 21,692,012 South Africa Government 6.750% 31/03/2021 14,382,157 United States Treasury Note 1.125% 30/06/2021 21,672,251 Argentina Government 6.875% 22/04/2021 13,977,685 Petrobras Global Finance BV 8.375% 23/05/2021 21,283,341 Brazil Government 10.000% 01/01/2027 12,816,015 Hungary Government 5.375% 21/02/2023 17,077,640 Brazil Government 10.000% 01/01/2023 11,926,168 South Africa Government 6.750% 31/03/2021 14,489,731 Mexico Government 7.750% 13/11/2042 11,321,455 Ecuador Government 10.750% 28/03/2022 13,495,961 Turkey Government 6.625% 17/02/2045 10,906,521 Corporation Nacional del Cobre de Chile 4.500% 16/09/2025 13,472,699 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial year ended 31 March 2017 143 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Emerging Markets Debt Blend Fund

Acquisitions Cost Disposals Proceeds

USD USD United States Treasury Bill - Zero coupon 11/05/2017 64,915,903 United States Treasury Bill - Zero coupon 11/05/2017 64,923,683 Argentina Government 7.500% 22/04/2026 42,512,882 Brazil Government - Zero coupon 01/01/2019 51,306,646 Indonesia Government 8.375% 15/09/2026 36,981,332 Argentina Government 7.500% 22/04/2026 45,765,610 Petrobras Global Finance BV 8.375% 23/05/2021 34,163,085 Ivory Coast Government 5.750% 31/12/2032 38,497,904 Brazil Government 10.000% 01/01/2027 32,525,922 South Africa Government 7.750% 28/02/2023 32,946,496 South Africa Government 7.750% 28/02/2023 28,513,985 Russian Federation 4.875% 16/09/2023 29,787,300 Brazil Government - Zero coupon 01/01/2020 25,162,564 Indonesia Government 8.375% 15/09/2026 28,104,231 Ecuador Government 10.750% 28/03/2022 25,126,503 Poland Government 5.750% 23/09/2022 26,074,584 Turkey Government 8.500% 10/07/2019 24,193,873 Brazil Government 4.250% 07/01/2025 22,518,110 Brazil Government 10.000% 01/01/2023 24,087,903 Brazil Government - Zero coupon 01/01/2018 21,085,368 Turkey Government 6.300% 14/02/2018 21,447,799 Russian Federation 7.000% 16/08/2023 20,843,603 Brazil Government - Zero coupon 01/01/2018 20,943,473 Dominican Republic 6.875% 29/01/2026 20,316,788 Ukraine Government 7.750% 01/09/2019 20,492,161 Slovenia Government 5.850% 10/05/2023 19,822,427 Poland Government - Zero coupon 25/10/2018 20,071,194 Hungary Government 5.375% 25/03/2024 19,228,025 Argentina Government 6.875% 22/04/2021 19,113,006 Argentina Government 6.875% 22/04/2021 18,934,238 Ghana Government 8.125% 18/01/2026 17,862,621 Slovenia Government 5.500% 26/10/2022 18,909,912 South Africa Government 8.250% 31/03/2032 17,424,358 Croatia Government 6.000% 26/01/2024 18,903,990 Argentina Government 7.500% 22/04/2026 16,780,000 Serbia Government 7.250% 28/09/2021 18,446,371 Uruguay Government 5.100% 18/06/2050 15,837,009 Ghana Government 8.125% 18/01/2026 18,222,756 Croatia Government 6.375% 24/03/2021 15,576,420 Croatia Government 6.375% 24/03/2021 17,745,933 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial year ended 31 March 2017 144 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Emerging Markets Debt Unrestricted Blend Fund

Acquisitions Cost Disposals Proceeds

USD USD United States Treasury Bill - Zero coupon 11/05/2017 34,954,717 United States Treasury Bill - Zero coupon 11/05/2017 34,958,906 Brazil Government 10.000% 01/01/2027 18,391,046 Ivory Coast Government 5.750% 31/12/2032 16,024,352 Petrobras Global Finance BV 8.375% 23/05/2021 16,176,193 Indonesia Government 8.375% 15/09/2026 13,818,578 Argentina Government 7.500% 22/04/2026 16,072,200 Brazil Government - Zero coupon 01/01/2019 13,544,663 Indonesia Government 8.375% 15/09/2026 15,623,734 Brazil Government 10.000% 01/01/2027 10,384,755 Colombia Government 10.000% 24/07/2024 14,064,801 Argentina Government 8.280% 31/12/2033 10,074,993 Indonesia Government 8.750% 15/05/2031 13,200,888 Brazil Government 6.000% 07/04/2026 8,784,506 Turkey Government 6.300% 14/02/2018 12,359,503 Argentina Government 7.500% 22/04/2026 8,434,107 Turkey Government 8.500% 10/07/2019 12,303,127 Poland Government 5.750% 23/09/2022 8,422,719 South Africa Government 7.750% 28/02/2023 11,939,444 Ecuador Government 10.750% 28/03/2022 8,247,936 South Africa Government 8.250% 31/03/2032 11,633,763 Argentina Government 2.500% 31/12/2038 7,584,023 Ecuador Government 10.750% 28/03/2022 11,374,296 Brazil Government 10.000% 01/01/2023 7,417,321 Colombia Government 7.500% 26/08/2026 10,098,183 Hungary Government 5.500% 24/06/2025 7,380,528 Brazil Government 10.000% 01/01/2023 9,800,767 Russian Federation 4.875% 16/09/2023 7,380,400 Brazil Government - Zero coupon 01/01/2020 8,383,335 Russian Federation - 7.000% 16/08/2023 7,325,550 Malaysia Government 4.048% 30/09/2021 8,289,619 Dominican Republic 6.875% 29/01/2026 7,317,118 Poland Government - Zero coupon 25/10/2018 8,280,213 Thailand Government 3.850% 12/12/2025 6,990,516 Mexico Government 5.000% 11/12/2019 8,109,310 Panama Government 6.700% 26/01/2036 6,914,394 Ghana Government 8.125% 18/01/2026 7,816,789 Brazil Government 4.250% 07/01/2025 6,684,265 Peru Republic 6.900% 12/08/2037 7,115,602 Slovenia Government 5.250% 18/02/2024 6,558,102 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial year ended 31 March 2017 145 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Opportunities Fund*

Acquisitions Cost Disposals Proceeds

GBP GBP United Kingdom Treasury Bill - Zero coupon 03/10/2016 2,444,424 United Kingdom Gilt 4.000% 07/09/2016 4,030,675 SPDR S&P500 ETF Trust 1,982,521 United Kingdom Gilt 1.750% 22/01/2017 3,805,374 United Kingdom Treasury Bill - Zero coupon 19/09/2016 1,499,537 SPDR S&P500 ETF Trust 2,892,149 United Kingdom Gilt 4.000% 07/09/2016 805,559 United Kingdom Treasury Bill - Zero coupon 03/10/2016 2,197,007 United Kingdom Treasury Bill - Zero coupon 03/04/2017 749,266 United Kingdom Treasury Bill - Zero coupon 08/08/2016 1,659,228 United Kingdom Gilt 1.000% 07/09/2017 715,981 United Kingdom Treasury Bill - Zero coupon 18/07/2016 1,385,285 United Kingdom Gilt 1.750% 22/01/2017 704,611 United Kingdom Treasury Bill - Zero coupon 19/09/2016 1,098,642 United Kingdom Treasury Bill - Zero coupon 06/02/2017 345,693 United Kingdom Treasury Bill - Zero coupon 03/04/2017 749,113 Bank of America Corp 326,700 United Kingdom Gilt 1.000% 07/09/2017 715,137 United Kingdom Treasury Bill - Zero coupon 30/01/2017 299,837 JBS USA LUX SA 5.880% 15/07/2024 399,143 United Kingdom Treasury Bill - Zero coupon 08/08/2017 299,778 Suzuki Motor Corp - Zero coupon 31/03/2021 386,388 Twitter Inc 1.000% 15/09/2021 252,423 United Kingdom Treasury Bill - Zero coupon 06/02/2017 345,737 United Kingdom Treasury Bill - Zero coupon 20/03/2017 174,818 Suzuki Motor Corp - Zero coupon 31/03/2023 329,907 NuVasive Inc 2.250% 15/03/2021 164,525 Bank of America Corp 328,454 Shutterfly Inc 0.250% 15/05/2018 157,457 PaperWorks Industries Inc 9.500% 15/08/2019 308,526 Proofpoint Inc 1.250% 15/12/2018 141,058 United Kingdom Treasury Bill - Zero coupon 30/01/2017 299,785 Bunge Ltd 134,989 Element Fleet Management Corp 4.250% 30/06/2020 270,890 Starwood Property Trust Inc 3.750% 15/10/2017 133,192 Element Fleet Management Corp 5.125% 30/06/2019 263,639 Rocket Internet SE 3.000% 22/07/2022 127,279 American Axle & Manufacturing Inc 5.125% 15/02/2019 262,009 Monitronics International Inc 9.125% 01/04/2020 124,857 Twitter Inc 1.000% 15/09/2021 248,180

* Lazard Opportunities Fund was fully redeemed on 7 November 2016. LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial year ended 31 March 2017 146 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Global Hexagon Equity Fund

Acquisitions Cost Disposals Proceeds

USD USD United States Treasury Bill - Zero coupon 02/03/2017 9,007,234 United States Treasury Bill - Zero coupon 02/03/2017 8,247,722 United States Treasury Bill - Zero coupon 30/03/2017 8,752,556 United States Treasury Bill - Zero coupon 30/03/2017 7,749,645 United States Treasury Bill - Zero coupon 05/01/2017 8,513,644 United States Treasury Bill - Zero coupon 08/12/2016 7,522,751 Schlumberger Ltd 6,867,400 United States Treasury Bill - Zero coupon 10/11/2016 7,499,456 United States Treasury Bill - Zero coupon 08/12/2016 6,000,906 United States Treasury Bill - Zero coupon 05/01/2017 7,251,640 United States Treasury Bill - Zero coupon 21/07/2016 5,999,790 Schlumberger Ltd 6,465,001 United States Treasury Bill - Zero coupon 02/02/2017 5,604,071 United States Treasury Bill - Zero coupon 15/09/2016 6,002,845 United States Treasury Bill - Zero coupon 22/06/2017 5,433,382 United States Treasury Bill - Zero coupon 21/07/2016 6,001,257 United States Treasury Bill - Zero coupon 27/04/2017 5,253,323 United States Treasury Bill - Zero coupon 13/10/2016 6,000,830 United States Treasury Bill - Zero coupon 25/05/2017 5,249,371 United States Treasury Bill - Zero coupon 25/05/2017 4,844,264 Naspers Ltd 4,080,416 United States Treasury Bill - Zero coupon 22/06/2017 4,495,923 United States Treasury Bill - Zero coupon 20/07/2017 4,007,157 United States Treasury Bill - Zero coupon 27/04/2017 4,346,568 United States Treasury Bill - Zero coupon 13/10/2016 3,999,433 Carlsberg A/S 4,327,873 Sampo Oyj 3,926,132 Sampo Oyj 4,302,606 United States Treasury Bill - Zero coupon 10/11/2016 3,745,719 Naspers Ltd 4,077,687 Molson Coors Brewing Co 3,429,480 United States Treasury Bill - Zero coupon 18/08/2016 3,999,447 Kellogg Co 3,190,278 United States Treasury Bill - Zero coupon 02/02/2017 3,999,315 Wolters Kluwer NV 3,180,533 Molson Coors Brewing Co 3,986,830 United States Treasury Bill - Zero coupon 17/08/2017 3,177,184 Wolters Kluwer NV 3,913,161 ING Groep NV 3,159,358 United States Treasury Bill - Zero coupon 20/07/2017 3,271,750 Charles Schwab Corp 2,873,674 Kellogg Co 3,187,023 Reynolds American Inc 2,742,755 ING Groep NV 3,091,384 Alphabet Inc 2,684,787 NN Group NV 2,990,127 Allergan Plc 2,626,230 E.ON SE 2,964,092 NN Group NV 2,420,516 Charles Schwab Corp 2,863,095 Allergan Plc 2,766,432 Anheuser-Busch InBev SA 2,745,243 Azimut Holding SpA 2,726,976 Alphabet Inc 2,616,583 Reynolds American Inc 2,587,463 Teva Pharmaceutical Industries Ltd - ADR 2,562,792 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial year ended 31 March 2017 147 Statements of Major Changes in Investments (unaudited) (continued)

Lazard European Alternative Fund

Acquisitions Cost Disposals Cost

EUR EUR German Treasury Bill - Zero coupon 22/03/2017 78,205,704 German Treasury Bill - Zero coupon 22/03/2017 47,024,378 Bundesrepublik Deutschland 4.250% 04/07/2017 64,005,566 German Treasury Bill - Zero coupon 22/02/2017 44,220,988 German Treasury Bill - Zero coupon 28/06/2017 61,390,508 German Treasury Bill - Zero coupon 27/07/2016 38,007,957 Bundesrepublik Deutschland 4.000% 04/01/2018 52,368,084 German Treasury Bill - Zero coupon 12/10/2016 37,823,312 German Treasury Bill - Zero coupon 22/02/2017 49,618,265 Pandora A/S 33,909,572 Bundesrepublik Deutschland 3.750% 04/01/2017 46,779,733 Bundesrepublik Deutschland 3.750% 04/01/2017 29,261,632 German Treasury Bill - Zero coupon 23/08/2017 44,046,851 German Treasury Bill - Zero coupon 28/06/2017 24,970,480 German Treasury Bill - Zero coupon 12/10/2016 37,917,295 NN Group NV 24,523,826 German Treasury Bill - Zero coupon 27/07/2016 32,011,915 RWE AG 24,012,627 Bundesobligation 0.500% 13/10/2017 30,947,388 Assicurazioni Generali SpA 23,834,971 NN Group NV 30,611,815 Novartis AG 23,764,490 Pandora A/S 29,775,323 SAP SE 23,383,329 AP Moller - Maersk A/S 28,382,719 Atlantia SpA 19,171,480 RWE AG 27,363,372 Shire Plc 19,032,070 German Treasury Bill - Zero coupon 27/09/2017 26,519,300 Bundesrepublik Deutschland 4.250% 04/07/2017 18,974,232 Novartis AG 24,618,922 Eni SpA 18,803,306 Assicurazioni Generali SpA 22,732,983 UniCredit SpA 18,270,005 SAP SE 21,869,898 Aryzta AG 17,292,585 UniCredit SpA 20,508,092 Evonik Industries AG 16,683,277 Shire Plc 20,025,244 AP Moller - Maersk A/S 16,164,879 Bundesrepublik Deutschland 4.000% 04/07/2016 19,687,448 Commerzbank AG 15,517,759 Eni SpA 19,474,526 Swatch Group AG 14,777,491 Sandvik AB 19,258,791 CNH Industrial NV 13,045,618 Swatch Group AG 19,135,466 Sampo Oyj 12,644,434 Atlantia SpA 18,899,548 Intesa Sanpaolo SpA 12,279,803 Intesa Sanpaolo SpA 18,528,896 Sandvik AB 11,833,445 Aryzta AG 18,077,409 Deutsche Telekom AG 11,703,490 Bundesrepublik Deutschland 6.000% 20/06/2016 16,182,384 Royal Dutch Shell Plc 11,586,693 Unilever NV 15,895,235 Moncler SpA 11,461,162 Commerzbank AG 15,719,269 Wartsila Oyj 10,845,690 Evonik Industries AG 14,919,657 Carlsberg A/S 10,681,745 Deutsche Bank AG 13,910,589 Delhaize Group 10,561,296 LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial year ended 31 March 2017 148 Statements of Major Changes in Investments (unaudited) (continued)

Lazard US Fundamental Alternative Fund

Acquisitions Cost Disposals* Proceeds

USD USD United States Treasury Bill - Zero coupon 20/07/2017 3,903,125 United States Treasury Bill - Zero coupon 20/07/2017 2,503,538 United States Treasury Bill - Zero coupon 17/08/2017 3,870,297 United States Treasury Bill - Zero coupon 17/08/2017 2,502,774 United States Treasury Bill - Zero coupon 13/10/2016 2,753,110 United States Treasury Bill - Zero coupon 13/10/2016 1,251,269 United States Treasury Bill - Zero coupon 02/02/2017 1,913,535 United States Treasury Bill - Zero coupon 02/02/2017 1,199,912 United States Treasury Bill - Zero coupon 22/06/2017 1,800,347 United States Treasury Bill - Zero coupon 08/12/2016 1,000,747 United States Treasury Bill - Zero coupon 10/11/2016 1,749,358 United States Treasury Bill - Zero coupon 21/07/2016 799,930 United States Treasury Bill - Zero coupon 25/05/2017 1,500,008 United States Treasury Bill - Zero coupon 22/06/2017 797,230 United States Treasury Bill - Zero coupon 08/12/2016 1,497,429 United States Treasury Bill - Zero coupon 30/03/2017 750,000 United States Treasury Bill - Zero coupon 14/09/2017 1,354,860 Pioneer Natural Resources Co 282,234 United States Treasury Bill - Zero coupon 05/01/2017 1,350,175 Southwestern Energy Co 265,127 United States Treasury Bill - Zero coupon 02/03/2017 1,300,550 United States Treasury Bill - Zero coupon 10/11/2016 249,855 United States Treasury Bill - Zero coupon 30/03/2017 1,300,312 Communications Sales & Leasing Inc 120,507 United States Treasury Bill - Zero coupon 11/09/2017 1,293,118 United States Treasury Bill - Zero coupon 27/04/2017 1,104,054 United States Treasury Bill - Zero coupon 21/07/2016 999,813 United States Treasury Bill - Zero coupon 12/10/2017 717,760 Pioneer Natural Resources Co 283,500 Southwestern Energy Co 265,200 Communications Sales & Leasing Inc 117,045 Helix Energy Solutions Group Inc 96,880

* There were no other disposals during the financial year ended 31 March 2017. LAZARD GLOBAL INVESTMENT FUNDS PLC

Lazard Global Investment Funds plc Financial year ended 31 March 2017 149 Statements of Major Changes in Investments (unaudited) (continued)

Lazard Diversified Return Fund

Acquisitions Cost Disposals Proceeds

USD USD United Kingdom Treasury Bill - Zero coupon 16/03/2017 3,994,659 United Kingdom Treasury Bill - Zero coupon 16/03/2017 3,994,659 Lazard Emerging Markets Total Return Debt Fund 1,706,567 Lazard Emerging Markets Total Return Debt Fund 1,706,567 Lazard European Alternative Fund 1,500,000 Lazard European Alternative Fund 1,500,000 United States Treasury Note 2.125% 15/05/2025 829,795 United States Treasury Note 2.125% 15/05/2025 829,795 Poland Government 1.810% 25/01/2021 557,444 Poland Government 1.810% 25/01/2021 557,444 Singapore Government 3.000% 01/09/2024 539,934 Singapore Government 3.000% 01/09/2024 539,934 Norway Government 1.600% 05/05/2022 461,680 Norway Government 1.600% 05/05/2022 461,680 Queensland Treasury 5.500% 21/06/2021 417,934 Queensland Treasury 5.500% 21/06/2021 417,934 Province of Alberta Canada 4.000% 01/12/2019 373,304 Province of Alberta Canada 4.000% 01/12/2019 373,304 Hydro-Quebec 1.084% 01/12/2019 369,444 Hydro-Quebec 1.084% 01/12/2019 369,444 Morgan Stanley 2.500% 24/01/2019 363,548 Morgan Stanley 2.500% 24/01/2019 363,548 Province of Ontario Canada 1.950% 27/01/2023 350,413 Province of Ontario Canada 1.950% 27/01/2023 350,413 Cisco Systems Inc 316,575 Cisco Systems Inc 316,575 Medtronic Plc 307,244 Medtronic Plc 307,244 Province of Ontario Canada 2.450% 29/06/2022 296,835 Province of Ontario Canada 2.450% 29/06/2022 296,835 Microsoft Corp 4.450% 03/11/2045 280,162 Microsoft Corp 4.450% 03/11/2045 280,162 Apple Inc 3.850% 04/05/2043 276,321 Apple Inc 3.850% 04/05/2043 276,321 Czech Republic Government 0.060% 09/12/2020 276,274 Czech Republic Government 0.060% 09/12/2020 276,274 Inter-American Development Bank 6.000% 15/12/2017 271,852 Inter-American Development Bank 6.000% 15/12/2017 271,852 Mexico Government 6.750% 06/02/2024 270,936 Mexico Government 6.750% 06/02/2024 270,936 LAZARD GLOBAL INVESTMENT FUNDS PLC

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(unaudited) Financial year ended31March 2017 151 LAZARD GLOBAL INVESTMENT FUNDS PLC